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financial
t4i0md.
11111intrial
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
Electric Railway Section
State and City Section
SATURDAY, MAY 16 1015
VOL. 100
NO. 2603
1
Tke
inonicle.
I
Week ending May 8.
Clear
1915.
PUBLISHED WEEKLY.
Terms of Subsuription-Payablq in Advance
For One Year
*no 00
Ivor Six Months
European Subscription (including postage)
European Subscription six months (including postage)
Annual Subscription in London (including postage)
Six Months Subscription in London (including postage)
Canadian Subscription (including postage)
6
6 00
13 00
7 50
22 14s.
21 115.
$11 50
Subscription includes following Supplements11 %NE AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
RAILWAY EARNINGS(monthly)
ELECTRIC RAILWAY(3 times yearly)
STATE Arm CITY(semi-annually) BANKERS' CONVENTION (yearly)
Terms of Advertising-Per Inch Space
Transient matter per inch space(14 agate lines)
'
$t 20
Two Months
(8 times)
22 00
Three Months (13 times)
29 00
Standing Business Cards
Six Months
(26 times)
50 00
Twelve Months(52 times)
87 00
CRICAO0 OFFICE-Geo. M.Shepherd,39 South La Salle St., Tel. Randolph7396.
LONDON OFFICE-Edwards c% Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY,Publishers,
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, &c., indicates that the total
bank clearings of all the clearing houses of the United States for the
ending to-day have been $3,564,367,046, against $4,187,655,654 last week
week
and $3,176,754,833 the corresponding week last year.
1914.
$
$
355,137,436 332,613,032
Chica o
24,603,550
26,582,350
Cincinflat'
24,842,636
30,509,946
Clevel Ind
23,534,199
25,192,813
Detroit
15,935,560
16,649,184
Milwa ukee
8,512,528
India apolis ___8,866,595
6,685,800
Colum bus
6,235,100
6,262,272
5,780,016
Toledo)
3,050,628
Peoria
3,278,499
Grand Ra0ids
3,327,833
3,666,078
Dayton
2,108,506
2,592,473
Evansville
1,343,557
1,324,651
KalairIaZ00 ---.-.
694,932
607,262
Fort Vayne „...._
1,368,390
1,471,101
Springfield, Ill
1,375,261
1,282,147
Akron
1,650,000
1,704,000
Rockf)rd
828,662
992,514
Young:eteWn- -- 1,332,318
1,346,157
Lexin ;ton
668,498
634,653
South Bend
961,259
739,952
Spring field, Ohio
744,135
801,680
Bloom ington
717,154
679,487
()nine r
969,463
858,094
Canto n
1,700,000
1,490,192
Jacks on
545,000
495,000
Mans 'leld
524,429
476,164
Decator
511,158
442,248
Danvilie
500,000
525,006
Lanai ig
600,000
602,889
Jack onville, Ill_
524,440
452,649
Lima
552,556
478,113
Ann •rbor
294,111
261,333
Owen shore
348,890
427,375
Adria a
50,370
73,439
Tot Mid.West. 503,136,643 469,801,061
Inc.or
Dec.
1913.
1912.
$
%
$
+6.8 313,192,576 293,424,356
24,336,000
+8.0
29,483,200
+22.8
22,898,158
19,601,912
23,604,160
+7.0
20,487,577
+4.5
14,535,441
13,717,530
+4.2
8,087,394 „i
- .8,222,411
+7.2
6,382,100
7,118,001
4,744,464
-7.7
4,909,992
-7.0
3,661,392
3,318,808
+10.1
3,206,190
2,921,531
2,244,133
-18.7
2,295,386
+1.4
1,313,025
1,254,52f
+14.4
967,000 "4 807,004
+7.5
1,488,844 .1 1,075,104
+7.3
1,174,186
1,217,57(
-3.2
1,53$,000
1,825,00(
-16.5
1,008,808 1
860,981
-1.0
1,947,415 .„-.; 1,274,819
+5.4
805,78(
"998"
+30.0
705,946
673,39
-7.1
656,847
518,431
+5.6
627,171
658,559
+12.9
846,576
703,501
+ 14.1
1.533,003
1,214,961
+10.1
501,459 ',. 498,36!
+10.1
475,719
375,321
+15.6
578,635
520,721
-4.8
551,887
404,499
-0.5
384,334
455,809
+15.9
336,116
474,611
+15.5
418,689
364,111
+12.6
231,822
205,951
-18.5
395,264
465,391
-31.4
69,326
54,461
-1-7.1 445,348,947 421,2058-4
San rancisco
50,597,605
50,387,294
+1.0
49,545,569
48,321,30]
I.os A ngeles
22,028,966
24.321,600 -9.5
25,275,339
21,568,57(
Scott'e
12,143,463
11,545,047 +5.2
12,885,413
11,662,661
1915.
Port! .nd
1914.
10,994,055
11391,716 -7.5
11,688,459
12,764,681
Salt Ake City
5,765,216
5,675,080 +1.6
5,424,089
New York
7,405,68(
$1,754,533,135 31,370,911,361
3,763,980
+28.7 Spok no
4,016,638 -6.3
4,3E3,607
Borton
4,466,301
144,161,831
139,510,981
1,808,383
+3.3 Tacomi ma
2,164,221 -16.5
2,637,403
Philadelphia
3,235,88(
121,979,699
'
119,137,430
Oakland
3,398,827
+2.3
3,596,306 -5.5
3,849,715
Baltimore
3,541,211
26,107,421
29,348,758
1,573,392
11.0 San )lego
2,124,758 -26.0
2,999,290
Chicago
2,257,351
270,860,607
260,674,781
1,786,505
+3.9 Sacra nento
2,075,438 -13.9
2,244,552
St. Louts
1,274,141
67,978,916
68,274,719
Pasad
ena
945,660
0.4
1,015,420 -6.9
1,108,830
New Orleans
898,801
15,752,018
15,642,971
803,910
+0.7 Fresn)
997,954 -19.4
1,092,856
894,951
San J Me
926,160
697,796
+32.8
6E4,231
Seven cities, five days
575,321
$2,401,273,627 $2,003,501,001
Stock
784,490
ton
+19.8
918,362 -14.6
837,1E9
Other cities,five dap,
560,70]
569,118,792
550,004,211
+3.5 North Yakima...414,161
505,000 -18.0
407,998
457,401
Reno
292,092
282,183 +3.5
295,651
Total all cities, five days
$2,970,492,419 $2,553,505,212 +16.3 Long Beach
255,371
529,287 Not included in total
All cities, one day
593,874,627
623,249,621
-4.7
To al Pacific.._ 118,226,8.65 122,214,813 -3.2 125,300,181
118,440,471
Tntel n11 nitIna env. nynrar
VA AS4.:If17.048
5i 17R 'MI 17191
4-19 9
Kans Ls City
75,444,750
52,102,782 +00.0
54,690,595
52,391,94(
The full details for the week covered by the above will be
%polls
Minn
21,320,744
24,758,221 -13.9
21,370,432
18,871,877
Saturday. We cannot furnish them to-day, clearings being madegiven next Omaha
21,067,546
17,690,512 +19.1
up by the
17,320,583
17,494,24(
clearing houses at noon on Saturday, and hence in the above
St.
P
ad
12,598,745
11,275,580 +11.7
8,627,015
of the week has to be in all cases estimated, as we go to press the last day Deny or
9,227,241
10,219,511
9,423,048 +8.4
Friday night.
10,160,557
9,963,021
We present below detailed figures for the week ending with
8,082,968
7,416,690 +9.0
Saturday St. J mph
8,116,316
7,72O,38
.
noon, May 8, for four years:
Des it
Duluth
4,491,186
4,679,089 -3.8
4,405,484
3,097,581
Sioux City
3,942,331
3,005,636
+9.3
3,370,224
Week ending7May 8.
3,254,884
Wichita
3,581,204
3,372,741
+8.2
3,569,855
3,704,928
Lincoln
3,240,325
2,271,213 +42.7
Inc. or
2,177,883
2,105,107
Topeka
1,583,595
1,666,396
-5.0
1,640,731
Dec.
1914.
1915.
1,559,319
1913.
1912.
Davenport
1,978,610
1,736,645 +13.9
1,843,975
1,409,302
Cedar Rapids__ _
2,037,614
1,690,345 +20.5
1,609,809
3
°;.,
$
1,805.484
$
Fargo
1,136,189
968,818
Now York
+17.3
510,606
2,635,666,916 1,736,452,134 +51.8
1,135,856
2,067,458,703 Colorado Springs
805,618
566,625 +42.2
Philadelphia
646,475
165,832,423 161,374,602 +9.6
655,817
142,306,868 Pueblo
407,367
812,859 -33.5
Pittsburgh
659,674
55,776,199 -3.6
53,808,131
621,223
48,777,914
Fremont
477,085
321,748
+48.5
Baltimore
362.590
36,862,832
36,212,600 +1.8
387,847
36,034,521
Waterloo
1,760,465
1,846,558 -4.7
Buffalo
1,859,623
12,133,538
13,125,107 -7.6
1,417,004
11,295,575 Helena
1,235,987
1,165,844
+6.0
Albany
1,189,960
7,169,481
6,123,971 i-17.1
766,570
.
6,380,897
Billings
582,079
436,341
Washington
+33.5
416,555
9,125,27.1
8,306,815 +9.9
358,962
7,967,416 Hastings
321,579
151,864 +111.8
Rochester
221,380
5,826,068
5,349,921
+8.9
121,230
4,462,833 Aberdeen
475,000
480,000
+1.0
Scranton
450,235
3,426,684
3,948,355 -13.2
337,806
2,500,000
Syracuse
Tot.Oth.West. 182,911,443 155,210,628 +17.8 150,457,501
3,759,566
3,306,241 +16.7
2,348,323
143,668,418
Reading
1,996,627
2,180,739 -8.4
1,611,360 St. Louis
Wilmington
86,526,241
2,141,220
75,066,342 +15.3
1,873,817 +14.3
78,091,935
1,631,415 New Orleans__
80,087,542
Wilkes-Barre
18,732,706
__
1,817,964
16,951,593 +10.5
1,500,000 +21.2
16,071,508
1,662,016 Louisville
18,a84,447
Wheeling
15,108,458
2,207,947
12,373,660 +22.1
1,978,487 +11.6
13,146,335
2,082,601
14,051,493
Trenton
Houston
7,014,130
2,157,128
8,202,566 -14.5
1,995,115 +8.1
7,888,761
1,671,550 Galveston
York
4,500,000
1.049,004
3,768,500
1,083,050
+19.4
3.1
3,237,509)
1,015,391 Richmond
3,359,500
Lancaster
10,730,449
1,654,493
8,172,106 +31.3
1,644,331
+0.6
7,993,909
1,499,938 Fort Worth
8,576,058
Erie
1,025,785
8,200,000
7,975,436
1,052,783
2.6
+2.8
8,898,817
1,089,088 Atlanta
6,749,364
Greensburg
710,288
13,580,076
14,620,309
849,492
18.4
-7.1
12,622,496
484,885 Memphis
13,236,052
Binghamton
7,032,303
788,800
7,082,497 -0.7
735,900 +7.2
7,425,558
696,500 Nashville
7.143,993
Chester
6,802,115
626,363
739,350' 15.3
6,986,853 -2.6
7,492,037
496,632 Savannah
6,480,767
Altoona
3,642,566
535,030
580,598
3,701,159
7.8
-1.6
3,616,679
482,610
4,985,054
Montclair
Norfolk
393,269
4,537,022
451,299 -12.9
4,418,701
+2.7
4,342,673
3,624,684
Birmingham ___ _
2,440,222
3,269,747 -25.1
3,201,540
2,737,031
Total Middle- 2,950,714,778 2,036,638,912 +44.9 2,012,248,209
Jacksonville __ _
2,900,000
3,492,028 -16.9
3,864,033
2,343,957,036 Chattanooga__
3,471,468
2,413,790
__
2,382,122 +1.3
2,431,025
2,264,501
Boston
187,506,842 142,441,186 +31.7 160,092,899 159,721,860 Knoxville
1,595,919
1,768,392 -9.7
1,534,104
1,769,406
Providence
Augusta
8,400,100
7,517,000 +11.7
1,880,120
1,593,670 +18.0
6,727,600
1,720,437
7,341,700 Little Rock
1,791,963
Hartford
2,262,396
7,661,778
5,615,628 +36.4
2,531,300 -10.6
4,935,417
2,283,909
5,572,374 Oklahoma
2,127,583
New Haven
4,077,780
2,666,000
3,386,052 +20.4
2,295,625
+16.2
3,055,706
1,848,615
3,093,749 Mobile
1,608,634
Springfield
2,081,219
1,189,694
2,851,900 +4.6
1,392,003 -14.6
2,719,592
1.300,000
2,765,000 Charleston
1,011,533
Worcester
2,743,389
1,903,746
2,390,432 +14.8
1,996,738 -4.7
2,731,930
1,889,584
2,553,461 Macon
1,970,758
Portland
1,860,000
2,722,562
2,137,602
13.4
3,192,618
2,122,241
14.7
3,107,2E9
2,031,168 Austin
3,273,348
Fall River
1,357,826
2,006,201
1,336,971
+1.6
2,265,592 -11.4
988,351
2,759,599
1,187,214 Vicksburg
3,066,052
New Bedford-1,040,483
1,123,153 -7.4
258,775
308,600
16.1
908,945
236,642
1,001,025 Jackson
242,375
Lowell
844,332
436,602
869,561
2.9
366,602 +19.1
586,691
328,034
631,438 Tulsa
403,108
Holyoke
859,049
1,051,398
700,625 +22.6
1,598,348 -34.2
608,472
1,286,464
660,185 NIuskogce
724,492
Bangor
543,435
457,086
467,201
+2.2
881,003
-38.4
481,640
862.933
461,094
860,373
Total Southern 212,888,920 198,652,110 +7.6 201,491,380
Pot ?gnus 7.`nn
910 090 000
1,
70 997 1125 .L.99 7
204,201,577
195,010 Al2.4
1 0•7 non ono
.
•
Total all
4,187,655,654 3,153,344,710 +32.8 3T118,865,691 3,
4
0
K4
075-5
Note.-For Canadian clearings eeo "Commercial and
Outside N. Y_ 1,551,988,738 1,416,892,576
Miscellaneous News."
+9.5 1,415,858,536'1,34T,028,652
Clearings-Returns by Telegraph.
1Veek ending May 15.
•
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Per
Cent.
1624
THE CHRONICLE
OUR RAILWAY EARNINGS ISSUE.
We send to our subscribers to-day the May
number of our "Railway Earnings" Section. In this
publication we give the figures of earnings and expenses for the latest month of every operating steamrailroad in the United States required to file monthly
returns with the Inter-State Commerce Commission
at Washington.
This Earnings Supplement also contains the companies' own statements where*these differ from the
Commerce returns or give fixed charges in addition
to earnings, or where they have a fiscal year different
from the June 30 year, as is the case with the New
York Central Lines,the Pennsylvania RR.and others.
THE FINANCIAL SITUATION.
Owing to the events growing out of the sinking of
the Cunard liner Lusitania on Friday of last week by
a torpedo from a German submarine, a very unsettled
tone has again developed in financial circles, and it is
evident that the words of warning and caution uttered
by conservative people against the reckless speculation and inordinate advance in prices that took place
on the Stock Exchange during March and April were
very timely. Obviously, the occasion is not opportune for the rearing of bubbles of any kind, at a moment when the whole world appears to be becoming
topsy-turvy, and no one can tell what startling thing
is going to happen next and what far-reaching consequences it may involve. It is only proper to say,
however, that ordinary financial and mercantile
affairs are receiving very little attention for the time
being, and scarcely any one cares a fig about what is
happening on thee Stock Exchange except cerlain
habitues there who have been badly hit by the severe
decline in prices and a few innocent lambs from the
outside who, because of their guilelessness and gullibility, have suffered a new shearing.
The truth is, no one is discussing business matters
at all except of a very humdrum and routine character. Public sentiment has been stirred as not before for fully half a century by the desperate and despicable wickedness of that act of Friday of last week.
Nothing is talked about or thought about except that
event. It seems impossible for men to get it out of
their minds. The President's admonition to keep
calm was well meant and certainly was not out of
place. But it seems impossible to control one's
feelings and emotions in view of the diabolical nature of the act. After the lapse of a full week since
the event, the public mind is as feverish and excited
as on the day of its occurrence.
We do not think that popular feeling—and by that
we mean not alone the feeling among the masses who,
yielding readily to impulse, easily get excited, but
also the feeling of the educated and intellectual
classes whose judgment ordinarily is controlled by
cold reasoning and hard facts—has been aroused to
such a serious degree by the mere fact that so many
Americans, not a few of them persons of note, lost
their lives in the tragedy. That of course has
brought the matter directly home to us and made the
sense of affliction keener. But it is the absolute
inhumanity of the act, the slaughtering of helpless
women and children, that has stunned and staggered
the whole land. In urging action upon the President, public opinion is controlled by the same considerations. It is not that the United States has
[voL. no.
been affronted, but that an affront has been given
to the whole civilized world. It is a crime against
humanity with which the United States is called upon
to deal, and our obligation to deal with it rightly
is on that account all the greater.
Opinions will differ as to the best way to proceed
for the purpose of attaining the object sought. Manifestly it would be foolish to rush into war without
reflection and without making sure that by going to
war we shall be able to accomplish our object. Wisdom and prudence as well as good faith require that
the whole country shall unreservedly support the
President in all steps he may take to defend the national honor and safeguard national interests. The
President, by virtue of his office, represents the whole
people, and he acts and speaks for the whole people.
Obviously he can only wield to advantage the great
influence and power which are vested in him when it is
made apparent that the whole nation is determined
to accord him its unqualified support. The stand
he takes in the note transmitted to Germany Thursday night is firm and dignified. The text of the note
is, besides, a masterpiece of rhetoric of which the
country need never feel ashamed.
In matter and in substance the President has been
more fortunate with this note than in the utterances
he made at Philadelphia on Monday night when he
exalted the virtues of peace. It is plain that the
President's claim to fame will rest on a!securer foundation if he keeps the country out of the war than if
he plunges it into it, and peace talk is well enough
in its way. Nevertheless, there are occasions when
silence on the subject of peace is likely to do more
good than lofty dissertations about it. It is rank
injustice to the President to take isolated sentences
from his speech and separate them from their context.
Yet, that very thing was to be expected. One paragraph of the peace address was as follows: "There is
such a thing as a man being too proud to fight.
There is such a thing as a nation being so right that it
does not need to convince others by force that it is
right." Such sentiments appeal, of course, to rightminded persons, and the profound impression they
have produced in the present instance in certain
quarters is evident from the editorial !article which
appeared in the Kingston (Ontario) "Daily Standard" on May 12, and which we reprint in full on
another page (page 1639). After all, however, the
true test is whether such language is likely to prove
effective with Germany, and the conduct of the
German Government thus far has not been such as to
suggest that it will.
The President took occasion later to point out
that his remarks were intended to be broader and
more general than the circumstances of any particular case and that they were not intended to have any
direct reference to the Lusitania affair. Certain
portions of the public, however, drew precisely the
inference the President intended should not be
drawn, and cable dispatches say the words "too
proud to fight" the next day became the subject of
jest in the London music halls. Happily, unfavorable impressions of this kind will not be able to endure
long in face of the emphatic and yet stately language
of the note which has now been delivered to the German Government. Even the London music halls
cannot mistake the meaning of the President's closing statement, when he says that the Government
of the United States cannot be expected "to omit
any word or any act necessary to the performance of
MAY 15 19154
THE CHRONICLE
1625
its sacred duty of maintaining the rights of the United $149,520,905, or nearly 54 millions more than in
States and its citizens and of safeguarding their free the year of depression 1908. In 1914 the figures
were 6,162 and $103,770,970, respectively, and in
exercise and enjoyment."
1913 reached 5,772 and $95,277,632. In each of
Ex-President Roosevelt and ex-President Taft ap- the various divisions into which the failures are
pear in sharp contrast in their treatment of the segregated, the total of liabilities is in excess of the
President in the present juncture in affairs. By his four months of 1914, with the trading group conbombastic utterances, directly provocative of war, spicuous in that regard. In fact, liabilities in that
Mr. Roosevelt again shows what a self-seeking politi- division for the period this year were no less than
cal adventurer he is. On the other hand, Mr. Taft's $75,621,815, against
7,127,839, with dry goods
attitude has been entirely praiseworthy and he has and carpets and general stores—the lines most adbeen urging the people to stand by the President, versely affected—furnishing 20 millions of the augboth on general grounds and in resisting a tendency mentation. Among manufacturers stress has been
to rush into war. Mr. Taft well says: "A demand most severely felt in machinery and tools, liabilities
for war that cannot survive the passion of the first increasing some 16 millions over a year ago, which
days of public indignation, and will not endure the more than accounts for the advance in the total for
test of delay and deliberation by all the, people, is the whole division from 1,41,068,939 in 1914 to $55,not one that should be yielded to." The present 917,712 in 1915. Brokers, agents, &c., indebtedoccasion is not one where the feeling of "indignation" ness of $17,681,646 compares with $15,574,232 a
is likely to die out very soon, but it is already be- year ago.
Across the border in Canada, also, the business
ginning to be realized that it would be a mistake for
the United States to enter the war, if such a step can mortality of April made a striking comparison with
be avoided without sacrifice of national honor and the corresponding period of previous years. The
number of failures for the month was 194, with
national dignity.
liabilities'
of $2,400,505, against 182 and $1,647,076
settle
upon
the
problems
to
grave
be
There will
conclusion of peace, and in the interest of humanity a year ago and 125 and $1,514,069 in 1913. Losses
this country must keep its strength and its resources were greatest in trading lines, but at that only a little
unimpaired, not for the purpose of playing the role more than in 1914, the contrast being between
of arbitrator or mediator—the belligerents are likely $1,263,597 and $1,213,505. On the other hand, this
to conclude negotiations directly between them- year's manufacturing indebtedness was almost a
selves and to reject proffered assistance from the lion dollars ($908,203),against only $387,771,and the
United States—but for the purpose of exercising a debts of brokers,agents, &c., $228,705, against $45,decisive influence in fixing new rules of warfare which 800. Thefour months' record for 1915 is 992 insolvwill make a repetition of the outrages of the present vencies for $18,037,420, against 802 for $7,877,128
war impossible foi the future. That is a high and in 1914 and 533 for $6,453,130 in 1913.
lofty mission which should ever be kept in mind.
The Fall River cotton mills dividend record for the
It has the advantage, moreover, of being far resecond quarter of 1915 does not, on its face, furnish
moved from any attempt at self-seeking.
any more cause for satisfaction than did that for the
The commercial failures situation in the United precang similar period, the aggregate distribution
States in April 1915 was in no important particular to stockholders having been practically the same as
different from that disclosed by the compilations then and well below the average of earlier years.
from month to month for some time past. The It is to be said, however, that the current statement
salient features are that the number of insolvencies does not in any important measure, if at all, reflect
greatly exceed those for the corresponding period the recent improvement in the cotton-manufacturing
of any earlier year, the volume of indebtedness is industry in this leading centre of the North. Reconspicuously heavy, being over double that of the 'ports of late have indicated a better demand for
month a year ago, and that a few disasters make up goods, and, with a more or less material advance in
the larger part of the liabilities. Altogether 43 fail- prices, greater in ratio than the rise in cotton, the
ures for $100,000 or more accounted for $25,095,991, margin for profit has widened, especially in the fine
and to that total the J. B. Greenhut Co. department yarn products. With the price situation, therefore;
% millions.
more satisfactory than for some little time past and
store contributed no less than 123
The compilation of Messrs. R. G. Dun & Co., the establishments more fully under orders, it seems
which furnishes the basis of our remarks, indicates safe to assume that the third quarter will make a
that the number of mercantile casualties in April distinctly better showing.
An indication of the improved situation is that,
this year was 2,063, involving $43,517,870, this comparing with 1,336 and $20,549,144 a year ago, 1,314 while fourteen corporations that made no distribuand $18,445,355 in 1913 and 1,279 and $16,874,727 tion for the first quarter, continued the same policy
in 1912. The exhibit in the manufacturing division in the second period, three mills (two on print cloth
was not especially unfavorable as regards indebted- and one fine goods) resumed payment. Of the reness, $9,705,889 contrasting with $9,524,230 in maining mills one slightly reduced the rate and
March and $6,424,059 in April a year ago; but in twenty-two, adhering to a definite conservative
trading lines, and due in greatest measure to the plan, maintained the rate of 1914. Altogether the
Greenhut failure, much heavier liabilities than a amount to be paid out in the second quarter of 1915
year ago are revealed, $26,909,676 comparing with is $258,025 (almost identical with the amount for
$10,627,229. Brokers, agents, &c., debts for the the first quarter, which was $258,775), or an average
month of 1915 reached $6,902,305, or about 332 of 0.87% on the capitalization of $29,536,670, this
comparing with $315,667, or 1.07% in the like period
million dollars more than in the preceding year.
For the four months of 1915 the aggregate number a year ago and $357,675, or 1.22%,in 1913. Furtherof insolvencies is 9,279 and the amount of debts more, the return for the elapsed half-year at 1.75%
1626
THE CHRONICLE
[voL. 100.
is 0.52% below 1914 and well below the average tro-German offensive continuing to advance in Western Galicia, where the Russians are reported to have
of earlier years.
been forced back forty miles from their most advanced
The European war situation has been subordinated positions, and to be within twenty-five miles of
this week to the important results that are expected Przemysl. Fighting has become less intense. The
to follow the protest against the sinking of the Cunard Germanic allies, according to dispatches of ThursLine steamer Lusitania on Friday of last week by day last, estimate that in the campaign in question
which 114 American citizens lost their lives and they have captured 150,000 men, 69 large guns and
casualties involving more than a thousand persons 255 machine guns. At the close of the week there
occurred. President Wilson from the first took an are indications, however, that the Russian troops
entirely calm and judicial but resolute view of the have re-formed and have turned upon the enemy
situation and after a week's investigation and deliber- with some success. The Russians are said to have
ation sent to the Germ an Government a note which taken energetic action against the German raids in
as an example of diplomatic frankness and courtesy, the Baltic provinces and to have re-captured the town
combined with obvious determination, will take first of Shavli, while in Central Poland the Russians are
rank among similar documents in diplomatic history. on the offensive along the Bzura River. Russians
The text of the note will be found on a subsequent have also resumed the offensive in Eastern Galicia,
page of the "Chronicle." It concludes with the para- Bukowina and along the Dniester River.
graph already quoted that "The Imperial German
Renewed activity, too, is reported in the moveGovernment will not expect the Government of the ment for forcing the Dardanelles. The Anglo-French
United States to omit any word or any act necessary troops on Friday of last week had advanced to the
to the performance of its sacred duty of maintaining vicinity of Krithia, some five miles from the point
the rights of the United States and its citizens and where they landed and from the entrance to the
Of safeguarding their free exercise and enjoyment." Straits. Since then the fleet has re commenced a
Another important and pointed paragraph contains heavy bombardment of the forts in the narrows, an
the requirement that Germany must greatly modify indication, according to views of military authorities
its submarine warfare. "Manifestly," says the Pres- cabled from London, that the troops had reached
ident, "submarines cannot be used against merchant- such favorable positions that they no longer require
men, as the last few weeks have shown, without an the support of the ships' fire. Another battleship,
inevitable violation of many sacred principles of the Goliath, the third that the British have lost since
justice and humanity." "Itis practically impossible the attack on the Dardanelles began, was on Thursfor the officers of a submarine" the note continues, day topedoed by the Turks and of the crew of 700
"to visit a merchantman at sea and examine her or more, only 180, including 20 officers, were saved.
papers and cargo. It is practically impossible for A British submarine in a daring dash through the
them to make a prize of her; and if they cannot put Strait into the Sea of Marmora, torpedoed 2 Turkish
a prize crew on board of her, they cannot sink her gunboats and a large transport.
without leaving her crew aird all on board of her to
the mercy of the sea in her small boats. These facts,
Italy has not yet decided to enter the war, though
it is understood, the Imperial German Government advices from Rome indicate that conditions are very
frankly admit." No official word has been received close to a formal declaration. Austria's final proby way of reply to the note, but there seems reason to posals in the interests of peace have been definitely
•expect that Germany will feel disposed to resist such rejected. Premier Salandra presented on Thursday
an absolute annulment of its submarine warfare on evening to the King his resignation and that of the
which it is relying so obviously to overcome the ad- entire Cabinet on the ground that the Cabinet did
vantages inuring to the benefit of the Allies through not have the unanimous support of the Constitutheir control of the sea.
tional Party of the country in its international policy.
The King is consulting various statesmen and has
The military operations in the various war zones not definitely accepted there signations. Meanseem to suggest further active progress in the West while accounts from various parts of Italy state that
in the form of the capture by the British of several the news of the resignation of the Ministry produced
strongly fortified positions and of one road at least an extraordinary sensation, there being wild demonwhich the Germans have been using to bring up re- strations at Genoa, Florence, Naples, Palermo and
inforcements to their positions near La Bassee. elsewhere. Observers in Rome deduce from the
These successes are expected to lighten the pressure occurrences that a large majority of the people are in
which the Germans are bringing to bear on the British favor of a policy of hostility against Austria.
in the vicinity of Ypres. In the battle in Flanders
the G'ermans are continuing their attacks against
Very little attempt has been made on the London
the British lines East of Ypres, where they on Stock Exchange this week to do business of a specuSaturday and Sunday and almost daily since lative character. The investment demand, too, has
then have launched tremendous attacks. These ruled light. All interest at the British centre has
attacks the British concede had some initial been concentrated on the startling results that have
success, but since have been repulsed with followed the sinking of the Cunard steamer Lusitania
unvarying regularity, until "the ground is on Friday of last week. The reversal of the course
literally heaped with dead." The action, says the of prices on the New York Stock Exchange removed
British account, "resolved itself on our part into pure an influence that had been sustaining the general
killing." The defenders also suffered heavy losses, English market in earlier weeks. But the net result
as they had to counter-attack in an attempt to regain was the development of dulness rather than of genground won at the start.by the:Germans and which as eral weakness. In addition unfavorable experiences
yet has not been fully recovered. In the Eastern sphere attended the offering of new capital issues at the
the German troops continue to make:progress,the Aus- British centre. The a,500,000 East Indian Ry.
MAY 15 1915.]
THE CHRONICLE
1627
Premier Asquith announced in the House of Commons
on Thursday that the Government proposed to segregate "all adult male enemies for their own safety
and for the safety of the country." In addition "all
male enemies over military age will be repatriated."
Ile said also that "women and children in suitable
cases would be repatriated, though some might remain." German shops throughout the United Kingdom were frequently damaged during the week, no
less than 200 business places in Liverpool being loOted.
Toward the end of the week, however, as a result
of the active repressive measures taken by the police
and the fact that Germans remained in seclusion,
the situation had in some degree calmed down. A
suggestive instance of the popular resentment is
contained in a London press dispatch of Thursday,
which described a meeting at Tower Hill, a historic
meeting place in London, when 100 stockbrokers,
merchants and City men, supported by thousands
of the general public, stood in a drenching rain and
wildly cheered speeches calling for the internment of
Germans. The following resolution was adopted
and wasinimediately. telegraphed to Premier Asquith:
"Thousands of citizens of London gathered together at a mass meeting unanimously protest
against any kith and kin of German mutilators,
poisoners, and murderers of men, women and children being any longer allowed to be at large in the
British Islands, and, fearing riots, fires, the spread
of disease germs, and poisoned water, hereby unanimously demand that the Government take immediate
steps to intern or deport all alien enemies, male or
female, whatever their nationality, naturalized or
otherwise."
The Chairman of the meeting made a speech in
which he warned the Government that the temper of
the people was such that unless the Cabinet carried
out the demands of the resolution the people would
take the law into their own hands. "We are not
out to advocate revolution," said Mr. Smith, "but
The excitement against Germans in London and something must be done and done quickly to save
elsewhere following the torpedoing of the Lusitania the country."
ran so high that on Monday the Committee of the
Premier Asquith in a formal statement on ThursLondon Stock Exchange requested that naturalized
not
sessions.
attend
the
should
day set at rest reports that David Lloyd George, the
German members
general
to
have
quite
been
appears
British Chancellor, and others are to retire from the
action
The same
Engin
commercial
associations
Cabinet, and that a Coalition Cabinet is to be
and
financial
all
in
land. In some instances members formed a guard formed. The Premier, speaking in the House of
at all the doors to prevent Germans gaining entrance, Commons, complimented the leaders of all parties
fearing that bodily harm might be done them. On and said that because of their united assistance there
the Baltic Shipping Exchange a committee was ap- is no need of considering the suggestion of a coalition
pointed at an informal meeting Of the members. Cabinet. The House of Commons on Monday
This committee passed resolutions requesting all evening passed the second reading Of Lloyd George's
German and Austrian members to remain absent bill to amend the Defense of the Realm Act. The
during the war. Such action was not considered measure originally was designed to place a heavy
sufficient and the committee at a subsequent meeting surtax on wines, spirits and beer; but its provisions
resolved to suspend all Germans and Austrians during have been amended so as to give the Government
the war except such as have sons in the British army control of the sale of liquor in areas in which munior navy or are over sixty years of age. On the Liver- tions of war are being manufactured. Under the
pool Cotton Exchange, quoting a special dispatch to provisions of the bill as it now stands, a central
the "Journal of Commerce," all German and Aus- committee will be established in England and Scottrian members, including those who are naturalized, land to act upon recommendations of local commithave been excluded and the Corn Exchange gave tees of employers and workmen in the districts
Germans five seconds to quit the floor or be thrown affected. Lloyd George has promised to appoint
out. These demonstrations early in the week on the a committee to inquire into the charges of drunkenpart of the business interests were merely the begin- ness among workmen. All parties, including the
ning of a wave of popular resentment in England Laborites, have expressed their satisfaction with the
that eventually became so strong that it was with bill. The Government will control absolutely the
great difficulty thafithe police and military authori- sale oi liquor in selected districts, including that disties could measurably keep it in check. As a result pensed in clubs and by grocers. A commission of
the Government.finally decidedittoltake'actionland which Lord Dunedin is Chairman, will:dealiwith the
432% debenture issues offered last week,for instance,
received subscriptions of only 23% of the total offerings, the remaining 77% going to the underwriters.
In the case of the Argentine offering of £5,000,000
5-year 6% notes, the underwriters were compelled
to take 88% of the issue. A like amount of these
securities ($25,000,000) was offered in New York
and was virtually fully subscribed. London correspondents ascribe the failure to that centre of the
latter-named loan to the fact that German banking
interests participated in the offering, the inference
being that the same antagonism to Germany exists
in English banking asin English political circles. The
objection to the East India Ry. loan was apparently
that it did not mature for forty years. At the present
time short-term issues are by long odds the favorites.
So dull is business in London that members of the
Stock Exchange propose to petition the Stock Exchange Committee to close the Exchange every
Saturday during the summer. There seems substantial doubt, however, whether the Committee will
accede to the request when finally it is presented.
One effect of the war has been to cut down the
London Stock Exchange membership fully 1,500 in
number. The names of 511 members were posted
on Tuesday last who will not seek re-election this
year. This is in addition to the 1,000 members
who have enlisted for military or naval service.
Including resignations, the membership of the Exchange has been reduced now to 3,270, which compares with 4,850 before the war started. Chinese
and Japanese securities responded favorably to the
improved political situation in the Far East. On
Monday there were 107 separate transactions in
American shares and 34 in Canadian Pacific; on Tuesday the figures were 97 and 33, respectively; on
Wednesday 85 and 20; on Thursday 126 and 32 and
on Friday 119 and 30.
1628
THE CHRONICLE
[voL. 100.
question of compensation to liquor dealers for their Our cablegram from London advises us that the
losses.
Bank of England has received £8,000,000 in gold
from France. This is believed to be the first inThe monthly statement of British foreign trade for stallment of £20,000,000 to be sent from Paris to
the third time since the war began showed an in- form part of a credit of £60,000,000 which the
crease in importations, the April increase being French Government is arranging at the British centre
£12,051,170. The exports were £7,777,822 below in payment of war materials and other supplies.
those of a year ago, but are showing a gradual gain. The remainder of the credit is expected to take the
The March figures are approximately £4,000,000 form of French Treasury bills. Reverting to M.
over February, and the April figures are £2,000,000 Ribot's statement, the Minister of Finance announced
above March. For the month of April importations that in March last the Treasury notes in circulation
exceeded shipments by £41,509,000. In the corre- totaled 3,500,000,000 francs, this sum being the
sponding month of last year the excess was £21,- limit of issue of national defense notes and ordinary
680,008. From Jan. 1 to April 30 importations this exchequer bills. A special decree of the Governyear indicate an excess of £165,074,000, against ment dated March 27 authorized the issue to be
£85,091,029 a year ago.
raised to the sum of 4,500,000,000 francs and the
number of notes now in circulation is considerably
In view of the daily occurrence of torpedoing of Brit- in excess of this latter figure. Therefore M. Ribot
ish ships in the German submarine war zone, interest asked Parliament to vote a further increase in note
attaches to a statement made in the House of Com- circulation to 6,000,000,000 francs. National demons on Tuesday by Thomas J. McNamara, Par- fense notes had been issued up to the end of April
liamentary Secretary of the Admiralty, giving the to the amount of 6,000,000,000 francs less 60,000,losses of British vessels to date. Not including 000 francs. The circulation of national defense notes
warships, 201 English vessels have been lost since the during April increased, notwithstanding repayments,
war began and the accompanying loss of life has been nearly 700,000,000 francs. Therefore the Govern1,556. These figures include merchant vessels, ment asked legislative authority to continue the issue
yachts, trawlers and drifters. Figures not so recent, until the limit of 6,000,000,000 francs had been
namely for the three months ending Dec. 31, are reached. The Minister also requested the Chamber
presented by "Lloyds' Register of Shipping." As to approve a proposal to create a series of French
this, however, was the period of greatest activity on Treasury notes to be presented to the British Govthe part of the German commerce destroyers, the ernment for discount by that Government. The net
newspaper in question martials the figures to show proceeds of the discounted bills will be used for payhow insignificant were the losses directly attributa- ments as they become due in foreign markets.
ble to the war in comparison with the total amount of
shipping afloat. Altogether 212 vessels (these figThe Paris Bourse remains quiet. Dealings are
ures, unlike those above, including warships and also exclusively in cash operations, there being no disincluding vessels of all nationalities) were removed position to operate in time contracts, although there
from the list, the aggregate tonnage being 320,000. have been speculative endeavors to revive interest
Of these 74, of 165,200 tons, are described as having in this respect. There has been no liquidation in a
been sunk by warships or by mines. In addition, formal way thus far of July's Stock Exchange ac19 vessels of 11,700 tons are.reported "missing," and count. Buyers have not paid their differences to
if their loss is put down to the same cause, the total brokers, and the latter in turn have nto paid their
is still less than half the full number of wrecks during obligations to lenders. It is estimated that about
the three months—that is to say, the German ac- 100,000,000 francs is tied up in these unsettled activities were not able to double the normal rate of counts of last July. What particularly prevents the
shipping casualties. The losses of war vessels and resumption of normal conditions on the Bourse is
supply ships, &c., amount to 37 vessels aggregating the fact that all brokerage houses and all brokerage
97,100 tons. Germany comes next with 7ships,France accounts of Germans and Austrians and all Bourse
and Norway lost 5 each and Russia 4. Great Britain's or brokers' accounts with Germans or Austrians have
total losses, including !wrecks, &c., were for the three been suspended by law. The foreign brokers themmonths 83 vessels of 166,000 tons, and this repre- selves have left the country and all houses in which
sents only 0.90% of the British mercantile marine. they were interested have been put in the hands of
a Government receiver. Such brokers and their
The French Minister of Finance, M. Ribot, in the accounts were exceedingly numerous. Another reaChamber of Deputies on Saturday, estimated the son for the dulness,as explained by the correspondent
cost of the war to France in April alone at approxi- of the "Evening Post," has,not unnaturally,been the
mately $500,000,000. He stated that up to the German invasion and the continued occupation of
present time about 4'1,400,000 of French securities ten departments of France, in which the Bourse of
had been sold in the United States, and that the Lille with its group of one million inhabitants had
British Chancellor had agreed to place 1,500,000,000 more financial importance than that of a purely
francs of French bonds in England to cover French provincial sort. This has deprived the Paris market of
credits there and in the United States and Canada, a large portion of its "outside public." It has also
France to furnish sufficient gold to permit England paralyzed the market for the securities of the great
to maintain exchange with the United States. This mining and industrial companies of that region.
explains the importations of gold from France to Again, that section of the curb market which handles
New York that have recently been made and to French rentes or Government obligations and exerwhich we refer in greater detail in our remarks on cises in normal times an important influence on the
sterling exehange. M. Ribot asserted that the rest of the market is now much hampered in its opexport situation between France and the United erations. Here, too, July accounts remain unsettled.
States was not so unfavorable as might be supposed. It happens that many of these represented sales by
MAY 15 1915.]
THE CHRONICLE
speculators who foresaw trouble—and in the case of
German brokers who almost certainly foresaw war.
These were caught by the premature outbreak of
the war before, and not after, settlement day; and
those interested with them are now trying to have the
Government come to their rescue. In domestic
securities the banks are doing little—perhaps because of the moratorium. Had it not been for the
moratorium in France, most of the hotels in Paris
would have been forced to fail, according to a letter
received in this city by an officer of one of the largest
New York hotels. The letter also stated that Paris
hotel managers still are hopeful of some American
travel this summer. Presumably, however, the
sinking of the Lusitania will measurably diminish
such optimism. French rentes closed at 72.25 francs
for cash, comparing with 72.40 francs a week ago.
Official bank rates at the leading European centres
still remain at 5% in London, Paris, Berlin and Amsterdam and 53/2% in Vienna. In Lombard Street
the rate of discount remains without change at
24% for short bills and 23/8% for long. Money
1@11/°7
2'0.
for day-to-day loans is still quoted at 1Y
this week
have
discounts
of
No private bank rates
been received in this city from the Continental centres, so far as we have been able to learn.
The Bank of England's statement this week reflects
the arrival of gold from France for the purpose of
establishing a new £60,000,000 credit in London.
Thus far £8,000,000 has been received out of a total
of the £20,000,000 expected for this purpose.
The gold item of the Bank of England, therefore,
showed an increase of £7,324,615, which, after
allowing for an increase of £58,000 in note circulation,
resulted in an increase of £7,267,000 in total reserve.
The proportion of reserve to liabilities was increased
to 21.06%, against 18.14% last week and 44.51%
a year ago. Public deposits showed a reduction of
£6,301,000 and other deposits an increase of £10,486,000 for the week. Loans (other securities)
showed a contraction of £3,080,000. The Bank's
gold holdings now aggregate £63,628,442. against
£35,806,352 one year ago and £36,361,981 in 1913.
The loan item is £143,072,000, against £38,456,772
one year ago and £30,878,754 in 1913. Public deposits showed the large total of £127,864,000. One
year ago the amount was £18,610,669 and in 1913
£13,659,103. Our special correspondent furnishes
the following details by cable of the gold movement
into and out of the Bank for the Bank week: Inflow, £9,066,000 (of which £891,000 bought in the
open market, £50,000 released by Egypt, £125,000
released from miscellaneous accounts and £8,000
imported from France); outflow, £1,741,000 (of
which £275,000 earmarked Argentina, £1,000,000
set aside for the Currency Note Redemption Account
and £466,000 net sent to the interior of Great Britain). We a dd a tabular statement comparing for
the last five years the different items in the Bank
of England return:
RANK OF ENGLAND'S COMPARATIVE STATEMENT.
1911.
1912.
1914.
1933.
1915.
May 12.
May 17.
May 13. May 14. May 15.
£
£
z
35,002,C00 28,702,655 28,601,010 28,782,P85 27,872 970
Circulation
127,864,000 18,610,669 13,669,103 16,770,403 13,954,397
Public deposits
95,614,000 38,774,384 38,486,454 39,589,123 41,177,545
Other deposits
51,043,600 11,046,570 12,879,075 14,155,013 14,971,344
Government securities
143,072,000 38,456,772 30,878,754 30,530,822 29,655,098
Other securities
47,075,000 25,553,697 26,210,971 29,499,353 28,278,017
Reserve notes and coin
63,628,442 35,806,352 30,361,981 39,832,338 37.700,987
Coin and bullion
Proportion of reserve to
62.31%
51.27%
50.25%
44.51%
21.06%
liabilities
434%
3%
3%
3%
5%
Bank rate
•
1629
The Bank of France statement showing its condition as of May 6 reported a decrease for the week
(reflecting in part the large shipment of gold to
London) of 41,980,000 francs in the gold holdings
and 142,000 francs in silver. Note circulation
registered an increase of 130,866,000 francs, treasury
deposits of 29,703,000 francs and the Bank's advances
were 58,000 francs higher. There was a reduction of
27,223,000 francs in general deposits and 15,134,000
francs in bills discounted. The Bank's gold now
amounts to 4,127,030,000 francs and compares with
3,660,825,000 francs one year ago. Silver aggregates
376,535,000 francs, against 634,600,000 francs, note
circulation 11,716,572,000 francs, against 5,895,277,015 francs, and general deposits 2,279,874,000
francs, against 688,534,361 francs.
In this week's return the Imperial Bank of Germany shows a further increase of 4,822,000 marks
in gold, but.a reduction of 127,448,000 marks in the
cash item which includes Imperial and loan bank
notes and notes of other banks in addition to coin
and bullion. An expansion of 61,770,000 marks in
the discount item is to be noted of 20,575,000 marks
in deposits and of 3,227,000 marks in treasury bills.
Loans, however, showed a contraction of 2,274,000
marks and note circulation of 67,980,000 marks.
The Bank's gold stock stands at 2,371,414,000 marks.
One year ago it was 1,324,040,000 marks and in
1913 978,782,000 marks. The outstanding note circulation shows a total of 5,243,292,000 marks,
against 2,006,460,000 marks in 1914 and 1,975,180,000 marks in 1913.
In local money circles the attitude of lenders has
been rather vacillating. Early in the week there was
quite a tendency toward increased ease, but towards
the close a firmer undertone was displayed and final
quotations indicate fractional net advances for the
week. Among the demands upon the capital market
for the week has. been an issue of $11,783,000 State
of .Tennessee refunding loan 4% and 43/2% serial
bonds, offered by a syndicate of local bankers. It
is understood that response to the offering has been
favorable. The $25,000,000 5-year 6% Argentine
notes referred to in last week's "Chronicle" have
found a much more cordial reception in New York
than a similar amount offered simultaneously in
London. The latest report of the local subscription
is that $23,500,000 had been subscribed up to Thursday night. In London only 12% was subscribed by
the outside public, the underwriters themselves being
called upon to take 88% of the offering. The $65,000,000 bond issue of the Pennsylvania RR. has been
fully subscribed, according to latest reports. In
view of the more or less disorganized condition of
financial affairs resulting from the international
strain caused by last week's ocean tragedy,the success
which has attended the recent capital applications
seems to encourage belief in a good supply of funds
available for attractive investments. While the supply of commercial paper has not materially increased,
buyers have been inclined to insist upon larger discounts.
Last Saturday's statement of the Clearing-House
banks and trust companies showed a decrease of
$9,208,000 in the aggregate reserve and of $7,786,530
in the surplus, there having been a contraction in reserve requirements of $1,421,470. Loans increased
$14,837,000 in response to large financing operations;
1630
THE CHRONICLE
net demand deposits were reduced $3,202,000 and
net time deposits increased $4,922,000. Reserves
in "own vaults" increased $4,720,000, to $419,777,000, which included $347,648,000 in specie. Reserves
in Federal Reserve banks decreased $1,784,000 to
$119,550,000 and reserves in other depositaries decreased $2,704,000 to $27,534,000. The surplus reserve now stands at $162,393,840, which compares
with $41,683,650 at this date last year, when the old
form of bank statement was in operation.
Referring to money rates in detail, demand loan
rates have this week covered a range of 13/2@23/2%,
which compares with 19@23/2% the week preceding. The ruling rate has continued pegged at 2%.
On Monday the extreme figures were 2 and 23/2%,
on Tuesday 1% and 23/2%, on Wednesday 13/b and
23/2%, on Thursday 13' and 23% and on Friday
13/2 and 234%. Time money closed at 2%@3%
for sixty days•(against 23/2@2%% a week ago),
3% for ninety days (against 29%), VA% for.four
months (against 3%), 331@33'% for five months
(against 3@331%) and 33'@3M% for six months
(against 331%). Closing quotations for commercial
paper are 332@4% (against 33'@39%) for sixty
and ninety-day endorsed bills receivable and for
four to six months' single names of choice character.
Names not so well known require as high as 432%.
The discount rates at the Federal Reserve Bank at
New York remain at 4% for thirty and ninety days
and 5% (for agricultural bills, of which none has
as yet been purchased) above ninety days.
[VOL. no.
000 for the week ending May 8, which compares
with $20,612,000 for the week preceding and $12,934,000 for the week preceding that. The return of
Mr. Morgan from London has not resulted in any
announcement in respect to the large credit that has
been so freely reported as about to be opened in New
York on British Government account.
The Continental exchanges have been somewhat
irregular. Italian lire have declined to 5 923' for
bankers' checks from 5 82 a week ago, while bankers'
cables closed at 5 92, against 5 81 one week ago
and 5 791
4 a fortnight ago. Exchange on Paris also
has ruled somewhat weaker, sight draft closing at
5 34, against 5 32 last week, and bankers' cables at
5 333/, against 5 313/2. Commercial sight on Paris
finished at 5 3414,against 5 33. Bankers' checks on
Berlin are 82 11-16, against 82 7-16 last week, and
cable transfers are 82 13-16, against 823
%. Swiss
exchange closed at 5 30 for bankers' sight, against
5 31 and, 5 29 for bankers' cables, against 5 30.
The check rate on Amsterdam is 3932, against 393/b
minus 1-32 a week ago and bankers' cables are
39 9-16, against 39 9-16 plus 1-32. In Paris the
London check rate closed at 25.643', comparing
with 25.673/ on Friday of last week:
Compared with Friday of last week, sterling exchange on Saturday was firmer and demand advanced
to 4 79W4 80, cable transfers to 4 8014@4 803/2
and sixty days to 4 771/ @4 77%. On Monday
rates weakened perceptibly, largely due to a falling
off in the inquiry incident to the absence , of mail
facilities until the end of the week; the close was
steady with the range 4 794@4 79Y
1 for demand,
4 80@4 80% for cable transfers and 4 769@4 76%
for sixty days; the general attitude seemed to be to
await fresh developments in the international situation. Sterling reflected the nervous tension now
existing and fluctuated irregularly on Tuesday, declining sharply at one time, but later rallying in
some degree on buying by important banking concerns as well as covering of shorts; demand ranged
between 4 791/004 793/2, cable transfers at 4 79%@
4 80 and sixty days 4 763'@4 76%. On Wednesday trading was light with the market steady and
fractionally higher, chiefly on easier rates for money
here and renewed talk of the establishment of the
long-expected foreign credits; the day's quotations
were 4 80@4 80 1-16 for cable transfers, 4 79 9-16@
4 79% for demand and 4 76%@4 77 for sixty days.
Pending Germany's reply to President Wilson's note,
transactionsin foreign exchange on Thursday were
almost at a complete standstill; rates were a shade
easier, with demand quoted at 4 793'@4 79 9-16,
cable transfers at 4 79 15-16@4 80 1-16 and sixty
days 4 76%@4 76%. On Friday the market ruled
irregular and weaker. Closing quotations were4763/
@4 76% for sixty days,4 793,@4797-16for demand
and 47911-16@ 479% for cable transfers. Commercial on banks, nominal documents for payment, nominal. Seven-day grain bills at4 7831@4 78%. Cotton
for payment, nominal; grain for payment, nominal.
Transactions in sterling exchange have this week
been of limited volume. The market has indicated
a waiting attitude, which is not altogether unnatural in view of the international strain that has
resulted from the sinking of the Lusitania. Quite
an active selling movement of American securities
among foreign holders was a feature early in the week,
but subsequently there was some disposition to purchase by London, and demands for remittances of
the proceeds of sales did not become aft active factor
in the general market. In fact, the general tendency
of the rates of exchange was downward. A direct
shipment of $5,000,000 in gold from Paris was received on Wednesday on the French Line steamer
Rochambeau, making $7,000,000 in the direct movement that has arrived thus far this month. This
gold was consigned by the Bank of France to Lazard
Freres, its agents in this city. It is understood that
upwards of $20,000,000 will be forwarded, either
direct or through the Bank of England's Ottawa
branch, in connection with the establishment of additional French credit here to finance the purchases of
war supplies in this country by France. France is
also sending a substantial amount of gold to London,
one shipment of £8,000,000 having arrived there this
week, which, as we have already explained in our
remarks on the French financial situation,is believed
to be the first installment of £20,000,000 that Paris
is sending London to form the basis of a credit of
£60,000,000 which the French Government is arranging at the British centre, the remainder of the
The New York Clearing-House banks, in their
credit to take the form of Treasury bills. The excess operations with interior banking institutions,
have
of our exportations over our importations of merchan- gained $3,629,000 net in cash as a result of the
curdise is continuing to afford the basis for a good supply rency movements for the week ending May 14.
of bills. The usual weekly report issued by the De- Their receipts from the interior have aggregated
partment of Commerce for thirteen customs dis- $8,413,000, while the shipments have reached $4,tricts of the United States, handling about 85% of our 784,000. Adding the Sub-Treasury operations
and
overseas trade, showed an export balance of $23,323,- the gold imports, which together occasioned
a gain
MAY 15 1915.1
THE CHRONICLE
1631
of $9,534,000, the combined result of the flow of
To both contentions there is a plain and simple
money into and out of the New York banks for the answer. England's embargo of Germany is not in
week appears to have been a gain of $13,163,000, violation of international law; it is in the recognized
as follows:
form of a regular blockade. Even if the "starvation
Week ending May 14.
Out of
Into
Net Change in
argument" were in all respects consistent with the
Banks.
Banks.
Bank Holdings.9
facts,
blockade of the German ports would differ in
Banks' interior movement
$8,413,000
$4,784,000 Gain $3,629,000
Sub Treas. oper. and .gold imports
31,810,000
22,276,000 Gain 9,534,000 no
essential principle, and in no actual result ,(except
Total
$40,223,000 $27,060,000 Gain $13,163,000
for its application on a larger scale) from the Prussian
The following table indicates the amount of bullion siege of Paris
in 1870, for example—whose resultant
in the principal European banks:
circumstances certainly involved the starving of a
May 13.1915.
May 14 1914.
population. But in point of fact, even if the blockBanks of
Gold.
Total.
Gold.
Silver.
Total.
ade by England were not regular in form,the asser63,628,442 35,806,352
England_ _ 63,628,992
35,806,352 tion that Germany is being, or is about to be,
France- _ _ 165,080,760 15,061,000 180,141,700 146,972,920 25,176,720 172,149,640
Germany 11807,400 2,300,000 120,007,400 67,133,250 16,590,300 83,723,550 reduced to absolute starvation has been officially
Russia _ _ _ 170,878,000 5,248,000 176,126,600 178,325,000 7,295,000185,620,000
Aus.-Hunc 51,578,000 12,140,000 63,710,000 52,219,000 12,248,000 64,467,000 denied by the German Secretary of Agriculture and
Spain _ _ 26,067,000 29,324,000 55,311,000 20,602,000 28,634,000 49,236,000
Italy _ _ _ _ 50,964,000 2,700,000 53,664,000 45,767,000 3,100,000 48,867,000 by other German public authorities, who have exNetherl'do 25,098,000
164,400 25,262,400 13,581,000 • 651,900 14,232,900
Nat.Belgd 15,380,000
600,000 15,980,000 8,725,333 4,362,607 13,088,000 plicitly asserted that Germany is self-supporting in
Sweden _
0,299,000
6,299,000 5,783,000
5,783,000
Switz'land 9,632,100
9,632,100 6,792,00
6,792,000 its food supplies, and cannot possibly be starved out.
Norway - 3,297,000
3,297,000 2,645,00
2,645,000
Tot. week 705,569,702 67,537,400774,107,102 584,351,855 98,058,587682,410,442 Therefore, the assertion that barbarous reprisals are
Prev.week 698,884,087 67,412,58 766,290,667582,573,129 97,799,350680,372.479
warranted falls completely to the ground.
c July 30. d Sept. 21.
As for the argument that a submarine is physically
THE CRISIS IN OUR FOREIGN RELATIONS. unable to comply with such humane rules as the naThe action of the Stock Exchange when the news tions have imposed for the conduct of ordinary warof the Lusitania arrived testified truthfully, as all of ships at such times, to this the answer is that such
us now can see, to the extreme gravity of the resultant assumption could be used to justify violation of any
situation. It testified also to a far more accurate rule of civilized warfare. Germany has a navy of the
reading of events and consequences than did the dis- ordinary sort, with which she could comply with all
play of misguided exultation in the German press, customary rules of war. She chooses to keep this
over what was there described as a great naval suc- fleet in hiding because she considers it not large
cess. Even if, in the light of naval strategy, the enough to meet an English fleet. But Germany
sinking of the Lusitania could be classed as such an must accept all the natural consequences of a situaachievement, it would also remain one of those tion which arose because of her entry into this Eurosuccesses of war which are very dearly bought.
pean war. If a submarine cannot act effectively in
On the plain issue of the wickedness and barbarity naval capture, without violating all laws of war and
of this premeditated destruction of an unarmed all rules of humanity, then if would have no right to
merchant vessel with twelve hundred non-comtabants act at all. But even the assumption that it cannot
aboard—many of them known to be neutrals— so act is untrue. The case of the German submarine
American public opinion has expressed itself with which destroyed a French merchant ship in the
such instantantous emphasis and vigor that the atti- Channel a month or two ago only after giving warning
tude of our Government and people stands out quite and after seeing the crew and passengers safe in their
unmistakably. Before dealing with that feature, it boats, is entirely in point. The commander of this
seems proper to dispose of one other matter first. vessel said to an interviewer in Berlin: "I saw women
Since opinion, not alone in Germany but in some and children on the deck, of course I could not torGerman-American circles of this country, has been pedo a boat with women and children on board."
voiced to assert an opposite judgment, and to defend But the "of course" was obviously not accepted by
the sinking of the Lusitania as a justifiable act of the Admiralty at Berlin.
war, we feel it necessary to examine that contention.
We believe, in other words, that there is not a
This argument was based at first on the statement shred of warrant for the contention that the deficient
that the Lusitania was armed, and that the vessel powers of submarines in naval warfare is an excuse
stood, therefore, in the status of a warship. • Since 'for. drowning passengers and crew of hostile ships,
this assertion, by the positive and conclusive testi- any more than there would be for the putting
mony of the Collector of this port, who inspected the to death of prisoners on land because it was inconship before its departure, is proved to have been venient for their captors to hold them in the face
entirely unfounded, we shall not discuss the question of the enemy. We believe, furthermore, that the
whether even that fact could have warranted this action on Friday of last week is being and will be
frightful destruction of non-combatants. The fur- judged by the conscience of the civilized world in the
ther contentions on which the defense of the German light of its consequences—which stamp it as a crime
submarine's action have been based, are, first, that so horrible as to reduce the warfare of the twentieth
England has condemned the German people to star- century, if such atrocities were to become habitual,
vation in violation of international law, and that, below the level of the practices which history holds
therefore, any sort of reprisal would be warranted; up for execration in the wars of three or four censecond, that the rule of naval war requiring notice to turies ago.
a merchant ship before attacking it, and requiring alWith this opinion unqualifiedly held by the
so removal of crew and passengers before such American people, the resultant diplomatic situation
attack, was impossible for submarines to observe, was necessarily formidable in the extreme. It was
because the threatened ship might summon aid certainly not less so from the fact that our Governwhich would jeopardize the safety of the submarine, ment, replying last February to the German warand because the submarine itself has no facilities for zone note, had said of the threatened policy of
removing passengers, or taking physical possession destroying neutral ships, or neutral passengers, in
of an enemy ship.
the war zone, that such action was not only"un
1632
THE CHRONICLE
precedented in naval warfare," but "an indefensible
violation of neutral rights"; dedaring further that
if such policy involved either the sinking of an
American merchant ship or the loss of American lives,
the Government at Washington would "hold the
Imperial German Government to a strict accountability."
The President's statement of the case to Germany,
published yesterday in the form of a State Department communication, is in our view a very remarkable document. It is firm on every point of controversy, even to the ultimate alternative; but arrogant
on none. It is courteous in its language, to the extent of assuming that such acts as the sinking of the
Gulflight and the Lusitania could not "have the
countenance or sanction"&of the German Government; but it rejects with the utmost positiveness
the contention that, because of "the measures
adopted by their adversaries in seeking to cut Germany off from all commerce," the Government at
Berlin had the right "to adopt methods of retaliation which go much beyond the ordinary methods of
warfare at sea, in the proclamation of a war zone
from which they have warned neutral ships to keep
away." This position, and the propriety of the
warnings addressed to our citizens and our commerce
as a result of it, our Government "has already taken
occasion to inform the Imperial Government that it
cannot admit."
To the argument that submarines must act as they
did with the Gulflight and the Lusitania, simply
because submarines cannot wait to search a suspected
vessel, or make a prize of her, or place her passengers
and crew in safety before destroying the ship, the
President's note makes the plain reply that the use
of such vessels of war for purposes of the sort is then
itself objectionable, because of "the practical impossibility of employing submarines in the destruction of commerce without disregarding those rules
of fairness, reason, justice and humanity which all
modern opinion regards as imperative." And the
note concludes by expressing expectation "that the
Imperial German Government will disavow the acts
of which the Government of the United States complains; that they will make reparation so far as
reparation is possible for injuries which are without
measure, and that they will take immediate steps
to prevent the recurrence" of such actions. "Expressions of regret and offers of reparation . • .
cannot justify or excuse the practice," and"the Imperial German Government will not expect the Government of the United States to omit any word or any
act necessary to the performance of its sacred duty of
maintaining the rights of the United States."
Thus the question of our good relations with the
German Government is left in the hands of that Government itself. As we write, the attitude of the Berlin authorities is unknown. That they have been
impressed by the spontaneous and powerful outburst
of public indignation in America has been shown
by the circular note of the German Foreign Office,
published Wednesday, declaring, even of the war
zone, that should a neutral ship "come to harm
through a German submarine or aircraft, on account
of an unfortunate mistake, the German Government
will unreservedly recognize its responsibility therefor." This statement embodied a distinct retreat
from the position taken by this same foreign office
in its war-zone communication to our Government
on Feb. 18, in which, after referring to the possi
[vol.. no.
bility of such "unfortunate accidents," the German
authorities concluded by remarking that "Germany
disclaims all responsibility for such accidents and
their consequences." This change of attitude goes
some distance towards smoothing over the situation
resulting immediately from the Gulflight incident,
in which a vessel flying the American flag was destroyed with loss of American life, by a German
submarine.
It removes, at least, the apprehension that the
German Government might have answered our
representations in the matter by asserting that a
neutral vessel in the war zone was itself responsible
for whatever happened to it and that Germany
washed her hands of all responsibility. But the
note now forwarded by our Government to Berlin
makes a larger and more specific declaration of Germany's future policy as to warfare on the sea an
immediate necessity. It is the German Government
itself in whose hands the decision in this momentous
controversy now rests.
LABOR ADVOCATES RESORT TO FORCE.
The Walsh inquisition on behalf of labor sometimes gets a witness whose frankness goes too far
and discloses what does not suit the purpose of the
inquisitor; such a witness was recently on the stand
in Washington, and his even brutally plain speaking
has been supplemented, by mere coincidence of time,
by some matters here in New York, this past week.
It is known that when organized labor finds occasion
to interfere through riotous strikes, it does not wish
to be itself interfered with in turn; constraint for
others and a free hand for itself is the first article
in its platform. It greatly objects to judicial
attempts to hinder it, and, through a long struggle,
culminating in the exemption clause it finally forced
into the Clayton Law, it thought to become independent of courts. It has no great respect for the
police anywhere, partly because counting on police
sympathy, but it particularly dislikes any military
or special force.
The Washington witness who frankly declared this
was James P. Maurer, head of the Pennsylvania
Federation of Labor, and he followed Vice-President
Atterbury of the Pennsylvania Railroad, perhaps
desiring to appear in a sort of rebuttal. He denounced the State constabulary, which was organized
in 1905, as a band of mercenaries, calling them
"American Cossacks", and accusing them of various
lawless conduct. "It is time we met force with
force", he said. It is his purpose to urge laboring
men to study and practice in military tactics for this
very purpose. Specifically :
"I intend to recommend that our men shall be
trained in the military arts. We have got -to stop
the kind of tactics that are employed by the Pennsylvania constabulary: The institution of the constabulary was the beginning of a military despotism
in this country. The system has attracted attention
in other States and the establishment in such States
of just such a plan is under consideration."
Establishing a constabulary is what he means as
in consideration elsewhere, but his frank declaration
that when forcible interference by unions with shops
which they cannot otherwise control is resisted by
force in the name of law and order,the unions intend
to match force against that force and to keep themselves in readiness to do so should not pass without
..‘1Ay 15 19154
THE CHRONICLE
1633
attention, notwithstanding the absorbing stress of two parties, which lasted
for many years; upon this
such a war as the globe has never before known.
it is impossible to avoid or to soften plain speaking.
It should not be thought surprising that this Mr. The one party, having (to
this day) its stronghold
Maurer is a member of the Pennsylvania Legislature, at this end of the State
and comparatively indifferent
sworn, as such, to legislate for the public good and to controlling the
State so long as it could maintain
to support the State constitution. He is there for its profitable intrenchment
here, was willing to let
labor, being labor's man, and elected by labor for the city's right
be sacrificed to that sordid end; the
its own plans; the same may be said, somewhat less other party was
willing to divide the plunder and
broadly, of the Bufalo Assemblyman, member of the local
offices, in consideration of its partner's
organized railway employees and elected by labor, consenting
to endure the odium and allow the name
who has succeeded in preventing repeal of the full- of Tammany
to be used all over the country as a
crew law in this State.
symbol of vice. Thus the one party planned to get
Now, this week, has come exposure of labor inter- the general
control in the country and let the other
ferences, on a small scale although large in aggre- have
this unhappy and wicked city, while the magate and chiefly on the crowded East Side, together chine
bosses divided the local plunder.
with indictments of several dozen "gangsters" and
The history of the miserable results of this arnearly as many union officials in various trades. rangem
ent, fundamentally and morally wrong, by
The details have been spread at large in the news- which
the city has been ruled by the State, is muck
papers. They include "shooting up", clipping ears, too long,
to recount here. The city has gone on growbreaking thumbs, throwing down shafts and other ing; but an
acorn, dropped into the hole of an old
modes of dissuasion; there appears to have been a millstone and
germinating there, may lift the stone
sort of price schedule, and the chief performers as it becomes an
oak; owing nothing to the stone
appear to have been half indifferent as to who hired except burden.
Deprived of power to control itself,
them or on which side. Some of this story may be the city has had to
take what was prepared for it,
taken as exaggerated, but not all of it can be dis- and, withal,
to be held up to the country as incapacimissed as such; there has been a growing belief, tated by its
defects of character for governing itself.
especially since the public murder of the gambler The
line of commissions and boards, duly declared to
Rosenthal, about two years ago, that assassins
be non-partisan, is long. The city and its affairs—
classed as "gunmen" can be hired at any price, especia
lly its finances—take the larger part of the
by whoever wants them and will pay their annual
symposium at the capital. The city conprice.
tributes the great bulk of State taxes, necessarily;
The death of Mr. David M.Parry, on Wednesday, but
arrangements are such that "up-State" re-draws
also serves to recall the long battle he wages, as head
the disproportionate share therefrom. Without enof the National Association of Manufacturers and
tering upon the vexed problem of the finances, it
privately, against the boycott and other modes of must
be admitted that there is plausibility in the
union attack. He saw and declared that the conflict proposition
that a partisan explanation can be made
between the open and the closed shop, between for the direct
tax, which has usually been dreaded
independence for employer and employee and sub- and avoide
d by the party dominant for the time
mission by both, is an irrepressible one which can being, yet was
now insisted upon, the explanation
end only by complete fighting out. He urged being thus: From
a date far back, the city has been
employers' strike insurance (mutual) as one plan,. expected
to go Democratic, and to have its huge
and he distinctly declared that organization must plurali
ty sometimes wiped out by the net vote on
be met by organization. Although this is only a the
other side which comes down to the Harlem.
mimic war, in scale, in contrast with that which
is Then if the party now in control at Albany, having
shaking the world, the principle at stake is the its
eyes fixed on 1916, can put its up-State plurality
enduring one of freedom. Events are giving the beyond
submersion by "sweating" this bad section
country ample warning.
for judicious use farther north, it need not care for
GOVERNMENT AND SELF-GOVERNMENT FOR the city's fate. This is a coarse,'cynical explanation,
and one which the reader can take aslhe pleases; but
NEW YORK CITY.
is it not, at least, undeniable that the supine position
The present State constitution was adopted, at
of this huge and wealthy city in the Legislature
the regular November election of 1894, by a majori
ty tempts to such motives and facilitates acting
acof 83,295, to which the four counties of New York,
cordingly?
Kings, Queens and Richmond contributed
30,908,
We have not "home rule" here, and it has been
each of them sharing this affirmative majority
about denied us many years. There is in preparation
for
in proportion to its own size. Upon this subject
and the constitutional convention, we are told, a batch
upon the choice of Governor the total vote in
the of specific grants "of broad powers to every munici
entire State was 738,099 and 1,368,618; in the
four pality to manage its own affairs"; these are too
many
counties the total vote was 253,494 on the constit
u- to discuss now, but may perhaps come up
later.
tion and 478,857 on the minor and temporary quesThey are all very well, per se; but the simple condiwho
should
of
•
tion
have the principal office. As tion
of self-government through just representation
usual, public attention was absorbed in the latter,
would make them needless and leave responsibility
the matter of a new constitution being noticed by
where it belongs. That we may justly demand and
only a little more than one-half of the voters particideem possible; a more thorough escape would be to
pating in the elections.
erect this end of the State into the new State of
The city thus parted with its fundaments right of
Manhattan. Admitting the suggestion is not likely
equal representation in the legislature chiefly by
to be seriously taken up at present and therefore
indifference and default. The object of putting
academic, we may well think it over and ask ourthat wrong into the document was a political one,
selves, why not? Herkimer and Hamilton and Jefinvolving an immoral understanding between the
ferson counties solemnly discussing and deciding this
1634
THE CHRONICLE
[voL. 100.
city's marginal railway, its transit matters, its street- had been very unfavorably affected by the greatfloods
openings, its many other affairs—could anything be which occurred in the Middle and Middle Western
more ghastly in absurdity? We here do not meddle States in the closing week of that month. These
with the town problems in those rural counties, but floods not only caused immense property damage
they unitedly govern ours, because we have heed- and the loss of many lives, birt resulted in a complete
lessly surrendered our birthright. Is it because the suspension of railroad operations for a few days on
intelligence and virtue are up-State and the wealth a good part of the railroad mileage in Ohio and Inand vice are here? If it be true that salvation is diana and on all the lines connecting therewith from
only in submission to outside control and that only the East, the West • and the South. These interthe rural counties have held and can hold the city ruptions had a double adverse effect, first in reducing
from sinking, might it not be better to sink and be gross revenues and, secondly in adding enormously
done? Governing this city at Albany will never for the time being to the expense accounts. It
challenge and develop intelligent study of public thus happened that the roads which in 1913 had their
affairs and a civic pride here; its natural effect is earnings heavily reduced regained in 1914 some of the
suggested by the "carcass" and "eagles" of Matthew loss and accordingly were able to report increases—
xxiv 28, and it tends to make the rich here despair- in a few cases of considerable amount—which increases served to that extent to offset the losses on
ing and the poor riotous.
The first demand, the effectual self-government, other roads or to overcome them altogether.
In saying that the floods in 1913 operated to reis to undo this and put the entire State upon an
revenues we do not mean that there was actual
duce
leaving
to
population,
as
equal representative basis
off in gross in March of that year on the roads
falling
s.
The
city
in
apportionment
trickiness
no scope for
cannot get its bonds broken through the geographical as a whole in the United States, but merely that the
composition of the convention; it must get that by gain was heavily reduced; in the net, on the other
in
the force of justice and determination, and it should hand, because of the augmentation expenses,there
our compilation
brief,
In
off.
falling
actual
an
was
(for once) pay stern and real attention to the subject
$4,275,145
decrease in net
showed
1913
March
for
the•
of
and absolutely refuse to permit perpetuation
an
to
of $14,augmentation
due
was
this
and
earnings
wrong.
when
the
time
a
to
addition
at
870,984 in expenses
already
as
stated,
having
floods
(the
RAILROAD GROSS AND NET EARNINGS FOR gross earnings
greatly cut down the normal rate of additiOn) was
MARCH.
but $10,595,839, or 4.46%. As a matter of fact,
Our March compilation of the gross and net earnnet earnings had been making poor exhowever,
ings of United States railroads reveals the same charhibits for several successive years—perhaps more so
acteristics as the compilations for the months immein March than in other months. Our compilations
diately preceding. The total of the gross runs well
for March 1912 registered $12,955,678 gain in
behind that for the corresponding month of last year,
gross (5.77%), but of this only $848,494 was carried
while the net records a slight improvement, due to a
as a gain in the net, indicating how cost
forward
marked contraction in the expense accounts. A savwas rising at that time. Going a year
operation
of
ing in expenses in some circumstances might have to
further back, we find that there was an actual loss
be considered a decidedly gratifying feature. In the
in both gross and net in March 1911; by the figures
present instance it is deprived of much of its sigof the Inter-State Commerce Commission, $11,264,nificance by the knowledge that it is in large part
in gross and $9,148,129 in net. In the year
790
forced, the result of the urgency of the situation,
large expenditures were also a conspicuous
preceding,
which obliges railroad managers to practice extreme
the returns; according to the tabulations
of
feature
economy and to defer until more propitious times
-State Commerce Commission there was
Inter
the
of
all repair and renewal work that can be put off withincrease in gross in March 1910 of no less than
an
out jeopardy.
$32,887,440, but the gain in net was no more than
Stated in brief, the total of the gross is $15,194,218
$8,664,106. In March 1909, of course, there were
less than in the same month last year, the decrease
striking gains in both gross and net—$22,190,078
thus being 5.99%. That is the important fact, of
the former and $14,303,842 in the latter; but
in
course, namely that the gross revenues of the roads
these gains followed largely as the result of the heavy
fell off to that extent. This shrinkage was attended
losses sustained in 1908, the year following the 1907
by a curtailment of the expense accounts in even
panic. In 1908 the Commission had not yet begun
larger sum, namely in amount of $16,194,568, thus
give out comparative figures. Our own comto
producing a gain in net of $1,000,350, or 1.48%.
at that time were somewhat incomplete,
pilations
Inc. (-I-) or Dec.(—).
%
1915.
Amount.
1914.
owing to the circumstance that earnings were running
March (481 Roads)—
246,848
243,598
+33,250 1.33
Miles of road
a number of big companies withheld
5238,157,881 5253.352,099 —$15,194,218 5.99 so poorly that
Gross earnings
169,705,449
—16,194,568 8.71 their figures, not caring to disclose the magnitude
185,900,017
Operating expenses
568,452,432
867,452,082
+81,000,350 1.48
Net e,arnIngs
of their losses. On an aggregate of only 152,058
miles of road, our statement then showed a deunsatisfactory
of
the
character
the
As emphasizing
of $21,531,681 in gross and of $6,543,631 in
we
that
are
crease
noted
not
comparing
be
should
it
exhibit,
with very good results in March 1914. True, there net. We estimated that for the entire railroad milewere small gains then in both gross and net ($660,166 age of the country the falling off in gross for the
in the case of the gross and $3,104,528 in the case month must have been about $34,000,000, with a
of the net), which of course is better than comparing shrinkage of $10,000,000 in net.
In the following we give the March totals back to
with a loss, but the fact is that these slight gains
For 1911, 1910 and 1909 we use the Inter1896.
the
absence
of
certain
from
entirely
resulted
then
adverse developments which in the year preceding State Commerce figures, but for preceding years we
had heavily cut down revenues while augmenting give the results just as registered by our own tables
expenses. In other words, in March 1913 earning each year—a portion of the railroad mileage of the
MAY 151915.1
THE CHRONICLE
1635
country being always unrepresented in' the totals,
Southern roads continue to lose heavily in gross,
owing to the refusal of some of the roads then to but some of them have managed at the same time
give out monthly figures for publication.
to curtail expenses heavily. The Southern Railway
reports gross diminished $774,348, but owing to the
Gross Earnings.
Net Earnings.
Year.
great saving in expenses has lost only $71,424 in net.
Year
Year
Inc.(±) or
Year
Year
Inc (+) or
Given.
Preceding. Dec.(-).
Given.
Preceding. Dec.(-).
The Atlantic Coast Line, while suffering a diminution
March.
8
S
8
S
in
its gross of $478,548, falls behind only $10,696 in
1896 ___ 52,393,093 51,220,449 +1,172,644 16,004,390 16,051,229
-46,839
56,662,338 55,792,864
1897
+869,474 17,992,125 16,567,339 +1,424,786 net.
The Louisville & Nashville has $735,396 de1898.... 65,920,850 57,313,697 +8,607,153 21,833,910 18.045,866 +3,788,044
1899.... 71,322,133 66,789,833 +4,532,300 23,576,797 21,872,713 +1,704,084
1i00.,.... 81,946,098 72,318,540 +9,627,558 26,782,183 23,895,780 +2,886,403 crease in gross and $382,428 decrease in net, and the
1901 ___ 96,738,826 88,084,673 +8,654,153 32,780,439 28,903,196 +3,877,243
1002..... 97,210,104 92,943,633 +4,346,471 31,299,387 30,736,551
+562,836 Seaboard Air Line $413,238 in gross and $138,578 in
1903...._ 116,208,702 11,541,576±14,667,126 33,403,751 28,846,908 +4,559,843
1901 _ 110,945,055 110,657,629
+287,426 30,628,797 34,291,160 -3,662,363 net. In the following we show all changes for the
120,507,724 110,277,421 +10,230,303 36,878,227 31,654,402 +5,223,825
1905
1906 ___ 129,838,708 116,361,229 +12,977,479 40,319,748 35,312,906 +5,636,842 separate roads for amounts in excess of $100,000,
1907..... 141,580,502 128,600,109 +12,930,393 40,967,927 40,901,113
+63,814
1908 ___ 141,193,819 162,725,500-21,531,681 39,328,523 45,872,151 -6,543,631 whether increases or decreases,and in both
gross and
1909 ___ 205,700,013 1.83,509,931 +22,190,078 69,6 L3,713 55,309,871 +14,303.842
238,725,772 205,838,332 +32,887,440 78,322,811 69,658,705 +8,664,103 net.
1910
1911 _ 227,564,915 233,829,705 -11,264,790
1912 -__ 237,504,332 224,608,654 +12,955,678
1913 --_ 249,237,551 238,634,712 +10,595,839
1914 -__ 250,174,257 249,514,091
+660,166
1915..- _ 238,157,381 253,352,099 15,191,218
69,209,357
69,038,987
61,893,146
67,993.951
68,452,432
78,357,486
68.190,493
69,168,291
64,889,423
67,452,082
-9,148,120
+848,4.94
-4,275,145
+3,101.528
+1,000,350
Note.-Includes for March 141 roads In 1896, 127 In 1397, 137 in 1898, 123 in
1899, 126 in 1900, 123 In 1901, 126 In 1902, 107 In 1903, 101 in 1901, 101 In 1905,
96 in 1906, 94 In 1007; in 1908 the returns were based on 152,033 miles of road: In
1909, 233,702; In 1910, 239,691; In 1911, 244,031; in 1912, 238,218: In 1913, 240,510,
In 1914, 245,200, In 1915, 246,848. Neither the Mexican roads nor the coal
mining operations of the anthracite coal roads are included in any of these totals:
PRINCIPAL CHANGES IN GROSS EARNINGS IN MARCH.
Increases.Decreases.
Missouri Kansas & Texas.. $378,387 Elgin Joliet & Eastern__- $273,916
Delaware & Hudson
294,882 Central of Georgia
224,542
Atch Topeka & Santa Fe.. 253,106 Toledo & Ohio Central_. 217,775
Delaware Lack & West..__
109,733 Chicago Milw & St Paul- 206,785
Hocking Valley
193,540
Representing 4 roads in
New York Central
b187,726
our compilation
$1,036,108 Norfolk & Western
187,153
Decreases. St Louis Southwestern
183,773
Pennsylvania
a$1,410.851 Buffalo Roch & Pitts.. _ _ _
180,939
Chicago Burl & Quincy..__
845,651 Nashv Chatt & St Louis
178.738
Illinois Central
824,662 Kansas City Southern_ _ _
166,340
Southern16
774,348 Rock Island1,623
Chicago & North West.. _ - 757,625 Mobile & Ohio
146,267
Baltimore & Ohio
740.210 Cinc New On & Tex Pac
144,542
Louisville & Nashville_ __ _
735,396 Chicago Great Western
139,672
Union Pacific
633,529 Clev Cinc Chic & St L.._
137.320
Great Northern
630,414 Central of New Jersey....
129,359
Pitts & Lake Erie
501,798 Denver & Rio Grando
126,759
Atlantic Coast Line
478,548 Wabash
12
26
6:2
39
4g
Southern Pacific
457.915 Michigan Central
Seaboard Air Line
413,238 Minn St Paul & SS M.._
115.448
Wheeling & Lake Erie..
308,198 El Paso & Southwestern
102,027
Missouri Pacific
307,717
Northern Pacific
292,814
Representing 39 roads
Chicago & Eastern Ill
281,194
In our compilation...$14,050,993
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined
separate roads so as to make the results conform as nearly as possiblethe
to
those given in the statements furnished by the companies themselves.
.
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. reporting $688,921 decrease, the Pennsylvania Company
$427,310 loss and the P. C. C. & St. L. $294,620 loss. Including all lines
owned and controlled which make monthly returns to the Inter-State Commerce Commission, the result is a loss of $1,402,494.
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four,'the "Nickel Plate," &c. the whole
going to form the New York Central System, the result is a loss ol$1,309,249.
As far as the separate roads are concerned, decreases
from last year are the rule in the case of the gross,
about the only exceptions of consequence being a
few roads in the Southwest and some anthracite-coalcarrying roads. In the net, increases are much the
more numerous, but there is also a considerable body
of roads with decreases in net and in some instances
these decreases are very heavy in amount. On the
whole, the returns as to net indicate decided irregularity. In New England and on the great trunk
lines between Chicago and the seaboard reduced
expenses are more strongly in evidence than elsewhere. Thus in the case of the New York Central
System, including the various auxiliary and controlled roads, we find a loss of $1,309,249 in gross
attended by a gain of $534,303 in net. The PennsylPRINCIPAL CHANGES IN NET EARNINGS IN MARCH.
vania Railroad on the lines directly operated East and
Increases.
Decreases.
New York Central
West of Pittsburgh has not done quite as well as this, Delaware
b$632,252 Chicago Burl & Quincy... $687,501
& Hudson
444,853 Chicago & North Western 468,200
NYNH&
Hartford._ _ _ _ 434.710 Missouri Pacific
but it has nevertheless cut down its loss of $1,410,851 Missouri Kansas
404.903
& Texas_
375,059 Illinois Central
399,205
Clue Chic & St L_ _ _ _
337,148 Louisville & Nashville_ _ _ _
in gross to only $196,001 in net. The Baltimore & Clev
382,428
Delaware Lack & West_ _ _
322,114 Union Pacific
284,685
Pacific
319,637 Chicago Milw & St Paul.... 272,513
Ohio, with $740,210 loss in gross has $278,662 gain Southern
Baltimore & Ohio
278,662 Pitts & Lake Erie
228,354
Northern Pacific
252,517 Atch Topeka & S Fe
222,751
in net. Among the New England roads the Boston Lehigh
Valley
251,433 Pennsylvania
a196,001
Philadelphia
Reading__
&
217,942 Wheeling & Lake Erie_ _ _ _
184,534
& Maine has converted a decrease of $24,116 in gross Western Maryland
196.699 Seaboard, Air Line
138.578
194.193 Toledo & Ohio Central_ _ _
131,060
into an increase of $185,142 in net,and the New Erie
Boston & Maine
185,142 Nashville Chatt & St L.... 109.575
Marquette
181,203
Haven,while having added $22,732 to gross, has added Pere
Great Northern
134,023
Duluth Missabe & North_
108,065
no less than $434,710 to net.
San Pedro Los Ang & S L. 107,881
106,044
On Southwestern roads reduced expenses are not Chicago & Alton
Representing 19 roads in
Representing 14 roads
much in evidence and the Atchison, though having
our compilation
$5,035,577
in our compilation..-$4,110.288
gained $253,106 in gross, reports $222,751 decrease a This is the result for the Pennsylvania RR.,together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
in net. The Missouri Pacific falls $307,717 behind Pennsylvania
RR. reporting $254,437 decrease, the Pennsylvania Company
$13,996 gain and the P. C. C. & St. L. $44,440 gain. Including all lines
in gross and no less than $404,903 in net. The Rock owned and controlled which make monthly returns to the Inter-State
Commerce Commission, the result is a loss of $49,453.
b Those figures merely cover the operations of the New York Central
Island has lost $161,623 in gross and $37,254 in net itself.
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," the "Nickel Plate," &c., the whole
and the St. Louis & Southwestern $183,773 in gross going
to form the New York Central System, the result is a gain of $534,303
and $12,118 in net. The Missouri Kansas & Texas
Arranging the roads in groups, or geographical
is fortunate in having been able to swell both gross
divisions,
the general nature of the falling off in gross
and net-the former $378,387 and the latter $375,the fact that every geographical division,
appears
in
Southern
Pacific,
The
059.
on the other hand, rewithout
any
exception, reports smaller gross than
ports its gross diminished $457,915, but its net incorresponding
the
in
month of last year. On the
creased $319,637.
other
hand,
the
part
played
by reduced expenses in
Among Western roads the Great Northern has
results
is
indicated
by
the
circumstance
that four of
converted a loss of $630,414 in gross into a gain of
seven
divisions
the
are
able
to
report
improved
net.
$134,023 in net and the Northern Pacific a loss of
SUMMARY BY GROUPS.
$292,814 in gross into $252,517 gain in net. The
Gross Earnings
Burlington & Quincy, however, reports $845,651
Section or Group.
1915.
1914.
Inc.(+)orDec.(-).
Marchfalling off in gross and $687,501 in net, the Union Group
1 (18 roads), New England_ _ _ 11,663,134 11,774,760
-111,626 0.95
Pacific $633,529 in gross and $284,685 in net, the Group 2(86 roads), East & Middle__ 63,809,456 65,438,018 -1,628,602 2.49
Group 3(65 roads), Middle West
26,874,420 29,733,001 -2,858,581 9.61
Chicago & North Western $757,625 in gross and Groups 4 & 6(94 roads), Southern........32,534,098 36,547,615 -4,013,517 10.95
$468,200 in net, the Illinois Central $824,662 in Groups 8& 7(75 roads), Northwest 50,509,260 5E1,439,688 -4,930,428 8.89
Groups 8& 9(93 roads), Southwest__ _ 38,161,011 38,570,656
-409,645 1.06
gross and $399,205 in net and the Milwaukee & Group 10(50 roads),Pacific Coast__ 14,606,502 15,848,321 -1,241,819
7.84
St. Paul $206,785 in gross and $272,513 in net.
Total (481 roads)
238,157,881 253,352,099 -15,194,218 5.99
-Mileage-1915. 1914.
Group No. 1
Group No. 2
Group No. 3
Groups Noe.4 & 5..
Groups Nos.6 & 7..
Groups Nos.8 Jr 9..
Group No. 10
Total
[VOL. loo.
THE CHRONICLE
1636
7,830
29,372
23,6£6
41,761
68.462
57,187
18,540
7,820
28,672
23,682
41,398
67,455
56,102
18,469
240,848 243,598
1915.
$
3,330,929
17,059,048
5,917,074
9,968,424
16,409,045
10,549,584
5,218,328
Net Earnings
Inc.(+)or Dec.(-).
1914.
+648,390 24.17
2,682,539
14,775,437 +2,283,611 15.46
+227,191 3.99
5,689,883
-908,712 n.36
10,877,136
18,080,842 -1,671,797 9.25
+496,414 4.94
10,053,170
-74,747 1.41
5,243,075
68,452,432 67,452,082
+1,000,350 1.48
NOTE.-Group I. includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo: also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana: all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan. all of
Minnesota, Wisconsin, Iowa and Illinois: all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
parsing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City: Colorado south
of Denver the whole of Texas and the bulk of Louisiana: and that portion of
New Mexico north of a line running from the northwest corner of the State
through Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. Includes all of Washington, Oregon, Idaho, California. Nevada, Utah
and Arizona and the western part of New Mexico.
RAILROAD GROSS EARNINGS FOR APRIL.
Our early statement of railroad gross earnings for
the month of April, while unfavorable in character,
contains one or two features which encourage the
hope that when the final results are/available,
covering the whole railroad system of the country,
the showing will not be quite so bad as in other
recent months. And yet it is not well to count
with any too great confidence on such an outcome,
since the loss disclosed by this early statement is
heavy, in amount and the chief encouraging feature
is that a few roads like the Missouri Kansas &
Texas, the Chesapeake & Ohio and the Wabash,
the Colorado & Southern, and some others, are able
to report improved totals of the gross. Notwithstanding these gains, however, the loss on the roads,
as a whole, as represented in this early statement,
reaches $5,392,824, or 8.05%•
The Canadian roads, which are always represented in these early statements, are prominent, as
heretofore, for their heavy losses, and the Canadian
Pacific leads all other roads with a decrease of no
less than $2,267,000, which follows a decrease of
$2,319,913 in the corresponding month last year,
so that April 1915 earnings of this system are only
$7,164,000, against $11,750,913 in April 1913; but
many United States roads also find their earnings
heavily reduced and the losses come from all sections
of the country. Thus, the Great Northern has
$930,377 decrease and this follows $824,819 in the
same month last year. In the South, the Southern
Railway is down for a loss of $632,396 and the
Louisville & Nashville for $622,272. In the following we show all the changes for the separate
roads for amounts in excess of $30,000, whether
increases or decreases :
PRINCIPAL CHANGES IN GROSS EARNINGS IN APRIL.
Decreases.
Increases.
Missouri Kansas & Texas_ $269,277 Louisville & Nashville__ $622,272
370,389
250,320 Grand Trunk System.____
Chesapeake & Ohio
227,301
97,693 Minneapolis St P&SSM
Buffalo Roch & Pittsburgh
224,697
83,488 Illinois Central
Western Maryland
189,696
73,938 Mobile & Ohio
Wabash
181,000
52,982 Canadian Northern
Colorado & Southern.._
a152,735
48,492 Grand Trunk Pacific
Yazoo & Miss Valley_ ___
125,000
36,042 St Louis Southwestern_ _ _
Chicago & Alton
119,899
30.626 Chicago Great Western....
Minneapolis & St Louis
95,646
30,593 Cinc New On & Tex Pac_
Chicago Ind &
57,600
Denver & Rio Grande._ _ _
42,369
Vicks Shreve & Pacific
Representing 10 roads
37,932
in our compilation__ $973.451 Duluth So Sh & All
31,401
Decreases. Texas & Pacific
$2,267,000
Canadian Pacific
Representing 17 roads
930,377
Great Northern
In our compilation_ 46,307,710
632,396
Southern Railway
_
a These figures are for three weeks only.
of the staple. The gross shipments of cotton overland were 267,131 bales in April 1915, against
113,760 bales in April 1914, while the receipts at the
outports reached 676,155 bales, against 398,645
bales, as will be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN APRIL AND FROM
JANUARY 1 TO APRIL 30 IN 1915. 1914 AND 1913.
Since January 1.
April.
Ports.
1915.
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola,&c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News, &c
1914.
1913.
1915.
1914.
bales 240,719 124,543 125,658 1,821,600 1,082,300
20,090 5,093 27,513 375,464 212,353
153,824 106,747 85,377 991,545 587,311
95,667
72,289
10,102 23,957 17,909
41,016
68,294
7,546 1,785 1,752
92,360 68,016 59,265 842,446 343,273
67,150
34,000 1,600 9,600 141,500
34,293
21,138 6,663 10,5'70 1'72,190
1.652
179
18,139
14,310 10,794 12,673 146,649
56,969 22,397 27,256 321,101 161,677
69,227
77,407
21,918 27,050 3,168
Total
1913.
824,870
245,980
353.751
45,345
30,792
217,296
37,675
40,750
110
41,365
125,336
46,047
676,155 398,645 380,741 5,023,957 2,870,586.2,019,317
As regards the Western grain movement, the
wheat receipts at the Western primary markets for
the five weeks ending May 1 this year were 16,422,000 bushels, against 13,741,000 bushels in the
corresponding five weeks of the preceding year,
the receipts of corn 14,501,000 bushels, against
11,484,000, and the receipts of oats 18,501,000
bushels, against 14,322,000 bushels. Adding barley
and rye, aggregate receipts of the five cereals for
the five weeks of the present year were 54,052,000
bushels, against only 44,798,000 bushels in the
corresponding period of the preceding year. The
details of the Western grain movement in our usual
form are set out in the following :
WESTERN GRAIN RECEIPTS.
Oats.
Corn.
Wheat.
Fivewks.end.I.Flour.
(bush.)
(bush.)
(bush.)
ing May 1. (bbls.)
Chicago1915
773,000 3,357,000 4,648,000 8,558,000
1014
925,000 1,682,000 2,693,000 6,709,000
Milwaukee-.
758,000 1,995,000
278,000
171,000
1915
503,000 1,142,000
456,000
1914
224,000
84. Louis311,000 1,415,000 2,416,000 2,047,000
1915
1914
295,000 1,521,000 1,372,000 1,778,000
Toledo410,000 1,012,000
369,000
1915
80,000
242.000
147,000
1914
Detroit352,000
97,000
166,000
30,000
1915
269,000
134.000
63,000
45,000
1914
Cleveland.231,000
228,000
55,000
158,000
1915
230,000
144,000
68,000
69,000
1914
Peoria866,000
497,000 1,288,000
234,000
1915
95,000 1,020,000 1,075,000
1914
226,000
Duluth958,000
16,000
2,507,000
1915
70,000
814,000
1914
Minneapolis-4,242,000 1,068,, 00 1,965,000
1915
999,000
495,000
7,181,000
1914
Kansas City690,000
2,827,000 1,573,000
1915
1,012,000 2,676,000' 919,000
1914
Omaha727,000
009,000 1,929,000
1915
702,000 2,196,000 1,051,000
1914
Total of Ail1,677,000
1915
1914
1,784,000
Jan 1 to May 1Chicago2,960,000
1915
3,538,000
1914
Milwaukee544,000
1915
1914
771,000
St. Louis1,165,000
1915
1,060,000
1914
Toledo1915
1914
Detroit1915
130,000
1914
136,000
Cleveland1915
395,000
1914
223,000
Peoria1915
1,092,000
1914
771,000
Duluth1915
1914
Minneapolis1915
1914
Kansas City1915
1914
Omaha1915
1914
Barley.
(bush.)
Rye.
(bush.)
1,648,000
1,718,000
201,000
250,000
931,000
1,033,000
125,000
233,000
144,060
109,000
10,000
22,000
8,000
3,000
1,000
7,000
4,000
3,000
157,000
380,00u
8,000
38,000
68,000
39,000
16,000
24,000
1,195,000
1,123,000
120,000
261,000
16,422,000 14,501,000 18,501,000 4,144,000
13,741,000 11,484,000 14,322,000 4,417,000
484,000
834,000
10,686,000 38,902,000 40,569,000 7,456,000 1,318,000
8,782,000 26,263,000 28,482,000 7,893,000 1,047,000
1,361,000 7,459,000 9,232,000 5,018,000 1,227.000
1,573,000 4,018,000 5,343,000 5,362,000 892,000
8,582,000 8,550,000 7,285,000
6,120,000 6,807,000 8,139,000
505,000
772,000
103,000
47,000
1,637,000 1,941,000 1,760,000
479,000
907,000 2,057,000
7,000
13,000
55,000
11,000
403,000 1,880,000 1,591,000
183,000 1,781,000 1,455,000
16,000
13,000
10,000
12,000
1,884,000 5,040,000 3,258,000
568,000 5,774,000 3,583,000
788,000
1,071,000
79,000
113,000
7,788,000 1,182,000 2,477,000
640,000
381.000
3,747,000
653,000
285,000
206,000
53,000
820,000 1,458,000
260,000 1,205,000
1,218,000
949,000
24,309,000 7,364,000 5,760,000 7,374,000 1,105,000
30,685,000 3,941,000 4,453,000 6,198,000 1,007.000
8,533,000 9,635,000 2,275,000
5,284,000 12,913,000 3,928,000
2,796,000 10,299,000 3,048,000
3,972,000 13,880,000 4,266,000
What gives additional significance to the April
of Allloss the present year is that it occurs in face of a Total
1915
6,286,000 72,779,000 93,690,000 78,473,000 21,817,000 4,103,000
6,499,000 62,081,000 78,770,000 61,696,000 21,507,000 3,182,000
larger grain movement in the West and a l'arger 1914
It should also be remembered that comparison is
cotton movement in the South, with also-in this
last instance-a decided improvement in the price with reduced earnings in 1914, our early statement
for April of that year, comprising substantially the
same roads as are now included, recording a loss of
$4,466,008, or 6.28%. In April 1913, however,
notwithstanding the drawbacks imposed by the
floods, general trade was still good, and the volume of
railroad traffic continued to expand. As a result,
the roads represented in our early statement recorded
a collective gain of $4,243,312, or 6.51%. In 1912,
too, the showing was very good, the roads furnishing
early returns registering a gain of $5,643,482, or
9.66%. In 1911, however, our early statement
showed $1,238,713 decrease, or 1.99%. Prior to
1911 the record was one of almost continuous gains,
except that a very heavy contraction occurred in
1908 following the panic of 1907, as will be seen by
the summary of the totals which we now present:
Mileoe.
Gross Earnings.
Year
Year , InIncrease (-I-) or
Year
Year
Given. Preced'g crease
Given.
Preceding.
Decrease
'
%
April. Roads. Miles. Miles. %
$
$
$
-8,546 0.02
1897____ 127 94,489 93,813 0.72 35,879,305 35,887,851
1898___ 125 96,616 95,472 1.19 42,467,647 36,570,132 +5,897,515 16.13
1899____ 119 93,643 92,452 1.2 42,464,311 40,802,578 +1,661,733 4.07
1900_ Ill 97,191 95,189 2.10 50,085,127 44,562,898 +5,522,229 12.39
1901_
97 96,874 93,923 3.14 50,046,333 45,643,860 +4,402,473 9.65
1902___
88 95,147 93,696 1.55 57,842,565 52,093,060 +5,749,505 11.03
1903- 80 101,421 99,450 1.98 69,812,310 61,413,330 +8,398,980 13.67
1904____
68 85,599 83,301 2.76 51,399,901 53,825,308 -2,425,402 4.51
1905._
58 80,740 79,469 1.60 51,243,441 47,140,179 +4,103,262 8.70
1908____
56 77.543 75,829 2.26 52,409,705 46,946,012 +5,403,693 1.04
93,472 91,929 1.69 79,566,158 68,521,631 4-11,044,527 16.12
65
1907____
53 79,203 78,027 1.51 46,398,33i 57,884,380 -11,486,050 19.85
1908_
50 77,484 75,931 2.02 48,753,048 43,104,976 +5,648,072 13.10
1909._
50 86,023 83,660 2.82 60,761,753 52,437,828 +8,423,925 15.87
1910____
59 88,142 86,488 1.91 60,981,607 62,220,320 -1,248,713 1.99
1911____
44 86,559 84,961 1.89 64,096,256 58,452,774 +5,643,482 9.66
1912_
45 88,229 86,071 2.50 69,440,730 65,197,418 +4,243,312 6.51
1913_
1914-- 50 93,167 91,892 1.38 67.980,433 72,446,441 -4,466,008 6.28
1915..-. 50 89,285 88,425 0.97 60,352,163 65,744,987 -5,392,824 8.05
Jan to April 301897._ 127 94,489 93,813 0.72 143,231,183 146,410,077 -3,178,894 2.17
1898.... 12o 96,616 95,472 1.19 169,183,383 145,709,416 -1-23,473,967 16.11
1899____ 119 93,643 92,452 1.28 168,596,988 161,727,613 +6,869,375 4.24
1900_ 110 96,918 94,916 2.11 204,218,414 176,355,301 +27,883,113 15.79
1901_
97 06,874 93,923 3.14 205,862,063 188,890,916 +16,971,147 8.98
1902._
88 95,147 93,696 1.55 225,617,790 209,367,916 +12,249,874 7.76
80 101,421 99,450 1.98 269,474,440 237,871,314 +31,603,126 13.28
1903____
63 85,599 83,301 2.76 203,888,689 207,669,892 -3,781,203 1.82
1904_
58 80,740 79,469 1.60 199,516,795 187,699,261 +11,817,534 6.30
1905_
56 77,483 75,829 2.26 213,037,494 183,266,795 +29,770,699 16.24
1906__ _
1907.... 65 93,472 91,929 1.69 296,09,926 274,505,101 +21,564,825 7.89
1908_
53 79,203 78,027 1.51 184,447,156 212,117,121 -27,669,965 13.04
1909_
50 77,484 75,931 2.02 191,806,638 173,891,825 +17,914,813 10.30
50 86,023 83,660 2.82 238,997,469 205,678,312 +33,319,157 16.20
1910._
+278,490 10.12
50 88,142 86,488 1.91 242,986,508 242,708,018
1911____
1912.... 44 86,559 84,961 1.89 248,985,054 231,794,387 +17,190,667 7.42
45 86,071 88,229 2.50 277,561,305 253,035,295 +25,074,257 7.52
1913____
50 93,167 91,892 1.38 271,392,968 286,252,002 -14,859,034 5.31
1914_ ___
1915_ _ __
50 89.285 88.425 0.97 238,764,339 260,809,225 -22,044,886 8.45
(-).
Note.-We do not include Mexican roads in any of the years.
To complete our analysis we furnish the following
six-year comparisons of the earnings of leading roads
arranged in groups.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
April.
1915.
Canadian Pee_
Chic Gt West*
Dul So Sh & At
Great North'n
Minn dr St L aM StP de El 5 M
8
7,164,000
095,813
229,843
4,327,106
754,405
1,971,142
1914.
1913.
1912,
1911.
1910.
$
$
$
$
$
9,431,000 11,750,913 11,301,349 8,672,025 7,085,230
962,522 1,098,071
1,115,712 1,035,614 1,013,578
285,109
279,389
249,635
236,708
267,775
5,257,483 6,082,302 5,068,454 4,548,315 5,197,107
705,325
651,417
667,285
627,747
723,779
2,198,443 2,510,268 1,468,388 1,645,372 1,827,048
15.442.309 18.994,192 22,369,431 19,752,821 16,692,689 17,055,030
1. Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
a Includes Iowa Central.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
Total
1912.
1913.
1911.
1910.
1914.
1915.
-$
$
$
$
$
$
572,784
793,195
685,448
512,524
656,248
753,941
Duff Rock & P
956,244 1,059,642
945,771
Chic & Alton_ 1,053,505 1,017,463 1,132,198
545,621
042,105
517,097
516,891
539,359
Chic Ind dr Sou
569,952
Grand Trunk
Gr Trk West 4,600,035 4,376,167 4,685,256 4,136,102 3,747,251 3,567,367
DetG II & M
Canada AU_
III Central c___ 4,600,635 4,825,332 4,560,001 4,248,759 4,770,859 4,685,230
89,168
90,387
93,483
79,705
86,241
84,247
Tol Pear & W.
294,873
293,477
371,965
291,950
339,560
366,959
Tol St L & W.
2,342,794 2,268,856 2,483,489 2,071,120 2,294,263 2,224,979
Wabash
620,706
634,733
589,789
656,086
684,775
768,263
Western Md
----14.546.073 14.794.00115,396,485 13,535,377 14,048,193 13,480.503
Total
c Includes earnings of Indianapolis Southern beginning with July 1910.
April.
EARNINGS OF SOUTHERN GROUP.
April.
1915.
1914.
1912.
$
$
412,660
400,920
1913.
1911.
s
3
8
349,040
427,681
406,989
Ala Gt South__
Ala NO & TP313,117
338,276
320,986
278,560
298,176
N 0&N E__
157,715
111,918
124,316
141,951
118,184
Ala & Vicks__
143,292
97,202
157,129
100,272
114,760
Vicki,Sh & P.
Ches & Ohio c. 3,450,310 3,190,990 2,367,378 3,112,796 2,536,334
730,248
821,520
903,125
724,703
807,479
Cin N 0& T P
Lou & Nashvb. 4,047,895 4,670,167 4,859,132 4,729,591 4,127,363
872,880
656,452
919,845
892,483 1,082,170
Mobile & Ohio
Southern Ry__ 5,169,750 5,802,146 5,657,681 5,570,111 4,815,548
815,217
571,334
851,123
774,604
Yazoo & 1%1 V. 9899,615
ipso
• 16.169.641 17.556,477 16,329,318 16,411,120 14,750.585
Total
S Includes the Louisville & Atlantic and the Frankfort & Cincinnati.
c Includes Chesapeake & Ohio of Indiana beginning July 1 1910.
1637
THE CHRONICLE
'MAY 15 1915.]
1910.
$
375,589
308,098
133,775
106,215
2,700,954
784,596
4,394,263
927,439
4,773,435
774,433
15.259.697
EARNINGS OF SOUTHWESTERN GROUP.
April.
Colo de South_
Deny & Rio G.
Mo Kan & T a
Mo Pacific____
St L & S W._
Texas& Pacific
1915.
1914.
1913.
1912.
1911.
a
$
$
$
$
925,341
1,664,500
2,264,473
4,467,000
903,000
1,371,052
1,110,589
1,813,407
2,324,615
4,756,576
966,776
1,333,785
978,323
1,606,900
2,533,750
4,485,000
778,000
1,345,651
1,022,233
1,837,732
1,990,213
4,157,171
837,832
1,274,560
1910.
$
1,082,058
1.782.269
2,069,302
4,031,981
782,585
1,077,757
1,291,769
1,906,882
2,233,637
4,282,364
819,570
1,221,513
Total
11,727,624 11,601.366 12.305.748 11.119.741 10.825.952 11.755.736
a Includes Texas Central in all the years and Wichita Falls line from Nov. 1 1912.
We now insert our detailed statement comprising
all the roads that have thus far furnished returns for
April. In a further statement we give the comparative earnings for the same roads for the period since
the first of January.
GROSS EARNINGS AND MILEAGE IN APRIL.
Name of Road.
1915.
Alabama Great South
Ala N 0& Tex PacNew On & North_ _
Ala & Vicksburg_ _ _
Vicks Shrev & Pac_
Ann Arbor
Bellefonte Central
Buff Roch & Pitts
Canadian Northern__
Canadian Pacific_ __ _
Chesapeake & Ohio_ _
Chicago & Alton
Chicago Great West
Chicago Ind & Lousiv
Cinc New On & T P
Colorado & Southern_
Denver & Rio Grande
Denver & Salt Lake.._
1)etroit & Mackinac
Duluth So Sh & Ati
Georgia South & Fla
Grand Trunk of Can
Grand Trunk West
Det Or H & Milw_
Canada Atlantic_ _
Grand Trunk Pacific_
Great Northern
Illinois Central
Louisville & Nashv_ _ _
Macon & Birmingham
Midland Valley
Mineral Range
Minneap & St Louis_}
Iowa Central
Minn St P & 86 M_ _
Missouri Kan & Tex
Missouri Pacific
Mobile & Ohio
Nevada-Cal-Oregon..
Rio Grande Southern_
St Louis Southwest_ _ _
Southern Railway_
Tenn Ala & Georgia
Texas & Pacific
Toledo Poor & West
Tol St L & Western
Wabash
Western Maryland...
Yazoo & Miss Valley.
Total (48 roads)
NAt /increase (8.05Z.)
Inc.(+) or
Dec. (-). 1015. 1914.
1914.
$
406,989
$
427,681
$
-20,692
309
309
320,986
298,176
-22,810
203
203
141,951
-23,767
142
118,184
142
157,129
-42,369
171
171
114,760
175,659
+14,132
300
300
189,791
-1,600
27
27
7,762
6,162
+97,693
586
581
656,248
753,941
-181,000 4,670 4,670
1,429,000 1,610,000
7,164,000 9,431.000 -2,267,000 12,319 11,920
+250,320 2,372 2,347
3,450,310 3.199,990
+36,042 1.026 1,026
1,053.505 1,017.463
-119,899 1,429 1,496
995,813' 1,115,712
617
616
+30,593
569,952
539.359
336
336
-95,646
807,479
903,125
978,323
925.341
+52,982 1.867 1,867
-57,600 2,585 2,585
1,606,900 1,664,500
255
+18,007
255
102,600
84,593
89,728
107,248
-17,520
400
411
627
627
229.843
267,775
-37,932
165.883
395
395
194,842
-28,959
4,005,778
4,376,167
-370,389 4,533 4,533
9195,536
4,327,106
4,600,635
4,047,895
8,746
96,682
75,412
754,405
y348,271
5,257.483
4,825,332
4,670,167
11,777
117,874
54,193
723,779
-152.735
-930,377
-224,697
-622,272
-3,031
-21,192
+21,219
+30,626
1,104
8,077
4,767
5,034
105
380
119
1,646
1,104
7,805
4,769
4,923
105
380
121
1,646
1,971,142
2,533.750
4,485,000
892,483
26,585
37,812
778,000
5,169,750
6,578
1,346,651
84,247
366,959
2,342,794
768,263
899.615
2,198,443
2,264,473
4,467,000
1,082,179
32,440
45,567
903,000
5,802,146
8,725
1,377,052
86,241
339,560
2,268,856
684,775
851,123
-227,301
+269,277
+18.000
-189,696
-5,855
-7,755
-125,000
-632,396
-2,147
-31,401
-1.994
+27,399
+73,938
+83,488
+48,492
,4127
3,865
7,284
1,122
274
180
1,753
7,036
97
1,886
248
451
2,518
661
1,382
4,096
3,817
7,284
1,122
239
180
1,753
7,036
97
1,884
248
451
2,515
661
1,372
60,352,163 65.744,987 -5,392,824 89,285 88.425
a Incl. Texas Central in both years. y Thesefigures arefor 3 weeks only.
GROSS EARNINGS FROM JAN. 1 TO APRIL 30.
1914.
Increase. Decrease.
1915.
Name of Road.
Alabama Great Southern__
Ala N 0& Texas PacificNew On & Northeastern
Alabama & Vicksburg...
Vicks Shreve & Pacific__
Ann Arbor
Bellefonte Central
Buffalo Roch & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western_
Chicago Ind & Louisville....
Cinc New Orl & Tex Pac__
Colorado & Southern
Denver & Rio Grande
Denver & Salt Lake
Detroit & Mackinac
Duluth So Sh & Atl
Georgia Southern & Fla_ _ _
Grand Trunk of Canada_ _
Grand Trunk West....
Detroit Or ilav & Milw
Canada Atlantic
Grand Trunk Pacific
Great Northern
Illinois Central
Louisville & Nashville....
Macon & Birmingham_ _ _ _
Midland Valley
Mineral Range
Minneapolis & St Louis-)
Iowa Central
Minneap St P & S S M--__
Missouri Kansas & Texas a
Missouri Pacific
Mobile & Ohio
Nevada-California-Oregon_
Rio Grande Southern
St Louis Southwestern....
Southern Railway
Tenn Ala & Georgia
Texas & Pacific
Toledo Peoria & Western__
Toledo St Louis & Western
Wabash
Western Maryland
Yazoo & Miss Valley
(48 roads)
Total
IQ AKOI%
1
1, 1.
$
1,519,027
$
$
1,730,063
$
211.036
112,030
1,186,577 1,298,607
590,245
126,546
463,699
620,324
412,638
207,686
42,596
669,397
711,993
3,662
28,970
25,308
323,404
2,806,130 3,129,534
1,174,900
4,863,900 6,038,800
6,527,144
27.861,705 34,388.849
538,128
12,710,293 12,172,165
194,836
4,338,020 4,143,184
264,N)5
----4,240,374 4,504,577
75,746
2,036,869 2,112,615
553,106
3,093,143 3,646,249
366,100 ___- _ --4,364,376 3.998,276
5,993,221 6,545,080 __
551,859
423,143
307.099
116,044
344,072
393,474
49,402
902,250 1,049,547
147.297
689,961
844.554
154,593
14,755,831 16,110,787
1,354,956
91,085,127
16.735.921
19,712,900
16,334,014
37,691
422,192
281,802
3,263,380
406,128
2,094,351
1,499,614
2,841,400
15,209
57,128
y1.491,255
18,830,272
21,212,514
19,175.414
52,900
479,320
193,392
3,107,631
88,410
155,749
7,924,271 8,550,997
626;726
10,964,613 9,881,720 1.082,893 _
17,909,484 18.523,239
.61.188
677.021
3,469,242 4,146,263
697
88,336
89,033
24,533
159,061
183,594
707,984
3,399,886 4,107,870
3.185311
19,730,408 22,915,719
29,409
8,239
21,170
159,612
5,793.947 5.953,559
14,852
366,706
381,558
145,928
1,555,260 1,409,332
10,377
9,121,484 9,111,107
198.871
2,775,533 2,576,662
214,688
3,869,381 4,084,069
24.984318
238.764,339 260,809,225 2,939,932 00
AAA 444
•
a Includes the Texas Central in both years.
y These figures are down to the end of the third week only.
1638
THE CHRONICLE
PRESIDENT THINKS AMERICA MUST SET AN
EXAMPLE OF PEACE AS AN ELEVATING
INFLUENCE.
The first public utterances of President Wilson following
the sinking of the Lusitania, which resulted in the death of
many American citizens, addressed to a gathering of newly
naturalized citizens in Philadelphia last Monday night,
attracted no little attention; while no direct mention of the
Lusitania was contained in the speech, it was almost generally accepted as offering an inkling as to the course likely
to be pursued by the United States in meeting the situation
arising out of the disaster; President Wilson, however, has
since declared that his remarks were not intended to convey
an indication as to what the course of the Government might
be—that ho was really expressing a personal attitude, and
did not have in mind any specific matter. At the gathering, which was held at Convention Hall, the President told
his hearers that "the example of America must be a special
example. The example of America must be the example
not merely of peace because it will not fight, but of peace
because peace is the healing and elevating influence of the
world and strife is not. There is such a thing", he continued, "as a man being too proud to fight. There is such
a thing as a nation being so right that it does not need to
convince others by force that it is right." The President's
remarks were listened to by 15,000 persons, of whom 4,000
were newly naturalized Americans. The full text of the
speech was as follows:
It warms mylheart that you should give me such a reception, but it is
not of myself that I wish to think to-night, but of those who have just become citizens of the United States. This is the only country in the world
which experiences this constant and repeated re-birth. Other countries
depend upon the multiplication of their own native people.
This country is constantly drinking strength out of new sources by the
voluntary association with it of great bodies of strong men and forward
looking women. And so byithe gift of the free will of independent people
it is constantly being renewed from generation to generation by the sam
process by which it was originally created. It is as if humanity had
determined to see to it that this groat nation, founded for the benefit of
humanity, should not lack for the allegiance of the people of the world.
You have just taken an oath of allegiance to the United States. Of
allegiance to whom? Of allegiance to no one, unless it be God. Certainly
not of allegiance to those who temporarily represent this great Government.
You have taken an oath of allegiance to a great ideal, to a great body of
principles, to a great hope of the human race.
You have said, "We are going to America", not only to earn a living
not only to seek the things which it was more difficult to obtain where we
were born, but to help forward the great enterprises of the human spirit—
to let men know that everywhere in the world there are men who will cross
strange oceans and go where a speech is spoken which is alien to them,
knowing that whatever the speech, there is but one longing and utterance
of the human heart and that is for liberty and justice.
And while you bring all countries with you you come with a purpose of
leaving all other countries behind you, bringing what is best of their spirit,
but not looking over your shoulders and seeking to perpetuate what you
intended to leave in them. I certainly would not be one even to suggest
that a man cease to love the home of his birth and the nation of his origin—
these things are very sacred and ought not to be put out of our hearts—
but it is one thing to love the place where you were born and it is another
thing to dedicate yourself to the place to which you go.
You cannot dedicate yourself to America unless you become in every
respect and with every purpose of your will thorough Americans. You
cannot become thorough Americans if you think of yourselves in groups.
America does not consist of groups. A man who thinks ihimself as
belonging to a particular national group in America, has not yet become'
an American,and the man who goes among you to trade "upon your nationality is no worthy son to live under the Stars and Stripes.
My urgent advice to you would be not only always to think first of
America, but always also to think first of humanity. You do not love
humanity if you seek to divide humanity into jealous camps. Humanity
can be welded together only by love, by sympathy, by justice, not by
jealousy and hatred.
I am sorry for the man who seeks to make personal capital of the passions
of his fellow men. He has lost the touch and ideal of America, for America
was created to unite mankind by those passions which lift, and not by the
passions which separate and debase. We came to America, either outselves or in the persons of our ancestors, to better the ideals of men, to make
them see finer things than they had seen before, to get rid of the things that
divide and to make sure of the things that unite.
It was but a historical accident, no doubt, that this great country was
called the "United States," and yet I am very thankful that it has the word
"United" in its title, and the man who seeks to divide, man from man,
group from group, interest from interest, in the United States is striking
at its very heart.
It is a very interesting circumstance tome in thinking ofthose of you who
have just sworn allegiance to this great Government that you were drawn
across the ocean by some beckoning finger of hope, by some belief, by some
vision of a new kind ofjustice, by some expectation of a better kind of life.
No doubt you have been disappointed in some of us. Some of us are
very disappointing. No doubt you have found that justice in the United
States goes only with a pure heart and a right purpose, as It does everywhere
else in the world. No doubt what you found here did not seem touched for
you, after all, with the complete beauty of the ideal which you had conceived beforehand.
But remember this: If we had grown at all poor In ideal you brought some
of it with you. A man does not go out to seek the thing that is not in him.
A man does not hope for the thing that he does not believe in, and if some
of us have forgotten what America believed in you at any rate imported
in your own hearts a renewal of the belief. That is the reason that I for
one make you welcome. If I have in any degree forgotten what America
was intended for I will thank God if you will remind me.
I was born in America. You dreamed dreams of what America was to
be, and I hope you brought the dreams with you. No man that does not
see visions will ever realize any high hope or undertake any high enterprise
[Vol,. 100.
Just because you brought dreams with you America is more likely to realize
the dreams such as you brought. You are enriching us if you came expecting us to be better than we are.
See, my friends, what that means. It means that Americans must have a
consciousness different from the consciousness of every other nation in the
world. I am not saying this with even the slightest thought of criticism
of other nations. You know how it is with a family. A family gets centred
on itself if it is not careful, and is less interested in.the neighbors than it is
In its own members.
So a nation that is not constantly renewed out of new sources is apt to
have the narrowness and prejudice of a family; whereas America must have
this consciousness that on all sides it touches elbows and touches hearts with
all the nations of mankind. The example of America must be a special
example. The example of America must be the example not merely of
peace because it will not fight, but of peace because peace is the healing and
elevating influence of'the world and strife is not.
There is such a thing as a man being too proud to fight. There is such a
thing as a nation being so right that it does not need to convince others by
force that it is right.
So if you have come into this great nation, as you have come, voluntarily
seeking something that we have to give, all that we have to give is this: we
cannot exempt you from work. No man is exempt from work anywhere
in the world. I sometimes think he is fortunate if ho has to work only with
his hands, and not with his head. It is very easy to do what other people
give you to do, but it is very difficult to give other people things to do.
We cannot exempt you from work; we cannot exempt you from the strife
and the heartbreaking burden of the struggle of the day that is common to
mankind everywhere; we cannot exempt you from the loads that you must
carry; we can only make them light by the spirit in which they are carried.
That is the spirit of hope,it is the spirit of'liberty, it is the spirit of justice.
When I was asked, therefore, by the Mayor and the committee, that accompanied him, to come up from Washington to meet this great company
of newly-admitted citizens, I could not decline the invitation. I ought not
to be away from Washington, and yet I feel that it has renewed my spirit
as an American.
In Washington men tell you so many things every day that are not so, and
I like to come and stand in the presence of a great body of my fellow-citizens, whether they have been my fellow citizens a long time or a short time,
and drink, as it were, out of the common fountains with them and go back
feeling that you have so generously given me, the sense of your support and
of the living vitality in your hearts, of its great ideals, which made America
the hope of the world.
NOTE OF UNITED STATES TO GERMANY ON SINKING OF LUSITANIA.
The attitude of the United States toward Germany, not
only because of the sinking of the Lusitania with the loss of the
lives of more than one hundred Americans,but also because of
other acts in violation of American rights on the high seas is
indicated in the note of protest cabled to Ambassador Gerard
on the 13th inst. for presentation to the German Government. While submitted through Secretary of State Bryan,
the note was drawn up by President Wilson, who held his
own counsel as to the procedure to be taken in the matter
until Tuesday, when at a meeting with his Cabinet he submitted a draft of the communication he had prepared, his
work receiving, it is stated, the unanimous approval of the
Cabinet. The President perfected and completed the note
on the 12th, and on the 13th it was transmitted to the German Foreign Office in Berlin, its text being withheld from
publication in the United States until Friday morning.
In declaring the acts complained of indefensible under international law, the note states that the United States confidently expects that the German Government will disavow
these acts, "that they will make reparation so far as reparation is possible for injuries which are without measure, and
that they will take immediate steps to prevent the recurrence
of anything so obviously subversive of the principles of
warfare for which the Imperial German Government have
in the past so wisely and so firmly contended." In conclusion the note says:
The Imperial German Government will not expect the Government of
the United States to omit any word or any act necessary to the performance
of its sacred duty of maintaining the rights of the United States and its
citizens and of safeguarding their free exercise and enjoyment.
The following is the full text of the note:
DEPARTMENT OF STATE,
Washington, May 13 1915.
The Secretary of State to the American Ambassador at Berlin:
Please call on the Minister of Foreign Affairs and after reading to him
this communication leave with him a copy.
In view of recent acts of the German authorities in violation of American
rights on the high seas, which culminated in the torpedoing and sinking of
the British steamship Lusitania on May 7 1915 by which over 100 American
citizens lost their lives, it is clearly wise and desirable that the Government
of the United States and the Imperial German Government should come to
a clear and full understanding as to the grave situation which has resulted.
The sinking of the British passenger steamer Falaba by a German submarine on March 28,through which Leon C.Thrasher,an American citizen,
was drowned; the attack on April 28 on the American vessel Cushing by a
German aeroplane;the torpedoing on May 1 of the American vessel Gulflight
by a German submarine, as a result of which two or more American citizens
met their death; and, finally, the torpedoing and sinking of the steamship
Lusitania, constitute a series of events which the Government of the
United States has observed with growing concern, distress and amazement.
Recalling the humane and enlightened attitude hitherto assumed by the
Imperial German Government in matters of international right, and particularly with regard to the freedom of the seas; having learned to recognize
the German views and the German influence in the field of international
obligation as always engaged upon the side of justice and humanity; and
having understood the instructions of the Imperial German Government
to its naval commanders to be upon the same plane of humane action
prescribed by the naval codes of other nations, the Government of the
MAY 15 1915.]
THE CHRONICLE
United States was loath to believe—it cannot now bring itself to believe—
that these acts, so absolutely contrary to the rules, the practices and the
spirit of modern warfare, could have the countenance or sanction of that
great Government. It feels it to be its duty, therefore, to address the
Imperial German Government concerning them with the utmost frankness
and in the earnest hope that it is not mistaken in expecting act on on the
part of the Imperial German Government, which will correct the unfortunate impressions which have been created, and vindicate once more the
position of that Government with regard to the sacred freedom of the seas.
The Government of the United States has been apprised that the Imperial German Government considered themselves to be obliged by the extraordinary circumstances of the present war and the measures adopted by
their adversaries in seeking to cut Germany off from all commerce, to
adopt methods of retaliation which go much beyond the ordinary methods
of warfare at sea, in the proclamation of a war zone from which they have
warned neutral ships to keep away. This Government has already taken
occasion to inform the Imperial German Government that it cannot admit
the adoption of such measures or such a warning of danger to operate as
in any degree an abbreviation of the rights of American shipma.sters or of
American citizens bound on lawful errands as passengers on merchant
ships of belligerent nationality, and that it must hold the Imperial German
Government to a strict accountability for any infringement of those rights,
intentional or incidental. It does not understand the Imperial German
Government to question those rights. It assumes, on the contrary, that
the Imperial Government accept as of course the rule that the lives of
non-combatants, whether they be of neutral citizenship or citizens of one
of the nations at war, cannot lawfully or rightfully be put in jeopardy by
the capture or destruction of an unarmed merchantman, and recognize
also, as all other nations do, the obligation to take the usual precaution of
visit and search to ascertain whether a suspected merchantman is in fact
of belligerent nationality or is in fact carrying contraband of war under
a neutral flag.
The Government of the United States, therefore, desires to call the attention of the Imperial German Government with the utmost earnestness to
the fact that the objection to their present method of attack against the
trade or their enemies lies in the practical impossibility of employing submarines in the destruction of commerce without disregarding those rules
of fairness, reason, justice.and humanity which all modern opinion regards
as imperative. It is practically impossible for the officers of a submarine
to visit a merchantman at sea and examine her papers and cargo. It is
practically impossible for them to make a prize of her; and, if they cannot
put a prize crow on board of her, they cannot sink her without leaving her
crow and all on board of her to the mercy of the sea in her small boats.
These facts it is understood the Imperial German Government frankly
admit. We are informed that in the instances of which we have spoken
time enough for even that poor measure of safety was not given, and in at
least two of the cases cited not so much as a warning was received. Manifestly, submarines cannot be used against merchantmen, as the last few
weeks have shown, without an inevitable violation of many sacred principles of justice and humanity.
American citizens act within their indisputable rights in taking their
ships and in traveling wherever their legitimate business calls them upon
the high seas, and exercise those rights in what should be the well-justified
confidence that their lives will not be endangered by acts done in clear
violation of universally acknowledged international obligations, and certainly in the confidence that their own Government will sustain them in the
exercise of their rights.
There was recently published in the newspapers of the United States, I
regret to inform the Imperial German Government, a formal warning, purporting to come from the Imperial German Embassy at Washington, addressed to the people of the United States, and stating, in effect, that any
citizen of the United States who exercised his right of free travel upon the
seas would do so at his peril if his journey should take him within the zone
of waters within which the Imperial German navy was using submarine
against the commerce of Great Britain and France, notwithstanding the
respectful but very earnest protest of his Government, the Government of
the United States. I do not refer to this for the purpose of calling the attention of the Imperial German Government at this time Co the surprising
Irregularity of a communication from the Imperial German Embassy at
Washington addressed to the people of the United States through the newspapers, but only for the purpose of pointing out that no warning that an
unlawful and inhumane act will be committed can possibly be accepted as
an excuse or palliation for that act or as an abatement of the responsibility
for its commission.
Long acquainted as this Government has been with the characterof the
Imperial Government, and with the high principles of equity by which
they have in the past been actuated and guided, the Government of the
United States cannot believe that the commanders of the vessels which
committed these acts of lawlessness did so except under a misapprehension
of the orders issued by the Imperial German naval authorities. It takes it
for granted that,at least within the practical possibilities of every such case,
the commanders oven of submarines were expected to do nothing that would
involve the lives of non-combatants or the safety of neutral ships, even at
the cost of failing of their object of capture or destruction. It confidently
expects, therefore, that the Imperial German Government will disavow the
acts of which the Government of the United States complains; that they
will make reparation so far as reparation is possible for injuries which are
without measure, and that they will take immediate stops to prevent the
recurrence of anything so obviously subversive of the principles of warfare
for which the Imperial German Government have in the past so wisely and
so firmly contended.
The Government and people of the United States look to the Imperial
German Government for just, prompt and enlightened action in this vital
matter with the greater confidence, because the United States and Germany
are bound together not only by special ties of friendship, but also by the
explicit stipulations of the Treaty of 1828, between the United States and
the Kingdom of Prussia.
Expressions of regret and offers of reparation in case of the destruction
of neutral ships sunk by mistake, while they may satisfy international
obligations, if no loss of life results, cannot justify or excuse a practice the
natural and necessary effect of which is to subject neutral nations and neutral persons to new and immeasurable risks.
The Imperial German Government will not expect the Government of
the United States to omit any word or any act necessary to the performance
of its sacred duty of maintaining the rights of the United States and its
citizens and of safeguarding their free exercise and enjoyment.
BRYAN.
A CANADIAN VIEW OF PRESIDENT WILSON'S
PEACE SPEECH.
One of the striking editorials which have been printed this
week approving President Wilson's peace speech appeared
in the Kingston, Ont., "Daily Standard" of May 12—
1639
striking, since, as Canada is a British possession and Canadians are actively engaged in aiding the British cause, her
people would not be acting contrary to a natural tendency if
they considered that war on the part of the United States
with Germany presented the only solution for satisfaction
for the loss of life suffered on the destruction of the Lusitania.
In its editorial the "Standard" says:
The jingoes in the United States and the jingoes elsewhere may be
somewhat disappointed at the tone of the speech which President Wilson
delivered in Philadelphia on Monday night and in which he strongly leaned
to the side of peace. But the thinking men of Canada and of the United
States, and indeed, of all the world, will generally agree that the speech
was a splendid example of wise and Christian statesmanship. It oftentimes requires a great deal more moral, if not physical, courage to refrain
from entering into a quarrel, than to rush headlong into it; but we think
that, in its application to the lives of nations, the experience of the world
has been that much greater service has been rendered by the morally
courageous nation that withholds itself as long as possible from a quarrel
than by the nation that is ever walking about with a chip on its shoulder
and is forever and eternally throwing its hat into the ring.
Of course, as history shows, there comes a time in the life of every
nation when national dignity is so affronted and national honor so insulted
that there remains nothing but an appeal to arms to wipe out the affront
and the insult. But until that is inevitable, the wLsest nation and the
nation that best serves humanity and mankind is that nation which will endeavor up to the last moment to avert a clash and is courageously content
to accept satisfaction in some other and no less honorable direction. For,
after all, when a nation is confident of its rectitude and of its own strong
position, it can afford to be magnanimous; for, as President Wilson in his
notable speech has very well put it, —There is such a thing as being so right
that a nation itself does not need to convince others by force that it is
right." It is a strong nation, indeed, that thinks first of humanity before it
thinks of itself, and we must give all due credit to President Wilson for
having taken this noteworthy and high stand.
