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Die,
oninurrizti
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 98
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, MAY 16 1914.
Wite Thranicle.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
NO. 2551
Week ending May 9.
Clearing. al1914.
1913.
$
$
332,613,032 313,192,576
24,603,550
24,336,000
24,842,636
22,808,158
23,534,199
23,604,160
15,935,560
14,535,441
8,512,528
8,087,394
6,235,100
0,382,100
6,262,272
4,744,464
3,278,499
3,661,392
3,327,833
3,206,190
2,592,473
2,244,133
1,324,651
1,313,025
607,262
967,000
1,368,390
1,488,844
1,282,147
1,174,188
1,704,000
1,538,000
992,514
1,008,808
1,346,157
1,947,415
634,653
798,867
739,952
705,946
801,680
656,847
679,487
627,171
858,094
846,576
1,490,182
1,533,003
495,000
501,459
476,164
475,719
442,248
578,135
525,000
551,887
602,889
384,334
452,649
336,116
478,113
418,689
261,333
231,822
427,375
395,264
73,439
69,326
469,801,061 445,348,947
Inc. or
Dec.
1912.
1911.
$
$
%
+6.2 293,424,356 274,283,072
+1.1
29,483,200
25,741,200
+8.9
19,601,912
17,813,870
-0.3
20,487,577
18,559,909
+9.6
13,717,530
13,338,659
+5.3
8,222,411
8,557,801
-2.3
7,118,000
5,812,900
+32.0
4,909,992
4,230,480
-10.5
3,318,808
2,894,343
+3.8
2,921,531
2,926,908
+15.5
2,295,386
2,080,447
+0.8
1,254,526
1,326,837
-36.3
807,004 723,554
-8.1
1,075,104
1,128,255
+9.2
1,217,576
986,321
+10.7
1,825,000
614,000
-1.6
860,987
862,482
-30.9
1,274,814
1,023,039
-20.3
805,780
1,575,896
+4.8
673,360
629,361
+22.2
518,430
515,531
+8.3
658,554
549,622
+1.4
703,508
626,866
-2.8
1,214,966
1,107,814
-1.3
498,368
457,363
+0.1
375,328
468,697
-23.5
520,729
392,845
-4.9
404,494
387,469
+56.8
455,804
350,000
+34.5
474,615
286,285
+14.2
364,118
344,825
+12.7
205,953
181,902
+8.1
465,396
399,519
+5.9
54,467
30,755
+5.5 421,209,584 391,199,847
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
_
Columbus
Toledo
Peoria
Grand RapidsDayton
Evansville
Kalamazoo
Fort Wayne __-Terms of Advertising-Per Inch Space
Springfield, Ill _ _
Transient matter per inch space(14 agate Lnes)
$4 20 Akron
Two Months
(8 times)
22 00 Rockford
Months (13 times)
29 00 Youngstown
Standing Business Cards Three
_
Six Months
(26 times)
50 00 Lexington
Twelve Months(62 times)
87 00 South Bend
CHICAGO 0FFICE-Gea. M.Shepherd,513 Monadnock Ble,k;TeLHarrison 401Z Springfield, O._ _
LONDON Onncr.-Edwards & Smith,1 Drapers' Gardens,E. C.
Bloomington..- _
Quincy
WILLIAM B. DANA. COMPANY,Publishers,
Canton
Jackson
P.O.Box 95E4, Front. Pine and Depeyster Stn., New York.
Mansfield
Decatur
Published every Saturday morning by WILLIAM B. DANA
COMPANY. Danville
Jacob Seibert Jr., President and Treas.; George S. Dana and
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office Arnold G. Dana. Lansing
of the Company. Jacksonville, Ill
Lima
Ann Arbor
CLEARING-HOUSE RETURNS.
Owensboro
The following table, made up by telegraph, &c., indicates that the total Adrian
bank clearings of all the clearing houses of the United States for the week
Tot. Mid. West
ending to-day have been $3,066,454,029, against $3,158,737,187 last week
and $3,245,381,673 the corresponding week last year.
San Francisco_ _ _
50,387,294
49,545,569 +1.7
46,321,303
46,919,559
Los Angeles
24,321,600
25,275,339 -3.8
21,568,570
18,728,006
Seattle
11,545,047
12,885,413 -10.4
Clearings-Returns by Telegraph.
11,662,662
11,138,982
Per
Portland
11,891,716
11,688,459 +1.7
Week ending May 16.
12,764,681
11,326,034
1914.
Cent.
1913.
Salt Lake City-5,675,080
5,424,089 +4.6
7,405,780
5,333,837
Spokane
4,016,638
4,353,607 -7.7
New York
4,466,307
$1,370,911,361 $1,513,227,889
4,662,833
-9.4 Tacoma
2,164,221
Boston
2,637,403 -17.9
3,235,880
3,063,423
139,510,981
129,521,956
+7.7 Oakland
3,596,306
3,849,715 -6.6
Philadelphia
3,541,215
3,337,416
119,137,430
131,693,257
-9.5 San Diego
2,124,758
Baltimore
2,999,290 -29.2
2,257,356
1,540,000
29,348,758
30,338,835
-3.3 Sacramento
2,075,438
2,244,552 -7.6
Chicago
1,274,149
1,379,466
260,674,781
261,090,678
-0.2 Pasadena
1,015,420
1,108,830
St. Louts
-8.4
898,802
876,453
68,274,719
70,285,563
-2.9 Fresno
997,954
1,092,856 -8.7
New Orleans
894,955
725,000
15,642,971
13,896,533 +12.6 San Jose
697,796
654,231
+6.6
575,326,
504,505
Stockton
918,362
837,159
+9.7
Seven cities, 5 days
860,701
734,045
$2,003,501,001 $2,150,054,711
-6.8 North Yakima
505,000
407,998 +23.8
Other cities, five days
457,407
536,610
559,188,742
561,078,947
-0.3 Reno
282,183
295,651 -4.6
255,378
282,281
Total all cities, five days
Total Pacific_ 122,214,813 125,300,161 -2.5 118,440,472 113,088,450
$2,562,689,743 $2,711,133,658
-5.5
All cities, one day
,
503,764,286
534,248,015
-5.7
Kansas City_ -52,102,782
54,690,595 -4.7
52,391,940
48,532,468
Pntql nil riff.n, fnr work
VA nsil A4.4. 090 RI•9.1k •.25,11 •117.1
Minneapolis _ _
--A A
24,758,221
21,370,432 +15.8
18,871,877
18,122,890
17,690,512
Omaha
17,320,583 +2.1
17,494,246
15,469,719
The full details for tho week covered by the above will be given next
St.
Paul
11,275,580
8,627,015 +30.7
9,227,245
8,968,241
Saturday. We cannot furnish them to-day, clearings being made up by the
9,423,048
10,160,557 -7.2
'
9,963,028
7,893,468
clearing houses at noon on Saturday, and hence in the above the last day Denver
7,416.690
8,116,316 -8.6
7,720,368
6,178,236
of the week has to be in all cases estimated, as we go to press Friday night. St. Joseph
Des
Moines
6,971,073
5,236,947 +33.1
5,260,794
3,069,577
We present below detailed figures for the week ending with Saturday •
0.11
I 0 0
0 .1110 r01
0 AA0 0AI
Duluth
noon, May 9, for four years:
Sioux City
3,605,636
3,370,224 +7.0
3,254,884
2,345,181
Wichita
3,372,741
3,704,928
3,569,855 -5.5
3,405,961
Lincoln
2,271,213
2,105,107
2,177,883 +4.3
1,637,183
iVeek ending May 9.
Topeka
1,666,396
Clearings at
1,640,731
1,559,319
+1.6
1,605,193
Davenport
1,736,645
1,843,975 -5.8
1,409,302
Inc. or
1,164,221
Cedar Rapids_ _
1,690,345
1,609,809 +5.0
1914.
Dec.
1912.
1,805,484
1913.
1,335,427
1911.
Fargo
968,818
510,606 +93.7
1,135,856
931,589
Colorado Springs
566,625
$
646,475 -12.4
$
$
655,817
663,911
%
$
612,859
New York
1,736,452,134 1,703,007,155 +2.0 2,067,458,703 1,687,229,196 Pueblo
659,674 -7.1
621,223
517,644
Fremont
321,748
Philadelphia
151,374,602 165,711,999 -8.7 142,306,868 144,374,650
362,590 -11.3
387,847
372,128
1,846,558
53,610,946 +4.0
Pittsburgh
55,776,199
1,859,823 -0.7
1,417,004
48,777,914
1,336,292
45,376,393 Waterloo
Helena
1,165,844
36,316,357 -0.3
38,212,600
Baltimore
1,189,960
-2.0
30,034,521
766,570
771,846
32,638,995
436,341
12,046,208 +9.0
Buffalo
13,125,107
416,555 +4.8
11,295,575
358,962
105,660
10,132,027 Billings
6,005,126 +2.0
Albany
151,864
6,123,971
221,380 -31.4
6,380,897
121,230
162,156
6,192,231 Hastings
Aberdeen
9,031,850 -8.0
Washington _480,000
8,306,815
450,235 +6.6
7,967,416
337,806
466,920
7,380,992
Rochester
4,462,193 +19.9
5,349,921
4,462,833
Tot.0th. West. 155,210,628 150,457,504 +3.2 143,668,418 128,420,252
4,388,844
Scranton
3,946,355
3,258,118 +21.1
2,500,000
2,664,566
Syracuse
3,306,241
2,721,502 +21.4
2,348,323
2,490,593 St. Louis
75,066,342
78,091,935 -3.9
80,087,542
71,513,880
Reading
2,180,739
1,962,020 +11.1
1,611,360
1,538,917 New Orleans_ _ _ _
16,951,593
16,071,508 +5.5
18,584,447
19,467,367
Wilmington
1,873,817
1,849,555 +1.3
1,631,415
1,440,806 Louisville
12,373,660
13,146,335 -5.9
14,051,493
12,863,577
Wilkes-Barre
1,500,000
_
1,534,975 -2.3
1,662,016
1,414,552 Houston
8,202,566
7,888,761
+4.0
Wheeling
1,978,487
2,181,782 -9.3
2,082,601
1,917,935 Galveston
8,768,500
9,237,500 -5.1
8,359,500
6,865,500
Trenton
1,995,115
2,017,923 -1.1
1,671,550
1,574,423 Richmond
8,172,106
7,993,909 +2.2
8,576,056
7,539,795
York
1,021,612 +6.1
' 1,083,056
1,015,391
1,063,594 Fort Worth
7,975,436
8,898,817 -10.4
6,749,364
5,721,618
Lancaster
1,644,331
1,527,330 +7.7
1,499,938
14,620,309
956,415 Atlanta
12,622,496 +15.8
13,236,052
11,721,883
Erie
1,052,783
1,027,874 +2.4
1,089,088
908,250 Memphis
7,082,497
7,425,558 -4.6
7,143,993
5,965,026
Greensburg
849,492
562,242 +51.1
484,885
613,044 Nashville
6,986,853
7,792,037 -6.8
6,480,767
4,289,742
Binghamton
__
735,900
744,300 -1.1
696,500
547,300 Savannah
3,701,159
3,616,679 +2.3
4,985,054
4,435,253
Chester
739,350
666,127 +11.0
496,632
4,418,701
488,127 Norfolk
4,342,673 +1.8
3,624,684
3,217,238
Altoona
580,598
462,158 +2.6
482,610
3,269,747
486,860 Birmingham
3,201,540 +2.1
2,737,031
2,935,188
Montclair
451,299
515,857 -12.4
Jacksonville
3,492,028
3,864,033 -9.6
3,471,468
2,969,063
Chattanooga_ _ _
2,382,122
2,431,025 -2.0
2,264,501
1,837,067
Total Middle_ 2,036,638,912 2,012,248,209 +1.2 2,343,957,036 1,955,819,310 Knoxville
1,766,392
1,543,104 +15.1
1,769,406
1,885,663
Augusta
1,593,670
1,720,437 -7.4
1,791,963
2,309,293
142,441,186
Boston
160,092,899 -11.0 159,721,860 148,635,439 Little Rock
2,531,300
2,283,909 +10.8
2,127,583
1,822,937
7,517,000
Providence
6,727,600 +11.7
7,341,700
2,295,625
7,422,700 Oklahoma
1,848,615 +24.2
1,608,634
2,325,109
4,935,417 +13.8
Hartford
5,615,628
5,572,374
1,392,003
4,367,937 Mobile
1,300;000 +7.1
1,011,533
1,404,614
New Haven
3,386,052
3,055,706 +10.8
3,093,749
1,996,738
3,181,400 Charleston
1,889,584 +5.7
1,970,758
1,339,089
Springfield
2,719,592 +4.9
2,851,900
2,765,000
3,192,618
2,306,005 Macon
3,107,259 +2.7
3,273,348
3,120,000
Worcester
2,731,930 -12.5
2,390,432
2,553,461
2,265,592
2,277,901 Austin
2,759,599 -17.9
3,066,052
3,161,551
2,122,241
Portland
2,137,602
+0.7
2,013,168
308,600
1,780,742 Vicksburg
236,642 +30.4
242,375
280,278
Fall River
988,351 +35.2
1,336,971
1,187,124
392,477
1,229,085 Meridian
375,728 +4.5
254,526
226.837
908,945 +23.7
New Bedford
1,123,153
1,001,025
366,602
1,081,876 Jackson
328,034 +11.6
403,108
477,206
Lowell
• 586,091 +48.2
869,551
631,438
655,942 Tulsa
1,598,348
1,286,464 +24.2
724,492
659,939
Holyoke
668,472 +4.8
700,625
660,185
881,003
633,920 Muskogee
862,933 +2.1
860,373
716,408
Bangor
481,640 -5.1
457,086
481,094
• 504,243
Total Southern 204,044,587 205,867,114 -0.9 209,456,103 181,071,041
TotalNew Eng. 170.827.186 186.019.4841 -8.2 187.020.268 174.077.190
Total all
3,158 737,187 3,125,241,4191 +1.1 3,413,751,881 2,941,676,2f0
Outside N. Y. 1422,285,0531,422,234,2641 +0.004 1,346,283,17411,254,446,974
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
$10 00
For One Year
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months(including postage)
7 50
Annual Subscription in London (including postage)
22 14s.
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21 lie.
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$11 50
Subscription includes following SupplementsBANK AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
RAILWAY EARNINGS(monthly) I ELECTRIC RAILWAY(3 times yearly)
STATE AND CrrY(semi-annually) I BANKERS'CONVENTIOX (yearly)
1484
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 steam
railroad 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 statement 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.
If, as generally expected, the Inter-State Commerce Commission shall presently grant permission
to the Eastern railroads to make the five per cent
advance in freight rates for which they are contending,
a large part of the good expected to result from such
action will be frittered away should the bill for the
Federal control of railroad stock and bond issues,
which was favorably reported to the House of
Representatives at Washington last week by the
Committee on Inter-State and Foreign Commerce,
become alaw. The advance in freight rates is desired,
not merely to restore railroad earnings but to restore
railroad credit. The credit of the railroads has been
seriously damaged as a result of.the adverse developments of recent years, thereby impairing their borrowing capacity, with the effect of curtailing the supplies of new capital available for their extension and
development. Authority to advance rates will fail
to yield one of the main benefits looked for, if quick
appeal to the money market for the purpose of obtaining the new supplies of capital which the carriers
so sorely need is in any way interfered with,or if the
machinery for the emission of stocks and bonds
shall be obstructed so as to occasion great delay in
perfecting applications for new capital.
That there will be delay—intolerable and insufferable delay—should the Commerce Commission have
its powers still further enlarged,and be endowed with
authority to regulate new security issues, seems beyond question. Yet the matter is receiving very little
attention; and while railroad officials are opposing
certain features of the proposed anti-trust legislation so far as it would apply to the railroads, they are
manifesting no opposition to the provisions of the bill
which would make it necessary for the railroads to
get the approval of the Commerce Commission before they could put out further stock and bond issues
of any kind. Doubtless railroad men realize how
objectionable the imposition of such conditions must
be, but hesitate about raising their voices in opposition,out of a fear that their action might be construed
as implying unwillingness to subject new security
issues to close scrutiny and rigid tests. Objection
does not lie at all on that score, but in the fact that the
process of emitting new security issues would be rendered so cumbersome and be attended with so much
red tape and the possibility of interposing obstructive
moves would be so great, that long periods of time
would have to elapse between the initiation of the
step for a new stock or bond issue and the complete
legalization of the securities.
[VOL
xcvm
The Commerce Commission is a slow-moving body.
That has been made painfully manifest by the experience of the last four years since the Commission
has been given power to pass upon propositions for
advances in rates. It is also an over-worked body.
It has altogether too many duties and responsibilities—too many functions to perform. Suppose, now,
it be called upon to consider every application for new
stock and bond issues from every railroad in the country, how could it make time for the additional services required of it, and how would it be possible to
prevent very long delay upon each application, while,
meanwhile, the railroads would be languishing and
become impoverished because cut off from the sources
of new capital supplies. The Commission could not
refuse to grant hearings to all parties in every case.
What an opportunity this would afford for holding
up proposed increases to any one inimical to a railroad or having speculative designs! There are many
persons who would feel called upon to oppose any
contemplated new security issues and thus we would
have a repetition of the experience the railroads are
now having with reference to their proposition for
an increase in rates. Such opposition might be
looked for no matter how sound or meritorious the
application for new security issues.
The situation is not at all analogous to having
State commissions sanction new issues, though as a
matter of fact even here there is delay enough in
all conscience. The jurisdiction of a State commission is limited to the railroads within State borders,
while the Commerce Commission would have to
deal with proposals concerning the whole forty-eight
States of the Union. The railroads were never in
such direful need of new capital as at present. There
are hundreds of millions of notes or short-term obligations outstanding which will presently mature and
must be extended or converted into obligations of
more enduring form. These would come immediately before the Commerce Commission for the bill
under discussion provides that "every common
carrier subject to the provisions of this Act shall file
with the Commission on or prior to the date of issuance of any stocks, bonds, notes or other evidences
of indebtedness payable at periods of more than
twelve months after the date thereof, and now or
hereafter to be authorized, a certificate of notification in such form as the Commission may from time
to time determine and prescribe." It also makes it
unlawful for any inter-State carrier to issue any
capital stock, or certificate of stock, or any bond or
other evidence of indebtedness, or assume any other
obligation, "even though permitted by the authority
creating the corporation," "unless and until, upon
application and after investigation in the premises
by the Inter-State Commerce Commission of the
purposes and uses of the issue, and the proceeds
thereof, such issue is approved by said Commission
as necessary and appropriate for the purposes stated
in the application." Even in the case of notes
maturing not more than one year after their date,
a limitation is imposed, the condition being that
"such notes do not at any time aggregate more than
five per centum of the aggregate of the stocks and
bonds of such carrier which may have been issued
and are then outstanding."
Thus everything in the way of new capital issues
would come under the jurisdiction of the Commerce
Commission. Furthermore, it would be practically
impossible for the Commission to act promptly in
MAY 16 1914.]
THE CHRONICLE
1485
each case, for the bill expressly provides that, upon issue,
including the disposition to be made of the
application to the Commission for approval of pro- proceeds
, should go promptly on the record, and the
posed issues of stocks and bonds, "the said Commis- officials
should be held to a rigid accountability for
sion shall cause notice to be given, with copy of ap- all
their acts.
plication and any other proceedings had, to the
This would provide effective regulation without the
Railroad Commission, or Public Service or Utili- prolong
ed delays that would be unavoidable if the
ties Commission, or whatever other appropriate State consent
of the Commission had first to be obtained,
authority may exist,and,if none,then to the Governor
relieving the Commission, also,Tofithelburdens inand Attorney-General in each State through which volved
in making an extended preliminary examinaany railroad or part of the system concerned passes, tion in
each instance. Itrmay] welllbe doubted
or through which the carrier making the application whether
the provision requiring the consent of the
operates any part of its lines."
Commission in the case of a corporation created by
Hence the States would be represented on every oc- State
laws is Constitutional, for it is conceivable that
casion, and necessarily so, and their attitude, we a new
capital issue might relate to the performance7of
may suppose, toward propositions for new security functions
lying wholly:withinitherState, in which
issues would be different from what it is at present. event it is
difficult to see how any right could be
The responsibility would no longer be theirs,and many claimed for
Congress or the Commission to interof the States could always be depended upon to fere. And yet it would
be hard to distinguish beoppose any increase on general principles. The Com- tween the requirements
of purely State traffic and
merce Commission would have to listen to what those relating to commerce
between the States.
every one had to say (which would always include a
This question of Constitutionality would be engood deal of vituperation), just as they have had to
tirely avoided if the Commission were limited to
listen lately to the Munchausen tales of Clifford
ascertaining the facts and to giving them publicity.
Thorne of the Iowa Railroad Commission, when apIt is not claimed by any one that even the approval
pearing against the proposed increase in rates in a
of the Commission would ensure the investor against
territory remote from Iowa and remote also from the
loss. The most that can be done in any event is to
other Western States on behalf of which Mr. Thorne
employ all reasonable means to that end. On that
appeared.
point it is significant that the framers of the bill
It should be remembered, too, that many reorhave inserted an express declaration to the effect
ganizations of bankrupt railroads are impending—
that "nothing herein contained shall be construed
the St. Louis & San Francisco, the Wabash, and
to imply any guaranty or obligation as to such issues
numerous others—and none of these could be carried on the part
of the United States." In its general
out under the proposed bill without the consent of provisio
ns the bill is sound and meritorious. For
the Commission. If there be delay in other cases
instance, it is provided that:—
there would be still greater delay on security
"The Commission shall have the power to investiissues connected with reorganizations. The stockholders or the bondholders might feel aggrieved and gate all financial transactions of said carriers and to
voice their objection along with ag the other pro- inquire into the good faith thereof, to examine the
books, papers and correspondence of carriers, contestants. The Commerce Commission itself might struction of other
companies,or of firms or individfeel dissatisfied with the plans and refer them back uals with which the carrier shall have
had financial
for modification many times. How could the Com- transactions, for the purpose of enabling it to verify
mission do all this work and grant extended hearings any statements furnished and to examine into the
to everybody and anybody without incurring great actual cost and value of property acquired by it or
delay, thereby deferring indefinitely the rehabilita- services rendered to such carrier. The carrier may
be required by order of the Commission to disclose
tion of such properties—and unfortunately the num- every
interest of
directors of such carrier in any
ber of bankrupts is likely to be swelled if relief of transaction underthe
investigation. In addition to the
some kind is not speedily granted in the railroad certificates and reports herein before mentioned,
world.
the Commission may require the carrier to furnish
There is really no need for making new security any further statements of fact or evidence that it
issues dependent upon the volition of the Commerce may deem necessary or appropriate."
Commission. The same end can be attained through
There are other similar provisions, and none of
the other provisions of the bill. The object in view, the essential purposes of the measure will be sacriof course, is to make certain that a proper equivalent ficed if the requirement of unqualified approva
l of
is obtained for new security issues, that the proceeds new stock and bond issues by the Commerce
Comare honestly and properly applied, and the 'money mission is eliminated.
used for the legitimate purposes of the carrier.
What every one wants to prevent is such reprehensible
The gold production exhibit for the Transvaal for
performances as have been disclosed in connection April 1914,
while showing a slightly greater per diem
with the management of certain properties that are output than during
preceding months of the current
just now prominently in the public eye. This pur- calendar year, does
no more than did the results
pose will be achieved if the carriers are made to ac- then submitted to
foster belief in the imminence of
count fully for all new security issues.
a return to normal working conditions in the world's
Publicity is the remedy for the evils and abuses premier gold field.
There has been a quite satisthat have flourished in certain directions. Give the factory increase
in the labor force employed at the
Commission the completest power of investigation mines since
last November, and ordinarily that
and the right to require most elaborate reports, and would leave
no uncertain impress on the output. It
the power also to see that the money, after it is ob- is evident,
therefore, from the latest return, that,
tained, is applied in the manner set out. The Com- efficien
cy being lacking, mere gain in numbers has
mission certainly should have "notification," as re- counted for
little. From an average daily yield of
quired in this bill; and all the details of a proposed 22,155
fine ounces in March there was an augmen
1486
THE CHRONICLE
[VoL. xcvm.
tended expenditures than did those for March. In
some localities the work outlined to be done has been
greater than ever before. But at most of the important centres of trade, the month was a relatively
quiet one, as the returns for Greater New York
(particularly Manhattan Borough), Chicago, Los
Angeles, Newark, Milwaukee, Philadelphia, San
Francisco, Washington, Portland, Ore., Dallas,
New Orleans and New Haven clearly demonstrate.
The aggregate estimated expenditure for the 149
cities reaches only $84,610,568, against $100,922,417
in April 1913 and 1073' millions in 1912—the high
record for the period. Greater New York's exhibit
for the month is the poorest for April for fully a
predicated upon the permits
The Fall River cotton mills dividend record for decade. The outlay
at only $14,689,081, against
the second quarter of 1914 furnishes no more cause issued, in fact, stands
and over 28 millions in 1912.
ago
year
a
,262
for satisfaction to shareholders in general than did $15,886
le in Manhattan Boris
most
noticeab
decrease
The
that for the first quarter, the return on the capital
structures are the predomiinvested being much below the average of former ough, where business
but returns for the Bronx also evidence
years, and comparatively meagre withal. There is nating factor,
prospective building. In the outlying seclittle, if anything, in fact with regard to the current lessened
n and in Queens, however, some reBrookly
cotton-manufacturing situation of an encouraging tions of
is manifest. For the 148 cities outactivity
of
nature. Aside from the curtailment of output that vival
the total,at $69,921,487,compares
York
New
of
has been a feature of more or less prominence for side
in 1913 (the high mark for April)
,155
$85,361
with
selling
many months past, the relation between the
1912.
in
millions
79
and
has
material
raw
the
of
price of goods and the cost
of the current calendar year
months
For the four
been such as to make it exceedingly difficult to opas good as in either 1913 or
not
while
,
erate at a profit. In this respect the corporations the showing
actory, taking into account
unsatisf
hardly
is
running on fine goods have been least favorably 1912,
n conditions of the times.
uncertai
and
ng
disturbi
the
ed
situated and in a few instances have suspend
report a slight gain in the
cities
New England
dividends temporarily. The Granite mills, the latest Twenty
28 in the Middle West
and
year
last
e over
addition to the non-payers, passed for the first time aggregat
. But for the 35
declines
e
moderat
very
since 1912 and the second time since 1898. In most exhibit
section
(exclusive of
Middle
the
in
cases distribution has been made upon the same basis municipalities
some
of
million
loss
a
is
there
York)
New
as heretofore—usually 1 to 11A% per quarter—but Greater
(29
cities)
South
the
at
result
the
12%,
or
dividollars,
some of the mill officials have remarked that
and
for
1913
in
than
4 millions poorer
dends have been kept up. by drawing upon surplus is a little over
d
expecte
of
total
a
report
13 cities
accounts, earnings having been insufficient to pay the Pacific slope
a
below
25%,
or
dollars,
10
million
outlay almost
them.
year ago. The remainder of the West; 23 municineedless
exhibit,
d
s
dividen
quarter'
The second
makes a very good showing,with an increase
palities,
to say, is less favorable than that for the correspondmillions, or some 13%. Combining the re1-3
3
of
as
ing period of 1913, and, as intimated above, not
the 148 cities outside of New York we have
for
turns
ions
corporat
Seven
good as for most earlier years.
months' total of $221,948,788, against $239,that made no distribution for the first quarter con- a four
1913; Greater New York's aggregates are
tinued that policy and one other mill joined the non- 990,084 in
and $60,152,621, respectively, and those
,553
payers. It is to be noted in passing that in the case $48,935
country $270,884,341 and $300,142,705.
whole
the
of some of these establishments it is from 3 to 4 years for
let up in activity in building opgeneral
quite
A
on
since owners in these mills have had any return
Canada in April is denoted by the returns
their investments. Concerning the remaining 29 erations in
so far as the Eastern Provinces are conmills, one slightly increased the rate of distribution, at hand and,
ascribed to the lateness of the spring.
two decreased it and twenty-six, following a definite cerned, it is
the East the returns indicate a rather
in
cities
conservative plan inaugurated long ago, maintained For 28
outlay—$9,746,188,comparing with
in
decrease
large
the rate of 1913. Altogether the amount to be paid
the aggregate for the four months
d
,477—an
$11,863
an
or
7,
out in the second quarter of 1914 is $315,66
s with $24,618,661. For the
contrast
,079
average of 1.07% on the capitalization of $29,531,- at $20,902
reports
and furnish a month's
make
cities
670, this comparing with $357,675, or 1.22% in the West 15
half
of
than
last year and the four
more
like period a year ago; and, furthermore, in only four total barely
9
of
million
loss
dollars—$11,467,a
shows
years since 1896 has a lower rate been paid for the months
051.
For the whole of
$20,572,
with
ng
compari
454
r,
second quarter than that of this year. Moreove
April
is $15,301,651,
result
the
cities)
(43
Canada
has
2.27%,
the return for the elapsed half year, at
for
the
and
since Jan. 1
,500,
pbriod
against $21,440
been below the average of former times.
and, moreagainst
,712
,533,
$45,190
$32,309
it is
1912.
below
falls
A considerable contraction in building operations over,
in the United States, both as compared with 1913
Commercial failures in April 1914 made the most
and 1912, is indicated by our compilation of the estiexhibit of any month thus far in the
mated cost of construction work under the permits satisfactory
of reverses having been
issued in 149 cities during April. Furthermore, current year, the number
preceding months, with
the
three
of
any
nowithstanding the further advance of spring, which less than in
e of indebtedness.
aggregat
the
in
drop
ent
concurr
a
normally increases activity in this line, the month's
son with April
,
compari
however
time,
same
the
At
inof
contracts covered a somewhat smaller total
tation to 22,796 fine ounces in April, giving for the
full month a product of 683,877 fine ounces; but that
total is more than 100,000 fine ounces less than returned for the corresponding period last year, nearly
54,000 fine ounces below 1912 and only 16,000 fine
ounces more than in 1911. Furthermore, the deof
ficiency in output for the four elapsed months
450,346
than
less
no
1914, as contrasted with 1913, is
fine ounces—comparison being between 2,648,692
fine ounces and 3,099,038 fine ounces. Expressed
in another, but probably clearer, way,the loss in gold
yield in the Transvaal in the first four months of
this year has been close to 93' million dollars.
MAY 16 1914.]
THE CHRONICLE
1487
of recent previous years is rather unfavorable, an hopes were
to be realized, he contended, the best
excess being shown in both items. Large failures, course would
be the introduction of an amending
moreover, were again a notable feature of the exhibit, bill. But
Mr. Asquith had declared that even if all
33 defaults contributing no less than $9,117,736 of. efforts to arrive
at a peaceful settlement failed, it was
the month's liabilities, or close to half of the grand still his intentio
n to introduce an amending bill.
total, while for the four months since January a The National
ist leader added that he must be
relatively small number of large insolvencies (143 for allowed
to say that this was a very serious decision
amounts of $100,000 or more, out of 6,162) contrib- to
announce, and for his part he could not commit
uted $51,432,520 of the combined debts of 104 himself to
approval of this course—certainly not
million dollars reported for the period.
approval at this moment when pourparlers were supMessrs. A. G. Dun & Co.'s compilation, the au- posed to be
going on and there was hope of reaching
thority for our remarks, indicates that the number of an ultimate
peaceful settlement. While the Nationcasualties in April this year was 1,336, involving lia- alists desire
a peaceful settlement, the speaker conbilities of $20,549,144, these comparing with 1314 tinued, they
were opposed to fresh offers at the
and $18,445,355 a year ago, 1,279 and $16,874,727 present stage.
in 1912, somewhat similar results in 1911, and 1,309
and $20,316,468 in 1910. The showing in the manThe final results of the French elections indicates
ufacturing division, it is to be stated, was a little
a distinct gain by the Socialists, who elected 61
better than last year, indebtedness of $6,424,059
contrasting with $6,662,356, but in both trading lines deputies on the second ballot, which was taken on
and among agents, brokers, &c., a greater business Sunday last. The re-balloting occurred in 252 conmortality and larger liabilities were revealed. Fail- stituencies in which there had been indecisive results
ures in the first-named class were for $10,627,229 at the regular balloting on April 21. Sunday's reagainst $9,310,301 in 1913, and in the other $3,497,- sults give the Socialists 102 seats in the new Chamber
as compared with 68 in the old. The Caillaux
856 and $2,472,698.
radicals
held their own, electing 74 members on the
For the four months of 1914 the aggregate number
second
ballot,
which, with 86 elected on the first,
of insolvencies is 6,162 and the amount of indebtedness $103,770,970, or some 8 millions more than that gives the party a total of 161, comparing with 156.
of the year of depression, 1908. In 1913 the figures The other Republican groups to which most of the
were 5,772 and $95,277,632 respectively, and in Briandists were attached elected 101, making, with
1912 reached 6,107 and $79,887,050. In each of the those elected on the first ballot, a total of 262, as
various:divisions into whichlthe failures are segregated, compared with 294. It is evident, therefore, that
the volume of liabilities is in excess of the four months there is slight reason to hope for any modification
of the objectionable tax legislation introduced at the
of 1913.
recent
sesOon of the Deputies.
Across the border, in Canada, the situation as regards failures has thus far this year been much the
same as in the United States, both number and inThe port of Tampico was finally captured by the
debtedness involved exceeding 1913.
Mexican Constitutionalist troops on Wednesday.
This is a severe blow to the Federal forces,as,unless
In the House of Commons on Tuesday Premier Huerta can by means
of his gunboats effect a comAsquith pledged the Government to introduce an plete blockade of the port,
the rebels will be in a poamending bill to the Home Rule for Ireland measure sition to obtain new
supplies of arms and ammuniin the hope of its being passed by agreement between tion whenever needed. Press dispatch
es agree that
the parties. His idea was that the original Home the port was capture
d at heavy loss of life, but the
Rule Bill and the amendment would become law sacrifice was consider necessar
ed
y, owing to the empractically simultaneously. No change could be bargo that is still being observe
d by our own Govmade, he added, in the original bill if the Parlia- ernment upon the transfer
of munitions of war across
mentary Act is to be taken advantage of. That Act the Mexican border.
Reports from Washington
provides that if any public bill be passed by the contain the suggesti
on that the Constitutionalists,
House of Commons in three successive sessions and having captured Tampico
, will be willing to particibe rejected or unacceptably amended by the House pate in the peace conference
that is to begin on
of Lords in each of those sessions, it may become law Wednesday on the Canadia side
n
of the Niagara Falls.
by receiving the Royal assent, providing that two But this view is not generally entertai
ned at Washyears have elapsed between the second reading in ington on the ground that
General Carranza has no
the first of the three sessions and the final reading in intention of taking any action that
will interfere with
the third session. The Premier announced that the his plan to capture Mexico City. The
Huerta delethird reading will be taken before Whitsuntide, and gates to the conference are
Senors Emilio Rabasa,
said: "I have said I will never close the door on the Augustin Rodriguez and
Luis Elguero. They arpossibility of any settlement. I am going a step rived at Key
West on Thursday evening from
farther than I have ever gone before when I say on Havana, and will,
it is understood, spend some time
behalf of the Government that while I shall ask the in Washington before
completing their journey.
House of Commons to give the Irish Home Rule They refused to be
interviewed when questioned as to
Bill its third reading before Whitsuntide, the Govern- their position, saying they
would "just liiten" at
ment will make itself responsible for introducing the conference and then decide
what action was
amending proposals to that bill in the hope that a necessary. Associate Justice
Lamar of the United
settlement by agreement may be arrived at in regard States Supreme Court and Frederic
k W. Lehmann
to matters immediately outstanding." Mr. Red- of St. Louis are the American delegate
s appointed
mond, leader of the Irish Nationalists, declared that by President Wilson to the mediati
on conference.
he sympathized most sincerely with the Prime
General Zapata, who is the head of the revoluMinister's hope .of an ultimate settlement. If those tionary forces in the south of
Mexico, is reported
1488
THE CHRONICLE
xov in
to be within ten miles of the capital. He and his respects along the avenues as the flag-draped coffins
lawless followers are in control of the entire State passed on the two hours' march from the Battery
of Morelos. Further south the brothers Figueroa to the Navy Yard in Brooklyn. The exchanges
and their army of bandits are running riot through opened at 11 o'clock instead of their usual hour as
the State of Guerrero. To the west of Mexico City a mark of respect. At the Navy Yard President
the railroad to Manzanillo is still open, but American Wilson delivered an address couched in the polished
warships dominate that port, while to the east of and earnest language of which he has proven himself
Mexico City Vera Cruz is in the hands of American such a master. We print it on a subsequent page.
-troops, and the whole stretch of wild country northLondon this week contain the
latest
to
from
According
accounts
off.
cut
Cable
ward to Tampico is
reports received at Vera Cruz, General Villa is be- explanation of the mystifying weakness and liquiseiging San Luis Potosi. The way is apparently thus dation that had been the recent features in the
opened for the concentration of the Constitutionalists security markets at the British centre. Two imfrom the eastern to the western coast for their final portant firms have been tided over after unsuccessful
march from San Luis Potosi on to the capital, 250 speculations involving many millions of dollars.
The most important of these when firSt reported
miles to the South.
The Administration at Washington seems again to caused quite some consternation in the market
be placing credence in reports that have heretofore here, a similarity of names creating the impression
proved to be illusive, that Huerta is ready to flee, that the London representative of a large American
if he can be assured of safe conduct for himself, house was concerned. Happily, this interpretation
family and perSonal property,to some foreign coun- was entirely without foundation, but the embarrasstry. Thus far there has been no destruction at the ment nevertheless proved to be an important one.
oil wells or of the storage plants in the Tampico Its extent may probably best be judged by the news
district. But General Herrera, jefe de armes of the that a syndicate of London Stock Exchange houses
Juarez district, has been sending strong appeals and bankers that was formed to aid the firm in questo Americans to return, guaranteeing protection to tion was understood to have taken over Securities
them. On Thursday General Herrera sent a com- having a face value of £5,000,000 ($25,000,000), of
mission to El Paso to inform Americans that unless which 0,000,000 ($15,000,000) represented par
they returned and reopened their plants in fifteen value of stock in the Grand Trunk Ry. of Canada.
days, he would himself reopen them and operate them Among the members of the syndicate which took
for the benefit of the public. It is estimated that over securities (quoting from London press cables)
American investments in the Parral district repre- are representatives of the Bank of England and of the
sent $30,000,000, and if General Herrera carries out Bank of Montreal. Another member of the syndihis threat,it will obviously amount to confiscation. cate is reported to be Robert Fleming, who is well
General Villa has suggested that President Wilson known in New York, and a number of New York
name a commission to decide how much ammuni- financial houses are also reported to be interested.
tion he shall have. He promises to take Mexico City The London market is in doubt whether the specupromptly if this suggestion is accepted. Villa claims lation was an individual one or whether it represented an attempt to obtain control of the Grand
to have 20,000 men in the Torreon district.
bill
appropriation
Trunk Ry. It is suggested that the operation was
deficiency
urgent
special
A
carrying $6,770,632, including more than $6,000,000 connected with American interests. If so, it has
for the military establishment for expenditure on obviously been unsuccessful. The firm was also
account of past and contemplated activity in Mexico heavily involved by reason of its holdings of shares
and on the Mexican border, was ordered favorably of the Hudson Bay Company. The second embarreported to the House of Representatives by the rassment referred to was that of an old firm of LonAppropriations Committee on Thursday. It will be don Stock Exchange jobbers, who have also been
taken up in the House next week. No attempt will especially prominent in Grand Trunk shares and in
be made to issue bonds or treasury bills unless the Colonial securities generally. The weakness in
Mexican troubles develop into formal warfare. Canadian securities which has resulted from the inGeneral Huerta,having filed a protest with the medi- dustrial reaction that has taken place in the Dominion •
ators on the ground that American troops had vio- has been aided by the recent decision of the Canadian
latedi the armistice by capturing Lobos Island, Railway Commission arbitrarily reducing railroad
Rear Admiral Mayo cabled in explanation that the rates west of Lake Winnipeg. These combined inMexican keepers deserted the great lighthouse on fluences, obviously, have produced embarrassment
the island, and that the destroyer tender Dixie was in London that is quite widespread. While the two
"maintaining it for the benefit of navigation." involvements referred to have become public, LonAdmiral Mayo denied that the island had been occu- don correspondents state that a number of smaller
pied. The lighthouse, he explained, was essential to Stock Exchange firms are still on thin ice.
Toward the close of the week the British market
safe navigation, aild when it was deserted by its
keepers,it became the duty of the Dixie to keep it began to show a response to the fact that the most
in operation. The explanation, it is understood, is threatening features in the situation had been adjusted. Liquidation by each of these concerns
satisfactory to Huerta.
New York did honor on Monday morning to the had in a quiet way been in progress for several weeks
seventeen American marines whose bodies were and their weakness had been known to a number
brought back from Vera Cruz. on the armored of the larger houses. It is now believed that the
crusier "Montana." President Wilson, the Gover- serious situation has been relieved; there is no further
nor of New York State, the Mayor of the City and reason to expect market shocks from further
Senators and national representatives rendered embarrassments. Nevertheless 'a period of proofficial honors on behalf of the Nation, State and tracted liquidation seems in sight that will undoubtcity. Hundreds of thousands of persons paid their edly prove a handicap to important advances in
MAY 16 19144
THE CHRONICLE
1489
quotations of the securities that have been tak
expectation is that there will be a French National
over by the syndicate. Coincident with the clear- issue, either
of treasury bills or other descriptions
ing of the London situation in this respect has been of securiti
es, except rentes, early in July. While,
a better feeling regarding money prospects at that as is custom
ary in Paris, the rate of interest will not
centre. Discounts in Lombard Street rose to 2
15-16% be definitely announced until immediately before
for both sixty and ninety-day bills and in instances the the offerin
g is made, it is believed in usually wellfull Bank rate of 3% has been demanded—facts that informed
circles that a 4% rate will be decided upon,
are highly significant of the financial strain that has as the new
issue will be subject to the income tax.
been current. At the close, however, 27
/
3% was the French capitalists are reported to be
withdrawing
quotation for both long and short bills. During their funds
from French securities for the purpose of
the final days of the week, the Russian demand investing them abroad
. It is rumored that an imfor gold moderated. Sterling checks in Paris sug- portant block of gold,
representing, in part, the progested, too, that the French strain had been relieved. ceeds of the Turkish
loan, is to be transferred from
The Bank of England was not able to obtain any of Paris to London. No
additional embarrassments
the new Cape gold that was offered on Tuesday, have been reported on the
Paris Bourse. French
£200,000 being secured for India, while £470,000 rentes closed last evenin
g at 86.75 francs, which
was taken for Paris without premium. This is compares with 86.90 francs
a week ago. Money in
in direct contrast with the results of the preceding Paris finished at 2%,against
23/2% on Friday of last
offerings, France and Russia having, it will be re- week. French bank
shares have been under parcalled, both paid a premium last week which, plus ticular pressure during
the week. France, in fact,
the commission and other charges, brought the cost appears to be suffering
a considerable degree of trade
up to 77s. 103(d. per ounce, which was a new high and industrial depress
ion. Importations in March,
record price since 1909. The fact that Russia was
according to cable accounts, increased 70,000,000
not an insistent bidder on Tuesday is interpreted
francs, whereas exports were lower by 14,000,000
as an indication that the situation at St. Petersburg
francs, comparing with the same month of 1913.
has materially moderated.
Such an increase in purchases with decrease in sales
Investment conditions in London have been so is not
regarded as a favorable symptom. There
unsatisfactory that underwriters have not attempted was a falling
off of 30,000,000 francs in the exportato bring out additional large new issues. The tion of
manufactured goods during the month in
crisis caused by the important embarrassments question.
Railway traffic statements afford adalready referred to seems to have diverted attention ditional
evidence of the reactionary conditions, the
from the budget, which London correspondents de- returns
for March showing a loss of 7,000,000 francs.
scribe as having been apathetically received. Closing
quotations of representative securities are suggestive
Cable correspondents in Berlin complain more of
of the better tone that the market is showing. Brit- unsettled politica
l conditions than do those at other
ish consols, for instance, closed at 74 15-16, against Europe
an centres. The health of the Austrian
74 9-16 a week ago. London & Northwestern Ry. Empero
r, Francis Joseph, seems a particular feature
finished at 1309.,against 1293/2, Great Western closed of solicitude, and
suggestions are made that the real
at 1143
%, against 11314, and the Great Eastern at condition of the aged
ruler is not as satisfactory
503, comparing with 4932. Japanese 4s remain as the official
bulletins report. The Russian situaat 773'; Bulgarian 6s have advanced 1 point to 102, tion
is also a disconcerting one at the German cenand Russian 4s are M point higher at 87. Servian
tre, and Paris is alleged to have been selling Russian
unified 4s are without change from 783/ and Mexican
securities on the German market. A dispatch from
Government 5s are 1 point lower at 84, while Mexi- the
Russian capital on Thursday stated that for
can railways ordinary shares have advanced 1 point the
first time hi its history the Duma had rejected
to 3032. German Imperial 3s remain at 76. Day- the Budget
. The majority against the Government
to-day funds in London closed at 1%@23.1%, com- was seventy.
Another feature is the unfavorable
paring with 13,@1%% a week ago.
condition of the German steel trade, predictions
being current that a further cut in quotations for
The situation in Paris has not shown an improve- steel products
is in prospect. An engagement of
ment corresponding to that at the British centre. $1,000,000 in gold
for shipment from New York to
The Paris banks, according to responsible press Berlin was announ
ced here on Monday,but rumors
cable accounts, have intervened to support the gen- were current
in foreign exchange circles that the real
eral financial situation, but their efforts have been destina
tion was St. Petersburg. No confirmation
negligible in results since it was found impossible to
of this report is available and the chances seem rather
interest outside support. Investors are reported against
its accuracy, as there has recently been
to be centralizing their purchases in foreign gilt- ordered a transfe
r of £7,000,000 sterling to London
edged stocks, completely ignoring all other issues. that has been
on deposit on account of Chile at the
Brazilian and all South American securities, as well German
centre. It is reported that at a conference
as those of Mexico, are declared to be unnegotiable at
Port au Prince, Hayti, representatives of the
at any price. The same is true of large Balkan Zamor
Government with the German Minister, Dr.
issues that have recently been floated in Paris. Pepyl,
virtually concluded prrangements whereby
Banking interests at the French capital are keenly Germa
n bankers are to loan to the Haytian Governdisappointed at the results of the second elections ment
about $2,000,000 and Germany is to receive
that were held in the indecisive districts on Sunday in return
certain ports and customs receipts, but this
last. These showed important gains by the Social- has been
denied; and if true would doubtless constiistic Party, which necessarily means that the radical tute
a violation of the Monroe Doctrine. Money
taxation methods that were proposed by the Caillaux in Berlin
closed at 214%, which compares with 23/
regime are to be fully carried out, if,indeed,they are
@3% a week ago.
not to become even more radical. The present
1490
THE CHRONICLE
[VOL XCVID
of 94,867,000 marks in note circulaThere have been no changes in discounts by the was a decrease
3,268,000 marks in treasury bills. The
official European banks this wesk. Private bank tion and of
showed an expansion of 12,340,000 marks,
rates in London, however, have been exceptionally deposits
were reduced 23,426,000 marks and disloans
of the Bank but
1
firm, closing at 23/8%, or within 4%
a contraction of 61,180,000 marks.
suffered
counts
8% for
of England rate; this compares with 2%@2Y
now holds 1,659,035,000 marks in
ank
Reichsb
The
both long and short bills a week ago. In Paris
0,000 marks one year ago and
1,263,68
against
cash,
The
29%.
bankers' combination rate remains at
in
1912. Combining loans and
marks
1,230,400,000
private rate in Berlin has not been changed from
of 1,097,352,000 marks,
total
a
have
we
s,
discount
23/2%. Vienna is WI% lower at 3% and Brussels
0,000 marks at this
1,321,40
with
s
compare
which
1 %, while Amsterdam remains at
%% lower at 34
0,000
marks in 1912.
1,156,42
and
1913
in
date
2 15-16%. Official rates at the leading foreign
es
aggregat
2,006,440,000
ion
circulat
ding
Outstan
4%,
Berlin
centres are London 3%, Paris 332%,
was
1,975,180,000
total
the
ago
year
one
marks,
Vienna 4%, Brussels 4%, Amsterdam 332%•
marks.
20,000
1,705,3
ago
marks and two years'
The Bank of England again presented an unfavorThere has been no change thus far from the proable return, which suggests that substantial basis
ease that has been the feature of the local
nounced
exists for the report current in New York that inprotracted a period. Rates
quiries • that have been made regarding American money market for so
es are, in fact, fractionally
eagles in New York have in fact been for Thread- for the nearer maturiti
standing that there have been adneedle Street. The Bank again failed to obtain easier, notwith
ents of gold for export aggregating
new gold at Tuesday's offering of South African bars. ditional engagem
we last wrote. Last Saturday's
since
A loss in gold coin and bullion holdings of £135,247 $4,000,000
d a further increase in the
indicate
nt
stateme
bank
is reported this week and of £30,000 in the reserve.
ments of $5,197,100,
require
reserve
above
surplus
es
Meanwhile the proportion of reserve to liabiliti
to
up
$41,683,650, which
surplus
total
the
bringing
week,
is 44.51%, which compares with 44.26% last
this
at
date a year ago
with $19,802,600
as a result of a further reduction in obligations. A compares
The
actual
cash held by
1912.
in
,300
year ago the total was 50.25%. There was a further and $11,920
d $7,466,000
ions
increase
institut
House
net reduction of £379,000 in loans (other securities), the Clearing
of
on
000 in
expansi
$9,010,
an
but
week,
the
during
of £106,000 in note circulation and of £628,000 in
al
reserve.
addition
900
$2,268,
for
called
exan
deposits
showed
ordinary deposits. Public deposits
$912,000 in loans during the
pansion of £224,000. The Bank now. holds £35,- There was a reduction of
an increase of $4,108,000
reported
806,352 in bullion, which compares with £36,361,- week. The banks
the trust companies
while
vaults,
981 in 1913 and £39,832,338 in 1912. The reserve in cash in their
cash in vaults and
in
increase
000
$3,358,
totals £25,533,000, against £26,210,971 one year ago reported
banks.
and £29,499,353 in 1912. "Other securities" (loans) $4,291,000 increase in cash in
market prospects
money
in
n
factor
unknow
£30,The
were
they
aggregate £38,456,000. In 1913
there is to be
878,754 and in 1912 £30,530,822. Our special cor- necessarily is the question whether
tion beinterven
respondent furnishes the following details by cable actual war with Mexico. Should
will be
y
Treasur
the
then
fact,
hed
of the gold movement into and out of the Bank for come an establis
the
for
market
the
money
on
call
South
to
compelled
the Bank week: Imports, £73,000 from
edly
undoubt
will
demand
this
and
to
war",
£75,000
of
which
"sinews
America; exports, £125,000 (of
offerthe Continent, £50,000 to Java) and shipments of take the form of a bond issue or a considerable
,
thought
it
is
of
these,
Either
notes.
treasury
of
ing
Britain.
Great
of
interior
the
to
net
£83,000
r,
Howeve
money
rates.
in
rise
would influence a
circles at New
The Bankrof France in its report on Thursday there seems a disposition in banking
Wilson
that,now that
nt
Preside
with
agree
to
reported an:increase of 13,486,000 francs in its gold York
Cruz has
Vera
of
ion
occupat
the
of
shock
first
silver.
in
the
holdings, but a decrease of 5,192,000 francs
Mexican
the
of
nt
settleme
A contractionTof 51,050,000 francs was recorded in passed, the prospects for a
.
brighter
g
becomin
are
note circulation and of 23,000,000 francs in the question by mediation
still
market
capital
the
upon
Bank's advances. General deposits increased 4,- The actual demands
Co. syndicate was
225,000 francs and there was a net addition of 44,- are light. The Kuhn, Loeb &
approximately $16,000,000
525,000 francs to discounts. The Bank's gold stock called upon to take up
ble bonds offered by
now amounts to 3,674,322,000 francs. One year of the $55,000,000 converti
its own stockholders.
to
ago the total was 3,504,350,000 francs and in 1912 the Southern Pacific Railway
ting bankers. Kuhn,
distribu
3,241,225,000 francs. The silver supply is 629,- These have been sold to
000 Chicago &
$8,000,
sold
week
429,000 francs, against 608,750,000 francs one year Loeb & Co. this
bonds to ingold
e
mortgag
general
Ry.
Western
ago and 812,350,000 francs the year preceding. North
holders of
advised
Co. have
Circulation is now ahead of earlier years, amounting vestors. J. P. Morgan &
6%
notes,
dated
d
Hartfor
to 5,844,241,000 francs, against 5,613,786,065 francs New York New Haven &
18
May
after
the
and
on
last year and 5,215,156,140 francs in 1912. General November 18 1913, that
the
of
on
holders
option
the
deposits stand at 672,741,000 francs. A year ago notes will be paid at
at
Morgan
P.
J.
of
office
the
at
they were 615,469,814 francs and two years ago presentation
Old
Trust
Colony
the
of
office
the
or
York,
e
555,502,708 francs. Discounts aggregat 1,435,- New
Meanwhile, the bankers report
131,000 francs, against 1,676,385,903 francs in 1913 Company, Boston.
an excellent inquiry for the new notes (amountand 1,093,365,497 francs in 1912.
ing to $50,000,000) of the New Haven and its
public subscripThe weekly statement of the Imperial Bank of subsidiaries, were offered for
being offered
are
notes
These
week.
Germany, which was published on Saturday, showed tion this
, consisting,
bankers
of
e
syndicat
al
influenti
an
12,of
and
by
an increase of 2,730,000 marks in gold
& Co., of the First
015,000 marks in total cash, including gold. There I in addition to J. P. Morgan
MAY 16 1914.]
THE CHRONICLE
1491
National Bank, the National City Bank, Kidder, it is not surprising that
the market for sterling exPeabody & Co., and Lee, Higginson & Co. There change this week should
have ruled strong. Enis quite a large volume of notes of various companies gagements aggregating
$4,000,000 in gold bars have
maturing in June, most of which, however, are been made for exports
this week, including $1,000,likely to be extended. The Missouri Pacific, for 000 for Berlin and
$3,000,000 for Paris. These
instance, has $25,000,000 5% notes maturing on shipments have
virtually exhausted the supply of
June 1. There has been some negotiations with a gold bars at this centre
and further engagements if
view of inducing Kuhn, Loeb & Co. to finance the they are made in the
near future must contemplate
entire issue, but the banking firm, after a thorough the shipment of
gold coin, which as a result of
investigation by two representatives, decided that abrasion require
s a slightly higher rate of exchange
the road needed a more comprehensive scheme of if the metal is to go
forward purely as an exchange
financial rehabilitation and declined the immediate transaction. It
is also necessary for shippers on
proposal. The present plan adopted by the direc- this side to revise
their estimates of profits in view
tors of the company is to extend the $25,000,000 5 of the elimination of the
premiums that have recently
per cents by a similar issue of 1-year 6 per cents and been paid at the London
weekly offerings of Cape
to deposit as additional security $3,000,000 Iron metal. Advices cabled from
London state that the
Mountain Railroad bonds. The Missouri Pacific will Russian demand for the
precious metal seems to be
then have a full year to work out the more elaborate subsiding. This is confirmed by
the failure of St.
plan offinance thatthe representatives of Kuhn,Loeb Petersburg to bid for Tuesday's Cape
gold. Mean& Co.found desirable. Kuhn,Loeb & Co. and Speyer while the British centre is to receive,
or already has
& Co. yesterday offered $35,000,000 1-year 44%
1
received, £7,000,000 of Chilian gold that has been
secured notes of the Baltimore & Ohio at par and on deposit in Berlin and also a
considerable block of
interest and the iisue was heavily subscribed.
gold from Paris representing part of the proceeds of
The practical work of organizing the regional banks the recent Turkish
loan. Barring war with Mexico,
under the new banking law has now been undertaken. which concededly
would upset all calculation as reThere seems every reason to expect that the new gards the money market
and the sterling exchange
system of re-discount will be available for general use situation, there seems
a feeling in representative
early in August and will thus be in ample time to sterling exchange circles
that the gold efflux,
meet the increased demand for funds that is seasonal that apparently has begun
in earnest will assume
during the crop-moving period. The Secretary of substantial proportions.
As a broad proposition it
the Treasury, Mr. McAdoo, had, however, already may be stated that funds
are in much greater deindicated that the Treasury Department would re- mand abroad than at home
and supplies will always
peat its last year's experiment of depositing Govern- move to sources of employment
where most lucrative
ment funds in the national banks of the agricultural rates of interest are
available. In London, Paris
sections, in the event of there being any delay in the and Berlin there
have been quite serious embarrassinauguration of the new system. Thus there has ments of late and
financial conditions are much
been slight fear in banking circles of any strain in disturbed. At home here
trade.and industry are sufmoney during the autumn. Unless there shall be fering severe curtailment—a
feature that is releasing
sudden improvement in the speculative activity on banking resources and
rendering the outlook one
the Stock Exchange, or unless real war shall unfor- for comfortable conditions
for a considerable time
tunately develop, there does not appear to be any ahead. There is,further
more,the promise of an early
general expectation of much higher rates for money completion of arrangements
to place the Federal
for some time ahead. Funds are accumulating as Reserve Banking Law in practica
l operation—a defast as they are released as a. result of the restriction velopment serving to relieve
our bankers of the necesin general trade and industry. It is conceded, sity of making as careful prepara
tions for the autumn
should the approaching decision of the Inter-State requirements as they otherwi
se would feel impelled
Commerce Commission on the application for an to do. The foreign
demand for American gold is not
increase in rates be favorable to the transportation entirely arbitrary. It
is,for instance,estimated that
lines, that such a result would be likely to give fully 300,000 shares of
American securities besides
business quite a substantial movement. This ap- considerable blocks
of bonds and short-term notes
pears about the only important demand upon the have been returned to
this market since the Balkan
money market that is at present in prospect. Com- War. In addition the
relation of imports and exmercial paper still continues in better demand than ports is being
modified by the incentive for increased
supply and high-grade six months' names continue imports contain
ed in our lower tariff rates and by the
selling at 34
3 %.
discouragement of large exports from this country
Referring to call money rates in detail, the range contained in the depress
ion abroad. Thus gold is
in quotations on each day of the week was 19.'@2%, going forward to a large
extent as a legitimate a
.nd
with 14
3 % the renewal basis. For time money 24
1
not an artificial movement. The Bank of England,
@2M% were the closing quotations for sixty days so we are informe
d, is bidding 77s. 33/
2d. for eagles in
(unchanged for the week), 24%
1
for ninety days this market. On this basis it is figured
that demand
(unchanged), 2%@3% for four months (against 2% bills, which
yesterday touched 4 8835, must reach at
@3% a week ago), 3% for five months (unchanged) least 4 89 before the
coin can go forward as an exand 3@331% for six months (against 3@3%). change transaction,
Commercial paper closed at 3%@4% for sixty and
The Continental exchanges have moved in favor
ninety-day endorsed bills receivable and for four to six of London this week.
Demand sterling at Paris
months' single names of choice character. Names closed at 25.19 francs,
which compares with 25.16
less favorably known still require 431@49%.
francs a week ago and 25.15 francs a fortnight ago.
In Berlin the London check rate finished at 20.483/
With private bank rates in Lombard Street ad- marks after having touched
20.49 marks on Wednesvancing to within M% of the Bank of England rate, day. This compar
es with 20.48 marks last week.
1492
THE CHRONICLE
[VOL.
xcvm.
Sterling exchange in Amsterdam as reported by
THE FALL OF TAMPICO.
cable last evening closed at 12.113 guilders, against
by the insurgent Mexican army of
capture
The
12.10% guilders on Friday of last week. Berlin
nt
city of Tampico has been
seacoast
importa
the
against
exchange in Paris finished at 122.90 francs,
a development of high imas
quarters
all
in
accepted
on
e
exchang
122.79 francs a week ago. Mexican
the
Mexican
in
situation—one, indeed,
portance
1d.
4Y
is.
at
London
on
New York closed at 290 and
ably nearer the breaking
consider
bring
should
week
which
a
WA.
is.
and
300
with
These figures compare
absolute deadlock in our relations with
ago. New York exchange on Mexico closed at 35, of the present
ent and people. This is the
Governm
Mexican
the
against 33 last week and 313 a fortnight ago.
the territory controlled by
within
point,
exfurthest
sterling
Compared with Friday of last week,
ionalist forces have
Constitut
the
demand
which
advance;
of
to
d
Huerta,
continue
y
change on Saturda
the same disnearly
the
for
is
levels
high
It
yet gained possession.
and cable transfers touched new
88
4
at
8790@4
ree or four
quoted
being
Cruz—th
t,
Vera
as
movemen
current
tance from the capital
and 4 8825@4 8835, respectively; sixty days was un- hundred miles. Its capture not only inflicts a
changed at 4 8525@4 8540; the dominating Market serious blow on the prestige of the Dictator, but,
influence is still the hardening tendency in English
occupation of Vera Cruz by the
discounts. Another sharp rise characterized Mon- combined with the
from supplies
day's operations, inducing additional engagements of American forces, it cuts off Huerta
gold for export and occasioned chiefly by renewed arriving on the East coast of Mexico, and it virtually
firmness in discounts at London and a good inquiry separates him from at least one of his important garfor exchange; demand advanced to 4 8805@4 8815, risons, against which General Villa is already moving.
cable transfers to 4 8835@4 8845 and sixty days From a military point of view, Huerta is already in
to 4 8535@4 8550. On Tuesday trading was dull
a more desperate position than was President Diaz
and inactive and rates showed little change; demand
when he fled before Madero. Judged by ordinary
transdeclined 5 points to 4 88@4 8810, while cable
at
days
e, it should mean the beginning of the end
sixty
and
inferenc
8845
8835@4
4
at
d
fers remaine
the
at
of his rule in Southern Mexico.
4 8535@4 8550. A weaker tone was evident
folwas
this
later
though
ay,
Wednesd
opening on
This change in the situation has been accepted,
lowed by a renewal of firmness; the range was alike at Washington and on the Stock Exchange, as
slightly higher at 4 88@4 8815 for demand and greatly simplifying the Mexican problem. It is so
4 8835@4 8850 for cable transfers; sixty days still
, obviously, because of the unusual position
remains at 4 8535@4 8550. On Thursday an active regarded
our Government was placed by the Adming
which
stiffenin
in
further
with
demand for exchange, together
in English discounts, sent sterling up to another new istration's theory regaring our Mexican relations.
high record, the rates established being the highest So long as it was contended that we were at war with
since March 1909; cable transfers advanced to 4 8855 General Huerta and not with Mexico, so long as we
@4 8865 and demand to 4 8815@4 8825; sixty days, continued our ultimatum that Huerta must perhowever, was without change at 4 8535@4 8550. sonally withdraw, and so long as Huerta himself
On Friday the market ruled very firm. Closing
do so, it was manifest that even the South
quotations were 4 8535@4 8560 for sixty days, refused to
s could accomplish nothing final.
mediator
4 8825@4 8835 for demand and 4 8865@4 8875 for American
of the dilemma seemed to be
out
at
closed
ways
banks
on
Only two
cable transfers. Commercial
4 84®4 85, documents for payment finished at open. One was our own advance on Mexico City
4 84%@4 86 and seven-day grain bills at 4 873/2 and the deposition of Huerta by our army—which
®4 87N. Cotton for payment closed at 4 84%@ would have involved the breaking of the armistice
4 85, grain for payment at 4 853/2@4 85%•
arranged by the mediators and which would possibly
about a collision between ourselves
The New York Clearing-House banks, in their have brought
and leaders in Mexico. The
factions
have
other
ons,
and all
operations with interior banking instituti
curexpulsion of Huerta by the
the
of
forcible•
result
a
as
in
cash
net
the
000
$12,992,
was
gained
other
rency movements for the week ending May 15. Mexican insurgents. The fact that this second soluTheir receipts from the interior have aggregated tion of the difficulty now seems to be in sight is the
$18,186,000, while the shipments have reached $5,- reason for the more cheerful view entertained, these
194,000. Adding the Sub-Treasury operations and
days, of the Mexican situation.
the gold exports, which together occasioned a last few
This is very far from meaning, however, that the
loss of $2,968,000, the combined result of the flow
for
banks
ahead of us, even supposing Huerta's downYork
New
the
of
out
and
into
problem
of money
the week appears to have been a gain of $10,024,000, fall to be assured, is a simple one. It is not by any
as follows:
means clear just what will be our status in Mexican
in
Change
Net
Out of
Into
affairs, with Carranza and Villa installed in the capiWeek ending May 15.
Bank Holdings.
Banks.
Banks.
tal and in virtual control of the country. The atti55,194,000 Gain 512,992,000
$18,186,000
Banks' interior movement
2,968,000
Loss
27,267,000
_
24,299,000
exports__
gold
and
Sub-Tress. oper.
tude of these leaders towards our occupation of
$42,485,000 532,461,000 Gain $10,024,000 Vera Cruz has been a matter of precarious uncerTotal
tainty all along; what it would be when the ConstiThe following table indicates the amount of bullion
tutionalists had become the unquestionable de facto
in the principal European banks.
Government is pure conjecture. The most we know
May 15 1913.
May 14 1914. '
as yet is that Carranza, though not arrogating to
Banks of
Total.
Silver.
Total.
Gold.
Silver.
Gold.
himself any higher title than revolutionary chief of
z
36,361,981
35,806,352
Province of Coahuila, has openly regarded our
36,361,981
the
35,806,352
England...
146,972,880 25,176,720 172,149,600 130,174,560 24,034,520 154,209,080
France_
Cruz with suspicion, jealousy and reGermany _ 66,338,050 16,850,000 83,188,050 50,496,800 14,641,050 65,137,850 seizure of Verz
Russia a_ _ 178,325,000 7,295,000 185,620,000 159,449,000 7,125,000 166,574,000
60,773,000
10,564,000
sentment; but that Villa, apparently the more
Aus.Hun 52,219,000 12,248,000 64,467,000 50,209,000
47,932,000
Spain _ _ 20,602,000 28,634,000 49,236,000 18,110,000 29,822,000 50,777,000
4,050,000
48,867,000
46,727,000
3,100,000
personality of the two, and certainly the more
Italy_d _ _ 45,767,000
677,100 14,263,100 virile
651,900 14,232,900 13,586,000
Nethland 13,581,000
successful commander, has pursued
Nat.Belgd 8,725,333 4,362,667 13,088,000 7,838,667 3,919,333 11,758,000
5,718,000 conspicuously
5,783,000 5,718,000
Sweden _ _ 5,783,000
6,904,000
6,792,000 6,904,000
and has endeavored, with not
policy,
Switz'land 6,792,000
ory
conciliat
2,132,000 a
2,645,000 2,132,000
2,645,000
Norway _
to maintain good relations
ic
skill,
diplomat
little
a
Tot. week 583,556,615 98,318,287681,874,902527,707,008 04,833,003622,540,011
Prey.week 582,436,629 97,340,100679,776,729 524,991,445 94,717,027 619,708,472 with the United States and with the Mexicans at once.
MAY 16 1914.)
THE CHRONICLE
1493
There is reason enough, all things considered,
to wholly in line with military right and
propriety;
look for a good deal of disturbing news, rumor
and whereupon there arose in the dispatches
to our newsconjecture regarding Mexico during the next
few papers the accusation that Huert
a was imprisoning
weeks or months. We shall doubtless hear, at more
in dungeons, if not actually massacring
, these gentleor less frequent intervals, that new and insur
mountable obstacles have arisen. It is not too early men—the repetition of that story being stopped only
, by the actual news that the partie
s in question had
therefore, to warn people that they will have to exerbeen courteously released on the repre
cise great judgment, self-restraint and discrimina
sentations of
tion our State Department. After
all this, there is
in sifting the news which is hereafter to come
in. scarcely need for comment on
such cabled details
We lay stress on this aspect of the matter becau
se as the plans of the Huerta Gove
rnment to poison
it has to be regretfully confessed that the
policy the wells and burn the oil tanks, and
as to an Ameripursued by the correspondents, sent to Vera
Cruz by can citizen discovered in a filthy dunge
on of Vera
many of our important newspapers, has been
ex- Cruz—all of these stories being duly displ
ayed on
ceedingly discreditable.
the front pages of reputable newspapers, and each
The editorial attitude of the American press, with
being presently proved to be entirely false.
few exceptions, has been altogether commendable;
We certainly trust that this highly discreditabl
it has been based throughout on a resolute effort to
e
performance will never be repeated. Even
if there
hold back our Government and people from a plunge shoul
d be war between the United States and
Mexico,
into a war whose consequences nobody could foresee. it
is time that our war correspondents
learned that
But if the correspondents to whom we have referred when
they go to the frorit they take such
had deliberately formulated a program for lashing
risks as
naturally attend the experiment, and
that they are
the American people into insensate fury, for driving
not indulging in a picnic excursion in which
them into war on the basis of exaggerations, misst
they can
ate- be protected by the police. Both
they and their
ments or pure inventions, we do not see how
they editors at home owe it to their reade
rs who wish to
need have adopted any different policy from
what learn the truth to refrain hereafter from
publishing
they did.
inventions and misrepresentations of so grote
There are times when an international situa
sque
tion
of this nature is so delicate that even the truth shoud a sort, which might possibly have been excusable if
published in Mexico City regarding the Ameri
be told and discussed with the utmost care.
cans,
That but which are wholly beyond excus
e when published
was notably true in the case of the Maine explo
sion
on the eve of our Spainsh war, when, it is pleasing in New York as a veracious account of the actions of
to recall, the behavior of the American press was our unlucky enemy. It is owing to these achievebeyond criticism. But from Vera Cruz we have ments that, with all his faults,the conduct of General
Huerta in the period of crisis stands out in a light
been supplied, during the highly critical period of the
perha
ps n;tore honorable, all things considered, than
past three or four weeks, with specialtdispatches
which, while doubtless not malicious and deliberate that which rests on the majority of other people
inventions, represented at least the sensationa directly connected with this affair.
l
Meantime, the real drift of affairs, in
repetition, apparently without the slightest effort
our own
Mexican relations, can only be judged in
the light
at investigation, of haphazard stories told by refugees, street corner gossips and untrustworthy roving of subsequent events in Mexico itself. There is at
least this much of reassurance; that the gener
correspondents. Again and again the assert
al poions sition of things, after the insurgents
had defeated
contained in these published dispatches have
been
proven fase within twenty-four hours of their pub- Huerta and gained control of Mexico, would be very
different from what they were when our Governlication.
ment'
s negotiations with Huerta began. Carranza
One day a series of dispatches from a number of
neith
er
does nor can assert a title to the Presidency
Mexican interior cities told the New York reader
of
Mexic
o, as Huerta did, through observing in form
of the wholesale slaughter of American residents.
the Conititution's rule for a provisional Execu
tive.
It was pure invention. Next came similar highlycolored dispatches reporting Huerta as flinging into Furthermore, the official mediators of Argentina,
jail at Mexico City the Americans who wished to Brazil and Chile are now in the field, and have
opened formal relations with all parties to the Mexileave for Vera Cruz, especial stress being laid
on can controversy, with the publi
cly avowed purpose
his treatment of women and children. The truth
, of a general pacification.
which presently caught up with the invention,
was
Not least of all, the European governments which
that permission for the American residents to
leave had either recognized Huert
a or were undecided as
had been withheld pending news as to how
the to their attitude on the question,
and which thereMexicans in Vera Cruz had been treated by our
forces.
When the facts in that regard had been learned by fore were a help to him in the earlier stages of his
the Huerta Government, Americans who wished to undertaking, have now aligned themselves positively
leave for Vera Cruz were duly released, and almost with the United States and the South American
the latest news of the present week is that Ameri mediators. Financial Europe will necessarily take
- its stand with the European Forei
gn Offices and it
cans in Mexico City, to whom permission had
been is with this array of powerful influ
ences, making for
granted to withdraw, had openly declared
their a peacable and Constitutional
adjustment, that the
prefernce to remain and were going about their
ordi- victors in the Mexican civil war
will
have to reckon.
affair
nary
s as usual. Contradiction of one of these
stories seemed not in the least to discourage fresh
MAKING AN EXAMPLE OF DISTURBERS
inventions of the sort. Three of four newspaper
OF THE PEACE.
correspondents who had gone from Vera Cruz
The conviction of Rev. Bouck White, for a delibto
Mexico City, and who, as our War Department this erately
planned disturbance of the service at the
week officially declared, had violated rule and prece- Calvary
Baptist Church on Sunday morning, indident in doing so, were arrested by General Huerta, cates,
!,we hope, that a beginning has been made in
1494
THE CHRONICLE
(VOL. xcvm.
swinging arm, for
sterner and safer dealings with persons who at once only the screaming voice and the
supplies a ready
order
of
and
wealth
ation
denunci
commit and incite violations of public order. This
.
occasion
pochurch
man is a clergyman who has lost some
Aside from important considerations such as the
sitions because he has become irregular; he would
streets and
probably rate himself a martyr to his convictions common right to unimpeded use of the
ded access
to
umimpe
of duty, but neither those nor the character and the right of business concerns
is the fact
a
s,
higher
ation
premise
consider
potential value of the more or less organized body to their
Franklin
the
gather
about
listeners
who
ranters
of
that
of persons he now claims to lead, under the title
l
potentia
are
oors
e
out-of-d
elsewher
and
statue
conbe
need
ion,
the Church of the Social Revolut
ns,
te
their
r
intentio
immedia
whateve
rs,
murdere
conduct
his
recent
as
h
sidered at present, inasmuc
speech tends directly to bloodalone is material in this case. He says that he since this misuse of
are waving torches near expersons
addressed to the pastor of the Calvary Baptist Church a shed. These
nce must be checked before
disturba
The
.
written proposition for a joint discussion of the theo- plosives
indulgence, or New York
weak
by
strength
gains
ity
it
logical question whether Jesus taught "the immoral
lesson.
costly
a
learn
to
have
as
will
ted
he
silence
interpre
of being rich", and that
reached
the
letter
that
explains
consent. The pastor
THE GOMPERS CONTEMPT CASE CLOSED.
him just before the hour of morning service and had
The Gompers contempt case and conviction are
not even been opened; had it been received earlier
now disposed of, as a matter of court procedure.
and been left unnoticed the case would be unalThe case has been referred to by us from time to
tered.
it dragged its slow length along. It began
It is not needful to discuss the Gospel teachings time, as
closing month of 1907, when the Supreme
as to being rich, or any of the relations between in the
the District of Columbia harkened to the
of
wealth and Christianity or public duty; these are Court
of the Bucks Stove & Range Corripany
nt
complai
irrelevant. Mr. White and his followers continued
that Gompers and his associates had been
Louis
St.
of
the practice of disturbing church services, and
the company in the American Federating
blacklis
with
in this instance purposely selected the church
, the official organ of the American Federawhich the Rockefellers are identified as supporters. tionist"
of Labor, thus producing a boycott, in effect,
Just as a half-irresponsible female follower of the tion
the company's goods, this being an attempt,
I. W. W.interrupted the Easter service at Dr. Park- upon
in the case of the Danbury hatters,.to enthat
like
hurst's church by an attempted arraignment of him
power of organized labor to control all
the
force
personally, these persons now . planned the most
compelling the closed-shop. Workers who
sensational and disturbing raid of which they could labor by
not surrender and come under the "union
conceive. Their purpose was to continue the annoy- would
were to be denied work through compelling
ances to which Mr. Rockefeller has been subjected card"
rs to treat union membership as the first
and to hold him and his father up to public view as employe
and refuse a place to any who did not
ation
qualific
"murderers."
himself by the union hallmark; this was
The Colorado trouble remains substantially as it establish
ished by intimidating customers of the
was; the real issue involved is too plain to allow to be accompl
to be accomplished, in part, by
obscuring by any minor questions, and the supremacy shops, and this was
rs of those customers, and so
of law and of the rights of individual labor must be intimidating custome
chain.
the
along
on
achieved before any minor points can even be conThe District Court granted the injunction sought,
sidered. The attack upon a ,man who is known to be
it is charged that Gompers hurried to get the
but
up
rich and made because he is so known brings
of the organ off the press ahead of the
another phase of the one supreme issue, that is all. next number
on. At least, he paid no respect to the
These disturbers have devised a new form of the injuncti
on various occasions publicly criticized
familiar "picketing"; under the alleged maintenance order, and
issued it. Contempt proceedings
who
of freedom of speech they wish to pillory Mr. Rocke- the judge
fine and imprisonment followed,
of
sentence
a
and
feller and then invite the populace to join them in
fighting that ever since. The
execrating him. It has long been asserted (and this and he has been
e Court has aided him by haltproposition is the basic assumption under many a United States Suprem
him, upon various techagainst
statute) that it is not possible to punish rich men, in ing the procedure
the unfilled sentence
removes
now
and
,
this country, when they have done wrong; whether nical grounds
ng the whole as
dismissi
by
head
his
above
from
they can be protected in their personal rights when
which provides
ons,
limitati
statute of
they have not done wrong is another question which barred by the shall be prosecuted, tried, or punthat "no person
must be answered.
for any offense not capital, unless the indictished,
nimpriso
six
to
months'
In sentencing Mr. White
or the information instituted within
ment, Magistrate Campbell justly pronounced the ment is found
next following commission of the
years"
offense especially flagrant, because the offender is an three
very brief time, the punitive action
a
By
offense.
American and educated, not an alien and ignorant; if
within this term allowance, and the
law and order (he said) cannot be maintained in missed coming
wipes the whole case off the record
churches, maintenance is possible nowhere. Beyond highest Court adjudicated, this action being, once
this, it is clear that an example is needed. Our of matters to be grounds and without passing upon
technical
great cities contain a large alien population, very more, on
of the three defendants.
merits
difficult and slow of political assimilation. They the
a legal gain, however, in that disobediis
There
are a compact body, to whom government seems
order of injunction is now brought
despotism and liberty means doing as the individual ence to a judicial
category of crimes. This is one more
pleases; their reasoning powers and habits are slow within the
escaping justice because justice is so
and dull, their passions ready and violent. They instance of
of foot. It has been a matter of
slow
are the prey and the reliance of demagogues; material heavy and
nce to Gompers, because, as we
importa
utmost
the
from which the mob can be gathered quickly, given
MAY 16 1914.)
THE CHRONICLE
have already pointed out, he must appear completely
invulnerable, or he could not well keep his firm hold
upon labor; he must appear, as he virtually proclaimed himself, above even the courts, or laborers
would begin to ask who he is that they should obey
him. He will, therefore, claim that he has proved
this supremacy, and will be emboldened (and aided)
to press the audacious demand that organized labor
be made, in express terms, free from all anti-trust
Acts, old and new. . The question whether there is,
or whether there shall be, a privileged class in this
nominally free country remains, none the less, one
to be settled; nor will dodging and truckling to it
accomplish any more than to merely defer the
Straightforward answer.
1495
writers", the business thus having a monopolistic
character, and the people are helpless, with the
alternative of paying what is demanded or doing
without an indispensable commodity.
As to these, very briefly, the deduction that
because a private business may be and is regulated
in some particulars, it may be in all particulars, is
an obvious non sequitur; further, "absolute liberty"
exists nowhere and its absence does not prove a
business not private,!nor do any limitations upon use
justify a prohibition of use. As a single example,
there are conditions and restrictions in the private
business of banking; but it is not claimed that the
law may prescribe rates of interest for a bank. Next,
if the indispensableness of a commodity implies
statutory power to fix its prices, anything of real
THE SUPREME COURT DECISION ON THE public consequence
may be brought under such a
POWER OF A STATE OVER INSURANCE.
deduction and we should immediately begin with
The recent decision of the Federal Supreme Court, food, the most indispe
nsable of all. Next, it is not
affirming the power of a State to fix rates of fire correct that rates
leave the public helpless; the field
insurance, while unhappily although perhaps un- of insurance lies wide
open, on equal terms, to all
consciously conforming to the trend of superficial the free capital of
the world; and persons who really
popular opinion, compels us to once more use the believe rates are too
high have the ready alternative
right of private dissent so soundly and quaintly de- of combining to
insure themselves and others on
clared when the late Justice Brewer, out of court, terms they conside
r more fair.
said what might very well have been said in court,
In dissent, Justice Lamar points out that while
a
that after a judge has announced his position he is common carrier,
for example, must serve all upon
subject to fair criticism like other folks.
the same terms, an insurance company may choose
The case at bar was on appeal from the Federal its custome
rs, declining any offered risk without
Circuit Court, and arose out of the Kansas law of
giving reasons or canceling any when it chooses.
1909, whose chief section enacted that "when the He
cites from the Kansas Supreme Court the fundaSuperintendent shall determine any rate is excessive mental
characteristics of a public business, that "all
or unreasonably high or not adequate to the safety of the public
have an equal right to demand and
or soundness of the company, he is authorized to share in it,"
and says that when a company may
direct the company to publish and file a higher or a insure a risk or refuse
it "then, by the very definition
lower rate, which shall be commensurate with the of the terms,
it is not a public business;" if, as concharacter of the risk; but in every case the rate shall ceded,
a property-owner is not entitled to demand
be reasonable." Ostensibly providing for either insurance
as a matter of right then the business is
lowering or raising rates, that solvency as well as not
public and is under the constitutional protection
fairness might be safeguarded, the intent was notori- of private
property. Justice Lamar does not, like
ously to mark rates down,and they were immediately Justice McKen
na; pass by as irrelevant and imordered reduced 12%. The prevailing opinion, of material to
the case the fact "that the reasoning of
great length, was written by Juctice McKenna, with the [majori
ty] opinion has the broad reach of subJustices Holmes, Hughes,Day and Pitney concurring; jecting
to regulation every act of human endeavor and
a dissenting opinion of about the same length was the price of
every article of human use." On the
written by Justice Lamar, with Justice Van Deventer
contrary, he cites this monstrosity as indicating that
and Chief-Justice White concurring, Justice Lurton there
must be some serious defect in an argument
not participating.
which tends to such intolerable consequences.
Sometimes an advocate well states—and someThe decision must, of course, be accepted, altimes, also, he fails to shake—the position of the though
under protest. But it is certain that the way
other side. A good example of this appears here, for will
not be smoothed by it for those who still imagine
the prevailing opinion compacts into a single sen- that
a statute can work arithmetical impossibilities.
tence this :"the basic contention is that the business This
struggle and that over transportation have one
of insurance is a natural right, receiving no privilege part in
common : that, if legislators and officefrom the State, is voluntarily entered into, cannot holders, eager
to please the people, persist in trying
be compelled nor can any of its exercises be com- to compel a
service to be rendered at the sacrifice
pelled; that it concerns personal contracts of in- of private
capital, the States in the one case and the
demnity against certain contingencies merely."
country in the other must take up the service and
Justice McKenna's argument boils down to this: find by
trial what they can do with it. Private
that "a personal character" does not preclude regula- capital
will not continue working at its own loss; so
tion, and in fact the States have for many years much
ought to be distinctly and quickly understood.
regulated insurance in sundry particulars, "restrainThis decision will not help the situation in Missour
i
ing the absolute liberty which businesses strictly where
an insurance deadlock existed last year, nor
private are permitted to exercise;" that insurance is in
Kentucky, where the same foolish deadlock exists
so indispensable that it becomes so affected with a now, to
the distress and detriment of all business.
public interest as to involve the power to regulate In
Kansas, a suit to set aside the rate-reduction
it; that the general legislative conception of insurance order which
led to the action now decided is expected
as so concerned with the public welfare as to invoke to come
up in the State Supreme Court in June; any
and require regulation is to be assumed sound; general withdr
awal of companies from Kansas will
that "rates are formed in the councils of the under- probably
be delayed to await the result.
Yet, even if it is established by the highest authority that the sovereign people have a legal right to
act like lunatics and try to commit commercial suicide, it does not certainly follow that they will do
so. On the contrary, throwing down all Constitutional barriers might have a sobering effect. Those
who rebel and plunge against restraints of reason
may possibly, when they are bidden to do as their
whims suggest and take the consequences, begin to
restrain themselves.
RAILROAD GROSS AND NET EARNINGS FOR
MARCH.
Railroad gross and net earnings for the month of
March, as displayed in the extended compilations
which we present to-day, make much better comparisons than in the months immediately preceding.
The improvement, however, is apparently the result
wholly of temporary circumstances affecting the
comparisons and can not be regarded as significant
of any change in general conditions.
As was pointed out in our preliminary review of the
earnings for the month under consideration, railroad
earnings in the closing week of March 1913 were
very unfavorably affected by the great floods which
then occurred in the Middle and Middle Western
States. These floods not only caused immense
property damage and the loss of many lives but
resulted in a complete suspension of railroad operations for a few days on a good part of the railroad
mileage in Ohio and Indiana and on all the lines
connecting therewith from the East, the West and
the South. These interruptions had a double adverse effect, first in reducing gross revenues and,
secondly, in adding enormously for the time being to
the expense accounts, and the trouble of course
continued throughout the following month. Naturally, the roads which last year thus had earnings
reduced have the present year recovered some of
the loss and, accordingly, are able to report increases
—in a few cases of considerable amount—and these
increases have served to that extent to offset the
losses on other roads or to overcome them altogether.
Besides this, there was a favoring influence the
present year in the fact that in many districts of the
bituminous coal regions coal mining was pushed to
the utmost in March the present year, out of a fear
(subsequently realized in a number of districts) that
mining operations would be suspended on April 1
with the expiration of the old wage scale.
Briefly speaking, gross earnings the present year
in the month referred to, ran about even with those
of a year ago, there being a trifling increase—$660,166, or a fraction of 1% (the increases in the case
of the roads which had suffered losses last year
making good the decreases on other roads), while
in the case of the net earnings there is an increase
in amount of $3,104,528, or 4.78%, the roads which
last year had suffered such a large augmentation in
expenses by reason of the floods having the present
year found it possible to get their expenses down to a
more moderate basis.
March (484 roads)—
Mileslot road
Gross earnings
Operating expenses
Net earnings
1913.
1914.
243,184
245,200
$250,174,257 $249,514,091
184,624,668
182,180,306
$67,993,951
$64,889,423
earnings and was due to an augmentation of $14,870,984 in expenses at a time when the addition to
gross earnings (the floods as already stated, having
greatly cut down the normal rate of addition) was
but $10,595,839, or 4.46%. As a matter of fact,
however, net earnings have been making poor exhibits for several successive years—perhaps more so
in March than in other months. Our compilations
for March 1912 registered $12,955,678 gain in
gross (5.77%),but of this only $848,494 was carried
forward as a gain in the net, indicating how cost
of operation was rising at that time. Going a year
further back, we find that there was an actual loss
in both gross and net in March 1911; by the figures
of the Inter-State Commerce Commission, $11,264,790 in gross and $9,148,129 in net. In the year
preceding, large expenditures were also a conspicuous
feature of the returns; according to the tabulations
of the Inter-State Commerce Commission there was
an increase in gross in March 1910 of no less than
$32,887,440 but the gain in net was no more than
$8,664,106. In March 1909, of course, there were
striking gains in both gross and net—$22,190,078
in the former and $14,303,842 in the latter; but
these gains followed largely as the result of the heavy
losses sustained in 1908, the year following the 1907
panic. In 1908 the Commission had not yet begun
to give out comparative figures. Our own compilations at that time were somewhat incomplete,
owing to the circumstance that earnings were running
so poorly that a number of big companies withheld
their figures, as they did not care to disclose the magnitude of their losses. On an aggregate of only
152,058 miles of road, our statement then showed a
decrease of $21,531,681 in gross and of $6,543,631 in
net. We stimatedEthat for the entire railroad mileage of the country the falling off in gross for the
month must have been about $34,000,000, with a
shrinkage of $10,000,000 in net.
In the following we give the March totals back to
1896. For 1911, 1910 and 1909 we use the InterState Commerce figures, but for preceding years we
give the results just as registered by our own tables
each year—a portion of the railroad mileage of the
country being always unrepresented in the totals,
owing to the refusal of some of the roads to give out
monthly figures for publication.
Net Earnings,
Gross Earnings.
Year.
Year
Given.
Inc.(+) or
Year
Preceding. Dec.(—).
Year
Given.
Year
Inc.(+) or
Preceding. Dec.(—).
$
March.
+1,172,644 16,004,390 16,051,229
---46,839
1896 --_ 52,393,093 51,220,449
+869,474 17,992,125 16,567,339 +1,424,786
56,662,338 55,792,864
1897
+8,607,153 21,833,910 18,045,866 +3,788,044
1898_.... 65,920,850 57,313,697 +4,532,300
23,576,797 21,872,713 +1,704,084
71,322,133 66,789,833
1899
81,946,098 72,318,540 +9,627,558 26,782,183 23,895,780 +2,886,403
1900.
+8,654,153 32,780,439
1901 -- - 96,738,826 88,084,673 +4,346,471 31,299,387 28,003,196 i-3,877,243
+562,836
1002_. 97,290,104 92,943,633 +14,667,126 33,406,751 30,736,551
28,846,908 +4,559,843
1903_.. 106,208,702 91,541,576
+287,426 30,628,797 34,291,160 ---3,662,363
1904__ 110,945,055 110,657,629 +10,230,303
1905-- 120,507,724 110,277,421 +12,977,479 36,878,227 31,654,402 +5,223,825
1906 --_ 129,838,708 116,861,229 +12,980,393 40,349,748 35,312,906 +5,036,842
+63,814
1907..... 141,580,502 128,600,109 —21,531,681 40,967,927 40,904,113
1008.. 141,193,819 162,725,500 +22,190,078 39,328,523 45,872,154 --6,543,631
69,613,713 55,309,871 A-14,303,842
205,700,013 183,509,93
1909
238,725,772 205,838,33 +32,887,440 78,322,811 69,658,705 +8,664,106
1910
1911 ...._ 227,564,915 238,829,70 —11,264,790 69,209,357 78,357,486 ---9,148,129
+848,494
237,564,332 224,608,654 +12,955,678 69,038,987 68,190,493
1912
64,893,146 69,168,291 ---4,275,145
1913_ -- 249,230,551 238,634,712 +10,595,839
+660,166 67,993,951 64,889,423 +3,104,528
1914- __ 250,174,257 249,514,091
Note.—Includes for March 141 roads In 1896, 127 in 1897, 137 In 1898, 123 In
1899, 126 in 1900, 123 In 1901, 126 in 1902, 107 in 1903, 101 In 1904, 101 In 1905
96 In 1906, 94 in 1907; in 1908 the returns were based on 152,058 miles of road; In
239,691; in 1911, 244,081; in 1912, 238,218; in 1913, 240,510:
Inc.(+)or Dec.(—) 1909, 233,702; in 1910,
in 1914, 245,200. Neither the Mexican roads nor the coal-mining operations of tbe
Antouht.
%
Included In any of the totals.
are
roads
coal
anthracite
+2,016 0.86
0.27
5+660,166
1.32
—2,444,362
+53,104,528
4.78
That the better showing follows entirely from the
poor showing of 1913 becomes manifest when we
turn to the figures for that month of last year. Our
statement then showed $4,275,145 decrease in net
[VoL. xcvni.
THE CHRONICLE
1496
When we come to examine the returns of the
separate roads we find it easy to trace the influence
of the floods last year, combined with the tendency
the present year to increase coal production. The
Pennsylvania Railroad on the lines directly operated
the present year has $81,194 increase in gross,
MAY 16 19144
THE CHRONICLE
1497
with $789,029 increase in net. Last year the PennPRINCIPAL CHANGES IN N ET EARNINGS IN MARCH.
Increases.
sylvania lines directly operated recorded $269,436 Baltimore & Ohio........--$85
Decreases.
1,636 Delaware & Hudson..___- $371.874
Chicago Burl & Quincy__
808,464 St Louis & San Francisco.. 330.990
decrease in gross and no less than $1,967,098 decrease Pennsylv
ania..
a789
Southern
,029
Railway.
275,223
Chic Milw & St Paul.._
Northern Pacific
255,216
in net. The New York Central System lines have Chicago
& North Western 663,825
557,903 Southern Pacific
240,577
Illinois Central
474,050
Philadel
& Reading
227.342
not done quite so well as the Pennsylvania, the coal Atch Topeka & Santa Fe.. 389,655 Bessemerphia
& Lake Ei..
21,043
Louisville & Nashville...._
332,355 Minn St P & S S M---192,494
traffic being less of a feature with that system. Rock Island
292,022 Pere Marquette...
179,130
Wheeling & Lake Erie__ _
232,591 Cleve Cin Chic & St L.._ _
162,969
ake & Ohio
The present year the New York Central System re- Chesape
215,276 Erie.
135,038
Boston & Maine
210,585 Delaware Lack & West.._
129,325
Missouri Pacific..
ports relatively small changes, namely $286,090 Union
164,313 Atlantic Coast Line..
122,079
Pacific.
141,893
Western
Marylan
d
120,777
& Aroostook..
decrease in gross and $212,486 decrease in net. Bangor
128,462 Phila Bait & Wash
119,610
Vandalia
108,911 San Ant & Aransas Pass
105,941
NYNH& Hartford_ _ _ _
Last year in the same month it recorded $443,559 Chicago
103,618
N
Y
Cent
& Hudson Riv.. b104,353
St P M & O._
102,775 St Louis Southwestern
102,799
gain in gross with $1,177,995 loss in net. The Balti- Representing 18 roads
Representing 18 roads
in our compilation......$6,567,363
in our compilation.._ _33,396,780
more & Ohio this time has $184,523 addition to gross
a This is the result for the Pennsylv
ania RR.,together with the Pennsyland $851,636 addition to net. Last year it had vania
Company and the Pittsburgh Cincinna
Chicago & St. Louis, the
Pennsylv
RR. reporting $28,169 increaseti
, the Pennsylvania Company
$352,440 decrease in gross and $1,009,452 decrease $368,342ania
gain and the P. C. C.
& St. L.$392,518 gain. Including all Lines
owned and controlled which
make monthly returns to the Inter-State
Commerce Commission, the result
in net. The Chesapeake & Ohio now registers of
is a gain of $708,631 in net with a loss
$29,994 in the gross.
b These figures merely cover the
$260,969 gain in gross and $215,276 gain in net. itself.
operations of the New York Central
Including the various auxiliar
y and controlled roads, like the
Michigan Central, the Lake Shore,
Last year it had $181,220 decrease in gross and $240,- &c.,
the "Big Four," the "Nickel Plato."
the whole going to form the New
York
Central System, the result is
855 decrease in net, having suffered very severely a loss of $212,486.
When
the
roads are arranged in groups the same
as a result of the floods and the interruption of traffic
irregularity noticed in the comparisons of
resulting therefrom.
the inBut many other roads outside the flood zone also, dividual roads, depending upon the nature of the
a year ago,from one cause or another, suffered heavy results the previous year, also appears. Our sumreductions of their net earnings,and, as a consequence, mary by groups is as follows :
SUMMARY BY GROUPS.
are able the present year to show some betterment
Gross Earnings
Section
1914.
of results. In New England, the New York New March- or Group1913. Inc.(+)or Dec.(-).
Group 1(18 roads), New England......11,628,121 11,727,02
Haven & Hartford had a trifling gain in gross, with Group 2(85 roads), East & Middle.... 59,512,67
5
-98,904 0.84
5 60,264,885
-752,210 1.25
Group 3(66 roads), Middle West
34,309,560 33,082,571 +1,226,989 3.71
$680,648 loss in net. The present year it has $218,- Groups
4 & 5(92 roads), Southern_ _
36,159,253 35,915,191
+243,062 0.68
Groups 6 & 7 (76 roads), Northwest
54,984,565 54,127,299
349 loss in gross with $103,618 gain in net. The Groups
+857,266 1.58
8 & 9(97 roads), Southwest.....
2 39,560,646
-831,254 2.10
Group 10(50 roads), Pacific Coast__ _ _ 38,729,39
14,850,691 14,835,474
Boston & Maine has $210,585 increase in net in 1914,
+15,217 0.10
Total (484 roads)
250,174,257 249,514,091
+660,166 0.27
after $140,507 loss in 1913.
Net Earnings
1914.
1913.
1914.
1913. Inc.(+)or Dec.(-).
In the West the Milwaukee & St. Paul has $663,825
$
No. 1
7,770
7,846
2,665,046
2,199,823
+465,223 21.15
gain in net, following $468,275 gain in 1913. The Group
Group No. 2
26,837 26,665 13,731,972 14,578,888
-846,916 5.80
Group No. 3
25,931 25,837 7,226,046
6,189,929 +1,036,117 16.74
Burlington & Quincy, on the other hand, has
Groups Nos.4 & 5... 41,414 41,221 10,853,243 10,982,38
$808,- Groups Nos.6 & 7 67,517 67,176 18,165,049 15,485,3909 -129,146 1.18
+2,679,659 17.30
464 gain in net, following $218,758 decrease
Groups Nos. 8 & 9._ 57,541 56,611 10,102,676 10,007,21
7
+95,459 0.95
last Group
No. 10
18,190 17,838
5,249,919
5,445,787
-195,868 3.60
year and the Chicago & North Western gains $557,Total
243,184 67,993,951 64,889,423 +3,104,528 4.78
903 in net, after $136,971 increase in net in 1913. NOTE.-Group I.245,200
Includes all of the New England
Group II. Includes all of New York and Pennsylv States.
ania except that portion west
It must not be supposed, however, there are no de- of Pittsburgh and Buffalo; also all of New Jersey, Delaware
and Maryland, and
the extreme northern portion of West Virginia.
creases the present year. The Northern Pacific 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
h.
falls behind $672,053 in gross and $255,216 in net, Pittsburg
Groups IV. and V. combined Include the
Southern States south of the Ohio and
east of the Mississippi River.
but last year had $690,930 addition to gross
Groups VI. and VII. combined include the northern
and Minnesot
a, Wisconsin, Iowa and Illinois; all of Southpeninsula of Michigan, all of
$134,041 addition to net. Southern and South
Dakota and North Dakota
and Missouri north of St. Louis and Kansas City;
west- and
all of Montana, Wyoming
Nebraska, together with Colorado north of a also
ern roads, as a rule, have done poorly in net the passing
line parallel to the State line
through Denver.
Groups
VIII.
and
IX.
combined
all of Kansas, Oklahoma, Arkansas and
present year. The St. Louis & San Francisco loses Indian Territory, Missouri south include
of St. Louis and Kansas City: Colorado south
Denver, the whole of Texas and the bulk of
$330,990 in net, the Southern Railway $275,223, the of
; and that portion of
New Mexico north of a line running from the Louisiana
northwes corner of the State
Santa Fe and east of a line running from Santa Fet to
St. Louis & Southwestern $102,799 and the South- through
El Paso.
Group X. Includes all of Washington, Oregon, Idaho, Californi
a, Nevada, Utah
ern Pacific $240,577. Some exceptions to the rule and Arizona and the western part of New Mexico.
are found, however, the Louisville & Nashville
RAILROAD GROSS EARNINGS FOR APRIL.
having improved its net by $332,355, the Atchison
There is nothing of an encouraging nature in our
by $389,655, the Missour Pacific by $164,313 and preliminary compil
ation of the gross earnings of
the Rock Island by $292,022. In the following we United States railro
ads for the month of April. In
show all changes for the separate roads for
amounts the article immediately preceding we allow that the
in excess of $100,000, whether increases or decrea
ses, completed returns for the month of March, covering
and in both gross and net.
both gross and net earnings, make on the whole
a
relatively aatisfactory exhibit, particularly in the
PRINCIPAL CHANGES IN GROSS EARNI
NGS IN MARCH.
case of the net, where there is a substantial increase
Increases.
Decreases.
Illinois Central
$670,16 Northern Pacific
$672,053 following the loss
Chicago Burl & Quincy__ _ 496,8172 Lake
in net in the same month last year.
Shore & Mich South 415,959
Chicago & North Western 272,342
N Y Cent & HudsonRiv.. b363,069
Chesapeake & Ohio
260,969 Minn St P & S S
It would seem doubtful if a similarly satisfactory
Wheeling & Lake Erie_
328,922
253,521 Delaware & Hudson..
Vandalia
213,450 Phila Bait & Wash _--- 308,141 outcome can be counted on
Cleve Chi Chic & St L...._ 203,916
when our final statement
219,406
NYNH& Hartford_ _ _ - 218,349
Baltimore & Ohio..
184.523 Great Northern..
Chicago & Eastern Ill......- 172,654
196.375 for the month of April is compiled several weeks
Atch
Topeka
&
Santa
Fe.. 178,622
Chicago St Paul M ,Sc 0.... 156,614
Colorado & Southern...._ _
Toledo & Ohio Central..
171,094 hence-this too notwithstanding that the adverse
155,967 Bessemer & Lake Erie..
Hocking Valley.
152,824
118,940
Michiga
n
Central..
Chicago Ind & Louisv..
126,180 influences operative in March last year and which
114,341 Elgin Joliet & Eastern
Chic Terre Haute & S E.. 108.194 Union
124,953
Pacific.
106,453 were responsible for the poor earnings then
Cin Hamilton & Dayton.. 105.873 Denver
& Rio Grande
recorded
Bangor & Aroostook..
101,880 Missouri Kansas & Texas 105,680 contin
100.222
ued also through April of that year, maRepresenting 16 roads
Representing 16 roads
in our compilation.--$3,590,163
in our compilation.... _$3,788,302 terially reducing earnings then on many important
systems. At all events, the preliminary figure
Note.-All the figures in the above are on
s
the basis of the returns filed
with the Inter-State Commerce
ion. Where, however, these which we present to-day, based
returns do not show the total forCommiss
on a part of the
any system, we have combined the
separate roads so as to make the results
conform as nearly as possible to railroad mileage of the countr
those given in the statements furnished by
y, make a much more
the companies themselves.
b These figures cover merely the operatio
ns of the New York Central unfavorable showing than
itself. Including the various auxiliary
did
our
preliminary figures
and
controlle
d roads, like the
Michigan Central the Lake Shore, the "Big
Four," the "Nickel Plate," for the month of March
&c., the whole going to form the New
coveri
ng
York Central System, the result
substantially the
a loss of $286,090.
is
same mileage.
1498
[VOL. xcvm.
THE CHRONICLE
s
Stated in brief, there is a loss for the month of good returns of earnings. The country's industrie
iron
the
while
of
state
ed
a
reaction,
in
are
pronounc
6.28%.
or
8,
$4,46600
of
t
statemen
April by to-day's
is exceedingly depressed. In addiFor the month of March the loss from last year on and steel trade
in the bituminous regions of the
ng
coal-mini
tion
or
4,
almost exactly the same mileage was $2,191,36
more or less restricted over conwas
West
Middle
in
period
a
3.01%. In both cases comparison is with
an adjustment of wage
pending
areas
siderable
Middle
and
Middle
the
1913 when the great floods in
y every mine in the
Ohio
In
practicall
s.
difference
part
t
importan
very
a
Western States had played
down
since
the first of April, a
shut
been
has
State
in
reducing
and
s
operation
railroad
in interrupting
for
on the mine-run
payment
providing
railroad revenues-if anything, these floods exercised new law
e the situafurther
to
complicat
in
come
having
a more serious adverse influence in April than in basis
of
strike
the
coal
the
miners
Colorado
in
Out
the
tion.
March, since they did not happen till towards
so
for
many
months
progress
in
been
has
which
after
the
April
in
very close of March, whereas
a state of insurrection having
effects were felt throughout the whole month and reached an acute stage,
authorities found themproved very serious. The large falling off now developed where the State
with the disturbances,
cope
to
recorded occurs in the face of the fact that several selves unable any longer
Federal authorities
the
to
made
to
be
roads in the flood district now have very substantial and appeal had
Besides all this,
order.
civil
in
aid
restoring
for
gains,reflecting a recovery of part of the loss suffered
traffic and
grain
d
diminishe
a
had
roads
Western
d.
mentione
a year ago by reason of the circumstance
heavier
much
not
a
had
traffic
roads
cotton
Southern
inan
has
instance,
The Chesapeake & Ohio, for
1912.
of
that
ago
below
year
and
much
a
of
that
than
in
$746,420
of
loss
a
crease of $675,740, following
bales
95,611
were
of
cotton
s
overland
April 1913. The Cincinnati New Orleans & Texas The shipment
1913
against
April
in
112,346
bales
1914,
April
in
Pacific is able to report $146,047 increase, whereas and 138,255 bales in April 1912, while the receipts
its decrease in 1913 was only $91,272. The Illinois at the Southern outports were 398,645 bales in 1914
Central has an increase of $155,352, following an and 380,741 bales in 1913, against 502,917 bales in
increase of $311,242; but this year's total neverthe- 1912, as will be seen by the following.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN APRIL AND FROM
less is not equal to that of April 1911.
JANUARY 1 TO APRIL 30 IN 1914, 1913 AND 1912.
losses
the
is
that
t
feature
significan
rly
A particula
April.
Since January 1.
in the case of the individual roads are not only large
Ports.
1914.1 1913. 1912.
1914.
1913.
1912.
but they are general, coming from all parts of the
bales 124,543 125,658 141,360 1,082,300 824,870 1,156,501
Galveston
are
There
38,082
212,353 245,980 315,146
5,093 27,513
country and from all classes of roads.
Texas City, drc
106,747, 85,377 78,753 687,311 383,751 708,270
New Orleans
95,667
45,345 135,491
23,9571 17,909 14,880
only seven companies that register increases exceeding Mobile aze
41,016
30,792 173,604
1,785 1,752 23,339
Pensacola,
343,273
95,910
r
217,296
59,265
737,341
altogethe
roads
68,016
sixteen
only
and
Savannah
$30,000 in amount
67,150
37,675 155,032
1,600i 9,600 11,750
Brunswick
34,293
40,750 109,442
10,570 11,233
to
able
6,683i
are
that
returns
ing
contribut
Charleston
50
out of the
226
110
565
Georgetown
68,139
41,365 181,180
10,7941 12,673 22,411
report any kind of increase, large or small. On the Wilmington
22,397 27,256 59,428 161,677 125,336 254,333
Norfolk
77,407
46,047
24,869
27,059 3,168 6,565
other hand, the decreases are not only numerous Newport News,&c
502,917 2,870,586 2,019,317 3,951,754
our
Total
amounts;
41
398.645i380.7
but many of thin are for considerable
tabulation includes the three large Canadian sysmovement there was a falling
grain
Western
In the
tems, namely the Canadian Pacific, the Grand Trunk off in all the leading cereals with the exception of
Ry. and the Canadian Northern, and among these corn. Thus the receipts of wheat for the four weeks
the Canadian Pacific is particularly distinguished ending April 25 were 11,174,000 bushels, against
for its large contraction in gross revenues, viz.: 12,711,000 in the corresponding four weeks of 1913,
receipts of oats 11,894,000 bushels, against
$2,040,000; but even among United States railroads the
00 bushels; of barley 3,589,000, against
12,536,0
a
decrease
report
to
obliged
is
the Great Northern
bushels; of rye 699,000 bushels, against
0
5,264,00
of over a million dollars-this following, however, 1,144,000 bushels, while the receipts of corn were
an'almost correspondingly large gain the previous 9,839,000 bushels, against 8,793,000 bushels. Altoyear. There is no other United States road with an gether, aggregate grain deliveries in the four weeks
00 bushels, against
equally striking loss, but there are nevertheless many of the present year were 37,195,0
same
the
four
in
weeks of the
bushels
00
revenue.
40,448,0
in
with a very considerable shrinkage
The details of the Western grain
year.
previous
&
e
Louisvill
the
,
$311,825
loses
Thus the Soo road
movement in our usual form are set out in the
Nashville $254,672, the Buffalo Rochester & Pitts- following:
WESTERN GRAIN RECEIPTS.
burgh $246,964, the Wabash $235,226, the Missouri
Corn.
Oats.
Wheat.
Rye.
Barley.
wks. end- Flour.
(bush.)
(bush.
Pacific $207,236, the Colorado & Southern $190,335, Four
(bush.)
(bush.)
(bush.)
Ind Apr. 25- (bW)
Missouri
the
,
$146,600
Grande
Chicago
Rio
&
Denver
the
748,000 1,060,000 2,177,000 5,626,000 1,314,000 209,000
1914
628,000 1,381,000 3,302,000 6,574,000 2,175,000 202,000
1913
Kansas & Texas $138,226, the Chicago & Alton Milwaukee
all
show
446,000
353,000
843,000 189,000
984,000
173,000
$117,989, &c., &c. In the following we
1914
372,000
337,000
820,000 1,081,000 227,000
186,000
1913
changes for the separate roads for amounts in ex- It. Louis9,000
107,000
235,000 1,286,000 1,098,000 1,454,000
22,000 391,000
201,000 1,203,000 1,868,000 1,168,000
cess of $30,000, whether increases or decreases. 1914
1913
for
shed
Toledo
distingui
rly
3,000
121,000
198,000
6,000
Southwestern roads are particula
61,000
1914
91,000
1,000
178,000
188,000
1913
the large and general character of their losses.
Detroit55,000
37,000
IN APRIL.
1914
PRINCIPAL CHANGES IN GROSS EARNINGS
4,000
25,000
1913
Decreases.
Increases.
Cleveland
235,226
$675,740 Wabash
55,000
56,000
Chesapeake & Ohio
1914
207,236
197.344 Missouri Pacific..
41,000
3,000
Mobile & Ohio
1913
190,335
155,352 Colorado & Southern_
Illinois Central
146,600 Peoria146,047 Denver & Rio Grande_ ___
86,000
192,000
Gin New On 8z Tex Pac_ 1914
71,437 Missouri Kansas & Texas.. 138,226
184,000
233,000
Chicago Great Western
1913
135,300
44,022 Canadian Northern
Seaboard Air Line.
Duluth
117,989
30,141 Chicago & Alton
775,000
Yazoo & Miss Valley..____
1914
110,548
Chicago Ind & Loulsv
972,000
17,000
1913
95,100
Western Pacific.
Representing 7 roads in
Minneapolis
67,000
& Gt Northern_
, 6,014,000
our compilation..__ _ _$1,320,083 Internat
1914
60,000
St Louis Southwestern__ _
6,400,000
1913
51,983
Decreases. Toledo St Louis & Western
City
Kansas
41,487
$2,040,000 Southern Railway..
800,000
Canadian Pacific
1914
31,938
Trunk
Pacific
Grand
1,020,221
1,127,000
Great Northern
1913
311.825
Minn St P & S S M
Omaha
Representing 20 roads
309,089
560,000
Grand Trunk.
1914
in our compilation..--$5,811.739
254,672
991,000
Louisville & Nashville..
1913
Buffalo Roth & Pittsb.._ - $246,964
Total of all1,441,000 11,174,000
1914
1,293,000 12,711,000
1913
It must be admitted that general conditions were
not favorable to a large traffic over the roads or to
88,000
62,000
204,000
235,000
129,000
332,000
183,000
321,000
6,000
3,000
891,000
739,000
760,000
553,000
334,000
259,000
32,000
716900
11,000
70,000
112,000
39,000
184,000
24,000
28,000
449,000
197,000
800.000
1,121,000
940,000
1,563,000
230,000
224,000
2,397,000
969,000
824,000
583,000
1,968,000
763,000
928,000
883,000
9,839,000 11,894,000 3,589,000 699,000
8,793,000 12,536,000 5,264,000 1,144,000
1499
THE CHRONICLE
MAY 16 1914.1
EARNINGS OF SOUTHWESTERN GROUP.
It deserves to be stated that in April last yep,r,
1909.
notwithstanding the drawbacks imposed by the
1910.
April.
1911.
1914.
1912.
1913.
$
$
floods, general trade was still good,and the volume of
$
$
$
$
Colo & South_
920,252 1,110,587 1,022,233 1,082,058 1,291,769 1,096,856
Denver & R G 1,636,700 1,783,300 1,837,732 1,782,269 1,900,882 1,723,952
railroad traffic continued to expand. As a result, Inter
653,759
652.872
& Gt No
678,054
656,000
733,760
723,000
M IC & T_a__ 2,186,389 2,324,615 1,990,213 2,069,302 2,233,637 2,001,752
the roads represented in our early statement recorded Mo
Pacific__ 4,549,218 4,756,454 4,157,171 4,031,981 4,282,364 3,688,076
L So West_
746,207
782,585
837,832
819,570
967,000
907,000
a collective gain of $4,243,312,!or 6.51%. In 1912, St
Texas& Pacific 1,358,647 1,333,785 1,274,560 1,077,757 1,221,513 1,073,908
too, the showing was very good, the roads furnishing Total
12,214,206 12,998,741 11,853,501 11,504,006 12,408,607 10,984,510
early return's registering a gain of $5,643,482, or
a Includes Texas Central in 1914, 1913, 1912, 1911 and 1910 and Wichita Falls
9.66%. In 1911, however, our early statement line from Nov. 1 1912.
showed $1,238,713 decrease, or 1.99%. Prior to
We now add our detailed statement comprising all
1911 the record was one of almost continuous gains, the roads that have thus far furnished returns for
except that a very heavy contraction occurred in April.
1908 following the panic of 1907, as will be seen by
GROSS EARNINGS AND MILEAGE IN APRIL.
the summary of the totals which we now present.
Mileage.
Year
Year
InGiven. Preced'g crease
April. Roads
1897____ 127
1898____ 125
1899-_ 119
1900____ 111
97
1901____
88
1902____
80
1903____
68
1904......_
58
190556
1906-65
190753
1908-50
190950
1910____
1911_- 50
1912__-44
1913---- 45
1914- -. 50
Jan. ft° April
1897__-_ 127
1898„-- 125
1899........ 119
1900__ 110
1901____
97
1902_
88
1903____
80
1904____
68
1905____
58
1906____
56
1907____
65
1908____
53
50
1909____
1910_
50
50
1911.___
44
1912_
1913____ 45
50
1914._
Miles.
94,489
96,616
93,643
97,191
96,874
95,147
101,421
85,599
80,740
77,543
93,472
79,203
77,484
86,023
88,142
86,559
88,229
93,167
30-94,489
96,616
93,643
96,918
96,874
95,147
101,421
85,599
80,740
77,483
93,472
79,203
77,484
86,023
88,142
86,559
88,229
93,167
Year
Given.
Increase (4-) or
Decrease (-)•
Year
Preceding.
Miles:
93,813
95,472
92,452
95,189
93,923
93,696
99,450
83,301
79,469
75,829
91,929
78,027
75,931
83,660
86,488
84,961
86,071
91,892
°,„
0(72
1.19
1.28
2.10
3.14
1.55
1.98
2.76
1.60
2.26
1.69
1.51
2.02
2.82
1.91
1.89
2.50
1.38
93,813
95,472
92,452
94,016
93,923
93,696
09,450
83,301
79,469
75,829
91,929
78,027
75,931
83,660
86,488
84,961
86,071
91,892
0.72 143,231,183 146,410,077 -3,178,894 2.17
1.19 169,183,383 145,709,416 +23,473,967 16.11
1.28 168,596,988 161,727,613 +6,869,375 4.24
2.11 204.218,414 176,355,301 +27,863,113 15.79
3.14 205,862,063 188,890,916 +16,071,147 8.98
1.55 225,617,790 209,367,916 +16,249,874 7.76
1.98 269,474,440 237,871,314 +31,603,126 13.28
2.76 203,888,689 207,669,892 -3,781,203 1.82
1.60 199,516,795 187,699,261 +11,817,534 6.30
2.26 213,037,494 183,266,795 +29,770,699 16.24
1.69 296,069,926 274,505,101 +21,564,825 7.89
1.51 184,447,156 212,117,121 -27,669,065 13.04
2.02 191,806,638 173,891,825 +17,914,813 10.30
2.82 238,997,469 205,678,312 +33,319,157 16.20
1.91 242,986,508 242,708,018
+278.490 0.12
1.89 248,985,054 231,794,387 +17,190,667 7.42
2.50 277,561,305 253,035,295 +25,074,257 10.52
1.38 271,392,968 „ -14,859,034 5.31
$
35,879,305
42,467,647
42,464,311
50,085,127
50,046,333
57,842,565
69,812,310
51,399,901
51,243,441
52,409,705
79,566,158
46,398,330
48,753,048
60,761,753
60,981,607
64,096,256
69,440,730
67,980,433
$
$
%
-8,546 0.02
35,887,851
36,570,132 +5,897,515 16.13
40,802,578 +1,661.733 4.07
44,562,898 +5,522,229 12.39
45,643,860 +4,402,473 9.65
52,093,060 +5,749,505 11.03
61,413,330 +8,398,980 13.67
53,825,303 -2,425,402 4.51
47,140,179 +4,103,262 8.70
46,946,012 +5,463,693 1.64
68,521,631 +11,044,527 16.12
57,884,380 -11,480,050 19.85
43,104,976 +5,648,072 13.10
52,437,828 +8,323,925 15.87
62,220,320 -1,238,713 1.99
58,452,774 +5,643,482 9.66
65,197,418 +4,243,312 6.51
72,446,441 -4.466,008 6.28
Note.-We do not inc ude 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 NORTIIWESTERN AND NORTII PACIFIC GROUP.
April.
Canadian Pac_
Chi Gt West._
Duluth S S& A
Great North_ _
Minn & St L.
Iowa Cent_ f
M StP & S SM
Total
1914.
1913.
1912.
1911.
1910.
1909.
$
3
9,431,000 11,471,000 11,301,349 8,672,025 7,985,230 6,384,038
1,106,951 1,035,514 1,013,578
962,522 1,098,071
797,145
267,775
260,503
249,635
236,708
209,423
279,389
5,062,081 6,082,302 5,068,454 4,548,315 5 197,107 3,887,372
722,346
705,325
651,417
027,747 (402,418
302,348
245,694
264,867
2,198,443 2,510,268 1,468,388 1,645,372 1,827,948 1,521,237
13,788,596 22,064,912 19,752,821 16,692,689 17,055,030 13,347,257
*Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
April.
Buff Roch & P
Chic & Alton__
Chi Ind & Lou
Grand Trunk
Grd Trk Wes
Pet G II&M
Canada Atl_
Illinois Cent_c
Tol Peo & Wes
Tol SU.& Wes
Wabash
Total
1914.
1913.
$
$
649,188
890,152
1,014,209 1,132,198
531,617
642,165
1012.
1911.
$
$
572,784
685,448
956,244 1,059,642
545,621
517,097
1910.
1909.
$
512,524
945,771
516,891
$
554,241
947,340
464,423
4,376,167 4,685,256 4,136,102 3,747,251 3,567,367 3,142,748
4,715,353 4,560,001 4,248,759 4,770,859 54,685,230 4,391,602
87,961
93,483 • 89,168
90,367
75,441
79,705
319.982
294,873
371,965
293,477
291,950
275,041
2,248,263 2,483,489 2,071,120 2,294,263 2,224,979 2,103,422
13,942,740 14,864,709 12,914,671 13,458,404 12,824,417 11,954,258
b No longer includes receipts for hire of equipment, rentals and other items.
c Includes earnings of Indianapolis Southern beginning with July 1910.
EARNINGS OF SOUTHERN GROUP.
April.
Ala Grt South_
Ala NO & TPN 0 & N E__
Ala & Vicki...
Vicks Sh & P_
Ches & Ohto_c
On NO & T P
Lou & Nash_b
Mob dr Ohio..
Seaboard A L.
Southern Ry__
Yazoo & M V.
Total
1914.
1913.
1912.
1911.
1910.
1909.
3
423,978
$
412,660
$
400,920
$
349,0401
$
375,589
$
283,740
320,986
141,951
157,129
3,043,116
876,295
4,604,460
1,070,225
2,189,854
5,616,193
845,358
313,117
157,715
143,292
2,367,376
730,248
4,859,132
872,881
2,145,832
5,657,680
815,217
338,276
111,918
97,202
3,113,796
821,520
4,729,591
656,452
2,110,201
5,570,111
571,334
308,993
278,560
124,316
133,775
100,272
106,215
2,536,334 2,700,954
724,703
764,596
4,127,363 4,394,263
919,845
927,439
1,881,488 1,815,481
4,815,548 4,773,435
774,604 . 774,433
248,080
128,827
107,851
2,183,233
682,238
3,619,651
821,065
1,529,493
4,229,607
749,904
19,289,545 18,475,150 18,521,321 16,632,073 17,075,178 14,583,689
b Includes the Louisville & Atlantic and the Frankfort & Cincinnati.
c Includes Chesapeake & Ohio of Indiana beginning July 1 1910.
Gross Earnings.
Name of Road.
Gross Earnings.
1914.
1913.
Mileage.
Inc. (-I-) or
Dec.
1914. 1913.
(-).
$
$
$
Alabama Great South
423,978
309
309
+11,318
412,660
Ala N 0 & Texas PacNew Orleans & N E
320,986
196
196
+7,869
313,117
Alabama & Vicksb_
141,951
157.715
143
-15,764
143
Vicks Shreve & Pac
157,129
143,292
171
171
+13.837
Ann Arbor
174,956
291
182,108
291
-7,152
Buffalo Roch & Pittsb
649.188
896,152
581
-246,964
573
Canadian Northern.._
1.610,000
1,745,300
-135,300 4.670 4,297
Pacific_
Canadian
9,431,000 11,471,000 -2,040,000 11,920 11,458
Chesapeake & Ohio
3,043,116 2,367.376
+675,740 2.346 2,324
1,014,209
Chicago & Alton
1,132,198
-117,989 1,032 1,026
Chicago Great West
1,106,951
1,035,514
+71,437 1.496 1,496
531,617
Chicago Ind & Louisv
642,165
-110,548
616
616
Cin New On & Tex P_
876,295
730,248
+146,047
336
336
Colorado & Southern_
920,252 1,110,587
-190,335 1,867 1,809
Denver & Rio Grande
1,636,700
1,783,300
-146.600 2.598 2,598
Western Pacific.. _ _ _
-95,100
518,300
937
423,200
937
Denver & Salt Lake
214
+8,612
75,981
84,593
214
Detroit & Mackinac
-4,837
411
112,085
107,248
411
Duluth So Sh & Atl_ _
+7,272
627
260,503
267,775
625
Georgia South & Fla
-11.634
395
210,509
198,875
395
Grand Trunk of Can
Grand Trunk westL
-309,089 4,549 4.548
4,376,167 4,685,256
Det Or Hay & Mil
Canada Atlantic_
Grand Trunk PacifiC_
470,405
-31,938 1,104 1,104
502,343
Great Northern
5,062,081
6,082,302 -1,020,221 7,806 7,782
Illinois Central
4,715,353 4.560,001
+155.352 4.763 4,763
Internat & Grt North
656,000
-67,000 1,160 1,160
723,000
Louisville & Nashville 4,604,460 4,859,132
-254.672 4,923 4.919
Macon & Birmingham
11,647
9.916
105
105
+1,731
Midland Valley
117.874
128,273
-10,399
373
373
Mineral Range
78,546
124
54.193
-24,353
127
Minneap & St Louls..1
722,346
+17.021 1,585 1,585
705.325
Iowa Central
Minneap St P & S S
2,198,443 2,510,268
-311,825 3,967 3.772
Mo Kan & Texas_a__
2,186,389 2,324,615
-138,226 3,817 3,817
Missouri Pacific
4,549,218 4,756,454
-207,236 7,283 7,236
Mobile & Ohio
1,070,225
822,881
+197.344 1,122 '1.114
Nevada-Cal-Oregon..
30,429
-2.274
237
237
32,703
Rio Grande Southern_
45,567
180
-8,891
54,458
180
St ,Louts Southwestern
907,000
-60.000 1.753 1.715
967,000
Seaboard Air Line_ _ _
2,189,854 2.145,832
+44,022 3,081 3,070
Southern Railway_ _
5,616.193 5.657,680
-41,487 7.047 7,037
Tenn Ala & Georgia
94
-4,242
94
8.437
12,679
Texas & Pacific
1,358,647
+24,862 1,885 1,885
1,333,785
Toledo Peoria & West
248
-5,522
93,483
248
87,961
Toledo St Louis & Wes
451
319,982
-51,983
451
371,965
Wabash
-235,226 2.514 2.514
2,248,263 2,483,489
Wheeling & Lake Erie
459
407,922
459
379,728
+28,194
Yazoo & Miss Valley_
845,358
+30,141 1,372 1,372
815,217
M
Total (50 roads)._ 67,980.433 72,446,441 -4.460,008 93,167 91,892
get decrease (6.28%)
Mexican Roads(not in eluded in to tapEnteroceanic of Max..
811,288
-43,224 1.031 1,031
854,512
Aexican Railway_ _ _ _
685,800
-106,600
792,400
395
361
2,599,952 4,056,760 -1,456,808 6.135 6,135
Nat Rys of Mexico_x_
a Includes Texas Central in both years.
z Now includes Mexican International in both years.
MUNICIPAL BORROWING POWERS IN NEW JERSEY
AND THE HENNESSY AMENDMENT.
BY JOHN FREEMAN DAY, OF THE OFFICE OF HAWKINS,
DELAFIELD & LONGFELLOW.
A statute (generally referred to as the Hennessy Act)
Which has recently been enacted by the New Jersey Legislature (Laws of 1914, Chapter 144) has given rise to questions
which are important to dealers in municipal securities.
This statute is, in form, an amendment to the earlier statute
(generally known as the Walsh Act), which permits New Jersey municipalities to adopt a commission form of government, and its provisions relate only to such municipalities
as have adopted, or may hereafter adopt, the form of government prescribed by the Walsh Act.
The first section of the Hennessy Act amends Section 1 of
the Walsh Act so as to read as follows:
"1. All municipalities of this State, except counties and
school districts, that have heretofore adopted or shall hereafter adopt the provisions of this Act shall be governed as
herein set forth; and wherever the word "city" or "cities"
appears in this Act, it shall be construed to mean "municipality" or "municipalities," as the case may be, but shall not
be construed to include counties or school districts. Such
municipalities shall be, and are hereby declared to be, a distinct
class of municipalities, and shall not be subject to any laws of
this State except laws applicable to all municipalities of this
State other than counties and school districts."
If this statute be constitutional, its effect seems to be
clearly to render inapplicable to commission governed mu-
1500
THE CHRONICLE[VOL.XCVIII
assumes that I am to do a certain amount of work for it, and experience
proves that he who becomes thoroughly involved and interested in the discussion of the Mechlenburg tieclaration, whether for the affirmative or the
negative, will have no time left for other matters. Whether Thomas
Jefferson of Virginia borrowed his Declaration from the work of a talented
North Carolinian may be left, like that other question between the two
States, which sent to the front the gallant soldier whose life blood flowed
highest on the heights of Gettysburg, for each man to decide for himself.
In both those great events of American history there is honor enough for
all the participants.
My purpose is to talk to you of a new Declaration of Independence, involving no shock of arms, no shedding of blood, no severance of ties, yet
mighty in its consequences for the present and the times to come after. Nowhere in the world could such a theme be presented more appropriately
than in the capital of a people who from the beginning of their history on
this continent have been foremost in protest against error, evil and oppression; most restless under injustice; most energetic in demand for freedom
and the rights conferred by freedom, and constituting it.
The new banking law, of which I, as Comptroller of the Currency, am
asked to talk to you North Carolina bankers, is not only a declaration but a guaranty of the freedom of the financial and commercial interests of our country from the possibility of the rule of a small group of
men,sometimes unknown, sometimes too well known.
It is a plan of decentralization and distribution, demanded by the
expansion and growth of our Republic. It is not intended to injure
will not injure any but those who insist
it
anybody; and
none
on being injured, and let us hope that there will be
such. There is strength in voluntary and accepted unity, but there is
vigor
is
There
irresistible
in
law.
by
none in servitude of units enforced
the willing combination of many for a common purpose. There is weakness and inevitable and infinite corruption in the concentration of power,
which means tyranny on one side and enslavement on the other. We have
been living in swaddling clothes, which have become fetters—tightened or
loosened by a few strong hands. Alternately business has been stimulated
to feverish and sometimes wild exertion, and given knock-out drops, reducing it to helplessness and the very appearance of death. We have grown.
but the growth has been uneven and therefore sometimes unhealthy.
Too often our prosperity has been of the kind that shows in statistics
splendid aggregates, but is not felt or enjoyed by the average individual
citizen.
The system we have endured through half a century hampered us because
t checked our growth and was unequal to our needs. It was dangerous—
deadly dangerous—not only because it compressed control of our increasing
resources and wealth into the keeping of a small number of Individuals at
certain great centres, but because it aided in the heaping up of vast fortunes,
inciting discontent and resentment, the parents of revolution, the forerunners of destruction.
Poverty is not always felt acutely until contrasted with riches. Inequalities vividly evident are the worst foes of any Government, the surest
evidence of its inadequacy, the urgent signals for its amendment. When
nobody is swollen abnormally with riches, nobody feels pinched, or is made
angry or desperate by lack of them.
This new measure is part of a general and deep movement for a new life,
new standards, new methods for the United States. A change is necessary and is coming, and common sense tells us to prepare ourselves and our
affairs for it. When loans and discounts of the national banks in the
fifty reserve and central reserve cities increase, as they have done, from
1,800 million dollars in 1903 to more than 3,000 million dollars in 1914, we
surely need a banking and currency system with the capacity to stretch
and give.
When a dozen men own among themselves 1,60n million dollars, and
through a system of interlocking directorates control as much more, directing an amount equal to the total currency supply for a hundred million
people, we should realize that such power is a peril, not only to our commerce, and to the people at large, but to the Government itself. I have
heard it said those men have held this huge republic by the throat, but if
that statement is strong, we do know that under the conditions which have
existed they could precipitate a panic, or force artificial and injurious
activity at their will. Working from ambush, seen by none, felt by all,
they could have shaken the credit of the country so as to paralyze and
make, in time of peace, ruin and desolation worse than war. There is no
need to quarrel with these men. Considering what they could and might
DEMOCRACY IN BANKING—COMPTROLLER
have done, we may say, as was said of Warren Hastings in India, we are
astonished at their moderation.
WILLIAMS ON THE NEW BANKING LAW.
Some of these commanders-in-chief of finance and captains of industry
We print below the full text of the address which John have
proved that they had high patriotic instincts and came to the help of
Skelton Williams, the U. S. Comptroller of the Currency, the Government and people in time ofstress. Others had the sound wisdom
and the stability of their great possesdelivered on Wednesday night of this week before the to realize that their real prosperity
sions were best promoted by reasonable prosperity and hopefulness among
"Deon
Raleigh,
at
Bankers'
Association,
North Carolina
the masses of the people. Yet it is not right or safe that the happiness and
mocracy in Banking," expounding and analyzing the new hope of all these scores of millions of our citizens should depend on the
fifty, or a hundred men.
Banking and Currency Law. Mr. Williams will be one of mercy,the caprice or the opinions of any twelve, or
greatest fortunes, the magnitude of which takes the breath
the
of
Some
Board,
influential
Reserve
the
most
of
members
Federal
the
are results of our system
of the ordinary man and strains his imagination,
which is given supreme control over the new banking sys- of banking and finance, of a protective tariff taxing many for the benefit
laws,
of
enforcement
inadequate and feeble at
tem. He and the Secretary of the Treasury will be the two of the few and of laxity in the
best. They are dangerous, not only to the general body of the people,
Government officials on the Board, and it seems reasonable their
but to their possessors, and it must be remembered that a huge mass of
to assume that the views and desires of these officials will money does not always either prove or supply wisdom, and to the contrary
always carry much weight with the other members of the sometimes upsets it.
There is a suggestion of cynical satire in the mythological story that King
Board. Therefore what Comptroller Williams has to say Midas,
whose touch changed to gold everything upon which it fell, was
on the purpose and probable working of the law is of the given at last the ears of an ass. Ile prayed to the gods to relieve him of the
forbade him even from eating food possible
highest interest and importance. Mr. Williams tells us, rich but deadly faculty which
to digest. So men with the genius, the faculty, the instinct, whatever it is,
what was well understood before, that de-centralization in for
what we call making money, may well pray for a law or dovetailing
banking is the main aim of the law. The address is also plan of laws forbidding them from piling up money in quantities greater
comfortably or can be entrusted with safely.
useful in throwing light upon the genesis of the law, than any man can uselimit
to greed and the ambition to acquire. If we
There is no natural
making it plain that opposition to the concentration of cannot
provide artificial limitations, we can, at least, devise and provide
banking interests or to the so-called Money Power was the plans to prevent centralization and to protect the public. As we hp,ve seen'
men who have learned arrogant confidence in the
moving consideration with those who directed the enact- within the last few years,
overwhelming power of gathered gold, have been led, perhaps, almost imment of the new law. It is rather noteworthy that on the perceptibly to themselves,to use it for the mastery of politics and legislation.
eve of the inauguration of the new system, Mr. Williams re- The man of the most ordinary mind must know that secret partnership
and the machinery of government is far more
peats the characterizations of large financial interests which between private capital
destructive to both than could be any assault of either on the other. An
have become the stock in trade of so many in the political open wound may be healed and a direct attack may be repelled; but hidden
rot in the vitals will kill the strongest living thing, and poison saps the
world.
sources and roots of life.
Mr. President and Members of the North Carolina Bankers' Association:
We were led unseeing from the concentration of financial power to the
About a week from now those of you who believe in the Mechlenburg
Declaration of Independence will celebrate it. Maybe some of those concentration of political by the aid offinancial power; from the interlocking
I
shall
and
to the interlocking of the interests and influence of the condirectorates
doubts,
not
to
undertake
either
will
have
who will celebrate
change those doubts to full faith, or to confirm them. The Government cealed controllers of money and the known leaders of political parties. We
nicipalities all earlier statutes, whether general or special,
except such as are applicable to all municipalities of the State
other than counties and school districts. There are but few
statutes in New Jersey which are applicable to all municipalities of the State other than counties and school districts,
and of these only a small proportion confer any borrowing
or bonding powers. Therefore, in any case where a municipality desires to borrow money and issue negotiable municipal bonds, and power to do so is not conferred by a statute of
the character last referred to, the municipality is apparently
wholly without power to dose unless such power can be said
to have been conferred by the Walsh Act itself.
But an inspection of the Walsh Act as amended by the
Hennessy Act reveals no express grant of power to borrow
money or to issue negotiable bonds. The courts have again
and again affirmed the rule that municipal corporations have
no powers except those which have been conferred upon
them by statute; that such statutes are to be strictly construed against the municipality in all cases of doubt; and that
by such statutes no powers are conferred except those granted
in express terms or by necessary implication. In applying
these principles to municipal corporations, the Supreme Court
of New Jersey has held that the power to borrow money
cannot be implied as necessarily incidental to the grant of
municipal franchises (37 N. J. L., 191); and the Supreme
Court of the United States has declared that express authority
to borrow does not involve the conclusion that the right to
issue negotiable bonds is intended to be conferred (144 U. S.,
173). Whether power to borrow money and issue bonds
can be implied from the Walsh Act as amended seems, therefore, to be extremely doubtful.
