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Bank & Quotation Section
Railway Earnings Section
INCLUDING
Railway Sc Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, MAY 30 1914.
VOL. 98
Win Tixtanicte.
PUBLISHED WEEKLY.
Terms af Subscription-Payable In Advance
NO. 2553
Week ending May 22.
Clearings at-
1914.
1913.
Inc. or
Dec.
3
$
%
1912.
3
1911.
$
Chicago
309,949,523 296,125,099 +4.7 291,863,082 255,204,412
Cincinnati
27,418,000 24,350,750 +12.6 26,101,450 22,141,450
Cleveland
21,753,989 23,770,641 -8.5 20,402,001
17,823,283
Detroit
27,972,623 26,286,256 4-6.4 22,237,575
17,540,363
Milwaukee
14,653,981
13,812,199 +6.1
11,408,826
12,013,847
_
Indianapolis
7,756,306
7,915,708 -2.0
7,447,523
7,557,119
Columbus
6,200,000
5,725,000 +8.3
5,577,600
5,045,800
Toledo
6,002,248
4,546,871
5,245,728 +14.4
4,239,260
3,451,520
Peoria
3,318,874 +4.0
2,516,452
2,900,000
Grand Rapids__ 3.425,504 -2.9
3,327,448
2,479,417
3.141,171
1,303,013 -10.1
1,171,955
Evansville
987,952
1,099,587
2,230,828 -4.5
2,129,416
Dayton
2,044,402
2,220,198
593,063
773,078 -23.3
723,502
Kalamazoo
740,147
1,049,347 +4.7
1,098,173
816,004
1,046,514
Springfield, Ill_ _
Terms of Advertising-Per Inch Space
1,235,002 +1.4
1,252,425
984,644
1,011,561
Fort Wayne_ _ _
1,444,811 -3.8
1,390,132
810,941
1,296,857
$4 20 Youngstown _
Transient matter per inch space(14 agate Lnes)
1,193,881 -27.2
794,838
868,484
886,131
22 00 Rockford
(8 times)
Two Mouths
2,342,000 -7.9
1,219.000
2,157,000
2,517,000
29 00 Akron
Months (13 times)
Three
Standing Business Cards
652,534 -3.7
745,641
628,852
748,709
(26 times)
60 00 Lexington
Six Months
679,166 -15.2
643.629
576,048
504,987
Twelve Months(52 times)
87 00 South Bend
542,195
594,441
726,666 +6.5
773,963
Quincy
CHICAGO 0171011-Geo.M.Shepherd,513 Monadnock Ble TeLHarrison 4011 Canton
920.196
1,319,943 +9.4
1,209,411
1,443,551
C.
E.
Drapers'
1
Gardens,
Smith,
c11,
-Edwards
LONDON OPTICS
565,413
459,870
631,844 -13.0
559,482
Bloomington_ _ _ _
462,372
490,063
658,871 -2.1
644,980
Springfield, 0_ _
WILLIAM B. DANA COMPANY, Publishers,
457,274
602,162
543,577 -3.4
525,000
Jackson
New
York.
P.O.Box 958. Front, Pine and Depeyster ISM,
353,846
416,603
432,099 +5.7
Decatur
456,870
378,704
403,917
472,449 +16.5
550,378
Mansfield
376,191
353,926
423,903 +6.2
450,000
Published every Saturday morning by WILLIAM B. DANA COMPANY, Danville
239,027
263,685
294,925 -31.1
203,498
Jacob Seibert Jr., President and Treas.; George B. Dana and Arnold G. Dana, Jacksonville, Ill_
350,360
326,051
506,013 -15.8
428,398
Vice-Presidents: Arnold G. Dana, Sec. Addresses of all. Office of the Company. Lima
335,638
320,341
349,052 +1.0
352,663
Owensboro
161,814
162,622
206,314
181,983 +13.4
Ann Arbor
62,720
76,614 -23.4
58,703
34,151
Adrian
CLEARING-HOUSE RETURNS.
380,000
504,488
486,675
-3.5
446,997
Lansing
The following table, made up by telegraph, &c., indicates that the total
447,489,661 430,001,936 +4.1 414,161,445 362,524,386
Tot. Mid.Wea
bank clearings of all the clearing houses of the United States for the week
ending to-day have been $2,478,382,138, against $3,099,662,818 last week San Francisco_ _ _
47,149,019 45,686,638 +3.2 45,133,494 40,772,319
16,593,547
and $2,656,209,879 the corresponding week last year.
23,390,704 23,764,863 -1.6 20,775,147
Los Angeles
10,346,926
11,909,291
11,333,840
12,628,079 -5.7
Seattle
8,786,127
10,000,000
9,831,307
11,091,731 -9.9
Portland
Per
Clearings-Returns by Telegraph.
5,597,932
-0.2
6,327,584
6,155,207
6,141,565
City
Lake
Salt
30.
1911.
Cent.
1913.
May
Week ending
3,871,889.
-0.7
3,865,589
4,146,855
3,834,456
Spokane
2,977,354
3,004,933
2,697,625 -19.4
2,175,655
31,325,393,007 $1,133,262,332 +16.9 Tacoma
New York
2,792,775
-2.3
3,253,364
3,326,583
3,248,712
Oakland
82,968,640 +38.1
114,566,486
Boston
1,540,000
2,270,757
2,736,436 -24.1
2,075,000
101,467,219 +30.6 San Diego
132,5117,777
Philadelphia
1,203,288
1,448,423
1,817,788 +4.5
1,898,810
21,649,764 +30.0 Sacramento
28,152,823
Baltimore
797,402
898,232
+7.7
923,575
994,887
Pasadena
+22.7
197,878,454
242,818,170
Chicago
540,000
1,100,000 -20.4
975,038
875,162
.
51,069,242 +23.2 Fresno
62,914,317
St. Louie
447,148
555;499
+8.1
569,994
San
Jose
616,747
+33.1
12,526,374
16,677,723
Orleans
New
624,996
799,121
822,479 -5.6
776,302
Stockton
396,126
400,895
361,679 -16.7
301,271
$1,923,030,303 $1,600,822,025 +20.1 North Yakima_ _
Seven cities, 5 days
200.000
289,736
-7.3
285,313
Reno
264,477
+19.9
450,097,684
539,842,918
Other cities, 5 days
584,269 Not Incl. In total.
Long Beach
115,652,058 117,839,579 -1.9 111,443,815 97,507,825
Total Pacific
$2,462,873,221 32,050,919,709 +20.0
Total all cities, 5 days
605,290,170 -97.4 Kansas City__
15,508,917
All cities, 1 day
51,075,122 60,019,334 +2.1 48,291,312 43.137.41.0
16,892,348 16,634,146
22,145,628
19,243,970 +15.1
Minneapolis _ _
--6.7 Omaha
Total all cities for week
$2,478,382,138 $2,656,209,879
14,967,518
14,984,469
16,043,627 -7.6 15,634,370
9,511,287
11,871,401
9,583,264
9,870,456
+23.9
Paul
St.
given
be
next
will
covered
by
week
above
the
the
for
The full details
8,165,527
8,220,584
9,295,685 -4.4
8,887,691
Saturday. We cannot furnish them to-day,clearings being made up by the Denver
6,400,871
6,589,259
6,825,582 -3.5
6,884,153
clearing houses at noon on Saturday, and hence in the above the last day St. Joseph
3,803,753
4,541,240 +12.8
5,123,468
4,054,757
of the week has to be in all cases estimated, as we go to press Friday night. Des Moines
9 1117 MR
36111 002
3_773.075 -3_2
a 554_912
We present below detailed figures for the week ending with Saturday
2,849,168
2,2513,659
3,053,923
Sioux City
noon, May 23, for four years:
3,098,822
3,348,710 --11.6
3,430,357
2,961,888
Wichita
1,712,460 +14.1
1,519,960 • 1,520,826
1,953,320
Lincoln
Week ending May 23.
1,271,025
1,391,689
1,393,157 ---6.4
1,304,376
Davenport
1,476,672
1,395,346
1,671,877 ---3.2
Clearings at1,617,729
Topeka
Inc. or
1,099,472
1,394,273
1,431,512 +34.4
1,923,540
Cedar Rapids_ _
1911.
1913.
Dec.
1912.
1914.
684,384
302,965
457,058 +131.6
1,058,201
Fargo
542,549
500,066
588,440 ---3.1
570,125
Colorado Springs
669,326
3
609,567
706,105 --5.1
668,125
Pueblo
1,711,666,497 1,755,582,125 -2.5 1,844,285,664 1,710,221,471 Fremont
304,590
321,610
259,125 +38.0
New York
357,573
154,628,193 153,701,827 +0.6 140,106,640 139,184,521 Waterloo
1,251,440
1,300,543
Philadelphia _
1,599,870 -8.4
1,465,990
50,380,152
54,328,006 60,697,074 -10.5 59,479,043
797,377
721,448
Pittsburgh
1,055,327 -3.3
1,020,329
Helena
34,785,160 +2.7 34,622,326 31,310,352 Aberdeen
36,727,391
355,693
284,493
351,792 +10.9
Baltimore
390,000
11,838,635 -2.2
8,868,600 Billings
11,572,401
11,081,224
92,988
257,231
Buffalo
369,109 +2.3
377,723
8,175,954 -5.9
7,288,298 Hastings
7,599,238
7,695,600
185,854
199,034
Washington
185,000 +2.7
190,000
7,231,305 -12.1
6,674,775
8,220.042
6,353,931
Albany
Total oth.West 143,244,792 137,499,428 +4.2 129,309,351 120,57.1,429
3,921,114
3,379,768
4,697,793 +1.8
4,781,791
Rochester
2,443,413
2,812,170 +21.3
2,208,464
3,411,798
Scranton
74,796,066 77,948,020 -2.8 77,924,854 66,533,745
3,042,711 +14.4
2,166,653 • 2,371,545 St. Louis
3,480,632
Syracuse
17,378,448 23,122,265
15,918,408 +9.5
17,430,007
New Orleans_ _ _ _
1,530,614 Louisville
1,806,048
1,901,499 -2.7
1,850,625
Reading
12,066,636
15,424,664
12,369,881 +2.1
12,633,250
1,285,709
1,444,046 Houston
1,695,725 +10.6
1,875,286
Wilmington
8,109,099 -2.3
7,925,296
1,322,844
1,346,787 Galveston
2,831,800
Wilkes-Barre
1,749,054 +61.0
6,244,500
8,200,000
+9.7
8,200,600
9,000,000
1,893,196
+12.6
2,000,273
2,282,926
Wheeling
2,029,859
7,153,129
7,323,497
7,502,991 -2.8
7,289,023
1,365,895 Richmond
1,726,412
1,846,988
Trenton
1,635,467 +5.6
9,400,667
10,434,748 +29.6 10,589,214
13,526,722
812,159 Atlanta
930,306
963,187
York
890,912 +4.4
5,520,632
6,795,663
-0.6
6,509,072
6,368,581
Memphis
940,284
1,503,035
1,354,068
Lancaster
1,431,185 +5.0
5,023,524
5,922,711
7,029,826 +2.9
7,230,406
911,471
779,425 Fort Worth
998,782
22.6
Erie
1,290,993
3,518,438
5,251,949
6,192,036 +2.3
6,336,482
674,400
_
Binghamton
608,100
482,200 Nashville
700,600 -3.7
3,691,879
4,526,393
+25.5
3,135,376
3,935,615
Savannah
609,380
Greensbarg
573,753
1.1
469,992 Norfolk
618,459
2,919,664
3,130,656
+4.2
3,971,771
4,139,773
733,415
531,597
513,639
Chester
769,008 -4.0
2,369,972
2,827,047
3,259,698 -8.0
3,000,000
607,089
559,138
462,678 Birmingham _ _ __
596,749 +1.7
Altoona
2,725,197
3,200,000
3,441,417
+0.7
3,466,959
Jacksonville
425,934
416,563 +2.2
Montclair
1,705,640
1,998,968
2,395,873 +3.0
2,465,776
Chattanooga_ _ _ _
1,556,510
2,012,274
1,566,920 +29.5
2,029,292
Total Middle_ 2,010,600,508 2,058,238,827 -2.3 2,125,022,486 1,974,164,800 Knoxville
1,807,576
1,997,524
1,534,816 +6.9
1,640,576
Augusta
1,562,986
1,710,725
+13.0
1,789,398
2,021,703
153,800,974 139,005,213 +10.6 154,346,845 145,275,081 Little Rock
Boston
1,438,286
1,639,542
1,588,347
+8.8
1,728,612
Charleston
7,401,100
7,331,800
7,065,500
7,639,600
+0.3
Providence
1,142,792
1,341,515
1,500,000
-20.9
1,186,092
Mobile
4,792,655
4,195,110 +14.2
4,097,816
3,810,047
Hartford
1,850,000
1,492,012
1,657,484 +55.1
2,570,906
3,425,648
2,823,421 +21.3
2,613,991 Oklahoma
2,806,122
New Haven
2,449,255
3,084,570
+20.9
2,705,427
3,271,469
Macon
2,702,619
2,632,255
2,185,915
2,168,533
+2.7
Springfield
4,255,680
1,459,817
1,482,508
+114.6
3,181,432i
Austin
1,885,508 +11.6
2,104,218
1,842,448
1,723,476
Portland
177,031
201,061
219,908 ---8.9
200,400,
2,639,189 +21.1
3,232,223
2,355,134
2,123,268 Vicksburg
Worce;ter
326,985
313,147
312,038 +36.9
427,028,
1,033,136 +31.8
1,332,430
1,037,621 Jackson
1,120,083
Fall River
669,661
691,131
+60.1
1,054,465
1,688,252
Tulsa
998,193 +13.8
864,268
846,841
1,136,878
New Bedford_ _
824,682
687,288
712,397 +16.0
826,2731
501,771 +52.5
511,143 Muskogee
766,207
581,626
Lowell
287,000
332,003
333,929 -2.7
324,864,
631,372 +37.6
536,690 Meredian
646,666
868,817
Holyoke
166,344,282
461,515 -4.0
Total Southern 200,639,9551 192,806,609 +4.1 187,436 673
477.593
443,040
446,050
Bangor
3,099,662,818 3,100 624,606 -0.03 3,146,321,539 2,888,350,815
Total all
Tot. New Eng. 182.035.814 164.218.4831 +10.3 178.897.76O 168,224,593
. 1,302,035,975 1.178,128,844
Outside N. Y___ 1,388,0967321 1,345,042,481 +372
gote.--For Canadian clearings see "Commercial and Miscellaneous News::
oo
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Subscription includes following SupplementsBANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(3 times yearly)
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RAILWAY EARNINGS(monthly)
STATE AND CITY(semi-annually) BANKERs'CONVENTION (yearly)
1640
THE CHRONICLE
STATE AND CITY SECTION.
With to-day's issue of the "Chronicle" we send to
our subscribers a new number of our "State and City
Section" revised to date.
In the editorial columns of the publication will be
found a very elaborate analysis of the municipal bond
sales in the United States for the calendar year 1913,
which were the largest ever recorded.
THE FINANCIAL SITUATION.
The statement which J. P. Morgan gave out this
week bearing on the course of Charles S. Mellen,
former President of the New York New Haven &
Hartford RR., in his testimony before the InterState Commerce Commission last week, in seeking to
shoulder responsibility upon Mr. Morgan's father,
for certain very reprehensible transactions which
occurred during Mr. Mellen's administration of the
road, is just what would have been expected under
the circumstances. Mr. Mellen, in his testimony,
sought to have it appear that he was left in ignorance
as to the nature and details of certain important financial operations, but carried them through,nevertheless, because he stood in awe of the late J. P.
Morgan's dominant personality. The younger Mr.
Morgan returned on Monday from a yachting trip
on which he had started before Mr. Mellen had
begun his testimony before the Inter-State Commerce Commission, and lost no time in replying to
the insinuations and intimations concerning his
father contained in the Mellen testimony.
In the first place, the younger Mr. Morgan does
just what his father was wont to do, and for which
the Morgan house has become famous all over the
world. He courts the fullest publicity. He says:
"The records of my firm and the personal records
of my father are still intact; they are available and
ready for production before any proper tribunal at
any time." The Inter-State Commerce Commission
having availed of the offer, its counsel, ex-Governor
Joseph W.Folk of Missouri,together with a force of
accountants, has already started work on these books
and papers. Mr. Morgan also points out that it
was not the custom of his father to practice concealment, that for the later years of his father's life his
father spent a large part of his time abroad,and that,
as he wasintimately connected during this whole period
with many different affairs, it would have been impossible for him to interfere actively in the management of the New Haven road, even if he had
so desired. Then Mr. Morgan pleads—again revealing the Morgan habit in manifesting deep concern for the welfare of the enterprises with which
the Morgan name has become identified—for aid
and support for the new chief executive of the New
Haven road, Howard Elliott, who obviously has a
difficult and trying task to perform. Mr. Morgan's
plea is couched in the following words: "Meanwhile,
the honest and capable man now managing the railroad should have the active co-operation, not only of
all shareholders, but of all public bodies as well, to
the end that this great property may be restored to
the position to which it is entitled." We should
not deem it worth while to refer to this allusion to
the property itself except that it shows so plainly
that,engrossed though the younger Mr.Morgan must
have been in the thought of protecting his father's
memory,he did not even then lose sight of what was
demanded in the interest of the property itself.
[VOL. xcviii.
Finally,he gives expression to a sentiment which will
be re-echoed all over the country. He insists upon
a full and complete investigation of New Haven
matters. "In the present state of New Haven affairs, the shareholders are entitled to have made
public every obtainable bit of evidence bearing, not
on one side, but on all sides of the question."
So many irregularities in the conduct of the property are revealed in the Mellen testimony, and so
many more irregularities are hinted at, that nothing
but an absolutely complete and thorough-going examination of the company's history during the last
ten years will satisfy public demands. In the meantime, it is pertinent to observe that Mr. Mellen's
testimony is in many respects not only inherently
improbable and highly incredible, but it really embodies a maze of contradictions. Take,for example,
the statement made in his testimony of Friday of
last week,that, in connection with the Grand Trunk
negotiations, he had shielded Mr. Morgan to spare the
latter, in his declining years,from troubles—that he,
Mellen, "took the indictment that belonged to him,
Mr. Morgan." This allegation has been printed in
flaming headlines in the newspapers all over the land,
and treated as if it were beyond dispute and completely absolved Mr.Mellen. Yet,though he talked
in voluble fashion, he adduced no evidence in support
of the assertion beyond making it appear that Mr
Morgan upbraided the Grand Trunk people for not
having kept faith, many, many years ago, by turning over the New London & Northern to the New
Haven road. Following this, we are told, Mr. Morgan retired and left Mr. Mellen to continue the conference with the Grand Trunk representatives.
Pray, what is there in this mere act on which to base
an indictment? In a letter which Mr. Mellen wrote
at the time (under date of Dec. 6 1912) to Henry A.
Wise, U. S. District Attorney for the Southern District of New York, Mr. Mellen stated that all the negotiations between the two companies had been conducted on the part of the New Haven RR. by himself. This he now repudiates, saying he wrote the
letter solely for the purpose of shielding Mr. Morgan.
The declaration in the letter bears much the greater
probability of being true, and, moreover, is supported
by the Mellen testimony of last Friday. Here is his
testimony, as published in the New York "Times"
Saturday morning, May 23:
Q. Did Mr. Morgan have anything to do with this negotiation for the
exchange of the Ontario & Western with the Grand Trunk? A. He did.
He took a very active part in the negotiations.
Q. What part? Can you tell, if you know? A. I did not know that
Mr. Morgan knew there was a negotiation on until he came into my office
when I had an appointment with Mr. Smithers and Mr. Chamberlin,
and he told them what he thought they ought to do in order to have peace
between the Now Haven and the Grand Trunk interests. He told of previous negotiations which he said extended over a period of twenty years;
that was he term he used. I suppose it was a general term, and that he
had bought a steamship line of them on the understanding he was to have
New London Northern for the New Haven road, and that they never had
carried out their agreement. This negotiation he said was with Mr.
Smithers predecessor, Sir Charles Rivers Wilson. He thought it was a
great mistake they had not kept faith with him, and he was quite emphatic, as he was, you know, once in a very great while—he was quite emphatic in thinking they had not done as they should do; had not kept faith
with him. And he told them that they should give up the New London
Northern road, he did not care for anything further. and that that would
be the only thing, in his judgment, that would ever result in permanent
peace between the two properties. Then he retired from the room. I
think Mr. E. C. Smith was present during part of that interview. Mr.
Morgan retired and left Mr. Chamberlin and Mr. Smithers and myself
to continue the conference. I told Mr. Chamberlin and Mr. Smithers
that we would continue the conference on the basis that they should give
no further attention to the question of surrendering the New London
Northern road; that they might do as they pleased with it; I did not care.
The worst punishment I wished to see inflicted upon them was the completion of their line into Providence. If they felt that there was enough
in the situation to warrant making a traffic agreement with us for the interchange of business for the joint use of the lines along ths Connecticut River
between Windsor and White River Junction and between Windsor and
Brattleboro—and we had nearly completed our own line between Brattleboro and South Vernon—I was glad to do it. I was asked to put my views
in the form of a proposition or contract. which I did: it was submitted to
M A I.
30 1914.]
THE CHRONICLE
them, and within a week the Grand Jury proceedings commenced in New
York and I was indicted.
1641
in directing the policy of' the company in that respect and that the work was his, not that of the
directors. It is of course perfectly legitimate for a
railroad to undertake to enlighten the public and to
aid in the dissemination of facts and figures and of
informing data of every description, including information regarding the resources of the territory,
character of soil and industries, &c., &c. This is
in the interest of both the public and the road and
no one is so well situated to supply the information
as the company itself. But that is quite different
from taking part in drawing up and circulating
bogus petitions to influence the Legislature of a
State or petitions that do not actually represent the
sentiment which they profess to express. This is
not publicity at all, but a complete perversion of its
uses and of the laudable purposes it may be made to
serve when rightly employed.
It appears that the New Haven road wanted
legislative authority for some scheme of development
in Western Massachusetts which the Massachusetts
Legislature was unwilling to grant. Accordingly,
some one was engaged to draw up the following literary production of high excellence and intended
to make a feeling appeal to the stony hearts of the
law-makers. It was called "A Prayer from the
Hills."
Observe that Mr. Mellen says that "Mr. Morgan
retired and left Mr. Chamberlin and Mr. Smithers
and myself to continue the conference." What happened when Mr. Morgan retired? "I told Mr.
Chamberlin and Mr. Smithers that we would
continue the conference on the basis that they should
give no further attention to the question of surrendering the New London Northern Road; that they
might do as they pleased with it; I did not care."
What does this show as to who was in charge of the
negotiations? It shows just what Mr. Mellen said
in his letter to the District-Attorney, namely that
he, Mr. Mellen, was in charge. Note that Mr.
Mellen advised the Grand Trunk representatives to
ignore Mr. Morgan's suggestions entirely, and to
continue the discussion on the basis of the negotiations
which Mr. Mellen was conducting.
How strangely this contrasts with the Mellen testimony only a few days before with reference to the
acquisition of the New York Westchester & Boston,
where he hinted at underhand methods and political
crookedness, and yet did nothing to interfere with
the same because Mr. Morgan had not acquainted
him (so Mr.Mellen's story ran) with any particulars,
and Mellen stood so in awe of Morgan that he did
not dare ask. It seems from Mr. Mellen's testimony
A PRAYER FROM THE HILLS.
Hill Towns of Massachusetts to their sisters, the cities: I will lift
regarding the Grand Trunk transaction that when it upThe
mine eyes to the hills from whence cometh my help.
suited his purpose he was not awed and cowed by Good reason have you of the cities to remember these words. Not in
vain have you lifted your eyes to our heights. To you of the valleys, of
Mr. Morgan after all—was quite willing to ignore the plains, of the coast, our help has gone steadily forth; our best young
manhood has kept you whole; our blood, our character has made New
him. Yet he would have us believe that he "took England.
We take pride in you, ye teeming cities all.
the indictment that should have gone to Mr. Mor- Often have you sought our assent to costly promotions for your advancement; time after time have you had our support. But we have sacrificed
gan."
much; our population has dwindled, our herds have diminished, the woods
have grown at our cost; we have bowed to our fate. Our youth have
On the subject of the New York Westchester & forsaken the homesteads; our olders are gray and disheartened. We now
Boston purchase, the New York "Tribune" on in turn make our appeal for help. The boon we crave, though great for
us, is slight enough for you to grant. Opportunity, long a stranger here,
Wednesday of this week printed a dispatch from now
knocks at our doors, leading prosperity back to these hills. We
leave to bid her enter.
Washington indicating that Mr. Mellen must have only ask yourmodern
transit lays its course, there dawns the age of a golden
Wherever
had amazing lapses of memory when testifying about New England; cultivation thrives; new orchards are planted; industries
develop, sumlner guests arrive; gladness rejoices the land. To make
the transaction. The dispatch says that "if the these benefits our own we ask not that the public purse be opened and
minutes of the special committee which are in the millions poured for our advantage. We only pray that others be allowed
to help us; that you do not bar our gates against their coming; that helping
possession of the Inter-State Commerce Commission hands reached out to serve us be not stayed; that they, with faith in us
and in the potent promise of our Massachusetts hills, be not rebuffed—
are correct, Mr. Mellen, who professed to have taken they
who would back their faith with works.
his orders from the late J. P. Morgan without And well we know what a refusal means; that you would thrust us back
again unhoping, down to the slough of despond, there to decline and
knowing what the transaction was about, was as vanish from the land where once we counted
with the foremost there.
familiar with the details of the expenditure of the
When cross-examined as to the origin and signifimoney as any other member of the special com- cance of this "Prayer," Mr. Mellen testified as folmittee." The minutes of the special committee, it is lows. We quote from the report as printed in the
stated, tell the story of the Westchester transaction New York "Times":
Mr. Mellen: "Is that the prayer?"
from the time it was first presented to the board of Gov.
Polk: "That is the prayer."
directors of the road by Mr. Mellen, on Sept. 22 Mr. Mellen: "I do not see how anybody voted against us. It affects me
even now."
1906, up to and including the report of the special Q. How much did you pay for the prayer? A. I do not know. We:did
what it was worth,I am satisfied. [Laughter.]
committee, after it had completed its work, on • notQ.pay
You saw that prayer before it was published, did you not? A. I
hope
so.
Nov. 9 1909. It is added that these minutes "show
Q. It was submitted to you? A. I have no doubt. Most all prayers
that on more than one occasion Mellen had actually came to me.
Q. Did you write it? A. No;I may have made a suggestion or two.
paid out money from the New Haven treasury in this Q.
You hired Sylvester Baxter to write it? A. Purely from lack of
transaction without even obtaining the consent of the time, not from lack of disposition.
Q. You paid him? A. Undoubtedly.
special committee, although his action was afterward Q.
Four hundred dollars for this prayer? A. Did I?
Three hundred and eighty-four dollars? A. It is worthlit.
Q.
approved by them."
Purporting to come
The most disheartening thing about the Mellen
testimony is that it shows such a low code of ethics
that one is inclined to believe that he was capable
of almost anything and that the merit or demerit
of a proposition, or the right and wrong of it, did not
enter into the consideration at all. His testimony
as to the publicity campaign in which he engaged on
behalf of the New Haven road is of a most amazing
character and deserves very severe characterization.
Here there is no question that he wasthe active agent
Q.
from the honest yeomanry of the hills, but really
coming from the New Haven Railroad? A. We helpedIthe yeomanry in
their daily vocations. We were there to help them in everyiway we could.
Why is it not proper for a railroad corporation to help a man pray?
Q. What effect would it have had if it had stated on its face:that it
came from the New Haven Railroad? A. It would havelgiven us a
Character for literary talent we perhaps did not deserve.
Q. It would not have brought about this popular uprising, wouldTit?
A. I think it would have added strength to it.
Q. Why did you not say that the New Haven Road backedithe prayer?
A. Backed the prayer? It would have been rather implous!to have done
that.
Q. Then these Hill Town associations of the honest citizenship of the
hills was financed by the New Haven Railroad to bring aboutr,thienprising,
too, were they not? A. I think I testified yesterday or the daylbefore
that we paid a deficit in the Hill Town Association.
I do not %recall.
Q. Of about $4,000? A. No; I think about all the sum they had was
think
we
paid
the
deficit. They spent morejmoney. Their
$4,000, and I
enthusiasm got the better of their judgment, and we helpedithem out.
1642
THE CHRONICLE
The chief counsel, still interested in this matter of the creation of public
sentiment, wanted to know whether the services of a Harvard professor of
law and of public service corporations were not enlisted to aid in fostering it.
"We employed Professor Wyman," said Mr. Mellen. "Is that what
you refer to?"
"Yes, he was rofessor of law and of public utility corporations at that
time at Harvard'.
Mr. Mellen admitted that he was and also that he paid him $10,000 a
year.
Q.—And his brother was also employed at $25 a day? A.—I did not
know that until I read it in the testimony in this proceeding.
Q.—You employed Prof. Wyman youself, did you not? A.—I suppose
I did.
Q.—And his father was put on the payroll at $50 a day? A.—Regarding
that I have no knowledge except what has come to me here.
Q.—Prof. Wyman was to go around and encourage this popular uprising,
was he not? A.—Well, all fire needs fanning once in a while.
A.—I authorQ.—Mr. Wardell—who was he? Did you employ him?
ized the employment. I practically directed the employment. if I remember correctly.
Q.—You paid him how much? A.—I think it was $20,000.
Q.—The vouchers do not show what services he performed? A.—He
performed good services.
LtQ.—He helped fan this fire? A.—I have no doubt. I never asked him.
Q.—He tried no cases? A.—I do not think so.
It will be observed that Mr. Mellen accepts full responsibility for the performance and thinks it a
creditable instead of a highly discreditable piece of
business. He speaks of it in the most jaunty and
flippant way, evidently believing that there is
nothing in it for which he can be brought to book.
But what weight is to be attached to the utterances
of a man so utterly devoid of all sense of right and
wrong, when, apparently to save himself, he seeks
to fasten responsibility for his acts upon others,
especially the dead.
Commerce Commission in its antagonism to the carriers. Propositions for a trade or industrial commission, for legislation exempting labor unions and farmers' organizations from the operation of the AntiTrust Law, and for restricting the issuance of injunctions with the same object in view, all date back
to the time of the Roosevelt Administration.
The only difference between the Bryan-Wilson
radical policies and the Roosevelt radical policies
is that Mr. Roosevelt would go much further in the
direction of Government regulation of all business
activities. He wants to be the Czar omnipotent
with everybody and everything in subjection to
him. In some testimony he gave this week in a suit
brought by A. D. Wales against the United Mine
Workers of America,he demonstrated anew what an
exceedingly dangerous man he is. The suit dealt
with the period of the anthracite miners' strike of
1902, and he testified that had no settlement been
reached,he had planned to put a Federal army in the
coal fields and give all the orders himself ignoring
even the courts. It is well to place this testimony
on record. We quote it herewith, taken from the report of the hearing as printed in the "Evening Sun"
of this city on Wednesday of this week.
It is rather significant that men of the Mellen
calibre are always advocates of Government ownership and cannot see how full protection for the publie
can be obtained except by the employment of
the strong arm of the Government. The dangers
attending such a course are treated as of no account.
It does not strike such persons that there is a better
and perfectly feasible alternative, namely the rigid
enforcement of the plain every-day principles of the
moral law and the bringing to justice of all offenders
against the same. Another curious thing is that
persons of the Mellen type are always great admirers
of Theodore Roosevelt. Mr. Mellen professes himself such. Mr. Mellen proceeded in a high-handed
fashion with reference to New Haven affairs, and
we presume he is drawn towards Mr. Roosevelt
because the latter in the political world has been
equally partial to high-handed methods.
The matter would be of little consequence except
that Mr. Roosevelt is again coming prominently into
the limelight. He has just returned from a long
sojourn in the jungles of Brazil and is at once plunging
into politics again. He is trying to worm back into
power. There would be slight chance of his succeeding except for the disfavor into which the existing
Democratic Administration has fallen. He will attempt to turn this to his advantage.
It will be a sorry state of things if, two years
hence, the people of this country have to choose between Mr. Roosevelt and Mr. Wilson or Mr. Bryan.
They might in sheer disgust turn to Mr. Roosevelt once more, forgetting that he is the author of all
the radical policies the advocacy or carrying out of
which during the Wilson Administration has proved
so destructive to business interests. With the exception of the tariff, he has been the exponent of the
same radical policies as those to which the present
Administration stands committed. The railroads
to-day would not be in their present unfortunate
plight except for the course pursued towards the railroads by Mr. Roosevelt in 1908, following the panic
o1/1907, and for the way he egged on the Inter-State
[VOL. xcviii.
"I made up my mind that I would have to take
drastic action unless the miners and the operators
got together. I conferred with both sides and found
the attitude of Mr. Mitchell and the miners to be
entirely reasonable, while that of the operators was
entirely unreasonable and offensive. I intended to
send in the United States army and take possession
of the coal fields and only wanted to get the authority.
"I told Senator Quay that I was going to take
drastic action and that the people of the East were
going to get coal, and get it right away. I told him
that I wanted him to arrange with Governor Stone of
Pennsylvania to make a formal request on me for
Federal troops at any time that I might advise him
that I was ready to act. I was to notify him when
to make the demand. I told General Scofield that I
was going to send in only a general who would regard
the situation as one of practical civil war and take
orders only from me as commander-in-chief of the
army. He was not to pay attention to any court
orders or to any other authority than me. General
Scofield agreed to that."
With only politicians of this stripe appealing for
the suffrages of the people, in both parties, is it surprising that business men are discouraged and that
the industrial energies of the country are paralyzed?
That the question of unrestricted immigration is
becoming an increasingly acute one is indicated by
the recent report of a special commission appointed
by the State of Massachusetts to investigate the subject. That report, referring to the rising preponderance of the foreign element in the population
of the State (incidentally mentioning that in one town
of 7,000 inhabitants there are representatives of 21
nationalities speaking as many different languages),
states that at present more than two-thirds of the
people living in the Commonwealth are either foreignborn or of foreign parentage, and that the other
third is striving to bring these under dominant
American influence. This problem is due, it is remarked, in largest measure to the intense industrial
expansion of the past fifteen years.
The report further says: "Attracted by the
seemingly unlimited opportunity to secure employment, a rapidly growing stream of Southern and
Eastern Europeans has been pouring in during recent
MAY 301914.]
THE CHRONICLE
years. Unfamiliar with our language, our laws, our
customs, methods and standards of living, these
newcomers have imposed upon many communities
burdens far beyond their financial strength. The
addition to the public revenues that has accrued
through the tax on the industries, as expanded, has
not been sufficient to meet the cost of the civic burdens which the growth of these industries has entailed. While the Commonwealth has cordially received these natives of every country, it is the right
and the duty of the State to decide as to the terms
upon which they, as well as all others, may dwell
within its borders, and to impose such conditions as
it may deem essential to the public welfare. The
problem of how those who do come may be adjusted
to their new environment, with the least possible loss
of such physical strength and idealism as they
bring, will remain a problem that the State and the
individual communities must solve."
The program for legislation recommended by the
Commission, after reciting the various abuses to
which immigrants are subjected, proposes specific
corrective measures, a generous and wise policy of
education to train them, not only for work but for
intelligent participation in American life, and particularly suggests the creating of a State Board of
Immigration to enforce reform measures.
Details of another steamship catastrophe hardly
less horrifying than the loss of the White Star liner
"Titanic" two years ago are coming to hand as we
go to press. The Canadian Pacific liner, "Empress
of Ireland", carrying 1,437 persons (passengers and
crew), sank in the early morning hours yesterday
in the St.Lawrence River. While anchored to await
the clearing of a heavy fog, the liner was cut wide
open nearly amidships by a freight steamer, the
"Storstad", laden with a full cargo of coal. The
"Empress" was outward bound for Liverpool and
had on board 77 first, 206 second and 504 third-class
passengers. She sank 14 minutes after the collision.
About four hundred survivors were landed at
Rimouski. Of those saved the most numerous were
members of the crew or were third-class passengers.
The insurance at Lloyds on the steamer amounted
to £2,900,000.
Contrary to expectations, the Irish Home Rule
Bill on Monday passed the House of Commons for
the third time without the accompaniment of riot
in any form. As a mere matter of formality the
measure now goes to the Upper House. But under
the Parliamentary Act, having been thrice passed
by the Commons it will become law after receiving
the Royal assent, which will undoubtedly be granted.
The bill passed with a majority of 77 votes, of which
74 were cast by Irish Nationalists. Two Liberal
Members and eight followers of William O'Brien abstained from voting. Thus ends a struggle for an
Irish Parliament that has extended over a period of
twenty-eight years,Prime Minister Gladstone, having
on Jan. 26 1886 introduced his first Home Rule Bill,
which was, however, killed on June 7 of the same year
on its second reading. The bill just passed was introduced on April 11 1912 by Premier Asquith.
The measure was passed by the Commons on Jan. 16
1913 for the first time under the Parliamentary
Act and on Jan. 3 was rejected by the House of
Lords by a vote of 326 to 69. The Lower House
again passed the bill on July 7 1913 and one week later
1643
the House of Lords once more rejected it by a vote
of 302 to 64.
So far as Ulster is concerned the struggle of course
is not yet over. A strong suggestion is contained
in the sudden calming down of the Opposition on
Monday that a secret understanding has been
reached regarding the form of exclusion of the Ulster
counties from the operation of the new law. The
Opposition refused to discuss what Bonar Law, the
leader of the Unionists, called a "farce" and in the
Chamber itself the result of the vote was received
with a strained calm. There was some cheering
but no great demonstration. The Speaker,the Right
Honorable James Lowther, after making a full explanation and a dignified apology to Bonar Law for
his action of Thursday of last week, asking the latter
if he were responsible for the disturbance caused by
some of the extremest Unionist members, appealed
to Premier Asquith for some enlightenment in regard
to the amending bill. The Premier replied that if,
during the Whitsuntide recess, an arrangement can
be made, it will be embodied in the amending bill;
otherwise his original offer of six years' exclusion of
Ulster from the provisions of the Home Rule Bill
will be repeated. He said that he believed new suggestions would probably be made to the Government
by the supporters and opponents of the bill, and that
the Government would try to arbitrate the matter
in such a way that the amending bill would incorporate features acceptable to both sides. If no
new suggestions were received of a satisfactory character the substance of the proposal he outlined on
March 9 to the House of Commons would be incorporated in the amending bill. These proposals
were that before the bill becomes operative a poll
should be taken of the parliamentary electors of each
county of Ulster. If the majority of the electors
of any county voted in favor of excluding their
county, then that county shall be excluded auto
matically.from the provisions of the bill for six years
from the time the first Irish Parliament meets, when
another poll will be taken. Bonar Law caused surprise when he demanded an immediate third reading
and a division on the bill. "We are all acting in a
contemptible farce," he said; "ring down the curtain
immediately; its only the end of the act and not the
end of the play. The Government can carry the
bill through Parliament, but the last act of the
drama will be held in the country, where an appeal
to the people will bring results." The official
vote was 351 to 271.
Notwithstanding the representations that have
been made to the British Government by a large
delegation of the House of Commons, Premier
Asquith announced in the House on Monday that
the British Government would adhere to its decision
not to participate in the Panama-Pacific Exhibition
in San Francisco. It is probable that an unofficial
British exhibit, and possibly a similar one from
Germany, will be installed at San Francisco. The
final refusal of the British Cabinet is contrary to the
hopes held out by Premier Asquith to a deputation
representing more than half the members of the
Lower House which he received on May 5. At that
time he said that the Government would take the
question under further consideration. Premier Asquith, in informing the House of Commons of the
Government's decision, showed anxiety to prevent
the final action being interpreted as an indication
of unfriendliness toward the Exposition. He laid
1644
THE CHRONICLE
[VOL. xcviii.
stress orithe7acceptance by the British Government evident that the provisional government will reof the invitation sent bylthe United States Govern- semble in its main features the recent Philippine's
ment to participate in the opening of the Panama commission. A representative of the ConstitutionCanal and also onr,Great Britain's:intention of sending alists, Juan F. Urquidi, has reached Niagara Falls.
a contingent of warships, "showing the importance He is tilt bearer of a communication from Gen. Carto be attached to the occasion and to the good-will of ranza. The Constitutionalists will, it is reported,
the United States." It is understood that efforts object to the commission form of government directly
will now be made to attract independent British recognizing the Huerta government by the acceptexhibitors. With this end in view, W. A. M. Goode ance of the Dictator's acts as President. They feel
is to be sent by an influential British committee to that a constitutional government concerning the
San Francisco to confer with the Exposition authori- • installation of which they desire to have a voice
should have the unfettered right to pass upon the
ties. He sails to-day on the Aquitania.
acts of the Huertan administration and to adjudge
Prince William of Albania has evidently had the legality of certain of the debts contracted by
enough of his position as ruletiofthat country. Accord- him.
An unpleasant incident of the week has been the
ing to a dispatch to the "Tribuna" of Rome, he has
already signed a treaty of abdication. This report, landing of arms from the Hamburg-American Line
however, has not yet been confirmed. On Saturday steamships the "Ypiranga" and the "Bavaria".
last the Prince, the Princess and their suite took The munitions of war were landed at Puerto Mexico.
refuge aboard the Italian warship Misurata. On The cargo of the "Ypiranga" is reported to have inMonday they returned to the Palace at Durazzo, cluded 20,000 high-power modern rifles, 250 machine
guarded by Italian marines. Musselman hostility guns of French make and 15,000,000 rounds of
to the Christians is increasing and a widespread ammunition. The "Bavaria", it is stated, landed
religious war is feared. The Mpret (which is the 1,800,000 rounds of ammunition, a large number of
Prince's official title) seems to have lost all his au- cases of small arms and 3,300 rolls of barbed wire.
thority and prestige. Press dispatches state thatthere So far as military operations are concerned, the Conwould have been no fighting if conciliatory measures stitutionalists are pushing on to Mexico City. The
had been taken instead of banishing Essad Pasha fall of San Luis Potosi and Zacatecas is reported to be
and irritating the Moslems by sending the Catholic near, as the rebel troops completely surround both
cities. At the former city they have captured the
Malissores to oppose them.
reservoir and cut off the water supply.
Interestiin the Mexican situation has centered on
Accounts cabled from London this week have been
the conferences of the mediators who, at Niagara
reassuring. The sudden passage for the third
more
reFalls, Ont., are apparently achieving practical
sults. Drafts of an agreement have been submitted time in the House of Commons of the Irish Home
both to Washington and to Mexico City. These Rule Bill seemed to remove a source of nervousness
will possibly be changed in important details. It is in the general British financial situation. As we have
indicated, too, that General Carranza may be in- explained in a preceding column, the Government is
duced to enter the negotiations, in which case the not expected to introduce the amending bill in the
prospects of a final agreement that will mean the Upper House for at least a fortnight. Thus ample
pacification of Mexico as a whole may be the for- time exists for the display of calm judgment. The
tunate result accomplished. The main points of improvement at the British centre, however, has
the agreement, as already presented to the two been one of undertone rather than one of activity.
governments, are reported by press correspondents This is not surprising in view of the Whitsuntide
at Niagara Falls to include, first, the resignation of holidays, which begin to-day and will continue
General Huerta, who is to be superseded by a corn- until the opening of the Exchange on Tuesday mornmissionof five men, one of whom will be the direct ing. London correspondents state that the prenominee of the Dictator and be the Provisional Presi- holiday spirit,in fact, was a feature of the week,and
dent. The:other four will act as Cabinet ministers. that the attendance was particularly light.
Early in the week fears were entertained that a
The executive power during the provisional period
of important weak accounts would be denumber
is to rest with these five, the decision of three to
adjust any disputed question. Huerta, according veloped by the fortnightly Stock Exchange settleto present plans, will name his candidate as his ment which began on Tuesday. One particular
Minister of .Foreign Affairs, as under the Mexican source of concern was the news that one of the large
constitution such minister is next in line for the creditors of the speculator whose accounts were
Presidency. On Huerta's resignation the Minister taken over by a salvage syndicate a fortnight ago
of Foreign Affairs may become President and will was himself in a weak condition financially and had
appoint the other four men as his Cabinet. Mean- refused to be bound by the syndicate agreement to
while Huerta is to be permitted to retire with honors withhold his part of the syndicated securities from
the market for a specific period. It was also reand the acts of his government are to be ratified.
With the installation of the provisional government ported by cable that two other important firms
United States troops are to be withdrawn from Vera among the oldest members of the Exchange were in
Cruz. It is rather difficult to reconcile the position difficulties. Happily, however, the settlement passed
of Carranza and Villa with this plan and all will off without open difficulties and at the present writing
probably depend on the representation that will be the situation is believed to have been cleared—peraccorded them on the commission of five. This haps permanently. The results of recent applicacommission will serve until elections have been held tions on the London capital market have not been
under constitutional forms and a permanent Presi- such as to justify additional important offerings.
dent, a permanent Vice-President and members of The New South Wales loan of £3,000,000 in 4 per
Congress have been installed in office. It is thus cents,to which we referred last week,proves to have
MAY 30 1914.]
THE CHRONICLE
met a particularly poor reception. The bonds were
offered at 99 but the public subscriptions amounted
to only 18% of the total, the underwriters themselves
being compelled to assume the remainder.
Money on the London market has continued
at 23/2@234% for day-to-day commitments, and discounts in Lombard Street remain close to the official
Bank figure. It is figured by banking interests in
London, quoting cable accounts, that a substantial
recovery in quotations of investment stocks is due,
owing to the steady decrease that has been in progress
during the last few months. The usual monthly
statistics of the London "Bankers' Magazine," giving
the aggregate value of 387 representative securities
dealt in on the London Stock Exchange, are available
by cable. They show a total value of £3,385,562,000
on May 20, which is a loss from the total of April 20
of £20,629,000, or 0.6%. The April 20 total was
£3,406,191,000, against £3,407,840,000 on March 20
and £3,455,452,000 on Feb. 20. In May, American
securities were the only important division on the
London Stock Exchange to show an advance. This
was 1.6%. South African shares, on the other hand,
decreased 4.8%, British Railways declined 1.7%,
foreign Government stocks were 0.3% and British
and India funds were 0.75% lower. Latest cable
advices from London state that buying has been
renewed of home securities. London & Northwestern, which may be accepted as one of the most
representative of British home investments,closed
last evening at 12934, against 12834 a week ago;
2, against 11334, and
Great Western finished at 1143/
Great Eastern closed at 49, which is % higher
for the week. Japanese 4s are % point higher at
7734. Bulgarian 6s remain at 102 and German
Imperial 3s at 76. Russian 4s are lA point higher
at 873/2 and Servian Unified 4s 1 point higher at 783/2.
Mexican Government 5s are 1 point higher at
85 and Mexican railway ordinary shares are still
further advanced 234 points, to 3434. British Consols
at the close were 74 15-16, against 74 a week ago.
1645
believed, actively continue from New York to the
French centre until very close to the date that the
new French loan is to be offered. As a matter of
fact a very small portion of the exportations of the
metal from New York has been taken by the Bank of
France, the greater part being for private bankers
and some of the large credit associations. The
Moroccan loan which will be offered next Thursday
will, it is reported, carry 4%, and it is understood
will amount to 75,000,000 francs. It will be specifically exempt from present or future taxation.
French Rentes closed at 85.773/2 francs, against
86.75 francs a week ago. Money in Paris finished
2% on Friday of last week. Henri
/
at 2%, against 21
and Robert de Neufville were arrested in Paris on
Wednesday as the sequel to the failure a short time
ago of the Neufville Bank. It is reported that their
liabilities will reach 15,000,000 francs, while assets
are only 3,000,000 francs.
In Berlin the market for securities has been quiet,
and, according to press cables, there are no important
speculative engagements outstanding on either side
of the account. The German steel and iron trade,
as is the case at home here, is in poor condition and
metal shares are under some pressure. The Mellen
disclosures in regard to New Haven's financial development have been taken advantage of by the press
of Berlin to slur American securities. Towards the
close reports that the Kaiser was confined to his
room by a cold was a moderately depressing influence
on the Bourse. Money in Berlin is in abundant
supply. It is quoted by cable at 334@332% for
the settlement, against 2@23/2% a week ago.
No changes havb been reported in the official
European Bank rates this week. Private bank
rates in London closed a shade easier, sixty day bills
being quoted at 2 15-16% and long bills at 2 13-16%.
These figures compare with 2 15-16@3% for short
8@2 15-16% for ninety-day acceptances a
/
and 27
4% still remains the private
week ago. In Paris 23
bank rate, while in Berlin the closing discount quo1
higher for the week at 234%• Vienna
tation is 4%
remains at 3%, Brussels at 334% and Amsterdam at
2 15-16%. The official Bank rates at the leading
foreign centres are: London, 3%; Paris, 33/2%; Berlin, 4%; Vienna, 4% Brussels, 4%, and Amsterdam,
332%.
Paris, like London, has also shown growing confidence. The settlement passed without unfavorable
results and preparations are now in progress among
Paris bankers (quoting one usually responsible cable
correspondent) to "create an atmosphere" that will
assure the success of the new national loans. Still
another shift in the wind so far as the details of these
loans are concerned has taken place this week. It
The Bank of England seems to be making slow
is now suggested that there are to be two loans, including (1) a French national loan and (2) a specific progress in reinforcing its reserves after the recent
Moroccan issue. The national loan—as now re- protracted strain. Threadneed e Street has been the
ported—will not take the form of perpetual Rentes, chief buyer of the new Cape gold for two weeks.
but will be subject to the incone tax and will bear, it Nevertheless, this week's report (which, however,
is expected, 4% interest. Furthermore, it will be does not take into consideration the £1,200,000 gold
issued in two parts, the first consisting of between obtained at Tuesday's offering of South African bars)
700,000,000 and 800,000,000 francs. The loan, it is showed an increase in bullion holdings of the merely
understood, will mature in twenty-five years and nominal sum of £825. The reserve, indeed, regiswill be publicly offered before July 1. The Par- tered a decrease (of £257,000), and the proportion
quet of the Paris Bourse is more active thaa the of reserve to liabilities declined to 42.24% from
Coulisse. Press dispatches assert that a judicial 43.60% the preceding week, and compares with
inquiry is to be begun at once into the "scare cam- 52.04% one year ago. The market was quite a
paign" that was noted last week against the banks. heavy borrower at the Bank, the loans (other securiBank shares seem to have rallied after the concerted ties) showing an increase of £1,570,000, due presumaattack. It is reported that the Bank of France has bly to the month-end window-dressing of the jointeither decided to withdraw or has already withdrawn stock banks. Public deposits were reduced £494,000;
the special facilities that it has been granting for the but ordinary deposits showed an expansion of £1,purpose of encouraging importations of gold. Never- 793,000. The Bank's bullion holdings are now £35,theless, the movement of the precious metal will, it is .947,360. This compares with £37,715,627 in 1913
1646
THE CHRONICLE
and 09,360,791 in 1912. The reserve aggregates
£25,463,000. In 1913 the corresponding total was
£27,896,562 and in 1912 £28,856,131. The loans are
£41,461,000, against £30,688,796 one year ago and
06,485,320 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, £504,000 (of which £204,000 from
South America, £60,000 from Egypt and £240,000
bought in the open market); exports, £5,000 to Malta,
and shipments of £498,000 net to the interior of Great
Britain.
Representing in part arrivals of American gold,
the Bank of France reports this week an increase of
30,600,000 francs in its gold item. The silver holdings decreased 877,000 francs. There was an expansion of 19,962,000 francs in note circulation, of 117,110,000 francs in general deposits, of 126,460,000
francs in discounts and of 18,396,000 francs in Treasury deposits. The Bank now holds 3,730,638,000
francs in gold, against 3,250,450,000 francs one year
ago and 3,252,900,000 francs in 1912. Its silver
supply is 632,652,000 francs, against 616,425,000
francs in 1913 and 813,300,000 francs in 1912. The
discounts aggregate 1,496,057,000 francs, against
1,726,464,016 francs in 1913 and 1,379,363,580 francs
in 1912.
The weekly return of the Imperial Bank of Germany which was published on Tuesday indicated an
increase of 10,699,000 marks in gold and 22,151,000
marks in cash, including gold. There was a decrease
in note circulation of 71,728,000 marks, of 3,551,000
marks in loans and of 35,742,000 marks in discounts.
Deposits increased 56,887,000 marks. The Bank is
really in a strong position on the basis of returns
for recent years. Its stock of cash, including gold,
1,708,422,000 marks, compares with 1,351,480,000
marks one year ago and 1,299,700,000 marks in 1912.
Meanwhile, combining loans and discounts, we have
a total of only 848,961,000 marks for these items,
which compares with 1,162,220,000 marks in 1913
and 1,048,200,000 marks in 1912. Note circulation
aggregates 1,839,378,000 marks. In 1913 this total
was 1,758,420,000 marks and in 1912 1,561,000,000 marks.
Although there have been additional engagements
of gold coin for Paris amounting to $7,000,000 and
of $500,000 in bars during the week, the local money
market retains the remarkable degree of ease which
has been its recent feature. If anything, lenders are
showing rather less liberality in offering the later
maturities, but actual business is passing on virtually
the same terms as a week ago. The market for securities has been so extremely dull this week that
the demand for funds from that source has been
negligible. Indeed, if we except the foreign demand
for gold, the entire money market may be considered
to have been in a state of complete lethargy. All
interests, financial, mercantile and industrial, appear to be awaiting some new leadership or development that will extricate them from the dull rut in
which they have recently been running. As to-day,
Memorial Day, is a national holiday, the ClearingHouse Association published the weekly bank statement after the close of business yesterday. It showed
a decrease of only $1,971,650 in surplus reserve, not
[VOL. xcv II.
withstanding the steady outward movement of gold.
Cash itself decreased $4,364,000 and the reserve
requirement now stands at $48,984,200, which
compares with $27,208,500 one year ago and
$25,506,100 in 1912. The directors of the Missouri Pacific announced on Monday last that the
time for depositing notes had been extended until the
close of business last evening and a still further
extension to 3 p. m. on Monday was then decided
upon. Up to 3 p. m. op Friday:the deposits had
amounted to $20,158,000. There have been no important applications for new capital on the market
this week by the large railroad and industrial corporations.
Referring to call money rates in detail, the range
during the week has been 114@,2%. These were the
lowest and highest figures, respectively, on Monday,
on which day 1%% was the renewal basis; on
Tuesday 2% was the highest and also the renewal
rate,with 1% the lowest; Wednesday's and Thursday's highest was 2%,with 1%% the minimum and
ruling figure; on Friday 2% was the highest and 1%
the lowest and ruling quotation. For time money
closing quotations are 23/2% for sixty days(unchanged
for the week),23'% for ninety days (also unchanged),
23
4@3% for four months (unchanged), 3% for five
months (unchanged) and 3@33'% for six months
(against 3%). Commercial paper remains at 33
4
@4% for sixty and ninety-day endorsed bills receivable and for four to six months' single names of
choice character. Names less favorably known still
1 @4%%.
require 43.
Despite a moderate reaction in rates towards the
close sterling exchange has continued to display distinct firmness and there seems general agreement
that the gold efflux will assume important proportions before it culminates. Sterling authorities
predict that London will begin taking the precious
metal within a short time. There is excellent reason
to believe that the Bank of England and the London
joint-stock banks are working in unison to discourage
the drawing of finance bills by New York. The
obvious purpose is to keep sterling exchange rates
up and encourage the outward gold movement.
The $7,000,000 in coin and $500,000 in bars that
have been arranged for shipment since last
week's issue of the "Chronicle" have all been for
Paris. The Bank of England, in the absence of
outside bids, is reported to have obtained the entire
£1,200,000 in Cape gold that was available at
Tuesday's offering. Day-to-day funds in London
are quoted at 23/2@2%% and discounts in Lombard
Street are still very close to the official Bank rates.
One of the largest sterling exchange operators predicted yesterday that demand sterling in the near
future would move above 4 89. This appears very
natural in view of the increasing imports under
the lower tariff and the unwieldy supply of idle
money on this side. In addition Europe has been
liquidating American securities and the American
balances that are usually carried abroad have presumably been drawn down to unusually limited proportions.
The Continental exchanges are not ruling quite
so strongly in favor of London. Sterling checks at
Paris, as reported last evening, closed IM centimes
lower for the week at 25.18 francs. In Berlin the
London check rate finished at 20.49 marks, against
20.50 marks one week ago and 20.48 marks a fort-
MAY 30 1914.]
THE CHRONICLE
night ago. Sterling exchange in Amsterdam finished
2 guilders on Friat 12.12% guilders, against 12.303/
day of last week. Berlin exchange on Paris closed at
122.823/2 francs, against 122.85 francs a week ago.
