The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The.
oilinurrat
INCLUDING
Bank St Quotation Section
Railway Earnings Section
financial
hrontde'
Railway St Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, MAY 23 1914.
VOL. 98
rift Thronicle.
PUBLISHED WEEKLY.
NO. 2552
Week ending May 16.
Clearings atlige. Or
1914.
1913.
Dec.
1912.
II
303,232,897
29,271,300
23,393,919
25,758,810
12,941,662
11,910,147
6,830,100
5,193,910
2,950,000
3,220,354
2,027,826
1,240,136
787,389
1,119,592
1,451,576
1,032,171
870,124
2,344,000
785,109
1,486,161
740,494
604,035
584,600
531,650
673,081
414,577
528,345
393,605
454,118
239,867
203,963
28,719
445,041
567,539
445,259,817
1911.
$
269,505,000
Chicago
23,823,600
Cincinnati
18,628,325
Cleveland
22,746,986
Detroit
12,703,071
Milwaukee
7,935,299
Indianapolis _ _
5,238,100
Columbus
4,732,937
Toledo
2,667,947
Peoria
2,916,446
Grand Rapids
2,145,458
Dayton •
1,296,407
Evansville
798,092
Kalamazoo
1,086,323
Fort Wayne - _Terms of Advertising-Per Inch Space
984,899
Youngstown
1,024,052
$4 20 Springfield, Ill_
timeo)
s)
Transient matter per inch spa
e(14 agate hues)
co
rw
900,632
22 00 Rockford
1,072,000
Akron
00
29
Three
1,035,196
Standing Business Cards
. 50 00 Lexington
f
Vonttths gg liTtlet8
958,032
87 00 Canton
Twelve Months(52 times)
615,958
Quincy
CHICAGO °FMCS-Geo.M.Shepherd,513 Monadnock BIG ,k;TeLHarrison ME Bloomington__522,469
LONDON ()mos-Edwards & Smith,1 Drapers' Gardens, E. C.
584,358
South Bend
460,928
Decatur
WILLIAM B. DANA COMPANY,Publishers,
Jackson
467,393
New York,
P.O.Box M. Front. Fine and Decorator Ste.,
391,869
Mansfield
476,246
Springfield, 0._ _
424,577
Published every Saturday morning by WILLIAM B. DANA COMPANY. Danville
384;560
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, Lima
293,187
Vice-Presidents; Arnold G. Dana, See. Addresses of all. Office of the Company. Jacksonville, Ill_
183,420
Ann Arbor
49,033
Adrian
346,713
Owensboro
CLEARING-HOUSE RETURNS.
450.000
Lansing
The following table, made up by telegraph. &c., indicates that the total
387,793,693
Tot. Mid.West
bank clearings of all the clearing houses of the United States for the week
ending to-day have been $3,133,460,601, against $3.181.754,833 last week
45,336,226
47,951,788
48,769,219
52,548,258 -8.7
San Francisco_ _
and $3.100,855,677 the corresponding week last year.
19,729,418
24,578,695
24,614,468
26,277,758 -6.8
Los Angeles
11,150,880
12,913,923
11,486,497
13,419,838 -3.8
Seattle
Per
11,510,812
13,195,041 -23.2
10,188,690
10,130,388
Cleartngs-Returns lig Telegraph.
Portland
1914.
1913.
• Cent.
6,390,484 -9.8
6,195,304
5,761,683
7,172,763
Week ending May 23.
Salt Lake City
4,398,034
4,696,735
4,518,906 -2.7
4,017,007
Spokane
$1,424,519,765 $1,444,013,304
---1.4 Tacoma
2,327,949
3,563,28/3
2,772,337 -16.1
2,935,416
New York
130,421,554
115,207,981 +13.2 Oakland
3,246,214
3,953,919 -1.9
3,878,355
3,467,574
Boston
129,647,880
130,391,047
-0.6 San Diego
3,300,000 -35.7
1,620,000
2,112,004
2,595,538
Philadelphia
29,878,790
29,294,523
2,116,528 -11.5
1,873,323
1,885,657
+2.0 Sacramento
1,359,522
Baltimore
. 253,555,935
263,792,317
1,139,086
+4.0 Pasadena
1,000,667 -0.8
872,658
992,526
Chicago
65,483,439
67,159,175
-2.5 Fresno
888,754
1,133,052 -10.4
675,000
St. Louis
1,015,714
17,452,990
13,703,070 +27.4 Stockton
840,834
946,868 -8.9
743,623
862,954
New Orleans
607,980
490,247
593,752 +5.3
625,000
San Jose
+0.4 North Yakima_ _
$2,061,196,735 $3,053,325,035
Seven cities, 5 days
458,475
451,960
431,886 +13.7
490,855
521,074,687
+6.2 Reno
553,269,648
Other cities, 5 days
261,876
219,800
299,335 -17.2
247,928
Total Pacific_ _ 120,160,519 132,898,429 -9.6 123,959,557 109,231,865
+1.6
Total all cities, 5 days
$2,614,466,383 $2,574,399,722
-1.2
526,455,955
All cities, 1 day
518,994,278
50,536,528
49,318,797
Kansas City..__ _
51,693,321
53,338,271 -3.1
18,801,294
16,762,856
23,865,526
22,204,769 +7.5
+1.1 Minneapolis _ _
Total all cities for week
$3,133,460,661 $3,100,855,677
15,986,659
16,512,359
Omaha
11,384,716 -7.4
16,092,797
8,597,795
10,206,302
11,018,258
9,358,898 +17.7
The full details for the week covered by the above will be given next St. Paul
8,475,875
8,793,908
9,145,377
9,128,905 +0.2
Saturday. We cannot furnish them to-day,clearings being made up by the Denver
St.
6,535,837
Joseph
6,576,219
7,205,812
8,098,734
day
-18.8
last
the
above
clearing houses at noon on Saturday. and hence in the
4,340,775
4,429,530
6,362,509
6,016,706 +5.8
of the week has to be in all cases estimated, as we go to press Friday night. Des Moines
2250.811
2 776 050
3.344_152 -SR
3.158.611
We present below detailed figures for the week ending with Saturday Duluth
3,333,769
Sioux City
noon, May 16, for four years:
2,993,579
3,293,140
Wichita
3,328,047
3,462,508 --13.5
2,382,797
Lincoln
1,487,329
1,777,358
2,008,900 +18 6
Week ending May 16.
1,698,277
1,400,927
Davenport
1,228,527
+11.9
I
Clearings at1,615,242
1,576,168
1,714,976 -5.8
1,666,785
Topeka
Inc. Or
2,118,127
1,343,372 • +57.7
1,269,359
1,433,643
Cedar Rapids_ .._
1912.
Dec.
1911.
1913.
1914.
1,494,851
1,687,043 -16.6
1,110,478
1,407,588
Waterloo
766,215
1,065,412 -2.5
955,830
1,038,571
Helena
$
$
%
$
591,192 +100.0
$
414,847
737,886
1,182,352
Fargo
New York
1,739,595,360 1,809,580,942 -3.9 2,120,383,546 1,947,124,574 Colorado Springs
672,074
700,745
770,412 -21.6
604,532
-6.1
155,070,688 146,293,085 Pueblo
Philadelphia
147,767,330 157,436,452
590,079 +4.4
654,012
601,456
615,881
51,776,886
56,273,566 -4.1
47,762,605 Fremont
Pittsburgh
53,991,575
365,446
269,728
291,135 +23.7
360,395
34,460,320
37,003,609 +1.0
Baltimore
31,834,796 Aberdeen
37,392,025
305,050
395,794 +7.4
394,203
425,000
11,816,949
12,795,418 -10.5
10,457,294 Billings
Buffalo
11,453,738
275,703
95,709
393,771 -0.9
390,093
8,014,309
8,165,792 -1.5
8,980,752 Hastings
8,041,268
Washington
184.422
193,800
173,087 +4.9
181,601
5,923,528
6,389,292 -19.4
5,865,875
5,147,961
Albany
128,899,224
136,627,193
-0.1
148,387,933
148,260,422
0th.
Tot.
West
4,730,531
5,364,640 -5.5
4,363,426
5,068,189
Rochester
3,013,007
2,468,516
2,926,546 +30.0
3,804,641
Scranton
75,144,154
82,439,527
82,192,462 -2.4
80,178,408
2,447,286
2,695,038 St. Louis
+9.5
3,078,781
3,370,131
Syracuse
21,798,637
17,057,385
17,111,775 +0.5
17,201,238
1,798,694
1,626,221 New Orleans---2,193,984 +0.3
Reading
2,200,000
13,310,264
15,869,352
12,923,091
12,618,365 +2.4
1,779,404
1,551,977 Louisville
1,660,136 +21.8
2,022,609
Wilmington
8,440,798
-1.6
8,303,634
Houston
1,417,716
1,227,064
1,444,410 +3.4
Wilkes-Barre
1,492,912
7,975,000
6,737,500
+11.1
8,058,500
8,955,000
Galveston
2,266,149
1,748,073
2,173,549 -1.7
Wheeling
2,136,670
8,241,517
8,355,855
7,712,909 +4.9
8,089,845
1,753,203
1,498,069 Richmond
Trenton
1,860,832 -1.6
1,830,140
12,582,232
+15.4
11,127,328
11,917,957
13,756,827
Atlanta
867,776
957,523
York
+2.9
881,971
907,575
7,611,227
8,025,794 -8.5
5,551,460
7,346,352
996,117 Fort Worth
1,387,049
Lancaster
1,664,946 -2.5
1,623,281
6,929,984
6,848,262 +14.2
7,041,334
7,817,704
1,053,280
883,408 Memphis
Erie
0.1
1,188,599
1,190,036
4,291,578
6,802,096
-1.5
8,376,998
6,700,000
Nashville
509,600
657,300
Binghamton
686,900
703,400 -2.3
4,779,025
4,796,053
4,120,638 -8.8
3,766,313
543,347 Savannah
602,284
Greensburg
694,242
653,398 +6.3
3,465,411
3,194,079
3,777,499 +6.1
4,006,488
Norfolk
556,600
570,346
Chester
+32.5
922,184)
695,735
2,210,088
-16.4
3,418,503
3,363,917
2,810,983
Birmingham
602,206
495,292
Altoona
646,648 -4.6
617,024
1,681,346
2,157,235
1,574,015 +18.6
1,867,591
Knoxville
Montclair
488,508 -17.2
404,530
2,783,561
3,285,000
3,766,214 +4.5
3,936,012
__
Jacksonville
1,941,348
2,199,911
2,279,742
+7.5
2,450,854
_
_
_
Chattanooga_
Total Middle. 2,032,358,939 2,115,272,591 -3.9 2,412,267,809 2,218,553,903
1,767,870
1,806,662
1,490,365 +3.2
1,537,557
Augusta
2,392,411
1,607,568
+11.7
2,107,496
2,354,570
Little
Rock
153,563,144
177,628,905
Boston
181,391,864 157,694,627 +15.1
1,889,914
1,830,828
+25.9
1,460,598
1,839,219
Charleston
8,274,900
10,045,900
Providence
9,743,500 +1.8
9,917,909
1,492,012
2,225,406
1,784,414 +19.7
2,135,279
4,265,703 Oklahoma
5,318,037
Hartford
4,916,061 +14.8
5,645,934
1,229,511
1,241,582
-2.4
1,459,676
1,424,408
Mobile
2,728,227
3,028,954
New Haven
3,225,060 +16.8
3,766,138
2,850,000
3,486,183
3,491,101
2,952,908 +18.3
3,030,498
2,258,839 Macon
3,080,635 +8.1
Springfield
3,331,689
3,405,425
1,968,698
2,430,075 +36.4
3,314,673
2,070,351 Austin
2,064,268
7.3
Portland
2,168,360
2,009,747
216,921
233,051
239,625 +6.6 •
255,820
2,418,688 Vicksburg
2,716,953
1.3
Worcester
2,866,590
2,818,878
273,215
355,625 +4.7
372,193
367,104
1,276,404 Jackson
1,195,046
Fall River
1,074,144 +21.2
1,302,024
591,240
699,387
1,059,288 +53.7
1,628,267
Tulsa
1,102,847
1,183,125
New Bedford _ _
+15.0
1,083,961
1,246,755
818,793
• 667,759
746,579 +18.9
887,631
607,220 Muskogee
602,997
Lowell
571,200 +52.7
872,273
280,900
300,000
335,526 +4.6
351,055
559,723 Meridian
586,657
Holyoke
676,957 +2.0
690.208
446,291
Bangor
486,198
Total Southern 209,692,113 205,033,478 +2.3 202,800,389 187,394,703
512,028 -13.0
445,501
-Kiin 3,245,654,799, -1.9 3,528,542,302 3,210,754,725
3,18177
Total all
Tot. New Eng. 213.438.911 187.613.132 +13.8 208.427.537 179.581.337
-4 1,408,158,756 1,213,630,151
Outside N. Y_ 1,442,159,473 1,436,073,8571
No/3.-Fa: Canzliaa ciaArin;3 sea "Commercial and Miscellaneous News."
Terms of Subscription-Payable in Advance
$10 00
For One Year
600
For Six Months
13 00
European Subscription (including postage)
7 50
European Subscription six months(including postage)
22 14e.
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Subscription includes following SupplementsBANK AND QUOTATION(monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
RAILWAY EARNINGS(monthly)
ELECTRIC RAILWAY(3 tunes yearly)
STATE AND CITY (semi.annually) BA.NEEns' CONYENTIOE(yearly)
$
314,194,836
24,435,700
25,290,847
23,408,460
16,541,425
8,581,313
6,540,500
6,678,725
3,514,287
3,393,635
2,325,514
1,439,645
592,042
1,293,743
1,490,812
1,157,384
1,026,524
1,797,000
858,098
1,683,228
739,391
601,955
697,400
450,459
550,000
506,748
737,683
475,000
568,436
209,454
217,113
65,482
384,190
597,100
457,843,929
$
310,818,586
24,948,800
25,019,453
29,850,845
15,618,662
10,059,783
6,741,900
5,937,203
3,335,311
3,570,833
2,088,358
1,417,714
808,439
1,266,724
1,511,722
1,113,104
1,079,164
1,829,000
811,750
1,694,611
704,505
672,717
816,369
475,515
652,422
465,912
632,095
438,137
498,137
300,183
195,279
57,353
421,871
597,179
456,449,236
%
+1.1
-2.1
+1.1
-4.8
+5.9
-14.7
-3.0
+12.5
+5.4
-5.0
+11.3
+1.5
-26.7
+2.1
-1.4
+3.9
-4.9
-1.8
-18.9
-0.7
+4.9
-10.5
-14.6
-5.3
-15.6
+8.8
+16.7
+8.4
-14.1
-30.2
+11.3
+14.2
-8.9
+0.004
+0.1
1562
THE CHRONICLE
[VoL. xcvrri.
take one dollar that could be criticised out of any
transaction that I have been personally cognizant
of." This, of course, is gospel truth, and Mr. Morgan's character for straightforward dealings will not
be jeopardized, no matter what Mr. Mellen may say.
Mr. Mellen sees it would be absurd to plead guilelessness when he had such an intimate knowledge of
the affairs of the company, so he can think of no better excuse to offer than to say he had such high
respect for the judgment of Mr. Morgan that he felt
THE FINANCIAL SITUATION.
in duty bound to acquiesce in all that the latter
It is an amazing and also an incredible tale which proposed. But even the gullible public will refuse
Charles S. Mellen, former President of the New to accept this explanation. Viewing Mr. Mellen's
York New Haven & Hartford RR. Co., has been testimony in whatever way one may, it seems impostelling on the witness stand in the investigation which sible to avoid the conclusion that he flagrantly neglecthe Inter-State Commerce Commission is making ted his plain duty as the executive head of the enterinto the affairs of that company, for the purpose of prise. It is no answer to say that Mr. Morgan was
determining what became of the enormous sums of the master mind of every undertaking with which
money spent by the concern while Mr. Mellen was he became identified. This master mind had to
its chief executive. At the end of ten years of Mr. depend, and did depend, upon others for the execuMellen's administration, the company finds itself tion of his plans, and it was the distinctive function
off the dividend-paying list, saddled with an immense of these latter to safeguard every step in the process.
mass of obligations (some of them of a pressing tem- In Mr. Mellen's case Mr. Morgan evidently leaned
porary character), with the outstanding amount of on a broken reed. As a matter of fact, Mr. Mellen is
its stock vastly increased, with the Federal Govern- forced to acknowledge that many of the most objecment at its heels, with the different State govern- tionable schemes were initiated by himself and not by
ments likewise dissatisfied, and with the physical Mr. Morgan.
condition of the property none too good.
Mr. Morgan was not given to looking after details.
Some one, obviously; is to blame for this state of He was quick in reaching conclusions, but only after
things and the public supposed it was Mr. Mellen, full investigation, and he never required any one
accustomed to rule in a high-handed fashion, who connected with any of the enterprises with which he
was the culpable individual. But Mr. Mellen says became associated to walk in the dark. He who
no. He was simply the tool of the board of direc- walked in the dark in any Morgan enterprise did so
tors, or of one of the committees of that board and because he deliberately chose to shun the light. It
yielded ready consent to all the financial propositions is true Mr. Morgan never haggled about price when
advanced by that committee, particularly where making a purchase. That, however, does not mean
they emanated from the late J. P. Morgan. He that he bought blindly or without adequate knowldid not dare oppose Mr. Morgan. He stood in edge or consideration. Investigation and examinaawe of that great financial genius and so did all the tion preceded determination; that point reached he
other members of the board, if we are to credit his was prepared to give a liberal price based on actual
statements. They were afraid even to open their merit. In the case of the New York Westchester
mouths and ask questions whenever any project & Boston purchase, where, according to Mr.. Mellen,
fathered by Mr. Morgan came up for consideration. a grossly excessive price was paid, the special comTo most persons, however, it will seem that Mr. mittee, Mr. Mellen testifies, had been in session
Mellen is simply trying to set up an excuse for his fourteen months before the purchase was made.
own delinquencies. Mr. Mellen hints at dark and
It is doubtless correct to say that Mr. Morgan
devious practices with which he made no attempt was on all occasions the master mind, but no one havto interfere and, most remarkable of all, he admits ing an intimate knowledge of New Haven affairs
that all the while he was conscious that the company would deny that Mr. Mellen was at all times the guidwas being victimized and swindled. In one instance ing spirit in the New Haven road. Mr. Mellen states
he even went so far as to make a notation on the that, as far as his knowledge goes—and he certainly
margin of a document, saying he was "sick and dis- ought to know—Mr. Morgan had no definite policies
gusted with this whole matter" and could "see with respect to the administration of the New Haven
nothing but trouble and loss to come from it". He property. Mr. Mellen, however, had a very definite
feared "many reputations will be damaged and I policy. It was a policy of reckless expansion. Who
shall probably in the end be the goat." And yet was the author of this policy? Not Mr. Morgan,
Mr. Mellen did nothing but look idly on. In spite but Mr. Mellen. It was Mr. Mellen's ambition to
of his fears and doubts he allowed the scheme to be put the New Haven Company in undisputed possescarried to consummation.
sion of the transportation field in New England—to
Was there ever a more humiliating, a more damning acquire all the steam roads, not already possessed,
confession? Mr. Mellen cannot get rid of his re- and add also the trolley lines and the steamship lines.
sponsibility by shifting the blame in this way upon Mr. Mellen boastfully admits this. Answering, on
other shoulders; least of all upon those of a dead man. Thursday, the question whether he had not planned
Mr. Mellen's story also lacks inherent probability. to consolidate the transportation systems of New
To be sure, he utters words of praise for Mr. Morgan England, he said: "I would be a consummate liar
and professes to have entertained a great admiration to say that I thought anything else with what I did.
for the man. He says that Mr. Morgan's judgment Any man could read it without my asserting it. And
was almost invariably sound—in fact, nearly unerring I came pretty near doing it." Let the reader
—so that Mr. Mellen felt bound to defer to him. He observe that here Mr. Morgan drops entirely out of
(Mr. Mellen) "never knew him (Mr. Morgan) to the reckoning..
ELECTRIC RAILWAY SECTION.
A new number of our "Electric Railway" Section,
revised to date, is sent to our subscribers to-day.
The editorial discussions in the same embrace the
following topics: "Freight Locomotives of New
Special Character," "Unprofitable Fares in Electric
Railway Development," and "Southern States Electric Railway Progress."
MAY 23 1914.]
THE CHRONICLE
1563
other
To the acquisition of the steam roads there seemed dent is as clear as anything ran be. On the
with
do
to
much
had
undoubtedly
Morgan
Mr.
a
hand,
forming
Maine
&
no valid objection, the Boston
Mellen's
natural extension of the New Haven lines, but for the financial transactions incident to Mr.
tranthe acquisition of the trolley roads there was never large scheme of aggrandizement, and on such
by
furnished
statement
e
any decent excuse nor was there any for the acquisi- sactions the comprehensiv
in
published
(and
March
last
Co.
&
Morgan
tion of the steamship lines outside of those plying J. P.
firm
the
showed
803)
page
14,
March
of
issue
to
our
seeks
now
on Long Island Sound. Mr. Mellen
place responsibility for the steamship holdings upon made less than a bare commission.
That Mr. Mellen was not interfered with in the
Ex-President Roosevelt. He says that Charles W.
Morse made an offer for the steamship lines, and he administration of the property is evident from an(Mr. Mellen) was anxious to sell, but Mr. Roosevelt other circumstance. Mr. Morgan always believed
wanted to prevent Morse acquiring a monopoly of in the fullest publicity regarding the company's
the steamship business and advised against the sale affairs. Mr. Mellen invariably shunned publicity.
and promised that the New Haven should be pro- Mr. Morgan insisted upon current reports of earntected in the possession of the lines. Accepting this ings—monthly always, and generally also weekly.
version as correct, Mr. Mellen does not explain Mr. Mellen could never get himself to make current
why, if he deemed it bad policy to hold steamship reports of any kind. He would give only the most
lines, he went ahead and acquired more of these lines meagre accounts of the company's doings. Informawith the New Haven's money. Mr. Mellen's story tion of any kind was hard to get from him. Any
does not hold together. There can be no doubt that newspaper man can confirm the truth of this statehe was anxious to hold undisputed control of the ment. Here, therefore, was a nominally Morgan
whole transportation field, as already stated, and it road which flouted the Morgan policy regarding
was the carrying out of this ambition that brought publicity. The reason was that Mr. Mellen was left
absolutely free to direct the affairs of the company.
disaster.
It should never be forgotten that secrecy and conmen
liked
he
that
One of Mr. Morgan's traits was
were handmaids in the carrying out of Mr.
accord
cealment
was
in
activity
their
him
To
who did things.
policy. It is absolutely foreign to his
Mellen's
has
always
dominated
that
spirit
aggressive
the
with
the country. Mr. Mellen, therefore, was the type nature to disclose anything except under force and
of man that appealed to him. In venturesome tasks compulsion. It has always been his custom to keep
for the advancement of the country Mr. Morgan was everyone in the dark, barring those occasions when
always ready to assist with his skill and with his mighty protests have been raised against some of
means. But the men in charge of such enterprises his acts and legislative investigations resulted.
were expected to keep a close watch on what was go- Then he would suddenly become voluble and in
ing on and to proceed within the limits of prudence apparently childish simplicity would profess an inand safety. In Mr. Mellen's case, it is evident from ordinate desire to let everyone into his confidence.
Mr. Mellen's own statements, that such dependence This has happened many times in the past, just as it
failed Mr. Morgan. It was Mr. Morgan's custom is happening now. Investigation over, Mr. Mellen
to trust men implicitly until'it was shown that the would lapse into his bad methods again. There is
confidence reposed in them was misplaced. It was something grotesque about a man of this character
also his custom to confer unrestricted power upon pleading the baby act and saying that he observed
those whom he placed in executive control and in wrongdoing but was powerless to correct it.
positions of responsibility; and he never undertook
When war with Mexico seemed almost inevitable
to decide questions himself which belonged to those
consolation suggested itself: that perhaps Conone
in
control.
placed
whom he
and the benevolent theorist who dominates
of
gress
one
Morgan
Mr.
ago
that
of
years
related
It is
his then junior partners, wishing to be deferential, Congress in such an extraordinary degree might be
asked Mr. Morgan's opinion with reference to rather so much occupied with the problems of a real war
an important question that was awaiting decision as to relax their attempts to throttle industry and
in a branch of the business. Mr. Morgan replied: trade under the name of cure. Yet we get from
"That is why you are a member of this firm, to decide time to time assurances that this and the other drasfor yourself questions of that kind.". Mr. Mellen tic bolus of statute, as soothing and suitable for
would have us believe that he never dared open his business prosperity as acids and cayenne are for
mouth in the presence of Mr. Morgan, when, as a an open wound, are positively to be pushed through,
matter of fact, Mr. Morgan was looking for advice being so decided and "ordered"; so there is to be no
and counsel from him. If Mr. Mellen is entirely commercial peace even if the clash of arms is
candid in his statements, it is evident that he never averted.
Meanwhile, there are successive and cumulative
understood Mr. Morgan or what Mr. Morgan expected of those he Put in high executive positions. protests, although less loudly and generally than
Mr. Mellen himself bears witness to the truth of one might expect; yet it would be incorrect to assume
what we have just said, for at one point in his testi- silence as consent, for perhaps the silence is that of
mony he declared: "I think if it came to an up-and- hopelessness, business men having come to believe
down disagreement on an ordinary business matter, (as one of them lately suggested) that all this
that Mr. Morgan would have yielded to me. I think meddling stuff is on the program and opposition
he had confidence in me." That is precisely the way would be merely a waste of time and energy.
The New York Chamber of Commerce—probably
Mr. Morgan acted in matters of that kind. He relied
in
upon his trusted lieutenants— this case Mr. Mellen the most representative of.the size, age, conservatism
—and never bothered with details or undertook to in thought and expression of all commercial bodies
regulate the action of those selected to do the work. in the country—has earnestly stated its conviction
That Mr. Mellen was in undisputed control of the that business needs nothing so much as a terr<of
New Haven road during all the years he was Presi- rest. The insoluble uncertainties of the future are
1564
THE CHRONICLE
always enough to make men careful of commitments
far ahead; add to these the continual menace of
more interfering statutes, and the natural result is
to discourage all operations beyond those from hand
to mouth. Confidence and hope are the soil in which
business extension springs; anxiety and uncertainty
repress it. This is so fundamental that we almost
hesitate to say it; yet our politicians show no realization of it whatever.
One prominent Chicago merchant puts the situation well in saying that he believes "the vital organs
of the country are in excellent condition," but business is suffering under nervous prostration, caused
by the destructive attitude of governing bodies, as
shown cumulatively now by the so-called anti-trust
bills that overhang. The annual convention this
week of the National Association of Manufacturers
adopted resolutions declaring that "hostility to
business must stop." We solemnly protest (said
these men) "against continuous assault on our established industries; we affirm our conviction that unless
there is a cessation of hostility to legitimate business
the vitality of our commerce and trade will be
critically impaired." Specifically, they declared
themselves opposed to the passage of the pending
Clayton bill, H. R. bill 15,657.
Is it unreasonable that business asks to be let
alone long enough to draw a free breath and try to
adjust itself to the statutes already bound about it?
Our foreign export trade touched a comparatively
low level for the time of year in April 1914, the value
of the merchandise shipped hence having been only
a little over 162 million dollars, or some 373/ millions
less than for the month in 1913 and also well below
1912. Moreover, this year's April aggregate was
with one exception the smallest for any month since
July 1912, a somewhat anomalous occurrence.
Coincidently with this drop in exports, too, there
was a marked augmentation in imports as contrasted
with a year ago-263/ million dollars, in fact—
leaving a balance against us (an import balance) of
over 10 millions and reducing the export balance
for the 10 months of 1912-13 to a total lower than
since 1909-10.
As in March, there was a decided contraction in
breadstuffs shipments in April, the combined outflow of the cereals classed under that head having
been less than 8M millions against over 153/i millions
last year, with the loss largely, if not wholly, in corn
and wheat. Provisions, too, fell off nearly 2 millions, mainly in pork products, and a considerable
diminution in the outflow of cottonseed oil is to be
noted. Furthermore, following the comparatively
free outward movement earlier in the season, cotton
exhibited a large shrinkage. These various declines
were offset to only a very moderate extent by an
enlarged export of mineral oils and cattle, so that
for all the articles enumerated the April total this
year was only 583 millions, against 753/ millions
in 1913 and 697
4 millions in 1912. Other commodities—manufactures' &c.—also went out in restricted volume this year, showing a decline of 20
millions from last year. The total value of the merchandise exported in April was $162,368,852, against
$199,813,438 in 1913 and $179,300,342 in 1912.
For the ten months of the fiscal year the export
aggregate was also less than for the like period of
1912-13, but exceeded by a good margin that of
• 1911-12, the results having been $2,045,590,767
[VoL. xcvm.
and $2,107,871,811 and $1,890,708,609, respectively.
The decrease from a year ago is accounted for in
greatest measure by breadstuffs, and iron and steel
and manufactures, although many other articles of
importance in our outward trade contributed more
or less to the falling off.
Merchandise imports in April were of very full
volume; constituting a new high record for that
period and setting a mark surpassed by only three
months in our history—Oct. 1912, Dec. 1913 and
March 1914. Specifically they were $172,640,724,
against $146,194,461 in 1913 and $162,571,159 in
1912. For the ten months since July 1 1913 the total
at $1,571,038,644 also establishes a high mark,
exceeding by 23 millions the 1912-13 aggregate.
The import balance for April reached $10,271,872,
this contrasting with a net of $53,618,977 on the
other side of the account in 1913, and for the ten
months of 1913-14 exports exceeded imports by only
$474,371,465, compared with almost 560 millions
in 1912-13, over 524 millions in 1911-12 and no less
than 6313/b millions in 1907-08.
The gold movement was of no great importance
in April 1914, the inflow having totaled $3,462,174
and the outflow $447,386, making our gain of the
precious metal $3,014,788 and increasing to $13,616,143 the net imports for the ten months of the current
fiscal year. This compares with a net export of
$3,480,024 for the period of 1912-13 and $5,727,462
in 1911-12.
A spirit of optimism, somewhat out of consonance
with prevailing conditions in the general commercial
and industrial affairs of the United States, seemed
to pervade the nineteenth annual convention of
the National Association of Manufacturers held
at the Waldorf-Astoria on May 19 and 20. This
was especially apparent in remarks made by leading
members of the Association outside of the regular
proceedings of the convention and found concrete
expression in the words of Mr. George Pope, the
President, in whose opinion the end of the period
of readjustment to meet changed conditions is near.
The country, he said, has not had time to adjust
itself to the new tariff and must be given a chance.
One of the encouraging factors in the situation, he
thought, is that factories have not accumulated
much stock, so that any increase in demand will have
an immediate effect in a resumption of activities.
In his formal address to the convention Mr. Pope,
referring to the cordial relations existing between
employers and employee a few years ago, assumed
the unrest now—increasing as time passes—to be
due to the passage of laws which, intended for the
bettering of working conditions, are the breeders of
class consciousness and have debased the spirit of
individual initiative and merit .under the guise of
social welfare. Mr. Pope spoke in favor of one
doctrine for labor and capital, characterized as false
the claim that the manufacturers are fighting labor
and voiced the need of trade education in the public
schools of the country.
Wednesday was devoted to a general discussion
of present business conditions and state of unemployment throughout the country and the legislative situation as it affects industry and foreign
trade. The "trust bills" and other legislative
hostility toward business interests were, as noted
above, vigorously denounced.
MAY 23 1914.]
THE CHRONICLE
1565
On Tuesday the Welsh Disestablishment Bill announced of Sir Edward Carson, quoting London
passed its third reading in the House of Commons by press accounts, "to a pretty Nationalist lady."
a vote of 328 to 251. It will thus become a law un- Hence a prenuptial settlement is hoped for.
der the operation of the Parliament Act,regardless of
whether it is or is not approved by the House of Lords.
While reports from Continental financial centres
Under the Act in question, the bill now goes to the speak seriously of a renewal of the Balkan unrest,
King for his signature, and there appears no question press cable accounts do not seem to suggest that
but that it will receive the Royal assent. In brief, an alarming condition has developed. The most
the bill provides that so far as Wales and Monmouth threatening development appears to have been an
are concerned, the Church of England will cease insurrection that has broken out in Central and
to be established by law; all cathedrals and ecclesi- Northern Albania among the peasantry against
astical corporations will be dissolved, the bishops of Prince William of Wied, the new ruler of Albania.
the four Welsh dioceses will cease to be members of The insurrection is declared to have been instigated
the House of Lords; the present ecclesiastical law will by Essad Pasha, Minister of War, who has had an
cease to exist as law and no ecclesiastical court will adventurous career in Albania, of which at one time
have any coercive jurisdiction; the bishops and clergy he proclaimed himself King. Essad has been expelled
will not be members of or be represented in the House from the country and is on his way to Rome. He
declares, according to a dispatch from Naples, that
of Convocation of the Province of Canterbury.
The next measure to pass under the Parliamentary he is the victim of Austria, which he ingeniously
Act will be the Home Rule Bill. This bill was taken says is averse to his friendliness for Italy. The
up on Thursday and scenes of disorder that seldom Mpret (the title of the new King) and his family
have been witnessed in the House of Commons re- are being protected by sailors from Austrian and Italsulted, so much so that the Speaker was compelled ian warships at Durazzo. Two thousand rebels are
to suspend the sitting. As yesterday was private reported to have concentrated at Shiak, seven miles
members' day, the home rule debate will not be re- from Durazzo. The commanders of the Austrian
sumed until Monday. In the meantime, it is hoped and Italian warships, aside from landing marines
that the interval will afford opportunity for calmer to insure the safety of the King and his family,
counsels to prevail. But should the disorderly have otherwise taken no hand in the trouble. It is
tactics be resumed, it is expected that the Premier reported that martial law has been or is about to be
will move a closure and that the third reading divi- proclaimed at Durazzo. A dispatch from Aiden resion will be taken forthwith. It was reported at the ports that trouble is brewing between Italy and
beginning of Thursday's sitting that rather than per- Abyssinia. Since the defeat of the Italians at Adowa
mit the bill to pass, the entire Opposition would walk in March 1896 these two countries have been at
peace. The difficulties that led to the previous war
out of the House.
It appears that the objection to the passage of the were due to the acquirement by Italy of a foothold
bill is based on the fact that the Premier has not di- on the African coast near the southern entrance
vulged the nature of the proposals to be contained in of the Red Sea. In October 1896 a provisional
the Government's amending bill. This latter bill treaty of peace was concluded, recognizing the indehas been promised introduction by the Government pendence of Abyssinia. This was followed by other
in order to meet the objections of the Ulsterites to treaties defining the boundaries between Eritrea
having their counties included in the operation of (a colony founded by Italy) and Abyssinia. Varythe Home Rule Bill. The contention is that, hav- ing accounts continue to arrive regarding the health
ing secured the original law, the Government would of Emperor Francis Joseph of Austro-Hungary,
then be in a position to grant as little as possible. • whose possible death it is conceded is fraught with,
When the Home Rule Bill reached the third reading serious consequences in the direction of continuing
stage, the Premier, Mr. Asquith, announced that the the peaceable relations of the dual kingdom.
proposed amending bill would be introduced in the
While the week's developments affecting our
House of Lords. He immediately became the target
for a rapid fire of questions designed to force him to relations with Mexico have been rather conflicting,
divulge the nature of the proposed amendment. it seems difficult to avoid the impression that some
This he refused to do until the third reading had results of a definite character will attend the mediabeen passed; and after a number of bitter speeches tion conference that began on Wednesday at Niagara
by Mr.Bonar Law,the Opposition leader, and others, Falls. The Constitutionalist troops have made
denouncing the Premier's conduct, a large section of further military gains during the week. Saltillo,
the back-bench Unionists, by persistent shouts of which has been considered one of the Federal strong"Adjourn, Adjourn," made the continuation of holds in Northern Mexico, has been occupied by
business impossible. The Speaker appealed to the General Villa's troops, the city evidently having
disturbers in vain, and took the usual course of ask- been evacuated before any general attack was made.
ing the leader of the Opposition whether he approved It is reported that the Federalists decided on this
the disorderly demonstration. Mr. Law refused to move for the purpose of re-enforcing the garrison at
answer this question. Thereupon the Speaker sus- San Luis Potosi, two hundred miles to the south,
pended the sitting. Thus the Opposition accom- which would mean that this great district has been
plished by filibuster what they had been unable to abandoned to the rebels. Saltillo will now be the
secure by - parliamentary methods, their previous provisional capital of the Constitutionalists. Anmotion for adjournment having been defeated by a other blow suffered by the Huerta forces is the loss
vote of 286 to 176. This is the third time the of Puebla, the city where it was last week reported
House of Commons has been similarly suspended the Mexican Dictator would make his final stand in
during the eventful history of the present Parlia- the event that his government was overthrown at
ment. A flavor of romance has interposed in the Mexico City. Dispatches from Vera Cruz state
Home Rule contest. The engagement has just been that the Federal forces under General Joaquin
1566
THE CHRONICLE
iminez Castro evacuated Puebla without firing a
. hot,in order that they might form a juncture with
the army of Brigadier General Guillermo Navarette,
Commander-in-Chief of the Mexican forces in front
of the American line. Thus it is evident that
Huerta is being gradually hemmed in and the
critical stage of the situation, so far as the Huerta
forces are concerned, is at hand. Meanwhile, a
considerable degree of tension arose, owing to the
disappearance of John R. Silliman, American ViceConsul at Saltillo. Yesterday's advices, however,
state that Mr. Silliman has arrived safely at Mexico
City. The State Department has not yet received
the official explanation it has demanded of the death
of Private Samuel Parks of the 28th Infantry, who
is said to have been executed by Federal soldiers
outside of Vera Cruz.
Secrecy, as is usual in such cases, has marked the
sessions of the Mediation Conference that has begun
its work at Niagara Falls. The conferences have
been thus far more or less informal. It was definitely reported early in the week that Huerta had authorized the Mexican representatives to tender his
resignation if they found that such action would
being about peace. Later Huerta himself denied
that such power had been vested in his delegates.
The three South American mediators on Wednesday
evening had an informal conference with the American commissioners and on Thursday had a similar conference with the Mexican delegates. No
formal expression of views was requested but the
mediators suggested hypothetical steps looking to
a settlement of the troubles in order to learn the
trend of thought. It will be several days, it is
understood, before a definite and comprehensive
plan will be submitted for the formal consideration
of either side. A new feature was, on Thursday,
introduced into the mediation situation by the news
that General Carranza, the head of the Constitutionalist movement had decided to send an emissary
to Niagra Falls. At first, at least, the duty of the
Constitutionalist agent will be simply to observe
and report, but not to take part in the discussion.
In Administration circles in Washington the hope
is expressed that this move will eventuate in General
Carranza becoming a party to the conference.
Selling by Russia has this week been an unsettling
influence in the London market for securities as well
as in Paris and Berlin. Advices from St. Petersburg
have indicated a highly unsettled condition of affairs
at that centre, and Russian industrial securities have
particularly been under pressure. On Saturday last
they were exceptionally weak, and reports of financial failures were so persistent that the Russian
Minister of Finance considered it desirable to call a
conference of bankers to assure them that the rumors
were groundless. It was also reported that the
Russian Minister had withdrawn support from certain prominent Russian bankers. Very little increase in activity is expected now in the English
market until after the Whitsuntide holidays, which
begin at the close of business on May 29 on the
London Stock Exchange and continue until Tuesday
morning, June 2.
Money on the London market has shown increasing
firmness during the week and closed yesterday at
23/2@2%% for day-to-day commitments, which
compares with 1%@23% a week ago. Private
discounts, too, have risen to the official Bank rate
[VOL. xcviii.
of 3%, so that there is slight probability of a decline
in the Bank of England rate in the near future. An
advance would not be surprising. For the first time
in a month the Bank on Tuesday succeeded in
securing a part of the regular weekly offering of new
South African bars, taking £600,000 out of the total
offering of £800,000, there being no demand from
the Continent. India secured the remaining L200,000. The Continental exchanges are, in fact,
ruling in favor of London, so that there is hardly
reason to believe that the current monetary stringency at the British centre will prove lasting.
English underwriters have again begun to test the
power of absorption of the British investment market.
A £1,000,000 43/2% loan of the Province of Alberta
was offered on Tuesday and was more than subscribed. On Monday the £3,000,000 4% loan of the
New South Wales Government was announced. The
offering price was 99, but the cable has not thus far
given details of the volume of subscriptions.. The
previous issue by the New South Wales Government
in August last comprised £1,500,000 and was offered
at 9732. The City of South Vancouver has placed
a small issue of three months' bills on a 43
2% basis.
/
Quite a sensation is reported to have been caused by
the offering for Mexico of £700,000 of 6% trust
certificates at 82. These certificates, according to
the prospectus, are secured by a portion of the
unissued balance of 6% ten-year Mexican Treasury
bonds, of which £6,000,000 were offered last June
by international houses, including J. P. Morgan &
Co. and Kuhn, Loeb & Co. It has been publicly
stated in London this week by Morgan, Grenfell &
Co., as a result of this new offering, that the international syndicate still has an option on the said
balance of Treasury bonds, no consent having been
given by the syndicate to any negotiation of these
securities, which are now slated as collateral for the
present issue of certificates.
The financial unsettlement which it was hoped
had been finally adjusted by the formation of an important syndicate to take control of the securities
of an important speculator has, unfortunately, not
ended. This speculator, it will be recalled, suffered
heavy losses, chiefly by reason of the declines in
Canadian securities. London cable dispatches now
give the name of Arthur Morton Grenfell as the
speculator in question, this information having
become public through a formal announcement by
Chaplin, Milore, Grenfell & Co. that Mr. Grenfell
had on February 17 ceased to be a director of that
house. It is feared that the syndicate salvage
scheme may not prove entirely successful, as one
creditor of Grenfell who agreed to be a member of
the syndicate, taking over the latter's securities, is
unable to take up his proportion of the stock involved. It is also reported by cable that another
firm—of minor importance—is in difficulties. But
neither the name of this firm nor the name of the
member of the salvage syndicate has been publicly
mentioned.
British consols in the London market closed last
evening, as reported by cable, at 7432, against
74 15-16 a week ago. London & Northwestern Ry.
finished at 12831, against 1309; Great Western at
3 1, against 114%, and Great Eastern at 489.,
113/
against 503. Japanese 4s still remain at 7732;
Bulgarian 6s at 102, Russian 4s at 87, while Servian
unified 4s are 2 points lower at 773
2. Mexican Gov/
ernment 5s have not changed from 84, but Mexican
MAY 231914.]
THE CHRONICLE
Ry. ordinary shares have advanced during the week
to 32 from 303/2, showing a favorable interpretation of Mexican prospects. German Imperial 3s are
without alteration from 76.
Advices from Paris are rather more assuring.
The Bourse was closed on Thursday, Ascension Day.
Early in the week the French centre was also disturbed by the adverse developments in St. Petersburg, to which we have referred in our remarks upon
the London situation. There has recently been open
intervention by the French banks in an attempt to
restore confidence at the French centre. Advices
received in this city by mail from Paris, for instance,
state that M. Boissiere, the new Director of the Ottoman Bank, went personally into the market on
Friday, May 8, to buy Turkish Government securities. He was followed by M. Turettini (Director
of the Banque de Paris et des Pays Bas), who attended the Bourse in person—an incident unprecedented for many years—and was a heavy buyer of
French Rentes and of the securities in which his bank
is particularly interested. Cable advices state the
effect of this intervention was momentary. The fact
that the Government is to issue at as early a date as
possible a loan to restore the budget is considered
a favoring omen. Correspondents differ in their
estimates as to the size of this offering, though they
appear to agree that it will not be below 400,000,000
francs; the highest estimate is 2,000,000,000 francs.
The loan will not be in the form of perpetual Rentes.
It will pay either 39.% or 4%—the exact rate, as is
customary in Paris, not being officially announced
until the offering is formally made. The shares of
French banks have this week been subjected to some
pressure, as a result, quoting the special correspondent of the "Journal of Commerce," of "a scandalous
campaign that is being waged against the bank and
credit institutions in the form of scurrilous pamphlets, which are being distributed in every possible
way. These pamphlets are actually causing withdrawals of deposits by people who fear for the solvency of the institutions." The correspondent learned
that directors of several of the financial institutions
have held special meetings in respect to these pamphlets, and it is considered not improbable that definite
action to punish those responsible for their circulation will be taken. The fact that a national loan is
among the early probabilities is regarded a constructive feature by the Bourse, on the ground that such
a loan could not be allowed to be a qualified success,
and all the leading banks are under obligation to insure its proper distribution.
French Rentes closed last evening at 86.10 francs,
against 86.75 francs a week ago. Money in Paris
finished at 23/2%, against 2% on Friday of last
week. There are reports that M. Renault, Minister
of Finance, is disinclined to face the criticism which
will be leveled at him when Parliament meets and
is trying to persuade his colleagues that the part of
wisdom is to resign at once rather than be turned out.
Cable despatches state, however, that there is no
probability of this suggestion being acted upon by
Premier Doumergue.
The Berlin market, too, was adversely affected
early in the week by the Russian unsettlement and
selling of securities for Russian account. The redemption on Friday of last week of 50,000,000 marks
in Prussian Treasury notes eased the money situa
1567
tion. The refusal of Paris banks to finance speculstive accounts in Russian securities encouraged selling of these stocks on the German market. Steamship shares were depresesd by prospects of further
tension between the German and English shipping
lines. More than one hundred members of private
German banking firms recently met at Berlin and
formed an association which will endeavor to represent the common interest of the concerns which still
retain their independence of the great banking amalgamations. The recent absorptions by the Deutsche
Bank and the Disconto-Gesellschaft, respectively,
seem to have created considerable of a scare. The
process of bank amalgamation in Germany is quite
peculiar because the banks carry all descriptions
of business besides that of specific banking. They
are, for instance, the great credit agencies, and they
also tend more and more to be great investment
agencies dealing directly with their customers instead of through the Stock Exchanges. The German Government has rejected the protests of Russia,
France, Belgium and Holland regarding the taxing
of their nationals who are resident in Germany
under the special tax. The Government takes the
ground that it is not a "war tax," in violation of commercial treaties, but is merely a "contribution."
It is stated officially that the Krupp family and firm
‘vill contribute $2,151,750 of the tax. The session of
the Reichstag ended on Thursday without any action
being taken on the bill to create a Government petroleum monopoly and to expel the Standard Oil Company from the country. A special committee which
had the matter under consideration reported that it
could not make sufficient progress to justify the
submission of the measure to the Reichstag for the
first reading and vote. Nothing, therefore, can now
be done in respect to this matter until next November, when the Reichstag will re-assemble. The Berlin Bourse was closed on Thursday, Ascension Day.
Money in Berlin yesterday, as reported by cable,
was2@23/2%, which compares with 23/2% a week ago.
Official European bank rates have not been altered
this week. The Bank of Bombay, however, on
Thursday reduced its rate 1% to 5%. In Lombard
Street private bank rates rose to 3%, the official
Bank rate, for both long and short bills, on Thursday, but closed easier yesterday at 2 15-16@3%
for 60-day bills and 2%@2 15-16%for 90-day acceptances, comparing with TN% for both classes of bills
4% remains the private bank
a week ago. In Paris 23
4% is the quotation, being an
rate, while in Berlin 25
advance of A% for the week. Vienna remains at
3%, Brussels at 331% and Amsterdam at 2 15-16%.
Official rates at the leading foreign centres are: London, 3%; Paris, 33/2%; Berlin, 4%; Vienna, 4%;
Brussels, 4%; Amsterdam, 33/2%.
As already stated, the Bank of England,for the
first time in a month,succeeded in securing some of
the new Cape gold bars at the weekly offering in
London. It received £600,000, but this will not show
in the Bank's bullion holdings until next week. Nevertheless, the current return by Threadneedle Street
records an increase in gold coin and bullion holdings
of £140,183. The reserve indicated a corresponding increase of £167,000 and the proportion of
reserve to liabilities is now 43.60%, against 44.51%
last week and 50.75% a year ago. An increase of
$898,000 in public deposits was recorded and of
1568
THE CHRONICLE
$682,000 in other deposits. The loan item (other
securities) shows the large increase of £1,435,000.
It is rather difficult to suggest a cause for this large
increase. The bullion holdings are well below those
of recent years. They amount to only £35,946,635,
against £37,706,963 one year ago and £40,036,726
in 1912. The reserve aggregates £25,720,000. One
year ago it was £27,776,473 and two years ago
£29,602,376. The loans now register £39,891,000,
as against £31,881,039 in 1913 and £31,718,980 in
1912. Our special correspondent furnishes the following details by cable of the gold movement into
and out of the Bank for the Bank week: Imports,
£101,000 (of which £85,000 from Brazil and £16,000
bought in the open market); exports, £150,000 (of
which £50,000 to Scandinavia and £100,000 earmarked East Indian gold standard), and receipts
of £189,000 net from the interior of Great Britain.
The Bank of France published its weekly statement on Friday—Thursday, Ascension Day, having
been observed as a holiday at the French centre.
The Bank's holdings of gold increased 25,713,000
francs and its silver holdings were 4,104,000 francs
higher. General deposits increased 36,072,000 francs
and Treasury deposits expanded 16,137,000 francs.
There was a contraction of 52,308,000 francs in note
circulation and of the large sum of 65,528,000 francs
in discounts. The Bank's holdings of gold now
amount to 3,700,038,000 francs, against.3,279,300,000 francs one year ago and 3,258,250,000 francs in
1912. Its silver stands at 633,529,000 francs,
against 613,700,000 francs one year ago and 814,000,000 francs in 1912. Circulation aggregates 5,791,906,000 francs, against 5,504,470,190 in 1913 and
5,161,017,075 francs in 1912. Discounts are 1,369,597,000 francs. In 1913 at this date they were
1,623,518,419 francs and in 1912 1,240,854,599 francs
The weekly statement of the Imperial Bank of
Germany, issued on Monday, was a strong one in
virtually all its items. The gold on hand increased
15,904,000 marks, and the total cash, including gold,
showed an expansion of 30,331,000 marks. There
was an increase in deposits of 103,935,000 marks and
of 17,858,000 marks in treasury bills. Meanwhile
a contraction of 95,354,000 marks took place in note
circulation, of 7,073,000 marks in loans and of 34,813,000 marks in discounts. The cash holdings now
amount to 1,699,246,000 marks; one year ago the
total was 1,302,760,000 marks and in 1912 1,264,300,000 marks. Loans and discounts make favorable
comparisons with earlier years, the total of these
two items being 888,268,000 marks, against 1,248,620,000 marks one year ago and 1,100,100,000 marks
in 1912. The item of circulation stands at 2,011,099,000 marks. This is an increase from 1,849,720,000 marks in 1913 and 1,617,820,000 marks the
year preceding.
The local market for money showed a rather firmer
tone during the earlier days of the week, and rates
were fractionally advanced. A return to an easier
position became evident during the closing days,
however, and, while asking rates were still nominally
above those of a week ago, it is doubtful whether
borrowers, if they insisted on obtaining the very
lowest quotations, would be compelled to pay higher
figures than those current at the close of business
[VOL. xcvm.
a week ago. An engagement of $4,000,000 gold was
announced by Goldman, Sachs & Co. for Paris,
$3,500,000 of which was in the form of gold coin,
the remainder being bars, which confirms our
statement of last week that the supply of gold
bars available for export in the local market was
becoming exhausted. Last Saturday's bank statement was somewhat below expectations, there
having been a decrease of $1,977,550 in the cash surplus above reserve requirements. This, however,
was due entirely to the increase in the amount of reserve ($5,456,550) required by an expansion of
$26,933,000 in deposits. The actual cash reserve
in the vaults of the banks and trust companies increased $3,479,000 and the cash surplus above requirements now stands at $39,706,100, which compares with $25,579,400 one year ago and with $20,902,500 in 1912. Loans during the week increased
$22,723,000. The banks in the Clearing House
reported an increase of $7,130,000 and the trust companies a decrease of $3,651,000 in cash in vaults and
of $6,376,000 in cash in banks.
Among the new calls in sight upon the money market during the next few weeks are the income-tax
payments, bills for which have just been sent out
by the Internal Revenue collectors, and all of which
must be paid by June 30. In addition the subscriptions of the national and such State banks as have
elected to participate in the Federal reserve system
will not unnaturally enter into the immediate calculations of bank managers. On the other hand,
the fact that practical efforts are under way to inaugurate the new banking system, is an influence
that is reassuring, since it permits the banks to depend
upon ample supplies of funds being available from rediscounts as soon as the regional banks are in practical working order. The idea still prevails in large
measure in representative banking circles in this city
that the development of the regional bank system
will be a matter of very gradual progress unless a war
or other specific influence should become an immediate factor. Commercial paper, for instance, will
have to be created which will involve changes in
business methods. These changes, unless direct
necessity for them should be found in inability to
obtain sufficient supplies of funds, are likely to be
resisted by manufacturers and distributers. There
is always antipathy to adopting new forms of business
procedure unless corresponding advantages are .apparent. The only advantage that could accrue
would be ability to borrow at decidedly lower rates
of interest. Under current conditions the question
of rates does not appear to be an important one,
and there will, it is expected, be inducement to do
business as long as practicable under the old conditions. Manufacturers and wholesale distributers
to-day sell their products at specific discounts for
cash in fixed periods. It will take some time for
this system to give way to a substitute one such as
is contemplated in the foreign interpretation of commercial bills. There is some disposition to regard
notes whose proceeds are utilized to pay for merchandise (without such merchandise being the direct
consideration of the note), as commercial paper
within the meaning of the new law. This, however,
is a matter that in due course will be officially ruled
upon. There have been no specifjc developments
in the Mexican situation to suggest that the Government is to enter the market as a borrower in the
immediate future. Our bank executives are, how-
MAY 23 19141
ever, keenly alert to any indication of a change in
this direction, as it is recognized that the failure of
mediation and the beginning of a strong campaign
by our Government in Mexico will of necessity cause
a sudden change in the fundamental position of the
money market. But the prevailing attitude of
bank officers in connection with the Mexican
outlook, is that final pacification is still a matter
for the particularly remote future, since even should
agreement be reached with Huerta,there is,obviously,
slight probability of inducing the Constitutionalist
troops, elated as they are with their recent victories,
to stop short of real conquest. There have been no
exceptionally important demands upon the capital
market on behalf of corporations this week. The
Missouri Pacific has $25,000,000 in notes maturing
on June 1 which it is endeavoring to induce the
holders thereof to extend for one year at a higher
rate of interest.
Referring to call money rates in detail, the highest
figure each day of the week has been 2%, while,'with
the exception of a 13/2% minimum on Wednesday,
the lowest figure each day has been 1%%. On Monday the ruling rate was 13'%, on Tuesday 2% and
on Wednesday, Thursday and Friday 19%. For
time money closing quotations were 23/2% for 60 days
(against 234@23/2% a week ago), 23/2% for
90 days (against 23'1%), 2%@3% for four months
(unchanged), 3% for five months (unchanged) and
3% for six months (against 3@33'%). Commercial
paper remains at 3%@4% for 60 and 90-day endorsed bills receivable and for four to six months'
single names of choice character. Names less favorably known still require 431@4%%.
Sterling exchange has displayed active strength.
This is not unnatural in view of the distinct strain in
the money situation reported from London, where
day-to-day funds are quoted at 23'@2%% and private bank rates on Thursday reached the Bank's
minimum of 3%. Under these circumstances there
is a disposition to expect gold shipments to London on
quite a large scale. Goldman,Sachs & Co.forwarded
$2,000,000 in gold coin by Wednesday's steamer to
Paris. Yesterday, Friday, they engaged an additional $2,000,000 to go by to-day's steamer, $1,500,000 being in coin and $500,000 in bars. The monthly
report from Washington of the foreign trade movement for the month of April suggests the necessity of
an outward movement of the precious metal to settle
balances due abroad. The excess of imports of merchandise over exports for the month of April was
$10,200,000. For the corresponding month a year
ago an excess of exports of $53,600,000 was shown.
This, however, is merely a partial indication of the
so-called "trade balance." Many other items enter
into consideration on the adverse side. They are so
well known that it is unnecessary to reiterate them
at this particular time. It is agreed in sterling exchange circles that the present outflow of the precious
metal is due to the fact that balances exist abroad and
as creditors are calling for settlement, payment
must be made.
The Continental exchanges are ruling strongly in
favor of London. Sterling checks at Paris closed last
evening at 29.193' francs, which represents a further
advance of 32 centime for the week; and in Berlin
the London check rate finished at 20.50 marks,
against 20.483/2 marks a week ago. Sterling exchange in Amsterdam, as reported by cable last
1569
THE CHRONICLE
evening, closed at 12.303/ guilders, against 12.1134
guilders on Friday of last week. Berlin exchange in
Paris finished at 122.85 francs, against 122.90 francs a
week ago. Mexican exchange on New York closed at
290 and on London at is. 4Y
1d., which figures are
without net change for the week. New :York exchange on Mexico also remains without change at 35.
Compared with Friday of last week, sterling exchange on Saturday was slightly easier for demand
and cable transfers, which declined to 4 8820@4 8830
and 4 8860@4 8870, respectively; sixty days remained unchanged at 4 8535@4 8560. On Monday
the opening was weak but subsequently there was
a rally, cables closing at 4 8875 and demand at
4 8840; the range for the day was 4 8825@4 8840
for demand, 4 8855@4 8875 for cable transfers and
4 8550®4 8575 for sixty days; light offerings and a
good demand proved the chief stimulus. Despite
some weakness in the early transactions on Tuesday, the continued scarcity of commercial bills induced further advances, and demand moved up to
4 8830®4 8845 and cable transfers to 4 8870@4 8885;
sixty days was still held at 4 8550@4 8575. On
Wednesday the upward movement was resumed;
renewed stiffening in European discount rates caused
a rise of 10®15 points in demand and cables, establishing another new high record; demand ranged at
4 8845@4 8855, cable transfers at 4 8890@4 89 and
sixty days at 4 8560@4 8575. Increasing scarcity
of commercial offerings, coupled with an active inquiry and firm discounts in Europe, occasioned an
additional advance of 10 points in sterling on Thursday to 4 8855@4 8865 for demand, 4 89@4 8910 for
cable transfers and 4 8585@4 86 for sixty days.
On Friday the market was slightly reactionary after
an additional engagement of $2,000,000 gold was
announced for Paris. Closing quotations were
4 8585@4 86 for sixty days, 4 8850®4 8860 for
demand and 4 8890®4 89 for cable transfers. Com2@4 853,documercial on banks closed at 4 843/
ments for payment finished at 4 85@4 86%, and
seven-day grain bills at 4 879'@4 87%. Cotton for
payment closed at 4 853@4 853/2, grain for payment 4 863/s@4 86%.
The New York Clearing-House banks,in their operations with interior banking institutions, have gained
$9,554,000 net in cash as a result of the currency
movements for the week ending May 22. Their receipts from the interior have aggregated $15,154,000
while the shipments have reached $5,600,000. Adding the Sub-Treasury operations and the gold exports,
which together occasioned a loss of $6,246,000, the
combined result of the flow of money into and out of
the New York banks for the week appears to have
been a gain of $3,308,000, as follows:
Out of
Banks.
Week ending May 22.
Into
Banks.
Banks' Interior movement
Sub-Treasury oper.and gold export&
$15,154,000
21,457,000
$5,600,000 Gain $9,554,000
27,703,000 Loss 6,246,000
536.611.000
533.303.000 Gain 53.308.000
Total
Net Change in
Bank Holdings.
The following table indicates the amount of bullion
in the principal European banks.
May 22 1913.
May 21 1914.
Banks of
Gold.
England_ 35,946,535
France _ _ 148,001,440
Germany _ 67,133,250
Russia _ 178,325,000
Aus.-Hun_ 52,250,000
Spain _ 20,701,000
Italy _ _ 45,767,000
Nothlands 13,507,000
8,900,000
Nat.-Belg
5,783,000
Sweden _
Switz'land 0,822,000
Norway- - 2,645,000
Silver.
Total.
Gold.
£
£
35,9413,535 37,706,963
25,340,880 173,342,320 131,172,080
16,900,000 84,033,250 50,496,8
1::
7,295,000 185,620,000 „
12,246,000 64,496,00050,291,00
28,781,000 49,482,00Q 18,134,000
3,100,000 48,867,00(8 46,727,000
695,700 14,202,700 13,587,000
4,450,000 13,350,0001 7,922,000
5,783,000 5,71s,000
6,822,000 6,908,000
2,645,0001 2,132,000
Silver.
Total.
£
37,706,963
24,547,52 155,719,600
14,641,05 65,137,850
7,125,000 166,574,000
60,971,000
10,680,0
29,952,000 48,086,000
4,050,000 50,777,000
738,300 14,325,300
3,961,000 11,883,000
5,718,000
6,908,000
2,132,000
£
Tot. week 585,781,225 98,808,580 984,589,805530,243,843 95,694,870625,938,713
Prey .week 583,556.615 08.:318,287881,874,90Z527.707.00K 94.1433,003622,540,011
1570
THE CHRONICLE
[VOL. xcviii.
basketed, because of dulness,by the newspapers, have
SENATOR LA FOLLETTE AND THE RAILWAY, notoriously imbibed the theory of a conspiracy
RATE QUESTION.
against them individually. Something like this is
One is in doubt whether to take Senator La possible in the case of our Wisconsin Senator.
Follett's so-called speech on the "Organized CamWhen one reads the Senator's "Exhibits", it is
paign Designed to Influence Decision in the Railroad difficult to describe their character in a word. Some
Rate Case" as an effort at serious discussion, or as a are long, some short. Some are anonymous, some
heavy practical joke. Nearly two months ago the signed by railroad men or trade organizations. Some
Senator announced his purpose of submitting a are serious and weighty, some flippant and silly.
bill making it "unlawful to attempt to influence the Some are mere reports of meetings. Some are
determination of any proceeding pending before the actually against the railway side of the case. Some
Inter-State Commerce Commission, except under the are brokers' circulars. A great number are newsrules and regulations of the Commission." His paper editorials taking the side of the question
speech on the subject was scheduled for May 5. opposite to that espoused by Senator La Follette.
Intimation that the delivery or reading of this In a word, all types of discussion—good, bad and
speech would involve the presentation of seventeen indifferent—with which every public question of
"Exhibits" and of something like 2,000 articles, edi- importance is habitually handled by newspapers, by
torials, speeches, letters and documents referring to trade conferences, and by individuals, appear in La
the matter, caused the Senate hastily to give La Follette's collection. We suppose that a similar
Follette "leave to print"—which meant permission to anthology could have been gathered on both sides
have the whole of it re-published in the Congressional of the question during the famous free-silver camRecord," without being inflicted on the Senate itself paign of 1896, or, let us say, during the recent
in regular proceedings.
debates on the tariff and on the currency.
His collection of material is now published in a
Now,if the Senator's contentions are to be serioushuge edition of the "Record," in which La Follette's ly considered, it will probably occur to the average
speech and exhibits occupy 365 pages, containing al- mind to ask, what we are expected to do to remove
together between 350,000 and 400,000 words. It is the evil which so appals him. His bill makes unlawful
introduced by a speech, in which the Senator first any attempt to influence the determination of any
argues vehemently against granting the 5% advance case before the Commission except under the reguin railway rates; then calmly declares that "this is lations of that body. This might stop letters and
not the forum in which that argument should be telegrams to the Commission; it might possibly inmade"; then announces his possession of "evidence flict heavy penalties on the authors of requests to
of an organized conspiracy to control, to compel, Congressmen to use their influence. But those are
to intimidate and to coerce the judgment of the only a part of the Exhibit. Is it possibly the SenaInter-State Commerce Commission"; and, finally, tor's idea to stop discussion of the question by the
after declaring of his evidence that "the case proves press? The character of his excerpts might at least
itself," announces that, when re-printed in the suggest that his idea has found some vague lodg"Congressional Record," "it shall go to the people ment in his brain. Yet, if there is to be discussion
of this country as a monument of shame, not only to of such questions, then certainly there will be recomthose who would seek by that infamous method to mendations and arguments for or against a given
control judicial functions, but to the press that lent verdict. We have been told that the plan of the
itself to the imposition upon the public of this ex- railways themselves, to circularize the public in
parte and unsworn mass of special pleading."
behalf of their own application for higher rates, was
So formidable an array of material, backed by so submitted to the Commission itself and not disformidable a promise of its effect on the public mind, approved by them; the stipulation being made,
certainly challenges careful attention. The speeches however, that the documents should be sent to the
of Senator La Follette have, indeed, regularly re- Commission also. But, however this may be, the
ceived wide comment and publicity, though not question still remains: what is it that Senator La
always of the sort that suited the Senator himself. Follette expects to prevent?
It is possible that his indignation over the comments
His own statement is, that he wishes to prohibit
of the press in this particular matter has been stim- the influencing or controlling of the Commission's
ulated by the comments of the same press on his decisions by irresponsible parties. For ourselves,
previo
. us discoveries and proclamations regarding we can scarcely consider it a compliment to the
mysterious conspiracies—notably that of the one Commission to assume that this mass of literature
hundred selected millionaires classified by him for the and communication—much of it frivolous or dull—
Senate in 1908, some living and some dead, some was likely to swerve the opinion of the Commisprominent and some obscure, whom the Senator sioners as to the facts of the case. Mr. La Follotte,
guaranteed as actively controlling at the moment the after remarking incidentally that the character of
capital and tangible resources of the United States. the letters in question is "shocking in the extreme,"
The newspaper press, which always possesses a keen points out that Congress, neglecting its duty to the
sense of the ludicrous, and to which, therefore, Inter-State Commission,"has left it exposed to every
Senator La Follette's vehemence of declaration, conceivable form of attack." His particular proof
peculiar economic notions and cock-sure habit of of this assertion is a telegram to the Chairman of the
assertion—not tempered by the slightest sense of Commission from a man whom nobody had ever
humor—have always presented irresistible tempta- heard before, containing the wicked demand,"Kindly
tion for the employment of good-natured ridicule, has decide rate inquiry promptly, or resign." Everyindulged frequently in such comment on his speeches. day citizens might suggest that no one compels the
But that is a treatment which a statesman devoid of Commission to read such stuff as this.
humor does not readily forgive. Other public men,
The Commissioners are, in fact, not even depenwhen their speeches and communications were waste- dent on the public for their positions. Why, then,
MAY 23 1914.]
THE CHRONICLE
. 1571
heard, or, at least, it had every
is not the Senator's argument much stronger in the people alone was
inducement to be.
case of Congress? Why not forbid newspapers, theoretical opportunity and
"regular" and
is
certainly
trade organizations, conferences and individuals Senator Penrose, who
-made and
machine
not
if
g,
epresentin
from discussing in public a question which is before machine-r
himsucceed
to
d
was
nominate
ped,
machine-stam
is
Congress for legislation? Mr. La Follette amazed
man
Congress
c
side
the
Democrati
on
while
self,
letthese
of
numbers
and outraged at finding "large
almost
an
received
these
of
Each
won.
to
each
Palmer
addressed
and
President
ters addressed to the
opposition of any
member of the Cabinet, containing inuendoes, sug- overwhelming vote, without
primary was apthis
of
the
result
is,
that
gestions, threats." But have not the President, amount;
if there had
been
have
as
would
same
the
parently
Commerce
the Cabinet Ministers and the Inter-State
superseded
be
is
to
n
which
conventio
old
the
been
certainly
had
Commission their waste-baskets? We
people.
free
the
of
expression
direct
a
by
with
familiar
are
rate,
supposed so. Editors, at any
The explanation is so distinct that it lies on the
this kind of contributions from the public. Are we
The result is just what thoughtful persons
to suppose that Senator La Follette personally and surface.
expected. It is not sure that a majority
have
faithfully reads and meditates upon every obscure, must
in Pennsylvania would choose either
voters
the
of
the
foolish and abusive communication received in
Mr. Palmer to represent them in
or
Penrose
Mr.
for
sorry
we
are
so,
If
mail, from whatever source?
took the trouble to vote did
who
those
Congress;
him.
party way to which they
after
regular
old
La
Follette,
same
Senator
that
the
is
in
so
fact
simple
The
his fashion of seeking obscure and wicked motives have become accustomed; that is all. The most
for the simplest actions of every-day life, has ascribed mechanical, the least reflecting, the least independent
to expressions of perplexity, anxiety or irritation, came forward and voted; the most intelligent, the
over what ordinary citizens thought was a factor in very class whose independent judgment and action
the trade reaction of the day,the machinations of an theoretically form the mainstay of popular govern
is
organized, nation-wide conspiracy. Such a sugges- ment, did not participate. The list of excuses
is
surely
them
among
prominent
similar
of course long, but
tion seems to us quite on a par with the very
those
accusation in 1896, that any one who wrote or talked this: people weary of elections. The more
by
be
neglected
will
they
more
ipso
the
,
was,
multiplied
currency
of
are
in favor of the gold standard
the
by
carried
and
voters
the
of
Power,
part
Money
better
arrogant
an
the
of
employ
facto, in the
and with the assertions of still older years of tariff con- inferior part from whose stolid partisan fealty the
troversy that whoever argued,in speech or print,for country needs to escape.
We have had many examples of this here in New
lower duties, must have been in the pay of the Cobthe
nor
York. Our constitutional amendments, the most
den Club. Fortunately, neither Congress
influenced
of all propositions which can possibly
being
of
important
people at large are in any danger
Wisconsin
the
the people, are thrust upon us by deof
before
come
this
as
by such pitiful nonsense
Follette
La
the
handful voting on them who are
Mr.
only
fault,
classified
have
They
Senator.
much more accurately than he has classified his op- "primed" beforehand; the "ayes" vote, but the
ponents. We are quite sure that nobody in the "noes" and the great mass who at least negaUnited States will undertake seriously to read Sen- tively disapprove keep silent. Not many weeks
ator La Follette's 365 pages in the special edition of ago we had a special election upon the question of
fathe "Congressional -Record," even if mailed under hurrying a constitutional convention, with the
Congressional frank to the public at large. Like miliar result; if the affirmative majority is not inhis speech on the one hundred millionaire monopo- validated by frauds it is barely over a single thousand
lists, his speech on the Organized Campaign Designed and even that went by pre-arrangement in this city
to Influence Decisions in the Railroad Rate Case and general neglect over the whole State.
The truth is that government is representative,
is an effective reductio ad absurdum of the whole
the
when
in the nature of things it cannot be otherwise.
so,
because
less
not
certainly
is
contention. It
its
Senator introduces his attack on the outside critics It may be very badly done, and we all deplore
that
theory
the
more
by exactly the kind of warning on his own account practical workings; yet the
to the Inter-State Commerce Commission (as to its all the people shall directly run their own affairs
policy in the rate case) which he so bitterly resents is tried the more it will fail. Representative government can be gradually improved, but the "direct"
in other people.
scheme is permanently visionary. Abolish the conELECTING UNITED STATES SENATORS BY vention; set up primary elections frequently; dePOPULAR VOTE.
throne the boss. He will adapt himself to the new
to
the
objections
l
election
substantia
No change devised in details and trusted
were
theory.
There
United
the
by
of
States
Senate
the
end to him will do so.
an
of
put
to
members
of
a popular vote in the first instance; but the theory
that control of public affairs must be restored to WORKINGMEN'S COMPENSATION LAWS AND
CATASTROPHE HAZARDS.
the people by direct voting pushed the Amendment
ation" situation is still very comin
upon
comment
this
"compens
a
The
have
we
Now
through.
in this and in several other
in
confused
nia,
week
and
Pennsylva
plicated
of
this
election
.primary
the
the first instance of a State-wide primary in any States. The new law of this State [sketched in its
large State east of the Mississippi. Candidates were most important parts in.the "Chronicle" of January
proposed for three important State offices, for 31 last, page 339]is soon to take effect; yet, except by
Congressmen-at-large and for a Senator to succeed a well-considered study and with reference to the
Mr. Penrose, whose term expires March 4. Each certainty that it will stay a puzzle until solved by a
party nominated its regular man, although there was dictum from the courts, nobody can say what it
no contention, and no caucus, and no visible in- means and demands, or even what industries are
fluence of boss or bossism; the voice of the sovereign clearly without its reach or to what portions of the
1572
THE CHRONICLE
[VoL. xcviii.
work of exempt industries it may be applicable. will be inclined to accept whatever applies. At
Meanwhile an unhappy incident has occurred which least, it is plain at the start, as emphasized by the
illustrates the extreme hazards and uncertainties West Virginia disaster, that the State Fund does not
involved in one portion of the scheme, namely that adequately protect against the catastrophe risk.
which proposes a mis-called insurance by the State.
This incident is the recent coal-mine disaster in THE TRADE AND TRUST PROPOSALS IN CONGRESS.
a special rule adopted by the Committee on Rules
West Virginia. There is some uncertainty still of Under
the House of Representatives on the 19th inst., general
as to the exact number of lives lost, but it is probably debate on the three anti-trust bills is limited to
thirty-two
not less than 170. West Virginia has a law provid- hours, the time being apportioned as follows:
Covington Inter-State Trade Commission Bill—Six hours of general
ing for a "State Fund", in operation only since debate,
one-half to be controlled by Representative Adamson of Georgia
,
Democrat,
and one-half by Representative Lafferty of Oregon, Progressive
October; and if the mine owners have come under
to be followed by the reading of the bill under the five-minute rule for amendthis fund it may be that the fund will be faced by ment. The bill then to be reported to the House and remain in stairs quo
until the other anti-trust bills have been brought to the same legislative
bankruptcy before a loss demand which is estimated state.
at a half-million and may stretch to several times Clayton "Omnibus" Anti-Trust Bill—Sixteen hours' general debate controlled equally by Representatives Webb of North Carolina, Democrat.
that, depending on the number of dependents of the and
Volstead of Minnesota, Republican, and then consideration under the
five-minute
rule based on the substitute measure reported by the Judiciary
dead miners.
Committee.
Here is a striking example of the catastrophe Bill for Federal Control of Stock and Bond Issues—Ten hours' general
debate, to be controlled equally by Representatives Adamson, Democrat,
hazard, corresponding to the conflagration hazard and
Stevens, Republican, followed by consideration under the five-minute
In fire insurance; nobody can foresee when, or how rule for amendment.
The rule provides that the House shall hold daily sessions
often,or how heavily,a blow may thus fall, and the
from 11 a. m. to 11 p. m., with a recess from 5:30 to 8 p. m.
only possible means of meeting its pecuniary force Representative Webb, who will
have charge of the Clayton
is by accumulating and maintaining a large fund. anti-trust bill, succeeds Henry D. Clayton as Chairman of
Last year.a colliery disaster in Wales cost the under- the House Judiciary Committee; Mr.'Clayton retires from
writers over $350,000 to settle the claims arising. A Congress to assume the duties of Federal Judge in Alabama,
boiler explosion in Brockton, Mass., a year or more an office to which he was recently appointed by President
Wilson. The insistence of labor leaders for the insertion
ago, would have cost a half-million, had the present in the Clayton bill of a provision
specifically exempting labor
Massachusetts law been in existence and been applied unions from prosecution under the Sherman anti-trust law
to it; the "Triangle Waist" affair in this city would has created more or less agitation during the week. It is
have cost over a quarter-million, and the similar stated that the Administration refuses to go beyond the broad
comprehensive stipulation as now written in the bill, i. e.:
disaster in Binghamton would have cost some $150,- and
That nothing contained in the anti-trust laws shall be construed to forbid
existence and operation of fraternal, labor, consumers, agricultural
000. It has been estimated that seven of the mining the
or horticultural organizations, orders or associations instituted for the
disasters which did occur in Pennsylvania, between purposes of mutual help, and not having capital stock or conducted
for
profit or to forbid or restrain individual members of such organizations,
1896 and:1911 would have cost for death claims alone orders
or associations from carrying out the legitimate objects thereof.
The bill for the Federal control of railroad stock and
from $100,000 to over $800,000 each.
issues was favorably reported to the House on the 16th
bond
Such is the possible sweep of the catastrophe
inst. by the Committee on Inter-State and Foreign Commerce
hazard, and it is utterly without any sufficient in substantially
the form reported by us in our issue of May 9,
provision, as these schemes stand now. In this State, though the wording of one or two sections has been slightly
the employer who yields to the manifestly-intended changed. Chairman Adamson, of the House Inter-State
pressure to drive him into the State Fund is relieved and Foreign Commerce Committee, in submitting the bill
from liability beyond his contributions thereto; ast Saturday, presented with it a report analyzing the purposes of the measure, and telling of the reforms it is intended
but as the State expressly disclaims all liability, the to accomplish. In part he said:
hurt workman may possibly find himself tricked by The committee has seen proper to report a provision prohibiting common
interlocking directorates or managements. When we learned the
reliance upon a paternalism which fails him in his or
Judiciary Committee was not undertaking to deal with the directorates of
companies, we then heeded what appears to be a public and almost
railroad
need. One proposition is that each industry shall
universal demand to prohibit interlocking directorates of carriers. Whether
be made liable to assessment to cover losses within the necessity for this provision is as great as represented or not and whether
anticipated benefits are exaggerated or not, there is a general impression
its own field. Such a scheme exists in the State of the
that most of the wreck and ruin of railroads and consequent damage to
interest has been due to the machinations or
Washington, and there an explosion in a powder-mill public service and the publiccorporations,
and by the policies adopted for
men who managed different
called for a large disbursement. But two of the the different corporations constituting a system, or about to be consolisome or all of the carriers involved.
dated
to
into
ruin
wrought
a
system,
five mills in the State are small concerns, and in one It has been represented to us that that practice has ceased; that railroad
that it is a matter of conveniof these the explosion occurred; the largest concern, men are no longer dishonest or incompetent;enterprises
without having to
ence for the same men to handle different
which uses every known precaution, refused to bear consult so many different people, but our observation is that there are good
enough men in the world to fill every responsible position, and then not
the assessment demanded of it, which would have have
enough positions to go around. And, we observe, in answer to the
been nearly all of the amount required for compensa- suggestion that if the practice has ceased the prohibition in the law will no
anybody,for no man will be punished unless he is guilty.
tion. A second explosion occurred in the small mills, hurt
If any rash man should decide in the future to break out and imitate some
disastrous escapades of the past, the law would be here to give him
the
of
and again the large one refused; its position wassusJustice for his misdeeds. It has further been urged that in the case of large
tained by the highest court in the State, and the systems formed by the consolidation of smaller corporations, it is not necesWe answer
to have different directors for all the minor corporations.
dependents of the killed are, therefore, waiting, while sary
that it is not necessary to have these consolidations, and the most vicious
and all other kinds of busithe Federal Supreme Court is approaching the case thing about all combinations in transportationthe
few men retained.it disness is that while it multiplies the benefits of
on its calendars.
penses with the services of so many men both competent to fill the posiIt is yet to be determined what employers in this tions and entitled to the fair emoluments thereof.
State will do as to the choice permitted them be- The filibuster started in the House on the 14th inst. by
tween four methods of providing for compensation, two Democratic Representatives, Thompson and Wingo,
one of which they must take. The advantages of with a view to forcing action on rural credits legislation,
when assurances were
practical experience and of possession of a fund at the was abandoned on the 15th,Majority
said to have been given by
Leader Understart are with the stock companies, with which the wood that he would join in an effort to obtain a
State Fund assumes to compete. It will probably party caucus instructing the Committee on Rules to
attempt to offer a lower rate and take chances on make this legislation a part of the program in case the Bankthe result; on the other hand, the reasonable assump- ing and Currency Committee should report a bill. Representative Thompson, in announcing this promise to Repretion is that the companies will select, and will be sentative
Underwood, said: "I have come to the conclusion
able to command, the safest risks, while the State that this is all we could secure by a continued filibuster. If
MAY 23 1914.1
- --
THE CHRONICLE
1573
President Woodrow Wilson, Washington, D. C.
The undersigned members of the Senate of the Nineteenth General Assembly,in special session convened by the Governor of this State, respectfully represent: That the special objects mentioned in the message of the
Governor to be legislated upon by the special session did not appear to
us to be sufficient to cover the exigencies of the occasion wherein we were
Protesting against the passage of the Clayton Anti-Trust called to act; that we have in every vote cast endeavored to indicate such
that we have strenuously urged and voted to widen the scope
Bill, the National Association of Manufacturers, in a reso- insufficiency;
of the objects that might be considered to cover the entire situation.
lution adopted on Wednesday at its nineteenth annual conWe believed and believe that the measures passed by the Legislature at
vention, held in this city, declares that "a hesitancy, born of this session are inadequate to meet the situation in this State. We protest
our
sincere desire to alleviate the conditions in this State.
relentless political onslaught and ruthless legislative assault,
We deplore the necessity of your telegram to Governor Ammons and the
explains in. large part our business inertia." Decrying as condition that makes necessary a reminder to the Governor of Colorado by
the Chief Executive of the nation that the State is derelict in its duty in
hostile the pending legislation, the resolution says:
Hostility to business must stop. With feelings of profound anxiety we the premises.
observe prevailing industrial and commercial depression wholly at variance
The President's attitude was explained in advices from
with those healthy and prosperous conditions to which our country is enwhich said:
titled. On all sides productive industry and operative manufacture is Washington on the 16th inst.,
At the White House to-night it was stated by officials close to the Presishrinking in volume and output to a degree that forebodes years of slow
dent
that
he
does
not
plan
to
withdraw
the Federal troops if anarchy is to
recovery before prosperity can be restored. We observe policies framed
with experimental novelty with respect to the tested principles of the Sher- break out again, but he feels there is no excuse for the Legislature adjourning and leaving the problem to the Federal Government.
man Anti-Trust Act.
Members of the Colorado delegation in Congress were alarmed by the
We witness with amazement hostility toward established and legitimate
President's
telegram to Governor Ammons, and said anarchy would reign
business from many sources—journalistic, legislative and even Adminisagain
if the troops were taken away before the strike was settled. They asand
affirmative
concerted
efforts
to
retrative; but we fail to detect any
that,'although orders for the disarming of the contending factions
suscitate business vitality or augment those great industrial forces that serted
had been issued, only a small proportion of the arms have been turned in.
should express the sovereignty of our trade and commerce. The number
and
that
practically an armed truce exists at present.
hundreds
now
of
thousands, is inof unemployed American workingmen,
The President will be reasonable about the question, it was said at the
creasing. Countless plants and factories operate listlessly on greatly reWhite
House,
but believes that under the Constitution he has no right to
duced schedules. A hesitancy, born of relentless political onslaught and
use the Federal troops in Colorado when the Legislature has a chance to
ruthless legislative assault, explains in large part our business inertia.
act. It was recalled that when he sent the troops to Colorado he made it
Therefore, be it resolved, That the National Association of Manufacclear that the army was only temporary.
turers, a non-political, non-partisan organization, representing all crafts
In addition to the massage of the Progressives, the issuance
and groups of industry, do hereby solemnly protest against continuous
assault on our established industries. That we affirm our conviction that of the following telegram to the President by officers of the
the
vitality
business,
hostility
to
cessation
of
legitimate
is
a
unless there
United Mine Workers of American in Denver was announced
of our commerce and trade will be critically impaired.
And we therefore finally resolve that we unqualifiedly oppose the pas- on the 17th:
The Colorado Legislature has adjourned after doing nothing except apage of the Clayton bill(H. R. bill 15657), now pending before Congress.
propriate $1,000,000 to pay past debts of the militia who murdered and crePreceding the adoption of the above, a denunciation of the mated
our men,women and children at Ludlow and other places in the strike
Clayton Anti-Trust Bill was uttered by James E. Emery, zone, and providing approximately $300,000 to send the militia back to the
field to complete their work of carnage against the striking coal miners.
counsel for the Association, who in part said:
Governor Ammons has openly said that as soon as the Federal troops leave
The proposed Clayton Anti-Trust Bill is seriously objectionable because
it threatens the introduction of new terms and new standards into the he will send the militia back to the strike zone. You know how this naSherman Act, which, after twenty-four years of adjudication, approaches tional guard, made up largely of barrel-house bums and Baldwin-Felts asdefinite terms. The legality or illegality of a contract or combination under sassins, intimidated the miners, robbed and plundered our homes, insulted
the trust Act is now measured by whether or not it directly or unduly re- our womanhood and finally destroyed Forbes and Ludlow, killing six
strains trade or is intended to or establishes or tends to establish a monopoly. men, murdering and cremating thirteen women and children and none
The intended amendments make it unlawful to discriminate in prices "with knows how many more,who,witnesses say, were sacrificed to John D.Rockeintent to wrongfully injure" a competitor or to buy the stock of other cor- feller on a huge funeral pyre saturated with Standard oil.
If the militia return to the field, further massacres of our men, women
porations when the effect of such acquisition is "to eliminate or lessen comand children are certain to follow. Will you register your strongest propetition." This goes much further than the Sherman Act.
Under the Sherman Act a man may not now lease or sell commodities in test with the President of the United States against any further slaughter
order to accomplish a restraint of trade or establish a monopoly, but undet of the innocents and demand that he keep the Federal troops in Colorado
the proposed bill he may not lease his own patented machine under a con- to preserve the peace. Suggest that he close down the mines where there
JOHN R. LAWSON,
tract to exclusively buy parts or supplies from him, although the use of is any controversy.
JOHN M'LENNAN,
poorly adapted parts made by a competitor may threaten the delicate
E.L. DOYLE,
mechanism of the machine of which he is the owner.
Policy Committee District 15, U. M. W. A.
No manufacturer may make more favorable terms for the sale of his own
machinery in order to make exclusive contracts for the sale of his own supBelief that national aid should be had in bringing about a
plies or parts until the sale of the original machine is made an active comsettlement of the strike because it is an Inter-State conflict
petitor with every competitor.
No manufacturer may give exclusive territory nor cut his prices to meet was expressed in a statement given to the Associated Press
purely local competition, without making a similar price wherever else he by Governor
Ammons on the 17th inst., which we publish
may sell in commerce, although no such competition exists. These proposals would repeal the law laid down in the Supreme Court in the Dick herewith:
The residents of Colorado are devoted in their loyalty to our State. This
mimeograph case.
was demonstrated by the overwhelming vote by which the Legislature
appropriated $1,000,000 to restore and enforce law and order. Those of us
THE COLORADO MINING TROUBLES.
who have spent the greater part of our lives in building beautiful homes and
and have labored in earnest endeavor to make Colorado an
President Wilson made manifest last Saturday his purpose cities and towns
attractive place in which to live and work, regret the lawlessness that hab
not to continue indefinitely Federal aid in restoring normal attended the present industrial conflict.
We are grateful to President Wilson for the help given us at a time when
conditions in the Colorado strike district, in a telegram sent
matters demanded all available national military forces, and we
to Governor Ammons on the eve of the adjournment of the foreign
will assume control of the local situation as early as our funds can be made
special session of the Legislature. In this telegram the available. The Legislature enacted effective laws against the misuse
of firearms and for the regulation of saloons in times of turbulence, and
President said:
Am disturbed to hear of the probability of the adjournment of your Legis- selected a strong non-partisan committee on mediation.
I am earnest in my belief that we should have national aid to bring about
lature, and feel bound to remind you that my Constitutional obligations
a settlement of the strike because it is an inter-State conflict.
with regard to the maintenance of order in Colorado are not tobeindefin
Many of the coal companies are composed in large part of stockholders
State
Federal
the
Legislature.
The
continued
by
of
nitely
the inaction
forces are there only until the State of Colorado has time and opportunity beyond our State lines, and the United Mine Workers of America is a
to resume complete sovereignty and control in the matter. I cannot con- national organization with headquarters in the East, while Colorado is
ceive that the State is willing to forego her sovereignty or to throw herself only one of three States of District 15 in this jurisdiction. Even most of
entirely upon the Government of the United States, and I am quite clear the newspapers that have inflamed the public mind by untrue or grossly
that it has no Constitutional right to do so when it is within the power exaggerated press reports are owned or controlled by persons beyond our
borders. Many notorious ultra-Socialistic, if not anarchistic, leader
of her Legislature to take effective action.
of the country have taken advantage of our strike condition to come here
In addressing the President in response to the above, and
incite insurrection in defiance of constituted authority and law.
Governor Ammons wired him as follows:
When certain members of the assembly suggested that the call be exWoodrow
tended
to include more subjects, I requested them to name those subjects
Hon.
Wilson, President of the United States, Washington.:
I regret exceedingly that you have been misinformed. The Legislature and hand me proposed measures, but not a single concrete plan was sughas just passed an Act, which I have approved, providing for a bond issue gested. In this connection I may add that from the time the strike was
of $1,000,000 for the purpose of paying the indebtedness which has been called, if I could have found any effective law to end it,theLegislatures
incurred, and which may be incurred, in suppressing insurrection and de- would have been called together long ago.
fending the State. As soon as these bonds can be issued, these funds will
With regard to Governor Anamons's advices to • President
be available, and this State can and will control the situation. This is the
only constitutional method of raising funds in the immediate future. In Wilson a week ago that a committee on mediation had been
addition to this fact, the Legislature has enacted a law permitting the Gov- provided for to cope with the present situation, it was reernor to close saloons in times of disorder, and also a law prohibiting the ported on Tuesday that the attorneys for the coal corporacarrying and disposition of firearms in times of disorder. Moreover, a
committee on mediation of the present strike has been provided for and ap- tions, including the Colorado Fuel & Iron Co., had announced
that they would not consider mediation under any circumE. M. AMMONS.
pointed.
the Banking and Currency Committee does its duty, a rural
credits bill, which will insure cheap money to the farmers and
laborers of the country, will be enacted at this session."
Notwithstanding the Governor's advices to the President,
the Progressive members of the Senate sent to Mr. Wilson,
after the Legislature had adjourned, a telegraphic message
asserting their belief that the measures passed by the Legislature are inadequate to meet the situation. In this message
they said:
stances "while they have nothing to mediate."
Judge Ben B. Lindsey of Denver, and a delegation of
women and children from the Colorado strike districtsjourneyed to Washington this week to confer with President Wilson on means toward an adjustment of the strike troubles.
At a hearing had with the President on Thursday,interven-
1574
THE CHRONICLE
tion by the Federal Government to force an agreement between the Colorado mine owners and the miners was urged
by Judge Lindsey. The latter expressed the belief that the
Federal Government should order the mines in the strike
districts closed, and compel the operators to submit to arbitration. He took the position that the Federal Government
had already been forced to restore peace, and had full authority to go further and restore to Colorado full privileges
of a republican form of government. The President is reported
to have indicated his willingness to do everything within his
Constitutional power to bring peace in Colorado, but is said
to have asserted his belief that the State should solve the
difficulty, if possible. On the day of this conference the
Denver Chamber of Commerce sent a telegram to President
Wilson warning him that the Judge did not represent the
State of Colorado or its interests on his present mission in
Washington in his effort to end the strike.
Details of the legislation enacted at the recent session of
the Colorado Legislature will be found in this issue in our
State and City Department.
THE FEDERAL RESERVE DISTRICTS.
In response to the Senate resolution of April 8, the organization Committee of the Federal Reserve Board submitted
to the Senate on the 18th inst. the documents upon which it
based its conclusions in fixing the boundaries of the reserve
districts and locating the reserve cities.
W.C. Elliott, Secretary of the Organization Committee,in
a letter issued under date of the 11th inst., calls attention to
an error in the circular of the Committee, dated May 6,
relating to the election of Class A and Class B directors of the
Federal reserve banks. A sentence in this circular, which
was given in part in the "Chronicle" of May 9, page 1429,
said "Class B" directors cannot be stockholders, officers or
directors in any bank." This sentence should have read
as follows: "No director of Class 'B' shall be an officer,
director or employee of any bank:"
A statement setting out the reasons which prompted him
to decline to serve as a member of the Federal Reserve Board
was issued by H. A. Wheeler, Vice-President of the Union
Trust Co. of Chicago, on the 15th inst. In this announcement Mr. Wheeler says:
[VOL. xcviii.
more than $70,000, and Group 3, 159 banks, having a capital
and surplus of less than 370,000—were held at the Clearing
House yesterday. At Tuesday's meeting, attended by over
one hundred bankers, the following resolution, offered by
William Woodward,President of the Hanover National Bank
of New York, were adopted:
Resolved, That a committee of eight be appointed to recommend to the
member banks names of suitable candidates for directors of Classes A and B
of the New York Federal Reserve Bank, and that said committee be asked
to meet with similar committees from Groups II and HIif they be appointed
and further
Resolved, That this group request Groups II and III to respectively appoint a similar committee to meet with the committee from Group I.
so that intelligent and beneficial discussion may be had on this subject.
In accordance with the above, the following committee
was named by A. Barton Hepburn, Chairman of Tuesday's
meeting, to represent the bankers of Group 1:
J. B. Martindale, President of the Chemical National Bank, Chairman;
D. V. B. Hegeman, President ot the Nassau National Bank, Brooklyn;
James H. Perkins, President of the National Commercial Bank, Albany;
C. B. Rogers, President of the First National Bank, Utica; Franklin D.
Locke, Vice President Manufacturers' Sz Traders' National Bank, Buffalo;
H. F. Marks, Vice President Traders' National Bank, Rochester; A. J.
Parsons, Cashier First National Bank, Binghamton, and William Schickle,
Cashier Fallkill National Bank, Poughkeepsie. Each member of the cornrn
mittee represents one of the eight groups of the New York State Bankers'
Association.
Yesterday (Friday) the following nominating committees,
representing Groups II and III were chosen:
Group II.—Benjamin E. Smythe, Cashier of the Gramatan National
Bank, Bronxville, Chairman; Howard B. Ward,President Le Roy National
Bank of Le Roy; Luther Gordon, President First National Bank of Brockport; W. W. Clark, President First National Bank of Wayland; E. Alley,
President First National Bank, Cortland; Delmer Runkle, President People's National Bank, Heosick Falls; W. J. Hamilton, President First
National Bank of Corona, and H. C. Morgan, President First National
Bank of Cuba, N. Y.
Group III.—Geo. E. Merrill, Cashier First National Bank, East Aurora,
N. Y.; M.S. Sandford, President First National Bank, Ovid, N. Y.; Wm.
E. Leffingwell, President Glen National Bank, Watkins, N. Y.; H. W.
Dunlap, Cashier First National Bank, Holland Patent, N. Y.; D. D.
Woodard, President Granville National Bank, Granville, N. Y.; Leslie
R. Palmer, President First National Bank, Croton-on-Hudson, N. Y•;
Elmer G. Story, President Bayside National Bank, Bayside, L. I., N. Y.,
and A. B. Potterton, President Tottenville National Bank, Tottenville,
S. I., N. Y.
In addressing the meeting of Group I, Mr. Hepburn stated
that however imperfect the new Federal banking law may be,
"it is a better law than many people have given it credit for
being, and the good results which we may reasonably hope will
follow will depend very largely upon a sympathetic attitude
on the part of the bankers." His further remarks are
quoted below:
I am not at liberty to disclose the nature of the correspondence between
curb the banking power,
The underlying purpose ot the law was to
the President and myself, all of which has been of a most frank and confiof the country, by decentralizing money. They created
dential character. It is only fair, however, to say that my declination of the money power
by statute directed the reserve money to these twelve
the President's offer is not to be construed in any sense as indicating dis- twelve reservoirs, and
banks, which are widely distributed throughout
trust in the workability of the Federal Reserve Act, and the decision was reservoirs. Federal reserve
extent, to a very considerable extent, they can over
made with the sincerest regret that I could not make my plans square with the country. To some
surplus money to flow to large
conle the natural tendency of reserves and
the requirements of the law.
effect we can learn only through the practical
The Federal Reserve Act imposes an obligation upon members of the business centres. The full
board not to associate themselves with any member bank for two years working of the law.
but they decentralize the control of
They not only decentralize the money,
after the completion of their term of office. This provision has no adverse
absolute domination is placed in the rural disbearing upon the business man, the economist, or even the private banker, this banking system. The
of $25,000 capital given the same voting power
each being able to return to his business or profession as soon as he retires tricts. Not only is a bank
capital, but they see to it that the smaller banks
from the board, while the banker who comes out of the field of incorporated as a bank of $25,000,000 All banks with a capital and surplus of
$190,000
power.
must exercise this
banking organizations eligible to membership in the Federal Reserve Asso
directors; all banks with a capital and surplus from $190,
elation, finds himself adrift for two years, making it only possible to devote or over elect two
directors,
while
the
banks with a capital
also elect two
himself to commercial pursuits, private banking or associate himself with 000 down to $70,000
less also elect two directors. Abstractly this is
some non-member bank. It is this provision that developed a combination and surplus oi 470,000 orConcretely, it will work well and satisfactorily,
unfair.
inequitable and
of circumstances which I could not consistently meet.
large banks are actuated by the same
I am sure, for the small banks and the
principles and are working for the same
purposes, are controlled by the same
can and will work harmoniously.
they
politicians;
Federal
the
the
of
creation
reserve end. Bankers are not
An important step in
launched have no banking quarters,
These twelve banks presently to be
banks was taken on Monday last, when the papers for their
to hold our reserve money, no
which
no banking furniture, no vaults in
incorporation were executed in all but one of the twelve officers, no clerical force, no system of bookkeeping as yet agreed upon,
to act as clearing houses for their respec.
Federal reserve centres. The exception was San Francisco, and no books. If these banks are
commodious quarters and a very large
districts, they will require very
where this action was taken on Wednesday. The certificates tive
providing the clerical and official
furnishing,
clerical force. The housing,
were signed by representatives of the five banks in each dis- force, providing a system of books and accounts, forms, &e,, must all be
with the other eleven Federal reserve
trict assigned for the purpose and enumerated in our issue done in c& ordination and articulation
of the Federal Reserve Board
banks, and with the help and cooperation
of May 16. The incorporatiors of the Federal Reserve at
Washington.
and much correspondence. It
Bank of New York held their meeting at the Clearing-House
This means many calls and conferences
directors of this bank will, for a year or more,
in New York; 478 national banks are comprised in this means that the officers and
in its character, but very immechanical
much work, almost wholly
district (the Second), the territory of which is confined to have
portant indeed, as good mechanism and good system are indispensable.
good working order, the duties
New York State. The bankers signing the certificate for After a year or two, when the system is inthan
the labors of corresponding
less
and labors of the officers will be much
the New York Federal reserve bank are:
of our labor consists in getting
half
one
Fully
banks.
chartered
in
officers
Richard
H.
M.
Bank;
Delafield,
President;
Park
York—National
New
maintaining our accounts, which give us the
business to do, in obtaining and
Ewer, Cashier.
greater portion of our banking power.
Irving National Bank; R. P. Grant, President; H. E. Ward, Cashier.
reserve banks is proscribed and en.
Federal
The banking power of these
Albany—National Commercial Bank; James H. Perkins, President;
with or in the near future acquire their
forced by statute, and they start off
W. W. Batchelder, Cashier.
banking power. The hunt for deposits is a quest
Buffalo—Marine National Bank; L. H. Gethoefer, Vice President; approximate maximum
they do not have to make; the proper investment a their resources is the
N. P. Clement, Cashier.
which devolves upon them, but until the system is
Syracuse—First National Bank; A. W. Hudson, Vice President; E. S. measure of responsibility
devised and in good working order the officers and directors of these banks
Tefft, Cashier.
will be very busy, hard. worked men. In their selection you suffer only
The execution of the certificate of incorporation was from
an embarrassment of riches,for you have an abundance of most com
of
1
of
meeting
members
Group
followed on Tuesday by a
petent men.
In organizing ordinary banks, we are accustomed to seek for managers
of the New York District, comprising 160 banks, having a
well-known men with established reputations for success, and why? Becapital and surplus of $190,000 or more, called last week cause we want some one who will inspire confidence, command deposits,
by Albert H. Wiggin for the purpose of choosing candidates and induce the public to bring the institution its business. In these Fedbanks there is no such need; the banking resources are pre
for directors of Classes A and B. Meetings of the other two eral reserve controlled
by law; all you need is men who can do the business
scribed and
groups of the New York District—Group 2, comprising 159 and do it properly, whether they be known or practically unknown to the
than
less
of
surplus
$190,000,
but
and
public.
capital
general
banks having
MAY 23 1914.]
THE CHRONICLE
On the other hand, the greatest and gravest responsibilities rest upon the
central board at Washington. They are given the widest powers, and power
always carries proportionate responsibility. They are given the appoint
ment of three members of the Federal Reserve Board, through whose eyes
they can see and through whose voice they can learn of local conditions.
They wisely gave, however, the majority of the Federal Reserve Board
to the bankers, in order to ensure good business ability in the administration, the earning of dividends, and a successful management generally.
There is the possibility of great inflation under this law, but good men
have it quite within their power to insure conservation and safety. The
members of this board should be well.known men, whose character and ex•
perience will insure for the new system the highest measure of success. The
five men named were all excellent men. Paul Warburg we all know, and,
knowing him,know his superior qualifications and fitness. Banker Harding,
is an able, successful banker and business man and a most worthy appointee.
It was wise to put an economist like Mr. Miller on the Board, one who
understands banking and credit from an historical, theoretical and sciengather
tific standpoint, who can bring to bear the history ofthe past,and by
utilize
ing, collating and analyzing the statistics of this new bank's growth,
that
and bring to bear the history of the present. It is greatly to be hoped
fill the
men of the type of Mr. Olney and Mr. Wheeler will be selected to
positions which they have just declined.
and
We are entering upon a new and pronounced departure in banking
The
credit, and hence it is wise and well to come together for conference.
so
law divides us into three groups and compels separate action, seemingly
smaller ones,
that the greater banks will not overawe or over-influence the
or representatives
but it would seem the part of wisdom for the committee
which this group may appoint to confer with similar representatives from
the other groups, in order that the banking interests of this Federal reserve
district as a whole may be brought into harmonious and most effective
working order.
In Richmond on Monday the following were endorsed as
directors for the Reserve bank of the Firth District, of which
Richmond is the centre:
Group 1, Class A—Waldo Newcomer,President of the National Exchange
Bank of Baltimore; Class B, George J. Seay, Richmond, business man.
Group 2, Class A—Col,John F. Bruton, President of the First National
Bank of Wilson, N. C.; Class B, D. R. Coker, merchant and farmer,
Hartsville, S. C.
Bank
Group 3, Class A—Edwin Mann, President of the First National
produce mer
of Bluefield, W. Va. Class B, James F. Oyster, wholesale
chant, of Washington.
THE STATE BANKING LAW AS IT AFFECTS PRIVATE
BANKERS.
The applicability of Article IV of the new Banking Law
of New York State to "investment bankers" in New York
City, and the right to the use of the term "banker" or "investment banker,"is discussed at length by Robert R. Reed
of the firm of Caldwell, Masslich & Reed, counsel for the
Investment Bankers' Association of America, in a communication addressed to F. R. Fenton, Secretary of the Association, under date of May 13, and a bulletin embodying the
opinion has just been issued by Secretary Fenton. Article
IV of the law is the one governing private bankers; section
150 defining the scope of the article, was printed in our issue
of April 25, along wth some of the law's other important
sections. In presenting his views as to the liability of the
investment banker under the article in question, Mr. Reed
says in part:
To make.the Act applicable to any one as a private banker in New York
City, two things must co-exist.
1. He must be "engaged in the business"—
(a) of "receiving deposits" subject to check or for repayment;
(b) of "receiving money for transmission";
(c) of "discounting or negotiating promissory notes, drafts, bills of
exchange or other evidences of debt";
(d) of "buying or selling exchange, coin or bullion";
(e) of "transacting any part of such business."
2. He must also do one or more of the following things:
(a) Make use of an "office sign" or "exterior sign" bearing the word
"bank," or "any derivative or compound" thereof. This would, in our
opinion,include the use of the words "investment banker" or "Investment
banking" on any "office sign" or "exterior sign," but not on stationery.
&c.
(b) Pay or credit interest on any deposit less than $500.
(c) "Receive money on deposit * * * for any * * * purpose," averaging on separate deposits less than $500.
Under these provisions, Article IV of the Act plainly applies to any individual or firm in this city engaged in the business of receiving deposits in
any form whatever, or of discounting or negotiating notes or other evidencer
of indebtedness, who pays or credits interest on any deposit under $500,
or whose deposits average less than $500, or who uses an office or exteriosign with the word "banker" or (probably) "Investment banker."
It does not apply to any person engaged in such business who does not
do any one or more of these things, or to any person or firm not engaged in
such business who does any one or more of these things.
As affecting, however, the "private banker" not doing any of the things
mentioned in Section 150, this opinion should perhaps be qualified by a reference to Section 172 of Article IV, which in terms provides that "no individual, partnership or unincorporated association to which this chapter is
applicable shall after the 31st day of July [should read "October"; see Sec_
tion 502], 1914, engage or continue in business in any city as a private
banker," unless authorized under Article IV. "This chapter" is the whole
banking law. Section 1 provides that "this chapter shall be known as the
Banking Law, and shall be applicable to all corporations and individuals
defined in the next section," which would, of course, include any "private
banker" as defined by Section 2. The answer to this difficulty is the undoubted error in Section 172; the word "chapter" should read "article,"
and would, in our opinion, be so construed. This view, we understand, will
be confirmed in the Annotated Revision of the Banking Law to be published
shortly by Messrs. Morgan & Parker, Mr. Morgan having been counsel to
the commission which revised the law.
Two questions may be noted here, as to whether and when a particular
person or firm maybe said to be a "private banker," because engaged in
1575
receiving deposits or "discounting or negotiating" notes or other evidence
of indebtedness. To what extent may an occasional or incidental receiving
or collecting of money by an investment banker from or for a customer
awaiting his order for remittance or re-investment, and not subject to check,
be said to constitute "engaging in the business of receiving deposits"? In
our opinion, a receipt of money in such cases is incidental to the business of
a dealer in securities, having, of course, an established clientele, and
should not be said to be in any legal sense an "engaging in the business" of
"receiving deposits." If this opinion be correct, it follows that an "invest_
ment banker," as such, is not by such acts alone brought within the definition of a "private banker" in Section 2, and therefore cannot be brought
within the application of Article IV and under State supervision by the doing of any of the acts which, under Section 150, would bring a "private
banker" within that article.
On the other hand, if this occasional or incidental practice becomes customary and primary as a part of the business of the investment bankers
the investment banker becomes also a privtae banker, and in that capacity
may, by doing any of the acts mentioned, become subject to Article IV.
A somewhat similar answer may be made to the second question, as to
what constitutes engaging in a business of "discounting or negotiating'
notes or "other evidences of debt." Literally construed, apart from the
context, "negotiating * * * evidences of debt" includes dealing in
bonds, the business of an investment banker. It is to be noted, however,
in the definitions both of a "bank" and "private banker," in Section 2,
and in specifying the powers of a "bank" in Section 106, that the word
"negotiate" in each case follows "discount," and is evidently used in the
ordinary banking sense, connected with and dependent on the "discounting"
of commercial paper as one of the primary functions of a bank. It is not,
we believe, intended to be used in any other or broader sense, and does not,
in our opinion,include the business of the investment banker who buys and
sells or deals in investment bonds.
An "Investment banker," therefore, as such, i, e., if he does not become
a private banker, may, so far as the sections guoted are concerned, safely do
any of the acts mentioned in Section 150; in particular, he may use an office
or exterior sign with the words "investment banker," and may also credit
interest on money received or collected as an incident to his business as an
investment dealer.
He may. as some do, engage in the business of a private banker, but in
that case he cannot do any of the acts mentioned without becoming subject
to the provisions of Article IV.
But as affecting the question of the use of the name "investment banker"
on an office sign or on letter heads or in advertising, there is another important section of the Act. It is Section 141, which is practically a reenactment of Section 112 of the former law, and is also, for our present
purposes, substantially identical with Section 302 of the Penal Law. It
reads as follows:
"No person, except a national bank,a Federal reserve bank,an individual
banker or a corporation duly authorized by the Superintendent of Banks
to transact business in this State, shall make use of any office sign at the
place where such business is transacted having thereon any artifical or
corporate name, or other words indicating that such place or office is the place
or office of a bank; nor shall any such person or persons make use of or circulate any letter heads, bill heads, blank forms, notes, receipts, certificates,
circulars or any written or printed or partly written and partly printed
paper whatever, having thereon any artificial or corporate name, or other
word or words, indicating that such business is the business of a bank."
It will be noted that a "private banker" is not excepted from this prohibition, though it is plain that he is permitted to engage in the banking
business, and if he falls under Article IV. may receive an authorization
certificate so to do. Comparing the definition of a "bank" under Section 2, as amplified by Section 106, with the definition of a "private
banker" under Section 2, it is quite evident that the authorized or recognized business of a "private banker" is in large part the authorized "business of a bank." We woule, of course, have an anomalous situation if the
Private banker were prohibited from using any sign, stationery or advertising indicating the business in which he is permitted or authorized to
engage.
The answer to this difficulty seems to lie In the practical construction
placed upon the former Section 112 by the Banking Department, acting
under an opinion of the Attorney-General, a construction undoubtedly
recognized and intended to be perpetuated by the revisers of the law and
by the Legislature in its re-enactment. This construction was that "the
business of a bank," as used in Section 112, had reference only to the business of a "moneyed corporation," created under the laws of the State or of
the United States, and therefore, that the word "banker," as popularly
understood and officially construed, did not "indicate the business of a
bank." A bank, under this view, is primarily an institution, "a quasipublic institution," which from very early days in this State has been
required to be incorporated (except the "individual banker"), and was
originally a bank of issue, as well as of deposit and discount.
We have no doubt that, with this history and practical construction in
view, and in order to give necessary sense to the law itself, the use of the
term "banker" by a "private banker" would not, under the present law,
be deemed to "indicate the business of a bank" in violation of Section 141.
This view accords with an opinion of former Attorney-General Davies, in
1899, upon the old law. A fortiori, therefore, the use of the term "investment banker" on an office sign or letter head or in advertising is not prohibited by that section.
But, assuming that this practical and necessary construction is not to be
adopted, there is, we believe, a further and possibly more conclusive answer
to the question as to the right to use the term "investment banker." Conceding ad arguendum that the use of the word "banker" indicates the business of a bank," and is, therefore, prohibited by Section 141, does it necessarily follow that the use of the term "investment bank" is so prohibited?
A "bank" is loosely defined in the Standard Dictionary as "an institution
for lending, borrowing, issuing or caring for money," and is said to be "of
three kinds: (1) of deposit, (2) of discount and (3) of issue"; a "banker" is
"one engaged in the business of banking." This corresponds with the
"business of a bank" and "private banker" outlined in Sections 2 and 106,
except that we do not have the "bank of issue."
The "investment banker" is not engaged in any part of the business of a
bank, as defined by usage or by statute. The term may be said to have
no relation whatever to the business of banking, although the important
functions of the investment banker, as an intermediary between capital
and production, in a sense explain and justify the use of the name. It
may be said, however, that the term has no popular significance, and that,
without such a significance, it might indicate to the popular mind some
part of the business of a bank. To those engaged in or in frequent touch
with this business, the term has become familiar.
The investment banker is not a banker in any correct sense any more by
analogy than a pawnbroker is a broker, or a mountain lion (I. e., puma)
is a lion.
We do not believe that the Act can be said to prohibit the use of a term
having a recognized meaning, which is not within its prohibition, because
of the possible popular ignorance of the correct meaning of the term.
1576
THE CHRONICLE
Our opinion is that the use of the term "investment banker" does not
Indicate any part of the business of a bank and is not within the prohibition
of Section 141, even though it might be held that the term "banker,"
standing alone, would be within such prohibition.
Our conclusion on this point is that the use of the term "investment
banker" is not prohibited by any provision of the new banking law, except
that, when used on any office or exterior sign by one "engaged in the
business" of a private banker in any city of the State, such use would subject one to the supervisory provisions of Article IV.
As supporting our general conclusion, we may add that Sections 25 to 29g
of the General Business Law, relating to "private bankers," are repealed
by the new banking law, and that Section 27 of this former law, which
expressly prohibited the use of the word "banking" or "banker" without
a license, has not been retained or re-enacted in any form in the new law.
Under this provision, now repealed, it was generally recognized that the
use of the term "investment banker" might be held to be within its prohibition.
Though we have not been requested to consider separately the question
of the application of these provisions to an incorporated dealer in securities,
and have not, therefore, made a separate study of this question, our impression is that a corporation duly organized under the laws of this or
of
any other State, and in other respects entitled to carry on such business
in
this city, would not be within the prohibition of Section
141,
and, if not engaged in any part of the banking business, could use the
term
"Investment banker" to the same extent as an individual or partnership.
irWe may add thatthe p7ohiblikii of'tiie A.ct-daei-at
respea
apply to a dealer outside of the State; though, if he has an office within the
State, it applies to the business done by that office.
BANKING, LEGISLATIVE AND1 FINANCIAL NEWS.
No sales of bank-or trust company stocks were made this
week either at the Stock Exchange or at auction.
fl.•••01
"•=1.
Three New3.York Stock Exchange memberships were
posted for transfer this week, the consideration in each case
being $45,000. This is a reduction of $5,000 from the
last preceding transaction.
Following its booklet recording the origin and history
43f that institution, the Bank of the Manhattan Co. of this
city has now issued another illustrative of the historic old
buildings of New York which still remain standing. This
bank is mentioned,for convenience, as the Manhattan Bank,
but its original title is the Manhattan Company, and its
ostensible purpose was "supplying the city of New York
with pure and wholesome. water." The Bank of New York,
chartered in 1792, had kept the field to itself until 1799, when
the cleverness of Aaron Burr outwitted the anti-bank feeling
of the time by procuring a charter for a water company,
with a clause permitting the use of any surplus capital in the
purchase of stocks or in any other moneyed transactions
not inconsistent with the constitution or laws of the State
or the country. There was a reservoir, there were pipes
made of bored pine logs and there was some delivery of water,
until superseded by the Croton in 1842; but the business of
banking began very soon and has continued. This curious
piece of history is set forth attractively in the former booklet;
the one now issued repeats the bank's story condensed in
a
few pages and gives pictures (with text enough to
describe
them) of thirty buildings in Greater New York,
erected
before the nineteenth century and still standing. The
most
familiar is St. Paul's Chapel, built in 1766. Of the
entire
number, eighteen are outside of Manhattan Island, four
are
on Staten Island, ten are on Long Island and six are in
Brooklyn. A few of the Brooklyn dwellings are among
the
quaintest of all and also the oldest, built in 1656. A
frontispiece shows Manhattan from the Long Island shore in 1801.
Bought of the Indians in 1626 by the Dutch GovernorGeneral Peter Minuit for $24 in trinkets, Manhatta
n has
grown to a present land value of $3,155,389,410.
The reconstructing, generally preceded by tearing down and
often
by going deep for foundations, proceeds uninterruptedly.
Little of the ancient remains, and scant regard is paid to
its
history or its traditions. It can be preserved in pictures
if not otherwise, and the Bank of the Manhattan Co.,
itself
an interesting historical survivor, does well in making another
contribution to the aids of memory.
The banking institutions of the Oranges in New
Jersey,
which at present clear through the New York Clearing
-House
Association have decided to form an organization of
their
own, and, beginning June 1, will clear through the
Orange
National Bank. The institutions which will enter into
the
new arrangement are the People's Bank of East
Orange,
Savings, Investment & Trust Co. and Essex County
Trust
Co. of East Orange, Mutual Trust Co. and Second
National
Bank of Orange and First National Bank of West
Orange.
[VOL. xcviii.
to furnish additional information regarding their security
holdings; it calls for a statement of national bonds borrowed,
national bonds loaned to others, besides other details. A
full statement of the kinds of bonds held as investment is
also required, and similar data with respect to stocks is likewise asked for.
Senator Elihu Root of New York made an urgent appeal
for the repeal of the Panama Canal exemption clause in a
five-hour speech addressed to the Senate on Thursday.
In setting out his views in support of the President, Mr.
Root declared that "to subsidize American ships is lawful;
we have the right, but if the construction I give the treaty
is the correct one, we have excluded ourselves by solemn
covenant from accomplishing that lawful result in this particular way." Further citing his reasons for his stand, the
Senator in part said:
The treaty negotiated with Panama in 1903 is the basis of our rights.
From it we get our title. By that treaty the grant of property and jurisdiction upon which we have proceeded, upon which we hold the canal, is
subject to the provision that the canal, when constructed, and the entrances
thereto shall be neutral in perpetuity and shall be opened upon the terms
provided for by the treaty between the United States and Great Britain
in 1901. So the treaty with Great Britain which is referred to here is carried into our title as a limitation upon it.
It is quite natural to say that this is a question of the exemption of our
ships. It is not a question of exemption of our ships. No one doubts our
right to pass our ships through the canal free or for any tolls that we choose
to impose and that they aro able and willing to pay. The question is
whether we are bound to take our treatment of the ships belonging
to
American citizens as the measure of the treatment that we
accord to the
ships belonging to the citizens of other countries.
We grant to the citizens of Great Britain and Canada the same treatment
we accord to our own citizens and their vessels. We agreed that the
measure that we mete to our own citizens shall be the measure we mete
to
the citizens of Canada. There is no question there about our rights with
our own and no question here about our rights with our own.
Nor is there any question here about the absolute and complete control
of the canal by the United States. Political control, military control, administrative control, all are ours. The only question is what standard
are we bound to apply in making a charge to the citizens of another country
for the use of the canal for passing ships through.
We have all the rights of sovereignty in respect to the territory. We are
the owner of the canal just as a canal company would be the owner if it
had constructed it under a charter.
The question here is about charges to be made by the United States to
two classes of separate and distinct individuals, both classes being the owners
of ships, one class being citizens of the United States and the other class
being citizens of some other country. Nor is there any question here about
the right of the United States to subsidize its own ships.
If the construction which I feel forced to give to this treaty is a sound
one, we are not at liberty to produce the result of a subsidy to American
ships by relieving them of tolls which we impose upon other ships. We are
not at liberty to produce the effect of a subsidy in that way, but the instant
that money becomes the property of the United States, a part of the general
fund of the United States, the United States has absolute and uncontrollable
authority in the disposition of that money.
All lawyers are familiar with the distinction between accomplishing an
unlawful object in a lawful way and the accomplishment of a lawful object
in an unlawful way. To subsidize American ships is lawful. We have the
right, but if the construction I give.this treaty is the correct one,we have
excluded ourselves by solemn covenant from accomplishing that lawful
result in this particular way.
What has Great Britain said to us? She has said that she considered
the statute a violation of the contract. Does that sound like a behest?
Is there anything arrogant or insolent about that? Let me recall to your
minds what the United States has said and done in respect to
arbitration;
the messages of Presidents in long succession, declaring to Congress the unalterable devotion of the Government of the United States to the principle
of arbitration. Are we to regard it as arrogant and insolent that a nation
with which we have a treaty differs from our interpretation of a treaty
and proposes arbitration?
Great Britain asked for arbitration, and we are here discussing repeal.
Mr. Taft was in favor of arbitration; ex-President Roosevelt, with all his
courageous and combative nature, is in favor of arbitration; Presient Wilson
is in favor of arbitration. All of us are in favor of arbitration, but it is impossible to get a vote of two-thirds of the Senate to send the question to
arbitration. We are for this repeal, first and chiefly, because we cannot
arbitrate it, and to refuse to arbitrate it would discredit and dishonor our
country. Now,let any man who votes against this repeal take to himself
the responsibility of leading his country into that abyss. Who is the guardian of a nation's honor, but her own sons? Do we commit the duty of
remonstrance against our breach of honor, our conscience must be
our
monitor. America must make the demand upon America that our
honor
and our good faith be kept without a stain. It is no petty question with
England about tolls. This is a question whether the United States, put
on its honor with the world, is going to make good the public declaration
that reaches beyond our borders, whether the honor and good faith of the
United States are as good as its bond.
We are right or we are wrong. Our country has taught the world the
most valuable lesson of modern history, if not of all history, that a democracy is competent to maintain within its own territories peace and order
with justice. I believe that the power of a developing democracy is competent to the maintenance of international peace and justice.
Inasmuch as the bill now before Congress providing for
the creation of Federal land banks would not inure to the
benefit of Texas, since the law would forbid their establishment in States having free homestead exemptions, the Texas
Bankers' Association at its annual convention at Fort Worth,
on the 7th inst., took action looking to the revision of the
homestead exemption laws. A resolution adopted by the
A new form of blank on which national banks are
Association provides for the appointment of a committee
required
to report has been issued by Comptroller of the
Currency
of
three to make a study of the Federal land bank Act with
John Skelton Williams. The new blank requires the
banks a view to suggesting such changes in the present system of
MAY 23 1914.]
THE CHRONICLE
the registration of land titles in Texas, and such modifications or amendments to the present homestead law as will
permit Texas farmers to take advantage of the national farm
land bank Act. Speaking of the Federal Reserve Bank Act
in his annual address as President, Nathan Adams, Cashier
of the American Exchange National Bank of Dallas, stated
that if it could be so amended as to fix the maximum rate
of interest which member banks would be permitted to pay
their correspondents on daily balances, immediate attention
should be given the matter by Congress and the Federal
Reserve Board. Mr. Adams commended the action of the
Commissioner of Insurance and Banking in announcing his
intention to recommend to the Legislature an amendment
to the State banking law which would reduce the reserve
requirements of the banks joining the Federal system,
making them conform to the reserve requirements of national banks.
1577
sylvania RR. or Norfolk & Western, or whether the freight
rates of the Southern Ry. and any of the other Soutawn
coal carriers are made and fixed and maintained by the
traffic men of the Southern Ry. and other Southern carriers;
or whether the Pennsylvania RR., the Norfolk & Western,
the Baltimore & Ohio and Chesapeake & Ohio exercise any
influence either through a rate-making or traffic association
or otherwise in the matter of making rates for the Southern
Ry. and other Southern carriers; whether or not any coal
trust or combination of railroads and coal companies control
the coal tonnage to any port or ports; whether or not the
coal supply of West Virginia, Virginia, Pennsylvania,
Tennessee and Kentucky flows naturally and without
unnecessary obstruction to their respective natural ports
upon the Atlantic seaboard, and whether or not there is any
discrimination in rates against any coal operators. In full
the resolution reads as follows:
Whereas,In view of the early completion of the Isthmian Canal and of its
importance to the United States Navy and the national defence generally,
and to the development of trade with Central and South American countries,
the establishment of adequate coal-supplying facilities south of Cape Hatteras is deemed imperative; and
Whereas, The usefulness and efficiency of any harbor as a coaling station must depend upon the facilities (first) of the coal producers for reaching it, and (second)of the coal carriers in the matter of assembling the product at said port, including coal docks and other facilities for loading and
handling, which should be accessible to all shippers and carriers alike on the
same terms and conditions; and
Whereas, It appears from numerous complaints now before the InterState Commerce Commission,as well as from other sJurces, that the power
and influence of the so-called Coal Trust is being persistently used through
the management of the railroads reaching South Atlantic ports to prevent
the free movement of coal not belonging to said Coal Trust, and it is alleged
that practically all of such roads are actually dominated by the same financial interests that control the great coal combines finding outlet chiefly
through New York Harbor, Philadelphia and the Chesapeake Bay ports;
Now, therefore, be it
Resolved, That the Committee on Naval Affairs be, and it is hereby,
authorized and instructed to investigate the natural and strategic advanA resolution urging the Department of Commerce to post- tages for naval purposes of ports south of Hatteras as compared with NorChesapeake Bay ports, as a permanent point for coal dispone its inquiry into manufacturing conditions under the folk and other included
and embraced in the scope of said investigation
tribution, and
year
a
least
at
new tariff law until it has been in operation
the said committee is further authorized and instructed to investigate into
was adopted by the National Association of Hosiery & the character and proximity of the coal supply and the rates obtainable
the coal fields nearby, and the committee is further instructed
Underwear Manufacturers at its closing session in Philadel- on coal fromas
far as it is practicable:
to ascertain
says:.
resolution
The
phia on the 14th inst.
First. What quantity of bituminous coal is consumed or used at Charlesand
by
Congress
ton, Savannah, Brunswick, Fernandina, and Jacksonville, and in their
Whereas, The investigations that have been authorized
which are being made under the direction of the Department of Commerce vicinities, and what proportion of this goal is supplied from mines located
at Washington as to the cost of manufacture in connection with present on the Pennsylvania RR.system, ineluding the Baltimore & Ohio, Norfolk
business conditions, as the basis for determining the defects of the Under- & Wester!' and Chesapeake & Ohio, and what proportion is supplied by
wood-Simmons tariff bill in its relation to manufacturing interests, would mines on the Southern Railway.
Second. Whether the United States Navy,including the naval stations
not at this time be a true reflection of the actual results of the new tariff bill.
Therefore, Be it resolved that we recommend to the Department of Com- now pays a higher freight rate for coal supply at any or all Atlanticseaports
the
after
year
merce that these investigations be postponed until at least a
than is charged to commercial ships for bunkerage or for coastwise distriUnderwood-Simmons bill became a law, for the reason that practically bution; and whether all coal for naval supply at the Atlantic seaports is not
passage
the
to
prior
on
taken
still
operating
orders
are
supplied by the so-called Coal Trust; that is, by the mines that have a comall manufacturers
of the new bill; hence the adverse effects cannot be felt until the old orders mon ownership or control with the coal carriers; and whether present conhave been exhausted.
ditions prevent competitive bidding for the United States Navy coal supply, or any part thereof, by independent coal operators.
disin
Association,
the
of
President
Lieppe,
E.
Charles
Third. The mileage from mine groups located on'the Southern fRailway
and
knitting
the
cussing the effect of the new tariff on
in Virginia, Kentucky, Tennessee, Georgia and Alabama, to Wilmington.
Brunswick, Fernandina and Jacksonville; and the
hosiery industries declared that "the purchasing power of Charleston, Savannah,ports,
the way the coal is moved from the mines on
mileage to these same
since
tittle
one
has
not
increased
wage-earner
American
the
the Pennsylvania Railroad system, and on the Baltimore & Ohio, Norfolk.
hand,
other
the
on
the present tariff went into effect, but,
& Western and Chesapeake & Ohio railroads, and all ;connecting lines in
show the freight rates on coals to the cities
with thousands of American employees entirely out of work West Virginia; and in all cases
named,both by rail and rail and water; and where two or more carriers parhas
decreased
power
purchasing
the
on
time
short
others
and
ticipate, ascertain the proportion of the rate (or service charge) each reconsiderably more than the majority of pessimists would ceives; and also compare these rates with those at seaport towns and cities
Norfolk to New York for local use, for tidewater shipment and for
be willing to admit." Mr. Lieppe is also quoted as saying: from
naval use.
them
tell
you,
its
to
people
sends
Government
the
"When
Fourth. Why the Southern Railway has built no wharves or made no
ports,
they cannot examine your books. Tell them that what your provision for handling tidewater coal at any of the South Atlantic
the riparian rights and water frontage of South Atlantic harbooks show is none of their business. When the new tariff and whether
bors is not now being bought up by the parties in the interest of the Coal
bill does get in its effects you will need no bookkeeper to Trust, while the Southern Railway is taking no active steps to build for
run
being
not
This
is
Government
compute your profits.
itself an independent outlet.
Fifth. Whether trustees for the stockholders and members of the
by practical efficient men, but by a lot of theorists. It
board of directors of the Southern Railway are financially interested in
is up to you manufacturers to go out and get into politics, coal-mining industries on the Pennsylvania Railroad system, the Balti& Ohio, and to
and see to it that men who represent you are put in power." more & Ohio, the Norfolk & Western or the Chesapeake
what extent; and whether they or any of them are financially interested
in any coal-mining industries tributary to any of said railways. And
whether such mines have been allowed
The Senate on May 8 agreed to a resolution presented on if found to be interested, ascertain
preference or advantages not allowed to all other shippers (shown by cases
the
and
instructing
authorizing
Tillman
April 28 by Senator
already decided by the Inter-State Commerce Commission or State ComCommittee on Naval Affairs to investigate "the natural and missions). And in all coal-mining operations tributary to the Southern
of the Southern Railway or director of any
strategic advantages for naval purposes of ports south of Railway,in which any director
controlled by it, or allied with the Southern Railway,is financially
Hatteras, as compared with Norfolk and other Chesapeake railroad
interested, ascertain the division of through rates with other railroads, and
Bay ports as a permanent point for coal distribution." The in all cases where a coal operation tributary to the Southern Railway conwhen such local railroad is controlled in common
Committee is further called upon to investigate into the trols a local railroad, or
with a coal operation, for assembling and distributing its own coal, ascercharacter and proximity of the coal supply and the rates tain
just what proportion of rates it receives, if any,from the carriers, or
obtainable on coal from the coal fields nearby. The Com- what compensation other than a division of the rates it may receive.
Sixth. Whether the rate-making for the Southern Ry.,or other Southern
mittee is also directed, among other things, to ascertain carriers
of coal, is dominated by the Pennsylvania RR. or Norfolk &
the
of
members
for
and
the
trustees
stockholders
the
whether
Western; or whether the freight rates of the Southern By. and any of the
in
interested
other Southern coal carriers are made and fixed and maintained by the
board of the Southern Ry. are financially
men of the Southern Ry. and other Southern carriers; or whether
coal-mining industries on the Pennsylvania RR. System,the traffic
the Pennsylvania RR.,the Norfolk & Western By.,the Baltimore & Ohio,
Chesapeake
the
or
&
Norfolk
Western
the
&
Ohio,
Baltimore
and the Chesapeake & Ohio, exercise any influence either through a rateor otherwise, in the matter of making the
& Ohio, and whether they or any of them are financially in- making or traffic associationand
other Southern carriers.
for the Southern Ry.
terested in any coal-mining industries tributary to any of rates
Seventh. Whether or not there is any discrimination now existing in
said railways; whether the rate-making for the Southern Ry. favor of any one port on the Atlantic seaboard as against another port, and
is dominated by the Penn- if so, in what dogs such discrimination consist; and whether or not any
The North Carolina Bankers' Association, at its annual
convention last week in Raleigh,adopted a resolution authorizing the formation, by member banks of the Federal
Reserve Bank, of a section to be known as the Federal Reserve Section of the North Carolina Bankers' Association,
to which will be referred all Federal Reserve Bank matters.
The revision of the State banking laws by the next General
Assembly, to the end that State banks may not be discriminated against in seeking membership in the reserve system
was suggested in the report of the Association's Committee
on Legislation, but action on the report was withheld until
a later date. The address delivered at the meeting by Comptroller of the Currency John Skelton Williams on "Democracy
in Banking" was printed in full in our issue of Saturday last.
or other Southern carriers of coal
1578
THE CHRONICLE
-—
— -coal trust or combination of railroads and coal companies control the coal
tonnage to any port or ports, and, if so, how; and whether or not the
coal supply of West Virginia, Virginia, Pennsylvania, Tennessee and
Kentucky flows naturally and without unnecessary obstruction to their
respective natural ports upon the Atlantic seaboard; and whether or not
there is any discrimination in rates against any coal operators.
Eighth. The coal rates to thirty or more representative cities on the
Southern Ry. in Virginia, North Carolina, South Carolina, Georgia and
Florida, and compare these rates with the rates enjoyed by the cities of
relative importance and location, with regard to mines, in Pennsylvania,
Ohio, Indiana and Michigan on the Pennsylvania RR. System, including
the cities whose rates are compared in the letter read into the "Congressional
Record" by Senator Tillman on April 8.
Ninth. What actual ownership each director of the Southern Railway
Co. has in that company, and what ownership, if any, is held in it by
the individuals composing the trustees for the stockholders.
Said Cominittee on Naval Affairs is authorized to sit during the sessions
of the Senate and during any recess of Congress, and its hearings shall be
open to the public, and it is authorized and empowered to employ coal
experts, railroad-rate experts, and to employ a stenographer at a price not
to exceed one dollar per printed page. Said Committee shall have power
to compel witnesses to testify, to send for persons and papers, to administer
oaths to witnesses, and do anything necessary to arrive at all the facts.
The expenses incident to the investigation herein authorized shall not
exceed $5,000, shall be paid out of the contingent fund of the Senate upon
vouchers signed by the Chairman of the Committee on Naval Affairs and
approved by the Committee to Audit and Control the Contingent Expenses
of the Senate. The said Committee on Naval Affairs may,in its discretion,
conduct this investigation by a sub-committee of not less than five members, to be appointed by the Chairman, and shall make its report as soon
as possible.
xcviir,.
2.6%; stone cutters, 2.2%; iron molders, 5.3%; compositors (newspaper),
day work, 2.1%.
The highest scale per hour paid in the above trades were
as follows:
Bricklayers,87% cents, in Dallas and San Francisco; carpenters 65 cents,
in Chicago; hod-carriers, 50 cents, in Portland, Salt Lake City and San
Francisco; painters, 65 cents, in Chicago; plasterers, 87% cents, in San
Francisco; plumbers and gas-fitters, 81).1, cents, in Seattle; structural iron
workers, 75 cents, in San Francisco; stone-cutters, 70
cents, in Portland:
iron molders. 50 cents, in San Francisco; compositors (English newspaper),
day work, 75 cents, in Seattle.
The Bureau reports that 34 trades showed a reduction of
hours between May 1912 and May 1913, 28 reported no
change and one reported an increase. The cities included
in the investigation are: Atlanta, Ga.; Baltimore, Md.;
Birmingham, Ala.; Boston, Mass.; Buffalo, N. Y.; Charleston, S. C.; Chicago, Ill.; Cincinnati, 0.; Cleveland, 0.;
Dallas, Tex.; Denver, Col.; Detroit, Mich.; Indianapolis,
Ind.; Kansas City, Mo.; Jacksonville, Fla.; Little Rock,
Ark.; Los Angeles, Cal.; Louisville, Ky.; Fall River, Mass.;
Manchester, N. H.; Memphis, Tenn.; Milwaukee, Wis.;
Minneapolis, Minn.; Newark, N. J.; New Haven, Conn.;
New Orleans, La.; New York, N. Y.; Omaha, Neb.; Philadelphia, Pa.; Pittsburgh, Pa.; Portland, Ore.; Providence,
Senator Tillman, in presenting the resolution to the R. I.; Richmond, Va.; St. Louis, Mo.; St. Paul, Minn.;
Salt Lake City, Utah; San Francisco, Cal.; Scranton, Pa.;
Senate, said in explanation:
"This fight is in the interest of the navy and naval stations and for the Seattle, Wash.; and Washington, D. C.
consumers of coal in the South Atlantic States and for the producers of
coal in the Appalachian fields, involving mines in West Virginia, Virginia,
Kentucky and Tennessee against the alleged coal trust which is dominated
and is run in the interest of the Pennsylvania RR. System and the mines
which use that system and its tributaries to reach the markets. The
owners of the coal mines not in the coal trust are making little or no money
because of the discrimination and favoritism on the part of the railroads.
"The Southern States are being milked systematically to enrich Morgan
& Co., George F. Baker and their associates living in New York mainly.
Southern industries are languishing and put to undue expense because
of the high price of coal and other discrimination."