Without taking up or even mentioning all the arguments
pro and con which have been urged, or which might be urged,
with respect to the Hennessy Act, or attempting to solve in
advance the problems created by its provisions, it will suffice
to say that this statute has created very grave doubts as to
the power of municipalities which have adopted commission
government in New Jersey to borrow money, to issue negotiable bonds, or to do various other acts heretofore permitted
by their local charters or by other statutes now rendered inapplicable, and that these doubts cannot be solved until at
least one and perhaps many test suits have been brought,
and the whole matter thoroughly threshed out in the courts.
It has been suggested that the Hennessy Act is unconstitutional, and possibly it will be so held.
Test suits have already been commenced in the New Jersey courts; but until an authoritative decision has been
handed down, the question of what borrowing or bondissuing powers are possessed by those municipalities which
have adopted, or which may hereafter adopt, commission
government in New Jersey cannot be answered with any
degree of certainty.
MAY 16 1914.1
THE CHRONICLE
1501
lived beneath a potent despotism, we could not see a touch or quite underNo sudden swoop by a feudal magnate on his peaceful neighbors was a
stand, but which every man of us could realize and feel every day of his life. more cruel
or shameless plundering expedition than some of the transacWe could see things done; effects were before us plainly. But we could tions which
have been brought to light by which the shareholders of railnot know how nor by whom they were done, nor the processes by which the ways
and other great enterprises, established to build up the country and
effects were produced. We stood on a gathering volcano of unrest. Ob- to promote
the public interests, were despoiled. Their property and money
serving men could note the symptoms and threats, but were bewildered in were
taken from them by the might of masses of money working stealthseeking causes.
ily. The raids had none of the attractions of the picturesque or the merit
No sane or patriotic man or party or administration desires to seek of courage.
They were cold-blooded, relentless seizure of other men's
vengeance, or destroy, overthrow or uproot. All sane and patriotic men goods by
plots, treachery and betrayal of trusts which should have been held
will understand that the time has come to reconstruct, to rebuild on a sacred.
better and broader plan than we have used heretofore. We need to replace
Yet it would be foolish, unjust and wicked to hold New York as a communthe foundation, to discard the patch-work and false work on which we have ity, or her
leading citizens generally,among whom are men as high and honoperated. The strongest, surest, the deepest foundation possible for our orable
as any country contains, responsible for the misdeeds, treachery
financial structure is the confidence and assured safety and contentment of and
lawlessness of certain conspicuous offenders. Without doubt, the
the people who do the voting, with whom rests the final decision—the
overwhelming majority of the citizens of our great cities, as of our people
ultimate giant power which, blinded and strong, would pull away the pilgenerally, have viewed such violations of laws, legal and moral, with as
lars of the temple; which, seeing and working intelligently and hopefully, great
abhorrence as any of us, and have felt the blush of shame that such
will help,in our work of building, those of us who are trying to build.
crimes are possible in this enlightened age and under theform of Government
We have grown and prospered in spite of an imperfect, repressing and
which has also produced our long procession of heroes, patriots and statesperilous banking and currency system. We have grown as a vine sometimes
men.
forces its way through a crevice in a wall, our very growth inviting disaster
Every thinking and patriotic American must exult in New York's
and death, our wonderful vitality hastening catastrophe; because the more
splendid achievements,in the glories she has built, which have made her the
brilliant the flower and the more abundant the fruit the sooner must the
wonder and admiration of the world. The people of the South would
withering be when the roots are among stones and can gather no new life.
be
ungrateful if they forgot the generosity of her people when trouble
had come
Over fifty years of growth under the old banking Act has been forced by the
upon them from fire, earthquake and pestilence, and her purse has
been
generosity of the soil of a new land, by the unconquerable energy and resilopened wide to every appeal from any part of
the land.
iency of a virile and courageous people; yet it has been interrupted by perThe purpose should be to change the relation of New York to the country
iods of business depression and stagnation; our progress punctuated by
generally from an attitude of dominating ownership to friendly partnership.
panics, discreditable, appalling—to many ruinous. These have usually
Big as New York is, it is not big enough to direct the destinies of
this cons
come at intervals of about ten years, more or less, sometimes preceded by tinent. Fast
as it has grown, it has not grown so fast as the United Statelong months of sickening apprehension, sometimes foreseen by the far-seehas grown in wealth, capacity, population, thought and aspiration.
ing,sometimes bursting upon us with dreadful suddenness. The immediate
No one reservoir is wide or strong enough to hold and control the money
results, seen by all, have been crashing of banks and trusted commercial
supply for the inconceivably tremendous activities in which we are engaged,
houses, the wholesale stoppage of industries, the wiping away or cruel
for our endless variety of industries and enterprises, our different climates,
draining of the results of honest thrift, denial to willing and hungry labor
seasons and products, our requirements sometimes crowding and conflicting
of the opportunity to earn bread and shelter.
We believe one of the most valuable and beneficial effects of this new bank- with each other. No group of men at any centre, however broad in mental
ing bill will be to make such panics as we have had in the past virtually grasp or earnest in intent to seek the best results fcr all, can be entrusted
safely with the unlimited and unrestrained control and direction of the
impossible. When there is confidence there can be no panic.
The panic flowing and recall of supplies of currency for the needs of the present,
and
is, as its name signifies, fear, distrust. When the people know
that their the increasing needs that will come with the near future.
financial institutions are stable, that behind them stands
a Gibraltar of
In our political affairs we impose on those to whom we entrust authority
solid assets, that checks will be honored on presentation and
that their deposits are safe,there is no fear or doubt. It is a familiar maxim that a bank the most careful and elaborate restrictions. We draw lines beyond which
is like a woman's reputation, likely to be injured by the faintest whisper. no government or representative of government is permitted to step. We
When the banks have behind them substantially the combined strength have decreed that the humblest home shall not be invaded by State or
of all other banks and supplies of currency ready to answer to their needs, Federal officials, the smallest bit of property shall not be seized, the most
limited practically only by their valid values, malice cannot invent nor obscure man shall no be deprived of his liberty, without due process of law.
Yet we have permitted to grow up what is aptly called an "Invisible governcredulity or ignorance accept reports to hurt or drag them down.
ment," more powerful in many respects than the visible government,
Nor will their credit or their lives any longer be held at the mercy of any
touching our daily lives more intimately and immediately than any governso-called money trust. Help for their just needs will be theirs by right, by
ment can do, reaching into the vaults of our banks, the safes of our merrequirement of law; they can ask with high confidence of receiving aid, chants, the cupboards
of our housewives. On the power of this we haveset
instead of depending for it on the doubtful answer to their supplications. no limit.
We have left
They will not know, as many of them have known, the misery of begging without responsibility, it unrestrained. We have allowed it omnipotence
permitted its operations to be conducted too often
vainly for the use of their own money, held by reserve or central reserve without possibility
of appeal or redress.
banks, and of suffering impairment or disaster because of being denied reWe demand of a township constable, the pettiest officer of the law, that
turn of what they had intrusted for safe-keeping. A leading banker of
Seattle. Vice-President of the Clearing House, testified before the Reserve he give bond for faithful performance of his duties; that he shall oppress
Bank Organization Committee,sitting in thatcity,afew weeks ago,asfollows: no citizen, shall faithfully return the few dollars he may collect. Under
"Let us go !)ack," said he, "for a moment to the panic of 1907. If we our laws control of millions and billions of dollars, power to confiscate or
could have drawn our money in this district from Chicago, New York and destroy railway systems, great manufacturing industries, towns and cities
St. Louis, we would not have known that there was a panic in existence. are 'forced to the keeping of unknown men who give no security, are responsible to nobody, who remain undiscovered, and act frequently through
Conditions were all right out here, but our resources were simply
tied up acknowledged "dummies," until some accident,
some chance question by
and we were helpless."
an investigating Congressman or inquiry by a newspaper reporter. brings
Understand, it is not assumed, or promised, that this new law will
perform the functions of Divine Providence, shower blessings on 'everybody or them and their transactions into the light. Even then usually there is no
provision for recovery by the injured or for punishment of the wrongdoer.
establish universal prosperity. Nor will it bolster up
or Save banks im- no bond on which anybody can
sue.
providently, recklessly or corruptly managed. It is intended
to enable
Beneath his skin every American citizen of every station and avocation
banks honestly and sagaciously conducted to enjoy the legitimate
results and whatever party name he may wear, is a Democrat
in all the essentials
of their own integrity and sagacity. Its purpose is to enable the natural
and just laws of trade, beautiful, symmetrical and sane, when undisturbed and fundamentals. That is, he is attached passionately to the principles
of local self-government, of the widest individual liberty compatible with
—as is the law of gravitation—to work their results naturally and
smoothly.
It will provide no artificial stimulant or prop. It will remove artificial the general weal and order of society. This new currency measure is
democratic essentially. It looks to decentralization of direct financial conbarriers to prosperity, unnecessary burdens, perils and impediments.
It
can not provide immunity from such disasters as short crops, great fires or trol, to financial local self-government so far as is consistent with stability
earthquakes, or disorders at home or complications abroad. It will, we and the general safety; to a currency which will be worth its face valus
everywhere, which will be based on the actual values it purports to reprethink, restrain the effects of these within the limits of the unavoidable
and prevent them from being exaggerated and wantonly magnified in their sent, as well as the faith and credit of the general government, and which
yet will be elastic, expanding to meet needs where and when they develop,
effects.
It will save prudence and good faith from sharing the,punishment earned receding when not needed; a system fitted to meet any emergency, moving
smoothly
and noiselessly for the ordinary uses of business in tranquil times.
by imprudence and bad faith, perhaps a thousand miles away. It will
Too much money and too little money are alike evil and dangerous.
guard straight and open business against the evils brought by crooked and
crafty business. It will protect sturdy conservation and well-intended en- Opinions differ as to which is the worse. Probably one is as bad as the
terprise from violence, the cupidity and the mastery of dollars assembled other. The design of the new law is to supply just enough money,or credit,
and used for brigandage; establish barricades about capital properly em- when and where business needs it, to create for our commerce,as has been
ployed against what a distinguished traveler and expert has described as said, foundations so even, so broadly laid and so deeply planted that they
"predatory wealth." It is hoped and believed that this law will prevent the can not be shaken.
As it is, the country bleeds and sweatS to the big financial centres. Take
alternating money gluts and money famines daily reported in the newspapers, by providing supplies of money to flow automatically, responsive to the South as an instance—and the conditions with which you here in North
need. We can not see how it is possible with this law that we can undergo Carolina are familiar exist everywhere in the country. Most of our railway
systems are controlled, frequently through the trust known as the voting
again the dismal, man-killing, heart-racking conditions of
1907 and 1893
and other "panic years," when money could not be borrowed for any emer- trust—by men who are interested in the great banks in the three Central
Reserve cities. So it happens that the large deposits of the railways, their
gency or on any collateral or terms; or that it will hereafter be within
the
power of any group or confederation of financiers, however ravenous, cruel collections from the Southern people, as also from the Western people, are
on largely to those banks. The same is true of the telegraph and
sent
or crazed, to force a panic or conditions to cause one; for the money supply
may not hereafter be impounded, locked up or deviated from its channels; telephone companies, the life and fire insurance companies and of many
of the larger manufacturing enterprises. The merchants and manufacturers
but should rise irresistibly to the level of the necessity.
The history of commerce teaches us that the business man can provide of North Carolina pay their freight bills to the railways. The money goes
largely and promptly to New York, and is lent out and used there in stock
against every danger that may come in the natural course of things.
He
is overwhelmed by manufactured explosions or insidious attacks coming market operations, or as the directors of the banks, who are also often the
directors of the roads and other corporations, may elect. Of course there
suddenly from rear or flank. We are told that for every
disease, loss or is no law which provides for the carrying of the reserves and bank
balances
pain nature inflicts,she provides a remedy; that for every sorrow and
trouble of railways and industrial corporations in the Central Reserve cities where
permitted by Divine Providence to come upon the sons of men,
there is al- the national banks of the country have also been accustomed to keep their
leviation. It remained for the rapacious ingenuity or blundering blindness
reserves.
of man, or the two in diabolic combination, to devise hurts
for which there
When North Carolina needs money to move the cotton crop,her banks
is no relief but comprehensive changes of systems and machinery.
must
call on New York for money which should be in their own vaults, for
New York has become the commercial capital of the country, the great
the return of money paid in here in freight bills, insurance premiums and
citadel of the money power,the reservoir of money supply. It is the walled
otherwise,
and your banks sometimes think themselves lucky if they can
city from which the barons have levied tribute on a territory and popula- be allowed
the use of any part of it. Let us illustrate more concisely: In
tion vaster than any lord or king of the Middle Ages dreamed of, yet someFebruary last the national banks of New York and Chicago held on deposit
times using methods ruthless and savage as those of the fiercest of the robfrom the banks and trust companies throughout the United States more
ber nobles—forays and levies devastating by scientific, artful methods,
than a thousand million dollars—an amount equal to nearly one-third of
pillaging under form of law, smiting with swords which bite deep although
the total money in circulation in the entire country. No wonder you and
we cannot see them, consuming with fire which comes invisible and unsusthe financial business men of the country shook with violent ague whenever
pected. The simile seems strong, but it is justified by facts.
New York chose to show indications of having cold feet. Of this thousand
1502
THE CHRONICLE
(Vol,. wpm.
corspondent in Richmond. This correspondent sends the check to its own
million dollars placed with the New York and Chicago national banks by
in Columbia, who makes the collection from the Columbia
respondent
eighty-five
than
less
country,
the
throughout
the banks and trust companies
which
trust bank and then draws a check on New York for New York exchange,
million in January last was being loaned back to the banks and
Bluethe it remits to Richmond. The Richmond bank thereupon notifies the
companies of the United States. Of the balance of the money sent to
exchange
and
was field bank of the collection of the item. The collection
national banks of New York and Chicago, about two hundred millions
h to
one-tent
from
to
country
banks
amount
distant
usually
been charges on
invested in bonds and securities; about three hundred millions had
who one-fourth of 1%, or possibly more, and probably a week or more elapses
loaned to non-customers of these banks—that is to say, to borrowers
by between the remittance of the South Carolina check to the Bluefield bank
kept no accounts with them, on "bought-paper," and loans secured
to and the time when the Bluefield bank gets its report that the item has been
stock-exchange and other collateral; this is, of course, in addition
customers collected and placed to its credit in Richmond.
own
their
lending
were
banks
the
which
hundred
millions
veral
Under the new Currency Act "every Federal reserve bank shall receive
on stock-exchange and other similar securities.
national on deposit at par from member banks * * * checks and drafts drawn
These deposits of one thousand million dollars placed with the
are ex- upon any of its depositors." That means that the Bluefield bank receiving
banks of New York and Chicago by other banks and trust companies
by the the check or the Columbia, S. C., bank mails it to the Federal reserve bank
clusive, it should be observed,of the huge balances sent on to them
largely in at Richmond. The Federal reserve bank at Richmond thereupon charges
trusts and great corporations located everywhere, but controlled
quoted testi- the Columbia bank with the amount of the check, credits the Bluefield
the big cities. As you know,and as the Seattle banker I have
crippled be- bank with the proceeds and notifies the two banks accordingly.
or
frightened
were
banks
your
when
times
been
• fled, there have
The Federal Reserve Act also provides that each Federal reserve bank
your reserves the
cause you could not get back from the banks which carried
shall receive at par, and credit accordingly, all checks and drafts drawn
you.
money you had entrusted to them, at 2% interest, to keep for
other Federal reserve bank;
money upon any of its member banks from every
It is not hard to see how centralization of financial resources and
at
the invisi- that all checks and drafts drawn by any depositor—th is to say, by any
supply and concentration offinancial power has been forced, and
member bank—or any Federal reserve bank shall be received and creditedble and irresponsible despotism created, by acts of Congress and policies
This
means
bank.
that the checks
reserve
at par by every other Federal
of government made necessary by those acts.
of the member banks in the country towns throughout these five States are
deand
disintegration
force
to
violence
use
to
propose
not
do
Now, we
for exchange or collection
worth their full face value, without deduction
centralization, to do anything with a jolt and a jerk. It is understood
the amount of each check
charges, to every other member bank, and that
the devious and
clearly that to rush headlong and at full speed over an evil or an obstacle
following
without
immediately,
par
at
cashed
be
may
passengers.
for
bad
e
and
uncomfortabl
jarring,
or
may cause derailment
collection of checks. Virtually
roundabout courses now observed in the
to
on,
to
decentralizati
it,
invite
is
understand
I
as
plan,
or
thought,
from Richmond,
distant
The
bank in the Fifth District is only one night
encourage it, to give opportunity for it, to make local self-government every
in the most distant portions of the Disafternoon
one
mailed
check
a
and
money
the
to
few
a
centres
draw
possible, to remove the influences which
in time to be included in
trict should reach Richmond the following day
that is paid out to the corporations and deposited in the local banks.
day's operations of the Federal reserve bank.
Real science is the exploration of the secrets and hidden forces of nature that
law: Under the old
Let us now consider another aspect of the now
and intelligent application of them when they have been discovered. This
bank with a capital of, say, $200,000; denational
a
Act,
Bank
National
principle
that
on
care
and
new system has been drawn with infinite pains
to $1,200,000, and
posits of, say, $1,500,000; bills receivable amounting
—the exploration, discovery and application of the natural laws of trade
a total of $200,000,
reserve, would only be permitted to borrow
and human nature—the conditions in our own country and our relations 3300,000
a bank the amount
such
on
the amount of its capital. If a run should start
with other countries.
old law, would be but
could raise by loans, if strictly held to the
it
which
leave
be
to
would
it
as
impossible
as
is
banking
free
Of course, absolutely
quite inadequate to
the amount of its capital, which might be
to each individual the regulation of his own conduct according to his own $200,000,
might be forced to
a run, and the bank, though thoroughly solvent,
impulses or conclusions. You would realize this more clearly than you do meet
suspend.
would
You
office.
Comptroller's
the
if you could be behind the scenes in
capital and deUnder the new law, however, if a bank with $200,000
learn that the banking business is one of the safest as well as one of the most
its customers on
of $1,500,000 should have loaned $1,200,000 to
worthy in the world when conducted with close compliance to the laws posits
in addition to
run,
paper and should encounter an unexpected
and regulations, and the demands of honesty. Defalcations, excessive commercial
the amount of its capital, such a bank would have
$200,000,
borrowing
three
the
are
allied
or
interests
to
single
credits
of
loans and concentration
which it is a memauthority to re-discount with the Federal reserve bank of
most fatal maladies.
drafts and bills of exchange issued or drawn for agricultural,
It would do no harm if every President of a national bank would read ber notes,
days to run,
ninety
than
or commercial purposes having not more
over and study his oath of office at least once a month. I venture the asser- industrial
Federal reserve
reasonable extent which may be approved by the
any
to
not
know
course—do
of
excepted,
company
t
them—presen
of
tion that some
made. In other
to which application for such re-discounts may be
what they have sworn to do and not to do. On one occasion a member of bank
illustration should
words, if such a national bank as we have used in this
which it is reCongress, now past history, complained personally to a Comptroller of the
15%
the
have loaned the entire amount of its deposits, less
Currency of criticism of exceessive loans made by the bank of which he was
commercial paper,
quired to keep as reserve, to its customers on acceptable
be
not
should
sworn
had
he
limit
legal
the
beyond
far
ans
President—lo
the Federal
for any unexpected reason should be subjected to a run,
exceeded. He did not understand really his obligations and legal limitations. and
to re-discount for the
authority
the
have
would
its
district
of
bank
reserve
of
the
Compobservation
Another bank in the West that came under the
by
bank the entire amount of its bills receivable, as represented
troller's Office had a board of directors composed of the President, his member
commercial paper, thus enabling the bank to pay its depositors immediwife, son, daughter and son-in-law, and reported that directors' meetings its
full.
were held each morning at the breakfast table. Rather different was ately and in
which this
We cannot over-estimate the value of the additional security
another bank in which the Cashier and President refused to call a meeting
of the Act confers upon every honestly, capably managed member
of the directors until emphatically required by the examiner to do so. provision
and the relief from strain and anxiety and from the fear and appreThe directors appeared, rejoicing, and it was discovered that by a by-law bank,
of
panics and unreasoning runs which it gives to the officers
they were entitled to $10 each for every meeting attended. The directors hension of
bank.
member
every
was
the
President
at
but
not
soon;
again
call
to
examiner
urged the bank
Act is
Another important change provided for by the Federal Reserve
all hospitable.
for the compensation of national bank examiners.
I have taken advantage of the privilege of being the only speaker to talk the new arrangement
is
examiners
law the compensation of national bank
to you at some length. It is an unusual and happy experience to have no Under the present
reserve cities on the capital stock of the bank examined.
competition or limitation in oratory, with the knowledge that I shall escape based except as to
of this law a national bank examiner has been rethe criticism by taking an early train for Washington. It is delightful for Under the operations
examination of a certain national bank in the Fifth District,
a speaker to have an audience at his mercy—makes him feel quite like a ceiving for the
of assets and many thousands of accounts, the muNew York financial potentate. Now I will detain you just a little longer with over $9,000,000
is, of course, clear that an examiner could make
to tell you certain details of the practical operation of the new law which nificent sum of $25. It
only an imperfect examination of such a bank in the space of three days,
may be of special interest to you.
per day, out of which $8 allowance he has to
The law does not require a single business man to change his account from at a compensation of say $8hotel expenses, as well as clerical assistance.
fare,
the bank with which he has kept it, or any business man or bank to suspend pay his own railroad
that but few examiners would willingly spend the ten •
dealings with the bank cr banks in the central reserve or reserve cities with It is not unnatural
it might require to make a thorough examination
which they have in the past been doing business. It does offer to banks days to two weeks which running personally in debt in doing so.
freedom of choice. It says to the banker that he can follow his prefer- of such a bank when he is
Reserve Board, upon the recomUnder the new currency law the Federal
ences, sentiments or habit in selecting the source of his borrowing; and
of the Currency, is given authority to fix
the member banker ofany Federal reserve district may feel free and peace- mendation of the Comptroller
examiners on the basis of annual salary, so that
ful and at ease when he knows that he has in his portfolio notes, drafts and the compensation of bank
additional time and attention from the examiner
bills of exchange arising out of actual commercial transactions which he those banks which need
scrutiny which the case may call for. • It is
can convert Into money at his Federal reserve bank with greater ease and may receive the careful, close
bank examinations will reduce materially
promptness than it has sometimes been possible for him to withdraw his believed that the new system of
and enable the Department to check up
failures
is
of
as
bank
as
ease
much
number
with
the
almost
and
agents,
reserve
his
from
cash balances
evil situations which in the past have been
has ever been possible to draw on credit balances with any correspondent. many abuses and correct many
examiners in their hasty and incomplete investHe is not dependent on the whims or fortunes of any other bank. He need ignored or glossed over by
not shiver at the prospect of abundant crops for fear he may not have avail- igations.
to address you. ApproachI thank you, gentlemen,for the opportunity
able the funds with which to meet demands for moving them. He will
revolutionary measure with the caution
know that if he needs money to accommodate the bank's customers he can, ing the study of this new and
under the system with which we
natural to every man trained in banking
as a matter of right, call on his Federal reserve bank.
more thoroughly aroused to its merits and
become
I
have
wisup,
and
grown
have
foresight
with
admirable
met
summer
last
McAdoo
Secretary
watched the methods of construction,
dom the annual crop-moving scare by putting the resources of the Federal more deeply impressed as I have
have considered the underlying principles
Treasury at the service of the farmers and bankers of the country,just when the processes of growth, and
work. Here in North Carolina the records
there were evidences of a purpose to make money scarce and high and to directing those who did the
and you have special interest in changes
bring on trouble. The'country is under endless obligations for that, but show magnificent natural progress
and expansion.
we cannot depend on having always in command of the Treasury Depart- which will encourage your growth
in the glories won on battleIn the triumphs of peace and industry,as
ment a man so courageous, so ready, so careful of the public needs, and so
all classes of your people have
fields and in the domain of statesmanship,
careless of the wishes of a selfish money power.
making
in
the name of your State
united
Among other benefits, the new currency law, by its direct system of dealt done full and honorable parts, have
roll of the States, in building and mainances,will release and make available for purposes of trade and commerce stand high and shine bright in the
You are living true to your record,
hundreds of millions of dollars, which, under the old system, have been tied taining this mighty Republic of ours.
two of its ablest and most useful members,
up in tedious processes of collection. It will also save to banks and to have furnished to the Cabinet
North Carolinians, tireless, faithful and courageous, the strong supporters
merchants and business men generally some millions of dollars which they of
huge responsibilities.
your
are now paying, directly and indirectly, for the collection of country
I invoke your aid to promote the success of this now system in which
It is a system designed
calling gives you special interest and opportunity.
checks and checks on outside cities.
and
of
resources
ever
blessings
increasing
and
To refer more particularly to your own district, the Fifth, I will try to to distribute the I3enefits
wealth equitably among your people of all stations who have done so well
explain to you how the new method will work in transactions of domestic their respective parts towards creating your greatness. I believe this new
patient
exchange.
system for which we are indebted, in a great measure, to the
scholar and statesman chosen to
In this District, embracing the States of North and South Carolina, guidance and masterly leadership of the now
to our
assurance
strength,
new
scope,
new
bring
Virginia, West Virginia (except the panhandle), the District of Columbia the Presidency, will
and all the
entire commercial system, and for your State and my State,
and Maryland, there are some 475 member banks.
as a whole,mean deliverance from dangers that beset
the
people
and
States,
A cotton mill at Columbia. S. 0., under the old plan sends its check on us, and a new career of advancement'based on the solid foundation of real
its Columbia bank for a shipment of coal to the coal company at Blue- substance, honesty, justice and democracy in its hignest meaning and
field, W. Va. The local bank at Bluefield forwards this check to its corre- purpose.
MAY 16 1914.i
THE CHRONICLE
THE LATEST TRADE AND TRUST PROPOSALS IN
CONGRESS.
The deliberations of Congress during the remainder of the
present session are limited to the three pending anti-trust
bills and the regular appropriation bills, under the program
endorsed at the Democratic caucus of the House on Tuesday.
The failure of the caucus to include rural credits legislation
as part of its program was due, it is said, to the action of the
President in rescinding, at the last moment, his orders for its
enactment in view of the fact that the rural credits bill,
drafted by a sub-committee of the Banking and Currency
committees of the House and Senate (and made public on
Tuesday) did not meet his views on the subject. The
caucus decision to eliminate rural credits and cotton futures
legislation was not accepted without an effort on the part
of some of the members to incorporate both these features in
the party program. Representative Ragsdale was one of
those who strongly protested against the dropping of the rural
credits, and he declared that the President, in consenting
to its abandonment, had broken faith with the farmers.
Despite its elimination from the program, the Democrats
of the joint sub-committee which drew up the rural credits
bill, voted on Wednesday unanimously to report the measure
to the full committees. Further referenoe to the bill is
made below. The three anti-trust bills which, under the
caucus resolution, are to receive the exclusive attention of
Congress, are the Covington Inter-State Trade Commission
Bill (printed in our issue of April 18); the Clayton omnibus
anti-trust bill (given on page 1430 of the "Chronicle" of last
Saturday) and the Rayburn bill, providing for the Federal
control of railroad stock and bond issues, which we gave in
last week's issue on page 1432. Opposition to the trust proposals has been registered in various quarters during the
week. The Philadelphia Board of Trade, in a vigorous
memorial against the omnibus anti-trust bill, prepared on the
9th inst., says:
It is certain that the country must suffer unless the laws affecting business are framed with scientific accuracy to prohibit only the thing that
is wrong without interfering with the convenient machinery of business or
limiting the initiative and effective energy of the people.
The terms of the measure, the memorial contends, "would
place every one doing business in the United States in
jeopardy of fine and imprisonment." In further indicating
the Board's strictures on the bill, the Philadelphia "Ledger"
says:
Holding that the omnibus bill makes it a crime to discriminate in price
between purchasers of commodities with the intent to injure a competitor,
the memorial contends that while no one would disagree with the general
moral purpose of the provision, the Act as drawn would do substantial
harm, as "there is such a thing as an effort to wantonly destroy the business
of a competitor by means other than those recognized as fair competition."
It goes on to say:
"Discriminations in price are essential to any freedom in trade. The
manufacturer or dealer in goods who has a large supply in the West with
a small demand, must be at liberty to sell in the West at•a lower price
than he would in the East if he had there a small supply and an active demand. He must sell at an advancing or declining scale of prices, and on
such market as may exist in different localities. Discrimination in price
per se is a part of the life of trade and contains no element of immorality.
The avowed purpose of the competition is to take the competitor's business
from him as he is attempting to take your business from you.
"It follows, therefore, that every person in a competitive business who
cuts prices in order to obtain the business formerly held by some other
competitor would come within the terms of the proposed Act. The Act
as drawn should not, therefore, be passed. It would place every one doing
business in the United States in jeopardy of fine and imprisonment.
"If we assume that there is such a thing as a wilful and malicious attempt
to injure or destroy the business of a competitor, outside the scope of legitimate competition, legislation should be directed against such practices."
Unwise and unnecessary, the protest designates the provision of the
omnibus bill which provides that no corporation engaged in commerce
shall acquire the stock of another corporation if such acquisition will lessen
competition. It says:
"The degree of competition which will work the best result for all cannot
be determined by legislation—it must be worked out by the slow process
of evolution. The great period of consolidation through which the country
has passed was due partly to the realization that unrestrained competition
was wasteful and uneconomic; partly because the world trade has grown
to a point where the countries which would lead must operate through larger
and more powerful units of business. The result has been, on the whole,
good. No one familiar with conditions at the beginning of the period of
consolidation and expansion would return to them. The law as it stands
prohibits consolidations which unduly restrain trade or create monopoly."
1503
spirit of co-operation as between the employer and the employee in determining the laws that shall govern their welfare.
Laws now pending,passed or proposed in Washington,are, many of them,
similar to State laws that have been tried, found wanting and relegated
to the ash heap. Men who have no fixed occupation are tinkering with
your business.
Views counter to those of Mr. Moore were expressed at the
same convention by City Statistician Edward James Cattell,
who, in characterizing the present business uncertainty as
nothing more serious than a "case of nerves," declared that
business men are needlessly fearful of new conditions imposed
by the modernizing of national legislation in accord with
the trend of social thought.
The New York Board of Trade and Transportation at its
meeting on Wednesday adopted a report of its executive
committee opposing the Senate bill (Newlands) providing for
an Inter-State Trade Commission, the report declaring that
the bill confers upon the Commission "such powers as might
be conceived to be directed against none but those guilty
of heinous and atrocious crimes; but here are directed
against citizens engaged peaceably in the pursuit of ordinary
legitimate businesses. They constitute an invasion of private, inalienable and inviolable rights, a usurpation of
power, contrary to sound principles of government and subversive of liberty."
The Rochester Chamber of Commerce, in passing on the
recommendations respecting the Inter-State Trade Commission Bill on which the Chamber of Commerce is seeking a
referendum vote (these recommendations were set out in the
"Chronicle" of April 18, page 1213), not only indicates its
unqualified disapproval of the bill, but describes the so-called
omnibus bill as "unnecessary, harassing and harmful to legitimate business"; its opinion is contained in the following
resolution:
Whereas, All men connected with business—employers, employees and
investors, and with them, the progress and prosperity of the entire country
—are suffering from undue interference on the part of Government;
Whereas, Industrial and mercantile enterprises, legitimate and beneficial
in their relation to all the people,are being prosecuted under a strained and
forced application of existing law, sufficient for the proper regulation of
business, if wisely and temperately administered;
Resolved, That the Rochester Chamber of Commerce, being opposed not
only to the Trade Commission Bill, but also to the so-called omnibus
Anti-Trust Bill, as unnecessary, harassing and harmful to legitimate business, refrains from voting on Referendum No. 7, except to protest vigorously against the recommendation of the special committee, that the bill
be enacted into law.
A number of railroad representatives pointed out some of
the harmful tendencies of the Senate Inter-State Trade
Commission Bill before the Senate Committee on Inter-State
Commerce on Monday last. The views of Judge Robert
S. Lovett, Chairman of the Board of the Union Pacific RR.,
as presented to the Committee, are printed quite fully in the
New York "Times," from which we take the following:
The enactment into law of this bill, in my opinion, would cause the greatest shock to railroad securities that has been felt in years. I came here
to represent the railroad executives. What I say is submitted with the
hope that it will help the Committee in its efforts to pass just legislation.
I recognize that there is a demand for some of the proposed legislation.
The railroad men wish to give their views as to the effect of the enactment
into law of the provisions of this measure.
I will take up the section that prohibits participation in inter-State
commerce of railroads and industrial corporations that compete for business
and have interlocking directors. I can see why the Government should
not allow common directors in industrial corporations that compete, for
they have secrets from the public. Railroads have no such secrets now, as
the Inter-State Commerce Commission has to give its permission to change
rates. Therefore, the railroads should be dealt with separately. Railroads and industrial corporations are fundamentally different.
Judge Lovett discussed in some detail the sections of the bill prohibiting
or limiting interlocking directorates, interlocking stock ownership and the
common control of two or more competing companies through a holding
company or agency. All these inhibitions apply to common carriers as
well as to industrials.
"If Congress is going to legislate on matters of this sort," said Judge Lovett, "that legislation ought to be direct, making unlawful such interlocking
relations, instead of merely barring a corporation that disobeys the bill's
recommendations from inter-State commerce. Directors are elected by
stockholders and corporations, and cannot always control these elections.
Laws ought not to be passed that will be inoperative. I find nothing in
this bill that makes the election of a director of one company who is a
director of a competing company unlawful. That is what the bill should
Congressman J. Hampton Moore, of Philadelphia, at the provide.
"If it is to be the policy of the Government to abolish interlocking direcconvention in that city on Tuesday of the National Associa- torates,
the law should be applied to individuals. If you would prohibit
tion of Hosiery and Underwear Manufacturers' had some- common directors, do it directly, and not in the way you propose here.
thing to say regarding the pressure felt by business through This bill ought to be changed so as to distinguish between independent and
subsidiary corporations. I believe that if this law you propose is to be
the enactment of needless legislation. On this point he said: retroactive all great railroad
systemS in this country will be disrupted,
It has been almost impossible for a manufacturer to lift up his head in and there will be the greatest shock to railroad securities ever known in the
the halls of Congress, for it somehow has been made a crime to be engaged history of the United States. In my opinion, Congress should let stand
in extensive industry. He is considered as grinding, grasping and monopo- the railroad systems that now comply with the provisions of
the Sherman
listic, and he receives scant consideration for the risk of his capital in enter- law and not make this bill retroactive. Leave alone what is now
not in
prise. Very few men under present conditions care to engage in industrial conflict with the Sherman law."
enterprise. We need a better understanding of the business of industry,
a better understanding between employer and employee, and less interAt Tuesday's hearings of the Senate Committee, S. G.
ference with those who are undertaking to do things. The worker has an
undoubted Interest in the success of the employer, and there ought to be a Gibboney, of counsel for Bertron, Griscom & Co.
of New
1504
THE CHRONICLE
York and Philadelphia, was one of those heard in opposition
to the bill. Mr. Gibboney declared that "if holding companies of public utilities should be held to be engaged in interState commerce, the effect might be to prevent such a company from acquiring or holding the controlling interest in
the gas and electric plants in a particular locality, even
though the State Commission permitted it."
A protest against the bill on behalf of the Investment
Bankers' Association of America was lodged with the Committee on Wednesday by Lawrence Chamberlain of Chicago.
According to the "Journal of Commerce," Mr. Chamberlain
criticised many of the provisions of the proposed legislation,
especially its provisions regarding interlocking directorates.
He stated that there are 350,000 corporations in the United
States now reported and that 95% of these corporations
would fall under some provision of the proposed law. It was
of the greatest importance to the commercial world, he said,
that no mistake should be made in framing such a law. He
pointed out that there were between 3,000 and 4,000 investment banks in the country, practically all of which are independent, buying the securities of the industrial and other
corporations which will be affected by the proposed bill.
He said there were not enough trained men in the investment
banks to serve on the boards of directors of all the great
corporations in whose stocks the investment banks were
dealing, should the prohibition against interlocking directorates be enacted into law.
of the mortgages which they have purchased with the endorsements of the local associations. The rate of interest
on the bonds will be fixed by the Federal Reserve Board,
which shall not exceed 5%. The land bank and the local
association making the loan will each get M of 1% per annum on the total outstanding unpaid amount of the mortgages
which they have placed. The land banks, besides having
authority to issue and sell bonds, would be empowered
to invest funds in first mortgages, to receive deposits from
associations and to acquire real estate under limitations.
The bill also provides that the Secretary of the Treasury, .
upon the recommendation of the Federal Reserve Board,
may purchase land bonds not exceeding $50,000,000 per
annum. The bill further provides for appraisal of land,
series of farm loan bonds, redemption of farm loan bonds,
relations between loan associations and land banks, special
reserve, general reserve and dividends of land banks, defaulted loans, general reserve and dividends of national farm
loan associations, exemption from taxation, use of postal
savings for purchase of farm loan bonds, and the examination
of the banks and associations.
Three reasons have been advanced by Representative
Glass, of the House Banking and Currency Committee, for
the shelving of rural credit legislation, and these, according
to the Baltimore "Sun," are:
A minority report on the Clayton anti-trust bill, filed on
Tuesday by Representatives Graham of Pennsylvania;
Danforth of New York, and Dyer of Missouri, of the House
Judiciary Committee, asks for a cessation of further legislation, saying:
"The anti-trust laws on the statute books at this time have been carefully
considered by the Supreme Court and judicially interpreted through a
period of twenty-four years, and if properly enforced are believed by us to
strip corporations and trusts of any pnwer to injure or oppress. No
possible good can come from constant interference with business. It is
our belief that business should have a rest from further legislation and be
given an opportunity to adjust itself to the environment created by existing
anti-trust laws as the same have been interpreted and are now being
administered. The proposed legislation contains many new phrases and
sets up new standards, all of which would require a period of years for interpretation by the courts before their full meaning may be definitely
known by the business world. It is very undesirable to bring about such
a period of uncertainty and doubt to worry and harass the business of the
country."
Two other minority reports on the Clayton bill were filed.
on Wednesday, one signed jointly by Representatives Nelson
of Wisconsin and Volstead of Minnesota, and the other
presented individually by Representative Morgan of Oklahoma. The Nelson and Volstead report, the "Times"
states, refers to the Clayton bill as "an assurance to big
business and a sop to public opinion," and adds:
"During the hearings no big trusts appeared to oppose the tentative
bills, nor has the introduction of this final draft created any uneasiness
or flurry in Wall Street. Like a Don Quixote, the committee sallied forth
valiantly to overthrow the Giant Monopoly, but, under the pressure
of political expediency, it turned aside to assail the windmills of little
business."
The rural credits bill, presented this week by Representative Bulkley, Chairman of the sub-committee of the House
Banking and Currency Committee, and Senator Hollis,
Chairman of the sub-committee of the Senate Banking and
Currency Committee, provides for the creation of farm loan
associations and Federal land banks. The bill, it is stated,
has not received the endorsement of the full committee of the
House, and is opposed by President Wilson because it would
call for Governmental aid in the operation of the land
banks, whereas it is understood he favors the creation of a
system operated by private capital under Government
supervision. Under the Bulkley-Hollis bill there would
be created farm loan associations with a capital of not less
than $10,000 each. These associations would be authorized
to loan to farmers for productive purposes, not to exceed
_$4,000 to any one borrower. They would not do any
other business and would not accept deposits. All loans
would be on the amortization plan for not less than five or
more than thirty years, the borrower to have the option
to pay up either in whole or in part on any interest day
after five years. These associations would sell the mortgage with their endorsements to an amount not exceeding
twenty times the capital and surplus of their respective
associations to the Federal land banks of their respective
districts. Twelve Federal land banks are to be established,
the districts to be substantially the same as the Federal reserve districts. These land banks will be capitalized at
not less than $500,000 each. They will issue bonds on
approval of the Federal Reserve Board based on the security
(VOL. XCVII1
First. The rural credits sub-committee of the Banking and Currency
Committee has not been able to agree on a bill. It would require at
least six weeks for them to prepare a measure which will be acceptable
to the Administration. This would keep Congress in Washington until
late in the fall.
Second. The new Federal Reserve Act provides far more banking
assistance to farmers than is generally supposed. Under it national banks
may make loans on improved and unencumbered farm land for five-year
periods, the amount of the loans being limited to one-half the value of the
lands. The amount of these loans, under the provisions of the Act, is
estimated to be around $500,000,000. The Act also provides almost
unlimited credit to farmers for crop-movement purposes.
Third. By the delay of rural credits until next winter, farmers and
others interested in this financial reform legislation will have had six
months' time to study the Bulkley and other bills, and to determine
whether or not they meet their financial requirements in conjunction with
the farm-loan credits provisions of the Federal Reserve Act.
The President, it is stated, is especially anxious that the
Rural Credit Act should extend credit to the tenant farmer.
Under the Bulkley bill land-owners only would be able to get
credit.
THE COLORADO MINING TROUBLES.
The Denver Chamber of Commerce has issued a statement taking occasion to set forth the true conditions growing
out of the Denver coal strike, which, according to the Chamber, have been grossly misrepresented by some Denver papers. We quote its statement below:
DENVER CHAMBER OF COMMERCE.
Denver, Colo., May 8th 1914.
To the Public:
conditions
arising out of the coal strike in Colorado have
The deplorable
necessitated the calling of Federal troops to the assistance of the Governor
and local authorities, and have attracted the attention of the whole country.
Certain newspapers of Denver, the capital of the State, have grossly
misrepresented the actual facts. They have published accounts of the
so-called battles in the coal fields and sent them broadcast over the country.
In these accounts they have charged the State militia with massacring
women and children, and by their lurid statements have incited ignorant
men to commit acts of lawlessness in attacking coal mines and the defenders
thereof, including the State Militia, which attacks have resulted in great
destruction of life and property.
In truth and in fact the State militia have killed no women or children
and none have been killed by any person or persons. Two women and
eleven children were found dead from suffocation in a cellar under a tent,
where they had gone without the knowledge of the militia. Others were
discovered by the State militia in similar places and were rescued by them
at great risks to themselves. One boy of twelve.was shot in one of the
fights, but by whom and under what circumstances is not yet known.
Because of this situation this Chamber deems it to be its duty to enter its
vigorous protest against the misrepresentations and Incitements to violence
which have gone out from newspapers of this city, and to support the
Governor and the authorities, State and national, in the enforcement
of law and order. While some things may have been done by individuals
which are not to be defended, which is always the case when industrial contests reach an acute stage, this Chamber asks the affiliated organizations
to urge their members and through them the people of the country to
reserve their judgment and give full credit to the Governor and all those
acting under him, including the State militia, for an honest purpose and
effort to maintain law and order and the protection of life and property in
this State under peculiarly trying circumstances.
BOARD OF DIRECTORS
The Denver Chamber of Commerce,
By Thomas B. Stearns, President.
The compulsory disarmament of all persons in the Colorado
strike district was begun on May 13,following the issuance of
a proclamation on the 11th inst. by Col. Lockett, under authority of the President, fixing 5 o'clock of that day as the
time limit for the voluntary surrender of arms. Under that
date Col. Lockett reported'to the War Department that there
had been surrendered 2,678 firearms to the military authorities in the Trinidad district; the arms were turned in as follows: From strikers, 552; operators, 745; other citizens
MAY 16 19144
THE CHRONICLE
1505
1,381, and 6,000 rounds of ammunition. He also reported
that 300 rifles and 60,000 rounds of ammunition were taken
from the railroads in transit, with the consent of the strikers
to whom they were consigned. Reports that the importation of strikebreakers in the Colorado strike zone would be
forbidden were denied on Monday last by Secretary of War
Garrison, who stated that it was the intention to defer the
opening of the mines where operations had been suspended
until conditions warranted' their reopening, irrespective of
whether strikebreakers were imported or whether the labor
was on the ground. On the 14th, inst., however, following
the interference with twenty-five miners imported by the
Oakdale Coal Co. to work in the Oakdale mine, near
Laredo, and five men held at Primero, it was announced at
Trinidad that, unless further orders were received from Washington, the attitude of the army toward the employment of
miners would be as follows:
Iowa—First National Bank. Sioux City.
Michigan—First & Old Detroit National Bank, Detroit.
Wisconsin—Wisconsin National Bank, Milwaukee.
DISTRICT NO. 8—FEDERAL RESERVE BANK
OF ST. LOUIS.
Arkansas—German National Bank, Little Rock.
Illinois—Ayres National Bank, Jacksonville.
Indiana—Secorid National Bank, New Albany.
Kentucky—National Bank of Kentucky, Louisville.
Tennessee—First National Bank, Memphis.
DISTRICT NO.9—FEDERAL RESERVE BANK
OF MINNEAPOLIS.
Minnesota—Capital National Bank, St. Paul.
Montana—Merchants' National Bank, Billings.
North Dakota—First National
Bank, Grand Forks.
South Dakota—First National
Bank, Lead.
Wisconsin—Commercial National Bank, Oshkosh.
DISTRICT NO.10—FEDERAL RESERV
E BANK OF KANSAS CITY.
Colorado—Denver National Bank, Denver.
Nebraska—Central National Bank, Lincoln;
United States National Bank
Omaha.
Oklahoma—First National Bank,
Muskogee.
Wyoming—Rawlins National Bank,
DISTRICT NO. 11—FEDERAL Rawlins.
RESERVE BANK OF DALLAS.
Louisiana—First National Bank,
Men brought into the district by the coal companie
Shreveport.
s will not be allowed Oklahoma—Durant National Bank,
Durant,
to work in the mines.
Texas—First National Bank, El Paso.
Men who come voluntarily seeking employment will
be permitted to work. Union National Bank, Houston.
Skilled workmen whose services are needed to prevent
the deterioration Frost National Bank, San Antonio.
of property will be permitted to go from one to another
mine owned by the
DISTRICT NO. 12—FEDERAL RESERV
same corporation.
E BANK OF SAN FRANCISCO.
None of the men referred to above were arrested or de- Arizona—
Phoenix National Bank, Phoenix.
ported, the officers merely preventing them from going to California—First National Bank, San
Francisco.
Oregon—First National Bank, Portland.
work.
Utah—Des
National
eret
Bank,
Salt
Lake
City.
At Boulder on the 14th inst. indictments charging murder Washington—Natio
nal Bank of Commerce, Seattle.
in the first degree
were returned by the grand jury against
In furnishing the above list, the Committee issued with it
William T. Hickey, Secretary of the Colorado State Federathe
following statement:
tion of Labor; John O'Connor, President of the Louisville,
The execution of this certificate will practically complete
the incorporaCol., local union of the United Mine Workers of America, tion of each Federal
reserve bank, and, when filed with the Comptroller
of
and Jerry Carter and Joe Potestio, union leaders. Indict- the Currency,the election of Directors may be immediately proceeded
with.
The board of each bank will consist of nine directors.
Six of these are
ment charging conspiracy to murder were also returned elected by ballot
by the subscribing banks and three are appointed by the
against Edward L. Doyle, Treasurer of District No. 15, Federal Reserve Board.
When this board has been organized, the CompUnited Mine Workers of America; John R. Lawson, Interna- troller of the Currency will issue his certificate or charter authorizing the
reserve banks to begin business.
tional Board Member of the American Federation of Labor, Federal
In order to expedite the incorporation and organizati
on of the several
and forty-eight others, including the four men named in the Federal reserve banks, the Secretary
of the committee has telegraphed each
indictments, charging first decree murder. The action of the bank designated, asking that a special meeting be called at once for the
purpose of passing a resolution authorizing its officers
to execute the
grand jury followed the return on the 13th of 14 true bills organizat
ion certificates. Arrangements have been made
with each of
against strikers and sympathizers alleged to have been active the designated banks to have their representa
tives meet in the office of
the President of the Clearing House Association of each Federal
in the attack April 28 on the Hecla mine, near Louisville.
reserve
city as soon as the resolution mailed to each bank has been passed
by
its
Board of Directors.
In the meantime the certificate of organization has been prepared
by the
committee for each Federal reserve bank and will be mailed
at once to the
President of the Clearing House Association in each Federal
reserve city,
to be held by him until the representatives of the designated
banks can
be convened. In the districts in the East and Middle West
the certificates
will, therefore, prbbably be executed and returned to the committe
e to be
filed with the Comptroller by May 16 or 17, and the
Western districts
should be received very shortly thereafter.
By the enci of the month it is hoped that the committee
will receive nominations for Class A and Class D directors and the
names of the district
reserve electors elected by the subscribing banks, so that
the vote may
be taken early in June. Forms for use in reporting election of
district
reserve electors and the nominating of candidates will be mailed
to the
several banks as soon as the organization certificates have been
received
and filed. Every effort is being made by the Committee to expedite this
election, so that the Board of Directors of each Federal reserve bank
may
be organized in ample time to elect officers, select employees and banking
quarters, and to place the banks in actual operation by August 1.
THE FEDERAL RESERVE DISTRICTS.
It became known definitely yesterday that H. A. Wheeler
of Chicago had declined appointment as a member of the
Federal Reserve Board. It had been rumored during the
past week that it was unlikely that he would accept the
post. The President thus has two places to fill on the Board,
Richard Olney having indicated last week his inability, because of other interests, to serve as Governor.
In announcing last Monday the names of the five institutions in each of the Federal Reserve Districts which
have
been selected to execute the certificates of incorporation
of
the twelve Federal reserve banks, the Federal Reserve Bank
Organization Committee stated that every effort is being
made to expedite the preliminary proceedings with a view
to placing the banks in actual operation by Aug. 1. The
Meetings of members of the three groups in the New York
Committee announces the following as the banks chosen Federal Reserve
District are to be held in New York next
to sign the organization certificates:
week at the Clearing House for the purpose of proceeding
DISTRICT NO. 1—FEDERAL RESERVE BANK OF BOSTON
.
with the nomination of the directors of Classes A and B.
Connecticut—First National Bank, Bridgeport.
Maine—Casco National Bank,Portland.
The conferences have been called by Albert H. Wiggin,
Massachusetts—National Shawmut Bank, Boston.
President of the Chase National Bank and Chairman of the
New Hampshire—First National Bank, Concord.
Clearing House Committee. As indicated in the table of
Rhode Island—National Bank of Commerce, Providenc
e.
DISTRICT NO. 2—FEDERAL RESERVE DANK
the Federal Organization Committee, printed in our issue of
OF NEW YORK.
New York—Irving National Bank, New York; National Park
Bank,
York; National Commercial Bank, Albany; Marine National New last Saturday, Group 1 of the New York District will comBank,
Buffalo; First National Bank, Syracuse.
prise 160 banks, having aggregate capital and surplus of
DISTRICT NO.3—FEDERAL RESERVE BANK OF
PHILADELPHIA. $190,000 or more; Group 2, 159 banks having aggregate
Delaware—Union National Bank, Wilmington.
New Jersey—First National Bank, Jersey City; Essex County National capital and surplus of less than $190,000, but more than
$70,000, and Group 3, 159 banks having aggregate capital
Bank, Newark.
Pennsylvania—Philadelphia National Bank,
Philadelphia; Bank of North and surplus of less than $70,000. The meeting of Group
1
America, Philadelphia.
is fixed for Tuesday next, the 19th inst., at 11 a. m.; that of
DISTRICT NO. 4—FEDERAL RESERVE BANK OF CLEVEL
AND.
Kentucky—Phoenix & Third National Dank, Lexington
Group 2 for Friday the 22nd at 11 a. m. and Group 3 for
.
Ohio—First National Bank, Cincinnati; First National Bank,
Cleveland .Friday afternoon at 2 P. m. The letters sent out to the
New First National Bank, Columbus.
members of the three groups are similar, and that addressed
Pennsylvania—Bank of Pittsburgh, N. A., Pittsburg
h.
DISTRICT NO. 5—FEDERAL RESERVE BANK
OF RICHMOND. to those in Group 2 is shown herewith:
Maryland—Merchan
ts'& Mechanics' National Bank, Baltimore.
North Carolina—Murchison National Bank, Wilmington.
South Carolina—Palmetto National Bank, Columbia.
Virginia—First National Bank, Roanoke.
West Virginia—Citizens National Bank, Charleston.
DISTRICT NO. 6—FEDERAL RESERVE BANK OF ATLANT
A.
Alabama—First National Bank, Montgomery.
Florida—Exchange National Bank, Tampa.
Louisiana—Hibernia National Bank, New Orleans.
Mississippi—First National Bank, Jackson.
Tennessee—First National Bank, Chattanooga.
DISTRICT NO. 7—FEDERAL RESERVE BANK OF CHICAG
O.
Illinois—Continental & Commercial National Bank, Chicago.
Indiana—National City Bank of Indianapolis, Ind.
Gentlemen—The organization of the Federal reserve bank of
this district
Is nearly completed, so far as the Government is
and presently
the individual banks will be called upon to performconcerned
the parti devolved upon
them by statute—the election of a director representi
ng
the
banking
ests, and also a director representing the commercial, agricultural or interother
industrial interests of the district.
In order that there may be intelligent and concerted action, it is deemed
desirable that a preliminary conference be held.
We suggest a meeting of the members of each group of this Federal
reserve district in order that each and every bank may
given a voice in
the proceedings and harmony and unity of action bebe
We are
arranging for a meeting of the members of group 1 onsecured.
May 19 and for
groups 2 and 3 on May 22. We invite you to attend a meeting
of this Federal reserve district at the Clearing House,in this city of group 2
on Friday,
May 22, at 11 a. m.for the purpose of a general discussion, interchan
ge of
views and the adoption of a proper course of procedure
We very much
hope that some one representing your good institution .
will
be
present
on
this occasion.
1506
THE CHRONICLE
Representatives of the five banks in this State which have
been designated to execute the certificates of incorporation
for the New York Federal Reserve Bank will meet at the
Clearing House at 2 p. m. on Monday to execute the certificate.
xevin.
analysis. Group No. 2 as outlined would be represented by 319 banks
having capital of less than $120,000 and more than $55,000. In this district there are only 71 banks having a capital of less than $100,000 and more
than $55,000. This added to the 190 banks with $100,000 capitalization
would make 261 banks for Group No. 2 as outlined. This would leave a
grand total of 550 banks, not 319, having a capital of less than $55,000 for
classification into Group No. 3. The trouble seems to be that the Organization Committee in its analysis simply divided the 957 eligible banks by
three and performed the same arithmetical division as regards the capital
of the banks. The Organization Committee's classification is incorrect.
In addition to Charles J. Rhoads, Vice-President and
Treasurer of the Girard Trust Co., and Alba B. Johnson,
President of the Baldwin Locomotive Works, the members
The Oklahoma State Press Association, at a meeting in
of the Philadelphia Clearing-House Association have nomi- Ardmore, Okla., on the 9th inst., placed itself on record as
nated as the third director of the Federal Reserve Bank of favoring the inclusion of all of Oklahoma in one regional
Philadelphia Joseph Moore Jr., President of the Clearing- district, with headquarters at Kansas City.
House Association and President of the National Bank of
Northern Liberties.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
Only three shares of bank stock were sold at the Stock
• A statement made by George M. La Monte, New Jersey
none at auction. There were no
Commissioner of Banking and Insurance, at the convention Exchange this week, and
stocks.
company
trust
in
transactions
the
to
as
Bankers'
Jersey
Association
last week of the New
Last previous sale.
High. Close.
Low.
York.
DANK—New
Shares.
possibility of five national banks in Jersey changing to the 3 Commerce,Nat. Bank of
April 1914— 169
169
169
169
State system because of their dissatisfaction in being allied
with the Philadelphia Federal Reserve District, is said to
Upholding the right of the United States to exempt coasthave brought to light the fact that the First National Bank, wise shipping from the payment of tolls in the Panama
the Third National Bank and the Hudson County National, Canal, Philander C. Knox, Secretary of State in President
all of Jersey City, are three of the institutions which have Taft's Cabinet, in a statement made public on the 10th inst.
made inquiries concerning the adoption of State charters. asserts that in the discussion of the question too much conEdward I. Edwards, State Comptroller and Cashier of the sideration has been given to "treaties, correspondence,
First National of New Jersey, who was interrogated as to documents, opinions, beliefs and imaginings that are wholly
the plans of his institution, is quoted in the Newark "News" foreign to the simple issue involved." "This issue," says
as saying:
Mr. Knox, "arises out of one tremendous fact, and one
We had hoped nothing would be said in the newspapers about this move
affecting that fact. The fact is our Canal at
for the present, but since some of the facts have been given out I can see brief treaty
no reason why the truth should not be known. Speaking as a representa- Panama and the treaty is the one negotiated in 1901 by
tive of the First National. I asked Commissioner La Monte if he would John Hay and Lord Pauncefote." Pointing out that Great
put anything in our way if we decided that placing us in the Philadelphia
of our right to exempt coastwise vessels
district had hurt banking in Jersey City, and we decided we would relin- Britain's challenge
quish our national charter and take out a State charter. He said there from the payment of tolls, is predicated upon the claim that
would be no trouble if we were willing to liquidate and straighten out our by the Hay-Pauncefote Treaty we bargained away that
affairs for the change.
incident to our ownership, Mr. Knox says in part:
Nelson J. H. Edge, Vice-President of the Hudson County right
'The United States possesses no more costly and perhaps no more valuable
effect:
the
following
to
National Bank, is quoted
piece of territory than the Panama Canal, and Great Britain's claim is
We have not actually applied for a State charter, but there is a strong
possibility of our doing so, unless the Federal Reserve Board, when it
organizes, heeds our appeal and places us in the New York district. The
annexing of our banks to the Philadelphia district will prove a matter of
great inconvenience. I do not believe we would experience any great
difficulty in securing a State charter.
The following six directors have been nominated for the
Minneapolis Federal Reserve District, subject to the approval of all the national banks in the district:
Bankers.
E.W.Decker,President Northwestern National Bank and the Minnesota
Loan & Trust Co., Minneapolis.
L. B. Hanna, Governor of North Dakota, President First National
Bank of Page and formerly President First National Bank of Fargo.
J. C. Bassett, President Aberdeen National Bank, First National Bank
of Webster (S. D.), Commercial State Bank of Langford and First State
Bank of Pierpont, S. D.
Business Men.
F. R. Bigelow, President St. Paul Fire & Marine Insurance Co. and
director Merchants' National Bank of St. Paul.
Frank P. Hixon. lumberman, President Listman Mill Co., La Crosse;
Vice-President National Bank of La Crosse and director Security National
Bank of Minneapolis.
Norman B. Bolter of the A.M. Holter Hardware Co., Helena, Mont.
A resolution taking exception to the placing of the northern part of Wisconsin in the Minneapolis district, and requesting that the entire State of Wisconsin be incorporated
in the Chicago district, was adopted on the 6th inst. at a
meeting in Wausau, Wis., of the Northern Wisconsin Development Co.
Fifty national bankers from central and upper Wisconsin
in convention at Oshkosh on April 29 also placed themselves
on record as opposed to the inclusion of Northern Wisconsin in the Minneapolis district.
The showing of the several groups in the Chicago district
as outlined by the Organization Committee is criticized in
a letter which has been addressed to the Committee by James
B. Forgan, President of the First National Bank of Chicago.
According to the table given out by the Committee last week,
and published on page 1429 of the "Chronicle" of May 9, the
Chicago district would be divided as follows:
Group No. 1-319 banks having each a capital of $120,000 or more.
Group No. 2-319 banks having each a capital of less than $120,000
and more than $55,000.
Group No. 3-319 banks having a capital of less than $55.000.
In his criticism of the above analysis Mr. Forgan is quoted
in the Chicago "Tribune" as saying:
In this district the national banks favor $100,000 as the basis of capitalization. There are 335 banks eligible to membership that have a capital
of $100.000 or more. Of this number 190 have a capital of $100,000. •This
would leave only 146 banks eligible to group 1 as provided in the te.,tative
encumbers that terr itory with
that the Hay-Pauncefote Treaty not only
impresses upon it a servitude
equal rights of use by all other nations, but
its own canal for its own
by which the United States loses the free uso of
vessels.
proposition in different
"Sir Edward Grey's protest states the same
upon the freedom
words: 'The treaty,'says Sir Edward,'imposes limitations
In other words, he
canal.
of action of the United States' in respect to the
sovereignty.
American
upon
claims the treaty imposes limitations
"From these premises it is easily deduced that the patriotism and good
of this
faith of those who maintain as an earnest conviction either side
just as praiseworthy
disputed legal question should not be challenged. It is
our
with
accordance
in
own
our
to
with
right
deal
to defend the American
own convictions of true national interest, if we believe we have not parted
interwith that right, as it is to insist that we should fully comply with our
national engagements if we have contracted away our full liberty of action.
"The President has assigned three reasons why he wishes Congress to
repeal the free tolls provision:
"First. Because it violates our treaty.
"Second. Because it is bad economic policy.
"Third. Because it will assist him in handling our foreign relations.
"If the first reason is good no other is necessary. If the first reason is
not good the other two are as insufficient as they would be if they were
urged as reasons for voluntarily dividing our sovereignty over the Mississippi River.
it
"If the exemption is a violation of the treaty no man who believes
If it does not violate the treaty
needs an apology for favoring its repeal.
favoring a surrender of American
no man who believes it does not can justify
from a foreign Govern
sovereignty over American property under pressure
meat.
assigned by the
"I will confine my observations to the first reason
treaty.
President, namely that the exemption violates our
the Tolls Act
that
"In any discussion of the President's statement
specific claim that our
violates our treaty, or of Sir Edward Grey's more
by the Hay-Pauncefote
freedom of action in respect to the canal is limited
Treaty, it is important to carry in mind that such limitation must either
by
necessary
and irresistible
arise
be found in the words of the treaty or
implication from the facts defining the relation of the parties to the treaty
and to its subject.
"First, let us look at the facts. The United States paid to Panama
to pay to Panama a yearly
$10,000,000 for the zone itself; we have agreed
annuity of $250,000 forever; we paid to the French Panama Canal Co.
$40,000,000 for its rights in the isthmus; we are building the canal at a
total expenditure of about $400,000,000; we alone are to meet the $25,to pay Colombia.
000,000 which it appears to be now proposed
"We alone are expending the untold millions necessary to fortify and
protect the canal so that some belligerent, eager to secure the resulting
advantage, may not destroy it; we alone are bearing the risk of losing
all this investment as the result of some natural cataclysm, such as an
earthquake, against which no human agency can secure us; we alone have
stood for whatever of criticism has come from the mariner of acquiring the
Canal Zone—a criticism encouraged and fostered by the very class which
now seeks to turn over to Europe asa gratuity the benefits of our action; we
alone have put the lives of the flower of our army engineers and of thousands
of American citizens through all the hazards and dangers of fatal tropic
maladies, and finally no other country has shared and does not propose to
share one penny of this expenditure Or any phase of any risk connected
with our stupendous undertaking.
"Surely upon these facts there arises no necessary implication that Great
Britain is entitled to the benefits of this colossal work on the same and identical terms as we, the owners, the builders, the operators, the protectors
and the insurers of the canal, or that she shall dictate how we shall treat
matters of purely local national trade and commerce, or that we shall be
I denied the very rights in respect to our domestic commerce which she
MAY 16 1914.1
THE CHRONICLE
herself claims and exercises and which every other nation in the world
possesses.
"If the limitation which Sir Edward Grey says is imposed upon our freedom of action in respect to the canal does not arise by necessary implication
from these facts, let us see if we can find it in the language of the treaty.
In short, let us seek the words of limitation.
"They are found, according to the British contention, in Article HI.
This article is a declaration by the owner of the canal of the terms upon
which it is to be used. There are, all told, six rules.
"The first grants a privilege, the other five specify the conditions upon
which that privilege is to be enjoyed. 'The canal shall be free and open
to vessels of commerce and of war of all nations observing these rules,' is
the language of the grant.
"Do these rules apply to the United States? They do if the United
States is included in the language upon which Great Britain relies, namely
'the canal shall be free and open to the vessels of commerce and of war
of all nations observing these rules on terms of entire equality.'
"Of course it must be admitted that by applying a childish logical formula
to this text it can be claimed that the United States is included within the
words 'all nations,' but a consideration of the relation of the parties to the
subject of the treaty shows that the United States, the grantor of conditional privileges in the canal to all nations, parted with no particle of its
rights of ownership in the property or subjected its own use of the canal to
the conditions it imposed upon the beneficiaries of its generosity.
"Has the United States bound itself not to use the canal if it should
exercise a right of war or act of hostility within it; if it should re-victual its
ships or take stores in the canal; if it should embark or disembark troops
within the canal; if its vessels of war should remain within the waters longer
than twenty-four hours, and if so, who is going to enforce these rules upon
the United States, and will our obedience to them be compelled by the
guns we are planting there for the protection of the canal?
"Does not such a view of our rights invite all other nations to war with
us if we, during an actual state of war, use the canal for any military
purpose? In short, would we not thus make all nations the allies of our
immediate adversary if we have agreed with all nations through Great
Britain that the rules we prescribe for the use of the canal apply to ourselves, the grantors of the use?
"Now,if the right to protect the canal and the right to protect ourselves
by exercising privileges in and about the canal, denied to other nations by
our rules, is an incident to our sovereignty, and thus takes the United
States out of the meaning of the general words 'all nations,' the right to
promote our domestic commerce in a field exclusively its own is an incident
of sovereignty and ownership having the same effect.
"To deny the free use of our own canal for our own vessels is Just as much
an impairment of our sovereignty as to deny our right to exercise acts of
belligerency in and for its protection. And the implication that we have
not surrendered one of these sovereign powers by the use of the words 'all
nations' is just as strong under the first rule, which is our contention, as it is
under the other five, which is Sir Edward Grey's contention.
"It was never contemplated at any period in the history of the Isthmian
undertaking that Great Britain should be on terms of equality with the
owner of a canal or even with the other users of the canal except as compensation for her protection of the canal.
"She never had any treaty with any nation contemplating building a
canal until the Ilay-Pauncefoto Treaty, her previous efforts having been
confined to declaring the extent of her intentions in respect to some one's
else canal, to which she proposed to extend her powerful protection.
"How is the United States assured that Great Britain or any other nation
will observe the rules we have prescribed for the use of the canal? They
have not agreed to do so. The Hay-Pauncefote Treaty contains no such
an obligation on their part. We refused to accept language proposed by
Great Britain that would make the right to use the canal by other nations
a contractual right.
"The failure of other nations to comply with our rules only debars them
from the use upon equal terms with such nations as do comply with them,
and how are we to know whether they will comply with the rules, which
all relate to war, until war exists?"
In defense of the President's movement to secure the
repeal of the exemption clause, Senator Hoke Smith of
Georgia, in the Senate on Tuesday, said he would vote for
the repeal "because of our treaties with Great Britain and
Panama," and because in his opinion "it is right that the
owners of these vessels should bear,for using the Canal,a fair
part of the cost of our Government of building and operating
it." In the course of his argument the Senator said:
"The coastwise vessels will naturally stop at the ports of Cuba, Mexico
Central America, Panama and, perhaps, elsewhere. Their cargoes will
not be limited exclusively to bona fide coastwise traffic of the United States.
Traffic from foreign countries will be unloaded at ports of the United
States to be immediately reloaded in a coastwise vessel for passage through
the Canal to the opposite coast of the United States, thus in reality carrying
through the Canal foreign traffic in coastwise vessels without paying tolls.
"Those who seek to restrict the meaning ofthe Hay-Pauncefote Treaty by
picking here a word and there a word in disregard of the entire tenor of the
treaty merely disclose the unshakable fact that the treaty intended to provide for the use of the Canal by the citizens of the United States and the
subjects of Great Britain and of other nations observing the rules prescribed,
so that there would be no discrimination against any of the citizens with
respect to the conditions or charges of traffic for passing their commerce
through the Canal.
"When the President in his message referred to 'other difficulties' to be
caused by the passage of our coastwise vessels through the Canal without
charge, while I do not speak ex cathedra, I may well conceive that he had
in view our general relations with all our neighbors in America, and not,
what many have suggested, some ulterior purpose in connection with the
Government of Great Britain."
The Senator argued that the United States really would
surrender nothing by the repeal. "The surrender," he contended, "is made only if we fail to make the corporations
owning these vessels pay their just part of the expense of the
Panama Canal. Their gain through the subsidy now allowed
is the loss of all the people." He asserted that if a subsidy
were to be granted to any vessel, "it should be given to those
engaged in the foreign trade, which need help, not to those
engaged in the coastwise trade, already protected from
foreign competition, already rich and prosperous."
1507
Impressive memorial ceremonies were held in New York
last Monday in tribute to the seventeen marines and sailors
of the United States Navy who lost their lives in Mexico
following the occupation of Vera Cruz by the American forces
on April 21. The cruiser Montana, bearing the bodies, arrived at the Battery on Sunday last, escorted by the battleship Wyoming and the yacht Mayflower, Secretary of the
Navy Josephus Daniels joining in the reception of the bodies
at New York. The honors paid to the dead on Monday were
national in character; the bodies were borne on caissons from
the Battery to the Brooklyn Navy Yard in solemn procession,
followed by carriages in which were President Wilson and
other Governmental dignitaries, including a committee of
Congress, State and city representatives and others of prominence. At the City Hall Mayor Mitchel offered the city's
tribute in an address and wreath, the singing of hymns by
five hundred school children adding to the impressiveness
of the ceremonies. At the memorial exercises at the Navy
Yard President Wilson delivered an eulogistic address and
the religious features included prayers by William G. Cassard, Chaplain at Annapolis, and Rabbi Wise, and a benediction pronounced by Father John P. Chidwick, who was
Chaplain of the Maine. Business was practically suspended
in the lower part of the city while the procession was en route
to the Navy Yard. The Stock Exchange and other
local exchanges delayed their opening until 11 o'clock out
of respect to the men in whose honor the ceremonies were
held.
We print President Wilson's remarks in full below. He
spoke, addressing the Secretary of the Navy.
Mr. Secretary—I know that the feelings which characterize all who stand
about me and the whole nation at this hoar are not feelings which can
be suitably expressed in terms of attempted oratory or eloquence. They
are things too deep for ordinary speech. For my own part I have a singular mixture of feelings. The feeling that is uppermost is one of profound grief that these lads should have had to go to their death, and yet
there is mixed with that grief a profound pride that they should have gone
as they did,and,if I may say it out of my heart, a touch of envy of those
who were permitted so quietly, so nobly, to do their duty.
Have you thought of it, men? Here is the roster of the navy, the list
of the men, officers and enlisted men and marines, and suddenly there
swim nineteen stars out of the list—men who have suddenly gone into a
firmament of memory, where we shall always see their names shine, not
because they called upon us to admire them, but because they served us
without asking any questions and in the performance of a duty which is
laid upon us as well as upon them.
Duty is not an uncommon thing, gentlemen. Men are performing it in
the ordinary walks of life all around us all the time, and they are making
great sacrifices to perform it. What gives men like these peculiar distinction is not merely that they did their duty but that their duty had
nothing to do with them or their own personal and peculiar interests.
They did not give their lives for themselves. They gave their lives for us
because we called upon them as a nation to perform an unexpected duty.
That is the way in which men grow dthtinguished, and that is the only
way—by serving somebody else than themselves. And what greater thing
could you serve than a nation such as this we love and are proud of? Are
you sorry for these lads? Are you sorry for the way they will be remembered? Does it not quicken your pulses to think of the list of them? I
hope to God none of you may join the list, but if you do you will join an
immortal company.
So, while we are profoundly sorrowful and while there goes out of
our heart a very deep and affectionate sympathy for the friends and relatives of these lads who for the rest of their lives shall mourn them, though
with a touch of pride, we know why we do not go away from this occasion
cast down, but with our heads lifted and our eyes on the future of this
country, with absolute confidence of how it will be worked out—not only
upon the mere vague future of this country, but the immediate future. We
have gone down to Mexico to serve mankind if we can find out the way.
We do not want to fight the Mexicans. We want to serve the Mexicans
if we can, because we know how we would like to be free and how we
would like to be served if there were friends standing by ready to serve
us. A war of aggression is not a war in which it is a proud thing to die,
but a war of service is a thing in which it is a proud thing to die.
Notice that these men were of our blood. I mean of our American
blood, which is not drawn from any one country, which is not drawn from
any one stock, which is not drawn from any one language of the modern
world, but free men everywhere have sent their sons and their brothers
and their daughters to this country in order to make that great compounded nation which consists of all the sturdy elements and of all the
best elements of the whole globe. I listended again to this list with a profound interest at the mixture of the names, for the names bear the marks
of the several national stocks from which these men came. But they are
not Irishmen or Germans or Frenchmen or Hebrews any more. They were
not when they went to Vera Cruz; they were Americans, every one of
them, and were no different in their Americanism because of the stock
from which they came. Therefore, they were in a peculiar sense of our
blood, and they proved it by showing that they were of our spirit—that
no matter what their derivation, no matter where their people came from,
they thought and wished and did the things that were American, and the
flag under which they served was a flag in which all the blood of mankind is united to make a free nation.
War, gentlemen, is only a sort of dramatic representation—a sort of
dramatic symbol of a thousand forms of duty. I never went into battle, I
never was under fire, but I fancy that there are some things Just as hard
to do as to go under fire. I fancy that it is just as hard to do your duty
when men are sneering at you as when they are shooting at you. When
they shoot at you they can only take your natural life; when they sneer at
you they can wound your heart, and men who are brave enough, steadfast
enough, steady in their principles enough, to go about their duty with regard to their fellow men, no matter whether there are hisses or cheers, men
who can do what Rudyard Kipling in one of his poems wrote, "Meet with
triumph and disaster andjtreat those two imposters just the same," are men
for a nation to be proud of. Morally speaking,disaster and triumph are im-
1508
THE CHRONICLE
postors. The cheers of the moment are not what a man ought to think
about,but the verdict of his conscience and of the consciences of mankind.
So, when I look at you I feel as if I also and we all were enlisted men.
Not enlisted in your particular branch of the service, but enlisted to serve
the country, no matter what may come, what though we may waste our
lives in the arduous endeavor. We are expected to put the utmost energy of
every power that we have into the service of our fellow men, never sparing
ourselves, not condescending to think of what is going to happen to ourselves, but ready, if need be, to go to the utter length of complete selfsacrifice.
As I stand and look at you to-day and think of these spirits that have
gone from us I know that the road is clearer for the future. These boys
have shown us the way, and it is easier to walk on it because they have
gone before and shown us how. May.God grant to all of us that vision of
patriotic service which here in solemnity and grief and pride is borne in
upon our hearts and consciences.
It may be noted incidentally that while the dead at the
Navy Yard actually numbered seventeen, two others who
met their death in Mexico were also included in the list of
those honored—hence President Wilson's reference to nineteen.
[VOL
xcvm.
statute begins with the substantive, not withlthe adjective part. The substantive portion of the statute is that no person shall be tried for any offense except within a certain time. These words are of universal scope.
What follows is a natural way of explaining that the proceedings must begin within three years; indictment and information being the usual mode by
which they are begun, very likely no other having occurred to those who
drew the law. Indeed, the punishment of these offenses peculiarly needs
to be speedy, if it is to occur. The argument loses little of its force, if it
should be determined hereafter, that in the present state of the law an indictment would not lie for contempt of a court of the United States.
If even the statute does not cover the case, by its express words, as we
think it does, still, in dealing with the punishment of crime, a rule should
be laid down, if not by Congress by this Court. The power to punish
for contempt must have some limit in time, and in defining that limit
we should have regard to what has been the policy of the law from the foundation of the Government. By analogy, if not by enactment, the limit is
three years. This case cannot be concluded otherwise so well as in the
language of Chief Justice Marshall in a case where the statute was held
to be applicable to an action of debtfor a penalty. Chief Justice Marshall
said: "It is contended that the prosecutions limited by this law are those
only which are carried on in the form of an indictment or information, and
in those where the penalty is demanded by an action of debt. But if the
words of an Act be examined they will be found to apply not to any particular mode of proceeding, but generally to any prosecution, trial or punishment for the offense. It is not declared that no indictment shall be found.
But it is declared that no person shall be prosecuted, tried or punished.
In expounding this law, it deserves some consideration that if it does not
limit action of debt for penalties, those actions might, in many cases, be
brought at any distance of time. This would be utterly repugnant to the
genius of our laws. In a country where not even treason can be prosecuted
after a lapse of three years,it could scarcely be supposed that an individual
would remain forever liable to a pecuniary forfeiture." The result is that
the judgments based, as they are mainly upon offenses that could not be
taken into consideration, must be reversed.
The Court of Appeals of the District of Columbia on the
4th inst. upheld the Supreme Court of the District of Washington in dismissing last October the application for a writ of
habeas, corpus sought on behalf of David Lamar. The writ
was sued out following the issuance of the order calling for
Lamar's removal to New York in the extradition proceedings
begun in Washington in September. Lamar is wanted in
New York to answer to an indictment for haviig impersonAs stated above, the proceedings against the labor leaders
ated Congressmen Riordan and Palmer.
were begun for the second time on May 16 1911, so that the
three-year statute of limitations would exclude all offenses
injunction was
The sentences imposed on Samuel Gompers, John Mitchell prior to May 16 1908; on the other hand the
and Frank Morrison, respectively President, Vice-President made permanent on March 23 1908.
and Secretary of the American Federation of Labor, in the
contempt proceedings growing out of the Bucks Stove &
Arrangements are being perfected for the National ForRange case, were set aside for the second time by the United eign Trade Convention, to be held at the Hotel Raleigh in
States Supreme Court on the 11th inst. The statute of Washington on Wednesday and Thursday, May 27 and 28.
limitations served as the basis for the dismissal of the pro- The conference will enter into a nation-wide discussion of
ceedings this week by the Supreme Court, this statute, which American foreign trade and will be the first meeting of its
requires the prosecution of crimes within three years, apply- kind ever held. A number of important chambers of coming as well, according to the ruling of the Court, to contempt merce, boards of trade and manufacturers' associations
cases. The contempt proceedings in the present case grew have signified their approval of the convention and their inout of an alleged violation of an injunction issued in 1907 tention to participate in it by sending delegates. Lloyd
restraining the American Federation of Labor and its officers C. Griscom, Chairman of the convention, will open the meetfrom conducting a boycott against the Bucks Stove & Range ing. Some of those who have promised to address the gathCo. of St. Louis. In December 1908 Gompers was sentenced ering are James J. Hill, President of the Great Northern
by the Supreme Court of the District of Columbia to twelve Ry.; Hon. W. Cameron Forbes, of J. M. Forbes & Co. of
months and Mitchell and Morrison were sentenced to nine Boston; H. G. Herget, President of the Illinois Manufacand six months,respectively. These sentences were affirmed turers' Association; Ellison A. Smyth, President of the Cotby the Court of Appeals of the District of Columbia in 1909, ton Manufacturers' Association of Greenville, S. C.; M. A.
but in May 1911 the sentences were set aside by the United Oudin of the General Electric Co.; George L. Duval, of
States Supreme Court because the defendants had been Wessel, Duval & Co. of New York; Fairfax Harrison, Presiprosecuted under criminal instead of civil statutes, and it dent of the Southern Railway; P. A. S. Franklin, Vice-Presiwas left for the lower Court to initiate new proceedings. dent of the International Mercantile Marine Co.; Edward
These were begun immediately (on May 16 1911) and in June N. Hurley, President of the Chicago Pneumatic Tool Co.;
1912 the three men were again found guilty ofcontempt by Alba B. Johnson, President of the Baldwin Locomotive
the Supreme Court of the District of Columbia and in July Works, Philadelphia; S. D. Webb, Wilbur J. Carr, Director1912 the earlier sentences of twelve, nine and six months, General of the Consular Department, State Department,
respectively, were again imposed. In affirming the judg- Washington; W. P. G. Harding, President of the First Naments in May 1913 the Court of Appeals of the District of tional Bank of Birmingham, Ala., &c. Mr. Harding's topic
Columbia reduced Gompers's sentence from twelve months will be "The Federal Reserve Act, with Special Reference
to thirty days, and vacated the sentences of nine and six to the Extended Facilities Which it Offers for Financing Our
months imposed respectively against Mitchell and Morrison, Foreign Trade." Willard Straight is Treasurer of the conand instead fined them each $500. The opinion of the Su- vention and E. V. Douglass is Secretary.
preme Court, handed down last Monday, setting aside the
thirty-day sentence of Gompers and the fines imposed against
The Naval Appropriation Bill, calling for the constructhe others, was announced by Justice Holmes. Justices tion of two battleships, was reported to the Senate on May 12.
Van Devanter and Pitney dissented, the division being seven It passed the House on the 7th inst. The House voted to
to two. In part the Court said:
sustain the two-battleship program on the 5th inst., when by
It is urged in the first place that contempts cannot be crimes, because, a vote of 148 to 91 the one-battleship proposal was voted down
although punished by imprisonment and therefore if crime, infamous, they
out the two-battleship provision was
are not within the protection of the Constitution and the amendments and a motion to strike
giving a right of trial by jury, &c., to persons charged with such crimes. rejected by a vote of 152 to 41. On the 7th the "little navy"
But the provisions of the Constitution are not mathematical formulas men in the House made their final stand against two battlehaving their essence in form. They are organic, living institutions, transthe bill back to the committee,
planted from English soil. Their significance is vital, not formal. It does ships on a motion to send
not follow that contempts of this class under consideration are not crimes, which was defeated 201 to 106. In addition to two battleor, rather in the language of the statute, offenses, because trial by jury, as ships, the bill provides for one sea-going submarine, six torit has been gradually worked out and fought out, has been thought not to
coast defence submarines for use
extend to them as a matter of Constitutional right. These contempts are pedo-boat destroyers, three
infractions of the law visited with punishment as such. If such acts are on the Pacific Coast and four harbor defence submarines
not criminal, we are in error as to the most fundamental characteristics of for use on the Gulf Coast and at Panama. It calls for an
crime as that word has been understood in English sp,eech. So truly are
they crimes that it seems to be proved that in the early law they were pun- appropriation of $140,990,833.
ished only by the usual criminal procedure, and that, at least in England,
are, tried in that way.
it seems that they still may be, and preferably
We come, then, to the construction of the statute. It has assumed
that the concluding words, "unless the indictment is found or the information is instituted within three years" limit the offenses given the benefit
of the Act to those usually prosecuted in that way, and the counsel for the
petitioners were at some pains to show that the charges of the committee
amounted to an information, a matter that opens vistas of antiquarian
speculation. But this question is not one to be answered by refinements
and curious inquiries. In our opinion, the proper interpretation of the
Frank A. Vanderlip, President of the National City Bank,
took occasion to issue a statement last Saturday concerning
the loan of $11,000,000 alleged to have been made by his
institution in 1909 to John L. Billard in a transaction jnvolving the acquisition by the latter of 109,985 shares of stock
of the Boston & Maine RR. It was stated that as a result
MAY 16 19144
THE CHRONICLE
1509
would have been just as true to point out that the result of legalizing
of the examination last week of Mr. Billard in the inquiry strikes,
lockouts and boycotts under any circumstances must be that those
which has been conducted by the Inter-State Commerce who understand the
use of such legal tools can always keep within the law
Commission into the affairs of the New York New Haven & and accomplish their main purpose while inflicting all necessary 'incidental'
injury."
Hartford RR., Comptroller of the Currency John Skelton
The company had also brought suit against the union
Williams intended to inquire whether there had been any
violation by the National City Bank of the National Banking for $50,000 damages for the alleged restraint of trade.
Law with regard to the limitation of loans. Mr. Vanderlip It is stated that the Gill Engraving Co. intends, nevertheless, pressing its suit against the Photo-Engravers' Union
in his statement concerning the matter said:
There was no violation of the law in any way. Had Mr. Williams made and hopes to win in the end. The New York "Times"
inquiry of us we would have explained the transaction and would have quotes Walter Gordon Merritt, counsel for the Gill Co., to
shown him that we did not exceed the $5,000,000 fixed by law as the maximum loan to any individual. The loan of $11,000,000 was distributed the following effect:
among a number of banks and trust companies and they shared in it. I
do not remember off hand how many banks there were, but there were a
number of them. A participation was made before the loan was made and
the money came to us. It was a perfectly simple transaction and usual
where large loans are to be made.
The United States Supreme Court on April 27 passed
upon a motion made in the suit of R. H. Macy & Co. against
the American Publishers' Association and the American
Booksellers' Publication. Last December, it will be remembered, the Supreme Court decided that the agreements between publishers and booksellers not to sell books to those
re-selling at a price less than that fixed by the publisher are
in conflict with the Sherman anti-trust law, both in the case
of copyrighted and of uncopyrighted books. The point at
issue in the latest motion is somewhat technical in character
and, we learn, does not relate to the case decided last December but to another and a separate action brought on behalf of the same parties. Edmond E. Wise (of the law firm
of Wise & Seligsberg), one of the attorneys for the plaintiffs,
has favored us with the following statement of facts concerning the ruling of April 27:
In the action in which the United States Supreme Court handed down its
decision on Dec. 1 1913, an application is now pending before Judge Greenbaum of the State Supreme Court for the appointment of a referee to take
proof of the damages suffered by Macy & Co.
The memorandum handed down by the United States Supreme Court
on April 27 1914 in the case of Isldor Straus et al. against the American
Publishers' Association et al. affects another case brought by the same plaintiffs against the same defendants in the Federal courts for triple damages
as provided in the Sherman Anti-Trust Law.
This latter action was not brought until after the Court of Appeals had
denied relief to the plaintiffs insofar as copyrighted books were concerned.
The defendants in the second action set up as a bar the judgment in the
State Court on the ground that the decision of the State Court was binding
upon all the parties and barred any further action.
The District Court of the United States, Judge Lacombe sitting, supported this position and dismissed the complaint. The plaintiffs appealed
to the Circuit Court of Appeals, which in December 1912 affirmed the
decision of Judge Lacombe. In the meantime an appeal had been taken
to the United States Supreme Court from the State Court judgment, and
in December 1913 it rendered its decision and reversed the judgment of the
State Court. As the effect of the State Court judgment, which had been
pleaded as a bar in the second action in the Federal Court, had thus been
destroyed,a motion was made in the United States Supreme Court,to which
an appeal had been taken, to reverse the Circuit Court of Appeals judgment
or to advance the hearing of the cause if the Court deemed oral argument
necessary or advisable. The Supreme Court denied the motion to
reverse,
but it advanced the cause to an earlier hearing and set the same down for
argument for Oct. 13.
An application for an injunction to restrain the New York
Photo-Engravers' Union No. 1 from interfering with the
business of the Gill Engraving Co. was denied on the
4th inst. by Judge Hough in the United States District
Court. The action was brought under that section of the
State Penal Law forbidding "acts Injurious to trade and
commerce" and under the State anti-trust law and the
common law. It was contended that the union had sought
to prevent its members from doing work on orders given to
their employers by firms which also gave part of their work
to the Gill Engraving Co. (a non-union engraving concern),
and that thereby there had been established a secondary
and illegal boycott. In denying the motion Judge Hough
held that although injury had occurred and was forseeen,
the object of the defendants' combination was not to injure
the company, and that the latter was not entitled to injunctive relief under the law. In part Judge Hough said: .
"Applying the rule laid down by Judge Holmes in 1894 to this case,
the
object of the defendants' combination is not to injure the Gill
Company
though such injury has occurred and was foreseen. The object is
to increase the power of the union so as to get more, easier and better
paid
work for its members. This is now regarded as laudable.
"Regarding the means employed, everything lately done and
alleged as
ground for the present action consists in threatening strikes. This is
the
exercise of a legal right. If defendants have sought to attain a legal
end
by legal means, that a motive or part of a motive was hate of Gill is imma
tedai. That wrong and injury are
being done in this matter is plain
enough. Why does the law refuse or neglect to correct it? Judge
Andrews has, I think, given the best answer:
"'Injury is never good, but to suffer it may entail less evil
than the
attempt to check it by legal means. In the last analysis this freedom
to
commit injury and the bounds imposed on it are regulated by what
has
been thought to be public policy.' The controlling case in the
United
States courts in this district accepts the New York cases fully, piously
regrets the injuries and writes the epitaph of such litigation as
this by
declaring that where legal rights clash,equity is helpless. This is
true. It
Mr. Merritt explained that there was much difference between the considerations Justifying temporary and permanent injunctions. The former
are granted or withheld according to the circumstances before the court,
and the fact that Judge Hough did not consider that the facts warranted
a temporary injunction did not mean that an application for a permanent
injunction backed up with evidence would be refused.
--•----
H. G. S. Noble was elected President of the New York
Stock Exchange at the annual meeting on Monday, succeeding James B. Mabon, who retires after two years'
service. Henry C. Swords was re-elected Treasurer and
H. K. Pomroy was re-elected a trustee of the Gratuity Fund
to serve five years. All of the above were nominees on both
the regular and independent tickets. The only contest was
over the members of the Board of Governors, and the regulars succeeded in electing all but one of those nominated
on their ticket while the independents failed to elect four
of their number. The successful candidates were: To serve
four years—Dexter Blagden, Jay F. Carlisle, Le Roy Frost,
Donald G. Geddes, Robert Gibson, William A. Greer,
R. T. H. Halsey, James B. Mabon, S. F. Streit and William
C. Van Antwerp. To serve one year—Oliver C. Billings,
George C. Hollister and Newton E. Stout. C. W. Provost
was the one candidate on the regular ticket who failed of
election, and Samuel F. Streit, his successful opponent; the
four defeated on the independent ticket were S. L. Cromwell,
Warren B. Nash, Robert R. Atterbury and Edward Roesler.
George W. Ely, Secretary of the Exchange, observed the
fortieth anniversary of his appointment as Assistant Secretary on Wednesday; several years after he had served in
that capacity Mr. Ely was made Secretary.
Secretary Frederick R. Fenton of the Investment Bankers'
Association of America has just issued a forty-page bulletin
embodying the report of the General Counsel to the Board
of Governors.on their work since last October. The report
points out the results obtained in legislation, litigation,
income tax rulings and other subjects, besides showing the
need of constructive legislation along certain lines. Another
subject covered very exhaustively is that of taxation, a
question of grave concern to investment bankers at the present time. The Tennessee "blue-sky" law just passed and
the Ohio "blue-sky" law as recently amended, are also
printed in full in the bulletin.
Group VIII. of the New York State Bankers'Association
held its annual meeting at the New York Clearing House on
Thursday, when the following members of the Executive
Committee were elected: Joseph B. Martindale (President
of the Chemical National Bank), Chairman, succeeding
James S. Alexander (President of the National Bank of Commerce); Thomas Cochran Jr. (Vice-President of the Astor
Trust Co.), Secretary and Treasurer; Charles Elliot Warren,
President of the Lincoln National Bank; Benjamin Strong
Jr., President of Bankers Trust Co.; Stephen Baker, President of the Bank of Manhattan Co.; H. R. Eldridge, VicePresident of the National City Bank; Louis G. Kaufman,
President of the Chatham & Phoenix National Bank, and
Joseph Byrne, Vice-President and Cashier of the Merchants'
National Bank. As Secretary and Treasurer Mr. Cochran
succeeds Charles Eliot Warren, who, however, is re-elected
a member of the Executive Committee.
The New Jersey Bankers' Association, at the closing
session, on May 9, of its annual convention held at Atlantic City, adopted a resolution protesting against the
inclusion of the northern portion of New Jersey in the
Philadelphia Federal Reserve District. The resolution,
which authorizes the appointment of a committee to appear
before the Federal Reserve Board to personally enter opposition to the arrangement, was offered after the presentation
of the report on the subject of the Association's Committee
on Banking and Currency by its Chairman, W. M. Van
Deusen, Cashier of the National Newark Banking Co. of
Newark. According to Mr. Van Deusen's report,Ithe
1510
THE CHRONICLE
"arrangement will work a great injustice upon all banks
north of Mercer, which have for years had close business relations with the banks of New York. It is manifestly a
violation of that provision of the Federal Reserve Act which
says that the districts shall be so arranged as to best serve
the convenience of the banking members." The interlocking
directorate bill now before Congress also came in for discussion at the meeting and a committee has been delegated
to undertake a study of it—especially as to its provisions
affecting banks. The recently enacted New Jersey bank
stock tax Act similarly underwent criticism, and the law
permitting trust companies to create branches likewise
caused some agitation; the convention, however, instead
of denouncing this legislation and taking action toward its
repeal, as seemed likely when the meeting opened, confined
it§elf to the adoption of a resolution calling for the appointment of a committee of twenty-one--a representative from
each county—to consider the subject of branch banking
and to reintroduce a substitute branch bank law if a referendum vote of the members of the association should approve
such a course. The newly elected members of the association are President I. Snowden Haines, Cashier of the Mechanics' National Bank of Burlington, N. J.; Vice-President,
Edward S. Pierson, President of the Greenville Banking &
Trust Co. of Jersey City; Treasurer, John D. Everitt,
President of the Orange National Bank, and Secretary (reelected), William J. Field, Secretary and Treasurer of the
Commercial Trust Co. of New Jersey, at Jersey City.
A treatise on intestacy, wills, testamentary trusts, personal trusts, guardianship, executors, administrators, and the
powers and functions of trust companies, &c., has been prepared by Charles H. Lovett of the New York bar. . The
pamphlet is issued under the caption "There are Reasons";
•"Do You Know Why?" and is intended for free distribution by the various trust companies of the United States in
connection With a proposed nation-wide, personal, "Educational Publicity Campaign." The suggestion is made that
each trust company send a copy to every one of its depositors, and in furtherance of the idea to present the matter
to each one individually. The cover bears the heading "In
the Matter of the Estate of"—a blank space being left
for the name of the one addressed. "There are reasons why
you should not die without a will;" "There are reasons why
you should make a will and make it now;""There are reasons
why you should not name an individual as your executor,
trustee or guardian," are some of the titles under which
the subject matter is presented.
[voL. xcvIn.
The Central City Trust Co. began business in Syracuse
on May 1 with a capital and surplus of $300,000 each. The
first day's deposits were reported as $265,000. The new
institution is under the management of Louis Will, Chairman of the Board; George M. Barnes, President; W. Snowdon Smith, John S. Gray and Charles E. Chappell, VicePresidents, and L. D. Holmes, Secretary and Treasurer.
The rounding out of a half-century in the service of the
First National Bank of Oxford by President John R. Van
Wagenen is commemmorated by the issuance in the form
of an engraved card of the following unique and commendable
announcement:
Our Mr. T. R. Van Wagenen, having this day completed a half-century
in the service of this bank,desires in this manner to express his thankfulness
to a Kind Providence which has kept him in active service all these years
(Assistant Cashier three years; Cashier twelve years; President thirty-five
years), and to his surviving fellow-bankers of past years his hearty good
wishes for their welfare and happiness.
FIRST NATIONAL BANK.
Oxford, N. Y., May 12 1914.
The directors of the Aetna National Bank of Hartford,
Conn., have elected as Assistant Cashiers Dudley W. Hubbard and E. M. Crampton. Mr. Hubbard has been with
the bank since 1898, while Mr. Crampton entered its employ in 1905. Henry T. Holt was recently advanced from
the post of Assistant Cashier to that of Cashier.
Charles A. Russell has been elected a director of the Union
Trust Co. of Providence, R. I.
Edward H. Gleason, who was Assistant Cashier of the
National Bank of Commerce of Boston at the time of its
merger with the Merchants' National on May 4, has been
made Vice-President of the latter. William R.Whittemore,
Cashier of the Commerce, is an Assistant Cashier of the
Merchants'.
The building which was formerly the home of the failed
Tradesmen's Trust Company of Philadelphia was sold at
auction on March 25 for $400,000. The sale was ordered by
Percy M. Chandler, receiver of the company. The institution closed its doors in September 1911. Two dividends—
one of 37M% and the other of 193/2%—have been paid to
the depositors.
The Exchange Bank of Washington, D. C., began business
on the 14th ult. with a capital of $50,000. It is under the
management of Robert L. Montague, President; Dr. M. F.
Finley and Victor J. Evans, Vice-Presidents; Dr. Elmer
Edward Earl, President of the National Nassau Bank of Sothorn, Treasurer; John B. Flynn, Cashier, and William
this city, which was taken over by the Irving National Bank R. Nagel, Assistant Cashier.
last week, has been elected a Vice-President of the Irving.
N. D. Ailing and A. W. Gilbart, respectively Vice-President
P. W. Huntington has retired as President of the Huntingand Cashier of the National Nassau Bank, have been ap- ton National Bank of Columbus and has been succeeded in
pointed Assistant Cashiers of the Irving. The stockholders the office by his son, F. R. Huntington, heretofore Viceof the National Nassau Bank will hold a special meeting on President. The elder Mr. Huntington, who has actively
June 16 to formally ratify the consolidation and take action participated in the banking affairs of Columbus for over
toward placing their institution in voluntary liquidation.
sixty years, will retain his connection with the management
of the Huntington National as Chairman of the Board.
Action on theTquestion of increasing the capital of the
State Bank of this city from $1,000,000 to $1,500,000 will
The creation of a bond department by the Ohio National
be taken by the stockholders on June 2. The new issue is Bank of Columbus was recently decided upon by the directo be sold at $150:per $100 share.
tors. Henry Deeg, First Assistant Cashier, has been chosen
as manager of the new department. L.F. Kiesewetter, Vicebank, has relinquished the cashHenry E. Hutchinson, formerly President of the Brook- President and Cashier of the
an Assistant Cashier, has been
Stein,
lyn Bank, of Brooklyn Borough, died on the 8th inst. in iership, and Frank L.
his seventy-seventh year. Mr. Hutchinson entered the elected Cashier. Mr. Kiesewetter continues as First ViceBrooklyn Bank as Cashier in 1877 and was its President at President.
the time it closediits doors in 1907; the bank, it will be recalled, was laterareorganized but was placed in voluntary
The Peoples' State Bank of Detroit has arranged for the
liquidation in 1911. From 1863 to 1867 Mr. Hutchinson construction of an extension to its building, the increased
was United States Assistant Assessor of Internal Revenue area giving the institution one of the largest banking offices
for the Fourth District of New York State.
in the United States. The new section, which is to be completed by the spring of 1915, will be a low building made
to conform to the design of the present
architecturally
the
of
the
Nabusiness
First
A movement to consolidate
The main floor plans contemplate two
structure.
classic
tional Bank of Red Bank, N. J., with that of the Red Bank
extending from the main entrance on
Trust Co. is under way. The matter is to be passed upon broad public vistas
on Congress Street, each lined
entrance
the
to
Street
Fort
on
bank
It
23.
May
is
the
underof
by the stockholders
various
the
departments of the bank with
with
sides
both
on
stood that it is planned by the trust company to purchase
all the assets of the bank, including the latter's building, the which the public transacts its business. The present building
the State Savings
proceeds being divided pro rata among the bank's stock- was completed in Juno 1900 as the home of
Peoples
Savings Bank
ed
with
the
waseconsolidat
which
Bank,
holders.
in 1907. The land on which the extension is to be erected
MAY 16 1914.1
1511
THE CHRONICLE
has been leased for a ninety-nine year period. In line with
the authority of the stockholders in January the People's
State Bank on April 1 sold 5,000 new shares of stock at $250
per share, raising the capital and surplus to $2,000,000 each;
$50 per share of the premium was added to the undivided
profits, which are now more than $1,000,000. The deposits
approximate $40,000,000 while the total resources are in
excess of $45,000,000. The officers of the bank are George
H. Russel, President; George E. Lawson, R. S. Mason,F. A.
Schulte, and Burnham S. Colburn, Vice-Presidents; Austin
E. Wing, Cashier; H. P. Borgman, Cashier of the Savings
Department; R. W. Smylie, Manager of Credits and Audits;
J. R. Bodde, Charles H. Ayres, Enoch Smith and R. T.
Cudmore, Assistant Cashiers and George T. Courtney,
Auditor.
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Saturday, 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 4,277,068
tons, 376,757 tons less than on March 31 last and 5,040
less than on Dec. 31 1913, when the amount of orders outstanding was the smallest for over two years, or since Nov.30
1911. In the following we give the comparisons with previous months.
Tons.
Apr. 30 1914...4,277,068
Mar. 31 1914_4,653,825
Feb. 28 1914...5,026,440
Jan. 31 1914...4,613,680
Dec. 31 1913_4,282,108
Nov. 30 1913_4,396,347
Oct. 31 1913_4,513,767
Sept. 30 1913...5,003,785
Aug. 31 1913_5,223,468
July 31 1913_5,399,356
June 30 1913...5,807.317
May 31 1913..__6,324,322
April 30 1913_6,978,762
Mar. 31 1913_7,468,956
Feb. 28 1913...7,656,714
Tons.
Jan. 31 1913_7,827,368
Dec 31 1912_7.932.164
Nov. 30 1912...7,852,883
Oct. 31 1912...7,594,381
Sept. 30 1912_6,551,507
Aug. 31 1912_6,163,375
July 31 1912_5,957,079
June 30 1912...5,807,346
May 31 1912_5,750,983
April 30 1912_5,664,885
Mar, 31 1912_5,304,841
Feb. 29 1912...5,454,200
Jan. 31 1912_5,379,721
Dec. 31 1911...5,084.761
Nov. 30 1911_4,141,955
Oct. 31 1911_3,694,328
Tons.
June 30 1910...4,257,794
Mar. 31 1910_5,402,514
Dec. 31 1909-5,927,031
Sept. 30 1909-4,796,833
June 30 1909.__4,057,939
Mar. 31 1909-3,542,595
Dec. 31 1908_3,603,527
Sept. 30 1908...3,421,977
June 30 1908_3,313,876
Mar. 31 1908-3,765,343
Dec. 31 1907_4,624,553
Sept. 30 1907._•6,425,003
Tons.
Tons.
June 30 1907...7,603,878 June 30 1904...3,192,277
Mar. 31 1907...8,043,858 Mar. 31 1904...4,136,961
Dec. 31 1906...8,489,718 Dec. 31 1903_ 03,215,123
Sept. 30 1906...7,936,884 Sept. 30 1903...3,728.742
June 30 1906_ _•6,809,589 June 30 1903__.4,666,578
Mar. 31 1906...7,018,712 Mar. 31 1903...5,410,719
Dec. 31 1905_ 4'7,605,086 Dec. 31 1902-.5,347,253
Sept. 30 1905...5,865,377 Sept. 30 1902...4,843,007
June 30 1905...4,829,655 June 30 1902...4,791,993
Mar. 31 1905...5,597,560 Dec. 31 1901...4,497,749
Dec. 31 1904...4,696,203 Nov. 1 1901...2,831,692
Sept. 30 1904...3,027,436
Tons.
Sept. 30 1911_3.611.317
Aug. 31 1911_3,695,985
July 31 1911_3,584,085
June 30 1911_3,361,058
May 31 1911...3,113,187
Apr11 30 1911_3,218,704
Mar. 31 1911...3,447,301
Feb. 28 1911_3.400,543
Jan. 31 1911_3,110,919
Dec. 31 1910-2,674,750
Nov. 30 1910-2,760,413
Oct. 31 1910..__2.871,949
Sept. 30 1910_3,158,106
Aug. 31 1910_3,537,128
July 31 1910-3,970.931
A tentative agreement to lease for twenty-five years, at an
annual rental of $35,000, a part of the ground floor of the
Monward Building,at Broadway and Olive Streets, St. Louis,
has been entered into by the Boatmen's Bank of that city.
The bank has been located in the Pierce Building, at Fourth
and Pine Streets, since its own quarters were destroyed in the
Prior to July 31 1910, reports of unfilled orders were issued
fire of March 9 last. If the lease is finally executed, it is only quarterly. In
the following we show the totals at the
expected that the name of the Monward Building will be end of each quarter or period for which the figures
were made
Building.
Boatmen's
Bank
the
changed to
public, back to the organization of the Steel Company.
Plans for the reorganization of the Mercantile Bank of
Memphis were consummated this week, with the opening
on Monday of the new Mercantile National Bank, whose
formation was undertaken a month or more ago. The new
institution has a paid-in capital of $500,000. Under the
reorganization proceedings,• it is understood, all depositors
with accounts up to $1,000 are paid in full at the outset,
while 75% of their accounts are made available to the larger
depositors who have discounted their claims to the extent of
25%. The directors are said to have contributed $300,000
toward the payment of the depositors, and it is understood
that those who have supplied this sum have been released
from any liability whatsoever to the Mercantile Bank.
In the creation of the Mercantile National, the business of the
Mississippi Valley Bank & Trust Co. (capital $300,000) has
been merged with the new bank. J. L. Hutton, who became
State Superintendent of Banks in January, when the new
bank law of the State went into effect, has taken an active
part in the development of the reorganization plans, and resigned a few weeks ago as head of the Banking Department to
take the presidency of the new bank. J. C. Ottinger, President of the Mississippi Valley Bank & Trust, is a Vice-President of the Mercantile National, the other officers of which
are James F. Hunter, Vice-President; J. D. McDowell, Cashier; C. M.Norfleet, W.L. Huntley Jr. and W.H. Wilkes, Assistant Cashiers. The Mercantile Bank closed its doors on
Feb.9. Its former President, C. Hunter Raine, was arrested
on that date on a charge of embezzling $788,804 of the bank's
funds. There are now said to be eighteen indictments
against him. He was released on a personal bond for $25,000
on Apr. 27.
The People's Banking & Trust Co. of Macon, Ga., formed
by the consolidation of the People's Bank & Trust Co. and
the Tharpe & Hertz Realty Co., began business in now
quarters on April 30 at 352 Second Street. The institution
has a capital of $100,000. Its officers are Lee M. Happ,
President; Price E. Hertz, Louis A. Tharpe, and Charles E.
Newton, Vice-Presidents, and William C. Miller, Secretary
and Treasurer.
In the pamphlet report of the year's operations, the
National Bank of Cuba (head office, Havana) for Dec. 31
1913 shows deposits of $25,495,490 as compared with $23,714,339 on the same date in 1912, an increase of $1,781,151,
or 7.51%. The regular dividend of 8% per annum was
paid, and the surplus was increased to $1,300,000, leaving
$75,077 in undivided profits after having made ample provision for bad and doubtful accounts. The movement in cash
at the head office during the year 1913 amounted to $1,579,685,000, or on an average of $5,162,000 per banking day, as
compared with $1,493,639,000, or an average of $4,895,000
per banking day in 1912. The bank has a capital of $5,000,000 and in addition to its surplus of $1,300,000, has undivided
profits of $275,077. Its resources on Dec. 31 1913 were
$40,551,442. The bank has thirty-six branches in Cuba,
besides a New York agency. W. A. Merchant is President
of the institution.
•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 interests
are shown. The amount as of Sept. 30 1904, shown above as 3,027,436 tons, the
former basis, would, It is stated, be 2,434.736 tons on that now employed.
LAKE SUPERIOR IRON ORE SHIPMENTS.-The
shipments of Lake Superior iron ore during April 1914 were
269,686 tons, against 866,387 tons in 1913, 204,042 tons in.
1912 and 331,645 tons in 1911. Below we compare the movement from the various ports for April 1914 and three previous
years:
PortEscanaba
Marquette
Ashland
Superior
Duluth
Two Herb rs
Total
1914.
tons_110,729
55,781
1913.
217,029
37,494
53,481
252,875
160,372
145,136
8,288
64,416
18,237
32,571
1911.
93,532
14,838
41.337
76,739
51,042
54,157
269,686
866.387
204,042
331,645
40,838
62,338
1912.
80,530
onetargi(Commercial .7ng
.
ishnews
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
• as reported by cable, have been as follows the past week:
London.
Sat.
Mon. Tues,
Wel,
Thurs.
Frt.
Week ending May 15.
26 15-16 26 15-16 26 15-16
5 27 1-16 27
2634
Silver, per oz
3
74%
7454
7434
74 15-16
4 Consols, 234 per cents____ 74 9-16 7434
74 15-16
74 11-16 7434
7434
7434
75
S For account
86.80
86.7234 86.85
86.75
4 French Rentes(in Paris) fr. 86.9234 86.60
75
74%
7334
7434
Amalgamated Copper Co
7234
7554
63
6334
6354
6234
Am. Smelt. & Refining Co
6234
6554
634
634
654
634
63-4
65-4
h Anaconda Mining Co
9754
9754
Atch. Topeka & Santa Fe__ 9654
9734
9634
9854
10234
10234
10234
10234
10254
Preferred
10234
9254
93
92
9254
94
Baltimore & Ohio
9134
83
83
8334
83
83
Preferred
8134
194
196%
19654
19754
198
Canadian Pacific
1943(
5154
52
54
Chesapeake & Ohio
5034
5234
5434
12
12
12
12
1234
Chicago Great Western
1254
9934
100
101
101
10234
Chicago Milw.& St. Paul
1013.4
12
12
12
12
13
Denver & Rio Grande
1254
20%
21
Preferred
22
2034
2134
2134
2834
29
2931
2754
2834
Erie
2934
43
44
43
4434
45
First preferred
4334
37
37
37
Second preferred
38
3631
3634
125
126
126
126
Great Northern, preferred 124%
12654
113
113
113
113
Illinois Central
11234
11254
137
136%
138
138
Louisville & Nashville
140
13734
1634
Missouri Kansas & Texas... 1634
1654
1634
1654
1734
39
39
3934
Preferred
40
4031
4054
19
18
1734
Missouri Pacific
1734
1631
1934
1054
1034
1034
Nat. RR.of Mex.. 2d prof.. 1034
1034
103.4
95
94
9534
96
953.4
N. Y. Cent. & Hud. River_ 94
26
26
27
2634
2634
N. Y.Ont.& Western
2631
10634
10554
106
106
Norfolk & Western
10654
10634
___
____
Preferred
9234
9134
9134
9234
111
Northern Pacific
11134
11234
11234
113%
11234
56%
5654
57
5831
57
5734
a Pennsylvania
Reading
Company
8331
85
85
85
8454
a
8454
a First preferred
4531
4534
45%
4534
a Second preferred
3%
-134
-aii -53i
Rock Island
334
9234
Southern Pacific
9334
9234
9534
9354
9354
2054
2454
2434
Southern Railway
2431
2534
2534
Preferred
80
8054
8054
8054
8034
8054
158%
159%
Union Pacific
15754
15934
16054
16154
8454
86
Preferred
8634
85
8534
8554
6034
603-4
6054
6254
U.S.Steel Corporation
5934
6154
.11254
111
11054
Preferred
111
1123(
11154
1
1
1
1
1
Wabash
1
331
4%
3%
Preferred
4
33-1
331
54
Extended 45
5331
5311
5334
5334
5331
Price per share. S .£ sterling. c Ex-dividend. d Quotations here given are
la prices.
THE CHRONICLE
ernumerciat andWiscellaneonsBVAYS
1512
Name of Company.
DIVIDENDS. .
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days inclusive.
Railroads (Steam).
231 June 25 Holders of rec. June la
Alabama Great Southern, ordinary
Aug. 27 Holders of rec. July 18a
Preferred
3
Atch.Top.& Santa Fe,corn.(qu.)(No.36) 131 June 1 Holders of rec. April 30a
Canadian Pacific, cont. (guar.)(No. 72)_ _
231 June 30 Holders of rec. May 30
Cataivissa, 1st and 2d pref
231 May 19 Holders of rec. May 9a
131 June 4 Holders of rec. May 20
Chestnut Hid (guar.)
Chicago & North Western Ry.,com.(qu.) 134 July 1 Holders of rec. June la
July 1 Holders of rec. June la
2
Preferred ((Var.)
Cleveland & Pittsb., reg. guar. (quar.).. 134 June 1 Holders of rec. May 9a
June 1 Holders of rec. May 9a
1
Special guaranteed (quar.)
June 1 Holders of rec. May 18a
Cripple Creek Cent., corn.(qu.)(No. 18) 1
June 1 Holders of rec. May 18a
1
Preferred (guar.)(No. 34)
May 20 May 16 to May 19
2
Delaware & Bound Brook (guar.)
3
June 19 Holders of rec. June 15a
Greene RR_.
May 29 Holders of rec. May 15a
$3
New York Philadelphia & Norfolk
1
May 19 Holders of rec. April 30a
Norfolk & Western, adi. pref. (quar.)_ _ _
131 June 19 Holders of rec. May 29a
Common (quar.)
2
May 25 May 14 to May 19
North Pennsylvania (guar.)
75c. May 29 Holders of rec. May la
Pennsylvania (quay.)
3
June 4 Holders of rec. May 20
Phila. Germantown & Norristown (guar.)
3
June 1 Holders of rec. May 15
Pittsburgh Bess. & Lake Erie, pref
Piller. Youngs. cC Ash.,corn. & pref.(gu.). 131 June 1 Holders of rec. May 20a
1
June 11 Holders of rec. May 280
Reading Company,first pref.(quar.)_ _ _
Southern Pacific Co. (guar.) (No. 31)
131 July 1 Holders of rec. June in
53
July Is Mar. 3 to Mar. 22
Union Pacific, common (special)
Street and Electric Railways,
American Railways, corn. (guar.)
75c. June 15 Holders of rec. May 29a
3
June 1 Holders of rec. May 20a
Baton Rouge Electric Co., preferred
Brazilian Tr.. Lt. & P., ordinary (quar.) 131 May 20 Holders of rec. April 30
Cent. Arkansas Ry.& L. Corp.,pref.(qu.) 131 June 1 Holders of rec. May 150
CUizens' Traction (Pittsburgh)
$1.50 May 16 Holders of rec. May 9
75e, May 25 Holders of rec. May 9
Columbus (0.) Ry.& Light
Detroit United Ry. (quar.)
131 June 1 Holders of rec. May 16a
Federal Light & Tray., pf. (qu.)(No. 16) 131 June 1 Holders of reo. May 15a
Havana Electric Ry., Light & Power,corn 231 May 16 April 19 to May 21
3
May 16 April 19 to May 21
Preferred
131 June 1 Holders of rec. May 27
Manhattan Bridge Three-Cent Line(No. 2)
3
June 10 Holders of rec. May 31
NorfolkRy. & Light
134 June 1 Holders of rec. May 18a
Nor. Texas El. Co., corn. (qu.)(No.19)- 3
June 1 Holders of rec. May 21a
Pensacola Electric Co., preferred (No. 15)
June 1 Holders of rec. May 12
Portland Ry., L.& Pow.(qu.)(No. 14)... 1
Washington (D. C.) Ry. & Elec., com.(gu.) 134 June 1 May 16 to May 17
131 June 1 May 16 to May 17
Preferred (guar.)
Miscellaneous.
$1.50 June 1 May 19 to May 31
Adams Express (guar.)
134 May 25 Holders of rec. April 25a
Amalgamated Copper (quar.)
June 1 May 16 to June 1
3
American Cotton Oil, preferred
May 20 Holders of rec. May 140
1
American Chicle, common (monthly)._
May 20 Holders of rec. May 14a
1
Common (extra)
June 1 Holders of rec. May 26a
1
American Power & Light, common (guar.)_
231 June 30 June 23 to June 30
American Radiator, common (quar.)_
June 15 May 28 to June 5
1
Am.Smelt.& Ref., corn.(qu.)(No.43)_ _
131 June 1 May 16 to May 24
Preferred (quar.) (No. 60)
% June 30 Holders of rec. Juned13a
American Steel Foundries (quar.)
Amer. Sugar Refining, corn. & pref. (qu.). 134 July 2 Holders of rec. June la
June 1 Holders of rec. May 15a
American Tobacco, common (quar.)_ _ _ 5
231 July 1 June 20 to June 30
Ansa. Co., common (guar.)
134 May 30 Holders of rec. May 21
Associated Merchants,common (quar.)_ _
% May 30 Holders of rec. May 21
Extra
131 May 15 Holders of rec. May 1
Atlantic Gas & Electric, pref.(quar.)
131 June 15 June 6 to June 15
Borden's Cond. Milk, pref.(qu.)(No. 50)
British Columbia Packers' Asso.,comAPT 331 May 21 May 10 to May 20
4 June 20 Holders of rec. June 3
Buckeye Pipe Line (quar.)
% June 1 Holders of rec. May 20a
Butterick Company (quar.)
131
May 16 May 1 to May 10
(No.17)
(qu.)
pref.
Ltd.,
Cement.
Canada
June 2 Holders of rec. May ha
Canadian Car & Foundry, Ltd., common 2
Cent. figs. Val. Elec. Prop., pf.(qu.)._ _ _ 31.50 June 1 Holders of rec. May 20a
May 19 Holders of rec. May 11
Central States El. Cor.,com.(qu.)(No. 2) 1
June 15 Holders of rec. May 30a
Cleveland & Sandusky Brew., pref. (qu.) 1
1
June 1 Holders of rec. May 15
Columbus Gas & Fuel,common (quar.).. _
131 July 1 June 24 to June 30
Connecticut River Power, common
3
June 1 May 24 to May 31
Connecticut River Power, preferred
131 June 15 Holders of rec. May 13a
Consolidated Gas (quar.)
3
June 16
Continental Oil (guar.)
$1.25 June 15 May 21 to June 15
Crescent Pipe Line (quar.)
1331 July 1 Holders of rec. June in
Cuba Company, common
ig June 1 Holders of rec. May 15a
Deere & Co., preferred (quar.)
131 June 15 Holders of rec. May 30a
Diamond Match (guar.)
231 May 23 Holders of rec. May 20
Dominion Cotton Mills, Ltd
131 July 2 Holders of rec. June 15a
Dominion Textile, common (guar.)
134 July 15 Holders of rec. June 30a
Dominion Textile, preferred (guar.)
231
July 1 Holders of rec. May 29
(guar.)
common
Kodak,
Eastman
5
July 1 Holders of rec. May 29
Common (extra)
131 July 1 Holders of rec. May 29
Preferred (guar.)
131 June 15 Holders of rec. June 1
Eastern Steel, first preferred (guar.)._
4
June 1 Holders of rec. May 20
Essex & Hudson Gas
131 June 15 Holders of rec. May 22
Federal Mining & Smelt., pref. (quar.)
131 June I Holders of rec. May 15
Federal Utilities, pref. (quar.)(No. 12)—
3
June 30 Holders of rec. May 29a
Galena-Signal Oil,common (guar.)
2
June 30 Holders of rec. May 29a
Preferred (guar.)
May 19
General Asphalt, pref. (guar.)(No. 28).. ig June 1 April 29 to
131 June 1 Holders of rec. May 200
General Chemical, common (quar.)
134 July 1 Holders of rec. June 19a
Goodrich (B. F.), preferred (quar.)
131 June 1 Holders of rec. May 29a
Great Northern Paper (guar.)
1
June 1 Holders of rec. May 21
Greene Canlnea Cooper(No.7)
% Juno 1 Holders of rec. May 20
Harbison-Walker Refract., cam. (guar.)_ _
65c. May 25 Holders of rec. May 20a
Homestake Mining (monthly)(No. 474)
134 May 29 May 19 to May 28
Independent Brewing, Pittsb. pref. (guar.)_
131 June 1 Holders of rec. May lla
Inland Steel (quar.)
Int. Hari/. Co. of N. J., pt.(qu.) (No.29) 131 June 1 Holders of rec. May 90
Int. Harvester Corp., pf. (qu.)(No. 5),.... 1% June 1 Holders of rec. May 9a
International Nickel, common (guar.).-- 231 June 1 May 15 to June 1
May 19 Holders of rec. May 9
Internat. Smelting & Ref. (qu.)(No. 20) 2
June 1 Holders of rec. May 21a
Kings Co. El. Lt. & Pow.(qu.)(No. 57)- 2
May 30
134 June 1
Lackawanna Steel, pref. (quar.)
$1 May 29 Holders of rec. Apr. 30a
Lehigh Coal & Nay. (quar.) (No. 142)
June 1 Holders of rec. May 15a
3
Liggett & Myers Tobacco,corn.(q uar.)_ _
June 1 May 15 to June 20
2
Massachusetts Gas Cos., preferred
131 June 1 Holders of rec. May 16
May Department Stores, corn. (quar.)
131 June 1 Holders of rec. May 15
Middle West Utilities, preferred (quar.)_
1% June 1 Holders of rec. May 16a
Moline Plow,first pref. (guar.)
131 June 1 Holders of rec. May 16a
Moline Plow, second preferred (guar.)_ _
134 July 15 Holders of rec. June 27a
National Biscuit, corn. (guar.)(No.
Preferred (guar.) (No. 65)
131 may 29 Holders of rec. May 15a
131 June 15 May 23 to May 26
National Lead, preferred (quar.)
131 July 1 Holders of rec. June 15a
North American Co. (guar.) (No. 41)
131 June 1 Holders of rec. May 20
Ogilvie Flour Mills, Ltd., pref. (guar.)._ _ _
Ontario Power of Niagara Falls (qu.)(No.?) 131 June 1 Holders of rec. May 230
134 June 15 Holders of rec. June 8a
Pabst Brewing, preferred (guar.)
May 25 Holders of rec. May 2a
2
People's Gas Light & Coke (quar.)
Philadelphia Electric (guar.)
3931c. June 15 Holders of rec. May 22a
1
may 29 May 20 to May 31
Pittsburgh Brewing, common (guar.)
131 may 29 May 20 to May 31
Preferred (guar.)
Pittsburgh Steel, preferred (guar.)
13( June 1 Holders of rec. May 21a
5g June 4 Holders of rec. May 15
Porto Rican-American Tobacco
% June 10 May 21 to June 9
Pressed Steel Car, corn. (quar.) (No. 21)
131 May 20 April 30 to May 19
Preferred (quar.) (No. 61)
Juno 1 May 15 to May 31
5
(quar.)
common
Pure Oil.
231 July 15 Holders of rec. July la
Quaker Oats, common (quar.)
[VOL. xcvm,
Per
Cent
When
Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
134 May 29 Holders of rec. May la
Quaker Oats, preferred (quar.)
13.4 Aug. 31 Holders of rec. Aug. 1
Preferred (guar.)
Solar Refining
June 20 May 26 to June 22a
5
(quar.)
Line
Southern Pipe
8
June 1 Holders of rec. May 15
Southwestern Power & Lt., pref. (guar.)_ _ _
4 June 1 Holders of rec. May 26a
13
Standard Oil (California) (quar.)
231 June 15 Holders of rec. May 20a
(guar.)
(Indiana)
Oil
3
Standard
May 29 May 12 to
May 31
Extra
3
May 29 May 12 to
May 31
Standard Oil (Kansas) (guar.)
3
June 15 Holders of rec. May 28
Standard Oil(Nebraska)
10
June 20 Holders of rec. May 20a
5
Standard Oil of N..1.(guar.)
June 15 Holders of rec. May 20a
2
Standard Oil of N. Y.(guar.)
June 15 Holders of rec. June la
134 June 1 Holders of rec. May 20a
Studebaker Corporation, pref. (quar.)_ _ _
1
Underwood Typewriter, COMMOn (guar.)__ _
July 1 Holders of rec. June 20a
134 July 1 Holders of rec. June 20a
Preferred (guar.)
Union Stock Yards (Omaha) (guar.)
134 May 31 May 22 to May 31
134 June 1 Holders of rec. May 220
United Cigar Mfrs., preferred (guar.)._ _
United Cigar Stores of Am., pf.(qu.)(No.7) 134 June 15 June 2 to June 15
I% June 1 Holders of ree. May 21a
United Dry Goods Cos., pref.(quar.)_ _ _ _
1 5-16 July 1 June 21 to July 1
U. S. Printing of Ohio (guar.)
131 June 29 June 2 to June 10
U.S. Steel Corp., corn. (quar.)(No.42)_
134 May 29 May 5 to May 18
Preferred (quar.) (No. 52)
White (J. G.) EngIn'g, pref. (q11.) (No.5) 134 June 1 Holders of rec. May 20
131 June 1 Holders of rec. May 18
White (J. G.) M'gem't Corp., Pr. (qu.) Woolworth (F. W.). corn.(quar.)(No.8) 131 Juno I April 30 to May 20
134 July 1 Holders of rec. June 10a
Woolworth (F. W.), pref. (guar.)
a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable In stock. /Payable in common stock. e Payable in scrip.
h On account of accumulated dividends. s A distribution of Baito. & Ohio stock to
be made, viz., $12 par value of B. ez 0. pref. and $22 50 par value B. & 0.common
for each share of Union Pacific common stock held, payment of said extra dividends,
bosh cash and stock, being postponed from Apr. 1 to July 1 on account of litigation
% July 1 and 331% Nov. 1
I Declared 7% to holders of record June 1. payable
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO CONVERT APPROVED.
The Bank of Midland, S. D., into "The First National Bank of Midland." Capital, $25,000.
CHARTERS ISSUED TO NATIONAL BANKS,
April 23 to April 29.
10,519—The Citizens' National Bank of Crosby, N. Dak. Capital, $25,000. A. M.Eckmann, Pres.; Sigurd Bue, Cashier. (Conversion
of The Citizens' State Bank of Crosby, N. Dak.)
10,520—The First National Bank of Hulbert, Okla. Capital, $25,000.
W.C. Jackson, Pres.; J. David Nowlin, Cashier. (Succeeds The
First State Bank of Hulbert, Okla.)
10,521—The Farmers' National Bank of Hammon, Okla. Capital, $25,000. J. T. Beall, Pres.; W. E. Commons, Cashier.
10,522—The First National Bank of Prescott, Wis. Capital, $25,000.
Dan'l J. Dill, Pres.; Edward Longworth, Cashier. (Conversion
of The Bank of Prescott, Wis.)
10,523—The Jackson National Bank, Jackson, Miss. Capital, $100,000.
Oscar Newton, Pres.; M. S. Craft, Cashier. (Conversion of The
Jackson Bank, Jackson, Miss.)
10,524—The Citizens' National Bank of New Market, Va. Capital, $25,000. C. N. Hoover, Pres.; E. W. Newman, Cashier. (Succeeds
The Citizens' Bank of New Market, Va.)
10,525—The First National Bank of Tuckahoe, N. Y. Capital, $25,000.
Albert S. Oglesby, Pres.; Wilfred L. Chase, Cashier.
10,526—The First National Bank of Pearl River, N. Y. Capital,$25,000.
, Cashier.
Edwin Brandow, Presidentc
10,527—"First and Old Detroit National Bank" Detroit, Mich. Capital,
G. Nicholson,
$5,000,000. Emory W. Clark, President; Walter
Cashier. Succeeds The First National Bank of Detroit, Mich.,
and The Old Detroit National Bank, Detroit, Mich.
10,528—The Humboldt National Bank of Eureka,Cal. Capital,$200,000.
E. A. Leach, President' H. W. Leach, Cashier. (Conversion of
The Humboldt County Bank of Eureka, Cal.)
10,529—The Farmers' & Merchants' National Bank of Benton Harbor,
Mich. Capital, $125,000. O. B. Hipp, President; Wm. E.
Marsh, Cashier. (Conversion of The Farmers' & Merchants'
Bank of Benton Harbor, Mich.)
10,530—The Commercial National Bank of Great Falls, Mont. Capital,
$200,000. H.J. Skinner, President; M.Skinner, Cashier. (Conversion of The Commercial Trust & Savings Bank of Great Falls,
Mont.)
10,531—The Farmers' National Bank of Tupelo, Okla. Capital, $25,000.
R. N. Armstrong, President; P. Statler, Cashier. (Conversion of
The Farmers' & Merchants' State Bank of Tupelo, Okla.)
10,532—The American National Bank of Roanoke, Va. Capital,$100,000.
M. W. Turner, President; Jno. W. Penn, Cashier. (Conversion
of The Bank of Commerce (Inc.) of Roanoke. Va.)
10,533—The Wyoming National Bank of Casper, Wyo. Capital, $50,000.
Bryant B. Brcoks President; R. C. Wyland, Cashier. (Succeeds The Cosgrlff & Abbott Bank of Casper, Wyo.)
10,534—The First National Bank of Linnton, Ore. Capital, $25,000.
C. G. Wilson, President; S. M. Mann, Cashier. (Conversion of
The Linnton Savings Bank) Linnton, Ore.)
10,535—The National Bank of Commerce of Pensacola, Fla. Capital,
3300,000. R. W. Goodhart, President; E. R. Malone, Cashier.
10,536—The Conway National Bank, Conway S. C. Capital, $100,000.
Robt. B. Scarborough, President; Will. A. Freeman, Cashier.
Succeeds, The First National Bank of Conway, The Conway
Savings Bank and the Bank of Horry, Conway, S. C.)
10,537—The Peoples National Bank of Conway. S. C. Capital, $25,000.
J. A. McDermott, President; D.A. Spivey, Cashier.
VOLUNTARY LIQUIDATIONS.
Aprll 15 1914.
1,077—The Fitchburg National Bank, Fitchburg,
and J. Lovell JohnMass.,
Liquidating committee, Harry C. Townsend
son, Fitchburg, Mass. Consolidated with The Fitchburg Safe
Deposit & Trust Co., Fitchburg, Mass.
5,787—The First National Bank of Elmwood, Nob., April 20 1914. Liqui,
dating agent, Edward J. Jeary, Elmwood, Neb. Succeeded bS
The Elmwood State Bank.
8,851—The First National Bank of Lawrence, Nebr., April 28 1914.
Liquidating agent, Jay M. Riley, Lawrence, Nebr. Succeeded
hiiip
e.
,cp
en
oaiNavrrk
fL
o.
nkwr
oray
mB
m mriittt
oecu
h ecS
g
te
y S,taE
„
2,707—The First National Bank of Detroit, Mich., April 30 19,14. LiquidH. McM illan, and
Yint
bt
a
Dexter M. Ferry, Jr., Detroit, cih. To besucceeded by "First
and Old Detroit National Bank." Detroit, Mich.
6,492—The Old Detroit National Bank, Detroit, Mich., April 30 1914.
To be succeeded by the "First and Old Detroit National Bank".
Liquidating agents, Alexander McPherson, John B. Ford and
E. D. Satir, Detroit, Mich.
3,495—The First National Bank of Nelson, Nebr., April 25 1914. Liquidating committee, F. E. Bottenfield and Wm. A. Voigt, Nelson,
Nebr. Succeeded by The State Bank of Nelson, Nebr.
8,465—The Seminole National Bank, Seminole, Tex., March 20 1914.
Consolidated with The First State Bank of Seminole, Tex., which
is to act as liquidating agent.
DESIGNATION OF RESERVE CITIES.
The city of Atlanta, Ga. was designated by the Comptroller of the
Currency April 25 as an additional reserve city, under the Act of March 3
1887.
The city of Richmond, Va., was designated by the Comptroller of the
Currency April 27 as an additional reserve city, under the Act of March 3
1887.
RESUMPTION OF BUSINESS.
252—The First-Second National Bank of Pittsburgh, Pa., was closed
on July 7 1913, reopened and resumed business on April 25 1914.
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:
MAY 16 1914]
THE CHRONICLE
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Per Cent.
55 Amer. Lithographic 7% pref_ 753's
6 Bank of Long Island
190
25 Southern States W. H., com_ _101
993-100
102 Farish Co., corn
100 Steel Package Co., pref
$5 lot
osq
16 Pacific & Atl. Teleg. Co
$100 lot
139 Carman Realty Co
Bonds.
Per Cent.
$500 Maritime Assocn. of N. Y.
2d 58, 1924
55
$30,000 So. Yuba Water Co. of
N. Y.cons.68, 1923; J.& J
1031
$8,000 Houston compromise 68,
1918: J. & J
10334033
$30,000 Greenville Gas Lt. Co. 1st
s. f. 5s, 1930
$20,600
Per Cent. $3,450 Amer. Round Bale Press
Bonds:
$1,000 U. S. Wood Preserving Co.
$40
Co. 1st fki
75
1st 6s, 1922
12 Amer. Round Bale Press, pref lot
$700 J. R. Shanley Est. coll. tr. 55.. 82
230 Amer. RoundBalePreas, corn_
The capital of the trust companies is as follows: Brooklyn. $1,500,000: Bankers.
$10,000,000: United States Mortgage & Trust, $2,000,000: Astor, $1,250,000; Title
Guarantee & Trust, 55,000,000: Guaranty. $10,000,000: Fidelity. 51,000.000:
Lawyers'Title Insurance & Trust,$4,000,000; Columbia-Knickerbocker,$2,000,000;
People's, $1,000,000: New York, $3,000,000: Franklin, $1,000,000; Lincoln, $1.000,000; Metropolitan, $2,000,000; Broadway, $1,500,000: total, $46,250,000.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V.92, p. 1607, In the case of the trust companies.
DETAILED RETURNS OF BANKS MAY 9.
We omit two ciphers (00) in all cases.
By Messrs. Francis Henshaw & Co., Boston:
Shares.
19 Cabot Manufacturing Co
$ per sh.
100
Banks.
00s omitted.
•
By Messrs. R. L. Day & Co., Boston:
Shares.
$ per sh. Shares.
$ per sh.
6 Nat. Shawmut Bank
209
6 Wamsutta Mills, N. Bedf'd_120
12 Webster & Atlas Nat. Bank_2053
6 Bigelow Carpet Co
1803.
6 Boylston Nat. Bank
20 Union St. Ry., N. Bedf'd 190%
121
10 Fremont & Suffolk Mills__ _ _100
3,299 Thames River Specialties Co. 1
6 Lowell Bleachery
125-1263
35 State Street Exchange_ _75 flat
180 Cordeis Mills rights
20-23%
4 Con.& Mont. RR., class 4_ _110 yi
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares.
7 John B. Stetson, common__ _375
10 Germantown Ave. Bank,
29
$50 each
2 Darby Bank, Darby,$50 ea_ 60
10c
1,100 Calaveras Mining Co
10 German Theater Realty_ __ _ 5
50 No. Butte Exten. Copper._ _ 5c
25 Kensington Hygeia Ice,
35
$25 each
70 integrity T. I., T. & S. D.,
$50 each
1803485
30 Northumb'd Gas&Elec., pref. 25
188 Phila. Life Ins., $10 ea.1034-103g
3 Phila. Bourse, pref., $25 ea_ 163
8 Phila. Bourse, corn.,$50 ea.33.33
2 Farmers & Mech. Nat.Bank _135
30 American Bank, $50 each__ 54
7 Bank of North America
260
4 Central National Bank
430
38 Market St. Nat. Bank
181
12 Continen.-Equit. Tr.,$50 ea. 96
24 Fidelity Trust
610
10 Franklin Trust,$50 each....54
10 People's Trust, $50 each.. _ - 473.
4 West Phil. T.& I., $50 each_14134
10 Delaware Ins. Co., $10 each. 26
3 Fire Assoc. of Phila., $50 ea-348
5 13th & 15th Sts. Pass. Ry_ _245
10 Ephrata & Leb. St. Ry., $50
each, v. t. c
15
Shares.
$ per sh.