But we must not be misled by this pacific utterance of the President into
believing that the United States will not protest, and protest most vigorously, against the wholesale murder of the innocents of the Ludtania—not
only protest but insist upon a guarantee from Germany that there shall be
no similar outrage. There will be a protest and we may be sure that it
will be a worthy one—courageous, vigorous, statesmanlike, Christian.
Nor in the reading of it—for it will not be long before its presentation—
must we forget that if the United States does not purpose to go to war
over the Lusitania horror it is not through any lack of courage, but, in
fact, through the possession of the highest type of courage which bends
neither to the clamor of the mob nor to the cry of the man on the street, but
goes on in itz own way, serene and confident, seeking to save Humanity
from its own mad self.
The American people owe a great duty not only to themselves but to
mankind at this critical juncture. That duty is to hold up the hands of
their great President in his laudable desire to keep the United States out
of this great conflict—certainly so, so long as is consistent with the maintenance and upholding of national honor. And we in Canada in like
manner owe a duty not only to ourselves but to our American neighbors-the duty, namely, of refraining from urging the United States into the
fight and unnecessarily nagging in this direction. The people of the
United States may safely be trusted to do their duty.
EX-PRESIDENTS ROOSEVELT AND TAFT ON PRESENT
SITUATION.
The views of both ex-President Taft and ex-President
Roosevelt with regard to the attitude of President Wilson
in the present situation havefigured in the news of the week.
At Syracuse on Tuesday, where he was attending the trial
of the libel suit against him by William Barnes, Mr. Roosevelt, commenting on the President's remarks that "there is
such a thing as being too proud to fight," declared that "it
is well to remember that there are things worse than war,"
and that a policy of blood and iron cannot with efficacy be
met with a policy of milk and water. Quoting the paragraph
in President Wilson's speech, Mr. Roosevelt called the reporters before him, at the conclusion of the Court proceedings for the day, and said:
"There is such a thing as being too proud to fight. There is such a thing
as a nation being so right it does not need to convince others by force that
it is right."—President Wilson.
I think that China is entitled to draw all the comfort she can from this
statement, and it would be well for the United States to ponder seriously
what the effect upon China has been of managing her affairs during the
past fifteen years on the theory thus enunciated.
If the United States is satisfied with occupying, some time in the future,
the precise international position that China now occupies, then the United
States can afford to act on this theory. But it cannot act upon this theory
if it desires to retain or regain the position won for it by the men who fought
under Washington and the men who in the days of Abraham Lincoln wore
the blue under Grant and the gray under Lee.
I very earnestly hope that we will act promptly. The proper time for
deliberation was prior to sending the message that our Government would
hold Germany to a "strict accountability" if it did the things which she
has now actually done.
The 150 babies drowned on the Lusitania, the hundreds of women
drowned with them, scores of these women being Americans, and the American ship Gulflight, which was torpedoed, offer an eloquent commentary
on the actual working of the theory that force is not necessary to assert
rights and that a policy of blood and iron can with efficacy be met with a
policy of milk and water.
I see it stated in the press dispatches from Washington that Germany
now offers to stop the practice of murder on the high seas, committed in'violation of the neutral rights she is pledged to preserve, if we will now abandon further neutral rights which by her treaty she has solemnly pledged
herself to see that we exercise without molestation.
Such a proposal is not even entitled to an answer. The manufacture and
shipment of arms and ammunition to any belligerent is moral or immoral.
according to the use to which the arms and ammunition be put.
If they are used to prevent the redress of the hideous wrongs inflicted
on Belgium, then it is immoral to ship them. If they are to be used for the
1640
TIIE CHRONICLE
redress of those wrongs, and the restoration to Belgium of her deeply
wronged and unoffending people, then it is eminently moral to send them.
Without twenty-four hours' delay this country could and should take effective action by declaring that in view of Germany's murderous offenses
against the rights of neutrals, all commerce with Germany shall be forwithth
forbidden and all commerce of every kind permitted and engaged in with
France, England and the rest of the civilized world.
This would not be a declaration of war. It would merely prevent munitions of war being sent to a Power which, by its conduct, has shown willingness to use munitions for the slaughter of unoffending women and
children.
I do not believe that the firm assertion of our rights means war, but it
is well to remember that there are things worse than war.
Let us as a nation understand that peace is of worth only when it is the
handmaiden of international righteousness and national self-respect.
[vol.,. No.
and had called upon Ambassador Page at London for a full
report of all the circumstances attending the disaster. Except for a short statement coming from the President's Secretary, Joseph P. Tumulty, after a brief conference between
the two on the 8th, President Wilson maintained a strict
silence in the matter and held no intercourse with any of his
Cabinet until Tuesday, when, in submitting to the members
of the Cabinet a draft of a communication to be sent to Germany, he made known the policy to be adopted by the
United States toward that country. In his statement of the
8th Secretary Tumulty said:
Of course, the President feels the distress and the gravity of the situation
to the utmost, and is considering very earnestly but very calmly the right
Support of the President in the present exigency was course
of action to pursue. He knows that the people of the country
urged by ex-President Taft in an address delivered in Phila- wish and expect him to act with deliberation
as well as with firmness.
delphia on Tuesday upon the occasion of the fiftieth anniOn the same date Secretary Bryan, when asked for a stateversary of the occupancy by the Union League of Philadelphia ment, was quoted as saying: "I have been asked if I had any
of its home on South Broad Street. Mr. Taft in part said: advice to give to the country. I am sure that the country
Is war the only method of making a nation accountable? Let us look needs no advice, as everybody
understands that this is no
into our own history. England connived at the fitting out of armed vessels
to prey on our commerce, to attack our navy and to kill our sailors. We time to 'rock the boat'." Senator Stone's remarks on the
protested; and what did we do then? We held her strictly accountable in same day are alluded to further below. The President's
the Geneva Conference. Was not our honor as much preserved by this
communication to Germany is also referred to under
method as it would have been had we declared war?
I agree that the inhumanity of the circumstances in the case now presses a separate head, as are other matters having a bearing on
us on, but,in the heat of even just indignation, is not the best time to act, the Lusitania.
when action involves such momentous consequences and means untold loss
As announced last week, Alfred G. Vanderbilt, Charles
of life and treasure. There are things worse than war, but delay due to calm
deliberation cannot change the situation or minimize the effect of what we Frohman, the theatrical manager, Charles Klein, the playfinally conclude to do.
wright, and Elbert Hubbard, publisher of the "Philistine,"
With the present condition of the war in Europe, our action, if it is to be
extreme, will not lose efficacy by giving time to the people whose war it will were among the passengers on the ill-fated steamer. All of
be to know what they are facing.
these perished in the sinking of the vessel. Mrs. Hubbard
But we must bear in mind that if we have a war, it is the people, the men was also lost with her husband, and others who it
is conceded
and women, fathers and mothers, brothers and sisters, who must pay with
lives and money the cost of it, and, therefore, they should not be hurried into have lost their lives in the disaster are Justus Miles Forthe needed sacrifices until it is clear that they wish it, and know what they man, author and playwright; John Harvey Page, Viceare doing when they wish it.
President of the Mark Cross Company; Harry J. Keser,
For this reason every President with a respect for his oath and the rule
of the people will in moments of popular excitement and just indignation Vice-President of the Philadelphia National Bank; Herbert
pointing to war, act as a brake—will caution against haste—will hunt for S. Stone, son of Melville E. Stone, General Manager of the
some escape from the horrors of war consistent with dignity and patriotism ,
Associated Press; Fred. J. Gauntlett, one of the Secretaries
knowing that if no other alternative exists Congress in its Constitutional
power, after time for deliberation has disclosed the real popular opinion , of the American delegation of the International Safety at Sea
will act.
Conference held in London last year; Dr. F. S. Pearson, of
A demand for war that cannot survive the passion of the first days of
Engineering Corporation, Ltd., of New York;
public indignation and will not endure the test of delay and deliberation by the Pearson
Lindon Bates Jr., Vice-Chairman of the Commission for
all the people is not one that should be yielded to.
Look back on our history and answer me, if the resistance of Presidents Relief in Belgium and County Chairman of the Progressive
to the demand of extremists for war has not earned for them the gratitude
of their country. Is it remembered now to the discredit of Washington Party.
In New York, expressions of sorrow in the catastrophe
that he kept us out of war with England, or of Grant that he kept us out of
war with Spain, in the Virginia affair, or of McKinley, that he struggled so were evidenced in the half-masting of flags last
Saturday
hard against just such warlike expressions as we hear now to keep us out
in the financial district by J. P. Morgan & Co., Kidder,
of the war with Spain?
The task of the President is a heavy one. He is our President. He is Peabody & Co. and other banking houses; in other parts of
acting for the whole country. He is anxious to find a way out of the present the city, notably
the hotel district, flags were also flown
difficulty without war.
at half mast.
Before party, before ourselves, ,
se of this League are for our
country.
That is what he is working for. Shall we not stand by him in it? He will
not surrender our country's rights. It may be necessary that for a hundred
lives and the method of their taking we should lose thousands and hundreds
of thousands of lives. The national honor and interests may ultimately
demand it, but time for serious thought and clearly weighing the consequences will not prejudice the justice of our cause or the opportunity to
vindicate it, and this the President may be counted on to secure.
It is the people's cause, not his alone, and he does well, when quick action
s of no critical importance, to allay excitement, and to await the regular
and studied action of the people's representatives.
Let us stand by him in this juncture. Our honor is safe with him. I
give you the toast,"The President of the United States."
THE LOSS ON THE LUSITANIA.
The sinking of the Lusitania by a. German submarine last
Friday off the coast of Ireland has been the one absorbing
matter of the week. The extent of the loss of life suffered
in the disaster stands close to the early estimates, only 764
out of the 1,917 passengers and crew on board being reported
as survivors. Of the survivors 462 were passengers and 302
crew; the passengers on board, according to the figures filed
with the U. S. Public Health Service in the Custom House
the day before the Lusitania sailed, numbered 1,250, while
the crew totaled 667; the passengers on the vessel consisted
of 290 first cabin, 599 second cabin and 361 steerage; altogether the ship carried among its passengers 188 Americans,
of whom 114 perished in the destruction of the vessel. The
large toll of life claimed in the disaster (1,153) is accounted
for by the suddenness of the attack and the fact that the
vessel was struck by two torpedoes. Only about fifteen to
twenty minutes is said to have elapsed from the time the
ship was struck until she sank. It has been definitely learned
that the number of passengers transferred from the Cameronia
to the Lusitania just before the latter's departure from New
York was 37.
The initial action on the part of the Administration with
regard to the disaster was taken by Secretary of State Bryan,
who announced on the 8th inst. that he had sent instructions
to Ambassador Gerard at Berlin to obtain a report from the
German Government concerning the sinking of the vessel,
CHARGES AND DENIALS THAT LUSITANIA WAS
ARMED—DETAILS OF HER MANIFEST.
Charges that the Lusitania was armed when she left the
United States on her last trip were contained in a statement
issued by the German Government under date of the 9th
inst. Denials of these charges have come from both the
Collector of the Port of New York, Dudley Field Malone,
and officials of the Cunard Steamship Co. The statement
of the German Government said:
The Cunard liner Lusitania was torpedoed yesterday by a German submarine and sunk.
The Lusitania naturally was armed with guns, as were recently most of
the English mercantile steamships. Moreover, as is well known here, she
had large quantities of war material in her cargo.
Her owners, therefore, knew to what danger the passengers were exposed.
They alone bear all the responsibility for what has happened.
Germany, on her part, left nothing undone to warn them repeatedly and
strongly. The Imperial Ambassador in Washington even went so far as to
make a public warning,so as to draw attention to this danger. The English
press sneered at the warning and relied on the protection of the British
fleet to safeguard Atlantic travel.
In denying that the steamer carried mounted guns when
she departed, Collector Malone was quoted on the 9th inst.
as saying:
This report is not correct. The Lusitania was inspected before she sailed,
as is customary. No guns were found, mounted or unmounted. She
sailed unarmed. No merchant ship would be allowed to arm in this port
and leave the harbor.
A similar disclaimer as follows was issued by Herman
Winter, head of the passenger department of the Cunard
Line:
There is absolutely no truth in the report that the Lusitania was armed
with 6-inch or any other guns. It is not true that she carried ammunition
in the sense that she was loaded with explosives or picric acid. That would
have been in violation of the statute. It is true that she,had aboard 4,200
cases of cartridges, but they were cartridges for small arms packed in
separate cases, and could not have injured the vessel by exploding. They
certainly do not come under the classification of ammunition. The United
States authorities would not permit us to carry ammunition, classified as
such by the military authorities, on a passenger liner. For years we have
been sending small arms cartridges abroad on the Lusitania.
The Lusitania had 1,250 shrapnel cases, but they were empty. There
was no explosive of any sort aboard. As to the report that the Lusitania
had guns aboard, I cannot assert too strongly that it is positively untrue.
MAY 151915.]
THE CHRONICLE
1641
Britain and a merchant ship and a hospital ship were torpedoed Jan. 30
and Feb. 1, respectively.
"The German Government on Feb. 4 declared their intention of instituting a general submarine blockade of Great Britain and Ireland with the
avowed purpose of cutting off supplies for these islands. This blockade was
The cargo of the Lusitania amounted to about 1,500 tons put into effect Feb. 18.
"As already stated, merchant vessels had, as a matter of fact, been sunk
valued
and was valued at $735,579; the steamer itself was
by a German submarine at the end of January. Before Feb. 4 no vessel
at $10,000,000, bringing the total value up to $10,735,579. carrying
food supplies for Germany had been held up by His Majesty's
Besides the customary insurance to the amount of $7,500,000 Government, except on the ground that there was reason to believe the
were intended for use of the armed forces of the enemy or the
foodstuffs
for
at
risk
X%
1
war
at 3% carried on the vessel, a special
Government.
each round voyage was carried. It is understood that the enemy
"His Majesty's Government had, however, informed the State DepartCunard Line carried one-third of the insurance, the rest ment on Jan. 29 that they felt bound to place in a prize court the foodstuffs
the steamer Wilhelmina, which was going to a German port, in view
of
About
underwriters.
other
being divided among Lloyds and
the Government control of foodstuffs in Germany, as being destined for
half the insurance written upon the cargo was taken by local of
the enemy Government, and, therefore, liable to capture.
underwriters, the rest being carried by Lloyds. On the
"The decision of His Majesty's Government to carry out the measures
laid
down by the Order-in-Council was due to the action of the German
suba
by
caught
too
to
was
fast be
theory that the Lusitania
Government in insisting on their submarine blockade. This, added to
marine, the cargo rate was 1%, much lower than the cus- other
infractions of international law by Germany, led to British reprisals
tomary transatlantic rate at this time.
which differ from the German action in that His Majesty's Government
respect the lives of non-combatants traveling in merchant
scrupulously
. While the steamer is understood to have carried no specie,
and do not even enforce the recognized penalty of confiscation for a
a large amount of foreign exchange drafts and securities vessels
breach of the blockade, whereas, the German policy is to sink enemy or
had been forwarded on it by Chicago banks; the First neutral vessels at sight with total disregard for the lives of non-combatants
the property of neutrals.
and
National Bank of Chicago alone is said to have shipped
"The German:, state that, in spite of their offer to stop their submarine
$3,000,000 bills of exchange. Apart of the cargo was con- war
in case the starvation plan was given up, Great Britain has taken even
traband. In addition to the 4,200 cases of cartridges and more stringent blockade measures. The answer to this is as follows:
was not understood from the reply of the German Government that
ammunition for London, the manifest of the vessel shows she
they were prepared to abandon the principle of sinking British vessels by
carried 1,271 cases of ammunition for Liverpool; 260,000 lbs. submarine. They have refused to abandon the use of mines for offensive
of sheet brass; 111,762 lbs. of copper, 58,465 lbs. of copper purposes on the high seas on any condition. They have committed various
seas and
wire, 189 packages of military goods,25 barrels of lubricating other infractions of international law, such as strewing the high
trade routes with mines, and British and neutral vessels will continue to
oil,7 packages of old rubber, 10 packages of reclaimed rubber, run danger from this course whether Germany abandons her submarine
16 packages of wire and a large quantity of foodstuffs, furs, blockade or not.
"It should be noted that since the employment of submarines contrary to
dry goods, &c.
international law, the Germans also have been guilty of the use of asphyxiating gas. They have even proceeded to the poisoning of water in South
GERMANY PROFESSES SYMPATHY WITH U.S.IN LOSS Africa.
"The Germans represent British merchant vessels generally as armed
OF LIFEON LUSITANIA—BLAMES GREAT BRITAIN. with guns and say that they repeatedly ram submarines. The answer to
is as follows:
this
of
loss
the
German
Government for
The sympathy of the
"It is not to be wondered at that merchant vessels, knowing they are
life suffered by the United States in the sinking of the Lusi- liable
to be sunk without warning and without any chance being given those
tania was expressed in a dispatch sent by the German For- on board to save their lives, should take measures for self-defense. With
to the Lusitania, the vessel was not armed on her last voyage and had
regard
eign Office to the German Embassy at Washington on the
been armed during the whole war.
10th inst. The message, however, places responsibility with not
"The Germans attempt to justify the sinking of the Lusitania by the fact
the British Government, "which, through its plan to starve that she had arms and ammunition on board. The presence of contraband
on
board a neutral vessel does render her liable to capture, but certainly
the civilian population of Germany, forced Germany to renot to destruction with the loss of a largo portion of her crew and passensort to retaliatory measures." The following is the dispatch gers. Every enemy vessel is a fair prize, but there is no legal provision, not
in full:
to speak of the principles of humanity, which would justify what can only
Please communicate the following to the State Department: The German be described as murder because a vessel carries contraband.
"The Germans maintain that after repeated official and unofficial
Government desires to express its deepest sympathy at the loss oflives on
board the Lusitania. The responsibility rests, however, with the British warnings His Majesty's Government were responsible for the loss of life, as
population
starving
of
they
civilian
considered themselves able to declare that the boat ran no risk and
the
plan
its
through
Government, which,
thus 'lightheartedly a.s.sume the responsibility for the human lives on board
of Germany, has forced Germany to resort to retaliatory measures.
In spite of the German offer to stop tho submarine war in case the starva- a steamer which, owing to its armament and cargo, is liable to destruction.'
tion plan was given up, British merchant vessels are being generally armed The reply thereto is:
"First. His Majesty's Government never declared the boat ran no risk.
with guns and have repeatedly tried to ram submarines, so that a previous
"Second. The fact that the Germans issued their warnings shows that the
search was impossible.
They cannot, therefore, be treated as ordinary merchant vessels. A re- crime was premeditated. They had no more right to murder passengers
cent declaration made to the British Parliament by the Parliamentary Sec- after warning them than before.
"Third. In spite of their attempts to put the blame on Great Britain, it
retary, in answer to a question by Lord Charles Beresford, said that at the
present practically all British merchant vessels were armed and provided will tax the ingentuty even of the Germans to explain away the fact that it
was a German torpedo, fired by a German seaman from a German subwith hand grenades.
Besides, it has been openly admitted by the English press that the Lusi- marine, that sank the vessel and cau.sed over one thousand deaths."
tania on previous voyages repeatedly carried largo quantities of war material. On the present voyage the Lusitania carried 5,400 cases of ammuniTHE CORONER'S JURY ON THE SINKING OF THE
tion, while the rest of her cargo also consisted chiefly of contraband.
LUSITANIA.
If England. after repeated official and unofficial warnings, considered
herself able to declare that that boat ran no risk and thus light-heartedly
began an investigation last Satwhich
jury
Coroner's
The
assumed responsibility for the human life on board a steamer which, owing
to its armament and cargo, was liable to destruction, the German Govern- urday at Kinsale, Ireland, into the deaths caused by the
ment, in spite of its heartfelt sympathy for the loss of American lives, can- sinking of the Lusitania, returned the following verdict on
not but regret that Americans felt more Inclined to trust to English promises
the 10th inst.:
rather than to pay attention to the warnings from the Gorman side.
We find that the deceased met death from prolonged immersion and
FOREIGN OFFICE.
in the sea eight miles south southwest of Old Head of Kinsale,
Regret over the loss of American lives due to the disaster exhaustion
Friday, May 7 1915, owing to the sinking of the Lusitania by torpedoes
was also expressed by Count von Bernstorff, the German Am- fired by a German submarine.
We find that this appalling crime was committed contrary to internabassador,in a call upon Secretary of State Bryan on the 10th.
law and the conventions of all civilized nations.
Following a brief conference between the two, the following tional
We also charge that the officers of said submarine and the Emperor
statement was given out by Secretary Bryan:
and the Government of Germany, under whose orders they acted, with the
The Gorman Ambassador called at the State Department and expressed crime of wholesale murder before the tribunal of the civilized world.
to
led
had
the
loss
war
of
of
events
American
the
so
many
that
We desire to express sincere condolences and sympathy with the relatives
his deep regret
of the deceased, the Cunard Company and the United States, many of
lives.
whose citizens perished in this murderous attack on an unarmed liner.
There were no guns whatever aboard. The Lusitania was an unarmed
passenger steamer. Furthermore, she never has been armed, and neve
carried an unmounted gun or rifle out of port in times of war or peace
GREAT BRITAIN IN ANSWER TO GERMANY AS TO
RESPONSIBILITY.
A statement in reply to the German contentions justifying
its action with regard to the Lusitania was issued from official
sources in London on the 11th inst. This statement asserts
that the vessel was not armed on her last voyage and had
not been armed during the whole war; the presence of contraband on board a neutral vessel, it is asserted, renders
her liable to capture, "but certainly not to destruction with
the loss of a large number of her crew and passengers." We
print the reply of Great Britain below:
'"I'he German Government state that responsibility for the loss of the
Lusitania rests with the British Government, which, through their plan
of starving the civil population of Germany, has forced Germany to resort
to retaliatory measures. The reply to this is as follows:
"As far back as last December Admiral von Tirpitz (the German Marine
Minister) in an interview foreshadowed a submarine blockade of Groat
At the inquest, W. T. Turner, Captain of the vessel, was
asked whether, in face of the warnings at New York that the
Lusitania would be torpedoed, he had made any application
to the Admiralty for an escort. Capt. Turner stated that
he had not—that he had left that to them. Capt. Turner
admitted that he had received special instructions as to the
voyage, but stated that he was not at liberty to tell what
they were. With regard to whether any messages had been
received concerning the presence of submarines off the Irish
coast, he replied in the affirmative; when questioned, however, regarding the nature of the messages, Capt. Turner
replied, "I respectfully refer you to the Admiralty for answer. In answer to the question as to whether he had
received a wireless to steer his vessel in a northern direction,
he stated that he had not. He testified that the Lusitania
was going at the rate of 18 knots an hour, his reason for going
1642
THE CHRONICLE
[VOL. 100.
at this slow speed (ordinarily she made 25 knots an hour)
being that he wished to arrive at Liverpool'without stopping
and within two or three hours of high water.
In the House of Commons on the 10th inst. Winston
Spencer Churchill, the First Lord of the Admirality, announced that a Board of Trade Inquiry will be held to determine the circumstances attending thelloss of the Lusitania. He added:
Vessels carrying contraband of war are liable to destruction unless they
can be taken to a port of the country that captures them. The right of
search need not be exercised if it is certain such ships carry contraband.
011 is contraband like war ammunition and all metals. The master of
the Gulflight (an American oil tank steamer sunk recently) swore before
customs officials to his cargo of oil for France.
The master of the Lusitania similarly swore to his manifest of cargo of
metals and ammunition. Both the Gulflight and the Lusitania carried
contraband when attacked, it is obvious.
The Lusitania's manifest showed she carried for Liverpool 260,000
pounds of brass, 60,000 pounds of copper, 189 cases of military goods,
In the meantime, it is premature to discuss the matter. But I must make 1,271 cases of ammunition, and, for London, 4,200 cases of cartridges.
it plain that in no circumstances will it be possible to make public the
Vessels of that kind can be seized and be destroyed under The Hague
naval dispositions for patrolling our coasts. Our resources do not enable us rules without any respect to a war zone. The Lusitania was a British
to provide destroyer escorts for mail and passenger ships.
auxiliary cruiser, a man-of-war. On the same day she sailed the Cameronia.
He stated that Capt. Turner had acknowledged the re- another Cunarder, was commandeered in New York Harbor for military
service.
ceipt of messages from the Admiralty giving him warning
The fact is that the Lusitania was a British war vessel under orders of the
and directions for the course he was to take. According to Admiralty to carry a cargo of contraband
of war. The passengers had had
Mr. Churchill, "the Admiralty had general • knowledge of full warning, first by the German note to England in February, second,
by advertisement.
the German warning issued in America, and from that
Germany wants to do anything reasonable so as not to make the United
knowledge and other information concerning submarine States or its citizens suffer in any way. But she cannot do so unless
will take necessary precautions to protect themselves from danAmericans
movements,it sent warnings to the Lusitania and directions
of which they are cognizant.
as to her course. I think, however, it not right to go into gers
What Germany has done she has done by way of retaliation after her
that matter in detail, as it is going to be the subject of in- offer through President Wilson, regarding submarine warfare, was turned
and after Britain declared the war was directed toward he 120,
down
quiry, and it might appear that I was endeavoring to throw
innocent non-combatants, women and children.
blame on the captain of the Lusitania in a matter which will 000,000
Americans can do their own thinking when the facts are laid before
them. I have really no authority to speak. But my mission in the United
be a subject of full investigation."
States is to inform your people of the German attitude. The German
Ambassador, Count von Bernstorff, can speak only in official phrases. I
talk straight out, bluntly.
SENATOR STONE'S VIEWS
ON IMPORTANCE OF GULFLIGHT CASE AS COMPARED WITH LUSITANIA.
That the desirability of acting with deliberation in the
situation created by the torpedoing of the Lusitania is entertained by others than the President is evidenced in the
remarks of Senator William J. Stone, Chairman ofithe Senate
Committee on Foreign Relations, who pointed out that the
situation presented in the Gulflight case was far more delicate and serious than that of the Lusitania. Like Secretary
of State Bryan,Senator Stone cautioned against "rocking the
boat." In his observations, made last Saturday, the latter
said:
"The tragedy is, of course, to be profoundly regretted. If the reports
as to the loss of life are true, the sympathy of the civilized world will be
deeply stirred. But for us it seems to me that good sense dictates that we
keep our heads until we get our bearings. It is a bad time to get rattled
and act impulsively. Don't 'rock the boat.'
"Without expressing an opinion as to our relations to this event, or as to
our duty in the premises, there are some facts we cannot overlook and are
bound to consider. We cannot overlook the fact that the Lusitania was
a British ship,flying the British flag and subject at any time to be put into
the actual naval service of the Government. Indeed, it is said that at the
time she was attacked she was carrying military reservists to England for
service in the British army.
"True, there were American citizens aboard, but it must not be forgotten
that they went aboard a belligerent ship with full knowledge of the risk
and after official warning by the German Government. When on board
a British vessel they wore on British soil. Was not their position substantially equivalent to being within the walls of a fortified city?
"If American citizens stay within a city besieged or threatened and the
enemy attacks what should our Government do if our citizens should
be injured? I express no opinion at this time. I am merely suggesting
reasons why we should maintain our equilibrium and not 'rock the boat'
until we know what we are about.
"Aside from the possible loss of American lives, lot us ask ourselves just
whore we come in.
"At the present moment and with the lights now before me, I confess
that it appears to me that from our standpoint as a neutral nation the
Gulflight case presents a more delicate and serious complication than the
'case of the Lusitania."
.
DR. DERNBERG IN DEFENSE OF SINKING OF
LUSITANIA.
Dr. Bernhard Dernberg, formerly Colonial Secretary for
the Imperial German Government, declared at Cleveland
on the 8th inst. that complete justification existed for the
torpedoing by Germany of the British steamer Lusitania;
he at the same time voiced a further warning to American
shipping. Dr. Dernberg was entertained at the City Club
of Cleveland and addressed the members on the subject of
"Conditions of Permanent Peace from the German Viewpoint." A statement given out by him following his arrival
in the city as reported in the different daily papers said:
Great Britain
declared the North Sea a war zone in the winter. No proeat was made by the United States or any neutral. Great Britain held up
all neutral ships carrying non-contraband goods, detaining them, buying
or confiscating their cargoes.
Great Britain constantly changed the contraband lists so no foodstuffs
of any kind have actually reached Germany since the war began. International law says foodstuffs destined for the civil population must pass.
It does not recognize any right to starve out a whole people.
As a consequence, and in retaliation, Germany declared the waters
around England a war zone, and started a submarine warfare. It became
known in February that BritishTships were flying the American flag as a
protection.
Great Britain replied by officially declaring its purpose to starve 120,000,000 Germans and Austrians: The United States very thoughtfully
tried to mediate, proposing that foodstuffs should be passed, and submarine warfare be stopped.
Germany agreed; England turned the proposal down. Then, in order to
protect American passengers, they were warned by public advertisement
of the danger of an ling under the flag of a belligerent.
GERMANY MODIFIES ITS COURSE WITH REGARD TO
NEUTRAL SHIPS IN WAR ZONE.
Advices to the effect that the German Government had
specifically instructed submarine commanders not to harm
neutral vessels not engaged in hostile acts, and that Germany
would pay for damages to such ships in the war zone, were
conveyed to the United States from Germany through Ambassador Gerard on the 11th inst. Those advices, it was
announced, were in the form of "a circular issued by the
German Foreign Office in regard to mistaken attacks by
German submarines on commerce vessels of neutral nations."
This announcement indicates that neutral ships carrying
contraband will be dealt with according to the rules of naval
warfare; if neutral ships are accidentally damaged in the war
zone Germany will express its regret and pay damages without prize court proceedings. In previous communications
Germany has disclaimed responsibility for any harm which
might befall neutral vessels venturing into the war zone.
The text of the announcement cabled by Ambassador.
Gerard is as follows:
First—The Imperial German Government naturally has no intention of
causing to be attacked by submarines or aircraft such neutral ships of
commerce in the zone of naval warfare, or definitely described in the notice
of the German Admiralty Staff of Feb. 4 last, as have been guilty of no
hostile act. On the contrary, the most definite instructions repeatedly
have been issued to Gorman war vessels to avoid attacks on such ships
under all circumstances. Even when such ships have contraband of war
on board they are dealt with by submarines solely according to the rule of
international law applying to prize warfare.
Two—Should a neutral ship nevertheless come to harm through German
submarines or aircraft on account of an unfortunate (*) in the above-mentioned zone of naval warfare, the German Government will unreservedly
recognize its responsibility therefor. In such a case it will express its regrets and afford damages without first instituting a prize court action.
Three—It is the custom of the German Government as soon as the sinking of a neutral ship in the above-mentioned zone of naval warfare is ascribed to German war vessels to institute an immediate investigation into
the cause. If grounds appear thereby to be given for association of such
a hypothesis, the German navy places itself in communication with the
interested neutral Government so that the latter may also institute an
investigation.
If the German Government is thereby convinced that the ship has been
destroyed by German war vessels it will not delay in carrying out the
provisions of paragraph two above. In case the German Government,
contrary to the viewpoint of the neutral Government, is not convinced by
the result of investigation the German Government has also already on
several occasions declared itself ready to allow the question to be decided
by an international investigation commission, according to Chapter III
of The Hague Convention of Oct. 18 1007, for the peaceful solution of
international disputes.
(*) Indicates word missing.
CAPTAIN DESCRIBES ATTACK ON GULFLIGHT.
A sworn statement describing the attack on the American
steamer Gulflight which was torpedoed on the 1st inst. off
the Scilly Islands, emanating from Captain Ralph E. Smith,
former Chief Officer and now Master of the vessel, was
made public by the State Department on the 11th inst.
Captain Smith stated that when the vessel was torpedoed
she was flying a large American ensign. He also said that
although he saw the submarine he "could not distinguish or
see any flag flying on her." Before the submarine was
sighted,two British patrol boats,the captain said, took positionson either side of the Gulflight and ordered her to follow them to the Bishop Lighthouse. In part the statement
said:
MAY 15 1915.]
THE CHRONICLE
On the first day of May, about 11 o'clock in the forenoon, we spoke two
British patrol vessels named Iago and Filey. We were then about twentytwo miles west of the Bishop Lighthouse. The patrol vessels asked where
we were bound. After informing them we were bound for Rouen they
ordered us to follow them to the Bishop. The Filey took up a position
a half mile distant on our port bow, the Iago off our starboard quarter,
close to us. We steered as directed and at about 12:22, the second officer.
being on watch, sighted a submarine on our port bow—slightly on the port
bow—steaming at right angles to our course. The submarine was in
sight for about five minutes, when she submerged about right ahead of us.
I saw her, but could not distinguish or see any flag flying on her.
The Gulflight was then steering about true east, steaming about eight
miles an hour, flying a large American ensign, 6 feet by ten feet. The
wind was about south, about eight miles an hour in force. I personally
observed our flag was standing out well to the breeze. Immediately after
seeing the submarine I went aft and notified the crew and came back and
went on the bridge and heard the captain make the remark that that must
be a British submarine,as the patrol boats took no notice oil it. About 12:50
an explosion took place in the Gulflight on the bluff of the starboard bow,
sending vast quantities of water high in the air, coming down on the bridge
and shutting everything off from our view. After the water cleared away
our ship had sunk by the head so that the sea was washing over the foredeck and the ship appeared to be sinking.
• Then follow other details with regard to what was done
with the steamer, the death of Capt. Gunter and subsequent
events. It is noteworthy that the President in his communication to the German Government this week asserts
definitely that the Gulflight was torpedoed by a German submarine. In his note the President also complains of • the
attack on April 28 on the American vessel Cushing by a
German aeroplane. The Cushing, a Standard Oil steamer,
was attacked by German aviators in the North Sea. Two
bombs were said to have been chopped, but no damage was
done. The attack was reported upon her arrival at Rotterdam on April 30. The Cushing sailed from Philadelphia
on April 11 for Rotterdam via Deal with a cargo of
refined petroleum and lubricating oil. The vessel was
formerly the German steamer Prometheus. She was changed
to American register last November.
WARNING TO TRAVELERS ON SHIPS OF GREAT
BRITAIN DISCONTINUED.
Notice to discontinue the warning to intending European
travelersbublishedias an advertisement in the daily papers
of the 1st and 8th inst. by the Imperial German Embassy
was sent to theThapers by the latter by telegraph and letter
on the 12th inst. The advertisement, which we quoted in
our issue of Saturday last, warned travelers of the dangers
of sailing on ships of Great Britain and her allies. It had
been orderedfprinted as an advertisement in various newspapers throughout the country for three successive Saturdays, its first appearance occurring on the day of the departure of the Lusitania. The officials of the German Embassy, in ordering the discontinuance of its publication, are
said to have not only considered that the advertisement had
had the effect of giving sufficient warning, but deemed it
inadvisable to continue it in view of the existing situation
following the sinking of the Lusitania.
It was announced on the 11th inst. from London that the
sailing of the Cunard Line steamer Mauretania, sister ship
of the Lusitania, advertised for May 29 from Liverpool,
had been canceled. The Mauretania had recently been
doing duty as an auxiliary cruiser in the British navy, and
it is understood that she has been used as a transport for
troops. It had been the intention of the Cunard Line to
have the vessel resume her regular passenger service between
Now York and Liverpool at the end of the present month,
when she was to begin a fortnightly service across the Atlantic, alternating with the Lusitania. The Cunard Line
and the Anchor Line, which are under the same management,
are left with only three steamers in the transatlantic service
by the sinking of the Lusitania and the cancellation of the
Mauretania's sailing. These are the Orduna, due here
to-day; the Tuscania, which sailed from Liverpool
May 9, and the Transylvania, which sailed from New York
last Saturday.
The Cunard offices in New York were closed from noon
until 1 o'clock on Thursday out of respect for the memorial
services held in Liverpool on that day for the victims of the
Lusitania.
The International Mercantile Marine Co., owners of the
American Line, announced on Tuesday that the steamships
of this line, plying between New York and Liverpool, would
not be allowed to carry any contraband goods in their cargoes. This ruling applies even to the automobile passengers, which must be shipped on vessels of the company
flying the British flag. P. A. S. Franklin, Vice-President
1643
of the International Mercantile Marine, in making the announcement asserted that as a matter of fact these steamers
had not been carrying contraband since the war began last
August. The announcement, he said, was made to make
certain that there:would be no excuse for attacking the company's steamers under the American flag.
REPORT OF VISCOUNT BRYCE ON CONDUCT OF
GERMAN TROOPS.
On Wednesday there was made public in London the report
of the Committee appointed by Premier Asquith "to consider
and advise on the evidence collected on behalf of His Majesty's Government, as to outrages alleged to have been committed by German troops during the present war, cases of
alleged maltreatment of civilians in the invaded territories,
and breaches of the laws and established usages of war; and
to prepare a report for His Majesty's Government showing
the conclusion at which they arrive on the evidence now
available." This report was submitted to Premier Asquith
by Viscount James Bryce, Chairman of the Committee, the
other members of which were Sir Frederick Pollock, Sir
Edward Clarke, Sir Alfred Hopkinson, Sir Kenelm E. Digby,
H. A. L. Fisher, Vice-Chancellor of the University of Sheffield, and Harold Cox. The Committee, in submitting its
findings, states that:
In the month of September 1914 a minute was, at the instance of the
Prime Minister, drawn up and signed by the Home Secretary and the
Attorney-General. It stated the need that had arisen for investigating the
accusations of inhumanity and outrage that had been brought against the
German soldiers, and indicated the precautions to be taken in collecting
evidence that would be needed to insure its accuracy. Pursuant to this
minute, steps were taken under the direction of the Home Office to collect
evidence, and a great many persons who could give it were seen and
examined.
The report is a voluminous document, consisting of two
parts, viz.:
(1) An analysis and summary of the evidence regarding the conduct
of the German troops in Belgium toward the civilian population of that
country during the first few weeks of the invasion.
(2) An examination of the evidence relating to breaches of the rules and
usages of war and acts of inhumanity, committed by German soldiers or
groups of soldiers, during the first four months of the war, whether in
Belgium or in France.
This second part has again been subdivided into two sections:
(0) Offenses committed against non-combatant civilians during the
conduct of the war generally.
(b) Offenses committed against combatants, whether in Belgium or in
France.
In summing up its conclusions the Committee says:
From the foregoing pages it will be seen that the Committee have come
to a definite conclusion upon each of the heads under which the evidence
has been classified.
It is proved—
I. That there were in many parts of Belgium deliberate and systematically organized massacres of the civil population, accompanied by many
isolated murders and other outrages.
II. That in the conduct of the war generally innocent civilians, both
men and women, were murdered in largo numbers, women violated, and
children murdered.
III. ,That looting, house-burning,and the wanton destruction of property
were ordered and countenanced by the officers of the German Army, that
elaborate provision had been made for systematic incendiarism at the very
outbreak of the war, and that the burnings and destruction were frequent
where no military necessity could be alleged, being, Indeed, part of a
system of general terrorization.
IV. That the rules and usages of war were frequentlylbroken, particularly
by the using of civilians, including women and children, as a shield for
advancing forces exposed to fire, to a less degree by killing the;wounded and
prisoners, and in the frequent abuse of the Red Cross and the white flag.
Sensible as they are of the gravity of these conclusions, the Committee
conceive that they would be doing less than their duty if they failed to record
them as fully established by the evidence. Murder, lust and pillage prevailed over many parts of Belgium on a scale unparalleled in any war
between civilized nations during the last three centuries.
Our function is ended when we have stated what the evidence establishes;
but we may be permitted to express our belief that these disclosures will not
have been made in vain if they touch and rouse the conscience:of manldnd,
and we venture to hope that as soon as the present war is over, the nations
of the world in council will consider what means can be provided and
sanctions devised to prevent the recurrence of such horrors as our generation is now witnessing.
HEARINGS ON ADVANCES OF WESTERN AND SOUTHWESTERN RATES CONCLUDED.
The hearings which opened in Chicago on March 4 on the
applications for increased freight rates on lines west of
Chicago filed in Western Trunk Line and Southwestern
Tariff Committee Territories, were concluded on Thursday'
Inter-State Commerce Commissioner Daniels, before whom
the proceedings have been taking place, returns next week
to Washington, where the Commission will hear final arguments in the case on June 15. Briefs are required to be filed
by June 10. Before adjourning the hearing Commissioner
Daniels ruled that the Union Pacific, Northern Pacific and
Great Northern must file their division sheets on all tariffs
suspended by the Commission. These roads are parties to
this case, but Statistician Wettling's exhibits excluded them
1644
THE CHRONICLE
CUMMINS AMENDMENT DOES NOT WORK INCREASE
IN FREIGHT RATES.
In interpreting the Cummins Amendment to the InterState Commerce law, the Inter-State Commerce Commission has decided that "there is nothing in the expressed
terms of this Act or in the history of this legislation that
shows any intent or purpose on the part of Congress to
affect in any degree the existing rates charged by carriers for
transporting property." The Cummins Act, which became
a law with the approval of the President on March 4, seeks
to do away with the limited liability clause under which
railroads have been receiving live stock shipments and to
make the carrier liable for the full value of shipments destroyed in transit. A hearing on the amendment was had
before the Inter-State Commerce Commission in Washington on April 10 because of the varied views concerning it;
contrary to the purpose of the author, Senator Cummins, it
has been contended in some quarters that it made possible
an increase of 10% in all freight rates. The Commission,
in rendering its opinion as to the effect of the amendment,
says: "Applying correct rules of interpretation the Cummins amendment does not automatically bring into effect
the increased rates named in the classifications and tariff
publications as applicable to shipments which are not made
subject to the terms of the uniform or carriers' bill of lading."
Its decision, given under date of May 7, was not made
public until the 13th inst.; we quote from it in part as follows:
[VOL. 100.
amendment. In that connection matters which have been informally
presented and urged in this informal proceeding may be presented in
a formal way,supported by testimony, and a determination can there
be reached
on questions as to which the Commission•now has no information
upon
which it could base a lawful order. What is attempted here
is simply to
indicate the Impressions gained from the experience had in
the past and
from the suggestions informally presented by those
who are vitally interested
in the effect of the Cummins amendment and the course
to be pursued for
the immediate future in the light thereof. All
of the questions herein
discussed are, of course, subject to judicial interpretati
on, and the views
indicated herein might be somewhat changed in the
light of more complete
nformation supported by competent evidence. The
classification, tariffs,
receipt and other forms used by the express companies have
been prescribed
by order of the Commission. The new law, of course,
applied to them as
well as to other carriers. They have presented suggested
changes in their
rules and forms which will be disposed of by a supplementa
l order in the
Express case.
EXTENSION OF THE FRENCH MORATORIUM.
[From L'Economiste Francais, April 24 1915.
The Journal officiel of April 16 published the following re port and decree:
As noted in our report of Feb. 15 last, the economic. life of the country
is steadily recovering. Various indications show with certainty that
our
commercial and industrial situation has continued to improve.
It is not at all doubtful that business activity is increasing, and numerous
signs furnish testimony to the truth of the statement. Thus, notwithstan
ding the successive postponements which were granted for the payment
of
commercial notes, and which debtors might have availed of, there has been.
on tile contrary, a manifest desire on the part of debtors to meet
their
payments. This is evident from the fact that the aggregate of voluntary
payments, since the month of October last, has reached at the Bank of
France alone 1,700 million francs.
However desirable, under the circumstances, may be the return to the
normal status, we deem it necessary nevertheless to postpone, once more,
for a period of ninety full days, the maturities of negotiable securities incurred previous to Aug. 4 1914.
We cannot, indeed, overlook the fact that several of our departments are
still invaded, and, on the other hand, we must take account of the sentiment manifested in the propositions submitted to the Chamber of Deputies and in the reports of the committees charged with examining them.
During this new period of postponement. when economic activity is
more and more approaching the normal, each debtor must look to the discontinuance, in as large a measure as possible, of the benefit of the successive postponements.
It has been pointed out to us that debtors desirous of paying off their debts
have been hindered because they did not know into whose hands they could
make their payments. In order to facilitate the payment of these debts,
we have thought it necessary to make the holder inform his debtor that he
is in possession of the commercial note issued by the latter.
If the bearer fails to discharge this formality under the conditions and
within the period specified, the interest of 5% which is due him by virtue of
the decree of Aug. 29 1914 will cease to accrue to his profit.
Decree.
Article 1. The delays granted by Articles 1, 2, 3 and 4 of the decree
of Aug. 29 1914 and extended by the first articles of the decrees of Sept.27,
Oct. 27, Dec. 15 1914 and Feb. 25 1915 are extended, under the same
conditions and reservations, for a new period of ninety full days.
The benefit of this is extended to negotiable securities which will fall due
before Aug. 1 1915, provided that they were issued previous to Aug.4 1914.
Art. 2. The holder of a commercial note extended anew by virtue of the
provisions of the preceding article must, before May 31 1915, advise the
debtor that he is in possession of the said note and that the payment may
be made into his hands.
This notification must be evidenced either by the signature of the debtor
upon the commercial note at the time of presentation or by a registered
letter.
If the holder neglects to carry out these formalities, the interest of 5%.
allowed by the decree of Aug.29 1914 for his profit will cease to accrue after
May 31 1915. However, these formalities are not necessary if the holder
can prove that the debtor has previously been informed.
As regards commercial notes whose normal date of maturity is later than
April 30 1915 and which are extended ninety days by virtue of the provisions of the present decree, presentation shall be made or notification
given under the same forms and conditions as above, with the delay of a
month to date from their normal date of maturity.
Art. 3. All the provisions of the decrees of Aug. 29, Sept. 27, Oct. 27,
Dec. 15 1914 and Feb. 25 1915 not at variance with the present decree.
are maintained.
However, the application of Article 2, paragraphs 2 and 3, and of Article
3, paragraph 2, of the decree of Oct. 27 1914, concerning the recovery of
negotiable securities and of credits arising from commercial sales or advances upon obligations, is suspended until the expiration of the said delay
of ninety days.
Art. 4. The present decree is applicable to Algeria.
Art. 5. The Ministers of Commerce, Industry, Postal and Telegraph,
Finance, Justice, the Interior, Foreign Affairs, Labor and Public Foresight
are charged, each in his own field, with the execution of the present decree,
which shall be published in the Journal Wilda and inserted in the Bulletin
des Lois.
Drawn up at Paris. April 15 1915.
It is perfectly plain that the purpose of this law is,
except as otherwise
provided therein, to invalidate all limitations of carrier's
liability for loss,
damage or injury to property transported caused by the
initial carrier, or
by another carrier to which it may be delivered, or which
may participate
in transporting it. The law does not specifically say that
attempts so to•
limit the carrier's liability shall not be resorted to, but it
declares them
to be invalid and unlawful wherever found and in whatever guise
they may
appear. Obviously, therefore, neither the bills of lading
or other contracts for carriage or classifications or rate schedules of the
carriers should
contain any provisions which are so declared to be unlawful
and void.
It is to be remembered that the Cummins amendment is
not a separate
statute, but is an amendment to the Act. It must therefore be
construed
as a part of, and in connection with, other portions of the Act,
and in such
a way as to give effect to the whole statute. There does not
seem to be any
indication of legislative intent to change any provision of the
Act other
than that part known as the Carmack amendment. The new
amendment
should, if possible, be so construed as to give full force to its clear
purpose,
without impairing the effect of any other provision of the Act.
As we have seen, the Carmack amendment, adopted in 1906,
provided
that no conflict, receipt, rule or regulation should exempt the carrier
from
the liability thereby imposed. As has been said, no effort was
made to
change rates because of that amendment to the Act.
It is contrary to all canons of construction to hold that an Act of
produces a result not intended by Congress unless the express Congress
of the Act compels such a construction. There is nothing in the language
terms of this Act or in the history of this legislation that shows expressed
any
or purpose on the part of Congress to affect in any degree the existingintent
rates
charged by carriers for transporting property. The legislation
is aimed at
specified contracts and declares them to be unlawful. The
lawful rates
on file at this time, therefore, are the rates providing for the
limited liability. The Cummins amendment, by making contracts limiting
liability
for loss caused by the carriers unlawful, does not destroy these
rates, but
they remain in effect and are lawfully applicable for the
10% increased
rates are merely additional, and cannot stand in and of
themselves."
Applying correct rules of interpretation, the Cummins amendment
does
not automatically bring into effect the increased rates named
in the classifications and tariff publications as applicable to shipments
which are not
made subject to the terms of the uniform or carriers bill of lading.
It is important to keep in mind that the carriers are not
prohibited from
making different rates, dependent upon the value of different
grades of a
given commodity; that, except as covered by the Cummins
amendment,including approval of the rates by the Commission, the
carrier is subject to
all of the liabilities imposed by that amendment; and
that if, in any instance, the shipper declares the value to be less than the
true value in order
to gpt a lower rate than that to which he would otherwise
be entitled, he
violates, and is subject to, the penalty prescribed in Section
10 of the Act.
The carrier would also be subject to the same penalty
in such a case if,
having knowledge that the value represented is not the true
value, it nevertheless accepts the shipper's representation as to value for
the purpose of
applying the rate.
The necessity for revision of the bills of lading, live
-stock contracts and
other similar contracts of carriage, as well as of certain parts
of the carriers'
classifications and rate schedules, is manifest. Bills of
lading and shipping
contracts can and ought to be at once amended by
eliminating obviously
unlawful and invalid provisions. Such action will obviate
for the immediate
future numerous controversies that other wise would
probably arise.
If, in a proper manner and a proper proceeding, it shall be
made to appear REGULATIONS GOVERNING GOLD CLEARANCE FUND.
that with regard to any commodity or commodities, the
existing rates do
According to the regulations governing the establishment
not afford the carriers proper compensation for the services
they perform
and the risk imposed upon them, it could hardly be denied
that the rates of the proposed gold fund at Washington,to be used to expeon such commodities might properly be increased in a
sufficient amount dite settlements between the Federal Reserve banks in transto properly compensate the carriers for their added risk
and liability. ferring
Where rates are lawful based upon declared values, the
moneys from one district to another, the fund will be
difference in rates
should be no more than that which fairly and reasonably
represents the created by the contribution of not less than $1,000,000 by
added insurance. It does not appear that this amendment
to the Act each of the twelve Reserve banks; in addition, each Federal
affords justification for any increase in rates on commoditie
s in general.
Reserve bank will be required to pay in an amount at least
As has been said the carrier may not lawfully impose
unreasonable rates
upon one commodity in order to compensate it for risk or
liabilities incurred equal to its net indebtedness due to all the Federal Reserve
in connection with the transportation of another commodity,
and it is not banks. The deposit is to be made
not later than May 24.
to be forgotten that the liabilities hero considered aro only
those for loss,
damage or injury to the property caused by a carrier or its
agents or em- As the net liabilities due to other Reserve banks amounted
ployees; in other words, the loss, damage or injury resulting
from the on May 8 to $10,139,000, it is pointed out that the fund at
neglects or omissions of a carrier or its agents.
the start will be in the neighborhood of $22,000,000. The
Tho Commission has been conducting an investigation with
bills of lading, entitled "In the Matter of Bills of Lading." regard to regulations regarding the fund were announced
by the
Further
hearings in that proceeding may be necessary in the light
of the Cumm ns Federal Reserve Board on the 11th inst. as follows:
MAY 15 1915.1
1645
THE CHRONICLE
FEDERAL RESERVE BOARD.
Washington, May 8 1915.
Clearings Between Federal Reserve Banks.
Statutory Provisions under Section 16.
"The Federal Reserve Board shall make and promulgate from time to
time regulations governing the transfer of funds and charges therefor among
Federal Reserve banks and their branches, and may at its discretion exercise
the functions of a clearing house for such Federal Reserve banks, or may
designate a Federal Reserve bank to exercise such functions, and may also
require such bank to exercise the functions of a clearing house for its
member banks."
General Provisions.
In the exorcise of the functions of the clearing house authorized under
the provisions of Section 16, quoted above, the Federal Reserve Board and
the Federal Reserve banks will be governed by and subject to the following
regulations and the Federal Reserve Board will be the custodian of the funds
hereinafter termed the Gold Settlement Fund. The Board will appoint a
settling agent, who shall keep the necessary records and accounts.
Deposits in the Gold Settlement Fund.
(a) Each Federal Reserve bank shall, not later than May 24 1915,
forward to the Treasury or the nearest Sub-Treasury, for credit to the
account of the gold settlement fund, $1,000,000 in gold, gold certificates,
or gold order certificates, and, in addition, an amount at least equal to its
net indebtedness due to all Federal Reserve banks.
(b) The Treasurer of the United States or Assistant Treasurer will, in
accordance with arrangements made with the Treasury Department, advise
the Federal Reserve Board, by mall or telegraph, of the receipt of all funds
deposited on account of the gold settlement fund, and the Treasurer
will issue and deliver to the Federal Reserve Board gold order certificates
made "payable to the order of the Federal Reserve Board" covering the
sums so deposited.
(c) Each Federal Reserve bank shall maintain a balance in the Gold
Settlement Fund of not less than $1,000,000.
(d) Excess balances may, at the convenience of each Federal Reserve
bank, remain deposited with the Gold Settlement Fund.
payable in gold or gold certificates. If the Treasury finds it necessary
to ship from one point to another in order to have the gold or gold certificates available at the Sub-Treasury to which such gold order certificates
are presented, the Federal Reserve Board will, for the account of the gold
settlement fund, refund any expense incurred by the Treasury in making
such shipments.
IX.
Reserve.
Each Federal Reserve bank shall count as a part of its legal reserve the
fund standing to the credit of its account on the books of the gold settlement fund.
x.
Expenses.
Cost of operation of and shipment of currency by the Gold Settlement Fund shall be apportioned by a semi-annual accounting among the
12 Federal Reserve banks on. basis to be hereafter determined by the Board
after consultation with the Federal Reserve banks.
XI.
Audit.
At least once in each three months an audit shall be made of the Gold
Settlement Fund by a representative of the Federal Reserve Board, and a
representative appointed by the Federal Reserve banks.
XII.
The Federal Reserve Board reserves the right to add to, alter, or
amend these regulations.
CHARLES S. HAMLIN,
Governor.
II. PARKER WILLIS,
Secretary.
HEARING IN RIGGS NATIONAL BANK SUIT AGAINST
TREASURY OFFICIALS POSTPONED.
A further postponement of the hearing in the proceedings
brought by the Riggs National Bank of Washington, D. C.,
against officials of the Treasury Department was granted
by Justice Walter I. McCoy in the Supreme Court of the
District of Columbia on Wednesday. On April 12 the bank
secured a temporary injunction restraining Secretary of the
Treasury McAdoo, Comptroller Williams and John Burke,
Treasurer of the United States,from paying into the Treasury
$5,000 due the bank as interest on $1,000,000 of Government
bonds deposited with the Comptroller against the institution's note circulation, the Government claiming the money
as penalty for failure of the bank to make certain special
reports called for by the Comptroller of the Currency.
April 16 was fixed as the date when the defendants would be
required to show cause why they should not be permanently
enjoined from interfering with the business of the bank; on
that date, however, an order was signed postponing the
hearing until May 12; on Wednesday, at the request of the
Government's attorneys, the hearing was allowed to go over
until Monday next. On the 10th inst. counsel for the
Government filed three motions in the Supreme Court of the
District to dismiss the injunction proceedings brought by the
bank; these three motions are identical, one being filed for
each of the defendants. The dismissal of the suit is asked
for on the ground of lack of jurisdiction; In moving for the
dismissal of the bill of complaint against Comptroller
Williams, the reasons therefor are set out as follows by the
Government attorneys:
IV.
Custody of Funds.
will be set apart for the exclusive use
vault
Treasury
safe
in
the
(a) A
of the Federal Reserve Board.
(b) To open the Treasury vault, the presence of two persons designated
by the Secretary of the Treasury is required. The combination of the safe
set apart for the use of the Board will be controlled by two persons designated by the Board.
(c) A vault record shall be kept, giving a memorandum of all entrances
to the safe, by whom made,for what purpose, and the certificates deposited
or withdrawn. Each entry on the vault record book shall be signed by
the persons having access to the safe.
V.
Accounts.
relations
with
other
its
Federal
Reserve banks each Federal Reserve
In
bank shall keep an account showing balances "due to" other Federal Reserve banks representing the proceeds of items which it has actually
collected and payments and transfers which have been made to it for the
account of such other Federal Reserve banks, and an account showing
balances "due from" other Federal Reserve banks representing the proceeds of items which It has sent to such other Federal Reserve banks and
payments and transfers which have been made to such other Federal
Reserve banks for its accounts.
VI.
Procedure.
(a) At the close of business each Wednesday night each Federal
Reserve bank shall telegraph to the Federal Reserve Board, confirming such
telegram by mail, the amounts in even thousands due to each other
Federal Reserve bank as of that date, as indicated by its "due to" account
provided for in Rule V. If Wednesday is a holiday in the State in which a
Federal Reserve bank is located, then such bank shall telegraph as herein
provided on Tuesday, at the close of business.
It is manifest upon the face of the bill of complaint that this defendant
(b) The settling agent shall, on each Thursday, make the proper debits has no individual interest in the controversy or suit, and that the relief
and credits in the accounts of each Federal Reserve bank with the Gold sought against him is in his official capacity only, as a representative of the
Settlement Fund, and shall telegraph to each bank the amounts, in even United States, which alone is to be affected by any decree herein against
thousands, of credits to its settlement account, giving the name of each this defendant, wherefore the said suit, as is manifest upon the face of the
Federal Reserve bank from which each of its credits was received and also bill of complaint, is essentially and substantially a suit against the United
its net debit or credit balance in the weekly settlement.
States, beyond the jurisdiction of the Court.
(c) Each Federal Reserve bank shall, on receipt of the telegram from the
It is manifest upon the face of the bill that the suit involves the property
settling agent, debit the "due to" Federal Reserve bank's accounts, and of the United States, is a suit against the United States, and the United
shall credit the Gold Settlement Fund; and shall credit the "due from" States is not made a party and cannot be made a party without its consent.
Federal Reserve banks' accounts and charge the Gold Settlement Fund.
It appears in and by the bill of complaint that the plaintiff has a plain,
The difference between the total debits and credits shall equal the net adequate and complete remedy at law, if it has any right, because any right
debit or credit to the Gold Settlement Fund, as advised in the telegram the plaintiff has as against this defendant, as set out in its bill of complaint,
from the settling agent.
is cognizable exclusively at law.
The plaintiff in and by its bill of complaint states no cause of action
VII.
cognizable in a court of equity.
Deficits.
complaint fails to state any cause of action against this defendant.
The
balance
of
any
bank
settlement
Reserve
Federal
debit
(a) Should the
be in excess of the amount of its credit in the Gold Settlement Fund,such in that he is not concerned with, and has no power, authority or jurisdiction
deficit must be immediately covered either by the deposit of gold, gold with respect to the doing of any of the acts sought to be enjoined:
(a) He has no power or jurisdiction with respect to the imposition or
certificates, or gold order certificates in the Treasury or nearest SubTreasury, or by credit operations with other Federal Reserve banks which assessment of the penalties under Sections 5211 and 5213 of the Revised
have an excess balance with the Gold Settlement Fund. Any delay in Statutes of the United States, against which relief is sought.
(b) He has no power or jurisdiction with respect to the approval of decovering such deficit shall be subject to such charge as the Federal Reserve
pository banks, or of reserve cities, all such acts being within the solo jurisBoard may impose.
(b) As required in III (c) of this regulation, each Federal Reserve bank diction and discretion of the Comptroller of the Currency.
It is manifest upon the face of the bill of complaint that the actions of
shall maintain a balance in the Gold Settlement Fund of not less than
$1,000,000. Should the credit balance of any Federal Reserve bank in this defendant sought to be enjoined are lodged by statute in his discretion,
such fund fall below $1,000,000, such bank shall restore its balance to that and the Court has no jurisdiction to review the exercise of his said discretion.
The action to enjoin this defendant from refusing to approve the plaintiff
amount in either manner indicated under VII (a) of this regulation on or
bank as a depositary for the funds of national banks is prematurely begun,
before Tuesday of the following week.
that it appears upon the face of the complaint that this defendant has not
in
VIII.
refused such approval and that he has not as yet exercised or been called
Excess Balances.
upon to exercise the discretion vested in him in that respect.
Any excess balance shall, on request either by telegraph or letter, of
In so far as the complaint seeks to enjoin this defendant from hereafter
the Federal Reserve bank to which it is due, be refunded by the return calling for special reports and against assessing the penalties upon the failure
to the Reserve bank of the gold order certificates held by the Gold Settlement to make such reports, ho cause of action is stated, in that It does not appear
Fund properly indorsed; or by the indorsement and delivery to the Treasurer that any further special reports have been, or are to be, called for, or that
of a like amount of such certificates for which he will give in exchange any penalties have been imposed or are threatened to be imposed with rebearer gold certificates, which the Federal Reserve Board may send by spect to such special reports.
registered mall, insured, to the banks, if they want funds other than gold
For want of indispensable parties defendant.
order certificates, or in lieu of such payment, the Treasurer may, by wire
On Wednesday,when further time was asked by the Govor mail, direct payment to be made by a Sub-Treasury office through the
medium of the general account, provided funds are held in such office ernment's attorneys, Samuel Untermyer stated that it is the
available for the purpose. Gold order certificates will, when presented at desire of the Government to argue the legal question along
the office of the Treasurer of the United States or any Sub-Treasury, bearing
the signatures of duly authorized officers of the Federal Reserve bank; be with the questions involved in the bill of particulars filed
THE CHRONICLE
1646
by the bank. Mr. Untermyer thought the Government's
argument might be concluded within two days; the attorney
for the bank, Joseph W. Bailey, considered a few hours
sufficient. Mr.Bailey also urged that, inasmuch as counsel
for the Treasury officials had interposed a motion to dismiss
the case, that motion should first be argued upon the question
of law before an opportunity is offered to develop the facts
in the case. Mr. Untermyer declared, however, that the
Government desired to dispose of the law and the facts at the
same time. This was finally agreed to and the hearing postponed.
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
The San Francisco Federal Reserve Bank was authorized
this week to reduce its discount rate on paper maturing in
thirty days and less from 4% to 3M%; the rate on paper
having maturities of over thirty days to sixty days remains
at4%; that on paper having maturities of over sixty to ninety
days continues at 4
while the 6% rate prevails on agricultural and live-stock paper over ninety days. The discount rates of all of the Reserve banks are as follows:
Federal Reserve
Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Maturities Maturities of Maturities of Agricultural
over 30 days over 60 days and live-stock
of
30 days and to 60 days, to 90 days, paper over
less.
inclusive.
inclusive.
90 days.
4
4
4
4
4%
4
4
4
4
4
4
3%
4
4
4
4 4%
4
4
4
4%
4
4
4
4%
4
4,
4,
4%
4
43
A
4%
5
45
4%
4%
-85
5
5
5
5
5
5
5%
5
6
PLANS WITH REGARD TO PAN-AMERICAN
CONFERENCE.
Details of the Pan-American Financial Conference to be
held in Washington from May 24 to 29 have been furnished
by John Barrett, Director-General of the Pan-American
Union. Mr. Barrett announces that, according to informal
tentative plans of the Secretary of the Treasury, William
G. McAdoo, the conference will be called to order at 10
o'clock on Monday, May 24, in the Hall:of the7Americas, of
the Pan-American Building. President Wilson will in person extend a welcome to the delegates andiresponses will possibly be made by representatives of the various-governments
participating. Immediately following this' meeting, the
President will probably receive the delegates formally at the
White House. The afternoon7of Monday will be devoted to
a general session of the conference, and in the evening a reception will be given in the Pan-American Building in honor
of the visiting foreign delegates. Tuesday, the 25th, will
be occupied with general discussion and the appointment of
necessary committees or sub-divisions of the Conference.
Wednesday, the 26th, and Thursday, the 27th, will be given
up largely to meetings of the committees or sub-divisions,
while Friday, the 28th, and Saturday, the 29th, will be devoted to general meetings and to action on the reports of the
various committees or sub-divisions. Saturday night the
Conference will be brought to a close by a banquet given in
the Hall of the Americas of the Pan-American Building by
the Secretary of the Treasury.
On Monday, the 31st, the delegates will start in a special
train, as guests of the Government, on a tour to several of
the principal cities arid points of interest in the country.
In the morning they will proceed to Annapolis to view the
Naval Academy, and in the afternoon to Baltimore, where
they will be entertained by the officials of the municipality
and the commercial organizations. Following dinner in
Baltimore, the party will proceed to Philadelphia, where they
will spend Tuesday, June 1, and part of Wednesday, June 2.
From Philadelphia the itinerary will be as follows: Pittsburgh,June 3 and 4; St. Louis, June 5 and part of 6; Chicago,
June 7 and 8; Detroit, June 9; Buffalo and Niagara Falls-,
June 10; Schenectady, June 11; Boston, June 12 and part of
13; New York, June 14 and 15. In each one of these cities
the delegates will be the guests of the municipalities and the
representative banking, finnacial and commercial organizations, and upon their arrival in New York they will be honored with some farewell function by the similar interests of
that great city. In New York the official courtesies of the
United States Government will be concluded.
In a few days it is expected that the Secretary of the Treasury will have prepared the actual program of questions which
will come before the Conference for consideration and action;
[VoL. 100.
but, basing informal conclusions upon the original statement
of the Secretary of the Treasury, which was issued at the
time of his call for the Conference, it is surmised that these
questions may be included under the following heads:
1. The improvement of banking, exchange, credit, discount and trade
facilities in inter-American financial and commercial relations.
2. The development of conditions favorable to the placing in the United
States of governmental, provincial and responsible private loans of LatinAmerican countries which were formerly placed almost entirely in Europe.
3. The betterment of first class passenger, mail and freight steamship
facilities between the principal ports of the United States and those of
Latin-American countries.
4. Such other matters as may be intimately associated with the three
just mentioned, or may be determined by the Conference itself.
On the 11th inst. Secretary McAdoo announced the names
of the bankers and business men of the United States whom
he has invited to attend the Conference. The following is
the list of New York bankers and business men to whom an
invitation has been extended:
A. H. Wiggin, A. B. Hepburn, Seth Low, William M. Barnum, Henry
P. Davison, Samuel W. Fairchild, H. R. Eldridge, Pliny Fisk, Elbert H.
Gary, Edmund D. Fisher, Joseph P. Grace, W. H. Nottingham, Fred.I.
Kent, Jacob H. Schiff, Mortimer L. Schiff, Prank A. Vanderlip, James
Speyer, W. C. Potter, James Maniato, J. Ruperti, Charles D. Norton,
James A. Farrell, Charles A. Coffin, Waldo H. Marshall, John R. Morron,
John D. Ryan, Daniel Guggenheim,J.Louis Schaefer, Samuel McRoberts,
S. L. Schoenmaker, Charles M. Schwab, E. A. De Lima, William Loeb,
Jr., James R. Moss, Elisha P. Cronkhite, E. M. Herr, Geo. P. Schmidt,
Percival Thomas, C. D. Thomas, W. L. Saunders, Lewis E. Pierson,
Willard Straight, E. 0. Lufkin, Max May, Eugenics H. Outerbridge,
E. C. Hoyt, J. G. White, Samuel L. Hopkins, Frederick Lago, James
Brown.A.G.Paine Jr., Frederick H.Eaton, Bernard M.Baruch.
FRANK A. VANDERLIP ON PAN-AMERICAN
FINANCE AND TRADE RELATIONS.
The delegates sent by the countries of Central and South
America to represent them at the Pan-American Financial
Conference in Washington on the 24th were guests of the
Members' Council of the Merchants' Association of New
York at its luncheon on Thursday at the Hotel Astor. "PanAmerican Finance and Trade Relations" formed the subject
of discussion at the luncheon, the speakers of the occasion
being Frank A. Vanderlip, President of the National City
Bank; George McAneny, Acting Mayor of New York;
Dudley Field Malone, Collector of the Port; Samuel Hale
Pearson, Director of the Banco de la Nacion Argentina, and
William A. Marble, President of the Merchants' Association.
In addressing the gathering, Mr. Vanderlip said in part:
There is an aspect to this gathering which is extraordinarily significant.
It is impossible that one could be otherwise than profoundly impressed with
that fact. Here we are in the presence of the financial and commercial
representatives of half the world. The merchants of the greatest metropolis
of this hemisphere have come together to welcome all these distinguished
delegates who are soon to assemble at the capital, and who are to take part
in a conference the object of Which is to promote closer, friendlier relationships between all the independent sovereign States of the two Americas.
Under any ordinary conditions in the World's affairs such a gathering
would be noteworthy, but ordinary conditions do not exist in the world's
affairs. Instead we are facing the most extraordinary conditions that have
prevailed in modern times. The especially significant aspect of this occasion seems to me, therefore, to lie in the fact that while half the civilized
World is in the death grip of the most gigantic combat in all history, these
representative men are coming together for sympathetic, friendly, sober
conference, the object of which is closer national relationships. They are
coming together that there may be a better understanding between their
countries; they are coming together with the hope that that better understanding will lead to a reciprocal interest in the commercial affairs of those
countries which shall be of mutual advantage in the life of their peoples.
While we were discussing such phases, would not every ono of us know
that there deep and fundamental forces working in the world to-day that
may make playthings of our little plans? Are not all precedents being
shattered; is it not every day being made more certain that we may never,
or, at least, not readily, return to the condition of the civilization and
international life that we have heretofore known? Is it not becoming
terribly evident that we have to deal with great primal influences, affecting
national life, and that the working of these influences, novel and incalculable to most of us, and distant•though they may seem, is of fundamental
importance to every nation and every citizen of this hemisphere?
Nothing can so fully develop and cement international understandings
and friendships as a true appreciation of national ideals. Our guests are
offered a rare, indeed, a unique, opportunity at the present time for reaching a true understanding of the spirit of the people of the United States.
I want to say to you representatives of the other nations of this hemisphere
that you have come to us at a time that offers you an opportunity to obtain
an almost flashlight revelation of our national character. The soul and
conscience of the nation are being laid bare. You may in these days learn
more of our true national character than you could ever have had an opportunity to learn before. You will be able to judge with what strength and
uprightness; with what forbearance and conservativeness, we stand in defense of our principles and our national honor. You will be able to learn
what sort of fibre we have for such responsibilities and duties as are ours for
guarding the peace of this hemisphere.
If our national course in the trying circumstances in which we find ourselves placed reveals to you and to your peoples that our national ideals
are in accordance with your national ideals; if our action is such that you
are convinced that we are a nation without dangerous ambitions; if you find
that as a people we see clear-eyed what is right and just and honorable in
International relations and have calmly apprehended what our course should
be, and then find that we have the firmness of purpose and the courage for
sacrifice, if necessary, to demand effectively that, in return, any other
nation with which we maintain relations shall follow a course that is also
right and just and honorable, I believe you will then have had such a revelation of our national character that there will follow true and permanent
national friendships. If this revelation of character is such as I believe it
will be, it will give to you an understanding of our ideals and an appreciation
THE CHRONICLE
Ai AN 15 1915.]
of our moralfibre that will bring a unity of sentiment in these two continents
more important to civilization than all the trade relationships that we may
ever hope to build.
IDLE CARS DECREASED IN APRIL.
The showing of idle cars on May 1 made public by the
American Railway Association on May 10, indicates that the
surplus decreased to the extent of 36,622 cars during April,
the number of idle cars on the 1st inst. being reported at
290,819,as compared with 327,441 on April 1. Nevertheless,
even after the reduction the number of idle cars on the 1st
of May was 60,286 greater than the extraordinarily large
total on the corresponding date a year ago. The statistics,
as presented by the Association, are as follows:
THE AMERICAN RAILWAY ASSOCIATION.
Committee on Relations between Railroads.
New York, May 10 1915.
Committee
presents herewith Statistical Statement No. 4, giving
The
a summary of freight car surpluses and shortages for May 1st 1915, with
comparisons.
Total Surplus.
May 1 1915
290,819
April 1 1915
327,441
May 1 1914
230,533
• The surplus for April 1st 1915, shown above includes figures reported
since the issue of Statistical Statement No. 3.
The decreases in surplus under April 1st 1915 are chiefly in Groups 2, 3
and 4 (East and Central East), except box cars. There is an increase in
the surplus of box cars chiefly in Group 9 (Central South) and Group 11
(Canada.)
Total Shortage.
May 1 1915
1,192
April 1 1915
357
May 1 1914
1,654
The figures by classes of cars follow
Classes—
Surplus.
Shortage.
Bok
100,751
288
Flat
16,669
134
Coal and Gondola
119,545
130
Other
g.
53,854
640
_
290,819
1,192
ARTHUR HALE. Chairman.
1647
Ninth—In view of the changing conditions in this country shottal not the
date of interest be fixed at the time of issue of any series of said mortgages?
Tenth—Should the duties of the trustees be enlarged and their responsibilities be increased?
At the annual meeting of the New York Stock Exchange
on the 10th inst. H. G. S. Noble was re-elected President
and Charles M. Newcombe, heretofore Vice-President, was
chosen Treasurer to succeed Henry C. Swords. There was
no opposition this year to the regular ticket. Others
elected on the ticket with Messrs. Noble and Newcombe
were : Governing Committee, to serve for four years, William
Gibson Borland, S. L. Cromwell, Bayard Dominick Jr.,
Albert R. Fish, Ernest Groesbeck, W. Strother Jones,
Albert H. Marckwald, Newton E. Stout, Arthur Turnbull
and Willis D. Wood; member of the committee to serve for
two years,Louis E.Hatzfeld; a trustee of the Gratuity Fund,
to serve for five years;Ernest Groesbeck. At the organization meeting of.the Governing Committee on the 11th inst.,
President Noble appointed Winthrop Burr, Vice-President,
to succeed Mr. Newcombe. The Governors of the Exchange
adopted a resolution on Wednesday commending the successful and admirable administration by President Noble during
the past year. The resolution reads as follows :
At the close of a year's most successful and admirable administration by
Henry G. S. Noble, President of the New York Stock Exchange, under the
most alarming and exacting conditions, With business transactions suspended for five months, with the whole world in chaos and disorder and a
quiet and orderly settlement of our affairs effected through the firm and
masterly grasp of the situation, be it:
Resolved, That the Governing Cornmittee Place upon the records its
unbounded confidence in, its admiration and affection for Mr. Noble, its
great appreciation of his distinguished service and executive career, which
have brought the highest honors to himself and the greatest credit to the
Now York Stock Exchange.
Charles Olney, Vice-President of the Bank of New York,
N. B. A., celebrated the fiftieth anniversary of his connection with that institution on the 6th inst. Mr. Olney
worked his way up to his present position by successive
BANKING, LEGISLATIVETAND FINANCIAL NEWS.
stages, having been Assistant Cashier, Cashier and Secretary
The public sales of bank stocks this week were limited to of the bank prior to his appointment as Vice-President. A
the sale at auction of six shares. Two shares of trust com- loving cup was presented to him by the directors in company stock were also sold.
memoration of his long service; the officers also remembered
Shares. BANKS—New York.
Low. High. Close. Last previous sale.
him
with a gift and a dinner was given in his honor.
Exchange
Bank
310
310
310
3 Corn
April 1915— 312%
3 N. Y.Produce Exchange Bank_ 160
TRUST COMPANY—New York.
2 Lawyers' Title & Trust
119
160
160
Aug. 1912— 170%
119
119
April 1915— 112
J. P. Morgan, who sailed from Europe on March 18, arrived home last Sunday on the St. Louis of the American
Line. Mr. Morgan was at his office on Monday but declined to discuss the question of foreign financing. He said:
I cannot discuss the Russian credit subject, the French loan, the British
loan in America nor anything pertaining to European governmental financial matters, nor can I speak about war supply orders. These arc subjects
upon which I must remain silent.
At a meeting of the Board of Governors of the Investment
Bankers' Association of America, held at White Sulphur
Springs, W. Va., yesterday, with A. B. Leach in the chair,
the report of the committee of taxation was presented by
Warren S. Hayden of Cleveland, giving a resume of recent
activities in this question in Maine, New Hampshire, Massachusetts, Connecticut, Rhode Island, New York, Ohio,
Illinois and Virginia. It was decided to have the subject
of this report given further consideration and to be brought
up for further discussion at the annual meeting to be held
at Denver in September this year.
The committee on railroad bonds and equipment trusts,
of which Lewis B. Franklin, Vice-President of the Guaranty
Trust Co. of New York, is Chairman, presented a report
with the following suggestions, which were approved by the
Board, as a subject of further study with the idea of providing additional safeguards:
First—Should railroad bonds be protected by sinking funds, and to
what extent?
Second—Amount of bonds to be issued to cover now properties.
Third—Should railroad refunding bonds be Issued to cover up maturing
equipment obligations? If so, how can the value of equipment be main..
tamed throughout the life of a long-time bond?
Fourth—Is it economically sound to issue bonds on railroad property
running for 100 years when the:usefulness of the pt operty at that date cannot
be determined?
IEFifth—Should the!e be a provision in railroad mortgages providing for a
definite amount of percentages to be spent for the maintenance of the
property covered?
Sixth—What provision'should be given the issuance of bonds for refunding
maturing issues, particularly regarding bonds allowed to cover discount?
Seventh—Should not future railroad mortgages be issued without a
fixed limit as to tho amount of bonds which can be Issued and protection
provided by stringent regulations as to future issues?
Eighth—Should not more stringent regulations be provided in future
mortgages as to bonds available for the purchase of stocks and bonds of
companies owning railroads?
The directors of the FirstiNational Bank of this city have
chosen Charles D. Backus, heretofore Cashier, and Francis
D. Bartow, formerly Assistant Cashier, Vice-Presidents of
the bank. Samuel A. Welldon has been promoted from the
office of Assistant Cashier to the Cashiership and Joseph S.
Maxwell and Stephen L. Searles have been appointed
Assistant Cashiers.
On May 1 the Mechanics & Metals National Bank of this
city, Gates W.tMcGarrah, President, recorded the largest
line of deposits ever reported by it in response to any bank
call. The'amount totaled $127,778,067, of which $75,124,
813 were individual and $52,653,253 bank deposits. On the
same date the institution had surplus and undivided profits
of $9,251,285 in addition to capital of $6,000,000 and aggregate resources of $148,986,294. The amount of cash and
due from banks alone was $41,901,736. The Vice-Presidents
are: Nicholas F. Palmer, Frank 0. Roe, Walter F. Albertsen, Harry H. Pond and Samuel S. Campbell. Joseph S.
House is Cashier.
A special meeting of the-stockholders of the Morris Plan
Co. of New York has been called for the 28th inst. to vote
on a proposition to increase the capital stock from $100,000
to $1,000,000. As previously mentioned in these columns,
the institution began business on Dec. 31 last.
At the meeting of the New Jersey Savings Bank Association to be held at Somerville, N. J., on the 19th inst. an
address will be delivered by Robert R. Reed of Caldwell,
Masslich & Reed on "Necessary Safeguards for Municipal
Borrowing."
James R. Watt has been elected a director of the Albany
Trust Co. of Albany, N. Y., succeeding Clifford S. Sims,
resigned. Mr. Watt is President of the Common Council,
a director in the West End Savings & Loan Association and
President of the United Construction Co:
Steps have been taken looking to the merger of the Commercial National Bank of Syracuse, N. Y., with the First
National Bank of that city. According to the plan now
.1648
THE CHRONICLE
under consideration, the First National is to take over the
business of the Commercial National. The presidents of
both institutions have been authorized by the directors to
appoint committees to consider the proposal. The Commercial
National Bank has a capital stock of $500,000, surplus and
profits of over $300,000, and deposits of $2,952,779 May 1.
The prospective enlargement of the First National is made
possible by the added facilities provided in the bank's new
home at South Warren and East Washington streets, which
was opened for public inspection on the 8th inst. The bank
started business in its new quarters on the 10th inst. The
first two floors of the new building, which is of light gray
granite, having a tooled surface on a base course of polished
granite, are occupied by the bank. Including rooms in the
basement, the vaults, &c., it is reported that approximately
23,000 square feet of floor space are to be devoted to the uses
of the bank. The officers of the First National are Charles
W. Snow, Chairman of the Board; Alfred W. Hudson,
President; Albert P. Fowler and Edward S. Tifft, Vice..
Presidents; Louis S. Brady, Cashier; and George A. Cholet
and William A. Boyd, Assistant Cashiers. The bank has
a capital stock of $1,000,000, surplus and profits of over
$700,000, and deposits (March 4) of $6,408,470.
[VOL. 100.
he retired from the bank's board last November. Mr.
Brooke was in his fortieth year.
A plan to stimulate and reward efficiency in the working
force of the Corn Exchange National Bank of Philadelphia
has been announced by President Charles S. Calwell. It
has been customary in the past for the bank to give a small
Christmas bonus to each employee. This plan will be
dropped, and, as a substitute, the directors have set aside
$10,000 as an efficiency fund to be divided among the employees of the bank, excepting officers, on Dec. 31 1915.
Payments will be made in the form of extra salaries, not based
on present salaries but entirely for efficiency in handling
the details of the bank's business. A committee of the board,
which will distribute the fund, acting with the officers of
the bank, plans in a general way to make distribution on
the following basis: General efficiency, 40 points; attendance
and promptness, 10; courtesy, 10; speed and accuracy, 15;
suggestions for improvement in systems and saving of expense, 10;improvement in personal work,5; new business, 10;
total, 100. Monthly averages will be made and a close record kept of all these details.
The board of directors of the City Bank of Syracuse,
N. Y., have decided to increase the capital stock of the
institution from $200,000 to $500,000. The additional
stock is to be sold at not less than the actual book
value of the capital stock as determined by a'certificate
of a majority of the Executive Committee. A meeting
of the stockholders of the institution will be held on
the 26th inst. to ratify the proposed increase in capital.
Evans S.Kellogg,Cashier and Second Vice-President of the
bank has retired from the former position, but will continue
to act as Second Vice-President. Arthur N. Ellis, First
Vice-President, has assumed the additional duties of Cashier.
C. Harry Sanford Jr., who has been the bank's chief clerk,
has been promoted to the position of Assistant Cashier.
The directors have also decided to consider plans for enlarging
the bank's quarters. The City Bank, which was incorporated in November 1909, in its statement on March 19
showed surplus and undivided profits of $70,126 and deposits of $2,516,476.
The name of the Union Trust Co. of Hartford, Conn.,
has been changed to the Travelers Bank & Trust Co. S. C.
Dunham is President of the cqmpany and is assisted in the
management by Charles L. Spencer, Vice-President; Martin
Welles, Secretary and Treasurer and R. C. Dickenson, Trust
Officer.
The National Shawmut Bank of Boston is rapidly forging
to the front as one of America's largest and strongest banking
institutions. The call of May 1 1915 shows the bank to have
aggregate resources of $120,394,517 as against $108,005,735
on March 4 1915. Deposits during the two months period
advanced from $85,565,916 to $97,803,036, the gain thus
amounting to over twelve million of dollars. The Shawmut,
of which William A. Gaston is President and Benjamin Joy
Vice-President and Cashier, has a capital of $10,000,000
and surplus and profit of $7,600,000.
C. F. Schaefer, formerly Cashier of the old United States
National Bank of Pittsburgh, pleaded guilty on the 3d inst.
to the fifth of the thirty-one counts of an indictment against
him charging embezzlement, misapplication of funds, false
entry in the books of the bank and in reports to the Comptroller of the Currency, and with abstraction. The count to
which he pleaded guilty charges misapplication through his
dealings with the Midway National Bank. Schaefer will
be sentenced on June 26. As previously stated in these
columns, the United States National was merged with the
Diamond National Bank on Sept. 2 1914. Schaefer resigned as Cashier of the former institution in July 1912.
William Keyser, Jr., has been elected a director of the
Fidelity Trust Co. of Baltimore to fill a vacancy. He is
the son of the late William Keyser, who was for years the
head of the Baltimore Copper Smelting & Refining Co., and
a Vice-President of the Baltimore & Ohio RR.
A new national bank is being organized in Chicago to be
known as the Atlas Exchange National Bank. The new institution, which is to have a capital of $200,000 and surplus
of $30,000, will open about June 1 at the corner of Harrison
and Halstead streets and Blue Island Avenue. It is reported that the capital stock, which is being sold at $115 a
share, has practically all been subscribed. Daniel M.Healy,
who was receiver for the Bank of America, which failed in
February 1906, is the organizer of the new bank and will be
its President. The territory to be served by the new bank
has a large Greek population and as a consequence the institution will have a Greek Cashier and several Greek directors.
The First National Bank of Omaha, Neb., is to have a
new location at the corner of Sixteenth and Farnam streets
in a twelve-story building which is to be built by the Union
Securities Co. This company, which is composed largely
of stockholders of the First National, has purchased the
stock of the Board of Trade Co., the owners of the property,
The Philadelphia National Bank of Philadelphia sustained on the corner of Sixteenth and Farnam streets. Both the
a severe loss the past week when Harry J. Keser, its most First National Bank and the First Trust Co. will occupy
popular and highly efficient Vice-President, met death upon the second floor of the proposed building.
the ill-fated S.S. Lustania. His loss is keenly felt, not
The annual convention of the North Carolina Bankers'
alone by the bank, but by the host of friends he had in
Philadelphia and by the banking fraternity at large. Mr. Association will be held at Wrightsville Beach, N. C., on
Keser became associated with the institution when a young June 17, 18 and 19 According to present plans, the meetman, having commenced as a junior clerk 27 years ago. ing will be concluded on Saturday morning the 19th, and in
By great diligence and strict attention to business, he ad- the afternoon the delegates will board a special Clyde line
vanced, step by step, until at his death he was senior Vice- steamer from Wilmington, N. C., for Now York City, where
President. It is understood Mr. Keser's trip abroad at those whose business affairs will permit it will spend a week,
this time was mainly for business reasons, although he had returning by steamer the following Sunday. As previously
expected the trip would be somewhat of a rest. Mrs. Keser mentioned in these columns, the ocean voyage is a new featalso perished. They leave one son, a young man of eighteen ure in connection with the North Carolina Bankers' Convention, although similar trips have been taken by members of
years.
both the South Carolina and Texas Bankers' Associations.
G. Clymer Brooke, formerly a partner in Drexel & Co. of
A new bank has been organized in Norfolk, Va., with a
Philadelphia, died on the 7th inst. Mr. Brooke had retired
as a member of Drexel & Co. on January 1 because of ill capital stock of $50,000, the institution to be known as the
health. He joined the firm on December 5 1909 and prior Church Street Bank. It is reported that the new bank will
to that time had been a partner in the firm of George S. open for business on July 1 and will be located at Church
Fox & Son of Philadelphia. Mr. Brooke had also been a and Freemason streets, where a new building is being condirector of the Central National Bank of Philadelphia; structed for its use. The officers of the bank are Ben
MAY 15 1015.]
1649
THE CHRONICLE
Margolious, President; Nathan Metzger, Cashier; and
George W. Truitt Jr. of Suffolk, Vice-President.
The consolidation of the State Bank of Florida at Jacksonville with the Atlantic National Bank of that city was consummated on the 8th inst., the assets and business of the
State bank having been taken over by the Atlantic National.
,000,000
The enlarged institution has deposits of over
and is one of the strongest financial institutions in the South.
The details of the purchase and consolidation have not been
made public. The Atlantic National Bank, which was
organized in August 1903, with a capital of $350,000,
its statement on May 1 a capital stock paid-in
showed
of $350,000, surplus of $650,000, undivided profits of $247,460 and deposits of $7,128,052. As previously mentioned
in these columns, this institution took over the business of
the Fourth National Bank on December 29 1913. The
latest statement (May 1) of the State Bank of Florida
showed capital amounting to $72,200, surplus and undivided profits of $73,939 and deposits of $964,283. At a
meeting of the directors of the Atlantic National on the 8th
inst., E. J. L'Engle and W. C. Croon were elected directors.
Mr. Croon and D. D. Upchurch, heretofore Cashier of the
bank, were chosen Vice-Presidents and D. K. Catherwood,
Assistant Cashier, was elected to succeed Mr. Upchurch as
Cashier,
A shipment of 690,000 ozs. has been made from San Francisco to Hongkong.
Quotations for bar silver per ounce standard:
5%
Bank rats
No
cashi
April 23.._23%
quotation Bar gold, per oz. standard_ _77s. 9d.
"
April 24.233
. French gold coin, per oz_ _ _Nominal
fixed
April 26...23 15-16 "
U. S. A. gold coin, per oz_ _Nominal
for
April 27_23 13-16 "
forward
April 28_ _23 N
"J
J
delivery.
"
April 29_ -23%
Av.for week 23.875
The quotation for cash delivery is I-16d. above that fixed a week ago.
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Monday, May. 10,
issued its regular monthly statement showing the unfilled
orders on the books of the subsidiary corporations at the
close of April. From this statement it appears that the
aggregate of unfilled orders on April 30 was 4,162,244 tons,
recording a decrease of 93,505 tons from last month, when
the amount of outstanding orders was 4,255,749 tons. In the
following we give the comparisons with previous months:
Tons.
Tons.
Apr. 30 1915...4,162,244 Sept. 30 1913...5,003,785 Jan. 31
Mar. 31 1915-4,255,749 keg. 31 1913...8.223.468 Dec. 31
Feb 28 1915_4,345,371 July 31 1913_5,399,356 Mov, 30
Jan. 31 1915.-4,248,571 June 30 1913-.5.807.317 Oct. 31
Dec. 31 1914...3,836,643 May 31 1913...6.324,322 Sept. 30
Nov. 30 1914-3,324,592 April 30 W13_6.978.762 Aug. 31
()et. 31 1914_3,461,097 Mar. 31 1913-.7,468,956 July 31
Sept. 30 M4-.3.787.667 Feb. 28 1913_7,656,7l4 June 30
Aug. 31 1914...4,213.331 Ian. 31 1913_7,827.368 May 31
July 31 1914_4,158,589 Dec 31 1912_7.932.164 April 30
June 30 1914_4,032,857 Nov. 30 1912___7,852.883 Mar. 31
May 31 1914...3,998,160 Oct. 31 1912_7,594,381 Feb. 28
Apr. 30 1914_4,277,068 Sept. 30 1912_6,551,507 Jan. 31
Mar. 31 1914_4,653,825 Aug. 31 1912_6,163,375 Dec. 31
Feb. 28 1914...A.026,440 July 31 1912_5,957,079 Nov. 30
Jan. 31 1914_4,613,680 June 30 1912_5,807,346 Oct. 31
Dec. 31 1913_4,282,108. May 31 1912_5,750,983 Sept. 30
Nov. 30 1913_4,396,347 April 30 1912...5,664,885 Aug. 31
Oct. 31 1913-4,513,767 Mar. 31 1912_5,304.841 July 31
Feb. 29 1912..__5,454,200
Tons.
1912...5.379,721
1911_5,084,761
1911_4.141.955
1911-3,694,328
1911_3.611.317
1911_3,695.985
1911-3.584,085
1911_3,361,058
1911_3,113,187
1911_3,218,704
1911_3,447.301
1911...3,400,543
1911_3,110,919
1910_2,674,750
1910...2,760,413
1910...2,871,949
1910-3,158,106
1910-3,537,128
1910_3,970,931
A proposition to increase the capital stock of the California
Savings Bank of Los Angeles from $300,000 to $500,000
Prior to July 31 1910, reports of unfilled orders were issued
will be voted upon by the stockholders at a special meeting only quarterly. In the following we show the totals at the
additional
the
that
understood
is
It
to be held on June 22.
end of each quarter or period for which the figures were made
shares will be sold at par-$100.
public, back to the organization of the Steel Company.
A new savings bank is to be established in Sacramento,
Calif., under the name of the Farmers & Merchants Savings
Bank. The now institution has been incorporated with a
capital of $500,000, of which, it is reported, $300,000 has
been subscribed. The directors are Solomon Runyon,
James M. Stevenson, B. U. Steinman, Jas. McNasser,
Edwin K. Alsip, W. E. Terry and C. H. Cummings.
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 29 1915:
GOLD.
Again the movements of gold at the Bank of England show a gain on
balance.
Receipts were announced as follows:
April 24-L6,000 in bar gold.
April 28-£676,000 in bar gold.
Withdrawals were made as under:
April 24-£25,000 in sovereigns set aside for account of Argentina.
April 28-£175,000 in sovereigns set aside on miscellaneous account.
During the week the net increase was £482,000.
The Rhodesian gold output for March 1915 is £299,686, as compared
with £286,789 in February 1915 and £273,236 in March 1914.
SILVER.
The tone continues good. This is owing chiefly to the lessened amount
of arrivals from abroad.
In these times it is almost to the United States alone that the market
has to look for fresh supplies, and the volume of imports via America suffers considerably from the diminution of consignments from Mexico.
Since the outbreak of war, on account of various reasons, the power of
the Continent to fill the proportion of its requirements provided from local
output has been greatly lessened, and as a consequence, the pressure of
Continental demand upon this market, when it arises, is more concentrated
and therefore felt to a greater degree.
An element of uncertainty is introduced by the fact that over a million
sterling of silver is held here on China account, and at any opportunity
deemed favorable for such an operation, China is prepared to unload a
portion of its holding, possibly to be replaced later on.
This has been experienced during the week, for, owing to the firm tendency, the price rose to 234d. on the 23d inst., and again to 23 15-16d. on
the 26th, and there seemed a fair prospect of further improvement, when
China suddenly offered freely, and the quotation fell sharply to 23 13-16d.
on the 27th inst. Next day a recovery took place to 23%d. on the pressure
being released.
Under date of April 1 the Indian mail brought the information that about
£50,000 had been sold by China to Bombay and shipped there direct.
Appended will be found Bombay imports and exports of gold and silver
from Jan. 1 to March 25, the value of which is expressed in rupees:
IMPORTS.
EXPORTS.
1914.
1915.
1915.
1914.
Gold bullion.1,04,59,509 2,77,62,970 Gold bullion. 2,97,000 76,74,866
Sovereigns 1,68,750
97,500
Sovereigns 43,09,090 3,87,05,587
0th. coins.
3,39,400
62.290
30,600
Oth. coins. 2,33,219
6,022
Silver buln_2,10,19,215 1,72,94,522 Silver bul'n_
Dollars..__
3
4-,1'7'7
98,083
Dollars..__
Rupees_ _ _
5,15,000
9,19-,I813
Rupees_ _ _ 16,24,481 31,46,496
0th.
coins.
18,600
1.593
4,173
0th. coins.
An Indian Currency Return for the 22d inst. gives details as follows,
in lacs of rupees:
Notes in circulation--------------------------------------------60,23
30,91
Reserve in silver coin
7,67
Gold coin and bullion
7,65
Gold in England
The stock in Bombay consists of 5,700 bars, compared with 6,000 last
week.
Tons.
Tons.
Tons.
June 30 1910_4,257,794 June 30 1907...'7,603,878 June 30 1904_4'3,192,277
Mar. 31 1910_5,402,514 Mar. 31 1907_4'8,043,858 Mar. 31 1904_ 4'4,136,961
Dec. 31 1909_5,927.031 Dec. 31 1906_4'8,489,718 Dec. 31 1903_ 4'3,215,123
Sept. 30 1909._4,796,833 Sept. 30 1906__*7,936.884 Sept. 30 1903__*3,728,742
June 30 1909___4,057,939 June 30 1906.....6,809,589 June 30 1903....'4,666.578
Mar. 31 1909___3,542,595 Mar. 31 1906_*7.018,712 Mar. 31 1903_ 4'5,410,719
Dec. 31 1908_3,603,527 Dec. 31 1905_4'7,605,086 Dec. 31 1902_4'5,347,253
Sept. 30 1908_3,421.977 Sept. 30 1905...5,865,377 Sept. 30 1902_04,843,007
June 30 1908___3,313,876 June 30 1905__*4,829,655 June 30 1902__ 44,791,993
Mar. 31 1908_3,765,343 Mar. 31 1905_4'5.597,580 Dec. 31 1901_*4,497,749
Dec. 31 1907....4,624.553 Dec. 31 1904...4,696.203 Nov. 1 1901__•2,831,692
Sept. 30 1907_•6,425,008 Sept. 30 1904_4'3,027,436
•The figures prior to Dec. 31 1907 are on the old basis. Under the present
method only orders received from sources outside of the company's own interest
are shown. The amount as of Sept. 30 1904, shown above as 3,027,436 tone, the
former basis, would, it is stated. be 2334.736 tons on that now emDlOYed.
Commercial andMiscellantonsALMS
Canadian Bank Clearings.-The clearings for the week
ending May 8 at Canadian cities, in comparison with the
same week in 1914, show a decrease in the aggregate of
15.6%.
Week ending May 8.
Clearings at1915.
CanadaMontreal •
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Calgary
Hamilton
Victoria
St. John
Halifax
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
Peterborough
Total Canada
1914.
Inc. or
Dec.
1913.
%
S
55,911,520 58,767,958 -4.9 58,431,20
37,000,000 44,310,572 -16.5 43,938,540
28,981,753 36,829,493 -21.3 34,618,756
5,114,745 9,783,931 -47.7 12,623,545
5,404,060 5,204,961 +3.8 4,520,419
3,405,404 3,689,446 -1.7 3,969,632
3,578,123 3,887,353 -7.9 4,.66,868
2,901,493 3,393,878 -14.5 3,282,914
1,578,945 2,817,328 -44.0 3,700,680
1,819,361 1,723,444 +5.6 1,815,591
1,939,913 2,278,87/ -14.9 2,670,653
1,917,338 2,166,654 -11.5 1,935,087
2,0(.5,b36 3,626,084 -44.7 4,062,844
1,957,370 1,P38,195 +1.0 2,343,840
447,349
568,645
514,285 -13.0
562,444
371,657
488,913 -23.9
820,049 1,426,376 -42.5 2,181,783
748,189 -27.9
539,827
686,930
665,027 1,005,967 -32.8 1,288,175
551,363
974,717 -43.4 1,012,617
294,815
518,494 -43.2
686,489
194,805
466,285 -58.4
750,627
368,838 Not include d in tot al
1912.
56,404,041
45,581,209
30,076,084
13,188,819
6,021,203
3,298,497
5,760,280
2,962,150
3,337,052
1,796,601
1,908,1b5
1,930,568
3,876,293
2,029,522
647,318
693,950
2,564,879
581,130
1,303,502
1,271,717
157,400,043 186,561,450 -15.6 190,218,282 185,832,890
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO CONVERT APPROVED APRIL 26.
The Bank of Rosedale, Miss., into "The First National Bank of Rosedale." Capital, $25,000.
CHARTERS ISSUED APRIL 28 TO MAY 4.
10,729-The First National Bank of Rembrandt, Iowa. Capital, $25,000.
E. M. Duroe, Pres.; H. C. Berger, Cashier. (Succeeds the Rembrandt Savings Bank, Rembrandt, Iowa)
10,730-The First National Bank of Hayden, Colo. Capital, $25,000.
J. C. Temple, Pres.; Leslie Kinsey, Cashier. (Succeeds the Bank
of Hayden.)
10,731-The First National Bank of Yreka, Cal. Capital, $50,000.
B. K. Collier, President; Roger Sherman, Cashier.
10,732-The National City Bank of Mobile, Ala. Capital, $750.000.
E. J. Buck, President; A. C. Tonsmeire, Cashier. (Conversion
of the City Bank & Trust Co. of Mobile, Ala.)
10,733-The First National Bank of Nelson, Wis. Capital, $25,000.
G. Nold,President; E. Giebel. Cashier. (Conversion of the Farmers' State Bank of Nelson, Wis.)
10,734-The Citizens' National Bank of Hendersonville, N. 0. Capital;
550,000. E. W. Ewbank, President; C. S. Fulibright, Cashier.
(Succeeds the People's National Bank of Hendersonville, N. C.,
and the Citizens' Bank of Hendersonville, N. C.)
1650
THE CHRONICLE
VOLUNTARY LIQUIDATION.
4,078—The Farmers' National Bank of Pawnee City, Neb., April 5 1915.
Pi
Liquidating agent: Farmers' State Bank of Pawnee City, Neb.
7,765—The State National Bank of Jennings, La., at close of business
April 30 1915. Liquidating committee* The board of directors
of the National Bank. Succeeded by the State Bank & Trust
Company of Jennings.
EXPIRATION OF CORPORATE EXISTENCE.
2,271—The Bloomsbury National Bank, Bloomsbury, N. J. Expired by
limitation at close of business April 27 1915.
R` 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:
g By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Per cent.
438 Sevilla Lumber Co.,Inc.,corn.,
$810 lot
6 'United Gas & Elec. Co. of New
Jersey, preferred
77
2 Lawyers' Title Ins.& Trust_..119
2 German-Amer. Ins Co
509
8 U. S. Life Ins., $30 each.$31 per sh.
3 Niagara Falls Power Co
14036
66 Amer. Lt. & Tr. Co., corn......330
2 H udson Co. Nat. Bank, J. C..355
2 I fret Nat. Bank, J. C
326
3 N. Y. Prod.!Exch. Bank
160
5 Berkeley Lyceum Assoc., Ltd.,
$83.45 paid in liquidation
$3 lot
20 Cedarhurst Co., 898 Cedar-1
hurst Co.scrpt,9 Ocean Cause-1 $5
way of Lawrence, L. I., S50 ea_ I let
40 Ifercules Iron & Supply Co_ _$14 lot
51 Cornnig, Light & Pow. Corp.__ 40%
10 Hall Switch Sr Signal Co.Corn.
$3 per sh.
15 N. Y. Realty Owners, Inc.,
$7 lot
$10 each
310
3 Corn Exchange Bank
25 New Yorker Staats-Zeitung,
$12,500 tot
Per cent.
Bonds.
$2,000 N. J. Steamboat Co. cons.
77
5s, 1921, M.& N
$9,000 Niagara Falls Power Co. ref.
104%
Ors, 1932, A. & 0
$5,000 N. Y. City water main 3s,
1920, M.& N
923
Per Cent.
Bonds.
$2,000 Ramapo Iron Works 55, 1023,
75
F.&A
$250 Chamber of Corn. Bldg. Fund
13
non-cum. incomes
$25,000 Central Elec. fly. Co. of
K.C.(Mo.) 52, May 1914 coupons
attached
30
$2,000 Potosi Sc Rio Verde fly. Co.
1st 65, 1918; Apr. 1 1914 coupons
attached
10
$38,000 State of Jalisco (Mex.) 6s,
1930; Feb. 1 1914 coupons attached
35
$20.000 Havana Tobacco Co. 1st 6s,
1922; J & D
53%
53
131,600 Roslyn Estates, Inc., Os,
1917, M.& S
LA
All right, title and interest in and to
$15
the following: $500,000 The North
Amer.Smelter Sc Mines Co.cony.
let 7s, stamped; 556,904 shares
The Nor. Am.Smelt. Sc Mines Co.:
6,622.57 ctfs. of indebt., notes,
&c., of The Nor. Am. Smelt. Sc
Mines Co. All the right, title and
interest of the Reorg. Committee
and of Margaret T.Dugan In and
to all the real estate and personal
property formerly owned by the
said The Nor. Am. Smelt. Sc
Mines Co. and acquired at foreclosure sale, &c., &e
$35,843.05
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
3 American Trust Co
350
3 Wamsutta Mills, N. Bedford__ _120%
2 Dartmouth Mfg., common
180
3 Lancaster Mills
70
10 Merrimack Mfg., pref
85
18 Mass. Cotton Mills
116
30 Mass. MilL. in Georgia
98%
10 Pacific Mills
122
$ per sh.
Shares. Stocks.
2 Lawrence Gas Co
170
10 Providence Gas Co., $50 each,
ex-div. & rights
82
25 Springfield Gas Lt. Co
267%
1 Boston Investment Co
35
2 Oliver Bldg. Trust
100
1 Tremont Bldg. Trust
100
By Messrs. Francis Henshaw & Co., Boston:
Shares. Stocks.
1 Pemberton Co
up Boston Belting Co
$ per oh. Shares. Stocks.
10 Amer. Glue Co., pref
85
119
5 Lawrence Gas Co
$ per sh.
140
169
By Messrs. Barnes & Lofland, Philadelphia:
$ Per sh.
Shares. Stocks.
27 Wayne Mills Co.,$25 each....
_ _ _ 253
5 Lumbermems'Ins.Co.,$25 each101
1 Germantown Pass. fly
103%
9 Continental Pass. Ry___ 1154-115
1 J. B.Stetson Co., con
345
3 Young-Smyth-Field Co., pfd
90
3 Phila. Bourse, pref., $25 each_ 204
4 Phila. Bourse, corn. $50 each.. 6%
1, Penney!. Acad. of Fine Arts.._ 30
2%
318 Pratt Food Co
88
5 Be Long Hook & Eye Co
5 Mutual Trust Co.,$50 each_ _ _ 35
160
2 West End Trust Co
91Fire Assoc. of Phil., $10 each,
325-325%
425
14 Eighth Nat. Bank
Shares. Stocks.
$ per sh.
5 Bank of North AmerIca.2583-259
4 Mfrs. National Bank
125
25 Quaker City Nat. Bank
115
50 Ridge Ave.Bank,$50 each_ __ _ 50
9 Industrial Tr. T. Sc S. Co.,
$50 each
172
Bonds.
Per cent.
$2,000 Kingston Gas Sc El. 1st 5s,
1952 I
95
$1,000 Cgmberland Val. Teleph
1st 59, 1932,July 1 '11 coup. on.. 183
$1,500 United Tel. Sc Tel. Co. lot
5s, 1931, July 1911 coupons on.. 10%
$11,000 Pleasantville Water Co.
1st 55, 1932
20
$4,000 Lindsay Water Co. 1st Sc ref.
Se, 1929
12%
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
1Vhen
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atch. Topeka Sc Santa Fe,corn.(guar.)._
134 June 1 Holders of rec. April 30a
Canadian Pacific, corn. (guar.) (No. 70 _
234 June 30 Holders of rec. June in
Catawissa, lot Sc 2d prof
234 May 19 Holders of rec. May 8a
Chestnut Hill (guar.)
134 June 4 Holders of rec. May 20
Chicago & North Western, corn. (quar•)-- 13( July 1 Holders of rec. June in
Preferred (guar.)
2
July 1 Holders of rec. June in
Cin. New Orleans Sc Texas Pacific, cons_ _
3
June 9 Holders of rec. May 29a
Extra
5234 Juno I) Holders of rec. May 29a
Preferred (quar.)
134 June 2 Holders of rec. May 22a
Cleveland Sc Pittsburgh,reg. guar.(quar.) 134 June 1 Holders of rec. May 10a
1
Special guaranteed (guar.)
Juno 1 Holders of rec. May 10a
Cripple Creek Cent., corn.(qu.)(No. 22) 1
June 1 Holders of rec. May 15a
June 1 Holders of rec. May 15a
Preferred (attar.) (No. 38)
1
Delaware A Bound Brook (guar.)
May 20 May 15 to May 19
2
N. Y. Phila. & Norfolk
$3 May.28 Holders of rec. May 15a
1
may 19 Holders of rec. April 30a
Norfolk Sc Western ad). pref. (guar.)._ _ _
Common (guar.)
134 June 19 Holders of rec. May 31a
North Pennsylvania (guar.)
May 25 May 13 to May 19
2
Pennsylvania (guar.)
75c. May 29 Holders of rec. May la
Phila. Germantown 0 Norristown (qu.).. _
June 4 Holders of rec. May 20
3
Pittsb.Bessemer & Lake Erie, pref
3
June 1 Holders of rec. May 15
Reading Co., first preferred (quar.)
June 10 Holders of rec. May 25a
1
Southern Pacific Co. (guar.) (No. 35)_
134 July 1 Holders of rec. June in
Pacific,
Union
common (guar.)
July 1 Holders of rec. Juno in
2
Street and Electric Railways.
American Railways, common (guar.)
75c. June 15 Holders of rec. June in
American Railways, preferred (quar.)... IN May 15 Holders of rec. April 30a
Boston Elevated Ry.(guar.)
1
May 15 Holders of rec. May 6
Brazilian Trac., Lt.&P., Ltd., corn. (qu.) 134 June 1 Holders of rec. April 30
Cent. Ark. Ry. L. Corp., pf.(qu.)(No.9) 134 June 1 Holders of rec. May 15
Chicago Railways, Series 1
4
June 5 Holders fo rec. May 22
Series 2
June 5 Holders of rec. May 22
2
Connecticut fly. Sc Ltg., com.drpf.(quar.) 1
May 15 May 1 to May 16
Detroit United fly. (guar.)
134 June 1 Holders of rec. May 15a
Duluth-Superior Trac., common (quar.)_
ii
July 1 Holders of roe. June loa
Havana Elec. fly., L.Sc P., common.._ _
234 May 15 April 25 to May 20
Preferred
May 15 April 25 to May 20
3
Illinois Traction, common (ouar.)
% May 15 Holders of rec. May in
Manhattan Bridge Three Cent Line
1% June 1 Holders of rec. May 25
North. Texas Elec. Co.,core.(qu.)(No.23) 1
June 1 Holders of rec. May 15a
Pacific G.Sc El., 1st pref. (qu.)(No.3).. 134 May 15 Holders of rec. April 30a
• Original preferred (guar.)(No. 37).
134 May 15 Holders of rec. April 30a
Name of Company.
[voL. No.
Per
When
Cent. Payable.
Books Clostd.
Days Inclusive.
Street and Electric Its s. (Concluded).
Tampa Electric Co.(quar.)(No. 42)__
24 May 15 Holders of rec. May ba
Washington(D.C.) By.Sc El., corn.(qu.) 14 June 1 May 16 to May 17
Preferred (quar.)
14 June 1 May 16 to May 17
Miscellaneous.
Adams Express (guar.)
$1 June 1 May 18 to May 31
Amalgamated Copper Co.(guar.)
14 May 31 Holders of rec. April 24a
American Chicle, common (monthly).... 1% May 20 Holders of rec. May 15a
American Cotton Oil, preferred
3
June 1 May 15 to June 1
American District Telegraph (New York) 1
May 15 Holders of rec. May la
Amer. Graphophone, pref. (qu.) (No.88) 14 May 15 Holders of tee. May 1
Amer. La France Fire Engine. Inc., com_
May 15 Holders of rec. May 10a
1
American Radiator, common (quar.)_
4
June 30 June 22 to June 30
Preferred (guar.)
14 May 15 May 7 to May 15
American Smelting Sc Refining, com.(qu.) 1
June 15 May 28 to Juno 3
Preferred (guar.)
14 June 1 May 15 to May 23
American Soda Fountain (guar.)
1% May 15 May 11 to May 16
American Tobacco, common (guar.)_
5
June 1 Holders of rec. May 15a
Amer. Sugar Refg., com. & pref. (quar.).. 14 July 2 Holders of rec. June in
Atlantic Refining (guar.)
b
June 15 Holders of rec. May 20
Borden's Condensed Milk, pref. (guar.)
1% June 15 June 2 to June 15
British Columbia Fishing Sc Packing_ _ _ _
14 May 21 May 10 to May 20
British Colum.Packers' Assn.,corn.& Pf. 3% May 21 May 10 to May 20
Buckeye Pipe Line (guar.)
$2 June 19 Holders of rec. June 3
Burns Bros., common (guar.)
114 May 15 Holders of rec. May 1
Butterick Co. (guar.)
34 June 1 Holders of rec. May 17a
Calumet Sc Hecla Mining (guar.)
$15 June 18 Holders of rec. May 86
Cambria Steel (guar.)
0114 May 15 Holders of roe. April 30a
Canada Consent, Ltd., pref.(qu.) (No.21) 14 May 17 May 1 to May 10
Canadian Converters' Ltd.(guar.)
;4 May 15 Holders of rec. April 30
Caney River Gas (quar.)
2
May 20 May 11 to May 20
Central Miss. Vall. El. Prop., pl.(guar.)_ _ $1.50 June 1 Holders of rec. May 10a
1% June 15 Holders of reo. May 12a
Consolidated Gas (guar.)
Extra
34 June 15 Holders of roe. May 12a
Continental Oil (guar.)
3
June 16 Holders of rec. May 26
Crescent Pipe Line (guar.)
75c. June 15 May 25 to June 15
Deere Sr Co., pref. (guar.)
14 June 1 Holders of rec. May 15a
Diamond Match (guar.)
1% June 15 Holders of rec. May 316
Dominion Bridge, Ltd.(guar.)
14 May 15 Holders of rec. April 30
Dominion Cotton Mills, Ltd. (annual)._ _ - 2% May 25 Holders of rec. May 25
Dominion Textile, Ltd., come. (guar.)
1)5 July 2 Holders of rec. June 15
Eastman Kodak,common (extra)
Juno 1 Holders of rec. April 30a
5
Elk Natural Gas
May 26 Holders of rec. May 22
1
Fairmont Gas, preferred (guar.)
134 May 20 Holders of rec. May 15a
General Asphalt, pref.(quar.)(No.32)_ _
134 June 1 Holders of rec. Mayd2la
General Chemical, common (guar.)
134 June 1 Holders of rec. May 20a
General Development
134 June 1 Holders ot rec. May 20
General Electric (guar.)
July 15 Holders of rec. May 29a
Great Northern Paper (guar.)
1% June I
Harbison-Walker Refrac., corn. (guar.)_ _ _ _
34 June 1 Holders of rec. May 20
Hercules Powder, pref.(guar.)
14 May 15 May 6 to May 15
Homestake Mining (monthly)(No. 487). 65e. May 25 Holders of rec. May 20a
Illuminating & Power Securities, pf.(qu.) 14 May 15 Holders of rec. April Ha
Independent Brewing, Pittsb., pref. (au).. 134 May 29 May 19 to May 28
$2
Indiana Pipe Line (quar.)
May lb Holders of rec. April 24
1
Inland Steel (guar.)
June 1 IIolders of rec. May 10a
14 June 1 Holders of rec. May ba
Int. Harv. of N. J., pf. (qu.) (No. 33)_
Int. IIarv. Corp., pref. (guar.) (No. 0)- 14 June 1 Holders of rec. May ba
5
June 1 May 14 to Juno 1
Internat. Nicker, corn. (guar.)
Kerr Lake Mining (guar.) (No. 39)
25e. June 15 Holders of rec. June its
2h July 15 Holders of rec. July 2a
Keystone Telephone, pref. (extra)
2
Kings Co. El. L.Sc Pow.(guar.)(No.61)
June 1 Holders of rec. May 21a
14 June 1 Holders of rec. May 31a
Lackawanna Steel, preferred (quar.)__ _ _
June 1 Holders of rec. May 22
Lake of the Woods Milling, com.(quar.)_ 2
14
June 1 Holders of me. May 22
Preferred (guar.)
May 29 Holders of rec. April 30a
Lehigh Coal & Nay.(guar.)(No. 146)... $1
June 1 Holders of rec. May lba
LiggettSc Myers Tobacco, common (qu.) 3
% May 31 Holders of rec. May 15a
Lindsay Light, corn. (qua;.)..,
14 May 31 Holders of rec. May 15a
Preferred (guar.)
1% July 1
Lone Star Gas
1% July 1
Extra
(m) July 15
Stock dividend
Manhattan Shirt, corn.(qu.)(No. 1).....
34 June 1 Holders of rec. May 17a
June 1 May 16 to June 1
2
Massachusetts Gas Cos., preferred
Maxwell Motor,Inc., 1st pf. (guar.)
14 July 1 Holders of rec. June 10a
4h July 1 Holders of rec. June 10a
First preferred (extra)
1,5 June 1 Holders of roe. May 15a
May Department Stores, corn. (quar.)
50c. May 15 Holders of roe. May la
Miami Copper (quar.) (No. 11)
1% June 1 Holders of rec. May 15
Middle West Utilities, pref. (guar.)
14 May 15 Holders of rec. April 30
Mobile Electric Co., pref.(guar.)
Montreal L., H.Sc P.(guar.)(No. 56).. 2% May 15 Holders of rec. April 30a
14 July 15 Holders of rec. June 28a
NationalBiscuit, cont. (qu.)(No.68)
14 May 29 Holders of rec. May 176
Preferred (guar.) (No. 89)
14 May 15 May 6 to May 15
National Carbon, pref. (guar.)
National Cloak & Suit, pref. (guar.)
14 June 1 Holders of roe: May 20a
National Lead, pref. (guar.)
14 June 15 May 22 to May 25
% May 15
National Refining, corn. (guar.)
Niles-Bement-Pond, pref. (guar.)
1% May 15 May 7 to May 16
Holders of rec. June lba
North American Co. (guar.)(No.40
14 July
Ogilvie Flour Mills, Ltd, pref. (guar.)
14 June 1 Holders of rec. May 20
Ohio Cities Gas, corn. (guar.)
14 June 1 Holders of rec. May 15
Penman's Limited, common (guar.)
1
May 15 Holders of rec. May ba
May 25 Holders of rec. May 3a
2
People's Gas Light Sc Coke (guar.)
Philadelphia Electric (guar.)
3934e. June 15 Holders of rec. May 22
Pitts. Term. W'house Sc Transf. (mthly.) 2134e. May 15 Holders of rec. May 8
Pratt Sc Whitney, pref. (guar.)
134 May 16 May 7 to May 10
1% May 26 May 4 to May 25
Pressed Steel Car. pref. (qu.)(No. 135)—
May 15 Holders of rec. April 30a
4
Procter Sc Gamble, common (guar.)
May 15 Holders of rec. April 30a
Pullman Company (guar.)(No. 193)— - 2
Quaker Oats,common (gaur.)
214 July 15 Holders of rec. July la
Preferred (guar.)
1% Aug. 31 Holders of rec. Aug. 7a
Quaker Oats, preferred (guar.)
134 May 29 Holders of reo. May la
134 May 15 Holders of rec. April 30a
Sears, Roebuck Sc Co.,common (quar.)._
Silversmiths Company, preferred (guar.) 1A May 15 Holders of rec. May 5a
Juno 21 June 2 to June 20
Solar Refining
5
Southern California Edison, corn. (guar.) 13.5 May 15 Holders of rec. April 30
June 1 Holders of rec. May lba
6
Southern Pipe Line (guar.)
2% June 15 Holders of rec. May 20
Standard Oil (California) (guar.)
May 29 May 4 to May 31
3
Standard Oil (Indiana)(guar.)
June 15 Holders to rec. May 28
3
Standard 011 (Kansas)(guar.)
June 20 Holders of rec. May 20
10
Standard Oil(Nebraska)
June 15 Holders of rec. May 28a
2
Standard 011 of N. Y.(guar.)
Studebaker Corporation, coin. (No. 1).. 114 June 1 Holders of rec. May 206
14 Juno 1 Holders of rec. May 206
Preferred (guar.)
4
May 15 Holders of rec. May 8
Thompson-Starrett Co.,Preferred
July 1 June 11 to June 20
5
Tonopah Extension Mining (guar.)
July 1 June 11 to June 20
5
Extra "
1
July 1 Holders of ree. Juno 18a
Underwood Typewriter,common (gun;.)...
14 July 1 Holders of rec. June 186
Preferred (guar.)
14 May 15 May 1 to May 15
Union American Cigar, pref. (guar.).—
14k June 1 Holders of rec. May 24a
United Cigar Mfrs., pref. (guar.)
Un. Cigar Stores of Am.,com.(qu.) No.10) IA May 15 April 30 to May 16
United Cig. Stores of Am.,pf.(qu.)(No.11) 14 June 15 June 2 to June 15
U. S.Gypsum, pref.(quar.)
134 June 30 June 16 to
June 30
14 May 29 May 4 to May 17
United States Steel Corp., pref.(quar.)_ _
3
May lb Holders of rec. May 1,a
Vacuum Oil
2
Extra
May 15 Holders of rec. May its
49
Virginia-Carolina Chemical, pref
Holders of rec. May 31
334 May 15 May 1 to May 18
Warwick Iron Sc Steel
White(J.G.)&Co., Ice., pf. (qu.)(No.48) 134 June 1 Holders of rec. May 21
White (J.G.) Managem't.Corp., pf.(qu). 1% June 1 Holders of rec. May 18
White (J.G.) Eng. Corp., pf. (qu.)(No.9) 134 June 1 Holders of rec. May 21
1Visconsin Edison
$1.76 June 1 Holders of rec. May 15a
Woman's Hotel
2% June 15 Holders of rec. June 7
1% July 1 Holders of rec. June 10a
Woolworth (F. W.) Co., pref. (guar.)
Woolworth(F.W.)Co., coin. (qu.) (IN o.12) 1% June 1 April 29 to May 19
a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable In stock. f Payable in common stock. g Payable in scrip.
h On account of accumulated dividends.
April dividend on common stock not to
be paid. k Also declared 134% on pref. payable Sept. 1 to holders of recs. Aug. 25.
in Stock distribution in the proportion of one share for each nine shares hold;
1651
THE CHRONICLE
MAY 15 1915.1
Imports and Exports for the Week.-The following are and since Jan. 1 1915, and for the corresponding periods in
the imports at Now York for the week ending May 8; also 1914 and 1913:
totals since the beginning of the first week in January:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
FOREIGN IMPORTS AT NEW YORK.
Imports.
Exports.
For week
1915.
I
$2,C81,151
17,071,564
$2,246,181
16,636,882
Dry Goods
General Merchandise
1912.
1913.
• 1914.
$2,617,866
15,995,650
$2,193,519
19,267,291
$18,883,083 $19,752,715 $18,613,516 $21,460,810
Total
Since January 1.
Dry Goods
General Merchandise
$45,C84,280 $68,551,455 855,290,290 $51,128,187
398,222,146 304,469,172 305,008,184 310,270,980
6443,306,426 $373,020,627 8360,298,474 $361,399,167
Total 18 weeks
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending May 8 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1915.
1914.
I
1912.
1913.
For the week
Previously reported
821,532,245 815,436,598 818,566,623 $17,562,421
417,503,682 339,321,214 330,458,910 280,672,362
Total 18 weeks
8472,035,927 8351,757,812 8349,025,533 $298,234,783
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since
Jan. 1.
Week.
Since
Jan. 1.
$2,005,289
$1,945,458
2,019,314
$646,000 $3,332,238
33,354
694,350
162,499
526,646
825,791
1,091,960
2,414,637
4,185,277
8646,000 $4,026,588 $2,727,788 $12,482,437
124,310 3,806,387
1,010,664 19,423,768
6,129,689 53,592,639
148,593 6,292,866
Total 1915
Total 1914
Total 1913 •
Sliver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$7,233
$1,098,852 $13,229,891
1,107,500
82,456
473,921
3,700
41,279
4,4s0
$1,181,308 $14,860,701
753,445 14,643,757
1.077.366 19.844.505
Total 1915
Total 1514
Total 1013
2,597
$565
•
19,912
22,182
65.012
316,720
1,070,422
455,989
$42,659 $1,917,973
69,961 3,832,580
140.026 2.589.221
Of the above imports for the week in 1915, $2,500,805
The following table shows the exports and imports of
specie at the port of New York for the week ending May 8, were American gold coin and $150 American silver coin.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on May 8:
A substantial gain in the total reserves and in the gold reserves of the Federal Reserve banks is indicated by the statement for the week ending
May 7. The only banks which fail to show increased gold reserves are San Francisco, Richmond and Chicago. The largest gain of 3.8 million dollars
was reported by Now York, while Cleveland and Boston report gains in excess of one million dollars each. The total gain in cash for the system during
the past week was 13.3 million dollars,an amount but slightly below the 13.8 million dollars bonds paid' in during the week by member banks on account of
the third installment of their capital payments. The paid in capital of the Federal Reserve system stands now at about 53.5 million dollars. This
total may show a further increase by about 1 or 1.5 million dollars after delinquent member banks shall have made their payments in full.
Loans and discounts show a slight decrease from the total reported at the end of the previous week. The decrease affects mainly the holdings
of 30 day paper, which show a loss of about 1.2 million dollars. The holdings of 60 day paper show an increase of about $280,000. while the amount
maturing after 90 days, to the amount of 2.3 million dollars, of
of 90 day paper held decreased about $460,000. Agricultural and live stock paper,6.4%
of the total amount of paper held by the banks. The only
which over 70% is held by the three Southern banks, constitutes at present aoout
discounts held die Dallas and San Francisco.
banks reporting considerable gains for the week in the amount of domestic
for the past week, constituting at present 34.9% of the total loans and discounts.
Acceptances amounting to $12,358,000 likewise show a decreasebank
reports 5.1 million dollars of this class of paper, a decrease of about $600,000
as against 37.8% at the end of the previous week. The New York
for the week; Boston about 2 millions, a gain of about $130,000; Chicago 1.4 million dollars; Philadelphia and San Francisco about 1.2 million dollars
each, the other banks reporting amounts below 1 million dollars each.
No change is reported in the amount of United States bonds held by the banks. Investments in municipal and kindred securities amount at
present to about 21.5 million dollars and show an increase for the week of about 2.8 millions, the largest gainers being the New York and San Francisco
banks. All other assets, mainly because of the smaller amounts of rederal Reserve notes and national bank notes in the hands of the banks, show a
decrease of 2.1 million dollars.
Deposits decreased about 1.5 millions, New York, Philadelphia and Dallas reporting the largest net withdrawals. Federal Reserve agents report
$580,000 were issued to the Philadelphia
an increase in the amount of notes issued during the week of about 1.9 million dollars. Additional notes ofto
the Atlanta bank. The total amount
bank; $400,000 each to the Richmond and Kansas City banks: $300,000 to the Dallas bank and $200,000
issued stands at present at 56.2 million dollars, of which 6.6 millions are in the bands of the banks. Over 78% of the notes issued are secured by the
deposit of gold with the reserve agents. The net liability of the banks on account of their outstanding circulation is given as $11,197,000.
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 MAY 7 1915.
RESOURCES
May 7 1915. Apr.30 1915. Apr.23 1915. Apr.18 1915. Apr50 1915. April 1-2'15. Mar.26 1915.Mar. 19 1915.Mar. 12 1915
$244,034,000 $238,228,000 $238,710,000 6237,206,000 $239,540,000 $239,176,000 $242,168,000 S245,018,000 5246.999,000
Gold coin and certificates
Legal-tender-notes, silver certificates and
21,603,000
21,650,000
29,360,000 30,018,000 25,627,000 23,098,000
26,518,000 29,184,000
34,021,000
subsidiary coin
$278,055,000 $264,746,000 $267,894,000 $266,566,000 $269,558,000 $264,803,000 $265,266,000 $266,668,000 $268,602,000
Total
Bills discounted and loans:
Maturities within 30 days
Maturities within 60 days
Other
15,513,000
12,334,000
7,593,000
16,738,000
12,053,000
7,790,000
15,676,000
12,225,000
8,577,000
13,868,000 11,798,000
14,224,000 14,584,000
7,823,000' 8,869,000
10,075,000
15,244,000
8,359,000
9,715,000
14,514,000
7,454,000
9,545,000
11,336,000
9,013,000
9,043,000
10,615,000
8,127,000
$35,440,000 $36,586,000 $36,478,000 $35,915,000 $35,251,000 $33,678,000 $31,683,000 $29,894,000 $27,785.000
Total
21,572,000 20,478,000
23,303,000 22,751,000 22,299,000 21,579,000
25,469,000 24,628,000
.28,284,000
Investments
6,551,000
5,352,000
5,659,000 10,289,000
5,573,000
5,315,000
8,254,000
9,468,000
Due from Fed. Res. banks: Items in transit_ 10,139,000
8,905,000
9,110,000
8,496,000
7,482,000
10,080,000
8,605,000
0,437,000
9,175,000
11,334,000
All other resources
8361,093,000 $347,603,000 $346,691,000 $341,179,000 $340,701,000 $339,674,000 $333,211,000 $333,181,000 $331,122,000
LIABILITIES
$53,487,000 $39,669,000 $36,727,000 $36,207,000 $36,165,000 $36,123,000 $36,105,000 $36,119,000 $36,087,000
In
Capital paid
293,316,000 294,832,000 297,210,000 294,154,000 294,042,000 293.954,000 288.217,000 288,575,000 288.031,000
Reserve deposits
Federal Reserve notes in circulation (net'
a8,487,000 a7,004,000
al1,197,000 al1,038,000 al0,889,000 810,767,000 al0,449,000 a9,597,000 a8.889,000
liability)
45,000
51,000
1,865,000
3,093,000
2,064,000
All other liabilities
Total resources
$361,093,000 $347,603,000 $340,691,000 $341,179,000 $340,701,000 8339,674,000 $333,211,000 $333,181,000 $331,122,000
Total liabilities
83.1%
84.3%
85.3%
81.6%
80.1%
82.9%
79.2%
79.6%
80.4%
Gold reserve against net liabilities_b
91.0%
90.3%
91.8%
92.7%
90.2%
94.5%
liabilities_b
89.3%
89.0%
net
89.3%
against
reserve
Cash
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes in
93.4%
92.6%
94.0%
06.6%
91.3%
90.8%
92.0%
91.2%
92.0%
circulation_b
May 7 1915. Ayr.30 1915. Apr.23 1915. Apr.16 1915. Apr119 1915. April 1-2'15. Mar. 26 1915.Mar. 19 1915.Mar.12 1915.
(a) Federal Reserve notes: Gross liability_ - $55,042,000 $53,353,000 $60,074,000 $48,461,000 $44,828,000 $43,376,000 $39,858,000 336,846,000 $33,965,000
Deduct.: Cold and lawful money in hands
of Federal Reserve Agents for re43,845,000
tirement of eutstanding notes
42,315,000
39,185,000
37,694,000
34,379,000
33,779,000
30,969,000
28,359,000
20,961,000
Net liability of Reserve Banks upon
$11,197,000 $11,038,000 $10,889,000 $10,767,000 $10,449,000 . $9,597,000 $8,889,000 $8,487,000 $7,004,000
outstanding notes
(b) After deduction of items in transit be$10,139,000
$8,254,000 $5,315,000 $5,659,000 $10,289,000 $5,573,000 $6,551,000 $5,352,000
$9,468,000
tween Federal Reserve Banks, viz
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF TI1E 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 7 1915.
Boston.
New York.
Phila.
Cleveland. Richmond. Atlanta.
Chioago, I St. Louts. Minneap. Kan.City. Dallas.
San Fran.
I
$
$
$
$
$
3
$
$
RESOURCES.
$
$
$
$
17,148,000 95,804,000 16,901,000 17,532,000 8,026,000 5,027,000 34,360,000 10,905,000 7,008,000 11,214,000 8,372.000 11,134,000
Gold coin and certificates
I
Legal-tender notes, silver certifi19,000
708,000
476,000
8,000
245,000 4,570,000, 1,178,000
75,000
746,000
1,106.000 21,239,000 3,651,000
cates and subsidiary coin
18,254,000 117,043,000 20,555,000 18,278,000 8,101,000 5,272,000 38,930,000 12,083,000 7,616,000 11,690,000 9,080,000 11,153,000
Total
860,000 1,032,000 5,432,00c 2,602,000
2,383,000 5,501,000 1,907,000 1,369,000 6,775,000 4,661,000 2,131,000, 787,000
Bills discounted and loans
6,637,000, 998,000 1,689,000 1,076,000
I 1,996,000
1,000
1,844,000 9,360,000 2,354,000 2,329,0(10
Investments
671,(.00
535,000, 1,532,000
8,494,000
790,000 1,020,000 1,386,000
852,000
Due from other F.R. bks.-net..