Mexican exchange on New York closed at 285 and
on London at is. 5d. A week ago the corresponding
figures were 390 and is. 43d. New York exchange
on Mexico City closed at 36, against 35 a week ago.
1647
THE HOME RULE VOTE,AND AFTERWARD.
The Irish Home Rule Bill, which has been pending
in Parliament, with a series of sensational political
incidents, during the last two years, was passed for
the third time by the House of Commons last Tuesday. The vote on which it passed was 351 to 274,
giving a majority of 77, of which 74 were Irish Nationalists. The bill could, therefore, have been
Compared with Friday of last week, sterling ex- passed without the support of that faction.
change on Saturday was weaker for demand and
The action of the House last Tuesday insures the
cable transfers, which declined to 4 8845@4 8855 enactment of the bill, with or without the assent of
and 4 8885@4 8895, respectively; sixty days re- the House of Lords. The "Parliament Act" of two
mained unchanged at 4 8585@4 86. On Monday years ago provided that the Lords may twice veto a
the upward trend was resumed; demand advanced bill in two successive sessions, and thereby obstruct
.to 4 8855@4 8865 ,and cable transfers to 4 89@ its enactment; but that in the third session, if it is
4 8910, though sixty days was still quoted at 4 8585
@4 86; the dominant factors continue to be light passed by the House of Commons and if the royal
offerings of commercial bills coupled with an ex- assent is secured, the veto of the Lords will be inopertremely active demand. Further advances were ative. On this the only restriction is that two years
recorded on Tuesday, bringing sterling rates to an- must have elapsed between the introduction of such a
other high point—the highest reached since 1907 bill and its third passage by the House of Comdemand moved up to 4 8870@4 8880, cable transfers mons.
to 4 8910@4 8920 and sixty days to 4 86@4 8610.
What has actually happened in the present case is
On Wednesday a weaker tone was evident, displacing
on April 11 1912 Mr. Asquith introduced the
that
the
manifest
late
so
of
been
the firmness which has
easing off in London discounts caused a recession present bill; that it was passed on Jan. 16 1913 in
here during the early transactions to 4 89 for cables the House of Commons by a vote of 367 to 251, and
and 4 8850 for demand; later, however, the market rejected on Jan. 30 by the Lords; that on July 7, last
steadied and the range for the day was 4 8850@4 8865 year, in another session, the Commons again passed
for demand and 4 89@4 8910 for cable transfers; the bill by a vote of 352 to 243, and that on July 14
sixty-day bills were without change from 4 86@
4 8610. Opening rates were firm on Thursday at the Lords rejected it. It will be seen from these
4 8855 for demand and 4 8905 for cables, but during comparisons that, although the terms of the Veto bill
the day weakness set in, chiefly on reports of addi- have now been fulfilled, the majority for the Home
tional engagements of gold for export; demand Rule Bill, which was 116 in January 1913 and 109
closed at 4 8835@4 8845, cable transfers at 4 8880@ in July of the same year, and which was 77 on this
4 8890 and sixty days at 4 8575@4 8590. On Friday week's final passage, has been steadily dwindling.
the market ruled quiet with demand bills and cable
The bill as passed makes no provision for the extransfers 10 points lower, but without change in
of Ulster from the Home Rule Act. The
emption
sixty-day bills. Closing quotations were 4 8575@
4 8590 for sixty days,4 8825@4 8835 for demand and Premier, however,speaking in the House of Commons
4 8870@4 8880 for cable transfers. Commercial on last Tuesday, declared that an amending bill will be
banks closed at 4 84%@4 85%, documents for pay- introduced later in the House, containing the proment at 4 8531@4 863/i and seven-day grain bills posals suggested by him March 9 for the exemption,
at 4 873/2@4 87%. Cotton for payment closed at during the next six years, of any Irish county the
4 853/@4 85%; grain for payment at 4 86@4 863i.
majority of whose electors shall, at a special election,
declared their wish to be so exempted from the
have
their
in
banks,
Clearing-House
York
The New
operations with interior banking institutions, have provisions of the bill. To that assurance Mr. Bonar
gained $11,650,000 net in cash as a result of the cur- Law, the Unionist leader, replied by asking the
rency movements for the week ending May 29. .Ministry to "ring down the curtain immediately,
Their receipts from the interior have aggregated for we are all acting in a contemptible farce." But
$16,714,000, while the shipments have reached
temper of the Opposition,
$5,064,000. Adding Sub-Treasury operations and this, while it showed the
exact situation.
the
indicate
clearly
not
did
a
occasioned
loss
together
which
the gold exports,
There are two possibilities in the matter. The
of $14,513,000, the combined result of the flow of
money into and out of the New York banks for the House of Lords may itself amend the Home Rule
week appears to have been a loss of $2,863,000,as Bill in accordance with the suggested Asquith comfollows:
promise, and may pass it in that amended form; the
Out of
Net Change in
Into
IVcek ending May 29.
of Commons then concurring. Or the Lords
House
Banks.
Bank Holdings.
Banks.
the Home Rule Bill outright,and the Comveto
may
35,064,000 Gain 311,650,030
$16,714,000
Banks' interior movement
34,426,000 Loss 15,513,000 mons, in accordance with the Asquith compromise,
18,913,000
Sub-Treasury oper. and gold exports
$35,627,000 $39,490,000 Loss $3,863,000 may then adopt an amending bill for the six-year
Total
The following table indicates the amount of bullion exemption of Ulster, or any part of it whose elecin the principal European banks.
tors show their preference for such policy. In either
May 29 1913,
case, the amending measure would almost certainly
May 28 1914.
Banks of
Silver.
Total.
Gold.
Sneer.
Gold.
be passed, even if the Irish Nationalists were to opit; because the Unionist party would be conpose
37,715,627
35,947,360 37,715,627
England__ 35,947,360
Franco_ _ 149,225,440 25,305,800 174,531,240 132,017,920 24,657,040 156,674,960 fronted with a situation in which, unless they voted
61,574,150
17,000,000
15,300,050
52,274,100
67,668,200
84,668,200
Germany _
Russia __ 178,203,000 7,430,000 185,633,000 150,449,000 7,125,000 166,574,000 with the Ministry on the amendment, they would
Aus.-Hun 52,287,000 12,307,000 64,594,000 50,347,000 10,847,000 61,194,000
28,946,000
49,705,000 18,142,000 30,100,000 48,242,000 themselves have defeated the plan for exempting
20,759,000
Spain
Italy_ _ _ 45,767,000 3,400.000 43,867,000 46,701,000 4,000,000 50,701,000
694,800
798,100 14,391,100
14,203,800 13,593,000
13,509,000
Netiflands
It is doubtful, therefore, if the Liberals can
8,958,000 4,479,000 13,437,000 7,862,000 3,931,000 11,793,000 Ulster.
Nat.-Beig
6,903,000
6,828,000 6,903,000
Sweden _ _ 6,828,000
to a general election distinctly based on
forced
be
5,718,000
5,783,000
5,718,000
5,783,00(1
Switz'land
2,132,000
2,645,000 2,132,000
Norway_. 2,645,000
the Home Rule question. In this regard, it is only
Tot. week 587,580,000 99,262,600 686,842,600 532,854,647 96,758,190 629,612,837
a not at all unjust demand of the
Prey.week 585,781,225 98,808.580 684,589,805 530,243,843 95,694,870625,938,713 fair to say that
1648
THE CHRONICLE
Opposition party has been defeated by the skilful Parliamentary tactics of the Ministry.
Two questions will remain after the final enactment
of this bill, amended or unamended. First, exactly
what new system will be established by the Home
Rule Act? second, how will the Act be received by the
Ulster malcontents? The bill provides for an Irish
legislature of two houses; a Senate of 40 members,
nominated first by the Imperial Government but
afterwards elected by the Irish constituency, and a
House of Commons of 164 members elected by constituencies prescribed in the law, but after three
years elected on a basis prescribed by the Irish Parliament itself.
The law first provides that "the supreme power
and authority of the Parliament of the United Kingdom shall remain unaffected and undiminished."
This, in the last analysis, might even mean that the
Home Rule Act could hereafter be repealed. As for
the powers of the Irish Parliament itself, that body
may raise loans, increase excise and land taxes (with
certain limitations) and reduce most other taxes at
its will. It may levy any new taxes, except on customs. On the other hand, it may not legislate on
questions of peace or war, on army or navy forces,
on foreign relations, on trade outside of Ireland, or on
coinage. No law directly or indirectly establishing or endowing any religion shall be passed, nor
any law prohibiting free worship, or creating disabilities for religious belief, or making such belief a
condition of marriage. For the present, the Parliament is to have no power over land purchases, oldage rpensions or the Royal Irish Constabulary. This
last reservation is to continue, however, only during
the first six years. The Lord Lieutenant, who is
named by the British sovereign,has a veto power on
all legislation, subject to instructions from the
Crown; but, in general, he is to act on the advice of
ministers representing the Executive Committee of
the Irish Privy Council. The judges, who are to
have a final decision as to the constitutionality of
the Irish Parliament's legislation, are to be named by
the Lord Lieutenant.
As to the attitude of Ulster, the present position
of the opposition in that part of Ireland is well defined. It professes entire mistrust as to how these
powers would be exercised by the Roman Catholic
part of Ireland, which would choose a majority in the
Irish Parliament. The Ulster Protestants have declared their purpose of resisting forcibly their inclusion in the plan. No one knows when or how such
resistance would be exercised. There was talk of
an outbreak in Ulster on the passage of the bill last
Tuesday; but nothing of the sort occurred. Some
demonstration may be witnessed when the veto of
the Lords is over-ruled, or the Ulster people may wait
until the Home Rule law goes into actual effect, which
will be six months or more from now.
Their opposition may take the form of passive resistance to the taxes or other regulations of the Irish
Parliament, or it may be armed opposition, with the
establishment of an independent government. On
all these matters the Ulsters leaders have kept their
own counsel; that, indeed, has contributed largely to
their power in the pending controversy. On the
other hand, it is perfectly well known that the framework of a provisional government in Ulster has already been established. The remarkable "gunrunning" episode of some weeks ago, when large
amounts of ammunition were landed and stored in
[VOL. xcviii.
Ulster in defiance of the customs and the police,
through organized machinery of transportation, in
which the Ulster Protestants co-operated, with an
army of private automobiles, was an illustration of
the discipline and organization to which Sir Edward
Carson's plan of opposition has been brought.
What, then, would happen? If it were merely to
be passive resistance to the payment of taxes, a curious situation would result. The London "Spectator" may be right in remarking that "passive resistance by a whole community is probably irresistible in any case"; because "when it is supported
by 100,000 well-drilled and well-armed men, it can
only be put down by Turkish methods of killing everybody who disobeys." Of course, no Government
would meet the problem in that way, and it is not
easy to see how even the question of seizing property for unpaid taxes could be applied on such a scale.
As for the creating of a situation in which, Government property having been seized by the insurgents,
it would be unavoidable for the army in Ireland to
act, the insurgent leaders have skilfully avoided
any such situation. The army certainly could not
enforce payment of the taxes. In default, therefore, of an actual aggressive attack on Government
property by the Ulster Protestants, it is difficult to
see how the army could be used at all—this quite
aside from the question of disaffection in the army
itself over the matter, or over a program for coercing
Ulster.
In so extraordinary a situation, the one sure fact
is that the solution must be found in compromise.
The next step, therefore, after the passage of the
Home Rule Bill over the veto of the Lords,would be
an Asquith amendment—always supposing that the
Lords have not themselves adopted that provision.
With that amendment incorporated in the scheme,
we shall see what attitude the so-called Ulster insurgents shall take. Up to the present date, and in
spite of the most inflammatory speeches in and out
of Parliament, the Ulster volunteers have been held
in hand with remarkable firmness and sagacity.
Nevertheless, the situation as it stands is one in
which, so to speak, the sparks are flying in the neighborhood of a powder magazine. The ground for
reassurance lies in the fact that the efforts of responsible leaders on both sides, in their desire to retain the
advantage of the position, are bound to be such as
to avoid a premature explosion.
A GERMAN ESTIMATE OF THE FEDERAL
BANKING LAW.
"The shot that was heard around the world," fired
at Lexington, April 19 1775, by the farmers of
Massachusetts, seems to have found a second, after
a century and a half, in the new Federal Bank
Bill, if we may trust the attention the bill has
received abroad. We have at hand an elaborate
German review of the bill *by Dr.Richard Hauser
of the Deutsche Bank of Berlin, of which we are
glad to give the substance.
Dr. Hauser calls attention to the fact that the
American undertaking is one of the greatest that
has ever been attempted in the realm of banking.
The English reform of Sir Robert Peel in 1844
was limited to the question of the currency; and the
German reform of 1876 sought only an extension of
the business of the Prussian Bank over the whole
*Die Amerikanische Bank Reform: von Dr. Richard Ilauser,Jena.,
Verlag von Gustav Fischer. Preis. 3 Marks.
MAY 30 1914.]
THE CHRONICLE
country. In no instance has such an aggregation
of capital had open to it such new forms of opportunity; in none have such radical changes been
made in the organization and practice of many
thousands of credit bailks as in this American legislation. The wide-reaching financial scope given to
the new reserve banks cannot fail at once to exercise
indirectly a great influence on the business world.
The plan does not restrict itself to the erection of a
central institution or the complete reorganization
of the currency on an entirely new basis; it enters
much deeper into the methods of business and the
management of many thousands of existing banks
throughout the country. It restricts, and in part
extends, the scope of the commercial banks. If the
national banks are gradually to lose their character
as banks of issue, they receive in return the right,
so far as they are not domiciled in central reserve
cities, to loan on mortgage and to deal in bills
of exchange, within prescribed lines. They also may
eventually open foreign branches. The American
system becomes, in many particulars, similar to the
European, yet with great difference in method and
organization; Germany having the branch system,
America the single bank.
The aim of the American legislation is to secure
greater liquidity in the banking system, an improvement strenuously needed. Care for liquidity has had
its place in the German system for years, and a quiet
movement in this direction is in progress in the
Reichsbank. The parallel American line of procedure furnishes theoretical reasons for awakening
interest in Germany, and has also an immediate
practical significance at home.
Obviously, because of the existing intimate connections of the international money markets, such a
thorough-going reform cannot be without its effect in
Germany. But also, and more especially, because of
some specific features of the American reform, as
the introduction of business in acceptances, and the
permission to establish foreign branches, it will be
found to reach directly into the sphere of the German
banking system.
After giving an account of the existing banking
system of America, with its national and State and
private banks, representing an aggregate of 223/
billions of dollars of assets, and pointing out that in
no country in the world have the banks any such
sum on deposit as have these, which is, in fact, twice
that of the English banks and four times that of the
German, our author recounts the changes that were
needed and the various attempts that have been
made at reform, completing it with a detailed exposition of the new law. He concludes with an estimate of the value of the change and its probable
effect. He calls attention to the fact that the
governing purpose of the legislation was to protect
the country from recurring money crises. He says
this protection must be found, if at all, primarily in
the maintenance of a reserve for loans,and,secondarily, in the currency reserve. And he asks, Has it accomplished this? So far as the result of the reform is
to be read in the particular statements of the law, he
thinks that we cannot answer "yes." It will depend
entirely upon whether the united reserve banks will
be able to make adequate use of the unusual powers
committed to them. There will inevitably be a
great increase of stock-issuing in business and of
deposits in the hands of the managers of the national
banks. A regulating element has been introduced
1649
which has been lacking in the past.MThis cannot be
easily over-valued, if only the strength of the regulating elements in the capital of the reserve banks
and in the efficiency and integrity of the responsible
men shall be found adequate.
Of prime importance for the success of the reform
will be the establishing of an effective discount
market after the European pattern, which shall
deliver to the district banks the material necessary
for the protection of the notes of the reserve banks.
And still more will this be necessary in order to
secure the equalizing of capital throughout the
country. This discount market will extend also to
promoting greatly the facility of issuing acceptances,
upon which all foreign trade chiefly depends. While
the discount market will probably tend somewhat
to weaken the exchange, it will, in time, and on the
whole, certainly influence it in the line of stability.
There is no reason to fear that the needful capital
to inaugurate the system will not be forthcoming, as
some critics have thought. On the contrary, the
danger is of a too ready expansion, of which the past
gives such abundant evidence. To guard against
this possible inflation is the function of the Reserve
Board, and in this Board lies largely the stability and
ultimate success of the whole system. Its powers
far exceed those of the German directors of the
Reichsbank, in that, directly and indirectly, they
extend over thousands of banks. The only question
is whether or not, if their powers had been more
narrowly defined, they would be more carefully
exercised.
When it is asked, What is to be the effect of all this
upon German business, and it is remembered how
surely in these days financial panics spread to the
markets of the world, and how frequently they have
occurred, Germany may rejoice in a reform which
promises to ward off such a panic, for example, as
that of 1907. American influence has not always
been healthful. This partly because a new
country naturally rushes on at a rate not possible
elsewhere, and partly, also, because the American
money market may be said to lack regulating
elements having sufficient control. If, now, the
reform is to give greater stability to American business, and in particular to the American exchange,
it is greatly in the interest of the German business
world, and, we may add, to the financial world
everywhere.
In two very important sections of the GermanAmerican banking business, the reform will have
very little, if any, effect. One is the business connected with commerce, viz.: imports, which in 1912
amounted to 1,586 millions, and exports to 697
million. And the other, the trade in American
securities, of which Germany holds some thousand
million dollars' worth. In connection with the
latter, many financial transactions are involved; but
with them, as also with the financing of foreign
travel in Germany, the new banking laws will probably have but slight effect.
Far more immediately concerned, however, is the
business connected with drafts drawn upon shipments
of goods. These are, as a rule, taken by the American banks, and usually, unless very short in time,
are discounted in Europe. The return business of
discounting bills drawn on shipments to America was
not permitted to the national banks and is not in
use among the State banks. Consequently, the
American buyer opens a credit in Germany on which
THE CHRONICLE
1650
[VOL. xcvm.
authorized by
national bank or a Federal reserve bank, unless expressly
the seller can draw a bill which he can readily dispose I the
laws of this State,shall employ any part of its property, or be in any way
in anyfund which shall be employed for the purpose of receiving
of at home. The adoption now of a like procedure interested,
deposits, making discounts or issuing notes or other evidences of debt to be loaned
both for export and import in both countries will in or put into circulation as money."
There appears to be no express authorization elsewhere in the law for
all probability lead to an increased use of acceptances. a foreign
bank to do this kind of business in the State. Section 145 of the
law, however, provides that under certain restrictions, and after
new
into
This will tend to throw the financing of trade
complying with the requirements of the section, a foreign banking corGermany's hands, as in such relations the rule is that poration may buy, sell or collect bills of exchange, issue letters of credit,
money for transmission, transmit the same by draft, check, cable
the country having the lower tariff gets the business. receive
or otherwise, make sterling or other loans, transact any part of such
in the State an agency for carrying on any such
Thus London has become the world's clearing house. business, and maintain
business, or any part thereof.
Under the new law Americans will 'probably request
their foreign correspondents to draw directly upon
the American banks, which, however, they will hesiWHAT IS HINDERING BUSINESS AND
tate to do so long as the average rate of interest is
PROSPERITY.
higher in America than in Germany, unless in some
Evidences are multiplying that business men are
way the burden can be shifted to American shoulders.
awakening to the palsying influence of meddling
This difficulty may be eventually offset by the exlegislation upon all business operations, and especitension of the discount market to the whole United
ally the effect of not merely having to get on with
States, but some years will be required for that
what has been enacted but of dreading the unforeadjustment.
mischief of what is threatened. Only a
seeable
More immediate will be the effect of the new law, if
ago,the President of the Produce Exchange,
few
days
the American banks avail themselves of the right to in the course of his address at the annual meeting
open branches in Europe, as some trust companies of that body, remarked that "the depression prehave already done. The financing of German export vailing in this country at present is to a very large
business may pass in part to these American houses, extent due to legislation adverse to business. .
especially if they can secure the use of cheap German
if we are to continue in prosperity it is necessary
deposit funds. But over against this stands the fact
that the energetic, hard-working and intelligent
that the burden of financing the trade of the two
business man be safeguarded in his endeavors and
countries will be divided. There will be a partial
in the fruit of his labor." At about the same date,
withdrawal of foreign acceptances for discounting by
the Merchants' Association made public the report
the German banks; and a greater liquidity will arise of a special committee which declares that "the
in German business. Such an. opening up of the
country waits, under the pall of uncertainty, busiGerman money market will be realized, however, only
halts, and the unemployment of labor inness
so far as the American banks use American funds.
creases;" therefore the committee, exactly in line
With this the American rate of interest as at present
with a special committee of the Chamber of Comwill interfere. Competition will probably at first be
merce (unanimously sustained by that representative
felt in the South American and Asiatic markets,
urged that it is far more important to have
body)
where German banks already have established
anti-trust legislation sound and helpful than
further
branches and to which American enterprise is beginit speedy, and therefore that the whole
have
to
ning to turn. But it will be found that relations of
subject should go over for the present, being left
confidence already established between merchants
meanwhile for the country to think over.
and existing banking houses will not be easily disWe have already cited the striking protest of the
turbed. So soon as American banks open branches
Alliance of Manufacturers' and
'Massachusetts
in Germany, it will be proper, in all fairness, to ask
Associations", coming from their office
Employers'
for the repeal of laws,such as now exist in the State
in Boston, against the interfering laws of Massaof New York, prohibiting foreign corporations from
chusetts,which they say are driving industries from
doing deposit and foreign discount business there.
that State; their plea is for a halt in the increasing
(Consolidated Laws of New York, Chap. II., Sec.
of such laws and for a rest long enough to draw
flood
108. See note below.)
full
breath and get used, if possible, to what they
a
From all this it will appear that our new American
already have to contend with. Later than this
legislation, though it is mainly concerned with the
protest, yet only a fortnight ago, came an
situation at home, is recognized as being of the published
address by the head of one of the largest concerns in
widest international importance. But while it is
woolen manufacturing in Massachusetts. His comlooked upon as revolutionary here, and will need to
pany, he said, built what were then the largest mills
be watched and guarded with continual care, and will
the world and can employ nearly 17,000 persons
doubtless be subjected to more or less important in
mills in Lawrence; but Massachusetts
change, as experience proves the need; its influence in its three
strangely taken the initiative in radical legislaabroad will be felt gradually, and that along lines has
now, with the possible exception of Rhode
of a more natural evolution. Whatever, therefore, tion until
the most hostile and the least attractive
is
it
its immediate effect may prove to be at home, it Island,
England as to outside industries. He
New
of
part
will, as a whole, tend to a drawing into closer connecas generous to outside manuVermont
mentioned
tion of the money markets of the world, and to inand made this remarkable declaracreasing their stability and their general exemption facturing capital,
wheels under our mills and run
put
from avoidable crises; a contribution of no small sig- tion: "If I could
of Massachusetts I would
State
the
of
out
them
nificance to business everywhere.
of the conditions under
because
so,
do
certainly
Note.—The author's reference is to the old Banking Law of New York,
has to be carried on in this
which has now been superseded. The old law provided:
now
industry
which
"Section 108. Restrictions as to Foreign Corporations.—No foreign
corporation, other than a national bank, shall keep any office for the Commonwealth."
purpose of receiving deposits or discounting notes or bills, or issuing any
A month ago, we quoted from the "company
evidence of debt to be loaned or put in circulation as money within this
tate."
paper" of a large and important casualty insurance
This section has apparently been amplified and retained in Section 140
as
follows:
provides
which
company of this city some very pointed remarks as to
of the new Banking Law of 1914,
inst Encroachments upon Certain Powers
"Section 140. Pro/jib
condition into which railway credit has been
the
or foreign, other
a
of Banks.—
* *
ion, domestic
than
MAY 30 1914.1
THE CHRONICLE
1651
reward, or producdragged and a frank declaration that neither its own well as labor, must have its fair
nor the finance • committee of any other sound tive processes cease.
How does anybody, except in half-mad oratory
corporation could,as a matter of cold, unsympathizing
and
audiences such as infest our public streets, ever
business, look favorably upon new railway loans
that forcing the employer can make work for
dream
the
as
under such conditions and such an outlook
s? The answer is as simple as it is full of
employee
this
of
journal
same
the
of
present. A later issue
great
company inquires "what in the world is the matter falsehood and mischief: every one of the
have
others
some
with business . . . everywhere, among busi- throng of the dissatisfied sees that
catches
nothing
and
not,
has
ness men and investors, there is hesitation, distrust, comforts and luxuries he
that
fear of the unknown; what does it all mean?" "It him so naturally and readily as the notion
rich
the
making
in
consist
and
equality
y
prosperit
of
plague
means" (pursues the article) "that the
other
the
and
ners
of
wage-ear
army
The
up.
give
men
of
lot
a
politics is ravaging our fair land"; that
their votes
in capitals (particularly in Washington),in trying to army of the lazy and idle have votes, and
personal
own
their
above
reform everything immediately, "with training and very largely do not rise
rly
particula
and
office
want
s
politician
mental equipment woefully inadequate to the task, wants. The
concede
will
they
therefore
back";
"come
have succeeded only in unsettling everything; can want to
that the more
they not see, is it not as plain as a pike-staff, that everything exacted, remembering
smaller their
the
voters,
the
unselfish
t
and
intelligen
it
what
what the country ardently desires, •and
phrases
glittering
spread
are
all
it
Over
an
numbers.
aking,
law-m
imperatively needs, is a rest from
"social
protest",
"social
unrest",
"social
as
such
end of it all for a while?"
so
forth.
,
and
This week, also, a National Foreign Trade con- justice", "human equality"
But if our political busybodies cannot see with
vention has met in Washington, and many speakers
own eyes, is it not time to cease waiting upon
their
of
views
among business men have set forth their
and to make them desist?
them
trading,
export
in
the prospects and the obstacles
quite
not
but
needed
is
increase
all agreeing that an
agreeing on the most important changes for bringing
THE SUPREME COURT DECISION IN THE
it about. We find in a paper by Mr. James J. Hill
TAP LINE CASES.
some paragraphs not on the same lines as taken by
by the United States Supreme
decision
week's
This
*
other speakers, yet seeming to us peculiarly pertinent
so-called tap lines, or short
the
that
holding
Court,
at this time. England, said Mr. Hill, tries to cure
industries, are common carserving
railroads
of
lines
from
shackles
industrial distress, not by removing
to divisions of joint through
her industries but by fastening other shackles on her riers, and hence entitled
the merits of the contromake
to
capitalists. She has entered upon an elaborate rates,will not tend
for several months any
waging
been
has
that
paternalistic scheme of doing many things for versy
some disputed points.
up
clears
least
at
but
plainer,
that the Budget
workers at the general expense,
the Commerce Court
upholds
Court
Supreme
The
of
twenty
sum
just presented calls for double the
e Commission.
Commerc
State
Interthe
reverses
and
actual
hing
accomplis
now
years ago and "taxes are
view that
the
took
on
confiscation". Cloaked under such fine phrases The Commerce Commissi
nature
the
in
was
way
this
in
as "social justice", this process is cruel and cowardly, dividing a joint rate
shippers.
favored
to
es
preferenc
or
ns
not humanitarian; it only postpones the inevitable. of concessio
in caustic terms in condemMr. Hill waives the morality of the process, being Last January it spoke
though it had long existed
practice,
the
of
nation
concerned now only with its economic consequences.
of the Commission.
consent
and
e
knowledg
the
with
:
We quote a few sentences
at
that time by Corndown
"Great Britain is now maintaining many of her In the opinion handed
d that if the
broadly
intimate
was
industries in an artificial condition by appropriating misioner Harlan, it
to such inrates
through
the
of
portion
for the support of one class of her people the property granting of a
be no need
would
there
d,
abandone
were
lines
of another class. . . The British Empire is now dustrial
n for a
permissio
asking
lines
trunk
Eastern
of
the
sustaining itself by sequestering, under one guise
oner
Commissi
Said
rates.
freight
in
advance
5%
of
tions
generapast
or another, the stored accumula
very
carriers
the
tions. The end of that policy comes when this Harlan on that occasion: "Indeed
and
accumulated capital is exhausted, or has removed that are augmenting their expense accounts
the
to
manner
this
in
revenues
their
itself beyond the reach of legal capture. . . But dissipating
for
and
a
year,
dollars
of
millions
many
of
extent
the burdens placed by unwise restrictive legislation
now
are
shippers,
few
ively
comparat
a
of
benefit
the
upon
United
the
business in
and unnecessary taxation
earnings are insuffiStates are producing their natural effects here also. complaining that their present
asked our permishave
Industry slackens, less because capital is dissatisfied cient, and, on that ground,
in their general
increase
al
with the present than because it is uncertain of the sion to make a substanti
"
schedule.
future. Just such mistakes as Great Britain has rate
Now comes the United States Supreme Court and
made and is making may confront the American
the practice is not illegal. It follows that the
says
,
and
an
workingman with a lost job, empty cupboard
is knocked from under the argument of those
prop
to
land
he
can
which
g
and
promisin
more
no younger
ng that
emigrate as his needy fellows have done for centuries who, like Louis Brandeis, have been contendi
to the
granted
be
should
rates
freight
when caught in the vise of economic errors or com- no advance in
to the
payments
instead,
that
but
,
railroads
Eastern
mercial revolutions."
similar
other
and
rates
joint
on
lines
l
industria
Mr. Hill then urged what should be known everyshould be done
where as among self-evident truths: that world trade allowances of one kind or another
careful to say
is
is not one-sided; that when a plant becomes un- away with. The Supreme Court
rata allowed
pro
the
fix
and
remunerative it must and will shut down; that a that power to regulate
e CommisCommerc
the
with
remains
support of idle workers, voted by politicians and at the tap lines
connection
in
up
grown
have
evils
some
if
and
the public cost, cannot last always; that capital as sion,
1652
THE CHRONICLE
[VOL. xcviii.
with the practice, the remedy still lies with the in the following words: "Although we have given to
Commission—that the Commission can see to it that the opinion expressed by the Inter-State Commerce
the pro rata allo iance shall not be excessive and thus Commission that consideration and respect to which
be made the basis of discrimination for the benefit it is properly entitled, and although we fully appreof favored shippers.
ciate the desirability of uniformity of Federal and
The ruling of the Commerce Commission last State regulation, so far as this may be maintained
January was the result of a very comprehensive in- consistently with the law of this Commonwealth, the
vestigation and study of the whole subject. Devel- Commission is of the opinion that a conclusion at
opments since then have made it plain that the variance with that of the Supreme Court of the State
attempt to do away with the practice would be no of Pennsylvania with respect to the legal status of
easy task, and now the Supreme Court makes the complainant railroad companies would not be jusscheme entirely abortive. Such numerous and such tified."
vigorous protests have been made against the proBut Pennsylvania is not the only State where
posal to discontinue the division of the joint rate vigorous opposition has been raised against denying
that the Commission itself, even before this Supreme to the industrial lines the right to enjoy participaCourt decision, found itself obliged to hesitate about tion in through tariffs. The Illinois Public Utilities
carrying out its purpose in that respect. After the Commission on May 12 held a hearing on the comruling of the Commission, the railroads concerned in plaint of eight industrial lines operating in Illinois
Eastern territory drew up new freight schedules in- against the proposed cancellation of the allowances
tended to comply with the order of the Commission. now granted to such lines. The Utilities CommisThe new tariffs would have become effective at sion, following the course of the Inter-State Commidnight March 31, but on the day named the merce Commission,suspended the proposed change in
Commission suspended until July 30 all the new tariffs until July 30. At the hearing a large number
tariffs which had been filed eliminating allowances of independent shippers protested that their rates
to industrial railroads.
would be substantially increased by the cancellaThere was an important exception, however, tion of the allowances referred to.
to the suspension order in that it was not
The matter has also come up in this State,and the
made to apply to the United States Steel New York State Public Service Commission for the
Corporation and other iron and steel companies. In Second District has disapproved tariffs filed by the
those cases the new tariffs were permitted to stand.
railroads discontinuing joint through rates on freight
• Quite naturally, shippers who have been receiving to and from points on the South Buffalo Railway,
compensation for that portion of the carriage which is which is controlled by the Lackawanna Steel Co.
over these industrial or tap lines are up in arms The railroads had proposed to eliminate through
against the proposed change. In many cases there rates in accordance with the views of the Inter-State
has been appeal to the State railroad commissions, Commerce Commission.
and these have taken the side of the shippers out of a
In Ohio the question came up before the State
desire to protect local industries. The State com- Board quite early, thirty industrial lines in that
missions have jurisdiction only over traffic moving State having on April 16 complained to the Ohio
exclusively within State borders, but it would be an Public Utilities Commission at Columbus and asked
anomalous situation if compensation to the indus- to have the cancellation of joint rates and allowances
trial lines should be continued on intra-State traffic by the trunk lines revoked. Some of the shippers
and discontinued on inter-State shipments. The in that State have even taken the matter into Court.
most striking instance of conflict has occurred in the The New Jersey Public Utility Commission, too,
State of Pennsylvania, where, on complaint of two has taken similar action, having this week suspended
short railroads and a number of shippers in and near an increased intra-State tariff for industrial plant
Pittsburgh, the Public Service Commission of Penn- tracks charged by the Pennsylvania RR., pending
sylvania has ordered the Baltimore & Ohio, the an investigation into the reasonableness of the
Pennsylvania and the Pittsburgh & Lake Erie to rates.
continue existing rates and divisions on traffic to and
This week's decision of the U. S. Supreme Court
from the industrial roads named and has declared clarifies the situation to this extent that it defivoid the cancellation of tariffs which had been filed nitely settles the legal status of these lines and deby the roads with the Commission. The railroads clares they are common carriers and that Congress has
had rested their case upon last January's opinion of not made it illegal for such industrial lines to operate
the Inter-State Commerce Commission in the Indus- in inter-State commerce. There were altogether
trial Railways case, in which it was held thatthe in- eight cases involved in the present determination and
dustrial lines were to be regarded merely as plant they all concerned lumber or logging roads in the
facilities of certain industries and that participation Southwest, namely the Louisiana & Pacific Ry. Co.,
by them in the joint rates or allowances made to the Woodworth & Louisiana Central Ry. Co., the
them by the carriers was unlawful as in effect con- Mansfield Ry. & Transportation Co. and the Vicstituting rebates.
toria Fisher & Western Ry. Co. The Atchison was
The Pennsylvania Commission found, however, one of the large roads involved in the controversy.
, that, under the law of Pennsylvania as determined The Commission made its order in the matter on
by the Supreme Court of the Commonwealth, the May 14 1912 and amended it on Oct. 30 1912. The
Monongahela Connecting RR. and the Union RR., roads applied to the U. S. Commerce Court to have
the complainants before the Pennsylvania Board, this order enjoined and annulled. This application
were common carriers possessed of all the rights and was successful, the Commerce Court deciding that
subject to the performance of all the duties of car- the Inter-State Commerce Commission was without
riers. The Pennsylvania Board, therefore, felt con- power to prohibit the making of joint rates with the
strained to dissent from the action of the Inter-State tap lines and the payment of some division of
Commerce Commission. This dissent was expressed such rates to the tap lines for their services in
MAY 30 1914.]
THE CHRONICLE
1.653
hauling logs to and lumber from the proprietary brought to the attention of Congress and led to the
exemption from the commodities clause of timber and
mills.
The Supreme Court affirms the decision of the the manufactured products thereof, thus indicating
Commerce Court. The opinion is by Justice Day, the intention to permit railroads to haul such lumwho points out that the findings and orders of the ber and products although they themselves owned
Commission make it apparent that the grounds of them. And it has already been decided by the Sudecision were two: first, that the roads were mere preme Court that Congress had the Constitutional
plant facilities,and;second, that they were not com- power to make such exemption.
Justice Day says that this declaration of public
mon carriers as to proprietary traffic. The Commiswhich is now a part of the Inter-State Compolicy,
were
plant
they
on
sion held that before incorporati
Act,
cannot be ignored in interpreting the
merce
on
remained
they
incorporati
facilities and that after
of the Commission under the
and
power
authority
were
small
roads
these
that
insisted
such. It was
discussion
in the action of ConThe
in
Act.
resulting
was
traffic
their
of
most
the
because
not carriers
their own logs and lumber and that only a small gress shows that railroads built and owned by the
part of the traffic carried was the property of others. same persons who own the timber were regarded as
But this conclusion, says Justice Day, loses sight of essential to the development of the timber regions in
the principle that the extent to which a railroad is in the Southwest. The Court also makes reference to
fact used does not determine the point whether it is the fact, already incidentally alluded to above, that
or is not a common carrier. It is the right of the the Commission, by its order in these very cases,
public to use the road's facilities and to demand required the trunk lines to re-establish through routes
service of it rather than the extent of its business and joint rates as to property to j)e transported by
which is the real criterion determinative of its char- others than the proprietary owners over the ty,p lines.
acter. The Commission itself recognized this prin- Accordingly, the order would of itself create a disciple as applicable to tap lines in the Central Yellow crimination against proprietary owners, for, says the
Pine Association vs. The .Vicksburg Shreveport Sz Court, lumber products are carried from this territory upon blanket rates applicable to all within its
Pacific RR. Co.
Justice Day also points out that the roads involved limits. It follows that independent owners would get
in the present proceeding are common carriers when this blanket rate for the entire haul of their products,
tried by the test of organization for that purpose while proprietary owners would pay the same rate
under competent legislation of the State. "They are plus the cost of getting to the trunk line over the tap
so treated by the public authorities of the State, who line. The Commission, by the effect of its order,
insist in this case that they are such,and submit, in declares Justice Day, recognizes that railroads organoral discussion and printed briefs, cogent arguments ized and operated as these tap lines are, if owned by
to justify that conclusion. They are engaged in others than those who own the timber and mills,
carrying for hire the goods of those who see fit to would be entitled to be treated as common carriers
employ them. They are authorized to exercise the and to participate in joint rates with other carriers.
the conclusion that
right of eminent domain by the State of their in- The Court is,therefore,forced to
when it issued
authority
its
corporation. They were treated and dealt with as the Commission exceeded
them
condemned
and
lines
tap
these
common carriers by connecting systems of other car- its edict against
and
rebates
obtain
and
law
the
evade
to
riers, a circumstance to be noted in determining their as attempts
their
for
owners.
ion
preferences
true character. They are engaged in transportat
The opinion makes it plain, however,that the Comas that term is defined in the Commerce Act and de,
Accordingly
this
Court."
Commission will be upheld in any attempt to
of
decisions
merce
scribed in
coms
of
the
all
requirement
fill
to
held
correct the evils and abuses that have grown up in
they must be
the
upon
unless
grounds
employed
so
conduct and practice of these lines whereby some
carriers
the
mon
which they were determined not to be such by the owners have gained unfair advantages for themCommission are adequate to that end. The Com- selves. We quote in full what is said on this point,
mission itself,as to all shippers other than those con- as follows:
trolled by the so-called proprietary companies,
"Because we reach the conclusion that the tap
treated them as common carriers, for it ordered the
involved in these appeals are common carriers,
lines
trunk lines to re-establish through routes and joint as well of proprietary as non-proprietary traffic,
rates as to such traffic. The Government insisted, and as such entitled to participate in joint rates with
however, that the roads were owned by the persons other common carriers, that determination falls far
who also own the timber and mills which they prin- short of deciding, indeed does not at all decide, that
cipally serve. Justice Day asserts that, admitting the division of such joint rates may be made at the
this, it is not a fact inconsistent with the laws of the will of the carriers involved and without any power
control. That body has the
State in which they were organized and operated. of the Commissionis to
duty to reach all unlawful
its
it
and
authority
State
On the contrary, the public authorities of that
resulting in favoritism
practices
ory
discriminat
(Louisiana) appear, insisting that the comp anies are and unfair advantages to particular shippers or carcommon carriers. At the same time, Congress has riers. It is not only within its power, but the law
not made it illegal for roads thus owned to operate makes it the duty,of the Commission to make orders
in inter-State commerce. While Congress in enact- which shall nullify such practices resulting in reform they take and
ing the commodities clause amending Section 1 of bating or preferences, whateverappear.
If the divimay
they
guise
whatsoever
in
divorce
Act
to
sought
the Inter-State Commerce
to rebates
to
amount
as
such
are
rates
joint
of
transportation from production and manufacture, sions
in favor of the owners of the tap
ons
discriminati
or
and to make transportation a business of and by it- lines, because of their disproportionate amount in
self, unallied with manufacture and production in view of the service rendered, it is within the province
which a carrier was itself interested, the debates show of the Commission to reduce the amount so that a tap
that the situation in some of the States as to the line shall receive just compensation, only for what
logging industry and transportation was sharply it actually does."
1654
THE CHRONICLE
THE HENNESSY HOME RULE ACT OF NEW JERSEY
UNCONSTITUTIONAL.
The three test cases to determine the validity and effect
of the so-called Hennessy Home Rule Law (Chapter 144 of
the Laws of 1914 of New Jersey, an amendment to the Act
providing for the commission government in municipalities
in New Jersey which adopt it, commonly known as the Walsh
Act) were recently submitted to the Supreme Court of New
Jersey, Justice Trenchard presiding, and the opinion of the
Court was handed down on May 22. This opinion was
rendered in the case of Delaware River Transportation Co.,
prosecutor, vs. the Inhabitants of the City of Trenton, and
holds the Hennessy Act unconstitutional. All three actions
(which are certiorari proceedings to review certain official
acts of the Trenton Commission) are based upon the claim
that the Hennessy Act took away the power of the city to
take the proceedings brought up for review, and therefore
holding the Act unconstitutional necessarily involves a decision in favor of the city in all three cases.
The Home Rule Act is discussed at some length in an
article which appeared in the issue of the "Chronicle" of
May 16 on page 1499. The purpose of the Act,as shown by
its text and the preamble which precedes it, was to make
the municipalities (like Trenton) which had adopted, or
might thereafter adopt, the provisions of the Walsh Act
a separate and distinct class of municiaplities, subject only
to (1) the constitution of the State, (2) general laws applying to all municipalities, or all municipalities except counties
and school districts, and (3) the Walsh Act.
The Home Rule Act also attempts to grant complete home
rule to all the municipalities now or hereafter belonging to
this new class, subject only to the constitution, such general
laws and the Walsh Act.
The Home Rule Act makes inapplicable to this class of
municipalities all statutes, both general and s.pecial, except
such as apply to all municipalities or to all except counties
and school districts. To put it in a word, the intent of the
Act was to grant the power of home rule on the one hand
and on the other to take away both the powers granted and
the restrictions imposed by all other statutes except the
Walsh Act and the general statutes referred to above.
In these actions a number of briefs were filed, and it was
urged that the Hennessy Act was unconstitutional on several
different grounds, as follows:
1. That it was an attempt on the part of the Legislature
to delegate to the Board of Commissioners established under
the Walsh Act the entire power of legislation as to the affairs
of the municipality governed by such board, subject only to
the constitution and the general laws above referred to. As
the legislative power is vested in the Legislature by the New
Jersey constitution, it was claimed that this power could be
exercised only by the Legislature and could not be delegated to any other body. This point was urged by the City
Counsel of Trenton, Hon. Charles E. Bird, in the brief filed
by him.
2. On the ground that the subject of the Hennessy Home
Rule Act was not expressed in its title. The title of the
Hennessy Act merely states that it is an Act "to amend and
explain" the Walsh Act, setting forth the title of the Walsh
Act in full. It was urged that this title gave no hint or suggestion to any one reading it that the effect of this amendment
would be to create a new class of municipalities and to make
inapplicable to them the mass of existing legislation, both
general and special, which does not apply to all municipalities
except counties and school districts, but which did apply
to the commission-governed municipalities prior to the
enactment of the Hennessy Act. This point was set forth
in the brief filed by former Justice Reed and Mr. Bird on
behalf of the City of Trenton.
3. On the ground that the Act contravenes the provision
of the New Jersey constitution prohibiting the passage of
an Act providing that any existing law or part thereof shall
be applicable, except by inserting it in the new Act. This
point was raised in the brief filed by Judge Reed and Mr.
Bird, and in the opinion rendered by former Justice Van
Syckel to the Trenton "Evening Times," a copy of which
opinion was submitted to Justice Trenchard.
4. It was also claimed that the Act was unconstitutional
as special legislation in regard to the internal affairs of
municipalities, which is prohibited by the State constitution
as interpreted by the New Jersey courts. While these
courts have sustained legislation relating to certain classes
of municipalities, but not to all, this has only been where
[VOL. XCVfII.
the courts found the classification to be "germane to the
subject," or where the legislation applied to all of at least
one of the so-called "common law" classes, viz.: Counties,
cities, towns, townships, villages and school districts. While
the Act declares that the commission-governed municipalities
shall be a distinct class, this declaration, like the other provisions of the Act, must fall if it is in contravention of the
constitution. The Walsh Act may be adopted by any of
the existing classes of municipalities in New Jersey (except
counties and school districts), viz.: Cities, towns, townships,
boroughs, villages and municipalities governed by boards
of commissioners or improvement commissions, and has,
as a matter of fact, been adopted by some of each of these
classes, except municipalities governed by boards of commissioners and improvement commissions (of which class Hackensack is believed to be the only surviving member). So the
mere fact that a number of such municipalities varying in
population all the way from Jersey City on the one hand
to Margate City on the other, and differing as widely in
their previous forms of government as they do in population,
had adopted the Walsh Act, was not a circumstance which
would sustain legislation relating to the powers of such
municipalities, as such classification is not "germane to the
subject." The Walsh Act as originally passed merely
changed the form of government of the municipalities
adopting it, substituting a board of commissioners in the
place of the officers who had previously governed them,
and transferring to such board the powers formerly exercised
by the officers for whom the board was substituted. Thus,
when the voters adopted the Walsh Act, they merely
changed their form of government, but the effect of the
Hennessy amendment was really to say "All municipalities
whose voters have in the past, or may in the future, decide
that they wish to be governed by a board of commissioners,
shall possess home rule."
This point was urged in, the brief filed on behalf of the
City of Trenton by Judge Reed and the City Counsel.
Justice Trenchard in his opinion states that the Hennessy
Act is attacked as unconstitutional for several reasons, but
bases his decision solely upon the point last mentioned, and
adopts not only the reasoning but also some of the language
used by Judge Reed in his brief.
The Court first points out that the Hennessy Act, if constitutional, clearly made the Harbor Act of 1911, P. L. 1911,
page 233, inapplicable to the City of Trenton, as the Harbor
Act related only to cities and not to any other class of
municipalities. The proceedings brought up for review
in the suit of the Delaware River Transportation Co. vs.
The City of Trenton were taken pursuant to the Harbor Act
for the purpose of acquiring water-front property owned by
the prosecutor. It was urged in a brief filed on behalf of
the City of Trenton by Hon. Louis H. Miller that the Hennessy Act should be so construed as to leave the Harbor Act
still applicable to the City of Trenton; but Justice Trenchard
dismisses this claim with the statement that as the language
of the Hennessy Act is perfectly clear and unambiguous, it
cannot be the subject of construction or. interpretation.
Lewis R. Conklin also submitted a brief as a friend of the
Court and as counsel for the Village of Ridgewood, which
adopted the Walsh Act some time ago. Mr. Conklin conceded that the Hennessy Act would make the Harbor Act
inapplicable to the City of Trenton, but argued that the general grant of power or home rule contained in the Hennessy
Act was sufficient to empower the city to make the contemplated harbor improvement and for that purpose to condemn
the property of the Delaware River Transportation Co.
He argued that the Hennessy Act does not involve an unwarranted delegation of legislative power, but, as above
noted, the Court in its decision does not take up this question at all. Both Mr. Conklin and Judge Collins (who represented the prosecutor) attempted in their briefs to meet the
point raised by Judge Reed and on which the Court's decision turns.
The Court pointed out that if a statute relating merely
to governmental machinery, like the Walsh Act, could be
so amended after its acceptance by a number of municipalities as to affect their powers, then the constitutional
prohibition against special legislation on such subjects could
be easily evaded. The opinion intimates, however, that such
an Act may be amended after such acceptance so long as the
amendments do not go beyond the scope of the original Act.
The Walsh Act was so amended several times, and the Court
refers to one of these amendments in its opinion without
suggesting any doubt as to its validity.
MAY 30 1914.]
THE CHRONICLE
The passage of the Hennessy Act created such doubt
as to the power of municipalities affected by it to issue bonds
under numerous statutes which were apparently made inapplicable to municipalities governed by the Walsh Act
that a number of sales of such bonds were postponed. The
City of Trenton succeeded in disposing of an issue of $150,000
street bonds to local investors and the Police Pension Fund
of the city, but this is the only issue of any size affected by
the Hennessy Act which has been actually delivered and paid
for since the Act became a law. The Hennessy Act, even
if constitutional, has no effeet upon the authority of the
commission-governed cities to issue bonds pursuant to statutes applicable to all municipalities, or to all except counties
and school districts, nor does it affect the issuance of school
bonds or county bonds. The City of Trenton recently sold
a small issue of school bonds which, for the reasons stated,
are not affected.
If the decision of Justice Trenchard were final, the legal
situation would be the same as if the Hennessy Act had
never been passed. It is understood, however, that an
appeal to the Court of Errors and Appeals will be immediately taken from Judge Trenchard's decision, which appeal
will probably be argued at the June Term. Therefore the
matter cannot be deemed settled until the Court of Errors
and Appeals has spoken, and in view of the possibility that
it may sustain the Hennessy Act, the doubtful and uncertain
situation created by the Act still exists. If the Act should
be sustained, the commission-governed municipalities could
no longer rely upon most of the statutes under the authority
of which they have in the past made public improvements
and issued bonds to meet the cost, and many test suits would
probably be necessary before it could be established just how
far such improvements and loans are authorized by the general grant of power contained in the Hennessy Act. Mr. Bird
points out in his brief how few statutes granting such powers
are sufficiently general to be unaffected by the Hennessy Act.
PHILIP K. WALCOTT.
•*
For further information as to the Walsh Act, the municipalities which
have adopted it, and the amendments to the Act, see page 57 of the new
number of the "State and City Section." which appears to-day.—Ed.
MR. MORGAN ON THE ALLEGATIONS
AGAINST HIS FATHER.
A statement repudiating the allegations and insinuations
against the late J. P. Morgan contained in the testimony
of Charles S. Mellen, former President of the New York
New Haven & Hartford RR., during the examination which
has been conducted into the affairs of the road by the InterState Commerce Commission, was issued by his son and
namesake Monday night. Mr. Morgan, who only returned
on Monday from a yachting trip on which he started before
Mr. Mellen took the stand, characterizes as untrue the
charges that his father had concealed from Mr. Mellen facts
concerning the road which the latter as President should
have known. In defense of his father Mr. Morgan in his
statement says:
I returned to New York this morning and have examined as carefully
as the time would permit the stenographic report of Mr. Mellen's testimony, consisting of several hundred typewritten pages.
I became a director of the New Haven RR. in April 1913, and resigned
Dec. 31 of the same year. The only reference to me personally which I
have found in Mr. Mellen's testimony has to do with the fact that I, as a
director of the company, called upon him and told him that a change in
the presidency was desirable. For any blame that attaches to that act,
whether it be accorded me as a member of the board of directors or as an
individual, I accept full and complete responsibility.
There is, however, in Mr. Mellen's testimony something more important
to mo than any possible criticism of myself. Mr. Mellen in substance
charges my father with having concealed from him, the President of the
company, facts which the President of the company should have known.
Every one who knew my father knows this to be untrue. During the last
ten years of my father's life he was abroad more than one-third of the time.
During the last three years of his life he was abroad one-half of the time.
As the world knows, he was actively connected during this whole period
with many different affairs. That he would have had the time, even if
he had had the desire, to interfere actively in the management of the
New Haven RR. is impossible.
Mr. Mellon is right in describing my father as a forceful man. He is
right also in picturing my father's deep interest in New Haven affairs.
My father was born in New England. and he believed in the Now Haven
RR. He recognized, as others have recognized, that with the shifting of
the centre of population in this country and the changing economic conditions, the commercial position of New England was threatened, and that a
change in this commercial position would, unless an effort were made to
counteract it, result in an unfavorable effect upon New England's leading
railroad.
He undoubtedly believed that a railroad peculiarly situated as is the
Now Haven, with a growing passenger traffic at very low rates and with
expensive improvements required all along its line, must make every effort
to increase its traffic and maintain its position. He believed, moreover,
that the New Haven and the Boston & Maine, which were not, in his
opinion, in any sense competing lines, could be operated to the benefit
1655
of New England more advantageously together than apart, and that no
harm could come to the public from this amalgamation by reason of the
full measure of State and national regulation which the laws afforded.
I am quite ready to believe, also, that he agreed with Mr. Mellen that
the entrance of the Grand Trunk Ry. into Providence would have involved
the unnecessary duplication of facilities for which the New England public
sooner or later would have to pay. But the imputation that my father
in any sense took the management of the railroad, or any part of its affairs.
out of the hands of the President is untrue.
On March 9 of this year our firm made public a letter showing in detail
the total net profits from every source to the firm of J. P. Morgan & Co..
or to any of its members, growing out of transactions of any kind whatever.
connected with the New Haven lines, for a period of twenty years. Those
total net profits amounted to approximately 3350,000, which included their
compensation for handling, alone or in connection with others, securities
of the par value of $333,000.000.
The records of my firm and the personal records of my father are still
intact; they are available and ready for production before any proper
tribunal at any time.
In the present state of the New Haven's affairs, the shareholders are
entitled to have made public every obtainable bit of evidence bearing not
on one but on all sides of the question. Meanwhilie the honest and capable
man now managing the railroad should have the active co-operation not
only of all shareholders but of all public bodies as well, to the end that
this great property may be restored to the position to which it is entitled.
The hearings of the Inter-State Commerce Commission
into the conduct of the New Haven were postponed on Tuesday last until next Wednesday,June 3, pending the inspection
by special examiners of the Commission of the books of J. P.
Morgan & Co. and the personal papers of the late J. Pierpont Morgan bearing on the transactions of the New Haven,
which was undertaken on Thursday in pursuance of the
offer of Mr. Morgan to place them before the proper tribunal
at any time.
Lewis Cass Ledyard, a former director of the New Haven
road, who was subpoenaed early in May to appear before
the Commission, but whose subpoena has since been
withdrawn, appeared before the Commission on Tuesday
with a request to be given a hearing before the closing of
the proceedings, and asked and was permitted to have included in the record the following correspondence which
passed between himself and the Commission in the matter:
14 Wall Street, New York, May 23 1914.
The Honorable C. C. McChord, Inter-State Commerce Commissioner, Washington, D. C.
Dear Sir:—On or about Monday, May 11, a subpoena was served upon
me to appear before you on Wednesday. May 13, as a witness in the inquiry
into the affairs of the New York New Haven &Hartford RR. Co.. which
you have been conducting pursuant to a resolution of the United States
Senate. Immediately upon receiving that subpoena, I went personally
to Washington, conferred with your counsel, Hon. Joseph W. Folk, placed
myself unreservedly at his disposal, answered such questions as he chose
to ask me,and, in accordance with his request,I have kept myself in readiness and waiting, from day to day, to appear before your Commission
whenever I should be called.
.1 have seen an intimation in the public press to the effect that you may
determine not to further examine witnesses and to predicate your report
to the Senate solely upon the testimony already taken. I beg respectfully
to protest against any such determination. The testimony of Mr. Mellen
is at variance with my recollection in a number of particulars, and I think
a very partial and inaccurate impression of the affairs of the company would
be given unless other witnesses having knowledge of the matters under
inquiry are afforded an opportunity to state, with the same freedom that
he has done, their knowledge of the same matters concerning which he has
testified. My understanding IS that the resolution under which you are
proceeding expressly calls for a thorough investigation into the affairs of
the railroad company.
I was eleeted a director of the New York New Haven & Hartford RR.
Co. in 1908 and resigned in 1913.
I believe I can contribute materially to an accurate knowledge of some
of tho matters occurring between those dates which have been referred
to in Mr. Mellen's testimony, and I respectfully requst an opportunity
Respectfully yours,
to do so.
[Signed] LEWIS CASS LEDYARD.
Commissioner MoChord's reply to the above was as follows:
Washington, D. C., May 26 1914.
Lewis Cass Ledyard, Esq., 14 Wall Street, New York City.
Dear Sir:—Your letter in reference to your testimony in the matter of
investigation of the financial affairs of the New York New Haven & Hartford RR. received. It is quite true that you were served with a subpoena
some weeks ago, and the intention was at that time to place you upon the
stand to be examined concerning your knowledge of the matters being
inquired into. Since then, however, developments have been such that
the Commission has deemed It advisable to withdraw the subpoena heretofore served upon you and you may take this letter as cancellation of the
subpoena, so that you are relieved of all compulsion as to being a witness
in this matter. Should you desire to appear voluntarily, waiving immunity by the testimony you may give, you may so advise the Commission, and the question of your being a witness will then be determined. •
Yours very truly,
[Signed] C. C. McCHORD, Commissioner.