7 Phila. City Pass Ry
155
10 Amer.Pipe & Construction
45
10 Phila. & Camden Ferry Co.,
$50 each
135
11 Bergner & Engel Brew., pref. 86
27 John Wyeth & Bros., pref _14610,000
50 John Wyeth & Bros.,com.f lot
1 People's Nat. Fire Ins
18
Bonds.
Per Cent.
$1,000 Phil. & Willow Grove St.
Ry. 1st 4%s, 1934
90
$1,000 Springfield Wat.Co.58, 1926 903
$1,000 Spring.Cons.Wat.Co.5s,'58 75
$1,000 No.Spring. Wat. Co. 58,'28 903j
$800 Routt County Dev. Co. 1st .
6s, 1918
10
$16,500 Castlewood Irrig. Dist. 68,
1931
10
$10,000 Castlewood Irrig. Dist.
65, 1931
$8,000 Colo.-Wyo.Power & Rod.
Co. 1st Os, 1942
$1,500
$2,000 Harper Transp. Co.68,'17 lot
$3,500 Wenatchee Vali. Gas & E.
Co. 6s, 1915
$9,000 Northumberland Trac. 5s.. 51)
$2,500 Hanover Sewer Co. 1st 59,
50
1932
$1,000 Camden & Sub. Ry. 1st 5s,
102%
1946
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
3 Penn.sy. Co.for Ins., do
5 Pennsy. Fire Insur. Co
Per Cent.
$ per sh. Bonds.
$1,000 No. Spring. Wat. Co. 5s,'28 903
610
392
Canadian Bank Clearings.-The clearings for the week
ending May 9 at Canadian cities, in comparison with the
same week of 1913,show a decrease in the aggregate of 1.9%.
Week ending May 9.
Clearings at-
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
Total Canada
1914.
1913.
$
58,767,958
44,310,572
36,829,493
0,783,981
5,204,961
3,689,446
3,887,353
3,393,878
2,817,328
1,723,444
2,278,877
2,166,654
3,626,084
1,938,195
514,285
488,913
1,426,376
748,189
1,005,967
974,717
518,494
466,285
$
58,431,203
43,938,540
34,618,756
12,623,545
4,520,419
3,969,632
4,566,868
3,282,914
3,700,680
1,815,591
2,670,653
1,935,087
4,062,844
2,343,840
568,645
562,444
2,181,783
086,930
1,288,175
1,012,617
686,489
750,627
186,561,450 190,218,282
inc. or
Dec.
+0.6
+6.4
---22.5
+15.1
-7.1
---14.9
+3.4
---23.9
-5.1
---14.9
+11.9
--10.7
---17.3
-9.1
--13.2
--34.6
+9.0
---22.0
--3.7
---34.5
---37.8
1912.
1911.
$
56,404,041
45,581,209
30,076,054
13,188,819
6,621,203
3,298,497
5,760,280
2,962,150
3,337,052
1,796,601
1,008,105
1,930,568
3,876,293
2,029,522
647,318
693,950
2,564,879
581,130
1,303,502
1,271,717
46,458,109
37,671,734
22,020,417
10,721,243
4,342,923
2,702,372
6,072,232
2,325,421
3,116,086
1,695,325
1,692,819
1,480,024
2,205,945
1,239,114
492,653
574,248
1,058,369
531,472
706,183
-1.9 185,832,890 146,196,689
Statement of New York City Clearing-House Banks
and Trust Companies.-The detailed statement below
shows the condition of the New York City Clearing-House
members for the week ending May .9. The figures for the
separate banks and trust companies are the averages of
the daily results. In the case of the totals, actual figures
at the end of the week are also given:
Capital. Surplus.
Totals,average 97,557,0 620,506,0 67,077,0 7,005,0 99,805,0 455,306,0 16.2+17.9
Actual figures May 9_ 620,608,0 66,585,0 6,963,0 103630,0 453,649,0 16.2+18.5
24,512,0
47,000,0
23,112,0
62,111,0
25,280,0
211,676,0
25,726,0
8,158,0
2,034,0
11,087,0
50,404,0
126,629,0
4,779,0
22,499,0
2,193,0
101,842,0
23,316,0
9,411,0
11,142,0
80,098,0
25,033,0
102,554,0
1,856,0
34,287,0
12,634,0
124,365,0
49,874,0
3,490,0
6,481,0
4,148.0
125,704,0
15,809,0
3,922,0
5,570,0
17,172,0
10,135,0
4,135,0
12,511,0
4,945,0
32,829,0
31,773,0
11,484,0
23,962,0
13,792,0
7,072,0
10,199,0
7,127,0
25.8
28.2
25.1
25.4
25.3
32.0
25.8
25.1
22.8
24.3
25.9
28.1
31.6
25.5
27.0
25.7'
25.9'
25.2'
25.6
25.8
25.2
25.5
26.6'
25.8
25.4
25.4
26.3*
25.0
25.0
26.0
29.2
25.2
25.2
27.6
27.6
24.6
24.5
25.3
25.6
28.5
27.3
25.5
25.0
24.2
25.5
25.2
25.6
Actual figures May 9..
1506,360,0 66,585,0 68,981,0 1594,804.01 27.2
Circulation.-On the basis of averages, circulation of national banks in the Clearing
House amounted to $41,612,000 and according to actual figures was $41,768,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
endino
May 9.
Capital. Surplus.
Loans.
Specie.
On Dep.
Legal with C.H.
Net
Tenders. Banks. Deposits.
$
Averages.
$
Banks__ __ 131,550,0212,305,3 1,497,440,0362,144,0 66,763,0
1,578,872,0
Trust COS_ 46,250,0; 97,557,0 620,506,0 67,077,0 7,005,0 99,805,0 455,306,0
Total_ _ 177,800,0309,862,32,117,946,0429,221,0 73,768,1 99,805,0 2,034,178,0
Actual.
1,506,360,0365,903,0 68,981,
Banks_ 1,594,804,0
620,608,0 66,585,0, 6,963,0 103,6301 453,649,0
Trust cos_
Total_
2,126,968,01432,488,0, 75,944,0 103,630,02,048,453,0
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under Its
charge. These returns cover all the institutions of this class
In the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per
following:
For definitions and rules under which the various Items
are made up, see "Chronicle," V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.
Reserve
S
$
S
$
S
%
Brooklyn
3,741,5 25,008,0 2,120,0
706,0 4,327,0 19,039,0 14.8+18.4
Bankers
14,801,0 126,702,0 15,066,0
137,0 26,039,p 100,799,0 15.0+20.5
U.S. Mtg.ac T 4,412,0 38,932,0 3,812,0
587,0 6,470,0 29,292,0 15.0+ 17.6
Astor
1,349,9 21,357,0 2,140,0
24,0 1,814,0 14,592,0 14.8+10.7
Title Guar.&T. 11,736,1 33,533,0 2,325,0 1,028,0 5,017,0 21,705,0 15.4+18.5
Guaranty
24,266,5 181,391,0 22,367,0 1,021,0 30,077,0 119,678,0 19.5+20.0
652,0
1,352,4 7,552,0
Fidelity
242,0
912,0 5,858,0 15.2+ 12.0
LawyersTI&T 5,544,3 16,553,0 1,301,0
655,0 1,459,0 12,800,0 15.2+10.2
Col.-Knicker
7,351,6 48,854,0 5,423,0
585,0 4,623,0 40,108,0 15.0+10.3
1,572,6 16,178,0 1,867,0
People's
402,0 2,767,0 15,115,0 15.0+15.1
New York
12,020,0 44,288,0 4,089,0
444,0 7,669,0 29,594,0 15.3+20.5
942,0
Franklin
1,228,4 10,396,0
132,0 1,602,0 6,693,0 16.0+18.1
Lincoln
547,5 10,567,0 1,249,0
225,0 1,141,0 9,694,0 15.2+10.5
6,794,3 25,960,0 2,438,0
Metropolitan
183,0 3,660,0 17,502,0 15.0+17'2
838,9 13,235,0 1,286,0
634,0 2,228,0 12,837,0 15.0+14.7
Broadway......
Specie. Legals. Net Depos- ReAverage. Average. its. Aver. serve.
Totals,average 131,550,0 212,305,3 1497,440,0 362,144,0 66,763,0 1578,872,0 27.1
Week ended May 9.
Net
On Dep.
Surplus. Loans. Specie. Legals. withC.11. Deposits.
Average. Average. Average. Banks. Average.
Loans.
Average.
$
$
New York..._
2,000,0 4,325,4 25,327,0 5,546,0
778,0
Manhattan Co 2,050,0 4,914,6 39,150,0 11,805,0 1,456,0
Merchants'. _ _
2,000,0 2,190,0 22,544,0 4,284,0 1,538,0
Mech. & Met_
6,000,0 8,854,2 63,119,0 13,281,0 2,520,0
America
1,500,0 6,323,2 25,814,0 4,474,0 1,943,0
City
25,000,0 33,141,8 200,141,0 62,072,0 5,735,0
Chemical
3,000,0 7,715,5 29,290,0 3,818,0 2,844,0
Merchants'Ex. 1,000,0
751,5
8,474,0 1,796,0
255,0
Butch & Drov.
300,0
114,5
1,950,0
398,0
67,0
Greenwich
_
500,0 1,133,8 10,728,0 2,520,0
185,0
AmericanExch 5,000,0 4,759,8 48,723,0 9,678,0 3,424,0
Commerce
25,000,0 16,939,5 141,647,0 27,544,0 8,040,0
Pacific
500,0 1,007,2
4,968,0
801,0
713,0
2,250,0 1,404,0 21,399,0 4,090,0 1,670,0
Chat.& Phen_
People's
200,0
464,3
1,968,0
446,0
148,0
3,000,0 15,003,1 88,327,0 24,578,0 1,671,0
Hanover
Citizens' Cent. 2,550,0 2,444,5 23,725,0 5,441,0
609,0
1,000,0
1,962,4
Market & Fult
9,479,0
1,487,0
888,0
2,000,0 1,868,9 11,318,0 2,607,0
Metropolitan _
252,0
3,500,0 6,868,2 67,343,0 18,217,0 2,520,0
Corn Exch_ _
1,500,0 7,851,7 27,541,0 4,030,0 2,279,0
Imp.ds Trad_ _
5,000,0 14,490,9 97,060,0 23,510,0 2,669,0
Park
1,550,0
57,8
250,0
380,0
East River_
114,0
3,000,0 3,676,9 28,714,0 6,156,0 2,715,0
Fourth
1,000,0 2,846,0 13,857,0 3,087,0
Second
131,0
10,000,0 23,374,8 128,800,0 30,032,0 1,669,0
First
4,000,0 3,528,0 45,879,0 10,467,0 2,677,0
Irving
3,205,0
794,0
790,3
79,0
Bowery
250,0
8,960,0 1,579,0
789,0
500,0 1,922,0
N.Y.County_
874,0
4,329,0
German-Amer.
689,7
750,0
207,0
Chase
5,000,0 10,153,3 104,195,0 31,223,0 5,523,0
Fifth Avenue_
956,0
100,0 2,241,9 14,075,0 3,040,0
German Exeh_
425,0
565,0
3,378,0
822,5
200,0
Germania _ _ _
200,0 1,040,9
254,0
4,729,0 1,285,0
Lincoln
1,000,0 1,766,8 16,016,0 3,814,0
942,0
Garfield
1,000,0 1,296,0
276,0
9,820,0 2,220,0
Fifth
250,0
500,6
790,0
3,855,0
225,1
Metropolis
1,000,0 2,229,0 12,540,0 2,169,0
999,0
West Side_
200,0
915,4
3,948,0
982,0
284,0
Seaboard
1,000,0 2,616,1 27,016,0 7,366,0 1,994,0
Liberty
1,000,0 2,828,0 27,363,0 8,036,0
666,0
N. Y. Prod.Ex 1,000,0
955,0
9,990,0 2,421,0
513,0
State
1,000,0
425,6 18,497,0 5,605,0
400,0
Security
1,000,0
348,5 11,658,0 1,043,0 1,399,0
Coal & Iron
1,000,0
578,5
6,919,0 1,040,0
769,0
Union Exch.. 1,000,0 1,001,0
9,698,0 2,228,0
350,0
1,000,0 1,171,5
Nassau, Bkiyn
8,114,0 1,625,0
203,0
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.
1513
State Banks.
Slate Banks.
Trust Cos.
Trust Co.
outside of
in
in
outside of
Greater N. Y. Greater N. F. Greater N. F. Greater N. 7.
Capital as of March 2....
$
23,137,400
$
67,900,000
S
.10,523,000
S
*10,250,00C
Surplus as of March 2__
39,457,000
164,517,360
•14,028,915
*11,341.302
Loans and investments__
Change from last week_
324,731,200 1,108,542,700
+1,458,200 -6,345,500
129,073,500
+1,460,400
184,411,90C
-414,10C
Specie
Change from last week_
67,881,800
+1,318,000
116,891,700
-5,559,700
Legal-tender & bk. notes_
Change from last week_
17,606,300
+223,900
10,621,900
+785,200
389,890,300 1,279,318,000
+3,450,900 -11,212,700
136,898,100
+1,577,700
196,336,200
+1,262,800
Deposits
Change from last week_
.
on deposits
Change from last week_
114,818,100
+2,034,100
138,133,300
-5,217,700
25,362,300
+74,400
29,233,200
+2,290,900
P. C. reserve to deposits_
Percentage last week
30.37
30.0%
17.1%
17.3%
19.9%
20.0%
16.3%
14.9%
Reserve
Increase over last week. - Decrease from last week. .As of Dec.9 1913.
[Vol- xcvm.
THE CHRONICLE
1514
Reports of Clearing Non-Member Banks.-The followThe Banking Department also undertakes to present
separate figures indicating the totals for the State banks and ing is the statement of condition of the clearing non-member
trust companies in the Greater New York, not in the Clearing- banks for the week ending May 9, based on average daily
House. These figures are shown in the table below, as are results:
We omit two ciphers (00) in all these figures.
also the results (both actual and average) for the Clearinghave
Loans.
Legal
On
House banks and trust companies. In addition, we
Disc'ts
Tender Deposit
SurCapt.
and
combined each corresponding item in the two statements,
Banks.
Specie. and
Net
with
MI.
plus.
InvestC.-H. Deposits.
Bank
thus affording an aggregate for the whole of the banks and
ments.
Notes. Banks.
trust eompanies in the Greater New York.
3
New York City.
$
$
$
3
3
3
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear.-House State Banks andl Total of all
Members. Trust Cos. NotBanks & Trust
Members.
Average. in C.-H. Aver.1C0s. Average.
ActualFigures
Week ended May 9-
S
$
113
3
National hanks
28,837,400 206,637,400
177,800,000 177,800,000
March 4 and
Capital
State banks
309,862,300 309,862,300
73,378,300 383,240,600
March 2____
Surplus
Loans and investments_ 2,126,968,000 2,117,946,000
-912,000 -9,279,000
Change from last week
567,725,8002,685,671,800
+141,4001 -9,137,600
2,048,453,000 2,034,178,000 a585,510,2002,619,688,200
Deposits
+665,200 -5,039,800
Change from last week +9,010,000 -6,305,000
Specie
Change from last week
432,488,000
+4,879,000
429,221,000
+1,725,000
Legal-tender
Change from last week
75,944,000
+2,587,000
73,768,000
+119,00
Banks:cash in vault_ __ _
Ratio to deposits
434,884,000
27.26%
57,156,900 486,377,900
+906,200
-818,800
18,474,700
+543,700
82,242,700
+662,700
12,189,800 441,096,800
12.41%
428,907,00
27.18%
53,441,800
74,082,00
508,432,000
+7,466,000
502,989,000
+1,844,000
568,620,600
65,631,60
-275,100 +1,568,900
Money on deposit with
other bks.& trust cos_ _
Change from last week
103,630,000
+4,291,000
99,805,000
+8,031,000
25,767,700 125,572,700
+860,600 +8,891,600
612,062,000
Total reserve
Change from last week +11,757,000
602,794,000
+9,875,000
91,399,300 694,193,300
+585,500 +10,460,500
1914.
For Week.
34,189,000
5,786,100
Total
Change from last week
41,683,650
+5,197,100
39,975,100
+2,250,550
Total
Since Jan. 1.
Dry Goods
General Merchandise
34.80%
34.24%
16.50%
Total
,
The averages of the New York City Clearing-House banks
nd trust companies, combined with those for the State banks
% nd trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Mar.
Mar.
Mar.
Mar.
April
April
April
April
May
May
7____
14.......
21.___
28........
C.__
II__
18.....
25____
2........
9- _ _
E
2,611,813,8
2,612,165,4
2,808,857,7
2,615.558,6
2.647,521.8
2,661,309,9
2,667,243,5
2,698,408,3
2,694,809,4
2.685.671,8
Deposits.
E
2,495,699,7
2.500,101,3
2,513,043,3
2,525,197,4
2,564,167,2
2,579,788,5
2,591,167,3
2,626,157,2
2,625,328,0
2,619,688,2
Specie.
$
449,590,5
452,059,1
458,571,5
460,028,5
462,091,8
467,091,2
470,768,1
475,387,4
485,471,7
486,377.9
Legals.
$
81,736,4
82,187,2
81,240,5
83,884,2
80,807,1
78,148,1
81,753.0
83,701,4
81,580,0
82,242,7
We omit two ciphers (00) in all these figures.
Banks.
Boston.
Mar. 21..
Mar. 28..
April 4_
April 11_
April 18_
April 25_
May 2_
May 9_
itPhila.
Mar. 21_
Mar. 28April 4
April 11_
April 18_
April 25_
May 2.
May 9.
Loans.
Specie.
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60.735,0
60,735,0
60,735,0
$
224,850,0
226,138,0
230,411,0
231,484,0
234,196,0
234,936,0
232,709,0
229,808,0
27,119,0
26,841,0
25,538,0
26,324,0
27,363,0
28,602,0
29,356.0
30,465,0
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,884,3
103,684,3
400,380,0
401,949,0
403,746,0
404.526,0
402,189,0
403,539,0
403,078,0
402,724,0
Legals, Deposits.
a
3,513.0
3,519,0
3,682,0
3,939,0
4,154,0
4,185,0
4,239.0
4,122,0
105,296,0
103.429,0
105,978,0
105,904,0
111,713.0
111,062,0
107.298,0
108,851,0
Circulation.
Clearings
$
267,046.0
266,713,0
277,344.0
279,052,0
295,600,0
291,214.0
285,032,0
284,919,0
10,100,0
10.042,0
10,073,0
10,093,0
10,124,0
10,076,0
10,090,0
10,088,0
157,529,5
146,724,0
101,773,3
153,991,1
174,783,5
154,898.4
157,135,2
142,441,2
*451,854,0
*449,851,0
*460,387,0
*485,330,0
*468,615,0
*461,691,0
*460.542,0
*460,581,0
11,432,0
11,411.0
11,418,0
11,421,0
11,453,0
11,503,0
11,514,0
11,594,0
149,144,7
142.424,3
191,212,0
155,434.7
177,845,5
150,400,3
160,882,2
151,374,6
a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $1,882,000 on May 9, against $1,765,000 on
May 2.
'"Deposits" now include the item "Exchanges for Clearing House," which were
reported on May 0 as $13,028,000.
1,704,0
1,516,0
1913.
32,681,151
17,071,564
I
1912.
1911.
$2,617,806 $2,193,519
15,995,650; 19,267,291
$2,073,855
12,904,086
$19,752,715 318,613,5161 221,460,810 $14,977,941
$72,269,936 359,117,904 $55,002,260 $55,535,994
316,537,261 319,793,119 324,423,909 269,412,187
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 9 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1913.
1914.
1912.
1911.
For the week
Previously reported
$15,436,598 $18,566,623 817,562,421 $15,269,140
354,423,774 345,513,737 300,946,159 274,664,290
Total 19 weeks
$369,860,372 $364,080,380 $318,508,580 $289,933,430
The following table shows the exports and imports of
specie at the port of New York for the week ending May 9
and since Jan. 11914, and for the corresponding periods in
1913 and 1912:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Tot iloney Entire Re.
Holdings. onDeposi
- $
$
531,326,9 630,182,1
$34,246,3 631,828.1
539,821,0 642,291,1
543,912,7 653,053,13
543,798,9 653.803,1
545,239,3 659,391,:3
1552,521,1 661,403.11
559,178,8 669,238,13
567,051,7 683,732,1
568,620,6 694.103.:
Boston and Philadelphia Banks.-Below is a summary
of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
Capital
and
Surplus.
659,0
524,0
54,0
57,0
3388,807,197 8378,911,023 $379,426,169 $324,948,181
Total 19 weeks
+Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the Rem "Due from reserve depositories
and other banks and trust companies in New York City": with this item included,
deposits amounted to $681,424,500, a decrease of $4,605,600 from last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
Loans and
Week Ended- Investments
2,875,0
1,517,0
1,503,0
FOREIGN IMPORTS AT NEW YORK.
36,183,000
5,500,650
14.77%
1.73%
313,0 4,999,0
587,0
55,0
644,0
142,0
Imports and Exports for the Week.-The following are
the imports at New York for the week ending May 9; also
totals since the beginning of the first week in January:
Dry Goods
General Merchandise
16.27%
17.97%
707,0 3,107,0
39,0
990,0 4.930,0
79,0
570,0 2,908,0 11,429,0
856,0 4,542,0
109,0
403,0 2,897,0
208,0
5,847,0 10,665,4 84,114,0 8,446,0 4,100,0 18,775,0 77,618,0
Totals May 9
5,847,0 10,665,4 84,354,0 8,468,0 3,944,0 16,327,0 78,461,0
Totals May 2
Totals April 25..... 5,847,0 10,665,4 85,155,0 8,641,0 4,173,0 17,099,0 78,206,0
Surplus CASH reserveBanks (above 25%)
Trust cos.(above 15%)_
% of cash reserve of trust cos16.21%
Cash in vault
18.59%
Cash on dep. with bks.
1,275,0
1,974,0
8,640,0
7,186,0
7,355,0
1,037,0
5,491,0
3,606,0
1,966,0
5,068,0
89,0
376,0
51,0
189,0
503.0
657,0
227,0 1,400,0
559,0
752,0
124,0
206,0
351,0
705,0
148,0
121,0
93,0
302,0
790,0
329,0
127,523,800
73,548,000
Aggr'te money holdings_ _
Change from last week
Trust Co.; cash in vault
Manhattan and Bronx
369,8 1,608,0 103,0
Washington Heights_ 100,0
118,6 1,733,0 370,0
Battery Park Nat_ _ __ 200,0
501,9 6,434,0 604,0
500,0
Century
712,9 7,019,0 1,077,0
400,0
Colonial
697,0 6,294,0 697,0
300,0
Columbia
13,0
189,8 1,132,0
200,0
Fidelity
491,4 5,406,0 513,0
200,0
Mutual
329,8 3,433,0 447,0
New Netherland_ _ _ _ 200,0
108,9 1,823,0 221,0
Twenty-third Ward_ 200,0
525,5 4,682,0 458,0
100,0
Yorkville
Brooklyn.
686,4 3,767,0 379,0
300,0
First National
966,3 5,588,0 602,0
Manufacturers' Nat_ 252,0
527,5 9,590,0 1,211,0
1,000,0
Mechanics
590,2 4,640,0 522,0
300,0
National City
190,3 2,795,0 184,0
200,0
North Side
Jersey City.
400,0 1,404,8 4,043,0 262,0
First National
832,4 3,125,0 182,0
Hudson County Nat_ 250,0
200,0
445,2 2,359,0 107,0
Third National
Hoboken.
220,0
684,7 4,815,0 295,0
First National
125,0
292,1 3,828,0 199,0
Second National
Exports,
Gold.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since Jan. 1
Imports.
Week.
$1,000,664 $17,067,613
10,000
Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Week.
804,173
1,105,120
328,112
118,750
$38,200
63,393
22,717
Since Jas.1
$14,875
87,346
952
899,821
723,298
1,399,592
680,503
$1,010,664 $19,423,768
6,129,889 53,592,639
24,490 21,214,537
$124,310 $3,806,387
148,693 6,292,866
409,692 7,829,490
$741,338 $11,388,004
8,000 1,850,938
$9,288
7,774
17,917
18,057
2,174,217
976,773
628,554
2,157
1,950
190,019
89,696
1,124,000
200
$753,445 $14,643,757
1,077,386 19,844,505
1,555,259 18,646,587
65,971
2,482
$69,961 $3,832,580
140,036 3,589,221
178,653 4,129,652
Of the above imports for the week in 1914, $3,495 were
American gold coin and $1,469 American silver coin.
Vaulting and Financial.
Municipal Bonds
Ask us to send you Circular No. 618 describing Canadian
and American Municipal Bonds.
Spencer Trask & Co.
43 EXCHANCIE PLACE-NEW YORK
Boston
Chicano?
Albany
nAY 16 1914.j
THE CHRONICLE
(Nanittrst
.1 5 azette.
Wall Street, Friday Night, May 15 1914.
The Money Market and Financial Situation.-Almost
no other influence than the further kaleidoscopic developments in Mexico have this week affected the security markets. The latter remained in a decidedly passive state
until news came of the capture of Tampico by the Constitutionalist army. This was regarded as an important step
towards a settlement of the long-existing internal strife in
Mexico and the probable elimination of the do facto President of that unfortunate republic. The result was a substantial increase in the volume of business at the Stock Exchange and a corresponding advance in prices.
Little attention was paid to the advance in foreign exchange to 4 883, the highest price quoted in recent years,
nor to the shipment of $4,000,000 in gold to Paris and Berlin.
Moreover, the statement showing that the number of idle
freight cars on May 1 was nearly 229,000, as against less
than 40,000 a year ago, passed almost without comment,
as it simply confirms the reports of trade conditions from
other sources.
In the iron and steel industry a little more hopeful feeling
is said to exist, chiefly because it is thought that any change
must be for the better and that a change is about due.
In some cases this feeling is so strong that idle equipment
is being put in working order. Perhaps the wish in these
cases is the chief or most tangible incentive to action.
Crop news continues to be of the most favorable character.
Spring-wheat acreage is nearly all seeded and the ground
generally in excellent condition. Continental Europe is
still seeking gold, although at some centers holdings of the
metal are now relatively large. Paris took nearly all the
$3,500,000 received in London early in the week and the
Bank of England reports a somewhat reduced amount on
hand. With these conditions existing it seems likely that
further demands on our resources will be made.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 13
4@2%. Friday's rates on call were 1 Yt
%.
Commercial paper on Friday quoted 33@4% for sixty to
ninety-day endorsements and prime four to six months'
single names and 43j@4%% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease of 135,247 and the percentage of reserve
to liabilities was 44.51, against 44.26 the week before. The
rate of discount remains unchanged at 3%, as fixed Jan. 29.
The Bank of France shows an increase of 13,486,000 francs
gold and a decrease of 5,192,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1914.
Averages for
week ending
May 9.
Differences
from
previous week.
1913.
Averages for
week ending
May 10.
1912.
Averages for
week ending
May 11.
S
$
$
Capital
131,550,000
133,650,000 134,150,000
Surplus
212,305,300
206,866,000 197,731,000
Loans and discounts.... 1,497,440,000 Dec. 2,978,000 1,337,200,000 1,391,642,000
Circulation
41,612,000 Dec.
323,000
48,019,000
46,828,000
Net deposits
1,578,872,000 Inc. 5,392,000 1,334,933,000 1,421,867,000
Specie
/ 332,144,000 Inc. 6,531,000 276,872,000 290,406,000
Legal-tenders
1
66,763,000,Dec.
77,758,000
73,387,000
197,000
Reserve held
25% of deposits
428,907,0001 Inc. 0,334,000
304,718,000 Inc. 1,348,000
350,259,000
333,740,750
368,164,000
355,466,750
Surplus reserve
16,518,250
34,189,000 Inc. 4,988,000
12,607,250
Note.-The Clearing House now issues a statement weekly, show ng the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department giving the condition of State
banks and trust companies not reporting to the Clearing-House, appear on the second
page preceding.
Foreign Exchange.-The market for sterling exchange
ruled firm during the week and closed strong. Exports
engagements of $1,000,000 for Berlin and $3,000,000 gold
to Paris were announced.
To-day's (Friday's) actual rates for sterling exchange were 4 85350
4 8560 for sixty days, 4 882504 8835 for cheques and 4 886564 8875 for
cables. Commercial on banks 4 8404 85 and documents for payment
4 84104 86. Cotton for payment 4 843:©4 85 and grain for payment
4 85%04 85%.
The posted rates for sterling, as quoted by a representative house, were
not changed during the week from 4 86 for 60 days and 4 883: for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 183: 0
5 183. plus 1-32 for long and 5 15% less 1-16©5 15% less 1-32 for short.
Germany bankers' marks were 95 less 1-32095 for long and 95 5-160
95% less 1-32 for short. Amsterdam bankers' guilders were 40 5-160
40 5-16 plus 1-32 for short.
Exchange at Paris on London, 25f. 19c.; week's range, 25f. 19c. high and
25f. 16c. low. Exchange at Berlin on London,20m.483Pf.; week's range,
20m. 49%pf. high and 20m. 48%pf. low.
The range for foreign exchange for the week follows:
Sterling, ActualSixty Days.
Cables.
Cheques.
High for the week___4 8560
4 8875
4 8835
Low for the week__ _4 8525
4 8790
4 8825
Paris Bankers' FrancsHigh
for the week___ 5 17% less 1-16 ess
5 15%
5 15 l
1-32
Low for the week-5 183: loss 1-32 5 153/ less 5-64 5 15 less 3-32
Germany Bankers' Marksthe
High for
week...._ 95
95 7-16 loss 1-32
953: less 1-32
Low for the week___ 94 15-16
95 5-16 less 1-32 95% less 1-32
Amsterdam Bankers' Guildersplus
High for the week__ _ 40 1-16
1-16 40 5-16 plus 1-32 40% less 1-16
Low for the week__ 40 1-16
40 5-16 less 1-16 40 5-16
Domestic Exch an ge.-Chicago, 10c. per $1,000 premium. Boston,par.
St. Louis, 30c. per $1,000 premium. San Francisco, 20c. per $1,000 premium. Montreal, 15%c. per $1,000 premium. Minneapolis, 50c. per
$1,000 premium. Cincinnati, 15c. per $1,000 premium.
State and Railroad Bonds-Sales of State bonds at the
Board include $200,000 New York 43's at 109, $7,000 N. Y.
1515
Canal 43/
2s at 109,$3,000 N. Y. 4s, 1962, at 102, and $73,000
Virginia 6s deferred trust receipts at 60 to 61M.
In the market for railway and industrial bonds activity
has been limited to a few issues and fluctuations have generally been within a narrow range. Rock Islands and Southern Pacifies have been notably active, but in all cases net
changes are fractional and to a higher level.
Among the excepticrnal features, Missouri Pacific 4s were
conspicuous for a decline of nearly 4 points. A part. of this
was recovered later, however, on a better outlook in the matter of the company's financial needs. As evidence of the
market's steady condition, 7 out of 25 active bonds close at
the same level as last week.
United States Bonds.-Sales of Government bonds at
the Board are limited to ,000 2s, coup., at 97% and $5,000
2s, reg., at 97. For to-day's prices for all the different issues
and for yearly range see third page following.
Railroad and Miscellaneous Stocks.-In the shares
department business has been on a limited scale throughout
the week. It was exceptionally light and the tone steady
during the first three days but on Thursday the market was
decidedly more active and buoyant and these conditions, in
a somewhat modified form, prevailed to-day. As a result
of the week's operations,a considerable list of important stocks
is from 2 to 4 points higher than last week.
Chesapeake & Ohio, on limited transactions, is up 4 points.
Missouri Pacific, which declined early in the week, shows a
net gain of over a point. Consolidated Gas, on the other
hand, moved irregularly and has declined 4 points. Mexican
Petroleum has moved up 9 points on the occupation of
Tampico by General Villa's army. Steel common has advanced 3 points on a good demand.
For daily volume of business see page 1523.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Week ending May 15. for
Week.
Adams Express
Am Brake Shoe & Fdy
Amer Coal Products___ _
Preferred
American Express
Batopilas Mining
Brunswick Terminal_
Buffalo Roch dr Pittsb
Cent & Sou Amer Teleg_
Chic St P M & Omaha
Colorado & Southern....
First preferred
Crex Carpet
Federal M & 5, prof_
General Chemical, pref.
K C Ft S & Mem,pref_ _
Laclede Gas (St Louis).
Mexican Petroleum, pref
New York Air
_
Nor Ohio Trac & Light..
Ontario Sliver Mining...
PacificTel & Tel, pref
Pittsburgh Steel, pref.._
Quicksilver Mining
Preferred
St L & S F-C & E Ill
ctfs trust recta
Sears, Roebuck & Co, pi
Sloss Sheffield S & I, pi_
United Cigar Mfrs_
United Dry Goods, pref
Virginia Iron, Coal & C.
Wells, Fargo & Co
Range for Week.
Lowest.
Range since Jan. 1.
Highest.
Lowest.
Highest.
33100. May 12i00 May 12 91
100 87 May 9 87 May 9 80
10 843,6May 12 8446May 12 82
180 105 May i2108 May 15 102
300 101%May 12 104 May 11 100
100 $%May 11 $%May 11 8%
100 7 May 12 7 May 12 646
100 108%May 14 1083MaY 14 107%
20 1074May 15 10746May 15 103
200 1273:May 14 128 May 14 125
100 234May 0, 23
O 20
200 41 May 12 41 May 12 41
60 70 May 14 70 May 14 70
500 33 May 13 363: May 15 314
40 110 May 151110 May 15 10746
100 74 May 9; 74 May 9 65%
200 96 May 15! 96 May 15 93
270 70 May 14! 73 May 14 67
325.67 May 14! 6746May 15 6036
100 60 May 14: 60 May
500 246May 91 2 May 9!
85 904May 12, 9030.1ay 12! 85%
100 85 May 141 85 May 14 ! 82
200 14May 11!' fl-May 13 141
200 236 May 15 246May 9 2
Fe 110
Ap 9746
Jan 863
Jan 106
Ja 1104
Ap 513.1
Ap
8%
Ap 108%
Ja 109%
Ma 130
Mar 28%
May 62
Mar 80
Ap 43
Feb 110
Jan 7434
May 101
May 87
Apr 89
Jan 62
Jan 246
Jan 904
Apr 93
May 234
Mar
Mar
Feb
Mar
Jan
Jan
Feb
Feb
May
Feb
Jan
Jan
Jan
Jan
Jan
May
Apr
Feb
Feb
Jan
Jan
Jan
May
Feb
Jan
Jan
10 43-May
300 1243-May
200 8634Ntay
110 47May
%
304 97 May
130 45 May
350 87 May
May 10
Jan 12436
May 92
Jan 504
Mar 10034
Jan 52
Feb 94_
Feb
Mar
Jan
Feb
Feb
Mar
Mar
13 446May
13!12436May
11 87 May
15 473May
14/ 974May
15: 45 May
12 87 May
13
13
12
15
11
15
13
434
1224
8636
45
9436
40
8036
Outside Market.-Trading in outside securities was dull
this week, with no particular feature. Industrial securities
show improvement. Standard Oil stocks were irregular,
several issues showing wide fluctuations. Standard Oil
(Kansas) was the most conspicuous of these, th6 omission of
the extra dividend usually declared with the quarterly distribution of $3 having an adverse influence. The stock dropped
from 440 to 395 and ends the week at 400. Prairie Oil & Gas,
after early loss of 7 points to 430, ran up to 455, with a subsequent reaction to 448. South Penn Oil sold down from
282 to 247, but recovered to 277. Pierce Oil gained about
12 points to 87. Continental Oil receded from 223 to 214.
N. Y. Transit at 274 shows an advance of some 6 points.
Ohio Oil, after a drop on Saturday last from $172 to $167%,
moved upward during the week, reaching $178 to-day, with
the close to-day at $1763/ .Standard Oil (California) at 310
was up about 10 points,final transactions to-day being at 306.
Standard Oil (Indiana) at first lost about 6 points to 450,
then sold up to 460 and to-day down to 449. Standard Oil
of N. J. declined from 412 to 406 and recovered finally to
410. Standard Oil of N. Y., after early loss of 3 points to
210, advanced to 222, closing to-day at 214. Tobacco
stocks very dull. United Cigar Stores corn. on a few transactions improved from 863/i to 883. Tobacco Products
pref. gained a point to 853/2. Riker-Hegeman Corp., after
early loss from 9 to 8%,improved to 9%,and ends the week
at 9M. United Profit Sharing Corp. sold up over a point
to 5% and closed to-day at. 53.. National Cloak & Suit
corn. lost over 5 points, to 51, but recovered to 5532. The
pref. eased off from 983/ to 9732. In bonds Cons. Gas
cony. 6s were prominent, dropping from 115% to 113 and
recovering to 114. The "rights" were active, declining from
6 to 3/
3 8, the close to-day being at 3 7-16. Copper stocks
dull. Braden Copper fluctuated between 7% and 83/8, resting finally at 8. Greene-Cananea sold at 30 on Saturday
last, but moved upward during the week,reaching 34 to-day.
Outside quotations will be found on page 1523.
1516
'New York Sto-ok Exchange Stook Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding page
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
May 9
Iforiday
May 11
Tuesday
May 12
IVednesday
May 13
Thursday
May 14
"mail
Slay 15
Sales of
the
Week
Shares
Range since Jan. 1.
On basis of 100-share lots.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest.
Highest.
Range for Previous
Year 1913.
Lowest.
Highest.
Railroads
3,100 Atchison Topeka & S F_
Do pref
1,172
740 Atlantic Coast Line 15 iI.
4,190 Baltimore & Ohio
Do pref
600
4,950 Brooklyn Rapid Trans.
46,900 Canadian Pacific
Central of New Jersey_ _
12,845 Chesapeake & Ohio__
1,340 Chicago t West tr ctfs_
Do peel trust ett's_
2,100
7,020 Chicago 51 ilw & St Paul_
coag pr
&ef
)
6
300 h11
North Western
Do prof
Cleve Cin Chic & St L....
Do pref
100 Delaware & Hudson
220 Delaware Lack & West
400 Denver & Rio Graude
Do pref
37
14,700 Erie
Do 1st preferred_ _
2,070
Do 2d preferred
500
5,800 Great Northern prer
Iron Ore properties
1,100
800 Illinois Central
1,600 Interboro-Metrop v t ctf_
Do pref
5,100
Kansas City Southern- _
9014 Nov 101338 Jan
0134 Apr 25 10038Jan 23
9334 9412 9514 9512 9514 9514 9514 9514 9512 9614 9612 9631
96 J ly 10214 Jan
9712 Jan 13 10158 Feb 9
10014 10014 10014 10014 10012 1001;
*100 10012 10014 10038 1100 100
116 Jan 3 126 Jan 23 112 J'ne 13328 Jan
122 122
122 12312 *12212 12312
*12012 122 *12012 12212 *121 123
008 Jan
9058 J'ne
8714 Apr 24 9838Jan 26
9138 9134 921s
9034 9034 9038 9034 91
8934 9038 9034 91
Jan
7114 J'ni
7734Jan 6 833* Jan 21
8112 8112 8112
*8078 8112 *8012 8112 8138 8138 8112 8112 1081
2 \my
9414 NIch (4 z833,.1 ne
s7i2Jan
9214 9138 9218 92
9214 9212 9252
9214 92
9134 9178 92
22(117 Feb 4 201 Dee 4(4614 Jan
27
Apr
.8612
19178
19234
18978
192
191
19212
19212
18912 19034 19014 19214
19334
362 Jan
10 Jan 12 310 Jan 12 27,i .1
*300 325 *300 325 *300 325 *300 325 *300 325 *300 325
5118 Ply
50 Jan
4834 May 9 68 Jan 22
52; 5318 5341
5012 5078 5078 5112 52
4834 5038 5014 51
1013 J'ne
1778 Jan
,
, Jan 24
141:
21
Apr
11
1212
1212
1238
1212
1212
1234
134:
*1134
12
1178 12
112
Vile
23
May15
35 Jan
'
3414
Jan
7
2712
3314 3312 3414
3318 33
3138 3138 3218 3212 3212 3212 *32
0614 Nu,
MI Jan
Apr 25 10718 Fen 4
9418
100
9834
997
9878
9814
9834
8
8
983
10012
4
983
9812
19734 9734
13412111m 2 143 Feb (I 13112 Nov 1.10 Jan.
13634 137
13712 13712
*136 13712 *136 138 .136 138 *13512 138
Dee
Jan
zI23
ns
14
Feb
8
3
1367
Jan
128
13212 13212
131 131 *131 13312 13112 13112 *131 133 *131 133
Nov llali Jan
170 Jan 5 180 Jan 24 17118
*170 180 *170 180 *170 180 *170 180 *170 180 *170 185
34ig 4 11 14
54 Jan
5
Jan
40
13
Apr
25
*22
35
*22
35
35
40 *22
*22
40
35
*22
*22
94,
4 Jan
60 Oet
5434 Apr 29 70 Feb 9
*5114 60
*5114 56
*5114 60 *5114 60
*5114 65
*5114 60
167 ,lan
14512 Apr 22 15912 Feb 4 14712 J'ne 146
15018 15018 *14912 15212 *150 151 *150 155
*149 152 *149 152
Jan
Dee
310
27
Jan
405
6
Jan
388
40013
*395
40012
400
40014
*39212 401 *39212 401 *39212 401 *39212
2:31, Jan
.338 J'ne
1012 Feb 25 1014 Jan 31
13
*11
14
*1114 1212 *114 131: *11
*1112 13
1118 12
4i Jan
23 J'ne
19 Apr 25 3118Feb 4
*1912 23
*1912 24
*19
24
19
119
22
*19
22
•18
3212 Jan
2014 J 11c
2534 Apr 25 3212 Jail 23
2818 2812 2814 2838 2814 2838 2812 2914 2878 2914
2738 28
4912 Jan
3312 J 'Ile
4018 Apr 25 4934 Jail 27
4318 4314 4314 4312 4414 4418 441:
43
4318 43
4178 42
41 Jail
2314 J'ne
35 Jan 2 4014Jan 23
36
3578 36
3614 *36
3578 3578 *3538 36
364
*35
36
119 Apr 25 13434 Feb 4 11512 J'ne 13238 Jan
12312 124
12418 12411
/
4
12178 12233 12238 12338 12278 12314 123 123
4114 Jan
2914 Apr 27 30'4 Jan 19
2517 J'ne
3254 3234 33
33
*31
31
3114 3138 *3114 3234 1031
31
107 Jan 7 115 Jan 26 10234 Dec 12878 Feb
11112 11111
11014 11014 11014 11014 *110 112
*109 112 *109 112
J'ne
1958 Jan
1311
1238
Apr
25
24
Jan
168
143a 1438 1434 1434 *1438 1478 1438 1438 1458 1434 1473 15
6538 Jan
5814 Apr 25 6338 May 6
45 J'ne
6234 6333
6134 6238 6212 6238 6238 6234 6214 6234 6212 6231
2818 .('IV
23 Apr 25 2738Jan 31
2133 Jot
2612 2634 2634 2738
2612 2634 2638 2634 2614 2612 26
26
O., Jan
57 Apr 25 62 Jan 24
36 J'ne
60
60 *59
6012 6012 6012 *5978 6078 *5978 6114 *5978 6138
11.2 Feb
612 Feb 28
May
9 Jan 23
5,276508 L
y Western__*512 8
*512 8
*512 8
*5
8
*5
8
*512 8
35 Jan
17 Apr 3 2112Jan 28
16 Nov
Do pref
*15
20
*15
20
*15
20
20 *15
20
*15
20 *15
21
Apr
8 Jan
13214
J'ne
1683
15614
Jan
14114
23
Lehigh
Valley
11,025
13712 13812 13834 14014 13912 13934 13818 13912 13912 140
13934 14014
13612 13612 137 139
300 Louisville & Nashville- 13114 Apr 25 1417 Jan 19 12614 J'ne 14214 Jan
*133 13412 *13312 13412 *134 136 *134 136
7 J'ne 13258 Feb
300 Manhattan Elevated...- 128 Jan 6 133 Feb 7
*13038 132 4113038 132
131 131
13114 13114 13112 13112 *131 13112
12 Apr 18 1614 Jan 31
2314 Jan
12 J'ne
110 Minneapolis & St Louis.._
13
*1212 15
11212 1212 *-- 13
*1212 1412 1212 1212 *12
30 Apr 14 3512 Jan 22
47 Jan
30 Dec
Do pref
*28
32
*28
3
32
*28
*28
31
0_ .... 35 *___ 35
11734 Apr 27 137 Feb 5 11514 J'ite 11214 Jan125 12512 125 125
500 Minn St P & S S Marie
122 122 *121 12312 *122 12412 *123 125
145 Feb 2 131 Nov 5150 Jan
140 Apr
Do pref
_ *140 - - *140
_ *140
_ *140
*140___ *140
1414 Apr 22 24 Jan 26
1818 J'ne
2918 Jan
1638 1-7
1714 1753 2,300 Missouri ICan Sc Texas_ _
1512 -1512 1612 161-2 1638 16-82 *1534 1638
r412 Apr
35 Apr 25 60 Jan 30
52 J'ne
Do preferred
*39
4114 41
100
4114 *3812 41
*3812 41
*3812 41
*38
4114
1514
Apr
30
30
Jan
27
Dee
2114
4:8s Jan
Missouri
Pacific
1878 1812 1918 94,270
1534 1738 17
1838 1618 1734 1634 1734 18
31 Dee
30 Jan 19 34 Feb 6
5..) Mch
Nat Rya of Mex 1st pref_
36
*25
33 *_ ___ 35
*24
33
*24
33 *24
33 •25
83.1 Dec
9 Apr 25 14 Jan 26
2712 Jan
Do 2d preferred
10
300
1014 *834 1034 10
10
10
*958 1058 *10
*912 10
8658 Apr 16 9658Jan 31
9038 Dec 10934 Jan
12,769 N Y Central & H 15
9238 93381 93
9338 9314 9378 9312 94
91
9134 9218 93
6554 Dec 12978 Jan
6514 Mch 4 78 Jan 2
2,804 NYNH& Hartford_ _
6918 169
69
69
6938 6914 70
68
6834 69
6914 69
2518 J'ne
2478 Apr 25 318 Jan 23
3318 Jan
400 N Y Ontario & Western.. 995
*2514 26
2534 2534 111 538 2512 *2538 2612 *2512 2612 2614 2614
8Jan 9 10534 Fea 4
98 J'ne 11312 Jan
1,000 Norfolk & Western
10358 104
104 10412 10412 1041,
*10312 10334 *10312 104 *10358 104
8014 A tux
57 Feb
Do adjustment pref- 85 Jan 7 90 Apr 29
*89
*8912
*89
91
9118 *8912 901:
252
__ *8912
4
10134 .Inc 12258 Jan
10612 Apr 25 11812 Feb
__- 10913 10978 1101 111
111 1111: 8,775 Northern Pacific
108 10912 10912 ifois 10912 10934
31
Dec
Jan
106
11512
25
Apr
12334
Jan
10814
Pennsylvania
sylti
nb c
petnts
11034 111
11078 11118 11114 11134 11112 1115
7,010 Pi
10912 11014 11014 111
7718 Dee 104 Jan
70 Mch25 91 Feb 4
Chic & St L.._
89
*78
8858 318
89
*78
88
*78
89
*80
89
•80
9534 Apr 1 101 Mch25 100 J'ne 5109 Sep
Do
preferred
*90
100
*90
100
*95
105
*90
100
105
*90
*90 100
215812 Apr 27 17214 Jan 22 15138 J'ne 17134 Deo
000 Reading
163 16434 16478 16614 16518 16638 16458 16534 16518 16618 16534 1663; 202,2
82(2 Oct
9212 Apr
8712Jan 8 89 Mch19
1st preferred
8814 8813 8818 *88
8814 *88
881
200
8814 *88
8814 8814 .88
84 J'ne 93 Apr
87 Apr 28 93 Jan 28
2cdk preferred
670 R0
*8812 90 *8812 90
90
190
90
90
90
89
*88
89
2478 Feb
1158 Oct
23
Jan
30
Apr
168
212
Island
Company314 314 4.314 378
350
334 334 *314 334 *314 334
3313 331
4434 Jan
1712 Oct
412 May 2 25 Jan 16
D2
00is &
5
518
5
514
434 478 •478 51, 2,976
434 5
412 412
234 J'ne
1934 Jan
538Jan 15
2 API 7
SanpreferredFrancisco
212 21;
212 *2
212
200 St
' *218 212 *218 212 *218 212 *2
13 J'ne 59 Feb
8 May 5 1712Jan 13
Do 1st preferred
10
*8
10
300
*7
*7
10
9
101:
10
*7
• *7
10
512 J'ne 29 Jan
318 Apr 30
934Jan 26
*4
5
400
Do 2d preferred
*334 5
*334 5
5
5
*312 5
*334 5
3512 Jan
20 Dec
20 Mch30 2634 Jan 26
633 St Louis Southwestern
22
*21
22
22
22
2178 22
22 .21
*21
22
*21
Dec
75 Jan
5614
26
57
Jan
Jan
8
6513
Do
preferred
S..--.__
57
•____
59
*._....
57 *.._ _ - 59
*
57 *____ 57
2034 Apr
1412
J'ne
5
2
Feb
4Jan
8
223
163
.i..Tiii. on
les. 103.. 103. 1l33i ISM 1034 103e 107.. 103. ins
750 Seaboard Air Line
38 J'ne 4938 Sep
4534Jan 2 58 Fen 4
1 5334 54
5414 5414
Do preferred
*5338 5414
54
3s1 1,700
5312 5312 *53
83 Nov 110 Jan
991..
Apr
25
8614
23
Jan
Pacific
Co
Southern
91
9134
9278
9338
36;550
9134 9138 9278
9012 9118 9114 9178 9118
8814 Nov 9912 Sep
Certificates (wh. iss.)_ 9458Jan 2 10513 Jan 31
9918 9918
100
2858 Jan
1918 J'ne
2212 Apr 25 2814 Feb 4
2,-03 21;- 3,950 Southern v tr ctfs stmpd_
2414 Wag ;2:1- 2438 2414 2413 2438 25 24
24
75 Jan 3 8514 Feb 4
8112 Mall.
72 J'ne
do
preferred
Do
79
80
79
8012 *76
7912
800
79
7778 7812 7814 7814 4,78
J'ne
2258 Jan
1312Jan
5
1014
1
Apr
1734
*1512 1612
1412 15
*15
1612 •1412 16
500 Texas & Pacific
16
*14
15
15
4338 Sep
2778 J'ne
*40
41
4212 4234 2,250 Third Avenue (N Y)__.... 3811 Apr 25 4534 Jan 13
41
4112 42
41
41
41
41
*40
20
9
Apr
13 Jan
24
1214
Jan
J'IY
718
Toledo
St
&
Western-10
*5
*7
12
*7
12
*7
12
*7
10
1214 May 9 23 Jan 26
1514 J'ne
2934 Jan
Do preferred
4112
300
16
*12
.14- 1514 1512 *12
16
16
1214 1214
300 Twin City Rapid Transit 103 Apr 23 10812Jan 19 10118 J'ne 109 Sep
105 105 .104 106 *10412 106 *105 106 *10434 10534 10512 10512
148711 Apr 25 16438Jan 31 13734 J'ne 16234 Jan
15334 15434 15538 15638 15558 15618 15538 15638 15618 15714 15718 15734 84,250 Union Pacific
9312 Jan
82 Apr 24 86 Feb 4
Do preferred
84 *83 84
8
83
850
7034 J'ne
8334 8334 8
8334 84
83
83
3512 Jan
16 J'ue
*15
17
100 United Rys Investment - 15 Apr 20 2334 Feb 6
19
*15
17
*15
17
*15
17
*15
16
16
3812Jan
14
6312 Jan
J'ne
4914
Mch24
30
44
Do
preferred
*42
43
4234 43
*42
4312 142
42
350
4312 *42
*42
58 Apr 30
8 Aug.
2 J'ne
458Jan 23
4.78 1
1
1
78 1
1
118 118 1,100 Wabash
1
1
1
3 Apr 30 13 Jan 23
618 J'iy
1718 Aug
300
Do preferred
334 334 *314 4
334 334 *312 412
*314 334 *318 334
May13 35 Jan 22
20
2878
Dec
Jan
46
2218
24
20
Western
Maryland
*2412 25
2214 22
2234 2312 2312 3.400
*24
25
358 Feb 24
384 Oct
638Jan 7
8 Jan
*334 412 .313 412 *312 412 *312 412
4
4
100 Wheeling & Lake Erie__ *4
434
13 J'ne
13 Apr 24 21 Jan 23
2818 Jan
Do 1st preferred---*13
16
*13
16 •13
*13
17
17
16
*14
16 •14
6 Apr 21 11 Jan 24
558 Dec
14 Jan
4.5
Do 2d preferred
8
*5
*5
8
*5
8
*5
7
7
*5
8
4018 .1'ne
39 Apr 25 48 Fen 4
5812 Apr
42
*38
44
44 •38
100 Wisconsin Central
4312 42
*38
44
*41
*41
44
Industrial and Miscell. $2034Jan 9
$2812 May15 $18 Nov $2438 Oat
2778 2312 23,420 dAlaska Gold Min Par $10
2634 27
2634 2718 2684 2714 2714 2712 2738 28
0 Dec.
758 Dec
858Jan 6 1414 Feb 20
*912 11
*912 11
1012 1112
800 Allis Chal Mfg v t c
*912 11
*912 11
11
1010
40 Nov
4312 Dec
26
Do preferred v t c - 41 May14 49 Jan 2
4134 4134 *4134 42
41
4138 4158 42
1,300
42
42
*41
*41
3
a
en
b 4
J'ne 8012 Sep
8
:8
2
j
F
6158
JaAprn285
8
7
7
868114
Amalgamated
Copper
7012 7158 7158 7278 7214 7234 7238 7318 7278 7334 7314 7418 67,000
4114 Sep
57 Jan
4734 Jan 2 5912 Mch19
54
55
300 American Agricul Chem_
*51
*51
54
55
54
*51
*51
5414 5414 55
90 Nov 99 Jan
Do preferred
*9312 95
*93
96
*93
96
*93
06
100
96
9313 0312 *93
6
1934 J'ne 5012 Jan
2 j
Jan 22
2
7
814
3
5
p
ar
y24
A
m
6
16
9
58
2112
12118
American
Beet
Sugar...._
_
2138
213
3
2112
2214
22
2278
2,488
1020
21
2034 2114
65 Oct
86 Melt.
Do preferred
67
*65
70
*85
70
*65
70
100
67
70
*66
6712 *66
21 J'ne
4678 Jam
2278 Apr 20 35's Jan 27
27
2778 28
2838 12,210 American Can
28
2634 2672 2714 2634 2714 2812 27
Jan 24 18012 J'ne 12912 Jan
96
24
Apr
8714
895
8
8958
Do
preferred
9012
940
9012 19012
8958 8958 9114 0114
8938 8938 *89
5323
4
3612
J'ne
Feb
5
Jail
5838 Jan
4423
5012 5034 2,900 American Car & Foundry
4834 4834 4834 4938 4914 4938 4938 4958 4912 50
114 Jan 28 118 Mch 9 108 J'ne 117 Mob
Do preferred
100
11734 11734
*117 118 *117 118 *11714 118 *11714 118 *11714 118
3314 J'ly
Jan 26
363
4
6
May
4834
Jan
32
American
Cities
35
•29
•31
3512 *29
3512 *29
*29
6014 J'ne
7812 Jan
60 Jail 5 68 Jan 26
Do preferred
200
*6134 -a; *61114 6518 6412 8412
*617* 8518 617s 6178 *6184 85
3312 J'ne 5758 Jan
3712 Jan 8 4612Feb 9
1,025 American Cotton Oil
*8812 41
40 40
4034 411
4134 42
*3812 41
*3812 41
30
9212 Sep
98 May
Do preferred
50
942 Jan 15 9733 Mch 6
19712 9712 *9612 98
*9312 ___
*9612 98
*9612 98
98
*96
312 Jay
518 Jan
514 Feb
4 Apr 16
American Hide & Leather
414 *4
414
*4
414 *4
414 *4
41
482 *4
*4
1518 J'ne
2814 Feb
1878 Apr 25 2534 Feb 6
Do preferred
21
.41912 2078 *20
•20
2012 2012 *20
100
21
2112
*20
21
Feb 20
3234
17
J'ne
3
Jan
273
4 Apr
24
American
31
Securities
3,200
Ice
3058
3114 31
3158
30
30
3078 3118 3012 3012 3012
678 J'ne
1218 Nov
958 Apr 24 1158Jan 28
4.934 1012 *9
210 American Linseed
*912 1012 *912 1012 10
10
1018 1018
10
20 Oct
3328 Nov
2718 Apr 23 3134 Jan 16
Do preferred
80 *26
30
*27
*27
30
30
*28
29
*26
28
*26
27 J'ne
4412 Jan
28 Apr 24 374 Jan 31
32
3178 3178 3178 32
3212 327s 3278 1,100 American Locomotive
31
31
*2914 31
94 Oct 10634 Jan
96 Jan 6 10212 Mch25
Do preferred
9812 9812 *9814 100
100
*9814 100
*98 100 *97 100 *98 100
514 Oct
914 Jan 26
7 Jan 13
13 Jan
300 American Malt Corp
*612 8
8
712 712 *612 8
712 712 *7
*812 712
4178 Oct
6112 Jan
42 Jan 3 5013 Jan 24
*42
46
45
Do preferred
*42
45
100
45
*42
48
45
46
*42
*43
9
17
Jan
ja 2
7912 J'ne 86 Jan
83
*81
83
18112 8112
220 Amer Smelters Sec pref B 7928 Apr 23 85 Jan
80 8012 *81
83
*81
*8012 83
5812 J'ne 7434 Jan
6212 6212 6412 6418 6478 8,785 Amer Smelting & Refin'g 57 Apr 23 7118 Feb 4
6214 6178 6178 82
6013 8114 62
97 J'ne 107 Feb
9712 Apr 25 105
Do preferred
10014 10038 10012 10012 *10012 10112 10138 10138 10112 102 210012 10034 1,060
157 Apr 25 172 Jan 31 150 J'Ily 193 Jan
100 American Snuff
15712 15712 *15734 165 *147 165 *157 165
*157 180 *15712 160
BANKS AND TRUST CONTPANIES-BROKERS' QUOTATIONS.
Bid
Banks
New York
America 1- 660
Amer Exch._ 203
Battery Park 12u
Bowery__ _ 423
Bronx Boroi 225
Bronx Nat.._ 175
Bryant Parkl 150
Butch & Dr___
Century I..- 185
580
Chase
r
Ask
Bank..
Bid
Chat & Phen. 172 176
145
570 Chelsea Exl- 135
208 Chemical ___ 415 425
178
135 Citizens' Cen 173
345 358
_ __ City
260 Coal dr Iron- 150 160
___
190 Colonial 1-. 450
__ Columbia1- 300 325
____
125 Commerce __ t169
_ .... Corn Exch 1_ 315 320
105
600 Cosmoporn ¶ 85
East River_ - 60
Ask
Banks
Bid
FideiltY1-- 165
Fifth Ave 7._ 4500
Fifth
300
First
880
Fourth
196
210
Garfield
Germ-Amer 1 130
German Ex 'I 375
Germania 1- 450
Gotham ____ 190
Greenwich 1- 275
Hanover-_ 650
Ask
175
__
325
895
200
230
140
400
475
____
285
660
Banks
HarrimanImp & Trail_
Irving
LlbertY
Uncoin
Manhattan 1
Mark & Fait_
mach di Met..
Merch Exch.
Merchants'....
Metropolisl.
Metropol'n 1
Bid
275
505
175
600
310
320
240
248
170
185
300
175
Ask
285
520
180
615
325
330
250
252
____
175
310
185
Banks
Mutual 1 --Nassau
New NethlNew York Co
New YorkPacific 1-Park
People's 1--Prod Exch 1Pub114----Reserve
Bid
300
........
210
--_
370
250
364
230
164
200
50
kik
--140
225
850
380
260
369
250
170
225
60
Banks
Bid
Seaboard.... 410
390
Second
Security 1- 100
Sherman -- -.-180
States
23d Ward 1..- 130
Union Exch. 145
Unit Stated- 500
Wash ll'ts 1 275
Westch Av¶- 160
West Mel- 450
Yorkville 1-----
Bid and asked prices: no sales on this day. I Ex-rights. 1 LOS4 than 100 shares. ¶ State banks. a Ex-d v. & rights. b New stook
112 14% assume
a$ Moak Exohange or at ¬ion this week. •Pint installment paid. a Sold at private sale at this pries. s Ex-d1v. I 1fail paid.
Ass
485
425
120
185
200
140
153
-175
475
550
dllp
MAY 16 1914.]
New York Stock Record-Concluded-Page 2
For record or sales 'luring Vs, vvssk of 'toes, usual!? inactive, see sscan 1 nage preceding
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
May 9
Monday
May 11
Tuesday
May 12
Wednesdat,
May 13
Thursday
May 14
Friday
May 15
Sales of
STOCKS
NEW YORK STOCK
the
lVcek
EXCHANGE
Shares
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
1517
I
Range for Previous
Year 1913.
Lowest.
Highest.
industrial & Alisc (Can)
*103 106 *103 106 *103 106 *103 108 *103 106 *103 106
Amer Snuff pref.(new)___
0073 Jan t 105 May I toIl J'ne 105 Jan
294 2912
*2912 30
*2912 3012 304 3012 3114 3114
500 Amer Steel Found (new)_
28 Jan 6 3712 Feb 16
41680,84 aae
25 J'ne
105 10512 *104 10512 105 10558 10512 106
10278 10314 ioi- 105
2,400 American Sugar Refining 97 Mei. 12 1007s Jan 24
99•4 Dec
Jan
112 112 *111 114 *111 118 *111 118 *111 114
*111 114
100 Do _preferred
10778 Mc1131 11378Jan 7 1104 .J'ne
12258 12258 12258 12258 12234 12234 1221 12258 1,500 Amer Telephone & Teleg 11712 Jan 2 12414 Jan 70 un 1)ec 140 Jan
1221,2 1224 12238 123
*225 228 *225 228 *22512 229 *22512 230 227 227 r22412 228
400 American Tobacco
256 Melt 23 200 J'ae 2)434 Jan
110512 106
106 106" 106 106 *10512 10612 10612 10612 *10512 10612
400 Preferred, new
10134 Jan 7 30012 Mar 14
96 J'iy 1064 Jan
.15
1714 *15
1714 .15
American Woolen
1714 *15
1714
1714 *15
1714 *15
2115
3'
12 ‘
NITC•lri 34
5
1412 Dec
2078Jan 28
231: Sep
•7512 7712 *70
7714 *76
Do
7714 77
76
300
76
77
preferred
7634 75
7212
Men
4
;
/4 May st Sep
83 Jan 29
*12
1313 '11
13
*12
*12
14
Amer
13
13
1212 1212 *12
200
Writing Paper pref 10 Apr 22 1738Jan 23
11% Nov
3214 Jan
3114 3112 3138 3158 3134 31% 317 32
3212 3234 8,425 aAnacunda Cop Par $25 304 AlaY 8 3314 Feb 3
3218 323
307, .J no .411, Jan
*1412 20 *1412 20 *15
418
4
28
5
013
20 Assets Realization
20
*15
20
115
1412 Apr 23 2973 Jan
15 :
22 Dec 120 Jan
*46
48
14818 4818 *46
140 Baldwin Locomotive
4812 48
48
4812 *48
3512 Dec
52Is Mob 5
J3/' Jan
3612
Jan
7
4'10712 108 §108 108 *10712 108'
10 Do preferred
10712 109 *10758 109 *108 109
10212 Jan 16 10812 Meh 23
,i014 J'ne 10512 .1'ne
41
41
41
4218 *4158 4214 41
42
41
4212 4238 4234 4,700 Bethlehem Steel
2912 Jan 5 4134 Meh 11
114 Jan
25 J ne
*8312 844 85
854 854
85 •8334 8518 *834 85
*834 85
260 Do preferred
Jan 15
0 86 Mch 11
74 .-,
8214 J'ne
•126 12812'126 128 *12512 128 '125 128 *12512 12712 *12
28
118
Brooklyn Union Gas
25
118 12
121
68 Jan
130 Jan 24
o gJet Iv% Jan
19
1938 1914 1972 20
6,750 California Petrol v t ctfs_
2078 2034 2114 2073 213s
18 Jan 2 :1058 Feb 6
16 Aug
584 Feb
544 5418 *53
1,300 Do preferred
5634 57
56
5514 5512 5534 56
5614 57
45 Ply
68 Mch20
86 Jan
8212 *82
*80
8614 ;84
84
8614 *82
313 CaSe01)Thresh M pftrefs 5
8212 8212 8234 *82
8r12jan
Apr 23
2 9518.1an 16
9014 Dec 10358 Feb
3538 3532 3514 35% 3514 3512 3514 355
3534 36
8,700 Central Leather
3512 36
257 Jan 14 36% Mch23
3018 Feb
17 J'ne
38
410032 10038 *99% 10012 *9978 10012 10014 10014 10038 10038 *14
14
0
0
1
0238 2
425 Do preferred
9714 MC11
0473 Jan 6 10114 Meb 4 r8,3 J'ne
4012 4158 4114 4158 4114 4138 4034 4138 4112 423
29,625 dChino Copper___Par 55 37 Apr 25 44 Feb 4
3038 J'ne
4758 Jan
Cluett,Peabody & Co,Inc 6812 Feb 25 70 Feb 13
69
•67
69
*66
6912 *66
69
*66
6912 *66
69
*67
100 Do preferred
*10013 10114 *10012 10112 *10012 10112 *10012 10112 *101 10212 10112 1011:
1014 Apr 22 10412 Fe . 14
2712 2712 2734 23
28
27
570 Colorado Fuel & Iron__ _
;2714 2714 27
27 *2812 2712 .
24 Apr 27 3412 Feb 5
l
2 JF o
244 J'ne 1 4121318
130 13018 12,500 Consolidated Gas (N Y)_ £12814 May13 13912 Jan 24
133 134
130 13212 12934 13112 212814 12878 129 130
12518 J'ne
913
94 938 1,400 Corn Products Refining_
9
9
9
914
94 918
938
•858 914
734 l'ac825 13 Jan 28
738
J'ne
174
Jan
64
6534 18534 6534 6534 6018
510 Do _preferred
*64
66
6514 6512 6558 65% .
60 Mch25 72 Jan 29
6112 J'ne
7914 Jan
*9212 9312
300 Deere & Co prof
95
.93% 9412 *94
9412 9412 9412 9434 9434 95
9134 Jan 2 9934 Feb 3
9112 Dec 10018 Jan
*14
1514 1534
1512 15
610 Distillers' Securities Corp 1334 Apr 20 '2012
15
*1312 15
15
*14
•1358 15
2134 Jan
93
4
J'ne
Mch
4
147 14712 148 148
520 General Electric
*14512 14712 14612 14612 *144 14712 *145 148
140 Jan 3 15058 Feb 20 12914 J'ne 187 Jan
80
8014 8014 8112 8113 8212 8234 8312 8353 8478 4,225 Gen Motors vot tr ctfs
*78
80
3738Jan 3 84% May15
25 May 40 Aug
*90
92
92
9278
*90
923
93
Do
9234
pref
4
9314 1,030
v t ctfs
"034 92 *90
95 Ncb 19
70 May 8134 Sep
26
2614 ;26
2614 27
27
2714 1,810 Goodrich Co (B F)
2534 2534 26 26 2614 90
77189775: JanJ.1aan 12
5
7 28% Apr 17
1518 Nov
68 Jan
90
90
*8912 9012 90
90 *88
90
300 , Do preferred
*8978 9012 90
91 Feb 3
3% Nov 10514 Jan
7
5314
5314
5312
54
aGuggenh
52%
5312
5418
5434
5212 53
Explor Par 525 14438Jan 8 55712 Apr 2
5,600
J'ly
4034
Jan
5338
1612 1634 1634 17
17
117
dInsp'n Con Cop Par 520 $154 Jan 10 31812 Mch24
17
17
17
17
17
174
,
1378 Dec
2038 Jan
105% 10884 10712 10918 10712 10834 10758 108
•105 106
01InD
teo
rnap
10712 10814 9,908
trli
efa
errrve
e.d
ster of N J 10034 Apr 25 11312 Jan 22
95 J'ne 11112 Sep
111018
11618
*11614
*11614
*11434 ---_
315
14
1131.2Jan 3 11818 Mch 4 Ill May 116 Oct
*11614 --'
63
14 _55_
-•103 10418 10418 106 4'103 10614 10538 10618 *103 106 *103 106
1,400 Internet Harvester Corp_ 1007 Jan 3 11134 Jan 22
9312 J'ne 11014 Sep
*11212
*11212
*11212 ---- *1124 __ *11212 ____ '
1 18
11414 May15 117'z Feb 13 Ill May 11434 Sep
418
4 11
10
100 „ Do preferred
414
*2
3
*2
3
*2
234 *2
3
2
214 *2
2 May 14
234
400 Int Mer Marine stk tr ctfs
334Jan 27
278 J'ne
458 Jan
8
834 1734 734
•834 914
10
734 May13 15'4 Jan 30
734 734 *8
750 Do pref stk tr ctfs
124 J'ne
1913 Jan
94 918
9% 934 *812 912 *9
912 *812 912 *9
850 International Paper
Apr
1 1078 Feb 2
612 Oct
912
apn 20
:
1 JA
6
75
12%
Jan
37
37
3812
*36
37
*36
37
3612 *35
37
3312 Apr 20 41 Jan 31
3612 3658
470 Do preferred
324 Oct
4812 Ian
*612 8
012 012 *614 734 •5,2 7
97% Jan 20
*6
7
412 Dec
100 Internet Steam Pump_ _
*5
7
184 Jan
21
*19
*19
2012 •19
20
*18
20
19
19
1574 Dec
*18
19 Jan 2 29 Jan 19
20
100 DO preferred
70 Jan
91
90 *88
90
*88
91 '89
91
90
90 *90
77 Dec
92
80 Jan 19 91 Mch14
750 KaYser & Co (Julius)._
94 Feb
•10412 109 *104 109 *105 109 *108 109 *107 109 *107 109
Do 1st preferred__ 106 Mch 12 10812 Apr 1 10612 Oct 110 Jan
*92
95
95
•93
*93
95
95
95
*94 100
Kresge
100 Dopr
58 J'ne 83 Sep
Co (S S)
*94 100
81 Jan 6 105 Feb 25
*10112 105 *10112 105 *10112 105 *10112 105 *102 104 *102 104
preferred
97 J'ne 102 Jan
99 Jan 13 105 aich 3
•214 220 *214 225
217 219 .
216 221
22012 22012 2220 220
Do &
rea
re
400 Liggettp
lryreed
rs Tobacco 214 May 8 231 Mch 1 195 J'ne 235 Mehl
*115 11712 *115 11712 *114 117 *115 1171 *115 11712 *114 11712
11138Jan 6 118 Mch18 10612 J'iy 11612 Jan
*30
3212 '30
3212 *30
3212 *30
321 *32
Loose-Wiles Bis tr co ctfs 2973 Apr 24 38 Jan 26
3212 *30
3212
21 J'ne
3978 J.01
•100 103
103 •____ 103 •__-_ 103
103 *100 103
dt
100 DDoo
101 Apr 22 105 Mch16
89 Aug 105 Jan
1390
9212
9212
9212 *...._ 9212 *____ 9212 *91
2d preferred
9212
89 Jan 2 95 Jan 24
84 J'ly
Jan
95
171 171 *167 175 *167 172 •170 175 *165 170 *170 175
100 Lorillard Co (P)
166 Jan 20 190 Apr 7 r150 J'ne 200 Jai.
•113
*113
*113 --- *113 ---- 11314 11314
•113
100 Do preferred
110 Jan 6 11514 Mch14 103 J'ne 117 Feb
•78
85
85
*7812 -8W - *79
*79
Mackay
85
85 *79
Companies __
*79
85
76 Apr 25 8738Feb 20
7558 J'IY
87 Jan
69
*68
69
9
684 6812 •67
300 Do preferred
• 1684 0812
*68
69
651$ Jan 2 70 Jan 27
62 Dec
89 Apr
*5823 61
*59
6034 *5858 61
.58
May Department Stores_ 57 Mch31 6914Jan 17
6034 *5813 61
*57
6034
65 Oct
7672 Jan
*9612 100
*9613 100
'•96 100 *9612 100 *9612 100
Do
977
*9612 100
preferred
Apr 21 10134 Feb 9
974 J'ne 10512 Jan
•5413
58
5512 57
56
56
55
' 54
6114 63
5834 62
11,000 Mexican Petroleum
464Jan 2 7312 Feb 9
4184 Nov
784 Feb
1 21
2184 2114 2112 2112 2112 2158 2134 2158 22
224 3,720 dMiami Copper__ _Par $5 $21 May 7 $2414 Jan 27
22
J'ne
2088
2612 Jan
4634 *4612 4634 4634 4634 47
•4612 4834 *46
4718 474 4718 1,200 Montana Power
46 Apr 25 50 Mc1126
10134 10212 ;1024 10212 *102 10212 10212 1024
*10114 102 *10114 102
370 Do preferred
101 Apr 27 10212 Mch27
*128 132 *12712 134 *128 130 *128 130
129 129
tloona
D
plrB
130 132
efis
122 Jan 6 139 Feb 3 104 J'ne 130 Sep
1,300 Na
err
cul
odt
.
*12312
*12312
_ *12312 126 *12312 -*12312
18
11897184
3 12378 Apr 24 110 J'ne 12478 Jan
*1018 1112 *1014 1114 •1018 1112 .1018 1112 *104 1114 12
Nat Enamel'g & Stamp'g
1094
4 -fit;
Jan
14 Feb 3
9 J'ne
1914 Jan
72
86
86 .
*75
86 *75
*75
86
*72
Do preferred
*72
86
86
Mch
744
7
86
Oct
86% Mch 10
9214 Jan
4712 *44
*44
4712 *44
*44
47
4712 *44
National Lead
4712 *44
4712
44 Jan 3 52 Jan 26
43 Oct
5614 Jan
*107 109 *107 109 *108 10914 *107 109 *108 109 *108 109
Do preferred
105 Jan 13 109 Feb 18 100 J'ne 108 Oat
1414 1414 14
1414 1418 1414 1414 147 . 1434 154 9,860 dNevada Cons Co_p Par $5 $1312
13% 14
May
2
$164 Jan 26
18 J'ne
20 Jan
7612 7612 77
77
77
*76
7612
7612
7813 7812 77
600 North American Co(new) 65 Jan 2 7914 Mch 14
77
8112 Jan
60 J'ne
2414 *2314 2414 2312 2312 *2314
.234 2412 *23
500 Pacific Mail
2414
2414 24
2214 Apr 25 29 Jan 21
18 J'ne
3112 Jan
2712 2712 *27
2912 •27
29
.27
30
*28
29
28
400 Pacific Telep & Teleg
28
2512Apr 27 31 Jan 24
22 Nov 48 Jan
120 12012 12034 12118 '120 122 *120 122
121 12114
1,300 People's G L & 0 (Chic)_ 11834 Apr 25 125 Jan 5 104 J'ne 12934 Sep
_
21
*19
19
21
*19
1912 •19112 2012 2012 2012 ;iii- /012
600 Pittsburgh Coal
1778 Jan 3 234Feb 4
1412 J'ne
2438 Jan
89
88
88
*87
*85
89
88
88
8812 8834 *8712 8912 1,300 Do preferred
84 Apr 25 9312Feb 4
73 J'ne 95 Jan
43
4278 4278 •4012 4034 4212 4314
•42
4234 *42
4378 4414 1,940 Pressed Steel Car
2634Jan 5 4512 Feb 2
J'ne
1812
36 Jan
*101
10212
102
102
102
•101
•10112 10214 *101 10212
'
9754 Jan 15 10514 Mch 5
10112 10212
100 Do preferred
884 J'ne
Jan
*111 11312 *111 11312 *111 11312
•111 11312 *111 11312
Pub Serv Corp of N J___ 107 Jan 13 114 Apr 7 105 Dec 10118
118
Jan
15418 15418 155 155 *154 155
*154 155
15474 15474 155 155
345 Pullman Company
Jan
01;
1312
4:
x
1
15
96 159 Jan 28 149 Sep 165 Jan
06
28
2818 28
•25
28% 2812 2812 2814 2812 .
28
2312 8
1,200 Railway Steel Spring-- _
2813
9
25
Apr
25
3482
2214
Feb
J'ne
2
88
35 Jan
9812 *93
9812 •92
*91
9812 *91
981 *92
9812
Do preferred
101 Feb 14
9014 J'ne 100 Jan
21
2114 2112 2158 2188 2112 2118 2158 2134 22
22
2218 18,466 dRaYConsCopgerPar$10
52212 Apr 3
15 J'ne
22 Jan
2212 2238 2238 2214 223
2238 2238 *22
22
22
2312 1,710 Republic Iron
Steel
4 23
1034 Jan 5 27 Jan 27
17 J'ne
2838 Jan
86
85
86
8534 8534'
*84
8533 8553 854 86
8612 8612 1,100 Do preferred
80 Jan 2 9114 Met 11
72 J'ne 924 sop
9
912 912
1014 10
878 94
9
9
10
1018 1038 1,400 Rumely Co (M)
r24 18 Jan 14
A r
14 Nov 9214 Jan
*27
*27
29
2712 28
26
29 •27
26
29
29
29
500 Do _preferred
41 Jan 13
33 Dec
9934 Jan
185 185 *180 1874 *184 18712 18534 18653 187 187
0183 185
700 Sears, Roebuck & Co--- 180
614 Apr
193 Feb 2 15434 J'ne 21312Jan
28
28 .27
*26
*2612 28 .
28
*26
28
28
200 Sloss-Sheffield Steel & Jr.. 25
28
28
23 Xis'
451k Jan
034 Apr 24 35 Jan 26
39
39
' *38
38
3914 3878 38%'
310 Standard Milling
394 3918
4013 Jan
32 Jan 7 3918 May15
31 Dec
6
35
912 '64346
6578 65% 6512 6558 65% 6512 *64
35
93
600 Do preferred
14
4 654 6512
61 Apr 29 66 Mch 6
524 May 8678 Feb
3312 3318 334 334 334 33
*3214 3314 *32
3414 34
3512 3,650 Studebaker Corp (The)
20 Jan 3 3614 Mch31
1534 Dec
36 Feb
89 •87 89
88 ;884 8812 90
*86
88
9014 91
781
Do preferred
92
6412 Nov
92 May15
9314 Jan
34
344 3413 3434 3458 3434 3434 35
35
354 354 3534 11,200 dTennessee Cop_ _Par $25 5313
r 25
Apr
5 $3634 Feb 11 22634 J'ne
79 4 ja
394 Jan
188 14018 14014 1404 14012 14012 *13812 14214 *139 142
141 14284 2,100 Texas Company (The)
128 Jan 3 14978 Mch 5
89 J'ne 13212 Deo
80 *75
*75
*75
8012 *75
81
81 •75 81
Underwood Typewriter__ 80 Apr 16 88 Jan 31
*75
82
78 J'ne 994 Jan
*108 112 *108 112 *108 112 *108 112 *108 112 *108 112
Do preferred
113 Apr 15 104 J'iy 118 Jan
*514 512 *514 512 *514 512 •514 512
400 Union Bag & Paper
54 533 *512 6
105
8
4
J
j
an
734 Jan
1
6
2
812Jan
31
4 Nov
2038 20% 2013 2018 •20
2214 *20
2212 •20
2212 •20
2212
200 Do preferred
2013 May 11 3212 Feb 3
184 Nov
4134 Jan
*912 1034 *94 1034 *938 1034 10
10
•938 11 '
938 11
100 U S Cast Iron Pipe & Fdy
914 May 2 1312 Jan 23
914 J'ne
163
4 Jan
*37
40 •37
40 *37
40 *37
40 *37
40
*37
Do preferred
40
3834 Apr 16 49 Feb 6
40 Dec
56% Jan
76 *71
*71
76 .71
*71
76
*71
76
78
U S Express
*71
75
87 Mch 10
38 Dec
66 Jan
•58
60 60 *59
62
*58 61
61
60 60
60
60
300 U S Realty & Improv't_ "
Jan
54 j
an 7 6334 Itch 10
4934 Nov
77 Jan
5712 5712 *5712 58
577k 5814 5814 5812 59
*5714 58
59
1,112 United States Rubber_ __
5314 Apr 25 63 Mch 14
51 Nov
6912 Apr
102 102 *101 103 *102 102% *102 10278 10234 10234 1021 103
800 DO 1st preferred__ _ _
9958 Apr 24 10433 Jan 14
98 J'ne 10034 Apt
58% 5878 5878 5958 59
5912 5958 8114 614 6158 178,350 United States Steel
5938 59
56 Apr 25 6714 Jan 31
49% J'ne
6918 Jan
10814 10834 10834 10834 10834 10834 10834 1091
108 108
0184 110 110
1,500 Do preferred
10614Jan 2 11234 Jan 31 10212 J'ne 11034 Jan
55% 55% 5534 6538 5558 5538 56% 574 5818 577 5814 49,710 dlitah Copper__ _Par $10 54873
55
Jan 10 $5814 May15
39% J'ne 60% Jan
;2612 2612 2612 2612 *26
2734 2714 2712 2734 30
2914 2972 2,745 Virginia-Carolina Chem_
2534 Apr 30 34% Mch20
22 J'ly
4315 Jan
*95
98
19612 9612 98
98
*95
9834
OS
10112 10112
525 Do preferred
96 May 7 10712 Mch 20
93 Xis, 114 Jan
62
0112 6112 *61
6112 6158 62
16111 8113
62
6214 6212 1,550 Western Union Teleg__ _ 5754 Jan 16
5418 Dec
Feb 16
7518 Jan
7412 74
734 734 744 7412 74
74% 7418 7554 7514 7534 6,600 Westinghouse El & Mfg_ 64 Jan 3 664
53% J'ne 7914 Jan
78% Mch 16
*120 123 *120 123 *120 123 *120 123 *120 123 .
120 123
Do 1st preferred_.. 11578 Jan 19 119 Feb 11 10778 J'ne 11934 Jan
99 •97
973$ 9788 •98
*97
99
*96
98
99
08
98
Woolworth
300
(F
W)
Jan
921k
Feb
3
J'ne
8112
10314
5
112 Jan
*110 11758 *116 117% *116 11758 *116 11752 *116 11758 *110 11733
100 Do preferred
. 11234 Jan 5 1187% Mch 8. 109 J'ne 1151, Jan
1
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Coney NM 11
First
Flatbush Greenpoint=Add.
Homestead 11
ManufacCrs.
Mechanics'I.
Montauk 11_ _
Nassau
Bid
250
110
150
80
400
150
2-10
Ask
150
275
130
125
100
425
170
140
220
BUI
Brooklyn
National City 273
North Side.;_ 175
People's --145
Ask
285
200
155
Trust Co's
NY City
Astor
360
Bankers' Tr- 415
irway Trust- 149
370
425
153
Trust Co's Bid
Ask
NY City
Central Trust 1010 1020
ColumbiaKnicherboc 435 445
Commercial _ 75
85
Empire
300 310
Equitable Tr 410 420
Earm L ar Tr 1100 1130
Fidelity
210 220
Fulton
275 300
Guaranty Tr. 545 555
Trust Co's
NY City
Hudson ___
Law T I & Tr
Lincoln Trust
Metropolitan
Mutual Alliance
Mut'l (Westthester).--
Bid
Ask
130
153
115
360
135
153
125
370
132
142
130
135
Trust Co', Bid
Ask
NY City
N Y Life ar Tr 975 1000
N Y Trust___ 590 605
Title Gu & Tr 402 407
Transatlantic 200 220
Union Trust_ 370 385
USMtg&Tr 410 420
United States 1055 8075
Westchester - 135
____
Inset Co's
Brooklyn
Brooklyn Tr_
Citizens' ____
Franklin ____
Hamilton ___
Horne
Kings County
Nassau
People's __
Queens Co
Bid
.13
470
135
240
270
102
570
125
285
85
480
140
255
280
112
135
295
100
•Did and asked prieee: no sales on this day. ;Less than 100 shares.
Ex-rights. a Ex-div ac rights. J Navr stock. 4 Quoted do tars per chars. t
Sale at
Sleek Exchange or at auction thls week. a Ba.stook dividend. 11 BankA 3marked with
paragraph (ID are State banks. z Hz-dividend
1518
New York St,ock Exchange—Bond Record, Friday, Weekly and Yearly
bonds.
wires are now all—"and interesr—except tor income sou ttetameted
Jan. 1 1909 the Exchange nethod oi 7uotina bonds was changed. and
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 15
Price
Friday
May 15
Week's
Range or
Last Sate
.z3
g
Ran'e
since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE z
•-••
Week Ending May 15
Price
Friday
May 15
Week's
Range or
Last Sate
S
.
?
-4 ,1
Range
since
Jan. 1.
High No. Low High
Ma
dig Low
(Con.)—
High No. Low High Chesapeake & Ohio
Ask Low
Bid
9318 17. 9212 984
1092 Vi- S 93 94 93
U. S. Government.
General gold 4 As
2 0634 9834
97
96 9714 97
6,
83
1
2 9
4
9718
73
.7_ 9
11111.34
bi,8:
b
2
4
U S 2s consol registered_d1930 Q-J
1
:
3
888
0450
51-8
1992
9334
---Registered
3 9634 99
9738
0614 98 9738
d1930 Q-J
8112
F-A
U 8 2s consol coupon
Sale
1030
Convertible 43e
10214 10214
k1918 Q-F 101 10134 10214 iVich 14
1944 J-D 83 85
U S is registered
1st 4s
Big
Sandy
1027
s
101
'14
Apr
101
1.
.
r4 1
....
73:i
k1918 Q-F 101 102
U 8 as coupon
Coal River lty 1st gu 4s_1945 J -D 83 85
10912 11212
9012 Dee '13
1925 Q-F 109 11012 10918 May'14
1940 J -J 98 101
U 848 registered
Craig Valley 1st g Is
11212 11314
_ 11278 leen '14
8434 3511 '13
1946 J -J
1925 Q-F 10912
US 4s coupon
Potts Creek Br 1st 4s
'13
J'ly
9512
8834 _ _ _ _ 8814 Mch'14
1989 J-J
US Pan Canal 10-30-yr 2s k1936 Q-F• 9614 _it & A Div 1st con g 4s
10034 1E1-2
May '14
8-5t
8 -8
rt. :14 7— 82
8238 _ _ _ _ 0802
1989 J-J
U S Panama Canal 3s g .1961 Q-M 100 102 101
2(1 consol gold 4s
7
60
0 9
9018
6
I.
Greenbrier By 1st gu g 45_1940 MN 85 90
6014 --i
1949 A-0 6018 6012 6014
3s
g
ref
Foreign Government.
RR
&
Alton
Chic
08
1
95
7
9512
4412 5512
4
9614
4
9434
t
95
45
4412
44
46
1409_
-J
J
1950
of
55
nternal
As
Argentine—I
Railway 1st lien 3
1 88 8912
90
88
2 9914 9934
993a
Chinese (tiukuang) Ity 55 £____ J-D 884 89
Chic B & Q Denver Div 4s_1922 F-A 9914 100 0938
2 132 8512
8512
8512 Sale 8512
1949 J -J
Imperial Japanese Government
8612 14 86 ow, Illinois Div 33s
8712 86
8618
1
i
•
___.
Aug
82
F-A
8614
1925
-J
J
1949
loan
45s
Sterling
Registered
2 854 8912
8534
06
953
1925 J -J 8534 Sale 8534
1949 J-J 95 Sale
2d Series 45s
4s
Div
Illinois
____
80
May'14
4
8
753
757
78
773a
3 J'ne'13 __
95
1931 J -J
1949 J-J
Sterling loan 4s
Registered
10012 10 99 10012
110012 sa te 10014
_M-8
Apr
'14
1024
---103
debt_
A-0
5sexten
1919
of
Cuba
Republic
3 93 0311 , Iowa Div sink fund 5s
93
1 6 98
9814
1949 F-A 1---- 9478 93
1919 A-1) 9814 99 984
External loan 4;6s—
4 8418 50 4,
Alnking fund 4s
8614
8614 8614
9712 14 94 4 08
9714 9734 9714
Tokyo City loan of 1912 5s____ M-8.8514
70 Apr '14
77 84 re •Tebraska Extension 48_1927 M-N 44518
4
823
79
8
3
'12
Sep
3
4-3
965
18119
of
5s
g
f
s
1927
U 8 of Mexico
68 gs:r!,egistereu
211
!
:3T8
i-1)52
;
4 11-91-3
1964 J -D 6634 7012 68 Mch'14
1921 M-S 99 _— 9814 Mch'14
Gold 4s of 1904
JK.uthwestern Div 4s
These arc 1):ices on the basis of 15 to F:
Joint bonds. See Great North
9412
9114
37
9334
93
8
933
9314
Securities.
M-3
City
State and
1958
General 4s
10112 66 100 102
3 40 63
40
1960 M-S 1013s Sale 1013s
Sale 40
N Y City-434s
10718 148 10334 10712 Chic & B Ill ref & imp 4s g-1955 J -J 40
11214 May'14 ___, 1071.4 1124
1063 M-S 107 Sale 10634
4;s Corporate stock
1934 A-0 112
1st consol gold Gs
13 954 9834
93.4
9534 10012
_
_
9814
_
_
.--3
983
'14
Apr
M-N
09
1959
4
991
stock
—
Corporate
4%
1037 54-N
General consul 1st Is
9858 78 954 9838
1968 61-N 9358 Sale 9812
---- 98 Feb '14.-- 98 98
4 0 Corporate stock
1937 61-N
Registered
9814 13 0534 9814
1957 51-N 9S12 99 98
9734 Feb '13 ____________
t)712
4% Corporate stock
F-A
_1942
5s___
1st
money
Pur
coal
13 10358 107
107
1987 M-N 107 Sale 10634
ew 4 As
Registered
10112 102
-6534
10134 May'14
ne Mch'14
101751-N 101%
New 4 As
Chic & Ind C By 1st, 5s_1936 J -J ____ 100
7 10373 10712
7312 i5 70 7513
1957 M-N 10634 107 10673 107
73
4M % Corporate stock
4 10112 10212 Chic Great West 1st 4s__1959 61-S 7312 Sale
102
10134
113 11812
102
—__
10134
MN
Mch'14
1917
11812
.
bonds..
.
0
.
1_2
2
,
11
%
assessment
4
1
)
1(
f 6s_1947 :ti
10312 1035
8733 8734 8712 May'14 __- 85 8712 Chic Ind & Louisv—ite
10358 Mch'14
1947
3% Corporate stock-1954 61-N 10114
Refunding gold 5s
100 10112
IOU. Apr '14
-------ii-----Apr
1961 51-8
8
955
_
81
1917
N Y State-4s
-J
C
Series
4s
9713 linty Refunding
10112 Apr '14
1961 .4-J. 101i,
89 J'ly '14 -Canal Improvement 4s
1956 -J
lad & Loulsv 1st gu 4s
99 10134
10114 Apr '14
J - J _ _ _ _ 8812 9014 Aug'12._
Canal Improvement 4s_ _1962 J -Z; 10114
1956
4s
-year
50
Sou
Ind&
Chic
10112
May'14
10012
10112
1080 J -J 1004 _ _ _ _
104 Dec '11._
19611 J-11
Canal Improvement 4s
2 10734 10912 Chic L S & East 1s1 4 As
109
109
Sale
109
10053
IOO's
J-J
15
J
10918
10018
-J
As1964
1914
t
iGoi8
4
Canal Improvemen
109 200 10713 10978 Chic Mil& St!'term!g 5s
109
414
d5 9478 May'14 __ ._ 92 0634
Highway Improv't 4 As.._1963 NI-S 109 Sale_ 10312 J'ly '10
Gen'l gold 4s Series A.._ ,.e1989 J-J
9314
9212
__-9212.Mcti'll
e1.980
South Carolina 4;6s 20-40_ _1933 J -J
Registered
_ 8434 Jan '14 _ 8434 8434
10 oU 8334
82
2 Sale 82
e1989
Virginia funded debt 2-3s 1991 J -J ;ii"
Gaul gold 3As Her B
61 ,73 54 81
ate 60
61
86 J'ne'11
e11/89 J -J
6s deferred Brown Bros ctfs--- - -- Registered
8
10338 48 l00E8 1(13-3e 1980 J-J 10353 10338 10278
Gen 4 As Her C
9 88 93
9214
1934 J -J 92 Sale 92
Railroad.
25-year deben 4s
8212 65 63 May'14_,.. 63 74
51905 Q-J
1932 J -D 1024 bale 10112 10214 210 101) 1033a
A nn Arbor 1st (4' 4s
As
4
Convertible
149
9618
9618
9533
93
98 Sale
10238 Sep '13 ---1921 J
04
Mtch Top & S Fe gen g 48..1995 A-0
Chic & L Sup Div g 5s
9212 9514
10333 Nov •13 _10o _
1995 A-0 ---- 954 95 Apr '14
5s..._1024
Registered
84 881811 Chic & Mc Ely Dly
10414 10458 10418 May'i4
10212 la1-2
1921
51995 Nov 87 8712 87 May'14
5s
g
Adjustment gold 4s
isle
W
P
&
Chic
86 Mch'13
9312 May'14 _ -- 89 937
J'J
934
1)34
4s_1949
51995 Nov
gu
1st
Registered
8d
M & Puget
4 Nov '13
7 8438 8812
1001
87
874
713
3
Wale
-4
-J
J
M-N
10038
191
51995
Stamped
Dak & Grt Sou gold os
8 93 100
9838
10812
10312 Apr '14 _._ 103 10S13
102 J
1955 J-D 984 Salo 9412
Cony gold 4s
Dubuque Div 1st sI 65
11212
_ 9912 May'13
110 J'ne'13.- _ _
1955 J-D
Cony 4s issue of 190D
Far & Sou amnia g 6s___1924 .1-.)
22 -6- 0988
8
967
95
8
10213 Jan '14._._
1027
10213
Sale
964
J-J
-I)
1919
J
1960
Cony 4s (issue of 1910)
La Crosse & D 1st 5s
10433 May'14
102% lova
1921 J -J 10312
1917 J-1) 10034 102 10014 10034 49 9972 10214
5s
g
lity
10-year gold 5s
Minn
&
Wis
9134 9512
10812 1123 10914 Men'14
low,
10914
-J
J
1920
1928 M-8 93 9534 9512 May'14
East Okla Dly isle g 4s
6s
1s1
Wis Vail Div
0012 -1 8614 9153
91 9112 9012
0034 10134
J-D 10188 ---- 10134 Men'14
1958 J -J
Short Lino 1st 4s gold
Mil & No 1st est; 4365 _1934
9714 9812
8 974 100 9812 Apr '14
,
1934 J-D 1013s_.,.. 10134 MaY'14 _ _ _ 101 10134
1962 M.
As
4
Cal-Ariz 1st & ref 4 As
extended
Cons
10214 May'14
104 109
109 Mch'14
10213 10253
78_11)15 Q F 10214
S Fe Pres Sc Ph let g 5s_1942 M-S 103
1 10118 10112 Chic & Nor Wait cons1886-1926 11
9412 9413
-A 947 --- 9412
,
1915 M-8 10112 Stle 10112 10112
Chic & St Louis let 6s
Extension 45
9412 17 91
9414
Apr '14'
95
9453 95
1886-1926 IT-A 9438...— 944
All Coast L 1st gold 4s__51952 M-8 94 9458 95 Jan '13
Registered
83
8212
43 80 84
Sale
8212
:`,1-N
/987
51952 M-'S
Registered
General gold 33.e
May'14
7312 Jan '14.._ 7812 784
.3
93
93
93
9
-..,
..—
8112
-It'
J-D
1959
50-year unified 4s
p1987
Registered
___ 10314 10434
9512 24 93 9734
1928 M-N 10434.-- 10434 Apr '14
111871:A-ft 9514 Sale 95
Ala Mid let gu gold 5s
General4s
937s 9378
9314 9412 9378 Apr '14
108 10812
0 10812-- 108 Apr '14
_Bruns & W 1st gu gold 43_1938 J-J
Sinking fund 62—__1870-1929)A-0
10512
Dec
'13 ---133
-J-J
4
1073
A75_1936
1879-19291
Registered
vharies & Say 1st gold
i
82 -T47
10413
7- 95
1 iaifs fa;
A-0 10418-- 10418
01952 M-N 91 Sale 90
1879-1920
L & N coil gold 4s
5s
fund
Sinking
3
121
121
102
121
_
121
12012
1879-1929 A-0 10314 10412 10134 Oct '13 -Say F& W 1st gold 6s____1934 A-0 10614-- 11058 May'll
Registered
10134
5 loci;foifs
1934 A-0
1921 A-0 1U1 10412 101
1st gold 5s
Debenture 5s
Deo '12._
96 98
974 9814 9734 Apr '14
1921 A-0 ----41118p Oca & U gu g 49_1918 J-J 0112 92 9118
Registered
12
9112
9234
90
34 10412 10234 Apr '14 ...... 10214 1-63-1-2
102
1933
Dalt & Ohio prior 30_1925 J-J
5s
Sinking fund deb
6 8978 9072
9078
10154 Apr '14 ._. 10134 10134
904
1/07,1
51925 Q-J
19.13 fa-A.4
Registered
IcaesitJted
9412 35 9078 96
12112 Apr '14
Snle 9414
120 12112
A.h1948 A-0
Gold 4s
Mum Vat & Mu V 181 6s_1933
0012 Sep .09
9214 Apr '1
9078 94
1941
Registered
3s
let
13
&N W
Moot (.,1
90
924176
943
4
9158
9218
bale
80
51C9t3
J
20-yr cony 4s
Mllw & S L 1st gu 3As
1941 M-0 10934 11012 117163-8 Feb '11
112 Jan '12
155;160-371
Pitts June let gold 6s_ ___1922 J-J WW2__
Mu L S & West 1st g 65_1921
-_-_ 90 Apr '14 __ -854 -9110653 Men'14
10612 10613
F-A 1064
P June& M Div 1st g 3;6E41925 M-N 8813
Ext & imp. s f gold 544_1929 M-S
63
8912
88
844
8712
11313
Sale
8712
'14
11334
Feb
1131,3 11312
M-N
4s_1941
ref
PLE& W Va Sys
-1925
Ashland 1)iy 1st g 68
1 8714 9112
9034
Sale 9034
11314 11314
63_1924 J -J 11J53_..__ 11314 Mch'14
Southw Div 1st gold 3;68_1925 J -J 9834
gold
Mich
1st
Div
100 Apr *13
9212 May'14
P119212
92
8
414..1947
91 94
Cent Ohio R 1st cg 43s_1930 111-S 97 -- 10512 May'14
gu
Mil Spar & N W 1st
foil;
M-S
108 10814
---- 108 Mcb.'14
Cl Lor & W con let g 53_1933 A-0 1054
Northw Union let 7s g...-1917 J-J 10738
10214 J'ne'12
10512 106 10512 May'14
10513 10613
58-1048
gu
Monon River 1st gu g 5s_ _1919 F-A 994 ---1st
NW
St
L
Pao&
____ 102 Nov'13
J-D 10812 -....- 10638 N ov'13
Ohio River RR let g 5s___1036 J-D 105
Winona & St P 1st ext 7s_1916
1043*
104551043*
66_1917 J-J 10334 ---- 104 Apr '14
1937 A-0 10212 105 1043s
104 fa"
General gold 5s
Chicago Rock Idl & Pac
1134 Feb '12
1917 J-4 ___ 106 10438 Mch 14
104%10438
Pitts Cley & Tot 1st g 65_1922 A-0 10612 _
Registered
9634 Mch'14
"Oa 914
8712
1988
8
84 8914
J-J
877
8714
8
1917 J-J
874
Pitts & West isle g 4s
General gold 45
91 J'ne'12
86 85 Apr '14
1988 J-J
8412 87
Statist By 1st gu g 00_1943 J-D
Registered
76
63
72 81
1934 A-0 754 Sale
7534
1927 J-J
Bolivia By 1st 5s_
48
gold
Refunding
108- 16114
267 664 8012
10914 —.109 Apr '14
Sale 70
1932
7058
J
7134
5s
Buffalo P. & P gen g 5-.._1937 M-S 103
20-year debenture
1024 10212
104 1024 Mch'14
90 9434 J'ne 11
1957 M-N
1318 M-N
45
Consol 4 Ms
P
Series
Coll
trust
'14
94
Jan
33
94
94
-56T4
-ES"
3614
io55
2002 IVI-N 3438 Sale
1998 A-0 934-All & West 1st g 4s gu
Chic R 1 & Pac RR 4s
111 112
....- 112 Apr '14
337s Apr '14
337a 515
2002
Clear & Mah let gu g 58_1943 J-J 111 -Registered
'14
Apr
85
110
10912
110
,Ply
83
____
'13
10931
F-A
4)_1934
1921
Roch & Pitts let gold 6s
R I Ark & Louis let 52_1934 A-0 ____ 108 10234 Apr '14
11052 111
10234 1O23
1922 J-D 111 -- 111 Apr '14
Consol 1st g 6s
Bur (..) & N—lst g
10334 10673
1004
9 10078 103
1921 A-0 10078 ---- 1004
A-0 106 10884 10638 May'14
ranada Sou cons gu A 58_1962
()RI F& NW lstgu5s_ 1927
'14
1067
3
Apr
10672
a
1067
-_
A-0
1962
Registered
& St L lst gu g 7s
'14
97 100
98 -07-8
J-J
CarClinch&Ohloist 30-yr5s1938 J-D 09 9913 994 Apr
Choc Okla& (.,1 gen g 5s—o1919
108 108
108 Feb '14
99 99 Mch'14
107 _
—_
1952
99
M-N
19""
Central of Oa 1st gold 55_p1945
Consol gold 5s
1 102 105
9212 9238 A.Icie14
54.1923 A-4.1
1945 11441 10312 103 10312 1031
9112 9232
Consol gold 58
Keolc& Des Moines lit0041 F-A
10614 Meh'13
_
78 784 Lich '14
7812 80
1945 M-N
Registered
SUL 1st
StPaul&
85 87
87 McLi'l
122 11934 3.1ay'14
11914
-/J
6s-193()
J
118
120
con
Chatt Div pur mon g 4s 1951 J-D — _ 90 19714
Chic St P M & 0
Jan '1
J-D 8812-- 81)4 Deo '12 ---Mac & Nor Dlv 1st g 52_1946 J-J
6s reduced Co 3Ms...1039
Cone
kii12
'1
Apr
10412
.._
103
4
103
1930 )4-n 102 1023
May'14
101 fdi
Mid Oa & Atl Div 5s......_1947 J-J
5s
Denenture
10934 May 11
11612 Jan '14 ---- 11612 11612
iYI-N 11812
1946 J-J 104
Mobile Div 1st glis
Oh St P & Minn let g (is-1916
—654 lOOSe
May'14
11812 _
1295a May'09 7230 JCen Itit & B of Oa col g 52_1937 M-N 100 10078 10014
North Wisconsin 1s1 65.-19
12 114 118
117
1171
1919 A-0 10714 ---- 10714 May'14
107 fOgi
6s
g
1st
Cent of N J gong gold 5S-1987 J-41 11712 Sale 116/
City
&
P
St
11334 11638
4 Apr '14
1
81-8
0
55)30193
51987 Q-J
1st
L
ite,gistered
Superior Short
104 10434
. 10434 Apr '14
85 85
80'east let 5s_1960 J-0-89 -gE Jan '14
Am Dock & Imp gu 5s---1921 J-J 10414 15E1'
&
T
H
Chic,
'ne
J
'13
100
10578 Apr '14
J-J 102 103
62_41932 Q-Mid5-4
10573 10618
Leh & Ilud R gen gu g
°bleat WestInd gen g
10013 Jan '13
J
84
6
-J
1052
84
Sale
84
8318 87
4s
N Y& Long Br gen g 45...1941 M-S 95 _81
Consol 50-year
1 -.
86- W1s
80
80
.
96 Mch'14_... 93 98
Cent Vermont 1st gug 41-01320 Q-3'
D 2d gaul0
i8
1931 J-J
88
--1959
45
Chesapeake & Ohio—
refunding
&
1st
3 9834 10014
100
11)59 J-J
4
---- 361Gen funding & imp'5s_-1929 J-J 99 100 100
1s1 guaranteed 4s
2 105 10778
10634
1939 M-N 10634 Site 10634
1941
---- 984 10012Mch'14--- i5572 f66;
g 5s
let consol gold 5s
gu
ist
I
&
D
Ulu
103
103
193 11M-N ---- 107 103 Jan '14,_.,._
Registered
Next Page.
MISCELLANEOUS BONDS-- L.Intinued on
-55"
Street RallwaY
8312 13 8134 9114
See A__ 1957 F-A 83 8312 83
10334 19 9012 103341 Hud & IVIanhat 58
10314 Sale 1034
311,
1957 —, 314 Sale 81
9 30 39
91 238 8712 9314, Adjust income 58 5.3-1932 F-A
9034 Sale 9014
1st
4
995
°---Jersey
&
Y
N
100
9618
100 153
100 Sale 9934
A-0 7712 Sale
-ia- 714
6
-54:15
"ffi
Ms-195
4
cell
etrop
Interboro-M
1001.
10114 Mch 14 _ 101 1013.,
98 98 , interboro Rapid rransit— 180 ,1-4 987s
9812 99 98 Apr '14
99
146 9852 994
Sale 984
55
refunding
&
lst
_
_ 101 MitY'13
3 8918 9214
A9214
9214 Sale 9112
4 Manhat By(NY)cona g 4s-180
11135
101;
3 Sale 10112 1013
8878 9312
1010
9214 9212 9212 May'14
Stamped tax-exempt
1 100 102
1014 Sale 10132 10132
StreetRin
Metropolita
84
83
May'14
8312
8334
101 1024
May'14
1014
•,*
10134
102
sisle
g
Av
7th
&
liway
82kg 8412
*3I
__ 8413 Apr '14
100 101
1004 May'14
Col & 9th Av isle gu g158-10115
74 80
79 -791- 7912 Apr '14
984 101
101 Apr '14
Lox Av & P isle gu g 5s_1993 M-S 1657 9634 9914
981
9838 981 984
81) 80
Mch'14
F-A
80
1938
4s
g
1st
(Chic)
El
---- Met W S
.10178 J'ne'12
94
1021s
103
May'l
1021s
F-A
Milw Elec By & IA cons g 5g1926
03 98 9512 J'ne'13
92 94 91 Apr '13
As-1931 J-J
4
eaten
&
78l
Refunding
"iii"
6
7012
70 72 70
Nov'12
102
9934
J-J
5s---1919
g
cons
ltit
Mlnneap St
84 Jan '14 __ 84 84
let & ref
99 9914 Montreal Tramw
9914 May'14
01)
7 9714 99
981:,
30-year 5s Her A--- ----1941 1-.) 0814 9812 9814
___.. 93 92 Apr '14 —_ 914 96
option
DOS Maga 3Dias voil. sr Duo MA, g Due Dee
•No price Friday: latest this week. 4 Doe April. S Due May. w Crw
Street Railway
Brooklyn Rapid 'Fran g 5s..1945 A-0
J
let refund cony gold 4s...._2002
6-year secured notes Is.... _1918 J-J
Bk City 1st, con 5s__1916-1941 J-J
Bk Q Co & S con gu g 52_1941 M-N
Bklyn Q Co & S let 5s.....1941 J-J
Bklyn Un El let g 4-55_1950 F-A
1950 F-A
Stamped guar 4-5s
Kings County El let g 4s..1949 P-A
1949 IT-A
Stamped guar 4s
Nassau Elec guar gild 45_1951 J-J
__1927 F-A
Chicago Rwys let 58
Conn By & L 1st&ref 5g 4 Ms'51 J-J
1951 J-J
Stamped guar 4 Ms
list United 1st cons g 4 Ms_1932 J-J
FS Smith Lt & Tr let g 58_1936 Ill-S
Grand Rapids By 1st g 55_1916 J-D
1952 F-A
Havana Elec consol g 5s
MAY 16 1914.1
New York Bond Record—Continuel—Page 2
BONDS
,.. o
N. Y. STOCK EXCHANGE r
:
t
Week Ending May 15
.:.',,i,,
Plitt
Friday
May 15
Week's„,1
Range or
V.,
Lau Sale
.3,
1
Range
since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 15
1519
Price
Friday
Hey 15
Week s
Range or
Last Sate
v.
4,2
Range
since
Jan. 1.
Cin Ham & Day (Con.)—
13t3
High No. Low High St P M & M (Continued)—
Ask Low
814
High No. Low High
Att Low
0 Find & Ft W lst gu 4sg_1023 M-N —__ ___ . 88 Mch '11 __-- ____
_
Mont C 1st gu g 6s
1937 J -J 124% 125 12114 Apr '14
12114 12113
id.
On 1 & W lat gu g 4s____1953 J-J --_ 7612 86 Jan '14-- 86 '
Registered
1937 J -J 106
13614 Alay'06
Day& Mich lstcons4 30_1931 J-J
96l--- ---.
1st guar gold Is
-_--- ---- ---- --1937 J -J 10933
10634 Feb '14
it-0314 107
Ind Dec.& W 1st g 5s____1935 J-J __— 9834 97 Mch'14 .... 97 100
1037 J -J
Registered
—__
1935 J -J ___ ___ 10712 Dec '02 ___ . ..
_
1st guar gold Is
Will & 8 10 1st gold 5s_ _1931 J-1) ioi :7.77 10412 J'ne'13
78
Cleve Cin 0& St L gen 48_1003 J -D 771-3 80 78
i ii 85
Gulf& S 1 1st ref& Ca is_b1052 J -J
89 19212 92 May'14
W20-yr deb 4 3is
80 84 82 Apr '14 ---- 82 8712
1931 J -J
Registered
011151 .1 -J
843 ____ 86
86
Cairo Div 1st gold 4s
1939 J -J
6 8512 86
Hock VM lst cons g 4 hs.-19n 1 - J -961.-4 -9
9934
.
91
4 1)913
7 ..51 101
Uri W & M Div 1st g 48_19111 J -J ---- ----83 Feb '14 ____ 83 83 Ia Registered
97 ____ 9734 Jan '14
19
J -J
91i89734
St L Divlst coil tr g 48_1990 M-N 81 ___ 82 Apr '14 -- 82 3534
Col& H V 1st ext g 4s
1948 A-0 8813.
92 Apr 13
Registered
1900 111-N 8034 8334 8214 Mch'14 ---- 8214 8214
Col & Tot 1st ext 4s
1955 F-A 8312 6.2. 9013 inch'14
-9572 -861-2
S_Nr & Col Div lstg48
1940 94S 8212 84% 85 Melf14 ___ 85 85
lions Belt& Term 1st 58_193? J.- J,
10014 Dec '12
W W Val Div 1sta 4s
I ilinois Central 1st gold 4s_1051 .
1040 J -J -__ ____ 91 Apr '12._
9534 -667-8 9644 Apr '14
-5;472 If
'
1C 1 St L & C consol 6s
1920 ivi-N 1055-3 10638 10534 Apr '14 ---_ 10512 niii, L Registered
1051 J-J
100 Sep '11
let gold 4s
1st gold 335s
I:1936 Q-F 9012 9212 92 May'14 ---- 91 92
8412
35 84 Apr '14
1951 J-J
84 84
.
/1936 Q-F 90 92 00 Men'13..—
Registered
82 _ _ 8812 Feb '13
Registered
1951 J-J
Gin 8 & Cl con 1st g 5s-__1023 J-3 10213.._.. 10314 Mcla'14 —.- 103 10314
Extended 1st g 3,3is
1951 A-0 8113 ____ 9312 Ma3"09
00 C & 1 consol 7s
1014 JD 100 __ 10038Mch'14 ---- 100%100h
Registered
1951 A-0 82 ____
_ --Congol sinking fund 78_1914 J -D ....-_ _ _
1st gold 3s sterling
1951 M-8
-id- J'ly '09
General consol gold 6s1934 J -J ..--- 119 li35-8May'14 —_ iiiE2 ffit;
Registered
1951 M-S
____
1934 J-J ---- 11812 ___
Registered
Coll trust gold 4s
1952 A-0 8934 92 91 Mch'14
1)0 93
Ind 13 & W 1st pref 4s_1940 A-0 ..-- -_-_ 94 - J'iy '08 ---- ___
Registered
9514 Sep '12
1952 A-0
0 Ind & W 1st pref 5s___d1938 Q-J ---___
__
- --1st ref 4s
195584-N 9233 93 92
93
31 8934 94
Peo & East 1st coil 46_1940 A-0 72 7414 72
72
.4:3 W -8Purchased lines 3;is
1952 J -J 8012 8312 82 Feb '14
79 82
20 ____ 23 Apr '14 —.- 23 30
1090 Apr
Income 4s
L N 0& Tex gold 4s
1953 M-N ____ 9054 9012 Mch'14
8912 91
1413 19
Col Mid and 1st g 4s
1947 J -J
1812 Apr '14 ---- 1412 1934
1953 m-N
Registered
9512 84 May'14
84 84
Trust Co. certfs. of deposit_
_ _ -- 1812 17 Feb '14 ---_ 17 17
Cairo Bridge gold 4s
90 Apr '14
1950 J-D
90 90
Colorado& Sou 1st g 4s
1029 F-A 8912 Sale 8913
9038
4 89 93
Litchfield Div 1st g 3s
673s..
1051 J-J
74 Feb '14
74 74
Refund Sc ext 4;is
1935 M-N 8912 90 8918
8913
7 89 9312
Louisv Div & Term g 3;is 1953 J -J
7534 84 81 May'13
Ft W & Den (7 1st g 68-1921 J -D 1053
3 10634
1004
1953 J -J
Registered
1 105 107
83 Aug 12
__-—___ -,7Conn & Pas'Mrs 1st g 4s-1943 A-0 -------____
Middle Div reg 5s
1021 F-A Rif"
123 Nlay'99
.
-_---Cuba RR 1st 50-yr Is g
1952 J -J 103 ._ W O May 10
Omaha Div 1st g 3s
1051 F-A 711,
721 Feb '14
71 Ill;
III el Lack & Western—
- ---St Louis Div & term g 38_1951 J -J
71 71 7512 lich'12
---1914 MN
L./ Morris & Essex Ist7s
____ 10014 Mch'14 -- — 10014 100%
1951 J -J
Registered
____
let conso. guar 7s
1915 J-D 1023
---4 10313 103 May'14 --- 10273 10314
81 —_- -7712 Sep'i5
Gold 3 3.is
1951 J -J
Registered
1915 J -D
_ 103 Nov'13
1951 J -J ---10113 Oct '99
Registered
let ref gu .g 3;03
2000 J -D 84 86 8512 Feb '14 --- i512 8512
Spring Div 1st g 3;18
79
1951 J-J
_ 7853 Mch'14
"iiEs
NY Lack & W 1st 6a.....1921 J -J 10934____ 110 Mch'14.— 10814 110
Registered
1951 J-J
Construction Is
1923 F-A 10434.— 10412 Feb '14 ---- 10412 10412
8 -92.14 91 Feb '14
Western lines 1st g 4s
FA -017"90
91
1951
Term & Improve 4s
0434 Melt'14 ---- 9434 9434
Registered
1923 91-N 9434
1951 F-A
------Warren 1st ref gu g 33is_2000 10-A 82 _ ---10213 Feb '03 -Bellev & Car 1st Os
1923 J-D _--_ 11713 ma-y-qo
___
Del & II tid lst Pa Div 78..„1917 M-S 103s_ __ 10833 Mch'14 --- 15818 fdis;
Carb & Shaw 1st g 413
1932 M-S 8733 -- 9413 J'ly '12
Registered
ChlcStL&NOg 5s
1951 J-1) 107 ____ 108 Mch'14
1917 WS --------149 Aug 01 --108 103
1 937s
10-yr cony deb 4s
Registered
1951 J-D 10412 111 114 Feb '11
99
4 9733 9914
1016 J -D 9878 09-2
let lien equip g 4 As
Apr
3
'14
10058
Gold 3jis
--., 9913 101
1951 J-D 8033 _ _ _ _ 00 Oct '09
1022 J -J 100 s 10118
lit & ref 4s
0634 12 9312 0634
Registered
1951 J-D
1943 M-N 0612 Sale 9612
8614
Alb & Sus cony 33is
Memph Div lst g 45
9213 Au-g-T2
1951 J-D -34; 1946 A-0 8014 874 8614
1 8412 8634
Eons & Saratoga lit 75.-1921 M-N 11512..,„ 11512 Feb '14 —7,7 115 11512
Registered
_
1951 J-D
St L Sou 1st gu g 4s
82
ii 7914 85
Deny & R (Jr 1st con g 46_1930 J-J
8112 821-2 81%
1931 4-s 90 9512
Consol gold 4 3is
1036 J-J 888 9034 87 May'14 --. 87 9034 Ind III & la 1st g 4s
1950 J-J 8713 90 8812 Mch'14
-8672 -a;
1928 J-D ---- 8712 9012Mcia'14 ---7 89 9212 Int& Great Nor 1st g 6s
1919 114-N *10214 ---- 103 .Mela'14
Improvement gold 5s
103 104
James Frank &. Clear 1st 4s 1959 J-D ---1955 FA ---- 62 02
02
lit & refunding Is
4 6112 74
9112 Men'14
9113 92%
'12
w
an
--------109
Dec
J-D
58_1939
City
Sou
6913
1st
72
May'14
1950
gold
3s
g
A-0
69%
Rio GrJunc lit gu
0813 70
IX Registered
Rio Or So 1st gold 45-1940 J -J --- 74 6112 Apr '11 -_ 63 Oct '00 ____
1950 A-0
1940 J -J ...-- 77 85 Meh'013 ......
Ref & impt 53
06
5' - -013s WI;
Apr 1950 J-J 9512 Sale 95
Guaranteed
8113-4 84 8312
1039 J - J
4I-2 Kansas City Term 1st 4s___1960 J-J 9214 9414 9453 Apr '14
8312
763 -7
Rio Or West lst g 44
93,3 95%
1949 A-0 -70
'
70
Mtge& col trust 413A
4 70 7214 y ake Erie & W lat g 58_1937 J-J 101 103 10153 Apr '14
100 103%
Apr '14 ....... 9
-.I-4 2d gold 5s
9834 95 Jan '11
1941 J-J Utah Cent 1st gu g 48_81917 A-0 ---- ----90
00
95 95
North Ohio let gu g 55_1945 A-0
9913 93 Mcn '14
Des Mot Un By let g 58_1917 M-N --------110 Sep '04
98 98
Leh Vail N Y lit gu g 4 As_1040 J-J io1 10112 101
101
1 10014 1014
Det dc Mack let lien g 48_1995 J-D 84 _._ 84 Mch'14 ---- ii
82 Mch'14 ____ 82 82
1995 J-D 82 Registered
101) Dec '13
Gold 48
1940 J-J
Lehigh Vail(Pa) cons g 48_2003 M-N 111 _-- 9034
1
Det Riv Tun-Ter Tun 4;0_1961 M-N 9373 00 0312 Apr '14 ---- 9312 97
00 4
3 -1712 -9-(134
General cons 4;is
Dui Missabe & Nor gen 58_1041 J -J 102 ____ 105 Apr '14 --- 10314 105
2003 M-N 994 Sale 99%
00%
3 99 99%
Dui & Iron Range 1st 5s_.,1937A-0 10312 105 103 May'14 --- 10012 104 Leh V Ter Ry 1st gu g 5s_1941 A-0 111 11112 111 Mch'14
110%11134
Registered
10612 Mch'08 _.._
.
1937 A-0
'11
Registered
Dec
11113
1941 A-0
_
2d 034
Leh Val Coal Co lst gug 55_1933 J-J 10413
1916 J-J 102 ____ 104 Feb '11 ___
10414 Mch'14
Hai', RAI;
Du So Shore& At g 5s
Registered
1937 J-J 10013 --- 9914 Dec '13-105 Oct '13
1933 J-J
—
plain J01& East 1st g 58._1941 Id-N 104 ____ 10412 Apr '14 --- jai': itiff2
1st introduced to 4s
1933 J-J
-L4rie lit consol gold 78_1920 m-g 1111k 113 112 Apr '14 --.... 1114 112 Leh & NY let guar g 4s_1945 M-S 88.
8815 881i
N Y & Erie lit ext g 45_1947 1I-N 95 -- 98 Apr '14 ---- 98 98
Registered
1945 M-S
2d ext gold 5s
1919 WS 102 _ __ 10212 Mch'14 ---- 10212 10212 El(3 & N 1st pre 6s
1151.1-3Fer2-'10
1914 A-0
3d ext gold 4 .itt
Gold guar 58
1923 101-8 9912 _ 100 Mch'14 ---, 100 100
9973 Nov'13
1914 A-0
1920 A-0 1024 1023-4 10214 10214
1 102 10234 Long Isld let cons gold 5s_h1931 Q-J 1664
4th ext gold Is
10613 Mch'14
108's 1063
1st consol gold 48
1928 J-D 93 05 100 Jan '12 -___ ____ ____
5th ext gold 4s
111931 Q-J 92 ..-- 9614 hIch'12
General gold 48
N Y L E & W 1st g fd 7s-1920 1‘,1-S -__- 12034 109 Aug'13 ---- -- ---1938 J-D 8913 91% 91% May'14
"eirs
8412 19 8284 871g
Ferry gold 43is
- 8312
8312
1996 J-J
Erie lit con g 48 prior
1922 M-S 9412 9612 96 May'14
95 97
Gold 4s
1996 J-J -.„ 8312 83 Jan '14 --__ 83 83
Registered
9914 Oct '06
1932 J-D 83
66 7114 7614
731
Unified gold 4s
734
31
lit consol gen lien g 48-1996 J-J
1940 M-S 8624 88 87l Jan '14
88 WI;
1906 J-J -------- 77 Apr '12 ____
Debenture gold Is
Registered
1934 J-D 100 _ - 101 Men'14
10024 10014
1951 F-A 8934 Sale 8934
Guar ref gold 48
Penn coil tr g 4s
8 89 92
90
1949 id-S 8914 95 91 May'14
59 92
1953 A-0 73 Sale 727s
10 71 7738
Registered
73
60-year cony 4s A
1949 M-S
95 Jan '11
1953 A-0 72 Sale 7112
Series B
do
N Y 13 & MB 1st con g 5s_1935 A-0
10024 Jan '14
73
87 7014 76
1551
.
4 iskirs
Buff N Y & Erie let 7s
1916 J-D 1031.__.. 10414 Apr '14 —._ 10414 1044
N Y & R 13 1st g 5s
10211Jan '14
192784-S
10212 10213
1982 M-N 10634 107 10634
Chic & Erie 1st gold 5s
Nor Sh B 1st con g gu 5s_o1932 Q-J 10i5 103 102 May'14
107
2 10553 108
102 102
Clev & Mahon Val g 53..1938 J-J 10313 108 103 Feb '14 --- 103 103
911 9112Feb '14
Louisiana & Ark 1st g 5511127 M-S
9113 9123
Long Dock consol g 6s_1935 A-0 12214 _...._ 122% Apr '14 ---- 12112 123 Louisv & Nash Gen 65_ _ _ _1930 J-D iiirs 114 11453 Mar"I4
11112 115
Coal & RR lit cur gu 65_1922 M-N 101 108 100 Deo '12
110 Apr '14
Gold 55
1937 M-N 109%
10534 110
1943 J-J 10211 10312 10214 Apr '14 --__ 'ON, f(j2I,
Dock & Imp lit ext 5s
1940 J-J 95 Sale- 95
Unified gold 4s
9514 31 92% 961
/
4
1946 M-N 10014 _ -_ 10312 Aug'12 ....... _
9384 Mch'14
N Y & Green Lang 5s
1940 J-J
Registered
9334 9334
1937 J-J -„- 9f12 97 Apr '14 ___ .6.
NY Sus& W 1st ref 5s
10514 Apr '14
612 Iiii
1931 M-N 15F4
Collateral trust gold 55
105 10514
1937 F-A 70
10014 Dec '00 .
2d gold 4%s
E 11 & Nash 1st g 6s
1919 J-D Iowa ____ 10834 Dec'13
1940 F-A ---- 75 75 Apr '14 ___ 75 75
General gold 5s
L Gin & Lex gold 4;is
1931 M-N lova _- 102 Apr '1
liars 102
1943 91-N 10414 110 102 Jan '14 —. 102 102
Terminal 1st gold 5s
NO & M 1st gold Os
1930 J-J 116 —_ 12014 Mch'13
1940 A-0 10214
11112 Nlas"12
Mid of N J 1st ext 5s
- _ 111 Feb '14
N 0& M 2d gold 6s
1930 J -J
Hi'
0434
1942
J
-D
9534
95
5s
g
May'14
gu
1st
____ 9284 0812 Paducah& Mem div 4s_ _1946 F-A
Wilk & Ea
89 Feb '14
89 89
Ev & led 1st con gu g 6s-1926 J-J ---- 110 106 May'12
St Louis Div 1st gold 6s...1921 M-S 108 110 10833 Feb '14
1083410834
1921 J -J 105 ___ 104 Dec 13 ____ __”" --Evans& P11 1st cons 68
2d gold 3s
6412 0933 Sep '12
1980 M-S _
1942
58
A-0
9938
gold
7
Dec
'13
1st general
-- -_-_-_-_
Atl Knox & Gin Div 4s__ _1955 M-N 02; 9053 9013
9012
3 88 Titi7;
1023 A-0 ---- ---- 108 ,N ov'll ___ ___—_ ____
Mt'Vernon 1st gold 6s
Ati Knox & Nor 1st g 58_ _1946 J -D 108 _ _ _ _ 111 Jan '13
_
Sull Co Branch Ist g 55_1930 A-0 - — ____ 95 J'ue'12
Bender 13dge 1st s f g 6s 1931 11/1-S 1051/3
108 166- UM Jan '14
_1959
;is_
J-D
4
1st
-92
93
Coast
plorida E
Kentucky Cent gold 48_1987 J-J 8934 61
. 00 Apr '14
May'14 ---- iii -94
88111 9014
a-. ort St U D Co lstg 4348_1941 J-3 --_ _. . 92 Aug '10
L&N&M&M 1st g 4 3.is 1945 WS 101 10312 101 May'14
100 101
Ft W & itio Grist g 4s-- _1028 J-J ---- 66
. 62 Apr '14 .-- 5812 -64
L& N-South 51 joint 4s....1952 J -J 84 85 84 Apr '14
83 85
(2reat Northern—
Registered
95 Feb '05
51952 Q-J
1921 J -J
9714 Sale 9711
9733 221 9434 98
,
-A (3 I3& Q coil trust 4s
N Fla & S lst, gu g 5s
19378-A idi Sale 105
105
104T4 1644
1921 -J ---- __ 97
97
N & 0 Bdge gen gu g Ois 1945 J -3 9913 5 9514 9758
Registered h
100 Mch'14
9012 100
100
1st& refunding 4 %slier A 10611- 00% Apr '14 __-- 100 1013s
110 110 May'14
Pens & Atl lit gu g 6s
1921 F-A
10ssa 110
1961 --- ---- -----06 J'ne'13 —_
8 & N Ala con gu g
_
Registered
107 Mch'14
_ _1936 F-A 15E12
10514 107
1933 J --J 9714 Sale 9714
St Paul Ni & Man 4s
- 10414
Gen cons gu 50-yr
93
10 904 -98
10414
5s_5s1903 A-0 10115 10413
5 10414 105
1933 J-J 123
lit consol gold Os
12114 Mch '14 ..— 11934 121,4 I,& Jeff'Age Co gu g 4s
1945 M-S
8312Mch'14
83 86
1933 J-J 117% _ _. 11712 Aug'13
til aniia Ittt—Sou tines 4i1936 M-N
Registered
1 10234
10234
"fE 77 Mc-11-'15
Reduced to gold 4;0_1933 J -J 1023
2 10014 10314 -v-1.ex 1nternat let con g 4;1977 WS
J-J
-------1933
J'ne
10881
Registered__
'09
Stamped guaranteed
79 Nov'10
1977 IVI-S
-- M ont ext 1st gold 4s- —1037 J-D 951
;____ 9534 Apr '14 ...... 93 -9552 Akin& St L 1st gold 7s___ _1927 J-D
12412 Oct '12
1937 J-D 9312 --__ 9412 Apr '14 ___ 9412 04,12
Registered
i'actficDxt 1st gold Gs— _1921 A-0 10034 107 1104 Aug'11
Pacific ext guar 4s g_ _ _1940 J -J
8714,_ __ 925s Mch'll
lst consolgo.d 5s
___
1934 NI-N 89 901 90 May'1
89
9512
IC Minn Nor Div lst g-4s 1948 A-0 94 9014 9433 May'14 ...... 9433 -043s
island refund gold 4"
1940 M-S 60 Sale 50
5112"-ii 60 61
Minn ilei,-,,, I., ,.. Ace
1 a 99 3-3 1103.
11111..ise .1.1
1111101. Des M & Ft 1) lat gu 48_1935 J-J
08 Feb '1
68 69
MISCELLANLOUS BONDS—Continued on Next Page.
Hi"
-
Street Railway
New On lty & Lt gen 40-1035 J-J
NY flys 1st R E & ref 43 1942 J-J
30-year ad1 Inc Is
a1942 A-0
N Y State Rya 1st cons 4 As..'132 M-N
Portland By 1st & ref 5s---1030 M-N
Portland By Lt & Pow let
& ref cony s f 58
1942 F-A
Portland Gen Elec lit 58-1935 J-J
136Jos lty, L. & P 1st g 541937 M-N
BS Paul City Cab cons g 6s-1937 J-J
Third Ave let ref 4s
1960 J-J
a1980 A-0
Adi illo 55
Third Ave 117 lit g 193____1037 J-J
Tri-City By & Lt lit s I 65_1923 A-0
Undergr of London 430_1933 JIncome 64
1948
Union Elev (chic) lit g 55_1045
United Rye Inv 58 Pitts las 1926 141-N
Street Railway
81
United Rya St L lit g 4s_1934 J-J
79%
St Louis Transit gu 5s____1924 A-0
6312 United RRs San Fr i f 45_1927 A-0
90
Va By & Pow lit & ref 55_1934 J-J
—.Gas and Electric Light
92 10012 Atlanta G L Co. lit g 58-1947 J-D
Bklyn U Gas 1st con g 58_1945 id-N
Buffalo Gas lit g Is
1947 A-0
Columbus Gas let g
J-J
39 80l 88
Detroit City Gas g 5s
1023 J-J
132 7514 8413 Det Gas Co.con 1st g 55
1918 F-A
2 1081/ 10912 Del Edison 1st coil tr 5s
1933 J-J
15 96 98 Eq GLN Y lat con g 5s 1932 M94 96
Gas& Elec Berg Co c g 5s 1949 J-1)
8454 9214 Gr Rap L Co 1st g 58-__ _1915 F-A
Hudson Co Gas let g 55_1949 M-N
Kan City(Mo)Gas lit cc 65 1922 A-0
81 Sale 81
81
7 8058
7712 116 75
7712 Sale 7714
55% Sale 5512
5638 197 52
87
89 8912 90 Apr '14
100
101 Jan '13
91 9413 92 Mch'14
9934 10114
99 100 .11110114 _ 1034 Feb '13
8353 Sale 83%
83%
7014 Sale 78313
7912
10758 10914 107%
107%
9614 98 0634
08
94 Salo 04
94
85 89 87 Apr '14
---_- 84 Oct '08
----_- 71 J'ne'13
69
58
92
7012
72
5714
9314
10114 _
10212 Dec 13
105 --__ 10533
10533
54 J'ne'13
03
_
99 --.... 984 -5g3-4
9534 Sep '08
16518 104 10234 10234
10612 Oct '12
100 Feb '13
____ 101 100 Oct '09
104 May'14
10314
0112 92 Mch 14
• No prise Irridan latest bid awl asked this week. s Due Jen, a Dee Feb. di Dues April. k Due Jab,, S Des Avg.c. Due Oet.
6913 Apr '14
70 Apr '14
6634
57
9273 May'14
Option sale.
694
69
10 52
9275
7213
7114
614
944
1520
[VOL. xcvm.
•
New York Bond Record—Continued—Page 3
Sis
BONDS
If. Y. STOCK EXCHANGE
Week Ending May 15
r,„
Price
i'riaay
May 15
Wee.t's
Ran.; or
Last Sale
I
.DS
BON
21 5
N. X. .5•70019 EX.1111Alian: 'r.
r ...,
.
-1'. a.
Week EndiDA may 15
Range
since
Jan. 1.
g
83(3
rrwe
Yridsy
May 15
Week's
Range or
Lass Sale
tl
g....!
4.4eZ
Rasps
since
Jan. I.
Rio
Ask Low
High No. Low High
High No. Low High N Y N H & Hartford (Con.)—
SW
Ask Low
Minn & St Loals(Con)—
13 & N Y Air Line 1st 4s_1055 F-A 86 _
9912 J'ne'12 __
_
— 92 00 May'14 ---- 88 94
Iowa egatral 1st gold 5s.1 938 J-D
Cen t New Eng 1st go 48_1961 J -J ___ 83 81 Mch'14 _Z....
-838
- 0
.
5
0;
1
1:3 127 47 5712
48
4 48 47
1951 M-S -473Re(';nding gold 4s
Housatonic It cons g 5s_ _1937 M-IN, 1071-2 _ _ _ 10638 Apr
0- 90 0518
95
M Strl&8SA1 con g 48 int gu 1038 J -J 9412 Sale 9413
11 7113 83
7112 Sale 7112
NY %V 'clies&B 1st ser 1 4-Ms'46 J -J
73
9714 J'ne'12
1941 NI-N
1st Chic Term Is f 4s
MN
____
_1918
____ 101 Aug '01 ____ ____ ___.
N H & Derby cons cy 5s_
0612 06 Noy'13
M S & A 1st g 4s int gu_1926 J -J
5 J -J
-5113 9117 New England cons 5s__ _ _194
Apr '14
114 _ _
Mississippi Central 1st 58_1949 J -J
- 0913 mc-h-'1'2 -----------_ -..