677,000
669,000
477,000
1,284,000
2,595,000,
281,000
453,000
33,000
2,006,000
246,000
229,000
225,0001
All other resources
Total resources
22,934,0110 142,404,000 25,914,000 22,095,000 15,930,000 11,600,000 50,828,000 16,684,000 11,313,000 14,467,000 14.737.000116,428,000
I
17,801,000 129,444,000 19,726,000 17,036,000 7,755.000 5,554,000 44,269,000 13.910,000 8,968,000 9,786,000 6,848,000 12,219.000
Reserve deposits
1,886,000 2,588,0001 315,000
352,000
Due to other F. It. bks.-net
Federal Reserve notes in circu2,518,000
141,000
3.763,000
4,875,000
amount
lation-net
4,781,000 9,944,000 6,188,000 5,059,000 3,252,000 2,257,000 6,559,00, 2,774,000 2,345,000 2,754,000 2.780,0001 3,894,000
Capital paid in
3,0
26,000
43,000
3,016,000
All other liabilities
I
------22.934.000 142.404.000 25.914.00n 22.005.000 15.030.000 11.600.000 50.825.000'16.684.000 11.313.000 14.467.000 14.737.00&16.428.000
rrntnll1ghlIttfr.
LIABILITIES.
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 May 8. 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 furmsh 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.
1652
THE CHRONICLE
[VoL. 100.
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARINGS HOUSE
MEMBERS.
Capital.
Week Ending
May 8 1915
(00z omitted.)
Loans,
Discounts,
Investrn'ts,
etc.
J Nat.BanksMar.4}
1StateBks.Meh.19
Net
Profits.
Members of Federal
Reserve Bank.
$
$
Bank of N. Y.. N.B.A. 2,000,0 4,609,3
Merchants' Nat. Bank- 2,000,0 2,114,7
Mech.& Metals Nat.__ 0.000,0 9,033,2
National City Bank._. 25,000,0 35,818,9
Chemical Nat. Bank___ 3,000,0 7,902,8
Merchants' 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 Cora_ 25,000,0 17.558,5
Chatham & Phenix Nat. 2,250,0 1,437,6
Hanover National Bank 3,000,0 15,352,6
Citizens' Central Nat- 2,550.0 2,489,6
Market dr Fulton Nat.._ 1,000,0 2,000,9
Importers'& Traders'__ 1,500,0 7,653,4
National Park Bank__ 5.000.0 15,392,8
East River Nat. Bank __
250,0
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
N. Y. County Nat. Bk..
500,0 1,418,3
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
Fifth National Bank_ ....
250.0
415,3
Seaboard NationalBank 1,000,0 2,809,6
Liberty National Bank.. 1,000,0 2,896,0
Coal & Iron Nat. Bank_ 1,000,0
643,4
Union Exchange Nat.._ 1,000,0
969,0
Nassau Nat, Brooklyn 1,000,0 1,126,0
Totals,avge.for we
Average. Average. Average. Average. Average.
$
$
$
$
$
1,882,0
704,0
4,0
787,0
1,571,0
344,0 1,030,0
28,0
0,280,0 1,308,0 5,871,0
100,6
79,308,0 27,044,0 9,781,0
207,0
1,776,0
357,0
34,0
999,0
780,0
137,0
12,0
348,0
56,0
232,0
47,0
10,0
4,324,0
932,0 2,309,0
90,0
12,395,0 2,901,0 4,348,0
1,550,0
396,0
631,0
214,0
10,496,0
943,0 3,785,0
18,0
1,093,0
256,0 1,251,0
80,0
827,0
720,0
575,0
78,0
1,408,0 1,243,0
775,0
5,0
8,067,6
601,0 2,928,0
314,0
95,0
92,0
134,0
10,0
1,108,0
221,0
501,0
80,0
21,698,0
678,0 2,838,0
59,0
7,229,0
878.0 3.058,0
18,0
525,0
122,0
436,0
158,0
10,839,0 3,145,0 3,471,0
93,6
901,6
571,0
863,0
253,0
571,0
209,0
582,0
49,0
105,0
94,0
341,0
10,0
3,283,0
804,0 1,736,0
18,0
1,432,0
480,0 2,167,0
84,0
737,0
119,0
189,0
42,0
195,0
202,0
726,0
33,0
240,0
212,6
475,0
62,0
1,390,877,0 182,761,0
1,400,649,0 188,105,0
1,385,240,0 184,027,0
1,387,409,0 175,274,0
1,386,979,0 166,198,0
Reserve
Excess
National
with
due from
Net
Net
Bank
Legal. Reserve
Demand
Time
CirculaDeposi- Deposi- Deposits. Deposits. lion.
caries.
tinges.
--Average. Average Average. Average Average.
$
$
$
$
$
2,027,0
26,718,0 1,210,0
800,0
1,702,0
23,705,0
1,963,0
6,771,0
93,800,0 4,874,0 5,000,0
29,521,0
299,356,0 1,009,0 3,503,0
2,262,0
27,030,0
175,0
449,0
745,0
9,831,0
68,0
490,0
153,0
1,904,0
199,0
50,0
5,478,0
65,637,0
945,0 4,063,0
11,384,0
151,940,0
125,0 3,887,0
2,118,0
26,208,0
457,0 1,109,0
7,840,0
160,776,0
305,0
1,792,0
21,252,0 1,380,0 1,647,0
862,0
8,762,0
126,0
1,806,0
26,320,0
50,0
8,763,0
108,585,0
207,0 3,580,0
159,0
1,942,0
50,0
1,003,0
12,931,0
685,0
9,196,0
120,276,0
5,077,0
4,268,0
57,576,0
91,0
740,0
651,0
9,360,0
200,0
10,882,0
148,120,0
776,0
450,0
1,150,0
16,196,0
30,6
890,0
742,0
8,411,0
350,0
339,0
4,697,0
46,0
250,0
2,739,0
33,520,0
405,0
2,451,0
31,621,C
1,028,0
500,0
7,229,0
520,6
400,0
9,721,0
683,0
70,0
400,0
7,721,0
563,0
6,0
267,0
Average.
$
38,0
40,0
687,0
13,6
37,0
92,0
52,0
17,0
1,0
20,0
7,0
31,0
7,0
116,0
53,0
13,0
15,0
23,0
3,0
3,0
2,131,0
1,224,0 118,470,0
1,467,101,0 13,318,0 37,842,0
2,010,0
2,155,0
2,478.0
2,415,0
2,008,0
1,298,0 119,550,0
994,0 121,334,0
1,260.0 121,440,0
1,229.6 120,184,0
1,326.0 118,920,0
1,458,776,0
1,494,322,0
1,472,917,0
1,460,500,0
1,447,951,0
45,550,0
55,431,0
53,037,0
54,555,0
51,842,0
58,847,0
62,085,0
04,212,0
57,150,0
57.911,0
532,0
1,344,0
230,0
684,0
127,0
591,0
2,281,0
22,0
149,0
457,0
113,0
87,0
460,0
222,0
535,0
536,0
100,0
1,878,0
1,138,0
554,0
106,0
100,0
571,0
3,556,0
55,0
94,0
937,0
179,0
130,0
881,0
132,0
640,0
5.s6,0
333,0
156,0
31,0
280,0
158,0
27,0
68,0
1,256,0
54,0
14,0
94,0
76,0
100,0
327,0
28,0
136,0
530,0
161,0
263,827,0 31,841,0 8,470,0
262,622,0 31,396,0 8,086,0
26,2,059,0 30,490,0 8,100,0
250,848,0 30,081,0 9,486,0
260,080,0 29,739,0 9,116,0
259,203,0 29,155,0 8,650,0
11,820,0
3,502,0
7,0
7,342,0 2,624,0
278,414,0
3,310,0
11,234,0
12,192,0
12,143,0
13,236,0
12,469,0
3,413,0
3,472,0
3,697,0
3.1375,0
3,814,0
3,0
2,0
2,0
2,0
1,0
7,179,0
7,450,0
7,496,0
6.787,0
6,728,0
2,111,0
2,930,0
3,214,0
3,067,0
3,131,0
275,716,0
274,139,0
273,879,0
273,246,0
271,161,0
3,317,0
3,300,0
3,309,0
3,275,0
3,270,0
28,949,0 1,498,0
210,0
157,277,0 12,746,0
14,0
44,951,0 2,769,0
129,0
21,927,0 1,261,0
8,0
36,192,0 1,063,0
115,0
255,402,0 23,935,0 10,326,0
8,355,0
420,0
134,0
21,163,0 1,090,0
190,0
64,743,0 3,562,0
105,0
18,280,0 1,255,0
103,0
48,483,0 3,302,0
179,0
16,598,0
862,0
115,0
11,076,0
630,0
43,0
39,736,0 2,198,0
213,0
15,389,0
919,0
60,0
459,0
274,0
119,0
140,0
228,0
6,496,0
129,0
104,0
417,0
285,0
112,0
125,0
280,0
541,0
501,0
127,0
19,0
227,0
100,0
187,0
472,0
29,0
45,0
312,0
200,0
10,0
145,0
73,0
188,0
326,0
23,0
21,0
1,571,0
11,305,0
0,529,0
1,723,0
3,732,0
23,229,0
408,0
370,0
680,0 1,036,0
2,170,0 2,768,0
874,0 2,049,0
1,712,0 2,452,0
620,0
870,0
663,0
503,0
1,563,0
369,0
771,0 2,857,0
21,434,0
129,415,0
32,069,0
16,880,0
21,561,0
200,611,0
7,001,0
13,608,0
43,523,0
17,488,0
33,854,0
12,395,0
10,055,0
31,231,0
15,418,0
5,079,1
29,102,0
11,556,0
5,004,0
932,0
27,507,0
80,0
527,6
18,515,0
861,0
5,353,0
3,844,0
1,018,0
5,117,0
45,0
4,882,4
6,194,1
1;162,3
995,3
453,9
1,894,2
7,225,4
705.1
691,1
2,296,2
812,9
1,012.7
2,137,0
698,8
929,4
472,4
301,3
conditi n May 8
conditi )n May 1
conditi ,n April 24
conditi)n April 17
conditi )n April 10
Trust Companies
Not Members of
Federal Reserve Bank,
Brooklyn Trust Co.... 1,500,0 3,361,0
Bankers'Trust Co
10,000,0 12.816,4
U.S. Mtg & Trust Co_ , 2,000,0 4,265,3
Astor Trust Co
1,250,0 1,107,9
Title Guar. de Trust Co , 5,000,0 11,605,6
Guaranty Trust Co..... • 10,000,0 22,727,8
Fidelity Trust Co
• 1,000,0 1,304,2
Lawyers' Title & Trust . 4.000.0 5,067,0
Columbia Trust Co___ • 2,000,0 7,311,1
People's Trust Co
1,000,0 1,419,5
New York trust Co
3,000,0 11,618,1
Franklin Trust Co
, 1,000,0 1.090,9
Lincoln Trust Co
1,000,0
526,6
Metropolitan Trust Co . 2,000,0 6,103,4
Broadway Trust Co . 1,500,0
894,6
36,600,0
31,623,0
10,430,0
4,995,0
2,090,0
12,241,0
73,736,0
3,511,0
4,919,0
15,186,0
3,640.0
5,807,0
13,324,0
4,339,0
11,919,0
18,451,0
11,010,0
8,400,0
3,723,0
948,0
297,0
229,0
981,0
7,695,0
304,0
653,0
1,802,0
480,0
567,0
1,571,0
304,0
2,082,0
1,075,0
640,0
528,0
1,0
0,0
4,000,0
187,0
200,0
180,0
217,0
203,0
811,0
100,0
161,0
1,200,0
617,0 1,472,0
,1072,0
6,471,0
1,603,0
839,0
1,078,0
13,0
21,0
56,0
8,6
37,0
3,0
14,0
10,0
Totals, avge. for week . 46.250.0 91,220,1
788,581,0 58,210,0 11,944,0 16,219,0
2.520,0
200,0 20,332,0 61.621,0
Totals, actual conditi)n May 8
Totals, actual conditi )n May 1
Totals, actual conditi )n AprIl 24
Totals, actual conditi)n April 17
Totals, actual conditi)n April 10
791,931,0
767,885,0
755,001,0
742,311,0
747,639,0
2,375,0
2,341,0
2,337,0
2,554,0
2.019,0
220,0
170,0
144,0
197,0
174.0
59,343,0 12,705,0
51,074,0 4,590,0
49,109,0 3,401,0
49,200,0 2,951,0
48,574,0 5,313,0
4,067,0
6,551.0
5,636,0
7,279.0
5,351,0
Grand Aggregate,avge. 175,300,0 304,078,4 2,460,305,0 270,822,0 06,136,0 75,818,0 6,022,0 2,131,0
Comparison prey. wee c
+49,367,0 +4,899,0 -625,0-7.051,0 -178,0 -532,0
Grand Aggregate,actua I condition May 8__ 2,445,930,0 273,500,0 66,341,0 74,148,0 5,788,0 2,010,0
Comparison prey. wee c
+14.837,0 +3,771,0 -1,786,0 -0,080,0
-25,0 -145,0
Grand
Grand
Grand
Grand
Grand
Grand
13,264,0
11,708,0
11,357,0
11,090,0
10,065,0
37,860,0
37,863,0
37,798,0
37,646,0
37,619,0
•
2,050,0
1,500,0
500,0
500,0
200,0
2,000.0
3,500.0
250,0
750,0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1,500,0
1,000,0
Totals,avge.for week . 16,450,0 32,924,5
Totals, actual
Totals, actual
Totals, actual
Totals, actual
Totals, actual
Silver.
Nat.Bank Nag.Bank Federal
Notes
Notes
Reserve
(reserve
(not
Bank
for State counted
Notes
Instillsas
[not
lions].
reserve), reserve].
112,600,0 179,933,8 1,407,897,0 180,771,0 45,722,0 53,773,0
Totals, actual conditi ,n May 8
Totals, actual conditi ,n May 1
Totals, actual conditi n April 24
Totals, actual conditi n April 17
Totals, actual conditl on April 10
State Banks
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co
Bank of America
Greenwich Bank
Pacific Bank
People's Bank
Metropolitan Bank..
Corn Exchange Bank
Bowery Bank
German-American Ban
Fifth Avenue Bank___
German Exchange Ban
Germania Bank
Bank of Metropolis..__
West Side Bank
N. Y. Produce Exch._
State Bank
Security Bank
Average.
$
30,152,0
24,989,0
98,018,0
221,429,0
33,990,0
10,019,0
1,956,0
67,097,0
166,971,0
26,377,0
96,234,6
24,520,0
8,760,0
29,318,0
111,999,0
1,902,0
15,456,0
128,716,0
50,140,0
9,633,0
135,264,0
10,029,0
8,699,0
4,422,0
28,604,0
31,129,0
7,261,0
10,302,0
8,451,0
Gold.
Legal
Tenders.
Aggregate actin( condition
Aggregate.actica condition
Aggregate.actua condition
Aggregate.actua condition
A ggergate,actua ,condition
Aggregate,actus Icondition
May 1... 2,430,593,0 269,729,0
April 24.. 2,400,089,0 263,217,0
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
68,127,0
65,924,0
66,622,0
65,805,0
65,244,0
66.210.0
80,828,6
81,991,0
77,665,0
75,731.0
78,686,0
83.087,0
5,813,0
6,034,0
6,229,0
6,433,0
5,630.0
7.359.0
2,155,0
2,478,0
2,415.0
2,008,0
1,474.0
2.322.0
20,355,0 61,451,0
22,782,0 31,406,0
24,185,6 54,449,0
23,223,0 40,645,0
25,327,0 38.854,0
41,400,0
30,109,0
11,227,0
4,732,0
2,362,0
10.459.0
83,642,0
3,117,0
4,881,0
15,873,0
3,019,0
5,698,0
13,306,0
4,358,0
13,458,0
20,125,0
9,988,0
81,0
20,0
8,0
3,201,0
600,503,0 114.000,0
115,606,0
112,319,0
109,055,0
1013,847,0
105,790.0
610,036,0
579,809,0
561,740,0
561,904,0
564,751,0
1,437,0 146,244,0 64,24570 2,352,078,0 131,228,0 '37,342
+72,0 -4,138,0 -1-Y27,0 +27,799,0 +5,140,0
+45,0
-084,0 63,502,0 2,345,128,0 132,247,0 37,861,5115 147,670
+349,0 -4,488,0 -840,0 -3,202,0 +4,922,0
+3,0
-1,172,0 151,572,0 64,402,0 2,348,330,0 127,325,0 37,863,0
1,403,0 153,121,0 57,663,0 2,308,536,0 123,721,0 37,708,0
1,428,0 150,194,0 52,712.0 2,295,710,0 121,212,0 37,646,0
1,501,0 150,975.0 41.985,0 2,283,803,0 119,125,0 37,010,0
1,333,0 153,718,0 41,221,0 2,302,345,0 111,300,0 37,603,0
1,105.0 147,749.0 55.860.0 2.277,093.0 108,925.0 38,6230
STATEMENTS OF RESERVE POSITION.
Averages.
Cash reserve Reserve in
in vault. depositaries.
Total
reserve.
+Reserve
required.
Actual Figure.
Surplus
reserve.
Inc. or dec.
from
Cash reserve Reserve in
previous wk. in vault. depositaries.
Total
reserve.
a Reserve
required.
Surplus
reserve.
Inc.or deo.
from
previous wk.
Members Federal
8
Reserve Bank... 280,266,000 118,570,000 398,836,000 264,744,080 134,091,920 -21,166,300 287,158,000 119,550,000 400,708,000 263,242,880
-13,986,020
State Banks
55,639,000 7,342,000 62,981,000 50,114,520 12,866,480 -155,760 54,129,000 7,179,000 61,30%000 49,628,880 143,465,120
11,079,120, -685,860
Trust companies... 82,893,000 20,332,000 103,225,000 (0,984,450 12,240,550 +10242450 78,490,000 20,355,000 98,845,000 01,595,400
7,249,600,+0,885,950
Total May 8... 418,798,000 146,244,000 565,042,000 405,843,050 159,198,950 -11,079,610 419,777,000 147,084,000 566,861,000
404,467,100 102,333,840 -7,786,530
TotalMay 1..... 421,753,000 150,382,000 572,135,000 401,856,440 170,278,500 +1,914,920 424,497,000 151,572,000 576,009,000 40
Total April 24._ 413,532,000 153,658,000 567,190,000 398,826,300 168,363,690 +12228230 417.166,000 153,121,000 570,287,000 5,888,030 170,180,370 -854,500
399,252,130 171,034,870 +1297705n
Total April 17._ 402,328,000 150,807,000 553,135,000 396,999,590 156,135.410 +9,794,060 404,789,000 150,194,000 554,983.000396,9
25,18(1 158,057,820,+9,842,88
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
148,214,940 394,650,0601 -43,10,,"
Total April 3... 304,639,000 150,314,000 544,953,000 394,956,540 149,990,460 +7.459,810 392,133,000 153,718,000
545,851,000
Total Mar. 27.... 385,758,000 149.683.000 535,441.000 392,904,350 142,536,650 +8,405,510 395,541,000 147,749,000 543,290,000 397,592,960 148,258,0401--1,617.72„u
393,414,240 149,876,700!+1027624u
0
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: May 8, $605,900; May
1,
$581,600;
April
24, $563,250; April 17, $528,350;
April 10, $500,950; April 3, $452,850.
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: May 8,$063,200; May 1, $585,300; April 24, $507,850;
April 17, 5554,503;
April 10, $503,250; April 3, $463,850
1653
TIIE CHRONICLE
MAY 15 1915.]
In addition to the returns of "State banks and trust co m
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies panics 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:
presents 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 distinNEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Differences Irons guish between the results for New York City (Greater New
(Figures Furnished by State Banking Department.)
May 8.
previous week. York)and those for the rest of the State, as per the following:
$571,554,400 Inc.$1,697,400
Loans and investments
45,713,700 Inc. 575,900
For definitions and rules under which the various items
Gold
9,380,800 Dec.
54,100
Currency and bank notes
706,678,900 Inc. 3,973,900 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 com587,045,100 Inc. 554,200 ments of State banking institutions were published in the
panies In New York City, and exchanges
Inc.
179,126,600
3,093,600
Reserve on deposits
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaPercentage of reserve, 31.6%.
RESERVES.
tions relating to calculating the amount of deposits and what
-Trust Companies-State Banks510,989,700 11.05%
394,104,800 9.49% deductions are permitted in the computation of the reserves
Cash in vault
106,502,600 22.86%
Deposits in banks and trust cos_ _ _ _ 17,549,500 17.67%
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
328,519,200 28.72%
Total
5150,607,400 32.35%
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 followsfor a series of weeks past:
Capital as of Dec. 24_
24,550,000
67,300,000
10,913,000
Surplus as of Dec. 24____
39,269,500
151,327,000
13.749,700
11,225,000
Loans and investments...
Change from last week_
342,336,500 1,248,886.300
+3,242,300 +29,447,700
136,298.500
+654.500
196,844,400
-153,100
Gold
•Change from last week_
42,189,200
+1,507,100
99,056,600
+8,428,100
Currency and bank notes
Change from last week.
22,974,100
-2,251,200
28,001,500
+8,874,500
141,643,700
-978,700
207,012,400
+978,600
24,569,100
+278,100
29,319,100
+1,216,000
19.8%
19.3%
17.2%
18.5%
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures.
Demand
Deposits.
Specie.
Other
Money.
Total
Entire
Money Reserve on
Holdings. Deposits.
$
2,726.179,4
2,728,181,5
2,741,873,7
2.761,539.0
2,784,801,1
2,817,407,0
2,842.897.0
2,858,795,0
2,882.898.4
2.878.945,3
2.892,967,4
2,910,769,9
2.939.123.1
$
336,982,7
3313,932,2
336,325,4
339,957,2
340,782.2
346,798,5
357,716,5
366,273,7
361,957,8
374.735,5
386,489,7
:393,929,8
392.353.7
$
84.868,8
84,242,4
83,359,6
81,437,2
81,837,1
82,055,5
81,894,4
81,932,8
81.300,8
81,987,1
81,435.8
82,375,9
81.518.8
$
421,851,5
421,174,8
419,085,0
421,444,4
422.419,3
428,852,0
439,610,9
448,206,5
443,253,4
456,722,6
407,925,5
476,305,7
473.872.5
Week ended- Loans and
Investments
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar.20
Mar. 27
April 3
April 10
April 17
April 24
May 1
May 8
$
2.839,130,1
2,844.507,9
2,S60.024,7
2.880.964,8
2,906,083.5
2,936,439.9
2,950,068,4
2.947,858.9
2,958.987,6
2,957.733,9
2,984,217,1
2,980,795,0
3,031,859,4
$
653,887.9
862,375,7
855,540.7
853,529,0
653,478,3
668,754.7
685,862,5
701,154,9
899,849,2
714.227.1
738,189,5
748,188,0
744.188.8
State Banks
Trust Co..
State Banks
Trust Cos.
in
in
outside of
outside of
Greater N. Y. Greater N. 7. Greater N. Y. Greater N. 7.
Week ended May 8
965,090,800 1,484,527,700
Deposits
Change from last week. +18,083,500 +68,468,000
Reserve on deposit
Change from last week.
100,618,900 323,096,400
+1,295,600 +18,354,300
P. C. reserve to deposits_
Percentage last week
27.7%
27.7%
28.5%
28.0%
13.100.000
+ 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.
Net
Capital. 1 Profits.
Loans,
Discounts,
Nat. banks March 4} InvestlState banks Mar.19 ments, &c.
I
Week Ending
May 8 1915.
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..IIobok
Gold.
State Banks
Not Members of the
Federal Reserve Bank.
100,000
Bank of Wash.lIgts.
600,000
Century Bank
400,000
Colonial Bank
300,000
Columbia Bank
200,000
Fidelity Bank
200.000
Mutual Bank
200,000
New Netherland..
100,000
Yorkville Bank
1,000,000
Mechanics', Bklyn
200,000
North Side, Bklyn.._
836,000
601,000
543,000
369,500
467,200
767,300
648,900
184,100
472,700
268,600
509,600
792.000
180,400
1,930,000
98,000
8,321,000 428,000
7,804,000 362,000
6,558,000 393,000
1,231,000
99,000
5,138,000 .541,00C
3,424,000 166,000
5,489,000 352,000
16,772,000 841,000
3,177,006 208,600
9,000
90,000
161,000
86,000
8,000
49,000
47,000
80,000
98,000
34,000
56,000
169,000
400,000
300,600
25,000
142,000
120,000
162,000
608,000
117,600
3,900.000 4,660,300 59,849,000 3,436,000
Total
Trust Companies
Not Members of the
Federal Reserve Bank.
11amliton Trust,13k1
Mechanics, Bayonne
Total
Grand aggregate- -.
Comparison, prev.wlu
Excess reserve,
Grand aggr'te May
Grand aggr'te Apr 2
Grand aggr'te Apr 1
Grand(webs Apr it
Grand aggr'te Mar
Silver.
Nat.Bank Nat.Bank
Notes[Re- Notes[Not
serve for Counted
as
State Institutions] Reserve].
Federal
Reserve
Reserve
with
Legal
Bank
Notes[Not DeposiReserve]. Pities.
Excess
Due from
Reserve
Depositaries.
Average. Average. Average. Average. Average. Average. Average. Average. Average.
$
$
$
$
$
$
$
$
$
$
$
62,000
4,000 250,000
9,000
87,000
46,000
136,600 2,179,000
200.000
28,000 119,000
56,000
13,000
1,000 538,000
680,900 4,845,000 121,000
300,000
140,000
17,000
9,000 609,000
57,000 114,000
617,500 5,002,000 169,000
300,000
422,000 2,144,000
39,000
72,000
400,000 1,285,500 4,718,000 224,000 376,000
11,000
72,000
5,000 278,000
868,000
36,000
90,000
804,800 3,709,1100
250.000
24,000
11,000
810,000
68,000
3,000 305,000
87,000
220,000
658,800 5,085,000
43,000
88,000
8,000
243,600
269,000
58,000
125,000
304,400 4.119,000
1,795.000 4.488,500 29,637,000
Total
Legal
Tenders.
169,000
29,000
232,000
122,000
105,000
9,000
57,000
62,000
100,000
331,000
40,000
602,000 2,099,000 1,037,000
National
Net
Net
Bank
Time
Demand
CircuDeposits. Deposits. Salton.
Average. Average. Average.
$
$
$
2,100,000
13,000 191,000
4,423,000
293,000
4,932,000
118,000
3,528,600
398,060
2,314,000
198,000
1,804,000 2,687,000 215,000
2,033,000 1,820,000
98,000
22,000 2,645,000 4,287,000 21,134,000 4,500.600 1,509,000
116,000
128,000 1,525,000
421,000
896,000 7,020,000 1,677,000
489,000
463,000 8,324,000
415,000
639,000 6,929,000
66,000
147,000 1,097,000
301,000 1,133,600 5,026.000 384,000
365,000 3,387,000 159,000
1,006 202,000
347,000
295,000 5,787,600
1,047,600 2,091,000 17,442,000 812,000
186,000 3,413,000
205.000
12,000
57,000
102,000
159,000
500.000 1,031,900 7,017,000
289,700 3,073,000
200,000
489,000
83,000
17,000
38,000
21,000
85,000
41,000
36,000
2,000
700.000 1,301,800 10,690,000
572,000
55,000
106,000
77,000
2,000
8,395,000 10,430,400 100171000 4,894,000 1,318,000 2,748,000 1,184,000 330,000
-197,000 +105000 -101000 +80,000 -44,000 +37,000
$118,070 increase.
0,395.000 10,930,400 100:368000 4,789,000 1,419,000 2,668,000 1,208,000 293,000
6,395,000 10,430,400 100119 000 4,711,000 1,518.000 2,739,000 1,158,000 439,000
8,395,000 10,430,400 99,425,000 4,664,000 1,383,000 2,860,000 1,110,000 504,000
6,395,000 10,430,400 98.786,000 4,673,000 1,471,000 2,753.000 1.194,000 469,000
6.245.000 10.430.400 1006144100 4.628.000 1.390.000 2.712.000 1.115.000 424.000
13,000 3,609,000 6,343,000 59,950,000 3,032,000
3,000
269,000 1,610,000 5,380,000 960,000
72,000
489,000 1,432,000 2,089,000
3,000
341,000 2,099,000 6,812,000 3,029,000
38,000 6,595,000 12,729,000 87,898,000 10561000 1,569,000
+7,000 -94,000 +482,000 -965,000 +26,000 -9,000
31,000 6,689,000 12,247,00088,861,000 10535000 1,518,000
31,000 6,506,000 11,924,000 88,503,000 10532000 1,514,00a
38.0006,569,000 10,987,000 87,591,000 10496000 1,511.000
46,000 6,610,000 10,558,000 87,880,000 10415000 1,511.000
36.000 8.804.000 11.172.000 87.281.000 103570410 1.510_000
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. 27
Mar. 8
Mar. 13
Mar. 20
Mar. 27
April 3
April 10
April 17
April 24
May 1
May 8
$
103,684.3
103,684,3
103,684,3
103,684,3
103,884,3
103,684,3
103,684,3
103,684,3
103,684,3
103,884,3
1(13_884.3
Loans.
$
404,022,0
406,929.0
410,428.0
411,220.0
412,354,0
412,391,0
412,856,0
415,715,0
415,382,0
415,165,0
416.730.0
Reserve.
$
91,485.0
92,277,0
91,186,0
91,266,0
90,718,0
91,301,0
94,820,0
07,287,0
98,336,0
97,532,0
99.440.0
Deposits. Ctrculaa
lion.
$
458,793,0
461,943.0
459,147.0
460,763.0
456,791,0
489,854,0
408,217,0
479,352,0
473,611,0
475,730,0
481.348.0
s
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
11,298,0
11.284.0
Clearing.
$
124,704,:
169,945,1
138,902,,
139,536,.
133,978,1
159,383,
156,014,;
159,154,
153,594.8
152,073,
185.832.4
a Includes Government deposits and the Item "dus to other banks" (May 8
$137,877,000); also "Exchanges for Clearing House" (MaY 8 $13,813,000). Due
from banks May 8,$54,212,000.
Change from
May 8 1915 previous week.
Circulation
$9,096,000 Dec.
Loans, dlsc'ts& investments_ 256,268,000 Inc.
Individual deposits, incl. U.S 184,729,000 Dec.
99,600,000 Inc.
Due to banks
12,462,000 Dec.
Time deposits
Exchanges for Clearing House 14,876,000 Dec.
26,962,000 Inc.
Due from other banks
20,043,000 Dec.
Cash reserve
Reserve in Fed. Res've Bank 9,537,000 Inc.
Reserve with other banks... 33,067,000 Dec.
6,410,000 Dec.
Reserve excess in bank
19,434,000 Dec.
Excess with reserve agents_
2,720,000 Inc.
Excess with Fed. 11cave 13'k_
May 1'15. Apr.24 '15.
$274,000 $9,370,000 $9,369,000
3,159,000 253,109,000 250,705,000 .
3,266,000 187,995,000 186,029,000
4,663,000 94,937,000 96,311,000
412,000 12,875,000 13,2114,000
2,922.000 17,798,000 15,857,000
957,000 26,005,000 27,989,000
231,000 20,274,000 19,657,000
612,000 8,925,000 9,624,000
1,061,000 34,128,000 36,252,000
505,000 6,915,000 6,465,000
1,335,000 20,789,000 23,060,000
474,000 2,246,000 3,023.000
Imports andExports for the Week.-See second page
preceding.
1654
THE CHRONICLE
Vantiers? gazette.
Wall Street, Friday Night, May 14 1915.
The Money Market and Financial Situation.—Business in Wall Street has been influenced throughout the week
by possible effects of the momentous event noted at the close
of last week. The first impulse was caution and this has
continued without interruption. It resulted in exceptionally
heavy transactions on Monday at the Stock Exchange, in
which liquidation predominated. This has been followed
by a steady decline in the volume of business as well as prices
until the market now reflects a waiting attitude on the part
of traders as well as investors, and the day-by-day operations
illustrate these conditions.
Announcement on Tuesday that the entire offering of
$65,000,000 432% bonds by the Pennsylvania RR. had been
subscribed, that the number of idle freight cars was reduced
37,000 during April and that the balance of international
trade for the first week in May amounted to $20,500,000 in.
favor of this country was accompanied by a substantial recovery from Monday's sweeping decline in security values.
The reported financial operations of the week include receipts here of $5,000,000 gold from Paris and the transfer
of 840,000,000 from the Bank of France to London. The
latter is probably the largest single shipment ever made,
and increases the holdings of the Bank of England so that
the amount is $139,000,000 larger than a year ago, and its
percentage of reserve is nearly 3% larger than last week.
With the passing days interest and perhaps anxiety has
increased regarding the outcome of diplomatic correspondence
between Washington and Berlin now in progress, and this
will doubtless not subside until an answer to President
Wilson's note of yesterday is received from the German
Government. The note mentioned expresses the sentiments
and feelings of the whole American people by whom the
President will be upheld whatever the result.
The open market rate for call loans on the Stock Exchange
on stock and bond collaterals ranged from 1% to 23/2%. The
rate on Friday was 1 @2%%. Commercial paper closed at
33/2@4% for sixty to ninety-day endorsements and prime
four to six months' single names. Good single names,41A%.
The Bank of England weekly statement on Thursday
showed an increase of £7,324,615 in gold coin and bullion
holdings and the percentage of reserve to liabilities was
21.06, against 18.15 the week before. The rate of discount
remains unchanged at 5%,as fixed Aug. 13.
The Bank of France shows a decrease of 41,980,000 francs
gold and 142,000 francs silver.
Foreign Exchange.—The market for sterling exchange
has ruled dull and has shown an easier tendency throughout
the week. An importation of $5,000,000 in gold direct from
Paris was received on Wednesday.
[VOL. 100.
from 77 to 743'. The Southern Pacific issues all fell away;
most notably the cony. 5s, which dropped from .1003 to
983; cony. 4s from 823 to 80% and the first and ref. 4s
losing 1% points to 863/2.
Sales on a seller's 20-day option (s-20-f) representing, presumably, sales on foreign account, were considerably larger
than a week ago, being $659,000, as against $569,000.
United States Bonds.—Sales of Government bonds at
the Board include $500 2s coup. at 971-2; $19,000 3s reg. at
101; $1,500 3s coup. at 1003/i and $3,0004s coup. at 1113/2.
For to-day's prices of all the different issues and for weekly
range, see third page following.
Railroad and Miscellaneous Stocks.—As noted above,
activity in the market for stocks has been greatly reduced.
From a total of 1,157,072 shares on Monday and an average
of 857,000 shares last week,:the number traded in dropped to
442,700 on Thursday. Prices also declined, not heavily
in the railway list, but sharply in many ind-strial issues
which have recently had a phenomenal advance on war conditions. Evidently the outside public has gradu..4,11y dropped
out of the market, and now the transactions are largely limited to operations on the floor of the Exchange.
There has been almost no change in prevailing influences
from day to day, except that on Tuesday there was recovery
of a part of the sharp decline, which took place when the
liquidating movement was strongest on Monday. To-day's
market was somewhat more active than yesterday's, and
prices followed the course of Monday, the entire list losing
from 1 to 7 points. As a result of the week's operations,
St. Paul is 43' points lower, Union Pacific and New York
Central 43., New Haven, Lehigh Valley, Northern Pacific
and Southern Pacific from 3 to 3M.
Industrials which have recently been conspicuous for advance show the sharpest declines. Maxwell Motors has lost
143/i points, Mexican Petroleum 113/2, Studebaker 103',
Baldwin Locomotive 10, American Locomotive 8, Bethlehem Steel 17 and Westinghouse 7.
For daily volume of business see page 1663.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending May 14.
Adams Express
American Express
Amer Teleg & Cable_
Brown Shoe
Butterick Co
Cent & So Am Teleg
Edison
Detroit United
Duluth SS & Atl
Pteferred
E I du Pont Powd, pref.
Havana Elec R,L & P
Preferred
Internat Agrie Corp, pf_
Sales
for
Mac.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Jan 96 AprIl
100 80 May 8 80 May 8 80
Fe, 97 April
200 835% May 14 85 May 11 83
Ma 61
75 62 May 11 62 May 12 58
May
100 23 May 14 23 May 14 23 May 39
Jan
Fe. 325% April
20C 30 May 13 30 May 13 27
13
110
May
Jan 120 May
13 119
25 119 May i3
' 70 114% May 13 115 May 11 1115% Fe. 1155% Mar
200 58 May 13 60 May 13 525% Apri • 61 April
Fe. 5
100 45% May 14 414 May 14 4
Jan
Jan 10
200 85% May 11 85% May 10 7
Jan
100 92 May 12 92 May 12 905% Aptil 92 May
Ma 815% May
100 81% May 12 815% May 12 71
100 975% May 12 975% May 12 95 Apr! 975% May
Ma 17
100 17 May 14 17 May 14 8
May
y, Mar 105% April
1,025 5 May 10 6 May 8
Feb 10
200 65% May 10 65% May 10 6
Feb
12
1205%
May
123
May
13
124
Ma
60
1245% May
150 1255% May 8 1255% May 8 121 Apt! 126
Jan
30$ 34 May 11 34 May 13 32
Ma 365% April
2
1,410 3 May 8 35% May 11
Feb 4 April
210 9014 May 8 91 May 11 88
Feb 91
Mar
100 83 May 14 83 May 14 83 May 89
May
100 74 May 12 74 May 12 74
Ma 80 Aptil
300 95 May 14 975% May 10 95
May 1025% AprIl
030 62 May 12 64 May 12 485% Ja. 605% April
100 285% May 8 285% May 8 275% Feb 315% April
600 38 May 14 42 May 8 365% Feb 45 April
100 85% May 10 85% May 10 5
Jan 85% May
100 90 May 10 90 May 10 775% Jan 100 April
100 255 May 10 255 May 10 23214 AprIl 255
Mav
To-day's (Friday's) actual ratel for sterling exchange were 4 765%
Internat Steam Pump_
4 76% for sixty (lays, 4 793i04 79 7-16 for cheques and 479 11-16® Iowa Central
4 79% for cables. Commercial on banks nominal and documents for pay- Kings Co Elec Lt & P
ment nominal. Cotton for payment nominal and grain for payment nomi- Nash Chatt & St Louis_
nal.
N Y Chic & St Louis
There were no rates for sterling posted by prominent bankers' this week. Ontario Silver Alining
To-day's (Friday's) actual rates for Paris bankers' francs were nominal Pacific Tel & Tel, pref..for long and 5 34 for short. Germany bankers' marks were nominal for Pettibone-Alulliken lstpf
long and 82 11-16 for short. Amsterdam bankers' guilders were 385%0 Pittsburgh Steel, ptef
385% for short.
Tobacco Products, pref..
Exchange at Paris on London, 25.645% fr.; week's range, 25.58 fr. high United Dry Goods, pref..
and 25.66 fr. low.
Union Pacific warrants..
Exchange at Berlin on London not quotable.
Virginia Iron, Coal & C.
The range for foreign exchange for the week follows:
Vulcan Detinning
Sterling, Actual—
Sixty Days.
Cheques.
I,4 ells Fargo & Co
Cables.
High for the week_ _ _4 775%
4 80
Weyman Bruton
4 805%
Low for the week_ _ _4 765%
4 795%
4 79 11-16
Paris Bankers' Francs—
Outside Market.—The "curb" market was unsettled
High for the week__ _
5315%
531
this week. At the opening there was a continuation of' the
Low for the week_ _ _
5 34
5 335%
Germany Bankers' Marks—
decline started last week, this being followed by an upward
High for the week_ _ _
825%
835%
movement with substantial gains recorded. A. weak tone
Low for the week_ __
825%
82 13-16
Amsterdam Bankers' Guilders—
prevailed in the last two days, becoming more pronounced
High for the week_ __
39 9-16
395%
Kelly-Springfield Tire broke about 6 points
Low for the week_ __
39 7-16
39 9-16 less 1-32 with the close.
in the beginning of the week to 122, sold up to 135 and moved
Domestic Exchange.—Chicago, par. Boston, par. St. Louis, par
bid and 10c. premium asked. San Francisco, 30c. per $1,000 premium. downward again, resting at 120 to-day: Int. Motors corn.
Montreal, $5 315% per $1,000 premium. Minneapolis, 30c. per $1,000
rose over 2 points to 133/2, reacted and closed to-day at 12%.
premium. Cincinnati, par.
State and Railroad Bonds.—Sales of State bonds at the
Board this week include $10,000 New York State 4s 1962 at
1003'; $30,000 New York State 43's at 108 to 109; 84,000
New York Canal 4s 1961 at 101; $2,000 New York Canal
43/2s at 1093/i to 1093-, and $2,000 New York Canal 43s at
104%.
On account of recent events reported from the war zone,
and the consequent delicate state of international relations,
investors have shown due caution. Sales of railway and industrial bonds at the Stock Exchange reflect this caution,
aggregating $20,873,500, as against $22,212,700 a week ago.
Prices have also fallen off. From a list of 30 most active
issues, only three—Amer. Tel. & Tel. cony. 43's, Chicago
Rock Island & Pacific ref. 4s and Westinghouse Elec. & Mfg.
first cony. s. f. 5s—show advances, all fractional.
In some cases, especially among industrial securities, the
declines were rather sharp. Inspiration Cons. Copper 6s of
1919 and 1922, continuing the movement noted last week,
lost 103/ and 4% points, respectively; the former closing at
117, the latter at 1173'. Consol. Gas cony. 6s dropped from
1163/ to 114. Other issues, however, depreciated in value
only fractionally.
•
Among the railway securities, Missouri Kansas & Texas
first 4s receded from 78, the closing price last week, to 75;and
95 also lost 23/ points, falling
Interborough-Metropolitan 43/
The pref. lost a point to 29 and recovered to 32. Electric
Boat stocks were strong, the corn. moving up from 70 to 75
and the pref. from 97 to 102, the latter reacting to 100.
Amer. Zinc, Lead & Smelt. dropped from 393
4 to 33, sold
up to 39,
% but weakened again, the close to-day being at
3
35%. Whelan issues were heavy. Corp. for Stock of Riker
& Hegeman, after a gain of about half a point to 73,receded
to 63 with the close to-day at 63/2. Riker & Hegeman new
dropped from 7% to 53. United Cigar Stores corn. declined from 93/i to 8%,improved to 9% and ends the week
at 9. United Profit Sharing fluctuated between 3% and
%. Oil shares show heavy
23/2, the close to-day being at 23
losses. Atlantic Refining broke from 573 to 550 and ends
the week at 555. Illinois Pipe Line after selling up 7 points
to 132 ran down to 120. Prairie Oil & Gas was erratic and
from 303 sold as high as 329 and down to 284 with the close
at 288. South Penn Oil was offfrom 286 to 266. Standard
Oil (Indiana) fluctuations were wide and irregular and at 399
to-day shows a loss of 30 points from last Friday's close.
There was a final recovery to 410. Standard Oil of N. J.
advanced from 400 to 408 and declined to 395, the final
figure to-day being 397. Vacuum Oil went down from 210
to 194. In bonds the Pennsylvania 43's,"w.i.," were active
and sold down from 984 to 963
% and at 96% finally. Mining shares generally weak and lower.
Outside quotations will be found on page 1663.
Record, Daily, Weekly and Yearly
New York Stock Exchange-Stock
OCCUPYING TWO PAGES.
1655
For record of sales during the week of stocks usually inactive, see preceding page.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
May 8.
Monday
May 10.
Tuesday
May 11.
Wednesday
May 12.
Thursday
May 13.
Friday
May 14.
Sales of
the
Week
Shgres.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On basis of 100 share lots.
Lowest
Highesi.
Railroads
9212 Feb 24 105 Apr 19
9658 9812 30,200 Atchison Topeka & Santa Fe_ _
9812 100
9978 101
9934 10078
9814 9978 97 100
*99
0953
96 Jan 5 101 May 6
600 Do prof
9958 0934 *99 100
9912 9912 *9812 10012 100 100
Mar 1 11312 Apr 30
98
100
106
107
500
Atlantic
Coast
Line
RR
107
111 *107 111
10834 10834 104 10612 *106
6334 Feb 25 7978 Apr 19
6934 7118 62,400 Balthnore & Ohio
7238 7312 7112 72
7014 7212 6912 7253 7134 73
63
6912 2,050 Do
67 Feb 23 7:114 Jan 20
prof
7012 7012 6934 70
6978 6978 69
7014 6978 70
8412 Jan 6 93 Apr 21
8478 87
12,500 Brooklyn Rapid Transit
88
8812 87
8514 88
8512 8634 8714 881s 88
15234 May 7 174 Apr 19
15714 15834 154,2 15717 36,700 Canadian Pacific
15712 15912 157 160
154 15634 15314 157
May 8 325 Jan 22
1300
309
110
320
300
Central
of
New
Jersey
*295
325
325
*295
*295
330
*300
300 300
40 Feb 23 4938Apr 19
4238 9,300 Chesapeake & Ohio
4212 4314 41
43
44
4334 4314 44
4312 4414 41
1418 Apr 19
2,800 Chicago Great West
1014 Jan 4
1238 1212 1112 1112 1012 11
*1012 12
12
11
1178 1178
3658 Apr 19
2112 2078 2512 27,2 10,020
2512 May14
Do pref
29
3014
2334 30
3018 3012 2778 30
8314 Feb 24 9814 Apr 19
24,700 Chicago Mew & St Paul
90
9178 8512 9112 8934 9134 9018 9112 8912 9018 8738 89
1
600 Do pref
123 Feb 25 130 Jan 22
12434 125 *12112 12812 *12412 12812 12412
12514 12514 125 125
125
950 Chicago & North Western
121 Mar 3 132 Apr 15
12178 12178 12412 1212
126 12614 127 127
*12612 12712 127 127
Do pref
1160 Feb 10 1175 Jan 30
*165 170 *165 170 *165 170 *165 170 *165 170 *160 170
1814 Mar 1
25'12 2414 2518 23
3838 Apr 15
2158 2418 24
2414 2118 2334 49,850 Chic Rock Island & Pacific
2134 23
Chicago St Paul Minn & Om__ §114 Apr 8 §114 Apr 8
*115 130 *115 130 *115 130 *115 130 *115 130 *115 130
Do pref
•125 150 *125 150 *125 150 *130 150 *125 150 *125 150
§21 Jan 18
3412 Apr 19
*23
39
200 Cleve Cm Chic
St Louis
34
39
39
*28
*32
*29
3873 34
37
*32
5318 Feb 17 65 Apr I
70
&*_
100 Do pref
*55
¢5
*50
70
__ 70
53
58
64
*55
24 Mar15 32 Apr 8
*23
30
Colorado & Southern
30
30
*27
30
*28
*29
32
*23
*29
32
45 Jan 18 5414 Apr 5
54
54
54
*51
Do 1st pref
*50
*51
*50
54
*50
54
*50
54
37 Jan 18 4912 Apr 3
*35
45
*38
45
*35
45
*35
45
Do 20 pref
45
*38
45
*38
142 Jan 4 153 Apr 19
147 147
200 Delaware & IIudson
14612 14612 *146 150 *14612 150 *14612 150 *14612 150
Delaware Lack & Western__ 39978Jan (I 42934 Apr 10
*415 427 *412 427 *400 425 *412 427 *400 420 *400 420
4 Jan 12
9
Denver & Rio Grande
914 Apr 20
*7
9
*7
10
*712 9
*7
*512 8
*6
10
612 Jan 7 1814 Apr 19
*1212 15
700 Do
•13
13
1212 1234 1214 1214
13
1334
16
13
pref
24
Feb
Apr 19
30
197
8
23
2158
2414 2534 2212 2534 25
2678
82,109
2478
Erie
2578 2512
2578
3214 Feb 24 4633 Apr 19
4012 37
39
3878 4012 4058 4178
18,450 Do 1st preferred
3918 4014 3718 39
40
27 Feb 25 3714 Apr 19
3412
100 Do 2d preferred
*3112 3511 *31
*30
34
34
3014 3014 *31
*31
36
11234Jan 2 12234 Apr 19
11612 11712 11712 118
117 11712 115 11634 17,550 Great Northern pref
11534 11712 11418 117
29
3012 25,450 Iron Ore properties
25's Jan 2 4138 Apr 13
3118 3234 29
3212 3114 3312 3112 3334 3034 32
10212 Mani 113 Apr 19
1,700 Illinois Central
10712 10712 1051.4 10712
108 10813 10612 10613 *106 110
103 103
2434 Apr 29
2012 2112 1858 2012 117,250 Interboro-Metropolltan v t ett 1038Jan 16
18
1978 2112 2114 2278
1978
1734 1958
6912 31,100 Do pref
49 Jan 1)) 7538 Apr 15
7034 67
6934 7214 69
7114
6414 6712 69
66
69
2178
2053Feb
24
26
293
8 May 6
17,000
City
Southern
263
4
Kansas
257
8
2734
27
2778
2612
2612 2712 2512 2634
5778 58
1,700 Do prof
5478 Feb 24 6012 Apr 20
*5734 59
5912 5912 5812 5912 *5812 5912 5812 59
10
100 Lake Erie & Western
5 Jan 5
958 Apr 21
812 *7
*7
10
912 *7
*7
8
8
1014 *7
1918 1914
22
200 Do Prof
191s May14 2314 Apr 22
2314 *19
2314 *19
*1918 2314 *1918 2314 *19
12914 Feb 24 14612 Apr 19
13912 14014 13934 14134 13814 13912 13634 13812 21,160 Lehigh Valley
135 139
13813 140
*30
37
37
*32
Long Island
39 Jan 21)
37
30 Jan 11
*30
*32
37
*32
37
*30
37
113 117
1,700 Louisville & Nashville
118 118
110 Mar 1 12512 Apr 20
11914 11914 *118 11912 119 121
11914 120
210 Manhattan Elevated
127 Mar31 129 Apr 23
128 128 §12673 12678 *125. 128 *125 129 §126 126 *125 130
*1258 15
1938Feb 15
Minneapolis & St Louis
*1212 161.4 *1212 16
1012Jan 11
43 *____ 43
*25
Do pref
43
25 Jan 18 49 Feb 15
*28
350 Minn St P & S Marto
____ *116 119 *115 119
106 Jan 4 12212 Apr 19
115 117 *116
*113 115 *112 116
*123 130
100 Do pref
125 Mayll 132 Apr 19
125 125 *125 130 *123
*123 130 *128 130
1158 1214 7,450 Missouri Kansas & Texas
778 Jan 4
13
1314
1234 1313 1214 -1-23-8
1514 Apr 19
12
1314
12
1214
2934 2,500 Do pref
31
26 Jan 4 40 Apr 5
31
32
31
3018 3058 29
3013 32
3014 32
1212 1318 18.200 MISSouri Pacific
1314 1312 14
(h3 Jan 8
1814 Apr 19
1412 1314 1334
1214 13
1258 1314
*16
23
100 Nat Rye of Mexico 1st pref
23
19 May12 23 Jan 5
*19
19
19
*16
23
22
*16
22
•10
47s Jan .23
7 Apr 29
Do 20 preferred
112 *612 712
*612 734 *612 712 *612 712 *612 712 *612
8112
Mar 1 0234 Jan22
8414
14,700
N
Hudson
River_
8534
8214
Y
Central
&
85
85
8558
861/
81
8134
85
8412 8534
43 Feb 25 7114 Apr 21
62
60
21,280 N Y N II & Hartford
6414 6534 63
64
6338 6334 65
60
6212 65
2912 2914 3014
2134 Jan 6 35 Apr 20
2512 27
2712 2814
7,500 N Y Ontario & Western
28
2012 28
29
30
1517 May 5 25 Feb 15
*15
20
-*15
20
*15
Norfolk Southern
20
•15
20
99'3 Jan 4 10618 Apr 19
1011.8 103 ioi idi *102 103 *102 103 101 102 1,800 Norfolk & Western
103 103
85 Jan 27 8512 Jan 26
89
*85
89
Do adjustment preferred_
*85
89
*85
10218 10117. 23,455 Northern Pacific
99'8 Feb 24 11258 Apr 19
10512 107
10434 105
10334 1051., 10213 10i61-2 105 106
10358Feb 24 11138 Apr 21
107 10712 10538 10712 10614 10634 10058 10712 107 1071,1 105. 10612 14,536 Pennsylvania
600 Pittsb CM Chic & St Louis... 6778 May14 72 Jan 18
70
70
7034 6773 68
71
70
70
70
70
*68
*70
*90 110.
*90 110
*90 110
*90 110
Do pref
*90 110
*90 110
13834 May10 15718 Apr 19
14214 14378 13978 14278 237,800 Reading
141 14378 13334 14314 14314 146
14334 146
90
*85
85 Mar 8 8612 Jan 11
90
1st preferred
*85
*8058 00
*8058 90
*8033 90
*8033 90
80
8013
510
80 Feb 23 8612 Apr 19
85
20 preferred
85
*80
*80
*80
85
84
*8313 86
184
113 Apr 9
12 Mar25
34
34
Rock Island Company
5s
58
58
58
58
53
*12
54
1
2
1
2
212 Apr 9
7,
7
0
5
00
0
78
7,
Do
prof
12 Apr 21
7
8
5
8
58
58
58
34
78
53
434 5
134 Mar22
614 Apr 22
2,000 St Louis & San Francisco
514
5
5
5
*5
5
*412
514
4,2
412
*8
14
614 May 7 1134 Mar31
14
Do 1st preferred
*8
14
*8
14
*8
*7
14
*7
12
*5
6
-666 Do 20 preferred
3 Jan 18
8 Mar31
*512 612 *4
5
5
6
533 534 *514
16
400 St Louis Southwestern
15 Feb 15
19 Apr 23
171812 16
1613 1618 *15
16
16
•15
17
33 Slar24 37 Jan 21
Do pref
35 ----- 37 *____ 37
37 *____ 37 ,*33
*30
_ 37
1,200 Seaboard Air Lino
1312 1378
17 Apr 21
1414 1414 1412 15
15
1114Jan 4
*14
1234 1312
14
14
9,
,150
820
07
32 Feb 25 42 Apr 10
Do prof
35
3517 35
3378 3417 3234 3334 2
36
35
31
3534 36
8114 Feb 5 95 Apr 21
8773 8938 8634 8734 8518 8718 7(3,050 Southern Pacific Co
8412 8878 8714 89
8634 89
Certificates (when issued).. 9478 Feb 20 10614 Apr 19
§10153 10158
Y61-2
1938 Apr 9
Southern v tr Ct19 stamped... 1234 Feb 24
1634 1714
1634 1713 - 612 1658 16
1534 17
1613 17
43 Feb 25 63 Jan 26
do
53
53
Dopreferred
53
53
5318 54
53
5314 531/ 52
1612 1612 16
11 Jan 11
14
1
5
1,11
1778 Apr 19
29
1:6
80
50 Texas & Pacific
16
*1514 1612 5
*15
1634 *1513 1618
51
35 Jan 2 58 Apr 15
4612 4938
51
Third Avenue (N Y)
5034 5214 50
4714 4912 4638 4912 49
212 Mar31
212 *2
1 Jan 6
212 __, Toledo St Louts & Western..
212 *2
212 *2
*2
217 *2
212 *2
71,
6 Jan 6
614 614
6
93s Jan 23
(3
200 Do prof
*512 612 *512 612
*6
71s *6
9558Feb 25 100 Apr 19
*9534 99
9712 0712 9712 9734 *9534 99
97
97
500 Twin City Rapid Transit
.97
98
12434 12638 12478 12678 12373 12514 121 12373 237,830 Union Pacific
11534Jan 2 13458 Apr 19
123 12512 12034 126
8138 8134 8134 8134 8112 8112 805s 8112 2,220 Do prof
x79 Mar 1 8134 Feb 26
8114 8114 8038 81
1514 16
16
17
18
1812 17
17
2,100 United Rallways Investment_
15
15
8 Jan 5 21 Apr 26
15
14
31
33
31
32
33
34
315
4,100
8
29
3212
2114 Mar15 4014 Apr 26
3012
Do
pref
3112
3014
78
78
78
34
1
1
73
1
214 Apr 30
Wabash
1
118
12 Ma r25
178
2
158 2
612 Apr 29
134 *158 2,2
133Feb 24
134
Do pref
153
134
!
2
18
'4.12 46
22
1331.4
84 22
*2212 2434 '2
914 Jan .4
26
25
25
1,6
8
2212 *22
2673 Apr 13
500
00
g Western Maryland
*2212 2312 22
212
212 *2
212 *2
134 Jan 6
212 *2
Wheeling & Lake Erie
334Jan 18
*2
212 *2
9
9
*5
12
*5
12 *____ 12
100 Do 1st preferred
*8
12
9 Mayll 16 Jan 18
*8
12
3
3
*3
4
*3
4
*3
4
500 Do 20 preferred
273 Apr 16
6 Jan 18
*3
4
3
3
*3234 3412 3234 3234 3213 3218 3112 3112
400 Wisconsin Central
3038Feb 24 398 Jan21
*3214 36
35
35
Range for Previous
Year 1914.
Lowest.
Highest.
8912 July
29012 Dec
§9918 Dec
67 Dec
69 Dec
79 July
133 Dec
300 July
40 Dec
914 July
25 July
8434 Dee
126 Dec
122 Dec
170 Jan
33 June
125 May
132 May
22 July
40 July
20 Mar
3778 July
29 Dec
138% Dec
388 Jan
4 July
8 July
2018 July
32 July
2614 July
11158 Dec
223 July
10312 Dec
1034 July
50 Dec
2014 July
4918 Dee
513 July
17 Apr
118 July
28 Jan
125 Dec
128 Jan
918 July
2712 June
101 Dec
130 June
818 Dec
26 Dec
7 Dec
30 Jan
5 Dee
77 July
4958 July
1834 Dec
2518 July
9612 Dec
85 Jan
9658 Dee
10212 Dec
6418 July
95 June
137 July
87 July
:80 Dec
53 Dec
1 Dee
2 Apr
8 May
214 Dec
1778 July
36 July
1014 Dec
4534 Jan
81 Dee
9278 Dec
14 Dec
58 Dec
1112 Dec
33 July
2 Dec
434 Dee
9478 July
112 July
7712 Dec
712 Dec
22 July
12 July
134 Dec
1034 Dec
212 July
814 July
3 Dec
2934 July
10038 Jan
10134 June
126 Jan
9338 Jan
8338 Jan
9414 Mar
22012 Feb
310 Jan
68 Jan
1514 June
4112 June
10718 Feb
143 Feb
13678 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
3118 Feb
3212 Jan
4934 Jan
4014 Jan
134% Feb
3914 n
115 J‘n
108 is
. 6538 June
2812 J
62 Jsa
9 Jsa
2112 Jaa
15614 Jai
36 Fes
14178 Jan
133 Feb
1614 Jan
3512 Jan
137 Feb
145 Feb
24 Jan
60 Jan
30 Jan
34 Feb
14 Jan
9658 Jan
78 Jan
3158 Jan
43 Jan
1057s July
90 Apr
11812 Feb
11512 Jan
91 Feb
101 Mar
17214 Jan
8938 June
93 Jan
1658 Jan
25 Jan
538 Jan
1712 Jan
934 Jan
2634 Jan
6518 Jan
2238 Feb
58 Feb
9912 Jan
10612 Jun
2814 Feb
8514 Feb
1734 Apr
4534 Jan
1214 Jan
23 Jan
10812 Jan
16134 Jan
86 Feb
2334 Feb
4914 Mar
458 Jan
13 Jan
35 Jan
638 Jan
21 Jan
11 Jan
48 Feb
Industrial & Miscellaneous
3338 3431 3112 333,
30
3134 65,050 dAlaska Gold Mining_Par 310 $2618 Jan 7 $4012 Apr 22 $1912 July $2878 May
32
3412 2912 3418 3212 3434
1414 Feb
734 Jan12 1958 May 1
1412 15
1514 1638
13
1458 13,100 Allis-Chalmers Mfg v t c
6 July
1434 15
1218 1413
1378 15
42
3213 July 49 Jan
45
4512 4)3
46
*45
47
33 Feb 10 5612 Apr 19
4,100 Do preferred v t c
38
4534 45
46
46
7818 Feb
7912 Apr 22
4834 Dee
6914 6514 6718 6212 6534 219,050 Amalgamated Copper
6818 67
5O8 Feb 24
6534 6834 6238 6838 66
5912 Mat
6312 50
50
51
2,700 American Agricultural Chem_
4734 Jan
5212 53
48 Jan 4 5978 Slay 5
5014 50
54
53
5312 50
9712 Jan
*91
9014 Dec
9212 9212 *9112 9312 *9112 96
0212
90 Mar27 93 Feb 1(3
100 Do pref
*92
94
*90
95
3312 Dee
33)4 Jan 6 5012 Apr 29
19 July
4434 4514 4514 4718 4314 4514 3934 4311 20,550 American Beet Sugar
4412 3934 44
43
*82
*80
87
*30
86
87
8624
ar22
87
83 Feb 1
66 May 80 Doe
*83
84
*80
85
*80
Do prof
9712 Feb
SO Apr
*97 10212 *9012 10178 *95 1007s *95 10212 *95 10212 *95 10212,
Amer Brake Shoe & Foundry. 8714 Feb 25 103 May 3
14678 Feb
13212 Mar25 C155 Apr 29 12912 Jan
*145 150 *145 150 *145 150 *145 150 *145 150 *14012 150
Do pref
3618
3234 3412 30
3518 Jan
33 133,710 American Can
3112 3414 29
25 Feb 24 4438 Apr 30
1914 July
3412 3314 3434 34
96
9612 9634 9712 9534 9612 94
05
3,500 Do pref
97
9718 9313 97
80 July 96 Jan
9112Jan 5 10014 May 1
5312 Feb
46
4278 14,9
4214 Dec
4758 513s 4678 5014 5012 5212 5012 5212 4934 50
23
1120
50
)000 American Car & Foundry__. 40 Feb 23 5914 Apr 16
11518 11518 1 1453 11458 *110 114
112 112
*115 116 *11312 116
112 Feb 23 116 Apr 30 112 July 11878 Jul
Do pref
18612 Mar
*92
96
92
*90
92
95
95
*90
20 American Coal Products
*90
96
95
*92
82 Jan 20 102 Apr 12 182 Jan
107 July
10714 10714 107 107 *107 109 *107 109 §108 108 *107 109
Do pre!
1105 Jan 7 §10934 A1V 6 1102 Jan
4612 4514 4612 46
4612 Feb
43
44
32 July
4653 4812 4212 4712 44
5,500 American Cotton 011
40
39 Jan 4
5413 Apr 26
*95
09
99
*05
99
*95
x92
92
9358 June 9738 Mar
99
*95
99
z92 May14 98 Apr 22
*95
Do pref
514 Feb
*51.1 6
473 514 *514 6
*514 6
5
514
1,725 American Hide & Leather_ __ _
433Feb 19
8 Apr 19
53s 512
314 July
2912 31
2534 Feb
30
2712 29
3113 30
2838 3,150 Do pref
17 July
3014 23
1933 Jan5 4212 Apr 19
3012 31
28
301s 3012 3118 3013 3114 *30
30
3114
1978 July 32% Feb
12,310 American Ice Securities
2058Jan 4 35 Apr 30
3012 3114 23
1012 1012 1034 1034
744 Jan 2 14 Apr 19
712 July
1158 Jan
934 2,100 American Linseed
1012 1012
912 1014
978 10
*2612 31
3134 Jan
28
*23
28
2014 27
24 Dec
31
400 Do pref
*2614 31
24 Jan 5 3414 Apr 16
30
*26
3714 Jan
2014 July
38
4218 43,160 American Locomotive
19 Mar 2 68 Apr 16
4434 4712 3914 1673 4414 4534 4428 4734 4212 45
10212 Mar
97
*95
93
93
93
400 Do pref
*95
9512 9512 97
98
75 Mar 6 10018 Apr 16
96 Jan
96
96
914 Jan
*4
412 *4
5
5
*4
5
414 Dec
100 American Malt Corporation
*4
5
638 Apr 23
373 Apr 14
473 478 *4
*20
5018 Jan
2512 *22
26
*20
26
*20
30 Dee
27
26
25 Apr 19 32/2 Mar31
*23
Do prof
*20
28
Jan
8.5
*80
84
84
*80
84
83
82
7914
July
*80
*80
8338
Amer
Smelters
Sec
prof
13
78
Jan
19
May
5
*80
84
*83
6612 6778 6478 6018 6134 6412 30,600 Amer Smelting & Refining
5014July 7118 Feb
58 Jan 2 76 Apr 26
6412 6633 6112 6634 6512 67
9712 Apr 105 Jan
1,500 Do prof
10518 10518 310314 1033p
100 Jan 4 10818 May 6
*105 10712 *10512 10712 *105 107 *105 107
150 151
150 15014 150 150
800 American Snuff
144 Jan 16 165 Apr 22 148 Dec 172 Jan
150 150 *150 160
•155 160
10634 July
9978 Jan
Do pref (new)
103 Jan 19 10612 Apr 26
*105 108 *105 108 *104 108 *101 108 *104 103 *104 108
3712 Feb
:3018 3018400 Amer Steel Foundry (new)_
*32
*31
35
35
3012
2118 Mar 5 40 Apr 30
30
2712 July
icki" 106 108 10578 10578 10134 101 6,430 American Sugar Refining
97 Mar 10978 Jan
91)12 Feb 24 11414 Apr 23
105l 1073 100 10712 *112 114
440 Do pref
109 Feb B 115 May13 10778 Mar 115 Dee
*11312 11412 11238 11312 119 11912 *112 114 115 115 *113 115
11912 120
7,010 Amer Telephone dr Telegraph_ 116 Jan 4 12378 Apr 19 114 July 12414 Jan
119 11914 118 119
11912 12013 116 11934
230 235
230 23014 230 230 x218 225
2,819 American Tobacco
z218 May14 25212 Apr 22 215 Apr 256 Mar
22912 230
224 230
10712 10734 10734 10778 *107 103 *10612 108
109 Jun
10114 Jan 4 109 May 6 10134 Jan
900 Preferred, new
10712 10712 107 107
2078 Jan
28
28
*25
28
2912 *20
2912
700 American Woolen
30
12 July
28
1.534 Mar 6 3214 May 3
26
*26
31
84
84
8312 8412 1,100 Do
87
85
86
87
7212 Mar 83 Jan
85
pref
7714 Feb 27 8978 Slay 1
85
85
85
2934 31
70,700 dAnaconda Copper Par 325 $243t Feb 24 $39 Apr 26 $2414 Dec $3814 Feb
3314 3114 32
2913 3212 3134 3238 32
3134 33
• Bid and asked prices: no sales on this day. 5 Ex-rights. § Less than 100 shares. a Ex-div. and rights. b New stock. c Certificates of deposit. d Quoted dcllars
per share. e First installment paid. x Ex-dividend. s Full 0: 10.
ioa-
1656
New York Stock Record-Concluded--Page 2
sales during the weak of stocks usualiv inactive. see second page preceding.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Etat inlay
Munday
Tuesday
Wednesday Thursday
Friday
Ma y 8.
May 10.
May 11.
May 12.
M2/7 13
Mty 14
Sates Of
the
Week
Shares
STOCKS
NEW YOREC STOCK
EXCEIANGE
Range Since Jars. 1.
On basis of 100 share lots.
Range for Previous
Year 1 914.
-Lowest.
Highest
-----
MONO.
Lowest.
.-Industrial & Mae (Con)
45
47
49
38
44
47
4612 394 4112 26,850 Baldwin Locomotive
4712 46
45
5212 Mob
2652 Mar 3 6113 May 1
381 Jan
100 10012 __ __ _ ____ __
*100 10112 *100 10112 100 100
403
Do pret.
92 Mar 9 10312 Jau 15 10212Jan 110 June
*1
1
*78
1
1
118 2,403 dBatopilas Mining_ ,Par $20
1
-78
72
178
14
$114 Feb
$12 Feb 5 52 Apr 17
812 Apr
139 14412 126 142
13514 13712 125 136
13614 142
47,100 Bethlehem Steel
136 139
4632 Dec
2912 Jan
484 Jan 2 159 May 7
111 311138 11012 111 *110 11112 11113 11118 111 111
110 111
Do prof
1,525
9182 Dec
91 Jan 2 113 Apr 8
68 Jan
•125 130 *126 134 *126 134 *126 131 *125 134 *125 131
Brooklyn Union Gas
130
Jan
118
30
Dee
1321,
Apr
118
Jan
5
*6'4 7
*614 7
103 Brunswick Term siv R. S.__ ..
*614 7
*64 7
614 8
*614 7
414 Mar12
54 July
713 May 1
882 Feb
59
6112 63
634 5913 6212 5813 6012 21,650 dButte &Supsrlor Coa.Pat 810 $61 May10 869 May 5
60
5812 6218 61
1614 1553 1614 1614 1614 1538 1512 1352 15
15 14 1612 15
6,550 California Petroleum v t atts_
1214 Apr I 2132Feb 8
1512 Deo
3052 Feb
_ 42
3913 40
37
37 *____ 41
*39
40
33
Do pref.
39
1,239
50 July 68 Mob
37 May10 5134 Feb 8
_
*8012 92
*8012 92
82
82
103 Case (J D Thresh M pf tr otts_
77 Mar 1 8314 Apr 16 177 Dec
Jan
954
34i2 -3612 53 -3612 3.53. -37
3612 3714 3173 38
3314 3172 28,170 Central Leather
324 Feb 20 4452 Apr 19
2572 Jan
3814 Dec
10234 10234 10212 10212 10212 10213 10212 10212 *103 10312 101 10114
700
Do pref.
10038Jan 7 101 Jan 27
914 Jan
104
July
41
4334 4018 43
43
444 4334 4512 1213 4334 3912 4112 67,300 dChino Copper
Par $5 3234Jan 13 4934 Apr 25 $3113 Dec $44 Feb
*55
60
*55
60
*55
60
*55
60
*55
Cluett. Peabody & Co. Ino_ 455 Apr 28 155 Apr 28
60
7155
63
6813 Feb
70 Feb
100 100
*100 103
101 101 *100 103 *109 103
102 102
Do pref.
300
185 Jan 20 102 Mar15
99 July 10412 Feb
2514 2612 .2312 2614 2614 2714 27
23
2513 26
21
2534 15,550 Colorado Fuel dr Iron
2134Jan 5 3)212 Apr 16
2012
JulY 3412 Feb
126 127
1233.4 12514 12613 12114 z125 12514 12313 12112 12134 12313 7,500 Consolidated Gas (N Y
11334Jan 4 13134 Apr 30 11213 Deo 13912 Jan
61
6112 59
59
604 6013 6012 62
61
6114 53
53
1,903 Continental Can
404 Jan 4 6.513 Apr 5
3713 June 4514 July
*92
9412 9412 9512 95,2 *91
97
200
Do prof
97
*9/
97
*92
97
88'2 Jan 5 97 Apr 8
84 July 9134 July
1212 1314 1112 1258 1234 1313 134 144 124 134 12
1234 15,003 Corn Products Refining
7 July 1312 Jan
8 Jan 2 1573 Apr 19
76t2 7612 75
75
*75
78
78
78
76
920
75
75
76
Do pref.
65 Jan 6 81 Apr 19
68's July 72 Jan
1814 231
20t2 23
2233 23
2113 23
20
2213 21
2114 32,740 Crucible Steel of America__
184 May10 23 May 4
_ ---_ 84
84 - -------- 865_
____
-__ --_.. ___
88
303 Do pref
8/ May10 894 May 4
;
6
56
51
51
*56
58
55 -55
57
58
56 -53
1,033 Cuban-Amarlean Sular
35 J In 2.5 70 Apr 5
96
*96 100
*96
99
*96
99
*96
99 .96
99
103
Do prat
93 Mar17 98 Apr 30
90 Deo
90 Deo
_ 92 *_ _ _ 92
*85
92 *85
92 *____ 92
7185
92
Deere & Co pref
9184 Jan
86 Apr 8 9012 Apr 30
9934 Feb
1
1278 11
1134 1213 1212 1312 1434 13
1458 124 13
9,303 Distillers' Securities Corp_ _
512 Mar 2 1513 May 1
11 July 2013 Mob
11
11
*1012 1212 *1012 12 *10
12 *___.. 12
103 Federal Mining & Smelting
.714 may
8 Mar24 15 Apr 19
15 Jan
_
_ ____
*25
33
*25
32
*25
33
*27
35
Do pre,
20 Mar13 31 Apr 20
2852 Dec
43 Jan
.ZO 215 7.202 21-0 *202 210 2024 20214 202 202 *195 205
250 General Chemical
165 Jan 26 215 Apr 28 160 Apr 180 Jan
*10
109
10872 10872 *103 109
103 103 1103 103 .107 109
235
Do prat
10)1 Mar 1 109 Apr 27 1074 Feb 110 June
14 34 15114 148 15114 150 152
15014 153
149 150
115 149
7,903 General Electric
138 Mar 3 162 May 1 13713 Dec 15052Feb
13
140
125 13773 135 1364 137 110
132 131
10,300 General Motors vol tr etts
123 131
3758 Jan
42 Jan 2 150 Apr 10
99 May
9
99
98
9958 9958 93
98
97
98
99
9712 934) 2,320
Do Prof voting trust °Us_
70 July 95 Feb
934 Jan 4 10534 Apr 13
4312 44
45
4413 40
41
4534 4113 43
4
3172 4014 31,610 Goodrich Co (13 F)
1958 Jan
211p Jan 7 5314 Apr 9
2872 Apr
102 102 *102 10212 102 102
10 ' 102
10134 102
10112 10112 1.500
Do prof
7972 Jan
95 Dec
95 Jan 14 10234 Apr 8
5712 5918 5614 5714 54
5 '4 5712 644 57
5634 58
18,400 dGuggenheim Explor_Par $25 $4518 Jan 7 $6113 Apr 26 $4013 July $5713 Apr
58
11 12 11712 *117 120 *11612 120 *11714 120 *1174 120 411812 11812
150 Homestake Mining
1114 Jan 8 111814 May14 10954 July ' 12212 Mob
2 34 2912 26
2834 2812 2973 2913 31
2313 2978 2633 2314 57,442 dEnspiration Con Cop_par $20 $1833 Jan 2 33538 API' 26 $14'e July $1914 July
9512 90
9412 792 100
95
91
96
9112 92
82 July 11312 Jan
91
9112 3,609 International Harvester of N J 90 May10 10814 Apr 21
___ *10134 115 *100_ *10934 115 *____ 115 *---- 115
*10
Do pref
11872July
112 Mar24 117 Jan 20 11313 Jan
70
70
795 -ii12 65
*7 I -75
65
303 International Harvester Corp
790
82 Deo 1118 Jan
65 *$0-55 Feb 20 80 Apr 10
10 113 10218 *100 108 *100 101
103 100 1._ _ 100 ... ... 1-03
200. Do prof
9012 Mar 6 114 Jan 14 11414 May 118 July
178 973
9
9
934 934
914 914 79
10
,7,5 10
63g July 1072 Feb
800 International Paper
8 Jan 6 12 Apr 10
3' 38
39
39
*38
796
38
40
*36
33
36
33
1,100
Do prat
30 Dec
33 Feb 24 43 Apr 19
41 Jan
--'82 85
*8212 86
8212 8212 *81
103 Kayser & Co (Julius
87
80 Jan
94 June
7712 Feb 20 88 Apr 26
- --__ ___ ____ *10812 ____ *10612 ___ *105 ___ *105 ____ ____
Do 1st pre(
107 Jan 13 109 Apr 19 106 Mob 10884 May
13 i 135 12713 12934 *12812 140 135 1-39 135 137 12312 13212 1,105 Kresge Co (8 81
81 Jan 105 Feb
99 Jan 18 139 May12
*1 1 110 *104 110 *104 110 *101 109''106 10912 103 103
99 Jan 105 Mob
100
Do prat
10114 Feb 15 10912 Apr 22
4I
414 41
42 *35
43
4112 44
42
42
40
26!3 July 40 Jan
41
1,900 Lackawanna Steel
28 Jan 7 49 May 1
10 1 102
10134 10134 102 102
102 102
10018 101
99 100
800 Laclede Gas (St Louis
85 July 101 Feb
92l8 Jan 15 106 Apr 13
*22 1 225 220 220 *210 225 *210 225 7910 225 *200 225
300 Liggett & Myers Tobacco-- 207 Jan 9 231 Apr 22 20712 Deo 231 Mob
*11 3 120
118 118 *115 120
1174 11718 *110 118 *110 118
400
Do prof
11334Jan 5 11912Jan 21 11138Jan 11815 July
20
2012 *1912 22
*2) 22
*20
22
1912 1913 *19
22
300 Loose-Wiles Biscuit tr co etre.
26 Deo
38 Jan
16 Feb 17 31 Jan 11
9734 *_ _ _ 9734 *9734 *
9734 *
9734 * Do lot preferred.
9734
8/3 Feb 20 10518 Jan 13 101 Apr 105 Mob
*6 )is 68 '6013 68 ;ars 68
..„.._
;50T8 63
Do 2d preferred
89 Jan
9514 June
6012 Apr 8 65 Marti
*16 1 175 *162 178 *162 172 1175 1-75 *162 178 *165 175
72 Lorillard Ca (P)
18513 Jan 6 181 Mar 8 160 July 190 Apr
*11) 117 .110 117 *113 117 *113 117 *113 117 *113 117
Do prof
11772 July
11214 Jan 6 118 Jan 19 110 Jan
83
8) 80
''
77
*77
*7312 80
83 *____ 83 *75
200 Mackay Companies
61 July 8782 Feb
72,2 Jan 11 824 May 6
*6 5
68
68
--------6614 6614 6612 6678 *65
16633 664
Do prof
850
6518 Jan
70 Jan
65 Feb 25 69'4 Jan 19
1
4 334 48
4013 4634 42
4634 43
45
39 4 4214 35
40
29,300 Maxwell Motor Inc 2r we_
1514 Deo
134 Jan 6 54 Apr 14
144 Dec
81
83
77
73
85
814 8634 84
80
83
75
81
2,610
Do let pref stk trolls..,
44 Dec
4112 Dee
43' Jan 2 8734 Apr 14
344 36
33
394 3352 39
3612 39
38
40
2812 31
Dee
24,700
17
Do 2d prat elk tr etre-1712 Dec
18 Jan 6 44 May 5
44
43
44
*4) 44
4472 *4112 4312 43
7140
*4112 44
514 June 6914 Jan
400 May Department Stores
40 Apr 21 66 Mar 2
95
95
*94
*95
98
*9512 99
98
*95
93
*9413 93
9712 June 10184 Feb
100
Do prat
9478 Apr 27 29812 Mar15
71
7612 6812 75
7212 7534 72 s• 7612 7118 7312 63
7138 101,350 Mexican Petroleum.....-.- 51 Jan 9 97 Apr 26
46's Jan
7312 Feb
*83
85
80
80 *_ _ - _ 80
83 83
*75
84
*75
200
85
Do prat
67 May 87 Feb
67 Jan 15 94 Apr 26
2312 2434 2214 2418 2418 2434 2113 254 2334 2113 22
23
17,400 clMiami Copper.
Par $5 $1714 Jan 6 5294 Apr 26 $1612 Dec $2432 Feb
4812 46
43
50
48
4634 4873 43
47
474 46
47
5,100 Montana Power
41 Dec
5272 June
42 Jan 4 5534 Apr 23
10112 1014 *101 10212'0101 103
101 101 *10013 101 *10012 101
203 Do prof
99 Jan 29 103 Apr 15 101 Apr 10372 June
_ _ 12278 12273 *118 119
11 713 1174 117 11738 ____
116 118
900 National Biscuit
116 Apr 3 132 Jan 22 120 July 139 Feb
__ 12112 --------12112 1-21-12 *11973 12212 *11973 122 *11972 122
200
Do prof
12013 Feb 19 128 Feb 3 11914 Jan 128 June
71
71
0
*68
7212 *69
71
71
7032 71
798
71
600 National Cloak & Suit
68 Mar2.5 8012 Mar31
*10512 10712 10518 10513 105 105 *105 107 *105 107
10112 10412
310 Do prof
10012 Mar25 10613 Apr 16
15
15
14
1412 1573 16
1414 1553 1414 1414 1312 1414 3,520 Nat Enameling & Stamping__
9t2 Jan 4 1712 API' 30
14 Feb
9 July
*82 87
*82
8/
*82
*81
87 *82
87
87
*81
87
Do pref
80 June 8672 Mob
79 Apr 1 85 Apr 22
59
6012 5978 6158 56
59
57
5912 53
5912 5214 564 19,600 National Lead
40 July 52 Jan
41 Jan 4 7014 May 1
*108
110
*103
110
10813
*103
10814
10814
112
*1 8
10812 10813
10134Jan 4 110 Apr 21 105 Jan
210
DO Prof
1413 1438 1312 1414 12,500 dNevada Cons Cop-Par $5 $1134 Feb 24 S1678 Apr 27 $104 July 109 Feb
134 1434 1313 1433 144 1433 1412 15
$1612 Jan
8773 83
8272 8414 82
88
75
83
85
81
76
82
88'2 Feb 26 100 Apr 30
9,500 New York Air Brake
58 July 69 Jan
7413 7412 76
78
74
74
*71
77
1,503 North American Co (new)....- 64 Jan 19 81 Apr 21
74
74
*7112 76
6415 July 7914 Mob
2112 2112 2134 *1913 30
20
1934 1934 20
20
800 Pacific Mall
*19
20
18 Mar17 2334 Apr 13
1714July 29 Jan
*3012 33
30
30
3114 3114 30
3114 30
1,100 Pacific Telephone 32 Telegraph 2318 Feb 11 3912 Apr 16
304 28
29
20 July 31 Jan
115 11534 11213 11412 115 11534 11512 11612 11512 11512 1134 118
3,830 People's Gas Lt & 0(Chic).- 11212 May10 13313 Apr 3 106 July 125 Jan
2053 2138 19
20
1978 2038 2014 2114 2018 2012 1813 20
1514 Jan 4 2134 Apr 19
8,900 Pittsburgh Coal
15 Dec
2312 Feb
90
90 *89
1
9158 8734 90
92
90
90
8572 88
3,303
Do prat
8153J4n 4 93 Feb 10
79 Dec
9313 Feb
4312 454 44
4334 46
45
40
4573 4312 44
36
4212 16.070 Pressed Steel Car
Mar 6 5934 Apr 30
25
46 Feb
2634Jan
•5
97
97
99
*94
98
*95
98
*95
98
795
99
86 Marl° 102.4Jan 25
100
Do prat
9734 Jan 1054 Mob
105 105 *10632 11012 101 101 •1013 10712
300 Publie Service Corp of N J-- 104 Anr 13 11014 Apr 22 107 Jan 114 Apr
iis 1E27-3 1524 15278 15334 15334 *15313 15712 15314 15314 *152 156
500 Pullman Company
1504 Mar12 16314 Apr 28 150 Dec 159 Jan
*38
88 ---------13
1
*18
58
*12
58
.12
88
200 Quicksilver Mining
Mar15
11s Jan 12
14
272 Jan
72 June
14 134 ---- -- ---- --- *114 134 *114 134 *1
2.j Jim' 22
84 Mar25
Do prof
112
112 June
4 Jan
914 2934 2514 -293-4 29 -3014 2934 3114 23
27
2914 25
5,900 Railway Steel Spring
19 Mar 6 40 May 1
1934July 3433 Feb
•0
--98 *.._ _ _ 98
- *-_ -- 93 *85
98
*85
98
Do prof
87 Mar 3 95 Apr 19
83 Dec 101 Feb
'172 23
2012 2314 2214 -234 2234 2334 2213 23
21
224 52.980 dRay Cons Copper_par $10 $1514 Jan 2 $2613 Ayr 26 $15 Dec $2213 Apr
'514 264 24
2534 2512 2612 2613 2778 2512 2612 24
2578 13,000 Republic Iron & Steel
19 Feb 1 3412 Apr 16
18 Dec
27 Jan
4
8412 82
83
8314 8312 8414 85
8313 8414 82
8212 3,400
30
Jan
Do prof
30
883a Apr
75 Dec
72
9114 Mob
4
412
413 5313
512 6
453 5
512 534
534 613
12,300 Rumely Co (MS
638 May12
373 Deo
78Jan 22
18 Jan
1434 134 1612 1312. 15
13
1
1112 1312 13
11
12
12,400
212Jan 2)) 13 May 6
Do pref.
2034 Apr
41 Jan
135is 13514 13514 1361* 135 135
1 '5 135
13414 136
132 134
2,153 Sears. Roebuck dr Co
213134 Mar17 201812 Feb 1 170's July 19712 July
_.. ___ ____ ____ 12518 1254 12434 12434 *124 12518 *122 12518
200
Do pre(
12133 Jan 4 12112 Feb 19 120 Dec 12484 June
9 40
34
*25
34
*26
40
33
33
33
32
32
5)0 Sloss-Sheffield Steel dc Iron__
1913 July 35 Jan
21 Jan 6 42 Apr 16
9 50
48
4913 *47
52
50
50
*49
51
49
49
600 Standard Milling
4312 Feb 23 554 Aar 6
32 Jan
45 Dec
10
70 *64
*64
70
70
*64
70
*65
70
*62
70
Do prat
60 Fob 17 73 Mar22
5912
Dec
6712 Deo
15
69
59
674 6534 6712 6638 69
6312 63
59
63 29,050 Studebaker Corporation (The) 354 Jan 2 80 May 1
20 Jan
3614 Mob
100 100
*9812 10012 994 100
*98 10013 93
08
50) Do pref.
91 Jan 2 10238 Apr 8
70
Jan
May
92
10- 104 2913 31
3112 3134 3134 3258 307s 3158 29
3314 10,030 4Tenneasee Copper___par $25 $2513 Feb 21 83558 Apr 30 $2434 July $3684 Feb
121612 130
125 129
126 127 *122 128
125 126
120 121
5,100 Texas Company (The)
120 MaY14 14113 Apr 19 112 July 14972 Mob
70
i5
70 *60
70
*60
7160
70
7160
70
163 63
53 Underwood Typewriter__ _
55 Feb 14 6952 Apr 20
7314 June 88 Jan
1814 10213 *984 10218 *____ 10218 7._ _ -- 100 *69 101) *91 100
90t2 may 6 103 Apr 20 103 Dec 113
Do prof
Apr
573 578
6
6
512 573
6
6
6
6
513 512 1,703 Union Bag & Paper
44 Jan 1
714 Apr 6
352 June
834 Feb
•12
30
2712 2712 *2358 27
*20
*20
30
30
795
23
109
Do pref..
2514 Mar27 3072 Apr 6
184 July 3212 Feb
10
46
43
7.40
48
*40
50
43 *40
43
7140
50
103 United Cigar Mfrs
42 Jan 25 5112 Apr 19
39 Dec
5014 Feb
)112 1043'103 105 *103 105 *103 105 *103 105 *103 105
Do Prof
10214 Feb 1 105 Feo 11
99 June 10372 Feb
*12
16
*13
16
16
*9
16
13
*12
15 .12
14
U S Cast Iron Pipe dr Fdy-8 Jan 2 1614 Apr 19
734 June
1312 Jan
40
42
45
10
451 7140
*37
5012 7130
45
*35
45
503
Do pref._3212Mar 3 4613 Apr 19
30 July 49 Feb
65
*61
6612 *61
65
64
34
*62
68
6613 *62
6312
200 17 S Express.
61 May 8 7314 Mar 9
46
Jan
Mob
87
18
41 .34
37
37
40
*36
40
795
40
36
33
200 U S Industrial Alcohol
15 Jan 27 46 Apr 29
15 Deo
20 Apr
*84
90 *31
94
*84
90
794
37
87
90
791
00
103
70 Jan 28 8914 Apr 29
Do prof
75 Dec
8512 Jan
40
*38
38
42
39
*38
47
38
38
39
3314 3314
303 U 8 Realty & Improvement- 36 Feb 11 50 Jan 12
514 Dec
6384 Mob
64
6013 6214 5712 60
6234 62
59
6172 5612 6178 60
31,550 United States Rubber
5178J tn 2 7414 Apr 14
4412 July 63 Mob
1 )6 10678 106 1062 1064 10614 10612 10678 *10512 10672 101 103
1.933
10133 Fab 21 110 Apr 9
Do 1st preferred
1J5 July 10482 Jan
52
6414 4814 534 5278 5414 5314 5558 5173 5314 494 5212 778,830 United States Steel
38 Feb 1 6073 Apr 19
48 Deo
6714 Jan
1 )634 1067s 10412 10612 106 10612 10612 10/14 1054 10613 10112 10512 6,200
Do prof
x1.02 Feb 1 11034 Apr 29 10314 Dec 11284 Jan
6314 664 6212 6173 6014 634 149,803 Altai" Copper
63 65
51
6414 5014 65
Par $10 $1512Jan 6 573 Apr 26 34532 Dec $593s June
2978 3014 2753 29
3012 304 3113 3278 3012 3212 27
2934
7,110 Virginia-Carolina Chemical__
15 Jan 4 37 May 5
17 Dec
3472 Mob
.1)712 99
95
96
*92
97
96
9734 9614 9714 9514 93
2,200
Do pref.
80 Jan 6 101 May 5
98 May 1074 Mob
5478 67
6614 6114 65
644 6534 6014 6634 6612 6712 65
8,325 Western Union Telegraph-. 57 Jan 2 7073 Apr 28 ,6332July 6672 Feb
8714 8912 8734 9332 8712 9012 8312 8812 232,710 Westinghouse Elea & Mfg.-- 61 Feb 24
32
8934 8018 89
794 July
108 Apr 30
64 Jan
11 20 120 *120 130
____
.. *120 128 *120 130 *120 130
40
Do 1st preferred....117 Mar12 130 May 5 11578Jan 12412 June
1 18 118
114 11714 11512 117-12 11712 119
11414 116
111 112
4,231 Willy3-Ove-land (The)
87 Feb 23 135 Apr 8
•1 304 10212 1004 10014 *100 10212 *10012 10212 10014 10012 9914 100
503 Do prof
98 Feb 13 103 Apr 8
10012 10118 10112 10112 102 10272 10112 103
1)04 101
10113 10153 1,850 Woolworth (F W)
9014Jan 6 11112 Apr 14
89 July 10314 Feb
*119 121 *102 12112 120 121) *110 121
201
Do oref___...... _ .__ 115 Ian 4 12013 A nr 14 11234 Jan 1187* Mob
•Did and asked prices; no Baled on this day. § Less than 100 [Mateo.
Ear-righta. a Ex-div. and rights. b New stook. d Quoted dollars per share. a Es-stock
clivitlend. z Ex-dividend.
,__ .a6r. 68
1657
and Yearly
nd Record, Friday, Weekly for
New York Stock Exchange-Bo
and defaulted bonds.
income
-except
interest"
all-"and
now
changed, and prices are
teas
Jan. 1909 the Exchange method of quoting bonds
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 14.
Price
Friday
May 14
Week's
Range or
Last Sale
Range
Since
Jan. 1.
n
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 11•
44'
Price
Friday
May 14
Week's
Range or
Last Sale
1.1
Range
Since
Jan. 1
High No. Low High
Ask Low
Bid
Chic Burl & Q (Con.)9612 9634 9634 May'15 ____ 9513 97
Nebraska Extension 4s___1927 141-N
'12
Sep
963g
_
_
95
1927 M-N
Registered
_
1921 NI- S 991,3 -- _ 9932 July'14 24 -89 - -921.
Southwestern Div 48
;
4
Sale
913
0018
9012
IS
1958
General 45
2012 29
'15
Apr
2634
25
2612
& E III ref & imp 46 g1955 J - J
22 91 103
100
9914 9912
1934 A - 0 99
1st consol gold Os
7 511* 75
67
67
6812 67
1937 131- N
General consol 1st Is
68 Apr '15 ---- 5212 68
1937 M- N ____ 67
Registered
_ 80
9734 Feb '13
Pur money 1st coal 52__ _1942 F - A
2712 July'14
33
Chic & Ind C Ry 1st 56_1936 J -2 20
31733
-13170
Sale 69
1959 M- S 69
Chic Great West let 42
1 113 117
114
Chic Ind & Louisv-Ref 68_1947 J - J 112 117 114
Mar'14
10352
Foreign Government
101
97
24 80
1947 J - .1
Refunding gold Is
9914
90
Sale 80
Argentjne--Internal 52 of 1909_ _ M- S t 90
__-- 9532 Apr '11
1917 J - J
Refunding 42 Series C
-- 7934 88 July'14
Chinese (Hukuang Ry)-52 of '11 -D
Ind & Loulsv let gu 48_1956 J - J ---- ---- 86 July'12
54 9312 9712
97
96,8 9758 9612
M1904_
of
52
debt
ternal
9014 Aug '12
Cuba--Ex
Chic Ind & Sou 50-year 4s 1956 J - .1 ---- 90
1 9014 94
2
,
Sale
90
9012
9012
A
F
_1949
Eater dt 5501 '14 ser A
104 Dec '11
1969 J -D
8512 8512 Chic L & East 1st 4%s
8512 Mar'15
1949 F- A 8512 93
External loan 43.is
Paul&
St
7434 8412 Chicago Milwaukee
75
7412 7434
9213
913 99
98
6 8
.
91 ...
Japanese Govt-£ loan 43.4s 1925 F - A 9 74
- 8934 9014
Gen'l gold 48 Series A____e1980 J - J
7634 82
7634 May'15
J 9-..- 76
1925
8912 Apr '15
Second series 434.
e1989 Q - J ---Registered
7312 7934
74,4
t 735s Sale 7338
9238
8818
6
9112
8812
Do (lo "German stamp"_
0
A
a2014
Gen dc ref Ser A 4346
7834 June'14
- 73
1931
10312 911 10018 10412
Sterling loan 49
Gen ref cony ser B 5a_a2014 - A iai sale 102
-7914 Apr '14
422
9011i4
80
1990
Apr '15
79
76
79
Mexico-Exter loan £ 52 01 1899 Q- J 9- -- 82
J
J
e1989
B
Ber
33.4s
gold
Gen'l
-- - 65 July'14
--- 85
1954 J -D
10034
Gold debt 45 of 1904
elfin J - J 10012 101 10034
General 4348 Ser C
954 9512
9513 Jan '15
8712
883s 8712
Prov of Alberta-deb 4 SO 1924 F - A - . 96
J - .1 87
1934
48
deben
-year
25
10
82
78
80
78
80
1
5
:
.
97 1;4
M- S 77
Sale 9534
Tokyo City-52 loan of 1912_ _
1932 J -D 90
Convertible 4346
5 10212
i
4
1
/
37981
98072
10
These are prices on the basis of Ufa £
1921 J - J 10258 ____ 10212 Feb '15
Chic & L Sup Div g 52
_ _ _ _ 10433 May'15 ---- 10378 10434
1926 J - .1 10
Chic & Mo Itly Div 5e
33 10134 10332
Sale
10238
10212
4
1023
State and City Securities.
J
19212W
1st g 52
Chic & P
10038 21 99 10012
9934
91
14 88
Sale 90
90
90
1960 IR- 8 9958 100
X Y City-43.03
CM Sr Puget Sd let gu 45_1949 J - J 10038
10014 80 99 10052
I.0014 1003s
1964 M S 99/8 Sale 9934
10032 May'15
431s Corporate stock
8 10334 10534
Dak & Grt Sou gold 58_1916 J - J
105
10112 10434 10412
1073s
107
---'15
Feb
1065
10732
1983 M8107
414e Corporate stock
J
J
44 95
9738
Dubuque Div 1st s f 68_1920
97
1959 61-N 9612 Sale 964
- 110 June'13
4% Corporate stock
5 95
97
Fargo & Sou assum g 66_1924 .1 - J 110'8
9678
1958 M- N 0612 Sale 9612
4% Corporate stock
1919 J - .1 10134 i6112 1021g Jan '14
7 95
La Crosse & D 1st Is
9612
9012
10314
10212
10132 Jan '15
1957 -N 9612 Sale 9612
4% Corporate stock
1921 J -3
2 95
9612
9714
Wis&MlnnDiygls
9512
07
l6
i
1
174 i
07
l6
1958 M-N 9612 Sale
4% Corporate stock
1920 J J 10012 10834 107 Feb '15
2 10378 10534
Wis Vail Div 1st 136
105
_ _ _ 10034 Mar'15 ---- 10012 1007s
10018
1957 M- N ____ 10478 105
New 414s
-D
J
.1st
&
ext
43.4s_,,_1934
No
Mu
10114
4
1003
100 102 10118 May'15
___
10012
10032
N
Mar'15
2
M1003
---1917
8
997
New 44S
1934 J -D
Cons extended 4%s
104 10518
____ 10178 10518' Apr '15
3 9212 94
04
3 10012 101
Chic A Nor West Eat 481986-1926 F - A .94 ____ 94
43.4% Corporate stock_ _1957 M-N 101
101
Sale 10012
943e July'14
3 84
1886-1928 F - A
89
Registered
434% Assessment bonds_ _1917 131-N 8715 -_-. 8658
89
2 -783-4 -82 •
81
-7812
80
M-N
1954
81
stock
1987 M- N
General gold 334s
9978 10012
33.4% Corporate
_- 10012 Apr '15
7812 Jan '14
1981 M 5 997s 10112
51987 Q - F
Registered
N Y State-4s (Pal Pk)
101
101 -- 101
945
94,2 9372 May'15
1987 M- N 94
General 48
Canal Improvement 46_1961 J J 10012.- 10018 Apr '15
100 10012
94
89
9412 94 Apr '15
N 92
1987
Stamped 9s
Canal Improvement 46_1962 J - J 100,2 -- 10018 Apr '15
Ms 10015
1080 J -,
_ 1987 NI- N 112 11314 11314 May'15 ---- 109 11412
2 10814 110
General Is stamped_
Canal Improvement 42
Sale
10912
10918
10918
:ogi:
10913 Apr '15
2 10412 10434
Canal Improvement 440_1904 J - J •10118 1045g 10158
Sinking fund 6s__1879-1929 A - 0 10914
10158
1879-1929 A - 0 108,2 -- 10512 Dec '13
Canal Improvement 4348_1965 - J 1081s Sale 108
25 108 10934
Registered
109
2
162710358 ____ 10332 M ar'15
A
0
Highway Improv't 430-1963 M- S
1879-1929
Is
fund
Sinking
2
1013
1043g
'15
Apr
10438
5 - --102 Oct '13
Highway Improv't 4y,s_1965
1879-1929 A - 0 101
Registered
8414 July'14
i66358- ion;
1921 A - 0 10012 - - 10032 Mar'15
Virginia funded debt 2-32-1991 J -J 52,2 55
6112
Debenture Is
52
May'15
59
_ 101 Dee '12
1921 A - 0 99
611 deferred Brown Bros etfe..-Registered
2 iOZ 104 104
103
1933 M-N 101,
Sinking fund deb 58
99
99 Mar'15 __-_ 99
Railroad.
1033 M-N
Registered
6612
59
May'15
2
60
597
-7
Mar15 I
-.:::
119
5 1995 Q- J
174 11914
11734
Ann Arbor let g 48
A
0
6s1933
V
lst
Mo
&
Elk
Frem
4
-211
953
91
9432
4 Sale 9313
.,933
_
Sep
_
9012
.09
Atcb Top dz 8 Fe gen g 48_ _1995 A - 0 874 9312 9212 Apr '15
J
Man GB&N W let 3%2_1941 39212
91
1995 A - 0
Registered
-J
Milw&S L lst gu 33-46_1941
1 81
8634
82
83
83
83
_ _ 105 _ _ _ _ 10734
51095 Nov
Adjustment gold 46
Mil L El & West 1st g 68_1921 NI- 8 iji7;
86 Mar'13
10412 10458
51995 Nov
Registered
1929 F - A 10434 _- 1002 M a r 15
Est & imp s f gold 5s
87
8154
8514
May'15
4
843
11112
51995 M-N
11312 Feb '14
Stamped
El
NIDiv
86_1925
g
1st
Ashland
7
104
9232
10158
lif1; 1114
'15
11112
Apr
1955 J -D 9812 Sale 98
11112
Cony gold 46
.1
J
gold
(38_1924
let
Div
Mich
9912 May'13
8933 92
19552 -D
9134 May'15
91
Cony 49 issue of 1909
MU Spar dr NW 1st gu 48_1947 M- S
10034 143 023 i(-1f1-4
10732 May'14
1060 J -D 0834 Sale 9834
Cony 48 issue of 1910
10 10014 10134
Northw Union 1st 75 g_ _1917 M10034
10514
8
1045
10514
10514
1917 -D 10034 Sale 10012
10-year Is
.1
J
5s_1918
gu
1 92
94
St L Peo & N W lst
92
_ 92
92
10338 _ 10312
10312
East Okla Div let g 46.._ _1928 IS
5 86
Winona dr St P 1st eat 78_1916 J 89
80
86
102
102
Sale 102
Con Short L 1st 4s_ 1958 J - J - Chicago Rock lel & Pao 66_1917 J - J
9512 96
9534 Apr '15
98
66
Sale
10112
10112
10112
Cal-Aria 1st & ref 4%e"A"19(32 .1
1917 J
Registered
103 103
103 Feb '15
1
5-5 18
6
142
9960 113:8:4
!
4-: :1108:0
82
Sale 82
:
8234 --32:1;
13 Fe Pres St Ph 1st g 5s__ _1942 131- S 10012 J - J
1988
34
46
fly
aeneral
gold
93
88
9212
9112
91
4
-361
824
--- 80
80 __
May'15
81
J
J
AU Coast L 1st gold 4s........51952 M1988
,Registered
9214 July'14
9312
-717s
6418
119
Sale
D
66
6478
J
6412
1959
42
unified
50-year
1934 A - 0
Refunding gold 46
June'14
10512
1
03
4
3
10514
67
50
142
N
Sale 50
5212
1928 MAla Mid let gu gold Is_
1932 .1 - J 50
2 -61- 9313
20-year debenture 55
92
92
9058 92
_ 9484 June'll
Bruns & W let gu gold 48_1938 J - J 123
1918 -N
Coil trust Series P 4s
-_75
85 July'13
Charles dr Say let gold 7s_1936 2 - J 851s __20 84
RI Ark dc Louis 1st 4%6_1934 IS8712
87
Sale
858
N
01952 M9912 May'15
L & N coll gold 48
13ur C & N-Ist g 521934 A -0 9912 101
11912 115 Dee '14
10072 May'14
Bav F & W let gold 881034 A -0 114
CRIF&N W 1st gu 58_1921 A -0
11032 May'l1
9
- - :
9:-:
:
1934 A -C) 10178
lst gold Is
1927 J -D
M & St L lat gu g 78
9713 9713
__
9712
4
963
1918 J -2
2
13118p Oca & G gu 4s
Choc Okla & 0 gen g 58_81919 J - J "WI; "66- -9979212
971
5112 9114 9158 31 8918
9712
1925 J - J 90
'15
Apr
9712
Bait dr Ohio prior 33.4s
M-N
1952
58
gold
Consol
8812 90
90 May'15
51925 Q - J
- _ - 83 Feb '15 ---- 83 84
Registered..
Kook & Des Moines 1st 56 1923 A -0
9112
9014 72 88
51948 A -0 8914 dale 8914
1st 50-year gold 46
65 Apr '15
8t Paul& K C8h L 1st 4%8'41 F - A
6534
- 115
6518 117
51948 Q - J -- - - - 90 Apr '15 260 8712 90
14
11614 ---5
ifj
11814
Registered
-D
J
1930
con
66
0
Chic St P M &
8212 88
Bale 8434
87
85
1933
90 Jan '15
20-yr cony 43'i9
Os reduced to 33.48_1930 J -D
Cons
_
_
103
Jan
'12
112
0
92
90 10
10
1922
-6;1;
166100
100
Pitts Juno let gold (Is
M
1930
Is
Debenture
88
87
88 __ 88 May'15
1164 Jan '14
P Juno & M Div let g 330 1925 13.1- N
2 78
Ch St P & Minn 1st g 6s 1918 M-N
84
8132
129313 Mar®
PLE&W Va Sys ref 42._1941 14-N 8012 86 81313
..193O J - J
6s
let
Wisconsin
3
North
91
8712
Sale
88
8812
88
1
!
.
105
10
112
166
10558 May'15
Bouthw Div let gold 3316_1925 J - J
St P & City 1st g (32._ _1919 A 100 Apr '13
91
_
Cent Ohio R 1st e g 4342._1930 M- S 1027
g_g1930 M1641-2 Superior Short L let 58
8 10512 10412 Apr '15
85 Jan '14
CI Lor & W con lst g 58._1933 A - 0
J -D
_1960
Is
let
So-east
dc
H
T
Chi()
June'12
10214
105
4
11010632 Apr '15
Monon River 1st gu g 5s 1919 F - A
Chic & West Ind gen g 68_91932 Q -M
10534 June'14
5 77 if01-1
Sale 7814
7912
79
Ohio River RR let g 58-1938 J -D
1952 J Consol 50-year 46
_ _ _ 10432 May'14
1937 A - 0
96 M ar'14
General gold Is
J - J
1937
4348
gold
2d
II
D
&
Cm
'12
Feb
_
11312
100
78
Pitts Ciev & Tol 1st g 6s 1922 A - 0
1959 J - J
1st & refunding 48
9634 Mar'14
05
1917 J 4 Joe '12
•61-8
PItts dc West ist g 45
1959 J - J
_- 1st guaranteed 48
91 June'12
10012 M a r'14
Stat Is! fly let gu g 4348.._1943 .1 -D
M-N
1941
I
&
1st
D
Cin
gu
513
1927 J - J
Mar'll
88
Bolivia fly 1st Is
N
M1923
& Ft W 1st gu 4s g_
8 1665-8 1 10212 10658 C Find
1937 NI- S itiFs Sale 166565 J'ly '14
Buffalo R & P gen g Is
CM I & W 1st gu g 4s_ _ _1953 J - J
100 103
1957 131-N --__ 101 101 Apr '15
9438 Dec '14
Consol 4348
J
J
cons
4%8_1931
1st
Mich
&
Day
'15
943s 9438
---1998 A -0 8912 0:314 9432 Feb
65 J'ly '14
All & West 1st g 4s gu
1035 J - J
Ind Dec & W 1st g 5s
103
112 Apr '14
____
10712 Dec '02
Clear & Mali 1st gu g 5E1_1943 J - J 10634 103 10712 Jan '15
1935 J - J
let guar gold 55
L071 l07'
1 69 _7_4_
7114
71'4 7114
Roots & Pitts 1st gold 82_1921 F - A 10812 111 11133 July'14
J -D 69
_1993
gen
48_
L
St
&
C
Cleve
1922 J - D
- 8514 82 June'14
Como' 1st g 8s
1931 J - J
2 idifa 16412
20-yr deb 43.45
10412
10312 1041,10112
81
81 Feb '15 ---- 81
Canada Sou cons gu A 50......1962 A - 0
1939 J - J
Cairo Div 1st gold 4s
10672 Apr '14
1982 A - 0
83 Feb '14
Registered
.1
J
_1991
4s_
g
M
Div
ist
&
W
Cin
ru33.3 9638
06
0038 Feb '15
..
0
8
.
8
.
.
.
..
0
'15
83
Apr
72
80
Car Clinch dc Ohio 1st 30-yr 511'38 2 -D kii374
M- N
10312 10412 St L Div 1st coil tr g 4s_ _ _1990
107 10112 Mar'15
824 M ar'14
Central of Ga let gold 56...._p1945 F - A
1990 II- N
Registered
t00i2 10212
100,2
_-- 1945 M- N - . 100 10012
a r'14
M
85
Consol gold 52
S
/3I_1940
_
_
g
4s_
1st
Col
Div
&
Spr
_ _ _ 86 Feb '15
SO 813
91 Apr '12
Chatt Div pur money g 46 1951 .1 -D
_1940 J -J
W W Val Div 1st g
102 10114
10114 May'15
10534 Apr '14
Mao & Nor Dly 1st g 5s,.1946 J - J 10232 14-N
C 1St L& C consol 133_ _ _ _1920 ,
.0014 10014
100'4 Mar'15
0
9
912
7
809
9
1917 J - J 101 _
Feb '15
Mid Ga & ALI DIY 5s
90
Q-F
k1936
48
gold
1st
10334 10334
1946 2 - J 10212 105 10334 May'15
Mobile Div let g Is
Sale 8812
88,2
k1936 Q-F
Registered
_ 9112. 924 May'15
9112 9258
101 May'15 ---_ 101 101
Con RR & B of Ga col g 56 1037 M-N
1189007708133\4
I
-2
J
_1923
_
g
513_
Ist
con
S&
CI
Cin
17
11211 11512
115 11438
11478
- --Cent of N J gen'l gold 5s_ _ _1987 J - J
-10534 J'ly '14
CCC&I gen con g 6s.._ _1934 J - J
112 115
51987 Q- J 1E3 114 115 May'15
__-_
Registered
1934 J - J
Registered
10234 104
Am Dock & Imp gu 52_1921 J - J 10334 10414 10334 Apr '15
77 __ _ -64-- xi;
-0
A
_1940
1st
42_
pref.
W
&
13
Ind
Leh & Hod Itiv gen gu g 581920 J - J 100 _ _ 100 June'13
- - - _ -0 Ind & W let prof 58_51938 Q-J
10012 Jan '13
N Y & Long Br gen g 4s_ _1941 NI- S 9434
6412 May'15
65
Peo & East let con 4s_ _ _ _1940 A -0 60
68
66
5
11' 6
28
22
6
Cent Vermont let gu g 4s._e1920 Q F *6712_ 68 Feb '15
28 Apr '15
233
4 28
Apr
_1990
4s
Income
06
92
- 66 92 Mar'15
9334
92 ---5 91
92
Chess (It 0 fund & impt 52..1929 J - J
L 1st gu 4348_ _19431 A -0
Short
Cleve
9
4
1043
10214
8
3
4
.
o
10112
i
10414
Sale
1939
N
17
15
let consol gold Is
-1-6-- 9
2
16 Apr '15
17
-J
J
1947
4s
g
1st
Midland
Col
10512 June'14
1939 111-N *102
_ 1412 15
Registered
1412 Mar'15
20
Trust Co cents of deposit_________
3 -854 91
Sale 80
8814
86
1992 MIGeneral gold 4348
9012 10 8512 92
,2 Sole 90
-66Colorado dr Sou let g 4s_..,.1029
9312 Feb '14
---- 87
1992 IS.
IS 8112 85
Registered
Sale
8414
e 84
84
-N
IS
1935
Sc
Ext
4348
Refund
36
- -7634
7512
741 1
7412 75
1930 F - A
100 10314
Convertible 434s
102
Sale 102
Ft W & Den C Ist g 6s_ _1921 J -D 102
8373
82
1944 2 -D ---- 8712 82 May'15
Big Sandy 1st 42
8212 8212 Conn & Pas Rivs 1st g 42.._ _1943 A - 0
coal River Ry 1st go 4a_ _1945 J -D - 8212 8212 May'15
1661-2 100 m;37.16
J
1952
_
g__
1st
Is
50
yr
BR.
Cuba
1940 J - J 65 ____ 9612 Dee'13
Craig Valley 1St g 55
Del Lack de Western8434 Jan '13
J - J
10038 101
Potts Creek Br 1st
Morris & Es 1st con gu 78_1915 J -D •10012 - - - 10038 May'15
84 -(452
84
8412 May'15
--103 Nov'13
R & A Div 1st con g 42....1939 J - .1
-1915 .1 -D
Registered
77
77
77 Apr '15
77
1989 1 J
R513,
81
6
4
,
85
8412
8514
-8.
8
52d consol gold 413
2000 J - D
1st ref gu g 33.45
.
90 Apr '14
1 10714 109
108,2
10812 Sale 10812
Greenbrier By let gu g 46_1940 14-N - - - .1
-J
_1921
_
62_
1st
W
&
Lack
Y
N
'05
11314 Feb
.5 10134 10134
4
4
1013
•102
1013
Warm Springs V 1st g 5s 1911 PA- S
A
F
1923
5s
Construction
tio
55
5714 Apr '15
_ _ _ 57
9514 9513
96 - _ _ 9512 Mar 15
Chia & Alton RR ref g 32._1949 A - 0
Term & Improve 48_ ._..,1023 M-N
2 38
4712
45
45
4712 46
1950 J - J
8512 10218 Feb '03
Railway 1st ben 334e
Warren 1st ref gu g 31,62_ _2000 F - A
98$s 9912
9912 Sale 9012
99,2
i66-38
105¼
1
8
8
1053
1053
_
1
s
3Chic B & Q Denver Div .18_1922 F - A
S
141917
3 8114 8412 Del & Hud 1st Pa Div 7s
8334
1949 J - .1 8358 8112 8312
Illinois Div 3342
- - - 149 Aug '01
1917 NI- S
Registered
8814 Aug '12 -1949 J - .1
0 : 99,2
5ale
4 -15 -66- -6678
993
Registered
-D
1916
48
deb
cony
10-yr
9313
4
915/.
0414
91
91
1949 .1 - .1 93
99 10072
1611 101 10014 May'15
01,
Illinois Div 42
1922 J - .1
let lien equip g 4345
93 June'13
94
98
1919 J - J
92
95 May'15
Registered
1943 M-N
1st & ref 4s
1919 A - 0 10238 103 1021s May'15 -- 10112 10212
2 8312 88
85
i% 85
95
8
3'8
94
8
Iowa Div sink fund 58
-0
A
1946
331s
cony
Sus
Alb
&
1 9634 99
987s
11338
1919 A -0 9878 10018, 9878
11338
'15
Jan
11338
114
11314
Sinking fund 46
M-N
Rens & Saratoga 1st 78.._ _1921
Joint bonds. See Great North
Nov. e Due Dee. a Option sale.
June. 5 Due July. k Due Aug. o Due Oct. p Due
• No price Friday; latest this week. d Due April. e Due May, 0 Due
High No, Low High
Ask Low
Bid
U. S. Government.
9814 9914
9734 9812 May'15
U S 28 consol registered___01930 Q- J 9714
99
98
'15
Feb
9858
98
d1930 Q- J
U S 26 consol coupon
-16 101 10158
101
- 101
k1918 Q - F 10014
U 8 38 registered
2 10012 102
10132
10012
102
moil
F
k1918
QU 5 3e coupon
10012 110
1925 Q- F 169 110 10.412 Apr '15
U H 4s registered
3 11034 11112
11112
- 11112
1925 Q- F 11012
U 8 48 coupon
9512 July'13
-12
98
9712
F
Q
2s_k1930
US Pan Canal 10-30-yr
97 May'14
U S P,m Canal 10-30-yr 22._ 1938 Q -N 101 16178 10133 Apr '15
16634 162 1901 Q -M
U S Panama Canal Is g
too loo
Feb '15
100
100
F
43_1914-34
Q
U S Philippine Island
_
•
razi
99
1658
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 14.
New York Bond Record-Coutinuea-P t4e 2
'
t
Price
Friday
May 14
Week's
Range or
Last Sale
ts3.
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 14.
-t'
b
A
44
.
.
7.
[Vol,, 100.
Price
Friday
May 14
Week's
Range or
Last Sale
11
.
3
Q
'''‘
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
•
Bid
Ask Low
High No Low High
Deny & It Or 1st con g 4s__ _1936 J - J 7312 74
73,2
744
8 7314 78
Leh & N Y 1st guar g 4s____1945 M- S 8412 - - -- 8818Feb '14 -- ---- -.Consol gold 41is
1936 J - J
80
8234 Apr '15 33 8114 83
Registered
____ ____ _,._,. ____
1945 M- S ____ ___ ____
Improvement gold 5s_....1928 J -D -_ 7778 79
1 7712 80
79
Long Isld 1st cons gold 5s__h1932 Q - J 10378 105 104 Mar'15 ---- 10334 10412
1st & refunding 5s
1955 F - A 4712 Sale 474
48
20 38 49
1st consol gold 45
51931 Q - J 89 - -- - 9614 Mar'12 -...... ___ -,„..
Rio Or June 1st gu g 5s....1939 J - D -- - - 95 109 Dec '12 ---_ ____ _ ___
General gold 4s
1938 .1 -D 86
881
863
4
853
2
4
87:
Rio Gr So 1st gold 4s
1940J - .1
6112 Apr '11
Ferry gold 410
1922 NI- S -------_ 9514 May'14 ------------_
Guaranteed
40 85 Mar'08 ---1940 J - .1
Gold 4s
1932 J -D --------9014 Oct '06 -----------Rio Gr West 1st g 4s
1939 J - J 7214 7312 7238
7212 18 7013 75
Unified gold 4s
1949 111- S - - 89
89'34 32 8434 8934
8434
Mtge & col trust 48 A_ _1949 A -0 5918 Sale 594
594
7 58
Debenture gold 5s
594
19343 -D - - -- 101
9518 Jan '15 ---- 9518 9518
Utah Cent 1st gu g 48-a1917 A -0 - --- - - - - 90 Apr '14 --__
Guar refunding gold 43__ _1949 Ai - S _ _ _ 85
8438 Apr '15 -31 864
Des Mot Un Ry 1st g 5s_ _ 1917 M- N --------100 Mar'15 -- _ iiiii - 166
Registered
1949 111- S --------95 Jan '11 -------_ - .,,Det & Mae.. 1st lien g 48-1995 J -D 82 -- 80 Jan '15 ---- 80
80
N Y B & M B 1st con g 58_1935 A-0 96 ---- 100 Feb '15 ---- HI 19918
Gold 4s
1995 J -D 78 908
1- 78 May'15 ---- 78
78
N Y Sc It B 1st gold 55.._ _1927 M- S 9812 - - - - 10212 Jan '14 --Det Riv Tun-Ter Tun 410_1961 1W-N -- 9012
9012
5 90 902
Nor Sh B 1st con g gu 5s_o1932 Q - J 97 101
J'ly '14 - - - - Dul Missabe & Nor gen 58_1941 .1 - J 10113 10514 10112 10112
-3 10112 1044 Louisiana & Ark 1st g 5s_ _ - _1927 M- S -__ _ 8712 102
9112 Feb '14 ---Dul & Iron Range 1st 5s
,,,1937 A - 0 9918 100
9912
100
7
9812
Loulsv & Nashv gen 6s
101
1930 J -D 112 11314 113 Apr '15 ---- 110 115
Registered
1937 A -0
10612 Mar'08
Gold 58
1937
M
N
107
10678
107
Apr
2d 68
'15
312 10614
1916 J - J
104 Feb '11
Unified gold 4s
1040 J - .1
l 94
Du So Shore & At g 58
9414 68 91
9434
1937 .1 - J
100 Apr '15
100 100
Registered
1940 J - J ---- ---- - --94 June'14 --__ _ - - - --,Elgin Jot & East 1st g 58
1941 1W-N *103 ___ _ 10378 Apr '15 ---- 103 105
Collateral
trust
gold
_
5s_1931
10012
N
M10314
10314
Jan
Erie 1st consol gold 78
'15 ---- 1034 10314
1920 M- S 10878 Sale 10878
10914 28 IC1612 1104
E
H
&
Nash
1st
g
as
1919J -D 105 -- - 10838 May'14
NY & Erie 1st ext g 4s
---1947 M-N *91 -- - _ 9712 June'14 ---L Cin & Lex gold 41is___ _1931 M- N 9912 - - - - 1024 J'ly
'14 ---------- -2d ext gold 58 1919 M S 10138
10114 Apr '15
Rid- 1021-4
NO Sc M 1st gold 65
19303 - J 11414 --- 11512 May'15 ____ 11338 11512
3d ext gold 413s
1923 M S 9934 100 9834 Apr '15
984 9914
2d
gold
6s
19303 - J 14 109
08 Feb '15 --__ 108 108
4th ext gold 58
1920 A 0 10114 ____ 10114
10214
6 10014 10214
Paducah Sc Mem Div 4s 1946 F - A -------- -84 Dec '14
5th ext gold 48
_ ,...„„. 1028 J D 90 ____ 93:8 May'14 -.--- -- - - - - - St Louis Div 1st gold 6s 1921 111- S 10634 Sale 10634
NY L E & W 1st g fd 7s__1920 M S 1084 1104 11012 June'14
10634 -5 1064
2d
gold 38
1980 111 - 5 5912 6014 61 Mar'15 ---- 80 WO:
Erie 1st con g 48 prior- -_ -1996 J - J 81 Sale 81
65
1
7
8134 ... -8
.
614 -8i1-2
Atl Knox Sc Cin Div 4s__ _1955 M-N - -- 87
8714 Apr '15 ---- 8513 8812
Registered
1996.9 - J - - - - 80 83 Jan '14 ---- .... _ _,i
. i_
Atl Knox & Nor 1st g 5s_ _ 1946 J - D 106 - - - - Ill Jan '13
_
„.„1st consol gen lien g 4s
I998 J - J 67 Sale 67
6933
9 66
Render 13dge 1st s f g 68_1931 M- S 10535 - - - - 105 Mar'15 ------Registered
105
1996 J - J - _ - _ --- _ 77 Apr '12 --Kentucky Central gold 48_1987 J - .1 8612 90 8712 Apr '15 ---- 105
86
Penn colt tr g 48
87:4
1951 F - A 85
88 _ 88
4
86
1 -go- ig1L & N & M dr M 1st g 410 1045 Id- S 10012 - - - - 101 May'15 -- 101 101
50-yr cony 48 A
1953 A -0 60 Salej 80
63
13 60 66
L & N-South M Joint 4s 1952 J - J 764 - - - - 80 Apr '15 - '
80
do
Series B
1953 A -0 65 Sale 65
6812 75 6312 70
Registered
-------51952
------95
Q
J
Feb
'05
-__
--Buff NY & Erie 1st 7s1916 J -D 102 ___ 102:8 Apr '15 ---- 10213 103
N Fla & S 1st gu g 5s1937 F - A 10112 - - - - 106 J'ly '14 ____ ___
Chic & Erie 1st gold 58 _ 1982 mig 10334 10434 10414 May'15 ---- 10112 10412
N & C Bdge gen gu g 41i13-1945 J - J 94 - - - - 97 Dec '14
Clev & Mahon Vol g 513-A038 J - J 98 --__ 101 Feb '15 ---- 101 101
Long Dock consol
Pens
Sc Atl 1st gu g 68._ __ 1921 F - A 103 109 1084 May'15 --- 10712 10835
g 6s
. ..1935 A _ 0
12012
_ 12212 May'14 -- -- - _
B & N Ala cons gu g 5s_ _1936 F - A 10312 - - - - 10518 Feb '1' ---- 10518 105%
Coal & RR 1st cur gu Os...1922 91-N --- Idi
. 106 Dec '12 ---Gen
cons gu 50-year 5-8_1963 A -0 10134 Sale 10134
1 9912 10214
10134
Dock & Imp 1st ext 5s
1943 J - J 103 -_-_ 103 Apr '15 --_
2 1.63 - L Sc Jeff Bdge Co gu g 4s_-_1945 51- S -- 8212 8312 Mar'14 ---- ____ --N Y & Green L gu g 5s_1046 1111-N --------10312 Aug '12 ---- iditManila RR-Sou lines 4s__1936 M-N -------------N Y Sus & W 1st ref 5s
1937 .11 - J - -- 941 93 Apr '15 --- -66 - -id - Mex
----------Internat 1st cons g 4s__1977 M- S --------77 Mar'10 ---- --2d gold 430
- --1037 F - A -------- 10014 Dec '06 ---Stamped guaranteed
1977 M- S - - - - --- - 79 Nov'10 ---- --- ---General gold 58
1940 F - A 70 75
70 Mar'15 ---- 7() 75
Midland Term-lst s f 5s g_1925 J -0 --------101 Oct '09 -------- Terminal 1st gold 5s
1943 111-N
98 - - - - 102 Jan '14 ---- -- - - -- Minn Sc St
L 1st gold 7s___ _1927 J -D --------11112 Mar'15 -- 11
Mid of NJ 1st ext 5s
1113
1940 A -0 10212 --- - 11112 May'12 --Pacific Ext 1st gold 68-- _1921 A -0 100 10312 11018 Aug '11 -------Wilk & Ea 1st gu g 5s.._ _ _1942 J -D 86 Sale 86
- - --86
1st conSol gold 5s
1931 M- N 8618 8834 85 Mar'15 _ _
85
9214
Ev & Ind 1st con gu g 6s_ _ _ _1926 J - J --------106 May'12 --__i -id- -id1st
Sc
refunding
_1949
gold
4s_
S
111150
_
Sale
Evans & T II 1st cons 6s----1921 J - J 85 8734 8712 May'15 -__
50
5212
5 40 60
-iti- -iii Des M Sc Ft D 1st gu 4s 1935 .1 - J - - - - 82 60 Feb '15 ---- 60 60
1st general gold 5s
1942 A -0 48 -___ 99:8 Deo '13 ---- - - - - -- Iowa Central 1st gold 5s...1938 J -D 8512 86
8612 May'15 -Mt Vernon 1st gold 6s
904
84
1923 A -0 --------108 No v'11 ---- - -_ _ - - - Refunding
gold
48
Sale
4s
1951
S
11148
Sull Co Branch 1st g 5s
5112 ii 35
0.1
1930 A -0 --------95 June'12 -M StP&SSM con g 4s int gu.1938 J - J 911 Sale 914
Florida E Coast 1st 410_1959 J -D 8714 88 8734
90
9114
5
93
3 -if - -ddi
8734
1st Chic Terms f 45. _
9714 June'12 ---- __ _ _ - - -1941 M- N -------Fort St II D Co 1st g 410_1941 J - J
92 Aug '10 ---M
S
S
&
A
1st
g
-------48
gu_1928
in
t
96 Nov'13
J -J
Ft W & Rio Or 1st g 48
- - -1928 J - J -8110- -813-4 62 Apr '14 ____ -- -- Mississippi Central
1st Fs__ _1949 J - .1 874 ,--- 91 J'ly '14 -------Great Northern--- - Mo Kan Sc Tex Ist gold 48._1990 .1 -D 75 Sale 75
81
C B & Q colt trust 48
7613 43 75
1921 J - J 96 Sale 06
9678 209 9478 97
28
gold
4s
60
Sale
g1990
F A
60
80
2 53 83
Registered h
1921 Q - J 9534 Sale 9534
9638 35 9414 964
1st ext gold 5s
„...- 8212 83 May'15 --__ 89 89
1944
N
M1st & refunding 41is ser A 1961 J - J 991 991 99
99
II 9638 1(31
1st Sc refund 4s
53
56
2004 M- 5 53
53
Registered
2 49
563s
1961 J - J ---- 96 June'13 -- ---Gen sinking fund 41is_ _ _1938 J - J 64
874 6812 May'15 ---_ 67
74
St Paul M & Man 48
1933 J - J 9412 96
95 Apr '15 ---- -it.3; -iiE St Louis Div 1st ref g 4s _ _2001 A&0 - - - - 6412 Ms Feb '15 ---- 6018 601s
1st consol gold 68
Sale
4
1183
1933 J - .1
11834
11834
2 1174 12014
Dal
&
-------Waco
1st
0914
M-1940
gu
g
N
Dec
--_____
5s_
'13
_.
__
Reglatered
1
1933 J - J i151-_11
83 Apr '15 ---- 118 11834
Kan C & Pac 1st g 4s
78 J'ly '14
1990 F - A ---- 78
Reduced to gold 410_1933 J - J 4
10034
1511110114 34 10014 10134
Mo K Sc E 1st gu g 5s_ _ 1942 A -0 94 100
9612
Mar'15
---9612
9612
Registered
----1083
1933 .7 - ./ ---4 Apr '15 ---M K & Ok Ist guar 58._ _1942 1W-N - - - - 90 8512 Mar'15 ---- 8512 88
Mont ext 1st gold 4s
1937 J -D 94 Sale 94
94
6 -62- -6i3i
M K & T of T Ist gu g 5.
8_1942 M- S - - .. - 81
88 Mar'15 --'7 89
Registered
1037 J -D -- --- 94
24
58 N
Aipar;1
14
1 -_-_-_-_ - - - - -__ _
Sher Sh & So 1st gu g 5s_1942 5-0 - - - - -,,- 96 1\-laY'13 -------- --Pacific ext guar 4s £__ _ _1940 .1 - J - - - - - - - -Texas
& Okla 1st gu g 5s_ _1943 M- $ - - - - 90 9912 Jan '14 --------- _ .._
E Minn Nor Div 1st g 48_1948 A -0 --------95 May'14 --=
-- Missouri Pac 1st cons g 6s_ 1920 M- N 10018 Sale 10018
10118 40 903-2 10112
Minn Union 1st g Cs
1022 J - J 108 _ _- - 11012 Jan '14 -Trust gold 5s stamped_ _a1917 M- S
92 Sale 92
92
3 96:s
Mont C Ist gu g Els
2,1
0.