An opinion in favor of the Government, in an action
involving railway mail claims 'against it of $31,000,000,
was handed clown by the Court of Claims at Washington
on May 18. The decision was given in what is known as the
"Mail divisor case"; the proceedings, brought as a test by
the Chicago & Atlon RR., concern in all 720 roads. The
case at issue arose out of the handling of the mails by the
roads since 1907, the roads contending that the Government's
method of computation put in force at that time allowed
compensation for only six-sevenths of the mail actually
carried. The Court several years ago rendered an opinion
in favor of the roads,its latest ruling thus reversing its earlier
findings. A statement in the matter issued by the Department of Justice this week, following the announcement of
the Court's decision, on Monday, says:
The suits arose out of the weighing of the malls carried
for the Government by the railroads. Until 1907 the Government had been
accustomed
to having the mails weighed for a period of 105 days, and this
total divided
by 90 in order to get a general average of weight of mails for the
year.
Subsequent to 1907 the Government weighed the mails for 105
days and
divided by 105. The railroads claimed that this reduced the
average by
one-seventh and that from 1907 on the Government should have paid
oneseventh more than it did. The language of the statute involved
is that
the mails should be weighed for a period not less than 90 successive working
days.
Some railroads carried the mails only on six days during the week,
while
others carried them for seven days. The railroads said that the intention
of Congress was that, while the mails might be carried for 105 days,
under
the terms of the language in getting the general average, Sundays
should
be excluded from the divisor and the divisor should therefore be
90. The
Government claims that there was nothing in the language of
the statute
binding the Postmaster General as to what divisor he should
use; that perhaps in 1873, when the law was enacted, Sunday was not a "working
day".
in that there was very little mail carried even by the railroads
which ran
on Sunday, but in 1907 the whole situation was reversed
and there were
more railroads carrying malls on Sunday than otherwise, so
that Sunday
had become in the railroad world a "working day."
In other words, in 1873, the Postmaster-General might
have used a
divisor of 90 but in 1907 the divisor should have been 105, or
the same
number of days the mails were weighed.
This case was inherited from the previous Administration with
a judgment against the United States. On a motion for a re-hearing by
Assistant
Attorney-General Huston Thompson, the Court of Claims has reversed
the
former judgment and has entered judgment for the Government.
disallowing
any claim on the part of the railroads and dismissing their petition.
The case will be carried to the United States Supreme Court.
A report showing the union scale of wages and hours prevailing on May 15 1913 in the principal mechanical trades
in forty important industrial cities in the United States was
issued by the Bureau of Labor Statistics at Washington on
the 8th inst. With the exception of one trade (mill work
carpenters) the union scales in the trades covered were higher
in 1913 than in 1912. Of the more important trades, the
following increases between May 1912 and May 1913 are
shown:
Bricklayers, 1.7%; carpenters, 1.7%; hod carriers, 1.3%; painters,
4.2%;
plasterers. 1%; plumbers and gas-fitters, 3.1%; structural iron
workers,
A partial report on the lumber industry, made public on
April 20 by Commissioner of Corporations Joseph E. Davies,
charges that lumber manufacturers' associations, through
combination and agreement, have increased the price of
lumber and endeavored, through lobbying, to influence
legislation. The report opposes any effort to exempt lumber
associations from the operation of the Sherman Anti-Trust
Law. This partial report is part four of the findings in a
complete investigation of the lumber industry and deals
only, with combinations to restrict trade or raise lumber
prices. After reciting that "price combinations among lumber manufacturers usually have been effected through association" and declaring that in nearly every region of lumber
production associations exist, the report says:
While some of the avowed purposes of the associations are to bring about
and foster practices that are beneficial both to producer and consumer, the
chief purpose apparently has been to increase profits by advancing prices.
Wholesale prices of lumber have been higher because of the associated
activities of lumbermen. In the earlier years many associations openly
attempted to curtail the output and to fix the wholesale prices of lumber;
later, because of fear of the law, they disavowed any such purpose, but
the practices they professed to abandon were continued by subterfuge and
indirection. The National Lumber Manufacturers' Association has been
active in its effort to shape legislation. In 1909 it maintained an aggressive
lobby in Washington to defeat a reduction of the tariff on lumber.
From 1897 to 1907 there was a remarkable advance in lumber prices.
This advance ranged from about 80 to 200%, depending upon the kind
of wood and the'grade of lumber. 'While a large part of this advance was
due to conditions of supply and demand,and to general causes that affected
the prices of all commodities, a part of it was undoubtedly due to the concerted efforts of lumber manufacturers. During this period, and since,
the lumbermen through their associations and otherwise were
industriously
acting in concert to maintain or to raise prices. They issued uniform price
lists and endeavored to maintain them and, to make it easier to secure the
prices agreed upon, they often agreed to curtail the output of their mills.
Prior to 1906, the report continues, lumbermen, by open
agreement, maintained prices. Since then "a variety of new
methods has been adopted to carry on in essentials the
practices." It adds:
The evidence clearly shows not only combinations intended to increase
the market price of lumber,but there is abundant evidence to warrant the
conclusion that,as a result ofattempts at artificial control, prices have been
higher than they otherwise would have been.
Manufacturers in many industries, wholesale and retail
dealers, the investigators found, have organizations similar
to the lumber associations. On this point Commissioner
Davies says:
The facts revealed by this investigation indicate a serious economic
and business problem. Not only lumber producers but manufacturers in
many other industries and also wholesale and retail dealers in many lines
of business have associations similar in character to those of the lumbermen.
Part of the work done by the lumber associations is of a nature which
benefits the lumber industry and does not injure the public. On the
other
hand, their activities in fixing prices and in restricting output have profited
the lumbermen at the expense of the consumer.
The problem then is, how shall associations such as these be permitted
to exercise functions that are legal and proper without pervertiniT
them into
instruments of wrong or usurping wrongful functions? It
may be both
proper and desirable for producers in any line of business to establish
standard grades, to collect and publish information as to output and current
prices,and to co-operate in various proper ways for the common advantage;
but it should be pointed out that the standardization ot grades is the first
step to price fixing, that the collection of information as to output facilitates the curtailment of production, and that co-operation for harmless
purposes affords a convenient basis for combination in restraint of trade.
These lumber associations,like similar associations in many other branches
of trade, are included in the so-called associations "not for profit." It has
been sometimes proposed to exempt such associations from the prohibitions
of the Sherman law. While they are not organized to obtain profits for
the associations as such, they are, nevertheless, frequently intended and
used to promote the profits of thdir members by means prohibited
by the
MAY 23 1914.]
THE CHRONICLE
1579
who really
The honest purpose of those who supported the measure, and
method or
understood the theory of amortization, was to provide a correct
amortizabasis for determining earnings,a method that involved the gradual
periodiforward
tion or extinction of premiums and discounts by carrying
cost,"
"present
or
of
value"
t
Council
e
cally on the books bonds on hand at "investmen
At the recent spring meeting of the Executiv
result of
terms which I will explain later. But, unfortunately, partly as a
it
Va.,
Hot
Springs,
at
on
Associati
Bankers'
American
and
the
undue haste and partly through a misconception of the vital importance
was announced that invitations for the 1915 convention purpose of market values, the old statute requiring our savings institutions
the Department of Banks their actual condition and true surhad been received from Seattle, Wash., Honolulu, H. I., to report tobond
purchases appraised, as all assets must be in such a stateplus, with
meetfall
the
to
referred
all
were
They
.
Francisco
San
say
and
ment, at market or liquidtaing values, was abrogated. And when I
May
30,
April
on
held
was
meeting
ing. The Hot Springs
"true surplus," I mean, of course, as nearly true as is possible to ascertain
case of a going concern, for it is only through liquidation, not partial
1 and 2. The report of General Secretary Farnsworth I=
this
but complete,that one can arrive (at an exact surplus or:clefcit. In
memberin
increase
e
handsom
usual
the
to
attention
called
abrogation, with its discard of market values, in my opinion largely lay
gain
gross
a
14,370;
as
t
the
savings
statemen
often
that
add
to
the cause for so much confusion. It is only fair
ship, which is shown in his
bank law requiring reports to the Department upon market values had been
of 965 since the last spring meeting. He also called atten- repealed,
the Superintendent to his credit exercised his prerogative under
existence
the
of
year
fortieth
the
is
this
that
tion to the fact
the General Banking Act to demand them. His action, however, did not
officers
the
urges
and
on,
prevent the publication of special statements of assets and liabilities for
of the American Bankers' Associati
before general distribution,with bond assets appraised, in some instances at "in15,000
to
up
ip
membersh
this
bring
to
members
and
vestment value," in some at par value, in some at market value,and occathe end of the fiscal year, Aug. 31 1914..
sionally at all three.
It is essential before proceeding further to have"clearly/in mind the distinction between a statement of assets and liabilities, with assets appraised
to
it
as
proposes
far
so
in
law,
banking
Tuyl
The new Van
including bond investments,at market value,the purpose of which is to show
in assets
transfer from the State Comptroller to the State Superinten- to the best of our knowledge the true surplus or current excessorward,
or,
subthe
is
over liabilities, and the bookkeeping operation of carryingif
dent of Banks the supervision of private bankers,
t
as some would say, the appraising, of bond investments at "investmen
-GenAttorney
State
York
New
by
rendered
ruling
gs.
ject of a
value," or "present cost," the purpose of which is to learn true:earnin
reSoluner.
ler
mandatory
Comptrol
of
State
the
With the recent revision of the Savings Bank Law,
eral Carmody, at the request
reinstated
to the Department.with assets appraised at market values is
In passing on the question of procedure in effecting the trans- portthese
Unvalues are henceforth to be furnished by the Department.
and
says:
Carmody
misunderstanding;
fer, Mr.
fortunately, there still exists considerable ignorance and
permit
will
which
acts
of
e
for
the
set
performanc
depositors.
been
have
times
of
Certain
a confusion of thought detrimental to the best interests
bankers to bring themselves under the new statute. For instance, in Sec- It is no exaggeration to say that 95% of our savings bank trustees is not
tion 161 it is provided that any time before the 31st day of July, private merely ignorant of the meaning of the terms "investment value," "present
bankers may deposit or cause to be deposited, with the Superintendent cost" and the like, but, because of this ignorance, belittle the essential
of Banks securities theretofore deposited with the Comptroller. The bearing of these factors upon the fundamentals of savings bank manageto the SuperComptroller is hereby authorized to transfer such securities
authorized to receive ment.
intendent of Banks and the Superintendent is hereby
By "present cost," the term now used in the law, or "investment value,"
in carrying out the
such securities. You ask whether it will be necessary
"income cost," perhaps a better term, is meant the income
Section 2 9-A of the general the old term, or
under
proceed
to
statute
this
of
provisos
upon which a bond has been purchased, or, to be more exyield
or
basis
that
provides
part
in
section
That
business law in connection therewith.
that a bond must have at a given period to return the same
deposited may be returned to the plicit, the price
This price may be considerably above
by, a court order moneys and securities
order income yield as when purchased.
court
a
to
procure
y
is
unnecessar
it
that
opinion
my
licensee. It is
To illustrate: At the time of purchase, the cost ofa
to the licensee and then or below the market.
to yield 4% net on the money-s- int
bought
and have the moneys and securities returned
life,
years'
of Banks. It seems clear 5% bond having fifty
from any
transferred by the licensee to the Superintendent
vested, would be 121.55, or $1,215 50. The price can be learned
the
that
of
Banks
dent
Superinten
the
from
find
you
if
cost" ten years later would be
enough to me that
es book of "Bond Values." The "present
preliminari
other
the
by
been
has
established
banker
private
would
bond
the
the
status of
119.87, as
$1,198 70, for the price would have dropped to
required, the Comptroller may at the banker's request transfer the money
years' life and a 4% basis—the income yieldwhen
forty
only
have
then
first
returnwithout
of
Banks
dent
is 119.87. As preand securities directly to the Superinten
purchased—for a 5% bond having forty years' to:run
ing them to the banker. The new banking law is clear enough in authorizof necessity gradually
mium bonds approach maturity the premium must
ing the Comptroller to transfer and the Superintendent to receive. What
proof you should demand from the private banker before taking this step disappear.
be determined
The "present cost" of bonds purchased at a discount can
is largely a matter of administrative discretion. It has been suggested
a 3% bond, having
in like manner. At tho time of purchase the cost of
be
required.
should
made
transfer
the
to
have
application
certified
a
that
since a 4% basis
it is fifty years' life, bought on a 4% basis, would be $784 50,
I think, however, that while such a requirement may be advisable
years to run is 78.45. Thorpresent cost''
fifty
having
bond
3%
a
for
satisis
r
Comptrolle
the
not as a matter of law absolutely necessary when
but the price would have
make the ten years later would still be a 4% income basis,
bond that if
fied that persons in authority representing the private banker
advanced to 80.13. It is manifest in the case of a premium
he receives but
request.
one pays $1215 50 for a $1,000 bond bearing 5% interest,
as be has ininsomuch
but
6% per annum on the par value, namely $50;
on the total sum invested must
Attorney General Carmody has also, in a communication vested $215 50 in addition, his earnings of
the discount bond above menbe less than 5%. In the case
which he made public on the 6th inst., indicated the scope obviously
interest, he retioned, if one pays $784 50 for a $1,000 bond bearingi3%
year,
present
the
as
amended
but insomuch as he:has
law
annum,
tax
of the stock transfer
ceives 3% on the par value, viz., $30 per
or $215 50 less, his earnings on the actual sum inrequiring every person, firm, company, association or cor- invested but $784 50, more
than 3%.
are necessarily
poration to register with the State Comptroller their place of vested
State savFor many years, in fact until 1908, a number of our New York
law
The
tion.
their books at
of
incorpora
place
and
business and the time
ings banks were accustomed to carry premium bonds on
whole premium was charged off at the time of purchase.
as enacted at the late session of the Legislature was published par, that is,ofthe
a twenty-year 7% bond, for example, bought on a 4% incase
regard itself as earning semiin these columns April 18. According to Mr. Carmody,it In.the
come basis, or at 141.03, the bank would
when as a matter of
applies to every corporation that either maintains a principal annually at the rate of 7% per annum on par, or $35,
the
earning 4% on the moneys invested, in this instance—for
office or place of business within the State, or keeps therein a fact it was
being the first amortizafirst six months—$28 20, the difference, $6 80,
His
its
leder
of
stock.
delivery
or
transfer
of
the
the
sale,
extinction
toward
the
n
for
place
tion that should be set aside as a contributio
result
Sherman Anti-Trust Act. The serious consequences which might
from exempting them from the operation of that Act are obvious.
views says:
in the matter setting out his
ion of the 22nd instant, no formal
opinion.
Replying to your communicat
of
construing Section 275-a of the Tax Law, as amended by Chapter 206,
me.
the laws of 1914, has been given by
as it then
On July 19 1913 I advised the Comptroller that this Section,
stood, applied only to such corporations as maintained, within the State
principal
its
office.
of Now York, a transfer office or other place aside from
or place of business,for the sale, transfer or delivery of its stock. However,
greatly
been
this
has
of
scope
Section
the
of
1914,
t
Amendmen
the
by
extended. There can be no mistake as to its meaning. It, in terms,
applies to;
Every person, firm, company, association or corporation engaged in
sell,
whole or in part in the making or negotiating of sales, agreements to
of stock, or conducting or
deliveries or transfers of shares or certificates
,
comstock
every
association
and
transacting a stock-brokerage business,
office or place of
pany or corporation which shall maintain a principal
business within the State, or which shall keep or cause to be kept within
of its stock.
delivery
or
the State of New York a place for the sale, transfer
It matters not what business the corporation is engaged in, provided it
either maintains a principal office or place of business within the State of
New York, or keeps therein a place for the sale, transfer or delivery of its
stock.
"Savings Bank Accounting—Investment Values or Present Cost vs. Market Values," was the theme of an address
delivered yesterday before the Massachusetts Savings Bank
Treasurers' Club by John Harsen Rhoades of the New York
banking firm of Rhoades & Co. Some of his observations
on this subject—on which Mr. Rhoades is well versed—are
quoted below:
more
I doubt if any bit of legislation was ever enacted that has led to
on law,
confusion in savings-bank quarters than the so-called amortizati
to
passed by the New York State Legislature in 1908. It has given rise
many warm disputes in our Association and more than once has threatened
a serious break.
premium.
when purchased
To charge off premiums or credit discounts on securities
the opportunity to
It can be seen, is unsatisfactory, in that it bars forever
extinction by
gradual
Their
arrive at true earnings for a given period.
of a
means of amortization every six months is eminently proper in the case
six months
savings bank,for it gives us true earnings covering the preceding
decision
his
—knowledge serviceable to a savings bank officer in forming;
rate of which
as to the correct semi-annual interest credit,or dividend, the
six months.
nine times out of ten is based upon the earnings of the previous
thesurI say nine times out often,for in determining the rate of dividend,
values,
plays a
plus (I refer to the true surplus) computed upon market
dividend,
a
desired,
than
be
greater
surplus
the
most important part. If
, if the
even if not wholly earned, is not unwarranted. On the otherihand
of the earnings
surplus be less than thought wise, a considerable portion
surplus,
of
ignoring
practice
the
should be credited to surplus account. To
be attributed in
and basing interest credits solely upon net income, can
State savings banks
great measure the small surpluses we find in New Yetk
although
to-day. With increased earnings larger dividends were declared,
— which produced
the forces at work — higher money rates the world over
value of
market
in
the
shrinkage
a
causing
usly
these earnings simultaneo
bonds on hand, and so reducing the surplus.
A plea to savings bank men of the State for greater sanity
in legislation and in publicity was made by the new State
Superintendent of Banks, Eugene Lamb Richards, this week.
Mr. Richards' remarks on the subject were offered at the
Hotel Biltmore at the luncheon which followed the annual
business meeting of the Savings Bank Association of the
State of New York. In part he said:
"Of all recent discussions on the causes of the present ills of our body
politic, the most notable one was an address by one of the leading members
the
of this banking community. Mr. Vanderlip in his analysis attributed
diseases of the body politic to an hysteria of criticism, and while I agree
1580
THE CHRONICLE
thoroughly with that diagnosis, it does not go far
enough. He would
exterminate hysterical criticism; I would exterminate hysterical
critics.
"What we are suffering from is a chronic epidemic of shams—no
t sham
virtues, but sham vices and sham alarms—expounded
and exaggerated by
sham radicals, sham Socialists and sham reforms.
We have become the
prey of much-rakers and demagogues, who minimize
the big things and
magnify the little things. To them the hand-painted lady
who never saw
the stage is a beautiful actress and a rich banker
is some get-rich-quick
promoter who fails for a dollar and ninety-five cents. Scattered through
all the varied walks of public life, and especially in public office, thesel
professional alarmists march about the country like roaring lions seeking
whom they may devour. They have no real interest in the moral,
or in
the material, prosperity of the country. They have no interest in
any
prosperity except their own. They are the men that arouse the hysteria
of criticism—or, rather, they are the ones who manufacture it.
"Wise men have become like little children,afraid of the dark and of the
bugaboos that these artists in buncombe have created. Like a frightened
child along a lonely forest road walks the average business
man—while
the fakirs and the demagogues emit cat-calls, imitate
wild beasts and
preying bandits—and the child has become so nervous that
to him a jack-o'lantern of pumpkin and candle is a hob-goblin ogre,
and a penny rattle
assures him of death by a rattlesnake's bite.
"Do not blame either the farmers or the workingme
n for it. Do not
blame the newspapers for it. Let us blame ourselves
that we pay attention
to these alarmists, that we listen to them and make
much of them rather
than ignoring them altogether or putting them in jail
when they go too far.
"I am glad of the opportunity to serve the State as head of
the Banking
Department. I am glad of the opportunity to drive out
the shams and
frauds, to clean up the waifs of finance; but without
your help and the
help of such men as you I can do little. You can help
me both by your
deeds and your words—by deeds according to the rule of
square dealing,
and by your advice and co-operation on subjects with which
my Department is concerned. Do not deal with me at arm's length.
Let each one
of you feel that, as bankers, you are part and parcel of
my Department.
Much must be, and can be, done to restore public confidence
to the poor
and the ignorant whose all has been swept away by
the frauds of men who
really are not bankers, but only masquerade as such.
"The Savings Bank Section of the Revised Banking
Law makes for
progress along sound lines. The provisions as to
establishing and maintaining a safe guaranty fund, coupled with the
provisions as to surplus
profits, show an even-handed regard for both
safety and'justice—with
safety first. So, too, the discretion vested in savings
bank trustees as to
a reasonable time for the investment of excess cash
and even to other matters relating to investments shows that the revisers
and the legislators
had in mind the character and wisdom of you gentlemen
who have so ably
and safely discharged your trusts to the people of the
State."
[VOL. xcviii.
First, that when the constitution provides for
a method of removal of a
constitutional officer, that method is exclusive,
and it is not competent
for the Legislature to modify it.
Second, that Act 112 of 1910, which authorizes
the Governor to remove
the Bank Examiner, does not recite this
provision in the title as is required
in the constitution.
The announcement of the removal of Mr. Young
by Gov.
Hall followed the declination of the Bank Examine
r to resign on March 1, his resignation having been
asked for by
the Governor because of Mr. Young's refusal
to dismiss one
of his assistants. R. M. Sims of Donaldsonville
was named
by Gov. Hall as successor to Mr. Young on March
20.
The merger of the Fourth National Bank of this city into
the Mechanics' & Metals' National Bank occurred on Saturday last, when the assets of the Fourth were transferred
from its quarters at Nassau and Pine streets to the offices
of the Mechanics' & Metals' at 50 Wall Street. It is understood that the enlarged institution will eventually locate in
the quarters of the Fourth National after some prospective
alterations are completed. The contemplated union of these
two institutions was referred to in our issue of May 9; the
stockholders of the Fourth are to meet in June to ratify the
proceedings; the price offered for the control of the Fourth
was $200 per share. James G. Cannon, President of the
Fourth National; Cornelius N. Bliss Jr., T. Frank Manville
and L. F. Loree, members of the board of the Fourth, are
to become directors of the Mechanics' & Metals'; Mr. Cannon, who has been ill for some time, plans to take an extended
vacation. Samuel S. Campbell, a Vice-President of the
Fourth, has been elected a Vice-President of the Mechanics'
& Metals'.
Edward Burns, Vice-President of the American Exchange
National Bank of this city, died of heart failure while engaged in his duties on Monday morning last, shortly after
his arrival at the bank. While but sixty-six years of age,
Mr. Burns had served the instutition for nearly half a century, having entered its employ on June 1 1865—forty-nine
years ago—as a clerk in the correspondence department.
He became Assistant Cashier in 1881, Cashier in 1887 and
was elevated to the Vice-Presidency in January 1910; he had
been a director since 1908. Mr. Burns possessed exceptional qualifications as a banker and was highly regarded,
not only among his immediate co-workers, but by all who
had an acquaintance with him. Resolutions expressing their
sense of the loss suffered by his death were adopted by the
directors on Thursday. Mr. Burns was a member of the
New York Chamber of Commerce, the Academy of PolitThe New York State Bankers' Association is distribut
ing ical Science, the Botanical Society, the American Museum
complimentary copies of the new banking law of New
York of Natural History, the Brooklyn Institute of Arts and
State. The work, which is in compact form, is published Sciences, and a number of clubs.
by the Legislative Index Publishing Co. of Albany.
The directors of the Columbia-Knickerbocker Trust Co.
Under an act just signed by Governor Walsh of Massa- decided this week to change the name of their
institution
chusetts, trust companies of that State are prohibited, after to the Columbia Trust Company. The hyphenated
name
two years from the enactment of the law, from holding more was adopted with the consolidation in 1912 of the Columbia
than 10% of the capital of another trust company. Three Trust Co. and the Knickerbocker Trust Co. It is stated
Boston companies, it is stated, are affected by the new law— that the change has been decided upon at the behest of
the
the Old Colony Trust Co., the United States Trust Co. and depositors, who have complained that the present name is
the Commonwealth Trust Co. The Old Colony is reported too long and cumbersome. The new designation will
go
to be the owner of 6,568 shares of the American Trust Co., into effect about Aug. 1, after the customary legal
requirecapital $1,000,000; 4,830 shares of the Bay State Trust Co., ments have been complied with.
capital $500,000; 3,080 shares of the Beacon Trust Co.,
capital $600,000, and 664 shares of Naumkeag Trust Co. of
James S. Alexander, President of the National Bank of
Salem, Mass., capital $250,000. The United States Trust
Co. holds 1,121 shares of Puritan Trust Co. stock, capital Commerce and Chairman of Group VIII of the New York
$200,000, and 1,236 shares of stock of the Chelsea Trust Co. State Bankers Association, has appointed John E. Gardin
of Chelsea, Mass., capital $250,000. The Commonwealth Vice-President of the National City Bank, to be a delegate
Trust Co. owns 1,685 shares of Hamilton Trust Co. stock, from the Association to the National Foreign Trade Convencapital $200,000. The Newton Trust Co. of Newton, Mass., tion to be held in Washington next week on filo 27th and
is said to own a large portion of the stock of the Needham 28th inst.
Trust Co. of Needham,Mass.,and 852 shares of the $100,000
The new Broadway Central Bank, for which a certificate
capital of the Newtonville Trust Co. of Newtonville, Mass.
of incorporation was issued early in the month, has begun
business at Broadway and 97th St. The incorporators of
A decision in favor of W. L. Young, who contested his the institutio
n in April purchased the Broadway branch of
removal as State Bank Examiner of Louisiana by Gov. L. E. the
Chelsea Exchange Bank with a view to operating it
Hall, was handed down on April 30 by Judge Brunot in the as
a separate institution, and perfected their plans with the
District Court at Baton Rouge. Under the decision, Act organizat
ion of the new bank. The Broadway Central
112 of 1910, under which the Governor sought to remove Bank
has a capital of $100,000 and surplus of $50,000. Its
Mr. Young, is declared unconstitutional, and the Governor
's officers are Frank Williams, President; A. E. Stilger and
action is characterized as "illegal, unwarranted, null and
J. S. Bretz, Vice-Presidents; Charles A. Cornell, Cashier,
void." According to the "Times-Democrat," Judge Bruand F. Crave, Assistant Cashier. The directors are Frank
not decided the case on two grounds, as follows:
Williams, Lew C. Wallick, J. S. Bretz, David W. Armstrong
In his address as President, William Felsinger, President
of the New York Savings Bank, referred to the decline
suffered in the aggregate surplus, based on market values,
of the savings banks from 14.1% on Jan. 1 1893 to 6.7% on
Jan. 11914. This decrease,he pointed out, was not due to
a
decrease in the earnings, but to the lower market value of
the bonds held; since the first of the year, however, he stated,
there has been an advance in the market value of municipa
l
bonds, largely held by savings banks. James H. Manning,
President of the National Savings Bank of Albany, is the
new President of the Savings Bank Association. The new
Secretary of the Association is Hollis H. Searles, Cashier of
the Prudential Savings Bank of Brooklyn.
MAY 23 19141
THE CHRONICLE
1581
meet its clearings. The
Jr., George Kern, Simon Meyer, Edward J. Dowling, did not have sufficient assets to
and the bank was
Examiner
Bank
State
the
notified
directors
James H. Becker and Harry E. Field.
closed at his direction." The paid-in capital of the institution was reported as $207,513 on Feb. 20, on which date
Henry W. Marsh, of the fire insurance firm of Marsh &
deposits are said to have been $245,024. It held city deposits,
McClelland, has been erected a director of the Metropolitan
the time of its closing, of $53,961. The institution was
at
Trust Co. of this city.
organized in 1903 as the Guardian Trust Co., but was reorganized in 1912 under the name of the Dominion Trust.
A branch of the German Exchange Bank will be opened
29th
Street.
and
Broadway
at
on June 1 in the Hotel Breslin,
A permit for the organization of the Humboldt State Bank
The main office of the bank is at the corner of Bond Street
of Chicago, with a capital of $200,000, has been issued to
and The Bowery.
Gustavus J. Tatge, R. L. Hurlburt and others.
William A. Nash, Chairman of the Board of the Corn
Exchange Bank, has been elected President of the New York
The State Auditor has likewise issued a permit to organize
Produce Exchange Safe Deposit & Storage Co.,to replace the new City State Savings Bank of Chicago, with $200,000
the late William H. Pearson. Samuel G. Bayne, President capital.
of the Seaboard National Bank, has been elected VicePresident of the company,succeeding Mr. Nash. Mr.PearIt is also announced that it is planned to create the Cottage
son, the late President of the safe deposit company, died Grove State Bank, capital, $200,000; through the consolion the 14th inst. after a brief illness. He was in his sixty- dation of two suburban banks of Chicago, viz.: the Bank
first year.
of Grand Crossing and the Cottage Grove Bank.
An assignment was made to Abraham S. Gilbert on the
18th inst. by the Consolidated Stock Exchange house of
Stoppani & Hotchkin of 66 Broadway. A petition in bankruptcy was later filed against the firm; it was formed in December 1899 by Joseph H. Stoppani and Walter B. Hotchkin. The firm had branches at 1218 Broadway and 119
West 125th Street. A preliminary estimate of the assets
and liabilities places the assets at about $30,000 and the liabilities at about $100,000. Mr. Stoppani is a brother of
Charles F. Stoppani of the Consolidated house of Ennis &
Stoppani, which suspended in April 1909.'
G. F. Sulzberger, Vice-President of the Sulzberger & Sone
Co., has been elected a director of the Greenebaum Sons'
Bank & Trust Co. of Chicago.
Ernest T.Ellington has been elected a Vice-President of the
Madison & Kedzie State Bank of Chicago. The institution
began business last November.
The First National Bank of Milwaukee, Wis., has moved
to its new building at East Water and Mason streets. The
bank's affiliated institution, the First Savings & Trust Co..
the name of which has just been changed to the First Trust
Co., is also domiciled in the new structure. The savings
deposit business heretofore transacted by the First Savings &
Trust Co. will in future be conducted by the First National.
A motion to dismiss the indictment against Edward M.
Grout and James T. Ashley,formerly President and Cashier,
respectively, of the failed Union Bank of Brooklyn Borough,
was denied on the 14th inst. by Justice Kelly of the Supreme
Court of Brooklyn. The dismissal of the indictment, which
charges perjury, was asked for on the ground that other
The National City Bank of Minneapolis began business
than legal evidence was placed before the•jury which brought as successor to the Commercial National Bank on May 12.
the indictment. Justice Kelly, in refusing to grant the As was announced in our issue of April 4, with the change in
motion to dismiss, said:
the name of the institution its capital has been increased
"I have carefully examined the specifications or particulars set forth in
from $50,000 to
the indictment and the criticisms and explanations of the defendants' coun- from $200,000 to $500,000 and its surplus
sel concerning each of these separate charges. I refrain from discussing $100,000. The National City Bank is under the direction
them separately here in justice to all the parties. These same arguments
of H. R. Lyon, President; George F. Orde and Charles B.
may well be presented to the Judge at the trial, who, as I have suggested,
-President and
has far broader powers and duties than a Judge at special term passing Mills, Vice-President; S. E. Forest, Vice
upon a motion to dismiss the indictment. I do not want my omission to Cashier, and A. J. Hogan, Assistant Cashier.
discuss them separately here taken as an indication that I have not examined
them carefully. Many of these arguments would be very persuasive if
addressed to a motion to withdraw certain of the items from the consideration of a jury at the trial. But to dismiss an indictment of this kind on a
preliminary motion upon the theory that a judge at special term may take
to himself the function of the Jury and pass upon the facts and the inferences
and the vital question of intent, is contrary to my understanding of the
fundamental law. It follows that the motions to dismiss the indictments
must be denied."
A charter for the Continental National Bank of Sioux City,
Iowa, capital $100,000, was issued on April 15. The institution is to succeed the Continental Bank.
Hugh J. Alexander has been elected President of the First
National Bank of Denver, Colo., succeeding A. V. Hunter,
resigned. Mr. Alexander had been a Vice-President of the
First National since April 1912, when the Capitol National
Bank of Denver, of which he had been Vice-President, was
consolidated with it. M. D. Thatcher, who is a Vice-President of the First National and President of the First National
Bank of Pueblo, succeeds Mr. Hunter as Chairman of the
Board of the First National.
An assessment of 100% has been levied against the stockholders of the First National Bank of Bayonne, N. J.,
which closed its doors last December. The institution had
a capital of $100,000. Payment of the assessment is called
for by June 13; on June 15, it is stated, the receiver will pay
a first dividend of 35%. The negotiations looking to the
liquidation of the bank's assets by the Union Trust Company of New Jersey at Jersey City were terminated on May 9;
the proposed arrangements are said to have fallen through,
Since the passing of the quarterly dividend of the Bankers
owing to the fact that the trust company considered the as- Trust Co. of St. Louis on April 29, a material drop in the
sets offered by the bank insufficient to guard it against loss.
stock of the company has been witnessed. At the date
mentioned the stock had been quoted at $190 bid, with the
At a meeting of the stockholders of the Westminster Bank last recorded sale at $189 50. The next day it closed at
of Providence, R. I., on the 15th inst., the directors were $100 bid, and on May 8 it went to $94; this week, on the
authorized to issue, in their discretion, 2,000 new shares of 21st, it is reported to have reached as low as $50. Yesterday
stock at not less than $55 per share. The present .capital of (Friday) the stock is said to have sold at $55. On the 1st
the bank is $200,000 in shares of $50 each. An Act was inst. President J. E. Franklin issued a statement in which
passed at the late session of the Legislature empowering the he said that,as far as he could see, there was no good reason
institution to amend its charter so as to enable it to enlarge for the decline. This statement appeared in the St. Louis
its capital to $1,000,000. Arnold B. Chace is President "Republic" as follows:
of the bank; George A. Jepherson, Vice-President; William
You have asked me what reason there was for the recent drop in the
bound to reply
C. Angell, Cashier, and Benjamin B. Manchester, Assistant market quotations on Bankers Trust Co. stock. I am
that, insofar as I can see, there was no good reason. It is doubtless the
Cashier.
case that the passing of the usual quarterly dividend had some effect.
The Dominion Trust Co. of Pittsburgh was closed by order
of the State Banking Department on May 12. The counsel
for the bank is quoted as saying that "on account of the
assets being tied up in real estate and mortgages, the bank
Also unfavorable rumors which have no foundation in fact, which have
gained some currency, caused a feeling of uncertainty and suspicion approximating a panic. We did not pass this dividend because it was not earned or
because there has been any depreciation in the assets of the company. We
have, as is perhaps well known, a considerable investment in the bonds
of a new railroad, and railroad properties, no matter how good, are at
1582
THE CHRONICLE
present difficultrof sale. Wefare, however, carrying this investment at less
ths eonstruckon cost. Anal nave good reason;to; expect a sale at an early
date that will give us some profit. The companythas no deposit liability, is
not heavily indebted and its indebtedness is strongly secured by convertible
Collateral.
I think it foolish for stockholders to:sacrifice their stock as they are doing.
On the 9th inst. it was announced that, with the object of
Keassuring the stockholders, the officers had decided to have
the assets appraised by disinterested outsiders, the work of
appraisal to be undertaken by H. P. Hilliard, President of
the Central National Bank;(George W. Clarkson, President
of the Grand Avenue Bank, and E. W. Hubbard, Cashier
of the Boatmen's Bank. An audit of the books by a firm of
certified public accountants was arranged to precede the
work of the appraisers. It is stated that one of the large
assets of the company is the San Antonio Uvalde & Gulf RR.,
which extends 150 miles from San Antonio to Corpus Christi,
Tex., and 145 miles from San Antonio to Crystal City, with
extensions of 40 miles form Crystal City to Uvalde, and 13
miles from Crystal City to Carrizo Springs. President
Franklin is now said to be negotiating for the sale of the
road. The Bankers Trust Co. has a capital of $2,500,000.
The amount was increased a year ago from $1,250,000.
William G. Newby has resigned as President of the American National Bank of Fort Worth, Texas, owing to ill-health.
E. E. Baldridge, Vice-President of the Fort Worth National
Bank, is Mr. Newby's successor as head of the American
National.
A. G. Campbell, formerly President of the First National
Bank of Natchez, Miss., which closed its doors on October 30
1913, was convicted on April 24 on a charge of receiving
deposits after the institution was known to be insolvent.
On April 30 a motion for a new trial was overruled and he
was sentenced to three years' imprisonment. He was released on the 8th inst. under $25,000 bail on the strength of
a doctor's certificate testifying to the impaired condition of
his health. Suit against the directors of the bank for $1,200,000 Was filed on April 16 by Receiver L. P. Conner, and
on April 30 he ordered the collection of all dividends paid to
the stockholders since 1909; the amount involved, it is stated,
is nearly $90,000.
With its conversion from a strictly savings and mortgage
concern to an institution with trust powers, the name of the
First Mortgage & Savings Bank of Seattle has been changed
to the Mortgage Trust & Savings Bank. The institution
was originally established under the firm name of William
P. Harper & Son, which was formed to conduct a mortgage
loan and private banking business. William P. Harper is
President of the, present organization, and Paul C. Harper
and George E. Wright are the Vice-Presidents. The company has a capital of $100,000.
Hon. John S. Hendrie has been elected President of the
Bank of Hamilton (head office, Hamilton, Canada), succeeding the late Senator William Gibson. Cyrus A. Birge
has been made Vice-President. Colonel Henelrie is a member
of the Ontario Cabinet.
[VOL.
xcviir.
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
April 30.
Funded loan of 1891, continued at 2%,called May 18 March 31.
1900, interest ceased Aug. 18 1900
$4,000 00
$4,000 00
Funded loan of 1891, matured Sept. 2 1918
23,650 00
23,650 00
Loan of 1904, matured Feb. 2 1904
13,050 00
13,050 00
Funded loan of 1907. matured July 2 1907
678,450 00
657,600 00
Refunding certificates, matured July 1 1907
13,360 00
13,330 00
Old debt matured at various dates prior to Jan. 1 1861
and other items of debt matured at various dates
subsequent to Jan. 1 1861 •
003,680 26
903,680 26
Aggregate debt on which interest has ceased since
maturity
$1,636.19026 $1.615,310 26
DEBT BEARING NO INTEREST.
March 31.
• April 30.
United States notes
$346,681,016 00 $346,681,016 00
Old demand notes
53,152 50
53,152 50
National bank notes, redemption fund
16,604,968 50
15,585,676 00
Fractional currency, less $8,375,934 estimated as
lost or destroyed
6,853,097 90
6,853,097 90
Aggregate debt bearing no interest
$370,192,234 90 $369,172,942 40
RECAPITULATION.
April 30 1914.
March 311914. Increase (+) or
Decrease (-).
Interest-bearing debt
$967,953,310 00 $967,953,310 00
Debt interest ceased
1,615,310 26
1,636,190 26
-$20,880 00
Debt bearing no interest_-_
369,172,942 40
370,192,234 90 -1,019,292 50
Total gross debt
$1,338,741,562 66 $1,339,781,735 16 -$1,040,172 50
Cash balance in Treasury 4._
245,823,191 52
257,520,389 57 -11,697,198 05
Total net debt
$1,092,918,371 14 $1,082,261,345 59 +$10,657,025 55
* Includes $150,000,000 reserve fund.
a Under the new form of statement adopted by the United States Treasury on
July 1, the item "national bank notes redemption fund" is not only included in
the "debt bearing no interest," but appears as a current liability in the Treasury
statement of "cash assets and liabilities." In arriving at the total net debt, therefore, and to avoid duplication, the amount is eliminated as a current liability, increasing to that extent the cash balance in the Treasury.
The foregoing figures show a gross debt on April 30 of
$1,338,741,562 66 and a net debt (gross debt less net cash
in the Treasury) of $1,092,918,371 14.
TREASURY CASH AND DEMAND LIABILITIES.The cash holdings of the Government as the items stood
30 are set out in the followirrLun/gA:
ASSETS.
LIABILITIES..
Fund LiabilitiesTrust Fund Holdings-
Gold coin and builion_1,158,997,869 00 Gold certificates
1,158,997,869 00
467,033,000 00 Silver certificates
Silver dollars
2,481,000 00 Treasury notes of 1890_ 467,033,000 00
Sliver dollars of 1890-__
2,481,000 00
1,628,511,869 00
Total trust liabilities_1,628,511,869
Total trust fund
00
Gen.Fund Liabilities-.
Gen'l Fund HoldingsTirsebas
InD
urs
ur.yoO
fffic
flecress,
:
In Treasury Offices20,792,785 45
bal_
Gold coin
59,966,784
132
38,574,040 00
Outstanding warrants
Gold certificates
1,256,357 12
Outst'g Treas. checks.
Standard silver dollars 27,728,028 00
6,113,827 85
10,329,883 00
P
O.
uo
'
ts.
pgt.itta.la
tap
ned
ch
necck!
es
Silver certificates
255,351 43
6,271,854 00
United States notes_!
14,449,05740
8,693 00
Postal savings bale_ _..
Treasury notes of 1890
2,100,30848
255,340 47
Judicial officers' balCert. checks on banks
ances, &c
National bank notes- 38,757,559 13
6,776,732 05
21,358,199 62
National bank notes:
Subsidiary silver coin_
183 93
Redemption fund
Fractional currency
15,585,676 00
1,905,680
15
Nat.
bank 5% fund
Minor coin
23,413,893 44
2,841,761 89
Assets of failed naSliver bullion
tional banks
4,147,696 07
168,824,008
54
Misc.
Tot.in Sub-Treasuries
(exchanges,&c.)
6,597,997 57
in Nat. Bank Depositories:
Total
Credit Treas. of U. S.. 51,196,144 82
140,663,772 03
7,510,772 56 Subtract: checks not
Credit U.S.dis.officers
cleared
782,021 70
58,706,017 38
Total in banks._ __
In Treas. Philippine Islands139,881,750
33
1,087,606 61 In Nat,Bank Depos.:
Credit Treas. U.S._ _
3,428,632 50
Judicial officers' balCredit U.S.dis.officers
ances,.te
7,510,772 56
4,516,329 11
Outstanding warrants
Total in Philippines
459,817 33
Total in banks__
7,970,589 89
In Treas. PhilippinesDisburs. officers' bals.
3,428,632 50
Outstanding warrants
528,766 79
Total
3,957,399
Total Habil, against cash 151,809,739 29
51
Cash Bal. & ReserveTotal cash reserve
230,237,515 52
Made up ofAvailable 80,237,515 52
and
Reserve Fund:
Gold and
Reserve Fund HoldingsGold coin and bullion_ 150,000,000 00
bull_150,000,000 00
An application for the conversion of the Commercia,
Savings Bank of Charleston, S. C., into the Commercial
Grand total
2,010,559,124 03
Grand total
2,010,559,124 03
National Bank was approved on April 18. Announcement
CURRENC
Y
TREASUR
HOLDING
Y
S.-The following
of this intention was made in these columns February 21,
, based on official Government statements, shows
when reference was also made to the decision to increase the compilation
the currency holdings of the Treasury at the beginning of
capital to the full authorized amoungpf.$200,000.
business on the first of February, March, April and May
1914.
Feb. 11914. Mar, 11014, Apr.1 1914, May'l 1914
3
Holdings in Sub-Treasuries$
$
I
216,069,924 213,874,463 226,993,774 209,366,825
Net gold coin and bullion
27,044,203 34,906,667 36,317,538 40,899,673
Net silver coin and bullion
7,916
Net United States Treas. Notes6,765
8,841
8,693
11,544,256
Net legal-tender notes
7,471,326
5,214,427 6,271,854
52,673,172 45,318,126 38,363,644
Net national bank notes
38,757,559
18,057,610 19,293,038 20,295,772 21,358,200
Net fractional silver
2,071,052
Minor coin, itc
2,439,556 2,317,602
2,161,204
Total cash in Sub-Treasuries-327,468,133 323,300,941 329,511,598r318,824,008
INTEREST-BEARING DEBTIAPRIL 30 1914.
150,000,000 150,000,000 150,000,000 150,000,000
Lees gold reserve fund
•
Amount
Amount Outstanding
- Cash balance in Sub-Treasuries-177,468,133 173,309,941
Interest Issued.
179,511,508 168,824,008
Registered. Coupon,
Total.
Cash
in national banksTitle of LoanPayable.
$
$
To credit Treasurer of U.S__ 76,708,569 66,728,385 55,642,322 51,196,145
25, Consols of 1930
Q.-J. 646,250,150 642,827,900 3,422,250 646,250,150
To credit disbursing officers.. 7,992,720
38, Loan of 1908-18
7,357,114
7,397,859
7,510,772
Q.-F. *198,792,660 46.139,380 17,806,080 63,945,460
45, Loan of 1925
Q.-F. x162,315,400 101,216,250
118,489,900
Total
84,701,289 74,085,499 63,040,181 58,706.917
28. Pan.Canal Loan 1006..Q.-F. 54,631,980 54,609,080 17,273,650
22,900 54,631,980 Cash in Philippine Islands
0,559,222
28, Pan,Canal Loan 1908..Q.-F. 30.000,000 29.678,920
5,632,374
5,671,678
4,516,329
321,080
is, Pan.Canal Loan 1911.Q.-S. 50,000,000 39,930,000 10,070,000 30,000,000
60,000,000
Net cash in banks, Sub-Treas_268,728,644 253,067,118 248,184,153 232,047,254
23.s,Post.Sav.bds.'11-'13.J.-J.
3,506,000 2,994,860
511,140 3,506.000 Deduct current liabilities_a
23,s,Post.Sav.bds. 1914 J.-J.
126,138.894
143,495,827 140,663,764 136,224,063
1,129,820
975,480
154,340
1,129,820
DEBT STATEMENT OF APRIL 30 1914.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued April 30 1914. For statement of March 31
1914, see issue of April 18 1914, page 1221; that of April 30
1913, see issue of May 24 1913, page 1466.
Aggregate int.-bearing debt_1,146,626,010 918,371,870 49,581,440 967,953,310
•Of this original amount issued, $132,449,900 have been refunded into the
Consols of 1930 and $2,397,300 have been purchased for the sinking fund 2%
and
canceled. z Of this original amount issued, $43,825,500 have been purchased
for
the sinking fund and canceled.
Balance
122,589,750 109,571,291 107,520,389 95,823,191
National bank redemption fund- 17,828,483 10,704,743 16,604,968 15,585,676
Available cash balance
104,761,267 92,866,548 00,915,421 80,237,515
a Chiefly "disbursing officers' balances." z Includes $2,841,761 89 silver bullion
and $2,161,204 45 minor coin, dm, not included in statement "Stock of Money."
1583
THE CHRONICLE
MAY 23 1914.]
GOVERNMENT REVENUE AND EXPENDITURES.
-Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-clay the details of
English Financial Markets-Per Cable.
Government receipts and disbursements for April and
The daily closing quotations for securities, &c., at London, the ten months of the years 1914 and 1913.
April 1914. April 1913. 10mos.1913-14. 10mos.1912-13.
as reported by cable, have been as follows the past week:
Wouttarill CC'o min cvc talEnglisitnexus
$
$
$
$
ReceiptsLondon,
Fri.
Thurs.
Wed.
22,232,766 57 23,693,966 76 247,774,506 80 274,038,996 53
Customs
Mon. Tues.
Sat.
Week ending May 22.
26
7-16
7-16
26
Revenue
Internal
2634
2634
d
2634
2634
Silver, per ox
7434
22,884,283 00 24,198,679 69 256,648,089 05 255,374,121 13
Ordinary
74 15-16 74 15-16 74 13-16 7434
if Consols, 234 per cents-- 7434
4,970,630 18
773,581 83 6,601,435 61
74 11-16 74 9-16
7434
Corp'n dx income tax 1,497,626 39
75
74 15-16 75
if For account
86.1234
86.10
3,874,130 57 4,786,328 44 43,549,690 39 45,919,004 16
86.1234
Miscellaneous
86.45
86.65
if French Rentes On Paris) fr. 86.85
743%
7434
7334
7434
7434 '753(
Amalgamated Copper Co
65
50,488,806 53 53,452,556 72 554,573,721 85 580,302,752 00
Total
6634
6634
6534
66
Am. Smelt. & Refining Co.._ 6534
Pay Warrants Drawn634
634
6%
634
6%
634
b Anaconda Mining Co
991,235 99 11,306,016 13 10,998,599 91
98
LegislatlyeEstablishm't 1,387,419 26
9834
99
99
9834
Atch-Topeka & Santa Fe.... 9814
505,188 46
564,521 46
39,555 65
51,858 80
10234
102%
Executive Office
103
10234
10231
10234
Preferred
3,971,126 32 4,270,878 12
297,851 17
13
316,227
9334
Department__
94
State
9434
9434
94
94
Baltimore & Ohlo
83
83
Treasury Department83
83
83
8234
Preferred
3,758,587 68 3,799,854 27 36,690,495 68 37,596,113 79
19834
Excl. Public Bldgs
19734
19934
199
19834
19634
Canadian Pacific
1,960,107 08 1,012,742 52 12,659,214 23 14,798,155 46
5234
5234
Public Buildings_ 5434
5234
54
5134
Chesapeake & Ohio
_10,849,044 18 8,763,092 06 106,250,331 48 102,156,652 43
Dept.-MUltary
14
War
1334
1434
1434
13
13
Western
Chicago Great
1,847,931 89
1,881,926 13
188,130 43
179,805 23
10234
10334
Civilian
103
10334
10334
07
Chicago Milw.& St. Paul...102%
1234
Rivers and Harbors_ 2,883,286 71 3,673,914 21 42,261,468 28 34,087,643
13
13
13
1334
1234
Denver & Rio Grande
848,253 03 1,014,731 38 8,987,377 59 9,230,627 07
Justice_
21
of
22
Department
22
2234
2234
2234
Preferred
Dept.Office
Post
30
2934
30
2934
2931
1,792,421 36
Erie2934
1,634,926 48
156,255 49
154,741 82
4434
4534
Excl. Postal Service_
4534
4531
4534
4534
667,230 94
First preferred
686 34
3834
39
39
Postal Deficiencies
38%
37A
37%
110,227,808 42
Second preferred
94
116,608,279
58
11,647,310
76
11,859,576
12634
12
128
Dept.-Naval
128
Navy
734
12734
677,472 60
Great Northern, preferred-12734
18
719,990
64
67,290
82,382 08
113
114
113
Civilian
113
11334
113
minols Central
14034
140
Interior Department14034
14034
14034
14034
Louisville & Nashville
17%
17%
17%
17%
Excluding Pensions
17
Missouri Kansas & Texas.- 17%
42
1,642,081 86 1,357,602 11 19,714,336 48 19,372,210 02
41
41
41
and Indians
4134
4134
Preferred
12,623,315 63 14,128,197 74 142,825,137 58 141,779,377 65
19
Pensions
1734
1334
1834
1934
19
Missouri Pacific
12 1,982,985 90 16,957,142 12 16,973,579 16
1134
1134
1134
1,781,054
1134
Indians
1034
Nat. RR.of Mex.,2d pref.... 1034
95
96
2,348,408 20 2,522,447 05 19,632,235 34 18,101,345 78
9531
Dept. of Agriculture
9634
9531
N. Y. Cent. & Hud. River 9531
27
773,083 15{ 9,602,114 761 12,411,124 53
171
27
684,299
of
Commerce
Dept.
2734
2734
2734
2634
N. Y. Ont.& Western
3,036,841 601
107
107
152,301 03J
107
Department of Labor_
10734
107
10634
Norfolk dc Western
____
and
offices
0134
____
Independent
9134
9134
9234
Preferred
2,587,195 82 2,401,286 92
11
20
256,179
257,426
113
114
114
Commissions
11334
11334
11334
Northern Pacific
824,144 55 11,565,290 03 11,051,856 44
5734
1,122,415 31
District of Columbia
5734
5734
5734
5734
57
a Pennsylvania
00 3,704,923 57 20,432,796 46 20,459,314 03
3,277,393
Debt
the
ssx
Public
on
mg
Int.
8434
8534
8534
8434
Company
a Reading
a First preferred
Total pay warrants
a Second preferred.......
58,219,984 23 57,201,527 57 589,889,450 43 571,406,818 05
drawn (net)
-5;,i -534 "5",i
-aii
yi
.
3
-.
3%
Rock Island
9431
9534
9534
9431
9534
9531
Southern Pacific
2434
2534
Public Debt2534
2534
2534
2534
Southern Railway
81
8131
Bonds, notes and cer8134
8134
8134
81
Preferred
97,546 00
45,752 00
11,140 00
20,880 00
16134
tificates retired_ _ _
16134
16131
16034
16134
16054
Union Pacific
Panama Canal8534
86
86
8534
8534
8534
Preferred
95 31,484,123 08 33,889,413 32
2,821,190
50
3,560,144
issued
6434
Pay
warrants
6234
6334
6
6434
6334
234
U.S.Steel Corporation
11234
11234
11234
11234
11234
112
Preferred..
134
134
1
Total public debt and
1
15,
1
134
Wabash
32
434
431
434
434
Pan.Canal disb'ts_ 3,581,024 50 2,832,330 95 31,529,875 08 33,986,959
4
334
Preferred
56
55
54
5534
5334
5334
Extended 45
88 620,451,085 12 605,571,666 04
a price per share. b £ sterling. c Ex-dividend. d Quotations here given are Grand total disburse'ts 61,166,712 08 59,517,925
flat / rims
23,339,074 04
Net excess of all disb'ts 10,677,905 55 6,065,369 16 63,630,663 27
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in bank notes and in bonds
STOCK OF MONEY IN THE COUNTRY.-The follow- and legal tenders on deposit.
as
country
the
in
ing table shows the general stock of money
well as the holdings by the Treasury, and the amount in cirCirculation Afloat UnderBonds and Legal Tenders
on Deposit for
culation on the dates given. The statement for May 1 1913
1913-14.
1468.
page
24
1913,
May
of
issue
our
will be found in
Legal
Legal
goinintrcial naThliscellantonsg,ents
-Stock of Money May 1 1914- -Money in CirculationMay 1
May 1
Held in
In United
1913.
1914.
Treas ury.d
States.
Gold coin (including bullion
1,942,562,107
In Treasury)
Gold certiftcates_b
Standard silver dollars... _ _ 565,792,263
Silver certificates_b
180,764,269
Substdiary silver
2,481,000
Treasury notes of 1890._ _ _
346,681,016
United States notes
751,765,766
National bank notes
170,792,785 612,771,453
38,574,040 1,120,423,829
71,031,235
27,728,028
10,329,883 456,703,117
21,358,200 149,406,069
2,472,307
8,693
6,271,854 340,409,162
38,757,559 713,008,207
611,705,777
990,192,999
72,196,164
469,191,528
153,463,032
2,695,234
338,224,647
716,580,687
3,790,046,421 313,821,042 3,476,225,379 3,354,250,068
Total
Population of Continental United States May 1 1914 estimated at 98,745,000;
circulation per capita, $35 20.
d This statement of money held in the Treasury as assets of the Government does
bank depositaries to the credit of
not include deposits of public money in nationalto
$51,196,144 82.
amounting
the Treasurer of the United States,
exact
of
equivalent In amount of the
certificates
outstanding
of
b For redemption
and Is not included In the
appropriate kinds of money is held in the Treasury,
account of money held as assets of the Government.
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.
Merchandise Movement to New York.
Imports.
Month.
• 1913.14.
1912-13.
79,578,905 85,764,897
July
78,844,083 86,569,092
August
September 95,367,231 84,440,226
71,691,438 109,821,079
October
Novembe 79,923,991 85,700,284
December 103,447,90 94,190,03
January.. _ 82,330,513 92,638,634
February. 85,328,968 86,490,086
101,655,994 89,456,045
March
93,600,19 82,562,176
April
Total
Customs Receipts.
at New York.
Exports.
1913-14.
1912-13.
1913-14.
1912-13,
68,009,103
77,577,210
74,475,934
84,194,135
71,626,106
82,061,629
72,872,302
64,934,639
72,798,453
66,338,880
66,670,270
72,500,822
73,336,565
76,908,550
82,931,311
78,460,992
83,086,109
74,536,674
84,214,736
77,483,831
18,501,705
19,864,108
18,365,385
20,270,021
14,751,254
14,863,057
16,643,013
13,023,068
17,964,690
14,713,576
18,180,492
18,322,736
17,936,175
19,983,599
16,430,392
16,406,794
18,769,817
18,158,304
17,476,298
14,646,212
871,769,231897,632,553 734,888,386 770,129,860 168,959,877 176.310,819
Imports and exports of gold and silver for the 9 months:
Gold Movement at New York.
Month.
Imports.
1913-14.
1912-13.
Exports.
1913-14.
1912-13.
Silver-New York.
Imports.
Exports.
1913-14.
1912-13.
Bonds.
April 30 1914
Mar. 31 1914
Feb. 28 1914
Jan. 31 1914
Dec. 31 1913
Nov. 29 1913
Oct. 31 1913
Sept. 30 1913
Aug. 30 1913
July 31 1913
June 30 1913
May 31 1913
741,213,210
740,603,400
741,445,500
741.645,500
743,066,500
743,590.500
743,513,990
741,846,850
742,081,800
741,631,750
740,529,250
737,427.800
Tenders.
Tenders.
Bonds.
15,585.726 736,180,040
16,605,018 735,445,281
16,658,993 736,509.838
17,828.533 736,194.233
17.209,316 740,633.645
17,481,906 739,677,565
18,835,933 740.063,776
20,563,626 738,467,068
21,690,081 740,029,948
20,790,783 738,502,408
22.092,856 737,066 050
21,539,251 733,754.815
Total.
$
.
15,585,726 751,765,766
16,605,018 752,050,299
16,658,993 753,168,831
17,828,533 754,022,766
17.209.316 757,842,961
17,481,906 757.159,471
18,835,933 758,899,709
20,563,626 759,030,694
21,690,081 761.720,029
20,790,783 759,293,191
22,092,856 759,157,906
21,539,251 755,294,066
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositaries on April 30.
U. S. Bonds Held April 30 to SecureBonds on Deposit
April 30 1914.
2%, U.S.consols of 1930
3%,U. S. loan of 1908-18
4%,U. S. loan of 1925
2%, U.S.Panama of 1936
2%, U.S.Panama of 1938
3%,U.S.Panama of 1961
3.65%. District of Columbia
4%,Philippine loans
4%,Philippine Railway
4%, Manila Railroad
4%,Porto Rico loans
Various, Territory of Hawaii
Various, State, city, railroad, &c
Total
PublieDeposits
Bank
in Banks.
Circulation.
Total
Held.
1
604,024,450
21,323,400
34,068,300
52,866,420
28,930,640
$
12,912,350
4,649,400
3,679,700
1,322,500
546,000
14,634.400
958,000
5,811,000
918,000
10,000
2,075,000
2,093,000
10,932,600
$
616,936,800
25,972,800
37,748,000
54,188,920
29,476,640
14,634,400
958,000
5,811,000
918,000
10,000
2,075,000
2,093,000
10,932,600
741.213.210
60.541.950
801.755.160
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Apr. 1 and
May 1, and their increase or decrease during the month
of April.
National Bank Notes-Total AfloatAmount afloat April 1 1914
Net amount retired during April
Amount of bank notes afloat May 1 1914
Legal-Tender NotesAmount on deposit to redeem national bank notes April 1 1914
Net amount of bank notes retired In April
$752,050,299
284,533
$751,765,766
$16,605,018
1,019,292
Amount on deposit to redeem national bank notes May 1 1914....... $15,585,726
$
3,037,219
3,733,182
National Banks.-The following information regarding
4,464,910
4,285,476 national banks is from the office of the Comptroller of the
3,198,800
Department:
3,514,872 Currency, Treasury
3,468,643
CHARTERS ISSUED TO NATIONAL BANKS.
3,137,258
May 8 to May 9.
3,755,700
3,543,309 I 10,538-The State National Bank of Durant, Okla. Capital, $50,000.
E.0. Million, President; Geo. H. Harris, Cashier. (Succeeds the
Guaranteed State Bank of Durant, Okla.)
Total -- 21,621,451 30,430,621 27,859,706 53,492,758 13,006,921 36,089,369
July
August-.
September
October
November
December
January..
February.
March
April
2,627,049
2,645,030
2,249,301
3,117,777
4,404,047
2,786,70
1,301,532
659,423
1,254,366
575,917
1,838,482 8,510,514 4,858,180 1,482,187
38,80
1,743,737
2,376,892
47,500
404,852 1,134,439
1,481,485
35,350
186,996 1,029,73
85,100
8.799,437
192,635 1,883,914
477,500
1,491,578
290,746
347,970 1,311,470
6,748,644
2,831,377 6,788,486 17,154,217 1,145,935
779,437
1,215,237 8,982,204 12,242,96
2,080,332 2,582,056 17,588,807 1,450,164
60,251
477,246 1,045,908
1,567,157
1584
THE CHRONICLE
[VOL. xcvni.
10,539—The Yellowstone Valley National Bank of Sidney, Mont.
Capital,
$25,000. J. A. Barrett, President; L. A. Curtis,
10,540—The Mercantile National Bank of Memphis,Cashier.
Tenn. Capital,
$500,000. Jo. L. Hutton, President; J. D. McDowell, Cashier.
(Succeeds the Mercantile Bank of Memphis, Tenn.)
10,541—The First National Bank of Fredericksburg, Iowa. Capital,
$30,000. Tim Donovan, President; Guy M. Padden, Cashier.
(Conversion of the State Sabings Bank of Fredericksburg, Iowa.)
VOLUNTARY LIQUIDATIONS.
8,287—The Exchange National Bank of North Fort Worth,
Fort Worth,
Tex., at close of business May 6 1914. Liquidating agent,
Dan
E. Lydick, Fort Worth, Tex. To be succeeded by the Exchange
State Bank of Fort Worth.
5,829—The Thurmont National Bank, Thurmont, Md., May
11 1914.
Liquidating committee,the board of directors of the national
bank.
To be succeeded by a State bank.
Per
When
Books Closed.
Name of Company.
Cent Payable.
Days Inclusive.
Miscellaneous (Concluded).
Dominion Cotton Mills, Ltd
234 May 23 Holders of rec. May 20
Dominion Textile, common (guar.)
134 July 2 Holders of rec. Juno 15a
Preferred (quar.)
134 July 15 Holders of rec. June 30a
Eastman Kodak,common (quar.)
July 1 [holders of rec. May 29a
234
Common (extra)
5
July 1 Holders of rec. May 29a
Preferred (guar.)
134 July 1 Holders of rec. May 29
Eastern Steel, first preferred (quar.)_ _ _ _
134 June 15 Holders of rec. June 1
Essex & Hudson Gas
4
June 1 Holders of rec. May 20
Federal Mining & Smelt., pref. (Quar.)—
13,6 June 15 Holders of rec. May 22a
Federal Utilities, pref. (guar.)(No. 12)
14 June 1 Holders of rec. May
18
Galena-Signal 011,common (guar.)
3
June 30 Holders of rec. May 29a
Preferred (guar.)
2
June 30 Holders
rec. May 29a
General Asphalt, pref. (quar.)(No. 28).. 134 June 1 April 29 of to
May
GeneralChemical, common (quar.)
CHANGES OF CORPORATE TITLE.
134 June 1 Holders of rec. May 19
134 July 1 Holders of rec. June 20a
5,946—The Citizens' National Bank Of Woonsocket, S. Dak., to "The General Chemical, preferred (guar.)
17a
General Electric (guar.)
2
July 15 Holders of rec. June la
First National Bank of Woonsocket."
4,914—The Matteawan National Bank, Matteawan, N. Y., to "The Goodrich (B. F.), preferred (quar.)
134 July 1 Holders of rec. June 19a
Granby Cons. Min., Smelt. & Pow.(qu.)
14 June 15[holders of rec. May 29a
Matteawan National Bank, of Beacon."
14 June 1 Holders of rec. May 29a
35—The First National Bank of Fishkill Landing, N. Y., to "The Great Northern Paper (guar.)
1
June 1 Holders of rec. May 21
Fishkill National Bank of Beacon," Beacon, N. Y., the name of Greene Cananea Copper (No. 7)
34 June 1 Holders of rec. May 20
the post-office remaining the same, viz ., Fishkill on the Hudson. Harbison-Walker Refract., com. (guar.).
10,261—The Commercial National Bank of Minneapolis, Minn., to "The Homestake Mining (monthly)(No. 474). 65c. May 25 Holders of rec. May 20a
Independent
Brewing,
Pittsb., pref. (go.) 134 May 29 May 19 to May 28
National City Bank of Minneapolis."
Inland Steel (guar.)
134 June 1 Holders of rec. May
Int. Harv. Co. of N.J., pf. (qu.) (No.29) 134 June 1 Holders of rec. May ha
On
Int.
Harvester Corp.,
(qu.) (No. 5)....
DIVIDENDS.
134 June 1 Holders of rec. May 90
International Nickel. common (quar.)
234 June 1 May 15 to June 1
Internat.
Smoke:.
Powd.
Ch.,
&
corn. (qu.)
The following shows all the dividends announced for the Kings Co.
ai July 1 Holders of rec. June 200
El. Lt. dr Pow.(qu.)(No.57). 2
June 1 Holders m
ofaryec3
.
0May 210
future by large or important corporations.
Lackawanna Steel. pref. (guar.)
134 June 1
Laclede
Gas
Light,
corn.
(guar.)
Dividends announced this week are printed in itceics.
134 June 15 June 2 to June 15
Preferred
234 June 15 June 2 to June 15
Lake of the Woods Milling, com. (qu.)
2
June 1 Holders of rec. May 23a
Preferred (guar.)
Per
When
134 June 1 Holders of rec. May 23a
Books
Closed.
Name of Company.
Lehigh Coal dr Nay. (guar.) (No. 142)._
Cent. Payable,
91 May 29 Holders of rec. Apr. 30a
Days Inclusive.
Liggett & Myers Tobacco,corn.(quar.).. 3
June 1 Holders of rec. May 150
Massachusetts Gas Cos., preferred
Railroads (Steam).
2
June I May 15 to June 20
Alabama Great Southern, ordinary
24 June 25 Holders of rec. June la May Department Stores, corn. (guar.)... 131 June 1 Holders of rec. May 16
Mergenthaler
Preferred
Linotype
(guar.)
24
3
June 30 Holders of rec. June 6a
Aug. 27 Holders of rec. July 18a
Ateh. Top.dr Santa Fe,corn.(qu.)(No.36) 14 June
Extra
•
4 June 30 Holders of rec. June 6a
1 Holders of rec. April 30a Middle
Atlantic Coast Line Company (guar.)
West Utilities, preferred (guar.)134 June 1 Holders of rec. May 15
$1.50 June 10 May 30 to June 10
Moline
Atlantic Coast Line RR., common
Plow,
first
(quar.)
preferred
134
June 1 holders of rec. May 16a
34 July 10 June 20 to July 10
Second preferred (quar.)
Boston de Albany (guar.)
134 June 1 Holders of rec. May 160
24 June 30 Holders of rec. May 29a
National Biscuit, corn.(guar.)(No.64)_ _
Boston dc Lowell
lji July 15 Holders of rec. June 27a
4
July 2 Holders of rec. May 23
Preferred
Canadian Pacific, corn. (quar.) (No. 72)_
(guar.)
(No.
85)
134 May 29 Holders of rec. May 15a
234 June 30 Holders of rec. May 30a National Lead,
Chesapeake & Ohio (guar.)
corn. (guar.)
yi June 30 June 13 to June 17
1
June 30 Holders of rec. June 5a
National Lead, preferred (guar.)
Chestnut Hill (quar.)
134 June 15 May 23 to May 26
134 June 4 May 21 to June
National Transit (par.)
Chicago & North Western By.,com.(qu.) 131 July 1 Holders of rec. June 3
75c. June 15 holders of rec. May 29
la New York
Air Brake (guar.) (No. 48)Preferred (quar.)
2
July 1 [holders of rec. June in
14 June 23[holders of rec. June 3a
Cm. N.0. de Texas Pacific, common __
3
Juno 12 Holders of rec. June in N. Y. dc Queens Mee. Lt. & P., pref. (qu.) I
June 1 Holders of rec. May 22a
Common (extra)
23,6 June 12 Holders of rec. June la North American Co. (guar.) (No. 41)
134 July 1 Holders of rec. June 15a
Preferred (guar.)
131 June 2 Holders of rec. May 23a Northern Pipe Line
5
July 1 Holders of rec. June 10
Ogilvie
Cleveland & Pittsb., reg. guar. (quar.)
Flour
Mills,
Ltd.,
(quar.)_
pref.
_
134 June 1 Holders of rec. May On
131 June 1 Holders of rec. May 20
Special guaranteed (quar.)
31.25 June 20 May 27 to June 8
1
June 1 Holders of rec. May 90 Ohio Oil (guar.)
Cripple Creek Cent., corn. (qu.)(No. 18) 1
Extra
75e. June 20 May 27 to June 8
June 1 Holders of rec. May 18a
Ontario
pow.
Preferred (guar.) (No. 34)
of
Niag.
Falls
(qu.)
(No. 7) 13; June 1 Holders of rec. May 23a
1
June 1 Holders of rec. May 18a
Delaware & Hudson Co. (guar.)
134 June 15 Holders of rec. June 8a
234 June 20 Holders of rec. May 28a Pabst Brewing, Preferred (guar.)
Greene Railroad
2
May 25 Holders of rec. May 2a
3
June 19 Holders of rec. June 15a People's Gas Light Sr Coke (quar.)
Hocking Valley (guar.)
Philadelphia
Electric
(guar.)
39)40. June 15 Holders of rec. May 22a
2
June
30
Holders
rec.
June
of
5a
Louisville de Nashville
Pittsburgh Brewing,common (quar.)__ _
1
May 29 May 20 to May 31
34 Aug. 10 July 18 to Aug. 10
New York Philadelphia & Norfolk
Preferred (quar.)
134 May 29 May 20 to May 31
$3
May 29 Holders of rec. May 15a
Norfolk & Western, common (quar.)_ _ _
134 June 1 Holders of rec. May 21a
134 June 19 Holders of rec. May 29a Pittsburgh Steel, preferred (guar.)
North Pennsylvania (quar.)
Porto Rican-American Tobacco
50 June 4 Holders of rec. May 15
2
May
25
May
14
to
May
19
Pennsylvania (quar.)
May 29 Holders of rec. May la Pressed Steel Car, com. (guar.) (No. 21)
34 June 10 May 21 to June 9
Phila. Germantown & Norristown (quar.) 750.
Pure Oil, common (guar.)
3
5
June 1 May 15 to May 31
June 4 May 21 to June 3
Pittsburgh Bessemer & Lake Erie, pref_ _
Quaker Oats, common (guar.)
24 July 15 Holders of rec. July la
3
June
Holders
1
of
rec.
May
15
Pittsb. Youngs. Sr Ash., com. & pt. (qu.)
114 May 29 Holders of rev. May la
134 June 1 Holders of rec. May 20a Quaker Oats, preferred (guar.)
Reading Company,first pref.
Preferred
(guar.)
1
June 11 Holders of rec. May 26a
13.4 Aug. 31 Holders of rec. Aug. 1
Southern Pacific Co. (guar.) (No. 31).._ _
1% July 1 Holders of rec. June la Republic Iron dc Steel, pf.(qu.)(No.47L. 134 July 1 Holders of rec. June 16a
Union Pacific, common (special)
SolarRefining
s3
June 20 May 26 to June 22a
5
July ls Mar 3 to
Mar. 22
Union Pacific, corn.(guar.)
Southern
Pipe
Line (guar.)
2
8
June 1 Holders of rec. May 15
July 1 [holders of rec. June la
South Penn Oil (guar.)
Street and Electric Railways.
3
June 30 [folders of rec. June 12
Extra
American Railways, Common (quar.)_ _ _ _ 75e. June 15
2
June 30 Holders of rec. June 12
Holders of rec. May 29a
Baton Rouge Electric Co., preferred
Power & Lt., pref. (guar.). 134 June 1 Holders of rec. May 260
3
June 1 Holders of rec. May 20a Southwestern
Standard Milling, corn.(No.3)
Cent. Arkansas By.& L. Corp.,pref.(qu.) 134 June 1
3
June 20 June 11 to June 21
Holders of rec. May 15a Standard 011 (California)
Chicago Elev. Rys., pref. panic. ctfs. (qu.)_ $1.50 June 1 Holders
(guar.)
234 June 15 Holders of rec. May 20a
of rec. May 28
Chippewa Valley Ry., L. & P., pf.(qu.)__ _
3
134 June 1 holders of rec. May 31a Standard 011 (Indiana) (guar.)
May 29 May 12 to
May 31
Extra
Columbus (0.) R.& Light
3
May 29 May 12 to
75c, May 25 Holders of rec. May 9
May 31
Detroit United By. (guar.)
Standard
011
(guar.)
(Kansas)
3
June 15 May 29 to June 15
14 June 1 Holders of rec. May 16a
El Paso Electric Co., com. (qu.)(No. 12)- Standard
(Nebraska)
10
June 20 Holders of rec. May 20a
231 June 15
of rec. June la Standard 011
Federal Light dc Tray., pf. (qua (No. 10) 134 June 1 Holders
Oil
N.
of
J.
(guar.)
5
June
15
[holders
of rec. May 20a
Holders of rec.
15a Standard Oil of N. Y.(guar.)
Manhattan Bridge 3-Cent Line (No. 2)_
2
June 15 Holders of rec. June in
14 June 1 Holders of rec. May
May 27
Norfolk Railway & Light
3
July 1 June 6 to June 24
3
June 10[holders of rec. May 31a Standard Oil (Ohio) (guar.)
Northern Ohio Trac. & Light, corn. (qu.)_ _
Extra
July 1 June 6 to June 24
3
131 June 15 Holders of rec. May 30a
Nor. Texas El. Co., corn. (qu.)(No.19)-134 June 1 Holders of rec. May 16a Studebaker Corporation, pref. (quar.)--134 June 1 Holders of rec. May 200
Pensacola Electric Co., pref. (No. 15)
_
3
14 June 1 Holders of rec. May 20a
June 1 Holders of rec. May 21a Tennessee Eastern Elec., pref. (guar.)
Underwood Typewriter, common (guar.) 1
Portland Ry.,L.& Pow.(qu.)(No. 14)_
1
July 1 Holders of rec. June 20a
June 1 Holders of rec. May 12
Tennessee Ry., Lt. & P., pf. (qu.)(No. 8)Preferred
((Mar.)
14 June 1 Holders
134 July 1 Holders of rec. June 20a
Union Stock Yards (Omaha) (guar.) _ _ _
Wa.sh'g'n (D.C.) By.& Elec., corn. (qu.) 134 June 1 May 16 of rec. May 21
ni May 31 May 22 to May 31
to May 17
United Cigar Mfrs., preferred (quar.)__ _
Preferred (guar.)
June 1 Holders of roe. May 22a
134 June I May 16 to May 17
Un. Cigar Stores of Am., pf. (qu.)(No. 7) 134
Trust Companies.
134 June 15 June 2 to June 15
Citizens, Brooklyn (guar.)
134 June 1 Holders of rec. May 21a
14 June 1 Holders of rec. May 20a United Dry Goods Cos., pref.(guar.)._
U. S. Gypsum, pref. (guar.)
Miscellaneous.
14 June 30 June 16 to June 30
Adams Express (guar.)
U. S. Printing of Ohio (guar.)
15-16
14 Julyy 29
1 June 21 to July 10
1
$1.50 June 1 May 19 to May 31
Amalgamated Copper (quar.)
14 May 25 Holders of rec. April 25a U. S. Steel Corp., corn. (guar.)(No. 42). 134 June 29 June 2 to June
American Cotton Oil, preferred
Preferred
(guar.)
(No.
52)
May 5 to May 15a
8
3
June
1
May
16
to
June
1
American Gas (quar.)
Improvement, com. (monthly)34 July 1 Holders of rec. June
ig June 1 Holders of rec. May 20 Utilities
Preferred (monthly)
American Power & Light, corn. (quar.)_ _
5a
1
June 1 [holders of rec. May 26a
334 July 1 Holders of rec. June 18
American Radiator. common (quar.)_ _ _ _
Waltham Watch, preferred (No. 18)
24 June 30 June 23 to June 30
June 1 [holders of rec. May
Am.Smelt. dr Ref.,corn.(qu.)(No.43).,.
White (J. G.) Engin'g, pref. (qu.) (No.5) 1
20
8
1
134 June 1 [holders of rec. May[
June 15 May 28 to June 5
Preferred (quar.) (No. 60)
White (J. G.) M'gem't Corp., Pf. (qu.) 134 June 1 May 16 to May 24
June 1 Holders of rec. May
American Steel Foundries (quar.)
0
1%
June 1 Apri130 to May 2
34 June 30 [folders of rec. June 13a Woolworth (F. W.). corn.(guar.)(No.8) 144
1
Amer. Sugar Refin.. com. & pref. (guar.) 134 July
Preferred
(quar.)
July
1 Holders of rec. June
2
Holders
of rec. June la
Amer. Teleg. & Cable (guar.)
134 June 1 Holders of rec. May 29a
American Tobacco, common (quar.)_ _
O Transfer books not closed for this dividend. S Less British income tax. d Cot
5
June 1 Holders of rec. May 15a
Amer. Window Glass preferred
reetIon. e Payable In stock. f Payable in common stock. g Payable In serip12
June 1 May 26 to May 31
Ansco Co.. common (guar.)
h On account of accumulated dividends. s A distribution of Delco. Sr Ohio stock to
24 July 1 June 20 to June 30
Associated Merchants,common (guar.).be made, viz., $12 par value of B. Sr 0, pref. and $22 50 par value 13. Sr 0. common
134 May 30 Holders of rec. May 21
Common, extra
for each share of Union Pacific common stock held, payment of said extra dividends,
34 May 30 Holders of rev. May 21
Baldwin Locomotive Works,common
1
July 1 Holders of rec. June 13a both cash and stock, being postponed from Apr. 1 to July 1 on account of litigation
Preferred
334 July 1 Holders of rec. June 13a I Declared 7% to holders of record June 1, payable 34% July 1 and 334% Nov. 1
Blackstone Vat. Gas & El., corn.(qu.)(No7) 2
u Transfer received in London on or before June 17 will be in time to be passed
June 1 Holders of rec. May 20a
Preferred (No.4)
3
June 1 [holders of rec. May 20a for payment of dividend to transferee.
Borden's Cond. Milk, pref.(mt.)(No.50) 14 June
15
June
6
to
June
15
British-Amer. Tobacco, ordinary (interim)
66 June 3 OSee note (u).
Brooklyn Union Gas (guar.)
14 July 1 Holders of rec. June 13
Extra
Auction Sales.—Among other securities, the following,
1
July I [holders of rec. June 13
Buckeye Pipe Line (quar,)
4 June 20 Holders of rec. June 3
not usually dealt in at the Stock Exchange, were recently sold
Butterick Company (guar.)
54
June
I
Holders
of
rec.
May
20a
at auction in New York, Boston and Philadelphia:
Calumet ,t !recta Mining (guar.)
$5
June 20 Holders of rec. May 22
Canadian Car & Foundry. Ltd.. common 2
By Messrs. Adrian H. Muller & Sons, New York:
June 2 Holders of rec. May Ila
Cent. Miss. Valley Elec. Prop., pf. (qu.) 81.50 June
1
Holders
rec.
of
May
20a
Shares.
Per Cent. Bonds,
Chesebrough Mfg. Consolidated (quar.)_ _ _ _
Per Cent.
6
June 19 June 6 to June 19
3 Harlem Ind. Hygeia Ice Co-- 1193-4 85,000 Dot. Jack. Sr Chic.
Extra
4
fly, cons.
June 19 June 6 to June 19
13 E. W. Bliss Co., com
89
Cities Service Co., corn. & pref. (monthly).
30-yr. 58, 1937: F. Sr A
834
4
June
1
Holders
of
rec.
May
15a
30 N. Y. Plate Glass Ins. Co.._ _310
Cities Service, com. & pref. (monthly)--- $2,000 Interstate Elec. Corp. 1st
35 July 1 Holders of rec. June 15a 4,500 Continuous Rail-Joint
Co. of
Cleveland & Sandusky Brew.. pref.(qua
coll. s. f. 65, 1933: M.& S
7434
1
June 15 Holders of rec. May 30a
Gt. Britain, Ltd., £1 ea.$250 lot
Colorado Power, pref. (guar.)
IX June 15 Holders of rec. May 31
Columbus Gas & Fuel,common (quar.)_.
I
June 1 Holders of rec. May 15
By Messrs. B. L. Day & Co., Boston:
Connecticut Power, pref. (qu.)(No. 5)
134 June 1 Holders of rec. May 20a
Shares.
Connecticut River Power,common
$ Per sh. Shares.
134 July 1 June 24 to June 30
Id per sh.
6 Nat. Shawmut Bank
Preferred
205-209
2 Central Vermont By
3
9
June 1 May 24 to May 31
25 Nat. Union Bank
Consolidated Gas (guar.)
203-205 29 Farley Paper Co., $500 ea.$1,200 lot
14 June 15 Holders of roe. May 13a
13 Naumkeag S. Cotton Co
Continental 011 (guar.)
172
1
Municipal
R.
Trust
E.
flat
3
99
June 16 May 28
to
June
16
le Pepperell Mfg. Co
Crescent Pipe Line (quar.)
301
3964 Shawmut Realty Co., com_ 25 al
$1.25 June 15 May 21 to June 15
Crex Carpet
32 Bigelow Carpet Co
6 Greenfield Elec. L. Sr P. Co__ _145 A
18034
3
June 15 [holders of rec. May 29
Cuba Company, common
134 July 1 Holders of rec. June la
By Messrs. Francis Henshaw & Co., Boston:
Cuban-American Sugar, pref. (quar.),._
134 July 1 Holders of rec. June 16a
Deere & Co., preferred (guar.)
$ per sh. Shares.
134 June 1 Holders of rec. May 154 Shares.
$ per sh,
Diamond Match (gear.)
14 June 15 Holders of rec May 304 15 Nat. Shawmut Bank
208
3 Saco Lowell Shops,common_ _ - _116
3 Warnsutta Mills, N. Bedford _ _ _120
16 Wendel Screen Mfg. Co
25
N.
DETAILED RETURNS OF TRUST COMPANIES.
By Messrs. Barnes & Lofland, Philadelphia,:
Shares.
$ per sh.
66 Insur. Co.of No. Amer.,$10 ea, 223.
5 United Electric Co
100 American Alkali Co
1151 lot
100 Gregor Mfg. Co
16 Farmers' & Mech. Nat. Bank_ 135
13 Germantown Ave. Bank, $50
50-70
each
14 Manufacturers' Nat. Bank..__ A31 •
13 Franklin Trust Co., $50"each_ _ 54
2 Guarantee Tr. & S. D. Co_ _ _ _160
46
5 People's Trust Co., $50 each
85
1 Real Est. Trust Co., pref
4 Fire Asso'n. of Phil., $50 each_345
46 Mechanics' Ins. Co., $25 each. 463
12
15 Scranton Life Ins. Co
245
2 13th & 15th Sts. Pass. Ry
5 Frank. St So'wark Pass. Ry_ __MOM
Shares.
$ per sh.
6 John B. Stetson Co., corn..._373-374
25 N. J. Consol. Gas Co., corn... 5
5 Bergner & Engel Brew., pref._ 004
2 Bergner & Engel Brew., corn._ 44
100
20 Amer.-Dredging Co
5 Union Transfer Co., $25 each 46
10 J. G. Brill Co., prof
10114
83
3 Keystone Watch Case Co
Per Cent.
Bonds.
$5,000 N.J. Gas co. 1st 5s, 1940._ 75
$1,000 Spring.'Cons. Wat. Co. 55,
75
1958
$1,000 No.Spring.Wat.Co. 55, 1928 90X
$1,000 Schuylkill Co. Lt. & Fuel
80
1st 5s, 1933
$2,000 City of Philadelphia 3s, 1918 ssm
By Messrs. Samuel T. Freeman & Co., Philadelphia:
.
$ per sh.
h Shares.
Shares.
401i 5 John B. Stetson Co., common__ _374
2 Belmont Trust Co., par $50
2 Mt. Holly Lumberton Sr Medford
Per Cent.
Bonds.
60
RR., par $50
$1,000 No.Spring. Wat.55, 1928._ 9014
70
3 Reliance Ins. Co. tr. ctfs
Canadian Bank Clearings.Clearings.—The clearings for the week
ending May 16 at Canadian cities, in comparison with the
same week of 1913, shows a decrease in the aggregate of
7.4%.
Week ending May 16.
Clearings at—
Canada—
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Calgary
Victoria
Quebec
Hamilton
Edmonton
Halifax
St. John
London
Regina
Saskatoon
Moose Jaw
Lethbridge
Brandon
Brantford
Fort William
New Westminster
Medicine Hat
1914.
1913.
Inc. or
Dec.
3
54,876,377
42,838,273
26,264,390
8,743,523
3,555,456
3,481,008
2,562,723
3,035,958
3,163,711
3,389,353
1,900,149
1,495,321
1,820,250
1,740,219
1,134,400
873,396
357,657
421,322
1,280,927
818,910
432,600
377,702
56,576,475
43,646,141
28,977,789
11,591,930
3,453,467
4,088,261
3,484,704
3,102,401
3,450,198
4,502,738
1,720,426
1,470,591
1,967,615
2,177,154
2,254,127
1,132,955
442,034
629,697
660,321
918,395
612,032
860,033
—3.0
—1.8
—9.4
—24.6
+3.0
—14.9
—26.5
—2.2
—8.3
—24.7
+10.5
+1.7
—7.5
—20.1
—49.7
—22.9
—19.2
—33.0
+94.0
—10.9
—29.3
—56.1
164,563,625 177,719,484
Total Canada
1912.
57,520,897
49,000,000
29,925,066
12,192,531
5,456,376
5,590,950
3,612,457
2,481,569
3,195,797
4,279,473
1,887,857
1,717,657
1,572,920
2,153,508
2,561,360
1,116,107
630,546
779,020
618,423
937,947
1911
46,764,171
37,107,396
23,028,418
10,222,265
4,191,293
3,806,946
2,704,240
2,724,411
2,532,290
1,907,911
1,747,441
1,842,266
1,525,723
1,441,416
1,201,219
706,260
499,739
498,395
459,270
—7.4 187,230,461 144,910,070
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 16. 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.:
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.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
1585
THE CHRONICLE
MAY 23 1914.]
Capital. Surplus.
Loans.
Average.
Specie. Legals. Net Depos- ReAverage. Average. its, Aver. serve
Trust Cos.
00s omitted.
Net
On Dep.
Surplus. Loans. Specie. Legals. withC.H. Deposits. Reserve.
Average. Average. Average. Banks. Average.
$
3,741,5 25,438,0 2,019,0
Brooklyn
14,801,0 128,818,0 15,314,0
Bankers
U.S.Mtg.&T. 4,412,0 40,174,0 3,850,0
1,349,9 21,532,0 2,146,0
Astor
Tit. Gu.& Tr_ 11,736,1 33,355,0 2,804,0
24,266,5 184,413,0 17,168,0
Guaranty
1,352,4 7,466,0
661,0
Fidelity
Lawyers T.I&T 5,544,3 16,384,0 1,305,0
Col.-Kntcker. 7,351,6 49,320,0 5,496,0
1,572,6 16,148,0 1,901,0
Peoples
New York_ _ _ _ 12,020,0 44,804,0 4,071,0
1,228,4 10,181,0
935,0
Franklin
547,5 10,501,0 1.2i9,0
Lincoln
Metropolitan _ 6,794,3 27,380,0 2,726,0
838,9 13,396,0 1,336,0
Broadway
$
872,0 3,910,0
265,0 24,591,0
684,0 6,891,0
44,0 2,304,0
532,0 5,788,0
986,0 30,075,0
242,0
930,0
665,0 1,425,0
480,0 4,474,0
392,0 2,513,0
418,0 9,726,0
128,0 1,840,0
240,0 1,155,0
96,0 3,348,0
667,0 2,018,0
19,733,0 14.6+ 16.5
103,697,0 15.0+19.1
30,217,0 15.0+18.1
14,902,0 14.6+13.0
21,610,0 15.4+20.9
118,369,0 15.3+20.2
5,779,0 15.6+12.0
12,689,0 15.5+10.0
39,926,0 15.0+10.9
15,241,0 15.0+13.9
28,578,0 15.7+25.3
6,595,0 16.1+20.5
9,309,0 15.6+11.0
18,868,0 15.0+11.0
13,102,0 15.2+13.3
Totals ,average 97,557,0 629,310,0 62,951,0 6,711,0 99,988,0 458,615,0 15.1+17.8
Actual figures May 16 638,420,0 62,642,0 7,255,0 97,254,0 466,416.0 14.9+17.2
The capital of the trust compan es is as follows: Brooklyn, $1,500,000: Bankers,
$10,000,000: United States Mortgage & Trust. $2,000,000: Astor, $1,260,000; Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000: Fidelity, $1,000,000:
Lawyers'Title Insurance & Trust,$4,000,000; Columbia-Knickerbocker, $2,000,000;
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000: Lincoln, $1,000,000; Metropolitan. $2,000,000; Broadway. $1,500,000; total, $46,250,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
• Week
Capital. Surplus.
ending
May 16.
Loans.
Specie.
On Dep.
Legal with CR.
Net
Tenders.
Deposits.
Averages.
$
1,604,155,0
Banks_ _ _ 131,550,0 212,305,3 1,510,088,0 371,560,0 68,790,0
Trust cos_ 46,250,0 97,557,0 629,310,0 62,951,0 6,711,0 99,988,0 458,615,0
Total_ _ 177,800,0309,862,3 2,139,398,0 434,511,0 75,501,0 99,988,0 2,062,770,0
Actual.
1,511,271,0 370,694,0 71,320,0
Banks_
1,608,970,0
638,420,0 62,642,0 7,255,0 97,254,0 466,416,0
Trust cos_
Total___
2,149,691,0 433,336,0 78,575,0 97,254,0 2,075,386,0
Last week (May 16),for the first time, the returns showing
condition of State banking institutions, furnished weekly
by the State Banking Department, were made up under the
provisions of the new State banking law, which went into effect April 16. Tile cash items formerly reported as (1)
"Specie" and (2) "Legal tenders and bank notes" are now
replaced by (1)"Gold" and (2)"Currency and bank notes";
"Deposits" now include exchanges for the Clearing-House,
which were formerly deducted in stating this item. In the
case of trust companies having an office in Manhattan, the
figures for which constitute a large proportion of the total
for Greater New York, the "Reserve on deposits" formerly
included only the cash reserve (specie and. legal tenders)
held in the vaults of the company. Under the new law,
these trust companies may,in stating "Reserve on deposits,"
include money on deposit with reserve depositaries in addition to the cash in vault. The State banks and the trust
companies with no office in Manhattan Borough have always included in their total reserve against deposits a certain
proportion allowed by law to be kept on deposit with other
institutions. This item uf "reserve on deposit" in the case
of the trust companies in Greater New York amounted to
$138,133,300, or 17.1%, on May 9, while on May 16 it was
reported as $317,555,500, or 31.7%, the increase representing reserve on deposit with reserve depositaries which was
not formerly included.
The returns by the State Banking Department cover all
the State banks and trust companies 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 the following:
The reserve requirements of the new law, as well as those
formerly in force, were shown in the "Chronicle" of March 28
1914, on page 968. Because of these changes, no comparison
is made with the figures for the preceding week. For definitions and rules under which the various items are made up,
see "Chronicle", V. 86, p. 316; V. 98, p. 968, 1045.
$
$
$
$
$
$
%
775,0 25,094,0 25.1
2,000,0 4,325,4 25,854,0 5,589,0
__
New
Manhattan
York..-Co 2,050,0 4,914,6 39,330,0 11,943,0 1,868,0 47,900,0 28./
Merchants'...... 2,000,0 2,190,0 22,578,0 4,482,0 1,502,0 23,281,0 25.1
6,000,0 8,854,2 63,046,0 12,762,0 2,699,0 61,784,0 25.(
Mech. & Met_
1,500,0 6,323,2 25,791,0 4,209,0 1,692,0 24,701,0 23.1
America
25,000,0 33,141,8 206,533,0 67,099,0 8,742,0 225,883,0 33.1
City
3,000,0 7,715,5 29,965,0 3,939,0 3,051,0 26,759,0 26.1
Chemical
8,582,0 1,824,0
254,0
751,5
8,304,0 25.(
Merchants'Ex. 1,000,0
360,0
1,959,0
66,0
114,5
2,004,0 21.2
300,0
Butch.&Drov.
190,0 11,341,0 25.0
500,0 1,133,8 10,071,0 2,635,0
Greenwich
Amer. Exch.- 5,000,0 4,759,8 50,550,0 10,779,0 2,466,0 52,303,0 25.1
25,000,0 16,939,5 142,511,0 29,036,0 7,714,0 128,621,0 28.1
Commerce
727,0
5,004,0
768,0
4,826,0 30.9
500,0 1,007,2
Pacific
2,250,0 1,404,0 21,873,0 4,003,0 1,648,0 22,874,0 24.7
Chat. & Phen_
STATE BANKS AND TRUST COMPANIES.
436,0
1,937,0
147,0
464,3
2,213,0 26.3
200,0
People's
85,445,0
25,715,0
1,422,0
99,827,0 27.1
3,000,0 15,003,1
Hanover
612,0 23,559,0 25.7
Stale Banks.
Trust Cos.
State Banks.
7'rust Cos.
Citizens' Cent. 2,550,0 2,444,5 23,948,0 5,443,0
9,298,0 1,531,0
906,0
in
in
outside of
outside q
Week ended Moy 16.
9,290,0 26.2
1,000,0 1,962,4
Market & Ful_
244,0 10,991,0 26.0
Greater N. F. Greater N. F. Greater N. F. Greater N. P.
2,000,0 1,868,9 11,109,0 2,678,0
Metropolitan _
CornExchange 3,500,0 6,868,2 68,039,0 18,440,0 2,387,0 81,267,0 26.5
Imp.&Traders' 1,500,0 7,851,7 27,781,0 4,410,0 2,385,0 25,740,0 25.6
23,137,400
67,900,000
10,588,000
10,750,000
5,000,0 14,490,9 97,886,0 23,382,0 2,791,0 103,306,0 25.4 Capital as of March 2__ _
Park
436,0
113,0
1,558,0
57,8
1,930,0 28.3
250,0
East River_
39,457,000 164,517,300
14,063,889
13,006,407
3,000,0 3,676,9 27,554,0 6,160,0 2,380,0 32,805,0 26.0 Surplus as of March 2___
Fourth
132,0
3,106,0
12,691,0 25.5
1,000,0 2,846,0 13,923,0
Second
10,000,0 23,374,8 127,300,0 28,907,0 1,305,0 121,366,0 24.8 Loans and investments_ _ 325,819,700 1,118,523,500 129,728,300 183,238,700
First
Change from last week.
4,000,0 3,528,0 49,065,0 11,331,0 2,568,0 53,664,0 25.9
Irving
71,0
787,0
3,218,0
790,3
3,485,0 24.6
250,0
Bowery
815,0
9,516,0 25.6 Gold
8,954,0 1,630,0
54,649,000 103,881,700
500,0 1,922,2
N.Y.County_
210,0
844,0
4,198,0 25.1
4,341,0
Change from last week
750,0
689,7
German-Amer.
5,000,0 10,153,3 106,217,0 34,390,0 6,057,0 131,582,0 30.7
Chase
30,551,000
17,719,400
100,0 2,241,9 13,597,0 2,826,0 1,079,0 15,279,0 25.5 Currency and bank notes
Fifth Avenue_
411,0
564,0
822,5
3,349,0
200,0
Change from last week_
4,007,0 25.0
German Exch.
251,0
200,0 1,040,9
4,776,0 1,173,0
5,504,0 25.9
Germania
946,0 15,927,0 25.4 Deposits
430,821,500 1,306,028,200 138,020,900 196,011,200
1,000,0 1,766,8 15,484,0 3,105,0
Lincoln
273,0 10,047,0 25.6
9,636,0 2,308,0
1,000,0 1,296,0
Change from last week_
Garfield
911,0
241,0
250,0
500,6
3,855,0
4,244,0 27.1
Fifth
23,837,900
111,756,800 317,555,500
27,311,900
1,000,0 2,229,0 13,159,0 2,273,0 1,054,0 ' 13,280,0 25.0 Reserve on deposits
Metropolis
307,0
934,0
3,950,0
915,4
4,903,0 25.2
Change from last week
200,0
West Side
1,000,0 2,616,1 27,714,0 6,649,0 1,781,0 32,602,0 25.8
Seaboard
877,0 31;157,0 24;7 P. C. reserve to deposits_
31.0%
16.1%
18.7%
31.7%
1,000,0 2,828,0 27,745,0 6,834,0
Liberty
395,0 11,648,0 25.1 / Percentage last week
30.3%
17.1%
16.3%
955,0 10,088,0 -2,534,0
19.9%
N.Y.Prod.Et. 1,000,0
401.0 24,164,0 25.0
425,6 18,692,0 5,629,0
1,000,0
State
348,5 11,525,0 1,872,0 1,458,0 13,647,0 24.4
1,000,0
security
+ Increase over last week. — Decrease from last week.
6,960,0 1,034,0 • 745,0
7,085,0 25.1
578,5
1,000,0
Coal & Iron._
350,0 10,349,0 25.4
The Banking Department also undertakes to present
1,000,0 1,001,0 10,104,0 2,279,0
Union Exch__
1,632,0
202,0
8,184,0
1,171,5
7,207,0 25.4 separate figures indicating the totals for the State banks and.
1,000,0
gassau, Bklyn
--- —
rotals,average 131,550,0 212,305,3 1510,088,0 371,560,0 68,790,0 1604,155,0 27.4 trust companies in the Greater New York, not in the Clearing-House. The results for last week (May 16) were calculated
1511,271,0 370,694,0 71,320,0 1608.970.0 27.4
Actual figures May 16_
with reference to the requirements of the new State banking
Circulation—On the basis of averages, circulation of national banks in the Clearing
law, which went into effect April 16. The items reported,
House amounted to $41,667,000 and according to actual figures was $42,011,000.
•
1586
THE CHRONICLE
[VOL.
a Includes Government deposits and the item "due to other banks." At Boston
excepting that entitled "Reserve on deposits" (and the subdeposits amounted to $1,682,000 on May 16, against $1,682,000 on
sidiary item "Money on deposit with other banks and trust Government
May 9.
* "Deposits" now include the item "Exchanges for Clearing House," which were
companies"), practically correspond with those for which
weekly figures had previously been furnished, and we have reported on May 16 as $12,778,000.
therefore indicated the changes from the preceding week the
Reports of Clearing Non-Member Banks.-The following
same as heretofore. The change in the method of computing is the statement of condition of the clearing non-member banks
"Reserve on deposits", explained in the introduction to the for the week ending May 16, based on average daily results:
preceding table, accounts for the increase of $77,020,900 in
We omit two ciphers (00) in all these figures.
total reserve of State banks and trust companies not in the
Loans,
Clearing House, and also for the advance from 1.73% to
Legal
On
Disets
Tender Deposit
19.18% in the percentage of reserve of trust companies on
SurCapiBanks.
and
Specie, and
with
Net
tat,
plus.
Investdeposit with banks.
Bank
C.-H. Deposits.
meats.
Notes. Banks,
In the following table is shown the results (both actual and
average) for the Clearing-House banks and trust companies,
New York City.
$
$
$
$
$
$
$
Manhattan and Bronx.
and for the State banks and trust companies not in the Clear- Washington
Heights_ 100,0
369,8 1,624,0 113,0
89,0
416,0 1,286,0
ing House as furnished by the Department. In addition, Battery Park Nat__ _ 200,0 118,5 1,765,0 362,0
54,0
226,0 1,975,0
501,9 6,342,0 633,0 470,0
500,0
881,0 6,527,0
we have combined.each corresponding item in the two state- Century
712,9 7,184,0 646,0 725,0 1,150,0 7,394,0
400,0
ments, thus affording.an aggregate for the whole of the banks Colonial
Columbia
697,0 6,202,0 687,0 575,0
883,0 7,399,0
300,0
11,0 124,0
Fidelity
134,0 1,122,0
189,8 1,168,0
200,0
and trust companies m the Greater New York.
Mutual
801,0 5,572,0
491,4 5,450,0 539,0 366,0
200,0
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear.-1101186 State Banks and Total of all
Week ended May 16Members.
Members. Trust Cos. Not Banks & Trust
ActualFigures
Average. in C.-H. Aver. Cos. Average.
National
March
State
Surplus
March
banks}
4 and
banks
2_
$
177,800,000
$
177,800,000
309,862,300
309,862,300
73,378,300 383,240,600
Loans and investments_ _ 2,149,691,000 2,139,398,000
Change from last week +22,723,000 +21,452,000
568,711,8002,708,109,800
+986,000 +22,438,000
Capital
_.4
$
S
28,837,400 206,637,400
Deposits
2,075,386,000 2,062,770,000 a586,755,0002,649,525,000
Change from last week +26,933,000 +28,592,000
+1,244,800 +29,836,800
Specie
Change from last week
433,336,000
+848,000
434,511,000
+5,290,000
c53,946,800 488,457,800
-3,210,100 +2,079,900
Legal-tenders
Change from last week
78,575,000
+2,631,000
75,501,000
+1,733,000
b10,866,300
+2,391,600
Banks: cash in vault__ _ _
Ratio to deposits
442,014,000
27.47%
440,350,000
27.45%
Trust cos.. cash in vault_
69,897,000
69,662,00#
Aggr'te money holdings_
Change from last week
511,911,000
+3,479,000
5(0,012,000
+7,023,000
86,367,300
+4,124,600
12,402,000 452,752,000
12.80%
52,411,100
97,254,000
-6,376,000
99,988,000
+183,000
103,607,100 203,595,100
+77,839,400 +78,022,400
Total reserve
Change from last week
609,165,000
-2,897,000
610,000,00
+7,206,000
168,420,200 778,420,200
+77,020,900 +84,226,900
Surplus CASH reserveBanks (above 25%)-_ _
Trust cos.(above 15%)
39,771,500
def. 65,400
39,311,250
869,750
Total
Change from last wee
39,706,100
-1,977,550
40,181,00 i
+205,900
3,582,0
1,952,0
5,100,0
731,0 3,154,0
41,0
093,0 5,012,0
85,0
583,0 2,978,0 11,241,0
945,0 4,498,0
109,0
378,0 2,940,0
215,0
240,0 4,793,0
475,0
63,0
627,0
148,0
2,827.0
1,698,0
1,488,0
527,0
590,0
1,671,0
1,497,0
50,0
55,0
Imports and Exports for the Week.-The following are
the imports at New York for the week ending May 16; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK
1914.
For Week.
Dry goods
General merchandise
Total
Since Jan. 1.
Dry goods
General merchandise
$3,333,211
14,065,757
1913.
$2,299,362
14,482,399
1912.
1911
$2,978,985
16,771,680
$2,102,129
14,253,891
$17,399,048 $16,781,761 $19,750,665 $16,356,020
$75,603,227 $61,417,266 $57,981,245 $57,638,123
330,603,018 334,275,518 341,195,589 283,666,078
$406,206,245 $395,692,784 $399,176,834 $341,304,201
Total 20 weeks
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending May 16 and from Jan. 1 to date:
COS,--
Total
149,0
298,0
760,0
117,0
107,0
323,0
5,847,0 10,665,4 84,161,0 8,078,0 4,539,0 18,735,0 77,035,0
5,847,0 10,665,4 84,114,0 8,446,0 4,100,0 18,775,0 77,618,0
5,847,0 10,665,4 84,354,0 8,468,0 3,944,0 16,327,0 78,461,0
Totals May 16
Totals May 0..
Totals May 2
122,073,100
64,813,100 574,825,100
-818,500 +6,204,500
Money on deposit with
other bks. & trust cos_
Change from last week
% of cash reserves of tru It
Cash in vault
Cash on dep. with bks
New Netherland
329,8 3,407,0 451,0
200,0
Twenty-third Ward
200,0
108,9 1,810,0 208,0
Yorkville
100,0
525,5 4,725,0 453,0
Brooklyn.
First National
300,0
686,4 3,814,0 376,0
Manufacturers' Nat
252,0
966,3 5,627,0 634,0
Mechanics'
1,000,0
527,5 9,471,0 1,166,0
National City
300,0
590,2 4,564,0 551,0
North Side
200,0
190,3 2,838,0 186,0
Jersey City.
400,0 1,404,8 4,038,0 276,0
First National
Hudson County Nat_ 250,0
832,4 3,152,0 195,0
200,0
445,2 2,369,0 106,0
Third National
Hoboken.
684,7 4,796,0 285,0
220,0
First National
125,0
292,1 3,815,0 200,0
Second National
14.98%
17.25%
15.18%
17.89%
11.807
19.187:
32.23%
33.07%
30.98%
EXPORTS FROM NEW YORK.
1914.
+ Increase over last week. -Decrease from last week.
a These are tho deposits after eliminating the item "Due from reserve depositories
and from other banks and trust companies in New York City and exchanges"; with
this item included, deposits amounted to $686,310,000, an increase of $4,885,500
over last week. In the case of the Clearing-House members, the deposits are "legal
net deposits" both for the average and the actual figures. b Currency and bank
notes. c Gold.
1912.
1913.
1911.
For the week
Previously reported
$15,353,210 $18,344,757 $15,914,468 $15,370,511
• 369,860,372 304,080,360 318,508,580 289,933,430
Total 20 weeks
$385,213,582 $382,425,117 $334,423,048 $305,303,941
The following table shows the exports and imports of
specie at the port of New York for the week ending May 16
and since Jan. 1 1914, and for the corresponding periods in
The averages of the New York City Clearing-House banks 1913 and 1912:
and trust companies, combined with those for the State banks
EXPORTS AND IMPORTS OF SPECIE_ AT NEW YORK
and trust companies in Greater New York City outside of the
Exports.
Imports.
Clearing House, compare as follows for a series of weeks past.
Gold.
COMIHNED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We emit it00 ciphers in all these figures.
Loans and
Week Ended- Investments
Mar.
Mar.
Mar.
April
April
April
April
May
May
May
14____
21____
28____
4_ -11____
18__._
25..___
216_
2,612,165,4
2,608,857,7
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
2,708,109,8
Deposits.
Specie.
Legal..
Tog Woney Entire Iles
Holdings. onneposit
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
2,649,525,0
452.059,1
458,571.5
460,028,5
462,991,8
467,091,2
470,768,1
475,387,4
485,471,7
486,377,9
488,457,8
$
82;187,2
81,249,5
83,884,2
80,807,1
78,148,1
81.753.0
83,791,4
81,680,0
82,242,7
86,367,3
534,246,3
539.821,0
543,912,7
543,798,9
545,239,3
552,521,1
559,178,8
567,051,7
568,620,6
574,825,1
631,828.7
642,291,0
653,053,3
653.803,5
659,391.3
661,403.0
669,238,6
683,732,8
694,193,3
778,420,2
Boston and Philadelphia Banks.-Below is a summary
of the weekly totals of the Clearing House banks of Boston
and Philadelphia:
We omit two ciphers (00) in all hese figures.
Banks.
Capttal
unit
Surplus.
Loans
Specie.
Boston.
$
Mar. 28.. 60,735,0 226.138,0 26,841,0
April 4_ 60,735,0 230,411,0 25,538,0
April 11_ 60,735,0 231,484,0 26,324,0
April 18. 60,735,0 234,196,0 27,363,0
April 25.. 60.735,0 234,936,0 28,602,0
May 2- 60,735,0 232,709.0 29,356,0
May 9. 60,735,0 229,808,0 30,465,0
May16_ 60,735,0 235,264,0 32,818,0
Mar.
April
April
April
April
May
May
May
28_
4
1118_
25_
2..
9_
16_
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
401,949,0
403,746,0
404,526,0
402,189,0
403,539,0
403,078,0
402,724,0
402,468,0
Leuals. Deposits,
a
$
3,519,0
3,682,0
3,939,0
4,154,0
4,185,0
4,239,0
4,122,0
4,044,0
103.429,0
105,978,0
105,904,0
111,713,0
111,062,0
107,298,0
108,851,0
110,315,0
Circulation.
Clearings
$
266,713,0
277,344,0
279,052,0
295,600,0
291,214,0
285,032,0
284,919,0
306,156,0
$
10,042.0
10,073,0
10,093,0
10,124,0
10,076,0
10,090,0
10,088,0
10,067,0
146,724,0
191,773,3
153,991,1
174,783,5
154,898,4
157,135,2
142,441,2
181,391,9
*449,851,0
*460,387,0
*465,330,0
*468.615,0
*461.691,0
*460,542,0
*460,581,0
464,364,0
11,411,0
11,418,0
11,421,0
11,453,0
11,503,0
11,514,0
11,594,0
11,592,0
142,424,3
191,212,0
155,434,7
177,845.5
150.400,3
160,662,2
151,374,6
147,764,4
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since Jan. 1
$2,383
$3,031,366 $20,098,979
1,018,913 1,018,913
804,173
1,105,120
328,112
14,650
133,400
$4,004,929 $23,488,697
4,038,366 57,631,005
1,600 21,216,137
Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
5,017
10,000
26,448
20,289
Since Jae 1
$17,258
87,346
952
904,838
733,298
1,426,040
700,792
$64,137 $3,870,524
336,836 6,629,702
387,587 8,217,077
$746,142 $12,134,146
118,103 1,969,041
$17
190,019
89,696
1,124,900
200
1,865
30,000
52,890
8,708
$864,245 $15,508,002
401,730 20,246,235
856,845 19,503,132
Total 1914
Total 1913
Total 1912
Week.
$9,305
7,774
17,917
19,922
2,204,217
1,029,663
637,262
$93,480 $3,926,060
107,211 3,696,432
494,916 4,624,568
Of the above imports for the week in 1914, $4,550 were
American gold coin and $23 American silver coin.
Vaulting awl Filmuriat.
Municipal Bonds
Ask us to send you Circular No. 615 describing Canadian
and American Municipal Bonds.
Spencer Trask & Co.
PLACE-NEW YORK
Albany
43 EXCI-IANGE
Boston
Chicago
Vanhas'
azetk.
Wall Street, Friday Night, May 22 1914.
and Financial Situation.-The
Market
Money
The
usual annual reports of serious and irreparable damage to
the growing wheat crop have been sent out, perhaps somewhat
earlier than usual, and more promptly than usual have been
declared false and misleading. They were received in Wall
Street at their true value, however, the Street having long
ago learned the nature and object of such reports.
The Government statement of foreign trade for April,
showing an enormous shrinkage in the exports of agricultural
and other products, was quite unexpected. The amount
of exports is shown to be $37,000,000 less than in April last
year, and leaves a balance against us of over $10,000,000.
depressThe report may easily have added somewhat to the
ing influences of the week, and plainly enough is one of the
price
reasons why foreign exchange is selling at the highest
continued,
in recent years. Gold exports have, of course,
$4,000,000 having been shipped to Paris this week.
The Mexican situation is, if possible, more enigmatical
than ever, but news thereof is not more eagerly sought or
more seriously regarded that of late.
Railway matters continue to be of very great if not paramount interest, and this general interest has been heightened
this week by newspaper reports of the Inter-State Commerce
Commission's inquiry into the affairs of an important railway
system and traffic reports of other lines. The latter are generally what might be expected, with so large a number of
cars as are now known to be out of use, but in the case of the
Baltimore & Ohio and Kansas City Southern are almost
unique in showing an increase of net earnings amounting to
$853,000 and $58,000, respectively. In the first-mentioned
however, the increase is almost wholly the result of reduced
maintenance charges and suggests the question how long such
a reduction may be kept up without serious impairment.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1 3'©2%. Friday's rates on call were 1%@2%.
Commercial paper on Friday quoted 3@4% for sixty to
ninety-day endorsements and prime four to six months'
single names and 43-@.4%% for good single names.
The Bank of England weekly statement on Thursday
showed an increase of '140,183 and the percentage of reserve
to liabilities was 43.60, against 44.51 the week before. The
rate of discount remains unchanged at 3%, as fixed Jan. 29.
The Bank of France shows an increase of 25,713,000 francs
gold and 4,104,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1914.
Averages for
week ending
May 16.
Differences
from
previous week.
1913.
Averages for
week ending
May 17.
1912.
Averages for
week ending
May 18.
s
8
$
$
133,650,000 131,150,000
131,550,000
Capital
206,866,000 195,115,700
212,305,300
Surplus
Loans and discounts- __ 1,510,088,000 Inc. 12,648,000 1,324,919,000 1,375,207,000
47,360,000
46,880,000
55,000
41,667,000 Inc.
Circulation
1,604,155,000 Inc. 25,283,000 1,323,701,000 1,413,862,000
Net deposits
371,580,000 Inc. 9,416,000 276,279,000 292,873,000
Specie
77,381,000
75,429,000
68,790,000 Inc. 2,027,000
Legal-tenders
Reserve held
25% of deposits
Surplus reserve
440,350,000 Inc. 11,443,000
401,038,750 Inc. 6,320,750
351,708,000
330,925,250
370,254,000
353,485,500
39,311,250 Inc. 5,122,250
20.782.750
16.788.506
Note.-The Clearing House now issues a statement weekly, showing the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department giving the condition of State
banks and trust companies not reporting to the Clearing-House,appear on the second
page preceding.
Foreign Exchange.-Sterling exchange ruled strong
throughout the week, in sympathy with the firmness of
money and discounts in London. Additional engagements
of $4,000,000 in gold were announced for export, $2,500,000
being in coin and the remainder in bars.
To-day's (Friday's) actual rates for sterling exchange were 4 8585@4 86
for sixty days, 4 8550©4 8860 for cheques and 4 880004 89 for cables.
Commercial on banks 4 84@4 85% and documents for payment 4 850
4 86%. Cotton for payment 4 85@4 85% and grain for payment
4 86%©4 86% •
The posted rates for sterling, as quoted by a representative house, advanced %c. on Tuesday to 4 86% for 60 days and 4 89 for sight, and continued at these figures for the remainder of the week.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 17%
leas 1-1605 173 less 1-32 for long and 5 15%05 15 less 3-32 for short.
Germany bankers' marks were 94 15-16(05 less 1-32 for long and 05 5-16
©95% less 1-32 for short. Amsterdam bankers' guilders were 40 26©
40 28 for short.
Exchange at Paris on London, 25f. 193-ac.; week's range, 25f. 20c. high
and 25f. 18%c. low.
Exchange at Berlin on London, 20m. 50c.; week's range, 20m. 515(c.
high and 20m. 49c. low.
The range for foreign exchange for the week follows:
Sixty Days.
Chegues.
Cables.
Sterling, Actual4 8910
4 8865
High for the week__ _4 86
4 8855
8535
___4
week_
4 8820
the
for
Low
Paris Bankers' Francs
High for the week__ _5 173-a less 1-16 5 15% plus 1-32 5 15 plus 1-64
5 15% loss 1-32 5 15 less 3-64
Low for the week_ _ _ _5 18%
Germany Bankers' Marks95 5-16 plus 1-32
95% Plus 1-32
High for the week__ _ 95
95 5-16 less 1-32
95% less 1434
Low for the week__ __ 94 15-16
Amsterdam Bankers' Guilders40% less 1-16
High for the week__ _40 1-16 plus 1-16 40 5-16
40y, plus 1-16 405-16
Low for the week__ __40 1-16
Domestic Exchange.-Chicago, 25c. per $1,000 premium. Boston,
par. St. Louis, 20c. per $1,000 premium bid and 30c. premium asked.
San Francisco, 20c. per $1,000 premium. Montreal, 463/8c. per $1,000
Cincinnati 25c. per
discount. Minneapolis, 60c. per $1,000 premium.
$1,000 premium.
1587
THE CHRONICLE
MAY 23 1914.]
State and Railway Bonds.-Sales of State bonds at the
Board include $40,000 New York 43's, at 109,$32,000 N. Y.
Canal 43/2s, at 109, $5,000 N. Y. Canal 4s, 1962, at 102 and
$17,000 Virginia 6s deferred trust receipts, at 60 to 61.
The market for railway and industrial bonds has, as usual
of late, been dull and generally featureless. Only a few
issues have been relatively active, the business having been
quite evenly distributed throughout the list.
Western Maryland 4s have been conspicuous for unusual
activity and a decline of 63/b points on greatly reduced income.
They recovered, however, 1N points of the loss. Missouri
Pacific 4s show a loss of 2 points on uncertainty as to providing for the approaching financial needs of the company.
On the other hand, Northern Pacific 3s have moved up
nearly 2 points and Wabash ref. ext. 4s are 1% higher.
United States Bonds.-No sales of Government bonds
have been reported at the Board this week. For to-day's
prices for all the different issues and for yearly range see:third
page following.
Railroad and Miscellaneous Stocks.-The stock market has run on so nearly an even keel this week that its record
is' a brief one. The buoyant tone noted at the close last
week ended with the day. Saturday's market was reactionary, and, except for a somewhat steadier tendency on Monday,prices have shaded off day by day and in a few exceptional cases are from 2 to 2% points lower.
To-day's market made a new low record for the year in
the matter of limited transactions, but prices were generally
well maintained.
Of the exceptional features of the week, Western Maryland
has declined sharply, Missouri Pacific is down 23 points
and New Haven dropped over 2on the Inter-State Commerce
Commission's inquiry into its past history. Canadian Pacific
and St. Paul, however,show net gains for the week and many
changes are unimportant.
For daily volume of business see page 1595.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending May 22. for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
325 98% May 21 103X May 16. 91
Adams Express
50 84 May 22 84 May 22: 82
American Coal Produc
200 104 May 16 10434 May 211100
American Express
100 $N, May 21 $% May 211 534
Batopilas Mining
25 91 May 22 91 May 20, 9034
Brown Shoe, preferred..
100 60 May 16 60 May 19: 60
Canada Southern
2 106 May 22 106 May 22, 103
Cent & Sou Amer Teleg_
100 12% May 16 1234 May 16 12
Chicago de Alton, pref....
50 140 May 18 140 May 18 132
C St P M & Omaha, pre
200 23 May 18 23 May 19 20
Colorado & Southern._.
300 38% May 16 4034 May 22 3834
First preferred
300 33 May 19 33 May 19 33
Second preferred
4 112% May 19 11234 May 19 11234
Detroit Edison
2 8 May 20 8 May 20 734
Federal Mining & Smelt204 35 May 18 35 May 21 3134
Preferred
105 109 May 22 109 May 22 107%
General Chemical, pref.
100 67 May 19 87 May 19 6034
New York Air Brake--100 26%!May 22 2634 May 22 26
Norfolk Southern
600 2A May 16 234 May 21 234
Ontario Silver Mining
100 98 May 20 98 May 20 98
Pabst Brewing, pref._ _ _
100 85 May 22 85 May 22 85
Sloss-Sheff S& I, pref__ _
So Pae sub rects 1st paid 1,000 97% May 18 97% May 18 94
200 47 May 21 47 May 21 45
United Cigar Mfrs
410 102 May 21 10234 May 21 10034
Preferred
613 97 May 18 9734 May 20 9434
United Dry Goods, pref_
200 50 May 18 5034 May 16 50
Virginia Ry & Power_ _ _
600 88 May 16 90. May 21 8034
Wells, Fargo de Co
140 35 May 21 35 May 21 35
Western Maryland, pre
Highest.
Feb 110
Jan 86%
Jan 11034
Apr 5134
May 91
Apr 6134
Jan 10934
Apr 19
May 140
Mar 2834
May' 62
May 35
May 113
Mak 15
Apr 43
Feb 110
Apr 69
Mar 43
Jan 234
May 10434
May 92
Apr 10334
Jan 5034
Mar 10334
Mar 100%
May 52
Feb, 94
May 58
Mar
Mar
Jan
Feb
May
Jan
Feb
Jan
May
Jan
Jan
Mar
Apr
Jan
Jan
May
Jan
Jan
Jan
Mar
Jan
Feb
Feb
Feb
Feb
Apr
Mar
Jan
Outside Market.-Trading on the "curb" this week was
very light, activity being confined to a few issues. Prices
were about steady, with fluctuations small. Standard Oil
stocks were unusually quiet, with fewer important changes
than usual. Maxwell Motor stocks were conspicuously
active, especially towards the close of the week, the corn.
advancing from 103 to 144 and closing to-day at 14. The
1st pref. rose from 42% to 473/2 and rested to-day at 47.
The 2d pref. gained over 3 points to 203/i and ends the week
an adat 203. Willys-Overland com. was prominent for
3
The
vance from 67 to 76, though it reacted finally to 73%.
pref. sold up from 92 to 9332. United Cigar Stores corn.
improved about half a point to 883 and sold back to 88.
Riker-Hegeman weakened from 93/ to 93 and closed to-day
at 99'. United Profit-Sharing moved up from 53/i to 63and back to 532. In Oil stocks Atlantic Refining dropped
from 618 to 605. Ohio Oil sold up early in the week from
$1763 to$181, reacted to $176 and closed to-day at $179.
Prairie Oil & Gas on Saturday sold down 4 points to 445,
but during the week up to 458, the close to-day, however,
being at 450. South Penn Oil was erratic and from 277 sold
during the week to as low as 273 and as high as 286, while
to-day it jumped to 297, the close being at 294. Standard
Oil (Cal.) advanced 6 points to 312 and reacted to -304,'
resting finally at 310. Standard Oil (Ind.) at 456 shows an
advance of 11 points from the low point, with the final
figure 455. Standard Oil (Kansas) advanced from 400 to
430 and moved'down to 425. Standard Oil of N. Y. sold
up 'from 214 to 219 and down subsequently to 2153. In
bonds Consolidated Gas deb. 6s rose from 114 to 1163, fell
/è and ends the week at 114%. The "rights" were
to 1145
active between 33,' and.4 1-16, the close to-day being at
4. Canadian Pacific" 6% notes sold up from 1039. to
33
1043' and down to 104. Mining shares continue quiet.
Braden Copper ranged between 7% and 83', finishing today at 8. Greene Cananea declined from 34. to 3234.
Outside'quotations will be found on page 1595.
1588
New York Stook Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
Pt record of sales during the week of stocks usually inactive, see preceding page
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
May 16
Monday
May 18
Tuesday
May 19
Wednesday
May 20
Thursday
May 21
Friday
May 22
STOCKS
Sales of
NEW YORK STOOK
the
EXCHANGE
Week
Shares
Range since Jan. 1.
On basis of 100-share lots.
Range for Previous
Year 1913.
Lowest.
Highest.
Highest.
Lowest.
Railroads
9618 9612 9678 9658 9634 96% 9718 96
96
9134 Apr 25 10033 Jan 23 9014 Nov 10618 Jan
9634 9514 958 5,950 Atchison Topeka & S F_ _
10033 10012 .100 10012 10012 10012 10018 10012 100 100 16611 9912
Do pref
9712Jan 13 101% Feb 9 96 J'ly 10214 Jan
620
*123 12312 12312 12312 12312 12312 .123 12334 123 123
500 Atlantic Coast Line RR_ 116 Jan 3 126 Jan 23 112 J'ne 13338 Jan
122 122
9112 9158 92
9258 92
9213 9214 9212 92
87% Apr 24 9838Jan 26
/
4 9212 6,715 Baltimore & Ohio
9214 921
90% J'ne 10638 Jan
7734 Jan6 83% Jan 29
•8072 8113 .
Do pref
8078 8112 .8078 8112 •8078 8112 •80% 8112 .
7714 J'ne 88 Jan
8078 8112
9214 92% 9238 9278 9258 9314 93 9314 9214 9318 913* 92
14,150 Brooklyn Rapid Transit_ 5712Jan 3 9414 Mch 6 28334 J'ne 9234 Mal
19212 193 19334 19518 194 19458 19414 195 1931
18612 Apr 27 22012 Feb 4 204 Dec 26634 Jan
/
4 19458 1927 1933* 26,900 Canadian Pacific
*300 325 •300 325 .300 325 *300 325 .308 315 *300 325
Central of New Jersey
310 Jan 12 310 Jan 12 275 J'ne 362 Jan
524 5212 5034 53
4913 5178 5013 61% 6034 5138 513* 5214 30,700 Chesapeake & Ohio
4834 May 9 68 Jan 22 5118 J'ly
80 Jan
1314 1312 1358 1418 1378 1418 1334 14 •13
1334 •13
1312 4,300 Chicago G t West tr ctfs_ _
11 Apr 21 144 Jan 24
104 J'ne 17% Jan
*354 35% 35
3413 35
3514 3614 3534 36
3512 *34
3512 4,765
Do pref trust Ws_ _ _
2712Jan 7 3614 May18
23 J'ne 35 Jan
100 10012 10012 10138 10012 10134 101 101% 10012 10012 1001
/
4 10012 8,300 Chicago Milw & St Paul_ 9418 Apr 25 10718 Feb 4
9634 Nov 11614 Jan
*186 138
138 138
13812 139 •13712 140 *137 140 *136 140
Do prof
13412 May 2 143 Feb 6 13112 Nov 145 Jan
344
*13134 13312 •13112 13312 .132 13312 132 13213 131 13114 13013 13012
800 Chicago & North Western as Jan 3 13678 Feb 14 z123 Dee 138 Jan
1175 175 •175 185 *175 185 *175 190 •175 181 *175 180
Nov 1189 Jan
Do pref
170 Jan 5 180 Jan 24
32
•22
35 •22 40 •25 40 •25 35 •22
35
Cleve Cin Chic & St L.._
85
25 Apr 13 40 Jan 5 34% Aug 64 Jan
*15114 56 .5114 60 •5114 60 15114 65
/
4 56
•511
0414 Jan
Do pref
60 Oct
*5134 55
5434 Apr 29 70 Feb 9
•1493 15234 *149 15212 115138 1513* 151% 151% 150% 15112 *150 15212
14512 Apr 22 15912 Feb 4 14712 Pim 167 Jan
775 Delaware & Hudson
*3924 399 3390 399 399 399 *396 400 397 397 •397 400
388 Jan 6 405 Jan 27 380 Dec 445 Jan
750 Delaware Lack & West
134 011
•11
1312 *1112 1312 *11
1312 1112 1134 •11
10% Feb 25 1914 Jan 31
.338 J'ne
2318 Jan
1813
200 Denver & Rio Grande
•20 24 •19
23 •2013 2312 20% 20% 2034 2034 *2012 22
41 Jan
Do pref
23 J'ne
19 Apr 28 31t8Feb 4
210
28% 2878 29
2912 29
29% 2812 29
293* 29
2812 2834 10,600 Erie
2534 Apr 25 3212 Jan 23
2014 JOe 3212 Jan
43% 44
4412 4434 4414 4412 4418 4412 4314 44
334 J'ne 494 Jan
*4314 44
2,200 Do 1st preferred...._ 40% Apr 25 4934Jan 27
*3514 38 *37
3734 3714 3714 .3714 3734 3714 374 *36
Do 2d preferred
35 Jan 2 4014 Jan 23
3712
300
2814 J'ne 41 Jan
12414 12438 12434 12514 12434 1254 12434 125
12334 12412 12334 1231
5,100 Great Northern pref_ _ 119 Apr 25 1344 Feb 4 11512 J'ne 13258 Jan
3312 334 3314
33
33
33
Iron
Ore
properties.... _
8213 824 *31
2914 Apr 27 3914 Jan 19
4114 Jan
3314 1,100
2512 J'ne
*110 112 *110 112 *110 112 *Ho" licit; *110 112 *110 112
Illinois Central
107 Jan 7 115 Jan 26 10214 Dec 12878 Feb
*1452 15
1434 1434 143* 1434 144 14% 1433 144 144 1418 1,000 Interboro-Metrop v t ctf_
134 Apr 25 1638Jan 24
1238 Joe
194 Jan
6214 6212
6212 63
5214
5814
Do
5214
Apr 25 6338 May 6
6212 6234
prof
61% 62
4,200
62 62
45 J'nc 6534 Jan
2678 2714 27
2738 27
1
4 2718 26% 26% 2638 263* 2,300 Kansas City Southern.... 23 Apr 25 2738Jan 31
2714 27/
2838
J'IV
21%
J'ne
6034 6034 6073 6078 .5914 5912 61
61
Dopref
6034 6034 *6014 61
67 Apr 25 62 Jan 24
500
56 J'ne 6113 Jan
•5
•5
*54 8
10
8
Lake Erie & Western_-*514 8
812 Feb 28
.513 8
•5
8
9 Jan 23
7 May 1113 Feb
•15
20 •15
20 *15
17 Apr 3 2112Jan 28
19 •15
19 •15
19 •15
19
Do pre
16 Nov 35 Jan
139 13912 1394 14014 15914 140 13934 14014 139 14014 13873 13911 11,700 Lehigh Valley
13214 Apr 21 15614Jan 23 14114 J'ne 16832 Jac
136% 13678 •137 1384 171778 137% 13714 13714 137 13718 .13534 137
500 Louisville &
13114 Apr 25 1417* Jan 19 12614 J'ne 14214 Jan
•131 18113 313134 13134 *13034 13114 *1304 13212 •13012 13112 *13012 13112
10 Manhattan Elevated...... 128 Jan 5 133 Feb 7 177 J'ne 132% Feb
*12
15 •1212 15 .1212 15 •1234 14 •1234 1312 1212 1234
210 Minneapolis & St Louis- 12 Apr 18 1614 Jan 31
12 J'ne 2314 Jan
*28
32 .28
32 •28
28
32 .
32 *28
28
32 .
Do pref
32
30 Apr 14 3512 Jan 22
30 Dec
47 Jan
•123 126
12512 126
12534 12534 12512 126 12514 12514 1247 12478
850 Minn St P & S S Marie_ _ 11734 Apr 27 137 Feb 5 11514 J'ne 14214 Jan
•140
•140
*140
143 143 *138 145 *137 143
140 Apr 9 145 Feb 2 131 Nov 1150 Jan
100 Do pref
*17
173* 173* 175s •17
18 •174 17% 17
22
Apr
24
17 •1634 1713
Jan
1414
26
1818 J
400 Missouri Kan & Texas_
2912 Jan
•38
4112 4114 411
4112 *40
/
4 414 4112 •40 4114 40 4012
35 Apr 25 60 Jan 30
Do preferred
52 J'ac 6412 Apr
400
1812 18% 1838 1913 173* 1833 1652 17% 1573 1689 157 163* 46,850 Missouri Pacific
1514 Apr 30 30 Jan 27
2114 Det, 43% Jan
*26
30 .2613 34 •25 83 *25 83 •26
19
6
Jan
Feb
34
35 *27
31 Dec
Nat Rys of iVlex 1st pref_ 30
35
59 Mob
*1014 1053 103* 1018 *1014 1114 •1012 11% •11
12 •10.14 1114
Do 2d preferred
9 Apr 25 14 Jan 26
834 Dec
200
274 Jan
9313 9312 9313 941
/
4 933* 9418 93% 9418 93 93% 9234 93
8858 Apr 16 9653Jan 31
90% Dec 10934 Jan
7,532 N Y Central & H R
6812 6858 68 6912 6818 69
654
2
67 68
Mch 4 78 Jan
65% Deo 12978 Jan
87 67% 6678 6814 10,108 NYNH& IIartford---•264 28 *2014 28
2613 2614 •26
2518 J'ne 3378 Jan
28
2653 2658 264 2618
400 N Y Ontario & Western.. 2478 Apr 25 3158Jan 23
10412 10412 10434 10484 1043, 10478 104% 10478 10434 10434 •10412 105
9938Jan 9 1054 Feb 4
98 J'ne 1134 Jan
1,010 Norfolk & Western
•8912
*8912 ---- *8912
*8913 _ _ _ *8913 ._ .
8014 Aug 87 Feb
Do adjustment pref_ 85 Jan
90 Apr 29
8912 9012
111 f1118 11112 112
11114 111
- 78
- 111 11112 11014 111
IN% Apr 25 11812 Feb 4 10134 J'ne 122% Jan
110 11012 6,710 Northern Pacific
11134 11134 11134 112 112 11218 111% 112
1084 Apr 25 11512Jan 31 106 Dec 12334 Jan
1115$ 112
1113 1115* 5,105 Pennsylvania
*78 88 •78 85
77% Dee 104 Jan
8114 8114 .81
90 *81
89 •8274 89
200 Pittsb Cin Chic & St L.... 70 Mch25 91 Feb 4
•95 100 19614 100 •90 100
9534 API 1 101 Mch25 100 J'ne 3109 Sep
96 96 *90 100 *95 100
150 Do preferred
16514 16534 1654 16632 1653, 16613 16578 16634 16538 166% 16538 166 144,000 Reading
1
4Jan 22 15133 J'ne 17134 Deo
115512 Apr 27 172/
88 88 .
88 8812 .88 89
57%Jan 8 89 Mch19
824 Oct
89 89 *88 90 *88 90
9212 Apr
1st preferred
200
*8812 90
O884 90 *8812 90 *89 90 *8812 90 •8812 90
57 Apr 28 93 Jan 28
84 J'ne 95 Apr
2d preferred
*314 334 *3
3
11% Oct
84 312
24% Feb
8
212 Apr 30 1658 Jan23
334 *3,4 334 *34 334
600 Rock Island Company...
48
*453 5
475 518
1712
4%
*4% 4%
4% 0454 5
458 Aga
May
Oct
4434 Jan
2 25 Jan 16
816
Dopreferred
3
3
3
34 34
34 313
3
234 J'ne
814 •234 4
1934 Jan
538Jan 15
1,333 St Louis & San Francisco
2 API 7
•10
1112 1112 .10
13 J'ne 59 Feb
15 .11
15 •10
16 •11
15
100 Do 1st preferred_ --8 May 6 1712Jan 13
512 -6
4,5
.5
612
534 57
*6
6
512
•5
6
J'ne 29 Jan
3% Apr 80
6
500 Do 2d preferred
4Jan 26
,
0
•22
2212 224 2312 24
24 •22 25 .2184 25 •2114 25
3512 Jan
400 St Louis Southwestern _ 20 Mch30 2634Jan 26
20 Dec
• _
59 •____ 59
59
59 •____ 59
57 Jan 8 65'8 Jan26
59
5614 Dec
Do preferred
75 Jan
;19F4
1934 1973 2014 20
2033 *194 2014 1914 1934 •1834 1912 1,310 Seaboard Air Line
1412 J'ne 2034 Apr
1634 Jan 2 2238 Feb 5
' 5358 5358 54
5434 5458 5514 5452 54% 54 54
64
4534 Jan 2 58 Feb 4
54
Do preferred
2,400
38 J'ne 4038 Sep
9258 9278 9314 9378 9338 9378 983$ 94
9234 93% 925 927 83,710 Southern Pacific Co
864 Apr 25 9912 Jan 23
83 Nov /10 Jan
884 Nov 994 Sep
Certificates (wh. Lss.)_ 9458Jan 2 10518Jan 31
• *2412 2473 25 /53-4 154 255
25
253* -2434 24% 02458 247
194 J'ne 2858 Jan
6,600 Southern v tr ctfs stmpd_ 2213 Apr 25 2814 Feb
•79 79% 793* 8013 797 80 •79
8012 7912 7912 17914 794
75 Jan 3 8514 Feb 4
Do preferred do
920
72 J'no 8112 Men
•14
1614 1513 16 •144 16 0144 16
15
15 .