_1945 J -J -- --Consoi 4s
20 87 9178
88
Mo Ran & Tex lstgold 4s 1990 J-1) 8718 8,1 87
8313 May'14
4 __--_
5 -8
8
80
5151-8 -8
1'rovidence Secur deb 4_1957 All-N 5514 --- _ 60
1 6918 77
70
70
g191)1) 1"-A 6934 71
2d gold 48
86
841
y
N
31-S
_011192
W
0&
rci
g
99
1st
Mch'14
4s—
9512
---06
1312
---4
0
1st ext gold 5s
,94
10
_ _ 9212 J'ne'12 ___. ____ -1 1414 71
Registered 55.900 only_ _01902 31-S ----6512
64 67 6512
1ct & refund 4s
81i2 mch.14 ____ 8112 834
1955 J-1) ---_
General4s
7378
0 7212 85
737s Sale 7212
Oen sinking fund 4 30__1930 - J
94 9212 May'14 ____ 92 9713
0212
F-A
_1961
Norfolk
5s_
'13
Apr
A
Sou
ref
1st&
7814
75
---A-0
4s_26ul
St Louis Div 1st ref g
101
____
101
May'14 ....... 100 10114
.i.1-N
1941
'13
Norf&
Dec
4
Sou
1st
993
gold ''s
NI-N
Dn.& Wa lstgu g 5s
11178
1 11712 11078
8212 Apr '14
-87
2 Nod & West gen gold tis_ _ _1131 M-N 11978 121 1197s
-17
21.4 I2
40 F-A
90
Kan (.3 & Vac 1st g 4s- —1
10
103,i 101,4
Improvetnent & ext g 6s 1134 F-A 121 _ 123 Jan Is
1942 A-0 - 104 104 Apr '14
Mo h & E 1st gu 0s
118
____
Feb
'14
11934
..-A-0
liii- Ili'14
Feb
1932
0812
1st
River
gold
New
9812
981::
Gs__
M K & Ok 1st 11,!?ir 58__1042 M-N ___. 98
26 94 95
95
9458
4 9314
:i ,s, iv My 13t Cons":4s_ 1116 A-C 9438 Sale -08
9314
8
MK& Tof 15t gu g 5s_11)42 M-S ---- 9314 9314
Jan '11 _.
'13
Slay
A-0
-------96
06
104
____
19
Registered
-D
J
58-1942
bo 1st gu g
Sher SIT
. W.,
90
12 -115i3
9912 Jan '14
-096107 -u-1-2
Div'l 1st l& gen g 4s_ _ _1044 J -.I 9013 9013 90
Texas& Okla 1st gu g 55_1943 NI-5 -_ 0734
27 10212 105
10-25-year cony 9s
1032 J -I) 10212 104 10218 Apr 14 -_-- 101 10358
1 - Sale 10312 104
Missouri Pac 1st cons g 68_1920 51-Fl 0312
10212 104 10312 Mel]'14 _ .. 101 10434
06
53
10-2
NI-S
95
1932
Sale
95
0-year
9818
4
945
cony
M-S
4s
stamped_a1917
Trust gold Is
1038 M-S 10358 Sale 10358 10338 16 10054 10512
9714 97 MaY'12
Convertible 430
a1917 M-S
Registered
88
6 8714 90 12
90
14 -55- -651-2
2 94 90
Pocah 0& C joint 4s::_1941 J -0 88 Sale 88
1020 F-A 8011st collateral gold Is
_
0
C
&
1022 J -J 103 ___ 10534 Jan '13 __ _
T
1st
Is
gold
guar
0
102
Registered
—
'14
1058 -1;314
Apr
92
54
94
92
72
-661;
3
756
Sale
1,1-N
1039
2 Selo V & N E 1st gu g 4s
1045 NI-S
-6I6
40-year gold loan 4s
96
9514
0212
39
8
947
6612 77 6434 7758 Northern Pacific prior I g 4s1907 Q-.) 95 Sale
1959 MS 65 Sale 6434
lit & ref cony 58
1107 Q-J 94 0758 9438 Apr '14 ____ 94 0518
86 Jan '14
Registered
86 86
3d 7s extended at 4'/_.,._193S M-N
6712 17 6414 6858
(z047 Q-F 67 6712 6718
General lien gold Is
91 9238
1010 F-A 89 91 0238 Mch'14
Cent Br lty 1st gu g 4s
1 6514 67
6512
_
7712 Dec '13
Regis tereo
112047 0-5' 6512 Sale 6514
1948 J-1)
Cent Br U P 1st g 43
Jan '14 ___ 90 00
00
-0
J
SI112____
4s_19116
St
Mch
110
'05
g
Div
P-111-Dultith
-J
J
521_1926
Leroy & CV AL 1st g
____ ___
____
'13
Sep
10013
____
3
100
911
M-S
5s____1916
-9QI
Dul Short L 1st ,:u
90 Apr '14
00 00
Pac It of Mo 1st ext g 4s_ _1938 F-A
St I'& N P gen goki 6s___1123 F-A 11214 ____ 11213 Apr '14 ____ 11078 1121;
100 100
2d extended gold 5s_ _ _1038 J -J 9713 104 100 Jan '14
__ ---'II
Aug
____
11538
Q-F
923
112
11013
certifIcates_1
103
10211
11
---103
Registered
A-0
105
5s_1931
101
StL Ir M&S gen con g
_ 107 Jan '12 ------------_
St Paul & D loth 1st Z)s__ 1931 F-A 10513
103 Feb '14
103 103
Gen con stamp gu g 58_1931 A-0
1917 A-0 10114 —_. 101 Mel) 14 ___ 101 0
'Id 5s
7712
75 82
1929 J -J 75 751k 75
Unified & ref gold 4s
1968 J -D 8518 _ _ 87 Feb '14____ 8'7 87
1st consol gold 4s
8078 Oct '12
1029 J -J
Registered
_.
1048 QM 82 _ . _. 8112 Dec '13 ____ __
Wash Cent 1st gold 4s_
_
7512 15 74 8134
1933 M-N 74 ;if; 74
Riv & Div 1st g 4s
Nor l'ac Terrn Co 1st g Gs_ _ 1933 J -J 11358 115 113(4 Nickell ____ 11314 11314
9212 Dec'13
Verdi V 1& W 1st g 53_1926 M-S
92
89
____
'14
Apr
0112
8
903
„--J
Oregon
J
1061
116
11534
4s
-Wash
1st
1131
rel
116
&
4
1163
110
Mob & Ohio new gold 6s_ _1027 J -D
11212 11212 pacific Coast Co 1st g 5s. _1946 J-1) 10114 — _ 10134 10134 6 9914 1031f
lit extension gold 6s____h1927 Q-J 11212 _ 11212 Apr '14
ennsylvania 1911—
82'
80 106214
1938,M-S 82 -84 82 Mch'14
General gold 4s
1923 M-N --------98 Apr '14 __ 98 98
Mch'14
1st real est g 4s
_
_
103
10614
1051
19471F-A
Montgom Div 1st g 58
1019 M-S 102 -_-_ 102 May'14 .... 102 102
Consol gold 58
1027IJ -D 93 -- 95 Dec'13..St Louis Div 5s
1043 M-N 09 ---- 99 Dee '13
91 _ _ _ _ 9114 May'14 ---- 8814 9114
Consol gold 4s
1931 J-J
St L & Cairo guarg 4s
'7 4 -6b-1;
99 112 -6:
J -D 9878 Sale 9878
3-ig.o1915
108
1075
8
3
107
gold
Convertible
108
8
10512
108
ashville eli & St L 1st 53 1928 A-0
o1915 J-D __ „,- 0858 Mch '14 ....„ 0812 0858
Registered
_
Jasper Branch 1st g 6s1923, J -J 10713 _ _ 111 Jan '13
1948 MN 102 10218 101,2 102
6 99 102
'14
Consol gold 4s
10334 10334
1917 J-J 103 ___. 1034 Jan '04
MeM M %V & Al 1st Gs
9613 97 ,
Alleg Val geu guar g 48_1942 M-S 97 9713 97 Apr '14
T& P Branch 1st Gs
1017 J-J 103 __ _ 113 J'iy
1) It R 11 & I3'ge 1st gu 486'36 F-A 9112 ---- 01 Mell'14 -___ 91 91
61 Feb '14
61 61
Nat RysofMexprIlen 4301957 J-J
1943 M-N 98 ....— 9018 Ply '13 _
77 Feb '13
Phila
&
4s
Balt
W
g
1st
A-0
1977
4s
general
Guaranteed
1U24 J -J -,--9678 Feb '13
Sod Bay & Sou 1st g 5
Nat of Mex prior lien 43s_1926 J -J
J -J
oz ---- -. ---- --50 Apr '14
"io" 16- Sunbury & Lewis 1st g 4s_1936
1051 A-0
lit consol 4s
10112 AMia
4
s _98 i.....ii 1014
n:112
e-y
jij
1 ai
44
4814
6 4712 58
an gen 4s 192
C0_
0
N 0 Mob & Chic 1st ref 5s,.1960 J-J 4814 Salh 4712
Mch'14
1007
104
8
PeljniiNsyjlvlatintia&
101's
101
10112
NO& NE prior lien g Gs_p1915 A-0
1921 J -.1 1007s — — 101 May'14 ___-_
Guar 1st g 430
7012 7912 MaY'13
J
New °clean:: Term 1st 4s 1953
100
:
°: 101.
:
11734
8334 33 -0
Registered
.2 -aN Y Central & 11 It g 330_1997 J -J 044 Sale 831s
Isit-s TA ____ 8412 Apr '14 ::::-_- 85
8413 86
reg_1937
3
Guar
coil
30
18
trust
8212
8234
4
---813
84
8034
2
85,
1997 J -J
Registered
,4 Alay'14 _
Guar 330 coll trust ser B_11)41 FA 8434.,-.- 85
92
31 86 9212
98
e
l
a
3
I
8
9
1034 M-N 92 Sale 0118
Debenture gold 4s
971,
5
0818
0818
1916 NI-N
Trust Co ctfs gu g 3As
93 May'12
1934 M-N
8512
2 82 8513
Registered
85 Sale 85
-D
J
1042
C__
80
Sale
91
80
ctfs
4
773
trust
4
783
s
A
84
Guar 3
1993 F-A
8513 8434 Apr '14
Lake Shore coil g 330
8434 8434
Guar 330 trust etfs D__::1944 J-D 8434 0434 'J413 Apr ,14
13 78 8318
79
83 98
1993 F-A 7838 8134 78
Registered
1031 A-0 9414
7618 7614
Guar 15-25_-year g 48
7618
1 7314 78
Mich Cent coil gold 330_1998 F-A 75
5 _..._ :.... .
14
0
9.
.
.1). ..
I. .
:.
..
34
—
M-N
1942
Cin
7312
Leb&
7618
Mch'14
7214
gu
Nor
48
g
72 74
2119
"
10
1998 F-A
3'2 JAaPer
Registered
Cl & Mar 1st gu g 430_1935 M-N 9614 --- 1013/3Nov'13
9514 Apr '14
9514 9534
_
Beech Creek 1st gu g 43-1035 J-J 94 --__ 90
1942 J-J 10234 -&
CI
P
'11
A
May
gen
4
g
gu
30ser
....
--____
J-J
'09
1936
Registered
4 J'ly
1942 A-0 10212 -_-_ 1093
Series .13
1936 J-J --12
2d guar gold Is
9114 Feb'
Int reduced to 330_1042 A-0 851s -1936 J-J
12
Registered
M-N 8514 ---- 9018 Oct '13
1948
Series
3
0
30
-A-0
30..b1951
3
g
1st
Ext
Cr
Beech
8413 Dec
85'4---F-A
1950
8518
Oct
'12
33s
1)
Series
88
1981 J-D
Cart& Ad 1st gu g 4s
86,4
i 554 8114
8514 -___ 8614
104 _
Erie & Pitts gu g 330.13_1940 J-J
'12 _ _-_ -- -Gouv & Oswe 1st gu g 5s 1942 J-D
1940 J -J 8534 ---- 9013 J'ly .
Series 0
-43E95 95
Moh & Mal let gu g 48_1991 M-S
---- 953a Dec 13 ____ ____ ____
96
-J
J
30_1941
&
R
92
Gr
I
.
gat
-92ex
92
1st
4
g
gu
92
92
1986 F-A
_
N J June It guar let 4s
May'10
Pitts Y & Ash 1st cons 5s_1927 NI-N 104 ____ 109
1986 F-A
Registered
1812
.1 iiir3 -98-i3
9818 --- _ 0812
1931 J-J
-gfis Dec '12
Tol W V & 0gu 430 A
2000 M-N 83
N Y & Harlem g 330
:Nov '12
9818 -__ 1023
J-J
1933
8212
Series
4
13
30
2000 M-N
Registered
--9512 Sep '13 -106 102 Jan '14
Series 04s1942M-S 9234 - -._ i1027
102 102
N Y & Northern 1st g 5s 1927 A-0 103
8
10278
1 10058 103
P00& St L gu 430 A_ 1940 A-0 10278 Sale 10212
N Y & Pu 1st cons gu g 413_1993 A-0 83 9114 92 Oct '13
Feb 14 __ 10014 10212
A-0 100 103
1942
11
Series
guar
1916 A-0
Nor & Mont1st gu g 5s
11 :: _
_
1942 51-N -------- 106 J'no'
Series C guar
lid 116 116
1932 J-D 118
Pine Creek reg guar 6s
- - -9i1945 M-N 93 9514 93 Mell'14 :_ .1-i3
Series D 4s guar
10458
1021y 10458
W & 0con 1st eat 5s__h1922 A-0 10414 __ 10458
9914
9012 --- 0014 Apr '14 ::
9014
F-A
1949
E
10014
14
Series
30
3
Mclf
g
guar
100
101
9912 10014
Oswe& R 2d gu g 5s__e1915 F-A
1953 J-D 9212-- 0514 Jan '13
Series 10 gu 4s g
RW&OTR 1st gu g 5s_1918 M-N 10112 ___ 104 J'ue'10
— -—
195751-N 9214 --- 9712Jan 13
Series G 4s guar
90 Apr '13
1941 J-J
Rutland 1st con g 43s
A-0 106 --__ 106 J'ne'13 -----------513-1932
C
L
St
&
'13
P
1st
g
con
Sep
8
7
73
80
-—
Og& L Cham 1st gu 4s g 1948 J -J
106
.
_
Feu
-------------.
13
Q-F
1921
Peo & Pek tin 1st g Os
- 92 J 11009
Rut-Canad 1st gu g 4s 1949 J-J
b1921 51-N 87 96 89 Feb '14 :27 "iir 'kr
2d gold 4 3, s
108 Sep '12
StLawr& Adir istg 58_1996 J-J
25
25
2 25 25
Pere Marguette—Ref4s__1955 J-J-___ 2'7
-- 11013 Mcn'12 —
1906 A-0
2d gold 68
1955 J-J —_ -40 Dec'13 .--- --- --Refunding guar 4s
95 Dec'13
9612
Utica & Blk Ely gu g 4s_1922 J
1921 J-D ____ ---- 98 Oct '12
eh
&
W
M
5s
17
85
17
8
i
-8
808
a
3
;
12
80
8
2
1997
.18
6
s
J-D
3
gold
I
30's
Lake Shore
1920 A-0 --- 93 9314 May'14 _ . -a- 104
Flint & PM g 6s
-- 8512 8312 Itch'14
1997 J-D
Registered
14
7313 90
1939 M-N 61 75 7312 Apr '...
1st consol _gold 5s
0312
1928M-5 9312 Sale 9278
8
Debenture gold 4s
_ 75 90t3
5s_1939 A-0 ...-- 70 75 Apr '14
Pt
g
Huron
let
Div
4
3
92
9234
Sale
107
2
3
9218
9
4
2
1
01
88
4
3
1
3
M-N
1931
4s
25-yr gold
F.,-A.
---Sag
48_1931
g
-.7.711
&
gu
Tus
'14
1st
-----Apr
8
007
9078 9078
1931 M-N
Registered
00 65 tia-y'14 __:: 'air,
Philippine Ry_lst 30-yr s f 4s'37 J -.3 -,--- -__
____ _
Ra A & 019 lstgu c 5s_1038 J -J 105 ::::
.103 Apr
11)40 A-0 108
10714 Apr '14
10714 10714 l'ifls Sh & LE 1st g 5s
1934 J -J 107
Mahon 0'1 RR 1st 5s
106 _ _ 11314 Nov'11
-J
J
1943
1st
consol
Is
gold
'14
____
Apr
105
105
105 105
Pitts & L Erie 2d g 5s___a1928 A-0
947
Sale
895
3
,
—2924 1'5'5;
1
9513
J-J
1997
1_ eading Co gen g 4s
130l Jan '09
191)7 J.../ _
9413 9412 Feb 14,,., 9412 9413
Pitts McI1 & Y 1st gu 68_1932 J -J 1161.
AA, Registered
12314 Mei]'12
1934 J -J 11458
2d guaranteed Gs
9412 15 9312 96
Sale 0412
94'ss
A-0
1951
Cent
48
g
coll
Jersey
1011.
McKees& BY 1st g 6s 1918 J -J
1951 J-J
Atlan City gu 4s g
1931 M-S 10414 -- 111 Jan '12
Michigan Centra. Is
i -iiir2 - "
'
2 76
'
7.61-2 ii
2
1947 J-J ---- 76
15513 /63.1-2 -itJo& GrIsllstg 4s
10312 May'14
1931 Q-M 10312 _
Registered
Louis&
t
San
_
_
_
8713
Francisco—
'12
Apr
98
1040 J-J
48
1031 J_J 11112 __ 112 Mch'14 ____ lie 112
General gold 6s
—
87 Feb '14
87 87
1040 J -3
Registered
A
4
3
2
0
0
r
l
p
18
0
.02
8
4
4
1
1
73
72
10
4 .. 3 100 10234
34
General gold 5s
-- 90 J'ne'08
J L & S 1st gold 33/s_1951 MS
J:I
6j
-- 7312 80
31
199
St L & S F RR cons g 4s-1
83's 83l
1952 NI-N 84 ____ 8318 Mch'14
1st gold 33s
47
10 45 54
1927 M-N 45 48 47
Gen 15-20-yr 5s
8378 87
1029 A-0 83 8538 8558 May'14
20-year debenture 4s
46
46
47
__
_
,.
14 10 46 5583
Tr Co certfs of deposit-- _
7 9412 97
9514
N Y Chic& StL lstg 4s 1937 A-0 9412 9513 9412
0 -------- 03 Dec '13 _
1947 A:.-Southw Div 1st g 5s
0713 Jan '13
1937 A-0
Registered
1951 J -J 761 Sale 76
'ili
Refunding g4s
4 -55 -ii- .
'
76
. 85 May'14
1931 M-N - - 86
Debenture 4s
Mch 11
1951 J-J ---------8034_ _
Registered
94 Sale 93
94
15 9112 95
2361 J-J
West Shore 1st 4s guar
112 1013 Apr '14 -_-:; Rio;iyir,
11014
al-N
11:128
M
&
ki
Ft
0
K
(3s
g
con
9012
91
9034
26
9012
92
8934
2361 J-J
Registered
7578 - 19 '73 771s
K 0 let S & NI By ref g 43-1036 A-0 7514 Sale 7514
NY Cent Lines eg tr 430 1922 J-J 98 — 10013 J'ly '11
1936 A-0 ..--- ---- 7712J'Iy '12
Registered
N Y New _Haven 22 Darn—
05 Mch'14 ::.: -iii- lir
-------A-0
5s_1029
It
gu
M
li
&
1st
&
0
K
79
'14
Apr
76
8012
7712
75
1555 J-J
Non-cony deben 4s
1961)M-N 84 Sale 84
8414 -6 84 88
it L SW 1st g 4s bd ctfs
76 81
1956 M-N 76 79 76 Apr '14
Non-cony 4s
75 ---- 75 NIch'14 _ _ 75 75
2d g 4s Inc bond ctfs____plUst1 J -J
69 6978 6912
2 68 75
1956 J-J
604
Cony debenture3
70
72
J-D
1932
7153
7153 — 1 7153 77114
48
gold
Consol
111
110
110
11
11058
105 11711
1948 J -J
Cony debenture Gs
(Alt 9812
fleav's Pt Ter let cro r 5s1947 J -D ---- --.- 9812Jan '14 _ _
_ - 9914 Noy'12
Harlem 19-Pt Ches 1st 48_1054 Cll-N --
N
ii,;
M SCELLANEOUS BONDS—Continued on Next Page.
(Ina and Electric Light
Kings Co Ei L & P g 5s____1937 A-0
1997 A-0
Purchase money Gs
laza M-S
Convertible deb 6s
Ed EMI Bkn 1st con g 4s..1939 J -J
Lac Gas L of St). 1st g 58..01919
1934
Ret and ext 1st g 5s
Milwaukee Gas L 1st 4s-1927 M-N
1948 J-D
Newarl. Con Gas g Is
1948
NYGELII&Pg5s
1949 F-A
Purchase money g 4s
Ed El III 1st cons g 56.-1995 J -J
NY&QEI L & P 1st con g1511 1930 F-A
1921 M-N
N Y & Rich Gas 1st g 5s
Pacific G & Lie° Cal G & E
1917 -N
Corp unifying& ref5s
Pac Pow & Lt 1st& ref20-yr
103 F-A
Ss Internat Series
194t M-S
Pat& Passaic0& t.5s
•N- pries MUT;latest bid ars!,raked.
103 10412 10412 Apr '14
114 11512 11413 Apr '14
11313 Apr '14
11812
87 8814 8814 Apr '14
10118
1011s Sale 10118
a
10018
9934 10012 100
6
9018 10
9014 91 9013
103
10134 Jan '14 -.10412 25
10418 10412 10413
87
86 87 87
107 10914 109 Apr '14
10014 10113 101 Feb '14
9212 J'ly '09
9231 9314 9234
100
9234
8912 8934 May'14
100 Jan '14
_
Due Jan. b Duo Feb
9
Gas and Electric Light
Peo Gas& 0 1st con g Os__1043 A-0
1947 M-S
Refunding gold 5s
1947 NI-S
Registered
Oh G-L & Cke 1st gu g 5s_11)37 J -J
Con G Co of Oh lstgu g 581030 J -D
Ind Nat Gas & Oil 30-yr 55 '38
Mu Fuel Gas 1st go g 5s 1947 11-N
Philadelphia Co cony 38..-1919 F-A
1922 VI-N
Cony deben g 5s
Stan Gas& El cony sf 6S 1026 J -D
Syracuse Lighting 1st g 5s_ _1951
1054 J -J
Syracuse L & P 5s
di-8
Trenton (I & E 1st g
Union EleeL & P 1st g 513_1932 NI-S
1033 M-N
9238 0518
Ref & ext 5:3
Utica El L & P 1st g 5s___ _1950 J-J
1957 J -J
8934 0018 Utica Gas & E ref 55
,1950 J -D
Westeliecter Ltg g Is
100 100
102 10412
111 11412
113 11312
88 89
100 10134
9718 10038
8812 91
10134 10134
10134 105
83 87
106 109
101 101
—. --
•Due M&j'
11412 11512 11518 Apr '14
10014 10012 10034 10012
99 Sep '13
foil; 1037
4 103 Apr '14
101
10114 Apr '14
16. -. 88 93 Mch'12
612 -- 10012 May'14
-96 Sep '13
7
. 98 97141
9718
9014 8958 Apr '14
1191-2 10112 100 Mch'14
'12
J'no
854
100 Feb '01
100
10012 Apr '14
94 Nov'13
_ 101 Mch'14
101
ova - 10014 Dee '11
105
- — _ 166 105
gDue June. It Due July. o Due Oot, P Disc Nov. 0 Option sal*.
MAY 16 1914.]
sr-
New York Bond Record—Concluded—Page 4
.11
Price
Week's
4
Range k
2-a
BONDS
13
Friday
al
Range or
g*.&'
since
'N. Y. STOCK EXCHANGE
BONDS
4. Y. STOOK EXCHANGE
2,,/i.
Week Ending May 15
May 15
Las Sale
re al
Jan. 1.
Week Ending May 15
rE'
..... a,
1521
1
Price
Priday
May 15
Week's
Range or
Last Sale
t:i
A 'o.,
;in
Jan.
Ma
Ask Low
Mot No. Low High Wabash (Concluded)—
• iisa
Ask Low
NW, AV Lowe '(198
I A & A Pass lat gu g 4s-__1943 J-J
0
8012
81
4 77 84
Eqult Tru,t Co .:tfs
---------------56s Jan '14 .5tea 5658
I le & N P 1st sink I g 58___1919 J -J --------104 Oct '09 ..... _
_
Do Stamped
50 Sale 4912
50
20 46
5714
ieaboard Air Line g 4s____11/50 A-0 *---- 86 8514 Feb '14 --... 85E8 1E12
Det & co Ext 1st g 58_1041 '-J __ ____ 106 Nov'13 -- ._
(Iola 4s stamped
1950 A-0 85
8E1
Des Mein Div 1st g 4s-11139 J -J
85'
1 86
80 Aug '12 ..... „....
Registerea
1950 A-0 ---- ----- --- ---- ---- ------Urn Div 1st g 3 3s
1941 A-0 65 69 65 At':'14 .._ — 65
72
Adjustment 55
01949 F-A
7512 Sale 745s
Tol & Ch Div 1st g 4s
70
141 7458 80
11/41 al-8 7318 Sale 7318
2 70 30
7318
Retunding 45
1959 A-0 74 Sale 74
7618
1, .112
712
7 7312 7814 Wab Pitts Term 1st g 4s 1954 J-1)
814 11
713
Atl-is inn 30-yr 1st g 4s_e1933 N1-S 84 86 8514 Apr '14 __-- 84 8534
Cent and Old Col Tr Co cuts_ --__
778 Sale
738
778 21
7 1414
Cart cut 1st con g 4s
8518 Mch'14
1949 J -3 8434 ___
Columbia Tr Co eta's__ _ ___ ___ --__ 71: 7 Apr '14 .....
851
1314
7
Fla Cent & Pen 1st g 50-1018 J - a 10018 1021; 10314 Jan '13 ----- Col tr ctf's for Cent Tr ctfs
._____
_.-- ---912.1101'14 ......
_ -_ _,. --__ 7
012 1412
1st land gr ext g 5s
2a gold 4s
1930 j-J 1003a 10314 104 Nov'i 2
28 Dec '13
1954 .1---1) ---_
a
____
Cotise . gold 58
10178
'14
Feb
Trust Cc certfs
1943 J -J 10372
10134 10178
12 114
1,Apr '14 ____
78
Ga..1.,:, Ala fiy 1st eon 5s01945 j-,I 10312 10738 10411 Feb '14 ...„ 10212 10512 Wash Terrill 1st gu 33,5s___11.145 F-A 8312 84 8334 Apr 'I( ____ 81.i 84
Ga Cal & No 1st gu g 50_1929 .i -j 10133 __ 10313 May'14 ____ 10318 10318
1st 40-year guar 4s
1045 F-A 98 ___ . 1110 Sgp 'I: ..„ _____
'13
Scab & Rua 1st 58
10114
West
Oct
__
Maryland
4
1013
1st g 48_11/L2 A-C 7212 Sale 7212
1926 J -j
731; 17i, 72 SO
louthern Pacific CO—
West 1+ Y ‘.• Pa 1st g 50_193: J-J _-__ 104 101 May-14 ____ ;10212 054
Golu 4s (Cent l'ac coll)_/1940 J -D 905s Sale 9018
Gen gold 4s
9058 11 90 94
1943 A-(3 -___ 7978 76 Ain '14 ...... 1 75
'14_
90
Feb
Income
Is
90
00
Registerea
Nov
a1343
_
... _ ____ 34 r eu 'Os
11949 J -D -------Mot 381 8434 92
20-year cony 48
1Vneeling & L E 1st g 5s1926 A-0 9978 103 100 Apr '14_._ 100 02
g11/29 M-S 8612 Sale 8614
10114 1150 9912. 10358
Wheel Div 1st gold 50_1928 J -J
20-year cony 5s
193. J-1) 10114 Sale 10034
9512 ____ '4512 Nov 'lb ____
-9418 13
1
1
Exten & Impt gold 58____1930 F-A 93 97 91 Feb '14 __-_ 91
Cent Vac 1st ref gu g 41440 ii,-A 9378 04 9324
01
1411 1st consol 4s
1949 F-A 00 ____ 9412,11y '12 ---- ------liegisterea
1949 VI-S -_-- 77
76 May'14 ____ 75 SO
0114
1 61 WI,
Sale 9114
20-year equip s f 5s
Mort ,;uar gold 3 ais_11.1129 .3 -1) 91 14 __
1922
J-J
Ain'
9u
00
___
'14
__-_
00
,
94
86 Apr .14 ____ 85,
4 87I2 Winston-Saiern
Tnrutigh at L 1st gu 4s_1954 A-0 Ma
S B 1st 4s 1960 -J 85 8712 88 Feb 14 ..... I 88
r.8
8 ____ 103 Apr '14 ____ 103 10334 W is Cent 50-yr 1st gen 4s 1940 J
G li & s A NI & P 1st 58_11131 81-N 102,
88'48
J -J 883s
6 85is
SS
____ 10234 Apr '14 _ 101 10234
Siip&Dul div .1a• term 1st 4s '31 M-N 8712 Sale
tilla V (-1 & N 1st gu g 50_1924 M-N 101 104
88 8834 Apr '19 .... 86 54,
2
102
'13
Sep
10112
58_1933
M-N
Hoes 1. & NI/ '1' 1st g
joi nii . Manufacturing & Industrial
1933 M-N 10014 104 101 Apr '14 _
1st guar Is red
.14 ___ 109 109
11 & T C 1st g 5s int gu_1937 .4-J 109 ____ 109 alay'
9374
8 9334 951: Am Ag °lien) 1st c 5s
1941 A-0 11334 Sale 0334
Gen gold 4s int guar
1928 A-0 995s ......- 9912
9952
6 97341 03
Am Cot Oil ext 4 Yas _01/15 Q-1
Waco& N W div 1st g Gs 1930 ail-N ---- 10814 108 Mch'14 ---- 108 108
, 9812 08'8 9834
9934
1 94 119
1941 j- a ---- 10412 103 alch'14 --, 10112 103
Debenture Is
1931 bl-N
A & N W 1st gu g 5s
9312 94 04
94
1 Si 94
____
10114
Ara
10714
10714
A-0
Hide
78_1918
&
3
L
10612
1st
1st
s
f
T
10734
g 6s_1919 M-S 10234 10318 103
Morgan's La &
103
2
101 : 0313
106
Mch'14
Amer
'
__-- 1071s
Ice Secur deb g 6 _1045 A-0 88 Sale 88
1940 J -j
....- 10718 10718
1st gold Gs
8812
'ii
78,4
1938 A-0 107 __
112 Feb '147 ___
Am Smelt Securities s f 60_1926 F-A 101 11.1434 10318
Nu ci Cal guar g 5s
1033., 16 103 . 05
10112 Mch'14 ___ joii2 'VII; Am Spirits Mfg g Is
Cal 1st guar g 50_1927 j-J 10112
1015 NI-S ---- 97 94 Apr '14 ... _ 94 09
13_.__
Nov
10112
___
Am
Thread 1st col tr 4s-1919 J -J
93l1__
So Vac ol Cal—Cu g 58-1937 M-N 10514
93 Apr '14 ___ 93 9312
0112 Sep '12 __
92 __
_
_ Am Tobacco 40-yr g Gs
a, 1 ac Coast 1st 140 ,
1944 A-0 1211 123 12112
:s g-1927 J -J
'2112
Registered
San Lenin Term! 1st 40_1950 A-0 83 87 8734 Feb '14 _-__ iiii4 "gi;
1944 A-0 ---- -----116 0c1
(2
'1113
3
1
.. 11_!13 :
00 Apr '14 __ 96 96
Cola 4s
Tex & N 0 con gold 58_1943 j-j 08
9712
1951 1,-A 971 ___
9712 -3 -97- 98
S, l'ac 11 11 1st ref 4s
9212 Sale 0214
0278 61 8938 9334
9
1055 J-J
Registered
1951 F-A ---- ----- 53 J'ne '12
-8
_
1outhern—
Am Writg Paper 1st s f 5s_1919 J -J 68 6912 6834
6324 -13
78
1994 j- a 10512 10534 10514
13aldw Loco Works 1st 59_11/40 Ol-N 104 _
1st consol g Is
10534 17 10214 106
10418
2 103 1 0418
10'114
Registered
Beth Steel 1st ext s f 5s
1994 J -J -,, 10558 1013 Aug'13 ____ _
11/26 J-J
9912 Sale 9914
9912 31 9312 1 00
Develop & gen 4s Ser A 1956 A-0 733
;Sale 7338
1st & ref 5s guar A
7334 33 ii1042 M-N 8634 8714 8634
8714 38 8138 88111
Mob & Ohio coil tr g 43_11138 m-s 8234 Sale 8238
toL
i
Ce
on s
8234
6 8014 8312 c
20-year g 50_1925 A-0 991 Sale 111/48
9958 126 9718 1/1431
Mein Div 1st g 4 3i-58_1996 j-.1 10412 _-_. 10411 NIch'14 ___ 104 10412
ea
To
tter
acc2o0-gy
1951 F-A ---- ------9712 Apr '14 __
9718 9713
1951 J -.I 8514 -___ 8538 M8y'14 ____ 8358 8,98 Corn Prod Refs f g 53
St Louis div 1st g 4s
,
. 9538
9444 Apr '14 — 9312 9612
1931 Mat
Ala Cen 14 1st g Gs
1018 J -j 104
10514 Sep '12
1st 25-year s f 5s
1934 YI-N 0458 Sale 9458
9514
9 9112 9514
Atl & Daily 1st g 48
88- Apr '14 __ 864 88
1948 J-j 88 Cuban-Anier Sugar coll tr 68 1918 A-0 88 95 92 Apr '14 „... 92 93
4, 4s
____
Distil Sec Cor cony 1st g 50_1927 A-0 5912 Sale 5912
1948 J-J ---- .... _ b214 Feb '12
60
37 5512 68
_
___
All & Yaa 1st g guar 4s 1949 A-0
- E I du Pont Powder 43s 1936 J -D 86 8612 86
_ ___
8314
6 86 5912
Coi & Greenv 1st 6s
1916 j-j 'jai _ _ _" 16N Feb .11 ____ 1'65'8 1-61-2-8 General Baking 1st 25-yr 63_1936 J -D 8812 90 90
91.1
2 90 9014
E T Va & Ga Div g 513_1930 J-J 10518 1052-4 105 Apr '14 ___ 10438 105
Gen Electric ueb g 3As. 1942 le-A 795s 80 80
Si)
1 77 8034
Con 1st gold 58
1071.
10712
1956 m-N 10712_
Debenture Is.
i 10514 108
1952 NI-S 10512 Sale 0512 10618
8 103 10618
E Ten reor lien g 5s
1938 M-S ---- —.1051s J'iy '12 _____ Goal Motors 1st lien 60_1915 A-0 10114 Sale 10078 10114 57 9812 10134
Ga Midland 1st 3s
Ill
May'13
__
1
Steel
deb 435s
1946 A-0 -------- -64 2
1940 A-0 88 Sale 8724
83
38 8313 89
GaPac My 1st g Os
11)22 a ...j 1081z____ 0814 Mch'14 ___, 108 10812 Indiana Steel 1st 55
1952 YI-N 10114 10178 10158
10178 58 9858 10172
Knox & Ohio 1st g 68
11018 10 109 11012 Ingersoll-Rand 1st 5s_
g1935 J -J 102 ..... 100 Oct '13 ___ ____ ,
1925 J-J 108313 --- 11018
_
Mob & Bir prior lien g 58_1945 .1-j 100 - — 10512 Noa12 ____
Int Paper Co 1st con g 6s 1918 F-A 101 1013-4 10134 May'14 —. 10014 103
79 Mcit'13 ---. Mortgage gold 45
Consof cony s f g Is
1945 J-J 65
1935 J-J ___ 8012 80
8012
2 78 8412
Ink St Pump 1st a f 5s
___- 101
101
1 10058 101
Rich & Dan con g Gs
1915 J-J 10118 10212
;Sale 5712
1929 NI-S 571
58
39 5712 6712
1927 A-0 ---- -___ 10314Feb '14 ---- 10314 10314 Lackaw Steel 1st g 53
Deb 5s stamped
1923 A-0 9114 Sale 91
9114 16 9014 97
_ .1st con 55 Series A
__
Rich & Meek 1st g 4s
1948 M-N ------ -73 Sep '12 __
1950 M-S 72 7312 7414 Apr '14
_ 70 7812
So Car & 00, 1st g 58
1919 M-N 10078 10114 01,11 Apr '14 ---- 101 icii
5-year convertible 53__ _1915 M-8 9712 Sale 9658
9712 45 9312 9812
_ __ Liggett & Myers Tobac 7-19113 m-fa 10158 __ 112 Oct '06 ____
Virginia Mid ser C Gs12434 18 120 12618
3_1944 A-0 12478 125 12434
5s
1021 MS 1017a .. - 10334 Nov'12 _
Series 1/ 4-5s
1951 F-A 10138 Sale 101
10131) 36 9624 102
Lorillard Co (P)75
1126 m-s 10224 .. _ 102 Dec'13 ____
1944 A-0 12312 125 12313 12312
' Series E Is
9 11938 12612
5s
104 Mch'13 —
1931 m-S 10314.
1951 F-A 10034 Sale 10014
101/78 34 9658 101
' Series Ie Is
i 10212 10412 Mexican Petrol Ltd env 614 A_'21 A-0 90 93 95 Apr '14 ___ 91 97
1936 M-N 10418 ___ 10412 10412
General 58
151 lien & ref Os series C 1921 A-0 93 Sale 93
93
Va a; So'w'n 1st Cu 58_2003 j-.3 10414_ 104 Apr '14 ---, 10312 105
2 93 ' 7,13
1st eons 30-year 5s
1958 A-0 9114 93 92
4 9034 9234 Nat Ecam & Stpg 1st 58_1929 J-D 93 100 93 Apr '14 __ 9112 ; 4
92
_ Nat Starch 20-yr deb 53_1930 JJ
___
W 0 & NV 1st cy gu 40_11124 F-A ,„- --- 92 2'110'13
85
85
1 815s . 212
-— 85
10012
10(112
5 100-18 folii, National Tube 151 5s
1914 J -J loola
West N 0 1st con It 6s
1952 M-N 100 Sale 9914
10018 24 9634 1, Ols
pokane Internat 1st g 5s 1955 j-j *96 99 0834 Feb '14 —__ 9834 9834 N Y Air Brake 1st cony 6s-1928 M-N ----, 9812 9812 May'14
"or A of St L 1st g 4 Jis 1939 A-0 9912 10012 10012 10012
1 100 10058 Railway Steel Spring—
'. is con gold 5s___1894-1944 F-A 106 107 10618 Apr '14 --_- 10334 10618
Latrobe Plant 1st 8 f 59_1921 J-J -- 97 9734 Apr '14 ____ 97 1 814
1953 j-j 8814 8012 8814
Gen refund s f g 4s
Inter-ocean P 1st s f 58_1931 A-0 92 9238 92
6 8514 9013
8814
92
1 91
I 314
St L NI Bge Ter gu ;5s 1930 A-0 102 103 11/3 May'14 ____ 10134 102
Repub 1 & 8 1st & col tr 53_1934 A-0 10334 ___ 103 Apr '14 ____ 10278 1, 3
'ex & Pac 1st gold 58
10112 101
2000 J-1)
19401A-0 93/
10-30-year Is s f
101
1
4 933
; 9312
13334 29 91 1 4
1 104
40
20
51
233 gold Inc Is
C000 alch
Standard Milling 1st 5s
Nov '12 ---_____
___
-----1930,M-N ---- 8912 8912 Apr '14 ___
8412 ; 912
1931 J..) 95 __ 9012 Apr '11
La Div 11 L 1st g Is
The Texas Co cony deb 60_1931 J-J 10212 Sale 10212 10258 32 10038(3 6
W Min W & N W 1st gu 5s_1930 le-A ---------10612 Nov 04 ____ ___- --: Union Bag & Paper 1st 53_1930 J -J --- 86 90 Feb '13 ---- -- 'ol & 0 C 1st g Is
1935 J -j 1054 100 10514 Apr '14.
Stampea
1930 J-J -,-- 89 9114 Jan '13
103i4 1-04
Western Div 1st g 5s
1035 A-0 14238 10512 101 Aug'13 ___
Us Realty & 1 conv deb g 53_'24 J-J 82 83 82 May'14
9
General gold 5s
1935 J-14 -___ ____ 10112 Apg '14 --- 08- iiiiii 11 S Red & Berg 1st g 68_1931 J-J ---- 20 20 Feb '14 ____ 20 : 0
Kan & AI 1st gu g 4s
1990 A-0 86 --_
87 Mch'14 ____ 8512 87
U S 'tubber 10-yr coil tr 60_1918 J -D 103 Sale 1047s
10338 48 10124 1,
1927 J -J 98 081-2 9712 Apr '14 --- 9534 0834 U 8 Steel Corp—Jcoup -.41963 M-N 1027s Sale 10234 103 197 9978 1, 314
233 20-year 5s
1917 J -j ---- 89 75
'01 P & W 1st gold 4s
S f 10-60-yr 5sIreg ___(11963 M-N 10314 Sale 10212 10314
3 75 80
75
8 100 1, 314
'ol St L & NV pr Hen g33i0_1925 J -J -,.- 858'2 Feb '14 --- 8112 82
Va-Car Chem 1st 15-yr 5s_1923 J -D 9612 Sale 9534
0612 20 9138 ' 8
1950 A-0 54 55 54
West Electric 1st Is Dec 1922 J-J 10113 Sale 1015/1
50-year gold 4s
2 52 60
55
102
2 10018 1, 214
1917 F-A ---. 47 49 Mch'14 --- 49 50
Westinghouse k.) az al s f 58_1931 J-J
Coil tr 4s g Sec A
9452 Sale 9418
9434 31 8912 I 55s
10-year coil tr notes 5s 1917 A-0 ------ 99 May'14 ____ 9634 1 9
85
'ar Ilani & Buff 1st g 4s..../11946 J-D 95 ___ 85
1 85 8558
.-f later & Del 1st con g 50_1928 J-D 101 1017; 10112 Apr '14 —_ 10012 10134
1952 A-0 75 -_
76 Apr '14 --- 74 76
1.Ascellaneous
-, 1st refund g 48
Adams Ex coil tr g 48
1nion Pacific-7512
1948 4-8 ..._ 76
7612
4 7312 1 024
1st RR & land grant g 43_1047 J -J 07 S
Armour & Co 1st real est4 ais'39 J-D 92;
7 Sale 9258
9652
9278 63 8912 1 314
0714 45 9512 98
1947 J -J --------- 06'z Apr '14.
Registered
9512 9612 Bush Terminal 1st 45
1952 A-0 86 87 88 Apr '14 --- 8712 1
1927
.1-J
912
4 0178 9112
Consol 58
20-year cony 4s
9178 55 90 9328
1955 J-J
8618 89 91 Apr '14 _ _ 91
11
g2008 M-8 9414 95 9418
9412 10 91 95
Bidgs 55 guar tax ex
1060 A-0 85 8712 8634
1st & ref 4s
87 --6 8634 1 875
Chino Copper 1st cony 68 1921 J -J 160 170 166 Apr '14 ___ 150
Ore Ry & Nav :on g 48_1940 J -D 9214 94 9334 May'14 .....
9134 94
II
Ore short Line 1st g 6s--1922 F-A 11018 --__ 11012 11012
1103
4
- 1091.
4 Granby Cons AI 8&Pcom 6s A'28 M-N 10218 Sale 102
o 995811 512
10212
1946 J-J 10712 108 10734 10134
Inspir Cons Cop 1st convOs 1922 M-8 99 100 99
1st consol f 5*
9938 41 96341) 312
1 10554 108
1929 J -D 9114 Sale 9P4
Guar refund 45
9114
1 8914 041, Ink Mercan Marine 43s
4914 70 4712 I 1
1922 A-0 49 Sale 4812
J
-J
1926
10214
5s
. . 108 Mayli ___ ___ __ _ Int Navigation 1st s f 58_1920 F-A 7138 73 73 Apr '14 ...„ 715s 1 712
Utah & Nor gold
1933 J -J 0114 6.6 .___ ___ ...
1st extended 48
:,_ Montana Power 1st 5s A, 1943 J-J
1 9314
9312 27 93 1 12
jandalia cons g 48 Ser A_1955 F-A -93 Apr '13 ___ __ _ _ Morris & Co 1st s f.0,68
1939 J-J ------------ 8812Jan '14 --_ 8812 1 14
1957 M-N -------- 93 Melva
' Consol 4s Series B
_L. Mtge Bond(NY)4s ser 2 _PM A-0 83 _--- 83 Apr '14 __ 83 1 3
era Cruz & P 1st Cu 4 As_1934 J-J ..„- 97 94 Oct '12 ___
10-20-yr 5s series 3
___
1932 J-J 100 Sale 00
100
5 100 11
lrginian 1st Is Series A —1962 M-N 99 Sale 9878
0918 - 18 9738 10012 N Y Dock 50-Yr 1st g 48-1951 le-A 78 7934 77 Apr '14 ___ 77 •, 8
a/abash 1st gold as
1939 M-N 10312 Sale 10312 10378 21 10158 105
Nifig Falls Pow 1st 55
1932 J-J 10112 _ __10118 Mch'14 __ 1011811 'Is
'1' 2d gold Is
1939 F-A
Niag Lock &0 Pow 1st 58-1954 M-N 92 Sale 92
1
96
90
5 94 100
92
1 92 1 3
Debenture Series B
1939 J -J --------90
.
J'ne'12 _
____ ____ Ontario Power N F 1st 5s 1943 F-A 95 Sale 9412
95
25 9158 1 51s
1st lien equips fia g 9s
1921 M-S ---- 99 98 Feb '14 .7.: 98 98
Ontario Transmission 5s
1945 M-N ...._.. 92 92 May'14 ....._ 92 1 212
_ 75 Apr '14 __ _ 75 78
lit lien 50-yr g term 4s 1954 J-J __
Pub Serv Corp NJ gen 59-1959 A-0 90 Sale 897s
90
68 8812 1 1
1st ref and ext g 48
5212 58 8012 0114 Rayconsc9pper 1st cony 631921 J-J 11412 Sale 11112 115
1956 J-J
52- Yale 52
38 107121: 714
Cent Trust Co ctfs
4912
4 4913 5512 Sierra & 8 F Power 1st 50.-1949 F-A -- 931 9214 Feb '14 ---- 9214 1 214
4912
Do Stamsaa
_
NI a nr '14
an
ma Wash Water Pow 1st 58_1939 J-J --_- --10812Jan '14 ____ 10312 I 312
-
-- --
MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Telegraph & Telephone
Bull & Susq Iron 3 1 Is__ _1932 J-D 92 ____ 92 Feb '14
92 92 Am Telep & Tel coil tr 49_1929 J-J 8914 Sale 8854
8914 20 85 8938
Debenture Is
a1926 M-18 80 85 80 Mch'14
Convertible 4s
1936 M-8 95 100 9514 May'14
80 80
9334 9714
Col F & 100 gen s f g 58...1943 F-A 92 0812 9134 May'14
20-yr convertible 430_1933 M-8 9912 Sale 99
9112 99
9413 09114
995s 11
Col Fuel gen 6s
1919 M-N 105 ___ 10714 J'ne'12
Chicago Telephone 1st 5s-1923 J-D
Col Indus 1st & coll 58 gu_1934 F-A 7312 Sale 7312
7312
1 73 82-- Commercial Cable 1st g 4s-2397
8418
-8I1-2Ap-r-r14
8/172 127
1
Cons Ind Coal Me lst 58
1935 J-1) ---- 74 73 Mch'14
Registered
2397
73 79
7758 82 79 Apr '14
7758 79
Cons Coal of Md lst&ref 58 1950 J -D 8914 9014 9014 May'14
89 9014 Cumb'd T& T 1st& gen 53_1937
98
20 9612 9814
904 9778 9734
Continental Coal 1st g 58_1952 F-A 89 ---_ 9918 Feb '14
8814 8914
991s 9918 Keystone Telephone 1st 5s-1935 J-J 8912 92 8914 Mch'14
Or Riv Coal& 0 1st g 68._//1919 A-0
Metropol Tel&Tel 1st s 5e-1018 M-N 10058 10158 10058 Apr '14
10258 Apr '06
10032 10062
Kan & 11 O& 0 1st s f g 5s_1901 J-J 8012_
1924 F-A 985s 9912 9812 Apr '14
93 Mch'14
-65" WI; Mich State Telep 1st 5s
9658 100
Pocah Con Collier 1sts f50_1957 J -J 8712 Sale 8712
8712
84 8814 N Y& NJ Telephone 5s g-1920 M-N
---- 10314 May'll
1st
53—.1955 J -J
St L Rock Mt& P
N Y Telep 1st& gen a f4ais 1939 M-N 9818 Sale 9713
7812 79 77 Apr '14
77 82
9818 49 95 VII-1;
Tenn Coal gen 5s
10312 11 9718 10312 Pac Tel& Tel 1st 52
1951 J -J 10312 Sale 103
1937 J-J gni Sale 9712
98
98 9954
Birm Div 1st consol 63.-1017 J -J 10158 102 102 Apr '14
South Bell Tel& T lsts f 50 1941 J-J
10112 103
981
9811 Sale 98
16 9718 100
gals 9758 9712
Tenn Div 1st g Os
1938 J-J
al917 A-0 10158 10214 102 Mch'14
101 10212 West Union col tr cur 5s
5 93 9814
971
Cah 0 NI Co 1st gut; 611-1922 J -D 101
Fd and real est g 4 ais
1950 M-N 9112 Sale 9112
10114 Mch'14
10114 10114
9214 28 8678 9212
1941 M-N
1953 J-J
ictor Fuel 1st a f 59
Mut Un Tel gu ext 5s
— 84 73 Apr '14
73 73
104 J'ne'll
a Iron Coal&Coke 1st g 53 1949 M-8 91 93 90 May'14
Northwest Tel gu 4 34s g_1934 J-J 87 ---- 93 Jan '18
90 95
•No oriel Fridays latest bid and asked. a Due Jan. 4Due Aar% I Due May. e Due June. 5 Due .1nib' S DUO Aug. 0 Due Oct. p Due Nov. Du Das. a Option We.
i
I
CHICAGO STOCK EXCHANGE-Stock Record.
1522
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
May 9
tonday
May 11
Tuesday
Stay 12
.Vednesday
May 13
Thursday
May 14
Friday
May 15
Sales of
the
Week,
Shares.
STOCKS
CHICAGO STOOK •.
EXCHANGE
Lowest.
Ilaiiroadr
15 Apr 14
Chic City&C Ry ptsh rom
Last Sale 15 Apr'14
*-- 15 *____ 15 ..._.... 15 *__ 15
41 May 7
Do pref
Last Sale 41 May'14
42
*41
•-___ 45 *_ 45 *____ 45
Jan'14
Chicago itley Rys 0010100 23 Jan 21
Last Sale 23
27
•20
27
*20
27
*20
27
•20
Du pref_ _ __ ____100 70 Jan 21
Jan'11
Last Sale 0
85
*70
85
•70
85
*70
85
*70
90 Jan 10
*9612 93 - --------478 Chic Rys part al'"1"-__
98
98
98
94
93
*92
93
.92
27 Jan 8
2,996 Chic Rys part elf "2"___
32l
3334 3314 3312 3312 34
3213 3314 33
3112 3134 32
6 May 7
Chic
"3"_....
Rye
20
ctf
part
7
*6
(3
*5
7
*6
6
6
7
*6
7
*6
2 Jan 14
2 Chic Rys p:a•t elf "4"___
212 •218 212 *212 212
218 218 *213 212 *218
212
*218
17 Jan 15
Kansas City Ity & Lt_100
2012
20
*2012 21 '21__
*2012 21
22
•20
pref
Do
100
Apr 8
3911
35
1
101)
391
40
*--4012
*__
4012
3.-- 4012 ...___ 4012 4012
'
3treets W Stable( L_100
4/2Jan 7
Last Sale 412 Feb'14
414
414 *3
414 *3
414 *3
*3
Do t;ref
100 25 Jan 20
Last Sale 25 Feb'14
25
*18
25
25
4'18
*16
25
•16
Miscellattoous
101
25 Apr 18
American Can
Last Sale 25 Apr'14
*26
2612 *2634 2714 4.2834 2714 *2834 2714
Do pref
Last Sale 9234 Mar'14
100 8912 Jan 2
*8912 90
*8912 90
91
•90
*3912 90
Radiator_100
400
79
Apr 10
399
400
American
___
405
•400
40012
400
400 400 •400 405
100 128 Mobil
Do pref
Last Sale 130 May'14
*---- 132 •___ 132 *....... 132 *.._.... 132 *40085 Amer Shipbuilding_100 30 Jan 9
36
--------36
36
36
37
*35
37
37
.35
37
100 76 Jan 8
Last Sale 76 May'14
Do prof
81
•76
81
*78
78 '
*76
73
376
Last Sale 12111' Feb'14
Amer Telep & Teleg_100 118 Jan 2
'121 122 *122 123 *122 123 *122 123
3512 3512
37
70 Booth Fisheries com_100 35 Apr 28
*33
39
.35
39
*35
39
*35
36
36
100 73 Apr 27
45
81
Do let prof
*70
81
376
73 .7312 75
73
*724 75 '
•7213 75
_
Cal & Chic Canal & D 100 _
Last Sale 50 Dec'13
5018
5018 .45
5018 *45
5018 •45
•45
Chic Pneumatic Tool_100 49 Apr 25
l
L
'
5312 *5212 5312 *5212 531
5413 *52
53
100
212
Trust
Jan
13
&
----------------------Title
212
Chicago
20
212
212
*210
*210 212 *210 212
13413 13412 ---------------141 Commonw'th-Edison.100 133 Jan 213
13412 135
13434 13434 13434 135
9'4 Jan 9
Last Sate12 -Feb'14
912
Corn Prod Ref Co com100
39
912 '
912 •9
912 *9
*9
100
Do pref
Last Sale 77 Feb'13
--- ---- ------- ____
100 9112.1an 2
;5173 lilti- -584 9514 9513 9533 0534 9534 ----------------102 Diamond Match
Goodrich (B.F.) com _100 23142.10030
26
Last Sale214
ar'
*25
27
*26
26
28 .25
*26
10012Jan 2
pf100
Marx
106
Shaft&
21
---------------105
Hart
106
4
1053
10534
10534
•1054 106
593 Jan 9
100
46 ilinois Brick
1 (31
-- ---*6312 6412 *6312 6412 *1 81
_
__ ---------- --- -------50 Internal Harvester Co100 10113 Mayll
---- ---- 10413 10412 ---- --pf_100
Ice
Knickerbocker
12
;
4
Au
_
._
77
Last
_
•
77
77
Sate7634
•:::: 77 • 100 1233.8 Jan14
National Biscuit
Last Sale 128 Apr'14
13123 130 *128 130 *123 130 *128 130
100 12114 Feb 16
Do prof
25
125 125 *124 128 *120 125 *120 125
*124 129 *124 128
1105 Apr 29
100
225
Cartmn
110
110
National
110
10912
*10812
110
.10814
10912
.10812 110
108/2 10812
100 11514 Jan27
Do r.rof
Last Sale 11912M'y'14
13118 120 .118 120 .118 120 *118 120
35 Jan 9
Co_106
4012
El
&
Gas
Pacific
10
4012
41
*40
•384
,
*3341
38
36
'
265 People's Gas 1,&Colie.100 119 Apr 25
12113 12112 i21114 121-14
- - *12012 fif
12014 12014 12034 121
12013 121
Pub Sery of No III corn 100 77 Jan 3
Last Sale 78 Apr'14
*78
376
7812
*7613 78
7812 '
7812 *76
100 0131Jan 21
Do pref
63
__-_ __-_
05
93
*9513 0712 95
9634 97
*9612 98 '396
12 Mch 23
Itutuely common____100
Last Sale 12 Mar'14
•-__ 10
*834 914 *8114 914 *834 914
100 30 Mch 23
Do prof
Last Sale 30 Mar'14
•___ 23 ...._ 28 •____ 28 *___ 28
187 187
685 Sears-Roebuck com_100 173 Apr 25
18313 18412 185 18534 18434 18434 18533 18512 186 187
100 122 Jan 11
Do pref
25
13124 12134'
3124 12434 •124 12434 *124 12434 *124 12434 12434 12134
Studebaker Corp com.100 2712 Feb 3
Last Sale 2813 Feb'14
33
•32
33
33 •32
*32
33
•32
100 83 Feb 3
Do prof
Last Sale 86 F0)
.14
83
88 '386
•86
83
*86
83
'86
100 1043j Jan 3
467 Swift & Co
1O51 10512 10533 10538 10538 10512 10538 10512 10538 10512 10512 10512
Last Sale 23473M'y'14
The Quaker Oats Co_100 230 Jan 6
13220 240 *220 240 *230 240 •230 240
100 102 Jan 6
Do prof
44
10513 10534 *10534 106 *10534 106 *10534 106
*105 106 *105 108
100 140 Feb 9
15.114 15414 154 154
225 Union Carbide Co
153 15333 15338 154 *153 154 •153 154
Unit Box Bd & I' Co_100
Last Sale 118 July'13
100 57 Apr 20
5914 5914 6038 6038
50 U 13 Steel corn
_
45 Ward,Montg'y & Co pref 100 Jan 3
.112 113 *112- 1-1-3-*Birk ffi" *HI nil; Hill, ifii4 *112 I1212
3114 May 1
100
Western Sone
Last Sale 314 May'14
.212 4
•212 4
*213 4
*213 4
• ....
100
ont
,
Woolworth.
Last Sale 9134 MaY'13
Chicago Banks and Trust Companies
JJ4171“6714 ISVCCITG
NAME.
Range for Previous
Year (1913).
, Range since Jan. 1.
Highest.
2034 Jan 31
55'2 Feb 2
25 Jan 19
70 Jan 21
9814 Jan 24
35 Jan 16
812 Jan 29
4 Jan 2
22 May 8
4012 May 7
412Jan 7
25 Jan 26
Lowest.
2412 J'ne
70 J'1Y
88 Jan
18 J'ne
512 J'ne
2 Inc
1314 .J'ly
3512 Nov
433 Dec
25 Sep
Highest.
:30 r an
01 Jan
102 J'ne
3314 Sep
9 Sep
438 Apr
37 Sep
38 Oct
1)12 Jan
45 Lich
2112 Inc
4612 Jan
23
27 o 81 J'ne 12914 ,Ian
500 Feb
16 400 Oct
6 125 Dec 135 May
55 Jan
31
28 Nov
78 Nov 10312 Jan
4
28 11034 Dee 13934 Jan
71 Jan
4912 Dec
21
894 Jan
7312 J'ne
27
65 Jan
-40 J'ly
iiii- Peii13 4712 J'ne 5512 Sep
218 Mch17 '200 Apr 221 Sep
140 Mch113 1112412 Dec 155 Sep
1612 Jan
8 J'ne
13 Jan 31
77 Feb
77 Feb
90 Oct 11014 Feb
102 Jan 26
53 Feb
1512 Nov
26 Feb 4
106 Mch17
94 - Ich 10012 Dec
7812 Jan
70 Jan 30
58 Nov
111 Jan 22 100 J'ne 115 Jan
3473 Jan
0534Jan
440 Feb
13412 Feb
44 Jan
92 Feb
124 Jan
5014 Jan
6412 Jan
_
138 Fob 3 105 J'ne
12313 Feb 4 116 Doc
161 Feb 19 113 J'ne
120 Mch17 11112 J'ly
471 Feb 13
33 Nov
125 Jan 5 104 J'ne
81 Merl 4
65 J'ly
100 Feb 7
8934 I4ec
1734Jan 14
19 Aug
4034Jan 14
4012 Aug
19312 Jan 31
155 J'ne
12478 Feb 20 117 May
3034 Feb 5
1614 Nov
86 Feb 4
68 Nov
10712 lob 27 101 J'ne
250 Mch21 195 J'ne
107 Feb 28
0934 Inc
15812 Mch24 8142 Dec
1 Jan
TiO J'ne
6712 Feb 12
114 Mobil
10512 Feb
9 J.17
612 Jan 14
8714 Mob
130 Sep
123 Jan
137 Dee
113 Jan
63 Jan
130 Set)
85 Aug
10133 Jan
89 Feb
9733 Feb
21434 Jan
12434 Feb
34 Feb
70 Nov
1074 Nieh
280 Feb
10812 Feb
218 Nov
112 Feb
6834 Jan
111 Sep
1412 Jan
112 Jan
Dividend Record
Capital Surp. &
Per- Last Paid.
In
1,1
;
Profits
I
Stock.
%,BId, 44.
1012. 1913. iod.
(00s em tiled.)
Capital Surp. &
In
PerEgoa.t Profits; In
1912. 1913. led,
(008 om filed.)
V. 05, p. 18.!122 123
Southwest Tr & S $200,0 6.2335,1 Org. J uly 6
Last Paid.
NAML.
Q-M Mch.31'14.112'161 163
432.3
% Bid. Ask.
Standard Tr ,sz Say 1,000,0
J-J Jan. '14, 31145 150
6
6
53,1
200,0
Stockmen's Tr tic S
o8&3e Q 71 IVIch.31'14,2
8
Union Trust Co.._ 1,200,0 1,687,6
American State__ w5200,0 5127,0
234 1534to ____ Mch.31'14112 185 190
()-71 NIch.31'14,3 ;350 375
140,2 88as
73,4 None
6
100,0
WestSideTr&Say
400,0
An Jan '14, 8 225 250
Calumet National
10
10
Q-J Apr. 14, 243 230
121,0
21,8 Org. J an. 27 '13. V.96, p. 1585 10412 106
200,0
200,0
Woodlawn Ti' & 8
Capitol State__
Beg.
us.
b
31,5
Oot 7'12 V. 95,11, 944 158 160
250,0
Centr..1 Mfg Dist_
1134 Q-J Apr.'14, 3 286 287
Cont & Corn Nat_ 21,500,0 11,220,9 10
16&8y Q-J Apr.'14, 4 404 407
Corn Exch Nat- 3,000,0 6,535,8 16
6
151,8
Q-J Apr. '14, 134 220 225
6
m300,0
Drexel State
10
394,7 10
Q-4 Apr,'14, 234 250 260
750,0
Drovers' National
8
Q-J Apr. '14, 2 174 177
8
59.1
200,0
Englewood State_
17 Q-M Mch3114,414 414 416
10,000,0 12,318,6 17
BONDS
First National
Pries
Etde
Week's
InterRange
218,1 1234 10&38 Q-M M011.31'14 212 353 356
150,0
CHICAGO srocx
PlinstNatEnglow'd
Friday
Sold
est
Range er
Since
525,5 Priv ate Ba nk
ExcHANGE
Foreman Broo- 1,000,0
period May 15
Last Sate
8
Q-J Apr. '14, 2 His 26-6
January 1.
Week Ending May 15
8
FS Dearborn Nat_ 2,000,0 1,010,9
h29,8 Org. N ov 25 1912
200,0
123 126
Halsted St State_
Sid
A sit Low
High No. Low
High
Hibernian13k Assn 2,000,0 1,254,7 Not pa bashed -sec note (11)
(ID
91 Feb '13
55,0 Beg. b us Aug '12. V.95, p. 273. 134 136
200,0
Am Tel & Tel coil 49____1920 J
Hyde Park StateApr'14
02
1939 I -D
15,0 Ores n. Feb '12: V. 94, p 465. 120 122
100,0
Armour & Co 434s
"894
93
Irving Park Nat-173
77
8214 April'12
1928
224,7 10 10&150 J-J Jan. '14, 6 256 400,0
Auto Mee 1st M 65
--__
Kaspar State-I-- 97
0612 May '12
8,5 ..1% Q-4 Apr '14, 13( 109 111
200,0
Cal Gas& 1I unit & ref 5e 1937
Lake View State_
10013
1927 Er -A :100 Vale 100
0 Q-M Mch.31'14, 2 272 275
67,6 -__
200,0
-0914 161'Chicago City Icy ia
Lawndale State__
- 81
713
80
9
6 80 854
80
665,6 10&2s
12 Q-M Mch.31'14,3 245 248
Chic City & Con Ryo 59_41927 A - O
Llve Stk Exch Nat 1,250,0
55 0634
1014 J -J
60,1. 13eg. b ws.Aug 26'1 2 V 95, o593 131 135
200,0
954 98
Chicago Elev Ity 53
Mech&TradStato
9514
9313
9
054 A
Fperb 1.
1
4
0212 9514
8
Q-J Mch.31'14,2 199 202
8
Ohio Pneu Tool 1st 53-01921 J - J
Nat Bk of Repub_ 2,000,0 1,472,3
9838 Sale
18 1)612 9918
1927 F -A
6
830,6
Q-J Apr.'14. 134 160 165
6
Chicago Rys 53
National City__ 2,000,0
93
31
2
8
9
1
8
Ma?'
s
4
3
-0
A
91
94
6
125,7
series 'A"
Q-J Apr. '14, 134 201 205
6
Chia Rya 5s
National Produce /250,0
40 7813 814
112,0
7
200,0
series "11" J -D ; 79 Sale
7
Q-J Apr.'14, 134 163 165
ChM Rys 48
North Ave State_
19
95
i r7
A
1)0
7
,1
:
49112
9534 9534
6
20,2
6
200,0
Q-J Apr. '14, 134 134 136
series "C" - A 391
Chic Rys 4s
North Side St Say
A
F
79,6
1913
300,0
6
Q-J Apr '14, 134 182 185
7
Chic Rys coil (Is
North West State
Apr'14
69
4
67 -f(119,7 Org. N ov. 27 '12. V.95, p. 1944 100 105
200,0
Chits Ry Pr m 51 g 43.01927 1 -J 9---- 70
Ogden Ave /Rate_
4712
48
15 45
5414
144,3 10
500,0
Q-J Apr. '14, 24 275 -_
10
Chic Ry Ad) Inc 4s_c1927 Mayl ; 43 Sale
People's8tkYds8t
4
1004
1003
May'14
310013
-D
J
9934 10112
27.0 Beg. b us Nov I'll V.98, p.1235- ___
200,0
Chicago Telephone 59-1923
lieoonci Security__
9712
itIch'14
9514 9631
0714 98
J
6
181,7
400,0
733 Q-J Apr. '14. 2 247 250
Cicero Gm Co ret 0 in_1932
Security
20 1004 102
102
8
1943 32- 3 1014 "..v..tt, 1014
8&20 Q-J Apr. '14. 2 220 226
285,8 :154,0
Commonw-Edisoo 53
South ChicagoSay
2 1004 10114
10034
6
31,0
6
Q-4 Apr. '14, 134 134 138
Commonw Eleo 59_61943 M- 8 (10013 10114 10034
200,0
South Side State_
10033
Sale
10038
1
Q-J Apr. '14, 3 395 396
9914 10063
12
Cudahy Pack let M 53.-1924 M- N 910033
State Bank of Chic 1,500,0 2,888,3 12
;105 10534 10512 Apr'14
104 10512
Din Match Con deb 69....-1920
g54,4 Beg. b M.Ang 19'1 2 V.05. p.523 123 131
200,0
EitateBankof Italy
16 Q-M Mch.31'14,4 350
258,0 10
Gen Mot 8% let I.. note3-1915 A - :10113 10112 9934 April'12
250,0
Stook Yards Say..
99
July'13
6
Ink Har 3-yr 5% g notes-1915 F - A
184,4
6 U-N May'14, 1 176 178
600,0
Union 13k of Chia..
a.-10513 A prll'12
634 10.684 Q-4 Apr. 14. 234 235 _Inland Steel lit )5 g 64_1928
30,6
100,0
Wa,ehIngt'nPkNat
Kan City Ry 5: Light Co
Q-4 Apr.'14. 2% 228 230
9
8
OentralTr Co of 11 4,600,0 2,103,5
90
Oct '12
1913 51-N
511
422,9 10&2e 12&10 J-J Jan.'14. 8 293 310
500,0
Chicago City B&T
75 8op' 13
70
1928 J -J
6
Lake St RI-let 63
275,8
Q.4 Apr.'14. 134 141 144
6
Chicago Say 138sT 1,000,0
8313
8318
8313 Sale
5 775 84
8
Matt W Side III let 43-1938 F - A
834 Q-J Apr. '14, 234 __. 3212
Chicago Title &Tr 5,600,0 t2,886.9
78(4
8 74
7914 Sale
1938 J - J
(0)
Q-J Apr.'14. 2
162 168
Extension g 4s
503,4 8&26
Colonial Tr & Say 1,000,0
804
104
7
AprI
4
112
9
1'
-A
pu
bashed
Not
(11)
-se
Mil
(11)
note
e
&
Ry
21
let
Lt
g 53-1926
--Cont&ComTr&S 3,000,0 1,879,1
95 April'12
Q-J Apr.'14, 234 285
10
ref & ext 410-1931 J -J
do
192,9 10
250,0
Drovers Tr & Say
8813
8834
2 8638 II1939 J - J 3 8614 88
Morris & Co 4343
First Trust & Say 6,000,0 4,110,7 None None Q-M Dec30'11,4 _____
10034 May'12
1952 SI- N
117,3 Beg. b us.A.pr 3'11 V.92. p.029
Nat Tube lot g Si
500,0
JIDearbornTr&S
Jan'14
Nor Shore RI let g 58.-1922 A -0 3991g 10114 99
99
132,7 _- ---- Q-J Mch31.14,114 184 166
300,0
-55
Franklin Tr & Say
994 9713 May'14
10
Q-J Apr.'14, 234
074 9812
328,9 10
do
lit & ref g 53-1940 A Greenebaum Sons 1,500,0
9512 Sept '12
6
J-J Jan. '14 333 134 136
Nor Sh Gas of 111 lit 59 1937 F - A 1-554
6
62,5
200,0
Guarantee Tr & S
100
90
4
- 51; 10019
Hard,Tr & Say_ 1,500,0 2,858,8 12 12&10e Q-J Apr '14. 3
NWGL& Coke Co 53-1928 Q -M
99
0
5 2 ivi
97
95
arY41
Ap
1945 51-N
Home Bank & TrOgden Gm 5s
84,2 Beg. b u.s.Apr 10'1 1.V.92,p.1004 150 153
93
300,0
96
11512 iopt '12
Illinois Tr & Say- 5.000,0 10,599,4 16&4e 16&46 1 Apr. '14, 4 470 480
Peop Gas L & C lit 63-.1943 A 10013
Sale
a
s
7
37
1
9
)
1
10033
Q4 Apr '14, 134 100 195
7
8
1947 5.1109,1 7&24
200,0
KinwoodTr&Say
Refunding gold 5s
6
103
2
Q-4 Apr '14, 134 178 181
6
111,4
300,0
CMG Gas L & C lot 53-1037 J -J 1103 1034 103
Lake ViewTr&Say
10034 Mch'14
343,6 B69. 6 is. 2.Ia 7'10
09 1014
108 107
Conan= Gas let 53_1936 J -1)
LaSalleStTr&Say 1,000,0
'12.
10013
:10014
sc. 8
Feb'14
170 180
100 1004
Mutual Pod Gas 1st Os 1047 51-N
Liberty Tr & Say275.0
92
0014
904 Sale
82 904, 91,14
371,09 Org. 1 opt. 6 '12. V. 96. p. 593 114 116
200,0
Pub Oen Co let ref g 6s-1956
Market Tr & Say9414 22 90
9418
58,0 Beg, b us.rly 1'12 V. 94, o. 484 159 164
250,0
95
Mere'ntileTr&Sav
South 81da Elm 410---1924 J -J 9414 Sale
19
011
098
0
,
4 AD
:
M
preic
3
12
::
ar;4
Q-J Apr, 14, 4 425 430
16
1914 J - J :100
100 1014
Merchants'L &Tr 3,000,0 7.426,1 16
SwUt&Ool.tgSa
Q-J Apr.' 14, 134 135 138
9034 May'14
5
73,0 ____
1st s f g 5s__1944
do
O.
200,0
allehigan Ave Ti'.
974
96
500,0
142,7 Com.b as. Ap 10'l 1.V.92,p.1004 205 210
Tr -City Ry & Lt 0011
Mid-CityTr& Say
8 Q-M Mch.31'14,2 318 323
1923 4-0
8
trust lien et 58
Northern Ti' Co- 1,500,0 2,961.0
40 WIT; a7"
J-J Jan.'14, 5 274 276
8
1915 A - 9-a Sale
800,0
136,0
Union Elec (Loop) 5s
8
Nor-West Tr & S.
10
013 May8
'6
12
0
'
58,3 Beg. b tus.J'ne 1 11 V.92, p.1537 113 115
200,0
U S Gypsum 1st g 53.-1922
Old Colony Tr &8
idi"
8 9125,2e Q-J Apr.'14, 234 275
246,2
1922 J -J
500.0
People's Ti'& Say
Western Elm Co Si
8
Q-4 Mch .31'14, 2 200 __
8
284,2
300,0
Pullman Tr & Say
a
Q-J Mch 31'14,212 153 157
3
47,5
Nekt---Accrued interest mus t be added to all ChIcaitt. price 9.
200,0
sheridan Tr & Say
•Bid and ask pr ow: no sales were made on twa day. t March 4 (close of business for national banks and April 4 (opening of hueinoss) for State institutions. 9 No
Sept. 1 1911. 11 Diymenda not publishId: 8 ocJall acquired by the Continental & Commercial National Bank. a Due Deo. 31.
Friday: latest price this week,
biJue June. c Due Jan. 1. I Extr4 dos. k New stook. 14% of this Di extra. a *les reported beginning April 18. I Dive. are paid Q.-J., with extra payP
mints Q.-F. I Dec. 81 1913. o Ex 24% accumulated dividend. w Increase In capital to $400,000 authorized Sept. 24, a cash dfv. of 75% being paid In con1 assessment paid. o Paid 6% reg. and 134 extra on Old Capital stock of 8600,000 and
nection therewith. V. 97, p. 1000, 574. s Ex-div. and ex-stook div. u 3,
114% or' now capital 31,000.000. / Ex 50% stook div. m Capital to be Inc. 10 1350,000. V. 98, p.812. !Capital to be increased to 5300,000; a 20% cash dly_ Jan. 14 1914. h April 21 1014.
_
dew! t ',I declared in connection therewith. V. 93, 9.1132.
Chicago Bond Record
si:ii
:1917
6.6.;
-65r,
101 1-1034
Volume of Business at 8tock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
Week ending
May 15 1914.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sa.es al
New York Stock
Ezchanoe.
Shares,
Pap Value.
Railroad.
cc.. •
Bonds.
U.S.
Bonds.
State
Bonus.
150,635 $11,263,000
16,127,025
198,659
9,697,200
117,635
155,952 11,583,900
307,474 24,480,575
248,738 19,677,110
$084,50)
1,422,551
2,233,550:
1,494,500!
2,179,590i
1,579,500!
$17,000
182,000
116,050
105,500
78,500
154,000
1,179,093 $92,828,810
19,398,5001
$653,000
;Fed ending May 15.
1913.
1914.
$8,000
5,000
$13,000
Jan. 1(0 May 15.
1913.
1914.
34,306,262
32,401,782
944,516
1,179,093
Stocks-No.shares...
$92,828,810 $82,031,100 $2,335,843,989 $3,079,681,200
Par value
$64,500
$245,900
$3,900
$300
Bank shares, par
Bonds.
$370,000
6333,000
$12,050
$13,000
Government bonds
7,636,000
305,000
25,514,501
653,000
State bonds
211,374,000
273,229,500
6,443,000
9,898,500
RR. and misc. bonds_
Total bonds
$10,564,500
$9,760,005
$299,127,000
5219,380,000
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
Boston.
Week ending
May 15 1014.
Shares.'
10,295
12,897
9,641
17,655
32,819
25,466
Bond
Sales.
Philadelphia.
Listed lUnlisted
Shares. Shares.
$7,0001
1,587,
24,000!
6,119
3,4171
20,2001
43,000
2,205,
7,149;
25,000
10,000
3,5561
•
Total
24,033'
108,7731 $129,200
Note.-Boston "Unlisted Department" discontinued May 1.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1523
11-1 E CHRONICLE
MAY 16 1914
Bond
Sales.
1,363
2,767
897
621
8,944
• 6,088
$13,000
28,600
23,700
60,600
62,100
121,300
20,680
$299,200
Inactive and Unlisted Securities
'except whose mart ed'C"
All bond prices are now "and interest.
Bid Ask
Street itallways-(Con.)
Bid Ask United Rya of St LStreet Railways
1012
100 10
Common
100 3718 38
I Preferred
New York City
9078
100 x88
25 Wash Ry & El Co
Bite,* St & Ful Fy stk_ J00 20
100 8458 8512
Preferred
73
66
J-d
let mtge 4s 1950
8312
J-D 83
48 1951
100 175 185
B'y & 7th Ave stk
_ 18
J. 10014 --- West Penn Tr&WatPow 100
28 mtge Ls 1914
64
100
Preferred
Broadway Surface RRJ-J 100 10212 Electric, Gas St Power Cos
lst 55 1924
New York City
10
Cent Crosstown stock_100
102 10312
Cent Un Gas be
7_
1st nage Os 1922____M-N i
Christopher & 10th St stk100 120 135_- e Rings Co El L & P Co_100 123 124
New Amsterdam GasDry Dock E 13 & I3att1st consol be 1948
J-0 98 100
.14 10112 10212
1st gold Is 1932
35 N Y&ER Gas lst bs'44 J-J 103 10412
F-A 128
Scrip Os 1914
.14 9912 102
Consol be 1945
Eighth Avenue stock _ 100 280 310
F-A 190 10012 N Y & Q ElL & Pow Co_100
Scrip 63 1914
100
240
280
Preferred
stock-100
Fy
St
1128 & Cr
N Y & Richmond Gas_ -100 29 -5E"
42d St M dc St N Ave
let Os ext at5% to'40_M-S 100 105 North'nUn 1st 5131927_M-N 10034 102
100 155 170 Standard G L 1st be '30 M-N 100 10112
Ninth Avenue stock
_
a
Other Cities.
second Avenue stock-100
av
2
. - 28 Am Gas & Elee com
50 *81
Consol 55 1948 ctfs...F-A f-3
50 *4612 4712
100 113 121
Preferred
eflixth Avenue stock
100 342 346
J-J 8912 100 Am Lt & Tree oom
:Sou Donley 5s 1943
98
100 107 109
A-0 90
Preferred,
:So Fer 1st 55 1919
75 80 Amer Power & Lt corn... 100 0112 63
j Tarry WP & M be '28._M-S
15
100 82 84
Preferred
ctis A-0 / 5
128 do 29th Sts Is
'Twenty-third St stock..100 240 275 Appalachian Power75
1st m bs 1941 opt
J-D 70
'Union Ry 1st 5s 1942-F-A 102 106
ea,
12
93 Bay State Gas
50
Westchester 1st Is '43..J4 90
212 4
Yonkers St RR Is 1946.A-0 92 100 Buffalo City Gas stock 100
Cities Service Co corn..._100 8612 88
Brooklyn
72
74
Preferred
Atlan Ave RR cools'31A-0 101 103
00
0 1058 11
19
A-0 97 100 Columbia Gas & Elec
B B&W E bs 1933
69 56914
J-J
1st Is 1027
10 17012 172
Brooklyn City ItR
Bklyn IIgte 1st Is 1941-A-0 100 10212 Con Gdfi of NJ 55 1936_J4 98
100 90 100 Consumers' L H & PowConey Ed& Bklyn
J-D 101
83
Is 1938
J-.1 81
1st cons g 4s 1948
83 Consumers Power(M inn)./4 80
Con g 4s 1955
8811 90
1st & ref 58'29 opt'14M-N
Brk C & N 55 1939--J-J 9913 10012
9312
Nassau Elea 1st Is 1944 A-0 102 104 Denver 0 & El Is 1949.1D-N 0112
Electric Bond Share prof 100 9812 100
N Wmsburgh & Flatbush1st 43-0 July 1041.-F-A 92 95 Elizabeth Gas Lt Co.._ _ _100 325
J4 100 103 Essex & Hudson Gas.-100 130 133
Steinway Is' 6s 1922
91
Gas & El Bergen Co_.. 100 88
70
80
Gr't West Pow Is 1946 J-J
Other Cities.
Buff St Ry 1st con Is'31F-A 100 103 Hudson County Gas....-100 130 133
41
61 Indiana Lighting Co
Com'w'Ith Pow Ry & L.100 59
100 39
F-A 70
7112
8113
4s 1958 opt
100 79
Preferred
50 110
63 Indianapolis Gas
•Conn Ry & Ltg coni- _100 59
90
A-0 87
1st g be 1952
100 63 65
s Preferred
100 6912 ____ Jackson Gas 58 g 1037-A-0 9712 100
@Detroit United 15.y
98
22 e Laclede GasL(St Louis)100 95
Federal Light es Trae-100 19
e Preferred
100 9534 9612
70
100 68
Preferred
Madison Gas 6i3 1926_ _A-0 103 110
eHavana Elec Sty L & P 100
01.
Narragan (Prov) El Co_ 50
100
•Preferred
J-J 10234 10312 Newark Gas tie Apr '44..Q4 122 124
• Loulev St 5s 1930
06
100 04
Newark Consol Gas
New On Rye & Lt corn-i00
66 No Hud L &
1938A-0 98
100
•Preferred
41
100 40
100 ---- 6714 Pacific Gas & E com
IN Y State Rye eons _
82
100 80
Preferred
eNor Ohio Tr & Lt com_100 "ii" 66
92
Pub Serv Corp of N J-See Stk E x list Pat & Pas Gas & Elec-100 88
92
- 10412 1051 St Joseph Gas 58 1937-J4 85
Tr ctfs 6% perpetual
.67
8
No Jer St 1st 4e 1948 IVI-N 7813 80 Standard Gas & El (Del) 50
2412
Preferred
60 •23
100 7314 7334
Cons Tract of N J
let bs 1933
J-D 103 10334 United Electric of NJ82
J-D 81
1st g 45 1949
New'k Pass Ry 55 '30-J-J 8104121051
32
Rapid Tran St Ry
100 230 --__ United Gas &Eleo Corp..100 30
71
1st preferred
100 69
A-0 101
let 158 1921
33
24 preferred
78
100 31
J C Hob & Pat 48'49 M-N 77
100 1712 1854
So J Gas El dc Trac--100 123 128 Utah Securities Corp
9914
6% notes Sep 15'22M&S15 8314 8414
rfi-S 98
Gu g 56 1953
18
No Hud Co Ry 581928 J-J 1011 103 Western Power com...._100 16
Preferred
100 5912 61
M-N 98
Ext Be 1924
Western States Gas & E1Fat Ry con 68 1931.-J-D 112
A-0 100
1st & ref g be 1941 op_J-1:1 82 $5
2d 65 1914 opt
18
Ferry Companies
Republic Ry & Light-_100 17
18
100 87 69 N Y & E R. Ferry stock-100 10
Preferred
46
M-N 40
15
1st 58 1922
Tennessee Ry L&P eom-100 14
68
70 N Y & Hobbs May '46....1-D 99
100
Preferred
Hob Fy 1st be 1946-M-N 102
Toledo Tract L & P---100 ---- 16
60 NYesNiba 1946
.14 98
100 Preferred
20
100 13
10th & 23d Ste Ferry
That P & IT 58 1943J-D
48
.1-0 40
72
74
--1st mtge 58 1919
United Lt & Rye com-100 9485
30
'74
76
stook
100
100
Ferry
Union
1st preferred
70
M-N 98 100
100 68
1st be 1920
2C1 preferred
Telegraph and Telephone
e Amer Teleg & Cable--100
C Central & South Amer-100
Comml Un Tel (N Y)......25
Empire dr Bay State Tel..100
Franklin
e Gold & stock Teleg_ 100
°9
Marconi Wireless Tel of Am 5
e Northwestern Teleg____50
Pacific & Atlantic
e I'ac Telep & Teleg pref_lt2
)0
5
Southern & Atlantic
25
:ihort erm Notes
Anal Copper 53 1915__M-C
Anse, Locomotive 5.: 1915.14
Is 1916
54
Is 1917
.1-5
Am Tel & T Sub Cos Is '16_
Hutto & Ohio 5.5 1914_54
13klyn Rap Tr-See N Y Stk
Ches & Ohio Is 1919___ J-D
ChicElev Itys Os 1914
J -J
Erie Coll 5sOct 1 1914_A-0
(
:
51o21
,
10
8setAr0r1117 1 1915_ _ A-0
Ask
60
10712
105
70
50
14
10
0 120
•354
4
103 115
36614
9012
8
68
5
95
85
Ft:d
575s
106
95
60
Indust and Miscell-(Con) 13ta Ask
175
American Surety
5
(
4
)
0
7
*
5 13
American Thread pref_...2
41
Am
perrefT
err
yp
ee
dfounders corn.100
96
100 94
99
95
M-N
Deb g Os 1939
Amer Writing Paper....._100
7t1
1111
15
Barney & Smith Car corn100 10
50
Preferred
10050 -5r ---..
B
Bliss(E W)Co co
corn
125
180
15 285
60 2
Preferred)
Bond & Mtge Guar
748 10
18
2712
.67
113
Borden's Cond Milk cornAg 10
Preferred
5
Braden Copper mines ___1_00
British Col copper Co____5
__e Brown Shoe corn
9012
100 12
e Preferred
112
50 9
5
28
9
1
e Butterick Co
100 27
Casualty Cool America_100 100 115
131
100
Celluloid Co
20
7
25
2 9
100 8
City Investing Co
Preferred
70
e Claflin (H 13) Co cotn-100 65
SO
100 75
e 1st preferred
85
100 75
e 3d preferred
Ciuett. Peabody & Co-See StkEr list
70
100 68
Consol Car Heat1nz
_._
Cop
nrte
ifneernre
tadl Can corn _ _ _100 36 ..40
90
100 87
e Cerp
uc
rlebfelrere
lrn__
Steel corn...,..100 147s 15
10058 10078
100 10012
100 10012
100 10012
00,32 00%
10014 10012
Ex 115t.
0612 97
,
4
9914 99
10012 10034
9978 100
99,
4
Han Riv & Pt Ch 5s'15 M
AI 6
994
9 2 99
Hocking Valley 5s '14_51-N 10058 10078
111 cent 434s 1914
54 10018 100
hit & (St Nor 5s 1914__F-A 90
93
Inter Harve.ster Is '15__F-A 10012 10034
Minn & St I. g Os 1916 F-A
94
96
Nlo Kan & Tex 59 1915_M-N 92
94
New Eng Nay 6s 1917 _111-N 99
10
9 90*11=71111
99,2 Davis-Daly Copper Co..1_0
eNYC Lines I.:0 Is 1914-22 5 4.65 4.55 cluePp
or:
retf
(eErlr)
edde Nem Pow 100 124 129
.46s Jan 1915-1925
J-J b 4.65 4.55
WA Jan 1915-1927_.14 5 4.65 4.55 Ern
rerresfo
7
20
3
112 86
25
77
00 8
ernr-eLldrantingham_ 10
10
N Y Cent 4125 1915 ...01-N 10014 10012
Is Sept 15 1914
10038 10034 Em
pp
reirferS
re
tedel & Iron corn 10 - -- - 13
10058 10078
Is Nov 5 1914
25
1015 15
N Y N 11 & II 51 '15.M-N 9834 99 e F
eep
dere
rfaelrA
rl
ed
in & Smelt _100
7
15
Seaboard Air L Ry5s16 51-S 0958 160
e
32
21' 171
South Pat Co 5s J'ne 15 1914 10018 10038 e General
35
Chemicalcorn_1009
10 16
100 10812 110
Southern Ry Is 1916__ F-A 9958 9934
M-S2 9958 9934 Goldfield Consol M
68 Mch 2 1917
*13s 1
971s k Hackensack Water Co-10
West Maryland Is 1015_54 95
1st g 4s 1952 op 1912__J-J 84 ____
Westingh'se El & M 138 1915 10178 10214
Ha
p
Kilburn com-100 25
39
Railroads
le
ref4c
err
100
9,3
e Chic & Alton corn
15 Havana Tobacco Co_101
75
2
84
0
_
100 12
e Preferred
Preferred
12
100
9
eC
ehi,
lcreSte
trP
reA
d1 & Om- _100 125 130
1st g Is June 1 1922.-i-D / 64
67
100 133 140
100 2212 24 Hoboken Land & Improve't
e C010 4.4L South corn
N 13
00
7 _4_0_ _
1st 5s Nov 1930
515-4
42
100 40
e lot preferred
35 Hocking Val Products _1(10
X t 4,4
100 31
e 20 preferred
1st g 58 1961
5
4
eD
e upIrS
efe
Srr
&
edAti corn_ _100
100 110
11 e Ingersoll-Rand com
100 92
e Preferred
45
e N Y Chic & St L com_1
5
09
0 38
19
612 713
e lot preferred
062
2 100 Intercontin Rub com_100
SecuritiesStubs__10
100 9
e 2d preferred
75 Internat Banking Co .._100 95 100
0595 10
288
1
terrenta
ertiroen
dal Nickel„-100 1 1
106 Inp
Northern
0
Pitts Bess es Lake Erie.. 50 *30
33
International Salt
110010)
*60
66 In
1st g Is 1951
e Railroad
Preferred59
Securities Co11
5
0 15
°
01/1113
111C stk tr ctfs Ser A
78 International Silver pref_A1-0
1st es 1948
J-D 10312 110
60
West Pao 1st Is 1033_ M-S 58
53
Standard Oil Stocks
Per share KeilySpringfield Tire _ -100 50
100 135 142'
Preferred
Anglo-American 011 new... •1612 17
73
A-0 63
Debenture 4s 1951
Atlantic Refining
100 610 620
36
e Lackawanna Steel
100 31
Borne-Sorymser Co
100 275 285
Lat4Iotngoetcye
pe
100 83
a'Ndl
Buckeye Pipe Line Co___50 *140 143 Le
84,2
92
18
160
8 170
Chesebrough Mfg Con.s 100 660 670
Lehigh Val Coal Sales 1_509
100 95 105
0
Colonial 011
.54 607i
Manhattan
100 205 215
wnsYern
Shirt
12
00 40
Continental 011
*50
65
Preferred
100 98 103
Crescent Pipe Line Co- _50
Manhattan Transit
58
Cumberland Pipe Line__100 62
Mortgage Bond Co
100 97 102
Eureka Pipe Line Co- _100 265 275
Galena-Signal 011 corn. 100 178 182 Nat Cloak dc Suit corn_ __100 5311 544
100 140 145
'Preferred
100 9712 93
Preferred
100 180 185
Indiana Pipe Line Co---50 *139 143 e National Surety
25 .38
68
40 e New York Air Brake_100 60
National Transit Co
eepwreY
feorz
rk
New York Transit Co-100 270 275 eN
edDock corn....1005 20
100 ---- 26
Ncrthern Pipe Line Co -100 113 118
25 *174 178
145 150
Jo
Ohio 011 Co
*80
512
85 N Y 'MlleIns
-34 70
Pierce 011 Corp
10
20
0 . 4
100 445 450 N Y Transportation
Prairie 011 de Gas
100 300 310
63
Solar Refining
oc
ne
d com-100 59
Nh
21
78
8 222 O
ilie()
00
0 2
s-Cnoepmpepr
Southern Pipe Line Co-10
10 *if.
34
285 e Ontario Silver
212 3
South Penn Oil
100
71
100 75
Sou West Pa Pipe Lines_100 147 152 Otis Elevator corn
Preferred
Standard 011 (California)100 307 312
ltitbo0nre-Mr
uelilken Co 19
eferd
9502
97
09
0 2
Stand 011 (Indiana) __100 455 460 6 Peete
- 99
100
Standard 011(Kansas).100 400 410
36, 1012
.150 ;1:170
Stand Oil of Kentucky 100 265 270 Pittsburgh Brewing
Preferred
50 *2 8 267a
Stand ()II of Nebraska _100 350 360
e Pittsburgh Steel pref. 00 8
87
Stand 011 of N J (old) 100 1350
100 --- 3
.
0
409
0 413 Pope Mfg Co cons
Stand 011 of N
Preferred
100
6
12
Standard 011 subsidiaries
J199
Standard 011 of N Y.-100 215 220 Pratt & Whitney pref....100 99 103
05
10
00
0 130
Standard Oil of Ohio
100 390 410 Producers 011(Bklyn)_1
'
ii2
Swan & Finch
100 180 200 Realty Assoo
27
Union Tank Line Co
100 84 88 RemingtonTypewt'r com100 23
100 9
1st preferred
86
8
00
98
Vacuum Oil
100 216 220
2d preferred100
Washington 011
10 .45
50
183 183
efBr
aek Powd co...100
corn....
100 3000
Waters-Pierce Oil
Royal
100 10612 107
Tobacco Stocks
Safety Car Heat & Lt_100 104 107
(See also Stock Exchange List)
100 135 140 Sears,Roebuck&Co-SeeN V Stk E x list
Amer Cigar corn
eP
err meferig Coed-See Chic Stk Ex lis t.
100 98 100
Preferred
90 Singer
Amer Machine & Fdy_ 100 84
100 328 333
33
British-American Tobac_£1 .2212 2258 Standard Coupler com_100 25
.2212 2258
Preferred
100 105 111
New stock
100 270 290 Stewart-Warner Speedo'r100 4712 4812
Conley Foil
Preferred
100 99 100
e Heinle ((ieo W) corn_ 100 150 164
100 10812 117 Sulzberger & Sons prof.._100 92 93
e Preferred
Johnson Tin Foll&Metal 100 125 175 Texas & Pacific Coal.._100 9712 100
MacAndrews & Forbes-100 185 195 e Texas Pacific Land Tr_ 100 98 105
Porto-Rican-Amer Tob-100 245 255 TonopahMin(Nev)-Se4Phlia Stk E x list
4
6
Reynolds(R J)Toba000-100 265 275 Trenton Potteriee com....100
5 150 uni
10
00
0 10
80
Pted
referr
ce
ed
100 45
ppner
ew
Tobacco Products oom-1
55
3,
its
10
86
Preferred
112 48
100
00 14
07
Preferred
e United Cigar Mfrs corn.1
rr
2 '
85
103 I United Dry Gooda
e Preferred
10
00
0 80
10
00
0
e Preferred
100 96
97
United Cigar Stores com.1
881z
100 190 200
Preferred
115 U S Casualty
0
00
0 2
• Weyman-Bruton Co- 100
188
111
2510
5
2 300 U S Envelope corn
100 133 13712
Preferred
100 10234 10334
120
e Preferred
Young (J 5) Co
140 U S Finishing
100
5
11
Industrial&bilseellaneous
Preferred
100 25
100 10112 104
let g be 1919
C Adams Express
J-D 75
Con
g
j
J
-I
Col tr g 45 1947
bs
1920
9
7
0
0'2
:
:
7
:
5
:
7612
100 88 92 C U S Indus Alcohol--100 15
Alliance Realty
30
I Preferred
39
Amer Bank Note com----50 •35
100 -- 85
51 U S Steel CorporationPreferred
100
50 00
American Book
16
5
Col 51 58 Apr 1951 op 1911 113 11434
170
100
143
Col a / be Apr 1951 not opt 113 11134
American Brass
American Chicle oom-100 190 192 U 8 Tit Gu & Indem__100 40
50
100 97
Preferred
99 is Virginia Iron C & C-100 40 60
100 10211 104 e Wells Fargo es Co
100 86
89
• American Express
30
Westchester & Bronx Title
Am Graphophone com-100 15
I
100 50
Preferred
70
& Mtge Guar
26
514
100
125 C Westingh'se Air Brake150 46
American Hardware
-- 10034 Willys-Overland com
100 68
70
Amer Malting Os 1914....1-0 -‘7934
Preferred
1
90 94
100 30
85
Amer Press Armen
F A 10
73
2 _
Worthington(HR)Co pf-100 ---- 60
Am Steel Idy 138 1935-A:D
Deb 45 1923
75
New stock. a Ex.
•Per share. a And accrued dividend. b Basis. k Listed on Stook Exchange but usually Inactive. / Flat price. a Nominal. a Sale price.
subsidiaries. I Ex-div. v Ex-rights. r Includes all new stook dividends and eubscriptions. • List') on Stook Bludair.nge but infrequently dealt in record 3t sales
Ex-300% stook dividend.
aJay,wit tie round on &preceding page.
BOSTON STOCK EXCHANGE-Stock Record.
1524
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
May 9
Monday
May 11
Tuesday
May 12
Wednesday
May 13
Thursday
May 14
Friday
May 15
9512 9514 9514 *0612 9634
Last Sale 10012May14
10012
181 181
____ *180_
4 79
7912
7934 794 -i91160 *160 ___ 160 16014
4178 434
4313 44
44
May'14
225
Last Sale
Apr'14
Last Sale
-1-1_ 55 •____ 55
55
Last Sale 612 Nov'13
36
38
3612
*36
38 ;5;" 38 ;5;- 38 ;5C 38
'36
Last Sale 160 Mar'14
161
161 •
161 •____ 161
Last Sale 105 May'14
105
105 *____ 105 •____ 105
Last Sale 176 May'14
*176
*176
*178 ---- *176
8312 8313
85
85
•82
83
83
8212 Wiz •83 -8E- *83
12018 12018 12014 12078
4'11973
•120
4'11978
*11978
Last Sale 8812 May'14
*8812 8712 *8612 .8/312 *8812 181-2 *8612 8812
98
98
*96
+98
98
*97
98
.96
*97
98
97
98
1012 1012 1012
101 *10
1012 *10
•10
1014 10
1014 *10
60
60
5912 5912 *5912 60
60
59
•58
59
*59
59
6834 6938 6834 6978
69
69
6814 6834 6878 69
6834 69
Last Sale 100 May'14
*103
*100
.100
*100
153 153
152 152
*150 fii *150 153
*150
*180
Last Sale 20 May'14
23" *19 23 +19 23
•19
*19
23
*15412 15434 4.15538 15578 *15534 15818 15534 15534 *157 15714 *15718 15738
*8334 8412 *8334 8434
Last Sal. 82 Apr'14
.83
8312 *8312 84
130 130 *____ 130 *130
_
*130 131
*130
*130 _
68
68
67
67
*6712 68
6713 -88 68
*67
68
68
87
87
87
85
*8512 87
*85
*85
87
85
88
*85
+9488 9434 *9514
.10013 10012 *10014
•181
*181
*79
7934 79
*160
*180
*4212
43
43
*225. *225
1014
- *7
55
9533 *95
10038 +100
182
7912 79
.160
4212
43
*225
*7
12
55
54
*5312 54
54
9334 94
94
94
*234 3
•234 3
*18
1814 1814 1814
10314 105
10214 103
11112 11212 •11213 11312
12184 12218 122 123
9512 *9518
10058 *10018
182 *180
79
*79
160
4 44
-441____ *225
*7
12
55 *__
*5213 54
*94
9412
234 234
*18
1812
10412 10513
11214 113
12213 12278
51
54
55
55
9412 9413 941t 9412
234 234
234 234
*1814 1812 *1814 1812
105 10538 10512 108
113 11211
11212 113
12212 12234 12212 12234
Last Sale 15 Mar'14
4 7612 7612 -7
-7614 763-4 761 W37613 7634 7612 7612 7614 7613
65
61
*61
61
65
*61
*81
65
*61
63
61
81
9918 9918 99
99
*9712 99
*9712 98
*9712 98
*9712 98
*61,
May'14
Last Sale 7
*612 8
*613 8
8
*812 8
Last Sale 1413 May'14
15
*14
*14
15
15
*14
1412 +14
12
1112 *11
1112 *11
1112 1112 *11
*11
12 .11
12
251 252
252 252
252 252
252 252
248 249
248 250
14718 14738 14734 148
147 147
146 14838 147 147
14612 147
Last Sale 100 May'14
*99 100
*99 100
*99 100
*99 100
8613 8612
8612 87
87
8612 87
8634 87
87
8712 87
90
90
90
92
92
92
9212 9212 z90
9112 9112 92
21512 21512
*214 21512 +214 21512 *214 21512 *21434 21512 *21412 215
*234 3
*234 3
*234 3
+234 3
244 214 *234 3
23
2012 2112 2014 2014 *20
2514
*20
•20
23
62
62
*6212 64
*6212 6418 *6212 6418 *6213 64
20
1;24
20
24
*20
*20
24
25 .20
•20
Last Sale 67 Mar'14
47 •____ 45
45
*___ 45
136 138
135 135 '135. 136 *135 136
*135 138 *135 136
153 15514
155 155
15314 15312 •15413 1554 15414 15413 15434 155
+184 1812 •1814 1812 1812 1812 •1818 1812 1812 1812 1812 1813
10512 10513 10538 10534 10512 10513 10513 10512 *10512 10534 10512 10578
3018
2912 2978 *2912 30
2913 30
*2912 3018 .2913 304 *30
2812
2812 *28
2712 2713 2713 2713 *28
28
2714 28
28
138
138
138
114
'*Ps
112 *114
138 *114
114 *114
114
155 15634 15512 157
156 157
15234 15614 151 15434 152 156
5712 5718 5778
, 5612 5612 58
5612 5612 5612 5813 5613 57
.2834 29
29
29
*2834 40
• 2813 2312 2834 2834 2834 29
6114 6112
5838 5834 5913 5913 5914 5914 5914 5914 5978 61
*10734 10838 10318 10833 10813 10878 10852 WC% 10834 10878 10934 10934
*53
5.1
9413 9438
234 234
*18
10
10412 105
11214 11213
12212 12278
Sales of
the
Week
Shares,
STOCK:,
BOSTON STOCK
EXCHANGE.
10 Atch Top & Santa Fe_100
100
Do pre!'
100
19 Boston & Albany
100
180 Boston Elevated
100
7 Boston & Lowell
100
557 Boston Sr Maine
Boston & ProvIdence_100
Bostor Suburban El Cos_
Do lora
25
Boston & Wore Elec
Do KO'
Chic June By & US Y _10C
Do pref
Connecticut River_ _100
9 Fitchburz pref.._
100
72 G'a My & EMT stmpd-100
Do pref
100
30 Maine Central
100
116 blass Otectric (los
100
1)o pref stamped ,.100
50
1,001 NYNH& Hartford_100
Northern N 11
100
15 Old Colony
100
Rutland, prof
100
10 Union Pacific
100
Do pref
100
4 Vermont t Mass100
if
199 West End St
Do prof
5(
16
,.liscell 111COUS
152 Amer Agricul Chem__101
100
Do prof
282
175 Amer Pneu Service__ 51
Do pref
50
25
100
1,267 Amer Sugar Itefin
Do pref
100
338
1,693 Amer Telep & Teleg_100
American Woolen_ ___100
100
Do pref
308
40 Amoskeag Manufacturing
Do pref
25
Ati Gulf & W 1 8 S L_100
Do pref
100
10
100 East Boston Land
135 Edison Elec
100
268 General Electric
McElwain(WH)lst_pf 100
188 M assachusettsGasCosl00
100
93 Do prof
2 2.1orgenthaler Lino_100
10
22 Mexican Telephone
30 Mississippi Ely Pow_100
50
Do
pref
100
100
N E Cotton Yarn
Do pref
100
9 N E Telephone
100
166 Pullman Co
100
305 Reece Button-Hole.... 10
278 Swift & Co
100
15
99p
8 Torrington
0 pre
25
25
350 Union Copper L & M 25
4,911 United Fruit
100
D0hoeprNelfach Corp_ 25
3,928
107 UnS
25
SoStep
17
3UD
12
elreC
torp
100
3,2
100
Range since Jan. 1.
On basis of 100-share lots.
Range for Previous
Year 1913.
Highest.
Lowest,
Highest.
9514 May14
97.18 Jan 15
179 Am. 23
77 May 8
155 Jan 2
35 blch
225 May 1
7 bich 2
5312 May 1
9978 Jan 26
10138 Feb 10
195 Jan 5
9112 Jan 16
170 Feb 9
55 Jan 12
255 Jan 27
713 Feb 13
60 Jan 19
14
8 Jan
Feb
215 Jan
1144 Jan
180 Men 23
10412 Apr 15
176 May 4
80 Jan 10
12(08 May14
83 Jan 3
9078 Jan 5
0 Apr 22
58 Apr 30
6514 11011 4
100 May 8
160 Apr 24
19 May 8
14912 Apr 25
82 Apr 17
115 Jan 9
6612 Apr 27
35 Apr 30
40 Jan 26
1(33 Jan 15
10612 bich II
200 Jan 24
93 Jan 28
121 Slay 1
8878 Apr
99 Meh 28
14 Jan '23
6613 Jan 24
7718 Jail 2
112 Feb 6
166 Jan 341
30 Jan 8
16314 Jan 31
85 Jan 5
130 Feb 5
75 Jan 23
95 Mch 12
9113 Oct
9614 XIS'
183 Dec
82 Nov
150 Dee
3,5 Dee
2381? Dec
7 Sep
571?.110Feb
3613 Dee
182 Sep
1011? J'ne
s.:00 J'ly
(ii Dee
r115 Ails
821? J'Iv
91 Dee
3(313 Dee
G3 Dec
6534 Dee
10
150 Dec
25 Aug
13912 J'ne
8018 J'ne
105 Dec
6714 Dec
85 J'lv
4714 Jan
91 Jan 3
212Jan 27
17 Jan 2
9714 Men 11
108 Mch30
11718Jan 3
14 Mch 4
7234 Mch 4
60 Jan 21
98 Feb 24
5 Feb 10
1334 Apr 22
10 Jan 20
244 Apr 29
13912Jan 3
9834 Apr 30
86 Apr 27
90 Jan 3
21114Jan 3
214 MaY13
2014
May14
62 MaY13
20 Apr 9
66 Mch10
133 Jan :3
151 Jan 7
16 Jan 7
10412Jan 3
27 Feb 24
27 Mch24
1 Apr 15
151 May12
5334 Feb 2
23 Jan 9
5618 Apr 25
1057s Jan 5
5914 Mch19
9712 Jan 23
4 Jan 31
22 Jan 31
11014Jan 2
114 Jan 29
124 Jan 24
15 Mch 4
83 Jan 26
67 Feb 13
10014 Feb 11
9 Jan 23
1634 Jan 16
1412 Feb 11
265 Meh 4
15012 Feb 20
102 Jan 23
0438 Feb 17
96 Mch 16
21634 Feb 27
3 Jan 28
38 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
159 Jan 27
1914 Itch 31
10734 Mob 9
3012 Apr 4
2913Jan 20
2 Feb 4
173 Feb 13
58 May 6
29 Jan 23
6714 Jan 31
11238Jan 26
41 Sep
8912 Dec
212 J'ne
16 Nov
(J912 Dec
108)3 Dec
11014 Dec
1514 Dec
74 May
59 May
9234 J'13/
5 Jan
10 Jan
J'ne
234 Dec
130 J'ne
95 May
87 Apr
86 J'ne
209 J'ne
3 Jan
34 Nov
70 Dee
17 Apr
6378 Apr
127 Dec
149 Dec
1412 Apr
101 J'ne
28 Sep
26 Sep
54 J'ne
147 J'ne
4112 J'ne
2638 J'ne
50 J'ne
10212 J'ne
Lowest.
1071,
5 j
Ja n
20
14
200 Jan
eth
161
7,
:1:%/ic
65 blco
45 Jan
Feb
2
116
(2
,
)
166
2
'7)38'
6
Jani.b
Fle
e
ebn
126 Feb
Sep
18
19
3
79 Feb
Jan
13)
3( Feb0
Febll
175
3)12 54c
jva
aen
nb
116
8,0
2
111432 J
150
Feb
100
Jan
57 Jan
Jan
94
91 Jan
233.
apn
n
138
373
1;
8 sj
Jea
18
2
11812
11714 Feb
12401 Janr
Apr
837
10
70
5 j
J an
1218 Aug
1912 Aug
jji\
Faaiecnnbh
20
8
9
18
5
35;2
28
Jan
11804984
220 Sep
14'
3
1112
4S
Fac
e
ep
p:
5
70
013 D
Ae
po
r
9112 Jan
180 Jan
18
108 Mch
2812 Jan
2814 Jan
2 Jan
182 Jan '
5534 Feb
Feb
6
29
813 Jan
111 Jan I
Mining
1 May 1380
2 Jan 22
1 Apr 14
114
114
25
114
118
113
230 Adventure Con
114
114 •1
118
' *1
11s *1
Jan
270 270
275 275
25 23934 Apr 22 300. Mch24 230 Nov
270 270
285 270
265 265 *260 265
2438 O
Jj aacun
2812
May15
t
3
2012Jan
13,67
9
8
9
w834 J'ne
28
AbAlasmkeeakGold
2813
10
2638 2678 2678 2713 2678 274 2714 2738 2738 28
134Jan 20 .15 May
.95 .95
.99 .99
170 Algomah Mining__ 25 .95 May 1
*.95
1
.99 .99
4..95
1
+.95
1
Pilo
4
5
32
2
0
21
:
3
1
4
8
8
2912
sFeepb
Feb
18
8
4334
3412Jan
40
4012
25
4034
41
41
3913
*3934 41
3912
*40
40
4014
62 J'ne
Aiuez
5 Amalgamated
Copper 100 6838 Apr 25 7814 Feb 4
48
16
,5
7058 7138 7134 7234 7212 7212 7234 7278 7318 7338 7314 74
1514 Deo
1534 Apr 28 2138Jan 30
*1613 17
1718 17
17
1714
390 Am Zinc Lead & Sni_ 25
*1612 17
+1612 1714 *1612 17
4
Jan
10
4
Mch
412
5
612 S
413
412
438
412
412
214 4'ne
cpell
Arizona
413
412
1,185
Commercial..
5
t
412
412
+4%4 413fe
3
314
2 Apr 22
418 Feb 2
318 .3
866 Bute-Balaklava Cop 10
318
114 Jly
3
314 *3
254 234
234 3
1814 J'ne
45 Jan
3644 .3733 3714 3734 3718 3738 3712 3813 3813 3973 3914 4033 32,969 13utte& Sup Cop(Ltoi) 10 3112Jan 3 4038 May15
5612 J'ne
7212 Jan
6478 6534 6534 6634 1,653 Calumet & Arizona
10 61 Apr 25 7018 Mch25
6312 6413 6412 6434 6412 6434 6434 65
425 425
17 Calumet & Hada
25 410 Jan 9 460 Feb 13 388 Dec 555 Jan
425 425
425 425 •420 425 *420 425
0420 425
Last Sale 16 May'14
18 Jan
Centennial
25 14 Jan 9 19 Feb 4
*1512 1812 *18
10 J'ne
17
17
*16
*1813 17
4238 4214 421
5 374 Apr 25 4312 Feb 4
3014 J'ne
1,638 Chino Copper
44
4138 42
712 Jan
J
4038 4158 4112 4138 4114 4138 41
36
3712 373
36
36
3614 38
756 CopperRange Con Co 100 84 Apr 25 4034 Feb 4
38
32 Dec
63 Jan
•36
3612 *3614 37
2 Apr 24
3 Feb 6
155 Daly-West
2
2 •__
_
2
2 Sep
20
*134 2
2
*2
212 +2
212
978 Apr 25 13 Jan 26
94 J'ne
500 East Butte Cop Min_ 10
1518 Jan
1012 1014 1038 1014 1014 1014 1038 1014 1012
1014 1014 +10
212Jan 8
778 Apr 6
212 Deo
434 434
518 518 *5
215 Franklin
25
9 Jan
434 434
*412 434 .413 434
514
51 J'ne
8078 82
82
8134 83
2,813 Granby Consolidated_100 734 Jan 9 91 Feb 4
81
79
8078 8038 8134 8112 82
2758 Oct
3214 3234 32
3214 3234 3312 3312 3312 1,610 GreeneCananea
100 2114 Apr 25 4238Feb 4
33
3038 31
32
22
Apr
1312
22
Feb
4
2
12 Nov
378
5
514 J
SAa
16
*15
16
eun
120 Hancock Consolidated 25
*15
16
+15
18
16
plr
+15
16
15
15
35 Apr
2778 Jan
Last Salt 30 Apr'14
Hadley Gold
30
30
10 2812 Feb 16 30 Mch24
30
30
.27 Apr 27
12Jan 8
3
14 May
Helvetia Copper
Last Sale .40 May'14
25
•.30 .45 •.30 .45 +.30 .45 +.30 .45
24
Feb
612
20
Apr
3
Oct
17
3
Jan
4
4
+312 4
380 Indiana Mining
25
334 414
+334 414 *334 414 *334 414
46 Mch 6 4934 Apr 9
4414 J'no
*4914 50
285 Island Creek Coal
1
4912 4912 *4814 4934 *4812 4934 *4812 4934 *4914 BO
79 J'iy
8
57
973
:2 j
Jan
a
84 Jan 14 8813 Mch21
D
R0
oyalp
erer
1
25
+85
8612 *8512 8612 *8512 8612 *3513 8813 88
8614
8614 *85
24
Feb
4
J'ne
Apr
25
8
16
163
337
s
Jan
1,32
32
7 Isle
1912 +19
1958 1973 2014 2012 21
1912 1912 20
2112
Copper
+19
if. Jan 20
378 Mch28
25g Jan
831 Kerr Lake
41,3 412
412 413
4y, 414
412 412
412 412
5
*438 412
1 Aug
2,3 May 5 4% Feb 18
238 234
25
2,18
2% 3
234 234
212 234
640 Keweenaw Copper
234 2%
1012Jan 16
4
5 Nov
21
3
6'
514 Apr 24
J
NI aeon
bv
.313
612
618 614
612 634
25
625 Lake Copper Co
814 612
614 614 •614 613
513 Feb 14
314 .J'ne
4i8 Jan 2
25
.438 434 4,438 434 *43,3 434 *438 478
414 438 *418 412
120 La Salle Copper
3i8 Nov
4 Jan 16
Jan
214 May 2
90 Mason Valley Mines_ 5
*2
3
*214 238
*2
3
*2
3
214 214
+214 3
134 Nov
2 Mch 7 e478 May7
25
+414 458 .438 412 *413 434
413 412
458 434
434 434
350 Mass Consol
9 Jan 28
5 Noy
414 May11
413 478
25
*412 5
434 434
260 Mayflower
•412 5
414 414 *412 5
204 .1 no
2
19
156:14
3:
4 jJ:
ja
aanu
5 2138 May 8 2418 Feb 16
*21
2138 2112 2112 *2138 2138 *2113 2134 2218 221, 2214 213
100 Miami Copper
12 Dec
114Feb 18
*34
34 May 2
*34,
1
lchhaig
wakn
310
6 Mo
25
.80 .80 *.50 .90
.80 .80
*34 1
23
38 Nov
*4312 4412 *4413 45
4413 45
25 39 Apr 22 46 Jan
*4338 4378 43
437L
4378 44
13 J'ne
1313 May 8 3658 Feb 4
1418 1414 1414 15
349 Nevada Consolidated_ 5
1414 1414 14
15
1373 1373 1413 1414
12 Pun
658Mch12
612
55021:422 JanjAjjaaap:
178 Jan 14
6
618
6
618
8
614
64 612
614 614
64 612 2,210 New Arcadian Copper 25
714 Nov
8)8 Jan 22
6
912 bleb
618
5 2558 Mch30
6
8
6
6
6
6
*6
64
618 612
925 Niplssing Mines
2144 J'ne
28
27
Jan
26
2,800 North Butte
15 2334 Apr 24 3034 Feb 4
26
2513 2512 26
2618 2578 26
2634 27
258 Feb 4 .99 Mav
.95 Apr 25
32
4314 Jan
Last Sale 112 May'14
North Lake
25
n
112 *114
134 *114
*118
134
112 *1
13 J'ne
2 Jan 23
11
a4 Apr 22
Last Sale 1
Ojibway Mining
25
113 •.99
May'14
113 *.90
•.95
112 •.95
3 Apr
234 Nlch 30 5 xe Jan 28
418 412 *414 412
535 Old Colony
418 418
4
4
4
833
418
4
418
25
4
Feb
54
4134
J'ne
4712 4713 4712 48
4612 4612 *47
4712 +4612 4712 4712 471
111 Old Dominion Co.._... 25 4812 May 0
6714 Dec 107 Jan
75
7014 Apr 25 84 Feb 4
75
73
75
*7312 74
75
7312 74
74
7514 77
288 Os"eola
25
15 .Inc 2
568
8
3%114
4 jjaau
1712 1713 1712 1712 1754 1734
1814 1878 1812 1834 1814 1812 3,130 Pond Creek Coal
10 is Apr 24 2078Jan 22
Jann
n
5214 Dec
Apr 25 68 Feb 5
5512
59
59
5934 59
25
*58
59
58
60
*5712 59
60
6
1514 J'no
•21
22
2114 2114 2114 2114 2112 2112 2134 2134 22
22
ay Consol Copper
10 1734 Jan 10 2212 Apr
4
12
97 Ray
25
30 Nov
4
286
40 Jan
38
+33
3312 3313 •3312
3312 3312 35
36
38
155 St Mary's Min Land.. 25 31 Apr 24 40 Feb 27
jjaa nu
214Jan
•182 4.13, 178 *138
1 J'ne
112Jan 7
Last Sale 2
173 +158
178
178
Santa Fe Gold Sc Cop.. 10
May'14
712 Feb 16
•612 6
4.613
5 Dec
54 Apr 21
538 513 4,513
*512 6
80 Shannon
10
*512 534
*24
21 Feb
24
24
2412 *24
24
*2313 24
2412 2413
2414 24
240 Shattuck-Ac zona._ 10 22 Apr 22 2954 Feb 4
.23 Feb 9 .15 Aug
.14 Apr 29
.18 .18
•.12 .16
.16 .16
_
.18
.15 .15
250 South Utah M &
5
21 Nov .4
2512 Apr 24 32 Feb 14
•281,4 2834 2812 2813 2834 2834 2834 2834 2834 29
29
2913
33310
520 Superior
54
r
25
11 J
jjSAa
aaeun
nn:
138 Apr 25 2%Jan 23
1% 214
1% Jan
112 134
23
113
158
,f4 24 2,680 Superior &Boston Cop 10
134
173
1%1%
*4638
43 Feb 28
+3412 36
3812 3612 3834
21 J'ne
3412 35
35
35
3512 354 *36
25 2812Jan
340 Tamarack
38 Jan
612Jan 23
*318 4
Last Bale 314 May'14
•314 4
*318 4
3 May
Trinity
*334 4
25 3 Apr 24
Jan
.85 Mch19 .50 Dec
.60 .60 4%55 .60
.43 Mch 7
.80 .60 +.50 .60 +.50 .60 +.50 .58
1
300 Tuolumne Copper
3312 3312 3334 2,648 U S Smelt Ref & Min.. 50 2912 Apr 23 4312 Feb 4
34 J'ne
33
43
34
3314 3312 3312 3314 3314 3338 3333 33
2j
Jan
4412 44
44
4438 4438 4414 4412 4434 4434 1,048 Do pref
4513.Ply
50 4012 Apr 23 48 Feb 6
4414 4414 44
Jan
238Feb 5
Last Sale 173 May'14
178 •134
178
Utah-Apex Mining__ 5
+134
118 May
14 Apr 22
173 *134
59
178 .134
278
13
Feb
14
1012 1012 *1012 11
6
83
4
Jan
1012 1012 1012 1012 1014 1034 1034 11
714 May
490 Utah Consolidated__ 5
1:4
2J
JJaa
ann
n
142
58
55
58
5814 1,230 Utah Copper Co
5518 5578 5573 5512 5512 5618 5634 57
10 491 Jan 10 5814 May15
40 J'ne
60 Jan
*214 238
258 238 .238 258 •238 218
212 212
1 Mch 2 62% May 4 .90 J'ne
233 233
8
25
25 Y
wic
intor
nia
25
nis
*3
47
8
Feb
25
*3
*3
312
312
212Jan 8
334
312 353
334 4
•314 313
34 Sep
42
42
+4113 44
*4112 43 •41
43
43
42 •42
43
40 Wolverine
25 38 Apr 24 4784 Feb 20
75 Jan
3914 Nov
.60 .60 •.50 .80 +.60 .80 +.60 .80
.60 .80
.59 .59
114Jan 24 .40 J'ne
,69 May14
400 Wvandott
25
112 Jan
*Bid anl asked prices. 41 Assessment paid. 3 Ex-stook dividend. A Ex-riglits. .a Ex-dividend and rights. a Unstamped. v 2d Pad. 10 Ilan paid.
MAY
16
1914.1
1.525
Boston Bond Record
g
BOSTON STOCK IX I! NGL t"..2
Week Emting May 15
Am Agricul Chem 1st ds1028 A-C
Am Telep & Tel -cd tr 4s_11120 J -J
1936 51-8
Convertible 4s
1933
20-year cony 4 Ms
Am Writ Paper 1st s I 5s g 1019 -J---.."
161: M-N
Am Zinc L & S deb (is
A.tch Top Ez s . e gen g• a 1095 A-0
Adjirtment •-r 4s__1_July 1995 Nov
Stamped
Jill)/ 1995 M-N
5(1-year cony 4s
1955 J -D
1 0-year cony 5s
1917 J -D
.,,
NV
I
At' Gu.f
SC Lines 55_1959 J-J
Bos & Corb 1st cony s f 6s 1923 14-N
Boston Elev 3 -yr g 4s
19'15 011-N
Boston & Lowe I 4s
1916 J -J
194' J -J
Bostn & Maine 4 Ms
1942 F-A
Piain Is
1916 J -J
Bur I: Mo Riv cons G
1951 J-1)
Butte El & Pow 1st 5s
Cedar Rap es: Mo RP,/ 1st Is 1916 M-N
Cent Vermt 1st g 4s___May 1920 Q-F
GB & Q Iowa Div 1st 5s__.1919 A-0
1919 A-0
Iowa Div 1st 4s
1922 F-A
Denver Eaten 45
1927 M-N
Nebraska Eaten 45
1921 M-S
B & S NV s f 4s
1949 J-J
Illinois Div 3 Ms
Chic Jet fly & Stlf Yds 5s.._1915 J-J
Coll trust refunding g 4s_1946 A-0
Ch MIlw & St P Dub D 6s 1920 J-J
Ch Al & St P Wls V dly 6s 1920 J -J
1931 M-N
Ch & No Mich 1st gu 5s
1921 J -D
Chic & NV Mich gen 5s
1920 J -I)
Concord & Mont cons 4s
1949 A-0
Copper Range 1st 55
Cudahy Pack (The) 1stg 5. 1924 M-N
1926 A-0
Current River 1st 5s
1948 A-0
Pet Or Rap & NV 1st 4s
1940 M-N
Dominion Coal 1st s f 5s
1927 M-S
Fitchburg 45
Fremt Elk & Mc V 1st 6s 1933 A-0
Unstamped 1st 6s
1933 A-0
Week's
Ranue oe
Last Sale
Prier
lericiau
May 15
Range
Since
Jan.l
g 251
Price
Friaav
May 15
BONDS
•
BOSTON ST0CK EXCI-1 A Nk;E
Week ending May 15
Hip; No Low Hici,
Ii) Lott
ills
9934 1003i General Motors 1st 5-yr 6s_1915 A -C
9058 100 9934 May'14
8914 33 8472 897; (It Nor
11 & colt tr 4s_1921 J -J
8918 Sale 8812
Registered 4s
1'J21 ()-J
103381,Ich'13
9938 15 95 993,. Houston Elec 1st s r gen 5.3_1925 P-A
0914 091
4 99
6938 72 la Fails & Sioux C 1s.; 7s
6938 Men '14
1917 A -0
Man C Clin & Spr 1st 5s
100 104
100 Mch'14
1025 A-0
9318 954 Ran C Ft Scott & Mem Gs_1928
0578
9534 06 957s
8538 87 K 0 Ft S & M Ry rei* 4szu _1 936 A -0
---- 87 Mch'14
8414 Aug '13
Kan C 51 & B gen 4s
1934
S
9478Jan '14
-1547-8 -947-1,
Assented income 5s
1934
S
---- -- Kan C & 51 Ry & Br 1st 5s_1929 A-0
---- ---- 10014 Dee '13
65
6514 10 6312 68 Marry Hough & Ont 1st Gs 1825 A-0
__—
50 Mav'13
Mass Gas 4 Yis
1929 J -J
8(313 83'
8312Jan '14
Deb-m 4s
Dec 1931 J -J
19014 Men'09
Mich Telephone 1st 5s
1917 J -J
- 1041. Oct
- _ Miss River Power 1st 5s_ 1951 J-J
Ill - Feb 12
New Eng Cotton Yarn 5s_1929 F-A
10034 10112 New flog Teleph 5s
10034 Mon'14
101
1915 A-0
58
A -0
10414 Feb '14
i040 10414 New River (The) cony 5s 1932
1934 J -J
80 8571, N Y N 11 & H con deb 3 s_1956 J-J
80 8214 80 May'14
_ .1103 oe). '07
Cony deb 6s
1948 J -J
9778 Nieh '14
-6.778 9778 Oreg Sh Line 1st g 6s
1922 F-A
9914 ---- 99 Mch'14
99 99 Pond Creek Coal 1st 6s _1923 J-D
'14
Feb
9514 9658 Puget Sd flee fly 1st 5s
---- -- 9658
1932 F-A
Remit) Valley 1st s f 6s
9914 ---- 9812 Dec '12
1919 J -J
8324 Mch'14
8334 833.1 Savannah Elec 1st cons 5s 1952 J -J
1.66171 1058 10018 May'14
9834 10058 Seattle Elec 1st g 5s
1930 F-A
81 84 Shannon-Ariz 1st Os g
81 8212 8112 Apr '14
1919 SI-N
107 J'ne'13
------. Terre Haute Elec g 5s
1929 J -J
11358 Feb '11
_ Torrington 1st g 5s
1918
65 65 Union Pac RR & Id gr g 48_1947 J -J
46 57 65 Apr '14
20-year cony 4s
72
72 92
70 7412 72
1927 J-J
1923 J-J
9312 _ _ _ _ 9312 Mcb '14
9312 9312 United Fruit gen s f 4%s
Debenture 4 ,.6s
1925 J -J
85 05 95 Itch '13
U S Steel Co 10-60-yr 5s Apr1963 SI-N
10014 Aug'12
_
West End Street Ry 4s
1915 F-A
92 J'ly '13
1914
Gold 40
56 59 11,5978 May'14
118678 78
1916 M-N
Gold debenture 4s
99 100 9914
9914
973s 095
1917 F-A
Gold 4s
95 Oct 12
0012 121
Western Teleph & Tel 5s_ _ _1032 J-J
121 Mehl!
1211-2
Wisconsin Cent 1st gen 4s 1949 J -J
122 Meh'12
- -----
NOTE.—Buyer pays accrued interest in addition to the purchase price for all Boston bonds_
Week'.
Range or
bag Sale
Range
Since
Jan. 1
g
64
:
1_099:
:
0
:10
7sh
Lii_909(o.:344 5:4_:
. . 4_ _ ;
As)
(1,44 .7
10034 10112 10t6'8 Mch'14
9714
9715 9738 9714
9672 ---- 07 May'14
----117 Apr '08
-60 92 Feb 13
16.612 11012 11072 Apr '14 ::::
7458 7514
eh'14
- ---- 7458111
May'14 ____ s5 86
--- -- 73 85
75 Apr '14 __ 75 80
93 9512 94 May'14 ____ 94 9634
115 J'ne
9612
9612
96 ___
.::..1. .
.
1 -08
6
9,8
3:
9514 :
:
:9
6
0:4
0
53
9514
- 9514
8
---- 0872 Mch'14 ____ 98%8 987
1 81 8534
8112
8112
-___
79
2 75 83
80 79
100 Feb '14
100
101
6 10018 10134
101 10138 101
75 Mch'14 -7
;8
578 8
70
5
7078 INIch'14 --. -- -- (
111381kIch'14
19
1'8
58 10
19
752
1095s Jan '14 ----_ 10
i5634
103 --I 100 10712
103
88 Jan '14
103 Jan 'II ii____ _— ---7014 Dec '1),
4
5 Ida- idii1611-4
10114 Apr '14 _ -__i.
92 95
95
95
-97 Apr 07
100 Mch'14
66
71: i6
97
_
9712 Mch'14 ____ i9
6
:
1
9012 9012
9012 INIcle14
100
065s
9358 9014
9658
9478 _ _ _ _ 947s May'14 ___ 92 9514
10258 103 10258 May'14 ......___ 10072 103
995,
9914 Apr '14
991k 997'84
997s Feb '14 ---- 98
9875 Apr '14 —_- 985s 98
963s Noy'13
9734 ;Tile 9738
4 -964
9734 14 -9319358 Feb '12
---- ---..
•••••
••••
* No price Friday: latest bid and asked. 11 Fiat prices.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
SHARA PRICES—NOT PER CENTUM PRICES
Saturday I
May 9
Monday
May 11
Wednesday
May 13
Tuesday
May 12
10434 10434 10412 10434 *104 10434
111 111
111 111 *11112 112
14
14
.1312 1434 *1312 15
-- •--- _ 57
____ *122 ---•__
126
•1514 ____ .i1914 ____ *1914 --*5314
*53,4
*5314
12 -26-3-4
21.3; 2612 - 5g *26
2638 -2-6
*3714 38
*4612 47
3734 *37
*37
4634 47
47
5112 5118 52
;51
.33614 3714 *3612 3734
*7512 7612 76
78
11
*1034 1114 11
.1812 19
19
19
78
78
78
78
*6918 6938 69
7014
•17
1714 *17
1712
3012 3012 *3014 3034
5558 55
55
5512
3914
39
3912
39
2558 2558 2512 2558
1518 1538 1538 1638
82ife. 8212 82%83'4e
67
4 612
VA VA
4212 4212 4278 44
8278 83
83
83
10412 105
11212 113
-- —_
-___ -__
---- ......*1914 ---*5314
2638 ---2634
3734 *37
3734
47
*4612 47
5112
*3612
75
*1012
*1834
78
*6934
*17
*3014
5532
3912
2558
1634
8278
658
44
83
Thursday
May 14
10478 105
113 113
14
14
__
_
*12012 ____
*1912 ____
_
'35334
2634 -2678
-
37
47
37
4712
5158 *5112 52
5134 5234
3734 *3612 3734 3612 38
75
76
77
76
76
11
11
11
11
11
19
19
*1834 19
19
78
78
78
7758 78
70
6912 6978 70
70
1712 1712 1712 *1712 18
3034 3012 3012 3012 3012
5512 5538 551(
6 5512 55'34,
3978 3912 3912 3912 4012
2558 2512 2512 2558 2578
17
1678 1714 17
174
8318 8212 8234 83 83,f,
658
87,(,) 612 .6% 612
44
4414 4438 44
4414
83
83
8318 83
8318
Friday
May 15
10434 10434
.112 114
1412 1412
*54
55
12234 12234
*195s 20
*54
2678 27
3714 3734
4734 4812
1112
*11
5234 5234
*3734 3814
78
*77
11
11
.31834 19
78
78
70
70
*1712 18
*3012 31
5534 55%
40
40
2578 26
17
1712
82%83;4
612 8ifs
4414 4414
83
8318
Sales
ACTIVE STOCKS
of the
Week (For Bonds and Inactive
Stocks see below)
Shares
865
140
610
12
1,101
Range Since Jan. 1
Lowest
Highest
Range for Previous
Year (1913)
LJWCS1
Baltimore
Con Gas El L & Pow_100 103 Feb 14 108 Jan 26 101 J'ne
Do
poref
100 109 Jan 3 114 Mei). 10 101 J'ne
Houston Oil tr ctfs-100
12 Apr 25 1912 Feb 2 1212 Dec
Do
pref tr ctfs_100
53 Apr 28 80 Jan 19 5612 J'iv
Northern Central_
50 115 Jan 22 127 Apr 8 10612 Dec
Seaboard Air Line
100
1734 Jan 6 22 Feb 5 1412 J'ne
Do
pref
100
46 Jan 2 5512 Feb 9 4112 J'ly
United Ry & Electric.. 50
2412Jan 7 2714 Mch 6 23 Jan
Philadelphia
50
American Cement_
5 American Railways__ 50
50
1,895 Cambria Steel
Electric Co of America 10
531 flee Storage Battery_100
206 Gen Asphalt
100
232
Do
pref
100
200 Keystone Telephone.. 50
340 Lake Superior Corp 100
542 Leh C & Nay tr ctfs
50
265 Lehigh Valley
50
25 Lehigh Valley Transit 50
pref
50
520
Do
50
1,340 Pennsylvania RR
50
615 Philadel Co (Pittsb)
2,968 Philadelphia Electlj_ 25
50
5,952 Phila. K'!' vot tr ctfs
60
2,430 Reading
1
878 Tonopah Mining
50
1,747 Union Traction
50
592 United Gas Impt
37 Apr 16
z4578 Apr 30
11 Jan 15
4612 Jan 5
3612 Jan 9
7434 Jan 5
978 Apr 28
1812 Apr 28
z7712 Apr 30
66% Apr 22
1634 Apr 27
3014 Apr 24
5414 Apr 25
3838 Apr 27
2518 May 6
13 Apr 27
z797
4 Apr 27
6 Mch 6
42 Mch 27
82 Apr 25
I
!BOWS'
120 Jan
12034 Jan
2512 Nov
68 Jan
123 Apr
21 Jan
4912 Sep
2738 Apr
2 Feb
2 Feb
3912 Feb 14 37 Joe z4912 Feb
5358 Jan
5134 Jan 21 41 Joe
1114 Jan 27 1114 J'iy
1218 Jan
5513 Feb 2 42)2 Joe 5414 Jan
4212 Feb 10 33 J'ne
4278 Feb
82 Feb 10 7018 J'ne
78 May
1312 Jan 15
1312 May
934 J'ne
2314 Jan 31 21 Dec
3112 Jan
8434 Jan 22 81 J'ne 9312 Jan
7818 Jan 24 7058 J'ne 844 Jai
2058 Feb 4 1534 Jan
2378 Itch
34 Jan 29 2912 J'ne 371., Ich
5734 Jan 31 5358 Dec 61% Jan
4634 Feb 6 37 J'ne 50 Jan
2714 Feb 19 12012 .I'ne T,2G'A Dee
2018 Jan 15 18 Nov
2812 .lan
8618 Jan 23 7558 J'ne 85% Dee
712 Jan 14
4 J'I)3
77/£4 Dee
47 Jan 15 4134 Nov 511 Jan
86 Jan 28 8034 J'ne 9112 Feb
t
PHILADELPHIA
Bid
Ask
PHILADELPHIA
—
Inactive :itocks
Amer Gas of N J
10
American Milling
100
Amer Rys pref
50
Cambria Iron
Central Coal & Coke 100
100
Preferred
100
Consol Trac of N J
100
Harwood Electric
50
Huntington & B T
50
Preferred
10
Insurance Co of N A
Inter Sin Pow & Chem 50
Kentucky Securities i00
Keystone Telep, pref- 50
Keystone Watch Case 100
10
Lit Brothers
50
Little Schuylkill
15,11nehill & Schuyl H— 50
Nat Gas flee Lt & P 100
100
l'referred
North Pennsylvania
50
Pennsy receipts $30 paid50
Pennsylvania salt
100
Pennsylvania Steel
Preferred
100
Phila Co (l'itts) 5% prf 50
8% cumulative pref. 50
Phila German & Norris 50
Phila Traction
50
Railways General_
10
Tonopah Belmont I3ey I
United Cos of N J_ _100
United Trac Pitts p-ref 50
Virginia fly & Power_100
Preferred
100
Warwick Iron & Steel- 10
Wash'ton-VaRY(new)100
Preferred
100
Welsbach Co
100
West Jersey & Sea Sh_ 50
Westmoreland Coal.... 50
Wilkes Gas & Elec
100
i'ork Railway
50
Preferred
50
Bonds
Prices are all "and
1
interest"
10012 10112 Alt & L V flee 4 3is'33F-A
42 4212 Am Gas & Elec 5s '07_F-A
--- ___ Am Rys 5s 1917
A-0
Atl C Gas 1st s f 5s '60 J-J
'73 -___ Berg&EBrew lst6s'21 J-J
-- ...... Bethleh SII 6s 1998-Q-F
- Ch Ok & 0 gen 5s 1919 J-J
--------. Con Trac of N J 1st 5s '33
1 Del Co Itys tr ctfs 481'49J-J
------- Edison Elec 5s 1946 A-0
_
_
Eke 58 peoples Tr tr ctfs_
5712 58 Fr Tac & II 1st 5s '40..J-J
—._-__ Gen Asphalt 5s 1916_m-s
--__ ___- Harw Elec 1st Cs 1942 31-S
__ ____ Interstate 48 1943_ F-A
___
KentuckyTra&T 58'51F-A
60 85 Keystone Tel Is 1935__J-J
80 85 Lake Sup Corp Inc 5s24 0
03 ---- Lehigh Nay 4 %s '24..(1-11'
---Cons 4 A sinterim ctfs w i
102 10212 Leh V 0 1st Is g 1933_J-J
-- _ _ -..- - Leh V ext 4s 1st 1948_J-D
59 62
Consol 6s 1923_ _J-D
36 38
Consol 43s 1923
J-D
4212 43
Annuity Os
J-D
---_ _
Gen cons 48 2003__M-N
80 8012 Leh V Tran con 4s '35 J-D
834 _ _
1st series A 4s 1935_M-S
'714 -738
1st series B 5s 1935 M-S
--- -___ MarketstEl 1st 4s'55M-N
---- ---- NatLH&P ser) Os '19 J-J
---- -- New Con Gas 5s 1948_J-D
..