1937J - .1 121 12158 13
4 Na
ayr:0
16
5 -__.--_-_ iiii- iii1-2
‘21917 m- s ____ 92 97 May'12 -------Registered
_ --_
Registered
1937 J - J
1st collateral gold 5s
i 8812 92
924 91
91
s-1
1920 F - A 90
1st guar gold 5s
1937 J - J 1661;-_----- 10512 Aug '15
1654 10512
Registered
Registered
1037 J - .1
-_-_-- -40 year gold loan 4s
28 3734 5334
46
1945 M - s 41 Sale 44
Will & S Fist gold 58 _ _ 1938 J -D il:/;
3 i
" 6i1
2 iiii12 Jurijii
1st& ref cony 58
424 13 38
1959 M- S 40 Sale 40
497s
Or B dc W deb ctfs"A"($100 par) Feb
704 80
72
72
iii -id - -'ii7s extended at 4%
78
I938 M N ---- -- 78 Jan '15 -- '1
Deben ctfs "B"($100 par)._ __ Feb
12
13
1334 May'15 ---- 1012 1334 • 3d
Boonv St L & S 1st Its gu_1951 F - A
„------100 Feb '13 --------_ - --Gulf & S I 1st ref & t g 58_51952 J - J 8218 84
83 Mar'15 ---- 8212 88
Cent Br Ry 1st gu g 4s__ _1919 F - A *---- 9212 85 Feb '15 ---- 85 85
Registered
51952.7 - .1
Cent Br U P 1st g 48
7712 Dee '13 --- ____ ---1948.9 -D - - - - 75
Hocking Val 1st cons g 410_1099 J - .1 -6ii g;ii," -iii2
-iii1-2 ---6 "iii 95
Leroy & C V A L 1st g 58_1928 J - .1 --------110 Mar'05 --- - - - - - --Registered'
1999 J - .1 ---- ----9734 Jan '14 ---Pac It of Mo 1st ext g 4s 1938 IP - A - - - - 8612 8678 May'15 --- 86
- - - -- - 874
Col & H V 1st ext g 4s_1948 A - 0 8312 ___ 8512 Jan '15 ---- -8512
8513
2d extended gold Is.... 1038 J - J --------9712 J'ly '14 ------'-- - Col & Tol 1st ext 4s
1955 F - A - - - - - - - - 904 June'14 ---St L hr M & S gen con g 58 1931 A -0 9714 98
9834
9834
9 97 10112
Houston Belt Sc Term 1st 58_1937 J - J - - - - 90
9312 Feb '15 ---- -ii- -iiis
Gen con stamp gu g 5s--- _1931 A -0 ---- 98 102 J'ly '14 ---- _ -- -Illinois Central 1st gold 4s_1951 J - .7 93 - -... 974 J'ly '14 ---Unified & ref gold 4s
67
3 637s
I929 J - J - - - - 64
65
Registered
- 71
13E..100 Sep '11 ---- - - - 1951 I - J
Registered
1929 J - .1 - - - - - - - - 8078 Oct '12 -----,71st gold 3s
12 - 12 83 May'15 ---- 7834 -1951.9 - J -S183
Riv
Sc 0 Div 1st g 4s__ _1933 M-N - - - - 64
6512 Apr '15 ---- 654 6u
Registered
1951 J - J ---- -- 8312 Feb '13 --- _ _ _ Verdi
V
I
&
W 1st g 5s
1926 91-S - - - - 89
9212 Des '13 -----„- - - - Extended 1st gold 310-1951 A -0 --------784 Dec '14 ----- - - - - - Mob & Ohio new gold 6s_ _ 1927 J -n 110 117 112 Apr '15 _-_ 14012 114:4
Registered
1951 A -0 --- 83
---- --__ ____
1st extension gold 6s_ _ 51927 Q - J --------114 Apr '15 --- 114 114
1st gold Is sterling
1951 M- S ---- -- -iii- J'ly -.56 _General
gold 48
75
1938 M- S - - - - - - - - 72 Mar'15 ---- 72
Registered
1951 M- S -- -Montgorn Div 1st g 5s.... 1917 F - A 10 - - - - 10112 Apr '15 --- 10112 10119
Coll trust gold 4s
1952 A -0 85 Sale -ga; -8
.i34 --i -ig - -8714
St Louis Div 5s
1927 J - D --------95
Dee '13 -- - - - - ---Registered
1952 A -0 -------- 9514 Sep '12 ---St L & Cairo guar g 4s._ 1931 .1 - .1 84 -- 87 Jan '15 ---- 87 87
1st refunding 45
1955 M- N - - - - 863 8634
8734 _ 6_ -ii5.;
8 Nashville Ch & St L 1st 5s....1928 A -0 10558 106 10612 Apr '15 --- 10412 106:8
3 -i81Purchased lines 31-is
1952 J -B -------- 82Feb '14 -Jasper Branch 1st g 6s
L NO & Tex gold 4s
1923 J - J 10612 - - -- Ill Jan '13 ---- ._ - - ---1953 M- N 8212 83,2 82
3 -ill; -i638
8214
MeM M W & Al 1st 6s_ -1917 J - J 101 -- 10334 Jan '14 --- -_ ---Registered
1953 M- N - -- - 951 84 May'14 ---T
&
Branch
P
1st
65
19173
Cairo Bridge gold 48
-B 101 - - -- 113 J'ly '04 --1950 J - D -------- 86 Apr '15 ---- 86 89
Nat Rys Of Mex pr lien 410_1957 J .J -___ 80
58 June'14 -_-_
Litchfield Div 1st g 3s
1951 .1 - J - - - - - _ - _ 74 Feb '14 ---- _ _ _
_
Guaranteed general 4s__ _ _1977 A -0 - - __ - - - - 11 Feb '13 ----------Loulsv Div & Term g 310.1953 J - .1 -- 81
7712 Mar 1.5 ---_ 77
7712 Nat of Mex prior lien 410_1926 .1 - J -_ 84
Feb '13 -------- _
9678
Registered
1953 J - J
83 Aug '12 ___
1st consol 4s
1951 A- 0 --------50 Apr '14 --------__
Middle Div reg 5s
1921 F - A kW - ---__ _ _ 123 May'99 --- - NO Mob & Chic 1st ref 55....1960 J - J *40 - - - - 40 May'15 --- 3114 41
-Omaha Div 1st gold 35__ _1951 F - - - - - - - - 73 Mar'15 ---- -68-73
- NO Sc N E prior lien g 6s_ _DI915 A -0 _ _ _ 104 101 June'14 -_-_ __ __ _
St Louis Div & Term g 38_1951 J - J- --------7512 Mar'12
---New Orleans Term 1st 45_ _1953 J - J _ _ _ 80
7912 May'13 -_-_
__
Gold 310
1951 J - .1 -------- 80
Apr '15 ---- ;
hi.- -86- N Y Cen ItR deb 6s wh iss_ _1935 •M - N 1004 Sale 9913 10238 6452 9912 64
Registered
1951 J - .1 --------10113 Oct '99 ---- - --- - Ref Sc imp 430"A".__20l3 A - 0 88 Sale 86
8878 78 86
Springf Div 1st g 310_ _ _ _1951 J - J -.- -- - - 78:s Mar'14
8938
N Y Central Sc II It g 31i s 1097 J - J
80
80
47 79
Western lines 1st g 4s.....1951 F - A 88 -ii.- 88 May'15 ---7934 80
8134
-iii - -8.6Registered
7634 - - - - 7512 Feb '15 ---_ 7512 7814
1997 J - J
Registered
1951 F - A
___ _
Debenture gold 48
•
86
8
857
86
8538
15
1934
111Bellev & Car 1st 6s
N
84
89
1923 J -D 104
iii1-2 m;y-iii ---Registered
1934 al- N ____ - - - - 8978 June'14 __
Carb & Shaw 1st gold 4:3_1932 111-S94
12 J'ly '12 ---Lake Shore colt g 310_ _ _.1998 F - A .-_ - -- - 723s
73
Chic St L & N 0 gold 5s 1951 .1 -D 10i- 1g3 7214 75
12 10914 Apr '15 -- isdi- id678
Registered
72
Registere
1998 F - A _ _ _ 73 72
1 7112 72
1951 J -D d11
103
4 Feb '11 ---J I' M & Co ctfs of dep
794 79 Dec '14 ____ ____
78
Gold 310
1951 J -D - - - - - - - _ 90 Oct '09 ---Mich Cent coil gold 310_ _1998 F - A _ _ _ _ 71
7012
7012
Registered
4 8814 717;
1951 J -D
---Registered
6912
7412
Apr'
15
1998
6912 6912
F
6912
Joint 1st ref 58 series A_I963 J - D - _ 10014 -66---A
100
Battle Cr Sc Slur 1st gu 35-1989 J - D - - - - - - - - - •_.,: - ---Mernph Div 1st g 4s__ _1951 J - D i6 88,
,
---- - - - 4 8612 Mar'15 ---8
'
12
2 122%
- gg
Beech
Creek
1st
gu
g
May'15
48.._
1036
924
-9414
.1
J
Registered
---9318 941-4
1951 J - D
Registered
St Louis Sou 1st gu g 4s 1931 M- S 8612 _ __. -6i" J'ly
1936 J - .1 8812 -- - - 99 May'll
__ __
- 'Os ------ -2d guar gold 5s
Ind Ill & Iowa 1st g 4s
1950 J - J 8513
8518 Feb '15 ---- -831-2 -8518
Registered
Int & Great Nor 1st g 6s__ _ _1919 M- N -__ _ 9978 100
100
4 98 100
Beech Cr Ext Ist g 310_51951 A -0-Z,:-.
James Fran & Clear 1st 45_ _1959 J -D 90 93 9012 Apr
....-- ••••••• - - -'15 ---- 8812 9012
Cart & Ad 1st gu g 48
Kansas City Sou 1st gold 38_1950 A -0 673 Sale 6734
1981 J - D 80 - - - - 88 Oct '12
6812 12 6'738 69
Gouv Sc OSSVC 1st gu g 5s_ _ 1942 J -D 100 - - - - -,- Registered
- - -,,---- - - - - - --1950 A -0 ---- ----63 Oct '00 -_-_-_Moh
Mal
Sc
1st
gu g 48_-1991 M- S
Ref & impt 5s
- - - - 9512 31111e'14 ---- - - - - - - -Apr 1950 3 - J 89
91
0114 May'15
-8814 -tii N J June R guar 1st 4s-1986 F - A --- -----86 Jan '15 ____ 86
Kansas City Term 1st 4s_ _1960J - J -- 9012 9014
88
1 90 93
004
N Y & Harlem g 310_ _ _2000 M-N .7913 _.. 8713 Dee '12
Lake Erie & West 1st g 5s__1937 J - J --- 94
___
00
93
21
90
984
N
Y
&
Northern
1st g 58_ _1927 A -0 100 -- -- 10112 Mar'15 ..--- 10112 10172d gold 5s
8
1041 J - .1 - - - - 8978 9434 May'14 -_--- ____ _ _ __
N Y & l'u Ist cons gu g 45_1093 A -0 82 89 92 Oct '13
__
North Ohio 1st guar g 5s_ _ 1945 A -0
- 1004 98 Mar'14
Nor & Mont 1st gu g 5s_ -1916 A -0 __- Leh Vail NY 1st gu g 47s....1940 J - J Rio- ___ 101
----10118 -iii -6-3-4 ilift-2
Pine Creek reg guar Ss_ _1932 J -D _ __ ifE lid' marTh ____ iii iiiRegistered
1040 J - J _-_- 997
; 9978 May'15 -_- 99 10038
It W Sc 0 con 1st ext 55_ _51922 A -0 10213 10312 103 Apr '15 ---- 101:4 103:
Lehigh Vail (Pa) cons g 4s2003 M-N
4
87 Apr '15 ---- 87 87
Oswe & It 28 gu g 5s_. _ _31915 '
11 - A
General cons 41is
-- 10018 Mar'15 ____ 10018 1004
34 -ijii4 9934
2003 1W-N -66-9934
2 9714 9934
R W &0T R. 1st gu g 5s 1018 M-N
Leh V Term Ry 1st gu g 5s_.1941 A -0
04 June'10 --__ _ _ _.
9
10818 Feb '15 ---- 10534 1C1618
Rutland
1st
con
410_1941
g
---J
J
Apr
'13
Registered
-----90
1941 A -0 ---- ---- 11118 Dec '11 ____
Og & L Chem 1st gu 4s g1948 J - J
Leh Val Coal Co 1st gu g 5s.1933 1 - J 10258 --- 10114 Feb
70 Feb '15 ____ 7() 70
'15 --- 16i14 icii14
Rut-Canada 1st gu g 48_1940 .1 - J ---- -----92
Registered
June'09
,
_
__
1933 J - J 100 -_ 105 Oct '13 ---- - - - - -St Lawr Sc Adir 1st g 5s-- _1996 J - .1 _ __ _ 101 101 Mar 15--- 101 _.
1st Int reduced to 4s
1933 .1 - J - - - - - - - - --101
- - - - -- -- - - - - - - - 2,1 until 11g
111,
1A A.
0 07 ____ 1194 Mar'12 -___
_
• No price Friday; latest bid and asked this week a Due
Jan. b Due Feb. d Due April. e Due May, g Due June h Due
Due Nov. a Option sale.
July. k Due Aug. 0 Due Oct.
--
--
----
1659
New York Bond Record-Continued-Page 3
MAY 15 1915.)
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 14.
Price
Friday
May 14
g
Week's
Range or
Last Sale
Range
Since
Jan. 1
6t
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 14.
Price
Friday
May 14
Week's
Range or
Last Sale
Range
Since
Jan. I
High No. Low High
Ask Low
Bid
High No. Low High Pere Marquette (Con.)
Ask Low
Bid
5018
931)I 9
a (
.
-.
_i
91_ 2_ :
e.6.
31;1: M
610
l ill; i
9
r:
.
: ..8.
05
m0yv
N Y Cen & II RR (Con.)
N:
10312_
Flint & PM gold Os_ __1920 A -0 ,
97
'15 -_-_ 96
Utica& Blk ltly gu g 444..-1022 J - .1 97-- _ 97 Feb84
--- 6512 69
Mar'15
68
--__
714
14-N
1939
5s
consul
gold
1
1st
11
8112
84 4
1997 J -D 8338 Sale 83
Lake Shore gold 338s
65
65
---Mar'15
65
68
Pt Huron Div 1st g 5s 1939 A -0 66
82
5 82
82
1997 J -D 82 __ _ 82
Registered
---- - - - --Sag Tus & 11 1st gu g 4s_ _1931 F - A ___- _
16 90 9312
93
1928 M- S 9112 Safe 9112
Debenture gold 48
-----------26 8934 9278 Philippine Ry 1st 30-yr s f 4s 1937 J - J
92
1931 M-N 9178 Sale 9112
25-year gold 4s
____ 10812 May'14 -- -- -- -1940 A -0
1931 M-N -_-- - 9178 June'14 :2:: ______ -_-_ __ .... Pitts Sit & L E 1st g 5s
Registered
J
J
1943
5s
gold
1st
consol
10358
J
J
1938
Ka A & G R 1st gu c 5s
9412
1997 J • J 94 Sale 9312
_-.......:
Reading Co gen gold 4s
4 Apr
1934 J - J 1034 _- i0f1Mahon C'l RR let 5s
92 Apr '15 ---- 9012 93
1997 J - J ..___ 94
iiii- led
Registered
'15
Pitts & L Erie 2d g Is...._a1928 A -0 100 --- 103 Jan
9312
1 91
3_ _
.
_
.
_
_9_3_9
_92
!a_if
_
0
A
____
g
_1951
cell
4s__
Jersey
Central
---'09
Jan
1304
116
112
J
Pitts McK & Y 1st gu 6s 1932 J
__
Atlantic City guar 4s g__ _1951 J - J
1934 J - J 111 ---- 12314 Mar'12 --- ...._
2d guaranteed 6s
63
63
_
1947 J - J 63 65
St Jos & Gr Isl Ist g 4s
McKees & B V 1st g 68_1918 J - J 100
0613-6
2 ;01:2
8 10218 St Louis & San Fran gen 6s.1931.3 - J 106 ____ 10812 Apr '15 -__ 1
10238
10231931 M- S 10218 ---- 10238
Michigan Central bs
:
11
_0i1
0 ... 1i
9i
2 ..i
21
101
General gold 58
1931 J - J 1_0_1_ -_-___ 10034
1931 Q-M 101 ___- 10312 May'14 --- --- - - - - Registered
J'ly '14 ---75
-.3
S
-_-_-_:
&
J
4s_
L
Rft
g
St
_1996
cons
'12
Apt
98
J
8212
J
--1940
4s
45
Sale
51-N
5s.
15
192!
-year
-20
General
'14
Feb
87
_______
J
- --- --- 1940 J
Registered
2 3212 51
466
4
5
46
50
45
Trust Co certifs of deposit______
90 June'08 -J L & S 1st gold 330--1951 M- S
2 3212 49
4512 4712 47
47
do
Stamped_ _
8, -01-. 1952 M-N if" ----- 81 Apr '15 ---- 761
1st gold 33s
6
'13
93
:-4
Dec
--"iiii
_1947
1st
5s__
Div
g
Southw
83
784
---20-year debenture 4s_ _ _1929 A -0 --- - 87 83 May'15
-fil-8
i
67
67
1951 J -.3 - - __ 66
Refunding gold 4.,
92
9 92 9334
l
9212
NY Chic & St L 1st g 4s_1937 A - 0
---8034
Mar'll
Registered
---'14
J'ly
-----9234
---0
1937 A
Registered
2
-ii1
2
1-01
2
71
66
1
1
_
9
66
1lt5
depos
of
ctfs
Co
Trust
5 78
7914
7914
79 4
1931 51-N -- 82
Debenture 4s
66
Stamped.... 62 66
do
7 8038 9212
9214
West Shore 1st 48 guar2361 J - J 90 Sale 90
10
14 168
7
60
10
2
8
____
107
14
6
67
10714
10
4-11
1928
6s
g
cons
M
S&
Ft
C
8931
KC
8714
13
1
8812
8812
J
2361 J Registered
.
7018
7012
7312
3 69
K C Ft S & M Ry ref g 4s.1936 A -0 704 71
N Y C Lines eq tr 5s_ _1915-22 M- N ---------100 Mar'15 ---- 100 100
KC&MR&Blstgu 513_1929 A-0 -_-- --- 95 Mar'14 ---- - - - ___ 98 J'ly '14 -- - - - - - - - Equip trust 430._ 1916-1925 .1 - J -------76
7512
7812
N
5177
_1989
ctfs_
bond
4s
g
let
SW
--9514
L
St
3 0412 95,4
9514
NY Connect 1st gu 4%s A_ _ 1953 F - A -----3_ -b
ig - -i
.5 56
55 Feb '15 -_3
2d g 4s income bond etfs-p1980 - J -___ 63
N Y N H & Hartford98
_ _ _ _ 62 6
M
5 -___-___ 56
212 J
14
ny:1
aa
6234
Consol gold 4s
Non cony deben 4s
1947 M- S --------77 J'ly '14
D
D
j
J
7
3
4
6
93
1
_
bs.
g
gu
1st
Ter
Pt
63
Gray's
63
Non-cony deben 3%s_1947 14- S ------ - 63 Feb '15
-781-2 -ii3753s
s 75
S A & A Pass 1st gu 43----1913
68 67
67 May'15
66
Non-cony deben 330__.1954 A -0 65
10014
i9
24 -9
4 1-00
i311
i631919 J - J 10014 -___ 10018
7634 SF&NPIstskftlg 53
71
4955 J - .1 7538 - - - - 7634 Apr '16
Non-cony deben 4s
75
'14 ---Dec
8012
80
0
A
1950
4s
g
76
Seaboard Air Line
70
mg M-N 7514 ---- 76 Apr '15
Non-cony deben 45
8014
1950 A -0 80 Sale 80
Gold 4s stamped
5 6112 6912
6612
67 6012
Cony debenture 3%s
1956 J - J 65
0A 0
,
5
95
,
1
Registered
70 11)1 11112
111
1948 J - J 109 Sale 109
Cony debenture (3s
ii li
ist: iftiii:i2
-el- We'. -tiii -66- --il0
- - - - -- - Adjustment 5s
1930 F - A 7512 --Cons fly non-cony 4s
70
8914
11 66
6812 Sale 6812
4s
Refunding
J-1,-1,-;i5
2
-- - -911Non-conv deben 4s_...1954 J J 75
82
8134 8312 82 Jan '15 ---- 81
S
A
F
M
9
3
4
3
9
1
e1
4s..-_-0
g
Atl
1st
13irm
yr
30
1955 J - J 75 - - -- - - - - -----Non-cony deben 4s_
--__
Mar'15
8514
8412
854
iiii
1
7
:
4
6
8
i6
Car Cent 1st con g 4s_ _ 1949 - J
--- -- Non-cony deben 4s_ _1955 A -0 - - - - - - -- - - -- -----_ ___ ___ _
Fla Cent & Pen 1st g 5s. 1918 J -.3 *100 __ 10314 Jan '13 ---- __ ---Non-cony deben 4s__ _1956 .0 - J - - - - - -- --- ---1 ---- - 104 Nov'12 -_-_-_-.
1930 J - J
1st land gr ext g 5s
- - 9914 Nov 12
Harlem R-Pt Ches 1st 43_1954 M-N --------9913
- ior
166.78
10078 Apr '15
Consol gold 58
June'12
B & N Y Air Line 1st 45.._1955 F - A
102 ___ 10258 Mar'15 ---- 10012 102148
:
J
j
3
5
4
Ity
Ga
9
94
1
_01
Ala
let
Sc
5s_
79
con
79
---May'15
79
80
Cent New Eng 1st gu 43_1961 J - J
78
14
02
10
10012
1
102
102
101
___
.1
J
Ga
1929
&
_
1st
5s_
Car
g
No
gu
Hartford St Ry 1st 4s_ _ I930 M- S
1926 J - J *10112 ____ 10112 Mar'15 ---- 10112 10112
Seab & Rea 1st 5s
- ---------- -_-_-_ i_ 1.0i- /05-1-2
jails
Housatonic R cons g bs_ -1937 M-N 1li1- i3EfePacific
Southern
Co
'14
J'ly
----87
---M-N
Naugatuck RR let 4s_ _ 1954
.. S_a_if
. 83
8412 61 813s 864
Gold 48 (Cent Pac coil).k1949 J -0 _8_3
NY Prov & Boston 4s-1942 A -0 --------88 Aug '13
2 -ii4
i.6.1..
90 Feb '14 -,,, .
k1949 J - D
Registered
7678 -71 -001-2 -78-1-2
7612
77
NYW'ches&B lst ser I 430'46 J - i 76
8218 221
807
8
8078
MSale
01929
4s
_
20
cony
.
_
_
year
I
_
100
07
g
ti
A
--N H & Derby cons cy 5E1_1918 M- N
427
9814
Sale
-D
98
100
J
1934
9514
__
5s
cony
20 year
Boston Terminal 1st 45-1939 A -0 ---- ss
209 86
90
--Cent Pac 1st ref gu g 48_1949 F- A 8718 Sale 87
____ -- _ _
:
New England cons 5s.......1945 J - i -----------------1949 F - A -„- 88 8612 Mar'15 ---- 8612 8612
Registered
1945 J - J -------- -9912 Miit:ii
Consol 4s
8734
8734 21 8712 89
8814
8712
D
J
..k1929
334s_
Mort guar gold
5812
Providence Secur deb 48_1957 M-N - - - - 6012 56 Apr '15 ---- 55
Through St L 1st gu 4s_ 1954 A -0 - --. 8412 85 Apr '15 ---- 85 87
Pros? & Springfield 1st 58.1922 J - J - - ---- 997s Dee '14 ---- _ _ _ _ _
GH&S A M &P lstbs-1931 M-N 10012 ___ 102 Mar'15 ---- 102 10212
Providence Term 1st 4s_1956 M- S --------8338 Fe ' ---- _ _
____
2;.8114:- 10234 Apr '14 ---)14
)(Gila V G & N 1st gu g 5s 1924 111-N :.
W & Con East 1st 4%s__ _1943 J - J --------------------idi" ii i1933 M-N • -102 103 Jan '15
Hous E & W T Ist g 5s
iii- Ii`;.-15s
"-- 3 -is
N Y 0& W ref 1st g 4s_ ___g1992 M- S - - - - 81 866
.ii i6iiiii
'14
lo412
---,J'ly
red
55
--------9212
June'12
guar
S
1st
MRegistered $5,000 only._g1992
18_ 59
.
112 19
a5
518 Ap1r0.
04
-J 1_0_5
5115
7 .161-N
933
2 ii:
6 1)3
:
19
9512
H&T C 1st g 5sIntgu_1
7578 ---I -ii-12 i6 1955 J -D 7578 Sale 7573
General 4s
-0
A
_1921
_
guar_
-int
4s
gold
June'14
Gen
94
80
A
F
1961
Norfolk Sou 1st & ref A 5s
Waco& N W div 1st g Os 1930 M - N 108 -___ 108 Mar'14 ---1941 14-N ____ 10138 101 Apr '15 ---- 101- 102Nod & Sou 1st gold 5s
__
__
10212
98
Apr
'15
A & N W 1st gu g bs
Norf & West gen gold 6s_ _1931 1,1-A 118 1184 118 May'15 ---- 11714 118
-li
_.: -ici_i
_ °_°
109 June'14 ---- i
j
J -- .1
21 .1
194
Louisiana West 1st 6s
Improvement & ext g (38_1934 F - A 118 ---- 119 Feb '15 ---- 119 119
i 10614 ---- 10712 J'ly '14 -A O
8J
10
92
Morgan's La & T 1st 7s_ _ 19
New River 1st gold 6s_-_1932 A -0 --- 120, 119 Apr '15 --, 110 . 119
10218 106 10614 J'ly '14 ---- - - - - -lst gold 6s
9312 33 9112 94
N & W Ry 1st cons g 9s_1996 A - o 9318 Sale 9134
- 112 Feb '07 ---- - - - - -1938 A -0
No of Cal guar g bs
94 May'14 --,,,
1096 A - o -,.. 93
Registered
24
101
Oro Sc Cal 1st guar.g 5s_ -1927 J - I 1-0014 idi an
8812 19 -8712 8
.81
2
DWI 1st lien & gen g 48.1944 J - .1 8812 Sale 8812
6 _7_9_14_ 10112 Nov'13 ---- -663-4 iiiiii
7,
2 9878 1043i
So Pac of Cal-Cu g 5s_ 1937 M- N 10
102
1932 J -D 102 Sale 102
10-25-year cony 4s
---- - - - -'12
9112
Sep
9213
9112
-.3
J
I937
g
4s
gu
1st
Coast
Pac
So
100
_
s
9934
'15
Apr
......
1024
1021s
10-20-year cony4s45 -iii
4 -ii138
81
79
San Fran Terml 1st 48_1950 A -0
07
134 10
10218 26 18
00
5124
511 S 10112.__ 102
10-25-year cony
4 -iii _iii5;
2.
88114
.16-6- 8
.,
13
9612 Apr'
J -.3 -i6
11
53_1943
gold
con
0
N
Sc
Tex
D
4
883_
_
8812
,
882
J
1041
Pocah C & C Joint 4s_ _
J
J
1955
43
ref
1st
RR
Pac
So
1028314'
_
_
_
_
8
__
- - 10534 Jan '13 ---CC & T 1st guar gold 58_1922 J - J
1,2
03
45 80114 18
100
Southern-1st cons g Ss._.1994 J -.3 9978 Sale 9934
Selo V & N F, 1st gu g 4s_ _1989 M- N - - 92 91 Apr '15 -,,, 90 91
_ _3_4
99 100 Aug '13 ---- -------1994 J - .1
Registered
9212 279 8834 9318
Nor Pacific prior lien g 4s_ _ _1997 Q - -I if Sale 91
6434
67
62
66
A4
643
Sale
0
1956
A.
Ser
45
gen
Sc
Develop
1997 Q - J - - 92 92 Apr '15 -,,, 8834 92
Registered
83_,
1_42 ia7i
7i1,
11142 A pr .'15 _ -_. . . : . _ -. . .-. i6
73
:5
707_8
:
13:
:
6
:
1938 M- S :
Mob & Ohio colt tr g 4s
6418 108 62 66
a2047 Q - F 0212 Sale 632
General lien gold 3s
1996 J - J 98 10034 9973 Apr '15 --- - 9834 997
.1
Mem Div Ist g 4% 5s
a2047 Q- F -„-- 6512 63 Mar'15 ---- 6112 63
Registered
J
J
1951
4s
g
1st
St Louis dly
2 9044 9034
9034
,
9034
St Paul-Duluth Div g 4s_ _1996 J - D
10434 June'14 ---- ____ ---1918 JJ
Ala Con Ist g Os
Dui Short Line 1st gu 5s_ _1916 M- S -------- 10013 Sep '13 ---Ala Gt Sou let cons A 5s 1943 J - 0 94 9812 9934 May'14 ---4 -- --: -_ 11012 Apr '15 ---- 10012 i111;
St P & NP gen gold 6s_1023 F - A 10939412 Apr '15
94
11
8J
- -ii71944
-6'14
At'Sc Char A L 1st A 4%91
Registered certificates_ _1923 9_: idir - - - - 11538 Aug '11 ---8212 -84-12 834 Apr '15 ---- 8318 854
..
l g: ilgotit-, Atl & Dans? Ist g 4s
102 Feb .15 :::: i
St Paul & Duluth 1st Ss...1931 F
8214 Feb '12 iiii ___- ----J
J
1948
---2d
---_4s
'15
10014
Jan
2d 5s
7534 Dec '14 ---- ___ ---Feb '14 -Atl & Yad ist g guar 4s__ _1949 A -0
1st consol gold 48
1003s J'ly '14 ---1916 - J
Col & Greenv let 644
.63-4 iii. 8112 Dec '13 ---4
.1:1c.
- i'
- iii
Wash Cent 18t gold 9s__ _1948 Q -M ii
iiii
_
May'15
"_
:
4
10234
J
J
_1930
_
_
bs_
g
&
Va
Div
T
Ga
E
111
111
Nor Pac Term Co 1st g 6s 1933 J - J
2 10312 10458
104
1956 M- N 104 10438 104
i_ 8
9612 8
9612 May'15
Con let gold 5s
. 2 ---T84
s6
08
i 03,2 8814
Oregon-Wash 1st & ref 4s. 1961 J - J -ii.2
-.-. 10012 10312 J'ly '14 ---S
M1938
reor
lien
Ten
E
5s
g
-D
J
-1046
Pacific Coast Co 1st g 5s_
-0
A
96
1946
Sale
96
5
1st
06
97
Ga
3s
Midland
96
Pennsylvania RR 1s1 g 4s- _ _1923 M-N
A parY:1
2M
3 ---- 4134
15
i6-6-:i5-:
2 _6
34
66
6:
-6-1-0
..5_ _ 10
1022.3 -J 1
Gs Pac Ry 1st g 6s
102 May'14 -- Consol gold 5s
108:2_ T.."
:
y :54 iiii
:0 2 m a3
Knox Sc Ohio 1st g Os__ _1925 J - J .
Consol gold 4s
Nov'12
--10812
103072
____
3
1
1
J
13g1
:
1
3
J
3;
24
53_1945
g
igg:
lien
prior
'
Bir
;:-1:
Mob Sc
Convertible gold 3345_ _01915
79 Mar'13 ---- -- -- -- -- -- -- -- -82
---------9978
Mortgage gold 4s
Apr '15 ---- 9978 0973
--Registered
i6i7; __ 10234 Apr '15 .___
ogg jil-...1
A -/1 9712 Sale 9712
7 .1
25
194
6 07 9834
Rich & Dan deb 5s stmpd _1
03
Consol gold 4s
73 Sep '12 ---- iliii4 1614
it56._
i6i
N
M_1948
103
_
4s__
g
Sale 103
10312 701 103 10478
Rich Sc Meek 1st
Consol 4%s when issued 1060 b
--- 91 May'15 ---- 935s 04
So Car Sc Ga 1st g 5s
Alleg Val gen guar g 4s _1942 M- 8 9353
60
1
1;
15.
00
.
i
1
Mar'15 ---- 1_0
614.
lool4
:::_
iviii
8
N
M
9
6
1
9
92
I
1
_
6s_
Mid
C
ser
.._
91
Virginia
_
_
A
Mar'14
F
D R RR &B 'go 1st gu 4sg 1936
10334 Nov'12 iiii
1921 M- S
Series D 4-5s
Phila Bait & W 1st g 4s_ _ 1943 M- N 9614 -._ _ 9918 J'ly '13 -- --- - - - 102 Dec '13 -- -------1926 M.5
Series E be
----- _
Sodus Bay & Sou 1st a 5s_2924 J - ---------102 Jan '03 ---_______
1931 M- S 10212 --- 104 Mar'13 ---- - - Series F bs
Sunbury & Lewis 1st g 4E0936 J - J 88
1936 M-N 10214 _ _ 10312 Apr '15
4 Feb -ii
General 5s
--01i3.-1
U N J RR & Can gen 4s_ _1944 M- S -------- -983
UN
1
.
:
0:11
.6
16
i :.i
_It
; 101 Mar'15 -- - i
J -J 100 1007
2003
5s
gu
1st
So'w'n
Sc
Va
Pennsylvania Co8612 Dec '14 iiii
A -0 83 89
58..1958
-year
50
'15
10112
Apr
10112
100
cons
1st
10012
10238
.1
J
1921
Guar 1st gold 434s
--:
------_-_--:
June'13
A
92
F
1924
W 0Sc W 1st cy gu 4s
100 100
1921 J - J 994 - -- 100 Apr '15
Registered
9612 June'14 -------- - - Spokane 1nternat 1st g 5s- 1955 J - J - - - - 98
Guar 330 coil trust reg 4_1937 M- S 84 _ii _ 8412 Apr '14
9912 9912 Mar'15
_
8412 Mar'15
9
8
412 8
,
4142 Ter A of St L 1st g 430-- --1939 A -0 98
99
Guar 3%9 coil trust ser 13-1941 F - A _
I 10054 102
101
1
9914
1st con gold 5s_ _1894-1914 F - A 10134 104 101
Trust Co ctfs gu g 3%8_1916 M- N 0014 9912 9914
8334
86
8334 Mar'15 - --- 83
1953.3 - J 84
83 83
Gen refund s f g 4s
Guar 3%s trus• °Os C
i942 J -D 83 -- - - 83 Feb '15
95
100 100
Mar'15
---100
0
100
A
1930
5s
g
83
8412
84
gu
J'ly
'14
Ter
M
L
St
Bridge
1944 J - D
Guar3%s trust ctfs D
4 9312 96
95
2000 J -D 9412 9558 95
-021-4_-0:2
4 15
41- Tea Sc Pac 1st gold 5s
y:1.
14 Alay
2%
92
Guar 15-25-year gold 413_1931 A -0 9412 --,- 0
-_
6418_ i3
3614 May'15 _-_-_____-__ i3
_ _ - 40
684_
g2000 Mar
,4
_
2d gold Inc bs
40 year guar 4s ctfs Ser E.1952 M- N - - 92
1931 .1 - J - - - - 90 95 May'14 ---___
_
8'512
0312 Apr '14
La Div B L Ist g 5s
____ _ _._
Cin Leb & Nor go 46 g-1942 M- N
--- 95 10612 Nov'04 -----------95 _ ___ 98 May'14
W Min W & N W 1st gu 5s 1930 F - A
CI & Mar 1st 411 g 4%s-7-1935 M-N 10118
1935J - .1 10238 ___ 10212 Apr '15
__ __ 10138 Nov'13
_ ___ _ Tol & 0 C 1st g 5s
CI & P gen gu g 430ser A.1942 .I - J
101 Aug '13 ---1935 A - 0
Western Div let g 55
1942 A -0 1014 - - - - 10934 J'ly '09
Series B
1935 J - D -__ 100 10112 Apr '14 ---- - --- -General gold 5s
A -0 8458 - - _ _ 9114 Feb '12
_
Int reduced to 330_1942
80 ____ 86 Mar'15
A
1990
4s
8378
g
_
_
_
gu
1st
M
&
Kan
9018
Oct
'12
Series C 344s
61;
i6
ill:2 -9
9534 Apr '15 --- -g
1927.3 - .1 93 98
2d 20-year 58
- - - - 8418 Dec '13
837
.
Series D 334s
i 63 68
1917 J - .1 63 64 6334
6334
- - - - - - - _ Tol P & W 1st gold 4s
Erie & Pitts go g 334s B 1940 J - i 8312 _ ___ 8614 May'14
78
76 Apr '15 ---- 76
- - - - 80
g
lien
__
.1
pr
W
8312
_
L&
St
Tol
3345.1025.3
0018
J
J'ly
'12
1940
Series C
7 4212 53,4
51
1950 A -0 5012 Sale 5012
sr A
4e
gsolgd 8
0-iyietarr4
50
c
;100 -0i3
Or R.& 1 ex ist gug 4398-1941 J - J 97 9712 9738 Apr '15
1917 F - A - -_ - 40 43 June'14 -_-_-_-_
.i5i. :::: 93 May'14
io
s .
M:N
- --- - Ohio Connect 1st gu 45......1943 ivi
Mar'15
84
8212
8212
D
J
_h1946
4s_
g
Buff
1st
Sc
Ham
Tor
109
May'lO
- - - - - -Pitts Y & Ash 1st cons 55 1927
11;
1ii
-0
_iio 100
-ii12- 101
012 ,
105
14 100 Apr '15 ---,
10
o.14
y'
'in
Ju
- - ---_ - Ulster Sc Del 1st con g 5s 1928 .1 -D ,
912 j
98
- 0
-0
-0
To! W V & 0 gu 430 A-1931 J - -1 97 1
74 Mar'15
74 ___
A
2J
57
194
It refund a 45
Series B 43is
7
74
9
38
4
7
9
,s
9612
965s
41
1st
Pacific
_
Union
95
48
g
9312•J'iy '14
1 1 AL:Series C 48
1947 J - J 9412 9512 9412 Apr '15 ---- 93 95
Registered
10038
3 99 101,2
P C C & St L gu 4315 A...1940
0012 26 8812 914
90 Sale 90
J
J
1927
4s
cony
100
-year
20
10012
1003
6
3
8
9912
1003
10112
Series B guar
43 8814 924
91
02008 M- 5 - - - - 9012 9012
1st & ref 4s
10112 1011.
.
- ri - - --- -_ 10112 Feb '15
:
1.g,41i t
Series C guar
9158 91
Ore RR &Nay con g 4s__ _194(1 J -D 91
9358 9358
03,k - - - - 0358 Apr '15
194 N
Series D 48 guar
1
:
1
99
10
881
-9
8
-10738
4
109
8
10714
1085
A
F
6
2
May'15
2
4
9
0
1
ft...1
g
1st
Line
Short
Oro
9114
90
9112
---A
99511144
F
Series Ii 334s guar gold_1949
II 103 105
104
J .J 104 Sale 1034
___ _ ..
1st consul g bs
Jan
'lodes F guar 4s gold_ _1953 J -D 9334 - - - 77
7
1'
91
- 9012 8934
1929 J -D
Guar refund 48
- ti 9334 ---- 9713 Jan '13
.
1957 M
Series 0 4s guar
_ - --105 _ _ 10612 May'14
Utah & Nor gold 5s_ _ 1926 J -.3 10212 ____ 108 May'll -----------C St L & P 1st cons g 58...1932 A
- --_ -- - - - 1933 J - J 89
1st extended 4s
10138 i013;
0138 May'15
Peoria & Pekin Un 1st g 68_1921 Q- F .1 5
-63 - Apr-'1:i ---- ---- - - - F- A
1955
A__
Ser
4s
g
cons
Vandalla
____
____
---------80
'14
Feb
M-N
b1921
4345
gold
2d
1957 38 N ----- 9214 May'14
.... _ __
Consol 45 Series II
25 May'14
Pero Marquette--Ref 4s-_1955 J - J --.- 20
90 94 Oct'
-- -- -- Vera Cruz & P 181 gu 434s_ _1934 J -.3 40 Dec '13
1955 J - J - - - - 19
Refunding guar 4s
-6 -0E1-2 -001;
96
9534
8 96
111-N 0g3_1962
A__
Series
69
181
Virginian
---May'14
---73
.68
0
J
1921
Chic & West Mich bs
Due Dec.
•No price Friday; latest bid and asked. a Due Jan, b bue Feb. s Due May. g Due June. h Due July. k Due Aug. o Due Oct. p Thie Nov.
•Option sale.
430 Ing
--
--
al.
.
13478 1-f: ________87
1813 111---b1 1-g14-
-----
818 V-- P-AI
3
ci ia6 10012 100%
1660
New York Bond Record-Concluded-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 14.
Wabash let gold 5s
1939 M- N
2d gold 5s
1939 F - A
Debenture Series B
1939 J -J
1st lien equip s Id g 58_1921 M- S
1st lien 50-yr g term 4s__ _1954 -J
1st ref and ext g 4s
1956 J - J
Cent Trust CO ctfs
Do stamped
Equit Trust Co ctfs
Do stamped
Dot & Ch Ext 1st g 5s__1941 J - J
Des Moin Div 1st g 4s----1939 J - J
Om Div 1st g 330
1941 A Tol & Ch Div 1st g 4s---1941 M- S
Wab Pitts Term 1st g 4s_ _ _ _1954 J -D
Cent and Old Col Tr Co certs_ _
Columbia Tr Co certfs
Col Tr Ws for Cent Tr etfs _
2d gold 4s
1954
Trust Ce certfs
Wash Terml 1st gu 34s_ __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
Gen gold 49
1043 A Income 5s
d1943 Nov
Wheeling & L E 1st g 5s_ _ _ _1926 A Wheel Div 1st gold 5s__ _1928 J -J
Exten & Impt gold 5s____1930 F - A
RR 1st consol 48
1949 M20-year equip s 1 58
1922 J - J
Winston-Salem S B 1st 4s_....1960 J - J
Wis Cent 50-yr 1st gen 48._ _1949 J -J
sup dr Dul div St term 1st 45'36 FA -N
Price
Friday
May 14
Week's
Range or
Last Sale
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
102 Sale 102
102
19 97 10212
9112 9412 9413
1 86
9412
9512
-- - 90 June'12 - - -- 8978 M ar'15
89s 897s
65 _
75 Apr '14 _
21 Sale 21
186 "if"
28
30 22 27
2612
26
27
27 Apr '15
2012 27
2412 M a r'15
23
2412
224 Sale 224
92 19
27
30
2 99 100
- - 100 100
100
- - --- 80 Aug '12
58
55 Apr '15
55
6014
6612 - _ - _ 664 Mar'15
66
7234
- - - - 914 834 Apr '15
6
834
74 Sale
712
712 11 6
912
9
812 May'15 _
812
812
---7
8 Apr '15
8
7
68
7a
% May'15
% 1
34
12
73
34
1
1
34
8134 Mar'15
8134 8134
9112 _ 65 Mar'15
65 65
64 67 65
1 54
7113
65
10034 10134 10214 May'15
101 10278
76
7612 mi2
7812
75
75l2
171s 35
34 Feb '07
98 100 100 Apr '15
ilk, 1-66"
- - - - - - 9512 N ov'13
92 Apr '15
92 92
- - - 6438 6412 May'15 - _ 6412 6534
90 Apr '14
84 Apr '15
84
84
85 Sale 85
8614 20 8434 87
85
8512 Apr '15
87
844 8512
Street Railway
Brooklyn Rapid Tran g 5s__1945 A -0 - - - - 10212 1027
103
16 10014 103%
1st refund cony gold 4s_ 2002 J - J -83 80
8018
3 80 8512
8-year secured notes 5s___1918 J - J 993
-4 Sale 9934
143 98% 10018
100
Bk City 1st con 58-1916-1941 J - J 10
1 1007a May'15 ---- 10014 101
Bk Q Co & S con gu g 58_1941 rd -N ------ - ---- 98 Apr '14 --- - - - - Bklyn Q Co & 5 1st 58__
J - J -_ -_194
101 May'13 --Bklyn Un El 1st g 4-59_1950 F - A 9934 Sale 9934
100
11
ion;
Stamped guar 4-5e
1950 F - A 100 Sale 10018
100
4 9912 10012
Kings County El 1st g 48-1949 F - A 8234 8312 827 Apr 15 --- 8212 8312
Stamped guar 48
1949 F - A 8212 8434 8212 Jan '15 -- 8212 8212
Nassau Elea guar gold 422_1951 J - J 73
75
75 Apr '15 -- 75
78
Chicago Rys 1st Bs
1927 F - A 95
9512 9534
9534
2 94% 9718
Conn Ry & L 1st dc ref g 430 1951 J - J ---- _ _ _ _ 10178 June'12 -Stamped guar 434e
1951 J - J -964 June'14
Det United 1st cons g 43,0_1932 J - J 7312 '12 7412
7412 -ii 6534 79
Ft Smith Lt & Tr 1st g 5s.._ _1936 M- El ------ 84 Jan '14 -- - -Grand Rapids Ry Istf.g 58
1916 J -D 9912 -100 June'14 ---- Havana Elee consol g .5s
1952 F - A -- _ 90 92 Apr '14 .-Hud & Manhat 58 Ser A
1957 F - A ---- 74% 74
754 57 74 -7978
Adjust income 58
26 Sale 26
1957 2612 86 20
294
N Y & Jersey 1st 58
1932 F - A 9914
Interboro-Metrop coil 4348_1956 A -0 7412 Sale 741
2 - 773 428 7314 7912
Interboro Rapid Transit1st & refunding 58
1966 J - J 97% Sale 973
9812 188 97
98%
Manhat Ry(NY)cons g 48_1990 A -0 -_-- 00
90
90
1 88 91
Stamped tax-exempt
1990 A -0 ---- 91
91
9114 13 88% 9114
Metropolitan Street RyBway & 7th Av 1st o g 58_1943 J - D 100 Sale 100
100
2 9978 101
Col & 9th Av 1st gu g 58_ _1993 NI- 5 ---- 9838 99 Apr '15 -- 98
09
Lex Av & P F 1st gu g 58_1993 M- S --_- 9912 101 Apr '14 ......Met W 8 El(Chic) 1st g 48_1938 F - A
80 Mar'14 ..-Milw Elec Ry & Lt cons g 58 1926 F - A 1(1E7;:
...:
-- 1004 Dee '14 ---Refunding & exten 448_1931 J - J --_- 9318 9238 Feb '15 -- -618 -6i58
Gen dc refund 5s ser A_ _ ...1951 J - D - - 90
Minneap St 1st cons g 5s
1919 J - J iils --i55" NOi'f2
-.
Montreal Tramways 1st & ref
30-year /5s Ser A
1941 J - .1 -- - 94
944 Feb '15- 944 944
New On Ry & Lt gen 430_1935 J - J - - - - 80
78 Feb '15 ---- 78
78
N Y Rys 1st It E & ref 4s__ 1942 J - J 70
71
71
72
53 7078 73,4
30-year adj Inc 5s
a1942 A -0 50 Sale 50
5134 286 50 55%
N Y State Rys 1st cons 430_1962 M- N _
86
86 Apr '15 ---- 84 86
Portland Ry 1st & ref 5s____1930 M- N 547
2 _ _ _ _ 9918 Feb '15 --_- 9918 9918
Portland Ry Lt dc Pow 1st &
ref cony s 1 55
- 8912 92 Mar'14 ____ -- 1942 F - A
Portland Gen Elec 1st 58_1935 J - J iOii ____
-- -- St Jos Ry,L,H dc P 1st g 522_1937 M- N 95
-iii" NcTai
St Paul City Cab cons g 58_1937 J - J ---- ---- 10312 Feb '13 ---_ - - - - - Third Ave 1st ref 48
J
J
1960
8112 Sale 8112
82
66
-232.6
;
Ad) Inc 5s
a1960 A -0 75 Sale 75
7734 75 75 82
Third Ave Ry 1st g 55
1937 J - J 106 10934 106 Apr '15 .--- 1054 107
Tri-City Ry & Lt 1st 8 f 5s.._1923 A -0 9512 Sale 9512
6 95
96
971
Undergr of London 4 As_ _ 1933 J - J
Income Os
1948
" " "i 8
611 .
3:11Yy '14
4 -------- 97
-- Union Elev (Chic) 1st g 5s 1949 i."-"ci --------84
__
__
Oct '08 ---- --United Rys Inv 5s Pitts 188_1926 M-N
71 June'13 ---United Rys St L 1st g 4s_ _1934 J - J -- - - 6312 6312 May'15
631 632
St Louis Transit gu 5s-..-1924 A -0 ---- 05
593 Mar'15 --- 59% 5938
United RRs San Fr s f 48...._1927 A -0 45 464 45
4512 37 40
55%
Vs Ry & Pow 1st dc ref 58._ _1934 J - J - -- 884 8834 May'15 --- 8834 8912
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 14.
Z1
,
3
u...
b
.-.4.
Price
Friday
May 14
[VOL. 100.
Week's1:!:2
Range or
..._c
Last Sale '
Range
Since
Jan. 1
s ow
High No.1 Low High
Syracuse Light de Power 5s--1954 J - J --------- 8515 June'12 ---'_ __ _ _ _
Trenton 0& El 1st g 5s_ ___1949 III- 5 9914 -_ 10112 June'14 --- -_ _
Un on Elea Lt dr P 1st g 5s__1932 M- 5 97 10012 99 Mar'15 -- --I 99 101
Refunding & extension 5s-1933 M-N
89 Mar'15 --89
90
Utica Elm Lt & P 1st g 5s__1950 J - J ---- ----10214 Mar'15 -- - - 1)6 102,4
Utica Gas & Mee ref 5s_......1957 J - .1 --------- - -- - - - - 10014 Dec '11 -- -- _ __ _
Westchester Ltg gold 58_ -1950 J - D 101 10212 103 Apr '15 ---- , 1021-2 103
Miscellaneous
Adams Ex coil tr g 4s
1948 M- S
Alaska Gold M deb 6s A
1925 -_
Armour & Co 1st real est 430 '39 J -13
Bush Terminal 1st 48
1952 A -0
Consol 5s
1955.2 - J
Bldgs 55 guar tax ex
1960 A -0
GranbyConsMS&P coot Os A '28 M-N
Inspir Cons Cop 1st cony Os_ 1922 M- 5
5-year cony deb Os
1919 J - .1
Int Mercan Marine 4%8.-1922 A -0
Certificates of deposit
lot Navigation lets f 5s____1929 F - A
Montana Power 1st 5s A__ -1913 J - J
Morris & Co 1st 51 430_1939 J - .1
Mtge Bond(N Y)4s ser 2-1966 A -0
1932 J - J
10-20-yr 5s series 3
N Y Dock 50-yr 1st g 4s
1951 F - A
Mai; Falls Pow 1st 53
1932 J - J
Ref (lc gen 65
a1932 A-0
Niag Lock & 0 Pow 1st 5s.._1954 M- N
Ontario Power N F 1st 5s___1943 F - A
Ontario Transmission 5s____1945 M-N
Pub Sem,Corp NJ gen 5s -1959 A -0
Ray Cons Cop 1st cony 6s 1921 J - J
Sierra & S F Power 1st 5s_..1949 F - A
Wash Water Pow 1st 5s..-1939 J - J
724 7518 73
2 70
73
73
125 Sale 126
14413 39 118 150
92 Sale 9134
9218 32 9012 93
85
87
854
8534 12 85
8534
___- 89
88 May'15 ---- 86
00
8512 86% 86% May'15 ---, 83 87
10118 102 100
10414 47 98 111
1171s Sale 115
12512 984 97 14014
117 Sale 115
125
247 9434 14014
43
4514 42
4314 48. 3014 46
43 Sale 43
43
, 334 4514
4012 444 44 Apr '15 -- - 36
57
---- 91
91
91
4 8834 924
-0 8812 Jan '14 _ _ ___ _ _
- ___ 90
- - -- - --83 Apr '14 -__ _ _
94 --- 100 J'ly '14 ___
- --- 71
7712 75 Apr '15 -- -- 75
75
100 10114 10078 Apr '15 -_-- 1007s 101
104
-_- If 8912 Mar'15 --2 -8612 -91-4
94
931
2 9434 9312
2 9312 95%
86 - - - - 90 Feb '15 --- t 90
90
8 808 8914
87% Sale 87
87%
120
11212 Sale 112
58 103 130
Feb
'14
__
-_-_
_
_
9214
-- 92
9812-- 10312 Jan '14
Manufactwing & Industrial
Am Ag Chem 1st 0 5s
1928 A -0
Cony deben .5s
1921 F - A
Am Cot 011 ext 430
51915 (3 - F
Debenture 5s
1931 M-N
Am Hide & L 1st s f g Os._ _1910 M- 5
Amer Ice Secur deb g Os_ _1925 A - 0
Am Smelt Securities s f 68._1920 F - A
Am Spirits Mfg g (38
1915 M- S
Am Thread 1st coil tr 4s
1919 .1 - J
Am Tobacco 40-year g 6s_ _1944 A -0
Registered
1944 A -0
Gold 4s
1951 F - A
Registered
1951 F - A
Am Writ Paper 1st 81 5s......1919 .1 - J
Baidw Loco Works 1st 5s
1940 M-N
Beth Steel 1st ext s f 5s
1926 J - J
1st & ref 58 •uar A
1942 M-N
Cent Leath 20-year g 5s
1925 A -0
Consol Tobacco g 43
1951 F - A
Corn Prod Ref s f g 5s
1931 M-N
1st 25-year s f 58
1934 1111-N
Cuban-Am Sugar coil tr 6s 1918 A -0
Distil Sec Cor cony 1st g 58-1927 A -0
E I du Pont Powder 4 As_ _ _1936 J -D
General Baking 1st 25-yr 68_1936 J -D
Gen Electric deb g 3A s
1942 F - A
1952 M- 5
Debenture 5s
Gen'l Motors 1st lien 6s
1915 A -0
1040 A -0
III Steel deb 430
1952 M-N
Indiana Steel 1st 5s
Ingersoll-Rand 1st 5s
q1935 J - J
lot Paper Co 1st con g 68-1918 F - A
1935 J - J
Consol cony s f g 55
1929 M- 5
Int St Pump 1st 8 f 5s
1923 A -0
Lackaw Steel 1st g Ss
1950 M- S
1st con5s Series A
Liggett & Myers Tobao 78.._1944 A -0
1951 F - A
5s
1944 A -0
Lorillard Co (P) 78
1951 F - A
5s
Mexican Petrol Ltd con 63 A 1921 A -0
1st lien & ref 6s series C-1921 A -0
1929 J -D
Nat Enam (lc Stpg 1st 58
1930 J - J
Nat Starch 20-yr deb 5s
1952 M-N
National Tube 1st 55
N Y Air Brake 1st cony 68_ .1928 M-N
Railway Steel SpringLatrobe Plant 1st s f 5s__ -1921 J - J
Interocean P 1st s f 5s __1931 A -0
Repub I & 5 10-30-yr 5s 8 f 1940 A -0
1930 M- N
Standard Milling 1st 58
The Texas Co cony deb 68_1931 .1 - J
Union Bag & Paper 1st 58_1930 J - J
1930 J - J
Stamped
U 5 Realty& I cony deb g 58 1924 J -.2
U S Red & Refg 1st g 65......-1931 J - .1
US Rubber 10-yr coil tr 6s 1018 J - D
d1963 M-N
U S Steel Corp-Jcoup
d1963 M-N
S 1 10-60-yr 581reg
Va-Car Chem 1st 15-yr 5s._1923 J - D
West Electric 1st 5s Dec_ _1922 J - J
Westinghouse E & M 8 f5s 1931 J - J
10-year coll tr notes 58.....-1917 A -0
10012
2 997 1023s
100 101 10012
93
13 92 9334
92
9234 93
1004
1 9978 1003s
10014 100% 10018
933s 937 9334 May'15 -- -- 9212 94
101 103 102
1024
9i 10012 10314
83
8912 8912 May'15 -- - -1 80
89,2
105 Sale 19434
10518 105 103% 10512
95 --- - 9212 Apr '15 ---- 9212 9212
9312 -- - 94 June'14 ___
__
- __ - nois 12012 Apr '15 ---- 120 12118
12134 May'14 - , _ _ .
_ _
98
97 Apr '15 ---- 97
984
---- --98 June'14
- - -_
6912 70 65 May'15 ---- 59
70
101 10214 10214
10214
2 10034 10234
99% 100
9934
10012 65 9812 101
90% Sale 9014
9114 523 8518 01722
99 Sale 9834
9912 73 9678 9912
90 98
9734 Jan '15 ____ 9734 0734
9534 9614 96
96
2 9434 9714
9314 95
95 May'15 -- - -' 92 9514
96
9812
9912 98 May'15 sl 95
52 Sale 51
5334 35 4614 5612
8948 24 8.4
9934
8814 8912 89
- - --- -_ 8712 J'ly '14 ____ __ _
73
79 Apr '15 ---- 74379
4 79
3 102 105
105 Sale 104
105
10114 __ __ 10114 Apr '15 -- -_ 10034 1014
3 8278 87
84
8412
837s 85
997
9912 Sale 9912
41 99 100,2
100 _ _ __ 100 Oct '13
10012
100 100% 100
5 100 1(7
.0112
7934 7934 May'14 ____ 7834 82
75
50 Apr '15 ---- 38
---- 58
50
93% 92
91
9212
3 89
9313
70
7112 7212 May'15 ---- 65
75
123 12314 123
12312
4 122 12413
100 Sale 100
10034 24 997 102
120 12134 122
122
1 12134 124
9912 Salo 9912
100
27 9912 102
10212 105 10412
10412
1 954 110
102 Sale 102
10312 10 95 110
9314 May'15 _-__ 92
90 04
9314
83 _ - __ 85 Apr '15 ---- 84
85
96
9812 98
98
1 95
9973
0714 Sale 971s
97%
6 90 98
9718 9814 9712
9712
90 0514 9712
9112 Sale 9112
9112
3 90 93
92.2 Sale 9212
93
27 9012 9334
9112 92
92
92
3 8812 92
9914 Sale 9812
100
186i 9712 10014
76
80
75 Mar'15 ____ 75
75
---- --__ 9114 Jan 13 -__
_.
- - - - 73 70
70
4 66
76
-_
25
31) Apr '15 ___
20
30
10238
_- Sale 1023s
103
30 1011s 1034
101% Sale 101%
102% 51
997 1026s
10218 Sale 10112 10242 9934 1024
95
96
954
96
• 4 89 96
100,
4 Sale 10034
10034 42 10012 10134
10114 Sale 9912
10238 823 8978 1044
991 Sale 997
997
4 9814 10018
Gas and Electric Light
Atlanta G L Co 1st g 5s- _ _1947 J -D 1014 ..... 10112 May'14
Bklyn Un Gas 1st cons g 53.1945 11I-N 103 10312 10312
i 103 nin"2
10311
Buffalo City Gas 1st g 5s._ _ _1947 A -0
54 June'13 ---Columbus Gas 1st gold 5s
1932 J - J -------- 97 Feb '15 --- "if 97
Consol Gas cony deb 6s
1920 Q - F iii" i'Ede" 11334
233 109's 11812
116
Coal & Iron
Detroit City Gas gold 5s_ _ _ _1923 J - J 994 100 100 Mar'15 -- 9912 100
1932 .1 -D 86 .... _ 02 J'iy '14
Buff & Susq Iron s f 5s
Detroit Gas Co cons 1st g 50_1918 F -A
955 Sep '08 -a19213 M- 5 78
80
75
78
3 75 - -5Debenture
53
Detroit Edison 1st coil In 58_1933 J - J103
37
103
"
5 101's 103
F - A 89 Sale 89
1943
5s_
_
89
s
f
g
gen
Co
&
col
I
F
10 87 92
Eq G L NY 1st cons g 58..„1932 51- S --------__
-10013 May'15 --_ um% loots Col Indus 1st & coil 5s gu-1934 F - A 70 7214 7214
7214 10 70
7412
Gas & Elec Berg Co c g 58_ _1949 .1 -D 98 ___ 100 Feb '13 -Cons Ind Coal Me 1st 53-1935 J -D _-- L - -. 73 Mar'14
Hudson Co Gas 1st g 5s_ _ 1949 M-N 10112 __ 102 May'15 -- nin"4
Cons Coal of MO Ist&ref 55_1950 J - D -- - 921s 8814 Apr '15 ____ 8114 -nil;
Nan City (Mo) Gas 1st g 58_1922 A -0
- 91
92 Mar'14 --Continental Coal 1st g 5s_ _.1952 F - A 89 - - - - 991,Feb '14 ___ _ __
Kings Co El L & P g 55
lai Sale 101
104
1 10234 10414 Or Riv Coal & C 1st g 6s_ _h 1919 A -O 90 95 102% Apr '06 ____ _ ---- -_
Purchase money Os
11112 113 113 Apr '15
113 113
Kan & H C & C 1st s f g 58_1951 J - J 9014 - - - 93 Mar'14
Convertible deb 6s
1922 M- 5 113 _ _ _.12212 Dec '12 -714 Sl 8714
Pocah Con Collier Ist s 1 5s..1957 J - J
8714
2
Convertible deb 6s
1925 M- S 11612
11634
11812 14 fig" iiiis St L Rock Mt& P 1st 58_ _ __1955 J - .1 ------ - --82 Apr '15 ____ 75
82
Ed El III Bkn 1st con g 48_1939 J - J 8712 __8734 88 Apr '15
80
8778 88
85
Trust Co ctfs of deposit ------ __
8212 Apr '15 ......_ 75
8213
Lac Gas L 01St L 1st g 58._81919 Q - F 101 Sale 10034
14 10014 10114 Tenn Coal gen 55
101
19.51 J - J -- 101 101 May'15 --_- 100 101,
Ref and ext 1st g 5s
1934 A -0 ---- 100 100 May'15 ---- 97 101
Birm Div 1st consol 6s-1917 .1 - J 101 10112 10134 Apr '15 ...„ 10014 10134
4
Milwaukee Gas L 1st 4s_ _ _1927 M-N 90 9134 9168 May'15
101
901s 9134
a1917 A 0
10114 10112 Apr '15 _-- 10014
Tenn Div 1st g Os
Newark Con Gas g
10112 _ _ _ 10134 Jan '14
_1922 J -D 10312 - - - - 101 Dec '14 __ _ _ 10178
Cab C M Co lat gu 6s
- - -NYG1ELH&Pg
5s
1024
58
10234 10214
1953 J - .1 - - - - 771: 73 Apr '14
10234 37 10114 103'2 Victor Fuel 1st 8 1 55
-- Purchase money g 4s
1949 F - A 8212 8312 833s
83% 12 8212 85% Va Iron Conl&Coke 1st g 5s.1949 M- S 82 85 82
82
3 82 86
Ed El 111 1st cons g 58..
1995 J - J 1064
10614 May'15 ____ 10614 10614
Telegraph & Telephone
NY&Q El L & P 1st con g 58_1930 F - A 99% nii" 9968 Apr '15
9914 09% Am Telep & Tel coil In 48.. 1929 J - J 8812 89
8818
887
49 87
14
N Y& Rich Gas 1st g 5s- _--1921 M-N -....._ 9212 J'ly '09
1936 al- 5 92 ..__ 9512 May'15 ---- 9134 89
- - --- - Convertible 4s
96
Pacific 0& El Co Cal0& E
20-yr convertible 43,0_ _ _1933 NI- S 9912 Sale 99
10012 277 96
Corp unifying & net 5s_ _A937 M- N 91 Sale 937
94
9412 Cent Dist Tel 1st 30-yr 58-1943 J -0 ___- 9912 9918 May'15 --__ 983s 10314
7 91
994
Pac Pow & Lt 1st & ref 20-yr
Commercial Cable 1st g 4s.._2397 Q - J 75 - - - - 8814 June'14
_ _
5s Internal Series
1936 F - A *8812 ____ 91 Fob '15
8812 91
2397 Q .. .2 75 84
Registered
79 Apr '14
- --Pat & Passaic 0 dc El 5s
1949 M- 5 9912 _____ 100 Jan '14
3
.
1
J
3
5
7
C
Keystonemb
u
9
T &TT
1
:
gen
e
l
e
l
1st
s
p
o
dci1 ellist55
_-_- 964 9614
s;
. ...
9614
14 -Iji 97,2
Peop Gal dr C let cons g 6s 1943 A -0 .
1 1_4_3_4 _ _ _ 11434 Apr '15
110 11434
:J ___- 95
8918 Dec '14 --_
Refunding gold 55_
101 100,
1947 M- S
4 May'15
lows 10112 Metropol Tel & Tel 1st s f 58 1918 IVI -N 10012 _ - - _ 10012 Mar'15 ____ 100
niii;
3
Registered
1947 M- S
99 Sep '13
1921 F - A
Mich State Telep 1st 5s
1 9914 May'15 ...-. 9714 9914
Ch G-L & Cke 1st gu g 58.1937 .1' - J
sii3-4 nii - 10212 Apr '1.
iOn; i6:1" NY & NJ Telephone 5s 2-z_ _ 1920 IVI-N ---- ---- 101 Dec '14
Con G Coot Chi 1st gu g 5319311 J - D 10012 100 May'15 ___ _ 9978 10033 N Y Telep 1st & gen s f 430-1939 M- N 97 Sate 9634
97%
24 9412 -6./5;
Ind Nat Gas & Oil 30-yr 581936 M- N _
93 Mar'12 ____
Pac Tel & Tel 1st 5s
19373 - J 9718 Sale 971s
977
32 9434 98
Mu Fuel Gas 1st gu g 5s._1947 M- N *997 _ _ - _ 100 Jan '15 ____ 100 100
South Bell Tel & T 1st s f 58.1941 J - J 98 Sale 9712
98
22 0614 99
Philadelphia Co cony 5s_ _ 1919 F - A ____ 95
95 Feb '15 ____ 95 95
West Union coll In cur 55-1938,- J 95
96 96
96
• 96
974
Cony deben gold 55
1922 M- N _ _ _ _ 88
9634 June'14
i 93 92
Fd and real est g 4 A s___ _1950 51-N
92
20 881s 9338
Stand Gas & El cony at Os_ _1920 J -0 9214 95
95 May'15
8812 95
Mut Un Tel gu ext 522._ 1941 al- N ---- -.. -104 June'll ...._ _ _
Swamis," Tk•htl -, Is a 58_1951 1 .fl 9912 10014 100 Mar'14 _
- Northwest Tel au 448 a_ _1934 J - J 92 ___ _ 9013 Mar'15-..... 9012 0012
• No price Friday; latest bid and asked. a Due Jan. 8 Due April. 6 Due May. 0
Due June. A Due July'. k Due Aug. 0 Due Oct. p Due Nov. q Due Dec. 3 Option sale.
1331 14 -3
Mg!,-:
-
MAY 151915.1
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
May 8
Monday
May 10
Tuesday
May 11
Wednesday
May 12
Thursday
May 13.
Friday
May 14.
98,2 9812
10014 9914 100
Last Sale 9912 Apr'15
100
180 180
181 181
182
75
76
/7
7612 75
125 125
126 125
126
32
33
34
35
33
__-- +232
Last Sale 10 Mar'15
10
Last Sale 56 Mar'15
Last Sale 612 Nov'13
4512 4512
4612 -4613 '45- --_-_- +46 _ _
;ia"
;i4O158%
Last Sale 158 Mar'15
•____ 15812 *_ _ _ _ 1581E • __ 15812
Last Sale 106 May'15
•106 110 *106 110 *103 110 *106 110
Last Site 155 May'15
•154
+156 158 *155 _ _ _ *155
66
68
*62
69
6912 69
+68
69
69
+69
'113 118
*115
+112 117 +11312
Last Sale 115 May'15
88
Last Sale 8714 Apr'15
*87
87
+8634 88
•8612 8812 '86
99
99
09 '96
*96
Last Sale 99 May'15
*96
*96
612 612 *6
*612 6%
*6
7
42
+41
45
40
42
40
40
+41
45
40
*41
45
64
60
6312 6412 64
6012 62
6212 65
66
6284 61
'97 105
Last Sale 98 May'15
*151
*151
_
15112 15112 Mi
. Ili" 152 152 15114 15114
25 • __ 20
*20
+20
25
20
20
*15
20
+12418 12434 12358 12358 12514 12514 *125 12512 1245 12458
Last Sale 80 Mar'15
*iii" fif" ▪
fif" 125 116.- *lib- lig- +120 125
*64
6434 64
64
6434 6434 64 64 6334 6378 -65- "63"
1384
86
+84 __-_ +84
85
86
+84
86
*84
85
86
.99
9912 10014 10014
+9912 100
9912
*99
•182
-- 181 181
79
79
76
78
•125 130 +125 130
3312 3412 3312 34
232 232 *232 __▪ _ _ 10 •
_ 10
„?.,i1PPage
1661
Range Since Jan. 1.
Rangefor Preatosil
Year 1914.
BOSTON STOCK EXCHANGE-Stock Record
10014 10012
*9912 10014
181 181
76
7612
126 126
3312 34
+232
___
+_ _ _ 10
10034
*9912
181
75
126
34
+232
•52
9212
*212
1614
106
114%
11958
55
51
56
50
50
+52
54
51
54
52
+50
9312 9118 9238 91
92
92
92
92
92
212 212 +212 234
212 212
234
212 212
2)2 212
*1612 18
+16
1612
1634 161. 1614 •1614 18
19
19
10212 105
10778 10312 106
106 10814 105 106
10614 109
114 114
11412 11412 11412 11412 11412 113 114
114 114
11778
119
12018 117 120
11912 120
11812 11934
119 120
Last Sale 21 Apr'15
30
30
*2/
*2712 29
*27
85
851? 8514 8541 8434 8512 •8434 8512 83
85 86- 85
67
67 •
67
*64
67
67
67
+64
67
67
09
*9812 100
100 +
100 • _- 09% 99
Last Sale 912 May'15
034
+7
9
'
-3
934 +6
934 +8
*1813 20
18
18
18
18
18
18
*16
18
+17
18
11
•10
10
10
*934 11
11
*10
9% 10
23634 237
236 23612 i55- 235
235 238
239 240
230 238
1451.1 140
151 153
149 152
149 151
14812 151
148 151
10112 10112 10112 10112 101 10112 +100 -- +10078 _
8112 4.81
-io- 80
8212 79
81
78
81
8012 8134 78
*8612 8812 87
8912 8912
89
87
88
89
87
89
89
190 +172
*172
186 186
*412 3 -Wirt. -1Apr'15
*112 3
*112 -3
Last Sale 14
*11.2 13
*1112 13
*111? 13
+1112 13
Last Sale 12 Mar'15
*38
+38 -- •38
*38
Last Sale 35 Feb115
Last Sale 20 Aps'15
35
15.- '28
'25
30
;Ili- 16- Last Sale 34 Apr'15
129
12812 1281? 128 129
128 129
129 129
153 154
156 156
154 154
i1612 -153-4 1614 -1514 *1638 1678'
16
1612 1634 1634 1614 1614
4.109 110
109 109
10814 109
103 109
108 10314 108 10314
31
34
32
31
3212 33
33
32
33
33
33
33
•28
29
28
28
4128
30
29
1328
28
28
114
114 *1
112 112
112 *1
112 •1
112
130 133
12478 132
130 136
133 138
132 13412 iii" 132
56
58
5612 57"
57
5512 5712 5712 58
58
571? 58
2818 2812 2834 2834 *2812 2814 2812 2834 2834 2834 2812 2312
5214
52,2 5914 4814 54
54
53
5314 5514 5178 1312 50
10112 105
*10612 107
105 105 *106 10612 *10634 10714 *10512 106
212 212
3
2.2 234
3
214 212
380 380
380 300
380 380
380 380
3134 33
341? 2834 34% 33
35
32
212 3
212 238
212 318
212 233
5012 5212 51
53
45
52
5312
52
69
66
6212 6814 67
6814 67
69
3512 3858 365s 39
3712 39
3212 38
612 7
638 712
7
758
534 634
312
3.4 314 *3
3,4 3,4 *212 312
57
50
623, 6038 63,4
6114 5112 60
66
6534 63
64
60
65
64
66
560 585
560 560
549 566
580 595
19
18
19
19
19
20
42
4334 41
43
4312 4414 4412 45
51
5312 4512 5112 5078 53
52
5312
3
3
3
314
*314 4
3
3
1012 1112 1112 1178 1134 1238
1138 12
1112 1014 111:
812 1012 10
10
1034
36
81
7612 80% 81
8112 85
80
29
2914 30
28
30
28
2814 28
21
19
2114 22
20
20
19
18
*2712 2812 2712 2712 •26% 2812 4.26% 2811
+.75 .90 41.70 .90 4..70 .80 +.70 .90
71? 734
7
7
612 7
734 8
4312 43
43
44
45
45
45
43
+89
89
90
89
89
*89% 91
89
2714 29
28
26
27
2612 28
25
478 5
4% 5
478 4% *478 5
278 278
3
3
3
3
*212 2%
12
13
111. 121?
1034 1212 1212 13
612 634
612 7
6
612
612 612
3
3
3
3
+234 3,2
312 312
1112 1212 11
1134 1214 1434 1318 1434
5
514
478 512
512 512
538 512
.2418 2438 2212 24
2412 2412 *2412 25
*2
21? 132
212
212 •2
212 '2
7112
70
7212 64
72
70
11
68
•14
1418 1414 1473
1412 1312 14
14
8
812
812 10
714 858
914 1078
6
6
534 6
534 5%
534 578
29
3212 2318 31
3212 3134 33
31
212 212
212 212
3
3
3
3
3
3
+234 278
2% 3
234 3
418 4,4
434 4%
434 5
434 5
52
5112 51
5212 50
53
5214 54
83
81
7918 7912 83
74
78
80
1414 1412 14
1312 15
1434 +14
141:
83
79
86
84
86
83
8112 8812
22
2234 2038 2214 2218 23
2278 24
55
54
50
5514 5412 5712
56
55
2% 3
212 3
278 3
3
318
612 814
814 812
8% 9,4
834 94
2312 2612 25
27
27
2612 27
2814
.30
30 +.30 .35 *.30 .38
+.25 .35
3114 31
30
3112 2734 3014 30
32
312 4
31?
3
3% 4
338 3%
32
32
33
29
3312 35
34
38
5
5
478 5
5
514
512 534
.35 .35 41.36 .53
.38 .38 +.35 .38
34
3312 3514 3012 3412 3434 38
3614
44
4512 4412 45
45
46
4414 4412
238 2%
234 3
278
318
2% 2%
12
1214 12
12
12
1258 11
1212
63
65
63
6418 60
64
61
66%
3
3
212 234
314 3,4
3% 3,4
4
412
4
418
4
414
4% 4%
58
55
57
59
5712 5958
4912 58
it. *138
*114
112 *1
1341
It.
Sales
of the
Week
Shares.
STOCKS
BOSTON S COCK
EXCHANGE
Lowest.
Highest,
10438 Apr 21
9912 Apr 15
193 Jan 12
96 Jan 5
12612 Apr 30
37 May 4
235 May 6
10 M a r24
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
101% July
179 Feb
55 Jan
235 Jan
712 Feb
60 Jan
39 Jan 20
157 Feb 13
103 Jan 12
140 Feb 25
51 Feb 9
114 Apr 20
85% Apr 9
92 Mar 4
612 May 3
40 May10
43 Feb 25
90 Mar 9
143's Jan 2
15 Mar17
11812 Jan 4
7934 Marl I
105 Feb 9
63 May14
84 Apr 28
4612 Apr 27
153 Mar 9
110 Apr 21
165 Jan 12
75 Jan 5
120 Feb 6
88 Mar 3
99 Apr 29
812Jan 7
56 Jan 6
71 Apr 21
98 Apr 29
157 Apr 9
21 May 6
134 Apr 26
80% Feb 11
125 Apr 20
72's Jan 25
9311 Feb 4
35 July
160 Mar
103 Dec
162 Nov
75 July
11512 Dec
83 Jan
90% Jan
9 Apr
54 Dec
49% July
100 May
140 July
19 May
11034 Nov
82 Apr
115 Jan
65 Nov
82 Dec
40 Jan
163 Jan
107 June
200 Jan
93 Jan
124 May
8878 Apr
99 Mar
14 Jan
66'z Jan
77% Jan
112 Feb
165 Jan
30 Jan
16334 Jan
85 Jan
130 Feb
75 Jan
95 Mar
43 Jan 5
8712 Mar25
134 Mar17
16 May 3
100 Feb 24
109 Feb 5
116 Jan 4
1612 Apr 6
77 Feb 5
591s Jan 20
93 Jan 19
4 Feb 21
9% Marl?
914 Feb 24
230 May10
13814 Feb 26
100 Apr 23
73 Apr 8
8512 Apr 9
154 Feb it
14 Apr 20
12 Jan 15
35 Feb 23
20 Apr 15
30 Apr 17
12712 Apr 27
150 Feb 24
19 May 6
10114 lift 4
23 Mar 8
26 Mar25
.95Jan 13
110 Feb 25
53 Feb 2.5
28 IMar27
34 Feb 1
102's Jan 27
5914 Mar
4714 Jan
592 May 5
98 June
0312 Apr 16
89 Dec
3 Apr 14
2 Dec
4 Jan
1913 Jan 9
22 Jan
17 Jan
114 Apr 23
9714 Mar 11014 Jan
11512 Apr 26 108 Mar 115 Dec
12334 Apr 17 112 Nov 124 Jan
21 Apr 16
15 Mar
14 Mar
90 Apr 23
72% Mar 8-3 JIM
67 Feb
67 Apr 23
5712 Dec
101 Feb 6
9734 June lows June
13 Apr 30
9 Jan
5 Feb
23 Apr 30
13% May 1634 Jae
1314 Apr 5
141s Feb
912 Dec
260 Jan 22 234 Nov 261 Mar
16114 Apr 30 137 Dec 13012 Feb
104 M ar29
9812 Nov 102 Jan
8718 Apr 22
7614 Nov 94% Feb
9212Jan 28
85 Nov 66 Mar
200 Jan 1 200 Dec 21634 Feb
14 Apr 20
8 Jan
214 May
1214 Feb
18 July 83 FeU
461k Jan 26
53 June 70 Jan
20 Apr 15
30 Jan
20 Apr
35 Apr 15
69 Jan
38 Dec
143 Jan 29 124 Nov 141 Feb
16314 Apr 29 149 Dec J59 Ja's
18% Jan 2
20% July
16 Jan
11012 Apr 5 10112 Nov 10734 Mar
33 May 4
31 May
27 Feb
29 May 7
27 Mar 294 Jan
134 Apr 21 .95 Dec
2 Feb
14134 May 3 :113 Dec 173 Feb
6458 Apr 13
6134 June
5214 Dec
29% Jan
301s July
28 Jan
6038 Apr 29
48 Dec
87,4 Jan
10934 Apr 28 10314 Dec 1123s Jan
Lowest,
Railroads
152 Atch Topeka & Santa Fe....100
100
Do prat
100
154 Boston dr Albany
100
678 Boston Elevated
100
21 Boston & Lowell
100
428 Boston & Maine
100
2 Boston dr Providence
Boston Suburban Eiec Cos__
Do pref
Boston dr Wore Electric Cos..
35 Do pref
Chic Juno Ry & U S Y__ _100
Do pref
Connecticut River
100
100
63 Fitchburg pref
Georgia fly & Elea stmpd-100
Do pref
10
100
Maine Central
100
100 Mass Electric Cos
100
32 Do pref stamped
100
2,394 N Y N II & Hartford
Northern New Hampshire 100
100
83 Old Colony
100
5 Rutland. pref
100
80 Union Pacific
100
Do pref
30 Vermont & Massachusetts_100
50
99 West End Street
50
33 Do prof
9234 Feb 23
97 Jan 15
170 Mar 5
75 May12
109 Feb 26
20 Feb 13
225 Jan
10 Mar23
50 Jan 8
Miscellaneous
100
106 Amer Agricul Chemical
100
307 Do pref
50
335 Amer Pneumatic Service
50
170 Do prof
100
1,076 Amer Sugar Refining
100
201 Do prof
100
3,165 Amer Telen& Wei(
100
American Woolen
444 Do prof
100
110 Amoskeag Manufacturing.--20 Do prof
All Gulf & W 188 Ltnes_100
160 Do pref
100
221) East Boston Land
10
236 Edison Electric Ilium
100
619 General Electric
100
83 McElwain(W H) 18t pref.100
526 Massachusetts Gas Cos .100
100
238 Do prof
2 Mergenthaler Linotype. _100
10
Mexican Telephone
Mississippi River Power...,101)
100
Do pref
New Eng Cotton Yarn..,.,100
100
Do prof
116 New England Telephone. 100
100
68 Pullman Company
10
60 Reece Button-Hole
100
269 Swift dr Co
25
608 Torrington
25
15 Do pref
25
283 Union Conger L & M
100
4,158 United Fruit
4,976 United Shoe Mach Corp._ 25
95
1,112 Do pref
100
6,479 U 9 Steel Corporation..
100
10 Do prof
Highest.
Mining
478 Apr 22
25
620 Adventure Con
1 Jan 22
212 212
278 27
25 240 Jan 25 395 May 7
170 Ahmeek
330 380
380 385
10 28)4 Jan 6 4034 Apr 22
3112 3338 2978 3112 23,100 Alaska Gold
434 Apr 22
25
.45 Feb 10
*212 234
258 278 1,415 Algornah Mining
4714 5018 2,476 Allouez
3512 Jail 5 58% Apr 26
4912 31
63
6512 3,238 Amalgamated Copper-- -100 5038 Feb 21 7912 Apr 22
6538 67
3134 3734 3434 3612 51,600 Amer Zinc, Lead & Smelt.. 25 164 Jan 4 45 May 1
912 Apr 22
5
314Jan 4
634 718
614 658 14,115 Arizona Commercial
434 Apr 22
*314 312
2 Jan 16
215 Butte-Balaklava Copoer_ 10
3,4 314
10 3.534Jan 4 72 Apr 30
5734 6012 78,001 Butte & Sup Cop (Ltd)
5912 617
10 5112Feb 23 7834 Apr 26
6212 7,302 Calumet & Arizona
6212 6412 60
25 350 Jan 4 630 Apr 22
468 Calumet & Ueda
545 560
560 575
25 15 Jan 12 25 Apr 22
670 Centennial
18
1812
*1812 19
5 3278 Jan 6 4934 Apr 26
43
43
40
4158 1,203 Chino Copper..
49
52
4612 4912 18,301 Copper Range Cons Co._100 30 Jan 13 6314 Apr 26
20
178 Jan 21
4
4
534 Apr 22
205 Daly-West
*314 4
8l Jan 5 15% Apr 23
n.. 10
as Butte Copper Mb......
11
1112 6,020 Et
412 Feb 5
1414 Apr 22
25
858 10
3,255 Franklin
1012
2
19
14
2 1
100 58 Jan 7 9112 Apr 27
76
7812 6,387 Granby Consolidated
78
81
29
100 2314 Feb I 3512 Apr 22
29
2914 28
1,117 Greene-Cananea
20
18
2012 21
1,410 Hancock Consolidated__ 25 11 Jan 18 2412 Apr 20
28
10 26% Apr 9 2944 Jan IS
119 Hedley Gold
2658 2638 28
.9i Mar29
7
21
.25 Mar 2
Helvetia Copper
Last Sale2 .907 Apr'15
c
1012 Apr 22
1a0na
25
214Jan 21
45
0 Lnida0
5
73
43
4412 42
Coal-------•43
al ______ _ 1 41 Mar18 47'2 Jan 16
1 8312Jan 1 9118 Apr 27
3,16
15
5 Do pMrereeinfk
*89
90
-2i- 2612 3,115
Royale Copper
25 1712Jan 11 34 Apr 26
27
27
414 fan 8
E.
518 Apr 20
478 4%
478 48
660 Kerr Lake
3
3
335 Keweenaw Copper
25
412 Apr 26
2 Mar17
3
3
1012 1114 3,875 Lake Copper Co
25
1114 12
51 Jan 27 18 Apr 22
25
638 612
6
614
1,255 La Salle Copper
318Jan 7
9 Apr 23
3
3
335 Mason Valley MI nes___
5
412 Apr 27
1 Marl!
3
3
1212 1312 1212 13
7,589 Massachusetts Consol
25
17 Apr 22
3 Jan 11
5
512
5
514
25
1,665 Mayflower..
8 Apr 22
4 Marl 1
2214
*2314 2118 +22
210 Miami Copper
5 11334Jan 2 29 Apr 26
25
3 Apr 22
15 MIchlEan
.60 Mar 1
214 214 *112 2
63
25 41314 Jan 15 82 Apr 26
68
6912 65
4,217 Mohawk
*1414 1434 *1314 1334
5 1158Feb 24 17 Apr 27
350 Nevada Consolidated
1314 Apr 28
412 Feb 24
812 9
8
812 10,956 New Arcadian Copper_
25
6% Mar29
203 Niptsaing Mines
5
518 Feb 3
538 538 *533 578
3012 22,307 North Butte
t5 22)4 Jan 25 3878 Apr 26
3012 3112 29
418 Apr 2:1
25
234 27
212 234
380 North Lake
1 Jan 28
278 2%
25
420 01ibway MIn1114
.50 Mar 4
312 Apr 29
214 238
25
718 Apr 22
692 Old Colony
358Jan 4
412 412
412 434
51
25 3812 Mar 8 5812 Apr 21
511? 50
2,300 Old Dominion Co
51
25 64 Jan 28 93% Apr 22
1,438 Osceola
71
8012 72% 76
14
14
to 12 Jan 7 17 Apr 22
14
2,230 Pond Creek Coal_
14
21 50 Jan 16 93 Apr 22
8212 8312 8014 8278 1,926 Quincy
2112 22
2214 23
830 Ray Consolidated Copper. 10 1584 Jan 7 2614 Apr 26
5112 2,711 it Mary's Mineral Land._ 23 28 Jan 4 6.5 Apr 23
5512 48
52
3
212 212 2:9
17
40 Santa Fe Gold A Copper- to
318 May12
3
1 Mar17
Shannon
10
812 9
8
888
4 Jan 15 1114 Apr 26
2612 2714 2412 2612 2,835 Shattuck-Arizona
10 11334 Jan 5 33 Apr 26
.30 .30
300 iouth Utah M &121
.33 Mar3 I
'.38 .45
/
.10 Feb 4
2614 28
24
30
2,775 Superior.,..21 2212 Jan 6 4112 Apr 26
412 Apr 29
312 38
t Mar 3
318 358 6,!41 Superlor & Boston Copper_ 10
31
1,131 Camarfick
25 25 Jan 4 4.512 Apr 23
33
3334 30
23
738 Apr 30
2,701 Trinity_
5
2% Feb II
5
5
512
_
400 Tuolumne Con per....
.63 Apr 14
.36 .36
... .__ I
.20Jan 2
+.33- - 10,419 U S Smelt, Itefin & Mln.... 50 20 Feb 25 4118MaY 1
3134 33
33
34
4312 44
1,782 Do prof
4314 44
50 33 Jan 11 4712 Apr 30
212 234 3,120 Utah-Apex Mining
234 27
5
2 Jan 2
334 Apr 26
11
11
1112 12
1,480 Utah Consolidated
5
914 Feb 26 15 Apr 20
10 4834 Jan 6 73 Apr 26
13314 6012 6238 2,245 Utah Copper Co
63
2,
8 238
870 Victoria
412 Apr 22
234 234
25
1 Feb 28
37
4
312 334 1,545 Winona
25
518 May 1
134Jan 18
53
58
52
54
1,120 Wolverine
25 32 Jan 6 70 Apr 26
lit
13? +1
111
200 krl11,141.t...
214 Apr 23
25
.50 Mar 3
1 Apr
2 Jan
23934 Apr 300 Mar
2834 May
19 July
134 Jan
12 Dec
4334 Feb
3412 Jan
49 Dec
7814 Feb
Ws Jan
1214 Nov
212 Nov 654 Mar
418 Feb
I Nov
24 Nov 4034 14147
53 Dec
70% MU
350 Dec 460 F.b
14 Jan
19 Feb
4312 Feb
3014 Dee
29 Dec
4034 Feb
112 Nov
3 Feb
8 Dec
13 Jan
2 Nov
7% Apr
00 Dec
91 Feb
2114 Apr
42% Feb
11 Dec
22 Feb
23 July 30 Mat
12 Jan
.25 June
3 Apr
.812 Feb
4412 Dec
5014 June
81 Jung 8912 June
24 Feb
14 Dec
618 July
3% Mar
218 May 4% Feb
4% Nov
10.2 Jan
512 Feb
3ifs Dec
114 Dec
4 Jan
ells May
2 Mar
9 Jan
334 June
241a Feb.
16% Dec
.50 Jul)
114 Feb
491s Doe
39 Apr
10 Dec
1853 Dee
1% Jan
712 Jan
5 July
81s Feb
1934 Doe
3034 Feb
2% Jan
.95 Apr
2 Jan
14 Apr
232 Nov 57,2•2 Feb
44 Dec
14 Feb
64 Dee
84 Feb
1234 Dec
2078 Jan
51% Dec
138 Feb
2212 Aso
15 Dec
28 Dec
40 Feb
1 Jan
214 Jan
4 Nov
71s Feb
18 Dec
2034 Feb .
.23 Feb
.10 Jam
22 Nov
32 Feb
2% Jan
114 Nov
2112 Dee
43 Feb
5% Jan
2% Nov
23 Dec
.81 Mar
2414 Dec
4312 Feb
4012 Apr
4,173 Fen
2 Feb
1 14 Nov
14 Feb
8% Jan
4518 Nov
59 June
1 Mar 62% MY
4% Feb
178 Dec
:10 Dec
47% Feb
30 June
1.
1 Jao
*Bid and asked prices. •Assessment paid. S Ex-etock dividend. S Ex-rigbta. a Ex-dividend and rIgbta. a Unatamped. •2d paid. w Half paid.
1662
THE CHRONICLE
[VOL. 100
Weelc's
Salesfor.
Friday
Range.
Week.
Sales. Low. High. Shares.
Outside Exchanges-Record Transactions
Boston Bond Record.-Complete record of transactions
in bonds at Boston Stock Exchange May 8 to May 14, incl.
Bonds.
Week's
Salesfor
Friday
Range.
Week.
Sales. Low. High. Shares.
AmerAgric Chem 5s _ _ 1928 1003
Am Tel & Tel 4s
1929 89
20 yr cony 435s_ _ _ _ 1933 9934
AUG er!W I SS L 5s_ _1959 6635
Gt Nor-C B & Q 4s_ _ _1921 9634
Registered 4s
1921
Mich Telephone 5s.. _1917
N Eng Cot Yarn 5s_ _ _1929
N Eng Teleph 5s
1932 101
N Y Cent deb 6s
10034
Pond Creek Coal 68_1923 94
South Bell Tel 58....._ A941
Swift & Co 5s
1944
United Fruit 434s__1923
17 S Steel 5s
1963
Western Tel & Tel 5s 1932 98
100% 101
89
89
9935 9934
6655 68
9651 9634
9654 9634
99
99
71
71
10034 101
10034 102
94
95
97
97
96
96
99
97
10134 10234
on
08ti
Range since Jan. 1.
Low.
High.
May
$4,000 9934 Jan 102
29,000 8634 Jan 8934 April
5,400 9534 Jan 103 April
Jan 71 April
15,500 60
Jan 9634 May
10,000 95
1,000 9631 April 9651 April
May
May 99
4,000 99
Jan
1,000 70 April 76
9,000 9934 Jan 10135 Feb
3,000 10034 May 10335 May
May 9834 April
2,000 94
May 9734 Jan
1,000 97
1,000 9454 Feb 9634 May
11,000 93
May
Feb 99
9,000 9934 Feb 10234 May
9.000 9414 Mar 97 • Jan
Philadelphia Stock Exchange.-Record of transactions at the Philadelphia Stock Exchange from May 8 to
May 14, both inclusive, compiled from the official sales lists.
Week's
SaleSfor
Friday
Range.
Week.
Sales. Low. High. Shares.
Par
Stocks100
Amer Gas of N J
American Railways_ _50
100
Preferred
Baldwin Locomotive_ -100
100
Preferred
Buff & Susq, pref v t c-- - 50
Cambria Steel
Eiec Storage Battery...100
100
General Asphalt
100
Preferred
Insurance Co of N A_ -- -10
Keystone Telephone_ _50
Preferred
50
Lake Superior Corp......100
50
Lehigh Navigation
Lehigh Valley
50
Lehigh Val Transit
50
Preferred
50
Ltttle Sehuylkill
50
Mlnehill & S H
50
Northern Central
50
Penn Salt Mfg
• 50
50
Pennsylvania
Pennsyl Steel, pref.
._ _100
Phila Co (Pitts)
50
Prot (cumulative 6%)50
2235
Phila Electric
Phlla Rapid Transit----50
Voting trust recta- __.50
Philadelphia Traction_ _50
Reading
50
Tono Belmont Devel_ _ _ _ 1
Tonopah Mining
1
50
Union Traction
100
United Cos of NJ
50
United Gas Impt
100
U S Steel Corp
Pre erred
• 100
10
Wary?' ck Iron & St
Went Jer & Sea Shore_ _ _50
Westmoreland Coal__ _50
Wm Cramp & Sons_ _ -100
Scrip-Cambria Steel scrip_ _ 1916
1917
scrip
Me* do
1916
Phila Co scrip
scrip
. do
1918
BondsAmer Gas & Elec 5s..2007
small_ _2007
do
do
Baldwin Locom let 55 1940
Beth Steel p m 6s__ _ _ 1908
1st & ref 5s
1942
Elec & Peoples tr ctfs 45'45
Inter State Rys coll 4s 1943
Keystone Telep 1st 53 1935
Leh C & Nav gen 4345 1924
1954
Consol 4358
Lehigh Valley2003
Gen consol 45
Gen consol 454s_ _ _2003
Leh Val Coal 1st 53-1933
Leh Val Transit 1st 5s 1935
Market St El 1st 4s._ _1955
Pennsylvania RR 55-- 1019
1948
Cons regis 4s
Convertible 335s_ _ _1915
Temporary ctfs 4%s_ _ __
Pennsyl Co 455s reg_ _ 1921
Pa & 3,1(1 Steel cons 6s 1025
Peoples Pass tr ctfs 45_1943
Phil B & Wash let 4s_1943
Philadelphia CompanyCons & coil tr 5s_..1951
Phlia Elec tr ctfs 55_1948
do small_ _ 1948
do
Trust certfs 45
1950
small
do
1950
Phila & Erie gen 4a_ _ _1920
PCC&StL 455sB__1942
Pub Serv Corp of N J 53'59
Reading gen 4s
1997
Schuylkill fly E S 4s..1925
Spanish-Am Iron 65-1927
1ln RYS g tr ctf 45._ _ _1949
United Rys Invest 58_1926
Weisbach Co 5s small-1930
West NY & Pa gen 45 1943
102
40
3935
4855
50
25
2134
034
7134
69
14
84
91
62%
60
40
2335
755
734
75
7035
434
7
31
8135
5055
4834
61
30
98
97
102
3031
100
40
100
3934
46
4934
25
64
2131
1435
68
634
7134
6855
14
28
5331
5535
84
91
5234
50
34
40
2334
735
755
75
70
4
7
30
221
8134
4894
10634
935
4855
61
25
9651
97
06
93
85
8554
102
116
91
91
7634
58
5755
0494 94
10234
09
8534
90
99
104
.
90
09
104
10234
9234
10235
98
100
103
10055
100
8035
98
81
101
102
79
8034 8031
9834
101
8635
9394
975,5 0734
10134
7455
67
91
91
7634
101
Range since Jan. 1.
Low.
103
58 100
Jan
31
70 30
Mar
100
41 9834 May
Feb
4834 1,900 30
222 00
Mar
10134
50 3955 May
3934
49
Feb
2,088 41
5134
1,288 4735 Jan
25 24
25
Mar
216 60
65
Mar
2135
Jan
204 21
130 1334 Jan
15
Jan
110 61
68
5 April
734 4,631
7455
376 7131 May
Jan
398 65
705.4
1435
132 1334 Jan
538 2634 Mar
30
4 53
Jan
5351
Jan
6 55
5534
8434
120 84 April
92
35 80
Mar
5334 2,654 5134 Feb
124 50
50
Mar
65 2994 Mar
35
45 32
40
Mar
243.4
3,217 2334 Jan
422
9
734 May
9
2,997
734 May
76
06 75 May
73
1,462 70 May
455 8,294
394 Feb
794
1,564
63.4 Feb
33
4,054 30 May
221
4 220
Mar
8334
1,458 8034 Jan
5554 58,913 38
Feb
6 103
Jan
10694
955
4
994 Feb
49
37 48
Mar
140 58
619-4
Jan
33
2,055 1831 Jan
98
97
96
93
252
4,137
94
126
95
95
00
80
Feb
Feb
Feb
Feb
High.
104
Feb
36
Jan
101
Jan
6134 May
10334 Jan
4034 May
5034 April
5434 May
32
Jan
69 April
22
Jan
16 April
69 April
1031 April
77 April
73 April
1635 Mar
3134 April
5455 Jan
5734 May
86
Feb
05 May
5534 April
Jan
63
40 April
4034 April
2434 Feb
1134 Mar
1034 Mar
79351 Jan
7855 April
53.4 Mar
734 Jan
3934 Jan
Feb
225
8731 Mar
6094 April
10934 April
10
Jar
50
Jan
63 April
33 May
9834
9735
97
93
April
April
Mar
April
Jan 8634 April
8594 $18,000 85
86
1,400 85
Jan 80 April
2,000 10034 Mar 10334 April
119
11,000 11535 Jan 119
May
91
1,000 8731 Feb 9134 May
Feb
7634 3,000 76 April 79
58
2,500 5734 Jan 60 'April
9494 7,000 90
Jan 9594 April
Mar 10234 April
10234 17,000 102
9935 39,000 9734 Jan 100 April
ung
9035 9,000 87
Feb
Jan
9934 4,000 97
104 ,
1,000 103
Jan
10234
Jan
1.000 102
2,000 92 April
9234
10234 6,000 10234 May
• 98
Feb
5,000 98
100
1,000 9954 Jan
10334 70,000 103
May
10055 3,000 10034 May
100
6,000 98
Jan
81
4,000 80
Mar
98
2,000 9735 Jan
90
100
10434
10234
0335
10234
98
100
105
10034
100
83
98
May
April
Jar
Apri.
Jar
May
Feb
Fet
Feb
May
Mar
Jar
Feb
81
3,000 70
102
21,600 10034
102
200 101
79
3,000 7731
8034
300 79
1,000 98
9834
101
3,000 101
87
2,000 8694
9434 5,000 9134
9735
1,000 973.4
3,000 10034
10134
7494 4,200 73
67
1.000 55
91
500 90
7035 10,000 75
8234
10234
1023,5
80
8034
9834
101
8834
95
9754
10134
7434
70
91
77
April
Jar
Jar
Apri
May
Mal
May
Fet
Fel
May
Mal
Apri
May
May
Fel
Mar
Jan
Jan
Jan
Jan
Mar
May
May
Feb
May
Jan
Jan
Mar
Mar
Mar
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from May 8
to May 14, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Par.
Stocks-American Sewer Pipe_ _100
Am Window Glass Ma_100
Preferred
100
Am Window GI, prat-100
Columbia Gas & Elec.-100
Consolidated Ice
50
Crucible Steel
100
Preferred
100
Elk Natural Gas
Harb Walk Refr, pref _100
Independent Brewing_..50
Preferred
50
La Belie Iron Works_ .-100
Preferred
100
Lone Star Gas
100
Manufacturers' L & H._50
National Fireproofing_50
50
Preferred
1
Ohio Fuel Oil
25
Ohio Fuel Supply
Oklahoma Natural Gas 100
Osage & Oklahoma 00_100
Pittsburgh Brewing_ _ __50
100
Pittsburgh Coal
100
Preferred
Pittsburgh Plate Glass-100
5
Pure Oil,common
1
San Toy Mining
Union Natural Gas_ _ _ _100
Union Switch & Signal_ _50
U S Steel Corporation_100
Westinghouse Air Br_ _ _50
West'house Elee &Mfg_50
Bonds
Columbia Gas & El 5s 1927
r...A...........4....
ris.nnr
1694
7035
1035
2034
86
11035
98
19
47
534
1734
1335
4334
535
20
8734
14
130
09
50
12994
42
go lnkg
1931 1931
1635 1694
7034 7014
115 115
10
1034
555 535
19
2334
8435 88
108 11035
98
98
4
4
19
19
3034 31
107 107
108 108
47
4734
5
534
1734 18
1334 1334
42
4434
61
62
69
69
554 535
193.4 2134
8734 88
10434 105
1334 1431
frets. 9cts.
130 131
99 103
49
5351
129 131
41
4634
72
72
Al
Al
40
160
50
40
1,100
20
6,980
955
333
120
70
67
70
10
23
812
275
465
125
1,694
70
20
80
1,697
70
155
4,485
3,500
110
477
115
893
4,307
$500
1 ono
Range
$112C8
Low.
•
Jan. 1.
High.
1734 Jan 24 April
1694 May 1834 May
7034 May 7034 May
Jan
10834 Mar 123
834 Jan 1235 Feb
6
5
Mar
Mar
1234 Feb 2534 May
75
May
Jan 88
10234 April 11034 May
Jan
9735 Mar 99
6 April
234 Feb
1535 Mar 2235 Jan
27
Jan 32
May
106
Mar 10934 Jan
91
Mar 10854 April
47
May 4934 Jan
455 Feb
634 April
16
Feb 2234 Jan
1334 Mar 1534 Jan
3994 April 4434 May
57
Mar
Feb 62
Feb
6734 Feb 70
3
Feb
834 April
1694 Jan 2434 April
8231 Jan 0534 Feb
104 April 10834 Feb
1394 May 1534 Mar
8cts. April 14 cts. Jan
130
Mar
May 133
9234 April 107 April
38
Feb 6034 April
11634 Mar 135 April
323.4 Feb 5335 April
71
nn
Mar
72
Anril
A1
May
in n
Chicago Stock Exchange.-Complete record of transactions at Chicago Stock Exchange from May 8 to May 14,
both incl., compiled from the official sales lists, is as follows:
Stocks.
Soles/or
eek's
Week.
Friday
Range.
Par. Sales. Low. High. Shares.
100
American Can
35% 35%
American Shipbuilding_100
35
35
Booth Fisheries, pref..100
76
70
Chic Pneumatic Tool..100 50% 50
5634
90
88% 90
Chic Rys part ctf "1"
"2"
23
25
28%
Chic Rys part ctf
1% 1%
Chic Rys part elf "4"
133 135
Commonwealth Edison 100 133
95
05
100
95%
Diamond Match
Goodrich (B F), corn _ _ 100 4035 4035 4055
102 102
100
Preferred
10934 10934
Hart Shaft & Marx, p1_100
63
04
100
Illinois Brick
23% 2335
Kansas City Ry & Lt-100
38
38
Maxwell Motors 2d p1_100
118 118
100
National Biscuit
131 135
100
National Carbon
z120 120
100
Preferred
113 117
People's Gas Lt& Coke 100 113
83
83
Pub Serv of No Ill, com 100
95
96
100 95
Preferred
105 106%
Quaker Oats Co, prof..100 105
132 137
Sears, Roebuck com_ _100 132
Stew War Speedo com_100 (3035 60% 66%
107% 109
100 103
Swift & Co
149 158
100 149
Union Carbide Co
99
99
Union Switch & Sig_ _50
48% 53%
S Steel, common..._100
111 112
Ward, Montg & Co, prof..
Bonds92% 9235
Armour & Co 4545-1939
88
87
BoothFisheriessf d6s_1926 87
9735 98
Chicago City Ry 7,,s_ _1927
9551 9535
1927
Chicago Rys 5s
37% 39
Chic Ry adi Inc 4s_ _1927 38
100% 100%
Chicago Telephone 53_1923
100 100%
Commonw Edison 58-1943 100
102 102%
Din Match cool deb Os 1920
74% 7434
Metz W Side El 1st 5s_1938
04
94
94
1945
Ogden Gas 5s
9555 9555
Pearson-Taft 4.405,B_1920
100% 100%
Peop G L & C ref g 53_1947
101 101%
Chic G L & C 1st 5s_ 1937
90
0034
Pub Ser Co 1st ref g 55 1956
8854 8814
South Side Elev 4355_1924
96
96
Swift & Co 1st g 55-1944 96
a Ex 50% stock dividend. z Ex dividend.
Range since Jan. 1.
Low.
High.
15 26% Jan
4234 May
May
10 26 April 36
50 0834 Mar 80 April
1,440 4554 Feb 61% May
Jan
160 87% April 03
1,970 23 April 31% Jan
Jan
5
Feb
3
1
265 133
May 140% April
Jan
651 90
Mar 98
25 24% Jan 5234 May
May
100 102
May 102
Jan 112% Mar
10 105
Feb 65% May
60 60
Feb
10 20% Feb 30
Mar 40 April
125 31
May 125% April
25 118
160 119% Jan 14055 April
Jan
22 118% Mar 121
May 123% April
377 113
16 75
Jan 87 April
Jan 100
Mar
53 05
45 103 April z107
May
3,520 513134 Mar 215
Jan
3,748 48% Jan z713,5 April
1,294 104% Jan 11035 Mar
2,172 14455 Jan 165
Jan
Mar z99% Jan
10
95
210 3831 Feb 60 April
52 110% Jan 114
Mar
52,000 91
Jan
10,000 87 May
11,000 97% Mar
4,000 94% Mar
11,000 3751 May
2,000 99% Jan
19,000 100
Jan
11,100 10135 Feb
4,000 74 April
10,000 92
Jan
1,000 05% May
7,000 9951 Jan
10,000 101
May
12,000 87% Jan
4,000 88
Jan
75,000 9434 Jan
9234 Feb
88 April
Feb
99
97
Feb
Jan
44
101
Jan
102
Jan
10255 May
77
Feb
9431 May
9535 May
10155 Mar
102 April
91 April
90 April
96% Feb
Baltimore Stock Eischange.-Complete record of the
transactions at the Baltimore Stock Exchange from May 8
to May 14 both inclusive.
Week's
Sales/or
Range.
Week.
Friday
Sales. Low. High. Shares.
par
Stocks.
Baltimore Brick, pref__100
Commercial Credit _ _ _ _100
100
Preferred
Cons Gas E L & Pow_100
100
Preferred
Consolidation Coal_ _ _ _ 100
Cosden & Co
Preferred
lercti & Miners Trans_100
Yrorthern Central
50
Pa Water & Power_ _ _ _100
3apul pa Refining
50
United Ry & Elan
Wayland Oil& Gas
5
Bonds13alt Sp Pt & C 455s-1953
Chicago Ry let 55. _ _ _1927
City&Sub(Wash) 1st 55'48
Consolidated Gas 5s_ 1939
General 435s
1954
Cons Gas E L & P notes_ ._
notes, small
do
Consolida Coal ref 55_1950
Convertible 6s
1923
Davison Chem Os.. _ _ _1932
Small 13s
1032
Fair & Clarks Trac 55_1938
Cla & Ala cons 5s
1945
Ga Car & Nor let 5s..1029
IVId Electric fly let 53_1931
felt V Woodb Cot DuckCertificates of deposit__
Noll & Carolina 1st 5s 1939
Njort Ry & Lt 5s
1949
_
.
44
3594
2634
10535
100
112
112
94
7
7
7
24
8434 84
66
3
2314 2334
234
44
3596
2651
106
112
04
734
7
24
8435
60
3
24
3
9434
0531
10155
104
9394
94
99%
100
88
10034
9934 99
99
100
9931
102% 10255
10154
9634
9431
9534
10155
10434
94
10034
100
88
10055
9931
99
100
10234
10155
97
9494
10134
3555 3555
106 108
9634 9634
Range since Jan. 1.
Low.
20 44
May
30 3531 May
10 2534 May
100 102 34, Jan
50 10634 Jan
20 92
Jan
305
5
Jan
50
594 Mar
25 24 May
16 83
Jan
25 66
May
1,050
3 May
2,610 2334 May
225
235 April
$2,009 9434
6,000 9494
5,000 100
3,000 10334
3,000 03
19.000 0834
2,300 0834
1,000 863-6
10,000 9935
7,000 97
500 98
3,000 9834
0,000 wog
1,000 101
11,000 9634
May
Mar
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jan
May
High.
44
168
10235
10734
115
9555
751
7
24
8534
6834
3
27
455
May
April
April
Jan
Mar
Jan
May
May
May
Jan
April
May
Mar
Jan
97
97
10135
105
94%
10055
100
91
101
9934
99
100
10294
10235
0831
Jan
Jan
April
Jan
May
May
April
Jan
May
May
May
Jan
April
April
Jan
Jan 40
2,000 35
Feb
May 106
1,000 108
May
2.0_20 9554 Jan 0.714 April
Range since Jan. 1.
Sales/or
Week's
Week.
Range.
Friday
Sales. Low. High. Shares.
9114
Pennsyl W & P 5s_ _ ...1040
98
St Jos L H de P 5s_ .. _ _1937
8034
Seaboard A L 4s stpd_1950
92
United E L & P 4348_1929
United Ry & El 4s_ _ _ _ 1949 8034 8034
1949 5931 5934
Income 48
8334
1036
Funding 5s
83
1936
small
do
100
1916 100
Notes 5s
Va Mid 5th ser 5s _ _ --1926 10331 10334
80
1041
WARY' R Ar A As
High.
Low.
9134 $3,000 88
5,000 98
98
8034 6,000 7734
2,000 92
92
8134 42,000 8034
6134 63,000 5934
1,000 8334
8334
500 83
83
4,000 100
100
10334 16,000 10134
80
11.000 793i
Jan
May
Jan
May
May
Mar
May,
May
Jan
Jan,
Anrill
92 April
98
May
8034 May
9234 Jan
82 . Jan
Jan
63
Jan
87
8734 Jan
10034 April
104 April
8134 Feb
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
Week ending
May 14 1915.
Shares.
Par Value.
Total
Sales at
'
New York Stock
Exchange.
Railroad.
etc.,
Bonds.
State, Blurt.
dc Foreign
Bonds.
U. S.
Bonds.
$61,000
41,000
100,500
47,000
31,000
45,000
$21,500
4,143,269 $340,077,040 1120,437,500
$331,000
$24,000
1914.
1915.
1914.
1915.
2,000
500
Jan. 1 to May 14.
Week ending May 14.
32,401,782
47,278,803
1,179,003
Stocks-No.shares_ _
4,143,269
Par value
$340,077,040 $92,828,810 $4,030,741,475 $2,835,843,089
$245,900
$90,700
$300
Bank shares, par
Bonds.
$383,000
$453,000
$13,000
$24,000
Government bonds.._
25,514,500
7,888,600
653,000
331,000
State bonds
273,229,560
309,504,200
9,898,500
20,437,500
RR.and misc. bonus
$299,127,000
$317,935,700
$20,792,500 $10,504,500
Total bonds
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week ending
May 14 1915.
3aturday
hlonday
fuesday
Wednesday
Thursday
Friday
Total
Tobacco Stoeke-Per She re
Par Bid AM.
American Cigar common-100 107 114
100 98 100
Preferred
Amer Machine & Fdry 100 70 80
British-Amer Tobac ord. El *1514 1512
El *1534 1634
Ordinary, bearer
100 3C0 325
Conley Foil
Johnson Tin Foil & Met..100 130 160
MacAndrevrs & Forbes _100 195 205
Porto Rican-Amer Tob.._100 190 200
Reynolds(R J) Tobacco_100 300 320
Preferred
118 120
Tobacco Products coin_ 100 52 55
Preferred-See Stock Ex. list.
United Cigar Stores com..100 88 90
Preferred
100 112 120
United Cigar Stores(new) 10 •878 9
Young (J 8) Co
100 150 170
Short Term Notes-Per Cent.
$3,645,005
5,660,500
2,755,500
3,159,500
2,234,000
2,983,560
564,303 $45,971,400
1,157,072 95,815,760
574,181 40,970,240
717,412 58.074,050
442,703 36,372,500
687,598 56,873,150
Saturday..
Monday
Tuesday
Wednesday
Thursday
Friday
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
52,000
98,480
70,452
63,930
40,102
50,706
$1,500
213,000
17,010
27,200
22,000
19,200
12,528
34,423
13,693
18,089
13,105
13,242
57,010
72,500
KM
60,122
96,719
23,258
1,156
720
1,231
269
610
1,150
$84,800
15,800
30,500
55,460
88,700
63,000
375.679
$114.000
105.380
5316.300
5.136
$338.200
New York City Banks and Trust Companies.
Amer Lecomotive 55„
J-J
5s, July 1916
J-J
5s, July 1917
Am Tob 6% scrip. Sep 1 '15_
Am T & T Sub Cos Se, 1916_
Anaconda Copper 5e'17.31-S
Balt & Ohio 435e, 1915__J-D
434s 1917
4145 1918
Ches dr Ohio 58 1919 _J-D
Chic Elev Ry 5s, 1916._ _J-J
Cbic & W Ind 5s, 1915__M-S
Consum Pow Os, 1917J4&N
Erie RR 55, Oct 1 1915-A-0
55 Apri 11 1916
534s, April 1 1917__A-0
General Rubber 434e,'15.J-J
flecking Valley 6s.'15_M-N
Int Hart, 5s, Feb15 'I8-F-A
Lake Sh & M So,5s Sept 1915
5s Dec 1915
Minn Gen El 6s, 1917_J&D
New Eng Nay Os, 1917-51-N
NYC&HRtv5e, Sept 15 1915
55, Oct 1 1915
A-0
NY N ITkH 511, May 11916
Pac CI & E 58, Dec 15 1915...
Pub Ser Corp NJ 58,'1614-8
Schwarz &
Seaboard A L 5e, 1916_ _111-9
Southern Ry Sc. 1916_ _F-A
M-82
5s, Mar 2 1917
Sulz&SonsCo 68,J'nel'16M-8
UnTypew 5s,Jan15 '16 J-J15
United Frult6s,Mayl'17M-N
Gold notes 5s 1918 M-N
A-0
Utah Co 6s, 1917
UtahSecurCorp 69.'22M-315
Bid
Bank
Mech & Met_ 250
11.1erch Exch. 175
Merchants'_ _ 185
Metropolis* _ 300
Metropol'n• 105
Mutual
325
New Neth•
210
New York Co 725
New York._ _ 370
200
Pacific*
Park
390
People's*
225
Prod Exch• 1'100
Public*
Seaboard.... 375
400
Second
Security*
Sherman
State*
23d Ward._ _ 100
Union Exch_ 136
Unit States'. 500
Wash WV& 275
Weetch Ay'. 100
West Side'..
Yorkville •.._ 525
Ask
260
185
190
340
175
225
825
380
210
395
fiE;
400
425
80
135
135
125
142
175
450
550
Trust Co's
Bid
New York
355
Astor
Bankers Tr_ _ 430
B'way Trust_ 145
Central Truet 970
465
Columbia
Commeicial _
295
Empire
Equitable Tr 410
Farm L dr Ti 1100
Fidelity
275
Fulton
Guaranty Tr 650
125
Hudson
Law Tit & Tr t119
Lincoln Trust 100
Metropolitan 405.
Mut'l (Westchester)._ _ 130
N Y Life Lab
940
& Trust.
N Y Trust_ _ _ 580
& r 375
Title
Tensittlentic 200
Union TrUst 340
US Mtg & Tr 395
United States 1010
Westchester. 140
Broeklyn.
105
Coney IsI'd•_
Brooklyn
260 270
First
142
Flatbush _ _ _ 134
Brooklyn Ti.
150
Greenpoint
Hillside* - _ 105 120 Franklin -80 100 Hamilton _
Homestead*
145 Kings County
Mechanics*
138
105 ManufacersMontauk* Citizens_ _
195 205
Nassau
_
National City 270 280 People's
North Side'.. 175 200 Queens Co._
_ 140 150
People's
a (*) are State banks. t Sale at auction
470
250
270
610
137
280
Ask
365
410
150
985
475
90
305
420
203
300
575
135
ITO"
415
135
900
590
390
220
350
405
1060
ifci"
285
635
142
288
80
or at Stock
Inactive and Unlisted Securities
All bond prices are "and interest" except where marked "f."
Stand 011 Stirs (Conch- Per eh are
Standard 011 Stocks-Pe'Share
Pa Bid. Ask.
Par BIB. Ask. Pierce 011 (new)
25 .1112 12
Anglo-Amer Oil new
•1514 1534 Prairie Oil & Gas
100 290 295
100 550 560 Prairie Pipe Line
Atlantic Refining
124 127
100 265 280 Solar Refining
Borne-Scrymser Co
1
230 235
Buckeye Pipe Line Co--- 50 •98 100 Southern Pipe Line Co...100 199 202
1
265 270
Chesebrough Mfg Cons__100 720 735 South Penn 011
100 120 130 Southwest Pa Pipe Lines_10 102 100
Colonial 011
100 225 230 Standard Oil (California) 100z281 284
Continental 011
Crescent Pipe Line Co_.._ 50 •39 41 Standard 011 (Indiana). 100 403 408
Cumberland Pipe, Line__ _100 40 45 Standard 011 (Kansas) ..10( 330 340
Eureka Pipe Line Co.. .100 220 225 Standard 011 of Kentucky100 237 243
Galena-Signal 011 com-IGO 135 138 Standard 011 of Nebraska100 315 325
153 157 Standard 011 of New Jer_100 396 398
1
Preferred
123 126 Standard 011 of New Y'rk100 178 180
Illinois Pipe Line
Indiana Pipe Line Co..... 50 94 90 Standard 011 of Ohio__ _100 415 420
858 Swan & Finch
*8
100 110 115
Internet Petroleum
25 •29 30 Union Tank Line Co..
78 80
National Transit Co
194 197
Vacuum 011.
New York Transit Co...100 204 207
1 •34 37
Northern Pipe Line Co....100 90 93 Wasbhurron 011
25131 133
Bonds.
Ohio 011 Co
*58 02 Pierce 011 Corp cony Os 1921 77 80
Penn-Mex Fuel Co
10018 1004
9912 10014
99 100
10058 1007s
10012 10034
9978 10015
100 1004
9834 99
98 9814
90 9034
032
061
95 19
4
100 10014
9712 99
10012
9878 9918
9812 9914
144
00
100 10
10072
99 995s
10035 10058
10012 10078
100 10034
9434 9534
10038 1005e
100,2 10034
9934 100
100 10012
9934 10014
99 9934
9912 100
9912 100
98 99
99 9934
964 9812
10034 10112
08 9834
98 100
80 82
New York City Notes65, Sept 1 1915
6s, Sent 1 1916
6e, 9ept 1 1917
RR. Equipments-
BIB Ask
Banks
New York
America* _ _ 560 570
Amer Exch._ 205 210
Battery Park 120 135
Bowery. _ - _ 400
Bronx Iloro•- 225 260
_
Bronx Nat _ _ 160
Bryant Park* 140 150
Butch & D. 120 130
Century' _ 160 170
575 685
C'hese
Chath &Phen 184 190
125
Chelsea Ex'_
Chemical _ _ _ 400 410
172
Citizens Cent 166
370 380
City
Coal & Iron_ 155 162
Colonial* _ _ 450
Columbia*
300 325
Commerce _ 160,2 169
Corn Excho_ t310
Cosmopoiltn• 85 116"
75
East River
90
Fidelity'.-- 155 165
Fifth Ave• 4200 4500
250 300
Fifth
865
First
1-95
Garfield _ _
Germ-Amer' 130 140
German Ex*. 390 410
Germania •_ _ 425 475
190
Gotham _ _
265 280
Greenwich*
Hanover
615 035
Harriman _ 300 310
Imp & Trad _ 605 520
Irving
170 177
liberty _ _ 600
_ _Lincoln
300 325
Manhattan*. 310 316
Mark & Fult_ 240 250
• Banks marked with
Exchange this week.
1663
THE CHRONICLE
AlAy 15 1915.j
Baltimore & Ohio 434e
Buff Each dr Pittsburgh 430
Equipment 48
.
Caro Clincbf & Ohio Sc
Central of Georgia 5s
Equipment 434s
Chicago & Alton 4s
Chicago & Eastern Illinois 5e
Equipment 434e
Chic Ind & Louisv 434s
Chic St L & N 0 58
Chicago & NW 434a.
Chicago R I & Pee 4 WI_ _
Colorado & Southern 155._
Erie 5s
Equipment 4145
Equipment 48
Hocking Valley 48
Equip Sc
Illinois Central 59
4
Kanawha & Michigan 4145
Louisville Sc Nashville 55
MinnSt P&SE3M 434s
Missouri Kansas & Texas 58
Missouri Pacific 5s
Mobile & Ohio 51
Equipment 434s
New York Central Lines 5*...
Equipment 434a
N Y Ontario & West 045_
Norfolk & Western 434s
Equipment 4s
Pennsylvania RR Vie
Equipment 4s.......
Pere Mareuette Sc
Equipment 414e
St Louis Iron Mt & Sou 58_
St Louis & San Francisco 5*
Seaboard Air Line 58
Equipment 454
Southern Pacifies Co 4348___
Southern Railway 4145
Toledo & Ohio Central 4s___
10034 101
10214 10212
10418 10435
Per CI Basis
Bid. Ask.
4.60 4.40
4.50
4.50 4.40
5.10 4.90
4.90 4.70
4.90 4.70
6
6
0
-555 4.70
4.80 4.60
4.45 4.30
6.00
7.55 4.70
4.95 4.70
4.95 4.70
4.95 4.70
4.85 4.60
4.85 4.00
4.55 4.45
4.55 4.45
5.00 4.75
4.55 4.35
4.75 4.55
5.70 5.20
6.50 5.35
4.95 4.75
4.95 4.75
4.95 4.75
4.95 4.90
4.80 4 60
4.50 4.30
4.50 4.30
4.40 4.20
4.40 4.20
- .25 lio
6
4.95 4.75
4.95 4.75
4.55 4.40
4.80 4.60
5.00 4.75
RailroadsWest Pee let 58. 1933._ _M-S /34
Street Railways-Par
Com'w'ith Pow Ry & L..100
Preferred'
100
Federal Light & Traction 100
Preferred
100
Republic Ry & Light.. _100
Preferred
100
Tennessee Ry L & P com_100
Preferred
100
United Lt & Rye com
100
100
let preferred
2d preferred
100
100
Wash R y & El Co
Preferred
100
J-11
45, 1951
West Pena Tr & WetPow 100
100
Prelerred
36
Bid, Ask.
52 55
80 84
15 18
58 62
18 21
06 69
812
7
29 32
45 48
70 73
68 72
9134 9212
8434 854
8114 8214
10 15
20 25
Elec. Gas it Power CosPar Bid. Ask,
50 *90 92
Am Gas &ElseCom
50 *47 49
Preferred
0 3
08
11
00 3
5
110
Am Lt & Trac common 10
Preferred
00 8
1 8
64
512
63
Amer Power & Lt corn...100
Preferred
5
30
7 6
22
6
1
Amer Public Utilities coM1
Preferred
Cities Service Co corn...100 50 63
10(1 57 62
Preferred
934 1012
ColumbiaGa's&EleO....lOO
J-J 72 75
1st 55, 1927
Consumers Power(Minn)
1st dr ref 5s 1929 -M&N 90 91
Flee Bond dr Share pref..100 9812100
Great West Pow 5s 1946 Jdel 7912 _8_1_
Indiana Lighting Co__ _ _100 39
45, 1958 optic nal. - _ _F-A 69 70
Northern StatesPowercom100 29 31
100 85 86
Preferred
100 47 48
Pacific Gas & E1 com
100 84 85
Preferred
South Calif Edison com_100 74 76
Preferred
93 97
*6
21s
Standard Gas dr El (Del).16I 8
50 *28 30
Preferred
United Gas & Elea Corp_100 20 21
100 54 58
let preferred
2
17
1 2
16
100 2
2d preferred CorD_,:.:1
Utah Securities
6% notes-See Short-Term Notes.
Western Power common_10C 1412 16
101 57 59
Preferred
Industrial
and Miscellaneous
'471-13 POI: 71
Adams Exp col tr
100 75 85
Alliance Realty
AmereBera
Note coca- _60 .32 35
50 .48 50
Preferred
00 165
American Book
7
1100 150
iAmerican Brass
159
American Chicle corn..,.10(1
100 91 93
Preferred
Am Graphopbone corn 100 70 73
100 85 90
Preferred
100 128 129
American Hardware
Amer Malting 6e 1914
Ext to 1917
0
99
012 14
26
0 19
D
-5
American Surety
Amer Typeoundere com-100 37 40
100 86 90
Preferred
112
1
100
Amer Writing Paper
Bliss(E W)Co corn
50 275 290
50 135 145
Preferred
100 280 290
Bond dr Mtge Guar
Borden's Coed Milk com_100 110 11112
77s
634 106
.6
5 10
100
Preferred
Braden Copper Mines
100 63 66
Burns Bros, corn
100 100 103
Preferred
Casualty Co of America_ 100 100
100 140 142
Celluloid Co
100 15 20
City Investing Co
Preferreu
3 6
79
00 6
199
9
86
Consul Car Heating
Davis-Daly Copper Co_..10 *14 158
du Pont (E I) de Nemours
100 382 388
100 91 93
1
02
8 17
70
0, 9
100
P
Electric
oa-t
Boat
Preferred
Emerson-e6
Brantingham 100 15 20
1L
& 5
10 *8
Goldfield Consul Mines 199
112 3
100
Havana Tobacco Co
Preferred
5
10
578 S5
D P53
let g Ss Juno 1 1922_..J1-99
8
7
Intercontinent'l Rub corn 100
Internet Banking Co_ _100 99 105
International Nickel_ _ _ _ 100z130 134
100 104 106
Preferred
100 22 25
International Salt
A-0 /63 85
let g 58 1951
International Silver pref _100 105 110
.J-D 106 108
let 6i 1948
J-J
Deb Os 1933
4
13
43
5
99
:
7 12
0
9
.4
Kelly Springfield Tire...10I1 12
100
let preferred
18
2
85
0 13
29
2d preferred
1
Kerr Lake Mining
02 70
Lanston Monetype
•12
La Rose Consol Mines
Lawyers' Mtge Co
10( 185 190
Lebigh Val Coal Bales-50 165 170
78
34
20 .
Manhattan Transit
Marconi Wireless of Am_ik •238 212
100 113 118
Mortgage Bond Co
100 167 172
National Surety
N Y Mtge & Security-100 130 137
1OQ 40 50
N Y Title Ins Co
Nipissing Mines
5 7474 0
Ohio Copper Co
10
100 71 73
Otis Elevator corn
100 91 93
Preferred
.5 _
5
Pittsburgh Brewing
18
50•
Preferred
100
Producers Oil
Realty Assoc (flklyn)....100 100- 104
Remington Typewriter
1001 10 12
Common
100 60 63
1st preferred
100 38 42
2d preferred
Riker& Hege'n (Corp for stk) •614 612
Royal Bak Powd corn...100150 160
100 10112 103
Preferred
Safety Car Heat de Lt...100 10712 109
100 240 245
Singer Mfg Co
Standard Coupler com...100 25 35
100 100
Preferred
5 •212
Sterling Gum
Stewart-Warner Speorio'r 100 70 7012
100 10112 1031s
Preferred
91 93
Sulzberger & Sons pref....10
Texas & Plicate Coal.- 1 1: 175 200
*314 312
Tonopah Extension Min.-*2914
United Profit Sharing
210
17 13 Casualty
140
El 0 Envelope corn
102 105
1
Preferred
7 12
11
10,
U S Finishing
30 35
Preferred
90
Jlet g 5s 1910
68 75
JCon g Sc 1929
11 I 30 50
US Tit Go & Indem
Westchester dr Bronx Till 143 165 180
& Mtge Guar
Willys Overland see Roc
Exchange List
Worthington (11 R) Corn
50 60
1
pany pref
*214 213
Yukon Gold .
•Per share. a And accrued dividend.
s Sale price. z Ex-dividend. y Ex-rights.
"iT4
1.??. 133
BaJe.
I Flat price.
a Na;a1
1664
THE CHRONICLE
[VOL. 100.
investment and Sailircaut Intelligente.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
aolumns 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.
Latest Gross Earnings.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
ROADS.
Week or
Month.
Current 1Previous
Year.
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Ala N 0& Tex Pac$
$
$
8
$
$
$
Nor
N 0&
East_ April
298,176 320,986 2.982,683 3,401,705 N 0 Mobile & Chic_ March ___ 152,713 187,061 1,347,371 1,692.185
Ala & Vicksburg_ April
118,184 141,951 1,270.359 1.578.856 N Y N H & Hard__ March ___ 5,351,512 5,328,780 47,759,574 50,393,539
Vicks Shrev & P.. April
114,760 157,129 1,174,952 1,566,088 N Y Ont & West__ March__ 629,020 679,467 6,748,898 6,912,868
Ann Arbor
4th wk Apr
59,054
53.385 1,928,056 1,931,441 NY Susq Sr West__ March_..__ 334,007 350,273 2,876,796 2,947,750
Atch Top & San Fe.. March..
9,596,607 9,346,466 88,476,378 83,679.202 Norfolk Southern__ March....__ 358,711 360,809 2.910,0293,151,181
Atlanta Bina & Atl March
245,089 304.538 2,030,920 2.697,878 Norfolk & Western.. March ___ 3,424,121 3,611,274 30,838.954 33,560,085
Atlanta & West Pt.. March __
895,940
998,526 Northern Pacific_ _ March_...... 4,771,441 5,064,255 48,502.928 54,165,306
102,476 109,276
Atlantic Coast Line March
3.302,789 3,763,661 23,635,100 27,658,331 Northwestern Pae_ March ___ 232,714 268.706 2.660,842 2,772,700
Chariest & W Car March
174,445 216,450 1,341,050 1,624.511 Pacific Coast Co___ February.... 408,706 468.832 4,265,532 5.032,412
Lou Bend & St L March
112,532 111,841 1.060,128 1,034,641 zPennsylvania RR__ March _ __ .. 14624857 16390049 136442611 149922337
°Baltimore & Ohio.. March
7,352,832 8,098,399 67.446,586 75,594,244
Balt Chas & Atl_ _ March__
78,448
72,822
946,501
946,499
B & 0 Ch Ter RR February.... 116,289 103.435 1,055.205 1,150,728
Cumberland Vail. March ..__ _ 240,718 263,682 2,174,472 2,617,269
Bangor & Aroostook March
431,635 428,430 2,813,375 2,775,263
March .._ _ _ 931,456 891,600 9,782,050 0,497,000
Long Island
Bessemer & L Erie_ March
318,128 351,134 5,978,213 6,258,377
60,979
64,664
Maryl'd Del & Va March__
721,461
733,137
Birmingham South_ March_
55.078
94.362
629,168
901.836
N Y Phila & Norf March........ 296,202 271,317 2,743,182 2,799,544
Boston & Maine...... March
3,760,264 3.784,380 34,946,536 36,173,179
Phil Balt & Wash March........ 1,588,993 1,567,962 14,945,823 15,378,773
Buff Roch & Pitts_ 1st wkMay 168.492 186,098 8,032,532 9,429,456
388,293
_.._
March
_
442,634
W Jersey & Seash
4,919,598 4.914,218
Buffalo & Swig Rh_ March_ _ .... 108,859 152,583 1,107,040 1,374,964 Pennsylvania Co...... March...... 4,025,641 4,423,701 39,386,177 47,397,160
Canadian Northern 1st wkMay 300,500 423,400 15,130,900 19.827.100
Grand Rap & Ind March....-- 442,486 453,359 4,055,316 4,240,930
Canadian Pacific 1st wkMay 1,694,000 2,119,000 85,393,821 111794 012
Pitts CO St St L.. March........ 3,117,130 3,430,820 28,738,818 32,670,822
Central of Georgia.. March.... 1,110,235 1,334,777 9,410,874 11,342,066
Vandalia
March........ 914,836 1,011,624 8,394,303 8,866,286
Cent of New Jersey March .._ 2.423,456 2,585,444 23,600.479 24,947,894 Total linesCent New England_ March
344,945 298,106 2,859,996 2,786,454
East Pitts & Erie March........ 18501 614 20148557 176419694 192055695
Central Vermont March ,_ _ 327.163 336,675 2,859.352 3,045,015
West Pitts & Erie March .._ _ _ 8,630,478 9.462,757 81,663,462 94,387,106
Chas & Ohio Lines.. 1st wkMay 700,877 618,851 32,930,655 31,787,353
All East & West_ March........ 27132092 29611 314 258083 158 286442805
Chicago & Alton...._ 4th wk Apr 317,532 320.157 11,884,640 12,113,141 Pere Marquette
March ___ 1,489,783 1,404,207 13,575,453 12,914,792
Chic Burl & Quincy March
6,856,419 7,702,070 70,218.084 72,757,326 Reading CofChicago & East III- March ...... 1,168,884 1,450,078 11.065,189 12,496.260
Phila & Reading.. March...... 4,016,206 4.075,384 35,050,492 38.109,547
p Chic Great West_ 1st wk May 238,974 241.485 11,864,765 12,328,353
Coal & Iron Co March...... 1,952,876 2.070,643 22,219,939 23,474,774
Chic Ind & Louisv_ 1st wkMay 136,324 129,893 .5,580,609 5,926,902
Total both cos_ _ _ March.. _ _. 5,969,0826 152,027 57,270.431 61,584,321
Chic Milw & St P_1 March
7,544,390 7,751,175 69,503.270 71,410.799 Rich Fred & Potom March ___ 267,603 '
256,250 2,065,366 2.113,844
ChicMil & Pug S I
Rio Grande June_ _ _ February....