144 1513
1312Jan 5 1734 Apr 1
300 Texas & Pacific
1014
J120 22% Jan
•42
/
4 43
4212 4278 •42
4214 4214 4214 421
4212 *414 4212 1,250 Third Avenue (N Y)........ 3514 Apr 25 4534Jan 13
2772 J'ne 43% Sep
.7
.7
*7 10
10
10
*7 10
•7
10
.7
10
g Apr 20 1214 Jan 24
ToledoSt L & Western
74 J'ly
13 Jan
•124 17 .12
15 •12
16 *12
15 •12
15 *13
16
Do preferred
1214 May 9 23 Jan 28
1514 J'ne 3984 Jail
/
4 10718 *107 10834 *106 108 •105 108 *105 10712
106 10634 1071
360 Twin City Rapid Transit 103 Apr 23 10813 Jan 19 10118 J'ne 109 Sep
15653 15718 15713 15814 15714 15813 15712 168
15613 15734 1563, 157 63,280 Union Pacific
1487 Apr 25 1645* Jan 31 13734 J'ne 103si Jan
8334 8334 184
84 84
84 84
84
8334 8334 8334 8334
Do preferred
705
82 Apr 24 86 Feb 4
7934 J'ne 034 Jaa
•15
*15
17
17 •15
17 •15
17 •15
17 •15
United Rys Investment
17
15 Apr 20 2334 Feb 6
16 J'ne
3512 Jan
*42
44 •42
4312 •42
4312 4212 4212 *42
Do preferred
4312
4212 *42
30 J'ne 6313 Jan
381z Jan 14 4194 Mch24
1
•1
1
11
/
4
114
1
1
11s
•1
114
% Apr 30
458Jan 23
72 1
1,540 Wabash
2
J'no
6 Aug
1414 612
4
4
418 *4
4
412 *44 413
Do preferred
8 Apr 80 13 Jan 23
612 J'ly
814 44 2,100
171e Aug
2214 191 2112 18% 2014 19
2234 2234 22
20
1918 1912 6,625 Western Maryland
1834 May20 35 Jan 22
2878 Dec
40 Jan
•34 412 *312 44 *34 413 *34 44
$34 Oct
4
4
5% Feb 24
(133 Jan 7
*312 4
100 Wheeling & Lake Erie
11 Jan
•14
16
*14
17
17
17 .14
16 •14
17
3414
Do 1st preferred- - _ 13 Apr 24 21 Jan 23
13 J'ne 2811 Jan
17
•5
7
*4
5
7
7
*A
5
*4
7
5 May18 11 Jan 24
5% Dec
'4
Do 2d preferred
8
14 Jan
100
*41
041
44
44 *41
44
*39
44
*38
39 Apr 25 48 Feb 4 40% J'ne 5$12 Apr
44 •38
Wisconsin Central
4,4
industrial and Miscell.
2773 2812 284 2878 2812 287,2 284 28% 2712 2814 275$ 28
19,700 dAlaska Gold Min Par
32034Jan 9 $2878 MaY18 $18 Nov $2431 Oct
4'912 1134 1112 1112 1153 1158 1158 11% 11% 11% *934 1134 1,010 Allis Chal Mfg v t c $10
758 Dee
9 Dec
858Jan 6 1414 Feb 20
43
4312 44 .434 45 *44
4214 4214 43
45 *4312 45
Do preferred v t c - 41 May14 49 Jan 26
40 Nov 4313 Dee
400
7258 7313 727 737
725$ 7314 72% 784 724 73
721s 721, 53,275 Amalgamated Copper_ _ _ 65% Apr 25 784 Feb 4 61% J'ne 8012 Sep
55 55 .53
*53
55
5512 *53 66
54 64 .53 56
57 Jan
800 American Agricul Chem_ 4744Jan 2 5912 Mch11) 4114 Sop
.93 95 *94
9612 9434 9434 *95
9612 195
95 •94 964
91 Jan 8 971a Jan 23
Do preferred
110
90 Nov 00 Jan
23
23
23
23
23
2212 2212 •22
2134 2134 22
22
19% Apr 25 28%Jan 22
1,350 American Beet Sugar__ _
1954 J'ne 504 Jan
•6612 70 •65
70 *663 70 *66% 70
70 70 .6712 7312
55 May 4 731
Do preferred
86 Mob
210
65 Oct
/
4 Jan 28
28
2814 2814 283* 28
2818 2712 28
2814 28
271s 27% 5,425 American Can
21 J'ne 4612 Jan
22% Apr 20 3518 Jan 27
91
91
91
91
9114 9114 9114 91% 904 91
9014 9014 1,825
5714 Apr 24 96 Jan 24 18012 J'no 12912 Jan
Do preferred
5014 5014 5034 514 51
5114 5034 61
50 50% 5018 5018 2,800 American Car & Foundry 4418 Jail 5 5312Feb 4
3612 J'ne 5632 Jan
•11718 118 •1173* 118
118 118 1117% 118 •11732 118 •117 118
114 Jan 28 118 Mch
Do preferred
108 J'ne 117 itch
270
029
35 .29 ___ *29
3314 J'ly
American Cities
Ws Jan
82 May 6 3534 Jan 26
•623s 64% •6232 64 •60 64
64 64 •80 72
6413 6412
Do preferred
6014 rue 7$18 Jan
300
60 Jan 5 68 Jan 26
4134 4134 4213 4234 4234 4234 4234 43
4234 4314
42
3312 J'ne 8788 Jan
Jan 8 461 Feb 9
42
1,460 American Cotton Oil_ _
3712
*9313
.924 96
*9312 96
09313 97 •934 96 *934 96
9212 Sep
Do preferred
95 May
94'* Jan 15 97% Mch 30
*4
4
414
4
•4
412 *4
412 •378 418
412 *4
3% J'ly
4 Apr 16
200 American Hide & Leather
IN Jan
5,4 Feb 6
•2012 2112 2114 2114 *20 2112 *2013 2112 *20
2112 •1912 2113
15% J'ne 2814 Fib
Do preferred
Apr
157
25
2
6
Feb
100
2534
•3014 3112 31
3113 11
8138 8114 3153 81
8114 181
81
17 J'ne
American Ice Securities.... 24 Jan 3 3234 Feb 20
2,860
2734 Apr
110
10
104 104 •972 104 •972 1014 3.97, 1014 39% 1014
6% ram
938 Apr 24 1113 Jan 28
80 American Linseed
12% Nov
•27
30 *27 80 •27
80 *26
80 •27 80
80 •27
20 Oct
Do preferred
33% Nov
2718 Apr 23 3134 Jan 16
•31% 3314 324 8234 83 334 *8212 83 .3112 33 .314 3213
27 J'ne 4412 Jan
820 American Locomotive...._ 28 Apr 24 3714 Jan 31
9853 9858 •98 100 •9814 100 *9814 100 .9834 100 •98 100
95 Jan 6 10213 Mch25 94 Oct 10834 Jan
100 Do preferred
•612 712
3.61, 74 *634 74 *61, 712
7
7
7
7
7 Jan 13
514 Oct
310 American Malt Corp.... _ _
914Jan 26
13 Jan
•42 49 4413 48 •42 46 •42
412 46
*42
48
46
41% Oct
Do preferred
42 Jan 3 501s Jan 24
6112 Jan
8114 8114 •80 88 •80 88
18234 8234 *80 83 380 55
70% J'ne 86 Jan
110 Amer Smelters Sec pref B 7938 Apr 28 85 Jan 19
7
6334 64
6414 64
648 6472 6373 6413 6314 63% 64 64
5812 J'ne 7414 Jan
5,700 Amer Smelting & Refin'g 57 Apr 25 714 Feb 4
110012 10012 10014 10012 10058 1003* *10012 10114 *1004 101
10058 10068
Do preferred
725
974 Apr 25 105 Jan 27
97 J'ne 107 Feb
164 164 •160 167 105 185 •160 166 •160 166 *161 1645
200 American Snuff
157 Apr 25 172 Jan 31 150 J'ly 193 Jan
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Basks
New York
America I__ _
Amer Exch._
Battery Park
Bowery¶--Bronx Bevel
Bronx Nat__
Bryant ParkI
Butch & DrrenturY 'I,Thase
Bid
565
203
120
425
225
176
150
,. .,
135
580
Ask
Bank,
Chat & Phen
575 Chelsea Ezi.
210 Chemical __
135 Citizens' Cen
___ City
280 Coal & Iron190 Colonial 1 __
Columbia.'__
125 Commerce
,.,.- Corn Each 1 _
GOO Cosmoporn 11
Eagt River__
Bid
173
135
415
174
840
150
450
300
Ask
177
146
425
178
350
160
........
325
171
815 320
85 105
__ 60
--168
Banks
Hid Ask
Banks
Fidentylr_ _ _ 165 175 Harriman .__
Fifth Ave1- 4500
_ Imp & Trad.
Filth
800 325
_- - Irving
First
885 900 Liberty
Fourth
197 201 Lincoln
Garfield
200 220 Manhattan 1
Germ-Amer 9 130 140 Mark & Fult_
German Ex I 375 400 Mech & Met..
Germanlal- 450 475 Merch EX0ilGotham
190Merchants'_..
Greenwleh-1 275 290 Metropolis 1
Hanover
650 680 Metroporn 1
---..
Did
275
505
176
600
310
315
240
248
170
165
800
180
Ask
285
520
180
615
325
325
250
252
..... _
175
310
190
Banks
Mutual I _
Nassau
New NethI
New York Co
New York
Paola° it.....
Park
peopts'a 9
Prod Exalt 1Publ lel
Reserve
Bid
300
210
725
370
265
304
330
160
10
Ask
____
115
225
850
380
205
360
250
168
210
60
Banks
BM
Seaboard-. 410
Second
890
Security 1--- 100
Sherman..-_
&awl
lid
23d Ward I_ 180
Union Exoh. 145
Unit Stateel- 500
Minh 11'131¶ 275
Westch A _ 160
West Side _ 450
Yorkville 7-- ----
,ang
436
495
110
135
200
140
150
......
-176
474
l"
*Bid and asked Dr co; no sales on this day. f En-rights. 3 Less than 100 shares.
State banks. a En-div. & rights. b Now stock
f Ex 24% accum. (117.
Bale at Stook Exchange or at auction this week. 4Quoted dollars per share. C blot¶1installment
paid. h Sold at private sale at this price. s
I Fall Paid. _
1589
New York Stock Record-Concluded-Page 2
MAY 23 1914.]
Par rezoil of sales during the weak of stozAs usually "Inaztiva. 955 ,,nn1 pate praLla Hag
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Satuniay
Afay 16
Monday
4!as 18
Tuesday
.Vfay 19
Wednesday
May 20
Thursday
Hay 21
Friday
Hay 22
Range for Previous
Year 1913.
Range since Jan. 1.
On basis of 100-share lots.
Sales of
STOCKS
NEW YORK STOCK
the
IVea
EXCHANGE
Shares
.103 106 .103 106 •103 106 *103 106 *104 106 *104 106
32
3214
3113 3112 .32
*3214 33
33
3214 .31
31
31
10614 10638 10512 10512 1054 1055s 10558 10558 .104 10534
•10512 106
113 113 .11238 114 .111 114 *112 114 *111 11312
*111 114
12212 12212 12212 12234 .12212 12234 12213 12212 1224 12238 12214 12214
225 228
225 225 .220 225
.225 230 .225 230 .225 230
107 107
10614 107 §107 107
10612 10634 107 107 *10512 107
18
15
1514 .14
1538 1538 •1514 1814 *1514 1814
•1514 1714
77
.76
77
7718 .7512 7714 .78
.7578 7714 .76
7712 .76
14
1314 .12
.12
1212 1212 .12
14
•12
14
1312 •12
324
3212 3258 3212 3234 3258 3234 3258 3234 3214 3234 32
16
•15
16
*115
•15
17
1518 1518 .15
20 .15
20
48
4812 48
4812 .4712 4812 .474 48
4812 4812 *44
.46
10858 10858 10853 10834 10834 10834
.10712 109 .10778 109 .10778 109
4112 4034 41
4234 41
4214 434 4212 4234 42
.42
43
.85
86
86
.8414 8514 8514 8514 8512 8512 8534 8534 .1,5
.125 128
12712 12814 12712 12712 .126 12812 *125 128 .125 128
2158 .2013 2112
2114 2134 21
2034 21
2058 21
21
21
5914 5814 5812
5912 5912 59
60
5658 5658 5714 5814 60
.82
90
90 .824 84
.82
95
.
1 83
8614 8614 8614 .82
3514 35% 3614 3538
3534 36
3558 3534 36
3614 3518 36
100%
10034
100
.100
101
.100
10012
10012
101
.10033
.10038 101
4138
4114 4134 41
4134 42
4158 4134 4173 4218 4158 42
68
.66
68
68 .66
.66
68
.66
69
.66
69
.
1 66
.10114
103
.10114
103
103
1103
103
.10114
103
*10114
.103
28
.27
28
2734 2734 2758 2758 28
28
.2734 2814 28
12912 13038 12834 12914 12758 12812 12714 12734 12758 12758
130 131
913
918
878
912
914
9
914
914
93
8
912
94 94
65
8634 •135
6534 6534 .65
6634 65
6678 6678 .6534 67
*9278 95
.9213 95
*9234 9478
.9213 9412 .9258 9418 .9234 95
•1414 15
0 Distillers' Securities Corp
3,0
200
15
15
15
15
.14
15
•1478 10
.1.44 16
3,463 General Electric
148 148
147 147
14714 14714 14734 1484 1474 14838 148 148
Gen Motors vot tr ctfs_ _
8414 8358 84
8414 8312 8473 84
8412 8412 82
8312 8312
9318 9314 9314 9313 9312 934 9338 9312 0312
900 DO pref v t ctfs
934 93
.92
2612 26
26
26
2534 26
2518 2514 2518 2538 2,050 Goodrich Co (B F)
27
.26
Do preferred
*8973 90
90
00
8978 8978 .88
420
8934 .88
00
.8973 90
55
5458 55
544 5478 5434 5518 5414 5414 3,000 d0uggenh Explor Par $25
5412 5434 55
2,700 dInsp'n Con Cop Par $20
17
17
17
17
•17
1613 1634 •161.3 17
1714
1634 17
1,420 Internat Harvester of N J
10814 10812 108 10858 10612 10712 1064 10612 10618 10614 *10513 107
Do preferred
_ .11614
.11614
.11614
.11614 ____ .11614
*11614
Internal harvester Corp_
.103 10578 106 106
105 105
105 105 .103 1-66.- .103 10434 --Do preferred
•11212
*11212
•11218
'11212
.11212 11713 .11212
*2
212
254 .2
214
214 .214
234 •21, 258 .214 234 ---ioo Int Mer Marine stk tr ctfs
*814 9
__
100Dctfs_refsti
katp
rer
813 813 *838 012 .823 9
.833 9
9
.8
oP
100 International
013 .9
912
912
.9
1
938 938 .9
912 .9
94 .0
Do
preferred
3612
100
3612
.34
.344
*354 3612 .36
37
.35
36
38
35
Internat Steam Pump__ _
NS
7
*5
7
612 .5
.5
612 .5
612 .5
7
Do preferred
20 •___ 20
•___ 20 .15
*15
20 .1812 20
20
Kayser & Co (Julius)
100
;5i95
.01
95
95
9212 91
.90
.91
95
91
.90
Do 1st preferred_ _ _ _
150
.107 109
108.34 10834 110713 10718 .107 110 •108 110 .10834 110
Kresge Co (S
99
.94 100 .94 100 •94
99 .94 100 .94 100 .95
Do preferrdd
.3102 104 .102 101 *102 104 .102 104 .102 104 .102 104
Liggett & Myers Tobacco
•210 220 .215 220 •214 220 .214 220 .214 220 .214 220
Do preferred
•115 11712 *116 11712 .116 11712 .116 11712 .116 11712 .116 11712
Looso-Wiles Bis tr co ctfs
•30
34 .30
34
34
34 .30
.30
.30
324 •___ 34
Do 1st preferred_ _ _ _
13100 103 .100 103 •101 103 .102 103 *102 103 .101 103
Do 2d preferred
35
0212
9253
9212 *90
9212
9212 *90
§914 011 •91
200 Lorillard Co (P)
172 172 •____ 173 •171 173 .170 173
175 175
.170 175
Do preferred
.113
.113 114
.113 -- .113 -__ .11312
•113
100 Mackay Companies _ _ _
82
11182
82
85
83
85 .80
.80
85 .8013 85
.78
378
Do preferred
.6814 69
6812 6812
69
6813 6818 8833 6838 .68
69
•68
100 May Department Stores_
61
584 5878 .5714 6034
*5714 60
.1 5714 6034 .6714 6034 .58
100 Do preferred
9814 9814
.9612 100 •98 100 .96 10012 .0812 100 .99 100
6212 *6112 6212 •6112 63
2,650 Mexican Petroleum
16212 8212 62
64
6113 6212 00
3,850 dMiami Copper__ _Par 35
22
2213 2214 2214 2212 2214 2258 22
2212 2218 2212 22
*4758 4734
1,150 Montana ower
.4678 4784 .464 4714 4718 4718 4714 4734 4778 48
Do preferred
425
*10214 10234 *10214 103 *10214 10234 102 10212 *10214 10314 .10214 10314
200 National Biscuit
13178 13178 132 132 •130 133 .130 132 .130 132 *128 133
1001 Do prefecred
*12212 125 .12213 124
124 124 *12112 127 .12212 ____ .12114 -830 Nat Enamel g & Stamp'g
104 1058 104 1012 •1018 1078
•1014 1114 §114 1113 '1017 1114
Do preferred
86
86
•76
.
1 76
.75
86
.75
86
86
86 .75
.74
200 National Lead
.45
47
47
4814
47
4,04 .4612 4834 47
*44 (712 .44
Do
preferred
200
109 109 .10812 109 *10612 10814
1084 10812 .10814 109 •10812 109
1484 1478
1412 1434 11412 1412 2,020 dNevada Cons Cop Par $5
1434 1478
3418 15
15
15
530 North American Co(new)
77
7614 7614 7618 764 7618 7612 77
77
*76
77
.76
100 Pacific Mail
•2312 2412 *2318 2412 •2312 2412 .2312 244
24
•2334 2412 24
100 Pacific Telep & Telog2312 .27
•27
27
28
28
27
.26
28
28
28
.27
900 People's 0 L & C (Chic)_
•120 12112 12112 12112 .12034 12112 1204 12078 12012 121 *12012 12112
Pittsburgh Coal
21
.20
25
.20
.20
21
•1913 21
•194 2012 *2018 21
88
8878 8818 *8838 89
89
8838 88
89
89
8812 1,100 DO preferred
•88
4518 z4334 4438 4313 4333 43
2,810 Pressed Steel Car
43
4414 4438 4418 45
44
Do preferred
•10112 10212 .10112 10212 .1014 10212 .10134 10212 .10134 10212 •10112 10212
Pub Sem,Corp of N J.
Y111 11312 .111 11312 •111 11312 .111 11313 •111 11312 *111 11312
Pullman Company
*1504 15512 §15514 15514 •15434 156 .15484 156 •15434 15514 •154 15414
29
700 Railway Steel Spring- - -2934 2938 294 2813 284 .28
2913 3014 .28
.2814 30
98
•90
98
100 Do preferred
9812 .90
9812 .00
.90
98
9812 98
.93
2113 22
21
2184 22
2112 7.175 dRay ConsCopperPar 310
2134 22
2173 22
2134 22
2314 224 23
2,740 Republic Iron & Steel
2358 2378 2314 2358 23
2338 24
23
23
87
864 8612 8712 874
DO preferred
880
854 8612 8614 8714 18712 8712 87
12
1234
2,400 Rumely Co (M)
1118 114 1158
1212 1234
11
11
104 1034 11
31
027
30
3033 3113 3112
30
Do preferred
820
30 .27
30 .27
.27
100 Seats, Roebuck & Co__
186 188 •185 187 *180 187 .183 187 .183 18012 .183 187
30 .28
30
SoSloss-Alieffield Steel & Ir.
.27
30
100
30
30 .27
30 .27
.27
1,160 Standaud Milling
3953 394 40
39
39
3878 39
.384 3912 3938 303s .39
65
6534 .6434 6553 .05
100 Do preferred
6538 65
*6412 6553 .6412 6553 .65
3,2k 3418 3418 3538 3418 3478 3313 334 33
1,950 Studebaker Corp (The)
33
3314 3314
1.000 Do preferred
9012 .89
9012 •8834 9014
0133 9112 9153 9112 913.1 z90
01
35
344 35
344 3434 3458 3453 8,710 dTennessee Cop_ _Par ;25
354 35
354 3512 35
140 14018 .140 142 .139 14112 1,300 Texas Company (The)_ _
139 14114 139 139
*141 143
Underwood Typewriter_ _
•75
81
.75
81
81
•75
80 .75
80
80 .75
075
Do preferred
210
108 10812 .1074
_
0108 112 .108 112 .108 112 1112 112
54 512
1,000 Union Bag & Paper
534 6
554 57a
514
514
.513
534 534
214 2114 .20
2214 2212 2212 .2114 23
200 Do preferred
2114
2212 .20
.20
*WI 11
.913 1014 *04 1014
U S Cast Iron Pipe & Fdy
*038 11
.938 11
*938 11
40 .37
Do preferred
40 .37
39
.37
39
40 .37
40 .37
.37
70
70
73
77 .754 78
74
*71
1,450 U S Express
74
*71
75
*71
61
61
.50
.59
61
60 .59
310 U S Realty & Improv't_
6013 6012 6012 6012 60
5914 584 5834 5818 5814 .58
584 1.670 United States Rubber
5878 5918 59
59
159
1024 10258 .10178 10214 .102 10238 1,100 Do 1st preferred.._ _ _
10258 103
10278 10273 .102 103
6013 6138 4173 6313 6212 6314 6253 634 614 6234 6138 82 107,030 United States Steel
10034 10034 1094 10978 2,04,5
Do preferred
10978 110
10912 10958 10934 110
10934 110
574 5633 5714 5638 5714 20,125 dUtah Copper......Par $10
5734 5814 5734 5838 5718 5773 57
284 2834 02818 29
2834 2834 29
29
800 Virginia-Carolina Chem_
2914 2914 2914 29
Do preferred
100 100
0914 9914
100 100 .99 103 .100 102 .90 102
800
6134 62
6134 6214 6213 8213 6214 6238 514 6214 102
62
1,740 Western Union Telag-- -7658 7618 7678 76
7514 75
75
7673 10,800 Westinghouse El & Mfg_
7633 7518 7634 70
123 123 .120 125 .122 125 .123 120
200 Do 1st preferred- _ _
0120 123 .120 123
99
09 .98
•97
97
9773 *07
09
300 Woolworth (1? W)
99
.98
09
*97
200 Do preferred
*110 1174 .1164 11758 11714 11714 *1164 1174 *1164 11753 .11634 11753
9918Ja n 9
28 Jan 6
97 Itch 12
10718 Mch 31
11718 Jan 2
215 Apr 25
10134 Jan 7
1312 Mch 4
7212 Mch 4
10 Apr 22
3012 May 8
1412 Apr 23
3812 Jan 7
10212 Jan 16
2912Jan 5
68 Jan 10
121 Jan
18 Jan 2
5058Jan 2
8012 Apr 23
2578 Jan 14
947 Jan 6
37 Apr 25
6812 Feb 25
10114 Apr 22
24 Apr 27
12714 May21
724 alch25
60 Mch25
9154 Jan 2
1334 Apr 20
140 Jan 3
3738 Jan 3
77 Jan 5
1958Jan 17
797 Jan2
54433 Jan 8
$1513 Jan 10
10034 Apr 25
11312Jan 3
10073 Jan3
11414 May15
2 May14
734 May13
758 Apr 21
3312 Apr 20
618 Jan9
19 Jan 2
80 Jan 19
106 tdch 12
81 Jan 6
99 Jan 13
214 May 6
11138Jan 6
2978 Apr 24
101 Apr 22
89 Jan 2
166 Jan 20
110 Jan 6
76 Apr 25
6513 Jan 2
57 Mch31
9778 Apr 21
4813 Jan 2
$21 May 7
46 Apr 25
101 Apr 27
122 Jan 6
1194Jan 13
97 Jan 8
88 Mch 7
44 Jan 3
105 Jan 13
$1312 May 2
65 Jan 2
2214 Apr 25
2512 Apr 27
11834 Apr 25
1778 Jan 3
84 Apr 25
2634Jan 6
9734 Jan 15
107 Jan 13
15112Jan 6
25 Apr 25
X0314 Mch
$174 Jan 9
1934 Jan 5
80 Jan 2
614 Apr 24
2034 Apr 24
180 Apr 24
25 Apr 24
32 Jan 7
61 Apr 29
20 Jan 3
70 Jan 5
$3184 Apr 25
128 Jan 3
80 Apr 16
108 Jan 16
54 Jan 12
204 MaYll
914 May 2
3834 Apr 10
85 Jan 7
54 Jan 7
534 Apr 25
9953 Apr 24
58 Apr 25
10814 Jan 2
$4878 Jan 10
254 Apr 30
96 May 7
5714 Jan 16
84 Jan 3
11578 Jan 19
924 Jan 3
11214 Jan 5
Highest•
Lowest.
Highest.
Lowest.
Industrial & /disc (Con)
Amer Snuff pref(new)_ _ _
500 Amer Steel Found (new)_
American
Sugar Refining
700
Do preferred
100
719 Amer Telep hone & Teleg
400 American Tobacco
925 Preferred, new
400 American Woolen
Do preferred
100 Amer Writing Paper pref
4,900 aAnaconda Cop Par $25
100 Assets Realization
200 Baldwin Locomotive_
_
403 Do preferred
5,100 Bethlehem Steel
835
Do preferred
340 Brooklyn Union Gas
3,000 California. Petrol v t ctfs_
Do preferred
1,700
100 Case(J I)ThreshM pftrcfs
7,100 Central Leather
DO preferred
550
9,000 dChino Copper_ _ _Par $5
Cluett,Peabody & Co,Inc
Do preferred
10
_
400 Colorado Fuel &
5,900 Consolidated Gas (N Y)..
2,500 Corn Products Refining_
D
eroe aprc
ef
oerprreedr
520 De
105 May 1
3712 Feb 18
10978 Jan 24
11378 Jan 7
12414 Jan 30
256 Mch 23
107 Mar 18
2078 Jan 28
83 Jan 26
1738 Jan 23
3814 Feb 3
2978 Jan 8
5218 Mch 5
10834 May22
4434 Mch 11
86 Mel)11
130 Jan 24
3058 Feb 6
68 Mch20
9513 Jan 16
3618 Mch23
10114 Mch 4
44 Feb 4
70 Feb 13
10412 Fei) 14
3412 Feb 5
13912 Jan 24
13 Jan 28
72 Jan 29
9934 Feb 3
2012 Mch 4
1504 Feb 20,
8478 May151
95 Feb 19
2878 Apr 17
91 Feb 3
$5712 Apr 2
$1812 Mcii24
11312 Jan 22
11818 Mch 4
1113 Jan 22
11711 Feb 13
324 Jan 27
15'4 Jan 30
1078 Feb 2
41 Jan 31
918 Jan 20
29 Jan 19
91 Mch14
10834 May18
105 Feb 25
105 Mch 3
231 Mch 1
118 Mch18
38 Jan 26
105 Mehl°
95 Jan 24
100 Apr 7
11514 Mch14
8738 Feb 20
70 Jan 27
6914 Jan 17
10134 Feb 0
73'2 Fob 9
52414 Jan 27
50 Mch26
10212 Mch27
139 Feb 3
1234 Apr 24
14 Feb 3
864 Mch 10
52 Jan 26
109 Feb 18
5164Jan 28
7914 Mch 14
29 Jan 21
31 Jan 24
125 Jan
2312 Feb 4
9312 Feb 4
4512 Feb 2
10514 Mch 5
114 Apr 7
159 Jan 28
3438 Feb 2
101 Feb 14
$2212 Apr 3
27 Jan 27
9114 Mch 11
18 Jan 14
41 Jan 13
193 Feb 2
35 Jan 26
40 May20
66 Mch 6
3614 Mch31
92 May15
$3814 Feb 11
14973 Mch 5
88 Jan 31
113 Apr 15
812 Jan 31
324 Feb 3
i31 Jan 23
49 Fob 6
87 Mch 10
6334 Mel)10
63 Mch 14
10458 Jan 14
6714 Jan 31
11284 Jan 31
$5838 May18
3478 Mch20
10712 Mch 20
6878 Feb 16
787s Mali 18
123 May19
10314 Feb 5
11878 Mch 6
100 J'ne 105 Jan
25 J'ne 1418012
Jan
9918 Dec
11018 J'ne 11658 Jan
110 Dec 140 Jan
200 J'ne 29434 Jan
96 J'ly 10618 Jan
2312 Sep
1412 Dec
74 May 82 Sep
324 Jan
1178 Nov
4112 Jan
3078 J'ne
22 Dec 120 Jan
5312 Jan
3512 Dec
i0014 J'ne 10512 2110
411 Jan
25 J'ne
74 Aug
6214 J'ne
120 Oct 13778 Jan
5012 Feb
16 Aug
86 Jan
45 J'ly
0014 Dec 1034 Feb
3018 Feb
17 J'ne
974 Mch
/88 J'ne
474 Jan
3153 J'ne
24,2 J'ne
125,s J'ne
738 J'ne
6112 J'ne
0112 Dee
974 J
12934 Joe
25 May
70 May
1518 Nov
7334 Nov
4034 JIY
134 Dco
96 J'ne
III May
9512 J'ne
111 May
278 J'ne
1212 J'ne
612 Oct
3278 Oct
412 Dec
1578 Dec
77 Dec
10612 Oct
58 J'ne
07 J'ne
195 J'ne
10613 J'ly
21 J'ne
89 Aug
84 J'ly
r150 J'ne
103 J'ne
7553
62 Dec
55 Oct
9722 J'ne
4114 Nov
2038 J'no
4112 Feb
1424 Jan
1718 Jan
7914 Jan
10018 Jan
2134 Jan
187 Jan
40 Aug
8134 Sep
68 Jan
10514 Jan
5338 Jan
2038 Jan
11112 Sep
116 Oct
11014 Sep
11434 Sep
458 Jan
1912 Jan
1238 Jan
4812 J all
1812 Jan
70 Jan
94 Feb
110 Jan
83 Sep
102 Jan
235 Mob
11612 Jan
1304 J.n
105 Jan
95 Jan
200 Jal..
117 Feb
87 Jan
69 Apr
7618 41.513
10512 Jan
7614 Feb
2612 Jan
104 J'ne
116 J'ne
9 J'ne
7414 Oct
43 Oct
100 J'ne
13 J'ne
60 J'ne
15 J'ne
22 Nov
104 J'ne
1412 J'ne
73 J'ne
1818 J'ne
8813 J'ne
105 Dec
149 Sep
2214 J'ne
9014 J'ne
15 J'ne
17 J'ne
72 J'ne
14 Nov
33 Dec
15434 Joe
23 J'ly
31 Dec
5212 May
1534 Dec
6412 Nov
82634 J'ne
89 J'ne
78 J'ne
104 J'ly
4 Nov
1812 Nov
914 J'ne
40 Dec
88 Dec
4934 Nov
51 Nov
88 J'ne
4973 J'ne
1024 J'ne
3953 J'ne
22 J'ly
93
544 Dec
5318 J'ne
10778 J'ne
8112 J'ne
109 J'ne
130 Sep
12481 Jan
1914 Jan
0214 an
5614 Jan
108 Oak
20 Jan
814 Jan
8118 Jan
46 Jan
1294 $rp
2484 Jan
95 Jan
36 Jan
1014 Jan
118 Jan
165 Jan
35 Jan
100 Jan
22 Jan
2818 Jan
9214 Sep
9314 Jan
9984 Jan
2131,Jan
4515 JAI]
4018 Jan
8878 Fob
36 Fob
9314 Jan
3914 Jan
13213 Doc
9012 Jan
113 Jan
74 Jan
414 Jan
1614 Jan
5014 Jan
86 Jan
77 Jan
6918 Apr
10914 Apr
6918 Jan
11014 Jan
6018 Jan
4318 Jan
114 Jan
7518 Jan
7014 Jan
1194 Jan
112 Jan
11518 JA.T1
aly
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Coney IsPd 11
First
F1atbush
Greenpotnt _ _
Ask
1514
150
275
130
250
110
150
Homestead 11 80
Manutaot'm
400
Meohantoall- 150
Montauk 11.210
Naman
fir
100
425
170
140
220
Banks
Bid
BrookIon
National City 273
North Side
175
People's
145
Ask
285
200
155
Trust Co's
N Y City
Astor
880
Bankers' Tr- 415
n'way Trust_ 149
370
425
153
Trust Co'. fitd
NY City
Central Trust 1010
ColumbiaKnickerboc 430
Commercial _
79
800
Empire
Equitable Tr. 410
1100
Warm L & Tr
210
Fidelity
275
Fulton
Guaranty Tr. 547
Ask
1020
440
85
310
420
1130
220
300
550
Trust Co's
N Y City
Hudson ____
Law T I ac Tr
Iincoln Trust
hletropolltan
Mutual Alliance
Muta (Westchester)._
Did
AM
130
154
115
1360
135
158
125
370
132
142
130
135
Trust Co', Bid
N Y City
N Y Lilo& Tr 975
N Y Trust___ 595
Title Go & Tr 402
Transatlantic 200
Union Trust_ 370
U S Mtg & Tr 410
United States 1055
185
Westchester
Ask
1000
605
407
220
380
420
1075
Trust Co's
Brooklyn
Brooklyn Tr
Citizens ____
Franklin
Hamilton -_
Home
Kings County
Nassau
People's
Queens Co
*Old and asked prices: no melee. on this day. § Less than 100 shares. t Ex-rights. a Ex-env. ts rights. b New stock. 4 Quoted dotilIrs per share,
Exchange or at auction this week. s El-stock dividend. 1] Banks marked with a paragraph (11) are State banks. a Ex-dividend.
Bid
As
470
135
240
270
102
570
125
235
8.5
480
140
285
280
112
135
295
100
gale at Sloe
1590
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange metnod of quoting bonds was changed, ana prices are now ali-"and intercx.--3sceot tor income and defaulted bOlidS.
11
E
BONDS
N. Y. STOOK EXCHANGE
Week Ending May 22
...a.
Price
Friday
May 22
Week's
Range or
Last Sale
1
4
a:104
Rowe
since
Jan. 1.
t2
BONDS
N. Y. STOCK EXCHANGE tt
Week Ending May 22
-.a.
Prize
Friday
May 22
Week's
Range or
Last Sate
4.
ce){4
Range
since
Jan. 1.
Bid
Ask Lute
Dia
High No. Low High Chesapeake & Ohio (Con.)Ask Low
High No. Low High
1992 '*1-893 Sale 93
97 974 97 May'14 ____ 9634 9834
93
21 0213 0812
General gold 4345
1992 M-E1 91_ 93'2 Feb '14 _- 9312 934
97 98 97% May'14 _
Registered
963 99
10114 10134 10214 Mch'14 _
1030 FA 8012 811; 8112 May'14 _- 79%
Convertible 434s
10214 10214
10114 102 101 Apr '14 _
1944 4-D 83 85 8518 Feb •13.-Big Sandy lit 4s
101 10278
109 11012 10918 May'14 ____ 113918 11212
Coal River By let gu 4s 1945 JD 83 85 8412 Feb '14
85
1940 J-J 9 1
11278 Feb '14 _
9612 Dec '13 _Craig Valley 1st g 55
11213 1134
10912
1946 J -4 ------- -843_
97 .... _ 9512 risr .13
Jan '13
Potts Creek Br lit 4s
8834 ____ 8814 Mch'14 ___. 88 8834
1989 J-J
It & A Div lit con g 413
100 102 101 May'14 ---- 15-4334 11
/12
1989 J-J 82 ____ 82 Apr '14 ..... 82 854
2d consol gold 4s
Greenbrier By 1st gu g 49_1940 M-N 8514 90 90 APT '14
00 90
Foreign Government.
Chic & Alton RR ref g 39 1949 A-0 60 Sale 60
6018 16 60 67
Argentine-Internal 5s of 1909_ M-S 1 96 9634 9512
3 95 98
9512
1950 J-J 4414 45 4414
4412
Railway 1st lien 3 s
2 4414 5512
89
Ohinese (Ilukuang) lty 5s E__-_ 4-D 1 8812 Sale 8812
18 88 8912
Chic B & 1: Denver Div 49_1922 F-A 9914 100 9938 May'14
0914 9934
imperial Japanese Government
SS
1949 J-4 8512 86 854
Illinois Div 334s
26 86 0034
1925 F-A 1 8734 Sale 8612
Sterling loan 4 549
8134
8 82 85%
Registered
1949 J-4 8214 -. 8614 Aug'12
86
1 .8518 8913
2d Series 43s
1925 J -J 1 87 8812 86
0512 18 93 90
Illinois Div 45
1949 J-J 9512 Sale 9514
7534 80
1931 J -J 1 7734 79 7578 May'14
Sterling loan 4s
10014 10 99 10012
Registered
1949 J-J ---------03 J'ne.13 ---..:
Republic of Cuba 5s exten debt_ 3121 9934 10014 10014
i RIZ% 103
103
_11 19 F-A 1-- 9313 93 May'14 -- 03 9312 Iowa Div sink fund 59_1919 A-0 10318 ____ 03
External loan 434s_
Sinking fund 49
8614
1 844 90
1910 A-0 9814 9934 9814 May'14 _- 9634 9812
Tokyo City loan of 1-9-1-15s____ M- S t 8614 8634 864
46
9434 98
8134
98
7914
9713
8014
79%
Nebraska
1
Sale
3
77
85
49_1927
974
Q-J
M-N
1899
Extension
U S of Mexico s f g 59 of
68 68
Registered
1954 J -D 053.4 6734 68 Mch'14
1927 M-N 9518 ____ 0638 Sep '12
Gold 4s of 1904
/ These ars y -ices on the basis
--- of 15 to .£
Southwestern Div 4s
1021 M-S 994 ---- 0814 MeW 14 -- -9814 -9-81;
Joint bonds. See Great North
State and City Securities.
10112 160 100 102
9312 200 9114 9412
1960 MS 1014 Sale 1013
General 4s
N Y City-434s
1958 M-S 9338 Sale 9318
1074 15 10334 10712 Chic & E Ill ref& imp 45 g_1955 J-J 37 42 40 May'14 ---- 40 68
1963 M-S 10678 107 1067
4%9 Corporate stock
99
17 9513 99
11214 May'14 _- 10714 11213
1959 t1.1-N 99 9918 9878
1st consol gold Os
4
1934 A-0 112 _
Corporate stock
09'8
54 0512 9918
1958 M-N 99 Sale 9834
4 99 Apr '14- 9514 1004
General consol 1st bs
4
Corporate stock
1937 1.A-N ---- 99199
2 9534 99
1957 M-N 99 9938 99
Registered
1937 M-N ---- 98 98 Feb '14 -- 98 98
4% Corporate stock
10678
1957 M-N 10634 107 10678
Fur money 1st coal 159
1942 F-A ---- 9714 9734 Feb '13 -ow 4345
2 1035 107
102
Registered--1 10112 102
1917 M-N 101% 102 102
New 434s
99
-5534 .
99 Mch'14
Chic& Ind 0 By 1st.59_1936 4---J
90
63 10378 10712
431% Corporate stock.-1957 MN 10634 107 10678 107
10178
2 10112 10212 Chic Great West 1st 49_1959 M-S 734 7378 733
737 103 70 761s
434% assessment bondi_1917 M-N - 102 1017
; 88 8712 May'14 ____ 85 8712 Chic Ind & Louisv-Ref69_1947 J -4 11812 120 11812 Mch'14
118 1184
1954 M-N 871
3% Corporate stock
Refunding gold 5s
1961 M-11 10113-- 10112 Apr '14 . 100 10112
1947 J-J 1035s____ 103% Mch'14.._ 10312 10335
N x State-49
Refunding 4s Series C/
_
Canal Improvement 45....1961 J-J 10112- 10112 Apr '14 --- 974 10112
191 J-J III ____ 95% Apr '11
Ind & Loulsv 1st gu 49......1956 J-J ---102
b 09 102
Canal Improvement 49._1962 J-J 10113 -___ 102
86 J'iy '13
Canal Imptovement49-1960 J-J ...„ ___. 10112 May'14 ...._ 10912 10112 Chic Ind & Sou 50-year 49_1956 3-J
881- 9014 Aug'12 ......
109
;10918 109
28 10734 10912 Chic L S & East 1st 4%9_1969 4-D ---- --- 104 Dec '11
Canal Improvement 4 349_1964 J -J 1087
109
17 10712 109% Chic Mil& St P terml g bs 1914 J-J 10014__.. 1004 10018 15
Highway Improv't 434s....1963 M-S 10878 10918 109
01;
Gen'l gold 4s Series A_e1989 J -J
7 92 9634
95 Sale 94
95
Mouth Carolina 4;49 20-40 1933 J-J ..--..-10312 J'iy '10
Registered
91989 Q-J --- --__ 9212 Mch'14
Virginia funded debt 2-39_1991 J-J 81 .,..... 8454 Jan '14...-- 1-3.1i4 -a3-4
9212 9314
61
17 54 61
Gen'i gold 3349 Ser B.._61989 J -J
1 82 May'14
Gs deferred Brown Bros etfs___ --__ 604 Sale 60
80 83%
61989 J-J --------Registered
--- 86 J'ne'li
Gen 434s Ser C
10318 32 100E8 11:63;
Railroad.
e 1989 J-J 103 Sale 1021
65
25-year deben 49
3 63 74
1934 J-4 9214 Sale 917
h1995 Q-J 624 65 65
9214
A nn Arbor 1st g 4s
88 93
1932 J_D 103 sale 10214 103 165
9614 93 93 0618
Convertible 434s
51.tch Top & S Fe gen g 49_1995 A-0 957k Sale 9518
181 100 103%
Chic & L Sup Div g 58_1921 J-J 104 _ _ 10238 sea:, .13 ___
1995 A-0 __-- 95 95 Apr '14 __ 02t2 9514
Registered
87
1 84 8813
Chic & Mo itiv Div 512_1928 J-J 19614_--_ 10534 10534
h1995 Nov 87 871 87
Adjustment gold 4s
i 1.13.
5.34 10;
Chic & P W lit 215s
h199' Nov -------- 86 Mch'13 _
1921 J-J 1044 10484 1044 May'14
\ Registered
10212 10413
9334
C M & Puget Sd lit gu 49-1949 J-.1 9333 9353 9338
h1995 M-N 87 871-2 8712May'14 ----I 843 8812
9 89 9378
i Stamped
9634 40 93 100
Dale & Grt Sou gold 59_1916 J-J 10034 ___ 10034Nov '13
1955 JD 9512 963 96
onv gold 49
1955 J-D ------- 9912 May'13
1920 J-4 1083.4 Sale 10834 10834
I
Dubuque Div 1st s f 69
6 108 108%
onv 49 issue of 1909
97
1924 J-J 112% ___.110 J'ne'18
Far & Sou assum g 6s
1960 4-D 081-2 9614 9612
Conv 4s (issue of 1910)
241 oa 195-2
IA Crosse & 1) let 5s
10-year gold 5s
1919 4-4 10278 .... 1024 Jan '14 ...... -15278 104
1917 J -D 10034 1007s 10034 10034
2 997 10214
Wis & Minn Div g 5s
1921 J - 4 104 ____ 1045 May'14
102%104%
. East Okla Div let g 45_1928 M-8 934 9534 9512 May'14 ____I 9134 9512
92
W19 Vail Div lit 63
1920 J-J 10834 11234 10914 Mch'14
5 8614 92
Short Line 1st 48 gold
10914 10914
1958 J -J 91 92 9113
1934 4-D 10134 __ 10134 Mch'14
Mil& No 1st cat 4349
9934 101%
Cal-Ariz 1st & ref 4345_1962 M-8 ..„, 100 984 Apr '14 _-__I 974 9812
1934 J-D 10214 ____ 10134 May'14
101 101%
Cons extended 434s
, II B'e Pres & Ph 1st g 59_1942 M-S 103;--- 109 Mch'14 --- 104 109
1
10214
102
____
Sale
10113
4
7 10218 102%
May'14 -__ 1014 10112 Chic & Nor West cons 79_1915 Q •F 10214
Ohio & St Louis 1st 69_1915 M-11 102
948
9912 9412
41
9434 30 91
Extension 4s
1886-1926 F-A 947____ 944 Mch'14
1111 Coast L 1st gold 49__h1952 M-13
95
94% 95 ,
--__ 96 Jan '13 ____ •
h1952 M-11 -------Registered
Registered
1886-1926 F-A 943 _-- 9434 Apr '14
-- 93 93 May'14 ---- 93 93
50-year unified 48
General gold 3349
80 84 '
1959 J-D
1987 DA-N 82 821; 8212 May'14
Ala Mid 1st gu gold 5s
7812 784
Registered
1923 M-N 1054- 10434 Apr '14- 10814 104%
p1987 0-1' 8112 -_ 7812 Jan '14 _
03 9734
Bruns & W let go gold 45_1938 J-J 9314 941; 9878 Apr '14 ___ gni g373
General 4s
198 l'a-g 95
9512 a
95
____
___
Sinking fund 65--1879-1929 ACharles & Say 1st gold 79_1936 J-J 103 -___
10814 ____ 10812 10812
1 108 1084
91
17 87 -95
1879-1929 AL & N coil gold 49
Registered
10734 ___ 10512 Dec '13 .......
o1952 M-N 91 Sale 903-4
Elln-W,ng fund 55
Say I`& IV 1st gold 6s____1934 A-0 1206s...-- 121 May'14 ........ 121 121
1879-1929 A-§ 10914 ____ 1044 May'14-- 117111-8 1-0-472
_
Registered
lit gold 59
1879-1929 A1934 A-0 10614 ---- 11084 May'll
10338 ___ 102 Oct '13
3
Debenture 59
98
811 Sp Oca & 0 gu g 49_1918 J-4 9818 98 98
3 96 98
1921 A2 10114 10114
0207;
2 1110138 1021917
27 00 9284
Registered
palt & Ohio prior 3%9_1925 J-J 91% Sale 91%
1921 A-0
101 Dec '12 .......
Sinking fund deb bs
h1925 Q-J 907* ---- 9078 May'14 _. 8978 9078
3-f Registered
10214 10315
1933 M-N 10234 104 10234 Apr '14
9412 54 9078 96
h1948 A-0 9433 Sale 9414
Registered
Gold 4s
10134 10134
-_-- 10114 Apr '14
1933 fil-11
From Elk & Mo V 1s1 69_1933 A-0 iz:i - Sale 122
h1948 Q-J -_- ---- 9214 Apr '1* __-- 907f 94
Registered
2 120 122
122
Man0 B & N W lat 3;94 1941 J-J
9212 156 90 94%
1933 - _ 921-4 Sale 924
20-yr cony 4349
_ __ 9012 Sep '09 ......___, Milw & S L lst gu 3S49
1922 J---4 100¼_..__ 112 Jan '12 ____ _
Pitts Junc let gold 69_
1941 J-J 80 --MU L S & West let g 69_1921 WS 1101g --- ii-6P June & M Div lat g 31461925 M-N 88s---- 90 Apr '14 ...-- 115174 -90
Ho- --i i55;ffS"
Ext 82 imp.9 f gold 53 1929 F-A 107 ____ 1064 Mch'14.._ 1064 1064
871, 73 844 891s
P L E de W Va Sys ref 49.._1941 M-N 874 874 8712
Sonthw Div 1st gold 3%9_1925 J -J 9078 9114 91
91
Ashland Div lit g 133_1925 116-8 11334,
19 8714 9112
..,_.. 11313 Feb '14
11318 1134
Cent Ohio It 1st c g 4%9_1930 M-S 97 ---- 100 Apr '13 _ ___ _ ..
Mich Div lit gold 6s_,._1924 J-1 11338.,__ 11314 st,e0.14
11314 1134
Cl Lor & W con 1st g 5s 1933 A-0 10513 ---- 1054 May'14 __ 1054 16512
92 93 9212 May'14
Mil Spar &N W lst gu 49_1947 fA_ 91 94
1917 MMotion River 1st gu g 55_1919 F-A 101 --1024 J'ne•I
Northw Union let 74 g
10734 10734 10735 107% --1 1074 1084
Ohio River RR 1st g 59_1936 4-D 1054-- 102 Nov'13
St L Peo& N W 1st gu 5s_19.18 J-4 10534 10618 1064
1064
1 10518 10618
1937 A-0 1024-- 10438May'14 ..... 104;fail;
General gold bs
Winona & St P 1st est 79_1916 J- .. 10814..__ 1063s Nov'13 _
Pitts elev & Tol let g 69_1922 A-0 10632-- 1134 Feb '1
Chicago Rock Iii & Pac 62_1917 J-J 104 --- 104 Apr '14
104 106
11
_ 9534 Mch.1
Pitts & West 1st g 4s_ __ _1917 J-4
-- 9ii4 -9-64
Registered
1917 J-4 __ 106 10432 Melf14 ___ 10438 104%
J'ae'12 ::,.... ___ ___
-91
Stat 191 Ry 1st gu g 4%9_1943 4-D ------General gold 49
9734 62 81 894
198$ J-J 8/14 Sale 974
_1927 J-J
Bolivia By 1st Is _
Registered
1985 J-J ___ 86 85 Apr .14
844 87
1937 II1-S 109% ....- 109 Apr 14 ___ 102 10914
Buffalo R & P gen g 5s
7534 52 72 81
Refunding gold 4s
193 A-0 75% Sale 754
20-year debenture 59
19157 M-N 103 104 10212 Mch.1
Consol 4 A s
71
108 664 804
10212 10212
1932 4-J 71 Sale 6934
1908 A-0 92 ---- 94 Jan '14 __-- 04 94
Coll trust Series P 4s___1913 M-N 4.___ 90 9434 J'ne'11._
All& West 1st g 4s gu
112 Apr '1.
Clear & Mah 1st gu g 55_1943 J-J 111 .....-Chic R I & Pac RR 4s___200 51-N 331:4 Sale 33
347 557 - or4 53
111 112
Each & Pitts lit gold 6s....1921 F-A 19984 110'110 Apr '14 --- 10912 110
Registered
2002 141-N __ .- __ 33% Apr '14 ___ 33% 61/
1
4
R I.Ark & Loa's lit 4318_1934 M-8_ _ 83 85 J'iy '13
1922 J-D 111 -- Ill Apr '14 ...... 11038 111
Consol 1st g 68
Salo 10613 1961
Bur0 R & N-let g 59_1934 A-0 Bid __-- 10234 Apr '14
anada Sou cons gu A 59_1962 A-0 1
10234 16131 10334 10678
4
Registered
1902 A-0 --------1067* Apr'14 -- 10678 106%
0RIF&NWiet,gu5;_1921 A-0
May'14 ---- um% 103
-- io
1
Carelinch&Ohlolst 30-yr5s1938 J-D 99 9934 9978 Apr '1 _. 97 100
M & St L 1st gu g 79
192 J-D --------------- _.. NS Feb '1
Central of Ga 1st gold 5s_p1945 F-A
Choc Okla& 0gen g 59_0191 J-J
- 108 108
-: 971-2 997-8 Ma-y.13-.
()onset gold 5s
10414 Sale 10334 1044 13 102 105
99 99
1945 -N 1974Consol gold 5s
1952 M-N
-.. 99 99 Mch'14
Registered
1045 -N ---- ... 10614 Moh.18 __
Kook & Des Moines lit 69.1923 A-0
_
914 92% Mehl
Chatt Div pur mon g 46_1991 -D 85 -99- 87 Mehl .-. 85- -8'7 St Paul& 180 Sh L lst 4 he'41 F-A __:,
784 80
_-- 77 7812 Meh'14
Mac & Nor Div lit g 59-19441 4-J 3084 ...... 10714 Jan '1 __ _
118 120
Chic St P M & 0 con 63_1930 4-D
122 119% May'14
Mid Ga & Atl Div 59.......194? 4-3 WA.-.. 10412 Apr '1 ___ 10412 1704-1-2
Cons 6s reduced to 3%9_193. J-D 8312 _ 894 Deo '12 __
Mobile Div 1st g 59- ._111
4-1 Mgt --, 109% May 11.--- ........ -__
Debenture Si
.
193' M-8 10234 Sale 10212 102% 88 ioi" 1111
100f;
Oen RR & B of Ga col
WS
54_113
10014 May'14-- 9934 10038
Oh St P & Minn 1st g 69-1918 M-N 11812 ____ 11618 Jaa '14
11812 1101a
Cent of NJ gen'l gold 69_....11181 J-0 1174 1171,11712 1171
North Wisconsin 191 69-.193. J-J 118i2 ___ 129% may.09
2 114 118
Registered ..
h1987 Q-J 111$18 117 117
St P & 8 Oity lit g 69_191 - A-0 10'714 ..... 1074 May'14
117
jai' LA
10 11334 11Y
Am Dock & Imp gu 58_1921 J-4 )944 10512 10434 Apr.1 __ 104 10434
Superior Short L lit 111-gg193 WS
------- --Leh & Ilud R gen gu g 55_1920 J-J 102 103 190 J'ne'13
Ohio T H & So'east let 69_196. J -D ::::-89 - 85 Jan '14 _ 86 WN Y & Long Br gang 49_1941 ha-s 11618 ____ 10012Jan '13 ___Chic& West Ind gen g 6s__q1932 Q4,1 1054 10578 Apr '1 .... 105%1054
Cent Vermont 1st gu g 49-91920 Q-F $0 ---- 80 May'14 -- 80 lira
Ccmsol 50-year 4s
8318 87
.
4 04 May'14
.3
1952 J -.1 ---- 8
Chesapeake & OhloOln 11 & 1)2d gold 4 As
1937 J -J 90 ___ 96 Mch'14_..,.,, 93 98
Gen funding & impt 159_1929 J-J 99 100 100 May'14,,,.,.9834 10014
let & refunding 451
1969 J-4 .._ 88 - -lit consol gold Si
1939 M-N 107 Sale 107
107
. 105 10778
1st guaranteed 49
__ ____ al;J'n-e'li ____
1959 J-4
nta iut-Ar' go.,. in,-, InQ Tam *IA
1A0
.. .... .. ...
111,1 itil_lki ''''
na inn,1frh,11
10012 1-04
U. S. Government.
U 8 2s consol registered....d1930 -J
U S 2s copsel coupon
d1930 -J
U S 35 registered
k1918 -F
U 8 3s coupon
k1918 Q-F
U 13 45 registered
1925 Q-F
U S 43 coupon
1025 Q- F
U S Pan Canal 10-30-yr 28 19.36 Q-F
U S Panama Canal 3s g
1961 Q-M
861,
8414
ii
C
911, 92%
nor,
MISCELLANEOUS BONDS-Continued on Next Page.
Street Railway
Street Railway
Brooklyn Rapid 'Fran g 59_1945 A-0 10314 Sale 10314
10314
1 9012 10334 EEO & Manhat Gs Ser A..1957 F-A 83 Sale 83
83
22 8134 9114
1st refund cony gold 49_2002 J-J 91 Sale 9033
91% 308 8712 0314
Adjust income 5s
311
1057
31 3112 3112
71 30 39
8-year secured notes 5s.....1018 J-J OA Sale 99% 100 223 9618 100
N Y & Jersey 1st 5s.......1932 ?IA
Bk City 1st, con 5s__1918-1941 J-4 10013__ 10134
101%
2 101 10178 In terboro-Metrop coll4 34i_1956 A-0 7013 76%
"Toi
73 70;
Bk Q Co & 8 cou gu g 59_1941 M-N 98 6'6 93 Apr '14 __ 98 93 Interboro Rapid TransitBklyn Q Co & S let bs___1941 J-4
101 May'13
1st & refunding 5s
1)9
1966 J-J
99 Sale 9878
87 983$ 994
Bklyn Un El 1st g 4-53_1950 F-A 10134 102 102
102
2 9912102
Manhat By(NY)cons g 45_1990 A-0 921s --, 9212
921
2 894 924
Stamped guar 4-5s
1950 F-A 101% Sale 10134 101%
2 100 102
Stamped tax-exempt
1990 A-0 9212 9313 924 May'l
8878 9215
Sings County El 1st g 45_1949 F-A 84 844 8334 May'14
83 84
Metropolitan Street RyStamped guar 45
1949 F-A 84 _
8412 Apr '14
8234 8412
Bway & 7th Av let c g 59_1043 J-D 10179 1024 10163 Mar14
1024
101
Masan Elec guar gild 48_1951 J-J 7914 Sale 79
74 80
7914
Col & 9th Av 1st gu g 55_1993 M-S
10012 May'14
100 101
Chicago Eirys 1st .59
J027 F-A 983a 9833 0814
9812
5 9634 9914
Lex Av & P F 1st gu g 59_1903 VI-S
1 101 Apr '14
-179-;
081
/
4 101
'onn
L lst&ref bg 4Hs'51 J-J 94 ___. 10178 J'ne'12
--- Met IV S El (Chic)1st g 49_1938 F-A
80 Melf14
80 80
StamDd guar 4349
1951 J-J 93 98 9512 J'ne'13
Milw Elec fly & Lt cons g 5s1926 F-A LW"
10218 May'l
102 10211
Det U taldlst cons g 4%9_1932 J-J 70 72 70
2 -56"
70
Refunding & erten 4 hs 1931 J-J _
01 Apr '13
it Smith Lt & Tr lit g 5s 1936 As-i; .--- -- 84 Jan '14 --- 84 84
MInneap St 1st cons g 59_1919 J-J 9954 ...- 102 Nov'12
rsrld Rapids By 1st g 5s 1916 J-D 994
994 May'14
99 9914 Montreal Tramways 1st & ref
va_241..1ec con9o1 g 59_1952 F-A
93 92 Apr '19 ........ 914 93
30-year 15s Ser A__
1941 J-4 otos 981 9814 May'l
974 99 I
Friday; latest this week.
Due April. e Duo May. g Due June. is due July
k _Due Aug. p Due Oct. ?Due NOT 0 Due Dec. a Option eel&
"7634
MAY 23 1914.]
1591
New York Bond Record—Continued—Page 2
.
BONDS
N. Y. STOCK EXCHANGE 14
44
Week Ending May 22
.3
;:cluce
atm,
g ..!....
Jan. 1.
3;,S
—
Htmli Ns, Low High
Ask Low
Bid
High No. Low High lit P M & M (Conttnucd)—
Ask Low
501
Gin Ham &, Day (Con.)—
4
/
1211
1937 J -J 12434 125 12114 Apr '14____
Mont C 1st gu g 6s
88 Mc1i'll
o Find & Ft W 1st go 4s g_1923 M I
---- ---_
13614
May'06
115
-j
J
1037
Registered
'14
Jan
(tin 1 & W 1st gu g 4s____1953 J -J - _ 7612 80
4 11)7
/
12114--1037 J -J 10958 _--- 10634 Feb '14 -- 1061
1st guar gold 5s
5612 Day& Mich 1st cons4As_1931 J -J
1937 J-J----Registered
';61
f(i6
5
:
'7
Mch'14
97
9834
-J
J
55____1135
Ind Dec & W 1st g
-- -- 10413 J'n-e-'13 -----------Will & 8 F 1st gold 5s_ 1138 J -D 109 ..
19712 Dec '02 ---1935 J -J
1st guar gold 5s
89 9214 92 May'14 _—_ 89 92
atilt& 8 1 1st ref& tg 5s__Cl 952 J -J
78 May'14 - - - - 78 85
48
Cleve Cin C & St L gon 4s_1993 J-1) 77
1)1952 J -J
Registered
'14
82
Apr
82
8712
84
80
-J
J
1931
20-yr deb 4 As
5934 10 57 101
9534 Sale 9912
Hock Val 1st cons g 4 3.s_1991i J -J
8434 _ _ _ _ 86 May'14 - - 8513 86
1939 J -J
Cairo Div lst gold 4s
4
07 ____ 9734 Jan '14 -___ 9658 97,
LA Registered
1909 J -J
83 83
83 Feb '14 - On %V& M Div 1st g 4s_1091 J - J
-1148 A-0 8814 ____ 12 Apr '13 ____ ___
Col& II V 1st ext g 4s
'14
4
82
Apr
853
---82
_
.81
St L DIvist coil tr g
4
/
-9-01
9012
--'14
Mch
9012
92
4
883
-A
1955
Col&
3
1.
14214
Tot
1st
Mch'14
ext
4s
4
/
8214
821
---g3:1-4
1090
Registered
fbus Belt & Term 1st 5s
1937 J - J ---_- -- 10014 Dec '12 .
- 85 Mch'14 ---- 85 85
-212
13
A:2 6412 97
8 9634
951s -867r 44 Cot ply lstg 43-1040 J -J
963
[1111101s Central 1st gold 4s_11151 .1 -J
Si Apr '12
1940
W Val Div let g 45
J -J
100 Sep '11_____________
1151
L
'14
Registered
Apr
10534
11512
;1663-8 10534
-1.5E5
1920
0I St L & consol 6s
3 84 85
85
85 87 85
1951 J -J
1st gold 33-is
91
92
9012 9212 92 May'14
11936
1st gold 4s
82 __ 8812 Feb '13 —__ __ _ _ __
1151 J-J
Registered
11036 Q- F 90 92 90 Mch'13
Registered
____ ___ _
____
9313
____
May'09
8112
A-0
1951
g
Extended
1st
3
As
Alch'14
103)4
103
10314
01n13 & Ci con let g 58_1923 j-J 102 __ _ 10038 Mch'14 _
11)51 A-0 82 ___ _
Registered
um% loos
*100
1914 J
000& 1 consul 7s
1951 !II- 8 ---- --__ gd- J'Ii-vaii
1st gold 3u sterling
_
-D
J
Consol sinking fund 75-1914 -J
-1951 M-8 — - . _
Registered
118 iigt-2
11858 1190
General consol gold 63_1034 „t
1952 A-0 8155i ii iii mCii•ii _ _ _ _ i)O Id
Coll trust gold 4s
11812
1934 J -J
_
___
Registered
1952 A-0 --- ---- 9514 Sep '12
Registered
3
t
A-0
9258 25 8978 -154
Ind B & W 1st pref 444_1940
1955 61-N 9212 Sale 0212
1st ref 4s
0 Ind4 W lst pref 5s___d1038 0-J
8012 8312 82 Feb '14 __— 79 82
1952 J -J
Purchased lines 3 As
721 -i1
72 84
72 May'11
Peo & East 1st con 45_1940 A-0 20 _ .1-_4 23 Apr '14
1953 NI-N __-_ 9012 1012Mcif14 __-_ 8912 91
L N 0 & Tex gold 4s
23 30
Apr
1090
Income 4s
1953 M-11 ---- 9512 84 May'14 _-- 84 84
Registered
1812 Apr '14
1412 10
1412 1934
1947 J -J
Col Mid and 1st g 4s
1950 J -D 0112 —.. 90 Apr '14 ____ 90 90
Cairo Bridge gold 4s
17
17
---- 1812 17 Fob '14
74
Trust Co. certfs. of deposit—
6713 -- 74 Feb '14 ____ 74
Litchfield Div 1st g 31951 J -J
18 89 93
90
8
903
90
Sale
45.-1920
81 May'13
Colorado & Sou 1st g
753 84
8912 20 89 0312
Louisv Div& Term g 3 As 1053 J-J
8938 8918
1935
Aug'12
Refund & eat 4 As
----83
J-J
1153
---Registered
1-551
4 106 10634 May'14
105 107
Ft W & Den C 1st g 65-1921 J -D
1921 F-A 10118 ____ 123 May'99
Aliddle Div reg 5s
Conn 433 Pas Itivs 1st 4s_11)43 A-0
7112 ____ 721s Feb '14__-- 71 -7-213
1951 F-A
Omaha Div 1st g 3s
idd Ma-y-'15
Cuba 1111 1st 50-yr Sc g —1052 J 7512 Nich '12 __ ___ ____
77
St Louis Div & term g 3s_1951 J -j 71
&
Western—
Lack
el
1051
J
-J
Registered
'14
hich
10014
8
1007
10014
1014
Morris & Essex lst7s
Sep .iii ____ ___ ____
____
gii2
-j
J
7712
1951
Gold 33s
10278 10314
let consol guar 7s_ _1915 J -D 10234 10318 103 May'14
1951 J -J - --- ____ 10118 Oct '91 ____ ____
Registered
103 Nov'13
1915 J-1) - Registered
7858 Mch'14 _--- 783s -7-l33-4
79's-___
-J
J
1951
Sss
Spring
3
g
Div
1st
_
'14
_
Feb
85
8512
8512 8512
2000 J -D
let ref gu g 3 As
1951 J -J
Registered
10814 110
X Y Lack & W 1st 6s
1021 J -J 1097s
- 110 Mch'14
8 93 91 - Feb '14 ___ 00 VI
Western lines 1st g 43___ _1051 F-A 11710412 10412
10112 Feb '14
1023 F -A 10434 _
Construction 5s
1951
F-A
Registered
_
4
Mch'14
913
9434
9434 9434
1023 11-N
Term & Improve 4s
____ 117I2 Ala-y-'15 ..__ ____ __
idi
-D
J
1923
&
Car
1st es
I3ellev
10258 Feb '03
Warren let ref gu g 3 A 5_2000 F- A
1932 NI-8 6712 --- 9412 J'ly '12 --- _—
Carb & Shaw let g 4s
1081* 10858
- 10838 Melf14
Del & Hud let Pa Div 75_1917 M-S 10838
108 1-0-81951 J-D 10718 --__ 103
Chic St L& N 0 g 5s
'01
Aug
149
_
_
1017 \1-S
____
Mch'14____
'11
Fob
114
Registered
111
10612
J-D
1951
Registered
99 -":211 973 -661-4
1016 J-1) 99 Sale 9878
10-yr cony deb 45
1951 J -D 80, ____ 10 Oct '09
Gold 3As
9912 101
1922 J -J 10012 10118 10058 Apr '14
let lien equip g 4 As
1951 J-D .
-- -- ---------- -Registered
3
9634
9612
_
9612
963
4
9312
1943
_ -921-2 Au-g-'12 -_-___ ___ ____
lit & ref 4s
Metuph Div 1st g 4s_ _1051 J -I) 8415
5 8412 87
87
1946 A-0 8014 87 8614
1951 J -D
Alb & Sus cony 34e
Itegistered
115 11512
11512 __ 11512 Feb '14
8
Rens & Saratoga let 7a._1921 M-N 60 gi 80
1131 M-S 9-6 iiii12 ii§- J'1i 'C).
St L Sou 1st gu g 4s
6
82
85
7014
8812 Mch'14 ___ 8612 -8813
8712 50
Deny & It Or let con g 45_1936
1950 J -J
8834 9112 87 May'14
87 9034 Ind III & la 1st g 4s
1936 J -J
Consol gold 434s
Lot & Great Nor 1st g 6s_ _1910 M-14 101 _-- 113 Mch'14 .__ 103 104
Mcit'14
1212
81
85
89
0012
63_1928
J
Improvement gold
JamesFrank& Clear 1st 4-s 1951) J-D ____ 0212 91.122*Ich'14 ____ 9112 921a
0112 72 60
74
'-A 60 Sale 60
1155 14
70
17 6812 '70
let & refunding 5s
'van City Sou 1st gold 3s_ _1950 A-0 693 72 6034
'12
_ _ ___
Rio Or June 1st gn g 53-1939 J -D ------- 109 Dec
1950 A-0 ---- ----63 Oct '00 _. .
.1‘. Registered.
'11
Apr
6112
77
---..
-J
J
1940
Rio (Jr So 1st gold 4s
7 9-438 0811
95
Sale 95
t.
-3
J
1950
Apr
5s
&
iinpt
Ref
hich'1)8
74
85
1940 J -j
Guaranteed
5
9312
9318 9511
94
9312
9214
-J
J
_1960
4s__
8412 Kansas City Term lst
8034 83 8312 May'14
79
1939 J
Rio Or West let g 48
100 10334
J -J 101 10112 10158 Apr '14
70
7214 [ ake Erie & W lst g 5s___1937
Mtge & col trust 4s A_1940 A-0 --- 71 70 May'14
95 95
-J __ 9834 05 Jan I4._'
J
1941
-1-4
5s
2d
gold
'14
Apr
00 00
- - - - 90
08 98
Utah Cent 1st gu g 45-a1917 A-0
North Ohio 1st gu g 53_1145 A-0 ---- 0918 93 /deb '14 __ 10014
110 Sep '04 _1917 M-N
101%
May'14 _._
Des Moi Un lty 1st g 5s
84 Mch'14-- 84 85-- Leh Vali N Y let gu g 4 As_1040 J -J 101 1011 101
'13
Dec
Det & Mack 1st lien g 45_1995 J -D 84
0
1
-J
J
1940
-------Registered
--__
Mch'14
____
82
82 82
1995 J-1) 82
1031
87%
May'14
4
-_-_
103
Gold 4s
91
m-N
42_2003
Lehigh Vail (Pa) cons g
4 96 9312 Apr '14
1
93/
9313 07
4
/
Dell Ely Tun-Ter Tun 4 A s_1961 M-N 105
4 May'14 ___ 09 991
/
9914 9912 991
2003 M-N
General cons 438e
105
Sale 105
5 10314 105
7
111
Dul Missabe & Nor gen 6s_1041 J -J 10314 10312 103
11034
1103
s
11112
4
11149
1113
A-0
5s_1941
Ter
V
Ry
1st
g
Leh
gu
4
1033
13 10012 104
Dui & Iron Range 1st 95.....1937 A-0
1041 A-0 - -- ____ 11118 Dec '11 ____
Registered
Mch'08
10612
A-0
1037
Registered
4 Mcli'14 ___ 10414 ft;151
1
---- 104/
',eh Val Coal Co let gu g 65_1933 j-J 10413
i6i104 Feb '11
J-J
1916
2d 69
1933 J -J 102 _.105 Oct '13....
Itegisterexl
0914 Dec '13
1937 J -J lows
Du So Shore& At g 5s
1st lot reduced to 45
10.112 Apr '14
10.113 10412
14tIgin Jot & East let g 56_1941 M-N 104_ 112 Apr '14
;WS -8818
Y
1945
N
NI-5 gd ....... gg18 Feb)
45
g
1st
&
guar
:Ali
112
11118
.
11112
1.18
_1020
M-S
'A-,tie let consol gold 7s_
1945 61-S
Registered
98 98
1)5 -- 98 Apr '14
1947
N Y & Erie 1st ext g 4s
..- Fer.)'10 ____ ____ ____
El 0 & N 1st pref 6s
1/14 A-0 --------10113
10212 Mch'14
10212 10212
1919 NI-S 102
2d ext gold 5s
7 Nov'13
--Gold guar Is
1914 A-0 --------998
100 100
9912 _
100 Mch'14
1023
3d ext gold 4 As
102 10258 -_,ong Isld 1st cons gold ISs_h1931 Q-J 1063-4 ---- 10613 Mch'14 _. 106121061f
4 10234 10214 May'14
/
1021
1920
4th ext gold 58
4 ---- 9614 Mch'12
1
02/
/11931 Q-J
1st consol gold 4s
3 9338 9318
9358
8
935
_
8
93,5
-D
1928
J
gold
4s
ext
5th
:1215
1939 J-D 8912 9118 9118 May'14 ____ 011
General gold 4s
- - 12034 109 Aug'13
NYLE&W 1st g fd 7s_11420 M-S
9412 9612 96 Ilay'14__ 95 97
1922 191-8
Ferry gold 43s
3434
8412 Sale 8118
8234 8714
1996 J -J
_
Erie 1st con g 4s prior
(bid 45
1932 J-I) 83 ___ 9114 Oct '06 __ ___
8312 83 Jan '14
83 83
1996 J -J
-874
Registered
86
1949 M-S 8718 88 871: Jan '14 ___
Unified gold 4s
7314 Salo 7318
7328 78 7114 7614
1996 J -J
let consol gen lieu g 4s
101
____
Men
10014
'14
-___
101
J-1)
100
1934
5s
gold
Debenture
77 Apr '12
1296 J -J
Registered
92
4
/
0118
1 89
1949 M-S 8914 1118 911
Guar ref gold 48
4 89 92
8934
1951 F-A -85.374 Sale 8934
Penn colt tr g 4s
1949 M-8 ----__ 95 Jan '11 ___ ___ ___
Registered
7338 61) 71
4
1
77/
1053 A-0 7212 Sale 72
--__
100)4
60-year cony 4s A
Jan
'14
103
10014
10014
A-O
53_1935
g
1st
B
con
NI
&
/I
NY
72
Sale
4
7118
7214
7014 76
1953 A-0 713
Series 13
do
192761-5 101 -- -_ 10212Jan '14 ___ 10212 1021.
N Y & It B let g 5s
10414 10414
1116 J-D 10312 - - - 10414 Apr '14
Buff N Y & Erie 1st 7s
Nor Sh B 1st con g gu 52_01132 Q-J 102 10234 102 May'14 _. 102 102
- 10634 May'14
10538 108
1982 M-N 107 10712
Chic Ss Erie 1st gold 5s
M-S --- 9112 9112 Feb '14 .___ 9112 0112
53_1927
g
Ark
lst,
&
Louisiana
103
Feb
'14
108
1035s
1
103 103
Clev & Mahon Vat g 54_1038 J-J 12212
11112 115
1930 J-D 112 115 11458 May'14
12218 Apr '14
1Loulsv & Nash Gen 6s
12112 123
1935 A-0
10938
2 10534 110
Long Dock consol g es
1937 M-N 10958 ---- 10958
'12
Dee
Gold
5s
106
108
10118
9514
95
Coal & RR 1st cur gu 63_1922
9214 9858
Sale
47
951s
-J
J
1940
'14
4s
gold
Apr
Unified
10214
4
011943 J -J 10212 10313
Dock & Imp let ext 5s
-- 0334 Itch '14 ...... 9322 0352
1940 J -J
Registered
10312 Aug '12
1949 NI-N 100% N Y & Green L gu g 5s
__- ---- 10514 Apr '14 _-__ 105 105i2
trust gold 58_1931 M-N 1053s
Apr '14
03
Collateral
97
9712
06l
9912
-J
55_1937
J
..
N Y Sus & W 1st ref
E II & Nash 1st g es
1019 J-D 11838 — — 108% Dee'13
_ 10014 Deo 'UG
70
1137 F-A
2dgotd4s
14 Cin & Lox gold 4 As
1931 M-N 10114 ---- 102 Apr '14 ____ 1001-8 102 - 75 Apr '14
7478
_
75
75
1940 F-A
_
General gold 5s
4 Nich'13
/
J-J 116 ---- 1201
1930
0
M
gold
N
es
&
let
'14
Jun
102
154172
102
102
110
11/43
M-N
Terminal 1st gold 5s
N 0& M 2d gold 6s
11112 May'12
1930 J -J 109 ---- 111 .1.3eb '14 ____ Ill 111
1040 A-0 10212
Mid of NJ 1st ext 58
Paducah& Memo div 4s_1946 F-A --------89 Feb '14 __ 89 89
May'14
05
0812
9234
943
4
1942
9514
J-1)
55
g
gu
1st
Wilk & Na
4
/
4 Fob '14 ____ 1083s 1081
1
St Louis Div 1st gold 6s 1921 1,5-8 103 110 103/
106 May'12
liv & lad let con gu g 63_1926 J-J
1980 ss-g ____ 6413 0938 Sep '12 .
al gold Is
104. Doc'13
1021 J -J
Evans & '1'11 1st cons 6s
2
0012 58 88 -6674 0058 0038
1
Atl Knox & Cin Div 4s.. 1955 M-N 10/
Dec '13
9958
—
2
—
1942
9s7A-0
5s
gold
general
1st
Atl ICnox & Nor 1st g 5s-1946 J-D 108 ____ 111 Jan '13
103 Nov'11
Mt Vernon 1st gold 68_1923 A-0
Jan
—
'14
106
.....
106
10518
106
1st
g
f
M-S
s
es_1931
Btige
'lender
05 J'no'12
Suit Co Branch let( 5s_1930 A-0
8934 91 00 Apr '14
8812 9014
Kentucky Cent gold 4s_1987 J-J
"ii 04 L&
........ 02 93 May'14
hilorida It Coast 1st 4 iti..19511 J
100 101
NS5 M& M 1st g 4 As 1145 M-5 10118 10312 101 May'14_,
02 Aug'10
114 ort St U D Co 1st g 4 As _1941 J -J -it
2 83 85
84
8.5 84
84
-J
J
4s_1952
joint
M
N-South
&
L
— -414 - 62 Apr '14
ars ‘-134:
192$ J-J
Ft NV & Rio Or 1st g 4s
_
__
_
____
'05
Feb
95
51912 Q-J ___ . --Registered
(areat Northern—
1937 F-A 1051s 1058 105 May'14 __ 15414 1-6434
N Fla & 8 1st gu g Is
9714 Sale 9718
1921 J -J
0739 129 9434 98
k-A 0 13 & Q coil trust 4s
100
....._
9912
100
Mch'14
---9912
J-J
1945
g
gen
C
gu
&
13dgo
N
07
461s
8 9514 9753
97
1921
Registered h
10858 110
4 110 110 May'14
/
1921 F-A 1091
Pens & Alt 1st gu g es
166q
1 100 10138
10014
10014
1st& refUnding 4 34s ser A 1961
4 107
1
_1936 F-A 10512-- 107 21)lcif14 ....„ 105/
8 & N Ala con gu g
96 J'no'13
1961
Registered
10412 31 10414 105
55 1063 A-0 10412 Salo 10412
5s__Gen cons gu 50-yr
"iiffil -9111-4 9714 May'14
-.1(-3i4 Id 1833
St Paul DI & Man 4s
1945 M-8 4...._ 8414 8312 Mcli'14 __ 83 8.5
',A& Jeff Ildge Co gu g 4s
122
12114
-J
J
Mch'14:::
1193
4
1933
12114
es
gold
consol
1st
-•- - -....... ----..-.- ---.
Is awls 1416--Sou Lines 4s_1939 M-1N
11712 Aug '13
1933 J-J 11734
Registered
10014 f6S1-4 a-Lez Internal 1st con g 4s 1977 NI-S ---- 75 77 Meli'll) ____ __ ___
Reduced to gold 4 As_1033 J -J 10234 10314 10234 May'14
Stamped guaranteed_1977 11.-S --------79 Nov'11 __ ___ ___
10234 J
'09
1933 J -J
Registered__
__ 124% Oct '12 '...... .... --1927 J-I) 110
9538 Ape '14
9-1F2 Ulan & St L 1st gold 75
'
1937 J-1) 953s
Mont ext 1st gold 4s
1921 A-0 10218 155 11012 Aug'11 — - l'aelficExt Istgold 6s
9413 Apr '14 ____ 9412 9412
1937 J -D 9312
Registered
; 85 We
9114
88 90 90
1934 M-N
1st consolgo.d Is
9258
Melt
'11
-J
J
4s
guar
Pacific ext
3 50 61
52
51
54
43
gold
943
1148
5011
M-S
refund
and
1st
05
10
95
95
97
It Minn Nor Div let g 48 1043 A-0 95
80
698
687. 68 Feh '14
1101211(312 Des Al & 13t D 1st zu 44_1035 .1-3
1022 J-J 11034 _ 11013 Jan '14
Minn Union let g 6s
MISCIILLANEOUS BONDS—Continued on Next Page.
BONDS
N. Y. STOCK EXCHANGE
..,s.
Week Ending May 22
Priv
F•rtaa
May 22
Week's
Range or
Last Cale
g7-1_,
,Q,Z
Range
since
Jan. 1.
Price
Friday
May 22
We,er • s
Range or
Lass Sale
Ilf
D
.ii ____
Street Railway
Now On BY & Lt gen 4%s-1935 J-J
11 Y Rys let 14 16 & ref 45 1942 j- J
a1942 A-0
30-year adj Inc 5s
NY State Bps 1st cons 4 As_'62 NI-N
Portland fly 1st & ref 5s___1930 M-N
Portland Ry Lt & Pow 1st
1942 F-A
& ref cony s f 5s
Portland Oen Eke 1st 5s-1935 J St Jos Ity,I,II & P ist g 5s 1937 M-14
St Pant City Cab cons g 5s-1937 J -J
1960 J -J
Third Ave let ref 4s
a 1960 A-0
Adj Inc 5s
Third Ave .13, 1st g 6.5 ____1937 J
'in -City Ity & Lt lit s f 5s-1923 A-0
Under4r of London 4)5__1913 J- I
1048
Income 6s
Union Elev (Chic) let g 5s..1045 -A.---C)
United Rya Inv 5s Pitts iss 1923
'No price Friday; latest bid
4 81 May'14
1
81 87/
7734
7714 Sale 7714
10
5512 Salo 5512
10
89 8012 8113
100 ---- 101 Jan '13
9418
91
9934 10114
09 100
10114
84 Sale
4 80
1
79/
10738 1081
075s Sale
94 95
85 87
-- -
8058
42 75
80 52
39 87
92 Mcli'14
-98 N
10312 Feb '13
81
81
8358
5
4
1
70/
7912
10834 10
10812
9758
97
94 May'14
87 Apr '14
84 Oct 'OS ___
71 J'ne'13
Street Railway
61
United Rye St L lit 4s_1934
St Louis Transit gu 5s____1924
7918
6312 United Ells San Fr s I 4s_1927
Va lty & Pow 1st & ref 5s__1934
90
J-J
A-0
A-0
J -J
7014
7214
5/12 Salo
92 9212
69
89
70 Apr '14
5713
5713
May'14
9278
Oss and Electric Light
10113
IOUs Sale 10113
03 10012 Atlanta. G L Co. let g 5s_1947
10538
) 105 -___ 105
Bklyn U Gas 1st eon g 5s....1945 31-34
54 J'ne'13
1947
Buffalo Gas let g 5s
1932 J -J •9d
Columbus Gas let g 5s
0914 103 983 May'14
1923 J -J
80)5 85
Detroit City Gas g 5s
7534 8412 Det Gas Co. con 1st g 5s
9535 Sep '08
1918 F-A
10278
10618 10912 Del Edison 1st coil tr 5s_1933 J -J l021 103 10234
.612 Oct '12
1(
1932 Ni-8
98
Eq 0 LN Y 1st con g 5s
06
100 Feb '13
14 96
Gas& Elec Berg Co c g 53_11/49 J-D idd
_ 101 100 Oct '09
4 9214 Or Rap U L Co 1st g 58—.1915 F-A
/
841
104 May'14
Hudson Co Gas 1st g 58_1114
67.3-4 92 Mch'14
Kan City (hio) Oas let g Ss 1922 A-0
.t;kcd this week. a Due Jan, C Due Feb. d Duo April. 5 Due July. k Duo Ap.g. •Due Oct. s Option sale.
4 69
69
52
9278
10
72%
4
/
711
6118
4
/
941
2 10112 10112
3 10258 106
'a;foil'
11
155" fedi
151.74 10438
91
92
J92
New York Bond Record—Continued—Page 3
BONDS
N. Y. STOOK BECHANGB
Week Ending May 22
it
Price
Friday
May 22
Wears
Rang* or
Lass sale
11
Range
since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 22
[VOL. xcviri.
Elite
Friday
May 32
Week's
Range or
LAN &If
Range
since
Jan. 1.
Minn & St Louis(Con.)—
Bid
Ask Low
High No. Low High N Y N H & Hartford
(Con.)—
Slid
Iowa Central lit gold 52_1938 J-D
Hot Ni. LOW IIVA
Ask Lew
92 90 May'14
B & NY Air Line 1st 4s_1055 F-A
88 94
Refunding gold 4s
9912 J'ne'12 -1951 M-13 -48 Sale 48
48
17 47 5712
Cent New Eng 1st gu 45_1961 J -J
StP&SSM cons 4sintgu 1938 J -J 944 95 9412 May'14
81 Mch'14
90 9514
ilousatonic R cons g 5s___1937 M-N
lit Ohic Tennis(48
6
1
f1;
10654 Apr '14 -- 10632 10638
1041 64-N
9714 J'ne'12
NYW'ches&B 1st ser 1 4%5'96 J -J
MSS&A 1st g 4s int gu_1926 J -J 95 9612 96 Nov'13-0
1 7
83
N H & Derby cons cy 5s__1018 M-N 70 ii
Mississippi Central lit 58_1049 J-J 9114 Sale 9114
10
77
0 Aug79
09
9114
1 9114 9112
New England cons 5s___1945 J -J _
Mo Kan& Tex 1st gold 48_1990 JD 87 Sale 8634
8718 43 8634 91%
Consoi
4s
1945 J -J
2d gold 4s
-661-2
7084 71 71
71
---- -3 8918 77
Providence Secur deb 1a_1957 M-N 55
et gold 55
80 May'14
___- 9312 06 Mch'14
)
/
9 4
fq.1
N Y 0& IV ref 1st g
954 99
_01992 M-S 834 84 9414
1st& refund 4s
8414
2 9173 88
2004 141-S 64 87 6412
6412
6414
71
Registered
55,000
only__p19
4s_92 MS
Gen sinking fund 4 Hs
924 J'ne'12 1936 J -J
72
— 734 May'14 __ 724 85
General4s
1955 J-D
St Louis Div lit ref g 4s 2001 A-0 - - 75 7814 Apr 13
834 9
82
11123 Mch
9
'
21.42
--- -- ,Norfolk Sou 1st& ref A 5s_196I F-A 9212 94
Dal& Wa lstgu g 5s
1940 M-N
9934 Deo '13
-9172 -9
1;7
31;
3
Norf&
Sou
1st
gold
1941 MN 101
Is
101 May'14
Kan()& Pac 1st g 45
1990 FA
100 10114
8213 Apr '14
8214 8212 Norf& %Vest gen gold 6s
1931 M-N 12014
119%
1197s
104 104 Apr '14
1042 A-0
1 11741197s
M0 K lc E 1st gu g 55
10314 10414
Improvement& ext g 6s 1934 F-A 121
M
123
k Ok let guar55042 MN
Jan
13 _98 9812 Feb '14
New River lit gold Os
9812 984
1932 A-0 11934
M IC & T of T lit gu g 5s_1942 MS ____ 9234 9314
118 Feb '14 _ 118 118
9314
1 9314 964
Nitteatted
R
erylstconsg 4s
1996 A-0 9478 Sale 9434
Sher Sh & So lit gu g 55 1942 J -D ---- 104 96 May'13
95
28 94 96
1996 A-0
94 98 Jan '11
Texas& Okla lit gu g 55_1943 M-S ,_ 9778 9913 Jan '14
Dly'l 1st 1St gen g 4s
97 9953
9013
Missouri Pac lateens g 65_ _1920 M-N 1023 1944 J -J 6
9058
'
6.14 ,
-66;
1 ;
ir4
i3
4 Sale 10234
10313
105
9 1024
10-25-year cony 4s
1932 J-D 108 104 10218 Apr '14 — - 10
Trust gold Si stamped__a1017 M-S 96 Sale 95
0 58
951s
6 9414 9818
10-20-year cony 4s
1932 MS 103 104 10312 Mcb'14
Registered
101 10434
a1917 M-S --- 9714 97 May'12
Convertible 4 Hs
lit collateral gold 55
1938 M-S 10314 10334 10334
10334 53 10053 10512
1920 F-A 89 92 90
904
6 90 9512
Pocah 0& C joint
88
1941 J-D 8778 8912 88
13 8714 9012
egistered
1920 F-A
00& T 1st guar gold4s
0-year gold loan 4s
5s 1922 J-J 103 —.10534 Jan '13 —__
1945 M-S 64 Sale -54ia
Selo
54
6612
V
&
NE lit gu g 48_1939 M-N 92 94 92 Apr '14
let St ref cony Si
-66; -1314
1950 M-S 63 Sale 624
66
36 6214 7753 Northern Pacific priur ig
ad 7s extended at 4%
9538 -Hi 0212 96
45 1097 Q-J 953s Sale 9478
1938 M-N 75 ____ 86 Jan 14 ____ 88 86
Registered
97
438 Apr6
'
7134
Cent Br By lit gu g 4/8 _1919 F-A
8
94 9434 6
0012 9238 Mch'14
General
91
924
lien
gold 3s
--2
--1 6
(..ent Br U P lab g 4a
6714 Sale
04414 9
6581
5
1048 J-D
774 Deo '13
Registered
Leroy & 4:3 V A L let g 58_1926 J -J
-- 6512 May'14 ____ 6514 67
110
St Paul-Duluth Div g 45.:1
Pac R of Mo lst ext g 411_1938 F-A -6151929
a 2219
4496
777 .7190 Jan '14..-. 1)0 90
QQQ ---D
FFj 8012
8 92 90 Apr '14
Dul
Short
00
90
L
let gu 55___1916
2d extended gold 5s
100 -- 10012 Sep '13 .--1938 J -J 98 104 100 Jan '14
St P & N P gen go1,1 6s___1923 M-S
100 100
Sib Ir M&S gen con g 54_1931 A-0 1004 10118 10058
F-A 11214
8 11212 Apr '14 ---- ii1)8
7
10058
1004 105
Registered certificates_ _1923 Q-F 110is 1127Gen con stamp gu g 65-1931 A-0
1154 Aug'11
103 Feb '14
St
Paul
103
&
103
D
.luth lit 55_1031
Unified & ref gold 45
10512
107 Jan '12 --75 7612 75 May'14
1929 J-J
2d Si
75 82
1917
A-0
Registered
1011
101
4
!deb
1929 J -J
101 for
--807a Oct '12
1st consol gold 45
Biy& 0Div lst g 4s
J-D 9812 -- -- 87 Feb '14 -- 87 87
1933 M-N 73i Sale 7358
7358
1 754 8134
Wash Cent 1st gold 45_1
5
968
194
Verdi V l& W 1st g 5382
8112 Dec '13
14-_-_--9212 Dec'13 ____
-_
1926
Nor Pac Term Co lst g 68_1933
1134
Mob & Ohio new gold 65_1927
116
1134
Mch'14
118
____ 11314 11J -D
1163-4 118 May'14
314
Oregon-Wash 1st & ref4s 1961 J-J
116
lit extension gold $s. ..h1927 Q-J 11213....11212 Apr '14
91 9112 Apr '14 ____ 89 92
112l 11212 Pacific Coast Co 1st g 5..l946 J -D 16114
10134 May'14
General gold 4s
1938 M-S 8113 831 82 Mch'14
995310353
.1
.ennsylvania RR—
82
80
Montgom Div let g5s
1947 F-A 10314 __ 1064 Mch'14
lat real est g 4s
192
13
105410614
9 MNI-N
s
98 Apr '14 ---- 08 98
St Louis Div Si
1927 J-D 93
95 Dec'13
Consol gold 55
102 May'14
St L & Cairo guar g 45
1931 J-3 91 .._ 9114 May'14
Consol gold 4s
1993 M-N 99 __-- 99 Deo '13 ---- 102 102
1384 -071
MashvilleCh & St L lst 531928 A-0 107i_._ 108 May'l
Convertible gold 3Ha_o1915 J-D 9875 99 9137
10513 108
111 Jasper Branch lit g
99
50 9753 99s
108
111 Jan '13
Registered
*1
10
94
J18
o1
..N
5m
D
MGM M W St Al lit 6s 631923
1 0812 9834
1917 J-J 103
10334 Jan '14
idir
4 Rift; 10
Consol gold 4s
10334 10334
08
131
19
0P
8
14 09 102
T & P Branch lit Gs
1917 J-J 103 __ 113 J'ly '04 ____
Alleg
41942
97
9712
Val
gen
MS
97
guar
g
Apr
'14
Nat RysofMexprlien 4 Hs 1957 J-J
9612 97
81 • Feb '14 _-__ 81 61
D R II R & Wire lat gu 4s g '36 F-A 914._ 91 Mch'14
Guaranteed general 45_1977 A-0
91 91
77 Feb '13
Phila Balt& If 1st g 43-19"
Nat of Mex prior lien 4 Hs_1926 J-3
43
964 Feb '13
Sod
Bay
199
55___1924
2
&
J
a
n
4
Sou
03
J-J
1st
J'ly0
g
:13
lit consol 4s
1051 A-0
--- 50 Apr '14
Sunbury & Lewis lit g 40_1936 J-J
50 50
NO Mob & Chic 1st ref 55_1960 J-J 4814 50 4814
4812 16 4712 58
UN J RR & Can gen 45-1944 M-81 %2I
Lit4'
7.13
NO& NE priorlieng6s_p1915 A-0 1004 104 10112Mch'14
101 10112 Pennsylvania Co—
Now Orleana Term lit 4s 1953 JJ _ 7912 7912 MaY.13
Guar 1st g 45s
1921 J-J 1004 -.._ 101
-101
NY Central & H
9 100 1014
83
8312
8314
g 30_1997 J-.1
8312 15 8118 -84:
1921 J-J 1004
Registered
10114 Mch'14
1014
Registered
1097 J-J 82 84 8212 May'14
Guar 3gs coil trust reg-1937 M-S 844 __ 8412 Apr '14 ---- 100
8034 84
8412 86
Debenture gold 4s
1934 MN --__ 92 9112
9113
1 86 9212
Guar 3 s coil trustier 1.1.1941 F-A 8434
8514 May'14 ---, 85 8515
Registered
1934 M-N
-i-678 93 May'12
Hs...._1916 M-N 98
Trust
Co
ctfs
gu
g
3
984
9838
3
Lake Shore coll g 3Hs
9712
191)3 F-A 7813
79
79 --5 7784 89-Guar 334s trust ctfs01-1942 JD
J:D 8534
May'14 --- 83 854
Registered
1993 F-A
-- 79 May'14
Guar 3;0 trust ctfs D__1944
78 834
8434 6512
- 8434 Apr '14
Mich Cent coil gold 3H5_1098 F-A -7618434 844
4 -go- 7615 May'14
1931 A-0 9434 Sate 0434
Guar
15-25-year
4s
g
7314
78
944
7
93 95
Registered
1998 F-A 734 80 7214 Mch'14
.
.
932f 19
Cin Leb& Nor gu 4s g
10
312 J
72 74
1942 M-N 761;
Aapb0
6
r ;14
Beech Creek let gu g 4s....1936 J-J 941$
03 9334
9514 Apr '14
j..
-N
J
Cl & Mar let gu g 40_1035 M.
9514 9534
\
Registered
1936 J-J 92 -___ 99 hlay'll
1024 —.1013s N ov'13
Chic P gen gu g 4;0 ser A 1942
2d guar gold 55
1936 J-J 100
1942 A-0 18
Series .1.1
.
:
09
06
14
134 F
23
18
19
4:L
J'elyb:09
12
Registered
1936 J-J
10
042
8m
A:
ON
Int reduced to 3;48-1
'Beech Cr Ext let g 3).0_61951 A-0
8514 ___ 904 Oct '12
Series
C
3
Hs
Oart & Ad 1st gu g 45
1981 J-D sa l
'12
8614.....,.
1950
F-A
Series
33i
D
8414
Deo
'13
•Golly Oswe 1st gu g 56_1942 J-D 104 __ ____
Erie& Pitts gu g 3Hs B 1940 J-J 8514_ 8614 May'14
; Mob & Mal let gu g 4s
1991 M-S id -id APP11
_ -OF 95
1040 J -J 8534 id 9014.Ply '12
Series C
N J June R guar 1st 43
1986 F-A 91 --__ 92 May'14
Hs_1991 J-J 9613 ---- 953s Dec '13
R
Gr
&
92
I
ex
4
93
g
1st
gu
-Registered
1986 F-A
Pitts Y Sc Ash lit cons 5s_ 11933927 M
jj.
.
. 3 1044 —.. 109 May'10
N Y & Harlem g 33-i
2000 M-N 83 --De.Thi
To!NV V & 0gu00A-1931
984 --__ 9813 May'14
_
-Oar, WI;
• Registered
2000 M-N 824
9818 ___ 1024 Nov'13
Series B 4}s
N Y & Northern lit g 5s 1027 A-0 103 106 102 Jan '14
1942 M-S 9234 —_ 954 Sena '13
Series (3 4s
ioi- 102
Y & Pu 1st cons gu g 4s_1093 A-0 834 9114 93 Oct '13
—1
99994
44453522
0
1
1119
mm
A
J
P
A
.
s
.
C
_
.
e
100
O
N
0DN
r
?
e
e
__
&
B
.
S
a
4
a
g
t
g
,
r
H
A
u
L
1024
1024
Nor& Mont lstgu g 5s
110053 for
191.6 A-0
1,
02
6 4j
l,eb
ebe
Pine Creek reg guar 68_1032 J-D iid 10014 1024
iii- 118
Series 0 guar
R W& 0con 1st ext 5s__h1922 A-0 10414 ___- 1045s May'14
eria
er
E
D
1o213
s
S
g.....ri
3
4A
er
b
19453
r
93
9514
93
Mch'14
Oswe & R 2d gu g 5s
e1915 1.1-A 100 101 10014 Mch'14
1949
F-A
9912
9015
--- 9014 Apr '14
10014
R W&OT R lstgug 53_1918 M-N 10112 ___. 104 J'ne'10 ___
Series P gu 45 g
1069214
9211
109
9
066
5
7i
1 J
Fa
eeli
n
bi0
:
6111,33
3
2
Rutland 150 con g 4%5_1941 J-J
-_
90 Apr '13 _
Series G 45 guar
Og St L Chaan lst gu 45 g 1945 J-J
— 754 80 Sep '13
0
St
L
&
P lat con g 515 1
/572
1M
Q
A11
Rut-Canad lst gu g 4s 1949 J-J
_ 92 J ne'09
Peo& Pek Un lst g 6s
St Lawr& Adir 1st g 55_1996 J-J 100 —.108 Sep '13 ____
b1021 M-N
2d gold 43s
89 Feb '14
2d gold 6s
1996 A-0 105 ---- 11912 Meh'12
PereMarquetto—Ref45-1955 J-J
27 25 May'14
Utica & Blk Riv gu g 45_1022 J-J 965_... 95 Dec'13
1955
Refunding guar 48
40 40 Dec'13 ..— 25 25
Lake Shore gold 3Hs
1997 J -D 86 87 863s May'14 81 84 8612
1921
73
Oh& W M 53
98 Oct '12
Registered
1997 J-D
8513
854
1 834 8512
8..119209 A-0 --- 93 9314 May'14
Flint & P M g tbs
D ebenture gold 4s
oi- ai1028 M-S 9312 Sale 9312
1939 M-N
9334 48 8914 0334
let consol gold 55
75 7312 Apr '14 ___ 7313
25-yr gold 4s
1931 M-N 9234 Sale 924
90
9278 161 8814 9272
Pt Huron Ply 1st g 5
70 75 Apr '14
93 A-0
Registered
1931 M-N
on Apr '14
45-1931
Sag
P-A
004
Tus
9072
& H 1st gu g
Ka A&
latgu c 54_1938 J-J
--P
I,lal
iqe
lipspbile LIVElisett3g0-6ey_r_s_f_Lis '37 J-J
Mahon 0'1 RR lit
J-J 107
Apr 14
1940 A-0
1-67-14
1084
Pitts & L Erie 2d g as__a19211 A-0 10814-- 105 Apr '14 ___
08
17
83
1:F1s2 1
2
96 4
2
1st consol gold Ss
105 105
J -J 106_
11314 Nov'll
Pitts McK& Y
gu 65_1533 J-J 1164 ____ 1304 Jaa '09
/1 eading Co gen g 45
J-J 95% Sale 954
9514 .
2d guaranteed Gs
5
..
8
5 -9,547:11:2
1934 J-J 11434
1.2314 Mch'12
-5-5,
____
J-J
Registered
944
.
9;
6
.1
1
2
_
m
r
e
a
;
.b. 1
1.1
4
McKee's& B V lst g 611_1914 J-J 1014
94
1
7 A-0
9499
573
1199
9
1
gas
uollsg
ntgc
y
Michigan Contra' Si
1931 M-S 1044 ---_
95
j
Aerg
tlaeY
J-J
n()
Cit
e
Registered
1031 Q-M 10312
_ 10312 May'14
QtJo&
15512
GrIsl
1031J-J
lst
2
g
4s
45
104. J-J
8712 -___ 98 Apr '12
WOt
Louis&
San Francisco-199451
Registered
1940 J-J
199
1
-41
:::
87 Feb '14
:
97_535:
_112 19
1931 J -J General gold Si
87 87
8
15
2: A
Mp
J L St 8 let gold 334/2_1951 -S
er
h
'
9,
51:4
8
12
ILL 10
9.4
90 J'ae'0
J -J 10
General gold 5s
72
73144 _7_8_1_3 10234 hlay'14
let gold 33s
1052311-N 84 _-- 8318 Mch'I
J
-J
831s
L
St
&
a F RR cons g 43-21999316
8353
20-year debenture 45__1929 A-0 83 87 854 May'14
11 4
75
313 8
60
4
NI-N 474 Sale 47
Gen 15
834 87
-20-yr 5s
,
NY Chic& fitL 1st g 45_1937 A-0 96 9512 9514
4735
9514
944 97
s
T
erut
:::
C
1
.
howcp
47 48 46
eritv
os1-t2
fsla
er gdetspe.Registered
47
1937 A-0
9 46 5534
9712Jan '13
Debenture 4s
1931 M-N
85 85 May'14
84l 87
J-J
R efunding g4s
lo11 Sale 754
West Shore lst 4s guar-2381 J-J
7518
93 9312 93
931
6 9113 96
J-J
Registered
Registered
2361 J-J 91 9112 9034
911
13 8934 92
K U -b.t 8 St 111 con g 63 :
7
1 1;
-9
195130
134 DM
191
Y Cent Uses
5 M-N ;
73
6
1
9i
ce
:i 1-2.
:
111
tr 4301922 J-J 98 -___ 10012 J'ly '11
11131 53 ii
4
7 411-2
K C) Ft S & M By reel 45-1"`A-0 7514 Sale 75
N Y New Ewes& Bart/—
755s
1936 A-0
Registered
Non-cony &bee 4s
1955 J-J 76 79 78
76
15
8012
76
KO&MR4B lst gu as_19211 A-0 -9
-0
Non-cony 40...
1954 M-N 76 79 78
8
9
77
5
4:
3
1 Mch
iT8
:
4132
4
4
1988 M-N
7814
4 76 81
it L W lat g 44 bd etfs
Cony debentnre3
1956 J-J 694 Sale 694
84 88
691
ebe
g0
0
2ci
88 75
4s
i inecbon
id 4e d ollfs----p19119 3-i 75 .... 75 Mch'14
Convd.bess*n.S.
1945
109 Sale 109
110
76
105 11712
1982 J-D
Harlem R-Pt()hes 1st 448-11154 M-N
71
11 7
75
1 77
9914 Noy'1
7514
Gray'• s Ter let gu g 66-194 .1-D 70'4 -72- 71
—
9813 Jan '14
984 984
M SCIILLANEOUS BONDS—Continued on Next Page.
(las and Electric Light
Gas and Electric Light
Kings Co E1L& Pg 5s__1937 A1084 1041 10412 Apr '1
102 10412 Peo Gas & 0 1st cosi g 68---1°43 A-0
Purchase money 65
199 A
114 1131zi114'zApr'141
1154 Apr '14
114 ;1151s
Hill 11412
1947 11I-S
Refunding gold 6s
Convertible deb 65
192 M10014
144
10034
0834 1014
11312 Apg '141
11113 11312
1947
Relastered
Ed ElIll Bk-n 1st con g 4s_103 J-3 87
09 Sep '13
8814
833.1
Apr'44
86
89
1937
J-J
Ch
61-L
58
&
Oki
g
gu
lat
,Lac Gas L of fit L 1st g 6a....191e Q-P 10114 Bela 10114
103 103310314
3
1031
?kis
Ors
1018
,1
100
1014
Con G Co of Ch is gu g 611193g J-D 1014 10112 1014
Refand est lat g 58
1934 A-0 10012 Sale 10012 101531
101
9014 Nu,
914 10114
Ind Nat Gas & Oil 30-yr 5s'36 M-N
Milwaukee Gas L lit 4s..-192 M-N 904 91 91
88 88 Melt'1
91
1
884
91
55_1047
g
gu
M-N
Newark Con Oas g Si
1654 _ _ 1004 May'14
194$ J-D 103 ___ 10134 Jan '14
M° Fuel Gas 1st
99l 10013
NYGELH&Pglis
194 J-D 10414 Sale f1O1. 10412 ____ 10134 10134 Philadelphia Co conv 55—_1919 P-A
1(14, 95 Sep '13
31(10134 105
Cony deben g 5s
1922 M-N 97 9754 974 May'l
Purchase money g
A94 F-A $64 Sale I 864
964 98
883
83
87
Stan
66_1926
,1
Gas
&
El
cony
711
f
J
s
-D
Ed El Ill 1st eagle g
-59
.
107 1091 109 Apr'14llI106 109
.
12
.
904 895s Apr '1
88 923e
Syracuse Lighting 1st g 58.-1051 J-D
NY&QE1L St P
103 P-A 100410118 101 Feb '14 ___ 101
100 Mehl
100 10012
101
Syracuse L & P 5s
1954 J-J
N Y & Rich 0141 1
5s......1021 M-N
854 J'ne'l
9212 J'ly '09 --__
Trenton
G
&
E
let g 53
l'acific °St El Co Cal G&31
1910 M-S
100 Feb '01
Union Elec L & P lit g 5.-1932 M-S 100
• Conn unifying & ref5s
1937 M-N 9234 03 9234
100
100
100 folTs
923
4 924 954
Rid & ext Is
.1033 M-N
Pee Pow & Lt lst St ref 20-yr
- 9853 94 Noy'l
Utica
5s-___195
ICI
L
0
&
P
lit
g
J-J 101 _ _ _ 101 Mehl
Is Internal Series
1930 P-A 4
80 8934 May'141
8934
9018
Utica Gas & E ref 58
1057 J-J 97
Pat & Passaic G E 511-1949 M-S 100 __.J100 Jan
10014 Dee'11
'141
ilioo 100
Weatc.heeter Lig g Si
1950
104 1043-4.105 May'
*No pries Friday; latest bid and Anked. a Due Jan. 5 Due Feb.
Due May. g Due June. it Due July. 0 Due Oat, p Due
Nov. a Option sale.
lit
fi:r1
...ft
.00.1.
OMWO.
1:
-gay, -(3E' haiii
108.2
1008 101
....
11
MAY 23 1914.]
New York Bond Recorct—Concluded—Page 4
Price
Friday
May 22
BONDS
X. Y. STOCK EXCHANGE
Week Ending May 22
Week's
Range or
Last Sale
82
Range
BONDS
'IN. Y. STOCK EXCHANGE
since
Jan. 1.
Week Eading May 22
1593
Pr.ce
Friday
May 22
Wcek's
Range or
Last Sale
e,
Range
since
Jan. 1.
High No, iota High
High No. Low High Wabash (Concluded)—
Bid
Ma
Ask Low
Ask Loie
4 77 84
8 A & A Pass let gu g 4s-1043 J -J
8012
8012 807s 8018
Equit Tru..:t Co
---- ---- 5))5 Jan '14 .--- 5653 5658
52
92 46
S & NI' 1st sink g 5s___1910 J -J
104 Oct '09
5714
_
Do Stamped
j -___ ---9353 85'2
Det & Ch Ext 1st g 5s___1041
Seaboard Air Line g 4s____1950 A-0 85 -__ _ 8514 Feb '14
50 10
56
0 Nov•13 __-- __— • -_-Des Mob] Div 1st g 4s---1930 J -J
80 Aug '12
Gold 4s stamped
1050 A-0 85 853a 85311
055s 11 8312 86
Om Div 1st g 30______1941 A-0 65 69
Registered
65 AD:'14 ____ -1-35- "ii"
1950 A-0
Tol & Ch Div 1st g 4s____1941 M-8 731s 80
-i61-8 51 745 80
7534 7618 7534
7318 May'14 ___ 70 80
Adlustment Is
01949 t'-A
8__
32 s_
_ a_le_ 7
17 7312 781 1 Wab Pitts Term 1st g 4s_1954 J -D _ _7
74
Refunding 4s
712 12
712 May'14 ____
A-0 7334 7478 74
84 8534
Ati-Birm 30-yr 1st g 4s_e11959
Cent and Old Col Tr Co eerts84
8
81
7
1414
33 NI- S
8618 8514 Apr '14
Mch'14
8518
85 8518
Car Cent 1st con g 4s
8478
614 10 614 13,4
Columbia Tr Co ctfs_.
614
8
1949 J -J
- 10314 Jan '13
Col tr ctfs for Cent Tr ctl's
____ 10
Fla Cent & Pen 1st g 5s_1918 J - J 10018 16i14
634 97
614
614 1412
1st land gr ext g 5s
2d gold 4s
2 —_
5 -1954
is
711
D ec '113
1930 J-'1 10038 10314 104 Nov'12
12 —.174
10134 1-61-7;
Consolgohl 5s
Trust Co certfs
J -J 10378 - - 10178 Feb '14
--1-2
7
10412 Feb '14
Gs& Ala By 1st con 5s_o119
10212 10512 Wash Term] 1st gu 3%s_ 1948
8218 8312 8334 Apr '14 ____ 8114 34
04
45
3 .1-J 10312 _
98
719 .,....1,
1st 40-year guar 4s
_;
. 16
10311 10318
06
0 Sep '12
Ga Car& No 1st gu g 5s_1929 J -J 101 __ -- 10318 May'14
1045 F-A 6
_ West Maryland 1st g 4s_ _1052 A-0
72
Saab & Roa 1st 5s
197 -Z1-3
.- -g61926 J -J 1013s ---- 10114 Oct '13
West N Y & Pa 1st g 5s_ _ _ 1937 J -J
10418
10418
4 10212 1051a
Southern Pacific Co—
Gen gold 4s
0038 11 00 94
82
1943 A-0 7634 790 76 Apr *14 ___ 75
Gold 48 (Cent l'ac coll)_k1949 J -I) 903a Sale 9038
'14
Feb
90
90 90
34 .I. el.) '07 -___
Income 5s
d1943 Nov
Registered
k1949 J -D
__ - 100 Apr '14 __-_ io5- nil"
Wheeling & L E 1st g 5s___192 A-0 -i)
8658 350 8434 92
20-year cony 4s
-678 iiii
g1029 M-S 86 Sale 8534
10138 787 9912 10358
_ 9512 Nov '13 ____
NVheel Div 1st gold 5s___ 1928 J -J
9512
J-D 1013a Sale 101
20-year cony 5s
24 0112 9412
94
7933i12, 0
75
7% 9751 Feb
Exten & Imps gold 5s__11)30 F-A
, -5i39 10-A 9334 Sale 9334
Cent Pac 1st ref gu g 4s _ 194
1111 1st consol 4s
75
'14— i
F-A 90 ____ 9412 J'ly '12
1949 M-S
Registered
92 9114 May'14
20-year equip s f 5s
01
9112
90 —__ 90 Apr '14 _- 9
99
70
5 90
‘219 .1-1) 91
80
1022 J -J
19
Mort guar gold 330_k1
'14
Apr
80
8534 8712 Winston-Salem S B 1st 48_1960 J -J 85 871 88 Feb '14 _.__ 88 88
Through St L 1st gu 4s_1054 A-0
103 10334 Wis Cent 50-yr 1st gen 4s_ 1949 J -J
40 8538 6018
89 Sale 8814
89
G is & SAM
P 1st 5s_1931 M-N 10238 ____ 103 Apr '14
101 1023,
Sup&Dul div & term 1st Zs'36 M-N
8834 8834 Apr '14 ____ 86
8013
Gila V G& N 1st gu g 5s-1924 *M-N 101 ____ 10234 Apr '14
10214 104 102 Sep '13
nous E & W '1' let g Is,.,.1933
101 1-63-- Manufacturing & Industrial
1933 11-N 10014 104 101 Apr '14
let guar 5s roll
109 109
g Os hit gu-1937 J -J 100 ____ 109 May'14
R&
9334 9512 94
04
2 9334 95,2 Am Ag Cuem 1st c Is
101
1028 A-0 101 Sale 100
Gen gold 4s int guar___ _1921 A-0 105
Am Cot Oil ext 430 ____p11115 Q-F 9878 Salo 0812
10814 108 Meli'14
108 108
9878
Waco& N 1V (1iv 1st g Os 1930 91-N
10412 103 Mch'14
Debenture Is
1941 J -J
10112 103
11931 N1-N
9334 Sale 9334
9334
A & N W 1st gu g 5s
Alsy'14
____
10714
1073
;
Am
Hide
&
L let s f g 08_1910 11-8 102 103 103
10612 10734
103
Morgan's La & '1' 1st 7s 1018 A-0
1020 .1 -J 106 ____ 10718 Mch'14
10718 10718 Amer Ice Secur deb g 6 _1925 A-0 88 8812 8814
215503
1 17
1st gold Os
88'2 2
08908
967,4
4 :899:9439212
112 Fels '07
Am Smelt Securities s f 68_1926 F-A 10318 105 10338
1938 A-0 107 __
10414 18 103 105
No of Cal guar g 5s
1611-2 1013-4 Am Spirits Mfg g Gs
1915 M-S ____ 97 94 Apr '14 ---- 94 99
Ore & Cal let guar -7, 5s.._ 1927 J -J 1013s 101 10112 Mell'14
Am Thread It col tr 4s
8 _ _ _ 10112 Nov '13
1919 J -J
So Pac of Cal—(111 g 5s 1037 NI-N 1053
0212 93,2 93 Apr '14
93 9312
92 _ _ 9112 Sep '12
Am Tobacco 40-yr g Gs_ 1944 A-0 12112 123 12112 May'14
$o Pac Coast let gu 4s g_1937 J -J
1 1212118
- 117
Registered
1213, --2 12 34 12134
843g 88
1044 A-0 12134 Sale 12134
San Fran Term! let 4s 1950 A-0 83 if 8734 Feb '14
98 99 96 Apr '14
Gold 48
Tex & N 0 con gold 5s_1943 J-J
90 06
1951 F-A 97,2 ---- 9712 May'14
87 98
9234 Sale 9218
Registered
93 237 8938 0334
1955 J-J
1951 F-A
So Pac RR 1st ref 4s
- - -- 0538 .3'no '12
Am Writg Paper lit s I 5s_1019,J -J
68 Sale 68
6834
Southern—
6 65 78
514
lialdw Loco Works 1st 55 1940'IVI-N 104 ____ 104
24 10214 106
1994 .1-J 10538 10222 100
let consol g Si
104
1 102 1041s
Aug
Beth Steel 1st ext s f 5s____1926 J-J
l9
'
5113
2
9014 Sale 9914
Registered
1904 J -J
9912 43 9312 100
7312
-737
let & ref 5s guar A
; 7358
Develop & gen 43 Ser A 1956 A-0
87
7378 79 -i5- 7014
13
1942 M-N 87 Salo 87
42
3 8
97
1%
38 8
98
94
34
9938
Mob & Ohio coll br g 43_1938 N1-S 8112 8234 8214
1 8014 8312 Cent Leather 20-year g 5s_1
8214
1922
5 A-0 9912 9934 9912
1/718 Apr '14
1906 J -J 10412 ___. 10412 NIcif 14
1951 F-A
Mem Div 1st g 4 3i-5s
104 10412 Consol Tobacco g 4s
07's
8538
—__ 8514
1951 J -J
4 8358 8538 Corn Prod lief s I g 5s
8514
St Louis city 1st g 4s
-- 95
95
1931 81-N
1st 25-year s I Is
9412 9512 9412
Ala Can 11 1st g Os
1918 J -J 104 ___ 10514 Sep '12
9438
Al-N
88 _
68 Apr '14
Cuban-Amer Sugar coil tr es 193
1948 -J
Atl & Danv 1st g 4s
918
4 A-0 ---- 95 92 Apr '14
8618 88
2d 4s
6014
•12
S214
Distil Sec Cor cony 1st 5s_1027 A-0 5912 Sale 58
0-11: 5
1948 J -J
9998
23111 971699938854
E 1 du Pont Powder 40_1936 J-D 86 8638 86
.
861s _2_3
Atl & Yad 1st g guar 4s 1949 A-0 76
. 0
80
6 9
80
914
2
Col & Greenv 1st 6s
1916 J-J 102 ____ 1013-8 Fob '14
151E8 folsi General Baking 1st 25-yr Cs_ 11156 J -D 8812 8912 90 May'14
Gen Electric deb g 350_1042 -A 7038 Sale 'AN
T Va & Oa Div g 5s
193s
5 77 9038
1030 J -J 10514 ____ 105 Apr '14
10438 105
Debenture 5s 8
Con 1st gold 5.
10534
S 105 10512 104,
10738
1950 M-N 10712 108 10738
1952
10514 108
Gen'I Motors 1st lien Gs
10114 10
X Ten reor lien g
16
1 19
98
312 101
'
'
114
1038 M-8 103 ___ 10518 J'ly '12
1915 A-0 10118 Sale 101
Ill Steel deb 4 30
6412 May'13
At) 6712 sale 8712
33 8312 89
Ga Midland 1st 3s
88
1046 A-0
102
1952 al-N 10134 Sale 10134
_ 10814 Alch'14
37 9838 102
Oa Pac By 1st g Os
108 10812 Indiana Steel 1st Is
J-J 1681-2
Ingersoll-Band
May'14
100
11018
Oct
'13
____
10812
102.
1st 5s_ ____q11993450 J
109 11012
Knox & Ohio 1st g 6s- --29
192282 J-J
Int Paper Co 1st con g 6s 1918 FA 101 io
11, 10134
'
:0134 ---5 17
08
014 104
83i2
Mob & 13ir prior lion g 51-1948 J -J 10018 __ 10512 Nov 12
Consol cony s f g 5s
_ 79 Mch'13
72
80 8012 .114ty'14
1945 J -J
1935 J -J
Mortgage gold 4s
Jut
101
10118
May'14
15212
St
Sale
5612
___5612
Pump
5712
1st
s
f 55
1915 J -J
1003/1 101
1929 M-13
5612 6718
Rich & Dan con g Gs
9114
9112 92
9112
2 0014 97
1927 A-0 100 ____ 10314 Fob '14
• Deb 55 stamped
10314 10314 Lackaw Steel 1st g 5e
70 ____ 73 Sep '12
1st con Sc Series A
72
72
7S11:
11:gt MS 70 72
70 981
Rich & Meek let g 4s
1948 M-N
5-year convertible 5s
9732 10 932
1019 M-N 10032 10114 1011s Apr '14
101 102
Car & Ga. lst g 5s
1915 M-8 97 0738 97
10138 ___ 112 Oct '06
126
Liggett & Myers Tobac 7s_1944 4-0 120 Sale 125
11116 M618
10 19
02
632 12
20
\ Virginia Mid ear C 6s
55
10114 29)
1921 M-S 10178 __ 10334 Nov'12
k, Series D 4-5s
1951 F-A 10114 10112 101
102 1)0c'13
12412
Lorillard Co (1') 7s
12412 Sale 12418
1026 M-8 10278
6 11938 12618
Series E 5s
104 NIch'13
5s
10012 Sale WW2 10034 37 9
'Series P 5s
1031 M-8 10338
181
07
93
868 19
_ 10112 May'14
9318 95 95 Apr '14 _ — 91
General Os
1936 M-N 10414
97
10212 10412 Mexican Petrol Ltd cnv es A11_'
92
4411
1st lien & ref Gs series C 1021 A-0 9318 95 93 May'14
Va & So'w'n 1st gu 53_2003 J-J 104 ____ 104 Apr '14
10312
105
93
5
1958 A-0 9218 93 02 Alay'14
1st cons 50-year 5s
94
0034 9234 Nat Enam & Stpg 1st bs_1029 J-D 93 Sale 93
Nat Starch 20-yr deb 5s
,W 0 & W 1st cy gu 4s-1024 F-A 87 ____ 92 J'ne'13
1930 J -J 84 ____ 85 May'14
96
13
:
8: 18
00
2:
1i
10014
1914 J-J 10014 1003s 10014
West N 0 1st con g Gs
jai.
)r8 1-60-12 National Tube let 5s
1902 M-N 100 Sale 9012 10014 11
96 99 9834 Feb '14
9812
9834 9818
Spokane Internet let g 5s 1055 J -J
0834 9834 N Y Air Brake 1st cony 6s_1928 MN
1 97 9978
100 10018 Railway Steel Spring—
er A of St L 1st g 430_1930 A-0 9912 10012 10012 May'14
Latrobe Plant 1st s f Is_ _1021 J -J
10578
9712 98 9734 Apr '14
10334 10612
97 9814
1st con gold 53_1894-1944 1'-A 10578 107 10578
_ 8012 8814 May'14
Inter-ocean P 1st s f 5s_ _1931 A-0 9112 92 92
92 ---2 91
9314
Gen refund 18 f g 4s
1953 J -J
8514 9012
Repub I & S lst & col tr 5s_1934 A-0 10378 _— 103 Apr '14
.0:
2- 103 102 May'14
10134 102
St L
Bge Ter gu 5s 1930 A-0 -1
10278 103
May'14
10-30
-year
933
4
101
51O
5s
101
s
100
A-N
933
4
f
i
40
st 52_ 1,
0
Tex & Pac 1st gold Os
3 91
03
94
9312 9332000 J-1)
0912 104
4
Standard Milling
8912
88 8912 88
1d gold Inc 58
9 8412 891s
q2000 Mcli 22 40 51 Nuv'12
10234 81 10038 106
The Texas Co cony deb 6s_1931 J -J 10212 Sale 102
Le Div 11 L let g 58
95
9.5
1031 J -J
95 95
Union Bag & Paper 1st Os_1030 J -J
90 Feb '13
W Min W & N W let go 58_1030 F-A
10612 Nov 04
10514 Apr '14
89 9114 Jan '13
Stampea
Tol & 00 1st g 5s
1935 J-J 10514
1030 J -J
1053.4 014
83
Western Div 1st g 5s
1935 A-0 10238 105 101 Aug'13
U S Realty & I cony deb g 5s_'24 J -J
83 84 83
8124 49
10112 Apr '14
General gold 5s
1',35 J -D
1931 J -J ____ 20 20 Feb *14
20 26
-9t-3- 1-6112 U S Red & Refg 1st g 6s
1090 A-0 8614 ____ 87 Mch'14 -_-_-_-_ 8512 87
Kan & M 1st gu g 4s
1031s 11 10134 104
U S Rubber 10-yr coil tr 68_1918 J -D 103 10314 103
9814 ____ 98
1027 J -J
98
2d 20-year Is
103
10278 Sale 10234
251 9978 10314
7 0534 9834 U S Steel Corp—Jcoup _d1963
73 89 75 May'14
1917 J -J
Vol P & W 1st gold 4s
1023
3
10318
2 100 10314
f 10-60-yr 581reg ___a1963 NI-N
75 80
65 Feb *14
le 82
Tol StL&W pr lien g 33,0_1025 J-J _33_
9034 19 9138 98
Va-Car Chem let 15-yr 5s_1023 J -D 9612 9634 9618
8112 82
1950 A-0
55
Sale
50-year gold Is
10178
West Electric 1st Is Dec 1922 J -J 10112 102 10134
8 10018 10214
7 52 60
46
49
1917
Alch
F
14
-A
A
goll tr 4s g Ser
9518 63 8912 9538
Westinghouse E& Msf 5s_1931 J-J
95 9512 9434
49 50
85 May'14
Tat Hain & Buff 1st g 4s-111948 J-D 85
10-y..ar coil Cr notes 58_1917 A-U 99 ____ 99 May'14
85 8538
9634 99
U lster & Del let con g 5s_1928 J-D 101 10214 10112 Apr '14
10012 10134
1952
747
3
76
76 Apr '14
A-0
V let refund g 4s
,..iscellaneous
74 76
Adams Ex colt tr g 4s
Union Pacific76
6 7312 8014
76 78
76
1948 Al-8
904 Sale 9878
Armour & Co let real est4
1st lilt & land grant g 4s_1947 J -J
9278 43 8912 9313
'30 J-D 9234 Sale 9212
974 56 9512 08
1047 J -J
0612 Apr '14
Registered
96
0512 9612 Bush Terminal 1st 4s
1052 64-0 88 87 88 Apr •14
8712 88
1927 J-J
20-year cony 48
9178 Sale 9134
Consol 5s
0178 30 90 9338
87 89 91 Apr '14
1055 J -J
91
91
g2008 M-8 0438 Sale 9/38
ilid40 5s guar tax ex
1st & ref 45
s612
7 91
9438
1060 A-0 8612 Sale 8612
05
861s 88%
4s_1946
:on
g
J
0212
Chino
0314
-D
Nay
93
03
Ore By &
Copper 1st cony Gs.._1921 J -J 160 170 166 Apr '14
3 0134 94
150 166
11012 May'14
10918 11034 Granby ConsAl S & P corn 6s A'28 M-N •10212 103 10212
Oro Short Line 1st g 6e--1922 F-A 11018
10212 21 99% 1051s
1949 J -J 107 108 10734 May'14
Inspir Cons Cop let conv6s 1922
1st consol ; 58
100
10534 108
100 Sale 994
34 9054 1081,
1029 J -D 91125510 9112
Guar refund 45
92
18 8914 9414 lot Mercan Marine 43e__,.1922 A-0 5012 5078 4934
5012 23 4712 61
1926 J -J 10212
Utah & Nor gold 5s
Ink Navigation late f 5s
_ 103 Alay'll
1929 F-A
7218 73 73 Apr '14
7133 7711
1933 J -J
9112 1;761st extended 45
Montana Power let Is A
9314 May'14
93
1043 J-J
93 9412
03 Apr '13
Vandalla cons g 48 Ser A_1955 F-A
8813 Jan '14
J-J
Morris & Co 1st f4s
881s
8811
1057 M-N --- 93 93 aleh'13
✓ Consol 4s Series B
Mtge Bond (N Y)4s ser 2....1966 A-0
83 Apr '14
9318
83 83
Vera Cruz & P 1st gu 430_1034 J-J --. 07 94 Oct '12
100
10-20-yr 53 series 3
100
1932 J-J
100 100
_1962
M-N
Virginian 1st Cs Series A
0918 15 07 10012 N Y Dock 50-yr 1st g 4s_1951 F-A
7S' Sale 7818
7818
1 77
7818
1939 M-N 19
08
"Wabash 1st gold os
34
2 12
Niels Falls Pow 1st 5s
1093938
101
1032 J -J 10112 10134 10118 Mch'14
7 10138 105
10118 1011i
TV 2ci gold 5s
1939 F-A 971
Niag Lock & 0 Pow 1st Os 1054 51-N 02 ____ 02 May'1
0713 11 91 100
:Sale 97
92 93
J-J
Debenture Series B
Ontario Power N F 1st 5s...1943 F-A 9514 9534 9434
90 J'ne'12 ____
95
6 9152 9512
1st lien equips I'd g 5e
21 M-8 1939
99 98 Feb '14 ____ 98 18.- Ontario Transmission 5s
92 May'14
1945
____ 91
92 9212
1st lien 50-yr g term 4s 1954 J-J
Pub Seri,Corp N J gen 5s 1959 A-0 8934 Sale 8934
75 Apr '14 ____ 75 72
90
33 8812 01
let ref and ext g 4s
1956 J-J
Yli
a2
621
55
199 5012 6114 RayConsCopper 1st cony 6811021 J -J 114 Sale 114
11478 58 10712 11714
Cent Trust Co ctfs
4912 May'14
4913 5518 Sierra & S F Power 1st 59_1949 F-A -_-- 9312 9214 Feb '14
9214 9214
Do Stamped
53 Apr '14
-50 564 Wash Water Pow let 5s_1939 J-J
10312 Jan *1
10312 1n$14
Vi"
T 0 1st
-
MISCHLLANEOUS BONDS—Concluded.
Coal Cc Iron
& Susq Iron i f 5s___1932 J-D
Debenture 5s
a1926 M-8
Ool le 38 1 Co gen s f g 58-_1943 F-A
Col Fuel gen Os
1919 M-N
Col Indus 1st & coil Os gu_1934 F-A
Cons Ind Coal Me 1st 56-1935 J-D
Cons Coal of NW lstScref Os 1050 J -D
Continental Coal let g 5/1-1952 F-A
Gr Riv Coal& 0 1st g Os_h1019 A-0
Kan& H 0& C lots f g 4.-1051 J-J
Pocah Con Collier lets[64_1057 J -J
• L Rock Mt& P lat 5s
1955 J-J
Tenn Coal gen 5s
1951 J-J
Birm Dlv lit comet fls
1917 J -J
Tenn Div lit g 6sa1017 A-0
Cab C M Co lut gu g 681_1022 J -D
Victor Fuel 1s5 5 f Ols
1053 J -J
Vs Iron Ooal&Coke lit g Os 1949 M-8
$‘3... price Wider; latest bid and allied.
92
92 Fob '14
80 85 80 Mob'14
02
9014 ____ 92
105 ____ 10714 J'ne'l
74
7378
737s 75
73 Mch'14
74
0012 92 9014 May'14
89 ____ 9918 Feb '14
_
10238 Apr '00
8912-- 93 hich'l
8612 8734 8712 May'l
78 80 77 Apr '14
103
10312 May'14
102 103 10134
10134
10138 10214 102 Mch'14
101
10114 Mch'14
73 Apr *14
- -- 84
91
9313 013
013
:
1
92 02
80 80
9112 99
4 73
73
89
0918
82
79
9014
991
03 03's
84 8814
77 82
971e 10312
10112 103
101 10212
10114 10114
73 73
90 05
Telegraph & Telephone
Am Telep & Tel coil tr 43_1929 J-J
8914 Sale 89
8914
Convertible 4s
1936 M-8 95 100
96
96
20-yr convertible 4 30
1933 AI9934
9914 Sale 99
Chicago Telephone 1st 5s 1923 J-D
Commercial Cable let g 4s.2397 Q-J
8418 ____ -/-i21-3Ap-r-'171
Registered
2397 Q-J
7734 82 79 Apr '14
Cumb'd T & T 1st & gen 53_1937 J-J
9634 9711 9634
9712
Keystone Telephone 1st 55_1935 J-J
8912 92 8914 Mch'14
Metropol Tel&Tel lat s f 53_1918 M-N 10038 10132 10032 Apr '14
Mich State Telop let 5s__1924 F-A 9834 10014 0834
9834
NY&NJ Telephones. g_1020 M-N
10314 May'll
NY Telep 1st& gen s(430 1939 NI-N
98 Sale 9734
9812
Pac Tel& Tel let 5s
1937 J-J
9738 Sale 9714
0734
South Bell Tel & T lsts(6. 1941 J-J
97
534 Sale
97 97314
2 ma y
98114
all
West Union col tr cur 5s
1938 J-J
Fd and real eat g 430
1950 M-N 9112 9214 9214
9214
Slut Un Tel gu ext 5s
1941 M-N
104 J'ne'll
Northwest Tel gu 43,s g_1934 J-J
8714 ____ 93 Jac *18
a Due Jae. 4( Due April. eDus May, g Due June. 5 Due July. 8 Diu• Aug. °Due Ost.
29 85 8978
1 9334 9714
9412 9934
6
81's 821$
7738 79
3 9612 9€14
894 894
1003s 10038
9638 100
63 95 -981-5
13 96
99114
25 9712 100
92 9818
8678 924
y Due Ner 6 Due Des.s Cation saie
CHICAGO STOCK EXCHANGE—Stock Record.
1594
STOCKS--1110IIEST AND LOWEST SALE PRICES.
Saturday
May 16
'fonday
May 18
Tuesday
May 19
Wednesday
May 20
Thursday
May 21
Friday
May 22
Sales of
the
Week.
Share:.
STOCKS
CHICAGO STOCK
EXC HA NG al
Range for Previous
Year (1013).
Range since Jan. 1.
Lowest.
Highest.
Lowest.
Highest.
Vailroads
12 May22 2034Jan 31
200 Chic City&O Ry pt sla com
15 •_ _ _ 15 *____ 15 *--- 15
•__ 15
1212
12
40 May18 5512 Feb 2
Do prof
104
42 .41
42
.41
*41
40
42
41
40
*41
40
42
25 Jan 19
Chicago gley Rys com100 23 Jan 21
30 Jan
2412 J'ne
27
Jan'14
*20
Last Sale 23
27
•20
*20
27
•20
27
Do pref
70 Jan 21
100 70 Jan 21
91 Jan
70 Ply
85
Jan'14
Last Sale 70
85
*70
85 .70
.70
85 .70
90 Jan 10 9814 Jan 24
102 J'ne
88 Jan
071 .00
9712 .96
*96
9712 9534 9612 --------70 Chia Rys part ctf "1"___
9712 *96
27 Jan 8 35 Jan 10
3314 Sep
18 J'ne
331a 33.1
3312 3453 3453 35
3378 3458 3312 3413 3318 3312 8,379 Chic Rya part ctf "2"___
6 May 7
812 Jan 29
.613 61
20 Chic Rys part ctf "3"..„
*512 612 *512 612
9 Sep
614 614 * 6
612 ---- ---515 J'ne
2 Jan 14
25 Chic Rys part ctf "4"___
4 Jan 2
2 J'ne
458 Apr
*218
238 *213 238 *218
*213 23
238
-213 218 _-__
17 Jan 15 22 May 8
50 Kangas City My & Lt_100
.2012 22
1014 J'ly
*2012 22
37 Sep
*2013 22
21
*2013 22
21
*201s 22
100 35 Apr 8 4012 May 7
Do prof
50
3512 Nov
38 Oct
•____ 39 .___ 39 .____ 39
---- ---39
39 *____ 39
41
L_100
Stablo
Jan
U
Streets
W
7
412Jan
7
Feb'14
438 Dec
912 Jan
Last Sale 412
*3
41.