N Y Ph & No 1st 4s'39 J-J
Income 4s 1939 ___ M-N
---- ------- ---- Penn Steel 1st 5s '17..M-N
People's Tr tr ctfs 4s_1943
--.
37 39 P Co 1st&coll tr 5s'49M-S
Con & coil tr 5s'51 M-N
---- 5114
60 ($2 Phil Elec gold tr ctfs_A-0
Trust, ctfs 4s 1949—J-J
_ . _
83; 1012 P & E gen M 5s e '20_A-0
3212 3312
Gen'M 4s g 1020..—A-0
• Bid and asked; no sales on MU day. - skdiyldend,
$16 Paid
Bid
Ask
--
PHILADELPHIA
Ph & Read 2d 5s 1933 A-0
Ex Imp M 4s 1947_A-0
Terminal 55 g 1941 (.2-F
-------- P W & B col tr 48'21__J-J
8558 86 Read Trac 1st 6s '33__J-J
____ ___ Roch fly & L con 5s '54J-J
___ _ ____ Spanish-Am Ir 6s '27__J-J
Stan'd Gas & El 68'26 J-D
11611 ___ Stand Stl Wks lst5s'28 J-J
97 ____ U Trac Ind gen 5s '19_J-J
103 - — Un Rys tr ctfs 4s '49 _J-J
-- __ United Rys Inv 1st coil tr
s f 5s 1926
31-N
811-2 82 Welsbach s f 5s 1930__J-D
_ . Wil-B G&E con 5s '55-J-J
off, (412 York Rys 1st Os 1937-J-D
10212 10258
58 59
BALTIMORE
Inactive Stocks
_
__
913-8 _ _:- Atlan Coast L (Conn)_100
693-4 Canton Co
100
____ ___ Consolidation Coal
100
100
991s ___ Georgia Sou & Fia
1st preferred
100
4
10412 1051______
Zd preferred
100
G-B-S Brewing:
100
____ ____
Bonds
Prices are all "and
135 137
9134 .02
interest"
__ Balt City 33s 1930
_
J-J
871-2 __
46 1954-1955—Various
103 10314
M-N
Os 1616
____ 95 Anacostia & Potom 5s A-0
__ Atl C'st cony deb 4s_M-N
104, ___ Atl Coast L(Ct)ctfs 58 J-D
J-J
5-20-yr 4s 1925
- B S P & C 1st 4%s'53 F-A
-------__ ____ Bait Trac 1st 5s '29_M-N
No Bali Div 58 1942J-D
1001-2 101 Cent Ry cons 58 '32-M-N
Ext & Imp 5s 1932 M-S
-__ 88
1017; 102 Chas City Ry 1st 58'2.$ J-J
8038 8012 Chas Ry G & El 58 '9931S
____ ___ City & Sub 1st 55 1922 J-D
---- --- City&Sub (Was) 1st 58'48
4 817A Dad.
¶2212 paid.
Bid
Ask
BALTIMORE
Coal &0 Ry 1st 5s'19A-0
Coal & I Ry 1st 5s'20 F-A
Col & Grnv 1s1 6s 1916 J-J
Consol Gas 5s 1939__J-D
Gen 4 Ms 1954
A-0
___ __:- Cons0 E & P 4 .is '35 J-J
101 1011; Consol Coal 5s 1950 J-D
____ 91 Fair & CI Tr 1st 5s'38 A-0
___ ____ Ga & Ala 1st con Os '45 J-J
Ga Car&N 1st Is g '29.7-J
74 75 Georgia P 1st 6s 1922_ _J-J
Gla So & Fla 1st Is '45_J-J
73 74 0-B-S Brew 3-45 '51_M-S
88 ____ Houston 011 dly cas F-A
102 ___ Knoxv Trac 1st 5s'28 A-0
_.. 9212 MaconRy&Lt 1st 5s'53J-J
Md Elec Ry 1st Is '31 A-0
Memphis St 1st Os '45_J-J
Monon V Trac Is '42 J-D
____ 128 Mt Ver Cot Duck 1st 5s-150 155 NptN & 0 l' 1st 5s'383I-N
9212 94 N & A Terml 5s '29_ _M-S
25 _ _ Nor&Port Tr 1st 5s'3a J-D
90 _
Norf Ry & L 5s '49_ _M-N
70 ____ North (lent 4;is 1925 A-0
12 __
Series A 5s 1926____J-J
Series B 5s 1926--J-J
Pitt Un Trac 5s 1997__J-J
Poto Val 1st 5s 1941_ _J-J
92 ____ Say Fla & West 5s '34-A-0
9714 ___ Seab Air L 4s 1950—A-0
__- 10134 Seab & Roan 5s 1926....J-J
993-4 ____ South Bound 1st 5s_ -A-0
9214 93 U El L&P 1st 4348'29M-N
100 __ _ Un Ry & El 1st 4s "19 M-S
911,_ _
Income 4s 1949
J-D
961. if
Funding 5s 1936 J-D
Cony notes 5s 1914 J-J
10614
105 __ Va Mid 3d ser 6s '1(I_M-S
105 __
4th ser 3-4-Cs 1921 M-S
105
_
5th series 58 1926__M-S
1021 ....... Va (State) 3s new '32..J-J
9334 _
Fund debt 2-38 1991 J-J
10234 __-.. West if C con Gs 1914_J-J
J-J
101 ---- Wil & Weld Os 1035
_
5'5.
4 ___9814
___ 112
____ ___
Bid
Ask
92 94
____ 99
102 _..
1055s --9418 941;
89 8934
8934 ---10012 101
104 105
10234 ---10734 - --104 ____
2912 30
__
78
piii,. _
iii,
981; 99
94 98
____ __—
_ - 98
ii _
87 8714
97 _—
101
106 -108 _....
_ -..--103 105 __—
85 9658
105 —_
10512 --9214 938312 83•4
___ 6614
861-4 --_
997s ---101
102
103 _ _ _
_
82 _
100 ____
106
[Wm. xcvm.
THE CHRONICLE
1526
$nuestmera and faatIraati $11telligeure.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways Gre brought together separatelyon a subsequent page.
July 1 to Latrst Date
Latest Gross Zarnings.
Previous
Current Previous Current
Year.
Year.
Year.
Year.
Year.
3
3
Is
r,
8
:5
3
$
Ala N 0& Tex Pac320,986 313.117 3,401,705 3,254.129 N 0 Mobile & Chic_ March _ _ 186.939 217,338 1,690,851 1,887,732
NO & Nor East_ April
141.951 157.715 1,578,866 1.586,704 N Y N H & Hartf„ March _:.. 5,262.963 5,452,655 49,819,362 52.470,201
Ala & Vicksburg_ April
661,825 698,163 6,736,886 7,109,899
157,129 143,292 1,566,088 1.468,059 N Y Ont & West__ March __
Vicks Shrev &Pac April
55,188 1,930,738 1,902,278 N Y Susq & West__ March ..-_ 351 023 328,523 2,954,500 2,811,173
50,476
Ann Arbor
4th wkApr
9,346,40e 9,523,890 83,679,202 89,498,"$' Norfolk Southern.._ February:: 323,228 341.486 2,790,371 2,713.017
Atch Topeka & 8 F_ March
304.538 311.447 2.697.876 2,494,051 Norfolk & Western_ March ___ 3,598,327 3.568.831 33,433.948 32,942,971
Atlanta Birm & At! March
3,763,661 3,759,122 27,658,331 27,353,162 Northern Pacific..... March ___ 4.947,821 5,619,874 52,668,371 55,187,255
Atlantic Coast Line March_
216,460 203,945 1,624,511 1,465,915 Northwestern Pa.. March ...._ 268,706 269,527 2,772,700 2,766,880
Chariest & W Car March
930,086 Pacific Coast Co___ March ...... 468.723 619,711 6,501.135 5,981,854
Lou Hend & St L March
111,130 101.163 1.027,236
7,974,380
7,789,857 74,260,822 75,006,069 Pennsylvania RR__ March __ 14851 147 14849 127 136631417 135836 760
March
Ohio_
g Baltimore &
239,190
270,221
119,026 130,779 1,241,098 1,334,065
20,276
Ball Ches & Ati__ March ___
20,821
B & 0 Ch Ter RR March
2,619,819
428,430 326,550 2,775,263 2,341,763
Bangor & Aroostook March
Cumberland Vail. March ___ 262,413 295,059 2,606,299 8,480,328
9,155,358
March
-__
Long
865,160
807,073
348,093
600,217
March
6,361,439
Island
6,236,442
Bessemer & L Erie_
119,360
119,276
8,438
94,362 120.480
9,225
Maryl'd Del & Va March ___
Birmingham South_ March __
920,864
901,836
NY Phila & Norf March ___ 271,317 296,931 2,799,545 2,708,620
Boston & Maine..... March_ __: 3,727,974 3,731,290 35,596,433 36.617,411
301
1,050,735
9,063,218
9,916,
1,075,721
March
Northern
Central
9,350,848
9,265,767
133.836
247,401
1st
wkMay
Buff Roch & Pittsl197,995 213,629 1,800,819 1,850,075
Buffalo & Susq__ _ March
Phila Balt &Wash March ___ 1,567.963 1,787.368 15,378,773 15,707,265
Canadian Northern 1st wkMay 423,400 472,400 19,827.100 19,055,300
W Jersey & Seas3 March ___ 376,034 459,166 4,784,673 4,863.876
Canadian Pacific 1st wkMay 2,119,000 2.572,000 111794012 118108376 Ponnsylvania Co.._ March --- 4,392,788 4,500,198 46,883,010 49,320,438
Central of Georgia.. March
1.325,376 1.320.664 11,257,451 10.8_92,301
_Grand Rap & Ina March ___ 453,358 444,114 4,227,452 4,197,354
2,434.739 2,331,666 23.609.037 24,314,029
Central of New Jar. March
l'Itts C C & St L_ March ___ 3,409,552 3,222,968 32,586,544 33,835,259
March ___ 1,001,444 787,994 8,835,950 8,637,809
Cent New England.. March
2.773,897
Vandalia
298,021 293,051 2,782,371
Central Vermont March __
334,340 323,390 3,015,490 3,113,945 Total LinesEast Pitts & E_ March ___ 20103446 20594 623 191706 217 192331136
- 698,188 594,06? 31,046,726 29,674,280
Ches & Ohio Lines_ 1st wkMay
West Pitts & E March ___ 9.455,109 9,133.604 94,371.572 97,632,121
Chicago & Alton__.. 1st wkMay 249,157 272,391 12.374.603 13,132,934
All East & West_ March --- 29558 555 29728 227 286077 791 289963 261
7,626.213 7,129,395 72,124,149 72,501,538
Chic Burl & Quincy March
March ___ 1,362,755 1,395,394 12,553,756 13,305,003
1,441,037 1,268,382 12,428,186 12,367,084 Pere Marquette
f Chic & East III_ March
p Ohic Great West.. 1st wkMay 237,933 233,788 12,243,109 11,882,318 Reading CoPhila & Reading_ March ___ 3,934,197 3,998,525 36,648,070 38,919,822
Chic Ind & Louisv_ 1st wkMay 128,937 147,675 5,918,204 6,925,287
Coal & Iron Co March ___ 2,076,643 1,371,005 23,474,774 31,035,148
Chic Milw & St P_ i March
7,633,103 7,593,900 70,034,293 71,247,202
Total both cos.__ March ___ 6,010,840 5,369,530 60,122,844 69,954,970
ChicMll& PusS I
6,901,638 6,845,476 65,832,335 65,653,679 Rich Fred & Potom March ___ 256,250 281,114 2,113,727 2,131,836
oChic& North West March
39,125
63,988
726,243
806,079
1,511,155 1,351,408 14,030,163 13,231,246 Rio Grande June_ _ _ February..
"Chic St P M & Om March
11,900
9,920
565,157
560,438
239,175 130,980 1,742,199 1,472,866 Rio Grande South 1st wkMai
Chic Terre H & S E March
52,173,612 54,410,219
On Ham & Dayton March - 784.484 678,611 7,540,546 7,767,156 Rock Island Lines March -__ 5,636,955 5,594,102
March_... 262,612 268,792 2,7980300 2,772,534
124,257 119,446 1,368,942 1,480,567 Rutland
Colorado Midland.. March
138,779 108,306 1,243,836 1,188,105
b Colorado & South 1st wkMay 178,259 272.700 11,484.209 12.991,971 St Jos & Grand 1st_ March__
16,003
20,530
139,591
Cornwall
March
182,033 St L Iron Mt & Sou March __.: 2,773,887 2,872,581 25,550,528 26,173,967
318,264 , St L Rocky Mt & P March ___ 200.271 204,929 1,865,426 1,693,377
Cornwall & Leban'n March_ _ _
25.947
232,281
34,963
March __: 585,739 460,741 3,725,614 3,335,162 St Louis & San Fran March_ ..- 3,669.655 3,677,787 34,921,249 35,136,631
Cuba Railroad
1,600,621 1.908,762 17,199,108 18,241.916 St Louis Southwest_ 1st wkMay 206,000 237,000 11.229,766 11,543,863
Delaware &Hudson March
861,758 787,561 7,774,580 7,605,725
2,777,933 2,789,349 29,611,594 30,274,527 San Ped L A & SL_ March _
Del Lack & NVex,._ _ march
541.599 534,458 21,799,328 21.044,914
1st
Deny & Rio Grande
wkMay 380,300 423,900 19,991,190 21,060,934 Seaboard Air Line 1st wk3,3313, 11361536
11415290 105031 763 108286634
March ___
86.000 111,000 5,185,392 5,241,889 Southern Pacific
Western Pacific ist wkMay
948,496 Southern Railway 1st wkMay 1,323,089 1,326,222 60,109,129 59,102,905
967,508
Denver & Salt Lake 4th wk Apr .1E1.,
63,
3 .
.
21,4
391
261,834 11.040,323 10,383,815
240,271
wkMay
1st
Ohio..
1,282,256
Mobile
&
1,155,147
Detroit To! & Iront March_ .,333,133 .31-13201
. 1st wkMay 193,086 197.703 2,253,527 8,828,206
cin N 0 & Tex P
22,871
25,725 1,036,868 1,057,259
Detroit & Mackinac 1st wirl3lai
88,058 4,635.774 4,421,710
83,403
127,623 104,465 5,099,395 3,859,560
Ala Great South.. 1st wkMay
Dul & Iron Range March_ _ .,_
45,195 2,218,520 2,220,019
51,734
Georgia Sou & Fla 1st wkMay
Duluth So Sh & At! 1st wkMay
66,112 2,932,004 2.302,744
63,919
1,019,606 1,144,564 8,843,947 0,900,662 Spok Portl & Seattle March...860,713 390,755 3,722,564 4,025,283
Elgin Joliet & East_ march
77,439
114,676
3,886
2,225
i•
785,996 765,934 6,668,485 6,497,849 Tenn Ala & Georgia 4th wk
El Paso & Sou West March__
145,431 142,756 1,287,826 1,257,546
March _:.-: 4,981,548 4,894,403 45,946,607 47,155,987 Tennessee Central_ March -_
Erie
711,106 726,988 3,899,417 3.810,171 Texas & Pacific.._.. 1st wkMay 298,407 297,9 03 16,298,927 15,807,242
Florida East Coast_ March
64,317
78,208
7.996
77,030
8.087
730,388
737,185 Tidewater & West_ March ___
79,609
Fonda Johns & Glov March
16.904 1,113,355 1,169,789
297,307 291,118 2,601,288 2,376,932 Toledo Poor & West 1st wkMay
35,595
Georgia Railroad.... March
84,356 3,899,371 3,659,728
74.745
Grand Trunk Pac 4th wk A$1. 122,134 148.286 5,908,279
Toledo St L & West 1st wkMay
Union Pacific Syst_ March --- 6,393,483 7,010,253 71,188,262 71,803,642
Grand Trunk Syst_ 1st wkMay 978,178 1,060,639 46,508,648 46,971,27
t Grand Trk Wart.. 4th wk Apr 180.'112 196,616 5,989,651 6.114,276 Virginia & So West_ March ___ 167,326 145,700 1,465,507 1,335,081
65,842
March ___ 514,846 564,197 5,051,564 4,628,020
\ Del Gr H dr Milw 4th wk Apr
58,178 2,097.030 2,052,165 Virginian
April _ 2,248,263 2,483,489 25,368,519 26,558,117
52,033
58.778 1,920,078 2,003,679 Wabash_
. Canada Atlantic.. 4th wk Apr
Anril
March __ 660,624 629,128 6,202,432 5,647,461
5,062,081
64,848,951
System
Maryland_
63,356,802
North
Western
Great
6,082,302
165,733 188,022 1,545.544 1,567,852 Wheel & Lake Erie.. April..__ 407,922 879,728 6,636,672 6,325,104
Gulf & Ship Island_ March
249,565
291,808
597,408 478.469 5,707.288 5,685,863 Wrightsv & Tennille March - 40,266
37,510
Hocking Valley......_ March
4,715,353 4,560,001 55,760,052 53,773,375 Yazoo & Miss Vail.. April
845,358 815,217 10,332,107 9,339,015
Illinois Central..... April
Internat& Grt Nor_ 1st wkMay 143,000 171,000 8,701,561 9,869,895
Current
Previous
92,610 160,666 8,369,714 7,621,771
g Interoceanic Max. 1st wkMay
Year.
266,912 234,467 2,426,491 2,435,249
Year.
March
Various Fiscal Years.
Period.
Kanawha & Mich
-980,970 891,434 8,191.613 8,102,197
Kansas City Sou.. March
S
S
Lehigh & New Eng. March_ _ _ 217,677 127,544 1,484,624 1,209,252
Jan 1 to Mar 31 4,794,367 5,933,856
Lehigh Valley.._...... March..... 3,000,130 2,963,284 29.270.424 31,973,907 Delaware & Hudson
Louisiana & Aran_ March151,269 166,437 1,314.437 1,286,364 NY Central & Hudson River-e- Jan 1 to Mar 31 20,956,796 22,649,323
Jan 1 to Mar 31 3,633,067 3,853,145
Boston & Albany.
'Louisville & Nash_ 1st wkMay 1,028,770 1,154,080 51,637.427 50,880,375
11,647
Lake Shore & Michigan South Jan 1 to Mar 31 11,913,001 14,272,337
137,478
9,916
Macon & Birm'ham April
135,976
Jan 1 to Mar 31 1.315,242 1,388,182
1,047,977 081,249 8,811,643 8,534,989
Lake Erie & Western_n
March_
Maine Central
Chicago Indiana & Southern_ Jan 1 to Mar 31 1,090,794 1,140,285
378,230
Maryland & Penna_ March...40,578
41,012
395,335
Jan 1 to Mar 31 7,677,344 8,554,931
i
wk
172,700
Central
3d
Railways
Michigan
199,700 8.060,100 7,112,600
a Mexican
1st wkMay
14,642
Cleve Chi Chic & St Louis_ Jan 1 to Mar 1 8,150,573 8,792,869
Mineral Range..
730,758
16,030
380,655
Jan 1 to Mar 41
287,851
314,287
Cincinnati Northern
Minn & St Louis....) 1st wkMay 169,636 168,423 8,292.368 8,403,126
Jan 1 to Mar 31 3,954,007 4,653,436
Pittsburgh & Lake Erie
Iowa Central_ f
Now York Chicago & St Louis Jan 1 to Mar 1 2,869,995 3,085,413
Mimi StP & 8 SM., 1st wkMay 471,901 527,285 26,471,538 27,583,460
Jan 1 to Mar 31 1,231,601 1,177,158
83,650
Toledo & Ohio Central
Mississippi Central_ March..
96,287
790,240
783,223
Jan 1 to Mar 31 63,106,707 69,854,932
Total all lines
it Mo Kan & Texas.. 1st wkMay 502,852 509,940 27,472,389 28,094,983
Jan ; to Mar 1 40,484.014 43,259,276
x Missouri Pacific... 1st wkMay 1,023,000 1,082,000 51,484,764 53,406,995 Pennsylvania Railroad
53,042
49.356
1,092,926 1,145,865 9,728,912 10,015,824
Baltimore Chesap & Atlantic.. Jan 1 to Mar 41
Nashv Chatt & St L March
796,354
862,762
Jan 3. to Mar 31
Cumberland Valley
a Nat Rys of Mex t_ 1st wkMay 464.574 802,055 30,750,032 51,457,452
Jan A to Mar 31 2.323,916 2,211,741
7,075
Long Island
7,587
Nevada-Cal-Oregon 1st wkMay
349,763
310,067
22,940
26,726
149,332 161,595 1,425,112 1.307,420
Maryland Delaw & Virginia-Jan 1 to Mar 31
New Orl Great Nor_ March_3
779,781
838.475
N Y Philadelphia & Norfolk_ Jan 1 to Mar 31
013 Y C & Hud lily_ March___: 7,529,866 7,881,056 73,006,966 73,096.591
1,311,270 1,323,150 12,624,965 12,631,592
Jan 1 to Mar 31 2,900,326 3,112,188
Northern Central
Boston & Albany March
4,338,642 4,754,601 40,820,566 43.510,034
Jan 1 to Mar 31 4,540,710 4,929,821
Philo, Bait & Washington
Lake &lore & M s March
Jan 1 to Mar 31 1,025,603 1,169,457
West Jersey & Seashore
n Lake Erie & W_ March- 503,562 444,881 4,373,629 4,674,250
Jan 1 to Mar 3112,710,29113.889,737
423,881 390,566 3,355,816 3,360,312 Pennsylvania Company
Chic Ind & South March
2,646,014 2,972,193 25,984,091 26,229,288
Grand Rapids & Indiana...... Jan 1 to Mar 31 1,226,743 1,257,803
Michigan Central March
3,028,158 2,824,242 27,769,346 28,735,706
Jan 1 to Mar 31 9,514,356 10,489,558
Clay 00 & St Li March
Pitts On Chic & St Louis
Jan 1 to Mar 31 2,711,421 2,603,809
Vandalia
Peoria& Eastern!
115,643
91,550 1,135,961 1,089,749
Total lines-East Pitts & Erie Jan 1 to Mar 31 55,273,637 59,423,035
Cincinnati North. March
_west Pitts & Erie Jan 1 to Mar 31 26,184,577 28,772,182
Pitts & Y.ake Erie March_ __ _ 1,601,596 1,595,556 13,603,098 14,745,119
-All lines E & W Jan , to Mar 31 81,458,215 88.195,211
NY Chic & St*L. March- 1,022,170 940,086 9,087,818 9,584,378
198,574
Dec 1 to Feb 28
.
Tol & Ohio Cent.. March...... 513,745 357,778 4,509,070 4,121,120 Rio Grande Junction
757,671
777.299
Jan 1 to Mar 31
Tot all lines above March....... 23234547 23575659 216271324 221668138 Rutland
Latest Gross Ecrnzugs.
LOADS.
Week or
Month.
Current
Year.
Ju y 1 to Latest Date.
Previous
Current
Year.
Previous
Year.
ROADS.
Week or
Month.
..
AGGREGATES OF GROSS EARNINGS-Weekl7 and Monthly
•Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
*Monthly Summaries.
Current,
Year.
Previous
Year.
Increase or
Decrease.
%
$
t,
Mileage. Cur. Yr. Prey. Yr.
July
4th week Feb (40 roads)____ 12,677,052 14,487,059 --1.809,107 12.49
206.084 203.773 235,549.764 223,813.523 +12.036,238 5.38
12,041,222 13,077,626 -1,036.374 7.92
August
19,492 216,709 259.835.029 255.493.023 +4,342,006 1.50
1st week Mar 39 roads
12.983,762 13,528.993
-615.241 4.51
September-242.097 239,050 285,050,042 275,244,811 +9,805,231 3.57
2d week Mar 40 roads
-650,901 4.78
12,973,662 13,624,563
October -243.690 240,886 299,195.006 300,476,017 -1,281,011 0.48
3d week Mar 39 roads
17,940.163 18,161,250
-221,087 1.20
November_243.745 241.452 269,220.882 278,364,476 -9,143,593 3.36
4th week Mar 39 roads
12,582,203 12,611,264
December _243.322 241,180 254,218,891 266.224.678.....12,005.787 4.51
-29.061 0.23
lit week Apr 38 roads
2c1 week Apr 39 roads1
12.536.856 12.990,105
-453,249 3.49
January __ --243.732 241.469 233,073,834 249,958,641 -16.884,807 6.75
11.181,328 12.217.188 -1,035,860 8.48
3d week Apr 37 roads
February......244,925 241,928 209.233,005 233,056,143 -23,823,138 10.22
16,392.804 18.500,271 -2,107.467 11.34
4th week Apr 39 roads
March .._ -245.200 243.184 250,174,263 249.514,091
+660.166 0.27
Anr11
93.167 01.502 R7.995.653 72,446.440 -4.4503037 0.28
_
1st week May 36 roads ____ 12,003,703 13,237.580 -1.233.877 9.32
e
Includes the New York di
a Mexican currency. b Does not include earnings of Colorado Swings & Cripple Creek District Ry.from Nov. 1 1911.
Ottawa. the St. Lawrence & Adirondack and the Ottawa & New York Ry., the latter of which, being a Canadian road, does not make returns to the
Inter-State Commerce Commission. f Includes Evansville & Terre Haute and Evansville & Indiana RIZ. g Includes the Cleveland Lorain & Wheeling '
IV. in both years. n Includes the Northern Ohio BR. p Includes earnings of Mason City & Fort Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville de Atlantic and the Fran,3fort •••• Cincinnati. t Includes the Mexican International.
laclu‘les the Texas Central in both years and
the Wichita Falls Lines in 1912. begInnink. Nov. 1. v Includes not only operating revenues, but also all other receipts. z Includes St. Louis Iron Mountain & Southern. * We no longer include the Mexican roads In any of our totals.
THE CHRONICLE
MAY 16 1914.1
1527
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 36 roads and shows 9.32% decrease in the aggregate under the same week last year.
--1914.
First week of May.
1913. I Increase. Decrease.
EXPRESS COMPANIES.
-Month of January- -July 1 to Jan. 311913.
1914.
1914.
1913.
Adams Express Co.$
$
$
$
Gross receipts from operation 2.387,293 2,447,802 20,855,938 21,480,227
Express prIvileges-Dr..____ 1,261,317 1.200,125 10,927,894 11.150,943
$
88,403
Alabama Great Southern
11,0581
247,4011
133,836
Buffalo Rochester & Pittsburgh
423,400
472,400
Canadian Northern
Pacific
2,119.000 2,572,000
Canadian
• 598.188
Chesapeake & Ohio
594,062
272,391
Chicago & Alton
249.157
Western
Chicago Great
233,788
237,933
147,575
Chicago Ind & Louisville
128,937
197,703
Cinc New Orleans & Texas Pac
193,086
Colorado & Southern
272,709
178,259
423,900
Denver & Rio Grande
380,300
111,000
Western Pacific
86,000
25,725
Detroit & Mackinac
22,871
66,112
Duluth South Shore & Atl
63,919
45,195
Georgia Southern & Florida.. _ _ _
51,734
Grand Trunk of Canada
978,178 1,060,639
Grand Trunk Western
Detroit Gr Hay & Milwau_ _
•
Canada Atlantic
171,000
143,000
Internet & Great Northern_ _ _ _
1,028,770 1,154,080
Louisville & Nashville
16,030
14,642
Mineral Range
168,423
169,636
Minneapolis & St Louis
Iowa Central
471,901
Minneapolis St Paul & S S M.
527,285
502,852
509,940
Missouri Kansas & Texas
1,023,000 1,082,000
Missouri Pacific
240,271
261,834
Mobile & Ohio..
7,075
Nevada-California-Oregon.._ _ _ _
7,587
9,920
11,900
Rio Grande Southern
206,000
237,000
St Louis Southwestern
541.599
Seaboard Air Line
534,458
1,323,089 1,326,222
Southern Railway
298,407
Texas & Pacific
297,903
Toledo Peoria & Western
15,595
16,904
Toledo St Louis & Western_ _ _ _
74,745
84,356
Total(36 roads)
12,003,703 13,237,580
Net decrease (9.32%)..
Mexican rds. (not incl in total)Interoceanic of Mexico
92,610
160,666
National Railways of Mexico__
464,574
802,055
Net operating revenue_ _..def.170.556 def.102.766 def.76,425
One'twelfth of annual taxes..
116,743
14,222
18,132
$
345
113,565
49,000
453,000
4,126
23,234
4,145
18,638
4,617
94,450
43,600
25,000
2,854
2,193
6,539
82,461
1,213
7,141
1,309
9,611
24,013 1.257,890
1,233,877
68,056
337,481
Previously reported (31 roads). 14,407,678 16,356,307
Ann Arbor
55,188
50,476
1,014,209 1,132,198
Chicago & Alton
186,852
168,102
Chicago Indianap & Loulsy_ _ _ _
21,491
19,633
Denver & Salt Lake
122,134
148,286
Grand Trunk Pacific
58.132
64,112
Georgia Southern & Fla
8,187
9,025
Nevada-California-Oregon
544,253
526,812
Seaboard Air Line
51,585 2,008,214
4,712
117,989
18,750
1,858
26,152
5,980
838
17,441
16,392,804 18,500,271
69,026 2,176,493
2,107.467
Total (39 roads)
Net decrease (11.34%)
Net Earnings Monthly to Latest Dates.-In our "Railway Earnings" Section or Supplement, which accompanies
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 cornpanics received this week.
Roads.
-Gross Earnings
--NetEearningCurrent
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Boston & Maine-b
10,176,285
Jan 1 to Mar 31
Lehigh & Hudson River..b396,492
Jan 1 to Mar 31
1,310,817
July 1 to Mar 31
87,961
Toledo Peoria & West.b.Apr
1,097,760
July 1 to Apr 30
Wheeling & Lake Erie.., Apr 407,922
6.636,672
July 1 to Apr 30
11,003,132
1,020,786
1,209,940
437,553
144,776
97,534
403,709
1,364,196
355,828
93,483
1,947
def2,120
1.152.887
216,097
45,932
379,728
67,395 def135,205
6,325,104 2,051.124 1,694,976
INDUSTRIAL COMPANIES.
--NetEarnings
-Gross Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Companies.
3
103,880
56,652
Keystone Telephone.. ..Apr 118,351
50,778
414,243
219,766
Jan 1 to Apr 30
433,997
202,789
54,487
New Engl Power Cos..a..Apr
85,428
54,508
35,836
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
Roads.
Boston & Maine3.227,738 3,536,616xdf1,833,441zdf1,987,465
Jan! to Mar 31
Lehigh & Hudson River86,989
85,414
x10,666
Jan 1 to Mar 31
x59.671
256,002
254,198 x101,027 z153,018
July 1 to Mar 31
25,812
24,503 zdef24,932 zdef13,380
Toledo Peoria & West....Apr
252,644
July 1 to Apr 30
242,924zdef160,727
x31,837
z After allowing for other income received.
391,220
Loss188.688 loss116,989 loss193,168
January--July 1 to Jan.311913.
1913.
1914.
1914.
Great Northern Exp.Co.$$
$
Gross receipts from operation 208,476
20/7,236 2,081,839 2.119.630
Express privileges-Dr
124,560
124,233 1,245,700 1,271.128
Total operating revenues..
Total operating expenses_ _ _ _
83,915
86,846
83,003
88,551
836,139
641,562
848,501
619,157
Net operating revenue_ _ _ _
One-twelfth ot annual taxes_
-2,930
3,772
-5,548
2,732
194,576
28,606
229,344
30,843
Operating income
Name of
Road.
Latest Gross Earnings.
Week or
Month.
--
--
25,492
101,566
13,755
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
433,073 374,986 1,660,347 1,548,061
American Rys Co.._ _ April
23,195 25,674
64.027
Atlantic Shore By.... March_ __ _
68.053
148,019 141,502
421.126
cAur Elgin & Chic By March
405.463
183,532
Bangor Ry & Electric March
62,498 58,130
171,308
42.995
Baton Rouge Elec Co March
14,227 12,312
37,574
Belt LRyCorp(NYC) January
64.786
64.786 70.582
70.582
Berkshire Street By.. March
210,549
67,111 74,751
210,923
Brazilian Trac, L & P March...-. 1982,977 1977,297 5.882.924 5.711.967
Brock & Pim St Ry_ March
22,731
19,999
8,009
6,880
Bklyn Rap Tran Syst December 2092,454 2005,538 24.901,949 24.353,298
Cape Breton Elec Co March
86.075
81.633
26,550 28,099
Chattanooga By & Lt March __ _
277,668
275,447
93,157
Cleve I ainesy & East March
30,310 27,981
80,624
83,937
Cleve Southw & Col._ March
97,317 87,172
259,991
274,298
Columbus(Ga) El Co March
53,465 47,379
143,592
162,960
Comw'th Pow,Ry&Lt March.._ _ _ a242,732 121,122 a779,984
403,571
Coney Isi'd & Bklyn_ December
116.016 111,529 1,668,761 1,590,039
Connecticut Co
March ___ 598,386 621.146 1,725.574 1,751,344
Consum Pow (Mich).. March..___ 273,965 260,445
885,710
824,834
Cumb Co(Me)P & L March_ __ 182,628 171,116
535,199
501,027
Dallas Electric Co
March ___ 188,288 174.809
572,425
508.866
Detroit United Lines 4th wk Apr 281,029 289,215 3,694,056 3,889,956
DDEB& Bat(rec)_ January -- 46.839 48.477
46.839
48.477
Duluth-Superior Trac March.._ - _ 108,110 99,276
304,535
278.662
East St Louis & Sub_ March ___ 227,929 216,077
664,284
630,351
El Paso Electric Co March ___ 88.469 76.386
270.846
232.606
42d St M St St N Ave January -_ 166,457 153.831
166,457
153.831
Only-Houston El Co_ March ___ 195.536 188.967
567,863
517,355
Grand Rapids Rie Co March__ 103,555 106,423
302,887
304,536
Harrisburg Railways March
231,249
220.948
79,016 77.972
Havana El Ry,L & P
Railway Dept _ _ Wk May 10 56,976 54,681 1,017,405 1,002,413
Honolulu Rapid Tran
& Land Co
January __
51,658 52,399
51,658
52.399
Houghton Co Tr Co_ March ___
24.039 25.638
67.122
72.128
bHudson & Manhat March ___ 488,361 483,753 1,426,692 1,397,140
March.._.. 668,064 637,362 2,030,052 1,920,373
Illinois Traction
Interboro Rap Tran_ March ___ 3129,766 2958,105 8,832,134 8.461,710
Jacksonville Trac Co March ___
64,342 59,220
183,665
158.598
10,351 11,977
Key West Electric.. March
33.247
35,674
Lake Shore Elec By.. March __ 105,451 93,745
300,961
283,937
Lehigh Transit Valley March _ _ 127.713 134.065
376.590
374.097
Lewis Aug & Watery_ M arch .... _ .. 48,720 48,595
133,573
134,896
Long Island Electric_ December
16,745 15,411
245.152
220.900
Louisville Railway.._ March ___ 261,658 269,231
756.945
763.313
Milw El By & Lt Co_ March ___ 508,469 515,540 1.538,391 1.502,2.58
MIIIV Lt lit & Tr Co_ March ___ 111,427 102.799
341.276
294.710
Monongahela Val Tr_ March__
77,506 71,997
225.813
206,381
Nashville Ry & Light February _ 173.144 171.332
360,975
357,331
N Y City Interboro .p
)
),:cuztei.... 53.178 46.915
53,178
46,915
N V & Jong Island_ _
31,230 28,819
391.099
412.657
N Y & North Shore__ April .._ _ _ _
12,185
44,713
N Y & Queens Co__ December
108.787
13.113 104,607 1,385.391 1.331,318
New York Railways_ March _ _ _ 104
22
3.7
20
83 1206.306 3,160.973 3.413.621
N Y Westch & Boston March __ _
85,889
70,389
30,873 26,445
N Y & Stamford By.. March ___
65,022
69,098
24,992
Nor Ohio Trac & Lt.. March ___ 274,198 227.145
793.16.
687,181
North Texas Elec Lt.. March _
177 956 186,895
486,726
507,02o
Northw Pennsylv Ry March ___
74,681
73,555
25.905 24.084
Ocean Electric (L D.. December
5.426
142.020
154.109
Paducah Tr & Lt Co_ March _ _ _
25.5
259
37 24,662
77.151
75,700
Pensacola Electric Co March _ _ _
69.039
23,051
21.767
70.590
Philo Rap Trans Co_ March __ _ 1949,518 2009,442 5.735,050 5.786.667
Port(Ore)Ry L & PCo March __ _ 547,393 544,896 1,668.239 1,628,565
Portland (Me) RR__ March ___
74,798 73.943
211,080
209,930
PugetSound Tr,L& P February.... 691.464 655.734 1.445.499 1.357,374
Republic By & Light March ___ 250.182 225,177
743.131
697.930
Rhode Island Co_ _ _ _ March __ _ 392,405 409,138 1,154,798 1,172.485
StJoseph(Mo)Ry.Lt,
Heat & Power Co_ April
10
32
7:6
92
29
8 97,718
426,264
404.583
Santiago El Lt & Tr. March _
111.613
37,713
114,132
Savannah Electric Co March
208.036
68.023 67,003
197.199
Second Avenue (rec)_ December
79.336 82.922 1.042.62
989,209
Southern Boulevard._ January
17.228 14.081
17.22
14.081
Tampa Electric Co__ March _ _ _
239.65•
79.143 (15.678
196.191
Third Avenue
January
344.706 326.444
344.706
326.444
Toronto Street By... _ February.... 461.274 434,380
963.117
906.841
Twin City Rap Tran_ 4th wk Apr 221,722 204,511 2.912.455 2.726,891
ndererri mnd rAer• lt y of London
London Elec Rv Wk May 2 £13.835 £14,170 £260,420 £260,115
Metropolitan Dist.. Wk May 2 £12,865 £12,949 £237,068 £236.644
London Gen Bus Wk May 2 E67.498 £63,117 £1,013,241 £1,008,148
209.083 201.749
Union By Co of NYC January
209.1183
201.749
United Rys of St L.__ March
1064,557 1047.488 3.022.737 2.969,051
Virginia Ry & Power_ March._ _ _ 415.399 396.443 1.244.391 1,185.250
Wash Balto & Annap March ___
90.360
168.607
190.926
Westchester Electric_ January _ _
4
52
7..5
87
42.573
40
3 40.805
40.805
Westchester St RR
March __
16.249 18,052
48,671
50,107
Western Rys & Light March _ _ _ 205,733 204.531
637.399
607,079
Wisconsin AS & Elec March _ _ _
66.895 50.482
209,74.
184,791
Yonkers Railroad_ January
55.566 28.486
55.566
28.486
York Railways_
64,716 61,09
195,500
March _ _ _
178.091
Youngstown & Ohio.. March __
59,580
21,222 18.978
54,305
Youngstown & South February_
,
.9
•
•
-a Incldlei-e-arnings on the additional stock acquired May 1 1913.- Represents income from all sources. c These figures are for consolidated co.
--
-Int., Rentals, &c.- -Bal. of Net Earns.-Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
$
$
$
INDUSTRIAL COMPANIES.
25,511
25,286
31.141
Keystone Telephone_ _ _ _Apr
103.859
101,223
Jan 1 to Apr 30
115,907
29,269
22,082
25,217
Now Engl Power Cos__..Apr
507,705
116.485
Operating income
3,133
504
Increase. Decrease.
1913.
1914.
1,247,676 9,928,043 10,329.284
1.350,443 10,004,468 9,821.578
loss 6,703 loss 8,280
198,500
165.970
-Month of •farch- -July 1 to Mar. 311912-13.
1914.
1913-14.
1913.
28,000
Western Express Co.$
125,310 Gross receipts
from operation
80,169
833,693
764,400
85,863
1,388 Express privileges-Dr...._
__
44,029
418,508
440,711
49,175
Total operating revenues..
36,140
36,687
345,891
392.982
47,229
334,003
55,384 Total operating expenses_ _
43,992
356,626
Net operating revenue_ _ _ _ --11,088
7,088
-7,305 -10,734
58,978.
59,000 One-twelfth of annual taxes..
722
890
6,551
5,351
21,563
Operating income
--11,811
---8,195 --16,086
52,426
512
1,980
31,000 ELECTRIC RAILWAY AND TRACTION COMPANIES.
For the fourth week of April our final statement covers
39 roads and shows 11.34% decrease in the aggregate under
the same week last year.
Fourth week of April.
Total operating revenues.. 1,125,975
Total operating expenses.._ _ - 1,296.532
THE CHRONICLE
1528
[VoL. xcvm.
OPERATIONS AND FISCAL RESULTS.
1910.
1913.
1911.
1912.
Miles operated
523
523
523
523
OperationsPassengers carried.-820,781
877,670
827,522
813,426
- Pass.
Net Earnings
carried one mile.. _ 98.282.679 90,949,459 100,970,030 96,085,190
Previous
Current
Rate per pass. per mile..
1.62 cts.
1.63 cts.
1.65 cts.
1.62 cts.
Year.
Year.
Earn. per pass. train m..
$1.50
$1.48
$1.53
$1.44
Revenue freight (tons).. 9,428,163
8,608,350
9,727,910
8,517.105
89,934
11ev. freight (tons) 1 m..2016811507 2046244889 1782255591 1839361009
282.485
Rate per ton per mile..
0.514 cts. 0.502 cts. 0.515 cts.
0.504 cts.
133,331
164,650
INCOME ACCOUNT YEAR ENDING DECEMBER 31.
437,254
518,710
Earnings1913. '
1912.
1910.
1911.
67,966 Freight..
62,874
$10,340,596 $10,279,487 $9,186,152 $9,275,437
201,873 Passenger
181,258
1,597,050
1,501,219
1,563,918
1,637,580
281,732
345,833 Mail, express & miscell..
339,358
380,117
354,879
387,100
777,773
928,829 Other than transport'n..
64,997
65,414
47,176
44,643
36,980
44,194
Total oper. revenue__312,342,001 $12,226,237 $11,258,008 $11,238,877
125,828
108,531
Expensesof way & struc__ $1,501,622 $1,284,326 $1,291,462 $1,172,200
13,078
15,048 Maint.
1,400,113
Maint. of equipment..__ 1,920,475
1,268,731
1,406,772
64,596
63,717 Traffic expenses.
597,973
577,290
569,172
601,888
5,209,333
8,862
4,689,491
15,713 Transportation expenses 5,431,340
4,462,919
207,363
201,342
17,906
38,144 General expenses
222.614
185,877
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
-Gross Earnings
Current
Previous
Year.
Year.
Roads.
Columb(0)Ry,P&L _a _Mar 250,185
Jan 1 to Mar 31
768,751
Consum Pow (Mich)_avMar 273,965
885,710
Jan 1. to Mar 31
Cumb Co(Me)P & L _a _Mar 182,628
Jan 1 to Mar 31
535,199
Detroit United Lines_b„Mar 963,606
2,755,491
Jan 1 to Mar 31
Grand Rapids Ry_a__ __Mar 103,555
302,887
Jan 1 to Mar 31
Kingston Consol_ b31,400
Jan 1, to Mar 31
117,831
July 1 to Mar 31
48,720
Lewiston Aug & Wat _a _Mar
133,573
Jan 1 to Mar 31
New York State Rys_ b1,839,923
Jan 1 to Mar 31
5,857,225
July 1 to Mar 31
_
_Mar
1,405,651
Pacific Gas & Elect_
4,440,937
Jan 1 to Mar 31
St Jos Ry, L. H & P_a_Apr 102,629
Jan 1 to Apr 30
426,264
260,445
824,834
171,116
501,027
1,029,298
2,913,589
106,423
304,536
30,941
114,586
48,595
134,896
1,812,627
624,007
648,880
5,734,780 2,193,429 2,240,577
1,364,877
668,172
602,470
4,159,590 2,214,976 1,841,566
97,718
41,820
42,524
404,583
190,240
180,255
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
$9,653,341 $8,699,108 $8,020,198 $7,829,656
Total expenses
(69.67)
(71.24)
(71.15)
P. c. of exp. to earns__ _
(78.22)
Net operating revenue._ $2,688,660 $3,527,129 $3,237,810 $3,409,221
19,203
22,191
23,857
29,622
Net def. outside oper_
Total net oper. rev..__ $2,659,038 $3,503,272 $3,218,607 $3,387,030
368,522
348,480
389,133
Taxes accrued
443,793
Operating income..__- $2,215,245 $3,114,139 $2,850,085 $3,038,550
149,833
280,339
Other income
219,192
224,943
Gross corporate inc__ $2,440,188 $3,333,331 $2,999,918 $3,318,889
Deduct$5,250
$5,400
$5,400
$5,400
-Int., Rentals, i&c.- -Bal. of Net Earns.- Rentals leased lines_ --Hire of equip.,Sm._
138,079
4,897
61,687
Current
Previous
Current
Previous
25,510
8.518
Int. on equip. contract..
27,422
16,955
Roads.
Year.
Year.
Year.
Year.
161,349
206,618
Joint tacit., &c., rents__
207,238
209,588
1,168,950
debt_ __ _ 1,154,868
Int.
on
funded
1,161,893
1,158,841
Columbus(0)Ry,L&P _Mar
47,025
42,909
99,131
98,000
1st M.bds. red.(s.fd.)..
78,000
99,000
Jan 1 to Mar 31
151,925
130,560
800,000
800,000
Preferred diva. (5%)...._
800,000
800,000
92,855
77,516 Common dividend
55,815
Consumers Pow (Mich)_Mar
71,795
(4)560,000 (3)420,000 (3)420,000
183,652
302,320
216,389
253,602
Jan 1 to Mar 31
Total deductions__-- $2,412,614 $2,911,471 $2,704,850 $2,679,065
def 669
63,543
56,808
11,158
CumbeadCo(Me)Pik L Mar
$27,574
$421,860
$639,824
$295,068
def9,326
170,255
31,618 Balance,surplus.
190,584
Jan 1 to Mar 31
The total surplus Dec. 31 1913, after adding $2,021,334, brought forward
180,309 z128,028 x182,924 from the previous year, and sundry accounts, aggregating $4,788, was
Detroit United Lines_ _ _Mar 180,629
537,413 x315,390 x450,037 $2,053,696 deducting $175,000 additions to property through income and
541,522
Jan 1 to Mar 31
23,351
29,131 sundry adjustments amounting to $4,494, leaves a balance to credit of
13,629
15,063
Grand Rapids Ry
Mar
67,625
81,208 profit and loss Dec. 31 1913 of $1,874,203.
Jan 1 to Mar 31
44,620
40,906
Kingston ConsolGENERAL BALANCE SHEET DECEMBER 31.
966
1,732
Jan 1 to Mar 31
12,112
13,310
1912.
1912.
1913.
1913.
25,200
July 1 to Mar 31
25,128
39,396
38,589
LiabilitiesAssets
def6,641
1,117 Road & equipm't..59,357,547 58,595,306 Stock (see "Ry. &
Lewiston Aug & Watery Mar
15,503
14,596
def28,282
def5,413 Securities owneda_1,500,000 1,500,000
Jan 1 to Mar 31
46,188
43,557
Id." Section)_30,000,00030,000,000
12,700 Funded debt
12,700
28,777,000 28,880,000
Marketable securs
New York State Rys646,178 Vouchers & wages.. 914,546 1,232,813
423,207 x212,273 x272,389 Materials & supp_ 762,947
Jan 1 to Mar 31
458,005
21,419
16,099
793,214 1,176,523 Int.,div.,&c.,unpd.
July 1 to Mar 31
1,349,166 1,245,818 x978,504 x1,129,376 Cash
11,720 Int., divs., &c.,ac16,000
312,209
317,880
284,590 Cash to pay coup..
Pacific Gas & Electric....Mar 355,963
crued-not due.. 657,312 1,220,431
500,000
944,933 1,143,811
896,631 Loans & bills rec. 500,000
1,071.165
Jan 1 to Mar 31
466,710
677,090 Traffic, &c., bale_ 409,772
Traffic, &c., bale_ 529,279
20,901
19,828
22,697 Agents & conduc_ 583,507
St Joseph Ry,L,H & P _Mar
20,918
335,094
851,150 Miscell. accounts_ 210,166
108,604
80.196
Jan 1 to Mar 31
81,635
100,058 Miscell. accounts_ 965,942 1,185,697 Appropriated surp b4,219,346 3,945,216
34,666
3,585
321,037 Items in suspense_
45,464
Advances, &c_
1,874,203 2,021,334
x After allowing for other income received.
Items in suspense.. 2,051,830 2,643,880 Income account
Interest Charges and Surplus.
67,118,430 68,121,282
Total
67,118,430 68,121,282
a Consists of stocks of proprietary, affiliated and controlled cos. pledged.
b Appropriated surplus in 1913 includes reserves not specifically invested.
$13.035, and additions to property through income since June 30 1907.
$4,206,311.-V. 98, p. 1460. 236.
Total
ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
Grand Trunk Railway.
have been published during the preceding month will be
(Semi-Annual Meeting-Results for Half-Year.)
given on the last Saturday of each month. This index does
not include reports in the issue of the "Chronicle" in which
Chairman Alfred W. Smithers at the annual meeting on
it is published. The latest index will be found in the issue April 29 said in substance (compare maps on p. 60 and 61
of April 25. The next will appear in that of May 30.
of "Railway & Industrial Section"):
Results.-The gross receipts for the half-year, amounting to £4,768,916.
Illinois Traction Co.
show an increase over the corresponding period of 1912 of £156,158. The
working expenses, including taxes, increased £225,475. The increased ex(Report for Fiscal Year ending Dec. 31 1913.)
penditure of £69,102 on maintenance of way and structures is the result
of the necessity of still further improving the permanent way, bridges, &c.,
The full text of the reoprt, together with the income for
the heavier rolling stock now in use,and is also due to further expenditure
account and balance sheet, will be found on a subsequent on improved signaling apparatus; 12 new stations also have been built
out of the revenue. The increase (£139,547) under conducting tranaporpage. The usual comparative tables were given in the tation
is again accounted for by the increased wages, increased cost of fuel,
"Chronicle" last week on page 1457. See map of the system and, indeed,
increased cost of nearly everything we use.
The Canada Atlantic Ry.shows an increased debit of £25,000 arising from
on page 26 of the "Electric Ry. Section."-V. 98, p. 1457.
the causes explained at our last meeting. On the other hand, the Detroit
New York Chicago & St. Louis RR.
(27th Annual Report-Year ended Dec. 31 1913.)
Pres. William H. Canniff, Cleveland, says in substance:
The gross revenue was $12,342,000, an increase of $115,763, or 0.95%
as compared with 1912. The revenue freight carried amounted to 9,428,163
tons, a decrease of 299,747 tons, largely due to loss of business on account
of the flood in March and April. There have been practically no changes
in freight rates during the year, but on account of the large decrease in the
medium and low-class commodities transported, the average rate per ton
per mile increased from 5.02 mills in 1912 to 5.14 mills in 1913.
The operating expenses amounted to $9,653,341, an increase of 3954,232,
the ratio of operating expenses to the total revenues for the year being
78.22%, an increase of 7.07% over 1912. Maintenance of way and structures increased $217,295; maintenance of equipment increased $520.363;
transportation expenses increased $222,006. 'Under the head of maintenance of way and structures the cost of maintaining roadway and track
increased $126,733; of this amount $66.970 was due to increase in wages
and $59,763 due to increased force. There was an increase of 2,042 tons
in the quantity of new steel rail laid and of 43,925 in number of new ties.
Under maintenance of equipment,car repairs increased $130,563, due in
a large measure to the increasing age of equipment,necessitating extensive
repairs, and to increased wages. There were retired during the year 9
locomotives and 609 cars of all classes, the value of which has been charged
to expenses, the increase due to such charge being $122,629, and in addition thereto depreciation at the rate of 2% per annum has been accrued
since Jan. 1 1913 upon the cost of all equipment and charged to expenses.
The major portion of the increase in operating expenses is due to causes
beyond the control of the management, being affected by legislation, State
and Federal, such as full-crew laws and other regulatory measures, and by
wage increases granted as the result of arbitration. The principal items
of such increases were as follows: Account increase in wages, $106,300;
full-crew and 16-hour laws, $18,000: operation and maintenance of block
signals in Indiana, $18,500;flood in March,$10,000; increase in cost of fuel,
$33,000; charges for equipment retired, $122,600; depreciation on equipment, $240,000; total, $548,400. In addition, due to the disastrous floods
which occurred in Ohio during the latter part of March, the company's
revenue suffered a loss estimated to be in excess of $225,000. The surplus
for the year, after payment of 5% div. on the pref. stocks, was $27,574.
The following was added during the year: 3 ten-wheel passenger locomotives, $52,300; 8 ten-wheel freight locomotives, $125,330; 6 consolidation freight locomotives, $101,813; 6 six-wheel switch locomotives, $89,918;
4 steel passenger coaches,$49,622; 26 caboose cars,$19,681; total.$438.663.
Grand Haven & Milwaukee Ry. shows an improvement of £30,000. The
net result of the working for the half-year is that, after meeting the increased
interest charges and the cost of increased wages and materials, we are still
able to recommend the same dividends as in the corresponding period of
1912(V.98, p. 523) and carry forward a balance of E16,700.
Capital Expenditure.-The capital expenditure during the half-year
amounted to £2,092815, of which £1,911,698 was on account of new
rolling stock, consisting of 75 Mikado locomotives, 10 standard Pacifictype locomotives,5 switching engines. 809 coal cars, 5,125 box cars and 825
refrigerator cars. The necessity for the new rolling stock was owing to the
withdrawal of cars for use on the Grand Trunk Pacific Ry. and to the increased requirements of the traffic. The saving in hire of equipment of
other companies during the half-year amounts to £108,000. Future
capital expenditure we shall keep in the closest possible limits.
Grand Trunk Pacific Ry.-On April 7 the line was joined up at the Nechako
River crossing, 375 miles east of Prince Rupert, and 1,371 miles west of
Winnipeg, thus making a continuous line from Winnipeg through the
Rocky Mountains to Prince Rupert on the Pacific Coast of 1,746 miles.
Mr. Chamberlain calls attention in his cable to the fact that the work
accomplished during the last 12 months far exceeds any previous reord on
this continent. I hope that early next year through passenger andfreight
service will be established.
The line, please remember, has easy gradients, such as no other transcontinental line possesses, and it will open up a new and extensive area of
rich prairie land and will serve by branch lines the fertile district of the Peace
River. It will bring the fertile valleys of British Columbia (expected to be
specially valuable for fruit growing), the large areas of timber and the unexplored mineral resources of the Province within practicable distance of the
world's markets. The line has a terminus at Prince Rupert, with a harbor
available for the largest-sized vessel at any state of the tide or weather.
Prince Rupert is the centre of probably the richest fishing grounds in the
world, and is splendidly situated to command the traffic which will aries
from the development of Alaska and the Yukon territory. Thus we believe
that in its construction, in reduction of mileage, in easy gradients, in the
rich and fertile country, and in the wonderful scenery through which the
line passes, this new railway possesses great advantages.
Connecting Link.-The next great event to which we are anxiously looking
forward is thelinking up next September of the Grand Trunk Pacific Ry.
with the line built by the Government and known as the National Transcontinental Ry.(V. 97, P. 1898). This will give through communication,
via Cochrane and North Bay, with the whole of the old Grand Trunk
system in Eastern Canada, bringing all the big cities and manufactories
of the East into direct communication for the first time over our system
with the Provinces of Manitoba, Saskatchewan, Alberta and British Columbia. and the Pacific Coast.
MAY 161914.]
THE CHRONICLE
Earnings.-Hitherto the published earnings of the Grand Trunk Pacific
Ry. have been derived from only local traffic on the prairies and the traffic
during the months when navigation is open to the head of Lake Superior
at Fort William. You will realize, consequently, how much the traffic
has been curtailed during the winter months; but,further, we have had little
or no traffic from the East to the West, which is a high-class traffic, consisting, as it does, of machinery, agricultural implements, furniture, and all
kinds of manufactured articles. In September, then, we ought to begin to
feel the benefit of the connection between the old line and the new.
Rate Reduction.-Now it seemed a poor reward for all our sacrifices that
almost on the day when the line was connected up the Railway Commission
of Canada should issue an order lowering some of the rates charged in the
Northwest. This order (see "Cam. Pac. Ry." in V.98, p. 1155) is not the
order of the Dominion Government, but an order of the Railway Commission,an independent court,and we do not yet know its extent and effect.
The decision was the result of hearings extending over several months.
Of the three railways the Canadian Pacific Ry. which up to now has had
the monopoly of the Northwest traffic, must, I'think have been the company. most in mind. The Canadian Pacific Co. was'
defending rates that
it had enjoyed ever since it had been in existence, a period of over 25 years.
The Grand Trunk Pacific and Canadian Northern Cos. were defending
themselves from the prospect of having taken away that which they had
expected to enjoy when their lines were completed, and on the faith of which
the British investors had provided for building the lines.
As I have said, we do not yet know the future effect of the decision upon
the earnings of the Grand Trunk Pacific Ry. It may be that the effect
will be less than the estimates already indicated in the newspapers. It may
be, also, that the lowering of the rates of certain classes of freight will be
compensated for by increased traffic, but of this I feel certain, that if we
can show that the lowering of these rates, although able to be endured by
a rich company, has imperiled the earnings upon which we relied when we
entered into the agreement with the Government, and on the faith of which
the British investor has invested his money,the Canadian Government will
be supported by the Canadian Parliament in either restoring the rates or
In compensating us in some other way for the loss involved. I have no
doubt that an honest course will be pursued by the Canadian Government.
The Government,on the one hand,is largely interested in both the Grand
Trunk Pacific and Canadian Northern railways; it is desirous of seeing
both lines effectively serving the country and paying their way; and, on
the other hand, are all the complications of domestic party politics. In
any case, I cannot help feeling that Mr. Borden and his Ministers will
pursue a high and honorable course.
Position in Canada.-We have again met to-day amid disturbed politics,
this time on the American Continent, resulting in flat and disturbed markets. As far as Canada is concerned, I take an optimistic view. We have
had in Canada ten years of great prosperity and development. A time of
great expenditure must at some period give place to a reaction. Three
years ago we heard terrible stories of over-speculation and experienced men
were looking forward with apprehension. Wars and disturbed politics led
to a tight money market and speculation in all directions was curtailed in a
most drastic manner. I ask any of the' 3 experienced business men if
they are not surprised at the satisfactory way in which Canada has
passed through a severe period of liquidation? The foundation of Canadian
prosperity remains firm and unchangeable. She is the biggest granary
in the world,she has the capacity of producing a huge quantity of live stock
which the world so much requires, and she has the railways by which the
settler can reach the land and by which he can market the result of his
labors. You will hear pessimists referring to the falling off ofimmigration
this year. I very much doubt if there will be any important falling off
either from Europe or America in the class of emigrants who go to cultivate
the land. Looking to the ever-growing demands of the world, it is as certain as anything in the future can be that new land will be brought under
cultivation year by 3rear, and it is difficult to realize how soon the produce
of that new land will tax the resources of the railways to move the crops.
Canada has stood the strain of the last three years in a way exceeding the
most sanguine expectations, and I believe will be one of the first countries
of the world to again tread the upward path of greater prosperity.
(As to new securities, &c., see V. 98, p. 73, 1071, 11564
EARNINGS FOR HALF-YEAR ENDING DEC. 31.
1913.
1911.
1912.
Gross receipts
£4,768,917 £4,612,758 £4,135,775
Operating expenses
3,560,157
3,334,682 3,110,871
Net receipts
£1,208,760 £1,278,076 .C1,024,904
Charges, less credits
507,098
510,186
584,808
Balance
D. G. H. & M. deficit
Canada Atlantic deficit
T. Sag. & M deficit
Balance for half-year
Brought in
£701,662
7,245
95,924
20,496
£693,268
36,802
70,783
10,353
£514,718
6,641
32,286
8.901
£577,997
16,026
£575,330
8,539
£466,890
11,660
Divisible balance
£594,023
£478,550
£583,869
Guaranteed dividend (2%)
£249,568
£243,337
£215,619
First preferred dividend (2% o)
85,421
85,421
85,421
Second preferred dividend (2 %)- 63,210
63,210
63,210
Third preferred dividend
(2% %)179,116(2%)179,116(1%)107,469
Balance forward
£16,708
£6,831
£12,785
OPERATIONS AND FISCAL RESULTS FOR 12 MOS. END. DEC. 31.
1913.
Operations1912.
1910.
1911.
13,400,359 12,631,234 11,984,650 11,087,838
Passengers carried
Tons freight carried__ _ _ 23,218,982 21,347,565 19,311,925 17,722,496
one mile_ A,093,910,871 3830147,523 3434270,291 3127399,125
do
£
£
Earnings£
Passengers
2,599,668 2,356,889
2,012,182
2,183,946
385,814
Mail and express
376,154
'343,840
363,219
Freight and live stock.. _ 5,806,851
5,406,804 4,889,304 4,440,646
342,221
Miscellaneous
307,240
224,867
260,488
Total earnings
9,134,554 8,447,087
7,021,535
7,696,957
ExpensesMaintenance of way,&c. 1,021,515
952,293
958,206
977,442
Maint. of equipment_ _ _ 1,392,362
1,358,490
1,393,075
1,286,376
273,692
Traffic expenses
249,123
246,276
224,143
Conducting transport'n_ 3,677,204 3,217,162
2,788,885 2,461,535
General expenses
239,881
218,492
196,079
183,522
Taxes
162,615
132,407
137,319
132,969
Total
6,767,269 6,127,967 5,739,076
5,246,751
Net earnings
2,319,119
2,367,285
1,957,881
1,774,784
Other income
215,993
336.724
319,549
353,438
_
Total
2,704,009 2,535,112
2E277,430
2,128,222
DeductRental of leased lines.. _ _
155,206
155,206
155.206
155,206
Int. on bonds and debs_ 1,288,980
1,193,048
1,163,065
1,110,771
Int. on 5% sec. notes.._ _
8,417
Advances, &c
274,284
221.414
129,273
129,121
Div.on guar.stock (4%)
496,823
483,112
427,430
402,774
do 1st pref.stk.(5%) 170,841
170,841
170,841
170,841
2d
prof.
stk.(5%)
do
126,420
126,420
126,420
126,420
do 3d pref. stk__(2% %)179.116(23)179,116(1)107,469 0035,823
___
_
Total
0-:08-7 -2.529,157 2,279,704
2,130,956
sur.
Balance
.3,922
def.2,274
sur.5,955
def.2,734
-V. 98, p. 1156, 1071.
1529
Consolidated Gas Co. of New York.
(Report for the Year ending Dec. 31 1913.)
The Public Service Commission, First District, has made
public the income accounts and balance sheets of the company and its subsidiaries (subject to revision) for year 1913.
Note.-Including the $15,800,000 new stock of the New York Edison
Co. and the $9,500,000 new stock and $5,000,000 1st M.58 of the Astoria,
Light, Heat & Power Co., all acquired in 1914 and carried on the books
at par, the securities now held by the Consolidated Gas Co. are reported
as follows (common stock except as otherwise indicated):
Par Value. Book Val.
Par Value. Book Val.
Holdings$
Holdings$
$
N. Y. Edison....__ 65,953,717 39,115,370 Standard Gas Lt.. _ 4,796,200 14,587,495
Astoria L.,H.& P..10,000,000 10,000,000 Pref.stock
4,096,100
First M. 5s.._ _ _ 5,000,000 5,000,000 United El. L.& P_ 3,654,146
N. Y. & Q. Gas__ 600,000
395,000 Pref.stock
1,641,8881 9,452,063
N.Y.&Q.ELL.&P. 905,900
545,000 First M. 5s..._ 4,818,000}
Pref.stock
766,200
590,000
Notes, &c
1,014,000)
Brush El. Ill. 52_ _ 275,000
275,000 Westchester Light.10,000,0001
5,707
Municipal Light'g 100,000
26,000 Pref.stock
2,500,0001
Working capital
50,000 M iscellaneous .. _ __ 613,379
50,000
604,919
N.Y.Mut. Gas L. 1,886,200 5,703,291
New Amsterdam_12,154,5921 4,814,608
Total
Pref.stock
8,991,475J
139.876,797 91,164,453
OPERATIONS OF CONSOLIDATED GAS CO.
1913.
1911.
1912.
*Sales of Gas$
$
$
Commercial lighting..
10,927,937 11,124,825 10,921,687
Prepaid gas
1,918,374
2.064,358
1,730,321
Municipal lighting
241,522
232,492
229,558
Westchester Lighting Co..
9,953
14,824
Total sales
*13,221,853 13,285,644 12,908,354
Sale of residuals..
247.813
230,067
252.466
Rent gas stoves, &c
477,030
425,082
387,926
Joint gas rent(by Cent. Un. Gas Co.)
172,971
Sundries.
53,499
43,190
43,965
Total gas revenues
14,155,420 14,001,729 13.592,711
Operating ExpensesCost of gas manufactured
1.888,654
2,589,899
2,639,821
Gas bought
4,443,282 3,353,254
2,916,697
Total production expenses
6,331,936
5,943.153
5,556,518
Distribution expenses
1,409,779
1,745,613
1,392,604
Commercial, general, &c..
1.796,506
1,728,531
1,638,135
Cost of mfg. residuals sold
213,588
231,605
239,128
Residual expense
16,479
16,208
13,337
Total operating expenses.
9,768,288 9,665,110 8,839,722
Net before taxes
4,387,132 4,336,619
4.752,989
*Sales of gas in 1913 include 13,660,727 M.cu. ft. commercial lighting 0
80c.; 2,586,932 M. cu. ft. prepaid gas
80c.; and $306,077 M. cu. ft.
municipal lighting
758.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31 OF CONSOLIDATED GAS CO. AND CONTROLLED COMPANIES.
-Consolidated Gas Co.- -Astoria Lt.H.&P.Co.1913.
1912.
1913.
1912.
Operating revenues.. _ 14,155,420 14,001,729 5.587,612 4,000,616
Operating expenses_ _ -- 9,768,288 9,665.110
3,647,528 2,459,662
Taxes
908.900
183,346
916,801
124,296
Uncollectible bills
50,091
42,161
Operating income..___
Non-operating income__
3,436,071
6,133,265
3,369,727
6,158.976
1,756,738
3,426
1,416,657
2,772
Gross income
9,528,703
9,569,336
Int. on funded d'ebt, &c. 1,081,531
635,400
Rentals
Dividends
(6%)5,988,990(6)5.988,990
1,760,164
696,860
141,183
1,419,429
675,124
75,183
Total deductions_ _ _ _ 7,070,521
750,307
6,624,390
838,043
Balance,surplus.
2,498.815
2,904,313
922,121
669,122
-New Amster. Gas Co.- -N.Y.Mut.GasLt.Co.1913.
1912.
1913.
1912.
$
Operating revenue.._ _ _ _ 2,929,125 2.784,240
1,530,607
1,562,408
Operating expenses_ _ _ _ 1,555,937
1,639.406
1,093,119
1,117,164
250,447
Taxes
215,791
125,913
124,091
Uncollectibie bills
10,378
11.819
2,910
4,016
Operating income_ _ _ _
Non-operating income.. _
1,112,363
94,300
917,224
97,411
Gross income
Interest
Dividends
1,206,663
1,070,025
1,014,635
1,065,550
Balance
308.665
80,823
317,138
77,352
389,488
394,490
25,289
22,918
(9)309,294 (23)790.418
def50,915 sur54,905 def418,846
sur136,638
-Cent. Union Gas Co.
--North Union Gas Co.
1913.
1913.
1912.
1912.
Operating revenue.... _ _ _
Operating expenses_ _ _ _
Taxes
Uncollectible bills
2,423,467
1,251.404
117,807
5,627
2,245.738
1,198,889
99,894
6,823
1,242,041
699,542
58.018
1,529
1,091,820
588,191
51,833
1,123
Operating income_ _ __
Non-operating income.._
1,048,629
61,139
940,132
20,101
482,952
12,694
450,673
1,607
Gross income
Interest
Rents
1,109.768
197,952
227.194
960,233
200,371
4.489
495,646
281,197
452,280
76,006
Balance, surplus.... _ _ 755,372
684,622
214.449
376,274
-Standard Gas Lt. Co.
--United El. Lt.&P.Co.1913.
1913.
1912.
1912.
Operating revenue........
1,739,555
2,914,307
1,754,914
2,601,149
Operating expenses.. _ _ _ 1,025,225
1,037,597
1,374,258
1,202,481
Taxes
142.122
136,329
131,626
83,211
Uncollectible bills
4.303
3,885
13,511
14,573
Operating income..__ _
567,905
581,806
1,390,209
1,300,884
Non-operating income
30,477
34,385
12,483
15,207
Gross income
598,382
616,191
1,402.692
1,316,091
Interest,&c..
89.044
79,660
770,080
737,559
Pref. dividends(6%)
257,742
257.742
Common dividends.
(3)149,571 (3)149,571
Balance,surplus.._ __ . 102.025
129,217
632.612
578.532
-N.Y.&,Q.ELLt.&P.Co.-N.Y.&Q.Gas Co.-Amalgamated Copper Co.
1913.
1912.
1913.
1912.
$
$
(Report for Fiscal Year ending Dec. 31 1913.)
Operating revenue..____ 1.075,388
902,718
224,851
214,863
Year ending 8 Mos. end. -Years ending Apr.30- Operating expenses_ __ _
649,864
539,262
148,096
131,435
Dec. 31 '13. Dec. 31 '12.
Taxes
36,099
1912.
32,565
11,659
1911.
11,410
Net income.
$8,871,799 $6,595,611 36,647,006 $6,048,896 Uncollectible bills
1,592
1,671
712
514
Dividends
$9,243.274 $3,847,198 $3,847,198 $3,077.758
income....
Operating
387,832
329,220
64,384
71,504
Rate of dividend
(0%)
(24.5%)
(2%%)
(2%)
Non-operating income
574
389
250
145
386,406
Balance, surp. or def..df.$361,475 sr$2,748,413sr$2,799,808 sr$2,971,138 ill Gross income
329,609
64,634
71,649
151,204
136,883
Prey.surp.& reserve_ _.. 24.000,614 21,252,201 18,452,393 15,481,255 Interest
43.788
42,967
Rents, &c
3,100
3,696
1,485
(4)50.000 (4)50,000
Total sur.& reserve ..$23,639,139 $24,000,614 $21,252,201 $18,452,393 Dividends
-V. 96, 1)• 1631.
Balance,surplus....- - _
183.506
20.846
139.626
27,197
1530
WoL. sewn
THE CHRONICLE
MISCELLANEOUS INFORMATION AS OF DEC. 31.
1911.
Consolidated Gas Co.
1913.
1912.
476.931
No.consumers' meters
486.579
483,727
12,569
Street lamps-Weisbach.
11,584
11,911
Open flame
6
4
4
827.74
Miles of gas mains
841.14
837.56
43,770
Holder capacity(M.Cu.ft.)
53.770
53,770
Capacity (24 hours)
9,500
Coal gas works(M.Cu.ft.).
9,500
9,500
41.500
Water gas works(M.cu. ft.).......
33,000
41,500
Astoria L. New Am. N.Y.1111d. Cent. Un. Nor. Un. Stand. Gas
Gas Co., Light Co.
H.&P.Co. Gas Co. Gas Lt.Co. Gas Co.
2,119,456
Gas made(M.cu.ft.)10,372,054 3,960,478 2,427,589 3,153,909
54,289 1,158,465 1,636,059 122,344
669,418
Gas bought
151 3,102,666 1,818,219 2,521,795 1,402,447 2,033,200
Sold consumers__
49,626
87,898
87,738 101,137 2,636,058
Supplied 0th. cos. 1,158,465
7,651
2,108
5,654
14,986
6,526
16,230
Used by company
162,632
440,318
For Cons.Gas Co10,356,006
202.92
173.02
331.34
169.85
158.4
0.698
Gas mains(miles)__
17,078
12,292
32,253
3
15,165
19,284
No. service pipes__
51,539 *57,226
45,852
95,910
No.consum's meters
3 103,325
25,015
34,039
51,065
No.appliances rented
7
4
13
4
1
5
Holders
Capacity of holders
20,875
11,880
15,000
1,195
8,581
14,800
(M. cubic feet)
*The number of consumers was 61,122.
BALANCE SHEET OF CONSOLIDATED GAS CO. DEC.31.
1912.
1913.
1912.
1913.
3
AssetsFixed capital__ _a53,580,714 52,694,479 Capital stock-__ 99,816,500 99,816,500
1,238,100
Free investments 61,209,750 59,664,438 Funded debt__ 1,238,025
2,447,734
5,802,190
1,272,748 Taxes accrued
2,915,407
Cash
108,216
Unmatured int.,dic 600,114
Temp. advances
to assoc. cos. 38,661,302 31,776,302 0th.current liab1120,983,895 10,676,555
Prem.on stk.,dic 13,951,397 13,951,397
Accts. rec. with
419,312 Renewal & contin350,642
City of N. Y_
660,368
gency account 9,534,430 8,655,194
674,636
Consumers'aects
2,757,491 Casualties de inOth.curr't assets 3,498,753
696,704
850,257
surance reserve 748,791
968,568
Mater.& suppl109,564 Corporate surp_b15,031,540 12,614,559
71,544
Suspense
ASTORIA LIGHT HEAT & POWER CO. BALANCE SHEET DEC. 31.
1912.
1913.
1913.
1912.
AssetsLiabilities$
500,000
Fixed capital_ _ _ _a14,461,189 14,292,668 Capital stock_ _ _ _
500,000
375,000
143,146
Free Investments_
111,893 Funded debt
375,000
721,789
Cash
134,847 Due assoc.cos__ _ _14,807,302 13,707,302
21
Consumers' acc'ts
98,990
32 Accrued liabilities 264,156
Other accounts__ _ 679,660
282,450
392,689 Miscell. accounts_ 429,756
Material & suppl. 810,610
535,309 Renewals and conTemp.advances to
1,676,269 1,177,724
tingency acc't
3,274,465 2,369,764 Reserves
associated cos
178,696
213,845
Corporate surplus b1,824,552 1,517,040
Total
20,090,880 17,837,202
Total
20,090,880 17,837,202
a After deducting $126,430 for accrued amortization,
b After deducting $518,603 for renewals and contingencies and $96,006 for surplus
adjustments.
UNITED ELECTRIC LIGHT & POWER CO. BALANCE SHEET DEC. 31.
1912.
1913.
1912.
1913.
Liabilities-.
$
AssetsFixed capital____a17,094,003 13,941,931 Capital stock.... 5,318,434 5,318,434
Free investments_ 1,117,078 1,112,031 Mortgage bonds__ 4,841,500 4,838,000
46,482 Due associated co's 5,537,480 2,737,480
136,152
Cash
Accrued liabilities 116,091
3,759
Acc'ts receiv. with
27,740 Other current lia44,341
City of N. Y
bilities
1,693,709 1,714,528
234,336
284,122
acc'ts
Consumers'
contin&
Renewal
84,810
117,652
Other accounts
1,656,066 1,412,962
gency account
236,641
223,982
Material & suppl_
Casualties and inTemp.advances to
68,648
62,310
surance reserve_
175,000
175,000
associated cos
7,667
1,156
Suspense. &c
220,835
x38,442
Corporate deficit_
Total
19,231,928 16,087,473
Total
19,231,928 16,087,473
a After deducting $80,759 for accrued amortization.
x After deducting $399,849 for renewals and contingencies and $50,370 for surplus
adjustments.
NEW YORK et QUEENS ELEC.LT. de POWER CO.BALANCE SHEETDEC.31.
1912.
1912.
1913.
1913.
AssetsLiabilitiesTotal
164,818,099 150,204,959 Fixed capital
Total
164,818,099 150,204,959
a6,208,085 5,685,481 Capital stock_ _ _ _ 2,500,000 2,500,000
7,500 Funded debt
2,350,000 2,350,000
7,500
a After deducting $531,819 for accrued amortization. b After deducting reserve Free investments_
7,191
42,541 Taxes accrued__ _ _
121,796
8,755
for renewals and contingencies, $1,655,374, and adding surplus adjustments (cred- Cash
53,053
56,426
Unmatur.int.,&c.
Acc'ts reedy. with
it), $1,573.540.
91,716 Other current'lab. 1,077,291
560,620
107,119
Note.-The company has contingent liabilities aggregating $21,825,000, consistCity of N. Y_ _ _
49,747 Casualty, &c., re77,480
ing of bonds of Westchester Lighting and merged companies, which are guaranteed Consumers' acc'ts
4,460
5,210
serve
4,960
17,456
both as to principal and Interest.
Other accounts__ _
75,383 Corporate surplus b675,409
492,768
103,834
Material & suppi_
NEW AMSTERDAM GAS CO. BALANCE SHEET DEC. 31.
12,014
54,563
Prepayments, &c..
1912.
1913.
1912.
1913.
Total
6,685,337 5,968,842
6,685,337 5,968,842
Total
Assets$
41,350,092 41,161,459 Capital stock__ __21,165,000 21,165,000
Fixed capital
462,259 Mortgage bonds_19,235,000 19,235,000
a After deducting $240,423 for accrued amortization.
Other investments 475,639
381,762
80,153 Taxes accrued_ _ __
517,374
b After deducting $865 surplus adjustments.
52,255
Cash
60,208
60,208
Unmatur.int., &c..
Acc'ts receiv. with
NEW YORK & QUEENS GAS CO. BALANCE SHEET DEC. 31.
57,425 Due associated cos.1,100,000 1,000,000
60,289
City of N. Y.__
1912.
1913.
1912.
1913.
125,173 Mlscell. accounts_ 1,048,528
636,747
Consumers' acc'ts 101,894
Liabilities$
$
78,433 Renewal & contin3
Miscell. accounts_ 817,501
Assets600,000
600,000
252,487
gency account__ 3,097,334 2,802,024 Fixed capital
Materials & suppl. 346,452
a1,565,979 1,541,588 Capital stock__ _
6,524 Funded debt
816,000
810,000
13,686 Casualties & Insur.
18,794
7,570
Prepayments _
Cash
Taxes accrued_ _ _ _
1,116
123,013
reserve
111,684 Acc'ts reedy. with
21,593
Suspense
19,624
2,252 Unmatur.int.,&c.
17,15
1,705
Corporate deficit_x3,113,172 3,221,350
City of N.Y
84,491
79,441
15,055 Other current liab.
13,074
Consumers' acc'ts
1,590
Total
46,346,457 45,452,425 Other accounts_ _ _
15,975 Other reserves_
46,346,457 45,452,425
5,633
Total
84,290
Corporate surplus. b103,374
16,008
17,629
suppl_
&
Material
and
and
crediting
renewals, $319,040,
x After debiting reserve for contingencies
2,277
1,791
Prepayments, &c_
surplus adjustments, $290,581.
NEW YORK MUTUAL GAS CO. BALANCE SHEET DEC. 31.
1912.
1912.
1913.
1913.
Assetsa2,691,588 2,805,557 Capital stock____ 3,436,600 3,436,600
Fixed capital
288,527
Free investments_ 1,064,856 1,054,503 Taxes accrued.... 335,614
137,464
1,575,264 1,390,114 Unmatur.int., &c_
137,464
Cash
333,819
Oth.current Habil_
343,405
Accts. reedy. with
27,915 Insur., &c.,reserve
1,592
99,528
89,150
City of N. Y.._ _
83,760 Other reserves_ _ _
120,000
77,722
120,000
Consumers' acc'ts
14,760 Corporate surplus x1,103,412 1,069,964
32,485
Other accounts...
108,501
Materials& suppl. 122,930
Total
5,566,437 5,485,110
5,566,437 5,485,110
Total
a After deducting $837,004 for accrued amortization.
x After deducting surplus adjustments, $21,456.
STANDARD GAS LIGHT CO. BALANCE SHEET DEC. 31.
1912.
1913.
1912,
1913.
$
$
AssetsLiabilities-$
$
13,379,428 12,844,344 Capital stock_
Fixed capital
0,281,400 9,281,400
79,359 Mortgage bonds__ 1,195,000 1,195,000
88,221
Free investments_
934,088 Taxes accrued..._
449,376
289,585
Cash
218.596
Unmatur.int.,&c.
9,958
9,958
Acc'ts receiv.with
6,761 Oth.surrent liabil_
6,508
324,917
366,457
City of N. Y__ _
78,778 Renewal & contin75,228
Consumers' acc'ts
62,399
gency account__ 2,420,518 2,259,551
Materials& suppl.. 102,050
28,361 Reserves
67,311
57,838
Other accounts__. 156,774
16,216 Corporate surplus b659,742
32,386
703,046
Suspense,&c
Total
14,289,971 14,050,306
14,289,971 14,050,306
Total
b After deducting $208,283 for renewals and contingencies and adding $62,954
for surplus adjustments.
CENTRAL UNION GAS CO. BALANCE SHEET DEC. 31,
1912.
1913.
1913.
1912.
Liabilities-.
AssetsFixed capital_ _ _ _ a10,387,516 10,234,558 Capital stock__ 3,500,000 3,500,000
305,199 Funded debt__
312,376
3,555,000 3,555,000
Free investments_
235,227 Accrued liabilities 290,415
846,168
210.347
Cash
Other current liaAcc'ts reedy. with
bilities
46,969
37,325
432,414
1,381,671
City of N. Y...
&
Renewal
contin77,822
79,275
Consumers' acc'ts
gency account
140,338
1,287,484 1,133,496
Other accounts.. _ _ 821,834
110,460 Reserves, &c
144,615
69,665
64,284
Materials & supp_
Corporate
surp.....b3,346,240 3,068,285
Temp.advances to
800,000
associated cos__ 800,000
13,253
1,366
Prepayments ____
Total
13,430,475 11.963,826
Total
a After deducting $52,221 for accrued amortization.
b After deducting $406,667 for surplus adjustments.
13,430,475 11,963,826
NORTHERN UNION GAS CO. BALANCE SHEET DEC. 31.
1913,
1912.
1913.
1912.
Liabilities-.
$
Assetsa3,920,991 3,812,232 Capital stock_ _ -.. 1,500,000 1,500,000
Fixed capital
11,338 Mortgage bonds__ 1,250,000 1,250,000
12,555
Free investments_
147,780
61,452 Taxes accrued ._ _
105,960
268,547
Cash
Unmatur. Int.,&c
10,416
10,417
Acc'ts reedy. with
75,917 Other current lia63,098
City of N. Y
613,552
33,345
bilities
269,642
49,364
Consumers' acc'ts
21,465 Renewal & contin37,076
Other accounts__ _
471,970
gency account
387,780
37,888
26,882
Materials & suppl_
17,028
Reserves
15,295
Temp.advances to
200,000 Corporate surplus x579,941
724,550
200,000
associated cos.._
300
513
Prepayments ____
9,707
11,663
Suspense
Total
4,590,687 4,263,644
4,590,687 4,263,644
Total
a After deducting $82,589 for accrued amortization.
x After deducting $147,034 for renewals and contingencies and deducting $212,023
for surplus adjustments.
Total
1,624,605
1,599,679
Total
1,624,605
1,599,679
After deducting $50,665 for accrued amortization.
b After deducting $1,761 surplus adjustments.-V.98, p. 1463,613.
II
Westchester Lighting Co.
(Report for Fiscal Year ending Dec. 31 1913.)
The Public Service Commission, Second District, reports :
INCOME ACCOUNT FOR CALENDAR YEARS.3
1913.
'1912
1913
Oper. revenues$823,166
Electric operat'ns..$1,145,737 $1,073,209 Net earnings
51,314
Gas operations_ _ _ 1,828.668 1,782,042 Other income
1912.
3891,161
48,002
$874,480 $939,163
Gross income
Total revenues-S2,974,405 $2,855,251
$971,250 $920,250
Bond interest_ _
Oper. exp.,taxes,
.57,339
91,968
Electric operat'ns_ $662,235 $606,676 Other interest....
Gas operations_ _ _ 1,489,004 1,357,414
Total deduc'ns..$1,063,218 $077,589
$38,426
Total expenses.$2,151,239 $1,964,090 Balance, deficit .._ $188,738
$823,168 $891,161
Net earnings
BALANCE SHEET DECEMBER 31.
12.
1913.
1912.
193
1913.
Liabilities-.
$
Assets$
12,500,000 12,5050,000
38,134,705 35,680,108 Capital stock
Fixed capital
22,425,000 22,405,000
86,292 Funded debt
115,742
Cash
986,830 Accrued amortiz'n
Other curr. assets_ 1,068,616
Cr.21,397
of capital
735,471
746,180
Investments
33:2
7
60
66
313,660 Current liabilities_ 2,137,039 1,564
371,004
Material & supp__
1,558,747
reserves__
1,321,469
Temp'y
549
Misc. temp. debits 142,581
Surplus
*41,958
Corporate deficit_
38,620.786 37,802,999
Total
38,620,786 37,802,999
1913.-V.98, p. 1465, 309.
*After adding misc. credits aggregating $119,282 in
Total
Brooklyn Union Gas Company.
(Report for Fiscal Year ending Dec. 31 1913.)
The Public Service Commission, First District, has made
public the income account and balance sheet (subject to revision) for the calendar year 1913.
OPERATIONS.
1912.
$
8,325,563
341,180
186,170
988,306
1911.
3
7,999,198
343,880
179,029
882,044
1910.
3
7,714,087
347,359
182,163
782,492
10,086,803
Total sales
131,711
Rent and miscellaneous_
9,841,219
93,383
9,404,151
63,779
9,027,001
25,703
Total oper. revenues_ 10,218,514
Operating expenses4,642,056
Production expenses__
2,006,334
Dist.,repairs & gen.exp
General amortization.._ 1,351,528
9,934,602
9,467.930
9,052,704
Total operating exp..
Taxes
Uncollectible bills
7,999,918
584,976
37,174
7,067,881
527,320
43,650
*6,484,119
502,529
46,598
*6,092,482
482,724
35,944
Total rev. deduct'ns_
Operating income
Non-operating income
8,622,068
1,596,446
205,074
7,638,851
2,295,750
182,503
*7,033,240
*2,434,684
*177,552
*6,611,150
*2,441,554
*162,939
1,801,520
2,478,253
2,612,236
2,604,493
x Sales of GasCommercial lighting_ _ _
Prepaid gas
Municipal lighting
To other corporations
Total income
1013.
$
8,470,401
343,132
187,217
1,086,053
3,822,547 *3,309,946 *3,165,580
1,932,506 *1,912,021 *1,694,353
1,312,828
1,232,549
1,262,152
THE CHRONICLE
MAY 16 1911.1
1531
-
1911.
1910.
1912.
3
889,7711
81,439
826,172
810,494
12,363f
14,119
13,029
(8%)1,439,920(8)1.439,880(7)1,259,895(7%)1349775
1913.
DeductInterest
Rents
Dividends
2,082,029
2,175,947
,,.265,478
2,263,403
def.463,958 sur.214,850 sur.530,207 sur.428,546
Total
Balance, sun or def_
Sales of gas in 1913 include 10,592,405 Cu. ft. commercial lighting (4)
80c.; 428,915,000 Cu. ft. gas prepaid.0 80c.; 249,658,000 cu. ft. municipal
lighting @ 75c., and controlled gas corporations as follows (1,000 Cu. ft. (fit
50c.): Flatbush Gas Co., 785,160; Newtown Gas Co., 808,405; Woodhaven
Gas Light Co., 261,196; Jamaica Gas Lt. Co., 177,610, and Richmond
Hill & Queens Co. Gas Lt. Co., 139,716.
* The corresponding items having been somewhat changed in 1912, the
comparison of these items with later years is inaccurate; the final results,
however, remain unchanged.
MISCELLANEOUS INFORMATION AS OF DEC. 31.
1912.
1913.
1912.
1913.
381,199 361,845 Holder capacity (M. cu31,057 31,723
ble feet)
12,858 12,649
966.78 980.28 Daily capacity of mfg.
plants(M cu. ft.)____ 70,100 70,100
29
27 .
No. of consumers
Street lamps
Miles of pipe lines
No. of holders
BALANCE SHEET DEC. 31.
1913.
1912.
AssetsFixed capital_ _ _ .232,371,479 32,804,219 Capital stock_ .._ _17,999,000
15,001,000
Adv. to assoo.cos_ 3,629,910 3,630,018 Funded debt
Free investments_ 1,740.018 1,740,018 Working advances
32,112
due assoc. cos.._
2,252,076 2,842,457
Cash
Material & suppl's 1,214,587 1,043,559 Taxes accrued__ 1,316,103
865,984 Unmat'd int., &c_ 843,126
b894,662
Nliscell. assets.. _
798,613 0th. cur. liabilities 1,670,701
740,603
Suspense, &c
Corporate surplus c5,981,293
1913.
Total
42,843,335 43,724,869
Total
1912.
17,998,500
15,001,500
29,843
2,102,516
827,265
1,470,901
6,294,344
42,843,335 43,724,869
a After deducting $7,938,970 for accrued amortization.
b Miscellaneous assets in 1913 include accounts receivable, City of New
York,$61,193, and consumers, $613,305; other current assets, $220,164.
c After adding $150,907 surplus adjustments.-V. 98. p• 1318.
New York Edison Co.
(Report for Fiscal Year ending Dec. 31 1913.)
The Public Service Commission, First District, has made
public the company's report for the calendar year 1913.
Sales of Electric Current.
iv. Hours.
1913.
1912.
1911.
23,554,721 Municipal street Itg.-are @ 3.250._ $766.073 $739,606 3639,835
1,198,629 Municipal St. itg.-incand. 07.79e_
93,394
86,220
78,357
8,487,794 Lighting municipal bldgs. (4) 5.02o_ 426,330
406,600
376,970
283,602 Municipal heat and power ® ft.__
17,020
14,388
17,492
843,300 Miscellaneous municipal (4) 10.040...
89,516
84,650
86,615
261,777,624 Commercial metred ltg.
6.81e._17,310,230 15,802,524 14,200,820
28,337,168 Commercial metred power ® 7.950. 2,252,328 2,432,105 3,203,794
124,242,460 Railroad corporations ® 0.53c
147,546
659,762
73,747
67,040,299 Other electrical corporations
743,559
1.320 884,517
818.078
104,260
132,808
124,619
1,808,681 Breakdown service
7.340
352,314
296,143
102,308
1.570
22,454,439 Misc. sales of current
$22,979,426$20,995,077$19,648,116
INCOME ACCOUNT FOR CALENDAR YEARS.
1913.
1912.
1911.
1910,
$22,979,426 $20,995,077 $19,648,116 $18,003,480
Total sales of current
31,769
Miscellaneous revenue
29,864
41,735
47,626
510,028,777
Total sales
Total operating revenue
Production expenses
Distribution and repairs
Utilization expenses
Commercial expenses
General and miscellaneous
823,011,195 $21,024,941 $19,689,851 $18,051,106
$3,355,176 $2,801,606 82.478,031 $2,155,258
1,845,342
1,578,155
1,393,474
1,193,015
995,480
952,507
898,475
818,950
1,363,004
1,212,447
1,012,238
791,985
1,641,241
1,375,150
1,167,864
974,391
Total operating expenses
Taxes
Uncollectible bills
39,200,243 $7,919,865 $6,950,082 $5,933,599
1,286,509
1,201,320
1,270,052
1,186,867
107,857
180,305
67,328
87,220
Total revenue deductions
Operating income
Non-operating income
810,594,609 $9,361,490 $8,287,462 37,207,686
812,416,586 $11,663,451 $11,402,389 $10,843,419
a1,250,562
1,166,071
1,080,564
1,150,509
Gross income
Deductions from income
Dividends(6%)
813,667,147 $12,829,522 812,482,953 $11,993,928
b$4,198,506 $3,973,088 $3,801,797 $3,791,099
3,009,204
3,009,204
3,009,204
2,897,100
Balance, surplus
36,459,437 $5,846,330 35,671,952 $5,305,729
a Consists of interest revenues, $1,154,021; dividends, $100,380; miscell. rents,
cico.; $35,573, and non-oper. revenue deductions, $39,413.
b Includes in 1913 interest on funded debt, 81,697,411; other interest, $1,027,162;
rent of other plant, 847,656; subway rents, $1,416,188; other rents, $15,750; amortization of premium on debt (Cr.), $5,661.
The number of consumers on Dec.311913 was 136,180, against 138,650 in 1912
and the number of active meters was 193,656 (Manhattan, 149,354; Bronx, 44,302),
against 168,814.
NEW YORK EDISON CO. BALANCE SHEET DEC. 31.
1912.
1913.
1913.
1912.
LiabUtties$
A 3Ra3Fixed capital_ ...._ 126,870,266 123,012,224 Capital stock _ _50,153,717 50,153,717
Free investments_ 15,395,763 13,344,483 Mortgage bonds_ _38,128,000 38,116,000
Bound invest'ts_ 1,611,431 1,635,090 Due assoc. cos__ 17,309,203 15,062,767
Cash
654,874 Current liabilities_ 1,703,209 1,058,377
2,787,851
Accrued liabilities_ 1,899,706 2,775,024
Due from associated companies_
334,001 1,024,092 Renewal and conAccts. receivable,
tingent account _ 15,820,315 13,602,130
City of N. Y
778,349
645,480 Casualties and inConsumers' accts.. 2,161,955 2,350,847
surance reserve148,489
148,489
Other accounts.... 1,688,397 1,395,305 Other reserves,&c. 1,404,133 1,373,173
Mat'ls & supplies_ 3,034,372 3,119,738 Corporate Burp_ _829,614,703 26,352,220
1,600,003 1,449,114
Suspense
9,177
Prepayments
lo,6to
Total
156,271,655148,641,897
Tota!
156,271,655148,641,897
a After deducting renewal and contingency reserve, $3,197,666, and miscellaneous
debits, $4,603; and adding $5,315 miscellaneous credits.-V.98, p. 1464, 76.
American Beet Sugar Co., New York.
(Report for Fiscal Year ending March 31 1914.)
Pres. H. Rieman Duval, N. Y., April 30, wrote in subst.:
compared with 278.71 lbs. average the previous three years. The cost of
sugar sold, including freight and all other selling expenses, has been $4 15
per 100 lbs., compared with $4 28 last year, and the net earnings, including
sales of pulp and miscellaneous products, have been 35 cts. per bag of 100
lbs., compared with 1912-13 profit of 69 cts. per bag.
Prices.-The decrease in the price received is due, in great measure, to
the increased world's production and the strenuous Competition to sell; in
addition to which the reduction of the U. S. tariff 25%, effective March 1
1914, was a demoralizing factor. The average beet price on Missouri River
for 1913-14 was $4 45, compared with $5 01 the previous year, and in
Chicago it was $4 4O3, compared with $4 93 the past year, a decline of
11.17% and 10.65%, respectively. Starting in April at $4 38, the prices
from late June to September, incl., ranged from $4 58 to $4 78 and $4 88
to $4 83,and then with the usual annual decline went from $4 38 to 14 18
in iDecember and finally with the near approach of March, with its sugar
tariff reduction of 25%, declined to $4 03.
Of our California production, only about 16% is sold on the Pacific Coast
and Arizona, the surplus finding its principal markets at Missouri River
and Chicago points. Beet sugar currently sells at from 10 cts. to 20 cts.
per 100 lbs. less than cane sugar,whereas in quality it equals cane sugar.
Dried Pulp.-Oxnard and Chino (with a carry-over at Chino of 5,388
bags) produced 315,854 bags of dried pulp, and there were sold to March 31
1914 168,676 bags; carried over into next year, 147,178 bags.
Investments, &c.-Increases in investments were as follows: Ventura
County Ry.CO.stock,$40,000; Riverside Land & Canal Co.stock,$82.339:
Las Animas Sugar Co. bonds, $27,000; Pomona Hospital stock, $500;
Sugar Lime Rock Co.stock,$4,000; total,$153,839. The Ventura County
Ry.(28 miles long) has outstanding seven 5% serial notes of $15,000 each,
being the remainder of the Original purchase price, $150,000,from Ventura
& Bakersfield RR. Co. Of the $562,164 invested in stocks of other companies, there is in the Ventura County By. $210,000, in Riverside Land &
Canal Co. $292,664 and in Las Animas Sugar Co. bonds $52,500.
Improvements.-The item of $192,031 shown in the income account includes $61,645 authorized last year for improvements, and the balance,
$130,385, is for incomplete improvements authorized this year. Further
expensive improvements will hardly be required at present. There have
been spent since March 31 1904 for factory improvements and additions
$2,496,606. The capacity at Oxnard and Chino and Rocky Ford has been
Increased, respectively, from 2,000 tons of beets per day to 3,000 tons per
day; from 700 to 900 tons, and from 1,000 to 1,600 tons. A pr,actfcal
Belgian expert pronounces the properties at Oxnard, Chino, Rocky Ford
and Las Animas up to the highest European standard.
Laborers.-The production of beets sliced at your factories requires the
employment of approximately 9,000farm laborers per annum,and there are
employed at the factories during an average campaign of 100 days. 2,800.
Beet Acreage for 1914-15.-There is a falling off compared with last year
of 19.65%. Part of this decline is due to our refusal to contract for some
lands which produced inferior beets last year, and part of it because of the
dissatisfaction of some growers with the reduced price to be paid for beets.
In California, the price to be paid is 75 cts. per ton less than last year, but
on the same basis as paid in 1911-12 and previous years. A now scale of
prices has been adopted in Colorado and the giving of wet pulp to the farmers of 20% of their beet tonnage has been discontinued. These changes
are estimated, with the normal average of beets, to amount to about 35 cts.
per bag reduction in the cost of sugar. In Nebraska no change seems practicable; that factory should be closed after the next campaign.
Percentages of Factory Cost.-Cost to produce beet sugar, beets in the
field, 62.78%; transportation to factory, 4.56%; agricultural superintendence, 4.41%; labor cost, operating factory, 7.56%; simple repairs, 3.95%;
fuel, 4.55%; lime rock, 2.33%;sugar bags, 3.88%;factory and office supervision, 3.39; miscellaneuous supplies and stock introduced, less residue
of stock in process, pulp and molasses, 2.59%; total, 100%. It is doubtful
if the cost of these items can be reduced, unless possibly that of beets, but
a further reduction in their cost is improbable unless agricultural labor
and land values decline.
New Tariff.-This reduced the duty on foreign sugar, effective March 1
1914, 25%,and on May 1 1916 all duty is to be abolished. It is reasonable
to believe that this Act will be rescinded when the President and Congress
understand the uneconomical effect of destroying a domestic food industry
which supplies over 40% of the domestic consumption, thus leaving the
country dependent entirely upon foreign production. The Bureau of
Corporations is now, with the cordial co-operation of the officers and employees of the beet sugar companies, making a careful investigation of the
industry. The governments of Continental Europe impose a high tariff
on the importation of sugar for the protection of their beet farmers.
OPERATIONS FOR YEARS ENDING MARCH 31.
1913-14.
1912-13.
1911-12.
1,812,262
1,659,143
1,562,949
1,823,901
1,270,125
1,623,724
$4.15
84.28
$4.79
511,644
523,283
134,265
INCOME ACCOUNT.
1913-14. 1912-13.
1913-14. 1912-13.
$
$
$
$
Gross sugar sales_ _ _8,083,696 6,217,746 Net earnings
517,427 775,669
Other IncomeFact'ycoitsugarsold 6,012,774 4,194,410 Pulp receipts (net)
83,871 44,579
Int. dr discount received_ 24,767 46,559
Sell. exp. (freight,
discount, &c.)_ _ _ _1,087,875 776,214 Miscellaneousincome_._ 18,040 14,248
Admin.,int.& rent'is 303,429 322,747
Gross income
Factory & corp. taxes 81,204
88,371
644,105 881,055
Exp. Las Animas and
Pref. diva. (6%)
300,000 300,000
Lamar (factories
Com. divs. (1!I%)....187,500
not operated)____
Approp'n for deprec'n &
23,974
Land&farmoper.(net) 23,873
additions
53,493
192,031
Sundry items
6,842
33,140
Production (bags)
Sales (bags)
Average yield per bag
Unsold March 31 (bags)
Total expenses.. _7,566,269 5,442,077
Total deductions
492,031 487,500
Net earnings
517,427 775,669 Balance, surplus
152,074 393,555
BALANCE SHEET MARCH 31.
1914.
1913.
1914.
1913.
AssetsLiabilities$
Factories, lands,
Common stock _ __15,000,000 15,000,000
equipmont, &c_20,000,000 20,000,000 Preferred stock- _ _ 5,000,000 5,000,000
582,164
Stock of other cos_
408,328 Bills payable
1,205,000
925,000
638,556
650,973 Accounts and diviCash
Accts. & bills rec. 777,982
734,380
dends unpaid
450,314
365,544
Unexpended proMaterials,supplies,
2,511,272 2,535,849
ceeds L. A. bds_
107,624
&c. (cost)
107,238
Expenses advanced
Reserve for depr'n
193,439
193,363
130,385
and additions
acct. campaign_
448,914
Work's cap. res've•2,790,014 2,676,270
Total
24,683,337 24,522,966
Total
24,683,337 24,522,966
• After deducting sundry adjustments, 838,330.-V. 96, p. 1558, 1420.
Niagara Falls Power Co.
(Report for Fiscal Year ending Dec. 311913.)
The report signed by Edward A. Wickes, President, and
F. L. Lovelace, Secretary, says in substance:
Results.-The substantial increase shown in the combined operating revenues of the two generating companies was made possible mainly by (1) the
Results.-The income account shows that receipts increased $1,865,950 completion of generating unit No. 7 In the Canadian plant; (2) the release,
and expense increased $2,124,193; receipts per bag decreased 46 cts., ex- by expiration of the Burton law in March 1913, of restrictions expressly
pense per bag decreased 13 cts., net earnings per bag decreased 33 cts. imposed by Congress on transmission into the United States of electricity
The increased factory cost,$1,818,364, and the increased selling expense of generated in Canada; and (3) the substitution for the peak measurement of
$311,661 (which includes freight, brokerage, discount, &c.) was due to water diversion under the Burton law of the more practicable method indithe increased amount ofsugar sold. Factory net receipts per bag in 1912-13 cated in Article V of the International Waterways Treaty of determining
were $4 28; in 1913-14, $3 84.
the rate of daily diversion.
Output, &c.-Oxnard, Chino, Rocky Ford and Grand Island factories
A decrease in non-operating revenues of the generating companies is due
were operated, while Las Animas and Lamar were closed. There were to the fact that dividends of the Cataract Power & Conduit Co. and the
produced 1,812,262 bags of sugar, an increase of 153,119 bags. There Tonawanda Power Co. have stopped since the order made by the Public
were brought over from the last campaign 523,283 bags of sugar, compared Service Commission,Second Dist.,in April 1913.reducing by 28% the power
with 134,265 bags from 1911-1912. There were sold 1,823,901 bags, as rates of the Cataract l'ower & Conduit Co.in Buffalo,except rates for power
against 1,270,125 bags last year,and there are carried forward 511,644 bags. for railway purposes. An appeal from this order is now pending.
Beets in California were inferior in sugar content and purity to those of
Legislatzon.-As in previous years various bills dealing with Niagara dilast year, and yielded only 338.50 lbs. of sugar per ton, as against 356.17 version and, more or loss drastically, with the rights of the operating power
lbs. in 1912-13. In Colorado the yield was 292.57 lbs. of sugar to the ton. companies at Niagara Falls, have been introduced in Congress and in the
1532
THE CHRONICLE
N. Y. Legislature. The Legislature has adjourned without enacting any
bill upon the subject, and the bill of Mr. Cline of Indiana is still before the
Foreign Affairs Committee of the House of Representatives.
Sale of Interest in Cataract Power & Conduit Co.-Present conditions, we
believe, call for the consolidation of the two companies now distributing
in that city Niagara power furnished by your generating companies. The
Niagara Falls Power Co. so far as may be should refrain from engaging in
the retail lighting and public distribution branch of the power business by
means of corporations which it does not wholly own and control. Its
normal function generally should be the production of power for industrial
uses and its transmission in large amounts for distribution by others. In
view of this, and of the opinion of the P. S. Commission, an agreement has
been made for the sale to the Buffalo General Electric Co. (the lighting
company in Buffalo) of the 10,050 shares (a majority) of the capita' stock
of the Cataract Power & Conduit Co. owned by the Niagara Falls Power
Co.for the sum of $1,457,250($145 per share),with interest on the purchase
price from Dec. 1 1913 at 6% per annum,accepting in payment(a) $1,005,000 First Refunding 59' gold bonds of the purchaser, due April 1 1939;
(b) in cash $452,250 and interest; the bonds and the money to be lodged
with the trustee under the 1st M.in lieu of the stock released therefrom.
Before such sale shall become effective (1) the sale must be approved by
the holders of a majority in interest of our shareholders; (2) a supplemental
mortgage will be executed by the Cataract Power & Conduit Co. agreeing
to set aside an annual sinking fund to pay all its said bonds at maturity;
and (3) the Buffalo General Electric Co. will for 30 days purchase all or any
part of the minority shares of the Cataract Power & Conduit Co. at the same
price and in like manner;(4) the consent of the P. S. Commission,2d Dist.,
and the city of Buffalo must be obtained.
COMBINED INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1913.
1912.
1911.
1910.
Gross earnings
a$2,742,192 $2,497,196 $2,246,413 $2,203,134
Operating expenses _
440,265
365,097
338,733
343,587
* Reserve (see below).._
100,000
100,000
100,000
100,000
Net earnings
$2,201,927 $2,032,000 $1,802,826 $1,764,401
Interest received
$77,153
$49,434
$74,872
$42,228
Div. on stocks owned.._
38,905
99,130
110,277
98,148
Total net income_ _ _ $2,317,986 $2,180,663 $1,975,846 $1,916,906
Int. on bonds and debs.
(see "Ry.& Ind." Sec.) $994,760
$994,760 $1,068,390 $1,069,668
Taxes
194,162
195,520
172,809
135,684
Insurance
10,280
10,561
8,176
5,448
Park rental
48,674
51,964
39,548
41,045
Dividends (8%)
460,616
460,616
429,412
335,800
Total deductions_ _ _
Surplus for year
$1,708,492 $1,713,421 $1,718,335 $1,587,645
$609,494
$467,242
$257,511
$329,261
a Includes $249,652, being amount of reduction in revenue if rates as
ordered by the P. S. Comm.,effective from May 1 1913, are finally upheld.
*Charged in respect of obsolescence, inadequacy and as a reserve
against extraordinary casualties.
CATARACT POWER & CONDUIT CO.
(Stock, $2,000,000; $1,005,000 owned by Niagara Falls Power Co.)
Calendar
Gross
Other Fixed
Net
Dividends
Balance,
Year- Earnings. Earnings. Income. Chgs., &c.
Surplus.
1913
$1,729,780 $532,568 $26,159 $140,90l(1149')$30,000 $387,826
1912
1,643,293 473,798 24,522 135,571 (69)120,0O0 242,750
Bonds outstanding, $1,384,000 (the same as on Dec. 311912); total current liabilities, $161,211, against $247,502; accumulated surplus, $1,336,972, against $993,950.
TONAWANDA POWER CO.
(Stock, $250,000; all owned by Niagara Falls Power Co.)
Calendar
Net
Gross
Other
Fixed
Balance,
YearEarnings. Earnings.Income. Chgs.,&c. Dividends. Surplus.
1913
$224,1'76 $32,258 $1,450 $21,800
9')$5,000 $6,908
1912
210,036
42,431
1,888
19,952 8%)20,000 4,366
First mortgage bonds, $150,000; total current liabilities Dec. 31 1913,
$26,891; accumulated surplus, $223,094.
COMBINED CONDENSED BALANCE SHEET DEC. 31.
1912.
1913.
1913.
1912.
AssetsLiabilities$
Real estate, powerCapital stock ____ 5,757,700 5,757,700
houses, transmis5% 1st M. bonds_10,000,000 10,000,000
sion systems, &c_24,426,063 23,975,413 Ref.& gen. M.6s_ 8,226,000 8,226,000
Investment stocks 1,500,000 1,500,000 Debs.matured,&e,
23,500
23,500
917,709 1,006,640 Accounts payable..
Cash
45,574
118,513
Divs. on investUnpaid coupons &
ment securities_
20,075 accrued int., &c_ 383,116
399,587
Securities, bills &
Div. pay. Jan. IS.. 115,154
115,154
389,514 Accr. taxes & rents
accts. ree'le, &c_ 601,364
60,380
112,339
203,682 Reserve for accrued
194,925
Material & supp
insurance
15,675
Prepaid
15,775 amortization of
Cash for renewal,
capital,&c.
886,221
811,790
&c., fund
318,260
308,909 Surplus*
2,476,351 1,855,427
Total
27,973,996 27,420,009
Total
27,973,996 27,420,009
WoL. xcvm
specify a period of 12 years for the completion of a possible development of
111,000 h.p.; No. 3 plant, 33,000 h.p., is now under construction.
Negotiations with City of Los Angeles.-In past annual reports
has been made to the development of water power by the city ofreference
Los Angeles along the line of the Los Angeles aqueduct. It was predicted that
electric power from this source would be delivered in the city of Los Angeles
during the past year, but little progress has been made on
this project. At
an election held April 15 1913 the matter of voting $6,500,000
bonds for the
construction or acquisition of a municipal distributing
system within the
city failed to secure the necessary majority.
Since that date negotiations
have been pending between the city officials and the companies now operating within the city for the purchase or lease of distributing systems by the
city, with a view to effecting some satisfactory arrangement
for an equitable
and economical utilization of the power proposed to be generated
by
(Compare Pacific Light & Power Corporation in V. 97, p. 1738) the city.
•
Data from General Agent S. M. Kennedy, Feb. 19 1914.
Business.-Notwithstanding the somewhat depressing financial conditions during the latter half of 1913, the company and its subsidiaries were
on Dec. 31 supplying service to 129,333 consumers, this being an
of 20,556 for the year. The company has also renewed contracts increase
for long
periods with a number of its largest consumers,and has closed agreements for
service to 1,817 new power consumers, aggregating a total of 28,357 h.p.
Contracts were signed for service to 13,905 new lighting consumers,
representing an additional load of 316,460 fifty-watt equivalent; and 27
new street-lighting contracts were signed, representing about 5,000 additional 50-watt equivalent. There is also a steady increase in the demand
for lighting of rural highways.
Data from Treasurer W. L. Percey, Jan. 31 1914.
There was sold $649,000 5% General Mtge. bonds and at the close of the
year $1,122,000 bonds had been certified on account of construction expenditures to Oct. 311913. There will be available $462,000 bonds for
November and December construction, making a total of $1,584,000
bonds in the treasury for sale. The proceeds will be available for the
liquidation of notes payable.
COMPARATIVE INSTALLATION RECORD DEC. 31-INCOME
ACCOUNT CALENDAR YEARS.
Installation Dec. 311913.
1910.
1912.
1911.
Incandescents (50-watt
equavalent)
1,634,185
922,567
1,436,617
1,240,861
Meters-Electric
96,851
80,995
55,191
66,398
Gas
13,532
11,623
9,318
12,065
Motors, number
7,485
6,452
4,273
5,077
Horse-power
118,610
94,478
72,441
61,649
2,162
Arcs (all)
2,496
2,649
2,770
$4,779,280 $4,337,441 $3,738,165 $3,384,933
Gross earnings
2,430,291
Operating expenses
2,329,085
1,835,885
1,717,866
$2,348,989 $2,008,355 $1,902,280 $1,667,076
Net earnings
Deduct-Int.& amort'n_ $813,969
$708,796
$624,829
$651,492
700,000
Reserve for drec'n_
650,000
650,000
545,000
200,000
200,000
Prof. dividend 5%)
200,000
200,000
Common dividends..(5%)420,000 (5)420,000 (5)371,250(3 M,)270,000
Total deductions __ $2,133,969 $1,978,796 $1,846,079 $1,666,492
$215,020
$29,559
13alance,surplus
$56,201
$584
COMPARATIVE BALANE SHEET DEC. 31.
1912.
1913.
1913.
1912.
LiabilitiesAssets$
Plants & property_30,600,509 27,729,027 Common stock ___10,400,000 8,400,000
157 Preferred stock ___ 4,000,000 4,000,000
Construe. deposits
Bonds
Treasury bonds....1,122,000
15,588,000 13,071,000
Bonds called
Com.stk.sale'13-14 307,581
15,000
25,000
113,758 Debentures
413,449
332,000
Cash
332,000
353,708 Notes payable.. _ _ _ 2,273,200 1,170,000
460,968
Bills receivable
552,627 Accounts payable.. 358,484
Accts. receivable.. 611,878
355,906
67,875 Sundry deposits-90,554
Due from sub. cos. 215,250
69,656
581,201 Accrued Interest_ _
70,392
Material & suppL 631,865
69,959
Sinking fund
15,013
138,135 Accrued taxes_
70,379
12,685
Miscellaneous
1,765 Scrip dividend__ _ 150,000
Unamort.diset. on
Reserve for depr'n 1,712,255 1,150,918
funded debt__ _ 649,542
11,084
191,228 Res. for Ilab. ins
14,661
Prepaid ins. & tax
6,908
6,275 Reserve for uncolPrepaid interest_ _
13,711
12,358
lectible bills_ _ _
3,923
15,000
Sund. prep'd accts. 148,878
74,406 Profit and loss.. _ .... 221,872
227,300
35,251,565 29,814,086
Total
Total
35,251,565 29,814,086
The foregoing balance sheet and income statement do not include the
operations of Long Beach Consolidated Gas Co. nor Santa Barbara Gas
& Electric Co. controlled by this company.-V.98, P. 1248.
Lone Star Gas Co., Fort Worth, Texas.
Balance Sheet Feb. 28 1914 (Total each side, $6,560,848).
Pipe-lines,gasrights,lands,
First mortgage bonds.... _ - $812,500
oil and gas leases, &c_ _$6,242,537 Notes and accts. payable_ 583,253
86,942 Capital stock
Cash
3,500,000
192,210 Reserve for depreciation.. 950,774
Accounts receivable
39,158 Undivided profits
Notes receivable
914,321
Earnings-Year ending May 31 1910 and Years ending Feb. 28 1911 to 1914.
* Variously applied or invested.-Ed. Surplus as above in 1913,$2,476,- 1900-10.
1911-12.
191213.
1910-11.
1913-14.
Total.
351, is arrived at after adding $11,431 net miscellaneous adjustments.
$531,041
$671,256
$20,108
$81,231
$1,033,959
$2,337,565
The earnings of the Niagara Junction Ry., whose $294,500 outstanding
From above total, paid dividends, $472,500: reserved for depreciation
stock is all owned, having outstanding $175,000 bonds, were: In 1913, $050,321;
surplus, $914,321. See V. 98, p. 1464.
balance,
$83,697, against $86,938 in 1912; net income, $35,739, against $45,123;
balance, surplus, $21,601, against $30,916.-V. 98, p. 1320.
Utah Copper Co.
Southern California Edison Co., Los Angeles, Cal.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. John B. Miller, Los Angeles, Feb. 26, wrote in sub.:
Results.-General financial conditions became so unfavorable early in
1913 that, commencing in April, we thought it wise to restrict expenditures
for all purposes to the lowest point consistent with good service. Had it
not been for this, last year's estimate would have been probably somewhat
exceeded. Under the conditions the showing made is gratifying. Dividends on the pref. and common stock at the rate of 5%, amounting to
$620,000, were paid; $700,000 was charged to depreciation and the balance
of $215,020 was carried to surplus.
Estimated Earnings for 1914.-Based upon our ability to finance expenditures for new business, and upon normal conditions, I estimate that the
year 1914 will equal or exceed the following: Gross earnings, $5,250,000;
net earnings (after taxes), $2,650,000; interest, $875,000; balance, surplus
applicable to dividends and depreciation, $1,775,000.
Securities.-In December 20,000 shares of common stock were issued
and sold. [This raised the outstanding common to $10,400,000, on which
$307,580 was still due Dec. 31 1913, the issue price having been $85 per
share; V. 97, p. 1508.] Since Dec. 31 961,500,000 gen. M. 5s have been
sold (V. 98, p. 456). The proceeds have gone to reimburse the treasury
for expenditures upon capital account. [See also V. 98, p. 1248.]
Outlook.-While we have recently raised our dividend rate, we have also
lowered rates to customers all over the system,showing our strong position.
Southern California has been visited with two extraordinarily heavy
rains, one in January and one in February 1914. The damage to the
country at large will amount to several million dollars. This is more than
compensated for, however, by the benefit of the abundant rains. Your
corporation went through the first storm with less than $5,000 loss; in the
second storm, while we suffered a great deal of damage to transmission
lines, there was no serious interruption to our business, and,except for one
very small district, we have been able to carry all of our consumers.
Data from Vice-President and General Manager Brackenridge.
Additions.-The generating capacity has been increased by 27,000 h.p.,
consisting of an additional (third) turbine at the Long Beach steam plant,
space also being provided for a fourth turbine. Our total generating capacity is thus increased to 119,800 h.p., comprising six water-power plants,
42,500 h.p.; three steam plants, 77,300 h.p. Changes contemplated at
Kern River No. 1 hydraulic plant to increase the head and quantity of
water, should increase the output about 5,000 h.p.
Permits have been issued by the U. S. Forest Service for four additional
water-power plants on the Kern River, Nos. 2 to 5,inclusive. The grants
(Ninth Annual Report-Year ended Dec. 31 1913.)
Pres. C. M.MacNeill, N.Y., April 15, wrote in substance:
nroduction of copper in concentrates for the year
Output.
.rbas
1913
was-The
119,93§-:§
09 rbs.
After making smelter deductions,. a
net production oi 113,942,834 lbs. of refined copper was obtained. in addition,
there were produced 28,121.24 ozs. of gold, for which we received $20 per
oz., and 285,589 ozs. of silver, for which we received 59.582 cts. per oz.
Our sales and deliveries of copper for the year were made at the gross
price of 15.337 cts. per lb., or, after deducting delivery charges, 15.167.
In our balance sheets and statements of income for the year our copper is
valued at 14.976 cts., which is the resultant figure from the estimated price
which was used in the various monthly statements and quarterly reports.
The difference of .191 cts. is due to reducing to a lower valuation the inventory price of our unsold copper which stood Dec. 31 1913 at 13.5 cts. per lb.
The net cost per lb. of copper produced for the year, after deducting
miscellaneous income, was 9.256 cts. No deductions, however, were considered from this cost for dividends received upon the stock of the Nevada
Consol. Copper Co.owned by your company (see that co.'s report below).
Profits.-The net operating profit from Utah mining operations for the
year amounted to $6,303,223. Miscellaneous income received from outside
investments, including the dividends received from the stock owned in the
Nevada Consolidated Copper Co., amounted to $2,270,200; the total income, therefore amounted to $8,573,423. Interest paid amounted to
$60,318; deducting this loaves a net profit applicable to dividends and
for other capital purposes of $8,513,105. Dividends were continued quarterly at the rate of $3 per share (30%) per annum, and amounted to $4,747.'710, leaving as a surplus for the year after the payment of dividends
$3.765,395. There was set aside as depreciation an amount equal to 5%
of the total cost of all plants and equipment, or $507,712, which leaves a
net balance passed to undivided profits of $3,257,683. The total dividends paid, up to and incl. those for 191.3, aggregate $20,989,930.
Surplus Account.-This item of $6,658,220 shown on the balance sheet
only represents the amount received over par from the sale of securities,
and should not be confused with the item shown as undivided profits,
amounting to $9,708,653, in part representing our working capital; but
the larger portion is invested in copper on hand and in prepaid stripping
and other permanent capital expenditures.
Stock.-The increase, amounting to 4,040 shares, was issued in exchange
for $202,000 Bingham & Garfield Ry. Co. bonds, which bonds are convertible until July 1 1914, but not thereafter, into the stock of your company on the basis of $50 per share for the stock and par for the bonds.
Out of a total authorized issue of 1st M. bonds of the Bingham & Garfield
Ry. Co. of $2,500,000 par value, there remained outstanding on Dec. 31
MAY 16 1914.1
THE CHRONICLE
last $2,163,000, including $97,000 in the treasury of voui company. Since
Jan. 1 1914 $142,000 additional bonds were exchanged,reducing the amount
held by the public to 81,924,000.
Ore Development.-The total tonnage developed in the entire property
to Dec. 31 last amounted to 361,220,234 tons; 268,000,000 tons are creased
as fully developed, 93,220234 tons as partially developed. Deducting
the total tonnage of ore mined prior to Dec. 31 last of 28,720,234 tons.
which has averaged 1.465% copper, the total reserves as calculated remaining at that date amounted to 332,500,000 tons. The average grade
of this remaining tonnage is 1.47% copper.
On Dec. 31 1912 the developed and partially developed ore in reserve
amounted to 316,500,000 tons. Therefore, developments have shown a
net increase of 16.000,000 tons of developed and partially developed ore
during the year 1913, or considerably in excess of twice the amount treated
during the year under discussion, the amount treated at both the Magna
and Arthur plants during the year being 7,519,000 tons.
Bingham & Garfield Ry. Co.-About 90% of the total freight revenue
results from the business of your company. When the outstanding bonds
of the railway shall have been converted or redeemed under the provisions
of the mortgage, practically the entire earnings will show as income instead
of only 209' thereof as in the past. This is owing to the fact that under
the terms a the sinking fund 80% of the net earnings, after deducting improvements and betterments, must be and have been held for payment
to the trustee for the retirement of the bonds. With the entire issue of
bonds exchanged or redeemed, the income from this investment should result in a reduction in the cost of copper produced of approximately threefourths of a cent per lb.
Date from Report of Managing Director Jackling, March 20.
Claims and Lands Owned.-The corrected area of mining claims Dec. 31
was 736.225 acres.
Development at the Mines.-No underground work was done in the original
Utah Copper group, but a considerable amount of such work was done in
the original Boston group. The length of tunnels, drifts and raises driven
during the year was 24,812 ft., making the total length of all underground
work up to Dec. 31 83.23 miles; deduct workings destroyed or rendered
inaccessible, 309,797 ft., or 58.67 miles; balance total length of underground workings remaining accessible in both groups Dec. 31 1914,24.56 m.
Operations at the Mills.-There were milled at the Magna plant 4,142,700
tons of ore, an increase of 687,900 tons, as compared with 1912; while at
the Arthur plant 3,376,692 tons were milled, the increase being 1,516,171
tons; total ore treated at both plants 7,519,392 tons, as compared with
5,315,321 tons for 1912. During the year when running on low-grade ore,
the Magna plant demonstrated its ability to handle nearly 14,000 tons
daily and the Arthur plant over 10,000 tons daily, making the capacity
of both plants, when treating such material, about 24,000 tons per day.
With ore of an average grade, however, the economical capacity of both
plants combined may be taken at about 21,000 tons per day.
Production.-The total gross production of copper contained in concentrates was 119,939,809 lbs., as compared to 96,175,090 lbs. for 1912. The
concentrates produced averaged 17.31% copper, as compared to 20.75%
for the previous year. This decrease in grade of concentrates was due
partly to the character of the underground ores which came from an area
containing a higher percentage of iron than the average of the mine, and
partly to ores from the low-grade area of the deposit, of which previous
mention has been made,also containing a relatively high percentage of iron.
Garfield Ry.-During the year the road handled a total of
Bingham
6,044,959 tons of freight, being an average of 16,561 tons per day, as compared with 3,620,750 tons and 9,893 tons, repsectively, for the year 1912.
Of this quantity, 5,324,114 tons were ore shipped by the Utah Copper Co.,
compared with 3,381,161 tons, respectively, for 1912. Of the remaining
720,845 tons, 90,588 tons were ores shipped by other mining companies,
and 630,257 tons consisted of commercial freight. Throughout the year
a twice-daily passenger train service was operated between Salt Lake City
and Bingham in connection at Garfield with the San Pedro Los Angeles &
Salt Lake RR. The total number of passengers handled was 134.151, as
compared with 107,108 for 1912. The indications are that there will
be a further increase in all classes of traffic during 1914.
INCOME ACCOUNT YEARS ENDING DEC. 31.
1912.
1911.
1913.
Sales of1910.
Copper, lbs
113,942.834 91,366,337 93,514,419 84,502,475
Average price
14.976 cts. 15.839 cts. 12.646 cts. 12.672 cts.
Gold,oz.(at $20)
28,121
40,202
34,256
39,838
Silver, oz
285,589
311,391
366,907
381,331
Average price
59.582 cts. 60.657 cts.
53.3 cts. 53.58 cts.
Operating RevenueSales of copper
$17.063,635 $14,471,576 $11,826,165 $10,708,411
Sales of gold at $20
562.425
804,058
685,115
796,758
Sales of silver
170,158
188,880
195,564
204,332
Miscellaneous
1.346
382
888
166
Totalincome
$17.797,564 $15,345,953 $12,825,953 $11,710,389
ExpensesOperation
54,723,858 $4,031,589 53,598.526 $3,224,770
Mine development
184,298
119,649
216,126
304,614
Prep'd exp., ore stripping
398,649
563,954
351,060
272,675
Freight on ore
1,440,749
1,292,435
Treatment and refining_ 6,086,880 4,424,175 2,717,593 2,724,983
$11,494,341 89,038,711 $8,324,054 $7,819,477
Total expenses
Net operating revenue_.. $6,303,223 $6,307,242 $4,501,899 83,890,912
Other IncomeDiv.on investments
$2,176,000 $2,176,000 $1,720,750 $1,459,775
Interest received
1
94,200
f 3,125
46,562
21,011
Rentals
143,120
30,077
Total net profits
Interest paid
Interest on bonds
Dividends (30%)
$8,573,423 $8,529,804 $6,268,894 $5,401,775
$30,966
$80,532
$60,318
$188
4,747,710 4,729,747 4,703,022 4,648,675
$3,765,395 $3,719,525 51,534,906
BALANCE SHEET DEC. 31.
1912.
1913.
1913.
$
Assets$
17,912,691 17,095,264 Stock outstanding 15,836,800
Property
Prepaid exp., ore_ 3,772,179 2,278,937 Treatment and ref.
10,956 charges, not yet
9,709
Ore in mill bins
*7,610,613 7,680,991
due
Investments
1,043,108
122,972 Accounts payable.. 805,547
Accts. receivable_ 133,372
301,500 Various reserves_ _
Notes receivable__ 440,000
69,868
Material & supplies 771,499
716,358 Depree'n reserve
507,712
Equity in copper
Surplus from sale
in transit
3,606,054 1,183,972 of stock
6,658,220
Cash
392,401 Surplus
365,792
n9,708,654
Prepaid insurance8,000
6,185
Surplus
$752,912
1912.
15,796,400
495,404
483,989
66,154
6,496,620
6,450,970
1533
During 1913 3,139,137 tons of ore passed through the mill,from which there
was produced 452,233 tons of concentrates, yielding 64,972,829 lbs. of
copper, as against 2,852,515 tons of ore, 313,974 tons of concentrates
and 63,063,261 lbs. of copper in the year 1912. Thus, while the tonnage
of ore milled increased 10%,the tons of concentrates which had to be smelted increased 44%, with only 3% increase in copper output.
(c) The change in scale of wages late in 1912 applied to the entire 1913
operations, representing an increase of about $257,000, or .394 cts. per lb.
(d) For the Steptoe plant in addition to ordinary repairs there was
included in operating costs for improvements $160,994, being $123,966
In excess of similar expenditures during 1912, or .19 cts. per lb.
Outlook for 1914.-The Liberty-Hecla area will during 1914 contribute
a greater proportion of the total pit tonnage than in 1913, and the mining
costs will, therefore, be somewhat higher; but, on the other hand, the operating costs of the Steptoe Co. are expected to show an improvement.
practically, if not entirely, offsetting the increased mining cost and the
added expense due to increased tonnage of concentrates to be smelted.
Ore.-During the year 3,269000 tons, averaging 1.42% copper were
developed in the north Liberty pit area. Although the grade of the new
s not as high as the average of the reserves at the end of 1912,still. with ore
the
mproved work at your concentrator and smelter, this new tonnage is a
valuaole addition. 3,148,285 tons, averaging 1.5979' copper, were mined
during 1913, leaving 39,108,590 tons of ore, averaging 1.65% copper in
the reserve as of Dec. 31 1913,as compared with 38,853,551 tons, averaging
1.67% Dec. 31 1912. No new ore was developed in the Eureka or Hecla
sections, as the general operating conditions, and the character of the
ground, did not permit of systematic drilling to determine if additional ore
exists in depth in these arms.
Giroux Ore.-During the year 280,041 tons of Giroux Consolidated Mines
Co. ore was treated by the Steptoe Co. This contract terminates June 5
1914, in accordance with the notice served by the Giroux Co.
Ore Extinguishment-Extra Dividends.-During the year $522,791 was
charged against undivided profits for ore extinguishment, making a total
of $2,321,699 written off for ore extinguishment since the beginning of
operations, and represents the original cost of the ores extracted. This
charge against current profits is credited to the property account, which
is correspondingly reduced. The profits shown are, therefore, profits in
excess of the initial or first cost of the ore in the ground. We market the
full product from these ores and consequently accumulate funds in excess
of the undivided profits to the extent that we set aside this amortization fund.
It is due to this method of handling the profit and loss account that the
extra dividends are charged against surplus account, instead of undivided
profits, and it is for this reason that the extra dividends are given as a
return of capital; in other words, in our operations to date there has been
taken out of the mine ore which cost initially $2,321,699,and of this amount
$1,999,457 has been returned to the stockholders in the shape of extra dividends, $999,728 in 1912 and a similar amount in 1913. If the transaction
was not handled in this manner,the true earnings would be overstated and
eventually when all the ore had been mined and the property had to be
abandoned,there would remain on the books an asset of the property acct.
Investment Account.-The decrease of $1,01)0,000 is covered by (a) the
Steptoe Valley Smelting & Mining Co. from its depreciation reserve purchased of Nevada Consoldiated Copper Co. $500,000 Steptoe capital stock,
making the total stock purchased to date $1,400,000, all of which has been
retired by the Steptoe Co.,leaving the outstanding capital of that company
86,500,000, all owned by the Nevada Consolidated Copper Co. (b) The
Nevada Northern Ry. Co. purchased from Nevada Consolidated Copper
Co. $500,000 Nevada Northern Ry. 5% bonds for its sinking fund.
Deferred Charges.-During the year $1,122,507 was expended in stripping overburden, of which $584,185 was charged to operations; balance,
$538,322, is carried as deferred charges against future operations. The
total cost of stripping overburden from the beginning of operations haS
amounted to $5,337,271; of this amount $2,060,874 has been absorbed
In operating costs and $3,276,397 remains as a deferred charge to be distributed over ore tonnage as extracted in the future.
Operations.-The large increase of 31,160,542 in the item of metals on
hand and in transit is largely due to small sales for November and December delivery, a larger proportion of sales the last of the year being for delivery in the early part of 1914.
The net profit for the year was $3,483,886; the quarterly dividend
amounted to $2999,185; $522,791 was written off for ore extinguishment,
$39,600 was written off for depreciation of mine equipment, $24,844 set
aside as estimated income tax for the year, leaving to undivided profits
$102,534. An extra dividend of 50 cts. per share, or $999,728, was also
paid Dec. 31, and charged to surplus account, causing a corresponding reduction in the surplus account. The total dividends paid from earnings
to Dec. 31 1913 amount to 312,727,862, and there remains in undivided
profits $3,069,643.
EARNINGS AND EXPENSES.
Yearend.
Yearend.
Dec. 31 '13. Dec. 31 '12.
64,972,829 63.063.261
Sales of copper,lbs
14 879 cts. 15.979 cts.
Average price ..
89,667,506 $10,076,872
Copper produced
557.987
521,278
Gold and silver produced
15 Mos.end
Dec. 31 '11.
78.541,270
12.50 cts.
59.818.262
595,185
$10.225.493 310.598.150 510,413,447
Total revenue
Operating ExpensesMining,incl. portion of stripping exp.. 81,651,998 $1,436.369 51,072.122
Freight on ore
759,129
843,446
893,310
Milling
1.414.506
1,682.727
1,531.859
Smelting.