While assenting to the suggestion that he appear as a voluntary witness, Mr. Ledyard took exception to the use , of
the word "immunity," which he declared carried withTit a
suggestion of wrongdoing. "There is nothing," he said,
"for which I desire immunity; I am willing that every action
of mine should be spread broadcast on the record, and I am
quite willing to volunteer as a witness and waive the possibilities of an immunity bath. I was a director of the New
Haven for many years, and I want to tell the wholeltruth.
Many of the statements of Mr. Mellen were inaccurate, and
I want the whole thing open and to the light."
1656
THE CHRONICLE
[VOL. xcvm.
The only pertinent reference in the Act to a partnership is found in
Subsection D. Bearing in mind that under Subsection 11 "income" in"gains, profits and income." Subsection D provides for the returns
cludes
INCOME TAX RULES AND REGULATIONS.
and reads in part as follows:
The right of members of a partnership to pro rate On
"On or before the first day of March * * • In each year • • •
their individual returns all deductions from partnership in- a true and accurate return * * * shall be made by each person
*
* * provided further that any persons carrying on business in partnercome allowed individuals under the law, and to exclude from ships
shall be liable for income tax only in their individual capacity, and the
such income interest received on municipal bonds, is the share of the profits of a partnership to which any taxable partner would be
subject of a communication addressed to Secretary Fenton entitled * * * shall be returned for taxation and the tax paid." (SubD.)
of the Investment Bankers' Association, under date of the section
It seems to us to be self-evident that the primary and only purpose of
Caldwell,
of
firm
the
of
Reed,
21st inst., by Robert R.
the clause last quoted is to segregate the partnership "profits" into indiMasslich & Reed, counsel for the Association. Mr. Reed vidual "profits" of the partners, to be returned and taxed by each member
individually,
subject as a matter of course to all the deductions to which
takes exception to the latest edict of the Commissioner of as an individual
each partner is entitled. They are joint owners of all
a
from
partnership
received
"income
Internal Revenue that
partnership income.
In
other
words, it requires just what reason and justice and the other
cannot be traced to its source behind the partnership for the
provisions of the Act seem to require in the instances we have cited, that
purpose of claiming individual exemption." A part of his two
individuals engaging in business as partners shall "be liable for income
contentions are submitted below:
tax only in their individual capacity" and shall make their return and pay
We are in receipt of your inquiry referring to the advice published in the their tax on their "share of the partnership profits" just as if they were indiI. B. A. Bulletin of 'Jan. 17. that members of a partnership are entitled vidual profits "whether divided or otherwise."
As stated, we have never had any conflicting view fully presented to us,
in effect to pro rate on their individual returns all the deductions from partnership income specified in sub-section B of the Income Tax Law, and to but if such a view is based on a construction of this simple proviso in SubD,that would make out of it an independent substantive provision
section
exclude from such income interest received on municipal bonds.
The statement published in the Bulletin was dictated by Mr. Reed while levying the tax in full on the full share of the net partnership profits accruing
in Chicago on Jan. 16. No formal opinion was rendered, but, as the mat- to the member, denying to him the deductions and exclusions specified in
ter seemed to be of immediate importance, the advice as to the rights of Subsection B, and working all the obvious injustices and inconsistencies
partners making individual returns was incorporated with the advice to which we have cited, we are wholly unable to see any legal sanction for it.
corporations, based on the information received from the Commissioner It rests on a view of the partnership itself which is fundamentally unsound
as a general proposition, and particularly opposed to the plan of the law,
of Internal Revenue.
The advice given seemed to us then, and seems to us still, free from rea- i.e., a view that the partnership is a separate entity and that the member's
profit is a separate taxable income as though received from an outside
the
of
members
sonable doubt under the law. Realizing its importance to
Association, and desiring to confirm the view expressed in the Bulletin, we source. The contrary is true. The partnership is a joint venture of the
wrote the Commissioner of Internal Revenue under date of Jan. 26,follow- members, and the profits are received and owned by them "whether
ing this with a telegram on Feb. 4,to which we had no reply until Feb. 27, divided or otherwise." The undivided profits are by the Act itself made
when we received a telegram from the Commissioner. Our letter and the taxable as fully as though divided, because there is and can be no question
Department's telegram in reply were published in the "Commercial and as to their accrual and joint ownership.
Were the intent of the Act contrary to the general principle of law, that
Financial Chronicle" of Feb. 28.
The Commissioner's reply to our letter was categorical and complete, is, if the share of the profits were a part of the gross income of the member,
like
a salary, a stock dividend or bond interest, then, if taxable at all, it
previously
given.
itself
fully
It
with
identifies
advice
the
and confirmed
the letter and telegram to which it refers. It may be noted that we made would fall under the other items to be withheld at the source by the partnership.
It is, however,necessary to consider T.D. 1957, holding that income payan error In the third paragraph of our letter, referring to Column B instead
of Column A for the entry of income on whica tax has been withheld at able to a partnership is not subject to deduction at the source. The only
the source. The Commissioner's telegram corrects this error, indicating authority claimed for this ruling is the provision in Subsection D, above
quoted. The inference seems to be that income payable to a partnership
That the inquir7 had specific attention.
We have now been advised that the Commissioner of Internal Revenue. Is owned by the partnership, not by the partners, and that the provisions
deduction at the source "do not apply to the income of partnerrequiring
of
without specifically questioning the advice given in the telegram Feb.27,
has held, In a letter dated Mar. 27 and printed on page 232 of the "Income ship as such."
This is the Regulation. What is the law?
Tax Service" of the Corporation Trust Company, that "Income received
"All * * * corporations * * * partnerships * * • except as hereinafter
from a partnership cannot be traced to its source behind the partnership,
for the purpose of claiming individual exemption." This letter followed the provided * * * having the payment of * * * income of another person
approval of T. D. 1957, holding that income payable to partnerships is subject to tax, shall in behalf of such person deduct and withhold from the
not subject to deduction at the source, to which we shall refer below. payment an amount equivalent to the normal income tax." (SubsecAs the matter is one of substantial importance to members of partnership tion D.)
Who is "a person subject to the tax" under the law?
banking houses, and you are receiving various inquiries with respect to it,
"All persons carrying on business in partnership * * * shall be liable to
the Chairman of the Legislative Committee has requested us to present it
income tax only in their individual capacity." (Ibid.)
fully for the information of the Association.
If the partnership were a separate entity, and the partners received the
It is evident that, if we are correct in our view, that the members of a
partnership are jointly entitled to all deductions specified in sub-section B Income from the partnership, then clearly the partnership should withof the Act,including the exclusion from gross income ofinterest on municipal hold the tax as in other cases. But if, as we feel sure, the partnership is
in partnership"
bonds, the amount of taxable income of an investment banking partner not a separate entity, the "persons carrying on business
is subject to very largo deductions. In the case of corporate bonds carried receive the income from the corporation and the Act requires it to withtax," i. e., "subject to the
by partnerships, this deduction would rest upon the fact that the tax has hold the tax. They are "liable for the income
been, or should be, withheld and paid at the source by the corporation. tax," and within the letter and purpose of the law.
of deduction at the source
requirement
the
be
that
not
will
It
contended
These two considerations suggest the nature and force of the effort to avoid
persons jointly, where
the result which, as it seems to us, the Act requires. In our opinion this does not apply where the income is payable to two
forms provide for cerThe
result is not only unavoidable under tho law but it is a result grounded in A and B are joint owners of corporate bonds.
joint owners, they
are
they
if
But
owners.
justice which should not be avoided. It does not involve the loss of any tificates of ownership by joint
capacity and the share of the
taxes to the Government, except such as, without warrant of law, are at- are "liable for the tax only in their individual
entitled if the same were
tempted to be imposed on income from municipal bonds or from corporate profits * * * to which any"joint owner "would be
returned and the tax paid."
stock because they happen to belong for the time being to two or more per- divided, whether divided or otherwise,shall be
meaning of the Act
unavoidable
and
necessary
Is not this the natural,
sons in partnership, instead of to one person.
what the Act says
In the first place, it is only necessary to state the proposition that the wth respect to joint owners? And yet this is exactly
right to impose a tax under the law must be found in the law itself, not in shall be the situation with respect to partners.
quoted:
provision
To make the matter clear we repeat the
the Treasury regulations.
"Any persons carrying on business in partnershiP" (any joint owners)
Also, the law does not, and could not Constitutionally, delegate to the
individual capacity, and the
Commissioner of Internal Revenue any power to increase or dinimish the "shall be liable for income tax only in their
ownership) "to which any
tax imposed. The function of the regulations is to collect the tax not to share of the profits of a partnership" (a joint
if the same were divided,
entitled
be
taxable partner" (joint owner) "would
levy it.
taxation and the tax paid."
In the Regulations as originally published,the Department followed what whether divided or otherwise,shall be returned for
The premise is indisputable and the conclusion plain. The provision
we believe to be the plain intent of the law, and dealt with the partnership
to joint-owners, and its
as a joint business of the individuals. The income from interest on corpor- quoted prescribes for partners the rule applicable
partners are to be treated
ate bonds payable to a partnership was treated as payable, to quote the purpose is to make it clear under the Act that received
jointly, must be
Act, to "persons carrying on business in partnership." Provision was made as joint owners, that the partnership income,
is not a separate entity
for claiming individual exemptions on income payable to the partnership. accounted for individually, and that a partnership
This was and is, we believe, in accordance with the law. It has now been under the Act.
Yet this is the provision, and we believe the only provision, by which
superseded by T. D • 1957, dated March 12 1914, holding that income paid
partnership is a separate
to a partnership is not subject to deduction at the source, and requiring partner- the view is sought to be supported, that the
Its members,that "persons
ships to file certificates of ownership with corporate coupons for the purpose entity, that income paid to it is not paid to
"persons
subject to the tax,"
not
are
partnership"
of exempting such coupons from such deduction. This decision not only carrying on business in
deduction at the source "do
reverses_the theory and practice previously established by the Regulations, and that the provisions of the law relative to
but, in our opinion, attempts to re-make the law on this point. It treats not apply to the income of partnerships as such.
It seems to us that this proposition defeats itself on any analysis of the
a partnership as an entity separate from its members, instead of, to again
aw, and that It is entirely untenable under the law. We feel that this
quote the law, as "persons carrying on business in partnership."
to which the contrary
The Department has, however, gone very much farther than is indi- conclusion is unavoidable despite the high respect
cated by T. D. 1957. It now holds, as stated above, not only (1) that opinion of the Attorney-General is entitled.
form of Certificate
new
the
that
said
It follows from what we have
the tax is not deductible at the source on income received as partners.
organizations" is not adapted to use
but (2) that the "persons carrying on business in partnership" must in of Ownership, No. 1001, for "firms or
the tax to be deducted at the
determining their "share of the profits" on their individual returns include by a partnership, and (if the partners desire
stating that the signers
their share of income received as partners from municipal obligations, which source) should not be used, except under protest
from the requirement of
exempt
concede
are
that
coupons
the
not
do
the Act says "shall be excluded" in computing net income, and (3) cannot
prescribed seems designed to
deduct in determining their "share of the profits" on their individual re- deductions at the source. This form as
requirement for deduction at the
turns their share of income received as partners from dividends on cor- compel the partnership to waive the legal
to the use of this form
however,
objection,
porate stock, which the Act says "shall be allowed as deductions." It source. There seems to be no
which
would also seem to follow from the principle asserted by the Department except as it may affect the operation of the tax-free agreement under
deduction. Partners are, we
that (4) losses of a partnership during the tax year cannot be prorated and the coupons must be paid in full despite the
deducted by the members on their individual returns; that is, of course, believe, entitled to claim the benefit of the tax deducted and to be paid
by the corporation. We see no reason in justice why the benefit of this
assuming that the tax year shows a partnership loss instead of a profit.
in partnership as well as to
Our opinion is that T. D. 1957 is not authorized under the Act and is agreement should not accrue to two persons
from a
therefore,of no force and effect, and that the practice adopted under it ono person not in partnership, to the original purchaser of bonds
as to the ultimate investor.
well
as
and on the other two points mentioned is likewise unauthorized and corporation carrying them pending sale
These considerations, however,do not affect:the:question of construction.
wrong. *
MAY 30 19141
THE CHRONICLE
A much longer and probably more effective argument could be made
of the matter, but we believe it is plain, even upon this consideration, that
the "share of the profits" to which "any person carrying on business in
partnership" is entitled, and which is to be "returned for taxation and the
tax paid," is the equivalent under the law to the profits of the one person
engaged in business for himself, and is subject to the deductions, or the
"share" of the deductions from such profits, to which as individuals the
members of the partnership are entitled under Subsection B, and that income payable to partners is payable to "persons subject to the tax" and is
subject to deduction at the source.
In other words, the "share of the profits" mvst be returned with the
share of the deductions and subject to the exclusion mentioned in B.
These must be "pro-rated" by the members on their individual returns, and
this return, whatever form may be provided by the Department, must give
the same result as though it were an individual return of the partnership
income multiplied by the fraction of the member's interest.
We have not taken up separately the question as to the possible deduction
on one's individual return of his pro rata share of the losses of a partnership
or which he is a member. Our impression, however, is that such a deduction should be allowed, that,for all the purposes of the Act, the partnership
is a joint ownership, and that, if it shows a loss instead of a profit for the
tax year, it is the loss of the members, each of whom must deduct it from
his "gross income" in order to determine his "net income" under the law.
After our opinion to this point had been fully prepared and written, we
received a copy of the letter of the Attorney-General to the Secretary of the
Treasury on which T. D. 1957 is said to be based. For your information,
we copy this letter in full:
(Copy.)
DEPARTMENT OF JUSTICE,
Washington, D. C., February 12 1914.
The Secretary of the Treasury:
Sir.—I have the honor to acknowledge your letter of the 20th ultimo,
requesting an opinion upon a question arising in the administration of your
Department, and involving the interpretation of that provision of the
Income Tax Law which requires the withholding of the tax at its source,
in its application to interest, etc., due co-partnerships. The provision is
as follows:
"All persons, firms, co-partnerships, companies, corporations, joint-stock
companies or associations, and insurance companies, in whatever capacity
acting, including lessees or mortgagors of real or personal property, trustees
acting in any trust capacity, executors, administrators, agents, receivers,
conservators, employers, and all officers and employees of the United States
having the control, receipt, custody, disposal, or payment of interest, rent,
salaries, wages, premiums, annuities, compensation, remuneration, emoluments, or other fixed or determinable annual gains, profits, and income of
another person, exceeding $3,000 for any taxable year, other than dividends
on capital stock, or from the net earnings of corporations and joint-stock
companies or associations, subject to like tax, who are required to make
and render a return in behalf of another, as provided herein, to the collector
of his, her, or its district, are hereby authorized and required to deduct
and withhold from such anhual gains, profits, and income, such sum as
will be sufficient to pay the normal tax imposed thereon by this section, and
shall pay to the officer of the United States Government authorized to
receive the same; and they are each hereby made personally liable for
such tax. * * *"
The Act provides for administrative regulations governing the assessment
and collection of the tax, to be promulgated by the Commissioner of Internal
Revenue, with your approval. Accordingly, regulations have been issued
covering the withholding at the source, under the above provision of law,
of fixed or determinable gains, etc., due to a co-partnership which in substance providesfor a certificate filed with the debtor on behalf of the partnership stating its ownership, and claiming as a deduction the legitimate
expenses of the business; whereupon the debtor shall withhold from the
partnership the tax upon the balance (T. D., 1887, T. D., 1905).
As I understand, your question is whether these regulations are in conformity with the provisions of the Income Tax Law. In my judgmentTheST
are not.
The Act throughout speaks, in connection with the incidence of the
tax, of "person" or "persons," "citizens of the United States whether
residing at home or abroad," "any.individual,""person;of lawful age:'
Evidently a co-partnership does not come within such :descriptions.! This is
clearly brought out in the specific provision for the taxation of co-partnerships, which reads as follows:
usinn
7.7
e
"* * * Provided further, That anyTpersonsicarrying on b-partnership shall be liable for income tax onlylin their individual capacity:
and the share of the profits of a partnership to which any taxable partner
would be entitled if the same were divided, whether divided or otherwise,
shall be returned for taxation and the tax paid, under the provisions of this
section, and any such firm, when requested by the Commissioner of Internal
Revenue, or any district collector, shall,forward to him a correct statement
of such profits and the names of the individuals who would be entitled totre
same, if distributed: * * 5"
It is clear, therefore, that the Act has adopted the view of a partnership
taken by the general law, namely that "the interest of each partner in the
partnership property is his share in the surplus, after the partnership debts
are paid" (U. S. v. Huck,8 Pet., 271, 275); "the property or effects of a
partnership belong to the firm and not to the partners, each of whom is
entitled only to a share of what may remain after payment of the partnership
debts and after a settlement of the accounts between the partners" (Bank
v. Carrollton RR., 11 Wall., 624, 628). Since the Act only permits
withholding, at the source, of interest, etc., of a "person," and since the
individual members of a partnership have no right to the credits of the
partnership, either by the general law or under the provisions of the Income
Tax Act, a debtor of a partnership has no interest, rent, etc., of the individual members of the partnership and has, therefore, nothing to withhold
as to them. He owes the partnership only, and the partnership is not a
taxable person under the provisions of the Act.
Respectfully,
(Signed) J. C. McREYNOLDS,
Attorney-General.
We have read this letter with much care and have examined the authorities cited by the Attorney-General. They do not alter our opinion. We
agree with the view that the former regulation permitting partners to claim
exemption from deduction at the source, on account of expenses, was not
in accord with the law, but wo base this conclusion on the fact that the law
only permits such exemption to be claimed for the $3,000 or $4,000 allowed
under Subsection C. We cannot agree with the view that interest payable
to a partnership is not payable to "persons" subject to the tax and is not,
therefore, subject to the requirement of deduction at:the source. We repeat that the Act correctly states t he legal conception of a partnership when
it refers to "persons carrying on business in partnership." If one of these
"persons" is a "person subject to the tax," then interest payable to such persons is subject to deduction at the source in all respects as in ot her cases
of interest payable to two or more joint owners. The Attorney-Gearal
emphasizes the repetition of the word "person" in the Act, but strangely
overlooks the fact that this word is used so specifically in connection witI
the partnership.
1657
Though the language quoted by the Attorney-General from two early
Supreme Court cases seems to support his conclusion, the decisions from
which this language is quoted do not support it. These cases dealt with
the questions of priority arising out of the complicated "marshaling" of
partnership assets. The partnership relation gives to the partners the right
to compel the payment of firm debts out of firm assets before recourse may
be had to the individual assets. The partnership creditors have what is
called a "derivative right" to enforce this preference, but not against the
act of all the partners. From this right also proceeds the conception of a
firm's insolvency, as distinguished from the insolvency of an individual
member,so that under bankruptcy and assignment statutes the partnership
fund is sometimes treated as a quasi-separate entity for the purposes o
those statutes. But with these and similar instances based on commercial
usage, the commercial notion of a separate partnership entity ends,and with
it ends the meaning and application of dicta, such as those quoted in the
Attorney-General's letter. All of these instances and all of these dictii
depend entirely on a condition, which may be an incident, but is in no sense
an element, of a partnership. That incident is the existence of debts which
may compel the marshaling]of the firm assets for the payment ofsuch debts.
It is also to be noted that the distinction between the "income" or receipts
of a partnership and its "profits" rests upon an assumption of something
which does not always exist, i. e., that it has expenses or disbursements
of various kinds. The receipts of a professional partnership may be practically all profits. We may have an investment partnership, the business
of which is carrying the stocks and bonds of corporations managed and
financed by it, with practically no partnership debts or expenses. In these
cases clearly the income of the partnership is income of the members, yet
its legal status is the same as that of any other partnership, and there is no
basis of differentiation under the law between its business and the gradually
varying kinds and degrees of business carried on by other partnerships to
which the law applies. * * *
Probably the plainest and most conclusive authority against the position
taken by the Attorney-General is to be found in the words of Lord Lindley,
whose work is recognized as the great authority on the "Law of Partnership
in the English and American Law." He says:
"Partners are called collectively a firm. Merchants and lawyers have
different notions respecting the nature of a firm. Commercial men and
accountants are apt to look upon a firm in the light in which lawyers look
upon a corporation, 1. e. as a body distinct from the members composing
it, and having rights and obligations distinctfrom those ofits members."* *
"But this is not the legal notion of a firm. The firm is not recognized
by English lawyers as distinct from the members composing it. In taking
partnership accounts and in administering partnership assets, courts have
to some extent adopted the mercantile view, and actions may now, by rule
of court in England, speaking generally, be brought by or against partners
in the name of their firms; but speaking generally, the firm as such has no
legal recognition. The law, ignoring the firm, looks to the partners composing it; any change amongst them destroys the identity of the firm; what
Is called the property of the firm is their property, and what are called the
debts and liabilities of the firm are their debts and their liabilities.
"This non-recognition of the firm, in the mercantile sense of the word,
is one of the most marked differences between partnerships and incorporated
companies." (Lindley on Partnerships, 8th Ed. (1912), pp. 135-137.
It is this general legal view of the partnership which is specifically recognized by the Income Tax Act in its reference to a partnership as "persons
carrying on business in partnership." We believe that, when the matter
is again referred to the Attorney-General, with a fuller view of the subject
and of the results already reached by the Department under his former
advice, his final conclusion and advice will agree with the view so cogently
stated by Lord Lindley,a view, we believe, which has never been questioned
by English or American courts.
Announcement of the issuance of revised ownership and
exemption certificates in connection with coupon and registered interest payments in the administration of the Income
Tax Law was recently made by the Treasury Department.
The purpose of the revision "is to eliminate such repetitions
as did not add to the value of the certificates, standardize
the certificates as to the requirements of the name of the
debtor, the description of the bonds, the date of maturity
of interest, the amount of interest and the exemption claimed,
so as to have these items appear in the same place on all
certificates." These items appear at the top of all certificates, and the blanks for figures are so grouped as to show
their natural relation to one another. The number of certificates is also much reduced. Form 1,001, revised for
use of firms and organizations, will take the place of the present forms, Nos. 1,001, 1,003 and 1,018. Form 1,004, ownership certificate of non-resident aliens, takes the place of
forms Nos. 1,014 and 1,016. The new forms 1,058 and 1,059
replace the ten substitute certificates now in use. A new form
of certificate, No. 1,060, has been authorized to meet the conditions arising from bonds of United States corporations
owned by non-resident aliens. As a further aid to the classification of certificates by debtors or withholding and paying agents, those claiming exemption are printed on yellow
paper and those not claiming exemption are printed on white
paper. Form 1,002, the certificate used by banks and agencies when coupons are presented for collection unaccompanied
by certificates of ownership, is printed on green paper, and
is to be treated by the debtor or its withholding and paying
agent the same as a certificate claiming exemption.
The action to test the Constitutionality of the Income Tax
Law,brought by Frank R. Brushaber of Brooklyn, the owner
of 500 shares of common stock of the Union Pacific RR.,
reached the U. S. Supreme Court on May 7,following the refusal of the U. S. District Court of Southern New York to
enjoin the company from paying the tax or making the returns required by law. The action was referred to in our
issue of March 21.
1658
THE CHRONICLE
THE NATIONAL FOREIGN TRADE CONVENTION.
A formidable array of speakers assisted in the launching
of the first National Foreign Trade Convention in Washington this week. Some five hundred delegates, representing
more than seventy commercial and industrial organizations,
were in attendance at the conference, which opened on
Wednesday and was brought to a close the following day.
The conference was held under the auspices of the American
Manufacturers' Export Association, the Pan-American
Society of the United States and the American Asiatic
Association. Every phase of the export trade was treated
at the gathering by men representative of railroad, agricultural, manufacturing and other interests, some of those who
had prepared papers for the occasion including James J.
Hill, President of the Great Northern Ry.; James A. Farrell, President of the United States Steel Corporation;
Willard Straight, President of the American Asiatic Association; Hon. Wilbur J. Carr, Director-General of the Consular
Service at Washington; Charles A. Conant, U. S. Delegate to
the Conference on International Bills of Lading; E. C. Simmons, Chairman of the Board of the Simmons Hardware Co.
of St. Louis; A. H. Baldwin, Chief of the Bureau of Foreign
and Domstic Commerce, Department of Commerce, Washington; Hon. W.Cameron Forbes, former Governor-General
of the Philippine Islands; P. A. S. Franklin, Vice-President
of the International Mercantile Marine, New York; Fairfax
Harrison, President of the Southern Railway Co.; Alba B.
Johnson, President of the Baldwin Locomotive Works;
Welding Ring, of the American Exporters' and Importers'
Association, New York, &c., &c. The business session of
Wednesday was followed by a banquet in the evening, at
which Secretary of State William J. Bryan outlined the
Administration's attitude toward the campaign for industrial relations with other countries; in part Mr. Bryan
said:
"It is the earnest purpose of the Department of State to promote commerce and close industrial relations with other countries. So far as it is
possible to do so, it is our desire to obtain for Americans equality of opportunity in the development of the resources of foreign countries and in the
markets of the world. It is our intention to employ every agency of the
Department of State to extend and safeguard American commerce and
legitimate American enterprises in foreign lands, so far as it can be done consistently with the sovereign rights of other governments. It should be
distinctly understood, however, that this Government, in its efforts to
advance the interests of its citizens abroad, will know no favorites.
Honesty of purpose and endeavor and ability to perform obligations assumed will command at all times its hearty support.
"While this Government wishes to expand its foreign trade and to
encourage those who seek in foreign lands a field for American labor and
capital, it cannot in any way assume responsibility for or guarantee the
financial standing of Americans who engage in commercial or industrial
enterprises beyond the boundaries of the United States.
"If a wrong be done an American citizen in his legitimate business relations with a foreign government, American diplomatic officers will be instructed to use their good offices to secure just treatment for such citizens.
This rule applies to financial as well as industrial engagements, but as to
the nature and degree of the support which may be given to any particular
enterprise tho Department must, in accordance with its uniform practice,
exercise its right to decide each case independently as it arises, according
to its merits, and always with the understanding that the support promised
by this Government does not imply any obligation to interfere by force, or
by the menace of force, in the financial or political affairs of other countries.
"The fact that this new organization is effected—this first meeting—Is
evidence that we are going forward and not backward. It is to be expected, it is certain, that the ability which our business men have shown in
the creation of the productive power of this country will commend them
to the countries that need development.
Secretary of Commerce William C. Redfield, in addressing
the conference, took occasion to state that he knew of no
one who has ever had the thought of hampering or restricting
the export trade of this country. "There has never," he
said, "been mentioned in my presence, either by inference
or indication in Congress while I served there, or since I
have been in Executive duty,anything that showed the faintest purpose or desire on the part of any man to hold back
the interest of our foreign trade. The industries of America
do not use the available scientific knowledge which is obtained. Inasmuch as it lies within my power by official
effort and influence to remove any barriers that may stand in
the way of our foreign trade, whether they be at home or
abroad, I shall think it my privilege and duty alike to do
that."
As a result of the convention, it is proposed to create a national foreign trade council of thirty members, to be appointed by the president of the convention, to co-ordinate
the industrial, commercial, transportation and financial interests of the nation for the extension of foreign trade. The
co-operation of the Chamber of Commerce of the United
States will be sought in the movement. We have room
for but a few brief extracts from two or three of the
papers read at the convention; one from which we
quote is that of Mr. Simmons on "Present Commercial
[VoL. xcvzir
Conditions in the United States, with Special Reference to
Foreign Trade." Commenting on the effects of unduly
restrictive legislation, Mr. Simmons said:
"Naturally, if we are to increase the bounds of our foreign trade, we
must settle our own domestic commercial affairs first, or else, lest our
business foundation here be assured, we shall make but a sorry showing
abroad. The trouble is that so far as the relations of Government and
business are concerned, we are still in the position of that Alabama Congressman who did not know 'where he was at.' I am unqualifiedly in favor
of Governmental regulation and supervision, and of all duo publicity—
provided, of course, these things be done soberly, advisedly and in fear
of the Lord. There's nothing to it if such things are to be done in the
spirit of reprisal or of revenge and if animated solely by a spirit of political
demagoguery.
"The controlling and overseeing power of Government has come because
of offense and derelictions that need not now be recounted, and, as always,
the pendulum has swung as far on the other side. Regulation and supervision do not necessarily mean handicaps and obstacles, and yet that is
the present danger and apparently the present trend. We shall have to
trust to the good sense and impartial judgment of the American public
to correct that undue radicalism which constantly manifests itself in
Congress, for, after all, public opinion is more and more the controlling
influence in this country, and Congress can be depended upon to listen
to the voice of its masters. It seems a matter of experience that the large
concerns in manufacturing must be the ones to bear the larger share of the
export business, and they cannot bear their share if they are to be disintegrated into warring and inharmonious fragments, or hampered by unduly
restrictive laws. There is a size that is weakness and a size that is strength.
and I do not believe that It is the part of Government to stunt a healthy
growth, or to do other than prevent monopoly and special privilege."
"The Federal Reserve Law and Foreign Trade" was discussed by Mr. Conant, from whose remarks we take the
following:
If extravagant hopes have been held out in some quarters regarding the
benefits of the new Federal reserve law in promoting foreign trade, they
are likely to be seriously tempered by examination of the chief factors in
the problem. Probably the most that can be said in regard to the advantages conferred on American exporters by the provisions of the Federal
Reserve Law is its influence in carrying out the declared purpose of President Wilson that trade should be set free. While we have come a long
ways from the old doctrine of laissez-faire, it is still true that one of the
most important functions which can be performed by the State for commerce and finance is to remove the obstacles to their free movement; but
we may yet have to learn that freedom in banking is of little avail in extending commerce unless the freedom conferred is. availed by painstaking
industry, wide knowledge of markets and of consumers, and the keen
application of our intellectual powers in grasping'opportunities and correctly measuring them. Unfortunately,in this country, we have developed
few men with the grasp of details of foreign exchange and foreign trade
methods which is so essential to success in that keenly contested field.
A striking example of the difference between American education in this
respect and the education acquired by foreign bankers is afforded by the
recent appointment of the New York member of the Federal Reserve Board.
He is a practical banker of the highest typo, having acquired his education
in foreign banking in the practical schools of London, Paris and Hamburg,
as well as in New York. He is in the best sense "a citizen of the world",
but he is not a product of American banking education and has been only
a few years a citizen of the United States. Yet his appointment from the
banking standpoint is probably better than would have been that of almost
any native-born American. If the Federal reserve system affords opportunities which result in the development of American bankers like Mr.
Paul M. Warburg, it will accomplish some of the ends claimed by its enthusiastic advocates; but the machinery cannot be operated without the
men, any more than the Bulgarians and Servians in the recent war with
Turkey could have operated their machine-guns with such terrible pre •
cision if they had not been thoroughly drilled in their use by experts from
western Europe before the war began.
There are several provisions of the Federal Reserve Act which bear more
or less directly upon the extension of our foreign trade; but carefully anallyzed, they are in the nature of setting free commerce and finance from the
fetters imposed by previous laws rather than definite constructive measures. The interpretation given for so many years to the National Banking
Act, that it prohibited the creation of branches by national banks, is corrected in the new law by the definite provision in Section 25 that any nattional banking association with capital and surplus of $1,000,000 or more
may apply to the Federal Reserve Board for authority to establish branches
In foreign countries or in dependencies of the United States "for the furtherance of the foreign commerce of the United States."
The privilege to establish foreign agencies is granted also to the Federal
reserve banks which are created by the new law. Whether this will be
done or not will naturally depend upon the views of the Federal Reserve
Board and of the directorates of the local Federal reserve banks. It is not
impossible that such branches might be established first at London and
afterwards in one or two other financial centres, for the purpose of handling
foreign bills or accepting bills drawn by the Federal reserve banks in the
United States.
In order to throw down another existing barrier to the extension of
American banking abroad, provision is made in Section 13 of the new law
for the acceptance by member banks of drafts or bills of exchange "growing
out of transactions involving the importation or exportation of goods
having not more than six months' sight to run". To the Federal reserve
banks is granted power to discount acceptances of a similar character which
have a maturity at time of discount of not more than throe months and
are indorsed by at least one member bank. The reserve banks have the
further power of going into the open market to purchase or sell at home or
abroad, either from or to domestic or foreign banks, firms, corporations,
or individuals, cable transfers and bankers' acceptances and bills of exchange of the kinds and maturities which are made eligible for rediscount.
In this field they are not restricted to requiring the indorsement of a member bank, but may use their best judgment in purchasing such bills as they
find in the market.
Obviously, the field is thrown open here for the conduct of foreign exchange operations upon a broader basis than has heretofore been permitted.
There is a restriction, however, which is already deterring several institutions from seriously considering entrance into the Federal reserve system.
This is the provision of Section 13, referring to acceptance,which declares
that "No bank shall accept such bills to an amount equal at any time in
the aggregate to more than one-half Its paid-up capital stock and surplus."
Since the testimony given before the Organization Committee in Now York
showed that a single institution here, with a capital and surplus of $30,000,000, does an aggregate foreign exchange business running up into the
hundreds of millions, it is obvious that neither this institution nor one or
MAY GO 1914.]
THE CHRONICLE
1659
•
two others of a similar character can afford to submit to such narrow fetters Twenty years ago it was half that sum. Taxes are now accomplishing
upon its current business. The provision may be a wise one, so far as it actual confiscation.
relates to less important institutions, venturing for the first time upon a
Reduced to its simplest terms, this project is not "humanitarian", but
broad scale into the foreign field; but it is not unlikely that Congress would unspeakably cruel; though that high-sounding work and its familiar fellow,
be willing to modify it, if it were the controlling obstacle to the entry of "social justice", are common cloaks for legislative cowardice or incapacity
several large trust companies into the new system, by providing that the that does not dare apply the real remedy to the obvious disease. It merely
restriction should not apply to institutions with a capital and surplus of postpones the inevitable, and intensifies the catastrophe which can no more
$10,000000 or upwards.
be averted than hunger can satisfy itself on air. Great Britain is now
From the accumulation of a stock of foreign bills by the reserve banks maintaining many of her industries in an artificial condition by appropribenefits
to
foreign
trade;
they
will
follow
perhaps
some
but,
obviously,
will
ating for the support of one class of her people the property of another
not accrue until the trade exists. Only through a long process of develop- class. Let it be understood that this discussion has nothing to do with
ment, both among the old banks and the new Federal reserve banks, will the moral of the process, but only with its economic consequences. The
it be possible to establish a market for foreign bills and acceptances ap- British Empire is now sustaining itself by sequestering, under one guise or
proaching in flexibility the markets which have grown up by a process of another, the sorted accumulations of past generations. The end of that
natural evolution in London, Paris and Hamburg. One of the underlying policy comes when this accumulated capital is exhausted or has removed
factors in the situation, and one against which legislative panaceas usually itself beyond the reach of legal capturel. When that day arrives, Great
beat their heads in vain, is the ratio of canital in the country to the demand Britain will be face to face with her real problem. Its magnitude and its
for it and the rate charged for its use. While the mechanism of modern difficulty will be almost unique in history.
It would seem that with such events passing before our eyes and the vel
finance has found the means of equalizing the distribution of capital by
the sale in the capitalisitic countries of securities representing enterprises of the future almost lifted for our benefits, we should not be beyond the
has
not
entirely
overcome
mechanism
this
countries,
reach of helpful suggestions or find rational conduct difficult. But the
in the less developed
the tendency of interest rates on permanent investments towards a higher burdens placed by unwise restrictive legislation and unnecessary taxation
level in the undeveloped countries than in those which have capital to lend. upon business in the United States are producing their natural effects here
In the field of short-term credit, equality of discount rates throughout the also. Industry slackens less because capital is dissatisfied with the present
world would, perhaps, come a little nearer to attainment if differences in than because it is uncertain of the future. Just such mistakes as Great
the character of credit could be overcome. Through the instrumentality Britain has made and is making may confront the American workingman
of the international market for short-term capital, credits can be transferred with a lost job, an empty cupboard and no younger and more promising
at will from New York to London or from Berlin to Paris; but this applies land to which he can emigrate as his needy fellows have done for centuries
only to credits of the highest type, and this very facility of transfer, while when caught in the vise of economic errors or commercial revolutions.
acting between solvent countries as a buffer against violent changes in
The future of our industry must be worked out here and by ourselves.
the rates. of money, sometimes accentuates the flight of capital from points Losing gradually the advantages that our position and resources have given
where credit is called in question.
us up to a recent date nothing but a deeper wisdom and a keener sense of
justice toward all the factors that must unite to create national prosperity
James J. Hill spoke on "The Future of Foreign Trade," can keep us at the front in the race with other nations or ever ensure
us against disappointment, disorder and economic distress at home.
on which subject he had the following to say:
A rather short-sighted optimism has concentrated attention for many
years on the increase of our exports of manufactured products. It is with
no intention of belittling the really important conquests that our large THE TRADE AND TRUST PROPOSALS IN CONGRESS.
manufacturers have made that attention is called here to the insufficient
A petitionIto President Wilson this week to stay proceedand precarious nature of this resource. Exports of manufactures imply
competition with all the world and all over the world. It has been proved ings on aleanti-trust legislation except the Trade Commission
that no artifical barriers can prevent this ultimate result. For a tarif
bill failed of its purpose, a statement issued at the White
of one nation equalizes that of another. The common factor cancels out,
and the battle must be fought, in the last analysis, just as nature intends House onWhursday indicating that no change in the course
that it shall be—on even terms.
outlined by the Administration would be permitted. The
To succeed in this field, therefore, there must be a continuing advantage
was made by representatives of the National Implein access to cheap raw material, or in efficiency, or in opportunities for appeal
profit to capital invested. If we measure,again,our progress by that of Ger- ment & Vehicle Manufacturers' Association, the Ohio Manumany, which has to obtain so large a portion of its raw material elsewhere, facturers' Association and the Illinois Manufacturers' Assowe shall not feel so much like self-congratulation. The great progress of
our iron production has been noted. Yet Dr. Helfferich finds that the ciation, who in their petition said:
We, the undersigned, representing the National Implement & Vehicle
percentage of increase between 1887 and 1911 in the United States was
268.5 and in Germany 287. Moreover, it was 486.3 in Russia; and that Association, the Ohio Manufacturers' Association and the Illinois Manucountry of undeveloped resources, so similar in this respect to our own a facturers' Association, in which States the manufacturing industry repregeneration or more ago, must be reckoned with in the industrial future. sents 33,164 factories employing 1,084,000 employees, with an annual payIn steel production the contrast is still more marked; our percentage of roll of $782,364,000, desire to co-operate with the Congress in legislation
increase from 1886 to 1910 being 910.3, as against 1,335 for Germany. which will eliminate business abuses.
We favor an inter-State trade commission properly regulated, but we are
It is clear that, if we are to hold our own, we must meet this competition
in production, which is translated instantly into competition in foreign opposed to all legislation which is discriminatory, and we ask that all other
business
legislation be deferred until the business of the United States can
trade.
Germany has waxed fat to a considerable extent on spoils taken from the become acquainted with the proposed laws, of which they are now entirely
foreign trade of Great Britain. And perhaps the most instructive thing in ignorant.
Our reasons for this request are that business throughout the country is
the world would be to consider the means by which so many English markets have been captured by Germany, and why so many industries have hesitating.
The
unemployed are numbered by hundreds of thousands.
Sheffield
and
changed their seat from
Birmingham to the busy manufacAbundant capital awaits investment.
turing towns of the German Empire. The main reason lies in the inability
that much of the proposed legislation is a potent cause of "
believe
We
of the English manufacturer to change his working conditions in conformity
to general changes that have taken place, beyond his power to arrest or unemployment of capital and labor at this time.
An assurance from Congress and the Administration that after the pasalter, in the markets wherein he must give a free field and can hope for no
favor. It must be borne in mind always that the future and, even more sage of a trade commission bill no more business legislation would be enacted
until the country has time to become acquainted with it would reand more surely, the present struggle for foreign commerce must be conducted under the rules laid down by civilization itself. * * * No real assure business interests, give courage to capital and employ labor.
We therefore respectfully urge that all trade legislation except that remonopoly of trade can ever exist again, except within the narrowest areas
lating to the creation of a trade commission be postponed until the country
or for an inconsiderable space of time.
can
study the subject, the trade commission being one of the helps to that
It follows, necessarily, that all competitors must enter the lists under
substantially equal conditions. Now England had controlled so large a end.
Below we give the White House statement which makes
share of the world's commerce in manufactures for so long that she apparently forgot this. She encouraged or permitted the establishment of condi- it apparent that no interruption will be brooked in the
against
a
free
competitor.
And
the reason
tions that left her hands tied as
•
for dwelling at some length here on this is that the United States is follow- legislative program:
The President said in reply to the Illinois delegation that, in his judging her example. The power of the English trade unions became practically
arbitrary in fixing wages, hours and general working conditions. Germany ment, nothing was more dangerous for business than uncertainty; that it
found that, with a more advantageous wage scale, she could go into the had become evident through a long series of years that a policy such as the
world's markets and compete at prices which England could not meet. Democratic party was now pursuing was absolutely necessary to satisfy
Hence the enormous growth of German exports of the manufactured ar- the conscience of the country and its perception of the prevailing conditions
ticles. Hence a competition which the United States itself cannot meet of business; and that it was a great deal better to do the thing moderately
in many lines, and which it could not meet at all did not immense and ac- and soberly now than to wait until more radical forces had accumulated
cessible natural resources and, in certain lines of manufacture, the use of and it was necessary to go much further.
The President also said that while he was aware of the present depreshighly skilled labor and highly complicated machines which cheaper labor
is not competent to handle, give us a temporary advantage. But that sion of business, there was abundant evidence that it was merely psychoadvantage, like every other exceptional local condition in world trade, logical; that there is no material condition or substantial reason why the
tends to be equalized and disappear. For, in the vast pool of the world's business of the country should not be in the most prosperous and expanding
activity, where the material, the worker, the machine, the method, fly condition. He urged upon his hearers the necessity of patriotic co-operatorn one end of the earth to the other at call, only a purblind nation can tion on the part of the business men of the country in order to support rather
dream of basing its future on anything less co.rmanding than equality or than to oppose the moderate processes of reform and help guide them
superiority in the elements of production; including, of course, the wages of by their own intimate knowledge of business conditions and processes.
He told his visitors that it was his earnest desire to serve and not to hinlabor and the remuneration of capital.
This Great Britain has not yet fully realized. The United States does not der or injure the business of the country in any way, and that he believed
appear to understand it at all. Widespread and long-continued industrial that upon reflection they would see that the course he was urging would in
distress in England comesfrom attempting to hold markets against com- the long run not only, but in the short run also, be the wise and serviceable
petitors while maintaining a wage scale that does not permit her to meet course.
their prices, and does not offer to capital an inducement to go into new
fields of development or even to remain where it has hitherto been occupied.
The Covington Inter-State Trade Commission Bill is the
She meets this, not by removing the shackles from her industries, but by
first of the three anti-trust measures that was taken up,
fastening other shackles on her capitalists; fetters that must be added
later to those that already gall the limbs of labor. She has entered upon though it has been temporarily laid aside by the House
the most elaborate experiment ever seen to compensate the worker for the sitting as a Committee of the Whole;on the 22d,when considerwork he has lost through insisting upon impossible economic terms, now ation of it was completed,after practically all proposed amendthat work is no longer to be had, by a vast eleemosynary system which
makes the State pay for his unemployment, his sickness, his misfortune ments were defeated. Under the rule adopted by the House
and his death. He is to be sustained in his position of inability to compete no vote will be taken on this bill until the debate on the other
with other workers; and he is to be protected against the penalty of his
bills is concluded, when the three will be passed simuleconomic defiance at the expense of the whole community. The budget two
taneously. The Clayton Omnibus Anti-Trust bill, the
just presented calls for an annual expenditure of over a billion dollars
1660
THE CHRONICLE
[VoL. xcviii.
second of the measures, has occupieethe attention of the
House during the week, and on Tuesday it was agreed to
amend it in an important particular; this amendment concerns the clause affecting labor leaders which the labor interests had sought to have broadened so that a specific exemption from prosecution under the Sherman Anti-Trust
Law would be accorded labor organizations. As the paragraph had stood in the bill as reported on May 6, it read:
Again, the President says: "Fortunately, no measures of sweeping 0
novel change are necessary," and yet the legislation we are asked to approve
is sweeping in scope and revolutionary in its novelty. What it implies
may be done, as he says, "in a new spirit," but not "without revolution of
any untoward kind."
His statement that "private monopoly is indefensible and intolerable",
and the argument which follows, betray a confusion of ideas. Every business is a monopoly to the extent to which it controls trade which otherwise
competitors wduld enjoy. A monopoly may be derived from high quality.
from low prices, or from good service, all beneficial to the public; it only
becomes harmful when it operates to the detriment of the public or with
That nothing contained in the anti-trust laws shall be construed to forbid injustice to others.
the existence and operation of fraternal, labor, consumers', agricultural or
We approve, in principle, the provisions relating to interlocking directorhorticultural organizations, orders or associations, instituted for the pur- ates and to railroad financing, which the President suggests,
provided the
poses of mutual help and not having capital stock or conducted for profit, law is fairly framed to control the evils which it is sought to correct,
and
or to forbid or restrain individual members of such organizations, orders we approve also the suggestion that corporate misconduct should involve
or associations from carrying out the legitimate objects thereof.
punishment for the individuals responsible therefor, but we deplore the
The amendment consented to is contained in the following proposal to enact new "definitions" of the Sherman Law of 1890, thereby
undoing the work of twenty years and reopening questions already deteraddition to the paragraph:
mined by our highest judicial tribunal. The sufficiency of that great Act
Nor shall such organizations, orders or associations, or the members
to regulate commerce among the several States, and to forbid conspiracy in
thereof, be held or construed to be illegal combinations or conspiracies in
restraint of trade, is established beyond dispute. Most, if not all, of the
restraint of trade under the anti-trust law.
misdoings of "big business" can be cured or controlled under its broad
It is also stated that a further amendment agreed on provisions as already interpreted by the decisions of the Supreme Court.
affects Section 18, which forbids the issuing of injunctions To enact amendments or interpretations of that law now would necessitate
to prohibit peaceful assemblages, picketing and boycotting, many more years of distressful waiting for the new uncertainties thus
created to be solved by the courts.
an added sentence to this section stating that
As a way out of these difficulties, the President suggests an inter-State
"Nor shall any of the acts specified in this paragraph be construed or Trade Commission. With the purpose implidi we are in sympathy- but
held to be unlawful."
already it is evident that he was misled in believing that "the opinion of
These amendments were accepted after a conference had the country would instantly approve of such a commission." On the
the opinion of the country, so far as yet expressed, has disbeen held on Tuesday between President Wilson and Repre- contrary,
approved of such a commission, if organized on the lines embodied in any
sentatives Floyd, Webb and Carlin of the House Judiciary of the tentative bills thus far considered. The President referred to a
Committee, and a later conference at the capital on the same commission which would be "an indispensable instrument of information
and publicity." and "an instrumentality for doing justice to business where
day of labor leaders.
the processes of the courts or the natural forces of correction outside the
Plans in the Senate to postpone action on all but the Inter- courts are inadequate to adjust the remedy to the wrong in a way that will
State Trade Commission bill were evident this week when a meet all the equities and circumstances of the case", but none of the tentative bills embody provisions of the helpful nature thus implied; on the
motion to that effect was made (on Wednesday) by Senator contrary,
their provisions are only inquisitorial, regulatory and repressive.
Saulsbury before the Senate Inter-State Commerce CommitThe country waits under the pall of uncertainty, business halts and the
tee. The Committee, it is said, will await advices from the unemployment of labor increases. The President was right in stating
that the subject at issue is a "very difficult and intricate matter". ManiInter-State Commerce Commission on some features affect- festly,
Congress is not yet sufficiently informed to deal with it wisely.
ing railroads before deciding upon its program.
Admitting that legislation on this subject is needed and is desired by the
country, we submit that it is vastly more important that it shall be sound,
sane and helpful than that it shall be enacted quickly, with the almost
Exception to certain of the provisions of the pending inevitable result that it will then need correction and amendment, thus
anti-trust legislation is expressed in a report adopted on involving indefinite prolongation of the existing uncertainty. Far wiser
better, in our judgment, would be the frank recognition of these facts,
Monday by the Merchants' Association of New York, the and
the decision to submit the tentative bills to the consideration of the people
Association in this report reaffirming its previously recorded and to public discussion throughout the country (by means of Congressionviews and once more urging that action be delayed in the mat- al committees or otherwise), and the postponement of actual legislation
until the next session of Congress. It is in this way that Congress can
ter until the next session of Congress. The report was drafted best
give effect to the intents of the wise and constructive suggestions
by a special committee consisting of Henry R. Towne, embodied in the notable address of the President delivered January 20
Chairman; W. H. Childs, W. M. Gladding, Gilbert H. 1914.
Montague and Waldo H. Marshall. The provisions which
Resolutions protesting against the enactment of the bill
would release organized labor from certain obligations are
characterized as class legislation, and other objectionable prohibiting interlocking directorates have been adopted by
features are pointed out. We quote the report more fully the Philadelphia Clearing-House Association.
below:
THE FEDERAL RESERVE DISTRICTS.
With even more profound concern we note that these proposed new laws
bristle with measures designed to regulate, to control and to repress the
The committees representing Groups I,II and III of the
activities of industry and commerce, but embody little or nothing that is
Reserve District met at the New York
constructive or helpful, or which indicates even the desire to foster and New York Federal
Clearing House on Tuesday to nominate the directors for
promote the welfare of American industry and American commerce.
The proposed laws embody provisions designed to release organized labor Classes A and B. As heretofore indicated, each Federal
from certain obligations of law to which all other classes must yield obediunder the supervision of a
ence, and, simultaneously, to impose on all organized business relating to reserve bank is to be conducted
industry and commerce, if in corporate form, new obligations, new re- board of nine members divided into three classes—A, B and
strictions, and new penalties. Such laws would give new freedom and C; each class is to consist of three members, those of Class A
immunity to one class, while imposing new obligations and restrictions
while the members of
on other classes, which latter provisions, while aimed at corporations, representing the stockholding banks,
would react, inevitably and unfavorably, upon all of their employees, that Class B must be actively engaged in their district in comIs, upon labor.
merce, agriculture or some other industrial pursuit, and the
Probably the greatest single contribution of the nineteenth century to
Federal Reserve
the advancement of industry and trade was the development of the cor- members of Class C are appointed by the
poration—that is, the adoption and wide extension of the principle of lim- Board. Each of the three committees chosen to nominate
ited liability in return for co-operative capital. It is by means of the corthe directors of the Federal reserve bank for District No. 2,
poration that all of the great undertakings of the past century, in all the
candidate for Class
great countries of the world, have been made possible, that capital has located in New York City, named but one
been aggregated into the large units which were indispensable for large A,but two candidates have been named for Class B by the
undertakings, and by which it has been made possible for the augmented
Groups I and IT. The Committee
savings of the people to be invested safely and profitably. And yet the committees representing
proposed new laws aim to curtail and repress, in this country,the useful- representing Group III has deferred the election of its canness of the corporation, and to impose on it burdens not shared by the didates for Class B until next Tuesday. Two nominees for
business individual or firm. Granting that some corporations have abused
named for this Group, thus making
their opportunities, is it just or is it expedient that all corporations should this class will likewise be
therefore be punished and crippled? Would it not be wiser, in framing six candidates in Class B, of which but three can be elected.
new laws, to seek, while correcting the evils of the past, to promote the William J. Henry, Secretary of the New York State Bankers'
greater usefulness and efficiency of legitimate corporate enterprise in the
three committees, was infuture? The greater part of the industries of the nation, and a great part Association, and Secretary of the
of its commerce, are now organized and conducted in corporate forms, and structed at Tuesday's meeting to notify the 478 national
those who manage and conduct the affairs of the hundreds of thousands banks in the district of the nominees, for the purpose of:seof corporations in this country are at least the equals of any other class of
citizens in character,in integrity and in desire to respect tbe law. Because curing their vote in the matter. The nominations are as
in this class, as in all other classes, a few have done wrong in the past, is it follows:
just or expedient that all should be punished and be handicapped in the GROUP I.—Class A.—William Woodward, President of the Hanover Nafuture?
tional Bank, New York.
The President says,"What we are purposing to do, therefore, is, happily,
Class B.—Henry R. Towne, President of the Yale & Towne Mfg. Co.
not to hamper or interfere with business as enlightened business men prefer
and formerly President of the Merchants' Association; EugeniuslII.
to do it, or in any sense to put it under the ban," and yet the proposed laws
Outerbridge of the firm of Harvey & Outerbridge, Treasurer of the
would impose upon all business conducted in corporate form, the great
Pantasote Leather Co. and a member of the Executive Committee
and the small, the good and the bad, the obligation to submit to unlimited
of the Chamber of Commerce.
investigation by Government officials, vested with inquisitorial authority, GROUP IL—Class A.—Robert H. Treman, President of the Tompkims
and to disclose the most private and confidential matters for record in the
County National Bank of Ithaca and President of the New York State
public archives, and with the possibility of their ultimate publication.
Bankers' Association.
Is it wise thus to discourage resort to the "Corporation",which'experience
Class B.—F, F. Peabody of Cluett, Peabody & Co., Troy.; William
has so abundantly proved to be one of the greatest factors in the developBrewster, President of Brewster & Co., carriage manufacturers, of
ment of modern industry and commerce?
Long Island City.
MAY 30 1914.]
THE CHRONICLE
GROUP III.—Class A.—Franklin D. Locke, Vice-President of the Manufacturers' & Traders' National Bank of Buffalo.
The bankers named in Groups I, II and III are all officers
of institutions which belong in Group I, comprising banks
'having aggregate capital and surplus of $190,000 or more—
the Hanover National, Mr. Woodward's bank, the Tompkins County National of Ithaca, Mr. Treman's banks, and
the Manufacturer's & Traders' National of Buffalo, Mr.
Locke's bank, all having capital and surplus in excess of that
figure. J. B. Martindale, President of the Chemical National and Chairman of the committee representing Group I,
in a brief address at Tuesday's meeting said:
1661
The nominations for directors of the Federal Reserve Bank
of Philadelphia were made known on the 26th inst. by the
bankers' committee representing the Pennsylvania Bankers'
Association, the New Jersey Bankers' Association, the Delaware Bankers' Association and the Philadelphia ClearingHouse Association, which formulated the ticket. The committee's recommendations are as follows:
Group 1, Class A—Charles J. Rhoads, Vice-President and Treasurer
Girard Trust Co., Philadelphia.
Class B—Alba B. Johnson, President Baldwin Locomotive Works,
Philadelphia.
Group 2, Class A—David Barry, Cashier First National Bank, Johnstown, Pa.; William H. Peck, President Third National Bank, Scranton.
Pa.; Joseph Wayne Jr., Vice-President and Cashier Girard National Bank.
While many of us have been in the past opposed to some of the provisions Philadelphia. (Only one to be elected).
of the present Act, the time for criticism arrd for objection has passed, and
Class B—William G. Coxe, President Harlan & Hollingswoth Corporait is the duty of each and every bank, whether a member of Group I, Group tion, Wilmington, Del.: C. Edward Murray, President Empire Rubber
II or Group III, to loyally, conscientiously and energetically support its Co., Trenton, N. J.; Hon. Edwin S. Stuart, of Leary, Stuart Sc Co..
provisions. Success can only be attained by hearty co-operation on the book-sellers, Philadelphia, formerly Governor of Pennsylvania. (Only one
part of all bankers and business men, having an eye single toward that to be elected.)
purpose alone.
Group 3, Class A—Joseph Moore Jr., President National Bank of
in order to procure this desired result, how necessary it is for all of us to Northern Liberties, Philadelphia; H. G. Parker, President National Bank
endeavor to obtain the services of men of tried experience, marked ability, of New Jersey, New Brunswick, N. J.; George H. Stewart, President
broad vision and unflinching independence of thought and action. Let us Valley National Bank, Chambersburg, Pa. (Only one to be elected.)
demonstrate in this instance, as we have in many instances in the past,
Class B—Candidate to be named by various groups of Pennsylvania
that New York City and New York State bankers are actuated not by selfish bankers outside of Philadelphia.
motives, or a desire to take advantage of other sections of the country,
or any other class of people, but by a full realization of the fact that the interests of the South, the East and the West are identical with the interests
At the annual convention of the Oklahoma Bankers' Assoof New York, and vice versa.
on May 16 a resolution was adopted
We need their help and assistance, and our advice and help and co-opera- ciation in Oklahoma City
tion are necessary to them; and if any one will impartially and with an open urging upon the Oklahoma Senators and Representatives in
mind read the history of banking in this country for the last fifty years, they Congress to secure a re-adjustment of the Federal reserve
will be convinced that New York bankers, as a class, yield to no other class
Oklahoma would be included in the
the honor of being patriotic, loyal and capable of rendering assistance to the districts so that all of
Kansas City District; under the present arrangement the
cities, the State and to the nation itself.