414
414 *3
*3
414 *3
100 25 Jan 26 25 Jan 26
Do pref
25 Sep
45 Mcb
Last Sale 25 Feb'14
*16
25
.16
*16
25 .16
25
25
Miscellaneous
100
25
American
Jan
Can
Apr
18
23
Apr'14
2112
.1'ne
348
4913
25
Last Sale
Jan
*23
2812
28: *28
2812 *28
2812 *28
100 8912 Jan 2 9534 Jan 27 v 81 J'ne 12914 Jan
Do pref
Last Sale 9234Mar '14
.9012 911 *9012 9112 *9013 9112 *9012 9112
4 American Radiator_ 100 399 Apr 16 440 Feb le 400 Oct
•400 ___
500 Feb
0100 405 .400 405
400 400 *100 405 *400
Feb
0
13412
Do
100
128
prof
Mch14
May'14
125
Dec
Sate131)
135 May
Last
•—__ 132 *_ 132 .____ 132 *____ 132
26 Amer ShipbuildIng
100 30 Jan 9 44 Jan 31
28 Nov
55 Jan
____ ---37
3513 37 • 35
36
36
*35
36 .35
*35
Do prof
100 76 Jan 8 02 Fel) 4
78 Nov 10312 Jan
Last Sale 76 May'14
*77
80
•76
81
81
.76
81
*76
11034
Amer
12112Feb'14
124
Te1eg_100
2
Dec
Telop
Jan
13084
118
28
Jan
le
Jan
Lan Sale
12211 123 *12212 123 *12212 123 *12212 123
10 Booth Fisheries eom._100 35 Apr 28 5014 Jan 21
4912 1)ec
3
71 Jan
371:...__ 35
3712 *
*--__ 3713 * _ _ 3712 *
--- -----77_
7312 J'ne
Do lit prof
8972 Jan
100 73 Ar 27 841Jan 27
7314 731 1 7314 7314
*7213 74
73
74
•72143 75
40 J'ly
Cal & Chic Canal & D 100 -------------------55 Jan
Last Sale 50 Dec'13
_
5018
5018 *45
501, *45
5018 *45
*45
87 Chic Pneumatic Tool_100 49 Apr 25 60 Feb 12
5512 Sep
--------53
53
4713 J'ne
54
54
54
*53
54
53
5334 54
15 Chicago Title & Truit 100 212 Jan 13 218 Mch17 200 Apr 221 Sep
212 212
•210 212 *210 212 *210 212 *210 212
280 Conunoaw'th-EdLson.100 133 Jan 26 140 M01110 u12412 Dec 155 Sep
135 135
135 135 *134 135 *131 135
131 135
.135 130
1612 Jan
9l4 Jan 9
Last Sale 12 Feb'14
912
8 J'ne
912 *9
Corn Prod Ref Co com100
912 *9
13 Jan 31
91
*9
*9
Last Sale'
1)o prof
Fel)'13
77 Feb
77 Feb
100
_
1513 Diamond Match
9634 97
07
97
97 - -------- -- 96
97
97
90 Oct 11014 Feb
97
97
100 9113 Jan 2 102 Jan 20
*26
Last Sale 231 Mar'14
27
*26
27
27
63 Feb
271 *26
•27
1512 Nov
Goodrich (B.F.) octot_100 231i Men 30 26 Feb 4
*105 106 *105 106 *105 106 *105 106
10514 10514 --------50 Hart likaff & Marx pf100 10012Jan 2 106 alch17
04 Itch 10012 Deo
7612 Jan
*6312 6412 *6312 6412 *6312 6412 *6312 6412 *6312 6412
597 Jan 9 70 Jan 31
64
20 ilinols lirlok
64
58 Nov
100
Last Sale 10412M'y'14
Lutenist Marvel:4er Col00 10412 May 11 111 Jan 22 100 J'ne 115 Jan
____ 77 *____ 77 *__ _ _ 77
•_::: 77
Knickerboeker Ice pf_100
Last Sale 7634 Aug'12
National Biscuit
013014 132 *13014 132 *13034 132 .13034 132
100 12334 Jan 14 138 Feb 3 105 J'ne 130 Sell
Last Sale 128 Apr'14
Do pre(
100 12114 Feb 16 12312Feb 4 116 Dec 123 Jan
•124 126 .124 126 *124 126 .124 126
Last Sale 125 May'14
160 National Carboa
100 J105 Apr 29 161 Feb 10 113 J'ne 137 Dec
*11012 112 *110 112 .110 112 *110 112
110 111
111 111
40
Do
prof
100
*118 129 *118 120 *118 120 *118 120
11514Jan 27 120 alch17 11112 .Ply 118 Jan
____ ---120 120
Pacifist Gas & El Co_100 35 Jan 9 4712 Feb 13
.41
42 .41
Last Sale 4012 May'14
42
.41
42 •___ 4153
33 Nov
83 Jan
107 People's Gas LkOoks.100 119 Apr 25 125 Jan 3 104 J'ne 130 Sep
.121 12115 121 121
12112 12112 12114 12114 12038 12034 12034 12114
10
Pub
100
fiery of No Ill com
7012 May18 81 Mch 4
761 *75
*70
761 .
761
7312 7612 7012 *76
7812 *75
65 J'ly
85 Aug
100 04 May20 100 Feb 7
94
97
04 - -------- --------1 Do pref
.95
97
97
•95
*95
8034 Dec 10152 Jan
1,
,far'i
12 Mch23 1714 Jan 14
Last Sale1
Ruraely conuiton--100
11
.10
11
11
•10
*10
1012 .10
19 Aug
60 Feb
100 30 Mch 23 4054Jan 14
Do pref
Last Sale 0 Mar'14
30
0752 Feb
30 .28
.23
•28
30 .28
30
4012 Aug
18573 18578 185 18518 - --------170 Sears-Roebuck con5_100 178 Apr 25 19313 Jan 31
186 180
186 18013 186 186
155 J'ne 21454 Jan
17
Do prof
100 122 Jan 14 12473 Feb 20 117 May 12454 Feb
*124 12434 0124 12434 12413 12412 *124 12434 .124 12412 •124 12413
Last Sale 2812 Feb'14 ---- Studebaker Corp com.100 2712 Feb 3 3014 Feb 5
3512 *35
351
3512 .35
*35
*3413 35
1614 Nov
34 Feb
Last Sale 86 Feb'14 .--92
*91
Do prof
100 83 Feb 3 86 Feb 4
02
*91
.91
02
92
*91
66 Nov
70 Nov
458 Swift is Co._,. ., _100 10414 Jan 3 10712Feb 27
104333 10612 10612 10634 10613 10653 10653 10653 10651 107
10514 106
101 J'ne 10772 Meat
Last
Sale 23478M'y'14
The Qualms 01- _100 230 Jan (S 260 Mch21
ats
--010
*230 235 *230 235 *230 235 *230 235
195 J'ne 280 Feb
100 102 Jan 0 107 Feb 2t,
10513 10512 -„- .,. 31
Do pre:
106 100 *10512 107 *10512 107 *10512 107
9934 .1'no 10812 Feb
153 153 *152 154 •153 154
21 flatten Carbide Co__100 140 Feb 9 15812Mch21 8142 Dec 218 Nov
*153 154 *153 154
16314 I-53-1e
Last Sale 18
Unit Box Ed Se 1' Co-100
--__
l'
1 Jan
113 Feb
____
63
63
220 U 13 Steal cons
63
63
6214 6214 --------100 57 Apr 20 6712 Feb 1:
6834 Jan
50 J'ne
*iii- 1-1-i1-2 11233 1-1-2-1-2 11233 11233 11214 11233 ..
114 Ward,Montg'y & Co prof 109 Jan 3 114 NIchll
4
10512 Feb 111 Sep
_ _ 11214 12-1(113
May
1
Jan 11
314
333 31s *213 4
9 J'iy
1,212 4
*213 4 • -2- --4
100
10 Western Stone
1412 Jan
Last sate n13,--nr;.513
Woolworth.corn
100
8714 Mch 112 Jan
Dtrldend Record
Chicago Banks and Trust Companies
NAME.
NAME.
ViCiaena necora
Capital Surp. et
I
Stock.1 Profits t In
/n
Per- Last Paid. I
1012. 1913. tad.
(00s um (tied.)
%I Bid. Ask.
Capital Sur p.
In
Stock. t Profits t
1912.
(00: on: tiled.)
Southwest Tr le 8 5200,0
Standard Tr & Say 1,000,0
litookrasn's Tr de S
200,0
Union Trust Co__ 1,200,0
WestSideTr&Sav
400,0
Woodlawn Tr & 8
200,0
Per1-1
1913. iod.
Last Paid.
3111. Ask•
V. 95, n. 13.122 128
332,7 Org. J uiy 6
6 Q-al Mch.31'14,112 1(16 168
432,3 _6
53,1
J-J Jan. '14. 3 145 150
6
1,687,6
8
843e Q ii Mch.31'14,2
140.2 8&28
12 Q-al alch.31'14,3 .350 375
121,0
10
Q-J Apr. 14, 23.4230
10
--American Strata_ $400,0 $127,0
2
Oita ____ Mch.31'14 112 186 190
Calumet National
73,4 None
100,0
6
An Jan '14, 8 225 250
21,8 Org. J an. 27 '13. V.95, p.1535 10412 107
200,0
Caaltal State__
31,5 Beg. b us.Oat 712 V. 95, p. 944 156 160
250,0
Central Mfg Dist_
Coat de Corn Nat- 21,500,0 11,220,9 10
1134 Q-J Apr.'14, 8 285 286
Corn Exch Nat__ 3,000,0 6,535,8 16
16&8y Q-J Apr. '14, 4 404 407
6
151,8
01300,0
Drexel State
6
Q-J Apr. '14, 134 k220 225
394,7 10
10
Q-J Apr. '14, 33.4 250 260
Drovers' National
750.0
59,1
8
200,0
8
Q-J Apr. '14, 2 174 177
Englewood State_
17 Q-M Nich3114,414 412 415
First National__ 10,000,0 12,318,6 17
BONDS
Inter248,1
1236 10&3e Q-M alch.31'14 212 353 356
FIrstNatEnglew'd
150,0
Pries
CHICAGO STOCK
Irds
Week's
Range
est
525,5
Priv ate 131 nk
Foreman 131'03.-- 1,000.0
EXCHANGE
Friday
Range or
Sold
Since
period
8
Q-J Apr. '14, 2 250 258
8
Ft Dearborn Nat_ 2,000,0 1,010,9
Week Ending May 22
May 22
Last Sale
January 1.
h29,8 Org. N oy 25 1812
200.0
Halsted St State_
123 126
Bid
Hibernian BkAssn 2,000,0 1,254,7 Not pa bushed —se e note CD
Sal Low
(¶)
No, Low
HigA
55,0 Beg, b us Aug '12. V. 95, p. 273. 133 130
200,0
Hyde l'ark State_
Am Tel & Tel colt 43.-1920 J -J
91 Feb '13
3
9
8 J -0 t
15,9 Orga n. Feb '12: V. 94, vo 465. 120 123
100,0
-E- 92
Irving Park Nat-Armour & Co 434a
Apr'14
3574 03
224,7 10 1034513 J-J Jan. '14, 5 256
400,0
t 73
Maspar State__
77
Auto Elea lat at Cs
8214 A pril'12 _ —
200.0
8,5 -_-07
M-N
Lake View State_
19:37
5s
&
ref
134 Q-J Apr '14, 134 108 ill
El
unit
Gas
&
Cal
0613 May '12
200,0
67,6 ____
6 Q-M alch.31'14, 2 272 275
Lawndale State__
9973 Salo
1927 - A
Chicago City My 6s
9973
10013 -is; -5574 for
12 Q-M Mch.3114,3 245 248
665,6 10&2e
LIve 13th Each Nat 1,250,0
80 May'l
Chic City As Con Res 5s..d1027 A - t 7914 81
80
8575
-J
60,2 Beg. b ui.Aug 26'1 2 V 00, p 593 131 135
200,0
Meth & Trad State
J
9912
9973
1914
t
0712 Feb'14
My
5-3
Chloago Hie?
9578 98
3
8
1,472,3
8
Q-J Mch.31'14.2 199 202
Nat Bk of Repub.. 2,000,0
Chia Pneu Tool 1st 59„a1921 .6 -J t 931 9.112 9518 Apr '14
9212 05(4
6
830,6
National City__ 2,000,0
6
Q-J Apr.'14, 134 160 165
9338 Sale
1027 le - A
9838
9812 30 9613 9913
Chicago Rys 55
6
National Produce /250,0
6
Q-J Apr. '14, 134 201 206
125,7
series 'A" A -0 t 9212 Sale
5 91
Chia Rya Sc
94
112,0
7
200,0
North Ave State_
7
Q-J Apr.'14, 13.4 163 165
series "13" J -1) 7834 Salo
30 7812 8153
Ohio Rye 45
20,2
6
200,0
North Side St a'av
6
Q-J Apr. '14, 134 134 136
95
02
9
5
7811
A pr0
94,
7
'
821731
series "C" F - A
Chie Rya 4s
0534 9554
7
6
300,0
Q-J Apr '14, 134 178 181
79.13
North West State
100 Jan '12
F-A
Chic Rye call Os
9,7 Org. N *Y. 27 '12. V.95, p. 1944 100 105
200,0
69
J 5-53- 70
Ogden Ave State.
Apr'14
92
17
3J
Clio My Pr m at g 4,s_c110
07 1/014
10
Q-J Apr. '14, 212 280 285
144,3 10
48
600,0
People'eStkYdslit
4712 48
2 45
Chia Ity AdJ Ino 43....e1927 afaal t- 5414
27,0 Beg. b us Noe I'll V.93, p.1235
10058
200,0
5 0914 10112
Seoond Security__
Chicago Telephone 55-192:1 J -D 9l001 10034 10058
0712
9712 NIch'14
6
_
734 Q-J Apr. '14. 2 2-17 535
181,7
400,0
Seotutty
Cicero Gas Co ref 0 m 1032 J -J z -971408
10134
102
8
16 10053 102
8&20 Q-J Apr. '14, 2 223 226
SouttiChicagoSav
285,8 1164,9
Conamonw-Edison 5s.- 1943 44- S 110134 102
31,0
6
0
Q-J Apr. '14, 134 134 138
South Side State.
200,0
Comaaonw Elea 5s___b1943 NI- S t10012 10114 10034 May'14
10053 10114
12
10053 May'14
_
Q-J Apr. '14, 8 395 390
State Bank of Chic 1,500,0 2,888,3 12
1024 151-N :10058 101
Cudaay Paok lot al 5a
0014 10053
10513 Apr'14
State Baskot Italy
200,0
50,3 Beg. b ua.Attg 191 2 V.05, p.1523 129 131
Dla Match Con deb 6s-1020
104 1051,
9934 Aprli'12
Stock Yards Say15 Q-M Mch.31'14,4 350 .....
250,0
258,9 10
Gen Mot 6% 1st L notes _1915 A 5,5: A 1
r11.
001528
500,0
Union 1312 of Cale.
6 M-N May'14, 3 176 178
181,4
0
fat Mar 3-yr 6% g notos_111.15 - A 0100s Sale 100
155g;1005
WashlagEaFkNat
133.4 10J3e Q-J Apr. 14. 234 235 _
11)0,0
30,6
Inland Steel 131 M it 64_1928
ContralTrCoef III 4,500,0 2,103,5
9
Q-J Apr.'14, 23.4 223 227
3
Kan City Ry & Light Co
90 Oct '12
500,0
54-N
422,0 1032e 12&le J-J Jan.'14, 8 295 315
Calsame City BAT
as
75 Sep' 13
Ohicage Say B AT 1,000,0
70
J -J
275,8
0
6
Q-J Apr.'14, 134 14113 144
Lake St El—tat 5a
CbleacoTItle &Tr 5,600,0 12,886,9
8
32 /14 -G
846 Q-J Apr. '14, 2341 210 214
83s Sale
1
213
83 F - A
13
Meta W Side 9.3 let 4e-1
.
89
7314 May'14
Colonial Tr & Say 1,000,0
503,4 8&2e
J -J t___ 793
14
(o)
Q-J Apr.'14, 2 1 102 166
Extension g 4s
74
8012
10478 April'12
Oast &ComTril3 3,000,0 1,879,1 Not pu bUshed —'so o iota OD
0 -A
928
8311 El My & Lt let g 53.._ 193
(1)
250,0
95
-.6
J
192,9 10
lare'rers Tr le Sav
Anril'12
10
Q-J Apr. '14, 234 285 _ —
434e-1031
2,10,ia
do 4re
cti&
oi
elet
88
.1 - J 587
May'14
rho* Trust & Say 5,000,0 4,110,7 None None Gy-af Dea30'11,4 -- la1939
—
805 80
10
80
7331 /4.1
600,0
PIDearberaTra48
117,3 Beg. b us.Apr 3'11 V.92, p.929
14-N
Nat Tulle lat g 53
300,0
132,7 ---___ Q-J Mch 31'14,114 .a
Fraaklin Tr & Say
Jan'14 ... 149
i.f3
2.22 A -0 10014 10111 99
98
Nor Shore Riles g 63.- 10
_991
8
326,9 10
10
9712 May'14
Q-J Apr. '14, 234
CIrseaebanal Sans 1,500,0
let & ref g 6s___1940 -0
8
02,5
_
6
200,0
J-J Jan. '14 334 131
Gila:wee Tr *13
Nor Sti Oas of 111 let 3s-1937 F - A t 55r4
1,500,0 2,658,8 12 12&10e Q-J Apr '14, 3
Mania Tr & Say
N W (1 L Li Coke Co 6,._1928 Q-M 5 mos 997
1-0014
84,2 Beg. le us.Apr 10'1 1.V.92,p.1004 Bo
14-N t 95 Sale
300,0
Mesas Hsak &Tr_
Ogden Gas5a
3 93
90
I
Is Ti & Say_ 5,000,0 10,590,4 10144 1644e 8 Apr. '14, 4 470 480
10
099
13
5
95514
12.83
.m
Aealp
8 ApaattrY9,"5:11i
1943
Peop Gas L & 0 let 6s.--1
109,1 712*
reaweelTr allay
Af200,0
7
Q-J Apr '14. 134 190 195
1001
3
tiOOTS
1-6
6
4
Refuldiag gold is
May'14
1047
-15; 10034
6
111,4
LakelfiewTr&SFay
300,0
0
Q-J Apr '14, 134 178 181
Chia Gas L & C let 58-1931 J -J 5103 10333
101 10314
LallafteitTrasSay 1,000,0
343,8 Be(. h us. ata y'le
105 107
10014 1110/5.14
CO11111131 Gas lot 5s____1936 J -0 t gra
99 10113
Liberty Tr Je layIi-N
,7.4 Org. D ee. 6 '12.
275,0
10012
yob
170
165
Mutual Fuel Gas let So 1947
100
10013
31,0 U.8 apt. 5 '12. V. 05, p. 593 112 110
jOl Sale
limiest Tr A lay200,0
Pub Sery Co let ref g is-10/18
18 9014 9324
58.0 Seg. b es.J'ly 1'12 V. 94. P. 481 159 163
294 Sale
MareallieTreatlav
250,0
South Side Elea' 4345.---1924
3 00
95
MerldwateL &Tr 3,000,0 7,426,1 16
_
t100
16
Q.-J Apr.'14, 4 420 425
10
0
9
90
0
6
41: 24'L8
Swift & Co let g as
9:1
124
8
100 1014
5
73,0 -9653 Sale
200,0
as Ave TrQ-J Apr.' 14, 134 135 138
4
1914
do
lit s f g 53
.— 194
10 90
0714
By Traillay
142,7 CoM.b us. Ap 10'1 1.V.92,1*.1004 205 210
500,0
Tri-City By & Lt cell
8
8 Q-M Mch.31'14,2 320 325
elent Ti Oe.... 1,500,0 2,961,0
3-0
trust lien i t lis
9814
8
8
J-J Jan.'14, 5 273 276
300,0
-Wort Ti & It_
130,0
gift; 83
Union Mee (L•op) 5S---- 11994523 A 33
711
68,3 keg. b iii.J'ae 111 V.92, p. 1537 113 115
200,0
Ottl Ciekrig Tr it 8
m — 11 *00
100 May '12
U_13 Gyp5um lit it
Oa
•
•0.11.
8 013&2e Q-J Apr.'14, 236 280 285
P•eplo's r & Say
500,0
240,2
____
102
1922 J
J
Western Else Co Ss
Ms Dec'13
284,2
8
latilbasat Tr & Say
300,0
8
Q-J Mch .31'14, 2 200
8 . 6
shoridea Tr 4 ray
Q-J Mch 31'14.2'4 153 jai
47.5
200.0
Note—Accrued intereet inns t be added to all Chicago pries's.
91frrn ask pr cm; no saloa were mad* 011 this day. t March 4 (close of business tor national bas
nk and April 4 (ePerling Of b11111111363) for State amtitutamul. t No
y; latent price thLi tatak• }Sept. 1 1011. 1 DiVidends not published: a ock all acquired by the Continental & Commercial National Bank. a Doe 14.0.
21.
it
rge uis
o e Due Jan. 1. 0 Itt ra dia. A New stook. 14% of this is extra. 231(1135 reported beginning April 18. a Divs. are paid Q.-J., with extra payments
Q.,. 4
$1 1913. s Ex-24% accumulated dividend. to Increase In capital to $-400,000 authorized Sept. 24, a cash dia. of 75% being paid is eemaeotIon thereV„ p, 1000, 574. a Ex-dia. and ex-stook die. u 44 aasossment paid. o P1(10 6% reg. and 13.4 extra on old capital stock of $000,0041 ap,d 134% ca aew
capital 21,000,000. jEx-50% 'stock ellv. ns Capital to be increased to $350,000. V. 08, D. 812. !Capital to be lures:Sad to $300,000; a 20% auk
dlyid to
be declared In aaaeotloak i48tsysiAb. Y. 98, 9. 1182. 6 APr11 21 1914.
Chicago Bond _Record
97.2 ir
08,,
1313
iai
=
roe
I =1
-85-
-$r
MAY 23 1014i
1595
THE CHRONICLE
Volume of iusiness at Stock Exchanges.
Lek
I'eicgrsj.,h and letepsisa, B a .13. Indust and Mis,en -Wen, PL.
C Amer l'eleg & Cable_ 100 5758 60 Am Steel Fdy 65 1935..A-I 101 103
75
F-A
73
Deb 4s 1923
e Central & South A mer..100 106 10712
51, 167 175
American Surety
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Comml On Tel (NI Y)___25 95 105
5
DAILY, WEEKLY AND YEARLY.
American Thread pref____5 .4
70
Empire dr Bay State Tel_100 60
39
50
Amer Typefounders com.100 36
Franklin
100 40
98
100 94
Preferred
e Gold & Stock Teleg-100 110 120
Railroad,
Stocks.
99
rd-N
95
Deb g 6s 1939
Marconi Wireless Tel of-Am 5 •358
378
U. S.
Slate
Week ending
lls
78
Amer Writing Paper____100
Bonds.
e Northwestern Teleg
50 108 115
Bonds.
Bonds.
Shares.
Par Value.
May 22 1914,
15
Pacific & Atlantic
25 65 _ _ Barney & Smith Car cam 100 10
50
Preferred
100
cPat
1
Telep
&
pref_100
88
Teieg
90 4
886,500
5553,000
68,596 55,123,100
Saturday
50 00 _
Bliss (IS W)Co com
Southern & Atlantic
95
25 85
04,000
1,797,500
263,914 22,846,150
Monday
Short-Term :sores
50 115 125
Preferred)
145,000
2,266,500
183,940 15,722,000
Tuesday
100
283 187
Amal
10058
Bond
&
rd
10078
Mtge
Guar
Copper
1915
Is
60,000
1,339,000
140,073 12,034,300
Wednesday
5s Lo
01c
Amer1
6omotive 5,1915 J-J 1001s 100,2 Borden's Cowl Milk com.100 112 11212
40,000
1,583,000
210,675 16,776,250
Thursday
106 107
J-J
100
100
Preferred
1003
8
07,000
1,396,000
93,482
7,660,550
Friday
5s 1917
J-J
9978 10014 Braden Copper Mines _ _ _ _5 •778 8
100 45
Am Tel & 1' Sub Cos 5s '16 100 001/. e Brown Shoe corn
50
$492,500
960,685 $80,162,350 $9,235,000
Total
91
e Preferred
Balto & Ohio 58 1914___J-J 10014 10038
100 89
2914
10) 27
13klyn Rap Tr-See N Y Stk Ex list. e Butterick Co
Jars. 1 to May 22.
Week aiding May 22.
Sales at
Ches & Ohio bs 1919_ J-1) 9612 97 Casualty Co of Anserica_100 100 115
New York Stock
12912
131
100
ChIcElev
Rys
Celluloid
Is
1914__J-J
Co
9912
093
4
1913.
1914.
1913.
1914.
Exchange.
Erie Coll 550ct 1 1914..A-0 10038 10028 City Investing Co
27
100 22
90
Ws 100
Coil
Preferred
100 85
35,383,063
33,302,467
1,076,801
060,685
Stocks-No. shares__ _
70
e
0
Oct
Claflin
s
5sA1
P17
-A-T
(II
com_100
65
9912
A11
1915B)
Co
995
s
$80,162,350 $97,352,300 $2,916,006,339 $3,177,033,500 liar HIV & Pt Ch 55'15 M-N 9834 99
Par value
SO
C lot preferred
100 75
$67,500 ,
$249,900
$3,000
Bank shares, par
100,_ 75
85
Hocking Valley 5i '14_M-N 10058 10078
e 26 preferred
Bonds.
list
111
Cent
Co
-See
F4545
1914____J-J
10018
10038
Cluett,
Peabody
Si
3
11sEx
$371,600
$383,000
81,000
Government bonds__ _
70
100 68
03 Consol Car Heating_
0,851,500 ,st & GS. Nor bs 1914__F-A 90
26,007,000
2,215,500
$192,500
40
State bonds
F-A 1005s 100ss Continental Can corn.., 100 36
220,779,000 ' Inter Harvester 5.3
282,464,500
9,405,000
9,235,000
Minn dc St L g 6s 1916__F-A
90
lilt, and misc. bonds....
Preferred
1(30 86
94
00
100 1515 1514
91
93 e Crucible Steel com
$231,001,500 Mo Kan & Tex Em 1915-51-N
$308,854,500
$9,727,500 $11,621,500
Total bonds
Missouri Pacific 6s 1915 J-D 8912 91
e Preferred
100 9134 92
New
Eng
Nay
Go
Co___10
*1'2
Davis-Daly
1917
_M-N
9914
9912
58
Copper
PHILADELPHIA
BOSTON
AND
DAILY TRANSACTIONS AT THE
eN YC Lines Eq 55 1914-22 5 4.65 4.55 duPont(EI) de Nem Pow 106 124 129
EXCHANGES.
43i8 Jan 1915-1925___J-J b 4.65 4.55
C Preferred
100 ---- 85
4Sis Jan 1915-1927___J-J b 4.035 4.55 Emerson-Brantingham 100 20
25
Philadelphia.
Boston.
00%8 110
N Y Cent 4I2s 1915 _ _.,M-N 100
78
00,
Preferred
100 74
55
4
Week ending
5s Sept 15 1914
Empire Steel & Iron corn 100 - - - - 13
Bond
Unlisted
Listed
Bond
May 22 1914.
5s Nov 5 1914
10058 10078
100 15
Preferred
25
Sales.
Shares. Shares.
Sales.
Shares.
NY N II & II 53 '15 _M-N 9834 09 e Federal Alin & Smelt _100
15
8
C Preferred
Seaboard Air L fly 58'16 M-S 9958 100
x31
37
100
$62,500
$9,000
5,446
11,061
1,345
South Pac C055.111015 1914
Saturday
19155
:00
i:: 100s C General Chenalcal com_100 160 170
7,094
28,700 Southern fly
4,402
14,000
21,766
9034
e Preferred
Monday
bs 1916....M-S2F-A
995s
mu 109 11012
71,600
4,722
17,174
9,800
7,089
095, Goldfield Consol AI
5s Mch 2 1917
Tuesday
10 •139
112
55,900 West Maryland 53 1915_J-J 99% 06 k Hackensack
18,651
27,500
6,685
2,937
Wednesday
Water Co2,090
4,470
37,700 Westingh'se El dr AI 6s
18,500
16,392
10214
let g 4s 1952 op 1912__J-J 83
ThursdaY
861
1,943
45,500
16,500
13,060
Hale & Kilburn coni-100 25
Friday
Railroads
30
Preferred
e Chic & Alton com
80
100
912
100 75
08,101
22,554
25,5331 $301,000
595,300
Total
Havana Tobacco Co
4
e Preferred
100 13
100
2
Preferred
9
"Onlisted Department'discontinued May 1.
12
e Cehi,
100
o-st-oncreStrP
reA
dI & Om
100 125 j50 _--BNae.
lot g bs June 1 1922 1-1) / 64
2112
3 145
35
67
Preferred
002
0 142
0
is
2312 Hoboken Land & Improve't
, e Colo &South corn
as-r4 100
1st Is Nov 1930
42
11
e 1st preferred
314 414
40 Hooking Val Products__100
1, e 26 preferred
5
1st g Is 1961
4
J-J
3712 41
e Dul 85 & Atl com
100
All bond prices are nsm "and interest' except whe:e mar ed 'f"-il
c Ingersoll-Rand com
100 110
8
11
t! e Preferred
100
Bid Aelc i, e N Y Chic & St L corn...,100 36
Street liallways-(Con.)
45
c Preferred
100 92
Bid Ask United Rya of St LStreet Hallways
100 Intercontin Rub com
100
654 712
e 1st preferred
100 3
16
054 _3
-71;
Common
75 Internet Banking Co__ _ _100 05 105
e 2d preferred
s Preferred
692
82 106 International NIckel
New York City
100 117 119
Northern Securities Stubs
_ 10
118_00
0012
88
100
&
El
Co
20
26
Wash
fly
Blecek St & Ful Fy stk__100
33
Preferred
Pitts Bess & Lake Erie_50 .30
100 105 108
1
434 85
82
J.
10,
1)
1
Preferred
66
66
73
let mtge 4s 1050
J-J
5
8
.60
International Salt
Preferred
100
45 1951
70
51, 185
e Railroad Securities Co-10
let g 55 1951
51
100 10
A-0 1. 48
B'Y & 7th Ave stk
100____
17
Tr&WatPow
Penn
____ West
78 International Silver prof_100 110 115
III C stk t,r Otte Ser A
3d mtge 5s 11)14
J-J
100 ____ 60
Preferred
60
1st Co 1948
West Pee 1st 58 1933....M-S 57
J-D 10812 110
Broadway Surface BilPer share Kelly Springfield Tire ....100 52
525$
Standard 011 Stocks
J-J 100 10212 Electric, Gas &. Power Cos
let Is 1024
New York City
,___
10
Preferred
100 135 142
Anglo-American Oil new___ •1612 17
Cent Crosstown stock.,..100
J-J 102 10312 Atlantic Refining
Cent Un Gas 58 1927
100 600 610
75
Debenture 4s 1951_A-0 65
lot mtgo 6a 1922____M44 io(5 300 e Lackawanna Steel __ _ _100 3012 36
llorne-Scryinser Co
Christopher & 10th St stk100 120 135 e Kings Co El L & P Co_100 5121 122
New Amsterdam Gas2
14
90 145
Lanston Monotype
831s
00.
Buc.Seye Plpe Line Co___150
100 83
Dry Dock E 11 & BattJ-J 10
09
1112 10212 Cheaebrough Mfg Cons_100 665 67.5
1st eonsol 55 1948
Lawyers' Mtge Co
J-0 08 100
100 188 193
1st gold 55 1932
30 N Y & ER Gan let 55'44 ....121 103 10412 Colonial Oil
110 Lehigh Val Coal kiales___50 165 170
Is-A / 20
100
Scrip 55 1914
310
Consol
Sos
1916
280
218
Manhattan Shirt
eo
100 40
Continental on
Eighth Avenue stock_100
F-A / 99 10012 N Y & 0E1 L & Pow Co..100 ____ __ _ _
52
Preferred
Crescent Pipe Line Co.. __50 .48
100 98 103
Scrip 68 1014
Preferred
100 ___- ---- Cumberland Pipe Line.. 100 60
55
100 240 280
Manhattan Transit
20
*04
012d & (Jr St Fy stock
N
Y
&
35
29
Richmond
Gas...-100
Mortgage Bond Co
Eureka Pipe Line Co__100 260 270
100 97 102
42d St M & SIN Ave
Nat Cloak st, Suit com__ ..100 53
178 181
55
Ossiena-Signal 011 corn..
let Gs ext at5% to'40151-S 100 105 North'n Un let bs 1927..M-N 10034 102
100 155 170 Standard 0 L lit &*'30 MN 100 10112
100 140 145
Preferred
100 9712 9734
Preferred
Ninth Avenue stock
_
a
Other
Cities.
100
Inialana Plpe Line Co_ ___50 *137 143 e National Surety
100 170 183
Second Avenue stock
40 a New York Air Brake.. _100 60
67
Natio:sal Transit Co
Consol Is 1048 ctfs_F-A j-i3 - 23 t_a:. 'Jae dc Elea com___ 50 *8112 83
50 •413
"ksseferred
100 113 123
47
e ;low York Dock corn....100
N
6
7k
itsSc Transit Co_ln 2*70 sso
eSixth Avenue stock
20
100 338 340
91 120 , c Preferred
J-J 8 2 100 as:. IA dc Tree from
Northern Pipe Line Co__100 116
Sou Donley Is 1945
100 -- 26
100 103 110
98
rrsferred
A-0 00
Ohlo Oil Co
So Fer 1st 5s 1019
25 1'478
0 180 ss Y Mtge & Security__ _100 145 150
63
Pierce 011 Corp
Tarry WP & AI Sc '28_51-S / 75 80 Amer Power & Lt corn.. _100 62
85 N Y Title Ins Co
100 ---- 70
100 82
15
Preferred
83
Prairie Oil & Gas
452 N Y Transportation
28 & 29th Sts bs '96 etis A-0 / 5
20 .434
512
Twenty-third St stock 100 240 275 Appalachian PowerSolar Refining
310
Niles-Bem-Pond com__100 57
6312
lot m Is 1941 opt.___J-1) 70
75
Southern Pipe Line Co 131E I4
181 222 Ohlo Copper Co
Union Ry let Is 1942...F-A 102 106
10
•1 1
3s
03 Bay State Gas
50
38
12
295 e Ontario Silver
100
214 212
Westchester 1st Is '43_J-J 90
South Penn Oil
152 Otis Elevator corn
5
Sou West Pa Pipe Lines_ IV)
Yonkers St RR Is 1946-A-0 92 100 Buffalo City Gas stock__100
77
100 75
Cities Service Co corn.,...,100 -13'51-2 88
Brooklyn
standard 011 (California) 100 303 312
Preferred
97
100 05
Preferred
100 7212 74
Stand Oil (Indiana) ____100 450 460 e Pettibone-Mulilicen Co 100 20
Atlan Ave RR con Is'31A-0 101 103
27
100 1012 1034 Standard Oil(Kansas) __100 420 430
e 1st preferred
B 13 & W E 53 1933
A-0 07 100 Columbia Gas & Elee
99
100
lit 53 1927
__-- Stand Oil of Kentucky-100 265 275 Pittsburgh Brewing
10 171 172
Brooklyn City 111'
.1-2 1052
50 ;1.6
9689
J-J
33
50 345
Preferred
Ilklyn lists 1st 65 1941-A-0 100 10212 Con Gas of N I 5s 1026"
Stand 011 of Nebrasks-_100 13
28
50 *27
e Pittsburgh Steel pref_100 83
100 90 100 Consumers' L 11 & PowNJ
J (old)__100
Sr
Coney is) & Ilklyn
Ii 1938
.1-D 101 ---83
iii .- Pope Mfg Co corn
J-J 81
of
100 1
let eons g 48 1948
83 Centaur:kers Power(Miss)-B•ssiadard Oil subsidiaries!
Preferred
2
2-3 80
'
5
100
Con st de 1055
lat & ref Ed '29 opt'1411/41-N
8812 91
Standard 01101 N Y____100 215 2i7 Pratt dr Whitney pre!_.,,100 98,2 102
J-J 9912 10012
Brk & N bs 1939
1
9112
Denver
G
&
El
53
1049.M-N
93
2
104
102
415
Producers
Oil
130
1044
A-0
Standard
405
100
Nassau Elm let Is
Oil of Ohlo_100
Owen & Finch
Electric Bond Share pref 100 0812 100
100 ISO 200 ltealty Assoa (Bklyn)
100 105 Ili N Winsburgb dr Flatbush05 Elisabeth Gas Lt Co....._100 325
02
88
Union Task Line Co_.. .A00 85
1st 4SS8 July 1941_-F-A
25
RemingtonTypewt'r com100 22
130
Essex
&
iii
103
Hudson
Cos.......100
100
68
Is.
Vacuum
let preferred
Steinway
Oil
100 06
100 216 220
98
Gas & El Bergen Co____100 88
91
1Vaalsington 011
26 preferred
100 88
00
50
Gr't West Pow 58 1946....J-J
80
79
Other Cities.
Royal 13ak Posed com_100 177 180
Waters-Plerce 011
1M 30t5 h)
Buff St fly let con 55'31F-A 10212 ___ Hudson County Gas.......100 130 133
Tobacco Stocks
Preferred
100 10012 107
61 Indiana Lighting Co__100 39
41
(See also Stock Exchange List)
Safety car Heat & Et
100 101 107
Com'velth Pow By & L-100 59
as 1958 opt
81
F-A 6912 71
100 SO
Amer Cigar corn
IIT'
ii 1r
8 138 Sears,Roebuck&Co-SeeN Y Stk E cc list
Preferred
Trailanapolle
63
Ge113
50
--com___100
100
Preferred
4 Preferred-See Chia Stk Ex 113 t.
t Cetus fly & Ltg
1"t g Si 1051
A-0
50 18
1°
7
00
00 :Singer Mfg Co
100 63 65
Amer Machine & 1"dy_100 84
e Preferred
100 330 333
TtriUsh-American Tobac_L1 •2238 2212 Standard Coupler corn.,.100 25
oDalroit United Ry__100 ____ 71 Jesis'On Gas 58 g 1037 A-0 9712 100
33
98
18
22 e Lacledo Gas L(St Louls)100 04
.2238 2212
New stock
l'referred
100 '105 111
Federal Light & Trae_100 2.67
69
e
Preferred
100 0534 0612 Conley Foil
295 Stewart-Warner Speedo'r 100 47
100
Preferred
48
_ __ Madleon Gas Ss 1026_ A-0 102 107
e Udine (Geo W) cons...100
17
50
5 170
100 2
Preferred
(Havana Elm Ry L.k P 100
100 97 100
--- Narragan (Prov) El Co_ 5- -----00
e Preferred
100
100 10812 117 Sulzberger & Sons pref 100 92
e Preened
04
J-J 103 1031- Newark Gas 68 Apr '44.Q-J 122 121
Johnson Tin Foll.kaletal 100 125 175 Texas & Pacific Coal...100 0712 100
• Lottlsv St be 1030
_ Newark Coneol Gas
100 01
1.16
AlmAndrewe & Forbes...,100 190 200 e Texas Pacific Land Tr_100 08 105
New Orl Itys & Lt com.100
59
05
No
Ilud
L
II
&
P
Is
1938A-0
08
100
Porto-ltican-Amer Tob_100 240 250 TonopatiMln(Nev)-SeePhila Stk E x list
e Preferred
6714 Pacific Gas & E corn_ _100 40 -il
-- Reynolds(RJ)Tobacco-100 265 275 Trenton l'otteries com 100
sN Y State Rya Coin.,., 100
4
0
66
Preferred
100 81
82
Tobacco Products corn.,..100100 150
flier Ohio Tr & Lt com-100 61
Preferred new
100 45
55
Gas
&
Pas
Elec
02
Pat
&
100
88
Stk
list
Ex
Pub Seta,Corp of N J-See
Preferred
18
87
United Copper
100
111
85
Ti' ofs 6% perpetual__ 104 1051 St Joseph Gas be 1937_.-J-J
92
e Wilted Cigar Mfrs corn 10
Preferred
00
0 8
100
2
45
6'4 48
6
7812 80 Standard Gas & Ni (Del) 50 ''1 612 714
No Jer St 1st 46 1948 M-N
e Preferred
103 e United Dry Goods
100 Si) 85
7314
7304
Preferred
50
Cons Tract of N J
.2212
231
: United Cigar stores corn 100 0
100
87
514 83
e Preferred
100 05 100
lot 55 1033
J-1) 10212 1031 United Electric of NJIJ S Casualty
Preferred
100 112 115
100 19) 200
lot g 4s 1049
.1-1) 81
New'k Pam fly Sc '30_J-J 10412 !Of_
82
a Weyinan-13ruton Co___100 215 300
U S Envelope coin
100 131 13712
United
Gas
&
Elee
Corp.100
Tran
St
230
Ry
100
Rapid
29,2 33
e Preferred
.
0 110 120
Preferred
lt,G l( 3 105
1st preferred
A-0 101 ___
100 68
70
let 58 1921
100 125 110
U ti Flnishin:
Young (J S) Co
IOU
5
11
77
78
2d preferred
100 30
33
JO Hob & Pat 4s'49 M-N
Industrial&hilscellaneolu
0
Preferred
100 25 __123
128
Utah
Trao-100
Securities
Corp- 100 17
18
Ho J Gas El &
lot g Is 1919
e Adams Express
100 97 102
J-J 9012 _ _9914
51-S 98
6% notes Sep 15'22M&S15 8314 84
Cu g Is 1953
Col tr g 4019-87
7612
Con g 55 1929
J-J 68
73
17
Alliance Realty
j
1-0
1)
0l 8
No Ilud Co fly 541928 J-1 101 103 Western Power corn_ __100 10
92 e U S Indus Alcohol
78
5
100 15
30
5I-N 08
Preferred
100 60
61 12 Amer Bank Note com___5
39
6 Preferred
50 :
Ext 58 1924
530
5
100 75
84
112 . ___ Western Stated Gas & ElLI
U S Steel CorporationPreferred
Pat fly con 613
1st & ref g ill 1941 op...J-13 82
85
17,)
26 6s 1914 opt__A-0 100 .- - _
American Book
Col e f bs Apr 1951 on 1911 113 11434
18
Ferry GM.pamles
American Brass
Republic fly & Light-__100 17
140
Col 51 Is Apr 1951 not opt 113 11454
71 N Y & ER Ferry etock-100 10
100 69
18
Preferred
U S Tit Clu Sr Indem
American Chicle com-1
1110
0
80
00 1110
6
9
3.5
:01 195
100 40
50
151
lit Is 1922
M-N 40
40
Preferred
Tedneasee Ry L&P com_100 14
99 e Virginia Iron C ts C
100 40
52
70 N Y & Hob 66 May '46 .11-D
100 ati
1)512
Preferred
e American Express
100 10312 105 e Wells Fargo & Co
02
100 89
__ 16
Hob Fy lst 58 1940__M-N 101 104
Toledo Tract L &
Am Graphophone corn.-100
30
Westchester & Bronx Title
J-J 98
100 ____ 60 NY&N./ 561945
Preferred
.
Preferred
100 _____ 70
& Mtge Guar
100 165 175
10th & 238 Ste Ferry--100 13
20
Trent P & It be 1943...._J-D 94
100
125 c WeistInsh'se Air Brake_50 *12612 12712
American Hardware
-5
-3-0 40
let mtge Is 1919
100 73 -7
48
United Lt & Rye eorn
4 10014 Willys-Overland com_100 72 74
Amer Malting Os 1914..J1-0
00 ji8
30 74
76
Onion
Ferry
100
aback
100
23
33
let preferred
Amer Press A esoc'n
35
Preferred
100 94
98
70 I
let Is 1920
24 preferred
100 68
hi-N 96 100
60
Worthington(1(11)Co n1_100
*Per share. a And accrued (MI/lend. b Basis. k Listed on Stock Exchange but usually Inactive. f Flat price. t Nor,lul. s Sale price. k New stock. u Ex.
pabsidtaries. s Ex-div. y Ex-right-s. s Includes all new stock dividends and subscriptions, e Listed on Stock Exch..age but infrequently dealt in; record of sale,
19..say, will be found on a preceding page. is Ex-300% stock dividend.
Inactive and Unlisted Securities
100 N2
ri?
..-
--
2,ril 091
.V58
1596
BOSTON STOCK EXCHANGE-Stock Record.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
May 16
landay
May 18
Tuesday
May 19
IVednesday
May 20
Thursday
May 21
Friday
May 22
Sales of
the
Week
Shares,
S'IOCKS
BOSTON STOOK
EXCHANGE
0658 9878 •31658 0678 *9654 97
9538 9534
9814 .
0634 9834 .
10053.10038 10034 .1004 10034 *100 10012
Last Sale 10012M'y'14
181 •181
181 181
181 181
181 181
181 181
8012 81
8212 80 81
8234 82
82 .
81
8212 82
•160
•160
Last Sale 160 May'14
_ -- •160 _
41
42
4112 4114 4158 •41
42
4214 41
4212 37
_.
225 240 *225 240 *225 240
Last Sale 225 May'14
Apr'14
12
Last Sale 7
*7
12
•7
12
•7
12
55 •____ 55 *-- 55 •____ 55
Last Sale 55 May'14
Last Sale 612 Noy'13
;5i- 38 ;55- 38 ;55- 38 ;88- laLast Sale 36 May'14
▪
161
161 s__ 161
Last Sale 160 Mar'14
161 ▪
•____ 105 •___ 105
10434 10454
10312 10312• _ __ 105
*178
•176
_ *178
Last Sale 178 May'14
_ •176
.
83 _ _ *83
85
84
84 .
83 -85 - 84
84
8412 84
*11912
12014 12014 12014 12014 *119 121
12014 12014 *120 12014
.8612 8812 .8612 8812 87
87
*8612 88 .8612 88
*8813 88
*96
98
98
*97
98
97
98
97
97 •06
98
97
11
11
11
11
11
11 •10
11 •11
1212 .11
60
61
61114 61
61
61
*604 6112 61
61
81
61
6818 6834 684 6018 68
69
6678 68
6714 6734 687 6814
13103
103 103 *103 _
*103
*103
*150 152
150 150 *150 155 •150 163 • _ _ 153 *:::: 163
*19
28
_ _ _ .28
*19
23 •20
_
Last Sale 20 May'14
*15814 157 *15758 158 *1574 15814 *15758 158
Last Sale 15534M'y'14
*8834 8414 *8358 84
8412 .
*84
84
Last Sale 82 Apr'14
844
•____ 130 •_....- 130 •125 180
125 125 • __ 130 •__.. 130
*67
68 •67
6712
6712 67
674 6712 4437
8712 67 67
87
87
92 •87
8712 8712
*87
92
*85
90
*V
90
Railroads
30 Atch Top & Santa Fe..100
Do pref
100
153 Boston & AI bany
100
100
299 Boston Elevated
Boston & Lowell
100
1,702 Boston & Maine
100
Boston & ProvIdence..100
Boston Suburban El Cos..
Do pref
Boston & Wore Elec 03SDo pref
Chic June Ey & USY_100
28 Do pref
Connecticut River__ _100
10 Fitchburg prat__
100
11 Ga By & Elm strupd_100
28 Do pref
100
18 Maine Central
100
180 Mass Electric Cos
100
Do pref stamped _100
81
2,367 N Y N II & Ilartford_100
4 Northern N If
100
27 Old Colony
100
Rutland, pref
100
Union Pacific
100
Do pref
100
1 Vermont & Mass
100
171 West End St
50
12 Do pref
50
•5412 55
55
54
55
55
55
55
55
544 5412 53
9413 9412 9412 95
0478 9514 95
95
96
9512 9514 9512
.284 3
.
234 3
234 234
*234 3
234 234
*234 • 3
18
1814 1814 1814 •1814 1812 •1814 184 •184 1812 1814 1814
10514 10512 10558 10612 105 10814 10513 10578 10514 106
10534 10534
*11212 11312 11312 11812 11814 11314 11214 11314 11,234 11312 .11213 113
12212 12284 12212 12234 12212 12234 12214 12234 12238 12234 12214 12212
1612
•15
16 •15
Last Sale 15 Mar'14
_
;i5" -ids; 76
7658 76
7638 78
7614 7614
7614 76
78
*6012 63
6112 60 60 •_ _ _ _ 60
8112 6112 81
60 60
*9834 100 *99
*98
_ _ *98
90
*90 ____
99
Last Sale 7 May'14
*813 8
•7
8
'613 8
s612 _-8
•14
15
1412 •14
614
1412 •14
Last Sale 1412 May'14
1414
•11
12
11
11
*1034 1112 *1014 1112 •1034 11,2 114 1112
251 252
255 255
254 255
252 25212 253 233 252 252
1474 1474 14712 148
14814 14838 148 148
148 148
14713 148
100 10018 *100 101 •10018 101 010013 10112 •100 10112 *100 41012
86
86
85
86
8314 8314 8314 8812
8412 8512 824 84
0112 9112 904 91
*90
91
90 9014 9014 9014 *9012 91
*21434 21534 21434 21434 *21454 21534 •215 218 *215 216
215 2154
.234 3 .234 3 •234 3
•254 3
Last Sale 21512M'y'14
•2012 21 .
21
2012 21
•20
•20
Last Sale 214 May'14
21
62
64
•62 84
62
*82
6112 •60
6112 - -*60
*20 24 •_... 20
20
20
22
20 .20
20
*20
20
•_ _ _ 45
45 ▪ _ 45 •___ 45
Last Sale 67 Mar'14
135 185 *. __ 135 0_ 135
13412 13412 134 13412 13412 13412
15538 15538 1854
155
155
*155
15534
155
15538
155 155
15512
.18
1814 •18
184 1812 1812 •18
1834 18
1812 •18
184
106 106
1064 10658
1064 107
106 10658 106 10612 10612 107
30% 3018 8018 8018 3012 3012 3012 8034 31
31
31
31
*2714 2812 *2714 2812 *2734 2813 2813 2811 *2734 2812 •28
2812
Last Sale 1118 May'14
•114 138 •112 153 •14 133 •114 138
152 15612 156 15712 157 157
157 15714 154 167
150 153
56
564
57
5714 5713 5712 5718 5738 57
5714 5612 57
29 *2884 2914 284 2812 29
2834 29
29
2834 29
20
61
6263 634 6258 6218 6134 6258 0113 41%
83
6114 62
110 110 *10958 110
110 110
110 110
10978 110
(.1iscellancous
128 Amer Agrictil Chem_ _1 CC
303 Do prcf_100
51
15 Amer Pneu Service
50
115 Do pref
100
779 Amer Sugar Refin
Do pref
100
121
1,180 Amer Telep & Teleg_100
American Woolen_ _ _ _100
100
212 Do pref
281 Amoskeag Manufacturing
Do pref
Atl Gulf & W I s S L..100
Do pref
100
10
85 East Boston Land
100
203 Edison Elea Illum
100
890 General Electric
20 McElwain(WH)let pf 100
3,446 MassachusettsGasCos100
100
124 Do pref
100
101 Mergenthaler Lino
Mexican Telephone_ 10
Mississippi Ely Pow_100
100
Do
pref
10
100
48 N X Cotton Yarn
Do pref
100
100
33 N E Telephone
100
72 Pullman Co
35 Reece Button-Hole,., 10
100
854 Swift & Co
25
880 Torrington
25
20 Do pref
Union Copper L dc M 25
100
5,884 United Fruit
2,484 Un Shoe Mach Corp_ 25
25
211 Do pref
U
8
Steel
100
Corp
8,025
100
89 Do pref
*90
010014
181
7934
*160
42
•225
.
7
•__ _
-.
Mining
14 14 •114 112
AfIven
114 188
eetkure Con
•114 Iii
114 114
25
188 158
3 Anm
86
25
275 275
275 275 .270 275
275 280
275 275
25
275 276
AAiliasoukeazGold
2778 2814 2812 2834 2812 2834 2814 2858 2758 2814 2758 27.4 12,6
10
400
03
.95 .95 •.05 1
.95 .05 .11.95 1
•.05 1
230 Algomah Mining__ 25
.99 .99
41
41
•4012 41
41
4034 4034 41
4034 4118 4034 404
25
7278 7313 7213 734 7234 7318 72
7258 7218 7212 3,156 Amalgamated Copper 100
7278 731
17
410 Am Zinc Lead & Sm_ 25
17
17
*1634 17
17
17
17
1634 1634 •1618 17
418 4%
O418 458
414 47
458 5
478 5
4114 414 3,975 Arizona Commercial_ 5
•3
278 278 *234 3
318
3
318
2% 2%
210 Butte-Balaklava Cop 10
*234 3
4058 3978 4012 3938 8978 3014 4014 18,713 Butte & 8up Cop(Ltd) 10
3878 8934 40 4034 40
6814 6612
66% 664 6614 674 6634 67 .6613 67
6634 67
10
503 Calumet & Arizona
05 Calumet & Hada
•420 424 424 425 425 425 425 425 426 428 •420 425
25
per
in
•1634 17
17
1712 *1634 1714 •1513 1714 17
25
17 61612 1714
Chino Copper
4214 41% 4213 4114 42
42
5
4114
4158 49
414 4178 41
863 CopperRange Con Co 100
3714 87
3714 38
8718 874 374
3714 3714 3714 3714 37
30 Daly-Week
114 114 •1
•134 2 5 0134 2
20
112 *14 213 *154 2
1014 1014 jot, 1012 1014 1013 1013 1112 11
1114 1114 1114 1,820 Fast Butte Cop Min_ 10
51
en
en
ke
Ii,..n
25
5
518
5
5% 518 •414 534 1,292106935 GranbyGFrt.a
8
5
s318 54
82
Consolidated_100
82
8214 8132 8134
82
8234 82
82
8234 8212 83
3312 3384 84
32
33
Cananea
100
3312 33,2 3212 3313 s3112 32
8254
41512 16
65 Hancock Consolidated 25
•1512 17
16
16
16
16
16
18
*154 17
30 • __ 30
Hadley Gold
30 •____ 30
L441 Sale 30 Apr'14
10
HIE, Ilelvetia Copper
.80 .30 •.25 .40 •.25 .40 •.25 .45
•.30 .45 *AO .45
25
84 818 .0418
5
512
412 412
412 5
455 Indiana Mining
25
*412 5
4914 4014 *49
385 Island Creek Coal._ 1
50
4914 4914 049
4914 4814 49 •48
4812
854 8512
*8513 87
- .88
87 .8512 8612 *854 87
AN Isle Ito
poyallare
214 22 .2118 22
214 2134 21
C
20
t
21 .
2114
21
Copper,.,.
25
1
4
208
70 Kerwree
458 458
Lnaakw
41
/
*8544 4%
412 .11.:12
e Copper_ 25
414f .
413 458
%4
5
278 3
.273 3
273 213 .68
*234 3
.258 3
814
Lake
6612 7
La
25
Co
2:2
64 634 *612 7
678 678
*64 7
64 634
Salle
O414 458 •414 434
*414 434 *414 412
418 438
25
414 414
0214 258 *214 212 •214 258
Mason Valley Mines_ 5
*214 3
Last Sale 214 May'14
51s 518
1,300
51a 888
85 M
ma
ass
414 5
yne
Cw
oee
434 5
434 434
nsol
25
533
*414 5
484 434 414 5
*414 434
.434 5
25
215 Miami Copper
•
2g12 '2258 2252 *224 2214 2214 2214 *2114 2134 2214 2214
5
•.50 .80 •.50 .80 •.50 .80
25
St
ki •.50 .80 •.50 1
45
4412 45
454 45
45
4412 4512 45
25
11122242
6 Mohawk
Michigan
45
454 45
N
1458 1458 •1443 1484
1412 144 O1458 15
*1413 1518 1414 15
Consolidated- 5
8
618
578 0
6
64 6,4
614
1,080 New Arcadian Copper 25
618 614
54 6
612 818
64 618
6% 612
6i4,
5
•618 04
4110 NiPIssing Mines
•818 6%
2712 2634 27
374 27
2618 2658 2,458 NNnoratnh
15
2618 27
e
te
27
2713 27
.113 134
Lake
Last Sale 14 May'14
O14 114 •14 134
25
:
l
a
VS
112 •.99 114
Oilbway Mining
•.99 14 •.99 112
Last Sale 1
25
May'14
44 44
44 412
44 412
.
414 44
25
44 412 -HI
0O d Colony
44 412
182 Old Dominion Co__ 25
48
48
*4713 4814 48
4812 48
48
48
*474 48
Ci
7618 7812 7513 78
146 Osceola
76
76
77
75
75
76
25
18
1858 18
1814 183
10
, 1912 1914 MN 1814 19
183* 1853 0,615 Pond Creek Coal
*59
61
*59
*5813 60 .59
8012 5854 59
60
25
59
59
2178 22
2184 2178 2113 2112
22
22
22
22. 22
10
22
11ay cY
Consol Copper
50
40 9nin
864 354 8512 86
3413 3412 3513 3518 354 354 *36
39 St Mary's Min I.44nd_ 25
36
158
158
158 158 ells 178
.153 134
505 Santa Fe Gold & Cop_ 10
158 158 *14 1e2
538 512 *54 578
24, Shannon
10
5% 6
568 Ms *513 533 *513 558
244 2411 .244 25
2484 2434 2412 2412 2413 2412 2418 2412
220 Shattuck-Arizona____ 10
.16
Last Sale .16 May'14
.18 _....8 2.
.16
South Utah M & S___ 5
16
554
29
2914 2914 29
2812 29
28*4 2534 291
309 Superior
2878 2878
25,
2
218
2% 218
218 214 .2
2% 2
214 *173 24 1,370 Superior& Boston Cop 10
8612 3614 3612
145 Tamarack
864 8612 88
3714 8634 87
37 .37
37
25
314 312
4
458
313 4
*34 378 *312 318 .34 878
25
836 Triult7
Last Sale .60 May'14
•.55 .60 •.55 .58 •.50 .58 •.50 .58
Tuolumne Copper,.,.,. 1
3414 33733 84
34
3412 8412 841
84
84
84
*3334 34
1,428 US Smelt Ref & Min.. 50
45
45
4558 4534 4534 4512 4878
4434 45
4484 4434 45
647 Do pref
50
Last Sale 178 May'14
.134 178 .134 178 •134 178 *114 178
Utah-Apex Mining-- 6
1034 1034 1014 11
1013 1012 *104 1058
1034 1034 1034 11
380 Utah Consolidated-- 5
574
574
5714 5714 57% 5718 58% 5714
5814
5778 5814 58
10
371 Utah Copper Co
212 212 *214 258
212 212
213 212 •238 2%
•214 212
25
283 Victoria
313 311 *34 354 *313 334 •312 214
455 Winona
312 312
25
312 834
4258
*424 4212 •4214 43
*43
4312 43
43 •42
4214 4214
15 Wolverine
25
.55 .55
.50
.40 .75 •.28 .76
.50 .55
.50 .50
060 Wyandott
25
•Bld and aaXed 1t110011. •Assesament Pal& 3laa-etoolc dividend. A Ex-xlidita. a Ex-dividend and nab%
,10,
Range since Jan. 1.
On basis oi 100-share lots.
Range for Previous
Year 1913.
Ilighest.
Lowest.
Highest.
0514 May14
0738Jan 15
179 Apr 23
77 May 8
155 Jan 2
35 Mch 9
225 May 1
7 Mch 2
5312 May 1
9073 Jan 26
10138Feb 10
195 . Jan 5
9113 Jan 16
170 Fob 9
55 Jan 12
255 Jan 27
712 Feb 13
60 Jan 10
36 May 6
160 Mch 23
10312 May19
176 May 4
80 Jan 10
12018 May14
83 Jan 3
907,3Jan
9 Apr 22
56 Apr 30
6514 Mch 4
100 May 6
150 Apr 24
19 May 8
14912 Apr 23
82 Apr 17
H5 Jan 9
6612 Apr 27
83 Apr 30
40 Jan 26
163 Jan 15
10612 Mob 11
200 Jan 24
93 Jan 28
124 May 1
884 Apr 6
09 Mch 28
14 Jan 23
6612 Jan 24
7775 Jan 2
112 Feb 6
165 Jan 30
30 Jan
16314 Jan 31
85 Jan 5
130 Feb 5
75 Jan 23
95 Mch12
0112 Oct
9534 J'17
183 Dec
82 Nov
150 Dec
35 Dec
23812 Dec
7 Sep
tal2 J'ne
5 Feb
3612 Dec
162 Sep
10113 J'ne
200 J'17
68 Dec
s115 Aug
8212 J'ly
91 Dec
1012 Dec
63 Dec
6534 Deo
100 Dec
150 Dec
25 Aug
13912 J'ne
804 J'ne
105 Dec
6714 Dec
85 J•IY
10014 Jan
10138 Feb
215 Jan
11414 Jan
205 Jan
97 Jan
290 Jan
1012 Oct
05 Men
Mch
45 Jan
160 Feb
107 Mch
260 Jan
122 Feb
120 Feb
88 Sep
110 Mch
1982 Feb
79 Feb
130 Jan
130 Feb
1764 Feb
36 Mch
16214 Jan
004 Jan
150 Feb
8112 Feb
100 Jan
4754 Jan 2
91 Jan 3
24Jan 27
17 Jan 2
9714 Mcb11
108 Melillo
11718Jan 3
14 Mch 4
7234 Mch 4
60 Jan 21
98 Feb 24
5 Feb 19
1334 Apr 22
10 Jan 20
244 Apr 29
13912Jan 3
9834 Apr 30
8214 May20
90 Jan 3
21114Jan 3
214 May13
2014 May 53
62 May14
20 Apr 9
66 Mehl°
133 Jan 3
151 Jan 7
16 Jan 7
1041:Jan 3
27 Feb 24
27 Me-1224
1 Apr 15
150 May22
5334 Feb 2
28 Jan 9
564 Apr 25
10514Jan 6
5914 Mch10
9712 Jan 23
4 Jan 31
22 Jan 31
11014 Jan 2
114 Jan 29
124 Jan 24
15 Mch 4
83 Jan 26
67 Feb 13
10014 Feb 11
9 Jan 23
1684 Jan 16
1412 Feb 11
205 Mch 4
15012 Feb 20
102 Jan 23
9438 Feb 17
96 Mch 16
21634 Feb 27
3 Jan 28
88 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
159 Jan 27
1914 Mch 31
10734 Mch 9
31 May21
2912Jan 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
9912 Deo
10812 Dec
11014 Dec
1514 Dec
74 May
59 May
0234 J'IY
5 Jan
10 Jan
9 J'ne
234 Dec
130 J'ne
95 May
87 Apr
86 J'ne
209 J'ue
3 Jan
30 Nov
70 Dec
17 Apr
6378 Apr
127 Dec
149 Dec
1412 Apr
101 J'ne
26 Sep
28 Sep
34 Joe
147 J'ne
4112 J'ne
2638 J'ne
50 J'ne
1024 J'ne
57 Jan
9914 Jan
412 Jan
2334 Jan
11813 Jan
11714 Feb
1401k Jan
21 Apr
8378 Sep
75 Jan
100 Jan
1218 Aug
1912 Aug
15 Feb
288'5 Jan
18634 Jan
104 Jan
9312 Jan
9558 Mch
220 Sop
312 Feb
4114 Sep
7012 Dec
50 Apr
9112 Jan
160 Jan
1654 Jan
18 Sep
108 Mch
28l Jan
2814 Jan
2 Jan
182 Jan
5634 Feb
2812 Feb
60 Jan
111 Jan
Lowest.
1 May
Jan 22
1 Apr 14
23984 Apr 22 800 Mch24 230 Nov
w834 J'ne
2012Jan 3 2834 Ma718
134Jan 20 .15 May
.95 May 1
2918 J'no
3412Jan 8 4384 Feb 18
62 Jas
0838 Apr 25 7814 Feb 4
1534 Apr 28 2183 Jan 30
15,4 Dec
Mch
4
64,
4 Jan 10
24 J'ne
418 Feb 2
114 Ply
2 Apr 22
3112Jan 3 4034 May18
1814 J'ne
61 Apr 25 704 Mch25
5612 J'ne
410 Jan 9 460 Feb 13 388 Deo
19 Feb 4
10 J'ne
14 Jan
374 Apr 25 4312 Feb 4
3014 J'ne
32 Dec
84 Apr 25 4034 Feb 4
3 Fe* 0
134 May19
2 Sep
972 Apr 25 13 Jan 7,43
914 J'ne
778 Apr 6
212 Deo
2i2 Jan 8
51 J'ne
7312Jan 0 91 Fe) 4
4
Feb
2758 Oct
214 Apr 25 423*
12 Nov
1312 Apr 22 22 Feb 4
Mch24
2778 Jan
2812 Feb 16 3012Jan
8
14 May
27 Apr 27
3 Oct
612 Feb 20
g Apr 24
4414 J'ne
40 Mch 6 4034 Apr 0
884
mch21
79 J'ly
84 Jan 14
16 J'ne
1832 Apr 25 24 Feb 4
258Jan
372 Mch28 6%Jan 20
18
Feb
1 Aug
24 May 5 4%
16
5 Nov
Si Apr 24 1012Jan
512 Feb 14
412Jan 2
314 J'no
Jan
16
4
34 No
214 May 2
2 Mch 7 3538 May21
134 Nov
9 Jan 28
414 May 11
5 Nov
Feb
16
2418
2014 J'ae
2138 May 8
164 Feb 18
8, May 2
12 Dec
'
22 Apr 22 48 Jan 23
38 Nov
al,May 8 1658 Feb 4
13 J'ne
658 Mch 12
vs Jan 14
13 J'ne
818 Jan 22
Mch30
714 Nov
2884 Apr 24 8034Feb 4
2134 J'ne
258Feb 4 .99 May
25 Apr 25
• 84 Apr 22
2 Jan 23
J'ne
284 Mch 30 5% Jan 28
3 Apr
goi,MaY
64 Feb 4
4134 J'ne
674 Dec
704 Apr 25 84 Feb 4
10 Apr 24 2075 Jan 22
15 J'ne
5512 Apr 25 68 Feb 6
5214 Deo
1724Jan 10 2212 Apr 6
154 J'no
Apr
24 40 Feb 25
31
80 Nov
112Jan 7
2'4 Jan 27
I J'ne
712 Feb 16
5$2 May18
5 Dec
22
2934Feb 4
22 Apr
21 Feb
,14 Apr 29
.23Feb 0 .15 Aug
254 Apr 24 32 Feb 14
21 Nov
158 AP1'25 2%Jan 23
1% Jan
2812 Jan 0,0 43 Feb 28
21 J'ne
3{Apr
54Jan 23
3 May
.85 Mel'19 .50 Deo
.43 M(311 7
2912 Apr 23 43'1 Feb 4
31 J'no
23
487
2
Apr
Feb
4012
6
4512 J'ly
258Feb 5
11.2 Apr 22
14 May
884Jan 6 14 Feb 13
7i4 May
4912Jan 10 5814 May Is
40 J'ne
1 Mel' 2 eV% May 4
00 J'ne
472 Feb 21
212Jan 8
34 Sep
38 Apr 24 4734Feb 20
3914 No
.40 May21
114Jan 24 .40 XIS,
UnatOmPed. •74 naid, lo UAW ROL
6 Jan
330 Jan
2438 Oct
214 Jan
424 Jan
8038 Sep
8278 Feb
512 Sep
6 Oct
45 Jan
7212 Jan
565 Jan
18 Jan
47I Jan
63 Jan
4 Jan
1518 Jan
0 Jan
73,4 Sep
354 Aug
26 Jan
35 Apr
34 Jan
17 Jan
59 Jan
8712Jan
3372 Jan
4% Nov
333 Feb
2612 Jan
54 Jan
1012 Jan
5 8 Jan
1514 Jan
2612 Jan
2 Apr
65 Ja`.
1914 Jan
24Jan
94 Melt
8412 Jan
214 Jar
314 Jan
882 Jan
56 Jan
107 Jan
2814 Jan
80 Jan
22 Jan
46 Jan
3% Aug
1311 Jan
31 Sep
.35 Jan
4012 Jan
8438 Feb
38 Jan
6 Jan
813Jan
434 Jan
50 Jim
272 Sap
1114 Jan
00 Jan
2 Jan
44 Jan
75 Jan
112 Ian
1597
Boston Bond Record
MAY 23 1914.)
Price
Friday
Mae 22
BONDS
BOSTON STOCK EXCHANGE LI
1Vook Ending May 22
Am Agricul Chem 1st 56_1028 A-0
Am Telop & Tel soli tr 48_1920 J -J
1036 M-S
Convertible 4s
1933
261-year cony 43-s
Am Writ Paper 1st s f 5s g....1919
1915 11-N
Am line L & deb 6s
Alich Top & S 1 e gen g :1_1995 A-0
Adjustment g 4s____July 1905 Nov
Stemped
July 1995 1I-N
50-year cony 4s
1955 J-1)
10-year cony 5s
1917 J -D
Atl Gut & W I SS Lines 58_1959 J -J
l3os& ()orb lsb cony sr 6s 1923 M-N
Boston Blev 3
r g 45
1935 M-N
Boston & Lowell 4s
1916 J -J
Boston & Maine 4 Ms
1941 J -J
Plain 4s
1942 F-A
Bur & Mo Riv oons Gs
1913 J -J
Butte El & Pow lit 3s
1951 J -D
Cedar Rap & Mo illy 1st 7s 1916 14-N
Cent Vermt 1st g 4s__ ,May 1920 (I-F'
13 & Q Iowa Div let 5s
1919 A-0
Iowa Div 1st 4s
1919 A-0
Denver Exton 4s
1922 F-A
1927 VI-N
Nebraska Exton 4s
B & 8 W f 4s
1921 Ni1949 J -J
Illinois Div 350
Chic Jet Ry & Stk Yds 5s 1915 J.".1
Coil trust refunding g 45_1940 A-0
Chi Milw & St P Dub 1) 6s 1920 J -J
Ch M 486 P WI. V div Os 1920 J -J
Ch & No Mich lst gu 5s_1931 M-N
1921 J -D
Chic & W Mich gen 5s
1920 J-1)
Coneord & Mont eons 4s
1949 A-0
Copper Range lit 55
Cudahy Pack (The) lag 5.1924 M-N
1926 A-0
Current River 1st 55
1946 A-0
Det Or Rap Sr W 1st 4s
1040 M-N
Dominion Coal lit s f 5s
1927 M-S
Fitchburg 4s
Fremt Elk & Mo V lit 6s-1033 1-0
1033 A-0
linstatnped lit Gs
Week's
Range or
Last Salo
Range
Since
Jan.1
.153
11.2
BONDS
BOSTON STOCK EXCHANGE
Week Ending May 22
..., a,
IC
Week's
Range or
Last Sale
Price
Friday
May 22
;
0,
.401
High No
High No. Low High
Bid
Ask Low
Ilia
Ask Low
101
3 0934 101
General Motors lit 5-yr 68_1915 A-0 10034 10118 1005811Ich'14
101 Sale 100
8918
9 847a 897, 06 Nor 0 B & Q colt tr 4s__1921 J -J
89 Sale 89
97 9714 971s
9714
6
10335 Mch'13
Registered 4s
1921 Q-J
0634
97 Ma'14
09
4 95 993, [button Elec 186 s f gen 55_1925 F-A -- -----------------99 9912 99
.
6938 Mch'14
6038 72 La Falls & Sioux 0 1st 7s
117 Apr '08
1917 A-0
Kan C Olin & Spr 1st 5s
100 104
100 111c1f1
1925 A-0 80 90 92 Feb 13
9318 967s Ran C Ft Scott & Mom 65 1928 M-N 109 —__ 1 1075 Apr '14
;-66 9578 May'14
-6E1
8538 87 K 0 Ft S & M Ry ref 4s gu _1 936 A-0 -___ ____ 7458Mch'14
87 111ch'14
Ken 0 M Ss B gen 4s
_
85 May'14
1934 NI-S ____
8414 Aug'13
(
Assented income 58
1934 M-S73 75 Apr '14
9478 947
948 Jan '14
10014 Dec '13 — _ - - -- Wan 0& M Ry Sr Br 1st 5s_1929 A-0 93 941s 94 May'14
115 .1'ne'08
Marq Hough & Out 1st 6s 1925 A-0 __
65
7 6312 68
6412 Sale 64
NIttris Gas 4 Ms
1929 J -J
96 ____ 9012 May'l
_ 50 May'13
((313 8312
05
i
Deben 43s
Dec 1931 J -J ____ 9514 95
. 8518 8312Jan '14
1917 J -J ____ ____ 9878Mch'14
Mich Telephone lit bs
10014 Meh'09
8112
811
2
Nliss River Power 1st 5s.1051 J -J
10412 Oct 'Os
79
78
78
1
New Eng Cotton Yarn 5s_1929 F-A __
85 Feb '12
1915 A-0 100 __ 100 Feb '14
1003411101'14
10034 1011 New Eng Teleph 5s
101
10
1932 A-0 10078 ____ 1007s
55
10414 Feb '14
10414 10414 New River (The) cony 5s 1934 J -J ____ ____ 75 Mch'14 _
8015 8212 80 May'14
80 857,i N Y N Il & II eon deb 350_195G .1 - J ..__—___ 707s Me,h'l
8111ch'14
111,
1948 J -J
Cony deb 65
1103 Out '07
( Dreg Oh Line let g 6s
977 977
1922 F-A -------- 10958 Jan '14
9778 Mch '1
1
---10412 1041
_
09 Mch'l
90 99 Pond Creek Coal lit Gs _1923 J-1) ----Jan '14
1932 F-A ---- ---- 8_
0714 ____ 9658 Feb '14
9514 965 Puget Sd Elec Ity 1st 5s
'11
--------103
Jan
-J
6s__1919
J
0812
Dec
'12
9014 ____
Repub Valley 1st s f
83,
4 Mch'14
8884 838, Savannah Bloc let cons 58....1952 J -J ___ ____ 7014 Dec '10
_
1.66171 Sale 10014 10014
98,
4 1005 8eattle Mee let g Is
1930 F-A 1011 ____ 10114 Apr '1.
Apr
'14
84
81 821 8152
81
Shannon-Arls 1s6 65 g
1919 M-N ---- ----95 May'14
107 J'ne'13 ____
'Cerra Haute Elec g 5s
1929 J -J ____ ____ 97 Apr '07 -11358 Feb '11
forrington lit g 55
1918 M-S __--__ 100 2fch'14
Union Pac It11 i'71,1 gr g 4s1947 J -J -- ---- 97qMe11.14 ---46 55 65 Apr '14 ___ 65 05
20-year cony 4s
72 92
____ 9012Mch'14 __
7112 74 72 May'14
1927 J -J -------0312
_ 1)312 Mel]'14 ____ 9312 931 United Fruit goner 4 Ms_ ,,1 323 3-J 9678
_ 9658
902
7
Debenture 43s
9434 12
85 95 95 Meh'13 _
1925 J -J
94 95 9414
025s May'l --__
---- -- 10014 Aug'12
- •••• - - - -• U S Steel Co 10-60-yr 5s Apr1963 Vi-N 10258
West End Street Ry 4s
1915 F-A
-----9914 Apr '14
80
_ 02 J'ly '13
Gold 43s
1914 M-S9975Feb '14 ____
_ _ 69 115078 May'l _- • ¶507 73
Gold debenture 4s
1916 M-N .___ ___ 9878 Apr '14
073s 99
99 100 9914 May'l
1917 F-A ___— 9635 Nov'13 --__
Gotd 45
95 Oct '12 _
0858 16
Western Teleph & Tel 55_1932 J-J
981:Sale 0812
12012 1311
--- 121 Mclf 14
9358 Feb '12
Wisconsin Cent lst gen 4s 1949 J-J _ _
122 lkich'l
----
NOTE.—Buyer pays accrued interest In addition to the puruhase price for all Beaton bonds. • No price Friday; latest bid and asked.
Range
Since
Jan. 1
Low High
10032 100
9434 9732
9432 9714
-- - - —
rag5;112
7458
7514
88
80
9634
85
75
94
9514 -971;
93 9534
9878 987,1
4
81 85,
75 83
9978 100
10012 10134
75 80
8878 75
11138 117
10938 10955
100 1071:
88 88
iad - 10114
92
96
100 100
0713 9712
0012 9012
9338 9614
92 9514
10078 103
98 9914
9978 9978
0855 98s
9334 993
1 Flat prises.
Philadelphia and Baltimore Stock Exchanges--Stock Record, Daily, Weekly, Yearly
SHARE PRICES—NOT PER CENTUM PRICES
Saturday
May 16
.3fondav
May 18
105 105 .105
•1121s
11121;
1414 1414 •1312
5418
54
54
125
125 126
.20
•11)12
•54
05312
2074 2714 27
Tuesday
May 19
Wednesday
May 20
10512 10512 10814 107
118
114 .11278
1414
•1312
65
55
65
12512
•19I2
•1978
*5412
.5434
2738 2738
2714 27
5213 5234
5234 63
*3713 3812 •371z 3812
78
7713 7712
•77
*1114 12
.1114 12
18,
4 191:
•1834 19
78
78
78
78
6034 70'/,
697s 70
1814 1814 •1814 1858
31
3112
31 .
31
5818
5578 561/: 56
.4014 41
41
41014 4014 .40
26
263s
26
26
2534 20
18
1838
1712 1712 1713 18
8234 8234 8278 83% 8275 834',
614 434
612 612
658
45
14414 4412 4415 441: 45
8314 8314 8312 8312 8312 84
6212
3812
78
1112
19
78
6978
18
31
PHILADELPHIA
Bid
Friday
May 22
108 10834 10713
108
114
113 •__ 116
1414 •135s
•1313
*64
1-2-7-- •124
1978 1978 •19
_
•5313
•54
28
2734 28
28
52
•3712
.7712
O1112
10
78
O6972
1814
31
5572
3934
26
1712
8315
813
4514
84
Ask
1,892
22
25
75
117
100
2814
8,680
3734 3734 *3712 38
48
4734 4812 48
.1114, 11,
4
52
52
-a- 121-8 52
3812 '374 3812 •3712 3812
78 .
7712 7814 7712 7712
22 .1112 12 •1112 12
1938 1914 1914 •19
1012
78
78
78
7838 78
70
891s 70 .6912 69,
4
1814 *1814 1858 *1814 1858
31
31
31 .
31
3112
58 if, 6578 5(3
5534 5578
40
40
40
3934 3034
28
2618 2618 z2558 26
18
*173g 1778 1715 175a
8338 831s 838X, 82,
4
4 82,
81/,
63(4 6(,
612 658
4518
4512 4512 4512 45
84
84
84
84
84
PHILADELPHIA
Sales
ACTIVE STOCKS
of the
Week (For Bonds and inactive
Stocks see below)
Shares
10812
114
1414
65
125
20
37
37
47,
4 48
37
88
-3714 3714 3718 8718 .
4734 48
4758 4758 *4712 48
;82.371s
*77
( 1112
,•18,
4
•7712
\ 697s
18
*3013
Thursday
May 21
Bid
Baltimore
Con Gas El L & Pow_100
100
Do
prof
100
Houston 011 tr ctfs
pref tr etle_l00
Do
50
Northern Central
Seaboard Air Line_100
100
Do
pref
United Ry & Electric_ 50
----
$17H /Aids
Highest
2 Feb
3912 Feb 14 37 J'ne
6134 Jan 21 41 J'ne
1114 Jan 27 1114 J'ly
5512 Feb 2 41212 J'ne
4212 Feb 10 33 J'ne
82 Feb 10 70.35 J'ne
1312 Jan 15
034 J'ne
2314 Jan 31 21 Dec
8484 Jan 22 81 J'ne
7818 Jan 24 705* J'ne
2058 Feb 4 1534 Jan
34 Jan 29 2912 J'ne
5734 Jan 31 153,(
1 4 Dec
4834 Feb 6 37 J'ne
2714 Feb 19 12012 J'ne
Ms Jan 16 18 Nov
8615 Jan 23 7558 rise
712 Jan 14
4 J'17
47 Jan 15 4134 Nov
88 Jan 28 8034 Inc
2 Feb
z4912 Feb
5358 Jan
1218 Jan
5414 Jan
427s Feb
e 78 May
1312 May
3112 Jan
9313 Jan
84k'. Jan
2378 Mch
371211ch
61% Jan
50 Jan
'Pals Deo
2813 Jan
8613f4 Deo
77
4 Deo
6113 Jan
911: Feb
Bid
...-
Lowest
120 Jan
12034 Jan
2512 Nov
88 Jan
123 Apr
21 Jan
4912 Sep
275s Apr
Ask
PHILADELPHIA
Highest
Range for Previous
Year (1913)
103 Feb 14 10834 May21 101 J'ne
109 Jan 3 114 Sich 10 101 J'ne
12 Apr 25 1912 Feb 2 1213 Dec
53 Apr 28 80 Jan 19 5613 J'iv
115 Jan 22 127 Apr 8 10612 Dec
1734 Jan 8 22 Feb 5 1412 J'ne
48 Jan 2 5512 Feb 9 4112 J'iy
2412 Jan 7 2814 May22 23 Jan
37 Apr 16
z4573 Apr 30
11 Jan 15
4813 Jan 6
3812 Jan 9
7454 Jan 5
978 Apr 28
1812 Apr 28
z771: Apr 30
66k, Apr 22
1634 Apr 27
3014 Apr 24
5414 Apr 25
3838 Apr 27
254 May 8
13 Apr 27
r79 TX4 Apr 27
6 Mch 6
42 Mch 27
82 Apr 25
Ph & Read 2d 5s 1933 A-0
Bonds
Inactive Stocks
Prices are all "and
Ex Imp M 4s 1947_A-0
Amer Gas of N J
interest"
Terminal 55 g 1941 Q-1,
1
10
American Milling
100 10134 10214 Alt & L V Elec 4 Ms'33F-A ...._ _ . P W ,Sc 13 col tr 48 '21 __J-J
Amor Rya prof
Read Trac 1st 65 '33_ J-J
50 4212 43 Am Gas & Elec 5s '07_F-A
Cambria Iron
Am Rye 58 1917__A-0
A
96 Koch Ry Sc Leon 58'54J-J
Central Coal & Coke-100
Atl C Gas let s f 5s '60 J-J
Spanish-Am Ir 6s '27__J-J
100
Preferred
_ Berg&EBrow lstes'21 J-J
Stan'd Gas & El 65'26 J-D
Consol Trac of N J-100
Bethleh S't1 6s 1098_Q-F iitili ____ Stand SO Wks lst5s'28 J-J
100
Harwood Electric
Ch Ok & 0 gen 5s 1019 J-J 07 071, U Trac Ind gen 5s '19_J-4
Huntington & B T..— 60
___ Con Trac of N J 1st 5s '33
50
Un Rya tr ctfs 45 '49 _J-J
Preferred
Del Co Rye tr ctfs 48'49J-.1 _-_
10
United Rya Inv 1st coil tr
Insurance Co of N A
8_1_1:4
Edison Klee 5s 1946__A-0
M-N
s f 5s 1926
Inter Sin Pow & Chem 50
_ _ _ _ Mee & Peoples Tr tr ctfs_
818-4 Welsbach s f 53 1930__J-D
Kentucky Securities 100
Wil-B G&E con 5s '55_J-J
Keystone Telep, pref_ 50 5714 68 Fr Tee Sr II let 5e '40,..1-J
Gen Asphalt 55 1016_M-5 0712 -0i81-2 York Rys let Is 1937_J-D
Keystone Watch Case 100
10
— Harw Elec 1st Gs 1042 M-8 10212 10258
Lit Brothers
Interstate 4s 1943.__F-A 58 60
13ALTIMORE
Little SchuYikIII
0°
Inactive Stocks
____ Kentucky Tra&T 158'51F-A
MInehill & Schuyl II_ 50
Nat Gas Flee Lt & P 1 00 80 65 Keystone Tel 5s 1935__J-J 0134 9214 Atlan Coast L(Conn)_100
100
inc
55'24 0
70 Canton Co
Preferred
100 80 85 Lake Sup Corp
Consolidation Cloal
100
Lehigh Nay 4 5.0 '24_Q-F
North Pennsylvania
50
100
__-:_ Georgia Sou & Fla
COns 4 M sInterim etre w -ii3-8 -Pennsy receipts $30 paid_
100
let preferred
Pennsylvania Salt
60 1E- idt" Loh V 0 lst 55 g 1933_J-J 10412 10514
10"
2d preferred
Pennsylvania Stee1.- 100
____ Leh V ext 4s let 1948_J-D
10
0-B-S Brewing
Preferred
100 82 83
Consol 6s 1923- _J-D
Bonds
Consol 450 1023—_J-D
Phila. Co(Pitts)6% prf 50 86 38
J-D
Prices are all "and
Annuity Os
6% cumulative pref. 50 4212 48
interest"
LeGen cons 4s 2003_-M-N 0-2
4 -61374
7
Phila German & Norris 50
Balt City 3 Ms 1930
J-J
50
-g13-4 Lois V Tran con 48 '35 J-D
Phila. 'fraction
10
let series A 48 1935-M-8 884s 1954-1955—Various
854
Railways General
MN
55 1918
1s6 series 13 58 1935 M-£3 103 1031g
Tonopah Belmont Des, 1
100
MarketStEl 1st 45'155M-N ____ 06 Anacostia & Potom 55 A-0
United (Joe of TT J
Atl Crst cony deb 4s_81-N
NatLII&P serB 5s '19 J-J
United 'frac Pitts prof 50
New Con Gas 58 1048_J-D 164- ____ Atl Coast L(Ct)ctfs 55 J-D
Virginia Hy& Power..100
5-20-yr 4s 1925
J-J
100
N Y Ph & No 1st 4s'30 J-J
Preferred
13 S P & C 1st 430'53 F-A
Income 45 1939—M-N
Warwick Iron & Seel_ 10
Penn Steel let Is '17-M-N
Bait Trac 1st Is '29-5I-N
1Vaelfton-Va Ity(new)100
_
l'eople's Tr tr ctfs 45_1943 iiNo Belt Div 55 1942J-D
100
Preferred
100 87 30 P Co lst&coll tr 55'49M-13 -- 16(1 Cent Ry cons Is '32_M-N
Welsbach Co
871:
Ext & Imp 5s 1032 51-8
Con & coil tr 5s'51 M-N
West Jersey & Sea Sh_ 50 6012 5114
50 60 62 Phil Elm gold tr ctfs_A-0 10218 10238 Chas City fly 1st 55'23 J-J
Westmoreland Coal
Trust ON 45 1949__J-J 8078 8114 Chas Ry GI Ss El 55'90M:
100
Wilkes Gas & Elec
50
York Railway
9 - if P & gen M 55 g '20_A-Q 10314 ___ City & Sub let Is 1922 J-D
City&Sub (Was) 1st 5s'48
Gen AI As g 1920
A-0 981;
60 3212 3254
Preferred
1.U-dividend. 1 316 Pal&
Lowest
Philadelphia,
50
American Cement_
109 American Railways__ 50
50
1,078 Cambria Steel
Electric Co of America 10
835 Klee Storage Dattery_l00
100
Gen Asphalt
100
Do
prof
91
50 Keystone Telephone_ 50
1,125 Lake Superior Corp..100
50
413 Leh 0 & Nay tr ctfs
50
66 Lehigh Valley
305 Lehigh Valley Transit 50
50
pref
Do
75
50
2,261 Pennsylvania Itn
50
367 Philadel Co (11ttsb)
4,966 Philadelphia Electli_ 25
50
4,334 Phila 16 T vot tr ctfs
50
2,806 Reading
1
518 Tonopah Mining
50
1,133 Union Traction
50
481 United Gas Impt
-
*Bid and asked; no sales on Walk (1147,
Range Since Jan. 1
Ask
BALTIMORE
Bid
Ask
Coal 40 Ity 1st 5s'19A-0 02
Coal & I fly let 5s'20 F-A 98
11112 Col & Grnv 1st 88 1916 J-J 102
Consol Gas Is 1039...J-D 10512 jai"
Gen 430 1934
A-0
9481
Cons G E & P 450'35 J-J -g614 8951
i611-4 Consol Coal 55 1950 J-D 9014 91
91 Fair 401 Tr 1st 5s'38 A-0 10012 101
(la Sc Ala lit con 5s '45 J-J 10414 105
Cia Car&N 1st ne g '29 .1-1 10272 108
74
76 Georgia P let 65 1922__J-J 10713
Oa So & Fla let 5s '45_J-J 104
72 73 CI-B-S Brew 3-4s '51 _M-8 28
29
88
Houston Oil div
78
10214 102 Knoxv Trac lit 56'28 A-0
104
9318 Nlaconity&Lt 1st 58'53J-J
98
Mcl Elec Ity let 5s '31 A-C)
Memphis St let 5:'45_J-3
Monon V Trac 5s '42 J-D
Mt Ver Cot Duck lit 5s.._
31
162 NptN & 0 P lit 53'38M-N
98
92 934 N & A 'fermi 55 '29 M-S 92
20
Nor&Port Tr let 5s'36 J-D
8714
Norf Ry & L 158 '40__M-N 97
871
North Cent 454s 1925 A-0 101
78
11$
Series A 5s 1926__J-J 108
Series B 50 1926___ -J-J 108
Pitt Un Trac 55 1997._I-)
Poto Val 1st 5s 1941 ___J-J 103
9312 Say Fla & West 55 '34 A-0 105 _A-0 8514 851s
Scab Air L 45 1950
973s
Scab & Roan 55
6__J-J 105
1013s
South Bound 1st 5s_A-0 10512 1766;
99
931 94 U El L&P let 4 30'29111-N 92
Un Ry & El let 4s '40 M-S --100
Income 43 1949
J-D 854
91
Funding 5s 1936 J-D 881s
071
Cony notes 5e 1914 J-J 997s
104
Va Mid 3d ser Os '16_111-8
105
1041
4th ser 3-4-5s 1921 M-S. i6511041
5th series 54 I928 M-S 103
1021
Va (State) 3s new '3
Fund debt 2-3s 1991 J-1
93
1021
West 31'0 eon 65i 1914-J
11;(35„.,,,4
4
1911 &Weld
101
-
tR
159,8
[VoL.
THE CHRONICLE
pxoestiixent and ?aattroati iTttteiTigence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July,but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS,.
Week or
Month.
Current
Year.
Latest Gross Earnings.
.Tu.y 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
Ala N 0& Tex Pac320,986 313,117 3.401,705 3,254,129
N 0 & Nor East.. April
141.951 157.715 1.578.856 1,586,704
Ala & Vicksburg_ April
157.129 143,292 1,566,088 1,468,059
Vicks Shrev &Pac April
40,569
44,614 1.971,307 1,946,892
Ann Arbor
1st wkMay
9,346,466 9,523,890 83,679,202 89,498,444
Ater! Topeka & s F_ March
Atlanta Birm & MI March
304,538 311.447 2,697,876 2,494,051
Atlantic Coast Line March......3.763.661 3,759,122 27.658,331 27,353.162
Chariest & W Car March
216,450 203,945 1.624.511 1,460,916
Lou Hend & St L March
111,130 101,163 1.027,236
930,086
g Baltimore & Ohio_ A pril
7.763,103 7,567,179 82.023,925 83,573,249
B &0 Ch Ter RR March ___ 119,926 130,779 1,241,098 1,334,065
Bangor & Aroostook March _ 428.430 326,550 2,775,263 2,341,763
Bessemer & L Erie_ March ___ 348.093 500,917 6,236.442 6,361,439
Birmingham South_ March _
920.864
94.362 120,480
901.836
Boston & Maine.._ _ March
3,727,974 3,731,290 35,596,433 36,617,411
Buff Roch & Pittsb_ 2d wk May 189,463 247,401 9.540,311 9,513,168
Buffalo & Susq
March_ 197,995 213,629 1,800,319 1,85(1,075
Canadian Northern.. 2d wk Mya
407,200 480,200 20,234,300 19,535,500
Canadian Pacific
2d wk May 2,233,000 2,627,000 114027012 120735376
Central of Georgia.. March ___ 1,325,376 1,320,664 11,257.451 10,892,601
Central of New Jer_ March ___ 2,434,739 2,331,666 23,609,037 24.314,029
Cent New England_ March ___ 298,021 293,051 2,782,370 2,773,897
Central Vermont_ _ March ___ 334,340 323,390 3,015,490 3,113,945
Ches & Ohio Lines.. 2d wk May 673,689 670,275 31,720,415 30,350.555
Chicago & Alton
2d wk May 239,461 371,474 12.614.064 13.404,408
Chic Burl & Quincy March .._ 7.626,210 7,129.395 72.124,149 72,501,538
f Chic & East II1__ _ March .._ __ 1,441,037 1,268,382 12,428,186 12,367,084
p Chic Great West_ 2d wk May 289,794 289,434 12,537,903 12,171.752
Chic Ind & Louisv.. 2d wk May 122,832 146,279 0,041,036 6,071,566
Chic Milw & St P..1 March ___ 7,630,103 7,596,900 70,034,298 71,947,202
Chic Mil& Pu_g8 I
("Chic& North West March ___ 6,901,638 6,845,476 65,882,335 65,653,679
eChic St P M & Om March ___ 1,511,155 1,351,408 14,060,163 13,231,246
Chic Terre H & S E March ___ 239,175 130,980 1,742,199 1,472,866
On Ham & Dayton March
784,484 678,611 7,540,546 7.767,156
Colorado Midland_ March .._ _ 124,257 119,446 1,368,942 1,480,557
b Colorado & South. 2d wk May 202,926 267,371 11,687,135 13,268,345
Cornwall
March __ __
16,003
182,033
20,500
139,591
Cornwall & Leban'n
318,264
232,281
34,964
Cuba Railroad _ _ _ March
585,7
3 9 460.741 3,725.614 3,335,162
Delaware & Hudson March ___ 1,600,621 1,908,762 17,199.108 18,241,916
Del Lack & West_ _ _ March ___ 2,777,930 2,789,349 29,611,504 30,274,527
Deny & Rio Grande 2d wk May 397,200 416.0002.0388,390 21,476,934
Western Pacific.._ 2d wk May
92,700 114,600 5,278,092 6,356,489
Denver & Salt Lake 1st wkMay
37,100
968,951
20,455 1,004,608
;Detroit To!& Iront March ___ 144,194 111,901 1,155,147 1,282.266
22,482
:Detroit & Mackinac 2d wk May
23,260 1,009,350 1,080,619
;Dui & Iron Range_ _ March
127,623 104,465 5,099,395 4,859,560
So Sh & At! 2d wk May
62,087
63,543 2,994,091 2,866,267
Elgin Joliet & East.. March ___ 1,019,606 1,144,564 8,843,947 9,900,662
1 Paso & Sou West March
785,996 765,934 6,668,485 6,407,349
March ___ 4,981,548 4,894,403 45,946,607 47,155,987
rie
lorida East Coast_ March ___ 711,106 726,988 3.899.417 8,810,171
730,388
Fonda Johns& Glov March ___
737.185
77,030
79,609
.Georgia Railroad
March ___ 207,307 291,118 2,601,28 2,376,932
'Grand Trunk Pac 1st /fkMay 100,002 129,892 6,008,2 1
• Grand Trunk flyst.. 2d wk May 945,082 1.104,297 47,453,630 4§,075.57a
t Grand Trk West_ 1st wkMay 130,194 144,146 6,119,845 6,268,422
• Det Gr H & Milw 1st wkMay
42,616
44,027 2,139,646 2,096,192
Canada Atlantic.. 1st wkMay
42,139
46,071 1,971,217 2,049,750
Great North System April
5,062,081 6.082,302 63,356,802 04,848,951
March
105,733 188,022 1,545,544 1,567,852
Gulf & Ship Island_
March
Hocking Valley_
597,408 478,469 5,707,288 5,685,863
April
4,716,353 4,500,001 65,760,052 53,773.876
,Illinois Central
Internat & Orb Nor 2d wk May 147,000 184,000 8,848,561 10,059,896
Interoceanic Mex_ 2d wk May 117,765 165,446 8,487.479 7,787,217
266,912 234,457 2,426,491 2.435,249
nawha & Mich_ _ March _
935,187 848,768 9.126,800 8,950,966
JCansas City South_ April
217,677 127,544 1,484,624 1,299,252
• ehigh & New Eng.. March
April
3,375,089 3,530,767 32,645,513 35,504,675
Lehigh Valley
151,269 166,437 1.314437
Louisiana & Arkan_ March
a Louisville & Nash.. 2d wk May 1,031.175 1,172,615 52,638.602 4,8118ii
9.916
11,647
135,976
Macon & Birm'ham April
18 .478
able Central
1.047,977 981,249 8,81) 043 8,634,989
March
Maryland & Penna. March
41,012
378,230
40,578
395,335
a Mexican Railways 1st wkMay
92,
147,900 8,200,500 7,492,400
Mineral Range_
2d wk May
13 1
746,492
396,836
18,734
Minn & St L01113_1 2d wk May 166; 82 172,540 8,453.550 8,575,665
Iowa Central....f
SM..
2d wk May 455,049 500,454 25,926,587 28,083,914
Minn StP & S
Mississippi Central_ March_
83,650
96,287
790,240
783,223
u Mo Kan & Texas_ 2d wk May 481,722 853,688 27,954,111 28,048,671
Missouri Pacific 1st wkMay 1,023,000 1,082,000 51,484,764 53,406,996
Nashv Chatt & St L March __ 1,092,921 1.145,865 9,728,912 10,015,824
a Nat Rye of Mex /.. 2d wk May 480,65
800,084 31,230,685 62,317,536
6.59
Nevada-Cal-Oregon 2d wk May
6.269
316,665
356,032
149.332 161,695 1,425,112 1,307,420
New On Great Nor_ March March---: 7,529,866 7,881,056 73,006,966 73,096,691
eN Y 0 & Ilud
March
1,311,270 1,323.150 12,624,965 12,631,692
Boston & Albany
4,333,642 4,754,601 40,820,566 43,510,034
Lake Shore & M March
n Lake Erie & W. March.... 603,562 444,1 4,373,629 4,674,250
423,881 390,566 3,355,816 3,350,312
'Chic Ind & South March
2.846,014 2,972. 93 25,984,091 26,229,238
Michigan Central March
3,028.158 2,824.242 27,769,346 28,735,706
Clev Ob 0 & St Ll March
Peoria & Eastern'
91,0 1,135,961 1,089,749
Cincinnati North. March.... 115,643
• Pitts & Lake Erie March-. 1,601,596 1,095, 0 13,603,098 14,745,119
N Y Chic & St L_ March._ 1,022,170 940,086 9,087,818 0,584.378
Tol & Ohio Cent_ March-. 513,745 357,778 4,509,070 4,12).120
23234647 23575659 216271324 221668118
Tot all lines above March_
puluth
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date
Previous
Year.
Current
Year.
Previous
Year.
186,939 217,338 1.690,851 1.887.732
N 0 Mobile & Chic_ March
5,262,963 5,462,655 49,819,352 52,470.201
N Y NH& Hartf_ March
661,826 698,168 6.736,886 7.109,899
N Y Ont & West ___ March
N Y Susq & West__ March __ 351,023 328,523 2,954,500 2,811,173
Norfolk Southern__ February__ 323,228 341,486 2,790,371 2.713,017
3,598.327 3,568,831 33,433,948 32.942,971
Norfolk & Western_ March
4,947,821 5,619,874 52,668,371 55,137,255
Northern Pacific..__ March
268,706 259,527 2,772,700 2,756,880
Northwestern Pac_ March
468.723 619,711 5,501,135 5.981,854
Pacific Coast Co..... Mar
mare
ch
14851 147 14849 127 136631417 135836760
Pennsylvania RR__
239.190
270,221
20,276
20,821
Bait Chas & Ati_ March
262,413 295,059 2,606,299 2.619,819
Cumberland Vail. March
March
Long Island
855,160 807,070 9,155,358 8,480,328
119,360
119,276
Maryl'd Del & Va March
9,225
8,438
N Y Phila & Nod March
271,317 296,931 2,799.545 2,708,520
Northern Central March _ 1,075,721 1,050.735 9,963,21 9.946,301
Phila Bait &Wash March
1.567,963 1,787,368 15,378,773 15.707,265
W Jersey & Seaeh March
376,034 459.166 4,784,573 4,863.875
Pennsylvania Co... March
4,392.788 4,500,198 46,883,019 49,320,438
Grand Rap & Ind March
453,358 444,114 4,227,452 4.197,354
Pitts 00 Sc St L_ March
3,409,652 3,222,968 32,586.544 33,835,259
March
Vandalia
1,001.444 787,994 8,835,950 8,537,809
Total LineeEast Pitts & E_ March
20103446 20504623 191706217 192331 136
West Pitts & E March
9,455,1 '9.133.604 94.371,572 97,632.121
29558655 29728 227 286077791 289063 261
All East & West_ March
March
1,382,755 1,395,394 12,553,756 13,305,003
Pere Marquette_
Reading Co3,934,197 3,998,525 36,648,070 38,910,822
Phila & Reading_ March
2,076,643 1,371.005 23.474,774 31,035,148
Coal & Iron Co__ March
March
6,010,840 5,369,530 60,122,844 69,954,970
Total both cos
Rich Fred & Potom March _ 256,250 281,114 2,113,727 2,131,836
59.125
Rio Grande June_ _ _ February__
63,988
726,243
806,079
10,366
13,651
575,523
Rio Grande South._ 2d wk May
074,089
5,636,955 5,594,102 52,173,612 54,410,219
Rock Island Lines__ March
March...... 262,612 268,792 2,798,600 2,772.534
Rutland
138,779 108,306 1,243,836 1,188.105
St Jos & Grand fel_ March
St L Iron Mt & Sou March.... 2,773,887 2,872,581 25,550,528 26,173,967
St L Rocks,Mt & P March..... 200,271 204,929 1,865,426 1,693,677
3,669,655 3,677,787 34.921.249 35,136,631
St Louis & San Fran March _
St Louis Southwest.. 2d wk May 195,000 229,000 11,424.766 11,772,863
861.758 787,501 7.774,580 7.605,725
San Pod L A & SL. March
Seaboard Air Line.._ 2d wk May 453,720 481,564 22,253,048 21,526,478
_ 11361 5. 11415290 105031753 108280634
Southern Pacific.... Mama
Southern Railway 2d wk May 1,253,775 1,278,755 61,362,904 60,381,660
Mobile & Ohio.._ _ 2d wk May 238,720 275,402 11,279,043 10.659,217
Cin NO & Tex P 2d wk May 209,706 209.307 9,463,233 9,037,513
87,434 4,729,766 4.509.144
93,992
Ala Great South_ 2d wk May
45,195 2,289,562 2,265,214
41,042
Georgia Sou &Fla 2d wk May
360,713 390,755 3,722,564 4,025,283
Spok Portl & Seattle March
77,439
114,675
3,886
2,225
Tenn Ala & Georgia 4th wk Apr
Tennessee Central_ March ___ 145,431 142,766 1,287,826 1,257,545
Texas & Pacific__ _ 2d wkMay 808,026 304,844 16,606,953 16,112,086
78,208
64,317
7,996
8,087
Tidewater & West_ March ___
Toledo Pear & West 2d wk May
19,461
23,557 1,132,816 1,193,346
Toledo St L & West 2d wk May
84,608 101,009 3,983,979 3,760,737
Union Pacific Syst_ March
6,893,466 7,010,253 71,183,262 71,803,642
Virginia & So West_ March
157,096 145,700 1,465,507 1,335,081
March _ 514,846 564.197 5,051,564 4,628,020
Virginian
April
Wabash..
2,248,263 2,483,489 25,368,519 26,558,117
Western Maryland_ March - 660,624 629,128 6,202,432 5,647,461
Wheel & Lake Erie_ April--- 407,922 879,728 6.636,672 6.325,104
40,256
Wrightsv & Tennille March --249,565
291,808
37,510
845.358 815.217 10,832,107 9,339,016
Yazoo & Miss Vail. April
Period.
Various Fiscal Years.
Jan
Delaware & Hudson
N Y Central & Hudson River-e- Jan
Boston & Albany.
Lake Shore & Michigan South Jan
Jan
Lake Erie & Western..n
Chicago Indiana & Southern_ Jan
Jan
Michigan Central
Cleve in Chic & St,Louis- Jan
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erle
New York Chicago & St Louis Jan
Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
Pennsylvania Railroad
Baltimore Chemin & Atlantic_ Jan
Jan
Cumberland Valle7
Jan
Long Island
Maryland alaw & Virginia_ Jan
N Y Philadelphia & Norfolk_ Jan
Jan
Northern Central
Jan
Phila Bait & Washington
Jan
West Jersey Sc Seashore
Jan
Pennsylvania Company
Jan
n
Grand Rapids Sc Indiana
Jan
Pitts Cin Chic Sc St Louis
Jan
Vandalla
Total lines-Rut Pitts Sc Erie Jan
-West Pitts Sc Erie Jan
nes le & W.... Jan
Dec
Rio Grande J
unAcitlio
li
......(Jan
Butland __
1 . to
11 oo
to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1
1
1
1
1
1
1
1
ro
to
to
to
to
to
to
to
Current
Year,
Previous
Year.
Mar 31 4,794;367 5,933,853
MarMar 3311 20,956.796 22,649,323
3,633,067 3,853,145
Mar 31 11,913,001 14,272,337
Mar 31 1,315,242 1,388,11
Mar 31 1,090,794 1,140,28
Mar 31 7,677,344 8,654,93
Mar 31 8,150,573 8,792,864
Mar 31 • 314,287
287,859
Mar 31 3,954,007 4,653,436
Mar 31 2,869,995 3,085,413
Mar 31 1,231,601 1,177,158
Mar 31 63,106,707 69,854,932
Mar 31 40.484,014 43,259,276
53,042
Mar 31
49,356
796,354
Mar 31
862,762
Mar 31 2,323.916 • 2,211,740
22,940
Mar 31
28.728
779,781
Mar 31
838,476
Mar 31 2.909,326 3,112,188
Mar 31 4,540.710 4,929,821
Mar 31 1.025,503 1,159,487
12,710,291 13,869,737
Mar 3
31 1,226,743 1,257,803
Mar 31 9.514,356 10,489,558
Mar 31 2,711,421 2,608,809
Mar 31 55,273,637 59,423,035
Mar -31 26,184,577 28,772,182
Mar 31 81,458,215 88,195,219
Feb 28
198.574
234,044
mar 81 757,571 777,299
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly
Current
Year.
Previous
Year.
Increase or
Decrease.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
S
S
•
;
8
$
$
Mileage. Cur. Yr. Prey. Yr.
12,041,222
13.077,596
235.849.764
let week Mar (39 roads)....
223,813,526 +12.036.238 5.31
-1,036,374 7.92
July
206,084 203.773
2d week Mar (40 roads)..... 12.983.752 13,508,993
-615.241 4.51
August
219.492 210,709 259.835,029 255,493,023 +4,342,006 1.5(
13,624,563
3d week Mar (39 roads)....12,973,662
roads).........
-650,901 4.78
239,030 285.050,042 275.244.811 +9,805.231 3.51
September-24,097
18,161,250
17,940,163
-221,087 1.20
4th week Mar (39
October --243.690 240.886 299.195,006 300,476.017 -1,281,011 0.41
1st week Apr (38 roads)_ __ _ 12,582,203 12,611,264
-29,061 0.23
November_243,745 241,452 269,220,882 2
_78.364,470 -9,143,593 3.3/
2d week Apr (39 roads)..... 12.536,856 12,990,105
-453,249 3.49
December 243,322 241,180 254.218.891 "B06.2:44,67 -12,005,787 4.51
__ 11,181,328 12,217,188 -1,035,860 8.48
3d week Apr (37 roads
January..._243,732 241,469 233.073,834 249.958,641 -16.884,807 6.71
10,392,804 18,500,271 -2,107,467 11.34
_4th week Aig• (39 roads).....
February_244.925 242,928 209,233,005 233,056.143 -23,82:3,138 10.21,
1st week May (36 roads)..... 12,003,703 13,237,580 -1.233,877 9.32
March .......245.200 243,194 280,174,257 249,814.091
+660,166 0.21
2d week May (35 roads)____ 11.090,239 12,301,052 -1.300,813
_
10.47
April
93,107 91.892 67,995,653 72.446,440 -4,450,887 6.21
a Mexican currency. b Does not include earnings of Colorado Springs & Cripple Creek District Ry.from Nov. 1 1011. e Includes the New York Sc
Ottawa, the St. Lawrence Sc 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, j• Includes Evansville & Terre Haute and Evansville Sc Indiana RR. g Includes the Cleveland Lorain & Wheeling
Ry. in both years. a Includes the Northern Ohio RR. p Includes earnings of Mason City Sc Fort Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville Sc Atlantic and the Frankfort Sc Cincinnati. t Includes the Mexican International. u Includes the Texas Central in both years and
the WiI Falls Lines in 1912, beginning Nov. 1. v Includes not only operating revenues, but also all other receipts. s Includes St. Louis Iron Mannlain Sc BtJaern. !We no longer Include the A101100ft rvacia in auy of our totals.
•
*Weekly Summaries.
%
*Monthly Summaries.
MAY
1599
THE CHRONICLE
23 1914.]
INDUSTRIAL COMPANIES.
-Int., Rentals, &c.- -Rat. of Net Earns.
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
$
$
$
$
122,895
299,093
Apr
Cities Service Co
29,167
652,768
Jan 1 to Apr 30
9,994 1,342,131
116,667
Increase., Decrease.
1913.
117,276
147,296
Cleveland Elect III_ ___ _Apr
36,861
36,031
428,664
638,057
Jan 1 to Apr 30
147,132
146,163
t,558
87,434
Moines & Cent Iowa Elec
247,401
57,938 Des
(Sub cos)73,000
480,200
52,744
Jan 1 to Mar 31
45,495
2,627,000
394,000
114,018
Oct 1 to Mar 31
89,406
2,586
676,275
Apr
130,760
144,811
52,588
68,387
32,013 Detroit Edison
271,474
603,216
360
Jan 1 to Apr 30
700,076
238,395
272,045
289,434
23,447 Ft Worth Power & Lt_ _Apr
146,279
21,211
27,189
6,734
8,543
399
209,307
May 1 to Apr 30
216.241
68,008
341,486
91.964
.73,445
276,371
Western
Great
Power_
_Feb
98,521
103,983
52;400
41.411
18,800
416,000
Jan 1 to Feb 28
106,027
121,508
187,918
197,042
21,900
114,600
778 Houston Gas & Fuel23,260
Jan 1 to Mar 31
1,456
44,167
39,315
16,396
63,543
13,767
4,153
Apr 1 to Mar 31
101,397
101,879
48,443
54,169
45.195
Kansas Gas & Elect___Apr
14,834
23,377
14.790
14,122
159,215
1,104,297
May 1 to Apr 30221,720
155,501
164,604
176,022
Mt Whitney Pow & „El_ _Apr
10,657
9.125
17,862
11,825
May 1 to Apr 30
137,959
187,946
109,500
141.900
37,000
184,000
141,340 Pacific Power & Light _ _Apr
1,172,515
26,824
31,217
, 27,771
9,598
447
15,734
May 1 to Apr 30
311,995
300,752
360,969
300,350
6,358 Portland Gas & Coke_ __Apr
172,540
33,401
31,869
20,792
19,953
May, 1 to Apr 30
216,461
265,176
385,340
391,821
45,405
500,454
22,889
71,966 Texas Power & Light _ __Apr
11,799
18,249
14,785
553,688
May 1 to Apr 30
259,743
134,256
36,682
280,392
209,304
275,402
329
6,269
Westerly Lt & Power3,285
13,651
Jan 1 to Mar 31
5,113
5,585
6,863
8,600
34.000
229,000
Apr 1 to Mar 31
21.826
20.286
34,308
34,718
27,844
481,564
24 980
1,278,755
x After allowing for other income received.
3,182
304,844
4,096
23,557
16,401 ELECTRIC RAILWAY AND TRACTION COMPANIES.
101,009
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second
week of May. The table covers 35 roads and shows 10.47%
decrease in the aggregate under the same week last year.
Second Week of May.
1914.
93,992
Alabama Great Southern
189,463
Buffalo Rochester & Pittsburgh
407,200
Canadian Northern..
2.233,000
Canadian Pacific.
673,689
Chesapeake & Ohio
239,461
Chicago & Alton
289,794
Chicago Great Western_
122,832
Chicago Indianapolis & Louisv..
209,706
Chic New On & Texas Pacific_ _
202,926
Colorado & Southern.
397,200
Denver & Rio Grande
92,700
Western Pacific
22,482
Detroit & Mackinac
62,087
Duluth South Shore & Atlantic
41,042
Georgia Southern & Fla_
Grand Trunk of Canada
945,082
Grand Trunk Western_ _.._ _
Detroit Grand Hay & Milw..
Canada Atlantic
147,000
International & Great Northern
1,031,175
Louisville & Nashville
16,181
Mineral Range
166,182
Minneapolis & St. Louis
Iowa Central_
455,049
Minneapolis St Paul &SSM__
481,722
Missouri Kansas & Texas.._ _ _ _
238,720
Mobile & Ohio_ _ _ _
6,598
Nevada-California-Oregon__ _ _ _
10,366
Southern.
Grande
Rio
195,000
St Louis Southwestern
453,720
Seaboard Air Line
1,253,775
Southern Railway
308,026
Texas & Pacific
19,461
Toledo Peoria & Western
84.608
Toledo St Louis & Western_
11,090,239 12,391,052
Total 35 roads)
Net decrease (10.47%)
Mexican Roads(not included in total)117,765
165,446
Interoceanic of Mexico
860,084
480,653
National Railways of Mexico
11,275 1,312,088
1,300,813
47,681
379,431
Net Earnings Monthly to Latest Dates.---The table
following slumvs the gross and not earnings of STEAM
railroads and industrial companies reported this week:
-GrossEarnings- -NetEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
3
lb
Baltimore & Ohio b_ ....Apr 7,763,103 7,567,179 2,404,718 1,550980
22,800,227
21,917,171
83,573,249
82,023.925
July 1 to Apr 30
Boston & Albany b822,286
485,204
3.633,067 3,853,145
Jan 1 to Mar 31
261,284
324,768
848,768
Kansas City South b.._ _Apr 935,187
9,126,800 8,950,965 3,383,026 3,351,755
July 1 to Apr 30
1,125,311
1,106,730
3,375,089
3,530,767
Apr
Lehigh. Valley_b
32,645,513 35,504,675 9,447,713 11,585,080
July 1 to Apr 30
New London Northern b269,063 def47.799
def9,590
214,631
Jan 1 to Mar 31
79,766
926,579 def42.296
769.497
July 1 to Mar 31
Roads.
INDUSTRIAL COMPANIES.
-Gross Earnings
--NetEarnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Companies.
$
122,895,
Apr 337,223
328,260
130,115
Cities Service Co
562,762
587,136 1,458,799
1,491,688
Jan 1 to Apr 30
154,137
183,327
333,952
Cleveland Elec Ill a_ _ _ _ Apr 374.123
675,797
784,220
1,581,480 1,384,433
Jan 1 to Apr 30
75,577
38,018
def1,713
23,480
Dayton Power & Lt_ _ _..Apr
86,078
144.885
205,210
321,820
Jan 1 to Apr 30
Des Moines& Cent Iowa Elec
(Sub cos)_a98,238
213,991
Jan 1 to Mar 31
203,424
429,057
Oct 1 to Mar 31
213,198
183,348
438,922
Detroit Edison a_ _ __ ___ _ Apr 512,007
972,121
841,611
2,215,410 1,870,050
Jan 1 to Apr 30
44,473
35,734
27,945
67;039
a..Apr
Lt
&
Power
Worth
Ft
433,450
545,487
284,249
751,351
.
May 1 to Apr 30
150,921
203,063
212,505
145,124
_Feb
Power_
Great Western
309,550
418,710
443,018
293,945
Jan 1 to Feb 28
Houston Gas & Fuel_a130,397
147,498
57,934
55,711
Jan 1 to Mar 31
394,563
456,257
156,048
149,840
Apr 1 to Mar 31
87,853
37,499
29,624
Kansas Gas & Elec a _ _..Apr 101,692
940,724
1.089,459
397,742
320,105
May 1 to Apr 30
792,620
859.468
..Apr
609,142
Power..
583,184
&
Lt
g Mexican
3,447,228 3,063,050 2.467,128 2,245,971
Jan 1 to Apr 30
42,513
53,344
29,687
19,782
Mt Whitney Pow & El..Apr
467,281
602,272
329,846
247,459
May 1 to Apr 30
Northern States Power Co
340,589
143,433
180,606
incl Subsidiary Cos a..Apr 296,471 1,486,057
679,175
1,379,813
790,312
Jan 1 to Ayr 30
99,494
58,041
37,369
198,567
Apr
a
Light
&
Pacific Power
672,964
601,101
1,316,378 1,261,412
May 1 to Apr 30
105,381
52,601
53,354
Portland Gas & Coke a..Apr 103,546
656,997
601,801
1,283,229 1,218,623
May 1 to Apr 30
167,244
97,171
72,057
Southwest Pow & Lt _ a _Apr 211,385
887,325
2,427,103 2,039,227 1,109,673
May 1 to Apr 30
82,373
41,138
26,584
Texas Power & Lt a _ __ _Apr 118.940
469,047
414,648
1,313,564 1,054,622
May 1 to Apr 30
Westerly Lt & Power_a14,184
28,714
11,975
31,999
Jan 1 to Mar 31
118,959
56,133
55,004
128,248
Apr 1 to Mar 31
a Net earnings hero given are after deducting taxes.
b Net earnings here given are before deducting taxes.
g These results are in Mexican currency.
Interest Charges and Surplus.
Roads.
Boston & AlbanyJan 1 to Mar 31
New London NorthernJan 1 to Mar 31
July 1 to Mar 31
-Int., Rentals, &c.- -Bat, of Net Barns.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
1,304,543
1,417.857xdof752,413xdef515,756
•
80.595
246,976
82,265def128,394 def91,855
247,284def289,272 def167,518
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
$
433,073 374,986 1,660,347 1,548,061
anerican Rys Co__ _ April
25,154 23,638
89,181
91,691
Ltlantic Shore By::: April
421,126
148,019 141,502
405,463
Aur Elgin & Chic Ry March
62,498 58,130
183,532
171,308
!anger By & Electric March
14,227 12,312
42.995
37,574
1aton Rouge Elec Co March
64.786 70.582
lelt LRyCorp(NYC) January
64.786
70.582
67,111 74,751
terkshire Street Ry_ March
210,549
210,923
trazilian Trac, L & P March.... 1982,977 1977.297 5,882,924 5,711.967
trock & Plym St By.. March
6,880
8,009
22,731
19,999
tklyn Rap Tran Syst December 2092,454 2005,538 24,901,949 24.353,298
;ape Breton Elec Co March
26,550 28,099
81,633
86,075
!hattanooga R & Lt March
87,550 93,157
275,447
277,668
love Painesv & East March
30,310 27,981
83,937
80,624
97,317 87,172
!love Southw & Col_ March
274,298
259,991
53.465 47,379
Jolumbus(Ga) El Co March
162.960
143.592
!omw'thPow,Ry&Lt April
a243,426 106,730 a1,023,410
510,301
,oney IsI'd & Bklyn_ December 116,016 111,529 1,668.761 1,590,039
March
598,386 621.146 1,725,574 1,751,344
,onnectieut Co
885,710
!onsum Pow (Mich)._ arch ...._ _ 273,965 260.445
824,834
535,199
501.027
)umb Co(Me)P & L arch_ _ _ _ 182,628 171,116
188,288 174,809
March
572,425
508.866
)allas Electric Co_
)etroit United Linss. 1st wkMay 223,133 239,753 3,917,190 4,129,710
46,839 48,477
46,839
>DEB& Bat (rec)_ January
48.477
304,535
)uluth-Superior Trac March ...._ _ 108,110 99,276
278,662
227,929 216,077
664,284
;ast St Louts & Sub.. March
630,351
270,846
88.469 76,386
;I Paso Electric Co March
232.606
166,457 153.831
166,457
153.831
2d St M & St N Ave January
Ialv-Houston El Co_ March
195.536 188.967
567,863
517.355
;rand Rapids By Co March_...._ 103,555 106,423
302,887
304.536
Earrisburg Railways April
78.003 74,140
309,252
295,088
favana El By,L & P
Wk May17 52,058 54,174 1,069,463 1.056,587
Railway Dept
tonolulu Rapid 'Fran
January
51.658 52,399
51,658
52,399
& Land Co
24,039 25.638
67,122
foughton Co Tr Co_ March.
72.128
488,361 483,753 1,426,692 1,397.140
Hudson & Manhat March
668,064
March....
_
637,362 2,030,052 1.920,373
ilinols Traction__
3129.766 2958,105 8.832,134 8.461,710
literboro Rap Tran_ March
61.342 59,220
183.665
acksonville Trac Co March
158.598
33,247
March _ __.. 10,351 11,977
ey West Electric
35.674
105,451 93,745
300,961
ake Shore Elec By.. March
283,937
376,590
.ehigh Transit Valley March .._ .._ 127,713 134,065
374,097
133,573
owls Aug & Watery.. I larch _ _ _ _ 48,720 48,595
134,896
16,745 15,411
245,152
,ong Island Electric.. December
220.900
,ouisville Railway April
266,078 258,919 1,023,023 1.022,232
508,469 515,540 1,538,391 1.502,258
411w El By & Lt Co_ March
341.276
411w Lt lit & Tr Co_ March
111.427 102.799
294.710
306,429
lonongahela Val Tr.. April.......... 80,616 71,065
277,446
360,975
rashville By & Light February _ 173,144 171,332
357,331
53,178 46.915
53,178
r Y City Interboro January
46.915
Island....
December
31,230 28,819
i Y & Long
412,657
391.999
13,113 12,185
44,713
r Y & North Shore April...
December 108,787 104,607 1,385,391 1.331,318
I Y & Queens Co
1043.283 1206,306 3.160,973 3,413.621
Tew York Railways_ March
30,873 26,445
i Y Westch & Boston March
85,889
70,389
22,703 24,992
65,022
T Y & Stamford By.. March
69,098
Tor Ohio Trac & Lt_ March _ 274,198 227,145
793.165
687.181
177 956 186,895
Torth Texas Elec Lt_ March
507,025
486,726
25.905 24.084
torthw Pennsylv Ry March
74,681
73,555
5,559
5,426
154.109
teean Electric (L I).. December
142,020
'adueah Tr & Lt Co_ March ...... 25,237 24,662
77,151
75,700
'onsacola Electric Co arch ...... 23.051 21,767
69.039
70.590
2042,320 1998,245 7,777,370 7,784,912
'hila Rap Transit Co April
'ort(Ore)Ry L & PCo March __ _ 547,393 544,896 1,668,239 1,628,565
March
RR
74,798
(Me)
73,943
'ortland
211.080
209,930
'uget Sound Tr,L &P March
713,650 701,941 2,159,149 2,059,315
253,728 229,717
996,859
;epublic By & Light April
927,647
March
392,405 409,138 1,154,798 1.172.485
;hode Island Co
tJoseph(Mo)Ry,Lt,
102,629 97,718
426,264
Heat & Power Co April
404,583
April
38,661 34,972
antiago El Lt & Tr..
150,274
149.104
68,923 67,003
avannah Electric Co March
208.036
197,199
79,336 82,922 1.042,628
econd Avenue (roe).. December
989,209
17,228 14.081
outhern Boulevard_ January
17.228
14.081
79.143 65.678
239.658
'ampa Electric Co March
196.191
January
344.706 326.444
Ihird Avenue
344.706
328.444
'oronto Street Ry April ___
501,435 476,640
'win City Rap Tran_ 1st wkMay 171,703 160,189 3,084,158 2,887.080
rode-412'round Eine Ity or London London Bloc Ry.._ Wk May 9 £13,995 £13,920 £274,415 £274.035
Metropolitan Dist.. Wk May 9 £12,907 £13,038 £249,975 £249,682
Wk May 9 E63,517 £63,327 £1,106,758 £1,071,475
London Gen Bus
209.083 201.749
209.083
futon By Co of NYC January
201.749
inited Rys of St L.... March
1064,557 1047,488 3.022,737 2.969,051
'irginia Ry & Power April
420,582 398,302 1,664.973 1,583,552
7ash Balto & Annap March::: 57.840 90,360
168.607
190.926
42,573 40,805
7estchester Electric_ January
42,573
40.805
16,249 18,052
48,671
50,107
1 Testchester St RR March
637,399
607,079
7estern Rys & Light March
205.733 204,531
209,743
184,791
risconsin Gas & Elec March ...... 66,895 59.482
28.48a
MARA
55.566 28.488
January
'onkers Rallroad
1600
THE CHRONICLE
Latost Gross Earnings.
[VOL. xcvm.
to Pacific with branches (see map on page 22 of "Railway
& Industrial Section"), but it will result in the transfer of
the-,control of the allied and auxiliary properties directly to
the Canadian Northern Railway Co.,thus unifying the sysYork Railways
April
62,481 58,3-90
236,481 tem and greatly enhancing the strength of the company's
257,990
Youngstown & Ohio_ March _ _ _ _
21,222 18,978
59,580
54,305 position.For this purpose the
outstanding capital stock
Youngstown & South March
.
13,846 13,302
38,232
35,970
would b increased from $77,000,000 to $100,000,000, the
a Includes earnings on the additional stock acquired May 1 1913. b Rep- new stock all going to Mackenzie,
Mann & Co. for their
resents income from all sources. c These figures are for consolidated co.
interest in the allied auxiliary properties as shown below,
while the holdings of the Canadian Government in the share
Electric Railway Net Earnings.-The following table capital of the road will be raised
to $40,000,000.
gives the returns of ELECTRIC railway gross and net
REQUIREMENTS TO COMPLETE CANADIAN NOR. RY. SYSTEM.
earnings reported this week:
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
Canadian Northern Pacific Ry., British Columbia section_ - Canadian
-Gross Earnings
2!$23,647;40
--NetEarnings
Nor. Ry., main line and brchs. already under consi'en
Previous
Current
Current
Previous
Can.
Nor. Ont. By., Montreal-Pt. Arthur and-Toronto-Ottawa 15,042;896
Roads.
Year.
Year.
Year.
Year.
Canadian Nor. Tunnel & Term'l Co., Montreal Terminals.. _ _ _ 18,251;891
5,995,734
$
$
$
Rolling stock-Equip.for Transcont'l and maturing equip. notes 27,441,086
Atlantic Shore Ry_b_ _ _ _Apr
3,337
23,638
25,154
1,484 Betterments-Ballasting, permanent improvements
including
Jan 1 to April 30
89,181
4,588
91,691
12,425
heavy rails on balance main line
10,000,000
Com'wealth P R & L a..Apr *243,426
106,730 *233,867
102,656
Jan 1 to Apr 30
Total of aforesaid requirements
*1,023,410
510,301 *983,508
486,854
$100,379,099
Deduct-Proceeds of securities which will be issued in respect to
Federal Light & Tract_aabove expenditures and cash in trust accts.,for constructionJan 1 to Mar 31
627,696
633,579
218,289
262,063
Nor. Pac. By.4A % deb. stock and subsidy
$6,704,097
Apr 1 to Mar 31
2,366,290 1,954,836
848,525
804,029 Can.
New
securities
4,854,500
Harrisburg Rys
Apr
78,003
74,140
11,669
10,756 Canadian Northern Ry.-Proceeds of securities in hand and to
Jan 1 to Apr 30
309,252
295,088
47,523
40,568
be earned against above
7,634,497
Illinois Traction _aCanadian Northern Ontario Ry.-Proceeds of securities in
Jan 1 to Mar 31
hand and subsidy to be earned
2,062,108 1,895,953
16,788,822
857,538
781,830
Apr 1 to Mar 31
8,114,253 7,516,169 3,410,469 3,121,920 Can. Nor. Tunnel & Term'i Co.-Proceeds of term'l securities_ 5,995,734
Rolling
stock-435
, % equipment bonds
16,496,332
Louisville Ry _ b
Apr 266,078
258,919
114,270
107,503
Jan 1 to Apr 30
1,023,023 1,022,232
459,933
464,985
Bal. to be provided with the $45,000,000 guar. bonds
$41,905,117
g Mexico Tramways...._ _Apr 594,988
583,558
296,032
323,693
Jan 1 to Apr 30
2,345,807 2,080,965 1,152,112 1,089,446
AID RECEIVED FROM DOMINION AND PROVINCIAL GOVTS.
Monongahela Val Trac b Apr
44,864
80,616
71,065
48,854
(a) $21,378,534 Cash from Dominion Government.Jan 1 to Apr 30 ,
306,429
277,446
179,976 Canadian
188,018
Northern Ry.-Swan River section, $374,606; 0. &
Northern 111 Lt & Tract_aR. R. Ry., $1,534,526: E. Y.& P. By.,$91,200
$2,000,332
Jan 1 to Mar 31
25,256
55,830
64,163
16,060 Canadian Northern Alberta By
2,832,024
Apr 1 to Mar 31
232,074
108,856
204,410
91,492 Canadian Northern Ontario Ry. (Hutton Branch,
$176,832:
Philadelphia Rap Trans_Apr 2,042,320 1,998,245
Toronto-Sudbury, $1,696,128; Toronto-Ottawa,$1,363,122;
835,420
804,845
Hawkesb'y-Ottawa,$369,872; Ottawa-Pt. Arthur,$6,518,516)10,124,470
July 1 to Apr 30
20,016,913 19,711,038 8,187,440 7,878,920
Northern Quebec Ry. (Garneau-Quebec, $523,820;
Puget Sound Tr,Lt&P a Mar 713,650
701,941
276,790
278,791 Canadian
St. Jerome and Rawdon branches, $183,748)
Jan 1 to Mar 31
2,159,149 2,059,315
707,568
881,886
788,699 Canadian
Northern Pacific Ry., Vancouver-Yellowhead
4,349,930
Republic Ry&Lt sub cosaApr 253,728
229,717
110,972
34,478 Halifax & South Western Ry
1,364,210
Jan 1 to Apr 30
996,859
927,647
414,809
352,426
(b) Lands, 4,002,848 Acres from Dominion GovernmentVirginia Ry & Power_b_Apr 420,582
398,302
219,250
200,095
Jan 1 to Apr 30
4,284,091 4,027,464 2,151,783 2,015,336
No land was granted direct to Canadian Northern By., but this company
has received from the contractors who constructed the Lake Manitoba
Willapa Electric Co _a•Railway Canal Co.,the Winnipeg & Hudson's Bay Ry. and the Manitoba
Jan 1 to Mar 31
23,573
21,756
11,970
9,125 & South &
Eastern By. 4,002,848 acres, of which all except 857,536 acres
Apr 1 to Mar 31
90,337
41,119
have been sold. Proceeds of sale, $16,524,805; rents, &c., $255,448; total,
York Railways_ b
Apr
62,481
58,390
26,384
25,621 $16,780,253. Deduct, to trustees, $4,429,433; to Dom. Govt.,
$353,049;
Dec 1 to Apr 30
329,600
145,942
301,609
137,520 expenses, taxes, &c., $4,155,304; balance used by Can. Nor. Ry.
for general purposes, $7,842,467.
* Includes earnings on the additional stocks acquired May 1 1913.
a Net earnings here given are after deducting taxes.
(c) $3,877,250 Cash from Provincial Government.b Net earnings here given are before deducting taxes.
Canadian Northern Ry. (0. & R. R. Ry., $1,072,800; Halifax
g These results are in Mexican currency.
& South Western By., $2,804,450)
$3,877,250
(d) Land Grants from Provincial Governments.Acres.
Interest Charges and Surplus.
Canadian Northern Ontario Ry.-Govt. of Ontario grant, Sudbury-Port
Arthur 4,000 acres per mile for 500 miles. Lands
-Int., Rentals, &c.
- -Bal. of Net Earns.
not yet selectedCurrent
Previous
Current
Previous
Canadian Northern Quebec Ry.-Govt. of Quebec grant on
Year.
Roads.
Year.
Year.
Year.
186.34 miles (lands not yet selected)
360,760
Quebec tic Lake St. John Ry.-Govt.of Quebec grant on 8.3 miles
24,900
Com'wealth P R & L__..Apr
57,193
176,674
6,771
95,885
(e)
$70,000
Cash
Received
from
Municipalities
Jan 1 to Apr 30
233,815
749,693
27,084
459,769
From City of Pt. Arthur,$50,000; Town of Parry Sd.,$20,000
Federal Light & Traction-.
$70,000
Jan 1 to Mar 31
142,387
123,664
75,902
138,400
(f) Guaranty of$58,043,248 Securities by Canadian Federal GovernmentApr 1 to Mar 31
550,511
464,659
298,014
339,370
Canadian Northern By.(main line,3%,0,359,996; Prince AlIllinois Tractionbert Branch 3%, branch lines 354%,$7,896,588)
$17,256,584
Jan 1 to Mar 31
564,435
500,148
293,103
281,682
Apr 1 to Mar 31
2,136,826 1,988,722 1,273,643 1,133,197 Canadian Northern Ontario By.(Montreal-Port Arthur,3%%;
total guaranteed, $35,770,000)
34,066,666
Monongahela Val Trac_Apr
25,535
24,111
23,319
20,753 Canadian Northern Alberta By.(Edmonton-Yellowhead,
%,
Jan 1 to Apr 30
101,873
96,421
86,135
83,555
1st section,$3,149,998; 2d section-not yet sold-$3,570,000) 6,719,998
Northern Ill Lt & Tract(g) Guaranty of Securities by Provincial Govts.,$76,850,203 Iss. and Sold.
Jan 1 to Mar 31
9,610
7,466
15,646
8,594
Apr 1 to Mar 31
32,462
30,459
76,393
61.033 Canadian Northern By.: Alberta Govt.-Branch lines in Alberta $6,560,000
Saskatchewan Govt.-Branch lines in Saskatchewan
Philadelphia Rap Trans_Apr 808,317
8,030,000
762,444
27,103
42,401
Manitoba Govt.-Branch lines in Manitoba
July 1 to Apr 30
23,849,630
8,012,336 7,624,963
175,103
253,959 Canadian
Northern Ontario Ry.-Ontario Government
Puget Sound Tr,Lt & P_Mar • 153,801
148,709
122,989
130,082 Canadian Northern Pacific Ry.-British Columbia Govt., on 7,860,000
Jan 1 to Mar 31
459,343
443,087
422,543
345,611
main lines, branches and terminals
24,126,573
Republic Ry&Lt sub cos Apr
47,070
45,882
63,902
38,596 Can. Nor. Western By.: Alberta Govt.-Branch lines in Alberta 6,424,000
Jan 1 to Apr 30
178,625
183,876
236,183
168,551
ROAD INCLUDED IN PRESENT PLAN-CAPITAL REQUIREMENTS.
Willapa Electric CoJan 1 to Mar 31
4,650
7,320
1. Mileage Built and to Be Built-Cost of Completion and Betterments.
York Railways
Apr
21,783
21,203
4,601
4,418
Cost
Grade
BetterMlles in Trackimid Miles
Dec 1 to Apr 30
108,026
105,735
37,916
31,784
under
to
meats
OperNot In Graded
Complete.
Contract.
Required.
only.
Oper.
anon.
x After allowing for other income received.
•
155 $23,647,492
Can. Nor. Pac. Ry...._
260
_
264
523,959
Can. Nor. Alberta Ry. 22
229
310,088
Can. Nor. West. RY-- - 189
$45,000
93 5,402,712 8,005,000
Can. Northern Ry_ _ _ _4,932
251
164
457,847
12
33
Can. Nor. Sask. Ry__
ANNUAL REPORTS.
52 11,645,467
Can. Nor. Ontario Ity. 699
128
"700
830,000
Irondale Bancroft &
Ottawa Ry
Annual Reports.-An index to annual reports of steam
55
Central Ontario Ry__ _ 165
railroads, street railways and miscellaneous companies which Bay
of Quinte
55
have been published during the preceding month will be Brockville Westport &
N. W. Ry
44
given on the last Saturday of each month. This index does Can.