1,480,089
1,829,939
1.485.635
Rent of Steptoe plant (including proportion of depreciation)
1,204,630
1.162,476
1,467,610
Freight and refining
943,564
918,152
1,145,811
Selling commission
103,356
97.900
97,145
Total expenses
$8,212,050 $7,316,231 37.693.492
INCOMEZACCOUNT.
Year end.- Year end. 15 Mo.end
Year end.
Dec. 31 '13. Dec. 31 '12. Dec. 31 '11.
p1.30'10.
Netroperating profit.. _ _ ..$2,013,443 53.281,919 $2,719.955 52,345.382
Divs. on investments__ 1,381.772
1,459,112
1,537.160
1.223.435
Interest, rentals, &c_ _ _ _
88,671
82,808
87,002
40,490
Total income.
$3,483,886 $4.823,839 $4,344.117 $3,609,307
Interest on bonds..
$26.999
Maint.Cumb.-Ely
$7,900
1,522
52,999.185 52.999,137
Dividends
3.746.895
2.982,644
*30%
Dividend rate
*30%
37%%
30%
Total deduction...._ _ _52,999,185 $2,999.137 $3.754,795 $3.011,165
5484.701 31,824.702
Balance,surplus
5589.322
5598.142
*Also an extra dividend of 50 cents per share (10%). or 8999,728. paid
Dec. 31 1913 and 1912 and charged to surplus account, leaving $7.071.850
Dec. 31 1913.
Total
34,629,909 29,789,537
34,629,909 29,789,537 Total
*Investments include Garfield Water Co. stock (at par), 3381,700, and
advances to that co., $474; Garfield Improvement Co. stock (at par),
$135,300. and advances, $40; Bingham & Garfield Ry. stock (at par), $2,1ALANCE SHEET DECEMBER 31.
600,000; Bingham & Garfield Ry. bonds (at par), $97,000; 55,002,500:
1913.
1912.
1913.
1912.
Nevada Consolidated Copper Co. stock, book value, 84,453,007: 59350.Liabilities$
300 Utah & Salt Lake Canal Co. stock, book value, 313,092; water rights, PM Assets$
Capital stock
9,997,285 9,997,285
same co., book value, $15,000, and North Jordan Canal stock, $25.000: Cost of mines, less
extinguishment..
3,860,586
4,383,377
Bonds
500
500
book value, $15,000. a After deducting $507,712 reserved for depreciation
795,852 Acela payable_ _ _ 606,841
Equip. & develop_ 752,397
582,682
of plant and equipment.-V.98, P. 1321.
Investments a__ __ 9,000,000 10,000,000 Unpaid treatment
Deferred ch'ges b_ 3,276,397 2,738,075 on metals
609,836
334,664
Nevada Consolidated Copper Co.
Material & suppl. 235,328
177,409 Surplus-Prem. &
Acc'ts collectible_ 128,639
437,563
profit on securi(Seventh Annual Report-Year ended Dec. 311913.)
Metals on hand &
ties sold
7,071,850 8,071,579
4,047,202 2,836,660 Undivided profits c3,069,643 3,172,177
In transit
Pres. S. W.Eccles, N. Y., Apr. 3, wrote in substance:
55,406
739,951
Cash
Higher Costs.-While the results for the year are very satisfactory, it is
Proper to call attention to the higher cost of producing copper, viz.: 9.51 cts.
Total
21,355,955 22,158,888 Total
21,355,955 22,158,888
per lb. of electrolytic refined copper f.o.b. Atlantic seaboard, as compared
with 8.33 cts. for 1912, a difference of 1.18 cts., due chiefly toa Investments include Nevada Northern By. stock, $2,000,000. and 5%
(a) Larger proportion of pit tonnage taken from the Liberty-Ifecla area bonds, $500,000, and Steptoe Valley S. & M. Co. stock. $6.500.000.
(47%. against 21% in 1912),the cost of removing overburden per ton of ore
b Represents cost of opening up pits, shafts, stripping, tracks, shovels,
being 22cts.at Liberty and 30cts.at Hecla,as against 15cts.at the Eureka pit. &c.
(b) The lower ratio of concentration of the Liberty-Hecla ore, making it
c After deducting 8522.791 for ore extinguishment, $39.600 for deprenecessary to smelt more tons of concentrates for the same tonnage of ore. ciation and $24,844 for estimated income tax for 1913.
THE CHRONICLE
1534
PROFIT AND LOSS ACCOUNT FOR YEAR ENDING OCT. 31 1913.
Net profits for the year ending Oct. 31 1913 (including all transactions of the Fisk Rubber Co. of Delaware from Nov. 1 1912 to
Feb. 19 1913) after deducting manufacturing cost of sales at the
annual cost, all expenses, depreciation and interest
average
9,997,285
paid on borrowed money
$606,000
-Appropriation made to reduce the inventory of crude
500 Deduct
rubber to market value and of finished products to latest costs
117,688
8,071,579
658,827
Balance
$488,312
on pref. stock of old company Nov. 1 1912 to Feb. 19'13 $42,778
334,664 Dividends
on pref. stocks of Fisk Rubber Co. of Mass., Feb. 19 to
25,500 Dividends
viz.:
1913,
31
Oct.
2,102,723
first preferred stock
7%
On
(a)
145,833
3,477,684
(b) On 7% second preferred stock
97,222
22,843,123 24,668,762
$202,479
Expenses of incorporation
15,416
Balance carried to Surplus Account, per balance sheet
$187,063
-V. 97, p. 525.
York.
COMBINED BALANCE SHEET DEDEMBER 31.
1912.
1913.
1913.
LiabilitiesAssets$
Cap. stock (Nev.
Prop., equip, and
9,997,285
construction _.14,256,069 16,748,382 Consol. only
Deferred charges_ 3,276,397 2,738,075 Bonds(Nev.Cons.
500
only)
684,334
858,731
Materials & suppl
7,071,850
Surplus
Acc'ts coll., pre629,531 Accounts payable_ 702,689
paid insur., &c_ 269,231
Unpaid treatment
Stocks & bonds of
609,836
23,000 on metals
other companies
17,000
Deferred accounts 141,490
Metals on hand &
in transit
4,047,202 2,886,660 Res've for deprec'n 853,145
958,780 Undivided profits_ 3,466,328
Cash & cash items 118,493
Total
22,843,123 24,668,762
-V. 98. p. 1248.
Total
[Vol,. soul'.
1912.
Rubber Goods Mfg. Co., New
(Fifteenth Annual Report-Year ending Dec. 31 1913.)
President Elisha S. Williams April 9 wrote in substance:
Baldwin Co.(Pianos, Organs and Piano-Players), Cinc.
(Report for Fiscal Year ending Dec. 31 1913.)
The fiscal year 1913 witnessed a very large decline in prices. This, of
The report says: There is no bonded or mortgage debt. There are no
course, reduces the value of the goods sold. The quantity of goods sold contingent liabilities. Manufacturing plants, sales rooms and
fully
compares very favorably with previous years. The total net sales of our insured. All bills discounted monthly. All bills and accountsstock
receivable
product were $35,640,365 (the tire sales included in this total not being
the deliveries of the factories to the United States Tire Co., but a proportion held by the company.
of the United States Tire Co's actual sales based on the deliveries).
SALES AND INCOME ACCOUNT, YEARS ENDED DECEMBER 31.
The net profits were less than in 1912, due to the declining market and a
Divs. on
Divs. on
Added to
Add. to
Total
Total
very sharp reduction in tire prices.
Surplus.
Earnings. Reserve. Preferred. Common.
Sales.
As our tire-manufacturing subsidiaries required a larger amount of
6)48,000 *(8)$83.976 $237,979
working capital, 6% pref. stock of certain tire companies was issued during 1913 -.36,202,183 $555,7 $133,344 6)
167,513
48,000 * 8 80,000
the year to an amount aggregating $1,300,000, the same being subscribed 1912 _- 5,462.230 441,912 96,399 6 48,0008i
80,000
114,666
1911 __ 4,793,683 313,302 70,636
for by the United States Rubber Co.(see V. 98, p. 77)•
131,079
4,933,825 330,260 71,181 6 48,000 8 80,000
The enlargement of the Morgan & Wright tire plant at Detroit is nearing 1910
171,035
80,000
completion and its capacity is steadily increasing. [See also annual report 1909. 4,970,002 411,130 112,095 6 48,000 8 60,000
136,094
1908.... 4,277,522 306,031
61,937 6 48,000 8)
of U. S. Rubber Co.,the owner of most of the cap. stk.. in V.98,p• 758.1
168,032
1907- 4,549,124 360,775 94,743 6 48,000 5) 50,000
219,577
40,000
4)
4,423,572
1906
48,000
64,701
6
372,278
CONSOLIDATED INCOME STATEMENT FOR YEAR END. DEC.31.
[Rubber Goods Manufacturing Co. and Subsidiary Companies.]
1910.
1911.
1913.
1912.
Net sales (but see text)..$35,640,365 $36,147,332 $34,587,269 $35,188,295
Earnings subsid. cos..... $3.198,598t
Bond, &c., interest_ _ _
998,4551 $2,885.885 $3,607,896 $2.169,326
Income from investment
$2.200,143 $2,885,885 $3,607,896 $2,169,326
100.000
100.000
100,000
291,672
Total net income _ _ _ $2,491,815 $2,985,885 $3,707,896 $2,269.326
$114,007
$221,397
$206,899
$147,079
Expenses home office._ _
51,854
Federal income tax 1913
* Also a stock dividend of 5%, calling for $52,485 in 1913 and 350,000
in 1912. See V. 90, p. 000.
GENERAL BALANCE SHEET DECEMBER 31.
1913.
1912.
1912.
1913.
$
AssetsLiabilitiesReal estate & bldgs_ 626,397 644,397 Common stock
1,102,485 1,050,000
369,847 358,057 Prof. stk.(6% cum.) 800,000 800,000
Machinery
212,474 227,406 Surplus earned
Cash
1,492,182 1,944,202
Bills & acc'ts receiv_2,645,049 2,188,816 Reserves
962,175 828,831
Acc'ts pay. & taxes_ 252,751 218,966
Merchandise, raw &
manufactured_ _ _ _1,452,826 1,448,823 Bills payable
697,000 715,500
690,000
Good-will, pat'ts, &c. a
5,306,593 5,557,499 Total
5,306,593 5,557,499
$2,325,954 $2,764,488 $3,500,997 $2.122.247
Total
Net profits
$2,462,518 $2,280,601 $2,159,762
Dividends
$989,994
Sinking fund
73,431
a On June 30 1913 the item of good will, patents, &c., $690,000, was
Reserves for depreciat'n
2,158 charged off and the amount deducted from the earned surplus account.
-V. 97. P• 519.
Deprec. on pats., &c.._ _
46,543
15,817
Res. for redemp. of bds..
15,874
D$152,381
83468,014 831,294,692 851,056,664
407,654
GENERAL INVESTMENT NEWS.
Balance, sur. or def__ D$152,381
Prey. sur. & wkg. cap__ 8,728,891
85468,014 831702,346 531056,664
6,558.531
5,501,867
8.260,877
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama Great Southern RR.-Listed.-The Now York
Stock Exchange has listed $2,500,000 1st consol. M. 5%
bonds, series A, due 1943. Compare V. 97, p. 1820; V. 98,
p. 72.
Earnings.-For the 8 months ending Feb. 28:
Balance
Surplus reserve
Surplus & wkg. cap__ $8,576,510 $8,728,891 $8,260,877 $6,558,531
Dividends include amounts paid minority interests in subsidiary companies ($43,750 in one company in 1913).
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31.
(Rubber Goods Manufacturing Co. and Subsidiary Companies.]
1913.
1912.
1912.
1913.
LiabilitiesAssetsPlants & invest's_31,908,176 29,541,886 Preferred stock__ _10,351,400 10,351,400
Common stock_ _16,941,700 16,941,700
Manufact'd goods
and materials__ 8,109,177 8,636,294 Cap.stk. sub. cos. 1,337,500
3,086,754 2,407,332 Bonds of Mechl.R.
Cash
Co. and N. Y.
Bills and accounts
9,958,321 12,634,720 Belt.&Pack.Co_ 953,000 1,005,500
receivable
384,031 Bills & accts. pay_ 8,846,748 8,354,395
Securities owned... 384,031
Sink,fund for bds. 382,296
423,349
Stock in General
Rubber Co..._ 1,666,700 1,666,700 Accts.pay.G.R.Co. 5,938,105 7,752,725
422,541
382,760 Reserves
40,940
141,579
Sink. id. cash
444,396 Fixed sur.(sub.cos.) 2,499,219 2,499,219
432,357
Miscellaneous
Surplus
8,576,510 8,728,891
55,968,057 56,098,119 Total
55,968,057 56,098,119
Total
Note.-The contingent liability for certain guaranties which are offset
by corresponding contingent assets are not included.-V.98, p. 1160.
Fisk Rubber Co., Chicopee Falls, Mass.
(Report for Fiscal Year ending Oct. 31 1913.)
President H. T. Dunn says in substance:
Re-incorporation.-The company was incorporated in Mass. Oct. 23 1912
and acquired the property, &c., of The Fisk Rubber Co. of Del. Feb. 19
1913. In this transaction $2,425,837 cash was provided, bringing the total
net tangible assets above all current liabilities and exclusive of good will,
patents and trade-marks to an aggregate of $5,000,000 as of Oct. 31 1912
(seeV. 97, p. 525).
Results.-The net profits for the year ($606,000) were less than anticipated, due principally to a volume of business smaller than estimated by
about 20%. This is accounted for by delay in completing the plant additions and by the lower selling prices which resulted from the extraordinary
decline in the price of crude rubber,the various grades reaching low levels
during the latter part of the year, duo to the largely increased production
of plantation rubber.
In view of the exceptional decline in crude rubber prices, we charged
$117,688 to net profits to reduce the value of (a) crude rubber on hand to
current market prices and (b) manufactured product to the latest cost,
being materially below the average cost for the year. Repairs and renewals
aggregated $106,918.
Plant and Equipment.-On Oct. 31 1912 this account was carried at
31.037.637. Additions during the year aggregated $982,746, while there
was written off for depreciation and charged to oper. expenses $71,431.
Total Oct. 31 1913, $1,948,952.
The extensive new construction work undertaken during the year was
more than 90% finished at Oct. 31 1913. This work will be completed by
Feb. 1 1914. These additions, constructed during a period of less than
18 months,include two fireproof steel and brick buildings, one 6 stories with
basement, 92x200 ft., the other 3 stories, 90x240 ft. Three other main
manufacturing buildings have been re-built and the floor space increased
about 50%. No expense has been spared to make the plant modern in
every respect and about one-half the steam power has been replaced by
electricity. With these additions the capacity of the plant is practically
trebled. Provision has been made for the manufacture of motor bicycle
tires on an extensive scale and of a limited number of solid motor tires.
General.-For three successive years the production of the company and
its predecessor has not been sufficient to meet sales requirements, notwithstanding that the plant has been operated continuously night and day.
This difficulty has now been overcome by our enlarged plant, which also
makes possible the highest degree of efficiency. Our plans for 1914 should
insure the sale of the normal production of the enlarged plant,and this, after
due allowance for the lower prices, should increase the volume sufficiently
to secure net profits satisfactory to the stockholders.
Interest, Pref.
Balance,
Net(after Other
Gross
Eight
Earnings. Taxes.) Income. Rents,etc. Dies. Surplus.
Months33,691,370 $792,334 $228,695 $393,163 $135,214 $492,652.
1913-14
3,489,949 926,362
1912-13
The total accumulated surplus Feb. 28 1914, after deducting the 234%
dividend on the ordinary stock ($195,750) paid Dec. 1913 and sun y
debits aggregating $3,174, was $3,022,026.-V. 98, p. 72.
Atchison Topeka & Santa Fe Ry.-Decision.---The
U. S. Supreme Court on Monday held unconstitutional the
Texas statute providing that no person except in cases of
emergency should act as a freight railroad conductor without
having had 2 years' experience as a freight railway brakeman.
Justice Lamar wrote the opinion in the case of an engineer on the Texas
& Gulf Ry., with some years experience, who was convicted of violating
the law. The Court states that, while the public has a right to fix standards and tests for those serving in semi-public positions, the State cannot
establish arbitrary rules which give certain classes a monopoly of positions.
The law, he says, gave freight brakemen a monopoly of the right to succeed
freight conductors, and excluded all others, including firemen, engineers,
passenger conductors and passenger brakemen. "The law," it is stated.
"does not require a freight brakeman to be qualified, but it does shut out
by proper tests, to be
all others of the public who might show themselves,
qualified. It does this in the face of the practice of railroads reco.gnizing
that engineers become qualified to act as conductors. -V.98,P. 1070.
Atlanta Birmingham & Atlantic RR.-Committee Representing Joint Receivers' Certificates Proposes to Undertake
Immediate Reorganization.-Tho committee of holders of
joint receivers' certificates (total issue $4,700,000) gives notice by adv. on another page to holders of these certificates,
and of the Col.-Knick. Trust Co. receipts therefor, that the
committee has prepared for distribution an important statement relating to said certificates. The statement in question is a circular dated May 8, which announces to the holders of the aforesaid receipts that the committee intends,
to acquire the property at foreclosure sale (now adjourned
to June 5), and then to reorganize the same on behalf of the
receivers' certificates, with substantially the capitalization
proposed in the plan of the general committee (V. 68, p.
1067, 1070, 1091). The circular says in substance:
committee representing the securities
On April 29 1914 the general announced
that the plan of reorganizaJunior to the receivers' certificates
be carried out, and that the undertion of March 21 1914 could not now
that the subscribers had been rewriters had definitely withdrawn and
of the receivers' certificates had assented to
leased. Holders of over 90%certificattes
with your committee. The withthis plan and deposited thir
to.be due to the decreased earnings
drawal of the underwriters was statedmantilla
of the present calendar year.
of the properties during the first three
caused by general conditions, and, in particular, by unsatisfactory condiwhich
censtitutts
business,
about 22% of the traffic
lumber
the
in
tions
The earnings of the other railroads serving the same territory have been
similarly affected, and the receiver believes these conditions temporary.
interest for the fiscal year ending June 30
The net earnings applicable toreceiver
at $510,000, as against estimates
are now estimated by the
1914,
of $600,000 for the same period, upon which estimates the reorganization
plan was based.
The Court has adjourned the foreclosure sales until May 15 1914 and
your committee has agreed with the general committee representing the
bondholders to a further adjournment to June 5 1914.
MAY 16 1914.1
THE CHRONICLE
Under these conditions two courses are open: (1) To postpone the reorganization plan until the general committee can carry it out. (2)To acquire
and reorganize the properties on behalf of the receivers' certificates.
Your dommittee strongly recommendts the second alternative, and we
therefore ask for an enlargement of our au4hority from you, to enable us to
bid for and acquire the properties covered by the lien of the receivers' certificates at foreclosure sales or otherwise, and,for that purpose, to use the
receivers' certificates deposited with us, and to reorganize the properties
so acquired, with or without the co-operation of the bondholders.
In case such properties are acquired by or for yourcommittee, we intend
to cause them to be transferred to a new corporation, capitalized substantially as r r °posed in the reorganization plan formulated by the general
committee (V'. 98, p. 1067, 1070, 1091), and to acquire on behalf of the receivers' certificates the entire capital stock and all bonds issued by the new
company, except such bonds as are sold to provide cash requirements for
reorganization expenses and working capital for the new company. We
intend to liquidate the securities so acquired on behalf of the holders of the
receivers' certificates, and to distribute the proceeds among them pro rata,
or, if in the judgment of your committee a fair price cannot be obtained for
these securities, then to distribute them or any part of them pro rata to
the holders of the receivers' certificates.
Your committee is convinced that reorganization by the bondholders on
terms satisfactory to the holders of receivers' certifictaes cannot be accomplished at the present time, that further postponement of the sales, and
consequent extension of the loan at the present rate of interest, is unfair to
the holders of the certificates, and that it is manifestly to their advantage to
acquire and own the properties on which they now have only a lien.
If the reorganization ioe effected by your committee, it would be their
disposition to allow the bondholders to participate in the reorganization.
To carry out these purposes we have drawn and filed with the depositary
a new deposit agreement (dated May 7 1914) under which we shall act.
We ask you to consent to this enlargement of our authority (which will give
us the powers ordinarily exercised by a reorganization committee) in any
event before May 23. On your signing the enclosed consent,the deposit receipt which you now hold will become subject to the new agreement.
By the terms of the deposit agreement. holders of certificates of deposit
will have the right at any time to withdraw their certificates or their pro
rata share of the proceeds thereof, upon payment of their pro rata share of
the expenses and obligations of your committee. [If within 30 days from
the first publication of the notice of the adoption of any plan, registered
holders of outstanding certificates of deposit representing 30% of the deposited receivers' certificates shall not file notice of dissent, or if at any time
within the 30 days the registered holders of 71% of the outstanding certificates of deposit shall file notice of their approval of such plan, then in either
such case, said plan will be binding on all holders of cbrtificates of deposit.]
Committee: George C. Clark Jr., Chairman; Howard Bayne, Stephen
N. Bond, Harold Benjamin Clark, Lewis B. Franklin and Edwin G. Merrill, with G. E. Warren as Secretary and Shearman & Sterling and Spooner
& Cotton as counsel, and Columbia-Knickerbocker Trust Co., 60 Broadway, N. Y.,as depositary. Compare V.98,p. 1243, 1315, 1391, 1458.
Atlanta & St. Andrews Bay Ry.—Earnings.—For Feb.
and the 8 mos. ending Feb. 28 1914 and 1913:
1914—Feb.-1913.
'13-'14-8 mos—'12-13.
Gross revenue
$18,681 $165,730 $158,453
$20,881
Net, after op. exp. & taxas
$8,262
$5,354
$68,697
$53,704
Operating expenses, notwithstanding the increase in gross revenue,
show a decrease for the eight months of $7,716, due to the fact that in
1912-13 the company put $20,000 into new safety appliances on its passenger
cars, and charged the same to operating expenses, an unusual expense
not required this year. See bond offering V. 98, p. 1458, 1391.
Atlantic Coast Line RR.—Listed.—The New York
Stock Exchange has listed $1,727,000 additional 1st consol.
4% due 1952, making the total listed $51,251,000.
The proceeds were used for additions and betterments as follows: Sidings
and spur tracks, $273,886; increased weight of rail, $496,531; new shops,
$205,053; new terminals, $180,000; new freight yards and freight bidgs.,
$450,294; remainder ($121,536) for miscellaneous purposes.
Earnings.—For the 7 months ending Jan. 31:
Net (after
Other
Interest,
Balance,
Seven
Gross
Taxes).
Income. Rentals &c
Surplus.
Months—
Earnings.
$20,658,987 $4,931,304 $2,142,481 $3,321,483 $3,752,302
1913-14
5,296,570
20,233,588
1912-13
The total accumulated surplus Dec. 31 1913, after deducting 6 months'
dividends, viz., $2,399,502 (3%%)on common stock and $4,962 on pref.
stock, and making sundry minor adjustments, was $29,103,052.—V. 98.
p. 1243, 1154.
Baltimore & Ohio RR.—Notes Sold.—Kuhn, Loeb & Co.
and Speyer & Co. announced yesterday that an issue of
$35,000,000 one-year 43/
2% secured gold notes due June 1
1915, offered by them at par and int., had been largely oversubscribed. Interest J. & D. Trustee U. S. Mtge. & Trust
Co. Denominations $1,000 and $5,000. These notes are
to be secured by pledge of the following collateral (face value):
1535
Street Ry. and $285,000 Boston & Northern Street Ry. Co.
1st M.refunding gold 4s due July 1954. Interest in Boston
J. & J. The bankers say in substance:
Legal investment for savings banks in Mass., N. H., R. I. and Me.,and
for life insurance companies in Mass., N.Y.and Conn. Direct obligations
of the Bay State Street Ry. Co. secured by first and ref. M.liens and followed by outstanding issues as follows: $1,975,000 5% debentures,$2,748,600 6% cum. first pref. stock and $20,517,200 common stock.
For the year ended June 30 1913 the company reported net earnings after
payment of all operating expenses and taxes of considerably over twice
bond interest, and a balance over prior lien interest equal to more than
four times the accrued interest on both issues of First M. Ref. 4s above
named.—V. 98, p. 1391, 1458.
Birmingham (Ala.) Railway, Light & Power Co.—
Debenture Notes.—Bertron, Griscom & Co. are offering by
adv. on another page 6% debenture gold notes dated July 1
1913 and due July 1 1915, but callable at 101 and int. on any
interest date. Par $1,000 (c). Int. J. & J. in N. Y. Total
auth., $2,500,000. A circular shows:
Incorporated June 1 1901 as a consolidation and owns and operates
the greater part of the street railway, gas and electric lighting systems in
Birmingham, Ala., and principal near-by cities and towns. Total population served estimated at over 165,000; city of Birmingham in 1910, 132.685, increase since 1900, 245% • Company's outstanding capitalization:
Pref. stock,6% cum_ _ _ _..$3,500,000 Ry.,Lt. & Pow. Co. Gen.
8,720,000
Common stock,6%
3,900,000
M 43-is (closed)
Ref. and Ext. M.6s-------3,744,000
Birmingham Ry. & Elec.
6% Deb. gold notes ($2.Co. First Mortgage 54
1,100,000
500,000 auth.)
909,000
(closed)
The deed of trust securing these notes covenants that there shall not be
exceeding $3,744,000 Ref. & Ext. Mortgage 6% bonds outstanding during
the life of these notes; that the company will not create any other mortgage
on any of its properties unless the said notes shall share equally in respect
of the lien thereof with any bonds at any time issued thereunder; and that
it will not create any other Indebtedness during the life of'these notes except
for current operating purposes, save with the consent of two-thirds of the
debenture noteholders.
Earnings for Year ending March 31 1914.
Net, after taxes
41,224,078 ant.on these notes
$66,000
Bond interest
662,490 f Balance for dividends..___ $495,588
—V.97. p• 363.
Bituminous Coal Roads.—Labor Conditions.—The "Coal
Trade Journal" of May 13 gives the following summary:
With the exception of Ohio, agreements have now been reached in all the
important soft-coal States where the old contracts expired Mar. 31. In
some cases the final formalities have not been gone through with, and there
are still local matters to be adjusted, but in a general way everything has
been fixed up. The Central Pennsylvania miners voted almost 5 to 1 last
week in favor of renewing the old scale without any changes. [The vote
as officially announced was 15,861 to 3,421. There are said to be about
35,000 or 40,000 miners in the district.—Ed.] An agreement was reached
in Indiana last Thursday whereby the old agreement is to be continued
with but slight modifications. The Illinois operators and miners got together at Peoria last Saturday, and here, too, only minor changes were
made in the former contract. [The agreement is for two years. The men
were expected to return to work on May 11. The demand for increased
wages in Southern Illinois was not granted.—Ed.)
Ohio is still the sticking point. Practically every mine in the State
has been closed down since April 1 and there is uncertainty as to the date
of resumption. A court decision is expected tbis week which will establish
the constitutionality of the new law providing for payment on the mine-run
basis, and as soon as that question is determined, the general wage conference, which was broken off a fortnight or more ago, can be resumed. The
district conferences have thus far accomplished nothing. An agreement
has not yet been reached in Western Kentucky. but the number of union
mines in that district is comparatively small.
[Press dispatches state that the scale committees representing the Western Kentucky coal district met on Thursday in an effort to agree on a wage
scale for the next two years, and although the situation was serious, it was
believed that a strike would be averted. The number of mines affected
is said to be 32,, and of miners 12,000. Two-thirds of the 3,000 miners in
the Kanawha field,who had been on strike despite an agreement with the
coal operators, have returned to work, as the result of a demand from
union officials that the men resume work immediately pending the ourcome
of a joint conference.—Ed.1—V. 98, n• 1458, 1315.
Boston & Maine RR.—Financial Plan—Proposition to
Noteholders.—Holders of the $27,000,000 6% notes due June
1 are asked by the company to notify the Old Colony Trust
Co., Boston, by 3 p. m. May 25, which of the following
alternative propositions they desire to accept:
1. Any holder may extend full amount until Mar. 2 1915, with interest
at 6% or
y holder may extend 60% as above and receive in exchange for
2.
remaining 40% at par 5-year 5% notes of Maine Railways Co., due April 1
1919 (V. 98, p. 912, 1245)•
Extracts from Official Statement About to be Sent to Noteholders.
To put the company's affairs on a stable basis and provide for future
capital requirements,the companies comprising the system should be unified
and the right acquired under proper conditions to issue pref. stock and a
General Financial Plan.—President Daniel Willard yes- mortgage on the combined property securing all outstanding bonds and notes
To accomplish a reorganization which will not only protect the bonds
terday made the following statement:
and notes, but give due recognition to the shares of the leased companies,
The present offered the most favorable opportunity to provide for the time is needed to work out a plan and to apply for legislation permitting
retirement of the maturing notes [including $20,000,000 one-year 5% se- issue of pref. stock and mortgage bonds.
cured gold notes due July 1 1914] and for current requirements, including
If such reorganization is accomplished,it is necessary that substantially
funds for the completion of improvements now under way, and some addi- all the Boston & Maine notes, amounting to $27,000,000, should be extional facilities which, while not extensive, are urgently demanded. The tended or exchanged for new notes. The company therefore makes these
issue of $35,000,000 notes provided for all present requirements, and the alternative propositions to holders of its notes.
arrangement is made for one year only for the reason that tho company
A careful study of the present financial and physcial condition and future
has in preparation a broad financial plan which, it is believed, will effec- needs
made for the board by Harry I. Miller shows the property is generally
tively care for the company's requirements in the future.
physical condition; that the decline in net has been due partly to
in
This plan will probably take the form of a general mortgage, combining thegood
in gross, but chiefly to the large increase during the last few
decrease
in a single indenture all of the properties of the system, including the comyears in wages, cost of materials and supplies and in fixed charges incurred
pany's Chicago and New York terminals and, in addition to providing for by
and improvements, a large part of which has been for the
additions
existing indebtedness, will make ample provision for additions to road and convenience and safety of the public, but without adding to revenues;
facilities which may be found to be necessary from time to time in the fu- that
while certain economies may be possible, company must have and is
in
this
With
view,
the
company has for some time past been proture.
entitled to higher rates to earn a fair return on actualcost of the
ceeding with the unification of its various properties. The company re- justly
properties; that disintegration of the system would be disadvantageous
cently took over the direct ownership of all of its lines in West Virginia, not only to holders of securities but to the public.—V. 98,P. 1243.
and has combined the principal properties in Pennsylvania in a single
company known as the Baltimore & Ohio RR. Co. in Pennsylvania. It
Bristol & Plainville (Conn.) Tramway Co.—Stock.—
is expected that these arrangements will have been completed in the near
The report is confirmed that the directors have recommended an increase
future and it was therefore deemed inadvisable at this time to arrange for in capital stock from $375,000 to $562,000,to provide for extensions and
temporary needs for more than one year.
betterments. A quarterly dividend of 2% was paid, May 1. Previous
This issue of notes provides for the payment of $20,000,000 of notes ma- dividends were 4% semi-annually.—V. 98, p. 154.
turing July 1 next, aLso makes provision for the expenditure made for additions and betterments during the current year and for the completion of
Brooklyn Rapid Transit Co.—Bond Conversions.—Of
works now under way. The principal work now in progress is the construction at a cost approximating $6,000,000 of two additional tracks be- the 1st ref. convertible 4% bonds, $20,222,000 had been
tween Cherry Run and Magnolia, a distance of 17 miles, on the Cumber- converted into stock up to May 8, leaving $14,617,000 unland division, thereby completing a four-track system between Cherry Run exchanged. The privilege of conversion expires on July 1
and Patterson Creek, where the density of traffic is greatest.—V. 98. P•
next, and it is thought likely that most of the remainder will
1154, 154.
B.& O.Chicago Term.RR.1st Gold 4% bonds,due Apr. 1 1960$32,000,000
Reading Company first preferred stock
4,000,000
second preferred stock
do
do
4,000,000
common stock
do
do
4,500,000
With privilege of substitution under the limitations to be stated in the
trust indenture. As to $20,000,000 collat. notes to be paid July 1, see
V. 96, p. 1700.
Express Contract.—Arrangements, it is stated, are being be converted before that time.—V.98, p. 1070,911.
made for transferring to the Wells,
& Co. the express
Canadian Northern Ry.—Interest Payment.—The comservice over the company's lines now held by U.S.Exp.Co. pany paid on May 2 the regular semi-annual interest of 23/2%
The railroad will, it is said, get about 45% of the gross receipts under the
new contract, as against 40% paid by the United States Co.—V. 98, on the £5,136,979 income charge convertible debenture
p. 1154, 154.
stock.—V. 98, p. 1392, 838.
Canadian Pacific Ry.—New Director.—A. M. Nanton
Bay State Street Ry., Boston.—Bonds Offered.—Wm.A.
Read & Co. offered publicly on May 14,at 89 and int., to of Osler, Hammond & Nanton of Winnipeg,has been elected
net 4.60%, the unsold portions of $760,000 Old Colony a director to succeed the late Sir William Whyte. The
1536
THE CHRONICLE
vacancy created by the death of Lord Strathcona remains
unfilled.-V. 98, p. 1155, 911.
Chesapeake & Ohio Ry.-Appeal.-The company and
the Lake Shore & Michigan Southern Ry. have appealed to
the U.S. Supreme Court from that part of the decree entered
by the U. S. District Court in March last which ordered the
C. & 0. to dispose of its half interest in the majority stock
of the Kanawha & Michigan or to other purchasers satisfactory to the Court. The C. & 0. and Hocking Valley will
not, however, appeal from that part of the decree ordering
the latter company to dispose of the Sunday Creek Co.
The Court has granted an extension to Oct. 15 to effect a sale
of the Sunday Creek Co.stock. Compare V.98, p.911,838.
Sale Arranged Subject to Approval of Court-Extension.The following announcement (in substance) was made on
Thursday:
[VOL. xcvm.
presented. In respect to "prospective capital requirements," the only safe
suggestion that is apparent would be to estimate
the expenditures upon a
three, instead of a five-year basis.
In respect to the expenditures for "deferred maintenance," the
prospects
ofthe property are materially enhanced since the original
estimate was made.
At the time this estimate was prepared, the crop
prospects were excellent'
in the intervening period these prospects, due to ideal
weather conditions,'
are practically assured, and at this writing it seems certain
that an unusual
crop will be garnered in the Southwestern territory
covered by the Rock
Island lines. Localized prosperity, due to these
conditions,
produce a fair
presumption that the railway company should have increased
net income
for the ensuing fiscal year approximating $2,000,000.
The important items in "deferred maintenance" are "maintenance
of
equipment," "cross-ties," and "deferred labor and material in ordinary
railway repairs." The other items are not so important, as they
do not
affect the safety of the operation of the property. The minimum
that
should be applied to these three items in the next fiscal year is $3,380,000.
The application of the money previously paid in dividends on the stock
of the railway company would more than provide this amount,
and if the
increase of net income, due to better traffic conditions, of $2,000,000
per
annum, is realized, this latter sum could be applied to any new obligations
assumed by the company. If ordinary conditions of prosperity continue
through the fiscal year 1916, the conditions recited above would apply
in the same relation to that year, and 75% of the "deferred maintenance"
would be taken up within the first two years. The application of capital
to rails, ballast and other elements of track maintenance would work concurrently with the taking up of "deferred maintenance," and would relieve
that account in some unknown quantity, which would go to absorbing some
portion of the remaining 25%. The equation would then stand as follows
Prospective Capital Requirements.
Year ending June 30 1915,$8,000,000; year 1915-16,$8,000,000;
year 1916-17, $12,000,000; total
.328,000,000
20% payment on $15,000,000 new equipment
3,000,000
The directors approved an agreement to sell to Lake Shore interests
40,292 shares of Kanawha & Michigan Ry. stock at par. The stock was
purchased in 1910 at $72 a share, all except a few shares being pledged
under the C.& 0.first lien and improvement M.,under the terms of which
the proceeds of sale must be deposited with the trustee.
The proceeds, including the profit on the transaction, are to be used to
purchase other property or securities, or for additions or betterments. The
sale is made to comply with the decree of the U. S. District Court in the
anti-trust suit brought by the Government. If the sale is approved by the
Court, the appeal taken from the decision will be dismissed.
The C. & CD. now contemplates building a line from a point
South
Portsmouth, Ky., to Columbus, 0. [93 miles-Ed.] to obtainnear
Total
the most
$31,000,000
satisfactory connections with the Hocking Valley and provide for the
This study of the question does not represent any departure from my
great increse of coal traffic west of Charleston, W. Va., now in sight. -previous estimate of $41,000,000
capital
requirements,"
"prospective
for
[Vice-President Capples, who is in charge of the matter, is expected to make and in order to secure the results predicated in my report, it will be necesa report by June 1-Ed.]---V. 98, p. 911, 838.
sary in the two years following to provide the balance of the sum of capital
hereinbefore written.
Chicago
Elevated Rys.-Notes, &c.-No authoritative
As to plan see Rock Island Co. below.-V.98, p. 1459.
statement is obtainable regarding the plans for retiring the
Chicago & North Western Ry.-Bonds.-The ;.:,054,$30,000,000 collateral gold notes due July 1 1914, but current
rumors point to a possible sale of $12,500,000 Northwestern 000 general M. 4% gold bonds due Nov.1 1987, which have
Elevated 1st M. bonds along with the 2-year notes and 10- been placed privately by Kuhn, Loeb & Co. a 943/i and
int. (V. 98, p. 1459), are part of an authorized issue limited
year debentures of the Chicago Elevated Rys.
As the project for uniting under one control the elevated railways and to $165,000,000, of which there are outstanding $30,827,000
the surface roads of Chicago has not been carried out, the Commonwealth 3 2% bonds and $30,554,000 4% bonds, including those
now
Edison Co., it is expected, will on or before July 1 purchase from the syn- offered.
A memorandum shows:
dicate which underwrote the pref. shares 20,000 shares of Chicago Elevated
Rys. common stock for $6,000.000, in accordance with the terms of an
agreement said to have been entered into in 1911. The syndicate, it is
understood, will be extended until July 1 1915.-V.97,P. 1425.
Chicago Rock Island & Pacific RR.-Conclusions of
Mr. E. W. McKenna's Report to the Protective Committee of
Holders of Collateral Trust 4% Gold Bonds of 2002.-The conclusions of Expert McKenna, given out May 9, are in subst.:
If the sum of approximately $65,000,000 is applied, as per tabulation
below, certain economies will be produced and an improvement in the present property will be secured which will put a stop to the deterioration and
place the property in such physical condition as to secure a great proportion of the traffic of the country it serves.
There are about 20,000 cars which should be retired; possibly 4,000 of
these cars will be found to be in such condition that their life can be extended for from two to five years. This would mean a retirement of 16,000
cars. The present cost per car for repairs averages about $79 per car per
year. An investment of $15,000.000 in 15,000 new cars would produce an
efficiency of equipment at least 50% greater than the cars retired, and the
maintenance cost of these new cars for the first five years should not exceed
$25 per car per year. In the tabulation of prospective capital requirements, which contemplates about $41,000,000, there is an estimated saving
in operation of $4,400,000 per annum.
It is assumed further that the improved condition of the railway and its
equipment would produce an increase of revenue over existing conditions
of at least $5,000,000 per annum, of which 30% would be net earnings.
The investment of this money would also enable the railway company to
on
n its maintenance program from January to July, which would
saving of at least $500,000 per annum.
A statement of these matters would be about as follows:
(1) Estimated Improvement in Net Results from Proposed Expenditures.
16,000 cars retired at $79 expenses for maintenance per annum__31,264,000
Less maintenance of 15,000 new cars, $25 per annum
375,000
Net equipment maintenance saving
$889,000
Saving resulting from investment of $41,000,000
4,435,494
Total
$5,324,494
Net earnings $5,000,000 new business at 30%$1,500,000
Saving in maintenance cost, due to applying expense of maintenance of way and structures and equipment during the
spring months
500,000
Grand total (estimated increase in net income)
$7,324,494
(2) Estimated Money Required to Produce above Results.
Account additions and betterments, about
$41,688,209
Account deferred maintenance to track and equip.,about
8,896,159
Account new equipment, about
15,000,000
Total, about
$65,584,368
This calculation applies to the lines of railway as at present constituted.
The construction of the short line from Chicago to Kansas City by way
of Peoria, Ill., and Keokuk, Iowa, will have the most potent effect in reducing transportation expenses and in addition to the other advantages,
discussed previously in the report, should reduce the ratio of transportation expenses to gross earnings to some point between 35% and 37%.
There is very little doubt that this improvement would place the whole
property in a condition of such increased efficiency in its operations that
sufficient earning power would be developed to restore the stock of the railway company to at least its par value, and it is within the possibilities that
it could be raised to such a value,say at the end of five years, as to enable
the company to take care of some of its future financing through the sale
of common stock.
Prospective Capital Disbursements 1914-18 and Estimated Annual Return.
AccountsOutlay. Est. Return.
AccountsOutlay. Est. Return.
Rt.of way de real es. $650,000
Crossings, over and
Widening cutakfills 1,050,000 105,000
under grade
$235,000
Bank protection &
Eilm. grade cross'gs 3,500,000
drainage
125,000
18,750 Interlocking appar_ 250,000
Grade reductionBlock & other sig'Is 600,000
West Liberty-CeTeleg. & telep.lines 285,000
42,750
1,070,610
dar Rapids__
93,143 Sta. bldgs.&fIxt'es_ 1,519,000
Shawnee-El Reno 526,185
75,245 R'dw'y mach.&tools 150,000
37,500
Bridges, trestles &
Shop buildings
1,785,250 267,788
culverts
1,700,000 170,000 Roundhouse tacit's_ 634,000
83,700
Rail, fastenings,&e. 4,404,660 440,466 Washout plants__ _ 213,000
35,400
Ballasting
6,300,000 630,000 Shop mach'y&tools 813,300 121,995
Add'I main tracks._ 4,395,000 370,000 Impts. to locom'ves 1,000,000 548,964
Sidings and spurs 1,075,000
60,000 Impts.to fr't cars 2,618,913 561,739
First unit of outside
Impts.to pass.cars_
91,291
15,255
term. yd., Chic.- 750,000
75,000 Fuel & water sta'ns 900,000
90,000
3,215,000 482,250 Other add'as & bet- 150,000
Terminal yards_ _
22,500
Fencing right of w'y 587,000
88,050
Total
$40,593'209$4,435,494
Mr. McKenna's Supplemental Memorandum of May 8 1914. after Conference with Mr. Schumacher and Mr. Mudge of C. R. I. St P. Ry.
A further study of the estimate of "prospective capital requirements"
and expenditures for "deferred maintenance" has been made, and the following program, which does not call for as great a sum of money,is herewith
;tiar
Secured by first mortgage on about 1,766 miles of road and subject to
prior liens (for which bonds of this issue are reserved) on additional 3,281
miles, this mileage comprising the main lines of the company's system.
Legal investment for savings banks in N. Y., Mass., Conn., N. J., Mich.,
Minn., Wis. and other States.-V.98. p. 1459.
Des Moines & Central Iowa Electric Co.-Name, &c.-
See Des Moines Railway & Light Co. below and compare V.98, p.839.
Des Moines Railway & Light Co.-Name, &c.-
This holding company, controlled by the Illinois Traction Co. filed a
certificate in Iowa on May 7 changing its name to Des Moines &,Central
Iowa Electric Co. and increasing the capital stock from $500,000 to $1,000,000. See bond offerlig, V.98, p.839.-V• 89,p. 410.
Duluth Missabe & Northern Ry.-Bonds Called.-
Two hundred and twenty ($220,000) gen. M.5% gold bonds dated Jan. 1
1906,for payment at 105 and int .on July 1 at N.Y.Trust Co.-V.98,p.304
Georgia Railway & Power Co., Atlanta, Ga.-Bonds
Offered.-Drexel & Co. are offering afi92 and int.$6,860,000
First & Ref. M.5%sink,fund gold bonds dated April 1 1914
and due April 1 1954.
Coupon bonds. $1,000 or £205 15s. 3d. and $500 or £102 17s. 7d.,with
privilege of registration of principal. Int. payable A. & 0. Trustee,
Fidelity Trust Co. of Philadelphia. Redeemable as a whole or in part at
102% and int. on April 1 in each of the years 1919 to 1923, both incl., and
on any interest date thereafter at 105 and int.. after 56 days' notice. Also
callable for the purposes of the sinking fund at said rates on said dates.
An agreement will be entered into providing for the reimbursement to the
registered holder of the tax paid by him as resident of Pennsylvania, on
his holding's of these bonds, provided he files with the trustee a request
for the refund, stating the numbers of his bonds, within 60 days from
date of payment of tai.
Digest of Letter from H. M. Atkinson, Atlanta, April 30 1914.
Organization.-Ineorpor
ated in 1911 and has acquired various
waterpower properties in Northeastern Georgia, and has constructed and operates in connection therewith street and interurban railway lines; also has
leased for 999 years the Georgia Railway & Electric Co., which company
controls all the street railway, electric light, power and gas business of the
city of Atlanta and Fulton County, Ga. During the year 1913 we operated 212 miles of electric railway, produced a gas output amounting to
888,011,048 cu. ft. and distributed electric current of 80.-547.605 k. w. h.
Capitalization.
Stock (first pref.,6%, $2,000,000; 2d pref.,4%, $10,000.000:
common, $15,000,000)
$27,000.000
First & Ref. M.5% bonds, total auth.. $30,000,000, viz::
Outstanding, including this issue (offered subject to approval
of Georgia Railroad Commission)
$9,865,000
Reserved to take up by exchange or otherwise existing bonds,
viz.: Bonds of Blue Ridge Electric Co. or North Georgia
Electric Co. if not exchanged for Blue Ridge bonds,
$1,135,000; Atlanta Water & Electric Power Co., $1,367,000: Savannah River Power Co., $550,000
3.052,000
Reserved for extensions, additions, betterments
&c.. under protective restrictions
$17,083,000
on which First and Refunding 5% Mort.Bonds are a First Mortgage.
1. Hydro-electric plant at Tallulah Falls, with a generating capacity of
85,000 h.p., which may be increased to 100,000 h.p. Our riparian rights
at this location have been confirmed by the Supremo Court of Georgia.
2. Lands, riparian rights and storage reservoir at Mathis, which will impound 1,300,0-00.000 Cu. ft. of water, thus assuring a constant flow of
water to aforesaid development.
3. Power house at Mathis dam, which when the machinery is installed
will produce about 10,000 h.p.
4. Sub-stations, transforming stations and about 500 miles of highdisisteri
stbim
utain
tegdliw
vo5
1t.ag
w
eayearns_ mission
niells
linesthaatndit
sites
pmo
'develop 127,000 h.p.
s
.
lease
of Georgia Ry.& Electric
999-year
company
The
6.
Co. and the
with
that company,
65-year power contract
The mortgage is also a lien on the properties of the Blue Ridge Electric
Co., the Atlanta Water & Electric Power Co. and the Savannah River
Power Co.. with a total capacity of 20,000 developed h. p., together with
undeveloped water-power sites (est. to produce 123,000 h.p.) subject
only to the $3,052,000 outstanding mortgage bonds above mentioned.
Reserved bonds can only be Issued for 80% of the actual cost of extensions, additions, betterments, &c., or 85% of the actual cost of acquiring
lands easements, riparian rights and construction of permanent structures ,
pertaining only to hydro-electric plants, and then only when tho annual net
earnings applicable to interest are twice the interest charges on all bonds
Issued and to be issued.
Barclay Parsons & Klapp, engineers, place a total operating value on
the Georgia By. & Power Co. of $16,180,000. 'rho market value of its
capital stock following the bonds is in excess of $7,000.000. By the lease
for 999 years of Georgia AY. & Electric Co., the company has secured
the largest consumer of power in Georgia, also tho use of modern steam
stations with a total capacity of 30,800 h.p.
Sinking Fund.-This fund, beginning Feb. 1 1919, will retire by maturity
about $10,000,000 of the First and Refunding Mortgage 5% bonds.
Earnings -On April 1 1914 the Tallulah Falls power plant, capable of
developing 85,000 h.p., was turned over by the Construction Co. to the
MAY 16 1914.1
THE CHRONICLE
Georgia Railway & Power Co., and until April 1 1914 we received no earnings from this development. The surplus earnings of the company for the
year ending April 1 1914, after payment of all interest charges, rentals,
taxes. &c. amounted to $660,000; in other words, the surplus revenue
without any earnings of the Tallulah Falls development were for the year
ending April 1 1914 approximately 1 1-3 times the interest charges on the
outstanding bonds. The Tallulah Falls development is to-day under full
operation,and,based on signed contracts, business in sight and actual business now being delivered, the aforesaid engineers estimate that for the year
ending April 1 1915 the company will show net earnings of $1,090,946
applicable to interest charges of $493,250 on the present outstanding First
and Refunding M.5% bonds, leaving a surplus of $597,696.
General.—Atlanta is now one of the most prosperous and flourishing
cities in the country. Its population inside the corporate limits increased
from 89,872 in 1900 to 154,839 in 1910. and is now estimated to be in excess
of 175,000, while its real population inside and outside the corporate limits
Is probably over 225,000. The United Gas Improvement Co. of Philadelphia has a very considerable interest in both the Grorgia Railway &
Electric Co. and the Georgia Railway & Power Co. and has a representation on the board. See annual report, V. 98, p. 757, 1459.
1537
should, we believe, be similarly made an integral part of your property
and as such improved and developed.
Outstanding Capital Stock of Des. M.& Ft. D. RR. and Minn. & St. L. RR.
—Des M.& Ft.D.(137.62m.) —M.& St. L. (1,363.19 m)—
Common stk$4,283,100 ay. per m.,$31,123 $15,205,620 ay. per m.,$11,154
Pref. stock_
763,500 ay. per m., 5,548
5,883,170 ay. per. m, 4,315
Gross rev__ _ 812,719 ay. per m., 5,905 8894,283 ay. per m., 6,524
The Minn. & St. Louis will issue the following securities for the acquisition: Pref. stock, $800,000; common stock, $2,200,000; Ref. & gat.
57
0 gold bonds, $500,000.
The holders of [minority]shares of DesMoine,s & Ft Dodge are to receive
Each $100 of pref. stk_ _$66 67 in pref. and $33 33 in com.shs. of M.&St.L
Each $100 of common_ -$50 in common shares of Minn. & St. Louis.
The stocks and bonds not required for this exchange will be turned over
to the Minn. & St. Louis RR. Co. in compensation for its stock interest
in the company and to be disposed of for corporate purposes. The position
of your company has in the past two years b.een greatly enhanced. The
industrial development along its lines has shown a very considerable increase, and its improved physical condition, additions to its equipment
and its increased importance, have greatly strengthened it at all common
points where it is brought in competition with other lines. Its note obligations have since Feb. 1 1912 been reduced approximately $4,000,000,
and its financial standing very much strengthened thereby.—V. 98,
p. 1460, 1316.
Georgia & Florida Ry.—Wage Increase.—The arbitration board selected some weeks ago to adjust the differences
with the engineers and firemen over the question of rules and
Missouri Pacific Ry.—Extension of Notes.—Notice is
increase in wages rendered their report on May 9 substangiven by adv. on another page that the company has arranged
tially granting the demands of the men.
The board declined to consider the inability of the road to meet its op- with holders of a large amount of the $24,944,000 3-year 5%
erating expenses,saying: "The employees have the first claim on the earn- Secured Gold Notes due June 1 1914 to extend the time for
ing of a road for a reasonable wage to be determined not by the financial the payment of the principal for one year, viz., until June 1
condition of the company but by the rates paid by other roads in the same
section of the country for like services. Respecting the wages of employees 1915, with interest from and after June 1 1914 at the rate of
we see no difference in principle between the inability of a road to meet
instead of 5% per annum, payable semi-annually J. & D.
its operating expenses and its inability to pay dividends on its stock and 6
interest on its indebtedness. In either event, as above stated, the em- principal and interest payable in gold coin, and has executed
ployees, for the services they render, have the first claim on the earnings an extension agreement dated May 11 1914 with the Union
for a reasonable and just compensation. —V.98, p. 155.
Trust Co. of N. Y., as trustee, and deposited and pledged
Great Northern Ry.—Decision.--The U. S. Supreme thereunder $3,000,000 St. Louis Iron Mountain & Southern
Court on Monday dismissed the appeal of the company from By. Co. First & Ref. Mtge. 6% gold bonds, Series "A,"
a conviction for violation of the Federal "hours of service"• due July 1 1952, as additional security for the payment of
Act in Idaho.
the extended notes. Any or all of the notes so extended
A fine was imposed for violation of the Act by keeping a locomotive fireredeemable at 101 with int. at any time on 60 days'
man on duty more than 16 hours. The fireman, after being on duty 15 will be
hours and 59 minutes, was left to guard a train that had been sidetracked. notice. See adv. on another page.
The company claimed that the practical management required firemen to
stay on duty until another crew arrived.—V. 98, p. 1071, 763.
Harlem River & Port Chester RR.—Notes—Status.—
Referring to the sale of $10,000,000 one-year 5% gold notes,
series "A," mentioned under N. Y. N. H. & Hartford RR.
below, Chairman Howard Elliott, May 4, wrote in substance:
The road extends from our main line in New Rochelle southwesterly
to the Harlem River in N.Y. City, a distance of 11.17 miles, about 9 miles
thereof being six-tracked and the remaining 2 miles four-tracked. Total
track mileage, 160.91 miles,of which nearly 95% is in the limits of the city.
With no grade crossings and all tracks and yards operated with electricity,
and with the heaviest of steel bridges (two six-track Scherger lift drawbridges), the property not only affords an entrance for our freight businss
Into the city of N. Y., but its extensive freight terminals in the Bronx, aggregating 602.92 acres, are the assembling and distributing points through
which move eastwardly the larger proportion of the all-rail freight destined
to New England points and to points south and west reached by the Penna.
RR.,Lehigh Valley and the Central RR.of N. J. also at the Harlem River
yard connects with the N. Y. Central for freight interchange.
In addition to the freight business there is a large and growing passenger
business, carrying suburban passengers in through trains from our main
line (said service extending as far east as Stamford, Conn.) to and from the
elevated railway connections near 129th St., N. Y. City. This business
has grown from 2,995,381 passengers in 1911 to 4,648,827 in 1913. The
N. Y. Westchester & Boston (also owned by our company)has leased trackage rights by which passengers are carried from White Plains and New
Rochelle to 129th St. The Lenox Ave. Subway will soon be completed to
Hunts Point and afford another immediate connection.
The freight yards above mentioned include: (a) At Harlem River, 93.72
acres, with a capacity of 1,862 cars, produce house,also passenger terminal,
provision for four float bridges (two in use) and water frontage of about
7,500 lineal ft., excluding 26 acres undeveloped between the tracks and 132d
St. (6) At Oak Point, 93.12 acres, capacity 3,139 cars, eight new electrically equipped float bridges, shops and repair yard, and water frontage
of about 1,620 lineal ft. (c) At West Farms, capacity 100 cars. (d) Van
Nest storage, coach and engine yard, area 35.2 acres, capacity 798 cars,
with new machine shops for repairing electrical equipment. (e) Van Nest
bulk-delivery yard, 9 acres, capacity 50 cars. (f) Westchester yard, area
98.37 acres, present operating capacity 1,345 cars, with additional capacity
ready for service of 990 cars, including additional transfer platforms
of 3,600 lineal ft. (g) Baychester, 8-car capacity. (10 Bartow, 6-car
capacity. (i) Pelham Manor,50-car capacity. At Harlem River and Oak
Point yards are handled the 68 freight trains that daily pass over this line.
Substantially all of pier No. 39, on the East River, and the bulkhead on
the north is owned outright by the Harlem River & Port Chester, while
piers Nos. 37, 38,40,41 and 42 are held under leases for terms with renewals
approximating 30 years each. The following floating equipment also is
owned and employed in harbor and river transfer service: 18 tugs, 51 car
floats, 1 steamer and 1 derrick.
It is difficult to place any value on a terminal property so essential to
N. Y. City and points
the handling of business between Now England and N
Prof. George M.
south and west thereof. The value, however, fixed
Mass. Legislature was $40,391,558; additional capital
Swain in 1910 for the Ma.
expenditures since then to Mar. 31 1913, $3,440,000; total estimated valuation to-day, $43,831,558.
Incorporated under special charter from N. Y. in 1866, and under the
General Railroad Law. Entire capital stock, $1,000,000, owned by N. Y.
N.H.& Hartford RR.,which operates the property under lease. The company has (in 1904) secured by a first mortgage the bonds of the latter to
the extent of $15,000,000, representing part of an actual expenditure for
terminals, electrification, six-tracking and a re-building of the lino of more
than $28,000,000. These $10,000,000 5% one-year notes follow the
$15,000,000 mortgage bonds. (Compare V. 78, p. 1549, 1447; V. 79,
p. 903; V.85, p. 1143.)—V. 98, p. 1316. 1392.)
Eanawha & Michigan Ry.—Sale.—
See Chesapeake & Ohio Ry. above.—V. 98, p. 912.
Kansas City Ry. & Light Co.—Interest to Be Paid
Promptly on Ref. M. 5s.—Further Deposits.—The committee
of holders of the first lien refunding 5% bonds arranged for
the payment by the company at the New York Trust Co.,
N. Y. City, of the interest due May 15 1914 on certificates
of depositias well as on the bonds.—V. 98, p. 1459.
Lake Shore & Michigan Southern Ry.—Purchase.—
See Chesapeake & Ohio Ry. above.—V. 98, p. 1392. 1459.
Minneapolis & St. Louis RR.—Merger.—The shareholders will vote June 5 on purchasing the physical property
of the (leased) Des Moines & Ft. Dodge RR,by an exchange
of securities. The acquisition involves the issuance of 00,000 pref. stock, $2,200,000 common stock and $500,000
Ref. & Ext. M. 5s. Pres. Newman Erb says in subst:
Noteholders may become parties to the extension agreement and avail
themselves of the benefit and additional security thereof by depositing
their notes with coupons due June 1 1914 with Union Trust Co. of N. Y.,
as depositary, 80 Broadway, N. Y., or with any other depositary designated by it, on or before May 25. On the extension agreement becoming
definitive, as therein jerovided, the railway company will pay to holders of
receipts on presentation thereof, on or after June 1 1914, at the office of
the depositary, the installment of interest payable on said notes on said
date, said payment to be noted on the receipts. The company has reserved the right to rescind the extension agreement, if its board shall determine, on or before June 1 1914 that holders of a sufficient amount of
said notes have not agreed to extend the same. See list of present collateral
on p. 90 of "Ry. and Ind." Section.
General Finances, &c.—Kuhn, Loeb & Co. in their letter declining to undertake the financing necessary to provide
for the $25,000,000 collateral notes, due June 1,say in subst.:
By resolution of your board adopted April 21, with the concurrence of
the banking interests in charge of the financial affairs of your company,
you have asked us to make provision for $25,000,000 collateral notes of
your company maturing June 1 next [$58,000 canceled, $24,942,000 out.]
In this lImited time we have had an examination made by experts into
the physical and financial condition of the Missouri Pacific and the St.
Louis Iron Mtn. & Southern Ry. companies, and we have also had a conference with Pres. B. F. Bush, who has explained to us present conditions
regarding your company as he views them and its requirements for the next
few years aside from the provision for the maturing notes.
The report of our expert upon the physical condition and operations of
your properties is favorable and reflects much credit upon Pres. Bush's
management. On the other hand, from the accountant's report, it appears, taking into consideration the depreciation charges required under
the rules of the I. S. C. Commission and various other items, which, beginning with the coming fiscal year will very considerably increase the
charges against income, that the fixed charges resting upon the Missouri
Pacific system have become decidedly too heavy, both in relation to earnings and in proportion to the equity represented by the amount of stock out.
It appears that, in order to meet maturing equipment and other obligations, to purchase greatly needed additional equipment and to keep the
lines in proper physical condition, the company must be assured, for the
next two years, of at least $10,000,000 in addition to the $25,000,000 required for the payment of maturing notes,or a total of at least$35.000.000.
It appears further that within the next three years about $20.000,000 of
bonds are falling due, and within the following four years more than $30,000,000, or a total of over $50,000,000 (the separate liens of most of which
must not be extended, in accordance with the provision of the existing refunding mortgage), apart from the annual requirements for improvements,
&c., and such other expenditures as may be imposed by legislative enactments or local ordinances.
It seems to us quite manifest that the $35,000,000 now required ought
not to be obtained in any manner which would increase existing fixed
charges, but,on the contrary,that a reduction of the volume ofsuch charges
is imperatively called for in the best permanentinterest of your property and
Its stockholder.
We are satisfied that, unless a substantial amount of new funds is furnished without involving the payment offixed charges, and unless a broader
and more stable basis of permanent credit is created, your properties will
not be able to do justice either to themselves or to the needs of the growing
business and traffic tributary to them.
To carry these suggestions into effect would necessarily take more time
than the three weeks now remaining before the maturity of the $25,000.000
notes, and without the realization of these remedial steps and certain other
measures being assured, we cannot see our way to undertake the requisite
financing.
We believe that ways and means could and should be found and are
greatly in the ultimate interest of your stockholders, to amend in the sense
indicated, the financial structure of your company in order to permanently
strengthen its credit and its capacity to raise funds, and we further believe
that this result could and should be accomplished without the heavy expense, delays and complications involved in having recourse to legal
proceedings.
It is the judgment of the experts we have employed that, with the consummation of the financial and other measures referred to, the Missouri.
Pacific and Iron Mountain railroads, granted fair and reasonable rates,
should, with their natural advantages and under efficient management,
attain stable and assured propserity and the good-will an enhanced patronage of the people in the territories served by these lines.
[What the bankers named may do in the future regarding the property
will depend, it is understood, on the action of the directors and noteholders and on future contingencies. The "N. Y. Times" on Thursday said:
"It has developed in connection with the efforts still being made to interest
Kuhn, Loeb & Co. in the future financing of the system that George J.
Gould offered voluntarily to give up any voice in the management of the
property and expressed his willingness to let the new banking interests
name their own board of directors. At the same time, Speyer & Co. offered to relinquish their interest in Missouri Pacific." George J. Gould
and T. L. Chadbourne Jr., it is understood, have been appointed by the
board to conduct further negotiations with Kuhn, Loeb & Co.—V. 98. P.
1460.
Mobile & Ohio RR.—New Notes—Bonds.—The share-
The Des M.& Ft. D. RR. h s been operated under lease since Jan. 1 holders will vote July 14 on authorizing:(a)$3,000,000 three1905, necessitating separate organizations and accounting. The other year gold notes and (b) not exceeding $50,000,000 fifty-year
leased and operated properties have been brought under proprietary control in order the better to bring them up to modern requirements as to gold bonds, of which $3,000,000 to refund said notes.
grades, track and facilities, eel heavy rolling stock. The Des M.& Ft. D.
The bonds will be issued in lettered series, with such interest rate or rates
RR. has no means available cor properly financing its future needs, and as may from time to time be fixed by the board. Both notes and bonds
1538
THE CHRONICLE
will be secured by a mortgaIe upon all the railroad, leasehold interests,
franchises,&c., now or hereafter owned, and such personal property as may
be designated therein.-V.98, p. 611.
Nashville Railway & Light Co.-New President.-C.M.
Clark, of E. W. Clark & Co., hiladelphia, has been elected
President to succeed Percy 'Warner of Nashville, who resigned as President and General Manager, but who will
continue as a director and Chairman of the board.
F. W. Hoover, Vice-Pros. of the Chattanooga Railway & Light Co.,
another subsidiary of the Tennsssee company, has been made Vice-Pres.
and General Manager of the Nashville company. Mr. Clark is also Pre,s1dent of the Chattanooga company.-V. 98, p. 763.
New York Chicago & St. Louis RR.-Earnings.-
[VOL. xcviti.
Pere Marquette RR.-Adjournment.-The hearing on the
application to issue $12,000,000 receivers' certificates has
been postponed from May 16 to May 25, because of the absence from Detroit of Judge Tuttle on other court business.
V. 98, p. 1460, 1393.
Pittsburgh & Shawmut RR.-Notes Offered.-Kissel,
Kinnicutt & Co., N. Y.• Drexel &
hila., and the Guar'
& Co.,
anty Trust Co. and Rhoades
Co.,N. Y., are offering, at
:.4,500,000
First
Lien Collateral Trust 3-year
par and in,
6% gold notes, being the entire authorized issue dated May 1
1917,
but
1
May
1914 and due
redeemable,in whole or in part,
on any interest date, after 30 days' notice at 102M and int.
Pennsylvania
in
opinion
of counsel.
Tax-free in
Operating Net (after Other Interest, Pf.Divs. Common Balance,
Inc. Rents, &c. (5%). Divids. Surplus.
Cal.
Revenue. Taxes).
Year.
Collateral to be Deposited with the Guaranty Trust Co. of N. Y., Trustee.
27,574
1913_ _ 12,342,000 2,215,245 224,943 1,612.614 800,000
NI. 5% bonds of Pittsburgh & Shawmut RR.
1912__ 12,226,238 3,114,138 219,192 1,551,470 800,000 (4)560,000 421,860 (a)$4,000,000 par value of 1st
a first mortgage on the assets of that company secured, equally
-V.98, p. 1460, 236.
Willi.$4,000,000 in hands of public and $2,500,000 pledged as collateral
New York New Haven & Hartford RR.-Sale of Notes.
for $2,500,000 income notes maturing after the 3-year notes. The present authenticated issue of $10,500,000 cannot be increased while any
-J. P. Morgan & Co., First National Bank and National
of these 3-year notes are outstanding. Except $804,989 equipment trusts,
City Bank, New York, and Kidder, Peabody & Co., Boston,
the company has no other debt.
(b)
$3,000,000 par value of 1st M. 5%.bonds (closed mortgage) of Alleand Lee, Higginson. & Co., Boston, offered on May 8 $50,g
eh
qe
un
ipyme
Rnitv.er Mining Co., a first hen on its assets except railroad
000,000 coupon notes of the several issues described in the
"Chronicle" of May 2, p. 1393. The notes are all dated
May 1 1914 and all in denomination of $1,000, $5,000 and
$10,000, with both principal and interest (M. & N.) payable
in N. Y. City or Boston. See advt. on another page.
The company's $45,000,000 6% notes, dated Nov. 18 1913 and maturing
May 18 1914, will be taken at par and int. to maturity in payment for the
above-mentioned notes, or on and after May 18 1914 will be paid at the
temporary office of J. P. Morgan & Co. at 15 Broad St., New York, or at
the Old Colony Trust Co. at 17 Court St., Boston.
A circular shows issue price, &c., substantially as follows :
(c) $2,500,000 market value of high-grade marketable securities. The
market value of this portion of the collateral to be maintained at not less
than $2,500,000 at all times during the life of those 3-year notes. The
$2.500.000 outside securities deposited as collateral now include $1,364,000 high-grade bonds, and among the stocks 4,000 shares of Baltimore
& Ohio common, 1,500 Kings County Electric Light & Power, 1,200
American Light & Traction pref. and 1,000 common, 800 shares American Cotton Oil pref., 500 Lackawanna RR. of N. J. guaranteed stock,
200 Morris & Essex 7% stock and 400 shares of Realty Associates.
Data from President of Company and &our Eyperts Wm. H. Coverdale
Se Co. and Edward d'Invilliers.
The proceeds of these are to be applied to pay off $2,500,000 notes maturing June 1 1914 and the balance to additions to the railroad company
property and further development of the Allegheny River Mining Co.
Income Available for Interest on the 3-Year Notes, Years ending June 30.
(Year 1913-14 has 4 mos. estimated). 1912-13. '13-14 (est.). '14-15 (est.).
nAg eogfhePitts.&y Shaw. BR.
Net
c earnings
Mining Co. $467,410
Allegheny
$64
10
8:2
27
59
0
$875,000
40,250
I
mt. on $804,989 equipment notes_ _
40,250
200,000
200,000
Int.on $4,000,000P & S.RR.5% bds.
200,000
$227,160
Balance
$378,029
$634,750
Income from the $2,500,000 market
130,890
130,890
value of mixed collateral
130,890
$358,050
Total income avail. for these notes_
$508,919
$765,640
270,000
Int. on these collateral trust notes__
270,000
270,000
$88,050
Balance, surplus
$238,919
$495,640
The Pittsburgh & Shawmut RR. consists of 90.11 miles of main line
with its northern terminus at Brockwayville in Western Pennsylvania
and 125.18 miles of track, newly constructed on highest modern standard.
Of this mileage, 16 miles of main line from Kittanning to Freeport, the
southern terminus, will be completed in the near future,connecting with the
Pennsylvania RR. Also owns entire cap. stock of Allegheny River Mining
Co. and a very large percentage of the bonded debt of Pittsburgh Shawmut & Northern RR.
The investment of the Pittsburgh & Shawmut RR.Co.to-day represents
an amount very largely in excess of the total face value of all its obligations.
The Allegheny River Mining Co. owns either in fee or the coal rights on
23,000 acres of bituminous coal contiguous to the lines of the Pittsburgh &
Shawmut RR., on which there are mine developments with a present daily
output of 6,500 tons, which is shortly to be increased to over 11,000 tons.
Mr. d'Invilliers estimates these lands to contain 190,000,000 net tons of
recoverable coal and places the value of the property (excluding railroad
equipment value of $650,000) at $3,300,000. Of the proceeds of the
present issue of collateral trust notes, it is the present intention to spend
over $800,000 on additional developments to this property.-V.96. P. 1425.
$20,000,000 N. Y. N. H. & H. RR., 1-yr. 5% collateral gold notes, and
10,000,000 Harlem River & Port Chester RR. 1-year 5% gold notes
series A, 99 and int.
20,000,000 New England Nay. Co. 3-year 6% coll, gold notes, 99% & int.
(1) N. Y. N. II. & II. RR. $20,000,000 One-Year 5% Coll: Gold Notes.
Due May 1 1915, but redeemable at option of railroad company at 100%
at any time on not less than 30 days' notice. Trustees, Bankers Trust
Co., N. Y., and Union & New Haven Trust Co. of New Haven.
A direct obligation of the N. Y. N. H.& Hartford RR. Co. secured by
specific pledge of collateral (see revised list, V.98, p. 1393)., having an estimated value of over $30,715,000. In the collateral are included securities
representing practically complete control of (a) the Central New England
Ry. Co. (which owns and operates the railroad which comnects the New
Haven system with the anthracite carriers, via the Poughkeepsie bridge
route), and (b) the Rhode Island Co.(which owns and operates the trolley
,r
et
se
mrni 31t
.h
coglewrilgio
d4ra
aigs Icatim
e :Rreint4incgoiirtoroml
tag?4E
.
Weehawken on
harbor, northwest to Oswego, on Lake Ontario, with branches extending
into the anthracite coal fields of Northeastern Pennsylvania.
The various items of collateral may be withdrawn provided an amount
of cash equal to the withdrawal value is deposited with the trustee, but the
entire net proceeds of the sale of any of the pledged securities must be held
as part of the trust estate. Portions of the pledged collateral may be released upon pledge of other collateral having an appraised value equal at
least to the estimated value of the securities released. All sums of money
received by the trustee, applicable to the purchase or redemption of these
notes, are to be devoted to their purchase at prices not exceeding 100%
and int. or to their redemption at that price.
(2) Harlem Rio. & Pt. Ches. RR. $10,000,000 ser."A" 1-yr. 5% Coup. Notes.
Due May 1 1915, but redeemable at option of railroad company at 100%
and int. at any time upon not less than 30 days, notice. Principal and int.
unconditionally guaranteed (endorsed) by the 14. Y. N. H.& H. RR. upon
each note (see also separate statement under Harlem River & Pt. C.above.)
(3) New England Navigation Co. $20,000,000 3-year 6% Collat. Notes.
Due May 1 1917, but redeemable at option of Navigation Companyat
101% and int. at any time on 30 days' notice. Trustees, Old Colony Trust
Co. of Boston and Union & New Haven Trust Co. of New Haven. The
Pittsburgh Youngstown & Ashtabula Ry.-Bonds
collateral (see revised list, V. 98, p. 1393) has a par value of $74,221,400
and an estimated actual value of $37,300,000. The dividend and interest Authorized.-Tho Ohio P. U. Commission on May 1 authorpaid thereon amounted to $2,500,312 in year ended June 30 1913, or more ized the company to issue $510,000 -4% 40-year bonds, to
than double the $1,200,000 required as interest on this issue of 3-year 6%
less than par,to reimburse the lessee,thePennnotes. Stone & Webster, who recently made a careful examination of the be sold at not
property of the Connecticut Co., write that, based on present earning power sylvania Co., for improvements.-V. 97, p. 729.
and cost of reproduction, they consider the $40,000,000 stock of that company as an independent concern ,divorced from the N. H. N. H. & HartPortland (Ore.) Ry., Lt. & Power Co.-Earnings.ford RR. Co., to have a value of at least $20,000,000 for purposes of col- Calendar
Gross
Exp.,incl.
Net
Interest
Balance,
lateral. See also V. 98, P 1393, 1460.
Earnings.
Taxes.
Earnings.
Year.
Charges.
Surplus.
$6,723;742 $3,298,310 $3,425,432 $2,008,601 $1,416,831
1913
New York Railways Co.-Suit Under Adjustment Mtge.- 1912
3,328,911
6,642,308
3,313,397
1,760,991
1,552,406
The surpluses as above are stated as available for depreciation, renewals
The New York Life Insurance Co., as owner of $1,000,000 and
dividends. Dividends paid during 1913 ($4 75 per share) call for
of the adjustment income bonds, has requested the Farmers' $1,187,500,
against $4 25 ($1,062,500) in 1912.-V. 98, p. 1317, 1246.
1 T
Loan & Trust Co. to bring suit to compel payment of the
full 5% interest on the bonds since Jan. 1 1912, which it
claims has been earned. In case the trustee does not comply, the insurance company intends to institute a suit in
behalf of itself and all other bondholders for appropriate relief.-V. 98, p. 690, 1072.
New York Westchester & Boston RR.-Purchase.-
Charles S. Mellen in his testimony before the I.-S. C. Commission on
May 14 stated that in 1908-09, when the N. Y. N. H.& Hartford was acquiring this property, the directors of that company placed in his hands
8,000 shares of New Haven stock to be given by him in exchange for the
minority shares, one of New Haven for three of Westchester, and that he
thereupon gave his personal due bills for the minority shares, such due bills
(some of which are still outstanding) being redeemable on presentation
either in New Haven shares on the basis named or at the cash value of the
Now Haven shares, but not to exceed $150 per share therefor.-V07,1).1827.
Norfolk Southern RR.-New President.-Joseph H.
Young, who has in the past been connected with the Hill
lines, has been elected President and Gen. Mgr. to succeed
• Charles H. Hix, who resigned.-V.98, p. 1072, 1000.
Omaha (Neb.) & Council Bluffs Street Ry.-Decision.
-District Judge Sears on May 12 granted a temporary injunction restraining the enforcement of the city ordinance
providing for 7 fares for 25 cts., pending the trial of the suit,
on the ground that it appears from the papers submitted that
the rate would be confiscatory.
The company was ordered to give a surety bond for $100.000 to take care
of any claims that may be made should the ordinance be finally upheld in
the Supreme Court.
The ordinance was adopted by the City Council and approved by the
electors at a referendum on April 10 last by a vote of 4,709 in favor and
3,910 against, only a small proportion of the voters casting a ballot.V. 98, p. 237, 156.
Pacific Gas & Electric Co.-March Quarter.March 31.
Gross
QuarterEarnings.
1914
$4,440,938
1913
4,159,591
-V. 98, p. 1246. 913.
Operating
Net
Interest
Balance,
Expenses. Earnings. Charges.
Sur-plus.
$2,225,961 $2,214,977 $1,071,166 $1,143,811
2,318,026 1,841,565
944,934
896,631
Rock Island Co.-Financial Plan.-The stockholders'
committee (Wm. A. Read, Chairman) expects shortly to
complete a tentative plan for reorganizing the Chicago Rock
Island & Pacific Ry. The plan will be submitted to the
Wallace committee representing the C. R. I. & P. Railroad
collateral trust bondholders, and if an agreement between the
two committees is reached efforts will be made to put the
plan into effect.
The stockholders' committee has decided that to put the railway on a
self-supporting basis it will be necessary to raise at the outset $30,000 000.
To provide this amount an assessment of $10 a share on Rock Island' Co.
common and pref. stock and of 20%. or $200 a bond, on the collateral
trust bonds has been suggested, making the amount to be supplied by each
class of security holders the same. Interests connected with the reorganization this week declined to discuss these figures. See Chicago Rock Island
& Pacific RR. above.-V. 98, p. 913, 691.
St. Louis & San Francisco RR.-2-Year 6% NotesFinal Call.-The committee of 2-year 6% gold notes due
Sept. 1 1914, Henry E. Cooper, Chairman, gives notice that
85% of these $2,600,000 notes has already been deposited
and that the holders of the remaining notes who wish to
share in the value of the collateral after acquisition thereof
must deposit their notes at once with the Eq. Tr. Co., N.Y.
Juno 15 1914 is set as the final date for the receipt of the notes. On all
notes received after that date and before the date of the reduction of the
collateral to possession a penalty of $10 per note will be imposed.
New Orleans Texas & Mexico 1st M. Div. Bonds.-The protective committee for this issue has received deposits of
slightly more than 90% of the $23,580,000 bonds outstanding in the United States. Further deposits are subject to
a penalty of $10 per bond. See V.98, p. 1461.
San Pedro Los Angeles & Salt Lake RR.-Application.
-The company has applied to the Cal. RR. Commission
for authority to issue 61,000 1st M. bonds, to be sold for
not less than 90.-V. 97, p. 177.
MAY 16 1914.1
THE CHRONICLE
Scranton & Wilkes-Barre Traction Corporation.Underlying Bonds Offered.-Harris, Forbes & Co., N. Y.;
N. W. Harris & Co., Inc., Boston; Harris Trust & Savings
Bank, Chicago, and Perry, Coffin & Burr, Boston, are offering at 95M and int. $2,000,000 First Refunding 5% gold
bonds of 1913, due Aug. 1 1951, but callable on any interest
date at 105 and int. Par $1,000 c*. Imt. F. & A. in N. Y.
Organization.-Owns all of the bonds and stock (except directors shares)
of the Lackawanna & Wyoming Valley RR. Co. (incorporated under the
the
steam railroad laws of Pennsylvania), which owns and operates one of
most modern and substantially constructed third-rail, double-track, interThe line, built
urban electric railroad properties in the United States.
and
entirely on private right of way, connects Scranton and Wilkes-Barre
handles more than 90% ofthe through passenger traffic between these cities,
Bonds).
These
on
Int.
After
Surp.
(Showing
31
Mar.
1914
Earns.for Year end.
4287,352 Int. on $2,112,000 lstRef.5s $105,600
Net, after taxes
$137,352
Int. on $888,000 pr.l'n bds.. 44,400'Balance
Gross Earnings for Calendar Years 1909 to 1912 and Year end. Mar.311914.
1913-14.
1912.
1911.
1910.
1909.
$649,645
$607,271
$600,109
$588,394
$560,967
First Ref. Bonds.-Secured through Foledge of all of the $5,000,000 1st M.
bonds and $1,848,750 of the $1,850,000 cap._stock of the Laclowanna &
Wyoming Valley RR. Co., thus embracing the entire operating property,
subject only to a prior pledge thereof to secure $888,000 prior bonds. A
like amount ofFirst Ref. 5s is reserved for the retirement of the prior bonds,
and with the exception of the bonds so reserved no additional First Ref.
bonds can be issued. Followed by $1,000,000 collateral trust 6s of 1914,
making this issue an underlying lien-see V. 98, p. 1246. Cumulative
sinking fund on Nov. 1 1917 and annually thereafter a; sum not less than
M of 1% of the aggregate amount of First Ref. bonds (both issued and reserved for refunding) for retirement of these bonds. This should retire
at least $1,215,000 bonds by maturity.
1900.
1910. 1914 (est.)
1890.
1880.
Population Of75,215 102,026 129,867 141,000
45,850
Scranton
51,721
67,105
37,718
75,000
23,339
Wilkes-Barre
These figures, however, only partially reflect the thickly settled condition of the valleys, as within a 10-mile radius of Scranton there is an estimated population of 266,000 and within a 3-mile radius of Wilkes-Barre
150,000, total over 400,000.
The property represents a cash expenditure of over $7,000,000, against
which there are only $3,000,000 of First Ref. and prior lien bonds outstanding. Ford, Bacon & Davis, engineers, of N. Y., have recently been
engaged to supervise the management. See also V. 98, p. 1246, 1158.
Southern Pacific Co.-Bonds Sold.-The syndicate
headed by Kuhn, Loeb & Co., who underwrote the $55t000,000 5% 20-year convertible bond issue has placed privately the bonds not taken by stockholders, amounting to
about $16,000,000.-V. 98, p. 1394, 1158.
Tacoma (Wash.) Railway & Power Co.-Decision.-
I. 39
States may join, will, it is reported, take place on May 21,
having been postponed to give time for some changes in
the plan and in the method of presenting it to the Commission.-V.98, p. 1394, 1158.
Washington Utilities Co.-Notes.-The Fidelity Trust
Co. of Baltimore is offering,on a 634% basis,$1,500,00Crone.
year 5% collateral trust notes dated May 1 1914, secured by
pledge of 82,750,000 common stock of Washington Railway
& Electric Co.
Dividends on Its stock are to be limited during the life of the notes to 2%
a year. The earnings of the Washington Utilities Co. applicable to the
notes are stated at about three times the interest charge on the issue.V. 98, p. 691.
Washington Water Power Co.-Buys Transmission
Lines.-The company has recently purchased the power
transmission system of the Lewiston-Clarkston Improvement Co. (V. 90, p. 1174) from Leon Station, Nez Perce
County, Idaho, connecting the systems at Moscow,Pullman,
Uniontown, Genesee and Colton, which were acquired last
year by the Power company.
The (steam) generating plant of the Lewiston people will continue to
furnish power for these local systems until the Power Co. can complete
its extensions into tho territory, probably June 1. Surveys have been made
to Troy, Kendrick and Juliette, and it is likely that a line will be built
into that territory. Arrangements have been made with the LewistonClarkston interests whereby power is interchanged. The large new power
plant which the company is rapidly completing at Long Lake is expected to
be finished before this year.-V.98, p.605,454.
Wilkes-Barre (Pa.) & Hazleton RR.-Interest Not Paid.
-Funding Plan.-The interest due May 15 on the $1,900,000
collateral trust 5% bonds due May 15 will not be paid by the
Guaranty Trust Co. In lieu of paying the interest, the company is asking the bondholders to surrender their coupons
due May 15 1914 to Nov. 15 1916 inclusive.
•In return, the company will issue non-interest-bearing certificates for
the coupons when they become due. The company has issued a circular
to bondholders asking them to accede to the plan, and a number have already expressed their acceptance.-V.87, p. 679.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Gas & Electric Co.-Stock Increase.-
The stockholders will vote June 3 on increasing the $3,500,000 common
stock by $500,000, to be offered to the stockholders at par, or $50 a share.
of the meeting will be mailed to the stockholders next Monday.
Notice
the
of
The Washington Supremo Court on May 7 affirmed the decision
Pierce County Supreior Court holding that the City of Tacoma has the V.97,p. 1585.
right to seize and take over the company's lines, poles and equipment,
American Ice Co.-Compensation Law Valid.furnishing power and light to the Northern Pacific Ry. depot and shops
According to newspaper dispatches, the U. S. Supreme Court on May 11.
in South Tacoma. The company ignored notices canceling its special
by an icepermit for such service in April 1913. The Surpeme Court holds that the In a suit brought on account of the death of an employee killed
factory Act,
limited lighting franchise clause is valid; that the limitation was not cutting machine, sustained the validity of the Pennsylvania
liable for injuries due to machinery not
abrogated by the State P. S. Commission Law, and that the dispute over which makes industrial plants guards
and regardless of negligence. The
with safety
furnishing power for the Northern Pacific Ry. amply Justified the city properly equipped
in canceling the franchise and seizing the property. The Tacoma city question came up on an appeal by the American Ice Co. of Philadelphia
charter provides that no franchise may be granted to any company for from a judgment for $2,000.-V. 98, p. 692, 68.
furnishing water or light when the city is in a !position to do so, although
American Lace Mfg. Co., Elyria, 0.-Stock Dividend.special franchises may be granted for sections the municipal plants canThe company paid on May 1 a stock dividend of 10% on its $437,000
not reach.-V.90, p. 1678.
stock; total authorized issue $500,000. An initial cash dividend of 4%, was
recently paid and the company expects to pay a similar dividend in July,
Toronto Hamilton & Buffalo Ry.-Earnings.the stock on an 8% basis. A. B. Taylor of Elyria is Treasurer and
Other
Charges, Pref. Divs. Balance, putting
Calendar
Net(after
Gross
Victor Sincere of Cleveland is a director.
etc.
Taxes). Income.
(6%). Surplus.
Year- Revenue.
American Water Works & Electric Co.-Officers Elected.
1913
$1,745,918 $567,835 $96,576 $425,146 $210,000 $29,265
57,326
330,130
550,706
1912
1,702,713 823.510
This company, formed under reorganization plan of Amer. Water Works
The total profit and lass surplus Dec. 31 1913, after deducting sundry & Guar. Co. to take over some of its properties, has elected the following
items aggregating (not) $55,084, was $833,073.-V. 97, p. 888.
officers: President, II. Hobart Porter of Sanderson & Porter; Vice-Pres.
Treas., Stuart H. Patterson; Asst. to Pres., J. H. Purdy; Secretary,
Union Pacific RR.-Appeal Allowed.-The Appellate and
Harry E. Towle.-V.98, p. 1395.
Division of the Supreme Court has made an order granting
Ansco (Camera) Co., Rochester, N. Y.-Mtg. Satisfied.
permission to the Equitable Life Assurance Society to appeal
The company has filed in the County Clerk's office, Rochester, a car
of satisfaction of the mortgage for $500,000 to the Empire Trust
tificate
to the Court of Appeals from the decision of the Appellate
Compare V. 98, p. 1159.
Division denying the motion to enjoin the company from Co., dated Oct. 1 1907.
2%.-A quarterly dividend of 23/2%
23/
Dividend
Quarterly
distributing the extra dividend which was declared on Jan. 8
common stock, payable
last, payable in Baltimore & Ohio stock and cash ($3 per sh.). has been declared on the $1,000,000
July 1 to stockholders of record June 19. See advertisement
Compare V.98, p. 1394.
p. 1159, 1002.
Joseph T. McCaddon, who on Jan. 8 brought suit to enjoin the distri- on another page. Compare V. 98,
bution of the extra dividend to holders of Union Pacific common stock on
York.-Mortgage.New
Co.,
Power
&
Light
Astoria
the ground that it ignored the rights of the preferred stockholders,has adTho company has filed a mortgage to the Farmers' Loan & Trust Co.
dressed a communication to other holders of preferred stock, asking their
50-year
of New York‘ as trustee, to secure an issue of $5,000,000 5
co,-operation, in opposition "to this unfair distribution of assets." Mr. gold
bonds. Compare Consolidated Gas Co. item in the Chronicle"
McCaddon says that his suit is not affected by the decision in the Equitable last week, page 1463.-V. 97, p. 301.
the
all
charge
not
does
suit
Life suit, "as the complaint in the Equitable
facts as I understand them to elist."
Boott Mills, Boston.-$1,000,000 7% Deferred Redeemable
Quarterly Dividend 2%.-The executive committee on Obligations-Present Issue $600,000.Stockholders of record May 5 1914 had until May 14 the non-assignable
Thursday recommended the declaration of a quarterly diviright to subscribe at par for $600,000 of an authorized issue of $1,000,000
dend of 2% on the common stock, payable July 1 to holders 7%
cumulative deferred redeemable obligations to an amount equal to
of record June 1. A special meeting of the board will be 60% of their respective holdings of stock. Subscriptions payable 25%
the balance in one or more installments on call of company,at
forthwith
called as soon as convenient. Compare V. 98, p. 1246.- office, 79 and
Milk St. The proceeds, it is understood, will be applied to reV. 98, p. 1394, 1246.
duction of floating debt now said to aggregate about $900,000.
The company will gradually liquidate the new securities, and it covenants
United Railways Investment Co.-Readjustment Corn- to pay the same upon any liquidation of its business,in so far as the assets
will, after satisfaction of all other indebtedness, permit, before any distribumittee.-The following committee has been chosen in accord- tion
upon the stock; and in the meantime, to pay 7% cumulative interest
ance with the vote of the shareholders on May 1 for the pur- thereon
in as nearly quarterly payments as the net earnings shall make
and any arrears of interest with interest at 6%.
pose either of carrying out the plan suggested by the company practicable and prudent,
The obligations are callable, in whole or part, on 15 days' notice. (a) for
(V. 98, p. 1170) or of modifying the same:
first ten years at par, with a premium of 1% for each year or fraction from
Henry Almstedt, Charles II. Bean, Henry J. Bowdoin, James D. Callery, Frank It. Ford, Sidney II. March, F. S. Smithers, M. B. Starring
and Edwards Whitaker. Messrs. Starring, Bowdoin, Callery and Smithers are directors of the company.-V.98. P• 1304.
Virginian Ry.-Listed.-The New York Stock Exchange
has listed $2,000,000 additional 1st M. 50-year 5% bonds,
series A, due 1962, which were recently sold (V. 98, p. 454),
making the total amount listed $27,000,000.
Of the bonds, $1,000,000 were issued as a "working fund" and the remaining $1,000,000 for 75% of the actual cost of equipment (12 locomotives, 709 cars, &c.) and improvements thereto (total $1,015,291) and of
improvements of roadway and structure ($324,070).
date of original issue during which they shall have been outstanding;
and (6) thereafter at 110%, in either case with all arrears of interest.
None of the series can be sold at less than par.
The company further covenants that until it shall so redeem those obligations, it will accumulate all its net earnings and make no distribution thereof
nor of any of its assets upon its stock,and that it will not authorize any mortgage or any debenture notes other than this series, and will not give any
guaranty of any mortgage notes, bonds or debentures issued by any other
corporation, unless in each of these matters holders of two-thirds in interest
of the obligations of this series consent in writing; but this does not affect
the right to negotiate bank and merchandise loans and give notes therefor
in the ordinary course of business.-V.96, p 204.
Butte & Superior Copper Co.-First Dividend.-
An initial quarterly dividend of 75 'cts. per share (par $10) has been declared, payable June 30 to holders of record on June 12. The report for
Earnings.-For the 7 months ending Jan. 31:
the first quarter will be mailed to all stockholders within a day or two.
Net (after
Other
Interest,
Balance, -Nr. 98, p. 1462.
Gross
Seven
Taxes).
Income. Rents,&c. Surplus.
Earnings.
Months$3,939,903 $1,674,194 $207,816 $927,345 $954,665
By-Products Coke Corporation.-Dividend Reduced.1913-14
1,148,904
3,296,850
1912-13
A quarterly dividend of 1% has been declared on the $4,000,0000 stock.
"Railway Age Gazette" of N. Y.on April 23 contained a 6 -page "Com- payable May 15 to holders of record Apr. 30. This compares with the
parative Study in Operation-Virginia Ry. and Carolina Olinchfield & former rate of 1M %,but Chicago advices state that it is generally expected
that the company will pay the usual 6% during the year. In 19136% was
Ohio Ry."-V. 98. p. 454.
paid and in 19128% (incr. 2% extra in Feb.).-V.98, p. 764, 712.
Wabash RR.-Hearing on Plan.-The hearing on the
proposed reorganization plan before the P. S. Commission
of Missouri, in which the commissions of several other
Canada Foundries & Forgings, Ltd.-Bonds.-
Anderson, Robinson & Harcourt, Toronto, are offering at par and int.
the unsold portion ($75,000) of the issue of $200,000 1st M.6% 30-year
1540
THE CHRONICLE
[VoL. :cum
sinking fund gold bonds dated Feb. 2 1912, due Feb. 2 1942. Int. F. & in anticipation of its obligation
A. 2 at Royal Bank of Canada. Par $100, $500, $1,000. Redeemable pose. There were originally to pay on Oct. 1 next $2,000,000 for the purissued $15,000,000 notes. This makes a total
as a whole at 110 and int. on any int. date on 3 mos.' notice or annually of $7,099,000 notes purchased,
beginning Feb. 2 1915 for the sinking fund that will retire entire issue outstanding, which mature on leaving outstanding $7,901,000 of the notes
Oct. 1 1915.-V. 98, p. 389, 75.
prior to maturity. Trustees, Montreal Trust Co.
A circular reports: "Security: Real estate, buildings, plant and equipGreat Western Power Co.-Bonds, &c.ment (exclusive of good-will, trade-marks, &c.), $804,278; current assets
A syndicate of leading stockholders has, it is announced, purchased
(after deducting all liabilities), $301,387; total surplus assets, $1,105,665. $1,200,000 of the
company's 1st M. bs issued on account of construction
After adding the proceeds of these bonds, the assets are about six times the and floating debt incurred
therefor. Arrangements, it is stated, have also
bonds. Net earnings: 1911, $90,842; 1912, $108,782; 1913, $112,899. been made
take care of the $1,250,000 Western Power notes due
July 1
Average earnings for three years are over 8 2-3 times this bond interest. 1915. See to
offering
V.
97,
p. 240.
Cap. stock (M Pref. 7% cum.),31,920,000. See V.95,p. 178; V.98,p.915.
Canadian Cottons, Ltd.-Earnings.--
Mar. 31 Total
Pf.Divs. ReBond
Other
Net
Balance,
Year.
Sales.
Profits. Income. Interest. (6%). serves. Surplus.
1913-1443,500.476 $411,104 $191,838 $210,000 $219,690 $10,000 $163,252
1912-13. 4,407,164 481,503 167,008 207,500 215,797 20,000 205,213
-V.97, p. 518.
Carnegie Coal Co.-New President.John A. Bell has been elected President and director.-V. 97, p. 598.
Casein Co. of America.-Earnings.-Calendar
Year1913
1912
-V. 97. p. 48.
Reelsfrom Expenses,
Preferred
Balance,
Sub. Cos. Deprec.,&c.
Divtdends.
Sur. or Def.
$38,912$21,85sur.$17,0 7
36,357
36,306
(4%)$40,000
def. 39,551
Cleveland Telephone Co.-Notes Authorized.-
The Ohio P. U. Commission yesterday authorized the company to issue
$4,000,000 5% 2-year notes. Of the notes more than $3,000,000 will be
used to refund previous bond issues and the remainder for improveemnts
and extensions. Compare V. 98, p. 1319, 1247.
Griffin-Neuberger Tobacco Co. Windsor, Conn.Pre Stock Offered.-H. K. Taylor &'
Co., Hartford, are offering, by adv.on another page,at 103 and div., to net 6.8%,
the unsold portion of $100,000 7% cumulative pref. stock,
par val. $100 a share. Total auth., $150,000; issued, $100,000. Common stock, $300,000, all out. The bankers say:
The properties of the company are located in the towns of Windsor,
Bloomfield, Granby and East Granby, Conn., and include over 1,000
acres
of land, of which 330 acres are now under cultivation, embracing some of
the choicest tobacco land in this section; 52 tobacco sheds, workmen's cottages, a shipping and storage warehouse,a sorting and packing plant, &c.
Real estate appraised at $370.580. No mortgage. Average net earnings
for five years past over $40,000 per year, or nearly six times pref .dlv.
This stock fs protected by a sinking fund of $6,000 a year and is callable
on or after May 1 1919 at $110 aer share. The custodian of this sinking
fund is the Riverside Trust Co. of Hartford, transfer agent for the pref.
shares.-V. 98. p. 1395.
Hood Rubber Co.-New Director.-
The board having been increased from 5 to 6 members. Philip Cabot
Colorado Fuel & Iron Co.-Suit.Plw The company has withdrawn its former suit for $500,000 for libel against of White, Weld & Co. has been elected a director.-V.97, p• 1666.
the Denver Publishing Co., publishers of the "Rocky Mountain News'.'
Indiana & Michigan Electric Co.-Bonds.and "Denver Times," and has filed a new suit in the Federal Court asking
The Indiana P. S. Commission has sanctioned the issue of $500,000
damages for $600,000. The suit is a result of the coal miners' strike in
Southern Colorado. The complaint alleges "false and defamatory writ- 1st M. 5s on account of construction. At last accounts $5,254,000 of the
ing" with "malice towards the plaintiff and reckless disregard of the $7,000,000 1st M.50-year 5s of 1907 were out.-V. 90, p. 170.
plaintiff's rights." See editorials, &c., as to strike situation in V. 98,
International Smelting & Refining Co.-Earnings.p. 1434, 1357-60, 1278.-V. 98, p. 1159.
Cal, Year1913.
1912.
1910.
1911.
Consolidated Copper Mines Co.-Application for Re- Net income
$1,066,237 $1,106,047 $1,219,037 $1,002,191
Dividends (8%)
800;000
ceiver.800,000
800,000
800,000
Martin W. Littleton of New York, representing Enos A. Wall of Salt
Balance,surplus
$266,237
$306,047
Lake City, Utah, on Thursday applied for the appointment of a receiver
$419,037
$202,191
the
include
results
income
These
of
subsidiary
cos.
for the company. A statement issued by the President of the company
-V.98, p. 1319.
says: "Suit is brought upon misapprehension of facts, and in the
Iroquois Natural Gas Co., Buffalo.-Franchise.opinion of counsel the case is without merit. The company apprehends
May
Council
on
14
passed
an
The City
ordinance amending the franchise
nothing but a favorable outcome of the litigation."
Subpoenas were issued requiring the defendants to answer the bill on of the company so as to authorize it to sell natural gas for lighting as well
as for heating purposes. This is said to be due to the action brought by
May 27.-V. 97, p. 240.
company
the
against
for $300,000 damages, claiming
the Buffalo Gas Co.
Consolidated Gas Co. of New York.-Earnings, &c.- the
company has been selling natural- gas for illuminating purposes in vioSee statement under "Annual Reports" on a preceding page.
lation of the terms of the franchise to the Buffalo Natural Gas Fuel Co.
Compare Buffalo Gas Co., V. 98, p. 1074.-V. 95, 13• 547.
Plan to Permit
Shareholders to Subscribe at Par for $25,000,000 5-Year 6% Debentures Convertible after 3 Years into Stock
at Par.-The shareholders will vote May 25 on propositions set forth in a circular signed by Pres. Geo. B. Cortelyou
as of May 9, substantially as follows:
(a) To increase the capital stock from $100,000,000 to $125,000,000,to
provide for the reimbursement in part of moneys actually expended from
Income and from other moneys in the treasury not secured or obtained
from the issue of stocks, bonds, notes or other evidences of indebtedness
for the acquisition of property and for the discharge of obligations, and for
such other purposes as the stockholders, at such meeting, may determine.
(b) That if such increase be authorized, the company shall forthwith
issue, with the approval of the P.S.Commission,6% convertible debentures
at par, in denominations of $500 and such multiples thereof as the board
may deem expedient, to the extent of $25,000,000, payable in cash five
years after date thereof, unless sooner converted into stock, with coupons
payable quarterly; the holder thereof to have the privilege, upon the expiration of 3 years,and on any subsequent interest date prior to the expiration of the said 5 years, to convert the said debentures into capital stock at
its par value; said increased capital stock to be reserved for such conversion.
(c) That the stockholders of record on a date to be fixed by the board
shall have the right within 20 days thereafter to subscribe at par for the
said debentures,to the extent of 25% of their holdings of the stock; payments
therefor to be 30% on the date of said debentures and 30% three months
and 40% six months thereafter, with the privilege of anticipating the payment of said last two installments.-V. 98, p. 1463, 613.
Knox Automobile Co., Springfield, Mass.-Successor.--
See Knox Motors Co. below.-V • 98, p• 1463, 1395.
Knox Motors Co., Springfield, Mass.-New Company.
The company has been incorporated in Massachusetts with $2,500.000
stock, consisting of $1,250,000 each of common and 6% cumulative pref.
take
over
to
the property of the Knox
stock (par of shares $100), all issued
Automobile Co. which was sold in bankruptcy on Apr. 29 last (V. 98, p•
1395, 1463). Tlie incorporators are E. 0. Sutton, H. G. Fisk and C. H.
Beckwith, all of Springfield.
(S. S.) Kresge & Co.-Sales.1914-April-1913.
$991,609
$1,363.194
-V. 98, p. 1247.
Increase. 1 1914-4 Mo5.-1913.
$371,5851$4,399,170
$3,556,716
Increase.
$842,454
Lake Superior Corporation.-Earnings.-
Net earnings for the nine months ending March 31, including subsidiaries, were $1,633,934,an increase of$20,800 over the same period last year.
-V. 98, P• WM 613•
Lee Light & Power Co., Clarinda, Iowa.-Bonds.-
John D. Curtis & Co., N. Y. City, are placing at 101 and int. $150,000
First & Ref, M.6% sinking fund gold bonds dated
April 15 1914 and due
April 1 1934, but callable at 105. Par $100, $500, $1,000 (c*). Int.
A. & 0. at Guaranty Trust Co., N. Y., trustee. Annual sinking fund
Connecticut River Power Co. of Maine.-Div.Increased. 1919
to
to 1925 1%.1926 1932 2% of bds. out to retire same. Capitalization:
A semi-annual dividend of 134% has been declared on the $2,720,000 Stock ($60,000 is 7% cumulative preferred)
$231,000
common stock, payable July 1 to holders of record June 23,comparing with First and Ref. M. bonds, authorized $750,000; outstanding
150,000
1% on Jan. 1 last and July 1 1913, the initial distribution. The regular Reserved to retire Lee Elec. Co. bonds (callable at par in 1917).._ 183,000
The remaining $417,000 bonds may be issued
semi-annual payment of 3% will be made on the prof. stock on
under
June 1 to
restrictions for 90%
improvements
holders of record May 23. Compare V. 96, p. 1775.
and
future
of cost of
extensions.
Earnings for year 1913: Gross, $107,859; net, $38,400; int. on $183,000
Corn Products Refining Co.-Hearing.-Lee Electric Co. bonds,$10,980; balance,$27,420, equal to over 3 times the
Judge Mayer in the U. S. District Court in this city on May 11 appointed interest
First
&
$150,000
Ref.
M. bonds. These earnings included
on these
Rowland W.Philips as special master to take testimony in the suit brought only a few weeks' revenue from four towns connected
in Dec. and one
by the Government. Assistant U. S. Attorney-General Jesse C. Adkins connected Oct. 1. In 1912 the net earnings were
$27,390; in 1911$25,4o5,
and Special Assistant Attorney-General Van Sinderen Linsley will represent ans
dup
inpllies
.
it6
910
fro
$
m
19
Government
the
and O'Brien, Boardman & Platt tho defendants.-V.98,
Its central power station at Clarinda electricity for
lighting
p. 1395, 1159.
and power to 10 municipalities (3 county seats) in great Iowc
aoclo
leg
rnebs
elptr
,iv
nigzs..:
yyv IC
e r lwna
Grraadvdit
g aSnhdain
drket,13
ora
tobaugElmo,h
Need M
C arnicnhdaar,d,B
Eastman Kodak Co., Rochester, N. Y.-New Plant.- Ba
and
Mo.
Also
owns
The directors have decided, owing to the large increase in Canadian and in Clarinda central steam-heating system, a
a
large
cold storage warehouse
English business, to construct a new plant near Toronto, Can., at a cost
artificial ice plant. Has
70 miles of high-power trans-,
of over $1,500,000, to take the place of the several plants now operated and a large (32 miles on steel towers),about
and with the local distributing lines
by the subsidiary Canadian Kodak Co., Ltd. Seven buildings with a floor mission lines
polo
of
miles
lines.
104
Has
about
thoroughly satisfactory franarea of 11 acres will be built this summer on the 24-acre site purchased last a total of contracts for street lighting in
all the communities reached by
year near Weston,a suburb of Toronto. About 500 persons will be employed chises and
its lines. (Re-capitalized under present name with $500,000 of authorized
at the start, but this will be increased as necessity demands.
The Canadian tariff is favorable to the manufacturer in that raw ma- stock in April 1914.1
terials are entered at an extremely low rate, while a high tariff protects
Lewiston & Charleston Improvement Co.-Sale, &c.the completed article. England and Canada, it is reported, take approxiSee Washington Water Power Co. under "Rallroads".-V. 90, p. 1174.
mately nine-tenths of the total exports of motion picture films. The company, it is said, has increased its motion picture film exports over 500%
MacAndrews & Forbes Co.-Earnings.during the past year.
Net
Other
Calendar
Gross
Pf.Divs.Com.Divs. Balance,
Profits. Income. Profits. (6%). (10%). Surplus.
Extra Dividends on Common Stock.Year$872,958 $29,586 $902,544 $176,764 $300,000
The directors have declared an extra dividend of 5% on the $19,532,800 1913
943,957 45,484 989,441 191,234 300,000 $425,780
common stock, payable May 29 to holders of record July 1. An extra 1912
498,207
payment of 73i% was made on April 1. Extra payments in 1913 (total
The total surplus Dec. 31 1913 was $1,126,876.-V. 96, p. 1421.
30%)were 10% in Feb. and 5% each in June, Sept., Oct. and December.
(Wis.)
Manitowoc
Electric Light Co.-Purchased by City.
Extra Dividends (Per Cent) on Common Stock.
See "Manitowoc" in "State and City" Department.
(In addition to the 10% per annum paid regularly since Oct. 1 1902.)
1906.
1907.
1908.
1909.
1910 to 1913.
Maryland Coal Co., W. Va.-New President.191420
30 each.
Apr., 73i; July, 5
Vice-Pres. J. W.Galloway has been elected President to succeed William
90. 98, p.19
1395, 111
51.
H. Ziegler, who resigned some time ago.-V. 98, p. 390.
Electrical Securities Corp.-Bonds Called.-
Twenty-five 5th series 30-year coll. trust 5% bonds, dated Dec. 1 1907
for payment at 103 and int. on June 1 at Guaranty Trust Co.-V.96,p.1024.
National Electric Signaling Co., Pittsb.-Decision.-
Press dispatches state that the U. S. Supremo Court on May 11 dismissed
the appeal from the decision of the lower Court,finding that the Telefunken
General Asphalt Co., Philadelphia, Pa.-Earnings.- Wireless
Telegraph Co. had infringed patents for wireless improvements
Total Net Trading Other
Year ending
Total Pf. Divs.
Balance, in selling 20 wireless sets to the U. S. Navy in 1910.-V. 98, p. 693, 917.
Jan. 31- Income.
Profits.
Income. Deduc'ns. (5%). Surplus.
1913-14
$15,279,352 $2,105,275 $64,717 $866,237 $651,972 $651,782
New York Mills, Utica, N. Y.-Offer for Pref. Stock.1912-13
14,995,323 2,131,640 94,731 882,673 657,000 686,698
The holders of the $400,000 pref. stock last week received
-V. 96, p. 1843.
General Electric Co.-New Director.-
Beniamin Strong Jr. has been elected a director to succeed C.P. Moore.
-V. 98, p. 1323, 1310.
General Motors Co., Detroit.-Notes Purchased.The
company has purchased for the sinking fund through the Central
Trust Co. of N. Y.,trustee,$2,000,000 of its 6% first lien 5-year gold notes
a letter from Attorney Charles A. Miller, President of the
Savings Bank of Utica, which is quoted as saying in part:
From the enclosed statement of Dec. 27 last you will see that the N. Y.
Mills owe about $3,900,000, most of which is held by A. D. Juilliard & Co.
of N.Y., who have had complete control of the management. Accounts receivable and cash aggregate not quite $1,200,000, while cotton, materials,
supplies and goods in process bring up the quick assets to a total of about
MAY 16 1914.1
THE CHRONICLE
$2,400,000. There is, therefore, a deficit of quick liabilities over quick assets amounting in round numbers to $1500,000. The plant is of course
neither worth nor saleable at any thing like this amount.
Since January. last Mr. JulHard has offered me $40,000 to use in closing
up the affairs of the N. Y. Mills Co. by receivership or otherwise, and I
intend to devote the $40,000 to the pref. stockholders if they care to accept
It, settling with them for 10 cts. on the dollar. There are 4,000 shares
of such stock outstanding of par value of $400,000. Holders of 2,165 shares
have already accepted the offer. If I am obliged to wind up the concern
through a receivership or by a Sheriffs sale there can be no possible chance
of any pref. stockholder receiving anything. [The mills are reported to
have 73,000 spindles and 1,230 looms. Common stock is $1,000.000.1V. 70, p. 844, 743. 534.
Northern Indiana Gas & Electric Co.-Bonds, &c.The Indiana P. S. Commission on May 9 authorized the company to
issue, it is stated, $1,020,000 bonds and $282,000 gold notes to pay for a
new power plant (costing, it is stated, $966,794) at East Chicago and for
other extensions.-V. 95, p. 484.
1541
Standard Screw Co.-Earnings.---Year ending March 31:
Fiscal
Net(after Bond, etc., Pf..Divs.
Balance.
Common
YearDepen,&c.) Int.
Dividends.
Surplus•
(6%)•
1913-14.
$460,464 $52,243 $120,000 (4).5%)$112,500 $175,721
1912-13.
373,657
46,055
120,000
132,602
(3%) 75,000
As to changes in capitalization, &c., see V. 98, p• 457. 693,843.
Temple Coal Co.-New Company.-
Application will, it is announced, be made to the Governor of Pennsyls
vania on June 1 by Paul C. Anthony, H. C. Peebles and J. Norman Ball
for a charter for a corporation under this caption, to operate the coal properties recently purchased from the Temple Iron Co. by S. B. Thorne.
Compare V. 98. p. 1465, 1396.
Temple Iron Co.-Successor.--
See Temple Coal Co. above.-V.98, p. 1465, 1396.
The Thomas Iron Co., Easton, Pa.-Bonds.-
The stockholders have the right until May 20 to subscribe at par and int.
for the present issue of $600,000 of the $1.000,0006%
First Mtge. and Collateral Federal income and State tax-free 20-year gold bonds authorized
on Feb. 26. The proceeds will take up the floating debt and provide working capital. The remaining ($400,000) bonds are reserved for future additions, extensions and improvements under restrictions, after a vote of the
stockholders. Par $1,000 and $500. Redeemable after five years on
3
months' notice at 10235 and hit. Sinking fund not less than $10,000 out
of earnings every six months,available if desired to retire bonds.
reports
the
company
The
value
of
the
properties
covered
by
the
mortgage
Oro Electric Corporation, Cal.-Re-hearing Granted.The California Supreme Court, which recently overruled the decision of as follows: (a) 8 blast furnaces (3 at Hokendauqua, Pa., 2 at Hellertown,
the State RR.Commission in the case of the Western States Gas & Electric Pa., 2 at Alburtis. Pa., 1 at Island Park, Pa.), with ail equipment and real
$2,500,000. (b) Richard mine, Wharton, N. J., $300,000;
Co. vs. Oro Corp., in which the Commission denied the latter competitive estate. Total,
mining properties, ($47,000), and farm lands ($19,250) in Lehigh
rights in Stockton, has granted a rehearing in response to a petition signed (c) other
County, Pa., $66.250; (d) the capital stock of Catsby many of the leading attorneys of the State, among them those for the and Northampton
$341,450;(e) stock of the Ironton RR. Co.,
RR.Commission,the Pacific Gas& Electric Co.and the Southern California sauqua & Fogelsville RR.Co.,
$4,207,700. The earnings of the railroad stock
Edison Co. The petitioners say: "We take the psoition that if rates are about $1.000,000. Total,
to
amount
about $100,000 per year. R.H. Sweetser
company
the
held
by
to be cut down by the Commission and regulation carried to the point of
fixing a certain rate of revenue, then the regulated companies must be pro- is Pres. and Gen. Man.-V.98, D. 767.
tected in their fields from competition. Competition and regulation do
United States Finishing Co., N. Y. City.-Debenture
not go together. Either competition must be allowed to take its course
In determining rates, or, if rates are to be fixed by regulation, then the Bonds.-The stockholders' committee has issued a circular
must
protect
regulates
from
power that
competition. If competition is urging the stockholders and bondholders,on or before June 15,
allowed there should be no regulation, and if regulation is enforced then
competition should be restricted. This is an important economic prin- to subscribe at 90, (with 25% bonus in common stock), for
said
been
that
the
has
ciple. It
California RR. Commission has taken ad- an issue of not exceeding $1,000,000 6% 6 to 9-year debenvanced ground in seeking to protect regulated companies from unnecessary competition, but as a matter of fact the older commissions of New ture bonds, payable in four equal installments at the end of
Jersey
and
New
York,
other States have taken much more advanced po- 6,7,8 and 9 years, and callable at par on any quarterly insitions in this regard and they have been followed by the newer commis- terest day. A
circular dated May 7 says in substance:
sions of Idaho, Montana and Arizona."-V.98, p• 1397, 1075.
The time has come when it is necessary for the security holders to parPacific Light & Power Corporation, Los Angeles.- ticipate in funding the company's debt. The balance sheet of Dec. 31 1913
The Cal. RR. Commission recently approved the proposition to issue shows (after an appraisal) a net worth over liabilities other than capital
(a) $2,500,000 6% notes for retirement oT the.$2,500,000 6% notes due stock of $4,241,167, the pref. stock being intact and the common stock
May 1 1914 (V• 96, p• 1367);(b) $1,233,000 40-year 5% gold bonds, to be having a book value of about $40 per share. When the present management assumed control,April 1 1913,the total outstanding noteindebtedness,
sold to retire notes held by H. E. Huntington.-V.98, p• 1248. 527.
including the controlled Queen Dyeing Co., Sterling Impt. Co. and C. P.
Darling Co.,was$2,245,000. To-day the note indebtedness is $1,721,467,
Pacific Telephone & Telegraph Co.-Dual Service.reduction of $523,533; while the mortgage debt also has been reduced
The U. S. Dist. Court at San Francisco on May 4 sustained an order re- a
during the year by payments into sinking fund of $88.950, all without macently issued by the Oregon RR. Commission to compel the company to terial
change in the amount of accounts payable. The notes, excepting
interchange service with the Home Telephone Co. in two hotels in PortSterling Impt. Co. for $24,000, fall due Sept. 13.
land, Ore., I. e., calls coming over either system may be connected with C. P. Darling Co. andthe
finishing business during the past two years has
The general state of
telephones in rooms having the other service. Judge Bean wrote the opinNotwithstanding
these adverse conditions and the
exceedingly
bad.
been
ion, concurred in by Judges Gilbert and Wolverton. The decision Is retemporary losses entailed by the reorganization of the management, the
garded as far-reaching, as under its terms any hotel in the State may apply company
has earned under its new management during the 13 months
for and be allowed to receive joint service from two competing telephone since
April 1 1913 the sum of $193,300 (after all interest charges,aggregating
lines. The Pacific company contested the order on the ground that it $347,896,
and with repairs charged to expense in the amount of $295,545),
involved taking of property without due process of law and that it violated as
compared
with a loss of $25,322 for the previous 13 months. The outlook
the
U.
of
S.
claues
commerce
Constitution.-V. 98. p• for the coming
the Inter-State
year is much brighter and, with normal trade conditions,
1003,908.
we believe the annual earnings should aggregate $350,000 afterint. charges.
The bank creditors' committee now insists that the security holders must
Pennsylvania Steel Co.-Mr. Donner Elected Chairman.
William H. Donner, President of the Cambria Steel Co., was on Monday purchase some form of security which will enable a substantial payment
to be made to the banks. We therefore ask subscriptions for not exceeding
elected Chairman of the board, a new position.-V.98,P. 1464, 1396.
$1,000,000 of 6% debenture bonds at 90,with a bonus of 25% of the common stock from the amount now in the treasury. The subscription will
Pure Oil Co., Pittsburgh.-Option.---effective only in case a sufficient amount is subscribed to assure
The Pittsburgh "Gazette-Times" says: "The English syndicate which become
ability of the company to extend the balance of its loans with the
the
is seeking an option on a majority of Pure 011 common stock until June 10
banks for such time as will enable it to pay them out of earnings. The
1914 has bid $26 a share less a commission of 7)5%,which would net $24 05 debentures
will provide that no dividends shall be paid on the stock until
a share to holders. The option is not to become binding unless 51% is both the present
bank indebtedness and these debentures have been paid.
obtained and it is the understanding that all stockholders, large and small, Subscriptions must
be in amounts of $1,000 or $100 or mulitples. [Stockare entitled to come in under the same price and terms." The offer, it is holders'
committee: Henry B. Thompson, Chairman, Pres. U. S. Finishing
renorted, is made on behalf of the Anglo-American 011 Co.-V.98, p. 1320,
and Edward A. Greene, Passaic, N. J.; Jesse H.
Co.;
McLean
Andrew
86.
Metcalf, Providence, R. I.; Francis J. Leavens, Norwich, Conn., and
Ray Consolidated Copper Co.-For March Quarter.- -George V. Taylor, New York City.]
1914.
Gross produc- 1914.
1013.
1913.
Balance Sheet Dec. 31 1913 (Total each side $9,186,045).
tion, lbs__ _17,234,346 12,369,696 Total income_ $922,099 $682,626 Plant, water power, &c
$6,339,156 Capital stock (half preferred)_36,000,000
44,655 abt. 45.000 Copper rollers(at20cts.perlb.) 596,498 First M. bonds, $1,750,000,
Net profits__ _ $913,004 $678,875iBond interest_
Dividends(3U
5,751
%)543,964
None Cash
9,095
Miscell. inc__
238,665
less $786,000 in sink. fund.. _ 964,000
Balance for
Inventories
456,971 Consolidated mortgage bonds_ 1,650,000
quarter...... _ $333,480 abt637,626 Book debts, good & collectible 463,558 Sterling Dyeing bonds
Total inc__ $922,099 $682,626
250,000
The earnings for the 1914 quarter are computed on tho basis of 14.4117 Sterling Impt. Co. debit
242,628 Notes payable
1,697,467
cents per lb. for copper,against 15.1513 cents in 1913.-V.98,p. 1248, 1004. Furniture and fixtures
3,000 Accounts payable
219,549
Insurance paid in advance__ __
36,922 Taxes and pay-roll
87,170
Sealshipt Oyster Co.-Sale Authorized.Sundry accounts
58,647 Interest accrued
76,692
Judge Dodge in the U. S. District Court at Boston on May 11 authorized Investment
Queen Dyeing,Co_ 750,000 Deficiency
1,758,833
the sale of the property by the receivers on June 20 at the Suffolk County,
The chartered accountants say: "The debit of the Sterling Impt. Co. is
N. Y., Court House. The property is to be sold in 16 parcels subject to
mortgages and liens aggregating $1,321,864. Total upset price $700,000, in accordance with the balance sheet of that company. Amounts previously carried in the company's books as assets, including the old values
over and above all mortgages and other incumbrances.
The receivers in their first report state that, with net sales of $257,705, of the fixed properties, have been written off to the extent of an aggregate
the net earnings from Oct. 29 1913 to April 1 1914 were $46,839, not in- of $3,229,042."-V. 98, p. 1396.
cluding the earnings of the Blue Point Co., of which the Sealshipt System
Virginia-Carolina Chemical Co.-Debentures Offered.owns one-half the stock. In addition there were interest charges aggregating $98,764.-V. 98, p. 1004.
The company offers to its stockholders (both common and
Osceola Consol. Copper Mining Co.-Injunction.----
Justice Howard Wiest in the Ingham County Circuit Court at Lansing,
Mich.,on May 14,in the suit brought by Charles M. Turner, a minority
stockholder, granted a permanent injunction restraining the Calumet &
Hecla Mining Co.from controlling and voting shares of stock of the Osceola
company. An appeal, it is stated, will be taken to the Supreme Court.
-V. 98, p. 241.
•
(Robt.) Simpson Co., Ltd. (Dept. Stores), Toronto, pref.) of record May 25 1914 an option to subscribe and pay
for at par and int. at the Equitable Trust Co., N. Y., on or
before June 17, 85,000,000 of the recently authorized issue
of $10,000,000 6% sinking fund debentures in amounts proportioned to their holdings of stock, i. e. for a sum equal to
about 10 42-100% of the face of the stock held. SubscripSouthern California Edison.-Proposed Purchase.tion warrants will be issued about May 25. An adv.shows:
Divs. Tot Net
Bond
Pf.Divs. Corn.
Jan. 31 Net
Bal.,
Int...fec. (6%).
Year. Profit. Sub.Cos. Inc.
Dies.
Surplus.
1914_ _ _$752,751 $97,940 $850,691 $112,913 $165,000 $210,443 $362,335
The total surplus for 1914, after deducting $50,000 for depreciation on
plant and equipment, $225,138 subscribers' and underwriters commission
on preference shares and $24.800 bonus to employees, was $281,620.
See "Los Angeles" in "State and City" Department.-V.98. p. 1248,614.
Standard Oil Co. of California.-Vote on Increase.Owing to a typographical error in the publication of the call for the meeting on March 16, at which the stockholders voted to increase the stock to
$100,000,000, the directors have called a special meeting of stockholders
for July 14 to vote again on the proposition.-V.98, p. 917, 614.
Standard Oil of Kansas.-No Extra Dividend.-
A quarterly dividend of 3% has been declared on the $2,000,000 capital
stock, payable June 15 to holders of record May 28, comparing with 3
and 7 extra on Feb. 28 and 3% and 10% extra on Nov. 29 next, and 3
and 7 0 extra on Sept. 30 1913. On June 30 1913 the stock was increased
from $1,000,000 by a 100% stock div., payments on the old capitalization
having been 3% and 7% extra on June 30, 3% and 4% extra on Feb. 28
and 3% and 2% extra on Dec. 14 1912.-V.98,p.843.
Standard Oil Co. of Nebraska.-Dividend.-
A semi-annual cash dividend of 10% (the fifth since the disintegration
of the Standard Oil Co. of New Jersey) has been declared on the $1,000,000
stock, payable Juno 20 to holders of record May 20. The same payments
were made in June and Dec. 1912 and 1913 and in 1913 5% semi-annually
extra was disbursed. A 25% stock dividend ($200,000). increasing the
stock outstanding to $1,000,000, was also distributed in June 1913, and in
Apr. 1912 33 1-3% (also $200.000).-V • 97,1)• 1434.
Standard Oil Co. of New York.-Dividends.-
A dividend of $2 a share has been declared on the $75,000,000 stock,
payable June 15 to holders of record [June 1, being the same amount as on
March 16 last. In June 1913 and 1912 6% was paid and* in Dec. 1911
20% on the $15.000,000 as existing prior to the payment of the 400%
stocic[dividend in June 1913.-V. 198, p.11390, 457.
The debentures are to be issued under a trust agreement about to be executed with the Equitable Trust Co., as trustee. They are to be dated
May 15 1914 and payable May 15 1924, interest payable Oct. 15 and April
15, except that the last installment will be payable May 15 1924, both
principal-and interest to be payable in U.S. gold coin of the present standard
without deduction for any tax or taxes (except Federal income tax). Denominations, c* $1,000; r* $1,000 or $5,000 or multiples of $5,000.
44
The debentures are to be secured by a sinking fund to be created by annua
payments in cash or debentures or debenture scrip certificates of 2)
of
the principal amount of debenturesand debenture scrip outstandingat
the elate of such payment. All or any of the debentures may be call for
redemption at 102% and int. on Oct. 15 1916, or thereafter (or for the sinking fund on Oct. 15 1915 or thereafter), upon any semi-annual interest day
until and including Oct. 15 1922, or at par and int. upon any interest date
after Oct. 15 1922, after notice.
The debentures of the present issue of $5,000,000 will be convertible at
option of holder on any interest payment day until and including Oct. 15
1922, after 10 days' written notice of such election given and after deposit
thereof at least three days in advance of the conversion date, into paid-up
shares of the pref. capital stock at the rate of $110 of debentures for each
such share of the par value of$100, with a cash adjustment of interest and
current dividends if necessary. If called for redemption, no right to convert will thereafter exist unless the holder shall within 10 days after the last
publication of the call give notice in writing of his intention so to convert
and the company shall fail to redeem the same on presentation. See also
V. 98, p. 1321.
Western States Gas & Electric Co.-Re-hearing Granted.
See Oro Electric Corporation above.-V.97, p. 1754.
For other Investment News see page 1543.
[vol.,. 'milt.
THE CHRONICLE
1542
Stparts anti
ocnntents.
PUBLISHED AS ADVERTISPEMENTS.
ILLINOIS TRACTION COMPANY
TENTH ANNUAL REPORT-FOR THE YEAR ENDING DECEMBER 311913.
To the Shareholders of the Illinois Traction Company
The Board of Directors take pleasure in submitting the
Tenth Annual Report, together with Balance Sheet, Statement of Receipts and Expenditures, and other statistics of
your Company, for the year ending December 31st 1913.
ott As will be noted from the accompanying statistical statements, gratifying increases in gross and net earnings over
previous years have been developed from operation.
Gross Revenue for the year was $7,948,097 51,derived in
the following manner:
From Interurban Railroads
$3,055,519 76
From City Lines
2,129,803 61
From Electric Lighting and Power
1,977,349 50
From Gas Lighting and Fuel
466,449 66
From Steam Heating
247,530 48
From Miscellaneous
71,444 50
Gross Revenue increased during the year $532,450 38, or 7.18 per cent.
Net Earnings increased during the year $272,327 96, or 8.89 per cent.
Surplus Income increased during the year $113,933 25,or 15.35 per cent.
Surplus Income for the year, after paying 6 per cent dividends on the Company's Preferred Stock, was $855,850 57,
equivalent to 8.56 per cent upon the Common Stock of the
Company, as against 7.43 per cent for the preceding year.
Surplus Account, therefore, stood at December 31st 1913 as
follows:
Balance brought forward from 1912
$2,350,882 67
Surplus Income for 1913
855,850 57 $3,206,733 24
Appropriation for Depreciation (in addition to
$964,260 89 charged to Operating Account
for Maintenance,Betterments and Renewals) 379,228 40
Bond Discount of Controlled Companies
52,493 63
Common Stock Dividend (three quarterly
payments at 3 per cent per annum) •
656,527 03
224,805 00
Balance carried forward
$2,550,206 21
Comparative Statement of Receipts and Expenditures for
the years ending December 31st 1911, 1912 and 1913.
Earnings1912.
1911.
1913.
Interurban Lines
$2,864,793 33 $2,964,955 06 $3,055,519 76
City Lines
1,950,880 33 2,030,993 76 2,129,803 61
Electric
1,473,937 38 1,689,477 16 1,977,349 50
Gas
383,324 91
428,976 81
466,449 66
Heat
197,737 64
219,170 44
247,530 48
Miscellaneous
31,547 42
82,073 90
71,444 50
Total Gross Earnings
6,902,221 01 7,415,647 13 7,948,097 51
Expenses
and
Total Operating
Taxes
4,133,640 79 4,353,213 70 4,613,336 1Net from Operating
2,768,580 22 3,062,433 43 3,334,761 39
Interest on Bonds, &c
1,885,221 56 1,975,968 88 2,072,538 81
Available for Dividends
883,358 66 1,086,464 55 1,262,222 58
Dividend on Preferred Stock__ _ 318,276 00
344,547 23
406,372 01
Surplus Income
741,917 32
565,082 66
855,850 57
Dividend on Common Stock__ _
224,805 00
Net Surplus
631,045 57
MAINTENANCE, RENEWALS AND BETTERMENTS.
The practice of maintaining in a high state of efficiency
the physical condition of all the properties controlled by the
Company has been continued. During the year there was
expended on this account the sum of $1,343,489 29, which
was 16.9 per cent of the gross receipts, as against 15.7 per
cent the previous year.
IMPROVEMENTS.
During the year there was also expended for Improvements
on the properties controlled by the Company $1,660,155 96.
INTERURBAN LINES.
Additional passenger motor and trail cars have been supplied and equipment in service at December 31st was:
The usual rate of increase in consumers has prevailed on
the city electric and gas properties and exceptionally large
power contracts were secured at Bloomington and Decatur.
The installation of a-new gas plant, of the most modern
and efficient type and 600,000 cubic feet in capacity, was
started at Decatur and about half completed during the year.
New properties were acquired as follows :
In IllinoisMonticello Electric Light Company,
Clinton Gas & Electric Company,
Lexington Electric Light Company.
In IowaOskaloosa & Buxton Electric Railway Company,
Oskaloosa Traction & Light Company,
Montezuma Electric Light, Power & Heating Company,
Colfax Electric Light Company,
New Valley Junction Water & Light Company.
A new three-story brick terminal and office building was
erected at Champaign. The erection of the Peoria terminal
building was temporarily delayed, but it is expected to proceed with the work on this building early next year.
Crop conditions throughout Illinois were not up to the
usual average and in Kansas the partial failure of the crops
was reflected in reduced earnings of the properties in that
State.
It is gratifying to report the freedom from serious accidents
in the operation of all the properties.
During the past year the Common Stock was put upon a'
dividend basis at the rate of 3 per cent per annum, the first
quarterly dividend being paid on the fifteenth of May last.
WESTERN RAILWAYS & LIGHT COMPANY.
As the management of the Western Railways & Light
Company and the Illinois Traction Company has been substantially identical for the past seven years, the advisability
of consolidating the two companies has been under serious
consideration. In this connection an offer may shortly be
made to the shareholders of the Western Railways & Light
Company. This consolidation is, in the opinion of your
Directors,natural and reasonable and beneficial to both companies and to their shareholders.
CONCLUSION.
The accounts have, as usual, been audited by the Messrs.
P. S. Ross & Sons, Chartered Accountants, Montreal,who
have affixed their signatures to the balance sheet and other
statements.
The Board take pleasure in again recording their appreciation of the efficient service rendered by all the Officers, Heads
of Departments and the employees generally.
Respectfully submitted,
W. B. McKINLEY, President.
H. E. CHUBBUCK, Vice-President Executive.
EXHIBIT "A".
STATEMENT OF PROPERTIES CONTROLLED BY ILLINOIS
TRACTION COMPANY.
RECEIPTS AND EXPENDITURES FOR THE YEAR ENDING DECEMBER 31 1913.
EarningsInterurban Lines
$3,055,519 76
2,129,803 61
City Lines
466,449 66
Gas
1,977,349 50
Electric
247,530 48
Heat
89 Passenger Motors.
21 Engines.
Miscellaneous
71,444 50
21 Passenger Trailers.
116 Box.
319 Gondola.
6 Parlor Cars.
Total Gross Earnings
$7,948,097 51.
4 Sleeping Cars.
37 Flat.
Total Operating Expenses, including Taxes
4.613,336 12
4 Combination Passenger and
9 Refrigerator.
Net from Operation----------------------------------$3,334,761 39
2 Scenery.
Baggage.
Interest on Bonds, &c---------------------------------- 2,072,538 81
17 Express Motors.
228 Hopper Bottom.
Available for Dividends---------------------------------$1,262,222 58
98 Express Trailers.
13 Cabooses.
6 Line Motors.
54 Miscellaneous and Work Cars. Dividend on Preferred Stock----------------------------- 406,372 01
Surplus Income-------------------------------------- $855,850 57
The installation of electric automatic block signals was Dividend
on Common Stock
224,805 00
started between Springfield and Carlinville and between
Balance
$631,045 57
Staunton and Edwardsville and at December 31st the work
AS
LIABILITIES
AT
DECEMBER 31 1913.
ASSETS AND
was fifty per cent completed. The interurban now has 145
ASSETS.
miles of its trackage protected by these signals. It is inter- Stocks of Subsidiary Companies
$18,305,829 86
made to Subsidiary Companies
1.053,811 52
esting to note that during the year the signal operation was Advances
Due by Subsidiary Companies
596,377 86
99.97 per cent perfect.
Accounts and Notes Receivable
321,280 82
on Hand
262,054 81
Three new grain elevators have been constructed at points Stores
Cash in Bank
294,252 02
along the line, making a total of twenty such elevators now
operating.
Over five miles of industrial tracks and side tracks have
been added and additional track connections with four railroads made.
The roadbed has been well maintained and improvedfourteen bridges being replaced with permanent concrete
openings.
A 5,000 kilowatt turbine has been ordered for installation
in the Riverton power house, which will produce surplus
energy to cope with almost any emergency.
GENERAL.
Particular attention has been devoted to increasing efficiency and economy in the power plants and satisfactory
results have been obtained.
$20,833,606 89
LIABILITIES.
Capital Stock-Preferred
$7,135,500 00
Capital Stock-Common
9,993,400 00
Accounts and Notes Payable
657,346 25
Accrued Interest and Dividend on Controlled
Companies not yet due
439,570 75
Special Reserves
57,583 68
$2,350,882 67
Surplus to Jan. 1st 1913
631,045 57
Surplus for 1913
$2,981,928 24
Appropriated For:
Depreciation
$379,228 40
Bond Discount_ 2- 52,493 63
431,722 03
2,550,206 21
Balance Carried Forward
Certified Correct
$20,833,606 89
B. E. BRAMBLE,
General Auditor.
MAY 16 1914.1
THE CHRONICLE
The President and Shareholders of the Illinois Traction Co.:
Champaign, Illinois.
Gentlemen-We hereby certify that the foregoing statement
in our opinion exhibits correctly the financial position of
your Company as at 31 December 1913, as shown by the
books of account.
The securities covering the investments of the Company
have been verified by personal inspection or Trustees' certificates. The Cash and Bank balances have been verified.
The value of Stores and Supplies have been substantiated
by signed Inventories. The disbursements during the year
have been verified by satisfactory vouchers.
Montreal, Canada, March 4 1914.
The Tomutercial
1543
Times.
COMMERCIAL EPITOME.
Friday Night, May 15 1914.
Sentiment is a little more cheerful. Not that there has
been any great increase in business, but the feeling on the
whole is rather more hopeful in the iron and steel trade, and
much is expected from a record-breaking wheat crop. The
Mexican question is perhaps again nearing a crisis, but there
is hope that there may now be a peaceful solution of this
thorny question. In the textile industries there is a more
confident tone. Retail trade is better and collections at the
P. S. ROSS & SONS,
Chartered Accountants.
West have improved. There is no blinking the fact, however,
that wholesale and jobbing business in very many departments is unsatisfactory. Railroad business leaves much to
Walpole Tire & Rubber Co.-Re-Sale Ordered.At the time set for the sale on May 11 a bid of $800,000 for the property be desired. The building trades are sluggish. There is
made by the stockholders' reorganization committee was the only one received. As the upset price was $1,150,000, the property was not sold. still more or less fear of adverse legislation of one kind or
Judge Dodge has instructed the receivers to draft another order of sale, another. But money continues easy, the stock market has
without restrictions as to an upset price. {The receivers, it is said, are now
running the business at a profit of 4;20.000 a month and will shortly pay a improved and there is said to be some prospect that Congress
second dividend, having, it is said, $170,000 on hand. The first dividend will adjourn early in July.
was one of 4%. Compare V. 98, p. 1172, 1251.