59,125
728,092
726,243
56,498
aChIc & North West March_
6,222,702 0,994,674 63.900.592 66,769.353 Rio Grande South 1st wkMay
470,187
9,920
565,156
9,433
Chicago Peo & St L March.... 130,015 151,408 1,249.897 1,270,766 Rock Island Lines.... March ___ 5,509,180
5,670,217 54,830.476 52.524,672
'Chic St PM & Om March_ _ _ _ 1,500,461 1.533,973 14.097,688 14,312,992 Rutland '
March ___
263,623 2,578,478 2,808,498
181,348 240,241 1,712,816 1,749,196 St Jos & Grand Isl- March --- 264,772
Chic Terre II & 8 E March
102,842 138,779 1,151,125 1,245,900
Cin Ham & Dayton March
701,586 784,484 7,195,880 7.540,546 St L Brownsv & M.. March ___ 201,745 258.536 1,698,9961,991,838
Colorado Midland_arc
124.757 1,382.016 1,378,466 St L Iron Mt & Sou Marcia ___
_
,
2,786,005 23,018,789 25,637,502
b Colorado & South 1st wkiVi-a; 220,137 185,997 12,263,357 11,497,036 St L Rocky Mt Sr P March_ __ 2,478,580
224,314 200,271 2,163,502 1,865.426
Cornwall
March
11,293
16,003
98,163
139,591 St Louis & San Fran March __ 3,538,777 3,669,655 32,750,843 34,921,249
Cornwall& Lebanon March .._ _ _
22,850
25,947
222,164
232,280 St Louis Southwest_ 1st wkMay 165,000 208,000 9,198,503 11,262,715
Cuba Railroad
March..
588.629 585,739 3,662,565 3,725,614 San Ped LA & S L.. March ___ 839,992 877,209 6,858,518 7,919.552
Delaware & Hudson March
1,909,898 1,615,016 16,851,704 17.303,161 Seaboard Air Line.... March__ 2,072,233 2,485,471 15,918,218 19,173,185
Del Lack & Western March
3,149,484 3,039,751 31,735,272 32,266,878 Southern Pacific
March -10909808 11361 536 97,145,743 105031753
Deny & Rio Grande 1st wkMay 378,300 386.600 18,584,827 20,361,870 Southern Railway.... 1st wkMay
1,140,457 1,370,988 53,636,441 61,268,746
Western Pacific.... March
415,850 446,934 4,149,903 4,818,917 ' Mobile & Ohio
1st wkMay 221,490 246,696 9,331,495 11,079,718
Denver & Salt Lake 4th wk Apr
29,800
19,633 1,372,575
967,962
Cin N 0& T Pim. 1st wk May 176,209 193,086 8,032,048 9,341,494
Detroit Tol & Iront March_
117,519 133.824 1,396,658 1,144,778
Ala Great South.. 1st wk May
82,389
88,403 4,047,214 4,669,846
Detroit & Mackinac 1st wkMay
18,722
22,871
922,311 1,036,868
Georgia Sou & Fla 4th wk Apr
51,694
59,350 1,882.166 2,192,748
Det & Tol Shore L_ March
117,172 153,963 1,126,122 1,246,301 Spot Port & Seattle March ___ 327.607 365,671
3,423,056 3,779,505
Dui& 'ron Range March ...._ _
98,778 128,266 3,029,245 5,156,788 Tenn Ala & Georgia 1st wk May
1,121
1,608
80,562
59,778
53,247
Duluth So Sh & At! 1st wkMay
63.919 2,457,250 2,994,503 Tennessee Central_ March --- 125,863 145,461 1,111,431 1,287,826
Elgin Joliet & East.. March
745,690 1.019,606 6,148,739 8,843.947 Texas & Pacific_ _ _ _ 1st wkMay 294,025 298,718 15,622,535 16,443,108
El Paso & Sou West March
685,757 787,784 5,681,798 6,688,783 Tidewater & West.. March.. _ 5,836
8,087
59,462
64,317
Erie
March.._.... 5,022,503 4,982,209 45,199,196 45,953.268 Toledo Poor & West 4th wk Ajar
31,828
30,212 1,003,190 1,096,039
674,572 721,586 3,895,197 3,942.532 Toledo St L & West 1st wkMay
Florida East Coast.. March
78,155
78,326 3,925,385 3,922,530
69,656
Fonda Johns & Glov March
77.030
648.494
730.388 Trinity & Brazos V a March ___
64,442 138,868
828,579 1,921,249
Georgia Railroad.... March
_ 240.418 297,306 2,182,561 2.601.287 Union Pacific Syst_ March-- 6,259,936 6,893,466 66,752,825 71.188,262
Grand Trunk Pac 3d wk Apr
55,979 119,156 4,159,803 5,786,148Virginia & Sou West March.- 137,818 157,096 1.385,985 1,465,507
_Grand Trunk Syst_ 1st wkMay 863,195 • 978,178 42,131,134 46,508,548 Virginian
March - 486,392 514,846 4,491,478 5,051,565
Grand Trunk Ry.3d wk Apr 677,898 799,322 32,247,428 36,535,684 Wabash
April
2,342,794 2,268,856
25,526,285
Grand Trk West.. 3d wk Apr 143,995 145,095 5,845,632 5.808,939 Western Maryland_ 1st wkMay 173,997 153,932 24,397,826
7,149,727 7,041,139
Det Gr H & Milw 3d wk Apr
47,844
49,050 2,088,485 2,041,179 Wheel & Lake Erie_ March
410,862 719,060 3,929.065 6,244.991
Great North System April
4,327,106 5,257,483 57,015.997 64,740,954 Wrightsv & Tennille March..
26,365
40,256
220,066
291,808
146,294 165,944 1,221,465 1,545,766 Yazoo & Miss Vail.. April
Gulf & Ship Island_ March
899,615 851,123 9,921,712 10,837,871
403,869 597,409 4.706,998 5.707,288
Hocking Valley__ _ _ March
Illinois Central........ April
4,600,635 4,825,332 52,336,733 55,870,030
Current
Previous
Internat & Grt Nor March
704,097 723,275 7,107,819 7,917,916
Various Fiscal Years.
Period.
Year.
Year.
Kanawha & Mich.._ March
200,429 266,906 2,187,534 2.426,899
Kansas City South.. March...... 812.326 978,667 7.625,730 8,170,448 Buffalo & Susquehanna RR__ _ _ Jan 1 to Mar 31
336,667
445,287
Lehigh & New Eng.. March _-183,842 217,677 1,844,008 1,484,624 Delaware & Hudson
Jan 1 to Mar 31 4,931,060 4,831,537
Lehigh Valley
March..... 3,232,529 3,149,870 31.263,574 31,076,512 Erie
Jan 1 to Mar 3113,982.487 13,404,309
Louisiana & Arkan_ March
153,078 151,269 1,291.415 1,314,437 New York Central e
Jan 1 to Mar 31 35,309,732 35,271,886
Louisiana Ity & Nav March
188.592 150,120 1,510,759 1,495,001
Boston & Albany
Jan 1 to Mar 31 3,702.610 3,738,873
sLoulsville & Nash.; Ist wkMay 917.930 1,032,815 44,096,221 51,942,553
Lake Erie & Western n
Jan 1 to Mar 31 1,353,209 1,315,242
Macon & Birm'ham April
8,746
11,777
115,176
135,878
Michigan Central
Jan 1 to Mar 31 7,761.539 7,818,420
Maine Central
March,- 974.216 1,052.429 8,576.632 8,928,875
Cleve Chic Chic & St Louis Jan 1 to Mar 31 8,316,631 8,227.639
Maryland & Penna.. March .....
44,642
40,578
390,424
795,335
Cincinnati Northern
Jan 1 to Mar 31
314,287
333,817
Midland Valley_ _ _ _ April
96,682 117,874 1,182,363 1.380.835
Pittsburgh & Lake Erie
Jan 1 to Mar 31 2,932,009 3,965,332
Mineral Range_
1st wkMay
19,740
14,642
698,358
380,656
New York Chicago & St Louis Jan 1 to Mar 31 2,749,533 2,880,042
Minn & St Louis__1 1st wkMay 171,896 169,345 8,752,105 8,301,935
Jan 1 to Mar 31
Toledo & Ohio Central
974,629 1,235,133
Iowa Central__ f
Jan 1 to Mar 31 63,433,709 64.766,855
Total all lines
Minn St P & 55 M.. 1st wk May 471,788 471,901 24,086,324 25,471,539 N Y Susquehanna & Western.... Jan 1 to Mar 31
970,768
968,020
Mississippi Central.. March -_
71.458
83.650
650.424
783,223 zPennsylvania Railroad
Jan 1 to Mar 31 40,930.410 44,741,141
u Mo Kan & Texas.. 1st wkMaj? 515,928 514,688 28,682,754 27,876,982
Baltimore Chesap & Atlantic_ Jan 1 to Mar 31
201,598
197.908
z Missouri Pacific 1st wkMay 1,029,000 1,024,000 50,167,746 51,664.543
Jan 1 to Mar 31
655,880
Cumberland Valley
800.269
Nashv Chatt & St L March....
923,237 1,092,925 8.284,652 9,728,912
Jan 1 to Mar 31 2,516,968 2,426,789
Long Island
Nevada-Calif-Oreg.. 1st wkMay
6.354
7,701
316,893
Mar
31
to
Jan
316,199
1
Maryland Delaw & Virginia
164,551
162,902
New Or! Great Nor_ March _ _ 130.206 149,507 1,188.948 1,426,139
N Y Philadelphia & Norfolk.. Jan 1 to Mar 31
792.973
779,781
e New York Central March ..:.. 12577 544 12756 108 113819 22: 121715167
Phila Baltimore & Washing'n Jan 1 to Mar 31 4,407,187 4.540,710
Boston & Albany March
1,333,929 1.342,901 12.135,603 13,011,835
Mar
31
to
1
West Jersey & Seashore
Jan
1,163,330 1,060,770
n Lake Erie & W_ March _
472,821 503,562 4,270,718 4,373,629 Pennsylvania Company
Jan 1 to Mar 31 10,949,469 12.260,793
Michigan Central March _:: 2,763,909 2,890,207 24,964,218 26,487,191
Grand Rapids & Indiana_ _ _ Jan 1 to Mar 31 1,206,101 1,226,757
Clay 00 & St Li
Mar
31
Pitts Cinc Chic & St Louis Jan 1 to
8,766,399 9,587,467
Peoria & East__ f March
2,916,739 3,054,060 27,098,476 28.049,371
Vandalia
Jan 1 to Mar 31 2,578,416 2.741,758
Cincinnati North March
115,640 115,643 1,167,689 1,135.965
Total lines-East Pitts & Erie Jan 1 to Mar 31 51,530,179 55,370,837
Pitts & Lake Erie March
1,103.627 1,605,426 10.533,797 13.639,116
-WestPitts & Erie Jan 1 to Mar 31 23.844,787 26,200.114
NY Chic & St L_ March
953,559 1,025,920 8,481.602 9,126,508
-All Linos E & W.. Jan 1 to Mar 31 75,374.966 81,570,952
Tol & Ohio Cent.. March
514,890 3.849,304 4.531,116 Rio Grande Junction
Dec 1 to Feb 28
186,574
198.574
Tot all lines above March
22534883
23808717
''
206320630 222069804 Rutland
Jan 1 to Mar 31
732.433
760.644
......
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.
•
week
week
week
week
week
week
week
week
week
Current
Year.
8
Previous
Year.
1
Increase or
Decrease.
%
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
$
Mileage. Cur. Yr. Prey. Yr.
-775,152 6.51
July.
235.407 231.639 252.231.248 261,803,011 -9.571.763 3.87
-1,074,620 9.44
August
240,831 237.159 269.593.446 280.919.858 -11,326.412 4.03
-1.575.786 12.80
September- _242,386 238.698 272.992.901 285.850,745 -12,8.57.844 4.50
-1,668.726 13.51
October ....„ _244.917 241,093 269.325.262 298,006.118 -28.740.856 9.64
-826.445 4.13
November _246.497 242.849 240.235.841 272,882.181 -32.646.340 11.96
-989,580 8.31
December _246.807 243,242 232.598,369 258.285,270 -25.686.901 9.94
-1,109.331 9.42
January _ -246.959 243.559 220.282.196 236.880.747 -16,598,551 7.01
-914,998 7.89
February
246.186 42.8372 10.860.6812 12,163.067 ,-1.303.286 0.61
-1,127,895 7.27
March
246,848 243,598 238,157,881 253,352,099 -15,194,218 5.99
Fa week May (an rnadg)
1(1.147AR0 11.241.061 --1.013.2R1
_.___.___ in.7n I April
89,285 88,425 60,352,163 65,744,987 --5.392,824 8.05
b Does not include earnings of Colorado Springs Sr Cripple Crook District Ry. a Includes the Lake Shore Sr Mich. So.. the Chicago Ind. Sr So..
the Dunkirk Allegheny Valley Sr Pitts., the New York Sr Ottawa, the St. Lawrence Sr Adirondack and the Ottawa Sr Now York
Ry., the latter of
which, being a Canadian road, does not make returns to the Inter-State Commerce Commission. f Includes Evansville Sr Terre Haute
and Evansville Sr Indiana RR. g Includes Cleveland Lorain Sr Wheeling Ry. in both years. n Includes the Northern
Ohio RR. p Includes earnings of Mason
City Sr Fort Dodge and Wlsconsin Minnesota Sr Pacific. s Includes Louisville Sr Atlantic
Frankfort
and
the
Sr
Cincinnati.
u
Includes
the Texas
Central and the Wichita Falls Lines. a Includes not only operating revenues, but also all
receipts. z Includes St. Louis iron Mountain Sr
Southern. z Includes the Northern Central beginning July 1 1914. • We no longer includeother
the Mexican roads in any of our totals.
4th
1st
2d
3d
4th
1st
2d
3d
4th
Feb (37 roads)___
Mar (34 roads)____
Mar (35 roads)____
Mar (36 roads)._ _ _
Mar (36 roads)____
April (35 roads)._ _ ..
April (36 roads)._
April (35 roads)____
April (37 roads)_ ___
11.119.689
10.301.377
10,730,658
10.682.708
16.453.891
10,926,188
10,677.695
10,686,520
14,381,573
11.894.841
11.375,997
12.306,444
12,351.434
17,280.336
11.915,768
11,787.026
11,601,518
15,509,468
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of May. The table covers 32 roads and shows 10.70%
decrease in the aggregate under the same week last year.
First week of May.
1915.
1914.
Increase. Decrease.
$
88,403
82,389
Alabama Great Southern
186,098
168,492
Buffalo Rochester & Pittsburgh
423,400
300,500
Canadian Northern
1,594,000 2,119,000
Canadian Pacific
618,851
700,877
Chesapeake & Ohio
241,485
238,974
Chicago Great Western
129,893
136,324
Chicago Ind & Louisville
193,086
176,209
Oinc New On & Texas Pacific.._
185,997
220,137
Colorado & Southern
386,600
378,300
Denver & Rio Grande
22,871
18,722
Detroit Sr Mackinac
63.919
53,247
Duluth South Shore:& Atlantic
Grand Trunk of Canada
978,178
863,195
Grand Trunk Western
Detroit Gr Hay & Milwauke
Canada Atlantic
Louisville & Nashville
917,930 1,032,815
Mineral Range
19,740
14,642
Minneapolis & St Louis
169,345
171,896
Iowa Central
Minneapolis St Paul & S S M _
471,788
471,901
Missouri Kansas & Texas
514,688
515,928
Missouri Pacific
1,029,000 1,024,000
Mobile & Ohio
246,696
221,490
Nevada-California-Oregon
6,354
7,701
Rio Grande Southern
9,433
9,920
St Louis Southwestern
208,000
165,000
Southern Railway
1,140,457 1,370,988
Tennessee Alabama & Georgia..
1,608
1,121
298,718
Texas & Pacific
294,025
78,326
78,155
Toledo St Louis & Western_ _ _ _
153,932
173,997
Western Maryland
10,147,680 11,241,061
Total (32 roads)
Net decrease (10.70%)
$
6,014
17,606
122,900
525,000
82,026
2,511
6,431
16,877
34,140
1915.
1914.
Previously reported (26 roads). 13,356,342 14,434,389
Alabama Great Southern
164,382
154,892
Ann Arbor
53,385
59,054
Chicago & Alton
317,532
320,157
Oinc New Orleans & Texas Pac_
317,133
296,040
Denver & Salt Lake
19,633
29,800
Duluth South Shore & Atlantic..
71,184
96,698
Georgia Southern & Florida._ _ _ _
51,694
59,350
Mineral Range
24,417
17,264
Nevada-California-Oregon
8,588
8,337
Rio Grande Southern
10,320
15,818
Tennessee Alabama & Georgia..
1,961
2,671
Total(37 roads)
Net decrease (7.27%)
14,381,573 15,509,468
Revenue from transport'n_
Oper. other than transport'n
91,216
3,251
91.642
2,940
930.703 1,033,334
28,980
29,261
114,983
Total operating revenues..
Operating expenses
4,468
94,468
8.3,592
94,583
83.593
959.964 1,062,315
822,072
797,622
114,885
Net operating revenue__
Uncollectible rev,from trans.
Express taxes
10,875
24
5,000
10,990
5
4.500
162,342
132
45,000
5,098
2,551
113
25,206
1,347
487
43,000
230,531
487
4,693
171
20,065
156,55111,249,932
11,093,381
Increase.. Decrease.
$
I
$
365,1661,443,213
9,490
5,669
2,625
21,093
10,167
25,514
7,656
-77185
251
5,498
71.
388,155 1,516,050
1,127,895
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
3
$
def163
6,162
7,762
Bellefonte Central_ b _ _ _Apr
1,918
3,105
28,970
25,308
5,463
Jan 1 to Apr 30
Genesee & Wyoming-b16,875
20,484
40,860
35,910
Jan 1 to Mar 31
79,468
143,546
64,645
133,042
July 1 to Mar 31
Grand Trunk of Canada822,438
943,614
Mar 3,242,062 3,613,863
Grand Trunk Ry
8.087,150 9,094,029 1,463,842 1,715,683
Jan 1 to Mar 31
9,003
24,332
614,638
Grand Trunk West......Mar 582,763
def4,867
Jan 1 to Mar 31
1,664,099 1,653,392 def57,668
Dot Or Hay & Milw__Mar 188,820
195,146 def23,846 def30,902
Jan 1 to Mar 31
548,687 def85,163 def107,792
559,393
Greenwich & Johnsonv_bJan 1 to Mar 31
27,912
27,243
13,455
15,354
Tol Peoria & West_ b_ __Apr
84,248
86,242 def11,111
def4,119
July 1 to Apr 30
1,003,190 1,096,040
43,934
63,088
INDUSTRIAL COMPANIES.
-Gross Earnings--Net Earnings
Current
Previous
Previous
Current
Companies.
Year.
Year.
Year.
Year.
S
$
S
$
Keystone Telephone_a_ _Apr 112,666
57,557
56,652
110,351
Jan 1 to Apr 30
443.729
219.766
222.227
433.997
Now England Pow Cos (incl
Bellows Falls Pw Co)_ a _Apr 125,381
85,511
Jan 1 to Apr 30
439,010
280,912
210,988
342,389
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Roads.
Interest Chargesland Surplus.
-Int., Rentals, &c.- -Bat, of Net Earns.Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Apr
269
def432
1,683
235
1,076
4,523
940
2,029
Bellefonte Central
Jan 1 to Apr 30
Genesee 3c WyomingJan 1 to Mar 31
July 1 to Mar 31
Greenwich & JohnsonvilleJan 1 to Mar 31
Tol Peoria & Western_ _ _Apr
July 1 to Apr 30
15,381
48,925
9,473
26,160
260,456
14,704
53,834
240,242
36
40,500
1,240
5,000
Net Earnings Monthly to Latest Dates.-In our "Railway Earnings" Section or Supplement, which accomapnies
to-day's issue of the "Chronicle," we give the March figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplement for full details regarding the March results for all the
separate companies.
In the following we give all statements that have come in
the present week covering a later or a different period from
that to which the issue of the "Railway Earnings" Section
is devoted. We also add the returns of the industrial companies received this week.
Roads.
INDUSTRIAL COMPANIES.
-Int., Rentals, etc.- -Bat, of Net Earns.Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
Companies.
$
$
$
$
31,141
31,061
25,511
26,496
Keystone Telegraph..... _Apr
115,906
116,619
103,860
105,608
Jan 1 to Apr 3
New England Pow Cos (incl
40.993
44,518
Bellows Falls Pow Co)_Apr
91,671
147,246
119,317
133,666
Jan 1 to Apr 30
z After allowing for other income received.
EXPRESS COMPANIES.
-Month of March- -July 1 to March 311914.
1915.
1914.
1915.
Northern Express Co.$
S
$
$
Total from transportation_ _ _ 202,703
204,316 2,050.713 2.263.000
112,673 1,120,010 1,229,666
Express privileges-Dr
111,486
8,300
4,149
10,672
For the fourth week of April our final statement covers
37 roads and shows 7.27% decrease in the aggregate under
the same week last year.
Fourth Week of April.
1665
THE CHRONICLE
MAY 15 1915.]
x5,400
z16,714
z2,481
x26,476
x4,864
x4,702
11,150
26,028 zdef31,270 xdef22,761
252,860zdef165,476xdef158.556
Great Northern Express Co.:
Total from transportation.. _ _
Express privileges-Dr
January
July 1 to
1915.
1914.
1914-15.
$
$
$
205.103 1,923,689
191,371
120,531
124.560 1,171.786
Jan. 311913-14.
$
2.050.962
1,245,700
Revenue from transporta'n
Oper. other than transporta'n
70.840
3,316
80,542
3.373
751.902
31,657
805,262
30.876
Total operating revenues__
Operating expenses
74,156
101,861
83.915
86.846
783,560
642,039
836,139
641,562
Net operating revenue_ ___ -27,704
6
Uncollec. rev. from trans.._ _
3,855
Express taxes
--2,930
141,521
11
28.472
194,576
3,772
-6,703
113,037
165.970
Operating income
-31,566
28.606
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date
Current
Year.
Previous
Year.
t
t
American Rys Co__ _ April
414.818 445,493 1,646,001 1,673.287
67.641
64,028"
March
Atlantic Shore Ry_
24,780 23,196
414,433
440,947
cAur Elgin & Chic Ry March.._ 139,636 154.392
183,532
Bangor Pity & Electric March.._.... 63,222 62.498
188,932
•
Baton Rouge Elec Co March........ 14,854 14,227
118,819
111,621
BeltL Ry Corp(NYC) February - 55.275 46,835
201,278
210,549
Berkshire Street Ry_ March......_ 68,847 67,111
Brazilian Tree. L & P March_....16294910 16153984 f18088,600 118133,238
20,694
7,006
19,997
6,879
Brock & Plym St Ry_ March........
Bklyn Rap Tran Syst February - 1916,898 1863,192 4,004.119 3.956.804
75.989
81,634
Cape Breton Elec Co March........ 23,498 26,551
242,617
275,447
Chattanooga Ry & Lt March__.._ 83,439 87.550
82.886
83,937
Cleve Painesv & East March..... 29,914 30,310
272.865
274,298
Cleve Southw & Col.. March...... 95,760 97.317
172,127
162,960
Columbus(Ga) El Co March...... 55.583 53,465
778.004
768.751
Colum (0) Ry,P & L March......254,656 250,185
1138,211 1133.415 3,520,945 3,495.871
gComwthPow.Ry&Lt March
March...... 621,542 598,386 1.782.158 1,725,574
Connecticut Co
941,949
885,709
Consum Pow (Mich). March...... 302,218 273,965
565,241
535,199
188,728 182,628
Cumb Co(Me)P & L March
572,424
473,565
144,815 188,287
Dallas Electric Co.._ _ March
Detroit United Lines February - 892.495 841,584 1.848,769 1.791,886
82.820
75,915
DDEB 8c Bat(Rec) February - 35,720 35,981
301.201
288,186
98,491 106,788
Duluth-Superior Trac March
664,284
592,566
198,612 227,929
East St Louis & Sub.. March
156,243
154,124
52,189 51,191
Eastern Texas Elec.... March _ _ _
270,846
249,971
78,329 88,469
El Paso Electric Co_ _ March
275,078
306,964
42d St M & St N Ave February _ 142,402 108,621
471,140
567,864
160,200 195.536
Galv-Hous Elec Co_ _ March
292,901
302,887
Grand Rapids Ry Co March........ 93,284 103,555
230,789
228,127
Harrisburg Railways.. March
79.016 77.106
Havana El Ry.L & P
(Railway Dept)._ _ Wk May 9 54,065 56,976
948,391 1,017,405
144,477
155.081
Honolulu R T & Land March
49,314 50,991
60.480
67,122
Houghton Co Tr Co.. March....... 21,699 24,039
bHudson & Manhat_ March
478,806 488,361 1,396,419 1,426,692
Illinois Traction...._ _ March...... 891,331 878.818 2,733,932 2,670.977
Interboro Rap Tran_ March..... 3055,709 3129.766 8,642.131 8.832,133
Jacksonville Trac Co March.._.... 53,498 64,342
183.665
156.780
56.332
58,501
Keokuk Electric_ _ _ _ March...... 17,599 18,551
28,724
33,247
Key West Electric _ _ March........
9,370 10,351
289,759
300,961
Lake Shore Elec Ry_ March _ _ 102,222 105,451
402,417
3.731
443.731
Lehigh Valley Transit March
152.072 136,537
133,573
Lewist Aug & Watery March
148,619
53,132 48,720
29,909 • 29.206
Long Island Electric_ February _ 14,180 13,603
756.944
706,451
240,293 261.657
Louisville Railway March..
506.958 508.469 1.530.045 1.538,391
Milw El Ry & Lt Co_ March
341,276
330,438
Milw Lt. Ht & Tr Co March
109.671 111.427
553,602
542.674
Nashville Ry & Light March
175,946 182,565
97.515
108,427
N Y City Interboro February - 51,255 44,337
51,183
57,739
N Y & Long Island.._ February - 27,694 23,291
22,147 _ 20,657
9,163
N Y & North Shore.._ February _ 10,361
191,521
188,923
N Y & Queens Co.._ _ February _ 91,226 87.422
982,481 951.832 2.076.184 2.117,690
New York Railways_ February
65,022
N Y Sr Stamford Rys March........ 24,051 22,703
68,251
103.836
85.887
N Y Westchest & Boa March...._.. 36,135 30,873
38,142
39,432
Northampton Trac_ _ March...... 13,172 13,597
822,069
793,165
280,779 274.198
Nor Ohio Trac & Lt_ March_
394,673
507,023
128,701 177,955
North Texas Electric March
49,975
48.776
Northw Pemisylv Ry February _ 24.516 23.610
10,427
4,752
10,029
4,800
Ocean Electric (L I). February _
73,366
77,151
Paducah Tr & Lt Co_ March.-- 23,307 25,237
59,404
69,039
Pensacola Electric Co March...... 19,183 23,051
Phila Rap Transit_ _ _ March...-. 2027.910 1949,518 5,860,083 5.735,055
927.567 1320,846
437,854 538,236
Port(Ore)Ry,L PCo February
217,222
211.080
Portland (Me) RR.... March...... 76,179 74.798
Puget Sound Tr Lt&P February _ 591.692 691,464 1,262,577 1,445.499
372.156 392,406 1.125,977 1354,799
Rhode Island Co_ _ _ _ March _ _
47.632
50,638
Richmond Lt & RR.. February _ 24,169 22,030
StJoseph(Mo)Ry.Lt.
426,264
428.682
98,822 102,629
Heat & Power Co.. April
1666
Name of
Road.
THE CHRONICLE
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date. I
Current
Year.
Previous
Year.
$
3
$
Santiago El Lt & Tr_ February - 36.073 35,638
73,139
76,253
Savannah Electric Co March _ ___ 64,394 68,923
208,038
199,979
Second Ave (Rec)__ _ February _ 55,795 54,652
129,923
121,225
Southern Boulevard.. February _ 15,574 14,565
31,793
32,807
Staten Idl Midland__ February _
17,677 15,651
34,321
37,017
Tampa Electric Co_ _ March__ 82,268 79,143
239,658
250.518
Third Avenue
February - 284,787 280,259
624,065
609,942
Toronto Street Ry_ _ _ February _ 490,313 471.273
973,116
911,539
Twin City Rap Tran_ 4th wk Apr 225,325 221,722 3,012,126 2,895,448
Union Ry Co of NYC February _ 190,276 178,676
387,759
401,906
Virginia By & Power_ March ___ 399,491 415,399 1.228,076 1.244,389
Wash Bait & Annap_ February-- 51,506 53,076
110,766
107,447
Westchester Electric_ February - 39,616 36,379
78,952
82,550
Westchester St RR March _ ___ 18,408 16,249
48,671
51,882
Yonkers Rallroad.. February - 51,942 47,296
102,862
107,934
York Railways
March ___ 63,502 64.716
195,509
191.600
Youngstown & Ohio_ March _ _ 24,426 22,446
63,363
69,365
Youngstown & South February _
11.441 11.832
24.386
24.017
b Represents income from all sources. c These figures are for consolidated company. f Earnings now given in milreis. g Includes constituent
companies.
[VOL. 100.
Expenses-1914
1913
Maint. of way & struc- $1,466,082 $1,501,621
Maint. of equipment_ _ _ 1,597,686
1,922,547
Traffic expenses
536,631
577,290
Transportation expenses 5,405,742
5,434,500
General & miscel
306,512
298,877
Total expenses
$9,312,653 $9.734,835
P.c. ofexp. to earns_ _ _ _
(82.45)
(78.55)
Net earnings
$1,982,318 $2,659,038
Taxes accrued
485,656
443,793
Uncollectibles
626
Operating income_
$1,496,036 "32,215,245
Other income
93,415
224,943
Gross corporate inc.._ $1,589,451 $2,440.188
DeductRentals leased lines_ _
$5,400
$5,400
Hire of equipment, &c
299,876
138,079
Int. on equip. contract..
4,208
8,518
Joint facil., &c., rents.._
313,118
206,618
Int. on funded debt__ -- 1,150,730
1,154,868
1st M.bds. red.(5 fd.)_
99,283
99,131
Preferred divs. (5%)...._
800,000
Common dividend
1912
1911
$8,776,443 $8,094,870
$8,776,443 $8,094,870
(71.47)
(71.55)
$3,503,272 $3,218,607
389,133
368,522
$3,114,139 $2,850,085
219,192
149,833
$3,333,331
$2,999,918
$5,400
$5,400
61,687
4,897
16,955
27,422
209,588
207,238
1,158,841
1,161,893
99,000
78,000
809,000
800,000
(4)560,000 (3)420,000
Total deductions......$1,872,615 $2,412,614 $2,911,471 $2,704,850
Balance, surplus or def_def$283,164 sur$27,574 sur$421,860 sur$295,068
GENERAL BALANCE SHEET DECEMBER 31.
1013.
1914.
1914.
1913.
Assets$
Liabeittes$
-Gross Earnings--Net Earnings
- Road & equipm't 60,352,756 59,357,547 Stock (see "Ry. &
owned__
1,500,000
1,500,000
Securities
Ind."
Section)
Current
Previous
Current
30,000,000
Previous
12,700 Funded debt..... 28,672,000 30,000,000
12,700
Marketable securs.
Roads.
Year.
Year.
Year.
Year.
852,664
762,947 Vouchers & wages. 1,057,037 28,777,000
Materials & supp
3
$
914,546
3
3
793,214
637,937
Int.,div.,&c.,unpd.
Cash
British Columbia Elec_ _Mar 557,135
17,079
717,250
72,570
201,243
21,416
16,000 Int., divs., &a., ac11,660
July 1 to Mar 31
5,755,043 6,752,081 1,229,552 1,828,859 Cash to pay coup
crued-not due
500,000
Demand loans,&c. 500,000
254,579
657,312
Chautauqua Traction- b529,279 Traffic, &c., bais
379,011
bals
Traffic,
&c.,
218,164
409,772
Jan 1 to Mar 31
26,595
30,478
1,439
1,453 Agents & conduc
583,507 Misceil. accounts
464,426
121,171
210,166
965,942 Appropriated surp.e4,318.629 4,219,348
Honolulu R T & Land b Mar
729,472
49,314
50,991
18,155
20,177 Miseell. accounts
Items
in
45,464
Jan 1 to Mar 31
suspense
144,477
18,685
74,499
155,081
&c__
_
_
55,108
Advances,
65,700
34,666
Items in suspense 1,426,427 2,051,830 Deprec'n (equipt.) 472,278
Hudson Valley Ry-bProfit & loss_ _ -- *1,1.99,582 1,874,203
Jan 1 to Mar 31
171,033
190,639
35,502
51,790
July 1 to Mar 31
686,534
714.193
239,143
279,422
66,885,738 67,118,430
Total ........66,885.738 67,118,430 Total
Portl'd(Ore)R,L&P a_ _ _Feb 437,854
538,236
190,558
278,247
a Appropriated surplus in 1914 includes additions to property through
Jan 1 to Feb 28
927,567 1,120,846
418,867
583,574 income and surplus,$4,219,346 and funded debt retired through income and
St Jos R,L,H & Pow_a_Apr
98,822
102,629
43,124
41,820 surplus. $99,283.
Jan 1 to Apr 30
428,682
*Mter adding liaised. items (net), aggregateng, 38,463.-V. 100, p. 1593.
426,264
202,743
190,239
a Net earnings here given are after deducting taxes.
Portland (Ore.) Railway, Light & Power Co.
b Net earnings here given are before deducting taxes.
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
Interest Charges and Surplus.
(Report for Fiscal Year ending Dec. 31 1914.)
President F. T. Griffith, Portland, Oregon, April 1, 1915,
-Int., Rentals, &c.- -Bat. of Net Earns.Current
Previous
Current
Previous
wrote
in substance:
Roads.
Year.
Year.
Year.
Year.
Results.-The effect of the general depression in business is shown by a
$
$
$
decrease of 6% in railway earnings, passengers carried having fallen from
Chautauqua Traction94,014,368 in 1913 to 89,934,644 in 1914. Our electric sales were effected
Jan 1 to Mar 31
19,695
18,454 def18,256 def17,001 both by the business depression and the competition of the Northwestern
Honolulu R T & Land....Mar
6,427
6,260
11,728
13,917 Electric Co. (V. 100, p. 1083), the number of customers being reduced
Jan 1 to Mar 31
19,281
18,781
z38,714
z49,374 from 42,062 to 37,938 and the earnings from $2,430,927 to $2,241,834, or
7.8%. The total decrease of gross earnings from all causes was 8450571.
Hudson Valley RyOperating expenses were cut as low as consistent with good service and
Jan 1 to Mar 31
87,397
83,568 zdef51,310 zdef31,270
proper maintenance, the reduction amounting to 3161,625, so that, in
July 1 to Mar 31
259,770
259,299 zdef18,416
z22,578 spite
of the heavy decrease in gross earnings the operating ratio was 43%.
Portl'd(Ore)R, L & P__Feb 182,551
174,880
8,007
103,367 compared with 4234% in 1913. The increase in taxes continued,amounting
Jan 1 to Feb 28
364,912
348,162
53,955
235,409 In 1914 to $127,198; interest charges also increased, so that the resulting
1913.
St Jos R, L, H & Pow__Apr
20,833
20,833
22,291
20,986 surplus shows a decrease of $580,220 under
Owing to the unsatisfactory outlook and to the unfortunate financial
Jan 1 to Apr 30
83,332
81.419
119.410
108,819
situation brought about by the European war, the directors decided in
August to suspend payment of dividends on the stock.
z After allowing for other income received.
Prospects.--The company is now facing further losses in its railway
department, owing to competition from jitney automobiles and motor
'buses, which have increased rapidly in this part of the country. The
City Council however, will, in the near future, pass an ordinance requiring
such competition to be more nearly on a fair basis, and this should result
In their getting much less of our business. [See a subsequent page. Ed.]
Annual Reports.-An index to annual reports of steam
The prospects, however, are not as unfavorable as might be thought.
do not anticipate further material losses of existing business to our
railroads, street rai1w3ys and miscellaneous companies which We
electric competitor, and we believe outselves fully able to secure the major
have been published during the preceding month will be portion of any new business developed. The greater economy in public
will materially lessen our taxes in 1915 and operating expenses
given on the last Saturday of each month. This index will expenditures
not include reports in the issue of the "Chronicle" in which wiblabpeitastlillexretidhietrurres
1.915 will be the smallest in 10 years; we are
edu
icned
money where absolutely necessary. The financial
It is published. The latest index will be found in the issue only spending company
conis good, the $5,000,000 note issue maturing
dition
the
of
in
will
next
24.
appear in that of May 29.
The
of April
May 1915, having been extended at fair rates for two years(V. 100,p. 1350,
1438). In spite of competition in light and power and street railway
The New York Chicago & St. Louis Railroad
make
a satisfactory showing just as soon as business
service, we should
.on normal.
become
te
again
.
conditions
vaiuationa
(28th Annual Report-Year ended Dec. 31 1914.)
Jan. 2
.5 1915 the RR. Commission of Oregon
hearings on the valuation of our property,on which we have been
President William H. Canniff says in substance:
working for several years. It will probably be some months before the
Results.-The statements herewith are in accordance with the new classi- Commission will roach a decision. It does not seem possible that their
fication promulgated by the I. S. C. Commission and for comparison the findings will result in a decrease in our rates and earnings.
figures representing 1913 have been revised. The gross revenue shows a
Williamette Valley Southern Railway.-This property started operation
decrease of 31,098,902, or 8.87%. Revenue freight decreased 1,372,900 Jan. 31 1915. The line, 32 miles in length, runs through a rich agricultons, reflected in nearly all classes of commodities and partially due to tural and lumber region between Oregon City and Mt. Angel, and should
dimunition in the export and import business of the country and the closing build up a large business both in passengers and freight, which will inof coal mines in Ohio. The decrease in operating expenses was only $422,- directly benefit us, as the greater portion of such business will come into
182, or 4.34%, principally owing to increase in expenses due to causes Portland over our Oregon City line. Your company has guaranteed
beyond the control of the management and by the large movement of principal and interest of $750,000 1st M. bonds in consideration for a consurplus empty equipment due to traffic conditions. Maintenance of trol of the stock.(V.08, p. 1001; V. 100, p. 57).
equipment shows a decrease of $324,860. The amount of taxes accrued
Construction in 1914.-A now transmission line from our Estacada
during the year was $485,655, or 4.30% of the gross operating revenue of hydro-electric plant on the Clackamas River to Beaver Creek substation,
the year; the increase was $41.863, or 9.439'.
10 miles, enables us to supply current for the operation of the Willamette
The non-operating income was $93,415, a decrease of $131,528, as com- Valley Southern By.and to furnish light and power service to Molalla. Our
pared with the previous year, caused by the reduction of the amounts due lighting system was extended from Gresham, 7 miles east to the Automobile
from the city of Cleveland and from the Cleveland Short Line Ry. Co. for Club. The amount charged to construction was $531,130, notably railway
its proportion of expenditures for elimination of grades in Cleveland, on extensions and improvements, $228,672 and customers installations,
$121,462 was paid to complete
which interest was charged.
Co.he
$164,870. In addition
purchase ofthe
0l4)
;
a
.s9t90, e6p
The deductions from gross income, 31,773,332, show an increase of Yamhilf Electric 1o.(Va
the
$259,849. There was an increase in hire of equipment of $161,796, in
which the shareholders were to
[See V. 100, P. 1511
11 as
rents of joint facilities of $42,308 and in miscellaneous rents of 364,192. vote May 14, involving (a) reduction in common stock from $25,000,000
The general business depression throughout the country caused a large 75% paid to 320,000,000 fully paid and in consideration thereof and for
surplus of idle cars on all roads: 56.8% of this[company's freight equipment $1,250,000 cash to be paid in pro rata by the shareholders the issue to
was located upon its own rails during 1914, as compared with 32.7% them of $2,500,000 6% cum. 1st pref. and $2,500,000 6% non-cum. 2nd
during 1913, thereby decreasing our income from rental of equipment, pref. stock the remainder of the $5,000,000 of each issue of pref. authorized
which together with per diem charges due to the heavy movement of to be reserved for future needs.)
empty foreign cars on home route resulted in the increase in hire of equip.
COMPARATIVE STATEMENT
YEARS.
OPERATIONS AND FISCAL RESULTS.
1914.
1913.
Statistics1907.
1912.
89,934,644 94,04
1914.
1913.
1912.
Passengers carried
12:0
4 36
1911.
68
3 94,308,398 60,115.222
Miles operated
37,938
523
523
523
523 Light & pow. customers.
12,294
38,415
OperationsProduction, electricity,
Not stated. 184,20
Passengers carried
822.400
877,670
813,426
k. w. hours
80
827,522
2:8
72
%
0 169,609,004 72,849,141
Pass. carried onemile_ _ _ 91.472,607 98,282,679 90,949,459 100.970.030
Generated by water....
75.3%
88.6%
1914.
Rate per pass. per mile_
1.62 cts. 1.62 cts.
1.62 cts.
1.65 cts.
Per Cent.
1913.
Inc. or Dec.
Earn, per pass train m_
$6,273,171 $6,723,742dec.3450,571
$1.44
$1.50
dec. 6.7
$1.44
$1.53 Gross earnings
Revenue freight (tons)
8,055,263 9,428,163 9,727.910 8.517,105 Operating expenses_ _ _ _ 2,695,356
dec. 5.7
2,856,981dec. 161,625
Rev.freight (tons) 1 m_1815514,890 2016811,507 2046244,889 1782255,591
Rate per ton per mile_
0.514 cts. 0.514 cts. 0.502 cts. 0.515 cts.
$3,577,815 $3,866,761dec.3288,946
dec. 7.5
Net earnings
inc.28.8
$568,527
Taxes
$441,329 inc.$127,198
INCOME ACCOUNT YEAR ENDING DECEMBER 31.
45,198
dec. 3.7
Bridge rentals
46,936
dec.1,738
inc. 8.5
Earnings2,127,480
1914.
Interest
1913.
1912.
1911.
1,961,666 inc. 165,814
Freight
89,331,342 $10,358,277
Passenger
Surplus available for
1,480,688
1,597,080 $12,279,715 $11,313,477
dec.41.0
Mail, express, &c
depr., renow.& divs_
8836,610 $1.416,830dec.8580,220
361,440
322,036
dec.57.9
Incidental
Divs.($ per share)
($2)500,000(4,W1187500dec. 687,500
121,501
116.480
ANNUAL REPORTS
Total oper. revenue_ 311,294.971 $12,393,873 $12,279,715 $11,313,477
Sur.for depr.& renew..
$336,610
$229,330 inc.3107,280
inc.46.9
THE CHRONICLE
MAY 15 1915.]
BALANCE SHEETS OF DEC. 31 1914 AND 1913.
1914.
1913.
1914.
1913.
$
LiabilitiesS
Assefs-Plant,prop.&equip.59,774,933 69,221,713 Capital stock__ __x18,750,000118,750,000
288,757 Funded debt___ 39,964,000 39,000,000
Securities owned__ 403,324
636,897
396,877
542,772 131118 payable_ _
497,580
Supplies
310,752
189,332
523,898
609,866 Accts. payable...
Def.& susp. item
49,192 Paving assessm'ts 1,114,842 1,129,478
80,801
Cash
345,273 Accrued accounts 1,443,418 1,263,449
Sink. fund invest
420,134
747,850
643,863
Bills& accts. rec
801,662
780,853 Surplus
Total
62,502,332 61,838,426
Total --------62,502,332 61,838,426
x Par, $25,000,000, but only 75% paid in, equal to $18,750,000, but see
proposed readjustment, V. 100, p. 1511. Compare news item on a following page.-V. 100, p. 1511, 1438.
Havana (Cuba) Electric Railway, Light & Power Co.
(Report for Fiscal Year ending Dec. 31 1914.)
The annual report for the year 1914, and a special report
on the consolidated power plant, are published in quarto form,
comprising a volume of 82 pages, profusely illustrated.
Frank Steinhart, President and General Manager, as of
March 1 says in substance:
Results.-It is gratifying to be able to submit such an excellent statement,
because these results have been obtained during a year in which our earning
power and service have been disturbed by local and foreign conditions.
Early in the year cases of bubonic plague restricted street-car travel in the
infected zones, while the closing of the cigar factories on account of the
European war, whereby thousands of cigar-makers were left without work
and the need to travel, naturally affected business unfavorably. Moreover,
rainy days, which always reduce car earnings, exceeded those of 1913 by
23%. The decrease in gross earnings, however, was only $20,340, about
1-3 of 1%, and the operating expenses and taxes decreased $17,631.
Bonds and Notes.-At the annual meeting May 21 1914, an issue of $25,000,000 general mortgage bonds was authorized, to consolidate the debt,
provide for extensions, &c.
Unfortunately, the disturbed condition of the money market made the
sale of bonds inadvisable, and the directors instead sold $2,000,000 2-year
6% gold notes, which,notwithstanding that war had been declared, brought
96% of face value. This sale facilitated the construction work then in
progress (see V. 100, p. 54).
Improvements.-During 1914 the property was greatly improved and the
facts are fully set forth [in the pamphlet report], because they are the very
foundation upon which the company will prosper. '
The consolidated power plant was substantially completed and carrying
three-quarters of the total load at the end of 1914. The rest of the load will
be taken up and all the old power plants shut down as soon as the cable
connections can be finished early in 1915. The new power plant starts
with a capacity of 37,500 k. w., equivalent to 50,000 electrical h. p., in three
steam turbine generators served by water tube boilers with automaticstokers.
In the electric lighting department the overhead lines were extended
17,350 meters (56,908 ft.) to reach new customers, and in improving existing
overhead lines 15,840 meters (51,983 ft.) of new and larger cable were
employed. The underground line extensions amounted to 4,456 meters
(14,616 ft.) in high-tension (6,000 volts) and to 594 meters (1,944 ft.) in
the secondary 3-phase 220-bolt lines.
The process of manufacture of carburetted water gas continued as heretofore. the new installation made by the United Gas Improvement Co. of
Phila., having enabled us gradually to bring up the quality of Havana gas
to the standard of that furnished to the large communities in the U. S.
During the year 13,330 meters (8.28 miles) of new track were added to the
railway system, almost entirely as part of the plan for an extension to the
Playa de Alarianao. This is intended to open a large tract of land between
Camp Columbia and the sea, which is the best vacant territory for residences of moderate cost now available within easy roach of Havana.
EARNINGS FOR THE YEAR ENDING DEC. 31 1914.
Electric
Gas
Railway
Division. Division. Division. -Grand Total
. 1913.
1914.
1914.
1914.
1914.
Gross
$3,234,860 $1,605,697 $556,157 $5,396,714 $5,417,054
Expenses
1,653,291
469,920 377,816 2,501,027 2,489,832
Net
Interest
Taxes,&c
$1,581,569 $1,135,777 $178,341 $2,895,687 $2,927,222
$461,334
$1,094,140 $1,096,086
$632,806
38,368
94,295
123,121
55,927
Balance
$1,081,867
Interest on deposits, rents, &c
$625,385- $1,707,252 $1,708,015
102,119
140,088
Total before deducting dividends
$1,809,371 $1,848,103
Divs.: In 1914, corn. (5%). $747,434; pref. (6%)
$899,997
$1,647,431 1,686,205
Balance, surplus, for year ending Dec 31
$161,940 $161,898
BALANCE SHEET DECEMBER 31.
1914.
1913.
1914.
1913.
A ssets$
$
Liabilities$
$
Propertles
51,934,100 48,892,065 Preferred stock_ _14,999,977 14,999,937
633,050
575,967 Common stock__ A4,948,646 14,948,546
Insular Ry. Co
174,425
176,408 Funded debt___x21,927,163 19,940,879
Stage lines
5,028
5,028 Acct. int.& taxes.. 432,322
Securities owned _
389,943
527,456 1,449,079 Unpaid dividends_
Cash
20,910
14,489
615,113 Consumers'depos_ 228,468
Materials & supp. 1,104,122
261,527
81,153 Sundry creditors__ 177,984
71,675
Prepaid items_ _
148,362
2R5.651 Hay. El. Ry. shs.
9,524
Sundry debtors__ _
unexchanged.36,890
Municipality of
46,340
Comp.de Gas yEl.
130,783
Havana
(of Hay.) shares
Govern't offices_
39,939
unexchanged_ __
70,738
Work in course of
70,738
4,338
construction
144,287 Insular Ry. profits
7,059
Depos. with Govt.
Special reserve.... 668,162
661,821
authorities
96,840
53,843
54,067 Sink,fund reserve.
92,412
Due from consum
199,422
407,202 Profits to redeem
Reserved for con87,000
Hay.El. Rys.5s
version of shares* 107,628
117,078 Profit and loss.... 1,291,557 1,221,045
Total
54,990,995 52,803,098
Total
54,990,995 52,803,098
1667
Results.-The two principal causes for the unsatisfactory showing for
1914 were, first, the depression in business, which particularly affected
industrial centres like Nashville and Chattanooga and resulted in economy,
in the use of electric light and power and street railway service. The European war increased this depression and its bad effect on financial and industrial conditions prevented the closing of several large power contracts.
Second, the worst drought experienced in Tennsesoo since 1904 (the previous low record year), which reduced the amount of hydro-electric power
available for sale and forced to operate its steam plants to a much larger
extent than ordinarily necessary, thereby greatly increasing operating
expenses. This drought was broken in December, and since then there has
been an excess of water power.
Outlook.-The prospects for 1915 indicate an improvement in every way,
and the results should be better than in 1914. The properties are all in
first-class condition, the large construction work has been completed and
very little will be required for capital expenditures during the year, except
such as may be necessary for extensions of transmission lines to secure
additional business. The company is in position to handle a great deal of
new business and large power contracts are under consideration with a number of existing plants. There is considerable inquiry also from new industrial plants which are considering location in our territory, and it is
altogether probable that within the next few months contracts for power
may be executed which during 1916 will utilize a large part of our available
surplus, at the same time, increased activity among customers already on
our lines should add materially to our sales of power. With the return of
normal business conditions,we feel that there will be a very decided increase
in the earnings of all the controlled companies.
Nashville Railway & Light Co.-Does all the street railway, electric-110f
and power business in Nashville, Tenn., serving an estimated population
of 1413,000. In the opinion of counsel the important franchises are perpetual. The equipment consists of 231 cars, 98 miles of track, a steam
electric power plant of 24,000 h.p. capacity, electrical distribution system.
partly underground, car barns, shops, &c. (See p. 72 of "El. By. Sec.")
Chattanooga Ry. ee Light Co.-Does all the city and most of the suburban
electric-railway business, and nearly all the electric-light and power business
of Chattanooga and Hamilton County, Tenn., serving an estimated population of 100,000. Also controls and operates incline and electric railways
on Lookout Mountain. In the opinion of counsel the franchises, with
minor exceptions, are perpetual. Equipment of 74 miles of track, 133 cars,
steam electric power plants of a capacity of 9,000 h.p., electric distribution
system, car barn, shops, &c. While the earnings shows a substantial increase, there is a greater increase in fixed charges,due to the fact that preparation was made at large cost for handling a much larger business than
developed during the past two years of industrial depression.
Tennessee Power Co.-Owns (a) two modern hydro-electric power plants
on the Ocoee River in Eastern Tennessee, No. 1, completed in 1912, installed capacity of 25,000 h.p., and No. 2, completed in 1914, installed
capacity of 20,000 h.p.; (b) 507 miles of transmission lines radiating to
Cleveland. Chattanooga, Nashville and Knoxville, with an extension to
Mascot and the mines of American Zinc Co., to Maryville(the large plant
of Aluminum Co. of America), and to the State Line, where current is delivered to the Georgia By. & Power Co. for transmission on its lines to
Dalton and Rome, Ga. The hydro-electric power plant of the Chattanooga & Tennessee River Power Co., on the Tennessee River below Chattanooga, is connected with our transmission lines, and the Tenn. Power Co.
has a contract for a large amount,of power, which is delivered partially at
Hale's Bar and partially in Chattanooga (V. 99, p. 1600; V. 97, p. 1506);
(c) Small steam electric power plant (1,000 h.p.) and distribution system
at Cleveland, Tenn., population about 6,000;small water power and electric
distribution system and water works in Sparta, Tenn., and the electric
distribution systems in Franklin and Sweetwater, Tenn. The steam electric power plants of the Nashville By.& Lt. Co. and the Chattanooga By.
& Lt. Co. and,under contracts, those of Knoxville Ry.& Lt. Co.and Borne
Ry. & Lt. Co. can be called upon when necessary.
Supplies practically all of the electric current used in Nashville, Chattanooga, Knoxville, Murfreesboro, Cleveland, Athens, Etowah, Sweetwater,
Lenoir City, Loudon, Franklin and Sparta, Tenn., and Rome and Dalton,
Ga. At present it is supplying about 20,000 h.p. to the Aluminum Co.
of America at Maryville, and 1,750 h.p. to the American Zinc Co. at Mascot, Tenn. Total consumption of electric current at places named during
1914 from water and steam generation amounted to 196,531,316 k.w. hours.
The total population served is approximately 373,000.
The company owns several available undeveloped water power sites.
notably at Great Falls, Tenn., 75 miles from Nashville and 60 miles from
Chattanooga, suitable for a development of from 40,000 to 80,000 h.p.;
also a valuable water power site on the Ocoee River above Ocoee No. 2,
where a development of 20,000 h.p. capacity can be made. There are other
sites on the Ocoee partially controlled.
Tennessee Power Co. Statement of Earnings from May 1 1912 to Dec. 31 1914
(32 Months) and Calendar Year 1914.
During construction interest upon cost was charged to construe. acct.]
32 Mos.
32 Mos. 1914. I
1914.
Gross earnings_$1,294,134 $700,372 Net after taxes $672,772 $344,263
Oper. expenses_
588,594 330,391 Interest charges $604,606 376,756
Taxes
25,718 IRentals
32,768
105,833 105,833
Net, after tax. $672,772 $344,263 I Total fixed chg_$710,439 $482,589
Less contribution by four banking firms toward interest charges during development period.as explained
in letter of May 29 1914 to stockholders of Tennessee By., Light & Power Co
200,000 100,000
Balance of fixed charges
$510,439 $382,589
Final result
sur.$162,333 df$38,326
The deficit shown for 1914 was due principally to the excessive drought
which continued until Dec. 1, requiring the generation of an extraordinarily
large amount of power by steam. The bonds (V. 98, p. 1618, 1698) are
guaranteed, prin. & int., by the Tennessee By., Lt. & Power Co. and all
the pref. and common stocks of the Chattanooga By.& Lt. Co. are deposited
as security for the guaranty. The surplus earnings, therefore, of the Tennessee By., Lt. & Power Co. from all sources are available for the interest
charges upon the Tennessee Power Co. bonds if the int. is not earned.
COMBINED OPERATIONS OF COMPANY AND ITS CONSTITUENT
COMPANIES FROM ORGANIZATION.
lb Inter-company transactions not eliminated. May 1 '12 to Cal. Year
Dec. 31 '14.
x Inter-company transactions eliminated.)
1914.
Gross earnings
b$10,202,245 x$3,762,387
Operating expenses and rentals
b5,353,995 x1,959.183
Taxes
759,694
311,806
Net earnings, after taxes
b$4,088.556 x$1.491.398
Interest, &c
2,433,693
1,094,420
Dividends paid on stocks of constituent cos. not
owned by T. R., L. & P. Co
342.601
109,049
* Consists of capital stock reserved for conversion of unexchanged shares
z Surplus
$287,929
of Havana Electric By. Co. and Compania de Gas y Electricidad de la Hay. Dividend on pref. stock of Tenn. Ry., Lt. & Power $1,312,262
x Funded debt, $21,927,163, as above, includes: Havana Electric By.
Co. paid to June 1 1914, inclusive
1,120,059 See "stub"
Consol. 5% bonds, $9,383,111 (after deducting $104,430 held in treasury);
6% consolidated income obligations, $6,000,000; 6% gold bonds, $3,998,z Bal.,sur., available for renewals, deprec'n,&c. $192,203
000; 5% English bonds, $650,451, and 6% 2-year coupon notes of Sept. 1
z Of the balance, surplus, $1,585 from May 1912 to Dec. 31 1914 and
1914 secured by the deposit with trustee of $4,000,000 5% 40-year general
mtge.sinking fund gold bonds of Sept. 1 1914,$2,000,000.-V. 100, p. 1592. $1,629 in cal. year 1914, accrued to stock of constituent cos. not owned
by Tennessee Ry., Lt.& Power Co.
OPERATING COMPANIES-RESULTS FOR CAL. YEARS.
Tennessee Railway, Light & Power Co.
-Nashville Railway & Lt. Co.- Chat. Ry.dv Lt.Co. Tenn P Co.
1904.
1909.
1914.
1909.
1914.
(Report from May 1 1912 to Dec. 31 1914.)
1914.
$
$
$
$
$
$
Gross earnings
1,010,081 1,724,380 2,240,307 769,159 1,085,096 700,372
Pres. C. M. Clark, Phila., Apr. 15, wrote in substance:
Operating
expenses
542,047 860,809 1,159,523 444,850 616,966 330,391
Stock.-Org. in Maine May 1 1912. Capital: Pref. stock, 6% cum.,
$10,250,000; common stock, $20,000,000, of which $2,000,000 is available
Net earnings
468,034 863,571 1,080,784 324,309 468,130 369,981
for future development; one-year note due June 22 1915, $2,500,000.
Taxes
91,704 153,074 194,209
61,201
82,758 25,718
-Preferred Shares207,233 394,353 499,670 198,725 339,408 *276,756
Stocks Owned by Tennessee
-Common Shares- Interest
Ry., Lt. &Power Co.Outstand'g. Owned.
Outstand'g. Owned. Rentals
105,833
Co.
•
Lt.
&
Nashville Ry.
25,000
3,353
40,000
39,763
Bal.,sur. or defloit_S.109,097 8.316,144 S.386,905 8.64,383 8.45,964 D.38,326
Chattanooga By. & Lt. Co
20,000
19,612
30,000
29,988
None
Tennessee Power Co
200,000
199,993 Total pass carried _23956,971 36798,750 43673,934 12795,582 16384,356
Pref. Dividend.-The constituent companies(V.94,p. 1120; V.95, p.545) H.w. hours sold to it.
& power customers_4,632,545 13178,109 25214,365 3,036,268 12567,439
earnings
from
May
accumulated
1
1912 to Jan. 1 1914 of 3210,610,
had
5,088
18,891
which, added to the balance of $287,929 for 1914 shows a total of $498,539. Total k.w. connected_
2,594
6,526
12,332
3,584
8,730
Ry., Lt. & Power Lt.& pow.custom'rs_
from which dividends on the pref. stock of the Tennessee
'
1
*After crediting $100,000 contribution toward interest charges, as explained n
Co. were paid on March and June 1 1914 amounting to $06,336. leaving
letter of May 29 1914 to the stockholders of Tenn. Ry., Lt.& Power Co.
a balance of $192,203 (V.99, p. 539; V.95, p. 481).
1668
THE CHRONICLE
BALANCE SHEET DEC. 31 1914 OF TENN. RY., LT. ee POWER CO.
Assets (Total $32,851,564)Liabilities (Total $32,851,564)Securities owned
$29,859,701 Preferred stock
$10,250,000
Bills receivable (subsid. co's) 2,930,518 Common stock
20,000,000
Accounts receivable
31,369 One-year 6% collat. note..
2,500,000
Tenn. Pow. 1st mtge. 5%
Bills payable
60,000
bond guaranty
1 Guar. of T.P.Co. lstM. 55
1
Discount charged off
11,944 Accrued accounts
4,253
Cash in banks
18,031 Profit and loss
37,310
-V. 100, p. 1593.
Pabst Brewing Co., Milwaukee.
(Report for Fiscal Year ending Dec. 31 1914.)
The income account for the year ending Dec. 31 1914,
together with the balance sheet of Dec.31,is given at length
on a subsequent page.
INCOME ACCOUNT DEC. 31.
1914.
1913.
Net profit, after deprec'n, expenses
and all other losses
Divs. and int. on loans and investments and miscellaneous profits
Gross income
Interest on bonds, &c
Federal corporation tax
Preferred dividend (7%)
Common dividends
1912.
$564,946
$900,605
$567,068
89,174
96,858
89,924
$656,992
$654,120
$997,463
$102,861
$93,126
$108,415
5,136
8,150
5,805
140,000
140,000
140,000
(4%)389,958(43,6)439,380 (6)585,840
Balance, surplus or deficit
sur.$25,231 sur.$301,519 def.$176,845
BALANCE SHEET DEC. 31.
1914.
1914.
1913.
1913.
Liabilities•3
I
a
$
Preferred stock __ 1,965,600 2,000,000
Real estate, buildings, &o
_ 4'11,472,356 11,414,199 Common stock __ 9,764,000 9,764,000
Funded debt -- -- 1,937,000 2,093,000
Invest. In Bohan210,387 Bills payable -__253,872
non Dredg. Co
80,000
200,000
Mize. Investments 634,288 1,339,181 Accts. pay.& accr.
wages,taxes,int. 423,922
Inventories
1,308,089 1,323,122
514,976
Reserves
Bills & accts. rec.
100,000
272,560
2,139,216 1,752,351 Com. div. pay'le
(lea reserve)
207,904
Cash in banks,&e. 150,865
Jan. 2 1C15
97,640
Miscellaneous _ _ _ _
40,911
64,759 Surplus
a1,691,435 1,467,3e7
Total
16,059,597 16,311,903
Total
16,059,597 16,311,903
* Real estate, bldgs., &c., in 1914 include real estate, bldgs., plant and
machinery, $4,713,767; city and outside real estate, $6,405,159, and improvements and fixture in leased properties, $353,430.
a After crediting sundry adjustments, including amount of reserve funds
restored to surplus, $198,837.-V. 98, p. 1251.
Pennsylvania Steel Company.
(14th Annual Report-Year ended Dec. 31 1914.)
Pres.Edgar C.Felton,Philadelphia, May 1, wrote in subst.
Results.-The figures of production (see below) show the restricted rate
at which your subsidiary companies operated in 1914. For them the year
was the smallest in the production of pig iron and steel since 1899, with the
single exception of 1908, and in the value of products shipped, the smallest
in the entire 15-year period, smaller even than 1908, when the tonnage produced was less. Your companies' experience in 1914 was not exceptional
among companies whose business is similar to yours.
Capital Expenditures.-Besides $2,200,000 expended for repairs charged
currently into cost of production, the sum of $5,532,291 was expended during 1914 on improvements and additions to plants and charged to capital
account. Of this amount, $312,849 came from the general funds of the
subsidiary companies and $5,219,442 from the proceeds of Collateral Trust
bonds authorized in 1913, in connection with the plan of improvements
adopted in that year. (See "Improvements" below.)
Bonds.-The bonded debt of the subsidiary companies was decreased by
payment of $153,000 Cornwall bonds, $125,000 Coke Oven bonds,$266,000
The Spanish-American Iron Co. bonds and $67,000 Penn-Mary bonds,
Cornwall Ore Banks.-The mines at Cornwall, Pa. in which you own
a majority interest, made the very small output of 276%000 tons of iron ore
in 1914. This compares with 341,000 tons in 1913. On this Cornwall
property as a whole, it will be necessary to make improvements and to
mine a very much greater tonnage of ore, if profits are to be realized.
The Spanish-American Iron Co.-Because of the small demand of your
blast furnaces there was produced at Daiquiri only 295,000 tons, compared
with 490,000 tonsin 1913,and.at Mayani only 339,000 tons in 1914, compared
with 676,000 tons. It has not yet proven advantageous to use this Mayari
ore in the blast furnaces without prior special treatment, and this has so
far proved expensive. The steel from this ore is excellent for rails and for
many other purposes. The problem is one of reducing the cost of preparation of this ore, in which progress is being made.
Manufacturing Properties.-At Steelton two of the five blast furnaces
were in operation during the year,and in March, April and May a third
furnace was temporarily in blast. The production of steel was on a basis
of about one-half the capacity. At the Lebanon plant, one of the two
blast furnaces was in operation throughout the year.
At Sparrow's Point during six months, two of the four blast furnaces
were operated and during five months but one furnace. For one month,
the entire blast-furnace plant was idle. Steel was made during 10 months,
but on a restricted scale, the production of ingots being less than 40% of
capacity. The shipyard produced about 70% of its usual tonnage of
ships. Late in the year the demand was stimulated by the European war,
and new business sufficient to keep the plant in full operation for more than
a year was secured in November and December. This new business, however, was not obtained in time to benefit the 1914 operation of the yard.
This steel plant now produces rails only. The company has been unable
to secure sufficient rail tonnage to operate continuously and it is necessary
to add other finishing mills to diversify your product. .At the shipyard the
addition of a dry dock would be an advantage.
Improvements.-At Steelton the new and consolidated steel-making plant
was completed and put into operation. The 2,000-ton forging press was
finished and went into service in March. The re-modeled No. 2 merchant
rolling mill was also put in operation in March. The remodeling and consolidation of the rolling mills for making heavy steel products was about
75% completed Dec. 31. A blast furnace was authorized as a new unit
and construction was begun about July 1. A plant to manufacture bridge
eye-bars was practically completed. The total amount expended during
1914 at Steelton on special construction program was 32,548,962, all of
which was charged to capital account.
At Sparrow's Point the two remaining blast furnaces were reconstructed
and the gas-blowing engines were put in operation. This plant is now provided with four thoroughly modern blast furnaces. The 120 by-product
coke ovens were also completed and have proved of great economy,although
only half used because of the restricted operation of the blast furnaces.
The improvement program arranged two years ago has now been practically completed as far as the Sparrow's Point plant is concerned, the
amount expended during 1914 being $2,670,479, all of which was charged
to capital account.
Re-valuation.-The re-valuation ofthe manufacturing properties has been
completed, resulting in a reduction in book values as follows: Plants,
$5,906,913; inventory and other working assets, 31,544,519. Of this lastnamed amount, $115,334 was charged to the income of 1914 and the balance of the reduction, amounting to $7,336,098, was charged to the surpluses of the respective manufacturing companies. The re-valuation of
the mining properties has not been completed.
Financing Further New Construction.-While the improvements planned
In 1913 and now nearing completion will enable your subsidiary companies
to increase their output of the cruder forms of steel, and will greatly reduce their operating costs, these improvements are not final. Large sums
must be expended to diversify lines of product and keep pace with competitors. The most profitable directions in which to expand are now being
considered and plans are being made for financing the new construction.
The railroads constitute the bulk of its customers, and when they are
out of the market as purchasers, our business suffers.
[VOL. 100.
OPERATIONS AND FISCAL RESULTS-YEARS ENDING DEC. 31.
1912.
1913.
Production (gross tons)- 1914.
1911.
672,000
729,000
574,000
813,000
Coal
652,000
690,000
413,000
643,000
Coke
1,507,000
1,748,000
1,587,000
Iron ore
910,000
535,000
734,000
596,000
Pig iron
482,000
681,000
863,000
Steel ingots
807,000
471,000
Earnings$
$
2,729,499
Income from operations 1,276,208
2,764,141
3,113,819
250,362
69,521
149,726
63,842
Inc.frominvest.,int.,&c.
2,979,861
Earnings, all sources.. 1,340,050 2,833,662
3,263,545
1,091,506
1,053,924
Interest on bonds
1,017,341
1,116,456
Net income
1,888,355
2,209,621
223,594 1 1,816,321
457,262
Deprec. plant & equip_ i
553,729
651,291
902,086
601,374
Sink.fd. sub. cos.' bds_
605,803
535,386
Dividends
23,6)514,020(5)1,028,040(7)1,439,256
Balance, stir, or def__def.678,492 sur.115,624 sur.22,049 def.609,537
* After payment of all expenses of operation, including ordinary and
extraordinary repairs and upkeep, approximately $2,200,000 in 1914.
against $3,500,000 in 1913 and $2.800,000 in 1912, currently charged
during the year to cost of production.
BALANCE SHEET DEC. 31 1914 (Pennsylvania Steel Co. of New Jersey).
Assets (Total $40,993,800)Liabilities (Total $40,993,800)Stocks and bonds
$24,667,765 Preferred stock
$20,560,800
Accounts receivable
142,174 Common stock
12;7095370
166
0
10,750,000
Advances to subsidiary cocornCollateral trust bonds
7,168,000
panies
16,159,625 Bills and accounts payable__
Cash
24,236 Surplus
421,834
COMBINED BAL.SHEETDEC.311914(Sub.Cog.ofPenn.Steel Co.ofN.J.).
Assets (Total $53,100,106)Liabilities (Total $53,100,106)Preferred stock
Property, real estate, plant,
$1,500,000
:$39,365,128 Common stock
eze
8,550,000
Funds for redemption of bdr
338,444 Bonds
18,046,000
Inventories
8,487,163 Dills payable
2,162,916 Accounts payable
Accounts receivable
1,0
27
293:88
622
5
Bills receivable
1,787,052 Accrued taxes and interest
221,197 Advances from holding cos 16,159,625
Miscellaneous investments_
Cash
592,300 Reserves for relining furnaces,
conagencies, &c
510.699
Deferred charges
145,906
Surplus
6,593,275
x After deducting deprec'n reserves, $4,056,437.-V. 100, p. 1516, 1083.
American Beet Sugar Co., New York.
(Report for Fiscal Year ending March 31 1915.)
Pres. H. Rieman Duval, N. Y., April 30, wrote in subst.:
Income Account.-The receipts from sugar increased $220,727 and expenses decreased $688,624. Per bag, the receipts increased 28 cts., the expenses decreased 25 cts. and the net earnings increased 53 cts. The average
ost of sugar sold, including freight, selling and other expenses, was $3 90
per bag of 100 lbs., as against $4 15 last year. The net earnings amounted
to 81 cts. per bag, and, including the profit from pulp and other sources,
amounted to 91 cts. per bag, compared with 35 cts. per bag in 1913-14.
It is the trade custom to sell 30 and 60, and even 90, days ahead of delivery; hence, when prices in the sugar markets of the world were advanced
by the expectation that the war would prevent the beet sugar crop of
Europe (which averages about 46% of the entire world's production), being
marketed, 49% of stock brought over and to be manufactured in the year
had been sold; 35% of it for delivery after July 31 1914.
The rapid and phenomenal advance in price during August and September was due primarily to England rushing into the cane markets, regardless
or price, to secure a supply which, customarily, is taken from the Continent;
the importation annually of Great Britain being about 1,200,000 tons of
European beet and 400,000 tons of cane.
The price of refined sugar (N. Y. basis) jumped from $4 20 per 100 lbs.
(the average June and July basis) to the high point of $7 50 per 100 lbs.
early in August, and it maintained an average of $6 34 per 100 lbs. to
Sept. 1 1914. Since which time to March 31 1915 the average price has
been $5 70 per 100 lbs.
It is improbable that much domestic sugar was marketed at the extremely
high prices of August and early September, as its usual markets were supplied principally by jobbers, who, having customarily anticipated their
demands at the low prices prevailing before the war, supplied the limited
demand in the beet sugar markets for abnormally high-priced sugar.
The 92,249 tons of beets raised on our farms yielded, at the average production of 300 lbs. of sugar per ton, 27,674,700 lbs., making 276,747 bags of
sugar, which, at the average profit of 81 cts. per bag for the year, earned
$224,165,in addition to $18,437 made in operating and renting the farms.
Net receipts from the sale of pulp amounted to $124,758, compared with
$83,871; the production totaled 371,343 bags, and, with sales of 332,867
bags, we carried over into next year 185,654 bags. Net receipts from pulp
have averaged $130,418 per annum for the past two years, of which dried
Pulp from Oxnard and Chino has contributed 78%. The demand for dried
pulp is constantly growing and indications are that the entire production
of these factories will annually be consumed on the Pacific Coast.
Markets.-Except about 16% of the California product which is sold in
California and Arizona, the principal markets for our production are at
Chicago and points on the Missouri River, and south to St. Louis and Texas.
Beet sugar sells currently from 10 to 20 points per bag below cane, and because of the occasional needs,this differential often increases.
OPERATIONS FOR YEARS ENDING MARCH 31.
1911-12.
1912-13.
1913-14.
1914-15.
Production (bags)
1,710,995 1,812,262 1,659,143 1,562,949
1,763,765 1,823,901 1,270,125 1,623,724
$4.28
$
Average yield per bag
$3.90
133
44
,.
26
79
5
523,283
Unsold M arch 31 (bags)
5114,6.4145
458,874
INCOME ACCOUNT.
1912-13.
1913-14.
1914-15.
$8,304,423 $8,083,696 $6,217,746
Gross sugar sales
$5,479,898 $6,012,774 $4,194,410
Factory cost of sugar sold
1,087,875
776,214
990,563
Selling exp. (freight, discount, &c.)
303,429
322,747
Administration, interest and rentals... 321,711
81,204
80,677
88,371
Factory and corporation taxes
Exp. Las Animas & Lamar (factories
23,974
4,796
not operated)
23,873
53,493
Land and farm operations (net)
33,140
Sundry items
6,842
Total expenses
Net earnings
Other IncomePulp receipts (net)
Interest and discount received
Miscellaneous income
$6,877,645 $7,566,269 $5,442,077
$1,426,778
$517,427
$775,669
$124,758
26,265
23,841
$1,601,643
Gross income
$300,000
Preferred dividends (6%)
Common dividends (1 %)
Appropriation for deprec'n & additions 176,989
$83,871
24,767
18,040
$644,105 ' $881,055
$300,000
$300,000
187,500
192,031
$476,989
$492,031
$1,124,654
$152,074
BALANCE SHEET MARCH 31.
1914.
1915.
1915.
LiabilitiesAssets.$
$
$
Common stock ..15,000,000
Factories, lands,
equipment, &c_20,000,000 20,000,000 Preferred stock __ 5,000,000
Bills
562,164
payable
___
750,000
Stock of other cos_ 566,863
638,556 Accounts and divi1,838,999
Cash
777,982
dends unpaid __ 454,713
Accts.& bills ree
540,401
Unexpended proMaterials,supplles,
106,413
ceeds L. A. bds
2,219,777 2,511,272
&c. (cost)
Reserve for depr'n
Expenses advanced
and additions... 135,468
193,363
acct. campaign_ 172,131
Work'g cap. res've53,891,577
Total deductions
Balance, surplus
$44,579
46,559
14,248
6487,500
$393.555
1914.
15,000,000
5,000,000
1,205,000
450,314
107,624
130,385
2,790,014
___25,338,171 24,683,337
Total
Total
........25,338,171 24,683,337
*After deducting sundry adjustments. $23,091.-V.98, P. 1531.
1669
THE CHRONICLE
MAY 15 1915.]
(The)Aeolian, Weber Piano & Pianola Co.(of N.j.), N.Y.
Magnolia Petroleum Co., Dallas, Tex.
(Report for the Fiscal Year ending June 30 1914.)
1915.)
(Official Statement as of April
Treasurer William E. Wheelock, March 27, says:
In connection with the offering of the company's bonds
impossible to
In consequence of the war in Europe it was found toinbeGermany
reports.
Sealy
J.
Pres.
issue).
as of
this
of
page
another
(compare
secure proper reports of the condition of our companies
the present.
oil and the
Properties.-The company is engaged in the refining of crude
oils, paraffin°,
manufacture of gasoline, motor spirits, fuel oil, lubricating
but an ample supply
naphtha and asphalt. It is not a producer of crude oil
producers.
of this mineral is assured by favorable contracts with largethrough the
The oil from three separate fields is carried to the refineries
company's own pipe lines.
having a total caThe property includes three modern refineries,
with 13,000 Oct. 31 1913),
pacity of 27,000 barrels per day (contrasting
Oct. 31 1913), 580 tank cars
with 435 distributing stations (against 225
capacity 13,600 barrels
and 855 miles of pipe line. (a) Main refinery,
Has recently purchased
per day,situated on water front in Beaumont,Tex.
(b) Fort Worth, a new refinery
160 acres adjoining to allow for expansion.
12,000 bbls. per day,
of
capacity
$1,25(),000,
of
cost
a
at
Just completed
new construction, including
and proposes during 1915 to spend $500,000 foreach.
(c) Refinery at Corbbls.
30 steel tanks with a capacity of 55,000
on Gulf of Mexico.
sicana, capacity of 2,000 bbls. per day. At Sabine,
a pumping
wharves,
large
has an exporting and importing station, with This station is connected
station and steel tanks, capacity 500.000 bbls.
refined oil
of
grades
all
ships
it
and
refineries
three
by pipe lines with all
(Compare
to the markets of the Eastern United States and Europe.
V. 98, p. 159.)
011
Contracts.-Has contracts with Standard Oil Co. of N. Y. Standard
n Oil Co. and Union
Co. of N. J., Standard Oil Co. of Ky., Anglo-America
oil.
refined
of
grades
various
to
furnish
Philadelphia,
of
Co.
Petroleum
to supply
In 1914 made a 4-year contract with Southern Pacific RR. Co.at
rate of
3,600.000 bbls. of fuel oil, and that company is now taking contract.
the
by
for
called
the
amount
of
in
excess
year
per
1,000.000 bbls.
Many manufacturing concerns and power companies throughout the Southwest also have contracts for its fuel oil.
Oil Supply.-The McMan Oil Co., the leading producer in the Cushing
field in Oklahoma, has recently contracted to build 155 miles of 8-inch pipe
line to connect with the Magnolia Co. pipe lines at Addington, thus insuring
Also
a permanent supply of light, refinable crude oil at the refineries.
field in
takes crude oil from the IIealdton field in Oklahoma and Electra
Mexiof
buyers
largest
the
among
is
and
pipe
lines
own
its
through
Texas
Pass on
can oil, receiving same at its stations at Galveston and Aransas
promises
the Gulf of Mexico. The Electra Oil field is only 33i years old and
come.
to
years
for
supply
to furnish oil in increasing
to Retire Notes, etc.
Capitalization, Including $2,390.000 Bonds Now Sold
Total auth. 510.000,000;
1st M.6% gold bonds duo Jan.1 1937.
(incl.
canceled by sk. fd., $105,000; balance outstanding
$9,895,000
present issue)
6,280,300
Capital stock outstanding
to bo paid for in installStock subscribed by stockholders at parcompany,
the
covering
the
of
call
the
to
ments, subject
period to June 1918(making total stock $9,800,000) $3,519,700
$2,450,000; in 1913
In 1911 the company's original capital amounted to
Instead of paying out
its accumulated earnings amounted to $2,510,617.
the property and
into
back
put
was
money
this
dividends,
in
amount
this
During 1914
a stock dividend of $2,450,000 paid to the stockholders.dividends
were
additional earnings were made of $1,620,862, from which
the comContinuing
$1,382,294.
of
balance
a
leaving
$238,568,
of
paid
this
large
surplus
property
the
into
back
pany's policy of putting earnings
was in turn put back into the company's business and a stock dividend was
declared of $1,255,625, payable in 1915.
for at par, inUpon the payment for the $3,642,200 stock subscribed
put into the property
stallments callable to June 1918, there will have beenbonds,
from the
either
Mortgage
First
of
sale
of
proceeds
apart from the
to $7,350,000
sale of stock at par or from earnings, actual cash amountingoriginal
stock.
in addition to the property represented by the $2,450.000
properties now
1111Bonds.-A direct and closed first mortgage on all the
pay the principal and
owned or hereafter acquired. Company agrees to
or future law of
interest without deduction for any tax under any presentsinking
fund bethe U. S. or any State or municipality therein. Annual
total bonds
ginning on or before Jan. 1 1915, an amount equal to 1% of
by lot
drawn
when
call
by
or
purchase
by
bonds
retire
to
outstanding
canceled $105,000.
at par and interest. During H11.4 purchased and retirement
of the $1,The present sale of $2,390,000 bonds provides for
payment July 1 1915,
200,000 6% gold notes, which are to be called forother
accounts payable,
and in the meantime will be secured by cash and
to the
for purchase of additional property for additions and improvements 1st
M.
$100,000
1914
(During
capital.
working
refineries and for additional
notes.]
bonds wore retired and canceled, as were $800,000 of $2,000,000 6%
Earnings.-For the year 1914 we earned over 30% on the $5,022,500
cap. stock out Dec. 31.
RESULTS FOR CALENDAR YEAR 1914, 20 MONTHS ENDING DEC. 31
1912 AND 10 MONTHS ENDING OCT. 31 1913.
Cal. Year 10Mos.end. 20Mos.end.
Oct.31 '13. Dec. 31 '12.
1914.
$661,786
$1,647,765
Pipe-line department profits
1,273.580
1,784,575
$3,440,566{
profits
Refining department
18,113
113,691
Miscellaneous profit
Miscellaneous charges
Bond interest
Interest on notes, &c
Depreciation
83,440,566 $3,546,031 $1,953,479
$236,191
$266,127
$141,916
656,810
435.0001
494,336
178,7821
456,229
1,064.005
763,582
Total charges, &c
Net profit
$1,819,703 $1,524,045 $1,349,230
$604,249
$1,620,863 $2,021,985
PROFIT AND LOSS ACCOUNT DEC. 31 1914
int. & depr. charges_ _$1,620,863
Not profit for year 1914, after deducting all
238,569
Deduct cash dividends declared payable in 1915
1,255,625
1915
in
payable
dividend
(25%)
stock
Less
$126,669
Balance, surplus for year
Surplus Dec. 31 1913, $2,510,618; less stock dividend (100%)
60,618
Jan. 1914, $2,450,000
cash
dividends
deducting
after
account
in
surplus
Remainder
$187,287
and also 25% stock dividend declared payable in 1915
BALANCE SHEET DEC. 31.
1914.
1913.
1913.
1914.
LiabilitiesAssets2,450,000
__*5,022,500
_
stock_
Capital
Refineries, Pipe
13,112,220 10,905,192 First mtge. bonds_ 7,250,000 6,250,000
linesotc
4,711,521
Material & mdse._ 3,424,635 4,133,929 Notes & acc'ts pay 3,765,503
40,245 Reselve for depre_ 2,438,632 1,374,627
42,977
Unexpired insur_
91,473
Taxes,conting.,&c. 90.839
Notes dc accounts
2,352,760 1,872,152 Dividends declared 238,569
receivable
1,442,911
2,510,618
436,721 Surplus
1,,316,362
Cash
Total
20,248,954 17,388,239
Total
20,248,954 17,338,239
* Total stock outstanding, $6,125,000, less $1,102,500 subscription
(subject to call).
ADJUSTMENT TO
BALANCE SHEET AS OF DEC. 31 1914, AFTERRETIREMENT
OF
REPRESENT PRESENT SALE OF BONDS AND NEXT.
1
OF
JULY
AS
CALLED
BE
NOTES TO
($21,693,955)
Liabilities
Assets (321,693,95S)$6,278,125
Capital stock (see x")
Investment in refineries, Pine
9,895,000
$13,112,220 First Mortgage bonds
lines, &c
payable- 2,565,504
Material and merchandise__ _ 3,424,635 Notes and accountsaccounts.
27,794
2,634,112 Sundry contingent
Cash
63,045
42,977 Reserve for taxes
Unexpired insurance
127,251 Reserve for depreciation__ 2,438,632
Suspense account
238,569
Dividend deciared
Notes and accounts receiv187,286
2,352,760 Profit and loss
able
Juno 30 last, and for that reason solely at an earlier date than
to the German
Even now the Auditors cannot give us exact figures asfound
the results
business during the fiscal year 1913-14, but within will be
of their long-continued examinations, here and abroad.
CONSOL. BALANCE SHEET (INCL. SUB. COS.) JUNE 30 1914
Liabilities (Total $26,167,536)Assets (Total $26,167,536)$3.500,000
Preferred stock
Land, bidgs., machinery,
6,478,200
Common stock
equipt., patents, good$13,639,564 Pref. non-voting stock
will, &c
*2,841,236
(subsidiary co s)
Materials, supplies, work
2,290,633
in proc.& finished prod 4,624,958 Real estate mortgages
1,000,000
970,156 Real estate loans
Bills receivable
2,628,683
Bills payable
Accounts receivable (less
430,088
5,336,512 Accounts payable, &c__ _
reserves)
86,735
1,513,552 Payments acct. merchan.
Cash
9,027
12,409 French Co. reserve_ _._ _
Investments (England)_
6,902,934
70,385 Surplus
Unexp d insur.prem.,&c.
*This item includes: "Preferred non-voting capital stock of sub. cos.
guaranteed as to dividends, 7%, $1,900,200, and 6%, $941,037, but not
owned by the Aeolian, Weber Piano & Pianola Co."
Note.-PrIce, Waterhouse & Co. certify that they have audited the books
and
and accounts of the company and its subsidiaries in America, England
of the
France, and have been furnished with a copy of the audited accounts
unaudited
Pianola Co. of Australia for the year ending June 30 1914,ofand
the accounts
and partially incomplete statements for the same period above
aggregate
of the companies in Germany, whose assets consolidated
has been
sheet
balance
consolidated
above
the
that
find
and
$1,205,445)
1834.
p.
properly prepared therefrom.-V. 99,
Butte & Superior Copper Co., Ltd.
(Third Annual Report-Year ended Dec. 31 1914.)
Pres. N.Bruce MacKelvie,N.Y.,Mar.31,wrote in subst.:
[The capital stock of this company was recently listed on the N. Y.Stock
Exch. See official statement in last week's "Chronicle," pp 1602 to 1604.]
The operating profits for the year amounted to $1,392,912 and the total
net income to $1,417,128. Three quarterly dividends of 75c. each were
paid, amounting to $611,909. Additions to properties amounted to $211,262, which included payments that were due on the Damarat and Deadwood claims, thus completing purchase of these claims. Investments were
increased $49,750 and deferred charges increased $177,959. Taxes that
should have been applied to 1913 earnings but paid this year amounted to
$14,775. After the disposition of the above items there resulted an increase of working capital for the year of $365.479.
The average price of spelter for the year, on a basis of East St. Louis
quotations, was approximately 5.08c. per pound as compared with 5.60c.
per pound in 1913. The average price of spelter for the year 1914 was lower
than at any time since 1908, the average for that year being 4.62c. per
pound. The average for the past 15 years,including 1914, was 5.30c. per lb.
The European war has entirely changed the situation with respect to the
American spotter industry, as the American producers are now called upon
to supply Europe with a large part of the spelter that formerly came from
the smelters of Belgium and Germany. The demand of Europe for the
last five months of 1914 resulted in this country exporting 64,000 tons.
These exports materially reduced the domestic stocks of spelter, as will be
seen from the following figures: Stocks on hand Jan. 1 1914 amounted to
41,000 tons, and at the end of June these stocks were reported as high as
to 362,361 tons,
63,000 tons. American production for the year amounted
which, with 40,000 tons on hand Jan. 1 1914,and stocks on hand at Dec.31
would indicate
tons,
:to
23,500
amounting
be
estimated
1914, as near as can
consumption in this country of approximately, 315.000 tons.
Previous to the beginning of the European war approximately two-thirds
of the world's supply of spelter was produced in Europe and one-third in
the United States. Based upon the most reliable information, it would
seem apparent that this country will be called upon to supply from 10,000
to 15,000 tons of spelter a month while the war lasts, or until Belgium and
Germany are again in position,to export. White the figures are not yet
available for the year 1914 in regard to foreign statistics, the Board of Trade
of Great Britain reports show imports of spelter from Germany for 1913
of 145,000 tons, and in addition Great Britain produced 58,000 tons for
the same period.
The demand for export in this country has been largely for the account of
England, France and Germany,and has resulted in advancing prices for
spelter to a figure heretofore unknown, prime Western spelter having sold
above 10c. a pound in the first quarter of 1915.
(The report, with other data,includes an extensive statement by D. C.
Jackling, VicoPeident and Managing Director, containing various
operating statistics, (given in the "Chronicle" last week (p. 1603.)
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1915
1914
1913.
1914:
$1,392,913 $937,794
Zinc,&c.,sales,&c*$3,238,415 $2,676,653 Net profit
5,194
24,215
918,868 Other income_ _
1,062,345
Mining
799,879
709,834
Milling
Net income__ _51,417,128 $943,988
20,112
73,323
Other charges__ __
Dividends __(22%)611,909
Total oper.
Balance,surplus $805,219 $942,988
$1,845,502 $1,738,859
exp., &(3
* After deducting freight, $799,260 in 1914, against $850,008 in 1913.
BALANCE SHEET DEC. 31.
1913.
1914.
1913.
1914.
3
$
Assets2,720.189 2,712,007
Property accts.,&c.a4,190,872 3,972,610 Capital stock
1,205
Stocks & advances__ 338,567 288,817 Stock subscriptions
10,100
5,900
Shiplsin trans.(est.) 197,034 502,443 Firet mtge. bonds
33,422
Mat'l & supplies,&c. 183,173 208,759 Accounts payable_ _ _ 15,372
75,157 108,478
3,594 Pay-roll
Accts. receivle, &c_ 14,749
5,421
874,677 225,294 Accrued int.& taxes_ 20,856
Cash
96,371 Prem. from sales of
Deferred charges_ _ _ 274,330
cap. stk. less underwriting exp._ _1,213,985 1.203,962
Undivided profits_ _x2,021,944 1,230,294
Total
6,073,403 5,304,888
Total
6,073,403 5,304,888
a Includes in 1914 mining claims, $1,942.405; plant and equipment.
$1,473,319; development, $152,221; and property in process of acquirement, $622,927. x After deducting miscellaneous adjustments (net).
$13,570. See also a subsequent page of this issue,-V.100, p.1602, 1595
General Asphalt Co., Philadelphia.
(Report for Fiscal Year ending April 30 1915).
in substance:
President Arthur W.Sewall May 1 wrote
$
10.797.7c4,compared with
Results.-The volume of our business was
or grops pyofits S1.089,244,
$15,270,351 for the year 1913-14, and the trading
&erg's, the excess cost
fixed
compared with $2.105,275. After deducting
nd
a,
r,c.
threes
reulw
rt),e&
utsh
as
ted
l e:
er
s.
of maintaining streets under guaranty (less certain
$1,15;667.
with
compared
$263,036,
of
a net gain to surplus
,
eps
tess
n
s
With the outbreak of the war the volme of ouri::si
a,:i
already been less than in recent years, contracted "
wehriechtah
w
kad
en
in the smallest total volume in many years. I“, 43ax Certificates of stock, $6,125,000: less subscriptions subject to call, to reduce expenses, but necessarily could not . " e effective as rapidly
dividend,
$1,255,stock
against
$1.102,500; total, $5,022,500; add reserve
place.
took
business
in
shrinkage
the
as
,25; final total, 56,278,125.-V. 100. p. 1441. 1082.
1670
THE CHRONICLE
[VOL. 100.
Outlook.-Much of the business which was not done last year now comCOMBINED BALANCE SHEET GENERAL ASPHALT CO. AND SUBing forward into the current year's business. The volume ofisstreet
and
SIDIARY COMPANIES JAN.31.
road improvements now in sight is largely in excess of a year ago.
.
Orders
and shipments since the opening of the new fiscal year on Feb. 1 1915
1915.
1914.
are
1913.
in excess of those on the same date in the previous year when held in check
Assets$
$
$
by the difficulty experienced by municipalities in floating securities. Ex- Properties owned,incl. shares of comcept, therefore, as to its European business, which is still uncertain the
panies not operated
34,698,027 34,517,986 33,805.208
company looks forward with confidence to a satisfactory volume of business
Stock trust certificates Gen. Asphalt
and profits during the year 1915.
Co. owned by sub. cos.(book value)
200,075
200,071
204,946
Dividends.-Pref. dividends at the rate of 5% per annum were regularly General Asphalt debentures (par)._ .. _
11,220
9,743
8.900
paid in 1914 and the usual 1%,
7
,
4 on March 1 1915. Although the preferred Stock and bonds outside companies.._
75,148
100,443
85,044
dividends were not fully earned during the year, your directors, in
Retained by cities on pavements laid
view
of
the largo earnings of previous years, and the belief that the reduced earnunder guaranty
754,858
881,630
966,419
ings for 1914 were temporary and duo to extraordinary conditions from Bonds, warrants and tax liens pledged
which the company is already recovering, felt justified in continuing payfor collateral loans
260,392
319,620
457,092
ments at the full rate of 5%. The surplus on Jan. 31 1914, all of which Bonds tax liens, &c., on hand
443,975
599,082
302,635
had been earned, was $2,977,145, or over 22% upon the preferred stock. Materials and supplies (net)
1,635,215
1,860,391
1,401,624
Current assets were ample, and the dividend is cumulative. To have Cash
376,406
552,235
814,024
failed to pay it would have tended to introduce a speculative element with Bills receivable
27,753
37,874
respect to the earnings and value of the pref. shares which, in view of its Acc'ts receivable (less doubtful acc'ts) ' 21,988
855,234
1,064,099
1,798,435
record of surplus earnings for the past 12 years would have been unjustifiable.
paving Contracts.-The volume of our paving contracts during 1914 was
Total
39,332,538 40,133,053 39,882,200
materially diminished by withdrawal from contracting work on the Pacific
LiabilitiesCoast. [The Pacific contracts had become unprofitable, being limited, as Preferred stock
14,000,000 14,000,000 14,000,000
explained in the report to competitive paving with local asphalts produced Common stock
17,000,000 17,000,000 17,000.000
cheaply and involving no sales of company's asphalt
dl 'rho total General Asphalt 5% debentures
1,116,000
1,116,900
number of square yards of pavements of all kinds constructed by the com- Bonds underlying ces. not owned by 1,116,900
pany during 1914 was 961,299, of which 626,424 were sheet asphalt and
Gen. Asphalt Co. or its subsidiaries 2,090,990
2,150,645
2,206,905
were
bituminous macadam, aspahltic concrete, asphalt blocks. Mortgages payable
334,875
135,027
156,160
135,658
wood blocks, &c. Of this total of 961,299 sq. yards, 431,123 represented Collateral railroad notes
200,000
400,000
the completion of work on the Pacific Coast and the remainder. 530,176, Car trusts
10,045
83,985
represented street work east of the Rocky Mountains. As has been
the Reserve for maintenance of pavecase during recent years, a larger percentage of construction work is conments laid under guaranty
321,626
670,189
482,549
stantly being done by customers using our materials.
Collateral loans
189,500
232,878
346,373
Petroleunt.-The total production of our Trinidad wells was 566,681 bbls., Notes payable
700,000
compared with 362,684 bbls. the preceding year. After the outbreak of the Accounts payable
436,685
1,033,313
644,695
war, the drilling program was reduced. With an embargo on exports Debenture redemption fund New
(subsequently removed as to shipments to the United States), it was obviTrinidad Lake Corp., Ltd
722,206
662,285
606,115
ously unnecessary to increase production. On Jan. 31 there were 356,576 Fire, &c., insurance fund
32,128
131,635
174,428
bbls. in stock at Trinidad and 89,906 at Maurer. The production in Janu- Surplus profits
*2,587,476
2,977,145
2,476.450
ary was 44,926 bbls. One tank steamer will go in service in May, delivering 35,000 bbls. a month at Maurer, N. J., for our own use; this, with an
Total
39,332,538
39,882,200
equal production at the wells, will leave the reserve stocks Jan. 31 1916
* After crediting adjustments of reserve for fire40,133,053
insurance, $100.000.about as at the end of,the year just closed. Should our requirements in- V. 100, p. 1596, 1362.
crea.se and additional transport be available, such new wells as may be
needed can be drilled in the large area of proven territory.
In Eastern Venezuela the Bermudez Asphalt Lake and Trinidad Asphalt
Carolina Power & Light Co., Raleigh, N. C.
Lake are the two largest reservoirs of evaporated petroleum in the world.
On Nov. 15 13ababui No. 1 was reopened and allowed to flow continuously (Including Yadkin River Power Co. and Asheville Power & Lt. Co.)
for three months, its output approximating 50,000 bbls.; it was then again
(Report for Fiscal Year ending Dec. 31 1914.)
shut in. Babosa No. 1, closed since Aug. 8 1914, has shown ability to produce 10,000 bbls. per month. The oil from these wells is 1.02 specific
Pres. Charles E. Johnson, Feb. 15, said in substance:
gravity, and while too heavy to pump, it is peculiarly fitted for
profitable
The company and its operating subsidiaries made substantial progress
use in the company's business. Bababui No. 2, having encountered the
same oil as in No. 1 at different points from 320 ft., reached a depth of during the year, despite the unfavorable industrial conditions throughout
the country and the cotton situation in the South. They operate, fortu500 ft. on Mar. 25 1915. None ofthe wells in the Pedernal3s district has nately,
in a section where manufacturing industries, especially cotton manureached a depth greater than 795 feet, which afforded only a superficial
have expanded materially in late years, and these industries
test, though strong gas pressure and some oil were encountered in two wells. facturing,
have not been substantially affected by the European war. The
In Western Venezuela the reports of Dr. Arnold demonstrate the ex- tions
operaof
the
cotton mills in this territory have been only slightly curtailed,
stone!? of oil in considerable quantities. The probable oil-boaring areas are as they
manufacture the coarser grades of goods,for which there is always a
so largo that there has as yet been insufficient time to determine, by actual demand.
interests, other than cotton growdrilling, the commercial value of fields, other than the Mene Grande field, ing, in the Furthermore, the agricultural
territory served are in excellent financial condition, and consewhich, including the adjacent field known as Pauji, extends over 101 areas quently
able to withstand the effect of the temporarily unfavorable cotton
of 500 hectares each, or approximately 125,000 acres.
Capital Expenditures.-The:ie for the year aggregated $562,095, against situation.
To provide adequately for the steadily increasing sales of gas and to
which there was credited for sundry sales $163,944, and there was written realize
the maximum economy in manufacture, your company erected an
off for depreciation of plant $218,110; net increase $180.041. This total entirely
new gas-generating plant at Raleigh during 1914. This plant,
$562,005
includes
$344,257
for oil developments in Trinidad and Veneof
zuela, but does not include much larger expenditures upon tile propertiel which was completed and placed in operation in November, cost approximately $111,000. It has a present generating capacity of 200,000 cubic
of the Caribbean Petroleum Co. in Venezuela.
Funded Debt.-New Debentures.-On Apr. 1 1915 the company sold feet) daily, and is built to accommodate an ultimate daily generating ca$2,000,0006% 10-year Sinking Fund Gold Debentures to re Ire the 8862,000 pacity of 500,000 cubic feet. It is of modern design and construction
outstanding 6% debentures of the Barber Asphalt Paving Co. and the throughout. During the year your company has extended its electric
transmission lines over private right-of-way from Oxford to Roxboro, 25.3
$1,119,900 5% gold debentures of the General Asphalt Co., which issues miles.
At the latter point the company has erected a sub-station and is
were called for payment at par and int., the former on April 1 1915 and the now
supplying electrical energy for two large cotton mills and also supplies
latter on Sept. 1 1015. The new debentures are not secured by lien or at
wholesale
all the requirements of the local lighting system. The aggrepledge, may be called for retirement at par and int. in whole or in part
upon any interest date, and have an annual sinking fund amounting to at gate population served is about 136.000.
least 10% of the net earnings of the company [beginning in 1916]. Fidelity
Trust Co. is trustee. [Dated Apr. 1 1915, duo Apr. 1 1925. Denom. INCOME.4CCOUNTS OF CAR.POW.& LT.CO. AND OPER.SUBS. CAL. YEARS
$1,000 and $500 c*. Free of tax in Penna. See V. 100, p. 1352, 8521
-aCaro. P. de Lt.- -Yadkin Rio. Pow.- Ashes. P.ct Lt. Co.
Arrangements have been made whereby holders of the debentures called
1914.
1913.
1914.
1913.
1914.
1913.
for payment Sept. 1 1915 may receive, at any time prior thereto, par and Gross earnings
$525,213 $299,606 $260,206 $443,265 $396,527
int. to date ofpresentation by presenting them to the Fidelity Trust Co., Oper. exp. and taxes..___$618,689
412,834 334,558 98,862 77,213 238,468 221,906
Philadelphia. About $800.000 have alitady been thus retired.
The debentures of the New Trinidad Lake Asphalt Co.. Ltd., were reNet earnings
$205,855 $190,655 $200,744 $182,993 $204,797 $174,621
duced in 1914 from $1,288,645 to $1,228,990, being the only other funded Other
Income
52,500 50,000
debt of any of the subsidiaries.
Stockholders of Record on April 9 1915.-1,622 holders of pref. stock and
Total Income
$258,355 $240,655 $200,744 $182,993 $204,797 $174,621
590 holders of common stock, a total of 2,212. an increase of 89.
Bond interest
$115,958 $92,453 $175,000 $175,0001 $52,607 $52,920
Other interest, &c
43,035 43,183 10,449
8,410f
COMBINED RESULTS, INCLUDING SUBSIDIARY COMPANIES,
FOR FISCAL YEARS ENDING JAN. 31.
Balance,surplus
$99,362 $105,019 $15,295 def.$417 $152,190 $121,701
a Includes the earnings of all properties(excl. the properties of Asheville Power &
Operations-Square Yards Laid1914-15.
1913-14.
1912-13.
Light Co. and Yadkin River Power Co.), now forming the Carolina Power dc Light,
Asphalt, asphalt block, &c.:
irrespective of the dates of their acquisition, with the exception that the earnings of
For municipalities
961,299
1,480,501
1,755,522 the Goldsboro property cover the period beginning July 1 1912.
For others
388,481
586,643
536,440
Contracts for asphalt pavement carCONSOL. INCOME ACCOUNT & STATISTICS FOR CAL. YRS. END. DEC. 31,
ried to current fiscal year (Jan.31)_
442,763
519,856
578,581
Sales of crude asphalt (tons)
199,073
321,222
300,403
(Inter-company Charges Elintnated in Income Account.)
Sales of asphaltic products(other than
1914.
1914. 1913.
1913.
for paving)
1,091,580
1,471,247
1,469,209 Electric customers
75
9,798 8,557 Gas mains (miles)_
70
Gas customers
Income from4,444 4,149 Gross earnings__ _$1,284,985 $1,121,849
Sales of asphalt and asphalt products_ 7,155,081
7,750 7,208 Oper. exp.& taxes_ 673,589
573,579
9,742,853
9,009.310 Pass. carried (No.).....
Generating
cap.
Sales of miscellaneous materials
(k.
32,400
w.)_
32,400
401,978
421,627
454,322
Income from paving roads
Net earnings___ $611,396 $548,270
1,948,241
3,260,215
3,593,670 xElec. output (k.w.h.)._ 84,567 76,669
_ $345,958 $322,453
Income from miscellaneous paving..
248
229 Bond
662,045
997,873
924,288 Elec. distrib. Ilnes(m.)
interest_Income from miscellaneous work_
Other interest,
&c. $46,590
561,198
813.638
$49,515
990,328 nigh voltage transmission lines (miles)
Miscellaneous income
406
376 Preferred divs__-86,384
79,595
69,161
43,146
23,405 Gas
holder cap.(cu. ft.) _ 500,000 500,000
Total deduc'ns. $478,932 $451,563
Gas output (cu. ft.) * A01,879 87,909
Total income
10,797,704 15,279,352 14,995,323 Miles operated
32.7 Balance,surplus__ $132,464
32.9
$96,707
Expenses-* Three ciphers (000) omitted. x Inter-co. supply of power not eliminated.
Costof asphalt and asphalt products_ 5,850,677
7.684,523
6,904,144
BALANCE SHEETS DECEMBER 31.
Cost of paving roadway
401,725
403,327
440,857
Cost of paving
-Caro. Pow. & Lt.- -Yadkin Rtv.P. Co.- -Asheville P. & Lt.
2,017,552
3,091,937
3,483.361
Reserve for maintenance & repairs__ 1914.
1913.
19,799
1914.
1913.
48,073
64,343
1914.
1913.
Cost of miscellaneous paving
Assets$
$
674,497
96
$
963,293
3
889,487
$
Depreciation
3,980,339
6,950,133
Plant
account
4,624,536
218,110
0,897,466 2,789,764 2,761,352
204,646
218,393
Miscellaneous work
504,891
762,724
858,182 Securities owned_ _ _ _3,711,016 3,711,016
10,501
10,501
Sundry branch expenses
184,580 186,675 138,332 139,234 129,895 104,021
21,210
15,554
4,916 Current assets
46,801 250,000 250,000
Treasury securities66,501
Total expenses
26,000
9.708,461 13,174,077 12,863,683 Re-acquired secur's_
Net trading profits
2,364
Miscellaneous
2,625
0,512
1,089,243
2,105,275
1,338
2,131.640
2,046
1,892
Re.ts from real est., less exp., &c__ -399
2,644
2,796
399
3,087 Bond discount, &c._ 206,656 167,633
Intevast received
Conting't, &c.,assets 236,482 457,298
43,524
51,290
80,517
Int. and dividends on investments
10,953
10,630
11,127
9,032,396 8,578,126 7,348,376 7,288,437 2,932,206 2,877,706
Total
Total net.incopo
1.146,364
2,169,991
Liabilities2,226,371
Preferred
y905,400 y791,200
stock
Deductz600,000 z600,000
4,350,000 4,350,000 3,310,000 3,310,000 1,000,000 1,000,000
Common stock
General expensts,
417.519
2,144,500 3,750,000 3,750,000 1,100,000 1,100,000
'2,492,000
403,173
Bonds
350,038
Reserve for deprtnfa'ilon of accounts_
40,000
273,500
90,000
202,500
120.000 Notes
Interest on loans aid itortgages
105,966
109,141
08,574
112,557
144.540 Current accounts
47,476
53,803
57,044 . 41,184
Debenture interest 'c
247,701
247,760
546,600 303,338 227,595 178,211
247,940 Notes payable
Special excise and incnnjtax
24,478
16,163
83,268
89,464
20,155 Reserves
5,859
4,213
98,863
89,875
Conting't,&c.,acc'ts 225,595 448,298
Total deductions_ _
835,664
108,280
866,237
85,448
882,673 Surplus
7,446 def7,849
76,299
46,707
Profits, as per balance sf t
310,700
1,303,754
1,343,698
Excess cost of maintaininIrtaveme1ts
147,664
151.087
Total
9,032,396 8,578,126 7,348,376 7,288,437 2,932,206 2,877,766
222,774
4
Dividends on preferred (5,
652,705
651.972
657,000
y Preferred stock in hands of public, $766,400 in 1914, against $637,500 in 1913.
Balance, surplus or deficit_
def.$489,669 sur.500,695 sur.463.924
z Preferred stock In hands of public, 3500,000..-V. 100, p. 732.
1671
THE CHRONICLE
MAY 151916.]
Ry. Co.
Street Ry. Co. and also $160,000 Old Colony Street
1st M. Ref. gold 4% bonds, due July 1 1954.
0 and $6,-
Massachusetts Consolidated Railways.
(Reportfor the Fiscal Year ending June 30 1914.)
of $7,635,00
These bonds, forming parts of outstanding issues
ns of the Massachusetts Elec352,000,respectively, are underlying obligatio
clearly shown
railways,
electric
of
system
t
tric Companies, whose importan
connects and serves the
on map (p. 16) in our "Electric Railway Section,"
1913-14. 1912-13. principal cities and towns situated within a distance of 30 miles north and
$48,926 $50,602 45 miles south of the city of Boston. The bankers offering the bonds are
Total surplus
& Co. of
Preferred divs. (5%)- _ -$34,911 $29,474 N. W. Harris & Co. Perry, Coffin & Burr and Merrill, Oldham
Savings Bank of
8,096
%)
diva.
Common
Boston; Harris, Forbes & Co., N. Y., and Harris Trust &
Chicago.-V. 100, p. 1508, 53.
JUNE 30.
INCOME ACCOUNT FOR YEARS ENDING
[Massachusetts Consolidated Railways.]
1013-14. 1912-13.
Dividends received__ __a$31,417 $24,133
6,309
Interest received (net)_ _ 3,724
Profit on sale of stock__ b2,500 5,000
- •
Total dividends
Total income & profit_537,641 $35,642 Balance,
after diva
9,842 4,025
Interest, taxes, &c
Miscel. adjust.(net)
$31,617
$27,709
Net income
21,127 18,985
Previous surplus
Total surplus
$43,007 829,475
55,919 $21,127
deb.962
$21,127
$48,926 $50,602 Bal. car. forw'd Juno 30_ $4,957
amounts of Conn. Vail. St. Ry.
a Includes dividends:-3% on different amounts of Northern Mass. St.
common stock, $14,710; 234% on different
amounts of Coneord Maynard
different
on
3%
$8,750;
Ry.common stock,
$6,957; and 4 month's' accrued dividend
& Hudson St. By. common stock,
stock, $1,000.
preferred
By.
St.
Mass.
Northern
shares
on 500
Mass. St. By. preferred
b Includes profit on sale of 500 shares Northern
•
stock in 1913-14, against 1,000 shares in 1912-13.
TING COS
INCOME ACCOUNT FOR YEARS ENDG. JUNE 30.-OPERA
Bingham & Garfield Ry. Co.-Remaining Bonds. Called
-All 1st M. convertible gold bonds that remain outstanding
($25,500) have been called for payment on July 1 at 110 and
int. at the Guaranty Trust Co.,N.Y.,trustee.-V.98,p.1918.
Chicago & Eastern Illinois RR.-New Committeemen.
-The committee (John W. Platten, Chairman) has added
the following new members, who are holders of large amounts
of "General Consol. & 1st M." 5% and underlying bonds.
Bank of Chicago;
E. K. Boisot, Vice-President First Trust 8: SavingsSociety
of Norwich,
Savings
Charles R. Butts, Asst. Treas. of the Norwichthe
Emigrant Industrial SavConn., and John J. Pulleyn, Comptroller of
York.
New
of
Bank
ings
deposit of bonds of the above
The committee requests the immediate
& Trust Co., N. Y., depositary.
companies with the United States Mtge.Trust
& Savings Bank of Chicago
First
the
by
received
be
also
Bonds will
for account of the committee.
are: John W. Flatten (Chairman),
The other members of the committee
John W.Ailing, President SouthPresident U.S. Mtge.& Trust Co., N. Y.;
Conn.; Lyman B. Brainerd,
ern New England Telephone Co., New Haven,
Insurance Co., Hartford,
President Hartford Steam Boiler Inspection &and
Otto H. Kahn, N. Y.;
Geddes
G.
Donald
Brown,
Conn.; Franklin Q.
e Co., N.Y.; Robert
Insuranc
Life
Frederick H. Ecker, Treas. Metropolitan V.-Pres. Prudentia
l Insurance Co.
2d
Johnson,
S.
Wilbur
London;
Fleming
Treas. New York
Shipman,
H.
Frederick
and
of America, Newark, N. J.,
Life Insurance Co.-V. 100. p. 1591, 1436.
Conn. Vail. St. Ry. North. Mass.St.IN. *Total Oper. Cos.
1913-14. 1912-13. 1913-14. 1912-13. 1913-14. 1912-13.
5510,301
$224,989 $221,999 $209,761
, 33 30215437,785
13,389} 15,0511 19,50213127,1841
5,748
3,787
921
•
$437,785
$549,351
$127,181
$233,050
$237,050
_5239,299
revenue__
oper.
Total
$7,682 $42,221 $31,864
Maint. of way & struet__ $16,457 $14,491 $16,388
35,623
46,638
11,516
20,782
19,186
Maintenance of equipt_ 18,863
8,658
5,354
2,513
2,818
4,578
2,530
Traffic expenses
57,418 235,599 180,000
103,539
96,761
102,590
expenses_
tion
Transporta
39,783
55,101
10,554
23,638
21,282
22,893
MIscol.& gen. expenses
-$80,683 $384,013 $295,928
Total operatg. expens.$163,333 $156,298 $167,165
Chicago & North Western Ry.-Listed.-The New York
$37,501 $164,438 $141,857
Net operating revenue-- $75,966 $80,752 $65,885
16,324 Stock Exchange has listed $1,120,000 St. Paul Eastern Grand
22,570
3,643
7,383
9,669
11,596
Taxes
8,208 65,500 48,708 Trunk Ry. 1st M. guaranteed 43s of 1913 due 1947 and
29,000 25,000
29,000
Bond interest
18,380
23,000
9,273
12,557
eed 4
7,600
9,899
9,450 $2,500,000 Des Plaines Valley Ry. 1st M. guarant
Other interest
16,200
14)2250
(6)9,000(1
(6)7,200
(6)7,200
Pref. dividends
23,467
30,783
10,985
8,750
of 1912 due 1947, being in each case the total authorized
12,482
14,983
Common dividends
$116,329 issue (V. 96, P. 201, 789).
$72,678 $65,951 $62,690 $31,359 $158,743
Total deduction.
$3,142 $5,695 $25,528
Both properties were formerly leased, but since the recent sale of the bonds
83,195
$3,288 $14,801
By.,
Balance,surplus
have been purchased by and deeded to the Chicago 8: North Western
877,002 but the corporate existence of the two compatdes has been maintained
Gross,
follows:
as
Ry.,
St.
Hudson
&
Maynard
their
entire
owns
*Includes the Concord
which
W.,
&
N.
C.
the
with
&c.,
Interest,
merger
no
been
in
1912-13.
has
and $23,604
and there
and net $22,587 in 1913-14, against $73,551
and has assumed the bonds.-V. 100, p. 1078, 229.
$16,019 in 1912-13. In 1912-13 a
charges in 1913-41, aggregated $16,325, againstto $7,075 (none being paid in 1013- stocks
dividend on common stock was paid amountingagainst a surplus of $7,585in 1912-13.
Chicago Railways.-Dividends on Series 1 and 2.-A divi1014),leaving a bal., deficit, of 8788 In 1913-14,
the Templeton St. Ry. for
of $4 has been declared on the Series 1 participating
x Includes the Northern Mass. St. Ry. for 12 months,
dend
301913.
June
endg.
mos.
4
for
St.
Ry.
itchburg
6 mos. and the Gardner Westminst.&
parts), payable June 5 to holders of record
IncomePassenger
Mall, express, &c
Rents, &c
1
RYS.
BALANCE SHEET JUNE 30-MASSACHUSETTS CONSOL.
1913.
1914.
8
$
Assetsc2,323,977 2,310,499
Stocks owned
22,589
61,865
Current assets
Sundry investments d66,778 327,925
50,000
Note with Amer. Tr.
6,217
Res. for pref div__ .._
9,125
Acer'd diva. over. cos.
3,168
5,108
Miscellaneous
1,945
1,002
Cash
Total
1913.
1914.
$
$
LiabilitiesPreferred stock__ __ 704,600 6914)00
1,619,900 1,619,200
Common stock
125,000 125,000
Notes payable
50,000
Tr.
Amer.
with
Note
6,217
Pref. div. accrued_
8,075
4,273
Miscellaneous
209,949
North. Mass. St.Ry.
21,127
4,057
Profit and loss
Total
2,464,947 2,725,251
2,464,947 2,725,251
common stock Conn.
c Stocks owned includes in 1914 4,916.8589 shares
stock Northern Mass. St.
Vail. St. Ry.; $1,231,281; 3,937 shares common
Maynard & HudConcord
stock
common
shares
2,319
By., $702,732; and
investments in 1914 include 463 shares
son St. Ry., $389,964. d Sundry St.
Ry., $46,300 (no securities the as.soof common stock Northern Mass. 1,000
shares Middlesex Associates, $13,elation were issued against same);
Miller Riv. St. Ry.,$7,312.
166 and receipt for 10% payment on 690 shares
BALANCE SHEETS OPERATING COMPANIES.
Concord May'd
North. Mass.
Conn. Valley
& Had. St. RY.
Street Ry.
Street Ry.
1913.
1914.
1913.
1914.
1913.
1914.
$
s
$
s
$
$
Assets-524,52.6_
536,399
1,154,494
1,209,789
1,325,096
1,342,624
Property
7,6521 27,087
8,524
5,197
11,096
6,898
Cash
8581
223,649
3,565
19,610
19,339
Notes & accts. reedy_
1,213
1,326
7,074
5,562
6,006
8,046
&c.
incur.,
Int.,
Prepaid
8,249
10,807
25,553
29,924
29,205
25,567
Materials& supplies_ _ _
515
26,625
35,326
22.971
26,710
Miscellaneous
1,429,784 1,413,984 1,289,363 1,445,919 557,557 561,075
Total
LiabilitiesCommon stock
Preferred stock
Funded debt
Real estate mortgages_
Notes payable
Accounts payable
Miscellaneous
Interest on bonds,&e_ _
Div. on pref. stock
Profit and loss
500,000
120,000
580,000
1,800
165,000
38,949
2,829
16,4511
2,4001
2,355
500,000
120,000
580,000
1,800
125,000
54,842
1,334
20,8811
1
10,127
1,429,784 1,413,984 1,289,363 1,445,919 557,557 561,075
Total
the operating companies in 1914 were as follows: property,
of
assets
The combined
and supplies, $66,298, and miscel$3,088,812; current assets, $59,043; materials
p. 951.
laneous, $62,551; total, as of June 30 1914, 33,276,704.-V. 07,
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
American Light & Traction Co.-Stock Increase.See San Antonio Traction Co. below.-V. 100, p. 549.
Atchison Topeka & Santa Fe Ry.-Purchase of Small
Fe
Roads into Cushing Oil Fields.-The Oil Fields & Santa
RR., a subsidiary, recently incorporated under the laws of
Oklahoma on May 7, took over the Cushing Traction Co.
and Oil Belt Terminal RR. Consideration reported 00,000.
between Cushing and 011ton, Jennings
The properties consist of 27 miles
line in Creek County, of which 18 miles are
and Drumright, and a branch
the
only one reaching the great Cushing
be
to
said
is
in operation. The lino
oil fields.-V. 100, p. 1591, 1167.
Baltimore & Ohio RR.-Authorized.-The Maryland
P. S. Commission has authorized the issuance of the $40,000,000 2 and 3-year notes recently sold.-V. 100, p. 1591, 1508.
Bay State Street Ry., Boston.-Bonds Offered.-Bankers
have purchased from the company and are now offering at
83 and int., yielding about 5%,$190,000 Boston & Northern
on Aug. 1 last
The last distribution on the Series 1 certificates was $8
es ($2) was
in full of arrears. The initial payment on the Series 2 certificat
made on Feb. 10 1914
es.
Certificat
ion
Dividend Record of Participat
1915.
1914.
1913.
1912.
1909-11.
1908.
June,$4
$12
322
$6
None
34
Series 1
June,$2
$2
Series 2 -- __
-e-r-ies 1 cerEfficates, it is announced, places that
The action takenon the-s
ents. The current distribution
issue on a basis of semi-annual disbursem
of 4% due
will be made as of Feb. 1 1915, thus making the next payment
1256.
1343,
p.
100.
-V.
next.
Aug. 1
Chicago Rock Island & Pacific Ry.-Stockholders' Protective Committee.-A stockholders' protective committee has
been formed, which, it is stated, is entirely independent of
other interests in the property, consisting of-
r, W. Emlen Roosevelt,
Charles Hayden (Chairman), James S. Alexande
A. F. Van Hall. with Carter, LedW.J. Matheson, Francis L. Leland and
M. M. Ferguson, Secand
as
counsel
Babbitt
R.
K.
and
Milburn
&
yard
retary, 25 Broad St., N. Y.
The committee says in substance:
in the stock and that the conBelieving that there is a substantial value
to reorganize to the great benefit
dition of the company makes it feasible
of a large number of sharerequest
the
at
-named,
of shareholders, the above
prepare and submit a plan of reorganiholders, have formed a committee to
a plan that will permit the
formulate
to
endeavor
their
be
will
It
zation.
in accordance with the requirements
company to expand along sound lines to
servo and to place the property,
of the great territory which it aims
that it may rank with the most
condition
such
in
y,
y and financiall
235,000 physicallrailroads in similar and near-by territory.
efficient
of shares at
the intention of the committee to call for a adeposit
not
is
It
230,000 present, but if nothing unforeseen occurs,to wait until _plan has been ford the
understan
fully
g
may
mulated so that stockholders when depositin
proposed plan.
40,000 condition
of the company's affairs and the details of the
the
of
attention
the
4,943
engaging
is
already
plan
a
such
of
The working out
when
e,who are giving it earnest consideration,and it is hoped that
ers.
10,109 committe
completed it will meet the unanimous approval of the sharehold
350,000 235,000
150,000
500,000 230,000
2,000
38,500
210,000
10,260
44,242
798
14,4741 30,212( 8,756
1,1255
29,465
34,243 41,023
8,370
350,000
150,000
500,000
2,000
200,000
61,022
2,372
certificates (30,800
May 20; also, out of accumulated earnings, a dividend of
$2 on Series 2 certificates (30,800 parts), payable June 5 to
holders of record May 22.
Committee for 1st & Ref. 4s.-Harris, Forbes & Co. on
Wednesday announced:
&
amount of the First
IIarris, Forbes & Co., who have marketed a largesome
of the large holdwith
Refunding M. bonds, have been in conference life
insurance companies of
ers of these bonds, including the important to
a committee for
organize
concluded
have
interests
New York. Those
which and other dethe protection of this issue of bonds, the personnel of
tails will be announced in due course.
There has been some talk of a move to obtain the consent
of holders of the First and Ref. M.bonds to cancel the clause
mortin the mortgage which prevents the making of anotherbonds.
gage without the consent of all of the First and Ref.
Application.-Judge Carpenter in the U. S. District Court
ion.,
on May 13 set down for a hearing on May 26 the applicat
the
of the Amster stockholders' committee to intervene in1191.
suit in which the receivership was granted.-V. 100,p.
comChicago & Western Indiana RR.-Bonds.-The
pany on May 12 applied to the Ill. P. U. Con:1
530
th:0$10
authority to issue $13,000,000 bonds, to retireoo
y
ln for
iits propert
steen
5% notes due Sept. 1 1915 and for improxvyeem
for0,°°°
00
imexclusively leased to the Belt Ry., and $6,
Indiana as
provements on exclusive property of
a result of track elevation ordinances.
fs
te n r dn
o00
that have
e
$59
asked
which are reserved
In addition to the above, approval is also
to be las& r_
ov.
nds99
ad been brought out and of $384,000
alrey
. p1.
of
81
86
,2.
07
and
issue
.
.-0
y
a
original
under the consolidated M. to retire consoildate T.,bconAs, the proceeds
ing the last sale of
es
on
$2,066,000 represent
improvemy
of which have already been used for
or
and Belt Railways. A decision is expected
1672
THE CHRONICLE
[VOL. 100.
Cincinnati Hamilton & Dayton Ry.—New Committ
ees
Metropolitan Street By., Kansas City.—Authorized.—
man.—F. S. Smithers, formerly of F. S. Smithe
become a member of bondholders' protectivers &Co.,has Judge Hook in the U. S. District Court at Kansas City on
committee May 7 authorized the receivers to issue $592,500 certific
for general M. bonds.
ates
for improvements.
The committee now consists
of Chas. H. Sabin (Chairman), Henry
Bronner, Samuel L. Fuller, J. H. McCleme
nt, Gordon Abbott, F. S.
Smithers; Guaranty Trust Co., depoaita
ry; Jane, Larkin & Rathbone,
counsel. Compare V. 99, p. 1051, 1130; V.
100, p. 555.—V. 100, p. 1167.
Cincinnati New Orleans & Texas Pacific Ry.—Dividend
Unchanged.—The usual extra dividend of 23/2% has
declared on the $3,000,000 common stock in addition tobeen
the
regular semi-annual distribution of 3% (the
rates in effect
since Dec. 1911), both payable June 9 to holders
record
May 29. The extra declaration has been generallyof
reported
erroneously as 2%.—V. 100, p. 1592, 308.
Cleburne (Tex.) Street Ry.—Purchased.—
At auction, in uieburne
on May 4, the property was bid in for $7,500
by John W. Floore Sr., holder of the
1st mtge. Mr. Floore has ordered
six cars and will begin operating them
within 30 days.—V. 100, p. 900,229.
Colusa & Lake RR.—Discontinuance
Authorized.—
The Cal. P. S. Commission has authorized the company
to discontinue
operation of its road between Colusa
and Sitos, 22 miles. Passenger service was discontinued Aug. 4 1914 and
the company recently reduced its
freight service to three trains per week, but
with this reduction it is
stated, the companyVs running behind at the even
rate of about $400 per month.
The certificates have a prior lien on the loroperty ahead of
any bonds,
stocks or other obligations. The cost of all
extension and maintenance
work authorized will aggregate $679,460, but part will be paid
from earnings.
The Court directed that the $496,000 interest due
May 1 on the company's bonds be withheld for two weeks to see
if a plan of reorganization
satisfactory to all parties can be worked out.
The Court held that the company's obligations
to the city precede the
claims of the bondholders in the
event either of reorganization or foreclosure.
The city protested against
payment of interest until all the obligations
of the city had been met andthe
the
stated thatithere will be no extension
of the franchise on July 7 unlessMayor
a reorganization plan has been effected by
that time. The Court intimate
d that if a reorganization plan which appears
probable of being successfully carried
to pay interest, even if it meant the out is submitted, he would be inclined
issuance of receivers' certificates for the
purpose. Judge Hook laid
down several rules in regard to the reorganization,which,he said,must be
complied with before a plan would meet his
approval.—V. 100, p. 1592, 816.
Minneapolis & St. Louis
RR.—Authorized.—
The Illinois P. U. Commission
approved the issuance of $381,750
pref. and $2,141,550 com. stocks inhas
part
payment for Des Moines & Fort
Dodge RR., per plan V. 100, p. 642.—V.
100, p. 733, 642.
Missouri Pacific Ry.—Notice to Noteholders.
—Chairman
and President B. F. Bush, by adv. on another
page, urges
upon
the
holders
of
extende
d 3-year 6% Secured Gold Notes
Denver Laramie & Northwestern RR.—Sale.--Distric
t due June 1 1915, the importance of joining
Judge George W. Allen, at Denver, on May *7 ordered
in the one-year
the
extensi
on
of
these
notes
as
per circular of April 10 (V. 100,
sale of the road. Upset price $500,000.—V. 100, p.
981,641. p. 1258, 1349), in consideration of a cash commis
sion of M
Denver & Salt Lake RR.—New Officer.—
of 1%. Mr. Bush says:
Ward E. Pearson, son of Dr. F. S. Pearson,
lost his life on the LusiThe directors regard the collateral by which the notes
tania, will be shortly elected as a director andwho
are secured as
Chairman of the board to adequate, but under
succeed his father. Similar action, it is stated,
existing conditions it is not feasible to
place a new
expected to be taken by loan secured by that collateral. Accordin
the directors of the numerous other companies is
gly, an extension ofthe present
director or high executive official, or both.—V. in which his father was a notes is the only means of affording the recently elected board
100, p. 1167, 811.
an opportunity to prepare and submit to the security holdersof directors
a compreDes Moines City Ry.—Bondholders' Committee.—T
hensive financial plan which will adequately provide for
the
he
and
comfuture
needs of the Missouri Pacific System. Noteholderspresent
mittee named below, with headquarters at 202
are
urged
promptly to deposit their notes with Union Trust Co. of N. Y.,
or other
Bldg., Chicago, urges that the outstanding Harris Trust depositar
ies
designat
ed.—V.
100,
1349,
p.
1258.
($2,408,000)
Refunding Mortgage 5% gold bonds due April
Morris & Essex RR.—Guaranteed Bonds Offered.—Kean,
1 1921, be
deposited at once, but no later than June 18,
with the Illinois Taylor & Co. and Robert Winthrop & Co., New York, are
Trust & Savings Bank, Chicago, as deposit
ary. A circular offering at 853jand int., by adv. on another page,$2,250,000
dated May 3 says in substance:
First Ref. M. 3M% gold bonds of 1900, due Dec. 1 2000;
Under date of March 27 1915, you were advised
of the inability of tbe which after June 1 1915 will be a first lion. Principal and
company to pay the interest and sinking fund
due April 1 1915 on its 5% interest uncondi
Ref. M. gold bonds,and also as to the capitaliz
tionally guaranteed by endorsement by
ation and earnings of the
company, and the reasons for the
D. L. & W. RR. Co. A circular says in substance:
default. It is necessary that the interests
of the bondholders may be protected
. Accordingly a
bondholders' committee has been formed consisting of the following
members: Andrew J.
Frame, President Waukesha Nat. Bank,
Waukesha, Wis.; William Nelson
Pelouze, President of Pelouze Mfg. Co.,
Chicago, and, as Chairman,
Chester Corey, Manager of corporat
Savings Bank. The members of the ion department of Harris Trust &
e will act without compensation. See further particulars in V.committe
160, p. 1348.
Tax-exempt in New Jersey and exempt from normal Federal
tax.
Legal investment for savings bank and trustees in N. Y. N.income
J., Conn.,
R. I. and other States. A lien on all the railroad, terminals, lands,
ings, &c., owned by the company, subject to $9,177,000 outstand buildbonds due June 1 1915, provision for the retirement of which has ing 7%
already
been completed. After .June 1 1915 the
mortgage securing these bonds will
become a first lien on the entire property
Authorized issue, $35,000,000:
.
of this amount $25,313,000 bonds are outstanding, including tho $2,250,0
00
now offered; $510.000 are reserved
advances and other purposes, and
the remaining $9,177,000 bonds arefor
reserved to retire tho 7% bonds due
June 1 1915. The D. L. & W. RR. Co. will provide the money
from its
current funds to retire the 7% bonds maturing
Juno 1 1915, and will take
into its treasury the $9,177,000 3 % bonds reserved
for this purpose.
Dry Dock East Broadway & Battery RR., N.
Y.—
Decision.—The Appellate Division of the Suprem
this city on May 7 by a majority vote sustained e Court in
of the P. S. Commission on April 28 1914 denyinthe decision
cation for authority to make a refunding mortga g the applige and issue
Stockholders Claim that the Dividend Rate, Heretofore 7%,
bonds thereunder per plan, V. 96, p. 1628.