I am quite sure that I voice the sentiment of New York City bankers, State is divided, and one section is made a part of the Dallas
notwithstanding that they have criticised many features of tho bill and at
the other forms part of the Kansas City
present do not approve of the bill in its entirety, when I say that they are a District, while
unit in its support, and will render to it all that is loyal, efficient and ener- District.
getic within their power.
In considering the names of the gentlemen who are to represent this
State on the Board of the Federal Reserve Bank,I think the first qualificaBANKING, LEGISLATIVE AND FINANCIAL NEWS.
tion should be unimpeachable character and standing; second, ability,
experience and loyalty, and third, courage and independence of thought.
Only one lot of 25 shares of bank stock was sold at auction
I trust that in the deliberations which are to follow that we will be
sales were made at the Stock Exchange.
guided solely by a desire to do our part in the selection of men whose char- this week, and no
acter, standing, attainments and record are such as to give us confidence There were no transactions in trust company stocks.
Low. High. Close. Last previous sale.
In the ultimate success of this measure.
Shares. BANK—New York.
Jan. 1910— 191A
145
145
25 Union Exchange Nat. Bank__ 145
M. C. Elliott, Secretary of the Federal Reserve Organization Committee, was present at the meeting held last Friday,
the 22d, when the committees representing Groups II and
III were chosen, and he had the following to say regarding
the procedure to be followed in the election of the directors:
"It has been suggested by some press articles that the language of the
statute does not justify the ruling of the committee that each group shal
elect one Class A and one Class B director. It is difficult to understand,
however, how any other conclusion can be reached when the statute
referred to is considered. In other words, if each bank is to nominate
one candidate for Class A and one candidate for Class B,and each elector is
to vote for one candidate for Class A and one candidate for Class B,and if
the candidate having a majority of first choice votes is to be declared
elected, it is obvious that if each elector votes on all of the nominees of all
of the groups, when the.ballots are counted there could only be two candidates declared elected, instead of six, as the Act contemplates. Manifestly, no three candidates of Class A directorship could have the majority
of the first choice votes and no three candidates could have the majority
of first choice votes for Class B directorship.
"This conclusion is not only inevitable, according to the plain interpretation of the language used, but is in entire accord with the general purposes
of the Act. In other words, the Act contemplates that the board of directors of each Federal reserve bank shall be representative of the interests involved. That is to say, the Class C directors are selected by the Federal
Reserve Board and are the representatives of the Government. The Class
A directors are selected by the stockholding banks and are the representatives of such banks. The Class B directors are selected by the stockholding
banks and are, in fact, the representatives of the customers of such banks,
since this class is selected from the business interests—that is to say, from
those who are engaged in agriculture, commerce or some other industrial
pursuit. In order that the board may be distinctively a representative
body, the Act goes further and provides that not only shall the board be
representative of the stockholding banks, but shall be representative of the
three groups or classes of the stockholding banks. This does not mean
that the representative of Group III, for example, shall be necessarily
connected with a bank having a capitalization of $50,000 or less, but that
the banks contained in this group shall select their own representative. The
candidate so selected may be drawn from any group, but must be elected
by the group which places him in nomination.
"It is no part of the duty of the Organization Committee of the Federal
Reserve Board to suggest in any way the personnel of the Class A and
Class B directors. Dealing with the question in the abstract, it is important
that this board should be representative and that the member banks
should make a careful selection from men of constructive ability, who will
take over and complete the organization of this Federal reserve bank, and
give:their entire attention and thought to the subject, which is necessary
tolmakejthis system the success that it should and will be. In making
thiselection the member banks should bear in mind that the directors
elected will take over the management of these banks at a time when the
system is in a constructive period, and that the board should consist of men
who-,"pot only have the capacity and ability to carry out this important
work, but who will devote to the subject the necessary time, attention and
energy to place it in successful operation at the earliest possible moment.
Congress has given to the banks a much more perfect and workable machinery, but in the final analysis the measure of success to be attained by
each Federal reserve bank must necessarily depend upon the conservatism
and business;judgment of those W.1.) are:placed in the cont. —4 an1 the
management of these banks."
The following, indicating the results of governmental control of telegrams in England, is interesting at this time in
view of the agitation in the United States for the taking
over of telegraphs and telephones by the Government; the
item we quote below is from an English paper and relates to
the Post Office budget recently introduced by PostmasterGeneral Hobhouse in the House of Commons:
LOSS ON TELEGRAPH.
This is the least satisfactory department. It is carried on at a great loss.
the
loss has been twenty-two millions sterling. A
years
forty
last
In the
great portion of this ardse from the action of the House of Commons in
insisting on 6d. telegrams which cost 11d, to transmit.
Mr. Hobhouse suggested that the appointment of a committee to inquire
into the organization of the department and investigate modern problems
of telegraphy might "set the department on a much more satisfactory
footing.
Eugene Lamb Richards, New York State Superintendent
of Banks, has had prepared a new set of blank forms for use
by the trust companies and banks in reporting the weekly
returns required by the Department. Changes in the forms
were made necessary by the revision of the banking law
which was signed by the Governor on April 16. The information formerly required each week from the State banking
institutions was described, when the Department began the
practice of calling for such reports, in the "Chronicle" of
Feb.8 1908, on pages 316 and 317. The trust companies and
State banks in Greater New York are now asked to state:
1. Average amount of loans, discounts and investments (Loans, discounts, stocks and bonds and mortgages owned by the Trust Company (or
bank)).
2. Average amount of gold (gold, gold bullion, gold coin, United States
gold certificates or United States notes).
3. Average amount of currency and bank notes (any other form of
currency authorized by United States and notes or bills issued by any
lawfully organized national banking association other than Federal reserve
notes).
4. Average amount due from reserve depositaries in New York City, less
offsets.
5. Average amount due from reserve depositaries outside of New York
City, less offsets (moneys on deposit subject to call in any bank or trust
company in this State [exclusive of No. 41, but including banking corporations in Chicago, Philadelphia and Boston, approved by Superintendent of
Banks, as reserve agents).
6. Average amount due from other New York City banks and trust
companies (moneys on deposit subject to call in any New York City bank
or trust company, not a reserve depositary).
7. Average amount due from out-of-town banks and trust companies
(moneys on deposit subject to call in banks or trust companies outside of
New York City, not reserve depositaries, including foreign exchange balances credited to your company [or bank] and subject to draft).
8. Average amount of exchanges (includes checks and demand items on
other New York City banks and trust companies to be presented for
collection the following day).
1662
THE CHRONICLE
9. Average amount of secured deposits (deposits secured by outstanding
tmmatured bonds issued by the State of New York and by the City of
New York).
10. Average amount of time deposits (deposits, the payment of which
cannot legally be required within thirty days).
11. Average amount of New York State and City bonds (owned and held
at market value, but not exceeding par value,exclusive of amount necessary
to cover No. 9).
12. Average amount of deposits (gross deposits, including Nos.9 and 10).
Supplementary.-1.Re-discounts. 2. Bills payable. 3. Acceptances.
xcviii.
in such transactions leads to the withdrawal of the bankers
from the bank directorate. Major Higginson in tendering
his resignation to President Gaston says:
Unwillingly and in obedience to the orders of the United States laws,
I resign my position as a director in the National Shawmut Bank. It has
been a pleasure the last dozen years to sit with you and the other gentlemen, a pleasure that I must now forego.
Charles G. Bennett, formerly Secretary of the United
The blanks furnished to the trust companies and banks
outside of Greater New York are the same as those for New States Senate, died at his home in Brooklyn on the 25th inst.
York City except that the description of "Average amount Mr. Bennett, who was fifty years of age, suffered a breakdown about two years ago, but recovered from this sufficientof exchanges" is worded:
Average amount of exchanges (includes checks and demand items on ly to again resume his duties. The illness which terminated
other banks and trust companies to be presented for collection the following in his
death had been of about three months' duration. Mr.
day).
was born in Brooklyn and had for many years been
Bennett
and .the details embraced in Items 4 and 5 and in Items 6 and
7 in the above are combined and become (4) and (5), as Chairman of the Broadway branch of the Mechanics' Bank
of that borough. At the time of his death he was a trustee
follows:
4. Average amount due from reserve depositaries (less offsets) (moneys of the Kings County Savings Institution and a member of
on deposit, subject to call in any bank or trust company in this State, in- the law firm of Daniels & Bennett. He was elected to the
cluding banking corporations in Chicago, Philadelphia and Boston, approved
Fifty-third Congress on the Republican ticket, and was
by the Superintendent of Banks as reserve agents).
5. Average amount due from other banks and trust companies (moneys twice re-elected and had served on many important commiton deposit, subject to call in banks and trust companies, not reserve deposi- tees. In January 1900 he was elected by the Republicans
taries, including foreign exchange balances credited to your company for
as Secretary of the Senate and served in that capacity until
bank] and subject to draft.)
The first reports on the new basis compiled by the Depart- two years ago, when the Democrats obtained control of that
ment covered the week ending May 16, and were published body.
in last week's "Chronicle." The reserve requirements of the
An action to test the new banking law of New York in so
new law may be found in the "Chronicle" of March 28 1914
far as it affects private bankers has been brought by Charles
on page 968.
Hoffer and Louis Greenspan. The proceedings attack the
W. J. Harris has tendered his resignation as Director of provision transferring from the State Comptroller to the
the Census in order to enter the field as a candidate for the Superintendent of Banks the jurisdiction and supervision
of private banks and seek to restrain the State Comptroller
Democratic nomination for Governor of Georgia.
from turning over to the Superintendent of Banks the bonds
The defeat on the 27th of a motion that the House Com- held as security for deposits.
mittee on Banking and Currency proceed to the consideraA tablet marking "the birthplace of our Union" was untion of the rural credits bill is looked upon as the side-tracking
veiled on Saturday last, May 23,on the site of the Merchants'
at this session of legislation on this subject.
Coffee House, at the southeast corner of Wall and Water
A newly adopted policy of the Treasury Department streets. The tablet was erected by the Lower Wall Street
having to do with express charges on bank-note redemptions Business Men's Association, and elaborate exercises marked
has aroused considerable feeling among the national banks its unveiling. These began in the historic Long Room of
of New York. Under the new ruling a bank forwarding Fraunces Tavern on Pearl Street, where a reception to exnational bank notes to Washington for redemption is made Mayor Seth Low, Honorary President of the Association
to bear the cost of reshipping to the issuing bank such of the and the newly elected President of the New York Chamber
bills as are found to be still fit for circulation. The issuing of Commerce, was attended by delegates from historic and
bank has heretofore borne the cost. It is argued that under patriotic societies. A procession of more than 250 of the busithe new arrangement the New York banks will be obliged to ness men was formed in the meantime at the Wall and Water
shoulder the greatest part of the expense entailed since Street corner, and from there the paraders marched to the
about 60% of the bank notes sent to Washington for redemp- Tavern to escort the invited guests to the scene of the celetion go from New York, due in part to the fact that many of bration. Representatives of various historical societies,
the interior banks have been accustomed to send to their literary and commercial organizations, the latter including
New York correspondents bank notes to be redeemed. The the New York Stock Exchange (the site, it may be noted
Bank of New York, N. B. A., was the first to register a incidentally, was the first home of the Stock Exchange) and
formal protest against the order, and its action is said to have the Chamber of Commerce, joined in the parade from Fraunbeen followed by similar action on the part of other local ces Tavern. The tablet was unveiled by Miss Ellen Jay,
banks. In reply to the protest of the Bank of New York, a daughter of Pierre Jay, and a descendant of Col. John Jay;
the Treasury Department was reported this week to have she was assisted by Miss Eleanor Hawkes, daughter of Dr.
stated that the imposition of the charge is in accordance with Forbes Hawkes, a descendant of Alexander McDougall.
the Department's construction of the law, and that it was so Seth Low presided. The tablet bears a picture of the old
interpreted by Secretary of the Treasury Carlisle and Gage. Coffee House,destroyed by fire in 1804; it carries the followAnother order of the Department,according to the New York ing inscription, briefly summarizing the important events
"Times," affects particularly the smaller institutions of the which figured in the history of the old building:
country; it stipulates that:
THE BIRTHPLACE OF OUR UNION.
Hereafter all incomplete national bank currency issued by this office
will be sent direct to the bank of issue instead of to correspondents in reserve
cities or other banks, as in some instances has been done in the past.
The provision in Section 22 of the Federal Reserve Bank
Act which prohibits officers, directors and employees of
national banks from having any interest in business with
such banks is responsible for the withdrawal of several members from the board of the National Shawmut Bank of Boston. The retiring directors are Major Henry L. Higginson
of Lee, Higginson & Co., Robert Winsor and Frank G.
Webster, both of Kidder, Peabody & Co., and Charles F.
Choate Jr. The clause which has occasioned their action
stipulates that—
Other than the usual salary or directors' fee paid to any officer, director
of employee of a member bank, and other than a reasonable fee paid by said
bank to such officer, director or employee for services rendered, no officer,
director, employee or attorney of a member bank shall be a beneficiary or
receive directly or indirectly any fee, commission, gift or other consideration for or in connection with any transaction or business of the bank.
The fact that considerable business has been conducted
between banks and private banking firms whose members
have been represented on the boards of the institutions and
the payment in natural course of commissions to the firms
May 23rd, 1774.
The Merchants' Coffee House occupied this site from about 1737 until
destroyed by fire December 18th, 1804.
Here met the committees of citizens who took prominent part in the stirring events which led to the Revolution. Here also was drafted by a special
committee, composed of Isaac Low, Chairman, Alexander McDougall,
James Duane and John Jay of the New York Committee of Correspondence,
the epoch-making letter of May 23rd 1774 which was dispatched to Boston
and in which appears the following striking sentence:
"From a virtuous and spirited Union much may be expected, while the
feeble efforts of a few will only be attended with mischief and disappointment to themselves, and triumph to the adversaries of our Liberty."
From this resulted the First Congress of the "United Colonies of North
America," held at Philadelphia September 6th 1774.
Among other notable events that took place in the Merchants' Coffee
House were:
A banquet "to His Excellency the President and the Honorable Members
of Congress" by Chamber of Commerce of the State of New York, February 3rd 1785.
Reception to General Washington on his arrival for inauguration as
First President of the United States of America, under the now Constitution, by His Excellency the Governor, Officers of State, His Honor the
Mayor and distinguished citizens, April 23rd 1789.
Here also were held early meetings of the following organizations and
institutions:
1744—Bristol Merchants' Mining Company,
1759—New York Insurance Company.
1764—Society of Arts, Agriculture and Economy.
1770—Knights of Corsica.
MAY 30 1914.]
THE CHRONICLE
1774—New York Committee of Correspondence.
1774—Society of Merchants and Mechanics.
1775—Artillery Company.
1776—United Whaling Company of New York.
1778—New York Marine Society.
1779—Chamber of Commerce of State of New York.
1781—Committee on Manufactures.
• 1783—Lodge 169, Free and Accepted Masons.
• 1784—Bank of New York, New York's First Financial Institution.
1784—Grand Lodge Room for Free and Accepted Masons.
• 1784—Whig Society, Lewis Morris, Chairman.
1785—Society of the New York Hospital.
- 1785—St. Andrew's Society.
1785—Society of the Cincinnati.
1785—Society of the Sons of St. Patrick.
1785—Mutual Assurance Company.
• 1785—Society for Promoting Manumission of Slaves.
• 1786—St. John's Lodge, Free and Accepted Masons.
1788—New York Society Library.
1788—Society for the Relief of Distressed Debtors.
1788—New York Manufacturing Society.
1790—First Public Sale of Stocks by Sworn Brokers.
1793—Black Friars' Society, called "Friary."
1793—New York Stockholders' Bank of the United States.
• 1793—Subscribers to the Tontine Coffee House.
1796—Independent Rangers.
- 1800—Federal Republicans.
1801—Columbian Insurance Company.
This tablet was erected by the Lower Wall Street Business Men's Association May 23rd 1914.
The presentation to the officers of the New York Historical
Society of a bronze box containing a program of last Saturday's affair and other documents, including a telegram from
Gov. Glynn to the "Governor of New York in the year 1974,"
was also a feature of the proceedings. The box is not to
be opened until 1974, the two hundredth anniversary of
the union of the Colonies.
1663
What are the distinct advantages to State banks and trust companies
that become members of the Federal Reserve Bank? They may be briefly
summarized as follows:
1. The prestige heretofore enjoyed by national banks on account of being
under Governmental supervision and control will accrue to State banks
and trust companies that join the Federal reserve banking system.
2. In times of financial stringency or distress the State bank or trust
company that has become a member bank, if conducted on proper,
clean,
soun.d banking principles, can secure all the currency it needs
to meet its
requirements during such panicky period.
3. Heretofore when panics have occurred all the clearing-house
banks
and trust companies have joined together for the issuance of
clearing-house
certificates. The reserve bank note takes the place of the
clearing-house
certificates, and I predict they will never be issued again.
Therefore, a State bank or trust company doing a banking
business of
deposit and discount will, in times of stringency or panic, find
itself unable
to secure currency to meet the requirements of its deposits,
whereas the
member banks, whether State, national or trust company,
may take out
of their portfolios their prime, clean, commercial
paper and re-discount
same with the Federal Reserve Bank,and always be
ready to meet any sudden demand.
4. It is quite clear, when the machinery of the Federal reserve
banking
system is running at full tilt and brought up to the
highest state of efficiency
and economy, the order will go forth that checks
and drafts deposited for
collection by member banks only will be received
at the Federal reserve
banks at par.
This being the case, the State bank or trust
company not a member
bank must necessarily charge more to their
customers for their collection
of checks or drafts, which will necessarily curtail their
business as collection
agents for other banks or their usefulness to their
own customers.
5. Above and beyond all the advantages that might
be indicated or
disadvantages that might be suggested, patriotism to
country should be
the keynote. Bankers of all classes have been clamoring for
banking and
currency reform for more than a quarter of a century.
Such reformation
has been granted by the present Congress, and it should be regarded
as a
privilege (as well as a duty) by every patriotic banker, to join the
system,
and do it promptly, in order that the whole banking fraternity may
be
welded into one homogeneous organization, and if any weaknesses of
the
system develop appeal to Congress to have them corrected.
We will thus create a united banking power under one general supervision
and control, which not only will be the admiration of the civilized world
but will make the United States of America the greatest financial power
of the world.
If you want to be regarded as sound, safe and conservative bankers, if
you want to be regarded as the highest type of American citizen, have your
institutions join the Federal reserve banking system, assume its burdens
of organization at the inception, and enjoy the reward of its success, for
success will surely follow the practical operation of a law so intelligently
framed.
An emblem typical of the industrial and commercial activities of New York City has been adopted by the Merchants' Association of New York. The emblem, which was
announced at the dinner given by the Members' Council
of the Association for the sons of members at the WaldorfAstoria on the 26th inst., is a circular design showing a threequarter view of the Statue of Liberty upon its pedestal,
An address on anti-trust legislation by Charles R.Van Hise,
thrown into relief against a background displaying the harbor
and shipping and a typical portion of the skyline of lower President of the University of Wisconsin, was also a feature
Manhattan, with the name "New York" above. This de- of the program. In arguing that the Sherman law has failed
sign lends itself admirably to reproduction either in colors, to meet the desired ends, since the general public has not
in half-tone, in line drawing,or as a stencil. The emblem benefited by the disintegration of the Standard Oil Co.,
was evolved by the Merchants' Association after a prize com- the beef trust, &c., Mr. Van Hise, according to the St. Louis
petition in which a large number of drawings were submitted. "Republic," said:
the price of meat has risen more rapidly than the average price
It is the intention of the Association that merchants and ofIndeed,
all commodities, and for the products of petroleum, if one combines
• Manufacturers who ship goods from New York to all parts kerosene, gasoline and machinery
oil, the prices have risen more rapidly
of the country shall attach to each package shipped a repro- than the average for manufactured articles.
For
number
a
of
years
it
has
appeared
to me that the Inter-State Comduction of the design in the from of a paster, stencil, tag, merce Commission and the
numerous State commissions having the control
or in any other form that the shipper may prefer. In this of public utilities and the Pure Food Commission
clearly point the way for
manner the immense volume of merchandise which goes the next step in the solution of our industrial problems.
To create a trade commission does not fully meet the existing situation.
out annually from this city will advertise New York's su- It is necessary that an Act be passed
to supplement the Sherman Act.
premacy as a commercial centre all over the world. The As noted, the Supreme Court has declared that,
so far as combinations are
design has been copyrighted by the Merchants' Association concerned, the Sherman Act permits reasonable restraint of trade; but the
decisions of the Court have not made clear the extent to which co-operation
as a precautionary measure. Permission to use it will, how- will be permitted as reasonable.
ever, be given to merchants, manufacturers and others upon
My proposal is that restraint of trade, either by combination
or conapplication to the Association. Most other cities, it is tract, and co-operation in limitation of output,division of territory, or fixing
of prices, be prohibited, so far as they are inimical to the welfare
of the
stated, already have commercial emblems which are used for public. Not only so, but it may be wise to make a presumption
that
advertising purposes, but no such emblem has heretofore of corporations along the above line are inimical to the welfare of theactions
public
until approved by the Commission. But when any act of
co-operation
been adopted by New York, although this city is the largest has
been approved by the appropriate commission, it should be free
from
manufacturing and distributing centre in the country, both attack. By this simple expedient the situation becomes
cleared. Cooperation for all classes of business would be allowed
for its own productions and for goods made elsewhere.
to continue, so far
as it was not inimical to the public welfare.
A commission for the revision of the Missouri banking
laws was appointed at the annual convention of the Missouri
Bankers' Association, held in St. Louis on May 18, 19 and
20. The appointment of the Commission was authorized
following an address delivered by Breckinridge Jones, President of the Mississippi Valley Trust Co. of St. Louis, who,
as Chairman of a committee named at a recent meeting of
the Bankers' Club in St. Louis, presented a recommendation
to this effect. One purpose of the proposed revision is to
adjust the present differences between the State laws and
the Federal Reserve Act. The members of the commission
are Breckinridge Jones, Chairman; John T. Mitchell of
Columbia, State Banking Commissioner; J. P. Huston of
the Wood Huston Bank, Marshall; W. S. Wells of the Wells
Banking Co., Platte City; W. C. Harris, President of the
Callaway Bank, Fulton; W. T. Kemper, President of the
Commerce Trust Co. of Kansas City, and W. I. Diffenderffer, Cashier of the Bank of Lebanon at Lebanon. One
of the principal addresses delivered at the meeting was that
of Festus J. Wade, President of the Mercantile Trust Co.
of St. Louis, on "Why State Banks and Trust Companies
Should Enter the Federal Reserve System." In presenting
his reasons therefor Mr. Wade said:
Richard S. Hawes, Vice-President of the Third National
Bank of St. Louis, is the newly elected President of the
Association. W.F. Keyser of Sedalia continues as Secretary.
"Probable Changes in the Assets of Member Banks under
the Reserve Act" was discussed in an address delivered
yesterday (May 29) at the annual convention in Chattanooga
of the Tennessee Bankers' Association by Prof. Thomas
Conway Jr., in charge of the work in "Money and Banking"
of the Wharton School of Finance and Commerce of the University of Pennsylvania. Prof. Conway spoke at length on
the advantages and disadvantages of the Act to the country
banks; he pointed out that the first marked change which the
country bank will encounter will be in connection with the
reserve requirements, and that with the formal opening
of the Federal reserve banks each member bank will be
permitted to materially reduce its cash reserve. In Prof.
Conway's opinion the most marked change, however, which
is likely to occur in the reserve policy of the average country
bank will concern, not the reduction of cash in its vaults
so much as the management of its accounts with reserve
agents. On this point he says:
1664
THE CHRONICLE
[VOL. xcviix.
s
would seem inevitable that the profits of the country institution
In brief the Federal Reserve Act contemplates, after a period of adjust- turn, it
When to this is added the much more imreduced.
matierially
be
would
reserve
of
e
complete
the
transferenc
years,
ment extending over three
for
portant consideration that the charges which the country bank can make
balances from present reserve agents to the Federal reserve bank. This
seem
collections and the sale of exchange will be radically reduced, itwould
change is to be accomplished gradually. There is no more interesting quesbe
to
is
the almost inevitable that a shrinkage in the average bank's income
tion confronting the bankers of this country than as to whether, after
.
anticipated
maintain
to
necessary
be
it
will
operation,
system has been put into complete
It is almost impossible to secure any accurate estimate of the amount
these
deposits with present reserve agents. The reasons for the existence of
I reat least which the average country bank makes from handling collections.
deposits are cogent. In the beginning the funds so deposited earn
assailing
which is the ceived a letter some months ago from a country banker bitterly
2% interest, while if they had been kept in the bank's vaults,
collection
in
year
a
it
$800
would
him
cost
because
A much the Federal Reserve Act
only other alternative, they would be absolutely unproductive.
paid his
they secure and exchange charges, which, as he rather naively put it, about
more important reason for the existence of these deposits is that
and in Cashier.
for the member bank valuable privileges in the Selling of exchange
the Reunder
Will the income of the average country bank be reduced
would be
the handling of collections. Without the reserve agents, it
Act? There is no more important question which could be proserve
checks
of
volume
enormous
the
handle
to
present
absolutely impossible at
upon
of
for pounded. The answer to this query involves the passing judgment
which daily circulate between people in different localities. In return
time, are necessarily unsettled,
of the a number of matters which, at the present
it
the profits which the reserve agent can make from the balances
to
conclude
I
safe
think
situation,
the
of
correspondents but even taking the worst view
country banks, the city institution will allow its country
skilfully and intelligently, take adbanks to that if a bank will manage its affairs
to sell drafts against their balances and will permit the country
Reserve Act, and adjust itself
banks in other vantage of the opportunities offered by the
deposit with it checks which it has received, drawn upon
field of banking, that its inwith reserve to the new era which is about to begin in the
localities. As a matter of fact, the balances of country banks
be impaired.
not
will
come
exchange
nearly
more
purposes,
and
intents
interest on reserve
agents are, to all practical
Against the losses in collection income and the loss of
meet emergencies.
accounts than they are funds which can be withdrawn to
from the funds set free
bank is pushed for balances will be the earnings which can be secured
This is evidenced by the fact that when a country
its own note rather through the lower reserve requirements.
are saying to themfunds, it will borrow largely from its reserve agent on
I realize that a large percentage of the bankers present
, the
than withdraw its reserve balance. If the balance were withdrawn
that no conservative
would selves that it is dangerous to decrease reserves and
and
facilities,
collection
and
exchange
without
left
be
would
but if the Fedbank
banker will do so. They are right as things stand to-day,
thereby seriously cripple itself.
the necessity for each bank standing on its
to
is
succeed,
system
reserve
eral
signifithe
to
recognize
failed
have
system
Many critics of our banking
degree, vanish.
of own feet prepared to meet any emergency will, to a large
cance of this condition. They have assumed that with the shifting
generations has been
country The great curse of American banking in the last two
in a wild
reserves to the Federal reserve banks that the balances carried by
decentralized reserves. In times of panic banks have engaged
banks with their present reserve agents will automatically disappear. Such
running their reserves up to high figures in order that
money,
for
scramble
be
will
banks
reserve
Federal
the
an assumption must take for granted that
has been made
exchange and they might be prepared against the evil day. The panic
able to provide as good or better facilities for handling
largely by this condition.
collections than is now afforded by the city banks.
of the clearing
The privilege of re-discounting accorded the banks under
The Organization Committee submitted to a number
reserve banks
Act, and the opportunities which are opened up thereby,
houses of the country the question as to whether the Federal
the
The replies show a
should engage in clearing and collection operations.
constitute the greatest advantage to the country banks,
will
the
unless
t that,
wide divergence of opinion. It seems to me self-eviden
for handling collec- according to Prof. Conway's view. He says:
Federal reserve banks offer to their members facilities
that the country banks will be
It will be a national misfortune if the money put in by the member banks
tions at least equal to those now existing,
ents irrespective on account of capital stock subscriptions and reserve payments shall lie
forced to continuo their balances with their city correspond
a
would
Such
situation
Idle in the reserve banks. So long as it remains in the vaults of these instiof the requirements of the law concerning reserves.
that the country tutions, it is, for the time being, dead, and of no value to the business combe most unfortunate, for it would mean, in substance,
are required munity. The income of the Federal reserve banks will arise largely out
banks would have to withdraw the amount of money which they
business of the interest received on lending out such portion of its resources as it
to keep on deposit with the Federal reserve banks from active
of may prudently allow to leave its vaults. There is no doubt that the large
contraction
A
rather than shifting it from the present reserve agents.
the great city banks will re-discount, in spite of the fact t4t before the passage of the
credit and a scarcity of lawful money would probably follow, to
that "any Federal Reserve Act re-discounting was regarded by them as bad business.
detriment of business. Section 13 of the Act provides in part
banks and from Their situation has changed and the reasons which prompted their earlier
Federal reserve bank may receive from any of its member
member judgment no longer exist. I see no reason why the country banks of Tensolvent
the United States * * * checks and drafts upon
may re- nessee, and, in fact, over the greater part of the country, should not borbanks payable upon presentation, or solely for exchange purposes,
in lawful row freely from the Federal reserve banks when there is a genuine and wellceive from other Federal reserve banks deposits of current funds
member or founded need for extra funds in their community. The bankers of the great
money, national bank notes, or checks and drafts upon solvent
g
agricultural States have, for years, borrowed heavily during crop-movin
other Federal reserve banks, payable upon presentation."
banks periods. The difficulty has been that It has not been possible to count cerAs I understand it, this section grants to the Federal reserve
the
upon
only
all,
of items, among tainly upon this money, and it could be procured, if at
permission to receive deposits composed of certain classes
member banks. It is payment of good interest rates. I mean not only the rate of interest which
which are included checks and drafts upon solvent
all checks and is charged upon the loan but the amount which should be added to this
deposit
cannot
bank
important to note that a member
bank, for the latter charge becuase of the larger balances which are maintained throughout
drafts which it may receive with its Federal reserve
checks upon solvent member the year in order to secure this privilege.
is limited by the Act to the receipt only of
are payable upon presenHeretofore the country banks have hesitated about putting the greater
banks, and this only when the checks and drafts
upon non-member banks part of their surplus money over local needs into commercial paper because
checks
deposit
to
tation. It will be impossible
date. This provision of the of its inconvertibility in caso the bank experiences a run or some unexpected
or to deposit time drafts due at a future
which provides that commercial disturbance occurs. This fear will soon be a thing of the past,
Act is reinforced by a portion of the 16th Section,
on
deposit at par from member for if a bank is careful to purchase those classes of paper which can be re"Every Federal reserve bank shall receive
upon any discounted with its Federal reserve bank,it need have no fear of unexpected
banks or from Federal reserve banks checks and drafts drawn
by a Federal reserve bank, checks and trouble,for this paper can be re-discounted in case an emergency arises and
of its depositors,and, when remitted
or
bank
member thereby converted into cash. This is a great advantage which the reserve
reserve
Federal
drafts drawn by any depositor in any other
depositor in said reserve bank or banks will bring to their member institutions, for It will enable them to conbank upon funds to the credit of said
section is not permissive vert a part of their loans which are now yielding low rates of interest into
member bank." It will be observed that this
reserve bank to receive on a form which will be equally as safe and which will bring a higher rate of
but is mandatory and requires every Federal
reserve banks, checks return.
Federal
other
or
deposit, at par, from member banks
word "depositors," as
Already there are signs of the improvement which is to occur in the charand drafts drawn upon any of its depositors. The
United States Govern- acter of commercial loans. I think one of the most significant things which
used in this sense, can mean only member banks, the
by
permitted
are
has happened since the passage of the Federal Reserve Act is the announcement or other Federal reserve banks,for no other classes
ment of the cotton warehouse plan of James B. Duke and others, acting
the Act to carry deposits with Federal reserve banks.
clearing in co-operation with the National City Bank of New York. This plan,
Without going into an elaborate analysis of the collection and
law specifi- as you doubtless know,contemplates the incorporation of a strong warehouse
features of the Act, it seems clear that these paragraphs of the
of the Federal company, with large capital, which will erect or acquire on twenty-year
cally limit the scope of the clearing and collection business
the United lease a chain of warehouses throughout the cotton districts of the South.
of
banks,
on
member
checks
reserve banks to tho handling of
time, generally This corporation proposes to effect an arrangement with the National City
States and of other Federal reserve banks. At the present
of the Bank, or other satisfactory companies, whereby, for a nominal sum, the
speaking, the member banks are composed almost exclusively
of banks. The warehouse company's receipts will be guaranteed. The guaranty of ronational banks, which are a minority of the total number
system furnish, celpts is to be optional with the holder, but it is obvious that the guaranty
State banks which have thus far elected to stay without the
banks and will make such receipts among the most desirable commercial paper in the
roughly, one-half of the checks which are deposited with member
whole world, and will give it a currency throughout the entire country.
which require collection.
banks This to my mind is but a straw which shows the enormous development
One of the most serious problems which concerns the member
of' the law. If a member bank of safer borrowing methods which will occur. The whole tendency of borof this country arises out of this provision
s and collect rowing in this country in the next ten years will be toward the creation ofa
r
must sort out the checks drawn on non-membe institution
it seems obvious to me form of bankable paper, which will be so secure through the names of acthem independent of the Federal reserve banks,
for clearings and collections ceptors and endorsers that the credit risk will entirely disappear, and the
that a large portion of the present facilities
of the framers of the paper will find a ready market wherever there is money to loan, even though
must be preserved. It was presumably the intent
all necessity of preserving there exists in these quarters no knowledge regarding the credit of the origiReserve Act to exempt the member banks from
agents, by providing that the nal maker.
their balances with their present reserve
of the clearing and collection
If this view of the situation is correct, it would seem to follow that the
Federal reserve banks should handle all
intention of the framers of the piling up of large balances with reserve agents during the slack seasons will
business for their members. If this was the
only
purpose, for they have
gradually disappear. The country banks, instead of depositing their surAct, they have failed to accomplish their
member banks. It would seem plus funds with their present reserve agents or the reserve banks, will inpartly solved the collection problem of the
stronger if the member bank vest them in paper which will have a maturity prior to the time when the
to me that the law would be immeasurably
might receive with a Federal money would ordinarily be most needed, or which can be re-converted into
could deposit all the checks and drafts it
d from keeping intact its cash, when the need arises, through re-discounting. In the same way, it
reserve bank, for thereby it would be emancipate
is to be anticipated that a considerable part of the direct loans by country
present channels for handling collections.
from the collection ser- banks through their reserve agents upon the Stock Exchange will disappear.
The exclusion of the checks of non-member banks
of the balances ofcoun- I do not anticipate that in the next few years the practice of country banks
vice of the reserve banks will mean that a large part
maintained. I know a num- making direct loans will entirely cease. A moderato amount of call loans
try banks with their reserve agents must be
who feel that they will of this character are advantageous in ordinary times, because it enables the
ber of reserve city and central reserve city bankersone-half of their
present bank to quickly and easily secure additional cash whenever needed. The releast
be able, because of this situation, to keep at
in their assump- payment of call loans can be demanded and the money will be quickly
correct
country bank balances. If these city bankers are
e of one-half of the pres- forthcoming. It can then either be deposited with Federal reserve banks,
tion that they will be able to require the maintenanc profits of the
country thereby increasing the balances of the member banks and incidentally their
the
ent balances of country banks, the outlook for
either directly from the
gloomy. If it is re- reserves, or the shipment of cash can be requested,
bank with whom
banks under the reserve system might appear to be
correspondent or indirectly from the Federal reserve is
maintained and that, in city
unnecessary to
the deposit has previously been made. In any event, itof
quired that one-half of the present balances be
paper.
inamount
banks,
where,
e
reserve
a
g
considerabl
Federal
re
-discountin
of
the
to
trouble
to
shifted
the
go
be
addition, a large sum
bring no restead of earning interest as heretofore, it will in all probability
MAY 30 1914.1
THE CHRONICLE
The question of changing from Central Standard time to
Eastern Standard time is giving considerable concern in
Ohio. There is an hour's difference between the two, it
being 11 a. m. by Central time when Eastern time shows
12 o'clock, or noon. Eastern time is New York time and
Central time is Chicago time. On April 30 the Eastern time
was adopted in Cleveland in accordance with a new ordinance of the City Council. In Painesville, however, Mayor
Malin refused to sign the new ordinance on May 18, and
Mayor Rockwell of Akron on the 17th made known his purpose to defeat the proposal, expressing it as his opinion that
a municipality could not legally make the change. On the
23d State Attorney-General Hogan, in answer to an inquiry
from Cincinnati, ruled that the change could be made, providing it applies only to the municipality. His views were
expressed to W.C. Culkins of Cincinnati, who had contended
that the city could not change the system without adopting
a new charter. A report in which the change in time is
disapproved was submitted on the 26th inst. to the
Business Men's Club of Cincinnati by a Committee on
Eastern Time; the report will be acted upon by the board
of directors of the organization. A committee of the Cincinnati Chamber of Commerce has approved the change.
The second pamphlet of a series entitled "Banking Information" has been published by William P. Bonbright &
Co. It contains summaries of the Mexican and Japanese
banking systems, the first and second banks of the United
States, German rural credits as organized in the Raiffeisen
system and the Credit Fonder or French Land Bank.
"The institutions outlined herein," reads the introduction,
"have performed notable service in specialized and general
banking, and illustrate the progress of the science."
--•-F. J. Lisman of the banking firm of F. J. Lisman & Co.,
30 Broad St., will sail to-day on the SS. Olympic for a two
months' trip in Europe.
The stock of the Union Trust Company of Albany, N. Y.,
was placed on a 16% basis on the 15th inst., when it was decided to increase the quarterly dividend from 3% to 4%.
The company was established twelve years ago; its capital
has remained unchanged at $250,000, but its surplus and
profits have grown from $275,000 to $537,000. The institution has deposits of over $5,000,000. Grange Sard has
been President of the company since its inception.
A merger of the business of the Maryland National Bank
of Baltimore with the National Bank of Commerce was
effected on Wednesday in accordance with arrangements
perfected the previous day. The negotiations were carried
through by S. Davies Warfield, President of the Continental Trust Co.(which latter is the largest individual holder
of Maryland National Bank stock) and Eugene Levering,
President of the Bank of Commerce. The transaction involves the payment by the latter of $28 a share for the stock
of the Maryland National, having a capital of $500,000 in
$20 shares. A statement issued by Mr.Warfield relative to
the consolidation says:
The Continental Trust Co., desiring to co-operate along the lines indicated by the public sentiment of to-day that one financial institution should
not be the owner of a large block of the stock which approaches control of
another financial institution, determined to sell its large holding of stock
in the Maryland National Bank.
The trust company became interested in this bank in April 1905, when the
bank's deposits were $413,000. To-day the deposits of the Maryland
National Bank are about $2,250,000. During this period the bank was
put upon a dividend-paying basis, and,while the price obtained for the stock
shows a good return to the stockholders of the bank, the National Bank of
Commerce secures a valuable property upon a fair basis.
The outcome, I feel, is ample justification for the Trust Company's
orginally acquiring its holding of Maryland National Bank stock, both as
regards the return which the stockholders will now receive and also from the
standpoint of the business done by the Maryland National Bank, which
will now go over to the National Bank of Commerce.
Furthermore, since Baltimore did not secure the regional reserve bank.
believing that the consolidation of banks means greater facilities to the business interests of Baltimore,in that the larger bank can better take care of
itslcustomers,[we are glad to co-operate with President Levering of the National Bank of Commerce in securing such a result from this consolidation.
1665
meeting held on the 25th inst. Under the arrangements
which have been approved,4,000 new shares will be offered
pro rata to the stockholders at par ($100), the capital thereby
becoming $1,000,000; a stock dividend of 100% will then be
declared, thus bringing the capital up to $2,000,000. The
surplus of the bank, after its capital is brought up to the
amount indicated, will be ,000,000; its present surplus and
profits exceed $5,000,000. The enlarged capital will become
effective July 1.
A consolidation of the National Bank of West Virginia
and the City Bank of Wheeling, at Wheeling, W. Va., has
been agreed to by committees representing the two institutions, the plans being subject to the endorsement of the stockholders. Under the arrangements proposed the National
Bank of West Virginia will increase its capital from $500,000
to $900,000. The City Bank of Wheeling has a capital of
$150,000 and surplus and profits of $200,000; its deposits
amount to 23/i million dollars. The National Bank of West
Virginia, which has deposits of over. $3,000,000, dates back
to 1817 through its predecessor, the Northwestern Bank
of Virginia; the State institution was nationalized under its
present title in 1863. The business of the Bank of Wheeling
was merged into that of the National Bank of West Virginia
in 1907. The City Bank was organized in 1886 by Henry
K. List, and since his death has been managed by his sons;
A. S. List is President, John K. List, Vice-President, and
D.C. List Jr., Assistant Cashier. John List, the grandfather
of the Messrs. List, was Cashier of the predecessor of the
National Bank of West Virginia. It is expected that the
pending consolidation will be completed by July 1.
Following the purchase of controlling interest in the National Bank of Commerce of Los Angeles, Cal., by interests
in the Crown City National Bank and the Crown City Savings & Trust Company, it is announced that a consolidation
is under way which will include, in addition to the three
institutions named, the Pasadena National Bank. The
Crown City National and the National Bank of Commerce
each has a capital of $100,000, and the Pasadena National a
capital of $200,000. The national banks will be united under the name of the Pasadena National. The Crown City
Savings & Trust Co. will continue under its present title.
A.statement concerning the merger proceedings says:
The consolidation Is being arranged upon the basis of a capitalization
of $200,000 for the Pasadena National Bank and a like capitalization for
the Crown City Savings & Trust Co.,and an exchange of stock so that each
stockholder will hold an equal amount of stock in each bank. Taking the
last published statement of condition on March 4, as a basis, the deposits
of the Pasadena National Bank after the consolidation would be approximately $2,900,000; the deposits of the Crown City Savings & Trust Co.
at the same date were $603,000.
Under arrangements which are expected to be consummated within a month or two the First National Bank of
Portland, Ore., and the Security Savings Bank & Trust Co.
will be brought into more intimate business relations. The
two institutions, it is stated, are already controlled largely
by the same financial interests. In forming a closer working
alliance it is proi)osed to have the First National take over
the commercial and savings accounts of the Security, the
latter organization to continue its separate identity for the
handling of trust accounts, trusteeships and the operation
of a safe deposit business. The First National has a capital
of 81,500,000 and the Security Savings & Trust Co. a capital
of $1,000,000. It is planned to increase the capital of the
First National to $2,500,000, the additional stock being
taken by the stockholders of the Security, whose capital on
the other hand, will be reduced to $250,000. The First
National had deposits of $11,463,338 on March 4; the
deposits of the Security are close to
,000,000. A. L.
Mills is President of the First National and Vice-President
of the Security; C. F. Adams is President of the Security,
and he, with E. A. Wyld, a Vice-President of the Security,
will enter the First National as Vice-Presidents.
It is understood that Thornton Rollins, President of the
The Washington Bankers' Association will hold its annual
Maryland National, will enter the directorate of the Bank of
Commerce; G. Harry Barnes, Cashier of the Maryland convention at Walla Walla on June 4, 5 and 6. W. H.
National, will become Cashier of the Commerce, the present Martin is President of the Association, and P. Barton
Cashier of the latter, Thomas Hildt, being made a Vice- Kauffman is Secretary pro-tern.
President.
At the annual meeting of the Merchants' Bank of Canada
The plans heretofore outlined for increasing the capital of (head office Montreal) on May 21 the important announcethe Union National Bank of Pittsburgh from $600,000 to ment was made by President H. Montagu Allan of the pro$2,000,000 were ratified by the stockholders at the special posed establishment of a holding company, entirely owned
1666
and controlled by the bank. The departure, according to
President Allan, is made for the better handling of the bank
premises account and for the rendering available of a substantial proportion of the sum represented. The bank premises at various points are to be made over to the company
at the appraised valuation of the property, the company
handing back to the bank 50 to 60% of the value of such
properties in first mortgage bonds, the proceeds of the sale
of which will be availed of in the bank's business as the board
may direct, the amount over and above the bonds to be represented by stock in the company in the bank's name and
held on the books at a. nominal value. President Allan
states that the rentals charged the offices will pay the interest on the bonds and in addition provide a sinking fund for
their redemption in fifteen or twenty years, as the board may
later decide. The bank will in due course again own its
premises, unencumbered, through ownership of the common
stock of the company, all of which it will be the holder of.
This arrangement, it is said, is substantially in accordance
with the policy followed by some of the other large banks
of Canada. A motion changing the annual meeting of the
stockholders from the third Wednesday in May to the first
Wednesday in June, in order to allow more time in the preparation of the annual statement, was adopted at the late
meeting. Two important events were signalized at this
meeting—the fifteenth anniversary of the establishment of
the bank, and the placing of the reserve fund upon an equality with the paid-up capital. Both are now $7,000,000 each.
The statement of the result of the business of the bank for
the year ending April 30 1914 showed net profits for the
twelve months of $1,218,695; with the premium on new
stock of $180,825 and the balance brought forward from
April 30 1913 of $401,014, there was available for appropriations $1,800,534, which was disposed of as follows:
Dividends, at the rate of 10% per annum, $686,574; transferred to reserve fund, $580,825; contributed to officers'
pension fund, $50,000; written off bank premises account,
$100,000; written off for depreciation in bonds and investments, $135,000, leaving a balance to be carried forward of
$248,135. The interest-bearing • deposits of the bank on
April 30 (including interest accrued to date) amounted to
$45,946,650, while its non-interest bearing deposits reached
$13,309,394. The assets at 3,120,741 compare with 0,573,899 on April 30 1913. E. B. Hebden is General Manager
of the bank.
The Canadian Bank of Commerce (head office Toronto)
has decided to replace its present certificates of stock having
a par value of $50 by $100 shares. For the purpose of effecting the exchange the books of the bank will be closed on
August 15, and the new certificates will be issued to shareholders of record of that date on September 1 or as soon thereafter as possible. No fractional shares will be issued by the
bank, and holders of odd numbers of shares will either have
to buy or sell one share of stock before turning in their old
certificates for exchange.
In the six months to April 30 1914 the deposits (interestbearing and non-interest bearing) of the Bank of Montreal
have increased from $189,572,839 to $208,180,034; the lastnamed amount is made up of $157,722,511 interest-bearing
and $50,457,523 non-interest-bearing deposits. The total
assets have grown from $244,787,045 on October 31 1913 to
$262,956,419 on April 30 1914. The quick assets at the
last-named date reach $139,579,557, equal to 60.87% of the
total liabilities to the public.
It is reported that the Bank of Vancouver at Vancouver,
British Columbia, has decided to reduce its capital from
$875,219 to $500,000. Plans were recently under consideration for the amalgamation of the institution with the Royal
Bank of Canada,but,following the deferred annuallmeeting
of the Bank of Vancouver, held on Mar. 17,it was announced
that the institution would be continued as a separate organization. Arrangements are said to have been made for the
sale of a large block of the treasury stock of the Bank of Vancouver to some Eastern banking interests. It is also reported that losses of several hundred thousand dollars, incurred through bad bills, will be met by the reduction:in the
capital.
The details of the half-yearly statement to December 31
1913 of the Yokohama Specie Bank, Ltd. (head office Yokohama),as presented to the shareholders at the semi- annual
[VOL. XCV I I I.
THE CHRONICLE
meeting held in Yokohama on March 10 are now generally
available. The gross profits of the bank for the half-year,
including yen 1,229,769 brought forward from the last
account, amount to yen 23,466,477, of which yen 20,048,988
have been deducted for interest, taxes, current expenses,
rebate on bills current, bad and doubtful debts, bonus for
officers and clerks, &c., leaving a balance of yen 3,417,489
for appropriation. The directors proposed that yen 350,000
be added to the Reserve Fund,and recommended a dividend
at the rate of 12% per annum, this absorbing yen 1,800,000,
the balance, yen 1,267,489,• being carried forward to the
credit of the new account. The bank has a capital (paid-up)
of yen 30,000,000 and a reserve fund of yen 18,550,000; its
deposits (current,fixed,&c.), were yen 189,719,265 on December 311913,on which date the assets aggregated yen 423,856,359.
At the 101st ordinary general meeting of the stockholders
of the Standard Bank of South Africa, Ltd. (head office
London),held on April 22,it was decided to discontinue the
practice of holding two meetings a year, and to call the
stockholders together hereafter only once in twelve months.
It was pointed out at the April meeting that the institution
was almost the only large bank which had continued halfyearly meetings. In the statement for December 31 1913,
presented at the meeting just held, deposits of £20,900,321
are shown while the resources total nearly £30,000,000—
£29,626,460. The nominal capital is £6,250,000, the capital
subscribed (309,705 shares of £20 each) £6,194,100, and
called up £5 a share, £1,548,525. The reserve Fund stands
at £2,000,000. The bank has 188 branches and 27 agencies.
W. H. MacIntyre is the Manager of the New York agency
at 55 Wall Street.
WonetargiTrimmerdalX.:
English Financial Markets—Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Mon. Tues.
Wed.
Sat.
Thurs.
Frt.
Week ending Mau 29.
26 3-16 2631
d 267-16 25 15-16 26
2031
Silver, per oz
74 7-16 74 11-10 7431
7415-16
d Consols, 231 per cents—. 74 5-18 7431
7431
74
9-16
75
1-16 7531
7431
•7431
6 For account
85.95
86.30
86.10
85.87% 85.7731
d French Rentes(In Paris) fr. 85.85
7431
7431
7431
743'
7431
Amalgamated Copper Co— 7431
66
66
6531
66
65
65
Am. Smelt. & Refining Co
6%
8%
631
6%
6%
6%
0 Anaconda Mining Co
98%
98%
38%
99%
9931
Atch. Topeka & Santa Fe— 9731
102%
102%
102%
102%
102
102%
Preferred
94%
94%
94
94
94%
94
Baltimore & Ohio
83
83
83
83
83
83
Preferred
199%
203
199%
c199%
19931
199%
Canadian Pacific
53%
54
54
54
53%
5331
Chesapeake & Ohio
13%
14
13%
13%
13%
1331
Chicago Great Western
103
103
10331
10331
103%
Chicago Milw.& St. Paul......10331
1231
121(
12
12%
12%
1131
Denver dr Rio Grande
21
21
21
21
21%
21
Preferred
29%
29%
29%
29%
29%
2931
Erie
45%
45%
45%
45%
44%
45
First preferred
37%
38
38%
38
38
3731
Second preferred
127
127%
127%
127
127%
Great Northern, preferred 12631
113
113
114
113%
11331
114
Illinois Central
140
140%
140
140%
140
14031
Louisville & Nashville
17%
17%
17%
17%
17%
Missouri Kansas & Texas— 173(
41%
41%
41
41%
41
41
Preferred
17%
17%
17%
17%
1631
18%
Missouri Pacific
11%
11%
11%
12%
1131
12%
Nat. RR.of Mex., 2d pref
95%
96
95%
95%
95%
N. Y. Cent. & Hud. River.- 9531
27
27
27
27
27
26%
N. Y.Ont.& Western
107%
107
1073' c108
107
10631
Norfolk & Western
9231
91%
92
92%
Preferred
113
1i3
11331
112%
113%
ii33(
Northern Pacific
57%
5731
573(
57%
5731
57
a Pennsylvania
85
85
85
85
84%
843'
a Reading Company
a First preferred
a Second preferred....... -"aVi
-53i
•••
i
•
-5K "5-q
331
Rock Island
95%
9531
96
c9531
95
653-(
Southern Pacific
2531
2531
2531
2531
2531
2531
Southern Railway
8131
8131
81
82
81
82
Preferred
16134
1613-1
182
160
16031
15931
Union Pacific
8531
853-1
8531
8531
8531
8531
Preferred
6431
8431
6431
c6331
8331
6231
U.S. Steel Corporation
11231
11231
11231
11231
11231
11231
Preferred
1
1
1
1
1
1
Wabash
3%
4
331
331
33-1
Preferred
33.1
55
5431
5331
543.g
55
54
Extended 4s
sterling. c Ex-dividend. d Quotations hero given are
a Price per share. b
flat prices.
(Commercial andTgiscelaneonsBerns
NICARAGUA CUSTOMS RECEIPTS.—Weappend
statement showing the Nicaragua customs receipts for the
month of January 1914, compared with 1913:
January
1914.
1913.
Increase.
$158,251 36 $149,945198 E$8,305 38
National Banks.—The following informationregarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO CONVERT APPROVED.
The Bank of Forrest City.Ark.,into "The First National/Bank of Forrest
City.
Capital, $50,000.
OPAMS4r.
The Auburn State Bank, Auburn, Wash.,into "The.Firstrilational Bank
of Auburn." Capital,$25.000.
CHARTERS ISSUED TO NATIONAL BANKS.
May 14 to May 19.
10I PA,
10,542—The First National Bank .of Maryville, Tenn. Capital, $50.000.
Thos. N. Brown, Pres.; E. F. Amos, Cashier.
10:543-The Commercial National Bank of Charleston, S. C. Capital,
$200,000. T.T. Hyde,Pres.; Courtenay Olney, Cashier. (Conversion of The Commercial Savings Bank of Charleston, Charleston, S. C.)
10,544-The First National Bank of Minden, La. Capital, $50,000.
L. P. Wren, Pres.; Arthur F. Dupuy, Cashier.
10,545-The First National Bank of Daytona, Fla. Capital, $50,000.
W.E. Sullivan, Pres.; A. Milligan, Cashier. (Conversion of the
People's State Bank of Daytona, Fla.)
VOLUNTARY LIQUIDATION.
9,6911-The First National Bank of Conway, S. C., May 8 1914. Liquidating agent, Hal L. Buck, Conway, S. C. Succeeded by The
Conway National Bank, Conway, S. C.
RESUMPTION OF BUSINESS.
4,236-The First National Bank of Gallatin. Tenn., was closed on Mar.25
1914; re-opened and resumed business on May 13 1914.
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam).
234
Alabama Great Southern, ordinary
3
Preferred
Atch. Top.& Santa Fe,corn.(qu.)(N0.36) 134
$1.50
Atlantic Coast Line Co. (guar.)
334
Atlantic Coast Line RR.,common
234
Boston & Albany (quar.)
4
Boston & Lowell
Boston Revere Beach & Lynn (quay.)
134
234
Canadian Pacific, corn. (guar.) (No. 72)_
Chesapeake & Ohio (quar.)
1
Chestnut Hill (guar.)
134
Chicago & North Western Ry.,com.(qu.) 1X
Preferred (guar.)
2
One. N.0.& Texas Pacific,common_ _ _ _
3
Common (extra)
234
Preferred (guar.)
13%
Cleveland & Pittsb., reg. guar. (guar.)._
1%
Special guaranteed (quar.)
1
Cripple Creek Cent., corn.(qu.) (No. 18) 1
1
Preferred (quar.) (No. 34)
234
Delaware & Hudson Co. (quar.)
Erie & Pittsburgh (guar.)
134
3
Greene Railroad
2
Hocking Valley (quar.)
334
Louisville & Nashville
2
Mobile de Birmingham, preferred
134
Norfolk & Western, common (quar.)_
Phila. Germantown & Norristown (quar.) 3
3
Pittsburgh Bessemer & Lake Erie, pref
Pittab. Youngs. & Ash., corn. & p1. (qu.) 134
1
Reading Company,first pref.(guar.)._
134
Southern Pacific Co.(guar.) (No. 31)
s3
Union Pacific, common (special)
2
Union Pacific, common (quar.)
Street and Electric Railways.
75c.
American Railways, common (quar.)...
134
Arkansas Valley Ry., Lt. & Pow., pref.(qu.)
3
Baton Rouge Electric Co., preferred
Brooklyn Rapid Transit (guar.)
134
Cent. Arkansas Ry.& L. Corp.,pref.(qu.) 194
Chicago El. Rye., pref., panic. ctfs.(qu.) $1.50
Chippewa Valley BY., L.& P., pr. (qu.)_
194
Detroit United Ry. (guar.)
134
El Paso Electric Co., corn. (qu.)(No. 12) 254
Federal Light & Trim, rd. (qu.)(No. 16) 134
Frankford & Southw. Pass Ry. (quar.)___ _ 34.50
Louisville Traction, corn. (guar.)