LARD has been quiet; prime Western $10 35, refined to
Western Power Co.-New Officer.the Continent $10 60, South America $11 30, Brazil $12 30.
F. Lothrop Ames of Boston has been elected President. Irving W.BonLard futures have fluctuated within narrow limits. Cerbright has been chosen a member of the executive committee.
tainly the net changes have not been large. Packers have
Notes Provided For.been selling to some extent and hogs have been lower.
See Great Western Power Co. above.-V.97, p 1668.
To-day prices were higher, with packers buying and prices
-RAILWAYS OF CENTRAL AND SOUTH AMiat- for hogs advancing. The receipts of hogs at Western points
ICA.-Francis Emory Fitch, Inc., 47 Broad St., New York, were only 53,000, against 78,100 on the same day last year.
has just published a volume entitled "The Railways of South
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
and Central America." The book is by Frederic M. Halsey,
May
delivery
cts 9.90
9.90
9.92
9.95
10.02
10.07
with the Stock Exchange firm of Jas. H. Oliphant & Co., and July delivery
10.02M 10.0234 10.023i 10.023i 10.15
10.17
contains an introduction by Floyd W. Mundy, author of September delivery__ _10.20 10.20 10.20 10.20 10.30 10.35
"The Earning Power of Railroads." The book gives an
PORK steady and in moderate demand; mess $22 75@$23,
interesting description of the railway development through- clear
$19 75@$21 50, family $25@$27. Beef quiet and
out South and Central America, Mexico, the West Indies, steady;
mess $18@$19, packet $19@$20, family $20@$22,
and particularly throughout Argentine, Brazil, Chili and extra India
mess $28@$30. Cut meats inactive but steady;
Uruguay, together with data concerning about eighty rail- pickled hams,
10 to 20 lbs., 13@13Nc.; pickled bellies, 6 to
ways, such data consisting of income accounts, capitaliza- 12 lbs.,
143@153/8c. Butter, creamery extras, 26@263'c.
tion, mileage, nature of country traversed, history, &c. Cheese, State
whole milk, fresh colored specials, 13%
3 @14c.
Certain details have been added unusual for a statistical Eggs, fresh gathered
2@23c.
extras, 223/
volume, such as a brief account of the building of Meiggs'
COFFEE has been quiet, with No. 7 Rio 8Vic. and fair to
famous Oroya or Peruvian Central Ry., "the highest line
in the world," which crosses the Andes at an altitude of good Cucuta 123'@13c. Coffee futures have been without
15,865 ft. Details are also given of the trans-Andine tunnel very striking features. Some liquidation has taken place,
connecting Argentine and Uruguay, &c. The volume is owing to liberal receipts and a decline in European markets,
183 pages, 5hx8, bound in red cloth, stamped in gold, while the speculation here has been on the whole dull. Tocontaining frontispiece showing the handsome building of day prices advanced on small trading. European and
the Pan-American Union at Washington, three maps, one Brazilian markets were. higher. Stocks in the hands of roasa large one in colors showing all the railroads in course of op- ters and distributers, it is argued, must have been considereration or under construction in the territories covered. ably reduced by their policy of hand-to-mouth buying for
some months past. Closing prices were as follows:
The price at retail is $1 50.
-Kidder, Peabody & Co. of Boston and New York announce the removal of their office to new and larger quarters
in the Wilks Building at 17 Wall St., on the southwest corner
of Wall and Broad streets, adjoining the New York Stock
Exchange. Kidder, Peabody & Co. have for many years
been one of the best-known international banking houses
of the country. The firm is the representative in this
country of Baring Brothers & Co., Ltd., of London,and has
long been known for the extent of its foreign relations and
for its prominence in the field of investment securities and
foreign exchange.
-Bertron, Griscom & Co. of 40 Wall St., New York,
Land Title Building, Philadelphia, and 19 Boulevard des
Capucines, Paris, are publicly offering a block of Birmingham Railway, Light & Power Co. 6% debenture gold notes
due July 1 1915 at 100 and interest. The bankers state that
the company reports applicable earnings of eight times the
annual interest on outstanding notes, which are followed by
dividend-paying stocks with present market valuation of
over four times the par value of these notes. See the advertisement elsewhere in the "Chronicle" to-day for other
particulars.
-William R. Compton & Co. of Pine St., corner William,
this city, Chicago and St. Louis, is advertising a list of
municipal bonds in our advertising columns to-day which
are free from Federal income tax. The investment yield
ranges from 4.15% to 5%. Some of the bonds are legal investments for savings banks and trust funds.
-James V. Dignan, formerly in the employ of Henry &
West, and William M. Cooper, formerly of Marshall Bros.
& Co., have affiliated themselves with Perry B. Strassburger, dealer in investment bonds, with offices in the new
Stock Exchange Building, Philadelphia.
--Borton & Borton, Cleveland, have prepared an exhaustive circular regarding the Goodyear Tire 8o Rubber Co.
and its preferred stock.
-Boissevain & Co., New York, on May 11 issued a circular recommending Kansas City Southern Ry. Co. 4%
preferred stock, present price 60, netting over 63'%.
-Henry & West, 1417 Chestnut St., Philadelphia, have
issued a circular on public utility bonds. Copy will be
mailed upon request.
-R. M. Grant & Co. of New York and Chicago have
rented larger quarters for their Chicago offices in the same
building where they have been located, at 111 Monroe St.
May
June
July
August
8.568.58 September -8.88@8.89
8.59 8.60 October
8.96@8.98
8.69©8.70 November 9.03 9.05
8.78@8.80 December__ 9.11 9.12
January ___ _ 9.1709.19
February _ _ _9.2309.25
March_
9.2909.30
April
9.3409.36
pETROLtU1V1 continues steady; barrels, 8.75@9.75c.;
bulk 5.25@6.25c.; cases 11.25@12.25c. Crude easier;
Pennsylvania dark $1 90; second sand $1 90; Tiona $1 90;
Mercer black .$1 40; Cabell $1 47; New Castle $1 40;
Corning $1 05; Wooster $1 46; North Lima $1 19; South
Lima $1 14; Indiana $1 14; Princeton $1 15; Somerset, 32
degrees and above, $1 05; Ragland 65c.; Illinois, above 3()
degrees, $1 15; Kansas and Oklahoma 75c. Spirits of turpentine 46@46he. Common to good strained rosin $4.
OILS.-Linseed moderately active and firm; city raw
54@55c.; boiled 55@56c. Calcutta 70c. Cocoanut quiet
and steady; Cochin 10%@11c.; Ceylon 9%@10c. Olive
steady at 85c. Castor remains unchanged at 8Yi@8%c.
Palm in light demand at 7% ®7%c. for Lagos. Cod steady
at 38c. for domestic. Corn quiet and unchanged at 6.55®
6.60c.
SUGAR stronger on light offerings. Philadelphia interests have been buying. There were heavy rains reported in.
Cuba. European cables have latterly been firmer. Centrifugal, 96-degrees test, 3.20c.; molasses, 89-degrees test,
2.550. The stock in the United States and Cuba is 1,097,602
tons, against 1,071,282 tons last week and 1,004,960 tons
last year. Refined firmer at 4c. for granulated.
TOBACCO has been quiet. There is still a disposition
among cigar manufacturers to hold aloof. The buying of
both filler and binder is small, owing to the fact that prices
are considered too high, while the consumption shows some
decrease. New Sumatra, is quiet as there is still a large
quantity of old leaf on the market. At the inscriptions the
buying is not so large as it was last year. Cuban is quiet
and steady.
COPPER has continued dull, with Lake 14 Ye. and electrolytic 143'c. London has been only moderately active and
rather easier. Tin on the spot here has been 33Ye.,showing
greater firmness, though trading has not been large. The
London and Singapore markets, however, have been distinctly stronger. Lead here 3.90c. and spelter 5.15c.
Pig iron his met with rather more inquiry, with No. 2 Eastern $14 and No. 2 Southern Birmingham $10 50. Iron and
steel generally have continued quiet, and some recent decline is reported in plates, bars, wire and sheets. Still,
the feeling in the iron trade is somewhat more hopeful.
Railroad companies have bought rails and rolling stock on a
very moderate scale.
1544
[VOL. xcvm.
THE CHRONICLE
COTTON.
On Shipboard, Not Cleared for-
Friday Night, May 15 1914.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
63,812 bales, against 77,063 bales last week and 75,428
bales the previous week, making the total receipts since
Sept. 1 1913 9,810,597 bales, against 9,162,804 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 647,793 bales.
Sat. I Mon.
Tues. I Wed. Thurs.!
Fri.
Total.
Galveston
5,081 2,835 4,067 4,663 2,205 2,409 21,260
Texas City
69
------244
------313
Port
Aran. Pass,&c_ _
NewOrleans
1.452 3r',677 6;8-61 2r,364 3-,691 .2r:4 18.677
Mobile
96
849
1,457 1,167
592 1,104 5,265
Pensacola-------Jacksonville,&c_---126
126
Savannah
632 2,536 1,635 1,649 2,079 10,236
1,555
Brunswick
255
5
200
Charleston
512,
17
31
720
19
25
53
311
Wilmington
11
9
148
Norfolk
)
309 2,603
------___
---N'port News,&c
------------- 3,517 3,517
New York
Boston
--7-1,-0 -doi
Baltimore------------------346
346
Tran15:1111,4 impair
ln_snn
R.R721 13.826
9.685
8.558 12.311 63.819
The following shows the week's total receipts, the total
since Sept. 1 1913 and the stocks to-night, compared with
last year:
1912-13.
1913-14.
Receipts to
May 15.
This Since Sep This Since Sep
Week. 1 1913. Week. 1 1912.
Galveston
21,260 3,194,870 13,106 3,718,468
Texas City
313 466,188 1,352 662,745
Port Arthur46,238 7,100 136,850
Aransas Pass,&c_
119,767
___ 127,967
New Orleans-- 18.677 1,760,135 16,3001,343,866
Mobile
5,265 410,581 2,020 206,909
Pensacola
154,036 1,000 116,181
Jacksonville, &c..
126
14,273
29,029.
Savannah
10,236 1,747,838 10,5'74 1,221,357
Brunswick
950 230,442
291,500
Charleston
720 417,052 1,701 301,632
Georgetown
110
Wilmington
811 338.058
148 397,837
Norfolk
2,603 535,792 4,719 507,478
N'port News,&c_ 3,517 125,626
__-- 102,842
14,144
New York
____
6,209
43,942
Boston
145
16,523
601
Baltimore
70,212
588
9,572
Philadelphia ---- - -----1,804
5,328
998
___
Tnfills:
RR R19 A.3110.A07 61 .0114 11.1R2.R(14
Stock.
1914. 1
1913.
190,860
7,124
117,088
8,211
7,100
131,067
16,593
72,391
10,035
181
50,738
400
4,036
644
56,258
2,979
14,661
17,704
29,817
20,670
33,470
122,344
10,549
3,321
3,127
92,893
9,091
3,603
4,622
587.861
453.616
In order that comparison may be made with otheryears,
we give below the totals at leading ports for six seasons:
Receipts at-
1914.
Galveston ___
TexasCity,&c
New Orleans..
Mobile
Savannah
Brunswick
Charleston,&c
Wilmington....
Norfolk
N'port N.,&c
All others_ _ _ _
21,260
313
18,677
5,265
10,236
Tot.this week
63,812
720
148
2,603
3,517
1,073
1913.
1912.
1911. I
1910.
1909.
14,689,
4,666:
21,750
3,049,
7,352
400
1,0011
5511
3,706
1
7,806
p4,465
22,891
16,955
690
11,388
765
1,927
4,463
18,076
26,139
4,630
14,518
2,288
2,440
2,388
8,771
2,731
10,893
49
9,164
2,005
8,962
1,163
646
844
4,726
1,463
2,695
6,647
2,365
61,064
42,610
64,970
75,376
86,430
13,106
8,452
16,300
2,020
10,274
950
1,701
811
4,719
Sinew Rant. 1_ 9.810.597 9.162.804 11227977 8.219.743 6.901.186 9.3113.8211
The exports for the week ending this evening reach a total
of 000,000 bales, of which 000,000 were to Great Britain,
00,000 to France and 00,000 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1913.
Week ending May 15 1914.
Exported toExports
from-
From Sept. 1 1913 to May 15 1914.
Exported to-
Great
ContiGreat
Britain.Prance.nent&C. Total. Britain.
France.
Continent&c.
Total.
Galveston__
_ . 2,273 34,414 36,687 989,245 305,051 1,306,221 2,600,517
-_- 345,182
Texas City_
26,8::
80,896 452,966
----2,006
Port Arthur
------------_
30,836
32,842
----------------30,184
Ar.Pass,&c.
8,171
38,355
28177
824,931
NewOrlea
17,66:
542 9,967
174,629 546,164 1,545,724
Mobile _
72,469 142,571 339,864
____
____ 6,182 6,182 124,824
__
Pensacola__
48,775 48,820 56,441 154,036
-----Savannah
Savannah__
__
4,457 13,iio 18,577 200,456 235,731 726,016 1,162,203
84,563
__ _
Brunswick _
___
____
__
22,954 154,628 262,145
Charleston_
18,943
5,030 181,434 305,407
Wilmington
73,024 102,434 177,855 353,313
----------------__
____
Norfolk
42,992
1,003 1,003
84,464 127,456
N'portNews
569
569
New York_
608
-305
-469 1-,41:2 123,445 18,377 190,505 332,327
Boston ___ 4,323
72,962
____
943 5,266
9,869
82,831
13,292 02,012 156,131
Baltimore.. _ 3,248
50,827
____ 1,660 4,908
Philadel'a__
____
300
____
300
12,326
47,441
35,115
Detroit313
313
San Fran _
..
..
176,762 176,762
Pt.Towns'd
__
____
___
_
75,998
75,998
Total _ __ 25,847
7,577 68,888 102,3123,167,787 1,025,6754,053,7388,247,200
Tot. '12-'13 36,344
2,619 56,689 95,6523,365,898 955,078 3,585,9407,907,916
Note.-New York exports since Sept. 1 include 9,996 bales Peruvian, 75 bales
Brazilian, 27 bales West Indian to Liverpool and 26 bales West Indian to Havre.
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.
Great
I GerOther CoastMay 15 at- Britain. France. many. Foreign wise.
New Orleans_ _ 5,947
Galveston ___ _ 13,793
Savannah ___
Charleston.._-10,173
Mobile
1,000
Norfolk
100
New York__ _ _
Other ports.. _ _ 1,800
Leavihg
Total.1 Stock.
2,6481
866 9,561
6,800 26,180 25,896
569 19,591
6,385 79,054
400
400
___
546 14,441
15,559 16,559
1,200
1,650
200
4,000
111,476
111,806
50,338
4,036
2,152
13,258
120,694
38,406
Total 1914.... 32,813 11,026 31,746 36,857 23,253 135,695
Total 1913.._ 21,609 7,116, 33,044 26,325 19,045 107,139
Total 1912-.. 28,672 9,7881 23,389 19,195 20.595 101,639
452,166
346,447
416,903
1.8513 2-.466
-MO -566
2,000
Speculation in cotton for future delivery was very quiet in
the fore part of the week but became rather more active later
on and prices advanced. This was under the spur of reports
of a backward season in the Southwest,notably in Texas,
the large consumption in April as revealed by the Census
Bureau's figures, the firmness of May and July, especially
May, the activity and strength of the Liverpool market and
finally a good deal of covering of shorts. In Texas the
season is said to be two to three weeks late.. Very heavy
rains have occurred in Texas at times, reaching as high as
5.38 inches at Houston, whereas Texas needs dry, warm
weather. In some respects the weekly weather report last
Tuesday was not favorable. The Eastern belt needs rain.
Drought and high winds, it is stated, have injured cotton in
South Carolina. That State needs a copious rainfall. . The
southern part of North Carolina is also said to need ram,.as
well as some parts of Mississippi. The Brazos and Trinity
Fivers of Texas are said to have overflowed. Temperatures
in the Southwest have been too low. Liverpool's spot sales
much of the time have been 10,000 to 12,000 bales. Liverpool has been a free buyer of July, partly, it is understood,to
undo straddles and partly in starting a new straddle. The
Continent has been a buyer of May on a rather liberal scale,
but on Thursday that month suddenly ran up over $1 a bale.
The New York market has been encouraged by the strong
Liverpool advices. The Continent has been buying here on
the bad- crop reports from this side. It is said, too, that
some 200,000 bales of the Liverpool stock are not tenderable
on contracts. A rumor has also been in circulation that
some 40,000 bales of the New York stock will be shipped to
Southern mills. The chief bullish factor, however, has been
the unfavorable weather and crop reports from Texas. A wet
May is feared. Meantime the consumption is large and there
is growing nervousness over the question whether an adequate
crop will be raised. Liverpool and the Continent seem, if
anything, more alarmed over the outlook than this country.
Yet the rains and cold weather in Texas and the Census figures on the consumption have undoubtedly caused a good
deal of buying for both sides of the account by spot interests,
Wall Street and the South. The "flurry" in May has also
impressed not a few. On the other hand, the general situation in the Eastern and Central belts is considered not unfavorable, and there are those who think that it is premature
to become much alarmed over the outlook in Texas. Trade
in cotton goods has continued slow and speculation has, as a
rule, been far from active. Yet there is no doubt, however,
that the weather news is now becoming an all-important
factor. Rains m the Eastern belt, as already intimated, are
desirable, and west of the Mississippi a period ofsome weeks
of dry, warm weather. The statistical position is regarded as
more or less bullish. And as regards the reports of dulness
in cotton goods there are those who think that the situation
in the cotton-manufacturing industry must be better than is
generally supposed, else how to account for the big consumption figures? To-day prices were irregular, ending slightly
lower. Week-end statistics were bullish, however, and
Liverpool was active. The circulation of some May notices
depressed that month to some extent. Spot cotton closed
at 13.40c. for middling uplands, showing an advance for the
week of 40 points.
The rates on and off middling,as established Nov.19 1913*
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
Basis
e
Fair
a 1.75 on Middling
Strict mid. fair.. _..i.50
_ _1.50 on Strict low mtddling.0.50 Off
1.25 oft
1.30 on Low middling
Middling fair
Strict good mid_ _ _ 0.90 on Strict good ord.. _ _2.00 off
Good middling_ _ _ _0.65 on Good ordinary__ ....3.00 off
Strict middling_ _ _0.32 on Strict g'd mid. ting.0.46 on
*Reaffirmed Feb.4 1914.
Good mid. tinged.° Even
Strict mid. tinged_0.20 off
Middling tinged_ _ _0.40 oif
Strict low mid.ting 1.25 of,
Low mid. tinged_ _3.00 off
Middling stained....1.25 off
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
May 9 to May 15Middling uplands
Sat. Mon. Tues. Wed. Thurs. Fri.
13.00 13.00 13.20 13.20 13.40 13.40
NEW YORK QUOTATION FOR 32 YEARS.
13.40
12.00
11.80
15.80
15.90
11.35
11.00
12.05
1914_c
1913
1912
1911
1910
1909
1908
1907
1906_c
1905
1904
1903
1902
1901
1900
1899
11.95
8.25
13.55
11.50
9.50
8.06
9.81
6.19
1898_ c
1897
1896
1895
1894
1893
1892
1891
6.38
7.88
8.25
6.81
7.25
7.81
7.25
8.88
1890_ c
1889
1888
1887
1886
1885
1884
1883
11.94
11.06
10.00
10.88
9.19
10.88
11.56
11.06
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Confect Total.
Saturday.._ _ Quiet
Barely steady
500
Monday _ _ _ Quiet
500
Barely steady_ - ----------- ------ -----Tuesday _ _ _ Steady 20 pts adv.._ Firm
Wednesday.. Quiet
Barely steady
400
Thursday _ _ Steady 20 pts adv.. Very steady....400
800
500
Friday ____ Steady
Steady
400
900
Total
-
900
1,300
2,200
MAY 16 1914.]
THE CHRONICLE
1545
FUTURES.-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement-that is,
New York for the past week have been as follows:
the receipts for the week since Sept. 1, the shipmentsfor
the week and the stocks to-night, and the same items for the
Saturday,1 Monday, Tuesday, TVed'day, Thursd'y, Friday,
May 9.!May 11. May 12. May 13. May 14. May 15. Week.
corresponding period of the previous year-is set out in
detail below.
MayI
Range ____ 12.52-.55 12.51-.59 12.57-.75 12.63-.79 12.69-.97 12.88-.00 12.51-.00
Closing____ 12.52-.53 12.53-.54 12.72-.75 12.63-.66 12.94-.95 12.91-.92Movement to May 15. 1914
Movement to May 16 1913.
JuneRange _ -_ Towns.
Receipts.
Ship- Stocks
Receipts.
Ship- 1Stocks
Closing__ 12.36-.39:12.36-.39 12.56-.61 12.50-.55 12.60-.70 12.58-.65--meats. May
ments. May
July1
Week. Season. Week.
15.
TVeek. Season. Week.
16.
Range ____ 12.20-.30 12.18-.27 12.24-.41 12.34-46 12.36-.47 12.42-.49 12.18-49
Closing__ 12.20-.21112.20-.21 12.40-.41 12.35-.36 12.46-.47 12.43-.44--- Ala., Eufaula.._
71
22,380
841
4
21,049
671
5,231
AugustMontgomery..
631 154,407 1,191 11,912
270 153,259
706 17,953
Range ___ 12.05..13 12.03-.10 12.09-.27 12.19-.29 12.22-.30 12.22-.30 12.30-.30
Selma
426 124,914
768 5,705
161 117,300
Closing____ 12.03-.05,12.04-.05 12.26-.27 12.19-.20 12.28-.29 12.22-.23--440 3,279
Ark., Helena
5 65,124
574 6,822
47 41,500
September10
181
Little Rock.... 1,421 185,857 5,077 37,506
536 179,523 1,023 25,626
Range ____ 11.77
,
11.89-.94 11.90
11.99 -11.77-.99
4
27,397
90 1,406
23,973
Closing__ 11.73-.74,11.73-.75 11.88-.91 11.85-.87 12.01-.03 11.97-.99--- Ga.,Albany
1,150
Athens
500 115,446 1,291 10,342
346 106,602 1,397 8,982
OctoberAtlanta
2,04: 226,588 1,194 9,476
636 157,360 1,641 8,799
Range ____ 11.61-.66/ 11.58-.66 11.66-.76 11.72-.80 11.73-.88 11.83-.90 11.58-.90
Augusta
601 365,591 6,326 32,216 1,011 329,550 6,131 38,974
Closing____ 11.61-.62 11.61-.62 11.75-.76 11.72-.73 11.88-.89 11.84-.86--Columbus
325
80,381
540 8,011
122
74,424 1,100 15,649
DecemberMacon
10 44,447
5:
264
62 36,577
Range ____ 11.61-.67 11.58-.66 11.65-.77 11.72-.80 11.76-.89 11.84-.91 11.58-.91
303 10,860
Rome
151
57,089
325 4,614
178 50,617
Closing____ 11.60-.61 11.60-.61 11.76-.77 11.74-.75 11.89 -11.85-.86--- La.,
180 7,899
Shrevepo
310 190,449 1,211 17,375
29 140,609
January444 4,164
Miss.,Columb'
s
104
38,002
3 1,318
499
26,681
Range ___ 11.52-.59 11.51-.58 11.58-.68 11.66-.71 11.68-.81 11.76-.82 11.51-.82
351 1.229
Greenville
42 85,243
949 4,516
Closing____ 11.51-.53 11.51-.53 11.67-.69 11.66-.67 11.80-.81 11.76-.7756 49,202
4
197
Greenwood
-100 141,466
73. 13,000
108,937 1,0
March7,000
Meridian ____
595
33,174
693 4,527
295
56,495
Range ___ 11.61-.64 11.59-.65 11.66-.74 11.73-.78 11.74-.85 11.81-.85 11.59-.85
299
7,347
Natchez
40
19,641
340 2,300
closing__ 11.61-.62 11.59-.61 11.72-.74 11.71-.73 11.85-.86 11.81-.8218,045
50
750
Vicksburg ___
-324
33,900
667 2,655
49
29,058
April1,168
I
Yazoo City- --40.6
_
540,65
300 3,900
Range ____ 11.91-.92 11.85-.89 11.86-.93 11.99 -11.95-.0522,416
163
3,104
--11.85-.05 Mo.,St. Louis_ 6,677 524,862 7,486 28,394 3,178
cnosinz__ 11.07-.89 11.85-.87 11.96-.98 11.95-.96 12.07-.09 12.04-.06
536,649 4,677 28,322
--- N.C., Raleigh_
69
14,167
75
146
111
10,287
100
260
O. Cincinnati_ 7,622 228,155 7,032 20,225 2,741 211,875
3,268 26,980
Hugo
Okla.,
37,136
30,200
6
6
5
S.C.,Greenw'd
13.498
217
19,232
THE VISIBLE SUPPLY OF COTTON to-night, as made Tenn.,MemPh 3,3961,086,57. 12,921 60,042 4,3
I 2,792
791,034
9,875
69,377
up by cable and telegraph, is as follows. Foreign stocks, Nashville _ __ ____
10,984
630
108
7,290
3l
377
Brenham
50
17,663207
694
1.
17,305
as well as the afloat, are this week's returns, and consequently Tex.,
119
999
Clarksville_
___ _ _
49,701
75
225
43,907
118
210
all foreign figures are brought down to Thursday evening. Dallas
543 99,724
956 1,832
300 130,790
700
4,000
Honey Grove..
33,202
But to make the total the complete figures for to-night Houston
45,137
997
8,9082,692,650 18,501 81,380 6,9613,252,993
12,800 81,601
(Friday), we add the item of exports from the United States, Paris
75 114,904
375 2,000
87 150,958
62 1,236
including in it the exports of Friday only.
Total, 33 towns 35,1276,975.373 69,968374.491 22.1626.990.8
39 47.062386 698
I
May 15Stock at Liverpool
Stock at London
Stock at Manchester
1914. 1913.
1912.
bales.1,097,000 1,132,000 1,259,000
5,000
5,000
4,000
92,000
76,000 117,000
1911.
865,000
6,000
87,000
1,194,000 1,213,000 1,380,000
23,000
13,000
8,000
483,000 449,000 589,000
354.000 287,000 309,000
4,000
3,000
3,000
34,000
22,000
21,000
38,000
40,000
48,000
50,000
25,000
13,000
958,000
9,000
196,000
243,000
2,000
22,000
27,000
11,000
Totql GreAt Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continentalstocks
986,000 839,000 991,000 510,000
Total European stocks_ _.._ _ _2,180,000 2,052,000 2,371,000 1,468,000
India cotton afloat for Europe_ _.. 282,000
90,000 109,000 164,000
Amer. cotton afloat for Europe
258.464
353,040 171,561
Egypt Brazil Ac..aflt.for Europe.. 50,000 310,581
36,000
36,000
37,000
Stock in Alexandria. Egypt_
_ 215,000 172,000 162,000 144,000
Stock in Bombay, India
1,020.000 942,000 673,000 634,000
Stock in U.S. ports
587.861 453,616 518,542 379,236
Stock in U. S. interior towns._ _ _ _ 374.491 386,698 239,883
240,118
U. S. exports to-day..
26.676
11,890
5.482
24,467
Total visible supply
4,994,492 4,448,785 4,467,947 3,362,382
Of the above, totals of American and other descriptions are as-follows:
AmericanLiverpool stock
bales.. 861,000 945,000 1,145,000 733,000
Manchester stock
62,000
51,000
88,000
72,000
Continental stock
874,100 804,000 960.000 464,000
American afloat for Europe_
- 258,464 310,581 353,040 171,561
U.S. port stocks_
587,861 453,616 518,542 379,236
U.S. interior stocks
374,491 386,698 239,883 240,118
U.S.exports to-day
26,676
11,890
5,482
24,467
Total American
3,044,492 2,962,785 3,309,947 2,084,382
East Indian, Brazil, &c.
Liverpool stock
236,000 187,000 114,000 132,000
London stock
5,000
5,000
6,000
4,000
Manchester stock
30,000
25,000
29.000
15,000
Continental stock
112.000
35,000
31,000
46,000
India afloat for Europe.
-282,000
90,000 109,000 164,000
Egypt, Brazil, &c.,a loat__.._
30,000
.
36,000
37,000
Stock in Alexandria, Egypt_
215,000 172,000 162,000 144,000
Stock in Bombay. India
1,020,000 942,000 673,000 634,000
Total East India. &c_
1,950,000 1,486,000 1,158,000 1,178,000
Total American
3,044,492 2,962,785 3,309,947 2,084,382
Total visible supply
4,994,492 4,448,785 4,467,947 3,362,382
Middling Upland. Liverpool____.. 7.47d.
6.72d.
6.47d.
8.40d.
Middling ITpland, New Arork
13.40c.
12.00c.
10.650.
16.15c.
Egypt, Good Brown, Liverpool.._
9.854. 10.45d. 10 5-16d. 11 5-16d.
Peruvian, Rough Good,Liverpool
8.75d.
9.65d.
9.40d. 11.25d •
Broach, Fine, Liverpool
6%d. 6 7-16d.
6%d.
7y,d.
Tinnevelly, Good, Liverpool_... _
6%d. 6 7-16d. 6 1-16d.
7344.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:
May 15.
ShippedVia St. Louis
• Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, &c
Between interior towns
Inland, &c.. from South
-1913-14Since
Week. Sept. 1.
7,486 502,656
2,707 385,880
50
6,420
1,891 113,994
1,518 115,451
697 136,678
544 347,027
-1912-13Since
Week. Sept. 1.
4,677 512,264
b1,550 b290,468
185
20,153
1,282
77,208
1,344 123,036
1,462 129,471
9,218 369,107
14,893 1,608,106
19,718 1,521,707
Total to be deducted
Leaving total net overland *
947
4,118
2,500
114,108
151,327
124,194
1,731
1,261
1,008
133,626
116,863
91,408
7,565
389,629
4,000
341,897
7,328 1,218.477
15,718 1.179.810
* Including movement by rail to Canada. b Revised
The foregoing shows the week's net overland movement
has been 7,328 bales, against 15,718 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 38,667 bales.
-1913-14-In Sight and Spinners'
Since
Takings.
Week.
Sept. 1.
Receipts at ports to May 15
63.812 9,810,597
Net overland to May 15
7,328 1,218,477
Southern consumption to May 15 62.000 2,212.000
Total marketed
133,140 13,241,074
Interior stocks in excess
*34,841
259,977
Came into sight during week
98,299
Total-in sight May 15
13,501,051
North.spinners'takings to May15 12,465 2.412,746
-1912 13
Since
Week.
Sept. 1.
61,064 9,162,804
15,718 1,179,810
59,000 2,087,000
135,782 12,429,614
*24,900
289,662
110,882
12,719,276
21,648 2,335,895
* Decrease during week.
Movement into sight in previous years:
Week1912-May 17
1911-May 19
1910-May 20
1909-May 21
Bales.
97,398
88,414
76,363
120.115
Since Sept. 11911-12--May 17
1910-11-May 19
1909-10-May 20
1908-09-May 21
Bales.
14,658,281
11,158,146
9,761,593
12,694,535
Continental imports for past week have been 115,000 bales.
NEW ORLEANS CONTRACT MARKET.-The highest,
The above figures for 1914 show a decrease from last week lowest and closing quotations for
leading contracts in the New
of 140,315 bales, a gain of 545,707 bales over 1913, an excess Orleans cotton market for the past
week have been as follows:
of 526,545 bales over 1912 and a gain of 1,732,110 bales
over 1911.
Saturday, Monday, Tuesday, Wed'day,i Thursd'y, Friday,
May 9. May 11. May 12. May 13. I May 14. May 15.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Week ending
May 15.
Galveston
New Orleans..
Mobile
Savannah
Charleston
Wilmington_ _
Norfolk
Baltimore
Augusta
Memphis
St. Louis
Houston
Little Rock__ _ -
Closing'Quotations for Middling Cotton onSaturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
13
1334
12 13-16
133i
13
13
1334
12 13-16
13M,
13
13
int
13.25
13
13
13
1334
13.25
13
13
13
13
13%
1234
1234
13 1-16
1334
1213-16 11213-16
1334
1354
13
113
13
13
13
113
133f,
13X
13.45
13.45
1334
13%
1334
1334
1334
lpi
13
1234
1234
1334
IP
13
13
13
13
13X
13.65
13
13
13
13
1234
13%
133i
12%
13%
1334
MayRange
Closing
JulyRange
Closing
August-
Range
Closing
SeptemberRange
Closing
OctoberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
MarchRange
Closing
ToneSpot
Options
12.85-.87 12.85-.93 12.94-.02 12.95-.07112.97-.12 13.09-.13
12.87 -12.86-.87 13.01-.02 12.95-.96 13.11-.12 13.09-.11
12.64-.69 12.65-.71 12.73-.81 12.75-.81 12.78-.88 12.83-.90
12.65-.66 12.65-.66 12.80-.81 12.76-.77 12.87-.88 12.83-.84
12.34-.37
12.43-.50 12.44-.55 12.48-.58 12.53-.59
12.35-.36 12.31-.35 12.50-.51 12.45-.47 12.57-.581 12.55-.56
-©-12.1311.1.91 11.82,90 12.00-.04 12.0 .02 12.15-.17112.10-.12
11.64 -11.65-.71 11.73-.80 11.76-.87 11.79-.93111.87-.93
11.66-.67 11.65-.66 11.79-.80 11.77-.78 11.92-.93 11.87-.88
11.63-.67 11.63-.70 11.71-.79 11.75-.85 11.79-.91 11.85-.90
11.64-.65 11.63-.64 11.78-.79,11.75-.76 11.90-.91 11.85-.86
1
11.66 -41.65-.67 11.74-.79 11.77-.86 11.82-.92 11.89-.91
11.67-.69 11.65-.66 11.79-.801 11.77-.78 11.92-.93 11.87-.88
11.74 -11.76-.81 11.82 -111.90-.95 11.96-.01 11.95-.96
11.74-.76 11.70-.77 11.89-.90 11.86-.88 12.00-.01 11.95-.96
Quiet. Steady. Firm. Steady. Steady. Steady.
Steady. Steady. Steady. Steady. Steady. Steady.
1546
THE CHRONICLE
xcvm,
Alexandria, La.—There has been rain on one day of the
WEATHER REPORTS BY TELEGRAPH.—Our telegraphic reports this evening from the South indicate that past week, the rainfall being five hundredths of an inch.
The thermometer has averaged 70, the highest being 88
while in Texas rain has been quite general, although moderate and
the lowest 53.
on the whole during the week, over very much of the remainLafayette, La.—There has been no rain the past week.
der of the cotton belt dry weather has been the rule. Re- The thermometer has averaged 70, ranging from 55 to 85.
ports from Texas are to the effect that under recently preNew Orleans, La.—It has been dry all the week. The
vailing conditions the plant has not been able to make thermometer has ranged from 60 to 86, averaging 73.
much headway and continued dry,sunshiny weather is needed.
Shreveport, La.—There has been rain on one day during the
From some points along the Gulf and Atlantic there are week, the rainfall being forty-one hundredths of an inch.
complaints that moisture is still needed.
Average thermometer 71, highest 87, lowest 56.
Galveston, Tex.—Cool weather, with occasional rains, preColumbus, Miss.—We have had no rain during the week.
vailed Tuesday and Wednesday in Texas. Temperatures The thermometer has averaged 67, the highest being 89 and
are now rising, however, with generally clear weather. The the lowest 45.
plant is in need of continued dry weather and has not been
Greenwood, Miss.—We have had no rain during the week.
able to make much headway under present conditions. It Thermometer has averaged 67, ranging from 45 to 89.
is feared that on account of the poor quality of seed, the
Meridian, Miss.—There has been no rain the past week.
quality of the 1914 crop will not be as good as in normal The thermometer has ranged from 46 to 87, averaging 66.
years. Rain has fallen on one day of the week, the rainfall
Vicksburg, Miss.—Rain has fallen to an inappreciable
being one inch and sixty-two hundredths. Average thermo- extent on one day during the week. Highest thermometer
meter 71, highest 80, lowest 62.
87, lowest 51, averaging 68.
Abilene, Tex.—There has been rain on one day of the past
Livingston, Ala.—Dry all the week. Highest thermometer
inch.
an
of
hundredths
week, the rainfall being twenty-eight
86, lowest 46, averaging 66.
46.
Minimum thermometer
Mobile, Ala.—Dry weather retards growth, but no injury
Brenham, Tex.—We have had heavy rain on one day dur- to the plant as yet. We have had no rain during the week.
ing the week, the rainfall reaching two inches and twenty- The thermometer has averaged 68, ranging from 53 to 83.
four hundredths. Thermometer has averaged 73, ranging
Montgomery, Ala.—It has been dry all the week. Averfrom 58 to 88.
age thermometer 70, highest 88, lowest 52.
Cuero, Tex.—We have had rain on one day during the week,
Selma, Ala.—We have had no rain the past week. The
the rainfall reaching eighty-eight hundredths of an inch. thermometer has averaged 67, ranging from 50 to 83.
Thermometer has ranged from 56 to 88,averaging 72.
Albany, Ga.—We have had no rain the past week. The
• Dallas, Tex.—It has rained on one day during the week, thermometer has averaged 72, the highest being 91 and the
the rainfall being forty-four hundredths of an inch. Low- lowest 52.
est thermometer 50, highest 84, average 67.
Atlanta, Ga.—We have had dry weather all the week. The
Henrietta, Tex.—There has been light rain on three days thermometer has averaged 68, ranging from 48 to 88.
during the week, the precipitation reaching twenty hunAugusta, Ga.—There has been no rain the past week.
dredths of an inch. The thermometer has averaged 67, The thermometer has averaged 71, ranging from 50 to 92.
the highest being 86 and the lowest 48.
Savannah, Ga.—Dry all the week. The thermometer has
Huntsville, Tex.—There has been rain on one day the past averaged 74, ranging from 55 to 88.
week, the rainfall reaching one inch and seventy-eight hunMadison, Fla.—We have had rain on one day during the
dredths. The thermometbr has averaged 70, ranging from week, the rainfall being six hundredths of an inch. The ther54 to 86.
mometer has ranged from 55 to 93, averaging 73.
Kerrville, Tex.—It has been dry all the week. The therTallahassee, Fla.—Rain has fallen on one day of the week,
mometer has ranged from 52 to 84, averaging 68.
the precipitation reaching sixty-seven hundredths of an inch.
Lampasas, Tex.—We have had rain on one day during the The thermometer has averaged 72, ranging from 54 to 91.
week, the rainfall being eighty hundredths of an inch.
Charleston, S. C.—It has rained on two days of the week,
Minimum thermometer 50, highest 88, average 69.
the precipitation being sixty-eight hundredths of an inch.
the
during
Longview, Tex.—There has been rain on one day
The thermometer has ranged from 55 to 84, averaging 70.
week, the precipitation reaching forty-eight hundredths of
Greenville, S. C.—There has been no rain during the week.
highest
the
70,
an inch. The thermometer has averaged
The thermometer has averaged 68, the highest being 88
being 86 and the lowest 54.
and the lowest 48.
Luling, Tex.—We have had rain on one day during the
Greenwood, S. C.—It has been dry all the week. The therhundredths.
sixty-two
and
inch
one
week,the rainfall reaching
mometer has ranged from 50 to 92, averaging 71.
88.
to
56
from
ranging
72,
averaged
The thermometer has
Spartanburg, S. C.—Rainfall for the week eighteen hunNacogdoches, Tex.—We have had rain on one day during the dredths of an inch, on two days. Average thermometer 70,
an
of
inch.
hundredths
ninety-four
being
rainfall
the
week,
highest 93, lowest 46.
The thermometer has ranged from 54 to 84, averaging 69.
Charlotte, N. C.—There has been rain on one day of the
Palestine, Tex.—There has been rain on one day during week, to the extent of four hundredths of an inch. The
the week, the rainfall being one inch and six hundredths. thermometer has averaged 73, ranging from 56 to 90.
Average thermometer 70, highest 86,lowest 54.
Goldsboro, N. C.—There has been rain on one day during
Paris, Tex.—There has been rain on three days during the the week, the rainfall being thirteen hundredths of an inch.
week, the precipitation being one inch and thirty-four hun- The thermometer has averaged 70, the highest being 91
dredths. The thermometer has averaged 68, the highest and the lowest 49.
being 86 and the lowest 50.
Raleigh, N. C.—We have had no rain during the week.
San Antonio, Tex.—There has been heavy rain on one day The thermometer has averaged 72,
- the highest being 92
the past week, the rainfall reaching two inches and fourteen and the lowest 52.
hundredths. The thermometer has averaged 72, ranging
Weldon, N. C.—It has rained on two days of the week,
.
from 56 to 88.
precipitation being seventy-one hundredths of an inch.
the
Taylor, Tex.—We have had light rain on one day during the The thermometer has ranged from 52 to 90, averaging 71.
week, to the extent of twenty-two hundredths of an inch.
Dyersburg, Tenn.—Dry all the week. The thermometer
Minimum thermometer 54.
averaged 66, ranging from 45 to 87.
has
Weatherford, Tex.—We have had rain on two days of the
Memphis, Tenn.—There has been no rain during the week.
of
inch.
an
week, to the extent of eighty-eight hundredths
The thermometer has ranged from 49 to 87, averaging 65.
Minimum thermometer 46, maximum 88, mean 67.
Milan, Tenn.—We have had no rain during the week.
week,
the
of
two
days
on
rain
Ardmore, Okla.—We have had
The thermometer has averaged 65, ranging from 43 to 87.
an
inch.
of
hundredths
fifty-six
the precipitation reaching
NEW YORK COTTON EXCHANGE.—Nontinations.—
The thermometer has averaged 65, the highest being 86 The
Nominating Committee has announced the following
44.
and the lowest
ticket
to be voted for on June 1:
one
day
on
the
during
rain
had
have
H. Royce!
Okla.—We
Holdenville,
For President, Edward K. Cone; for Vice-President, Henry
Bache, Roloert
fifteen
hundredths.
and
inch
one
reaching
for
James F. Maury; for Managers: Leopold S.
rainfall
Treasurer,
the
week,
J. G.
Kittle,
A.
Charles
Hubbard,
C. Cairns, N. L. Carpenter, W. H.
Giirdiner H. Miller,
The thermometer has averaged 62, ranging from 42 to 82.
Lonsdale, Lultpold Mandelbaum, E. P. McEnany,Paul
Schwarz, G. M.
Schaefer,
Marlow, Okla.—There has been rain on one day during the Bruce L. Rice, Clayton E. Rich Jr., Henry
and Spencer Waters; for Trustee of the Gratuity Fund, to serve three
week, the precipitation reaching twenty-eight hundredths of Shutt
years, Robert P. McDougall; for Trustee of the Gratuity Fund, to serve
an inch. The thermometer has ranged from 43 to 84, two years, William Mohr; for Inspectors of Election, William A. Boger,
Charles II. Cothran and Frank A. Kimball.
averaging 64.
DOMESTIC EXPORTS OF COTTON MANUFACMuskogee, Okla.—We have had rain on one day of the
showing the exports of
week, the precipitation being one inch and ninety-eight hun- TURES.—We give below a statement
domestic cotton manufactures for March and for the nine
dredths. Average thermometer 64, highest 86, lowest 42.
Eldorado, Ark.—There has been no rain the past week. months ended March 31 1914, and for purposes of compariThe thermometer has averaged 72, the highest being 87 son, like figures for the corresponding periods of the previous
year are also presented:
and the lowest 48.
Fort Smith, Ark.—Rain has fallen on one day of the week,
Month ending Mas.31. 9 Mos. ending Mar. 31.
Manufactures
of
the precipitation reaching one inch and twelve hundredths.
1912-13.
1913-14,
1913.
1914.
Exported.
CoUon
88.
to
from
48
The thermometer has averaged 68, ranging
Little Rock, Ark.—There has been rain on two days during Piece goods
Yarde 31,770,007 38,080,873 320,591,482 321,105,766
value $2,233,760 $2,601,921 822,302,336 $22,086,335
goods
the week, the precipitation reaching sixteen hundredths of Piece
203,558 1,954,659 1,970,000
169,135
itc., knit goods__ _value
802,708 5,854,808 5.967,105
an inch. The thermometer has ranged from 49 to 86, Clothing,
798,942
value
Clothing, dm., all other
336,882 3,910,023 3,511,009
378,608
value
Waste
cotton,
Sce
averaging 67.
497,928
65,500
67,447
525,088
value
Yarn
Texarkana, Ark.—Rain has fallen on one day (hiring the All
613,512 4,481,218 4,897,216
619,713
value_
other
inch.
Highest
an
of
hundredths
fifty
being
rainfall
week, the
Total manufactures of___value $4,267,605 $4.624.081 A39.03$1,030 $38,930,493
thermometer 87, lowest 50, average 68.
1547
THE CHRONICLE
I
1913-14.
Cotton Takings.
Week and Season.
Week.
Season. I
1912-13.
Week.
Season.
4,532,133
5,134,807
Visible supply May 8
2,135,485
24055,351
Visible supply Sept. 1
98,299 13,501,051 110,882 12,719,276
American in sight to May 15
75,000 2,263,000
95,000 3,150,000
Bombay receipts to May 14..
303,000
12,000
437,000
13.000
Other India ship'ts to May 14
990,000
1,000
2,000 1,006.000
Alexandria receipts to May 13_ _
270,000
4,000
284,000
8,000
.Other supply to May 13..*
Total supply
5.351,106 20,433,402 4,735,015 18,680,761
Deduct'Visible supply May 15
4,994.492 4,994,492 4,448,785 4,448,785
'Total takings to May 15a
356,614 15,438,9101 286,230 14,231,976
Of which American
222,614 11.498.910k 218,230 11,121,976
68,000 3,110,000
Of which other
134,000 3,940,000
*Embraces receipts in Europe from BraziCSmyrzia, West Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
not
:2,212,000 bales in 1913-14 and 2,087,000 bales in 1912-13-takings
;being available-and the aggregate amounts take by Northern and foreign
,spinners, 13,226,910 bales in 1913-14 and 12,144,976 bales in 1912-13, of
rwhich 9,286,910 bales and 9,034,976 bales American.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
firm for both yarns and shirtings. Manufacturers are
generally well under contract. We give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
1913.
1914.
8t tbs. Shirt- Corn
ow,common Mid.
to finest.
Upl's
32s Cop
Twist.
ft
Mar
27 944
Apr.
3 934
10 9%
17 074
24 9%
May
1 9%
8 9%
18 10
d. s. d.
d. s. d.
d. d.
id
1034 6 034@ll I
7.11 1034
10% 6
10;4,6
46
107
10346
7.26 10%
7.38 10%
7.30 10;f.
7.36 10
I 011 2
1%0:11 3
14011 3
2 @11234
10% 6 2 011 2%
10% 6 2 811234
11 6 2348111 3
814 tbs. Shirt- Cotis
ing:, common Mid.
Uprs
to finest.
328 Cop
Twist.
7.26 9%
7.32 10
7.47 10
000 OWE& 0
WORLD'S SUPPLY AND TAKINGS OF COTTON.
-- • •-
e&S, 0000 0
MAY 16 19141
s. d. d.
11% 6 3 011 6
11% 6
11% 6
11% 6
11 6
3 011
3 @II
2%011
2 @11
6
6
5
434
6 94
6.96
6.95
6.91
6.77
10% 6 2 @II 4% 6.72
10% 6 2 011 4% 6.68
10% 6 2 @11 434 6.72
COTTON CONSUMPTION AND OVERLAND MOVE
WENT TO MAY 1.-Below we present a synopsis of the
SHIPPING NEWS.-As shown on a previous page, the
'crop movement for the month of April and the eight months exports of cotton from the United States the past week have
ended April 30 for three years:
reached 102,312 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
1913-14. 1912-13. 1911-12.
Total bales.
608
138,255 NEW YORK-To Liverpool-May 13-Adriatic,608
bales
95,611
112.346
•Gross overland for April
T
H
305
1,674,909
1,471,638
1,574,213
months
.Gross overland for 8
To Bremen-May 8-Seydlit, 187
187
93,150
78,521
40,961
Net overland for April
To Antwerp-May 8-Kroon1and, 212
212
1,349,493
1,142,380
months
1,200,352
8
for
overland
Net
To Barcelona-May 9-Montevideo. 100
100
520,827
403,322
389,327
Port receipts in April
Havre
-May
13
GALVESTON-To
-Southgate,
2,273
2,273
9,660,916 9,018,846 11,103,285
Port receipts in 8 months
To Bremen-May 11-Luceric, 12,976--..May 14-Dunsley,
689,757
398,753
492,743
Exports in April
16,243
29,219
8,030,126 7,630,901 9,727,545
Zxports in 8 months
To Hamburg-May 11-Luceric, 1,470
1.470
678,269
700,318
585,055
Port stocks on April 30
To Rotterdam-May 13-New Sweden, 700
700
Northern spinners' takings to May 1_ _ 2,353,418 2,280,243 2,253,895
To Christiania-May 13-New Sweden, 300
300
2,080,000 1,954,000 1,760,000
Routhern consumption to May 1
-New
13
Sweden,
Gothenberg-May
To
2.725
2.725
Overland to Canada for 8 months (in125,909
116,257
cluded in net overland)
123,498 NEW ORLEANS-To Liverpool-May 12-Mechanician, 15,270.. 15,270
To Belfast-May 11-Howth Head. 2,398
2,398
1
143
125
Burnt North and South in 8 months
To Havre-May 9-Nestorian. 542
542
19,320
27,523
12,702
:Stock at Northern interior markets May 1
To Bremen-May 13-Brandenburg. 8,707
8,707
518,283
589,848
718,977
.,Came in sight during April
To Rotterdam-May 12-Andyk, 359
359
Amount of crop in sight May 1
13,272,268 12,476,226 14,411,778
901
To Barcelona-May 8-Miguel M.Pinillos, 901
Came in sight balance of season
1,652,676 1,631,538
6.182
'Total crop
14,128,902 16,043,316 MOBILE-To Bremen-May 13-Andromeda,6.182
4.457
SAVANNAH-To Havre-May 13-Mora,4,457
Average gross weight of bales
. ,
514.25
To Bremen-May 9-Erroll, 4,354.- May 12-Eagle Point,
.Average net weight of bales
491.531
488:98
489.25
8,107
3,723
2,5 -May 9-Erroll, 2,972_ _May 12-SchwarzTo Hamburg
5,513
fels,
1
INDIA COTTON MOVEMENT FROM ALL PORTS.To Ghent-May 13-Mora.300
300
'The receipts of India cotton at Bombay and the shipments NORFOLK-To Hamburg-May 12-Belgia, 1.003
1.003
8
-May
..May
Liverpool
12
--Sachem,
100..
-FranBOSTON-To
from
season
the
'from all India ports for the week and for
1,824
conia, 1,724
Sept. 1 for three years have been as follows:
To London-May 8-Cambrian, 2,499
2,499
To Rotterdam-May 6-Zuiderdyk, 943
943
BALTIMORE-To Liverpool-May 12-Swanmore, 3,248
3,248
1911-12.
1912-13.
1913-14.
To Bremen-May 7-Koenigen Luise, 1,302
1.302
May 14.
To Hamburg-May 6-Bulgaria, 358
358
Since
Since
Since
Receipts at-To Rotterdam-May 5-Sloterdyk, 300
300
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1. PHILADELPHIA.
Total
102,312
95,000 3,150,000 81,000 2,269,000 45,000 2,022,000
Bombay
Since September 1.
For the Week.
Exportl
from-
Japan
Continatl. db China. Total.
Great
Great Conti- Japan
Britain. nent. &Chins Total. Britain.
Bombay57,000 85,000142,0'I
1913-14._
1912-13._ 12,00- 24,000 23,000 59,000
1911-12..
27,000 9,000 36,0'I
•Calcutta1913-14
3,000 3,000
1912-13._ ______ 3,00
1,000 4,000
1911-12
-Madras1913-14
1912-13
1911-12
.All othe
1,000 10,000
1913-14--------- 9,00
5,000 2,000 8,000
1912-13_ -6,000
6,000
1911-12
- Total all1913-14....... 66,000 89,000 155,00
32,000 26,000 71,000
1912-13 -----1011-12..... 33,000 9,000 42,000
43,00 853,000 979,000 1,878,000
32,00 292,000 702,000 1,026,000
8,000 251,000 727,000 986,000
2,000
3,000
2,000
14,000
17,000
15,000
71,000
17,000
9,000
87,000
37,000
26,000
5,000
4,00
2,000
30,0001
18,0001
3,0001
2,000
37,000
22,000
6,000
23,000 273,000
15,000 144,000
5,000 98,000
1,000
17,000 313,000
85,000 244,000
22,000 125,000
73,000 1,170,000 1,069,0002,312,000
54,000 471,000 804,000 1,329,000
17.000 367,000 759,000 1,143,000
According to the foregoing, Bombay appears to show an
,increase, compared with last year, in the week's receipts of
14,000 bales. Exports from all India ports record a gain of
84,000 bales during the week and since Sept. 1 show an
increase of 983,000 bales.
LIVERPOOL.-By cable from Liverpool we have the
following statement of the week's sales, stocks, &c., at that
port:
Sales of the week
Of which speculators took
Of which exporters took
Sales. American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
April 24. May 1. May 8. May 15.
51,000
56,000
58,000
63,000
3,000
4,000
3,000
3,000
1,000
2,000
3,000
1,000
39,000
52,000
45,000
48,000
11,000
13,000
3,000
6,000
83.000
80,000
83,000
86.000
1,202,000 1,158,000 1,102,000 1.097,000
957,000 921,000 870,000 861,000
89,000
41,000
41.000
50,000
57,000
29,000
20,000
63,000
156,000 155,000 186,000 149,000
111,000 107,000 124,000
90,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Market,
12:15 1 Moderate
demand,
P. M.
Good
demand,
Steady.
Spot.
Good
demand,
Good
demand.
Friday.
Good
demand.
Mid.Upi'd
7.34
7.32
7.37
7.47
7.42
7.47
Sales
Spec.ezexp.
7,000
1,500
12,000
1,000
8,000
500
12,000
1,000
10,000
500
10,000
1,000
Quiet,
Quiet.
Quiet,
Strong,
Futures.
Quiet,
Steady at
ALEXANDRIA RECEIPTS AND SHIPMENTS OF Market lunch. to 1 3i 41li uneh.tol% 50734 pts. 10134 pts. 5(46 pts.
dec.
dec.
pts.
pts.
advance,
adv.
pt
decline.
f
opened
advance.
arrangements
made
with
Messrs.
COTTON.
-Through
•
Choremi, Benachi & Co., of Boston and Alexandria, we Market, (Barely st'y,St'y, unch. Steady, Barely st'y, Quiet, Quiet at
4
434 pt. dec.to 134 pts. 234(45 pts. 40534 pts. 134@234 4@5 pts.
now receive a weekly cable of the movement of cotton at
odvAnra
P. M. I 1 nt. adv. advance. advance. Advance. nta. der
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
at
futures
for
each
are
Liverpool
of
day
given
The prices
• of the two previous years:
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
Alexandria, Egypt,
May 13.
Receipts (cantars)This week
Since_Sept._1
Exports (bales)-
I
1913-14.
10,000
7,542,081
1912-13.
9,000
7,424,624
1911-12.
The prices are given in pence and 100ths. Thus, 6 96 means 6 96-100d.
12,000
7,202,863
May 9. Saturday. I Monday, Tuesday. Wed'day. Thursday. Friday.
to
May 15. 1231 1234 112311 4 12311 4 1231 4 112311 4 1231 4
p.m. p.m. p.m. p.m. p.m. p.m. P.m. p.m
p.m• p.m.
This
Since This I Since
This Since
Week. Sep. 1. Week. Sept.!. Week. Sept. 1.
2,750
To Liverpool
To Manchester
To Continent and India.. 9,750
2,250
To America
190,232 1,500, 187,578 1.0001183,941
191,484 4,000 210,971
199,574
376,673 6,750 351,323 3,250 324,074
71,236 1,000 115,796 2,500 99,488
14,750 837.715 9,250 846.181 10,750 819,374
Total exports
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
The statement shows that the receipts for the week were
10,000 cantars and the foreign shipments 14,750 bales.
d. I d. d. I d. d. d. d. I d. d. d.
d.
May --------6 96 96 9734 99 02 09 06 0434 04 0934 08
May-June ____ 6 9534 9534 97 '9834 02 09 06 0434 04 0934 08
June-July ....„ 13 81% 81 82 83% 87 9334 91 8934 8934 9434 93
July-Aug_ --- 6 7834 78% 7934 8034 84 91 8834 87 87 92 9034
Aug.-Sep_ __ _ - 6 63 163 64 65 ,68 76 7334 72 7134 7634 74%
Sep.-Oct _ ____ 6 42 141% 1 4234 4234 4534 52 50 49 48 53 52%
6 325432 3234 3234 3534 42 40 '39 38 43 42%
Oct.-Nov_
Nov.-Dec. _ _ _ _ 6 26 2534 26 2534 28% 35 3334 32 3134 36% 36
6 24 2334 24 2334 26% 33 315430 2934 3414 34
Dec.-Jan
----- 24 2354 24 2334 2634 33 3134 50 2934 3434 34
Jan.-Feb-6
Feb.-Mar. .... _ _16 24%
,2734 24 3234 31 30 35 35
Mar.-Apr. ___ '6 25 2434 25 2434 28 3434 3234 3134 3034 3556 3534
-
1548
THE 'CHRONICLE
BREADSTUFFS.
Friday Night, May 15 1914.
Flour has been quiet as ever, buyers still adhering to the
policy of purchasing only as their immediate necessities dictate. Nor does there seem to be much prospect of any increase in business in the near future, unless the crop prospects of wheat should become suddenly clouded. As the
case now stands, with the belief so general that the next wheat
crop will far surpass anything on record, buyers of flour think
that they will lose nothing by playing for time. Under the
circumstances, the transactions are of a very slim volume and
prices to a considerable extent are nominal. The total production last week at Minneapolis, Duluth and Milwaukee
was 363,555 bbls., against 392,675 bbls. in the previous week
and 369,585 last year.
Wheat has been stronger, partly owing to reports of damage
to the crop by the Hessian fly in Missouri and a few sections of
Illinois and Indiana, unfavorable weather in the Northwest
and strong foreign markets. There is an idea among some
who watch the crop prospects closely that recent indications
were rather too beautiful to last, and that it is doubtful
whether the estimates of 630,000,000 bushels of winter-wheat
are going to be realized. At the same time there is a scarcity
of native wheat in the United Kingdom and some Continental countries, despite the fact that the world's shipments
show an increase. The trouble is that the proportion shipped
to the United Kingdom was considered rather small. Liverpool has an idea that the spring-wheat crop of the United
States and Canada is not having a favorable start. There are
some complaints, too,from parts of France in this respect and
also from Hungary and Rumania. In Spain some districts
have sustained permanent damage from drought. Rumania also needs rain. The largest districts in Hungary
complain of drought. In Argentina the weather has been
unfavorable for planting wheat. Southwestern Russia needs
more rain. There is very little native wheat or rye left in
Germany. Farmers' holdings in Australia are also small.
There is a steady export demand in American markets, even
if the transactions have not been very large. . Europe, too,
has been buying September wheat. The situation in the May
option also continues to attract attention. A week ago May
was about 83/2c. over July in Chicago, whereas latterly it has
been about 9c. over July, and it is possible that there may be
interesting developments in May before the option expires.
On the other hand,the crop outlook for the winter-wheat crop
in this country is still in the main favorable, and latterly the
weather has improved at the Northwest also. The world's
shipments increased to 13,632,000 bush., against 9,248,000 in
the previous week and 12,576,000 in the same week last year.
For several weeks it, will be recalled, the total approximated only about 9,000,000 bushels, so that the increase last
week was quite marked. The wheat from foreign countries,
however, seems to be well absorbed, so that the tone of the
world's markets has on the whole been quite steady. Argentine a,dvices state that rains continue. Prices at Buenos
Aires have been firm. To-day prices were higher, with Liverpool up, corn strong and continued reports of damage by
the Hessian fly. Such reports of damage are believed to be
exaggerated, however. The principal factor is the stregnth
of the European markets.
[VOL.
xcvm.
ceipts are small. Crop reports ,however, have been
and big elevator interests which have been
genralyfvob buying
May have sold July against it. The trading as a rule has
not been large. The cash demand has been quite moderate.
Meantime, the visible supply of oats is comparatively large,
approximating 25,000,000 bushels, against 21,500,000 a year
ago and 21,800,000 at this time in 1912. To-day prices advanced somewhat, with considerable covering of shorts and
buying by commission houses at Chicago. In Oklahoma
the crop is said to have deteriorated somewhat. There was a
fair cash demand at the West and cash prices moved upward.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
Standards
cts_44%-45 443-45 44%-45 44%-45 45%-48
46-4636
No. 2 white
45-4534 45-4536 45-4536 45-4556 46-4656 4656-47
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts 3736 385( 3856 383
5
% 39%
39%
July delivery in elevator
37
3734 3734 37% 38
%
September delivery in elevator_ _ _ _ 353.1 3534 3536 3536 3636 38
3656
The following are closing quotations:
• FLOUR.
Winter. low grades33 20 $3 40 Spring clears
$4 10 $425
Winter patents
4 40
5 10 Kansas straights.sacks- 4 25
4 90
Winter straights_
3 75
4 10
4 45
4 70 Kansas &ears. sacks
Winter clears.
5 95 6 35
4 00
4 30 City patents
Spring patents
3 20
4 50
3 80
4 80 Rye flour.
Spring straights
3 80
4 25 4 55 Graham flour..
4 50
GRAIN.
Wheat,per bushel-f.o. b.
ets.
Corn,per bushelN.Spring, No. 1
82
$1 043j
No. 2 mixed
N.Spring, No.2
102
No. 2 yellow
Red winter, No. 2
1 07
Mit
No. 3 yellow
Hard winter, No.2,arrive 106
720
Argentina in bags
Oats, per bushel, newcts.
Rye, per bushelStandards..4604636
71072%
New York..
No. 2, white
4656@47
Western.
No. 3, white..
45%046 Barley-Malting
59@6
WEATHER BULLETIN FOR WEEK ENDING MAY°
11.-The general summary of the weather bulletin issued by
the Department of Agriculture for the week ending May 11
is as follows :
The week, as a whole, was moderately favorable, although cOld weather
with frost caused some damage tp fruit, and retarded vegetable growth in
the Northwest and portions of the mountain districts, while heavy rains
still further delayed farming operations in portions of the Ohio Valley and
lower Lake region. In most other districts moderately warm weather
favored crop growth,and the absence of rain permitted of excellent progress
in farm work.
In the principal corn and winter-wheat growing States weather conditions were favorable for the continuance of the high outlook for wheat,
and over the central and western portions the generally clear and moderately warm weather was favorable for corn planting and other farm work,
and vegetation of all kinds made good iprogress.
In the eastern portions of the corn belt, especially in the Ohio Valley,
rainy weather still further delayed corn planting and other work, and
warm dry weather is much needed.
In the spring-wheat region the weather was favorable for the growth of
early,sown wheat, but rains delayed seeding in North Dakota and interfered with other farm work.
In the cotton region the absence of rain permitted of much farm work,and
vegetation of all kinds made favorable progress, except in the more eastern
portions, especially in South Carolina, where drought and high winds
greatly damaged young cotton and other vegetation. In the western portion a the belt much needed warm and dry weather prevailed, especially.
in Texas, where excessive rains and continued cold had greatly delayed
growth of vegetation and the usual farm work.
Over the Atlantic coast districts from Virginia northward the week as a
whole was the most favorable of the season to date, and vegetation and
farm work progressed favorably, except in portions of New York, Pennsylvania and New Jersey, where wet weather delayed plowing and planting
and locally prevented the rapid growth of vegetation.
In the Rocky Mountain and Plateau districts good rain in the northern
snd local rains in some of the central portions greatly benefited the ranges
and warmth over the southern districts favored the growth of all agricultural products. Local damage to fruit occurred from frost, but it appears
not to have been extensive.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YOR K.
In the Pacific coast States the week was favorable in all districts and the
Sat. Mon. Tues. Wed. Thurs.Fri.
crop outlook continues favorable.
No. 2 red in elevator
cts_103% 103% 104
104
104% 1053j
102
May delivery in elevator
1023 102% 1023i 103
The statements of the movement of breadstuffs to market
104
3
94g 94% 94%
July delivery in elevator
94% 959, 95% indicated below are prepared by us from figures collected
by
September delivery in elevator_ _ _ _ 92% 929/i 925
5
92X 93X 93%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. the New York Produce Exchange. The receipts at Western
Sat. Mon. Tues. Wed. Thurs. Fri.
lake and river ports for the week ending last Saturday and
cts- 93% 94% 94% 94% 95% 96
May delivery in elevator
1 for each of the last three years have been:
_
July delivery in elevator
85% 86% 85% 86% 86% 873i since August
September delivery in elevator__- 84% 85
I
849
85% 859
85
Corn.
Oats.
Barley.
Bye.
Wheal.
Receipts at- Flour.
Indian corn has also been firmer. The
weather in the
main has been favorable at the West and planting operations
bbls.196lbs. bush.60 lbs. bush. 56 tbs. bush. 32 lbs. bush.48lbs. bu.56 lbs.
533,000 1,280,000
794,000
341,000
37,000
have been pushed vigorously. .The.cash demand has not Chicago--- 171,000
283,000
87,000
183,000
269,000
24,000
66,000
Milwaukee-been brisk, and interior points in this country show rather Duluth
3,000
20,000
199,000
162,000
46,000
167,000
705,000
58,000
more disposition to sell. But, on the other hand,Argentina Minneapolis.
40,000
31,000
454,000
Toledo
has reported wet weather and there has been some heavy Detroit
73,000
18,000
8,000
9,000
37,000
15,000
2,000
11,000
cancellations of May shipments from Argentina. The visible Cleveland _
1,000
10,000
505,000
22,000
307,000
311,000
St. Louts_ _ _
2,000
61,000
supply of American corn decreased 2,109,000 bushels, Peoria
207,000
189,000
93,000
14,000
2,000
37,000
100,000
303,000
against a decrease in the same week last year of 1,457,000 Kansas City.
142,000
151,000
279,000
155,000
bushels. Liverpool quotations have been strong and higher. Omaha
Buenos Aires has reported cancellation of May charters o Tot. wk.'14 354,000 2,976,000 1,808,000 2,841,000 914,000 124,000
350,000 4,576,000 3,063,000 3,620,000 1,064,000 133,000
wk.'13
steamers for early loading. It is asserted that the Argentine Same
3,636,869 2,884,352
352,497
81,569
crop, owing to storms, has fallen off some 40,000,000 bushels Same wk.'12 233,487 2,538,724
,
since maturity. At the same time the outlook for planting Since Aug. 1
16,803,000 257,761,000 184,825,000 184,238,000 78,185,000 21197000
1913-14
in this country is favorable and with speculation rather slack
1912-13_ 14,499,520 227,965,966 188,481,228 199,579,688 89,301,330 15705642
and the cash demand sluggish, and no real scarcity of corn, ins 1-12 10 IRA 4A2 120 307.933 161.161,588 124,094,099 59,414,398 7,594,191
there has been no pronounced advance. To-day prices adTotal receipts of flour and grain at the seaboard ports for
vanced on active trading, largely to cover in response to an
9 1914 follow:
advance in Liverpool of 1 YL to 23/sd., which created some.. the week ended May
Corn,
Oats, Barley,
Wheat,
Flour,
Rye,
thing of a sensation in this country. There were reports
bush.
bush.
bush.
Receipts atbbls.
bush.
bush.
163,000
471,000 24,000
787,000
205,000
New York
of further rains in Argentina and they affected Liverpool.
6,000
96,000
284,000
Boston
29,000
1,000
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Man. Tues. Wed. Thurs. Fri.
No. 2 mixed
cts 79
79
80
80
81
82
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 66% 67 X 673
% 674 68
68
July delivery in elevator
653
65% 65% 66
669' 67
September delivery in elevator_ _ _ 644 65
644 65
65% 65 X
Philadelphia
Baltimore
New Orleans
Newport News- _
Galveston
Mobile
Montreal
Halifax
Oats have been stronger with other grain. Quite a sharp
advance has occurred in May, which at one time touched
398c. in Chicago. The local contract stock there decreased
no less than 1,253,000 bushels, and is now only 510,000 bushels, against 1,320,000 bushels a year ago. Besides, the re-
Total week 1914.._ 431,000
Since Jan. 11914_ _7,780,000
Week 1913
468,000
Since Jan. 1 1913_ _7,889,000
56,000
23,000
68,000
2,000
87,000
292,000
147,000
62,000
41,000
14,000
34,000 1,644,000
24,000
48,000
28,000
59,000
233,000
289,000
38,000
96,000
1,000
15,000
2,000
9,000
2,000 1,203,000 100,000
301,000
3,368,000
330,000 222,000 21,000
38,650,000 9,285,000 14,181,000 4527,000 1153,000
318,000
6,180,000
728,000 149,000 80,000
51,314,000 38,777,000 17,438,000 10224000 1376,000
'0 Receipts do not include grain pluming through New. Orleans for foreign ports
on through bills of lading.
MAN 16 1914.)
THE CHRONICLE
1549
The exports from the several seaboard ports for the week
ending May 9 are shown in the annexed statement:
of buyers to secure concessions on business for forward delivery have been unsuccessful. Inquiries are good and
Oats,
Rye, Barley,
Peas. manufacturers could secure a large volume of orders if they
Exports frontbush. would cut
bush.
bush,
bush,
prices an eighth to a quarter cent. Prices on finNew York
5,418
130,827 13,216 19,940
ished goods now compare very favorably with other periods
Boston
71,276
4,000
Philadelphia
94,954
119,916
when
the cost of raw material was lower than it is now,
Baltimore
8,963
and when stocks in the hands of merchants were more plenNew Orleans_
175
Newport News
tiful
than at present. It is not thought that buyers can delay
Mobile
much longer in placing their forward requirements if they
549,000
Montreal
222,000
24,000
Halifax
expect
to obtain goods when needed, and some of the in304,000
Port Arthur
quiries now in the hands of selling agents are expected to maTotal week-..2,569,204
26,127 235,556 263,881 13,216 408,170 5,418 terialize when it is found that manufacturers will not make
3,064
Week 1913
2,722,358 205,969 278,550 539,235
236,080
any reduction in prices. In fact, some quarters report that
The destination of these exports for the week and since a fair business has been secured
since the first of the month
July 1 1913 is as below:
for deliveries running through August. Jobbers are not
-Corn--------Flour--------Wheal----Since prepared to meet any extra heavy dmand and there are no
Since
Since
Week
July 1 accumulated mill stocks upon which to draw. For this reaJuly 1
Week
Week
July 1
1913.
9.
May
Exportsfor week and May 9.
1913.
1913. May 9.
son manufacturers are determined to go slow in the expectabush.
bush.
bush,
bush.
since July 1 to-bbls,
bbls.
637,551 tion that they will secure full prices in the long run. HandUnited Kingdom___ 91,855 4,712,859 761,712 78,853,256
763,836
80,081,679
750
Continent
89,160 2,481,956 1,801,358
lers of summer wash goods fear that more business has; been
1,104
367,024
6,134 1,154,273
Sou. & Cent. Amer.. 16,398 1,106,399
24,183 1,648,526 lost through unseasonable weather than can be made up by
91,837
West Indies
31,440 1,497,926
9,344
90,016
any late improvement in demand. Speculation in staple
Brit. Nor. Am.Cols. 2,790
272,097
36,769
3,913 276,017
Other Countries..
lines is not heard of these days, although from the under160453,142
3,463,050
26,127
2,569,204
stocked condition in all quarters and the chronic hesitancy,
235,556 10165,173
Total
278,550 9,926,762 2,722,358 139132,310 205,969 38,819,716 on the part of merchants
Total 1912-13
to place forward business at preThe world's shipments of wheat and corn for the week vailing prices, it would seem that the opportunity is ripe for
ending May 9 1914 and since July 1 1913 and 1912 are shown profitable speculation against the future. Many large and
in the following:
strong retail institutions now hesitate in placing business a
few months ahead at prices which involve a risk of only a
Wheat.
Corn.
quarter of a cent or so per yard. Business in woolens and
1913-14.
1912-13. I
1913-14.
worsteds is spotted; dress goods lines are doing well for the
1912-13.
Export*.
fall season, while advancing prices are restricting fall buying
Since
Week
Since
1 Week
Since
Since
May 9.
July 1.
July 1. 'May 9.
of men's wear. Export trade in cotton goods continues quiet,
July 1.
July 1.
with little prospect of improvement in the near future.
Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
• Bushels.
North Amer. 3,688,000 235,006,000 213,702,000
51,000 1,834,000 36,745,000 Stocks at leading ports are plentiful and the prices ruling
4,858,000 139,170,000 93,347,000 145,000 12,912,000 9,306,000
Russia
Danube.... 1,424,000 52,234,000 50,639,000 901,000 27,959,000 13,406,000 are in most cases much lower than anything American manu1,344,000 38,214,000 115,918,000 2,057,000 145,604,000 182,305,000 facturers can offer.
Argentina
2,112,000 58,306,000 38,604,000
Australia
DOMESTIC COTTON GOODS.-The exports of cotton
104,000 26,544,000 48,180,000
India
Oth.countr's 104,000 7,030,000 6,734,000
goods from this port for the week ending May 9 were 6,506
Total ____ 13632000 556,504,000 567,124,000 3,154,000 188,309,000 241,762,0 0 packages, valued at $334,950, their destination being to the
points specified in the tables below:
The quantity of wheat and corn afloat for Europe on dates
1914---------1913
Since
Since
mentioned was as follows:
New York to May 9Week. Jan. 1.
Week. Jan. 1.
Wheat,
bush,
669,905
277,010
266,075
238,280
178,934
62,000
Corn, Flour,
bush.
bbls.
4,755 60,196
18,325
67,754
5,100 30,217
7,272 21,564
1,500
9,000 14,000
22,000
1Vheal.
United
Kingdom. Continent.
May 9 1914_
May 2 1914_
May 10 1913_ _
May 11 1912_
Corn.
Total.
Bushels.
Bushels.
Bushels.
19,403,000 21,592,000 41,000,000
20,248,000 19,632,000 39,880,000
23,104,000 36,504,000 59,608,000
29,792,000 26,720,000 56,512,000
United
Kingdom. Continent.
Bushels.
4,862,000
4,556,000
4,947,000
4,114,000
Total.
Bushels.
Bushels.
8,908,000 13,770,000
8,619,000 13,175,000
8,500,000 13,447,000
7,726,000 11,840,000
Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
2
43
2,024
1,378
447
159
758
16
565
618
496
1,307
10
462
1,253
84
390
32,325
25,290
6,1396,783
5.012
13,900
-a'§15
4,074
11,865
658
20,830
15,512
575
277
1,251
52
8,783
354
6,275
23.090
1.515
21,690
27,539
400
24,852
Total
6,506 130,629
4,038 128.270
The visible supply of grain, comprising the stocks in
The value of these New York exports since Jan. 1 has been
granary at principal points of accumulation at lake and
$9,562,179 in 1a14, against $9,975,658 in 1913.
seaboard ports May 9 1914 was as follows:
Staple cotton goods are quiet and steady, with buyers
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded trying to force prices lower and meeting with
no success.
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
In Thousandsbush, bush, bush, bush, bush, bush, bush. bush. In print cloths and gray goods a very attractive volume of
New York
384
83
54
504
181
12 goods is bid for at slight concessions from the market, but
1
45
Boston
4
65
7
21
7
____
4 has not resulted in any
4
business. Jobbers report that they
Philadelphia
35
224
60
200
96
Baltimore
107
31
77
202
39 .-- 25 ----4 -_-_-_-_ are in receipt of better inquiries regarding the amount of
Orleans
New
221
60
74
have
available for quick delivery, and expect
goods they
Galveston
1687
Buffalo
2,016 -iii 1,025 -7767 -28.6 ---that any improvement in weather conditions will bring out
- --- -iii
815
Toledo
98
198
4 __ _ _
active
demand.
Many out-of-town jobbers are sounding
an
Detroit
125
324
25
53
Chicago
3,926
selling agents on contracts for delivery up to the fall and they
3,768 4,136
192 -ioi
afloat
'
288
180
are expected to begin placing orders in the near future.
Milwaukee
101.._
19150
50 -iii
--io "iio
Duluth
•
7,019
,
974 1 i-1158
109
142 Sales of summer wash fabrics have been fair, but nothing like
99
Minneapolis
16,755
--.fi
323
856
825
what had been expected. These goods have suffered both
St. Loula
216 ____
137
242
18
22
from the pronounced popularity of silks and silk mixtures
Kansas City
___
3,011
494
398
---_
__-Peoria
30 ___
11
509
and from very poor weather conditions this spring. Gray
---- -Indianapolis
108 ____
380
36
goods, 38-inch standard, are quoted 5 1-16c. to 5X3c.
Omaha
451
_
493
--a --ii
2,036 -----On Lakes
189
149
174
WOOLEN GOODS.-A heavy demand for woolens in
Total May 9 1914_37,906 2,139 7,271 9,062 2,518
927 2,575
158 rough finishes is the feature of the market just at present,
Total May 2 1914 43,388 2,143 9,380 13,262 2,689 1,147 2,486
369 and as a result most manufacturers are giving their whole
Total May 10 1913_45,474 6,219 5,814 8,105
778
678 1,798
269 attention to goods of
this sort. The new cape and loose
Total May 11 1912....38,180 4,716 6,471 9,485 3,287
589 1,001
255
CANADIAN GRAIN STOCKS.
cloak styles for the coming fall are responsible for the preferCanadian Bonded
Canadian
Bonded
Canadian Bonded ence shown these goods, and many new tickets have been.
Wheat. Wheal. Corn. Oats. Oats.
Rye. Barley. Barley.
bush, bush, bush. bush. bush. bush, bush. bush. placed upon the market at attractive prices. Foreign manuIn Thousdands1,502 ____
Montreal
1,156
_ __ _
634 _ _
10
facturers of ready-to-wear garments are making strong bids
Ft.William&PLArthur.12,247 ____
----6,033 ---for business in finished garments in this market,and are re3,570 _.__
Other Canadian
4,582 _ _._
ported to have a slight advantage, owing to the fact that the
____
Total May 9 1914...17,319
4 11,771
10
634
new styles, being of foreign origin, are better understood by
Total May 2 1914 17,431 ---7 10,643
12
772
Total May 10 1913_17,288 ___
them. Fall trade in other lines is moving quietly, with a
14 10,091
8
437
Total May 11 191218,480 ____
2 7,499
95
-good business reported in serges and broadcloths. Men's
SUMMARY.
wear buyers are slowing up as a result of the higher prices
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley. being named,but the tendency to higher levels has also served
In Thousandsbush, bush, bush, bush. bush. bush, bush. bush.
to check any further cancellations of business placed earlier.
American
37,906 2,139 7,271 9,962 2,518
927 2,575
158
Canadian
17,319
4 11,771 --___FOREIGN DRY GOODS.-Business in staple and novelty
10
634 _linens awaits improvement in the weather, although a better
Total May 9 1914_ _55,225 2,139 7,275 21,733 2,518
937 3,209
158
Total May 2 1914_60,819 2,143 9,387 23,905 2,689 1,159 3,258
369 call for dress fabrics is reported since the first of the month.
Total May 10 1913_62,762 6,219 5,828 18,196
778
686 2,235
269 Many attractive lines of sheer linens for shirt waists are being
Total May 11 1912...56,060 4,716 6,473 16,984 3,287
589 1,096
255 offered and
are well received. The trend of styles continues
to be against staple linens and in favor of silks, silk mixtures
and novelty cotton constructions, although a better demand
THE DRY GOODS TRADE.
for the old line linens is reported from rural sections of the
New York, Friday Night, May 15 1914.
country, where styles are not
Household lines
The dry goods trade has shown signs of improvement are moving steadily, demand the feature.
benefitted by the addiduring the week, although business has been restricted by tional inquiry for furnishings being
resorts and outunseasonable weather conditions here and in many other see- ing places. Burlaps continueattosummer
rule quiet, with prices
thins of the country. Prices on staple lines of cotton goods i steady. Light-weights are quoted 4.75c.
and heavy-weights
are considered to be at rock bottom,and efforts on the:part at 5.75o. to 5.80o.
1,550
THE CHRONICLE
[VoL. xcvm.
by whom they will be purchased on or after that date at the
current buying rate of exchange on Japan.
Missouri.-Bond Calls.-Whitaker & Co. of St. Louis, in
their quotation pamphlet dated April 15, include the followNews Items.
New Jersey.-Hennessy Amendment To Walsh Commission ing list of municipal bonds which have been called for
Government Act.-The bill recently passed by the Legislature, redemption:
City of Rich Hill, Bates County, 4% water, gas and electric bonds,
known as the Hennessy Act, amending the Walsh Commis- dated
April 1 1903, Nos.-,two bonds (cannot give serial numbers as
come in rotation) for $1,000 each, have been called
sion Government Act, which has been accepted by a number these bonds do not
will be paid April 15 1914.
of municipalities throughout the State, is discussed by John and
Greenfield School District, Dade County,57 building bond dated May 1
Freeman Day, of the office of Hawkins, DeWield & Long- 1896, No. 12, for $500, has been called and will be paid May 1 1914.
Rocheport, Mo., School District 6% school bonds, dated Aug. 25 1913.
fellow, in an article in our editorial columns on a preceding No.
1 of issue No. 1 and Nos. 1, 2 and 3 of issue No. 2 have been called
page.
and will be paid March 2 1914.
School District of Grant City, Worth County, 6% building bonds dated
New York State.-Savings Bank Investment Law.-The April 1 1903, Nos. 28 and 29, for $500 each, have been called and will be
April 1 1914.
following letter from the Acting Superintendent of Banks, paid
School District No. 35, Moniteau County, 4% refunding bonds, dated
George I. Skinner, explains the important changes made by Nov. 1899, Nos. 11 and 12, for $500 each, have been called and will be
the last Legislature in the section of the banking law relating paid May 2 1914.
to investments of savings banks:
STATE Aln Cal :093ATITIVIEINi11
BANKING DEPARTMENT.
Albany, May 6 1914.
William B.Dana Company, 138 Front Street, New York City.
Gentlemen-Your letter of May 5 1914, with references to amendment to
the savings bank investment law, is at hand.
The revision of the Banking Law adopted at the last session of the
Legislature made some changes in the section of the Banking Law relating
to investments of savings banks. Former Section 146 of the Banking Law
is now Section 239. Former sub-division 3 of Section 146 of the Banking
Law reads as follows:
"In the stocks or bonds or interest-bearing obligations of any State of
the United States which has not within ten years previous to making such
investment by such corporation defaulted in the payment of any part of
either principal or interest of any debt authorized by the Legislature of any
such State to be contracted; and in the bonds or interest-bearing obligations
of any State of the United States issued in pursuance of the authority of
the Legislature of such State which have prior to May twenty-ninth,
eighteen hundred and ninety-five, been issued for the funding or settlement
of any previous obligation of such State theretofore in default, and on
which said funding or settlement obligation there has been no default in
the payment of either principal or interest since the issuance of such funding or settlement obligation, and provided the interest on such funding
or settlement obligation has been paid regularly for a period of not less
than ten years next preceding such investment; and in the stocks, bonds
or interest-bearing obligations of any State of the United States, issued
in pursuance of the authority of the constitution or the Legislature of such
State. to refund at or before maturity or within ninety days after maturity
any of the bonds or obligations of such State which at their maturity or
at the date of their payment, if paid before maturity, were legal investments for savings banks under the provisions of this sub-division, on which
refunding obligation there has been no default in the payment of either
principal or interest since the issuance thereof."
Present sub-division 3 of Section 239 of the Banking Law reads asTollows:
IW"rhe stocks, bonds or interest-bearing obligations of any State of the
United States upon which there is no default and upon which there has
been no default for more than ninety days; provided that within ten years
immediately preceding the investment such State has not been in default
for more than ninety days in the payment of any part of principal or interest of any debt duly authorized by the Legislature of such State to be
contracted by such State since the first day of January, eighteen hundred
and seventy-eight."
Savings banks were formerly prohibited from loaning upon promissory
notes, but were authorized to make call demand loans from their available
fund upon the pledge of securities named in sub-divisions 1. 3, 4 and 5 of
Section 146, or upon the first mortgage bonds, or any of them, of the
railroads mentioned and described in subdivision 6 of that Section, but not
in excess of ninety per centum of the cash market value of such securities
so pledged. If any of the securities so held in pledge depreciated in value
by the making of a loan thereon, the trustees were compelled to require
the immediate payment of such loan, or of a part thereof, or additional
security therefor, so that the amount loaned should at no time exceed ninety
per centum of the market value of the securities so pledged for the same.
Sub-division 8 of the revision permitsinvestments ofdeposits generally in:
"Promissory notes payable to the order of the savings bank upon demand,
secured by the pledge and assignment, if necessary, of the stocks or bonds
or any of them, enumerated in sub-divisions one, two, three, four and five
of this section or by the railroad bonds or any of them mentioned and described in sub-division seven of this Section, but no such loan shall exceed
ninety per centum of the cash market value of such securities so pledged.
Should any of the securities so held in pledge depreciate in value after the
making of such loan, the savings bank shall require an immediate payment
of such loan or of a part thereof or additional security therefor, so that the
amount loaned thereon shall at no time exceed ninety per centum of the
market value of the securities so pledged for such loan."
I believe that these are the only important changes in this section.
Yours respectively,
GEORGE I. SKINNER,
Acting Superintendent.
Philadelphia, Pa.-Supreme Court Delivers Opinion
Concerning City Loans.- As previously stated in these columns,
the Pennsylvania Supreme Court, in preliminary opinions
handed down March 30,declared illegal the ,600,000 bonds
voted (but not yet issued) last November and enjoined the
city from holding an election March 31 to vote on an additional loan of $12,900,000. Subsequently, on April 7, the
Court re-opened the cases, principally for the purpose of
hearing argument on the constitutionality of the Act of
June 17 1913 under which additional personal property
($571,539,535 75) is assessed, thus increasing the taxable
property to which the 7% debt limit is applied in fixing the
power of the city to increase its indebtedness.
In the final opinions, which were handed down last Monday
(May 12), the Court sustains the constitutionality of the Act
in question, but holds at the same time that loans authorized
but not issued and the portion of the city's indebtedness
assumed by the Board of Education cannot be excluded in
determining the city's borrowing capacity.
Porto Rico.-Bond Sale.-On May 15 the $200,000 4%
10-25-year (opt.) gold registered tax-free coupon bonds
(V. 98, p. 1473) were awarded to Breed, Elliott & Harrison
of Indianapolis at 100.81.
Bond Calls and Redemptions.
Japan.-Bonds Drawn for Redemption.-Notice is given
(see official advertisement on preceding page)that 10,000,000
yen of the 5% loan bonds (internal issue) were drawn for
redemption in Japan on May 5, redeemable on May 30 1914
in Japan. For the convenience of the holders of these bonds,
a list of (he drawn bonds will be posted by the Yokohoma
Specie Bank, Ltd., 55 Wall St., N. Y. City, about May 30,
Bond Proposals and Negotiations this week
have been as follows:
ABILENE SCHOOL DISTRICT (P. 0. Abilene), Dickinson County,
Kan.-BONDS VOTED.-This district on May 9 voted in favor of the
issuance of building bonds, it is stated.
ACADIA PARISH (P. 0. Cowley), La.-BONDS AUTHORIZED.
According to local newspaper dispatches,the police Jury has voted to issue
$170,000 bridge bonds.
ADAMS COUNTY (P. 0. Decatur), Ind.-BOND OFFERING.
Proposals will be received until 3 p. m. May 23 by W.J. Archbold, County
Treasurer, for $7,120 43 % C. A. Neuenshwander road-improvement
bonds. Date May 151914. Int. M.& N. Due one bond each six months
beginning May 15, 1915.
ADAMS SCHOOL TOWNSHIP (P. 0. Markleyille), Madison Colin.
ty, Ind.-BOND OFFERING.-Proposals will be received until 2 p. m•
June 2 by Cirrtis B. Pendleton for $6,000
% School District No. 9
improvement bonds. Denom. $600. Date June 15 1914. Int. F. & A.
Due $600 yearly on Aug. 1 from 1915 to 1924, inclusive.
ADAMSTON, Harrison County, W. Va.-BOND SALE.-On May 12
the $20,000 5% 10-33-year (opt.) coupon water-works and sewer bonds
(V. 98, p. 1404) were awarded to G. Jaeger of Clarksburg at par and
Interest. Other bids were:
O. H. Coffin, Chicago-$20,501, less $750 for expenses.
Spitzer, Rorick & Co., Toledo-$20,000 and int. less $1,250 for expenses.
ALBANY, N. Y.-BOND OFFERING.-Proposals will be received until
11 a. m. June 2 by John M.Foil, City Comptroller, for the following 4 %
bonds, aggregating $839,500:
$200,000 new intercepting sewer bonds, registered second series. Denom.
$1.000. Due June 1 1954.
198,000 street-improvement bonds. Denom. (190) $1,000, (10) $800.
Due $19,800 yearly on June 1 from 1915 to 1924, inclusive.
100,000 school-construction No. 14 registered bonds, second series.
Denom.$1,000. Due $5,000 yearly on June). from 1915 to 1934,
inclusive.
150,000 general re-surfacing bonds, second series. Denom.$1,000. Due
$10,000 yearly on June 1 from 1915 to 1929, inclusive.
30,000 Broadway improvement bonds. Denom. $1,000. Due $2,000
yearly on June 1 from 1915 to 1929, inclusive.
50,000 Beaver park-completion bonds. Denom. $2,500. Due $2,500
yearly on June 1 from 1915 to 1934, inclusive.
36,000 high-school-equipment bonds. Denom. $1.800. Due $1,800
Yearly on June 1 from 1915 to 1934, inclusive.
32,000 river-front-improvement bonds. Denom. $1,600. Due $1,600
yearly on June 1 from 1915 to 1934. inclusive.
40,000 additional appropriation construction School No. 14 bonds.
Denom.$1,000. Due $2,000 yearly on June 1 from 1915 to 1934,
inclusive.
3,500 Northern Boulevard concrete-sidewalk bonds. Denom. $350.
Due $350 yearly on June 1 from 1915 to 1924, inclusive. This
lot will be purchased by the City Comptroller for the fund for
relief of disabled firemen.
Date June 1 1914. Int. J. & D. by mailed checks except on $200,000
issue which will be payable at office of City Treasurer. Certified check for
2% of bonds bid for, payable to Chas. E. Walsh, City Treasurer, required.
Bonds will be ready for delivery June 8 or as soon thereafter as possible.
The legality of these bonds will be examined by Caldwell, Masslich & Reed
of New York City, and Arthur L. Andrews of Albany, opinion as to legality
will be furnished purchaser.
ALHAMBRA HIGH SCHOOL DISTRICT, Los Angeles County,
Calif.-BOND OFFERING.-Proposals will be received until Juno 1, it is
stated, by the Co. Board of Supervisors (P. 0. Los Angeles), for the $100,000 school bonds recently voted (V. 98, p. 1405.)
ALLEGANY COUNTY (P. 0. Cumberland), Md.-BOND SALE.On May 5 $10,000 5% road-improvement bonds were awarded to the
Second Nat. Bank of Cumberland at par. Other bids were:
Third Nat. Bk., Cumberl'd_$10,000 I Fred. Perry, Cumberland_ -310,000
Denom. $500. Date May 1 1914. Int. M.& N. Due May -1 1915.
ALLENDALE, Barnwell County, So. Caro.-BOND OFFERING.
Proposals will be received until 12 in. Jun 10 by W. F. Googe, Chairman
Board of Public Works. for $65,000 5% 20-40-year (opt.) water, light and
sewer bonds. Denom. $1,000. Date April 11914. Int. A.& 0. Certified check on a bank other than the one making the bid ,for 5% of bonds
bid for, required.
ALLIGATOR TOWNSHIP (P. 0. McBee), Chesterfield County,
So. Car.-BOND OFFERING.-Reports state that proposals will be received until 12 m. May 19 by W. L. McCoy, Chairman Bd. of Public
Works, for $35,000 6% 40-year road bonds. Int. ann. Cert. chock for
$800 required.
ANAHEIM SCHOOL DISTRICT, Orange County, Cal.-BOND
SALE.-On May 6 the $15,000 6% building and ground-improvement
bonds (V. 98, p. 1405) were awarded to Torrance, Marshall & Co. of San
Francisco at 106.58. Other bids were:
G.G.Blymyer & Co.,S.Fr__ _$15,9011Wm. R.Staats Co., San Fr_ 315,657
Denom. $1,000. Date-Juno 11914. Int. J. & D.
ANDOVER, Ashtabula. County, Ohio.-BOND SALE.-On May 11
the $9,500 5%% 15%-year (aver) street-improvement (village's share)
bonds (V. 98,
1333) were awarded to Seasongood & Mayer of Cincinnati
for $9,843 (103.61)
p.
and int. Other bids were:
Tillotson & Wolc. Co.,Clev.$9,807 00 Ohio Nat. Bk., Columbus_39 693 00
Sec. Say. Bk.& Tr. Co.,Tol. 9,752 00 Hayden, Miller & Co., Clev. 9,681 00
Stacy & Braun, Toledo_ ___ 9,730 44 Sidney Spitzer & Co., Tol_ 9,554 00
Spitzer, Rorick & Co., Tol_ 9,698 00 New First Nat. Bk., Col__ 9,550 00
oehler,Cum s & Prud.,Tol. 9.697 75
ANNE ARUNDEL COUNTY (P. 0. Annapolis), Md.-BOND OFFERING.-Proposals will be received until 12 m. May 22 by the Bd. of Co.
S hool Commrs., Samuel Garner, Secy., for $20,000 57 coup. tax-free
Brooklyn school bonds. Denom. $1,000. Date May 1 1914. Int. M.&
N. at Annapolis. Due $4,000 in 5, 10, 15, 20 and 25 years after date.
No deposit required.
ARKPORT, Steuben County, N. Y.-BOND OFFERING.-Proposals
will be received until 3 p. m. MaY 23 bY R. D. Hosley, Village Clerk, for
$18,000 coupon municipal water bonds at not exceeding 5% int. Denom.
$360. Date July 1 1914. Int. J. & J. at First National Bank, Hornell.
Due $720 yearly on July 1 from 1918 to 1942, inclusive. Certified check
for 3200, payable to "Village of Arkport," required.
ASHTABULA, Ashtabula County, Ohio.-BONDS PROPOSED.
Local newspaper reports state that this city is contemplating the issuance
of $13,000 public-dock-land-purchase bonds.
ATLANTA, Ga.-BONDS DEFEATED.-The question of issuing the
750,000 4%% gold coupon Grady Hospital bonds (V. 98, P. 1333) failed,
o carry, repo rts state, at the election held May 5.
MAY 16 1914.1
.
THE CHRONICLE
1551
LOAN.-A
BROOKLINE, Norfolk County, Mass.-TEMPORARYwith
SALE.
Salomon
AUGLAIZE COUNTY (P. 0. Wapakoneta), Ohio.-BOND
20 1914 has been negotiated
bonds were awarded to the loan of $100,000 maturing Nov.discount,i
reported.
is
t
On April 25 $14,850 6% ditch (assessment)
3%
at
Y.
of
and interest. Bros.& Hutzler N.
First National Bank of Wapakoneta for $14,959 23 (100.734)
County,
Medina
Brunswick),
0.
(P.
TOWNSHIP
BRUNSWICK
S.
&
Date May 11914. Int. M.
-improvement bonds awarded
-The questions Ohio.-BOND SALE.-The $36,0005% road
AURORA, Kane County, Ill.-BONDS DEFEATED.
4 to Tillotson & Wolcott Co. of Cleveland, and subsequently
St. and $30,000 Hazel Ave. bridge-construc- on March
on March 14 to Hayden.
re-awarded
of issuing $30,000 West Mainthe
were
941),
them
98,
p.
by
(V.
refused
election held April 21, it is reported.
tion bonds failed to carry at
& Co. of Cleveland at 101.90. Denom. $500. Date March 15
PROPOSED.-Re- Miller
from Sept. 15 1915, to March 15 1936.
serially
&
S.
Due
M.
BAINBRIDGE, Decatur County, Ga.-BONDS of
Int.
1914.
$20,000 public- inclusive.
issuance
ports state that this city is considering the
hospital bonds, according to reports.
BUTLER COUNTY (P. 0. Hamilton), Ohio.-BOND OFFERING.
Kern
Bakersfield),
0.
(P.
DISTRICT
SCHOOL
D
BAKERSFIEL
Proposals will be received until 11 a. m. to-day (May 16) by W. W. Crawwill be held June 2, it is ford,
County And., for $500,000 435% coup. taxable bridge bonds. DeCounty, Cal.-BOND ELECTION.-An election school bonds.
nom. $500. Date May 1 1914. Int. M. & N. at County Treas. Cert.
stated, to vote on the question of issuihg $40,000
- check for 5%, payable to County Aud., required. Bonded debt $808,000.
BALTIMORE COUNTY (P. 0. Towson), Md.-BOND ELECTION.
to
proposition
the
voters
Assessed valuation 1913, $113,000,000.
the
to
submit
to
19
May
held
An election will be
Due 10 bonds yrly.
CALEXICO HIGH SCHOOL DISTRICT (P. 0. Calexico), Imperial
issue $500,000 school bonds at not exceeding 435% int.
and
Calif.-BONDS VOTED.-Reports state that this district reLocal newspaper reports state that the question of issuing sewerage
County,
drainage-system bonds at not exceeding $1,000,000 will also be submitted cently voted $65,000 high-school-addition bonds.
on the above date. Denom. $500. Int. not exceeding 4% %.
CALVERT, Robinson County, Tex.-BONDS VOTED.-The proposiMay 11 tion to issue $5,000 city-hall-completion bonds carried, reports state,Iat
BARBERTON, Summit County, Ohio.-BOND SALE.-On
nstruction
-works-co
ansmission
electric-tr
(aver.)
10%-year
5%
the $20,000
a recent election.
bonds (V. 98, p. 1333) were awarded to the Ohio Nat. Bank of Columbus
CAMDEN, N. J.-BOND SALES.-The following bonds, we have just
at 104.175 and int. Other bids were:Otis & Co., Cleveland____$20,425 00 been advised, were purchased by the sinking fund at par:
Breed,Elliott & Her., Cin.$20,634 00
Int. Int.
Willaman,
&
Bolger,Mosser
Date of Sale.
Due.
Date.
Field,Richards & Co., Chi. 20,628 00
20,360 00 Amount. Purpose. Rate. Mos. Aug.
Chicago
1 1913 Aug. 1 1943 May 26 1913
Stacy & Braun, Toledo_ --20,480 20 Tillotson
Floating debt_4% F&A
00
$100,000
20,307
&
Wolc.Co.,Clev.
00
20,458
Cin.
Tr.Co.,
Prov. S.B.&
Oct. 1 1913 Oct. 1 1943 Sept.29 1913
A&O
4%
Water
5,000
00
20,238
&
Co..Tol.
Spitzer,Rorick
501
15 1914
Hoehler,Cum's & Prud.,To1.20.457
20,000 Dock & wharf_435 J&J Jan. 1 1914 Jan. 1 1939 Jan.
00
&
Seasongood & Mayer, Cin. 20.431 00 Sid. Spitzer Co..Toledo. 20.150
5,000 City-hall impt_4% F&A Feb. 2 1914 Feb. 2 1939 Jan. 26 1914
NO. 60 (P. 0. Barnesville)
1 1913 July 1 1948 Apri121 1914
July
J&J
e
do_4V
BARNESVILLE SCHOOL DISTRICT
10,000
0
SALE.-On May 5 the $55,000 436
The above bonds are all in the denom. of $1,000 each.
Clay County, Minn.-BOND bonds offered but not sold on April 5
On July 28 1913 the city also sold at public subscription at par $90,000
15-year coupon taxable buildingthe Commercial Securities Co.of Duluth,
Paving and $30,000 school 4%% 20-year bonds. Denom. $100, $500 and
(V. 98, p. 1474) were awarded to
Date Sept. 1 1913. Int. M. & S.
$1,000.
it is stated.
SCHOOL DISTRICT (P. 0. Montgomery),
CARROLLTON SCHOOL DISTRICT (P. 0. Carrollton), Carroll
BARR TOWNSHIP-BOND OFFERING.-Further details are at hand
Ind.
County,
Ohio.-BOND OFFERING.-Further details are at hand relaCounty,
Daviess
May 21 of the $13,000 434% coupon tax-free tive to the offering on May 23 of the 812,000 5% school bldg. completion
relative to the offeringp.on
Proposals for these bonds will be received bonds (V. 98, p. 1474). Proposals for these bonds will be received until
building bonds(V. 98,day1474).
Geo. B. Drew, Township Trustee. Denom.
$1,000.
until 2 p. m. on that 1914.byInt. J. & D. at Farmers' & Merchants' Bank, 12 m. on that day by L. S. Hall, Clerk of Bd. of Ed. Denom.(10)Carroll$500. Date June 1 1914. Int. M.& S. at Cummings Tr. Co.,
$500. Date May 30$500
each six months from June 30 1915 to Dec. 30 (4)
Mar. 1
from
six
months
Montgomery. Due
each
and
1916
1
Sept.
$500
Due
$10,000
ton.
Trustee,
1927, inclusive. Certified check for $500, payable to Township
1917 to Sept. 1 1918 incl. Cert. check for 5% of bonds bid for, payable to
required. Bonded debt (not including this issue), $17,500; floating debt, Treas. of Bd. of Ed., required. Purchaser to pay accrued interest.
$1.900. Assessed valuation, $1,638.271.
CARTERVILLE SCHOOL DISTRICT (P. 0. Carterville), Jasper
BATHGATE SCHOOL DISTRICT (P. 0. Bathgate), Pembina County, Mo.-BOND SALE.-We are advised that this city has disposed
County, No. Dak.-BONDS VOTED.-According to reports, this district of an issue of $12,000 building bonds.
bonds.
to
school
voted
a
issue
election
at
recent
15
to
104
by a vote of
CASCADE COUNTY SCHOOL DISTRICT NO. 8, Mont.-BOND
BATTLE CREEK, Calhoun County, Mich.-BOND SALE.-Reports OFFERING.-Proposals will be received until 1 p. m. to-day (May 16) by
the following five
state that the bid of H. T. Iloltz & Co. of Chicago for
L. McCurdy, Chairman of School Board (P. 0. Belt), for $4,000 6%
L.
27, was accepted on
issues of 434% coupon tax-free bonds, offered on Aprilwill
coup. tax-free bldg. bonds. Denom. $1,000. Date June 1
pay all attorney 9-10-yr. (opt.)
May 4 by the City Commissioners: The purchaser
Int. ann. on June 1 at place to suit purchaser. Cert. check for
1914.
and
will
pay the
fees, furnish the bonds, which shall be dated March 11914.
above Chairman, required. No bonded or floating debt.
to
payable
$250,
city of Battle Creek $183.121 plus accrued interest from March 1 1914 there- Assess. val. 1913, $183.225.
for.
SALE.-On May 9
CASS COUNTY (P. 0. Logansport), Ind.-BOND
$65,000 paving bonds. Due on Sept. 1 as follows: $5,000 1916: $11,000
gravel-road bonds were awarded to J. F. Wild &
1919; $10,000 1920; 1921 and 1922; $15,000 1923 and $4,000 1924. the three issues of 435%
follows:
as
stated,
is
it
Indianapolis,
11925.
Sept.
of
Co.
$10.000
and
15,000 bridge bonds. Due $5,000 Sept. 1 1924
A. B. Hutchinson road, Eel Twp. bonds for $3,706 (100.651) and
50,000 city-hall bonds. Duo on Sept. 1 as follows: $10,000 1926; $5,000 $3,682 int.
Denom. $185; last one $167.
1928 and 1931 and $30,000 1933.
H. B. Chappelear road, Tipton Twp. bonds for $2,677 (100.639)
2,660
30,000 sewer bonds. Due Sept. 1 1934.
and interest. Denom. $133.
20,000 city-jail bonds $10,000 Sept. 1 1935 and 1936. N.Y.
14,600 Seward. Tilley Platt road, Jackson Twp. bonds for $14,702 25
Denom.$1,000. Int. M.& S. at the Nat. Park Bank,
(100.70) and int. Denom.$730.
ELECTION.-An election
BEATRICE, Gage County, Neb.-BOND
Date May 1 1914. Int. M.& N. Due one bond of each issue each six
of
issuing
the
questions
$38,000
vote
from May 15 1915 to Nov. 15 1924, incl.
months
will be held May 21 to submit to a Paving
District No. 13 bonds.
Paving District No. 12 and $12,000
CASS SCHOOL TOWNSHIP (P. 0. Wanatah), Laporte County,
Sunflower County, Miss.- Ind.
-BOND
OFFERING.-Proposals will be received until 10 a. m. May
BEAVER DAM DRAINAGE DISTRICT,
$77,2506% drainage bonds(V. 98, p. 1474) 28 by Jacob A. Eaton, Twp. Trustee, for $31,230 5% school-house bonds,
BOND SALE.-On May 11 theA.
McWilliams of Chicago and Memphis at. it is stated.
were awarded to It. H. & 0.
par and int. Due part yearly on May 1 from 1916 to 1934 incl.
'CENTER TOWNSHIP (P. 0. Crown Point), Lake County, Ind.
Tex.-BONDS VOTED.-The ques- BOND
SALE.-On April 18 the $9,000 5% 5%-year (ay.) Dist. No. 1
BELL COUNTY (P. 0. Belton),
s bonds carried, reports state, at the school
were awarded to the People's State Bank of
(V. 98,
1102)
bonds
tion of issuing $250,000 good-road
p.25-equal to 104.058.
election held May 2 by a vote of 521 to 137.
Crown Point for $9,365
BELLE VALLEY SCHOOL DISTRICT (P. 0. Belle Valley), Noble
CHARLESTON, W. Va.-BOND ELECTION.-An election will be
18 to submit to the voters the question of issuing the 8465,000
County, Ohio.-BOND SALE.-On May 11 the Farmers' & Merchants'
May
held
Bank of Caldwell was awarded,reports state,$2,000 535% 1035-year (aver.) 5% street, alleys and levee improvement bonds (V. 98, p. 1334).
building bonds at 104.05.
CHARLOTTE UNION SCHOOL DISTRICT (P. 0. Charlotte),
BENICIA SCHOOL DISTRICT (P. 0. Benicia), Solano County,
Mich.-PURCHASERS OF BONDS.-The purchasers of
Cal.-BOND ELECTION.-An election will be held May 19 to vote on the Eaton County,
$35,000 34% 10-year building bonds recently awarded at par (V. 98,
the
semiquestion of issuing $18000 5% school-improvement bonds. Interest
p. 1475) were the Eaton County Savings Bank and the First National
annual. Due $1,000 y,arry.
Savings Bank of Charlotte. Denom. $500. Date June 1 1914. Int.
BEREA VILLAGE SCHOOL DISTRICT (P. 0. Berea), Cuyahoga J. & I).
County, Ohio.-BOND SALE.-On May 6 the $15,000 43,6% 134-year
to
p.
awarded
were
1181)
98,
(V.
CHATHAM, Morris County, N. J.-BOND SALE.-On May 8 the
(aver.) coup. building-completion bonds
the Ohio Nat. Bank of Columbus for $15,026 (100.173) and interest.
$35,000 5% 20-year coup. water and light-system-extension bonds (V. 98,
1334) were awarded to J. S. Rippel of Newark at 105.40-a basis of
p.
Calif.
County,
BEVERLY HILLS SCHOOL DISTRICT, Los Angeles
were:
-BOND OFFERING.-According to reports bids will be opened on June 1 about 4.58%. OtherAbids
D'. Everitt & Co., N. Y.104.64 Morris Co.Sav.B1c.,Morrist'n.103.80
for
an
John
of
issue
Angeles)
Los
0.
of
(P.
Board
Supervisors
by the County
IKean, Taylor & Co., N. Y_ _103.695
Y___104.46
N.
Co.,
&
Grant
M.
R.
$25,000 school bonds.
City_104.259 Harris, Forbes & Co., N. Y_103.401
-con May 12 the Outwater & Wells, Jet*.
H. L. Crawford & Co., N.Y_103.20
N.Y.103.86
BIDDEFORD, York County, Me.-BOND SALE.
Co.,
&
Fenwick
Douglas
(ser.) sewer 4% coupon
$50,000 25-year refunding and $25,000 10-14-year
of
CHATTOOGA COUNTY (P. 0. Summerville), Ga.-BONDS PRObonds(V.98, p. 1474) were awarded, to N.W.Harris & Co. ,Inc., Boston
this county is contemplating the
that
state
POSED.-Local newspapers
at 101.81 and int. Other bids were :
00 14
5 issuance of $50,000 highway-impt. bonds.
59
I Merrill, Oldhatn & Co., Bost_ 101..3
Hayward Wilson and Kean,
Co.,
Boston
&
Adams
_ 01.5f)I
Taylor & Co., New York_1
T
CHEHALIS COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
BIOLA SCHOOL DISTRICT, Fresno County, Calif.-BOND SALE. 101, Wash.-BOND SALE.-On May 2 the $26.000 10-20-year (opt.) coup.
-On May 5 the $7,000 6% 7-year (aver.) building, site-purchase and equip. high-school-equip. and completion bonds (V. 98, p. 1405) were awarded
bonds (V. 98, p. 1405) were awarded to the First Nat. Bank of Fresno at to V. E. Sweet & Co. of Denver, 826,025 (100.096) and int. for 5s. Other
101.9 and int. Date April 14 1914. Other bidders were:
bids were:
Int.
.1; Price
'Torrance, Marshall & Co.
O. G. Blymyer & Co., San
'$7,027 00
$7,052 751 San Francisco
Rate.
Offered.
Francisco
Bidder5s
$26,062 00
Both bids include accrued interest.
Wells & Dickey Co., Minneapolis
5s
26,000 00
BLANCO COUNTY (P. 0. Johnson City), Texas.-BOND ELEC- State of Washington
5s
26,509 75
TION.-An election will be held in Blanco Commissioners Precinct on Hoehler, Cummings & Prudden, Toledo
5s
26,407 00
May 21, it is stated, to submit to the voters the proposition to issue $20,000 Powell, Garard & Co., Chicago
5s
26,350 00
Wm. E. Sweet & Co., Denver
road bonds.
535s
26.317 00
hicago
- Hanchett Bond
BLEDSOE COUNTY (P. 0. Pikeville), Tenn.-BID REJECTED.
535s
26.263 00
Co.,do., Seattle
(average) road bonds Goo. H. Tilden &
The only bid received for the $97,000 5% 34-year
26,058 00
535s
Co.,
Chicago
&
Halsey
W.
N.
(rein
&
$92.151,
Gehde
was
Sutherlin,
1405)
offered on May 12 (V. 98, p.
6s
26,130,00
San
Francisco
Co.,
&
Staats
R.
Wm.
Co. of Kansas City. This offer was rejected.
6s
26,000 00
& Co.. Seattle
0. Bloomville), Seneca Wm. D. Perkins
BLOOMVILLE SCHOOL DISTRICT (P. an
issue of $1,500 3-year
11
CHESTERTOWN, Kent County, Md.-BOND OFFERING.-ProCounty, Ohio.-BOND SALE.-On May
until 12 m. June 9 by James W. Crouch, Clerk of
(aver.) bonds was awarded, it is stated, to the Commercial iNat. Bank of posals will be received
Town Commrs., for the $25,000 5% coupon street and sewer bonds voted
Tiffin for $1,520 30 (101.352) and interest.
Denom. $1,000. Date July 10 1914. Due
1475).
p.
98,
(V.
27
April
Ohio.
Poland),
Mahoning
County,
BOARDMAN TOWNSHIP (P. 0.
yearly on July 10 from 1919 to 1943 incl., subject to call after 10
-BOND ELECTION.-An election will be held May 19. it is stated, to $1,000
years. Cert. check for 10% of bonds bid for, required. These bonds are
submit to the voters the question of issuing $15,000 school bonds.
from county and municipal taxes.
- exempt
BRADFORD, Darke and Miami Counties, Ohio.-BOND SALE.
CHICAGO, Ills.-BONDS TO BE OFFERED SHORTLY.-Reports
On May 8 the $2,000 43,5% 8 1-6 year (aver.) electric-light-bill bonds (V.
shortly offer for sale $600.000 sewer bonds in ad98, p. 1259) were awarded to Robt. S. Ashe of Richmond at par, accrued state that this city willhealth-department
-building and $350.000 bathingdition to the $470,000
int. and cost of advertising. There were no other bidders.
P.
(V.
bonds.
1475)•
98,
beach
BREWSTER, Stark County, Ohio.-BOND OFFERING.-Proposals
SALE.-On May 11
Ga.-BOND
County,
Walker
will be received until 12 m. June 1 by L. S. Lash, Vii. Clerk, for $5,000
KAMAUGA,
CHIC
5%% taxable street-impt. bonds. Denom. $500. Date June 1 1914. the $15,000 5% 30-year (not 20-year as first reported) gold coupon schoolInt. ann. in June at office of Vii. Treas. Due $500 yearly for 10 years. building bonds (V.98.p.1405) were awarded to the Hamilton Nat.Bank of
Cert. check for $300, payable to Vil. Treas., required. Bonded debt, this Chattanooga for $15,250 (101.666) and int.-a basis of about 4.893%.
issue. No floating debt. Assessed val. 1913. $824,200.
CHICOPEE, Mass.-LOAN OFFERING.-Bids will be received until
BRISTOL, Washington County, Va.-PRICE PAID FOR BONDS.
12 m. May 20, reports state, by the City Treas., for a loan of $50,000
It is stated that the price paid for the $70,000 5% bonds awarded, as stated maturing
Nov. 30 1914 and issued in anticipation of taxes.
last week, to Bolger, Mo.s.ser & Willaman of Chicago, was par and accrued
intetest, less $425 or 99.393.
CHILLICOTHE, Livingston County, ?do.-BONDS DEFEATED.
question
BRITTON, Marshall County, So. Dak.-BOND OFFERING.-Bids Local newspaper reports state that at the election held May 4 the
carry.
to
failed
bonds
ction
for
$30,water-plant-constru
Auditor,
City
5%
F.
$100,000
Baker.
Geo.
May
25
by
issuing
m.
of
will be opened at 8 p.
000 5% 20-year sewer bonds. Denom. $500. Int. semi-ann. Certified
CIRCLEVILLE, Pickaway County, Ohio.-BOND SALE.-On May
check for 5% of bid, payable to City Treasurer. required.
11 $27,860 5% 10-year Main St. paving bonds were awarded to Breed, El-Local
DEFEATED.
BROCTON, Edgar County, Ills.-BONDS
Harrison of Cincinnati for $28,375 20-equal to 101.824. Other
liot
newspaper reports state that the question of issuing bonds failed tocarry bids&were:
at a recent election by a vote of 13 "for" to 64 "against."
1552
THE CHRONICLE
[VOL. xcvm.
Ohio Nat. Bank, CoTillotson & Wolcott Co.,
DELAWARE
lumbus
(P. 0. Muncie), Ind.-BOND SALE.-On
$28,332
Cleveland
$28,067 00 May 12 three COUNTY
First Nat. Bk., Circleville 28,322 90
of 4ji7„, gravel-road bonds,
47 Seasongood & Mayer,Cin. 28,050 00 (V. 98, 13. 1475),issues
aggregating
Well, Roth & Co., Cin __ 28,267 75
awarded to the Merchants National Bank of $32,800
Prov.S.B.& Tr. Co., Cin. 27,990 94 at 100.97. Otherwere
Muncie
bids
were:
Hayden,Miller&Co.,Clev. 28,190 00 T. H. Ross, Cleveland.. _ _ 27,950 00
Stacy & Braun, Toledo..__ 28,125 09 S itzer, Rorick & Co., Tol.
$20,400
$6.45
4 00
00
$6,000
Denom. $500, last one $360. Date Marcl 1 1914. int. M.&27,860
$6,40isue. issue.
S.
J. F. Wild & Co., Indianapolis
issue.
CLARENDON, Monroe County, Ark.-BOND OFFERING.-Pro- Fletcher-Amer. Nat.
00
$6,045 00
Bk. Indianlis.$20,555
20,552 35
posals will be received until May 20 by Jno.
6,445 75
Breed,Elliott & Harrison',Ind'polis_
6,043 85
Hooper,
Sec.
Bd.
W.
of
Impts.,
20,520 00
for $35,000 water-works-impt., Dist. No. 1, and $21,000 sewer impt.,
6,432 00
6,031 00
DENISON, Grayson County, Tex.
Dist. No.1, bonds.
-BOND ELECTION.-An election
will be held June 4,reports state, to
CLARKSVILLE SCHOOL DISTRICT (P. 0. Clarksville), Johnson filtration
vote on the questions of issuing $35,000
-plant-construction and $20,000 street
County, Ark.-BONDS AUTHORIZED.-Reports state that the School
-improvement bonds.
Board recently voted in favor of the issuance of West Hill
DENTON COUNTY (P. 0. Denton), Texas.
building bonds.
-BONDS VOTED.-On
CLIFTON INDEPENDENT SCHOOL DISTRICT (P. 0. Clifton), April 25 the proposition to issue $22,500 Mustang Precinct
road bonds
carried,
reports
state.
Boaque County, Tex.-LOND OFFERING.-Further details are at hand
BONDS DEFEATED.-The question of issuing
relative to the offering on May 18 of the $25,000 5% 10-40-year
the $300,000 5% Pre(opt.)
cinct
No.
2
road
bonds
942)
(V.
P.
98,
failed to carry, it is stated,
coupon school bonds (V. 98, p. 1475). Proposals for these bonds will be
at the
received until 8 p. in. on that day by R. S. Clement, Secretary of School election held April 25.
Board. Denom. $500. Date
DIAGONAL SCHOOL DISTRICT (P. 0.
1913. Interest
on
Aug.
1
Diagonal),
Ringgold
at office of State Treasurer or Aug.dhase
at
National Bank, N. Y Certified County, Iowa.-BOND SALE.-On April 15 the $20,000 building
bonds
check for $500, payable to Secretary, required. Bonded
annually.
debt, this issue; (V.98, p. 1182) were awarded to E. T. Dufur, Lornior,'at par and ipremium
floating debt, none; assessed value 1913, $943,540.
of about $100 for 5s. Denom. $500. Date May 11913.
Int. S.& N.
Due $1,000 yearly May 1 from 1919 to 1923, inclusive, and $15.000
COLLIN COUNTY (P. 0. McKinney), Tex.-BOND OFFERING.
May 1
- 1924.
Proposals will be received until 10 a. in. June 1 by H.
Davis, County
Judge, for the following 5% 20-40-year (opt.) good roads L.
DIXON TOWNSHIP (P. 0. Eaton), Preble County, Ohio.-BOND
bonds:
$450.000 Dist. No. 4 bonds voted Dec. 16 (V. 97, P. 1920). Date
SALE.-On May 7 an issue of $7,000 5% school bonds was awarded, it is
Feb. 2 stated,
1914.
to R. L. Dollings & Co. of Hamilton at 101.
200,000 Dist. No. 8 bonds voted Feb. 21 (V. 98, p. 706). Date
DONA ANA COUNTY (P. 0. Las Cruces), N. Mex.-BOND ELECMay 1
1914.
TION.
-An
election will be held June 13, reports state, to vote on the ques125.000 Dist. No. 7 bonds voted Feb. 21 (V. 98, p.
706)• Date May 1 tion of issuing $50,000 good-roads bonds.
1914.
DOVER CITY SCHOOL DISTRICT (P. 0. Canal Dover), Tus90,000 Dist. No. 9 bonds. Date May 1 1914.
carawas County,
65,000 Dist. No. 5 bonds voted Feb. 21 (V. 98, P. 706). Date
-BOND OFFERING.-In addition to the $130,May 1 0005% high-school Ohio.
1914.
bonds,series to be offered on May 28 (V. 98, p. 1475).
$15,000 5% school bonds, seriesI,H,
Denom. $1,000. Cert. check on a national bank for 2)4% of bonds
will also be offered. Denom. $500,
bid
Int.
semi-ann. Due $500 each six
for, payable to County Judge. required.
from April 1 1915 to Oct. 1 1929
incl. Cert. check for 2% of bondsmonths
COLUMBIA, Maury County, Tenn.-BOND OFFERING
bid for required.
.-Bids
will
be received until 1 p. m. June 4, it is stated, by E. E. Erwin, City Treas.
DOVER TOWNSHIP SCHOOL DISTRICT
(P. 0. New Dover),
for the $75,000 5% 25-30-year school bonds voted April 15(V. 98, p.
Union County, Ohio.-BOND OFFERING.
1405)• until
-Proposals will be received
Int. semi-ann. Cert. check for 23i% required.
1 p. m. May 21 by W. H. Gamble, Clerk
of Board of Education, for
COLUMBIA SCHOOL TOWNSHIP (P. 0. Columbia City),
$2,800 5% coupon building bonds. Denom.
Whitney May 21 1914. Int. M. & N. at
(1) $300. (5) $500. Date
County, Ind.-BIDS.-The following are the other bids received
Savings Bank, Marysville.
for the Due $300 May 21 1916 and $500 Conunercial
$4,5006% 5-year (average) School District No. 10 building
each six months
bonds
awarded
Nov. 21 1918, inclusive. Certified check or cash from Nov. 21 1916 to
on May 2 to the First National Bank of
on an Ohio bank for
(107.811)-a basis of about 43i% (V. 98. p.Columbia City for $4,851 50 $50, payable to above Clerk, required. Bids must
be unconditional. The
1475):
of Education will furni, purchaser a certified
Miller & Co. Indianapolis _ $4,825 001 Fletcher-Am
.Nat. Bk.,Ind_ _44,727 Board
proceedings of said board with reference to the issuance transcript of the
Gavin L.Paine & Co.,Ind. 4.776 00IBreed,Elliott & Harrison,Ind
of said bonds.
_ 4.705
J. F.Wild & Co.,Indianap_ 4,761 50 Hanchett Bond
Co., Chicago_ 4,663
DRESDEN, Muskingum County, Ohio.-BOND
OFFERING.-ProCOLUMBUS, Ohio.-BONDS DEFEATED.-The proposition
to issue posals will be received until 12 m. June 2 by M. B. Taylor, Vil. Clerk, for
the $150,000 workhouse-construction bonds (V. 98, p. 1182)
to carry, $30,000 5% Main St.-impt. (assess.) bonds. Denom. $500. Date Apr. 1
reports state, at the election held May 5 by a vote of 6,487 failed
"for" to 9,374 1914. Int. A. & 0. Due $3,000 yearly on Oct. 1 from 1915 to 1924
incl.
"against." A two-thirds majority was necessary to authorize.
Cert. check for 10%, of bonds bid for, payable to VII.
Bonds to be delivered and paid for within 10 days fromTreas., required.
COLUMBUS SCHOOL DISTRICT (P. 0.
time of award.
Ohio.
- Purchaser to pay accrued interest.
BONDS AUTHORIZED.-The Board of EducationColumbus),
on May 5 authorized
the issuance of $60,000 4 % 40-year East Broad St. school-s
ite-purchase
DUNKIRK SCHOOL DISTRICT (P. 0. Dunkirk),
bonds, it is reported.
Chautauqua
County, N. Y.-BOND ELECTION PROPOSED.
-Reports state that an
BOND OFFERING.-Reports state that proposals will be received until election will be held in the near future to submit to
the voters the question
10 a. m. June 1 by Edw. B. MacFadden, Clerk of Bd. of Ed., for $35,000 of issuing $50,000 building bonds.
434% 20-40-yr. (opt.) school bonds. Int. semi-ann. Cert. check for 2%
EAST CLEVELAND, Cuyahoga County, Ohio.-BOND SALE.
required.
On May 12 the two issues of 5% bonds (V. 98. p. 1406) were awarded,
COMAL COUNTY (P. 0. New Braunfels), Tex.-BONDS VOTED.
it is
- stated, as follows:
This county on Apr.13 voted in favor of the issuance of $17,000 road
bonds, $25,000 4-year (aver.) paving (assess.) bonds to Hayden, Miller & Co. for
It is stated.
$25,315-equal to 101.26.
COMPTON, Los Angeles County, Calif.-BOND
41,000 20-year water-works bonds to C.E.Denison & Co. ,Cleveland, for
-Proposals will be received until 7:30 p. m. May 19 bye. R.OFFERING.
$43,300-equal to 105.609.
Hann, City Clerk.
for $10.000 5.6% park bonds of 1914. Denom. $500.
Date March 1
EAST SYRACUSE, Onondaga County, N. Y.-BOND SALE.-On
1914. Int. M.& S. at office of City Treas. Due $500 yearly
on
March
1
from 1915 to 1934 incl. Cert. check for 2% of bid, payable to City Treas., May 8 the $15,000 1-15-year (serial) water-system bonds (V. 98, P. 1406)
were awarded
required. Bonded debt (not incl. this issue), $22,500. No floating
Adams & Co. of New York at 100.50 for ftis. Denom.
debt. $1,000. Dateto
Assessed val. 1913 $870.763.
May 8 1914. Int. M. & N.
CONSHOHOCKEN, Montgomery County, Pa.-PURCHAS
EGG HARBOR CITY, Atlantic County, N. J.-BOND OFFERING.
ER OF
BONDS.-The purchaser of the $12,000 43i% street-improvement
This city will sell at private sale $33,000 5% 20-year street-improvement
awarded on April 8 for $12,342 21 (102.851) and interest-a basis of bonds
about bonds. Denom. $500. Date April 1 1914. Int. A. & 0.
4.05% (V• 98, p. 1405) was the First National Bank of Conshohocken.
The bonds are due in 1935.
ELIZABETHTOWN GRADED SCHOOL DISTRICT (P. 0. ElizaCOPIAH COUNTY (P. 0. Hazlehurst), Miss.-BOND SALE.-On bethtown), Hardin County, Ky.-BIDS REJECTED.-Reports state
all bids received on May 4 for the $23,000 school bonds voted
May 4 the $50,000 6% 11-25-year (serial) road-construction bonds (V. 98, that
March 23
p. 1334) were awarded to C. W. McNear & Co. of Chicago at 103.624 and were rejected.
bonds.
Other
bids were:
cost of
EL PASO, El Paso County, Texas.-BOND OFFERING.
-Proposals
Well, Roth & Co., Cincin__ _$51,812 Bolger, Mosser & Willaman,
will be received until 10 a. in. May 28 by C. W.
Fassett,
Spitzer, Rorick & Co., Toledo 51,065
Clerk, for
Chicago
$50,625 $150,000 water-works, series 3, and $100.000 sewer,series 6,City
Hoehler, Cummings & Prud5% 20-40-year
Mortgage Securities Co
(opt.) bonds. Date April 1 1914. Int. A. & 0.
50.550
Cert. check on an El
den, Toledo
51,000 Merch.& Planters' Bank_ _ _ _ 50,500 Paso bank for 3% of bonds bid for,
payable to Mayor,
Terry, Briggs & Slayton, Tol. 50.775 John Nuveen & Co.,Chicago.
These
50,275 bonds have been approved by Wood & Oakley of Chicago.required.
Mayer,Deppe & Walter,Cin_ 50,625 Bank of Wesson
No bids will be
50,000 considered for less than $50,000.
Denom. $500. Date May 1 1914. Int. J. & J.
EL
SEGUNDO SCHOOL DISTRICT, Los Angeles County, Calif.
CUMBERLAND, Cumberland County, Md.-BOND OFFERING.
Proposals will be received until 10 a. m. May 25 by Ward M.Eichelberger, BOND OFFERING.-The County Board of Supervisors (P.0. Los Angeles)
Commr. of Finance & Revenue for the $60,000
% water-improvement will open bids on June 1 for $15,000 school bonds, it is stated.
funding bonds recently Authorized by State Legislature (V. 98, p.
EUGENE, Lane County, Ore.-BOND OFFERING.-Proposals will
1406).
Denom. $250, $500 or $1,000 to suit purchaser. Date May 1
1914. Int. be received until June 8 by R. S. Bryson, it is stated, for the $25,000 6%
M.& N. Due $5,000 yearly, subject to call after 5 years. Cert. check,
armory bonds voted during April (V. 98, p. 540). Cert. check for $500
cash or bank draft, for 23,6% of bonds bid for required. Bonds to be de- required.
livered and paid for within 10 days from date of sale. These bonds were
advertised to be sold on May 12 but an error was discovered after the
FAIRFIELD TOWNSHIP(P. 0. Columbiana), Columbiana County,
bids
had been opened and all bids were thrown out.
Ohio.-BOND SALE.-On April 27 the $25,000 5% road bonds (V. 98.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-BOND OFFER- p. 1103) were awarded to the Brighton German Bank of Cin. at 100.84.
ING.-Proposals will be received until 11 a. in. June 3 by E. G. Krause, Denom.$500. Int. J & J. Due $2,500 yearly Jan.from 1916 to 1925 incl.
Clerk Board of County Commissioners, for $650,000 5% coupon BrooklynFALLON SCHOOL DISTRICT (P. 0. Fallon), Churchill County,
Brighton bridge bonds. Auth. election held Nov. 4. Denom. $1,000. Nev.-BOND
Date May!1914. Int. A.& 0. at office of County Treas. Due $15,000 April (V. 98, SALE.-It is stated that the $20,000 building bonds voted In
each six months from April 1 1920 to Oct. 1 1930 incl. and $16,000 each six at 102.11. P• 1335) have been awarded to Wm.E. Sweet & Co., Denver,
months from April 1 1931 to Oct. 1 1940 incl. Cert. check on a bank
than the one making the bid, for 1% of bonds bid for, payable to other
FAYETTEVILLE Lincoln County, Tenn.-BOND SALE.-On
Treas., required. Bids must be made on forms furnished by theCounty
above May 12 the $60,000'S% 10-20-year (opt.) coupon sower bonds (V. 98, p.
Clerk. Checks and bids must be unconditional. A complete
1335) were awarded to the First Say. Bank & Trust Co. of Nashville for
of all proceedings relative to the issuance of said bonds,together transcript
with form $60,388 (100.646) and int. Other bids were: Sutherlin, Gehde & Co.,
of bonds to be used and form of bid for said bonds can be had upon
Kansas City. Mo.. $60,050. All the remaining bidders offered par and int.
tion to said Board. These bonds are the unsold portion of an applicaH. C. Speer & Sons Co., Chicago.
issue of Spitzer, Rorick & Co., Toledo
$850.000. $200,000 of which was sold to C. E. Denison & Co. of Cleveland
Sidney Spitzer & Co., Toledo.
C. H. Coffin, Chicago.
on Dec. 27 (V. 98. p. 85.)
A. J. Hood & Co., Detroit.
Stacy & Braun, Cincinnati.
Stafford & Co., Chattanooga.
BOND SALE.-Dispatches state that the two issues of 57
° 6-year(aver.) T. M.
coupon Rockdale Road-Improvement bonds, offered on May
FEDERALSBURG, Caroline County, Md.-BONDS VOTED.-This
9 (V. 98,
p. 1.406), have been awarded as follows:
town on May 11 voted in favor of the issuance of street-improvement
$12,100 assessment bonds to Hayden, Miller & Co. of Cleveland
for bonds, it Is stated.
$12,443-equal to 102.834.
FENTRESS TOWNSHIP, Guilford County, No. Car.
60,002 County's portion bonds to Farson, Son & Co. of Chicago, for
ELEC"
TION.-According to newspaper dispatches an election will-BOND
$61,624-equal to 102.703.
be held June 9.
to submit to a vote the question of issuing $8,000 school bonds.
DALLAS COUNTY COMMON SCHOOL DISTRICT NO. 47,
Tex.
BOND ELECTION PROPOSED.-Reports state that petitions
FLATHEAD COUNTY (P. 0. Kalispell), Mont.-BOND
being
SALE.-On
circulated calling for an election to vote on the issuance of $12.000are
building May 4 the $100,000 10-20-year (opt.) refunding bonds, dated June 1 1914
bonds.
(V. 98, p. 1013), were awarded to the Northwestern Trust Co. of St.
at 102.01 and interest for 5s. Purchaser to print bonds. Other bids Paul
DALLAS COUNTY COMMON SCHOOL DISTRICT NO. 67, Tex.
were
- (all for 5% bonds):
BOND ELECTION PROPOSED.-Newspaper dispatches state that this district is circulating petitions asking for an election to vote on the proposi- C. H. Coffin
116101,981 and printing bonds. No
tion to issue $10,000 building bonds.
check accompanied bids, as
required.
DALLAS COUNTY SCHOOL DISTRICT NO. 66, Tex.-BONDS Wells & Dickey Co., Minneapolis
$101,650, int. and printing bonds.
PROPOSED.-Local newspaper reports state that this district is
contemSpitzer
Co.,
Toledo
Sidney
&
$101,540 and interest.
plating the issuance of $15,000 building bonds.
Farson. Son & Co., Chicago
$101,530.
DALY CITY, San Mateo County, Calif.-BOND SALE.-On May 8 Cont.& Comm.Tr.& S. Bk.,Chic_ $101,535 28, int. and printing bonds.
the $90,000 5Y6% 1-24-year (ser.) water-works bonds offered without
$100,765, Int. & printing bonds, int.
success on Feb. 9(V. 98, p. 706) were purchased, it is stated, by the
Ferris
& Hardgrove, Spokane
1
& prin, payable in Kalispell
State
Board of Control. The purchase was made for the benefit of the State
$101,135, in & printing bonds, int.
Insurance Fund.
& prin. payable in N. Y.
Minnesota
Loan & Trust Co., Minn.-3101,125, int, and printing bonds.
DAVENPORT, Scott County, Iowa.-BONDS PROPOSED.-Newspaper dispatches state that this city is contemplating the issuance of Union Trust & Say. Bank, Spokane_ _$101,010 and interest.
Emery, Peck & Rockwood, Chicago__$100,419, int. and printing bonds.
$25.000 street-grading bonds.
State Land Board. Helena
Par.
MAY 16 19144
THE CHRONICLE
FLORA Madison County, Miss.-BOND OFFERING.-Proposals I
will be received until 12 m.June 1 by W.L. Ross, Town Clerk, for $ 0,000
6% coupon tax-free water and light bonds. Denom. $500. Date June 1
1014. Int. annual in June at Bank of Flora, Flora. Due $500 yearly on
June 1 from 1915 to 1934 incl. Cert. check for $500, payable to City Clerk,
required. Bonded debt $4,200. No floating debt. Assess. val. $325,000.