Nor. Quebec Ry_ 354
870,000
not include reports in the issue of the "Chronicle" in which Quebec & Lake St.
20
11
John RY
293
175,000
it is published.. The latest index will be found in the issue Halifax
& S. W.Ry_ _ _ 370
75,000
of April 25. The next will appear in that of May 30.
Dul. Win. & Pac. Ry_ 172
Niag. St. Calls.& Tor_ 75
-Hsi
Canadian Northern Railway.
(Official Data Regarding the Company and Its Allied Lines.)
A bill was introduced in the Canadian House of Commons
by Premier Borden on May 13 authorizing the Dominion
Government to aid in the completion, equipment and betterment of the Canadian Northern system by guaranteeing
the principal and interest at 4% of $45,000,000 additional
bonds or debenture stock of the company,.to mature not
later than a day in 1934, with interest semi-annually. In
connection with this measure the company and the contractors, Mackenzie, Mann & Co., have furnished the
House with a large amount of information respecting the
system, some portions of which we have condensed as below.
The aforesaid bill, it should be remembered, will, if enacted,
not only facilitate the completion of the system from Atlantic
-____
1,542
850
323 $41,987,565 $10,000,000
7,236
The $10,000,000 betterments here include approximately: Ballast,
$813,000; rails, $4,400,000; sidings. $165,000; buildings, $331,000; filling
trestles and building permanent bridges. $2,570,000; replacing light steel
bridges, $865,000; terminal facilities on Can. Nor. By., $856,000.
2. Total Requirements to Finance the Enterprise.
35,995,734 Rolling stock
Montreal terminals
$27,441,086
Construction as above__ 41,987,565 Betterments as above__ _ 10,000,000
Due contractors8,348,290 Grand total
Western lines
$100,379,099
6,606,424
Eastern lines
Proceeds of securities earned or availa lo agst.same (see above) 58,473,982
Bal. to be met through sale of proposed $45,000,000 guar. 4s-541,905,117
The management states that much of the new mileage should be completed
in the near future, notably, it is expected: (a) Canadian Northern Pacific
in Oct. 1914 from Now Westminster to Yellowhead, B. C., 500 miles, with
33 miles of branches, and in July 1915 from Victoria to Albernia, 146 miles;
(b) Canadian Northern Ontario now operating 699 miles, in Dec. 1914from
Montreal to Port Arthur, adding 889 miles to the system; (c) Canadian
Northern By. itself by Dec. 1914, 508 miles of new road, variously located
MAY 23 1914.]
THE CHRONICLE
between Port Arthur and Yellowhead Pass, chiefly 51 miles from Winnipeg to Or. Marais; 79 miles,Calgary to Saskatoon; 76 miles,Delisle to
Eirose, N. W.; 99 miles, Calgary to Macleod; (d) Canadian Northern
Alberta by Dec. 1914 from St. Albert to Yellowhead,increasing the mileage
from 22 to 251 miles, and (e) Canadian N. W. Ry., Warden to Brazeau,
174 miles. &c.
RECEIPTS AND EXPENDITURES FOR CONSTRUCTION, BETTERMENTS,EQUIPMENT,ETC. OF CAN. NOR. SYSTEM.
ReceiptsTotal proceeds of securities (exclusive of equipment mortgages
and old bonds on roads acquired and securities issued in
exchange therefor)
$246,768,389
Less bank balance for construe. purposes held by trustees_ _
29,729,079
Balance receipts from securities
Cash subsidies
Net receipts from land sales
Receipts from equipment mortgages
Halifax & South Western Ry. Land A C
Halifax & Yarmouth bonds
Sundry accounts
$217,039,310
25,323,780
7,842,467
32,811,468
175,090
675,000
724,190
$284,591,305
Total receipts
Due on co; struction to M. M.& Co. and sub-contractors_ _ _ _ 21,262,527
$305,853,832
Total
Expenditures Made for Construction,
Construction Canadian Northern lines (between Port Arthur
$109,095,627
and Yellowhead Pass)
do
32,811,468
do
do
Equipment trusts
5,663,972
Halifax & South Western Ry
4,222,890
Canadian Northern Quebec
52,815,623
Canadian Northern Ontario
34,760,908
Canadian Northern Pacific Ry
5,299,681
Duluth Winnipeg & Pacific
Total aforesaid construction and equipment
Payments in reduction of equipment trusts
Direct purchase of equipment
Direct purchase of equipment allied lines
Expenditure on betterments
Acquired securities paid direct
Advances to railway companies allied to Can. Nor. Ry
Winnipeg Terminals, from proceeds of guaranteed securities
$244,670,169
$14,090,4 7
1,500,46
794,6 9
22,834,390
5,435,613
12,726,418
3,801,490
Total
$305,853,832
Note.-The foregoing receipts and expenditures were to the extent of
$244,670,169 handled through Mackenzie, Mann & Co.. the bal. directly.
CAPITALIZATION OF THE SEVERAL COS. OF THE SYSTEM.
(1) Capital Stock of Principal Constituent Cos.(for bonds,see separate table).
[Showing for the auxiliaries the amounts now held (1) by or in trust for
Can. Nor. Ry. Co. (see also foot-notes showing additional amounts to be
received);(2) by Mackenzie, Mann & Co.;(3) by Government;(4) by others.]
Authorized. Issued. Can.Nor.Ry. .M Co Governm't Others.
5
Can. No.Ry. 92,900,000 77,000,000
70,000,000 7,000,000
C.N.Alb.Ry. 3,000,000 z3,000,000 3,000,000
C.N.West.Ry 6,000,000 z2,000,000 2,000,000
C.N.Sask.Ry 5,000,000 z1,000,000 1,000,000
C.N.Pac.Ry. 25,000,000 z25,000,000 25,000,000
D.W.&P.Ry. 8,000,000 8,000,000 z3,060,000 2,940,000
C.N.Ont.R.y. 50,000,000 z10,000,000 10,000,000
z2,000,000
a7,550,000
C.N.Que.Ry. 12,500,000 9,550,000
Q.&I..St.J.Ry 8,000,000 4,521,000 --------z4,002,800
521,200
IL&S.W.Ry. 1,000,000 z1,000,000 1,000,000
Cent.Ont.Ry 3,340,000 z53,331,000
Bay of Quin.
1,500,000 21,1,395,000
IrondateBan.
zb53,500
100,000
& West.Ry
MarmoraRY.
100,000 zb100,000
& M. Co_
c900,000
Brock.W.Ry. 2,000,000
(c)
N. St. C. &
Tor. Ry__ 1,000,000
925,000
922,000
3,000
215,440,000 145,778,500
-a Of this Can. Nor. Que. Ry.stock,$5,144,600 Is owned by Northern Consolidated
Holding Co., of whose stock Mackenzie, Mann & Co. own 71.9%. b Stock of these
four branch lines is held for Can. Nor. Ry, for delivery on payment of cost price.
c Brockville Westport & N. W. Ry. was secured at court sale, and will be turned
over to the Railway Co. on payment of cost. z and y. see "note" below as to
proposed ownership by Canadian Northern Ry. Co.
(2) Stock, Otc., of Other Companies of Canadian Northern Railway System.
[Showing also amounts of stock and bonds pledged for Can. Nor. Ry. 4%
Perpetual Consol. Deb. Stock of 1903-see foot note.]
Stock
Stock
Stk.Pledged Bds.Pledg
Authorized. Issued.
Company(See foot notes.)
Can. Nor. Manitoba Ry.Co.z$1,000,000
*nil
Can.Nor. Ry.Exp.Co.,Ltd. 1,000,000 $1,000,000w$1,000,000 $3,000,000
Can. Nor. Transfer Co
500,000 **500,000
500,000 w500,000
Can. Nor. Telegraph Co.._ _ _ 5,000,000
800,000
Can.Nor.Steamships, Ltd__ 2,000,000 2,000,000 202,000,000 £600,000
Can. Nor. Syst. Term'is,Ltd.z2,000,000 z2,000.000
$7,000.000
1,000,000
Co.,Ltd
Term.
500,000
Lake Superior
w500,000 2.000,000
Minnesota & Ontarjo Bdg.Co 100,000
100.000 w100.000
180,000
Minnesota&ManitobaRR.Co 1,000,000
400,000 w400,000
250,000
TermiTunnel
&
Mt. Royal
z5,000,000 nil***
nal Co., Ltd
Qu'Appelle Long Lake &Sask.
RR. & Steamboat Co__.._ £200,000 z201,000
250,000 w250,000
St. Boniface & West.LandCo $250,000
750,000
100,000 100,000 w100,000
Winnipeg Land Co., Ltd_ _
300,000
Northern Consol.Holding Co.
8,000,000 z6,181,500
(V. 97, P. 951)
Edmonton & Slave Laid)R,y
420,000
Can.Nor.Coal& OreDockCo.
375,000
* When issued will be issued to Can. Nor. Ry. Co. ** Owned by Can.
Nor. Ry. Express Co., Ltd. ***None issued at present; when issued will
be issued to Canadian Northern Ry. Co.
Notes w, x, y and z.-If the proposed guaranty of $45,000,000 bonds by
Dominion Government is granted on the terms heretofore outlined, the
following important changes will take place:
(1) Mackenzie, Mann & Co. will turn over to the Canadian Northern
Ry. all their interests (a) in the 15 blocks of stock marked "z" in these two
tables, along with $4,002,800 of the stock of the Quebec & Lake St. John
Ry., $4,446,700 of the 56,181,500 stock of the Northern Consolidated
Holding Co.(V. 97, p. 951) and $3,329,000 of the $3,331,000 stock of the
Cent.Ontario Ry.; and "beneficial ownership" ofshares ("w") pledged for
Perpet. Consol. Deb. stock; and pledge equity of redemption in the $10,000,000 capital stock and $10,000.000 deb. stock of the Canadian Northern Town Properties Co. which are pledged as collateral for Can. Nor. Ry.
5% land mortgage debentures of 1913, £5,500,000 auth. (V. 97, p. 1424),
(
2 ) The outstanding capital stock of the Canadian Northern Ry. Co.
will be increased from 577,000,000 to $100,000,000, the $23,000,000 new
stock to be given to Mackenzie, Mann & Co. for their interests in allied
properties as aforesaid, and $33,000,000 of the present stock to be turned
over to the Dominion Government, making the holdings of the latter
$40,000,000, and of M. M.& Co., $60,000.000: in the Can. Nor. Ry. Co.
Company's $23,746,000 Equipment Securities Dec. 31 1913-Principal and
Interest Payments.
Principal. Interest.
Principal. Interest.
1914$3,493,000 $1,034,316 1919
$2,488,000 $330,451
875,416 1920
1915
3,497,000
2,188,000
210,341
1916
719,091 1921
3,256,000
1,708,000
121,391
1917
576,771 1922
3,023,000
,50,038
1,095.000
1918
2.653,000
Contractors Mackenzie, Mann,& Co1.,2
3td., have made no profit on their
9L
work for the Canadian Northern Ry. other than certain fully paid common
stock.
160
(3) Bonds, Debenture Stock and Notes; and Int. Charge Dec. 31 1913.
(Guarantor in Issued.
Interest.
Interest.
Guarantor in Issued.
Parentheses.)
Parentheses.)
$
$
Can. Nor. Ry.Can. Nor. Pac.
3% deb.(Dom.)_ 9,359,997
656,480
280,780 4% (B.C.)____ 116,412,001
334 %deb.(Dom.) 7,896,590
372,300
276,380
434% deb.(B.C.) 8,273,333
4% deb. (Bask.)_ a8,030,000
321,200 Can. Nor. Ont.
4% deb. (Alber.) /4,776,541
271,149
334% (Dom.)./34,066,667 1,192,333
4% deb.(Man.). c2,859,999
114,400
33,5% deb.
4% deb.(Man.). 12,437,497
489,762
233,253
(Ont.) J. B__ 6,664,379
4% Term.(Man.) 3,000,000
120,000
334% deb.
44% 0.Division
184,980
7,424
(Ont.) J. B___ 1,195,618
41,847
4% 0.Div.(Man.) 5,580,807
223,224 4% debenture__J11,438,638
457,446
4% land
m3,196,428
127,857 Cent. Out.Ry.58
48,667
973,333
4% debenture_d49,134,382 1,985,375 Bay of Q.Ry.5s_
41,500
830,000
5% income
25,000 000 1,250,000 Marmora Ry. &
5% land
16,274,689
813,733
Mining Co...._see stock above
6% notes
e3,500,000
210,000 Br. W.drN.W__See stock above
5% notes
/9,733,333
488,887 Irondale B.& 0..
22,500
450,000
5% notes
p2,190,000
109,500 Can. Nor. Q. 4s_ 5,250,389
210,015
Equipment
23,748,000 1,034,316 4% G. N. R__ 3,505,750
140,230
Qu'Appelle 4% _ _ 5,051,464
202,058 4% Q.L.&St.J. 4,359,015
174,381
Can.Nor.Alberta
Dul. W.& Pac.4s 6,848,324
265,853
334% (Dom.). h3,149,999
110,250 5% D.R.L.&W 2,000,000
100,000
Can. N.W.4 %
Hal.& S.W. 334s 4,447,000
155,625
deb.(Alberta)_ 6,424,000
289,080
4% bonds__
2,800,000
112,420
Total
312,818,910 12,927,983
a £500,000 deposited for 5% note-see!; balance, £1,650,000 ($8,030.000), here shown. b £450,000 deposited for 5% notes-see f; £44,495 for
loan of £33,082; balance, £1,192,440. C £.300,000 deposited as security for company's 5% notes-see f; balance, £587,671 d 5927.261
deposited as collateral for 5% notes-see b and g. e Secured by deposit of E733,561, C.N.R. Alberta 3X s, and E293,837 C. N. Ont. 35
Dominion guar. stock. f Secured by deposit of: £450,000 C.N.R.Alberta.
£500,000 4% Sask.. £300,000 0. N. R. 4% Man.; £550.000 C. N. Pac.
B. C. deb.; £750,000 C.N.Ry. 4% perpet. consol. deb. stk. g Secured by
deposit of 4392,739 C.N.P. 4% B. C.; £177.261 C.N.Ry. 4% con. per.
D. S. h also £733,561 pledged under"e." I £942.739 depos. as security
for 5% notes-see f and g. j £293,837 deposited as part security for 6%
notes-see e.
£525,000 of this amount deposited as collateral to loan.
m £44,110 securities deposited aslcollateral to loan of £33,000-see d. I
'
.
"TrUtrier the Cana,CairfiCalie"rn nor any of its allied companies is liable
as endorser ..or surety, or any debt of any other person or company except
the liability of the Canadian Northern Ry. as a guarantor upon certain bds.
Collateral Valued at $24,324,029 Dep. to Secure Temp. Loans 01 $20,703,865
[This debenture stock, it is understood, is mostly included in amounts
issued Dec.31 1913, as shown in table above.]
C.N.Ont.Ry.4% cons.deb.stk. £525,000 C.N.Ry.4% deb.stk.(Alberta) £244,495
C.N.Ry.4%perp.cons.deb.stk. 776,590 C. N. Ry. 5% land mtge. deb.
C. N. Western Ry. 4 yi% deb.
stock
1,844,110
stock (Alberta)
1,320,000 National Trust Co. 4% land
C.N.P.454%term.deb.stk.(B.C.) 570,000
certificates
$1,657,500
Floating Liabilities of the Railway Cos. Embraced in System (Tot. $10,408,128)
Can. Nor, Ry. Co
$6,565,653 Halifax & South Western Ry$191,261
Can. Nor. Ontario Ry__ _
767,059 Central Ontario Ry
190,291
Can. Nor. Quebec Ry__ _ 1,250,491 Bay of Quinte Ry
173,114
Quebec & L. St. John Ai_
683,467 Irondale Ban.& Ottawa Ry. 7,949
1.)u .Winnipeg & Pac. Ry. 522,294 Brock. Westp.& N.W.Ry_ 56,549
EARNINGS OF THE ENTIRE SYSTEM FOR YEARS ENDING JUNE 30.
=i...
164 1(1) Gross and Net (after Op. Exp.) Year ended June 30 1913.
Gross.
Net.
Canadian Northern Ry
$24,527,478 $7,023,868
Canadian Northern Ontario Ry
1,280,524
50,311
Canadian Northern Quebec Ry
1,599,546
285,961
Quebec & Lake St. John Ry
959,380
135,533
Central Ontario Ry
375,048
132,024
Bay of Quint° By
257,271
36,220
Irondale Bancroft & Ottawa Ry
30,384
6,417
Niagara St. Catharines & Toronto Ry
475,360
148,455
Halifax & South Western Ry
531,338
3,121
Brockville Westport & N. W. Ry
76.447
25,298
Duluth Winnipeg & Pacific Ry. (est.)
1,700,000
613,890
Total
Deduct fixed charges on outstanding securities
$31.812,776 $8,461,098
6,950,380
Surplus available to pay $1,250,000 interest on 5% Income
Charge convertible stock
$1,510,718
(2) Estimate by 3d Vice-Pres. D. B. Hanna (June 30 Years).
1915-16.
1916-17.
1917-18.
Gross (based on % inc. past 5 yrs.)-$54,000,000 $61,000,000 $67,000,000
Net earns. (after oper. expenses).__315,120,000 $17,700,000 U0,100,000
Fixed charges, incl. int, on securities
at present applied for
12,607,115 14,019,615 14,807,115
Int. on 5% income debenture stock.... 1.250,000
1,250,000
1,250,000
Balance
$1,262,885 $2,430,385 54.042,885
Note.-Under British Col. guaranty, if during first 3 years after beginning
operation, the net earnings are not sufficient to meet the interest on the
guar'd bonds, the Government is to advance the interest. Similar provisions are made respecting the Dominion guaranty of the bonds on the
Canadian Northern Ontario Ry. between Montreal and Port Arthur.
See also news columns below.-V. 98, p. 1535, 1392.
Grand Rapids & Indiana Railway.
(18th Annual Report-Year ended Dec. 31 1913.)
The report, dated March 24, says in substance:
Results.-The total rail revenues of all lines operated increased $144.961.
or 2.67%, due principally to an increase of $125,059, or 7.17%,in passenger
revenue. The disastrous floods in Indiana and Ohio during March seriousy
affected the revenue from freight transportation. The total operating
expenses increased $302,606, or 7.15%, of which $128,484 was in maintenance of way and structures, due to heavier expenditures for ties, rails,
bridges, buildings and grounds; $78,008 in maintenance of equipment, due
principally to increased charges to depreciation and to repairs, and $80,898
was in transportation expenses.
The net income was $57,290, a decrease of $153,782 as compared with
1912,. against which was charged $2,206 on account of equipment trust
obligations and $55,085 for additions and betterments. From the profit
and loss surplus of Dec. 31 1912, $541,736, there was deducted $3,062 for
sundry items, and $70,053 for additions and betterments, leaving a total
surplus of $468,621.
Traffic.-Our ton mileage was 385,449,016, an increase of 0.22%. and of
all lines operated 465.345,447, an increase of 0.65%; average revenue per
ton mile on all lines operated 7.05 mills, decrease .02 of a mill. Passenger
mileage of Or. R. & Ind. Ry., 76,613,775, increase 6.95%, and of all lines
operated 95.674,829, increase 5.27%; average revenue per passenger per
mile on all lines, 1954.
an increase of .34 of a mill.
Bonds.-Second mtge. 4% of $250,000 were issued and sold.
Additions.-These expenditures amounted to $209,205, of which $84,067
was charged to capital, $55,085 to income and $70,053 to profit and loss.
Mileage.-The Bogardus branch, 1% miles was abandoned.
INCOME ACCT. OF SYSTEM (575.86 M(LS) YE.4l5 E.VD. DEC. 31
Operating Revenue1913.
1912.
1911. A
Freight
$3,279,762 $3,270,934 $2,958,326
Passenger
1,744,846
1.869,904
1,690,886
Mall and express
242,926
239,223
221,340
Other transportation
128,943
127,427
116,819
Non-transportation
58,696
52,840
44,285
Total
$5,580,231
55,435,270 $5,031,682
Operating Expenses-'
1913.
Maintenance of way and structures__ _ $825,451
Maintenance of equipment
952,431
Traffic
147,752
Transportation
2,419,864
General
191,103
1912.
$696,967
874,422
139,307
2,338,966
184,332
1911.
$569,371
844,532
135,970
2,126,601
176,306
Total
Net revenue
Outside operations, net deficit
$4,536,601 $4,233,994 $3,852,780
$1,043,630 $1,201,275 $1,178,882
4,052
5,629
1,461
Net operating revenue
Taxes
$1,042,169 $1,195,646 $1,174,829
278,716
286,229
281,915
$913,731
53,228
$896,113
53,868
Operating income
Other income
$755,940
51,834
Gross income
DeductionsBond interest
Lease of other roads
Miscellaneous
Portion of equipment trust
Additions and betterments
$807,774
$966,960
$949,981
$442,829
150,507
157,147
2,206
55,085
$439,082
185,946
130,859
18,100
50,525
$442,308
148,223
173,703
22,966
35,984
$824,512
1)7,774
Total deductions
$1
,
$142,447
Balance, surplus
BALANCE SHEET DECEMBER 31.
1913.
1912.
1913.
LiabilitiesAssets$
S
Road & equip't_ _*16,795,151 16,657,221 Capital stock ____ 5,791,700
Bonds
10,375,000
Securs. or propeY.
105,220 Equipment trusts.. 121,190
affil., &c., cos.._ 105,220
40,260 Misc, funded debt 150,000
Other investments 235,114
500,646
Cash
579,704 Traffic balances... 418,457
61,583
Loans & bills rec.
Vouchers & Wages. 559,358
28,303
Traffic, &c., bats..
8,286 Matured int., &c.. 117,990
264,468
Agents, &c
52,500
285,387 Unmatured int.olos
supp
282,522
Material &
228,523 Miscell. accounts..• 87,124
Miscell. accounts_ 272,561
5,516
209,837 Def. credit items_
Temp. adv., &c_ _
25,548
52,812 Add'ns to property 581,209
Oth.deLdeb.ttems. 157,549
236,268 Profit and loss_ _ _ _ 11468,621
Total
[VOL. xcviii.
THE CHRONICLE
1602
18,728,665 18,403,518
Total
$823,184
$126,796
1912.
5,
5,791,700
10,125,000
195,019
159,000
368,392
504,596
118,550
50,039
102,170
2,450
453,866
541,736
18,728,665 18,403,518
* After deducting reserve for accrued depreciation, $168963.
a After deducting $70,053 appropriations for additions and betterments
and $3,062 sundry net debits.-V. 98, p. 1316, 1071.
Indiana Harbor Belt Railroad.
(Seventh Annual Report-Year ended Dec. 31 1913.)
Senior V.-Pres. Alfred H. Smith, N. Y., wrote in subst.:
Results.-The number of revenue cars handled increased 167,448, or
33.46%, over 1912. On May 1 1913 substantial reductions were made in
this company's rates on freight interchanged between railroads and this
class of traffic has increased 53,360 cars, or 20.80%,as compared with 1912.
The total revenues from rail operations were $3,303,809, an increase of
167,673,or 12.52%, as compared with last year. Transportation revenue
("switching") contributed $3,164,056, an increase of $312,297; car service,
$107,416, an increase of $40,057: misc., $24,031, an increase of $9,713.
The total expenses of rail operations were $2,524,027, an increase of
$444,026, or 21.35%, chiefly due to (a) an increase in maintenance of way
and structures of $122,828, occasioned by additional use of joint facilities,
and increased cost of labor, stone ballast having been applied to 15 miles
of main track and 9 miles re-laid with heavier rail; and (b) increase of
$275,279 in transportation expenses, due to the greatly increased cast of
labor, particularly of eng,inemen and trainmen, and to increased traffic.
Deductions from income increased $170,961, the principal items of increase being equipment rentals due to increased business and to increased
per diem rates; interest on debt and increased use of joint facilities.
Improvements, &c.-Fstensive additions and improvements were made to
the classification yards and facilities at Blue Island, and Norpaul, Ili.,
including new round-houses, water-stations, coaling stations and additional
yard facilities aggregating in all 15% miles of track. Seven 8-wheel and
eight 6-wheel switching locomotives, ten caboose cars and ten misc, work
cars were added to equipment. The expenditures for additions and
betterments charged to capital account and provided for by loans from each
of the owning companies amounted to $902,837.
INCOME ACCOUNT FOR FISCAL YEAR ENDING DEC. 31.
105
1913.
Mlles operated._
105
1912.
1912.
Net earnings
1913.
$779,782 $850,135
Revenues33,161,940 $2,850,286 Net outside oper_
23,728
Switching
25,457
1,474 Other income
2,117
Miscellaneous......
86,405
74,427
Other than transp. 139,752
84,378
Gross income __ $889,915 $956,019
Total rail rev......33,303,809 $2,936,136
ExpensesDeductionsHire of equipment $299,665 $192,258
Matra. of way and
structures
$458,125 $335,296 Joint tacit., rents.. 284,871
257,425
360,366 Taxes
Maint of equipl.. 388,485
72,541
64,934
32,151 Bond interest__
Traffic
33,084
294,000
281,500
Transport'n exp..,. 1,550,980 1,275,700 Other Interest...._.. 149,534
127,467
76,488 Miscellaneous.. General •
93,353
21,925
20,383
Total deduc'ns.11,122,536 $943,967
Total oper. exp-$2,524,027 $2,080,001
Net earnings
$779,782 $856,135 Bal.,sur. or def....(if;$232.621 sur.312,052
BALANCE SHEET DECEMBER 31.
1913.
1912.
1913.
1912.
LiabilitiesAssets$
$
$
Road & equipm1_10,593,798 9,695,673 Capital stock _ _ 2,450,000 2,450,000
Securities owned.... *214,201
212,801 Funded debt
6,725,000 6,725,000
Advances
1,305 Vouch.& pay-rolls 709,827
1,524
571,573
Cash on hand,&c_ 616,1341 726,614 Advances for conCash for interest_
struction, &c.._.. 1,622,280
72,240f
742,280
Materials & supp_ 124,112
working
advances
63,106
2,095,413 2,095,413
Bal. due to agents 162,436
214,565 Accrued liabilities.
24,539
70,084
Misc. accts. reedy 228,168
286,171 Matured Int., &c.,
Traffic,Ail., bats_
unpaid
26,277
55,731
72,240
72,600
Other work. assets
1,627
57,934 Miscell. accounts
Doi. credit • items_
13,694
11,503
payable
97,511
125,366
Profit and loss...._ 1,872,158 1,635,758 Other working lia122,072
bilities
68,054
Def. credit items_
7,487
40,791
Total
13,926,369 12,961,161
Total
13,926,369 12,961,161
* Includes $214,200 Calumet Western Ry. stock.-V.98, p. 13,16.
Chicago Railways Co.
(Report for Fiscal Year ending Jan. 31 1914.)
The report, including the income account and balance
sheet, and the remarks of President Henry A. Blair, will be
found at length on subsequent,pages of to-day's issue. The
earnings have shown a remarkable growth as a result of rehabilitation, new equipment and the addition to the system
of 1823/i miles of track, the gross receipts having increased
more than ,600,000 within five years. The property now
oomPrises 489.17 miles of track, equipped with the best of
rolling Stock, and is commonly recognized as a leader among
the Street railway enterprises of the country. A map of the
lines will be found in our "Electric Railway Section, issued
to-day and comparative tables for several years in the
"Chronicle" of May 2 last, page 1389.
Philadelphia Company of Pittsburgh.
(Report for Fiscal Year ending March 31 1914.)
The report of President Reed, the company's income account, balance sheet and stockholdings, and the combined
income account of the Philadelphia Co. and the affiliated
operating companies, will be found on subsequent pages.
INCOME ACCOUNT.
[Includes the Equitable Gas Co. and Pittsburgh & West Va. Gas Co. in
1914 in addition to the Philadelphia Co. of West Va. as in 1913.1
Receipts1913-14.
1910-11.
1912-13.
1911-12.
From gas
$7,224,637 $6,769,313 $6,483,323 $6,215,421
From oil
394,107
281,081
246,655
93,340
Miscellaneous
38,900
36,309
42,338
41,861
Gross earnings
$7,657,644 $7,052,277 86.618,524 $6,538,840
Operations, taxes, &c.... 3,424,686
3,151,200
2,650,649
2,513,910
Net earnings
$4,232,958 $3,901,077 $3,967,875 $4,024,930
Divs. and int. received.. $1,690,086 $1,161,334 $1,777,475 $1,677,082
113,244
146,838
137,767
Rents
626
844,519
1,080,073
690,926
Interest, discount, &c
463,819
Total income
$6,387,489 $6,255,728 $6,736,706 $6,530,705
Deduct$10,267
$10,292
$23,241
Paid leased companies
$22,967
1,051.162
1,221,900
1,565,740
Interest on bonds, &c.... 1,854,379
1,633,827
'917,639
1,198,811
Impts., extensions, &c....
831,512
204,814
56,033
49,794
Miscellaneous int., &c
161,983
Total
$2,870,841 $2,837,586 $2,205,839 $2,900,095
Surplus for year
$3,516,648 $3,418,142 $4,530,867 $3,630,610
4,610,779
5,062,594
5,394,152
Add previous surplus
a5,846,781
403
'12,348
9,789,902
Additions to profit & loss
16,875
Total
89,380,304 $18,602,196 $9,605,809 $8,241,792
Deduct disc.,comm.and
$241,030
taxes on securities sold
Deprec'n of property__
$181,696
$74,817
79,760
Consol. Gas Co. guar'ty
$79,609
300,000
Div. on prof. stocks_ _ _399,122
306,467
300,000
Div. on com.stock(7%2,558,408
) 2,732,758
2,721,198
2,729,967
Reserve for contingencies
'
1,000,000
Securities & accts. receiv9,508,247
able Written down
Book value of the corp.
stock owned of cos.
whose charters' have
106,183
been surrendered..
Guar. div. on Con. Gas
78,716
78,766
Co. pref. stock
136,162
437,821
Exp.& taxes(new secur.)
220
86
4,667
Miscellaneous
$3,830,249 $12,834,595 $4,211,657 $3,179,198
Total
Tot.surp.at close of yr_b$5,550,055 $5,767,601 $5,394,152 $5,062,594
a Total surplus ($5,846,781) April 1 1913 includes $5,767.601 surplus of
the Philadelphia Co.,$19,956 Equitable Gas Co.and $59,224 Pittsburgh &
West Virginia Gas Co. b Total surplus in 1914 as above includes $5,481,719 Philadelphia Co-, $34,698 Pittburgh & West Va. Gas Co. and $33,638
Equitable Gas Co-V.98, p. 1461, 1061.
York (Pa.) Railways Company.
(Report for Fiscal Year ending Nov. 30 1913.)
Pres. Gordon Campbell, York,Jan. 12, wrote in substance:
Results.-In spite of a period a general business depression, our business
Power Co. are aug-
showed wholesome gains. Earnings from the Light &
mented by the addition of the business of a section of the county to the
southeast of York, having its centre about 8 miles from Centre Sq., and
including the boroughs of Red Lion, Dallastown, Yoe and Windsor. This
territory was formerly served by a local company known as the York &
Windsor Elec. Lt. Co., which obtained its supply of power from the Edison
Electric Light Co. at wholesale rates.
During the low-water period a considerable amount of power was supplied
to the York Haven Water & Power Co., besides furnishing our own neWs.
Railway Improvements.-Two extensions of the city lines were completed
during the year, one via East Princess St., Yale St. and Prospect St., forming a loop [6,720 ft.]; the other a branch-offfrom George St. on Jackson St.,
2.400 ft. Double track was laid on West Market St. from West St. to
Belvidere Ave., thus completing the double track from the city limits in
the West End to Harrison St.in the East End. Three additional passenger
cars were purchased, having steel undet•frames and seating 52 people.
Merger of Electric-Light Companies.-The York & Windsor Elec. Lt. Co.
was acquired by purchase ofstock and bonds,and the Edison Light & Power
Co. was formed by merger of the Edison Elec. Light Co.,the York & Windsor Elec. Lt. Co., with franchises in Yoe, Dallastown and Red Lion, and 14
suburban lighting companies, having franchises in their respective boroughs
and townships surrounding and adjacent to York, namely Dover, Manchester, Hallam, Mt. Wolf, West York and North York 'Electric Light"
Cos., and Springgarden, Springetsbury, Ilellam, Manchester, East Man& Pow.
Dover Twp.and York Twp.Light H
chester, West Manchester, D
Cos. To provide properly for the needs of the newly acquired territory,
freight
with
a
station
combination
in
a sub-station was built in Red Lion
for the railway,and the transmission line was re-constructed. The business
already shows a handsome growth since Edison Co.assumed the operation.
Financial.-In view of the continued unsatisfactory market for bonds, it
was decided to issue $500,000 1-year 6% collateral trust gold notes as of
Feb. 2 1914 for the purpose of redeeming the outstanding issue of $350,000
to Feb. 2 1914) for
1-year notes maturing an. 1 1914 (extended by consent
the liquidation of the floating debt and for capital requirements (V.97, p.
1900; V. 98, p. 238).
Capital Transactions during the Year.-(1) York Rys. Co.: Additions,
freight-house at Red
double-tracking and paving,$22,165; sub-station and
and
Lion, $2,183; new cars and equipment, $28,072; acquisition of stock
bonds of the York & Windsor Elec. Lt. Co.,350,310; miscellaneous,$5,786..
(2) Edison Light & Power Co. $28,860; York Steam Heating Co.,$3,270;
York Suburban Land Co., $2,390; Total of all companies, $143,036.
INCOME ACCOUNT FOR YEARS'ENDING NOVEMBER 30.
1911.
1910.
1912.
1913.
$681,185
$710,471
$639,300
$761,904
Gross earnings
$360,594
$366,520
$346,059
$397,530
Operating expenses
14,638
15,590
13,761
Allowances for depreciation 16,736
$347,638
5,257
$328,361
4,230
$352,895
Total income
256,978
Fixed charges and taxes..
$332,591
252,328
Net earnings
Miscellaneous income
Net income
Dividends
$305,953
' 4,449
,
$310,402
244,074
$80,264
$66,328
$95,917
(5%)80,000 (4%)64,000'(1%)16,000
$279,480
4,093
$283,573
227,660
$55,913
$16,264
$50,328
,$55,913
Surplus
$15,917
CONSOLIDATED BALANCE SHEET NOVEMBER 30.
1913.
1912.
1912.
1913.
Liabilities$
Assets1,600,000 1,600,000
Real est., plants, &c.8,378,510 8,237,202 Preferred stock
2,500,000 2,500,000
24,240 Common stock
Investments, &e...._.. 17,240
74,847 Bonds and notes_ ___4,122,000 4,075,000
Materials & supplies 92,404
97,400
14,061
17,605 Bills & aco'ts pay'le_ 177,299
Cash
26,097 Accr'd int., tax., &c.. 135,234 143,794
Bills & acc'ts reeds.* 29,715
19,942
35,744
2,108
1,732 Reserves
Prepaid accounts......
6,463
8,252
Miscellaneous_
Cash for bond., &c.,
60,889
76,806
103,650 102,350 Profit and loss
interest
19,414
Deferred charges...... 17,647
8,655,335 8,503,487
Total
TWA
8,655,335 8,503,487
* Net of reserve for doubtful accounts.-V. 98. p. 389.
MAY 23 1914.1
THE CHRONICLE
• Calumet & South Chicago Railway Co.
(Report for Fiscal Year ending Jan. 31 1914.)
1603
Amalgamated Copper Co., New York.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Min D. Ryan, N. Y., May 11, wrote in substance:
JOINT PARTNERSHIP INCOME ACCOUNT WITH CITY FOR YEARS
The market for copper metal during the year was a reasonably good one,
ENDING JANUARY 31.
notwithstanding the fact that in the last quarter the domestic consumption
1910-11.
fell off materially. Such consumption has averaged in the six months
1912-13.
1911-12.
1913-14.
$925,420 commencing with November, but 77% of the rate for the year 1913 and
1$1,308,495 $1,138,3531 $960,159
Passenger receipts
60,057 but 73% of that for 1912. The exports during this six months' period have
70,757
Other receipts
been sufficient to absorb not only the surplus left over after supplying
$985,477 domestic consumers, but to reduce the stock in producers' hands in this
Total$1,308,495 $1,138,353 $1,030,916
country from 105,000,000 lbs. at end of 1912 to 70,000,000 lbs. on May 1 '14.
Oper. exp., taxes and re721,626
689,834
The total stocks in Europe and the United States, as reported by the
750,060
newals, as per ord'nce_ 878,813
Copper Producers' Association here, and Merton & Co. abroad, and in$295,643 cludingthe visible supplies at all important European ports, have decreased
$309,290
$388,293
$429,682
Net earnings
from 183,000,000 lbs. at the end of 1912 to 122,000,000 lbs. on Mayl 1914.
COMPANY'S INDIVIDUAL INCOME ACCOUNT FOR YEAR ENDING To realize the very healthy condition of the trade, we have but to note the
reduction in total stocks in Europe and the United States, which were
JANUARY 31 1914, 1913 AND 1912.
370,000,000 lbs. at the end of 1909, to 122,000,000 lbs. on May 1.
The prices obtained during the four months ending April 30 have not been
1911-12
1912-13.
1913-14.
as good as the average for the years 1913 and 1912, but taking into conInt. on capital as certified by Board of
$415,707 sideration the very sharp falling off in domestic business during the last
$450,373
$472,495
Supervising Engineers
23,244
110,471 six months, we are forced to conclude that, even with domestic consump57,425
Other income
tion below the normal,the future for the metal market is one of great
$529,920
$473,617
$526,178 promise. Any marked recovery in business in this country, which we feel
Total
cannot
long be delayed, is in our opinion certain to be reflected in a higher
204,683
167,455
232,986
Interest on bonds
level of prices than the present one for copper metal.
The report of the Anaconda Copper Mining Co. shows (V. 98, p. 1457)
$296,934
$268,934
$358,723
Net income
that,owing to interruptions on account of severe weather early in 1913
Bonds outstanding, $4,825,000, against $4,325,000 in 1913. Purchase and to the closing of the Washoe works for a short season for repairs, the
price of property, $9,820,365, against $9,192,583 in 1913; franchises in production of the mines fell off as compared with previous years. This,
1913 and 1912, $5,000,000, and current assets, $456,475, against $391,511 however, was but temporary, and we look for satisfactory production durin 1913.-V. 96, p. 1627.
ing 1914 and in the future. During 1913 said company paid in dividends
$1,674,001 more than its net earnings, but in 1912 it earned $5,790,085
in excess of dividends, and in the three years since the consolidation and
Westinghouse Electric & Mfg. Co., Pittsburgh.
increase of capital,the net earnings have been $35,988,552 and the dividends paid $32,437,500, a net addition to surplus of $3,551,052.
(Report for Fiscal Year ending March 31 1914.)
In our advertising columns on a previous page will be
found the remarks of Chairman Guy E. Tripp, the balance
sheet of March 31 1914 and the profit and loss account for
the late fiscal year. Below Nye give the usual comparative
tables:
Earnings of International Smelting ok Refining Co.
Calendar YearNet income
Dividends (8%)
1910.
1911. 4
1913.
1912.
$1,066,237 $1,106,047 $1,219,037 $1,002,191
800,000
800,000
800,000
800,000
Balance, surplus
$266,237 1$306,047 h $419,037
4202,191
!.If [No separate report is issuedtthis year.2 See V.198, P.11319.1
RESULTS FOR FISCAL PERIODS.
[)Year ending 8 Mos. end. -Years-end. April 30Dec. 31 '13. Dec. 31 '12.
1912.
1911.
88,871,799 $6,595,611 $6,647,006 $6,048,896
Net income
Dividends
9,233,274
3,847,198
3,847,198
3,077,758
$5,608,765
$3,591,596
Per cent
(2%)
(2M%)
(6%)
(2%%)
$330,792
$272,055
or
sur.
def_def.$361,475
Balance,
sr$2,748,413
842,799,808
sr$2,971,138
720,681
615,299
24.000,614 21,252,201 18,452,393 15,481,255
108,969
628,177 Prey. sur. and reserve
RESULTS FOR YEARS ENDING MARCH 31.
1910-11.
1912-13.
1911-12.
1913-14.
$43,733,646 $39,977,565 $34,196,446 $38,119,312
Gross earnings
a Operating expenses_ _ _ 39,016,424 35,406,293 30,604,850 32,510,547
$4,717,222 $4,571,272
Net earnings
Other Income$294,887
Interest and discount_ _ $454,999
718,282
647,908
Int.& div. received_ _
107,575
53,768
Misc., royalties, &c__ _
Total income
$5,998,078 $5,567,836 $4,752,038 $7,124,297
Deductions from Income-Int. on bonds and debs_ $1,042,191 $1,103,424 $1,116,308 $1,076,554
Int. on collateral notes_
376,000
591,260
409,672
416,000
Miscellaneous interest._
99,319
106,720
72,554
92,933
See note a
606,129
604,942
Depreciation
371,668
133,750
90,000
90,000
Prop.exp.bd.¬e issue
76.667
99,514
95,260
113,975
209,369
Miscellaneous
Surplus and reserve_ _$23,639,139 $24.000.6141 21,252,201 $18,452,393
BALANCE SHEET (INCL. UNITED METALS: ELLING CO. IN 1912.)
Dec. 31 '13. Dec. 31 '12. Apr. 30'12. Apr.30'11
•
$
AssetsInv. in securities, &c-xi82,741,677 182,469,209 178,512,048 184,356,800
3,960,3961
Due for copper delivered 1,496,591
3,757,384
4,871,491
Due from smelting and
2,541,929
13,028,517 8,439,973
mining cos.,&c
2,384,690
1,182,881
9,179,232
Cash
Div. rec. An. Copp. Co_ 2,303,088
2,303,179
Total deductions__ _ _ $1,939,269 $2,403,804 $2,307,945 $2,243,191
4,058,809 $3,164,032 $2,444,093 $4,881,106
Balance,surplus
Other Profit de Loss CreditsTotal
P.& L.surp. begin. year $7,348,522 $6,648,964 $5,964,225 $5,668,948
201,954,563 198,152,626 194,193,605 189,228,291
Profit on bonds purch.&
Liabilities8,7221
5,200 Stock
3,010
1,747
153,887,900 153,887,900 153,887,900 153.887,900
retired through s. f
2-year 5% gold notes..__ 12,500,000 *12,527,000 12,500,000 12.500,000
Prof. on deb. ctfs. purch
459,399 Notes payable
3,500,000
117,100
27,221
Ad. prop.& plant'acct
172,336 Due to mining cos_ ... 11,491,530 7,496,235 4,828,0471
Accts. rec. prey. writ.off
Profit on sales of sundry
Freight, taxes and int..
118,558
investments(net)___.591,964
accrued, &c
186,578
435,994
240,876
Miscellaneous
43,372 Dividend payable May
769,440
1,538,879
806
90,239
Surplus and reserve_ __ _ 23,639,139 24,000,614 21,252,201 18,452,393
Gross surplus
$12,002,305 $9.932,203 $8,534,947 $11,230,362
Total
201,954,563 198,152,626 194,193,605 189,228.291
Profit & Loss ChargeVarious P.& L.charges_c$2,657,277 $1,250,107 $1,253,956 $4,636,342
x Represents ownership in copper mines, mining claims, mining plants,
_(7%)279,909 (7)279,909 (7)279.909(153)629,795
Div. on pref.
reduction works, refineries, coal mines, sawmills, standing timber, water
stock_ _(4%) ,405,989(3)1.053.666 (1)352,118
Div. on com.stock__rights, land, &c.
* Includes on Dec. 31 1912 also $27,000 other notes.-V.98, p. 1529.
Total surplus Mar. 31 $7,659,130 $7,348.522 $6,648,965 $5,964,225
a Includes factory costs, embracing all expenditures for patterns, dies,
Dominion Steel Corporation, Ltd., Montreal.
new small tools and other betterments and extensions. Also inventory adjustments and all selling, administration, general and development expen(Report for Fiscal Year ending March 31 1914.)
ses and in 1913-14 depreciation of property and plant.
report to be presented at the annual meeting on
In
the
profit
and
"Various
1913-14
loss.charges"
include
in
depreciation
and
c
adjustments (net), $2,286,590, and miscellaneous, $370,687; in 1912-13 May 28 Pres. J. H. Plummer says in substance:
depreciation of investment, $966,920 and miscellaneous, $283,187,, •
Earnings.-The net earnings of the corporation and its constituent comagainst $1,050,285 and $203.671, respectively, in 1911-12.
panies for the year amounted to $4,442.032, out of which $903,889 was set
fter providing for all charges
aside for depreciation, sinking funds, &c.
BALANCE SHEET MARCH 31.
and dividends, including a dividend of $960,931 on our common stock,
the
decreased
reserve funds were increased
surplus
was
The
by
$86,105.
Assets1914.
1913.
1912.
by $843,168. In the first half of the year our expectations of a prosperous
Factory plants (including real estate,
buildings, mach., equip't, &c.)_ - _320,054,595 $20,467,225 $19,195,188 business were realized,but in the autumn a severe depression in the iron
and the United States, affecting
455
160
444 and steel business set in, both in Canada
Sink,fund to redeem cony.5% bonds
last quarter, most seriously.
5,928,258
5,259,335 8,340,081 your business, especially for the
Cash
expenditure
of the constituent companies
Extensions.
-The
capital
coupons,
&c_
for
depos.
415,476
105,107
90,228
Cash-Spec.
$1,123,600 was expended on the new
4,289,638
3,796,941
Notes receivable
3,395.426 amounted to $1,759,036. of which
and improvements connected with your coal
8,110,202
8,920,820
Accounts receivable
7,976,044 collieries and other property
Steel Company's plant, mines and quarries.
38,883
44,788
Due from subscrip'ns to capital stock
46,928 business, and $635,436 on the
Work has been continued at collieries Nos. 11 and 17, recently re-opened,
Raw materials, supplies and work
and from both of these some coal is now being mined. Permanent bankcompleted and in progress, goods
14,663,387 18,510,223 13,119,286 heads have been installed at Nos. 16 and 22, the transportation facilities
on consignment, &c
22,104,482 23,882,860 23.384,516 have been increased,and other improvements carried out. The expenditure
Investments, a
incurred on the steel plant covered the completion of the extenisons that
Charters, franchises, patents, insur6,176,031
ance and taxes prepaid, &c
6.198,195 6,169,180 had been in progress for some years. We have discontinued, as far as
kind.
Exp.incident to issue of bds. & notes
890,833
813,333
903,333 possible, all new expenditure of this
Finances.-During the year the directors sold,to provide in part previous
Total._ _
$82,672,240 $87,998,988 $82,620,654 capital expenditures, £700,000 5-year 6% notes, secured by £734,000
Consol. M. bonds of the Steel Company and £200,000 1st M. bonds of the
LiabilitiesPreferred stock
$3.998,700 $3,998,700 $3,998,700 Cumberland R.& Coal Co., belonging to the Coal Co.(V.97, p. 1586,804)•
Common stock aggregating $200,000 was issued in exchange for securities
Common stock
36,700,288 36,700,288 36,700,288
Convert. sinking fund 5% gold bonds 21,246,000 20,262,000 19,944,000 of companies owning two steamers required for use in the business of the
Debenture certificates
1,540,000
1,540,000 constituent companies.
The serious decline in orders, and the consequent partial shutting-down
Walker Co. bonds guaranteed
850,000
850,000
850,000
had been laid in for an
Collateral notes (6%i due Aug. 1915b 3,250,000
4,000,000
4,000,000 of the plants, coming at a time when all supplies
active winter's operations, have caused an excessive accumulation of raw
% due June 1914.. 1,250,000 2,000,000
do
do
5% dueSept.1913_
and manufactured materials, with a consequent increase in our current
do
do
1,500,000
on
5%)due Oct. 1917b 2,720,000
do
do
2.720.000
2,720,000 liabilities. The interest charges due to this, together with the charges
earnings but from
6 and 15-year 5% notes
524,250
959,250
1,383,650 the entire cost of the new plant, which now falls on the
which, as a whole, little benefit has yet been derived, have reduced the balSubscription to capital stock of Canaance of earnings available for dividends. [The directors':on March 4 dedian Westinghouse, Ltd
• 60,850
Accounts payable
2,210,391
3,361,359
2,187,666 cided not to declare a dividend on the $36,896,200 common stock for the
Interest, &c., accrued,,not due
546,280
559,752
437,503 4th quarter of 1913. From July 1911 to Jan. 191411 %.,quarterly was
Preferred dividend payable April 15..
69,977
69,977
69,977 paid (V. 98, p. 765).-Ed.1
Outlook.-The dulness in the coal trade in the fall and winter months has
Common dividend payable April 30..
351,532
351,469
352,118
483,000
413,000
Real est. M.assumed in purch. prop_
493,000 not affected the prospects for the coming year. Thanormal output of
coal will be maintained and no decrease in sales or prices is expected.
Syndicate agreement note & account
300,000
Three of the six blast furnaces at thersteeli plant are in use; the greater
749.741
Reserves for invest., adjustments, &c
834,214
1,294.178
Miscellaneous
99,607
132,951
610 part of their product is finished in the rail mill which is in full operation,
7,659,130
7,348,522 6,648,964 at present on foreign orders. The bar mill, closedfdown:during the winter,
Profit and loss surplus
is now running on contracts which will keep it busy for several months.
s before, it has not been possible to operate the rod mill during the year
$82,672,240 $87,998,988 $82,620,654
Total
except to a limited degree. With the recently imposed duty on wire rods,
a Investments Comprise stocks, bonds, debentures, &c., including those we are hopeful that it can be kept at work to a reasonably full extent, but
of affiliated European and Canadian Westinghouse Companies. b For list the duty does not come into effective operation for some months yet. The
wire mills are working in a partial way;the stock of nails at Syndey and other
of collateral securing these notes see V. 92, p. 1633.-V.98, p. 1005, 843,
1604
distributing points Is sufficient to supply the expected requirements of
the trade for some months, and the nail mill is closed down.
Production for Years ending March 31 (Tons).
Coal CompanyTotal.
Cape Breton. Cumberland.
1913-14
5,047,683
4,670,591
377,092
1912-13
5.053,160
4,640,940
412,220
1911-12
4,406,263
342,868
4,063,395
1910-11
3,862,161
3,752,298
109,863
Steel Co.-WabanaOre, Pig Iron. Steel Ingot.
Rails. 1VireRds.5B111., ctc. Misc.
1913-14
41,522
35,299
763,250 333,919
30,764
331,250
176,027
1912-13
10,778
53,323 49,132
757,003
174,802
321,020
343,25/
1911-12
70,633 43,950
602,108
153,498
290,588
335,553
1910-11
34,110
544,792
78,600
248,715
133,896
301,940
* Blooms and billets not further finished.
CONSOLIDATED PROFIT AND LOSS ACCOUNT.
Year end. 21Mos.end
Yearend.
Mar.31'14 Mar.31'13 Mar.31'12
Net earnings
$4,442,032 $4,714,058 $7,388,260
DeductSinking funds, depreciation, &c
$903,889 $1,009,651 $1,624,806
Interest on bonds, &c
1,575,994
1,246,951
1,957,879
107,323
84,788
115,426
Proportionate discount on bonds
Dividends-Preferred shares
420,000
437,500
980,000
Preferred stock, constituent companies
560,000
560,000
Dividends on common stock
(3%)960,931 (4)1,277,101 (4)1,225,204
Special appropriation for depreciation St renewal
700,000
Total deductions
$4,528,137 $4,615,991 $6,603,314
Balance,surplus or deficit
def.886,105 sur.398,067sur.$734,946
CONSOLIDATED BALANCE SHEET MARCH 31.
1914.
1913.
1914.
1913.
3
AsietsLiabilities$
$
Cost of properties
1Dom.St.Co.pf.stk. 7,000,000 7,000,000
constituent cos.a69,949;635 68,749,1811 do corn. stock__32,097,700 31,896,200
DISC.and prem.on
do Coal Co. pf_ 3,000,000 3,000,000
securities,&c.._ _ 3,699,218 3,286,992
do I. & S.' pref_ 5,000,000 5,000 000
Sinking fund cash_
1,079 Funded debt..___b27,587,495 23,514,549
Inventories
6,904,478 4,996,698 Loans & bills pay_e5,476,940 0,122,680
Accts. receivable
175,000
493,962
2,363,257 2,738,392 Divs. pay. Apr. 1_
Notes receiv., &c_
150,763
Accr.bond int.,&c. 354,025
291,754
•
Cash
259,834
125,036 Reserves
d600,008
527,863
Prepaid insur.,&c. 314,203
388,060 Profit and loss__ _ _ 2,350,220 2,438,431
Total
[VOL. xcviii.
THE CHRONICLE
83,641,388 80,285,439
Total
83,641,388 80,285,439
Homestake Mining Co., New York.
(Report for Fiscal Year ending Dec. 31 1913.)
Supt. Thomas J. Grier, Lead City, S. D.,Dec.31,wrote:
Everything is running smoothly and prospects for a long and profitable
life are bright in the extreme. During the year there were excavated 686
lineal feet of raises and 16,313 feet of drifts. The depths of the shafts
remain unchanged, viz.: Ellison shaft, 1,850 ft.; B & M., 1,550 ft.; Golden
Prospect, 1,100 ft.; Golden Star, 1,400 ft.; Old Brig, 800 ft.; Golden Gate
800 ft. We have broken in the mine but remaining in the stopes 2,206,671
tons of ore.
RESULTS FROM OPERATIONS.
Year end. Year end. 7 Mo.end. Year end.
Dec. 31 '13. Dec. 31 '12. Dec. 31 '11. May 31 '11.
Tons of gold ore milled__ 1,540,961
1,528,923
888,507
1,468,263
Avge. proceeds per ton_
$4.015
$4.317
$3.576
$4.120
Total proceeds of bars__ $6,186,652 $6,600,953 33,661,152 $5,251,454
Inc.from fdy.,supp.,&c.
132,716
189,944
123,609
123,490
Total income
$6,319,368 $6,790,897 $3,784,642 $5,375,063
DeductOper. and gen. expenses $3,876,400 $3,944,933 $2,208,467 $3,917,494
109,973
81,088
54,231
Ellison shaft
913,575
79,704
151,567
806
Property purchase
367
232,930250,119
19.385
391,754
Construction & surveys112,491
92,359
59,011
115,391
Taxes
Dividends paid__(8 4-5%)2,146,225 (6)1,310,400(334)764,400 (6)1,310,400
Total deductions.___$6,347,078 85,833,409 $3,370,382 $5,772,601
Balance
def.27,710sur.$957,488 sur.$414,260 def.$397,538
84,210
481,748
498,470
Surplus brought forward 1,455,958
Total surplus
$84,210
$498,470
$1,428,248 $1,455,958
BAtANCE SHEET JANUARY 1.
1913.
1914.
1914.
1913.
Assets3
3
Liabilities*Property acel___25,116,000 21,840,000 Capital stock_ _25,116,000 21,840,000
2,942
Balance in banks_ 1,635,503 1,614,929 Acc'ts payable_
492,713
Balance with Super520,995
Outstand's drafts_
5,661
intendent
43,432
83,051 Unclaimed divs_ _ _
5,815
Bullion in transit_
276,123
273,796 Profit and loss__ 1,428,248 1,470,460
Total
27,071,058 23,811,776
Total
27,071,058 23811,776
* Property account consists of mines, hoisting works, stamp mills, re-
a After deducting reserves for deprec. and exhaustion of mineral areas, $9,199,677. grinding plant, compressor plants, pumping plant, electric-lighting plants,
b Funded debt includes in 1914 Dominion Coal Co. 1st M. Sc, $6,079,500, and timber lands,assay-office,lbuildings,refining plant, machine shop,foundry,
other bonds and mortgages, $55,675; Dominion Iron & Steel Co., Ltd., 1st M. 5s, water rights, franchises, &c., &c.-V.98, p. 765.
$6,997,000, and consol. M.5s, 37,724,860: Cumberland R.& Coal Co. 1st M.55,
Herring-Hall-Marvin Safe Co.
$1,167,000, and Dominion Steel Corp., Ltd., 5-year deb. 5s, $1,500,000;6% 5-year
notes (secured by £734,000 Consolidated and $975,000 Cumberland bonds), $3,(Balance Sheet of Dec. 31 1913.)
406,668: and 6% employees' debs., $56,974.
c $2,945,375 secured in 1914, against $4,026,908 in 1913.
earnings for the year 1912 were $36,587. The
The
surplus
funds;
$105,000
pref.
1914
$440,432
contingent
and
other
d Reserves include in
divs.'accrued, and $54,576 outstanding stock interests in constituent companies.- amount in 1913 is not stated. Of the $700,000 pref. stock
V. 98, p. 765, 526.
authorized in Feb. 1912,$400,000 was issued Oct. 1 1912, the
Montana Power Co.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. John D. Ryan, N. Y., April 1, wrote in substance:
Sub-Cos. Included.-This report includes the operations of Great Falls
Power Co., Thompson Falls Power Co. and Montana Reservoir & Irrigation Co., which are owned entirely (except directors' shares).
The growth in business has been general over the entire system. Practically one-quarter of the total amount of new business has been done on
contract with the mining, smelting and railroad companies, and threequarters in general commercial power and lighting.
At the date of this report, the number of customers on our books is 26,620,
showing a gain of 3,211 during the year. There is an increase in connected
load of.18,568 k. w. over 1912.
Construction.-During the year work was begun on a hydro-electric
plant at "The Great Falls of the Missouri." We hope to have this plant in
partial operation early in 1915 and to complete it during that year. A capacity of 80,000 h. p. will be-installed.
Work was also begun on a hydro-electric plant at Thompson Falls on
Clark's Fork of the Columbia River. We expect to be able to furnish power
frbm this plant at the end of 1915 and to complete it in 1916. A capacity
of 40,000 h. p. will be installed.
Plants.-The hydro-electric plants in operation Dec. 31 had a combined
installed genearting capacity of 94,000 h. p.; steam reserve plants, 8,080
h. p.; total, 102,080 h. p.
Business Outlook.-The outlook for a steadily increasing business for 1914
is very bright, but until the Great Falls plant, now under construction, can
deliver power, the net earnings are not likely to show the usual proportion
of increase, for the reason that the hydro-electric power now developed and
available is only sufficient to take care of existing business, and the growth
during the year may necessitate the operation of one of the steam reserve
plants during the last few months of the year at higher cost. The prospect
over along -term of years is most encouraging. Montana is developing
rapidly, particularly in agriculture and manufacturing, and the development of its water powers are materially aiding the prosperity of the State.
Irrigation.-Irrigation by pumping has been undertaken under contracts
entered into with owners of lands located too high above the beds of streams
to permit of irrigation by gravity. The first plant of this kind was erected
on the shore of Hauser Lalce, and the whole project was carried out by the
company putting about 11,000 acres in the first unit under irrigation last
year. The crops raised were mostisatisfactory,and it is believed that a business of great benefit will result from the demonstration.
Bond Issue.-Since Dec. 31 we have sold $10,000,000 First & Refunding
M.5% sinking fund gold bonds, and the proceeds have been or will be applied to the payment of the entire floating debt and to the retirement of
,833.000 6% underlying bonds of Mo. Riv. El. & Power Co. and Billings
Eastern Montana Power Co., called for payment, and will, moreover,
provide over $2,700,000 additional cash capital, estimated to be sufficient
for the construction requirements for year 1914. (See also V. 98, P. 240,
first semi-annual dividend, 3M%, having been paid thereon
April 1 1913. No disbursement was made in April 1913.
BALANCE SHEET DECEMBER 31.
1912.
1913.
Liabilities$
Real est. & bldgs___ 233,774 210,068 Preferred stock
Assets-
Mach.,tools &equip.
Patents,trade-marks
and good-will_ _
Stock on hand, &c__
Cash, notes & acc'ts
receivable
Advances, prepaid
charges, &c
Notes rec. discounted
Total
314,347
290,000
415,341
211,580
12,463
165
321,079 Common stock
Gold deb. (6%)
290,000 Notes payable
433,118 Acc'ts payable and
accrued accounts_
219,617 Sundry reserves....
Dise'ted notes rec'le.
14,834 Profit and loss
4,671
1,477,670 1,493,387
1913.
$
400,000
700,000
90,000
176,504
1912.
$
400,000
700,000
100,000
155,949
49,198
60,950
16,297
34,422
165
45,506
4,671
37,395
1,477,670 1,493,387
Total
-V.96, p. 1554.
MacAndrews & Forbes Co.
(Report for Fiscal Year ending Dec. 31 1913.)
INCOME ACCOUNT.
1913.
$488,829
Net domestic profits
384,129
Net foreign profits
29,586
Dividends and interest received
Total profits
Preferred dividends (6%)
Common dividends
Total
Balance, surplus
1912.
1911.
$630,425)
313,532 *1,282,539
45,484
$902,544
$989,441 *11.282,539
$176,764
$191,234
$225,498
(10%)300,000 (10)300,000 (27)810,000
$476,764
$491,234 31,035,498
$425,780
$498,207
$247,041
*After deducting $99,443 for undistributed expenses.
BALANCE SHEET DECEMBER 31.
1912.
1913.
1913.
1912,
Liabilities$
$
A ssets2,905,600 2,984,500
Real est., mach.,&c_4,442,383 4,316,686 Preferred stock
stock
3,000,000 3,000,000
Mater. & supp., &c..3,315,851 2,995,612 Common
Stock in other cos_ 551,233 596,833 Bills & accts. payable1,031,963 836,084
728,932 254,901 Sund. provis'ns acct. 219,521 270,041
Cash
Reserve for depre'n_ 884,337 744,376
Bills and accounts re1,126,876 701,096
189,898 372,066 Surplus
ceivable
Total
455, 1464.)
9,228,297 8,536,097
Total
9,228,297 8,536,097
COMBINED EARNINGS FOR FISCAL YEAR ENDING DEC. 31 1913. -V.96, p. 1421.
1913.
1912.
Gross earnings
Lanston Monotype Machine Co., Philadelphia.
)13,022,9641 $3,532,162
Interest received from banks, &c
1.
7,036
Year ending Feb. 28 1914.)
Total gross earnings
Operating, expenses and taxes
$3,022,964 $3,539,198
974,828
1,117,774
Net earnings
Interest charges
$2,048,136 $2,421,424
$1,252,913
$901,478
Balance over charges
$795,223 $1,519,946
Bd. disct., $36,981; int. chged. to constr. (cr.)$33.904
$3,077
Divs. on pref.(7%). $677,026; corn. (2%), $536;635; total_ _
1,213,661
Balance,surplus
$303.208
CONSOLIDATED BALANCE SHEET DEC. 311913.
Assets (Total $78,865,103).-Value of the rights, franchises,
real estate, bldgs., plant and equip., two-thirds int. in Great
Falls Townsite Co. and other investments
$77,211,635
Materials and supplies at cost
Accounts and notes receivable, $453,079; cash, $204,535;
sinking fund deposits, $88,812; total
Discount on bonds,$646,610; miscellaneous,$21,293_
-_ -
289,139
746,426
(Report for Fiscal
Pres. J. Maury Dove May 7 wrote in substance:
Results.-Notwithstanding the general business depression the gross
receipts were larger than for the previous year, but the net profits were not
so large, largely due to the fact that slug machine Prices were very materially reduced. We have not had to meet this cut in prices nor do we believe that we shall be compelled to do so.
The popularity of the Monotype is constantly increasing, not only in
book and job offices, but also in newspaper plants; 23 printing offices in
1913 discarded slug machines, replacing them with Monotypes. At least
50% of all the Monotypes placed in the United States and Canada during
the year were on repeat orders.
Improvenients.-The past year has seen many improvements in both the
casting machine and keyboard. Our present keyboard, with its typewriter arrangement, is as easy to operate as a typewriter, and, combined
with the work of the casting machine, has won for our equipment the name
of the "continuous production" machine. The new inventions to the typecasting machine, providing for the making of type in sizes larger than are
ordinarily used for machine composition, viz., from 14 to 36 point, enable
an office using Monotypes to cast its own type, sorts and spaces for the
cases, to eliminate type founders' bills.
English Co.-The business of the English Corporation is most prosperous
and is being gradually and successfully extended. Our relations with it
continue pleasant and profitable.
OPERATIONS AND FISCAL RESULTS.
667,903
Liabilities (Total 378,865,103).-Pref. stook 425,000,00'0) in
hands of public
$9,671.800
Common stock ($75,000,000) in hands of rmblic, $20,831,800;
in voting trusts, divs. deferred, $22,500,000
49,33.1,800
Mortgage bonds(V. 98, p. 455)
14,938,000
Bills payable ($3,209,913) and acc'ts payable ($498,602, incl.
int.); total
1913-14.
3,708,515
Reserves (depreciation, $284,299; accident, $37,485), total__
$486,064
321,784 Net profit after &Tree_
Surplus at merger
360,000
524,544 Deduct-Divs.on stk.(6%)
Undivided profits
368,660
-V. 98, p. 1464, 1159.
Balance,surplus
$126,064
1912-13.
$509,025
360,000
$149,025
1011-12.
360,000
1910-11.
$605,069
329,699
$254,397
$275,370
$614,397
MAY 231914.]
THE CHRONICLE
160.5"
suspended a month later because of inability to make progress against a
BALANCE SHEET MARCH 1.
flow of heavy oil (1.02
Gr.) under enormous gas pressure. At 565
1913.
1914.
1913.
1914.
Assets(con.)the well was making Sp'
75 barrels a day, and at 615 feet, the lowest point
$105,293 $123,025 R'ts,fran.&Impts_$4,246,381 $4,178,521 feet
Cash
reached, there was an increase so heavy that operations were effectually
Real estate •
360,148
357,165
blocked. All the casing was then withdrawn except 378 feet of 15X-in.,
446,449
Bills receivable
919,304
Total assets____$8,320,674 $7,751,617 and
the well allowed to flow freely, making 1,000 barrels a day. It was then
487,593
Acc'ts receivable_ 497,527
Liabilitiesin by valves to avoid wastage and it so remains, though it is thought
725,113 Capital stock.. _ _$6,000,000 $6,000,000 closed
Stocks and bonds_ 730,113
that
if allowed to flow freely the oil might in time be of lighter gravity,
.
105,193
138,159
643,372
Acc'ts payable_ __
Inventory (cost).- 638,208
It is impracticable to pump such heavy oil. If from other wells in the vi800,651
769,975 Dills rec. dIscled. 500,000
Plant
lighter oil is obtained, tanks erected to receive it and a pipe line to
20,404 Profit and loss_ _ __y1,682,515 1,646,424 cinity
Miscellaneous_ -_
23,049
transport it to the river, the product of this first well can be mixed therewith
proper proportions and taken to market.
Total Ilabil'tles_$8,320,674 $7,751,617 in Babosa
No. 1 is 1.300 feet south of Bababui and has reached a depth of
y After deducting $89,973 for discarded obsolete machine parts, &c., 1,124
ft. It also has been hindered by the same heavy oil, over 600 barrels
written off.-V.97. D. 45.
a day,following which the oil shut off by a mixture of heavy mud and sawdust. Bacante No. 1 is on the edge of the Asphalt Lake. It is down
2 913 ft. (April 30 1914), making good progress; It has encountered heavy
Waltham Watch Co.
oil in places, but not enough seriously to interfere with drilling. A fourth
well, Badajo No. 1, six miles southwest from Bacante, was commenced in
(Balance sheet of March 31 1914.)
June
1913, and has been carried to 2,200 ft., with no traces of oil.
191:0
1912.
Assets1913.
1914.
In the Pedernales oil field, located
the Delta of the Orinoco, drilling
Real estate
$1,165,582 $1,179,181 $1,140,075 $ 1 ,158,73 has not progressed far enough to yield in
definite results, but froni the indica2.423,810
2,423,082
Machinery
2,414,138
2,426,652
4,587,120 tions found thus far, it is deemed probable that commercial quantities' of a
4,719,080
4,859,495
Merchandise
5,215,055
high
grade
oil will be found.
4,502,000
4,502,000
4,502,000
Patent rights
4,502,000
['citing Trust.-The voting trust, dated May 19 1903, expired by limita1,169,353
1.565,194
Cash & accounts receiv.. 1,487,490
808,752 tion on June 15 1913.
48,798
51,913
48,549
Value of insur. policies_ _
44,350
RESULTS, INCLUDING SUBSIDIARY COMPANIES,
$14,845,327 $14,571,921 $14,002,388 $13,524,405 COMBINED FOR
Total
FISCAL YEARS ENDING JAN. 31.
....ivy...
LiabilitiesOperations
-Square
Yards Laid$12,000,000
$12,000,000
-$12,000,000
1913-14.
1912-13.
$12,000,000
1911-12.
Capital stock..
Asphalt,
asphalt
block, &c.:
162,828
97,720
126,479
59,720
Accounts payable
Formunicipalities
573,604
465,511
643,084
1,480,501
1,755.522 3.188,915
514.385
Surplus
1,765,300
For others
1,394,000
1,952,300
586,643
536,440
688,057
Bills payable
950,300
Contracts for asphalt pavement car70,189
45.157
123,463
Reserve
ried to current fiscal year (Jan.31)519,856
578,581
871,173
$14,571,921
Sales
$14,845,327
of
crude
asphalt
(tons)
$14,002,388
Total
321,222
265,677
300,403
$13,524,405
Sales of asphaltic products(other than
-V. 98, 13• 769.
for paving)
1,471,247
1,379,245
1,469,209
Income fromGeneral Asphalt Co., Philadelphia.
Sales of asphalt and asphalt products.. 9,742,853
9,04,310
7,601,994
Sales of miscellaneous materials
454,322
421,627
701,020
(11th Annual Report-Year ending April 30 1914.)
Income from paving roads
6,254,932
3,593,670
3,260,215
Pres. Arthur W. Sewall, May 1, wrote in substance:
Income from miscellaneous paving__ _
997,873
924,288
1.040,845
990,328
911,296
813,638
Results.-The net gain, after deducting $151,087 for maintaining pave- Income from miscellaneous work__ _
43,146
32,194
23,405
ments under guaranty in excess of the reserve, was $1,152,667, compared Miscellaneous income
with $1,120,924 for year 1912-13. After deducting the full 5% dividend on
15,279,352 14,995,323 16,542,281
Total income
the pref., there remains a balance of $495,667, or 5.02:%, on common.
The total volume of business transacted was $15,279,352, compared with
Expenses$14,995,323for 1912-13.
6,904,144
Cost of asphalt and asphalt products- 7,684,523
5,891,842
The charge for depreciation of plants was $204,646, compared with Cost of paving roadway
403,327
440,857
703,765
$218,292, and for repairs and renewals, $612,128 (increase $110,887), all Cost of paving
3,091,937
3,483,361
5,873,520
48,073
64,343
of which was charged against earnings. along with $90,000 for depreciation Reserve for maintenance & repairs_ _ _
129,926
963,293
889,487
of accounts and a special $69,787 for depreciation of abandoned and Cost of miscellaneous paving
999,999
unproductive oil wells. The pay-roll for labor amounted to $3,310,376, Depreciation
204,646
218,393
214,868
Miscellaneous work
compared with $3,622,001 for 1912-13.
762,724
858,182
768,685
There was a heavily-increased demand for asphalt and asphaltic products Sundry branch expenses
15,554
4,916
5,404
for street and road purposes until September and October, after which
Total expenses
13,174,077 12,863,683 14,588,009
sales showed a marked falling off, due primarily,to the prevailing disturbed
financial conditions, and particularly to the fact that municipalities and Net trading profits
2,105,275
2.131,640
1,954,272
Rents,from real est., less exp., &c__ 3,087
2,796
contractors were unable to market their securities.
3,914
51,290
90,750
80,517
Improvements, &c.-It was necessary during 1913 to expend considerable Interest received
investments_
increased
_
_
on
shipping
dividends
Int.
10,630
and
and refining facilities
sums on capital account to provide
20.099
11,127
in Trinidad and Venezuela and at our principal plant at Maurer, N.J.
2,169,991
Total net income
2,226,371
2,069,035
The total capital expenditures for the year were $1,043,400,against which
there was credited for sundry sales, $73,570, and there was written off for
Deductdepreciation $257,053;net increase to caital accountfor the year $712,777. General expenses
403,173
445,759
350,038
Removal, under Tariff Act of 1913. o All Import Duty upon Crude and Reserve for depreciation of accounts..
90,000
120,000
120,000
Refined Asphalt.-The elimination of the import duty of $3 a ton on re- Interest on loans and mortgages
109,141
144,540
•
158,808
fined and $1 50 on crude,first levied in 1897,removes a long-standing handi- Debenture interest,&c
244,173
247,760
247,940
cap and enabled us to reduce prices toward the cheaper substitutes.
25,998
20,155
16,163
Paving Contracts.-The total number of so. yards of pavement of all kinds Special excise and income tax
constructed by the company was 1,480,501 [contrasting with 1,755,522 in
866,237
Total deductions
994,738
882,673
year 1912-13 and 3,188,915 in 1911-12], of which 947,469 were of sheet as- Profits,
1,074,297
as per balance sheet
1,303,754
1,343,698
phalt and 533,032 of various other materials. As heretofore,a much larger Excess cost
257;547
of maintaining pavements
222,774
151,087
volume of construction work was done by,customers using our output.
(5)651,972 (5)657,000 *(5)657,000
During 1913 we constructed over 1,480,501 sq. yds. of pavements, with Dividends on preferred
an average guaranty of 2.45 years. Of this total,754,200 sq. yds., or 51.6%
Balance, surplus
159,750
463,924
500,695
were without guaranty. Thus, while 1,480,501 yds. were constructed
with an average guaranty of 2.45 years, making a total of 3,627,227 yard*
Also
8M
%
($1,116,900)
debentures
paid
in
due
Mar.
1 1916,
5%
5-yr.
years, 3,124,773 yards, with an average guaranty of 8.54 years, or 26.,- in full for accumulated (lilts. on pref. stock (V. 90. p. 449; V. 92, p. 1214
687,762 yard-years, were released from guaranty. On Jan. 31 1914 the §After deducting amounts received
by subsidiary companies.
total yarclage under guaranty was 11,868,364, compared with a maximum
of 21,883,130 six years previously.
COMBINED BALANCE SHEET GENERAL ASPHALT CO. AND SUBSIDIARY COMPANIES JAN.31.
Uncompleted Work Carried Over at End of Year-Volume of Low Bids Jan. 31
1909.
Sguare Yards.
1910.
1911.
1912.
1913.
1914.
1913.
1912.
Uncompleted work__1,322,843 1,350,932
871,173 578,581 519,856
Assets-. - - - 184,718
336,856
Low bids
734,463 257,296
24,658 Properties owned,incl. shares of com34,517,986 33,805,208 34,010.003
panies not operated "
1,507,561 1,687,788 1,605,636 835,877 544,514 Stock trust certificates Gen. Asphalt
Total
200,071
204,946
Co.owned by sub.cos.(book value)
Operations for Petroleum in Trinidad.-In the Vessigny field, the tech204,946
9,743
8,900
8900
nique of winning the oil has not been solved reliably as yet, though the goal Gen. Asphalt debentures (par)
100,443
85;044
160,930
seems to be nearer. The difficulties are the quantity of oil, the enormous Stock and bonds outside companies_ _
gas pressure and the great thickness of the series. The matter of drilling Retained by cities on pavements laid
966;419
881,630
under guaranty
1,267,343
1.400 to 1,800 ft. down to the oil measures is simple, but the upper layer in
•
the Vessigny field is a richly productive stratum ofoil sand under extraordi- Bonds, warrants and.tax liens pledged
457,092
for collateral loans
319,620
609,191
nary gas pressure, below which,are alternating layers of shale and oil sands.
302,635
'
599,082
620,224
300 to 350 feet thick, with similar gas pressure, within which the several Bonds tax liens, &c., on hand
1,860,391
1,401,624
1,689,996
oil sand strata themselves aggregate 150 ft. The thickest and richest Materials and supplies (net)
660,396
814,024
552,235
productive stratum lies at the 13ottom of the series, the total depth of which Cash
37,874
27,753
Z3893
,
from the surface is from 1,750 to 2,150 ft. None of the wells so far drilled Bills receivable
Acc'ts receivable (less doubtful acc'ts) 1,064,099
1,798,435
2,455,808
has passod through the series, the maximum penetration being 180 ft.
Thus, none of the Vessigny wells has passed through the Morne L'Enfer
Total
40,133,053 39,882,200 41,711,630
series and further, none of them, with the possible exception of No. 42, is
in good order for production from the depths which they do reach. The
Liabilitiesbottom pipes, not being landed safely in the hard blue clay, beneath the oil Preferred stock
14,000,000 14,000,000 14,000,000
sands, but suspended, as it were, in the producing strata, have bent or col- Common stock
17.000,000 17,000,000 17,000,000
lapsed, so that the outflow of oil is retarded and oil sand collects above and Gen. Asphalt 5% debentures
1,116,900
1,116,900
1,116,900
below the angles, past which bailers or straightening swages cannot go.
not
underlying cos.
owned by
On the other hand,the operations in the Vessigny field have not only,been Bonds
its
subsidiary
or
Asphalt
cos
2,150,645
2,206,905
Gen.
2,276,770
successful in demonstrating that the Morne L'Enfer oil sands underlie Mtges. payable and ground rents_ _ _ _
156,160
135,658
160,992
at least a large portion of our freehold lands, and are of great thickness and Collateral railroad notes
400,000
200,000
500,000
productivity, but also that, in spite of adverse influences,oil can be won in Car trusts
10,045
157,925
83,985
large and paying quantities. Well No. 37 began at the rate of 20,000 bar- Reserve for maintenance of paverels a day and has yielded nearly,200,000 barrels; No.41 commenced June 20
monis laid under guaranty
670,189
482,549
959,965
1913 with 4,000 a day; No. 42 has produced over 200,000, and the others Collateral loans
479,747
348,373
232,878
varying amounts up to a total for the field of at least 500,000 barrels since
payable
1,350,000
the first well, No. 35,found oil July 211912. Not one of these wells failed Notes
Accounts payable
1,033,313
966,412
644,695
to strike oil. In every one of them there was evidence of an ability to Debenture
redemption fund New
produce on a very large scale. No. 42, with an initial flush flow for several
Trinidad Lake Corp. Co., Ltd_ _ _
552,947
606,115
662,285
days, until and after it took fire, of 30,000 barries per day, was, without Fire
insurance fund
174.428
131.635
182,716
doubt, the largest oil well ever brought in in South America. Wells 37, Surplus
profits
2,977.145
2,007,256
2,476,450
38, 39, 40 and 41, if drilled through the series, are all competent to give
large production and should be completed before other new wells are started
Total
40,133,053 39,882,200 41,711,630
in this field. Preparations are being made now to begin this work. In -V. 98, p. 1540.
those that fail, the derricks will be moved a few feet and the wells re-drilled.
The wells in the Brighton field, to which drilling was confined prior to
Brunswick-Balke-Collender Co.
1912 have, with a few exceptions, continued their production, and during
the fiscal year have made 90.000 barrels at a minimum cost. No new wells
have been drilled in this field, though one of the best, No. 4, has stopped
(Report for Fiscal Year ending Dec. 31 1913.)
flowing for nearly five years, due to collapse of the perforated pipe.
RESULTS FOR CLAENDAR YEAR.
The crude oil production for the fiscal year was 362.684 barrels, comparing with 247,208 the preceding year. The total would have approxi1913.
1912.
1911.
mated 500,000 but for the fire loss at well No.42and for the clogging of wells
$1,370,682 *$1,786,608 *$1,541,289
due to suspension of operations in December and January. Work in the Net profits and income
reserves,
&c
charges,
Sundry
a205,991
until
resumed
February,
fields
was not
since which time the yield has
oil
averaged 1,000 barrels a day,(to Apr. 30 1914). There has been written
Balance for dividends
$1,370,682 $1,580,617 $1,541.289
off against earnings during the year $69.787 to apply on the cost of aban411,540
415.427
$419,662
-producers
having
been so classed). There has also Preferred dividends (7%)
doned wells (all non
been written off against earnings for 1913 $26,000 as a depreciation of plant.
Balance, surplus
$959,142 $1,165,190 $1,121,627
and equipment.
Oil in Venezuela.-Operations for petroleum by the Bermudez Co.in
*The net profits, after providing for depreciation, were $1,268.748 and
Eastern Venezuela have been carried on in 1913 at Guanoco, Maremare, $1,384.748 in 1910 and 1909. repsectively. a Sundry special expenditures
Pauji and Pedernales. The first well drilled at Guanoco, Bababui No. 1, and charges, including additional reserves for contingencies and other
Drilling
was begun Aug. 12 1912, but was purposes (net).
is located in the Asphalt Lake.
A3SelS--
BALANCE SHEET DEC. 31.
1912.
1913.
1912.
1913.
Liabilities-AMUPreferred stock_ _ _ 5,820,000 5,880,000
Real est., plant,
machinery, &c_ 5,174,655 4,645,723 Common stock__ _ 6,000,000 6,000,000
Sundry loans and
Minority stockhol's'
21,942
investments_ _ __
237,905
233,043
int.in sub.co.stk.
Inventories
5,193,932 5,518,088 Acc'ts & bills pay_ 1,276,941 1,511,067
150,000
100,000
Acc'ts & bills rea
5,436,433 5,038,645 Sundry reserves__
102,900
102,778
Cash
402,008 Div. pay. Jan. I__
389,443
Unexp. Maur.,ice_
113,310
115,218 Profit and loss_ ___ 3.245,959 2,286,817
Total
16,545,678 15,952,726
Total
16,545,678 15,952,726
-V.98, p. 1225.
Computing-Tabulating-Recording Co.
(Report for Fiscal Year ending Dec. 31 1913.)
The report, signed by Pres. Frank N. Kondolf and See.
Houstoun M.Sadler, Mar.5,says in substance:
The operations for the year show an increase in net earnings of $93,769,
after deducting interest on bonds and all other charges and expenses. During the year $313,719 was distributed to the stockholders in dividends:
$320,974 79 was added to surplus. The company also retired $132,000
of its outstanding bonds. The plants have been well maintained and adequate reserves have been set up for depreciation. A large amount has been
expended in new equipment and patents, which should materially increase
future earnings.
CONSOLIDATED INCOME ACCOUNT DEC.31.
1913.
1912.
Proportion of net profits of subsidiary companies_ _ _ _$1,395,392 $1,240,672
Maint.& deprec. & res've for doubtful accounts__ __ $296,498 $234,425
Remainder
$1,098,894 $1,006,247
Expenses C.-T.-R. Co.(net), after deducting interest
$46,871
$45,320
received on loans, treasury bonds, &c
417,329
420,000
C.-T.-R. Co.coll, trust bond. interest
(3%)313,719
Dividends on C.-T.-R. stock
$320,975
Balance, surplus
CONSOLIDATED BALANCE SHEET DEC. 31.
1912.
1913.
Asseis$
$
Plants good-will
Patents &o-... a17,853,882 17,701,377
Office supplies pre18,626
21,852
paid ins. int. &c.
310,154
449,284
Cash
Notes & acc'te rec.
(less reserve)_ _ _ 1,499,131 1,703,996
832,686
Inventor's (at cost) 997,281
746,800
Treas. bonds (par) 747,000
424
415
Miscellaneous_
Total
21,424,497 21,456,410
$540,927
1913.
1912.
. Liabilities$
$
Capital stock__ _10,457,200 10,457,219
Bonded debt
7,219,500 7,371,500
Notes and sails,
taxes &c
627,619
828,056
Accr'd bond .int
211,313
215,572
Deferred credits
28,292
26,909
Cap.stock & surp.
of sub. cos
b167,297
164,087
Undivided surplus 2,714,659 2,393,684
Total
Vacuum Oil Co. Rochester N. Y.
(Report for Fiscal Year ending Dec. 31 1913.)
The report, dated Rochester, N. Y., April 7, says:
After charging $100,840 to insurance reserve, the profits for the year
amount to $3,375,774. In addition, the proportion of the undivided
profits for the year of the foreign marketing companies, which the shares
held by the company represent, amount to $1,457,156.
The continued growth of the business, which was 25% larger than in
1912, combined with higher prices of both crude oil and finished products,
has absorbed the profit for the year above the $900,000 used to pay the
two 3% dividends.
We take this opportunity to suggest that no information regarding the
affairs of the company be considered authentic unless communicated
directly to all stockholders by the directors.
• 'RESULTS FOR CALENDAR YEARS.
1913.
1912.
1911.
Profits, including the company's proportion of the undivided profits of
the foreign marketing companies_ _$4,832,930 $4,159,006 $2,938,037
Paid int. to Standard Oil Co. of N.J
502,020
Net profits
$4,832,930 $4.159,00¢ $2,436,017
Dividends (6%)
$900,000
$900,000
$150,000
, [The stock was increased in 1912 from $2,500,000 to $15,000,000 (V. 94,
D.491, 703, 771). Two dividends of 3% each were paid on the increased
15 and Oct. 31 1912 and two of 37 each on May 15 and
aock on
Aug" for $900,000 in each of the years 1912 and 1913. Early in
Oct. 31, calling
1911 6% was paid on the former amount of stock ($2,500,000)].
BALANCE SHEET DECEMBER 31.
1912.
1913.
1913.
1912.
. Liabilities. Assets.$
s
Real est.,plant.&c. 3,501,108
Stocks of foreign
vacuum oil cos..11,376,385
60,181
Stocks of other cos.
16,875
Gov't securities_
Mdse. & materials 7,008,886
Accts. recelvable.11,424,088
Cash and shortterm securities_ 1,096,661
3,138,907 Capital stock _ _ _ _15,000,000
Due foreign vacu- .
.
11,376,326
urn oil cos
1,299,874
46,600 Sundry accounts
15,863
payable
932,421
4,967,604 Insurance reserve100,840
11,318,426 Surplus
17,151,049
15,000,000
1,229,513
1,093,269
14,675,276 .
1,134,332
34,484,184 31,998,058
Total
34,484,184 31,998,058
-V. 98, p. 457.
Bell Telephone Co. of Pennsylvania.
(Report for Fiscal Year ending Dec. 311913.)
RESULTS FOR CALENDAR YEARS (INCL. ASSOCIATED COS.).
1912.
1913.
1913.
1912.
Net earnings
Total stations
$4,859,730 $4,715,881
542,727
589,286
. Dec. 31
Gross earnings.$18,934,912 $17,803,375 Deduct-Interest-. 821,273 $122,566
Oper. expenses_ 7,087,822 6,239,587 Dividends, 6% _ _ _ 3,600,040 3,600,040
Malta.& replaa. 6,314,664
6,197,413 Balance, surplus.. _ 1,238,417
993,075
850,694
Taxes
672,696
BALANCE SHEET DEC. 31.
1912.
1913.
Assets$
Real estate
5,474,056 5,182,442
Telephone plant_ -.59,355,724 55,315,603
Furniture,fixtures,
tools & supplies_ 1,251,552 1,294,733
Bills & accts. rec.... 4,416,800 3,403,823
Cash and deposits_ 1,275,942 2,280,899
Stocks and bonds_ 9,310,674 9,014,450
186,480
Prepaid expenses.. 162,025
Mountain States (Bell) Teleph. & Teleg. Co. (System).
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. R. B. Field, Denver, Feb. 10, wrote in substance:
Properly.-On Dec. 31 1913 we had 370 exchanges, furnishing service to
200,016 exchange stations, and there were also 22556 stations connected
with our system on the lines of connecting companies, making in service a
total of 222,572 subscribers' stations, being an increase of 19,514. The
total miles of exchange and toll lines was 538,666 (an increase of 32,047
miles), of which there were underground 196,778. Total miles of toll lines
were 76,984, and we also furnished to minor associated companies toll service on 8,019 miles. We handle an average of 1,085,443 exchange messages
per day, and 18,307 outgoing toll messages per day.
Balance Sheet.-This discloses an increase of $2,699,400 in capital stock
issued and sold (V.96, p.793) and of $1,657,641 in bills payable. Against
these increases are increases in assets of $66,589 in real estate, of $1,466,464
in telephone plant, of $1,295,126 in bills and accounts receivable and of
$1,264,747 in stocks and bonds (investment securities). The item of bills
and accounts receivable, $2,062,706, together with the item stock and
bonds (investment securities), $3,061,682, reflects the purchases of independent properties, which have not yet been sufficiently assimilated into
our system to be shown in the asset items of real estate, telephone plant,&c.
Results.-There is a gain of some $700,000 in gross earnings, with an
increase of only about $350,000 in expenses, resulting in an increase of more
than $300,000 in the sum available for dividends, reserves and surplus.
(A citizens' committee on March 17 1914 recommended a decrease of
rates, &c., in Denver that would reduce the earningsabout $172,440.-Ed.)
Number of Number of Exchange Toll Wire. Tot.Miles
Wire.
Calendar Year- Exchanges. Subscribers. Wire.Miles. Miles.
538,666
76,985
461,681
1913
370
222,572
71,516
506,619
435,103
1912
370
203,058
400,787
64,097
1911
310
336,690
161,000
333,142
59,220
290
1910
273,922
141,114
RESULTS FOR THE CALENDAR YEAR ENDING DECEMBER 31.
1912.
1913.
• 1912.
1913.
Gross earnings_ _ _$7,530,211 86,844,676 Net earnings
$2,847,574 $2,513,371
Operation,taxes,&c 3,629,355 3,292,042 Dividends (7%).... 2,031,167 1,587,334
1,053,282 1,039,163
Maintenance
Balance, surplus $816,407 $926,037
BALANCE SHEET DECEMBER 31.
1912.
1913.
1913.
$
$
Liabilities-$
1912.
Resources$
2,321,752 2,255,162 Common stock__ _29,693,600 26,994,200
Real estate
Telephone plant_ _27,889,400 26,422,936 Res've for replace't 2,773,045 3,477,253
Accr.items not due 739,581
Supplies, furniture
650,349
701,616 1,054,806 Bills payable
495,000
2,152,641
and tools
553,397
Stocks and bonds_ 3,061,682 1,796,935 Accounts payable_
522,610
Employees' benefit
,
Bills and accounts
767,579
fund
2,062,706
175,000
175,000
receivable
Surplus
567,471
557,330
538,009
519,690
Cash and deposits
36,594,486 32,864,889
Total
21,424,497 21,458,410 -V. 98, 13. 916, 766.
a After deducting $868,442 for reserves in 1913, against $545,828 in
1012. b Not held by C.-T.-R. Co.--V. 98, p. 915, 765.
Total
[VoL. xcviii.
THE CHRONICLE
1606
Total
36,594,486 32,864,889
Michigan State (Bell) Telephone Co.
(Tenth Annual Report--Year ended Dec. 31 1913.)
President B. E. Sunny, March 21, wrote in substance:
Results.-The earnings show normal changes as compared with 1912.
Acquisitions.-The plant of the Home Telephone Co.. Detroit, and the
to in last year's
plants of several smaller neighboring companies,referred
report, are now merged with the plant of your system,and are being utilized
the
growth
of
makes necesthe
as
rapidly
and
as
possible
so far as
sary. A considerable portion has not yet been utilized, and it will probably
be some little time before it is all placed on a revenue-producing basis.
[The minor companies referred to were: Detroit River Telephone Co., operating in Wyandotte and Trenton; Wayne County Telep. Co., operating in
Plymouth and Northville; Macomb County Telep. Co., operating in Mt.
Clemens; Washtenaw Home Telephone Co., operating in Ann Arbor and
Ypsilanti, and Inter-State Long Distance Telephone Co., connecting toll
lines radiating from Detroit. V.96, p. 949; V. 97, p. 179.]
Stock.-On Oct. 1 1913 the remaining $1,715,000 pref. stock and $2,500,000 common stock were sold at par and the proceeds used to pay for the
(V. 97, P• 369)•
plants purchased as above,and for now construction
Stations.-The increase in the number of stations owned was 21,320.
making a total of 193,297 stations Dec. 31. The total increase including
stations of sub-licensees was 24,821, making a grand total of 263,278.
Rates in Detroit.-On Dec. 31 1913 the total number of telephones in
Detroit was 83,267, compared with 69,705 at Dec. 311912, 63,866 in 1911
and 16,017 in 1904. The growth of the business in Detroit coinciding with
the transition of the city from a moderate sized to a metropolitan city, has
been remarkably rapid, and the telephone traffic has increased until the
calling rate per telephone is excessively high. We now have before the
schedule of rates for measured serMichigan RR. Commission a proposed due
time greatly benefit the service
vice in the city which will, we hopo,in
and establish the right basis of charges therefor.
RESULTS FOR THE FISCAL YEAR ENDING DEC. 31.
1912.
1910.
$4,193. 1911.
536
7
3:9
42
24
22
4:0
98
30
16
2
2
13
263,278
No. of stations Dec. 31_
$4,2
(53
n ,082
Gross earnings
Operating expenses...._..$2,574,418 $2,084,188 $1,819,132 31,868,506
266,771
53
1 $5'294,885
96
86
35'8
36
25
Taxes
1,081,328
681,304
1,411,914
Current maintenance__ - 1,129,271
786,037
870,836
640,000
Depreciation
$947,485 $1,003,969
$1,113,018
$972,662
Net earnings
$593,929
$516,026
$701,614
$464,928
Interest
136,995
136,992
162,740
130,992
Preferred dividend (6%)
Common dividend_ _ _ _(6%)245,632(63()216,156(770)242,095(6 VI)233,448
$947,080
$85,368
$1,109,986
$895,113
Total deductions_
$405
$3,033
$108,855
$137,294
Balance,surplus
BALANCE SHEET DEC. 31.
1913.
1913.
Liabilities$
Assets,744 Preferred stock__ _ 4,000,000
162.
1
99
34
1
825
12
4:
Real estate
34
1,5
Common
stock-- _ 6,000,000
Intangible capital..
first
Bonds,
18,180,594
mtge_10,052,600
Telephone plant_ _22,515,520
343,440 6,980,599 Bills payable
460,000
Stocks and bonds_
395,224 Accounts payable- 386,491
390,669
Bills & acc'ts rec
Unearned
688,031
revenue
4,754
Furn., tools & sup. 806,308
204,867 Employ. ben. fd
186,383
Bond discount__ _
150,000
132,768 Accr'd liabilities
576,559
Cash & deposits_ - 131,349
Replacem't res've. 3,954,921
Surplus
685,510
1912.
$
2,285,000
6,000,000
10,000,000
3,553,949
305,703
4,252
150,000
527,295
3,999,936
712,692
1913.
1912.
Total
Liabilities$
26,230,835 27,538,827
Total
$
26,230,835 27,538,827
Capital stock _ _ _ _60,000,700 60,000,000 -V.97,p.369.
Bonded debt
233,000
Real est. M. notes
60,750
60,750
Bills payable
1,994,322
5,500 Cumberland Telephone & Telegraph Co., Incorporat'd.
Accounts payable_
937,828
810,158
Accr. nab. not due 1,634,582 1,545,650
(Report for Fiscal Year ending Dec. 31 1913.)
Empl.benefit fund 750,000
750,000
Unearned revenue
Pres. W. T. Gentry, Atlanta, Jan. 31, wrote in substance:
25,924
Res.for replacem't 8,400,635 7333,399
Additions to the Plant.-These cdst in the aggregate $1,955,452. After
Other reserves_ _
19,556
800,608 deducting the value of the salvage from dismantled plant the net sum of
Surplus
7,448,400 5,293,421
$1,053,954 was expended in the replacement of plant which had reached
limit of its serviceable life and was charged against the reserves.
Total
81,246,773 76,658,410
81,246,773 76,858,410 the
Statistics Dec. 31 1913.-Owned stations, No. 200,014; increase 12,287;
The statements contain the combined figures of the several companies connecting and miscellaneous stations, 84,620; increase, 9,283; miles
forming the system, namely: The Bell Telephone Co. of Pennsylvania, wire, 709,226; increase, 57,517; central offices, 623; increase, 4.
.
Central District Telephone Co.(V. 98, p. 765, 613), Delaware & Atlantic
[Company is controlled by Southern Bell Tel. & Tel. Co. See separate
Telegraph & Telephone Co.. Diamond State Telephone Co.-V.98,P. 612. report for that company.]
Total
THE CHRONICLE
MAY 23 1914.]
EARNINGS FOR FISCAL YEARS ENDING DECEMBER 31.
1912.
1913.
1912.
1913.
263,064 Interest
$951,535 $860,690
Tot.stat'ns Dec.31. 284,634
Gross earnings___$8,305,085 $7,888,444
Total deduct'ns.$7,550,943 $6,724,120
Operating expense 3,326,724 2,654,109
$754,142 $1,164,324
Current maint'ce- 1,510,684 1,577,557 Net earnings
(7)775,611 (8)886,412
1,320,000 1,280,000 Dividends
Depreciation
351,764
442,000
Taxes
Balance
def$21,469 sur3277,912
BALANCE SHEET DECEMBER 31.
1913.
1912.
1912.
1913.
$
$
$
AMU978,384 Capital stock____11,080,150 11,080,150
Lands & buildings 1,152,731
15,935,000 15,945,000
Telephone plant...31,090,535 29,309,429 Funded debt
3,702,650 2,174,452
Furn.,tools & supp. 1,226,590 1,206,227 Bills payable
482,686
842,220 Accounts payable_ 402,323
Cash dr deposits._ 432,944
19,000
16,952
Bills 4, accts.receiv. 1,652,114 1,818,067 Aecr'd liab.not due
10,214
Marketable scour. 212,990
35,049 Miscellaneous_
Employees' benefit
Acad. Inc.not due
4,100
150,000
150,000
fund
Sinking fund, &e. 255,202
195,374
Replace't,&c.,res_ 4,076,588 3,758,717
764,531
663,543
Surplus
1607
United States Gypsum Co., Chicago.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Sewell L. Avery, Chicago, March 18, wrote in subst.:
Results.-Our total tonnage-again the largest in our history-approximates 1,000,000 tons. While prices were only fair, they advanced in the
fall months. After deductions of liberal reserves for depreciation, &c.,
our net earnings amounted to $463,605, this being equal to 10%% on the
pref. stock,or7% on the total issue of pref. and common, which warranted
the advance in our dividend rate from 5% to 6%, effective in the last
quarter of the year (V. 97, p. 1434)•
The above showing has been made in the face of increased expense for
taxes and liability insurance, fuel,materials,&c.,and 10% advancein labor.
Note Issue-Status.-During the year we derived $286,500 from the sale
of 6% gold notes, which, together with surpluse arnings of $222,920 (in
excess of the dividends)enabled us to expand our plant facilities,increase our
working capital $165,844 and discharge all current bank obligations.
Total Surplus.-After deducting $70,992 for dismantled plants, adjustments,&c., charged off during the year, we show a total surplus of $1,341,696, exclusive of reserves, depreciation, &c.• which amount to $555,908.
Additions, etc.-Expenditures for new properties, and the improvement
or enlargement of others,amount to $371.461 and cover a completion of the
now plants at Oakfield, N. Y., and Plasterco, Va., and new plaster-board
36,027,206 34,384,750 plant of large'capacity at Oakfield, N. Y., the practical rebuilding of the
Total
Total
36,027,206 34,384,750
Marsh Mill at Gypsum,0., a new pyrobar block plant at Plasterco, Va.,
-V.98 p. 239.
and various improvements and enlargements. These new properties, now
complete and in operation for a part ofthe late year,have provided the muchBell Telephone Co. of Canada.
nded increase in capacity, as shown by the output above stated,and have
also supplied an improved product and lower cost of production. Our fire(34th Annual Report-Year ending Dec. 31.)
proof pyrobar tile is rapidly being accepted as a standard material, and we
The report signed by Pres. C. F. Sise and Vice-Pres. expect a steady increase in its consumption.
INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31.
Hon. Robert Mackay, at Montreal, Feb. 26, says in subst.:
1913.
During the year 30,918 subscribers were added, the total number of
1912.
1911.
1910.
$778,812
telephones now in use being 223,666. The company owns and operates Net profits
$675,011
$651,118
3566,835
452 exchanges, an apparent decrease of 4 (caused by consolidation of cer4 Transfer'd to bond res've.
$50,000
tam n exchanges); 7,977 miles of wire were added to the long-distance system Repairs, replacem'ts, &c.. $209,951
$167,285
3174,914
148,414
105,256
in 1913; the long-distance lines now ovnied and operated comprise 72,063 Bond interest, &c.
77,312
32,552
29,028
miles of wire on 9,276 miles of poles and 3,019 miles of wire in underground
Net earning.
$463,605
and submarine cables. Six buildings have been added to our real estate
$430,414
$359,369
$423,675
(including those in process of construction). We now have arrangements Preferred dividends.. _..(5 X)24Q,684 (5)226,914 (5)224,511 (6)219.734
for exchange of business with 531 local organizations, serving over 65,179
subscribers.
Balance for year
$222,921
3203,500
3134,858
$203,941
$3,000,000 new stock was issued (V. 96, p. 287) and $4,500,000 bonds Prey. stir. after adjust's.. 1,118,776
986,268
867,244
361,760
were sold during 1913.
From the surplus earnings of 1913, amounting to $503,732. $49,144 has
Total surplus
$1.341,697 $1,189,768 $1,002,102
$565,701
been carried to reserves, leaving a balance of $454.588 of surplus earnings,
BALANCE SHEET DECEMBER 31.
which has been carried to surplus account, making the same 3907,828.
1913.
1912.
1912.
1913.
REVENUE ACCOUNT.
IS
Liabilities$
$
Assets
$
1912.
1911.
1910.
1913.
stk.,7% cum 4,417,800 4,417,800
Plants
Pref.
3,128,250
3,459,680
Exchanges(lessunearned
Gypsum & gypsite
Common stock__ 2,249,600 2,249,600
$4,552.015 $3,817,922
rentals)
242,000
285,500
(estimated)_ __ - 5,088,371 5,088,370 Bonds
1,632.021
Long-distance lines
$8,850,449 $7,638.304
1,415.353 Stock
in other cos_
41,000
27,000 5-yr.6% gold note 1,500,000 1,500,000
19,270
20,097 Secured
Private lines
loan
20,000
133,500
47,216
44,967
Bills
payable
273.542
257,314
Miscellaneous.
Notes with trustee
224,944
Accounts payable_ 186,326
to retire bonds_ 259,000
303,000 Accr.int.,taxes,&c.
53,888
31,717
Total receipts
$8,850.449 $7,638,304 $6.476,848 $5.510.686 Expenses
charged
Reserved for sink.
Operation expense..
$3,214,565 $2.647,863i
to future income
74,204
94,578 fund,repairs, re
Current maintenance_ _.. 1,549,978
1,403,339 $4.819,033 $3,781,110 Inventories
556,857
558,619
placements, &c.. 555,908
517,935
Depreciation
1,680.000
1,536.000
143,250
Due on notes
429,750 Undivided profits_ 1,341,097 1,189,769
Taxes
171,917
190,648
Notes & accts. rec. 787,955
790,243
Interest
182,450 Cash
231,979
282,091
421,735
109,686
85,987
Total expenses
$7,056,926 $6,040,210 $5,051.012 $3,963,560
Total
10,567,219 10,550,765
Total
10,567,219 10,550,765
Net &venue
$1,793.523 $1,698;094 $1,425,836 $1,547,126 -V,
98, p. 933.
D iv.(Incl.Jan.1914)(8%) 1,289,790
1,148.961
1,000,000
1,000,000
Ila
$449,133
Surplus for year.--3503,733
$425,836
$547,126
GENERAL INVESTMENT NEWS.
BALANCE SHEET DEC.'31.
1912.
1913.
1913.
1912.
LiabilUtes$
RAILROADS, INCLUDING ELECTRIC ROADS.
Assets$
$
$
2,943,555 2,367,174 Capital stock ____18,000,000 15,000,000
Real estate
American Railways, Philadelphia.-Sub. Co. Bends.Telephone plant_ _28,707,246 24,392,095 Funded debt
11,149,000 6,649,000
See Springfield (0.) Ry. Co. below.-V. 98, p. 609. 154.
Furn.,tools&supp. 1,370,234 1,284,182 Accounts payable- 560,916
715,356
256,117 Accrued liabilities_ 489,520
1,457,416
Cash
395,417
Appalachicola Northern RR.-Foreclosure Suit.-The
.Unearned revenue
'
Bills and accounts
45,894
20,897
657,988 Employees'ben.fd.•
2,768,534
receivable
180,000 Illinois State'Trust Co. on May 21 brought suit to foreclose
2,730,052
Replac't
&
2,551,867
Stocks and bonds_
reserves 8,670,691 8,272,751 the mortgage under which $2,000,000 5% bonds have been
Surplus
907,828
429,100
39,798,852 31,687,608
Total
-V. 98, p. 692.
Total
39,798,852 31.687,608
Chicago Junction Railways & Union Stock Yards Co.
(Report for Fiscal Year ending Dec. 31 I:913.)
Pres. Frederick H.Prince, Boston, Feb. 10, wrote in subst.:
The following is a comparative statement of live stock and car receiptsfor
the calendar years 1912 and 1913:
Calves.
Hops.
Sheep.
Horses. Cars.
Cattle.
375,382 7,570,938 5,902,798 90,615 257.701
1913
2,513,074
605,401 7,180,967 6,055,546 92,977 255,088
2,652,342
1912
Inc. or dec.-139,268 -130,019 +389,971 -152,748 -2,362 +2,613
Although the stock yards maintains its percentage of receipts of live stock
as compared with receipts of other yards in the country,there is a continued,
decrease in the receipt of cattle. The shortage of live stock is still Worldwide and has been aggravated during the past year by the drought in Kansas
and in the Southwest. However, there is great hope for increased receipts
during the coming years through the workings of the new tariff law, which
has placed cattle on the free list. This should be seen in increased imports
from Canada,and from Mexico when that country is freed from its internal
troubles. The net earnings show an increase of $13,920 over the corresponding figures for the previous year, without including the reserve for
the Federal income tax.
COMBINED EARNINGS OF STOCK YARDS CO. AND CHICAGO
JUNCTION R Y.
1912.
1913.
1911,
1910.
$5,905,964 $5,600,776 $5,577,938 $5,291,009
Gross earnings
3,455.035
Expenses, int. and taxes 3,737,696
3,475,638
3,140,917
$2,168,268 $2.145,741 $2,102,300 $2,150,092
INCOME ACCOUNT.
1912.
1911.
1913.
1910.
*Divs.from investments,
int.' on deposits, &c $1,990,239 $2,077,647 $2,043,736 $2,008,809
Deduct-Gen.exp.,
$47,658
$713,398 f a$42,679
a$47,871
Interest
762,846
1 771,847
742,702
Common dividend (8%)
520.000
520.000
520,000
520,000
Prof. dividend(6%)_ _
390.000
390,000
390,000
390,000
deductions__
Total
$1,623,398 $1,724.526 31,720,504 $1,700,573
$366,841
Balance,surplus
$323,232
$353,121
$308,236
a Investments in Union Stock Yards & Transit Co.and Chic. June. Ry.
a Includes of 5% real estate improvement mortgage bond interest.
BALANCE SHEET DECEMBER 31.
1912.
1913.
1913.
1912.
$
Assets$
LtabilUies$
$
Investment acc't.33,150,301 31,814,961 Stock,common__ 6,500,000 6,500,000
442,222 Stock, preferred__ 6,500,000 6,500,000
101,099
Cash
56,562 Bonds
Interest receivable
47,613
16,503,000 16,203,000
93,225 Accrued interest__ 293,880
Mtge. trust acc t_
337,562
259,756 Dividends declared 227,500
Coupon account__ 253,880
227,500
229,650 Bills payable
Dividend account- 227,500
259,520
5,157 Miscellaneous_ _
Miscellaneous_ _ __
238
16,808
7,445
Res. agst. invest't 1,196,000
Inc. 4, exp. acct._ 2,283,921 3,126,026
Net earnings
Total
33,780,629 32,901,533
-V.98, p. 1625.
Total
33,780,629 32,901,533
issued, interest on which is in default. L. H. Dunnett was
appointed receiver.-V.87, p. 935.
Bingham Central Ry.-Contract.--
See Ohio Copper Mining Co. under "Industrials" below.-V.92,P. 116.
Bituminous Coal Roads.-Ohio Strike Called.-
The United Mine Workers of America, District No. 6, at Columbus on
May 18 called a strike of all the Ohio coal miners. The mines have been
closed since April 1 by order of the operators, owing to the dispute over the
constitutionality of the mine-run law.
The operators' petition for an order to restrain the operation of the law
was to be heard at Toledo on May 2. The law was to go into effect on
May 20. The "Coal Trade Journal" of May 20 says:
"Should it (the decision) be favorable to the operators, all that would
remain would be some slight readjustments of the former screen scale.
This is assuming that the miners are not serious in their threats of remaining
out rather than work on the screen basis under any circumstances.
probable result if the order is denied will be the calling of another joint
conference by the operators to adjust the 8-cents per ton difference between
what the miners ask and the operators have already offered as a mine-run
scale. If unable to secure any concessions, it is believed that the IIocking
operators would prefer paying the full amount demanded rather than to
remain idle longer. This is likely to cause a split between the Hocking
and the Eastern Ohio operators, which up to this time have been acting
as a unit. The Hocking people have their waiting Lake trade to look after.
Besides,as their coal mines are coarser than No.8,they will be hit less hard.
They are unwilling to wait the slow action of the courts in passing upon the
constitutionality of the law, with its doubtful outcome. The sentiment is
to make the best of the situation, in the hope that the miners will realize
the unwisdom of the mine-run basis when the question comes up to them
in theform of short work owing to more favored Statestaking the market."
[Judges Killits, Warrington and Sater, in the U. S. District Court on
Thursday, denied the application for an injunction asked for by the Rail&
River'Coal Co., to prevent the State Mine Commission from carrying
out the provisions of the Green anti-screen law on the ground that it is
unconstitutional and would prevent them from operating on a profitable
basis. A stay of execution was granted for 15 days, so that the ease may
be appealed to the Appellate Court.1-V. 98, p. 1535, 1458.
Boston & Maine RR.-New Trustee.-Henry B. Day of.
R. L. Day & Co., Boston, has been chosen to succeed James
L. Richards, who declined to serve as one of the proposed
trustees (liquidators) of the company's stock held in the mterest of the New York New Haven & Hartford RR., because
of criticism due to his official relations to other corporations.
Charles P. Hall, another of the trustees, selected, has resigned from the directorate of the Boston Elevated Ry.V. 98, p. 1535, 1243.
Canadian Northern Ry.-Dominion Guaranty of $45,000,000 4% Bonds.-The resolution introduced in the Canadian House of Commons on May 13 by Premier Borden,provides that the Dominion Government, in consideration of an
increase in its stock holdings to $40,000,000 out of a total
share capital of $100,000,000 shall aid the completion, equipment and betterment of the system by guaranteeing principal
and interest of an'additional $45,000,000 of bonds or deben-
1608
THE CHRONICLE
ture stock, which the Canadian Northern Ry. Co. is thereby
authorized to issue, interest payable half-yearly, principal
due not later than 1934, but redeemable, in accordance with
trust deed. For the first three years also, after the road is
opened from Vancouver to Quebec, the Government agrees,
at the request of the company, to advance all or any portion
of the interest on the issue and not to enforce the re-payment
of the same until the principal matures, provided the company pays 4% interest on any sums so advanced.
The new guaranteed securities are to be secured by a new
trust deed as follows:
(a) A first mortgage or charge on the constituent railway company
stocks to be taken over free from prior charges. See items marked x, y
and z in list of stocks (tables and foot notes) under "Annual Reports."
(b) A mortgage or charge on the securities and shares now pledged to
secure the Perpetual Consol. Deb. stock of 1903, but subject to prior
rights of the latter. See list under "Annual Reports."
(c) A mortgage on the properties, franchises, &c., of the Canadian
Northern Ry. Co., subject to prior lien of bonds, &c., now or hereafter
outstanding under existing mortgages or deeds of trust.
(d) A fixed charge upon the equity of redemption of MacKenzie, Mann &
Co., Ltd., in the $10,000,000 capital stock and the $10,000,000 1st deb.
stock of the Canadian Northern Town Properties Co. Ltd. deposited as
part security for an auth. £3,500,000 of 5% land mortgage
tgage'
debentures of
1913 (V. 97, p. 1424).
(e) Railway formerly owned by Brockville Westport & North Western
By. Co., 45 miles in length, sold under order of court, free from debt.
Outline of Other Leading Provisions of This Agreement with Dominion Govt.
(1) There shall be transferred to the Govt. of Canada $33,000,000 addi.
tional full paid capital stock of the Canadian Northern R y. (making the
Dominion's total holding $40,000,000). Said shares may be disposed of
under authority of Parliament upon such terms as it may determine, and
the proceeds paid into the Consol. Revenue Fund of Canada, but in
the meantime all voting and other rights thereon to be exercisable by the
Minister of Finance and R eceiver General or his appointee.
(2) All outstanding temporary loans of Canadian Northern By. Co. or
any of its constituent or subsidiary companies secured by pledge of securities will be paid from proceeds of pledged securities when sold, no proceedings to be taken meanwhile for their collection.
(3) The current indebtedness of the companies to be reduced within
one year to the normal amount.
(4) Commencing with 1915, the Minister to receive annually a consolidated balance sheet showing the financial position of the system for last year.
(5) Re-payment o. any of the proceeds of these guaranteed securities
expended upon any company (other than the Canadian Northern) included
in the system, with interest at 4%,shall be secured by the respective companies by trust deeds granting fixed and floating mortgages or charges on
their property, franchises, &c., subject to the securities, &c., now or hereafter issued under existing trust deeds or mortgages.
(6) Capital stock to be fixed at $100,000,000, subject to increase (a) only
by Parliament of Canada, but (b) not exceeding $25,000,000 additional
stock may be issued in exchange, $ for $, for Income Charge Convertible
Debenture Stock. The $23,000,000 new dock now issuable to be issued
fully paid in consideration of the transfer of shares in the constituent
(sub co.) railways to Canadian Northern By. Co.
(7) The Governor in Council may appoint one director of each of the
companies of the system, and at pleasure may remove him.
(8) In case of default on principal or interest of any of these guaranteed
securities or in observing the provisions of the new trust deed; or of default
on any securities now or hereafter issued under existing trust deeds or
mortgages of the Can. Nor. By. Co. or any constituent or subsidiary
company, or in case any court orders the appointment of a receiver for the
system, then in any such event, and while the same shall continue. the
Governor in Council may declare vacant the offices of the directors of any
of said companies and appoint new boards in lieu thereof, with full
power to authorize new securities, enter into agreements with any Canadian
corporation for the purchase or lease of the system, and generally to direct
the management of the properties.
(9) And if authorized by Parliament of Canada, the Governor in Council
may, on such terms as Parliament may prescribe, at any time while any
such default shall exist, declare the equity of redemption in the mortgaged premises to be foreclosed, and thereupon the equity of redemption
shall be absolutely foreclosed, and shall be vested in His Majesty in right o.
the Dominion of Canada.
(10) The contractors (MacKenzie, Mann & Co., Ltd.) will not seek to
enforce any claim for contractors' profits,commissions,or otherwise,against
the companies in respect of work heretofore undertaken, or properties or
franchises transferred, or for services in financing, and all such claims are
hereby absolutely renounced and released.
(11) The companies severally agree that at all times hereafter all freight
originating on any lines now or hereafter owned, leased or operated by
them shall when destined to points in Canada, be carried over the lines
of the Canadian Northern or of the constituent companies or over some
other Canadian railway or railways, and the through rate on export traffic
from the point of origin to the point of destination shall not be greater via,
Canadian ports than it would be via United States ports; and that all inward and outward ocean traffic shall be carried to Canadian ports. And
they will, from time to time, enter into agreements with the Government
for the mutual interchange of traffic and for the granting of trackage rights
with or to the Government railways and the Railway Board may, upon
application of the Governor in Council or of any party to any such agreement, modify or rescind the same, subject to any agreements now existing
with any other companies. See also "Annual Reports" above.-V 98,
p. 1535. 1392.
[VOL. xcviii.
Chicago & Western Indiana RR.-Gen. M.Called Bonds.
One hundred and eighteen ($118,000) 6% gen. mtge. bonds of 1882 for
payment June 1 at 105 and int. at office of J. P. Morgan & Co. V. 98,
p. 838, 522.
Cleveland Cincinnati Chicago & St. Louis Ry.Payment of Bonds.-The Cleveland Columbus Cincinnati &
Indianapolis First Consol. M. 7s, maturing June 1, will be
redeemed on and after that date at the office of the Treasurer, Room 3111, Grand Central Terminal, N. Y. The
coupons will be paid as usual at the office of J. P. Morgan
& Co.-V. 98, p. 1459, 1066, 1085.
Dallas (Tex.) Electric Co.-New Notes Offered.-The
Old Colony Trust Co. and Stone & Webster, both of Boston,
are placing at 96% and int., yielding 6.20%, $1,500,000
three-year 5% gold coupon notes dated June 1 1914.
Due June 1 1917, but callable as a whole at par and int. on 30 days'
notice. Interest payable J. & D. at American Trust Co., trustee, Boston.
Denominations of $500 and $1,000 c* & r*. The company covenants
that, should it place any further lien or encumbrance upon its property,
it will secure both of the issues of notes (see below) equally with the other
obligations to be secured thereby.
Successor in interest (in 19131 to Dallas Electric Corporation, whose obligations it has assumed. Owns the securities of local companies which do
an electric railway and an electric lighting and power business in Dallas,
Tex., serving a population of approximately 115,000. Capitalization:
Dallas Electric Corporation 1st M. Collateral Trust 5% gold
bonds, due 1922. Authorized, $4,000,000; in treasury, $50,000; held by trustee for sink. fund, $458,000; balance out.. _ _$3,492,000
Dallas Elec. Corp. 5-year 5% gold coupon notes, due Feb. 1
1917 (closed)
1,000,000
Dallas Elec Co 3-year 5% gold coupon notes, due June 1 1917
1,500,000
Authorized, $2,500,000; now offered
Stock-First pref 6% cum., $2,000,000; 2d pref. 5% non-cum.,
$2,000,000; common ($3,000,000 auth., of which $130,000 is in
treasury and $2,870,000 is outstanding); total
6,870,000
Dividends are being paid at rate of 6% per annum on the first pref.
stock and at the rate of5% per annum on the second pref. stock.
Gross Earnings for Calendar Years, Showing Growth of Business.
1911
1909
1912
1904
1908
1913
1906
$755,317 $1023,136 $1169,968 $1320,122 $1632,291 $1821,562 $2193,500
12 Mos end - Mch.31'14 Mch 31'13112 Mos.end - Mch 31'14 Mch 31'13,
Gross earns_ -$2,257,058 $1,922,4501Int on bonds.. $197,500 $197,500
35,678
35,123
Net aft taxes , 924,849
786,438(Sinking fund_
$692,226 $553,260
Balance
$125,000
Interest charges on all coup. notes incl. this issue_
Properties -The local companies operate 21.7 miles of double track,
17.6 miles of single track, and 3.7 miles of sidings, total 64.6 miles. Rolling
stock, 132 closed, 52 open and 14 semi-convertible passenger cars, also 6
misc. cars; total, 204 cars. The lighting and power system has over 18,700
connected customers, supplied from a central steam station favorably located on Trinity River; capacity, 10,800 h. w.(14,480 h. p.). The above
plant and equipment will be materially increased with the proceeds from
the sale of the coupon notes now offered.-V.98, p. 839.
Dedham & Franklin (Mass.) St. Ry.-Sales Confirmed.
Judge Hammond in the Supreme Court at Boston on May 19 confirmed
the foreclosure sales on Sept. 15 last for $10 000 of the properties of the
company and the Medfield & Medway Street By. Compare V. 97, p. 802.
Harry M. Verrill of Portland, Me., and Reginald H. Johnson of Boston,
who purchased the Dedham & Franklin St. Ry.on May 16, applied to the
P. S. Commission for authority to form a new company to be known as the
Dedham & Medway Street By., to take over the property, the amount of
stock to be fixed by the Commission. The application was to be heard on
May 20. The purchasers have assumed the outstanding $100,000 gold
bonds issued in 1899.-V. 97, p. 802.
Grand Trunk Ry. of Canada.-Listed in London.-The
London Stock Exchange has listed scrip for a further issue
of £1,500,000 perpetual 4% consolidated debenture stock,
making the total listed £23,722,442.-V. 98, p. 1528, 1156.
Guayaquil & Quito Ry.-Coupon Payment.-Messrs.
Glyn, Mills, Currie & Co., London, late last month gave
notice that they were prepared to pay coupons No. 27 due
July 2 1912 on the 1st M.5% bonds.-V.97, p. 950.
Hagerstown & Frederick (Electric) Ry.-Increase of
Stock-Bonds.-The company has filed amendments to its
charter increasing the authorized stock from $3,000,000
(consisting of $2,000,000 common and $1,000,000 preferred,
of which $1,527,000 and $635,000 are stated to be outstanding, respectively) to 1.4,200,000. The new stock will be pref.
The Fidelity Trust Co. of Baltimore, as syndicate managers, received subscriptions for 00,000 30-year first and
refunding M.6% bonds (part of an authorized issue of $10,000,000), redeemable at 105. The syndicate was overThe bonds will be offered at 983 and int.
Carolina Atlantic & Western Ry.-Guaranteed Bonds.- subscribed.
The common stock has been placed in a voting trust, of which Van Lear
It is understood that the Guaranty Trust Co. has purchased Black
and Frank A. Furst of Baltimore and Emory L. Coblentz of Frederare trustees. The company will be operated by Sanderson & Porter
and will shortly offer at par and mot. $2,325,000 Charleston ick
p. 1422, 1488.
Northern Ry. 1st M.25-year6% bonds and $1,250,000 North of New York. Compare V. 96,
Illinois Central RR,.-Authorized.-The Illinois P. U.
& South Carolina Ry. 1st M.50-year 6% bonds, both blocks
authorized the company to issue
guaranteed, prin. and int., by Seaboard Air Line Ry.-See Commission on Thursday
$5,000,000 additional refunding M. (Northern lines) 4%
V. 98, p. 1155.
bonds under the mortgage of 1908 and $10,000,000 additional
Chicago Indianapolis & Louisville Ry.-Proposed Pur- Joint First and Refunding (Southern lines)5% bonds,for imchase-New Bonds.-The shareholders will vote June 19 on provements, &c.-V. 98, p. 1459, 453.
(a) purchasing all the outstanding bonds and a controlling
Laramie Hahns Peak & Pacific Ry.-Foreclosure Sale.interest in the capital stock of Chicago & Wabash Valley The
Wyoming section of the road was sold at foreclosure sal()
Ry. and (b) making an issue of $4,000,000 five-year on May 12 for $500,000 to John W. Dixon of N. Y., repre5% gold bonds, to be secured by a mortgage upon all the senting the Hemphill reorganization committee, and on the
railroad leaseholds, franchises, &c., of the company, in- following day the Colorado section was sold for $100,000 to
cluding any of the securities of said Chicago & Wabash the same parties. See plan in V. 98, p.
453.-V. 98, p.
Valley Ry. Co. and any equipment purchased with proceeds 912, 690.
of the bonds. See V. 98, p. 689, 911.
Maryland Electric Rys.-Bonds Authorized.-The direcChicago & North Western Ry.-Application.-The tors on May 18 authorized an issue of $550,000 additional
company has applied to the Wisconsin RR. Commission for 1st M.5% bonds to pay for 85 new cars.-V. 98, p. 387.
authority to issue $29,715:000 general M. bonds of 1987.
Missouri Kansas & Texas Ry.-Equipment Notes Sold.Of the bonds, $22,905,000 is to be used for refunding bonds A syndicate
headed by White, Weld & Co. and Brown Bros.
due in 1915, 1916 and 1917 and $810,000 is to be used from &
Co. has purchased and sold $765,000 5% equipment trust
1915 to 1920 in retiring sinking fund bonds of 1879, and $6,- notes
issued under the "Phila. plan," dated April 1 1914.
000,000 at the rate of not more than $1,000,000 a year to
These notes mature $19,000 swirl-annually for the first 15 years and
$19,500 semi-annually for the remaining 5 years, the last maturity being
cover improvements and additions from 1915 to 1920.
Commercial Trust Co. of
lessor and trustee.
1924. The
Phila. is
Security
The company,it is understood, does not contemplate the sale of any more 30
locomotives and 200 ballast cars. A cash payment of 15% was made.
bonds during 1914, having supplied itself for current needs by the recent -V.
98,
p.
1460.
1316.
bonds.
It is pointed out that it
sale of $8,000,000 general mortgage 4%
has been customary for the company to make application in advance of
Missouri Pacific Ry.-Important Notice to Holders of
the issuance of securities, in order that it may be in a position to take ad- Three-Year 5% Secured Gold Notes Due June 1
1914.-Attenvantage of money market conditions through the sale of bonds at such
times as may be deemed expedient.-v.98, p. 1536, 1459.
tion is called to the advertisement on another page urging
MAY 23 1914.1
THE CHRONICLE
the' immediate deposit of the notes (but not later than
May 25) in accordance with the plan outlined last week
for the extension of the issue for one year at 6% interest
upon deposit, as additional collateral, of $3,000,000 St. Louis
Iron Mt. & Southern Ry. First & Gen. M.6% bonds. No
underwriting has been arranged covering any part of the
extended notes, and if the noteholders are to profit by the
plan,it is imperative that they should promptly give their
consent, as stated in the aforesaid advertisement.
Condensed Extracts from Official Circular of May 21.
The advantages to holders of the notes of securing the additional collateral
are so obvious that we believe it requires but little further explanation.
The St. Louis Iron Mountain & Southern By. is the best paying part
of the Missouri Pacific System, and the First and Ref. M.6% bonds at
present deposited under the indenture securing the notes are the principal
security for said notes. The Iron Mountain for the year ended June 30
1913 had a net income of $2,968,000 over all interest charges,including the
Interest on the First and Ref. M. 6% bonds outstanding at that date,
while for the nine months ended March 31 1914 the net income was $2,549,469 over and above all interest charges for that period, as against $2,443,308
for the corresponding period of the previous year.
At present there are deposited as security for the notes $22,000,000 of
the Iron Mountain First and Ref. M.6s,in addition to other securities, and
should the extension agreement become definite,there will be an additional
$3,000,000 of such bonds held by the trustees for the benefit of noteholders.
These $3,000,000 of additional bonds can only be secured by the noteholders
as further collateral by their prompt co-operation with the company in its
efforts to secure the extension of the notes for one year at 691 by the deposit of their notes under this extension agreement with the Union Trust
Co. of New York City as stated in the notice. See V. 98, p. 1537, 1460.
New York & Harlem RR.—Suit.---A suit was filed on May
18 by John Scott Boyd and four other stockholders (together
owning 2,944 shares of the stock) in the U. S. District Court
to restrain the New York Central & Hudson River RR. and
its officers from voting its holdings (stated to be 124,657
shares, or over two-thirds) in favor of a consolidation between the two companies.
The complainants allege that "this was a scheme to perpetuate control
over a railroad which at least is a potential competitor in inter-State commerce by fraud and against the right of the minority stockholders to extinguish the lease under which they secured a permanent net income of10%,
and will relegate them to the position of stockholders in a company denuded
of all its properties and rights and compel them to take stock in a consolidated company on terms fixed by the directors of that company,and thus
give up a fixed income for stock which can guarantee no certain return."
New Director.—Robert S. Lovett, Chairman of the Union
Pacific RR., has been elected a director to succeed Lewis
Cass Ledyard.—V.98, p. 1157.
Northern Pacific Ry.—Proposed New Mort gage.—The
stockholders will vote June 11 on putting an additional mortgage upon the property, the amount and terms thereof to be
determined by the board after consideration and consent by
the stockholders at such meeting.
The company calls attention to the resolution adopted by the shareholders
July 1 1896 which requires that before a mortgage is placed upon the
property embraced in the system in 1896 there must first be obtained
in each instance the consent of the holders of a majority of the whole
amount of the pref. stock, and the consent of the holders of a majority of
such part of the common stock as shall be represented at a meeting called
for the purpose, the holders of each class of stock voting separately.
Digest of Official Statement Put Out on May 19 1914.
The directors favor an early adoption of some plan adequately providing
for the company's financial needs, into the far future,for refunding existing
debt and for making additions to and betterments, as the same shall appear
necessary. They favor a new issue of bonds, secured by mortgage of the
present railway system, appurtenances and equipment, and of the property
acquired or created through proceeds of the issue.
Should the stockholders consent be obtained, quite likely some of the
new bonds might be put out in the present year; but nothing regarding that
matter has yet been determined. If money for paying off the notes should
be derived, in part or in whole, from sales of the new bonds, the present
debt could not thereby be considerably increased, but the interest rate
borne by the notes would be reduced. Besides providing for the notes.
moderate provision for growth of the property will have to be considered,
Funded Debt, Aggregates $194,739,500, Not Including Joint Bonds.
Amount. Due,
Amount. Due.
$111,652,500 1997 St.P.& D RR lstM.$1,000,000 1931
Prior lien
2d mtge._
2,000,000 1917
60,000,000 2047
General lien
1st consdl. mtge
1,000,000 1968
St. Paul-Dul. Div. 8,080,000 1996
Dul Sh. Line mtge 500,000 1916
St. Paul & Nor.P. 7,887,000 1923
Wash.& Colum.Riv. 2,620,000 1935
In addition to the above, there are outstanding $215,227,000 joint bond
of the Northern Pacific and Great Northern railway companies, dated
July 1 1901 and maturing July 1 1921, issued for purchasing stock of the
Chicago Burlington & Quincy RR. Co. and secured by pledge of the stock
issued. Northern Pacific's share of this debt is one-half—$107,613,500.
On July 9 1913 Northern Pacific issued and sold its one-year notes to the
aggregate amount of $10,000,000. Other than these notes and the ordinary
current liabilities, the company has no unfunded debt held by the public.
Bonds now remaining issuable for additions and betterments arc $2,500,000
prior liens and about $5,000,000 St. Paul-Duluth Divisions,the latter appliWabie only to property coming under the St.Paul-Duluth Division mortgage. On June 30 1913 Northern Pacific's capital assets aggregated $602,722,702 and its capital liabilities aggregated 3547,966,000. The capital
stock is now $250,000,000 auth. and $248,000,000 issued.—V.98,p.1466,690
1609
calendar year 1912 was $526,026 and for the fiscal year 1913-14 was $476,217; but these figures were reduced to $721,972 36 for 1912 and for 1913-14
to $722,468 46.
In cutting down the company's valuation for Its investment, the Master
eliminated altogether the franchise item of $1,482,642 and the going-concern, or good-will, item of $2,918,107; also the following: Duplication of
mains, $283,000; dead mains (in the ground, but not used). $344,651; coke
ovens, $42,840. The company did not take into account depreciationin
fixing the value of its plant, bu the Master deducted 15%,which amounted
to $1,780,826. The Master held that 691 was sufficient return on the investment; the company asked for 8%.—v. 98, 13• 1538. 1246.
Pere Marquette RR.—Receivers' Certificates—Priority of
Underlying Bonds.—The protective committee of holders of
underlying bonds, E. V. R. Thayer of Boston, Chairman,
in adv. of May 19 say:
The receivers have asked the Court to authorize an issue of approxis
mately $12,000,000 of receivers' certificates, and their petition will be heard
May 25 1914. The committee understands that a determined effort will
be made at this hearing to give these certificates priority over the lien of
the underlying mortgages. The committee intends to oppose actively
any such effort. Deposits of bonds are urgently requested, as the effectiveness of the committee will be increased in proportion to the number of
bonds that it represents. Deposits before May 25, therefore, are most
desirable.
All members of this committee, who were formerly members of protective
committees representing the various junior mortgage bondholders and
shareholders of the Pere Marquette system, resigned from the same as soon
as it became necessary to take steps to protect the interests of the underlying bondholders. It was not expected at the time that these junior committees were formed that any default would occur on the underlying bonds,
or that their interests would be affected in any way. The members of the
committee now represent the interests of the underlying bondholders only.
The committee is working in close co-operation with the several trustees of
the underlying mortgages and includes in its membership the representatives of several of the trustees.
The committee announces that the following have been added as members: Albert H. Wiggin, President Chase Nat. Bank of N. Y.; Frederick
H.Ecker, Treas. of Metropolitan Life Insurance Co.of N. Y.; H. F. Whitcomb, Trustee of Northwestern Mutual Life Insurance Co. of Milwaukee.
[Other members: E. V. R. Thayer, Chairman; Arthur Adams, S. T. Crapes,
Francis R. Hart, Henry R. Hoyt, Oliver Prescott, with W. B. Donham,
Sec., 17 Court St., Boston. John G.Milburn has been added to counsel.)
The protective agreement has been modified by adding the following:
"In case any plan of reorganization is suggested whereby any lien is to be
created prior to the lien of any of the mortgages securing any of the deposited
bonds, or in which any provision shall be made for assessing the holders of
any of the deposited bonds, the committee will offer to depositors of the
bonds affected by such lien or assessment an opportunity to assent to or
dissent from such plan of reorganization, and, upon payment of a pro rata
proportion of the expenses, remuneration and obligations of the committee.
to withdraw their bonds from deposit hereunder before the committee shall
assent to or participate in such plan of reorganization." See V. 98. p•
1460, 1538.
Philadelphia Rapid Transit Co.—A greement.—It was
announced on May 22 that an agreement had practically
been reached with the city authorities regarding the proposed
elevated and subway lines. A final draft of the plan is
being prepared for submission to the board of directors of the
transit company, the City Councils and the P. S. Commission.—V.98, p. 1000,913.
Rapid Transit in New York City.—Contracts.—
The P. S. Commission on May 19 awarded the contract for the construction cf Section 6A. connecting the new Seventh Ave.(Manhattan) subway
and the present subway at Times Square to the lowest bidder, the Holbrook,
Cabot & Rollins Corporation, at $421,566. The Interborough desired to
obtain the contract itself because of the danger through the necessity of
keeping trains running in the present subway while the work is going on.
The bid of the Rapid Transit Subway Construction Co. was, however,
higher, being $468,438. The contractors must give the Interborough Company a bond for $500.000 and the city one for $400.000.
Bids will be opened on June 12 for Section 7 of the Lexington Ave.(Manhattan) subway, extending from 53d St.(north of which the line is all under
contract) to 43d St., where the diagonal connection with the old Park Ave.
subway will turn off. On June 16 bids will be opened for Section 1 ofthe Eastern Parkway(Brooklyn),subway,beginning at the present terminiusof the
existing subway at Atlantic and 14'latbush avenues, and running under Fiatbush Ave. to near St. Mark's Ave., where Section 1A, which has been already let, begins. The section will form part of the 4-track extension of the
Interborough Company and a 2-track line forming part of the connection
between the Fourth Ave.(B. R. T.) subway and the Brighton Beach line.
Ground was broken on May 16 for the extension of the present subway
as an elevated line from the present terminus at 180th St. to the Van Nest
section of the Bronx, forming part of the White Plains road branch. The
northern end of the branch extending to 241st St. has been under construction for some time.