1
Massachusetts Electric Cos., preferred
$2
Manhattan Bridge 3-Cent Line (No. 2)-134
3
Norfolk Railway & Light
134
Northern Ohio Traa. & Lt., corn. (qu.)._
Nor. Texas El. Co., corn. (qu.)(No.19)-- 13%
Pensacola Electric Co.. pref. (No. 15)--- 3
1
Portland Ry.,L.& Pow.(qu.)(No. 14)_ _
134
Rochester Ry. & Light, pref. (guar.)
Second & Third Sts. Pass., Phila.(quar.)._ $3
Tennessee Ry., L. & P., Pt. (qu.)(No.8) 134
3
Virginia Ry. & Power, preferred
Wash'g'n (D.C.) Ry.& Elec., coin. (qu.) 194
1X
Preferred (auar.)
Banks.
8
New York, Bank of, N.B.A.(No. 261)._ _ _
'Trust Companies.
134
Citizens, Brooklyn (guar.)
Miscellaneous.
$1.50
Adams Express (guar.)
1
American Chicle, corn. (monthly)
3
American Cotton 011, preferred
194
American Gas (guar.)
1
American Power & Light, corn. (guar.)._
234
American Radiator, common (quar.)._ _ _
1
Am.Smelt.& Ref.,corn.(qu.)(No.43)_
134
Preferred (guar.) (No. 80)
American Steel Foundries (guar.)
Amer. Sugar Refln., corn. & pref. (guar.) 13%
134
Amer. Teleg. & Cable (guar')
6
American Tobacco, common (quar.)_ _ _
12
Amer. Window Glass, preferred
234
Ansco Co., common (guar.)
19(
Associated Merchants,common (quar.)_ _
N
Common, extra
154
Atlas Powder (guar.)
1
Baldwin Locomotive Works, common.._ _
334
Preferred
Blackst. Val. Gas & El.,com.(qu.)(No.7) 2
3
Preferred (No. 4)
134
Booth Fisheries, first preferred (quar.)_ _
Borden's Cond. Milk, pref. (qtr.)(No.50) 134
65
British-Am. Tobacco, ordinary (interim)
134
Brooklyn Union Gas (guar.)
Extra
1
Buckeye Pipe Line (quar.)
4
34
Butterick Company (guar.)
Calumet & Hecia Mining (guar.)
$5
Canadian Car & Foundry, Ltd., common 2
Central Leather, preferred (guar.)
134
Cent. Miss. Valley Elec. Prop.. of. (qu.) $1.50
coesehrough Mfg. Consolidated (quar.)_ 6
4
Extra
`,
Chicago Telephone (guar.)
234
Childs Company, corn. (guar.)
Preferred (guar.)
194
75c.
Chino Copper Co. (guar.)
pref.
34
Cities Service, corn. &
(monthly)
M
Cities Service, corn. & pref. (monthlY)-2
City & Suburban Homes
(qu.)
pref.
1
Cleveland & Sandusky Brew..
134
Colorado Power, pref. (guar.)
1
Columbus Gas & Fuel,common (quar.)_ _
Columbus Gas & Fuel, pref. (guar.)
134
Connecticut Power, pref. (quar.) (No. 5) 134
Connecticut River Power,common
134
3
Preferred
1667
THE CHRONICLE
MAY 30 1914.1
Books Closed.
Days Inclusive.
June 25 Holders of rec. June in
Aug. 27 Holders of rec. July 18a
June 1 Holders of rec. April 30a
June 10 May 30 to June 10
July 10 June 20 to July 10
June 30 Holders of rec. May 29a
July 2 Holders of rec. May 23
July 1 Holders of rec. June 15a
June 30 Holders of rec. May 303
June 30 Holders of rec. June 5a
June 4 May 21 to June 3
July 1 Holders of rec. June in
July 1 Holders of rec. June la
June 12 Holders of rec. June la
June 12 Holders of rec. June in
June 2 Holders of rec. May 233
June 1 Holders of rec. May 9a
June 1 Holders of rec. May On
June 1 Holders of rec. May 18a
June 1 Holders of rec. May 18a
June 20 Holders of rec. May 28a
June 10 Holders of rec. May 29a
June 19 Holders of rec. June 15a
June 30 Holders of rec. June 5a
Aug. 10 July 18 to Aug. 10
July 1 June 2 to June 30
June 19 Holders of rec. May 293
June 4 May 21 to June 3
June 1 Holders of rec. May 15
June 1 Holders of rec. May 20a
June 11 Holders of rec. May 28a
July 1 Holders of rec. June la
July is Mar. 3 to Mar. 22
July 1 Holders of rec. June in
June
June
June
July
June
June
June
June
June
Juno
July
July
July
June
June
June
June
June
June
Juno
July
June
July
June
June
15 Holders of rec. May 29a
15 Holders of rec. May 29
1 Holders of rec. May 20a
1 Holders of rec. June 9a
1 Holders of rec. May 15a
1 Holders of rec. May 28
1 Holders of rec. May 31a
1 Holders of rec. May 16a
15 Holders of rec. June in
1 Holders of rec. May 163
1 Holders of rec. June in
1 June 11 to June 15
1 Holders of rec. June 6
1 Holders of rec. May 27
10 Holders of rec. May 31a
15 Holders of rec. May 30a
1 Holders of rec. May 18a
1 Holders of rec. May 21a
1 Holders of rec. May 12
1 Holders of rec. May 27a
1 Holders of rec. June in
1 Holders of rec. May 21
10 Holders of rec. June 13a
1 May 16 to May 17
1 May 16 to May 17
July
1 June 24
June
1 Holders of rec. May 20a
to
June 30
June 1 May 19 to May 31
June 20 Holders of rec. June 15a
June 1 May 16 to June 1
June 1 Holders of rec. May 20a
June 1 Holders of rec. May 26a
June 30 June 23 to June 30
June 15 May 28 to June 5
June I May 16 to May 24
June 30 Holders of rec. June 13a
July 2 Holders of rec. June in
June 1 Holders of rec. May 29a
June 1 Holders of rec. May 15a
June 1 May 26 to May 31
July 1 June 20 to June 30
May 30 Holders of rec. May 21
May 30 Holders of rec. May 21
June 10 May 30 to June 10
July 1 Holders of rec. June 13a
July 1 Holders of rec. June 13a
June 1 Holders of rec. May 20a
June 1 Holders of rec. May 20a
July 1 Holders of rec. June 20
June 15 June 6 to June 15
June 30 See note (u).
July 1 June 14 to June 30
July 1 June 14 to June 30
June 20 Holders of rec. June 3
June 1 Holders of rec. May 20a
June 20 Holders of rec. May 22
June 2 Holders of rec. May ha
July 1 Holders of rec. June 10a
June 1 Holders of rec. May 20a
June 19 June 6 to June 19
June 19 June 6 to June 19
June 30 Holders of rec. June 29a
June 10 June 3 to June 10
June 10 June 3 to June 10
June 30 June 6 to June 9
June 1 Holders of rec. May 15a
July 1 Holders of rec. June 15a
June 4 Holders of rec. June 1
June 15 Holders of rec. May 30a
June 15 Holders of rec. May 31
June 1 Holders of rec. May 15
July 1 Holders of rec. Juno 15
June 1 Holders of rec. May 20a
July 1 June 24 to June 30
June 1 May 24 to May 31
Name of Company.
Per
Cent
When
Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
134 June 15 Holders of rec. May 13a
Consolidated Gas (quar.)
Cons. Gas, Elec. L. & P., Balt., cont. (qu.) 13.6 July 1
Continental Oil (quar.)
June 16 May 28
to June 16
3
Crescent Pipe Line (guar.)
$1.25 June 15 May 21 to June 15
Crex Carpet
3
June 15 Holders of rec. May 290
Cuba Company,common
1334 July 1 Holders of rec. June in
Cuban-American Sugar, pref.(quar.)___. 194 July 1 Holders of rec. June ltla
Deere & Co.. preferred (guar.)
194 June 1 Holders of rec. May 153
Diamond Match (quar.)
134 June 15 Holders of rec. May 30a
Dominion Textile, common (quar.)
134 July 2 Holders of rec. June 150
(guar.)
Preferred
134 July 15 Holders of rec. June 30a
du Pont Internat. Powd., pref. (qu.)
lh July 1 Holders of rec. June 20a
du Pont (E. I.) de Nem. Posed., corn. (qu.) 2
June 15 June 6 to June 15
Preferred (guar.)
134 July 25 July 16 to July 26
Eastern Steel, first preferred (guar.).--IX June 15 Holders of rec. June 1
Eastman Kodak,common (guar.)
234 July 1 Holders of rec. May 290
Common (extra)
5
July 1 Holders of rec. May 290
Preferred (guar.)
134 July 1 Holders of rec. May 29
Electric Properties Corp., pref. (quar.).. _ _ _
134 June 10 Holders of rec. Junel la
Equitable Ill, Gas L., Phila., pre/
3
June 15 Holders of ree. June 6
Essex ciz Hudson Gas
4
June 1 Holders of rec. May.20
Federal Mining & Smelt., pref. (guar.)._
134 June 15 Holders of ree. Maq22a
Federal Utilities, pref. (guar.)(No. 12)._
134 June
Holders of rec. Ma 15
Galena-Signal Oil,common (guar.)
3
June 30 Holders of rec. May 290
Preferred (guar.)
2
June 30 Holders of rec. May129a
General Asphalt, pref. (guar.)(No. 28)._
13.4 June 1 April 29 to
May 19
General Chemical, common (guar.)
134 June 1 Holders of rec. May 20a
General Chemical, preferred (guar.)
134 July 1 Holders of rec. June 17a
General Electric (guar.)
2
July 15 Holders of rec. June la
Goodrich (B. F.), preferred (guar.)
13% July 1 Holders of rec. Junel19a
Granby Cons. Min., Sm. liz Pow. (quar.) 154 June 15 Holders of rec. May 29a
Great Northern Paper (guar.)
134 June 1 Holders of rec. May 29a
Greene Cananea Copper (No. 7)
1
June 1 Holders of rec. Mayl21
Hackensack Water, corn. & pre!
3
June 1 Holders of rec. May 15a
Harbison-Walker Refract., corn. (guar.)% June 1 Holders of rec. May 20
Inland Steel (guar.)
13% June 1 Holders of rec. May lba
Int. Harv. Co. of N. J., pf.(qu.) (No.29) 13% June 1 Holders of rec. May On
Int. Harvester Corp., pf. (qu.) (No. 5)-194 June 1 Holders of rec. May On
International Nickel, common (guar.)--- 234 June 1 May 15 to June 1
x July 1 Holders of rec. June 20a
Internat. Smoke'.Pow.& Ch.,corn.(qu.)
Kings Co. El. Lt.& Pow.(qu.)(No. 57). 2
June 1 Holders of rec. May 21a
Kresge (S. S.) Co., common
3
July 1 Holders of rec. June 16a
Preferred (guar.)
IX July 1 Holders of rec. June 16a
La Belle Iron Works, pref.(guar.)
2
June 30 June 21
to June 30
Lackawanna Steel, pref. (guar.)
May 30
194 June I
Laclede Gas Light, corn. (guar.)
134 June 15 June 2 to June 15
Preferred
234 June 15 June 2 to June 15
2
Lake of the Woods Milling, corn. (qu.)_
June 1 Holders of rec. May 23a
Preferred (quar.)
194 June 1 Holders of rec. May 23a
Lehigh de Wilkes-Barre Coal
$3.25 June 23 Holders of rec. June 16a
3
Liggett & Myers Tobacco,corn.(quar.)
June 1 Holders of rec. May 15a
Liggett & Myers Tobacco, pref. (quar.)_...._
134 July 1 Holders of rec. June 153
Mackay Cos., corn. (guar.)(No. 36)
134 July 1 Holders of rec. June 10a
Preferred (guar.) (No. 42)
1
July 1 Holders of rec. June 10a
Massachusetts Gas Cos. preferred
2
June 1 May 15 to June 20
May Department Stores, corn. (Quar.)
134 June 1 Holders of rec. May 16
Mergenthaler Linotype (guar.)
234 June 30 Holders of rec. June On
Extra
% June 30 Holders of rec. June On
Middle West Utilities, preferred (quar.)134 June 1 Holders of rec. May 15
Moline Plow, first preferred (guar.)
134 Juno 1 Holders of rec. May 16a
Second preferred (guar.)
134 June 1 Holders of rec. May 16a
Montana Power, common (quar.)
34 July 1 Holders of rec. June 16
Preferred (guar.)
194 July 1 Holders of rec. June 16
1
Montreal Cottons, Ltd. ,common (quar.).__
June 15 Holders of rec. June 5
Preferred (quar.)
194 June 15 Holders of rec. June 5
National Biscuit, corn.(guar.)(No.64).19j July 15 Holders of rec. June 27a
National Lead, common (guar.)
% June 30 June 13 to June 17
National Lead, preferred (guar.)
194 June 15 May 23 to May 26
National Sugar Refining (guar.)
134 July 2 Holders of rec. June 8
National Transit (guar.)
760. June 15 Holders of rec. May 29
Nevada Consolidated Copper Co. (quar.).... 3734c June 30 Holders of rec. June 5
New York Air Brake (guar.)(No. 46)..... 134 June 23 Holders of rec. June 3a
N. Y.& Queens El. Lt. & P., pref. (qu.) 1
June 1 Holders of rec. May 22a
New York Transit (quar.)
8
July 15 Holders of rec. June 24
North American Co. (guar.) (No. 4i)_. lg July 1 Holders of rec. June I5a
3
Northern Ontario L.ct Pow.,Ltd.,pre_ _
July 15 Holders of rec. June 30
Northern Pipe Line
5
July 1 Holders of rec. June 10
Ogilvie Flour Mils, Ltd.. pref. ((Mar.).194 June I Holders of rec. May 20
Ohio 011 (guar.)
31.25 June 20 May 27 to June 8
Extra
75c. June 20 May 27 to June 8
Ontario Pow. of Nlag. Falls (qu.)(No. 7) 13% June 1 Holders of rec. May 23a
Pabst Brewing, Preferred (quar.)
194 June 15 Holders of rec: June 8a
Packard Motor Car, pref. (guar.)
134 June 15 June 5 to June 15
Philadelphia Electric (guar.)
3934a. June 15 Holders of rec. May 22a
Pittsburgh Steel, preferred (guar.)
194 June 1 Holders of rec. May 21a
Porto Rican-American Tobacco
5g June 4 Holders of rec. May 15
x June 10 May 21 to June 9
Pressed Steel Car, corn. (guar.) (No. 21)
Pure 011, common (quar;)
5
June 1 May 15 to May 31
Quaker Oats, common (War.)
234 July 15 Holders of rec. July la
Preferred (guar.)
134 Aug. 31 Holders of rec. Aug. 1
(guar.)
pref.
Railway Steel-Spring,
13% June 20 June 7 to June 21
3754 c. June 30 June 6 to June 9
Ray Consolidated Copper Co. (guar.)
3
Realty'Associales (No. 23)
July 15 Holders of rec. July 6
(qu.)
(No.
47)_
ly,
July I Holders of rec. June 16a
Republic Iron & Steel, pf.
13% July 1 Holders of rec. June 15a
Sears, Roebuck & Co., pref. (guar.)
5
June 20 May 26 to June 22
Solar Refining
8
June 1 Holders of rec. May 15
Southern Pipe Line (quar.)
South Penn Oil (quar.)
June 30 June 13 to June 30
3
2
June 30 June 13 to June 30
Extra
Southwestern Power & Lt., pref.(quar.). 194 June 1 Holders of rec. May 26a
2g June 15 Holders of rec. May 29
Standard Gas cfc Electric, pref. (quar.)._
Standard Milling, common (No.3)
3
June 20 June 11 to June 21
Standard Oil (California) (quar.)
234 June 15 Holders of rec. May 20a
Standard Oil (Kansas) (guar.)
3
June 15 May 29 to June 15
(guar.)
(Kentucky)
Standard Oil
4
July 1 June 16 to July 1
Extra
1
July 1 June 16 to July 1
Standard Oil (Nebraska)
10
June 20 Holders of rec. May 20a
Standard Oil of N. J.(guar.)
5
June 15 Holders of rec. May 20a
Standard Oil of N. Y.(guar.)
2
June 15 Holders of rec. June in
Standard Oil (Ohio) (guar.)
3
July 1 June 6 to June 24
Extra
3
July 1 June 6 to June 24
Studebaker Corporation, pref. (quar.)...194 June 1 Holders of rec. May 20a
Swift & Co.(guar.)(No. 111)
134 July 1 Holders of rec. June 10a
Tennessee Eastern Elec., pref. (quar.)
134 June 1 Holders of rec. May 20a
Underwood Typewriter, common (quar.) I
July 1 Holders of rec. June 20a
1 N July 1 Holders of rec. June 20a
Preferred (guar.)
Union Stock Yards (Omaha) (quar.)154 May 31 May 22 to May 31
United Cigar Mfrs., preferred (guar.)--134 June 1 Holders of rec. May 22a
Un. Cigar Stores of Am., pf.(qu.)(No.7) 134 June 15 June 2 to June 15
194 June 1 Holders of rec. May 21a
United Dry Goods Cos., pref.(quar.)
114 June 30 June 18 to June 30
U. S. Gypsum, pref. (guar.)
1 5-16 July 1 June 21 to July 1
U. S. Printing of Ohio (quar.)
U.S. Steel Corp.. corn. (quar.)(No. 42). 134 June 29 June 2 to June 10
Utah Copper Co. (guar.)(No.24)
75c. June 30 Holders of rec. June 5
N July 1 Holders of rec. June 15a
Utilities Improvement, corn.(monthly)__
Preferred (monthly)
34 July 1 Holders of rec. June 15a
Waltham Watch, preferred (No. 16)_ _ -- 3
June 1 Holders of rec. May 18a
White (J. G.) Engin•g, pref.(qu.) (No.5) 194 June 1 Holders of rec. May 20
White (J. G.) M'gem't Corp.. pf. (qu.). 134 June 1 Holders of rec. may Is
Woolworth (F. W.). corn.(quar.)(No. 8) 154 June I Apr1130 to May 20
Preferred (guar.)
194 July 1 Holders of rec. June 10 a
a Transfer books not closed for this dividend. b Less British Income tax. 4 Cmrection. e Payable in stock. !Payable in common stock. g Payable in scriph On account of accumulated dividends. S A distribution of Balto. & Ohio stock to
be made, viz., $12 par value of B.& 0. pref. and $22 50 par value B.& 0.common
for each share of Union Pacific common stock held, payment of said extra dividends,
both cash and stock, being postponed from Apr. 1 to July 1 on account of litigation,
I Declared 7% to holders of record June 1, payable 344% July 1 and 334% Nov. 1
u Transfers received in London on or before June 17 will be in time to be passed
for payment of dividend to transferee.
1668
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Per cent. Bonds.
Shares.
Per:3 it
25 Union Exchange Nat. Bank__145
$1,000 Lorain Ash. & Sou. RR.
200 U. S. Title Gu. Co., old stock_ 15
temp. 2d 58, 1963. A. & 0_ _ 11
2 Clinton Hall Association
2784 $1,000 Interstate Elec. Corp. 1st
1
lien coll. s. 1. 6s, 1933. M.& S.._ 95
210 Gildersleeve Press
200 Brooklyn City RR. Co
1733
By Messrs. Francis Henshaw & Co., Boston:
Shares.
4 Old Boston Nat. Bank
5 Pacific Mills
30 Farr Alpaca Co
30 Pepperell Mfg. Co
3 Saco-Lowell Shops
Per Cent,
$ per sh. Bonds.
130
31,000 Jersey City, N. J., 58,'23_10584
107
$13,000 note of Boston Talking
$250
Machine Co.
13834
304-30534
115
By Messrs. R. L. Day & Co., Boston:
Shares.
$ per oh.
15 National Union Bank
20734
1 National Shawmut Bank
205
3 Old Colony Trust Co
304
18 Bigelow Carpet Co
187
2 Bates Manufacturing Co
215
500 Greeniaw Mfg. Co., corn., $10
25c.
each
50 Ludlow Mfg. Assoc. rights_ _ _ _ 534
Per sh.
Shares.
112 flat
30 Hotel Trust (Touraine)
116 Co-Operative Store Co., La
Follette, Tenn
$20,000 lot
25c.
10 West End Land Co
5 Saco Lowell Shops, preferred__ 99
Per cent.
Bonds.
$1,000 Boston Elec. Lt. Co.58,'24_102
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares.
89 American Bank, $50 each.. _ _ 52
100 Ohio Traction Co., common_ 12
50 Quaker City Nat. Bank..115-11534
21 Farm.& Mech. Nat. Bank_ A35
2 Philadelphia National Bank_431
10 Franklin Trust Co.,$50 each. 54
1 Girard Trust Co
880
10 Hamilton Trust Co
06
5 People's Tr. Co.,$50 each
46
20 Camden F.I. Assn.,$5 each 103-4
25 Indep. F.I.Sec.Co.,825 each. 27
5 People's Nat.F.1.Co.,$25 ea. 1834
60 Philo, Life Ins. Co.,$10 each 10
6 Citizens'Passenger RY
28334
50 Eastern Light & Fuel Co_ .._ _100
1,000 Kimberly Cons. Mines,$lea.. Sc
10 Giant Portland Cement,com. 33-4
Shares.
$ per sh
1 Colo.-Yule Marble Co., pref. 13
1 Colo.-Yule Marble Co.,com- 7
Bonds.
Per Cent.
$2,000 Elmira Water, Lt. Sc RR.,
1st & ref. 58, 1956
8934
$1,000 Phila. & Garretts. St. Ry.
1st 58, 1955
92
$1,000 Phila.& West Chester Trac.
gen. 4s, 1954
8034
$500 Spring. Cons. Water Co.5s'58. 753-4
$1,000 N.Spring. Wat. 58, 1928_ _ _ 903-4
$10,000 Westinghouse Mach. Co.
85
1st & ref. 6s, 1940
$1,000 Harleigh-Brookwood CoalCo
99
1st 6s, 1928
$5,000 Millville (N. J.) Gas Light
Co. 1st 55, 1930
9634
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
$ per oh. Bonds.
$ per cern.
11.3669 Jiffy Auto Curtain Co_Lot $850 $1,000 Harleigh Brookwood Coal
1st 6s, 1928
1 Charles Lennig & Co.,Inc.,com.100
85
$1,000 Lehigh Valley RR. coll. tr.
45, 1914
Per cent.
Bonds.
9934
$1,000 Lehigh Valley RR. Equip.
$1,000 Columbus Gas Co. 1st 55,
1932
93
434s, 1916
100
$2,000 N. Y.& East River Gas 1st
$1,000 City Gas Co. of Norfolk 1st
5s, 1944
6s, 1926
105%
10034
$2,000 Southern Lt. & Tr. coll. tr.
$1,000 Evansville Elec. By. 1st 48,
55, 1949
1921
87X
90
$1,000 St. Joseph Gas 1st 58, 1937_ 753-4
$1,000 Fairmount Park Transp.
81
$3,000 Mich. Nor.Pow.1st 5s, 1941903-4
1st 58, 1937
$1,000 No. Springfield Wat. 58,
alone) Grand Rapids Gas Lt. 1st
9034
1928
5e, 1915
9984
Canadian Bank Clearings.-The clearings for the week
ending May 23 at Canadian cities, in comparison with the
same week of 1914, shows an increase in the aggregate of
5.9%.
1914.
1913.
in cor.
Dec.
1912.
The capital of the trust companies is as follows: Brooklyn, $1,500,000; Bankers,
ail) 000.000; United States Mortgage & Trust, $2,000,000: Astor, $1,250,000; Title
Guarantee de Trust, $5,000,000: Guaranty, $10,000,000; Fidelity, $1,000,000;
Lawyers'Title Insurance dr Trust,$4,000,000: Columbia-Knickerbocker,$2,000,000;
People's, 51.000.000: New York, $3,000,000; Franklin, $1,000,000; Lincoln. $1.000,000; Metropolitan, $2,000,000; Broadway. 51.500,000; total, $46,250.000.. kiA
IF 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.
Capital. Surplus.
$
New York__ _ _
2,000,0 4,325,4 25,559,0
Manhattan Co 2,050,0 4,914,6 39,500,0
Merchants'__ _
2,000,0 2,190,0 22,865,0
Mech. & Met_ 6,000,0 8,854,2 90,016,0
America
1,500,0 6,323,2 25,298,0
City
25,000,0 33,141,8 200,219,0
Chemical __ _
3,000,0 7,715,5 29,901,0
Merchants'Ex. 1,000,0
751,5
8,396,0
Butch.&Drov.
300,0
114,5
1,947,0
Greenwich __ _
500,0 1,133,8 10,031,0
American Ex_
5,000,0 4,759,8 60,677,0
Commerce _ _ _ 25,000,0 16,939,5 141,199,0
Pacific
500,0 1,007,2
5,064,0
Chat. & Phen_
2,250,0 1,404,0 21,872,0
People's
200,0
464,3
1,871,0
Hanover
3,000,0 15,003,1 87,062,0
Citizens' Cent. 2,550,0 2,444,5 23,942,0
Market&Fult. 1,000,0 1,962,4
9,163,0
2,000,0 1,868,9 10,799,0
Metropolitan _
Corn Exchange 3,500,0 6,868,2 65,816,0
Imp.&Traders 1,500,0 7,851,7 28,201,0
Park
5,000,0 14,490,9 96,753,0
East River __ _
57,8
250,0
1,558,0
Second
1,000,0 2,846,0 13,914,0
First
10,000,0 23,374,8 124,213,0
Irving
4,000,0 3,528,0 47,732,0
3,215,0
790,3
Bowery
250,0
8,927,0
500,0 1,922,2
N.Y.County..
4,238,0
689,7
750,0
German-Amer.
5,000,0 10,153,3 106,245,0
Chase
Fifth Avenue_
100,0 2,241,9 13,351,0
3,279,0
German Exch.
822,5
200,0
4,691,0
Germania _ _ _
200,0 1,040,9
Lincoln
1,000,0 1,766,8 15,159,0
Garfield
9,552,0
1,000,0 1,296,0
250,0
Fifth
500,6
3,857,0
1,000,0 2,229,0 13,328,0
Metropolis _ _
915,4
3,948,0
200,0
West Side_ _ _ _
1,000,0 2,616,1 27,180,0
Seaboard
1,000,0 2,828,0 27,441,0
Liberty
955,0 10,144,0
N.Y.Prod.Ex. 1,000,0
425,6 18,576,0
1,000,0
State
348,5 11,301,0
1,000,0
Security
6,976,0
1,000,0
Coal & Iron_ _
578,5
1,000,0 1,001,0 10,466,0
Union Exch_ _
8,153,0
1,000,0 1,171,5
Nassau, Bklyn
$
56,460,723
43,384,433
27,351,830
8,650,352
4,161,016
2,733,846
4,809,655
3,126,582
3,598,286
2,383,645
1,434,191
1,922,978
1,765,702
1,848,751
1,120,224
976,145
451,989
607,805
500,695
955,971
408,075
463,307
$
62,064,216
35,713,253
33,112,238
13,527,869
3,792,928
3,751,598
4,837,239
3,081,761
4,682,171
3,055,401
1,752,203
2,122,137
1,702,731
2,148,254
2,101,487
1,358,791
577,328
640,602
641,795
1,055,225
672,751
680,989
%
-9.0
+21.5
-17.4
-36.1
+9.7
-27.1
-0.6
+1.5
-23.2
-22.0
-18.1
-9.4
+3.7
-14.0
-46.7
-28.1
-21.7
-5.2
-22.0
-9.4
-39.3
-32.0
$
57,668,329
40,617,931
32,634,278
12,551,484
4,989,449
3,348,355
5,499,808
2,782,946
4,659,523
3,019,254
1,726,038
1,601,463
1,639,679
1,883,843
2,288,749
1,155,684
668,107
531,439
730,037
983,268
$
37,901,059
30,992,977
18,600,902
8,933,159
3,652,559
3,722,735
3,361,647
2,073,332
1,745,494
1,551,769
1,325,491
1,301,944
1,067,845
1,134,968
908,175
612,914
647,415
418,386
397,071
Total Canada_
169,116,201
183,072,967
-7.6
180,979,664
117,962,952
Statement of New York City Clearing-House Banks
and Trust Companies.-The detailed statement bolw
shows the condition of the New York City Clearing-House
members for the week ending May 23. The figures for the
separate banks are the averages of the daily results. In
the case of the totals, actual figures at the end of the week
. are also given:
DETAILED RETURNS OF TRUST COMPANIES.
On Dep.
Net
Surplus. Loans. Specie. Legals. withC.H. Deposits. Reserve.
Average. Average. Average. Banks. Average,
3
5,410,0
10,216,0
4,618,0
18,329,0
4,457,0
66,103,0
4,170,0
1,772,0
451,0
2,682,0
11,447,0
31,769,0
833,0
4,327,0
429,0
25,372,0
5,512,0
1,835,0
2,290,0
16,751,0
4,210,0
22,904,0
459,0
3,111,0
33,502,0
10,876,0
792,0
1,512,0
857,0
32,679,0
2,863,0
565,0
1,159,0
2,915,0
2,490,0
844,0
2,287,0
826,0
6,557,0
6,787,0
2,587,0
6,024,0
2,127,0
984,0
2,356,0
1,582,0
1,219,0
2,512,0
1,308,0
6,426,0
1,626,0
6,288,0
2,590,0
258,0
69,0
205,0
1,711,0
7,613,0
776,0
1,691,0
147,0
1,740,0
- 610,0
965,0
454,0
2,939,0
2,598,0
2,793,0
113,0
127,0
2,027,0
2,446,0
77,0
756,0
207,0
6,877,0
987,0
423,0
254,0
973,0
243,0
238,0
1,169,0
415,0
1,893,0
1,143,0
350,0
317,0
1,452,0
751,0
350,0
213,0
$
25,037,0
46,840,0
23,505,0
95,076,0
24,386,0
216,068,0
26,441,0
8,060,0
2,085,0
11,367,0
52,146,0
129,916,0
5,005,0
23,249,0
2,121,0
101,425,0
23,636,0
9,517,0
10,499,0
77,849,0
26,177,0
101,639,0
1,907,0
12,681,0
123,514,0
51,838,0
3,521,0
9,310,0
4,134,0
130,422,0
14,943,0
3,936,0
5,405,0
15,443,0
10,103,0
4,275,0
13,573,0
4,857,0
32,096,0
31,062,0
11,628,0
24,375,0
13,692,0
7,067,0
10,785,0
7,129,0
26.4
27.0
25.2
26.0
25.0
33.5
25.5
25.1
24.8
25.4
25.2
30.3
32.1
25.3
27.1
26.7
25.9
29.4
26.1
25.2
26.0
25.2
30.0
25.5
28.7
25.6
24.6
24.3
25.7
30.3
25.7
25.1
26.1
25.1
27.0
25.3
25.4
25.5
26.3
25.5
25.2
26.0
26.1
24.5
25.0
25.1
1486,491,0 373,507,0 69,987,0 1584,162,0 27.9
Actual figures May 23_
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
endino
Capital. Surplus.
May 23.
Specie.
On Dep.
Net
Legal with C.H.
Tenders. Banks. Deposits.
Total__ _ 174,800,0 306,185,4 2,125,827,0438,130,0 77,296,0 93,790,0 2,058,610,0
Actual.
373,507,0 69,987,0
1,486,491,0373,507,0
Banks...
1,584,162,0
631,185,0 67,239,0 6,090,0 97,565,0 471,511,0
Trust cos..
12 117.676.0 440.746.0 76.977.0 97.565.02.055.673.0
Total
The State',Banking Department" also furnishes weekly
returns of the State banks andItrust companies under its
charge. These returns cover all the;institutions of this class
in the whole State,i 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:WA
For definitions and rules- under which the various items
are made up, see page 1661 of to-day's "Chronicle."
r
STATE BANKS AND TRUST COMPANIES.
Week ended May 23.
Capital as of March 2.._
Surplus as of March 2..._
Totals,average 97,557,0 632,223,0 65,502,0 6,957,0 93,790,0 468,870,0 15.4+ 16.6
P. C. reserve to deposits_
Percentage last week....
Actual figures May 23 631,185,0 67,239,0 6,990,0 97,565,0 471,511,0 15.7+17.1
Loans.
$
$
Averages.
$
$
$
$
$
Banks.._ _ _ 128,550,0 208,08,4 1,493,604,0 372,628,0 70,339,0
1,589,740,0
Trust cos. 46,250,0 97,557,0 632,223,0 65,502,0 6,957,0 93,790,0 468,870,0
$
$
$
%
889,0 3,254,0 19,948,0 14.8+14.0
393,0 24,419,0 103,710,0 15.0+ 19.0
834,0 6,590,0 30,214,0 15.0+17.4
51,0 2,672,0 15,350,0 13.7+14.0
651,0 5,196,0 21,341,0 15.1+19.3
971,0 26,659,0 125,111,0 16.6+17.5
41,0 1,014,0 5,734,0 15.2+12.8
702,0 1,844,0 12,471,0 15.5+12.8
490,0 4,331,0 39,525,0 15.0+ 9.8
405,0 2,624,0 15,168,0 15.2+14.4
508,0 7,093,0 30,816,0 15.0+18.7
136,0 1,972,0 8,100,0 14.0+18.7
218,0 1,160,0 9,282,0 15.0+11.1
100,0 2,730,0 19,041,0 15.0+12.4
668,0 2,332,0 13,059,0 15.3+15.1
Specie. Legals. Net Depos- Re.
Average. Average. its. Aver. serve.
Totals,average 128,550,0 208,628,4 1493,604,0 372,628,0 70,339,0 1589,740,0 27.8
1911.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Victoria
Calgary
Hamilton
Edmonton
Quebec
St. John
Halifax
London
Regina
Saskatoon
Moose Jaw
Lethbridge
Brantford
Brandon
Fort William__New Westminster
Medicine Hat_
$
$
Brooklyn
3,741,5 25,474,0 2,076,0
Bankers
14,801,0 128,132,0 16,251,0
U.S.Mtg.&Tr. 4,412,0 39,376,0 3,702,0
Astor
1,349,9 21,388,0 2,059,0
Title Gu.& Tr. 11,736,1 33,479,0 2,692,0
Guaranty
24,266,5 187,312,0 19,919,0
Fidelity
1,352,4 7,418,0
831,0
LawyersT.r&T 5,544,3 16,253,0 1,243,0
Col.-Knicker_ 7,351,6 48,666,0 5,435,0
People's
1,572,6 16,090,0 1,906,0
New York
12,020,0 47,004,0 4,099,0
Franklin
1,228,4 10,247,0 1,011,0
Lincoln
547,5 10,547,0 1,187,0
Metropolitan _ 6,794,3 27,487,0 2,756,0
Broadway
838,9 13,350,0 1,335,0
Loans.
Average.
Circulation.-On the basis of averages,circulation of national banksin the Clearing
House amounted to $41,704,000 and according to actual figures was $41,666,000.
Week ending May 23.
Clearings at
Trust Cos.
005 omitted.
[VOL. xcviii.
THE CHRONICLE
Loans and investments_
Change from last week.
State Banks,
Trust Co..
Trust Cos.
State Banks.
outside of
in
outside of
in
Greater N. Y. Greater N. F. Greater N. y. Greater N. P.
3
____-;----..-10,588,000
10,750,000
$
• 23,137,400
$
67,900,000
39,457,000
164,517,300
14,063,889
13,006,407
323,189,500 1,122,619,700
-2,630,200 +4,096,200
129,864,400
+136,100
185,323 000
+2,084,300
Gold
Change from last week..
55,129,700
+480,700
102,717,000
-1,164,700
Currency and bank notes_
Change from last week..
26,577,500
-3,973,500
21,367,800
+3,648,400
Deposits
Change from last week_
423,703,300 1,311,099,700
-7,118,200 +5,071,500
138,381,100
-285,600
195,854 400
-824,5
0 0
Reserve on deposits
Change from last week..
108,318,000 295,917,500
-3,438,800 -21,638,000
24,709,700
+821,800
26,745,900
-566,000
19.7%
18.7%
15.7%
16.1%
30.5%.
31.0%
30.0%
31.7%
+ Increase over last week. -Decrease from last week.
1669
THE CHRONICLE
MAY 30 1914.]
Reports of Clearing Non-Member Banks.-The following
The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and is the statement of condition of the clearing non-member bums
trust companies in Greater New York, not in the Clearing for the week ending May 23, based on average daily results:
We omit two ciphers (00) in all these figures.
House. These figures are shown in the table below, as are
also the results (both actual and average) for the ClearingLegal
Loans,
On
Tender Deposit
Disc'ts
House banks and trust companies. In addition, we have
Net
Banks,
CapiSurand
Specie, and
with
combined each corresponding item in the two statements,
Investtat.
plus.
Bank
C.-H. Deposits.
meats.
Notes. Banks.
affording
an
aggregate
for
the
whole
of
the
banks and
thus
New York City.
$
$
$
$
$
$
$
trust companies in Greater Now York.
Manhattan and Bronx.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Weak ended May 23-
Clear.-House Clear.-House State Banks and Total of all
Members.
Members. Trust Cos. Not Banks & Trust
ActualFigures
Average. in C.-H. Aver.Cos. Average.
National banks
I1
$
174,800,000
Capital
March 4 and
State banks
306,185,400
Surplus
March 2____
$
174,800,000
$
$
28,837,400 203,637,400
306,185,400
73,378,300 379,563,700
Loans and investments__ 2,117,676,000 2,125,827,000
Change from last week -32,015,000 -13,571,000
570,181,6002,696,008,600
+1,469,800 -12,101,200
2,055,673,000 2,058,610,000 a586,280,3002,644,890,300
Deposits
Change from last week -19,713,000 -4,160,000
-474,700 -4,634,700
Specie
Change from last week
440,746,000
+7,410,000
438,130,000
+3,619,000
c54,368,300 492,498,300
+421,500 +4,040,500
Legal-tenders
Change from last week
76,977,000
-1,598,000
77,296,001
+1,795,000
59,847,100
-1,019,200
Banks: Cash in vault_ __ _
Ratio to deposits
443,494,000
27.99%
442,967,000
27.86%
87,143,100
+775,800
12,234,900 455,201,900
12.57%
Trust Cos.: Cash in vault
74,229,000
72,459,000
51,980,500 124,439,500
Aggr'te money holdings_
Change from last week
517,723,000
+5,812,000
515,426,000
+5,414,000
64,215,400 579,641,400
-597,700 +4,816,300
Money on deposit with
other bks. & trust cos_
Change from last week
97,565,000
+311,000
93,790,000
-6,198,000
109,829,700 203,419,700
+8,022,600
-175,400
615,288,000
+0,123,000
609,216,000
-784,000
47,453,500
3,502,350
45,532,000
2,128,500
Total
50,955,850
Change from last week +11,249,750
47,660,500
+7,479,500
% of cash reserves of trus t cos.Cash in vault
15.74%
Cash on dep. with bks_
17.14%
15.45%
16.68%
11.67%
20.35%
32.11%
32.02%
Total reserve
Change from last week
Surplus CASH reserveBanks (above 25%)..Trust cos.(above15%)-
Total
173,845,100 783,061,100
+5,424,900 +4,640,900
Washington Heights_ 100,0
369,8 1,644,0 105,0
118,5 1,764,0 384,0
Battery Park
200,0
Century
500,0
501,9 6,334,0 704,0
Colonial
400,0
712,9 7,298,0 686,0
Columbia
300,0
697,0 6,077,0 689,0
11,0
Fidelity
200,0
189,8 1,110,0
491,4 5,483,0 641,0
Mutual
200,0
New Netherland
200,0
329,8 3,349,0 362,0
200,0
108,9 1,805,0 197,0
Twenty-third Ward
525,5 4,749,0 535,0
100,0
Yorkville
Brooklyn.
686,4 3,808,0 367,0
300,0
First National
966,3 5,714,0 725,0
252,0
Manufacturers' Nat
527,5 9,532,0 1,145,0
1,000,0
Mechanics'
590,2 4,646,0 567,0
300,0
National City
200,0
190,3 2,844,0 231,0
North Side
Jersey City.
400,0 1,404,8 4,016,0 278,0
First National
Hudson County Nat_ 250,0
832,4 3,177,0 215,0
200,0
Third National
445,2 2,381,0 100,0
Hoboken.
First National
220,0
684,7 4,797,0 269,0
3econd National
125,0
292,1 3,780,0 192,0
u.,,Aa
357,0 6,945,0
60,0
457,0
151,0
534,0
2,957,0
1,702,0
1,486,0
52,0
49,0
1,654,0
1,420,0
638,0
609,0
Imports:andlExports for the Week.-The following are
the:imports"atlNewlYork for the week ending May 23; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For Week.
1914.
1913.
$3,188,219
19,950,481
Dry goods
General merchandise
I
$1,898,523
14,510,695
1912.
I
1911.
$2,309,438; $2,151,451
15,848,664' 16,073,374
$23,138,700 $16,409,218 $18,158,108! $18,224,825
Total
Since Jan, 1.
Dry goods
General merchandise
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Duo from reserve depositories
and from other banks and trust companies in New York City"and exchanges"; with
this item included, deposits amounted to $691,075,500, an increase of $4,769,500
over last week. In the case of the Clearing-House members, the deposits are "legal
net deposits" both2forithe average and the actual figures.;. b Currency and bank
a kf,„k
i
Ai
s___
notes. c Gold.
40,0
706,0
85,0
737,0
572,0 2,791,0
107,0 1,024,0
159,0
340,0
1,302,0
1,978,0
6,519,0
7,518,0
7,218,1]
1,075,0
5,689,0
3,501,0
1,940,0
5,140,1]
CP, Ir.3,132,0
5,172,0
11,400,0
4,595,0
2,950,0
Totals May 23.- 5,847,0 10,665,4 84,306,0 8,403,0 4,241,0 20,583,0 78,346,0
Totals May 16
5,847,0 10,665,4 84,161,0 8,078,0 4,539,0 18,735,0 77,935,0
Totals May 9..._ 5,847,0 10,665,4 84,114,0 8,446,0 4,100,0 18,775,0 77,618.0
$78,791,446 $63,315,789 $60,290,683i $59,789,574
350,553,499 348,786,213 357,044,253 299,739,452
$429,344,945 $412,102,002 1417,334,93611350,529,026
Total 21:weeks
32.88%
81,0
383,0
60,0
206,0
396,0
947,0
693,0 1,096,0
921,0
525,0
127,0
65,0
977,0
237,0
230,0
120,0
112,0
278,0
258,0
699,0
Thelfollowing is a statement of the exports (exclusive of
specie)lfrom the port of New York to foreign ports for the
week endinglMay 23 and from Jan. 1 to date:
EXPORTS FROM NEW YORK,
1914.
For the week
Previously reported
1913.
1912,
1911.
$14,455,362 $13,737,800 $19,209,598 $13,691,386
385,213,582 382,425,117 334,423,048 305,303,941
3399,668,944 $401,162,917 8353,632,646 8318,995,327
Total 21 weeks
The averages of the Now York City Clearing-House:banks
and trust companies, combined with those for the State banks
Thelfollowing table shows the exports and imports of
and trust companies in Greater New York City outside of the
ClearinglHouse, compare as follows for a series of weeks past. specieatItherport of New York for the week ending May 23
and since Jan. 11914, and for the corresponding periods:in
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
1913 and 1912:
GREATER NEW YORK.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
We omit two ciphers in all these figures.
Loans and
Week Ended- Investments
Mar.
Mar.
April
April
Apc11
April
May
May
May
May
2E...
28....
4____
11____
18..,.
25____
2____
9____
16____
23_
$
2,608,857,7
2,615,558,8
2,647,521,8
2,661,309,9
2,867,243,5
2,698,403,3
2,604,809,4
2,685,671,8
2,703,109,8
2.696.008.6
Deposits.
Specie,
Legals.
Tot ifoney Entire Res
Holdings. onDeposil
$
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
2,619,638,2
2,649,525,0
2,644,890,3
$
458,571,5
460,028,5
462,991,8
467,091,2
470.788,1
475,387,4
485,471,7
488,377,9
488,457,8
492,498,3
8
81,249,5
83,884,2
80,807,1
78,148,1
81,753,0
83,791,4
81,580,0
82,242,7
88,367,3
87,143,1
$
539,821,0
543,012,7
543,798,9
545,239,3
552,521,1
559,178,8
567,051,7
568,620,6
574,825,1
579,641.4
$
642,291,0
653,053,3
653,803,5
659,391,3
661,403,0
669,238,0
683,732,8
694,193,3
778,420,2
783.061.1
Bostonv,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 these figures.
Banks.
Boston.
April 4_
April 11.
April 18_
April 25_
May 2_
May 9_
May 16.
May 23_
Phila.
Aprli 4
April 11_
April 18_
April 25_
May 2_
May 0_
May 16_
May 23_
Capital
and
Surplus.
Loans.
Specie.
$
60,735,0
60,735,0
60,735,0
60.735,0
60,735.0
60,735,0
60;735,0
60,735,0
$
230,411,0
231,484,0
234,196,0
234,936,0
232,709,0
229,808,0
235,261,0
230,099,0
$
25,538,0
26,324,0
27,363,0
28,602,0
29,356,0
30,465,0
32,818,0
34,576,0
103,684,3
103,684,3
103,681,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
403,746,0
404,526,0
402,189,0
403,539,0
403,078,0
402,724,0
402,468,0
400,891,0
Legate. Deposits.
a
$
3,682,0
3,939,0
4,154,0
4,185,0
4,239,0
4,122,0
4,044,0
3,751,0
105,978,0
105,904,0
111,713,0
111,062,0
107,298,0
108,851,0
110,315,0
109,846,0
Circuladen.
Clearings
$
277,344,0
279,052,0
295,600,0
291,214,0
285,032,0
284,919,0
306,156,0
291,916,0
$
10,073,0
10,093,0
10,124,0
10,078,0
10,090,0
10,088,0
10,067,0
10,037,0
$
191,773,3
153,991,1
174,783,5
154,893,4
157,135,2
142,441,2
181,391,9
153,801,0
*460,387,0
*465,330,0
*468,615,0
*461,691,0
*460,542,0
*460,581,0
*464,364,0
*462,228,0
11,418,0
11,421,0
11,453,0
11,503,0
11,514,0
11,594,0
11,592,0
11,583,0
191,212,0
155,434,7
177,845,5
150,400,3
160,862,2
151,374,6
147,764,4
154,628,2
a Includes Government dcpos ts and the item "duo to other banks." At Boston
Government deposits amounted to $1,646,000 on May 23, against $1,682,000 on
May 16.
"Deposits" now include the item "Exchanges for Clearing house,",which were
reported on May 23 as $13,400,000.
Exports.
Imports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Week.
$2,000,000 $22,098,979
1,018,913
804,173
1,105,120
328.112
133,900
500
Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Since Jan. 1
$3,287
5,000
1,602
73,752
31,292
Since Jas. 1
$17,258
00,633
952
909,833
734,900
1,499,792
732,084
$2,000,500 $25,439,197
2,136,185 59,767,190
339,050 21,555,187
$114,933 $3,985,457
472,595 7,102,297
392,747 8,609,824
$598,710 $12,732,856
116,139 2,085,180
$9,305
7,774
17,917
19,922
2,210,831
1,050,603
648,662
1,726
1,450
191,745
91,146
1,124,900
200
$718,025 $16,226,027
1,000,656 21,246,891
1,464,997 20,968,429
$6,614
20,940
11,400
$38,954 $3,965,014
260,495 3,956,927
81,056 4,705,624
OfItherabovelimportsifor the week in 1914, $11,700.1were
Americanrgold:coin!andl$__ American7silver coin.
Nanking and Financial.
Municipal Bonds
Ask us totsentryoulCircular No. 615:describing Canadian
Mrkinericad Municipal Bonds.
Spencer Trask & Co.
F [43 EXCHANGE PLACE-NEWIYORK
Boston
Chicago
Albany
N
1C70
THE CHRONICLE
Vaulters' ti azette.
Wall Street, Friday Night, May 29 1914.
The Money Market and Financial Situation.—If
official declarations at Washington have been correctly repared, viz., that the present state of business depression is
Inc rely "psychological," then we have an explanation of that
official indifference to existing business conditions which have
heretofore been mysterious. We believe, however, that the
conservative manufacturers and business men of New England and elsewhere who have difficulty, even with persistent
effort, to keep ledger balances on the right side; the tens of
thousands of railway employees all over the country who have
been "laid off"; all who are affected by a reduction of the
iron and steel output to about one-half the mills' capacity,
indeed, all the hundreds of thousands constituting the great
working force in the various industries of the country, will
find it hard to believe that present business conditions are
purely imaginary. Moreover, it seems quite possible that
when these hundreds of thousands have an opportunity to
•express their opinions at the polls, we shall know how they
regard the matter.
The chief course for hopefulness at the moment is the crop
outlook. The railroads, especially, are looking forward to
the relief that crop-moving will afford, and it is reported
that at some shops a little more activity is noticeable, presumably in preparation for handling the crops. It is well
known, moreover, that the Mexican problem seems nearing
a solution, and thus one of the matters which has added to
recent caution in business circles bids fair to be removed.
The financial situation abroad shows further improvement,
but our foreign exchange market rules at exceedingly high
figures, and there have been further shipments of $7,500,000
in gold from this market to the other side.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1%@,2%. Friday's rates on call were 1 YI @,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)4 Y4% for good single names.
The Bank of England weekly statement on Thursday
showed an increase of £825 and the percentage of reserve
to liabilities was 42.24, against 43.60 the week before. The
rate of discount remains unchanged at 3%,as fixed Jan. 29.
The Bank of France shows an increase of 30,600,090 francs
gold and a decrease of 877,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Dust Companies.)
1914.
Averages for
week ending
May 23.
Differences
from
previous week.
1913.
Averages for
week ending
May 24.
1912.
Averages for
week ending
May 25.
$
$
$
$
Capital
133,650,000 131,150,000
128,550,000
Surplus
206,886,000 195,115,700
208,628,400
Loans and discounts..__ 1,493,604,000 Dec. 16,484,000 1,321,205,000 1,372,404,000
Circulation
46,929,000
37,000
41,704,000 Inc.
47,239,000
Net deposits
1,589,740,000 Dec. 14,415,000 1,325,168,000 1,415,779,000
Specie
372,628,000 Inc. 1,068,000 279,707,000 299,457,000
77,762,000
Legal-tenders
70,339,000 Inc. 1,549,000
76,542,000
Reserve held
25% of deposits
442,967,000 Inc. 2,817,000
397,435,000 Dec. 3,603,750
357,469,000
331,292,000
375,999,000
353,944,750
26,177,000
45.532.000 Inc. 6.220,750
22.054.250
Note.—The Clearing House now Issues a statement weekly, show ng the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department giving the condition of State
banks and trust companies not reporting to the Clearing-House,appear on the second
paw preceding.
SurnilL9 reserve
Foreign Exchange.—The market ruled firm during the
greater part of the week, and additional gold engagements
for Paris amounting to $7,500,000 were announced. On
Thursday and Friday a moderate reaction in rates took place.
To-day's (Friday's) actual rates for sterling exchange were 4 8575©
4 8590 for sixty days, 4 882504 8835 for cheques and 4 8870©4 8880 for
cables. Commercial on banks 4 84% ©4 85% and documents for payment
4 85%04 863-i. Cotton for payment 4 85%04 853 and grain for payment 4 8604 86%.
The posted rates or sterling, as quoted by a representative house, were
not changed during the week from 4 86% for 60 days and 4 89 for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 173.
less 1-1605 17% less 1-32 for long and 5 15% @,5 15% plus 1-32 for short.
Germany bankers' marks were 95 lass 1-32©95 for long and 95 5-160
95% less 1-32 for short. Amsterdam bankers guilders were 40 30640 32
for short.
Exchange at Paris on London, 25 fr. 18c.; week's range, 25 fr. 20c. high
and 25 fr. 17c. low.
Exchange at Berlin on London, 20 m. 49 pf.; week's range, 20 m. 51 pf.
high and 20 m. 49 pf. low.
The range for foreign exchange for the week follows:
Sterling Actual—
Ifigh for the week_ _ _
Low for the week_ __
Sixty Days.
Cheques.
Cables.
4 8610
4 8575
4 8880
4 8825
4 8920
4 8870
Paris Bankers' Francs—
High for the week_ _ _
Low for the week_ __
5 17% lass 1-32 5 15 less 3-32
5 15
5 18%
5 15% less 1-64 5 15 less 3-64
Germany Bankers' Marks—
High for the week_ _ _
Low for the week_ __
95
94 15-16
Amsterdam Bankers' Guilders—
95%
95 5-16
95 7-16
95%
High for the week_ _ _40 1-16 plus 1-16
40 5-16
4034 less 3-32
3 less 34
Low for the week..__40 1-16
40 5-16 less 1-16 40%
Domestic Exchange.—Chieago, 25c. per $1,000 premium. Boston,
par. St. Louis, 30c. per $1.000 premium bid and 40c. premium asked.
San Francisco, 30c. per $1,000 premium. Montreal, 4674c. per $1,000 discount. Minneapolis, 65c. per $1,000 premium. Cincinnati, 15©20c. per
$1,000 premium.
State and Railroad Bonds.—Sales of State bonds at the
Board include $50,000 N. Y. Canal 43/2s at 1093/i to 1093/2,
$20,000 N. Y. Canal 4s, 1962, at 1013/2; $65,000 New York
43/28, at 1093' to 1099'; $15,000 Virginia fund. debt, 1991,
[VoL. xcviir.
s. 20 f. at 823, and $201,000 Virginia 6s deferred trust
receipts at 61 to 67.
The transactions in railway and other bonds at the Exchange averaged about $2,000,000 par value per day and
were fairly well distributed. Prices have not been well
maintained, a list of 25 more active issues showing that six
have advanced, 13 have declined and 6 are unchanged.
Mer.Mar. col. tr. 434 were conspicuous for activity early
in the week. They declined on the first offerings, then
advanced nearly 6.points and later lost 2. The local tractions have moved irregularly, Inter-Mets showing a gain of
1 point and N. Y. Rys. declining about the same.
United States Bonds.—Sales of Government bonds at
the Board include $1,000 48, coup., at 1113/2; $2,000 3s,
coup., at 101%; $500 Panama 3s, coup., at 102 and $1,000
2s, coup., s. 5 f. at 97. For to-day's pricesfor all the different
issues and for yearly range see third page following.
Railroad and Miscellaneous Stocks.—During the week,
which has been one of unusually limited transactions, the
stock market has been steady, although until to-day showing
a slightly hardening tendency. The sum total of Tuesday's
transactions was the smallest since November 24 last, which
the records show to have been the dullest day at the Exchange
in recent years, and fluctuations throughout the week have
generally been limited to minor fractions. To-day's was
irregular and generally soft, influenced more or less by
the official attitude as recently set forth at Washington
towards the vital business interests of the country and by the
week-end holiday immediately to follow.
The. transactions aggregated somewhat larger than on
Tuesday, but this was owing to a readiness to part with
holdings, even at concessions, and the market displayed no
real vitality.
When at its highest, Canadian Pacific showed a gain of
over 5 points, but the exceptional features of the week are
mostly found in the industrial group. General Motors went
by leaps and bounds from 833/2 at the close of last week to
99, and retains more than half the advance. American
Sugar Refining is 43/2 points higher and General Electric 2.
For daily volume of business see page.1680.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Week ending May 29. for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Adams Express
50 101 May 26 101 May 26 91
Amer Coal Products_ _ _ _
282 85 May 29 86 May 25 82
Preferred
135 105 May 27 106 May 27 102
American Express
400 104 May 26 108 May 29 100
Batopilas Mining
500 s%MaY 29 $%May 29 $%
Brown Shoe
600 39 May 2 46%May 25 39
Preferred
125 89%May 28 89%May 2 89%
Butterlck
100 27 May 26 27 May 26 26
Colorado dr Southern..
100 22X May 25 22X May 25 20
First preferred
225 40X May 2 41 May 23 38%
General Chemical, pref_
50 109 May 28 109 X May 25 107%
Homestake Mining
28 117 May 26 11734May 26 113
Kan City Ft S & M pref_
100 73 May 26 73 May 26 65%
Laclede Gas(St Louis)._
200 96 X May 28 97%May 26 93
Mexican Petroleum, pref
200 73%May 25 73%May 25 67
New York Air Brake
300 67 May 27 6731 May 27 60%
Ontario Silver Mining_ _
700 2XMay 25 2%May 27 231
Quicksilver Mining, pref
200 2%May 29 2XMay 25 2
St L & S F—C & E Ills
pref Ms, trust recta
100 20 May 27 20 May 27 20
United Cigar Mfrs
300 4634May 23 46%May 23 45
Preferred
100 100X May 25100X May 25 100%
United Dry Goods, pref _
255 97 May 27 9731May 27 94%
Virginia Ry & Power__ _
400 49 May 26 49 May 27 49
Wells, Fargo & Co
1,370 91 May 25 9934May 28 80%
Highest.