Should Be 8%.—The Stockholders' Protective Committee,
Justice. Dowling wrote the opinion, Justice Clarke
and
Hotchkis
s
con
George
curring. Chief Justice Ingraham and Justice Scott
C. Van Tuyl Jr.Chairman, urges, by adv. on
dissented.—V.100,p.54
Fairmount Park Transportation Co., Phila.—Sale. another page, that the st'ockholders unite in an effort to
— require the lessee to pay for past years as well as for
Judge Thompson in the U. S. District Court at Phila.
the future
on May 6, upon
the peition of the receivers, ordered the sale of the
entire property, subject the extra 1% on the stock called for by the lease under
to the first mortgage of $750,000.—V. 100,
cerp. 1078, 733.
conting
tain
encies,
and also to obtain 'as large a representaGeorgia Florida & Alabama Ry.—Authorized.—
tion
for
the stock on the board of directors at the annual
The I.-8. Commerce Commission has authoriz
ed the company to continue to own and operate the steamboat:Mile:bet
ween Carrabelle and Apal- meeting on June 30 as possible.
achicola Fla. The Commiss
ion finds
so long as their respective op- Much Condensed Digest of Committee's Circular
erations remain as at present, the boat thatis
Dated N.Y.,Aor.26.
only an extension of the rail
Dividends at the rate of 7% per annum upon our capital
line and the rail line does not, or mayline
stock have been
compete for traffic with the paid, but no payment of the additional 1%
boat line within the meaning of Section 5 not,
dividend las ever been made.
of
the
Act
to
Under
the
terms
Regulate Commerce,
of the lease this additional dividend is not payable
as amended by the Panama Canal Act.—V. 88,
unless in
p. 1437.
any calendar year 30% of the gross earnings of the leased
to a sum sufficient to pay (a) the interest on the outstand property amount
Grand Rapids (Mich.) Ry.—New Officers.—
ing
obligatio
ns and
liabilitie
s of the Morris & Essex Co. and (b) 10% on its outstand
Frank I. Silliman Jr., Philadelphia,
ing stock.
0. Cobb, New York, have
On Dec. 31 1874 the funded debt
been elected directors, succeeding C.and Bert
'was $14,873,
represented almost
Clark and A. G. Hodenpyl. entirely by 7%
bonds,and the floating debt $498,056000,
Louis J. De Lamarter has been electedM.
, a total of $15,371,056,
Treasurer, to succeed George L. producing an annual interest charge
Estabrook, who resigned, the office of Treasure
of about $1,076,000. On Dec. 31 1914
r thus being added to that the funded debt was $34,515,
of Secretary, already held by Mr. De Lamarter
000, represented by $9,845,800 of 7% bonds
.
S.
E.
and
Wolff
$24,669,
has
been
200
of
bonds,
made Assistant Secretary-Treasurer.—V. 95, p.
3 %
and the floating debt $359,118, the
891.
amount of the interest charge for that year being $1,661,8
The funded
Grand Rapids Grand Haven & Musk. Ry.—De
debt has, therefore, increased since 1874 $19.642,000, or 66.
132%, while the
cision.-- interest
The I. S. Commerce Commission recently
charge
has increased more than 50%, notwithstanding the fact
decided that the Crosby that
Transportation Co., by selling through tickets over
the greater part of the bonds now outstanding bears interest at the rate
the line of the Grand of only
Trunk Ry. (Detroit Grand Haven & Milwauk
3Y5% The capital stock from 1874 to date has remained at
ee) between Grand
and Milwaukee and refusing so to do
$15.000,000.
road owned is 118 miles in length, being substantially
via the Grand Rapids Grand Rapids
Haven the same as inThe
& Muskegon unduly discriminates against
1874. Its capitalization (capital stock and bonds) is now
the
electric
in
favor of the
road. The Crosby Transportation
$49,515,000, or over $400,000 a mile, as against about $100,000 a mile
is an independent companysteam
for
, but the Lackawanna.
is the exclusive carrier for the GrandCo.
Ry. between Milwaukee and
Grand Haven. The docks at MilwaukTrunk
The explanation of this extraordinary increase in the bonded debt
ee used by that
would
are owned seem to lie, first,
by the Chic. Milw. & St. Paul
Ry., but are leased bycompany
Lackawa
the
in
policy
nna
Co.
the
of
of charging the conthe Grand Trunk.
The dock at Grand Haven is owned by
the Grand Trunk.' It was urged struction account of the Morris & Essex Co. with practically all expendiby the latter that its ownership of the dock
tures for improvements and betterments on the property of that
company,
the right to exclude its competitor from its useat Grand Haven should give it while similar expendit
property
upon
ures
the
the
of
Lackawanna Co.
and enjoymen
Idaho Ry., Light & Power Co.—Reorgani t.—V.100,p.901 have been charged by it to operating expenses; and,second,to the factitself
that
zation
a
very
.—
large
expendit
proporti
ures made at the instance of
See National Securities Corp. below.—V.
on of the
the
100, p. 1509, 1168.
Lackawanna upon the property of the Morris gEssex appears
made for the benefit of the Lackawanna system and not for to have been
Interborough-Metropolitan Co.—Success of
the
benefit
of
Plan.—
It
the
Morris
&
Essex Co. as a separate corporation.
was stated this week that a sufficient
are advised by counsel that there is considerable doubt as
of assents and of We
to the right
pledges of stock had been received in number
the
Lackawa
nna
terms
the
of
Co.
under
the
lease
to obtain the issue of
favor of the readjust- bonds by the Morris & Essex Co. for expendit
ment plan (V. 100, p. 1510, 1437) to
ures such as elevation
of
heavy bridges, new buildings, terminal facilities, &c.
by the necessary amount on June 1. Noensure its approval tracks,
The lease
provides
for
the
issue
certain
bonds
of
for
specified purposes ohly,
dissent
s,
it
is
said,
viz.:
had been received.—V. 100, p. 1592, 1510.
(1 & 2) Completion (accomplished prior to 1874) of second track to
Phillipsburg and building of branch road from Denville (to Boonton)
; (3) LocomoLehigh-Buffalo Terminal Ry.
tives, machinery,cars and other equipments for said railroads
;
(4)
Construc
Corp.—
Contra
ct—The tion of any other railroads which the Lackawanna Co., in the exercise first contract was awarded late last month in
of
the rights conferred by the charter of the Morris & Essex
Co. or by the
flab construction of the freight and passeng connection with suppleme
nts thereto may desire to construct; and
"For all other things,
work or works, which" the Lackawanna Co."may(5)
built:Ai Buffalo, amounting,it is stated, to er terminal to be cise
desire
to
do
in
the exerof said rights. the cost of which is properly chargeable to
about $750,000.
construction
The p&.eenger station, which will be built
account.' The third purpose obviously does not
of Indiana
authorize expenditures
Main St, tending from Quay
e, will face of the characte
question
r
The
in
to Scott streets. A limeston
fourth
.
purpose
relates
other
tunnel
to
under Washuatou St.,
lines of
will extend railroad which might therafter bo construct
ed in the exercise of the rights
tracks. The aAte To thein the rear, reaching the,head-house, platforms and conferred
by the charter, and par. 5 seems to relate only to work
passenger station proper has already been
The freight terninall
done "In
cleared. the exercise of said rights,"
be located south and east of Scott
that
to
is
say,
rights
conferred
als
,is
by
streets, and this ate y111
the
and
being prepared for the beginning of Washington to construct•other lines of railroad. If this construction of the charter
work. The termLitis, Waen
lease is
construction upheld by the courts, a very large proporti
completed, are expected to represent
on of the interest heretofore
over $5,000,000. 'he P. Commiss
a sum charged against the company will be
ion on May 8 granted a certificat
eliminated in determining the right
convenience and ne...ssity..
e
of
of
the
stockhol
ders
The
additiona
to
formal
l
dividend
authorization in respect to the
s.
issuance of $50,000 chlital Stock
It is apparent from the annual reports of the Lackawanna Co.
and $5,000.000 debenture bonds
of oPrty
that there
to cover
the
been charged to the construction account
Morris & Essex the
acquisition257 pr733. and construction is expected at an early date. has
entire cost of the Bergen tunnels, of the changeofofthe
grade and line through
Newark,
Orange, Maplewood and Summit, and of other large expenditu
Lehigh Valley RI'..—contract
res.
The cost of the acquisition of the Hoboken dock
for Buffalo Terminal.—
,
property and a large proporSee Lehigh-Buffalo Tern.lai Ry
tion of the cost of the improvements thereon,
Corp. above.—V. 100, P. 1257, 733.
amounting to several million
dollars, have apparently been charged to the construction
account of the
MAY 15 1915.]
THE CHRONICLE
Morris & Essex. although there can be no doubt that the dock and terminal
property is used very largely by the Lackawanna in handling its coal business
in spite
and other through freight traffic. The committee is informed that
use of this
of this fact no arbitrary is allowed by the Lackawanna for the facilities
is
property, although such an allowance for the use of terminal
practically universal in railroad practice.
the
Notwithstanding the official statement that the gross earnings ofNew
Morris & Essex Co. have not been kept separately from those of other
in 1910
Jersey lines (whose gross receipts were believed by Pres. Truesdale
filed with
not to exceed $750,000), the M.& E. Co. has from time to time
purporting to
the Comptroller of the State of New Jersey annual reportsThe
so
show among other things the amount of its gross earnings. chargeearnings
plus 10%
reported, together with the apparent excess of interestforth as follows:
on capital stock in excess of 30% of gross earnings, is set
Excess
10% on
Interest
30% of
Gross
Calendar
ofInt.,etc.
Stock.
Charge.
Earnings. Gross Earn.
Year—
$9,777,504 $2,933,251 $1,689.390 $1,500,000 $256,138
1905
118,668
1,500,000
1.724,390
3,105.721
10,352,405
1906
137,950
1,500.000
1,724,390
3,086,439
10,288,130
1907
582,403
1,500,000
1,724,390
2,641,986
8,806,623
1908
234,933
1,500,000
1,724.390
2,989,456
9,964,855
1909
48,294
1,500,000
1.724,390
3,176,095
10,586.986
1910
54,842
1,500,000
1.777,473
3,222,630
10,742,102
1911
680,671
1,500,000
1,767,838
2,587,167
8,623,891
1912
626.531
1,500,000
1.783,180
2.656.648
8,855.404
1913
642.948
1,500,000
1,661,859
2,518,910
8,396,369
1914
The gross earnings as reported for the years 1906, 1907, 1910 and 1911
were therefore, it appears, well over $10,000,000, and in 1910 and 1911
30% of the gross earnings fell short by only about $50,000 of the amount
required to pay the additional 1% dividend. Nevertheless, while the
gross earnings for 1914, as compared with those of 1911, indicate an increase in the case of the Lackawanna of $2,663,226 (7.27%), there is an
apparent decrease in the case of the Morris & Essex of $2,345,733
(21.83%). These figures are significant when it is remembered by how
small a margin the reported earnings for the years 1910 and 1911 fell short
of the amount required for the peyment of the additional dividend to the
Morris & Essex stockholders. The Morris & Essex Co. is managed and
controlled by substantially the same directors as the Lackawanna Co.
On Juno 1 1915 the principal of the last remaining issue of the outstanding
7% bonds of the Morris & Essex Co. will become due; $9,821,000 of these
bonds were outstanding on Dec. 31 1914. After June 1 1915 the funded
debt should, therefore, consist entirely of 3A % bonds, upon which the
annual interest charge will be $1,225,000.
a
The committee representing a large amount of the stock has caused
both as
suit to be instituted against the Lackawanna Co. for antoaccounting
the expenditures
to the earnings of the Morris & Essex Co. and as by
the outstanding
charged against its construction account and represented
use of those
bonds and the bonds which have been refunded through theestablish
the
now outstanding. In this manner it is hoped not only tofor
past years,
dividend
right of stockholders to the payment of the extra
payment
the
insure
will
which
lease
the
of
construction
a
but also to obtain
of the extra dividend in the future. Similar action was taken some years
ago by the stockholders of the Albany & Susquehanna RR. Co., andresulted in the collection from the Delaware & Hudson Co. of a very large
amount of accrued dividends.
Stockholders are therefore requested to deposit their stock and file their
proxies as promptly as possible with the depositary, Metropolitan Trust
Co..49 Wall St., or with any of its agents as follows: Connecticut Trust &
Safe Deposit Co., IIartford, Conn.; Bridgeport Trust Co., Bridgeport.
Conn.; Union & Now Haven Trust Co., New Haven, Conn.; Rhode Island
Hospital Trust Co., Providence. R. I.; Albany Trust Co., Albany, N. Y.
Utica Trust & Deposit Co., Utica, N. Y.• Trust & Deposit Co. of OnonCo. Buffalo, N. Y.; National
daga, Syracuse, N. Y.•, Bankers Trust'
Newark, N. J.; National Iron Bank, Morristown,
Banking Co.,Newark
V.
p.
100,
1510.—V. 100, p. 1592.
N. J. See also
1673
New York New Haven & Hartford RR.—Authorized.—
The P.S. Commission on May 5 approved an issue of $13,000,000 15-year
5% gold debentures of the Harlem River & Port Chseter RR. to take up
$10,000,000 6% 1-year notes due May 11915, and $3,000,000 6% demand
notes dated May 1 1914. The debentures have been all deposited under
the $27,000,000 one-year 5% notes of the New Haven company recently
sold (V. 100, p. 1349, 1438).—V. 100, p. 1510, 1438.
Northern Electric Ry., San Fran.—Status of Reorgan'n.
The "San Francisco News Bureau" of May 4 said: "The plan of the bankers' committee for re-financing was well received at a meeting of the creditors in San Francisco recently, according to A. Bonnheim, Chairman of the
committee. At a meeting to be held next Friday or Saturday, underlying
bondholders will report back to the committee their opinion of the plan by
which the bankers hope to save the road from a foreclosure sale. All underlying bondholders will be consulted and an endeavor made to get them to
back the re-financing plan. Bonnheim's committee reported that 214 of
the 400 creditors of the line had subscribed to the re-financing plan as outlined by the bankers. Bonnheim declares that, with the support of the
underlying bondholders, the re-financing plan willIbe a success, and the road
saved from a foreclosure sale. See V. 100, p. 1593, 1259.
Oregon-Washington RR. & Navig. Co.—Authorized.—
The I.-S. Commerce Commission has authorized the company to continue to operate boats on the Willamette and Columbia rivers, Lake Coeur
d'Alene and the Snake River. The Commission holds that the company
does or may compete with its boats within the meaning of the Act, but that
this operation is in the interest of the public. The rates, fares, schedules
and regulations of these boats governing traffic subject to the Act must
henceforth be filed with the Commission.—V. 99, p. 538.
Pacific Gas & Electric Co.—Authorized.—The Cal. RR.
Commission has authorized the company to issue $1,960,000
common stock, now in the treasury, to holders of its common
stock as a 6% dividend.
The board will meet within a few days and issue the stock to common
stockholders as two dividends of 3% each, one payable at present and the
other later in the year.—V. 100, p. 1593, 1587.
Pennsylvania RR.—Bonds Sold.—Kuhn, Loeb & Co. on
Tuesday, May 11, announced that the entire issue of $65,000,000 General Mortgage 432% gold bonds had been sold.
Compare V. 100, p. 1593, 1259.
Pere Marquette RR.—Suit.-A suit was filed in the U. S. District Court at Detroit, Mich., on May 10
on behalf of the Farmers Loan & Trust Co., as mortgage trustee, and certain bondholders, to restrain the enforcement of the 2-cent passenger rate
law in respect to the company on the ground that it is confiscatory in preventing a reasonable return on the investment. A similar suit by the Ann
Arbor RR. is pending in the local courts.—V. 100, p. 1438, 1169.
Portland (Ore.) Railway, Light & Power Co.—Report.
See "Annual Reports" on a preceding page.
Ordinance Regulating Motor 'Buses in Portland.—This ordinance is summarized as follows:
(I) Must obtain license specifying routes over which jitney is to operate, the seating capacity of jitney and the schedule of trips to be maintained. (2) Routes must not be changed or license transferred without
permission from Commissioner. (3) Service must be continuous from
6 to 10 a. m. and from 3 to 11 p. m. barring accident. (4) Passengers
limited to seating capacity. (5) License fee $2 per month for eacn jtney
having a seating capacity of seven or less and 25c. per month for each additional seat. (6) Violations of ordinance punishable by fine not exceeding
$100 for each offense.—V. 100, p. 1511, 1438.
., N.
National Securities Corporation (of Va.)
• Acquisitions, &c.—While no official information is available
Sale.—The Govt.on:April 26took title to the canaland locks
regarding the amalgamation which the Electric Bond & Share
Co. has in progress under this temporary title, it is learned around the Willamette Falls at Oregon City, Ore. The confrom testimony given on April 26 before the Idaho P. U. sideration was $375,000.
Fidelity Trust Co. of Philadelphia, trustee under the Portland By..
Commission that the National Securities Corporation has L.The
& P. 1st & Ref. M.and the Bankers Trust Co. of N. Y., trustee under
acquired $9,000,000 of the reported $9,025,000 bonds of the Portland General Electric Co. 1st M. have formally consented to reof the property from the lien of those mortgages. This opens the
the Idaho Railway, Light & Power Co. having offered in ex- leases
Upper Willamette River to free navigation, cargoes having been subject
change for each of the deposited $1,006 bonds the following: to
tolls heretofore of 50 cts. per ton of freight and 10 cts. for each passenger.
$400 in debenture bonds, $400 in income bonds and $300 —V. 100, p. 1511. 1438.
common stock. The property will no doubt be bid in at the
St. Louis Southwestern Ry.—Bonds.—
The company on May 3 applied to the P. S. Commission for authority
approaching foreclosure sale.
to issue $535,000 First Terminal & Unifying M. 5s.—V. 99, p. 1911.
The aforesaid sale Is advertised for June 14 at Boise City. Upset price,
$4,542,750, subject to certain underlying divisional mortgages, taxes, &c.
San Antonio Traction Co.—Stock Increase.—
owned
in
properties
fee,
bonds
and
certain
stock
the
It will include, with
The company has increased its capital stock to $2,500,000. The $1,in Idaho-Oregon Light & Power Co. and Owyhee Irrigation Power Co.; also 100,000 new stock has been subscribed for by the stockholders. See
stock of Idaho Power & Light Co., Idaho Traction Co., &c.
Southern Light & Traction Co. in "Electric Ry. Section."—V. 98, p. 1073.
Control of the property of the Idaho-Oregon Light & Power Co. has been
San Francisco-Oakland Terminal Rys.—
obtained under the terms offered holders of the First & Ref. M.6% bonds
See United Light & Power Co. under "Industrials" below.—V.100,p.142.
of 1907 by plan in V. 100, p. 1168. Said property has been sold under foreclosure (subject, it is understood, to $513.000 divisional bonds, viz.: $478,San Joaquin Light & Power Corporation.—Bonds, dcc.
000 Boise-Payette River Elec. Co. 1st 6s due Oct. 1 1921) and $35,000
Inter-State Light & Water Co. 1st 5s), and it is supposed will be taken over —N. W. Halsey & Co. have purchased the first issue of
Power
Co.,
in
which was incorporated
through the medium of the Idaho
-year First & Ref. M. bonds and
Maine on May 5 1915 with $10,000,000 of auth. cap. stock. Negotiations $1,582,000 series C 6% 40
are pending with the security-holders of the Great Shoshone & Twin Falls are offering them at par and int.
Water Power Co. (now in receivers' hands) for that property (V. 100, 11•
The issuing of these bonds was sanctioned on May 4 by the Cal. RR.
1081) and with the American Water Works & Electric Co. for the control of Commission
in connection with its approval of the other features of the finanthe Southern Idaho Water Power Co. (V. 99, p. 1533; V. 96, p. 1777).
cial plan (outlined in V. 100, p. 738) conditional upon the company's submitting a plan for securing any further funds necessary to defray the cost
Capitalization of National Securities Corporation—Now to be Issued.
of the needed extensions, additions and betterments other than through the
Notes subscribed for at 90
Collateral 10-Year 6% (Prior Lien) Gold Dated
sale of bonds. The proposition to issue 6% prior lien stock to provide new
July 1 1914, due
with a bonus in common stock.
money and retire the present preferred is, 16 is understood, held in abeyally
on
int.
interest
and
day.
Int101
at
red.
but
July 11924,
ance, but may later be put in effect.—V. 100, p. 1511. 738.
erest J. & J. in N. Y. Denom. $1,000 and $500. Total authorized $10,000,000. (Immediate issue, it is understood,
Southern Pacific Co.—New Director.—
not to exceed $3,038,000)-------------------------------- Not stated
General Thomas H. Hubbard has been eletted a director to succeed
Hugh Neill, who resigned.—V. 100, p. 1259, 813.
Thirty-year 6% gold debenture bonds, issued under agreement
dated July 1 1914 with Astor Trust Co. of N. Y. as trustee.
Toledo St. Louis & Western RR.—Decision.—The
Denom. $100, &c. To bear a fixed interest of 6%, of which
in 1916,5% in 1917.
3% must be paid in cash in year 1915,4%
S. District Court at Toledo, 0., on May 10 granted perU.
difference
The
thereafter.
the
between
and the emir° 67
mission to the Central Trust Co. of N. Y., as trustee under,
foregoing rate and °6% to be paid in cashinif earned; otherwise
cash on or before
in certificates of indebtedness payable
the collateral trust M. of 1907, and the stockholders' protecDec. 1 1918. The debentures are callable upon any interest '
tive committee,to intervene in the suit in which the receiver
date at 101 and int. and at option of holder are convertible
at any time into pref. stock. Auth.,$10,000.000;issuable, abt.4,000,000 was appointed.—V. 100, p. 1511, 1350.
Thirty-year 6% income bonds, issued under agreement dated
Virginia Railway & Power Co.—Decision.—
July 1 1914 with Bankers Trust Co.of N.Y.as trustee. RankJudges Keith and Cardwell in the Virginia Supreme Court on Apr. 23
ing next in priority to debentures and, after interest in full on
sustained the decision of Judge Crump in the Law and Equity Court, whq
the debentures, entitled to receive as interest the earnings up
denied the application of the company for an injunction restraining jitney
to 6% on amount outstanding. Denom. $100, &c. Conbusses from operating on streets in Richmond without a franchise. The
vertible, at option of holder, into prof stock. Auth., $10,the defendants,in running their vehicles, do not make use
4,000,000 Court held that asway
000,000; issuable, about
similar to that of street railway, gas, electric-light,
the streets in a
of
Preferred stock, 7' cum. after Jan. 1 1919. None is to he prescompanies,
designated in Sec. 124 of the constitution and '
&c.
telephone,
ently issued and, when issued, will be for the conversion of the
Virginia, they do not come within the purview either of the
'
of the Code of
cash,
or
for
for
or
the
incomes,
equivalent
debentures and
requiring them to obtain the consent
legislative
or
provisions
constitutional
None of the municipal authorities before running vehicles along the streets, and
thereof in property. Auth. reported as $6,000,000
further, that if, by reason of the:more continuous and constant use of the
Common stock (or voting trust certificates). Authorized, $15,streets and of the number of motor vehicles the general public is incommoded
000,000. Issuable (about $3,000,000 to go to bondholders,
or inconvenienced, in the ordinary use of the streets to,,/vhich the citizens
remainder wholly or largely, it is understood, to be taken by
7,000,000 of the State are entitled, this Is a matter that calls Per regulation by the
Electric Bond & Share Co.), about
municipal authorities and is not sufficient to call into action the judicial
1914;
25
Nov.
dated
trustees,
E.
Pomeroy
Daniel
Voting trust agreement
department of the Government. The Council Committee on Streets has
and others.—V. 100, p. 1168, 1516.
fixed May 17 for an initial hearing on the application for a new blanket
Orleans Texas & Mexico RR.—Payments.—The franchise.—V. 100, p. 1259, 557.
New
Wabash RR.—Listed.—The N. Y.-. Stock Exchange has
Guaranty Trust Co. will pay on May 15 the principal of the
$56,000 Series "B" equipment notes, due March 15 1915, listed $5,000,000 additional First Ref. & Ext. 50-year 5%
also the coupon duet March 15 on the $1,008,000 notes, with bonds, due 1956, making the total amount listed to date
,.48,602,000.
interest at 5% to date of payment.—V. 99, p. 1215.
1674
THE CHRONICLE
The bonds formed part of the collateral deposited under the $5,000.000
4 % notes of 1905 (extended to May 1 1913), which upon the default in
payment of principal and interest was purchased at foreclosure sale in
March 1915 in the interest of the noteholders' committee (John W.Platten,
Chairman). See V. 100, Po• 557.
[VOL. 100.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Alaska Gold Mines Co.-Annual Report.-
This company, of which Charles Hayden of Hayden, Stone & Co is,
President, recently issued its annual report for the year 1914, containing
balance sheet and other information already covered in part by the statement to the New York Stock Exchange which was published in the "ChronEight
Operating
Net (after
Balance,
Other
Total
icle" of April 3 1915, pages 1175 and 1176. The pamphlet report contains
Months- Revenues.
Taxes).
Deficit.
Income. Deductions.
1914-15
$19,690,750 $3,932,740 $274,699 $5,539.451 $1,332,012 panoramic views of the mill at Sheep Creek and accessories, of the westerly
end of the Alaska Gastineau Mining Co.'s property and of the Sheep Creek
• 1913-14
20,766,798
3,749,522
Deductions as above ($5,539,451) include in 1914-15, rentals. $1,156,959; improvements; also a map showing plan and sections of the Perseverance
interest on bonds, &c., $2,079,318; hire of equipment, $787,901; int. on mine, &c.-V. 100, p. 1175.
receivers' certificates, $622,750; road and equipment expenditures; $597,Amer. Pipe & Construction Co., Phila.-Bonds.594; miscellaneous, $294,929.
See Vermont Power & Mfg. Co. below.-V. 100, p. 640.
These $5,000,000 bonds have been deposited with the Platten noteholders'
committee.-V. 97, p. 1901, 1594.
Earnings.-For 8 months ending Feb. 28:
American Telephone & Telegraph Co.-TranscontiWestern Pacific Ry.-Statement to Bondholders.-The
Telephone Service Extended to Los Angeles.First Mortgage Bondholders' Protective Committee, Chair- nental
Transcontinental telephone service, inaugurated between New York and
man Alvin W. Krech, 37 Wall St., N. Y. City, in circular of San
Francisco some time ago, was extended on May 10 to Los Angeles, a
May 1 say in subst.(compare adv.in last week's"Chronicle"): total distance of 3,475 miles. The rate for a 3-minute talk between New
York and Los Angeles is $22 20. and for each
The company's line of road, upon which the $41.1.925,000 bonds now outstanding are a first lien, extends from Salt Lake City to Oakland, by way of
Sacramento and Stockton. The company possesses adequate terminals
in San Francisco, which are connected by ferry with other valuable terminals in Oakland. It also has the joint use of terminals in Salt Lake City.
The road was well built(V. 88, p. 565), and we are informed that it has cost
to date, including amounts paid on account of interest and deficits in operation during .the construction period, upwards of $84.000,000. Its grades
and curvature are extraordinarily light, considering the country traversed.
A large part of its territory, however, is undeveloped. The road has practically no branches or feeders and is compelled, to a large extent, to rely,
for the gathering of its eastbound traffic, upon competitive lines under unfavorable arrangements for divisions of rates.
The road has never earned the interest accruing upon the 1st M. bonds.
During the last two years it has been necessary to begin the replacement of
ties, trestles, tunnel linings, &c., and generally to provide for maintenance
in amounts considerably.in excess of the normal average. The published
reports of the Denver & Rio Grande RR. Co., the majority stockholder,
show the earnings since the conclusion of the construction period.
Years ending June 30- -8 Months ending
Western Pacific
Ry. Earnings- 1914.
1913.
1912. Feb.28'15. Feb. 28'14.
Operating rev...$6,099,573 $6,173,628 $5,258,532 $3,734,053 $4,371,983
Net appl. to int.
„ (aft. taxes, &c.) $321,507 $1,040,330 $564,214 $281,733 $276,184
We are advised that, in order to place the property in condition to be operated with reasonable hope of a fair return upon the investment represented by its 1st M. bonds, large amounts of money should be expended for
replacements, betterments, equipment nad the construction of feeders and
extensions. The committee expects, as soon as practicable, to cause an
examination of the property and an inquiry concerning its management and
the amounts necessary to be expended in replacements of and betterments
and additions to its road to be undertaken by our experts. The results
will be communicated to depositors.
The interest upon the 1st M. bonds is guaranteed by the Denver & Rio
Grande RR. Co., both by indorsement of a guaranty in ordinary form upon
the larger part of the bonds (bonds were indorsed upon demand beginning
in 1908) and, in effect, through the medium of an agreement pledged under
the Western Pacific 1st M.(which was entered into by the predecessors of
the Denver Co. and a.ssumed by it), by the terms whereof the Denver Co.
is bound to make good all deficits in operating expenses and amounts payable by it for taxes and for interest and sinking fund installments (V. 88,
p. 102, 1130). These obligations tho Denver Co. discharged, at least substantially, until after the beginning of the current year. Both the Western
Pacific Co. and the Denver Co. defaulted in the payment of the installment
of interest upon Western Pacific 1st M. bonds which fell due March 1 1915.
The reports of the Denver Co.(V.90, p. 887,899)show its own earnings:
Years ending June30--8Months ending-Denver (4.: Rio Gr. 1914.
1913.
1912. Feb.28'15. Feb.28'14.
Earnings$
Operating rev__ _23,167,051 24,452,965 23,280,403 15,019,615 16,604,642
Net(aft. pay.op.
exp., tax., rent.
and D.& R.0.
int. charges)__. 1,400,375 2,094,180 1,144,763
736,955
956,286
Add'ns, sk. fd. &
344,816
137,844
renewal fund__
636,808
See below
- Balance
1,055.559 1,457,372 1.006,919
Appropriations for sinking fund and renewal fund during the 8 months
ending Feb. 28 1915 amounted to approximately $191,000.
The Denver Company has a secured indebtedness, created by it since
1908 of approximately $44.000,000. and, in addition, is liable upon divisional mortgage indebtedness created by its predecessor companies
amounting to about $80,000,000-making a total funded debt, including
equipment trust obligations, of about $1'24,000,000. Prior to March 1
1915 the Denver Company and the Utah Fuel Co., one of its subsidiary
corporations, provided, for use in payment of Western Pacific 1st M. bond
Interest, approximately $13,500,000, and for all purposes had invested
In the Western Pacific enterprise, in excess of the proceeds of 1st M. bonds,
a total of approximately $35,000,000 cash. The Denver Company and its
subsidiary, the Utah Fuel Co. held on Feb. 28 1915 claims against the
Western Pacific Co., represented by 2d M. bonds, notes, traffic and carservice balances and other open accounts and accruals of interest, amounting
in the aggregate to $51,817,084. (Compare V. 95, p. 624).
During the autumn of 1914 and the winter of 1914-15, certain members
of the undersigned committee held conferences with representatives of the
Denver Company looking to readjustment of the finances of the Western
Pacific Co. Pending these negotiations a suggestion was made that the
State of California might purchase the property following foreclosure sale,
paying therefor in California State bonds. This suggestion, however, has
not been received in a manner to justify us in assuming that the plan would
be favorably acted upon by the State. The deposit agreement referred to
below, nevertheless, permits such arrangement if it bo practicable.
A suit to foreclose the first mortgage has been commenced in the U. S.
Dist. Court for the Noah. Dist. of California by the Equitable Trust Co.
of N. Y., as mortgage trustee, and F. G. Drum and Warren Olney Jr. of
San Francisco have been appointed receivers of the property. The committee contemplates giving immediate consideration to the question whether
proceedings should not also be brought by the trustee to enforce, upon
behalf of the bondholders, both the direct guaranty of interest and the
obligation of the Denver Company with respect to interest and other payments contained in the agreements pledged under the Western Pacific 1st M.
This committee represents a very large proportion of the outstanding 1st
M. bonds and the deposit agreement 'provides that the concurrent action
of three-fourths of the committee shall be required for the adoption of a
plan of reorganization or to amend the deposit agreement or enlarge the
committee. It also provides that there shall be opportunity for depositors
to withdraw (on payment of their shares of the expenses of the committee)
In case (a) no arrangement for the disposal of the property to the State of
California has been made and no plan has been adopted or is pending on
Jan. 1 1916;(b) following the adoption of any plan of reorganization which
they may not approve, and (c)in case no plan has become operative or is
under submission to depositors on Jan. 1 1917.
All holders of Western Pacific 1st M. bonds are urgently advised
deposit their bonds at once in order that. the committee may proceed, to
either
by negotiations, suit or otherwise,as may seem to it wisest, to
preserve and
realize upon the interest of the bondholders.
N. Y. counsel to committee: Byrne & Cutcheon, 24 Broad St., N. Y.
City. For names of committee see V. 100, p. 1594.
Wheeling & Lake Erie RR.-Ramsey Directors Retired.-
New directors: James C. Chapin, V.-Pres. Colonial Trust Co., Pittsburgh; Meigs It. Whiples, Hartford, Conn.; Richard Sutro, New York;
C. L. Harper, V.-Pres. Merchants' Union Trust Co.. N. Y.; W. It. Woodford, Pres. River & Rail Coal Co., Cleveland.
Old directors retired: Joseph Ramsey Jr. (Pres.), John Taussig, W. D.
Holliday, F. J. Palmer and Charles Fcaron.
Old directors remaining: William It. Nicholson, Phila.; E. S. Cook,
Myron T. Herrick, William D. Turner, H. W. S. Wood, A. W. Seibig,
E. A. Foote, H. Boehmke, F. A. Maiden, Cleveland; R. D.Cohen, Steubenville, 0.
The elimination of control by the Ramsey men, it is said, brings about
harmony among the other directors.-V. 100, P. 1350. 813.
-V. 100, p. 1351. 1169.
additional minute $7 10.
American Tobacco Co.-Government Report.-
Former Commissioner of Corporations Davies, now Chairman of the
Federal Trade Commission, on May 9 submitted to President Wilson
Part III of his report on tho tobacco industry, showing the effect of the
court decree of dissolution. Among the conclusions stated are:
A study of prices, costs and profits in the industry indicates that the
decree has resulted in the successor companies competing with each other
In most branches, but has not affected wholesale or retail prices. The
successor companies have won business from smaller concerns in some
branches and lost to them in others. As a result of competition the rate of
profit of the successor companies, although still high, has been reduced.
In general, competition has seriously reduced the profits of the other
companies. The reduction has not been caused by increased cost of manufacture, but of distribution, chiefly for advertising, as the sale of tobacco
products depends largely on advertisement of brands. The cost of advertising of the "combination"for the branches covered by the report amounted
in 1910 to about $11.000,000. The successor companies in 1913 spent over
$23.500,000, and while there was an Increase in the volume of business, the
ratio of advertising expenses to sales was nearly twice as largo in 1913 as in
1910, the most marked increases being in plug cut smoking and domestic and
blended cigarettes. The aggregate profits of the successor companies in
1913 were $29.735,958, or about $1,230,000 less than the profit of the
combination for the same branches in 1910, in spite of a marked increase in
the amount of sales.
Few of the independents have prospered, except the larger ones engaged
In producing a varied line or some small companies having an especially
popular brand. This is due chiefly to the higher ratio of costs to sales,
not on account of differences in leaf costs, but to high expenses in other
items of factory costs apparently because of small scale operations and loss
efficient organization, and also to a marked disadvantage with regard to
the cost of distribution.-V. 100, IL 895, 644.
Atlantic Gas & Electric Co., N. Y.-Salc.-Plan.The securities and assets of the company wore recently
(V. 100, p. 1169) bid in at foreclosure sale by W.S. Barstow
& Co., Inc., New York, under plan of Jan. 15 and have
been transferred to General Gas & Electric Co. (which see
below) as of Jan. 1 1915. The new securities, issuable by
that company, under the plan, have not yet been distributed
but will be on completion of necessary prelimin- arios.
Former Outstanding Securities of Atlantic Gas & Electric Co.
First lien bonds, Series A_31.666,000 I Pref. 6% stock
$2,058,700
do Series B. $806,5001Common stock
do
do
$3.877,400
Note.-All the Series B bonds and all except $3,000 of the A bonds came
in under the plan. (Guaranty Trust Co., depositary.)
For the purpose of acquiring the securities pledged to secure the
aforesaid A and B bonds (See V. 97, p. 1585; V. 100, p. 1169) [in other
words,in effect to take up the A and B bonds -Ed] the following securities
of the General Gas & Electric Co. (see that company below) will be used
along with certain of the latter's assets:
Ten-Year 5% Gold Bonds (to an amount at face value equivalent
to the amount at face value of said Series A'bonds outstanding.
Dated Jan. 1 1915 and due Jan. 11925, but all or any part
red. on any interest day at par and int. Denom. $1,000 and
$500 (c*). Interest J. & J. in N. Y. Payable without deduction for any taxes, except any Federal Income tax. Secured by pledge with Guaranty Tr. Co. of N. Y., as trustee,
of the following securities: (a) $100,000 pref. stock (all) and
$150,000 common stock (all) of Sayre El. Co.(V. 97, p. 1290);
(b) $729,100 7% cum. pref. stock, $144,000 5-year 6% construction and purchase money notes of 1912 (withdrawable
for 75% in cash), and $90,000 promissory notes of Eastern
Pennsylvania Power Co.; (c) $24,500 promissory notes of
Pennsylvania Utilities Co.;(d) $48,800 ofthe $116,500 capital
stock of Morris & Somerset Elec. Co. (V. 97, p. 1587);(e)
1 M. bonds, $2,500 Slate Belt El. St. Ry. Co., $14,000
Jersey City Hoboken & Paterson St. Ry., $6,000 Chemung
Land Co.;(f) $81,750 cash;(g) other cash stock, bonds, notes,
&c., hereafter deposited. Total authorized
$1,411,000
Three-Year 6% Secured Gold Notes, dated April 1 1915 and due
April 11918, but red. all or any part at 101 and int. Interest
payable A.& 0.in N. Y. Payable without deduction for any
tax, except any Federal Income tax. Total auth. $1,200,000.
to be secured by pledge with Guar. Tr. of N. Y. as trustee of
(a) on issue of first $350,000 of notes, $500,0110 of the $750,000
(closed) 1st consol. M. 30-year 5s, $805,000 common stock
and $700,000 promissory note of 1915 due April 1 1920 of
Pennsylvania Utilities Co.;(b) On issue of additional 8650,000
notes, as now proposed, to refund the $650,000 collateral 6%
notes of 1913, $800,000 common and $500,000 pref. stock
(entire capital stock) of Northwestern Ohio Ry., $120,000
stock of Western Power & Lt. Co. and $500,000 common and
$100,000 prof. stock of Sandusky Gas & El. Co. (company,
however, may omit $500 from each of these three amounts
of common stock; (c) On issue of final $200,000 notes, further
collateral the principal (par value) of the additional notes not
to exceed 70% of the appraised value thereof. The immediate
proposed issue of these notes is $1,000,000, of which there were
Lssuable in connection with the aforesaid purchase of securities_
350,000
Convertible Pref. Stcck, non-cum following $1,000,000 6-7% nonvoting cum. pref. stock)_
---------- ----- - ------- 2,500,000
There will also be delivered in exchange foreach fo shares --------- of
preferred stock of Atlantic Gas & Electric Co. deposited 10 shares of the
convertible pref. stock of the General Gas & Electric Co., provided the
depositor in respect of each said 10 shares make either (Option 1) a 25%
subscription ($250 cash as to each $1,000 stock deposited) in four equal
installments payable Jan. 31, March 31, May 31 and July 31, or optionally in full at any time prior thereto. (Interest to be allowed at 6%
from date on any payments until the definitive securities are delivered.)
and receive in return for said subscription; (a) $250 Construction and Pur.chase Money notes of the Eastern Pennsylvania Power Co. of Pa. dated
Feb. 1 1912, and due Feb. 1 1917, but to be extended to Feb. 11925 at 5%
interest, being part of the $1.500,000 issue referred to in V. 94, n. 210),
or at his option,at time of subscription; $300 present Pennsylvania Utilities
Co. 5% first consolidated refunding bonds (issue now closed at 3750,000),
and (b) $125 of Convertible Prof. stock and $125 common stock of General
Gas & Electric Co. (Option 2). A 223 % subscription ($225 in respect
of each $1,000 stock deposited), payable 25% on or before Jan. 31 1915,
25% March 311915. 25% May 31 1915, 25% July 311915, or optionally
in full at any time prior to July 31 and receive for each $225 so paid
$200 6 and 7% pref. stock; $200 convertible(pref. stock and ,$100 common stock of General Gas & Electric Co.
Each depositor also of 10 shares of common stock of the Atlantic Gas &
Electric Co. shall receive therefor 5 shares of the common stock of the
General Gas & Electric Co., provided that as to each of salcl 10 shares
deposited he shall make a subsc Litton under opl I ns 1 or 2 above , I. e,
undcr either the 223-4% subscription plan, or the 25% subscription plan
MAY 15 1915.1
THE CHRONICLE
Both said purchase money notes of Eastern Pennsylvaila Power Co.
and the Pennsylvania Utilities Co. 5% First CoAsol. Ref. bonds, issuable
under option No. 1, are to be stamoed with an agreement that at the time
when and at any time after the General Gas & Electric Co. shall pay
dividends of 3% in any one year on its convertible pref. stock,the holders
of said notes or bonds will exchange them for bonds of the Pennsylvania
Utilities Co. bearing not less than 5% interest, and secured by a general
mortgage at least equivalent in lien to the present 5% Pennsylvania
Utilities Co. First Consolidated Refunding mortgage providing for reserved
bonds under the usual restrictions for construction,&c.
Unsecured cash creditors of the Atlantic Gas & Electric Co. or of the
Atlantic Construction Co. able to establish their claims will either (a) receive 10% of the amount of his claim in cash and the amount of his claim
less any fraction of $100 in convertible pref. stock of the General Gas &
Electric Co.; or (b) may subscribe under the 2234% subscription plan
of such reduced amount of his claim on account
and be credited with 12
of the subscription to be paid under said plan.• In either event, any
security so received shall be withheld from sale by the recipient for the
space of one year from Feb. 1 1915, sinless permission to sell shall be given
in writing by W. S. Barstow & Co., Inc.
See also Gas & Electric Co. below.-V.100, P. 1513, 1351.
Bituminous Coal Cos.-Eastern Ohio Settlement.-
1675
of its property, which would reduce for both years the net income of Consol.
Lt. & P. Co. (as shown below). Since this is a public utility corporation.
serving several cities, it has been necessary to use all of the net income
to meet the expenditures necessary to preserve and maintain the property.
give efficient service and meet the demands of the public. Since our
appointment, the number of service connections has increased 25%•
The only income-producing properties of the estate, Chippewa Construction Co., are the gas and electric light plants at Greenville, Mich. Recently
replacements and improvements to the gas plant were recommended at a
cost of above $2,500 The bondholders have appointed a committee to,
investigate whether they would advance this amount.
The appeal of Chas. S. Abbott and Clark 0. Field in the case of the
Construction Co. have now been filed and hearing may be had thereon at
the January term of the Supreme Court. In the meantime the order of
sale remains in abeyance.
Although the assets of the Consolidated Light & Power Co. could now
be sold, it does not appear at this time, advisable to attempt to make a sale
independently of the Chippewa Construction Co.
Earnings for
-Consol. Lt. ee P.Co. Chippewa Const. Co.
Years endingNov.1'14. Nov. 1 '13. Nov. 1'14. Nov.1'13.
Gross income
$21,722
$58.478
$50,203
$22,651
Net, exci.of deprec.rec.fees,&c. 11,026
10,071
1,829
2,646
Compare V. 95, p. 1210; V. 97, p. 1901.
An agreement was reached late on Saturday last at a joint conference
Denver Reservoir Irrigation Co.-Status.-Abel Davis,
of the Eastern Ohio coal operators and miners' officials. The operators'
association authorized its committee to sign the contract, and this was Vice-Chairman of the bondholders' protective committee,
done on May 14. The delegates at the United Miners' Convention
at Wheeling, W. Va., on May 12 ratified the agreement by a vote of 91 to 4. 69 W. Washington St., Chicago, writes:
Operators will at once begin cleaning up the mines, which it is stated will
The plan of reorganization was put into execution substantially as out
be running half shift by June 1. The direct cause of the strike was the
in the original agreement of July 15 1912 and as modified by supple"'
passage of-the Green anti-screen law which forced operators to pay for all lined
report of Aug. 1 1913.
coal mined instead of for the lump coal only. This law was practically mental
The assets of the company and its subsidiaries were conveyed to the
annulled by the Gallagher bill, passed by the present Legislature, but the Chicago
Title & Trust Co. as trustee. Out of the proceeds of the sale of
settlement had been reached when the new law was enacted.
the assets the following obligations are to be paid in the amounts shown and
The chief points embodied in the now agreement are:
in
of their priority:
the
order
(1) Wage scale of 47 cts. per ton, mine-run basis, of which 39 cts. to
miners loading coal and 8 cts. to minors operating cutting machines;(2) pen- First-Committee 6% notes, issued and sold to provide for discharge of all of the underlying obligations and debts of the
alty clause providing for assessment against miners for loading dirty coal;
Denver Reservoir & Irrigation Co. and the Farmers' Reser(3) penalty for unwarranted strike or unjust lockout; (4) provisions for
voir & Irrigation Co.)_
$2,650,000
arbitrating all questions in dispute as to the construction of the contract;
(5) provision for discharged miners to appeal to arbitration; (6) retention Second-Class A certificates. (The mortgage of the Denver
Reservoir Irrigation Co. was foreclosed and the bonds secured
of $25 death claim in cases where State compensation fund will not apply;
thereby were exchangeable for these certificates. All the me(7) embodiment of all old working rules of a general character consistent
chanics' lions, also,against the Farmers' Co.except two have
with change from screen to mine-run system.-V. 100, p. 1595, 735.
been dismissed, the claimants having accepted "A" certificates.-Ed.) Total, approximately
Blaugas Co. of Cuba.-Judgment Against Directors.-3,000,000
Third-Class
B certificates (all of the unsecured claims against
Justice Delehanty in the U.S.Supremo Court in this city on May 8 held
the Denver Co. were exchangeable for these Class 13 certifithat Philipp L.Ottmann is entitled to recover from the directors $12,000 paid
cates), approximately
1.000,000
by him for preferred stock with 50% common stock as a bonus on the
The assets consist of land and water stock. Owing to the unsatisfactory
ground of misrepresentations in the prospectus, among others that the
company was building a plant on the water-front in Havana when no conditions of the land market practically no land has been sold, with the
property was owned there. There was to be an issue of $500,000 pref. result that no interest has been paid on committee notes. The notes prostock, but the sale, it is said, was abandoned after $75,000 had been dis- vide that the interest shall be cumulative and payable only when there are
posed of. The directors are: Charles II. O'Neill (Prest.), Edward P. Coe funds on hand with which to pay it. Should conditions of the land market
(Vice-Prest.), Louis H. Hollaway (Treasurer), Robert H. Grimes (Secre- Improve a considerable pertion of the assets will be sold. All of the irritary), Bart Dunn, Louis Arthur Cushman, Myron Sulzberger, Lohman gation district bonds deposited with the committee, aggregating $2,664,500,
are deposited with the Central Trust Co. of Illinois, as trustee, to secure
Strauss and Albert Buchannan.
the above notes, the total issues of said bonds being: Denver-Greeley Valley
Boston Cape Cod & New York Canal Co.-Rates.- Irrig.
Dist., $2,000,000; Denver St. Vrain Municipal Irrig. Dist., $417.000;
North Denver Municipal Irrig. Dist. $574,500. The Denver Res. Irrig.
This company announces a new schedule of rates:
bonds (mtge. foreclosed).
CO.
also
had outstanding $1,306,200'
Charged,
New
and
Old-Vessel
Rates
Tonnage.
Sample
Tho
did not issue any securities in place of the defaulted irri100 to 124
450 to 499
16 tons
950 to 999 gation committee
district bonds. Individual bondholders placed the bonds with the
.New, Old.
New. Old.
New. Old.
New. Old. committee
Rateswith authority to use such bonds in any way which was necesYachts and commersary in order to properly handle the situation. It is the theory of the plan
$21
$25
$41
$55
$60 $80
880 $100 that when the committee notes are paid off, the irrigation district bonds
cial trade
___
32
68
___
100
_
Yachts round trip
140
_ _ _ will be released and returned to their present holders. It is the further
*20
*38
*38
*56
*56
Bulk cargo vessels_*20
theory that when the committee notes are paid it would be only as a result
10
16
24
16
24
do do unloaded 10
of the sale of lands which, in turn, would mean a settling of the district by
* With privilege of returning free when empty.
farmers who should pay their taxes, thus providing for the payment of
On yachts, &c.,40 to 44 feet the charge is now to be $10; round trip $14. interest and prinicpal.on the irrigation district bonds. There was practiThe company has issued a 14-page illustrated pamphlet containing maps, cally no interest paid on any of these bonds except for the first two years
facts for navigators and sailing directions for this now,short, smooth water after their issue, and the funds for that was provided by the sale of addiroute. Vessels drawing 18 feet can now use the canal. Notice will be tional bonds to take care of such interest. (See also V. 97. p. 368,447,889:
given shortly when the canal is deepened to 25 feet low water.-V.99,p.1912 V. 99, p. 471.)
Bush Terminal Buildings Co.-Bonds Offered.-F. J.
Lisman & CO. are offering at 863/2, to yield about 5%%, a
block of 1st M.50-year sinking fund 5% gold bonds of 1910,
due April 1 1960, guaranteed, principal and interest, by the
Bush Terminal Co., by endorsement on each bond. Authorized issue, $12,000,000; outstanding, $6,850,000. Compare V. 100, p. 1507, V. 97, p. 1901, and V. 93, p. 1791.
Butte & Superior Copper Co., Ltd.-Report.Soo "Anuual Reports" on a preceding page.
Earnings for March 31 Quarters-Dividend Outlook.-
Dow Chemical Co., Midland, Mich.-Dividend.A dividend of fl4% has been declared on the $1,500,000 stock, payable
May 25 to holders of record May 15, making a total of 7% for the year ending May 31 1915, comparing with a 4% yearly rate (1% quarterly) from•
May 1911 to May 1914. See V. 100, p. 1440, 401.
Ducktown Sulphur, Copper & Iron Co., Ltd.The U. S. Supremo Court on May 10 decided in favor of the State the
suit brought by the State of Georgia for an injunction to prevent the company from diffusing sulphurous fumes over the Georgia border from the
operation of its plant in Tennessee. The Court held that the amount of
sulphurous fumes must be restricted and an inspector appointed to fix
limitations.-V. 99. p. 1530.
1914.
1915.
Eastern Pennsylvania Power Co.-Note Issue.1915.
1914.
Net ValueZinc concent_$1,792,434 $638,:316 Total income_ _ _$2,011,511 $805,867
See Atlantic Gas & Electric Co. above.-V. 100, p. 401. 143.
848,354 492,882
Lead concont. 212,357 161,676 Operating costs_
5,875
6,720
Electric Bond Deposit Co.-Dividends Resumed.Other income__
Balance, sur_S1,163,157 $312,985
of 1% on the $1,500,000
The directors have declared a dividend of
The official statement says: "Our profits, which are estimated at $1,163,- 6% cumulative pref. stock, payable June 1 to holders of record May 15.
156 for the period, are calculated on a basis of 7-cent spelter for January It is proposed to pay similar dividends monthly until all of the accumulated
and on 8M-cont spolter for Feb. and March, or an average for the period of dividends (5%) have been liquidated, when the regular monthly rate of
7.99 cents. It is probable that the amount actually realized will be well in M of 1% will be resumed. The company deferred dividends Aug. 1 1914,
excess of this estimate. The exceptionally high price of our product, a largo but conditions have so improved that the board has decided to resume
part of which has been sold for succeeding quarters at prices greatly in them.-V.99, p. 410.
excess of the above estimates, will warrant a substantial increase in dividend
disbursements, and it is the intention of the directors to declare, in addition
Elk Natural Gas Co., Pittsburgh.-Dividend.to the regular dividend, such extra dividends as the cash position of your
A dividend of 1% has been declared on the $300,000 stock, payable
company warrants."-V. 100, p. 1602. 1595.
May 26 to holders of record May 22. In April 2% was paid. The dividends paid from Dec. 1 1914 to May 1915 aggregate 13%. While the divCanadian Car & Foundry Co.-Dividend Action Deferred dond
has been reduced, the amount, it is stated, is up to expectations, as
In reply to numerous inquiries from shareholders concerning the prospects the
season is at hand when gas consumption for domestic use falls off.
dividends
of
the
on
the $7.000,000 7% Compare
of the company resuming payment
V. 100, p. 1440, 57.
cum. pref. stock, President Curry says that orders for shells a e being
satisfactcrily placed, but that the comioany's ordinary business of car-buildRates.-Hearings.Express
directors
the
will
not take any action
ing is at a standstill, and therefore
Tho L-S. Commerce Commission having granted the express companies
concerning the payment of preference dividends until the close of the fiscal permission
reopen the case in which a material reduction in rates was made
year on Sept. 30 1915, when the financial results can be ascertained. The through thetoestablishment of zones, has set May 26 as the date for hearing
last quarterly payment of 1X,% was made on July 25 1914 (V. 99, p. 1453). the now application for an increase in rates.
API
-V. 100, p. 1439, 1087.
The petition for re-opening was signed by the Presidents of the Adams,
American,Southern and the Wells Fargo companies,petitioners representing
Canadian Cottons, Ltd.-Earnings.The
Other
Bond Pref. Divs. ReNet
Mar. 31 Total
Balance, 92% of the milegao and 95% of the business done in the country.
Profits. Income. Interest. (6%). serves. Surplus. figures filed show that under the rates prescribed by the Commission, which
Year. Sales.
1
1914,
Nov.
30
1914
effective
Feb.
the
1
to
companies
from
Feb.
became
$204,466
$210,250
$219.690 $10,000 $133,938
1914-15.83,321,161 $369,412
a net deficit of $2,760.804, and they ask to be permitted to inc1913-14. 3,500,476 411,104 191,838 210,000 219,690 10,000 163,252 sustained
crease their terminal allowance from 20 to 25 cts. per shipment and reduce
-V. 100, p. 312.
the weight allowance from 25 to 20 cts. per 100 lbs., and to make other
Central California Electric Corp., Denver-Merger- changes.-V. 100, p. 904.
This company was incorporated in Delaware on Feb. 26 with $10,000,000
Ford Motor Car Co.-Output.-of authorized capital stock to acquire securities of the Pacific Power Co., a
It is reported that the output in April was 46,510 cars, as compared with
California corporation owning 4,000 h. P. power plant on Mill Creek,
Mono County, Cal., 130 miles transmission line to Wonder and Fairview, 43,849 in March. The postage bill involved in mailing the $50 checks to
Nev., serving mines there and at Aurora, Lucky Bly and Rawhide; also a Ford purchasers, under the plan announced last summer, will moan at least
70-mile transmission line connecting Mill Creek plant with plants of South- $6,000.-V. 100, p. 1513. 401.
ern Sierras Power Co. on Bishop Creek. The Central California Corp. is
Fort Scott & Nevada Light, Heat, Water & Power Co.
not, we are informed, interested in Nevada-California or Southern Sierras
Power companies. The incorporators are: Delos A. Chappell and Arthur
See Ohio & Western Utilities Co. below.-V.97,P. 1586.
•
13. West, Riverside, Cal.• M. D. Thatcher and Lawrence C. Phipps Jr.
General Gas & Electric Co. (of Maine), NowYork.Denver; and George D.'Hopkins. Office, Symes Building, Denver, Col
AmanConsolidated Light & Power Co., Mt. Pleasant, Mich. Acquisition-New Securities.-This Maine corporation
Y., has recently
-Report.-Tho Detroit Trust Co., as receiver, issued an aged by W.S. Barstow & Co.,50 Pine St., N.shown
below in
authorized the increase in its capitalization
annual report dated Dec. 28 1914.
the acquisition, already completed, as of
The roport outlines the course of the litigation which prevented the sale connection with
Jan. 1 1915, of the security holdings of the former Atlantic
n Jan. n14 and further says in substance:
As the Chippewa Construction Co. Is the owner of a proportion of the Gas & Electric Co. (see caption of that company above),
high tension lines and some of the local distribution systems, the Court
will probably authorize the payment to it of a reasonable charge for use embracingithe control of the followingproperties:
1676
THE CHRONICLE
Pennsylvania Utilities Co., Easton, Pa. (see Atl. Gas & El. Co., V. 99, p.
971), controlling Eastern Penn. Power Co. of N. J., Easton Gas Works,
Jersey Power Co., Jersey Corporation.
Interurban Gas Co., Nazareth, Pa.
Binghamton Light, Meat & Power Co., Binghamton. N. Y.
Sayre Electric Co., Sayre,Pa., controlling Waverly Elec. Light Co.
Digest of Official Statement Issued in April 1915.
The General Gas & Electric Co. controls, through ownership of securities,
the following public utility companies, which operate under franchises
unlimited as to time except in minor and unimportant instances. Population served, including terminals, about 450,000.
Properties in New York.-Binghamton Light, Heat & Power Co. and
Waverly Electric Light & Power Co., supplying electric light and power in
Binghamton, Waverly, Lestershire and Port Dickinson. Installed steam
generating capacity, 3,700 h. p. Population served, about 60,000. Franchises unlimited as to time.
Properties in Pennsylvania.-Easton Gas Works, Pennsylvania Utilities
Co., Sayre Electric Co., Bangor Steam Heating Co. and Interurban Gas
Co., supplying Easton, West Easton, Nazareth, Stroudsburg, Sayre and
Intervening villages with electric light and power; steam heat in Easton and
Bangor; gas in Easton, Nazareth, &c. Steam and hydro-electrie plants
with installed generating capacity of about 16,600 h. p. Population served,
about 75,000. Franchises unlimited as to time except in three instances,
the shortest franchise being 30 years.
Properties in New Jersey.-Eastern Pennsylvania Power Co. and Jersey
Power Co., supplying electric light and power to Phillipsburg, Dover,
Wharton, Rockaway, Mendham, Chester, Bernardsville and intervening
places; also gas in Phillipsburg. Two steam stations and modern hydroelectric plant at Columbia. Installed generating capacity, 4,200 h. p.
Population served, about 50.000. Franchises unlimited as to time.
Properties in Vermont.-Rutland Ry., Light & Power Co., The Western
Vermont Power & Light Co. and Pittsford Power Co., supplying electric
light and power in Rutland and some 12 other towns; gas supplied in Rutland and an urban and interurban railway service in Rutland, &c. Three
hydro-electric plants and 2 steam stations as reserve. Installed generating
capacity, about 9.700 h. p. Population served, about 25,000. Franchises
unlimited as to time.
Properties in Ohio.-Sandusky Gas & Electric Co., Northwestern Ohio
Ry. & Power Co. and Port Clinton Electric Light & Power Co., supplying
gas in Sandusky and electricity in Sandusky, Genoa, Oak Harbor, Port
Clinton, &c.; also operating interurban railway between Toledo and Sandusky. Two steam stations. Installed generating capacity, 8,200 h. p.
Total population served, including terminals, about 230,000. Franchises,
with one minor instance, unlimited as to time.
Approximate Capitalization of General Gas & Electric Co. on Completion of
Pending Financing (Revised Data.-Ed.).
(See also Atlantic Gas & Elec. Co. above for further data.)
Total
Outstand'g On Consum.
Authorized. Apr 15 '15.
of Plan.
Pref. stock,6%-7% non-voting cum$10,000.000 $1,350,000 $1,900,000
Cony. pref. stock, non-cum.(now iss.) 2,500,000
None
2,500,000
Common stock
10,000,000
2.600,000
3,500,000
First Lien convertible bonds of 1912_ 20,000,000
1,693,000
1,693,000
Ten-year 5% gold bonds of 1915 (see
Atlantic Gas & Elec. Co. above)_ _ _ 1,411,000
None
1,411,000
Secured notes, 3-yr., 6% (the $6511,000 6% notes of 1913 about to be
replaced by now 3-year notes) (see
Atlantic Gas & Elec. Co. above) - 1,200,000
650,000
1,000,000
- The pref. stock (now 6%) becomes 7% cumulative after July 1 1915.
The Convertible pref. stock is preferred as to assets and dividends over the
-common stock at the following rates: 3% 1915, 4% 1916. 5% 1917, 6%
1918,and thereafter. This stock is convertible into common stock, share
for share, any time at the option of the holder.
Earnings (Estimated for Year 1915)1914.
Est. 1915.
Earnings of the various subsidiary companies
$2,025,386 Not stated.
Earnings applicable to General Gas & El. Co. secs.. _ $380,721
$514,650
Deduct-Int. on bonds & notes of Gen. G.& El. Co.. 194,200
227,200.
Dividend on $1,900,000, 6-7% cum. pref. stock__ _
114,000
123,500
- Balance for new pref. and corn. stocks, &c
$72,521
$163,950
The dividend on the Cony. Pref. Stock amounts to $75,000 per annum.
Several of the plants taken over were in only a partially finished condition
at the end of 1914, and operating expenses for the year wbre above normal.
The earnings for 1915 should reflect a considerable saving in operating
expenses,due to the completion of this work. The power business should
show a considerable increase, and it hhs been estimated that there is about
35,000 h. p. available, the greater part of which should be secured in the
coming three years. A part of the capacity necessary to handle this large
increase has been provided by financing already completed, and any such increase of business will increase the available earnings.-V.100, p. 1513,233.
[VOL. 100.
cum. pref. stock, payable July 15 to holders of record July 2.
(on account of accummulated dividend-63%).
This is the first payment on this account. Regular semi-annual payments
of 3% have been made since Nov. 1913.-V. 100, p. 815. 736.
Lanston Monotype Machine Co.-Earnings.Year end. Feb. 28- 1914-15. 1913-14. 1912-13. 1911-12. 1910-11.
Net,after deprec'n_ _-$381.297 $486,064 $509,025 $614,397 $605,069
Dividends
(3%)180,000 (6)360,000 (6)360,000(6)360,000 (6)329,698
Balance, surplus_ _ _3201,297 $126,064 $149,025 $254,397 $275,371
-V. 99. p. 751.
MacAndrews & Forbes Co.-Earnings Cal. Years, &c.1914.
.
$621,874
Net domestic profits
Net foreign profits
322,050
Divs. and int. receive& _ _ _ 25,457
1913.
$488,829
384,129
29,586
1912.
1911.
$630,4251
313,532}*31,282,539
45,484j
$989,441 $1,282,539
$902,544
Total profits
$969,381
$191.234
$225,498
$176,764
Preferred dividends(6%)_ ..$175,027
Common dividends__(10%)300,000 (10)300,000 (10)300,000 (27)810,000
Total
Balance, surplus
$475,027
$494,354
$476,764
$425,780
$491,234 $1,035,498
$498,207
$247,041
* After deducting $99,443 for undistributed expenses.
BALANCEiSHEET DECEMBER 31.
1914.
1913.
1914.
Assets$
$
LiabilitiesReal est., mach.,
Preferred stock_2,815,600
good-will, Sze-4,493,387 4,449,383 Common stock_3,000.000
Mat.,supp., &c.3,595,666 3,315,851 Bills & accts.pay 641,943
Stk. in 0th. cos.. 370,633 551,233 Sund. prov.acct. 113,023
603,760 728,932 Res've for depr_1,015,612
Cash
Bills & accts. rec 261,216 189.898 Provision for div 117,234
Surplus
1,621,230
Total
9,324,642 9,228,297
Total
1913.
2,965,600
3,000,000
1,031,963
219,521
884,337
1,126,876
9,324,64‘ 9,228,297
New Stock.-
The stockholders have approved an increase of $1,000,000 in the common
stock, making a total of $4,000,000. Preferred stock authorized, $4,000,000; outstanding, $2,815,600. Arrangements as to the details of the new
common stock issue will be made later by the directors. See "Annual
Reports."-V. 98, p. 1604.
Magnolia Petroleum Co.-Official Statement.-
See 'Annual Reports" on a preceding page.
A small block of the bonds is being offered in Cleveland by the Tillotson
& Wolcott Co., which says: "We are informed that the control of the stock
is held by Messrs. I. Sealy, John D. Archbold and F. C. Folger. A recent
report of the Rockefeller Foundation (V. 99, p. 1794) shows it to be the
owner of $2,000,000 of the issue and it is said that other large blocks are
owned by some of the older and richer members of the Standard Oil Co.
Bond Offering-Gold Notes to Be Called and Paid July 1.Kissel, Kinnicutt & Co.,Emanuel Parker & Co.and Dominick
& Dominick have purchased, and are offering at 9932,
$2,390,000 1st M. gold 6s of 1912, due Jan. 1 1937, but redeemable at par and int. for sinking fund on any interest date
after notice. Part of the proceeds will be used to retire
the $1,200,0006%gold notes,which will be called for payment
as of July 1 1915 at 104 and int., the necessary funds being
already in the Columbia Trust Co., N. Y. The present sale
closes the $10,000,000 bond issue at $9,895,000, the other
$105,000 having already been canceled by sinking fund. See
statement above mentioned.
Government Report.-Favorable to the Company-
The report on the Magnolia Pipe Line Co., prepared by former Commissioner of Corporations Joseph E. Davies, now head of the Federal Trade
Commission, was made public on May 4. The report was made under
Senate resolution passed March 28 1914, directing an inquiry into the cause
of a reduction made shortly before by the Pipe Line Co. of the price of crude
oil in the Healdton, Okla., or Ardmore oil field, whether corresponding
changes had been made in the price of the finished products manufactured
such oil and whether discriminations were practiced by the company
Goodyear Tire & Rubber Co., Akron, 0.-New Stock.- from
as between different producers of oil in the field, especially against the oil
Pres. F.A.Seiberling,in circular dated at Akron,May 1,says: Os Indian allotments. The bureau finds no evidence to arbitrarily depress
We find it desirable at this time to make a further allotment to some of 1,nd values to acquire oil-producing property more cheaply or stocks of oil
our most worthy employees, and as all of the authorized common capital al:eady accumulated at a price much below its real value. The report is
stock is outstanding, it becomes necessary to increase the authorization. in other respects, also, generally favorable.-V. 100, p. 1441, 1082.
At the last annual meeting a resolution was passed approving the past
Manati (Cuba) Sugar Co. (of N. Y.).-Bonds Soldpolicy of distributing surplus earnings by way of common stock dividends
rather than by increasing the cash dividends. Should the stockholders J.& W.Seligman & Co. have sold $2,500,000 1st M.6% gold
at meeting called for June 11 take action to increase the common capital
stock to meet the immediate requirements, it is deemed wise, in order to bonds, dated May 1 1915, due $250,000 May 1 1917, $250,provide for future distributions of surplus by way of stock dividends, to 000 May 11918,$500,000 May 1 1919 and $1,500,000 May 1
Increase the authorization by $17,000,000, which, with $8,000,000 of stock 1920. Red., all or any part, on any interest day on three
now outstanding, makes the total authorization $25,000,000. It is not
the intention to dispose of any large amount of this stock at the present week's notice at 101 and int. A circular shows:
time, nor to make any immediate stock dividends, but to pursue the same
Authorized issue, $4,000,000, viz.: Sold, $2,500,000; in treasury, $500,conservative policy as in the past. See also V. 100, p. 1596.
000; issuable only after May 1 1916 under carefully guarded restrictions,
$1,000,000.
Great Western Power Co.-Plan Delayed.Vice-Pres. Manuel Rionda reports in substance: The bonds are a first
See United Light & Power Co. below.-V. 100, p. 1352, 736.
lien upon the entire estate located on the north coast of Cuba, about 400
east of Havana. The management and their friends (including
miles
-Marvin
Safe Co.-Balance Sheet.Herring-Hall
J. & W. Seligman & Co.) have invested $3,000,000 cash in the enterprise,
1913.
1914.
1914.
1913.
which sum is represented by securities junior to these $2,500,000 bonds.
Assets$
$
Liabilities$
by the company will, at the end of the present crop
Real est. & Wags_ _ 228,808 233,774 Preferred stock__ _ _ 400,000 400,000 The total investment
to more than $6,250,000, on all of which assets the $2,500,Mach.,tools & equip. 303,821 314,347 Common stock_ _ _ _ 700,000 700,000 season, amount
000 of 1st M. bonds will be a first lien. The plant earned last year (before
Gold deb. (6%)....-- 50,000
Patents,trade-marks
90,000 deduction for depreciation) over 2
times the interest charge on
and good-will_ _ _ _ 290,000 290,000 Notes payable
178,627 176,504 bond issue, and the gradual enlargement of the enterprise, the cash for above
which
Stock on hand, &c_ _ 409,954 415,341 Acc'ts payable and
has been provided, will, it is believed, 'produce earnings for 1914-15 five
accrued accounts
Cash, notes & acc'ts
38,875
49,198 times, for 1915-16 eight times and for 1916-17 nine times. such hit. charge.
receivable
206,436 211,580 Sundry reserves_ _ _ - 20,575
16,297
Disc'ted notes ree'le
Advances, prepaid
262
Marconi Wireless Telegraph Co.-Favorable Decision.165
12,463 Profit and loss_ ___
charges, &c
12,655
63,497
45,506
The U. S. Circuit Court of Appeals in this city on May 13 affirmed the
262
165
Notes rec.discounted
order of Judge Hough granting a preliminary injunction restraining the
De Forest Radio Telephone & Telegraph Co., Standard Oil Co. of N. Y. and
Total ----------1,451,936 1,477,670
Total______
_1.451,936 1,477,670 Lee DeForest from infringing the fundamental Marconi and Lodge patents
-V.98. P. 1504.
. The Court stated that it was not necessary
relating to wireless telegraphy,
add anything to the discussion, as the Marconi and Lodge patents and the
International Steam Pump Co.-Stricken from List.- to
prior act had been fully and carefully considered by Judge Veeder in the
The Governing Committee of the N:Y.Stock Exchange on Wednesday suit of the Marconi Co. vs. National Electric Signaling Co. Compare
ordered the company's securities to be stricken from the list as the result V. 99, p. 1455, 1532.-V. 100, p. 1172.
of the order of Vice-Chancellor Stevenson on April 28, dissolving the corporation. There are now no officials to sign stock certificates. The
Maxwell Motor Co., Inc.-First Dividend.-An initial
Equitable Trust Co. has, it is stated,notified the Exchange that it could
4% has been declared on the $12,not act as transfer agent as it has become impossible to transfer the stock quarterly dividend of 13
when endorsed. The only recourse of certificate holders is to deposit them 279,332 1st pref. 7% cum. pref. stock (cumulative from
with the reorganization committee and receive trust company certificates.
Jan. 1 1913), payable July 1 to holders of record June 10;
Plan.-The stockholders' and also the bondholders' com- also an additional dividend of 4
3 of 1% on account of accumumittee in this city have agreed upon a plan of reorganization, lated dividends.
but its publication will be withheld until the Amsterdam
While it is understood that the company's earnings are largely in excess
committee is heard from, the intention being to issue the same of last year, the officials decline to confirm the report that the indications
are that in the 12 months to end July 31 next the net earnings (after desimultaneously here and abroad.
preciation, &c.) will amount to about $3,000,000, against $1,505,467 in the
Unofficially, it is said, the new company will issue three classes of stock.
As about $3,500,000 new cash is required the old stock will probably be
assessed, and new first pref. be issued to represent the new money, contributed. It is surmised that the bonds may be exchanged for 2d pref.
stock.-V. 100, p. 1514, 144.
Keystone Telephone Co. (N. J.), Phila.-Dividend.A dividend of 2% has been declared on the $1,936,850 6%
previous year. Compare annual report, V. 99. p. 1069.-V. 100, p. 52.
National Refining Co., Cleveland.-Div. Reduced.-
A quarterly dividend of 1% has been declared on the $4,000,000 stock
as increased by the payment of a 100% stock dividend on July 15 last,
payable May 15, comparing with 1U % in Feb. 1915 and Nov. and Aug.
1914. The dividends paid on the stock as previously existing were at the
rate of 8%. A circular letter says: "The earnings to May 1 of present year
THE CHRONICLE
MAY 15 1915.]
1677
a holding company, all its properare a considerable increase over same period of previous year. But, in view Middle South. The company is not
cap. stock,$5,000,000, in $100 shares,
of the existing international conditions, the directors deemed it advisable ties being owned in fee. Total auth.$2,000.000
6% cum. pref. (p. & d.);
and
to conserve our cash assets by not paying a larger dividend at this time.- of which $3,000,000 common
outstanding, all the common and $300,000 pref. The pref. is callable at
V. 99, p. 410.
•
120 and has no voting power. Treasurer, Farrand S. Stranahan.
Ohio Cities Gas Co., Columbus, 0.-Earnings.--Bat. Sur.
Net.
Mar. 31 Year- Gross.
$2,645,740 $982,868
1914
-v. 100. p. 1172. 145.
Interest. Dividends.
$101,910 $630,124 $250,834.
Pacific Midway Oil Co.-Withdrawal Order Affirmed.-
Ray Consolidated Copper Co.-March Quarter.-
1915.
1914.
Gross produc- 1915.
Lion, lbs_ _14,463,213 17,234,346 Total income_ $782,119
Net profits._ _ $777,759 $913,004 Bond interest.. $40,580
4,360
Miscell. inc__
9.095 Dividends(3)j%)
1914.
$922,099
'$44,655
543,964
It was recently announced that Secretary of the Interior Franklin K.
Balance ___ 741,539 $333,480
Total inc__ $782,119 $922,099
Lane has affirmed the decision of General Land Office Commissioher TallThe earnings for the 1915 quarter are computed on the basis of 14.324 cts.
man, withdrawing from entry the quarter section of land of the well-known
Hawk oil claims in Kern County.from which millions are said to have been per lb. for copper, against 14.4117 cts. in 1914.
taken. The land reverts to the Government. There is no appeal from
All of the copper remaining unsold at the end of the quarter has since
the decision. It is held that the Pacific Midway Oil Co. and a number o- been sold at an average price greatly in excess of that at which it was
other corporations and individuals who sought a patent, did not, as reg carried, and the additional earnings will appear as part of profits for the
quired, diligently prosecute the work of exploration for 6 mos.-V.99,p.473. current (second) quarter. Important plans have been put into operation
which should be completed within a few months and will largely increase
Pennsylvania Utilities Co.-Bond Issue.the mine output, plant capacity and metal output,and substantially reduce
See Atlantic Gas & Electric Co. above.
the cost of production per pound.
It is the present intention of the directors to resume dividends on June 30.
People's Gas Light & Coke Co.-Authorized.The Illinois P. U. Commission has authorized the company to issue -V. 100, p. 1262, 559.
$300,000 bonds to retire the $300,000 Lake Gas Co.6% bonds duo July 1;
St. Paul (Minn.) Gas Light Co.-Refunding Bonds Ofalso to sell to employees $73,000 stock at par.-V. 100, p. 551.
993/i
People's Natural Gas Co.-Decision.-
The Pennsylvania P. S. Commission has declared invalid the part of
the 40-year franchise granted by the Borough of Juniata, which gave the
company the right to supply artificial gas in competition with the Altoona
Gas St Fuel Co., a subsidiary of United Gas & Electric Corp. The People's
Company's franchise gave it the right, when natural gas supply became
inadequate, to use its pipe lines and equipment to distribute and sell
artificial gas. The Altoona Co., which supplies the territory, protested,
claiming that it should be protected from competition. The Commission
decided that the natural gas company shall not be allowed to distribute
artificial gas in the competitive territory and that the only sections of the
franchise are those relating to natural gas.-V.94, p. 127.
Pittsburgh Brewing Co.-Dividend Action Deferred.-
The directors have postponed for two weeks action on the quarterly dividends on the pref. and corn. stocks that would, if declared, be paid late this
month; also the election of a President to succeed the late William Ruske.
The dividends on both stocks were omitted in Feb. 1915. Compare V. 100,
p. 559.
Porto Rico Telephone Co.-Bonds Sold.-William Morris
Imbrie & Co., N. Y., and Chicago, and J. C. Mackintosh &
Co. Halifax, have recently completed the sale of the initial
block of $600,000 1st M. sinking fund 30-year gold 6s of
this new Delaware corporation.
Dated Dec. 31 1914 and due Dec. 1 1944,but ca„llable, all or part,at 105
and int. through sinking fund. Authorized, $1200,000; outstanding,
$600,010. Int. J. & D.In New York, Montreal anciSan Juan, Porto Rico,
at offices of Montreal Trust Co.. trustee. Denom.$1,000,$500 and $100c*.
The bonds were offered at par and int., with 10% common stock bonus,
or at 96 and int., without bonus.
Data from President S. Behn, San Juan, Porto Rico, Nov. 24, 1914
Bonds.-A first mortgage on the entire property, including buildings,
long distance lines and local exchanges in nearly all the principal cities and
towns of Porto Rico,subject only to bonds of Porto Rico General Telephone
Co., which will be called for redemption July 11915. A consolidation
under the laws of Delaware] of Porto Rico General and South Porto Rico
Telephone Co., will with a few minor extensions, give Porto Rico a complete and modern telephone system.
Authorized. Odtstand.
Capitalization$1,200,000 $600,000
First mtge.6% sinking fund gold bonds
300,000
300 000
8% cumulative preferred stock
600.000
1,200,000
Common stock
Tho proceeds of this $500,000 issue will retire $375,000 7% underlying
bonds (callable at 105 and int.) pay current liabilities, finance extensive
improvements and furnish additional working capital.
Escrow bonds can only be issued up to 75% of permanent extensions and
betterments, when the annual net earnings are twice the bond interest,
including bonds about to be issued. Cum. sinking fund of 1% from 1918
to 1922,1% 1922 to 1927 and 2% from 1927 to 1944, should retire the
entire issue before maturity.
Earnings, ac.-The Porto Rico Gen. Telep. Co. in 1913, in which year
it installed an entirely modernized plant, increased its subscribers 58%.
The combined net earnings for year ending June 30 1914, after maintenance
and taxes were $108,706. The bond interest calls for $36,000 and the pref.
div. for $24,000, leaving a balance on basis of these earnings of $48,706.
or 8% on common stock.
Franchise.-Franchise,signed by President of U. S., extends to 1064, and
gives option to Federal Govt. to purchase, and after a 20-year period, or
10-year periods to Govt. of Porto Rico, to purchase the entire business
at a valuation to be fixed by a board of three, chosen one by company,
one by Government and one by the other two, allowance to be made for
value as a "going concern." Practically no competition. The insular
government maintains a telegraph system and, in connection with it, has a
few telephone linos which do not come into direct competition with the
company, and the franchise provides for exchange of business on fair terms.
Population of Territory Served.-Principal cities are San Juan and environs,
70,000; Ponce and environs, 64.000; Mayaguez, 42.500; Arecibo, 42,500:
Aguadilla, 21,500; and 15 other municipalities, each between 12,000 and
20,009. Altogether serves 54 cities and towns and has 631 miles of long
distance and toll connections. Total area, 3,600 sq. miles; pop. 1,200,000.
and int.
fered.-Wm. A. Read & Co. are placing at
$650,000 General M. 5% gold bonds of 1894, due Mar. 1
1944, issued to refund $650,000 1st M. bonds, due July 1
1915. Total auth., $5,000,000; outstanding, $4,400,000; reserved for refunding, $600,000. Denom. $1,000 c*. Trustee, N. Y. Trust Co., N. Y. Interest payable in N. Y.
M. & S. Normal Federal income tax paid by company.
Digest of Letter from Pres. Alanson P. Lathrop, N. Y., Apr. 21 1915.
Organization.-Does the entire commercial gas business and nearly all
the electric light and power business in City of St. Paul, Minn. Incorporated by Act of State Legislature Mar. 1 1856, and is now operating under
a 25-year franchise from 1907, which is the longest term permitted by law.
Has enjoyed increasing prosperity for nearly 60 years. Property represents
an investment of over $9,300,000. In the last 6 years, while $1,895,000
was invested in the property, the only permanent financing has been the
sale of $1,000,000 capital stock at par and $311,000 Gen. M. 58.
Real estate holdings unusually large and valuable; one tract of over 20 acres,
it is expected, will ultimately be used for a new gas works and electric plant.
Main gas works include 26 city lots in an exceedingly valuable location,
adjoining a proposed new union station. Site of electric property 400x75 ft.
Bonds.--The General Mortgage bonds are at present secured by first
mortgage on a large part of the company's property and cover its entire
property now owned or hereafter acquired, and after July 1 1918 will be a
first lien on the whole property. With the refunding of the $650,000 bonds
maturing July 1. $4.400.000 will be outstanding and the mortgage therefore will be closed except for $600,000 bonds reserved to retire a like amount
due July 11918. The company agrees, so far as it lawfully may do so, to
pay the normal Fed,income tax if exemption is not claimed by bondholder.
Revenues in 1914-Net Earnings Practically 2% Times Bond Int. Charges.
1914.
1913.
1913.
1914.
Gross-Gas _ _$1,162.301 $1,176,683 Total n@t earns__ _5655,689 $638,965
747,561 Int. on bonds......_$262,500 $262,500
-Electric 859.827
Other interest_ _ _ _ 32,328
24,154
Total gross_$2,022,128 $1.924,244
Net profits_ _ _ _$360,861 $352,311
Total net
$655,689 $638,965
Rates are low-for gas, 90 cts. nd less per 1,000 cu. ft.; for electricity,
loss than 10 cts. per k. w. h.
1913.
1904.
1912.
1914.
Growth of business:
Gas output(cu.ft.) 1,310,000,000 1,237.000,000 1,152,700,000 502,250,000
7,300,000
14,600,000
16,050.000
El. output(k.w.h.) 18,000.000
178.90
321.3
343.9
356.8
Miles gas mains__
El. wire and pole
173.03
597.1
447.53
663.03
lino mileage_ _ _ _
15,298
34,988
38,042
40,611
Gas meters
2,227
7,502
9,851
12.037
Electric meters
Ownership.-The entire $2,500,000 capital stock, excepting directors'
qualifying shares, is owned by the American Light & Traction Co., which
has outstanding $15,329,000 common stock quoted at over $315 per share.
City of St. Paul.-Population in excess of 200,000; an important commercial centre.-V.99. p. 411.
Sapulpa (Okla.) Refining Co.-Preferred Stock.-
Middendorf, Williams & Co.. Inc., Baltimore, recently offered $300,00
10% cum. pref. (p. & d.) stock at par ($5 00 per share), accompanied by
200/ in common stock, agreeing to take at the time of allotment the common stock allotted at $2 50 per share. The preferred stock is entitled to
cum. dividends, payable quarterly, from May 1 1915. In the event of a
failure to pay 10% per annum, the holders will have the same voting rights
as the common. The preferred stock may be converted at any time into
common stock at par. Redeemable at the option of the company at any
time at $6 per share and accrued dividends. If converted into common
stock or redeemed, it is to be at once canceled and cannot be reissued, and
the amount cannot be increased, nor any other liens than the $200.000
bonds (1st M.gold coupon 6s, maturing 1918 and 1920) be placed ahead of
it without the consent in writing of 75% of all pref.stock then outstanding.
Of the $750,000 common stock authorized, only $400,000 has been issued,
the remaining $350,000 being reserved for conversion of the preferred stock,
so that at no time can there be more than $750,000 outstanding.
The company was incorporated in Oklahoma in 1909 and owns plant at
Sapulpa for refining crude oil into gasoline, naphtha, kerosene and fuel oil.
Original expenditure about $87,500, since which additions have been made
out of earnings. Net value of assets, including the modern plant with
Public Light & Power Co. (of Mass.).-Consolidation- daily
capacity of 3,000 bbls. of crude oil, now over $500,000. In addition
in
incorporated
Mass.
in
Feb.
1915,
company,
to the money expended the stockholders have received out of earnings since
-This
Bonds.
1909 dividends amounting to $184,000.
lectric
power
light
properand
hydro-e
of
consolidation
as a
Company owns 2 pipe linos, connecting with the Glen Pool. the oldest
Oklahoma, which is still producing, and 69 steel tank cars in
ties in Central Tennessee, has made an issue of First Mortgage oil field inrepair,
with a large supply of crude and refined oils and all neces5% sinking fund gold bonds dated Feb. 1 1915 and duo Feb. 1 first-class
tools, &c., The main source of supply of crude oil is from
sary
oil field, which is within 25 miles of the plant. The company
machinery'
1945. Total authorized $5,000,000, the initial $850,000 the Cushing
has a contract with a pipe line company to furnish at least 1,000 bbls. of
being offered by Stranahan & Col of Providence, &c., and crude
oil per day through its pipe line at a cost of 10c. per bbl. pipoage,
also by Sawyer, Noble & Co. of Elmira, N. Y.,at 90 and int., which will enable the company to make large profits.
Net earnings since organization aggregate about $700,000, an average of
with 40% bonus in corn. stock. The first-named firms report almost
$120,000 a year. Estimated earnings for the year commencing
Denom. $1,000 and $100 c*. Callable on any interest date at 105 and May 1 1915 about $150.000, after providing interest on bonds, dividends on
int. Interest F. & A. at Industrial Trust Co. of Providence, R. I., trustee. pref. stock and sinking fund.
of
10%
not
1918,
earnings
to
1
Jan.
retire
Annual sinking fund, beginning
Officers: T. Garland Tinsley, Baltimore, President; Elmore B. Jeffery,
the bonds after payment of accrued interest. A first lien on all property Baltimore, Vice-Pros., and W. D. Richardson, Sapulpa, Okla., Gen. Mgr
and franchises now owned or horrafter acquired.
&
Light
Valley
Power
Co., the Dayton
Sheriff St. Market & Storage Co., Cleveland.-Notes.
A consolidation of the Tennessee
(Tenn.) Light & Power Co., the Stone Fort Power Co. and tho Duck River
The Ohio P. S. Commission on April 20 authorized the company to issue
Power Co., and furnishes without competition light and power to the fol- $500,000 2%-year 6% notes to refund $320,000 in commercial paper and
City,
Jasper,
Bridgeport, Mont- $180,000 in notes.
lowing towns: South Pittsburg Richard
eagle, Dayton, Rockwood, Winchester, Decherd, Estill Springs, TullaSouthern Canada Power Co. Ltd. Montreal.-Prohoma, Shelbyville, Wartrace and Manchester. Further extensions are proposed which will extend the system to abOut 50 towns operating about 300 posed Development.-Financial Plan.-Pres. Clarence J.
miles of transmission lines. Operates in the southern portion of Central McCuaig, Montreal, wrote in substance:
Tennessee, in a mountainous section rich in natural resources, such as
timber, cotton, coal, iron ore, &c.; manufacturing operations are
Your directors have made a tentative agreement, subject to the approval
extensive and diversified. The company owns and operates four water- of the shareholders, for a large amount of money for the purpose of depower developments situated on the Duck and Elk rivers. Imrpovements veloping one of the company's water powers at Hemmings Falls and for the
and developments are under way which will furnish about 20,000 h.p. and construction of comprehensive transmission lines, sub-stations and disprobably more. Certain steam plants are used as auxiliaries and power tributing systems. '1.shis involves the carrying out of the work on a larger
also is purchased under favorable contract with the Tennessee & Chatta- scale than was originally intended, after a critical and exhaustive
nooga Power Co. at its hydro-electric development on the Tennessee River. examination by one of the largest hydro-electric engineering corporations
Other water powers are owned which are capable of developing enough In the United States. The American banking houses who are advancing
power to supply future demands.
these funds have asked for certain modifications in the trust deed in order
The net earnings are in excess of the interest and dividend require- to conform with the usual practice in the United States. A considerable
ments, and the earnings have steadily advanced under the combined man- proportion of the money to be advanced will be on pref. stock, which places
agement, particularly in the manufacruring districts, where a 33 1-3% additional security behind the bonds.
increase has been shown since the properties were acquired. Has especially
Meetings of the shareholders and also of the bondholders
liberal franchises, operating in all the territory under perpetual rights and
in the larger towns exclusive ones from 20 to 30 years.
were to bo held May 18 to authorize changes in capitalizaUnder direct supervision of the President. J. W.Adams of Chattanooga,
who has been connected with some of the largest power developments in the tion.
1678
THE CHRONICLE
[voL. 100.
The shareholders will vote on increasing the capital stock from $3,000,000, management whereby the company agreed with a competing company
in shares of $10() each, of which over 00% has been taken up, and over 50% to engage in business and thereby permitted the competing companynot
to
thereon paid in, to $6,000,000, of which $1,500.000 may be preference absorb the business. It is the intention of the newly elected officers to inshares, par $100, entitled to a 6% preferential dividend cumulative from vestigate the affairs of the company with particular reference to the relations
Jan. 1 1919, payable out of profits Q.-J., with preference also as to assets of the gentlemen in control with this competing company. For the present
In case of liquidation. The amount of said prof.shares may hereafter be in- we suggest that the bondholders should not give their adherence to any
creased, but the total outstanding pref. shares must not exceed the amount committee until our investigation is concluded.-V. 100, p. 1598.
of common outstanding.
United States Steel Corp.-Unfilled Orders April 30.The bondholders, and also the shareholders, will vote on modifying the
mortgage made as of Sept. 1 1913 to the Montreal Trust Co., trustee, to
See "Trade & Traffic Movements' on a prey. page.-V.100,p.1598, 1505.
secure 35-year 1st M.6s, so as to provide that after the issue of $3,000,000
Utah
Copper Co.-Earnings.-For 3 mos. end. Mar. 31:
of bonds, the company may make further issues (provided that the bonds
issued and outstanding under the mortgage shall not at any time exceed
1915.
1914.
1915.
1914.
$5,000,000, all ranking part passu) but only for an amount of principal equal Gross producBing. & Garr.
to 80% of the cost of future improvements, extensions, additions, &c.,
Hon _ _1bs_26,415,995 32,846,155
Ry _ _ _ _not_ $209,053
properly chargeable to capital account, when the net annual -earnings are Net profits- _ _$1,691,728 $1,553,899 Total net prof. 2,167,416 $1,965,074
1M times the interest charge, including bonds then proposed to be issued. Rents, &c_ _ _ 16,510
35.988 Divs. paid_ _ _ 1,218,368 1,189,440
Incorporated under Canadian Companies' Act Aug. 20 1913 to take over Nevada Cons.
the South Shore Power & Paper Co., the St. Johns Electric Light Co. and
dividends __
250,125
Net surplus $949,048 $775,634
375.187
the St. Hyacinthe Gas, Electric & Power Co. Directors then expected to
The above earnings are computed upon the basis of 14.93c. for copper in
include, with Clarence J. McCuaig and Sec. L. C. Haskell of Montreal, 1915 and 14.403c. in 1914.-V. 100, p. 1354. 560.
H. T. Chalifoux, J. M. Robertson, of Montreal; Robert Allan, Ottawa;
Utica (N.'Y.) Gas & Electric Co.-Authorized.-Grant Johnson, Montreal; C. W. Tooke, Syracuse, N. Y. Address,
43 St. Francois Xavier St., Montreal.
The P. S. Commission has authorized the issuance of $350,000 Refunding
and Extension M.5% 50-year gold bonds to be sold at not less than 95, to
Standard Alcohol Co.-Receivership.take up in part $351,481 short-term notes. The Commission does not, at
Judge Hough in the U. S. District Court in this city on Mar.31,on appli- this time, act on the application to issue $2,500.000 stock to reimburse the
cation of Charles v1. Rolker of New York, who, it is said, holds $3,475 treasury for capital expenditures, as the necessary proof Is only 65% compof defaulted bonds, appointed Francis F. White and Matthew T. Fleming pletec.1.-V. 100, p. 1354, 738.
receivers. President E. Wolfes consented to the appointment. The comVermont Power & Mfg. Co., St. Albans, Vt.-Bonds.pany was incorporated in Maine in May 1911 and has a distillery at Fullerton, La., to distill alcohol from wood waste. There is outstanding $9,000,- Damon, Bolles & Co. Boston, are offering, at
953 and int.,
000 common, $500,000 2d pref. class "B" and $750,000 1st pref. class "A"
stock; authorized issues, $9,000,000 common, $2,500,000 2d pref. class "B" to yield 5M%,$151,000 underlying 1st M.5% gold bonds of
and $1,000,000 1st pref. class "A." Bonds, all outstanding, $200,000 1st 1903, due May 1 1928, part of a closed $250,000 issue.
M. 15-yr. gold 6s; in J. & D.; Columbia Trust Co., N. Y., trusteo.
Denom. 81,0000*. Coupons payable M.& Nat. Mere.
Tr.
Steel Co. of Canada, Ltd.-Extension of Notes.-Pres. & Dep. Co., Baltimore, trustee, or Chase Nat. Bank,N.Y.,
C. S. Wilcox, in a circular requesting holders of the 6% con- without deduction of normal Federal income tax.
vertible notes due $400,000 each July 1 1915, 1916 and 1917, Digest of Statement by H. Bayard Hodge, Sec. & Treas. American
Pipe & Construction Co., Philadelphia, April 28 1915.
to consent to a renewal of each series for 3 years,says in subst.
The company intended to pay these notes as they fell due, out of surplus
profit. We felt that there would be no difficulty in doing this, as the profit
and loss account since the inception of the company showed ample surplus
to warrant this belief, as the following figures confirm:
12 Months ending Dec. 31
6 Mos.end.
1914.
1913.
1912.
1911.
Dec.31'10.
Gross profits_ _- 867,228 2,156,095 2,011,203 1,777,976
Deduct-Repairs,
maint. & impt. 327,417
516,084
464,163
404,453
Net profit_ _ _ _
539,811 1,640,011 1,547,040 1,373,523
783,665
Interest on bonds 521,138
480,000
465,327
442,101
206,305
Underw.t&c.,bds. 104,475
39,000
Prof. dividends_
227,370
454,741
454,741
454,741
227,371
Cred. to deprec.,
&c. fund
a
137,500
150,000
100,000
104,071
Written off acct.
Sunnysido Wks.
56,739
Carried to profit
& loss
_ *313,172
511,031
476,972
337,681
245,918
Percentage
acct__on :31
200,000 notes
42.58%
39.74%
28.14%
20.49%
Bal. at credit of
prof.& loss acct. 1,258,431 1,571,603 1,060,572
583,690
245,918
Total sales
10,526,900 15,068,186 15,915,031 14,731,153
Cost of works_ 24,741,227 24,595,637 23,526,168 22,058,166 21,869,809
a Renewals, depreciation and improvements were charged to operating
expenses in 1914.
* Denotes deficit.
The year 1914, however,from the depression of trade in the first 6 months
and from war conditions later on, witnessed a curtailment in business, resulting in a considerable drop in the profits. The new notes will bear 6%
Interest, payable half-yearly, and carry a bonus in cash of 3%. While we
do not look for a large business this year, we have a satisfactory amount of
profitable business on our books. Prices.are generally higher than they
have been for the past 6 months. Wo have made substantial reductions
in expenses and expect to show considerably bettor results this year than last.
Current Assets, Current Liabilities and Net Working Capital Dec. 31.
1914.
1913.
1912.
1911.
1910.
Current assets_ _$6,479,770 $7,702,066 $8,007,890 $6,842,571 $6,994,425
Current liabilities 1,375,627 3,069,449 *2,818,927 2,551,437 3.640,638
Organitation.-Incorporated in 1903 as successor of St. Albans Elec. Lt.
& Power Co. (incorp. in 1886). D003 the entire electric-light and power
business in St. Albans and Fairfax, Vt. serving a population of about
8,000, which is considerably larger in the '
summer months. By charter has
privilege of manufacturing, but thus far has been strictly a public utility. Has
at Fairfax Falls, Vt., on Lamont° River, a hydro-electric station cut out of
solid rock, with three hydraulic turbines of 750 is. p. each, connected to
three 350 k. w. alternators. Available water power ranges from 5,000 h. p.
to 1,500 h. p., of which 1,500 h. p. is now being utilized. It is the intention
to increase the capacity of this plant in the near future. The current is
generated at 2,400 volts and stepped up to 15,000 to 17.000 volts, for transmission to St. Albans, a distance of about 15 miles. Dam of masonry and
concrete construction, 280 ft. long, head 82 ft. Also owns auxiliary steam.
.station. This auxiliary is equipped with a 400 k. w. Westinghouse generator. Operates under favorable 99-year franchise.
CapitalizationAuth.
Outstand.
Capital stock (control hold by Am.Pipe & Const. Co.)_$100,000 $100,000
First mtge. bonds, covering all present & future prop__ 250,000
250,000
Second mortgage bonds
250,000
160,000
Earnings for Calendar Years.- 1910.
1911.
1912.
1913.
1914.
Grass
$42,662 $46,562 $49,233 $55,473 $56,939
Net (after open exp. & taxes) $27,255 $30,297 $28,228 $33,105 $33,227
Int. on first mtge. bonds
12,500 12,500 12,500 12,500 12,500
Business.-Doos the entire electric-light and power business in St. Albans
and Fairfax, Vt., supplying 1,050 consumers, including about 50 power
consumers, notably Central Vermont By. Co. (335 h. p.), St. Albans &
Swanton Traction Co. (280 h. p.), and St. Albans Grain Co. (367 h. p.);
also furnishes current to St. Albans for lighting streets (now 95 lights at
$70 each a year) and public buildings.
Management.-Company is controlled by American Pipe & Construction
Co. of Philadelphia (V. 100, p. 610), experienced operators, handling a
number of public utility properties in various sections of the country.V. 87, p. 420.
Virginia-Carolina Chemical Co.-Scrip Dividend.-'A
dividend of 4% has been declared on the $20,000,000 8%
cum. pref. stock to holders of record May 31, payable in
one-year 6% scrip, in satisfaction of 2 quarterly dividends
which were deferred in Jan. and April last, to conserve the
company's cash.
A resolution adopted by the directors states that the earnings for the year
ending May 31 will be largely in excess of the full 8% dividend, but that
Net working
collections, while greatly improved, are still below normal. The scrip
capital ____$5,104,143 $4,632,617 $5,188,963 $4,291,134 $3,353,787 will mature May 31 1916, but be redeemable on Jan. 1 1916 at par and
interest on written notice mailed to stockholders of record
by adver*$4,018,927, less $1,200,000 notes. Holders of $865,000 of the $1,200,- tisement at least 30 days before that date. 'Compare V. and
100, p. 1098,
000 notes have agreed to the renewal.
146; V. 99, p. 1916.
Messrs. Oster & Hammond,21 Jordan St. Toronto, or the Dominion Bk.,
Toronto, will, upon receipt of notes with
'July 1915 coupons attached,
Westinghouse Electric & Manufacturing Co.-Finanexchange the renewal notes together with a cheque for the bonus of 3%,and cial Plan.-Chairman Guy
E. Tripp, by adv. on another
on July 1 the interest duo on that date.-V. 100, p. 1442.
Submarine Signal Co.-First Dividend.-
An initial dividend of 2%,or 50 cents per share, has been declared on the
$1.679,750 stock, payable July 1 to holders of record May 13.-V.91,p.1333.
Sultepec (Mex.) Electric Light & Power Co.-
The stockholders at the Brooklyn office on May 10 voted to classify the
$1,000,000 com. stock so that $800,000 shall be com. and $200,000 prof.
stock. The now prof. stock is entitled to 7% cum. pref. dividends and
subject to redemption in whole or in part at any time at 110 and accumulated dividends, and on dissolution to a preference over the common stock in
any distribution of the property. Of tho $1.000.000 stock, $425.000 remains unissued. There are outstanding 8684,000 1st consol. 6% bonds, on
which, owing to the disastrous rate of exchange and tho conditions that
have prevailed and still exist in Mexico, tho April and Oct. 1914 and April
1915 coupons have been paid in notes instead of cash. These, it is proposed
to retire with a part of the new prof. stock.-V.86, p. 1534.
United Light & Power Co.-Plan in Doubt.-
The San Francisco "Chronicle" of May 8 says that the plan of the Great
Western Power Co. for the acquisition of this property was largely based
on the assumed value of the contract of the United Light & Power Co. for
supplying power to the San Francisco-Oakland Terminal Railways, and
that inasmuch as in recent weeks bankers have become convinced that a
reorganization of the Railways Company is necessary, it seems highly
improbable that the deal with the United Light & Power Co. will be consummated.-V. 100, p. 738.
U. S. Printing & Lithographing Co.-Plan Operative.-
The committee in charge of the proposed merger on May 4 mot and
declared the merger plan operative. Soo plan in V. 100, p. 404.-V. 100,
p. 404.
United States Reduction & Refining Co. N. Y.Official Circular.-Secretary B. Mason Kirkland,'
60 Bway.,
N. Y., May 6, wrote in substance:
The newspapers have announced the formation of a so-called protective
committee (V. 100, p. 1598) for the bondholders. At the last annual
meeting, held April 23 1915, an entirely now management was elected as a
consequence of proxies selected by Byrne & McDonnell (V. 100. p. 1442).
The men who controlled the old management, in anticipation of failure
to
re-elect their candidates, caused a receiver to be appointed the day before
the meeting at the instance of the trustee for the bondholders. The committee just announced is formed in sympathy with the bondholders who
secured this appointment. The newly-elected President of the company,
Robert E. McDonnel,is now in Colorado with his counsel investigating the
local situation. It appears from the papers in the receivership suit that the
property has been rendered of little value by reason of the acts of the old
page, announces to the holders of the convertible sinking fund
5% gold bonds due Jan. 1 1931 the completion of a 'refunding plan dated May 12, under which Kuhn, Loeb & Co. have
agreed to act as managers. This plan contemplates the issue
of an equal amount of new bonds for the old ones, with the
terms of conversion into common stock changed so that the
new bonds shall be convertible at the rate of $1,000 par value
of stock for each $1,000 bond, on or before June 30 1916, and
thereafter at any time prior to maturity at the rate of 8910
par value of stock for each $1,000 bond.-See V.100,p. 1598.
The new bonds will first be offered to stockholders for
pro rata subscription at 105 and int., and depositors of the
present bonds will receivo 2.1thei new bonds,or cash at $1,050
and interest per $1,000 bond, or part cash and part bonds.
Digest of Official Plan, Dated May 12 1915.
Existing Bonds.-The company has outstanding $19,447,000 Convertible
Sinking Fund 5% gold bonds of 1906. duo Jan. 1 1931 (hereinafter called
Existing Bonds), and $1,263,000 additional thereof are now held in the
treasury. Said bonds are redeemable in whole or in part at the rate of
$1,050 and int. on any interest day on three months' notice, and the registered owner may, up to 30 days prior to such redemption date and prior to
the maturity thereof, convert Ills bonds into common stock (formerly
called "assenting stock") at the rate of $500 of stock for each $1,000 bond.
The trust indenture dated March 30 1006, under which said bonds were
issued, contains the following: "The Electric Co. will not issue any 9,ddltional stock entitled to preference or priority over its 'assenting stock, nor
distribute any capital stock by way of stock dividends, nor issue any capital
stock at a price more than 10% below the market price of the stock of the
same class at the time the now stock is offered for subscription or sale.'
Proposed Modification-New Bonds.-The purpose of this plan is to eliminate the restrictive covenant above mentioned and to reduce the price at
which common stock shall be issued upon the conversion of said Existing
Bonds,from $500 of stock for each $1,000 bond, to $1,000 of stock for each
$1,000 bond, provided the conversion privilege be exercised on or before
June 30 1916, and thereafter, at any time prior to the maturity of said
bonds, to $910 par value of stock for each $1,000 bond, subject in each case
to an adjustment of current dividends and accrued interest in accordance
with the provisions of the present trust indenture.
The company proposes to create an issue of new bonds to an aggregate
authorized amount not exceeding the aggregate amount ($20,710.000) of
the Existing Bonds now outstanding or held in the treasury. The now
bonds will not be redeemable prior to Jan. 1 1917. On and after that date
they will be redeemable upon the same terms and conditions as the existing
1679
THE CHRONICLE
MAY 15 1915.1
szports and Barninents.
PABST BREWING COMPANY
AND SUBSIDIARY COMPANIES.
CERTIFIED BALANCE SHEET AND RELATIVE INCOME ACCOUNT DECEMBER 31 1914.
INCOME ACCOUNT YEAR ENDING DECEMBER 311914.
and all other losses and expenses
Net Profit from Operation, after providing for Depreciation
Investments and Miscellaneous Profits
and
Loans
on
Interest
and
Add—Dividends
$564,945 70
89,174 50
$654.120 20
Together
________________________________________________ $93,126 50
Deduct—Interest on Bonds, &c____________________________________
5.804 52
Income Taxes
98.931 02
$555,189 18
Net Profit for the year, carried to Balance Sheet
CONSOLIDATED BALANCE SHEET DECEMBER 31 1914.
LIABILITIES.
ASSETS.
Capital StockProperties—
•
Cumulative
Preferred—
7%
Real Estate, Buildings, Plant and Machin20,000 Shares of $100 each_$2,000,000 00
$4,713,766 95
ery
Less-344 Shares in TreasCity and Outside Real Estate and Properties. 6,405,159 24
34,400
ury
Improvements and Fixtures on Leased
00$1965600 00
353,429 48
Properties
Common
$11,472,355 67
-10 ,0 0 Shares of• $100
880 00
Cash in Hands of Sinking Fund Trustee
each
/610,000,000 00
Investments—
Less-2,360 Shares in TreasSundry Marketable and other Securities_ _ _ _ $694,287 91
ury
236,000 00
Investment in and advances to Bohannon
9.764,000 00
253,872 21
Dredging Co
$11 '729 600 00
948,100 12
4% First Mortgage Gold Bonds
$3,000,000 00
Current Assets—
and
00
Canceled
Less—Redeemed
1,063,000
00
$1,308,089
Inventories
1,937.000 00
22
Bills and Accounts Receivable (less reserves) 2,139,216 68
Current Liabilities—
150,864
Cash in banks and on hand
Bills Payable
$80,000 00
3,598,169 90
Accounts Payable (including Wages, Taxes
Deferred Charges—
423,922 08
and Interest Accrued)
40,031 43
Insurance and Licenses Unexpired, &c
Dividend on Common Stock paid Janu97,640 00
ary 2 1915
601,562 08
100,000 00
Reserve for Contingencies
Surplus and Undivided Profits—
$1,467,366 50
Balance at January 1 1914
Add—
Sundry Adjustments, including excess
amount of reserve funds restored to
Surplus
198,837 36
Profit for year ending December 311914,
as per Income Account attached
555,189 18
P
$2,221,393 04
Deduct—Dividends—Preferred and Common 529,958 00
1,691,435 04
816,059.597 12
$16,059,597 12
We have audited the books and accounts of the Pabst Brewing Company and examined the Statements and Returns from the SubsidiaryupComand
that, in our opinion, the above Balance Sheet is properly drawn
panies and Branches for the year ending December 31 1914, and we certify
shows the true financial position of the combined companies at that date and that the rzlative Income Account is correct.
PRICE, WATERHOUSE & CO.,
Certified Public Accountants.
Milwaukee, May 7 1915.
bonds, and in respect of any bonds called for redemption the privilege of
conversion into common stock may be exercised up to 30 days prior to the
redemption date. The new bonds and the trust indenture under which
they are issued shall be similar in all respects to the Existing Bonds and
trust indenture, except for the elimination of said restrictive covenant, the
reduction of the price at which common stock may be issued upon conversion as hereinbefore provided, and such changes as may be necessary for
compliance with the Federal Income Tax Law.
Now bonds in face amount equal to the Existing Bonds outstanding will
be offered to the stockholders for pro rata subscription at 105% and int.
The balance of said new bonds will be placed in the treasury to replace a
like amount of Existing Bonds now held in the treasury.
The proceeds of bonds sold to stockholders upon such offerings shall be
applied toward the redemption of Existing Bonds or their purchase and
retirement at not exceeding the redemption price of 105% and int. All sums
applied by the company to retire or redeem deposited bonds from the probe applied pro rata, to all bonds deposiceeds of said sale or otherwise shall
ted, at said rate of 105% of face value, and to the extent that such bonds
the company shall issue to depositors
retired,
or
redeemed
shall not be so
of Existing Bonds new bonds, dollar for dollar.
of this plan,
Rights of Depositing Bondholders.—Upon the consummation
by the depositary hereunder, will,
holders of certificates of deposit issuedbe
entitled to receive, either:
upon the surrender of such certificates,
bonds; or
(a) an equal face amount of new
(b) cash for the Existing Bonds at the rate of $1,050 per $1,000 bond, plus
accrued interest; or
c) part cash and part now bonds at said rates, with adjustment of accrued
interest in cash.
In case said plan shall not be consummated, all deposited bonds (with all
expense to the owners.
unmatured coupons) shall be returned without
If, pending.the consummation of said plan and the delivery of new bonds,
any interest is payable upon the Existing Bonds or the New Bonds, such
interest will be paid to holders of Certificates of Deposit upon presentation
thereof to the depositary for a notation thereon of the payment of such int.
Bondholders to participate must deposit their bonds with the Guaranty
Trust Co. on or before Juno 15 1915, or thereafter within such period and
upon such terms as may be hereafter determined. The plan will become
operative only when so declared by the managers in their discretion.
War Orders.—V.-Pres.,L.A.Osborne,May 13,was quoted:
The company has taken an order from a foreign Government for the
production of a large number of military rifles (the number being currently
reported as 1,000,000, with a contingent order for as many more.—Ed.]
It proposes to execute its contract with the facilities afforded by the plants
Stevens-Duryea Co. in Chicopee
of the J. Stevens Arms & Tool Co. and the and
arranged to provide for its
Falls and East Springfield, co-ordinated
requirements. The Westinghouse Co. has made arrangements with the
present owners of the properties to acquire complete control and ownership.
It is expected that the matter will be consununated, probably within the
next week or ten days.—V. 100, p. 1598, 738.
(F. W.) Woolworth Co.—New Officers.—
C. C. Griswold has been made Vice-President to succeed the late Carson
C. Pock, and Secretary H. T. Parsons has been also named Treasurer in
place of Mr. Peck.—V. 100, p. 1598, 1354.
Youngstown (0.) Sheet Tube Co.—Subscribed.—
Stockholders, it is stated, have taken practically all of the $5,000,000
new pref. stock. The company has awarded a contract for a complete byproduct coke plant consisting of 204 ovens, with a daily capacity of 2,240
tons, to cost about $3,000,000. The company has also contracted for a
railroad bridge requiring 600 tons of structural steel. The full program
of proposed improvements and additions has not been completed, but will,
it is stated, be ready shortly, including, it is stated, new finishing mills
and probably some now lines.—V. 100, p. 1099, 907.
CURRENT NOTICE.
—The Fidelity Trust Co. of Baltimore, as announced by adv. on another
page, has printed in pamphlet form for free distribution a summary of the
activities of the jitneys in various parts of the United States. The pamphlet covers reports received from 138 cities in 45 States and the District of
Columbia and including 8 of the principal cities.of the Dominion of Canada.
Of the 138 cities in question the information indicates that jitney buses are
operating in 106, leaving 32 in which the street railways have as yet escaped
this form of competition. Seven of the cities report that jitneys had appeared there, but had been discontinued after a fair trail because the owners
found that they were unprofitable. The data is carefully compiled and the
tabulation of the cities shown is in alphabetical order.
•
—The unsold maturities of the $11,781,000 State of Tennessee Refunding
offered on a
being
are
1917-1955
Loan 4% and 434% serial bonds due July 1
4.20% basis by a syndicate composed of Messrs. Redmond & Co., Brown
Brothers & Co., White, Weld & Co., Kean, Taylor & Co., Rhoades & Co.
and the Guaranty Trust Co. of New York. The bonds are a legal investment for savings banks and trustees in New York, Connecticut and other
States and are exempt from the Federal income tax. They are issued to
refund 310,381,000 bonds maturing July 1 and $1,400,000 maturing Oct. 1
1915, after which date they will be the sole outstanding indebtedness of the
State with the exception of $636,000 certificates of indebtedness held by
charitable and educational institutions in Tennessee.
—William Goadby Low,member of the New York Stock Exchange, and
Goerge Collins Warren Jr. have formed a co-partnership under the firm
name of Loew & Co. at 2 Wall St. to transact a general investment and
brokerage business in stocks and bonds. The firm's uptown branch office
will be at 500 Fifth Avenue. Mr. Loew was formerly a member of the old
firm of Keech, Loew & Co.,7 Wall St., until its dissolution May 1, when tha
new firms of Loew & Co. and F. B. Keech & Co. we,e organized as the
succeeding concerns.
—The "Appraisal of Public Utility Properties",an address delivered by
Wm. G. Woolfolk of the Sanderson & l'orter engineering staff of New
York City, before the seventh annual convention of Indiana Gas Association at Indianapolis, Ind., March 10, 11, 1915 has been printed for public
distribution.
—A new firm, Cropley. MeGaragle & Co., has been formed in Boston to
conduct an investment banking business, with offices in the Merchants
Bank Building,30 State St. The partners of the new concern are Eugene I.
Cropley, Joseph W. McGaragle and Joseph F. Flanagan (special).
—Morgan Van Woert recently retired from the firm of Didrichsen & Co.
and announces that he will engage in the investment securities business a:.
52 Broadway, this city. Telephone, 4260 Broad.
—E. B. Lewis & Co., successors to Mason, Lewis & Co., of Boston and
Chicago, have opened an office in the Singer Building, New York City,
where they will be pleased to receive and serve their clientele.
1680
THE CHRONICLE
The Touxutertial TinteS.
COMMERCIAL EPITOME
[VoL. 100.
bacco trade has been attending the convention of the National Cigar Leaf Tobacco Association at Dayton, Ohio.
COPPER has been firm, with a fair demand; Lake 19©
193c., electrolytic 18% to 183
4c. The demand has latterly
been somewhat less active and London prices have declined.
Tin has been quiet at 393'c. of late, though early in the week
it was 40c. to 410. Spelter has been 143. to 143'c., showing
some decline. London quotations have been falling. Lead
here on the spot 4.200., showing more firmness. London
has been steady. There has been no particular activity in
iron and steel as a rule. The possibility of war between
the United States and Germany is said to have no marked
effect. No cancellations are reported. There is an expectation that Russia will take something like 100,000 tons of
rails, with still larger quantities talked of,for the Trans-Siberian Railroad. Canadian companies have received orders
for 2,000 cars to be shipped to Russia. Steel works has
been buying low-phosphorus iron. Moderate sized orders
for steel rails have been placed by American railroads.
One
company has placed orders for 26,650 tons of steel rounds,
including 9,400 tons for the manufacture of shrapnel and 17,250 tons for the manufacture of high explosive shells. Another company is said to have bought fully 15,000 tons of
blowers and forgings and 14,000 tons of low-phosphorus
pig iron. Still another company has ordered 12,000 tons of
steel rounds and another 5,000 tons. Russia, according to
Pittsburgh dispatches, will within a week close contracts
for 12,000 cars, and has already closed for 8,000 at Chicago
and 2,000 at Seattle.
Friday Night, May 14 1915.
The possibility of war, or at least of serious complications,
with Germany has for some days hung like a cloud over
American business. Prices have declined sharply at the
Stock, Produce, Cotton and Coffee Exchanges; and domestic
trade, none too good before, has been adversely affected.
Failures have been somewhat moren umerous. But, on the
other hand, there are some favorable features. China and
Japan have patched up their differences. Advices about the
wheat crop continue encouraging. The cotton belt has had
beneficial rains. Railway traffic is larger. At not a few
points throughout the country collections are more prompt.
Money is easy and important bond flotations have been
readily accomplished. Imports of gold from France have
been liberal. Sales of war materials to Europe continue
large. Some branches of industry show more life. Better
weather has helped retail trade. The big Ohio coal strike
has been settled, and production of bituminous coal is increasing. Prices of commodities are on the whole unusually
high. Exports of grain continue far ahead of those for last
year. Russia is said to be ordering large quantities of steel
in this country. Yet, whatever may be said about the favorable factors in the situation, it would be idle to disguise the
fact that the business world is more or less anxious as to the
outcome of the American note sent to Germany on Thurdsay
of the present week. It is earnestly hoped that a way may
be found for a solution of the questions at issue, at once
peaceful and honorable to both parties to the dispute. The
Friday Night, May 14 1915.
relations between the two countries have been friendly from
THE MOVEMENT OF THE CROP,as indicated by our
the foundation of the American Republic, a period co- telegrams from the South to-night, is given below. For the
inciding with the reign of Frederick the Great, to the present week ending this evening the total receipts have reached
day, and a struggle between the two now would be. to the 94,412; bales, against 102,560 bales last week and 131,657
last degree deplorable.
bales the previous week, making the total receipts since
LARD has been quiet; prime Western 10c., refined for the Aug.1 1914 9,929,162 bales,against 10,113,749 balesfor the
Continent 10.60c., South America 10.80c.,. Brazil 11.80c. same period of 1913-14, showing a decrease since Aug. 1 1914
Lard futures have declined in sympathy with a fall in grain of 184,587 bales.
prices. To-day prices declined.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Total.
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
Galveston
5,514
9,210
12,007
8,916 5,084 3,6-07 44,338
May delivery
cts_ 9.75
9.55
9.90
9.65
9.67
9.50
Teite,s
City
1,530
July delivery
578
___ 2,108
9.82
9.67
9.95
9.75
9.77
9.57
Port Arthur
September delivery_ __ _10.02
_ __ _
9.95
10.90
10.82
9.97
9.82
Aran. Pass, &c
2,147
PORK continues quiet and steady; mess $20@$21, clear New Orleans_ _ 4,309 2,069 3,913 2,234 1,980 2,147
1,319 15,824
Gulfport
$20@$22, family $21@$23. Beef, mess, $18 50@$19, Mobile
165
100
368
42
161
-di
-66E1
packet $17@$18, family $18@$19, extra India mess $32 Pensacola
-- _
@$33. Cut meats firmer; pickled hams, 10 to 20 lbs., Jacksonville, &c_
5
5
Savannah
2,022 1,215 1,895
950
955
1,192
8,229
11%@12Mc.; pickled bellies, 6 to 12 lbs., 123/2@139'c. Brunswick
4,000 4,000
416
512
721
357
Butter, creamery extras, 273/2e. Cheese ,State whole milk, Charleston
53
44 2,103
Georgetown
fresh flats and twins, colored specials, 17c. Eggs, fresh- Wilmington
548 1,027
97
114
88
--Lo fiN
Norfolk_
851
792
1,034 1,396
gathered extras, 223/@,23c.
634
334 5,041
N'port News,&c.
2,607 2,607
COFFEE has been rather depressed; No. 7 Rio 7%@ New
York
10
61
50
121
869 .1,107
263
245 1,016
780 4,280
/O.' No. 4 Santos 10 ©10%c.; fair to good Cucuta Boston
73
Baltimore
787
787
103/
2611c. Coffee futures have declined, mainly owing to Philadelphia
------weakness in Brazilian prices. It is said that Brazil has been
offering new crop coffee freely for war delivery. To-day Totals this week 14.253 16.545 20,721 16.052 9.857 16,984 94,412
prices were lower. Closing quotations were as follows:
The following table shows the week's total receipts, the
May
5.75@5.78 September ..6.89@6.9Q January ___7.02 7.03 total since Aug. 1 1914 and the stocks to-night, compared
June
6.92 6.9 February _7.050 7.06 with last year:
5.75@5.78 October
July
6.79@6.80 November _6.95 6.96 March
7.09@7.10
August
6.84@6.85 December _6.98 7.00 April
7.15 7.16
Stock.
1914-15.
1913-14.
SUGAR has advanced; 96-degrees test centrifugal, 4.89c.;
Receipts to
molasses, 89-degrees test, 4.12c. It has been rainy in
May 14.
This Since Aug This Since Aug
Cuba and the United Kingdom has been buying, taking
Week. 1 1914. Week. 1 1913.
1914.
1915.
70,000 tons at 3.70c. f.o.b. Cuba. Renewed export Galveston
44,338 3,842,694 21,260 3,424,096 341,061 190,860
buying of granulated has occurred. France has been buy- Texas City
2,108 496,877
33,747
7,124
313 467,880
Arthur-46,238
48,727
_-_
ing. Sugar futures have been stronger. Granulated 6c. Port
Aransas Pass, &c_ 2,147
966
____ 144,479
59,801
To-day prices were practically unchanged.
New Orleans_ _ _ _ 15,824 1,711,422 18,677 1,766,641 293,862 131,067
Gulfport
___
5,322
_
Closing quotations follow:
Mobile
23,966
900 162,682 5,265 413,608
16,593
May
August
3.8i©3.83
4.00@4.00 December_ _3.90§3.92 Pensacola
____ 154,036
65,194
June
3.87©3.89 September -4.07 4.08 January
29,537
182
_3.66 3.67 Jacksonville, &c_
126
32,243
3
181
July
3.94@3.96 October
4.05l4.06 February --3.61 3.62 Savannah
8,229 1,712,162 10,236 1,771,545 107,335
50,738
November _ 3.94@6_
Brunswick
8,000
4,000 219.808
____ 294,042
400
63,847
2,103 398,319
720 418,869
4,036
OILS.-Linseed has been firm and more active; city, raw, Charleston
Georgetown
____
1,652
-American seed, 67c.; boiled, 68c.; Calcutta, 75.c Cocoanut Wilmington
1,924 268,579
50,037
148 398,149
17,704
Norfolk
541,844
67,127
5,041
2,603
578,496
oil easier; Cochin 103
29.817
/
1 @l1c., Ceylon 93
/
1@10%c. Olive N'port News,&c_ 2,607 148,364 3,517 126,682
92@95c. Castor steady at 10c. Palm lower at 8
6,235 228,724 122,344
121
____
19,664
3. @9c. Now York
17,086
4,280
13,395
for Lagos. Cod, domestic, 42(4)43c. Cottonseed oil lower Boston
601
78,348
10,549
Baltimore
90,978
'
'6,662
346
2,588
3,321
at 6.40@7.40c. for winter and summer white. Spirits of Philadelphia --------1,804
____
___
5,111
2,146
3,127
turpentine 463/2c. Common to good strained rosin $3 55.
Tetn.la
I 04.4120 020 1112 413.812 10113749 1,239.948 537.1ifi1
PETROLEUM is in moderate demand and steady; refined
Note.-1,348 bales added at New Orleans 18,880 bales at Savannah,
in barrels 7.50@8.50c.; bulk 4@5c.;cases 10@lie. Naphtha,
and 17,107 bales at Norfolk. as correction of receipts since Sept. 1.
73 to 76-degrees, in 100-gallon drums, 233/
20.; drums $8.50
In order that comparison may be made with other years,
extra. Gasoline, 89-degrees, 260.; 74 to 76-degrees, 22Q
24c.; 67 to 70-degrees, 22c. Advices from Wooster, Ohio, we give below the totals at leading ports for six seasons:
state that recent completions in Wayne County are either
Receipts at1915.
1912.
1913.
1914.
1911.
1910.
light gas wells or dry holes and very few of either are being
44,338
10,893
completed, although quite a number of wells are under way. 3alveston _ _
13,106
21.260
14,689
14,465
rexasCity,&-c.
4,255
49
8,452
4,666
313
Reports from Pittsburgh state that development work in the New Orleans..
15,824
9,164
16.300
18,677
21,750
16,955
eastern fields shows no change from day to day. Prices re- Mobile
900
2,005
2,020
5,265
3,049
690
3avannah
8,229
8,962
10,274
10,236
7,352
main unchanged and are as follows:
11,388
Brunswick_
1,163
4,000
950
400
765
Pennsylvania dark $1 35 Corning
2.103
83c Somerset,32 deg__ 80c. Charleston,&c
646
1,701
720
1,001
1,927
Second sand
1 35 Wooster
1,924
$1 05 Ragland
844
811
148
551
62c. Wilmington
4,463
Tiona
1 35 North Lima
Norfolk
5,041
86c. Illinois, above 30
4,719
2,603
4.726
3,706
18,076
Cabell
97 South Lima
2,607
83c.
degrees
1,463
3,517
_
84e. N'port N.,&c.
Mercer black
97 Indiana
All others_ _ _ _
5,191
78c. Kansas and Okla2,731
1,073
2,695
7,806
6,647
New Castle
97 Princeton
84c.
homa
40c.
94,412
63,812
61,064
42,610
75,376
64,970
TOBACCO remains quiet and about steady. The troubles rot. this week
Aug. 1_ 0.029.182 10113740 0.401.404 11542311g301.272 7.003.818
of one large concern have attracted a good deal of attention LSince
_
among packers. Sales of Sumatra have been small. The
The exports for the week ending this evening reach a total
same is true of Cuban leaf. A large delegation of the to..
of 93,476 bales, of which 64,225 were to Great Britain,
COTTON
1681
THE CHRONICLE
MAY 15 1915.)
since the sinking of the
20,352 to France and 8,899 to the rest of the Continent. freights and war risks, especially
the political situation becomes
Exports for the week and since Aug. 1 1914 are as fol- Lusitania, it is believed that ifthis
country and Germany,the
distinctly pacific as regards
lows:
way will be cleared for a larger efflux of cotton from this
country to Europe. Some think that the world's consumpFrom Aug. 1 1915 to May 14 1915.
Week ending May 14 1915.
Exported totion of American cotton this year will approximate 15,Exported toExports
000,000 bales. Many new uses have been found for cotton
ContiGreat
ContiGreat
fromTotal.
natl.
within the last ten years. To-day prices declined on appreBritain France. nent. Total. Britain. France.
of war with Germany, favorable weather, some
1,182,823 260,402 1,267,365 2,710,530 hensions
Galveston
37,962 448,663 liquidation and aggressive short selling. The short interest
27,608 410,641
Texas City_ 27.60
400
43,272 is now believed to be large. The Census Bureau report
42,872
Pt. Arthur_
018
618
Ar.Passoke.
with the
New Orl'ns_ 23,42 10,7521 5,229 39,403 735,812 137,853 474,104 1,347,775 showed a domestic consumption for April which,
5,322 exception of that in March, was the largest thus far this
5,322
Gulfport
837 82,095
81,25S
Mobile
400 65,038 season. Spot cotton closed at 9.70c.for middling uplands,
25,500
39,138
Pensacola
83,168 733,576 1,212,372 showing a decline for the week of 15 points.
3,343 395,628
2,70
Savannah_ _
13,103 104,956
18,147
9,304 183,706
6,90
Brunswick _ 2,4
The official quotation for middling upland cotton in the
179,575 254,419
79,844
Charleston
02,528 177,957 New York market each day for the past week has been:
30.646
54,783
Wilm'ton
Norfolk_
New York_
Boston ____
Baltimore_
Philadel'Ia.
Portl'd,Me..
San Fran
Pt.T'wns'd_
Los Angeles
Pembina
67
5,81
3,60
Total_ _ _ 64,22
Tot. '13-'14 25,84
2,930
200
3,605
6,010
3,663
840
540
26,087
53,84
80,348
99,404
28,93
2,002
3,50
20,3621 8,899 93,476 3,435,94
72,435
46,348
22,403 306'282 382,528
85,046
4,698
57,554
1.600
6.55
33,221
4,291
2,002
138,890
138,89
196,979 196,979
3,500
1,614
1,614
584,6693,496,110 7,516,726
7,5771 68,888 102,3123,221,22 1,033,906 4,140,4898,395,623
Note.-New York exports since Aug. 1 include 8,341 bales Peruvian and 25 bales
West Indian to Liverpool, 50 bales Egyptian to Mexico.
.In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
Sat. Mon. Tues. Wed. Thurs. Fri.
9.70
9.85
9.85
9.85 9.70 9.85
May 8 to May 14Middling uplands
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
May 14 for each of the past 32 years have been as follows:
1915_c
1914
1913
1912
1911
1910
1909
1908
9.70
13.40
12.00
11.85
16.00
15.90
11.35
11.30
1907_c
1906
1905
1904
1903
1902
1901
1900
12.05
11.95
8.20
13.55
11.60
9.50
8.06
9.81
Coastwise.
Total.
2,250 31,585
8,000 88,720
2,100 13,100
5,000
3,671
32,700 32,700
4,000
13,000
45,050 191,776 1,048,172
23,253 135,695 452,166
19,045 107,139 346,447
Futures.
Market
Closed.
Spot Market
Closed.
Leaving
Stock.
262,277
252,341
94,235
58,847
20,295
34,427
224,724
101,026
6.25
6.38
7.81
8.25
6.81
7.31
7.81
7.25
1891-c
1890
1889
1888
1887
1886
1885
1884
8.94
11.94
11.00
10.00
10.88
9.19
10.88
11.62
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 ho* the market for spot and futures closed
on same days.
On Shipboard, Not Cleared for-
Other
GerGreat
May 14 at- Britain. France. many. Foreign
5,519
New Orleans__ 13,668 10,148
7,343
Galveston ____ 52,165 21,212
3,000
Savannah ____ 8,000
5,000
Charleston
100
3,571
Mobile
Norfolk
4,000
New York
9,000
Other ports___ 4,000
100 33,862
Total 1915._ 81,404 31,360
Total 1914_ 32,813 11,026 31,746 36,857
Total 1913_- 21,609 7,116 33,044 26,325
1899_c
1898
1897
1896
1895
1894
1893
1892
Saturday_
Monday
Tuesday
Wednesday.
Thursday
Friday
Total
Quiet
Quiet 15 pts dec
Quiet 15 pts adv_
Quiet
Quiet
Quiet 15 yts dec..
SALES.
Spot. Contr'ct Total.
Steady
Steady
Strong
Steady
Steady
1Steady
2,000
500
1,600
1,000
2.000
500
1,600
1,000
I
5,100
5,100
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wecrday, Thursd'y, Friday,
Speculation in cotton for future delivery has had an agiMay 8. May 10. May 11. May 12. May13. May 14. Week.
tated week. In other words, it has been dominated largely
'
by politics and fears that war might break out between this May
9.16-.27 9.04-.18 9.24-.36 9.22-.38 9.17-.27 P.00-.17 9.00-.38
Range
country and Germany, in a dispute growing out of the sink9.23-.27 9.15-.17 9.46-.47 9.22-.24 9.22-.25 8.98-.90--C osing
ing of the Lusitania, &c. The fluctuations have been fre- July9.34-.52 9.17-.62 9.42-.71 9.39-.71 9.35-.57 9.25-.48 9.17-.71
Range
quent and wide. Some advance.took place at one time, but
Closing.. - _ 9.46-.47 9.36-.37 9.71-.72 9.45-46 9.49-.50 9.25-.27--it was followed by a sharp reaction. The pacific speech of Angus:9.54-.55 9.51-.75 9.59-.87 9.45 ---- 9.50 - 9.49-.87
Range
President Wilson at Philadelphia last Monday caused a
9.C8-.60 9.50-.52 9.86-.87 9.58-.60 9.63-.65 9.39-.41 --Closing_ _
rally in stocks and a recovery in cotton, but the air has since SeptemberRange
peaceful
of
the
against
and
probabliity
been full of rumors for
9.72-.75 9.60-.62 9.91-.93 9.69-.71 9.71-.73 9.50-.52--Closing..
settlement of the questions.in dispute, and the fluctuations October9.75-.88 9.48-.03 9.78-.05 9.75-.04 9.70-.91 9.60-.83 9.46-.05
trend
the
irregular.