Secretary of the Treasury McAdoo, who since last January has withheld
his consent to the city's plan to run the subway under the old Post Office.
on May 19 announced that he had appointed United States Attorney
Marshall counsel for the Government in determining whether the Government's title to the plot on which the Post Office building stands would be
affected by the easement, and what the value of the same is, and the terms
on which it should be granted. Important information on tne matter, he
stated on May 16, had been furnished only during the 10 days previous.
—V. 98, p. 1461, 1317.
Reading Company.—Stock Pledged.—
See Baltimore & Ohio RR.above.—V.98.P• 1535, 1461.
Rock Island Co.—Financial Plan.—The stockholders'
protective committee (William A. Read, Chairman) have
reached an agreement on a proposed reorganization, which
calls for the raising of $31,000,000. The plan has been submitted to the Wallace bondholders' committee and will
North & South Carolina Ry. Co.—Guaranteed Bonds.— probably not be made public until it has been considered by
See Carolina Atlantic & Western By.above.—V.98, p. 1157.
the bondholders' committee.—V.98, p. 1538, 913.
Ottawa Electric Ry.—Bonds Called.—
Schenectady (N. Y.) Ry.—Favorable Decision.—The
Fifteen ($15,000) 4% debenture bonds issued under mortgage dated
June 29 1897,for payment at par and int. on July 5 at office of the company P. S. Commission on Thursday dismissed the complaint of
in Ottawa, Ont., Can.—V.98, p. 763.
the city against the company in which an order was asked
Pacific Gas & Electric Co.—Financial Plan.—The stock- compelling the company to sell six tickets for 25 cents.
holders were to vote on May 18 on authorizing a plan for
All of the Commissioners concurred. Two opinions were filed, one by
permanent financing. A large stockholder has been quoted: Commissioner Decker and one by Mr. Emmet. The latter said: "Our
We can get all the money we need without trouble. As the matter stands
we must obtain the approval of the California P.S. Commission before any
plan of financing is made permanent. It is safe to say, however, the
financing will be done by the issuance of securities junior to the bond issue.
Whether this will be in the form of 1st pref. stock or debentures of some sort
is a matter which has not been decided.
Decision.—Master in Chancery H. M.Wright on May 16,
in the suit brought in the U. S. District Court by the company against the City and County of San Francisco, to prevent the 75-cent gas rate from going into effect, filed his report to Judge Van Fleet, holding that the city is not entitled
to an injunction and that the rate, which was fixed last year
by the Board of Supervisors, was sufficient to afford the company a fair return on its investment.
The company has been collecting 85 cents per 1,000 cubic feet since the
suit was begun in July 1913, and,if the report is confirmed, will eventually
have to refund the excess charges paid by consumers.
The company claimed that the value of the plant was $19,937,267, but
the Master reduced this to $12,042,521, and that its net revenue for the
present public service law was intended not merely to permit corporations
of this character'to accumulate such scant earnings as would keep them out
of the bankruntcy courts, but actually to allow them under good management to attain positions of reasonably assured prosperity. The fact,
therefore, that the company seems to have attained that kind of a position
does not alter our opinion that such a decision as is aked for by the complainants here would be Tegarded throughout the State, and perhaps over
a larger area,as the equivalent of a warning to private enterprise and capital
that these are not particularly wanted any longer in the street railway field.
We do not think it well to issue such a warning, or what might with some
degree of Justice be construed as such, at tne present time. The result of
driving private capital from the work of extending and improving the transit
facilities our people now enjoy would, in our opinion, be quite as deplorable
from the standpoint of the general public as from that of the financiaily'
courageous individuals whose money is now invested in good faith in public
service enterprises throughout the United States."—V. 97, p. 952.
Seaboard Air Line Ry.—Guaranteed Bonds.—
See Carolina Atlantic & Western By.above.—V.98, 13• 1158, 306.
Springfield (0.) Ry. Co.—Bonds.—E. H. Rollins & Sons
are placing at prices to yield from 5% to 5.40% $1,244,000
1st M.5% serial bonds.
1610
THE CHRONICLE
[VOL. xcviii.
Dated May 1 1914. Due $12,500 per annum, Sept. 1 1914 to 1923 incl.
(offering prices 100 to 98); $25,000 per annum. Sept. 1 1924 to 1934 incl.
3 to 9530; and $844,000 Sept. 1 1935 (offered at 95);
(offering prices 97%
but red. on any interest date at 102 and int. Principal and interest
(M. & S.) payable at Real Estate Title Ins. & Tr. Co., Phila., trustee.
Denominations, 1914 to 1923, $500 and $1,000; 1924 to 1934, $1,000;
1935. $100, $500 and $1,000 (c*)
Digest of Letter from Vice-Pres. C. L. S. Tingley, Phila., May 14 1914.
Organization.—Incorporated in Ohio Oct. 19 1892 and owns and operates
the entire street railway system in Springfield, 0., serving a population
of about 53,000. Capitalization:
Stock, common (auth., $2,000,000; out, $1.000.000; pref. 6%
$1,500,000
cum.. $500,000)
1,244,000
1st M.5% bonds, auth., $5,000,000; outstanding
Reserved under conservative restrictions, as below_ _$3,756.000
The escrow bonds may be issued when the annual net earnings are 1%
times the total interest charge (including bonds proposed) for 80% of the
cash cost of additions, betterments, extensions, or for acquiring 95% of
the bonds and capital stock of other street or interurban railways operatin'
wholly or in part in Springfield, provided the bonds so issued do not exceed
75% of the depreciated physical replacement value of the properties.
Company will provide a maintenance and depreciation fund payment
equal to 15% of the gross earnings from 1914 to 1935, and in addition to
retiring $400,000 bonds by annual installments will provide a sinking fund
for bond redemption with respect to all bonds issued in excess of $1,250,000,
equal to 1% of said bonds for years 1914 to 1923 incl., and 2% thereafter.
Property.-333 miles single track equivalent of electric street railway,
all in city of Springfield; steam-generating plant; 18 double-truck and 49
single-truck passenger cars. Total replacement value (Independently
appraised) March 1 1914, $1,422,000. It is proposed to purchase 10 additional double-truck cars, to construct a new brick car barn and repair shop
and 4 miles of track extensions to serve rapidly growing sections.
Franchise.—Granted March 25 1913; expires April 26 1938. At any time
after five years city may purchase the property at a price at least equal
to the then outstanding bonded debt, with interest to date, plus 10% of the
appraised value of the property as of that date, the city being given the
option of paying or assuming the bonds.
Earnings.for Year ended Dec. 31—
1913.
1912.
Gross earnings
$350,544 $380,170
Net earnings (after operating expenses and taxes)
$104,497 $125,039
62,200
Annual interest charges on $1,244,000 1st M.5% gold bonds_ _ _ _
total annual fixed charges will be reduced $1,968,547, viz., from $5,761,017
to $3,792,470. (d) A cash fund for the purchase of new equipment and
for working capital will be furnished, approximating $5,500,000. (a) A
capital resource of currency or bonds will be provided for additions, permanent improvements and the expansion of the facilities to meet requirements.
The plan of reorganization has been approved by stockholders, the committee says, and Kuhn, Loeb & Co., bankers of the committee. After the
plan is approved by public utility conunissions, the bankers intend to proceed with the formation of a syndicate or syndicates to assure the cash
requirements of the plan.
Contemplated Improvements.—The elimination of grade crossings, reduction of grades, double-tracking, installation of automatic block signals,
telephone-dispatching system, purchase of additional equipment, enlargement of'Decatur, Ill., terminals, and purchase of coal reserve near Taylorville, Ill.
The report outlines a general comprehensive program of expenditures
to be made within the next five years which include: 50 freight locomotives,
6 passenger locomotives, 2,000 freight cars annually, water-treating plants,
coaling stations, track scales, freight and passenger car reinforcement.
grade'reductions, second track, yards, terminals and engine-houses, replacement of bridges, automatic signals, passing tracks.—V.98,13.1539,1394,
$62,839
Balance
Management.—Board composed of prominent citizens of Springfield.
Ownership and control vested in American Railways Co., operating 18
public service properties east of Mississippi River, with combined gross
earnings of about $5,000,000.—V. 98, p. 1246, 1158.
The certificate of satisfaction of the mortgage for $500,000, which was
referred to last week, was filed in the office of the county clerk of Broome
Co. The company's general office is at Binghamton (not Riochester).
N. Y. For other data see V. 98, D. 1539, 1159. 1002.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Gas & Electric Co.—No Offering.—
As stated last week,the stockholders will vote on June 3 on authorizing
an increase in the common stock. The new shares, we learn, will not be
issued at the present nor is it expected to offer them for subscription to
stockholders.—V. 98, p. 1539.
American Window Glass Co., Pittsburgh.—Dividend.
A dividend of 12% has been declared on the $1,000,000 7% cumulative
pref. stock, payable June 1 to holders of record May 25. On June 21 8%
was paid and in Nov. 1913 the last named, having been the rirst payment since March 1903, when 3% was disbursed; 7% was paid in each of
the years 1900 to 1912 inclusive. The arrears now amount, it is said, to
about 50%.—V. 98, p. 307.
Ansco Company, Binghamton, N. Y.—Correction.—
Atlantic Gas & Electric Co., New York.—Statement for
United Railways & Electric Co.—Convertible Notes.— Quarter.—In his report for the three months ended March 31
The stockholders will vote June 1 on authorizing (1) $1,000,- Pres. Arthur D. Lord says in substance:
000 2-year collateral trust 5% coupon notes, convertible at
The generating capacity of the plant at Easton one year ago was 2,000
capacity, without taking into consideration the new
the option of the holder into common stock (par $50)at h.p.; the present
h.p. generator being installed, is 10,000 h.p. The efficiency of the
6,383
$33 1-3 a share; and (2) the issuance of stock necessary for gas plant
in Easton has been increased about 40%, its capacity now being
cu.ft. of gas daily. The new station building at Boonton, N. J .
the conversion. The notes will be secured by deposit of 1,200,000 completed
and two 1,000 h.p. turbo-generators are now being
has been
$1,333,000 first consolidated M. 4% bonds. They will be installed
in addition to the present capacity of 500 h.p. The Sayre Electric
of an additional 1,300 h.p. turbo-generator;
offered by Alex. Brown & Sons, but precedence in this allot- Co. has authorized the purchase
the income of this plant since 1907 has increased over 60% while the
ment will be given to stockholders of record June 1 to sub- output
that of last year. Our other properties
over
15%
so far this year is
Several important contracts for
scribe for one-twentieth of the amount of their stock, i. e., are making very satisfactory increases.
that with. the Morris County
closed,
been
light
have
and
power
for $100 notes or multiples thereof for every 40 full shares Traction Co. for the operation ofnotably
its lines in Boonton-Dover-Wharton
road. A transof stock or multiples thereof.
district for a term of ten years,covering 25 miles of electric
mission line 15 miles in length is being built to furnish this service. The
will be perceptibly reduced within the
Notes Offered.—Alexander Brown & Sons, as agents for extra operating costs and charges
being
shown should be
next six weeks and the very satisfactory earnings
the company, this week offered to receive subscriptions up further
increa.sed.—V. 97, p. 1585.
to June 1 (or earlier if subscribed before that time) for the
British-American Tobacco Co.—Interim Dividend.—
notes at 99 2 and int., payments to be made on June 8.
has been declared on the ordinary shares,
An interim dividend of 6%
The notes are to be dated Juno 1 1914 and mature June 1 1916. Redeem- payable June 30. On Mar. 31 an interim payment of 23,6% was made.
able by the company at par and accrued interest on 30 days' notice, subject Compare V. 98, p. 692; V. 97, p. 1735, 1897.—V. 98, p. 692, 526.
to the right of conversion. If only part of the notes is redeemed, the
notes called will be redeemable by lot. Principal and interest (June 1 and
Cambria Steel Co.—Changes in Officers.—
Dec. 1) payable at the banking house of Alexander Brown & Sons, BaltiVice-President Alex. P. Robinson has been also made Treasurer, and
more, Md. Safe Deposit & Trust Co. of Baltimore, trustee. Denomi- Philip B. Burtis Assistant Secretary, to succeed E. T. Stuart, who occupied
Noteholders
convert
may
the same at
nations, $100, $500 and $1,000.
both positions, and who resigned to become Treasurer of the Pennsylvania
the office of the bankers as agents of the company at any time up to and in- Steel
Co.—V. 98, p. 1462, 1159.
cluding March 1 1916 (unless called for redemption), when the right to
named
for conversion. Five
convert will cease 5 days prior to the date
Telegraph Co.—Retirement.-Chicago & Milwaukee operating
days' notice of the intention to convert may be required. The proa line between Chicago and MilThe company, which has been
ceeds will provide for capital requirements in 1914 and 1915 for tho road,
business on May 1. It was started by
from
waukee
retired
since
1876,
motive power, rolling stock and shop departments and to pay maturing
Milwaukee to do mainly an exchange
obligations. The issue is dependent upon the appproval of the stockhold- Board of Trade men in Chicago and Milwaukee interests.
At one time it
by
ers of the company and of the Maryland P. S. Commission.—V. 98, 1)• business and was owned largely
did a large business, having 6 wires between the two markets. The older
1241, 1158.
companies finally compelled it to meet their cut on messages. Of late busihas been too poor to make operation profitable. It is understood that
Wabash RR.—Plan.—While the plan of reorganization ness
part of the line will be taken over by the traction and telephone companies,
will not be given out officially until it has been approved by as the company has a valuable right-of-way.—V. 72, P. 1138.
the several State railroad commissions, the following parConsolidated Gas Co. of New York.—Application.-ticulars have been published:
Note Issues.—The company this week applied to the P. S.
Proposed New S3curilles.
Commission for authority to issue $25,000,000 5-year 6%
Common stock to be given for old stock ($39,200,000 for the
convertible debentures. The $5,000,000 3-months notes,
pref. and 346,816,000 for the common) if paying assessment
(with possibly $2,000,000 additional for settlement of claims)-$86,016,000 which mature May 25, will be taken up by an issue of new
Issue of $150,000,000 of 5% 50-year Mortgage gold bonds, of
-months notes, which fall
14,000,000 5-months notes. The $5,000,000 6
which to be sold to provide for cash requirements
Adjustment mortgage 57 50-year non-cum.income bonds(with
care of by the convertible debenwill
25,
taken
Aug.
be
due
for
settlement
additional
of
45,000,000
claims)possibly $2,000,000
tures when approved by the Commission. Compare V.
Of which to be exchanged $ for $ for the outstanding $35,600,000 old First Ref. & Extension bonds and 10%
98, p. 1540, 1463.
$39,160,000
interest due thereon
4,620,000
To stockholders paying assessment
1,220,000
Reorganization purposes
left
obligations
undisturbed__ 64,585,000
Underlying bonds and equipment
Exchange, &c.—The stockholders will be assessed $20 a share and on
surrender of their stock the pref. stockholders will receive common stock
equal to 100% of their holdings: the common stockholders will receive new
common equal to 88% of their holdings. No new pref. stock is provided
for in the plan. They will also receive for the assessment 57 in adjustment
incomes. Holders of outstanding First Ref. & Ext. 4s will receive 100%
in new adjustment incomes and. 10% on account of matured coupons.
Holders of unsecured claims will receive 50% in adjustment bonds and
50% in common stock.
The cash requirement, amounting to $30,380,000, is to be derived from
the sale of $14,000,000 General and Refunding M.bonds at the price of $85
($11,900,000) and the assessment of stock at $20 a share ($18,480,000).
Approximate Purposes to Which the $30,380,000 Cash is to be Applied.
Payment of receivers' certificatesV4,309,000
Reorganization purposes, acquisition of debenture bonds, pro1,856,000
vision for a coal reserve, &c
Interest due Jan. 1 1912 (purchased) on First Ref. Sc Ext. bonds
712,000
For protection to extent determined by and in discretion of the
committee for certain treasury security pledged under the
1
May
matured
notes
securing
gold
%
434
agreement
trust
1913, including $5,000,000 First Ref. and Extension bonds
and for discharge of old equipment obligations (Compton
4,050,000
judgment), $4,050,000
Equipment obligations and sinking fund on underlying bonds
1,105,000
maturing prior to Jan. 2 1915
company__
new
the
5,500,000
New equipment and working capital for
Estimated taxes on creation and issue of new securities, record740,000
ing fees and other incorporation and organization disburse'ts_
Expenses of reorganization and foreclosure, including compensation, syndicate and bankers' commissions, allowances,
counsel fees, court costs, &c., any balance to new company
2,108,000
Results of Reorganization.—The following results will be obtained: 1(a)
Volume of securities will be decreased $10,192,877, viz., from $219,703,877
to $209,601,000. (b) There will have been expended in the payment of
just indebtedness and for new property more than $17,500,000. (c) The
The proceeds are to be used as follows: To reimburse the company for
the acquisition of New York Edison Co. stock, $5,102,400, and to acquire
the New York Edi on Co. and the Astoria Light, Heat & Power Co.
stock, $12,897,600; to discharge $5,000,000 8-months collateral notes, $5,000,000,and to discharge demand notes issued in 1906 and 1907,$2,500,000.
Cumberland Co. Power & Light Co., Portland, Me.—
A. H. Ford, Pres. of the Birmingham Ry. Lt. Sc Pow. Co., has resigned
to become Vice-Pres. and Gen. Mgr.b effective June 1.—V. 98, P. 526.
Elk Horn Fuel Co.—Right to Subscribe.
Stockholders were notified on May 19 of their right to subscribe to the
unsold pre. and common shares of the Elk Horn Mining Corporation, which
has leased from the company 20,000 acres of coal land in the Elk Horn
field of Kentucky.
President Clarence W. Watson in a circular says: "The development of
the company's mining operations, upon which over $1,700,000 has already
been spent, exceeds in rapidity any similar developments. There are now
13 mines opened, 1,100 houses under construction, the majority of which
have been completed and occupied, and 11 tipples built and under construction. Of the $3,000,000 pref. and $3,750,000 common stock of the
Elk Horn Mining Corporation, $851,200 pref. and $1,064,000 common
stock have already been subscribed for and the sale of the remainder has
been underwritten.
"There is now under contemplation the formation of a now company
to acquire the properties of the Elk Horn Mining Corporation and certain
other properties. In view of this possibility it has been determined to
offer to the stockholders of the Elk Horn Fuel Co. a further opportunity
to subscribe, subject to allotment, for the stocks of the Elk Horn Mining
Corporation so underwritten at $100 for one share of pref. and one and onequarter shares of common stock, payable 10% 10 days after notice of allotment and 10% monthly thereafter."—V. 97, P• 1507.
Ford Motor Co., Detroit.—Extra Dividend.—
The company has declared an extra cash dividend of 100% on its $2,000,000 stock. Last year, the tenth anniversary, 500% was paid. Regular
quarterly payments of 15% are understood to be paid. Compare V. 98.
p. 233, 158.
MAY 23 1914.]
THE CHRONICLE
1611
Allison's
trol of Mr. Heinze have been eliminated. [Then follows Mr.
reasons for taking this position.]
that
requires
absolutely
In my opinion also the future of the company
The receivers gave notice on May 11 that
of bonds the contract with the Bingham Central R y.shall bechanged for the better
made to the Union Trust Co. of Pittsburgh to provide for $93,000
from
to
runs
deposited
railroad
money
so-called
This
and
sufficient
Co.,
interests.
Coke
&
protection of your company's
of the Four States Coal
ar1 1913, the
mine to the mill and is controlled entirely by Mr. Heinze.hasHe
take care of the interest on the bon& of the company due Nov.
made
together with the interest thereon up to April 1 1914.-V.97, p. 368, 1736. ranged the contract under which I am informed the railroad
ComMining
the
of
expense
the
all
at
ore,
of
profits in the hauling
of Stock. large
pany. I am also informed and believe that the resources and funds of your
(Robert) Gair Co., Brooklyn., N. Y.-Increase
the preferredstock company have been largely used for the benefit of the railroad company
The stockholders will vote on May 27 on increasingcommon
outstock
in the extension of the tunnel through which the railroad runs without any
from $2,000,000 to $2,500,000. There is $5,000,000
compensation to your company for this expense.
standing.-V. 96. re 1301.
At the best the mine and mill make a very close proposition, as the ore
low grade and its copper contents during the last year have not averaged
General Petroleum Co., California.-Deal Pending.- Is
to much more than approximately two-thirds of the figures given in the
up
General Counsel A'. L. Weil is quoted as follows:
original prospectus. I believe the business can nevertheless be operated
the bondholders at a profit if intelligently managed exclusively in the interests of the
Many of the difficulties of General Petroleum are due tooriginal
arrangewho have not deposited for exchange. At the time the estimated that company itself.-V. 95. p. 240, 115.
ment was made with the Western Ocean Syndicate, it was
Ohio State Telephone Co.-Proposed Merger.-Under
pay its indebtedness,
the General Petroleum Co. required $3,000,000 to
improvements. this title it is proposed to consolidate the Ohio telephone
discharge its interest obligations and make certain necessary
provided
$3,000,000,
The Western Ocean Syndicate agreed to furnish this
for exchange. In case companies, the control of which was acquired in 1909 by
$9,500,000 General Petroleum bonds were deposited
were to receive but $1,500,000. J. P. Morgan & Co. The "Cleveland Plain Dealer" of
$6,000,000 bonds were deposited, we$8,300,000,
therefore the Genand
The total deposit of bonds aggregated
estimated requirements. Con- May 21 said:
eral Petroleum was $1,500,000 short on itsthis
Just before May 1
deficit.
The companies to consolidate are the United States Telephone Co..
supply
stant endeavors have been made to
upon which included arrangements Cuyahoga Telephone Cos., Columbus Citizens' Telep. Co., Toledo Home
a tentative proposition had been agreedthe
the General Petrol- Telep. Co.. Home Telep. Co. of Dayton, Washington Home Telep. Co..
to
Syndicate
by
advanced
be
to
for the May interest
Petroleum Co.
London Home Telephone Co.. Stark County Telephone Co., Youngstown
eum, Ltd., and by the latter to the General
Petroleum, Ltd., were made Telephone Co., Columbiana Telephone Co., Zanesville Telephone & TeleObviously, any loans made to the General
several of our foreign graph Co., Findlay Home Telephone Co., the Lancaster Telephone Co.. the
point
this
At
exchange.
for
deposited
against bonds
to permit the General Petroleum, Massillon Telephone Co. and the Citizens' Telephone& Message Co. of Fosdirectors, who had exchanged, refused
on the ground that they would not per- toria. These companies have outstanding $10,013,500 in bonds,$4,239,950
Ltd.. to borrow this interest money
to pay interest to those who preferred stock and $8,717,087 common stock.
money
borrow
to
used
be
to
securities
mit their
The new company contemplates issuing to stockholders stock, etc., as
Western Ocean Syndicate, on the other hand,
did not participate. TheGeneral
Petroleum direct without security, with follows: Common stock, 35,206,000; 7% pref. stock, $4,850,000, and mortrefused to advance to the
gage
bonds, $1,500.000. Arrangements have been made to se'l new bonds
know.
you
that
the results
note issue which to produce $2,850,000, of which $500,000 is to go to working capital and
The matter is further complicated by the $3,000,000
and has to be taken the remainder to betterments of the plants.
automatically foil duo on the default in the interest,
The plan contemplates that of the outstanding bonds of the companies
postponed for one year. Mr. Weir will
care of at once, instead of being
to be consolidated there will be canceled bonds amounting to 31,953,300.
arrive in Europe on June 8 or thereabouts.
are in a measure settled. thus reducing the bonded debt of the constituent companies to $8,060,200.
The general principles of the final arrangement
adjust The new company will have an authorized bond issue of $20,000,000, from
I hope to secure an extension of time for the bondholders to deposit,
which enough will be hold in the treasury to care for outstanding bonds as
the interest and go ahead with our business.
co. they mature.
The production of the General Petroleum now exceeds that of anybbls.
19.000
about
moment
this
being
at
Under the plan the new company would have the following obligations:
Standard,
the
of
outside
in the State
mortgage bonds of the new
a day. Our production for one year, ending May 1, exceeded 4,00 ),000 Bonds of underlying companies, $8,060,200:
Common stock authorized will be
bbls. The company is, therefore, in a lirosperous condition, needing only company outstanding, $5,000,000.
7% prof. stock auwill
be
$5.206,000.
issued
amount
the
but
1390.
1463,
98,
p.
V.
See
$7.500,000,
relief from its past indebtedness.
thorized will be $10,000,000, but the amount issued will be only $4.850.000.
year net earnings from all companies
first
the
for
estimates
company
Ltd.
Co.,
The
Power
85
Smelt.
Consol.
Mining,
Granby
over 2% for the common stock and estiThe stockholders on May 13 voted to extend the limit of the borrowing of $1,304,074, which would show
will grow 10% each year.
powers otherwise than by issue of stock on 1st M.6% bonds to $3,000,000. mates that income and profits
will become a director and the President
Columbus
of
McMeen
0.
Samuel
to
charter
$1,000,000,
The directors of the company were limitedunder the
active charge of its affairs. Among other
but with the increased production from Hidden Creek the task of financing of the consolidated company in
upon are Charles A. Otis, President of the
the output will be greatly increased. From the time the ore is taken out directors tentatively decided
Co.: Harry Coulby and F. F. Prentiss of Cleveland,
until the copper Is realized upon about 4 months elapses. Short loans upon Cuyahoga Telephone
and E. R.Sharp of Columbus. Clarence Brown of Toledo.
the metal are obtainable at a low rate. Of the 34.500,000 expended upon F. R. Huntington
D. J. Cable of Lin a and Frank L. Beam
Cincinnati,
of
Eustis
D.
George
$1,500,000
directors,
Granby
the
by
the Hidden Creek and other properties
is represented by bonds and $3,000,000 by direct treasury expenditures. of Mt. Vernon.
-V.98, p. 1319, 390.
Oklahoma Natural Gas Co.-Earnings.Balance,
DirtInt. on
Gas
Oper.
Gross
end.
Surplus.
Greene Consol. Copper Co.-Combined Income Acc't.- Year
dends.
Purch. Bonds.
Erp.
Earns.
Feb. 28.
Co.
$8826,777 $273,618 $59,137 359,859 (5%)$200,000 $234,163
1914
Earnings of Greene Consol. Copper Co. and Cananea Consol. Copper
p
130.,
807,257 252,010 100,496 71,768 (434) 170,000 212,983
1913
Cal. Year- Total Income. Ex,n.,Int.,&c. Depreciation.
Sur.
$2,254,218
$85,410
$5,096,762
$7,436,390
1913
From the surplus as above in 1914, $234,163, there was deducted $144.2,017,664
152,648
5,466,041
7,636,352
1912
624 for deprec. (agst. $98,472 in 1913), and also in 1914 $1,539 suspense
The Cananea Consolidated Copper Co produced 76,012,007 lbs. of fine Items, leaving $88,000 in 1914, against 3114,511.-V. 98, p. 241.
copper during 1913, against 48,187,847 in 1912.-V. 96, p. 1623.
-Bonds.Four States Coal & Coke Co., Pittsburgh.
payment had that day been
International Lumber 85 Development Co.-Affirmed.
The U. S. Circuit Court of Appeals at Philadelphia yesterday affirmed
the conviction and sentence of 5 former officers in April 1913 on charges
of using the mails to defraud investors. See V. 97, p. 1587.
International Motor Co., N. Y.-Suit Dismissed.-
suit
Justice Manning in the Supreme Court on May 14 dismissed the"His
brought some time ago by Geo. E. Blakeslee. The Court says: other
status as a stockholder gives him no special privilege not enjoyed by
holders, and his charges fall far short of an actionable complaint for the
abuse of fiduciary powers on the part of officers and directors. The rights
of others are to be conserved and preserved as well as those of the plaintiff,
and courts are not prone to attempt the settlement of business policies
In the management of corporations except where fraud and gross dereliction of duty is clearly charged and susceptible of proof'" Compare V. 97,
p• 1587, 1507.
Pennsylvania Steel Co.-New Officer.-
E. T. Stuart, who resigned as Treasurer and Assistant Secretary of the
Cambria Steel Co., has been made Treasurer to succeed E. M.Smith, who
resigned.-V. 98, p. 1541, 1464.
Roo Motor Car Co., Lansing, Mich.-Increase, &c.the capital stock from
The stockholders on May 19 voted to increase
A stock dividend of 5'70.
$2,000,000 to $4,000,000 (par of shares $10).
or $1,000,000, will be distributed amohg the stockholders on May 29.
The remaining $1,000,000 stock will be held in the treasury. Cash on
hand and in banks was reported as 3937,000 and bills receivable $1,158,000,
making a total of $2,095,000. while bills payable amounted to $697,000.
During the fiscal year ending Aug. 31 1913 the company sold 7 813 cars
the business amounting to 39,551,000. Sales for the current fiscal yea'
are estimated at from 10,000 to 12 000 cars and it was announced that
3,000 more cars could be sold if facilities permitted. Compare V.97.p.1289.
Revere Sugar Refinery, Cambridge, Mass.-Sale, &c.
Ludlow (Mass.) Manufacturing Associates, Boston.- The shareholders will vote May 29 on selling to the United Fruit Co. the
The shareholders will vote May 27 1914 on authorizing (a) the issue of
assets, name and goodpro rata at $100 per entire business and property, including net quickat
10,000 additional shares to be offered to shareholdersmay
Cambridge, which are
decide. (b) The will (excepting only the real estate and, buildings
share, the proceeds to be applied as the shareholders
par value of capital stock of the
$177,100
for
purchaser)
the
to
leased
be
to
be
to
proportionally
shares
distributed
among
now
issue of 40,000 additional
buildings at Camand
estate
real
the
of
lease
The
Co.
heretofore made United Fruit
the shareholders as representing in part large expenditures
of $15.000.
property.
bridge provides for an annual rental to the Revere company
for additions to and improvements upon the trust
Wm.S. Spaulding.
President
by
Signed
Circular
from
Extracts
Condensed
Tho
par
associates
no
value.
outstanding,
now
There are 50,000 shares
sell
to
sugar at a
obliged
been
has
years
two
past
The refinery during the
manufacture jute and linen carpet yarns, bagging, &c., as trustees under a
to meet prices made by competitors, who are still engaged in a
supplementary declaration of trust dated Jan. 20 1914 and filed with the loss in order
the worst
and
months,
18
over
now
continued
war,
price-cutting
disastrous
only
the
trust
binds
or
liability
Old Colony Trust Co. Any contract
Pres.; Frederick ever known in the sugar trade.
property in their hands. Officers, Cranmore N. Wallace,B.
received is to be held for three years,
stock
sale
the
of
terms
the
Treas.
Under
Stone,
Malcolm
W.
Charles
Soc.;
Hubbard,
V.-Pres.;
L. Bowen.
unless the lease is sooner terminated or unless by agreement other arrange-V. 95. p. 1211.
ments are made, at which time it is expected to dissolve the company and
to
distribute the stock or its proceeds and the proceeds in liquidation of the
Postponed.
Mexican Northern Power Co.-Plan
estate to the stockholders. Present outstanding stock, $500,000 7%
real
an issue
The plan to relieve the present necessities of the company by
stock and $800,000 common, the pref. being entitled in liquidation
pref.
because
12
May
on
30-year
failed
gold
lien
bonds
prior
of $3,000,000 6%
and accumulated dividends (already amounting to $43,750). It is
par
to
there were not sufficient proxies at hand to put the deal through. Notifiproposed that the net earnings derived from dividends and rentals be discation was received that the English proxies were in the mails and the meet- tributed as dividends amcng the pref. stockholders.-V. 96, p. 1302.
of
the
secure
the
to
5%
27
necessary
majority
May
until
ing was adjourned
first M. bonds. There were 34,000,000 Canadian bonds represented and
Riker 86 Hegeman Drug Co., N. Y.-New Officers, &c.there are $1,500,000 on the way, so that the success of the plan is said to
H. S. Collins, R. B. Watley. John S. Alley and Carl Schmidiapp have
be assured. Some of the new money will be required to heighten the dam
& Hegeman
at La Boquilla in order to obviate any danger from the season's floods. An been elected directors, representing the corporation for Riker
were also chosen,
overflow would, it is stated, very seriously damage the plant. The amount stock (V. 98, p. 1319). Four temporary new directors
Rubenoff.
and
Harry
Dreyfuss
Waiter
Marcus,
to
rainfall
condition
in
store
this
year's
dam
Samuel
the
put
viz., David Herman,
of money required to
H.
The offices of Chairman and President have been separated, John
is about $500,000.-%. 98, p. 1464, 1159.
S. Alley
Flagler and A. H. Cosden being chosen, H. S. Collins and John
B.
R.
ents.
Vice-Presid
as
Ramsey
George
and
succeed A. H. Ccsden
Montana Power Co.-Offer of Exchange.and Treasurer in place of W.B. Glenn and
Lee, Iligginson & Co., the Guaranty Trust Co. and J. & W. Seligman & Watley has been made Secretary
been
has
Cotter
G.
D.
positions.
separate
the
held
who
Pouch,
H.
F.
Co..
Eastern
Power
&
Montana
Co. are offering to holders of the Billings
E. 0. Ladd is the only
Madison River Power Co. and the Butte Electric & Power Co. joint mort- elected Assistant Secretary. Assistant Treasurer
gage 6% bonds which have been called for redemption on June 1 at 105 and officer who retains his cosition.-V. 97. p. 1667.
price
at
bonds
the
redemption
interest, the privilege of exchanging those
St. Joseph Lead Co.-Combined Earnings.for Montana Power Co. first and refunding M. 5% bonds, due 1943, at
Balance,
Dies.
Income
Gross
Other
Net
91 and lot.-V.98, p. 1464. 1159.
April 30
Surplus.
Income. Charges. Paid.
Inc.
Proits.
Year$743,790 $535,655 $1,047.283
Northern California Power Co., Consolidated, San 1913-14____$2,240,132 $87,596 32.327.728
the
The dividends paid include 3317.360 declared from the earnings ofsurFrancisco.-$22000,000 Pref. Stock.-The shareholders will year
and also $219,294 paid out of accumulated surplus. The total
vote July 17 on increasing the capital stock from $10,000,000 plus Apr. 30 1914, after adding .327,001 credits to profit and loss and de(all of one class) to $12,000,000, through the authorization ducting $110,097 debits, was 38,618,333.-V. 97, p. 1827.
of $2,000,000 6% cum. pref. (p. & d.) stock, dividends
quarterly, par $100.-V. 98, p. 644, 456.
Ohio Copper Mining Co.-Circular.-Pres. William 0.
Allison, N. Y., in circular of May 15, says in substance:
It is my firm intention to sever all connection with the company unless
new directors are elected who are absolutely independent of Mr. Heinze.
If on the other hand a majority in interest of the stockholders shall send
me their proxies for the election at the annual meeting June 3 of directors
whom I know to be free from the influence of Mr. Heinz°, I shall be willing
to serve as a director and as President until the present influence and con-
Standard Milling Co.-Bonds Called.Forty-flve 1st M. 6% gold bonds of the Northwestern Consolidated
Milting Co., for payment at par and int. on July 1 at Minneapolis Trust
Co., Minneapolis, or Chase Nat. Bank. N. Y.City.
Dividend Increased.-
A dividend of 3% (No. 3) has been declared on the $4,600,000 common
stock, payable June 20 to holders of record June 10, comparing with 2%
each on July 18 1913 and Aug.3 1912.-V.97, p. 1354.
For other Investment News see crazes 1618-1619.
1612
THE CHRONICLE
geparts
[VoL. xcviii.
Pocinnents.
PUBL SHED AS ADVERE SEMENTS
PHILADELPHIA COMPANY
THIRTIETH ANNUAL REPORT-FOR YEAR ENDED MARCH 31 1914.
Office of the Philadelphia Company,
It is the intention of the Company to connect this line by
Pittsburgh, Pa., April 1st 1914.
means of a short extension with the West Virginia lines during
The Board of Directors *herewith submit their report for the present year.
the fiscal year ended March 31st 1914.
The operations of the Street Railway and Electric Light
During the year 12 wells were purchased and 187 wells and Power Companies are described in accompanying reports.
were drilled, of which 134 were productive of gas, 27 of oil
Accompanying this report are statements showing the fiand 26 unproductive;36 wells were abandoned, having ceased nancial condition of the Company.
to be productive;3 wells were sold and 1 well was reinstated,
For the Board,
making the total number of wells owned or controlled through
J. H. REED, President.
stock ownership and in use by the Company at this date,
1,448. This does not include the wells of the Monongahela
Natural Gas Company.
During the year 37.44 miles of pipe were reclaimed and
PHILADELPHIA COMPANY.
150.15 miles were laid and purchased. The total amount
of pipe lines controlled by this Company either through own- (Including the Philadelphia Company of West Virginia,
Equitable Gas Company and Pittsburgh & West
ership or stock ownership in other corporations is now
Virginia Gas Company.)
2,919.72 miles.
This does not include the 184.03 miles of mains of the INCOME AND PROFITMA
AR
/THL
3
0
18
ST
S 1ACCOUNT-YEAR ENDED
Allegheny Heating Company, the 184.22 miles of mains of
Earnings:
Gross
the Monongahela Natural Gas Company, nor the 358.68
Gas
$7.224,636 51
miles of mains of our several artificial gas companies.
Oil
394,107 49
Miscellaneous
38,899 79
The Company and the companies it controls, excepting
the Monongahela Natural Gas Company, sold during the
Total Gross Earnings
$7,657,643 79
year 40,238,593,700 cubic feet of natural gas, being a de- Operating Expenses:
Prospecting and Lease
$633.041 29
crease of 304,231,800 cubic feet, with increased receipts from
Purchased
Gas
453,135 27
that source of $328,501 57.
Production
713,704 05
Transportation
371,908 77
There has been an increase during the year of 5,799 domesDistribution
462,745 75
tic consumers of the natural gas supplied by the Companies
Commercial
138,445 31
General and Miscellaneous
455,241 99
controlled by this Company, including the Equitable Gas
Company, Allegheny Heating Company, Monongahela
Total Operating Expenses
$3,228,312 43
196,373 59
Natural Gas Company, Pittsburgh & West Virginia Gas Taxes
Company and The Philadelphia Company of West Virginia,
Total Operating Expenses and Taxes
$3,424,686 02
making the total number of domestic natural gas consumers
Net Earnings__________________________________________$4.232,957 77
of these Companies 122,954.
Income:
There has been expended out of the earnings of the Com- Other
viw
dn
ee
nds and Interest on Stocks and Bonds
Dio
pany since March 31st 1886 for gas and oil wells, transpor$1,690,086 27
Rental of Real Estate and Buildings
626 16
tation pipe lines outside the city, pumping stations, tele463,819 34
Interest and Discount
phone lines, tools, etc., $21,631,931 55, no part of which has
Total Other Income
2.154,531 77
been charged to capital accounts.
On December 1 1913 the transportation and service lines, Total Income__________________________________________$6.387.489 54
regulating and pumping stations, in fact, what may be termed Deductions from Income:
$22,967 00
Rent of Leased Properties
the natural gas-operating plant and service of the Philadel153,133 55
Interest and Discount
phia Company, all located in the State of Pennsylvania,
Miscellaneous
8,849 76
were turned over to the Equitable Gas Company for operaTotal Deductions from Income
184,950 31
tion. The entire capital stock of the Equitable Gas ComFixed Charges, Improvepany is owned by the Philadelphia Company and the effect Net Income before Deducting
Extensions
and
Betterments
ments,
$6,202,539 23
of this arrangement is to further divide the business controlled
Charges:
by the Philadelphia Company through direct or stock owner- Fixed
Interest on Funded Debt
$1,098 752 09
Gold
Debentures
Convertible
ship into departments operated by separate companies, whose
Interest on
588,1
2 7 23
Interest on Convertible Gold Notes
70,000 00
operations thus separated can be better regulated. The
Interest on Serial Gold Notes
97,500 00
terms of the lease to the Equitable Gas Company include the
Total Fixed Charges--------------------------------$1,854,379 32
payment of rental based upon a valuation of the plant made
by independent engineers. The Philadelphia Company re- Net Income after Deducting Fixed Charges
$4,348,159 91
tains the ownership of its natural gas leases and lands and Improvements, Betterments and Extensions:
$584,534
08
New
Producing
Wells
Gas
wells, drilled and to be drilled, delivering the gas to the
125.805 79
New Producing Oil Wells City
Equitable Gas Company at the well, upon prices to be fixed
121,172 54
New Pipe Lines-Outside
from time to time, dependent upon cost.
Total Improvements,Betterments,etc
831,512 41
As this arrangement was made during the fiscal year, it
has been thought proper to combine for this report the in- Net Income for the Year--------------------------------$3,516,647 60
April 1st 1913:
come of the Philadelphia Company, the Equitable Gas Com- Surplus
$5,767,600 87
Philadelphia Company
pany, the Pittsburgh & West Virginia Gas Company and
19,956 36
Equitable Gas Company
59,224 22
The Philadelphia Company of West Virginia, eliminating
Pittsburgh & West Virgthia Gas Co
5,846.781 45
inter-company transactions. The balance sheets of these Additions to Profit and Loss:
companies are published separately.
Premium on Stocks Exchanged
$16,336 25
Miscellaneous
538 38
On October 1 1913 the Pittsburgh & West Virginia Gas
Company, one of the subsidiary companies owned by the
Total Additions to Profit and Loss
16,874 63
Philadelphia Company, purchased the entire property repreTotal-------------------------------------------$9,380,303 58
sented by capital stock of the Monongahela Natural Gas Deductions
Loss:
from Profit and
Company, agreeing to pay therefor $1,550,000, of. which
Guaranteed Dividend on Consolidated Gas
Company Preferred Stock
$
43
778:8
72
60
60
70
2
$1,500,000 is to be paid in ten equal annual payments, which
Discount, Taxes and Expenses in connection
deferred payments are secured by an issue of 5% Collateral
with the sale of securities
Depreciationof PropertY
181,695 42
Trust Bonds of the Pittsburgh & West Virginia Gas ComMiscellaneous
85 81
pany, guaranteed by the Philadelphia Company. Through
Profit
and
Loss
Total Deductions from
this purchase the Company secured an additional transpor698,367 95
tation line between Greene County in Southwestern Penn- Balance-Profit and Loss
38.681,935 63
sylvania, and the City of.Pittsburgh, which line, having been Dividends:
On Preferred Stocks--------------- _
previously used in a limited way to supply a few customers,
-,, $399,122 35
On Common Stock-5g% declared and ----had an unused capacity of about Thirty Million cubic feet
_____ 2.049.507 25
during the Year--------------declare
%
a ------daily, which has been added to the Philadelphia Company's
On Common Stock-1U
close of fiscal year (March 31st 1914)e.
natural gas system, tips relieving the Company from the
payable May 1st 1914
683,250 75
necessity of constructing, as it had contemplated, in the
Total Dividends
3,131,880 35
immediate future, an additional transportation line from its
Southwestern fields. The earnings of the Monongahela
$5,550,055 28
March 31st 1914-Per Balance Sheets:
Natural Gas Company, operated .in connected with the Surplus
Philadelphia Company-.
$5.481,719 30
Philadelphia Company's system, will pay the interest upon
Equitable Gas Company
33,637 53
Pittsburgh & West Virginia Gas Company._
and contribute substantially to the payment of the principal
34.698 45
5,550,055 28
of the bonds issued in payment therefor.
1613
THE CHRONICLE
MAY 23 1914.]
GENERAL BALANCE SHEET MARCH 31ST 1914.
ASSETS.
Property and Plant:
$100
Charters and Franchises
183,543 69
Gas Rights
339,288 11
Gas Leases
733,765 19
Gas and Oil Wells
120,945 34
Rights of Way
13,255 32
Compressing Stations
Pipe Lines-Transportation and Distribu7,599,850 75
tion
871,529 05
Service Connections
1,199,617 95
Meters
418,970 09
Regulators
45,000 00
Tools
5,632 05
Horses and Stable Equipment
47,352 13
Telephone Lines
212,575 77
Real Estate
72,715 24
Buildings
14,850 00
Office Furniture and Fixtures
$11,878,900 68
Total Property and Plant
89,704 36
Stocks and Bonds of Philadelphia Company in Treasury__ _ _
70,743,305 68
Stocks and Bonds of Other Companies Owned
Affiliated Companies:
Notes Receivable Deposited with Trustees_ $2,400,000 00
Duquesne Light Company Contract for
Purchase of Brunot's-Island Property ___ 3,500,000 00
The Philadelphia Company of West 'Vir2,542,500 37
ginia for Construction
1,823.719 64
Temporary Loans
382,733 19
_..
Receivable_
Accounts
10,648,953 20
Total Affiliated Companies
Current and Working Assets:
$1,750,449 02
Cash at Bank and on Hand
290,953 24
Accounts Receivable
3,124 02
Materials and Supplies
102 79
Unexpired Insurance
4,958 34
Prepaid Interest
2,049,587 41
Total Current and Working Assets
Deferred Account-Balance of Discounton Securities Sold__ 1,118,700 00
Total
$96,529,151 33
EQUITABLE GAS COMPANY.
GENERAL BALANCE SHEET MARCH 31ST 1914.
ASSETS.
Property and PlantGas Wells
$26,266 88
25.000 00
Rights of Way
Compressing Stations
3,807 40
Pipe Lines-Transportation and Distribution__ 925,154 25
Service Connections
12,824 78
Real Estate
700 00
53
Total Property and Plant
.
3901
2,0
531
7
6
33
47 599
Additions to Leased Property
Stocks of Equitable Gas Company in Treasury
,4,900 00
iliated CompaniesAff
Accounts Receivable
$108,396 16
Temporary Loan
58,896 78
Total Affiliated Companies
Current and Working AssetsCash at Bank and on Hand
Accounts Receivable
Materials and Supplies
Unexpired Insurance
Prepaid Accounts
167,292 94
$170,708 25
418,600 95
258,241 59
2,459 70
1,170 00
Total Current and Working Assets
Total
Capital StockCommon, 14,000 shares
Preferred, 6,000 shares
Total Capital Stock
Affiliated CompanyTeinporary Loan
Current LiabilitiesAccounts Payable
Consumers' Advances
851,180 49
$2,049,188 64
LIABILITIES.
$700,000 00
300,000 00
$1,000,000 00
400,000 00
3326,760 00
283,983 97
Total Current Liabilities
610,743 97
Accrued Liability, Not Due-Taxes
4,807 14
Capital stock:
Profit and Loss-Surplus
33,637 53
Common,780,860 shares
$39,043,000 00
Preferred 6% Cumulative, 123,332 shares_ 6,166,600 00
Total
$2,049,188 64
Preferred 5% Non-cumulative,40,668 shares 2,033,400 00
$47,243,000 00
Total Capital Stock
THE PHILADELPHIA COMPANY OF WEST VIRGINIA
Funded Debt:
First Mortgage and Collateral Trust 5%
GENERAL BALANCE SHEET MARCH 31ST 1914.
50-year Gold Bonds, dated Mar. 1 1899- $6,022,000 00
Consolidated Mortgage and Collateral
ASSETS.
Trust 5% 50-year Gold Bonds, dated
Property and Plant15,148,000 00
November 1st 1901
Charters and Franchises
$70 75
Gas and Oil Leases
707,495 23
9121,170,000 00
Total Funded Debt
Gas and Oil Wells
1,992,172 18
Ten-Year Convertible 5% Gold Debentures, dated AugCompressing Stations
410,263 14
1,957,000 00
ust 2d 1909
Pipe Lines
4,290,286 84
Ten-Year Convertible 5% Gold Debentures, dated May 1st
Meters
43,581 93
1912
9,800,000 00
Regulators _
1,516 93
Two-Year Convertible 5% Gold Notes, dated May 1st 1911,
Tools
3,300 00
1,400,000 00
Extended to May 1st 1914
Horses and Vehicles
1,150 00
Serial Collateral 6% Gold Notes, dated August 1st, 1913- 2,250,000 00
Telephone Lines
23,694 10
Affiliated Companies:
Real Estate
27,491 13
Subscription to Capital Stock of Duquesne
$3,500,000 00
24,429 39
Light Company
Buildings
500,000 00
Notes Payable
Total Property and Plant
200,600 00
$7.531,451 62
Accounts Payable
4,200,600.00 Affiliated CompaniesTotal Affiliated Companies
Accounts Receivable
9,663 62
Current Liabilities:
Current and Working Assets$250,000 00
Notes Payable
Cash at Bank and on Hand
$9,705 86
276,942 65
Accounts Payable
Accounts Receivable
10,967 11
Dividend on Common Stock of 1% 0, deMaterials and Supplies
216,810 05
dared before close of fiscal year( arch
Unexpired Insurance
2,137 64
683,250 75
31st 1914), payable May 1st 1914
Prepaid Taxes
654 50
1,210,193 40
Total Current Liabilities
Total Current and Working Assets
240,275 16
Accrued Liabilities, not due:
$154,616 30
Taxes
Total
57.781,39040
338,883 34
Interest on Bonds
272,141 68
Interest on Gold Debentures and Notes
LIABILITIES.
Interest on Current Liabilities
8,584 73
Capital Stock-20,000 Shares
$1.000,000 00
Consolidated Gas Company Guaranty__ _
14,131 33
Affiliated CompaniesReserved for Dividends on Preferred Stocks
162,637 50
Temporary Loan
$157,618 42
Construction
Advances for
2,542,498 37
Total Accrued Liabilities
950,994 88
Contingent Reserve
865,643 75
Total Affiliated Companies
2,700.116 79
Profit and Loss -Surplus
5,481,719 30
Current LiabilitiesAccounts Payable
$126,671 89
Total
$96,529,151 33
Consumers' Advances
1,372 56
Note.-The Philadelphia Company has a contingent liability for the
following Bonds, guaranteed both as to principal and interest:
Total
Current
Liabilities
128,044 45
Mt. Washington Street Railway Company First Mortgage
Accrued Liability, Not Due-Taxes
15,600 00
$1,500,000 00 Invested
30-year 5% Gold Bonds, dated April 1st 1903
Surplus
3,937,629 16
Seventeenth Street Incline Plane Company First Mortgage
125,000 00
30-year 5% Bonds, dated March 1st 1905
Total
$7,781,390 40
Allegheny Bellevue & Perrysville Railway Company First
Mortgage 30-year 5% Gold Bonds, dated April 1st 1905_. 500,000 00
The Morningside Electric Street Railway Company First
PITTSBURGH
&
wEST
VIRGINIA
GAS
COMPANY
Mortgage 30-year 5% Gold Bonds, dated October 2d 1905 200,000 00
Ben Avon & Emsworth Street Railway, Company First MortGENERAL BALANCE SHEET MARCH 31 1914.
gage 30-year 5% Gold Bonds, dated April 1st 1906
300,000 00
ASSETS.
Pittsburgh & Beaver Street Railway,Company,First Mortgage
750.000 00 Property and Plant:
50-year 5% Gold Bonds, dated July 1st 1908
Franehises and Rights of Way
$3,341 89
Pittsburgh & West Virginia Gas Company Collateral Trust
Leases and Gas Wells
1,500,000 00
67,, Serial Gold Bonds, dated October 1st 1913
52,512 36
Pipe Lines-Transportation and Distribution 261,134 03
The Philadelphia Company has a contingent liability, as endorser, on
Service Connections
short-term notes issued from time to timelbyjits Affiliated Companies.
5,223 28
Meters and Regulators
29,227 63
Tools and Fittings
1,139 26
SCHEDULE OF CAPITAL STOCK SHARES OF OTHER CORPORATelephone Lines
4,249 97
TIONS OWNED AT MARCH 31ST 1914.
Real Estate
Total
Shares
3,302 39
Buildings
Shares.
Owned.
803 12
233,117 Pref. 240,000
Consolidated Traction Company
Total
Property
and
Company
Plant
Consolidated Traction
286,824 Corn. 286,980
$360,933 93
Equitable Gas Company
13,927 Stocks and Other Companies Owned
13,927 "
1,550,500 00
Equitable Gas Company
5,975 Pref.
5,975 Affiliated Companies:
Accounts
Pennsylvania Natural Gas Company
Receivable
19,822 Corn. 20,000
58 40
Pittsburgh Railways Company
50,000 Current and Working Assets:
50,000 "
Pittsburgh Railways Company
Cash at Bank and on Hand
50,000 Pref. 50,000
$15,951 57
South Side Gas Company
Accounts Receivable
15,099 Corn. 20,000
18,819 44
The Consol. Gas Co.of the City of Pittsburgh
Materials and Supplies
80,000 "
80.000
3,242 75
The Consol. Gas Co. of the City of Pittsburgh
Prepaid Taxes
617 Pref. 40,000
42 35
The Allegheny,Heating Company
2,664 Corn.
4,754
Duquesne Light Company,
Total Current and Working Assets
210,876 .
"*210,876
38,056 11
The Chartiers Valley, Gas Company
29,850
*29,850
The Beaver Valley Traction Company,
Total
21,500 ,.
*21,500
$1.949,548:44
The Philadelphia Company of West Virginia
20,000 .
' '*20.000
LIABILITIES.
The Union Gas Company of McKeesport
16,000
*16,000
The Braddock Gas & Light Company
5,000
*5,000 Capital Stock-3,000 shares
$300,000 00
Seventeenth Street Incline Plane Company
*5,000 Funded Debt:
5,000
Pittsburgh & Beaver Street Railway Company_ __ 4,700
Serial Collateral Trust6% Gold Bonds,dated Oct. 1 1913.._ 1,500,000 00
*4,700
Pittsburgh & West Virginia Gas Company
3,000 ..
*3,000 Affiliated Companies:
Cosmos Oil Company
1,900
*1,900
Temporary Loans
100,000 00
Mansfield & Chartiers Gas Company
*500 Current Liabilities:
500
The Morningside Electric Street Railway Co
480 "
*480
Accounts Payable
$11,118 08
Brereton Avenue Street Railway Company
*240
240 "
Consumers' Advances
2,257 79
Bates Street Railway Company
180 "
*180
Carrick & Baldwin Street Railway Company
120 "
*120
Total Current Liabilities
13,375 87
Five Miscellaneous Electric Power and Street RailAccrued
Liability,
not
Due
-Taxes
1,474 12
way Companies
792 .
*792 Profit and Loss-Surplus
34,698 45
*Being all of the stock of the Companies.
Total
$1,949,548 44
LIABILITIES.
'
'
14
14
46
1614
THE CHRONICLE
[voL. xcviii.
THE CONSOLIDATED. GAS COMPANY OF THE CITY purposes was 4,779. This does not include renewals. Also
215 miles of new wire was strung, and 1,844 transformers,
OF PITTSBURGH.
representing over 20,000 kilowatts capacity, were installed.
INCOME ACCOUNT-YEAR ENDED MARCH 311914.
There has been added to the underground system 336,300
Gross Earnings
3188,552 50
Operating Expenses:
duct feet, at Brunot Island and on the North Side,and 202,
Production
$99,712 93
700 duct feet in the down-town district and in the vicinity
Transportation and Distribution
36,539 23
of the East End Sub-Station. There was also installed durConsumers'
15,103 78
Commercial
8,693 18
ing the year 11M miles of 11,000 volt, 3-wire, underground
General and Miscellaneous
12.239 39
cable; also 5.8 miles of aerial cable and 36.1 miles of lowTotal Operating Expenses
tension cables of various types. There has also been con3172,288 51
Taxes
8,926 19
structed over the main channel of the Ohio River, from
Total Operating Expenses and Taxes
181,214 70 Brunot Island to the North Side, 6 submarine cables, which
work was accomplished without accident. These cables
Net Earnings
$7,337 80
are now in commission.
Other Income:
31,25000
Interest on Bonds Owned
The foregoing is the most notable work done during the
Rental of Real Estate and Buildings
62,536 16
year but does not include the vast amount of maintenance
269 56
Interest and Discount
work which was deemed necessary.to build up the plants and
Total Other Income
64,055 72
transmission lines to higher efficiency. The severe winter
Total Income
$71,393 52 with an unusually large amount of snow did not affect the
Deductions from Income:
transmission lines to any great extent.
Interest and Discount
$68,954 52
Miscellaneous
843 24
A contract was made by the Duquesne Light Company with
the Philadelphia Company for the purchase of Brunot Island
Total Deductions from Income
69,797 76
and the power plant and property thereon for $3,500,000, coNet Income Before Deducting Fixed Charges
$1,595 76 incident with which the Philadelphia Company subscribed
Fixed Charges:
Interest on Funded Debt
250,000 00 to an equal amount of Duquesne stock at par. Pending the
delivery of the deed for this property the Duquesne Light
Net Income,Deficit for the Year
$248,404 24 Company
has entered into possession of and is operating
GENERAL BALANCE SHEET, MARCH 31 1914.
that plant, paying a substantial rental therefor to the PhilaASSETS.
delphia Company. In the meantime the stock is held for
Property and Plant
$7,107,166 35 the benefit of, but is
not paying dividends to, the PhiladelStocks and Bonds of Other Companies Owned
4,000,000 00
Affiliated Companies:
phia Company. Except as to this amount,regular dividends
Accounts Receivable
$5,267 12
have been paid upon the stock as issued at the rate of 7%
Advances for Construction
23,380 22
per annum.
Total Affiliated Companies
28.647 34
During the year there have been sold $2,500,000 one-year
Current and Working Assets:
6% Gold Notes, dated February 2d 1914, the proceeds of
Cash at Bank and on Hand
$15,658 79
Accounts Receivable
12,471 93
which are to be•used for the increase in the power plant at
Materials and Supplies
3,238 64
Brunot Island and for betterments, improvements and exUnexpired Insurance
314 55
tensions to the Company's other property and plants. The
Total Current and Working Assets
31,683 91
on hand March 31st 1914 amounted to
Profit and Loss-Deficit
1,181,304 14 Company's cash
$2,543,796 66, which sum is estimated to be sufficient to
Total
$12,348,801 74 meet all the demands for payments to be made during the
LIABILITIES.
year on account of such improvements and provide working
Capital Stock:
capital; and to leave available for dividends that portion
Common,80,000 shares
$4,000,000 00
Preferred, 40,000 shares
2,000,000 00
thereof derived from earnings.
The Pennsylvania Light & Power Company has been
Total Capital Stock
$6,000,000 00
Funded Debt:
•
operated entirely separate from the Duquesne Light comFirst Mortgage 5% 50-year Gold Bonds dated Feb. 1 1898-- 5,000,000 00
pany, and its statement of income account and general
Affiliated Company:
Temporary Loan
1,270,000 00 balance sheet will be found in the report.
Current Liabilities:
General balance sheet and statement of income is herewith
Accounts Payable
$22,614 09
Consumers' Advances
submitted.
2,932 72
For the Board,
Total Current Liabilities
25,546 81
Accrued Liabilities, not Due:
JAMES D. CALLERY,
Taxes
$11,588 27
Interest on Bonds
President.
41,666 66
Total Accrued Liabilities
Total
53,254 93
DUQUESNE LIGHT COMPANY.
Office of the Duquesne Light Company,
Pittsburgh, Pa., April 1st 1914.
The Board of Directors herewith submit their annual report for the year ended March 31st 1914.
During the year the power plants have been so successfully
operated as to furnish better service than ever before, although none of the new 18,000 k.v.a. turbo-generators being
installed at Brunot Island were in use. One of.these units
was run under preliminary tests during March 1914. The
new installation at the Brunot Island power plant is going on
rapidly and the second turbo-generator is expected to be in
operation within a short time; the other two turbogenerators,
together with boilers, condensers, piping, coal dock, &c.,
are expected to be completed during the coming year.
At the close of the year the Company has in force 43,097
contracts, an increase during the year of 6,299, representing
an increased power load of 17,758 horse power, and also an
increased load of 6,025 kilowatts for lighting 381-100-watt
lamps and 347-250-watt lamps for municipal
'lighting, and
135 new signs, using 25,026-4 c. p. lamps.
ensuing
year it is expected that a number of the
During the
Company's smaller plants that have been operated during the
past year will be shut down and service furnished from the
new plant at Brunot Island.
For the past fifteen months your Company has supplied
electric current to the Pittsburgh Railways Company for
the operation of its entire system; and through a most severe
winter there were but few outages, and the service has been
considered satisfactory.
A comprehensive study has been made of the total power
requirements in the Pittsburgh district, and a census taken
of the individual users of steam power. This data has been
tabulated, and the Contracting Department has been vig
orously canvassing the territory, with marked success in
obtaining contracts from consumers who had heretofore
operated their plants by. steam.
The Department of Distribution reports new construction
of 23Y2 miles of high tension overhead lines; 8 miles of low
tension 2,200 volt lines; 18 miles of 3 and 4-wire power lines,
part on the existing pole lines.. The total number of additional new poles installed during the fiscal year for various
DUQUESNE LIGHT COMPANY.
$12,348,801 74
INCOME ACCOUNT-YEAR ENDED MARCH 311914.
Gross Earnings
$4.844,223 47
Operating Expenses:
Production
$1,614,300 12
Transmission and Distribution
478,764 04
Customers
72,848 87
Municipal Street Lighting
82,764 07
Laboratory
18,638 17
Commercial182,284 98
General and Miscellaneous
325,222 47
Steam Heating
3,220 73
eratin Expenses
Ttal
778,043 45
Taxes--------------------------------------i76.740 72
Total Operating Expenses and Taxes
2,954,784 17
Net Earnings------------------------------------------$1,889,439 30
Other Income:
Dividends and Interest on Stocks and Bonds
$109,576 21
Owned
174,209 90
Interest and Discount
Total Other Income
283,786 11
-- - --- - ------------------------------$2,173,225 41
Total Income----,
Deductions from Income:
$209,774 07
Rent of Leased Properties
343,686 40
Rent of Power Stations
36,369 10
Interest and Discount
Miscellaneous
19,117 72
Income
from
Deductions
Total
608,947 29
Net Income for the Year
$1,564,278 12
GENERAL BALANCE SHEET MARCH 31ST 1914.
A
ASSETS.
-------------- ------------ 39,3i1.550 74
Property and Plant---------- Owned
Stocks and Bonds of 0ther
9,901.675 88
Affiliated ReceivableCompaniesNotes Receivable- _ ---------------------$1,991,445 00
aistock sub
Accounts
215,403 80
capi
scription of Philadelphia
Company ---------------------------- 3,500,000 00
Total Affiliated Companies
5,709,848 80
Current and Working Assets$2,543,796 66
Cash at Bank and on Hand
Receivable
354,654 96
Accounts
626,725 52
Materials and Supplies
2,226 22
Unexpired Insurance
1,859 28
Prepaid Rentals and Taxes
Total Current and Working Assets
Deferred AccountsExtraordinary Maintenance
Balance of Discount on Securities Sold_ _ _ _
Total Deferred Accounts
Total
3,529,262 64
$79,464 94
31,250 00
110,714 94
$28,563,053 00
MAY 23 1914.1
THE CHRONICLE
LIABILITIES.
$21,087,600 00
Capital Stock-210,876 shares
Companies
Affiliated
$184,947 56
Accounts Payable
Contract for Purchase of Brunot Island
3,500,000 00
Property
3,684,947 56
Total Affiliated Companies
Current Liabilities2,700,000 00
Payable tes$
No
324,488 58
Accounts Payable
23,037 95
Consumers' Advances
3,047,526 53
Total Current Liabilities
Accrued Liabilities, Not Due$192,340 49
Taxes
55,386 44
Rentals
77,500 00
Interest on Current Liabilities
325,226 93
Total Accrued Liabilities
174,009 31
Depreciation Reserve
243,742 67
Profit and Loss-Surplus
$28,563,053 00
Total_
1615
LIABILITIES.
$850,000 00
Capital Stock-17,000 shares
Funded Debt:
Pennsylvania Light, Heat & Power Company First Mort- 150,000 00
gage 6% 15-Year Bonds,dated April 1 1901
20,000 00
Real Estate Mortgage
Current Liabilities:
$17,411 11
Accounts Payable
1,561 78
Consumers' Advances
18,972 89
Liabilities
Total Current
Accrued Liabilities, not Due:
$26,398 66
Taxes
22 17
Interest on Current Liabilities
26,4,20 83
Total Accrued Liabilities
194,863 97
Profit and Loss Surplus
Total
$1,260.257 69
PITTSBURGH RAILWAYS COMPANY.
Office of the Pittsburgh Railways Company,
Y COMPANIES,
STATEMENT OF FUNDED DEBT OF SUBSIDIAR
Pittsburgh, Pa., April 1st 1914.
MARCH 31ST 1914.
Amount
Amount
submit their annual reherewith
of
Directors
Board
The
the
in
by
Owned
Authorized
Hands of
port for the year ended March 31st 1914.
Duguesne
and
Public
g. Light Co.
Out
The Company now operates 600 miles of single track, of
$1,700,000 00
0 00
Monongahela Light & Power Co_$1,700,00
about 80 miles are interurban. On the system there
which
00
$500,000
00
500,000
Co_
Light
County
The Allegheny
478,000 00 are 10 miles of bridges and trestles.
22,000 00
00
East End Electric Light Co Co 500,000
00
56,000
00
300,000 00 244,000
Southern Heat, Light & Power
There has been expended during the year $1,114,267 12
$3;000,000 00 $766,000 00 $2,234,000 00 for improvements, betterments and extensions on the propTotal _
erties operated by the Company, and, in addition, large
CORPORA- amounts have been expended and charged to operating exSCHEDULE OF CAPITAL STOCK SHARES OF OTHER
TIONS OWNED AT MARCH 31ST 1914.
penses, for maintenance of roadway, tracks, bridges and
Total
Shares
overhead construction. All of these have greatly imShares.
Owned.
conditions.
16,968 Com. 17,000 proved operating
Pennsylvania Light & Power Co
15,000 " *15,000
During the year 1910 the General Manager designed alightThe Allegheny County Light Co
*6,000
6,000 "
k steel car with low wheels, having a side
Southern heat, Light & Power Co
1,881 " . *1,881 weight double-truc
Diamond Light & Power Co
a9,210 entrance and a low floor, to be used as a trailer. Fifty of
138 Miscellaneous Electric Light and Power Cos_ __ _ 9,210 "
such cars were purchased and placed in service during the
* Being all of the stock of the Company. a Being all of the stock of such
year 1911. They operated so satisfactorily as trail cars that
Companies.
we endeavored to purchase motors that could be used on the
GENERATING AND SUB-STATIONS.
low-wheel trucks but were unable to do so, and therefore the
11
Number of Generating Stations
undertook to design a motor for this truck.
131 General Manager
Number of Boilers
were
47,980 In this he was successful and a few of these trail cars
Boiler Horse-Power
66 equipped with the new motor and operated satisfactorily.
Number of Generators
70,365
Capacity of Generators in Kilowatts
During the year 1913 fifty trail cars and fifty of these low11
Number of Sub-Stations
floor motor cars (now known as the Pittsburgh car) were
ordered and are now being placed in service, and a further
ELECTRIC CONDUITS AND TRANSMISSION LINES.
more cars of the same
633 order has been placed for one hunderd
Miles of wire used in high-tension transmission
16 type to be delivered not later than November 1st 1914.
Miles of 3-wire, aerial cable, used in H. T. transmission
700
Duct miles of conduit
With these additional 200 double-truck cars the service will
be greatly improved.
SYSTEM.
ION
ELECTRIC DISTRIBUT
Five double-deck cars were purchased, to be delivered
57,000 shortly, each having a seating capacity of 110 people, and
Number of poles
3,400
wire
of
Miles
evening rush period.
40,950 for use especially during the
Number of transformers
56,700
Considerable time of the Operating and Claim DepartNumber of meters
2,836,280
Total connected load (In 50-watt equivalent)
ments has been given to the education of the public against
and the slogan "Safety Always" has been adopted.
accidents,
ELECTRIC LIGHTING STATISTICS.
.
At the last Pittsburgh Exposition, educational moving
Kilowatt Hours sold on meter rates for year ending March 31st
were exhibited by the Company, showing various
258,311,624 pictures
1914
accidents, and carelessness of pedestrians and
of
kinds
1914:
March
31st
supplied,
Lamps
of
Street
Number
5,697 passengers boarding moving cars; also delays due to teamArc_
2,147
Incandescent (100 W.)
quite an amount
1,675 sters, chauffeurs and others. This created
Incandescent (250 W.)'
141,814 of interest and as a result many invitations were received
Total connected load in K. W., March 31st 1914
from schools, banquets and various other public meetings
to show these pictures. We believe, from the interest mani.
&
POWER
LIGHT
COMPANY
VANIA
PENNSYL
fested, that very considerable progress has been made.
INCOME ACCOUNT-YEAR ENDED MARCH 31ST 1914. Display advertisements have been run in all of the news$217,273 27 papers, giving various reasons why and how accidents occur,
Gross Earnings
Operating Expenses:
and warnings to the public under the heading of "Dont's."
04
$87,926
Production __
The Superintendent of the Claim Department has, by
16,014 51
Distribution
3,730 57
Customers',
means of lectures before Teachers' Conventions and other
97
7,852
Commercial
public meetings, helped along this campaign for safety.
10,825 79
General and Miscellaneous
Some double tracking has been done on the interurban
88
$126,349
Total Operating Expenses
roads. These roads show a marked increase in receipts and
17,885 69
Taxes
have been operated profitably. There has been a large in144,235 57
Total Operating Expenses and Taxes
crease in the population along these interurban routes, which
$73,037 70 promises an increase in revenue in future years.
Not Earnings
Other Income:
Shortly before April 1st 1913 a contract was made with the
$968 31
Rental of Real Estate and Buildings
2,911 60
Duquesne Light Company for supplying all the electric
Interest and Discount
used by the railways. This service has been
3.879 91 current to be
Total Other Income
satisfactory.
61
$76,917
Total Income
Terminal facilities are being supplied to three interurban
Deductions from Income:
$1,260 60
roads, namely the Pittsburgh & Butler Street Railway ComInterest and Discount
52
913
Miscellaneous
pany, the Pittsburgh Harmony Butler & New Castle
Railway Company and the Allegheny Valley Traction Com12
2,174
Income
Total Deductions from
pany.
$74,743 49
Net Income before Deducting Fixed Charges
During the year the municipal improvement known as the
Fixed Charges:
8,668 00 "hump cut" has been completed. This improvement has
Interest on Funded Debt
benefit to the Operating Department
$66,075 49 been a great relief and
Net Income for the Year
and has also been instrumental in increasing the receipts.
While the gross receipts have increased, the operating exGENERAL BALANCE SHEET MARCH 311914.
have increased in greater ratio because of the many
penses
ASSETS.
and settlements (such as bridge tolls, paving and
exactions
$814,659 90
Property and Plant
with the City of Pittsburgh and various
cleaning)
street
00
Owned
297,000
Companies
Stocks of Other
boroughs through which the railways operate; as.well as an
Affiliated Company:
570 06 increase in the cost of labor and material.
Accounts Receivable
Current and Working Assets:
With this report will be found the general balance sheei
$127,922 20
Cash at Bank and on Hand
10,131 98
Acounts Receivable
and statement of operations.
89
9,223
Materials and Supplies
725 50
Unexpired Insurance
For the Board,
24 16
Prepaid Taxes
JAMES D. CALLERY,
148,027 73
Total Current and Working Assets
President.
$1,260,257 69
Total
1616
THE CHRONICLE
[VoL. xcviii.
PITTSBURGH RAILWAYS COMPANY
THE BEAVER VALLEY TRACTION COMPANY.
INCOME ACCOUNT-YEAR ENDED MARCH 31 1914.
Gross Earnings from Street Railway Operations
$11,782,860 00
Operating Expenses:
Maintenance of Way and Structures
$1,112,627 41
Maintenance of Equipment
794,790 59
Traffic
24,573 12
Transportation
4,580,810 47
General and Miscellaneous
1,383,065 91
INCOME ACCOUNT-YEAR ENDED MARCH 31 1914.
Gross Earnings from Street Railway Operations
$334,670 41
Operating Expenses:
Maintenance of Way and Structures
$29,229 00
Maintenance of Equipment
39,357 66
Traffic
351 84
Transportation
113,056
46
General and Miscellaneous
31,379 95
Total Operating Expenses
Taxes
Total Operating Exp:ns,s
Taxes
$7,895,867 50
437,801 00
Total Operating Expenses and Taxes
8,333,668 50
Total Operating Expenses and Taxes
Net Earningsfrom Street Railway Operations
Auxiliary Operations:
Gross Earnings
Operating Expenses and Taxes
$3,449,191 50
Net Earnings from Street Railway Operations
Auxiliary Operations:
Gross Earnings
Operating Expenses and Taxes
$133,888 85
98,404 76
Net Earnings
35,484 09
Total Net Earnings
Other Income:
Rental from Investment Buildings and Real
Estate
Interest and Discount
Miscellaneous Income
$3,484,675 59
$10,634 20
150,568 80
80 08
161,283 08
$3,645,958 67
$2,838,531 32
22,015 84
104,648 11
Total Deductionsfrom Income
2,965,195 27
$680,763 40
341,490 00
Net Income after Deducting Fixed Charges
Interest on Income Debentures
$339,273 40
239,273 40
Balance to Profit and Loss
$100,000 00
GENERAL BALANCE SHEET MARCH 31 1914.
ASSETS.
Property and Plant
$14,225,018 59
Bonds of Pittsburgh Railways Company in Treasury
4.675,000 00
Stocks and Bonds of Other Companies Owned
9,752,183 82
Affiliated Companies:
Receivable
Notes
$1,259,330 23
Accounts Receivable
31,169 46
Temporary Loans
484,000 00
Advances for Construction
71,889 96
Total Current and Working Assets
Deferred Account:
Extraordinary Maintenance
Total
$1.846,389 65
$161,740 87
2,000 00
120,357 62
13,400 00
484,356 90
1,641 78
16,628 34
. 800,125 51
485,169 15
$31,783,886 72
LIABILITIES.
Capital Stock:
Common,50,000 shares
Preferred, 50,000 shares
$7,905 68
10,734 52
Net Earnings-Deficit
Total Net Earnings
Other Income:
Rental of Real Estate and Buildings
Interest and Discount
2,828 84
$109.138 88
$462 83
145 97
Total Income
Deductions from Income:
Rent of Leased Properties
Interest and Discount
608 80
$109,747 68
$6,291 24
11,613 33
Total Deductions from Income
Net Income Before Deducting Fixed Charges
Fixed Charges-Interest on Funded Debt_
Total Affiliated Companies
Current and Working Assets:
Cash at Bank and on Hand
Notes Receivable
Accounts Receivable
Mortgage Receivable
Materials and Supplies
Unexpired Insurance
Prepaid Interest, Rentals and Taxes
222,702 69
$111,967 72
Total Other Income
Total Other Income
Total Income
Deductions from Income:
Rent of Leased Properties
Interest on Equipment Trust Bonds
Interest on Current Liabilities
$213,374 91
9,327 78
$2,500,000
2,500,000 2
17,904 57
Net Income Before Deducting Fixed Charges
Fixed Charges:
Interest on Funded Debt
$91,843 11
Net Income for the Year
$15,593 11
76,250 00
GENERAL BALANCE SHEET MARCH 31ST 1914.
ASSETS.
Property and plant
Stocks of Other Companies Owned
Affiliated CompaniesAccounts Receivable
Temporary Loans
Total Affiliated Companies
Current and Working AssetsCash at Bank and on Hand
Accounts Receivable
Materials and Supplies
Unexpired Insurance
$2.525,544 36
255,182 04
$1,325 29
11,700 00
13,025 29
$6,424 39
130,979 18
16,643 43
45 84
Total Current and Working Assets
154,092 84
Total ------------------------------------------$2,947,844 53
LIABILITIES.
Capital stock-21,500 shares
$1,075,000 00
Funded Debt-Second Mortgage,6% Gold Bonds,dated December 2d 1895 and due October 1st 1915._ $100,000 00
First Consolidated 5% 50-year Gold Bonds,
dated October 1st 1900
675,000 00
General Mortgage 5% 50-year Gold Bonds,
700,000 00
dated November 1st 1903
ComThe Peoples Electric Street Railway
pany Second Mortgage 6% 20-year Gold
25,000 00
Bonds, dated February 20th 1895
Total Funded Debt
Affiliated CompanyTemporary Loans
Current LiabilitiesAccounts Payable
Accrued Liabilities, not DueTaxes
Rentals
Interest on Bonds
$1,500,000 00
$200,000 00
15.403 00
$9,755 33
1,947 81
14,750 00
Total Capital Stock
$5,000,000 00
Funded Debt:
Total Accrued Liabilities
26,453 14
General Mortgage 5% 40-year Gold Bonds,
Profit and Loss-Surplus
130,988 39
dated March 31 1913
$6,000,000 00
Southern Traction Company, First MortTotal
$2,947,844 53
gage and Collateral Trust 5% 50-year
Gold Bonds,dated October 1 1900
4,000,000 00
West End Traction Company, General MortPITTSBURGH RAILWAYS COMPANY.
gage 5% 40-year Bonds dated Jan. 1 1898._
981,00000
Pittsburgh & West End Passenger Railway
Company, First Mortgage 5% 30-year
SCHEDULE OF CAPITAL STOCK SHARES OF OTHER CORPORABonds,dated July 1 1892
343,000 00
TIONS OWNED AT MARCH 31ST 1914.
Pittsburgh Crafton & Mansfield Street Railway Company First Mortgage 5% 30-year
Shares
Total
Bonds,dated July 1 1894
176,000 00
Owned.
Shares.
Coraopolis & Neville Island Bridge Company
340,000 Corn. 340,000
United Traction Company of Pittsburgh
6% 30-year Bonds dated Sept. 2 1895
4,000 00
50,000 Pref. 50,000
West End Traction Company
50,000 Corn. 50,000
West End Traction Company
Total Funded Debt
-$11,504,000 00 Pittsburgh & Charleroi Street Railway Company__ _ 60,000 " *50,000
30,000
Equipment Trust Bonds
458,000 00 Mt. Washington Street Railway Company
*30,000
11
20,000
Income Debentures:
Washington & Canonsburg Railway Company
*20,000
5,000
Pittsburgh Railways Company 6% 40-year
East McKeesport Street Railway Company
*5,000
14
Income Debentures dated March 31 1913_ _
10,000,000 00 Allegheny Bellevue & Perrysville Railway Company 5,000
*5,000
16
2,000 61
Affiliated Companies:
Ben Avon & Emsworth Street Railway Company
*2,000
Notes Payable
Pittsburgh Canonsburg & Washington Railway Co_ 1,590
$875,000 00
*1,590
41
Accounts Paayble
600 $4
92,654 21
Clairton Stre8t Railway Company
*600
Interest Accrued on Income Debentures__
500
239,273 40
West Shore Electric Street Railway Company
*500
480
Washington & Claysville Street Railway Co
*480
Ry.
Street
Co.
400
Pittsburgh
Lebanon
Banksvllle
&
Mt.
*400
Total Affiliated Companies
11
1,206,927 61 McKees Rocks & Ingram Street Railway Company_
400
*400
Current Liabilities:
$6
Allenport & Roscoe Electric Street Railway Co_
300 $1
*300
Notes Payable
$1,150,000 00
Railway
Co_
McKees
Street
300
Neville
Rocks
&
Island
*300
Accounts Payable
521,083 86
Rosslyn Street Railway Company
200
*200
11
Bon Air Street Railway Company
174
*174
Total Current Liabilities
14
1,671,083 86 Eleven Miscellaneous Street Railway Companies_ - 1,212
*1,212
Accrued Liabilities, not Due:
Taxes
$564,028 87
* Being all of the stock of such Companies.
Rentals
709,384 49
Interest on Funded Debt
18.770 00
Interest on Equipment Trust Bonds
3,043 33
HASKINS & SELLS,
Certified Public Accountants.
CERTIFICATE.
Total
$31,783,886 72
We have examined the Books and Accounts of the Philadelphia Company
Note.-The Pittsburgh Railways Company has a contingent liability and Affiliated Operating Companies for the year ended March 31 1914, and
for the following Bonds, guaranteed both as to principal and interest:
We hereby certify that the foregoing Balane,e Sheets and Statements of
Pittsburgh Canonsburg & Washington Railway Company
Income and Profit and Loss are correct.
First Mortgage 30-year 5% Gold Bonds, dated July 1 1907 _ $750,000 00
HASKINS & SELLS,
West Liberty & Suburban Street Railway Company First
Certified Public Accountants.
Mortgage 30-year 5% Gold Bonds dated Jan. 1 1908
New York, May 13 1914.
250,000 00
Total Accrued Liabilities
Contingent Reserve
Profit and Loss-Surplus
1,295,226 69
11,666 67
636,981 89
THE CHRONICLE
MAY 23 1914.]
1617
CHICAGO RAILWAYS COMPANY
DATED APRIL 30 1914.
REPORT OF HENRY A.BLAIR,PRESIDENT,TO THE BOARD OF DIRECTORS,
Chicago, Ill., April 30 1914.
To the Board of Directors of the Chicago Railways Company:
Gentlemen.—In connection with the Sixth Annual Report
fiscal year
of the Chicago Railways Company, covering theJanuary
31
commencing February 1 1913 and terminating
1914, it is deemed proper by your President to submit the
following:
The results of the operation of your property for the last
fiscal year, as shown by this Report, are very satisfactory,
in
the special features of which are a substantial increase in
gross receipts, a lower operating ratio and a large increase
actual net income. Your President commends to all interested a careful examination and analysis of this Report. reIt is, perhaps, only necessary here to refer to, without
peating, the statements contained in my Report of April 23
require1913 to your Board, relating to (1) the ordinance
ments affecting the financial obligations of the Company;
(2) the excess of funded debt over amount of valuation at
which the City has the right to purchase, and (3) the expenses, and especially those relating to maintenance of organization, notices to participation certificate holders, Finance
Committee, etc., which have to be paid out of the Company's share of the divisible net receipts in order to account
for the difference between the total 45% of the divisible net
receipts retained by the Company and the actual amount
devotable to dividends.
THE AMOUNT ADDED TO CAPITAL ACCOUNT DURING THE
LAST FISCAL YEAR.
The amount of certificates issued by the Board of Supervising Engineers, pursuant to Section 7 of the ordinance of
February 11 1907, representing additions to capital account
in amounts expended for construction, re-construction, equipment, re-equipment, extensions and additions prior to
January 31 1913, and from that date up to January 311914,
is as follows:
(a) The cost of construction, re-construction, with percentages added as determined by the Board of Supervising
Engineers, between February 1 1907 and February 1 1908_ $1,809,172 08
(b) Tao cost of construction, re-construction, equipment,extensions and additions to plant and property, as determined by the Board of Supervising 'Engineers between
44,899.413 66
February 1 1908 and January 31 1913
$46,708,585 74
Total
The valuation of the property under the ordinance aforesaid, as ofJune 30 1906, was -$29,000.000 00
The value as ascertained by the Board of Supervising Engineers of property added by
the receivers from said June 30 1906 to
Febtuary 1 1907, the date on which the accounting commenced under the ordinance
1,779,874 94 30,779,874 04
of February 11 1907, was
Making a total of capital account on January 31 1913 of_ _ _ _$77,488,460 68
of the Chicago RailThe amount added to the capital accountto
31 1914,
ways Company from January 31 1913 theJanuary
same, issued by
as shown by the certificates covering
that period was $3,487,489 85
the Board of Supervising Engineers during
the same existed
Adding to this the total capital account as
77,488,460 68
on January 31 1913, and as above set forth
We have a total on January 31 1914 of capital account of$80,975,950 53
EXTENSIONS
WORK OF REHABILITATION, RE-EQUIPMENT,ENDING
AND ADDITIONS FOR THE FISCAL YEAR
JANUARY 31 1914.
The total cost of rehabilitation, re-equipment, extensions
and additions to January 31 1914, with percentages added,
as determined by the Board of Supervising Engineers, equals
$50,196,075 59, of which, as before stated, $3,487,489 85
was created during the last fiscal year ending January 31
1914.
DIVIDENDS DECLARED AND PAID DURING THE YEAR
ENDING JANUARY 31 1914.
The dividends declared and paid upon the capital stock
of the Chicago Railways Company during the year ending
January 31 1914, or charged to the account for the fiscal
year ending on that date out of surplus carried over and
earnings, were in the amounts and were distributed on account of participation certificates as follows:
On Participation Certificates, Series 1:
$184 800 00
February 1913 16 per part on 30,800 parts
184,800 00
1913 6 per part on 30,800 parts
May
184,800 00
1913, 6 per part on 30,800 parts
July
123,200 00
August 1913, 4 per part on 30,800 parts
$123,200 00
January 1914,4 per part on 30,800 parts
less amount of excess previously declared to
4,135 32 119,064 68
cover expenses and not paid out
$796,664 68
Total dividends distributed to Series 1
On Participation Certificates, Series 2:
parts, total amount of dividends dis$2 Per part on 124,300 2
248,600 00
tributed to Series
$1,045,264 68
All payments due on participation certificates Series 1
have been paid, and none will further accrue until August 1
1914.
UNIFICATION AGREEMENT.
Your Board,as well as the participation certificate holders,
are familiar with the fact that on November 13 1913 the
City Council of the City of Chicago passed an ordinance
authorizing unified operation between Chicago Railways
Company, Chicago City Railway Company, The Southern
Street Railway Company and Calumet & South Chicago
Railway Company, according to the terms of an operating
agreement which was made a part of said ordinance. Copies
of this ordinance and said operating agreement were mailed
to each participation certificate holder, and at a meeting,
duly called, of said participation certificate holders on December 22 1913, the execution of this operating agreement
was duly authorized, and on the same day was also authorized
by the trustees holding the stock of the Chicago Railways
Company, and said agreement on the same day was duly
executed by the proper officers of all the Companies, parties
thereto.
This agreement was put in operation February 1 1914.
Naturally, unified operation under this agreement was
attended with a great many difficulties, but these difficulties
are gradually disappearing and general results to date amply
justify the unification of the operation of these properties.
The Board of Operation provided for by the operating
agreement consists of seven members, four appointed by the
Chicago Railways Company, to wit, Henry A. Blair, Wallace
Heckman, Charles C. Adsit and John M. Roach, and three
appointed by the Chicago City Railway Company, to wit,
Ira M. Cobe, Frank 0. Wetmore and Leonard A. Busby.
The Board elected the following officers:
Henry A. Blair.
Chairman
Leonard A. Busby.
President
Williston Fish.
Vice-President
John J. Duck.
General Auditor
Markham B. Orde.
Treasurer
Secretary and Assistant Treasurer.._ _Fred. D. Hoffman.
Frank L. Hupp.
Assistant Secretary
Wm. W. Gurley.
General Counsel
SETTLEMENT OF LITIGATIONS AGAINST THE COMPANY.
Your President is pleased to be able to state that all
the pending litigations brought against the Chicago Railways Company, based upon the claim that the Chicago
Railways Company was liable for the debts of the Chicago
Union Traction Company and its constituent Companies,
have been settled and ended.
These litigations referred more particularly to an alleged liability of the Chicago Railways Company upon the
43% thirty-year gold bonds of the Chicago Consolidated
Traction Company, purporting to be guaranteed by the
Chicago Union Traction Company.
Your President is also pleased to be able to announce
to you that three mandamus cases brought in the interest
of the respective Towns of Oak Park, Maywood and River
Forest against the Chicago Railways Company and others,
in which it was sought to compel the Chicago Railways Company to exchange transfers with the County Traction Company, have terminated in a decision in favor of the Chicago
Railways Company, the writs of mandamus against the
Chicago Railways Colinpany having been denied by the Court
in each case. The time for an appeal has not yet expired
and it may be that said causes will be appealed, but counsel
for the Company are of the opinion that the Company has
nothing to fear from a prosecution of such possible appeals.
There are now pendmg against the Company no litigations
of any kind except personal injury cases and except said
mandamus cases in which the possibility of appeals still remains.
STATE PUBLIC UTILITIES COMMISSION.
On January 1 1914 an Act of the Legislature of the State
of Illinois entitled "An Act to provide for the regulation of
public utilities," approved June 30 1913, went into effect.
Under this Act there has been created a State Public
Utilities Commission of five members.
By this Act, if it be assumed valid and constitutional,
the Commission has general supervision of all public utilities
and there is vested in them vast and far-reaching powers.
The Chicago Railways Company is a public utility within
the meaning of this Act.
The City of Berwyn, a suburb lying to the west fo Chicago
and whose eastern boundary is about two miles west of the
western boundary of Chicago, at 46th Avenue and about,
nine miles west from the business centre of Chicago, has filed
a petition with the Commission, praying the Commission to
order the transportation of passengers from all points. in
Chicago to Berwyn and from Berwyn to all points in Chicago,
for a single five-cent fare, and for the division of that fare
between the street railroad companies operating in Chicago
and the suburban company which is claimed to control the
lines of railway from the city limits of Chicago into Berwyn.
To this petition the Chicago Railways Company, Chicago
City Railways Company, Calumet & South Chicago Railway,
Company and The Southern Street Railway Company, together with the City of Chicago, are all parties and have
filed their answers thereto.
Since the unification of operation, all receipts of the four
street railway companies above mentioned are paid into a common fund, and hence any order affecting the rate of fare of
any one of the companies would affect all of the companies,
as well as the City of Chicago, which, under the ordinances
to the respective street railway companies, is entitled to 55%
of the net divisible receipts of the companies as in said ordinances defined.
Respectfully submitted,
HENRY A. BLAIR,
President.
1618
THE CHRONICLE
[VOL. xcviii.
CHICAGO RAILWAYS (CONCLUDED)-SIXTH ANNUAL REPORT-FOR YEAR ENDING JAN. 31 1914.
A-INCOME STATEMENT FOR YEARS ENDED JANUARY 31ST,
DeductionsJOINT ACCOUNT.
Interest accrued on:
First mortgage bonds
Income from$2,478,944 44 $2.297.750 00
1914.
1913.
Consolidated mortgage bonds
Passengers
1,817,919 27
1,830,572 33
519,243,056 09 317,709.205 49
Purchase money mortgage bonds
Special cars
162,920 00
162,920 00
4,806 45
4,596 70
Collateral
and
funding notes
Mail cars
24,900 00
31,488 73
38,237 83
Current liabilities
Advertising
1.120 50
100.000 00 Sinking
100,000 00
fund
reserve
accrued
Rent of equipment
165:0-01:1156
250.000 00
12,544 79 Corporate
7,902 77
expenses
and
adjustments
Rent of buildings, etc
120,573 81
157,296 97
8,023 68
7,239 00
Sale of power
60,413 44
46,162 74
Total deductions
Interest on deposits
$4,880.854 24 $4,674,063 08
61,361 00
91,102 46
Miscellaneous income
88,933 45 Net
136,417 94
Income
$475,076 48
$996,387 14
Gross Income
$19,674.715 53 $18,076,777 03 D-SURPLUS ACCOUNT FOR YEAR ENDED
JANUARY 31ST 1914.
ExpensesSurplus at first of year
$435,511 53
Maintenance way and structures
$644,336 48
$738,174 06 Net income for year
996,387 14
Equipment
722.549 35
682.861 49
Renewals
1,575,207 78
1,446,142 16
Total
$1,431,898 67
Power
1,991,090 23
1,852,719 13
DeductionsOperation of cars
5,176,464 29
4,881,644 10 Interest
on Adjustment Income Bonds for year ended JanGeneral
1.425.318 04
1,410,692 65
uary 31st 1913
$100,000 00
Expense investment real estate
23.678 01
39,309 71 Dividends
on Participation Certificates No. 1 and Expenses
Taxes (estimated)
813,159 57
676,958 56
(including the dividend of $4 00 per part, payable February 10th 1914)
852,864 68
Total Expense
512,371,803 75 $11,728.50186
Dividend on Participation Certificates No.2($2 00 per share,
payable February 10th 1914)
248,600 00
Balance
$7.302,911 78
36.348,275 17
Deduct interest at 5% on valuation
3.928,57994
3,778,44923
Total
$1,201,464 68
Net income
53,374,331 84
$2,569,825 94
Balance of Surplus at close of year
$230,433 99
Note.-There has accrued and same is payable May 1 1914, out of the
Division of Net Incomeabove Surplus,
interest on the Adjustment Income bonds for the year
City of Chicago 55%
31.855,882 51
51,413.404 26 ended January the
31st 1914. amounting to (net) $95,172 00.
Chicago Rye. Co.45%
31,518,449 33
31,156,421 68
E-GENERAL BALANCE SHEETS AS OF JANUARY 31ST.
B-TRAFFIC STATISTICS FOR YEARS ENDED JANUARY 31ST.
Assets1913.
1914.
Road, equipment and franchises
$91,241,252 82 $88,018.148 03
Car Mileage1914.
1913.
Treasury
securities
1,610,297 34
Passenger cars
62,807,503
59.276,772 Bonds deposited with Trustees as collateral: 1.614,447 34
Mail Cars
206,736
188,575
With First Trust & Savings Bank
832,000 00
Other securities of the Company held by
Total
63,014,239
59,465,347
Trustees:
By Merchants Loan & Trust Company:
Passengers CarriedConsolidated mortgage bonds:
Revenue
385,451,459 355.518.500
For exchange for underlying securities:
Transfer
273,456.205 256,408.891
. Series A .
600 00
600 00
Series B
1,080 00
1,080 00
Total
658,907,664 611,927.391
Series C..
300 00
300 00
By Harris Trust & Savings Bank:
Percentages to Gross IncomeFirst mortgage 5% gold bonds_ _ _ _
500,000 00
500,000 00
Operating expenses
Cash and cash items.
50.75
5,565,667 66
53.14
5,984,680 98
Reserve for renewals
Accounts receivable.
8.00
156,307 87
8.00
238,903 59
Taxes
4.13
43.604 04
3.74 Advanced rent and insurance premiums_ _..
3,054 78
Income from treasury securities accrued_ _..
22,763 81
34,935 72
62.88
64.88
Interest on plant value
Total Assets..$99,146,023 54 597,224,000 44
19.97
20.90
Net divisible income
Liabilities17.15
14.22
Capital Stock
$100,000 00
$100,000 00
100.00
100.00 Funded Debt (all bonds due Feb. 1 1927):
49,955,000 00 45,955,000 00
First mortgage 5% gold bonds
Net Divisible IncomeConsolidated mortgage 5% bonds:
To City of Chicago
9.43
17,403,800 00 17,699,800 00
Series A
7.82
To Chicago Railways Company
17,164,475 00 17,164,475 00
7.72
Series B..
6.40
1,927,336 22
Series 0
2,194,336 22
17.15
4,073,000 00 4,073,000 00
Purchase money mortgage bonds
14.22
2,500,000 00
Adjustment income bonds
2,500,000 00
C-INCOME STATEMENT FOR YEARS ENDED JANUARY 31ST,
Underlying securities
1,980 00
1,980 00
NON-PARTNERSHIP ACCOUNT.
Five-year 5% collat. notes due Feb. 1 1913
-----------498,00000
Current liabilities..
.,(1,133
147,842 33
Items of Income1914.
1913.
Interest, dividends, taxes and sinking fund
The Company's proportion of income from
accrued
1,805,772 65
1,917,674 35
joint operation
$1,518,449 33 $1,156,421 68 Reserve for renewals, damages, &c
1,980,042 45
1,536,381 01
Interest allowance on valuation of property_.. 3,928,579 94
3.778.449 23 Surplus
230,433
435,511 53
99
Interest on bank balances
161,733 52
122,775 36
Interest on treasury securities
93,478 59
90,653 29
Total liabilities..
$99,146,023 54 $97.224,000 44
Miscellaneous income
175,000 00
840 00
Correct, F. E. SMITH, Comptroller,
Gross Income
$5.877,241 38 $5,149,139 56
Chicago, Ill., April 4th 1914.
Stern Bros. (Dry Goods), N. Y.-Pref. Div. Omitted.- by a town which was incorporated after the work began. By the use of
No action has, it is stated, yet been taken on the question of declaring the pipe line, not to exceed 2,000 inches of water, it is understood, will be
a quarterly dividend on the $3,000.000 7% cuml. pref. stock, which would turned into the Los Angeles mains. This will develop a peak load of
be payable on June 1. Distributions were made frcm March 1911 to approximately 7,500 h. p., while the peak load of the Edison Co.'s system
in Los Angeles is about 25,000 h. p. Moreover, the $6,500,000 bonds, it is
March 1914, both inclusive.
President Louis Stern in the annual reportfor the year ending Jan. 31 last believed, will not suffice to complete the first installation at power plant
says, undor date of April 4 that from the date of the removal from 23d to No. 1, with necessary transmission lines and sub-station, and provide for
42d St. on Sept. 1 1913 to. Feb. 1 1914 the gross business increased condemnation, plus an addition to the system for street lighting, which is
about 25% and the number of new accounts opened during the same period not handled by the company, and the completion of the aqueduct.
The company, therefore, has time to work out its plans, and, having the
increased 92% compared with the previous year. He says further: "In
situation well in hand, does not believe there is any particular cause for
bringing about the change of location, it was naturally impossible to
the leases on 23d St and 42d St. buildings dovetail exactly, the lease onhave
uneasiness
on the part of the stockholders.-V.98, p. 1541, 1532.
old building not expiring until Feb. 1915. We are negotiating for the the
letting of the vacant premises, which if consummated will greatly reducesubTennessee Power Co.-Guaranteed Bonds Offered.-E.W.
the
charge, but under all circumstances,this increased expense will cease Feb. 1 Clark & Co. are offering by adv. on another page 1st M.
and is only temporary. Upon the declaration of the dividend on Feb. 13,
my guaranty of the preferred dividend expired. Therefore, in view of the 50-year 5% gold bonds dated May. 1 1912, duo May 1 1962.
above-mentioned double rental for the curre'nt year and the financial re- Authorized, $50,000,000; outstanding, $7,500,000. Interquirements attendant on our greatly increased business, I consider that the
Interests of the stockholders will be best conserved by the careful husbanding est payable M. & N. Penn. State tax refunded. A first
of the company's resources, and shall recommend to your directors that they mortgage on all the real property, rights and franchises
temporarily suspend the payment of dividends on the preferred stock.'
now owned (or hereafter acquired), including 431.9 miles of
Earnings.-For the year ending Jan. 311914:
Year ending
Net
Expenses,
Interest,
Other
Balance,
Jan.31- Profit.
Paid.
Deireen,&c.
Income.
Surplus.
1913-14 _ _$417,432
$149,883
164,758
$18,731
$121,522
Expenses, depreciation, c. ($164,758)include officers' salaries, $40,000;
general corporation expenses, $17,447; general corporation taxes (including
Federal income tax) $8,833; bad debts, $27,742, and depreciation of fixtures, machinery and equipment, $70,735. Adding $57,301, the amount
charged to Louis Stern under his guaranty of preferred dividends, including the proportion of current dividend to Jan. 31 1914, makes a total
of $178,823; deducting 4 quarterly pref. dividends for year ending Nov. 30
1913, $210,000, leaves accumulated surplus Jan. 31 1914, after adjustments, $35,000.-V • 98, p. 1465. 457.
Southern California Edison Co., Los Angeles.-Official
Statement.-Vice-Pres. and Gen. Mgr. Brackenridge, in an
informal communication dated May 12, says in substance:
The principal factor
in carrying the city election in favor of issuing power
bonds (V. 98, p. 1554) was the repeated statement that the city would not
go in competition with the local companies, but would proceed with the
policy of municipal ownership by condemning the system of the Southern
California Edison Co.; and it was pointed out that under the law the price
to be paid for the system would bo fixed by the State RR. Commission,
which has a record for fair and impartial dealing.
The next step will be the filing of a suit in eminent domain by the city
In the Superior Court, whereupon the matter will be referred to the Commission to fix the award. The matter will then proceed in the courts on
the question of whether or not the city has a right to condemn. It is not
proposed that the city shall attempt to take over our railroad business in
Los Angeles, and there is a possibility of our finding a way to remain in
the large wholesale business, even though the condemnation proceedings
should be successful.
The power plant cannot be completed within a year, and the only use
for the water so far definitely determined on is in connection with the
City of Los Angeles by means of a pipe line under construction from the
ueduct to connect with the city mains. Construction work on this is
held up just outside of Los Angeles on njunction proceedings brought
high-tension transmission lines and hydro-electric sites that
are capable of an ultimate development of 160,000 h.p., of
which 47,000 h.p. is developed and in operatiOn. Steam
reserve capacity of 34,310 h.p. is held under lease.
These bonds are also guaranteed principal and interest by the Tennessee
Railway, Light & Power Co., which has pledged as security for its guaranty
all of its holdings of the Chattanooga Ry. & Light Co. common and pref.
stock, practically all of which is owned- b'y the Tennessee Ry., Light &
Power Co. See further particulars in "Electric Railway Section" issued
to-day and in v.95, p. 549.
Toronto Paper Mfg. Co., Ltd., Toronto, Can.-Earns.
Period
Bond Direc.,&c.
Net
Dividends Bal., Sur.
Profit. Interest. Fees.
CoveredPaid. or Deficit.
Yr.end.Mar.31'14 375.693 $30,000 $2,319 (6n
def.
.$7,251
7 mos. end. Mar.
1,400 (1 2-3)12,500 sur.49,573
17,500
31 1913
80,973
Total surplus Mar. 31 1914, $27,534, after writing off organization expenses, Sze., $5,222, and improvement account, $6,930.-V. 97, P. 1903.
%)550,625
Tucson (Ariz.) Gas,El. Lt. & Pow. Co.-Power Exclusive.
The Arizona Supreme Court recently held that the Corporation Commission's power to regulate gas rates is exclusive under the Arizona Constitution. The decision of the lower Court sustaining the company's demurrer
In the suit brought under the law (Chapter 52, Laws of 1912) was affirmed.
The Court says that "no other State in the Union has placed such extraordinary power in its Corporation Commission, but that is no reason for
rejecting or repudiating, by construction or otherwise, the power and authority given this body by our constitution. It is to be remembered that the
framers and the people who adopted it designed that our constitution
abandon the beaten paths of precedents in constitution-making, and
handle modern problems and conditions by advanced methods and formulas. * * * While the Legislature had no power under the constitution to do what it undertook to do in Section 7 of Chapter 52, the Corporation Commission not only has the power to do It, but is afforded every facility for its intelligent execution. The Commission, upon application or
upon its own motion, notice and hearing, possesses the power to require
MAY 23 1914.]
THE CHRONICLE
the gas
illuminating gas to be sold by meter measurement, and may forbid
of gas than
company from charging and collecting for a greater amount made,
if the
is
charge
the
for
which
period
the
during
furnished
actually
Indeed, if
facts in the case show that such charge is just and reasonable.
support such a
the Commission's findings of fact, in a given case, would
of Section 7 might
decision, we can see no reason why the very language Commission
is not
not be used as the expression of its judgment. The
rebound to recognize and prescribe minimum rates, unelss the situation
and
reasonable."
be
just
may
rates
the
that
quires it, in order
United Fruit Co., Boston.-Notes.-Lee, Higginson &
Co., jointly with Higginson & Co. of London, offered on
May 15,at a price to yield about 5.40%, $10,000,000 4-year
1
5% coupon gold notes, dated May 1 1914 and due May
1918. It was announced on May 18 that the issue had been
London.
largely oversubscribed, about 25% of it going to up
to and
1619
Thr Tommercial
COMMERCIAL EPITOME.
Friday Night, May 22 1914.
With more seasonable weather trade is better, both retail
and jobbing. In some departments the improvement is
rather pronounced. The cotton goods industry shows more
life in response to a sharp advance in the raw material. Wool
has been active and rising. Various New England industries
are in better shape. Sales of pig iron increased, and the
feeling in the iron and steel industry as a whole is rather more
cheerful, even if actual business has not shown much improveipent. Exports of wheat have increased. Collections
are said to be somewhat better at the West. Money continues easy. Yet it is a fact that the great industries of the
country are still in a condition that leaves much to be desired. The fear of adverse legislation at Washington tends
to keep transactions in most departments of the trade within
very conservative and watchful bounds. The general feeling, however, is not unhopeful. Reports of damage to the
wheat crop are believed to be exaggerated. The same is no
doubt true of some of the reports in regard to cotton.
LARD has been in moderate demand and steady; prime
Western 10.35c., refined to the Continent 10.70c., South
America 11.30c., Brazil 12.30c. in kegs. Lard futures
have fluctuated within a comparatively narrow range, but
owing to some decline in the price of hogs the tendency has
been towards somewhat lower prices. To-day prices declined on very dull trading.
Callable as a whole; but not in part, on any interest date date therencluding Nov. 1 1916, at 101 and int., and upon any interest
payable in Bosafter at 1004 and int. Principal and interest (M.& N.)
of $1,000, $500 and
ton or in London at $4 86 2-3 per I. Coupon notes
and outauth.
Total
Boston.
Co.,
$100. Trustee, Old Colony Trust
covenants that it will place no mortstanding, $10,000,000. The company equally
securing these notes. The
gage on any of its properties without
properties aro now unmortgaged.
May 14 1914.
Digest of Letter from Treas. Charles A. Hubbard, Boston,
Chief business, the production, purIncorp. in N. J. March 30 1899.
about 950
controls
or
Owns
bananas.
of
sale
chase, transportation and
with its plantations and 690,250 acres
miles of railroad used in connectionWest
acres are
of
229,104
which
Indies,
the
and
America
Central
of land in
business requires a maximum
improved or under cultivation. Its regular
Also owns a large sugar plantation
ocean service of about 100 steamships.and
substantially all of the common
and modern factory at Banes, Cuba,
modern sugar plantacapital stock of the Nine Bay Co., which has a large
tion and factory at Preston, Cuba. Combined output of these two plants
sugar.
of
raw
lbs.
was
over
261,000,000
year
fiscal
past
for the
Growth of Company's Business Shown by Figures from Annual Reports.
Accum.
Interest Dividends
Net
Funded
Fiscal Capital
Surplus.
Paid.
Earnings. Charges.
Debt.
Stock.
Year.
1901412,369,500 $4,255,000 $1,251,975 $153,418 $1,084,767 31,163,934
1913.. 36,594,300 21,467,940 6,197,876 882,245 2,927,544 16,284,212
CHICAGO.
DAILY CLOSING PRICES OF LARD FUTURES INThurs.
Over $3,000,000 of the proceeds of these notes will be used to pay off the
Fri.
Wed.
Tues.
Mon.
Sat.
Nipe Bay Co. 1st M. 6% notes due June 1 1914.
9.95
10.075 10.073 10.07% 10.05
the next 18 May delivery____....cts.10.10
Of the balance, about $4,000,000 will be required during
10.05
10.12
10.15
10.15
10.20
delivery
for
July
used
10.1734
be
will
remainder
the
and
months to pay for additional steamships,
10.22
10.30
10.30
10.30
10.35
in the tropics, &c. September delivery___ _10.35
additions to the railways, equipment and cultivations
amount to more
steady; mess $22 75@$23, clear $19 75@$21 50,
The net assets, including the proceeds of these notes,
PORK
including
which,
debt,
funded
present
than $84,000,000, over 24 times the
to be retired on or family $25@$27. Beef firm; mess $18@$19,. packet $19©
these notes and after deducting $585.000 debentures
Capital stock, $36,594,300, $20, family $20@$22, extra India mess $28@$30. Cut
before July 1 1914, aggregates $30,466,000.
times the funded
1.8
than
more
or
has market value of over $56,000,000, cash dividends in each year since meats quiet and steady; pickled hams, 10 to 20 lbs., 13@,
debt, including these notes. Has paid
div. rate,8%. 13%c.; pickled bellies, 6 to 12 lbs., 143'@153/sc. Butter,
Present
to
7
from
varying
10%.
rates
at
1899
in
organization
Income Applicable to Interest Charges for Fiscal Years ending Sept. 30.
creamery extras, 253'@26c. Cheese, State, whole milk,
1913.
1912.
1911.
1910.
1909.
1908.
fresh colored specials, 13M@13Yic. Eggs, fresh-gathered
$4,041,091 $4,388,649 $6,552,577 $5,038.740 $5,332,112 $6,197,876
The net income for the last fiscal year, 1913-14, is nearly four times the extras, 225/2@23c.
present annual interest charges, $1,604,125, including interst on these
COFFEE has continued quiet, with o. 7 Rio 8Vic.
notes.-V.98, p. 165.
and fair to good Cucuta 123/2@13c. Coffee futures have
not changed materially though there has been some tendency
has been very dull.
nt Co.-Earnings.- towards lower prices. The trading
United States Realty & Improveme
Int. on Dividends Balance, Foreign markets have latterly been irregular. European
Net
Interest,
Total
Ir&Ir end.
(5%). Surplus. have been somewhat stronger and Santos rather weaker.
April 30. Income. Depr'n, &c. Income. Deb. Bds.,$808,140
$514,398
1913-14-$3,419,609 $1,500,571 $1,919,038 $596,500
has been some selling here against purchases in Brazil.
1912-13..__ 3,559,303 1,481,241 2,078,062 596,500 808,140 673,422 There
To-day prices were unchanged to slightly lower with the
-V.98, p. 1248, 242.
transactions very small. European markets were lower.
Waltham Watch Co.-See "Annual Reports."
the year
Closing prices were as follows:
A Boston paper says that President Fitch states that the sales for
Agreement Regarding Revere Sugar Refinery.-
See that company above.-V.98, p. 165.
year, while the production was
were about equal to those of the previous
calendar year 1913 were the dullest
greater. The last 4 months of the
on the pref. and $70,000 on
of
Dividends
$300,000
decade.
a
for at least
The usual charges for depreciation
the common stock were earned and paid.
estate and machinery accounts, and careful
were written off on the factorythe
receivables was also made and depreciascrutiny of the inventory and
tion written off. The company has purchased during the year the Waltham
Clock Co. and has amended its by-laws to permit of the manufacture of
clocks in addition to watches.
Woman's Hotel Co., New York.-Dividend Omitted.-
1913 and no pay
No dividend was paid on the $392,500 stock on Dec. 1 the
rate of 2 0
ment will be made on June 1. Payments were made atFrom
March 1909
semi-annually from Dec. 1910 to June 1913 inclusive.
each
The two
1Y,%
were
of
made.
distributions
quarterly
to Juno 1910
the money having been used
dilvdends were omitted, although earned,to
and
purchase property adjoining
to reduce the amount of the mortgageare
expected to be resumed in Dec.
the hotel on the east. Distributions
1914.-V. 70, p. 692.
-Spencer Trask & Co., the Equitable Trust Co. and Harris, Forbes & Co., all of this city, arc jointly offering $5,000,000 Province of Alberta, Dominion of Canada, 10-year
at 97 V and interest, to yield
432% sinking fund debentures
about 4.83%. A market in London will be established
through a public issue there of approximately one-half of
this amount. During past six months $6,000,000 additional
placed by the bankers in the
43% debentures have been See
the advertisement for addiUnited States and Canada.
tional details. Complete information on application to
the bankers.
-"The Public, the Investor and the Holding Company,"
the address delivered by Francis T.Homer,of Bertron, Griscom & Co. 40 Wall St., this city, before the "Finance
16, has been re-printed. Copies can be
'
Forum," March
obtained on request from Bertron, Griscom & Co. or the
West Side Y. M. C. A., 318 West 57th St., this city.
-Shelley E. Thayer, formerly Manager for John Burnham & Co.'s Boston office, has become associated with
L. Sherman Adams of 50 Congress St., Boston. Mr. Thayer
will make a specialty of New England bank and trust company stocks, New England and Southern mill stocks and
Massachusetts gas and electric-light securities.
-Edward Werner and Harry S. McDermott, both formerly with Werner & Broun, have formed a partnership
to be known as Werner & McDermott. The new firm will
deal in miscellaneous securities and have offices at 30 Broad
St., this city.
-A. E. Butler & Co., Chicago, are distributing to their
clients a vest-pocket manual of Chicago Investment Securities, describing over 300 corporations whose stocks and bonds
are actively handled by them.
-Curtis & Sanger are now located in their new and much
larger offices at 49 Wall St.
May ____cts.8.43 8.45i September cts8.77 8.78
8.45@8.48'October__ __ 8.4®6_
June
8.56 8.58 I November -8.91®8.93
July
August .._ _ -8.66 8.68 I December.._ _8.99 9.01
January ..cts.9.06 9.08
9.13@5_
February
9.19 9.21
March
April..9.24©9.26
PETROLEUM has been easier. Freight room has been
secured to ship 135,000 cases June clearance from New
York to Brazil. Barrels 8.60@9.60c., bulk 5.10@6.10c.,
cases 11.10@12.10c. Crude steady; 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 65a.; Illinois, above 30 degrees, $1 15; Kansas and
Oklahoma 75c. Spirits of turpentine 47c. Common to
good strained rosin $4.
OILS.-Linseed quiet but steady; city, raw, 54@55c.;
boiled 55@56c. Calcutta 70c. Cocoanut steady; Cochin
%@10c. Olive firm at 85c. Castor
%@11c.; Ceylon 93
103
unchanged at 83-@83/2c.Palm steady at 73A@7Nc. for
Lagos. Cod unchanged at 38c. for domestic. Corn quiet
and steady at 6.55@6.60c.
SUGAR is more active at higher prices. Cuba sends
reports of continued rains there. The crop figures which are
to be issued next Tuesday are expected to be bullish. Centrifugal, 96-degrees test, 3.29c.; molasses, 89-degrees test,
2.64c. Refined was firmer and in good demand, as usual, in
the fruit season. Weather has been favorable for a larger
consumption by ice-cream manufacturers. Gran. 4.10c.
TOBACCO continues quiet. The industrial depression
causes not a little dissatisfaction among manufacturers.
High prices continue to restrict inquiry. Filch is dull.
Old. Sumatra is in fair demand. Owing to the large quantity
of old crop still on the market, there is a lack of demand for
new arrivals. Cuban leaf is quiet, with no particular feature.
COPPER has been in only moderate demand, with Lake
143c. and electrolytic 14%c. Europe has bought electrolytic for June and July shipment, to a moderate extent;
London has been quiet but steadier. Tin has been dull and
the spot price here 32.90c., showing a further decline.
London and Singapore quotations have declined. Lead on
the spot 3.90c.; spelter 5.15c. Pig iron has been more active
at an easier basis of prices. Some 57,000 tons of basic pig
iron have been sold in Eastern Pennsylvania. No.2 Eastern
nominally $14; No. 2 Southern $10 50. Trade in structural
steel has still been more or less disappointing so far as actual
sales are concerned. They do not reflect the more cheerful
feelings in some quarters. Trade in reinforcing bars has
been active but wrought pipe prices have been reduced
sharply. Trade in wire and sheets is still unsatisfactory.
1620
THE CHRONICLE
COTTON.
Friday Night, May 22 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
61,024 bales, against 63,812 bales last week and 77,063
bales the previous week, making the total receipts since
Sept. 1 1913 9,871,621 bales, against 9,218,664 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 652,957 bales.
Sat.
Mon.
Speculation in cotton for future delivery has been more
active at steadily rising prices, owing largely to heavy rains
in Texas and elsewhere in the Southwest and dry weather
in the Carolinas and Georgia, where rain is beginning to be
_
394 6:862 37,717 2,7771 247,90; needed. Also the temperatures for the most part have been
845
133 1,299
104 3,417 reported as too low, so much so that germination has
been
____
____
____
____
____
_
retarded. At the same time the continued rain has prevented
2r,98 270547
7 1,818 1-,901 lcali planting from being completed in the Southwest. The
fields
16 2,022 in that section, it is said, are beginning to become grassy.
-------___
----__
30
300 In parts of Texas complaints are being received of the ap5
4
245
259 2,711
164
319
932 1,680 1,680 pearance of boll-weevil, notably in the Rio Grande Valley
____
____
____
and the Southwestern section, as well as in Mississippi.
-*' -oiii
150
188
41 1,889 1,889 Rain, according to the official reports, is badly needed in
North Carolina, and it is also stated that the whole Eastern
belt, more particularly the Atlantic States, would be better
Totals this week_ 8.153 10.207 10.948 10.243 9.221 12.252 61.024 for good rains. The latest
official weekly weather statement
The following shows the week's total receipts, the total shows a large excess of rainfall thus far this season, in Texas
above
normal,
the
and an equally marked deficit in Georgia,
since Sept. 1 1913 and the stocks to-night, compared with
North Carolina and South Carolina. The weather has been
last year:
the principal factor all the week. From the fact that the
complaints are so general from the Southwest and that rains
1913-14.
1912-13.
1
Stock.
and warmer weather are needed in the Eastern belt, it is
Receipts to
May 22.
This Since Sep This Since Sep
inferred that the Government report which will appear on
Week. 1 1913. Week. 1 1912.
1914. 1 1913.
June 1, bard on data brought down, however, not later than
Galveston
13,284 3,208,154 11,855 3,729,166 163,838 118,463 May 25, will probably be more or less bullish.
The condition
Texas City
466,188
351 663,096
7 124
8,202 on June 1 last yearwas 79.1%.
Port Arthur
If it should be much under
46,238
226 137,291
'Aransas Pass,&c..
119,7671
95 128,998
bullish
80
this
year
a
interpretati
on,
it is believed, would be
New Orleans_ _ _ _ 24.906 1,785,041 11,609 1,355,475 132,402
72,944 put upon it. The fact is emphasized, too,
Mobile
that the recent
3,417 413,998 1,787 208,696
9,777
19,102
Pensacola
monthly statements by the Census Bureau have revealed a
154,036. 8,227 124,408
Jacksonville, &c_
29,029
_
14,279
181
522
large
consumption
American
of
cotton
in
this
Savannah
country, and
16;Hi 1,758,049 8,363 1,229,720
57,596
56,165 it
Brunswick
is argued that a crop of 15,000,000 to 15,500,000 bales is
291,500
577 231,019
1,800
3,356
Charleston
2,022 419,074:
951 302,583
4,665
14,788
needed.
that
There
some
fear
is
it
will
not
be
raised. At
Georgetown
110
Wilmington
300 398,137.
400 338,458
15,158
7,740 the same time Liverpool's spot sales have been on a liberal
Norfolk
2,711 538,503 3,961 511,439
27,834
33,402 scale and latterly trade at Manchester has improved. There
N'port News,&c_
1,680 127,306 6,431 109,273
New York
6,209
14,144 120,174
80,975 has been a good demand for cloths there and prices have been
Boston
604
17,127; -260
44,202
10,640
9,450 stronger. Some increase in the sales of cotton goods in this
Baltimore
1,889
91,4611
445
70,657
4,205
3,698 country has also been reported in sympathy with the
Philadelphia
recent
5,650
5,553
4,166
advance in prices of raw material. Speculation here has
Totals
61,024 9,871.621 55,860 9,218,664 560,947 432.973
shown a tendency to broaden. Large operators have been
In order that comparison may. be made with other years, buying on a liberal scale. Liverpool, though latterly a
seller, has at times been a good buyer. So have large spot
we give below the totals at leading ports for six seasons:
interests. Spot markets at the •South have been reported
firm, with a good demand,especially for the better grades.
Receipts at1914.
1913.
1912.
1911. 1 1910.
1909.
It is considered by many altogether too early to kill the crop.
Galveston __ _
13,284
11,855
7,971
6,4811
12,905
26,841 Favorable weather from now on would do wonders. Of late,
TexasCity,&c.
672
8,409
New Orleans_
24,906
11,609
12,440
17,485
18,105
25,024 too, there has been some tendency to tale profits. LiverMobile
3,417
1,787
1,174;
948
958
5,854 pool has latterly been a good seller, and it is worthy of reSavannah
10,211
8,363
11,849
5,922
7,375
11,244
Brunswick
577
500
850
557
1,575 mark that in spite of the unfavorable reports from many parts
Charieston,&c
2,022,
951
309
2,3771
453
658 of the South, that section has latterly shown quite a noticeWilmington
300
400
600
259
907
1,836 able tendency
Norfolk
3,981
2,711
to sell on all rallies. It is ontonded that the
6,053
8,002
1,540,
8,886
N'port N.,&c
1,680
6,431
189
248 state of things is in the main favorable in, the central and
All others_ _ _ _
2,493
9,254
3,043
2,2721
4,794
10,619 Eastern belt, and also, for that matter, in some
parts of
Tot. this week
61,024
55,860
43,902
38,360
54,056 101,194 Texas. Within a few days, too, spot sales at Liverpool have
Since Sept. 1_ 9,871,621 9,218,664 11271879 8,258,103 6,955,242 9,495,024 suddenly fallen off. Manchester reports that the firmness of
prices checks business. To-day prices declined for a time
The exports for the week ending this evening reach a total and then rallied, especially on the old crop. May and July
of 74,205 bales, of which 35,943 were to Great Britain, showed rather pronounced strength in the afternoon. •New8,149 to France and 30,113 to the rest of the Continent. crop months rallied on covering. Heavy raps again ocBelow are the exports for the week and since Sept. 1 1913.
curred in Texas, while dry weather continued in the Eastern
belt. The forecast was for unsettled conditions in theWestWeek ending May 22 1914. From Sept. 1 1913 to May 22 1914. ern section
1
. the Mississippi.
and continued dry weather east(
Exported toExported toExports
Middling uplands closed at 13.60c., .showing a rise for the
fromGreat
Great
amtiContiweek of 20 points. At one time middling uplands was 13.75c.
Britain. France.nent&c. Total. Britain. France. nen: itc. Total.
The official quotation for middling upland cotton in the
Galveston.. 9,290 6,621 17,846 33,757 098,53, 311,6721,324,0672,634,274 New York market each day for the past week has been:
Texas City_
-_-- 345,182 26,888
Galveston ______
2,394 2,154
Texas City
Port Arthur
Aransas Pass, &c
NevrOdeans
2F,688 6;164
Mobile
722
314
Pensacola____
Jacksonville,&c_
_
_
Savannah
916 1,431
Brunswick
Charleston
Georgetown ----------___
___
Wilmington _ __ _
6
10
Nor.olk
249
788
N'port News, &c
____
____
New York
Boston
13
---_
Baltimore
Philadelphia..
c1,74
P On Shipboard, Not Cleared forGreat
GerOther CoastLeavihg
May 22 at- Britain. France. many.
Foreign wise. Total.
Stock.
New Orleans__ 3,805 3,095 6,619 12,479
141 26,139 106,263
Galveston ____ 9,089
____ 20,175 23,15'7 3,929 56,350 107,488
Savannah____
____
57,196
400
400
Charleston___
__
4,665
Mobile
- a7i66
____ 3-,1.55
--___
--86 67,R8
2,812
Norfolk
1,000
-_
15,255 16,255
11,579
New York_ _ _ _
200
-100
250
1,360
____
118,324
1,850
Other ports__ _ 3,000
____ 1,500
700
39,461
__-- 5,200
.
Total 1914
20,800 3,195 31,753 37,636 19,775 113,159 447,788
Total 1913_ 33,419 7,079 25,909 29,701 22,836
314,029
Total 1912
21,208 7,061 18,548 22,466 20,118 118,944
89.401 401.004
Port Arthur
Ar.Pass,&c_
NewOrleans 13-,5.3
1.5
Mobile ____ 8,323
Pensacola__
Savannah__
Brunswick
Charleston_
Wilmington
Norfolk____
N'p't News.
New York_ 3-jog
Boston ____ 1,498
Baltimore__
Philadel'a__
Detrolt____
San Fran..
Pt.Towns'd
Total____ 35,943
Tues.
3,187
Wed.
Thurs.
1,050
1,409
____
2,006
30,184
207,587 838,555
9,851 133,147
48,775
____
200,456
84,563
118,943
73,024'
42,992
1,52
2,281
769
1,512
5;489 126,653
2,267 74,460
1,512 50,827
35,115
313
-62
6 -942
___
174,629
73,997
48,820
235,731
22,954
5,03
102,434
18,377
13,292
Fri.
Total.
3,090 13,284
80,896 452,966
30,836 32,842
8,171 38,355
552,927 1,566,111
142,571 349,715
56,441 04,036
726,016 1,162,203
154,62 262,145
181,434 305,407
177,855 353,313
84,464 127,456
569
569
193,077 338,107
10,63
85,098
93,524 157,643
12,326 47,441
313
177,704 177,704
75,998 75,998
8,149 30,113 74,205 3,203,7301,033,824 4,084,1428,321,696
May 16 to May 22Middling uplands
NEW YORK QUOTATION FOR 32 YEARS.
The quotation for middling upland at New York on
May 22 for each of the past 32 years have been as follows:
1914..c
1913
1912
1911
1910
1909
1908
1907
13.60 1906-c
12.10 1904.11.60 1904
16.10 1903
15.40 1902
11.65 1901
11.10 1900
12.25 1899
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.
11.90 1898_c
8.45 1897
12.05 1895
9.50 1894
11(91
6.25 1891
6.44
7.75
8.12
7.31
7.19
7.75
7.38
8.94
i890..c
1889
1888
1887
1886
1885
1884
1883
12.38
11.12
10.00
11.00
9.25
11.00
11.56
11.00
MARKET AND SALES AT NEW YORK.
_
Total '12-13 20,304
1,548 52,812 74,664 3,386,8331 956,626 3,640,645 7,984,104
Note.-New York exports since Sept. 1 nclude 10,138 bales Peruvian, 75 bales
Brazilian, 27 bales West Indian to Liverpool, 26 bales West Indian
to Havre, and
291 bales West Indian to Hamburg.
Sat. Mon. Tues. Wed. Thurs. Fri.
13.50 13.60 13.50 13.60 13.75 13.60
Spot Market
Closed.
Saturday_ __
Monday ___
Tuesday _ _ _
Wednesday_
Thursday _ _
Friday
Total
Futures
Market
Closed.
Quiet, 10 pts. adv... Firm
Steady, 10 pts. adv.. Steady
Quiet, 10 pts. dec__ Very steady__ _
Quiet, 10,pts. adv..Firm
Steady, 15 pts. adv.. Steady
Quiet, 15 pts. dee_ Steady
SALES.
Spot. Contect Total.
5,100
6:166
300
100
300
100
5,5001
5,500
1621
THE CHRONICLE
MAY 23 1914.1
AT THE INTERIOR TOWNS the movement-that is,
FUTURES.-The highest, lowest and closing prices at
the receipts for the week since Sept. 1, the shipments for
New York for the past week have been as follows:
the week and the stocks to-night, and the same items for the
Saturday, Mynday, Tuesday, Med'day, Thursd'y, Friday,
corresponding
period of the previous year-is set out in
22.
Week.
May
20.
21.
May
May
19.
May
18.
May 16. May
detail below.
MayRange ___
Closing__
JuneRange ____
Closing..___
JulyRange ___
Closing_-__
12.96-.00 12.96.-06 12.93-.99 12.94-.09 13.07-.30 13.08-.27 12.93-.30
12.97-.98 13.00-03 12.95-.96 13.07-.08 13.23-.25 13.27 ---13.00 -12.89 -12.69-.00
12.70-.80 12.72-.80 12.70-.80 12.80-.88 12.85-.95 12.82-.92---
Movement to May 22 1914.
Towns.
12.49-.57 12.54-.60 12.47-.56 12.54-.65 12.61-.77 12.58-.70 12.47-.77
12.55-.56 12.57-.59 12.55-.56 12.64-.65 12.70-.71 12.67-.68---
Ala.,Eufaula__
Montgomery..
Selma
Range ____ 12.30-.39 12.37-.44 12.33-40 12.39-.52 12.47-.66 12.47-.60 12.33-.66 Ark., Helena
Closing____ 12.37-.39 12.40-.42 12.40-.41 12.51-.52 12.60 -12.55-.56--Little Rock
SeptemberGa.. Albany_
Range ____ 12.10-.15 12.16-.20 12.15-.18 12.23-.38---12.37-.40 12.15-40
Athens
12.38-.3912.49-.51
12.37-.38
12.21-.23
12.21-.23
12.14-.16
Closing__
Atlanta
OctoberAugusta
Range ____ 11.91-.03 12.02-.13 11.99-.09 12.09-.26 12.23-47 12.20-.36 11.91-.47
Columbus
12.25-.2612.24-.25
12.37-.38
12.08-.09
12.08-.09
Closing__ 12.01-02
Macon
DecemberRome
Range ____ 11.92-.04 12.04-.14 12-01-.12 12.11-.31 12.28-.54112.28-.43 11.92-.54 La.,Shreveport
12.43-.44
12.32-.3312.28-.29
12.10-.11
12.08-.09
Closing..._ 12.02-.03
MIss..Columb'
I
JanuaryGreenville
Range ...„ 11.84-.07 11.96-.08 11.95-.05 12.06-.23 12.20-.43 12.17-.32 11.84-.43
Greenwood
12.21-.2212.33-.34
12.04-.05
12.21-.22
12.02-.03
Closing._ 11.95-.96
Meridian
1
MarchNatchez
Range ____ 11.91-.02 12.01-.13 12.01-.09 12.12-.26 12.25-.48 12.23-.36 11.91-.48
Vicksburg __.
Closing__ 12.01-.02 12.07-.08 12.08-.10 12.25-.26 12.39-.40,12.25-.26Yazoo City
AprilI
Mo.,St. Louis_
12.14-.60
12.23-.31
12.21-.23
12.33-.47
12.14-.26
12.45-.60,12.45-.53
____
Range
N.C., Raleigh_
Closing_ _ _ 12.25-.26 12.27-.28 12.29-.31 12.45-.46 12.60-.611 12.45-.47--- 0.. Cincinnati_
Okla., Hugo_
THE VISIBLE SUPPLY OF COTTON to-night, as made S.C.,Greenw'd.
up by cable and telegraph, is as follows. Foreign stocks, Tenn.,Memph
_
Nashville
Brenham
as well as the afloat, are this week's returns, and consequently Tex.,
Clarksville
all foreign figures are brought down to Thursday evening. Dallas
Honey Grove_
But to make the total the complete figures for to-night Houston
from the United States, Paris
August-
(Friday), we add the item of exports
including in it the exports of Friday only.
May 22Stock at Liverpool
Stock at London
Stock at Manchester.
Total Great Britain
Stock at Hamburg..
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa __..
Stock at Trieste
Total. 33 town
1912.
1914. 1913.
bales.1,069,000 1,127,000 1,266,000
5,000
5,000
6,000
85,000
85,000 124,000
1911.
826,000
5,000
82,000
1,159,000 1,217,000 1,396,000
8,000
23,000
13.000
465,000 432,000 575,000
345,000 280,000 302,000
3,000
3,000
3,000
21,000
21,000
33,000
34,000
30,000
35,000
13,000
23,000
52,000
913,000
9,000
183,000
236,000
2,000
21,000
27,000
11,000
956,000
489,000
Total Continental stocks
956,000
802,000
Ship- Stocks
menu. May
Week. Season. Week. 22.
Receipts.
691
22,394
164
154,960 7.806 4,659
125,351 1,499 4,643
65,385
471 6,612
187,024 4,383 34,290
27,397
119 1,287
425 115,871 1,201 9,567
532 227,120 1,748 8,260
838 366,429 6,463 26,591
80,617 1,10: 7,139
236
2 44,449
75
191
57,274
225 4,574
185
167 190.616 2,415 15,127
218 1,138
38 38,040
737 3,788
9 85,252
154 141,620 2,190 10,964
972 3,937
33,556
382
6 2,300
19,647
6
562 2,248
34,055
155
873 3,027
40,656
____
6,507 531,369 8,567 26,3341
192
175
14,3
221
2.962 231,117 3,669 19,518,
37,136_1
____
2171
____
13 498
7.844 1,094,419 16,443 51,443,
5231
107
10,984
617'
110
17,696
33
200
25
49,701
____
441 1,585;
194 99,918
33,202!
____
8,7712,701,421 13,125 77,026
440 1,600,
40 114,944
14
553
437
261
1,167
32.1337.007.50
Movement to May 23 1913.
Receipts.
Week.
Season.
Ship- Stocks
ments. May
Week. 23.
678 4,558
21,0531
624 17,923
153,852
308 3,074
117,404
178
39
41,536
179,820 1,575 24,348
16 1,141
23,980
106,712 1,000 8,092
158,141 2,651 6,923
331,448 4,482 36,390
975 14,826
74,576
69; 10,246
36,653
993 7,080
50,791
536 3,659
140,640
27,089
172 1,465
6
198
49,209
511 6,500
108,937
892 6,605
56,645
725
25
18,045
71 1,105
29,06;
15 3,089
22,416
539,452 3,466 27,659
209
201
10,43i
213,972 2,842 26,235
5
__
30,200
____ 2,914
19,354
793,588 11,935 59,996
779
7
7,699
977
36
17,31!
204
6
43,835
400 3,800
130,990
936
61
45,137
7,3953,260,388 13,927 75,069
256 1,088
108 151,138
5
594
103
36
297
7
110
775
1,898
152
7;
174
31
408
7
____
151
____
8
___
2,803
149
2,097
___
122
2,554
409
14
____
200
76.336330.288 20.6827.011.521 49.384357.996
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 22.
ShippedVia St. Louis
Via Cairo,
Via Rock Island __
Via Louisville _
Via Cincinnati
Via Virginia points '
Via other routes, &c
-1913-14Since
Week. Sept. 1.
8,567 511,223
2,541 388,421
6,610
190
791 114,785
1,127 116,578
2,047 138,725
1,087 348,114
-1912-13Since
Week. Sept. 1.
3,466 515,730
b1,588 b292,056
20,291
138
80,067
2,859
1,018 124,054
978 130,449
6,108 375,215
2.115.000 2,019,000 2,352,000 1,402,000
Total European stocks_ _.._
India cotton afloat for Europe__.. 312,000 123,000 122,000 180,000
265,856 288,488 260,584 199,733
Amor. cotton afloat for Europe
16,155 1,537,862
_16,350 1,624,456
Total gross overland
33,000
32,000 Deduct shipments25,000
Egypt,Brazil,&c.,aflt.for Europe.. 44,000
207,000 170,000 151,000 137,000
Stock in Alexandria, Egypt_
1,027 134.653
Overland to N. Y., Boston, &c__ 2,493 116,601
1,025,000 952,000 676,000 635,000
Stock in Bombay, India
5,861 122,724
153,914
2,587
Between.interior towns
560,947 432,973 490,405 348,779
92,142
734
Stock in U.S.ports
3,480 127,674
Inland, &c., from South
214,820
220,067
interior
towns
357,996
330,288
Stock in U. S.
6,933
4,395
7,913
20,478
7,622 349,519
U. S. exports to-day
8,560 398,189
Total to be deducted
4,880,569 4,376,370 4,309,451 3,156,265 Leaving total net overland *
Total visible supply
8,533 1,188,343
7,790 1,226,267
Of tho above, totals of American and other descriptions are as follows:
* Including movement by rail to Canada. b Revised.
Americanbales.. 826,000 935,000 1,152,000 697,000
Liverpool stock
The foregoing shows the week's net overland movement
66,000
55,000
62,000
Manchester stock
99,000
847,000 756,000 925,000 443,000 has been 7,790 bales, against 8,533 bales for the week last
Continental stock
265,856 288,488 260,584 199,733 year, and that for the season to date the aggregate net overAmerican afloat for Europe
560,947 432,973 490,405 348,779
U.S.port stocks
330,288 357,996 220,067 214,820 land exhibits an increase over a year ago of 37,924 bales.