FORD VILLAGE (P.O. Detroit), Wayne County, Mich.-BONDS
VOTED.-The question of issuing $16,000 30-yr. water-ext. bonds carried,
reports state, at the election held May 12. Denom. $1,000.
FREMONT, Sandusky County, Ohio.-BOND OFFERING.-Proposals will be received until 2 p. In. June 2 by R. J. Fischer, City Aud., for
314,000 5% Pine St.-improvement (assess. and city's portion) bonds.
Denom. (20) $500,(20) $200. Date April 1 1914. Int. A. & 0. at office
of Sinking Fund Trustees. Due $700 each six months from April 1 1916 to
Oct. 1 1925 incl. Cert. check for $200, payable to City Treas., required.
Bonds to be delivered and paid for within 10 days from time of award.
Proposals will also be received until the above date by the City Auditor
for $642 04 5% Austin St. sewer-construction bonds. Denom.(1) $102 04,
(9) $60. Date April 11914. Int. A. & 0. at office of Sinking Fund Trustees. Due $60 yearly on April 1 from 1915 to 1923 incl. and $102 04
April 1 1924. Cert. check on a Fremont bank for $100, payable to City
Treas., required. Bonds to be delivered and paid for within 10 days from
time of award. Purchaser to pay accrued interest.
FULTON COUNTY (P. 0. Rochester), Ind.-BOND OFFERING.
Proposals will be received until 3 p. m. May 23 by L. E. Downey, County
Treas., for $5,360 4%% coup. Daniel Young et al. highway impt. bonds.
Denom. $268. Date Jan. 1. 1914. Int. M. & N. Due $268 each six
months from May 15 1915 to Nov. 15 1924 incl.
GALLIPOLIS, Gallia County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. May 22, it is stated, by 0. C. IngeLs, City
Auditor, for $20,000 7-year (average) street-improvement bonds.
GIBSON COUNTY (P. 0. Princeton), Ind.-BOND OFFERING.
Proposals will be received until 3 p. m. May 20 by Milton Cushman
County Treasurer, for $35,000 4%% Victor Lemme et al highway-impt.
bonds. Denom. $875. Date May 15 1914. Int. M,& N. Due $875
each six months from May 15 1915 to Nov. 15 1924, inclusive.
GOGEBIC COUNTY (P. 0. Bessemer), Mich.-BONDS VOTED.Reports state that this county recently voted $65,000 court-house bonds.
GREAT SCOTT TOWNSHIP (P. 0. Buhl), St. Louis County, Minn.
-BOND OFFERING.-Reports state that bids will be received until 8
p. m. May 23 by H. C. Miller, Twp. Clerk, for $50,000 ,67 14%-year
(aver.) road and bridge bonds. Int. semi-ann. Cert. check° for $1,000
required.
GREENSBORO, Guilford County, No. Caro.-BOND ELECTION.An election will be held July 21 to vote on the question of Issuing $1,00,000
5% 30-year coup. street-impt. bonds. Denom. $1,000. Int. semi-ann.
at office of City Treas.
GREENSPRING SCHOOL DISTRICT (P. 0. Greenspring), Seneca
County, Ohio.-BOND ELECTION.-An election will be held May 20,
it is reported, to vote on the question of issuing $7,200 school-impt. bonds.
GREENVILLE, Pitt County, No. Caro.-BOND OFFERING.-Proposals will be received until June 4 by J. B. James, Mayor, for $25,000
5% 30-year coupon improvement bonds. Denom. not less than $100 nor
more than $1,000. Interest semi-annual.
GREENVILLE SCHOOL DISTRICT (P. 0. Greenville), Washington County, Miss.-BONDS PROPOSED.-Reports state that this district is contemplating the issuance of $50,000 building and equipment bonds.
GUERNSEY COUNTY (P. 0. Cambridge), Ohio.-BOND OFFERING.-Proposals will be received until 11 a. m. June 6(time extended from
May 25) by T. 0. White, County Auditor, for $8,000 5% road bonds
(V. 98, p. 1407). Denom. $500. Date May 28 1914. Int. M. &
Due $2,000 in 2, 3, 4 and 5 years. Certified check for $300, payable to
County Treas., required. Bonds to be delivered and paid for within 10
days from time of award. Purchaser to pay accrued int.
GUSTINE UNION HIGH SCHOOL DISTRICT, Merced County,
Cal.-BOND SALE.-On May 5 the $36,000 5)% gold building and
equipment bonds (V. 98, p. 1336) were awarded to Torrance, Marshall &
Co. of San Francisco for $36,591 (101.641) and interest. Other bids were:
Hanchett Bond Co., Ch_*$36,817 001Jas. N. Wright & Co., Denv_$36,216
G.G.Blymyer&Co ,SanF. 36,527 751
* Certified check not sufficient.
GUTHRIE CENTER SCHOOL DISTRICT (P. 0. Guthrie Center),
Guthrie County, Iowa.-BONDS VOTED.-The question of issuing
$35,000 high-school-construction bonds carried, reports state, by a vote
of 368 to 105 at an election held May 1.
GUYTON SCHOOL DISTRICT (P. 0. Guyton), Effingham County,
Ga.-BOND ELECTION.-Reports state that an election will be held
June 6 to vote on the question of issuing 812,000 bldg. bonds.
HAMILTON, Butler County, Ohio.-BOND SALE.-The following
bids were received for the seven issues of bonds offered on May 12 (V. 98,
p. 1336):
First National Bank, Hamilton-Par and accrued int. for $25,249 90
4%% Walnut St. improvement bonds.
C. E. Denison & Co., Cleveland-For $10,000 43% water bonds-Premium $18 80.
First National Bank, Hamilton, for $10,000 43,6% water bonds-Par and
accrued interest.
The A. Wirtz Transfer Co., Hamilton-Premium $25 on $7,774 20 Kahn
Ave. improvement bonds.
Ohio National Bank, Columbus,bid premium of $36 on $10,000 4%%
water bonds and premium of $133 and accrued int. on the following
issues: $7,774 20 Kahn Ave. bonds,$4,442 00 Cleveland Ave., $2,361 20
Vino Ave. and $782 Beckett St.
Seasongood & Mayer, Cincinnati, bid for the entire issues, aggregating
$57,523 30, a premium of $2 and par and accrued int. to date of delivery.
HANCOCK COUNTY (P. 0. Greenfield), Ind.-BOND OFFERING.
-Reports state that bids will be received until May 19 by Allen F.Cooper,
County Treas., for $23,000 4%% road-impt. bonds. Due part each six
months for 10 years.
HARDIN COUNTY (P.O. Savannah), Tenn.-BOND ELECTION.
-Reports state that an election will be held June 20, to vote on the question of issuing $240,000 Nashville Savannah Corinth RR. aid-construction bonds.
HARRISBURG, Pa.-BOND SALE.-On April 20 the $140,000 4%
8-year (average) coupon city bonds, Series "A" to "J," inclusive (V. 98
p. 1260), were awarded to the Merchants' National Bank, First National
Bank and the Harrisburg Trust Co., all of Harrisburg, at 100.107.
HARRISON SCHOOL TOWNSHIP (P. 0. Terre Haute), Vigo
County, Ind.-BOND OFFERING.-Proposals will be received until
1 p.m. May 25 by Geo. Weldele Jr., Twp. Trustee, for 314,000 4%%
Rankin schoolimpt. bonds. Denom.$500. Due $1,000 yearly from 1 to 14
years incl.
HAYWOOD COUNTY (P. 0. Brownsville), Tenn.-BOND SALE.On April 8 the $121,700 2-20-year (serial) taxable refunding railroad bonds
(V. 98, p. 1104) were awarded to Powell, Garard & Co. of Chicago for
$122,600 (100.739) and blank bonds as 5s.
HEATH SCHOOL DISTRICT (P. 0. Heath), Fergus County,
Mont.-BOND ELECTION.-An election will be held May 19, it is
stated, to submit to the voters the question of issuing $6,500 building
and improvement bonds.
HERTFORD, Perquimans County, No. Caro.-BONDS VOTED.The questions of issuing $17,000 water-works, $12,000 lighting-plant. $13,000 sewer-system and $8,000 street-Impt. bonds carried, it is stated, at
the election held May 6 by a vote of 109 to 10.
HIGHLAND PARK SCHOOL DISTRICT (P. 0. Highland Park),
Wayne County, Mich.-BONDS VOTED.-This district at a recent
election voted in favor of the issuance of $250,000 school bonds, it is stated.
HILLSBORO COUNTY SCHOOL DISTRICTS, Fla.-BOND ELEC.
TION.-An election will be held June 9, reports state, to vote on the questions of issuing $225,000 refunding Tampa Dist., $3,000 Seffner Dist.
bldg. and $1,500 bldg. dist. No.7 bonds.
HOLLEY, Orleans-County, N. Y.-BOND OFFERING.-Proposals
will be received until 8 . m. May 18 by E.A. Cooley, Village Clerk for
870,000 coupon or registered sewer-system and sewage-disposal-works-
1553
construction bonds at not exceeding 5% interest. Date April 28 1914.
Int. F. & A. Due $2,800 yearly on Aug. 1 from 1919 to 1943, inclusive.
Certified check on a bank other,than the one making the bid.for $1,000,
payable to "Village of Holley,' required. Purchaser to furnish blank
bonds. Bonded debt, $21,500. Assessed value, about $1,000,000.
HOPEDALE SCHOOL DISTRICT (P. 0. Hopedale), Harrison
County, Ohio.-BOND SALE.-On May 9 the $10,000 5% coupon
building and equipment bonds (V. 98, p. 1476) were awarded to Otis &
Co. of Cleveland at 101.80 and interest. Other bids were:
People's Bkg. Co.,Coshoc.$10,130 00 Stacy & Braun, Toledo_ _$10,034 00
Sidney Spitzer & Co.,Tol_ 10,115 00 Spitzer, Rorick & Co.,Tol. 10,013 75
First Nat. Bank,Cleve.._ _ 10,119 60 New First Nat.Bk.,Col....*10,000 00
* And blank bonds.
HOWARD COUNTY (P. 0. Kokomo), Ind.-BOND SALE.---On
May 7 the fifteen issues of 43 % 6-year (average) gravel-road bonds
aggregating $145,960(V. 98, p. 1407), were awarded as follows:
$125,460 (11 issues) bonds to Gavin L. Payne & Co. of Indianapolis for
$126,498 70 (100.827) and interest.
8,640 (2 issues) bonds to J. F. Wild & Co. of Indianapolis for $8,681 31
(100.478) and interest.
11,860 (2 issues) bonds to the Fletcher-American National Bank of
Indianapolis for $11,930 39 (100.593) and interest.
HUDSON COUNTY (P. 0. Jersey City), N. J.-BOND SALE.-The
following bids were received for the $300,000 50-year park and $100,000
30-year asylum-extension 43 % coupon or registered bonds offered on
May 14 (V. 98, p. 1407):
Both
Rate
$300,000 $100,000
Issues.
Price.
Issue.
Issue.
Lincoln Trust Co., N.J
103.911
$311,733 $103,111
Harris, Forbes & Co.. N.Y
$412,772 103.193
Kean,Taylor & Co., N.Y
410,802 102.700
Outwater & Wells, Jersey City..
409,500 102.375
R. M. Grant & Co., N. Y
307,965
102.280
101,905
Hornblower & Weeks, N. Y
407,800 101.950
J. S. Rippel, Newark304,890
101,300
101,465
Both issues were awarded to Lincoln Trust Co. of New Jersey, at prices
named in bids, with accrued interest.
HUNT COUNTY (P. 0. Greenville), Tex.-BOND OFFERING..M.Henly, County Aud.,is offering for sale the $400,000 5% road bonds
voted Jan. 10 (V. 98, p. 1183). Denom. $1,000. Date Mar. 20 1914.
Due Mar. 20 1954, opt. 1-40, any year.
HUNTINGTON COUNTY (P. 0. Huntington), Ind.-BOND OFFERING.-Proposals will be received until 10 a. m. May 20 by Geo. W.
Gill, Co. Treas., for $8,730 4 % David H.Dollby, et al, highway-improvement bonds. Denom. $436 50. Date May 15 1914. Int. M. & N.
Due $436 50 each six months from May 15 1915 to Nov. 15 1924 incl.
HYDE PARK SCHOOL DISTRICT, Los Angeles County, Col.BOND OFFERING.-Proposals will be received until 2 p. m. May 18.
reports state, by the Clerk of the Bd. of Co. Sup. (P. 0. Los Angeles) for
$100,000 51.% bonds. Denom. $1,000. A similar issue of bonds was
offered on Feb. 16 (V. 98, P. 467)•
INDIAN CREEK SCHOOL TOWNSHIP (P. 0. Pulaski), Pulaski
County, Ind.-BOND SALE.-On May 7 the $13,000 4% 7%-year (aver.)
school-bldg. bonds(V.98, p. 1336) were awarded, it is stated, to J. F. Wild
& Co. of Indianapolis for 313.007-equal to 100.053.
INGRAM SCHOOL DISTRICT (P. 0. Pittsburgh), Allegheny
County, Pa.-BONDS VOTED.-The question of issuing the $115,000
bldg. bonds (V. 98, p. 1183) carried, it is reported, at the election held
May 2 by a vote of 175 to 145.
IRWIN, Westmoreland County, Pa.-BOND SALE.-On May 7
the $50,000 4.6070 coup. school tax-free bldg. bonds (V. 98. p. 1407) were
awarded to the First Nat. Bank of Irwin at 102.405.
ISRAEL TOWNSHIP SCHOOL DISTRICT (P. 0. Fair Haven),
Preble County, Ohio.-BOND SALE.-On May 7 the $7,000 5% 8-yr.
(aver.) coup. tax-free bldg. bonds (V. 98, p. 1407) were awarded to R. L.
Dollings & Co. of Hamilton at 101 and int.-a basis of about 4.85%.
Other bids were:
Weil, Roth & Co., Cm
..$7,037 50JCollege Corner Banking
Secur. S.B.&Tr.Co., Tol__ 7,010 001 Co., College Corner_
$7.001 20
JACKSON, Jackson County, Mich.-BOND OFFERING.-Proposals
will be received until 5 p. m. May 18 by Clifton II. Vedder, City Recorder,
for the following 434% bonds:
$28,729 paving bonds. Denom.(28)$1,000,(1)$729. Due June 15, 1937
10,000 water-ext. bonds. Denom. $1,000. Due June 15 1936.
6,000 sewer-ext. bonds. Denom. $1.000. Due June 15 1936.
22,500 Keeley park purchase bonds. Denom. (22) $1,000, (1) $500.
Due June 151927.
21,000 market and market impt. purchase bonds. Denom. $1,000.
Due June 15 1935.
Authority election held Apr. 6. Date June 15 1914. Int. J. & D.
Cert. check for $500, payable to "City of Jackson," required.
JANESVILLE, Rock County, Wis.-BONDS AUTHORIZED.-The
City Council has voted to issue $5,500 Douglas school-building-improvement bonds, it is stated.
JASPER COUNTY (P.O. Ridgeland), So. Caro.-BOND OFFERING.
Proposals will be received until 12 m. June 8 by W. J. Ellis, Clerk of
Circuit Court, for the $40,000 4% court-house and jail bonds voted May 5
(V. 98, p. 1336). Interest semi-annual. Due 40 years after July 11914,
subject to call after 20 years. Certified check on a national bank for $500,
payable to above Clerk, required.
JEFFERSON COUNTY (P. 0. Madison), Ind.-BOND OFFERING.
Proposals will be received until 1 p. m. May 25 by Edw. Jeffries, County
Treasurer, for $21.172 80 434% John Rothermal et al highway improvement bonds. Denom. $52932. Date May 15 1914. Int. M. & N.
Due $529 32 each six months from May 15 1915 to Nov. 15 1934, inclusive.
JEFFERSON COUNTY (P. 0. Beaumont), Tex.-BOND ELECTION.
-Reports state that an election will be held May 19 to submit to a vote the
question of issuing $175,060 wharf and dock bonds.
JEFFERSON SCHOOL TOWNSHIP (P. 0. Coal City), •avian
County, Ind.-BOND OFFERING.-Proposals will be received until
1 p. m. June 2 by Geo. P. Steiner. Twp. Trustee, for $10,000 43i 7, school
completion bonds. Denom.$400. Date June 1 1914. Int. J.& J. Due
$400 each six months from July 1 1915 to July 1 1927 incl. Cert. check on
an Indiana national bank for $500, payable to Twp.Trustee, required.
JENNINGS COUNTY (P. 0. Vernon), Ind.-BOND SALE.-On
May 12 the $6,150 434% 54-year (aver.) Jess Martin et al highway-impt.
bonds (V. 98, p. 1407) were awarded to the First Nat. Bank of Vernon for
$6,189 and int.--equal to 100.634. Other bids were:
J. F. Wild & Co., Ind'p's_ _36,188 00 I Breed,Eliliott&Harrson,Ind __$6,180
Fletcher-Am. N. Bk., Ind_ 6,187 75 I First Nat. Bk., Mt. Vernon-- 6,165
JOLIET, Ill.-BONDS DEFEATED.-The election held April 21
(V. 98, p. 1184) to vote on the questions of issuing the following 5%
coupon bonds resulted in defeat of the following propositions:
$85.000 judgment bonds. Due $4,000 yearly on May 1 from 1915 to 1929,
inclusive, and $5,000 yearly on May 1 from 1930 to 1934,inclusive.
60,500 water-works-equipment bonds. Due $3,000 yearly on May 1 from
1915 to 1933, inclusive, and $3,500 May 1 1934.
11,000 street-department-incinerator bonds. Due $500 yearly on Mayl
from 1915 to 1932, inclusive, and $1,000 on May 1 1933 and 1934.
13,500 fire-department-equipment bonds. Due $500 yearly on May 1
from 1915 to 1927, inclusive, and $1,000 yearly on May 1 from
1928 to 1934, inclusive.
Denom. $500. Date May 1 1914. Interest M.& N.
JTJNTURA SCHOOL DISTRICT (P. 0. Juntura), Malheur County,•
Ore.-BONDS VOTED.-At a recent election this district voted in favor
of the issuance of $10,000 bldg. bonds, it is stated.
KAHOKA, Clark County, Mo.-BOND ELECTION PROPOSED.
Reports state that an election will be held in the near future to vote on the
propositions to issue $11,000 electric-light-plant and $40,000 street-impt.
bonds.
KAUFMAN COUNYT(P.O. Kaufman),Tex.-BONDSVOTED.-The
question of issuing the $150,000 Crandall Justice Precinct No.8 road bonds
(V.98, p. 1014) carried, it is reported, at the election held Apr. 16.
KERMAN UNION HIGH SCHOOL DISTRICT (P. 0. Herman),
Fresno County, Cal.-BOND ELECTION.-An election will be held
Juno 6, reports state, to vote on the question of issuing $40,000 highschool-building bonds.
1554
THE CHRONICLE
%tot if:yin
KING COUNTY SCHOOL DISTRICT
3, Wash.-BOND
McEWEN, Humphreys County, Tenn.-BONDS VOTED.-At the
OFFERING.-Proposals will be received until 2 NO.
p. m.
26 by W. H. election held May 2, the question of issuing
Hanna, County Treasurer (P. 0. Seattle), for $15,000May
concrete sidewalks-construction
10-20-year (opt.) bonds carried, It is stated.
coupon construction and equipment bonds. Authority
election
held
McINTOSH SCHOOL DISTRICT, Glenn County, Cal.-BOND
April 18. Denom. $500. Interest (rate not to exceed 6%) annually at
office of County Treasurer, or at fiscal agency of State of Washington in SALE.-On May 5 an issue of 32.500 67
0 6-10-yr. site and bldg. bonds
New York. Certified check or draft for 17 of bonds bid for, payable to was awarded to the First Nat. Bank of Orland at 100.62. Denom. $500.
Date May 1 1914. Int. M. & N.
County Treasurer, required, except with bid from State
of Washington
Bonds to be ready for delivery June 15. Bonded debt, $1,1,000. OutMcLEAN COUNTY SCHOOL DISTRICT NO, 128, Ill.-BOND
standing warrants, $367. Assessed value, $1,812,140.
OFFERING.-Proposals will be received until June 1 by C. R. Stucky,
KINGSVILLE SCHOOL DISTRICT (P. 0. Kingsville), Nueces Clerk Bd. of Directors (P. 0. Danvers), for $12,700 5% school bonds.
inen
6om
ye.ars
(1.
) $700, (24) $500. Due $3,000 in 3, 4 and 5 yrs. and $3,700
County, Tex.-BONDS VOTED.-At an election held May 2 this dis- D
trict voted in favor of the issuance of $15,000 school bonds, it is
stated.
McLEAN SCHOOL DISTRICT (P. 0. McLean), Pierce County,
KINSTON, Lenoir County No. Caro.-BOND ELECTION.-ReNeb.-BONDS VOTED.-The question of issuing $10,000 bldg. bonds carports state that an election will'
be held June 23, to submit to a
question of issuing $100,000 street and electric-light impt. bonds. vote the ried, reports state, at the election recently held by a vote of 46 to 21.
MADISON COUNTY (P. 0. London), Ohio.-BOND SALE.-On
KNOX COUNTY (P. 0. Vincennes), Ind.-BOND OFFERING.
- May 11 the $4,500 5% 3-yr.
(aver.) coup. Beaver joint county road-impt.
Proposals will be received until 2 p. m. May 21 by W. E. Ruble, County
Treasurer, for $9,1:100 41,i% Geo. Arnoy et al highway-improvement bonds. bonds (v. 98, p. 1337) were awarded to the Madison Nat. Bank of LonDenom. $450. Date May 5 1914. Int. M. & N. Due $450 each six don for $4,533 (100.733) and int. Other bidders were:
Ohio Nat. Bank, Colum_$4,531 85ISeasongold & Mayer, Cin_34,502 00
months from May 15 1915 to Nov. 15 1924, inclusive.
MAHONING COUNTY(P.O. Youngstown), Ohio.-BOND SALE.
LAKE TOWNSHIP (P. 0. Lake Village), Newton County, Ind.On
May 13 the $25.000 41•6% 6-year (aver.) road-impt. and $40,000 4 %
BOND OFFERING.-Bids will be received until 10 a. m. May 30 by B. F.
Davis, Township Trustee, for $8,298 50 5% school-house bonds, it is 8-year (aver.) joint county tuberculosis-hospital (county's share) bonds
(V• 98. p. 1477) and $18,000 18-year bridge bonds were awarded,it is stated,
reported.
to the Ohio Nat. Bank of Columbus for 386,271-equal to 103.94.
LANSING, Ingham County, Mich.-BOND SALE.-An issue of
MANHATTAN BEACH (P. 0. Manhattan), Los Angeles County,
sewer
was
bonds
sold
$25.000 5%
over the counter to local investors on Cal.
-BOND ELECTION PROPOSED.-Reports state that an election
April 20. Denom. $100. Date May 15 1914. Int. M. & N.
to vote on the question of issuing $85,000 municipal pier-constr. bonds is
LAS CRUCES, Dona Ana County, N. Mex.-BONDS PROPOSED- being contemplated by this place.
Reports state that this town is contemplating the issuance of water-plant
MANITOWOC, Manitowoc County, Wis.-BOND SALE.-We learn
and sewer-system-completion bonds.
that the $150,000 4 % 1-20-yr. (serial) bonds for the purchase of the
LATTA SCHOOL DISTRICT (P. 0. Latta), Dillon County, So. plant of the Manitowoc
Electric Light Co. have been sold. The bond
Caro.-BONDS VOTED.-This district on May 5 voted 63 to 19 in favor issue, of which $146,000
is now outstanding. $4,000 having been
of the issuance of $15,000 additional school bldg. bonds, it is stated.
redeemed, was offered for sale last December (V. 97, p. 1764).
LAVACA COUNTY (P. 0. Hallettsville), Tex.-BONDS PROPOSED.
MAPLE LAWN CONSOLIDATED SCHOOL DISTRICT, Tex.-This county is contemplating the issuance of $150,000 Precinct No. 1 BOND ELECTION PROPOSED.-A Dallas newspaper states that a petition
Is being circulated in this district calling for an election to vote on the
road bonds, it is stated.
proposition to issue $10,000 building bonds.
LAWRENCE COUNTY (P. 0. Ironton), Ohio.-BOND SALE.
On May 6 the $10.000 5% 10-yr. taxable coup. highway-constr. bonds
MARION COUNTY SPECIAL
SCHOOL DISTRICT NO. 1,
(V. 98, p. 1337) were awarded to Fields, Richards & Co. of Cincinnati at Fla.-BOND SALE.-The $75,000 TAX
5% 20-year school bonds offered on
April 8(V.98, p.944) have been awarded
103.85 and int.-a basis of about 4.50%. Other bids were:
Well. Roth & Co. of Cincinnati
to
Well, Roth & Co., Ctn.._ _$10,381 00 Prov. S. B.& Tr•Co.,C1n_310 287 00 at $75,001. Date May 1 1914. Interest annually
on May 1.
Tillotson & WolcottCo.,C1. 10,322 00 Seasongood & Mayer,Cin. 10,280
MART, McLennan County, Tex.-BOND OFFERING.-Proposals will
00
Ohio Nat. Bank, Colum_ 10,315 00 Sidney Spitzer & Co.. Tol_ 10,175
be received until May 20 by E. M. Mann. Finance Commissioner, for
00
Stacy & Braun, Toledo_ _ _ 10.314 00 Bolger, Mosser & Willa$30,000 5% 20-40-year (opt.)street-improvement bonds. Denom.,$1,000
Spitzer. Rorick&Co., Tol_ 10.311 50
man, Chicago
10,160 00 Date Jan. 11914. Interest annually in Mart, Austin or at Hanover Nat.
LEAVENWORTH, Lea7enworth County, Kan.-BONDS AUTHOR- Bank, N. Y. Certified check for $300 required.
IZED.-An ordinance was passed May 5 providing for the issuance of
MAXTON, Robeson County, No. Caro.-BONDS VOTED.-At an
S320,200 coupon refunding bonds at not exceeding 57
0 interest. Denom. election held May 4 this town voted in favor of the issuance of $20,000
$100, $500 and $1,000. Date July 1 1914. Int. J. & J. at the fiscal refunding and improvement bonds,
it is stated.
agency of the State of Kansas at Topeka. Due $16,000 yearly on July 1
MELROSE, Mass.-BOND SALE.-On May 15 the following three issues
from 1915 to 1933, inclusive, and $16,200 on July 11934.
of 4% coupon tax-froe bonds were awarded to Merrill, Oldham & Co., it is
LENOIR COUNTY (P. 0. Kinston), No. Caro.-BONDS PROPOSED. stated, at 102.219:
-According to local newspaper reports, this county is contemplating
the $10,000 sewerage loan bonds. Denom. $500. Duo $500 yearly May 1
issuance of $100,000 road bonds.
from 1915 to 1934, inclusive.
10,000 water loan bonds. Denom. $1,000. Due $1,000 yearly May 1
LIBERTY SCHOOL TOWNSHIP, Hendricks County, Ind.-BOND
from 1915 to 1924, inclusive.
OFFERING.-Reports state that proposals will be received until 10 a. m.
10,000 surface-drainage loan bonds. Denom. $500. Due $500 yearly
May 29 by C. E. Shields, Township Trustee (P. 0. care Clayton State
May 1 from 1915 to 1034, inclusive.
Bank, Clayton), for $20,000 4% school bonds.
Date May 11914. Int. M.& N.at the Second National Bank of Boston.
LEIPSIC, Putnum County, Ohio.-BONDS NOT SOLD-TO BE
MERIDEN, Conn.-BOND OFFERING.-Proposals will be received
SOLD AT PRIVATE SALE.-No sale was made of the $2.576 28 570
Frye Ditch improvement bonds offered on May 9. The issue will be sold until 4 p. m. May 27 by John G. Nagel, Town Treasurer, for
$225,000
at private sale. Denom. (5) $500, (1) $76 28. Date March 1 1914. Int.
% gold coupon high-school bonds. Denom.$1,000. Date MaY 11914.
M. & S. Due part yearly March 1 from 1916 to 1921, inclusive.
Int. M. & N, at Fourth National Bank, N. Y. Duo $25,000 yearly on
LINCOLN COUNTY SCHOOL DISTRICT NO. 122, Wash.-BOND
OFFERING.-Proposals will be received until 1 p. m. May 23 by A. G. May 1 from 1936 to 1914, inclusive. Certified check on an incorporated
Mitchum, County Treasurer (P. 0. Davenport), for $1,500 2-15-year bank or trust company for 2% of bonds bid for, payable to Town Treasurer,
Opt.) gold coupon tax-free building bonds at not exceeding 6% interest. required. Purchaser to pay accrued interest. Bids must be made on
Denom. $250. Date June 1 1914. Interest an.nuailly on June 1 at office forms furnished
by the Town Treasurer. Official circular states that there
of County Treasurer. No deposit required. NO bonded or floating debt.
Is no con trovery or litigation pending or threatened affecting the corporate
Assessed valuation. $175,530.
LINCOLN SCHOOL DISTRICT (P. 0. Lincoln), Lincoln County, existonce or the boundaries of said municipality, or the title of its present
'Kan.-BONDS DBFEATED.-The proposition to issue the $20,000 officials to their respective offices, or the validity of its bonds, and no debuilding bonds (V. 98, p. 1337) failed to carry, it is stated, at the election fault has ever bean made in the payment of any obligation. Total net
held May 5 by a vote of 126 "for" to 417 "against.
debt (including this issue), $606,915; floating debt, $204,662. Assessed
LONG BEACH, Los Angeles County, Cal.-BONDS NOT SOLD.
- valuation 1913, 323,621.042.
No bids were received on May 1 for the three issues of 5% gold coupon
The official notice of this bond offering will be found among the advertisebonds aggregating $125,000, offered on that day (V. 98, p. 1260)•
LOS ANGELES, Los Angeles County, Cal.-POWER BONDS ments elsewhere in this Department.
MIAMI COUNTY (P. 0. Peru), Ind.-BOND SALE.-On May 6 the
VOTED.-The proposition to issue the $6,500,000 power bonds, $1,250,000
for the completion of power project works now under construction and $6,750 434% 534-year (aver.) gravel-road bonds (V. 98, p. 1408) were
$5.250,000 for the "construction or acquisition" of a distributing system, awarded, it Is stated, to J. F. Wild & Co. of Indianapolis for 36,795 50, or
carried at the election held May 8 (V. 98, p. 1337). The vote is reported 100.673.
as 56.199 to 23,179, or 3,281 in excess of the required two-thirds majority.
MIAMI COUNTY (P. 0. Troy), Ohio.-BOND SALE.-On May 8 the
A similar proposition was submitted to the voters on April 15
but it $5,000 5% 3-year (aver.) Lindsay Road improvement assessment bonds
failed to carry the vote at that time, being 31,045 "for" to 21,2491913,
"against,' (V. 98, p. 1337( were awarded to the First Nat. Bank of West Milton at
3,827 less than the two-thirds majority (V. 96, p. 1246)•
100.53-a basis of about 4.80%. Other bids were:
LOTTDON TOWNSHIP (P. 0. Fostoria), Seneqp, County, Ohio.- Tillotson & 1Volc. Co.,Clev.$5,017 001Piqua Nat. Bank, Piqua_ _ _$5,006
Ohio Nat. Bk., Columbus_ 5.016 25,
BOND OFFERING.-Proposals will be received until 12.m.to-day(May
16)
by John Drietzler, Clerk of Township Trustees, for $12,000
MIDDLETO'WN, Butler County, Ohio.-BOND OFFERING.-Procoupon
road-improvement bonds. Deno& $500. Date March 1 • 5%
1915. Int. posals will be received until 12 m. June 11 by Louis T. Nein, City Aud., for
M.& S. Due $500 each six months from March 1 1915 to Sept.
11926, the following 5% assessment bonds •
inclusive. Certified check for 1,0% of bonds bid for, payable to Township
$7,337 51 sidewalk, curb and gutter bonds. Denom. (10) 3500, (10)
Treasurer, required. Bonds to be delivered and paid for
$233 75. Due $733 75 yearly on Jan. 1 from 1915 to 1924 incl.
from time of award. Purchaser to pay accrued interest. within 10 days
4,338 91 Michigan Ave. sidewalk, curb and gutter bonds. Denom.
LOUISVILLE, Stark County, Ohio.-BOND OFFERING.-Reoorts
3433 89. Due $433 89 yearly on Jan. 1 from 1915 to 1924 incl.
state that bids will be received until 12 m. June 8 by L. J. De Vaux,
Jan. 11914. Int. J. & J. at Nat. Park Bank, N. Y. Cert. check
illage forDate
Clerk. for 317.750 5% 6-year street-improvement bonds. Interest semi$500 required. Bonds to be delivered and paid for within 10 days from
time of award. Purchaser to pay accrued interest.
annual. Certified check for 10% required.
LOWELL, Mass.-BOND SALE.-On May 14 the following 4%
MILLERSBURG, Holmes County, Ohio.-BONDS NOT SOLD.-No
tax- bids were received
free bonds were awarded to E. M. Farnsworth & Co. of Boston at 101.38:
for the $14,000 434% 6-year (aver.) coupon South
$50,000 coup sewer bonds. Denom. $500 and $1,000. Due $2,500 yrly. Washington St.-improvement bonds offered on May 11 (V. 98, p. 1477.)
on May 1 from 1915 to 1934 incl.
MILTON SCHOOL DISTRICT (P. 0. Milton), Northumberland
138,000 coup. or reg. highway bonds. Denom. $600 and $1,000. Due County, Pa.-BONDS TO BE OFFERED SHORT!.Y.-This
district will
$17,600 yrly. on May 1 from 1915 to 1919 incl. and $10,000 yrly. shortly offer for sale $50,000
434% coup. bldg. bonds. Denom.$500.
on May 1 from 1920 to 1924 incl.
Bonded debt, $47,000; no floating debt. Chas. W. Mack is Sec. of Board
Other bidders were.
of Education.
Millett, Roe & Hagen, N.Y_101.32 Curtis & Sanger, Boston.
MINNEAPOLIS, Minn.-CERTIFICATE SALE.-On May 14 the two
Old Colony Trust Co., Bos- -101.289 Merrill, Oldham & Co., _ -101.02
Bos_100.859 Issues of certificates of indebtedness, aggregating $198,142
Adams & Co., Boston
70 (V. 98, n.
101.21 N. W. Harris Sz Co., Boston 100.67
1408)
were awarded to R. M. Grant & Co. of Now York at $199,442 70,
Blodget & Co., Boston
101.154 Perry, Coffin SG Burr, Ms...100.53
for 434s.
R. L. Day Sc Co.. Boston._ _101.099
Date May 1 1914. Int. M.& N. at First Nat. Bank, Boston.
MINNESOTA -BOND SALES.-During the month of April the followLOWER MERION TOWNSHIP SCHOOL DISTRICT (P. 0. Ard- ing twenty-three issues of 4% bonds, aggregating $322,900, were purchased
by the State of Minnesota at par:
more), Montgomery County, Pa.-BOND SALE.-On May 13 the
$90,- Amount.
Place Issuing Bonds.
Purpose.
000 454% school bonds (V. 98. p. 1476) were awarded to Montgomery,
$5,500 A 1
Township, Pi
County
Clothier & Tyler of Phila. at 102.3719 and int.
Municipal Aprp
.a7
te1914
29,100 Anoka County Co. Ditch Dist. No. 1_ __ Ditch
do
Other bidders were:
4,400 Becker County Sch. Dist. No.96
School
do
Harper & Turner andljointf 102.021 Reilly, Brock & Co.
15,000
Big Stone County Ditch Dist. No. 8___ - Ditch
101.219
do
Martin & Co
j bid 1
Frazier Sr Co
600 Carlton County School Dist. No. 26_
101.122
do
Wurts, Dulles & Co
101.964 Chandler & Co
16.000 Chippewa County Ind. S. D. No. 1_ _ _ _ School
School
Apr.21
1914
Townsend Whelen & Co_ _ _101.9157 Merch. Un. TrustCofnt 100.92
10,000 Crow Wing Co. Cons. S. D. No.
School
Apr. 7 1914
Graham & Co
101.91
19,000 Dodge County Ind. Sch. Dist. No. 8_
and Newburger,
bid 100.90
do
Henry & West
101.665
Henderson&Loeb _
65.000 Faribault County Co. Ditch No. 14_ _ __ __ School
Ditch
do
Brown Brothers & Co
101.639 Perry B. Strassburger
2.000 Hastings, Dakota
100.7611
Municipal
do
Wm. I'. Bonbright Co-....1O1.62
Harris, Forbes & Co
10,000 Hubbard County County
Sch. Dist. No.
100.691
School
do
Carstairs SG Brown
101.36
5.
Edward V. Kano & Co
00
County
Lesueur
Ind. S. D. No. 1
100.37
School
do
6.000 Lismore, Nobles County
Girard Trust Co
100
do
13,000 Martin County Co. Ditch Dist. No. 29._Municipal
McALESTER, Pittsburg County, Okla.-BIDS.-The following
do
22,000 Martin County Jud. Ditch Dist. No.20._ Ditch
the other bids received for the 330.000 5% 25-Year park bonds awarded are
do
Ditch
on
5,000 Martin County Ind. Sch. Dist. No.
May 2 to Sutherlin, Gehde & Co. of Kansas City, Mo., at par and interest,
do
School
12,000 Newport Township, Washington Co_30._Municipil
less $1,500 for attorney's fees, &c.(V. 98, p. 1477):
do
52.000 Nobles County Co. Ditch Dist. No. 10._ Ditch
Sidney Spitzer & Co., Toledo. $30,162, conditional.
do
2,800 Ottertail County Ind. S. D. No. 106......, School
G. I. Gilbert, Oklahoma City
do
$2,000 discount 10.000
A. J. McMahon. Oklahoma City
County Co. Ditch Dist. No. 87.,.. Ditch
do
2.350 discouna 12.000 Polk
Rice
Oklahoma
Edwards,
County
R. J.
School District No. 1
City
School
Apr. 16 1914
2,250 discount
500 Roseau County School District No. 101_ School
Geo. W.& J. E. Piersol, Oklahoma City
do
2,497 discoun
5,000 Spaulding Township, Aitkin County..- _Municipal
t
do
MAY 16 19141
THE CHRONICLE
1555
NORTHAMPTON HEIGHTS (P. 0. South Bethlehem), NorthampMOLALLA SCHOOL DISTRICT (P. 0. Molalla), Clackamas
Pa.-BOND SALE.-On April 13 the $30,000 4%% 15-30County, Ore.-BONDS VTOED.-This district on May 2 voted in favor ton County,
year
(opt.) coup, tax-free street-impt. bonds (V. 98, p. 1185) were awarded
stated.
is
it
bonds,
bldg.
school
of the is.suance of $14,000
to Montgomery, Clothier & Tyler of Phila. at 101.14 and int.-a basis of
MOLINE, Rock County, Ills.-BOND OFFERING.-Proposals will be about 4.395%.
received until 12 m. May 22 by C. V. Johnson, Commissioner of Accounts
NORTH DAKOTA.-BONDS PURCHASED BY STATE.-During
and Finance, for the $34,500 4%% gold coup. fire-dept.-equip.-purchase April
the State of North Dakota purchased the following 16 issues of 4%
bonds voted Apr. 21 (V. 98, p. 1408). Denom. $500. Date July 11914.
bonds
aggregating $72,120 at par:
1926
Int. J. & J. in Moline. Due $3,000 yearly on July 1 from 1916 to
Due.
Date.
Place issuing Bonds- Amount. Purpose.
incl. and 81,500 July 1 1927. Cert. check for $2,500, payable to above
Co. S. D. No. 17_ _ $340 Refunding Mar. 24 1914 Mar. 24 1924
Adams
by
approved
been
has
issue
The
of
legality
this
required.
Commissioner,
do
do
do
430
S.
_
Adams
Co.
D.
22_
No.
upon
Wood & Oakley of Chicago, a copy of whose opinion will be furnished
Mar. 24 1934
do
application to above Commissioner. Bonded debt (not incl. this issue), Benson Co. S. D. No. 9._ _ _18,000 Building
Mar.
24 1929
do
do
S.
Burke
Co.
D.
5,500
_
No.
_
10_
$6,937,852.
val.,
debt.
Assessed
floating
$292.000. No
Mar. 24 1924
do
Cass Co. S. D. No. 23_ _ _ _ 1,500
do
MONROE COUNTY (P. 0. Bloomington), Ind.-BOND OFFERING. Eddy Co. S. D.No. 17_ _ _ _ 4,000
do
do
do
Co.
D.
J.
Hensley,
-Proposals will be received until 2 p. m. May 23 by
April 6 1914 April 6 1934
do
Kidder Co. S. D. No. 11_
_ 2,200
Treas., for $2,600 4%% highway-impt. bonds, it is stated, Due part each Kidder Co. S. D. No. 24.._ 1,000
Mar. 24 1914 Mar. 24 1934
do
six months for 10 years.
do
do
do
Kidder Co. S. D. No. 20-- 3,500
April 10 1914 April 10 1934
7,500 City hall
MONTEVALLO, Shelby County, Ala.-BOND OFFERING.-J. M. Lakota (city)
April 6 1914 April 6 1924
Reynolds, Mayor, is offering for sale an issue of $6.000 5% 20-year school McLean Co. S. D. No. 10_ 1,000 Building
April 20 1914 April 20 1934
Milner School District _ _ _ _ 9,000
do
bonds. Interest semi-annual.
April 6 1914 April 6 1934
Co. S. D. No.33_ _ 1,000
do
MONTICELLO SCHOOL DISTRICT (P. 0. Monticello), Drew Morton
Mar. 24 1914 Mar. 24 1934
Co. S. D.No.23_ _ _ _ 1,500 Funding
County, Ark.-BONDS PROPOSED.-Reports state that this district is Stark
April 6 1914 April 6 1934
Stark Co. S. D.No. 13_
15,000 Building
preparing to float $30.000 building bonds.
April 6 1924
Walsh Co. S. D. No. 102_
650 Fundingdo
MOREAU (P. 0. South Glens Falls), Saratoga County, N. Y.Henrico County, Va.NORTH
0.
Richmond),
(P.
RICHMOND
were
bonds
BOND SALE.-On May 4 $68,000 57o 15-year (aver.) bridge
election will
an
ELECTION.-A Richmond newspaper states that
awarded to Isaac W. Sherrill Co. of Poughkeepsie at 107.92-a basis of BOND
be held in this town on May29 to vote on the proposition to issue $85,000
about 4.2870. Denom. $1,000. Date Sept. 11913. Int. M.& S. Due permanent
bonds.
improvement
$2,000 yearly Sept. 1 from 1916 to 1919 incl. and $3,000 yearly Sept. If rom
OAKDALE, Allegheny County, Pa.-BOND OFFERING.-Pronosals
1920 to 1939 inclusive.
until 7:30 p. m. May 18 by J. C. Keenan. Borough Clerk,
MORGAN COUNTY (P. 0. Martinsville), Ind.-BOND OFFERING. will be received water-works
and sewerage bonds. Dcnom. $1,000. Date
$45,000 5%
-Proposals will be received until 12 m. May 22 by W. W. Rosenbalm, for
J. & J. at First National Bank, Oakdale. Due every
Int.
1
Jan.
1914.
DeCo. Treas., for $4,900 4I% I. G. Tomlinson macadam road bonds.
five years from 1919 to 1939,
and in 1943. Certified check for
nom. $245. Int. M. & N. Due $245 each six months from May 15 1915 $500, payable to "Borough of inclusive,
Oakdale," required. Bonded debt, $9,000:
to Nov. 15 1924 incl.
floating debt. Assessed value, $891,550.
no
MORGANTOWN INDEPENDENT SCHOOL DISTRICT (P. 0.
OAKLAND, Calif.-BOND ELECTION.-Local papers state that an
Morgantown), Monongalia County, W. Va.-BOND ELECTION.
election will be held May 19 to vote on the questions of issuing 11500,000
On May 28 the question of issuing $150,000 site-purchase and construction municipal auditorium and $175,006 Clawson school re-building bonds.
vote,
a
it
to
stated.
submitted
is
bonds will be
ORA LOMA SCHOOL DISTRICT, Fresno County, Calif.-BOND
MT. PLEASANT TOWNSHIP SCHOOL DISTRICT (P.O. Hickory),
May 5 the $10,000 6'70 4-year (aver.) site-purchase, construcWashington County, Pa.-BOND SALE.-On May 9 $30,000 5% tax- SALE.-On
and equipment bonds (V. 98, p. 1409) were awarded to the First
free bldg. bonds were awarded to Warner & Fitzharris of Phila. Denom. tion
Fresno at 101.37 and int., reports state.
of
Bank
Nat.
Bank,
Nat.
Farmers'
the
at
D.
&
J.
Date
June 1914. Int.
$1,000.
ORANGE COUNTY (P. 0. Paoli), Ind.-BOND OFFERING.-ProHickory. Dtto on June 1 as follows: $2,000, 1919: $4,000, 1924 and 1929;
$6,000, 1934, and $7,000, 1939 and 1944; all are subject to call after posals will be received until 10 a. m. May 19 by J. W.McCullough,County
June 1 1929. Total bonded debt, this issue. Assess. val., $4,168,970; Treasurer, for $5,120 (denom. $256) and $3,200 (denom. $160) 431% taxreal val., $5,500,000. The purchasers are now offering the bonds to inves- free Paoli Twp. and Southeast Twp. road bonds, respectively. Interest
semi-annual. Due part each six months.
tors.
ORD, Valley County, Neb.-BONDS VOTED.-The City Clerk inMULLINS, Marion County, So. Caro.-BOND SALE.-On May 1
98,
sewerage
(V.
and
bonds
water-works
forms us that this city, at a recent election, voted in favor of the issuance of
the $60,000 5% 10-30-year (opt.)
p. 1185) were awarded to Sidney Spitzer & Co. of Toledo at par. Denom. $18.000 water and $5,000 electric-light bonds.
$1,000. Date May 11914. Int. M.& N.
ORLAND,Glenn County, Calif.-BONDS VOTED.-The question of
MUNCIE SCHOOL CITY (P. 0. Muncie), Delaware Couhty, Ind.- issuing the $15,000 sewer and water bonds (V. 98, p. 1262) carried, reports
have
given
of
School
Trustees
Board
notice
-The
state, at the election held May 5.
BONDS PROPOSED.
of their intention to issue approximately $258,000 25-yr. (ser.) bldg. bonds.
ORLANDO, Orange County, Fla.-BOND SALE.-On April 7 the
MYRTLE POINT, Coos County, Ore.-BONDS DEFEATED.-The $100,000 5% 30-year paving bonds (V. 98, p. 945) were awarded to the
question of issuing sower bonds failed to carry at the election recently held, People's National Bank of Orlando at 100.0125 and int. Denom. $500.
Date April 1 1914. Int. A. & o.
it is reported, by a vote of 39 "for" to 41 "against".
omicoss, Winnebago County, Wis.-BONDS PROPOSED.-An
NAPA, Napa County, Calif.-BONDS TO BE OFFERED SHORTLY.
for
Reports state that this city .will shortly offer for sale the $25,000 Napa ordinance was introduced in Council on May 9, it is stated, providing
% Eleventh Ward school-construction bonds.
River bridge, $10,000 No. Napa storm-sewers and $12,000 motor fire- the issuance of $50.000
D.
&
Due
J.
Int.
June
1914.
1
Date
3500.
(50)
$100.
(250)
1923.)
p.
Denom.
97.
1913
10
(V.
Dec
voted
equipment bonds
on June 1 from 1916 to 1925 inclusive.
NATRONA COUNTY SCHOOL DISTRICT NO. 2, Wyo.-BOND $5,000 yearly
PASADENA CITY SCHOOL DISTRICT, Los Angeles County, Calif.
OFFERING.-Proposals will be received until 7 p. m. Juno 6 by Wm.0.
bldg. bonds, eg:
Wilson, Dist. Clerk (P. 0. Casper). for $35,000 coup. school-house bonds -BOND SALE.-Reports state that the two issues of 5%
aTid 131;t945), have been sold to C. W
voted
at not exceeding 5% int. Denom. $1,750. Date July 1 1914. Int.
bi
t
e
a
F
from
o
1
CIOT
Po'
Jan.
$
&
on
0207L
yrly.
T3
tia
cirTe
Me
J. & J. at office of Co. or State Treas. Due $1,750
1916 to 1935 incl.
PECOS COUNTY (P. 0. Fort Stockton), Tex.-PRICE PAID FOR
NAVAJO COUNTY SCHOOL DISTRICTS (P. 0. Holbrook), Ariz. BONDS.-The price paid for the $85,000 6% 10-40-year (opt.) coup. road98.
-BOND SALES.-On May 4 the three issues of 6% school bonds (V. 98, improvement bonds awarded on April 27 to Ulen & Co. of Chicago (V.
p. 1478) was $85,575 (100.676) and int. The bonds are dated Feb.2,1914.
p. 1261) were awarded as follows:
PEMBROKE, Merrimack County, N. H.-BOND SALE.-Geo. A.
315,000 8-year (aver.) Sch. Dist. No. 3 bonds to Wm. E. Sweet & Co.
of Denver at 102.11.
Fernald & Co. of Boston were awarded on Feb. 23 an issue of $100,000
5,000 3-12-year (ser.) Sch. Dist. No. 6 bonds to Jas. N. Wright & Co., 47, 10-20-year (serial) water bonds at 102.46. Denom. $1,000. Date
Denver, at par.
Feb. 11914. Int. F. & A.
5,000 3-15-year (ser.) Sch. Dist. No. 16 bonds to Jas. N. Wright & Co.,
PHENIX CITY (P. 0. Columbus), Muscogee County, Ga.-BOND
Denver, at par.
ELECTION.-Local newspaper reports state that an election will be held
Other bids for the $15,000 issue were:
1 (not May 25, as first reported) to submit to a vote the question of
June
Co.,
&
Nuveen
Chicago.$15,000
S15,1201John
Co
Wright
&
N.
Jas.
issuing the $15,000 water-works-system-extension bonds (V. 98. p. 1409)•
C. II. Coffin, Chicago
15,0761
PORTAGE COUNTY (P. 0. Ravenna), Ohio.-BOND OFFERING.
NEWARK, N. J.-BOND SALE.-On May 12 $250,000 temporary loan
will be received until 1 p. in. May 25 by W. A. Goss, County
bonds were awarded, it is stated, to L. Von Hoffman & Co. of New York Proposals
tuberculosis
Denom.
bonds.
hospital
joint
district
5%
Aud., for $5,500
at 3.10% int.
$500. Date June 11913. Int. A. & 0. Due $500 each six months from
NEW CASTLE COUNTY (P. 0. Wilmington), Del.-BOND OFFER- Apr. 1 1920 to Apr. 1 1925 incl. Cert. check for $200, payable to County
ING.-Proposals will be received until 12 m. June 23 (postponed from Treas., required. Bonds to be delivered on June 1. Purchaser to pay
June 2) by Benj. A. Groves, Chairman Finance Committee, for $100,000 accrued interest.
4%% gold coupon highway bonds. Denom. $1,000. Date July 1 1913.
PORTERO HEIGHTS SCHOOL DISTRICT, Los Angeles County,
Int. J. & J. at Farmers' Bank, Wilmington. Due $5,000 July 1 1952.
Calif.-BOND OFFERING.-Reports state that the County Board of
$10.000 yearly on July 1 from 1953 to 1959, inclusive, and $5,000 yearly Supervisors
(P. 0. Los Angeles) will open bids on June 1 for an issue o
on July 1 from 1960 to 1964, inclusive. Certified check for 2% of bonds
bid for, payable to County Treasurer, required. Bonds to be delivered $3,000 school bonds.
PORTLAND, Ore.-BOND OFFERING.-Reports state that bids will
and paid for at office of County Treasurer at 11 a. m. July 1, unless another date shall be mutually agreed upon. Bids must be made on blank be received until 2 p. m. May 19 by C. A. Bigelow, Commissioner of
be
bonds
will
certified
These
Chairman.
above
Finance, for $62,448 5% 1-10-year (serial) improvement bonds. Interest
forms furnished by the
as to genuineness by the Columbia-Knickerbocker Trust Co. and their semi-annual. Certified check for 5% required.
legality approved by Caldwell, Masslich & Reed of New York City, whose
PRINCESS ANNE COUNTY (P. 0. Princess Anne), Va.-BOND
favorable opinion will be furnished purchaser. Succesful bidder to pay ELECTION PROPOSED.-A resolution was adopted on May 6, it is stated.
accrued interest. Bonded debt (including this issue), $1.918.000. As- asking for an election to be held to submit to the voters the question of
sessed value, $75,000.000: actual value (estimated), $100,000,000.
Issuing road-impt. bonds in the Kempsvillo Magisterial District.
NEW CONCORD, Muskingum County, Ohio.-BOND OFFERING.
PULASKI COUNTY (P. 0. Winimac), Ind.-BOND OFFERING.
Proposals will be received until 12 in. May 22 by W. C. Trace, Vii. Clerk, Proposals will be received until 3 p. m. May 29 by J. J. Lowry, County
for $2,500 57, reg. electric-light-fund deficiency bonds. Denom. $500. Treasurer, it is stated, for $7,800 4%% highway-improvement bonds.
Dated May 1 1914. Int. ann.on Nov. 1 at office of Sinking Fund Trustees. Due each six months for 10 years.
Due $500 yearly on Nov. 1 from 1919 to 1923 incl. No deposit required.
PULLMAN, Whitman County, Wash.-BOND OFFERING -ProBonded debt (incl, this issue), $10,900. Those bonds were offered without
posals will be received until June 2, it is stated. by J. S. Clark. City Treas.,
success on Apr. 14 (V. 98, p. 1338).
the $20,000 6% 20-year water bonds voted Feb. 24 (V. 98, p. 783).
for
NEW CORDELL (P. 0. Cordell), Washita County; Okla.-BOND Certified check for 1% required.
OFFERING POSTPONED.-The City Clerk advises us that the consideraGORDA, De Soto County, Fla.-BOND SALE.-On May 9
PUNTA
bonds
tion of bids on the $55,000 6% 10-25-year (opt.) water-works-ext.
r gold coupon municipal improvement and refunding
advertised to be sold at 7:30 p. m.May 4(V.98,P. 1261)has been postponed the $60,000 30-yea
p. 1339) were awarded to W. P. Bullock at par for 5%s.
(V.
98,
bonds
the
almost
city
and
washouts
being
of
account
on
18
until 7:30 p. m. May
and John Nuveen & Co. of Chicago both offered
Co.
&
Rorick
Spitzer,
entirely cut off from communication.
par for 6s. Denom. $1,000. Date July 1 1914. Interest semi-annual.
NEW HAVEN TOWNSHIP (P. 0. Chicago Junction), Huron CounP UT NAM COUNTY (P. 0. Greencastle), Ind.-BOND OFFERING.ty, Ohio.-BOND SALE.-On April 29 the $20,000 5% 8-year (aver.)
until 12 m. to-day (May 16), reports state, by
road bonds(V.98, p. 1338) were awarded to Sidney Spitzer & Co., of Toledo Proposals will be received
H.
H. Runyan, County Treas., for $5,860 and $4,200 4%% road bonds.
at 101.14 and interest.
Glenn County, Calif.-BONDS NOT
DISTRICT,
SCHOOL
QUINT
Schuylkill
Pa.
County,
Pottsville),
NEW PHILADELPHIA (P. 0.
May 5 of the $3.500 6% 9-year (aver.) siteBOND ELE7,TION.-Local newspaper reports state that an election will be SOLD.-No sale was made onimprovement
bonds offered on that day.
held May 22 to vote on the question of issuing $20,000 Silver Creek arching purchase, construction and
(V. 98, p. 1339).
and street-improvement bonds.
RANDALIA INDEPENDENT SCHOOL DISTRICT(P.O. Randalia),
NEWPORT SCHOOL DISTRICT (P. 0. Newport), Lincoln County,
Iowa.-BONDS VOTED.-The question of issuing
Ore.-BONDS VOTED.-The proposition to issue $16,000 high-school- Fayette County,
$15,000 school bonds carried, reports state, at a recent election.
building bonds carried, reports state, at the election held April 29.
RAVENSWOOD, Jackson County, W. Va.-BOND OFFERING.
NEWTON COUNTY (P. 0. Kentland), Ind.-BOND SALE-On
is at hand relative to the offering to-day, May 16,
May 12 the $6,800 4%% 5%-yr.(aver.) Jas. R. Chancellor et al. highway- Additional information
water-works
coup.
bonds
gold
(ser.)
(V.
98,
10-34-yr.
5%
of
$25,000
the
were
Indianawardedto J. F. Wild & Co. of
impt. bonds (V. 98, p. 1478)
p. 1478). Proposals for these bonds will be received by M. E. Gunther,
aniituthebids were.
apolis
$6,842 35 Town Recorder. Denom. $100. Int. payable in Ravenswood. Cert.
Anatt._ank, Indianapolis
r$6algii067
$6.837 00 check for 5%, payable to "Town Recorder," required. Bonded debt
Breed, Elliott & Harrison, Indianapolis
debt. Assess. val. 1913, $589,921.
- (incl. this issue), $32,000. No floating
NEWTON COUNTY (P. 0. Decatur), Miss.-BOND OFFERING.
REDONDO BEACH UNION HIGH SCHOOL DISTRICT, Los
Proposals will be received until 1 p. m. May 18 by C. M. Wells, Clerk Bd.
Calif.-BOND OFFERING.-Reports state that bids
of Sups., for the $150,000 6% gold coupon or reg. tax-free road District Angeles County,June
1 by the Board of County Supervisors (P. 0. Los
No. 4 bonds voted March 24 (V. 98, p. 1105). Denom. $500. Date will be opened on
24(V.98,p. 1106).
June 1 1914. Int. J. & D. in Decatur. Due from 1925 to 1939. Cert. Angeles) for the $150,000 building bonds voted March
-1=1
above
Clerk,
required.
to
TO BE OFFERED NEXT MONTH.-7
payable
-BONDS
ISLAND.
for
$1,000,
check
RHODE
Charitable Institutions Loan bonds recently
NILES, Berrien County, Mich.-BONDS AUTHORIZED.-The City papers state that the 3617.000
sale
ready
for
be
will
1474)
p.
98,
(V.
Assembly
General
the
by
authorized
the
for
of
issuance
$2,250
p-oviding
ordinance
an
passed
Council on April 27
yogi
June.25.21,The bonds will be sold at auction to the,highest bidder.
5% sewer bonds, it is stated
1556
THE CHRONICLE
[VOL. xcvm.
RICHMOND, Contra Costa County, Calif.-BOND ELECTION
.SEATTLE, Wash.-BOND18ALE.-Reports state that Ferris & HardAn election will be held July 22(not
May 20 as first reported), reports state, grove of Spokane
have purchased $75,000 4%% 20-year water-extension
to vote on the question of issuing
the $2,500,000 water supply bonds bonds,dated Jan. 1 1914.
at approximately 98 and interest.
(V. 98, p. 1409).
SHAMROCK, Wheeler County, Tex.-BOND OFFERING.-H.
RIVES, Obion County, Tenn.-BOND OFFERINO.-Proposals will
B.
Hill,
City
Secretary,
is
offering
be received until 1 p. m. May 25 by W.A. McNeill,
sale the $15,000 5% 10-40-year (opt.)
Mayor,for the $10,000 water-works bonds registered byfor
6% 10-30-year (opt.) coup, taxable building
the State Comptroller on Nov. 15 1913
bonds mentioned in V. 98, p. (V. 97. p. 1528)•
1339. Denom. $500. Date July 1 1914. TInt.
& J. at the Chase Nat.
Bank, N. Y. Certified check for 5%, payable J.
SHELBY COUNTY (P. 0. Shelbyville), Ind.
to Mayor, required. No Proposals
-BOND OFFERING.
bonded or floating debt. Assessed
will be received until 10 a. m. May 22
valuation $150,000.
by W. A. McDonald,
Treas., for the following 4%% highway-imp
ROANOKE RAPIDS SCHOOL DISTRICT (P. 0. Roanoke Rapids), Co.
t.
bonds:
$8,600 Elbert Wicker et al highway bonds.
Halifax County, No. Caro.-BONDS VOTED.-The proposition to
Denom.$430.
issue
6,800 Mathew H. Phares et al highway bonds.
$20.000 school-improvement bonds carried, it is stated, at an election
Denom. $340.
5,220 Highway bonds. Denom. $261.
held May 5.
Date May 15 1914. Int. M.& N. Due one bond
of each issue each six
ROCHESTER, N. Y.-NOTE SALE.-The $300,000 revenue notes months from May 15 1915 to Nov. 15, 1924
incl.
payable two months from April 10 1914 offered on April 7 (V.
SMITHVILLE, Wayne County, Ohio.-BOND
were awarded on that day to the Equitable Tr. Co. of N. Y. at98, p. 1106)
OFFERING.-Pro2.90%
int.
posals
be
will
received
until
12 m. May 20 by D. D.
Pit On May 12 the $200,000 8-months sewage-disposai notes (V. 98, p.
1478) for the following 534% street-improvement bonds: Hartzler, VII. Clerk,
were awarded to Salomon Bros. & Hutzler, New York, at 3.40%
interest.
$4,300
street-improveme
(village's
nt
portion)
Other bidders were:
bonds. Denom. $430.
1,000 Main St.-improvement (assess.) bonds. Denom.
$100.
Interest. Premium.
6,500 Main and Summit St.-improvement (assess.) bonds. Denom. $650.
Bond & Goodwin. New York
3.50%
$80
50
Date
June
1914.
1
Int.
ann.
oh
June
1 at a Smithville bank. Due one
Hibbard, Kalbfleisch & Palmer, Rochester
3.45%
None
bond of each issue yearly on June 1 from 1915
, to 1924 incl. Cert. check
A. G. Moore, Rochester
3.625%
30 00 for 5% of bonds bid for, payable to VII. Treas.,required. Bonds
Union Trust Co., New York
to be de3.70%
None livered and paid for within 15 days from time of award. Purchaser
Ford, Enos & Wolcott, Rochester
to pay
3.77
%
None accrued interest.
Goldman, Sachs & Co., New York
4.009
95 00
The Equitable Trust Co., New York
SMOKEY HOLLOW TOWNSHIP (P. 0. Shovel Lake), Cass County,
4.00
21
00
Luther Robbins, Rochester
16 00 Minn.-BOND OFFERING.-Proposals will be received until 9 a. m.June 3
NOTE OFFERING.-Sealed bids will be received 4.25%
the office of the by the Board of Sups., Corbin Young, Clerk, for $8,000 5% 15-year road
Comptroller until 2 p. m. May 19 for $40,000 "Eastat
and bridge-construction bonds. Denom. $1,000. Int. semi-ann. Cert.
Side
Trunk
Sewer"
and $10,000 "Local Improvement under
check for $100, payable to "Township of Smokey Hollow", required.
notes.
0. East Side trunk sewer notes ($40,000)Guarantee"
be made payable 4 months Successful bidder to furnish his own bond.
from May 25 1914 and local improvement will
guarantee notes ($10000)
SODA CANYON SCHOOL DISTRICT (P. 0. Napa), Napa County,
8 months from May 25 1914 at the Union under
Trust Co. of New York, will be Cal.-BONDS VOTED.-Local newspaper dispatches state that this
drawn with interest and will be deliverable
at said trust company on district at a recent election voted to issue $2,000 bonds.
May 25. Bidders to state rate of interest and
designate to whom (not
SOMERSET, Somerset County, Pa.-BOND ELECTION.-An elecbearer) notes shall be made payable.
tion will be held May 19 to submit to the voters the question of whether or
ROME, Oneida County, N. Y.-BONDS AUTHORIZ
ED.-The Com- not this borough shall issue $5,000 fire-department-apparatus-purchase
mon Council on May 11 authorized the issuance
Liberty St. paving (assess.) bonds, it is reported.of $6,870 84 434% West bonds.
SOMERVILLE, Middlesex County, Mass.-BOND SALE.-On
ROSEVILLE SCHOOL DISTRICT,
County, Calif.-BOND May 14 the following 4% coup. tax-free bonds were awarded to Merrill,
ELECTION PROPOSED.-Reports statoPlacer
that an election will be held to Oldham & Co. of Boston at 101.189:
vote on the question of issuing high-school-build
ing bonds. An issue of $125,000 highway bonds. Due $18,000 yrly. Apr. 1 from 1915 to 1919
$45,000 high-school bonds was voted on April 13 (V.98.4o.
incl. and $7,000 yrly. Apr. 1 from 1920 to 1924 incl.
1478), but was
declared illegal by the Supervisors. The specific ground for
20,000 sewer bonds. Duo $1,000 yrly. Apr. 1 from
the nullificato 1934 incl.
tion of the election was that the proclamation did not
Denom. $1,000. Date Apr. 1 1914. Int. A. & 0. 1915
state
that
the
interest
at the National Sewas to be annually. This same point was raised before
the State, it is curity Bank. Boston. or at the office of the City Treasurer.
asserted, and the Appellate Court decided in favor ofin
Other
Boston)
(all
of
bids
were:
the Supervisors.
It is claimed the $20,000 grammar-school bonds also voted
101.17 R. L Day & Co
on April 13 Millett. Roe & Hagen
101.039
(V. 98. p. 1478) are illegal for the same reason.
Curtis & Sanger
101.16 Blodget & Co
100.868
Adams
& Co
101.139 N.W. Harris & Co
10 ST. LAWRENCE COUNTY (P. 0. Canton), N. Y.-BOND SALE.
100.65
- Estabrook & Co
101.11 Perry, Coffin & Burr
On April 23 the $60.000 4% 123.4-yr. (aver.) coup.
100.512
bonds (V. 98, p. 1186) were awarded as follows: or reg. highway-impt. Old Colony Trust Co
101.0911Blake Brothers &;po
100.40
E. M. Farnsworth & Co_ _ 101.07 1
$54,000 to the St. Lawrence Co. Nat. Bank of Canton for $54,011-equ
al
to 100.02.
SONOMA SCHOOL DISTRICT, Sonoma County, Calif.-BOND
6,000 to Samuel Thompson of Norfolk at 101.
SALE.-On May 7 the $30,000 5%% 1-30-year (ser.) building bonds
Denom. (96) $250, and (36) $1,000.
98,
p. 1340) were awarded to Wm. R. Staats Co. of San Francisco, it is (V.
stated,
ST. MATHEWS SCHOOL DISTRICT (P. 0. St. Mathews),
Calhoun at 104.18-a basis of about 5.07%.
County, So. Caro.-BONDS VOTED.-The question
of issuing $6,000 -NOUTH-AmBol?-16, Ifingireit Uouz
-77.....
school-completion bonds carried,reports state, at the election
0"-.t-BOND SALE.-The
held May 5.
following bids were received for the $15, 00 5% 27-year (average)
regisST. PAUL, Minn.-BOND SALES..-On May 6 seven issues
tered sanitary-sewer bonds offered on May 12 (V. 98, p. 1409):
of
streetgrading assessment bonds were awarded, it is stated,
Y..105.13H. L. Crawford & Co., N.Y_103.88
Y_104.915I
the Commercial John D.Everitt& Co., N.
State Bank at 6%. Three issues of paving and gradingto
City.105.039
First Nat. Bank,So. Amboy 103.78
bonds aggregating Outwater & Wells, Jers.
$4,358 72 were awarded on the same day to M.N. Lando at 5.97'.
R. M.Grant & Co., N. Y___103.567
Blocks Kean, Taylor & Co., N.
of $534 30 and $2,067 24 were also awarded on May 6 to A. T. Rosen
.89 'People's Nat. Bk., New Brun103.167
and DouglasFenwick & Co.,N.Y.103
E.Daly at 6%. No bids were received for nearly $200,000
The awarding of the bonds was deferred until May 13, on which_day the
parkway bonds
offered on May 6.
bid of John D. Everitt &ICo. was accepted.
A,ova
SAFFORD, Graham County, Ariz.-BIDS REJECTED.
SPIRIT LAKE SCHOOL DISTRICT (P. 0. Spirit Lake), Dickinson
-NEW
OFFERING.-The following bids received for the $3,000
10-15-year County, Iowa.-BONDS VOTED.-By a vote of 420 to 68, the question
(opt.) town-hall and jail bonds offered on Apr. 20 (V. 98,6%
of
bonds
bldg.
issuing $90,000
carried, reports state, at a recent election.'.4
P. 1106) were
rejected:
SPOKANE, Wash.-BOND SALE.
James N. Wright & Co. of Denver, $3,020 and blank bonds; the bid
papers state that $10,000
called city-impt. bonds have been sold to local-Local
for $100 denoms. and interest payable semi-annually, whereas the adverparties at par and accrued interest.
tisement calls for $500 denominations and int. payable annually.
BOND CALL-To Be Paid June 1.
Wm.E. Sweet & Co. of Denver, par less $50 for attorney's fees.
Bonds Called
Bonds Called
Proposals will again be received until 10 a. m.May 26 by J. C.Ellsworth,
up to
Name and Dist. No.Town Clerk, for the $3,000 6% 10-15-year (opt.) town-hal
Name and Dist. No.and incl.
Grade (Con.)Authority vote of 40 to 18 at the election held March 14.l and jail bonds.
anudPilfcl.
Denom. $500.
GradeWabash St., No.796
Interest annual. Cert. check for not less than 5% of bid required.
15
Cannon St., No. 3
18 Walton St., No. 798
14
SAGINAW, Saginaw County, Mich.-BONDS AUTHORIZE
4
PavingD.-On Columbus St., No. 602
April 28 an ordinance was passed by the City Council, it is
Denver St., No. 953
2
Alley,
No
stated,
providing
676.
6
for the issuance of $20,000 Western Taxing District sewer
11th
Ave..
No.
429
..
8
Alley, No. 677.
bonds.
19
Empire Ave.. No.934.
SALEM SCHOOL DISTRICT (P. 0. Salem),
5 Browne St., No. 1
33
County, Euclid Ave., No.960
Ohio.-BOND SALE.-On May 12 the $125,0004%Columbiana
3
Division
St.,
No.
762
183,6-year (average) 14th Ave., No. 770
.55
coupon school-site-purchase and improvement bonds%V.
9 Indiana Ave., No. 749
60
98, p. 1340) were Fairview Ave. No. 789..
awarded to the Ohio National Bank of Columbus for $125,526
8 Lincoln St., No. 709
58
(100.42) and 4th Ave., No.'
interest. Well, Roth & Co. and the Provident Savings
920
4
Main
Ave.,
No.
976
Bank & Trust Co. 4th Ave., No. 994
3
of Cincinnati jointly bid $125,010.
2 S raguo Ave., No. 2
18
Nnox Ave., No. 366
13 20 Ave., No. 6.
SAN BERNARDINO HIGH SCHOOL DISTRICT, San Bernardino Kiernan
35
Ave.,
No.
582
12
Second
and
Fifth
Wards,
No.
3_76
County, Calif.-BOND SALE.-The following bids were received
for the Lancaster Ave., No. 440
8
Walk$250,000 5% 26 1-5-yr. (aver.) gold polytechnic high-school
bldg. bonds Morton Ave., No. 583
6 Boone Ave., No.997
2
offered on May 5(V.98, p. 1263):
Maple
St.,
No.
11th
936
4
Ave.,
No.
1002
2
San Bernardino National Bank
*$253,925 Napa St., No. 353
74 Napa St., No. 354
35
Torrance, Marshall & Co., San Francisco
251,781 9th Ave., No. 803
7 17th Ave., No. 609.
8
Harris Trust & Savings Bank, Chicago
7th Ave., No. 156
14
251,325
24th
Ave.,
No.
359
5
Commonwealth Trust Co
14 28th Ave., No. 558..
250,325 7th Ave., No. 434
13
*It is stated that this bid was successful.
Sinto Ave., No. 611
53 27th Ave., No. 559.
10
32 26th Ave., No. 562.
SANDERS COUNTY (P. 0. Thompson Falls), Mont.-BOND SALE. 2d Ave., No. 708..
8
17th Ave., No. 701
8 12th Ave., No. 795.
-On May 4 the $38,000 5% coupon refunding bonds(V. 98, p.
4
1263) were Third Ward, No. 3
.32
awarded to Wells & Dickey Co. of Minneapolis
Sewer.32 Fifth Ward, No.9
chaser to furnish blank bonds. Other bids were:at 101.25 and int. Pur- 34th Ave., No. 513
36
10th Ave., No. 818
8 2d Ave., No. 432
Union Trust & Say. Bank, Spokane, $38,235 60
12
Sidney Spitzer & Co.. Toledo, $38,228 and int. and int.
SPRINGIFIELD, Hampden County, Mass.-BONDS PROPOSED.
Central Say. Bank & Trust Co., Denver, $38,192 and int.
According to reports, this city is considering the issuance of $1,000,000
Montana State Board of Land Commrs., Helena, par; county to furnish high-school bonds.
'
blank bonds and State to allow privilege of redemption at expiration at
STANTON, Montgomery County, Iowa.-BONDS DEFEATED.
any interest period.
The question of issuing $12.000 water-works bonds failed to carry, reports
James N. Wright & Co., Denver, par and int.
state, at the election held May 4.
Sutherland, Gehde & Co., Kansas City, Mo., par and int.
STARK COUNTY(P.O. Knox),Ind.-BOND OFFERING
Ferris & Hardgrove, Spokane, $38,025 and int., less $365 for attorney's
will be received until May 25 by Frank Joseph, Co. Treas.,.-Proposals
fees, &c.
for $12,000
The bid of C. H. Coffin, Chicago, not being accompanied by a certified Groendyke, $3,000 Brems and $5,500 Gibbs 4%% road-impt. bonds.
Int. M. & N. Due part each six months for 10 years.
check as required, was not considered.
STEGE SANITARY DISTRICT, Contra Costa County, CalmSANDUSKY, Erie County, Ohio.-BONDS NOT SOLD.-Only one
bid was received for the three issues of 43,
6% (city's portion) bonds, aggre- BOND OFFERING POSTPONED.-We are advised that the sale of the
$75.000 5% sewer-system-construction bonds which was to have taken
gating $3,300, offered on May 7 (V. 98, p. 1340). This
bid was submitted place on April 29(V. 98, p. 1263) has been
by the Citizens' Nat. Bank of Columbus, and, through
postponed.
some misunderstanding, was for a $15,000 issue. It was rejected.
STEVENS COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1,
-An election will be held May 22 to vote on
SANDUSKY COUNTY (P. 0. Fremont), Ohio.-BOND ELECTION. Minn.-BOND ELECTION.
the question of issuing $75,000 4% site-purchase, construction and
-The election to vote on the question of issuing the $400,000 court
equip-house ment bonds.
bonds (V.98, p. 1017) will be held Aug. 11,it is reported.
SU'SANVILLE, Lassen County, Cal.-BONDS PROPOSED.
SAN FERNANDO SCHOOL DISTRICT (P. 0. San Fernnado),
-ReLos Angeles County, Cal.-BOND SALE.-Reports state that an issue ports state that the City Trustees are contemplating the issuance of waterworks-purchase bonds.
of$40,000 school bonds was recently awarded to R. M.Grant
& Co. of Chic.
SYRACUSE, N. Y.-BOND SALE.-On May 12 the 3363,000
SANGER, Fresno County, Calif.-BOND SALE.-Reports state
4%
that 10%-year (average) registered tax-free municipal improvemen
the $30,000 sewer-system and $32,400 municipal water-pl
t bonds
5% bonds (V. 98, p. 1480) were awarded to the Trust & Deposit
offered without success on Feb. 10 (V. 98. p. 1479) have beenant
Co. of Onondaga.
Syracuse,
purchased
and
interest.
by
100.83
at
Other
bids
the Capital Nat. Bank of Sacramento at par and int.
Colgate,Parker&Co.,N.Y.$365,541 00'Adams were:
Co., N. Y.._ _4364,250 00
SANTA MONICA, Los Angeles County, Cal.-BOND ELECTION Bond & Goodwin, N. Y_ 365,218 00 Harris,&
Forbes & Co. and
PROPOSED.-Reports state that an election will be held
Kean,
Taylor
&
,N.Y
Co.
365,032
in the near future
80
Rhoades & Co., N. Y_ 364,236 53
to submit to the voters the question of issuing $150,000
municipal audi- A.B.Leach & Co.,N.Y_ 364,633 50 Hornblower&Weeks,N.Y 363,998 25
torium-constr. bonds.
W. N. Color & Co. and
Equitable Trust Co.,N.Y
Sutro Bros., N. Y___ 364,597 00 Remick, Hodges & Co.. 363,762 30
SAUSALITO, Mann County, Cal.-BOND OFFERING.-Proposals
will be received until 8 p. m. June 1. reports state, by the Bd. of Trustees. Kissel, Kinnicutt & do.,
New York
363,337 59
New York
for the $100,000 5% coup. municipal street-impt. bonds voted April
364,561 00 Kountze Bros., N.Y
363,330 33
15 Estabrook & Co., N.Y
1913(V. 98, p. 1017). Denom.(80) $1,000,(40) $500. Date July 1
364,441 11
1914.
Celia Goodman, Syracuse, informal bids; John Goodman, Syracuse, for
Int. J. & J. Due $2,500 yrly. on July 1 from 1915 to 1954 incl.
31,000 each.
MAY 16 1914
THE CHRONICLE
TAMA, Tama County, Iowa.-BOND ELECTION.-An election will
be held May 26, reports state, to vote on the question of issuing city-hallconstruction bonds.
' TEXAS.-BONDS PURCHASED BY STATE BOARD OF EDUCATION.-At its April meeting,the State Board of Education purchased
$173,412 50 5% school-house bonds. Of this sum $87,262 50 was applied
toward the payment of issues contracted for at previous meetings, while the
balance, $84,150, was paid on new bonds which the Board has agreed to
buy. We print below a description of the school-house bonds yourchased,
showing in each case the total issue and the amount of same taken by the
State in April:
Amount
County Common
Total
Purch'd
School DistrictsDate.
Option. Issue. in April.
Due.
Anderson No.29
Aug. 11 1913 20 years 10 years $3,000 $1,500
Atascosa No. 22
8,000
July 15 1913 40 years 10 years 20,000
Bosque No.52
3,000
1,200
Apr. 10 1914 20 years 10 years
Brazoria No.10
2,000
1,000
May 1 1913 20 years 1 year
Burleson No. 25
2,000
600
None
Aug. 1 1913 1 year
Cameron No. 17
3,500
Sept. 1 1913 40 years 10 years 13,000
2,000
1,000
Collingsworth No. 2_ Sept. 1 1913 20 years None
600
1,500
Collingsworth No. 28_ _Sept. 1 1913 20 years None
600
1,500
Comanche No. 18July 10 1913 20 years 5 years
1,000
2,000
Coryell No.74
June 9 1913 20 years 10 years
700
3,000
Dickens No. 15
Aug. 10 1913 20 years 10 years
4,200
Donley No.2
July 1 1913 40 years 2 years
3,000
700
Erath No.9
Apr. 10 1913 20 years 10 years
522,500
1,500
Erath No.
June 10 1913 20 years None
1,500
700
Erath No. 21
May 10 1913 20 years 10 years
1,500
700
Fannin No. 101
Sept. 10 1913 20 years 5 years
4,000
Jan. 10 1914 40 years 20 years 10,000
Galveston No. 6
1,000
2,000
Galveston No. 15
Jan. 10 1914 20 years 10 years
8,000
3,000
Jan. 10 1914 40 years 20 years
Galveston No. 17
700
1,500
April 10 1913 20 years 1 year
Grimes No.2
3,000
1,700
April 10 1913 20 years 5 years
Grimes No. 11
8,000
3,200
Aug. 4 1913 40 years 20 years
Harris No. 43
2,500
8,000
June 10 1913 40 years 20 years
Harrison No. 6
750
2,000
Oct. 4 1913 20 years None
Haskell No. 15
600
1,200
Aug. 10 1913 20 years None
Haskell No. 46
June 9 1913 20 years 10 years
2,000
800
Hopkins No.32
May 16 1910 20 years 10 years
1,900
800
Hopkins No.43
June 9 1913 20 years 10 years
700
1,800
Hopkins No.92
April 10 1913 40 years 10 years
5,200
1,800
Kent No. 13
July 1 1913 20 years 10 years
900
3,000
Lamar No. 7
Sept. 1 1913 20 years 10 years
2,000
1,100
Lamar No. 9
Aug 1 1913 20 years 10 years
Lamar No. 79
700
1,500
Oct. 10 1913 20 years 10 years
Limestone No. 29
2,000
1,000
Limestone No. 94
July 10 1913 20 years 10 years
2,000
1,100
Limestone No. 35
July 10 1913 20 years 10 years
4,000
1,200
July 10 1914 20 years 10 years
Limestone No. 5
5.000
2,000
June 10 1913 20 years 10 years
Limestone No. 64
7,500
3,000
April 10 1913 40 years 5 years
Medina No. 3
8,000
3,000
Jan. 10 1914 40 years 5 years 10,000
Medina No. 9
4,000
Aug. 15 1913 40 years 1 year
Milam No. 59
4,000
1,200
June
24
11
1913
40
years
20
No.
years
Nolan
6,000
2,000
Oct. 10 1913 20 years 10 years
Parker No. 71
2,000
1,100
Sept. 10 1913 20 years 10 years
Parker No. 23
5,000
1,600
Aug. 1 1913 20 years 5 years
Robertson No. 3
2,500
1,200
Aug. 1 1913 20 years 5 years
Robertson No.4
2,500
1,300
Robertson No. 34
Aug 1 1913 12 years 5 years
1,200
Augustine
No.
11_ _Jan. 10 1914 20 years 10 years
San
800
2,000
Shelby No. 39
July 14 1913 20 years 5 years
800
Tarrant No. 18
Sept. 10 1913 40 years 20 years
7,400
3,000
Tarrant No. 52
Sept. 10 1913 40 years 20 years
7,500
3,000
Tarrant No. 91
April 17 1913 40 years 20 years 13,500
4.000
Uvalde No. 52
July 5 1913 20 years None
2,000
Wharton No. 17
Sept. 12 1912 20 years 10 years
5,000
1,500
Wise No.92
June 10 1913 40 years 20 years
2,000
6,000
Independent Sch. Dists.Angleton
Dec. 1 1913 40 years 5 years $2,500
$500
Arlington
Sept. 1 1913 40 years 20 years
4,000
1,000
May 1 1913 40 years 10 years
Blue Ridge
500
July 1 1913 40 years 10 years
Brashear
4,000
1,000
Calallen
June 14 1913 40 years 10 years 10,000
3,000
Clyde
April 10 1913 40 years 20 years
1,000
Copeville
Aug. 1 1913 40 years None 6,562.50 2,062.50
Oct. 1 1913 40 years 20 years
Foney
3,000
1,200
Jan.
3
Groveton
1914 40 years 10 years
9,000
3,600
July 10 1913 40 years 5 years 10,000
Hutchins
3,000
July 10 1913 40 years 10 years 12,000
Jayton
3,000
Lakeview
June 16 1913 40 years 20 years
6,000
1,500
June 1 1913 40 years 10 years 10,000
3,000
Lott
Malakoff
Sept. 1 1913 40 years None
1,600
4,000
Matagorda
July 15 1913 40 years 20 years
8,000
2,200
Meridian
April 6 1912 40 years None
3,000
1,000
Nevada
900
May 1 1913 40 years 20 years
2,700
New Braunfels
Oct. 1 1913 40 years 10 years 14,000
4,000
Pecan Gap
Aug. 1 1913 40 years 20 years 12.000
3,000
Rio Hondo
Aug. 1 1913 40 years 15 years 12,000
3,500
Robstown
July 5 1913 20 years 5 years
4,250
1,250
Richardson
Aug. 1 1913 40 years 5 years 15,500
6,500
Streetman
July 1 1913 40 years 10 years
3,500
9,000
July 1 1913 40 years 5 years 10,000
Sweeney..
2,500
Aug. 1 1913 20 years 10 years
Tell
2,500
1,500
Theney
June 10 1913 40 years 5 years
4.500
1,200
Dec. 1 1913 40 years 20 years 12,000
Tolar
3,000
June 1 1913 40 years 5 years
Water Valley
8,000
3,000
July
1
1913
40
Wellington
years 10 years 12,000
3,000
Willow Hole
July 16 1913 20 years 10 years
2,500
1,250
Sept. 1 1913 20 years 10 years
Yantis
1,400
3,500
In addition to the above, the Board of Education purchased $1,000 6%
City of De Leon 10-40-year (opt.) city-hall bonds dated Sept. 1 1913. The
total issue is $2,000, of which $1,000 was contracted for at this meeting.
The Board also bought $8,000 of a total issue of $20,000 5% 10-40-year
(opt.) water-works bonds of the city of Quanah.
BONDS REGISTERED.-The following 5% bonds were registered by
the State Comptroller during the week ending Apr. 25:
$200,000 Houston Heights permanent sewerage impt. bonds. Due $3,000
per year beginning April 10 1919.
30,000 Bell County Road Dist. No. 3. Due 40 years, optional 20 years.
24,000 Wills Point water-works bonds. Due 40 years, on 'mai 10 years.
79,000 Harris County Drainage Dist. No.6. Due 38,000 each year.
11.500 Gilmer sewerage bonds. Due 40 years, optional 20 years.
The following bonds were registered by the State Comptroller during the
weak ending May 2:
Place.
Purpose.
Rate. Due. Option.
Amount.
$3,000 Travis Co.C.S. D.No.43_School
5% 20 yrs. 10 yrs.
School
2,300 Fruitvale Ind. S. D
5
- 10 '
41,000 Jefferson Co.C.S.D.Noll_School
5
40 " 20 "
Garbage crematory5 o 40 " 20 "
20,000 Corpus Christi
75,000 Montague Co.Road D.No.2 Road
534 30 " 20 "
200,000 Galveston
School-building _..6
$10,000 yearly
150.000
Water & sewer ext-5 o
7,000 yearly
The following 5% bonds were registered by the State Comptroller during
the week ending May 9:
Amount. Place.
Purpose.
Due.
Option.
$34,000 Brooks County
Road bonds
40 years
5 years
68,000 Brooks County
Court house
40 years
5 years
125,000 Victoria Co. Road Dist. No.5_ _Road bonds 40 yrs. $7,500 ea. yr.
30,000 Belton
Bridge bonds 40 years 20 years
60.000 Belton
School house 40 years 20 years
1,500 Rusk Co. C. S. D. No. 50
School bonds 20 years 10 years
1,300 Rusk Co. C. S. D. No. 57
do
20 years 10 years
1,500 Jack Co. C.S. D.No.26
do
20 years
2 years
do
20,000 Hempstead Ind. Sch. Dist
25 years 10 years
Street impt.
30,000 Mart
40 years 20 years
11,000 Leonard Ind. Sch. Dist
School bonds 40 years 20 years
do
40 years 10 years
10,000 Port Aransas Ind. Sch. Dist_ .
do
40 years 10 years
18,000 Cresbyton Ind. Sch. Dist
do
40 years 10 years
1 12,500 Mertens Ind. Sch. Dist
do
15 years 5 years
1,500 Upshur Co. C. S. D. No. 18_ _ _
TEXAS TOWNSHIP, Crawford County, Ohio.-BOND OFFERING.
-Proposals will be received until 12 in. Juno 9 by T. R. Banks, Township
Clerk (P.0.Sycamore, R.F.D.No.3)for $8,000 5% coup. road-improve-
1557
ment bonds. Denom.$500. Date June 1 1914. Int. M.& S. at office
of Township Trustees. Due $500 each six months from March 1 1928 to
Sept. 1 1935 incl. Certified check for $100, payable to Victor Campbell,
Township Treasurer, required. Bonds to be delivered and paid for within
10 days from time of award. Purchaser to pay accrued interest.
THOMAS COUNTY (P. 0. Thomasville), Ga.-BONDS PROPOSED.
-Reports state that this county is considering the issuance of $75,000
bridge-construction bonds.
TIFFIN, Seneca County, Ohio.-BOND OFFERING.-Proposals will
be received until 12 in. June 8 by A. J. Hafley, City Auditor, for $150.000
5% 7-year (average) improvement bonds. Interest semi-annual. Certified check for 2% required.
TIMPSON, Shelby County, Texas.-BOND OFFERING.-Proposals
will be received until 9 a. m. June 2, reports state, by B. J. Hawthorn for
the $17,000 water-works and $10,000 street-improvement 5% 10-40-year
(opt.) bonds voted April 7 (V. 98, p. 1263)•
TOLEDO, Ohio.-BOND OFFERINGS.-Proposals will be received
until 7:30 p. m. May 20 by Amos McDonnall, City Aud., for $169,000
434% 17-year coupon general street-improvement (city's portion) bonds.
Denom. $1,000. Date May 1 1914. Int. M.& N. at U. S. Mtge. & Tr.
Co., N. Y. Cert. check on a Toledo national bank for 5% of bonds, paYable to City Aud., required. Purchaser to pay accrued int. Bonds to be
delivered in Toledo at expense of purchaser.
Proposals will be received until 7:30 p. m. May 27 by Amos McDonnall,
City Aud., for $20,000 4% 4-year water-works bonds. Denom. $1,000.
Date June 1 1914. Int. J.& D.at Nat. Bank of Commerce, Toledo. Cert.
check on a Toledo national bank for 5% of bonds, payable to City And ,•
required. Purchaser to pay accrued interest. Bonds to be delivered in
Toledo at expense of purchaser.
TRENTON, N. J.-BOND SALE.-On May 7 the $150,000 434% 10-Yr•
street-impt. bonds (V. 98. p. 1410) were awarded, it is stated, to local
banks and investors at an average price of 101.80-a basis of about 4.28%.
Bids for these bonds were previously asked for until April 22 when the hio;11est offer was 102.67 submitted by White,Weld & Co.of New York. This
firm, as already stated, declined to take the issue because counsel could
not render a favorable opinion in view of the amendment to the Walsh Act
by the Hennessy Act.
TRENTON, N. J.-BOND OFFERING.-Proposals will be received
until 2 p. in. May 26 by H. E. Evans, City Treasurer, for $28,500 434%
20-year registered school bonds. Denom. $100 or multiples thereof.
Date June 11914. Int. J. & D.at office of City Treasurer or in New York
exchange. Certified check on a national bank for $600, payable to City
Treasurer,required. Total indebtedness (including this issue), $7,704.205.
Official circular states that the city has never defaulted in the payment of
principal or interest. Assessed value 1913. $76,244,779.
TRINITY COUNTY (P. 0. Groveton), Tex.-BOND SALE.-Reports state that the $100,000 Trinity District road-constr. bonds voted
Sept. 16 (V. 97, p. 908) have been disposed of.
TTJRLOCK, Stanislaus County, Calif.-BOND ELECTION.-The
election to vote on the question of issuing the $15,000 fire-dept.-impt.
bonds(V.98. p. 855) will be held June 9, it is stated.
TURLOCK IRRIGATION DISTRICT (P. 0. Turlock), Stanislaus
County, Calif.-BOND OFFERING.-Proposals will be received until
June 1, it is stated, by the Board of Directors, for $100,000 third series
district bonds.
TUTTLE SCHOOL DISTRICT, Merced County, Calif.-BOND
SALE.-On May 5 the $3,500 6% serial building bonds (V. 98. p• 1410)
were awarded to H. S. Shaffer of Merced for $3,540-equal to 101.142.
Other bids were :
$3,512,75
G. G. Blymyer & Co.. San Francisco
3.508 00
Home Savings Bank, Los Angeles
Stockton Savings Bank, Stockton
3,505 50
Denom. $500. Date June 1 1914. Int. J. & D.
VALLEJO, Solano County, Cal.-BOND SALE.-On May 5 the
$100.000 534% harbor-impt. bonds (V. 98, p. 1411) were awarded to the
Vallejo Commercial Bank at 103.21 and int. Other bids were:
H. T. Holtz & Co., Chicago_102.5771Anglo-London Paris Nat'l
Wm. R. Staats Co., San Fr_102.1811 Bank, San Francisco
100.509
Denom. $5,000. Date May 1 1914. Int. M. & N.
VALLEY TOWNSHIP SCHOOL DISTRICT (P. 0. Buffalo), Guernsey County, Ohio.-BOND .SALE.-On May 9 the $7,000
% 4 1-6-yr.
(aver.) school bonds dated May 9 1914 (V. 98, p. 1411) were awarded to
Tillotson & Wolcott Co. of Cleveland for $7,111 (101.585) and int. Other
bids were:
First National Bank
$7,097 80 1 Security Say. Bk. & Tr.
Co., Toledo
$7,046 00
Seasongood &.Mayer, Cin.. 7,078 00
7,070 00 Weil, Roth & Co., Cin_ _ _ _ 7,037 50
Otis & Co., Cleveland
VAN BUREN SCHOOL TOWNSHIP (P. 0. Milford), Kosciusko
County, Ind.-BOND OFFERING POSTPONED.-Reports state the
time for receiving bids for the $34,000 building bonds described in V. 98,
p. 1411, has been extended from May 22 to 29 and the rate of interest
increased from 4 to 434 %.
VANDALIA SCHOOL DISTRICT, Tulare County, Calif.-BOND
SALE.-On May 6 the $16,0006% 834-year (aver.) gold coup.school bonds
(V. 98. p. 1340) were awarded to the Hanchett Bond Co. of Chicago for
$16,347 (102.043) and interest, it is stated.
VERNON TOWNSHIP, Trumbull County, Ohio.-BOND OFFERMTG.-Proposals will be received until 12 m. June 1 by D. L. Hum, Twp.
Clerk (P. 0. Kinsman, R. F. D.), for $40,000 5% road bonds. DEMOM.
$500. Date June 1 1914. Int. A. & 0. at Kinsman Nat. Bank, Kinsman. Due $1,000 April 1 1915 and $1,500 each six months from Oct. 1
1915 to April 1 1928 incl. Cert. check for $300, payable to Twp. Treas.,
required. These bonds were voted at an election held Mar. 28.
VICKSBURG, Miss.-BOND SALE.-The $400,0005% 1534-yr.(aver.
water-works-constr. bonds offered on May 4(V. 98, p. 1263) were awarded
at private sale on May 5 to the City Say. & Trust Co. and the People's
Say. & Trust Co. of Vicksburg at their joint bid of par and int.
WABASH COUNTY (P. 0. Wabash), Ind.-BOND OFFERING.
Proposals will be received until 5 p. m. May 25 by N. P. Lavengood,
Co. Tress., for $1,660 J. P. Ross and $17,000 A. B. Roberts et al. 434%
road-impt. bonds.
WARD COUNTY IRRIGATION DISTRICT NO. 1, Tex.-BONDS
VOTED.-At the election held May 6 this district voted in favor of the issuance of $475,000 reservoir-constr. bonds, it is stated.
WARREN, Trumbull County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m.June 2 by Geo. T. Hecklinger, City Aud.,
for the following 5% paving bonds:
$20,000 Dand Ave. (city's share) bonds. Due $4,000 Yearly on April 1
from 1918 to 1922 inclusive.
33,500 Dand Ave.(assess.) bonds. Due $6,500 on April 1 1916. 1917 and
1918 and $7,000 on April 11910 and 1920.
11,000 Haymaker St. (assess.) bonds. Due $1,000 April 1 1915 and
$2.000 yearly on April 1 from 1916 to 1919 inclusive.
Denom. $500. Date April 1 1914. Int. A. & 0. at office of Sinking
Fund Trustees. Cert. check for $500, payable to City Treas., required.
Bonds to be delivered and paid for within 5 days from date of award.
Purchaser to pay accrued interest. Total debt (incl. this issue) $257,668.
No floating debt. Assess. val. 1913 $17,495,730. Est. real $10,866,910.
WARREN COUNTY (P. 0. Vicksburg), Miss.-BOND SALE.-The
$160,000 5% road, bridge and culverts constr. bonds offered on April 6
(V. 98, p. 1019) were awarded on that day to Devitt, Tremble & Co. of
Chicago at 101.47.
WARRENSBURG SPECIAL SCHOOL DIS.TRICT (P. 0. Delaware),
Delaware County, Ohio.-BOND OFFERING.-Proposals will be received until 2 p. in. May 23 by V. T.Mitchell, Clerk Bd.of Ed.,for $10,000
5% school bonds. Denom. $500. Date May 23 1914. Int. A. & 0. at
office of Dist. Trans. Due $500 yearly on Oct. 1 from 1915 to 1934 incl.
Cert. check on a Delaware County bank for $200, payable to above Coerk,
required. Bonds to be delivered and paid for within 5 days from time of
award.
WASHINGTON.-BONDS NOT YET SOLD'!-The Deputy State
Tress. advises us under date of April 29 that no sale has yet been made of
the $4,000,000 Capitol bldg. fund bonds (V. 97, p. 188).
WASHINGTON SCHOOL DISTRICT, Merced County, Calif.BOND SALE.-On May 5 the $5,000 6% serial school-building bonds
(V. 98, p. 1411) were awarded to G. G. Blymyer & Co. of San Francisco,
at 102.76. Other bids were:
1558
THE CHRONICLE
Torrance, Marshall & Co., San Francisco
$5.093 00
Home Savings Bank, Los Angeles
5,036 50
H.S. Shaffer, Merced
5,030 00
Stockton Savings Bank, Stockton
5,012 50
Denom.$250. Date June 1 1914. Int. annually in June.
WASHINGTON COUNTY DISTRICT (P. 0. Fulton), Ohio County, W. Va.-BOND ELECTION.-An election will be held May 26 to vote
on the question of issuing_ $20,000 5% coup. Clark property purchase,
bldg. and equip. bonds. Denom. $500. Date June 20 1914. Int. ann.
on June 20 at Bank of Fulton. Due $5,000 June 20 1924 and $1,000 yrly.
on June 20 from 1925 to 1939 incl., subject to call after 10 years.
WASHINGTON SCHOOL TOWNSHIP, Adams County, Ind.
BOND SALE.-On May 12 the $9,000 434% school bonds (V. 98, P. 1341)
were awarded to the Fletcher-American National Bank of Indianapolis for
$9.182 75 (102.0305) and interest. Other bids follow:
First Nat. Bank, Decatur_39,142 20 Old Adams Co. Bk., Decat.$9,131 00
J.F. Wild & Co.,Indianap. 9,140 00 Breed, Elliott & Harrison,
Indianapolis
9,130 00
WASHINGTON SCHOOL TOWNSHIP, Hendricks County, Ind.BOND OFFERING.-According to reports, proposals will be received until
11 a. m. June 6 by Chas. M. Roark, Twp. Trustee (Stop 12, Danville &
Indianapolis Traction Line), for $25,000 434% bonds.
WATERVLIET, Albany County, N. Y.-BONDS PROPOSED.-This
city is contemplating the issuance of $497,000 water-works bonds.
WELLESLEY, Norfolk County, Mass.-TEMPORARY LOAN.
Reports state that a loan of $40,000 dated May 12 1914 and maturing Nov.
12 1914 has been negotiated with Loring, Tolman & Tupper of Boston at
3.24% discount. Other bidders were:
Discount.
Discount.
Wellesley Nat. Bank, Wellesly3.28% C. D. Parker & Co., Boston_ _3.34%
Bond & Goodwin, Boston_ _ _3.34%
Plus 10c. premium
Estabrook & Co., Boston_ _ _ _3.36%
WELLSTON SCHOOL DISTRICT (P. 0. St. Louis), Mo.-BONDS
VOTED.-The question of issuing the $40,000 high-school-building bonds
(V. 98, P. 1342) carried, it is stated, by a vote of 261 to 122 at the election
held May 5.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.-BOND
OFFERING.-Proposals will be received until 10 a. m. June 10 by Geo. T.
Burling, County Treasurer, for $487,000 04% coupon or registered
Bronx-Parkway funding bonds. Denom. $1,000. Date June 1 1914.
Int. J. & D. at office of County Treasurer. Due $20,000 yearly on June 1
from 1939 to 1962, inclusive, and $7.000 June 1 1963. Certified check on
a national or State bank or trust company for 2% of bonds bid for payable
to County Treasurer, required. Bonds to be delivered and paid for at
office of County Treasurer at 10 a. m. June 23, unless a subsequent date
shall be mutually agreed upon. Purchaser to pay accrued interest. Bids
must be made on forms furnished by the County. These bonds will be
certified as to genuineness by the U.S.
e. & Trust Co.and their legality
approved by Hawkins, Delafield & Longfellow of N. Y. City, a copy of
whose opinion will be furnished purchaser. Total bonded debt (not
Including this issue), $5,629,522; floating debt, $1.161,845. Assessed
value, personal, $8,657,489; real, $383.081,684.
WEST HAZLETON SCHOOL DISTRICT (P. 0. West Hazleton),
Luzerne County, Pa.-BOND OFFERING.-Bids will be opened at 7
p. m. May 25 by Walter M. McAvoy, Secy. of Dist., for $15,000 434%
10-15-year (opt.) coupon tax-free refunding bonds. Denom. $500. Int.
J.& J. Cert. check for 3% of bid. required.
NEW LOANS.
[VOL. XCVIII.
WEST NEW YORK(P. 0. Station 3, Weehawken), Hudson County,
N. J.-BOND SALE.-On May 12 the $75,000 5% 13-year (average) coupon or registered town-hall bonds (V. 98, p. 1412) were awarded to H. L.
Crawford & Co., N. Y., and M. M. Freeman & Co., Philadelphia, at
103.518 and interest. Other bids were:
R. M. Grant & Co., N. Y_ _ _102.73 IA. B. Leach & Co., N.Y
102.37
Kean, Taylor & Co., N.Y_ _ _102.395 I First Nat. Bank, Guttenburg_ Par
WEST UNION, Doddridge County, W. Va.-BOND AWARD DEFERRED.-Reports state that the award of the $62,000 4 % 10-34-year
(opt.) grading, paving, sewering, bridge and water bonds for which bids
were received until May 11 (V. 98, p. 1412) has been deferred until next
week.
WHATCOM COUNTY SCHOOL DISTRICT NO. 19, Wash.-BOND
SALE.-On May 2 $8,000 1-10-year (opt.) building bonds were awarded
to the State of Washington at par for 5;48. Wm. D. Perkins of Seattle
bid par for 6s. Denom. $1,000. Interest annually at the County Treasurer s office.
WHITE SULPHUR SPRINGS, Meagher County, Mont.-BOND
OFFERING.-Proposals will be received until 8 p. m. June 1 by Geo.
Wallwork, Town Clerk, for $16,000 54% 10-20-year (opt.) seweragesystem bonds. Denom. $500. Int. J. & D. at office of Town Treas.
WICOMICO COUNTY (P. 0. Salisbury), Md.-BOND OFFERING.
Proposals will be received until 1 p. m. May 26 by Dan. B.Cannon, Co.
Treas. for $25,000 4M% couponitax-free high-school-improvement bonds.
Denomination $500. Int. J. & J.
WILKINSBURG, Allegheny County, Pa.-BOND SALE.-On May
11 $125.000 43i% coupon grade-crossing-elimination bonds were awarded
to Warner & Fitzharris of Philadelphia for $126,307-equal to 101.045.
Other bids were:
Gordon & Co., Pittsb_ _ _$126,287 50 Lyon, Singer & Co. and
Colonial Trust Co.,Pitts_ 125,937 50
Holmes, Wardrop &
Mellon Nat: Bank,Pitts_ 125,415 00 Co., Pittsburgh
$125,358 75
Denom. $1,000. Date July 1 1914. Int. J. & J. at fiscal agency,
Wilkinsburg. Due on July 1 as follows:
$7,000 -1920 $5,000 __1925 $1,000 __1930 $5,000 __1935 $5,000 __1940
6,000 --1921 5,000 __1926 7,000 _ _1931 5,000 _ _1936 5,000 -1941
5,000 _.i922 3,000 __1927 7,000 __1932 5,000 _1937 5,000 __1942
5,000 __1923 5,000 __1928 7,000 __1933 5,000 __1938 4,000 __1943
4,000 __1924 3,000 __1929 7,000 __1934 5,000 --1939 4,000 __1944
WILMINGTON, No. Caro.-BOND ELECTION PROPOSED.-Reports
state that petitions are being circulated call ng for an election to vote on
the question of issuing $150.0005% 20-year coupon municipal electric-lightplant bonds. Denom. $500. Interest semi-annually at office of City
Clerk and Treasurer.
Asi
LOAN PROPOSED.-Petitions are also being circulated calling for an
election to vote on a loan of $25,000 for sinking battery of deep wells, it is
stated. Interest (not to exceed 6%) payable semi-annually.
WINFIELD TOWNSHIP (P. 0. Le Roy), Lake County Ind.-BOND
SALE.-On April 18 the $9.0005% 534-year (average) District No.2 building bonds (V. 98, p. 1108) were awarded toathe.People's State,Bankkof
Crown Point for 39,362-equal to 104.022.
•,•as"WAzit"
WINTON SCHOOL DISTRICT (P. 0. Jessup), Lackawanna-County, Pa.-BOND OFFERING.-Proposals will be received until 8 p. m•
May 19 by M.J. Gaughan, Secy. of School Board,for $25,000 4
coup.
building and refunding bonds. Denom. $500. Int. J. & D. at office of
Dist. Treas. Due $5,000 every five years on June 1 from 1919 to 1939 incl..
NEW LOANS.
NEW LOANS
................
.$18,250
$100,000
Town of Kirkland, Wash., City of Sherman, Texas,
GOLD BONDS
Sealed bids will be received by the undersigned
until twelve o'clock noon on the 1ST DAY OF
JUNE, 1914 for the purchase of Eighteen Thousand Two Hundred Fifty ($18,250) Dollars negotiable bonds of the Town of Kirkland, authorized by Ordinance No. 116 of said town and the
laws of the State of Washington.
Said bonds to be issued in the denomination
of Five Hundred ($500) Dollars each, except one
1) bond, which shall be for Two Hundred Fifty
250) Dollars, and to bear interest as of July 1,
914; said bonds to be payable twenty (20) Years
from their date of issuance; to bear interest at a
rate not to exceed six per cent (6%) per annum,
payable semi-annually, for which interest coupons
shall be attached to and made a part of said bonds;
both principal and interest shall be payable in
gold coin of the United States of the present standard of weight and fineness, at the fiscal agency of
the State of Washington in New York City.
No bid for less than par and accrued interest
will be received. The right to reject any and all
bids is reserved by the Town of Kirkland. Bids
must be accompanied by a certified check on some
solvent bank located in the Town of Kirkland or
the City of Seattle for two per cent (2%) of the
face value of all bonds bid for, such deposit to be
returned if the bid is not accepted, but otherwise
to be applied by the Town on the sum so bid, or,
if the bidder fails to comply with the terms of
his bid, to be forfeited to the Town as and for
liquidated damages.
All bids will be opened and considered by the
corporate authorities in the Council Chamber in
the Town Hall of the Town of Kirkland on the 1st
day of June, 1914, at 8 o'clock p. m.
J. S. COURTRIGHT,
Town Clerk.
15
$50,000
City of Sanford, Florida,
REFUNDING BONDS
Notice is hereby given that sealed proposals will
be received by the Board of Bond Trustees of
Sanford, Florida, until 5 o'clock p. m. on the
29TH DAY OF MAY, A. D. 1914, at Sanford,
Florida, for the purchase of Fifty Thousand Dollars City of Sanford Refunding Bonds; said Bonds
to bear rate of interest not to exceed six per cent
and are dated July 1st, 1914, interest payable
semi-annually, January and July, said issue consisting of Ten Bonds of the denomination of One
Thousand Dollars each, maturing in ten years:
Fifteen Bonds of the denomination of One Thousand Dollars each, maturing in twenty years:
Twenty-five Bonds of the denomination of One
Thousand Dollars each, maturing in thirty years.
Principal and interest coupons are payable at the
National Park Bank, New York City.
All bids must be accompanied with a certified
check for one per cent of the amount of said issue.
The Board of Bond Trustees reserve the right to
reject any and all bids.
S. 0. CHASE,
GEO. H. FERNALD,
B. F. WHITNER,
Board of Bond Trustees, Sanford, Florida.
5% BONDS.
Sealed proposals will be received by the City
of Sherman, Texas, at the office of City Secretary, IIenry Zimmerman, until the 18TH DAY
OF MAY, 1914, 7:30 P. M., for the purchase of
the following described Municipal Bonds:
$40.000 5% 1-40 (Serial) Water-Works Improvement Bonds.
$25,000 5% 1-25 (Serial) Street Improvement
Bonds.
$20,000 5% 1-40 (Serial) Sewer Bcnds.
$5,000 5% 1-10 (Serial) Electric Light Improvement Bonds.
$10,000 8% 1-20 (Serial) Public Park Bonds.
The following conditions will govern the sale
of above bonds:
Each bid to be accompanied by a certified check
of 234% of the amount of the issue bid upon, said
bid specifying whether or not attorney's fees and
the printing of bonds are included in same.
Each bidder is given the option of bidding on one
or all of the issues. The right is reserved to reJect any and all bids.
HENRY ZIMMERMAN.City Secretary.
Sherman. Texas.
$225,000
Town of Meriden, Conn.,
HIGH SCHOOL BONDS
Sealed bids will be received by the undersigned
until WEDNESDAY, MAY 27, 1914. at 4 P. M.,
for $225,000
% Gold, High-School bonds,
dated May 1, 1914, and due serially $25,000 each
year May 1, 1936, to May 1, 1944, inclusive.
Complete information and blank proposal
mailed on request.
JOHN G. NAGEL, Treasurer,
Meriden,Conn.
Bolger, Mosser& WI I laman
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South La Salle St.,
CHICAGO
MUNICIPAL AND RAILROAD
BON DS
LIST ON APPLICATION.
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
$200,000
Huntington Independent District
Huntington West Virginia
SCHOOL BUILDING BONDS
Notice of sale of bonds to the amount of two
hundred thousand ($200,000.00) dollars of the
1914 building bonds of the Board of Education
of the Independent District of Huntington, in
the County of Cabell, West Virginia.
Notice is hereby given that the Board of Education of the Independent District of Huntington,
In the County of Cabell, State of West Virginia.
will,on the 28TH DAY OF MAY,1914,commencing at two o'clock p. m., Eastern standard time.
at its offices in the Carnegie Library Building,
in the City of Huntington, Cabell County, West
Virginia, make public sale of the following bonds,
aggregating $200000.00, of "The 1914 Building
Bonds" of said district, being an Issue of 3500,000.00 of said bonds issued for the purpose of
building, completing, enlarging, repairing and
furnishing school houses, and acquiring necessary
sites therefor, under the authority of the laws of
the State of West Virginia, and pursuant to an
ordinance as adopted on the 30th clay of January,
1914 and a vote of the qualified voters of said
district at a special election held on the 7th day
of March, 1914, ratifying and approving said
ordinance and the bonds therein provided for
by a vote of more than three-fifths resolution of
the said board passed and of all the votes cast
for and against the same.
The bonds now offered for sale will be dated
April 1, 1914, and will be of the denomination of
five hundred ($500.00) dollars each, with interest at the rate of five per centum per annum,
payable semi-annually, both principal and interest payable to bearer at the First National
Bank in the City and State of New York, and
maturing as follows: Sixty thousand ($60,000.00)
dollars of bonds, series "A." on April 1, 1924,
and one hundred and forty thousand ($140,000.00)
dollars, series "B," to series "U," both inclusive,
(fourteen bonds of each series each year) on
April 1, 1925, to and including April 1, 1944.
Sealed bids must be filed with James K. Oney,
the Secretary of the board, on or before noon of
the said day of sale, accompanied with a certified check for two thousand ($2,000.00) dollars,
drawn on some responsible bank or trust company,
the amount of the deposit of the successful bidder to be retained by the board as bond for liquidated damages in case of the failure of such bidder
to take and pay for said bonds, otherwise to be returned to such bidder or credited upon the purchase price; all other checks to be returned to
the bidder on the award of the bonds.
The legality of the bonds will be approved
by Messrs. Dillon, Thomson & Clay, attorneys,
of New York, whose opinion as to the legality.
or a duplicate thereof, will be delivered to the
purchaser of the bonds.
•
The right is reserved to reject any and all bids.
1914Dated. Huntington, West Virginia, April 17.
C.W.KENDLE,
President of the Board of Education of the Independent District of Huntington, in the
County of Cabell, West Virginia.
JAMES K.IONEY. Secretary.
date after June 1 1929.
subject to call bonds No. 31 to 50 incl. any interest
payable
Cert. check on an incorporated bank or trust company for $500,
to "Winton School District," required.
SALE.
-BOND
Ohio.
Green),
Bowling
0.
(P.
WOOD COUNTY
(dated May 20 1914),
On May 11 the $50,000 E. H. King and S. B. Rinker
(dated May 21 1914),
$50,000 Stratton-Hendricks and C. F. Huffman
22 1914), and $50,000
350,000 L. R. Hanback and Morris Rees (dated May
stone-road improvePhilo, Libbe, Gorral and Blandin (dated May 23 1914)
were awarded to
1342)
p.
98,
(V.
bonds
coupon
(average)
57
-year
3
ment
were:
bids
Other
at
100.86.
Stacy & Braun of Toledo
Premium on
Premium on
Each Issue.
Each Issue.
60
Tol_..$181
Co.,
&
Spitzer
Sidney,
Hayden, Miller & Co., Clev_$406 00
Wolcott Co.,Clev 165 00
Field, Richards & Co., Cin__ 295 00 Tillotson &Bank,
60
120
Cleveland__
Nat.
First
292
00
Cleveland
Co.,
Otis &
Spitzer, Bolick & Co., ToL _ 217 50
Premium.
$255 issue dated May 20 1914
dated May 21 1914
Providend Savings Bank & Trust Co., Cin_ 275 issue dated
May 22 1914
295 issue
315 issue dated May 23 1914
issue
any
on
premium
404
Davies-Bertram Co., Cincinnati
Mayer, Deppe & Walter__ I
issues
four
for
premium
_$1,080
Breed, Elliott & Harrison_ _ f Cincinnati_
0. Wyoming), Jones County,
WYOMING SCHOOL DISTRICT (P.will
is
stated,
it
23,
May
held
be
Iowa.-BOND ELECTION.-An election
building bonds.
to submit to the voters the question of issuing $30,000
NO. 54, Wash.-BOND
DISTRICT
SCHOOL
YAKIMA COUNTY
coupon building and equipment
SALE.-On May 2 the $27.000 5-20-year
at par
awarded to the State of Washington
bonds (V. 98, p. 1342) were redeemable
one year. Other bids were:
after
years,
for 55, bonds due in 20
years
5
after
optional
bonds,
6%
for
C. H. Coffin, Chicago, bid $27,101
after 10 years.
or $27,141 for 5%% bonds optional
optional after
bonds,
%
for
53$27,031
bid
Chicago,
H.T. Holtz & Co.,
5 years.
Spokane, bid $27,027 and interest for
okane & Eastern Trust5 Co.,
optional after years.
5 o bonds,
Seattle. bid par for 6% bonds, optional after
m. D. Perkins & Co., years.
in 20
5 years and payable
bid $27,310 and interest for 5%% bonds,
Seattle,
Co.
&
Geo. H. Tilden
prior payment.
maturing in 20 years, Without option of
and interest for 5%%
Yakima Trust Co., North Yakima, bid $27,375
of prior payment.
option
without
years,
bonds, maturing in 20
and interest for 6% bonds,
Ferris & Hardgrove, Spokane, bid $27,150
maturing in 20 years and optional after 5 years.
Central Bank & Trust Co., North Yakima, bid $27,030 and interest for
5%% bonds, maturing In 20 years and optional after 5 years. Also agreed
to furnish blank bonds.
YAZOO-MISSISSIPPI LEVEE DISTRICT (P. 0. Clarksdale), Miss.
-BOND OFFERING.-J. W. Cutrer, President of District, will seceivo
bids until 3 p. m.May 28 for an issue of $1,000,000 5% 40-year levee bonds.
Interest semi-annual.
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 7 (P. 0.
an
Laurel), Mont.-BOND OFFERING.-This district is offering for sale
issue of $23,000 6% school building bonds.
proposition
YOAKUM, Dewitt County, Tex.-BONDS VOTED.-Thecarried
by a
to issue the $30,000 school-building bonds (V. 98, p. 1108)
vote of 274 to 4, it is stated, at the election held April 28.
YORK TOWNSHIP SCHOOL DISTRICT (P. 0. Richwood), Union
County, Ohio.-BOND SALE.-On May 7 the $15,000 5% 53 -year
(average)coupon school-building bonds(V.98,p. 1412) were awarded to the
Ohio National Bank of Columbus at 100.21 and interest.
YOUNGSTOWN, Mahoning County, Ohio.-BOND OFFERING.
Proposals will be received until 2 p. m. May 18 by the City Auditor for the
following 5% coupon or registered bonds:
$7,990 Cherry St. paving bonds. Due $1,598 yearly on Oct. 1 from 1915
to 1919 inclusive.
12,655 Parmelee Ave. paving bonds. Due $2,531 yearly on Oct. 1 from
1915 to 1919 inclusive.
13,750 refuse site-purchase bonds. Due $2,000 yearly on Oct. 1 from 1916
to 1920 incl. and $3,750 Oct. 1 1921.
6,000 street-improvement (city's portion) bonds. Due $2,000 yearly on
Oct. 1 from 1916 to 1918 inclusive.
•
Date May 25 1914. Int. M. & N. at office of Sinking Fund Trustees,
Cert. check for 2% of each block of bonds bid upon,payable to CityAud..
required. Bonds to be delivered and paid for not later than May 25.
Separate bids must be made for each block of bonds. The $1,915 Frederick
Aye. $1,160 Pyatt Ave. and $1,850 Champion St. sewer bonds which were
also to have been sold on May 18 (V. 98, P. 1342) have been withdrawn.
Canada. its Provinces and Municipalities.
BOBCAYGEON, Ont.-DEBENTURES VOTED.-The questions of
issuing the $4,000 and $3,000 5%% sidewalk-construction debentures
(V. 98, p. 1412) carried at the election held May 4 by a vote of 71 to 56.
Due one debenture yearly for 20 years.
BRIDGEBURG, Ont.-DEBENTURE OFFERING.-Ah election will
be held May 18, reports state, to submit to a vote the proposition to issue
$7,000 street-improvement debentures.
CHARLOTTETOWN, P. E. I.-DEBENTURE OFFERING.-Proposal
will be received until May 27 by Chas. McGregor, Chairman of Sewer and
Water Supply Commissioners, reports state, for $25,000 43 % 20-year
water-works debentures. Denom. $500. Interest semi-annual.
CUMBERLAND TOWNSHIP, Ont.-DEBENTURE SALE.-An issue
of $3,000 5% 20-installment debentures was recently awarded to G. A
Stimson & Co. of Toronto, it is stated.
ENDERBY, B. C.-DEBENTURES VOTED.-Reports state that this
place, at an election held April 20. voted in favor of the issuance of $3,500
school debentures.
FORD CITY, Ont.-DEBENTURES VOTED.-The question of issuing
% village-hall-construction debentures (V. 98, p.134.3)
the $35,000
carried, reports state, at the election held May 2.
FRANCIS, Sask.-DEBENTURE OFFERING.-Bids will be received
by S. Mars, Secretary-Treasurer, for an issue of $3,500 debentures, reports
state.
GALT, Ont.-LOAN ELECTION.-An election will be held May 28,
reports state, to vote on the question of granting a loan of $15,000 to the
Galt Machine Screw Co.
will be reKEARNEY, Ont.-DEBENTURE OFFERING.-Proposals
Clerk, for $1,000 5%
ceived until 6 p. m. June 1 by J. J. Brosnan, Town
school debentures. Date May 15 1914. Due in equal ann. installments
on July 1 from 1915 to 1924 incl.
MISCELLANEOUS. •
MISCELLANEOUS.
nal Bank
Mellon Natio
URGH, PA.
Barnes ki Lofland
147 So. 4th
1559
THE CHRONICLE
MAY 16 1914.1
St., Philadelphia, Pa.
PITTSB
8-26
Stocks and Bonds
3% on RESERVE ACCOUNTS
AT
is paid by this bank
AUCTION
Correspondence is invited
EVERY WEDNESDAY
Salesroom 201 Philadelphia Bourss
Resources over - $65,000,000
F. WM. KRAFT
LAWYER.
Specializing in Examination
of
Municipal and Corporation Bonds
517-520 HARRIS TRUST BUILDING.
111 WEST MONROE STREET
CHICAGO, ILL.
Acts as
Executor,
Trustee,
Adrsainistrater,
Guardian,
Receiver,
Registrar and
Transfer Agent.
-Interest allowed
on deposits.
Girard Trust Company
PHILADELPHIA
Chartered 1838
CAPITAL and SURPLUS,$10,000,000
E. B. Morris, President.
IRVING WHITEHOUSE CO., Inc.
INVESTMENT BONDS
8% First Mortgage Loans
Information on any Western Stocks or Bond.
furnished on request.
216-217-218 Hutton Bldg., Spokane. Wash.
BLODGET & CO.
BONDS
NI STATE STREET. BOSTON
BO PINE STREET. NB r YORK
1TATE, CITY & RAILROAD BONDS
The Union Trust Company of New York has renewed for a
term of years its lease of the quarters occupied as a Branch ;Office
at the corner of Fifth Avenue and 38th Street. This gives the Company two permanent and well-equipped branches for its up-town
business-the 38th Street Branch in the heart of the busy Fifth
Avenue shopping district, and the Plaza Branch at Fifth Avenue
and 60th Street, just opposite the entrance to Central Park.
The facilities of all the offices of the Company are offered to
depositors of either Branch or of the Main Office at 80 Broadway.
The Union Trust Safe Deposit Company, entirely owned by
the Union Trust Company, conducts modern safe deposit vaults
at both Branches.
1560
THE CHRONICLE
LA SALLE, Que.-DEBENTURE SALE.-Repor
ts state that J. A.
McKay & Co. of Montreal were recently
awarded an issue of $50.000 5%
debentures.
LITTLE CURRENT, Ont.-DEBENTURE OFFERI
will be received until June 6 for $12,000 6% electric-lig NG.-Proposals
ht-plant-site-purchase and installation debentures. Auth.
held May 4(V.98, p. 1413). Due in 1927. vote of 87 to 4 at the election
MORTLACH, Sask.-DEBENTURE OFFERING.
-Proposals will be
received by W. E. Hodges, Secy.-Treas., for
$2,300 street-improvement
$2,200 sidewalks and $2,000 fire-protection
debentures, it is stated.
PARRY SOUND, Ont.-DEBEN
VOTED.-The question of
issuing the $64,000 local-improvementTURES
debentures (V. 98. p. 11139) carried,
reports state, at the election held April
27.
PEMBROKE, Ont.-LOAN ELECTION.-Reports
tion will be held May 19 to vote on the propostions state that an electo issue $50,000 and
$5,000 debentures to be granted as
loans to the Electrical Mfg. Co.
PICTON, Ont.-DEBENTURE OFFERING.-A by-law
providing for
the issuance of $20,000 Main Street-improvem
ent debentures carried,
reports state, at the election held May 4.
QUEBEC PROTESTANT SCHOOL DISTRICT (P.O.
Quebec), Que.
-DEBENTURE SALE.-Local newspaper reports
state that the Royal
Securities Corp., Ltd., of Quebec was recently awarded
an
issue
of $40,000
5% debentures, due June 1944. They are now being
offered at a price
to yield 4.90% interest.
RED DEER, Alta.-DEBENTURE SALE.-On May
4 the five issues
of 6% debentures, aggregating $17,000 (V. 98,
p. 1343) were awarded to
MacNeill & Young of Toronto for $16,601 (97.653
) and int. Other bids
were:
A.E. Ames & Co., Toronto_ _$16,558 W.A.
ie & Co., Tor.$16,011
Canada Bond Corp.,Tor_ _ _ _ 16,557 Nay & McKenz
Regina
15,841
Wood, Gundy & Co., Tor_ _ _ 16,427 Brent, James,
Noxon & Co.,Tor_ __ _ 16,730
C. H. Burgess & Co., Tor.... _ 16.202
REDCLIFFE, Alta.-DEBENTURE ELECTI
ON.-An election will be
held May 18, it is reported, to submit to a vote the
question of issuing the
$124,000 local-improvement debentures.(V.
98, p. 1343).
ST. MARC, Quo.-DEBENTURE OFFERING.
-Propos
als will be received until 1 p. m. May 18 by the
ary of Schools, for $30,000
school debentures. Denom. $1,000.Commiss
particulars may be had from J. EphremDue part each six months. Full
Martin, 2,119 Poupart St., Parc
Molson, Montreal.
ST. THOMAS, Ont.-DEBENTURE SALE.Geo. A. Stimson & Co.
of Toronto recently purchased $39,300 5% 10 and 15-install
ment debentures
SANFORD SCHOOL DISTRICT, Man.-DEBE
May 1 $10,000 debentures were awarded to Allan NTURE SALE.-On
Killam
& McKay of
Winnipeg at 98.75 and int. Other bids were:
H. O'Hara & Co., Toronto_ _ _ _98.40
}Nay & James, Regina
97.51
W.L. McKinnon & Co., Tor __97.601Brent,
Noxon & Co., Tor__ _ _96.11
voL. xoviii.
SASKATOON, Sask.-RESULT
OF DEBENTURE ELECTION.
The question of issuing $271,51 sewer
and water-system-improvement
debentures carried, reports state,2 at
proposition to issue $235,000 variousan election held May 1, while the
improvement debentures failed to
carry.
szmcoz, Ont.-DEBENTURE SALE.-An issue of $11,600
%
20-installment debentures has been awarded, it
is stated, to A. E. Ames
Co. of Toronto for $11,648.
STRATFORD, Ont.-DEBENTURE
OFFERING.-Proposals will be
received until 3 p. m. May 19 by
,following 5% coupon debentures: Wm. Lawrence, City Treas.. for the
$43,000 Romeo Ward drain debentures. Due
1 1934.
20,000 light and heat debentures. Due Jan.Jan.
1 1944.
29,000 local-improvement debentures. Due
Jan. 1 1924.
48,000 local-improvement debentures. Due Jan.
1929.
19,000 local-improvement debentures. Due Jan. 1
1 1934.
Denom. $1,000. Int. ann. on Jan. 1 Debentures
will be delivered at
Bank of Montreal, Stratford. General debentu
re debt (not ind, these
issues) $957,475. Local improvement debt $502,488.
THE PAS, Man.-DEBENTURE SALE.-Reports state
that the $120,000 5% 20-year sewer and water-works debentures
on April 5
(V. 98, p. 949) have been sold to Murray, Mather & Co.offered
of Toronto.
TORONTO, Ont.-DEBENTURES AUTHORIZED.-On
May
5 the
City Council passed by-laws authorizing the issuance of $508,01
8 drainage,
western cattle-market lands, women's industri
College St. water-main debentures, it is stated. al farm-purchase and
WALLACEBURG, Ont.-DEBENTURES AUTHORIZED.-On
April
28 the local Council passed a by-law, it is stated, providin
of the $200,000 water-works debentures(V. 98, p. 1266). g for the issuance
WATERLOO, Ont.-LOAN VOTED.-At a recent election the
question
of granting a loan of $50,000 to the Globe
Furniture Co. carried, it is reported.
WESTMOUNT, Que.-DESCRIPTION OF DEBENTURES
.-The
$110,000 44-year and $275,000 14-year
% coupon municipal debentures
awarded on May 4 to N. W. Harris & Co.
,Inc., of Montreal at 95.42
(V. 98,i
p. 1482) are in the denom. of $1,000 and
dated May 1 1914. Int.
M.& N.in N. Y. and Montreal.
WETASKIWIN, Alta.-DEBENTURE
SALE.
$7,000 6% 30-ann. install, water-works debentu -Reports state that
res were recently purchased by MacNeill & Young of Toronto.
WILKIE, Sask.-DEBENTURES VOTED.
.-The proposition to issue
the $15,000 6% local-improvement and
fire-apparatus debentures (V. 98.
p. 1266) carried, reports state, at the election
held April 20.
YORK TOWNSHIP, Ont.-DEBENTURE
000 5% 20-installment public school debentu SALE.-An issue of $100,res was recently awarded,
reports state, to Geo. A. Stimson & Co. of
Toronto at 100.005.
INSURANCE
ENGINEERS.
ATLANTIC MUTUAL INSURANCE COMPANY.
THE J. G. WHITE COMPANIES
New York, January 22d, 1914.
The Trustees, in conformity with the Charter of the
Company, submit
31st of December, 1913. the following statement of its affairs on the
The Company's business has been confined
to marine and inland transportation
insurance.
Premiums on such risks from the let
1913, to the 31st December, 1913
Premiums on Policies not marked oil January,
33,600,334 83
1st January, 1913
767.050 94
Total Premiums
----$4,367,385 77
Premiums marked off from January 1st, 1013. to Decembe
r 31st, 1913
$3,712,602 51
Interest on the investments of the Company received
during the year_ _$308,4l9 46
Interest on Deposits in Banks and Trust Companie
s,
etc
39,877 94
Heat received less Taxes and Expenses
130,212 32 478,509 72
Losses paid during the year
Less Salvages
$1,790,888 32
$233,482 06
Chicago
Re-insurances
San Francisco
London
320,813 71
Discount
47 58 554,343 35
Manila, Para, Buenos Aires, Santiago,
Chili
ENGINEERS - MANAGERS
Fl NANCI ERS
43 Exchange Place. - NEW YORK
$1.236,544 97
Returns of Premiums
Expenses, Including officers' salaries and clerks'
compensation, stationery, advertise- 3105,033 85
ments,etc
650,942 08
Alfred E. Forstall
A dividend of interest of Six per cent on the
Charles D. Robison
outstanding certificates of profits will be
thereof, or their legal representatives,
paid to the holden
on
and after Tuesday the third of February
The outstanding certificates of the Issue
next.
of 1908 will be redeemed and paid to the
legal representatives, on and after Tuesday the
holders thereof,
their
will cease The certificates to be produced at third of February next, from which date all interest or
thereon
the time of payment and canceled.
ENGINEERS
A dividend of Forty per cent is
on the earned premiums of the
December. 1913. which are entitled declared
Company
for
the
year
ending 31st
Investigations and Appraisals of
te in dividend, for which, upon applicati
Issued on and after Tuesday the fifthtoofparticipa
Gas and
on, certificates will be
May next.
Electric
Properti
es for Owners or Financial
By order of the Board,
O. STANTON FLOYD-JONES, Secretary
Institutions.
.
TRUSTEES
JOHN N. BEACH,
84 William St.,
SAMUEL T. HUBBARD,
NEW YORK CITY
ERNEST C. BLISS,
CHARLES M. PRATT.'
THOMAS 11, HUBBARD,
WALDRON P. BROWN.
DALLAS B. PRATT.
LEWIS CABS LED YARD,
JOHN CLAFLIN
ANTON A. RAVEN',
WILLIA
M
H.
LEFFER
TS,
GEORGE C. CLARK
JOHN J. RIKER,
CHARLES D. LEVERICH,
CLEVELAND H. DODGE.
DOUGLAS ROBINSON,
GEORGE H. MACY.
CORNELIUS ELDERT,
WILLIAM J. SCHIEFFELIN
NICHOLAS F. PALMER.
RICHARD H. EWART,
WILLIAM SLOANE,
HENRY
PARISH
,
PHILIT A. S FRANKLIN,
LOUIS STERN,
ADOLF PAVENSTEDT,
HERBERT L. GRIGGS.
WILLIAM A. S'rREET,
JAMES H. POST,
ANSON W. HARD,
GEORGE E. TURNURE.
A. A. RAVEN, Prettied, RICHARD H. WILLIAMS.
CORNELIUS ELDERT, Vise-President
Plans, Methods, Examinations
WALTER WOOD PARSONS, 2d Vice-Pres
ident,
CHARLES E. FAY, 3d Vice
-President,
Public Utilities and Industrials
ASSETS.
United States and State of New York
LIABILI
RFPORTS
Estimated Losses and LossesTIES.
Bonds
Unsettled
New York City and New York Trust 5670.000 00 in process of Adjustment
$1,806,0
24
Banke
00
Premium
rs Trust Bldg., New York
s
on
Untermin
Companies and Bank Stocks
654,783 26
1.783 700 00 Certificates of Profits ated Risks
Stocks and Bonds of Railroads
and Interest Un264,136 25
2,737 412 00
paid
Other Securities
282,520 00 Return Premiums
Special Deposits in Banks and Trust
108,788 90
Reserve for Taxes Unpaid
Cmmpanles
28,905 88
Real Estate cor. Wall and William Streets 1.000.000 00 Re-Insurance Premiums
221,485 06
Claims
not Settled, Including CompenAlex. C. Humphreys
and Exchange Place,containing offices 4,299,426 04
Alten S. Miller
sation, etc
Real Estate on Staten Island (held under
70,799 43
Certificates of Profits Ordered
provisions of Chapter 48I,Lawe of 1887)
Redeemed
75,000
00
Withheld
for
Unpaid Premiums
Premium Notes
22,556 09
475.727 45 Certificates ••• Profits
B us Receivable
Outstanding
7,240,320 00
605,89179
Cash in hands of European Bankers to
ENGINEERS
pay losses under policies payable in
foreign countries
177,881
39
Cash in Bank
636,465 49
Temporary Investments (payable lam.
ary and February, 1014)
163 BROADWAY
505,000 00
NEW YORK
FORSTALL AND ROBISON
C. G. YOUNG
Engineering and Construction
FOR FINANCING
HUMPHREYS& MILLER,Inc.
Power-Light-Gas
10.000 00
,259.-0-24-173
173
-
810.017,798 87
Thus leaving a balance of
Accrued Interest on the 31st day of December, 1913, amounte
rj,841.227 29
d to
Rents due and accrued on the 31st
day of December, 1913. amounted to
351,650 24
Re-insurance due or accrued, In companie
28,878 26
s authorized In New York. on the 31st day
1913, amounted to
of December.
Unexpired re-Insurance premiums on the list
166.830 09
day of December, 1913. amounted to
Note: The Insurance Department has estimate
55,903 22
d the value of the Real
William Streets and Exchange
in excess of the Book Value Estate corner Wall and
And toe property at Staten IslandPlace
450,578 96
excess of the Book Value, at elven above, at
Market Value of Stocks. Bonds an In
other
63,700
Securitie
00
s on the 31st day of December. 1913,
ceeded the CompaJy's valuation by
ex1,268,075 10
a the basis of these increased galuations the
_
Datum would be
aie
S4,926,338 09
MINING ENGINEERS
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA
@FedFRASER