Range
In
the
main
correspondingly
have been
Closing...... 9.85-.87 9.70-.71 10.04-.05 9.82-.84 9.81-.85 9.62-.64--of sentiment has been bearish, not only because of the fear November9.87 9.87
Range
that war might come at any time, but also because of better
Closing_
weather, large stocks, decreased exports and more or less December
9.86-.09 9.70-.22 10.01-.27 9.97-22 9.91-.12 P.82-.04 9.70-.27
Range
dulness and depression in Liverpool and Manchester.
10.07-.09 9.92-.93 10.26-.27 10.03-.04 10.04-.05 9.84-.85--Closing
Rumors pro and con. as to the likelihood of trouble be- January
10.00-.10 9.70-.21 10.02-.27 10.01-.24 9.95-.18 9.87-.05 9.70-.27
Range
tween Italy and Austria have also not been without a cerClosing__ -- 10.09-.10 9.94-.95 10.27-.29 10.06-.07 10.07-.08 0.87-.89--tain influence. The weekly weather report of Wednesday February
9.98-.32
10.32
was in the main favorable, showing that the drought has
9.98
Range
Closing__
been broken east of the Mississippi. The tendency of the March
weather in the western, belt has been toward the needed
10.22-.32 10.01-.42 10.27-.42 10.25-.45 10.23-.28 10.12 -10.01-.45
Range
--- 12
10-.___.__
.52 10.31-.33 10
10.32-.34 10.111-.20 10 MU A:1 10 30-.
cingina__
clear conditions. Certainly,the heavy rains which were so
noticeable a feature recently have ceased. Spot markets
NEW ORLEANS CONTRACT MARKET.-The highhave been rather quiet. The stock here has steadily in- est, lowest and closing quotations for leading contracts in the
creased. It is expected to go gn increasing until possibly New Orleans cotton market for the past week have been as
300,000 bales are reached. Liverpool and spot interests follows:
during much of the week were good sellers. Also there
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
was widespread liquidation of long accounts. In some
May 8. May 10. May 11. May12. May 15. May 14.
cases stop orders were reached. Wall Street, the West
and the South sold to a greater or lesser extent. May8.96-8.85-.90 8.85-.86 9.02-.15
But the price has recently had a decline.of say $7 50 a bale, Range
8.85-.90 8.91 - 9.15 - 8.89-.91 8.96-.98 8.85-.87
the short interest has increased and it is felt by many that JuneRange
if the political situation should suddenly clear up and peace
9.10-.12 8.98-.00 9.33-.35 9.07-.09 9.16-.18 8.96-.98
Closing
between the United States and Germany seemed assured, July
It
rally.
is
many
by
quick
believed
9.15-.29 8.91-.35 9.18-.46 9.15-.39 9.10-.31 9.07-.21
prices would have a
9.22 - 9.10-.11 9.45-.46 9.19-.20 9.24-.25 ,9.08-.10
=Leg
that the crop is getting a rather late start. It has recently Atustg
been too cold and wet in Texas and Oklahoma. More or
9.29-.31 9.18-.20 9.53-.55 9.27-.29 9.32-.34 9.16-.18
sng
Clalie
less replanting will have to be done both east and west of Septemberthe Mississippi. Latterly some spot interests have bought
Rang
9.45-.47 9.36-.38 9.71-.73 9.45-.47 9.49-.51 9.31-.33
osifg
to a certain extent. China and Japan have,it is stated, been October
buying October cotton here. It appears, too, that the inter9.45-.60 9.20-.66 9.54-.78 9.49-.7() 9.43-.64 9.37-.53
Range
9.53-.54 9.44-.45 9.77-.78 9.53-.54 9.57-.58 9.39-.40
ior Southern points.have bought more or less. 4 is pointed
Novemberhere
hedging
very
exto
not
any
large
is
South
the
out that
Range
9.58-.60 9.50-.52 9.83-.85 9.61-.63 9.65-.67 9.43-.45
tent by sales ,but on the.contrary is undoing the hedges in
many cases as it disposes of the actual cotton. December9.59-.74 9.35-.79 9.70-.93 9.63-.86 9.60-.79 9.53-.68
position
technical
improved. 181Osnfneg
has
the
9.66-.67 9.58-.59 9.92-.93 9.68-.69 9.73-.74 9.55-.56
Also,
Whereas the market was recently heavily long,there is now January
9.74-.82 9.51-.87 9.81-.00 9.77-.93 9.71-.85 9.67-.78
Range
believed to be a considerable short interest. Also, it is
9.76-.77 9.67-.69 10.03-.04 9.78-.80 9.84-.85 9.65-.67
insisted that prices are again below the cost of production. March
9,87-.93
9.89-.08
9.90-.96 10.04
Range
It is insisted that in the cotton belt, as a whole, there will
9.93-.95 9.84-.86 10.21-.22 9.96-.98 10.02-.04 9.86 -.87
Closing
be a reduction of 15 to 20 per cent in the acreage and in the ToneQuiet.
Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
Spot
use of fertilizers of about 35 to 40 per cent. Though exports
Steady. Steady. Steady. Very st'y Steady. Steady.
Ontions
have latterly slackened, partly owing to very high ocean
.
1682
THE CHRONICLE
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.
May 14Stock 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
1915.
1914.
1913.
1912.
bales. 1,553,000 1,097,000 1,132,000 1,259,000
22,000
5,000
5,000
4,000
141,000
92,000
76.000 117.000
1,716,000 1,194,000 1,213,000 1,380,000
*18,000
23,000
13,000
8,000
*392,000 483,000 449,000 589,000
325,000 354,000 287,000 309.000
13,000
4,000
3,000
3,000
43,000
34,000
22,000
21,000
488,000
38.000
40,000
48,000
*3,000
50.000
25,000
13,000
1,282,000
986,000
839,000
991,000
May 14ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
[VOL. 100.
-1914-15Since
Week. Aug. 1.
17,007
627,084
4,946
304,015
40
4,380
3,375
147,997
2,920
106,181
2,986
165,912
14,370
437,362
Total gross overland
45,644 1,792,931
Deduct ShipmentsOverland to N. Y., Boston, &c_ 5,188
176,820
Between interior towns
4,217
205,262
Inland, &c., from South
3,351
139,960
Total to be:deducted
12,766
522,042
Leaving total net overland*
32,888 1,270,889
*Including movement by rail to Canada,
-1913-14Since
Week.
Aug. 1.
7,486
515,195
2,707
385,880
____
6,402
1,891
116,164
1,518
117,193
697
139,380
594
350,112
14,893
1,630,326
947
4,118
2,500
116,103
154,548
135,454
7,565
406,105
7,328
1,224,221
The foregoing shows the week's net overland movement this
year has been 32,888bales,against 7,328 balesfor the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 46,668 bales.
Total European stocks
2,998,000 2,180,000 2,052,000 2,371,000
India cotton afloat for Europe_
124,000 282,000
90.060 109,000
-1914-151913 1,4
Amer. cotton afloat for Europe
681,317 258,464 310,581 353,040
In Sight and Spinners'
Since
Egypt Brazil,&c.,afloat for EuF'pe 41,000
Since
50,000
36,000
36,000
Takings.
Week.
Aug. 1.
Week.
Stock In Alexandria, Egypt
Aug. 1.
195,000 215,000 172,000 162,000 Receipts at ports
to May 14..___ 94,412 9,929,162 63,812 10,113,749
Stock in Bombay. India
982,000 1,020.000 942,000 673,000 Net overland to May
14
32,888
1,270,889
7,328 1,224,221
Stock in U. S. ports
1,239,948 587,861 453,616 518,542 Southern consumption to
May 14.. 64,000 2,442,000 62.000 2,468,000
Stock in U. S. interior towns
688,704 374,491 386,698 239,883
26,676
U.S.exports to-day
11,890
5,482
Total marketed
191,300 13,642,051 133,140 13,805,970
*29,845
568,565 *34,841
6,949,969 4,994,492 4,448,785 4.467,947 Interior stocks in excess
231,023
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Came into sight during week__161,455_
98,299
AmericanTotal in sight May
1,
1-,21-0.
,g10
14,036,993
• bales_1,277,000 861.000 945,000 1,145,000 Nor. spinners' takings 14
Liverpool stocks
to May 14.. 66,292 2,749,707
12,465 2.545,269
115,000
Manchester stock
62,000
51,000
000
* Decrease during week.
ontinental stock
*1.104,000 874,100 804,000 960„C000
American afloat for Europe
681,317 258,464 310.581 353,040
Movement into sight in previous years:
1,239,948 587,861 453,616 518,542
U. S. port stocks
WeekBales. I WeekBales.
688,704 374,491 386,698 239,883 1913
U. S. interior stocks
-May 16
110,882 1911-may 19
88,414
26,676
U. S. exports to-day
11,890
5,482 1912-May 17
97,398 1910-may 20
76,363
Total American
5,105,969 3,044,492 2,962,785 3,309,947
QUOTATIONS FOR MIDDLING COTTON AT OTHER
East Indian, Brazil, &c.276,000 236,000 187.000 114,000 MARKETS.-Below are the closing quotations of middling
Liverpool stock
22,000
London stock
5.000
6,000
4,000 cotton at Southern and other principal cotton markets for
26,000
Manchester stock
30,000
25,000
29,000
*178,000 112,000
Continental stock
35.000
31,000 each day of the week.
124,000 282.000
India afloat for Europe
90,000 109,000
50,000
41,000
30,000
Egypt, Brazil, &c., afloat
36,000
Closing Quotations for Middling Cotton on195,000 • 215,000 172,000 162,000
Stock.in Alexandria, Egypt
Week ending
982,000 1,020,000 942,000 673,000
Stock in Bombay, India
May 14
Saturday. Monday. Tuesday. 1Ved'day. Thursd'y. Friday.
1,844,000 1,950,000 1,486,000 1,158,000 Galveston
Total East India, &c
9.40
9.30
9.30
9.30
9.20
5,105,969 3,044,492 2,962,785 3.309,947 New
9.20
Total American
Orleans
9
9
9
9
9
Mobile
9
8.75
8.75
8.75
8.75
8.75
6,949.969 4,904,492 4,448,785 4,467,947 Savannah
Total visible supply
934
934
954
934
9
90
2
5.30d.
7.47d.
Middling Upland,Liverpool
6.72d.
6.47d. Charleston _
954
934
934
9.70c.
13.40c.
Middling Upland, New York__
12.00c.
10.65c. Wilmington..
Nom.
8.30d.
9.85d. 10.45d. 10 5-16d. Norfolk
Egypt, Good Brown, Liverpool.._
9
9
9
9
9
9
8.788.
Peruvian, Rough Good,Liverpool 10.00d.
9.65d.
9.40d. Baltimore
934
9%
9%
9%
9%
5.10d.
6344. 6 7-16d.
Broach, Fine. 'Liverpool
634d.
_ 10.10
9.95
10.10
10.10
10.10
9.95
5.22d.
Tinnevelly, Good. Liverpool
6%.1. 6 7-16d. 6 1-164. Philadelphia
Augusta
9.25
9.13
9.13
9.13
9.13
9.13
* Estimated.
Memphis
9.12
9.12
9.25
9.12
9.12
9.12
St.
Louis
954
954
954
954
954
Continental imports for past week have been 130,000 bales. Houston
934
9.20
9.20
9.40
9.20
9.20
9.00
The above figures for 1915 show an increase over last week Little Rock..
9.25
9.25
9.00
9.00
9.00
9.00
8rt
of 117,857 bales, a gain of 1,955,477 bales over 1914, an ex.a gain of 2,482,022
WEATHER REPORTS BY TELEGRAPH.-Our telecess of 2,501,184 bales over 1913_ andy
bales over 1912.
graphic reports this evening from the South indicate that
the weather has been favorable as a whole during the week.
AT THE INTERIOR TOWNS thelmovement-that.is, In sections where rain was needed there has been satisfactory
the receipts for the week and since Aug.1,the shipments for precipitation, although in some Atlantic districts the rainthe week and the stocks to-night, and the same items for the fall
has been rather excessive. Texas as a rule has been
corresponding period of the previous year-is_set out in defavored with dry and warm weather. Improvement in the
tail below.
crop outlook ienoted at a number of points.
•
Movement to May 15 1914.
Mcvement to May 14 1915.
Galveston, Tex.-Light precipitation occurred during the
fore part of thelweek,ithe remainder Of the week being warm
Receipts.
Ship- Stocks
Receipts.
1 Ship- Stocks
Towns.
ments. May
meats. May
and dry and favorable for all agricultural interests. We
Week. Season. Week. 15.
Week. Season. iVeek. 14.
have had no rain during the week. Average thermometer
71 22,782
24,977
23 8,928
51
841 75, highest 86, lowest 64.
Ala.,Eufaula_ _
631 159,234 1,191 11,912
838 58,350
996 201,317
Montgomery
Abilene, Tex.-There has been rain on one day during the
848 21,724
426 128,116
768 5,705
926 135,323
Selma
5 65,124
262 4,889
244 62,129
574 6,822 week, the precipitation reaching two hundredths of an inch.
Ark., Helena_ _
886 204,239 1,924 21,435 1,421 186,240 5,077 37,506 The thermometer has averaged
Little Rock_
68, the highest being 86 and
4 28,434
54 32,079
37 9,950
Ga.,Albany_ - 98 1,406
22t 118,894 1,382 16,517
500 115,519 1,291 10,342 the.lowest 50.
Athens
15,460
2,048
1,968
184.685
226,927
698
Atlanta
1,194 9,476
Brenham, Tex.-There has been light rain on one day dur680 369,560 6,326 32,216
2,477 442,932 5,740 109,019
Augusta
325 80,641
_
97,901 1,075 28,066
Columbus.._ _ _
540 8,011 ing the week, to the extent of twelve hundredths of an inch.
11 44,514
95 37,266
113 6,197
Macon
264 The thermometer has averaged 72, ranging from 56 to 88.
58
151 57,401
166 65,573
950 7,884
Rome
325 4,614
Cuero, Tex.-We have had rain on one day during the
310 190,941 1,211 17,376
885 37,801
879 155,905
La.,Shreveport
34 32,908
104 38,002
13 4,720
Miss.,Columbu
3 1,318 week, the rainfall reaching nineteen hundredths of an inch.
71 73,324
42 85,287
456 6,617
Greenville... _ _
049 4,516 The thermometer has ranged
from 55 to 90, averaging 73.
859 9,693
137 134,251
1C0 141,466
Greenwood_ _
/35 13,000
889 50,117
595 33,728
975 14,803
Meridian _ _
Dallas, Tex.-We have had rain on two days during the
693 4,527
40 19,841
20 21,927
Natchez
20 4,500
340 2,300 week, the precipitation reaching fourteen hundredths
of an
44 38,130
517 6,156
324 33,93.
Vicksburg_ _ _ _
667 2,655
39,505
101 5,900
-_ _ _
Yazoo City.. _
40,708
300 3,900 inch. Average thermometer 71, highest.86, lowest 56.
Mo.,St. Louis 16.598 650,027 17,007 29,621 0,677 531,354 7,480 28,394
Henrietta, Tex.-There has been no rain during the week.
13,349
61
N.C.,Raleigh
334
50
69 14,451
146
75
5,353 285,414 5,919 20,508 7,622 233,771 7,032 20,225 The thermometer has averaged 66, the highest being 90 and
0., Cincinnati
10,354
__ - _
Okla., Hugo-37,138
the lowest 41.
04 25,438
779 6,142
S.C., Greenw'
13,951
217
Huntsville, Tex.-There has been no rain the past week.
Tenn.,Memphls 7,812 1,035,266 .16,319 127,145 3,396 1,091,256 12,921 60,042
7,572
184
147
Nashville __ _
884
10,994
630 The thermometer has averaged 70, ranging from 51 to 88.
Tex., Brenham
91
19,206
75 1,209
50 23,348
207
694
Kerrville,
Tex.-It has rained on one day of the week, the
__ _ _
Clarksville _ _ _
46,476
51
200
49,701
75
225
392 121,22
Dallas
536 1,509
543 101,077
956 1,832 rainfall reaching forty-three hundredths of an inch. The
24,624
Honey Grove
50
33,202
thermometer
has ranged from 45 to 86, averaging 66.
Houston
19,878 3.333,443 28,995 101,943 8,908 2,890,647 18,501 81,380
40 116,229
240
Paris
600
Lampasas, Tex.-Rain has fallen on one day during the
75 114,904
375 2,000
-------- ---,- --- -..59,3547.842.000 89.199688.704 35.127 7.213.092 60.968371.491 week, the rainfall being three hundredths of an inch. AverTotal, 33 tow
age thermometer 71, highest 94, lowest 47.
The above totals show that the interior stocks have deLongview,'Tex.-Therehas been no rain during the week.
creased during the week 29,845 bales and are to-night 314,213 The thermometer has averaged 72, the highest being 94 and
bales more than at the same time last year. The receipts at the lowest 50.
all towns have been 24,227 bales more than the same week
Luling, Tex.-We have had rain on one day during the
last year.
week, the rainfall reaching two hundredths of an inch. The
thermometer has averaged 74, ranging from 55 to 92.
OVERLAND MOVEMENT FOR THE WEEK AND
Nacogdoches, Tex.-Dry all the week. The thermometer
SINCE AUG. 1.-We give below a statement showing the has ranged.from 48 to 88, averaging 68.
overland movement for the week and since Aug. 1, as made
Palestine, Tex.-Rain has fallen on two days during the
up from telegraphic reports Friday night. The results for the week, the rainfall being eighteen hundredths of an inch.
week and since Aug. 1 in the last two years are as follows:
Average thermometer 70, highest 88, lowest 52.
MAY 15 1915.]
THE CHRONICLE
1683
Paris, Tex.-There has been no rain during the week. The hundredths. The thermometer has averaged 69, the highest
thermometer has averaged 70, the highest being 94 and the being 86 and the lowest 52.
Weldon, N. C.-There has been rain on four days during
owest 46.
unSan Antonio, Tex.-We have had rain on one day during the week, to the extent of one inch and thirty-four
the week, the rainfall reaching two hundredths of an inch. dredths. The thermometer has averaged,68, ranging from
Taylor, Tex.-We have had rain on one day during the 49 to 87.
Milan, Tenn.-There has been rain on one day during
week, the rainfall reaching eight hundredths of an inch.
the week, the rainfall being fifty-one hundredths of an inch.
Minimum thermometer 54.
Weatherford, Tex.-Rain has fallen on one day during the The thermometer has ranged from 47 to 84, averaging 65.
The following statement we have also received by teleweek, the rainfall being thirty-eight hundredths of an inch.
graph, showing the height of the rivers at the points named
Average thermometer 66, highest 86, lowest 46.
Ardmore, Okla.-There has been no rain during,the week. at 8 a. m. of the dates,'given:
Tay-14 1915. /ay 15 1914.
The thermometer has averaged 70, the highest being 90 and
Feet.
Feet.
the lowest 50.
14.1
9.2
Ahoy° zero of gauge_
New; Orleans
21.6
15.2
Above zero of gauge_
Mangum, Okla.-There has been rain on one day. during Memphis
11.5
8,7
gauge_
zero
of
Above
Nashville
an
inch.
of,
The
the week, to the extent of ten.hundredths
21.6
26.2
Above zero of gauge_
Shreveport
34.4
22.5
Above zero of gauge..
Vicksburg
thermometer has averaged 65, ranging.from, 40 to 91.
Tulsa, Okla.-We have had no rain during the week. The
OUR COTTON ACREAGE REPORT.-Our cotton acrethermometer has ranged from 46 to 92, averaging 69.
Eldorado, Ark.-Rain has fallen on one day during the age report Will probably be ready about the 18th of June.
week, the rainfall being.three hundredths of an inch. High- Parties desiring the circular in quantities, with their business
cards printed thereon, should,send in,their orders as soon as
est, thermometer 90, lowest 48, average 69.
Fort Smith, Ark.-There has been no rain during the week. possible, to ensure early delivery.
The thermometer has averaged 67, the highest being 89
INTERNATIONAL COTTON, CONGRESS ABANand,.the lowest 46.
Little Rock, Ark.-There had been no rain the past week. DONED.-It, is announced by cable from London to-day
that the International Cotton Congress, which was to have
The thermometer has averaged 68, ranging from 47 to 90.
Alexandria, La.-There has been rain on one day, during been held in England this year, has been abandoned, on acthe week, the rainfall reaching fifteen hundredths of an inch. count of the war. Mr. Macara has resigned the presidency
of the congress.
The thermometer has ranged from 56 to 90, averaging 73.
Memphis, Tenn.-We have had rain here on three days
COTTON CONSUMPTION AND OVERLAND MOVEduring the week, the precipitation reaching one inch and
thirty-five hundredths. Average thermometer 65, highest MENT TO MAY 1.-Below we present a, synopsis of the
87, lowest 53. Early part of week cool. Some replanting be- crop movement for the month of April and the nine months
ended April 30 for three years.
ing done, owing to defective stands.
New Orleans, La.-Rain has fallen on two days during the
1914-15. 1913-14.
week, the rainfall being seventy-three hundredths of an inch.
bales
267,131
113,760
Highest thermometer 74, lowest 84, average 64.
Gross overland for April
1,690.893 1,597,745
overland for 9 months
Shreveport, La.-There has been rain on one day of the Gross
61,354
160,286
April
for
overland
Net
week, the rainfall being five hundredths of an inch. The Net overland for 9 months
1,197,428 1,207,652
719,261
403,322
in April
thermometer has averaged 70, the highest being 85 and the Port receipts in
9,694,855 9,964,078
Port receipts 9 months
lowest 55.
684,967
397,855
Exports in April
7,195.800 8,178,549
Columbus, Miss.-We have had rain on one day during the Exports in 9 months
678,269
,374
1
.426
April
on
30
stocks
Port
hunweek, the rainfall recahing one inch and sixty-seven
2,628,842 2,484,632
Northern spinners' takings to May 1
2,316.000 2,336.000
dredths. The thermometer has averaged 67, ranging from Southern consumption to May 1
127,960
149,146
Overland to Canada for 9 mos.(incl. in net overland)
50 to 84.
1
1,741
Burnt North and South in 9 months
19,320
Holly Springs, Miss.-We have had rain on one day during Stock
13,897
at Northern interior markets May 1
538,718
963.949
hunApril
seventeen
Came into sight during
the week, the rainfall reaching one inch and
13,841,071 13,809,766
Amount of crop in sight May 1
dredths. The thermometer has ranged from 51 to 82, aver- Came
800,203
in sight balance of season
14,609.968
Total crop
aging 66.
514.25
513.67
bales
of
weight
gross
Average
the
during
days
on
two
fallen
has
Vicksburg, Miss.-Rain
489.25
488.67
Average net weight of bales
week, the rainfall being ten hundredths of an inch. A.v.erage thermometer 67, highest 77,lowest 57.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Decatur, Ala.-There has been rain on four days during
brief but comprehensive statement indicates
the week, the precipitation being ninety-one hundredths of The following
supply of cotton for the week and
an inch. The thermometer has avearged 68, the highest be- at a glance the world's
since Aug. 1 for the last two seasons, from all sources from
ing 86 and the lowest 50.
Mobile, Ala.-General rains over the cotton belt have im*- which statistics are obtainable; also the takings, or amounts
proved conditions and stand greatly. There has been rain gone out of sight, for the like period.
on three days the past week, the rainfall reaching three inches
1913-14.
1914-15.
Cotton Takings.
and sixty-four hundredths. The thermometer has averaged
Week and Season.
Week.
Season.
Season.
Week.
72, ranging from 61 to 86.
Montgomery, Ala.-Needed rains fell during the week. Visible supply May 7
5,134,807
7,067,826
2,581,551
3,176,816
Prospects are good.
Visible supply Aug 1
98,299 14,036,993
American in sight to May 14..._ 161,455 14,210,616
Selma, Ala.-It has rained on three days of the week. Bombay
95.000 3,180,000
to May _ _ _ b150,000 2,409.000
receipts
27,000
129,000
668,000
13-13 b10,000
the rainfall reaching four inches and forty hundredths. Other India shipm'ts to May
2,000 1,009,600
822,000
b7,000
Alexandria receipts to May 12.._
The thermometer has ranged from 57 to 82,averaging 68.5.
74,000
8.000
b3,000
312,000
12*
May
to
supply
Other
Albany, Ga.-We have had rain on four days during the
7,399,281 20,821,432 5,365,106 21,788,144
Total supply
week, the rainfall being eight inches and twelve hundredths.
DeductMinimum thermometer 76, highest 90, average 62.
6,949,969 6,949,969 4,994,492 4,994,492
Visible supply May 14
Athens, Ga.-There has been rain on four days during the
449,312 13,871,463 370,614 16,793,652
takings to May 14_a_
week, the rainfall being five inches and nineteen hundredths. Total
281,312 10,784,463 222,614 12,326,052
Of which American
168,000 3,087,000 148,000 4,467,600
Of which other
The thermometer has averaged 68, the highest being 83
West Indies, &c.
and the lowest 54.
* Embraces receipts in Europe from Brazil, Smyrna,by
the
during
on
days
Southern mills,
five
Savannah, Ga.-We have had rain
a This total includes the estimated consumption
kings not
in
1913-14-ta
bales
2,468,000
and
in
1914-15
bales
2,442.000
seventy-eight
and
week, the rainfall reaching seven inches
by
Northern and
taken
amounts
aggregate
being available--and the
bales in
hundredths. The thermometer has averaged 71, ranging foreign spinners, 11,429,463 bales in 1914-15 and 14,325,652
1913-14, of which 8,342,462 bales and 9,858.052 bales American.
from 64 to 83.
Estimated.
b
during
days
five
on
rain
had
Charleston, S. C.-We have
the week, the rainfall being eight inches and sixteen hunBOMBAY COTTON MOVEMENT.-The receipts of
dredths. The thermometer has ranged from 65 to 79, aver- India cotton at Bombay and the shipments for the week
aging 72.
ending April 22 and for the season from Aug. 1 for three
Cheraw, S. C-There has been rain on five days during years have been as follows:
the week, the rainfall being two inches and sixty-six hun1913-14.
1912-13.
1914-15.
dredths. Average thermometer 70, highest 83, lowest 58.
Aplii 22.
Spartanburg, S. C-There has been rain on two days durSince
Since
Since
Receipts at11Teek. Aug. 1. Week. Aug. 1. Week.' Aug. 1.
ing the week, the precipitation reaching two inches and sixtythe
69,
has
The
averaged
hundredths.
thermometer
three
1148,000 2,076,000 132,000 2,872,000 89,00012,062,000
Bombay
highest being 85 and the lowest 53.
Madison, Fla.-There has been rain on four days of the
Since August 1.
For the Week.
week, to the extent of five inches and forty-four hundredths. Exports
Japan
ContiGreat
Japan
Great ContifromTotal.
neat. &China
The thermometer has averaged 76, ranging from 65 to 88.
Britain. nent. &China Total. Britain.
Tallahassee, Fla.-We have had rain on four days during
the week, the rainfall reaching four inches and fifty hun- Bombay
27,0001 27,000 38,000 281,000 925,000 1,244,000
1914-15
40,000 780,00 893,000 1,713,000
73,0 119,0
dredths. The thermometer has ranged from 64 to 82, aver5,000 41,
1913-14
9,000 271,000 693,00 973,000
1912-13 ------ 3,000 7,0001 10,000
aging 73.
Charlotte, N. C.-Rain has fallen on three days during the
According to the foregoing,Bombay appears to show an inweek,the rainfall being threcinches and nineteen hundred.ths.
crease, compared with last year, in the week's receipts of
Miniminn thermometer 56, maximum 81, mean 68.
record a loss of 92,000 bales during
Goldsboro, N. C.-There has been rain on three days dur- 16,000 bales. Exports
Aug. 1 show a decrease of 469,000 bales.
ing'the week, the rainfall being two inches and fifty-five the week and since
1684
THE CHRONICLE
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-The following are the receipts and shipments for
the week ending April 21 and for the corresponding week
of the two previous years:
Alexandria, Egypt,
April 21.
Receipts (cantars)This week
Since Aug. 1
1914-15.
1913-14.
1912-13.
47,000
5,996.888
29,000
7,514,574
8,500
7,406.383
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (bales)-
To Liverpool
6,140 179,523
To Manchester
4,890 135,133
To Continent and India_ 9,450 249,107
To America
4.100 133,511
4.000 189,396
2,250 192,597
6,250 370,393
2,000 65,880
1,750 185,081
____ 190,915
6,500 346,679
1,250 115.275
Total exports
24.580 697.234 14.500 818.266 9.500 837.950
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
The statement shows that the receipts for the week ending April 21 were 47,000 cantars and the foreign shipments were 24,580 bales.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that yarns and
staples are dull but there has been good home buying of
miscellanious fabrics. Demand from India and China is
quiet We give prices for to-day below and leave those
for previous weeks of this and last year for comparison:
1915.
1914.
[VOL. 100.
Spot.
Saturday.
Monday,
Market,
12:15 I
P. M.
Dull.
Moderate
demand.
Tuesday. Wednesday. Thursday.
Very
dub.
Dull.
Quiet.
Friday.
Dull.
Mid.Upi'ds
5.15
5.26
5.24
5.36
5.32
5.30
Sales
Spec.&exp.
4,000
400
7,000
1,000
4,000
400
4,000
400
5,000
1,000
4,000
1,000
Futures. 1 Weak at Quiet at
Market
11014 6(qt7 pts.
opened
opened ( pts. dec.
Dull at Steady at Quiet at
Quiet;
10g2 per. 934(41i34 1340434 2%03%
advance,
decline,
pts. dec. pts. adv.
Market, { Quiet at Irregular, Quiet at Feverish, Barely et'y, Quiet,
4
1134©1334 9©11 pts. 4%(416% 507 pts.
6(4834
340134
P. M.
pte. dec. pts. adv. pts. adv. advance. pts'
dec. nts. 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 05 means 5 5-100d.
Saturday. Monday.1 Tuesday. Wed'day. Thursday. Friday.
May 8
to
May 14. 1234 1234 12% 4 112%1 4 12% 4 12%1 4 12% 4
p.m. p.m p.m. P.m•
P.m. p.m. P.m. P.m. P.m.Pam
May-June
June-July
July-Aug_
Aug.-Sept.
Oct.-Nov.
Jan.-Feb _
Mar.-Apr.
May-June
d.
d.
d.
505 16
5 11% 23
518 30
5 2534 38
538 ,52
550 ;64
556 170
562 76
d.
d. d. d. d. did. d. d.
16 14 2034 253i 253" 2234 18 20 1634
2134 1934 12634 32 3234 29 ,25 27 2334
27 25 32 38 3934 36 3134 34 30
35 33 40 46 47 44 p3934 42 38
49 47 54 60 61 5734 52 55 52
61 5934 6634 72 73 6934 65 68 65
76 72A
67 66 73 79 7934
73 7234 7934 86 86
8234 79
In 1.1
BREADSTUFFS
Friday Night, May 14 1915.
Flour has generally been quiet but firm after some depression early in the week. At that time sales increased.
Mar d.
d. s. d.
s. d. d. d.
The Monday's weakness was due in part to the sudden ded.s. d.
s. d. d.
19 834 0 834 6 0 07 6
5.27934 0 1034 6 034011 1
7.08 cline in wheat when
absurd reports were circulated from Chi26 sg
0 9 6 3 07 9
5.48 934 0 1034 6 034011 1
7.11
Apr.
cago that President Wilson had been attacked. Later, on
2 834 0 934 6 3 07 9
5.62934 0 1034 6 1 011 2
7.26
9 834 0 934 6 3 (47 9
5.52,9%
0 1034 6 134011 3
7.36 the denial of these rumors, prices rallied quickly. The
16 834 0 934 6 3 07 9
5.7519% 010 10-16 6 134011 3
7.30
23 834 (4 934 6 3 07 9
0 1034 6 2 011 234 7.36 trading of late, however, has been on a very moderate
5.7811T)34
30 834 0 934 6 3 07 9
5.66,934 0 1034 6 2 011 234 7.26 scale.
Buyers believe the next wheat crop will be very large
May
!
7 834
(4) 9 6 3 07 3
5.19 9% 0 1034 6 2 011 234 7.3a and that both wheat and flour will
probably decline materially
14 834
(rg4 9 6 4 07 4
6.30.10
0 11 6 234011 3
7.41
later in the year. The total production last week was 346,SHIPPING NEWS.-As shown on a previous page, the 280 barrels, against 345,480 in the previous week and
exports of cotton from the United States the past week have 363,555 last year.
reached 93,476 bales. The shipments in detail, as made
Wheat broke badly on Monday on baseless reports started
up from mail and telegraphic returns, are as follows:
in Chicago that the President had been assassinated. Before
Total bales.
NEW YORK-To Hull-May 8-Buffalo,675
675 this miserable falsehood could be disproved, prices shot
To Rotterdam, &c.-May 11, 500
500 downward rapidly. As soon as it was
denied, however,
To Naples-May 12-San Guglielmo, 425...
425
To Venice-May 8-Dante Alighieri, 2.005
2.005 there was a quick recovery. The market has been sensitive
TEXAS CITY-To Liverpool-May 8-Engineer, 15,384..--May 12
-Musician, 12,224
27,608 all the week, however, dne to political influences following the
NEW ORLEANS-To Liverpool-May 11-Civilian, 19,311
19,311 sinking
of the Lusitania. Country offerings of new wheat,
To Manchester-May 13-Kelvinia, 4,111
4,111
To Havre-May 12-Livingston, 10,752
10,752 moreover, have been increasing. Crop reports
from the
To Genoa-May 8-Principessa Laetitia, 5,079
5,079
To Mexico-May 10-City of Tampico, 150
150 greater part of the belt have been very cheerful. Some are
SAVANNAH-To Manchester-May 8-Pola, 643
643
To Havre-May 10-Dixiana, 2,700
2,700 looking for a very large yield, perhaps reaching 1,000,000,000
BRUNSWICK-To Manchester-May 12-Pola, 2,404
2,404
To Havre-May 7-Dixiana,6,900
6,900 bushels. The decrease in the world's supply for the week was
BOSTON-To Liverpool-May 7-Bay State, 5,810
5.810 only 710,000 bushels, against a decrease in the same
week
To Yarmouth-May 8-Prince George, 200
200
BALTIMORE-To Liverpool-May 6-Quernmore, 3,663
3,663 last year of close to 8,000,000 bushels. There was an actual
SAN FRANCISCO-To Japan-May 8-China, 50
50
To Viadivostock-May 8-China, 490
490 increase in the supply in and afloat for Europe of 1,500,000
bushels. The world's stock is now put at 147,200,000 bushTotal
93,476
The particulars of the foregoing shipments for the week, els, against 146,500,000 a year ago. And prices are, roughly,
60 to 70 cents higher than then. In the United Kingdom
arranged in our usual form, are as follows:
Great French Ger- -Oth.EuropeVlad.,
the weather has been dry, and therefore better, and the outBritain. Ports. many. North. South. ecc. Japan. Total.
New York
675
-1
3,605 look for the crops is improving. In France the prospects
Texas City
27,608 --------__----------------- 27,608 are generally favorable, on the acreage, though
New Orleans_ - _23,422 10,752 -------- 5,079
it is not
9,403
Savannah
643 2,700 ------------------3,343 denied that the crop yield will be much smaller than
that of
Brunswick
2,404 6
-------------------9,304
Boston
5,810 ----------- -----206,010 last year. In Germany the weather has been generally good.
Baltimore
3,663 ------------------ -----3,663
-San Francisco
_______
_------ 490 -i()
540 The prospects for the winter-wheat crop of Russia are favorable, and the port of Archangel is now open. In Italy the
Total
64,225 20,352
____
500 7,509 840
50 93,476
The exports to Japan since Aug. 1 have been 240,271 bales crop outlook as a rule is good. East Indian advices are that
from Pacific ports, and 113,059 bales from Galveston.
arrivals at the ports are increasing and prices weaker. Export business has not been as a rule large, though last Monday
COTTON FREIGNTS.-Current rates for cotton from the sales to Europe were reported as
1,400,000 bushels.
New York are as follows, quotations being in cents per pound:
Liverpool, 1.25c.; Manchester, 1.25c.; Havre, 3.00c.; nominal; Rotter- Since then they have been only 200,000 to 300,000 bushels a
dam, 1:75c.; Genoa, 1.50c.; Naples, 1.50c.; Leghorn, 1.25c.; Venice, 2c. day. European buyers, seeing that crop prospects
are good,
asked; Barcelona, 1.50c. asked; Marseilles, 1.50c.; Piraeus, 1.60c. asked; have been holding
aloof. On the other hand,as we have seen,
Syra, 1.60c. asked; Japan, 1.25c.; Shanghai, 1.25c.; Bombay, 1.25c.
prices rallied for a time at least, after the depression early in
LIVERPOOL.-By cable from Liverpool we have the the week. The final results of the crop in France will be
following statement of the week's sales, stocks, &c., at very disappointing. The spring-wheat ere') in Russia will
be short. Advices front Russia state that wheat is being
that port:
April 23. April 30.
May 7. May 14 consumed at various centres freely as food, owing to the
Sales of the week
52,000
53,000
sobriety of the people, since the consumption of vodka has
34,000
Of which speculators took
7,000.
1,000
1.600
been prohibited by the Government. Russian wheat
Of which exporters took
10.000
8,000
2,600
Sales, American
stocks are, therefore, stated to be decreasing. It is said
43,000
47,000
28,000
Actual export
21,000
8,000
13,000
9,000 that the shipments from Archangel and Vladivostock
Forwarded
are
77,000
87,000
70,000 101,000
Total stock
1,542,000 1,524,000 1,566,000 1,553,000 likely to be small, owing to the poor facilities of transportaI.K.Of which American
1,247,000 1,237,000 1,286,000 1,277,000 tion, partly, it is intimated,
because of the fact that coal for
Total imports of the week
103,000
76,000 145,000
96,000
Of which American
91,000
62,000 110,000
90,000 military purposes advanced equal to $15 per ton. In DenAmount afloat
315,000 339,000 363.000
mark
sowing has been delayed by damp cold weather. In
Of which American
261,000 279,000 308,000
Switzerland planting has been retarded for the same reasons.
The tone of the Liverpool market for spots and futures The
acreage
in that country will not be as large as was at
each day of the past week and the daily closing prices of one time expected.
Supplies of foreign wheat in Switzerland
spot cotton have been as follows:
i are of fair size, but further
importations will be necessary.
32s Cop
Twist,
834 lbs. Shirt- Cot'n
ings, common Mid.
to finest.
Upl's
328 cop
Twist,
834 lbs. Shirt- Coln
Ws,common Mid.
to finest.
UP1's
1685
THE CHRONICLE
MAY 151915.]
Buenos Aires has latterly reported prices firm in response
to the strength of American quotations and continued good
export bids at higher prices. Liverpool quotations have
latterly been firmer, partly owing to some reports of damage
in our Southwestern States. Southern Kansas and Oklahoma have been sending such reports. They are not taken
very seriously, but still they had for the moment a certain
effect, even though everybody believed that the crop, as
a whole, is doing well. Southern Australia complains of
dry weather. But prices have of late again sagged on war
news and good weather. To-day prices declined on generally favorable crop reports, though there were some reports
of Hessian flies in Kansas and a certain amount of deterioration in Missouri and Illinois, owing to/drought, chinch bugs
and Hessian flies. Export sales were only 300,000 bushels.
Prices are noticeably lower for the week.
which should prove beneficial and continue the favorable outlook in those
sections; also, in the Far West the crop continues in fine condition. Some
complaint is heard of damage by fly, and the growth is too rank in localities
to westward of the Mississippi River. Spring Wheat.-In the springwheat States seeding has been about completed and the soil is very generally supplied with sufficient moisture. Growth has been somewhat
delayed, however, by cool weather, but the outlook is promising.
Corn.-Timely rains over the eastern portion of the corn belt put the
soil in fine condition for planting and favored germination in the southern
and eastern districts where the crop had previously been planted. In
the central States the weather was slightly too cool, but planting is advancing satisfactorily and generally earlier than usual. In the Western
States of the belt, especially in Kansas, Oklahoma,and Northern Texas,
planting is being much delayed by wet condition of the soil. Oats and
Grass.-Beneficial rains greatly improved these crops, and they are reported in good condition,except over the Eastern and Southeastern States.
where the growth has been greatly retarded by dry weather. Over the
Southeastern States oats are heading low and the crop is short. Cotton.
In the central and eastern portions of the cotton region the weather was
everywhere favorable; good rains broke the severe drought, and planting
proceeded under favorable conditions, while the early-planted germinated
rapidly, and cultivation is progressing in the more southern districts.
In Texas and Oklahoma the week was unfavorable on account of continued
rain and wet soil. Much planting remains to be done in the northern
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. portions, and in others poor stands will necessitate considerable replanting,.
Sat. Mon. Tues. Wed. Thurs. Fri.
while all work is delayed.
163%
167% 167
cts_165% 161% 167
No. 2 red
The statement of the movement of breadstuffs to market
158
15534
156% 155% 160% 160
May delivery in elevator
13734 13534 13334 indicated below are prepared by us from figures collected by
1333 13134 138
July delivery in elevator
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. the New York Produce Exchange. The receipts at Western
Sat.
Mon. Tues.
Wed. Thurs. Fri.
152%
155
May delivery in elevator
ctsJ5334 152% 15734 157
12634 126
13234 131% 12934 127%
July delivery in elevator
11978 11934 125% 125% 123
12134
September delivery in elevator
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Indian corn,like other grain, declined early in the week and Receipts at- Flour.
Rye.
Barley.
Oats.
Corn.
Wheat.
rallied later on in sympathy with wheat. The news from
bbls.196lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48Ibs. bu:58 lbs.
has
there
weather
The
bullish.
Argentina has been rather
40,000
360,000
177,000 1,668,000 1,590,000 1,640,000
Chicago
149,000
227,000
26,000
208,000
1,438,000
recently been bad. At Buenos Aires near-by deliveries have Minneapolis.
122,000
60,000
8,000
373,000
Duluth
in
weather
the
however,
hand,
been strong. On the other
13,000
182.000
401,000
227,000
93,000
60,000
Milwaukee
1
118,000
238,000
52,000
Argentina within a day or two has been reported better and Toledo
52,000
37,000
33,000
Detroit ____
7,000
At
offered.
freely
more
been
has
at Buenos Aires June
38,000
76,000
12,000
Cleveland___
11,000
35,000
255,000
393,000
323,000
68,000
Liverpool River Plate offerings have been at lower prices St. Louis__ _
1,000
17,000
228,000
178,000
Peoria
33,900
37,000
demand
cash
The
liberal.
been
have
offerings
and American
133,000
Kantas City.
405,000
794,000
i
125,000
366,000
278,000
at the West has been rather small. Sales have been increas- Omaha
ing for both sides of the account, owing to favorable weather Total wk. 15 360,000 5,097,000 3,726,000 3,199,000 943,000 80,000
and crop reports. Corn planting is making rapid progress. Same wk.'14 354,000 2,976,000 1,808,000 2,841,000 914,000 124,000
Country offerings, however, have generally been small. Same wk.'13 350,000 4,576,000 3,063,000 3,620,000 1,064,000 133,000
1
To-day prices declined on favorable weather and in sympathy Since Aug. 1
16,059,000 348,693,000 207,111,000 235,565,000 77,806,000 18402000
with wheat. Prices are lower for the week. Country offer- 1914-15_
77,470,000
182,477,000
16,460,000,249,268,000
180,203,000
1913-14_
16915000
ings were still small, but the cash demand was light. Better 1012-15 14.224.2041511_437.777 114.4.50 RAA VIA 14c7.159 RO n711 nna 20933000
weather in Argentina and the United States caused easier
Total receipts of flour and grain at the seaboard ports for
Liverpool prices. Argentina prices, too, were weaker.
Ocean freights at Buenos Aires were understood to be rather the week ended May 8 1915 follow:
Oats, Barley.
Rye,
Corn,
Wheat,
Flour,
plentiful and easier.
bush,
bush.
bush.
bush.
bush.
bbls.
atReceipts
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK. New York
Sat. Mon. Tues. Wed. Thurs. Fri.
Boston
cts- 87
8434 8234 86% 86
8434 Portland, Me
No. 2 mixed
Philadelphia
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
cts_ 74%
May delivery in elevator
76%
July delivery in elevator
77%
September delivery in elevator....
Mon. Tues.
7431
763
777
76
78%
7934
Wed. Thurs. Fri.
7534
78
7934
74
76,
734
733
76
7734
Baltimore
New Orleans * _
Newport News_
Galveston
Mobile
Montreal •
St. John
321,000 2,463,000
164,000
41,100
109,000
8,000
755,000
37,000
327,000
15,000
215,000
55,000
428,000
183,000
5,000
34,000 2,557,000
16,000
111,000
1,000
35,000
414,000
141,000
319,000
3,000
12,000
153,000
573,000
6,000
33,0.0'
8,000
1,000
226,000
18,000 128,000
458,000
31,000
10,000
22,000
426,000
Oats declined early in the week but rallied, though sagging
later. The decline last Monday was in sympathy with a
decided fall in other grain coincident with unfounded rumors Total week 1915.._ 516,000 7,217,000 1,189,000 1,765,000 46,000 129,000
Jan. 1 1915_9,802,000 106941,000 31,029.000 54,084,0005,005,0005,628,000
from Washington. The crop reports have been generally Since
21,000
330,000 222,000
301,000
431,000 3,368,C00
Week 1914
favorable. Country offerings of new oats to arrive have been Since
Jan.1 1914..7.780,000 38,650,000 9,285,000 14,181,0004,527,0001,153,000
ports
rapidly increasing. They have told to some extent on the
foreign
Orleans
for
New
through
grain
not
passing
include
do
*Receipts
price of September. But,on the other hand, the domestic on through bills of lading.
The exports from the several seaboard ports for the week
demand has been better and the decrease last week in the
American available supply was no less than 4,178,000 bush- ending May 8 are shown in the annexed statement:
Rye, Barley, Peas,
Corn, Flour.
Oats,
Wheat,
els, against a decrease of only 719,000 bushels in the same
bush.
bush.
bush. bush.
bush.
bbls.
bush.
Exportsfromweek last year. May oats have been strengthened at times New
1,288
1,384,451 225,968 239,987 457,605 15,202 79,658
York
8,000
109,000
by shipments to Montreal taken on May delivery for export. Portland, Me_
49,666
55,900
26,196 40,164
376,634
Boston
Shorts have covered rather freely. In Liverpool oats have Philadelphia
13,000
515.000
3,583 422,098
473,320 127,829 6,627
been firm. Arrivals there from the River Plate have been Baltimore
26,500
21,000 17,000
Orleans_ _ 382,000
free and they are going steadily into consumption. The New
1,568,000
428,000
Newport News
future of quotations will hinge largely, it is felt, on interna- Galveston
474,000 319,000
10,000
12,000 5,000
Mobile
tional politics. Of late, however, the increased cash de- Montreal
mand has been an influential factor. Export business has St. John
8,000
16,000
been at the rate of 50,000 to 300,000 bushels a day. To-day
1,288
329,778 2,122,754 437,300 135,556
731,993
week_
Total
....4,158,405
of
sales
Export
there was a decline on good crop.reports.
26,127 235,556 263,881 13,216 408,170 5,418
2,569,204
. Week 1914
half a million bushels fell flat.
and
since
week
the
for
exports
these
of
destination
The
DAILY CLOSING PRICES OF OATS IN NEW YORK.
July 1 1915 is as below:
Sat. Mon. Tues. Wed. Thurs. Fri.
Corn
'
1Vheat
---Flour
.
59
6034
6034
cts 61
5934 6034
Standards
5934
61
61
61
6134 60
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts 53
5134 5334 5334 5234 51;1
May delivery in elevator
5234 51
52/ 5134 53% 53
July delivery in elevator
47% 4734 4634 463'4
45A 46
September delivery in elevator
The following are closing quotations:
GRAIN.
eta.
Corn, per bushelWheat, per bushel-f. o. b.
f. o. b.
No. 2 mixed
84%
$1 6634
N. Spring, No. 1
c
f.
yellow
2
I.
No.
84%
2
No.
N. Spring,
No. 3 yellow
1 6334
84
Red winter. No. 2
Argentina in bags
1 6434
Hard winter, No. 2
per bushelRye,
Cis.
new
Oats, per bushel,
New York
1 28
59
Standard
Western
5934
No. 2, white
5834 Barley-Malting
80@82
No. 3. white
FLOUR.
Winter. low grades--$590 $6 25 Kansas straights,sacks_$7 20037 40
7 50 800 Kansas clears, sacks_ 6 750 6 90
Winter patents
7 25 City patents
9 00
700
Winter straights
6 25® 6 75
6 50 6 75 Rye flour
Winter clears
7 75 8 00 Buckwheat flour
Spring patents
7 50 Graham flour
6 25® 6 50
7 25
Spring straights
7 25
7 15
Spring clears
ID
••
WEATHER BULLETIN FOR WEEK ENDING MAY
10.-The influences of weather on the crops as summarized
in the weather bulletin issued by the Department of Agriculture for the week ending May 10 were as follows :
Winter Wheat.-In the winter-wheat growing districts the weather on
the whole continued favorable. Good rains occurred over nearly all
districts to eastward of the Mississippi, greatly benefiting the crop in those
districts, while in Kansas. Oklahoma, and portions of surrounding States
rains early in the week have been followed by clearing and warmer weather
Since
Since
Since
Week.
July1
July 1
Week.
July 1
Week.
1914.
1914. May 8.
1914. May 8.
Exportsfor week and May 8.
bush.
bush.
bush,
bush,
bbls.
bbls.
since Judy 1 to43,242 3,012,948
United Kingdom__ 77,726 4,654,300 1,149,725 105815,198
210,459 5,297,083 3,007,680 167478,278 625,523 28,187,871
Continent
9,250 1,410,477
1,000 2,943,147
Sou. & Cent. Amer_ 22,188 1,309,219
53,664 1,888,870
41,235
19,285 1,314,840
Wept Indies
11,616
80
67,794
45
Brit. Nor. Am.Cols.
234
30,746
594,425
75 276,640
Other Countries_ _ _ _
329,778 12919,876 4,158,405 276872,283 731.933 34,542,528
Total
Total 1913-14
26,127 3,463,050
235,556 10165,173 2,569,204 160453,142
The world's shipments of wheat and corn for the week
ending May 8 1915 and since July 1 1914 and 1913 are
shown in the following:
Corn. •
Wheat.
Exports.
i914-15.
1Veek.
May 8.
Since
July 1.
1913-14.
Since
July 1.
1914-15.
iveek.
May 8.
Since
July 1.
1913-14.
Since
July 1.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
North Amer. 6,600,000 391,240,000 235,006,000 516,000 34,805,000 1,834,000
4,811,000 12,912,000
12,074.000 139,170,000
Russia
9,431,000 27.959,000
2,347,000 52,234,000
Danube..
Argentina.. 5,000,000 66,571,000 38,214,000 425,000 124,160,000 145,604,000
8,996,000 58,306,000
Australia..
440,000 19,072,000 26,544,000
India
56,000 5,889,000 7,030,1;00
Oth.countr's
Total
12096000 506,189,000 556,504,000
941,000 173,207,000 188,309,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
[VoL. 100.
THE CHRONICLE
1686
United
Kingdom. Continent.
--1915Since
Corn.
Wheat.
Total.
United
Kingdom. Continent.
New York to May 8Total.
Bushels.
Bushels.
Bushels. Bushels.
9,810,000
62,112,000
May 8 1915_
11,356,000
62,696,000
May 1 1915....
May9 1914.... 19,408,000 21,592,000 41,000,000 4,862,000 8,908,000 13,770,000
May10 1913_, 23,104,000 36,1;04,000 59,008,000 4,947,000 8,500,000 13,447,000
Bush.ls.
Bushels.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports May 8 1915 was as follows:
In ThousandsNew York
Boston
Philadelphia
Baltimore
NewOrleans
Galveston
Buffalo
Toledo
afloat
Detroit
Chicago
afloat
"
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
Newport News
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
W,leat. IVheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush, bush, bush, bush. bush. bush. bush. bush.
11
270
426 1,211
190
2,148
816
268
54
1
5
26
4 _ ___
3
79
35 _ _
31
267 1,037 _ _ -838
45
,
____
113
203
777 1,725
594 ___
278
1,409285
_
12
1,4701,47012
434
iL
2
3,126 iiirr
2,684
1
217
664
380
155
13
50
158
287
13
2,420
7,643 7,806
100
117
9
--Li
158
9
152
6
15
• 20
566
9
69
3,814
262
65
794 1,097
5,608
36
1
413
268
523
20
391
1,830
897
79
31
,
185
360
08
492
32
20
1,592
181
557
523
1,042
218
4
839
14
483
288
510 2,090
43
Total May 8 1915_25,328 1,703 18,601 19,890
311 *956 2,394
41
Total May 1 1915_26,439 1,340 20,203 23,022
158
027 2,575
Total May 9 1914_37,906 2,139 7,271 9,962 2,518
269
778
678 1,798
Total May 10 1913-45,474 6,219 5,814 8,105
•Including 15,000 bushels bonded.
CANADIAN GRAIN STOCKS.
Bonded
Canadian Bonded
Canadian
Canadian Bonded
Rye, Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
bush, bush, bush, bush, bush, bush. hush. bush.
In Thousands_
124
15
_
747
150
3,117 ___
Montreal
--___ 3,177 -_Ft.William Pt.Arthur 5,697
__-1,084 ---1,709
Other Canadian
15
124
150 5,008
15
130
05 5,849
4 11,771
10
634
14 10,091
8
437
-__
SUMMARY.
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley, Barley.
bush. bush. bush. bush. bush. bush. bush. bush.
43
288
510 2,090
25,325 1,703 18,601 19,890
124 ___
150 5,008 _ _ _
15
10,013 -_-..
Total May 8 1915_10,013
Total May 1 1915_10,652
Total May 9 1014_17,319
Total May 10 1913 17,288
In Thousands.
American
Canadian
___
288
Total May 8 1015_35,341 1,703 18,751 24,898
311
Total May 1 1915_37,091 1,340 20,298 28,871
Total May 9 1914 55,225 2,139 7,275 21,733 2,518
778
Total May 10 1913_62,762 6,219 5,828 18,196
* Including 15,000 bales bonded at New York.
525
*971
937
686
2,214
2,524
3,209
2,235
43
41
158
269
THE DRY GOODS TRADE
New York, Friday Night, May 14 1915.
While drygoods markets are a shade quieter as regards
forward business, there is active distribution of seasonable
goods. The decline in cotton prices has not yet caused any
unsettlement in finished goods values, although tending to
make buyers more conservative in placing forward business.
Manufacturers are fairly well covered with future orders
and are not inclined to offer price concessions in order to
secure trade. They are also very firm in their ideas concerning goods for immediate shipment. Many mills are
running behind in their deliveries against old contracts and
are more interested in catching up on these than in securing
additional business. Manufacturers view the progress of
international events with interest, especially those who are
engaged in turning out war orders. While in most cases
they are, by the terms of their contracts, fully protected
against loss through inability to make deliveries, they do
not wish to keep machinery engaged in this work if deliveries
are to be held up. They could, under such circumstances,
much more profitably devote their machinery to the'manufacture of domestic goods, the market for which is steadily
improving. Jobbers and commission houses are doing an
active business in seasonable lines. Mails are bringing in
good orders, while salesmen on the road are sending in
encouraging reports concerning the state of trade in their
respective territories. Retailers are exacting prompt delivery of all goods under order, and in many cases jobbers
are running behind in meeting demands. Individual orders
received by jobbers, while not large,are frequent,and cover
a wide range of staple goods. Retailers report store trade
active as the result. of favorable weather conditions, and
have disposed of more goods so far this spring than they
did during the same period last year. They are running
on a small margin of stocks, keeping constantly in touch
with primary markets and making purchases as the need
for goods becomes apparent. Export business through
regular channels continues light, except for further small
orders for standard drills from India. Sales aggregate
about a thousand bales and are understood to have been
made upon a basis of 63ic. Some inquiries from Red Sea
buyers have been reported, but no sales recorded. In China
the situation is too unsettled to make any forecasts regarding
future trade developments.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending May 8 were 10,069
packages, valued at $515,620, their destinations being to the
points specified in the table below:
Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
--1914
Since
Jan. 1.
25,102
8,746
2,879
10,941
20,957
6.177
17,780
236
6,350
14,732
26,504
Week.
2
43
2,024
1,378
447
159
758
16
565
618
496
Jan. 1.
1,294
1,253
32,325
6,139
5,012
3,982
19,982
259
8,391
22,625
25,578
10,069 140,404
6,506
126,840
Week.
1,686
563
385
2,259
891
1,159
66
285
2,775
The value of these New York exports since Jan. 1 has
been $8,773,346 in 1915, against $9,164,279 in 1914.
Staple cotton goods are quieter, buyers showing a disposition to delay forward purchases. Prices are holding
steady, but buyers are generally figuring on getting concessions later on. Mills are not carrying any surplus stocks
and are not actively seeking new business. In print cloths
and gray goods, mills are firm despite the fact that some
sales have been made by second hands at an eighth to a,
quarter-cent under current quotations. Printers and converters are fairly well covered for the time being and are
inclined to await the future action of raw material market.
An active business is being transacted in coarse cottons,
a large part of which is for export account. There have
been heavy sales of coarse cotton sheetings suitable for
bag making, which has been stimulated by the high cost
of burlaps. A large business is also being done in cotton
duck for exportation to the belligerent countries. Many
of the duck mills which have only a light domestic business
on their books are running at full time and expect to continue so far a month or two. Gray goods, 38-inch standard,
are quoted at 4%c. to 4%c.
WOOLEN GOODS.-Fall trade in woolen goods is progressing quietly, with both buyers and sellers showing
considerable conservatism in purchasing ahead. Men's
wear agents report quite a few cancellations and revision
of early orders due to the fact that buyers overbought in the
beginning in fear of higher prices later on. At present
re-orders on both woolen and worsteds for men's wear are
coming in slowly and sales to date are reported to be below
normal. In women's dress goods business is more active,
with re-orders for the next heavy-weight season coming in
freely. Selling agents are guarding against booking too
heavily, warning customers of the cancellations which have
taken place in the men's wear division. Whipcords and
poplins, as well as Bedford cords, are occupying a popular
position, while bookings for broadcloths and serges are
already very heavy.
FOREIGN DRY GOODS.-Some talk is heard in the
woolen and worsted trade of a dumping of foreign dress
fabrics in this market after the close of the European war.
Those conversant with the foreign manufacturing situation
ridicule this talk, stating that no goods with the possible
exception of certain lines of fine men's goods, will be imported for many months following the end of the war.
Stocks of goods suitable for civilian wear are said to be very
scarce in both the United Kingdom, France, Germany and
Austria, as all the machinery in these countries at present is
being devoted to turning out heavy military cloths. The
scarcity of linen shootings is causing much anxiety on the
part of both importers and distributers. Prices are reported to have been withdrawn on several brands, as there
is little hope of getting further supplies from abroad for
some time. Most lines of linen sheetings at present quotations show advances of about 70% over normal. Distribution of dress goods continues on a moderato scale, but
supplies are so scarce and prices so high that business is far
below normal. A good business continues to be put through
on low-grade goods, particularly substitutes of part linen
construction. Prices for burlaps are moving upward, with
the demand far in excess of available supplies. Light
weights are quoted at 6.10c. and heavy weights at 7.25c.
Importations & Warehouse Withdrawals of Dry Goods.
Imports Entered for Consumption for the Week
Week Ending
May 8 1915.
Value.
Pkgs.
Manufactures of147,564
579
Wool
631,719
2,071
Cotton
745,969
1,546
Silk
170.336
646
Flax
161,233
Miscellaneous
1,148
and Since Jan. 1.
Since Jan. 11915.
Pkgs.
Value.
12,787 3,412,365
40,073 11,097,353
20,487 10,485,815
15,469 4,683,888
51,029 4,809,177
Total 1915
5,990 1,856,711 139,845 34,488,598
9,308 1,927,064 237,394 54,116,059
Total 1914
Warehouse Withdrawals Thrown Upon the Market.
Manufactures of341
118,107
7,553 2,476,210
Wool
145,742
501
Cotton
10,875 3,266,367
2,695,345
254
6,914
100,536
Silk
2,253,001
506
8,111
120,511
Flax
1,251
Miscellaneous
71,413 34,062 2,508.806
Total withdrawals
2,853
556,309 67,515 13,199,729
5,990 1,856,711 139,845 34,488,598
Entered for consumption
Total marketed 1915
17:143 2,413,020 207,360 47,688,327
Total marketed 1914
36 2,546,860 318,157 68.992,940
Imports Entered for Warehouse During Same Period.
Manufactures of2,017,144
5,027
124
Wool
43,921
9,452 2,707,339
440
139,748
Cotton
1,955,060
4,820
90
Silk
38,897
2,041,690
6,664
99,963
Flax
345
1,874,449
27,646
1.822
Miscellaneous
66,941
Total
Entered for consumption
Total imports 1915
Total imports 1914
2,821
389,470 53,609 10,595,682
5,990 1.856,711 139,845 34,488,598
8,811 2,246,181 193,454 45,084,280
12,668 2,681,151 301,524 68,551,455
MAY 15 1915.1
THE CHRONICLE
STATI. AM) CITY 3.3tPA1IMIVIT.
MUNICIPAL BOND SALES IN APRIL.
herewith our detailed list of the municipal
present
We
bond issues put out during the month of April, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 1611
of the "Chronicle" of May 8. Since then several belated
April returns have been received, changing the total for the
month to $23,105,762. The number of municipalities issuing
bonds was 239 and the number of separate issues 486.
APRIL BOND SALES.
Rate. Maturity. Amount. Price.
Name.
Page.
$10,800 100.092
4A
1612__Adams County, Ind
30,000 100.617
5
1916
1612__Allegany Cowaty, Md
21,000 100.287
a1917
5
1612_Allen County, Ohio
7,000 102.628
a1921
6
1451__Alta School District, Cal
.
150,000
a1930
43
1451__Ansonia, Conn
70,000 105.076
434
1612_ _Arlington, Mass
45,000 100.282
4
1278__Aurora S. D. No. 131, Ill
8,000 100.26
4.65
1373__Avon, N. Y
10,000 100.30
a1918 1451_Bainbridge Township, Ohio_ _ _ 5
17,500 102.087
b
a1924
1278.-_Barberton, Ohio
5,306 100.094
5
1451._Barnesville, Ohio
15,280 100
a1921
1278__Bartholomew Co., Ind.(2 iss.) 4
9,600 100
4
1612--Bartholomew Co., Ind
x3,500
1612__Bellefontaine, Ohio (2 issues)_
80,000 102.125
1945
434
1451._Bellevllle, N.J
8,300 101.23
5
1279...Bellevue, Ohio (2 Issues)
30,000 98.55
1944
5
1279- _Bessemer, Ala
25,000 100.70
1935
4
1451.._Biddeford, Me
50,000 100.191
1924
4
1451_ _Biddeford, Me
100
,
5
1279.._Blackford County, Ind
15,000 100.15
a1923
1451 _ _Bloomingdale Twp.S.D.,Mich. 434
y100.345
100,000
a1939
5
Tenn
County,
_Blount
1373..
15,000
1935
4
1373_ -Boothbay Harbor, Mo
37,000 x100
1960
4
1613_ _Boston, Mass
110,000
534
_
_
issues)
(2
'rex.
Co.,
1373__Brazoria
20,000 104.67
a1929
5
1374-Brocton, N Y
6,000 100.08
a1922
5
1526__Bronxville, N. Y
35,000 101.122
1279__Brooklyn Hts. V.S.D., Ohio 5
3,000 100.833
a1928
534
1613_Brookside, Ohio
.70,000 102
1374--Brown Co. S. D. No.42, Kan.. 5
57,000 101.21
5
1451__Brunswick County, Va
837,383 102.68
4A
1279-Buffalo, N.Y.(5 issues)
29,500 x100
1940
4
1613__Buffalo, N Y
1935
75,000 103.15
434
J
N.
1374__Camden,
10,000 104.05
4
1935
1374-Camden, N. J
85,000 104.044
4
1945
1374__Camden, N J
1,000 101.50
a1918
6
Ohio
1279__Camden,
6,000
1919-1921
1526__Canisteo, N Y
101.783
250,000
1955
434
Ohio
Dist.,
Sch.
_Canton
1279_
65,000 x100.615
5
1451__Carlton County, Minn
10,200 100.019
1613-Carroll County, Ind.(2 issues) 4
a1925
305000 101.666
53
1374.._Cass County, Minn
36,000 100.147
4.50 a1924
1526-Cedarhurst, N Y
25,000 102.10
1935
1527-_Cheatham Co., Tenn
15,000 101.159
al920
5
Ohio
1613_Cheviot,
25,000 101
a1922
1613-_Cheyboygan County, Mich.__ __
42,000 101
1925-1940
6
1374_ _Choteau, Mont
11,000
5
1527_ _Chula Sch. Dist., Mo
9,000
1374.._Churdan, Iowa
727,500
1374_Cincinnati, Ohio (8 issues)_ __ 434
19,000 101.626
1916-1934
1279_ _Claridon Twp.S. D. Ohio_ __ 5
5,000 101.78
a1919
6
1613__Clarksfield Twp. Ohio
47,100
5 d1925-1945
1452_ _Clarksville, Tenn'
31,900 100
1613_ -Clay County, Ind.(3 issues) 434
1,017,000
2 issues)_ _ _ _ 5
1452__Cleveland, Ohio 3.
1,030,000
1352_ _Cleveland, Ohio 5 issiies) _ ___ 434
102, 00 102.433
5
1613_ _Cliffside Park S. ., N.J
20,000 100.53
a1921
5
1527__Clinton Twp., Ohio
No.
D.
1527__Colonie (T.) Cora. S.
16,500 103.06
a1923
5
15, New York
7,800
a1919
1452__Columblana County, Ohio_ _ _ 5
x710,500
1374_ _Columbus,Ohio
40,000 105
c..34 d1925-1935
1279_.Converse County, Wyo
5,000 101.90
a1920
1527.._Cool Spring Twp., Ind
'5)
30,000 100
1452__Corning, Calif. (2 ssuos)
5
22,000 100.652
a1931
1279_ _Corning Vii. Sch. Dist., Ohio
5
9,500 101.321
a1921
1614_ _Coshocton, Ohio
6
1,100 102.56
a1918
1614_ _Coshocton, Ohio
15,000 102.916
a1944
434
1452__Crafton Sch. Dist., Pa
1,
No.
D.
Rd.
Co.
_Crawford
1452_
20,000 102.10
5
Ohio
5
6,000 100.016
1925
1452.._Crooksville, Ohio
100.091
5
1934
60,000
Ga
County,
1280__Dade
10,000 y101.50
6
1945
1280__Dallas, No. Caro
30,000
1614__Dallas Center S. D., Iowa_
30,000 103.55
434 d1935-1945
1280_ _Darby, Pa
50,000
5
1945
1280...Darlington. So. Caro
100.682
300,000
5
d1935-1955
Caro
No.
County,
_Davidson
1374_
44,960
1614_Daviess Co., Ind.(8 issues) _- 434
16.000 100.333
4%
1375__Dayton, Ohio
25,480 100.019
al921
1280__Decatur County, Ind.(3 iss.).: 434
23,000 105.165
a1924
6
1452_ _Delano Sch. D., Calif
25,514 101.110
5
1280__Delaware, Ohio (2 issues)
15,000
5
D.,
Iowa
Ind.
S.
1375__Delhi
7,500 105.683
a1930
5
1375_ _Dorchester County, Md
1614__Douglas & Todd Counties Jt.
19,000 100.579
5
S. D., Minn.(2 issues)
20,000
1614__Drumright, Okla
10,000 101.75
a1921
5
1614__Dyer, Ind
100.655
20,000
Ohio
5
Twp.,
1527_ _Eden
2,800
5
1280_ _Edinburgh Twp. S. D., Ohio
395,000 104.512
1955
434
1375__Elizabeth, N. J
4,800' 102.104
a1918
1452-_Elizabeth Twp. R. S. D., Ohio 6
30,000 100.891
al926
434
1614_ _Ellwood City S. D.,Pa
7,000 100.285
1935
6
1280_Elm City, No. Caro
51,000 101.699
5
a1920
1527__Erie County, Ohio
2.000
1452_Excelsior Springs S. D., Mo_
75,000 100.033
434 1916-1930
1614__Fa1rfield Twp., Mich
40,000 100.721
a1925
1280._Fairfiold Twp.S. D., Ohio_ __ _ 5
1614_ _Fergus Co. S. D. No. 117,
6 d1920-1925
1,000 100
Mont
1614Fergus Co. S. D. No. 123,
1,800 100
6 d1920-1925
Mont
1280.._Finneytown Spec. Sch. Dist.
12,000 101.66
5
a1955
No. 10,Ohio
156,726
434
1375_ _Flint, Mich.(2 issues)
28,600 100.003
434
1614_ _Floyd Co..Ind.(2 issues)
1,000 100.525
5
1925
1614__Forest, Ohio
5
80,000 103.127
a1921
1527_ _Franklin County, Ohio
5
30,000 102.78
a1921
1452._ _Franklin County, Ohio
4.9
50,000 100.05
1375_ _Freeborn County, Minn
5
15,000 101.21
a1927
1452_ _Fremont, Ohio
30,000 101.066
1691_ _Fremont Co. S. D. No.8, Ida_ 534 d1925-1935
30,000 99.166
a1923
1375.._Fremont Ind. S. D., Iowa_ _ _ _ 5
6
2,400 102.571
a1921
1614._Genoa, Ohio
23,000 100
a1921
1281_ _Gibson Co.,Ind.(2 issues)_ __ _ 4
73,100 100.02
1527_ _Gibson Co.,Ind.(8 issues)..
6,500 100
1917
5
1527_ _Glencoe, Minn
59,000 100
5
1934-1941
1691...Glendale, Cal
4
10,000 100.654
1916-1925
1453_ _Gloucester, Mass
1
1687
Amount. Price.
Maturity.
Rate.
Name.
Page.
$25,000
a1935
1375__Gloucester VII. S. D., Ohio__ _ 5
25.000 100.62
5
,
43
Y
N.
1281_ _Goshen,
d1924-1949 110,000 100.69
1453_ _Grafton Ind. S. D., W.Va____ 5
21,000 100.119
6
1375_ _Grand Junction, Colo
25,080 100
1375_ _Greene County, Ind.(4 iss.)_ _ 43
1916-1925 150,000 100
6
1375_ _Greenlee County. Ariz
5,340 100
1916-1925
5
1375.._Greenville, Ohio
100,000 100.513
a1919
434
1281_ _Greenwich, Conn
27,000
5
1453_ _Guernsey County, Ohio
17,03 103.168
1945
5
1527_ _Haddonfield, N.J
25,000 y103.41
1940
5
1453_ _Hamilton Co., Tenn
8,200 100.069
a1921
43,5
1527_ _Hancock County,Ind
95,750 101.152
1375_ _Hancock Co., Ohio(10 issues).. 5
8,000
1527._ _Hankamer D.D. No. 2, Tex
18,000 100.722
a1938
5
1615_ _Harris Twp., Ohio
5,000 100.54
1916-1925
6
1453Hemet, Calif. (2 issues)
102,000 100.274
4%
1527__Herkimer Co., N Y
10.000 100.11
1920-1929
6
1281__Hill City, Minn
10.000 x100
4
1945
1615_ _Hoboken, N.J
20.000 100.63
1282_ _Hopewell Twp., Ohio
.,*
80,000 100.878
1925
1615__Iberville Parish, La
10,000 y97.21
6
1376_ _Iberville Parish S. D., La
1927
80,000 101.56
5
1453_ _Iredell County, No. Caro
5
12,500 104.67
1935
1453_ _Ironton, Ohio
5
33,000 100.321
1453...Jackson Twp., Ohio
5130,591 100
1453 _Jasper County,Ind
37,300 100.16
1282_ -Jay County, Ind.(4 issues)_ _ _ 43,4
5
--c-i11i6-5.019 100
1692__Johnstown, Ohio
50.000
5
1376__Kensington, Md
1376..-Kingsburg Jt. Un. H. S. D.,
40,000 105.662
a1929
6
Calif
1528- _Kittitas Co. S. D. No. 24,
534
15,000 100.10
Wash
1528_ _Kittitas Co. S. D. No. 24,
7,500 100
Wash
27,000 102.101
45 d1925-1935
1692 _Lafayette Sch. Dist., Ind
17,000 100
4
1453.._Lake County, Ohio
75,000 y102.995
5
1935
1615 _Lancaster Co., So. Caro
434
10,000 101.078
1616 _Laurel Sch. Twp , Ind
50,000
1935
55
1616 _Laurinburg, No.Caro
300,000 100.09
4
a1930
1453 ..Lawrence,-Mass
7,400
a1920
434
1376 _Lawrence County, Ind
100.000 107.29
5
1945
Ohio
County,
_Lawrence
1282_
17,500
1916-1933
5
1453_ _Lestershire, N.Y
1282Lincoln Co. S. D. No. 14,
40,000 100
5 d1921-1935
Wash
75,000 101.81
434
a1932
1282_Little Falls, N Y
45,000 97.50
534
1378..-Little Rock, Ark
a1917
30,000 101.317
5
1454_Lockport, N. Y
10,000 101.29
a1917
6
1376__Logan County, Ohio
200,000 100.35
4.80
1282_ Lon Beach, N V
29,000
1454_.-Los ngeles City S. D.,Calif_
4
375,000 100.189
1376_ Lowell, Mass (2 issues)
5
a1933
34,000 101.283
1376_ Lowell Sch Dist., Ohio
12,699
1283- Lucas County, Ohio (2 issues). 5
34,400
1616_ Lucas County, Ohio(2 issues). 5
5
16,800 101.492
1616_ Lucas County, Ohio
1925
5
25,000 100.512
1454_ Lyme Twp. Ohio
a1924
5
23,000 100.652
1616_ Lykens Twp. S. D., Ohio
434 1916-1945 300,000 101.285
1616_ Macon, Ga.(3 issues)
21,450 101.098
1376_ Madison County,Ohio(3 iss.)_ 5
4
a1927
500,000 100.678
1454_ Maine
534
20,000 100.705
1454_ Marcus,Iowa
55,000 106.469
6
1454_ Marian Sch. D.,Calif
434
55,000 100.91
1454_ Marinette, Wise
5
165,000 105.433
1528_ Marion City S. D.,Ohio
4%,
9,700 100.05
1528_ Mayville, N Y
4
14,000
1376._ Meadville, Pa
6 d1925-1935
18,000 100
1528_ Medicine Lake, Mont
5
d1921
31,000 100
1454_ Mentor Twp ,Ohio
a1927
45,000
5
1283 _ _Mercer County, Ohio
434
8,700 100
1454_ Miami County,Ind
4,000
6
1616_ Middlefield, Ohio
1377„Middle Fork & Spring Creek
6
1920-1935 146,000 100
Dr.& Levee D.,Tenn
5,000 101.154
a1921
5
1616_ -Middletown, Ohio
a1924
25,000 101.77
5
1283_ Midland Park, N.J
6,500
534 1916-1922
1616_ Mifflin Twp., Ohio
5
65,000 101.392
1916-1945
1616_ Minerva Sch. Dist., Ohio
1454-Minidoka Co. S. D. No. 17,
1925
12,000 100
6
Idaho
1935
100,000 96.776
4
1377_ Minneapclis, Minn
4.65 1916-1935 219,282
1377_ Minneapolis. Minn
90,900 100
4
1617..-Minnesota (17 issues)
80,000 101.375
1454. Missouri Valley Ind. S. D.,Ia.. 5
69,189 100.434
534 1916-1921
1283 Monona County,Iowa
4,200 100
4
1617 Monroe County,Ind
45.000 100
1528 Monroe(T.) S. D.No.4, N.Y. 4
11,900 100.021
434
1283 Montgomery County, Ind
5
18,000
a1921
1283 Montgomery County, Ohio_
5,000 100.25
1916-1925
1454-Moreau (T.) S. D.No.9, N.Y. 5
5
49.100 101.214
a1931
1377 Morrow County. Ohio
3,600 100
5
1454 Mt. Blanchard, Ohio
4.60 a1931
53,000 100.83
1283_ Mt. Morris, N. Y
4A
20,000 100.42
1283-Mt.Vernon, N.Y
5
10,000 100
1918-1927
1454_Muscatine S. D.,Iowa
48,000 101.062
1284...'Muskin8um Co., Ohio (2 iss.)- 5
5
a1922
430,000 102.07
1377__Nashville, Tenn
116,600
1617 _Nebraska (10 issues)
15,000
1617 -Nevada, Iowa
6,043
a1924
5
1617 -Newark, Ohio
21,699 101.394
534 1916-1925
1528_ _New Straitsville, Ohio
16,000 100
a1927
5
1528_ _Newtonsville S. B. Ohio
a1936
75,000 102.88
434
1528.._Niagara Falls, N. Y
15,000 100.113
a1917
5
1284_ _Niles City S. D .Ohio
35,000 100.26
434 1917-1940
1528_ _Northampton Twp., N.J
48,000 100
4
1693.._North Dakota (8 issues)
16,500 100
5
d1927
1454.._North Lewisburg S. D.,Ohio
15,000 104.04
1925
5
1284__Norwood, Ohio
74,500
J
5
N.
Cit3r,
an
1617.-Oce
30,000
1284--Ogden Twp., Mich
1940
115,000 100
1528__Okmulgee Sch. Dist., Okla_ _ _ _ 5
a1920
9,000 104.511
6
1377_ _Orange Cove S D., Calif
a1923
30,000 100.323
1377__Orange Twp. Rural S. D..Ohio 5
21,500 100.852
5
1455__Ottawa County, Ohio
35,000 100.834
5
1529_ _Ottawa County, Ohio
a1921
4,000 100.31
1455_ -Painesville Twp. S. D., Ohio 5
a1919
7.000 100.071
5
1455Palmyra Twp., Ohio
1935
25.000 100.50
6
1529_ Paragould, Ark
36,000
1529_ Paragould, Ark
25,000
1617_ Park City, Tenn
40,000
1916-1925
7
1618_ Payette,Idaho
15,000 103.09
534
1455_ Peebles, Ohio (2 issues)
60,000 100.699
1455.._Pembroke, N. H
21,000 100.047
a1918
5
15292...Phelps, N. Y
12,000 100
434 1923-1927
1284__Pike County, Ohio
1529- _Pinellas Co. Spec. S. D. No. 1,
25,000 105.10
1940
6
Fla
50,000 100.20
a1924
434
1377__Piqua Sch. Dist., Ohio
19,220 100.754
a1921
434
1284 Pleasant Sch. Twp ,Ind
25,000 100.392
5
1378_ Pleasant Two., Ohio
12,000 100
1918-1928
5
1618- Plover Ind. S D.,Iowa
11,900 100.504
a1921
5
1284 Plymouth, Ohio
24,500 102.379
1921-1925
5
1455_ Plymouth Co., Iowa
70,000 101.617
1529__Pocatello Ind. S. D.No.1,Ida. 5 d1925-1935
14,000 101.107
5
1284 Portage County,Ohio
5
5,000 100.54
1284- Portage County. Ohio
44,850
1529__Port Chester, N. Y.(5 issues).. 5
152,000 101.91
1285-Port Chester, N. Y.(2 issues).. 434
10,000 102.86
1916-1925
5
1378__Port Clinton, Ohio
5.500 100
1378_ _Porter County,Ind.(2 Issues). 43
144.128
1925 •
6
1618 -Portland', Ore
100,000 101.65
1945
4A
1618 -Portland, Ore
a1941
510,000 100.03
5
1618 _Port of Seattle, Wash
30,000 102.756
a1923
5
1378 -Preble County, Ohio
1688
THE CHRONICLE
[vol.. too.
Page.
Name.
Rate.
Maturity.
Amount. Price. Page.
Name.
Rate.
Maturity.
Amount. Price.
1285_ _Price, Utah
6
d1925-1935 $10.000 y101.60
1622_ _Three Rivers, Que
5
1944
$200,000
1285_ _Putnam Co., Ind.(3 issues)_.._ 4%
23,460 100
1622_ _Tilbury (No. Twp.), Ont__ _- 534 1916-1930
28.320 101.18
1455_ _Racine, Wise
4% 1916-1925
90,000 y101.622 1458_ _Toronto, Ont
4,533,000
4
90.67
1285....Ravenna Twp. S. D., Ohio_ _ _ 5
38,000 101.151 1622.._Valleyfield, Que
1924
56,000
6
1694__Raymond, Wash
6
1935
117,000 103.50
1381_ _Wallace Rural Mun.,Man....... 5
1916-1955
40,000
1285__Rensselaer, N. Y
434
a1925
70,000 101.617 1532_ Waterloo, Ont
81,055
534&53i
1618....Rhea County, Tenn
5
1935
250,000 100
2,400
1916-1925
1532__Willmar S..D. No. 3476, Sask.. 8
1455__Richland Sch. Dist., Calif
6
1916-1925
9,000 100.366 1458_ _Wingham, Ont
2,200 103.689
1935
6
1285__Ridge Twp., Ohio
15,000 100.266 1458.._Winnipeg Greater Water Dist.,
1455_ _Ripley, Tenn
6
1916-1930
15,000 101
1,000,000
Man
1920
5
1455_ _Rockport, Mass
4
a1920
10,000 100.81
1455__Rome, N. Y
4%
a1923
15,000 101.04
Total debentures sold in April
$15,408,750
43/i
1455__Rome, N. Y
a1918
6,000 100.25
Dist.
Ill
1618_ _Rushville Sch.
5
40,000 102.65
1455_ _St. Clair, Pa
4%
60,000
1285.._St. Clair County, Ills
5
1917
14.061 101.914
1285....St. Henry, Ohio
6
a1918
4,000 105
1455_ _St. Tammany Parish S. D.No.
Argentine.-Loan.--Subscription lists were opened on.
5, La
1920
5,500 100
1529....Salem, Mass.(2 issues)
4
a1930
180,000 100.798 Monday (May 10) by bankers in New York, Chicago, Bos1285_ _Salem, Ohio
5
a1921
10,000 101.03
ton, Philadelphia and Pittsburgh for the $25,000,000 6%
1285_ _Sandusky, Ohio(3 issues)
434
35,600
5-year gold coupon treasury bonds of the Government of the
1456_ _Schuyler Co. S. U. No.92, Ill_ 5
a1925
40,000 102.65
1378_ _Seattle, Wash
434&5
Argentine Nation. Over $23,500,000 of the bonds have al1,779,500 100
1694_ _Seattle, Wash. (12 issues) _ _ 6
271,739 100
ready been sold, leaving less than $1,500,000 to be placed.
1456_ _Seymour, Conn
150,000 103.429
4341930
As stated in last week's "Chronicle," (V. 100, p. 1611), this
1529_ _Shelby Co.,Ind.(2 issues)
a1921
14,100 100
434
1529....South Omaha, Neb
5
1935
343,000
is part of a $50,000,000 loan, one-half of which was offered
1456_..Southport, No. Caro
1945
40,000 100
534
1456_ _Spencerport, N Y
4.70
a1921
16,000 100.054 in London. In that city the subscription lists closed May 12,
1456.._Spencerville, Ohio
a1921
10,000 102.443 and it was announced that only about 12% of the bonds
534
1456_ _Springfield, Ohio
58,234 101.769
5
1286_ _Springfield, Ohio (7 issues)._ _ _ 5
48,648 101.361 had been subscribed for. The offering price in both Lon1456_ _Springfield City S. D., Ohio.... 5
a1921
90,000 102.02
don and New York is 99. The syndicate of American
1378_ _Springville, N. Y.(2 issues)._ 5 .
a1922
7.000 102.08
bankers handling the loan • is composed of the National
1378_ _Stark County, Ohio
5
13,500 100.72
1286_ _Suffolk County, N. Y
a1921
434
50,000 101.01
City Bank, Harris, Forbes & Co., and the Guaranty
1286_ _Summit Co., Ohio (2 issues)._ 5
78,911 101.432 Trust Co., of
New York; the Continental & Commercial
1378....Summit County, Ohio
5
a1925
36,000 104.022
1378.._Swain County, No. Caro
5
1926-1945 100,000
Trust & Savings Bank and the Illinois Trust & Savings Bank,
91
1619_ _Swissvale School District.Pa
5
1916-1920
50,000
Chicago; the Fourth Street National Bank of Philadelphia;
1694._ _Tacoma,Wash
6
4,553
1456_ _Tippecanoe County, Ind
434
1921
7,200 100.027 Mellon National Bank and the Union Trust Co. of Pitts1456....Tipton County, Ind
434
1921
13,400 100.05
burgh and the First National Bank of Boston.
1379__Toledo, Ohio
434
1919
10,000 x100
Bonds are dated May 15 1915 and due May 15 1920.
1379_ _Toledo, Ohio
434
1925
150,000 101.619
1286__Trenton. N. J
434
1945
40,000 164.03
Denomination $1,000. Interest payable Nov. 15 and May
1286_ _Troy, N. Y
434
a1925
84,000 101.95
15. Principal and interest payable in New York at the Na1286__Union County, Ohio (3 issues) 5
27,622
1530_;Unionville S. D., Mo
5
d1925-1935
30,000 102.42
tional City Bank in U.S. gold dollars of the present standard
1286....Urbana, Ohio (5 issues)
5
89,600 102.519 weight and fineness.
Exempt from all present or future
1619_..Urbana, Ohio (3 issues)
5
64,000 101.106
1379_ _Utah
1935
Argentine taxes. These Treasury bonds are issued under
434
650,000 102.40
1619__Verona. Ohio
6
a1919
1,345
1530__Vigo County, Ind.(2 issues)._ 434
a1920
24,500 100.012 authority of Law No.9468, dated Jan. 2 1914, and Law No.
1456_ _Vivian La
9648, dated Feb. 9 1915, which authorize the Executive
5
35,000 100
1456_ _Wabash Co., Ind. (5 issues)
414
31,800 100
Power to issue a total amount of 80,000,000 Argentine gold
1530.._Wadsworth Township, Ohio__ 5
1930
17,000 100.903
1619_ _Wahkiakum Co. S. D's.Wash_ 534
1925
9,500 100.105 pesos (equivalent to $77,760,000 U. S. gold or £16,000,000
1530.._Wahkiakum County, Wash...... 536
75,000 100
sterling) for the purpose of furnishing means for the exten1531__Walden, N Y
5
a1930
35,000 105.50
.. of the sanitary works and water supply of the Federal
1286_ _Wallingford, Conn
434 d1930-1945
13,000 101.639 sion
1619__Walla Walla Co. S. D.14,Wash 534 d1920-1935
10,000 100
capital. The immediate issue consists of the $25,000,000
1456__Warren, Ohio (7 issues)
5
71,300 101.669 now offered in
the United States of America and £5,000,000
1456_ _Warrenton, Ore6
1935
150,000 100
1380__Washington County, NO.Caro_ 6
1940
30,000 106.75
offered in the United Kingdom of Great Britain. Both the
1456__Washington C. H.,0.(2 iss.)_ 5
24,000 101.129 sterling and dollar bonds are of
substantially similar tenor
1287__Waterford Twp. Rur. S. D.,0. 5
30,000
1456__Wayne Twp. S. D., Ohio
5
a1922
15.000 100.173 and content. After May 15 1917, sterling and dollar bonds
1287_ _Willoughby Rural S. D., Ohio.. 5
a1923
15,000 100.71
will
be
interchangeable
between
London
and New York at
1287_ _Wilmington, Del
1938
436
55,000 103.05
1380_ _Wilson, No. Caro
the fixed rate of 86 per pound sterling, the expense of any
a1927
5
80,000 100.31
1456.._Wilson Township, Pa
434
a1923
24,000 101.579 new stamps which may be required to be borne by the holder.
1456_ _Winnsboro,So. Caro.(3 issues) 5
d19354945
80.000 100
From the proceeds of the present loan there will be re1531__Wood Co., Ohio (4 issues)
5
174,000
1457__Wyandot County. Ohio
5
a1920
12,300 101.056 tained by the bankers funds sufficient to pay off $5,000,000
1531__Wyandot County, Ohio
5
a1920
21,600 101.171
News Items.
Series "A"6% gold notes maturing Dec. 15 1915;£5,000,000
of short-term notes maturing in London Sept. 2, and L3,000,000 maturing Dec. 15 1915. The balance will constitute
a Average date of maturity. d Subject to call in and after the earlier free money available for further construction expenditures
year and mature in the later year. k Not including $18,175,613 of tomporary loans reported,and which do not belong in the list. x Taken by sink- upon the sanitary works of Buenos Aires.
ing fund as an investment. y And other considerations.
Additional bonds are reserved under the authorization of
We have also learned of the following additional sales for the above laws to refund the $5,000,000 Series "B" and
$5,000,000 Series "C" notes maturing Dec. 15 1916 and
previous months:
Page.
Name.
Maturity. Amount. Price. Dec. 15 1917, respectively.
Rate.
An advertisement offering the above issue to investors appears
1526_ _Aransas Pass, Tex.(2 issues)__ 5
d1935-1955 $13,000
91
1526_ _Beltrami Co., Minn. (6 issues) 534
379,000 2100
on a preceding page.
1526.._Bigelow Consol. Sch. Dist.
No. 2, Mo.(Feb.)
534 d1925-1935
12,000
Arkansas.-Decision Affecting Road Districts.-Accord1613.._Caldwell County, No. Caro_ _ _ 6
1940
25,000 101.30
ing to the "Commercial Appeal" of Memphis, Tenn., the
1527_ _Cleveland, Ohio
434 1915-1925 200,000 x100
1615.._Kansas (9 Issues)
5
Arkansas Supreme Court on May 3 handed down an impor100,424 100
1528_ _King Co. S. D. No. 185, Wash. 5
d1916-1935
40,000 100
tant opinion relating to road districts.
1615.._Lake Co.Spec.S.D's Fla.(2 Iss.) 6
20,000 x100
Total bond sales for April 1915 (239 municipalities,
covering 486 separate issues)
k$23,105,762
1454__New Brighton, Pa
1619__Swissvale, Pa
1620_ _Wilmington, No. Caro
434
434
5
1927-1932
a1932
1955
30,000 101.633
65,000
100,000 102.19
All the above sales (except as indicated) are for March.
These additional March issues will make the total sales (not
including temporary loans) for that month $66,639,128.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN APRIL.
Name.
Rate.
Maturity. Amount. Price.
1697_ _Alberta School Districts
7
$18,750 100
1457__Berlin, Ont.(2 issues)
12,000
1621__Beverly Sch. Dist., Alta
6
1916-1935
25,000
1531__Brandon, Man
5
1935
90,000
1531__Brandon, Man
5
1922
13,600
1457__Brantford Twp., Out
534 1916-1935
24,408
1457_ _Dartmouth, N.S
5
97.81
150,000
1532__Delisle, Sask
6,800
1532__Dunnville, Ont
5
1916-1944
34,473
1532__Estavan, Sask
5
1916-1935
42,350
1621__Fern e, B. C
1925
534
5.000
90
1697_ _Fort Gary, Man.(3 issues)
6
39,000
93.35
1457_ _Galt, Ont
5
29,999
97.3
1537_ _Gimli Sch. Dist., Man
534 1916-1934
19,000
1621_ _Hamilton. Ont
434
666,000
1621__London, Out
5
1945
80,000 100
1532__Lumsden, Sask
4,000
1381_ _Melville, Sask
6
1916 1930
20,000
1697_ _Midland, Ont
534 1916-1945
40,000 102.642
1621__Mimico, Ont
1945
17,200
536
98.906
1532_ _Montreal, Que
5
1918
6,100,000
1532.._Mortlach, Sask
6,500
1532_ _Newmarket, Ont
6
1916-1935
15,000 105.053
1458_ _North Vancouver, B C
6
1918
5,0001 93
1458 __North Vancouver, D. C
__
1925
19,700J
1532_ _Ontario, Province of
5
1920
1.000,000 100.25
1381- _Pembroke, Ont
5
1916-1925
4,753
1458__St. Thomas, Ont
85,750 100.28
1458__Saltfleet Twp. Ont
12,000 100.975
1621_ _Saskatchewan,Prov.of(113 iss.)
671.692
1458_ _Sault au Recollet, Que
6
1940
60,000
1458_ _Sault Ste. Marie, Ont
53.6
97.31
82,800
1532_ _Swift Current S. D. No. 167,
Bask
25.000
1622--The Pas. Man.(2 issues)
5
1935
40,000
96.05
Pow.
The Court held that creation of entire counties, or the greater part of
counties, into road-improvement districts to make improvements in one,
part of a county, is at variance with the constitution, even though the district is created by a special legislative Act. The Court held that creation
of an improvement district in Crittenden County, comprising about 95%
of the county, and created to erect a viaduct leading to a bridge spanning
the Mississippi River, could not be done; that such an Act, if legal, would
rob the County Court of its power, and would virtually bond the county,
contrary to the constitution. The Court's decision set forth that improvements could not be grouped and made into one improvement district.
The Court reversed the Crittenden Chancery Court and ordered the case
sent back, with instructions to grant an injunction to prevent the improvement district commissioners from awarding contracts of issuing bonds. The
suit was filed by H.F. Avery against W. W.Swepston.
Bolivia (Republic of).-Loan.-The National City Bank
of New York has negotiated a loan to the Bolivian Government of $1,000,000, one-half of which is to run for one year
and the remainder for two years.
California.-Governor Vetoes Measures Increasing Borrowing Capacity.-On May 4 Governor Johnson vetoed two bills
increasing the bonding limit of. cities from 15% to 25% or
their assessed valuation to incur indebtedness for publicimprovements or for purchase or construction of water
utilities. The Senate sustained the vetoes unanimously.
One bill provided that no city, town or municipal corporation shall incur indebtedness for pbulic improvements which
shall in the aggregate exceed 25% of the assessed value or
the taxable property.
The other provided that no city, town or municipal corporation shall incur for public improvements,other than for
thofpurchase or original construction of public works for
supplying its inhabitants with water, an indebtedness which
shall exceed 15% of the assessed value of taxable property.
In vetoing the measures, the Governor said:
The law, as it has existed for many years, authorizes an indebtedness for
public works and improvements aggregating 15% of the taxable prop-
MAY 15 1915.)
THE CHRONICLE
erty, and the amendment increases this percentage to 25%, when the increase may be required in the purchase or construction of public works
for supplying the inhabitants with water,
Briefly stated, the argument in objection is that for many years the law
of our State has fixed as the maximum percentage of indebtedness that
may be incurred 15% of tho taxable property; that upon the faith of this
law, bonds of municipalities have been issued and sold; that bonds that
might be issued hereafter in excess of this 15% would be on a parity with
those heretofore issued and a 25% indebtedness, even though the increase
from 15% were for the construction of water works, would be an excessive
indebtedness to be permitted to municipalities.
In this connection, the laws of various States are cited and the maximum
indebtedness permitted to be incurred by cities is claimed to be much less
than that which has been permitted in California under the present law.
It is asserted, too, that the increase permitted by the Proposed laws
would lead to greater prodigality in the issuance of bonds by municipalities, and that already the municipalities of our State have been sufficiently prodigal in this direction.
With many of the arguments presented I have little sympathy. We
are rapidly approaching the stage of public ownership in our cities; and,
that this consummation may ultimately be reached, we finally will be
required to raise the percentage of indebtedness that cities may incur.
This, of course, will not be done by the Legislature in those cities like
San Francisco and Los Angeles, where provisions of charters control, but
in many of the other cities of our State, operating under our general law,
we must finally, if those cities desire to acquire their public utilities, increase the percentage of indebtedness permitted them.
Considerations like those that I have just beriefly indicated impel me
to sign these bills: but I cannot be unmindful of the fact that at present
we are in a time of stress and depression, and I would not wish by any act
of ours now to lessen in any degree or depreciate at all the bonds that have
been or may be issued by the cities of our State.
In not approving these bills, I am but postponing the struggle which
must ultimately be had upon this question. I postpone it not because I
believe the arguments against the increase in percentage of indebtedness
of municipalities to be wholly sound, but because, at this particular time,
the necessity for action may not exist,and because of the delicate financial
condition in which securities the world over are to-day.
Colorado Irrigation Distkicts.-No Interest on Certificates of Bondholders' Protective Committee.-See Denver Reservoir Irrigation Co. in our "Industrial" items on a preceding
page.
Cuyahoga County (P. 0. Cleveland), Ohio.-Court
Grants Injunction Restraining Collection of Tax ore Rockefeller
Personal Property.-Judge John H. Clarke of the U. S. District Court on May 13 granted the injunction asked for by
attorneys for John D. Rockefeller in proceedings commenced
Dec. 19 1914 to restrain the collection of taxes on $311,040,337, which is the valuation placed on Mr. Rockefeller's personal property at Forest Hill by the Cuyahoga, County Tax
Commission. It was contended by the taxing authorities
that under the Ohio law, by remaining there a greater part
of a year Mr. Rockefeller became a citizen of Ohio for taxation purposes
Mr. Rockefeller claimed that he came to Cleveland on
June 24 1913, intending to return to New York in October,
and was prevented from doing so until the following February, owing to the illness of Mrs. Rockefeller and Mrs. Lucy
Spellman, his sister-in-law. Judge Clarke, it is said, decided
that this was a valid excuse.
Hamilton, Ohio.-Bond Sale Enjoined.-Reports state
that the Court of Appeals on May 12 sustained Judge Walter
Harlan in issuing an injunction against the Sinking Fund
Trustees selling the $220,000 City-Hall bonds to the Fields,
Richards Company of Cincinnati. The Lower Court held
that it was the duty of the Council to sell the bonds and that
the Sinking Fund Trustees, not having the money, could not
take them over and re-sell them. They were ordered returned to Council.
Hudson, Col.-Water Bond Election Illegal.-Judge R. G.
Strong of the District Court has decided that the election
held Aug. 18 last, at which $12,000 water-works-construction
bonds were voted, was illegal. The decision is based, it is
said, on the fact that the special election for voting the bonds
was called within ninety days after a regular election of the
town had been held.
New York State.-Attorney-General Upholds Plan to
Negotiate Temporary Loan.-Attorney-General Woodbury
in an opinion rendered May 12, upholds the arrangements
made by State Comptroller Travis to borrow $6,000,000
on short-time notes from the Guaranty Trust Co. of New
York City at 2%% (see V. 100, p. 1617). It was contended
that Section 14 of the State Finance Law which authorizes
the negotiation of such a loan is in violation of the constitutional provision under which a State debt in excess of $1,000,000 must be submitted to a vote of the people. In his
opinion the Attorney-General says:
The Constitution inhibition with reference to the creation of debts did
not contemplate the creation of an obligation whore tho means of payment
were at the command of those who made It in order to save unimpaired
the public faith and credit or to support current expenses of government.
It did not contemplate a situation whore a previous administration, by
failing to levy necessary taxes or produce the necessary revenues, had
left the Government without funds In its treasury to carry on its ordinary
activities and pay general expenses.
The Legislature was entirely within its rights in providing in Section 14
of the Finance Law for the issuance of certificates of indebtedness in
anticipation of and payable out of the taxes or other fixed revenues for
the currdht year.
New York State.-Governor Signs Bill for $27,000,000
Canal Bond Referendum.-Governor Whitman on May 10
signed the bill providing for the submission to the voters of
a $27,000,000 bond issue for the completion of the barge
canal. V. 100, p. 1525.
Vermilion County (P. 0. Danville), Ill.-Litigation.With reference to the $1,500,000 bonds for which bids have
been asked until May 17 (V. 100, p. 1619), we are advised
that suit has been filed asking that the county be restrained
from carrying out its road-building plans. The bill for injunction makes the transcript of the road bonds proceeding
a part of such bill and alleges that such proceedings are invalid. A temporary injunction was not asked for. The
county will likely defer further action until the court proceedings are finally settled.
1689
West Virginia.-Special Session of Legislature.-Governor
Hatfield on May 12 called the Legislature to meet in special
session May 18 primarily for the enactment of laws to increase.
the revenues of the State so as to resume payment of expenses.
Consideration of appropriation bills, stream-pollution measures and rectification of certain defects in existing laws are
also included in the call.
Bond Calls and Redemptions.
• Idaho.
-Bond Call.-Payment will be made on or after
July 1 at the office of the State Treasurer of the following
4% 10-20-year (opt.) bonds, dated July 1 1905:
University of Idaho, $40,000; State improvement. $21,000; Soldiers'
home improvement, $14,000; inter-mountain road, $50,000; Academy of
Idaho improvement, $45,500; State penitentiary improvement, $50,000;
Albion Normal School improvement, $30,000; State reform school, $20.000; Capitol building, Nos. 1 to 60, $60,000.
The official notice of this bond call will be found among the advertisements
elsewhere in this Department.
Bond Proposals and Negotiations this week
have been as follows:
AKRON, Ohio.-BOND SALE.-On May 10 the two issues of 5%
coupon bonds, aggregating $39,000 (V. 100, p. 1451), were awarded to
Sidney Spitzer & Co. of Toledo.
ALBANY, Dougherty County, Ga.-BOND OFFERING.-Reports
state that Y". C. Rust, City Clerk, will receive bids until May 17 for the
$40,000 school and $40,000 auditorium 5% 30-year bonds voted April 8
(V. 100, p. 1612)•
ALBION CONSOLIDATED SCHOOL DISTRICT (P. 0. Albion),
Marshall County, Iowa.-BONDS VOTED.-On May 1 the voters of
this district by a vote of 188 to 29 authorized the issuance of the $22.000
school-building bonds, it is stated (V. 100, P. 1451)•
ALEXANDER CONSOLIDATED INDEPENDENT SCHOOL DISTRICT (P. 0. Alexander), Franklin County, Iowa.-BNOD SALE.
An issue of $40,000 5% school-building bonds has been purchased by
Schanke & Co. of Mason City.
AMES, Story County, Iowa.-BOND ELECTION.-An election will
be held May 17, it is stated, to vote on the question of issuing bonds for
the building of a new city hall and fire station.
ARCADE, Wyoming County, N. Y.-BOND SALE.-On May 12
$18,000 highway bonds were awarded to Geo. B. Gibbons & Co. of New
York at 100.18 for 43(5.
ARLINGTON, Hancock County, Mass.-BOND OFFERING.-Proposals will be received until 12 m. June 7 by C. J. Orwick, VII. Clerk, for
(1)
$16,139 5% Main St. paving bonds. Denom. (50) $100, (21)
payable
$500.
$639. Date June 1 1915. Prin. and semi-annual int. (J. &. D.),
at the Farmers' & Merchants' Bank Co. at Arlington. Due on June 1 as
follows: $1,500, 1916 and 1917; $2,000 1918; $1,500 yearly from 1919 to
1924, incl. and $2,139, 1925. Cert. check (or cash) for $100, payable to
the Vii. Treas., required. Bonded debt, including this issue, $26,639.
No floating debt. Assess. val. $520,490. Using newspaper reports, we
stated in last week's "Chronicle", page 1612, that an issue of $15,139 5%
street bonds would be sold on May 24.
ARMOUR, Douglas County, So. Dak.-BONDS VOTED.-At the
election held Apr. 27 the voters authorized the issuance of the $20,000 5%
sewerage-system-construction bonds (V. 100, p. 1451). Int. semi-ann.
Due $2,000 yearly March 1 from 1916 to 1925 incl.
ASTORIA, Clatsop County, Ore.-BONDS AUTHORIZED.-The
committee on ways and means has been authorized, it is stated, to ask for
bids on $100,000 53i% bonds. The new bonds will mature in 1935.
AUGLAIZE AND MERCER COUNTIES, Ohio.-BOND SALE.-The
Commissioners of these counties have sold, it is stated, $3,250 Vaehorn
pike bonds, which is on the Auglatze-Mercer County line, to the First
Nat. Bank of Wapakoneta for $3.260 10-equal to 100.31.
AVERY COUNTY (P. 0. Newland), No. Caro.-BOND OFFERING.
-Secretary Bd. of Road Commrs. P. Maclay Brown will receive proposals
until May 17 for $150,000 5% 40-yr. road bonds. Certified check for 5%
required. Interest annual.
A similar issue of bonds was awarded on April 6 to C. N. Malone & Co.,
Asheville, at 100.333 and int.-a basis of about 4.981% (V. 100, p. 1278).
BALLINGER SCHOOL DISTRICT (P. 0. Ballinger), Runnels
County, Tex.-BOND ELECTION.-An election will be held May 20, it
s stated, to vote on the question of issuing $80,000 bldg. bonds.
BARNARDSVILLE SCHOOL DSITRICT (P. 0. Barnardaville),
Buncombe County, No. Caro.-BOND ELECTION.-The election to
vote on the question of issuing the $6,000 high-school building bonds
(V. 100, p. 1186) will be held May 18.
BAY TOWNSHIP SCHOOL DISTRICT (P. 0. Port Clinton), Ottawa County, Ohio.-BONDS DEFEATED.-At an election held Apr. 20
the question of issuing 116,000 bldg. bonds was defeated, it is stated, by a
vote of 27 "for" to 69 'against.
BEDMINSTER TOWNSHIP SCHOOL DISTRICT, N. .T.-BOND
ELECTION.-According to newspaper reports from Whitehouse, this district will hold an election on May 22 at which time the question of issuing
$6,500 school-building bonds will be submitted to the voters.
BELOIT, Rock County, Wis.-BONDS AUTHORIZED.-The City
Council recently, it is stated, passed an ordinance authorizing the issuance
of $48,000 (city s portion) street-paving bonds.
BEMIDJI INDEPENDENT SCHOOL DISTRICT (P. 0. Bemidji),
Beltrami County, Minn.-BOND SALE.-The First National Bank of
this city, it is stated, has been awarded $12,000 5% 15-yr. refunding bonds.
BENSON, Douglas County, Neb.-BOND SALE.-On May 5 the
$25,000 6% 10-20-year (opt.) city-hall bonds (V. 100, p. 1451) were
awarded to James T. Wachob of Omaha at 106.20 and int.-a basis of
about 5.20% to optional date and 5.485% to full maturity. Other bids
were:
N. W.Halsey & Co.,Chie.$26,552 001R. M.Grant & Co., Chic_$25,502 00
Metropolitan Water Dist.
of the City of Omaha__ 26,147 501 Bank of Benson, Benson.. 25,450 00
Sid. Spitzer & Co.,Toledo. 25,802 50 U. S. Trust Co., Omaha__ 25,250 00
Spitzer, Rorick & Co., Tol. 25,645 00 Chas.S. Kidder & Co.,Chic.25,189 00
Hanchett Bond Co.,Chic_ 25,503 00 First Nat.Bk.,Barnesv.,0. 25,010 00
BEVERLY, Essex County, Mass.-BOND SALE.-On May 10 the
following 4% coupon tax-free bonds (V. 100, p. 1613) were awarded to
E. M. Farnsworth & Co. of Boston at 100.51.
$30,000 branch public library-construction bonds. Due $3,000 yearly
April 1 from 1916 to 1925, incl.
50,000 water loan Act 1913 bonds. Due $3,000 yearly April 1 from 1916
to 1925 and $2,000 yearly April 1 from 1926 to 1935 incl.
Other bids were:
Blake Bros. & Co., Boston_ _100.27 (Merrill, Oldham & Co.,Bost_100.189
P.M.Chandler&Co.,Inc.,Bost.100.217IN. W.Harris & Co.,Ine.,Bost.100.06
Denom.$1,000. Date April 1 1915. Prin. and semi-annual int.(A.& 0.)
payable at the Commonwealth Trust Co. of Boston. Total funded indebtedness $1,346,500. Assess. val. average 1912, 1913. 1914.$41,223,395,
BLOOMFIELD, Essex County, N. J.-BIDS REJECTED.-All bids
received for the $272,000 436% coupon (with privilege of registration) funding bonds offered on May 10 (V. 100, p. 1613) were rejected.
Kean,Taylor & Co. of New York offered 100.50 and J. S. Rippel of Newark 100.20.
BLOOM TOWNSHIP SCHOOL DISTRICT(P.O. Bloomdale), Wood
County, Ohio.-BONDS DEFEATED.-An election held April 28 resulted, it is stated, in a vote of 99 "for" to 118 "against" the question of
issuing $60,000 bonds for a centralized school at Bloom Centre. The
proposition was previously voted down on March 2.(V. 100, p. 1187).
1690
100.
THE CHRONICLE
BONAPARTE SCHOOL DISTRICT (P. 0. Bonaparte), Van Buren
CLAY COUNTY (P.O. West Point), Miss.-BOND OFFERING.-The
County, Iowa.-BONDS VOTED.-This district by a vote of 225 to 28 Board of County Supervisors, L. J. Howard, Clerk, will receive proposals
authorized the issuance of the $18,000 bonds (V. 100, p. 1613) at an elec- until 2 p. m. June 7 for $20,000 6% tax-exempt Dist. No. 2 road bonds.
tion held April 29, it is stated.
Int. semi-ann. in N. Y. Cert. check for $250, required. Official notice
BRANDON CONSOLIDATED SCHOOL DISTRICT (P.O.Brandon) states that the Board reserves the right to reject any or all bids.
Buchanan County, Iowa.-BONDS VOTED.-On May 4 this district
CLEVELAND, Liberty County, Tex.-BONDS VOTED.-Recently
according to reports, authorized the issuance of $20,000 school-building this city by a vote of 113 to 1 against, authorized the issuance of $40,000
school-building bonds, it is stated.
bonds. The vote is given as 217 to 33.
COCHISE COUNTY SCHOOL DISTRICT NO.27(P.O. Tombstone)
BRIDGEWATER SCHOOL DISTRICT, Pa.-BOND OFFERING.
Proposals will be received until 8 p. m. May 18 by James A. Shively, Sec. Ariz.-BOND SALE.-On May 3 the $90,000 536% site-purchase, building
(P.0. West Bridgewater),for $30,000 436% tax-free school bonds. Denom. and equipment bonds (V. 100, p. 1527) were awarded to the Commerce
$1,000. Date June 1 1915. Int. J. & D. Due $1,000 yriy. June 1 from Trust Co. of Kansas City, Mo., for $91,647 (101.83) and int. Other bids
1925 to 1934 incl. and $2,000 yrly. June 1 from 1935 to 1944 incl. Cert. were:
J. C. Mayor & Co., Cin- _ _ _$91,242 Internat. Tr,Co.. Denver.$90,677 50
check for $250 required.
Continental & Commercial
Powell,Garard & Co.,Chic. 90,675 00
BRISTOL COUNTY (P. 0. Fall River), Mass.-BOND OFFERING.
Tr. & Say. Bk., Chicago__ 91,1551 Weil, Roth'& Co., Cin___ 90,558 00
The County Treasurer will receive proposals until 9 a. m. June 1, it is
All bids provided for payment of accrued interest. Denom.$500. Date
stated, for $40,000 4% refunding bonds. Date June 2 1915. Due $2,000 Aug. 3 1914. Prin. and semi-annual int., payable at place to suit puryearly from 1916 to 1935, incl.
chaser. Due $4,500 yearly from 1915 to 1934 incl. Bonded debt, includ- •
•ing this Issue, $230,000. Assessed val. 1914 $13,410,048.
BROWN CITY SCHOOL DISTRICT (P. 0. Brown City), Sanilao
C OLLIN COUNTY (P. 0. McKinney), Tex.-BONDS NOT SOLD.County, Mich.-BONDS VOTED.-School-building bonds amounting to
No sale was made of the $665,000 5% 20-40-year (opt.) road bonds offered
$35,000 have, it is stated, been voted by this district.
May 6.-V. 100, p. 1527.
BROWN COUNTY (P. 0. Nashville), Ind.-BOND OFFERING.
COLUMBIA, Maury County, Tenn.-BOND SALE.-On Mav 7 the
Proposals will be received until 1 p. m. May 22 by Can Clark, Co. Treas.,
5% 10-year funding bonds (V. 100, p. 1527) were awarded to the
for $8,800 436% highway-impt. bonds. Denom.$440. Date June 1 1915. $30,000
Bank & Trust Co., for par and int., less $499 for expensesColumbia
Int. M. & N. Due $440 each six months from May 15 1916 to Nov. 15 equal to 98.336-a
basis of about 5.217%. There were seven other bidders.
1925 incl.
Denom. $1,000. Date April 1 1915. Int. A. & 0.
BUFFALO, N. Y.-BOND SALE.-On May 11 $117,578 4% deficiency
COLUMBIA SCHOOL DISTRICT (P. 0. Columbia), So. Car.bonds, dated May 15 1915 and due, prin. and int., July 1 1916, were BOND SALE.-On May 12 the $250,000 5% 25-year
school bonds (V. 100,
awarded, it is stated, to the Buffalo Trust Co. for $117,695 57.
p. 1613) were awarded to Well, Roth & Co. of Cincinnati for $261,452
The Bankers Trust Co. also submitted a bid, offering a premium of $25. (104.58)-a basis of about 4.687%. Other bids were:
BURTON SCHOOL DISTRICT (P. 0. Burton) Washington R. M.Grant & Co., New York
$260,483 50
County, Tex.-BOND ELECTION PROPOSED.-An election will be called L. S. Covington, Agent, Rockingham
258,775 00
Bank of Columbia and C. W. McNear & Co., Chicago
to vote on the question of issuing $6,000 5% 10-year building bonds.
258,005 00
& Mayer, Cincinnati
257,725 00
CALEDONIA, Marion County, Ohio.-BOND SALE.-On May 11 Seasongood
Security Trust Co., Spartanburg
256,010 00
the $3,200 6% 5 2-3-year (aver.) coupon electric-light bonds (V. 100, p. Sidney Spitzer
& Co., Toledo
255,588 85
1613) were awarded to the Security Say. Bank & Trust Co. of Toledo for People's National
Bank, Columbia
254,455 00
$3,286 (102.687) and int. There were no other bids.
J. C. Mayer & Co., Cincinnati
252,500 00
CAMBRIDGE, Guernsey County, Ohio.-BOND SALE.-On May 3
Tho following additional bids were made:
the three issues of 5% bonds (V. 100, p. 1451) were awarded as follows: L. S. Covington, Agent, Rockingham, N. C., $241,075 for 430.
$60,175 1-10-year (ser.) coupon street-improvement (assess.) bonds to Security Trust Co., Spartanburg, $240,215 for 43.6s.
3
Sidney, Spitzer & Co. of Toledo and the $18,000 street (city's portion) and Bank of Columbus, par for 4%s,
conditional upon deposit being made with
$3,500fire-truck 1-20-year (ser.) bonds to Tillotson & Wolcott Co. of Clevebidder without interest; also $263,300 for 5s, conditional upon deposit
land. The total premium paid on the three issues was $1,032 95-equal to
being made with bidder without interest.
101.263. Other bids were:
CONCORD, Dixon County N. H.-BONDS AUTHORIZED.Provident Say. Bank & Trust Co., Cincinnati
$82,377 04 Papers state that the Mayor and'
Board of Aldermen have authorized the
Spitzer, Rorick & Co., Toledo
82,193 00 issuance of $86,000 4% 20-year bridge bonds. Denom.$500 and $1,000.
First National Bank, Cleveland
82,033 20
NO. 1 (P. 0. Helena), Phillips
DISTRICT
COTTON
LEVEE
BELT
Seasongood & Mayer, Cincinnati (for $60,175 issue)
60,427 00 County,
Ark.-BOND SALE.-The $350,000 6% bonds (V. 100, p. 1527)
CAMDEN, Camden County, N. J.-BONDS AUTHORIZED.-At a, were
Valley Trust Co. of St Louis
Mississippi
awarded
6
to
the
on
May
meeting of the City Council on May 13, an ordinance authorizing the issuthe Hibernia Bank & Trust Co. of New Orleans, bidding jointly.
ance of 436% 30-year or street paving bonds was passed ,according to local and
Helena is the County Seat of Philli• s County and Cotton Belt Levee
papers. An ordinance was also approved, it is stated, providing for $10,- District
No. 1, we are told, embraces 136,000 acres of agricultural land
000 bonds to cover cost of construction and the operation of a test for ex- within the
same county, of which 45,000 acres are in cultivation. The
perimental sewage or rendering plant for the city.
proceeds of the issue will be devoted to additional levee protection against
CAMDEN COUNTY (P. 0. Camden), N. 3.-BOND SALE.-On floods of the Mississippi River in accordance with plans which have reMay 12 the $13,000 20-yr. bridge-bldg. and $8,000 15-yr. almshouse-impt. ceived the approval of United States Government engineers. The work
436% bonds(V. 100, p. 1526) were awarded to Reilly, Brock & Co. of Phila- will be prosecuted under Government supervision and control.
delphia for $21,482 32 (102.296) and int. R. M. Grant & Co., N. Y., bid
COVINGTON,
County, Ky.-BONDS PROPOSED.-This
$21,245 38. Denom. $1,000. Date May 1 1915. Int. M. & N. at the city, according to Kenton
reports, contemplates issuing $200,000 water-works
United States Mtge. & Trust Co., N. Y. Bonded debt, $1,293,900. bonds.
Sinking funds, $214,027 45. Total val. equalized, 1914, $92,707,604.
CRAWFORD COUNTY (P. 0. Bucyrus), Ohio.-BOND OFFERING'
CARROLL COUNTY SCHOOL DISTRICT NO. 71 (P. 0. Savanna),
will be received until 12 m. May 31 by H. A. Biebighauser, Co'
Ill.-BOND SALE.-On May 10 the $45,000 5% school bonds (V. 100, p. Proposals
Aud.,
for $28,000 57 bridge bonds. Denom. $500. Date May 1 1915*
1526) were awarded to the Commercial State Bank of Savanna for $46,- Prin. &
°.) at office of Co. Treasurer. Due $2,000 each six
int. (A. & 0
450 93-equal to 103.224. Other bids were:
months from April 1 1917 to Oct. 1 1923 incl. Cert. check on a bank in
Geo. M.Bechtel & Co., DayHarris Trust & Savings Bank,
Crawford
$500,
Co.
payable to Co. Treasurer, required. Delivery
for
enport
$46,447
Chicago
$45,954 within 10 days from date of award. Purchaser to pay accrued interest.
Mercantile Trust Co., St.
Bolger, Mosser & Willaman,
County,
Hopkins
CUMBY,
Tex.-BONDS VOTED.-At a recent
46,113
Louis
Chicago
45,902
John Nuveen & Co., Chicago 46,070 First Nat. Bank, Savanna_ _ _ 45,900 election $10,000 water-works-system bonds were favorably voted, accordreports.
ing
to
CASS COUNTY (P. 0. Logansport), Ind.-BOND OFFERING.
DAVIESS COUNTY (P. 0. Owensboro), Ky.-BOND ELECTION.
Proposals are asked for by D. A. Hyman, County Treasurer, it is stated,
An election will be held June 22, it is stated, to submit to a vote the profor $7,000 43,6% highway-Improvement bonds until 10 a. m. May 17.
and bridge-construction bonds.
CEDARVILLE TOWNSHIP SCHOOL DISTRICT Ohio.-BOND position to issue $600,000 road
DAYTON,Rockingham County, Va.-BOND OFFERING.-Proposals
SALE.-Dispatches from Xenia report that this district has awarded
until 7 p. m. May 21 by J. L. Fuqua, Mayor, for $24,500
$75,000 5% bonds to Sidney Spitzer & Co. of Toledo at par and In
Due will be received
6% 10-20-year (opt.) water, sewer and light bonds. Denom. $500. Date
$25,000 first 10 years, $30,000 next 10 years and $20,000 next 5 years.
June 1 1915. Int. J. & D. Certified check for $500 required. These
CENTER TOWNSHIP, Columbiana County, Ohio.-BONDS
bonds were offered on May 10 as 5s (V. 100, p. 1614).
VOTED.-A newspaper dispatch from Lisbon reports that this township
DEADWOOD, Lawrence County, So. Dak.-BONDS DEFEATED.
on May 1 voted to issue $50,000 highway bonds.
CENTRE SCHOOL TOWNSHIP (P. 0. Inwood), Marshall County, The proposition to issue the $75,000 water-system bonds (V. 100, p. 1280)
Ind.-BOND OFFERING.-Bids will be received by John R. Jacoby, failed to carry at the election held April 20.
DEDHAM, Norfolk County, Mass.-TEMPORARY LOANS.-The
Trustee, for $15,000 5% building bonds. Denom. $3,000. Date June 5
Treasurer, it is stated, negotiated a temporary loan of $50,000 on May 14
1915. Duo $3,000 yearly June 5 from 1916 to 1920 incl.
with Loring, Tolman & Tupper, Boston, at 3.60% discount. Loan matures
CENTRAL SCHOOL DISTRICT, San Bernardino County, Calif.BOND OFFERING.-The Board of County Supervisors will receive pro- Nov. 3 1915.
DEFIANCE COUNTY (P. 0. Defiance), Ohio.-BOND SALE.
posals until 11 a. m. May 25, it is stated, at its office in San Bernardino,
The Provident Say. Bank & Trust Co. of Cincinnati were awarded $5,200
for $20,000 5% bonds.
road bonds for $5,253 56-equal to 101.03.
CHAGRIN FALLS, Cuyahoga County, Ohio.-BOND OFFERING.
DELPHOS, Allen County, Ohio.-BOND SALE.-On May 12 the
Bids will be received until 8 p. m. June 14 by H. B. Pugsley, Village Clerk,
9 5%-year (aver.) Second St. improvement (assess. and Ohio
for $8,830 69 k% coupon road-hnpt. bonds (village's portion). Denom. $25,463 56 57
"day
ofsale." Int. A.& O.at Chag.rin Falls Elec. By. Co.s portion) bonds(V. 100, p. 1375) were awarded, it is stated,
(1) $330 69, (17) $500. Date
Banking Co. Chagrin Falls. Duo $330 69 April 1 1916, $500 April 1 1918. to Davies-Bertram Co. of Cincinnati for $25,540 56 (100.302)-a basis
'months from April 1 1920 to Oct. 1921 inclusive, and $1,000 of about 4.936%.
3500 each six
each six months from April 1 1922 to Oct. 1 1924 inclusive. An uncondiDENVER, Colo.-BOND ELECTION.-The questions of issuing
tional certified check on a bank other than the one making the bid, for 5% $50,000 women's industrial home-erection, $125.000 criminal court-building
of bonds bid for, payable to Village Treasurer, required. Bonds to be de- and equipment,$150,000 city-market-buildings and site-purchase $175,000
livered and paid for within ten days from time oj award. Purchaser to police headquarters erection and equipment and $500000 administration
pay accrued interest. A similar issue of bonds was reported sold on April 5 building and smallpox and detention hospitals erection bonds will be
to Tillotson & Wolcott Co. of Cleveland (V. 100, p. 1279)•
submitted to a vote on May 18. Interest rate not to exceed 5%. Due in
CHAMPAIGN SCHOOL DISTRICT (P.O. Champaign), Champaign 15 equal annual installments, beginning the next year following the issuCounty, Ind.-BOND ELECTION PROPOSED.-According to local ance of said bonds.
papers this district is considering holding an election to vote on the issuance
DE WITT COUNTY (P. 0. Cuero), Texas.-BOND OFFERING.
of $30,000 bonds. The bonds, if issued, will mature $15,000 in each of the Proposals will be received until 2 p. m. June 1 by R. J. Waldeck, County
Years 1934 and 1935.
Judge, for the $50,000 5% 20-40-year (opt.) Road District No. 1 bonds.
Principal and semi-annual interest
CHATHAM, Sangamon County, Ills.-BONDS DEFEATED.
- Denom. 3500. Date March 1 1915.
According to newspaper reports, the question of issuing $2,000 cemetery- (M.& S.) at Cuero, Austin or New York City, at the option of the holder.
Certified check for $750 required.
improvement bonds was defeated at the election held April 20.
DUNKIRK, Chautauqua County, N. Y.-WARRANT AUTHORCHESTER SCHOOL TOWNSHIP(P.O. North Manchester), Wabash
County, Ind.-BOND OFFERING.-Further details are at hand relative IZED.-It is reported that the City Council on May 7 authorized the
to the offering on May 22 of the $16,000 436% coupon bldg. bonds (V. 100, Treasurer to issue a $10,000 6% warrant for city expenses.
p. 1613). Proposals for these bonds will be received until 1 p. m. on
DUNSMUIR, Siskiyou County, Calif.-BONDS TO BE OFFERED
day by Orrin E. Ridgley, Trustee. Denom. $800. Date July 1 that SHORTLY.-The City Clerk advises us that the $25,000 6% 1-20-yr.
(ser.)
Int. J.& J. Due $800 each six months from July 1 1916 to Jan. 1 19261915.
incl. street-improvement bonds authorized by vote of 285 to 139 at the election
CHINO, San Bernardino County, Calif.-BOND ELECTION PRO- held April 26 (V. 100, p. 1614) will be offered for sale about June 1.
POSED.-According to reports an election will be held shortly to vote on
DYSART SCHOOL DISTRICT (P. 0. Dysart), Taura County,Iowa.
the question of issuing $120,000 sewer-system and street-improvement -BOND OFFERING.-E. B. Wieben, Clerk Board of Education,
will
bonds.
receive proposals until 8 p. in. to-day (May 15), it is stated, for $18,000
CHISHOLM, St. Louis County, Minn.-BONDS DEFEATED BY 9-year (aver.) school bonds. Certified check for $300, required.
COUNCIL.-A proposed bond issue of $300,000 was defeated, It is stated,
EAST DUBUQUE SCHOOL DISTRICT (P. 0. Dubuque), Dubuque
at a meeting of the 'Village Council on May 5.
County, Iowa.-BOND ELECTION.-The question of issuing
CHOTEAU, Teton County, Mont.-BOND SALE.-On May 3 the public-school-addition bonds will, it is stated, be submitted to the$12,000
voters
812,0006% 5-20-year (opt.) funding bonds(V. 100, p. 1187) were awarded to
-day (May 15)•
at public auction to A. J. Davis, Butte, for $12,130 (101.083)-a basis of
(P.O.
EAST
LAKE
Dekalb
Decatur),
Ga.-BONDS
County,
VOTED.
about 5.75% to option date. James N. Wright & Co. of Denver, being -The election held May6
the only other bidder, offered $11,950. Denom.$500. Date May 1 1915. site-purchase, school-buil resulted in favor of the question of issuing $8,000
ding and equipment $4,000 street and highwayInt. J. & J.
improvement, $3,000 water-works-system-improvement and $15,000
CLARK COUNTY (P. 0. Jeffersonville), Ind.-BONDS AUTHOR- sewerage and drainage-system-construction 5 % 30-year bonds (V.
100,
IZED.-According to reports the Board of County Commissioners will p. 1375). Interest semi-annual.
issue $20,000 Jeffersonville Township Bailie L. Burtt road bonds.
EASTON, Northampton CountyPa.-BONDS NOT SOLD.-No
CLAY COUNTY (P. 0. Brazil), Ind.-BOND OFFERING.-Proposals bids were received for the $28,000 47 5-20-year (opt.) bonds offered on
will be received until 10:30 a. m. May 22 by McLean Johnson, Co. Treas. May 7. Denom. $500. Date May 1915. Int. M. & N. The bonds
for $12,600 436% highway-impt. bonds. Denom. $315. Date May
3 will now be sold locally at par.
1915. Int. M. & N. Due $630 each six months from May 15 1916 to
EAST WHITTIER SCHOOL DISTRICT (P. 0. Whittier), Los
Nov. 15 1925 incl.
Angeles County, Calif.-BOND ELECTION RESCINDED.-The elec_
f
MAY 15 19154
THE CHRONICLE
tion which was to have been held April 28 to vote on the question of issuing
the $18,000 building bonds(V. 100, p. 1375) was called off.
EDGEMONT, Fall River County, So. Dak.-BOND OFFERING.
This city will offer for sale on May 19 an issue of $30,000 5% bonds.
W. F. Wyatt is City Auditor.
ELKRUN TOWNSHIP Ohio.-BONDS VOTED.-By a vote of 125
to 88 this township, according to Salem papers, has authorized the issuance
of road bond's.
ELK HORN, Shelby County, Iowa.-BONDS DEFEATED.-The
question of issuing the $12,500 municipal water-works-system bonds failed
to carry, reports state, at an election held April 5. The vote was 38 "for"
and 99 "against."
ELMHTJRST, Dupage County, Ill.-BOND OFFERING.-Arthur H.
Kochaisky, City Clerk, will receive bids until 6 p. m. May 18 for the
$35,000 5% general corporate water-works-plant bonds voted March 20
(V. 100, p. 1280). Denom. $100 and $500. Date June 1 1915. Prin.
and semi-annual int. (F. & A.) payable at the City Treas. office. Due
$2,000 yearly Aug. 15 from 1918 to 1933, incl. and $3,000 Aug. 15 1934.
bonds bids for, payable to
Cert. check on some responsible bank for 2%'
the City Treas., required. Bids must be unconditional. The opinion of
Theodore Chapman, Esq., attorney-at-law of Chicago, as to the validity
of the bonds will be furnished to the purchaser by the city. Bonds will be
ready for delivery on or about June 1 1915.
ENGLEWOOD, Arapahoe County, Colo.-BONDS DEFEATED.
The question of issuing the $18,000 bonds failed to carry at the election
held April 6.
ENGLISH TOWNSHIP (P. 0. Jerseyville), Jersey County, Ills.BONDS DEFEATED.-By a vote of 57 "for" to 114 "against" the question
of issuing the road bonds (V. 100. p. 1188) was defeated at the election
held April 6.
FAIRFIELD, Solano County, Calif.-BOND ELECTION PROPOSED.-Reports state that an election will be called to vote on the question of issuing the $50,000 street-improvement bonds.
FAYETTE COUNTY(P.O. Connersville),Ind.-BOND OFFERINGS.
-Proposals will be received on or after 2 p. in. May 25 by B. W. Cole.
Co. Treas., for $6,800 4%% C. W. Martin road-limit. bonds. Denom.
$340. Date May 15 1915. Int. M. & N. Due $340 each six months
from May 15 1916 to Nov. 15 1925 incl.
Proposals will also be received until 2 p. m. June 19 by Jasper L. Kennedy, Co. Aud. for $40,000 4%% county bonds. Denom. $1,000. Date
May 15 1915. '
Due $1,000 each six months from May 15 1916 to Nov. 15
1935 incl. Cert. check for 3% of par value of bonds, payable to the Bd.
of Co. Commrs., required. All bids must be made on printed blanks furnished by the Auditor.
FINDLAY, Hancock County, Ohio.-BOND SALE.-The $25.135
5% Hagerman Run road-improvement bonds offered April 28 (V. 100,
P. 1280) were awarded on May 8, it is reported, to Sidney Spitzer kgo.
of Toledo for $25,536 05-equal to 101.595.
FLOYD COUNTY (P. 0. Rome), Oa.-BONDS DEFEATED.-At the
election held in this county on April 27 the voters defeatedthe proposition
to issue $260,000 bridge-building and $25,000 city-hospital (county's
portion) bonds. V. 100, p. 1280.