U.S.interior stocks
7,913
20,478
6,933
4,395
1912-13
-1913-14
U.S.exports to-day
Since
Since
In Sight and Spinners'
2,905,569 2,840,370 3,151,451 1,976,265
Week.
Week.
Sept. 1.
Sopt. 1.
Total American_
Takings.
55,860 9,218,664
61,024 9,871,621
Receipts at ports to May 22
East Indian, Brazil, &c.
8,533 1,188,343
7,790 1,226,267
243,000 192,000 114,000 129,000 Net overland to May 22
Liverpool stock
5,000'
5,000
6,000
5,000 Southern consumption to May 22_ 62,000 2,274,000 59,000 2,146,000
London stock
23,000
30,000
25,000
16,000
Manchester stock
130,814 13,371,888 122,993 12,553,007
Total marketed
46,000
109,000
31,000
46,000
Continental stock
260,960
215,774 *28,702
*44,203
India afloat for burope_312,000 123,000 122,000 180,000 Interior stocks in excess
....... 44,000
25,000
.
32,000
33,000
Egypt, Brazil, &c.,afloat
94,691
-----week
sight
86,611
into
during
Came
.
207.000
170,000
151,000
Egypt
137,000
Alexandria,
Stock in
12,813,967
13,587,662
Total in sight May 22
1,025,000 952,000 676,000 635,000
Stock in Bombay, India
6,336
2,342,231
2,446,688
Nor.
spinners'
takings
to
33,942
2
May
&c..
1,180,000
1,975,000
1,158,000
India,
1,536,000
Ee Total East
2,905,569 2,840,370 3,151,451 1,976,265
01 Total American...
* Decrease during week.
4,880,569 4,376,370 4,309,451 3,156,265
Total visible supply
Movement into sight in previous years:
7.59d.
8.28d.
6.79d.
6.36d.
Middling Upland;Liverpool _ _ _
Bales.
Since Sept. 1Bales.
Week13.60c.
12.10c.
Middling Upland, New York..
10.60c.
15.80c.
14,754,742
96,461 1911-12-May 24
-May 24
1912
Brown,
Liverpool.._
Good
9.85d.
10.50d. 10 5-16d.
11%d.
Egypt,
11,227,779
69,633 1910-11-May 26
9.50d.
11.25d. 1911-May 26
9.40d.
Peruvian,Rough Good,Liverpool 8.75d.
9,840,828
79,235 1909-10-May 27
63gd. 6 7-16d.
6Hd
Broach, Fine, Liverpool
7%d• 1910-May 27
12,829,686
135,151 1908-09-,May 28
63/sd. 6 7-16d. 6 1-16d.
7%d. 1909-May 28
Tinnevelly, Good, Liverpool
NEW ORLEANS CONTRACT MARKET.-The highest,
Continental imports for past week have been 63,000 bales.
and closing quotationsfor leading contracts in the New
lowest
show
a
1914
for
figures
decrease from last week Orleans cotton market for the past week have been as follows:
The above
of 113,923 bales, a gain of 504,199 bales over 1913, an excess
Saturday, Monday, Tuesday, TVed'day, Thursd'y, Friday,
of 571,118 bales over 1912 and again of 1,724,304 bales over
May16. May 18. May 19. May 20. May 21. May 22.
1911.
May1
13.17-.25 13.27-.32 13.25-.40 13.35-.42 13.39-.58 13.41-.46
QUOTATIONS FOR MIDDLING COTTON AT OTHER
Range
13.23-.2513.31-.33 13.38-.40 13.41-.43 13.48-.52 13.40-.44
Closing
MARKETS.-Below are the closing quotations of middling JulyI
12.89-.00 12.99-.05 12.95-.05 13.01-.16 13.12-.33 13.11-.24
Range
cotton at Southern and other principal cotton markets for
Closing
12.96-.97113.03-.04 13.04-.05 13.15-.16 13.23-.24 13.14-.15
Aursteach day of the week.
13.00-.14 12.90-.00
an e
Closing
Closing Quotations for Middling Cotton onWeek ending
May 22.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
13%
Galveston
New Orleans..... 13%
13
Mobile
13%
Savannah
13%
Charleston
13Y
Wilmington
13
Noriolk
13
Baltimore
Philadelphia _ 13. 5
135
Augusta
13
Memphis
St. Louis
133,
Houston
13
13%
Little Rock
12%
13%
13%
13%
13%
13%
133'
13
13
13. 5
133
13
131
13
12
13%
13%
13%
13
13
13
13
13
13. 5
13
13
13 4
13%
12%
13%
13
13
13
13 4
13Y
13
1338
13.85
13%
13%
13%
13%
12%
131
13
13
13
13 4
13Y
13
13
14. 0
13%
13% •
13g
13%
12%
13
13
13
13
13
13
13
13
1315
14.
13
13
13
123
September-
Range
Closing
OctoberR ange
Closing
DecemberRange
Closing
JanuaryRange
Closing
MarchClosing
gros
nfne
ToneSpot
ontions
12.68-.78112.76-.84 12.76-.88 12.85-.97
12.72-.7312.80-.81 12.86-.87 12.96-.98 13.02-.04 12.91-.92
I
12.48
12.26
I
12.38-.40 12.48-.50 12.57-.59 12.44-.46
12.23-.25E12.32-.34
11.95-.06112.06-.15 12.04-.17 12.14-.17 12.25-.45 12.23-.36
12.01-.0212.10-.11 12.15-.16 12.26-.27 12.35-.36 12.24-.25
11.93-.02112.03-.13 12.03-.13 12.13-.25 12.24-.44 12.22-.34
11.99 -112.08-.09 12.14-.15 12.24-.25 12.33-.34 12.23-.24
11.96-.05 12.06-.10 12.05-.17 12.15-.26 12.27-.43 12.24-.35
12.01-.02112.10-.11 12.16-.17 12.25-.26 12.35-.36 12.25-.26
12.35-.42
-- -112.16-.22 12.16-.24 12.26-.37 12.36-.53
12.44-.46 12.34-.35
12.09-.10 12.17-.19 12.24-.25 12.34-.36
Steady. Steady. Steady. Steady.
Firm.
Quiet.
Steady. Steady. Steady. Steady. Steady. Steady.
1622
WEATHER REPORTS BY TELEGRAPH.—Advices to
us by telegraph from .the South this evening are of a somewhat conflicting tenor. Following previous rains there has
been further, and to some extent heavy, precipitation during
the week in portions of Texas. In Oklahoma and Arkansas
the rainfall has been light to moderate on the whole. In the
Gulf States the precipitation has been quite light as a rule;
on the Atlantic dry weather has prevailed quite generally
and rain is claimed to be needed.
Galveston, Tex.—With unfavorable weather conditions the
crop has not made much headway in Texas lately. Rainfall
has been general throughout the week. The southwestern
portion of the State is suffering greatly from excessive rains,
and as this is the early crop section, it will further set back
the early movement. We have had rain on two days of the
week, the precipitation being two inches and twenty-six hundredths. Average thermometer 74, highest 78, lowest 70.
Abilene, Tex.—There has been rain on three days during
the week,the rainfall being one inch and sixty-six hundredths.
Minimum thermometer 60.
,
Brenham, Tex.—We have had rain on six days during the
week, the rainfall being three inches and fifty-six hundredths.
The thermometer has averaged 70, ranging from 60 to 80.
Cuero, Tex.—We have had rain on four days during the
week,the rainfall being seven inches and forty-six hundredths.
The thermometer has ranged from 64 to 82, averaging 73.
Dallas, Tex.—Rainfall for the week, one inch and one hundredth, on six days. Average thermometer 69, highest 82,
lowest 56.
Henrietta, Tex.—There has been rain on five days of the
past week, the rainfall being one inch and seventy-nine hundredths. The thermometer has averaged 66, the highest
being 78 and the lowest 54.
Huntsville, Tex.—There has been rain on two days during
the week, the rainfall reaching two inches and fourteen hundredths. The thermometer has averaged 73, ranging fron
58 to 88.
Kerrville, Tex.—It has rained on four days of the week,
the rainfall reaching four inches and sixty-eight hundredths.
The thermometer has ranged from 60 to 82, averaging 71.
Lampasas, Tex.—Rain has fallen on five days of the week,
the precipitation being four inches and eighty hundredths.
Average thermometer 63, highest 70, lowest 56.
Longview, Tex.—There has been rain on two days during
the week, the rainfall being twenty-two hundredths of an
inch. The thermometer has averaged 71, the highest being
86 and the lowest 56.
Luling, Tex.—There has been rain on five days during the
week, the rainfall reaching five inches and forty-four hundredths. The thermometer has averaged 71, ranging from
62 to 80.
Nacogdoches, Tex.—There has been rain on three das of
the week, the rainfall reaching sixty-two hundredths.of an
inch. The thermometer has ranged from 56 to 80, averaging 68.
Palestine, Tex.—We have had rain on four days of the week,
the precipitation being eighteen hundredths of an inch.
Average thermometer 70, highest 82, lowest 58.
Paris, Tex.—We have had rain on four clays of the week,
the rainfall being eighty hundredths of an inch. Minimum
thermometer 54, highest 86, average 70.
San Antonio, Tex.—Rain has fallen on six days of the week,
the precipitation reaching three inches and six hundredths.
The thermometer has averaged 74, ranging from 66 to 82.
Taylor, Tex.—We have had rain on five days during the
week, the rainfall being two inches and twenty-eight hundredths. Minimum thermometer 60.
Weatherford, Tex.—Rainfall for the week one inch and sixty
hundredths on four clays. Average thermometer 66, highest
78, lowest 54.
Ardmore, Okla.—There has been rain on four days of the
past week, the rainfall being one inch and thirteen hundredths. The thermometer has averaged 68, the highest
being 83 and the lowest 52.
Holdenville, Okla.—We have had rain on three days during
the week, the rainfall being sixty-four hundredths of an inch.
Th'e thermometer has averaged 66, ranging from 54 to 78.
Marlow, Okla.—It has rained on six days of the week, the
rainfall reaching three inches and eighteen hundredths. The
thermometer has ranged from 52 to 85, averaging 69.
Muskogee, Okla.—We have had rain on three days of the
week, the precipitation being forty-four hundredths of an
inch. Average thermometer 70, highest 82, lowest 57.
Eldorado, Ark.—There has been rain on two days during
the week, the rainfall being one inch and sixteen hundredths.
The thermometer has averaged 70, the highest being 84 and
the lowest 56.
Fort Smith, Ark.—There has been rain on four days (luring
the week, the rainfall reaching one inch and twenty-four
hundredths. The thermometer has averaged 72, ranging
from 58 to 86.
Little Rock, Ark.—We have had rain on one day during the
week, the rainfall reaching one hundredth of an inch. The
thermometer has ranged from 56 to 83, averaging 69.
Texarkana, Ark.—Rain has fallen on three days during the
week, the rainfall being forty-eight hundredths of an inch.
Highest thermometer 85, lowest 56, average 70.
Alexandria, La.—We have had rain on one day of the week,
the precipitation reaching five hundredths of an inch. The
[VOL. xcviii.
THE CHRONICLE
thermometer has averaged 70, the highest being 86 and the
lowest 54.
Lafayette, La.—Rain has fallen on one day of the week, the
precipitation reaching eleven hundredths of an inch. The
thermometer has averaged 70, ranging from 56 to 84.
New Orleans, La.—There has been rain on one day during
the week, the precipitation reaching four hundredths of an
inch. The thermometer has ranged. from 64 to 84, averaging 74.
Shreveport, La.—We have had rain on two days of the week,
the precipitation being thirty-five hundredths of an inch.
Average thermometer 71, highest 84,lowest 57.
Columbus, Miss.—There has been rain on one day during
the week, the precipitation being fifteen hundredths of an
inch. The thermometer has averaged 70, the highest being
88 and the lowest 52.
Greenwood, Miss.—We have had no rain during the week,
The thermometer has averaged 70, ranging from 52 to 89.
Meridian, Miss.—There has been rain on two days during
the week, the precipitation reaching forty hundredths of an
inch. The thermometer has ranged from 52 to 82, averaging 67.
Vicksburg, Miss.—We have had rain on one day of the
week, to the extent of one hundredth of an inch. Minimum
thermometer 59, maximum 87, mean 71.
Livingston, Ala.—There has been rain on one day during
the week, the precipitation reaching twenty-five hundredths
of an inch. The thermometer has averaged 68, the highest
being 87 and the lowest 50.
Mobile, Ala.—There has been rain on one day the past
week, the rainfall reaching five hundredths of an inch. The
thermometer has averaged 73, ranging from 58 to 85. Light
showers early part of week were of some benefit, but more
rain is badly needed. Cold dry winds are stunting plants.
Montgomery, Ala.—We have had rain on one day during
the week, the rainfall being two hundredths of an inch. The
thermometer has ranged from 51 to 83, averaging 67.
Selma, Ala.—There has been rain on two days during the
week, the rainfall being twenty-six hundredths of an inch.
Average thermometer 68, highest 82,lowest 54.
Albany, Ga.—There has been no rain during the week.
The thermometer has averaged 73, the highest being 88, and
the lowest 59.
Atlanta Ga.—We have had no rain during the week. The
thermometer has averaged 70, ranging from 57 to 83.
Augusta, Ga.—We have had no rain during the week.
Thermometer has ranged from 59 to 86, averaging 72.
Savannah, Ga.—There has been rain on one day during the
week, the rainfall being twelve hundredths of an inch.
Average thermometer 68, highest 83,lowest 57.
Madison, Fla.—There has been no rain the past week.
The thermometer has averaged 75, the highest being 91 and
the lowest 60.
Tallahassee, Fla.—There has been no rain the past week.
The thermometer has averaged 73, ranging from 59 to 87.
Charleston, S. C.—It has rained on one day of the week.
the precipitation being two hundredths of an inch. The
thermometer has ranged from 60 to 84, averaging 72.
Greenville, S. C.—We have had no rain during the week.
Minimum thermometer 48, highest 85, average 68.
Greenwood, S. C.—There has been no rain during the week.
The thermometer has averaged 67, the highest being 87
and the lowest 48.
Spartanburg, S. C.—Dry all the week. The thermometer
has averaged 69, ranging from 47 to 91.
Charlotte, N. C.—We have had no rain during the week.
The thermometer has ranged from 51 to 89, averaging 70.
Goldsboro, N. C.—It has been dry all the week. Lowest
thermometer 46, highest 88, average 67.
Raleigh, N. C.—There has been no rain the past week.
The thermometer has averaged 69, ranging from 50 to 88.
Weldon, N. C.—We have had no rain during the week.
Thermometer has averaged 65, ranging from 44 to 86.
Dyersburg, Tenn.—It has been dry all the week. The thermometer has ranged from 50 to 87, averaging 68.
Memphis, Tenn.—Rain has fallen on one clay of the week,
the rainfall reaching two hundredths of an inch. Average
thermometer 68, highest 85, lowest 54. Crops need rain.
There is some replanting, owing to defective seed.
Milan, Tenn.—Dry all the week. Average thermometer
65, highest 84, lowest 47.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1913-14.
Week.
Season.
1912-13.
Week.
Season.
4,448,785
Visible supply May 15
4,994,492
2,055,351
2,135,485
Visible supply Sept. 1
American in sight to May 22_ _
86,611 13,587,662
94,691 12,813,967
Bombay receipts to May 21_ _ _ 100,000 3,250,000
73,000 2,342,000
312,000
Other India shipm'ts to May 21
9,000
15,000
452,000
991,000
1,000
Alexandria receipts to May 20_
2,000 1,008,000
276,000
Other supply to May 20
6,000
8,000
292,000
Total supply
Deduct—
Visible supply May 22
5,206,103 20,645,013 4,634,476 18,866,452
4,880,569 4,880,569 4,376,370 4,376,370
Total takings to May 22_a__ _ _ 325,534 15,764,444 258,106 14.490,082
Of which American
225,534 11,724,444 217,106 11,339,082
41,000 3.151,000
Of which other
100,000 4,040.000
* Embrace.s receipts in Europe from Brazil. Smyrna, West Indies. &c.
a This total embraces the tota estimated consumption by Southern mills,
2,274,000 bales in 1913-14 and 2,146,000 bales in 1912-13—takings not
being available—and the aggregate amounts taken by Northern and foreign
spinners, 13,490,444 bales in 1913-14 and 12,344.082 bales in 1912-13, of
which 9,450,444 bales and 9,193,082 bales American.
1623
THE CHRONICLE
Min 23 1914.1
EGYPTIAN COTTON CROP.-Messrs. L. H. A.'
Schwartz & Co. have the following advicesfrom Alexandria,
under date of April 25th, regarding the outlook for Egyptian
cotton crop preparation:
Zagazig.-It is estimated that 2,000 Feddans of cotton acreage will have
to be partly or wholly re-sown, owing to the damage caused by severe
hailstorms. Elsewhere, where excessive rains have fallen, re-sowing will
be necessary on a small scale, if not, for the most part, already accomplished. In Charkieh and Galioubieh,temperature has changed completely
and continued cold heavy winds stop the growth of young plants and
hinder germination of re-sown plantations. Mansourah.-Cold temperatures, frequently accompanied by high and often violent winds, are again
complained of and are hindering the normal development of cotton. The
recent rains have caused only partial damage and re-sowings will generally
be insignificant. Irrigation is satisfactory for the moment. Already in
some sections of Faraskour and Damiette there are complaints that sowings
are not yet completed. Complaints continue of cool weather and accordingly we expect the crop this year will be irregular, some sections being
re
more advanced than others at this time. Kafr-el-Zayat.-Temperatu
with
following the heavy rains of last week continues very unfavorable,
necessiRe-sowings
development.
retarding
high and cold winds, with
irregularity in
tated by bad weather and recent rains, continue. A great
crop in all of Menoufieh
the young plantations is noticed. In general the
In
Behera and
late.
days
fifteen
last
at
is
and the South of the Gharbieh
lateness to the crop,
to the north of the Gharbieh there is no appreciable
only incaused
have
rains
The
sufficient.
is
moment
the
for
and water
at this time. Magaga.-Upper
significant damage as far as can be judgedwith
the abrupt changes of temEgpyt, Province of Minieh.-The weather,
to the young
perature and cold violent winds, has not been at all favorable
of damage at
plants. While it is impossible to state the exact amount
and work in the fields
the moment, it is however, certain that development
have been retarded. It would appear that water is sufficient at this time.
Total bales.
GALVESTON-To Manchester-May 20-Mercedes de Larrinaga,
9,290
To Havre-May 20-0swiga, 6,621
To Bremen-May 20-Neckar, 8,491
To Barcelona-May 15-Miguel M.Pinillos, 3,206__.May
9,290
6,621
7:440491
8
21-Dora
1,951
To Trie'steMay 21-Dora, 1,951
13,624
NEW ORLEANS-To Liverpool-May 19-Atlantian, 13,624
1,567
To Bremen-May 21-Tuscan Prince, 1,567
2,855
To Hamburg-May 22-Etruria, 2.855
72
To Rotterdam-May 21-Tuscan Prince, 72
2,269
To Antwerp-May 19-Zuburan, 2,269
8,323
MOBILE-To Liverpool-May 21-Nubian,8,323
1,
To Havre-May 15-Nestorian, 1,528
BOSTON-To Liverpool-May 16-Winifredian, 50._ May 18,498
Arabic, 1,448
769
To Antwerp-May 15-Marquette,769
1,512
BALTIMORE-To Bremen-May 18-Barbarossa, 1.512
SAN FRANCISCO-To Japan-May 14-Mongolia and Nippon
942
Maru,942
74.205
Total
LIVERPOOL.-By cable from Liverpool we have the
following statement of the week's sales, stocks, &c., at that
port:
May 8. May 15. May 22.
52,000
63,000
58,000
56,000
7,000
3,000
3,000
4,000
1,000
1,000
3,000
2,000
37,000
52,000
48,000
45,000
15,000
3,000
13,000
6,000
89,000
83,000
86,000
80,000
1,158,000 1,102,000 1,097,000 1,069,000
921,000 870,000 861,000 826,000
75,000
50,000
41,000
41,000
38,000
63,000
20,000
29,000
155,000 186,000 149,000 138,000
89.000
90,000
107,000 124,000
May 1.
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forward
stock
OUR COTTON ACREAGE REPORT.-Our cotton acre- Total
Of which American
age report will probably be ready about the 25th of June. Total imports of the week
Of which American
Parties desiring the circular in quantities, with their business Amount
afloat
cards printed thereon, should send in their orders as soon as
Of which American
possible, to ensure early delivery.
The tone of the Liverpool market for spots and futures
INDIA COTTON MOVEMENT FROM ALL PORTS.
each day of the past week and the daily closing prices of
spot cotton have been as follows:
1913-11.
May 21.
Receipts atWeek.
Since
Sept. 1.
100,000 3,250,009
Bombay_
1912-13.
Week.
73,000 2,342,000
Great
Great Conti- Japan
Britain. nent. &China Total. Britain.
Bombay37,000 54,000 91,000
1913-14_ _
1912-13.... -1,666 18,000 13,0001 34,000
12,00
1911-12._ 1,000 11,000
Calcutta1,000 2,0001 3,000
1913-14_
1,00
1,000
1912-13
1911-12
Madras1913-14
1912-13
1911-12
All others12,000
1913-14._ 3,000 9,000
6,000 3,00i 9,000
1912-13__
4,000
4,000
1911-12
------
......
Total all1913-14 _ _
1912-13._
1911-12._
_
3,000 47,000 58,000 106,0001
3,000 24,000 16,000 43,0001
17,000
1,000 16,000,
1911-12.
1Week.
Since
Sept. 1.
42,000 2,064,000
Since September 1.
For the Week.
Exports
from-
Since
Sept. 1.
Japan
Contisent. & China. Total.
43,000 890,000 1,033,000 1,966,000
35,000 310,000 715,0001,060,000
9,000 262,000 727,000 998,000
2,000
3,000
2,000
15,000
17,000
16,000
73,000
17,000
9,00
90,000
37,000
27,000
5,000
4,000
2,000
30,000
18,000
3,000
2,000
37,000
22,000
6,000
26,000 282,000
15,00
150,000
5,000 102,000
1,000
17,000 325,000
88,000 253,000
22,000 129,000
76,000,1,217,000 1,125,0002,418,000
57,000i 495,000 820,000 1,372,000
18,0001 383,000 759,0001,160,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
May 20.
Receipts (cantars)-
This week
Since Sept. 1
1913-14.
1912-13.
1911-12.
20,000
7,561,585
5,000
7,429,882
15,000
7,217,863
This Since
This Since
Week. Sept. 1. Week. Sept. 1.
Exports (bales)-
This Since
Week. Sept. 1.
800 190,995 1,500189,060 2,500 186,441
____ 210,971
5.000204,534
_ _1191,647
To Manchester
To Continent and India_ 4,000.380,700, 3,750 355,214 6,000 330,974
1,5001 72,843
600 116,421 1,250 100,738
To America
To Liverpool
Total exports
11,300,849.072 5,850 852,342 9,750 829,124
Egyptian ha es weigh about 750 lbs.
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Market,Fair
business
Good
12:15 I Quiet.
doing.,
demand.
P. M.
Fair
business
doing.
Fair
business.
doing.
Friday.
Good
demand.
Mld.Upl'ds
7A7
7.55
7.53
7.54
7.59
7.59
Sales
Spec.&exp.
6,000
500
14,000
5,000
8,000
500
8,000
1,000
8,000
1,000
11,000
1,000
Irregular,
Futures. QuIet,unch. Strong,
Market 1 to 1 point 406 pts. 34@2 pts.
opened f advance. advance. advance.
Unsettled
Steady,
Steady,
234@334 40454 pts. 34 pt. dec.
pts. adv. advance. to 1 pt.adv
Steady
Quiet, Barely st'y Very st'dy, Steady.
Market, 1 Steady,
4
3(4334 pts. 234(5434 unch. to 1 434(55 pts. 434(56 pts. 2 pts.dee.to
Adva.nro 114 ntA Adv.
AdvAnri.
nt doe _
AdvAnee. ntA. Adv.
P TN
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Monday, Tuesday.
May 16 Saturday.
to
.3.1 1254 1234
May 22. 12
May
Thus, 7 11 means 7 11-100d.
Wed'day. Thursday. Friday.
4 12311 4 1231 4
pin. p.m Pim p.m p.m. p.m. pm.p.m. P•m.:P.m. pin. p.m
d. I d. d. d.
d.
d. d.
d.
d. d.
d.
d.
7 11
1754 1334 15 13 16 18 21 ,2234 2034 2034
4
12541 4
1254
May-June ____ 7 11 17 1334 15 13 16 1734 21 !2254 2034 2034
June-July _ _ _ _ 6 96 0234 98 00 98 01 0234 05% 07 05 0454
July-Aug6 9354 00 96 97% 9554 98% 00 03 '04 0234 02%
----_ _ _ _ 6 77% 84 8034 82% 8034 83 85 88 189 8834 89
Aug.- Sep_
6 553-6 6234 60 60 5934 62 64 67 ;6934 6834 71
Sep.-Oct
Oct.-Nov. ---_ 6 46 53 5034 5034 50 5234 5434 57346034 5934 62
Nov.- Dec. ---- 6 3954 4634 44 44 .43 45 48 5034154 5234 55
Dec.-Jan_ ____ 6 3734 4434 42 42 41 43 46 483452 50% 53
6 3734 4434 42 42 41 4334 46 4834 52 5034 53
Jan.- Feb_
Feb.-Mar. ____ 6 3834 45 4234 4254 4154 44 4634 49 15234 5134 5334
Mar.-_Apr. ____ 6 39 46 4334 43% 4234 45 4734 50 153% 5234 5434
4534 48 50% 54 521 55
46 4854 51 '5434 53 5534
e TT:
.tnY
gif;,:
-----------------
BREADSTUFFS.
Friday Night, May 22 1914.
Flour has been on the whole steady but quiet. Some advance in wheat of late has given somewhat a firmer appearance to the quotation list, on the surface at least. But it is
significant that the moment the mills try to advance prices,
business suddenly falls off to even smaller proportions than
was the case before. Buyers as a whole are, in other words,
1913.
1914.
I
still pursuing the policy of purchasing from hand to mouth,
sq lbs. Shirt- Corn and it looks as though it would require some very striking
834 lbs. Mtn- Coen'
323 Cop
logs, common Mid
Mos, common Mid.'
32s Cop
Twist,
to finest.
Upl's change for the better in the whole situation to induce them
Upl'i;
to finest.
Twist.
to abandon this policy.
'3.
d.
d.
d
d.
d.
s.
d.
s d
d. I. d.
d.
Apr.
Wheat has advanced sharply, owing mainly to reports of
,4 6 3 011 6
110
6.96
7.26 10%
3 014 0 1034 6 1 (5112
11% 5 3 011 6
6.95 damage by the Hessian fly in various parts of the West,
7.:i1; 10%
10 934 0 10% 6 134(511 3
6.91
11% II 234(511 5
7.30 10%
17 954 0 1034 6 134(411 3
11 6 2 @II 434 6.77 particularly in Kansas, Missouri, Nebraska, Iowa and Il24 9% 0 10;4 6 2 (511234 7.36 10
May
10% 6 2 011 436 6.72 linois. Mr. Patten takes the ground that there is warrant
1 CIN 0 10346 2 611 2;6 7.26 9%
ION 6 2 011 4% 6.08 for these reports. Certainly they have been so numerous
8 934 48 1034 6 2 011 234 7.32 10
10% 6 2 011 4% 6.7d
11 6 234(511 3
7.47 10
15 10
that they have had a noticeable effect on
10% 6 2 011 4% 6.7a and persistent
7.59 10
22 1034 0 1134,6 3 011 4
sentiment and have likewise caused a large increase in the
SHIPPING NEWS.-As shown on a previous page, the trading for a rise. Moreover, the less favorable reports in
exports of cotton from the United States the past week have regard to the crop outlook in this country have resulted in
reached 74,205 bales. The shipments in detail, as made a noteworthy rise in Liverpool, particularly as the recent
world's shipments, though larger, were directed mainly
up from mail and telegraphic returns, are as follows:
The ConTotal bales. to the Continent rather than to England.
-May
20-Cedric,
142
Liverpool
upland,
3,006
-To
NEW YORK
All the
on a large scale.
3,148 tinent is buying wheat
Peruvian
60 importing countries show a disposition to buy freely.
To Hull-May 15-Galileo,60
-George
144
144
15
Washington,
To Bremen-May
Offerings at Chicago, even after a recent advance of four
400
To Barcelona-May 15-Pisa, 400
At the seaboard
cents a bushel, were readily taken.
To Genoa-May 18--Hamburg, 1,212; Regina d'Italia, 200;
1,587
Carpathia, 175
last Tuesday some 400,000 bushels of new wheat
100
To Naples-May 18-1Iamburg, 100
50 were reported sold for export. Some English authorities
To Venice-May 19-Belvedere, 50
Note.-A cantar is 99 lbs.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market continues firm for both yarns and shirtings. Merchants are not
willing to pay present prices. We give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
1624
THE CHRONICLE
[VOL. xcviii.
estimate that the requirements of the Continent are now
GRAIN.
8,000,000 bushels of wheat, those of the United Kingdom Wheat,per bushel-f.o. b.
Corn,per bushelcts.
N.
Spring,
No.
1
3
0534 No. 2 mixed
8234
4,000,000, and of other countries 1,600,000, making a total of
N.Spring. No.2
1 0334
No. 2 yellow
8234
13,600,000. In Buenos Ayres prices have been firm, with a,
Red winter. No. 2
1 0834
No. 3 yellow..
81g
Hard
winter.
No.
2,
arrive
1 0734
Argentina in bags
good export demand. At times the weather on the Conti- Oats, per bushel. new75083
cts.
Rye, per bushelnent has been reported less favorable. On the other hand,
Standards
46 ,47
New York.
73%075
No.
white..
2.
m
47N7
Western..
there can be no doubt that, as usual, any damage that has
No. 3. white..
46144634 Barley-Malting _
59060
occurred in this country has been exaggerated. It always is.
The world's shipments,too,show some tendency to increase,
WEATHER BULLETIN FOR WEEK ENDING MAY
though they are admittedly smaller than those of last year. 18.-The general summary of the
bulletin issued by
The total, however, was 13,728,000 bushels last week, the Department of Agriculture forweather
the week ending May 18
against 13,632,000 in the previous week and 15,096,000 in is as follows:
the same week last year. Of late the firmness of prices
The week,as a whole, was too cold tor rapid crop
over all Central
has caused a noticeable falling off in the export and Eastern districts and too dry over much of thegrowth
Southeast
Northwest, and somewhat too wet in portions of the Northeast and and
trade
of
this
country.
Still
the
fact
re- Generally clear weather, with abundant sunshine, permitted ofSouthwest.
much
outmains that it is being dinned into the trade door work, and farming operations made good progress in all portions,
except the small areas where too much rain occurred. In the winter-wheat
at home and abroad that damage has been done of and
corn-growing districts the weather was, on the whole, favorable for
something like 30,000,000 or 40,000,000 bushels, as compared wheat, and the excellent outlook for that crop appears to have been mainwith the prospect on May 1, and though the indications still tained, although damage by fly is reported from a few points. Cornplanting is well advanced in the Central and Western districts, but rain
point to the largest crop on record, some people think that has
caused still further delay in planting from Northern Indiana and
this forecast may be a little too good to be true, and that Southern Michigan eastward to Pennsylvania and New York. Oats and
hay are generally reported in good condition, although they need rain in
something or other is bound to happen to the crop before the sone
districts, and alfalfa is likewise reported in good condition and ready
completion of the harvest. Under the circumstances there to cut in portions of Kansas
and Oklahoma. In the spring-wheat belt
seeding has been further delayed on account of the wet condition of the
can be no question that the bull side of the market is the soil
in portions of Minnesota and North Dakota, but the early sown is
popular one. Also, there is a crop failure in some districts making excellent growth
and the ground is well supplied with reserve
moisture. Over the entire cotton belt but little progress in growth was
of India. Prices there are high and there is said to be some made
during the week. Cold nights and lack of sufficient moisture over
feedr of famine in the country affected. In Australia rain the Eastern
portions of the belt retarded growth and delayed germination
that planted, but the crop is well cultivated. In the Western districts it
is needed. The rainfall is light also in Hungary and Bul- of
was likewise too cold, and heavy rains in Texas
and Oklahoma delayed
garia. Interior reserves in Russia are said to be small. planting
and prevented cultivation, which latter is badly needed, and the
To-day prices were lower, with crop advices more favorable crop is generally reported as late. Planting is not
yet completed in Northern
Texas,
and
considerable
re-planting
is necessary in that State. In
from Kansas. Export bids in general were too low, though the trucking districts of the South the drought
in Florida was partially
a moderate business has been done during the week.
relieved, but in most other districts crop growth was retarded by cold
and lack of sufficient moisture.
the Atlantic Coast States, from
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. Virginia northward, cool weather Over
retarded growth of vegetation, but
Sat. Mon. Tues. Wed. Thurs. Fri.
small grains and grasses are in good condition, other crops, however, being
No. 2 red in elevator
cts..10634 10634 10734 10834 10734 10834 late. Over the mountain and far Western districts conditions were moderMay delivery in elevator_ _ _
_ _104% 10434 10434 106
ately favorable, although cool weather checked plant growth in the moun106
106
July delivery in elevator..
9634 9634 9734 9734 9634 96% tain regions, and rain is needed in some dry farming sections of the
SouthSeptember delivery in elevator_
9334 943,4 9434 9534 9434 9434 west.
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
statements
The
of
the
movement
of
breadstuffs
to
market
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator__ _cts.. 9634 9734 9734 9934 9834 9734 indicated below are prepared by us from figures collected by
July delivery in elevator
8734 8734 8834
8834 87% the New York Produce Exchange. The receipts at Western
September delivery in elevator...... 8634 8634 8734 8934
8834 8634 8634 lake and river ports for the
week ending
Indian corn has advanced, owing partly to sympathy with since August 1 for each of the last three last Saturday and
years have been:
wheat and partly to rains in Argentina. This has led to
general buying. Some complaints have been heard, too,of Receipts at-' Flour.
Corn.
Wheat.
Oats.
Barley.
Rye.
dry weather at the West. The conditions in Argentina are
bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.4818s. bu.56 lbs.
said to be so poor at the moment, *owing to general rains, Chicago..__ bbls.19615.1.
302,000 1,125,000
1,052,000
280,000
40,000
that there is little Argentina corn being offered in this coun- Milwaukee - 141,000
75,000
61,000
201,000
57,000
232,000
19,000
10,000
434,000
21,000
5,000
try just now, and charters for twenty steamers have been Duluth
46,000
211,000
625,000
150,000
Minneapolis.
26,000
canceled recently at Argentina markets. At the same time Toledo
18,000
31,000
278,000
1,000
52,000
22,000
2,000
8,000
planting is proceeding rapidly in this country, the cash de- Detroit
39,000
43,000
14,000
Cleveland
24,000
mand is rather slow, and it is expected that receipts next St.
374,000
251,000
21,000
258,000
Louts..
52,000
1,000
184,000
140,000
53,000
12,000
week will be larger. It is also believed that planting will be Peoria
35,000
1,000
139,000
297,000
Kansas
135,000
City.
practically finished during the present week. At Buenos Omaha
292,000
252,000
134,000
Ayres, however, corn has been strong, with shorts covering,
758,000
wk.'14
317,000 3,005,000 1,455,000 2,649,000
92,000
while the arrivals have been small and the quality poor, so Totalwk.
'13
357,000 3,298,000 2,144,000 3,237,000 1,035,000 114,000
that it has been difficult to fill contracts. To-day prices Same
344,023
Same wk.'12
291,063 2,499,495 3,082,497 2,855,196
61,411
were stronger on reports of dry weather in the surplus
Aug. 1
'
States. Rain is very generally needed. News from Argen- Since
1913-14_ 17,120,000 260,766,000 186,280,000 186,887,000 78,943,000 21289000
14,856,520 231,263,966 188,625,228 202,816,688 90,336,330 15819642
tina, too, was of a rather bullish character. Country offer- 1912-13
i_io
in
100 007 450 184.244.085 126.949.295 59,758.421 7.1155.602
ings in the Wt are of only fair volume, although it is still
predicted that there will be a marked increase in the receipts
Total receipts of flour and grain at the seaboard ports for
very shortly. At the same time the shipping demand at the the week ended May 16 1914 follow:
Oats, Barley,
Corn,
West is pretty good. Shorts were covering to-day, however,
Wheat,
Flour,
Rye.
bush.
bush.
bush.
bush.
bbis.
Receipts atbush.
more on the dry weather scare than anything else. Yet, New
335,000 156,000
36,000
238,000 1,293,000
York
after all, the advance was not marked.
166,000
2,000
164,000
10,000
31,000
Boston
1,000
A.70 KA 4
255,000
30,000
240,000
31,000
66,000
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK. Philadelphia
235,000
32,000
277,000
1,000 34,000
44,000
Baltimore
Sat. Mon. Tues. Wed. Thurs. Fri.
52,000
22,000
2,000
New
Orleans
8,000
._
No. 2 Mixed
..cts.. 8134 8134 8134 82
8234 8234 Galveston
33,000
513,000
67,000
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Mobile...
5,000
848,000 342,000 56,000
Sat. Mon. Tues. Wed. Thurs. Fri. Montreal
30.000 3,443,000
May delivery in elevator_ __ _....cts.. 6934 6834 69
6934 6834 695
%
635,000 1,924,000 540,000 91,000
July delivery in elevator..
6734 6634 6734 6734 6734 6734 Total week 1914__ 422,000 5,486,000
September delivery In elevator_ _ _ 66
Since Jan. 1 1914_8,202,000 44,136,000 9,920,000 16,105,000 5067,000 1244,000
6534 66
6634 6534 66
260,000
904,000 278,000 67,000
Week 1913
570,000 6,863,000
Oats have advanced sharply, owing to reports of crop Since
Jan. 1 1913_8,459,000 58,117,000 39,037,000 18,342,000 10502000 1443,000
damage by dry weather. Most of the complaints have come
Receipts do not include grain passing through New Orleans for foreign ports
fromIllinois, Iowa, Kansas and Indiana. Rain is said to on.through
bills of lading.
be needed over most of the oats country. At the same time
The
exports
from the several seaboard ports for the week
demand
cash
the
has been sluggish. Rains in the near futhe annexed statement:
ture would cause a decided improvement in the outlook. ending May 16 are shown in Flour,
Oats,
Rye, Barley,
Corn,
Wheel,
Peas,
As the case stands, however, the tone is bullish, with receipts
bbls.
bush.
Exports frombush.
bush.
bush.b"sh, 99.631
19,419 91,720 146,889
small and the speculative demand brisk. A cargo of 320,000 New York
593,340
5,4365,436
12,400
8,699
19,897
Boston
103,882
bushels of Canadian oats brought to Chicago for the purpose Philadelphia
80,084
9,246
____ 93,093
of making contract grade for delivery on May contracts was Baltimore
2,102 11,751 231,860 17,143
477,996
400
21,000 53,000
Orleans __ 190,000
found to be under the grade. To-day prices advanced, owing New
5,000
Mobile
to nervousness of the shorts over the dry weather at the West. Montreal
20,000 138,000
921,000
157,000
It is said that in some sections rain is badly needed. The
42,521 199,410 609,633 35,040 258,631
Total week__ 2,379,311
5,436
appearance of the crop in some parts of the belt is said to be Week
229,138
552,282
198,148
142,100 36592 16,700
5,362,915
1913
rather bad. Commission houses and Chicago traders were
exports for the week and since
these
destination
of
The
good buyers.
July 1 1913 is as below:
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Tues.
Sat.
Wed.
Mon.
Thurs.
Fri.
Standards cts..45%046 4534®46 4604634 4604634 4604634 4634047
No. 2 white__460,4634 4604634 4704734 4704734 4704734 47644734
DAILY CLOSING PRICES OF OATS FTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator_ __ _....cts.. 4034 4034 4034 4134 40% 4034
July delivery in elevator_
38% 3834 3934 40
39
39%
September delivery in elevator_ _ _ _ 3634 3634 3734 3834 3734 3834
The following are closing quotations:
FLOUR
Winter, low grades____$3 200E3 40 Spring clears
$4 20'4 $4 35
Winter patents
4 900 5 10 Kansas straights,sacks.. 4 30844 50
Winter straights_
4 50
4 70 Kansas clears. sacks.... 3 9O@ 4 20
Winter clears.
4 20 4 40 City patents
5 95
6 35
Spring patents
4 6514 .5 00 Rye flour.
3 20
3 80
Spring straights
4 3584 4 55 Graham flour_
3 80@ 4 60
Wheat- ----Corn-Since
Since
Since
Week
July 1
1Veek
July 1
lireek
July 1
1913. May 16.
Exportsfor week and May 18.
1913. May 16.
1913.
bush.
bbls.
since July 1 tobbls.
bush.
bush.
bush.
United Kingdom_ 68,780 4,781,639 1,167,675 80,020,931
637,551
Continent
67,240 2,549,196 1,204,436 81,286,115
763,836
7,000 1,161,273
Sou. & Cent. Amer_ 30,338 1,136,737
15,520
382,544
200
West Indies
31,156 1,529,082
92,037
25,309 1,673,835
91,766
Brit. Nor. Am.Cols. 1,750
9,344
276,169
Countries....
Other
152
272,097
38,461
1,692
-Flour
Total
Total 1912-13
199,416 10364,589 2,379,311 162832,453
229,138 10155,900 5,362,915 144495,225
42,521 3,505,571
198,148 39,017,864
The world's shipments of wheat and corn for the week
ending May 16 1914 and since July 1 1913 and 1912 are shown
n the following:
MAY 23 1914.]
THE CHRONICLE
Wheat.
Exports.
1913-14.
Corn.
1912-13.
Since
July 1.
Week
May 16.
Since
July I.
1913-14,
Week
May 16.
1912-13.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels. Bushels. Bushels.
Bushels.
North Amer. 4,568,000 239,574,000 220,902,000
1,834,000 36,859,000
5,120,000 144,290,000 95,483,000 230,000 13,142,000 9,808,000
Russia
Danube.- 1,821,000 54,058,000 51,143,000 1,819,000 29,778,000 13,491.000
Argentina... 904,000 39,118,000 118,398,000 2,193,000 147,797,000 186,462,000
Australia... 1,016,000 59,322,000 40,004,000
216,000 25,760, 00 49,436,000
India
Oth.countr's
80,000 7, 10, 00 6,854,000
Total
13723000 570,232,00()582,220,000 4,242,000 192,551,000 246,620,000
The quantity of.wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
United
Kingdom. Continent.
May 16 1914_
May 9 1914_
May 17 1913._
May 18 1912._
Total.
Bushels.
Bushels.
Bushels.
19,464,000 25,728,000 45,192,000
19,408,000 21,592,000 41,000,000
25,488,000 31,416,000 56,904,000
30,280,000 29,184,000 59,464,000
United
Kingdom. Continent.'
Bushels.
4,539,000
4,862,000
6,095,000
6,078,000
Total.
I
Bushels. Bushels.
9,129,000 13,668,000
8,908,000 13,770,000
10,157,000 16,252,000
9,690,000 15,768,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports May 16 1914 was as follows:
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheal. Corn. Oats. Oats.
Rye. Barley. Barley.
bush, bush, bush, bush, bush, bush. bush. bush.
In Thousands408
222
51
603
1
156
44
36
New York
36
36
1
53
30
7
2
8
Boston
34
320
66
Philadelphia
184
73
125
Baltimore
36
59
186
48
4
5
241 ____
50
100
New Orleans
Galveston
44
Buffalo
1,865
1401,o5
497 11,6813 -iii
36
816
Toledo
980 ____
74
195 ____
4
afloat
124
Detroit
-511 --.5-i
92
22
Chicago
4,519
2,925 3,146
146
120
Milwaukee
78
98
51
25
240
Duluth
5,446 -Lo6
1;188
969
60
113
133
15,408
11
Minneapolis
620
242
773
124
St. Louis
208
166
16
19
1,699
355
Kansas City
305
20
3
Peoria
473
309
135
Indianapolis
30
312
271
Omaha
462
--ii --48
240
1,307
175
On Lakes
-Total May 16 1914_33,094 2,176 5,490 0,311 2,808
608 2,199
179
Total May 9 1914..37,906 2,139 7,271 9,962 2,518
158
927 2,576
Total May 17 1913..42,856 6,624 4,331 7,305 1,470
375
590 1,770
Total May 18 1912..34,568 4,782 6,528 8,834 2,383
216
568
870
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Canadian Bonded
Wheat, Wheat. Corn. Oats. Oats.
Rye. Barley. Barley,
bush
bush, bush, bush. bush. bush. bush. bush.
In ThousandsMontreal
2,682
____
2 1,088 _-3
807 ____
Ft.William & Pt.Arthur 8,988
__. _
____ 5,672 ____
Other Canadian
4,520
5,097
Total
Total
Total
Total
May
May
May
May
16 1914..16,190
9 1914_17,319
17 1913_13,808
18 1912_16,117
In Thousand3American
Canadian
Total May
Total May
Total May
Total May
2 11,857
4 11,771
11 10,475
2 6,408
---SUMMARY.
Bonded
Bonded
Wheal. 1Vheat. Corn. Oats. Oats.
bush, bush. bush, bush. bush.
33,094 2,176 5,490 9,311 2,808
2 11,857
16,190
_---
16 1914..49,284
9 1914..55,225
17 1913_56,664
18 1912..50,685
2,176 5,492 21,168 2,808
2,139 7,275 21,733 2,518
6,624 4,342 17,780 1,470
4,782 6,530 15,242 2,383
3
10
8
807
634
531
71
Bonded
Rye. Barley. Barley,
buRh, bush. bush.
179
608 2,199
3
807 ---611
937
598
568
THE DRY GOODS TRADE.
3,006
3,209
2,301
• 941
170
158
375
216
1625
inquiries for the purpose of keeping in touch with the market
here.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending May 16 were 7,447
packages, valued at $580,509, their destination being to the
points specified in the table below:
1914-----------1913----Since
Since
New York to May 16
Week. Jan. 1
Week. Jan. 1
Great Britain
1.521
214
14
476
Other Europe
4
1,257
19
409
China
2.567 34492
25,290
___
India
12
6,151
9
6,792
Arabia
5,012
221
14,121
Africa
209
4,283
714
12,579
West Indies
1,011
537
21641
16,049
Mexico
277
1,300
49
Central America
225
9,008
212
6,487
South America459 22,149
Other countries
2,11.
4 g',2(i'
2,381
27,233
Total
7,447 138.076
4,615 132.885
The value of these New York exports since Jan. 1 has been
$10,142,688 in 1914, against $10,406,435 in 1913.
. While staple cotton goods are quiet and steady, better
inquiries are being received, and buyers not having been
able. to further break down prices, are expected to begin
placing their requirements for the latter half of the year.
Supplies in the hands of both jobbers and retailers are limited,
and mills are known to be entering the summer period with
smaller stocks and lighter bookings than usual. Jobbers
are consequently looking over their stocks and making preparations to place business which they know they will need
before the summer is over. As regards fall, little is so far
being done, although around the first of June, in normal
years, quite a substantial business has been booked for
delivery over the latter half of the year. Printers and converters who are still underbidding the print and gray goods
markets are finding prices firmly held and are placing more
orders, although mostly for nearby delivery. Sales of summer wash goods are improving and jobbers state that they
expect, and are prepared to meet, a heavy- demand for these
goods from now on. Gray goods, 38-inch standard, are
quoted at 538c.
WOOLEN GOODS.-Fall dress goods are in a quiet
period, with little new business coming forward. Secondary distributors, owing to bad weather conditions, have not
yet moved out sufficient summer merchandise to turn their
attention to their fall requirements. Selling agents report
a good call for broadcloths and soft finished fabrics in plain
colors. Serges are well taken by garment manufacturers,
but, owing to their popularity during the present spring and
summer, it is feared that they will be disregarded to a great
extent during the coming fall. Imported lines of cloaks and
loose coats are doing well in retail hands, and domestic
clothing manufacturers are somewhat annoyed at the
popularity which these garments are meeting with. Business for fall in men's wear is being restrained by advancing
prices, although manufacturers continue to mark values up
regardless of the effect upon demand, giving the high cost
of raw material as their reason.
FOREIGN DRY GOODS.-Warmer weather has promoted sales of dress linens and importers are now warning
their customers to get their requirements in early. The drop
in importations, together with threatening reports from
foreign producing centres of higher prices and shortage of
supplies, is causing buyers to take more interest in their
future requirements. Fancy andnovelty lines have enjoyed a satisfactory demand, while household goods are
• being taken for seasonable needs. As is usually the case
during the month of May, the burlap trade is very inactive.
In the absence of any important demand, prices rule a trifle
easier, light-weights being quoted at 4.60c. and heavyweights at 5.75c.
New York, Friday Night, May 22 1914.
Conditions in the drygoods trade show some signs of
improvement as a result of the warmer weather, although
business is still far from satisfactory, particularly in the
manufacturing end. Manufacturers do not display much
confidence in the future and are careful not to accumulate
any surplus stocks. Reports from manufacturing centres Importations & Warehouse Withdrawals of Dry Goods.
state that when old contracts expire, if there are no new Imports entered for Consumption for the Week and since Jan. 1.
Week ending
orders to replace same, the looms will be suspended. With
Since Jan. I 1194.
May 16 1914.
stocks in all quarters at present low levels this is a very
Pkgs.
Valhe.
Pkgs.
Value.
ofunsatisfactory condition as any sudden improvement in Manufacturers
Wool
1,687
440,395 35,142 9,953,264
demand would bring unsettlement of prices and much busiCotton
3,613
876,088 77,399 20,796,841
Silk.
1,713
831,386 30,944 14.587,662
ness would be lost that could be profitably enjoyed if buyers
Flax
1,119
298,886 32,218 7.785.927
would only place a moderate amount of business for future
Miscellaneous
1.638
149,597
72,755 6.614.898
delivery at current values. Buyers are bidding for a good
Total 1914
9,770 2,596,352 248,458 59,738,592
volume of business, but at prices too low to be•accepted by
Total 1913
6.416 1.641,724 209,945 48.356,103
manufacturers. The jobbing end of the trade is more
Warehouse Withdrawals Thrown Upon the Market.
active, milder weather having brought in a larger volume Manufactures
of133.364
619
21,544
5.676.625
of mail orders, while business with local retailers is likewise Wool.
584
Cotton
163,044
16.561
4.362,563
improving. Retailers are beginning to dispose of lightSilk.
198
91.189
5,5Z4
2,472,888
389
weight goods and are more willing to place their require93,211
Flax
10,119
2,412,834
Miscellaneous
3,300
73.528 53,122 2.968.335
ments through the summer. On the other hand, jobbers
are not well supplied and should there be an extra heavy
090
7 8:
554,336 106,870 17,893.245
Total withdrawals--770 2.596,352 248.458 59.738.592
late demand there is quite sure to be a scarcity of the most Entered for consumption
desirable goods. Jobbers are experiencing a better call for
Total marketed 1914........14,860 3,150,688 355,328 77,631,837
Total marketed 1913
10.968 2,179,371 296.846 59.700.426
summer underwear and hosiery lines and are consequently
Imports Entered for Warehouse During Same Period.
beginning to call on their mills for goods which they had
Manufactures
of
held up subject to shipping instructions. Export business
181.671
Wool
640
12.895 3,814.015
831
209.863
Cotton
in cottons continues quiet, although India is reported in16,034 4.423,256
319
Silk.
1.43.787
5,476
2,445,737
quiring for Pepperell drills at 73
/0. Manufacturers are
129,382
524
Flax
11,724
2.734,309
holding firmly for 8c., but there have been reports of some
Miscellaneous
72.236 33,272 2,447,318
616
additional business being done for mid-summer delivery.
Total
2.930
736,939
79,401 15.864.635
Mediterranean and Red Sea markets continue flooded with Entered for consumption
9.770 2,596.352 248.458 59,738,592
Austrian and Italian goods at prices too low for American
12.700 3.333.291 327,859 75,603,227
Total imports 1914.
goods to compete with. China is unheard from beyond
.10,359 2.299,362 319,493 61.417.266
Total imports 1913
1626
STitre MID
CITY DEPAIMatNi.
MUNICIPAL BOND SALES IN APRIL.
We present herewith our detailed list of the municipal bond
issues put out during the month of April, which the crowded
condition of our columns prevented our publishing at the
usual time.
The review of the month's sales was given on page 1473 of
the "Chronicle" of May 9. Since then several belated
April returns have been received, changing the total for
the month to $101,177,584. The number of municipalities
issuing bonds was 384 and the number of separate issues 493.
APRIL BOND SALES.
Price.
Page.
Rate. Maturity. Amount.
Name.
1333__Ada, Ohio
$5,000 101.05
1924
5
28,400 100.842
1404_ _Adams County, Ind. (4 issues) 434 1915-1924
1934
85,500 106.418
1180.._Adams County, Ohio
5
1258_ _Adams Twp.Spec. S.D.No.1,
a1922
1,500 101.166
Ohio
534
4%
a1937
300,000 101.879
1405_ _Albany County,N.Y
1258__Alexandria S. D.,La
5
125,000 102.83
4
1944
100,000 z100
1180.._Allegheny County, Pa
a1920
1333_ _Allen County,Ind.(5 issues.._ 434
60,880 100.988
1180....Allen County,Ind.(2 issuesj.. 434
47,200 100.841
1258....Allendale S.D.No.22,So. ar.
15,000 100.113
J
125&_Allenhurst, N.
5 d1934-1944
12,000 100.80
1333_ _Ambler Sch. Dist.,Pa
12,000 102.39
434 1915-1933
1180_ _Amelia, Ohio
6
a1918
1,000 102.20
1258....Amsterdam, N. Y
1934
125,000 104.87
434
1405....Andover, Mass
4
1915-1924
10,000 101.826
1259_ _Argenda Sch. Dist., Calif
6
1918-1928
4,000 100.025
1551.._Auglaize County, Ohio
6
14,850 100.734
1259....Bastrop County, Tex
5
50,000
1474_ _Bayshore, N Ir
15,000 100 000
1915-1922
5
1405_ _Bellevue, Ohio
5
3,348 100.074
a1919
1405_ _Bellevue,Pa
174,000
434
1259_ _Belmont County, Ohio
450,000 101.908
5
a1918
1405.. Ben Avon Sch. Dist., Pa
60,000
434 1919-1944
1259__Bernalillo Co. S. D. No. 14,
4,000 y101
6 d1924-1934
N. Mex
20,000
1405__Bigwells Sch. Dist.,Tex
5 d1924-1954
6
1916-1924
1474_ _Billings, Mont
19,000
1181_ _Blackford County,Ind
6,500 100.815
434
1181_ _Blackford County,Ind
6,000 100.866
434
1334_ _Blaine County,Idaho
5
19,000 y102.133
1924-1933
1181__Bloomfield Twp., Ohio
5
a1920
30,000 100.40
1405_ _Boone, Iowa
20,000 100.70
434 d1924-1934
1334_ _Boone Twp.,Ind
30,000 102.428
434
1334....Boonville Sch. Dist., Mo_ ___ 5 d1924-1934
65,000 103.371
1181_ _Bossier Parish, La
5
1915-1954 175,000 100
1181_ _Braddock Sch. Dist.,Pa
434 1915-1944 230,000
1551- _Bristol, Va.(2 issues)
5
70,000 99.393
1181_ _ Brockton, Mass
4
180,000 101.10
1259_ _ Brownsville, Tenn
6
12,000 103.291
1181._ Bucyrus, Ohio
5
11,500 101.53
1259._Butler Twp.,Ohio
5
20,000 100.675
a1920
Vii.
1259_ _Cadiz
S. D.,Ohio
5
a1923
3,000 101.366
1405_ _Camden, N J
125.000 103.915
1934
434
1551_ _Camden, N. J
10,000 z100
4
1948
..Canton,
1181_
Ohio (20 issues)
Various 187.050
Var.
534
1181_ _Canton City S.D.,Ohio
225,000 110.313
5
1954
1181._ _Carlton County, Mimi
5
1915-1924
65,000 101.007
1405.. Carlton County, Minn
92,000 102.016
5
6,200 100.607
1474.. Carroll County, Ind
a1920
434
5
1551_ _Center Township, Ind
9,000 104.058
a1919
1475....Centralia, Wash
118,892 101.55
1934
5
1630.._Ceres High School District,Cal 5
35,000 100
a1928
1551__Charlotte Union S.D.,Mich
1924
3%
35,000 100
1915-1924
1334_ _Chehalis, Wash
25,000
7
1334__Chelan Co. S. D.No.41,Wash.534 d1915-1924
1,500 100
1934
1181__Cherokee County, So. Caro.. _ _ 434
52.000 100.528
1475_ _Chesaning (Vii.) U.S.D.,Mich 434 1916-1929
40,000 100
a1919
1334....Cheviot, Ohio (2 issues)
5
9,350 101.028
1939
6
1334_ Chickasaw County, Miss
100,000
434 d1924-1934
75,000 100
1259_ _Christian County, Mo
4%
1934
100,000 101.38
1259_ _Cincinnati S. D., Ohio
5
1934
1334_ Claiborne County, Miss
10.000 101.17
5
1334.._Clark County, Ohio
30,000 102.33
1182„Clark County, lnd
14,700 100.802
434 1915-1924
5
a1922
1259_ _Clark County, Ohio
42,000 103.219
a1920
1259_ _Clay Township Sch.Dist.,Ohio 5
4.000 100.025
1182_ Cleveland,
Cleveland,Ohio
5
1917
760,000 101.83
1182__Cleveland, Ohio
5
1917
192,000 101.83
5
1182_ _Cleveland,Ohio
1915
30,000 100.76
1182_ _Cleveland, Ohio
5
1916
18,000 101.25
1259__Cleveland, Ohio
1949
434
1,300,0001 106.359
1259__Cleveland, Ohio
1949
434
800,0001
1334_ _Colesburg School District,Iowa
10,000
1182_ _Columbia County, Ore
5
a1927
360,000 101.543
1405_ _Columbus, Ga
a1929
60,000 100.537
434
a1923
1475_ _ Colusa County,Cal.(2 issues). 5
200,000 101.514
5
1182_ _Concord Twp. S. D.,Ohio_ a1921
25,000 100.625
1334....Conneaut, Ohio
1922
8,500
4%
1552_ _Conshohocken,Pa
1935
2,000 102.851
1405_ _Converse Co. H.S. D.,Wyo
534 a1921-1939
45,000 y102.30
1406_ _Cook Co. S. D.No.97. Ill_ _ _ 434 1919-1927
89.000 101.348
1630_ _Corona School District, Cal.. 5
1934-1954
50,000 101.15
1259__Corpus Christi, Tex
534 d1934-1954
50,000 100
1182__ Corydon, Ind
3,000 101.40
434 1919-1921
434
1406_ _Coshocton Corn. S. D., Ohio
a1921
20,000 100.265
5 d1924-1954 125,000 102.76
1406....Dallas County,Tex
a1927
1475--Dayton School District, Ohio_ 5
120,000 105.16
1335._ Deer Creek School Twp., Ind_ 5a1922
_
23,140 105.553
1475_ _Deerwood, Minn.(2 issues)... _ 534
25,000 100
5
iiiiii
1335.._ Delta, Ohio
35,000 100.014
1406....De Soto County, Fla
1944
25,000 97
.,1406.._ De Soto County, Fla
1944
25,000 96.50
4
1944
1406_ _Detroit, Mich
500,000 96.85
1919-1924
1552.._Diagonal School District, Iowa 5
20,000 100
1335_ _Dimmitt Co.Corn. S. D.1,Tex 5 d1924-1954
40,000 100
a1919
1335_ _Dover Twp.Sch. Dist., Ohio
5
16,000 102.266
_Dunmore,
Pa
1260._
434
65,000 103.384
a1937
1183_ _Dtumellon, N. J
434
20,000 101.513
1934
1183_ _E.Cleveland City S. D.. Ohio.. 5
38,000 106.61
1475.-East Fork Irr. Dist., Calif........ 6
90
1335_ _ East Milwaukee S.D.4,Wis 5
1915-1919
35,000 y102.81
1260_ _Edgewood, Pa
85,000
434
a1920
1183.. _Elkhart County, Ind
434
6,500 100.725
1919-1953
1183_..El Monte, Cal
6
26,250 101.904
1406.. _Erie Twp. Sch. Dist., Ohlo.._ _ 5
1913-1918
6,000 101.666
1260_ _Escambra, County, Fla
18,500 96.08
434
1§24 129,857
1406_ _Everett, Wash
6 d1915-.
a1924
1260__Fairbury Twp. H.S.D.130,I11_ 434
60.000 101
1916-1925
1552- _Fairfield Township Ohio........ 5
25,000 106.84
1183.._Farrell School District, Pa_ _ _ _ 434
a1931
55,000
1183_ _Findlay, Ohio (2 issues)
5
8,269 101.169
1406_ _Flandreau Ind. S. S., So. Dak_ 5
a1924
40,000 101.25
a1920
1335_ _Floyd County, Ind
434
27,040 101.688
a1920
1335_ _Floyd County, lnd
434
4,000 101.41
5
a1915
1183_ _Forest, Ohio (2 issues)
500 100.5
5
1924
1183...Forest, Ohio
500 102
5
a1919
1260.._Fostoria, Ohio
8,600 101.31
5
a1919
1183._ _Franklin County, Ohio
6,000 102.40
1335_ _Franklin County, Ohio
a1917
5
62,500 101.665
1335.._Franklin County. Ohio
a1918
5
19,000 101.795
[VOL. xcviii.
THE CHRONICLE
Price.
Page.
Rate. Maturity. Amount.
Name.
9,000 100.20
1335_ _Franklin County, Ohio
5
a1916
10,000 101.91
5
1335....Franklin County, Ohio
a1918
26,000 103.519
97
1
1406_ _Franklin County,0.(2 issues). 5
27,500 y104.282
1335_ _Fulton Co. S. D. No. 141, 111_ 5
a1927
22
5
60
0..5
000
,0 0
0 102
1335.. _Garner Sch. Dist., Iowa
35
8.
5
1924
4g dl9
1476_ _Gila County S. D.No. 14, Ari 6
a2
14-1
938
934
45,000 105.07
1407_ _Glens Falls, N Y.
30,000 103.317
1407.. _Gloucester, Mass
4
19aaa1111599022
-2
1000
944
County, Ind. r0 iss.) 434
137,020 100.80
1336_ _Grant Co
35,100 100.788
1336 _ _Grant County, Ind. 3 iss.)..
5,800 100.603
1336.. _Grant County,Ind. 2 iss.).. 434
1336_ _Grant County, Ind
5,300 100.962
4
a1920
19,000
1336....Grant Ind. Sch. Dist., Iowa_
1407_Grant County. Ind.(2 iss.)..__ 434
44
0
15,560 100.80
1407.. _Granville Sch. Dist., Ohio.. _ .._ 5
10,000 102
a1924
1631_ _Gratton School District, Cal__ 6
5,500 101.872
1260....Greene County, Ind.
434 1915-1924
5,000 100.53
1183_ _Greene County, Ohio
6
1915-1916
2,850 100.894
1103_ _ Greenwich,Conn
434
a1916
100.000 100.382
1103_ _Greenwich,Conn
434 1915-1924
50.000 101.313
1336_ _Grimes County, Tex.
30.000
5
1336_ _Guernsey County, Ohio
1916-1919
4,000 100.555
1336_ _Hamilbon Co., Ind
7.400 100.81
1336_..Hamilton Co., Ind
4
2,900 100.413
1407_ Hamilton Co., Tenn.
1944
5
50,000 106
1631_ Harris County-Houston Ship
1954
250,000
5
Channel Nay. Dist., Tex
a1931
10,000 101.30
1407- _Harris Township, Ohio.
140,000 100.107
a1922
4
1553_ _Harrisburg,Pa
75,000 105.50
1944
1104__Hartford S. W.Sch. D.,Conn.. 434
934 121,700 y100.739
91
1.8
19a1165
1553 _Haywood County,Tenn
4,000 101
1407_ _Hicksville Vii. S. D., Ohio..
5
75,000 100
5
1336__Holmes County, Miss
10,805 101
1260__Hood River, Ore.(3 issues)._ ... 6 d1915-1924
20,000 100
4% 19151929
1336....Hopewell Twp., Ohio
100,000 z100
1336__Houston, Tex..
5,000 100.92
a1924
1183__Hubbard, Ohio..
5
10,000 z100
1944
1260__Hudson County. N. J
4
14,240 100.711
a1920
1476_ _Huntington County, Ind
434
6,670 100.704
a1920
1476-Huntington County,Ind34
3,842 100.65
1476...Huntington County, lnd
a1920
1%
1407....Huntington Un. Free S. D.
No. 1, N. Y
7,500 104.506
1919-1933
5
200,000 102.297
1104....Irvington, N. J.
1944
1407...Jackson County, Ind.(2 iss.).. 4%
12,720 100.707
al920
1336Jackson
Un. S. D.. Mich..
30,000
4
1476_ _Jameson School Dist., Mo____ 5 d1915-1934
20,000 100.425
1336...Johnson County, Ind
434
10.800 100.801
1336....Johnson County, Ind
4%
4,740 100.063
1407....Jones County. Miss
6
50,000
534
1407_ _Junction City. Ohio
a4919
1.052
100
33:4
79
73 y1
5&6 1915-1928
1476._Kansas (4 issues)
5
1260_ _King Co. S. D.No. 183. Wash. 534 d1924-1934
9,000 100
1260__King Co. H.S.D.No.13.Wash.. 534 d1916-1934
9,500 100
1407_ _King Co. S. D. No.97, Wash.. 534 d1915-1919
4.000 100
d1915-1934
1407__Klickitat Co.S.D.No.9, Wash. 6
1,000 100
5
1915-1917
64,888 100.789
1337_ _Knox County. Ind..
68.000 100.14
1184....Lake County, Ohio
4
g
a
1
9
2
24
4
50,000 100.13
1184....Lake County, Ohio
5
1554_ _Lansing, Mich
4%
101.471
1184 _La Porte County.Ind
13,200 100.81
43.5
1260_ _La Porte County,Ind
a1920
16.000 101.35
1408_La Porte County,Ind
5
1476__Lauderdale County, Miss
90 100.50
1184 _Lawrence County, Ind
44;1
a1919
107.000 100.042
5
1408_ _Le Roy Township, Ohio
2R:00000
d1924-1934
In 10.6
1337_ _Lewiston d. S. D.No. 1,Ida.
434
1337__Liberty Twp.,Ind
16,000 104.415
al923
5
1337 _Lorain, Ohio..
150.000 102.90
al923
5
1337 _Lorain County,Ohio.
15,000 101.774
a1919
hio.
5
1184 _Lucas County, Ohio..
100,000
1929
4
5%
1260_Luce Count ,M
1,075,000 100
1337 _McLennan ounty,Tex
85,000 100.738
a1927
1337_ _Macomb S. D.No. 160, Ill_ __ _ 434
75,000 101.55
al922
1184_ Madison County, N. Y
10,000
a1925
1104 _Magnetic Springs S. D., Ohio.. 4
5%
5:000
00 105
12
20
1.
.6
11
5
a1930
1104__Mansfield S. D.,Ohio
5
a1928
1184_ _Mantua Twp. S. D., Ohio_ _ _ _ 5
41,000
5
1477 Maplewood, Mo
3,360 100.148
1337....Marengo Sch. Dist., Ind
4% 1915-1934
6,313 102.01
5
1477....Marion Ohio
30,000 100.25
92
24
1
1337__Marshalltown Ind. S. D.,Iowa 4%
a119
31,250 100.086
1184 Massena,N.Y
4%
a1931
18,000 100.038
1184_ Massena.N Y
944
-3
14
44g% 191159
40,000 100
1477....Memphis Sch. Dist.,Tenn..
150,000 101.338
1408_ Mesa Un.H.S. D.,Ani
5
1934
47,50
1184 Miami County,Ind
4
a1924
30001101.634
1408__Miami County,Ohio
,
5
5
1408_ _Miami County,Ohio
80,0001
aa11991197
1184_ _Middletown, Ohio (3 issues).. 5
63,280 101.684
1338_ _Mifflin Twp. S. D., Ohio
6
al918
3.500 103.214
1261_ Milam County, Tex
5
100,000 100.50
a1936
1338_ _Milford Twp.S. D.,Ind
19a1159
-2
14
924
11.400 101.894
4
47,100 100.658
1261 Minneapolis, Minn
322,900 100
1554....Minnesota (23 issues)
4
35,000 106.55
1185__Minoa U.F. S. D.No.2,N.Y. 5
a1932
6,000
1338_..Mitchell Sch. Dist., Calif
25,000 98
1917-1928
1477_ _Mobridge Sch. Dist., So. Dak_ 5
30,000 103.35
1338_ _Moniteau S. D.No.43,Mont.. 5 d1924-1934
10,600 10.93
19lt98
7
a 1924
1477_ _Monroe,Wash.(2 issues)
15,000
1408_ _Montgomery County, Ohio..__ 5
3,300 100.151
a1918
1338.._Montgomery County, Ohio__ _ 5
15,000 101.74
a1923
5
1338 Montpelier, Ohio
2,500 100.50
5
1338_ _Montville Twp.,Ohio
10
9:060
00 101.535
a1920
434
1261....Morgan County, Ind
a1919
6
1261....National City, Calif
400
1
;
0
0
26
0i 10
d1934-1954
010.08
5
_Navarro
County,
Tex
1185_
20,000 104.57
1915-1924
6
1338....Nelsonville, Ohio
a1919
5
1338_ _Nelsonville, Ohio
a1919
4,6961
5
1338_ _Nelsonville, Ohio
1948
5
1408.._Neptune Township, N.J
a1924
5
104.537
1477- _Newark Sch. Dist., Ohio
235,000 100.74
1408....New Bedford, Mass.(4 issues) 4
5 d1933-1953
15,000
1338....New Boston,Tex
5 d19194944
30,000 100.02
1338 ..New Castle, Del
a1922
20,000 101.14
5
4g
1555....New Haven Township, Ohio
1964 65,000,000 101.45
1261 _New York City (3 issues)
50
00
3 On or ait'14 5,00
:0
00
00 x1
10
00
0
1478....New York City
4
1338....Newport Ky
a11993174
5
10,000 104.13
1105_ _Niles, Ohio
1262_ _Niskayuma Corn. S. D. No. 2,
19a1159-214924
5
10,000 100
New York
35,000 109.032
1262 _Noble County, Ohio
g
d1919-1934
47,000 100.585
1338_ _Norfolk S. D.No.2,Neb
4
a1934
1262.._Northampton County, Pa......
130,000 100
130,000 100.125
1555.._Northampton Heights, Pa...... 434 d1928-1948
30,000 101.14
6 d1915-1924
1338__North Bend, Ore
9,014 100
Various
1555_ _North Dakota (16 issues)........ 4
72,120 100
a1926
230:00000 101.172
1408_ _North Plainfield, N.J
434
7
1915-1924
9
1338 _North Yakima, Wash
1954
1338 _Norwalk, Conn
100,000 101.441
a1920
8,000 101.456
1185_ _Norwalk City S. D., Ohio
4
5%
1262....0ak Harbor, Ohio
5
a1920
4%
a1934
1338 _Oakmont S. D., Pa
50,000
1478....0akwood, Tenn.(2 issues)
100.818
4%
al920
1185_ _ Orange County, Ind
40
9 101.72
60
1338 _Orland Sch. Dist., Calif
6
5
4:0
1917-1926
100.0125
5
Fla
1944
102.073
1262 _Oswegatchie, N Y.(2 issues). 4%
0 y100.662
000000
,0
. 0
1501
0..,
4
2
1262_ _ Owatonna S. D.No. 1, Minn_ 5
96
1262....Palm Beach County, Fla....
5
100
929
19414
1339_ _Park Co. S. D. No.59, Mont.. 6 d19241478....Patton, Pa
5
85,000 100.676
1555_ _Pecos County, Tex
6 d1924-1964
5
4
ii:288
2,80
B;888
12:813g 18A:fil.
1555 _Orlando,
122:888
MAY 23 1914.]
THE CHRONICLE
1627
Name.
Rate. Maturity. Amount.
Price.
Page.
All the above sales are for March. These additional
1262_.Peekskill. N. Y.
4.90 1919-1925
3.500 100
•
1262_Pennington County,Minn-- 5
a1920
44,000 101.022 March issues will make the total sales (not including
1409_ _Peoria, Ill
4% 1915-1924 120,000 100.799 temporary loans) for that month $42,868,603.
1185_ _Perry Township. Ind
4
20,000 100.132
a1921
1339_ _Perry Township S. D., Ohio 5
25,000 100.944 DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN APRIL.
4
1924-1964 115,000 102.25
1409_ _Perth Amboy,N J
Ra
mount.
Price.
1964
1409_ _Perth Amboy,N.J
43
103,000 102.679 Page. _Alberni, BName.
C
6... .......$25,000
a1934
3.000,000 102.643 1412_
1105_ _Philadelphia Sch. Dist., Pa.... 43j
5
1482_ _ Assiniboia R. M., Man
1934
88,779
20,000 100
1339_ _Pierce Co.S.D. No.88, Wash_ 5 d1915.1924
1482__Drumheller S.D.No.2471,Alta. 6
10,000 98.90
4.30 a1924
6,000 100
1409_ _Pittsford. N Y.
1265_ _Eastview, Ont
5
1944
35,000
6
1915-1934
10,000 102.60
1339_ _Pleasanton, Cal_
5
1412_ _Edmonton, Alta
1953
1.844,000
85,000 101.57
1339_ _Pocatello Ind. S.D.No.l.Ida 6 d1924-1934
5
_Elkhorn, Man
1915-1929
6,000
32,000 102.703 1265_
a1923
1185--Portage Township S.D.,Ohio.. 5
1343_ _Fort Francis, Ont
6
1915-1934
40,000 99.64
15,000 100.593 1343_
1915-1929
5
1409_ _Portersville, Car
_Fort Francis, Ont
..____ 6
1919
2.316
99.14
6 d1915-1924 424,612 104.15
1262- _Portland. Ore..
1482_ _Hanna S. D. No. 2912, Alta__
25,000 98.248
1920-1954 3,000,000
1339- _Port of New Orleans, La_ _ — 5
_ Ingersoll, Ont
5
61115
-11.-934
21,000
40.000 102.157 1482_
a1922
1319--Postville Ind. S. D., Iowa_ _ _ _ 5
1413..London, Ont
1944
50.000
40.000 100.848 1343_
1262__Portsmouth N. H
a1924
4
_Montreal, Que
4
1953 7.500.000
98,000 106.17
1339„Poughkeeps e, N Y.
1944
4%
1413_ _Nova Scotia
d1934-1964 3.800,000
375.000 100.15
1262__Providence, R I
1944
4
1343_ _Pincher Creek, Alta
15,000
13,620 101.009 1343_
• a1920
1186..Putnam County, Ind
4
Grey,B 0
5
3.500,000 95
3,000 100.966 1343_ __Point
a1920
1186_ _Putnam County. Ind
4
St. John County, N.B
4%
35.000
20,000 100
5 d1924-1954
1409_ _ uanah,Texas
1482_ _St. Martins S.D.No.16,Alta_ 6
20,000 96.75
1.700 100
1339_ _ avail/ Co.S. D.No.13,Mont. 6 d1924-1934
1266_ _Sandwich. Ont
5% 1915-1929
30,000
3,500 101.34
19154924
5
1339_ _Reading, Ohio
1482_ Sarnia, Ont. (3 issues)
5%
25,000 100.94
30,000 y101.05
5 d1924-1934
1339_ _Red Lodge, Mont
Sault Au Recollet, Que
6
1954
300,000
38,000 102.052 1343..
a1924
1409- _Rensselaer, N.Y.(2 issues)._ 4%
1266_ _Strathmore. Alta
6
-___- _4,500 88.50
20,000 102.25
a1920
5
1478.. _ Richland County, Ohio
1266_
_Summerland.
B.
C
6
1934 . 20.000 95
3,000
1339_ _Richlandtown, Pa..
1343_ _Sunnidale Twp., Ont
5
1924
3,350
101.200
75.000
1915-1944
1263_ _Richmond School Dist., Cal__ 5
1266_ _Swift Current. Sask
6
1944
100.000 100.119
15,000 100.866 1343_ _Thetford
a1922
1339_ _Ridgefield Township, Ohio..__ 5
Mines, Que
5
1918-1942
90,000
25,000 103.59
1186_ _Rittman Village S. D.. Ohio... 53 _ _
1343_ _Tillbury North. Ont
5
1915-1924
12,402
5
50,000 y101.76
1263_ _Riverside School District, Cal..
1343_ _Trenton, Ont
5_____
35.000 97
30,000
1340_ _Rosenberg, Tex.(2 issues)_ _ _ _ 5
1343_ _West Kildonon, Man
5% --------- 250,001
94
10.000
101.76
---1436
5
Ga
1340_ Roystn,_
1413_ _West Vancouver. B.0
25,000
5 d1924-1954
20,000
1340_ _ Runge, Tex
200,000 100.51
43
1944
1340_ _Rutherford, N.J
Total debentures sold in April
$17,912,348
1,165,000 100
- _ _ _.._ _
1409__St. Francis Levee District. Ark 5
5
85,483 100
_ _ _ _.._ _
1340_ _ St. Paul. Minn.(2 issues)
85.000 NO
1478_ _St. Bernard Parish, La.
News Items.
--jag
154,000 100.02
4
1556_ _St. Lawrence County, N.Y
1556.
1 6,000 101
Colorado.—Special Session of Legislature Ends.—The
50,000 105.789
4%
1944
1263_ _St. Paul. MillII
6,000 100.60
4
Colorado Legislature, which Governor Ammons convened in
1340_ _ Salem Mass
5
-1-9-1-5:1.
954 705,000 101.879 special session on May 4 to consider five
1263_ _San Diego,Cal
subjects relative to
53,000 100.219
a1922
1409_.Sandusky. Ohio.
5,500 100.181 the coal strike, adjourned last Saturday afternoon (May 16)
4
a1924
1409_ _Sandusky, Ohio.
a1922
12,000 100.116 at 4:30 o'clock. The most important law enacted
4
1409_ _Sandusky. Ohio.
provides
1.400
4%
1918
1409_ _Sandusky, Ohio.
a1932
al932
150,000 100.311 for a $1,000,000 bond issue by the Statelfor the purpose of
1263_ _San Rafael, Cal..
160.000
a/924
1263_ _Santa Cruz H. S. D., Cal_ --- 5
meeting past and future expenses of the Colorado national
1263__Santa Cruz S. D., Cal
5
a1924
80,000 100.001
guard in the coal strike field. This measure was signed by
a1919
1187_ _Scarsdale Fire District, N.Y__ 4N
10,000 100
1340_ _Scoharle, N.Y
9,000 100.50
the Governor shortly after its passage,and.,as it contains an
" - WSW
1106_ _Scio Village S. D., Ohio
30,000 101.516
emergency clause, will take effect immediately. Only two
6
1479_ _ Seattle, Wash
12,000
1915-1924
1187_ _Sheffield,Iowa
5
28.000 101.728 other laws were passed at the extra session, and3these allow
1934
1187_ _Shelby. Ohio
5
4,000 100.125 the Governor to
a1917
close saloons by proclamation in districts
1263_ _Shelby County, Ind
4%
3,260 100.521
1340- _Sheridan County. Mont
6
187.000
where riots may be in progress without declaring martial
1263_ _Sherman Township. Ohio.--- 5
15.000 101.133 law, and also authorize him to prevent the sale or possession
al925
1263_ _Shreveport,La
7,000
4%
of firearms in such districts. A bill to submit to the people a
6 d1919-1924
1187—Sidney, Mont..
6,500 100
36.000
1409__Sierra Madre. CaL.
5
constitutional amendment for compulsory.arbitration of all
739,900 80
1340_ _ South San Joaquin Irr.D.,Calif 5
labor disputes was killed, and instead a jomt resolution was
14,000 100
1479__Spokane Co.S.D.No.21,Wash_ 5 d1916-1924
61,132 100
6 d1915-1924
1479_ _ Springfield, Ore
adopted providing for a committee of six members of the
a1928
60,000 102.055
5
1263_ _Springfield Tvvp., Ohio
5
30,000 y100.116 Legislature, three from each body, to investigate the strike
1944
1340_ _Statesville, No. Caro
5
a1918
10,000 100.65
1263_ _Steubenville, Ohio
and its causes and report recommendations at the regular
200,000 100.423
a1925
1340_ _ Steubenville City S. D., Ohio.. 4%
session in January. A bill to establish a State constabulary,
1263...Sugarcreek & Shanesville VII.
a1930
23,000 105.10
Sch. Dist., Ohio
53
the other measure contemplated in the Governor's call, was
4
1944
42,000 100.919
1187__ Sussex County,N J
4
a1922
15,000 101.726 defeated. Memorials to petition President Wilson to keep
1340__Taunton, Mass
5
182,412 100
1557- _Teams
Federal troops in Colorado until a final settlement of the
4
a1923
68,000 104.159
1410_ _Tippecanoe County, Ind
strike were also killed.
4
1933
1263__Toledo, Ohio
98,000 104.65
4J
1915-1934 127,000 103.25
1107_ _Troy, N.Y
Columbus, Ohio.—Charter Adopted.—The proposed new
5
a1925
1340__Troy Twp., Ohio
44,000 102.011
city charter referred to in V. 98, p. 1404 was adopted on
5%
a1923
1411_ _Unionville, Mich
102.50
6
a1919
1188_.Urbana, Ohio
16,5 00 105.20
May
5 by a vote of 8,500 to 7,458; it is stated.
1411__Van Nuys II. S. D., Calif_ _ _ _ 5% 1915-1954 120,000 102.301
5
1263_ _Ventnor City, N. J
25,000 100.75
1964
Defaulted
State Bonds.—Aid of New York Stock Ex1263__Ventnor City, N. J
5
75,000 z100
1944
change Invoked.—The Corporation of Foreign Bondholders
1263__Ventnor City, N. J
5
25,000 100.27
1954
72,500
1341..Vermillion Parish, La
of London through its attorney in New York, Edward L.
1264_ _Wallace County Kans
30,000
5
1188__Wallingford Conn
25,000 102.831 Andrews, 25 Broad St., is seeking to invoke the aid of the
4% d1929-1944
1341.._Warren, Ohio (3 issues)
New York Stock Exchange in respect to the defaults upon
26,800
5
1557_ _Warren County, Miss
160,000 101.47
5
a1920
58,000 100.194 public issues of bonds by certain Southern States of the
1411_ _Warrick County, Ind
43
5
a1919
2,750 100.545 Union. After reviewing the defaults,and referring to the
1264.._Washington, Ohio
4%
1944
65,000 106.03
1341- _Watertown, N. Y
proposals of some of the defaulting States to float new loans,
4% 1915-1934
7,500 101.22
1411_ _Watervlie N.Y
Mr. Andrews' letter says:
8
1944
40,000 100
1481_ _Wauchula. Fla. (3 issues)
15,000 103
In our view the fundamental principle to follow is to refuse condonation
1481--Waukomis Sch. Dist., Okla_
50,000 100.535 to those communities. To condone their repudiation by lending
1412._Webster Groves S. D., Mo.__ 43 d1924-1934
them more
6
1924-1933
5,000 100.30
1264..Weir, Miss
money is to crown repudiation with success. It vitiates public opinion in
8,939 102.051 the wrong-doing community and places the new loans in peril of another
1342_ _Wellsville, Ohio (3 issues)
5
70,000
1264__Westernport, Md
5 d1916-1941
repudiation. Once a repudiator always a repudiator.
1342__West NewaYork, N J
1915-1919
5,750 z100
4
Presenting the foregoing considerations to your honorable body, we urge
10,000 y100
1481_ _Whatcom Co.S. D.303,Wash. 53 d1915-1934
upon the Iexchange the adoption of the following measure: That you may re1481—WhatcomCo.S.D.No.305,Wash 5 d1915-1924
7,000 100
quest the bankers of the United States to refuse to participate in the pur8,000 102.50
1342__Whigham Ga
chase and negotiation of new issues of bonds by these defaulting States,
1,600 100
1264_ _Whitman Co. S. D.78, Wash_ 5 d1915-1919
until those governments agree to arbitrate their defaulted debts. Recently
1,800 100
1412..Whitman Co. S. D.68, Wash_ 5 d1919 1924
Issues of bonds intended really for State purposes have been made by these
1954
25,000
1342__Wich ta County, Tex
5
defaulters in the guise of county and city obligations. As these political
a1937
Dela
4%
75,000
1412__Wilmington,
104.33
subdivisions of the States are imbued with the
spirit, the flota1915-1931
4
85,0001 101.819 tion of their loans should be subjected to therepudiating
1481_ _Winchester, Mass
same rejection, unless the
1915-1918
12,000j
4
1481_ _Winchester, Mass
votes of these local communities at the elections preceding their issues are
-Winfield
a1919
9,000
Township, Ind
5
1558104.022 favorable to arbitration of their respective State defaulted debts.
1924-1934
30,000
1342__Woodbury, N J
43
1944
Detroit, Mich.—Water Bonds DeclaredlLegal.--The $500,1265__Woodridge, N J
20,000 105.125
5
I
R.
_Woonsocket,
1944
500,000
4%
102.56
1412_
10,300 101.601 000 4% 30-year coupon tax-free water bonds awarded to
a1919
5
1412—Wyandot County, Ohio
Matthew Finn of Detroit (V.98, p. 1406) have been declared
3,500 100
1342__Yakima S. D. No. 51, Wash
53 d1915-1919
2,000
1342—Yoakum,Tex
legal by the Circuit Court.
1924
30,000 104.875
5
1265_ _Zanesville, Ohio
Kearny, N. J.—Commission Government Defeated.—A
Total bond sales for April 1914 (384 municipalities
special election held May 12 resulted in the defeat of the
covering 493 separate issues)
k$101,177,584
commission plan of government. Only 722 voted in favor
of the new form of government, while 1,222 voted against it.
Massachusetts.—Legal Investments for Savings Banks.—
The report of the Bank Commissioner for 1913, just issued,
includes a list, which we reprint below, of bonds!andinotes of
railroad, street railway and telephone companies which are
We have also learned of:the following additional sales for considered
legal investments for Massachusetts savings banks
March:
under the provisions of clauses third,fourth,fifth and sixth of
Rate. Maturity. Amount.
Name.
Page.
Price.
Section 68, Chapter 590, Acts of 1908. Clause fourth, it is
1949
1405__Atlantic City, N. J
$28,000 z100
43
1915-1936
36,000 101.90
1551_ _Brunswick Township, Ohio.._ 5
explained, provides that bonds which complied with the law
1939
5,000 z100
1551_ _Camden, N. J. (January)_ _ _ _ 4
prior to its being amended in 1908 shall Continue, under cer1924
70,000
1630_ _Cedar Rapids Sch. Dist., Iowa 43(
1631- _ Hempstead Un. S. D. No. 10,
tain conditions, to bellegal investments. The bonds which
1915-1921
N.Y
6,500 100.50
5
do not comply with clause third of the Act, but continue to
1915-1917
1408--Lumberton,No.Caro
25,000
6
1554_ _Manitowoc, Wis. (January) 43
be legal through clausefourth, are printed in italics, the reason
150,000
1477_ _Mill Bayou Dr. Dist.. Ark_ _ _ .. 6
1916,1924
18,000
being in all instances given in the foot-notes. The issues
1924-1933 100,000 102.46
1555_ _Pembroke, N. H.(February)_ 4
added to the latest list for 1913 are designated below by means
1924-1937
1409_ _ Smith County, Miss
6
33,000
a Average date of maturity. d Subject to call in and after the earlier
year and mature in the later year. k Not including $19,377,440 of temporary loans reported, and which do not belong in the list. z Taken by
sinking fund as an investment. y And other considerations.
1628
of the word "new" in black-faced type. Besides eliminating
those issues which matured since last year's list was published, the following bonds have been omitted: Concord
& Claremont RR. 1st 43/25, 1944; Petersborough & Hillsborough RR. 1st 43's, 1917, and St. Johnsbury & Lake
Champlain RR. 1st 5s, 1944.
RAILROAD BONDS.
BANGOR & AROOSTOOK SYSTEM, a e
Aroos. Nor. RR., a, e, 1st 5s, 1947.
B. & A. RR., a, e, 1st 58, 1943.
North Maine Seaport RR., a, e. •
Piscat. Div., a, e, 1st 5s, 1943.
RR. and term. 1st is, 1935.
Van Buren Ex., a, e, 1st 5s, 1943.
Medford Ex.. a, e, 1st 5s, 1937.
BOSTON & MAINE SYSTEM.
Concord & Montreal RR. cons. mtg.
Boston & Maine RR.—
48, 1920.
Plain, 33s, 1921.
Connecticut River RR.—
Plain, 3 Ms, 1923.
Plain, 3 Ms, 1921.
Plain, 3)s, 1925.
Plain, 330. 1923,
Plain, 45, 1926.
Plain. 45, 1943.
Plain, 4 Ms, 1929.
Wore. Nashua & Roch. RR.—
Plain, 4s, 1937.
First, 4s, 1930.
Plain, 4s, 1942.
First, 4s, 1934.
Plain, 4 Ms, 1944.
First, 45, 1935.
Plain, 38, 1950.
Portsmouth Great Falls & Conway Fitchburg RR.—
Plain, 4J-s, 1914.
RR. 1st 4 Ms. 1937.
Plain, 4s, 1915.
Boston & Lowell RR.—
Plain, 45, 1916.
Plain, 45, 1915.
Plain, 33-s, 1920.
Plain, 45, 1916.
Plain, 45, 1920.
Plain, 4s, 1917.
Plain, 3 Ms, 1921,
Plain, 45, 1918.
Plain, 4s, 1925.
Plain, 33s, 1919.
Plain, 4s, 1927.
Plain, 3 Ms, 1921.
Plain, 48, 1928.
Plain, 3 Ms, 1923.
Plain, 4 30, 1928.
Plain, 3 Ms, 1925.
Plain 430, 1932.
Plain, 48, 1926.
Plain, 4 Ms, 1943 (new).
Plain, 45, 1927.
Plain, 45, 1937.
Plain, 45, 1929.
Troy & Bos. RR. 1st 78, 1924.
Plain, 4s, 1932.
Vt. & Mass. RR. plain 3 Ms, 1923;
Plain, 4 Ms, 1933 (new).
Connecticut & Passumpsic Rivers Sullivan Co. RR. 1st 4s, 1924.
Vermont Valley RR. 1st 43s, 1940.
RR. 1st 4s, 1943.
NEW YORK NEW HAVEN & HARTFORD SYSTEM (See Note).
New Haven & Derby RR, consoll
Y.N
New Haven & Hartf. RR.—
dated 5s, 1918
Debenture 4s, 1914.
Providence & Springfield RR. 1st
Debenture 4s, 1947.
is, 1922.
Debenture 3 3is, 1947.
Providence Terminal Co. 1st 4s,
Debenture 330, 1954.
1956.
Debenture 4s, 1955.
Boston & Providence RR. plain.4s,
Cony. debenture 3 Ms, 1956.
1918.
Harlem River & Port Chester 1st
Holyoke & Westfield RR. 1st 4(s,
Is, 1954.
1951.
Housatonic RR.—
New Eng. RR.cons. 4s, 1945.
Consol. 55, 1937.
Consolidated 5s, 1945.
N. Y. Providence ea Boston RR.
N. Y. & New England RR., Boston
general 4s, 1942.
Term., 1., 1st 4s, 1939.
Boston & New York Air Line RR.
Norwich & Worcester RR.debenture
1st 4s. 1955.
4s, 1927.
Danbury & Norwalk RR.—
Old Colony RR.—
Consolidated 58, 1020.
Plain, 4s, 1924.
Consolidated 6s, 1920.
Plain, 4s, 1925.
General 5s, 1925.
Plain, 4s, 1938.
Refunding 45, 1955.
Plain, 33s, 1932.
1934.
4s,
1st
RR.
4Taugatuck
Prov. & Wore. RR. 1st 4s, 1947.
Debenture 330, 1930.
Note.—Chapter 463 of the Acts of 1906, entitled "An Act relative to
railroad corporations and street railway companies," provides. in Section 66 of Part II., that:
"A railroad corporation, unless expressly authorized by its charter or
by special law, shall not issue bonds, coupon notes or other evidences of
indebtedness payable at periods of more than twelve months after thedate
thereof to an amount which, including the amount of all such securities
previously issued and outstanding, exceeds in the whole the amount of its
capital stock at the time actually paid in."
As the New York New Haven & Hartford Railroad Co. Is a Massachusetts
railroad corporation, it is the opinion of the Attorney-General that, under
.tither the old or the new savings bank law, only those of its issues of bonds,
goupon notes and other evidences of indebtedness which, taken in the order
of their issue, do not exceed the amount of the Capital stock of the company
actually paid in, are legal investments for Massachusetts savings banks.
MAINE CENTRAL SYSTEM.
European & North American By.
Maine Central RR.—
1st 48, 1933.
Collateral trust is, 1923.
Penobscot Shore Line RR. 1st 4s, Upper Coos RR.
Mortgage 4s, 1930.
1920.
Extension mtge. 43s, 1930.
Maine Shore Line RR. 1st 6s, 1923.
Belfast do Moosehead Lake RR. Wash. Co. By. 1st 330, 1954.
Portland & Rumford Falls Ry. con,
1st 45 1920
solidated 4s, 1926.
Dexter & Newport RR. 1st 4s, 1917.
Dexter do Piscataquis RR. 1st 4s, Port. & Ogd. RR. 1st 4 Ms, 1928.
Somerset Ry.—
1929.
First 5s, 1917.
First refunding 4s, 1955.
ATCHISON TOPEKA & SANTA FE RAILWAY SYSTEM,
Atchison Topeka & Santa Fe Ry.— Chicago Santa Fe & Cal. Ry. 1st is.
1937.
General mortgage 4s, 1995.
Hutchinson ec So. By. 1st is, 1028.
Trans. Short Line 1st 4s, 1958.
San Francisco & San Joaquin Valley
East Oklahoma 1st 4s, 1928.
Ry. 1st is, 1940.
Chicago & St. Louis By. 1st 6s, 1915.
BALTIMORE & OHIO SYSTEM.
Ohio River RR. 1st is 1936.
Baltimore & Ohio RR.—
(
W. Va. & Pittsb. first
4811990.
Extension 4s, 1935.
5sf
Prior lien 3 Ms, 1925.
First mortgage 4s, 1948.
S. W. Div. 330, 1925.
CENTRAL OF NEW JERSEY SYSTEM.
Central RR. of N. J. general is, 1987.
CHICAGO & NORTH WESTERN SYSTEM.
Winona & St. Peter RR. 1st 7s
Chicago & North Western Ry.—
1916.
General 3 Ms, 1987.
Boyer Valley RR. '1st 3 Ms, 1923.
General 4s, 1987.
Minn. & In. By. 1st 33-4s, 1924.
Sinking fund cons. 7s. 1915.
Southern Iowa By. '1st 330, 1925.
Extension 4s, 1926.
Princeton do N. W.By. 1st 3 30,1926.
Sinking fund mtge. is, 1929.
Peoria ee. Northw.Ry.'1st 3 30,1926.
Sinking fund mtge. 6s, 1929.
Cedar Rapids & Missouri River RR. Mankato & New Ulm Ry. '1st 3 Ms,
1929.
mortgage 75, 1916.
Northwest. Union By. 1st 7s, 1917. Fremont Elkhorn & Missouri Valley
RR. cons. 6s, 1933.
Milw. Lake Shore & Western fly.—
Minnesota & South Dakota Ry. '1st
Consolidated 6s, 1921.
33s, 1935.
Marshfield Ext. 1st is, 1922.
Iowa M. & N. W.By. 1st 3 Ms, 1935.
Michigan Div. 1st Os, 1924.
Sioux City ec Pac.11211. 1st 3 30,1936.
Ashland Div. 1st 6s, 1925.
Manitowoc Green Bay. do,N. W. By.
Ext. & impt. mtge. 5s, 1929.
1st 330, 1941.
Wisc. Nor. By. 1st 4s, 1931.
CHICAGO BURLINGTON do QUINCY SYSTEM.
Chicago Burlington & Quincy RR.— Burlington & 3,1o. River RR. in No.
braska consol. 6s, 1918.
General a, 1958.
Illinois Div. mortgage 3 Ms, 1949. Republican Valley RR. mortgage
6s, 1919.
Mortgage 4s, 1949.
Tarkio Valley RR. 1st 75, 1920.
Iowa Div. mortgage 4s, 1919.
Nodaway Valley RR. 1st 7s, 1920.
Mortgage 5s, 1919.
Denver Extension 4s, 1922.
Nebraska Ext. mtge. 45, 1927,
[VoL. xcviii.
THE CHRONICLE
CHICAGO MILWAUKEE do ST. PAUL SYSTEM.
Chic. Milw. & St. Paul Ry.—
Chic. Milw. So St. Paul Ry.—
General 3 Ms, 1989.
Wis. & Minn. Div. 1st 5s, 1921.
General 45, 1989.
Chicago & Lake Superior Div.
General 430, 1989 (new).
1st 5s, 1921.
La Crosse do Davenport Div. 1st
Chic. & Mo. Riv. Div. 1st 5s, 1926.
5s, 1919.
Terminal 1st 5s, 1914.
Dubuque Div. 1st Os, 1920.
Dak. & Gt. So. By. 1st 55. 1916.
Wisc. Valley Div. 1st 6s, 1920.
Fargo & So. Ry. 1st 6s, 1924.
Chicago & Pacific, Western Div. MIlw. & Nor. RR. ext. 430, 1934
1st 5s, 1921.
(new).
CHICAGO ROCK ISLAND & PACIFIC SYSTEM.
IC. R. I. & P. By. gen. 45, 1988.
.R.I. & P. RR. mtge. Os, 1917.
CHICAGO ST. PAUL MINNEAPOLIS do OMAHA SYSTEM.
Chic. St. Paul Minn. & Omaha By. Chic. St. P. & M. By. 1st 65, 1918.
Nor. Wisc. By. 1st 6s, 1930.
Consol. 3 30, 1930.
St. Paul & Sioux C. RR. 1st 6s, 1919.
Consol. 6s, 1930.
DELAWARE & HUDSON SYSTEM.
1Schenectady & Duanesburg RR. 1st
8s, 1924.
Alb. & Susq. RR. cony. 331s, 1940,
D. & II. Co. 1st ref. 45, 1943.
D. & H. Canal Co. 1st 7s, 1917.
Adirondack By. 1st 4 Ms, 1942.
DELAWARE LACKAWANNA ec WESTERN SYSTEM.
New York Lackawanna eo Western Ry., c.. 1st 6s, 1921
GREAT NORTHERN SYSTEM.
Eastern By. of Minn.—
Northern Division 45, 1948.
Montana Central Ry.—
First 55, 1937.
First 6s, 1937.
Willmar & Sioux Falls Ry.—
First is, 1938.
Spokane Falls & Northern Ry.—
First 6s, 1939.
Gt. Nor. Ry. 1st ref.4 313,1961.
Minneapolis Union Ry.—
First 55. 1922.
First 6s, 1922.
St. Paul Mtn. & Man. Ry.—
Consolidated 45, 1933.
Consolidated 4 30, 1933.
Consolidated 6s, 1933.
Montana ext. 4s, 1937.
Pacific ext. 4s. 1940.
ILLINOIS CENTRAL SYSTEM.
Illinois Central RR.—
Illinois Central RR.—
Cairo Bridge 1st 4s, 1950.
Refunding mtge. 4s, 1955.
St. Louis Div. 1st 3s, 1951.
Sterling extended 45, 1951.
do
do 1st 330, 1951.
Gold extended 3 Ms, 1950.
Purchased lines 1st 331s, 1952.
Sterling 3s, 1951.
Collateral trust 1st 3 30, 1950.
Gold 45, 1951.
Western Lines 5: 1st 4s, 1951.
Gold 330, 1951.
Louisville Div., 5, 1st 3 30, 1953
Gold extended 3 Ms, 1951.
Omaha Div., 5, 1st 3s, 1951.
Springfield Div. 1st 3 30, 1951.
Litchfield Div., •1st 35, 1951.
Kankakee & South Western RR.
Collateral trust, d. 45, 1952.
1st 55, 1921.
LAKE SHORE & MICHIGAN SOUTHERN SYSTEM.
Lake Shore & Michigan Southern Mahoning Coal RR. •1st is, 1934.
Pittsburgh McKeesport ec. YoughioBy. 1st general 3 30, 1997.
gheny RR. '1st 6s, 1932.
Kalamazoo Allegan. & Grand Rapids
RR.'1st 55, 1938.
LOUISVILLE & NASHVILLE SYSTEM.
Southeast & St. Louis Div. 6s, 1921.
Mobile & Montgomery 4 Ms, 1945.
N. 0. & Mobile Div. $5,000,000
1st (is, 1930.
Nashville Florence & Sheffield By.
1st is, 1937 (new)•
Pensacola & Atlantic RR. 1st 6s.
1921 (new).
Louisville & Nashville RR.—
Unified 4s, 1940.
General Os, 1930.
First is, 1937.
Trust 5s, 1931.
Evansville H.&N. Div. s. I. 6s, 1919.
Louisv. Cin. & Lex. Ry. general
4 Ms, 1931.
NEW YORK CENTRAL SYSTEM.
N. Y. C. do H. R. RR. mortgage Syracuse Phoenix & Oswego RR., c.
1st 6s, 1915.
3 Ms, 1997.
Carthage Watertown & Sackett's HarBeech Creek RR. 1st 45, 1936.
bor RR., c, cons. 5s, 1931.
Mohawk & Malone By. 1st 45. 1991.
N. Y. & Harlem RR., c, mortgage Utica & Black R.RR. c, 1st 4s, 1922.
Boston do Albany RR.—
3 Ms, 2000.
Plain, 3 Ms, 1952.
Rome Watertown & Ogdensburg RR.,
Plain, 3 Ms, 1951.
c, consol. 5s, 1922.
Plain, 45, 1933.
C consol. 3 30; 1922.
Plain, 4s, 1934.
c, consol. 4s, 1922.
Plain, 45, 1935.
Rome Watertown & Ogdensburg Term.
Plain,430, 1937
RR., c, 1st is, 1918.
Plain,
is, 1938 (new).
Norwood & Mont. RR., c, 1st 5s,1916.
Plain, is, 1963 (new).
Oswego RR. Bridge, c, 1st 13s, 1915.
NORTHERN PACIFIC SYSTEM.
I St. Paul &•Dul. RR.lst 55, 1031.
I Wash. & Col. R. By. 1st 4s, 1935
Nor. Pao. By. prior lien 4s, 1997.
St. Paul & N. P. By. 6s, 1923.
MICHIGAN CENTRAL SYSTEM.
M. C.-Jackson Lansing & Saginaw
Mich. Cent. RR. 1st 3 Ms, 1952. •
RR. 1st 3 30. 1951.
M. C.-Mich. Air Line RR. 1st 4s,
M. C.-Joliet a Northern Indiana
1940.
RR. '1st 4s, 1957.
M. C.-Detroit & Bay City RR. 1st
M. C.-Kalamazoo & South Haven
is. 1931.
RR.'1st is, 1939.
NASHVILLE CHATTANOOGA & ST. LOUIS SYSTEM (NEW).
Nash. Chatt. & St. L. By. (con
Nashville Chatt.& St. Louis Ry.—
Lebanon Branch 1st 6s, 1917,
1st consol. is, 1928
Jasper Branch ext. 1st 6s, 1923.
Tracy City Branch 1st 6s, 1917.
Centreville Branch 1st 6s, 1923.
Fayette& McM. Br. 1st 6s, 1917.
PENNSYLVANIA RAILROAD SYSTEM.
Philadelphia do Erie RR.—
Pennsylvania RR.—
General Os, 1920.
Consolidated is, 1919.
General is, 1920.
Consolidated 4s, 1943.
General 4s, 1920.
Consolidated 3 Ms, 1945.
United N. J. RR. & Canal Co.—.
Consolidated 45, 1948.
General 4s, 1923.
Sunbury & Lewistown By., • 1st 48,
General 4s, 1920.
1936.
General 4s, 1944.
Sunbury Hazleton & Wilkes-Barre By.
General 4s, 1948.
'1st 5s, 1928.
General 3 30, 1951.
1919.
is,
'1st
RR.
West Chester
Cleveland & Pittsburgh RR.—
W. Penn. RR. cons. 45, 1928.
General 4 Ms, 1942.
Pittsburgh Virginia & Charleston Ry.
General 3 Ms, 1942.
'1st 4s, 1943.
General 3 Ms, 1948.
South West Pennsylvania RR. 1st
General 3 Ms, 1950.
7s, 1917.
Allegheny Val. fly. gen. 4s, 1942.
Junction RR.• gen. 3 30. 1930.
Del. Riv. RR.& Br. Co.•1st 4s, 1936. Cambria & Clearfield RR. 1st 5s.
1941 (new).
Erie & Pitts. RR.• gen. 330, 1940.
MISCELLANEOUS.
Bridgeton do Saco River RR. cons.
New London Northern RR.—
4s, 1928.
First 48, 1940.
Narragansett Pier RR.. a, 1st 45,
Boston Term. Co., t. 1st 330, 1947.
1916.
Boston Revere Beach & Lynn RR., a,
Portland Terminal Co. 1st 4s, 1981.
1st 4 Ms, 1927.
• Secured on less than 100 miles of railroad.
a Dividends paid for insufficient number of years.'
S Bonds do not cover 75% of the railroad owned in fee at the date of the
mtge. by the railroad corporation on the railroad of which the mtge. is a lien.
c Not guaranteed by endorsement.
d Railroad covered by one of the issues pledged as collateral is not operated by Illinois Central RR.
e Amount paid in dividends less than one-third of amount paid in interest.
Legalized by special Act of General Court.
MAY 23 1914.]
THE CHRONICLE
STREET RAILWAY BONDS.
BAY STATE STREET RAILWAY COMPANY.
Boston Milton & Brockton Street Lynn & Boston RR.Co. 1st 5s, 1924.
Mystic Vail. St. Ity. Co. 1st 5s, 1919.
Ry. Co. 1st 55, 1919 (new).
Middleboro & Brock
Boston & Northern Street Ry. Co. New Bedford Co.
1st 5s, 1920(new).
ton St. By.
ref. 1st 4s, 1954)•
Central
Street By. Co. 1st
Norfolk
'14(new)
1st
6s,
Co.
Ry.
St.
Braintree
5s, 1918 (new)•
Braintree & Weymouth Street By.
Norfolk Suburban Street Ry. Co.
Co. 1st 55, 1917 (new)•
1st 5s, 1914 (new).
Bridgewater Whitman & Rockland
Old Colony Street By. Co. ref. 1st
St. Ry. Co. 1st 5s, 1917 (new).
4s, 1954 (new).
Brockton Bridgewater & Taunton St.
People's Street Ry. Co. 1st 5s, 1928.
By. Co. 1st 5s, 1917 (new).
& Taunton Street By.
Brockton St. Ry.Co. 1st 55,'24(new) Providence55,
1918 (new).
Co. 1st
Brockton & East Bridgewater Street
Abington Street Ry. Co.
&
Rockland
By.Co. 1st 55, 1918 (new).
1st 6s, 1915 (new)•
Dighton Somerset & Swansea Street
South Shore & Boston Street Ry. Co.
Ry. Co. 1st 5s, 1915 (new)•
1st 58, 1919 (new)•
Grorgetown Rowley & Ipswich St.
Taunton Street Ry. Co. debenture
By. Co. 1st 55, 1920.
1914 (new).
5s,
Street
Beverly
Gloucester Essex &
Taunton & Brockton Street Ry. Co.
Ry. Co. 1st 5s, 1916.
1st 55, 1917 (new)•
Haverhill Georgetown It Danvers St. Wakefield
& Stoneham Street By.
Ry. Co. 1st 5s, 1919.
Co. 1st 5s, 1915.
Lowell Lawrence & Haverhill Street West
Roxbury & Roslindale Street
1923.
5s,
Ry. Co. 1st
Ry. Co. 1st 5s, 1916 (new).
STREET RAILWAY CO.
BOSTON & REVERE ELECTRIC
Boston & Revere Electric Street Ry.1
Co. ref. 1st 5s, 1928.
CO.
EAST MIDDLESEX STREET RAILWAY
Middlesex Street By. Co.—
East Middlesex Street By. Co.— 'East
1922.
4s,
1 Plain,
Plain, 5s, 1918.
FITCHBURG & LEOMINSTER STREET RAILWAY CO.
Shirley & Ayer Street
Fitchburg & Leominster St. By. Co. Leominster
Ry. Co.—
1st 58 1917.
1921.
5s,
1st
Consoi. 4%s, 1921.
HOLYOKE STREET RAILWAY COMPANY.
Holyoke Street Ry. Co.—
Holyoke Street Ry. Co.—
Debenture 5s, 1923.
Debenture 5s, 1915.
Debenture 5s, 1920.
NAHANT & LYNN STREET RAILWAY COMPANY.
Nahant & Lynn Street By. Co.— 1 Nahant & Lynn Street By. Co. 1 1st 5s, 1929.
1925.
5s,
1st
SPRINGFIELD STREET RAILWAY COMPANY.
Springfield St. Ry. Co. 1st 4s, 1923.' West. Mass.St. Ry.Co. 1st 5s, 1926.
Spr.& East. St. By.Co. 1st 53, 1922.1Woronoco St. Ry. Co. 1st 5s, 1920.
1629
mill,
nesota city has 99,999 inhabitants, add its tax exceeds, by a single
Add a single in5% of its valuation, its bonds are not legal investment. and
of
habitant, and its bonds thereby become legal investment ratiothousands
has thereby
dollars more in bonds may be issued, for the allowablearbitrary
measure.
mere
a
being
ratio
the
to
p
Jumped to 7%. All thisints
Therefore the words taxable property" should be construed broadly
If the Legislature wished to restrict the meaning to "taxable property unlimitedly available for payment of the same,' or some similar phrase, the
Legislature should have done so expressly.
Broadly speaking, money and credits are taxable property. That point
has been determined by the Attorney-General of Minnesota. In certain
counties of that State the county auditors are paid as salaries sums "regulated by the assessed valuation of real and personal property for purposes of
taxation in their respective counties." In answer to an inquiry from the
State Public Examiner as to whether money and credits should be included
in estimating the assessed valuation for the purpose of determining salaries,
the State Law Department said:
"Your inquiry is answered in the affirmative. Moneys and credits are
given an assessed valuation and although the local tax rate is not applied
to such valuation,they are nevertheless personal property having an assessed
specified purpose must be 'minded in personal
,
value, and for the above
property valuations." (Minnesota Attorney-General's Report, 1910-12.
p. 256.)
It is therefore my opinion that the City of Minneapolis may include in its
total valuation the amount of the assessed value of money and credits
within the meaning of sub-division (f) of clause second of Section 68of
Chapter 590 of the Acts of 1908, and amendments thereto.
Very truly yours,
THOMAS J. BOYNTON. Attorney-General.
New J ersey.—Hennessy Act Declared Unconstitutional.—
Justice Trenchard of the Supreme Court of New Jersey yesterday handed down his decision in the test cases brought
to determine the validity and effect of the so-called "Home
Rule" amendment to the Walsh Act. The Court holds unconstitutional this amendment, being Chapter 144 of the
Laws of 1914, known as the Hennessy Act. The appeal
from this decision will probably be.argued at the June term
of the Court of Errors and Appeals (see page 1499 of "Chronicle" for May 16 1914).
New York.—Legislature Adjourns.—The extra session of
the Legislature which commenced May 4 ended late Wednesday (May 20). With one exception the special session was
confined to financial legislation and the bills passed provide
appropriations aggregating about $34,500,000. This amount
is under the Comptroller's estimates for the indirect revenues
for the coming year,,and accordingly no direct tax was provided for. The only.other subject taken up was the date
for holding the primaries next fall and,for the accommodation
of the Jewish voters, this was changed from Sept. 29, the
Jewish Day of Atonement, to Sept. 28.
Porto Rico.—Bids.—The following are the other bids received for the $200,000 4% 10-25-year (opt.) gold registered
tax-free coup. bonds awarded on May 15 to Breed, Elliott
& Harrison of Indianapolis at 100.81 and int.(V.98, p. 1550):
WEST END STREET RAILWAY COMPANY.
West End Street Ry. Co.—
West End Street By. Co.—
Debenture 4%s, 1923.
Debenture 4%s, 1914.
Debenture 43-is, 1930.
Debenture 4s, 1915.
Debenture 4s, 1932.
Debenture 4s, 1916.
Debenture 5s, 1932.
Debenture 4s, 1917.
CO. (NEW).
WORCESTER CONSOLIDATED STREET RAILWAY
& Blackstone Valley Street
Marlborough & Westborough Street Worcester
By. Co. 1st 4%s, 1926.
By. Co. gold 5s, 1921.
& Clinton Street By. Co. Wm. A. Read & Co., N. Y_ _ _100.51 Hayden, Miller & Co., CleveUxbridge & Blackstone Street By. Worcester
1st 58, 1919.
98.60
land
Co. 1st 55, 1923.
State Bank, Detrolt..100.32
& Holden Street By. Co. People's Fisk
Uxbridge & Blackstone Street By. Worcester
& Sons, N. Y_ _ _100.29 Commercial Nat. Bk.. WashHarvey
1st 5s, 1923.
ingten, D. C.($75,000)_ _ _100.02
Co. debenture 5s, 1927.
N. Y., andi
Bank,
City
Nat.
Street
Marlborough
&
Worcester
Worcester Consolidated St. By. Co.
Fletcher-Amer. Nat. Bk., 100.16 Newton Todd, Indianapolis
By. Co. 1st 5s, 1917.
100.125
($50,000)
Debenture 43-s, 1920.
J
Indianapolis, jointly
Worcester & Southbridge St. By.Co.
Debenture 5s, 1927.
11 bids provided for payment of accrued interest.
1922.
1st 4%s,
Refunding 1st 4%s, 1930.
1st 4%s, 1925.
Rhode Island.—Amendment to Savings Bank Investment
Law.—Only one change was made at the 1914 session of the
Legislature n that section of the banking law concerning investments. Paragraph "C," of Clause V, Section 1, was
Massachusetts.—Savings Banks May Invest in Minneapo- amended by adding thereto the words given in italics below:
(c) First or refunding mortgage bonds of any such electric railroad,
lis, Minn., Bonds.—Reference has alreayd been made in these street
railway, gas, electric light or power company incorporated in any
columns to the opinion of the Attorney-General of Massa- of the United
States, which are in operation and show substantial net earnings
are guaranteed as to principal and interest or assumed by
chusetts to the effect that bonds of the City of Minneapolis and which
whose bonds would be a legal investment under the
corporation
are legal investments for savings banks in that State. A another
provisions of paragraph (b) of this clause.
copy of the opinion is now at hand and we reprint the same
below:
s and Negotiations this week
TELEPHONE COMPANY BONDS.
American Telephone & Telegraph Co. collateral trust 4s, 1929.
Bond Proposal
Boston. Mass., April 28 1914.
Hon. Augustus L. Thorndike, Bank Commissioner:
subject: "In the
Dear Sir.—You have asked my opinion on the following
Minn., the City CompABILENE SCHOOL DISTRICT (P.O. Abilene), Dickinson County,
official debt Statement of the City of Minneapolis.
of property for Kans.—AMOUNT OF BONDS VOTED.—We are advised that the amount
valuation
last
the
of
amount
the
in
troller has not included
are
assessed
that
credits'
and
of bonds voted at the election held May 9(V. 98, p. 1550) was $14,000.
assessment of taxes the amount of 'money
This amounts to more than
the
under Chapter 285, Laws of Minnesota, 1911.
AKRON, Summit County, Ohio.—BOND SALE.—On May 18
which
bonds
additional
issued
has
Minneapolis
bonds
of
$41,000,000. The City
$90,000 4%% 13% year (aver.) coupon or reg. garbage-disposal
7% of the assessed valuation, if (V.
of Boston. it is stated.
Co.
&
Bros.
Blake
to
were
awarded
1474)
98,
p.
throws the not indebtedness more than
is not included in the total valuation.
the amount of'money and credits'
you give it your opinion if the city of Min- at 102.60.
This department requests thattotal
ALLEN COUNTY (P. 0. Fort Wayne), Ind.—BOND OFFERING.—
valuation the amount of the assessed
neapolis could include in its
J. Herman Bueter,
so doing would it comply with sub- Proposals will be received until 10 a. m. May 28 by(denom.
value of 'money and credits', and by
$800) and
19087"
Treasurer, for $16,000 Harkenrider road
Acts
of
County
590,
Chapter
68.
Section
division (e) of clause second,
road-impt. bonds.
10-year
%
4%
road
$692)
(denom.
Conner's
the
from
fact
and
cent"
$13.840
per
I assume, both from your mention of "seven
that you are inquiring Date June 11914.
population,
100.000
than
more
has
Minneapolis
that
In your letter.
BOND SALE.—Reports state that an issue of $18,000 road bonds has
about(f)rather than about (e), as stated
Section 1 of Chapter 580 been awarded to J. I.
. Wild & Co. of Indianapolis for $18,165—equal to
Sub-divisions (e), (1) and (CI) as amended by General,
says:
then
who
Attorneythe
by
quoted
are
1912,
100.916.
of
of the Acts
the
of
meat
the
contains
you
by
cited
Section 1 of the Minnesota statute
ALMONT TOWNSHIP (P. 0. Almont), Lapeer County, Mich.—
whole statue, and reads as follows:
his township will offer for sale on June 1 $12,000
defined in Section 798,'Revised BOND OFFERING.—T
"'Money and 'Credits' as the same aretaxation
highway and bridge bonds. Elenom. $100, $500 and $1.000. Int.
5%
imposed
that
than
other
from
exempted
Laws of 19()5,' are hereby
yearly. These bonds are part of an issue of $60,$4,000
ue
D
semi-ann.
mills
three
on
of
to an annual tax
by this Act and shall hereafter be subject
000 voted Apr.6(V. 98, p. 1258), $12,000 of.which will be disposed of each
thereof."
each dollar of the fair cash value
is Twp. Clerk.
Owens
John
year.
the
that
bonded
inquiry
of
letter
your
than
I learn from other sources
the issue in question and excluding
ANDOVER, Ashtabula County, Ohio.—BOND SALE.—The followindebtedness of Minneapolis, including
is $15,933,250 82. that the valuation of ing bids were received for the three issues of 53% 6-year (aver.) coup.
the water debt and sinking funds,
is
and
that
credits,
$219,609,553,
and
street-impt. (assess.) bonds, aggregating $23,900. offered on May 18
taxable property, exclusive of money
under the provisions of the (V.98,p. 1333):
$41,072,125 of money and credits is taxable
*$24,502 25
Now First National Bank, Columbus
Act cited by you.
24,470 50
laid on money and Spitzer. Rorick & Co., Toledo
The question before me is whether the fact that the tax
24,380 00
precludes the inclu- Otis & Co., Cleveland
credits is limited by law to three dollars a thousand
24.268 80
of
propCleveland
the
valuation
Bank,
taxable
the
National
First
determining
in
sion of money and credits
26
24,238
Toledo
Co.,
Trust
&
only
between,
Bank
the
distinction
Security Savings
erty of the city. This limit is practically
40
24:2
96
0
11
75
classed as realty and per- Seasongood & Mayer, Cincinnati
this class of property and the other property
Cleveland
Co.,
just
as
personalty
other
taxation
Wolcott
&
for
Tillotson
listed
are
credits
sonalty. Money and
00
24.127
Columbus
are
completeto
and
Bank.
as
tested
verified
Ohio National
is listed. The lists are required to be The
assessment is reviewed and equal*It is stated that this was the successful bid.
ness and accuracy in the usual way.
oposals
ARCANUM, Darke County, Ohio.—BOND OFFERING.—Pr
ized the same as others. limit, there would be nothing to differentiate this
be received until 12 m.June 15 by 0.0.Taylor, VII. Clerk,for $26,786
will
Were it not for the tax
Does the limit make any real
personalty.
$398 60,
(10)
other
Denom.
$500.
(40)
bonds.
from
(assess.)
ing
property
street-pav
of
class
5%
Due $2,678 60 yrly.
difference with respect to the Massachusetts law relative to legal invest- (10) $280. Date Juno 1 1914. Int. payable ann.
to 1924 incl. Cert. check for 5% of bonds bid for,
1015
from
1
Mar.
on
ments for savings banks?
an inquiry into the object payable to Vii. Treas., required. Bonds to be delivered and paid for
The determination of the question requiresmaximum
ratio between city
days from time of award. Purchaser to pay accrued interest.
of the establishment by the Legislature of the
was intended as an accurate test within 10
indebtedness and valuation. If this ratio
ARTESIA, Eddy County, N. Mex.—BOND OFFERING.—Proposals
only
is
which
property
obviously
then
city,
the
of
solvency
for
of the degree of
the city's obligations should not will be received until 3 p. m. June 8 by B. Stephenson, Town Clerk,
available to a limited extent to satisfy
is taxable, and therefore avail- the following 6% 20-30-year (opt.) bonds:
for
check
Cert,
bonds.
be given as much weight as property which
extension
$8,500 water-works-construction and
able, up to its entire value.
$600 required.
of the ratio is rather to establish a
for
check
$400
Cert.
But it is my opinion that the purpose
bonds.
refunding
warrants
water-works
6,000
I am fortified by the fact that the
more arbitrary measure. In this opinion The
required.
bonds of a Minnesota city of
measure of size is just such a measure.
1,500 general warrants refunding bonds. Cert. check for $100 required.
investment, no matter how solvent it is.
29,999 inhabitants are not legal
Denom. $500. Date June 11914. Int. J. & D. in Artesia or N. Y.
are. If a Min..
inhabitant
more
one
having
city
Minnesota
a
of
bonds
The
have been as follows:
1630
THE CHRONICLE
[VOL. xcviir.
ASPERMONT, Stonewall County, Tex.-BONDS VOTED.-This
CANTON, Stark County, Ohio.-BOND
city
on May 12 voted in favor of the issuance of $20,000 water-works
-The following bids
-system- were received for the two issues of 5% coup.SALE.
construction bonds, it is stated.
bonds offered on May 18
98, P. 1334):
(V•
ASTORIA SCHOOL DISTRICT (P. 0. Astoria), Clatsop
County,
$61,600 20-yr. $100,00040-yr.
Ore.-BOND OFFERING.-It is stated
this district is offering for sale
W.-W.ImSewage
an issue of $20,000 school bonds recentlythat
voted.
provem't ec.
Treatment
AUBURN TOWNSHIP (P. 0. Tiro), Crawford County,
Extension.
Plant.
Ohio.
BOND OFFERING.-Reports state that proposals will be
Premium.
Premium.
12 m. June 10 by W. W. Davis, Twp. Clerk, for $20,000 received until R.L. Day & Co., Boston
*813,619 00
*$5,789 78
5% 12-31-year H.E.Fife (for Otis & Co„ Cleveland)
(ser.) road bonds. Int. semi-ann. Cert. check
for $200 required.
5,40500
12,925 00
Wm. R. Compton Co. St. Louis
AUGUSTA, Ga.-BOND ELECTION.-The election to vote
5,390 00
12,575 00
on the Stacy & Braun, Toledo
'
question of issuing the $750,000 434% 30-year coup.
5,355 50
12,340 00
E.
C.
flood-protection
Denison
bonds
&
Co.,
Cleveland
5,256 00
V. 98. p. 1333) will be held June 1. Denom. $1,000. Date July 1 1914. A. B. Leach & Co.,
12,175 00
Chicago
mt. J. & J.
5,162 00
11,180 00
Seasongood & Mayer, Cincinnati
4,946 48
11,530 00
BAKERSFIELD, Kern County, Calif.-BOND ELECTION PRO- Dime Savings Bank, Canton
4,682 00
10,300 00
POSED.-Reports state that an election will be held in the near future
Field, Longstreth & Richards, Cincinnati
to Tillotson
4,575 00
10,019 00
submit to the voters the question of issuing $350,000 bonds.
& Wolcott
leveland
4,417 00
9,270 00
Spitzer,
Rorick & Co.,
Co.,Voledo
BALTIMORE COUNTY (P. 0. Towson), Md.-BONDS DEFEATED
4,025 00
9,210 00
Hayden, Miller & Co., Cleveland
-The question of issuing the $500,000 school and the sewerage
3,725 00
8,525 00
and drain- Well, Roth
&
Cincinnati
Co.,
age-system bonds at not exceeding $1,000,000 (V. 98, p. 1551)
3,478 55
7,040 00
to Breed, Elliott & Harrison, Cincinnati
carry at the election held May 19. The vote was 4,447 "for" failed
3,311 00
8,000 00
to 4,659 Ohio National
"against" and 2,337 "for" to 6,323 "against", respectively.
Bank, Columbus
2.735 04
New
First
National
Bank,
Columbus
(2 issues, $6.383 20)
BANGOR TOWNSHIP INDEPENDENT SCHOOL
(P. 0. Bangor), Marshall County, Iowa.-BONDS VOTED.DISTRICT,
ques*Successful bids.
tion of issuing $18,000 bldg. bonds carried, reports state, at -The
the
election
CARTHAGE SCHOOL DISTRICT(P.O. Carthage), Jasper County,
held May 11 by a vote of 119 to 92.
-BONDS TO BE SOLD LOCALLY.-The Asst. Sec. of Bd. of Ed.
BARNES SCHOOL DISTRICT, Kern County, Calif.
ELEC- advises us that an issue of $10,000 4% bldg. bonds will be taken by local
TION.-On May 25 a vote will be taken, it is stated, on-BOND
the
question
of
institutions.
Issuing $5,000 6% 2-6-year school bonds.
CEDAR RAPIDS INDEPENDENT SCHOOL DISTRICT (P. 0.
BARTON HEIGHTS (P. 0. Richmond), Henrico County,
Va.- Cedar Rapids), Linn County, Iowa.-BOND SALE.-N. W. Halsey &
BOND ELECTION.-An election will be held May 26, reports
of Chicago were awarded on Mar. 1 $140,000
bldg. bonds. Devote on the question of issuing $25,000 street-improvement bonds.state, to Co.
nom. $1,000. Date Mar. 1 1914. Int. M.& S. Due Mar. 1 1924. As
BEATRICE, Gage County, Neb.-BONDS VOTED.-The question
stated
in V.98, p. 779,the Continental & Commercial Trust Co.of Chicago
of
Issuing the $38,000 Paving Dist. No. 12 and $12,000 paving Dist.
been
has
offering $70,000 of these bonds to investors.
bonds (V. 98, p 1551) carried, it is stated, at the election held MayNo. 13
CERES HIGH SCHOOL DISTRICT, Stanislaus County, Calif.21
BEAUFORT SCHOOL DISTRICT, No. Caro.-BONDS VOTED.-An BOND SALE.-On Apr. 14 the
$35,000 5% 14%-year (aver.) school bonds
election held May 19 resulted, it Is stated, in favor of the proposal to issue were awarded to the Industrial Accident
Commission at par and int.
$20,000 graded-school bldg. bonds.
CHARLESTON, W. Va.-BONDS VOTED.-The question of issuing
BELL COUNTY (P. 0. Belton), Tex.-BOND SALE.
May 12 the $465,000 5% street, alleys and levee-hut, bonds (V. 98, i). 1551)
the $105,000 5% Holland Road Dist. bonds (V.98,p.1334)-On
carried,it is reported, at the election held May 18. Due from 2 to
were
10 yrs.
to Piersons & Taft of Chicago at 96. Denom.$1,000. Date Mar.awarded
12 1914.
CHATTANOOGA, Tenn.-BOND SALE.-On May 18 the
Int. A.& 0. Due 40 yrs., subject to call one-fifteenth yrly. after
$50,000
20 yrs.
4%% 30-yr. coup. paving (city's portion) bonds
(V.
98, p. 1405) were
BERCLAIR SCHOOL DISTRICT (P. 0. Berclair), Goliad
awarded to the Hamilton Nat. Bank and the Citizens Nat.
Bank
of
ChatTex.-BOND ELECTION PROPOSED.-Reports state that anCounty,
tanooga
at par and int. Other bidders were the Harris Trust & Say. Bank,
will be held in the near future to vote on the question of issuing bldg.election
bonds. II. T. Holtz & Co. and Kissel, Kinnicutt & Co. of Chicago.
BERRIEN COUNTY (P. 0. St. Joseph), Mich.-BONDS TO BE
CHERRYVILLE, Gaston County, No. Caro.-BOND OFFERING.
FERED SHORTLY.-This county will shortly offer for sale $200.000 OF- Proposals will be received
until 1 p. m.June 15 by J. B. Houser for $20,000
15-yr. coup. tax-free road-impt. bonds. Denom. $1,000. Int. M. &4%
5% 30-yr. school bonds. Int. semi-ann.
S.
First
Nat.
Bank,
at
Chicago. Bonded debt (not incl, this issue),
CHESTER
$100,000;
COUNTY
DRAINAGE DISTRICT, Tenn.
no floating debt. Assess. val., $60,000,000.
OF.
FERING.-Proposals will be received until 12 m. June 17 by-BOND
J. F. O'Neal,
BEVERLY, Essex County, Mass.-BOND SALE.-On May 21
(P. 0. Henderson), for $55,000 drainage bonds. County
$6.000 Sec.-Treas.,
has
4%_ coup. tax-free athletic-bldg. bonds were awarded to Haywood
no
bonded
debt.
Wilson
of Boston, it is stated, at 100.66. Other bids were:
CHEVIOT (P. 0. Cincinnati), Hamilton County, Ohio.-BOND
Blodget & Co., Boston
100.635 Mercantile Nat. Bank, Salem100.32
ELECTION.
-An election will be held June 2 to submit to the voters the
Merrill,Oldham & Co.,Bost..100.529 N.W.Harirs & Co.,Inc., Bos100.32 question
of issuing $30,000 drain-construction bonds.
Millett, Roe & Hagen, Bos_ _100.51 Curtis & Sanger, Boston..__
_100.23
CHICOPEE, Mass.-TEMPORARY LOAN.-On May 20 the loan of
George A. Fernald. Boston 100.44 Adams & Co., Boston
100.21
$50,000 maturing Nov. 30 1914 and issued in anticipation of taxes (V. 98.
E.M.Farnsworth & Co.,Bos.100.39 Blake Bros. & Co., Boston_ _100.11
Denom. $1,000. Date June 1 19 4. Int. J. & D. at the Old Colony 17.• 1551) was negotiated with Estabrook & Co. of Boston at 3.09% discount
plus 35 cents premium.
Trust Co. of Boston. Due $2,000 Yr y. June 1 from 1915 to 1917 incl.
aLEVELANIr, -Jiiio.-CERT/FICATEOFFEEINCO
BLOOM TOWNSHIP (P. 0. Bloomville), Seneca County, Ohio.
- the three
% coup. or reg. bonds, aggregating $1,500,000, to be
BOND OFFERING.-Proposals will be received until 12 m. May
30 by offered onissues
June 1 (V. 98, p. 1405), $400,000 5 % certificates will also be
A.A. Watson,Twp.Clerk,for $8,0005% coup. pike-impt. bonds. Denom.
$500. Date May 30 1914. Int. M. & S. at Bloomville Exch. State offered. Denom. $10,000. Date June 1 1914. Int. at Amer. Exch.
Bank. Due $3,000 on Sept. 1 1927 and Mar. 1 1928 and $2,000 Sept. 1 Nat. Bank, N. Y. Due Sept. 1 1914. Bids will be received for all or any
1928. Cert. check for $100, payable to Twp. Clerk, required. Bonded Portion of this issue, in multiples of $10,000. Cert. or cashier's check for
debt (including this issue), $94,300. No floating debt. Assessed
val. 1% of certificates bid for, payable the City Treas. required)
1913,$3,011,710.
BONDS PROPOSED.-Local newspaper reports state that this city Is
BOISE CITY, Ada County, Idaho.-BONDS AUTHORIZED.
- contemplating the issuance of $2,000,000 library-building bonds.
Ordinances were passed on May 5 providing for the
COLLIN COUNTY (P. 0. McKinney), Tex.-BOND SALE.-On
of the following
May 14 $15,000 District No. 4 road bonds were awarded, it is stated, to
oc2elebwoalk a
an
574
tdnocturebxciemprnogv'
)14assiess
Lent District No. 35 bonds. the Farmers' Nat. Bank of Howe at par and interest.
Denom. (10) $500, (10) $74 84.
COLUMBIA, Maury County, Tenn.-BOND OFFERING.-Further
52,330 00 local paving improvement District No. 20 bonds. Denom. details
are at hand relative to the offering on June 4 of the following 5%
(100) $500, (10)_ $233.
coup. taxable school bonds:
Date May 1 1914. Int. M.& N. at office of City Treasurer or at Chase $50,000
school bonds. Denom. $1,000. Due July 1 1944.
National Bank, N.Y. City. Due one-tenth of each issue yearly beginning
25,000 s
acfh
teorolmboynea
ds.
rs Denom. $500. Due July 1 1944, subject to call
May 1 1915.
BONDS DEFEATED.-The proposition to issue street paving bonds at
Proposals for these bonds will be received until 1 p. m. on that day by
not exceeding $25,500 failed to carg, it is stated, at the election held
C. D. Parker, Chairman of Finance Committee. Date July 1914.
Int.
1
May 7 by a vote of 228 "for" to 163 against"; a two-thirds majority was J. & J. at office of City Recorder. Cert.
check on a Tennessee national or
necessary to authorize.
State bank for 2M % of bid, payable to above, required.
BOONVILLE, Warrick County, /nd.-BOND
COLUMBUS, Stillwater County, Mont.-BOND SALE.-On May
-Accord11
ing to reports, proposals will be received until 12 OFFERING.
m. June 8 by August the 330,0006% 10-20-yr. (opt.) water bonds(V.98, p. 1405) were awarded
Bohn, City Clerk, for $11,000 6% 15-year sewer bonds.
at public auction to H. B. Palmer & Co. of Helena for $30,500 (101.666)
BREWSTER COUNTY (P.O. Alpine), Texas.-BONDSDEFEATED. anti int. Other bids were:
-The question of issuing $100,000 road bonds failed to carry, it is reported, Bolger, Mosser & Willaman,
J. E. Sutherland, Kan. City_$30,000
Ccago
hi
at the election April 4.
$30,096 McLaughlin & O'Neil, Liv'n_ 30,000
BRISTOL COUNTY Mass.-LOAN OFFERING.-Reports state that Causey, Foster & Co., Deny_ 30,060 John N.Wright & Co.,Denv.*30,000
Spitzer, Rorick & Co., Tol__a30,000
bids will be received until 9 a. m. May 26 for a loan of $150,000 dated
*Less $290. a Less $7001
May 27 and due Oct. 27, 1914, issued in anticipation of taxes.
COLUMBUS,
Ohio.
-BOND
OFFERING.