Feb 110
Jan 86%
Jan 106
Jan 11031
Apr $134
May 4634
May 91
Jan 29
Mar 28%
May 62
Feb 110
Apr 122%
Jan 74%
May 101
May 87
Apr 69
May 2%
Mar 4
Mar
Mar
Jan
Jan
Feb
May
May
Jan
Jan
Jan
May
Mar
Apr
Feb
Feb
Jan
Jan
May 20
Jan 50%
Mar 103%
Mar 100%
May 52
Feb 99%
May
Feb
Jan
Feb
Feb
Apr
May
Outside Market.—Business in outside securities was
quiet this week, though the tone of the market continues
good. Standard Oil stocks were prominent and substantial
gains were recorded in a number of instances. Atlantic
Refining, after fluctuating during the week between 605 and
608, sold up to-day to 623 and closed at 620. Continental
Oil gained some 17 points to 237. Ohio Oil was active and
rose from $179 to $187, reacted to $177 and ends the week at
$179. Prairie Oil & Gas, after early loss of 3 points to 447,
ran up to 473, with the final figure 471. South Penn Oil
gained about 14 points to 307, but reacted and rested finally
at 302. Standard Oil (California) advanced from.310 to
3343/ and closed to-day at 334. Standard Oil (Indiana) at
496 shows a gain of 41 points, the close to-day being at 495.
Standard Oil (Kansas) improved 15 points to 440, and
Standard Oil (Kentucky) 12 points to 282. Standard Oil
(Nebraska) sold up from 346 to 375 and off finally to 370.
Standard Oil of New Jersey was up 6 points to 410. Standard Oil (Ohio) improved from 4093/2 to 424, but fell back to
420. Maxwell Motor stocks continue active, the com., after
a fractional decline to 133
4 early in the week, advancing to
16, though it reacted, the final figure to-day being 14%
3.
The first pref. weakened at first from 47, sold as high as
483% and as low as 45, and rested finally at 453%. The 2d
pref. arose from 203% to 213/2, then dropped to 19, the close
to-day being at 193%. Willys-Overland corn. was also in
demand, advancing over 7 points to 813%, the close to-day
being at 79. National Cloak & Suit corn. eased off from 54
to 533% and to-day advanced to 55. In bonds the Mo. Pac.
notes, "when and if extended," were active at 95. Consol.
Gas deb. 6s ranged between 115 and 114%, closing to-day at
114%. Mining issues quiet. Braden Copper eased off from
8 to 7%. Greene Cananea went up from 323/2 to,33 and
down finally to 323
%.
Outside quotations will be found on page 1680.
1671
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
Per record of sales during the week of stocks usually inactive, see preceding rms242
STOCKS--HIOHEST AND LOWEST SALE PRICES.
sweraay
fay 23
Tuesday
fay 26
Ionday
fay 25
Vednesday
tray 27
Thursday'
ay 28
Friday
fay 29
Sates of
the
,Veelc
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range since Jan. 1.
On basis of 100-share tots.
Lowest.
Highest.
Range for Previous
Year 1913.
Lowest.
Highest.
Railroads
9134 Apr 25 1008s Jan 23
9014 Nov 10638 Jan
9714 9714 9714 97
974 2,450 Atchison Topeka & S F_ _
9534 9534 9614 9634 9612 9634 97
9712Jan 13 10158 Feb 9
96 J'ly 10214 Jan
Do pref
300
9978 100 .9978 10014
*9934 100
*9934 10014 .9934 100
100 100
10 Atlantic Coast Line RR_ 116 Jan 3 126 Jan 23 112 J'ne 133% Jan
.122 12312 '122 124 *122 124 .122 12312 .12212 12312 §12312 12312 7,100
Baltimore & Ohio
8714 Apr 24 985 Jan 26
9058 J'ne 10638 Jan
9178 9234 0134 9212 9141 0218 9214 9251. 9214 0212 9118 9178
7114 J'ne
Do pref
7734Jan 6 8338Jan 29
88 Jan
205
*8078 8112 *80% 81% .8078 8112 8118 8118
81
*8078 8112 81
93% 934 9314 16,320 Brooklyn Rapid Transit.. 8712Jan 3 9414 Mch 6 18334 J'ne 0234 May
03% 93
93
9212 9234 9212 9234 9253 93
27
Apr
Feb
Canadian
18612
Jan
Pacific
4
Dec
22012
204
26634
32,850
19514
119478
199
198
11834
104 19434 19412 10512 1944 19534 10678
Central of New Jersey.._ 310 Jan 12 310 Jan 12 275 J'ne 362 Jan
.300 325 .305 325 .300 325 *300 325 .300 325 .300 325
4834 May 9 68 Jan 22
Chesapeake & Ohio
J'ly
Jan
5118
5,525
80
52
5178
4
523
8
527
5253
4
523
5253
5212
53
5234
5214
5212
11 Apr 21 1412 Jan 24
10% J'ne
17% Jan
1358 1353 1,100 Chicago Gt West tr ctfs
134 1314 1334 *1314 14
1278 1314 .1278 1312 .13
Do pref trust ctfs_ _ _ 2712Jan 7 3614 May18
23 J'ne 35 Jan
36
1,013
3518 3514 3512 .35
35
35 .3312 35
§35
*3414 35
Chicago Milw & St Paul_ 941 Apr 25 10718 Feb 4
Nov 11614 Jan
904
5,620
10014
10053
101
10153
101
4
1003
10038
4
1003
.10034 10112 10012 10012
134'2 May 2 143 Feb 6 13112 Nov 145 Jan
Do pref
15
13812 §138 138
.135 140 *135 140 .135 139 •134 13812 *134
13212 13212 13212 13234 132 13212 2,000 Chicago & North Western 128 Jan 3 1367s Feb 14 1123 Dee 138 Jan
132 132
132 132
.131 132
Do pref
170 Jan 5 180 Jan 24 171% Nov §189 Jan
185
.175
185
.175
189
.175
185
.175
185
.175 185 *175
25 Apr 13 40 Jan 5
3478 Aug
54 Jan
100 Cleve Cin Chic & St L
35
35 .30
35 .30
30 .22
30
35
*22
35
3434 Apr 29 70 Feb 9
60 Oct
9434 Jan
Do pref
100
*5114 5412 $114 55
*5114 55
*514 55
*5212 55
%al-2 55
Delaware & Hudson.._ 14512 Apr 22 15912Feb 4 14712 J'ne 167 Jan
725
14912
.148
150
.14768
150
150
151
11151
1514
15134
.150 152
6
Jan
Dec
405
27
West
Jan
&
388
Jan
Lack
380
445
Delaware
570
400
398
§398
.392%
398
398
398 398 *397 400 397 398
1012 Feb 25 1914 Jan 31
2318 Jan
..338 J'ne
Denver & Rio Grande
13 .1138 1212 .1138 1312
1312 .1153 12 3.11
13% *11
3.11
19 Apr 28 3118Feb 4
41 Jan
23 J'ne
pref
22
*1912
500
2012
2012
21
*1912
*1912
2012
20
8
195
•1912 24
2534 Apr 25 3212Jan 23
2014 J'ne
32% Jan
2914 2918 2938 294 2938 2878 2918 8,900 Erie
294 29
2938 29
29
4018 Apr 25 4954 Jan 27
33% J'ne 4953 Jan
Do 1st preferred953
44
44
44
4418 4458 4412 4412 44% 444 44
2814 J'ne 41 Jan
35 Jan 2 4014 Jan 23
Do 2d preferred
3712 .36
3712 *3614 3734 .3614 3712
.3612 3734 .36
12412 12434 4,935 Great Northern pref_ _ _ _ 119 Apr 25 13434 Feb 4 11512 J'ne 13258 Jan
124 12414 12418 12414 1241 1247 12434 12514 12434 125
4114 Jan
2512 J'ne
2914 Apr 27 3914 Jan 19
Iron Ore properties.._ _
1,800
33
33
3212 3212 33
3234 3234 3234 3314 3112 3214 33
107 Jan 7 115 Jan 26 10234 Dec 12878 Feb
11112 11112 1,400 Illinois Central
112
111%
11212
.110
8
11034
1117
112
.110
112
.110
J'ne
24
Jan
1958 Jan
25
Apr
1238
1314
1653
ctf_
t
v
Interboro-Metrop
1414 1412 1412 1412 1453 1434 1434 1434 1458 1458 1453 1458 2,311
5814 Apr 25 6353 May 6
45 J'ne 6538 Jan
Do pref
6218 3,820
6134 6214 6212 6234 6214 6258 62
62
62
6134 62
2138 J'ne
2838 XII'
23 Apr 25 2738Jan 31
, 2714 1,600 Kansas City Southern
*2638 26% *2614 27
2638 2678 2634 2634 261
27
27
8112 Jan
56 J'ne
57 Apr 25 62 Jan 24
pref
200
6012 601, .6014 6112 *6014 6112 *6012 6153 6014 604
*6012 61
7 May 1112 Feb
612 Feb 28
9 Jan 23
Lake Erie
l Western
ere
7
.6
.818 6
*5
9
9
.5
8
.518 9
.5
Nov
3
28
Apr
Jan
17
2112
16
35 Jan
pref
Do
•
19.
•13
19
*15
.15
19
3
19
19 '16
*15
18
•15
13214 Apr 21 15614 Jan 23 14114 J'ne 16838 Jan
13914 13912 4,600 LLeohuligsvhilyealle
13938 140
13913 13912 13934 14014 140 140
13878 140
Nashville..
ashville- 13114 Apr 25 14172 Jan 19 12614 Prte 14214 Jan
0137 13812 .136 138 .136 138 *137 138 3.13612 138 *136 138
Manhattan Elevated..... 128 Jan 5 133 Feb 7 17 J'ne 13258 Feb
.13012 1311, *13013 13112 .131 13114 *13012 13112 *131 13112 .13118 13114
2314 Jan
12 J'ne
730 Minneapolis & St Louis.... 12 Apr 18 16e Jan 31
13
14
1312
.1212 14 .121 1312 13
13% 1312 *13
13
47 Jan
30 Apr 14 3512Jan 22
30 Dec
Do pref
50
32
32 .28
*28
32 .28
128 28
.28
32
32
*28
J'ne 14214 Jan
27
5
Apr
Feb
11754
137
11514
Marie....
S
Minn
S
&
P
St
1,350
127
.12512
127
126
125
125%
*12212
1241 12414 3.123 12412 124%
140 Apr 9 145 Feb 2 131 Nov 1150 Jan
Do prof
*130 145 *135 145 .135 143 *135 145 *135 141 *135 142
18% J'ne
1414 Apr 22 24 Jan 28
2918 Jan
700 Missouri Kan & Texas
1758
1783 .17
17% 174 •17
167 17
•1634 17% 1634 17
6412 Apr
35 Apr 25 60 Jan 30
52 J'ne
preferred
Do
300
4112
.40
4112
•40
4118
•40
4114 4114 4114 4014 41 .40
Apr
1514
30
30
27
Jan
2114 Dec
4358 Jan
u
o
R
s
NatLs
l
c
m
a
f
1
0
'
i
e
r
y
Mtic
48,990
1853 1814 19
1678 174 17
1618 1712 1658 1714 1653 17
Dec
31
59 Melt
30 Jan 19 34 Feb 6
1st pref_
35
34 .30
35 .27
38 .28
38 .26
.26
*26
34
9 Apr 25 14 Jan 26
834 Dec
2712 Jan
Do 2d preferred
1212 .1012 12 .1112 121 *114 1212
12 .11
.1014 1114 .10
8658 Apr 16 9658Jan 31
90% Dec 10934 Jan
It
9338 9334 9314 9312 9212 9234 5,437 N Y Central &
9314 9312 9313 9312 931 933
6514
Deo
Itch 4 78 Jan 2
6558
12978 Jan
6814 6758 684 6658 6778 14,637 NYNH& Hartford_ _
6758 6878 67
68% 6912 6834 69
2478 Apr 25 3158Jan 23
25% J'ne
3378 Jan
200 N Y Ontario & Western_
•2518 274
2618 2618 .2578 2712 257 2578 *23% 27 .2512 27
99158Jan 9 10534 Feb 4
98 J'ne 11312 Jan
& Western
10434 10434 10478 1048 10434 1048 105 10514 10514 10512 10334 10334 2,600 Norfolk
8014 Aug 87 Feb
85 Jan 7 90 Apr 29
Do adjustment pref_ _
.8912 91 .8912 91
*3912 91
.8912 91
.8912 9012 *8912 91
4 Jan
1
1082k Apr 25 11812 Feb 4 10134 J'ne 122/
2,845 Northern Pacific
110% 11078 11012 11034 11012 11012 11058 11118 11118 11118 11034 111
10814 Apr 25 11512 Jan 31 106 Dec 12354 Jan
11153 11178 6,960 Pennsylvania
112 11214 11178 11218 112 11218 112 11214 11112 112
104 Jan
Pittsb On Chic & St L_.. 70 MCh25 91 Feb 4
Dec753
90 .81
90 .837 90
90 .8378 90 .81
*8378 90 .80
9554 Apr 1 101 Mch25 100 J'ne 1109 Sep
Do preferred
*95 100
.95 100 *95 100 .95 100 .95 100 .95 100
s1581kAPr 27 17214 Jan 22 15138 J'ne 17154 Dee
63,300 Reading
16578 16638 16512 16612 16512 1668 16534 16612 16538 16612 16513 166
8712Jan 8 89 Mch19
9212 Apr
8212 Oct
1st preferred
8912 .88
8912 .88
8912 *88
891$
90 .89
90 .88
*89
84 J'ne 95 Apg
87 Apr
93 Jan 23
8912 89
2d preferred
100
3.8812 90 .89
89 .88
*8822 90
8912
.8818 90
we Feb
2% Apr 80 1658Jan 23
1158 Oct
312 .278 312 *3
*3
3
600 Rock Island Company
3
312
3
3
278 3
1712 Oct
41 May 2 25 Jan 16
4434 Jan
Do preferred
434 434
45
412 413 •412 4%
458
434 484 1,100
*458 518
Apr
J'ne
2
284
Jan
19%
15
Francisco
8Jan
53
San
&
Louis
St
775
312
312
312
312
.3
.234
4
4
4
.234
3% 312
8 May 5 1713 Jan 13
59 Feb
13 J'ne
141 .10
Do 1st preferred_ _
14% .10
1412
1412 .10
144 *10
*10
1412 *11
31 Apr 30
984 Jan 26
5% J'ne 29 Jan
Do 2d preferred
.412 6
700
6
6
*412 6
534 6
6
.5
.4% 6
20 Mch30 2634 Jan 26
3512 Jan
20 Dec
St Louis Southwestern___
*2212 25 .2212 25 .22% 25 .2253 23 .2238 25
*2212 25
57 Jan 8 6518 Jan 26
5614 Dec
75 Jan ,
Do preferred
59 .__ _ _ 57
57
57 0____ 57
69
1634Jan 2 2238Feb 5
14% J'ne
2034 Apr
1914 1934 1934 2018 .1953 2012 .1914 2012 *1914 2012 .1912 2012 1,050 Seaboard Air Lino
4534Jan 2 58 Feb 4
38 J'ne 49% Sep
Do preferred
54% *54
5434 .5414 5478 1,700
5434 54
5-II g 5.414 5334 5434 *54
8614 Apr 25 9912Jan 23
83 Nov 110 Jan ,
935 9378 9378 9434 9434 0514 94
4 05 35,625 Southern Pacific Co
,
9334 938 937
93
88t4
Nov 9913 Sop I
Certificates (wh. iss.)_ 9458Jan 2 10518Jan 31
539
10118 10118 1101 10118
.
..
10253 10253 ..
2212 Apr 25 2814 Feb 4
19% J'ne 2858 Jan
25
25
-8- 25- 25
-2
25
25
433 2i78
Nis 2418 3,800 Southern v tr ctfs stmpd _
25
24
8118 Mob
75 Jan 3 8514 Feb 4
72 J'ne
Do preferred do
80
80
80
7912 7912 ;7912 7912 80
80 8014 1,020
80
*79
131k Jan 5 1734 Apr 1
2258 Jan
1014 J'ne
200 Texas & Pacific
*15
1812
1612 1513 1512 *15
*1412 16
184 *15
15
15
4
453
Apr
3853
25
Y)._....
J'ne
43% Sep
13
Jan
(N
27%
Avenue
Third
4234
1,400
43
4218
4212
43
43
4212
.42
43
42
4214 *4112
9 Apr 20 1214 Jan 24
7% J'ly
13 Jan
10
.7
10
200 Toledo St L & Western
*7
912 934 .7
10
10
.7
10
.7
4
1
/
12
May
9 23 Jan 26
1914 Jan
1514 J'ne
Do preferred
16 •12
16
16 •12
•1214 158
.13
1512 .___- 16 .12
103
23
Apr
J'ne
1081
Transit
101%
19
Jan
109
Sep
Rapid
City
Twin
1073
*105
100
4
107
107
*105
108
108
*105 108 .105 108 *105
14878 Apr 25 16438 Jan 81 1373, Jul 18254 Jan
15753 15818 158 15834 158 15853 15753 15818 50,300 Union Pacific
15718 15778 15714 158
82 Apr 24 86 Feb 4
7934 Joe 0318 Jan
Do preferred
1,000
84
8312 8312 8312 834 8318 8312 8334 8334 84
.8312 84
1414 May25 2334 Feb 6
16 J'ne
33ts Jan
1512 1513 •14
15
1,100 United Rya Investment _
1512 .1412 17
15
1414 15
.15
17
3812Jan 14 4914 Mch24
30 J'ne
6312 Jan ,
Do preferred
*404 434 1,000
42
4212 42
42
42
•42
4312 4134 4134 41
6 Aug
2 J'ne
%Apr 3
458Jan 23
78
78
•78 1
600 Wabash
%
78
7a
78
'4
'4
*78 1
618 J'ly
3 Apr 30 13 Jan 23
1718 Aug
318 3% *318 412
Do preferred
200
*314 378 *3% 412 .34 334 .318 334
2878 Dec
2012 1,450 Western Maryland
1834 May20 35 Jan 22
40 Jan
2012 *19
2134 20
1978 2014 19% 20
i1934 1934 .19
32
4 Oct
358 Feb 24
638Jan 7
8 Jan
*312 4
Wheeling & Lake Erie
.312 4
4.3% 4
.312 4
*312 4
.312 4
13 J'ne
21 Jan 23
11318 Jan
16
Do 1st preferred...... 13 Apr 2
*14
200
15
•14
16
15 .14
15
17
•14
17 .14
5 mans 11 Jan 24
14 Jan
Do 2d preferred
553 Dee
7
.5
8
.4
7
*5
7
3.5
8
*5
7
*5
39 Apr 23 48 Feb 4
4018 J'ne
5312 Apt
Wisconsin Central
44
*39
44 .38
44
.38
40% 41
44
•38
44
.38
•
, Industrial and Miscell.
2778 2814 2732 28,4 27% 27% 9,600 dAlaska Gold Min Par $10 32034Jan 9 $2878 May18 US Nov $2458 Oct
2814 2818 28% 27% 28
28
858Jan 6 14% Feb 20
758 Dec
9 Dee
200 Allis Chal Mfg v t c
12 .1018 1234 *10,2 12 .1012 12
.912 12 •10
11
11
41 May14 49 Jan 28
Do preferred v t c
40 Nov
*4414 45
4311 Dee
*4414 45
*4312 43 *43% 45 .43% 45
*4312 45
6814 Apr 25 7818 Feb 4 0138 J'ne 8018 sop
72% 73% 7212 7318 7252 727a 7234 7314 7278 7314 7214 72% 30,950 Amalgamated Copper
American Agricul Chem_ 47%Jan 2 5912 Mch19
4114 Sep
5412 *5312 5412 *5312 5412
57 Jan
5412 .53
55 .53
.53
5412 *53
91 Jan 8 9712 Jan 23
Do preferred
90 Nov 99 Jan
9612 4,95
9612 .95
96,2 .9412 9612
96% .95
.94
9612 393
5012 Jan
1953 Apr 25 2811 Jan 22
2212 2212 23
23,2 2372 2314 2512 4,200 American Beet Sugar
1954 rim
23
23
.2112 2212 *21
68 May 4 7314 Jan 26
63 Oct
86 Mob
Do preferred
7312 *67,4 7312 .6712 7312
100
7312 .6712 7312 .67% 7312 .70
4.70
351$
20
Apr
2278
J'ne
21
Jan
Can
28
4871 Jan
27
2714
2734
American
4,610
2714
28
27%
2738
4
273
4
273
27%
27% 2734
8714 Apr 24 96 Jan 24 /80% J'ne 1294 Jan
8934 9012 90% 91
Do preferred
00
*90% 9114 1,060
00
91
*90
3.90% 01
36% J'ne
WI Jan
•5014 5034 5034 5118 51
5114 4'5058 5114 1,600 American Car & Foundry 44% Jan 5 5312 Feb 4
5018 15034 5034 51
114 Jan 28 118 Mch 9 108 J'ne 117 Mob
Do preferred
330
11172 11758 *11714 1178 111758 11752 *11714 11753 11758 11758 118 118
32 May 6 88'4 Jan26
3314 J'ly
American Cities
4854 Jan
60 Jan 5 68 Jan 26
6014 J'ne 7828 Jai ,
862 ;ici
Do preferred
611
225
: 36433 13012
1 -;812 651,
;ai- W41 jars 11;
3711 Jan 8 4818Feb 0
43 .42
3312 J'ne 575s Jan
4112 4112 .41
43 •4112 4234
100 American Cotton Oil
.4112 4211 4,4112 43
941k Jan 15 97% Mch 30
921g Sep
*9312 97 .9312 97 ;06
Do preferred
98 Mar
5
96
*9312
- *93% 96
*9312
4 Apr 16
312 J'ly
*3%418 *37s 414 *37s 414 *373 414 .3% 4% .378 414
514 Feb 6
S's Jan'
100 American Hide & Leather
1878 Apr 25 2534 Feb 6
4.20
1518 J'ns 28% Feb
21
2122 2014 2014
Do preferred
2112 *20
200
21% .320
.20
2112 .20
24
Jan
Securities..
3
20
Feb
J'ne
3234
3112
32
17
Ice
32%
2784 Apr
3258 3154 32
9,850 American
3112 3112 3112 3112 3114 3114
678 J'ne
1218 Nov.
9% Apr 24 1158Jan 28
300 American Linseed
10
9% 1014 .2% 104 .9% 1014 *9% 1014 10
.97a 1014
Mk May25 3134Jan 16
20 Oct
29 '26
33% Nov
Do preferred
30
100
2558 326
*26
SO
2618 264 .25
30
*27
27 J'ne
32
44ik Jan
505 American Locomotive...... 28 Apr 24 3714 Jan 31
3172 3172
3214 3214 3178 31% 32
32% 3212 .3112 33
96 Jan 6 1021 Mch2.5
94 Oct 10614 Jan
*9814 100
125Do preferred
*98,4 100
9814 9814 .9814 100
.398 100
*9814 100
914Jan 28
gle
iday29
6
678 678 ofmk 7t2
514 Oct
13 Jan
300 American Malt Corp.......
*612 712 •612 712 .612 712
42 Jan 3 5018 Jan 24
4173 Oct
61% Jan'
48 .42
46 .42
Do preferred
10
46
45 .42
§45
46
46
.42
*42
7012 J'ne 80 Jan
Amer Smelters See pref B 79% Apr 28 85 Jan 19
83 .8112 8234 *8112 8312 *8112 84 '08112 8312 .8112 83%
.80
58% J'ne 74% Jan
6378 634 6334 63% 6312 0,900 Amer Smelting & Bethel; 57 Apr 25 7118Feb 4
263
64% 6334 64
6418 644 64
9712 Apr 25 105 . i27
97 J'ne 107 Feb
Do preferred
313
.10012 10112 *10012 10112 §10138 10153 100% 10078 101 101 *101 10112
157 Apr 25 112
American Snuff
31 150 J'ly 193 Jan
.161 165 •164 166 .160 165 .162 165 *162 166 *162 166
2001
'
QUOTATIONS,
BANKS AND TRUST COMPANIES-BROKERS
Banks
New York
America 1_
Amer Exch._
Battery Park
Boweryll ____
Bronx Borol
Bronx Nat__
Bryant Paxkl
Butch & Dr..
Couture I-Chase
Hid
Ask
560
205
12t'
425
225
175
150
570
212
133
.
2-6-0 190
iii1-ilc - 6_66.
580
Bank.
Chat & Phan.
Chelsea Ex/.
Chemical _
Citizens' Con
City
Coal & IronColonial I_
ColumbialCommerce _
Corn Exch 1_
Cosmoporn 11
East River-
Bid
173
135
415
174
335
145
450
301
168
315
85
Ask
177
145
425
178
345
155
___
325
172
320
105
_ 60
Banks
Bid
Pldelltyl--__ 105
Fifth Ave 1 _ 4500
Fifth
50
38
8
5
First
199
Fourth
Garfield __ 195
Germ-Amer 1 130
German Ex 1 390
Germania1_ 460
Gotham __ 100
Greenwich 1- 275
Tranover ____ 650
Bid
Bank.
Harriman _ __ 270
495
Trad&
ing
Irmvp
175
600
2-5- Liberty
39
8
310
201 Lincoln
210 Manhattan 1 312
140 Mark & Fult- 240
405 Mech & Met_ 246
475 Mereh Exch. 170
__ - - Merchants'- 165
290 Metropolis 1_ 300
660 Metropol'n 1 180
Ask
175
_
11 1 and asked prim; no sales on this day. 2 Ex-rights. I Less than 100 shares
Stock Exchange or at auction thL3 week. a Quoted dollars per share, d
)
Ask
280
510
180
615
326
320
250
250
Bank.
Mutual 7 --Nassau
New Nethl-New York Co
New York__
Pacific 1_ __
Park
1_
lila
. Cq
I
725
370
255
367
230
Prod Each 1. 160
fil" Pubi tell__ __ 200
310 Reserve
50
190
.4,..
Banks
Bid
seaboard__ 419
390
99
Sherman..fid"
Statel
234 Ward 1.- 130
Union Exch. t145
Unit Statee1- 500
Wash Ina 1_ 275
Weatch ATI' _ 160
West Side'I_ 450
Yorkville 1... ----
Iff- s=41...
850
380
265
372
250
168
223
60
Ask
435
425
110
13$
180
140
-.
-.
175
475
500
/Ex 24% mourn. 41111,
1i State banks. a Ex-div. & rights. b New stock
paw
lastallment paid, A Sold at private $ale at this price. Apc-gely.
1672
New York Stock Record-Concluded-Page 2
:[voL. xcviii.
?or razor.' or vitss lowing the *reek of stirets tignistlY Inaotivs. see sszon I passe pr3.:3 Vitt
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Lfay 23
Monday
Kay 25
Tuesday
Kay 20
Wednesday
Way 27
Thursday
Kay 28
Friday
May 29
Range slue Jan. 1.
On basis of 100-share tots.
STOCKS
Sates 01
NEW YORK STOOK
the
EXCHANGE
'treat
Shires
Industrial & hlisc (Con)
100 Amer Snuff prof (new),..._
100 Amer Steel Found (new).
2,650 American Sugar Refining
620 Do preferred
2,200 Amer Telephone & Teleg
125 American Tobacco
145 Preferred, new
American Woolen
130 Do preferred
400 Amer Writing Paper pref
2,900 aAnaconda Cop Par $25
200 Assets Realization
1,000 Baldwin Locomotive_
100 Do preferred
4,120 Bethlehem Steel
750 Do preferred
229 Brooklyn Union Gas_ _ _
1,200 California Petrol v t ctfs_
750 Do preferred
so Case(JI)Threshalpftrcfs
2,635 Central Leather
255 Do preferred
4,700 dChino Copper.. Par $5
Cluett,Peabody & Co,Inc
100 Do preferred
500 Colorado Fuel & hon.-2,780 Consolidated Gas(N Y)..
1,343 Corn Products Refining_
ef
oerprreedf
,
prc
920 D
Deere
500 Distillers' Securities Corp
General
1,900
Electric
12,050 Gen Motors vol tr ctfs_
3,250 Do pref v t elf,
Goodrich
Co (B F)
2,000
ggenrhef
E
erxr
uop
0 aGD
1.60
200
ped
lor Par $25
1,100 dInsp'n Con Cop Par $20
1,900 Internal Harvester of NJ
100 Do preferred
500 Internet Harvester Corp..
Do preferred
2,150 hit Mer Marine stk tr ctfs
2,100 Do pref stk tr ctfs
International Paper
100 InDterenaptrsefteerarmedpump_._
*104 106 *104 106 .104 106
10534 10534 *104 107 *104 108
•31
3214 .32
321! 32
32
*3112 3218 .31
3218 *3134 3214
1054 10512 10534 1064 10512 1054 106 107
10733 10818 108 109
11214 1124 11212 11312 11312 11312
1121 11912
11312 11312 11312
217-8 11214
1
12134 12118 12218 12218 12214 12234 .12234 123
12234 12234
*224 230 .220 230 *222 230
229 229 5229 229 .22712 229
*106 10712 1107 107 *107 108
108 108 .10712 109 .107 109
•15
1712 *15
18 •15
17
*15
18
17
*15
18 .15
*7534 7612 76
*7518 7614 .7512 7612 •751 76I 57512 7512
76
•12
1312 12
13 .12
•1112 13
12
13
1214 •12
12
3214 3238 3214 3214 3212 3212 3212 3258 3218 3212 3218 3218
*1512 20
*15
16
*15
1558 1558 16
16
16
*1512 20
*4712 48 .4712 48
4712 4712 4612 4634 46
4614
4614 *46
•108 109
109 109 •10712 110 4.10712 110 *10712 110 .
10712 110
42
42
4212 43
4214 4258 4212 4234 42
4212 .4112 4212
18534 8534 85
86
.8312 86
85
86 .84
*84
85
85
*12512 12712 1125 125
12714 12714 1128 128
127 127 .126 128
21
2114 21
21
2034 2034 214 2114 2034 2114 *2012 21
5812 5812 58
5812 58
*5712 59
58
584 *5712 5812
58
•82
90
*8212 90 .83
8478 87
*8213 90
587
90
87 '
354 3512 3512 3558 35
3514 354 3534 3538 3512 3514 3514
1101 101 *100 101 5101 101 *100 101 .10018 101
10078 101
4178
4138 4158 •4114 42
4158
4134
4112 4178
4178 4118 4112
*66
68 .66
68
68 •66
*66
66
68 .
88 .
66
68
*10114 103 *10114 103
10114 10114 .1014 103 .10012 103 4110212 103
2778 2738 28
*274 28
28
28
28
28
2814 *2714 2814
1284 12834 128 12814 12778 128
12734 12814 128 12812 128 128
594 018
9
.878 9
9
914
9
9
9
9
9
6438 6438 .6314 644 *64
6412 65
165
65
67 .64
66
*9234 9478 .9314 9478 *9338 9418 94
94
.9158 94112 *94
9458
144 1438 15
15 .14
•14
15
15 .144 15
515
15
149 14918 14918 14912 149 1491: 149 14914
14634 14734 148 148
84
84
87
87
84
9234 924 99
91
9812 9212 9312
*92 -___ 9334 9378 94
95
95
95
9412 9434 9312 9358
2514 2514 2578 2578 254 2534 2512 2534 2518 2512 2518 2514
90
*87
*88
90
89
89
89
89
*88
8912
90
*88
5414 5414 544 544 5378 54
54
5418 *5312 54
5358 5334
1618 1678 •1612 1714 1678 1678 1678 17
17
17
17
17
106 HT:416
0714 10_7_ 107 107
107 10838 108 1084.
106 10734
.1 1164,
*11614
.11614 ___ .1104
*11614 ---10103 10434 .103 100 *103 100 *103 106
100 106 .103 10678
1111212 11412 *11212
*11212
.
11212 11412 *11212 11412 1144 11422
*214 234 *214 234
318 318 *214 3
234 314
278 278
1.838 9
838 9
1012 1118 1014 1012 *912 1038
94 912
912 *9
94 *9
912 *9
*9
914 *9
912 .9
912
36
36 .344 3512 *344 3512 *35
3512 .34
36
*34
85
*5
7
*5
*5
.518 7
7
7
*5
7
.
518 7
1812 1812 *..___ 20 •___ 20
516
15 *____ 19
10
250 Do preferred
16
*9112 95 '90
*90
95
*91
95
95 •90
Kayser & Co (Julie/3)-95
*90
95
*109 11012 *109 11012 *109 111 *110 11112 .110 11212 *110 11112
Do 1st preferred--*95 100 .95
99
99
•95
*95
99
Kresge Co (S 8)
*96
99 .
98
99
*10112 104 *10112 105 .1011g 105 *10112 105 '3102 104 .10118 104
Do preferred
220
•214
220
.214
*214 220
*214 220 *214 220 *214 218
Liggett & Myers Tobacco
*118 11712 .117 120 *117 11814 *117 11814 *117 11814 11814 11814
100 DO preferred
34 .
1030
34
.
30
34
30
3112 3112 •30
34
100 Loose-Wiles Bin tr co &Xs
.
1 30
34
1102 103 *102 103 *102 103 *10214 103
103 103 *102 105
200 Do 1s1 preferred....
_
.90
95
9212 .90
*00
92
Do2d preferred
*90
92
*91
95
•
1-78.- 171 171
171 171 •170 175 *172 175
200 Lorillsubd Co (P)
_ 47
11118 114 *11314
13
112 7-5
Do preferred
-- qusi, ____ .11312 115 *114
82 .80
82
85
*80
85
82
82
*81
85
340 Mackay Companies
8434 8414
*6812 69 .
69
6812 69
*88
6912 684 681, .
68
100 Do preferred
69
*5714 6034 •5712 6034 .
5712 6034 .
May Department Stores..
5214 6634 .324 9034 .
5714 6034
1198 100
*98 100
9934 9934 *98 100
tooDo preferred
*98 100 •98 100
e$18 6212 6212 63
6218 63
62
64
64
6414 0312 6358 2,600 Mexican
2214 2211 2218 2218 2238 2238 2214 2212 2238 2238 2214 2214 1,300 dMiami Copper....
Petroleum......Par
4734 4734 4734 4714 4734 4734 414718 40
48
43/4 4818 4914 8,050 Montana Power
10234 10234 10278 10278 •10258 10312 103 103
10234 102s4 *10218 10814
400 Do preferred
*128 138 .130 133 *128 132 *130 13178 *130 132 .
National Biscuit
128 132
*12212 12312 1234 12312 .12114 126
125 126 •123 _
•123 126
400 Do preferred
1.1014 11
*1014 1034 *1014 1114 *1014 1114 *1014 1114 •1014 1114
Nat Enamerg & Stamp'g
h'78
*76
88
86 .76
*70
86 .76
Do preferred
86
88
*76
88
11.454 4834 *45
45
45
National Lead
4834 .
4714 .48
4712 .
4714 *4512 4714
1.110612 10814 *10613 10814 *10612 108 *10112 10738 *1064 10712 nom, unit
' Do preferred
1412 1434 1414 144 1458 1438 1434 147
'(Nevada Cons Cop Par $5
1434 1434 14s, 1434
764 764 76
' *7634 77 .7612 77
r.4,0 North American Co(new)
764 07618 7638 4,76
268
,
2414 *23
' 823
24 •23
2412 •23
2414 .2212 24
Pacific Mail
*23
....
2412
*20
2734 5274 2714 *26
2758 *26
2734 .26
2712
2712 *26
10 Pacific Telep
*120 12112 121 12114 121 12134 *121 122
121 121 *121 122
900 People's G L & 0(C C)
•1912 21 •20
•1912 21
21
*20
21
•20
200 Pittsburgh Coal
1912 1012
21
8838 8878 .874 8912 .87
894 88
89
*88
,preferred
89
8838 8838 1,100 Do .
43
*43
44
4314 4278 4278 •43
746 Pressed Steel Car
44
*4313 44
44
44
*102 10212 10214 10214 510212 10212 .102 10312 .102 10212 10212 10212
320 Do preferred
11.214
*111 11312 *112 11312 *112 11312
11214 .11212
*11212
200 Pub Serv Corp of N J
165 155 *15412 15538 1554 15514 15514 18814 515514 fitcli 15514 15514
406 Pullman Company
29 .28
*23
29
29
29
30
800 Railway Steel Spring........
30 .23
30 .
28
30
*90
98 .90
*90
98
98
98
*90
1)o preferred
*90
98
*00
95
2138 2158 2114 8178 2114 217s 2112 2168 4,421; dRay Cons CopperPar310
2112 214 211: 214 .
2338 2312 2314 2334 2334 2334 2334 284 2334 2334 .1 2212 2314 1,350 Republic Iron Sc Steel
.87
8712 8758
8812 188
88
8712 871
*87
88
*864 8712
425 .t./o preferred
1313 1412 1214 13
1318 1314 18
13
13
134 1212 1234 2,330 Rumely Co (M)
3234 327s 3334 8414 8134 3412 3234 3234 .32
34
*31
34
1,710 Do preferred
•185 187 .185 187 .185 187 *185 18612 *185 186
185 185
100 Sears, Roebuck & Co...,_..28
30
*27
30 •28
*28
30 .28
30 .
30 .28
30
Slose-Sheffield Steel & Ir._
4014 *3918 40
3912 3912 40
40
40
3978 3978 .39
40
g Standard Milling
*8415 8554 •§44 6534 *6434 654 6558 6558 66
65
*65
Do preferred
66
34
34
8338 33311 3312 8312 3358 354 3418 3434 *335a 3414 2,000 Studebaker Corp (The)....
89
90
89
9014 3188
*89
8834 90
*884 00 .8812 90
1,000 Do preferred
8434 3478 8434 347s 3413 345s 3434 35
3434 3478 *3468 3478 2.000 dTennessee Cop_ _Par $25
141 .141 142
140 140
I
149 142
14212 143
14213 143
8,850 Texas Company (The).39
*75
80
75
81 .
*7?
*75
83
*75
Underwood-Typewriter82
88
0 1144 *10713 11311 •10712
*1
- *10712 11412 .10711 11112 •10(te
Do preferred
18 • 14 8 2 •514 812 1614 612
4 518
51g53s 512 *5
400 Union Bag & Paper
2114 *20
1 20
2212 .
1120
14 '262114 •20
Do preferred
2114 *20
2114
+vs 11
*912 101,
94 912 *9
.9
11
1014 *9
200 U 8 Cast Iron Pipe & Pdy
11
39
39 .37
037
*87
89
*37
80
39
200 Do preferred
3734 377s 4137
*7514 77
1171114 78
*754 77
100 U 8 Express
77
*7814 77 •7514 77
77
61
.59
61
*59
*59
61
*59
61
*59
61
/3934 5934
300 V S Realty & Iraprov't684 68s4 5334 5834 5812 5.553 5814 11812 1,200 United States Rubber......
5812 5918 *5834 59
11102 10268 10213 10258 10212 10212 10268 10234 1024 10278 10238 10248 1,410 Do 1,41 preferred....
6238 6314 6234 6338 627, Qv, 684 6334 6313 6334 6238 63 128
United States Steel
,, 10972 110
110 110
110 110
1091
,1 ,
10078 10974 1004 10914 2,175 De pielerrecL.,_-„,
II718 5732 5732 5778 5714 cr% 573 $8
562 tv. 18.710
*2818 29
91
374574
281,
251,
2i,
72812 2834
29
1,100 tienhi.pirgenr29
*974 102
*99 102
1002 1001, *9914 10
*07
2 12
14
09
2 1004 1004
0 p erred
*614 62
56113 6112 617
, 617
, 12
62
1,3°
6134 6178 6184 62
VI8 Western nion
7814
7714 734
78
764 7712 7712
77
7714 18,800
7717 77
gth21111101184 El & Mfg_
*122 140 .123 133 .123 185 '123 12
•123 125 •123 198
Do 1/41 ntekrred--09
9785 0784 •96
99 .96
99 .96
6197
99
000 Woolworth (Y W)
,
11
614618 11758 .11612 11758 •11612 11738 *1184
11714 11 '
200 Do prefe
133': 1171
1213:
1,428
Range for Previous
Year 1913.
Lowest.
Highest.
Lowest.
Highest.
9978Jan 9
28 Jan 6
97 Meh 12
10778 Mch 31
117's Jan 2
215 Apr 25
10114 Jan 7
1312 Mch 4
7212 Men, 4
10 Apr 22
3012 May 8
1412 Apr 23
3813 Jan 7
10212Jan 16
2012 Jan 5
68 Jan 10
121 Jan 6
18 Jan I
5032jari 1
8012 Apr 23
2578 Jan 14
9173 Jan 6
37 Apr 25
6S' Feb 25
10114 Apr 22
24 Apr 27
12714 May21
734Mcb25
60 Mch25
9134Jan 2
1334 Apr 20
140 Jan 3
3734Jan 3
77 Jan 5
l03 Jan 17
71873 Jan 2
$4438Jan 8
$1518 Jan 10
10034 Apr 25
11312Jan 3
1007 Jan 3
11414 May15
2 May 14
7:34 MaY13
758 Apr 21
3312 Apr 20
618 Jan 2
16 .May29
80 Jan 19
100 Bach 12
81 Jan 6
99 Jan 13
214 May 0
11138 Jan 0
2978 Apr 24
101 Apr 22
89 Jan 2
166 Jan 20
110 Jan 6
26
76
an 2
6518 Jan
67 Mch81
9778 Apr 21
464Jan 2
$21 Mar 7
46 Apr 25
101 Apr 27
122 Jan 0
11914Jan 13
97 Jan 8
88 Mch 7
44 Jan 8
ay12
3
Jart
15
312.m
$
10
15534 May27
3712 Feb 16
10978 Jan 24
1134 Jan 7
12414 Jan 30
256 Mch 23
108 Mar27
2078 Jan 28
83 Jan 20
1738Jan 23
3814 Feb 3
297 Jan 8
6218 513•11 5
109 May25
44345R:till
86 Mehl'
130 Jan 24
3038 Feb 6
08 Mch20
9518 Jan 16
3678 Mch23
10114 Mch 4
44 Feb 4
70 Feb 13
10412 Fen 14
3412 Feb 5
13912Jan 24
13 Jan 28
72 Jan 29
9934 Feb 3
2012/deli 4
1504 Feb 20
99 May27
95 Feb 19
2878 Apr 17
91 Feb 3
55712 Apr 2
$1812 Mc1i24
113'2 Jan 22
11818 Mch 4
11134 Jan 22
11712Feb 13
334 Jan 27
15!4 Jan 30
1018 Feb 2
41 Jan 31
91 Jan 20
29 Jan 19
91 Mch14
10834 May18
105 Feb 25
105 Lich 3
231 Mch 1
11814 May29
38 Jan 26
105 Mch16
95 Jan 24
190 Apr 7
11514 Mch14
8738 Feb 20
70 Jan 27
6914 Jan 17
10134 Feb 9
7312 Feb 0
$2414 Jan 27
50 Mch26
103 May27
139 Feb 3
125 May27
14 Feb 3
8618 Mch 10
62 Jan 26
$
11
0913
6 j
Fa
en
b2
16
8
100 J'ne
25 J'ne
9978 Dec
11018 J'ne
110 Dec
200 J'ne
96 Ply
1412 Dec
74 May
114 Nov
3078 .1'ne
22 Dec
3612 Dec
10014 Pne
25 J'ne
6214 J'ne
120 Oct
16 Aug
45 J'iy
9014 Dec
17 J'ne
z88 J'ne
3038 J'ne
105 Jan
4012 Feb
118 Jan
sups Jan
140 Jan
29434 Jan
10618 Jan
2312 Sep
82 Sep
3214 Jan
4112 Jan
120 Jan
534 Jan
10512 J'ne
4113 Jan
74 Aug
1374 Jan
5612 Feb
86 Jan
10338 Feb
3018 Feb
9714 Meb
4738 Jan
244 J'ne
12518 J'ne
738 J'ne
6112 J'ne
9112 Dec
934 Pile
12934 J'ne
25 May
70 May
1518 Nov
7334 Nov
4034 J'ly
1378 Deo
96 J'ne
111 May
9512 J'ne
111 May
218 J'ne
124 J'no
612 Oct
3218 Oct
44 Dec
154 Deo
77 Dec
10613 Oct
58 J'ne
97 J'ne
195 J'ne
10012 J'ly
21 J'ne
89 Aug
84 J'ly
r150 J'ne
103 Pee
7538 Ply
62 Dec
65 Oat
974 J'ne
4134 Nov
2038 J'ne
4112 Feb
14238 Jan
174 Jan
7214 Jan
10018 Jan
2134 Jan
187 Jan
40 Aug
8114 Sep
68 Jan
10514 Jan
5338 Jae
2038 Jan
11112 Sep
110 Oct
11014 Sep
11414 Sep
458Jan
1912 Jan
1238 Jan
4812 Jan
1812 Jan
70 Jan
94 Feb
110 Jan
83 Sep
102 Jan
235 Mob
11613 Jan
3978 J.an
105 Jan
95 Jan
200 Jaa.
117 Feb
87 Jan
139 Apr
7678 Jan
10512 Jan
7814 Feb
284 Jan
65 Jan 2
2214 Apr 25
2512 Apr 27
11884 Apr 25
177k Jan 3
84 Apr 25
2684 Jan 5
9754 Jan 15
107 Jan 13
15112 Jan 0
25 Apr 25
09314 Mch 0
817s4Jan 9
igs4Jari 5
80 Jan 2
614 API' 24
2034 Apr 24
180 Apr 24
25 Apr 24
32 Jan 7
61 Apr 29
20 Jan 3
70 Jan 5
831h Apr 25
128 Jan 3
80 Apr 16
108 Jan 16
814 Jan 12
204 May 11
014 May 2
3784 ma7211
46 Jan 7
84 Jan 7
7914 Mch 14
29 Jan 21
31 Jan 24
125 Jan 5
234 Feb 4
9313 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
9114Mch 11
18 Jan 14
41 Jan 13
193 Feb 2
35 Jan 26
4014 May25
66 Mch 6
3614 Mch31
92 May15
$3634 Feb 11
1497s Mch 5
88 Jan 81
113 Apr 15
812 Jan 31
3212 Feb 3
1312 Jan 23
49 Feb 6
87 Mch 10
634 Mch 10
9$34 Apr 84 10438Jan 14
50 Apr 25 0714 Jan 31
5314A171 26
63 Mel'3
14
1
106144"
11234 Jan
34$1,Jan
ch
y2
54
10
8
87
38 ma
82
an
rt.' UV 30
1
10712 Mch 20
ja4 Jan 16 66s Feb 16
84 Jan 1 7874 Mch 16
11511 Jan 1 123 May10
014 Jan 8 10314 Fob 5
112 jan 5 11878 ob 6
104 J'ne 130 Sep
110 J'ne 12478 Jan
9 J'ne
194 Jan
7414 Oct
0214 Jan
43 Oct
64314 Jan
10
10
3 J
J:n
oe
e 108 Oct
20 Jan
80 J'ne
811k Jan
16 J'ne
311k Jan
22 Nov 46 Jan
104 J'ne 12984 Sep
1412 J'ne
2438 Jan
73 J'ne 95 Jan
184 J'ae
36 Jan
8812 Pile 19118 Jan
105 Deo 118 Jan
149 Sep 165 Jan
2214 J'ne
35 Jan
9014 J'ne 100 Jan
15 Poe
22 Jan
17 J'ne
2838 Jan
72 J'ne
9214 Sin
14 Nov
9214 Jan
83 Dec
9944Jan
15434 Pne 21313 Jan
23 J'ly
4518 Jan
31 Dec
401k Jan
524 May
ers Feb
1534 Dec
36 Feb
6412 Nov
9334 Jan
22634 J'ne
894 Jan
89 Pas 13312 Dec
78 Pm
991ejan
104 J'ly 113 Jan
4 Nov
714 Jan
184 Nov
4134 Jan
014 J'ne
1634 Jan
40 Dec
014 Jan
38 Dec
66 Jan
4934 Nov
77 Jan
Nov
6912 Apr
98 J'ne 10934 Apr
4978 J'ne
694 Jan
1062112
11034 Jan
2
32
055 .J
J.
'
inye 604 Jan
4318 Jan
93 J'xit 114 Jan
544 Deo
7518 Jan
Ws J'ne
721 Jan
10774 ,rna 11114 Jan
8112 J'ne 112 Jan
109 J as 11518 Jan
BANKS AND TRUST COMPANIES--BANKERS' QUOTATIONS.
344
Banta
Brooklyn
capoy Isl'd
250
"$t
ratbusa
110
Greenpolat__ 150
masteigl
anufactt'cl
Montauk
Nassau
*
80
400
160
205
Ask
150
275
130
180
125
100
425
170
140
220
Bantu.
Brook tos
National City
North Olde'IPeople's -._
BM
Ask
273
175
145
285
200
155
Trust Co's
NY Ofty
Astor
2
Bankers' TrB'way Trait- 149
ifs
365
410
153
Trust Co's Bid
At': 1 Trost Co's
NY City
NY City
Central Trust 1010 1020 Hudsqn
ColumbiaLaw T I & Tr
Kniekerboe 430 440 Lintels Trust
Commercial
79
Metrapelittul
300 it8 Mutual
4mpire
Equitable Tr 415 495
sue
Fatta L & 'Jr 1095 1118 Mtn (WestFidelity.-- 210 220
chaster).....
Fulton
275
59
52 I
Gamest? Tr 548 3
and salted Drloes; as gale/ On 014 447.
Lim thaa 100 511171..
1 3Ex-1141214.
_or as altetioa this week. •Ez-atest dividend. I Banks 1441%9OLWItiiii
Bid
Ask
130
152
118
300
135
157
370
132
142
130
135
Trutt Co',
N Y City
X Y LIfe*Tr
NY
Tale an & Tr
Traanatlaatle
Union TreatUE1Mtg&Tr
Unitsd States
Westchester
Bid
Ask
975 1000
395 603
400 403
200 220
170 380
410 420
10541 1076
125
135
Trust Co's
Brooklyn
Brooklyn Tr_
Citizezne
Franklin
Hamilton.Rome
Kings County
Nassau
People's
Queens Co
Did
As •
470
135
240
270
102
570
125
275
85
4110
140
253
280
112
fir
280
100
& rights. S New eta*. 49not44 4110silri pee Owe. Sale at Nod
40,140 3140121....311741VM34a7
Jan. 1
1673
Yearly
and
Weekly
Friday,
Record,
New York Stock Exchange—Bond
catauslea 00nds.
and prices are now all—"and interest":--ercent or income anu
1609 the Kachanye Pnethod of quoting bonds wa,s changed,
BONDS
t2
N. Y. STOCK EXCHANGE
?.
Week Ending May 29
Price
b'riday
May 29
Rowe
since
Jan. 1.
Week's
Range or
Last Sale
BONDS
82
N. Y. STOCK EXCHANGE
Week Ending May 29
Prict
Enda,/
May 29
1Veek's
Range or
Last Sale
83
Range
since
Jan. 1.
High Ns, Low High
AO Low
dici
Hie No. 1,01.0 High Chesapeake & Ohio (Con.)—
Ask Low
Bid
20 9212 9812
113
1992 M-8 9234 Sale 9212
General gold 4%3
0634 0834
97 9712 97 May'14
0313 9313
'33I
'14
Feb
_
_
_
_
9013
1992 M-S
Registered
al 963.; 09
s97
97 98 $07
8614
8012 55. 79
7912 Sale 79
103 F-A
Convertible 4)as
10214 10214
10114 102 102,4 Mch'1.1
13
Feb
8513
864
83
J-1)
1944
.
4
1st
Big
Sandy
2 101 1024
10112
10114 102 10112
83
84(4
'14
Feb
8412
83
83
Coal River lty 1st go 4s 1945 J -D
10913 11212
10012 11012 10918 May'14
9612 Dec '13
98 101
1940 J -J
Craig Valley 1st g Is
11112 11314
1111,
110 11112 11112
194 C J -J
- _- -- •8434 Jan '13
Potts Creek Br 1st 4s
_ _ 954 Jay '13
97
8
88 -13i3J -J
8534 -- - - 8814 Mch'14
10034 10212 It & A Div 1st con;4s_1981)
100 102 101 May'14
82 8513
82 ___ _ 82 Apr '14
11181) J -J
2d consol gold 4s
90 90
Greenbrier lty 1st go g 4s_1940 M-l: 8514 90 00 Apr '14
67
2 GO
Foreign Government:
60
Chic & Alton RR ref g 33_1049 A-0 60 Sale 60
5 05 93
0634
46 4414 5511
Argentiue—Internal Is of 1009_ M- 3 9634 Sale 9634
45
45 Sale 4413
1950 J -J
Railway 1st lien 3%s
89
26 88 8917
9914 9934
Chinese (1Iukuang) lty 5s £____ J -D : Si Sale 89
9914 100 9933 May'14
F-A
4§_1922
B
Q
&
Div
Chic
Deaver
.•
imperial Japanese Government
857s 17 82 857s
8578 Sale 8534
1349 J -J
Illinois Div 35.,E;
884 73 86 0034
1025 F -A 1 8833 89 88
Sterling loan 4 1As
1940 J -J
8233 -- - - 6614 Aug 12
Registered
8838 15 8513 8912
1925 .1-J 1 8833 Sale 8734
-55- -01C2d Series 43'2s
May'14
9512
4
9313
J
953
-J
11)41)
4s
Div
Illinois
2 7534 SO
79
7812 79,2 781,
1931 J -J
Sterling loan 4s
124 J -J - --- --- 93 J 11C 13
Registered
10012
143
i55%
Republic of CubaIs eaten debt_ al- 1 9934 100(4 10014 May'14 ---- 09 9312
103 May'14
-_-.
1a318
A-0
53_1910
sink
fund
Iowa
Div
03
May'14
9312 03
1949 F- A
964 9813
External loan 4%s__
1919 A-0 3S4 99,4 9814 May'14
Sinking fund 4s
8634 15 8413 90
9734 17 9434 98
Tokyo City loan of 1912 53_- M-S I 8653 8678 8612
; 0714 9814 9714
192 IVI-1,
43
Extension
aiebraska
85
77
'14
___
Apr
7914
8013
83
s.
11 S of Mexico s I g Is of_1891) Q- J
251s ---- 9653 Sep '12
1927 M-N
Registered
I 67 68
67
69 67
1934 J -D
-5/04 -9-8-1;
Gold 4s of 1904
1931 Al-S 9914 --- 9814 Mch'14
Southvrestern Div 4s
nese are p ,ices on the b asis of i5to £
See Great North
Joint
bonds.
9312 86 0114 944
934
State and City Securities.
9313
Sale
M-8
193.
4s
General
102
426
10138
100
10153
1960 M-8 10112 Sale
40 68
N Y City-4s
40 May'14
15 10334 10712 Chic a; E III ref & imp 4s g_1035 J -J 37 ---107
_ 1963 M-S 10673 107 10673
1 10714 11213
112
tii_s 112
4 32s Corporate stock _
..