FOWLER SCHOOL DISTRICT NO. 12 (P. 0. Fowler), Clinton
County, Mich.-BOND OFFERING.-BIds will be received until 2 p. m.
June 15 by the Dist. Secy., for $7,500 4%% building bonds authorized by
vote of 89 to 29 at an election held April 27. int. F.& A. Due $500 Feb. 1
1917 and $1,000 yearly Feb. 1 from 1918 to 1924 incl.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.-BOND OFFERING.
-Proposals will be received until 10 a. in. May 20 by John Scott, Clerk,
Bd. a Co. Commrs., for $21,500 5% Smoky Row-improvement bonds.
Auth. Sec. 6912-1 Gen. Code. Denom. $500. Date June 11915. Prin.
and semi-annual int. (J. & D.), payable at the Co. Treas. office. Due
$5,000 June 1 1918. 1920 and 1922 and $6,500 June 1 1925. Certified
check (or cash) on a solvent national bank or trust company for 1% of
bonds bid upon, payable to Board of County Commissioners, required.
A complete transcript of all proceedings had in the issuance of these bonds
will be furnished successful bidder at time of award and a reasonablerlength
of time will be allowed purchaser for examination of same. Purchaser
to pay accrued interest.
FRANKLINVILLE, Cattaraugus County, N. Y.-BOND OFFERING.-R. L. Farnham, Village Clerk, will receive bids until 11 a. m.
May 17 for $38,000 5% coupon paving bonds voted April 26. Denom$1,000. Principal and semi-annual int. (J. & D.) payable at the Union
National Bank of Franklinville. Due $2,000 yearly June 15 from 1916 to
1934,inclusive. Bonds must be delivered and paid for on or before June 15.
A New York draft or certified check for $1,500, payable to the Village
Treasurer, required.
FREMONT COUNTY SCHOOL DISTRICT NO. 8 (P. 0. Ashton),
Idaho.-BOND SALE.-On April 30 an issue of $30,000 10-20-year (opt.)
building bonds was awarded to Sweet, Causey, Foster & Co., of Denver
for $30,320 (101.066) as 53.4s. Other bids were:
For
For
For
6%
534%
5%
Bonus. Bonds.
Bonds.
C. H. Coffin, Chicago
$30,571
$28,500
Keeler Bros., Denver
30,925
$30,315
30,229
Oswald F.Benwell, Denver
30,750
30,183
James N. Wright & Co., Denver
30,930
30,039
Ferris & IIardgrove, Spokane
30,640
30,038
German-American Trust Co., Denver
30,930
Sweet, Causey. Foster & Co., Denver
30,911
Elston, Clifford & Co., Chicago
30,600
Bolger, Mosser & Willaman, Chicago
30,555
Palmer Bond & Mortgage Co.,Salt Lake City
30,480
John Nuveen & Co., Chicago
30,455
R. M. Grant & Co., Chicago
30,308
Hoehler, Cummings & Prudden, Toledo
30,300
C.0. Kalman & Co., St. Paul
30,178
Chas. S. Kidder & Co., Chicago
GALT SCHOOL DISTRICT, Sacramento County, Calif.-BOND
OFFERING.-Sealed bids will be received by E. F. Pfund, Clerk Bd. of
Co. Supers. (P. 0. Sacramento), for $17,000 534% school bonds voted
April 10. Denom. $500. Date April 26 1915. Int. semi-annual. Due
$1,000 yearly from 1919 to 1935, incl. Cert, check or cash for 10% of
amount of bid, required.
GEORGIA.-BONDS OFFERED BY BANKERS.-The RobinsonHumphrey-Wardlaw Co. of Atlanta is offering to investors $942,000 43(i%
refunding bonds, this being the unsold portion of the issue of $3,463,000.
The total issue, it will be remembered, was advertised as $3,525,000. but the
State only sold a sufficient amount of the bonds to produce the above
amount, and as $62,000 premium was bid, the issue was made $3,463,000.
Of these $138,000 mature July 11935, $200,000 each year from 1936 to
1944, and $1,525,000 July 1 1945. These bonds were sold to Asa 0.
Candler of Atlanta, and after reserving $1,000,000, he turned over to the
Robinson-Humphrey-Wardlaw Co. exclusively the sale of the remaining
bonds.
GILA COUNTY SCHOOL DISTRICT NO.26, Ariz.-BOND SALE.
Powell, Canard & Co. of Chicago were awarded on May 4 $75,000 6% 20ear coupon bonds at 104.5213 and int.-a basis of about 55 %. The bids
ollow:
$76,877 50
Powell, Garard & Co.,Chic.$78,391 00[Internat, Trust Co
Weil, Roth & Co., Chic__ 77,300 001Sidney Spitzer & Co.,N.Y. 76,875 00
77,257 00 Terry, Briggs&Slaton,Tol. 75,960 00
C. H.Coffin, Chicago_ _
Denom. $1,000. Date May 3 1915. Int. If. & N. at office of Co.
Treas. in Globe. Bonded debt (including this issue), $119,500.
GLENDALE, Los Angeles County, Calif.-BOND SALE.-Wm. R.
Staats Co. of Los Angeles has exercised their option to purchase the $59,000
(unsold
sold portion of the $248,000) 5% municipal water-plant-purchase bonds
V. 100, p. 1110). The price paid was par and int. Denom. $1,000.
Date Sept. 11914. Int. M.& S. Due on Sept. 1 as follows: $8,000 1934,
1935, 1036 and 1937; $12,000 1938; $4,000 1939; $8,000 1040 and $3,000
1941.
GLOUCESTER, Essex County, Mass.-BOND SALE.-On May 11
the $30,0004% 1534-yr.(aver.) water bonds(V. 100,P. 1615) were awarded
to the Gloucester Nat. Bank at 100.55 and int.-a basis of about 3.953%.
Other bids were:
P.M.Chandler & Co.,I3os_ _100.404!Cape Ann Nat. Bank,Glouc_100.263
Cropley, MeGarg'ae & Co_ _ _100.2771Merrill. Oldham & Co., Bos-100.089
Int. April and October.
f
1691
GLOUCESTER CITY, Camden County,'N. J.-BOND SALE.M. M. Freeman & Co. of Philadelphia have been awarded, according to
reports, $25,000 water bonds at par and interest.
GOLDEN WEST SCHOOL DISTRICT, San Joaquin County,
Calif.-BOND SALE.-Blyth, Witter & Co. of San Francisco have purchased $5,000 6% 83,6-year (aver.) bldg. bonds at 104.22 and int.-a basis
of about 5'9t. Denom. $500. Date April 1 1915. Int. A. & 0. at the
Co. Treas. office. Due $500 yearly April 1 from 1919 to 1928, incl.
Bonded debt (this issue) $5,000. Assess. val. 1914 $134,700; actual val.
(est.), $300,000.
GONZALES COUNTY COMMON SCHOOL DISTRICT NO. 13
(P. 0. Gonzales), Tex.-BONDS VOTED.-An issue of $5.000 schoolbuilding bonds has, according to reports, been favorably voted by this
district.
GOSHEN TOWNSHIP SCHOOL DISTRICT (P. 0. Goshen), Clermont County, Ohio.-BOND OFFERING.-Sealed bids will be received
by C. A. Bishop, Clerk Bd. of Ed., until 12 m. May 22 for $2,100 534%
school-building-improvement bonds. Secs. 7629, 7630, 7591 and 7592
Gen. Code. Denom. $300. Date May 22 1915. Int. M. & N. Due
$300 May 22 1917, 1919, 1920, 1921, 1922, 1924 and 1925. Bonds to be
delivered and paid for within 10 days from time of award. Cert. check
for $100, payable to the Clerk Treas. Bd. of Ed., required. Purchaser to
pay accrued int. and furnish at his own expense blank bonds.
GRAYLING SCHOOL DISTRICT (P. 0. Grayling), Crawford
County, Mich.-BOND SALE.-On May 5 the $50,000 5% 1-15-year
(ser.) building bonds were awarded to the Detroit Trust Co. at 100.20.
Denom. $1,000. Date May 1 1915. Int. annual May 1.Due part yrly.
May 1 from 1916 to 1930. These bonds were offered on April 28 (V. 100,
p. 1453.)
GREENFIELD SCHOOL DISTRICT NO. 1 (P. 0. Greenfield),
Wayne County, Mich.-BONDS VOTED.-On April 29 this district
authorized the issuance of $60,000 school-bldg. bonds, it is stated.
GREENVILLE, Day County, So. Caro.-BOND ELECTION.-The
voters of this city will have an opportunity on May 20 to pass upon a
proposition providing for the issuance of $75,000 public-school-impt. bonds,
it is stated.
GREENVILLE COUNTY (P. 0. Greenville), So. Caro.-BOND
SALE.-On May 10 the three issues of 30-year council bonds. aggregating
$100,000 (V. 100, p. 1375) were awarded to A. G. Furman at 103.647
(interest rate not stated).
GROUE POINT TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0.
Grosse Point), Wayne County, Mich.-BOND ELECTION PROPOSED.
-According to newspaper reports, this district is contemplating calling an
election to submit to the voters the question of issuing $30,000 impt. bonds.
GROVER HILL, Paulding County, Ohio.-BOND OFFERING.
Proposals will be received until 12 in. May 17 by 0. W. Medaugh, Village
Clerk, for $1,500 67
0 coupon electric-light bonds. Denom. $500. Date
April 1 1915. Int. A. & O. at the VII. Treas. office. Due 5500 April 1
1934, 1935 and 1936. Cert, check for $150, payable to the VII. Clerk required. Bonded debt (excl. of this issue), $6,500. No floating debt.
Assessed valuation, $425,740.
GULFPORT, Harrison County, Miss.-BONDS AUTHORIZED.
The City Commissioners on May 5 passed a resolution, it is stated, for the
issuance of $5,000 sanitary sewer-system-extension and $10,000 fire-protective service 6% 20-year bonds.
HADDON HEIGHTS, Camden County, N. J.-BONDS NOT SOLD.
No sale was made of the $15,000 434% 30-year funding bonds offered on
May 11 (V. 100, p. 1375).
HALIFAX COUNTY, Va.-BONDS VOTED.-Red Band Magesterial
District of this county authorized at an election on May 1 the issuance of
$50,000 road bonds, it is stated.
HAMBLEN COUNTY (P. 0. Morristown), Tenn.-BOND ELECTION.-To-day (May 15) an election will be held in this county, it is
stated, to vote on a proposition to issue $130,000 road-impt. bonds.
HAMDEN SCHOOL DISTRICT (P. 0. Hamden), Vinton County,
Ohio.-BOND OFFERING.-Proposals will be received until June 7 by
the Clerk Bd. of Ed., for the $15,000 53.4% 2-31-year (Sen.) buildingaddition and equipment bonds authorized by vote of 130 to 77 at an election
held April 17. Date June 7 1915.
HAMILTON, Butler County, Ohio.-BONDS AWARDED IN PART•
-Reports state that the $10,000 water-works and $4,000 sanitary sewerconstr. 5% bonds offered on April 30 (V. 100, p. 1281) were awarded on
May 5 to the Tillotson & Wolcott Co. of Cleveland for $14,008-equal to
100.057. It is not stated what disposition was made of the $12,923 60
43.4% Greenwood Ave. impt. bonds offered on the same day.
HARDIN COUNTY (P. 0. Kenton), Ohio.-BOND SALES.-The
Conunercial Bank of Kenton was awarded on May 7, it is stated. $6,500
pike bonds for 56,515-equal to 100.23.
The three issues of 5% pike bonds, aggregating $50,500, offered on
May 10 (V. 100, p. 1615 , were awarded, it is stated, to Breed, Elliott &
Harrison of Cincinnati as follows:
630,000 issue,due $3,000 yrly. on May 10from 1916 to 1925 incl., at 101.41.
5,500 issue, due $1,000 yrly. on May 10 from 1916 to 1919 incl. and $1,500 May 10 1920, at 100.40.
15,000 issue, due $3,000 yrly.on May 10from 1916 to 1920 incl., at 100.40.
HARDIN COUNTY (P. 0. Kountze), Tex.-BOND OFFERING.Proposals will be received until 11 a. in. May 24 by W. W. Dies, County
Judge, for the $150,000 5% 10-40-year (opt.) Road District No. 1 road
bonds voted Feb. 20 (V. 100, p. 832). Interest semi-annual. A similar
issue of bonds was offered on May 3 (V. 100, p. 1453)•
HARMONY TOWNSHIP SCHOOL DISTRICT, Beaver County, Pa.
-BOND OFFERING.-Proposals will be received until 8 p. m. May 19 by
F. W. Fisher, Sec. Bd. of Directors (P. 0. Baden), for $15,000 5% bonds.
Denom. 81,000. Date June 1 1915. Due $2,000 June 11919, 1923, 1925,
1927, 1929 and 1931 and $3,000 June 1 1933. Cert. check for $300, payable to G. A. Kroll, Dist. Treas., required. Dist. indebtedness, $13,363 08. Assessed valuation, $800,000.
HARRISON SCHOOL TOWNSHIP (P. 0. Corydon), Harrison
County Ind.-BOND OFFERING.-Township Trustee 'Willard H.
Denbo, is asking for bids until 2 p. m. June 4 for $3,500 4%% refunding
bonds. Denom. $100. Date May 8 1915. Int. semi-annual. Due beginning one year after date,and one bond each six months thereafter.
HARRISON TOWNSHIP(P.O. Natrona), Allegheny County,Pa.BOND ELECTION.-Dispatches state that an election will be held May 18
to vote on the question of issuing $70,000 building bonds.
HA1TERHILL, Essex County, Mass.-BOND SALE.-On May 12
$150,000 4% coupon tax-free bonds were awarded to P. M. Chandler &
Co. of Boston at 100.214. Denom. $1,000. Date April 1 1915. Prin.
and semi-annual interest (A. & 0.) payable at the First Nat. Bank in
Boston. Due on April 1 as follows: $21,000 1916 and 1917, $20,000 1918.
$19,000 1919, $18,000 1920, $9,000 1921, 38,000 1922, 1923, 1924 and
1925 and $1,000 yrly. from 1926 to 1935 incl.
Other bids were:
Merrill, Oldham & Co.,Dost_100.1891Estabrook & Co.,Boston__ - _100.16
Blake Bros. & Co., Boston_ _100.17 IF. S. Moseley & Co., Boston_100.142
HENRY COUNTY (P. 0. Napoleon), Ohio.-BOND OFFERING.
Proposals will be received until 10 a. in. May 20 by G. E. Rafferty, Co.
Aud., for $9,050 5% coup. Holgate-Kiefersville Inter-County highway
bonds. Auth. Sec. 1223, Gen. Code; 103 Ohio Laws, page 459. Denom.
(2) $525,(8) $1,000. Date June 1 1915. Int. J. & D. at the Co. Treas.
office. Due $1,050 June 1 1916 and $2,000 June I 1917, 1918, 1919 and
1920. Cert. check or draft for $500 required. Bonded debt, including
this issue, $644.050. Assessed valuation, $39,660,000.
HERTFORD, Perquimans County,No. Caro.-BOND OFFERING.
Proposals will be received until 7:30 p. m. June 8 by the Board of Town
Commrs., W. C. 'Winslow, Clerk, for $17,000 water-works. $13,000
sewerage-system, $12,000 electric-light-system and $8.000 street-paving
5% coupon bonds. Int. June 1 & Dec. 1. Due $10,000 in 30, 35, 40, 45
and 50 years from date of issue. Certified check for 3500, payable to the
Board of Town Commrs., required. The bonds are to be prepared and
furnished at the expense of the purchaser.
HIGHWAY SCHOOL DISTRICT, Tulare County, Cal.-BOND
SALE.-On May 3 the $4,000 6% 10%-yr. (aver.) bldg. bonds (V. 100,
p. 1453) were awarded to Blyth, Witter & Co. of San Francisco at 104.775
and int.-a basis of about 5.40%. Denom. $250. Date April 6 1915.
Prin. and annual int. (April 6) payable at the Co. Treas. office, Visalia.
Bonded debt, this issue, $4,000. Assessed val. 1914. $113,370.
1692
THE CHRONICLE
HILLSBORO, Hill County, Tex.-BOND OFFERING.-Proposals
will be received until 8 p. m. May 18 by W. H. Knight, Mayor, for the
$5,000 5% 15-40-yr. (opt.) coupon taxable crematory bonds voted April 6
(V. 100, p. 1376). Denom. $500. Date May 1 1915. Int. M. & N.
Cert. check for $250, payable to the Mayor, required. Bonded debt,
$285,900. Floating debt, $9,610. Sinking fund, $42,983 23. Assessed
valuation, $5,084,920. Total tax rate (per $1,000), $13 50.
INDIANAPOLIS, Ind.-BOND OFFERING.-Proposals will be received until 12 m. May 20 by J. P. Dunn, City Comptroller, for $100,000
4% coupon track-elevation bonds. Denom. $1,000. Date June 1 1915.
Prin. and semi-annual int. (J. & J.) payable at the Merchants' Nat. Bank
of Indianapolis. Duo $25,000 July 1 1920, 1921, 1922 and 1923. Cert.
check upon some responsible bank of Indianapolis for 2%% of bonds bid
for, payable to Carl von Hake, City Treas., required. Bonds to be delivered and paid for within 30 days from May 20. Cert. copy of the ordinance and legal opinion of Smith, Duncan, Hornbrook & Smith on the
validity of the bonds will be furnished to the purchaser.
IRENE, Clay County, So. Dak.-BONDS VOTED.-At a recent election the voters, it is stated, authorized the issuance of $13,500 municipal
water-system bonds.
IRONTON SCHOOL DISTRICT (P. 0. Ironton), Crow Wing
County, Minn.-BONDS VOTED.-New high-school-building bonds,
aggregating $100.000, were recently voted by this district, according to
.reports.
JACKSON TOWNSHIP SCHOOL DISTRICT, Ohio.-BOND ELECTION.-Newspaper reports from Urbana state that an election has been
ordered for May 18 on the question of issuing $25,000 school bonds.
JAMESTOWN SCHOOL DISTRICT (P. 0. Jamestown), Guilford
County, No. Caro.-BOND OFFERING.-Proposals will be received, it is
stated, by W. C. Doren, Chairman Board of School Directors, until
10 a. m. June 8 for $15,000 5% school bonds.
JEFFERSON, Jefferson County, Wis.-BONDS AUTHORIZED.
An ordinance was passed on April 29 by the Common Council providing for
the issuance of $2,500 44% coupon water and light-extension bonds.
Denom. $500. Date July 1 1915. Prin. and annual int. (July 1) payable
at the City Treas. office. Due $500 yrly. July 1 from 1916 to 1920 incl
JOHNSTON, Providence County, R. I.-BOND OFFERING.-Proposals will be received until 5 p. m. May 19 by Wm.Burton, Town Treas.,
for $85,000 4Y2% coupon refunding bonds. Denom.$1,000. Date May 1
1915. Int. M. & N. at Old Colony Trust Co., Boston. Due $15,000
May 1 1920, 1925 and 1930 and $20,000 May 1 1935 and 1940. These
bonds will be certified as to genuineness by the above trust company and
the favorable opinion of Ropes, Gray, Boyden & Perkins of Boston as to the
legality of this issue will be furnished purchaser without charge. Bonded
debt, exclusive of this issue, $111,000. Floating debt, $73,500. Sinking
funds, $25,661 70. Total valuation, $3,464,110. Tax rate (per $1,000),
$15.
JOHNSTOWN, Licking County, Ohio.-BOND SALE.-On April 27
the $5,018 67 5% 5 1-6-yr. (aver.) refunding bonds (V. 100, p. 1189) were
awarded to the Citizens' Bank, Johnstown, and the Licking Co. Bank &
Trust Co. of Newark at par and int. The Security Say. Bank & Trust Co.
of Toledo bid $5,023 67 and int., less $75 for attorney's fees and printing
bonds.
JOPLIN, Jasper County, Mo.-BOND ELECTION.-On May 18
propositions to issue $12,500 incinerator and $13,500 viaduct bonds will
be submitted to voters of this city.
KAU'FMAN COUNTY (P. 0. Kaufman), Tex.-BOND OFFERING.
Further details are at hand relative to the offering on May 21 of the $300,000
Commissioners' Precinct No. 3 and $150,000 Justice Precinct No. 8 5%
10-40-yr. (opt.) coupon road-construc. bonds. Proposals for these bonds
will be received until 11 a. m. on that day by James A. Cooley, County
Judge. Denom. $1,000. Date April 15 1915. Int. A.& 0.in New York.
Chicago or Kaufman. Cert. check for 2% of amount of bid, payable to
the Co. Judge, required. Bids must be made separately for each issue.
The districts have no bonded indebtedness. Assess. val. 1914 (Dist.
No. 3), $6.105,310; real val. (est.), $18,000,000; (Dist. No. 8), $1,598,555.
KAYSVILLE IRRIGATION DISTRICT (P. 0. Kaysville), Davis
County, Utah.-BOND OFFERING.-Bids will be received at any time
by J. G. M. Barnes, Sec. Bd. of Directors, for $35,000 7% gold coupon
reservoir bonds. Denom.$500. Date June 15 1915. Int. J. & D., payable at Kaysville. Due serially Dec. 15 from 1915 to 1934 incl, subject to
call on any interest-paying date. The district has no indebtedness.
KEEWATIN, Itasca County, Minn.-BOND OFFERING.-Proposals
will be received until 7 p. m. May 26 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 offered on May 5 (V. 100.
p. 1528), but no bids were received for the same.
KENDALLVILLE SCHOOL DISTRICT (P. 0. Kendallville), Noble
County, Ind.-BOND SALE.-It is reported that this district awarded
at private sale $38,950 bonds to Campbell & Fetter of Kendallville for
$39,200-equal to 100.636.
KERN COUNTY (P. 0. Bakersfield), Calif.-BOND SALE.-The
Harris Trust & Savings Bank, Chicago, was awarded,it is stated, the $500,000 5% coupon tax-free highway-improvement bonds offered on May 6
(V. 100, p. 1282) for $516,350 (103.27)-a basis of about 4.68%. Due
serially from 1919 to 1938 incl.
KINGSLEY, Plymouth County, Iowa.-BONDS PROPOSED.-It is
reported in local papers that a petition is being circulated with a view of
having a proposition submitted to the voters to issue $5,000 new standpipe
and water-mains-extension bonds.
KNOX COUNTY (P. 0. Vincennes), Ind.-BOND OFFERING.
E. P. Beason, County Treasurer, will receive proposals until May 20, it is
stated, for $11,500 434% highway-improvement bonds.
KNOX COUNTY (P. 0. Barboursville), Ky.-BOND SALE.-The
$200,000 434% coupon tax-free road-constr. bonds offered on May 7
(V. 100, p. 1282) have been awarded, according to reports, to Sidney
Spitzer & Co. of Toledo for $202,800-equal to 101.40.
KNOX COUNTY (P. 0. Knoxville), Tenn.-BOND SALE.-The
500,000 5% coupon pike-road and bridge-bldg. bonds offered on May 8
V. 100, p. 1453) were awarded, it is stated, to Devitt, Trimble & Co. and
Yard. Otis & Taylor of Chicago jointly for $516,500-equal to 103.30.
Due $100,000 in 1925, 1930, 1935, 1940 and 1945.
KNOXVILLE, Tioga County, Pa.-BONDS VOTED.-At a recent
special election this borough voted (103 to 19) to issue $60,000 bonds to
be used for the redemption of outstanding certificates, It is stated.
LA FAYETTE SCHOOL DISTRICT (P. 0. La Fayette), Tippecanoe
County, Ind.-BOND SALE.-At a meeting of the School Board on April
30 an issue of$27,000 434% 10-20-yr.(opt.) school-bldg. bonds was awarded
to J. F. Wild & Co. of Indianapolis for $27,567 50-equal to 102.101.
LAFOURCHE PARISH (P. 0. Thibodaux), La.-BOND OFFERING.
-Proposals will be received on or before 10 a. m. June 10 by Charles J.
Coulon, Secretary of the Police Jury, for $105,000 5% 4-40-year (ser.)
Road Dist. No. 1 coupon road bonds. Denom.$500. Int. ann. on May 1.
Certified check for $2,625, payable to "Road Dist. No. 1," required. Purchaser will be allowed 20 days from the awarding of the bid to determine
the validity of the bond issue, and in the event same is declared legal,then
that he is to pay the amount of his bid into the treasury of the Road District, or in the event said bonds are not declared legal, the Police Jury may
have the legality of same tested.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
LAMAR COUNTY (P. 0. Vernon), Ala.-BOND SALE.-On May 3
the $50,000 5% 1434-yr. (aver.) gold coupon public highway-construc.
bonds (V. 100, p. 1453) were awarded to Otto Marx & Co. of Birmingham
at par and interest.
LARCHMONT, Westchester County, N. Y.-BOND SALE.-On
May 11 the two issues of bonds, aggregating $21,000 (V. 100, p. 1616),
were awarded to Geo. B. Gibbons & Co. of New York at 100.4 for 5s.
H. A.!Calder & Co. of New York bid 100.05 for 5s.
LAUREL COUNTY (P. 0. London), Ky.-BOND OFFERING.-Proposals will be received until 2 p. m. May 20 by J. L. Harrison, Clerk Fiscal
Court, for the $100,000 5% road bonds voted April 13 (V. 100, p. 1376)•
Denom. $1,000. Prin. and semi-annual int. payable at the Nat. Bank of
[Vol,. 100.
London, London, or the Farmers' State Bank of London. Due $20,000
In 5, 10, 15, 20 and 25 yrs. from date. Cert. check on an incorporated
bank or trust company in Kentucky for $5,000, payable to the Co. Treas.,
required.
LAVACA COUNTY (P. 0. Hallettsville), Tex.-BONDS VOTED.
The voters on May 5 authorized the issuance of the $50,000 Road Dist.
No. 1 bonds by a vote of 107 to 27, it is stated (V. 100, p. 1528).
LEXINGTON, Middlesex County, Mass.-BOND SALE.-This town,
according to reports, has awarded $100,000 4% bonds to Estabrook & Co.
of Boston at 100.77. Duo $4,000 yearly for ten years and then $3,000
yearly for twenty years.
LINCOLN, Neb.-BONDS VOTED.-The proposition to issue $50,000
Antelope Park extension and $50,000 refuse-disposal-plant-construction
434% 'ponds submitted to the voters on May 4 (V. 100, p. 1376) carried,
according to local papers.
LINCOLN COUNTY (P. 0. Ivanhoe), Minn.-BOND OFFERING.
Proposals will be received until 1 p. m. May 27 by Karl A. Hansen, County
Auditor, for the $30,000 5% State Rural Highway No. 54 construction
bonds (V. 100, p. 1528). Date July 1 1915. Int. annually. Due $4,000
yearly July 1 from 1918 to 1924 incl. and $2,000 July 1 1925. Certified
check for 5% of amount of bonds required.
LINN GROVE CONSOLIDATED SCHOOL DISTRICT (P. 0.
Linn Grove), Buena Vista County, Iowa.-BOND OFFERING.Further details are at hand relative to the offering of $48,000
5% coupons site-purchase, building and equipment bonds on May 20
(V. 100, p. 1616). These bonds will be offered at public auction
at 1 p. m. on that day by H. L. Pierce, Secretary Board of Directors.
Authorized Acts 184, 33d Gen. Assembly; 145, 34th Gen. Assembly; 10
. Denom. $500. Date June 1 1915. Int.
and 254, 35th Gen. Assembly,
J. & D. Due on June 1 as follows: $1,000 in 1918, 1919, 1920 and 1921,
$1,500 in 1922 and 1923, $2.000 in 1924 and $39,000 in 1925. Bonds are
exempt from all tax. Cert. check for $500, payable to the district, required. •Bonded debt May 8 1915, $2,000. No floating debt. Sinking
fund, $1.696.89. Assess. val. 1914, $1,498,202.
LITTLEFIELD SCHOOL DISTRICT (P. 0. Littlefield), Lamb
County, Texas.-BONDS VOTED.-At the election hold in this district
on May,1, the proposition to issue $15,000 school bonds carried, it is stated,
(V. 100, p. 1376).
LORAIN COUNTY ROAD DISTRICT NO. 1 (P. 0. Elyria), Ohio.
-BOND SALE.-On May 13 the $100,000 5% 834-year (aver.) coupon
road-impt. bonds (V. 100, p. 1454) were awarded to Stacy & Braun of
Toledo at 100.717 and int.-a basis of about 4.90%. There were no other
bidders.
LOUDON TOWNSHIP (P. 0. Fostoria), Seneca County, Ohio.BOND SALE.-On May 1 the $20,000 5% 5 2-3-year (aver.) coupon roadimpt. bonds (V. 100, p. 1454) were awarded, it is stated, to the First Nat.
Bank of Fostoria at I00.505-a basis of about 4.90%. Denom. $500.
Date Mar. 11915. Int. M.& S. Due $1,000 each six months from Mar.!
1916 to Sept. 1 1925 incl.
LUDINGTON, Mason County, Mich.-BONDS AUTHORIZED.New water-main bonds amounting to $5,000, bearing 5% interest and dated
May 15 1915 have been authorized by the City Council, it is stated. Denom. $100. Due $1,000 yearly.
MADISON TOWNSHIP, Ohio.-BOND ELECTION.-This township,
which, according to reports, is just south of Lisbon, will hold an election
on May 18 to vote on a proposition to issue $60,000 road bonds.
MADRID SCHOOL DISTRICT (P. 0. Madrid), Boone County,
Iowa.-BONDS VOTED.-This district recently authorized the issuance
of $30,000 school-building bonds by a vote of 403 to 95, it is stated.
MALDEN, Middlesex County, Mass.-TEMPORARY LOAN.-On
May 11 the loan of $250.000,dated May 12 1915 and due in six monlhs,
(V.100,p. 1616), was negotiated with Bond & Goodwin of Boston at 3.14%
discount and $1 75 prem.
MANCHESTER, Hillsboro County, N. H.-TEMPORARY LOAN.
A temporary loan of $150,000 dated May 7 and maturing Dec. 8 1915 has
been negotiated, it is stated, with the Farmers' Loan & Trust Co. of N. Y.
at 3.25% discount, plus $12 50.
MASSACHUSETTS (State).-TEMPORARY LOAN.-The State
Treasurer, it is stated, has negotiated a temporary loan of $2,000,000,
maturing Nov. 17 1915, at 2.80% interest.
MASSILLON, Stark County, Ohio.-BOND OFFERING.-Proposals
will be received, it is stated, until 12 m. June 8 by R. J. ICrisher, City
Auditor, for $31,000 5% street bonds. Certified check for 5% required.
MEDICINE LODGE SCHOOL DISTRICT (P. 0. Medicine Lodge),
Barber County, Kans.-BONDS VOTED.-This district at an election
hold May 7 authorized the issuance of $24,000 high-school-building bonds,
it is stated, by a vote of 229 to 122.
MIAMI COUNTY (P. 0. Troy), Ohio.-BOND OFFERING.-m. T.
Staley, Co. Aud., will receive bids until 10 a. m. June 4 for the following
5% coupon Piqua and Urbana Pike improvement bonds:
$16,500 county's portion, Series A bonds. Denom. $500. Due $1,500
yearly June 1 from 1916 to 1922, Incl. and $2,000 June 1 1923,
1924 and 1925.
6,900 township's portion, Series "B" bonds. Denom. (1) $400, (13)
$500. Due $400 June 1 1916; $500 yearly June 1 from 1917 to
1921 incl., and $1,000 yearly June 1 from 1922 to 1925, incl.
4,600 assessment, Series "C" bonds. Denom.(2) $300, (8) $500. Due
$300 June 1 1916 and 1917 and $500 yearly June 1 from 1918 to
1925, incl.
Date June 1 1915. Prin. and semi-annual int., payable at the County
Treasury. Bonds to be delivered and paid for within 5 days after award.
A cash deposit or certified check on some solvent bank, for 5% of amount
of the bid, payable to the County Auditor, required. Purchaser to pay
accrued int. All bids must state the gross amount of the bid and accrued
interest and also state separately the bids on the different series. Conditional bids will not be received.
MIDDLETOWN TOWNSHIP (P. 0. Rogers), Columbiana County,
Ohio.-BOND SALE.-On May 6 the $20,000 5% 1034-year (aver.)
road bonds(V. 100, p. 1377) were awarded to Hoehler, Cummings & Prudden of Toledo at 100.585 and Int.-a basis of about 4.93%. Other bidders
were:
Sidney Spitzer & Co.,Toledo $20,017 Stacy & Braun, Toledo_ -$20,007 70
MILAN, Gibson County, Tenn.-BONDS VOTED.-At an election
hold recently $12,000 water and light-plant-impt. bonds wero favorably
voted, it is stated.
MINNEAPOLIS, Minn.-BOND OFFERING.-Proposals will be received until 2:45 p. m. May 27 by the Committee on Ways and Means of
the City Council, at the office of Dan C. Brown, City Comptr011er, for the
following bonds dated May 1 1915:
$1,443,000 4% bonds: $25,000 fire-dept., $200,000 water-works, $75,000
pormanent-impt. fund, $100,000 main-sewer, $18,000 crematory-plant,$350,000 grade-school,$325,000 high-school,
$100,000 hospital and $250,000 park. Int. semi-annually.
Due at a time not less than one year or more than thirty
years from date of issue. No bids will be entertained for
this issue for a sum less than 95% of the par value of said
bonds and accrued interest to date of delivery.
104,724 66 special street-improvement bonds at not exceeding 5% int.
There are six separate issues of these bonds, each issue to
become due and payable substantially ono-twentieth yearly
on May 1 from 1916 to 1935, incl. No bids will be entertained for those bonds for a sum less than par value of same
and accrued interest to date of delivery. Interest annually
or semi-annually.
Certified check for 2% of bonds bid for, payable to 0. A. Bloomquist,
City Treasurer, required.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
MONROE COUNTY (P. 0. Rochester), N. Y.-BOND OFFERING.
Chas. J. Brown, County Treas., will receive proposals until 2 p. m. May 19,
it is stated, for $250,000 44% 7Yi-yr. (aver.) bonds. Certified check for
$2,500 required. Int. semi-annual.
THE CHRONICLE
MAY 15 1915.1
1693
bonds mentioned in V. 100, p. 1284.
MONROE TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Corn- Treasurer, for the $19,000 4% water
to 1934, incl.
ing), Perry County, Ohio.-BOND OFFERING.-Proposals will be re- Date June 11915. Due $1,000 yearly from 1916
for
Education,
of
Board
NORTH BERGEN TOWNSHIP (P. 0. Weehawken), Hudson
ceived until 12 m. May 22 by David Mason, Clerk
$12,000 5% school-improvement bonds. Auth. Secs. 7625, 7626, 7627 County, N. J.-BONDS AUTHORIZED.-An ordinance was passed
and 7628, Gen. Code. Denom.$800. Date May 22 1915. Int. M.& N. April 22 providing for the issuance of $40,000 5% coupon school-bldg. and
Due $800 yearly May 22 from 1916 to 1930, inclusive. Certified check for equipment bonds. Denom. $1,000. Date April 15 1915. Principal and
semi-annual interest (A. & 0.) payable at the Nat. Bank of North Hudson.
5% required.
1945 and $10,000 Apr. 15
MONTARA SCHOOL DISTRICT San Mateo County, Calif.- West Hoboken, Due $15,000 Apr. 15 1935 and
/30N1) SALE.-An issue of $10,000 (it 9%-year (aver.) building bonds 1955.
at
105.264
Francisco
San
STATE.-During the
of
BY
Co.
NORTH DAKOTA.-BONDS PURCHASED
has been purchased by Blyth, Witter
and int.-a basis of about 5.288%. Denom. $1,000. Date July 1 1915. month of April the following 4% bonds,aggregating $48,000, were purchased
by the State of North Dakota at par:
Prin. and semi-ann. int. (J. & J.) payable at County Treasurer's office.
Due.
Dale.
Place.
Purpose.
Due $1,000 yearly July 1 from 1920 to 1929 incl. Total bonded debt (in- Amount.
Funding Mar. 26 1915 Mar. 26 1935
-700 De Witt S. D. No.7
cluding this issue), $26,000. Assess. val. 1914, $625.780.
25- 35
Mar.26
1915
26
D
S.
Mar.
Ellendale
Bldg.
19,000
MONTEZUMA SCHOOL DISTRICT, San Joaquin County, Calif. 17,000 Granville S. D. No.25
Mar.20 1915 Mar. 20 1935
Bldg.
-BOND SALE.-On May 4 the $7,000 6% 9 2-5-year (aver.) gold site1930
20
Mar.
1915
20
S.
Mar.
Harris
Bldg.
D.
41
No.
1,000
purchase and bldg. bonds (V. 100, p. 1454) were awarded to Myth, Witter
Funding Mar. 20 1915 Mar. 20 1935
1,600 Lebo S. D. No.3
& Co. of San Francisco at 104.885 and int.-a basis of about 5.35%. The
Mar. 26 1915 Mar. 26 1935
Bldg.
4,000 Lindahl S. D. No. 14
bids follow:
Funding Mar. 20 1915 Mar. 20 1935
4,000 Stammen S. D.No.26
Blyth, Witter & Co., S.Fr_$7,342 00 Ind. Accid. Corn. of Calif_$7,200 00
Bldg.
Mar. 20 1915 Mar. 20 1925
9.700 Williams S. D. No. 22
F. L. Miller & Co., San Fr_ 7,285 00 Torrance, Marshall & Co.,
DISTRICT (P. 0. Northfield),
7,198
00
VILLAGE
SCHOOL
NORTHFIELD
Francisco
San
Stockton Savings Bank__ 7,265 50
7,262 50 Wm.R.Staats Co.,Pasad. 7,158 55 Summit County, Ohio.-BOND OFFERING.-Proposals will be received
Edw. N. Pearson Jr
N. W. Halsey & Co., S.Fr_ 7,248 50 Byrne & McDonnell, S.Fr_ 7,137 55 until 9 a. m. June 11 by G. L. Williams, Clerk Board of Education, for
5% construction and equipment bonds. Denom. $1,000. Date
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.-BOND OFFER- $8.000
June 11 1915. Int. A. & 0. at above bank. Due 81.000 yearly on Oct. 1
ING.-Proposals will be received until 10 a. m. May 19 by Walter H. from
1923 incl. Certified check for 10% of amount of bonds
1916
Aszling, Clerk Co. Commrs.,for $5,000 57, infirmary bldg. bonds. Auth. required. to
Sec. 2434, Gen. Code. Denom. $500. Date May 19 1915. Prin. and
(Town) UNION FREE SCHOOL DISTRICT
HEMPSTEAD
8
NORTH
yrly.
Feb.
semi-annual int. (F. & A.) at the Co. Treas. office. Due $500
May 12 $40,000 6%
from 1916 to 1925 incl. Bonds to be delivered and paid for on May 19 NO. 10, Nassau County, N. Y.-BOND SALE.-On
& Co. of New
at the Co. Treas. office. Cert. check drawn on any solvent bank or trust 13 2-5-year (aver.) bonds were awarded to Geo. B. Gibbons
were:
bidders
Other
of
5.15%.
about
basis
company for $150, payable to the Co. Aud., required. Bids must be un- York at 108.05-a
100.57
conditional, the question of the legality of the issue to be determined be- Harris, Forbes & Co., N.Y_ _101.091 Walter H. Cook
Farson, Son & Co., N.Y_ _ _100.50
fore bids are made.
Denom. $500. Date May 1 1915. Int. J. & J. at First Nat. Bank,
MORGAN COUNTY (P. 0. McConnelsville), Ohio.-BOND OFFER: Mineola,
in N. Y. exchange. Due $1,500 yearly July 1 1919 to 1928 incl.
ING.-Proposals will be received until 1 p. m. May 17 by the Board ot and $5,000 yearly July 1 1929 to 1933 incl.
County Commrs. for $33,000 5% flood-emergency bonds. Denom. $500.
Tuscaloosa County, Ala.-BOND ELECTION.-A
Co•
the
NORTHPORT,
at
payable
J).
&
(J.
in
Date July 1 1915. Prin. and semi-ann.
of issuing $16,000
Treas. office. Due $1,000 Jan. 1 1916,$1,000 Jan. land July 1 1917, 1919. vote will be taken on May 17, it is stated, on the question
1922, 1923; $1,000 July 1 1924: $1,000 Jan. 1 and July 1 1925: $1,500 Jan. 1 municipal-water-Works-plant and sewerage-system-installation bonds.
and
1930
1929,
1
SALE.
July
and
1
-BOND
and July 11926, 1927 and 1928; $2,000 Jan.
NORTH TONOWANDA, Niagara County, N. Y.
1931. Bonds to be delivered before July 11915.
On May 11 the five issues of4%% 5%-year (aver.) reg. street-impt. bonds,
B.
Geo.
Gibbons
to
awarded
were
1455),
p.
(V.
100,
OFFERING.
$91,500
aggregating
MOUNT KISCO, Westchester County, N. Y.-BOND
Co. of New York at 100.03 and int. Other bids were:
Proposals will be received until 8 p. m. May 18 by Geo.B.Cranston, Village &
100.
H. A. Chahler & Co., N.Y_100.0151Bankers Trust Co
Clerk, for the following 4%% registered bonds:
Date
3750, (5) $2,000.
OAKES PARK DISTRICT (P. 0. Oakes), Dickey County, No. Dak.
$15,500 sewer bonds. Denom. (10) $250. (4) $250
yearly from 1916 to -BOND OFFERING.-Proposals will be received until 8 p. m. June 1.
July 11915. Due on July 1 as follows:
1925 incl. $750 yearly from 1926 to 1929 incl. and $2,000 yearly by T. W. Whitney. Clerk of Park Board, for $5,000 5% 20-year coupon
park-purchase bonds. Denom. $500. Date Jan. 2 1915. Interest annufrom 1936 to 1934 incl.
bonds. Denom. $500. Date Aug. 1 1914. Due ally January at the First National Bank of Oakes. Certified check for
street-impt.
3,000
payable to the Treasurer of District, required. Bonded debt (city)
$500 yearly Aug. 1 from 1919 to 1924 incl.
10%,
Int. semi-annually. Bonds will be delivered on July 1. Cert. check on $20,000. Floating debt (city), $11,900. Assessed value (city), 8374.000'
required.
for
10%
of
bid
bonds
for
company
trust
or
bank
national
a
OLDHAM COUNTY (P. 0. La Grange), Ky.-BONDS DEFEATED.
Total bonded debt, $262,533. Assess. val. 1915, $2,924,985.; estimated -The election held April 20 resulted in the defeat of the proposition to issue
value, $5,000,000.
$100,000 road and bridge-building bonds.
the
MT. PENN SCHOOL DISTRICT (P. 0. Mt. Penn), Berks County,
OLMSTED COUNTY INDEPENDENT SCHOOL DISTRICT NO. 8
Pa.-BONDS AUTHORIZED.-Reports state that a bond issue has been (P.
0. Rochester), Minn.-BOND OFFERING.-Proposals will be opened
the
to
building.
present
addition
school
authorized for a $15,000
at 7:30 p. m. May 24 by the Board of Education, Ellis Ti. Bratager, Clerk,
MT. VERNON (City), Westchester County, N. Y.-BOND OFFER- for $88,000 5% coupon site-purchase, grade-school-building and equipment
ING.-Proposals will be received until 8 p. m. May 18 by the Common and funding bonds voted April 29. Certified check for 5% cf bonds bid
Council, Peter Collins, City Clerk, for the following 43 % registered tax- for, payable to the President of Board of Education, required. Purchaser.
free bonds:
will be required to furnish such bonds properly printed or engraved ready
$25,000 highway-repaving bonds. Due May 1 1935.
for the signatures of the proper officers, with coupons thereto attached,
9,000 assessment bonds. Due April 1 1921.
bearing lithographed fac-simile signatures of the proper officers. Total
Denom. $1,000. Date May 1 1915. Int. M. & N. at office of City bonded debt. including this issue, $158,000. Total valuation, $5,027,852.
Treas. Cert. check for $1,000, payable to "City of Mt. Vernon "required.
OMAHA, Neb.-BOND OFFERING.-Proposals will be received until
Bonds to be delivered and paid for at office of U. S. Mtge. &'Trust Co., 10 a. in. June 8, according to reports, by Daniel B. Butler, Supt. of AcN. Y., on May 25. unless a subsequent date shall be mutually agreed counts, for $150,000 auditorium, $100,000 sewer and $50,000 43 % 20-yr.
upon. Bids must be made on forms furnished by the city. Purchaser to bonds. •
pay accrued interest. The above trust company will certify as to the
OMAHA SCHOOL DISTRICT (P. 0. Omaha), Douglas County,
genuineness of the signatures of the officials signing the bonds and the
proposition
seal impressed thereon, and their legality approved by Caldwell, Masslich Neb.-BONDS VOTED.-The $1,000,000 school-bldg.abond
to the voters May 4(V. 100, p. 1377) received vote, it is stated,
bidder;
submitted
successful
furnished
will
be
opinion
& Reed of N. Y. City, whose
Bonded debt (not incl. these issues), $4,227,050. Sinking funds, $236,466. of 13,756 "for" to 4,635 "against."
Assessed valuation, real estate, $37.601,530: special franchise, $1,976,962:
ONSLOW, Jones County, Iowa.-BOND OFFERING.-This town
personal property, $57,300; total valuation, $39,635,792.
offers for sale $8,000 5% 10-20-yr. (opt.) water-works bonds. Harry H.
MULTNOMAH COUNTY (P. 0. Portland), Ore.-BOND SALE.-On Hall is Town Clerk.
May 12 the $1,250,000 5% 93 -year (aver.) gold coupon road-constr. bonds
ORANGEBURG SCHOOL DISTRICT NO. 26 (P. 0. Orangeburg),
(V. 100, p. 1528) were awarded to Henry Teal of Portland for $1,270,625 No. Caro.-BOND ELECTION.-On May 25 a vote will be taken. it is
(101.65)-a basis of about 4.782%.
stated, on the question of issuing $30,000 high-school-building bonds.
NEWARK, Licking County, Ohio.-BOND SALE.-The following
OSSEO, Hennepin County, Minn.-BOND ELECTION.-The voters
are the bids received for the $240,000 4(% 143 -year (average) grade- will be given an opportunity on May 17, it is stated, to decide whether they
crossing-elimination bonds offered on May 10 (V. 100, p. 1377):
in favor of the issuance of water-works and electric-light-installation
are
Sidney Spitzer & Co., Tol_*$244,104 Tillotson & Wolcott Co.,
pA
Cleveland
$240,625 00 bonds.
Breed,Elliott & Harrison and
KERSBURG SCHOOL DISTRICT (P. 0. Parkersburg), ChesProv. S. B.& Tr. Co., Cin_ _243,384 First Nat. Bank, Newark
ter County, Pa.-LOAN PROPOSED.-Reports state that the School
Tr. Co., Licking Co.
1243,048
Well, Roth & Co., Gin
decided to borrow $17,500 for public-school-improvements.
has
Board
&
and
f
the
Tr.
Bk.
Co.,
Cleve_
C. E. Denison&Co.,
Park N.Bk.,all New'k 240.351 25
PASSAIC, Passaic County, N. J.-BOND SALE.-On May 12 the
Spitzer, Rorick & Co., Tol_ 241,635
&
00
Mayer,Cin
Seasongood
241,449
240,051
Cin..
Co.,
&
% funding and refunding bonds duo 1945 (V. 100, p. 1284)
Richards
$216,000
Field,
n1t.
33a
Conditional bid.
were awarded to Kean, Taylor & Co. of New York at 102.895 andlio
we:
4.327%. Other bids were:
about
of
0.
Rob(P.
Effington),
SCHOOL
DISTRICT
EFFINGTON
NEW
Newark
Rippe!,
3.5.
_102.17
_
_
Y
N.
&
H. M.Grant Co.,
erts County, So. Dak.-BONDS VOTED.-Recently this district, ac- R.
II. L. Crawford & Co.,N.Y.1101.50
Knauth, Nachod & Kuhne,
cording to reports, voted to issue $7,000 bonds.
101.736 M.M.Freeman & Co.,Phil_
New York
1 100.636
NEW HANOVER COUNTY DRAINAGE DISTRICT NO. 1 (P. 0. Harris, Forbes & Co., N.Y 101.80 Estabrook & Co., N.Y
Wilmington), No. Caro.-BOND OFFERING.-Bids will be received
PASS CHRISTIAN, Harrison County, Miss.-BONDS PROPOSED.
until 11 a. in. May 24 by M.F. II. Gouverneur, Sec. Bd. of Drainage Com- Reports
bonds
$20,000
about
issue
to
state that the City Council ntends
missioners, for the $22,000 6% drainage-system-impt. bonds (V. 100, p.
of the water-works and for
en
city-hall,
argement
new
a
of
erection
the
for
Cert.
issue.
years
of
3
beginning
from
date
yearly,
1190). Duo $2,200
sidewalk improvements.
check for $500 required.
PAXTANG SCHOOL DISTRICT(P.O.Paxtang), Dauphin County,
NEW SMYRNA, Volusia County, Fla.-BOND OFFERING.-ProSALE.-An issue of $2,500 4%% 10-20-year (opt.) schoolposals will ho received until 7:30 p. m. June 1. it is stated, for the $47,000 Pa.-BOND
-purchase bonds has been awarded to the Olmstead Estate at par.
site
bonds.
6%
funding
$4,000
(aver.)
and
20-year
sewer
$12,000
water-works.
Date Apr. 11915. Int. semi-ann.
$500.
Denom.
(V. 100, p. 1528.) Int. semi-annual.
PAYNE, Paulding County, Ohio.-BOND SALE.-On May 8 the
NODAWAY COUNTY (P. 0. Maryville), Mo.-BOND SALE.-On
(aver.) refunding bonds (V. 100. p. 1377) were
12%-yr.
%
May 7 $30,000 Hughes Twp. road-construction bonds were awarded to the $5,500 5% Rudolph
Kleybolte Co. of Cincinnati for $5,688 80 (103.434)
Mercantile Trust Co. of St. Louis for $30,251 60 (100.838) and int. as 534s. awarded to
bids
were:
Other
int.
and
own
at
were:
expense.
bonds
bids
blank
furnish
Other
Purchaser to
J. C. Mayer & Co., Cin_ _$5,662 75 iSeasongood & Mayer, Cin_$5,626 00
Wm.R.Compton Co., St. Louis
11530,052 for 5%s ,Hanchett
Bond Co., Chic_ 5,647 00 Security S.B.&Tr.Co.,Tol_ 5,615 00
1 30,610 for 6s
Davies-Bertram Co., Cin__ 5,641 00 Spitzer, Rorick & Co., Tol_ 5,577 50
Mo
City,
Co.,
Kansas
&
30,377 for 6s
J. R. Sutherlin
Denom.(Nos. 1 to 60) $500. Date July 11915. Prin. and semi-annual
PEMBERTON TOWNSHIP SCHOOL DISTRICT (P. 0. New Lisin (J. & J.) at the County Treasurer's office. Due on July 1 as follows: bon), Burlington County, N. J.-BOND ELECTION RESCINDED$1,000 1916; $2,000 yearly from 1917 to 1921, incl.; $1,500 1922; $2,000 NEW ELECTION PROPOSED.-The election which was to have been held
1923 and 1924; $2,500 1925,• $2,000 1926, 1927 and 1918; and $2,500 April 30 to vote on the question of issuing the $9,000 bldg. and $3,000 im1929 and 1930; subject to call. Nos. 40 to 60, incl., at any interest-paying provement bonds (V. 100, p. 1455) was called off. The above questions
period after 5 years from date. The township has no bonded debt. As- will probably be submitted to a vote about June 1.
sessed value 1914 (township), $970,560.
PHILADELPHIA, Jefferson County, N. Y.-BOND SALE.-On
bonds were awarded to the Watertown
NORFOLK, Va.-BIDS.-The following are the other bids received for May 12 $21,600 improvementat
par for 4.70s. Denom. $800. Date
Bank of Watertown
Savings
-year
30
registration)
%
coupon
of
(with privilege
the four issues of 4%
yearly May 1 from 1918 to 1944
bonds, aggregating $743,000, awarded on May 6 to Harris, Forbes & Co., May 1 1915. Int. M.& N. Due $800
inclusive.
and
int.-a
1617):
basis
of
p.
about
97.592
(V.
4.65%
100,
at
Yorlc,
Now
LOAN BILL.-On May 7
SIGNS
Remick, Hodges & Co. and N. W. Halsey
PHILADELPHIA, Pa.-MAYOR
Kountze
97.077 and int. Mayor Blankenburg signed the bill creating a loan of $4,325,000 for municiall of New York
& Co.,Bros.'
int.
1377.
p.
and
Norfolk
100,
V.
See
96.55
Co.,
pal
improvements.
Mottu &
F. E. Nolting & Co., Richmond, Old Dominion Trust
PIKE COUNTY (P. 0. Petersburg), Ind.-BONDS NOT SOLD.
Co., Richmond, A. B. Leach tic Co., New York, SeasonNo bids were received for the 514.000 4%% 10 5-6-year (aver.) W. J.
good & Mayer and Field, Richards & Co., Cincinnati_ _ _96.42 and int. 1
highway-improvement bonds offered on May 10 (V. 100. P.
al.
et
t
t
.
)
o
9
b
2
b
5
A
Baker, Watts & Co., Mercantile Trust & Deposit Co.,
Nelson, Cook & Co. of Baltimore, and Kissel, Kinnicutt
PISGAH CONSOLIDATED SCHOOL DISTRICT (P. 0. Pisgah),
95.61 and int.
& Co. and Estabrook & Co. of New York
Harrison County, Iowa.-BOND ELECTION.-The question of issuing
NORFOLK COUNTY (P. 0. Portsmouth), Va.-BIDS REJECTED. $30.000 building bonds will be submitted to a vote, it is stated, on May 17.
-According to the Norfolk "Virginian," the county rejected the bids rePLEASANTVILLE, Atlantic County, N. J.-BOND OFFERING.
colved for the $250,000 4%% 20-year registered or coupon road-improve- Proposals will be received until 7 p. m. May 17 by Webster Price. City
ment bonds which were offered May 1 (V. 100, p. 1284). Negotiations for Treas.. for $25,000 5% gold coupon or registered school bonds. Denom.
the sale of the bonds will be continued by M. Beaman, who was appointed I11,000. Date Jan. 1 1915. Int. J. & J. at the Pleasantville Trust Co..
as agent for this purpose.
Pleasantville. Due $5,000 Jan. 1 1930, 1935, 1940. 1945 and 1950. Cert.
Legality of the bonds
- check for $500, payable to the City Treas.,required. Bonded
NORTH ANDOVER, Essex County, Mass.-BOND OFFERING.
debt (excl. of
by Lindabury, Depue & Faulics.
Proposals will be received until 6 p. m. May 27, it is stated, by the Town will be approved
I
1694
THE CHRONICLE
[voL. 100.
this issue), $57,000. Floating debt, $19,200. Assessed val. 1914, $2,ST. JOHNS COUNTY (P. 0. St. Augustine), Fla.-BOND OFFER
439.420.
ING.-Proposals will be received until 12 m. Juno 8. it is stated,
W. W.
POINTE COUPEE PARISH SCHOOL DISTRICT NO. 10(P.O. New Snow. Clerk, Bd. Commissioners, for $12,500 6% 10-yr. drainageby
bonds.
Roads), La.-BOND OFFERING.-Bids will be received by the Parish
ST. JOSEPH SCHOOL DISTRICT (P. 0. St. Joseph), Buchanan
Board of School Directors, A. McFarland, Sec.. until 12 m. June 10 for
$21,000 5% registered tax-free building bonds. Bonded debt, this issue County, MO.-BOND OFFERING.-Proposals will be received until
($21,000). Floating debt, $1,000. Sinking fund about $4,000. Assess. 2 p. m.
Juno 7 by A. L. Loving, Sec. Bd. of Ed., for $325,000 of an issue
val. 1914. $920,000. Total tax rate (per $1,000), $27.25.
of 5650,000 43-'% site-purchase, building and improvement bonds voted
POLK COUNTY (P. 0. Benton), Tenn.-BOND OFFERING.
- April 24 (V. 100, p. 1529). Date May 1 1915. Due $100,000 in 10 and
Proposals will be received until 12 m. June 2 by W. M. Prince, Chairman
County Court, for $85.000 5%% coupon funding bonds. Auth. Act of 15 years and $125,000 in 20 years.
General Assembly of Tenn., being House Bill No. 551, passed at the 1915
The official notice of this bond offering will be found among the advertiscsession and resolution passed by County Court at April Term 1915. Denom. ments elsewhere in this Department.
$1,000. Date April 1 1915. Int. A. & 0. at the Co. Trustee's office, or
ST.
LUCIE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 14,
at the Merchants Nat. Bank, New York, at option of holder. Due $5,000 Fla.-BOND
SALE.-On May 4 $25,000 67 school bonds were awarded
on April 1 in odd years from 1917 to 1941, incl., and $10,000 April 1 1943 to
Terry,
Briggs & Slayton of Toledo at 100.
°20. Denom. $1,000. Date
and 1945. Cert. or cashier's check for $850 required. A similar issue of April 1 1915.
Int. A.& 0. Due part 1925, 1930 and 1935.
bonds was offered for sale on May 10 (V. 100. p. 1378)•
ST. PETERSBURG, Pinellas County, Fla.-BOND ELECTION
PORTER COUNTY (P. 0. Valparaiso), Ind.-BOND SALE.-On PROPOSED.
-Local papers state that an election will be held in a few weeks
May 11 the three issues of 43'% highway-improvement bonds (V. 100, p.
to vote on the question of issuing $150,000 concordium-erecti
1618) were awarded. It is stated, at par and int. as follows: $11,000
on bonds.
F.
TAMMANY
ST.
Brody road and $4,000 A. A. Whitman road to the Fletcher-AmericanE.
PARISH SCHOOL DISTRICT
11 (P. 0. Coy'
ington), La.-BOND ELECTION.-An election willNO.
Bank of Indianapolis, and the $9,600 Leonard S. Burrows road to the Nat.
be
Valheld
July
paraiso Nat. Bank.
stated, to vote on the question of issuing $2,000 5-year bldg. bonds.2, it is
PRAIRIE AND CUSTER COUNTIES JOINT SCHOOL DISTRICT
SALT LAKE COUNTY(P. 0. Salt Lake City), litah.-PROMIS
NO. 5, Mont.-BOND SALE.-On May 8 the $20,000 20-30-year (opt.) NOTES ISSUED.-According to the Salt Lake City "Tribune,' SORY
this
coupon school bonds (V. 100, p. 1455) were awarded to Sweet,
Causey, county on May 3 issued five promissory notes-four for $5,000 each and
Foster & Co. of Denver at par and interest for 5s. Other bids were:
one for 37,000-to the Continental National Bank of Salt Lake City.
BidderPrice Bid. Int.Rate. Each note, it is stated, is payable Dec. 31 1915, and bears 6% interest.
Central Savings Bank & Trust Co
They are given to meet current expenses of the county in excess of the funds
$20,536 00
53 % on
C. W. McNear & Co., Chicago
hand for that purpose, and each bears a certification that the notes,
20,318 00
5%% added
James N. Wright & Co., Denver
to cash warrants paid out by the county, do not exceed the current
20,306 00
5%% revenue
Bolger, Messer & Willaman, Chicago
for 1915. The legality of the notes and the county's right to issue
20,175 00
53
Wells & Dickey Co., Minneapolis
the same also are certified.
20,140 00
530
Ferris & Hardgrove, Spokane
20,109 00
SAN
BERNARDINO COUNTY (P. 0. San Bernardino), Calif.5% o
Capital Trust Company
20,027 50
5%% BOND SALE.-The Anglo & London Paris Nat. Bank of San Francisco
C.(). Kalman & Co., St. Paul
20,650 00
has purchased, it is stated, $625,000 5% coupon highway bonds. Denom.
67
Hanchett Bond Co., Chicago
20,527 00
$1,000. Date Jan. 5 1915. Int. semi-annually in New York or San Ber6
Minnesota Loan & Trust Co., Minneapolis
20,400 00
nardino. Due variously from 1922 to 1954 incl. Bonded debt, including
60
6
J. R. Sutherlin & Co., Kansas City
20,393 00
this issue, $1,275,000. .Assessed valuation, $40,420,171; true value
(est.),
R. M. Grant & Co., Chicago
20,305 00
6%
$121,260,513. These bonds are now being offered by the purchaser to
C. H. Coffin. Chicago
20,301 00
Investors at prices to net 4.55%.
6%
Chas. S. Kidder &'Co., Chicago
20,217 00
6%
SAPULPA SCHOOL DISTRICT (P. 0. Sapulpa), Creek County,
PRESCOTT, Walla Walla County Wash.-BOND OFFERING.- Okla.
ELECTION.-The voters of this district will have subProposals will be received until 4 p. m. June 1 by J. C. McSherry, Town mitted-BOND
them on May 18 a proposition to issue $150,000 high-schoolClerk, for $15,000, 6% water-works-betterment bonds authorized by vote buildingtobonds,
it is stated.
of 69 to 2 at an election held Apr. 19. Denom. $500. Prin. and int.
SCARSDALE (Town), Westchester County, N. Y.-BOND OFFERpayable at thefiscal agency of the State of Wash.in New York.or the Town
ING.-Proposals will be received until 2 p. m. May 18, it is stated, by
Treas. office, at the option of the holder. Due June 1 1930. at
Cert. check Alex. N. Crane, Town Supervisor (P.0. Scarsdale), for $75,000
for $500, payable to the Town Clerk, required. Total bonded debt,$5,500.
5% 18 2-3
No floating debt. Assess. val. equalized 1914, $204,000; true val. (est.), year (aver.) highway bonds. Certified check for 2% required.
$400.000. Official circular states that there is no controversy or litigation
SEATTLE, Wash.-BOND SALES.-During the month of April this
pending or threatened affecting the corporate existence, or the boundaries city sold the following 6% special improvement bonds, aggregating $271,of said town, title of its officials to their respective offices or the validity 739 48 at par:
of these bonds, and that the interest and principal of all bonds previously
Impt.
issued have been paid at maturity, also that no previous issues of bonds
Amount. Dist. No.
Date.
Purpose.
Due.
have been contested.
$10,554 31
2,778
April 1 1915 April 1 1925
Grade and walk
7,220 55
Sewer
April 9 1915 April 9 1925
2,783
QUARRYVILLE SCHOOL DISTRICT (P. 0. Quarryville), Lan1,971 67
2,804 Paving
April 9 1915 April 9 1925
caster County, Pa.- BONDS..- Reports state that David R.
80,661 09
2,745
Apr1112 1915 April 12 1925
Sewer
Forbes, Cleric, will receive proposals until June 1 for the $15,000 43
%
57,351 22
2,733
April 20 1915 April 20 1925
Re-paving
3-30-yr. (opt.) school-equip, and construction bonds voted April 20(V.
100,
2,155 77
2,794
Planking
April 20 1915 April 20 1918
p. 1529).
1,282 50 2,806
April 20 1915 April 20 1925
Paving
RANDOLPH SCHOOL DISTRICT (P. 0. Randolph), Fremont
8,285 49
2,793
Water-main
April 22 1915 April 22 1925
County, Iowa.-BONDS DEFEATED.-NEW ELECTION PROPOSED.
6,572 76
2,791
April 23 1915 April 23 1925
Grading
-The question of issuing 335,000 building bonds failed to carry at an elec65,084 56
2,594
Bridge and paving_ _ April 27 1915 April 27 1925
tion held Apr. 24. Another election will be held shortly.
7,655 53
2,596
Resurfacing and walk_April 27 1915 April 27 1925
2,781
03
Walks
RAYMOND, Pacific County, Wash.-DESCRIPTION OF BONDS.
April 30 1915 April 30 1925
- 22,944
All the above bonds are subject to call at any interest-paying date.
The $117,000 Raymond Water Co. plant-purchase and impt. bonds
awarded on April 21 to Carstens & Earles, Inc., of Seattle at 103.50 and int.
SENECA
COUNTY
(P.
0.
Tiffin),
-BOND
Ohio.
SALE.-On May ,8
for 6s (V. 100, p. 1529) are in the denom. of $1,000 each and dated May 15 the
$28,000 5% coupon bridge-emergency bonds, Series 3, wore awarded to
1915. Int. M.& N. Due May 15 1935.
Sidney Spitzer & Co. of Toledo at 100.76 and int. Other bids were:
RED RIVER COUNTY, Tex.-BONDS VOTED.-On May 1 White Tiffin Nat. Bank, Tiffin_$28,155 001Seasongood & Mayer,Cin.$28,073 00
Rock District in this county voted to issue, it is stated, $20.000 road bonds. City Nat. Bank, Tiffin__ _ 28,101 50 Commercial Nat. Bank,
Tiffin Say. Bank, Tiffin__ 28,100 00 Tiffin
28,051 00
RENSSELAER COUNTY (P. 0. Troy), N. Y.-BOND OFFERING.
Denom. $1,000. Date June 15 1915. Int. M. & S. Due 32.000
Proposals will be received until 12 m. May 20 by Delmer Runkle, County March
Sept. 1 1916,$3,000 March land Sept. 1 1917, 1918 and 1919,
Treasurer, for $26,000
% registered highway-impt. bonds, 8th Series. $2,000 land
March 1 and Sept. 1 1920 and $1,000 March 1 and Sept. 1 1921.
Denom. $1,000. Date June 1 1015. Prin. and semi-annual int. (J. & D.)
SHERIDAN SCHOOL DISTRICT (P. 0. Sheridan), Yamhill
at the County Treasurer's office. Due $1,000 yearly June 1 from 1916 to
1941, inclusive. Certified check on a New York State bank or trust com- County, Ore.-BONDS VOTED.-Tho voters on April 24 by a vote of
pany or a national bank in said State, for 2% of bonds bid for, payable to 103 to 41 authorized the issuance of $19,000 high-scinool-building bonds,
it is stated. It is further reported that at a recent city-election city-hallthe County Treasurer, required. No interest will be allowed on such
deposit. Bonds to be delivered June 1. The United States Mtge. & building bonds were favorably voted.
Trust Co. of New York will certify as to the genuineness of the signatures
SILVERTON, San Juan County, Colo.-BOND ELECTION PROof the county officials signing the bonds and the seal impressed thereon and POSED.-An election will be called
to vote on the question of issuing $20,000
the legality of the bonds will be approved by Caldwell, Masslich & Reed refunding bonds.
of N. Y., whose opinion as to legality will be furnished to the purchaser
SLATON, Lubbock County, Texas.-BOND ELECTION.-An elecwithout charge. Purchaser to pay accrued interest. Bids to be made on
printed forms furnished by the above-mentioned trust company or the tion has been called in this town, reports state, to vote on the question of
• County Treasurer. Bonded debt, not including this issue, $1,089,000. issuing $10,000 water-works bonds.
Total assessed valuation 1914, $90,253,222.
SOUTH GLENS FALLS, Saratoga County, N. Y.-BOND OFFERRENWICK SCHOOL DISTRICT (P. 0. Renwick), Humboldt ING.-Proposals will be received until 7:45 p. m. May 25 by C. R. ThomCounty, Iowa.-BONDS VOTED.-This district on May 8 voted to son, Village Clerk, for $39,000 4%% State highway-construc.
bonds.
issue, it is stated, $32,000 school-building and equipment bonds. The Denom.
$1,000. Int. semi-annually. Due $3,000 yrly. June 1 from 1916
vote is given as 113 to 20.
to 1928 incl. The bonds will be ready for delivery on or before June 1 1915.
RICEVILLE, Mitchell County, Iowa.-BOND ELECTION
Cert. check drawn against a national bank, State bank and trust company
POSED.-Reports state that this place is contemplating to vote onPROthe for $500, payable to the Vii.
issuance of bonds for sewer purposes.
Treas., required. Bonded debt, excl. of this
RICHLAND COUNTY (P. 0. Mansfield), Ohio.-BOND SALE.-On issue, $84,000. Sinking fund,$13,533 36. Total assess. val. 1915,$935,074
May 10 the $9,100 5% inter-county highway improvement No. 202 bonds
The official notice of this bond offering will be found _among the advertise(V. 100, p. 1378) were awarded to the Richland Savings Bank
Mansfield ments elsewhere in this Department.
for $9,136 (100.395) and int. There were three other bids fromoflocal
banks
SOUTH NYACK, Rockland County, N. Y.-BOND OFFERING.RIVERSIDE, Okanogan County, Wash.-BOND SALE.-On May 4 Proposals will be received by Adam Schaab, Clerk Board of Trustees
(P. 0.
$9,500 6% water bonds were awarded to the State of Washington at
par. Nyack), until 8 p. m. May 17 for $4,000 sower and sewer-dock-construction
Denom. $500. Date Juno 1 1915. Int. J. & D. Due June 1 1935, suband improvement bonds at not exceeding 5% int. Due in equal annual inject to call at any time.
stallments, the first of which shall be payable not more than five years
ROSEBURG, Douglas County, Ore.-BOND ELECTION.-An elec- from their date.
tion will be held June 3 on a proposed charter amendment authorizing
SOUTH
Douglas County, Neb.-BOND ELECTION PROthe
city to construct a railroad from said city to a point on the North Umpqua POSED.-ItOMAHA,
is reported in local papers that the City Council will ask the
River, where it intersects the western boundary of Cascade Range Forest citizens and tax-payers
to vote $50,000 park bonds before June 1, when the
Reserve and to issue for this purpose not exceeding $300,000 5% 10-30-yr.
vote on consolidation with Omaha will be taken.
(opt.) bonds. This indebtedness, it is provided, is not to be considered as
SPARKS SCHOOL DISTRICT (P. 0. Sparks), Washoe County,
affected by any limits of indebtedness in said charter or elsewhere.
Nev.-BONDS DRFRATED.-The question of issuing $35.000 high-schoolROSEVILLE GRAMMAR SCHOOL DISTRICT,Placer County, Cal. bldg. bonds failed to carry, it is stated,
at an election held March 27. The
-BONDS VOTED.-A recent election resulted, it is stated, in
vote was 90 "for" and 390 "against."
favor
of
the
issuance of S10.000 bonds.
SPRINGFIELD, Greene County, Mo.-BOND ELECTION.-Local
ROSS COUNTY (P. 0. Chillicothe), Ohio.-BOND OFFERING.
- papers state that the Council has provided for the holding of an election
Proposals will be received until 12 m. May 25 by Robert D. Alexander,
June 2 to vote on the question of issuing $50,000 bonds for the construction .
County Auditor,for $46,000 5% coupon Main St. and Higby Bridge bonds. of
a sewage-disposal plant and other city improvements.
Denom. $1,000. Date May 1 1914. Int. M. & N. at office of County
SPRINGFIELD, Clark County, Ohio.-BOND OFFERING.-Bids
Treasurer. Due $4,000 yearly on May 1 from 1947 to 1956, inclusive, and
will be received until 12 m. June 7 by Frank B. Thomas, City Auditor, for
$6,000 May 11957. Certified check for S1,000, payable to County Auditor,
required. Official circular states that there has never been any default. $40,000 5% coup. ftre-department-equipment bonds. Denom. $500.
Date Mar. 1 1915. Int. M. & S. Duo $4,000 yearly March 1 from 1910
Bonded debt (including this issue),$384,500. Assessed value,
to 1925 incl. Certified check for 5% of bonds bid for required. Bonds
actual (est.), $60,000,000. These bonds are part of an issue $50,600,000;
of 3166,000, to be
delivered and paid for within 10 days from time of award.
$40,000 of which was sold on Dec. 1 to Seasongood & Mayer of Cincinnati
(V. 99, p. 1696); $20,000 of which had been 'Previously sold to the Central
STONE HARBOR, Cape May County, N. J.-BONDS VOTED.-This
National Bank of Chillicothe and $60,000 sold on Feb. 3 to the Fifth-Third borough at an election held May 10 voted to issue
$30,000 boardwalk-conNational Bank of Cincinnati (V. 100, p. 575).
struction bonds, it is stated.
Proposals will also be received by tho Co. Aud. until 12 m. May
for
STONE MOUNTAIN, De Kalb County, Ga.-BOND ELECTION.
$37,000 5% Frankfort and Crooked bridge bonds. Denom. $1.000. 24
Date An ordinance has been passed by the City Council authorizing the holdine
April 15 1915. Int. semi-annually. Due $3,000 yearly April 15
1916 of an election on Juno 5 to vote on a proposition to issue 312,000 5%_ o
to 1936 incl. and $4,000 April 15 1937. Cert. check for 2% of from
bonds bid 30-year water-works and school-improvement bonds. Denom. $50 .
for required. Transcript of proceedings will be furnished the purchaser.
Interest semi-annual.
ST. CLAIR TOWNSHIP, Ohio.-BOND ELECTION.-According to
SUGAR CREEK TOWNSHIP (P. 0. Beach City), Stork County,
East Liverpool papers, an election will be held in this township to-day Ohio.-SONDS
NOT SOLD.-No sale was made of the $7,500 6% 10-yr.
(May 15) to vote on issuing $40,000 road bonds.
road-impt. bonds offered on May 1 (V. 100, p. 1378). The issue will boreST. JAMES PARISH (P. 0. Convent), La.-BONDS VOTED.-The advertised.
voters of this parish on April 27 authorized the issuance of $200,000 road
SULLIVAN COUNTY (P. 0. Sullivan), Ind.-BOND OFFERING.bonds, it is stated.
Proposals will be received until 12 m. May 19 by Robert Gambill, County
THE CHRONICLE
MAY 151915.]
1695
UNION COUNTY (P. 0. Morganfield), Ky.-BOND ELECTION
Treas., for $12,430 434% Jacob Cox et al. free gravel road and 84,972 60 PROPOSED.
-A petition is in circulation, it is stated, calling for an elecand
434% 'W. H. Eatone et al free gravel road bonds. Denom. $621 50bond
tion to vote on the question of issuing $450,000 road-improvement bonds.
Due one
$248 63, respectively. Date April 15 1915. Int. M.& N.1925
incl.
15
Nov.
to
1916
15
May
from
months
each
six
issue
of each
UNION COUNTY (P. 0. Elizabeth), N. J.-BOND OFFERING.
SUPPLY SCHOOL DISTRICT (P. 0. Supply), Woodward County, Proposals will be received until 11 a. m. June 3 by Nathan R. Leavitt.
% bridge bonds. Denom.$1,000. Date
Okla.-BONDS VOTED.-By a vote of 129 to 4 the issuance of $10,0uu County Collector,for $45,000
school-building bonds was authorized at a recent election, it is stated.
June 1 1915. Principal and semi-annual interest (J. & D.), payable at the
-Bids
OFFERING.
National State Bank of Elizabeth. Due June 1 1945. These bonds will
SWAMPSCOTT, Essex County, Mass.-NOTE
will be received until 8 p. m. May 17 by Wm. H. Bates, Town Treas., for be coupon in form, with privilege of registration as to principal only or
notes:
coupon
the following 4%
of conversion into fully registered bonds. Cert. check upon an incorporated
$24,000 sewer loan notes. Duo from 1 to 24 Yrs.
the "Board of
12,000 granolithic sidewalk and macadam pavement loan notes. Duo bank or trust company for 2% of bonds bid for, payable to
4
3,
and
in
5
Yrs.
$2,000
and
yrs.
2
and
$3,000 in 1
Chosen Freeholders", required. The legality of the bonds will be apyrly.
Due
$1,500
6,000 water loan notes. Denom. $1,000 and $500.
proved by Hawkins, Delafield & Longfellow, attorneys of New York, whose
from 1 to 4 yrs.
will be
Date May 1 1915. Prin. and int. payable at the First Nat. Bank of opinion will be furnished to the successful bidder; and the bonds
Statistics.
of
engraved under the supervision of the United States Mortgage & Trust
Boston. These notes will be certified by the Mass. Bureau
signatures
the
of
genuineness
the
to
who
will
as
New
York.
certify
TACOMA, Wash.-BOND SALES.-During the month of April the Co. of
following 6% special improvement bonds, aggregating $4,552 60, were of the officials signing the bonds and the seal impressed thereon. All bids
issued by this city:
must provide for the payment of accrued interest by the purchaser from
Local Impt.
the date of said bonds to the dato of delivery.
Due.
Date.
Purpose.
Dist. No.
Amount.
The official notice of this bond offering will be found among the advertiseApril 14 1925
April 14 1915
Paving
478
$2,104 20
April 20 1920 ments elsewhere in this Department.
April 20 1915
Sidewalk
936
386 50
1920
April
27
April
27
1915
Sidewalk
878
2,061 90
UNION TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Milford
All the above bonds are subject to call part yearly.
Center), Union County, Ohio.-BOND OFFERING.-Proposals will
Ed.,
TALLAHASSEE, Leon County, Fla.-BONDS VOTED.-The voters be received until 12 m. June 1 by John A. Kennington, Clerk Bd. ofvoted
recently approved the issuance of $34,000 street-paving bonds, according to for the $65,000 5% site-purchase, building and equipment bonds Prin.
March 30 (V. 100, p. 11)2). Denom. $500. Date June 1 1915.
reports.
and semi-annual int. (M. & S.), payable at the Milford Center Bank.
TAMPA, Hillsborough County, Fla.-BOND ELECTION.-An elec Due $1,500 each six months from March 1 1916 to Sept. 1 1930 incl.,
tion will be held May 25, reports state, to vote on the question of issuing $2,000 each six months from March 1 1931 to Sept. 1 1935 incl. Bonds
$250,000 sanitary-sewerage-system bonds.
to be delivered and paid for within 10 days after the day of sale and will be
by the Board. Cert. check for $1,000, payable to
- prepared and furnished
TAYLOR COUNTY (P. 0. Perry), Fla.-WARRANT OFFERING.
Dist. Treas., required. All bids must be unconditional.
Sealed bids will be received until 12 m. June 7 by F. S. Jackson, Secy. the
Board of Public Instruction, for $16,000 6% coupon school-warrants.
URBANA CITY SCHOOL DISTRICT (P. 0. Urbana), Champaign
Denoms. $100 to $1,000, to suit purchaser. Int. semi-annually.
County Ohio.-BOND OFFERING -H. D. Baker, Clerk Bd. of Ed.,
May 24 for $16,000 5% building-Improvement
TEMPLE,Bell County, Tex.-BOND ELECTION.-A proposition to will receive bids until•12 m.7626
and 7627 Gen. Code: also an election held
issue the $40,000 fire-department bonds mentioned in V. 100. P. 1619, bonds. Auth. Secs. 7625,
Date May 24 1915. Prin. and semi-annual
$500.
29.
Denom.
March
will be submitted to the voters in June, it is stated.
•
int. (J. & J.), payable at the office of the Bd. of Ed. Due $500 each six
a preceding months from July 1 1916 to Jan. 1 1919, incl.. and $1,000 each six months
TENNESSEE.-BOND SALE.-In an advertisement onthe
Guaranty from July 1 1919 to July 1 1925, incl. Cert. check for 5% of bonds bid for.
& Co.,
page Redmond & Co., Kean, Taylor & Co., Rhoades
& Co., all of New York, payable to the Clerk Bd. of Ed., required. Purchaser to pay accrued int.
Trust Co. Brown Bros. & Co. and White, Weld
4%% coupon re- Bidders to satisfy themselves as to the legality of the bonds prior to subare offering to investors $5,370,000 4% and $6,411,000
to yield 4.20%. The mitting their bids.
funding bonds of the State of Tennessee at prices
the public sale held
bonds were secured by the syndicate referred to at at
UTICA, Oneida County, N. Y.-BOND OFFERING.-Proposals will
par, which makes
May 6-V. 100, p. 1379. The bonds were awarded
for
as
follows: $100,000 4s be received until 12 m. May 18 by A. M. Burke, City Comptroller,
mature
bonds
The
4.28%.
the income basis about
434% registered tax-free high-school-building-erection bonds.
$430,000
434s
and $50,000 434s yrly. 1917 to 1924 incl., $130,000 4s and $70,000
Denom. to suit purchaser. Date May 11915. Int. M.& N. at office of
yrly. 1925 to 1930 incl.. $130,000 45 and $120,000 434s yrly. 1931 to 1935
Treasurer, or, upon request of registered holder, will be remitted in
incl., $150,000 4s and $150,000 434s yrly. 1936 to 1940 incl., $150,000 4s City
N. Y. exchange. Duo $21,500 yearly May 1 from 1916 to 1935, inclusive.
and $200,000 434s yrly. 1941 to 1944 incl., $150,000 4s and $250,000 434s Certified
check for 1% of bonds bid for, payable to City Treasurer,required.
in each of the years 1945, 1946 and 1947, $165,000 4s and $335,000 4345 Purchaser
to pay accrued interest. Bids must be unconditional and upon
1948 to 1954 incl., $185,000 4s and $346,000 4348 in 1955.
by the City Comptroller. The favorable opinion of Caldfurnished
forms
TERRE HAUTE, Vigo County, Ind.-BOND SALE-On May 11 the well, Mas.slich & Reed as to the legality of these bonds will be on file in the
were
office before delivery.
1619)
(V.
bonds
100,
p
reftinding
Comptroller's
City
coupon
20-yr.
$100,000 4347
awarded to J. F. Wild & Co. of Indianapolis at 100.901 and int.-a basis
VANDERBURGH COUNTY (P. 0. Evansville), Ind.-BOND OFFERof about 4.18%.
ING.-Carl Lauenstein County Treasurer, will sell at public auction at
Red Bank Road, Union Twp., bonds. Denom.
TEXAS.-BONDS REGISTERED.-The following bonds have been 10 a. m.June 1 $3,400 434%
$170. Int. M. & N. Due $170 each six months from May 15 1916 to
registered by the State Comptroller:
Maturity. Date Reg. Nov. 15 1925 incl.
Rate.
Purpose.
Amount. Place of Issue.
$12,000 City of Caldwell.. Paving & grad_ 57 10-40-yr.(opt.) Mar. 8
VICTORIA COUNTY (P. 0. Victoria), Tex.-BOND ELECTION.
10-40-yr.(opt.) Mar. 9
3,050 City of Navasota_School-h'se rep. 5
on May 10, it is stated, authorized the holding
9 The Commissioners Court
5-40-yr.(opt.) Mar. 10
o
20,000 City of Seguin__ _El. Lt.& W.W_ 50
to vote on the establishment of another drainage district in
election
an
of
Mar.
C S. D. No. 36 57 11 Years
3,600 Falls County
section of this county and for the issuance of $190,500
10-40-yr.(opt.) Mar. 11 the northeastern
5
Water works
7,000 Wills Point
10-20-yr.(opt.) Mar. 13 bonds for its hpprovement.
5
Ind. Sch. Dist
7,500 Pearsall
Mar.
13
20 years
WALDO, Marion County, Ohio.-BOND OFFERING.-Bids will be
2,000 Tarrant County C. S. D. No. 17 5
10-30-yrs.(opt) Mar. 15 received until 12 m. June 5 by A. H. Apt, Village Clerk,for $8,846 83 534%
5
Refunding
30,000 Ennis
after
$1,000
opt.
yrs.
35
5
Marion St. impt. assess. bonds. Auth. Sec. 3914, Gen. Code.
D.No.16Road
coupon
4,000 Bell County
10 yrs. and $1,000 Denom. (1) $266 83, (22) 3390. Date May 1 1915. Principal and semievery 10 yrs. thereaft. annual int. (M. & S.) payable at the Village Treasurer's office. Due
10-40-yrs. opt) Mar. 15 $266 83 March 1 1916, $390 each six months from Sept. 1 1916 to March 1
Indep. Sch. D_ 5
500 Josephine
10-40-yrs. opt Mar. 18
1924 incl. $780 Sept. 1 1924 and 3780 March 1 and Sept. 11925. Bonds
1,000 Jefferson County_C. S. D. No.11_ 5
1,900 Jefferson County_Jail Repair_ __.. 57 10-40-yrs. opt Mar. 18 will be delivered June 15 at the Village Treasurer's office. Certified check
20
Mar.
opt
10-40-yrs.
Court-hse.&jail.
57
350,000 El Paso County
for $100, payable to the Village Treasurer, required. Purchaser to pay
Ind. Sch. Dist_ 5
10-40-yrs. opt Mar. 22 accrued interest and is required to furnish the printed bonds and coupons
35,000 Gilmer
Ind. Sch. Dist_ 5 o
5-40-yrs.(opt) Mar.22 thereto attached.
500 Richardson
1,000 Trinity County_C. S. D.No.35._ 5% 10-40-yrs.(opt) Mar. 24
WALKER COUNTY (P. 0. La Fayette), Ga.-BOND ELECTION.
150,000 Hardin County_Road Dist. No.1_ 57 10-40-yrs.(opt) Mar.24 This county, according to reports, will hold an election on July 7 to vote on
Mar.24
840-yrs.
72,000 Brazoria County•Road Dist. No.1- 5
propositions to issue $75,000 court-house-bidg. and $75,000 road bonds.
Mar.
29
(opt)
5
15-40-yrs.
Water-works
20,000 Floydada
WARRICK COUNTY (P. 0. Boonville), Ind.-BOND OFFERING.
534
38,000 I3razoria County C.S. D.No.9
opt. $1,00(r each year Apr. 2 Proposals will be received until 10 a. m. May 19 by Wm. H. Putler, Co.
bonds:
highway-impt.
following
434%
the
2
for
_
Apr.
Treas.,
20-40-yrs.(opt)
57
10,000 Port Arthur_ _Fire-dept.-impt._
$28,600 Henry W. Bleckman et al. road, Greer Twp. bonds. Denom.
Perm. paving_ ___ 5 o Due $4,000 each year
80,000 Houston
Apr. 3
bog. Mar. 15 1916.
31,430.
year
each
$1,000
Due
14,600 Ed. II. Hart et al. road, Boon Twp., bonds. Denom. $725.
5%
Water-works
20,000 Houston
Date May 19 1915. Int. M.& N. Due one bond of each issue each
beg. Mar. 15 1916.
incl.
* Optional, $1,000 yearly up to 1926, $2,000 yearly up to 1938, $3,000 months from May 15 1916 to Nov. 15 1925
WASHINGTON C. H. Fayette County, Ohio.-BOND OFFERING.
yearly up to 1950.
7 by John N. McFadden,
June
m.
until
12
received
will
'
be
-Proposals
THORDENSKJOLD TOWNSHIP SCHOOL DISTRICT NO.4 (P.O. City Auditor, for the following 5% bonds:
question
$375. Due $375 yearly
Nome), Barnes County, No. Dak.-BONDS DEFEATED.-The
Denom.
bonds.
improvement
Ave.
Circle
$3,750
held
April 28.
of issuing $10,000 building bonds failed to carry at an election
March 1 from 1916 to 1925 incl. Certified check for $50 required.
Due
The vote was 41 "for" and 47 "against."
19,000 North St. improvement (assess.) bonds, Denom, $475, check
$1,900 yearly March 1 from 1916 to 1925 incl, Certified
Ohio.
TROY SCHOOL DISTRICT (P. 0. Troy), Miami County,
required.
$100
for
BONDS VOTED -By a vote of 709 to 123 the question of issuing the $30,Auth, Secs. 3815, 3817 and 3812, Gen. Code, Int, annually, Bonds
000 high-school-equipment bonds (V. 100, p. 1619) carried at the election to be delivered and paid for within 10 days from time of waard, Certified
held May 11.
checks to be made payable to the City Treasurer, Purchaser to pay acTRUMBULL COUNTY (P. 0. Warren), Ohio.-BOND SALE.-On crued interest,
were
May 10 the $17,000 5% road-improvement bonds (V. 100, p. 1619)
WASHINGTON COUNTY (P. 0. Salem), Ind.-BONDS NOT SOLD.
awarded, it is stated, to Breed, Elliott & Harrison of Cincinnati for $17,- -No bids were received on April 20 for the 84,500 434% 6-yr. (aver.)
215 90-equal to 101.27. Due $1,000 each six months from Oct. 1 1916 highway-impt. bonds offered on that day (V. 100, p. 1380).
to Oct. 1 1924 incl.
WAUSAU, Marathon County, Wis.-BONDS OFFERED OVER
TULSA, Tulsa County, Okla.-BOND ELECTION PROPOSED.-The COUNTER.-The City Council, it is stated, has passed an ordinance prohas under consideration the
City Commission according to local papers,
for the issuance of $28,000 sewer bonds. The intention of the
viding
holding of an election to vote on the question ofissuing $100,000 sewer bonds. Countil,- it is further reported, is to dispose of these bonds over the counter
Okla.
-BOND
Tulsa),
-On
SALE.
4
May
0.
to local investors. Subscriptions are to be asked for in amounts of $100,
TULSA COUNTY (P.
(average) coupon bridge bonds(V. 100, p. 1450) $200 and $500.
the $200,000 5% 1234-year
for
First
Pres.
Nat'l
Tulsa.
Bank,
McCullough.
It.
0.
to
were awarded
WAYLAND, Middlesex County, Mass.-TEMPORARY LOAN.-This
bids were:
$202,512 60 (101.256)-a basis of about 4.865%. Other &
town, according to reports, has negotiated a temporary loan of $5,000,
PrudA. J. McMahon,Okia.City_$202,400 Hoehler,Cummings
maturing Oct. 5 1915, with H.C. Grafton Jr.& Co. at 3.35% discount.
den, Toledo
$201,660
Geo. J. Gilbert, Okla. City_ 202,325
WAYNE TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. WaynesElston,
202,320
Cy
200,955
Oklakly
Clifford&Co.,0k.
Bank,
Nat.
Central
ville), Warren County, Ohio.-BOND OFFERING.-Proposals will be
J.Edwards,Okla. City_ - 200,925 received
of Ed., for
G. W.& J. E.Pierso1.0k.Cy 202,229 R.
until 12 m. June 1 by Fred. C. Gilmour, Clerk
Bd. Secs. 7625.
Liberty Nat. Bank, Tulsa__ 201,805 Con.& Corn. Tr.&S.B.,Chic 200,925 $30,000 5% site-purchase and high-school-bldg. bonds. Auth.
American Nat. Bank, Tulsa 201,800 Spitzer, Rorick & Co., Tol_ 200,765 7626 and 7627, Gen. Code; also an election hold Mar. 20. Denom. $500.
& D.) payable at the
UMATILLA COUNTY SCHOOL DISTRICT NO. 31 (P. 0. Milton), Date June 1 1915. Prin. and semi-ann. int. (J.Fifth-Third
Nat. Bank
5% 10-20-year (opt.) building Waynesville Nat. Bank, Waynesville, or at the
Ore.-BOND SALE.-On May 3 the $18,000
to II. T. Holtz & Co. of Chicago for in Cincin. Duo $6,000 June 10 1920, 1925, 1930, 1935 and 1940. Bonds
bonds (V. 100, is. 1530) were awarded
upon a solvent and accheck
Cert.
0
10.
7
to
4.94,
June
about
to
of
optional
on
date
and
4.962%
delivery
basis
for
ready
be
will
(100.483)-a
$18,087
tive bank in Ohio for $1,000, payable to the Clerk Bd. of Ed., required.
full maturity. Denom. $1,000. Date May 1 1915. Int. M.& N.
must be unconditional.
UNION, Broome County, N. Y.-BOND OFFERING.-Proposals will Bids
be
opened at 8 p. m.) by John M. Payne,
WEBSTER GROVE SCHOOL DISTRICT (P. 0. Webster Grove),
be received until May 17 (to
St. Louis County, Mo.-BOND ELECTION PROPOSED.-It is reported
Village Clerk, for the following 5% bonds:
circulated calling for a special elec$5,800 street-improvement bonds. Denom. (2) $1,160, ((I) $580. Due in local papers that petitions are being
$1,160 July 1 1916 and 1917 and $580 yearly July 1 from 1918 tion to vote on a proposition to issue $15,000 athletic-field and grand-stand
bonds.
to 1923 incl.
33,100 street-improvement bonds. Denom. (32) $1,000, (1) $1,100. Due
WELLINGTON, Lorain County, Ohio.-BONDS VOTED.-On
$5,000 July 1 1916 and 1917, $1,000 yearly July 1 from 1918 to May 12 $35,000 water-works-impt. bonds were authorized, it is stated, by
1939 incl. and $1,100 July 1 1940.
of 345 to 37.
vote
a
Union
of
at
1
Nat.
the
Bank
Farmers'
July
ann.
Date June 11015. Int.
WELLS COUNTY SCHOOL DISTRICT NO. 64 (P. 0. Milliken),
be required
to the holder thereof in Now York exchange. Purchasers will the
SALE.-Sweet, Causey, Foster & Co. of Denver have been
-BOND
Colo.
of
or
2%
bank
draft
amount
for
check
certified
bids
their
with
to deposit
bonds of this district for $10,336-equal to
of such bonds and pay the balance with accrued interest when such bonds awarded, It is stated, $10,000
103.36.
are delivered.
I
1696
THE CHRONICLE
WELLS COUNTY (P. 0. Bluffton), Ind.-BOND OFFERING'Proposals will be received on or after 2 P. in. May 18 by James A. McBride, Co. Treas., for the following 43i% highway-impt. bonds:
$2.640 Frank Ashbaucher road, Harrison Twp., bonds. Denom. $132.
9,200 J. A. Johnson road, Jefferson Twp., bonds. Denom. $460.
9,680 John Simmerman road, Jefferson Twp., bonds. Denom. $484.
3,000 John Baker road, Harrison Twp., bonds. Denom. 2150.
1,360 Lewis F. Barnes road, Jackson Twp., bonds. Denom. $86.
5,120 A. II. Fry road, Harrison Twp., bonds. Denom. $256.
3,360 John Werling road, Jefferson Twp., bonds. Denom. $168.
1,500 Wallace Ripple road, Harrison Twp., bonds. Denom. $75.
5,000 Calvin Kunkle road, Lancaster Twp., bonds. Denom. $250.
5,600 Herman Thomas road, Harrison Twp., bonds. Denom. $280.
1,520 R. P. Newcomet road, Harrison Twp., bonds. Denom. $76.
3,200 James K. Earle road, Lancaster Twp., bonds. Denom. $160.
6,240 James L. Hunt road, Lancaster Twp., bonds. Denom. $312.
Date May 15 1915. Int. M.& N. Due one bond of each issue each six
months from May 15 1916 to Nov. 15 1925 incl. Cert. check for $200
required. Bonds to be delivered within 10 days after sale.
WEST ASHEVILLE SCHOOL DISTRICT (P. 0. Asheville), Buncombe County, No. Car.-BOND ELECTION PROPOSED.-Reports
state that an election will probably be called to vote on the question of
Issuing $20,000 building bonds.
WEST HARTFORD, Hartford County, Conn.-BOND OFFERING.
-Bids will be received until 2 p. m. May 25 by the Board of Finance at
the office of the Connecticut Trust & Safe Deposit Co. of Hartford, for
$150,000 43.% 30-year bonds.
WEYMOUTH, Norfolk County, Mass.-TEMPORARY LOAN.
Loring, Tolman & Tupper, Boston, has been awarded, it is stated, a temporary loan of $90,000 as follows: $50,000 maturing Oct. 20 1915, at
3.69% discount and $40,000 maturing in March 1916 at 3.98% discount.
WHEATFIELD (P. 0. La Salle, R. F. D. No. 14), Niagara County,
N. Y.-BOND SALE.-This town, according to reports, has awarded to
Mrs.Sarah L.Cushing of Lockport an issue of$1,572 725% highway bonds.
WHITE COUNTY (P. 0. Monticello), Ind.-BOND OFFERINGS.
Proposals will be received on and after 10 a. m. May 22 by 0. 0. Middlestadt, County Treas., for $21,100 6% highway-impt. Cass Twp. bonds.
Denom. $527 50. Date May 4 1915. Int. M. & N. Due $1,055 each
six months from May 15 1916 to Nov.15 1925 incl.
Bids will also be received by the County Treasurer until 10 a. in. May 29,
It is stated. for $12,000,$6,800 and $9,400 434% highway-impt. bonds.
WHITMAN COUNTY SCHOOL DISTRICT NO, 123, Wash.BOND SALE.-On May 8 the $2,000 5-10-yr. (opt.) bldg. and impt. bonds
(V. 100, p. 1531) were awarded to the State of Washington at par for 53s.
Ferris & Hardgrovo of Spokane bid $2,003 for 6s.
WILKESVILLE TOWNSHIP SCHOOL DISTRICT (P. 0. Clarion),
Vinton County, Ohio.-BOND OFFERING.-J, A. Fitzpatrick,
Clerk Bd.of Ed., will receive bids until 12 m.May 22 for $10,520 5% bonds.
Auth. Secs. 7625 ,7626 and 7627 Gen. Code. Denom.(1) $520,(18) $500,
(1) $1,000. Date June 1 1915. Prin. and semi-annual int. (J. & D.)
payable at the Vinton Co. Nat. Bank, McArthur. Due $520 June 1 1916,
$500 yearly Juno 1 from 1917 to 1934 incl. and $1,000 June 1 1935. Cert.
check for 1% of bonds bid for, payable to the Clerk Bd. of Ed., required.
WILKESVILLE VILLAGE SCHOOL DISTRICT (P. 0. Wilkes.
yule), Vinton County, Ohio.-BOND OFFERING.-Proposals will be
received until 12 m. May 22 by J. S. Strausbough, Clerk Bd. of Ed., for
$1,475 5% bonds. Auth. Secs. 7625. 7626 and 7627 Gen. Code. Denom.
(13) $100. (1) $175. Date Juno 1 1915. Prin. and semi-annual int.
NEW
LOANS.
fvoL. 100.
(J. & D.) payable at the Vinton County Nat. Bank of McArthur. Due
$100 yearly Juno 1 from 1918 to 1930 incl. and $175 June 1 1931. Cert.
check for 1% of bonds bid for, apyable to the Clerk Bd. of Ed., required.
WILLIAMS, Colusa County, Calif.-BOND ELECTION.-The question of issuing bonds for a street-lighting-plant will be submitted to a vote.
it is stated, on May 18.
WILMINGTON, New Castle County, Dela.-BOND SALE.-On
May 12 $300,000
% coupon or reg. street-impt. and sewer-constr. sinking fund loan bonds were awarded to Harris, Forbes & Co. of Now York at
101.691 and int. Denom. $50 or multpiles thereof. Date May 1 1915.
Int. Apr. 1 and Oct. 1. Due $50,100 Apr. 1 1938,$139,150 Oct. 1 1938 and
$110.750 Apr. 11939. R. M. Grant & Co., N. Y. bid 101.17.
WILMINGTON SCHOOL DISTRICT (P. 0. Wilmington), New
Castle County, Del.-BOND OFFERING.-Further details are at hand
relative to the offering on May 17 of the $40,000 4 % 18-year (average)
coupon school-building and equipment bonds(V. 100, p. 1531). Proposals
for these bonds will be received until 8 p. m. on
that day by Harry J.
Guthrie, Secy. Board of Public Education. Denom.$1,000.
Due Class C.
$20,000 May 1 1932. and Class D,$20,000 May 1 1934.
WILSON SCHOOL DISTRICT, Tulare County, Cal.-BOND SALE.
-The State Board of Control, according to reports, has been awarded
$2,800 bonds of this district for $2,860 (102.142) and int.
WINCHESTER, Conn.-BOND OFFERING.-Proposals will be received until 2 p. m. May 18 (date changed from May
Dennis Hayes,
10)
First Selectman, for the $100,000 43,6% coupon funding by
bonds (V. 100, P.
1620). Denom. $1,000. Date May 1 1915. Principal and semi-annual
interest payable at the First National Bank of Boston. Due $5,000 yearly
May 1 from 1917 to 1936, inclusive. Bonds will be certified as to genuineness by the First National Bank of Boston, and their legality approved
by
Ropes, Gray Boyden & Perkins, whose opinion will be furnished the purchaser. Bonded debt April 1 1915, $84,000. Floating debt, $175,562 84.
Assessed value 1914, $8,052,524.
WINDSOR, Hartford County, Conn.-BOND SALE.-On
12
the $150,000 434% 163i-year (average) coupon funding bonds (V.May
100, p.
1287) were awarded to the Aetna Life Insurance Co. of Hartford at 103.50a basis of about 4.20%. Harris, Forbes & Co. of N. Y. bid 101.081.
WINNEMUCCA SCHOOL DISTRICT (P. 0. Winnemucca), Humboldt County, Nev.-BOND OFFERING.-The Board of Trustees of this
district, T. A. Brandon. Sec'y, will receive proposals, it Is stated, until 8
p.m. May 22 for the $20,000 6% bonds mentioned in V. 100,p. 758.
WOODSFIELD VILLAGE SCHOOL DISTRICT (P. 0. Woodsfield),
Monroe County, Ohio.-BOND OFFERING.-Proposals will be received
until 2 p. m. June 1 by F. W. Pollock, Clerk Bd. of Ed., for $50,000 5%
high-school-bldg. bonds. Auth. Sec. 7,625, 7,626 and 7,627, Gen. Code.
Denom. $1,000. Date Junel 1915. Int. M .&S. Duo $1,000 each six
months from Sept. 1 1920 to Mar. 1 1945 incl. Bonds to be delivered and
paid for within 10 days from time of award. Cert. check for 5% of the
amount of the bid, payable to the above Clerk, required.
WORTH SCHOOL TOWNSHIP (P. 0. Whitestown), Boone County)
Ind.-BOND SALE.-On May 18 the $16,000 43,6% 531,-year (aver..
school bonds (V. 100, p. 1531) were awarded to the Fletcher-American Nat,
Bank of Indianapolis for $16,129 (100.806)-a basis of about 4.324%.
Other bids were:
Miller & Co., Indianapolis
$16,127 00
Breed, Elliott & Harrison, Indiana,polis
16,117 00
E. M. Campbell's Sons & Co., Indianapolis
16,113 00
J. F. Wild & Co., Indianapolis
16,110 60
NEW LOANS.
NEW LOANS.
$45,000
$39,000
$105,000
UNION COUNTY,N.J.,
Village of South Glens Falls, N. Y.,
BRIDGE BONDS
HIGHWAY BONDS
Road District No. I.,
Parish of Lafourche, La.,
Sealed proposals will be received at the office of
the County Collector of Union County, Elizabeth,
N. J., until JUNE 3, 1915, at 11 o'clock A. M.,
for the purchase of $45,000 Bridge Bonds of
Union County, N. J.
Said bonds will be coupon bonds of the denomination of $1,000 each, with the privilege of
registration as to principal only or of conversion
into fully registered bonds. The bonds will be
dated June 1, 1915, will be payable June 1, 1945,
and will bear interest at the rate of 43,i%'per
annum, payable semi-annually on the first days
of June and December, in each year. Both
principal and interest will be payable in lawful
money of the United States at the National State
Bank of Elizabeth, at Elizabeth, N. J.
All bids must provide for the payment of
accrued interest by the purchaser from the date
of said bonds to the date of delivery, and must be
accompanied by a certified check upon an incarqrge
tetobaarako wcthru
ossetncr
oidetrs
rzr
o t4 fe order
1:
County", for 2% of the amount of bonds bid
for. Proposals should be addressed to Nathan
R. Leavitt, County, Collector, Elizabeth, N. J.,
and should be enclosed in a sealed envelope
marked "Proposals for Bridge Bonds."
The legality of the bonds will be approved by
Messrs. Hawkins. Delafield & Longfellow,
attorneys of New York City, whose opinion will
be furnished to the successful bidder; and the
bonds will be engraved under the supervision of
the United States Mortgage & Trust Company,
who will certify as to the genuineness of the
signatures of the officials signing the bonds and
the seal impressed thereon.
The right is reserved to reject any or all bids.
No bid for less than par and accrued interest will
be accepted.
NATHAN R. LEAVITT,
County Collector.
$150,000.00
Wilkes-Barre, Pa., City School District,
4% COUPON BONDS.
The Wilkes-Barre (Pa.) City School District
will accept sealed bids of not less than par and
accrued interest for an issue of $150,000
%
coupon bonds, dated January 1, 1915. Bids must
be accompanied by a certified check for $2,500
and must be in the hands of the Secretary of the
Board by 3 p. m. May 27, 1915. The Board
reserves the right to reject any and all bids.
Further information given by
A. W. MOSS. Secretary:
WANTED
Railway Earnings Section
February 21st. 1914, Issue,
Will Pay 15 Cents a COPY.
COMMEROL&L
& FINANCIAL RONIOLD no
The Board of Trustees of the Village of South
Glens Falls will, at eight o'clock I'. M. on the
ROAD BONDS
25th day of May, 1915, sell to the highest bidder,
bonds of the Village of South Glens Falls to the
hereby
given that Road District No. 1
is
Notice
amount of Thirty-Nine Thousand Dollars
of the Parish of Lafourche, acting through its
($39,000) for the purpose of providing money to governing
authority the Police Jury of the Parish
pay the additional expense of constructing a
of Lafourche, will, on the 10th day entitle, 1915,
State highway through said illage.
sale 210 negotiable interest-bearing
Sealed proposals for the purchase of such bonds offer for
road district bonds of the denomination
will be received by the Village Clerk of said coupon Hundred
($500) each; said bonds
Five
of
village up to 7:45 o'clock P. M., MAY 25, 1915. aggregating One Dollars
Hundred and Five Thousand
No proposal will be accepted for less than the
Dollars ($105,000), running for a period of four
par value of said bonds.
years, and bearing interest at
The village reserves the right to reject any or (4) to forty (40)per
cent (5%) per annum from
the rate of five
all bids.
May, 1915, payable annually on
A certified check, payable to the order of the the 1st day of May
each and every year from
of
1st
of
the
day
Village Treasurer of said village,for the sum of
will appear by referFive Hundred Dollars ($500) drawn against a 1916 to 1055, all of which
adopted
by the Police Jut"
ordinance
ence
the
to
,
national bank, State bank or trust company
Lafourche
on the 10th day of
Parish
of
the
of
must accompany each bid, which check will be
returned to the bidder in case his proposal is March, 1915, wherein said bonds were ordered
rejected, and which will become the property issued.
That,the bonds hereinabove described will be
of the village in case of the failure of the successful
offered for sale by the Road District on the
bidder to comply with the terms of his bid.
terms and conditions:
following
The bonds will be numbered 1 to 39, both
(1) That the Police Jury of the Parish of
inclusive; each bond for the principal sum of One
sealed bids for said bonds,
Thousand Dollars ($1,000) with interest payable Lafourcho will accent
said bids to be deposited with Charles J.
semi-annually at the rate of four and one-half the
Coulon, the Secretary of the Police Jury of the
(43.6%) per cent per annum.
at Thibodaux, Louisiana,
The bonds will be ready for delivery on or Parish of Lafourche
ten o'clock A. M., on the 10111
before Juno 1, 1015. Three of said bonds will on or before
DAY OF JUNE, 1915, and each bid must be
become due June 171916, and three of said bonds accompanied
by a certified check for Two Thouswill become due on the 1st day of each and every
Hundred and Twenty-five Dollars
June thereafter up to and including the year 1928. and Six(231%
of the face value of the bonds).
($2,625)
Dated, May 7, 1915.
payable to Road District No. 1 of the Parish of
C. R. THOMSON,
Lafourche.
Village Clerk of the Village of South
(2) That the said bonds will not be sold for
Glens Falls, Saratoga Co., N. Y. less
than par.
FINANCIAL STATEMENT.
(3) That on the 10th day of June, 1915, the
Police Jury of the Parish of Lafourche will meet
As of May 1,1915.
governing authority of
Assessed Valuation, Real Estate--$892,886 00 in onen session, as the
Road District No. 1 of the Parish of Lafourche.
Assessed Valuation, Special Franand open all bids received for the bonds. The
chises
40,838 00 awarding
of a bid will he made in accordance
Assessed Valuation, Personal Propwith Section 5 of Act No. 183 of the General
erty
1,350 00 Assembly
of the State of Louisiana for the year
1914, provided that the Police Jury reserves the
Total As3es.,ed Valuation
S935,074 00 right
to reject any and all bids.
Bonded debt, exclusiie of this
(4) That, as will appear by reference to the
issueof the Police Jury of the Parish of
ordinance
Water Bonds
$50,000 00 Lafourche adopted
on the 23rd
of April, 1915,
Sinking Fund
13,533 36 as the governing authority day
of Road District
successful bidder will be allowed
No.
the
1,
$36,466 64 Twenty days from the awarding
Sewer Bonds
34,000 00 determine the validity of the bondof the bid to
issue, and in
Population, 1910 Census. 2,247
the event same is declared legal, then that he is
to pay the amount of his bid into the treasury
of the Road District, or in the event said bonds
are not declared legal, the Police Jury may have
the legality of same tested, all in accordance
with the ordinance of the Police Jury adopted
on the 23rd day of April, 1915, to which referenco is made.
432% BUILDING BONDS
That all information with reference to said
bond issue may be secured from Frank L. Barker,
Bids for $325,000 43 % building bonds of the Raceland,
Louisiana; Chas. J. Coulon, ThiboSchool District of St. Joseph, Mo., serial 10, 15, daux,
La.; Raceland Banking Association, Race20 years, will be received at 2 P. M., JUNE 7, land, La.
1915.
(Signed) J. L. BASSET,
Certified prospectus on application.
A. L. LOVING, Secretary.
President of the Police Jury of
St. Joseph, Mo.
the Parish of Lafourche.
$325,000
SCHOOL DISTRICT OF ST. JOSEPH, MO.,
MAY 151915.1
1697
THE CHRONICLE
WYANDOTTE, Wayne County, Mich.-BONDS DEFEATED.
Newspaper reports state that at a recent election the proposition to issue
$85,000 paving bonds was defeated.
YAKIMA COUNTY SCHOOL DISTRICT NO. 3, Wash.-BOND
OFFERING.-Proposals will be received until 10 a. m. May 29 by Jas. F.
Wood, County Treasurer (P. 0. North Yakima). for $3,500 1-20-year
(opt.) coupon refunding bonds. Date, day of issue or the first day of some
month, to suit purchaser. Interest (rate not to exceed 6%) payable annually at office of County Treasurer. These bonds were voted at an election
held April 3. Bonded debt, $3,500. Warrants outstanding, $9,163.
Assessed and equalized valuation 1914, $499,705.
YAZOO CITY, Yazoo County, Miss.-BONDS AUTHORIZED.-At
a special meeting of the City Council, the issuance of $50,000 railroad-aid
bonds was authorized, according to reports.
YORK, York County, Pa.-BONDS PROPOSED.-At a meeting of the
City Council on April 23 an ordinance was introduced providing for the
issuance of $100,000 sanitary-sewerage-system and disposal-plant-construction, $40,000 motor-driven-fire-apparatus-purchase, $10,000 Albemarle Park land-purchase and $10,000 storm-water-sewer-construction
4%% coupon (with privilege of registration as to principal) bonds. Denom., Series"A" and "B"$500 and Series "0,""D' and E"$1,000. Int.
semi-annual. Due, Series "A," $25,000, 10 years; Series "B," $35,000,
15 years; Series "C," $30,000, 20 years; Series "D," $30,000, 25 years, and
Series "E," $40,000, 29 years from the date.
Canada, its Provinces and Municipalities.
ALBERTA, PROVINCE OF.-NEW LOAN.-Wm. A. Read & Co.
and Spencer Trask & Co. of New York have purchased and are offering to
investors $4,000,000 5% 10-year gold debentures of the Province of Alberta.
Denom. $1,000, $500 and $100. Date May 1 1915. Principal and semiannual interest (M. & N.), payable in gold at the agency of the Imperial
Bank of Canada in New York, or at the option of the holder in Toronto,
Montreal, or in sterling in London, Eng. Coupon bonds, with privilege
of registration as to principal only, or as to both principal and interest.
Subject to approval of Alexander Bruce, K.C., Toronto. The proceeds of
these debentures provide for general public purposes, including, among
others, provincial highways, telephone system and public buildings.
State of total outstanding debt (as officially reported):
4% debs. duo 1938_ _ _ _32,000,200 00 44 debs. due 1923.. $3,600,000 00
debs. due 1922____ 4,892,766 66 43. % debs. due 1924_ 7,400,000 00
51,100 00 5 0 debs. due 1925
4 registered stock___
4 % reg. stk. due1943 4,866,666 66 (auth. $4,000,000)_ 2,000,000 00
$24,810,733 32
Total outstanding debt
An annual sinking fund of at least % of 1% has been. provided on all
debentures issued by the Province.
The purchasers are informed that the issuance of securities by the
Province has been largely confined to permanent improvements, which in
the case of the Telephone and Agricultural Departments, are of a selfsustaining nature. These two departments have thus far absorbed about
$10,000,000 of the total outstanding debt of $24,810,733 32. According to
official statement, the Provincial assets as of Dec. 31 1914 amounted to
$120,575,868 48. The population in 1913, as estimated by the Dominion
Government, was 539,000, and is now officially estimated to exceed
600,000. Information from Hon. C. R. Mitchell, Provincial Treasurer of
the Province of Alberta, relative to the assets and liabilities of the Province,'
the revenues and expenditures, and the sinking funds for the retirement a
Provincial debentures will be furnished upon application to Wm. A. Read
& Co.
ALBERTA SCHOOL DISTRICTS.-DEBENTURE SALE.-The 18
issues of 7% Rural School District debentures, aggregating $18,750, offered
April 26 (V. 100, p. 1381) have been sold at private sale to MacNeill &
Young of Toronto at par.
ALIX SCHOOL DISTRICT(P.O. Alia), Alta.-DEBENTURE SALE.
-Macneill & Young of Toronto have been awarded, it is stated, $2,500
7% debentures payable in 10 installments.
BRACEBRIDGE, Ont.-DEBENTURE SALE.-Reports state that
the $12,000 5%(X, 20-year water-works-impt. debentures voted April 12
(V. 100, p. 1457) have been awarded to G. A. Stimson & Co., Toronto.
BROCKVILLE, Ont.-DEBENTURE SALE.-It is reported that this
municipality has awarded $11,000 debentures to A. E. Ames & Co., Toronto. Due in 1935.
FORT GARY (RURAL MUNICIPALITY), Man.-DEBENTURE
SALE.-On April 26 the three issues of6% debentures, aggregating $39,000
(V. 100, p. 1288), were awarded to A. H. Martens & Co., Toronto, for
$38,507 (98.735) and int. MacNeill & Young, Toronto, bid 98.35.
GALT, Ont.-DEBENTURE SALE.-A. H. Martens & Co..'Toronto,
have been awarded,it is stated,the $15,0005%% 20-yr. hospital debentures
voted Mar.26(V. 100, p. 1193)•
HALTON COUNTY (P. 0. Milton), Ont.-DEBENTURES AUTHORIZED.-The County Council on April 20 passed by-laws authorizing
the issuance of $88,000 highway debentures.
HANNA, Alta.-DEBENTURE OFFERING.-This town is ofefring for
sale $10,000 7% 10-equal-annual installment fire-protection debentures.
Int. annually. C. N. Tingle is Secretary-Treasurer.
XAMSACK, Sask.-DEBENTURE SALE.-The $35,000 6% 30-yr.
debentures authorized on April 7 (V. 100. p. 1457) have been awarded, it
is stated, to W. L. McKinnon & Co. of Toronto.
MARKHAM, Ont.-DEBENTURES AUTHORIZED.-The village
Council on May 4 passed by-laws providing for the issuance of $3,000 debentures for lighting-system-impt., $12,000 water-mains-extension and
$5,000 sidewalk debentures.
MIDLAND, Ont.-PRICE PAID.-The price paid by Wood, Gundy &
Co., Toronto, for the $40,000 53. % 30-installment debentures recently
awarded them (V. 100, p. 1621) was, it is reported, $41,057-equal to
•.
102.642.
MORSE SCHOOL DISTRICT (P. 0. Morse), Sask.-DEBENTURES
AUTHORIZED.-On April 21 Council passed a by-law, according to reports
to issue $1,200 school-impt. debentures.
NEAPEAN TOWNSHIP, Ont.-DEBENTURE SALE.-An issue of
$14,000 5% debentures has been awarded to Macneill & Young, Toronto,
it is stated. Due in 20 installments.
NEW WESTMINSTER, B. C.-TREASURY NOTES OFFERED BY
BANKERS.-The Lumbermen's Trust Co. of Portland, Ore., Is offering
to investors a new issue of $431,000 City of New Westminster 6% 3-year
gold Treasury Notes dated May 15 1915, due May 15 1918. Denom.
$1,000. Principal and semi-annual interest coupons payable in gold at
the Bank of Montreal, New York City, Toronto, Ont., or New Westminster,
B.C., at the option of the holder. This issue has been made as a temporary
NEW LOANS.
NEW LOANS.
NEW LOANS.
$1,443,000
STATE OF IDAHO
SALT LAKE CITY, UTAH
CITY OF MINNEAPOLIS
BOND CALL
$200,000 WATER BONDS
100,000 SEWER BONDS
BONDS
and
$104,724.66
SPECIAL STREET IMPROVEMENT
BONDS.
Sealed bids will be received by the Committee
on Ways and Means of the City Council of the
City of Minneapolis, Minnesota, at the office of
the undersigned THURSDAY, MAY 27TH,
1915, at 2:45 o'clock p. m., for the whole or any
part of 325,000 00 Fire Department Bonds,
$200,000 00 Water Works Bonds, $75,000 00
Permanent Improvement Fund Bonds, $100,000 00 Main Sewer Bonds, $18,000 00 Crematory
Plant Bonds, $350,000 00 Grade School Bonds,
3325.000 00 High School Bonds, $100.000 00
Hospital Bonds and $250,000 00 Park Bonds.
These bonds to be dated MAY 1ST, 1915,• to
become duo and payable at a time not less than
one year or more than thirty years from the date
thereof, as desired by the purchaser thereof, and
wlll boar interest at the rate of four (4%) per cent
per annum, payable semi-annually.
The whole or any part of $104.724 66 Special
Street Improvement Bonds, of which there are
six separate issues, all dated May 1st, 1915,
to become due and payable substantially onetwentieth on May 1st. 1916, and one-twentieth
each and every year thereafter,to and including
May 1st, 1935.
No bids will be entertained for the $1,443,000 00 Bonds for a sum less than ninety-five
(95%) per cent of the par value of said bonds and
accrued interest upon same to date of delivery.
No bids will be entertained for the $104,724 66
Special Street Improvement Bonds for a sum less
than the par value of same and accrued interest
to date of delivery, and the rate of interest must
be bid by the purchaser and must not be in excess
offive(5%) per cent per annum,payable annually
or semi-annually.
The right to reject any or all bids is hereby
reserved.
A certified check for two (2%) per cent of the
par value of the bonds bid for, made to C. A.
Bloomquist, City Treasurer, must accompany
each bid.
Circular containing full particulars will be
mailed upon application.
DAN. b. BROWN,
City Comptroller,
Minneapolis, Minnesota.
liquibatton
The National Howard Bank of Baltimore,
located at the Banking House of the National
Exchange Bank of Baltimore, located at Hopkins
Place, Gorman and Liberty Streets in the City
of Baltimore, State of Maryland, is closing its
affairs. All note holders and other creditors of
the association are therefore hereby notified to
present the notes and other claims for payment.
WILLIAM 11.1ROBERTS JR., Cashier
Notice is hereby given -that I will pay the
following State of Idaho bonds on or after July
1st, 1915:
$40,000
University of Idaho
21,000
State improvement
14,000
Soldier's Home Improvement
50,000
Inter-Mountain Road
45,500
Academy of Idaho Improvement
State Penitentiary Improvement.. 60,000
Albion Normal School Improve30,000
ment
20,000
State Reform School
60,000
Capitol Building Nos. 1 to 60
Dated July 1, 1905; time to run, 20 years:
optional 10 years; interest rate 4%; interest due
July 1, 1915.
JOHN W. EAGLESON,
State Treasurer.
$20,000
NUTBUSH TOWNSHIP,
Warren County, N. C.,
ROAD BONDS
Bids will be received by the County Commissioners of Warren County until MONDAY.
JUNE 7TH, 1915, at 12 o'clock in., for the purchase of $20,000 of Nutbush Township road bonds.
These bonds will be in denominations $1.000.
Rate interest 5 per cent, payable semi-annually
at Treasurer's office, located in the town of
Warrenton, N. 0. No bids will be considered
unless accompanied by certified check for $200,
payable to Chairman Board of County Commissioners. The Commissioners reserve the right
to reject any and all bids. For further information address
P. M.STALLINGS, Chairman,
Macon. N. C.
NOTICE IS HEREBY GIVEN that Salt Lake
City, Utah, proposes to sell two hundred (200)
water bonds and one hundred (100) sewer bonds
of the denomination of One thousand ($1,000)
dollars each, the same being part of an issue of
five hundred twenty-five (525) water bonds and
three hundred seventy-five (375) sewer bonds
of the denomination of One thousand ($1,000)
dollars each, authorized at an election duly held
February 18, 1914. Said bonds are dated July 1.
1914. payable in twenty (20) years without option
of prepayment and bearing interest at the rete
of four and one-half (4%) per cent per annum,
payable semi-annually, represented by coupons
attached to each bond, principal and interest
payable at the First National Bank of New York
City, New York, all bonds purchased to be paid
for in full on or before July 1, 1915, at said bank;
two interest coupons to be detached from each
of said bonds before delivery to the purchaser.
Sealed bids for the purchase of said bonds,
envelope marked "Bids for Bonds." will be received by the City Recorder until 10 O'CLOCK
A. M. TUESDAY, JUNE 1ST, 1915, and will be
opened at a meeting of the Board of Commissioners at 10 o'clock a. m. of said day. Each bid
shall be accompanied by a certified check for six
thousand ($6,000) dollars as a guaranty of good
faith on the part of the bidder and to reimburse
Salt Lake City for its loss and expense in case
the bidder shall not perform his bid after acceptance thereof, said check to be payable to the order
of the City Treasurer of Salt Lake City, Utah.
No conditional or qualified bids except as to
the legality of the issue and no bid for less than
the face value of said bonds will be considered.
The Board of Commissioners reserves the right
to reject any and all bids.
This notice is given pursuant to a resolution
of the Board of Commissioners of Salt Lake City,
Utah, passed the 19th day of April, 1915.
SAM'L C. PARK, Mayor.
KARL A. SCHEID, City Recorder.
The Union Trust Company of New York offers a special service
to individual trustees who desire to have the clerical and routine
administration of their trusts carried on at a low expense by an expert organization.
The Union Trust Company will care for the trust property, assist
in making investments and in selling securities, collect the income
and pay it over as directed, and will render accounts in the form
in which a trustee is required by the Court to state his accounts.
A trustee will avoid expense and trouble by having his accounts kept
n proper form.
Correspondence and Interviews are Solicited.
UNION TRUST CO. OF NEW YORK,80 Broadway.
1698
THE CHRONICLE
form of financing in anticipation of the sale of $593,362 40 general obligation New Westminster bonds, now deposited in trust at the Royal Trust
Co., Vancouver, B. C., as collateral security to these notes. Possible deficiency in proceeds of sale of collateral 5% improvement bonds for retiring
these notes is provided by law to be met out of the general fund. The city
reserves the right to retire these short-term notes one year after date or on
any subsequent interest date at 10134 and interest with 30 days' advance
notice to the Lumbermen's Trust Co. of Portland, Oro., and the Bank of
Montreal at its offices in New York City, Toronto, Ont., and New Westminster, B. C.
NORTH VANCOUVER, B. C.-DEBENTURES AUTHORIZED.
According to reports, the issuance of $35,000 5% 50-year street-impt. and
$8,025 6% 10-year local impt. debentures has been authorized.
OAKVILLE, Ont.-DEBENTURE ELECTION.-Public school-house
debentures amounting to $65,000 will be passed upon by the voters at an
election May 25, it is stated.
ONTARIO (Province of).-NEW LOAN.-The Toronto "Globe" of
May 11 says: The Provincial Government has been further successful
in securing a loan on favorable terms. In addition to recent flotations
amounting to $3,000,000, it was found necessary to borrow $4,000,000.
It was in the form of a 10-year issue at 434%. The deal
closed on
Friday at 96.58, with interest, which is equal to par 4.93%.was
A syndicate
composed of Wood,Gundy & Co.and A. E. Ames & Co.
accepted
the
whole
issue, and it will be subject to succession duties and the usual taxes. Consequently it is almost certain that the bonds will be floated in the United
States. Canadian people are not likely to buy bonds
that are liable to
Provincial taxation and succession duties, while if the bonds
are taken up
In the States no taxes can be placed on them.
PORT ARTHUR, Ont.-DEBENTURE SALE.-Debentures amount•
ing to $468.000 and bearing 5% interest have been awarded, it is stated, to
the Dominion Securities Corp., Ltd., Toronto. Due 20 and
30 Years.
PORT COLBORNE, Ont.-DEBENTURE ELECTION.-The question of issuing $6,500 road-construction debentures will be submitted
to a
vote, it is reported, on May 17.
PRESCOTT,Ont.-DEBENTURES AUTHORIZED.-The Town Council on April 19 authorized, it is stated, the issuance of $6,500 electric-light
debentures.
PRESTON, Ont.-DEBENTURES VOTED.-The voters on May 3
authorized the issuance, it is stated, of $21,500 debentures as a bonus
to the
Henry Mountain Manufacturing Co. of New York City.
RAPID CITY, Man.-DEBENTURE SALE.-The $4,000 7% 15-year
refunding debentures authorized by vote of 28 to 10 at the election held
May 4 (V. 100, p. 1532) have been sold at private sale.
RED DEER, Alta.-DEBENTURE ELECTION.-On May 22 propositions providing for the issuance of $2,000 exhibition grounds, $1,000
waterworks-construction, $2,700 public-works-construction and $1,400 deficiency
debentures will, it is stated, be submitted to voters of this municipality.
REGINA, Sask.-BOND SALE.-Wood, Gundy & Co. of Toronto have
purchased and are now offering to investors $959,000 6% gold coupon
bonds. Denom. $1,000. Prin. and semi-ann. Int. (M. & N.) payable at
the Bank of Montreal, Toronto, or New York, at the holders' option.
Due May 1 1918. These securities are a direct obligation of the City
of
Regina at large and are additionally secured by the reservation of $1,199,000
long-term bonds, the proceeds from which must be held to retire
this issue
at maturity. General debenture debt, including this issue, $8,751,544.
Assessed val. for taxation, $73,703,612.
(\Tor,. loo.
RENFREW COUNTY (P. 0. Pembroke), Ont.-DEBENTURE
OFFERING.-Tenders will be received until June 15 by R. J. Roney,
County Clerk, for $4,000 5% debentures. Date Feb. 4 1915. Principal
and annual interest payable at the Bank of Ottawa. Pembroke. Due One
debenture yearly.
ROSSLAND, B. C.-DEBENTURES AUTHORIZED.-Reports
that the issuance of $20,000 5% 20-year school debentures has beenstate
authorized.
ST. BONIFACE, Man.-TREASURY NOTES SOLD.-Papers state
the Finance Committee of the City Council recently awarded $200,000 5%
treasury notes to Wm.Jennings O'Neill at 9334. It is further reported that
these notes were purchased by Mr. O'Neill for clients in the United States.
ST. GEORGE, Ont.-DEBENTURES VOTED.-By a vote of 81 to 6
the question of issuing the $6,000 534% hydro-electric power-plant
debentures(V. 100, p. 1532) carried at the election held May 3. Due in 30 OCIllal
annual installments.
ST. MARYS, Ont.-DEBENTURES AUTHORIZED.-Authority has
been given this town by the Council to issue $12,550 electrical
and waterworks-power-house-improvement debentures.
SANDWICH, Ont.-DEBENTURES AUTHORIZED
.
-This
pality has been authorized to issue, it is stated, $3,200 school-co munici
mpletion
debentures through a by-law passed by the
Council on April 26.
SELKIRK, Man.-DEBENTURE SALE.-This town has
awarded to
A. E. Ames & Co., Toronto, $15,500 6% debentures, it is stated.
Due in
15 installments.
STRATFORD, Ont.-DEBENTURE ELECTION,-00
May
31 an
election will be held, it is stated, to vote on propositions to issue $2,500
debentures as a grant to the Bartlett Automobile Co. and $7,000
off
pay
to
indebtedness.
Hospital
General
the
TILBURY (North Township), Ont.-DEBENTURE SALE.
-On
April 27, according to reports, this township awarded $28,320 95
534%
debentures to the Dominion Securities Corp., Ltd., Toronto.
for $28,655 95
(101.181 and int. This was inadvertently reported as Tilburn
Township
in the 'Chronicle" for May 8, page 1622.
TRANSCONA, Man.-DEBENTURE ELECTION.-A
to
issue $120,000 sewerage-system debentures will, it is stated, proposition
be voted upon
May 21.
VERDUN, Que.-LOAN PROPOSED.-Reports state that
second
reading of a by-law providing for a loan of $400,000 for publicthe
works has
been passed by the Council.
VICTORIA HARBOR, Ont.-DEBENTURE ELECTION.-A vote
will be taken on May 21, it is stated, on the question of issuing $6,500
hydro-electric-plant debentures.
WESTVILLE, N .3.-DEBENTURE OFFERING.-Bids Will be received until May 20 by G. E. Munro, Mayor, for $55,000 to $60,000 5%
water-works debentures. Int. J. & J. Bids are asked for on the following
propositions: (1) The total issue redeemable in 20 years; (2) the issue redeemable $1,000 yearly for the first 10 years and $2,000 yearly for the next
ten years, the remainder redeemable in 20 years from date of issue.
WESTVILLE, N. 3.-BOND OFFERING.-Reports state that Mayor
G. E. Munro will receive sealed bids until 10 a. m. May 22 for $60,000 5%
20-year water bonds.
WINGHAM, Ont.-DEBENTURES AUTHORIZED.-This town has
been authorized by the Council to issue $13,200 funding debentures, it is
stated.
ENGINEERS,
MISCELLANEOUS.
Securities Corporation General
1338 Chestnut St., Philadelphia
• 111 Broadway, Now 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
THEIGWHITE COMPANIES
FINANCIERS
ENGINEERS
OPERATORS
MANAGERS
43 EXCHANGE PLACE, NEW YORK
CHICAGO
LONDON
SAN FRANCISCO
P. M. CHANDLER, President
W. H. SHARP, Vice-President
G. W ROBERTSON, Vice-President
J. C. TRIMBLE, Sec'y & Treasurer
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.
Alex. 0, Humphreys
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.
Allen S. Mills,
HUMPHREYS&MILLER,Ine
ENGINEERS
Power-Light-Gas
DM BROADWAY
Alfred E. Foretell
NEW YORE.
Charles D. Robison
FORSTALL AND ROBISON
IllinoisTrust&SavingsBanis.
CHICAGO
rIALc
Capital, Surplus and Undivided Profits
Pays interest on Time
84 William St.,
-
$15,700,000
Has on hand at all times a variety of exDeposits, Current and Reserve
oellent Securities. Buys and sells
Accounts. Deals in Foreign ExGovernment, Municipal and
change. Transacts a General Trust Business.
Corporation Bonds
ENGINEERS
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.
NEW YORK CITY
MINING ENGINEERS
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA
@FedFRASER