-Proposals will be received
BROWN COUNTY SCHOOL DISTRICT NO. 42 (P. 0. Horton), until
12 m. June 10 (date changed from June 3) by the Clerk of the City
Kan.-BOND SALE -On May 18 370,000 5% 15-20-yr. (opt.) bldg.
bonds Council for the $700,000 4% grade-crossing-elimination
(city's portion)
were awarded to the First Nat. Bank of Horton for $71,689 (102.412)
and bonds, No. 3, declared valid by the State Supreme Court on Feb. 3(V• 98.
int. Purchaser to furnish blank bonds free. Other bids were:
13• 1475). Denom. $1,000. Date Aug. 20 1913 (prior to change of Ohio
H.C.Speer&Sons Co.,Chi.$71,615 00 A. B. Leach & Co., Chi_ _$70.756 00 constitution
making municipal bonds taxable). Int. M.& S. Due Sept. 1
Harris Tr. & S. Bk., Chi_ 71,530 00 Bolger, Mosser & Willa1952. Cert. check for 2% of bonds bid for, payable to City Treas., reJohn A. Prescott & Co.__ 71.028 00
man,Chicago
70,707 00 quired. Bonds to be delivered and paid for within 10 days from time of
John Nuveen & Co., Chi_ 70.853 00 E. H.Rollins & Sons, Chi. 70,539
00 award. Purchaser to pay accrued interest. Bids must be made on blank
H. T. Holtz & Co., Chi__ 70,851 00 C.W.McNear & Co.. Chi. 70,550 00
forms
by above Clerk. Transcripts of proceedings will be furSpitzer, Rorick & Co.,
C.H.Coffin, Chicago_ __ - 70.501 00 nishedfurnished
successful bidders.
Toledo
70,787 50 Fidelity Tr. Co.,K.C.,Mo.70,508 70
COLUMBUS
CITY
SCHOOL DISTRICT (P. 0. Columbus,) Ohio,
Otis & Co., Cleveland..
70.175 00 BOND OFFERING.-Further
Denom. $1,000. Date July 1 1914. Int. F. & A. at the State
details are at hand relative to the offering
fiscal on June 1 of the
agency, Topeka.
$35,000 Oi% 20-40-yr. (opt.) coup, property-purchase
BRUNNER INDEPENDENT SCHOOL DISTRICT (P. 0. Eureka), and impt. bonds (V. 98, p. 1552). Proposals for theso bonds will be reNavarro County, Tex.-BONDS VOTED.-This district on May 10 ceived until 10 a. m. on that day by the Finance and Educational Committee, Edw. B. MacFadden,Clerk-Treas. Denom.$1,000. Date June 1
voted, 75 to 5, in favor of the issuance of $16,000 high-school bonds.
1914. Int. J.& D.at office of Treas. of Bd. of Ed. Cert. check on a local
BUCK CREEK SCHOOL TOWNSHIP (P. 0. Oaklandon), Hancock bank for 2% of bonds bid for, payable to "Board of Education," required.
County, Ind.-BOND OFFERING.-Bids will be received until 10 a. m. Bids must be unconditional and upon blank forms furnished by said comJune 8 by Clarence Luse, Twp. Trustee, for $34,700 4% %school-house mittee.
bonds, it is stated.
COOS COUNTY (P. 0. Coquille), Ore.-BONDS VOTED.-Local
BURTON SCHOOL DISTRICT (P. 0. Burton), Washington newspaper dispatches state that the question of issuing the
$440,000 (not
County, Tex.-BONDS VOTED.-At a meeting held May 5,
this district $400000. as first reported) road bonds (V. 98, p. 1406) carried at the
voted in favor of the issuance of $12,000 school bonds, it is stated.
election held May 15.
BUTLER, Bates County, Mo.-BOND ELECTION PROPOSED.
CORONA SCHOOL DISTRICT, Riverside County, Cal.-BOND
City Attorney has been instructed to draw an ordinance calling -The
for an SALE.-Tho $50,000 5% 20-40-yr. (ser.) bldg. bonds (V. 98, p. 1013)
election to vote on the question of issuing $75,000 water-system-plant
were
- awarded on April 8 to Wm.R. Staats Co. of Los Angeles at 101.15-a basis
purchase or construction bonds.
of about 4.92%. Denom. $1,000. Date March 4 1914. Int. M & S.
BUTLER COUNTY (P. 0. Hamilton), Ohio.-BOND SALE.-On Due $3,000 yrly.from 1934 to 1944 incl.,$2,000 yrly.from 1945
to
May 16 the $500,000 4%% 12-year (aver.) coup. taxable bridge bonds $1,000 1949. $2,000 1950 and 1951; $1,000 1952; $2,000 1953 1948 incl.
and $1,000
(V. 98, p. 1551) were awarded to Seasongood & Mayer of Cincinnati,re- 1954.
ports state,for $501,606 66 (100.321) and int.
COSHOCTON COUNTY (P. 0. Coshocton), Ohio.-BOND SALE.
BUTTE SCHOOL DISTRICT (P. 0. Butte), Silverbow County, On May 21 the $30,000 5% 35,6 year (aver.) road impt.
bonds (V. 98, p.
Mont.-BOND ELECTION PROPOSED.-Reports state that an election 1406) were awarded to the Fifth-Third Nat. Bank of Cincinnati
for $39.will be held in the near future to submit to the voters the question of 309 10 (101.03) and int. Other bids were:
issuing $300,000 school bonds.
Tillotson & Wolcott Co.,
Stacy & Braun, Toledo_ _330,260 53
Cleveland
CADILLAC, Wexford County, Mich.-BOND SALE.-On May
00 Coshocton Nat. Bank,
11 Davies Bertram Co., Cin_$30,309
Coshocton
30,309 00
$39,000 sewage-disposal plant and $27,000 sewer bonds were awarded,
30,251
it is Commercial
Nat. Bank,
stated, to the First Nat. Bank of Detroit at 102.92 and int. The bank also
OhioNat.Bank:Columbus 3279 0
68
4
Coshocton
30.301 00 Hayden,Miller&Co„Clev. 30,234 00
agreees to furnish the blank bonds.
Otis & Co., Cleveland
30,300 00 R.L. Dollings Co., Ham'n 30,175 00
CAMERON TOWNSHIP (P. 0. Cameron), Le Fiore County, Okla. Breed, Elliott & Harrison,
Spitzer, Rorick & Co.,Tol. 30,165 00
-BOND ELECTION.-An election will be held June 27, it is stated,
Cincinnati
30,267 00 First Nat. Bank, Cleve__ 30,121 60
to
vote on the question of whether or not this township will issue $18,000
COVINGTON
SCHOOL
DISTRICT
(P. 0. Covington), Kenton.
road bonds. A two-thirds majority will be necessary to authorize.
County, Ky.-BOND ELECTION PROPOSED.-This district is contem-
MO.
4g%
a4
V 4 o
MAY 231914.]
THE CHRONICLE
plating the issuance of $150,000 high-school bonds, same to be submitted
to the voters at the November election.
Crown City),
CROWN CITY SPECIAL SCHOOL DISTRICT (P. 0.
will be received
Gallia County, Ohio.-BOND OFFERING.-Proposals
for
Ed.,
$2,000 5%
of
Bd.
until 12 m. May 29 by A. V. Caldwell, Clerk,
Sept. 1 1914. Int.
5-20-yr. school-bldg. bonds. Denom. $500. Date
(incl. this
debt
Bonded
Gallipolis.
Bank,
Say.
Commercial
M. & S. at
Issue), $5,000. Assess. val. $112,435.
SALE.
-BOND
Ohio.
Cleveland),
CUYAHOGA COUNTY (P. 0.
No. 2On May 16 the two issues of 5% 6-year (aver.) coupon Green Road
as follows:
Improvement bonds(V.98. p. 1475) were awarded,it is stated,
of Cleveland
$60,061 county's portion bonds to Tillotson & Wolcott Co.
for $61,609-equal to 102.577.
for $12,630
Cleveland
of
Co.
&
Miller
Hayden,
to
bonds
assessment
12,300
-equal to 102.682.
OFFERING.
-BOND
Ind.
DAVIESS COUNTY (P. 0. Washington), it is stated, by John L•
-Proposals will be received until 12 m. May 27,
Clark, Co. Treas., for $1,000 0.6% road-impt. bonds.
Volusia County
DAYTONA SCHOOL DISTRICT (P.O. Daytona),
issue $50,000 school-impt.
Fla.-BONDS VOTED.-The proposition to at
held May 5.
election
the
bonds carried, it is stated, by a vote of 69 to 10
Greensburg), Ind.-BOND SALE.
DECATUR COUNTY (P. 0. (aver.)
highwayal.
et
Redington
On May 15 the $5,200 43i% 6-yr.awardedIsaac
of
Indianapolis
Co.
&
Miller
to
were
impt. bonds (V. 98. p. 1475)
and int.
for $5,235 50 (100.682)
,Elliott&Harrison,Ind_ _35,231
J. F. Wild & Co., Indianap__$5.2311Breed
R BOND ELECTION.-The election to
DES MOINES Iowa.-WATE
the waterissuing the $2.380,000 bonds to purchase
vote on the question ofV.
98, p. 1260, will be hold Juno 1.
works as mentioned in
York County,
Dillsburg),
0.
(P.
DISTRICT
SCHOOL
DILLSBURG
$18,000 bldg. bonds (V. 97. P. 1839) have been
Pa.-BOND SALE.-The
disposed of to local investors at par.
Ohio.-BOND SALE.-On May 12 the
DOVER, Cuyahoga County,
(aver.) West Dover road-impt. bonds (V. 98, p. 1335)
$2,000 534% 8-yr.
Falls at 101.25 and int. Other
Chagrin
of
were awarded to S. P. Harris
bids were:
Rose, Cleveland_ _ _$2,003 50
H.
25)F.
C112_32,022
Mayer,
Seasongood &
& Co.,Cle_ 2,003 00
Well, Roth & Co., Cin_ _ _ _ 2,021 50 IIayden, Miller
2,000 00
Citizens' Nat.Bk., Wooster 2,010 00 Otis & Co., Cleveland
Ohio.-BOND SALE.
EAST CLEVELAND, Cuyahoga County,
awarded as
were
1406)
98,
p.
(V.
5%
bonds
of
issues
two
the
12
May
On
follows:
$25,000 4-year (aver.) paving (assess.) bonds to Hayden, Miller & Co. for
$25,312 50 (101.25) and int.
41,000 20-year water-works bonds to C. E. Denison & Co., Cleveland,for
$43,285 (105.573) and int.
Other bids were:
Both
$25,000
$41,000
Issues.
Issue,
Issue.
Bidder80
$25,203
00
$43,285
Co.,
Cleveland
&
C. E. Denison
43,210 00 25,312 50
Hayden; Miller & Co., Cleveland
Tillotson & Wolcott Co., Cleveland_ _ _ _ 43,202 00 25,212 50
43,075 00 25,135 00
Otis & Co., Cleveland
42,972 00 25,202 50
Well. Roth & Co., Cincinnati
42,689 60 25,091 80
First National Bank, Cleveland
Provident Say. Bk. & Tr. Co., Cincinn_ 42,627 00
$67.618 00
Seasongood & Mayer, Cincinnati
Using newspaper reports, we stated in last week's "Chronicle" that
the price paid for the paving bonds was $25,315 and for water bonds $43,300.
SALE.-On
ELMORE, Ottawa County, Ohio.-CERTIFICATEwere
awarded,
of indebtedness
May 18 $15,000 6% 6 mos. certificatesTrust
for
$15,026.
Toledo
of
Co.
&
Bank
Say.
Security
reports state, to the
-NEW
REJECTED
-BIDS
Tex.
Paso),
El
0.
(P.
COUNTY
PASO
EL
10-40-yr.(opt.) court-house
OFFERING.-All bids received for the $360,000
(opt.) poor-home 5% bonds offered
and jail-constr. and $30,000 10-30-yr.
on May 11 (V. 98, p. 1406) were rejected.
New bids were asked for until 10 a. m. May 18.
County, Cal.ESCALON SCHOOL DISTRICT, San Joaquin a.
2, it is
BOND OFFERING.-Proposals will be received until 10 m.June
stated, by the Co. Bd. of Supers. (P. 0. Stockton) for $13,500 6% bonds.
Denom. $500.
SOLD.-No
ESCONDIDO, San Diego County, Cal.-BONDS NOT
-year (aver.) water
satisfactory bids were received for the $100,000 Sc' 253 12
(V. 98, p. 1406)•
works-impt. bonds dated July 11913, offered on May bonds
at par & int.
We are further advised that the contractors may take the
-BOND
ETNA SCHOOL TOWNSHIP, Kosciusko County, Ind.
1 by Henry
June
m.
until
p.
received
1:30
be
OFFERING.-Proposals will
for $14,000
Ulmer, Twp. Trustee (P. 0. care Etna Bank, Etna Green),June
1 1914.
4% school-fmpt. bonds. Denom.(4) $500,(40) $300. Date
Int. J. & D. Due as follows:
$300_July 2 1914 $900_July 2 1916 $1,100 July2 1918 $1.000 July2 1920
900 Jan.2 1919 1,200 Jan.2 1921
600_Jan. 2 1915 900_Jan. 2 1917
July2 1921
300_July 2 1915 900_July 2 1917 1,100 July2 1919 1,200
900 Jan.2 1920 1,200 Jan.2 1922
600_Jan. 2 1916 900_Jan. 2 1918
11
the
May
$20,100
EUGENE,Lane County, Ore.-BOND SALE.-On
were awarded
1-10-yr. street-paving bonds, series 'K" (V. 98, p. 1406),
(101.024) and int.
to Wm. E. Sweet & Co. of Denver as 6s for $20,306
were:
bonds)
6%
for
Purchaser to furnish blank bonds. Other bids (allTr.Co.,
Tol___*$20,226
J. N. Wright & Co., Denv_*$20,2811Sec.Say.Bk.&
_
20,225
Eugene__
Bank,
Nat.
First
Lumbermen's Tr.Co., Portl_ 20,252
Morris Bros., Portland...-.- 20,251 Clark & Henry Constr. Co_ 20,100
accrued int.
*And blank bonds. All bids provided for the payment of
(P. 0. Middletown), IIenry
FALL CREEK SCHOOL TOWNSHIP the
(aver.)
8(-yr.
4%
$20,000
May15
County,Ind.-BOND SALE.-Onawarded
to J. F. Wild & Co. of Indianbldg. bonds (V. 98, p. 1406) wereElliott
$20.005.
of
Ind.
bid
Harrison
&
Breed,
apolis at 100.03 and int.
FANNIN COUNTY (P. 0. Bonham), Tex.-BONDS VOTED.-The
proposition to issue $250,000 Precinct No. 1 road bonds carried, reports
state, at the election held May 16 by a vote of 1,174 to 370.
0. Farmersburg), ClayFARMERSBURG SCHOOL DISTRICT (P.
dIng to local newspaper reton County, Iowa.-BONDS VOTED.-Accor
ports, this district at a recent election voted in favor of the issuance of building bonds.
FLINT, Genesee County, Mich.-BOND SALE.-Local papers state
purchased:8153,800 sewer,
that Spitzer, brick & Co. of Toledo have
$39,073 64 paving and $22,478 60 graveling bonds. •
8 (P. 0. Fort Lupon),
NO.
FORT LUPON SCHOOL DISTRICT
election will be held to-day
Weld County, Colo.-BOND ELECTION.-An
of issuing $15,000
question
the
vote
a
to
to
submit
state,
(May 23), reports
school-completion bonds.
FRANTELIN COUNTY (P. 0. Columbus), Glito.-BOND SA7=On May 21 the $63,000 5% bonds (3 issues) were awarded to Hayden, Miller & Co. of Cleveland for $63,979 (V. 98, p. 1406)'
FRANKLINVILLE UNION FREE. SCHOOL ;DISTRICT, NO. 1.
(P. 0. Franklinville), Cattaraugus County, N. Y.-BONDS DEFEATcarry at the
ED.-The question of issuing $60,000 bldg. bonds failed to1-0:
electionlheld May115 by a vote:of 28 "for" to 230 "against.
--Iffie
FRIDAY HARBOR, San Juan County, Wash.-BOND SALE7-$14.000 5-20-year (opt.) coupon water bonds offered on April 28 (V. 98,
of
p. 1335) have been purchased, it is stated, byrJohnlE. Price
Seattle for 6s.
OF.-DOND
Decatur
County,sInd
TOWNSHIP,
FUGIT SCHOOL
FERING.-Proposals will be received until 10 a. m. Juno 10 by Ralph Don% school bldg. bonds. Denom. $630.
nell, Twp. Trustee, for $9,450
Date July 2 1914. Int. J. & J. Duo one band yrly. beg. July 1 1915.1
-139N'DS AWAROSTTSI PART.
GADSDEN, Et3w1h C3lati,
Garari & 0o. of 0).lclo ra2.ratly purc").1331 $23,0001 of the
April
23(V. 93, p. 1193) at par. WI
vat;a1
baadi
$30,000 sower-conitr.
GAY-OMEL AND SCHOOLIDISTRICT (P. 0. Gay),7Meriwether
County, Ga.-BOND OFFERING.-Proposals will be received until
June 10 for $10.000 6% school-bldg. bonds. Denom. $1,000. Date
Juno 1 1914. Int. ann. in Juno. Duo $2,000 every five years on June 1
Worn 1924 to 1911 incl. D. P. Ellis is Pres. of Bd. of Ed. These bonds
wore offerJd withJut success on May 15. all bids being rejected.
1631
-BOND SALE.-On
GIBSON COUNTY (P. 0. Princeton), Ind.Lemme
et al highway
May 20 the $35,000.434% 5%-year (aver.) Victor
to Miller & Co. of
stated,
is
it
impt. bonds (V. 98, p. 1553) were awarded,
Indianapolis for $35,555-equal to 101.585.
CuyaGLENWILLOW SCHOOL DISTRICT (P. 0. Glenwillow),
will be held
hoga County, Ohio.-BOND ELECTION.-An election
bonds.
school-bldg.
$7,000
issuing
of
question
May 26 to submit to a vote the
GRAHAM SCHOOL DISTRICT (P. 0. Graham Station), Mason
County, W. Va.-BONDS VOTED.-This district on May 2 voted in favor of the issuance of $7.000 high-school-bldg. bonds, it is stated.
GRANT INDEPENDENT SCHOOL DISTRICT (P. 0. Grant),
this
Montgomery County, Iowa.-BONDS VOTED.-Reports state thattake
bonds. These bonds
district at a recent election voted $19,000
bldg'(V. 98, p. 1336) as the first
the place of the $19,000 bonds sold during April
election was declared illegal on account of insufficient notice.
Stanislaus County, Calif.GRATTON SCHOOL DISTRICT
6% 10-year (aver.) school bonds.
BOND SALE.-On Apr. 14 the $5,500'
dated Apr. 14 1914 (V. 98. p. 1183), were awarded to Torrance. Marshall
& Co. of San Francisco for $5,603-equal to 101.872.
GREEN TOWNSHIP SCHOOL DISTRICT, Clark County Ohio.BOND OFFERING.-Proposals (sealed or verbal) will be received until
1 p. m. June 2 by E. J. Kitchen, Clerk of Bd. of Ed. (P. 0. Springfield
R. F. D. No. 5), for $4,800ec5,5 coup. funding bonds. Denom. (1) $300,
Int. J. & D. Due $300 June 2 1915 and
9) $500. Date "day of sale.
500 each six months from D.2 1915 to Dec. 2 1919 incl. Cert.check for
300, payable to above, required. Bonds to be delivered and paidfor
within 10 days from time of award.
GREENVILLE, Washington County, Miss.-BONDS PROPOSED.
-Official notice is given that this city proposes to issue $65,000 high-school
bldg. and $15,000 city-hall-constr. bonds.
HAMILTON COUNTY (P. 0. Noblesville), Ind.-BOND SALE.
v the two issues of 434% 6-year (aver.) gravel-road bonds (V. 98'
On M116
pt 1336 were awarded, it is stated, as follows:
56,200 ebb road bonds to the Citizens' State Bank of Noblesville for
$6,241 (100.654) and int.
1,920 Carey road bonds to J. F. Neal of Noblesville for $1,926 (100.312
and int.
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.-BOND OFFERING.-Proposals will be received until 12 m.June 12 by the County Commissioners, Al. Reinhardt, Clerk, for $100,000 43.1.% 30-year court-house
and jail-constr. bonds. Denom. $500. Int. A. & 0. at office of County
Treas. Cert.check for $1,000, payable to County Treas.,required.
HANCOCK COUNTY (P. 0. Greenfield), Ind.-BOND SALE.-On
3 -year (average) Green & Brown Twps. tax% 54
May 19 the $23,000
free gravel road bonds (V. 98. p. 1553) were awarded to the FletcherAmerican National Bank of Indianapolis for $23,181 85-equal to 100.79.
HANOVER TOWNSHIP SCHOOL DISTRICT, Morris County,
% 4-19-yr. (ser.) coup.
N. J.-BOND SALE.-On May 20 the $44,001
school bonds (V. 98, p. 1336) were awarded to the Morris Co. Say. Bank,
Morristown. for $44,230-equal to 100.520.
HARDIN COUNTY (P. 0. Kountze), Texas.-BONDS VOTED.
The question of issuing $125,000 highway-construction bonds carried, it is
stated, at the election held May 14.
HARRISBURG SCHOOL DISTRICT (P. 0. Harrisburg), Dauphin
2-3-yr.
County, Pa.-BOND SALE.-On May 15 the $90,000 4%to11the
Cen(aver.) coup. tax-free bldg. bonds(V.98, p. 1476) were awarded
tral Trust Co. of Harrisburg for $90,100 (100.111) and int. There were
no other bidders.gibs
HARRIS COUNTY-HOUSTON SHIP CHANNEL NAVIGATION
DISTRICT (P. 0. Houston) Tex.-BOND SALE.-The Bankers Trust
Co. of Houston purchased during April $250,000 5% 40-year coup. bonds.
Denom. $1,000. Date March 1 1914. Int. M.& S. at the County Treasurer's office or at the Fourth Nat. Bank of New York.
HARRISON COUNTY (P. 0. Marshall), Texas.-BIDS REJECTED.
-All bids received for the $300,000 57 10-40-year (opt.) Road Dist. No. 1
bonds offered onlMay 14(V.98, p. 1407) were rejected.
HAVERHILL, Essex County, Mass.-BOND OFFERING.-Proposals
will be received until 10 a. m. May 23 by Arthur T. Jacobs, City Treas.,
for $151,000 4% coup. bonds. Denom.$1,000. Date April 11 1914. Int.
A. & 0. at First Nat. Bank, Boston. Due yrly. on April as follows:
$16,000from 1915 to 1918 incl., $15,000from 1919 to 1921 incl. and $14,000
from 1922 to 1924 incl. These bonds will be certified as to genuineness by
the above bank, and they.will further certify that the legality of this issue
has been approved by Ropes, Gray & Gorham of Boston, a copy of whose
opinion will accompany the bonds when delivered, without charge to purchaser.
HAYS COUNTY (P. 0. San Marcos), Tex.-BOND OFFERING.
Bids will be received until May 28 for $50.000 57 semi-ann. road district
bonds. Due in 40 yrs., optional $1,000 yrly. for 30 yrs. and after 30 yrs.
$2,000 yrly. Assess. val. $1,335,820. A like amount of bonds was offered
during March. See V.98, p. 781.
HELENA SCHOOL DISTRICT NO. 1 (P. 0. He1ena)7LewiranT
Clark County, Mont.-BOND SALE.-On May 14 the $50,000 10-20-Yr.
1336) were awarded to the
(opt.) coup. school-impt. bonds (V. 98, P. (all
for 5% bonds) were reState of Mont. at par for 434s. Other bids
ceived as follows:
Premium.
Premium.
McCoy & Co., Chicago
$516
Hoehler, Cummings & PrudCo., Helena.. 500
$1,028 H. B. Palmer & Co.,
den, Toledo
- 500
Kissel Kinnicut & Co. Chic_ 1,010 John Nuveen & Co.,
Wells& Dickey Co., Minneap. 1.000 Mont.Tr.& Say. Bank,Helena. 405
Ferris & Hardgrove, Spokane.. 759 Cent. Say. Bk.& Tr. Co., Den- 270
725 Minn. Loan & Tr.Co.,Minneap. 257
Union Bk.& Tr. Co., Helena_
611 Wm. R. Stoats Co., San Fran__ 141
H.T. Holtz & Co., Chicago
Sidney Spitzer & Co., Toledo.. 610
HEMPSTEAD (TOWN) UNION FREE SCHOOL DISTRICT NO. 10
(P. 0. Baldwin), Nassau County, N. Y.-BOND SALE.-An issue of
$6,500 5% bldg. bonds was awarded on Mar. 31 to Adams & Co., N. Y.,
at 100.50. Denom.(1) $500,(6) $1,000. Date April 1 1914. Int. A.&0.
at the Bank of Rockville Centre to the holder thereof in N. Y. exchange.
Due $500 April;1 1915 and $1,000 yrly. April 1 from 1916 to 1921 incl.
HERTFORD,Perquimans County, No. Caro.-BOND OFFERING.
Proposals will be received until 7:30 p. m.June 15 by the Board of Commrs..
W.E. Winslow, Clerk, for the $17,000 water-works,$12.000 lighting-plant,
coup. bonds
$13,000 sewer-system and $8,000 street-paving 5% 50-year
voted May 6(V.98, p. 1553). Int. J.& D. Cert. check for $500 required.
Bonds to be prepared at expense of purchaser.
HIGHLAND PARK, Wayne County, Mich.-BOND OFFERING.
Proposals will be received until 8 p. m. June 1, it is stated, by R. M.Ford.
Vil. Clerk, for $116,400 20-yr. bonds. Cert. check for $1,000 required.
HILL COUNTY SCHOOL DISTRICT NO. 16(P.O. Havre), Mont.
BOND SALE.-On May 11 the $13,000 15-20-year (opt.) coup. tax-free
&
to
Wells
awarded
Dickey
were
p.1476)
98,
(V.
bonds
t.
high-school-imp
Co. of Minneapolis for $13,101 (100.776) as 5s. Other bids were:
For 6% Bonds.
For ;70 Bonds.
413,151 Sutherlin, Gehole & Co.,
C. H. Coffin, Chicago
$13,990
Kansas City
Bolger, Messer & Willaman,
13,845
13,082 McCoy & Co., Chicago
Chicago
13,780
N.W.Halsey & Co.,Chicago 13,077 Well, Roth & Co., Cincin_
H. T. Holtz & Co., Chicago_ 13,011 Sidney Spitzer & Co., Toledo 13,667
Kissel, Kinnicutt & Co., C1sic.13,007 J. N. Wright & Co., Denver., 13,623
J. N. Wright & Co., Denver_*13,000 Security Say. Bank & Trust
13,551
Co. Toledo
Minn. Loan & Trust Co.,
a13,000 W.E. Sweet & Co., Denver_ 13,467
Minneapolis
I Farson, Son & Co., Chicago,.13,251
For 5% Bonds.
13,155
$13,435 Spitzer, Rorick & Co., To
McCoy & Co.. Chicago
H. T.iloltz & Co., Chicago,. 13,427 Chas. S. Kidder & Co., Chic_ 13,142
Minn.Loan & Tr.Co., Minn. 13,390 Security State Bank, Havre_ 13.131
New First Nat. Bank,Col___ 13,100
Sutherlin, Gehde & Co.,
13,000
13,335 F.E. Magraw,St. Paul
Kansas City
13,000
W.E. Sweet & Co., Denver._ 13,275 State Land Board
Hoehler, Cummings & Prud13,218
den, Toledo
_ 13
n_v_er
eo
Dg
ca
21R
t
3:
ghO
16
virrri&
Nea
N
Mc
J
* Less $97 75. a' Less $130. t This bid appears to be higher than that
of the purchasers, but is so given by the District Clerk.
i
1632
THE CHRONICLE
[VOL. xcvm.
HOLYOKE, Hampden County, Mass.-LOAN OFFERING.-ProLANE COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Eugene), Oresposals will be received until 10 a. m. May 26 by the City Treas. for a loan BOND SALE.
-On May 11 the $110.000 10-20-year (opt.) school bond.
of $125,000 dated May 27 1914 and maturing Nov. 6 1914. Denom. (V.98,p. 1408) were awarded
to Hoehler,Cummings & Prudden of Toledo
$25,000.
at 100.87 and int. for 5s.
HOWE TOWNSHIP (P. 0. Howe), Le Fiore County, Okla.-BOND
LANSING SCHOOL DISTRICT (P. 0. Lansing), Leavenworth
ELECTION.-The proposition to issue $16,000 road bonds will be submitted County, Kans.-BONDS VOTED.
-The proposition to issue $5,000 schoolto the voters on June 27, it is reported. A two-thirds majority will be addition bonds carried, reports
state, by a vote of 121 to 95, at the election
necessary to authorize.
held May 12.
•
HUDSON, Summit County, Ohio.-BOND SALE.-The following
LAWRENCE, Mass.-TEMPORARY LOAN.-It is reported
that a loan
bids were received for the two issues of 5% bonds,aggregating $8,000, of- of $200,000, maturing Nov.
25 1914, was negotiated with Salomon Bros. &
fered on May 16 (V .98, p. 1476):
Hutzler of N. Y. on May 19 at 3.06% discount.
Otis & Co., Cleveland
$8,044 Stacy & Braun, Toledo__ _ _$8,011 40
LEWISTON, Fergus County, Mont.-BOND SALE.-On May 11 the
F. H. Rose. Cleveland
8,041 I Tillotson& WolcottCo.,Clev.8,002 00 two issues of 5% 15-20-year
(opt.) water bonds, aggregating $90,000(V.98,
HUNT COUNTY (P. 0. Commerce), Texas.-BONDS DEFEATED.
- p. 1337) were awarded to the Empire Bank & Trust Co. of Lewiston for
The question of issuing the $200,000 Precinct No. 4 road bonds (V. 98, $90,975 (101.083) and int. Other bids were:
p. 1014) failed to carry, it is stated, at the election held April 11.
Ferris & Hardgrove, Spok_ _$90.950 I First Nat. Bank, Spokane_ _$90,500
HURON COUNTY (P. 0. Norwalk), Ohio.-BOND OFFERING.
LIBERTY SCHOOL TOWNSHIP,
County, Ind.-BOND
Proposals will be received until 12 m. June 10 by Chas. E. Bloomer, County OFFERING.-Proposals will be receivedHendricks
until 10 a. m.June 5 (date changed
Auditor, for $59,500 5% coup. road and inter-county highway construction. from May 29) by C. E. Shields, Township
Trustee
(P. 0. care Clayton
bonds. Auth. Sec. 1223, Gen. Code. Denom. $500. Date June 11914. State Bank, Clayton), for the $20,000 d% school bonds
(V. 98, p. 1554).
Int. J. & D.at the County Treasurer's office. Due $3,000 each six months Denom.$500. Date May 24
1914. Due in not exceeding 9 years. Certifrom June 1 1915 to Dec. 1 1921 incl. and $3.500 each six months from fied
check on an Indiana bank for $500, payable to Township Trustee, reJune 1 1922 to June 1 1924 incl. Bonds to be delivered and paid for within quired. Bidder to state price of printing own bonds.
10 days from the date of award. Certified check on some bank other than
LIBERTY TOWNSHIP SCHOOL DISTRICT (P. 0. Bays), Wood
the one submitting the bid, for 5% of bonds bid for, payable to the County
County, Ohio.-BOND SALE.-On May 20 the $35.000 5% 554-year
Treasurer, required.
(average)
conpon high school building bonds(V. 98. p. 1476) were awarded,
INDIANOLA, Sunflower County, Miss.-BOND SALE.-On May 1,
the $3,000 5-10-year (opt.) registered bonds dated July 1 1914 (V. 98, p. it is stated, to Spitzer, Rorick & Co. of Toledo.
LIMA, Allen County, Ohio.-BONDS PROPOSED.-According to
1407) were awarded to the Bank of Indianola at par and int. for 6s.
IRONTON SCHOOL DISTRICT (P. 0.Ironton), Lawrence County, local newspaper reports, this city is contemplating the issuance of $400,000
Ohio.-BOND OFFERING.-Proposals will be received until 12 m.June 11 sewage-disposal-plant and $375.000 water,sewer,street and light-impt. bds.
LINDSAY SCHOOL DISTRICT (P. 0. Lindsay), Tulare County,
by F. A. Ross. Clerk of Board of Education, for the $35,000 5% 20-year
coupon Lombard school-building bonds voted April 28 (V. 98, p. 1476)• Cal.-BOND ELECTION.-According to local newspaper dispatches. an
Denom. $1,000. Date June 1 1914. Int. J. 8c D. at City Treasury. election will be held June 1 to vote on the question of issuing $50,000
Certified check for $100, payable to Treasurer of Board of Education, school bonds.
required. Bonds to be delivered and paid for within 10 days from time
LONDON, Madison County, Ohio.-BOND SALE.-On May 12 the
of award. Purchaser to pay accrued interest.
$35,000 5% 6-year (aver.) North Main St. impt. bonds (V. 98, p. 1337)
JACKSON, Jackson County, Mich.-BOND SALE.-On May 18 the were awarded, it is stated, to the Madison Nat. Bank of London for $35,542
five issues of 454% bonds, aggregating $88,229 (V. 98, p. 1553), were -equal to 101.548.
awarded jointly to E. H. Kahler & Co. N. Y., and McCtum-Reynolds Co.
LORAIN, Lorain County, Ohio.-BOND OFFERING.-Proposals will
of Jackson for $90,247 (102.287) and
be received until 12 m. June 11 by Geo. N. Damon, City Aud., for the
Premtum.
Pr mum. following 5% coup. funding bonds:
Estabrook & Co., Boston_ _ _ _$1,897 J. F. McLean & Co., Detrolt_$1,250 $14,862 60 paving refunding bonds. Denom.(I)
$362 60,(29) 8500. Due
Bolger;Mos.ser&Willaman,Chl. 1,556 Harris Tr.& Say.Bk., Detroit 909
$1,362 60 Sept. 15 1915 and $1,500 yearly on Sept. 15 from
First Nat. Bank, Detroit
1,510 Detroit Trust Co., Detroit_ _ _
1916 to 1924 incl.
275
A. B. Leach & Co., New York 1,491 E. H. Rollins & Sons, Boston_
refunding
bonds.
Denom.(1)$799 32,(14) $1,000. Due
14,799 32 sewer
62
JACKSON, Hinds County, Miss.-BONDS AUTHORIZED.-Re$2,799 32 Sept. 15 1920 and $3.000 yearly on Sept. 15 from
ports state that this city has been authorized to borrow $500,000 in bonds.
1921 to 1924 incl.
Date March 15 1914. Int. M.& S. at office of Sinking Fund Trustees.
JACKSON TOWNSHIP (P. 0. Minster), Auglaise County, Ohio.BOND OFFERING.-Proposals will be received until 12 m. June 16 by Certified check on a Lorain bank or any national bank for $100, payable to
Chas. Bornhorst, Clerk of Twp.Trustees, for $1,000 5% road-impt. bonds. City Treasurer, required. Bonds to be delivered and paid for within 10
Denom. $500. Date June 11914. Int. J. & D. at office of Twp. Treas. days from time of award. Purchaser to pay accrued interest. A complete
Due $500 on Sept. 1 1918 and 1919. Cert. check for 5% of bonds bid for, trnascript of the proceedings had relative to the issuance of said bonds will
payable to Twp. Treas., required. Bonds to be delivered and paid for be furnished successful bidder.
within 5 days from time of award.
LOS ANGELES SCHOOL DISTRICT (P. 0. Angeles), Calif.JACKSONVILLE, Duval County, Fla.-BOND SALE.-On May 20 BONDS VOTED.-The questions of issuing the $3,000,000 grammar and
the $1,500,000 454% 30-year coupon dock and terminal bonds (V. 98, p. $1,600,000 high-school bonds (V. 98, p. 1476) carried, reports state, at the
1476) were awarded to the Atlantic National Bank of Jacksonville, Kountze election held May 14.
Bros., N. Y., and the Mercantile Trust Co. of Baltimore at their joint
LOUDON TOWNSHIP (P. 0. Fostoria), Seneca County, Ohio.bid of 103.097.
-BOND SALE.-On May 16 the $12,000 5% 63 -year (aver.) coup, roadJEFFERSON COUNTY (P. 0. Beaumont), Tex.-BONDS DEFEAT- improvement bonds (V. 98, p. 1554) were awarded to the Security Say'
ED.-The question of issuing the $140,000 hospital bonds (V. 98, P. 630) Bank & Trust Co. of Toledo for $12,063 50-equal to 100.529.
failed to carry, it is stated, at the election held May 15.
LOVELAND, Clermont County, Ohio.-BOND SALE.-On May 18
BOND ELECTION.-An election will be held June 9, reports state, to the $4,191 6% 954-year refunding bonds (V. 98, p. 1337) were awarded, it is
vote on the proposition to issue $175,000 drainage district No. 5 (Mlle- stated, to Seasongood & Mayer of Cincinnati for 34,457-equal to 106.346.
brandt) bonds.
LYNN HAVEN, Washington County, Fla.-BOND OFFERING.
JOHNSTOWN, Cambria County, Pa.-BOND OFFERING.-Pro- Bids will be received until 12 m.June 14, it is stated, by L. J. Roberts, City
posals will be received until 2 p. m. June 12 by Harry W.Slick, City Treas., Treas., for $25,000 6% 10-30-year (opt.) improvement bonds. Interest
for $100,000 454% tax-free paving bonds. Denom. $1,000. Date May 1 semi-ann. Cert. cbeclefor 2% required.
1914. Int. M.& N.at office of City Treas. Due $50,000 May 1 1919 and
LYONS SCHOOL
(P. 0. Lyons), Burleson County, Tex.
$50.000 May 1 1924. Cert. check for $500 required. Official circular -BOND ELECTION DISTRICT
PROPOSED.-Reports state that a petition is being
states that there is no controversy or litigation pending concerning the val- circulated calling for an
election to vote on the question of issuing $10,000
idity of these bonds and that there has never been any default in the building bonds.
payment of any
obligations.
;rx
l .v Vleg16t
i,0
(itrl. t
0:tueves)
issue),
MACEDONIA VILLAGE SCHOOL DISTRICT (P. 0. Macedonia),
no floating
Summit County, Ohio.-BOND SALE.-On May 15 the $7,000 5%
$75,000.000.
(aver.) bldg. bonds (V. 98, p. 1337) were awarded to the First
-year
12
KAUFMAN COUNTY (P. 0. Kaufman), Tex.-BOND ELECTION.
- Nat. Bank of Cleveland for $7,123 80 (101.768)
and int. Other bids were:
Reports state that an election will be held June 20 to vote on the question Sidney
Spitzer
& Co., Toledo
$7,042 00
of issuing $200,000 Justice Precinct No. 1 road bonds.
Otis & Co., Cleveland
7,020 00
KENT COUNTY (P. 0. Grand Rapids), Mich.-BOND SALE.
- Tillotson & Wolcott Co., Cleveland
7,011 00
Reports state that John Nuveen & Co. of Chicago recently purchased an Spitzer, Rorick & Co.. Toledo
7,003 60
Issue of $100,000 good roads bonds at 100.250.
McCOMB CITY, Pike County, Miss.-BOND OFFERING.-ProKENTFIELD SCHOOL DISTRICT (P. 0. Kentfield), Mann posals will be received until 8 p. m. June 2 by J. Dock
Harrell, City Clerk,
County, Calif.-BONDS VOTED.-This district on May 9 (not May 2 for $20,000 city-hall bonds. Cert. check for $500
required.
as first reported) voted 135 to 59 in favor of the proposition to issue the
MADISON COUNTY (P. 0. Rexburg), Idaho.-BOND SALE.
$17,000 school bonds (V. 98, p. 1184).
Reports state that Causey, Foster & Co. of Denver have purchased $50,000
KENTON COUNTY (P. 0. Covington), Ky.-BONDS PROPOSED.
-construction bonds. Due $5,000 yearly.
Reports state that the County Commissioners are contemplating the issuance 554% road and bridge
MADISON COUNTY (P. 0. Edwardsville), Ill.-BOND OFFERING.
of road-improvement bonds.
12 m. June 1 by H.J.Mackinaw.Co.Clerk.
KEOKUK SCHOOL DISTRICT (P. 0. Keokuk), Lee County, Iowa. Proposals will be received until bonds.
Due serially until July 11933.
-BOND SALE.-Reports state that the $95,000 454% building bonds for 3237,500 454% court-house
MALDEN,Middlesex County, Mass.-TEMPORARY LOAN.-Reports
recently voted have been sold to G. M. Bechtel & Co. of Davenport
state that a loan of $300,000, maturing 5 months from May 19 1914, has
at par.
been
negotiated with Salomon Bros. & Hutzler of N. Y. at 3% discount.
KULLY CHAHA TOWNSHIP (P. 0. Kully Chaha), Le Fiore CounMANCHESTER (TOWN) UNION FREE SCHOOL DISTRICT
ty, Okla.-BOND ELECTION.-An election will be held June 27, reports
NO.
8 (P. 0. Manchester), Ontario County, N. Y.-BOND SALE.
state, to vcte on the question of issuing $15,000 road bonds. A two-thirds
On May 16 the $35,000 1554-year (aver.) school bonds (V. 98, p. 1477)
majority will be required to authorize.
were
awarded
to Adams & Co. of N.Y. at 100.15 and int. for 454s. Other
LA FAYETTE, Yamhill County, Ore.-BOND OFFERING.-Proposals will be received until 12 m. May 25 by P. P. Olds, Town Recorder, bids were:
Price Offered.
BidderRate.
for $15,000 6% 10-20-yr. water-system-constr. bonds. Cert. check for Isaac
$35,045 00
4s
W. Sherrill Co., Poughkeepsie
5% of bid required.
Douglas Fenwick & Co., New York
LA GRANGE TOWNSHIP ROAD DISTRICT (P. 0. La Grange), Union Trust Co., Roch
Rochester
Lorain County, Ohio.-BOND SALE.-On May 19 the $50.000 5% Rochester Savings Bank, Rochester
(
8
!)
)
%s
s
%-year (aver.) coup. road impt. bonds V. 98, p. 1476) were awarded to Myron W. Greene, Rochester
93
35,000 00
4.60
Otis & Co. of Cleveland. It is stated, at 100.52.
MARION COUNTY (P. 0. Marion), Ohio.-BOND OFFERING.
LA HABRA SCHOOL DISTRICT (P. 0.La Habra), Orange County, Proposals will be received until 12 m. June 10 by J. Spaulding, county
Cal.-BOND ELECTION.-The questions of issuing $30,000
Auditor, it is stated, for $30.000 5% 554-year (average) bonds. Interest
$6,000 site-purchase and $2,000 equipment bonds will be submitted to the semi-annual. Certified check for $300 required.
voters on June 6, it is statal.
MARION COUNTY (P. 0. Salem), Ore.-BONDS DEFEATED.
LAKE COUNTY (P. 0. Crown Point), Ind.-BOND OFFERING.
- The question of issuing the $850,000 highway-impt. bonds (V. 98, p. 1337)
Proposals will be received until 10 a. m. May 29 by A. J. Swanson, Co.
Treas., for $20,000 John J. Kraay road and $20,000 Otto Olson road 454% failed to carry at the election held May 15, It is stated.
improvement bonds. Denom. $500. Int. M. & N. Due one bond of
MARSHALL COUNTY (P. 0. Plymouth), Ind.-BOND SALE.
each issue each six months from May 15 1915 to Nov. 15 1924 incl. The On May 15 the three issues of 454% 554-year (aver.) highwa yopinion of Matson, Gates & Ross approving these bonds will accompany bonds (V. 98, p. 1337) were awarded, it Is stated, as follows: improvement
bonds when delivered.
National
Bank,
To the Fletcher-American
Indianapolis.
LAKE SCHOOL TOWNSHIP (P. 0. Lake Village), Newton County, $15.900 C. A. Reeve. et al, road bonds for $16,018-equal to 100.742.
Ind.-BOND OFFERING.-Further details are at hand relative to the
13,600 Harley A. Logan, et al, road bonds for $13,701-equal to 100.742.
offering on May 30 of the $7,670 Sc' District No. 2 building bonds.(V. 98,
r tgh
dlsyroo
7,.756 50-equal to 100.735.
of P
p. 1554). Proposals for these bonds will be received until 10 a.m. on that
eev
ade bon
re
,R
,.etAal
87,700 A • B. FarmwTaoldC
day by B. F. Davis, Township Trustee. Denom. (13) $590. Date April
MARSHALL COUNTY (P. 0. Marshalltown), Iowa.-BONDS
151912. Int. A.& 0. Due $590 yearly on April 15 from 1915 to 1927 incl.
dispatches
state
that this county is conCertified check for $1,000, payable to Township Trustee, required. A PROPOSED.-Local newspaper
transcript of the proceedings will be furnished. It was previously reported templating the issuance of between $300,000 and $400,000 bridge bonds.
that $8,298 50 would be offered, but the first bond, $628 50, became due
MARSHALL COUNTY (P. 0. Moundsville), W. Va.-BONDS NOT
on April 15 1914.
SOLD.-Reports state that no bids were received for the $75,000 5% Union
LAKEWOOD, Cuyahoga County Ohio.-BOND SALE.-The fol- Dist. road bonds offered on May 18(V.98,P. 1408)•
lowing are the bids received for the six
'issues of 5% street-impt. (assess.)
MELBOURNE, Brevard County, Fla.-BOND SALE.-On May 12
bonds, aggregating 355,245, offered on May 19(V.98, p. 1408):
$23,500 $11,800 $13,800 $3,050 $1,995 $1,100 the $5,000 electric-light and $2,000 street-improvement 6% 30-year coup.
bonds (V. 98, P. 1337) were awarded to Geo. A. McLean of Cambridge
Cranford Fry Ave. Ramona Detroit
Springs. Pa., at par. Int. payable at the City Treasurer's office. Bonded
Paving. Paving. Paving. Sewer. Carabell
Bidders from
Belle debt, this issue. Floating
debt $1,000. Assess val. 1913. $122.815:
Cleveland.
Prem. Prem. Prem. Prem. Grading. Grading.
actual val. (est.), $491,260.
Hayden, Miller & Co....$354 85 $178 18 $208 38 $48 09
Par.
Par.
339 00 165 00 193 00
Otis & Co
42 00
DISTRICT (P. 0. Martins Ferry), BelMARTINS
FERRY
SCHOOL
Tillotson & Wolcott_ _ _ 307 85 154 58 180 78
Par.
mont County, Ohio.-BOND SALE.-On May 18 the $16,000 Sc' 954-yr.
First National Bank_ _ _ 71 60
34 40 42 60
9 80
(aver.) school bonds (V. 98, p. 1337) were awarded to Seasongnon & Mayer
Seasongood & Mayer, Cincinnati, for "all or none,', premium of $466. of Cincinnati for $16,385 (102.405) and int. Other bids were:
I
41
66
.6
MAY 23 1914.]
THE CHRONICLE
$16,347 96
Stacy & Braun, Toledo
16,308 80
Provident Savings Bank & Trust Co., Cincinnati
16,302 40
People's Savings Bank, Martins Ferry
16,265 00
German Savings Bank Co., Martins Ferry
16,256 00
Bolger, Mosser & Willaman, Chicago
16,237.44
New First National Bank, Columbus
16,205 20
Tillotson & Wolcott Co., Cleveland
16,187 25
Weil, Roth & Co., Cincinnati
16,176 00
Commercial Bank Co., Martins Ferry
16,021 00
Spitzer, Rorick & Co., Toledo
MELROSE, Mass.-BIDS.-The other bids received for the three Issues
awarded
on
May 15
$30,000,
bonds,
aggregating
coup.
tax-free
4%
of
to Merrill,Oldham & Co. of Boston at 102.219 and int.(V.98,p.1554),were:
101.75
R. L. Day & Co. Boston__ _102.21 Blodget & Co., Boston
101.68
'Co., Bost_102.188 Curtis & Sanger, Boston... _101.68
Old Colony Trust
101:43
N.W.Harris&Co.,Inc.,Bost_102.06 Adams & Co., Boston
Estabrook & Co., Boston.. _ _101.93
MELVILLE, St. Landry Parish, La.-BONDS VOTED.-The question
of issuing the $15,000 electric-light-plant-construction bonds (V. 98, p.
1337) carried, reports state, at the election held May 12 (not May 2, as
first reported).
MERCER, Mercer County, Pa.-BOND OFFERING.-J. M.Campbell,
Boro. Secretary, will offer at private sale on June 5 the following coup. bds.:
$10,000 5% funding bonds. Date May 11914. Due in 20 years, subject
to call after 10 years.
10,000 4% refunding bonds. Date Jan. 2 1914. Due in 20 years.
Denom. $500. Int. semi-ann. at office of Boro. Treas. Official circular
states that the legality of these bonds is unquestioned and that the Borough
has never defaulted in payment of any obligation. Bonded debt $35,000:
floating debt $17.040. Assessed valuation $908,580.
MIAMI COUNTY (P. 0. Troy), Ohio.-BOND OFFERING.-Proposals will be received until 10 a. m.May 12 by Mahlon T.Staley, Co. Aud.
for $8,000 5% Lorimer road-impt. (assess.) bonds. Denom. $500. Date
May 121914. Int. M.& N.at office of Co.Treas. Due $1,500 on May 12
1915, 1916, 1917 and 1918 and $2,000 May 12 1919. Cert. check for 5%
of bid, payable to Co. Aud., required. Bonds to be delivered and paid for
within 10 days from time of award.
MICHIGAN SCHOOL TOWNSHIP (P. 0. Michiga,ntown), Clinton
County, Ind.-BOND SALE.-00 May 15 the $10,000 4%% 2-year
(aver.) school bonds (V. 98, p. 1408) were awarded to the American Nat.
Bank of Frankfort at 100.37 and int. The only other bidder was the
Fletcher American National Bank of Indianapolis.
MIDDLESEX COUNTY (P. 0. Lowell), Mass.-LOAN OFFERING.
Reports state that proposals will be received until 10 a. m. May 26 by the
Board of Commissioners, for a loan of $100,000 maturing Nov. 10 1914
and issued in anticipation of taxes.
MIDDLETOWN SCHOOL CITY (P. 0. Middletown), Henry County,
Ind.-BOND SALE.-On May 18 $7.000 high-school-building bonds were
awarded to J. F. Wild & Co. of Indianapolis at par.
MILWAUKEE, Clackamas County, Ore.-BOND OFFERING.-Proposals will be received until 8 p. m. May 28 by D. P. Mathews, Town Recorder, for $20,000 5% 20-yr. water bonds. Denom. to suit purchaser
'Mayor,"
for 5% of bonds bid for, payable to "Mayor"
Int. semi-ann. Cert. c
required. Bids must be unconditional except as to the legality of the bonds.
MINES SCHOOL DISTRICT, Stanislaus County, Calif.-BONDS
NOT SOLD.-No bids were received for the $7,000 bldg. bonds offered on
May 12,
MINNEAPOLIS, Minn.-BOND OFFERING.-Proposals will be received until 3:30 p. m.June t by J. A. Ridgway, Sec. Bd. of Park Commrs..
for $50,000 4% 30-year coup, park bonds. Denom. $1,000. Date May 1
1912. Int. M.& N.at fiscal agency of Minneapolis in N. Y. Cert. check
for 2% of bonds bid for, payable to C.A.Bloomquist, City Treas.,required.
MISSISSIPPI.-BOND SALE.-On May 20 the $1,250,000 43%
14-year (aver.) coupon funding bonds (V. 98, p. 1338) were awarded, dispatches state, to a New Orleans syndicate composed of the WhitneyCentral National Bank, the Hibernia Bank & Trust Co., the Commercial
Germania Trust & Savings Bank, the Inter-State Trust & Banking Co. and
the Mortgage Securities Co. at their "all or none" bid of 100.20.
MISSISSIPPI CITY RURAL SCHOOL DISTRICT, Harrison
County, Miss.-BOND OFFERING.-Proposals will be received until 2
m.Juno 1 by the Bd.of Sups., Jno. J. Murphy,Clerk,for the $15,000 bldg.
and impt. bonds at not exceeding 5% int., recently authorized (V. 98, p•
1338). Denom.(10) $1,000, (10) $500. Date July 11914. Int. ann. on
July 1 at office.of County Treas. Duo $1,500 yearly on July 1 from 1924
to 1933 incl. An unconditional cert. check for $200, payable to A. J.
Bond, Pres. Bd. of Ed., required. The expense of preparing and lithographing said bonds shall be paid by the purchaser.
MITCHELLVILLE SC HOOL DISTRICT (P. 0. Mitchellville),
Polk County, Iowa.-BONDS DEFEATED.-The question of issuing
$35,000 high-school-bldg. bonds failed to carry,.report state, at the election held May 11 by a vote of 79 "for" to 159 "against."
MONROE, Green County, Wisc.-BONDS AUTHORIZED.-Reports state that the Common Council recently passed a resolution authorizing the issuance of $10,000 sewer-system ext. bonds.
MONROE COUNTY (P. 0. Bloomington), Ind.-BOND OFFERING.
-Further details are at hand relative to the offering to-day (May 23)
of the $2,600 4 % David Hinsley et al highway impt. bonds (V. 98, p.
1555). Proposals for these bonds will be received until 2 p .m. to-day by
J. D. Hensley, County Treas. Denom. $130. Date May 15 1914. Int.
M.& N. Due $130 each six months from May 15 1915 to Nov. 15 1924
incl.
MONSON SCHOOL DISTRICT, Tulare County, Calif.-BOND
SALE.-On May 4 the $3,500 bonds were awarded to G. G. Blymyer &
Co. of San Francisco for $3,527 75-equal to 100.792. The First Nat. Bk.
of Visalia bid par and int.
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.-BOND OFFERING.-Proposals will be received until 10 a. m. June 1 by 0. P. Everson, Co. Treas., for $6,800 4%% Geo. C. Harper et al. highway impt.
bonds. Denom. $340. Date April 15 1914. Int. M. & N. Due $340
each six months from May 15 1915 to Nov. 15 1924 incl.
MT. KISCO, Westchester County, N. Y.-BOND OFFERING.
Proposals will be received until 8 p. m. June 1 by Geo. 13. Cranston, VII.
6% reg. road bonds authorized at an election
Clerk, for the following 43,
held March 17:
$12,000 improvement bonds. Denom.$480. Due $480 yearly on June 15
from 1919 to 1943 inclusive.
5,850 improvement bonds. Denom.$585. Due $485 yearly on Juno 15
from 1919 to 1928 inclusive.
Date June 15 1914. Int. J. & D. Cert. check on a national bank or
trust company for 10% of bonds, required. The opinion of Dillon, Thomson & Clay of N. Y., as to the legality of these bonds will be furnished purchaser. Bonded debt $256,133. As.sess. val. 1914 $2,879,568. Est.
val. $5,000,000.
MYERSTOWN SCHOOL DISTRICT (P. 0. Myerstown), Lebanon
County, Pa.-LOAN VOTED.-Reports state that this district recently
voted, 240 to 30, In favor of a loan of $25,000.
NAPOLEON, Henry County, Ohio.-BGND OFFERING.-Proposals
will be received until 12 m. June 15 by Harry C. Rich, VII. Clerk, for $1,652 95 5% coup. West Clinton St. and Erie Ave. sewer-impt. (assess.)
bonds. Denom. (4) $330. (1) $332 95. Date Jan. 11914. Int. J. & J.
Due in from 1 to 5 years, incl. Cert. check for 6% of bonds bid for, payable to VII. Treas., required Bonds to be delivered and paid for within 10
days from time of award. Purchaser to pay accrued interest.
NASSAU COUNTY
0. Mineola), N. Y.-BOND OFFERING.
Proposals will be received until 12 in. May 28 by Chas. L. Phipps, County
Compt., for $275,000 43.4% gold reg. bldg. series "A" bonds. Denom.
$1,000. Date June 1 1914. Int. J. & D. at office of County Treas.
Due $25,000 June 1 1938 and $50,000 yearly on June 1 from 1939 to 1943
incl. Cert. check on an incorporated bank or trust company for 1% of
bonds bid for, payable to County Treas., required. Purchaser to pay accrued Interest. The validity of these bonds will be approved by Hawkins.
Delafield & Longfellow of N. Y. C., a duplicate original of whose opinion
will be furnlshodT successful bidder. Bonds are tax-free.
Official circular states that there has never been any default in the
payment of obligations, bonded or otherwise, by this county. Tota,
bonded debt (including this issue), $2,629,568; floating debt (temporary
tax-loan notes) not to exceed $50,000. Assessed valuation, $103,200,079.
(r.
1 633
NEVINS TOWNSHIP (P. 0. Fontanet), Vigo County, Ind.-BOND
OFFERING.-Proposals will be received until 2 p. m.June 8 by H.J. Adams
Twp. Trustee, for $3,000 bonds at not exceeding 5% int. Denom. S500.
Due $500 yearly from 1 to 6 years incl.
NEW ALBANY TOWNSHIP, Ky,-BONDS PROPOSED.-A Louisville newspaper states that this township has decided to issue $6,500 4%%
school-bldg. bonds. Denom. $500.
NEW BOSTON (P. 0. Portsmouth), Scioto County, Ohio.BONDS VOTED.-An election held May 14 resulted in favor, it is stated.
of the questions of issuing $50,000 sewer, $42,000 water-works and $28,000
school bonds.
NEW CASTLE COUNTY (P. 0. Wilmington), Del.-BOND OFFERING.-In addition to the $100,000 4Y2 7
0 gold coupon highway bonds to be
offered on June 23 (V. 98, p. 1555). $200,000 434% gold coupon building
commission bonds will also be offered. Denom. $1,000. Date July 1
1913. Int. J. & J. at Farmers' Bank, Wilmington. Due $5.000 July 1
1929 and $15,000 yearly on July 1 from 1930 to 1942, inclusive. The remaining details are the same as for the $100,000 issue reported in last
week's "Chronicle," page 1555.
NEWCOMERSTOWN, Tuscarawas County, Ohio.-BOND ELECTION PROPOSED.-Reports state that an election will be held in the near
future to vote on the question of issuing sewage bonds. A two-thirds majority will be necessary to authorize.
NEW LONDON, Huron County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. June 6 by Andrew Ledgett, Vii. Clerk,
for the following 5% impt. bonds:
$7,544 77 street-impt. (village portion) bonds. Denom. (1) $794 27, (9)
$750. Due $794 27 Apr. 15 1916 and $750 yearly on Apr. 15
from 1917 to 1925 incl.
5,659 44 Park Ave. paving impt. (assess.) bonds. Denom. (1) $429 44.
(9) $570. Due $429 44 Apr. 15 1915 and $570 yearly on Apr. 15
from 1916 to 1924 incl.
2,672 61 James Sc. paving impt. (assess.) bonds. Denom. (1) $242 61.
(9) $270. Due $242 61 Apr. 15 1915 and $270 yearly on Apr. 15
from 1916 to 1925 incl.
5,082 52 So. Railroad St. paving (assess.) bonds. Denom. (1) $409 52.
(9) $510. Due $409 52 Apr. 15 1915 and $510 yearly on Apr. 15
from 1916 to 1924 incl.
2,842 32 Prospect St. paving impt. (assess.) bonds. Denom.(1) $232 32,
(9) $290. Due $232 32 Apr. 15 1915 and $290 yearly on Apr.
15 from 1916 to 1024 incl.
2,268 36 East Main St. paving impt.(assess.) bonds. Denom.(1)$198 36.
(9) $230. Due $198 36 Apr. 15 1915 and $230 yearly on Apr. 15
from 1916 to 1924 incl.
Date Apr. 15 1914. Int. A.& 0. Cert. check for 5% of bonds bid for,
payable to VII. Treas., required. Bonds to be delivered and paid for within
10 days from time of award. Purchaser to pay accrued interest.
NEW PHILADELPHIA, Tuscaro.was County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m.June 15 by A. D.Schlegel,
City Aud.,it is stated,for $25,3005% 133. -year (aver.) street-improvement
bonds. Int. semi-annual. Cert. check for 1% required.
NEWPORT, R. I.-BOND OFFERING.-Reports state that proposals
will be received until 5 p. m. May 28 by the City Treas. for $30,000 4%
street impt. bonds.
TEMPORARY LOAN.-On May 22 a loan of $60,000. due Sept. 4, was
negotiated with Bond & Goodwin of Boston at 3.05% discount.
NEWTON COUNTY (P. 0. Kentland), Ind.-BOND OFFERING.
Proposals will be received until 2 p. m. May 26 by F. C. Rich, County
Treas.,for $8,960 4 % consolidated Macadam road No.4 bonds. Denom.
$224. Date Apr. 4 1914. Int. M.& N. Due 2 bonds yearly.
NILES, Berrien County, Mich.-BGND SALE.-An issue of $3,800
5% 1-5-year (ser.) sewer bonds has been sold "over the counter" at par.
Denom. $100. Date June 11914. Int. M.& S.
NORFOLK, Madison County, Neb.-RESULT OF BOND ELECTION.-Reports state that the question of issuing the $10,000 waterextension bonds (V. 98, p. 1338) carried at the election held May 11, while
the proposition to issue the $35,000 park bonds was defeated.
NORTHFIELD SCHOOL DISTRICT'(P. 0. Northfield), Summit
County, Ohio.-BOND ELECTION.-An election will be held to-day
(May 23),it is reported, to submit to a vote the question of issuing building bonds.
NORTHWOOD INDEPENDENT SCHOOL DISTRICT (P. 0.
Northwood), Worth County, Iowa.-BOND SALE.-On May 5 Geo.
M.Bechtel & Co. of Davenport were awarded $40,000 coup. bldg. and equip
bonds (V.98, p. 1408) for $40,423 (101.057) as 5s. Denom.$1,000. Date
May 11914. Int. M.& N. Due 1924, subject to call $1,000 yrly. from
1919 to 1958 incl.
NORWOOD CITY SCHOOL DISTRICT (P. 0. Norwood), Hamilton County, Ohio.-BOND OFFERING.-Proposals will be received
until 12 m. June 8 by Harold Ryland, Clerk Bd. of Ed., for $95,000 434%
16 1-3-yr. (aver.) coup. school bonds. Denom. $500. Date June 8 1914.
Int. J. & D. at First Nat. Bank, Norwood. Due as follows on June 8:
$1,000 _ _1916 $7,000 _ _1921 $4,000 _ _1926 $5,000 _ _1931 $8,000 _ _1936
2,000 .._1917 2,000 __1922 3,000 __1927 5,000 __1932 6.000 __1937
2,000 _ _1918 2,000 __1923 1.000 ...A928 5,000 __1933 7,000 _ _1938
4,000 __1919 1,000 _1924 2,000 __1929 3,000 _ _1934 6.000 __1939
4,000 _1920 3,000- -1925 2,000 _ _1930 3,000 -.1935 7.000 ..1940
Cert, check or 5% of total bid, payable to above Clerk, required. Bonds
to be delivered and paid for within 15 days from time of award. Purchaser
to pay accrued interest. Bonded debt (Incl. this issue), $760,000; tax
duplicate, $33,972,820. Official advertisement states that there is not now
nor has there ever been any question of the legality of the bond issues of
this district. These bonds were authorized by a vote of 794 to 611 at an
election held April 18.
NOXUBEE, COUNTY (P. 0. Macon), Miss.-BOND SALE.-On
May 4 the $70,000 5%% Supervisors Dist. No. 1 road bonds (V.98, p.631)
were awarded ,it is stated. to Steiner Bros. of Birmingham.
OBION RIVER DRAINAGE DISTRICT, Obion County, Tenn.BOND SALE.-On May 5 Sutherlin, Gehdo & Co. of Kansas City, Mo.,
purchased $281,270 6% bonds, which they are now offering to investors.
OKLAHOMA COUNTY CONSOLIDATED SCHOOL DISTRICT
NO. 1, Okla.-BOND ELECTION PROPOSED.-Reports state that an
election will be held some time in June to submit to the voters thequestion
of issuing $20,000 school-bldg. bonds.
ORANGE COUNTY (P. 0. Orlando), Fla.-BOND SALE.-The
$600,000 5% 30-year road bonds offered on May 12 (V. 98, p. 1409) have
been awarded to Hoehler, Cummings & Prudden of Toledo at par.
ORANGE COUNTY (P. 0. Paoli), Ind.-BOND SALE.-On May 19
the two iSSt103 Or 4%% 534-yr. (aver.) tax-free gravel-road bonds (V. 98,
p. 1555) were awarded, reports state, as follows:
$5,120 Paoli Twp. bonds to M. Hassenmiller of West Baden for $5,160equal to 100.781.
3,200 Southeast Twp. bonds to the Fletcher-American Nat. Bank of
Indianapolis for $3,217 65 (100.551) and int.
OSBORN, Greene County, Ohio.-BOND SALE.-On May 16 the
$12,000 5%town-hall bonds (V.98, p. 1478) were awarded to R. L. Dollings Co. OfHamilton at 100.775 and int. Other bids were:
Security Savings Bank & Trust Co.. Toledo
$12.086 00
Tillotson & Wolcott Co., Cleveland
12,031 50
Dayton Savings & Trust Co., Dayton
12,025 00
Stacy & Braun, Toledo'
12,016 80
First National Bank, Osborn
12,015 00
First National Bank, Cleveland
12.009 80
City National Bank, Columbus
12,002 50
Denoin. $500 and $100. Due $500 yearly for 4 years, $800 yearly for
5 years and $1,000 yearly for 6 years.
OSWEGO, Oswego County, N. Y.-BOND SALE.-On May 18 the
$110,000 43,6% 10%-year (aver.) reg. sewer bonds (V. 98, p. 1478) were
awarded to Estabrook & Co. of New York at 102.78 and int. Other bids:
Kean,Taylor & Co..N.Y.$112.838 00 Harris, Forbes&Co.,N.Y$112,412 30
A.B.Leach & Co.. N.Y. 112,827 00 Kissel, Kinnicutt & Co.,
New York
Rhoades & Co., N. Y___ 112,651 75
112.343 00
Curtis & Sanger, N. Y__ 112,618 18 Kountze Bros., N.Y
112,324 00
Equit. Tr. Co., N.Y____ 112,517 90 Adams& Co., N.Y
112,233 00
Spitzer,
Watkins,
Rorick
&
Co.,
N. Y_ 112,497 00
John H.
New York
110.776 00
First Nat. Bk., Oswego
(for $5,000)
Par
1634
THE CHRONICLE
I
PAINESVILLE, Lake bounty, Ohio.-BOND SALE.-The following
bids were received for the $30,000 5% 40-year coupon water-purificationworks bonds offered on May 18(V.98, p. 1338):
Premium.
*$1,980 00
Breed, Elliott & Harrison, Cincinnati
1,743 00
Seasongood & Mayer, Cincinnati
1,735 00
Otis & Company, Cleveland
1,683 00
Well, Roth & Co., Cincinnati
1,668 60
First National Bank, Cleveland
1,371 00
Tillotson & Wolcott Co., Cleveland
1,339 00
First National Bank, Columbus
1,317 00
Provident Savings Bank & Trust Co., Cincinnati
940 00
Spitzer, Rorick & Co., Toledo
* Successful bid.
SALE.
-On
PARK COUNTY (P. 0. Livingston), Mont.-BOND
May 16 the $35,000 5% 15-20-yr. (opt.) refunding bonds (V. 98, p. 1185)
were awarded to the Harris Trust & Savings Bank of Chicago for $36,019
(102.911) and int.
PATON, Greene County, Iowa.-BOND SALE-On May 1 the $8,000
serial electric-light-install. bonds voted April 7 (V. 98, p. 1339) were
awarded to Geo. M. Bechtel & Co. of Davenport as 5s. Denom. $500.
Date May 1 1914. Int. M. & N.
PAW PAW SCHOOL TOWNSHIP (P. 0. Roann), Wabash County
Ind.-BOND OFFERING.-Proposals will be received until 2 p. in. June 2
by J. M. Wagoner, Twp. Trustee, for $14,000 43% school-bldg. impt.
bobds Denom. $500. Date July 1 1914. Int. J. & J. Due part each
six months.
PENN YAN, Yates County, N. Y.-BONDS VOTED.-The proposition to issue $15,000 Water and Seneca St.-paving bonds, carried, reports
state, at the election held May 19 by a vote of 129 to 45.
PERRY TOWNSHIP SCHOOL DISTRICT, Fayette County, Ohio.
-BOND OFFERING.-Proposals will be received until 12 m. June 8 by
W. E. Knedler, Clerk of Bd. of Ed. (P. 0. Washington C H. R.F.D.
' June 8
No. 1), for $3,000 6% coup. bldg. bonds. Denom. $500. Date
1914. Int. J. & D. Due $500 each six months from March 1 1915 to
Sept. 1 1917 incl. A deposit for 5% of bonds bid for required.
PIERCE COUNTY SCHOOL DISTRICT NO. 46, Wash.-BOND
SALE.-On May 9 the $40,000 1-20-yr.(opt.) school bonds(V.98, p. 1409)
were awarded to the State of Washington at par for 5s. Other bids were:
Geo. H. Tilden & Co., of Seattle, $40,393 for 534s.
Jno. Sandburg & Co., $40,400 for 6s.
Ferris & Hardgrove of Spokane, $40,010 for 6s.
PIKE COUNTY (P. 0. Petersburg), Ind.-BOND OFFERING.-Pror
posals will be received until 2P.M .,June 2,by0.D.Henke Co.,Treas..for
% F. Tegmeyer et al. highway-impt. bonds. Denom. $750.
$30,000
Date May 15 1914. Int. M.& N. Due $750 each six months.
PORTER COUNTY (P. 0. Valparaiso), Ind.-BOND SALE.-The
$13,252 50 5% 5-yr. (aver.) Kemper ditch bonds offered on May 9(V. 98,
p. 1339) have been awarded, it is stated, to the State Bank of Valparaiso
for $13,372 50-equal to 100.905.
PORT OF COOS BAY (P. 0. Marshfield), Coos County, Ore.BOND SALE.-Local papers state that $300,000 5% channel-completion
bonds have been purchased by the Puget Sound Bridge & Dredging Co. at
par. Due $25,000 yearly. Jan. 1 from 1945 to 1956 inclusive.
PORTSMOUTH, Scioto County, Ohio.-BOND OFFERING.-Proposals will be received until 12m. June 16 by Geo. L. Gableman, City And..
for $18,500 5% coup. street-impt. (city's portion) bonds. Denom. $500.
Date May 1 1914. Int. M. & N. at office of City Treas. Due $10,000
May 1 1922 and $8,500 May 1 1924. Cert. check for 2% of bonds bid for,
payable to City Aud., required. Purchaser to pay accrued interest.
Bids must be unconditional.
POSEY COUNTY (P. 0. Mt. Vernon), Ind.-BOND OFFERING.
Proposals will be received until 2 p. m. June 1 by Andrew A. Schenck, Co.
Treas..for $20,00043i% James M.Greathouse road inapt. bonds. Denom.
$500. Int. M. & N. Due $500 each six months from May 15 1915 to
Nov. 15 1934 incl.
POTEAU, Le Flore County, Okla.-BOND ELECTION.-Reports
state that an election will be held June 27 to vote on the question of issuing
$10,000 bonus bonds. A two-thirds majority will be necessary to authorize.
POTEAU TOWNSHIP (P. 0. Poteau), Le Fiore County, Okla.BOND ELECTION.-Reports state that an election will be held June 27
to vote on the question of issuing $21,000 road bonds. A two-thirds
majority will be necessary to authorize.
PRINCE GEORGES COUNTY (P. 0. Upper Marlboro), Md.BOND OFFERING.-Proposals willbe received until 12 m.June 2 by Fred.
Sasscer, Sec. of School Board, for $40,000 5% 30-yr. coup. school-bldg.
bonds. These bonds are exempt from county and municipal taxation.
PULASKI COUNTY (P. 0. Winimac), Ind.-BOND OFFERING.
Further details are at hand relative to the offering on May 29 of the $7,800
434% M.M. Mathias et al. highway-impt. bonds (V. 98. p. 1555). Proposals for these bonds will be received until 3 p. m. on that day by J. J.
Lowry, Co. Treas. Denom. $390. Date April 9 1914. Int. M. & N.
Duo $390 each six months from May 15 1915 to Nov. 15 1924 incl.
Proposals will be received until 3 p. m.June 12 by J. J. Lowry,Co.Treas.,
for $7,500 4%% J. J. Hoover et al. highway impt. bonds. Denom. $375.
Date May 5 1914. Int. M.& N. Due $375 each six months from May 15
1915 to Nov. 15 1924 incl.
PUTNAM COUNTY (P. 0. Greencastle), Ind.-BOND OFFERING.
-Proposals will be received until 12 m. May 30, it is stated, by H. H.
Runyan, Co. Treas., for $3,600 434% gravel road bonds.
BOND SALE.-On May 16 the two issues of 43/% road-impt. bonds,
aggregating $10,060 (V. 98. p. 1555). were awarded. reports state, to the
Central Nat. Bank of Greencastle for $10,178-equal to 101.174.
QUINCY, Mass.-BOND OFFERING.-Proposals will be received
until 12 m. May 28 by John Curtis, City Treas., for the following 4% coup.
tax-free bonds:
$26,000 public water supply bonds. Date April 1 1914. Due $6,000
April 1 1915 and $5,000 yrly. on April 1 from 1916 to 1919 incl.
25,000 sewer loan bonds. Date May 1 191-4. Due $2,000 yrly. on May 1
from 1915 to 1924 incl. and $1,000 yrly. on May 1 from 1925 to
1929 incl.
Denom. $1,000. Int. semi ann. at Nat. Shawmut Bank, Boston.
These bonds will be certified as to genuineness by the Old Colony Tr. Co.,
and they will further certify that the legality of these bonds has been approved by Ropes, Gray, Boyden & Perkins of Boston, a copy of whose
opinion will accompany thelbonds when delivered without charge to the
purchaser;
RADNOR TOWNSHIP SCH00LT11STELCT, De1awat
--7=7.
Pa.-BOND OFFERING.-Proposals will be received until 12 m. June 2
by Chas. S. Walton, Dist. Treas.(P.O. 258 North 3rd St., Philadelphia),
for $60,000 43- % coup. school bonds. Denom. $500 or $1,000, to suit
purchaser. Date May 111914. Int. $12,000 every five years on May 1
from 1924 to 1944 incl. Cert. check for $3,000 required. These bonds
may be registered as to principal and will be exempt from taxes (except
succession or inheritance taxes. The legality of this issue will be approved by Townsend, Elliott & Townsend of Philadelphia, whose favorable
opinion will be furnished when bonds are issued. Floating debt, $90,000.
Assess. val., $10,510,000.
,Winchester),•Ind.-BOND OFFEliRAND OLPHTCOUNTYI(P.TO.
ING.-Proposals will be received until May 25 by Henry D. Good, Co.
Treas., for $11,500 (denom. $575), $8,800 (denom. $440), $1,400 (denom.
$570), $9,7C0 (denom. $485), $9,700 (denom. $485) and $9,900 (denom.
$495)44% road-impt. bonds. Date May 151914. Int. M.& N.
RANKIN SCHOOL DISTRICT (P. 0. Rankin), Allegheny County,
Pa.-BOND OFFERING.-Proposals will be received until 7:30 p. m.
May 26 by H. W. Peters, Sec. of School Dist., for $27.000 43% tax-free
school bonds. Denom. $1,000. Int. semi-ann. Cert. check for $500,
payable to Rankin Sch. Dist., required. Bonded debt. $66,500; floating
debt, $27,000; total assess. val., $7,174.960.
The official notice of this bond offering will be found among the 'advertisements esewhere in this department.
RAVENNA CITY SCHOOL DISTRICT (P. 0. Ravenna), Portage
County, Ohio.-BOND OFFERING.-Proposals will be received until
[VoL. xcviii.
12 m. May 29 by J. C. Beatty, Clerk Board of Ed., for $7,500 5% coupon
school bonds. Denom. $500. Date May 15 1914. Int. M.& N. Due
$500 each six months from Nov. 15 1920 to Nov. 15 1927 incl. Cert. check
for $300, payable to Dist. Treas., required. Bonds to be delivered and
paid for within 15 days after day of sale. Purchaser to pay accrued interest.
These bonds were voted at an election held April 20.
READING, Mass.-TEMPORARY LOAN.-Reports state that a loan
of $25,000 maturing April 15 1915 was recently negotiated with C. D.
Parker & Co. of Boston at 3.29% discount plus 10 cents premium.
RICHMOND, Va.-BONDS PROPOSED.-Reports state that this city
is contemplating the issuance of $500,000 street-improvement bonds.
RICHWOOD VILLAGE SCHOOL DISTRICT (P. 0. Richwood),
Union County, Ohio.-BOND OFFERING.-Proposals will be received
until 1 p. m. June 1 by G. M. Howard, Clerk Board of Education, for
the following 5% coupon school bonds:
$3,500 school bonds. Due $500 each six months from June 1 1915 to
June 1 1918, inclusive.
1,500 school bonds. Due $500 on June 1 and Dec. 1 1915 and $500
June 11916.
Denom. $500. Date June 1 1914. Int. J. & D. at Richwood Banking
Co., Richwood. Certified check on an Ohio bank (or cash) for $100, payable to above Clerk, required. The Board of Education will furnish successful bidder a certified transcript of the proceedings of said board with
reference to the issuance of said -bonds.
RIDGEWAY UNION SCHOOL DISTRICT (P. 0. Ridgeway),
Hardin and Logan Counties, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. May 29 by II. L. Turner, Clerk of Bd. of Ed.,
,1409). Denom.
for the $15,000 5% bldg. bonds voted April 24 (V. 98, j,
$1.000. Date May 29 1914. Int. M.& S. at office of Dist. Treas. Due
$1,000 yrly. on Sept. 15 from 1915 to 1929 incl. Cert.check on a Hardin
or Logan County bank for $500 required. Bonds to be delivered and paid
for within 15 days from date of award.
ROCHESTER, N. Y.-NOTE OFFERING.-Sealed bids will be received
at the office of the Comptroller until 2 p. m. May 27 1914 for $100,000
school-construction notes. These notes will be made payable eight months
from June 1 1914 at the Union Trust Co. of N. Y., will be drawn with
interest and will be deliverable at the Union Trust Co. of N. Y., on
June 11914. Bidders to state rate of interest and designate to whom (not
bearer) notes shall be made payable and denom. desired.
NOTE SALE.-On May 19 the two issues of notes (V. 98, p. 1556) were
awarded as follows:
The $40,000 East Side trunk sewer notes were awarded to Salomon Bros.
& Hutzler, of N. Y., on their bid of interest, 3%, premium, $1.
The $10,000 local improvement under guarantee notes were awarded to
the Merchants' Bank of Rochester on its bid, interest, 3%.
Other bidders were:
3.
ter
0Oest.
Union Trust Co. of N. Y.,East Side trunk sewer notes_ _340,000 In
Both issues
3.15
Estabrook & Co., New York
Both issues
3.30
Bond & Goodwin, New York
Salomon Bros. & Hutzler, N. Y., local imp. under guar_ _$10,000 3.40
ROME, Oneida County, N. Y.-BOND SALE.-On May 15 317,
808 46 434% paving bonds were awarded to local investors at par. Da t
May 15 1914. Int. ann. in May. Due one-fourth yrly. May 15 from
1915 to 1918 incl.
ROTTERDAM AND NISKAYUNA SCHOOL DISTRICT NO. 12,
Schenectady County, N. Y.-BOND SALE.-On May 16 an 'sue of
$46,000 5% sc,hool-building bonds was awarded to the Isaac W.Sherrill Co.
of Poughkeepsie at 101. Denom. $230. Date May 1 1914. Interest
annually in January. Due $2,300 yearly on Jan. 1 from 1915 to 1934,
inclusive. Other bidders were:
$46,400
W. N. Coler & Co., N. Y_ _ _$46,450!Adams & Co., N. Y
Lee, Higginson & Co., N. Y. 46,4451
ST. MATHEWS SCHOOL DISTRICT NO. 8P. 0. St. Mathews),
Calhoun County, So. Caro.-BOND OFFERING.-Proposals will be
received until 12 m. May 29 by J. H.Loryea, Bd.of Trustees,for the $6,000
5% 20-yr. coup.school bonds voted May 5(V.98, p. 1556). Int.semi ann.
ST. PAUL, Minn.-BOND SALE.-On May 13 $15,110 6% 3-year
sewer-construction (assessment) bonds were awarded to O'Neill & Preston
of St. Paul at par. Denom. (2) $5,000, (1) $5,110. Date May 1 1914.
.
Int. M. & N.
BONDS NOT SOLD.-No bids were received for the $138,700 6%
assessment bonds also offered on May 13.
SALT LAKE CITY, Utah.-BOND OFFERING.-Proposals will be
received until 5 p. m.June 8 by Karl A.Scheid, City Recorder,for $200,000
water and $100,000 sewer 44% 20-year bonds. Date July 11914. Int.
J. & J. at First Nat. Bank, N. Y. Certified check for $6,000, payable to
City Treasurer, required. Bids must be unconditional except as to the
legality of the issues. These bonds are part of issues of $525,000 and
$375,000. respectively, voted Feb. 18 (V. 98, p. 707)•
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
SAN ANTONIO, Bexar County, Texas.-BOND OFFERING.-This
city will offer for sale at public auction at 4 p. m.Juno 1 $723,000 1-40-year
(serial) refunding bonds. Interest rate to be named in bid. Certified
check for $15,000, payable to Mayor, required. The legality of these
bonds is to be passed on by Wood & Oakley of Chicago or Dillon, Thomson
& Clay of N.Y. City, and bidder will be required to pay all expenses to said
attorneys for preparing all necessary ordinances and for doing all legal
work in connection with the calling in of any of said bonds and the issuance
of said refunding bonds, and also the expenses of lithographing said refunding bonds.
SCHOHARIE COUNTY (P. 0. Schoharie), N. Y.-BOND OFFERING.-Proposals will be received until 12 m. June 2 by David Winnie,
County Treasurer, for $30,000 434% coupon bonds. Denom. $1,000.
Date Aug, 1 19,14. Int. F. & A. Due $2,000 yearly on Feb. 1 from
1917 to 1931,inelusive. No indebtedness. Assessed value (real property),
$11,468,390.
SCRANTON, Lackawanna County, Pa.-BOND OFFERING.-Proposals will be received until 11 a. m. May 26 by E. B. Jermyn, Mayor,
for $60,000 4% registered municipal improvement bonds. Denom.$100 or
multiples thereof. Date May I 1914. Int. M. & N. at office of City
Treasurer. Due $2,000 yearly on May 1 from 1915 to 1944, inclusive.
Certified check (or cash) on an incorporated bank or trust company for 397
of bid, payable to City Treasurer, required. These bonds will be certified
as to genuineness by the U. S. Mtge. & Trust Co., of N. Y. City.
SENECA COUNTY (P. 0. Waterloo), N. Y.-BONDS AUTHORIZED.-Reports state that the Board of Supervisors have passed a resolution authorizing the issuance of $102,000 4%% coup. county building improvement bonds. Denom. $1,000. Interest semi-ann. Due $6,000
yearly on June 1 from 1916 to 1932, inclusive.
SENECA COUNTY (P. 0. Tiffin), Ohio.-BOND SALE.-On May 18
the $100,000 5% 8-year (average) coupon bridge-construction bonds
(V. 98, p. 1479) were awarded to Seasongood & Mayer of Cincinnati
103.20 and interest.
est. Other bids were:
NVw
Seasongood & Mayer, Cin_*3102.200 Ieeil,Rioth&CoB.a,
First Nat.Bank,Cleveland_ 103,151 A. B. Leach & Co., Chic_ _ _ 102,145
103,030 Spitzer, Rorick & Co., Tol_ 102,075
Otis & Co.. Cleveland
First Nat. Bank,
inCol__ 101,050
Breed, Elliott & Harrison
102,840 Tiffin Nat. Bank. Tiffin_ _ _ 100.825
Co., Cincinnati
Hayden, Miller & Co.,Clev_ 102,820 Commercial Nat. Ilk. Tiffin 100,660
n S.&
11kB
.,T
eilifefhin
ylifnftion
102.785 T
or
(?..50
1,0
Farson, Son & Co., Chic1r0
f0
in
) 50.325
Hoehler, Cummings & Prudden, Toledo
(
friegt
)
Tif
.
85
0
Bank, Tiffin_ _ _a100
74
Stacy & Braun, Toledo_ _ _ _ 10
02
2:6
5:4
08
20
5
Field, Richards & Co., Cin_ 102,580
* Bonds to be delivered as needed. a Bonds to be delivered on 15 days'
notice.
SHADY POINT TOWNSHIP (P. 0. shady Point), Le Flore County,
Okla.-BOND ELECTION.-Local newspaper reports state that an election
will be held June 27 to vote on the issuance of $21,000 road bonds. A
two-thirds majority will be necessary to authorize.
SILVERTON, Marion County, Ore.-BOND SALE.-On May 4 the
$43,750 6% 1-10-year (opt.) street-improvement bonds were awarded to
the Lumbermen's Trust Co. of Portland for $43,850 30 (100.229) and int.
Denom. $500 and $250. Date April 11914. Int. A. &:0.
MAY 23 1914.]
THE CHRONICLE
1635
SONOMA COUNTY (P. 0. Santa Rosa), Cal.-BOND ELECTION
Using newspaper report& we reported in last week's "Chronicle" that
PROPOSED.-According to local newspaper reports, this city is contem- these bonds were awarded
to the Hanchett Bond Co.for $16,347 and int.
plating calling an election to vote on the proposition to issue $1,550,000
VAN WERT COUNTY (P. 0. Van Wert), Ohio.-BOND SALE.-On
good roads bonds.
May
16
the
$6,000
road-im
55'
provement (assess.) bonds were awarded to
SOUTH SANTA ANITA SCHOOL DISTRICT, Los Angeles County,
Cal.-BOND OFFERING.-Reports state that proposals will be received the People's Say. Bank of Van 'Wert at par. There were no other bidders.
until 2 p. m. June 15 by the Clerk of the Board of Supervisors (P. 0. Los Denom. (24) $200. (4) $300. Date June 1 1914. Int. M. & S. Due
Angeles),for the $20,000 5 % school bonds voted as previously reported in serially Sept. 1 from 1915 to 1931.
V. 98. p. 1409.
VIVIAN SCHOOL DISTRICT NO. 3 Caddo County, La.-BOND
STARK COUNTY (P. 0. Canton), Ohio.-BOND SALE.-On SALE.-The $70,000 5% 1-15-year (serial) site-purchase and building
May 20 the three issues of 5% road-improvement bonds, aggregating bonds offered on May 10 (V. 98, p. 1341) have been awarded to Cutter.
$85,500 (V. 98, p. 1480) were awarded to Hayden, Miller & Co. of Cleve- May & Co. of Chicago, it is stated, at par and interest.
land for $87,389 (102.209)and interest. Other bids were:
WADSWORTH, Medina County, Ohio.-BOND OFFERING.-ProFarson,Son & Co.,Chic_ _$87,325 00 First Nat. Bank,Cleve_ _ J86,822 00
Stacy & Braun,Toledo..__ 87,138 71 Seasongood & Mayer,Cin. 86,728 00 posals will be received until 12 m.June 9 by H.E. liters, Village Clerk, for
$15,250 5% coup. Broad St.Impt. (asseas.) bonds. Denom.$1,525. Date
Tillotson & Wolcott Co..
Provident Savings Bank &
1914. Int. A. & 0. at office of Sinking Fund T4ustees. Due
Cleveland
87,008 85
Trust Co., Cincinnati__ 86,680 25 April 1yearly
on April 1 from 1915 to 1924 incl. Certified check for 2%
$1,525
Ohio Nat. Bank, Colum
86,910 75
of bonds bid for, payable to Village Treasurer, required. Bonds to be deAll bids provided for the payment of accrued interest.
livered and paid for within 10 days from time of award. Purchaser to pay
STEUBENVILLE, Jefferson County, Ohio.-BOND OFFERING.
- accrued interest and furnish at own expense the necessary blank bonds.
Proposals will be received until 12 m.June 15 by Chas. R. Wells, City Aud.,
WASHINGTON SCHOOL TOWNSHIP, Hendricks County, Ind.
for $12,000 5% street-improvement (city's portion) bonds. Date May 1
1914. Int. M. & N. Due $3,000 yearly on Sept. 1 from 1915 to 1918 BOND OFFERING.-Further details are at hand relative to the offering
Incl. Cert.check for 3% of bonds bid for, payable to City Treas.,required. on June 6 of the $25,000 4%% school-house bonds (V. 98, p. 1558). ProBonds to be delivered and paid for within 10 days from time of award. posais for these bonds will be received until 10:30 a. m.on that day by Chas.
M. Roark,Twp.Trustee (Stop 12, Danville & Indianapolis Traction Line).
Purchaser to pay accrued interest.
$500. Date May 1 1914. Int. J. & J. Due $2,500 yearly for
STEUBENVILLE, Jefferson County, Ohio.-BOND SALE.-On Denom.
years. Certified check on an Indiana bank for $500, payable to Twp.
10
May 21 the $5,500 5% 24 yr. (aver.) automobile fire-truck purchase Trustee,
required. Bidder to state how much he will take to have the
bonds (V. 98, p. 1340) were awarded to the Ohio Nat. Bank of Columbus bonds printed
or lithographed in case he is awarded the same.
for $5,512 75-equal to 100.231. Other bids were:
WATERBURY,
Conn.-BOND OFFERING.-Proposals will be reStacy & Braun, Toledo
$5,507 Tillotson & Wolcott Co.,Clev.$5,502
ceived until 8 p.m. June 5(not June 15 as first reported)by Wm.F.Moller,
Hayden, Miller & Co., Clev
5,503 I
Clerk,
City
for
the
following
coupon or registered bonds (V. 98, p. 1481):
STONE SCHOOL DISTRICT, Kern County, Cal.-BOND ELECDate July 1 1913.
Due
TION.-Reports state that an election will be held May 26 to vote on the $150,000 44% water bonds, tenth series.
$10,000 yearly on July 1 from 1924 to 1938 inclusive.
question of issuing $6,000 8% 4-9-year (serial) school bonds. Denom.
400,000 44% city-hall, police and fire-station bonds. Date July 1 1913.
$1,000.
Due $10,000 yearly on July 1 from 1924 to 1963, inclusive.
SUFFOLK COUNTY(P.O. Riverhead), N. Y.-BOND OFFERING.
100,000 4% school bonds, third series. Date July 1 1913. Due $5,000
Proposals will be received until 2 p. m.June 1 by Chas. R.Fitz, Co. Treas.,
seer/onsub,1from 1)34 to 1953, inclusive.
Denom. $1,000. at. J. .,c J. at First Nat. Bank, Boston. Certified
for $50,000 4j. % reg. county-building-improvement bonds. Denom. check
for 1,7, of bonds bid for, payable to City Treasurer, required. These
$500. Date June 1 1914. Int. J.& D.at office of Co.Treas. Due $2,500 bonds will be certified as to genuineness
by the above bank and their legality
yearly on June 1 from 1915 to 1934 incl. Cert. check for 2% of bonds bid approved by Storey, Thorndyke, Palmer & Dodge
of Boston, whose legal
for, payable to Co. Treas., required. Bonded debt $265,000. Assess. val. opinion will be furnished purchaser. Purchaser to pay accrued int. Bids
must be made on forms furnished by the City Clerk. Bonds to be delivered
(real property) 1913 $93.130,557.
above bank on June 15. Official circular states that there is no controTh official notice of this bond offering will be found among the advertise- at
versy or litigation pending or threatened affecting the corporate existence,
ments elsewhere in this Department.
or the boundaries of said municipality, or the title of its present officials
SUGAR CREEK SCHOOL TOWNSHIP (P. 0. Bowers), Montgom- to their respective offices, or the validity of its bonds,and no default has
ery County, Ind.-BOND SALE.-On May 15 the $21,000 4%% 5-year ever been made in payment of any obligation. The last two issues were
(average) school bonds (V. 98, p. 1479) were awarded, it is stated, to the advertised to be sold on May 15 but the offering was later withdrawn.
Fletcher-American National Bank of Indianapolis for $21,371-equal to V. 98, p. 1411.
101.766.
WATERTOWN SCHOOL DISTRICT (P. 0. Watertown), CodingTALBOT COUNTY (P. 0. Easton), Md.-BOND OFFERING.-Pro- ton County, So. Dak.-BOND SALE.-On May 15 $44,000 5% 20-year
posals will be received until 12 m. June 2 by the County Commissioners, school-building bonds were awarded to McCoy & Co. of Chicago for
Jos. B. Harrington, Clerk and Treasurer, for $35,000 Peach Blossom & $44,728-equal to 101.654. Other bids were:
Trippe's Creek and Hillsboro bridge-construction,and $1,2,000 high-school- Harris Trust & Say. Bk.,Ch_$44,357 Minn. L.& Tr. Co., Minn.344,227 50
annex 5% coupon tax-free bonds. Denom. $1,000. Date July 1 1914. Bolger,Mosser&Willaman,Ch. 44,352 Kissel,Kinnicutt&Co.,Chic__ 44,221
Int. J. & J. at office of County Treasurer. Due one bond of each issue Union Invest. Co., Minneap_ 44,286 N. W. Halsey & Co., Chic_ _ 44.186
yearly on July 1. Certified check for $500 required. Bonded debt, Wells & Dickey Co., Minn.._ 44,264 Dakota Mut. L. I.Co.,Wat'n 44,000
Denom. $1,000. Date July 1 1914. Int. J. & J.
$70,000. Assessed value,$12,976,563; actual value,$15,500,000."g
TEAGUE INDEPENDENT SCHOOL DISTRICT (P. 0. Teague),
WAUCOMA,Fayette County, Iowa.-BONDS VOTED.-By a vote of
Freestone County, Tex.-BONDS VOTED.-Reports state that this 146 to 2 the question of issuing the $12,000 electric-light-plant bonds
district at a recent election voted in favor of the issuance of $60,000 school carried, it is reported, at the election recently held. These bonds were
previously
voted on March 2. but the election was later declared illegal
bonds by a vote of 195 to 119.
TEHAMA, Tehama County, Calif.-BONDS PROPOSED.-According (V. 98, p. 1341).
WAUKESHA, Waukesha County, Wis.-BOND OFFERING.-Newsto local newspaper reports, this city is contemplating the issuance of $10,000
paper reports state that this city is offering for sale $10,000 hospital and
municipal water bonds. 41g
RRTEMPE,61aricopa County, Ariz.-BONDS VOTED.-By a vote of 86 $4,000 street improvement bonds.
to 4, he question of issuing the $30,000 sewer-system-construction bonds
WAYNE COUNTY (P. 0. Wooster), Ohio.-BOND SALE.-Dis(V. 98, p. 1107) carried, it is reported, at the election held April 25.
patches state that Breed, Elliott & Harrison of Cincinnati have bought
TENNESSEE.-BONDS NOT SOLD.-No bids were received, reports $102,800 55' road bonds at par, accrued interest and a premium of $1,935.
state, for the $9,401,000 4% 40-year coupon refunding bonds (dated July 1 (V. 98, p. 1411.)
1913) offered on May 20 (V. 98, 13. 1410).
WEEDSPORT, Cayuga County, N. Y.-BOND OFFERING.-The
NOTE SALE.-After rejecting bids for the bonds,proposals were asked Board of Trustees, C. D. Van Alstine, Clerk, will offer for sale at public
until May 22 for $9,401,000 4%% 1-year notes and these were awarded to auction at 2 p. m. May 26 an Issue of $18,000 electric light system installation bonds. Denom. $900. Int. rate to be named in bid, payable semiWm. A. Read & Co. of New York at 100.21.
ann. Due $900 yrly. beginning 1 yr. after date. These bonds were
TIFFIN, Seneca County, Ohio.-BOND OFFERING.-Additional authorized at an election held May 4. Assess. val. 1914, $883,467.
information is at hand relative to the offering on June 8 of the $150,000
WELLS COUNTY (P. 0. Bluffton),Ind.-BOND SALE.-On May 15
5% coupon Sandusky River improvement bonds (V. 98, P. 1557). Pro- the following nine issues of 4%% highway-impt.
bonds,aggregating $54,480,
posals for these bonds will be received until 12 m.on that day by Albert J.' were awarded, it is stated (8 issues) to the
Halley, City Auditor. Denom.$1,000. Date June 1 1914. Int. M.& S. and (1 issue) to the Union Say. & Trust Co.Studebaker Bank of Bluffton
of
Bluffton for $54,873 25at office of Sinking Fund Trustees. Due $12,000 yearly on Sept. 1 from equal to 100721.
1915 to 1926, inclusive, and $6,000 Sept. 1 1927. Certified check on a
U. S. Pease Road, Lancaster Two., bonds. Denom. $500.
Tiffin bank for not less than 25' of bonds bid for, required. Bonds to be $10,000
2,000 A.G.Park Road,Lancaster & Jefferson Twp.. bds. Denom.$100.
delivered and paid for within 1.0 days from time of award. Bids must be
13,600 W. M. Beck Road, Jefferson Twp., bonds. Denom. $680.
unconditional. These bonds are part of an issue of $300,000 authorized by
4,000 A. Johnson Road, Nottingham Twp., bonds. Denom. $200.
the City Council on April 24 (V. 98, p. 1480)•
7,520 W. A.,Redding Road, Rockcreek Twp., bonds. Denom. $376.
Official circular states that there is no controversy or litigation pending
1.120 J. M. Rarrick Road, Rockcreek Twp., bonds. Denom. $56.
or threatened affecting this issue of bonds, and that the city has never
6,800 G. F. Platt Road, Union Twp., bonds. Denom. $680.
defaulted in the payment of its bonds, either as to principal or interest.
6,240
Geo. Trimmer Road, Jackson Twp., bonds. Denom. $312.
Total bonded debt (including this issue). $549,050; floating debt, $5,000.
3,200 John Schaffter Road. Harrison Twp., bonds. Denom. $160.
Assessed value 1913, $12,830,420.
Date May 15 1914. Int. M.& N. Due one bond of each issue each six
TIFTON, Tift County Ga.-BOND OFFERING.-Proposals will be months from May 15 1915 to Nov. 15 1924 inclusive.
received until 7:30 p. m. July 6 for the $17,000 water-mains and works
WEST PARK, Cuyahoga County, Ohio.-BIDS.-The following bids
Improvement, $13000 school improvement and $7,000 fire-equipment and were received for the $3,000 5% 30-year town-hall-impt. bonds offered on
headquarters furnishing 5% bonds authorized by a vote of 198. to 65 at May 16 (V. 98, p. 1264):
the election held May 12 (V. 98. p. 1340). Due in 1944.
wiq Stacy & Braun, Toledo_ --$3,038 4810tis & Co., Cleveland
$3,035
WHARTON COUNTY (P. 0. Wharton), Tex.-BOND SALE.
TIPPECANOE COUNTY (P. 0. La Fayette), Ind.-BOND OFFERING.-Proposals will be received until 2 p. m. June 19 by Harry G. Leslie, Reports state that the $300,000 5% District No. 1 road bonds (V. 98. P.
411) have been sold to a Chicago firm.
County Treas., for the following 4%% semi-ann. road-impt. bonds:
$8,700 Chas. T. Schmierer road-impt. bonds. Denom. $435. Due $435
WHITE PLAINS (Village), Westchester County, N. Y.-BOND
each six months from May 15 1915 to Nov. 15 1924 incl.
OFFERING.-Proposals will be received until 8 p. m. June 1 by the Board
7,000 Jno. L. Marks et al highway-impt. bonds. Denom. $350. Due of Trustees, Wm. H. Carpenter Jr., Clerk, for $12,000 fire-department
$350 each six months from May 15 1915 to Nov. 1924 incl.
bonds at not exceeding 5% interest. Denom. $500. Date Dec. 1 1913.
TIPTON SCHOOL DISTRICT, Tulare County, Cal.-BOND SALE. Due $500 yearly on Dec 1 from 1918 to 1929,inclusive. Certified check on
-On May 4 the $23,000 6% bonds (V. 98, p. 1410) were awarded to a state or national bank or trust company for 10% of bonds required.
Torrance, Marshall & Co. of Los Angeles for $23,756 (103.287) and int.
WHITE SULPHUR SPRINGS, Meagher County, Mont.-BOND
Other bids were:
OFFERING.-Further details are at hand relative to the offering on June 1
Wm.R.Staats Co.,Los Ang.$23,61610. G.Blymyer & Co.,San Fr.$23,276 of the $16,000 53 % 10-20-year (opt.)
coup. taxable sewerage-system bonds
(V. 98, p. 1558). Proposals for these bonds will be received until 8 p. m.
TOLEDO, Ohio.-BOND SALE.-On May 20 the $169,00047
17-yr. coup, general street-impt. bon
bonds (V. 98, p. 1557) were awarde to on that day by Geo. Wallwork, Town Clerk, Denom.$500. Date June 1.
1914. Int. J. & D. in White Sulphur Springs or N. Y. No deposit reC. E. Denison & Co. of Cleveland for $175,035 (103.571) and int.
quired. • Bonded debt (incl. this issue).$26,500;no floating debt. Assessed
TOLEDO SCHOOL DISTRICT (P. 0. Toledo), Lucas County, Ohr). valuation $550,000.
-On
May
SALE.
18 the $150,000 4%% 17%-year (aver.) coupon
-BOND
WHITMAN COUNTY SCHOOL DISTRICT NO. 60, Wash.-BOND
school bonds (V. 98, p. 1410) were awarded to Stacy & Braun of Toledo for
OFFERING.-Proposals will be received until 2 p. m. June 8 by H. H.
$152.366 (101.577) and int. Other bids were:
Wheeler, County Treasurer, (P. 0. Colfax), for $6,000 10-20-year (opt.)
Seasongood & Mayer, Cincinnati
I $151,765 building and improvement bonds at not exceeding 6% int. Denom.
E. II. Rollins & Sons, Chicago
3500.
,
Date July 1 1914. Int. ann.at office of County Treasurer or at fiscal agency
Tillotson & Wolcott Co., Cleveland
151,107 of the State
of Washington. Certified check or draft for 1% of bonds,
TROY, N. Y.-BOND SALE.-On May 15 the $10-,000 5% tax-exempt payable to County Treasurer, required.
Bidders to state whether or not
certificates of indebtedness or revenue bonds (V. 98,P. 1480) were awarded they will furnish the necessary blank bonds.
to L. von Hoffman & Co. of N. Y. at 100.761 and int. Other bidders were:
WILMINGTON, No. Caro.-BONDS DEFEATED.-Reports state
Equitable Trust Co., N. Y--$10.7601Manufac'rs Nat. Bk., Troy410,720
that the question of issuing the $200,000 municipal dock and wharf bonds
TRUMBULL COUNTY (P. 0. Warren), Ohio.-BOND SAI=n (V. 98, p. 1019) failed to carry at the election held May
19.
May 20 the $30,000 5% 124-year (aver.) Road Dist. No. 1 improvement
WILSON COUNTY (P. 0. Floresville), Tex.-BOND ELECTION
bonds (V. 98, p. 1480) were awarded, it is stated, to Stacy & Braun of
PROPOSED.-An election will be held in the near future, it is stated; to
Toledo for $31,005 21-equal to 103.35.
vote on the question of issuing $60,000 road-impt bonds.
VAN BUREN SCHOOL TOWNSHIP (P. 0. Morristown), Shelby
WINFIELD TOWNSHIP (P. 0. Le Roy), Lake County,Ind.-BOND
County, Ind.-BOND SALE.-On May 15 the $16,000 4%% 15-year
school bonds (V. 98, p. 1411) were awarded to Miller & Co. of Indianapolis OFFERING.-Proposals will be received until 2 p. m. May 29 by David
Stewart, Township Trustee, for $15,000 43 % road-improvement bonds.
at 102.625. Denom. $500. Date July 1 1914. Int. J. & J.
t
Denom. $500. Date June 1 1914. Int. semi-annual. Due $500 each six
VANDALIA SCHOOL DISTRICT, Tulare County,* Calif.-BOND ntonths from July 15 1915 to Jan. 15 1930 incl. Certified
check on a
SALE.-On May 6 the $16,0006% 8%-year (aver.) gold coup. school bonds Lake County bank for 3% of bonds, payable
to Township Trustee, required.
(V. 98, p. 1340) were awarded to G. G. Blymyer & Co. of San Fran. for Bids must be for the entire issue and upon forms furnished by the
above
$16,575 (103.693) and int. Other bids were:
Trustee. Transcripts of all ordinances and proceedings of the advisory
Hanchett Bond Co.. Chi!Torrance, Marshall & Co.,
board relating to the issuing of said bonds and the specifications of said
$16,3271 Los Angeles
cage
$16,312 bonds may be had upon application to the above Township Trustee.
[VOL. xcviii.
THE CHRONICLE
1636
WISTER TOWNSHIP (P.% 0. Wister), Le Fiore County, Okla.BOND ELECTION.-The question of issuing $35,000 road bonds will be
submitted to a vote on June 27, it is stated. A two-thirds majority will be
necessary to authorize.
WOODBURY, Gloucester County, N. J.-BOND OFFERING-.
According to newspaper dispatches,this city is offering for sale $20,000
South Broad St. improvement bonds.
WOOD COUNTY (P. 0. Parkersburg), W. Va.-BOND OFFERING.
-Proposals will be received until 2 p. m. May 25 by Perry Nicely, Edw.
Nelly, or Geo. E. Work, Committee, representing county court, for the
$40,0005% 20-30-year (opt.) coupon Clay District road bonds voted May 7
(V. 98, p. 1265). Date June 1 1914. Int. annual at office of County
Court. Cert. check for 5% of bid, payable to Co. Court, required.
BONDS PROPOSED.-According to local newspaper reports, this county
Is contemplating the issuance of bridge bonds.
WORCESTER, Worcester County, Mass.-TEMPORARY LOAN.
On May 18 a temporary loan of $500,000 dated May 20 and due Nov. 16
1914 was negotiated with Salomon Bros. and Hutzler of N. Y. at 2.945%
discount.
WYANDOT COUNTY (P. 0. Upper Sandusky), Ohio.-BOND
OFFERING.-Proposals will be receivedT until 12 m. May 28 by J. Marguerat, County Auditor, it is stated, for $14,000 5% 5 1-3 year (average)
road bonds. Interest semi annual. Certified check for $500 required.
WYOMISSING SCHOOL DISTRICT (P. 0. Wyomissing), Berks
County, Pa.-LOAN AUTHORIZED.-Local newspaper reports state
that this district recently authorized a loan of $12,000 for site and recreation grounds.
YAZOO CITY, Yazoo County, Miss.-BONDS PROPOSED.-Notice
has been given by the Municipal Council, it is stated, of its intention to
issue $35,000 railroad-land-purchase and terminal-facilities bonds.
YAZOO-MISSISSIPPI LEVEE DISTRICT (P. 0. Clarksdale), Miss.
-BOND OFFERING.-Further details are at hand relative to the offering
on May 28 of vie $1,000,000 5% 20-40-year (opt.)coup.tax-free levee-improvement bonds (V. 98, p. 1559). Proposals for these bonds will be received until 3 p. m. on that day by J. W. Cutrer, Pres. of Dist. Denom.
to suit purchaser. Date July 1 1914. Int.J.& J. at place to suit purchaser.
No deposit required. Bonded debt (incl. this issue) $2,799.000. No floating debt. Assess. val. 1913, $35,000,000.
YOAKUM, Dewitt County, Texas.-BOND SALE NOT COIVSUMMATED.-We are advised that Caldwell, Masslich & Reed of N. Y. have
declined to approve the legality of the $40,000 5% 20-40-year (opt.) streetimprovement bonds purchased by Sutherlin, Gehcle & Co. of Kansas City,
Mo.. on April 7.
YOLO COUNTY RECLAMATION DISTRICT NO. 900, Cal.-BOND
SALE.-On May 7 the $69,000 6% bonds (V. 98, p. 1412) were awarded,
reports state, to the West Sacramento Co. at par and interest.
YUMA COUNTY (P. 0. Yuma), Ariz.-BOND OFFERING.-Proposals will be received until 10 a. m. June 11 by the Board of Supervisors,
Roy Hansberger,Clerk,for $500,0005% gold highway-improvement bonds.
Denom. $1,000. Date Dec. 311913. Int. J. & D. in gold or N.Y. exchange at office of County Treasurer. Due $25,000 yearly on Dec. 31 from
1933 to 1952, inclusive. Certified check on some national bank for 5%
of bid, payable to Board of Supervisors, required. Official circular states
that the principal and interest of all bonds previously issued have always
been paid at maturity and that there is no controversy or litigation pending
or threatened concerning the validity of these bonds, the corporate existence
or boundaries of the municipality or the title of the present officers to their
respective offices. The legal opinion of Dillon, Thomson & Clay of N. Y.
City, will be furnished successful bidder and he is to pay for same. A
similar issue of bonds was awarded to Kelly & Kelly of Kansas City ,Mo.
(V. 98, p. 545). Bonded debt $138,791. Assess. val. 1913 $13,280,660.
Act. val. (est.) $15,000,000.
YOUNGSTOWN, Mahoning County, Ohio.-BOND SALE.-The
following bids were received for the four issues of 5% coupon or reg. bonds
offered on May 18 (V. 98, p. 1559):
$13,750
$7,99,0
$6,000
$12,655
Cherry St.- Parmalee Av.- City's Por. Dump-Site
Bonds.
Paving.
Paving.
Imprls.
Spitzer, Rorick & Co., Tol__*$8,086 50 *$12,807 50 *$6,073 00 $14,058 00
Seasongood & Mayer,Cin_
14,028 00
The Provident Say. Bank &
12,714 48 6,028 20 13,930 13
Trust Co., Cincinnati_ _ _ 8,027 55
12.785 60 6,071 30 *14,059 30
C.E. Denison & Co., Clev_ 8,072 30
12,715 93 6,021 00 13,887 50
The Ohio Nat. Bank, Col__ 8,022 94
12,766 00
Wm.R.Compton Co., St.L_ 8,043 00
5,991 00 14,027 50
* Successful bids.
All bids include accrued interest to date of delivery.
ZEELAND SCHOOL DISTRICT (P. 0. Zeeland), Ottawa County,
Mich.-BONDS TO BE SOLD LOCALLY.-We are advised that this district will sell to local investors $5,000 434% building bonds voted May 8.
Due part yearly from 1921 to 1925 inclusive.
Canada. its Provinces and Municipalities.
ALBERTA (Province of).-DEBENTURES OFFERED BY BANKERS.
-In an advertisement on a preceding page, Spencer Trask & Co., the
Equitable Trust Co. and Harris, Forbes & Co. of New York are offering
to investors at 9734 and interest (to yield about 4.83%) $5;000,000 434%
10-year gold sinking fund debentures of the Province of Alberta. Denom.
$1,000 and $500. Due Feb. 1 1924. Int. payable semi-annually Feb. 1
and Aug. 1. Both principal and interest payable in gold coin at Toronto,
Montreal and New York, or, in pounds sterling at the fixed rate of exchange
of $4 86 2-3 at London, England. Coupon foonds with privilege of registration as to principal, or as to both principal and interest. A market for
the debentures has been established in London through the public issue
there of approximately one-half the amount offered in this country. The
London portion of the loan was absorbed quickly, the lists closing two days
before the advertised time.
ALBERTA SCHOOL DISTRICTS.-DEBENTURE OFFERING.
Tenders will be received until 4 p. m. June 15 by the Bond Branch of the
Department of Education, W. R. Alger, Manager, at Edmonton, for $13,300 10-year Rural School District debentures; also two odd debentures-one for $1,500 at 20 years and the other for $1,000 at 8 years. All
payable in equal consecutive ann.installments of principal, with int. at 7%.
DEBENTURE SALE.-On May 7 $15,850 7% 10-year Rural School
(13 districts) debentures were awarded to the Huron & Erie Loan & Savings
Co. of London, Ont., at 99g•
BERLIN, Ont.-DEBENTURE SALE.-On May 14 $208.000 5% and
54% debentures were awarded, it is stated, to the Dominion Securities
Corp.. Ltd.. of Toronto at 100.803.
DEBENTURES AUTHORIZED.-Reports state that the City Council
on May 4 authorized the issuance of $206,209 73 local impt. and $18,300
Victoria school-impt. debentures.
NEW LOANS.
NEW LOANS.
NEW LOANS
$50,000.00
$300,000
$27,000
Suffolk County, New York, SALT LAKE CITY, UTAH, School District Borough of Rankin, Pa.,
WATER AND SEWER BONDS.
432% BONDS
4m% BONDS
NOTICE IS HEREBY GIVEN that Salt Lake
Sealed proposals will be received by the County
Treasurer of Suffolk County at his office in
Riverhead, Suffolk County, New York, up to
two o'clock P. M., on the FIRST DAY OF
JUNE, 1914, for the purchase of the whole or
any part of Fifty Thousand Dollars $50,000)
of Suffolk County registered bonds of the denomination of Five Hundred Dollars ($500). each
of which will bear interest at the rate of four and
one-half (44%) per cent per annum, payable
semi-annually on the first days of June and
December in each year.
All of said bonds will be dated June 1, 1914,
and numbered from one to one hundred, inclusive, and five of said bonds in order as numbered will become due and payable on June 1st
in each of the years 1915 to 1934, inclusive, until
all of said bonds are fully paid. The principal
and interest of said bonds will be payable at the
office of the County Treasurer of Suffolk County
at Riverhead, Suffolk County, New York.
The bonds are issued to raise money to pay the
cost of construction of a new addition to the County Clerk's office and fire-proofing equipping and
furnishing the same, and completing the necessary renewals and readjustments of the old
equipment of the present County Clerk's office
and completing the necessary alterations therein,
pursuant to a resolution duly adopted on the
twelfth day of May, 1914, by the Board of
Supervisors of Suffolk County.
The total bonded indebtedness of Suffolk
County in addition to this issue is $265,000.
The assessed aggregate valuation of the rea'
property within Suffolk County for the year 1913
was $93,130,556 68.
Each proposal must be accompanied by a certified check to the order of the County Treasurer
of Suffolk County for two per cent of the par value
of the number of bonds bid for, proposals to be
endorsed "Proposals for Bonds" and addressed
to the undersigned at Riverhead, Suffolk County,
New York.
The County Treasurer reserves the right to
reject any and all bids.
Dated May 20, 1914.
CHAS. R. FITZ,
County Treasurer of Suffolk County.
$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 43(
1 % 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.
City, Utah, proposes to issue and sell two hundred
thousand 446200,000 00) dollars Water Bonds and
one hundred thousand ($100,000 00) dollars
Sewer Bonds, the same being a part of an issue
of five hundred and twenty-five thousand
($525,000 00) dollars water bonds and three
hundred and seventy-five thousand ($375,000 00)
dollars sewer bonds, authorized at an election
duly held February 18, 1914. Said bonds to be
dated July 1, 1914, payable in twenty years,
without option of prepayment, and bearing In
at the rate of four and one-half (43i) per
cent per annum, payable semi-annually, principal
and interest payable at the First National Bank,
New York City, New York. All bonds purchased to be paid for in full on or before July 1,
1914, at the said bank.
Sealed bids for the purchase of said bonds,
envelope marked "Bid for Bonds," will be received by the City Recorder until 5 O'CLOCK
P. M. MONDAY, JUNE 8. 1914, and will be
opened at a meeting of the Board of Commission
at 8 o'clock p. in., said day. Each bid shall be
accompanied by a certified check for six thousand
($6,000 00) dollars as a guaranty of good faith,
payable to the order of the City Treasurer of
Salt Lake City, Utah.
No conditional or qualified bids, except as to
the legality of the issue, nor any bid for less than
the face value of the bonds, will be considered.
The Board of Commissioners reserves the right
to reject any and all bids.
This notice is given pursuant to a resolution
of the Board of Commissioners of Salt Lake City,
Utah, passed the 13th day of May, 1914.
Dated May 14, 1914.
SAMUEL C. PARK,
Mayor.
KARL A. SCHEID,
City Recorder.
Sealed bids marked "Bids for Bonds" will be
received by the Secretary of the School District
of the Borough of Rankin, Pa., until 7:30 o'clock
P.M. MAY 26,1914,for the purchase of Bonds of
said School District in amount of $27,000.
Said bonds will be of denomination of
31,000 00 each, and shall bear interest at the rate
of 454% per annum, payable semi-annually,
and shall be free of tax.
For further information apply to the undersigned.
All bids must be accompanied by a certified
check in favor of School District in amount of
$500 00, as a guaranty of good faith.
The School Board ofsaid District of the Borough
of Rankin reserves the right to reject any or all
H. W.PETERS.
bids.
Secretary of School District of
The Borough of Rankin.
-
$256,700.00
CITY OF HULL, QUEBEC,
FIVE PER CENT.
7, 20, 30, 40 YEARS BONDS.
Tenders addressed to H. Boulay, City 'Clerk,
will be received up to 4 o'clock on MONDAY,
THE 1ST OF JUNE NEXT,. 1914, for the
purchase of $256,700 00 of the City's Bonds,
bearing FIVE per cent interest, payable 1st May
and November each year. A cheque to the
amount of $1,000 must be attached to each
tender. The highest or any tender not necessarily accepted. For information apply to the
undersigned.
H. BOULAY,
City Clerk,
Hull, Que.
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
BONDS
LIST ON APPLICATION.
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
We Are Specialists
in the following types of sound securities,
netting.5A to 6%.
First Mortgage Serial Bonds Issued by Department Store corporations of the highest credit
standing in the large cities.
First Mortgage Serial Bonds secured by the
highest class of improved real estate in Chicago
and other Western cities.
First Mortgage Loans secured by improved
Chicago property.
No investor has aver been compelled to
accept loss on any security purchased of
this house.
S.W.STRAys & Co.
MORTGAGE"'BORD BAN KERS
1111C•1114.1•14.14011
STRAUS BUILDING
CHICAGO
055 WALL STRUT
NEW YORK
1637
THE CHRONICLE
MAY 23 1914.]
BROCKVILLE, Ont.-DEBENTURE SALE.-Reports state that the
Canada Bond Corp. of Toronto was recently awarded $13,000 5% 10-yr.
school debentures at 99.059.
CANORA, Sask.-DEBENTURE ELECTION PROPOSED.-An election will be held in the near future to submit to a vote the question of issuing $180,000 water debentures.
COCHRANE, Ont.-DEBENTURE SALE.-Reports state that this
place recently sold to the Canada Bond Corp. of Toronto an issue of $22,500
5% 20-year debentures.
COMPTON, Que.-DEBENTURE ELECTION.-An election will be
held May 27, it is stated, to submit to the voters the question of issuing
$2,000 town-hall-constr. debentures.
GREENFIELD PARK, Que.-DEBENTURE SALE.-The $12,000
6% 30-year coup. school-bldg. and equip. debentures (V. 98, P. 857) have
been sold to Macneill & Young of Toronto,it is stated.
GUELPH, Ont.-DEBENTURE SALE.-On May 15 the six issues of
5% debentures, aggregating $125,307 72(V.98,P. 1413) were awarded, it is
stated, to Wood, Gundy & Co., of Toronto at 100.32.
HULL, Que.-DEBENTURE OFFERING.--Proposals will be received
until 4 p. in. June 1 by W. Boulay, City Clerk, for 8255,700 5% 7, 20.
30 and 40-year debentures. Int. M.& N. A check for $1,000 required.
The official notice of this debenture offering will be found among the advertisements elsewhere in this Department.
-DEBENTURE
INNISFREE SCHOOL DISTRICT NO. 1584, Alta.
debentures (V. 98. p.
SALE.-On May 7 the $4,000 7% 20-year school104.325.
and interest.
at
Regina
of
James
&
Nay
1413) were awarded to
OFFERLIVINGSTONE SCHOOL DISTRICT, Man.-DEBENTURE
Wm. Morton,
by
2
June
in.
p.
1
until
received
ING.-Proposals will be
debentures. Date June 15
Secretary-Treasurer, for 82,000 6%ofschool
principal and int.
1914. Due in 20 ann. installments
-Reports
MARLBORO TOWNSHIP, Ont.-DEBENTURE SALE.
an issue of $4,000 5% 20-installof
disposed
has
state that this township
ment debentures to G. A. Stimson & Co. of Toronto.
MITCHELL, Ont.-DEBENTURES AUTHORIZED.-On May 4 a
by-law providing for the issuance of $30,000 school debentures was passed
by the Council, it is stated.
MONTREAL PROTESTANT SCHOOL DISTRICT (P.O. Montreal),
30-yr.
Que.-DEBENTURE SALE.-On May 21 the 81,000,000
gold coup school debentures (V. 98, p. 1413) were awarded to.N. B. Stark
of
about
basis
95.278-a
at
Montreal
•
4.80%
of
& Co.
MOOSE JAW, Sask.-DEBENTURES VOTED.-The question of
issuing $437,700 public-utility debentures carried, reports state, at the
election held May 11.
MT. DENNIS, Ont.-DEBENTURE ELECTION.-It is reported that
an election will be held May 28 to vote on the issuance of $28,000 schoolbldg. debentures.
OUTREMONT, Que.-BIDS REJECTED.-The following bids received for the $500,000 43 % 42-year revenue-producing local-improvement
debentures offered on May 14 (V. 98, p.948) were rejected:
Canada Bond Corp., Tor_ _$453,337 IN. B. Stark & Co., Mont__$446,900
Hanson Bros., Montreal..... 450,735 I C. H. Burgess & Co., Tor.._ 445,072
A.B.Ames & Co.,Toronto_ 418,3001
PICTON, Ont.-DEBENTURES VOTED.-Newspaper reports state
that the proposition to issue the $25,900 5% 10-yr. road debentures (V.98,
p. 1266) carried at the election held April 20.
ST. LAMBERT, Que.-DEBENTURES VOTED.-The question of
issuing the 8500.000 local impt. debentures (V. 98, p. 1413) carried, reports state, at the election held May 8.
ST. PIERRE, Que.-DEBENTURES OFFERED BY BANKERS.-The
Credit-Canada, Ltd., of Montreal is offering to investors $50,000 534% debentures, due May 1 1954.
SMITH'S FALLS, Ont.-DEBENTURES VOTED.-At the election
held May 6 the proposition to issue the $12,738 49 funding debentures
(V. 98, p. 1413) carried, it is stated.
STRATFORD, Ont.-DEBENTURE SALE.-On May 19 the five
issues of 5% coup. debentures, aggregating $159,000 (Y. 98, p. 1560). were
awarded to the Dominion Securities Corp.,Ltd.,of Toronto, at 100.13 and
nt. There were 19 other bidders.
TORONTO, Ont.-DEBENTURE SALE.-It is stated that this city,
through W.L. McKinnon & Co. of Toronto, recently disposed of 8745,615
4%% water-works debentures, due 1948, to the Metropolitan Life Insurance Co. of New York. The price netted the city 97 and int.
It is also reported that $500,000 4%% 10-yr. local impt. debentures
were recently sold to the Equitable Life As.surance Society of N. Y. at
97.40. This deal was put through.for the city by G. A. Stimson & Co.
of Toronto.
On May 20 81,766,000 10-year and 8805.472 34-year 4%% debentures
were awarded, it is stated, to Wood, Gundy & Co. and A. E. Ames & Co.
of Toronto at 97.16.
T'YNDALL RURAL SCHOOL DISTRICT (P. 0. Tyndall), Man.
DEBENTURES VOTED.-At a recent election this district voted 49 to 25
in favor of the issuance of $16,000 school debentures, it is stated.
VERDUN, 011t.-DEBENTURES PROPOSED.-According to reports
this city proposes to issue $500,000 5% 40-yr. debentures for laying underground conduits for electric wires.
WALLACEBURG, Ont.-DEBENTURE ELECTION.-An election
will be held May 28, reports state, to vote on the proposition to issue
836,000 debentures to purchase the electrical division of the Wallaceburg
Gas Co.
WELLAND, Ont.-DEBENTURES VOTED.-At the election held
May 19 the question of issuing 820,000 overdraft debentures carried, it is
stated.
WELLINGTON,Ont.-DEBENTURES AUTHORIZED.-The Municipal Council on April 25 authorized the issuance of $1,000 school debentures.
It is stated.
DEBENTURES VOTED.-According to reports, the question of issuing
$1,200 cement-walks debentures carried at a recent election.
WEST KILDONAN, Man.-DEBENTURE ELECTION.-On May 29
the proposition to issue $13,500 municipal fire-hall and site debentures
will be submitted to a vote, reports state.
WINDSOR, Ont.-DEBENTURE SALE.-Reports state that Wood,
Gundy & Co. of Toronto have been awarded $100,000 4% 30-installment
hydro-electric and $56,478 63 5% 10-installment debentures.
DEBENTURE ELECTION.-The question of issuing 813,000 publicpark debentures will be submitted to the voters on May 28, it is stated.
WOLSELEY, Sask.-DEBENTURE ELECTION.-Local newspaper
reports state that an election will be held May 29 to vote on the question
of issuing $73,000 improvement debentures.
MISCELLANEOUS..
MISCELLANEOUS.
Mellon National Bank
ROBINSON, MASQUELETTE
PITTSBURGH, PA.
8-26
CERTIFIED
PUBLIC ACCOUNTANTS
3% on RESERVE ACCOUNTS
is paid by this bank
Correspondence is invited
NEW ORLEANS
%ammo' BANK BLDG.
HOUSTON. TEX
UNION NIAr. BK.BLDC.
Resources over - $65,000,000
ININImirsmiremionla.
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,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
-Interest allowed
on deposits.
Girard Trust Company
PI-IILADELPHIA
Chartered 1838
CAPITAL and SURPLUS, Si0.000,000
E. B. Morris, Presicieinc.
1011MIIIS•
IRVING WHITEHOUSE CO., Inc.
INVESTMENT BONDS
111•1:011LW
Information on any Western stocks or Bond.
furnished on request.
216-217-218 Hutton Bldg., Spokane, Wash.
•=01112O.S.0,,.....
•
••
1:••••1120/••••
CHARTERED 1884
% First Mortgige Loans
UNION TRUST COMPANY OF NEW YORK
MAIN OFFICE, 80 BROADWAY
Plaza Branch,
Fifth Avenue Branch.
786 Fifth Avenue. corner 6Cth St.
425 Fifth Avenue. corner 38th St.
Modern Safe Deposit Vaults at both Branches.
BLODGET & CO.
BONDS
60 STATE STREET, BOSTON
20 PINE STREET. NEW YORK
STATE, CITY & RAILROAD BONDS
Capital $3,000,000
Surplus (earned) $5,300,000
ALLOWS INTEREST ON DEPOSITS
Acts as Executor, Guardian, Trustee, Administrator and in all Fiduciary
Capacities on behalf of Individuals, Institutions or Corporations.
1638
THE CHRONICLE
[VOL. xcviii.
Jinautia
jfinautial
CHARTERED 1853.
United States Trust Company of New York
45-47 WALL STREET
Capital,
Surplus and Undivided Profits
No Bonds—No Preferred Shares
EDWARD W.SHELDON, President.
WILLIAM M. CINGSLEY, Vice-President
WILFRED J. WORCESTER, Secretary
WILLIAMSON PELL, Asst. Secretary
CHARLES A. EDWARDS, 2d Asst. Secy.
W
BELL SYSTEM
COLORADO,
IN
NEW MEXICO, ARIZONA, UTAH.
WYOMING. IDAHO AND MONTANA
7% STOCK
- $2,000,000 00
- $14,103,810 00
This Company aots as Executor. Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or
personal, for estates, corporations and individuals.
JOHN
WILLIAM ROCKEFELLER
XANDER E. ORR
LIAM D. SLOANE
ANK LYMAN
JAMES STILLMAN
fQHN J. PHELPS
TalWI8 CASS LED YARD
Mountain States
Telephone
BOETTCHER,PORTER
Sti COMPANY
DENVER
(Engineers;
THE J. G. WHITE COMPANIES
ENGINEERS - MANAGERS
FINANCIERS
TRUSTERS
A. STEWART, Chairman of the Beard
LYMAN J. GAGE
WILLIAM STEWART TOE)
PAYNE WHITNEY
OGDEN MILLS
EDWARD W.SHELDON
EGERTON L. WINTHROP
CHAUNCEY KEEP
CORNELIUS N. BLISS JR.
GEORGE L. RIVES
HENRY W. de FOREST
ARTHUR CURTISS JAMES
ROBERT I. GAMMELL
WILLIAM M. KINGSLEY
WILLIAM VINCENT ASTOR
CHARLES FRED.HOFFMAN.
Chicago
43 Exchange Place, - NEW YORK
San Francisco
London
Manila, Para, Buenos Aires, Santiago, Chili
ATLANTIC MUTUAL INSURANCE COMPANY.
FORSTALL AND ROBISON
Alfred E. Forstall
Charles D. Robison
New York, January 22d, 1914,
The Trustees, in conformity with the Charter of the Company,
submit the follotciny statement of its affairs on [hi
31st of December, 1913.
ENGINEERS
The Company's business has been confined to marine and inland
transportation insurance.
Premiums on such risks from the 1st January, 1913,
Investigations and Appraisals of Gas and
to
31st
the
December,
1913
$3,600,334
Premiums on Policies not marked oft 18t January, 1913
83
Electric Properties for Owners or Financial
767,050 94
Institutions.
Total Premiums
$4,367,385 77
NEW YORK CITY
84 William St.,
Premiums marked oft from January 1st, 1913. to
December 31st, 1913
$3,712,602 51
Interest on the investments of the Company received
during the year-- __3308,419 46
Interest on Deposits in Banks and Trust
39,877 94
'teat received less Taxes and Expenses Companies, etc
130,212 32 478,609 72
Losses paid during the year
$1,790,888 37
Less Salvages
$233,482 06
Re-insurances
320,813 71
Discount
47 58 554,343 3.5
C. G. YOUNG
Engineering and Construction
21,236,544 97
Returns of Premiums
Expenses, including officers' salaries and clerks' compensatio
$105,033 85
n,
stationery,
advertisements, etc
650,942 08
Plans, Methods, Examinations
Public Utilities and Industrials
RFPORTS FOR FINANCING
Bankers Trust Bldg., New York
A dividend of interest of Six per cent on the outstanding certificates
of profits will be paid to the holders
thereof, or their legal representatives, on and after Tuesday
The outstanding certificates of the issue of 1908 will be the third of February next.
redeemed and paid to the holders thereof, or their
legal representatives, on and after Tuesday the third of
Alten S. Miller
Alex. C. litunphreys
will cease The certificates to be produced at the time February next, from which date all interest thereon
of payment and canceled,
A dividend of Forty per cent is declared on the
earned premiums of the Company for the year ending
December, 1913, which are entitled to participate
31s1
in
dividend,
for which, upon application, certificates will be
issued on and after Tuesday the fifth of May next,
By order of the Board,
ENGINEERS
G. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
JOHN N. BEACH,
SAMUEL T. HUBBARD.
CHARLES M. PRATT.]
ERNEST C. BLISS,
THOMAS U. HUBBARD,
DALLAS B. PRATT,
WALDRON P. BROWN.
LEWIS CABS LEDYARD,
ANTON A. RAVEN;
JOHN CLAFLIN
NEW YORK
WILLIAM H.LEFFERTS,
165 BROADWAY
JOHN
J. RIKER,
GEORGE C. CLARK;
CHARLES D. LEVERICH;
DOUGLAS ROBINSON,
CLEVELAND H. DODGE:
GEORGE H. MACY,
WILLIAM J. SCHIEFFELIN
CORNELIUS ELDEItT,
NICHOLAS F. PALMER;
WILLIAM SLOANE,
RICHARD H. EWART,
HENRY PARISH,
LOUIS STERN,
PHILIF A. S FRANKLINi
ADOLF PAVENSTEDT.
WILLIAM
HERBERT L. GRIGGS.
A. STREET
JAMES H. POST,
GEORGE E. TURNURE.
ANSON W. HARD,
A. A. RAVEN, President, RICHARD H. WILLIAMS.
CORNELIUS ELDERT, Vice-President,
WALTER WOOD PARSONS, 2d Vice
-President.
CHARLES E. FAY; 3d Vice-Pre
sident,
Mining Engineers and Geologists
ASSETS.
LIABILITI
COAL AND MINERAL PROPERTIES
ES.
United States and State of New York
Estimated
Losses
and Losses Unsettled
Bonds
$670,000 00
in process of Adjustment
Examined, Managed, Appraised
New York City and New York Trust
$1,806,024 00
Premiums on Unterminate Risks
Companies and Bank Stocks
654,783 213 Drexel Bldg.
PHILADELPHIA
1.783 700 00 Certificates of Profits andd Interest
UnStocks and Bonds of Railroads
264,136 25
2,737 412 00
paid
Other Securities
282,520 00 Return Premiums Unpaid
Special Deposits in Banks and Trust
108,786
90
Reserve for Taxes
Companies
28,905 88
1,000.000 00 Re-insurance Premiums
Real Estate cor. Wall and William Streets
221,485 06
not Settled, including Compen1914 ISSUE
and Exchange Place, containing offices 4,299,426 04 Claims
sation,
etc
Real Estate on Staten Island (held under
70,799 43
Certificates of Profits Ordered Redeemed,
provisions of Chapter 481,Laws of 1887)
Withheld for Unpaid
75.000 01)
Premium Notes
22,556 09
475.727 45 Certificates -'Profits Premiums
Outstanding
B us Receivable
7,240,320 00
605,891 79
CAth in hands of European Bankers to
pay losses under policies payable in
320 PAGES
foreign countries
177,881 39
Cash in Bank
636,465 49
ISSUED ANNUALLY BY THE
Temporary Investments (payable January and February, 1914)
505.000 00
Loan.:
10,000 00
-----I13,259,024 18
8107/17,797-87
TERMS.
Thus leaving a balance of
---------------------------------------------------------------Accrued Interest on the 81st
$`1 841 227 29 Price of the Review, bound
day of December, 1913, amounted to
In cloth---32.311
Rents due and accrued on the 31st day of December, 1913,
'251,650
28
amounted to
Re-insurance due or accrued, in companies
28,378 29
authorized in New York. on the 31st day of December,
1,913, amounted to
Unexpired re-insurance premiums on the 31st day of December,
can
Parties desiring ten or
166.&30 00
Note: The Insurance Department has estimated the value of 1913, amounted to
55,903 22
I have their names stamped on the covers,
William Streets and Exchange Place in excess of the the Real Estate corner Wall and
And toe property at Staten Island in excess of the BookBook Value given above, at
450,573 98
Value. at
!I'm) Market Value of Stocks, Bonds ane. other Securities on the
63,700 00 I in gilt, at reduced prices.
31st day of December, 1913, exceeded the Compady's valuation by
1,268,075 10
tt the basis of theft increased valuation,
'the bah nee would be
$4,926,338 09
138 Front Street. New \ orL.
HUMPHREYS& MILLER,Inc.
Power—Light—Gas
Unfn Crtgineers
H. M. CHANCE Be., CO.
THE FINANCIAL REVIEW
Commercial &
Financial Chronicle
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