112_ _6
1034 A-0 .
1st consol gold Gs
90
40 0513 99
1939 .S4-N 9878 Sale 9834
9534 10012
4
Corporate stock
99 Apr '14
81-N
1937
5s
1st
consol
General
5
8
9913
4
987
083
9512
1)834 Sale
1938 M-N
98 98
Corporate stock
4
98 Feb '14
1937 81-N —. 97
99
Registered
3 9534 99
1957 ht-N 9834 99 'JI)
Corporate stock
4
'13
Feb
4
Pur money 1st coal 5s____1942 F-A --- 97,4 973
10678 10 10353 107
1957 al-ll 10634 107 10673
New 43s
---- - - - Registered
_ 10112 102
10113 10178 102 May'14
1917
Now 43s
-58;4 99 1936 -J---.1 90 -- -56
Chic & Ind 0 Ity 1st 5s
107
10353 10712
1957 -N 10634 107 10634
4 3* 0 Corporate steck
15 70 7513
7373 ,
1059 al-S 737s Sale 7313
Chic Great West 1st 4s
10173
May'14
81
10178
10112
10112
10212
M-N
7
1)01'1(13_191
4H
assessment
118 11812
11812 blob'14
120
4
1173
-J
J
Chic
Ind
6s_1047
&
2
8758
8
875
85
4
873
Louisv—Ref
8753
874
1954 M-N
3%% Corporate stock
10312 10353
10358!deb'14
1047 3-J 10.358
100 1011, Refunding gold 53
101 102 10112 Apr '14
1061
ti Y State-4s
9553 Apr 11
1917 J -4 81
Refunding 4s Series()
'14
Apr
10112
10112
102
9713
10113
J-J
1061
4s
Canal Improvement
__—
85 86 J'iy 12
-_—
-J
Ind
J
&
43_1956
Louisy
1st
go
10112
102
10112
99
1014102
Canal Improvement 45_ _ _1962
___—_-.
-J ---- 8812 U014 Aug '13
10112 May'14 6 100
7,122:00%182 Chic Ind & Sou 50-year 43_1956 JJ-D
1060 -J 1011.2
Canal Improvement 4s
__ __ 104 Des '11
1969
Chic L 8& East 1st 4%s
10012
10912
5
6
50
10913
10933
10912
J-J
3*s1054
Canal Improvement 4
Chic Mil& St P termi g 53_1014 J-J 1004 --- 10013 May'14
10958 65
10913
Highway Improv't 4%8_1963 M-S 10958 Sale 10312 J'iy '10
95
93 06 05
Gana gold 4s Series A___e1089 J -J
.26:2 1-9
152
South Carolina 4 34820-40_1933 J-J
066
0212 344ch'14
4:
314
Registered
'14
Jan
8434
4
844
843
84
83
J-J
_1991
80 834
Virginia funded debt 2-3s_
82,4
el"U Y:::1 ::::-gii4 8214
Gen'l gold 33s Sec 13_21989
67
61
181
54
Sale
67
65
86 Jane'11
6s deferred Brown Bros ctfs--e1989 J-J _ ___ 81
Registered
19 10058 1034
103
Gen 4%s Ser C
e 11)8' J -3 10253 103 10234
Railroad.
9212 60
9214 9213 917s
1934 J-J
25-year doben 4s
64
63 74
64 65 64
/1995 Q-J
1017
A nn Arbor 1st g 4s
a
1033s
10214
168
0 "
88
10
16218
Salo
J-D
1932
4%s
Convertible
9514
9534 109 93 9618
fitch Top & 8 Fe gen g 43_1995 A-0 9512 Sale
_--- -1931 J -J 10418 ....... 0233 Sep '13
Chic & L Sup Div g 5s
9213 9514
05 05 Apr '14
1995 A-0
10534 10534
0534 May'14
RegIstered
--204314
J-.,
1926
5s
Itiv
&
Div
15/o
Chic
May'14
87
8712
84 1384
1111135 Nov 87
10414
Adjustment gold 4s
3 10414
10213 10413
1921 J -J 1044 104.5Chic & P W 1st g 5s
80 Alcli'13
/11095 Nov
9338 11 89 934
Registered
9333
87
2 8433 8817
- 8713 87
/1995 1,1-N
Stamped
4Nov '13
10114
003
9358
4
J
j
93,
J
j
100
G
1
4
9
:19
14/1
C
.
&&
1
rg
Gu
P
S
g
o
d
t
lt
S
i
e
s
1
o
l
t
_
4
s
dg
u
3
u
16 93 IOU
97
1955 J -I) 064 Sale 9634
OT1V gold 4s
0834 May'14
108 1-Ugi
1920 J-4 Wigs
Dubuque Div 1st s f Gs
9912 May'13
1955 J -ll
onv 4s issue of 1009
Far SG Sou assum g Gs.. _ _ _1924 J -J 11234 --- - 110 J'nu'13
3
9714 70 93 99,
Cony 4s (issue of 1910)._1960 J-D 97 bale 06
Jan'14
155; 162-1;
102's
-J
-103
.
3
5
2
1
J
5s_1919
r
A
c
i
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i
ats
v
,
i,
oes
t
iv
DDlsg
10073
&
nn
5 9973 10214
1917 J-D 10034 10078 10073
10-year gold Is
10258 10438
_ 1044 May'14
1921 J -J 104
5_
s
0134 9517
9314 9511 9512 May'14
East Okla Div 1st g 48
10914 10914
10914 Mcn'14
1021 M-S
10834
192'
J-J
Wis
Vail
Div
1st
6s
92
92
1
92
11134
9112
8014
1958 J-J
994 1014
, Sitort Line 1st 4s go1d
'14
alch
10134
---10113
4-1)
1934
Mil
&
No
.titi
1st
ext
9714 (JS12
100 9812 Apr '14
_
101 10184
, Oal-Arlz 1st & ref 43s.,_.,1962 M-1.3
1934 J-D 10112 103 10134 May'14
Cons extended 434s
atch'14
104
109
4
9
0
10
1
11
:
.
1.,30
M-S
53_1942
10218 1024
10213
8 Fe Pres & Pli 1st g
1021310212 10218
F
1.2
7s_1915
Chile
&
Nor
%Vest
May'14
cons
10112
1014
10112
_
1915 M-8
941e 9412
7 0612 0412 Men'14
t Chic & St Louis 1st Gs
1586-192'
944
Extension 4s
95
7 ill
; 95 4
945
At! Coast L 1st gold 4s_ __hri)52 85-8 (34
1sse-1929 F-A 944 --- 1044 Apr '14
Registered
95 Jan '13
/1952 M-8
81'1
84'
66 80 8
7
83
,., Registered
M-N 83 Salo 8213
lair?
General
gold
33is
May'14
-5593
-30
03
1959 J -D
•?, IS0-year unified 4s
Jan
'14
78l2
781k
—
1,1917
q-ip
08112
Registered
'14
Apr
10434
10314 1043.1
110335,183
1st go gold 53_1928 151-N 9312 0412
93 0734
96
bi
9534
108785-N 06 98
General 4s
'It
Apr
3
037
3
937
037
s
-J
J
43_1938
gold
go
na & W 1st
,
103 1084
Sinking fund 63____1879-1029 A-0 10844 --- 1084 May'14
arles & Say 1st gold 7s_1936 J -J
,
1579-1929 A-0 10734 --- 10813 Dee '13
Registered
)63491
14 87 .1;5'
o1952 151-N 0034 Sale -1'Is & N coil gold 4s
i541-3 1-0-41;
1879-1929 A-0 11)414 -,,-- 10413 May'14
Sinking fund 5s
121 May'14
12053_U
121
121
A-0
_1934
Gs
gold
1st
W
&
10
Nay
1179-1929 4-0 10934 106 102 Oct '13
Registered
11053 May'll
1934 A-0 10614
1st gold 53_,
10134
1921 A-1019134 10312 10134
Debeature 3s
9813 983-s 08 May'14
96 98
1918 J -J
Sil Sp Oca & 0 go g 4s
101 Doe '12
1921 A-0
Registered
0153
8
917
Sale
22
9134
0234
90
-J
J
1025
j*s
3
prior
Ohio
Paralt &
1034
10334
10213 1033
13
16
1
34
21
1933
Is
deb
fund
Sinking
May'14
004
911$---9078
8973
Q-J
1)1925
sa Registered
10134 10134
1933 id-Z; 435 -- 10134 Apr '14
Registered
9414 67 0073 00
/1948 A-0 94 Sale 9334
Gold 43
120 122
: 124 ......- /22 May'14
i
From Elk & Ai() V 1st 63_1933 A-a
02
02
9073 04
Registered/j1948 Q-J
--- -...... 9012 Sep '09
Mau (.4 B St N W lst 3%3 1941 J9214 363 00 9484
9134 Sale 9153
20-yr cony 43s---_1933
80
Milyr& 8 L 1st gu 3%3
1941 JPitts June 1st gold Gs____1922 J---J 1065____ 112 Jan '12
4
ii(51HOT,Itch
i55;1-1-0-1.;
Mil L S & West lit g Gs 1921 14-E1 1104 11-0 .5-3:08:
,14
'14
Apr
1.10
00
____
35g4
-1
8313
M-N
3%31925
g
1st
Div
151
P June &
10613 10013
F-4
107
I
imp.
a
&
gold
53_192
.Ext
8714
8413
)3012
28
87
8714
Sale
PLEat W Va Sys ref 4s__1041 ai-N
11313
Feb
'14
11313 1134
1925
114
14Gs_,,
g
Div
1st
Ashland
1)118 23 8714 1)112
0073 914 004
gollthw Div 1st gold 353_1925 J -J
11314 11314
11312 - - 11314 Men 14
Mich Div 1st gold 63_1934
13
Apr
100
___
97
N1-$
g
c
1st
4%9_1930
It
Cent Ohio
91
92
9212
4s_1947
14N
&
W
gu
Mil
Spar
1st
May'14
10512
2
.
it)151
10513
____
10.513
CI Lor & W con 1st g 58._1033 A-0
97
10
233 May'14 -- 10713 1084
10733 Northw Union let is g__11117 IAMonon River 1st gu g 5s__1919 F-A 100 ___ 10214 J'no'12 _
May'14 ____ 1054 1001a
-;
St L Poo& N NV 1st gu 53_19 t3 J-J 10584 1091
Nov'13
1054
102
___
4-1)
5s_1936
g
1st
RR
Ohio River
1064 Nov'13
& St P 1st ext 7s_1916 J -0 1064
-1614 164-3; WinonaRock
1037 A-0 10234 ____ 10133 May'14
General gold Is
1 104 105
10114
10414 Sale 10414
1st & Pac 63_1917
Chicago
___ 11312 Feb '12
?las Clay & To! Ditg 63_1022 A-0 10653
191 j
J
10312 106 10433 bleb'14 --- 10438 1044
Registered
hich'14.
'3634
4
___
963
J-J
4
1017
6-,
0
4
-553
4s
Pitts & West 1st g
8714 Sale 87
8714
84 81114
1085
65
4s
gold
General
J'ne'12
91
--__
abut Is! lty 1st gu g 43*s_1043 J -I)
_ _ 86 83 Apr '14 _8413 87
1988 J -J
Registered
Bolivia lty lot Os_1927 J -J
7312 7518
7558 5:i 72 81
1934 A-0 -75
4s
gold
Reftleding
'14
Apr
109
10933
___
108
10914
1937
ai-S
58
roffalo It & P gen g
7134 82 6613 8013
1932 J -J
7134 Sale 71
20-year debenture 5s
10212 1091.
1957 M-N 103 104 10212 Mch'14
Consol 4%s
3 J'ne3
41,14 ,127
'
41
33
-- 9
(Joll trust Series P 4s____1918 M-N
94 94
11)98 A-0 02 ____04 Jan '14
AU& %V est 1st g 4s go
53
934 bale
M-N
RR
&
1
Pac
4s___2002
()Melt
'14
Apr
112
112
Ill
____
111
Clear & Mall 1st go g 5s-1943 J-J
3378 Apr '14 __ 334 514
2002
M-N
Registered
4
4
Apr
0
1
1
1
110
10912
10953110
Bosh & Pitts 1st gold Gs 1921 F-A
83 85 Jay '13
R 1 Ark & Louis 1st 41934 M-8
1104 Ill
1922 J -D 111
COUSOi 1st g (is
'14
10234 1-614
Bur C It & N—lst g 3,4_1934 A-0 i.645 -- 10234 Apr
10612
10334 10673
10633 1063-4 10613
Sou cons gu A 53_1962
1004 May'14
10678 103
CRIF&N \V 1st gu53_1921 A-0 100%
1064 Apr '14
10078 100
A-TOO
11362 A
egistered
_
& St L 1st go g
07 100
-9674 0973 Apr '14
Car linch&Ohlolst 30-yr531938 J-D
-1T117-a
-J
Choc Okla & gen g .53_01919 1-1)
108 108
10714 ___ 108 Feb '14
(Juana of Oa lst gold 5s__p1945
55- IV1252 M-1.4
Consol gold Is
10412
5 102 105
1045 M
F-A 11/413 Sale 10414
Consol gold 5s
-_-_-_-_ 9113 0233
258
9112 :19
Kook & Des Moines 1st 5s.1923 A-C
---- 10614 Meh'13
1945mRegistered
3 Mcliii
8314
19
77 17
'41 F__
4%3
St
L
K
l'aul&
lst
08h
alch'14
87
110
-85
87
85
.1-1)
11151
4s
g
inon
IDitatt Div pur 1st g 53_1946 J-a 1031a ____ 1071.1 Jan '12
81312800
1718
M & 0 con 63_1930 3-DI ii9r, 122
Chic kit
ac la Nor Div
Cons Os reduced to 3 s 103e .1 -1; 8812 1034 ___ 10412 Apr '14
.1ill 1-64-12
157
Id Oa & At! Div 53-1047 J-3 1041a --- 10934 May 11
1 103
2
24 lie
89
:y:14
_ 1E3-4 1034
-_-_-_-_
11430 M-8
Is
Debenture
-J
J
11146
obile Div 1st g 59
11612 Jan '14 ____ 11612 1164
Ch St P & Minn 1st g 63.-11115 fa-a+ 1-1g12
;100(4 May'14
100 1007
9934 10032
Qsa Alt & 13 of Ga col g 53_1937 IIII-N
North Wisconsin lit 6s_1030 J-1 11812 ___ 12938 .110y
4 1174 11713
783
1171z
114 118
Vent of N J gone'gold 5s_1987 J -J
107 1-0853
1910 A-0 10714 ---- 10714 May'14
St P & S City 1st g 6s
1174 117
117
7 11334 117
Nee/tared
Superior Short L 1st 53 gg1930 M-8
104 10134
J-1 10334 1054 10434 Apr '14
81 C4
92
h 11,1
itan Dock & Imp gu 5s__1
85 Jaii-.1,1
WChic '1' II & So'east 1st 5.3_1060 J -D
J -J 102 103 IOU J'ne'13
WI & Ilud It gen go g 53_1920 81-5
10372 Apr '11 ____ 1034 1064
Chic & NVest Ind gen g 631_4193a
9518 ____ t001 Jan '13
Long Br gen g 4s...1941
2
87
84
8334
8313
43
195'
30-year
J-J
Consol
80
---80
May'14
80 801
Cant Vermont 1st gu g 4s_..e192 Q-Ir
(33 98
96 Mch'14
1237 3-4
Gin /1 & Ii 2(1 gold 4 As
Chesapeake & Ohio—
-J
J
43
1999
refunding
&
1s1
100
100
0334
09
10014
May'14
J-J
Ow funding & imps 5s___1029
1959 J -J
1st guaranteed ls
8 103 1074
107
1939 hfl-N 10453 10714 1064
let eonsol gold 5s
1.651.210-0-1-2
h'
ce
hin
2
14
13j
'1
64
60
10
1041 II-N
Cin 13 & 1 lot go g 5s
107 103 Jan '14
103 103
11)39 M-N'
Registered
Next
Pare.
on
ed
BONDS—Continu
S
MISCELLANEOU
U. S. Government.
U 8 2s consol registered_d1936 Q-J
d1930 Q-J
U 8 28 consol coupon
k1918 QU S 3s registered
k1918
U 8 35 coupon
1923 Q- F
U S 4s registered
1023 Q-F
II 0 4s coupon
U 8 Pan Canal 10-30-yr 2sk1936
11.161 Q-M
U El Panama Canal 3s g
r-A 94
p. mid
*-1,,r' i6414-4 iaCt
-5(5r4
Clra
11(0
Street Railway
Brooklyn Rapid 'Iran g 5s_1945 A
liri reund cony gold 48_2002 J -J
iyese• secured notes 5s___ 1915 J-J
ir
.
l
k City 191 eon 5s__1016-1941 J -J
Q Co& S con go g 53-1941 M-N
yn Q Co & 8 1st 5s-1941 J -J
yn Un El 1st g 4-53_11)50 F-A
1950 F-A
tamped guar 4-58
s County El 1st g 43_1940 1P-A
1944) F-A
tamped guar 43
Mama glee guar gild 48_1951 J-J
_ 1927 F-A
Ityrys 1st 88
y & L !starer 5g 4)4s '51 J-J
11)51 J-J
Eleamped guar 4 jis
Dog United lit cons g Ois-1932 J-J
Ft Smith Lt & Tr let g 5s 1936 M-S
()rand Rapids ity let ot 58_1916 J -D
I lavana Else consol g 5s, 1952, F-A
al
()°=
10212 --_. 10314 May'14 ___
0178 Sale 91
921p 495
9973 Sale 0934
9918 84
10013 10114 101
1
101
99 98 Apr '11 —__
_ 101 hlay'13 .16.134 102.14 10134
103 —14
10114
1
10178
10178
8334 May'14 ____
_ _ 8412 84
_83---1
85
78 7914 79
2
79
9813 9834 0813
6
981
(14 ____ 10178.1'0812 __
93 98 9513 J'ne'13
6
7134
---- 7112 7034
_
----- 84 Jan '1
9913
0914 May'l
-__- 93 02 Apr '14
*Ns Dittog Aldan latest this week. d Duo Aprll. e Due May
Street Railway
1
8334
8234 83 _S:2:14_
Sex A__ 1957 F-A
9913 10334 Hud & Manhat
3112 3113 May'14
31
1957
Adjust income Is
874 9314
N Y & Jersey 1st 530_1932
Ma 100
-771-2 -1:55
Sale 764
101 1014 Interboro-Metrop coil 4 313-1956 A-0 -ifit -Interboro Rapid Transit—
98 08
75
99
99 Sale 9873
1905 J
let & refundiag 5s
5
0212
Manhat Ity(NY)cons g 43_1990 A-0 914 9212 9212
0913 102
1
9212
1990 A-0 921k Sale 9212
Stamped tax-exempt
100 102
Metropolitan Street Ity,83 84
13vray & 7th Av 1st c g 53-1943 J -L 1017s ____ 10153 MaY'14
8234 8413
10012 111311)014
Col & 15th Av 1st go g '33_1993 M-S
74 80
101 Apr '11
Lox Av & P F let go g 53_1993
0634 9914
80 Mch'14
F-A
43_1935
g
lit
(Chic)
WOE!
Mat
...... -___
Mils Elea Ry & Lt cons g 6s1926 F-A i5i- T.:_ 10213 May'14
01 Apr '13
94
J-J
Refunding & exten
69 7612
1919 J-J
0934 -_-_ 102 Nov'12
Minneep fit let cons g 5s
84 84
09 9914 Montreal Tramways 1st & r
98
9312
2
9853 981,
_ 1941 J -J
30-year Os tier A
911t 05
g Due Juno, A Dalt July
sior::::
814 9114
30 39
-ii-
-7-9-1;
984 9914
891g ials
8873 9212
101 10214
100 101
0814101
80 80
102 1024
974 99
A Due Aug. o Duo Oct. 5 Due Nov. g Due Dee. 8 Option male.
1674
New York Bond Record-Continued--Page 2
t'a
BONDS
N. Y. STOCK EXCHANGE 43
Z $1
Week Ending May 20
..4,
Price
Friday
May 29
Week's
Range or
Last Sate
.•
44,
2
Range
since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 29
.44
[VOL.XCVIII.
Prue
rlday
May 29
Week' s
Nang* or
Last Bale
1
.14
1!
::ange
since
Jan. 1,
Din Ham & Day (Con.)Bta
Ask Low
High No. Low High St P M & M (Continued)Bta • .457 Low
High No. Low IIJoh
0 Find& Ft W 1st gu 4s g_1923 M-11 ---- _ . 88
Mont C 1st gu g Ils
_.
1937 J -J 124% 125 12114 Apr '14
12114 12114
Cin 1 & W lat gu g 4s____1953 J-J --_ 7612 88 Jan
Mch'll
'14 -- 88 -88 Registered
1937 J-J 115 __
13614
Alay'08
Day& Mich 1st cons4;5s..1931 J -J
4164
let guar gold 5s
1937 J-J 10933
101334 107
- 10634 Feb '14
Ind Dec & rv 1st g 6s____1935 J-J
"
3 97 mai-qi ____ iii- cciii
Registered
J
111371937
-J
lat guar gold Si
1035 J-J ---- ------16713 Dec '02
Will & S F let gold 5s-1
38
7 J-D
193
:7:154-1-2J•n-e-i3
:Neve Cin 0& St L gen 4s 1993 J -D - 79 78
78
i 73 8-5- Gulf& S I 1st ref& t g5s_b1062 J -J
8934 9214 02 May'14
-85- -9-2"
20-yr deb 4;is
1931 J - J
82 Apr '14
Registered
82 8712
J -J
_
Cairo Div let gold 4s
--------1939 J -J
flock Val 1st cons g 4 As8434
843
1 8434 86
61110)5i J -J 9914 9934 -6614 -6614
6 97 1-0-1"
Cin W & M Div 1st g 4s_1091 J -J ----------83 Feb '14 -- 83 83 IA Registered
J -J 97
9734 Jan '14
9058 9734
St L Divlst coil tr g 4s_1990 M-t4 ---- ------82 Apr '14 _--- 82 8534
Col & 11 V 1st ext g 4s
1948 A-0 8814 _
92 Apr '13
Registered
1900 M-N Col & Tol 1st ext 4s
8334 8214 Mch'14 ---_ 8214 8214
1955 F-A 88% 92 9013 Mch'14
9012
904
Spr & Col Div lstg4...
1040 M-S .821 .- 85 Mch'14 ____ 85 85
lions Belt & Term 1st5s_ _ 1937 J-J
10014 Dee '12
W W Val Div 1st g 4s
Illinois Central
1940 J -J ---- ------111 Apr '12
5
48:10
1 J-3 96 0634 0034
9634
9413 97
01 St L& 0 consol 6s__1920 M-N 10534 106380534 Apr '14 ---- 1054 1-053-4 L Registered 1st gold
1951 J-J
100 Sep '11
let gold 4s
81938 Q-F 9012 9212 02 May'14 --- 91 92
lit gold 33,4s
1951 J -J
85 87 85 May'14
/kr "iS
.
Registered
81936 Q-F 90 92 90 Mcn'13
Registered
1951 J-J
82 8812 Feu '13
Cin 8 & CI con lst, g 64_11/23 J -J 102____ 103
103
I 103 10314
Extended 1st g 3Yis
1051 A-0 8113
9312 iday'09
COO & I consol 74
1914 J-D-10038Mch'14 --_ 10033 100%
Registered
A-0 82
Congo!sinking fund 78 1914 J-D ------1st gold 3s sterling
------------1995511 M-8
80 J'ly'09
General cense, gold 84 1934 J-J ---- 119 118
118
1 118
Regi tered
1951
-s
A4- S
Registered
11134 J-J-_,- 11812
Coll trust gold 44
91
91
Mcls'14
1952
8934
A-0
55- 93
Ind B & W lit pref 4s
1940 A-0 80 --- 94 J Y
Registered
9514 Sep '12
A-0
0 Ind & W lit prof 5s_d1038 Q-J -------lst ref 4s
„ --T,---- -----9233 93 9212
93
111999555262
23 898 94
Peo & East 1st cot.4s
1940 A-0 72 7414 72 May'14 --- 72 -84
Purchased lines 3 yis
82 Feb '14
70 82
J -J 8012 20 30 23 Apr '14 -- 23 30
income44
1990 Apr
L N 0& Tex gold 4s
88
88
88 (11
)01 Mid and let g 4s
1412 Sale 1412
194,7 J -J
15
20 1412 1954
Registered
84 84
M-N _ 9512 81 May'14
Trust Co. certfs, of deposit_-- __--. --- 19 17 Feb '14 ---- 17 17
Cairo Bridge gold 4s
90 00
J -D 9I12 _ 90 Apr '14
)olorado& Sou 1st g 4s
1929 F-A 0012 91 90
9014
1 89 93
Litchfield Div 1st g 3s
74 Feb '14
8712 74 74
1
09095555
,03
3_1 J-J
Refund & ext 4 3.is
1035 M-N 89 Sale 89
89
Loulsv Div & Term g 33.,is 1".
11 89 0312
7534 84 81 May'13
Ft W & Den 0 lit g 6s_1921 J -D 10534 104 1057
105%
1 105 107
Registered
1953 J -J
83 Aug'12
)onn & Pas Rlvs let g 4s_1943 A-0 -------__
Middle Div reg 5s
_
123
May'99
F-A
)uba RR lst 50-yr 5s g
1052 J -J.
10234 103 100 - Ma-1 '10 --. Omaha Div 1st g 3s
I).- A 7112-- 724 Feb '14
1- 12-1;
11 el Lack & WesternSt Louis Div & term g 3s_ 111 02111 J
73 77 7512 Nell'12
1-' Morris & Essex lst7s__ _1014 t.1-1,
4 ----_
_
10014 Mch'14 _ _ 10014 10(r%
Registered
J -J
1st conso,guar 7s
1915 JD 10234 10318
- 103 May'14 _-1027 10314
Gold 33.s
J -J -8112
Registered
1015 J -D .
2.,103 Nov•13
Registered
J -J
1014 Oct '99
let ref gu g 3 As
2000 J -D 84 ---- 8512 Feb '14 ___ 8512 8512
Spring Div 1st g 3
79%-- 7834 Mch'14
J-J
it-i3 WI;
11119Uuti551'.
I
NY Lack & W lit 8s
1921 J-J 1097s ......_ 110
110
1 10814 110
Registered
J-J
Construction Si
1023 F-A 10434 .--- 1044 Feb '14 ...-- 1044 10412
Western lines 1st g 4
'
-1.4
90 91
195111959
9 F-A -Hi -93 - 91 FeliTerm & Improve 4s
14423 M-N 9434 --- 0434 Men'14 ....... 9434 9431
Registered
F-A
Warren lit ref gu g 33s_2000 F-A 85 _ _ 10218 Fen '03 ..„.
Bellev & Car 1st 64
J -D 102 __
11713 NItcy-'16
)41 & Ii ud lit Pa Div 74......1017 M-S 1083s -:-.- 10838 Alch•14 _--o
Cia
htriegeb si&
sttie
S,rhsced
aIN
i(liT8 iiii3 -2
v 1o
stgg54
9412 J'ly '12
ss.---113
5
223
1 al-13 8712 Registered
1017 M-S ---------149 Aug '01
- 108 Mch'14
J-D
108 1-dir
10-yr cony deb 4s
99
ii iii, ii,,,
1918 J-11
te 99
i
1951 J-D 10612 111 114 Feb '11
lit lien equip g 45is
1022 J -J 10012 10112 10012 10012
4 9912 101
Gold 3 Yis
J-D 8034 _ _ U0 Cot '09
lit & ref 44
1943 M-N 9853 9634 9658
0634 11 9313 9634
Registergd
J-D
Alb & Sus cony 3s
1948 A-0 864 87 87 11341'14 ---- 8412 87
Memph Div 1st g 4s___ 1
9213 Aug'12
551
11 J-D .641-3
995
119
Rens & Saratoga lit 74_1921 Ni-N 1154 ..--- 11513 Fob '14
115 11512
Registered
J -D
)env & R Or 1st con g 48_1938 J -J 8014 82 80
80
6 794 85
St L Sou 1st gu g 4s
90 9512
()onsol gold 430
1036 J-J 883t _-__ 87 May'14 ---- 87 41034 hid ill& la 1st g 4s
8712 90 8812 Mch'14
J -J
8612 8S12
Improvement gold 64.......1928 JD 83 -- 83
85
2 89
9212 Int & Great Nor let g 84. .1111991)9355
103 104
1”
0911 11-N 101 _ 41i1 103
1st & refunding 54
1055 F-A 604 Sale 5738
6012 80 5738 74
James Frank a Clear lit 4-6 19,
2 4/113 Mch'14
J-1)
9112 1)215
"
Rio Gr June lst gu g 54_1039 3-D ----------109 Dec '12 .„
478n City Sou lst gold gs_ 1950 A-0 6938 7012 6103
693s
6813 70
Rio Or So 1st gold 44
1940 J -J ---. 77 8112 Apr
'11"
- Ix. Registered.
_ 63 Oct '00
A-0
Guaranteed
1940 J -J -2., 74 85 liell'4,8 _
- -Ref & impt 58
9514 Sale 9514
J -J
9514
4/4:38 -4T812
Rio Or West lit g 44
1939 J -J 804 81 8114
8134 11 79 8412 Kansas City Term 1s1 4A
0214 94 9312 May'14
9318 7412
s-P111999565000 J-J
Mtge& col trust 48 A
1949 A-0 ---- 70 70 May'14 ___ 70 7214 I ake Erie & W lst.g os___:1937
101 103 10158 Apr '14
100 1034
Utah Cent lit gu g 4s_a1917 A-0 ----------90 Apr '14 __ 00 90 .1-3 2d gold 5s
94
3
4
Sale
94%
9434
11 9434 95
J-J
)es Moi Un By lit g 58_1017 MN --- ..-- 10 Sep '04
_
North Ohio let gu g 5s__ 1946
_ 9918
Mch'14
1 A-0
98 98
)et St Mack lit lien g 44
1995 J -D 84 --__ 84
Lj
etegVL,
atle
l rN
e4Y 1st g u g 4 A•13:1940 -J ioi 10112 10112 10112
84
i a; -8.510014 10112
Gold 44
1045 J -D 82 .--- 82 Mch'14 __ 82 82
100
Dec '13
11140 3-J
)et Riv Tun-Ter Tun 4 As_1061 M-N 95 96 95
Lehigh Vail (Pa) cons g 4s-210030 M-N 91 ____ 9034 May'14
05
2 0312 07
9014
871
)ul Missabe & Nor gin 64_1941 J-J 1044 -....- 10412 10412
General cons 43's
0 10314 105
9913 Sale 9912
99124
09 995s
Jul & Iron Range lit 114_1937 A-0 10314 103 10334 May'14 ...... 10012 104
Leh V Ter Ry lat gu g 5s_ _ _2
041
03 A-0 11014 11113 111 May'14
10
110%11134
Registered
Mcn'08
1
04
3
13
1937 A-0
--Registered
_ 11113 Dee
1941 A-0
2d 84_ 191. J -J
i
_ _ 104 Feb '11
Leh Val Coal Co lst gu g 64_1933 J-J Nil,105 10114 Mch'14
1(-)U4
)u Bo Shore& At g 6s
1937 J-J 10013 ____ 9914 Dec '13 ____ ____ ___
Registered
J-J 102 ---- 105 Oct '13
14
,1gin Jol & East lit g 54_1041 M-N 104 ---_ 10412 Apr '14 --- 19442.
10412
let int reduced to 4s
3
3
1
0
9
J-J
L,rie lit consol gold 74
1920 M-S 11113 --.: 112 Apr '14 ..--- 11113 112
Lek & NY lit guar g 4s
88 -.- -141.4 Feb '14
88's 881
11;48
.
N Y & Erie 1st ext g 4a.._ _1947 Ni-N 95 ---- 98 Apr'14 ---- 98 98
Registered
____
1943
1919 Nt..$ 102 ___1024 Mehl
2d ext gold 53
_ 10212 10212
ICI GI & N 1st pref 6s
1664
ioir2Feri
1914
;
10
A-0
, 3d ext gold 43s
100 Mch'14 ..--- 100 100
1923 NI-B 9912 _
Gold guar Si
7 Nov'13
1014
99
A-0
' 4th eat gold 5s
1920 A.-0 10214 1023410214 May'14 __-- 102 1025 Long Dad lit cons gold 5s_h1931
10813 Men'14
Q-J
10811 10813
5th ext gold 4s
1928 J -D 94 -,- 936 Mar1 --- 9343 93%
let consol gold 4s
0931 Q-J
N Y L E & W 1st g fd 74_1020 M-S ---- 1203- 109 AsIg'111___ _
General gold 44
8911 -9
-1-4 96
1934 J-D 92'
14
4i
bila
cb
Y:112
4
9112 9211
Erie let con g 4s prior__1996 J-J
85 Sale 8434
951
85
9514
Ferry gold 4 As
9 dig 1114
9514
22
193
05 97
1996 J-J „,... 8312 88 Jan '14 ____ 83 83
Registered
Gold 44
k83 9613_--- 9914 Oct '06
J-D
1st consol gen lien g 44_1996 J-J 724 Sale 7213
734 19 7114 7814
Unified gold 48
8612 --"a 86 871k
34
9 M-8 8612 Sale 8612
10
94
Registered
1996 J-J ----------77 Apr '12
Debenture gold Si
J-D 100 ---- 101 Mch'14
10014 101
1951 F-A 8912 90 8912
Penn coil tr g 4s
89%
1 89 92
Guar ref gold 44
8914 908 914 May'14
1949
M-8
89 92
1053 A-0 7234 Sale 7213
50-year cony 44 A
7234 47 71 77as
---- 05 Jan '11
Rogistered
1949 M-S
1953 A-0 7134 Sale 7158
do
Series la
72
58 7014 78
N YB&M 1.11st gong 54_19.35 A-0 10313-- 1004 Jan '14
10014
Buff N Y & Erie lit 74-1910 J-D 10313..,,.0414 Apr '14 .--- 10414 10414
N Y14 R 13 lstg 59
1927 kt-S 101 --10212 Jan '14
10212 1024
Chic & Erie let gold 56_1982 M-N 10634 1071210634 May'14 --- 10554 108
Not Sh B 1st con g gu 55_o1932 Q-J 101% 102 May'14
102 102
Clev & Mahon Val g 68_1038 J -.I 10334___. 103 Feb '14 ___ 103 103
Louisiade & Ark lat g 54__ _1927 M-S
9112 9112 Feb '14
9112 0112
Long Dock consol g U
1935 A-0 ----------12212 1224
6 12112 123
& Nash Gen 8s
1930 J-D Ili 115 114% May'14
11113 115
Coal & RR let cur gu 64_1022 M-N WI% 10808 Dec '12
_
_
Gold 54
109%
10934 May'14
1937
10534 110
Dock & Imp 1st eat 54-1943 J -.I 103
10214 Apr '14 __ loi:is iciii,
Unified gold 44
9533 83 0214 1)014
1940 J -J 9514 Sale 0514
N Y & Green L gu g 54_1946 Ni-N 10034 _ -1034 Aug 12 __
Registered
96 93341101'14
1040 J-J
9334 9334
N Y Sus & W 1st ref 54-1037 J -J
93 0712 07 Apr '14 --- 9012 -41-2
Collateral trust gold 54-1931 M-N 1C)E3s --- 10514 Apr '14
105 10514
2d gold 434s
1937 F-A 70
10014 Dec '06
_
E 1.1 & Nash lat g 6s
10833
1919 J -D 10838 ---- 108%
10833 10858
General gold Si
1940 F-A .2,- 747 75 Apr '14 __ 75 75
L Cin & Lex gold 4 As____1931 11-N 10114
102 Apr '14 ---- 1001s 102
Terminal lit gold 54
1043 M-N 10412 108 102 Jan '1 --- 102 102
N 0k
lst, gold 64
1930 J-J 116 --- 12014 lich'13 --Mid of N J 1st ext 5s
1940 A-0 10258
11113 May'12
N 0& M 2d gold ISs
1930 J-J 109 __- 111 Feb '14 .1.-- 111 fir
Wilk & Ea let gu g 5_14142 J-D 9434 9514 95 May'14 ___ gilt 0812 Paducah& Mom div 4s......1946
89 Feb '14
F-A
89 80
Cy & Ind lit con gu g 64_1926 j-j ----___ 106 May'12 _ ---__
St Louis Div 1st gold 6s 1921 141-8 al- 110 1083s Feb '14
10833 108%
Cvans & T H lit cons 64_1021 J -J 105 - 104 Dec'13 ___ ___ ____
2d gold 3s1914 M-8 ____ 6412 MA Sep '12
1st general gold Si
1942 A-0 -- 98/ 9934 Deo '13
Atl Knox & Cin Div 4s
11/55 M-N 90% 90% 90%
0034 10 88 -19.771
Mt Vernon 1st gold lis
1923 A-0 ---------108
Nov 11
Atl Knox & Nor 1st g 5s 1946 J -D 108
_ 111 Jan '13
Still Co Branch lat g 54...._1930 A-0 -- -__. 96 J'ne'12
____
_
Bender 13dge 1st f g 84_1931
1054 -- 106 Jan '14
108 108
14,Iorida E Coast let 4)0_1959 J-D 90 92 93 May'l • - 91 -9-4
Kentucky Cent gold 4s
90 -- 8934
19117 J -J
8034
1 8812 9014
,ort St U D Co 1st g 4;44_1041 J-J .....- -- 92 Aug
'10_
L& N&M&M lstg 4%41945
10114 _ _ 101 May'14
100 101
et NV & Rio Or 1st g 44
1928 J-J -- 81 62 Apr '14 _- 584 -84
L & N-South M joint 4s 11152 J -J
84 cl
84 May'14
83 85
'lest NorthernRegistered
h19.52
.--_- 95 I. eu 05
•-1 C 11 & Q coil trust 4s
1021 J-J 9714 Sale 074
9714 278 9434 98
N Fla& B 1st gu g 54
1937 V105 May'14
10414
44 iod
Registered li
1021 Q-J 97% Sale 97
9718 13 9514 9734
N& 0 Bdge gen gu g 43.is 1945 J -J 9912 _
100
100
1st & refunding 4 ha ser A 1061 J-J --- 10012 100% 10058
2 100 1013s
Pens & All 1st gu g 8s
1021 F-A loots lid 110 May'14
Registered
1081 _
--..
96 J'ne'13 _
_
_
B & N Ala con gu g 5s___1936 F-A 10512
107 Mch'14
10514 107
1933 J---j 9712 9912 9714 May'14._ 0634 -9-3
St Paul M & Man 44
Gen cons gu 50-yr 4s-1963 A-0 10413
53
- 10453 104% 10 10414 105
1st consol gold Gs
1933 J-J 4134 ___ 12114 Mch'14.._ 1193.1 19114 L& Jeff Bdge Co gu 4s-1945 M-8
Mch'14
8312
83 85
Registered
1933 J-J 11734_, _ 11712 Aug'13
anlla
unes44_1936 M-N
_
Reduced to gold 4;0_1033 J-J 10234 10312 10234 May'14 ___ 10014 1-6.314
ex Internet 1st con g 4s 1977
- mciPITr
itcgistered1933 J-J
101134 J'ue'09
Stamped guaranteed.. -l377 11-S
Nov'10
79
Mont ext lit gold 44
1937 J-1) 9534 9012 9554 Apr '14 ____ 93 955,
- Nlinn & StL let gold 7s
12412 Oct '12
104
1027 J-D
Registered
1937 J-D 93 ____ 9412 Apr '14 _ 9411 9412
Pacific Ext lit gold 64.-1921 A-0 10218 105 1104 Aug'11
Pacific ext guar 4s Z.
1940 J -J 8713,,,..
9234 Mch'll
_
1st consel goad Si
88
9012
9114 May'14
1934
89
M-N
E Minn Nor Div lit g4.1943 A-0 95 07 95 May'l
- 9484 lig
lstand refund gold 44---10411 M-S 511 54 52 May'14
50 131
11.11nn 1Trann 1st or as
1328 _1..1 11113.
Doi.Jan 'IA ____ iim..11m. Das
& Ft D lst gu 44-11311 J-J ____ 69 60
60
60 09
MISCELLANEOUS BONDS-Continued on Next Page.
ioor,
1-0-4
9912100
108N no
StreetRailway
ew Orl Ity & Lt gen 4344_1935 J-J
N I Itys lst R E & ref 48 1042 J-J
30-year ad) inc 58------a 1942 A-0
14 Y State Rya lit cons4)44_•82
Portland Ity 1st & ref 54-1630 M-N
Portland By Lt & Pow 1st
& ref cony s f 5s
1642 F-A
Portland Gen Elec lit 64-1335 J -J
StJos Ey 14,11 & P lstg 5411)37 M-N
St l'aul City Cab cons g Is-1937 J-J
Third Ave lit ref 4s
1060 J-J
Adj inc 54
41160 A-0
Third Ave lty lit g 64-1937 J -J
Tri-City By h Lt lit s f 54-14123 A-0
Undergr of London 440_1933 JIncome 84
1948
Union Elev (Chic) 1st g 54_1945
United Rys Inv Si Pitts 1541026 M-N
*No price Friday; latest bid and asked
$114 8712 81 May'14
3044
18 75
7634 Sale 7584
77
554 286 52
5412 Sale 544
891
87
8
88% 8912 89
100
101 Jan '13
Street Railway
81
United Rye Bt L let. g 4s_ _ _1934
7911
St Louis Transit gu 5s__ _1924
6312 United nits San Fr s f 4s__1927
1)0
V a Ity & Pow Ist & ref 56_ _1034
J -J
A-0
A-0
J -J
7012
- 7214
5412 Sale
9214
69 May'14
70 Apr '14
5414
5613
92,78 May'14
Gas and Electric Light
92 10013 Atlanta(3 L Co. 1st g
J-1) 10112-- 10113 May'14
13klyn U Gas 1st con g 53_1945 -N 10514
105
10514
Buffalo Gas 1st g Si
1947 A-0
54 J'no'13
Columbus Gas 1st g
J -J id - :1.
63 8011 85
Detroit City Gas g 68
1923
983
J-J
May
9933 103
'14
23 753., 8412 Det Gas Co.con 1st g 5s
966 Sep '08
1018 F-A
1064 10912 Det Edison 1st coll tr 5s_1033
J-J 10213 Sale 10213 1027s
2 96 98
Eq GLN Y lst con g 5s__ _1032 -s
(('811008 '12
04 06
Gas & Elec Berg Co c g 54_1049 J -D loo
100 Feb 13
8434 9214 Or Rap G L Co 1st g 5s__1915 F-A •_ __ 101 100 Oct '09
Hudson Co Gas lit g 5s
112411 -N 10314 -- 104 May'14
Kan City(Mo)Gas 1st g 54 1922 A-0 --- 9112 92 Mch'14
this week. a Due Jan. c Due Feb. 4 Due April. 6 Due July. 1 Due Aug.
0 Due 00t. s Option sale.
91 9413 92 Mch'14
9934 10114
99 100 98 Nov'08
10112
- 10312 Feb'
13
81
8312 Sale 8314
7012 Sale 79%
7912
10758 10812 10812 May'14
9712
97 Sale 97
94 95 04 May'14
85 87 87 Apr '14
-84 Oct '08
---71 J'ne'13
69
69
60 52
92%
7212
7114
614
9412
10112 1014
...
5 112
34
10.6
9813 100
3 100
.52
f5
10114 f6
9124
MAY 30 1914.]
1675
New York Bond Record—Continued—Page 3
,..'2
2
BONDS
N. Y. STOCK EXCHANGE it
.,e.
Week Ending May 29
Prtct
Priam/
May 29
Week's :
g3
Range or
Lan Said istol
Range
since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
H
Week Ending May 29
Week's
Range or
Last Sale
l'rsce
Maui,
May 29
Rasps
since
Jan. 1,
t
High No. Lew High
A Sk Low
Rio
•
High No. Low High N Y N H & Hartford (Con,)—
AsA Low
Ma
9912 J'ne
Minn & St Louis(Con.)—
B& NY AirLine 1st 4s__1955 F-A 88 _
13 88 94
90
-ii" WAlch'1
81
Iowa Central 1st gold 5s-1 938 J-D 88 90 90
iS
Cent New Eng 1st gu 43_1961 J -J
4 47 6712
40
1065810658
1951 M-13 4812 50 47
10658 Apr '14
Refunding gold 45
Housatonic It cons g 5s---1937 M-N 1071 7 90 054
95
5 0412
1
6838 83
b.
6912
M StPEcSSM con g 48intgu 1538 J -J
685a
4
683
Sale
-J
J
'46
Ms
4
NY Woches&13 let set 1
—
1041 81-N -------- 9714 J'ne'12
Aug11),
10?
1st Chic Tennis f 4s
N ilk Derby cons cy 53__1918
--_---M 8 8 &A let g 48 intgu_1026 J -J ___ 9612 96 Nov'13____ 9114 -911-2
-J
J
55____1945
New
England
cons
9153____ 0112 May'14 -A1Ch"'"1'2
----5612
MississippiCentral let 56_1249 J -J
-J
J
1945
Consol 48
874 10 8634 9178
55 60
60 May'14
Mo Kan & Tex 1st gold 48_1090 J-D 8734 8812 8714
Providence Secur deb 4c_1957 51-N ;ii"
17 6918 77
71
91090 F-A 7012 72 71
84
8178 88
2d gold 41
N Y 0& W ref lstg 4s____01992 hl-S 8312 84 84
7 9012 09
91
'12
1944 M-N ---- 04 9012
J'ne
9212
let ext gold 5s
11-13
only_01992
Registered 55,000
2004 81-S 60 68 6412 May'14 __-- 6414 71
8122 ..a;
8212 8112 Mch'14
lstdc refund 45
1955 J-D
General4s
85
7212
2
76
75
78
74
1938 J -J
92 074
0212
Gen sinking fund 4345
9214 95 9212
.
Norfolk Sou lst & ref A 58_1961 F-A -10114
11)0
May'14
101
_
St Louis Div let ref g 45_2001 A-0---- 75 7814 Apr '13
101
M-N
1041
Norl& Sou lstgold 5s
.
0914 Dec '13 -----------1940 M-N
11741194
Dal& Wa latgug 55
12014-- 11978 May'14
8212 Apr '14 ....— 8214 8212 Norl & West gen gold 65_1931 M-N 12114
1990 F-A .....„
123 Jan 13
Kan C & Pac 1st g 443
F-A
88_1934
-g
ext
Improvement&
1942 A-0 — 101 104 Apr '14 ____ 10314 10414
118 118
118 Feb '14
Mo K & E let gu g 55
1032 A-0 11934
New River 1st gold Gs
41812
11;42 M-N ........ 08 981. Feb '14 ---- 9812
94 96
9478
M K & Ok lst guar 5s
N& Wily 1st eons f: 48_1996 A-0 9478 Sale 947s
1 9214 9612
9214
--14
02
1 94 94
94
94
94
M K& T of T lst gu g 58_1042 NI-S ---- 95 96
-_-_
1996
A-0
Registered
hiay'13
104
3
0014
8812 9114
9014
4
3
904
90
Sher Sh & So lit gu g 50_1942 J -D *----J
J
Div'l 1st I& gen g 4s
1944
--78 9012Jan '14 ___ 97 1912
101 10353
Texas& Okla lstgu g 5s 1943 M'S -97
1032 J -D 103 105 10218 Apr '14
10-25-year cony 4s
8 10334 10234 May'14 sl 10212 105
'14
10414
101
10312
hich
105
103
Missouri Pae let cons g 6s 1920 81'N 1027
1932
0812
10
-20-year
9452
4s
cony
6
95
9434 0512 9434
10414 175 10058 10512
_
Trust gold Osstarnped—a1017 M-13 -__
1038 1-S 1044 Sale 10334
Convertible 4 3is
9714 97 Mav'12 ____ _ _
a1917 M-I3
8714 9011
874 8912 88 May'14
Registered
9112
Pecan
&
1941
"
C
J-D
4s
sib
joint
_
14
9058
9018
Sale
s
5
_
90
..
1920 F-A
(3 & lat guar gold 5s 1922 J-J 103 _ 10534 Jan '13
let collateral gold 55
1920 F-A
4
—95E8 W92 Apr '14
Registered
Selo V & NE 1st gu g 48_1939 M-N 92
8512
655-2
58 Sale 63
1945 rd-a
9514 25 924 96
40-year gold loan 45
Northern
34
68
Pacific prior I g 4s 1997 Q-J 951s 9514 9518
6214
7753
Sale
68
1959 M-S
954
'14
Apr
94
3
943
88
9434
*94
86
let & ref cony as
_
1997
Q-J
'14
egistered
Jan
86
1938 M-N 75 ___
4
1
6714 — 1;5 6414 68/
674 Sale 67
$d 7s extended at 4%
General lien gold 33
- 8878 9232
5
887/1
1387s Sale 884
6514 67
Cent Br My lit gu g 4s_1919 F-A
65 ---_ 6512 May 11
Registered
1948 J-1) ---- ---- 7712 Dec '13 ____
_
'14
8912
Jan
90
90
90
Cent Br U P 1st g 45
St
9044
9i
29
2
Y-11.
Q_1
D
F
4s_aa
Div
g
Pc.ul-Duluth
idch'05
--------110
10012 Sep '13
Leroy & C V AL lst g 53_1926 J-J 8912 91 0013
Dul Short L lit gu 5s____1916 hi-S 100 -_
3 ijo- -9-018
9012
11218
110 11213
Pac It of Mo let ext g 43_1938 F-A 98 104 100 Jan '14 ---- 100 100
St P& NP gen gold 68_1023 F-A 11218 _ _ -- 11218
1938 J-J
11538 Aug '11
2d extended gold 5s
11112
24
Q-F
101
cer
Registered
tes.._1923
---tifica
10058
1008
105
A-0 1003 Sale
St', lx' Al&8 gen con g 54_1931 A-0 ---- ----103 Feb '14 ___ 103 103
St Paul es:. 1) sluth let 55_1931 F'-A 1055s - - 107 Jan '12
_1031
5s_
g
2 151" 101"1"4
10114
Gen con stamp gu
2d 5s
1017 A-0 10114 102 10114
L
76
82
7512 Sale 7513
87 Feb '14
Unified & ref gold 4s___ _1029 J-J --- -___ 8078 Oct '12 ____ 76
87 87
1st consol gold 4s
1968 J-D 8612
1929 J -J
Registered
8112 Dec '13
1948 Q M 8214 _ _
Wash Cent 1st gold 4s
3 7358 813-4
74
74
'4
M-N
_1033
48_
g
113
*11353114 113
113" 11314
Itiv dc 0 Div lat
J-J
Nor
Pac
63_1933
Term
let
g
Co
'13
-------.
Dec
9212
2 80 92
9012
Verdi V 1 & W lst g 55_1026 M-8 116 11634 116 May'14 __ ii5T2
- 9012 904
Oregon-Wash lst et ref 45_1961 J-J
Mob & Ohio new gold es— _1927 J -D 11212
9914 10312
11212 Apr '14 --__ 11212 11212 Pacific Coast Co 1st g 153_ _1046 J-D .16114 ____ 10134 May'14
let extension gold 13/2____/t1927 Q-J
___
RR—
ennsylvania
'14
Men
82
2
83182
8112
80
1938 M-S
'14
98
Apr
98 98
General gold 48
M-N
1923
lit
real est g 48
1947 F-A 10314 ---_ 106141\1431'14 __ 10518 10614
102 May'14
102 102
Montgom Div let g 5s
1019 M-5 idir4
Consol gold 55
1027 JD 93 ---- 95 Dee '13 ___
4 9914 9914
9914
St Louis Div Gs
9014.... 9014
-N
1943
gold
Consol
4s
9141
.__.
9114
____
May'14
8814
91
1931 J -3
99 188 9738 991g
St L & Cairo guar g 4s
Convertible gold 3W,__01915 J -D 99 Sale 984
May'14 ..._ 10512 108
9834 May'14.- 9812 9834
ashvilleCh & St L 1st 581928 A-0 10753____ 108
1015 J-D
Registered
1 99 102
10158
10158
4 Jasper Branch let g 6/11023 J-J 108 --- 111 Jan '13
RIO"
M-N
1948
gold
43
Consol
4
dg
'14 ---- ioli4 i2 9612 97
97
Alai hl W & Al let 65-1917 4-.1 103 ..-__ 1034 Jan
1942 M-S _ __ 97 97
Aileg Val gen guar g 43
_
T & I' Branch lit 6s
1917 -1 -J 103 ---- 113 J'ly '04
91 Itch '14
91 91
I158
T
B!ge
lstgu
DERR&
dig
1HFLA
____
Feb
'14
--------61
''j'
Natitysofhlex prlien 41is 1957 J-J --------77 Feb '13 __
Phila Balt& W 1st g 4a
1043 firi-N 98 ---- 994 Fly '13
'03
Jan
1977 A-0
102
Guaranteed general O
Sod Bay & Sou lat g 53_1924 J-J
— ---Feb
....-Nat of Mee prior lien 40_1028 J-J --_ ---_ 964 Apr '13
_
1/213
-E5- -65Sunbury & Lewis 1st g 45_1936 J-J
'14
1951 A.-0 --------50
lst consol 4s
U N J RR dc Can gen 4....1044 M-a 98 -- 1.0112
474
4838 4712
1 4712 58
Ii 0 Mob& Chic let ref 08_1960 J-J -_— 104
Pennsylvania Co—
101121%Ich'14
__-3
101
1007
10112
A-0
101
100 1014
N 0& Nil prior lien g 51;_p1915
1921 J-J 101 Sale 101
Guar let g 4s
-. 791
: 7911 hlaY.13 ---- _
10114 Mch'14
100 10114
New Orleanc Term let 48_1953 J-J -1921 J-J 10078
Registered
SA 35 iii-2 -di13338 Sale 83
Apr
'14
8412 66
8412
-J
J
-3-0_1097
3
8458
g
It
II
&
M-S
Y
N
Central
Guar 3s coil trust reg 1937
May'14
8212
8234
8214
8034
---,
84
-J
J
May'14
8514
1097
85 854
8434
F-A
Registered
B_1941
coil
s
3
Guar
trust
set
92121
86
%
0
91
May'14
1934 M-N 01 92 01 May'12
974
983s
983,
9814
111-N
1916
Debenture gold 45
33is
co
g
Trust
ctfsgu
11434 M-N --------03
85 May'14
83 8512
Registered
1942 J-D
Guar 3hs trust ctfs0
7812 20 7734 84
784 79 7812
1993 F-A ____
8414 8414
1944 J-D 8434 8512 8434 Apr '14
3;•is trust etfsD
83122
Lake Shore coll g 3As
Guar
78
____
May'14
70
4
813
-A
1093 F
93 95
1031 A-0 9.114 ---- 9434 May'14
Registered
Guar 15-25-year g 4s
78
25 7314 78
-A 764 7734 78
93 934
1942 ll-N 934 9334 9312 Apr '14
Mich Cent coil gold 33,58_1098 F
Cin Leh& Nor gu 4sg
1998 F-A 75 76 7214 Mch'14 --- 72 74
Registered
Cl & Mar 1st gu g djia_1935 M-N 9812 9912 110 Jan 05
'14
__
9514
Apr
4
9514
953
944
--_1936 J-J
. Beech Creek lit Ku g 43 1936
Cl& P gen gug dhs ser A 1942 J-J 1027s_,._ 10132 Nov'13
J...1 92 ___- 99 lia_y_11 ____
2
91 FebJ'ly ;109
109%
218
0534
Registered
1942 A-0 18
'
Series B
1936 J-J 100 —_
2d guar gold 55
1942 A-0
int reduced to 35-is
1936 J. -A ---- ---- ---— 9(213 Oct '12
Registered
8514
---M-N
1948
Serial
ha
3
--------,_ --- _
&lig Dec '13
Beech Cr Ext let g 3 irt..b1951 1.-,-,
1950 P-A 8514
--Series D 3hs
1931 JD 851___. 88 Oct '12
8614 -1614
Cart & Ad lit gu g 48
Eris& Pitta gu g 33is B 1040 J-J
58_1942 J-D 104
42
4
1
3
:51
6
0
8
9
5
9
1lay.
3
214
:
1184 DecJA'
538
-J
J
1940
di—
C
G011Y 11 Osw.e 1st gu g45_1991 M-S --- 96 0.5
Series
. Air '1i ____ IF
)4oh & Mal 1st gu g
Gr R & lox lst gu g 4jis_1941 J-J
__
'14
May
02
93
--92
92
F-A
1986
0
a y:114
mia
918 I
98
10
rt J June 14. guar let 4s
3
44
98
_
Pitts Y & Ash 1st cons 58-1927 iy-N 10
1986 F-A --- ____ _
BAtistered
981k 9812
1931 -J
Tol W V & 0gu 4;isA
- Deo'12
---_
---- --- - --2000 M-N 83 ---- 8712
K Y & II arlexn g 3j-is
1933 J-J 9812 __ 10238 Nov'12
B
Series
4e
____
814
M-N
2000
Registered
9512 Sep '13
--4
3
92
-S
1942
0
Series
__
la
14
Jan
100
102
103
102
N Y & Northern lstg 55_19271A-0 83 911 92 Oot '13 ____ 102
HOB RUP0()&
1940 A-0 10234 --_ 1024 May'14
gu 4;is A
_
1
Fnebe 414
N Y& I u 1st cons gu g 418_1993 A-0
05 j
10212
100410211
1942A-0
Series .13 guar
__-_- ---_"'
-------, Nor& Mont lstgug 521_1916 A-0 ----------194281-N
Series
guar
6
116 Feb '14 ---- 116- 11
93 93
Pine Creek reg guar 6s_ 1032 J-D 118 ---- 10458
1945 M-N 93 ..__ 93 Mch'14
Series D 45 guar
May'14 ____ 10212 10458
It W & 0 con let ext 5$..../81922 A-0 10414—
sou 2014
hdaugguer
Ou
F-A 9012 ---- 9014 Apr '14
,g
arlei
E
Seri
8
es 1
1004 Mch'14 ____ 9912 10014
9514 Jan '13
Oswe & lt 2d gu g 5s_ _01915 FA 100 101 104
--9212
___
'10
Jun
It W & 0,1' It lstgu g 58 1918 M-N lolls ___.
1953
D 9214 ___ 9712 Jan 13
57 'I:N
Series 4s guar
Apr '18
110061114
W,s_ _1941 J-J ----- 90
Rutland lit con g ,
106i 10613
()St L & P 1st con g 58_1932 A-0 106 ---- 1 7- 80 Sep '13
10114 " 10114 1014
Og & L Cham 1st gu 48-g 1948 J-J
-1921 Q-F
92 J no'09 __ _-- --- Peo& Pek Un 1st g 6s
'14
89
Rut-Cannel lstgu g 48_1949 J-J --- ---- 108
Feb
89 80
2d
hl
--gold
-N
51921
43s
Sep '12 _ __----lit Lawr& Adir lstg 55_1996 J-J 100 --25 25
27 25 May'14
11912 Mch'12 -_-___ __:: — Pere Marquette—Ref43_ _ _1956 J -J
1098 A-0 105
'13
2d gold Os
Dec
40
20
gar
4s
Refunding
:--____
---- 95 Dec'13
73
73 'Yr
Utica & Blk Riv gu g 43 1922 J-J 964
92
10
1j
55
Ch & W M Si
J-.j
13 *73 __ 73
8 -tii ii
88
1
7
8814
J-D
1997
iet
May'14
92 10‘
Lake Shore gold 3
193
20
9 M-N
A--O --_, 93 9314
Flint & P M g (Ca
— 8512 May'14
8312 8512
1997 J-D ---- ---Registered
a____ 75 7812 Apr '14
7312 90
let conaol gold 58
9312 115 8914 9334
102881-S 9338 ale 934
Debenture gold 45
70 76 Apr '14
75 904
Pt liuro,n Div let g 55_1939 A-0
924
9218
Sale
924
183
9278
8812
M-N
1031
48
25-yr gold
& H let gu g 4s,,1931 F-A
Tus
Sag
907
Apr
'Id
s
_-_
8
907
-.-.----.
9078
1931 M-N
Registered
6418 -55-1;
66
45
f
5
J-J
'37
30-yr
My
let
Philippine
_
in!
Ka A& 0 It lstgu c55_1934 J-J /054
6i:2tra
10
10812 1084
1940 A-0
1934 J-J 10712-- 1071-4 Apr '14 -:-. 1157i4 1071; Pi%ts Sh & L E 1st e 5s
Mahon 0'1 RR 1at5s
11314Noy'll
1943 J-J 106
1st conaol gold 58
105 Apr '14 _- 105 105
Pitts & L Erie 2d g 5s_a1928 A-0 10514-89 9258 95¼
Sale
4
5
9
38
.09
J-J
1997
Jim
g
45
gen
Co
138%
1.)
eading
-___
11858
94
512 Feb9
141
'
5
Pitts McK & Y 1st gu 62_1932 J-J
'
9412 944
1997 J-J
1934 J-J 11434 --- 12314 Mela'12 ------------ IA. Registered
51_2 .._5 9312 96
9s
518 .i
51; .i
9i
2d guarateed Gs
1051 A-0 94 93
Jersey Cent coil g ds
McKees& BY Lag Ils_1918 J -J 10188 -----J-J
11/51
--_--City
,;*
gu
48
Atlan
- S 1043s --- Ill Jan '1 ..-- __ —_
1931 M '
Michigan Centre, Si
7572 •Vi"
-7
1047 J-J ---- 7634
10312 103 2,/ QtJo& GrIallstg4s
1931 Q-M 1034 —.10312 May'14
Registered
t Louis& San Francisco—
8712 --- 98 Apr '12
1940 J-J
'14
112
Itch
111
45
112
---11112
68
-J
J
1931
gold
General
-in'14
-- --- 87 Feb
1940 J-J
Registered
103
100 103
1931 J -J 103 Sale 103
General gold 5s
___
-__- ----90 J'ae'08 _
1051 M-S -7714
IL & S let gold /I As
7 7312 80
78 774
76
J-J
4s_1996
14'
S
Rh
&
g
L
St
cons
WI
-831
..-.8318
---84
Mch'14
N
M8
s
1952
.47
lit gold 3;is
5 45 54
1927 M-N 47 48 47
Gen 15-20-yr Is
83 80 AM..
— May'14 ____ 8378 87
20-year debenture 413.-1929 A-0
4712 27 46 5514
Tr Co certfs of deposit.--- -- 4718 Sale 47
a 9412 gy
95
9434
N y Chic& StL lstgds.-1937 A-0 9454 95 9712
93 Dec '13
9512
---1947
A-0
v
ig
g
fun
D
ut•hw
8
1
e
4
lo
dis
E
R
st
5s
g
_
en
Jan
-,..—
A-0
11137
1
Registered
75
22 71 "ii;
1951 J-J 747s Sale 747s
1931 M-N — 85 85 May'14 --- "iiTa If"
Debenture ds
8034 Itch '11
,
1951 J-J
Registered
924 Sale 025;
6 914 95
93
2361 J-J
West Shore lit 45 guar
111
1091, Oh;
111
Sale
N
111
5-1021MKt1cong6
4
1
9112
893
92
-J
91
*904
J
-2361
Registered
7534 21 73 7/12
KO F
11Iyrefg45_1/34 A-0 75 Sale 75
N Y Cent Linea eq tr 4As 1922 J-J 9814 ---- 10012,7'1y '11 .----- —__
774 J'ly '12
_
1038 A-0
R egittered
ti Y New Haven & liartf—
"iF 95
Mch'14
_
___
90
95
B
MIt
&
A-0
55_1920
lstgu
&
C
K
76
8012
_
1955 J-J ....... 77 78 Mayq4
Non-cony deben 4s
85
84 88
bd ctf5-11/89 121-N 84 8514 85
it L a W 1st
1913 M-N .... 79 70 May'14 ..... 70 81
Non-cony de
75 75
75 ---- 75 Mch'14
2d g 45Inc bond ctfs__p 11/89 J-J
75
18
6974
68
1191
091
28210
-J
J
1954
Cony dabanture3Ms
4
1
"19
7034 77/
71
70/4
J-D
71
Sale
1932
di
gold
Consol
82
105
10914
1174
1948 J-J 109 Sale 1
Cony debenture es
984
984
Jan
'14
9812
g
J-D
gu
58-194
1st
Ter
ditty's Pt
001A N1..12
lifIrlAni R.Pt Clhdr. Mitts 1064 PA-N
iii LiT2ti;
a...
-
9114
M SCRUANEOUS KONDS—Continued on Next Page,
Gas and Electric Light
& 0 1st con g 113_1943 A-0 11434 11512 1154 Apr '14
Peo
1847 11-S 10078 1014 10034 May'14
Refuadhz gold Si
99 Sep '13
1947 M-S
=Cke lstgu g 55_1937 J-J ior 1E4 10314 May'14
eh
101hi 10112 10112
Con G Co of Oh 1st gu g 0a1936 J-D
-- 88 93 Mal'12
Ind Nat eas la 011 30-yr 155 '38
- Sale 1004 10012
Mu ?.l Gas let gu g 04_1947 M-N 10012
_ 104 95 Sep '13
Philadelphia Co cony 55_1019 F-A
1922 -N if 9733 974 May'14
Cony deben gia
8958 Apr '14
Stan Gas lz El cozy if 68_1928 J -D
912 ---- 100 Mch'14
Syracuse Lighting lst g 68_1951 J-1)
8512 J'ne'12
1054 J-J
Syracuse L & P lis
1949 -a 10114 -------- 100 Feb '01
Trenton G & E t$t g 53
100 May'14
100 _
Union £h.cLk P 1st g 5s 1932
7/1-2 94 Nov'13
(
1933 -N
Ref 1z ext Is
12 9231 954
9
9234 93 9212
101 Mch'14
J-J iai
Utica El L & P lat g
1957 J-J 97 -- 10014 Dee '11
8084 9012 Utica Gas lc Z ref Ss
9018 8934 May'14
10414
195 J-D 1024 106 10434
Westchester Ltg g
100 100
100 ____ 100 Jan '14
sale.
8
Option
Due
Nov.
p
Oct.
0
Due
Due
1
July.
June.
Due
o
May
iDus
Feb.
a
Due Jan. 5 Due
1No pzIce Friday; latest bid and asked.
'
k..da and Electric Light
Kings Co ElL & P g 5s_ ,1937 A-0
1997 A-0
, Purchase money Gs
Convertible deb 68
1920 M-S
' Ed El IIII3kn lit con g 44-039 J-J
Lac Gas L of St L let g 1i1191$ Q-P
.1034 A-0
Rel and ext let gl5s
Milwaukee Gas L let 48_,A027 M-N
1948 J-D
Newark Con Gas g Si
1948 J-D
N Y 0 E L II & P g 58
1940 F-A
, Purchase money g 4s
1995 J - J
Ed El In 1st cons g 58
Y&QE1L & P 1st con g 55 1930 P-A
1921 141-N
Y & Rich Gas let g 5a
LIMO& ElCoCal GS;E
!
1037 M-N
Corp unifying& ref58
Pac Pow& Lt 1st& ref 20-yr
1930 P-A
Is Internet aeries
1949 WEI
Pat& Passaic G & E 5s
114 1154
9834 10112
104 1044 10412 AM''14 ---- 102 1044
2 111 11412
114
114 not 114
118 11812
1134 Apr 'Id
114132 80 S9
$8
04 Sale 84
1014 102 10133 1014 1 100 10114
1 ova 10114
10033 Sale 10036 10058
005s 9112 91 May'14 ____ 884 91
103 _— 10134Jan '14 __ 10134 1014
10414
5 1014 105
10414 Sale 10414
0 83 57
86
854 86 $A
106 109
107 1004109 Apr '14
10058 1014101 Feb '14 _.__ 101 101
-eats rly
17)078 1082
9 14-55r2 1 C;s:
12
04
88 10
92
100
lair 1001,
-
101 101
I Hi;106
1676
New York Bond Record-Concluded-Page 4
•
BONDS
1. T. STOOK EXCANG
H
• J
Week Ending May 29
.,A,
Prue
Friday
May 29
West's
Range sr
Load Reis
1
"
.u
01
Range
since
Jan. 1.
BONDS_
Si
11
N. Y. STOCK EXCHANGE #t
Week Fading May 29
,..,,,,,
Pr we
Friss•
May 29
[VOL. xcvm.
weee3
Range or
Lan sale
.4
0,
04,4
Range
since
Jan. 1.
Bid
Ask Lew
LW No, Low High Wabash (Concluded)But
dtt Low
High No. Low High
jk Ss A Pass let gu g 4s-_1043 J-J
811 Sal
8113
8118
6 77 84
it quit Tru.it Co att's
5658Jan '14 ...... 5858 5652
J& NP lst sink ig 5s___191 J-J ---- ---- 104 Oct '00 __ ____
_
Do Stamped
4912 50 4834
5012 74 40 5714
board Air Line g 43--1950 A-0 *-,, 851-2 8514 Feb '14 :--- 8338 iii2
Deb & Oh Ext 1st g 5s__1941 .,....) ____ ____ 506 Nov•13 ____ ____ _
•ell 415 stamped
1900 A-0 841-2 8512 85
85
15 8312 86
Des Moth Div 1st g 43-1939 J-J-7.-Aug
12 _ -- -- -___
89
_
____
_
_
tered
195 1 A-0 -,Om Div 1st g 33s
1941 A-0 so
us 66 Ant '14 ..-- 65 72
AA stment 55
o1949 F-A 753.4 70 7534
76
22 7458 '80
Tel & Ch Div 1st g 4s
1041 14-S 7318 78
7318 May'14 ____ 70 80
ding 4s
Al
1959 A-0 74 7478 74 May'14 ___ 7312 7814 Wab Pitts Term 1st g 4s 1954 J-D
83874 stay •14 __
713 12
Ati-Birin 30-yr 1st g 4s__•1933 M-S 84 8512 8514 Apr '14 __ 84 8534
Cent and Old Col Tr Co certs-- 7
8
7
7
17
7 1414
Oar Cent 1st con g 4s
1949 J-J 8478 ___ 8518 Meh'14 --- 85 8518
Columbia Tr Co ctfs
64 8
64 May'14 _ __
614 134
Pia Cent & l'en 1st g 5s-1918 J -J 10018 1021; 10314 Jan '13 ..-- __
Col tr ctfs for Cent Tr ctfs -„„
,
, 634 --634
678 10 614 1411
1st land gr ext g Is
1930 J-J 10033 10314 104 Nov'12
2d gold 45
1964 J---1.7 --.8 Dee 13
fa
-- ---.
Consolgold Is
1948 J-J 104 ____ 10178 Feb '14 -- 10134
Trust Co certfs _ _
--- _ _
'a
1-5
4 May'14 ___
4 114
Oa k Ala Ity 1st con 5s_o1945 .1 -J 10312 --__ 10413 Feb '14 -- 10212 1017a
10512 Wash Term)1st au 330_19411 F---A 824 8312 8334 Apr 14 .___ 8114 84
Ga Car & No 1st gu g 5s_1929 J -J 101 ____ 10318 May'14 ___ 10318 10318
1st 40-year guar 4s
1945 FA 90 ___ 100 Sep • Is
, --. --.
Seab & Rea 1st 5s
1026 .1-3 1014 ____ 10114 Oct '13
West Maryland 1st g 4s
1952 A-0 6778 Sale 6758
6838 123 60 80
louthern Pacific CoWest N Y & Pa 1st g 5s
1937 J-J 10418 ____ 1044 May'14 ____ 10213 1051i
Gold 43(Cent Pac coll)_k1949 J -D 9018 9012 0014
9014
Gen gold 4s
2 90 94
194$ a-0 763 79. 76 Apr '14 ____ 75 82
Registered
__ 00 Feb '14 -k13,149 J -D 87
Income Is
90 90
al943 Nov ---- --- -_ 14 Feb '07 ___
203-year cony 4s
y1929 M-S 8614 sale 8514
68 417 8434 92
orra i 100 Apr '14 ___-_ iiio" LH•
Wheelinli
)
& L E 1st g 5s___1926 A-0
20-year cony 5s
10138 1038 9913 10358
103, J-D 10114 Sale 101
Wheel iv 1st gold 53_1028 J-J 964 -- J612 Nov 13
_ _
Cent l'ae 1st ref gu g 4s 1949 F-A 937s Salo 9334
94
Erten & Impt gold 53____1930
63 9112 9413
91 Feb '14 ___ 91 -91
9314 93
Registereu
1949 F- • 90 _.. 9412 J'17 '12 ____
RR let cosset 48
1949 M-S -__ 76 75 May'14 ___ 76 80
• Mort guar gold 3%s_k1929 .J -D 9112 92 914
911
7 91 9113
20-year equips f 5s
1922 J-J 90 ....-- 90 Apr '14.- 90 90
' Through St L 1st gu 45_1054 A-0 864 8778 80 Apr '1
8534 8712 Winston-Salem 8 13 lst43_1960
J-J 85 871 88 Feb 14 _.. 88 88
G /I & 8 A 38 a P 1st 5s_1931 111-N 102513 ____ 103 Apr '14 __- 103 10334 Wis Cent 50-yr 1st
1949 J-J 894-89
89
4s
gen
4 8558 891,
Gila V 0& N 1st gu g 53_1924 in-N 101 ____ 10234 Apr '14 ___ 101 10234
Sup&Dul dly & term 1st 43'36 115-N __ __ Wit is% Apr '1 _ _-_ 86 8951
_ Cii_
Thous E & W T 1st g 5s_1933 111-N 10214 104 103 Sop '13
1st guar 5s red
193$ 8.1-N 10213 ____ 101 Apr '14 ___ ioi 1Manufacturing & Industrial
D&
1st g Gs int gu 1937 J -J 109 ____ 109 May'14 ___ 109 109
, Gen gold 4s int guar__ _1921 A-0 94 051 04 May'14 ____ 9334 954 Am Ag Chem
1st c 5s
1928 A-0 10078 101 1004
101
11 9734 102
f 'Waco& N \V dly 1st g Gs 1930 1111-N 105 10814 108 Mch'14 --- 108 108
Am Cot Oil ext 4
__p1015 Q-F 09 9194 99
991a
7 96 9911
A & N W 1st go g Is
1041 J-J ____ 10412 103 Mch'14 -- 1014 103
Debenture 5s
1981 M-N 944 95 94
9434 13 89 943,
Morgan's La & T 1st 7s_1018 A-0 10714 --__ 10714 IJ.sy'14 _- 10613 10734 Am
1919M-S -10313 102
10212 10 101 1034
Ride& L Wsf g 6s
lit gold Cs
1920 J -J 106 ____ 10713 Mch'14 _-- 1071s 10718 Amer
Ice Secur deb g 6
1925 A-0 U 884 8813
87112
0 7814 89
No of Cal guar g 5s
1938 A-• 107 __ 112 Feb '07..Am Smelt
10313 48 103 105
s f 611_1936 FA 10314 10358 10314
Ore & Cal 1st guar g 53_1927 J-J 10158 104 10112Mch'14 ____ ;577
iI7.- Am SpiritsSecurities
Mfg g Gs
.‘,..-2 iy,-4
1915 M-$ 94 07 94 Apr '14 ____ 04 99
In Pax of Cal-Cu g 5s_1937 Ad-N 10538 ____ 10112 Nov'13
km Thread 1st col tr 43-1019
9312
2 93 9311
J-J 9211 __ 9312
So Pac Coast 1st gu 43 6_1937 .1,1 92 95 9112 Sap '12---- _
-. Am Tobacco 40-yr g sa
1944 A-0 12112
123 12113 May'14 __ 11713 1211
Ban Fran Term! 1st 4s_1950 A-0 8434 Sale 8434
8434 11 ilk ili
1944 A-0 ... ____ 1214 May'i4 ___ 12134 1213.
Registered
98
99
96
Apr '14 ____ 06 go
'Peg & N 0 con gold 5s_1043 J-J
Gold 43
1951 F-A - r
37,2 May'14 .___ 9'7 98
9278 42 g938 0334
So Pac RR 1st ref 4,._ 1955 J-j 925s 9278 0258
lievistered
1951 ff-A --------9513 J'ne'12
_ _ _.
10514 80 1024 106
kowthern-lst cons g 68_1994 j-,,, 10618 Sale 10434
Am Writg Paper 1st s t5,.1019 J-J -,- 6734 6774
6778
_
8 65 78
..._...
100
Aug
'13 ___
Registered
Baldw Loco Works 1st 53.._1940M-N 1033-Z.-,4 -- 104 May'14 ____ 103 10411
Sale 73%
jjr.:
Develop & gen 43 Sor A-1956
V(c14
Beth
Steel
15
1st
79
A0
7378
'''',
ext
s
f
53._1926
J-J 994 991-4 994
1192994
9014 11 9313 100
81
1 8014 8312
blob & Ohio cell“i_5s
lsb & ref Os guar A
tr g 43_1033 M-S 8112 82 81
1842 all-N 8634 Sale 864
87
16 8138 88.1.
19413-10412 Mch'14 ---ern Div 1st g
10413 Cent Leather 20-year
A-0 994 Sale 093a
9958 37 074 993
1951 j_ j 854 857a 8514 May'14 __ 104
83s, 8533 Consol Tobacco g 43 g 53_1925
Louts div last g 4s
1951
9712 Apr '14 _
974 071
_ 10514 Sep '12 ....,_ _
_ Corn Prod Ref s f g 53
1571 J -J 104
.AI% Cen R 1st g Gs
0415 96 05 May'14 __ 9312 061
1031 111100 903
1st 26-year s f 5s_____.
'Ala (it Sou 1st cons A be 1943 J -D 99 109
9934
9944 64 iiiii4 1766
9413 9434 9412 May'l
1934 11119112 951
1549 j_ j 88 ____ 88
Apr '1. __ 864 88
Al!& Danv 1st g 4s
Cuban
-Amer
Sugar
coil tr gs1918 A-0 92 95 92 Apr '14 ___ 92 93
1
,
4. j_ j --------8214 Feb '12 __ __ ___ Distil
2d 4s
Sec Cor cony 1st g 511_1927 A-0 69 Sale 5812
69
26
6813
68
76
---___
____
' A-0
, 411 & Yak! 1st g guar 43_124
80
191 j_ j 102 -___ 10154 Feb '14 ____ jai;165; E I du Pont Powder 4 As_1934 J-D -- 86 854
24 854 891
, Col & Greenv 1st Os
General Baking 1st25-yr 68_19311 ii-D 884 891 90 May'l
__ 00 901
,R T Va & Ga Div g 53-1931 J -J 1054 ---- 105 Apr '1 ____ 10438 10,5
Gen Electric ueb g 3 As.,,_1942 -A 7834-- 792 May'14 ,.-:_ 77 803
195. 54-p9 10738..,.,,, 10758 May'14 ____
Con let gold 5s
Debenture Is
108
1952 M-13 1054 Sale 10514 106
193 *43 103 ..-- 10518 J'ly '12 __ 10514
6 103 1061
____ -__ Gen'l Motors 1st lion 03_1916
'B Ten reor lien g 55
A-0 1014 10114 1014 101
47 9841013
, Ga Midland 1st 33
1046
Steel deb 4 As
192 j_j 158-1-2
1940 A-0 8738 88 87
86
17 8313 89
m- 10814 Mch'14
Os Pac By 1st g Os
Indiana
108
Steel
101
10812
10112
1st
1014
5s
1952
11A-N
101
71
9858 102
-- 109 11012 Ingersoll-Rand 1st 58.. ____91935 J-4 102
'Knox & Ohio 1st g 8s
192, J-J 10813 ---- 11018 May'14- 100 Oct '18 -'Mob & Bir prior lien g 5..1945 J-J 1004-- 10612 Nov'12 __ ____ __• Ins Paper Co 1st con g Os...1918 F-A 10118 iai 10134
iii574fol
1945 J..j 72 ..„.... 79 Mch'13 __
Mortgsee
I wort
Consol cony s f g Is
ik 15angold
1935
J-J
-,80
eon 45
8
0
80
2 78 845
is,21 lolls lova 6 10058 lop, Int St Pump 1st 3f 5s
1929 111-15 05 5634 6013
57
20 5013 671
1927 A-0 100 ____ 1034Feb '1 _ 10314 10314 Lackaw Steel 1st g Sc
1 Deb Ss stamped
911
1923 A-0 9114 Sale 9114
11 9014 97
_
_
latch & Meek 1st g 44-194 tvl-N 70 ___ 72 Sep '1 __
1st eon 5s Series A
Marti
72
.„-72
____
70 781
61-S
1950
191' 11-N 10118 102 10118 Apr '14 ___ joi 161
0Car & Ga 1st g 5s
5,•year convertible 5s____1915 115-13 1.174 Salo 97
074
8 934 981
Vrginia Mid sec 10 62-.19113 I9-8 10158 __ 112 Oct '06 _ ____ ___ Liggett & Myers Tobac
126
125
1261
125
4-0
135
7s_1944
9
120
. Series 1) 4-55
1921 IA-S 10178 ---- 10344 Ney'12 __
545
1931 F-A 10118 Sale 10118 1014 83 9634 102
1226 _5 10218 --- 104 Dec'1 _ _
r Series E 5s
Lorillard Co(P)7s
A-40 12413 125 12412 125
1261
1944
1193
2
8
1931
_
1035
8
_
_
104
Meh'13 _-___
Series F 50
6s
1951 ff-A 10038 Sale 1004 10034 16 9058 101
1936 _
LOVA__ 1044 May'l • __ 10212 10412 Mexican Petrol
General 5s
Ltszt cnv fisA_'21 A-0 934 971 05 Apr '14 ---- 91 97
104 --,_ 104 Apr '1 _ 1034 106
• Tp. & So'w'n 1st ffU 5s_2003 1st Ilen & ref Os series 0_1921 A • 9814 96 93
93 973
let cons 50-year 59-.195
-0 924 9* 92 Marl --- 9034 9234 Nat Enam & Stpg 1st 58_1929 J-D -„,.. 96 93 MaY'1
93
15 9112 04
'If 0& W 1st cy gu 49_193 F-1 00 ---- 92 J'ne'l ___
_ Nat Starch 20-yr deb 6s
1930 J-J es ,.... 85 May'14 __ 8158 821
1003s ........ 10014 hiay'14 ___ jou,iikii, National Tube
That N 01st con g 678_191 J1st 153
1952 NI-N 100 Sile 994 100
66 0034 1001
I Irene Intornat 1st g 5s_1955 .1-4 96 100 9534 Feb '14 _ 0854 9834 N Y Air Brake 1st cony 6s..1921
IIII-N 9814 9
984
981
2 97 991
09410014 10013 May'14 _. 100 10058 Railway Steel
sr A of St L 1st g 43
19S9 4
Spring1011:Sale 10313 1051
1st con gold lie__ 94-1944 F7 10334 10618
Latrobe Plant 1st s f 5s_ -1921 J-J 97 93 9734 Apr '14 ___
97 9814
MaY'1
884
8814
glen refund s f g 4s.....,.. _195 J-J -__ 85i, 0012 Inter-ocean P let s f 53_1931 A-0 914 9238 914
i 91 93i
0112
lit L M Bac, Tsr gu g 133:_1930 A-0 102 103 102 May'l
.- ---, 10134 102
Repub I & 8 1st & col tr 58_1934 A-0 1034.-_103 Apr '1, - 1027s 103
994 10 904 104
r & Pac 1st gold 5s
2000 -D 994 Sale 9918
10-30-year 5/1 s f
1940 A-0 934 9334 934
9334
7 91 94
20 40 61 Ney'13 __ _
92000 c
d gold inc se
_ Standard Milling 1st 5s.._ _ _1930
8812
1 84 891
88 8912 8813
Div B L 1st g 5s
1931 4,1 ---- 96 95 Marl ---- 55 -lij The Texas Co cony deb 6s-1631 8144
J-J 103 Sale 102
10314 81 1,0038 106
MinW&N W lstgu 5s_1930 ff-A ---- ---- 10613 Nov'04 __
Union Bag & Paper let 6a..1930 J-J ---- 8512 90 Feb '13 --- --1935
j_
....10514
10614
Apr
'14
_ 1554 fat; stamped
If & 00 1st g 53
1930 J-J _ 89 914 Jan '13 --. ... astern Div 1st g 53
1935 A •• 10238 105 101 Aug'13 -___ _
_ U Ei Realty & I cony deb g 5s_'24 J-J 83 84 84
84
16 -814 -89
10112,Apr '14 ____ .
•-.•
Qaaeral gold 5s
..-,:':"
0 4,,02 13 S Red & Reda 1st g 62
18 20 18
1931 J-J
18
10
18
20
804.-Mch'14
A-5
87
4.-...1990
Man & M let gu g
____ 854 87
U S Rubber 10-yr coil tr 6s_1919 J-D 10278 Sale 1027s
103
50 10134 104
1d 20-year 5s „
1927 J-J 904 Soal
ne ,44
9811
2 054 0834 U 8 Steel Corp---J coup -d1963 5I-N 10278 Sale 1025s 10278 349 9978 1031
,
4
Vol I' & W 1st gold 4._ 1917 J-g ----" ''' May'14 ---- 75 80
13 f 10-80-yr 15sIreg -d1963
102% 103
1 100 1031
____ 8214 82 Feb '1
Tol St L& W prIlen g u1925 J.
814 82
Va-Car Chem 1st 15-yr 63_1023 3-P 901-2 903-4 96
07
10 9138 98
6413 Sala 6413
1050 A5614
4 52 60
740-year gold 4s
West
Electric 1st _ 95 Dee 1923 3-3 1014 10134 1014 10158 11 10018 1021
Coll tr 48 g_Ser A
1917
441 49 Mch'14.__, 49 50
& M is f 515-1931 J-3 954 Sale 9514
9513 111 8913 955
85 ....- 86 Marl - 85 8653 WestinghouseE
r liam & Ruff 1st g 4s-h1946 J19-year cell tr 31041 58_1917 A-0 99 --- 99 May'14_,..,. 9034
99
10113.-- 10113 Apr '14 __ 10013
biter dc Del 1st con g 134 1928 J1013
4
1952 A-0 74T____ 76 Apr '14 ____ 74 76 .,
lit refund g 4s
Miscellaneous
Pacific-.
•
Alltailla
EX
C011
tr
g
4s
1948
04-0
764
78 764
7012
3 7313 801
01:378 31 0512 08
J -J 9673 Sale 0634
• 1st RR & land grant 8 48-1947
Armour & co 1st real est41s'39 J-D 9234 Sale
9234
1042 J _ J .95 98 9534
U278 18 8912 931
00
Registered
.
6 054 9612 Bush Terminal lot Ils
1952 A-0 86 87 88 Apr '14 __ 874 88
1927 J-J 9171 Sale 915a
20-year cony 43
9173 27 00 9338
Consol 58
1955
J-J
89
87
91
Apr '11 ..-- 91 91
(12001 .•-S 9413 Sale 9438
9412 13 91 95
tat & ref 48
Bldgs 5s guar tax ex
1960 A-0 85 Sale 85
86
7 85 887
Ry & Nay len g 43_1946 J-D 9214 934 93 May'I4 ____ 9134 94
Chino Copper 1st cony 68-1921 J -J
106 Apr '14-150 106
Ore Short Line 1st g 8s-1022 F-A 110 ..- 1104 May'l• __ 1094 1104 Granby Cons M 8.32P
-----__
con3
A'28
-103
BI-N
Os
103
10 9058 1051
1946 J-J ...- 1071 10734350'1 _ 10524 101 Insplr Cons Cop 1st
leit consol r 65
cunves 1922 51-S 10014 Sale 100
10014 17 9634 1031
1929 3-P 914 904 914
guar refund 4s
In - 13 8914, 9414 intMeroan Marine 43---1922
4-0 53 Salo 4878
541 280 474 01
1926 J-J 103 ......- 108 May'll ____ ___
Utah & Nor gold 59
Int Navigation
s f fas---1929 F„-AL 7213 7318 724
723
12 7158 771
1st extended 4s
193 3-4 914 99 - _,__ _ _ __ ____ ___-_ Montana Power1st
1st 53 A
1
AM J-J
l 93
0314 11 93 941
Irandalla cons g 4s Ser A_1955 F-A 93 --- 93 &Pr '1,---Morris & Co 1st s f410 ____1939 J-J ------8813Jan
-_-8813 881
'14
-V Consol 43 Series B
1957 M-N 024 -,_-_,- 9214
9214
2 9214 -9314 Mtge Bond(NY)41 ser 2-196. 1.-0 83 __ 83 Apr '14.- 83 83
Vera Cruz & P 1st gu 4 •5s..1934 J-J ___ 97 94 Oet '12
_ ..
10-20-yr 5s series 8
100
3 100 100
1932 ...-J ........ 100 100
Virginian let 5s Series A
1962 511-N 09 Sale 9854
99
12 974 10012 N Y Deck 130-yr 1st g 4s--_1951 3r-A 784 7934 7813 May'14.- 77 781
193' 111-N 10313
abash 1st gold Is
10334 80 10158 105
Niag Falls Pow 1st 5s
10118 Mch'14 -- 10141011
193 J-J
2d gold 55
1939 F-A 94 97 97
07
0 04 100
Nlag Lock &0 Pow 1st 5.3-1954 TN 92 -___ 92
92
3 92 93
Debenture Series 13
1939 J-J
90 J'no'12
_ _
_ Ontario Power N 1? 1st 5s_1943 -A 9434 05 9434
054 12 914 951
lab lien equip s fd g 53- 1921 911-8 .... 99 98 Feb '1
__ 5ii -5-8
Ontario Transmission 53-.1946 IA-N ____ 0134 92 May'14 ___ 92 int
pi lien 60-yr g term 43_195 4-3 ....,...... 78 Apr '14:
.
75 78
Pub
Fiery
Corp N J gen 58-1959 A-0 90 Sale 8034
90
18 8813 91
MS ref and ext g 4s
1956 J-J -Ma Bahl 61
63
88 6012 0114 RayConsCopper lot cony 6s1921 J-J 11312 114 11334 1141
18 10713 1171
Cent Trust Co Ws........ --- ...........- 504
51
5 4912 5512 Sierra 4 S If Power lot 64_194' fr- .. 931 924 Feb 14- 9214 921
Tin Mt.stmnati
_._
BS Anr '1
an
ass..- W), WatAr Pnw 1e Rat
102
I.._I
....
H121.
1081.
.- -- -- Jan '14
- - -____
--- -- 102i
r-A
Tc
F
13,- .._.. ____
111
A-0 -
---- 0453 maY'13 ----
III
Alio.1
g
66
..„
1
.
91
.
1...j
__
10113
41-N
_ ___
F-p ----
L
ore
119.o. low,
um,___
MISCELLANEOUS BONDS-Concluded.
Coal Cc Iron
Telegraph & Telephone
Rglf& Susq Iron s 6s__,1932 J-D
93 Feb '14
92 92
Am Telep & Tel coil tr 4s__1029 J-J
Debenture 673
al926 8180 85 80 Mch'14_
80 80
Convertible 4s
1030 M-13
COIF& I Co gen gig 44-__1174 F-A 9.14 99 9$ May'14
9112 99
20-yr convertible 4%Is
1933 M-S
Vol Fuel gen 68-,.
19111 -N 196 .-- 107
512
7524
4 J'ne7'
Chicago Telephone 1st 5s_1923 J-D
Indus 1st & coil 5s gu__1934 -A
75
5 73 li- Commercial Cable lit g 4s.2397 Q-J
sIndCoalMe 1st 5s___1035
'fa 78 Mch'14
73 79
Registered
2397
Coal of Md lst&ref 5s 105 :11
72489 914 904
904
2 9
89918 99
0:
11 Cumb'd T & T 1st& gen 5s..1937 tJ
tinentel Coal let g 08_1052 F-A
4
091e Feb '14
Keystone Telephone 1st 53_1036 J-J
Ely Coal& C 1st g 8s._/41919 A-0
1044 Apr '00
MetropolTel&Tel late f55_1918 M-N
an & rio&o lst s f g 5s_1051 J -J 8911
93 Mch'14
'61
0i31;
Mich
State Telep 1st 53._ _ _1924 F-A
Con Collier lstsf 58_1057
soil 8734 8712 May'14
84 8814 N Y& NJ Telephone 5s g_19207
-N
at Rock Mt& P 1st5s-195
78 80 77 Apr '1
77 82
NY Telep 1st& gensf4Ms 1939
Term Coal gen Si
11551 J -J 103
10312 May'14
9718
10312
Pac
Tel
& Tel 1st Is
1987
Bina Div 1st consol 6s
1917 J-J 10134 103 10134 May'14
10112 103 South Bell Tel& T 1sts f 53 1941
Tenn Dly 1st g 68
alu17 A-0 1014 103 102 Mch'14
02142
01
11 West Union col tr cur 5s
114 10
10
1938 J-3
7n,h 0 M Co 1st gu 08_1922 J -D 101 ___ 10114 Meh'14
f'd and real est g 4 Yis
1959 M-N
irtor Fuel 1st s f 6s
1053 J-J
_- 84 73 Apr '14
Mut Un Tel gu ext 5s
1941 M-N
Iron Cloal&Coke liit g 63 1940 31-3 91 Sale 91
9138
9
70
3 9
75
3
Northwest Tel gu
g_1934 J-J
pries Frhituy: West 1714 and asked. a Quo Jan. 4 Due April. Due May.
Due June. 74Due July. Due Aug. eDue Oct.
r
=E
8912 60
8012 Sale 8014
95 100 06 May'14
09 Sale 99
0914 154
-8512 Sale -Ell
3
7733 82 79 Apr '14
9634 974 974
0712 38
894 92 8914 Mch'14 ---10058 1015s 1004 10058
2
99 994 9834
99
10314 May'll
974 Salo 9712
98
63
0712 Sale 9714
9734 29
98 Sale 98
08
95 957a 974 May'14
9112 Sale 914
9214 22
100 104 J'ne'11
874 -_ 93 Jan '18
85 8979
9334 9714
9413 994
8138 .8
.
e18
775a 79
90 9814
8914 894
10038 10058
964 100
"OA
96
98 99/
1
4
974 100
93 984
8614 9911
Due Nov II DUO Den. Ontheaisis'
I67T
rd-.
CIITCA-M-STO-CK EXCITANGE1----St-o--ok Reco
PRICES. •
STOCKS-111OHEST AND LOWEST SALE
Friday
Thursday
Wednesday
Tuesday
Monday
Saturday
May 29
May 28
May 27
May 26
May 25
May 23
Sales of
the
Week.
Shares.
STOCKS
CHICAGO STOCK
EXCHANGE
Range since Jan. 1.
Lowest.
Highest.
,
Range for Previous
Year (1913).
Lowest.
Highest.
Railroads
.00.
12 2.fay22 2034 Jan 31
Chic City&O Ityptshcom
3912 May27 5512 Feb 2
1)0 prof
so halt
J'sie
2412
10
Jan
25
21
Chicago Mei Rys com100 23 Jan
91 Jan
70 I'lY
70 Jan 21
100 70 Jan 21
Do prof
88 Jan 102 J'ite
90 Jan 10 0814 Jan 24
334 Sep
100 Chic Rys part etf "1"___
J'ne
18
16
Jan
35
8
27 Jan
9 Sep
2,032 Chic Hy* part ctf "2"___
513 J'ne
812 Jan 29
6 May 7
458 Ape
45 Chic Rye part ctf "3"___
2 Inc
2
Jan
4
14
Jan
2
"4"___
ctf
Chic Rys part
Sep
37
J'ly
1614
8
May
22
17 Jan 15
liansas City fly & Lt_100
Oct
33
Nov
3512
100 35 Apr 8 4012 Nlay 7
Do pref
75
912 Jan
43; Dec
7
Jan
412
7
Jan
45
C
L_100
Streets W Stable
Mak
45
25
Sep
26
Jan
25
100 25 Jan 26
Do 1,rof
Miscellaneous
4612 Jan
2112 J'ne
347 Jan 23
18
Apr
25
100
Can
n
America
1294 Jan
Apr'14
Last Sale 25
2712
.27
100 8912 Jan 2 9524 Jan 27 e 81 J'ne 500 Feb
.2713 28
Do pref
.2712 28
*2712 28
Last Sale 9234 Mar'14
Feb 16 400 Oct
*8912 90
91
.90
91
American Itadiator_100 399 Apr 16 440
.8912 0012 .1:10
400 May'14
125 Dec 135 May
Sale
6
b
Last
13412Fe
_
_
128
Mch14
100
.400
pref
Do
*400 405 *400 405 .400
55 Jan
28 Nov
Last Sale 130 May'14
44 Jan 31
13110 Amer Shipbuilding_ 100 30 Jan 9
•-_ 131 . _ 131 *__ _ 1-31 . __ 3812 .33
78 Nov 10312 Jan
3812
3812 .33
100 78 Jan 8 92 Feb 4
3812 .35
.35
Do pref
37
*33
37
37
May'14
4 Dec 1391, Jan
1103
76
28
Sale
Jan
124
Last
2
Jan
118
81
100
.76
Telog_
81
80 .76
Amer Telep &
80 .77
71 Jan
.77
4912 Dec
6014 Jan 21
Last Sale 12112 Feb'14
Booth Fisheries com_100 35 Apr 28 8422 Jan 27
8973 Jan
*122 12212 .12134 12214 *12134 12214 .122 12212
7312 J'ne
Last Sale 35 May'14
100 73 Apr 27
3712
Do 1st pref
38 *____ 3712 *__ 3712 *35
23
55 Jan
*33
40 J'iy
75
.73
100
7412
7412
D
&
75
75
Cal & Chic Canal
75 .____ 75
5512 Sep
75
4712 J'ne
Last Sale 50 -Dec'13
49 Apr 25 66 Feb 13
5018
5018 *45
5018 .45
5018 .45
*45
167 Chic Pneumatic Tool_100 212 Jan 13 218 Mch17 200 Apr 221 Sep
5414 5334 5334
.5334
54
100
*5312
5412
Trust
5412
it
5412
Title
5414
Sep
53
53
25 Chicago
212 212
212
Jan 26 140 Mch16 u12412 Dec 155
161;Jan
.210 212 .210 212 .210 212 *210 212 .210
217 Commonw'th-Edison.100 133
8 J'ne
13 Jan 31
130 136
914 Jan 9
13578 136
130 136 .135 136
136 136
77 Feb
Corn l'rod Ref Co com100
.135 130
77 Fob
012
Last Sale 12 Feb'14
012 *0
012 .0
100
012 .9
4,0
prof
Do
90 Oct 11014 Feb
Last Sale 7 Feb'13
Ohs Jan 2 102 Jan 26
*6413 8412
100
__
d Match
53 Feb
---- --- ---- --- ---1513 Nov
9612 - --------105 Diamon h (II.F.) comlUO 2314 Mcn 30 26 Feb 4
00
9534 -953-4 9534 90
.9513 -96
.9513 -96
Goodric
94 ,Ich 10013 Deo
Sale 23Ia Mar'14
Mc1117
Last
106
2
n
26
10012Ja
.2514
26
*2514
26
pf100
*2514
Marx
&
26
*2514
7612 Jan
117 Hart Shaft
Nov
105
58
31
.10412
Jan
105
70
597
.10412
9
Jan
105
.10412
100
10134 10434 .10112 105
105 105
60 Ilinois Brick
62
61
63
Jan 22 100 J'ne 115 Jan
63 .62
.62
63
*0313 6412 *6312 6112 .62
Internal Harvester Co100 10412 May 11 111
Last Sale 10412May14
pf_100
Ice
bocker
Knicker
Inc 130 Sep
Last Sale 7634 Aug'12
100 12324 Jan 14 138 Feb 3 105 Dee 123 Jan
National Biscuit
•____ 77 .___ 77 .__ 77 .__ _ 77
116
Last Sale 128 Apr'14
100 12114 Feb 16 12312 Feb 4
Do prof
*13034 132 .13034 132 .13031 132 .13034 132
Last Sale 125 Ma'14
Feb 10 113 J'ne 137 Deo
161
29
125
Apr
.123
.1105
100
125
.123
l
Carbon
120
126
.124
Nationa
*124
J'ly 118 Jan
---- ---106_
111 112 .11012 112
100 1151 Jan 27 120 Mehl'? 11112
111 111
Do prof
35
•10912 111 *110 111
63 Jan
33 Nov
Feb 13
11912 11912 *119 120
120 120
Pacific Gas & El Co 100 35 Jan 9 4712 Jan
11912 11912 .11912 120
104 J'ne 130 Sep
Last Sale 412 Ma- '14
13
4034
125
25
119
Apr
*____
.100
4034
L&Coks
Gas
s
s____
4112
_
*
People'
•-___ 4114
----34_,
85 Aug
--J'iy
4
65
Mch
12112
12112
81
12114
May29
76
100
12114
140 Pub fiery of No Ill corn
121 121 .121 12111 121 121
76 -7
8934 Dec 10158 Jan
76
7612 .75
7612 475
100 94 May20 100 Feb 7
7612 .75
761, .75
Do pref
*76
73
69 Feb.
___ ___
19 Aug
95
Jan 14
95
23
95
1734
12
Mch
0
95
____10
common
97
.95
Rumely
97
9712 97
9738 Feb
*95
4012 Aug
Last Sale 12 Mar'14
13
.12
100 30 Mch 23 4034Jan 14
Do prof
Jan
21434
Mar'14
•1213 1313 .1212 1312 .1212 1312 .32
J'ne
155
30
31
Sale
Jan
Last
10312
33
33
.32
-Roebuck cona_100 178 Apr 23
34
33 .33
*32
185 18514 --------416 Sears
14 1247o Feb 20 117 May 12434 Feb
186
Jan
18514
122
100
4
1853
pref
4
Do
1853
34 Feb
18434 18512 .185 18512
1614 Nov
12412May14
5
Sale
Last
Feb
3034
12431
3
Feb
2712
.124
0
12434
com.10
Studebaker Corp
70 Nov
*124 12434 *124 12434 .124
60 Nov
Last Sale 2812 Feb'14
3512
.35
34
100 83 Feb 3 86 Feb 4
Do prof
34 .33
.33
34
10772 Mch
*33
Last Sale 86 Feb'14
90
100 10434 Jan 3 10711 Feb 27 101 J'ne
90 .89
.89
91
.90
358 Swift & Co
91
J'ne 280 Feb
*90
107
195
107
Mch21
107
4
1063
250
107
6
10634
Jan
8
7
230
108
4
1063
7 The Quaker Oats Co_100
10634 10634 10632 107
240
9934 J'ne 1081; Feb
100 102 Jan 6 107 Feb 28
235 235 .230 235 .225 240 .225 106
Do jorsf
62
*230 236 .230 235
Dec 218 Nov
100
10512 10512 *105 106
100 140 Feb 9 15812Mch24 3142 Jan
106 106
112 Feb
2.295 Union Carbide Co
*105 10612 108 106
4
1
1563
156
4
157
1563
4
1573
155
15532
153
153 154
Unit I3ox Bd & P Co_100
6834 Jan
*152 154
J'ne
50
13
Last Sale 113 July'13
Feb
8712
100 57 Apr 20
52 U S Steel cons
Mch17 10513 Feb 111 Sep
6314 6314 -114
3
63 -63
Jan
109
prof
Co
is
y
6 Ward, Monte
1412 Jan
-- --9 J'ly
___ -_
612 Jan 14
314 May 1
1121t 11212 *112 11258 _—_
100
112531I2-3-3 jai! 1E1-4 11224 Ifii3 .212 4
Western Stone
8714 Melt 112 Jan
Last Sale 33; May'14
*213 4
100
*212 4
*212 4
Woolworth. coin
Last Sale 0134 Mav'13
Dirmena R MOT6
Capital Surp. &
Per- Last Paid.
In
Ds
t
ProfUs
t
Stoe.t.
NAME.
7.1 Bid, Ail,
1912. 1913. fed.
(00s orn Wed.)
Dirictend Record
p. 13. 122 128
95,
V.
'12.
5
uly
J
Org.
Capital Surp.
332,7
Southwest To & 8 5200,0
Per- Last Paid.
in
6 Q-M Mch.31'14,112 165 167 ,
432,3 ___
NAME,
Stock.t Profits t /n
Standard Tr & SaY 1,000,0
Sid. Ask.
J-J Jan. '14, 31145 150
6
1912. 1913. led.
6
53,1
200,0
(Ns om filed.)
Stoekmen's Tr & 8
Q Id 1%Ich.31'14,2 I-- — )
8drils
8
1,687,6
Union Trust Co__ 1,200,0
190
186
14
113
Mch.31'
____
514w
Mch.31'14,3 1350 375
Q-51
12
234
140,2 8&22
400,0
'American State__ 9400,0 $127,0
WestfildeTr&Say
8 225 250
Q-J Apr. 14, 234230 ___ \
o An Jan '14, 1535
10
10
73,4 None
121,0
100,0
200,0
Calumet National
Woodlawn To & 8
107 110
I
V.95, p.
'13.
27
an.
J
21,8
Org.
200,0
Capital Otato___
159
31,5 Sag. b tts.Ost 7'12 V. 95,p. 044 156 285
250,0
Central Mfg Dist_
1155 Q-J Apr.'14, 3 284
Coat & Cana Nat_ 21,500,0 11,220,9 10
16day Q-J Apr. '14, 4 404 407
Cora Exalt Nat__ 3,000,0 (3,535,8 16
(.1-.1 Apr. '14, 155 4220 225
6
6
151,8
m300,0
Drexel State
)
Q-J Apr. '14, 235 250 280
10
394,7 10
760,0
Drovers' National
•
Q-J Apr. '14, 2 174 170
8
8
59,1
200,0
BONDS
Englewood StateRawl .
B'ds
-M Mch31'14,414 417 419
Q
Week's
17
17
Pried
Inter10,000,0 12,318,6
GO Sl'OCH
CHICA
First National
355
353
212
14
Sines
Sold
Nich.31'
Range or
248,1
Friday
123.4 10&32
cot
150,0
NGE
EXCHA
FtritNatEnglow'd
January 1.
Priv ate Ba nk
525,5
Lost See
Psrlas May 29
Brea% Ending May 29
Foreman Bros.__ 1,000,0
Q-J Apr. '14, 2 250 Yhg
8
8
11 Dearborn Nat- 2,000,0 1,010,9
123 120
Hifi
High No, Lots
829.8 Org. N oy 25 1912
Ask Leto
Bid
200,0
lialated St State..
..„
(11)
—se 6 note (IT)
---01 Feb '13 _ — ___
Hibtralan)3k Assn 2,000,0 1,254,7 Not pu Walked '12.
Am Tel Sc Tel coil 1.s____1929 J - ----136
133
273.
3
V.05,
--3
'14
P.
Apr
Aug
b
92
us
55,0
Beg.
200,0
1939 J -D t____ 93
Hyde Park State_
Armour Sc Co 430
---- „
__....,„
___
8214 April'12 ----15,9 Orga n. Feb '12; V. 04, p 485. 120 123
77
100,0
--" t 73
1928
6s
51
111
Elite
/Mug Park Nat—
Auto
961; May '12
224,7 10 10&5e J-J Jan. '14, 5 256
400,0
/Caspar State
Cal Gas & El unit & ref Ss 1937 1.4-N L.__ 97
10012 32 -9914 101
9972
8,5
13.( C)4 Apr'14, 134 103 111
200,0
1927 F -• 100 Sale
Lake View State_
Chicago City Ry 61
$571
6 Q-f-1 Mcb.31.14, 2 272 275
80 May'14 ---- 80
7914 81
67,6
t
-0
A
200,0
51_41937
Rye
Con
&
Lawndele State
City
Chia
14,3 245 213
Q-M
Meh.31'
12
2;
---- 9572 98
161Feb'14
9712
4
993
865,0
j
9912
J
J
1914
1,250,0
Live Stk Each Nat
Chicago /Slav fly 5.1
135
130
p593
14
I
V
95,
26'1
b
'14
Apr
---,_
ui.Aug
05
9212
Beg.
9518
60,2
9412
9312
J I
200,0
Mich & Trail State
Chi, Paeu Tool 1st 88_41921 J 57 0(313 opts
Q-J W11.31'14,2 199 202
8
9834
8
9833
1,472,3
1927 F -• 9832 Sale
Na;Bk of Repub.. 2,000,0
Chicago Rye 51
'14, 13.4 160 185
94
91
Apr.
20
93
Q-1
6
9213
830,6
Sale
93
-0
A
2,000,0
'I"
series
National City_ _
Cale Rya is
Q-J Apr. '14, 155 4170 175
7914 78 7812 811;
7833
125,7
series "31" J -D 7914 Sale
National Produce /250,0
Chic /tys 4.s
9534 952,
Q-2 Apr.'14, 1;4 163 105
7
7
112,0
9534 Apr'14 ____
95
200,0
series "C" It - At 94
North Ave StateOde Rya 4*
Q-1 Apr. '14, 134 134 130
6
'12 ---_ ____
6
100
Jan
20,2
—__
____
200,0
•
If
North Side Bt Say
Chic Rye coil 6s1913
134 178 181
'14,
67 'Ypt,
Apr
Q-J
7
-_-_
6
Apr'14
69
79,6
70
300,0
Chia fly Pr m Mg 4/..e1027 J - J I 65
Nerth West State
6114
9,7 Org. N ov. 27 '12. V.95, p.1944 101) 105
4712 48 May'14 ---, 45
200,0
Ogden Ave State_
Chia fly Ad) Ise 44_21927 Mayl t 46
Q-J Apr. '14, 212 275 ___
10
99:4 1011g
3
10
101
144,3
101
Salo
600,0
8101
People'sStk YdaSt
Chicago Telepaoa• 54_1923 J -D
27,0 Beg. b us Nov 1'11 V.93, p. 1235
200,0
J - J j____ 9712 9712 Meh'14 ---, 9714 93
m-193'2
0
ref
Co
Osmond Security
Gas
250
Cicero
iii
2
'14,
Q-J
Apr.
755
2 10053 102
10134
6
181,7
10172 10134
400,0
Security
Cosamonw-Edisen 4a,___1943 k4- 18 310132 1013s 101
8&20 Q-3 Apr. '14, 2 223 226
2 10058 10114
8
101
164.9
285,8
South Chicago Say
Conumenw Else 611..„51943 NI- 8 210034
Q-J Apr. '14, 11 134 138
;
6
6
31,0
10058 May'14 ---. 9914 1005
200,0
;10012 101
4
54-N
53_192
M
1st
Pack
South 81de State_
Cudahy
308
394
3
'14,
Apr.
Q-1
12
12
Apr'14 -- 104 1051;
2,888,3
10512
1,500,0
Chic
30
of
6s___19
dob
Bank
Con
Dia Match
State
19'1 IV.95, 9.523 129 131
us.Aug
---b
April'12
Beg.
50,3
9914
200,0
__
....-0
Italy
State Bank of
Glen Mot 6% let L notes_1215•
15 (3-IA Mch.31'14,4 850
258,0 10
1003s May'14 --- 10052- 10032
250,0
Int Ear 3-yr 5% a notes_1915 Stook Yards SAY_
176 iig
6
6 1M-N May'14,
184,4
April'12 ---- ........ ....._
500,0
Inland fiteol Lt1 M g 04_19'28 ----------- 10353
listen 13k of Chia_
10&13e Q-3 Apr. 14. 234 235
65-1
30,6
100,0
t
Washingt'arkNa
Han City fly & Light Co
227
223
234
'14,
Q-J
Apr.
9
___ ___
8
-Oct '12 ---- .
90
2,103,5
.
1913 ii-N -----lis
()astralTr Co of 111 4,500,0
75 Bow 13
(
422,9 10&2e 12&10 J-J Jan.'14, 8 205 305
500,0
1923 J - J t___
Lake St 11-14rt 55
ckleago City BAT
Apr. '14, 154 14112 14312
6
Q-J
iii-s -'8:4
1
7
82
275,8
8313
Sale
A
SA
F
1,000,0
1933
Mete W Side El lit 4s_
Mosso Say BAT
(3-3 Apr. '14, 231 210 212
9012
8
74
May'14
8
,
---12,886,9
7912
1933 -I - 1 t---- 7914
Chicago Title &Tr 5,800,0
Extension g 48
162 166
0478 April'12 --- ____ __
5.03,4 8&2e
colossal To Sc Say 1,000,0
MD Da fty & Lt 1st g 53_1926 r - A ---------95 April'12 --__
W
oe n
(1)
proe
%2
l'14
()
Not pa blisled —
litt&CemTricS 3,000,0 1,879,1 10
ref & ext 4)41_1931 J - J
Co
....
285
234
'14,
Q-2
10
Apr.
8712
1 5834 il
8712
102,9
250,0
19391 - J:3712 Sale
Drawers Tr & Bay
Morris & Co 43-4s
_ —
None None Q-M Dee3(711,4
INN May'12 ---_
1952 11-N ___
Jirat Trust & Say 5,000,0 4,110,7 13eg. b us.Apr 3'11 V.92, p.929
Nat Tale 1st g 0s
65 -p-g-Jan'14
99
10114
14914
-0
A
117.3
500,0
PIDearborrar&S
Nor Store 11 lit g is.......19'2'2
Q-3 Mch 31'14,114 163 166
9712 .May'14 ---- 0712 9812
98
132,7
300,0
rrsakIlia To & Nay
Irt & ref g 5s-1940 A -0 t 9(3
do
_
"W. (4-.1 Apr. '14. 25,5
0512 Sept '12 --__ ___
0924..
328,9 10
:
A
F
5s_1937
121
lit
01
Greamebanat Seas 1,800,0
New fili One
9912 May'14 ---- 9912 1J-J Jan. '14 355 134 iii
6
0014
_0
62,5
200,0
Coke Ce 65_1923 Q -M:0914 9954
Q1utrantee Tr &
&
L
0
W
N
3
1
'14,
90
12&10s
Apr
Q-J
93
4
9514
95 2
1945 11-N: 9514 Sale
1,500,0 2,658,8 12
To•Say
Ogden Gas 53
154
11512 iept '12 ---84,2 Seg. Is us.Apr 10'1 1.V.92,p.1004 150 480
300,0
Bank & Tr_
=
Peop Gas L & C let 65-11143 A -0 __
27 9918 161
101
16,44e 10&4e Q Apr. '14, 4 470
1947 NI- s :101 Sale 10073
Si
31111soia To & Say_ 5,000,0 10,599,4
gold
ng
Refundi
195
190
4
13
'14,
7
Apr
Q-1
103 May'14.— 101 10314
109,1 Uas
200,0
Kalivreed Tr A Say
Chit Gas L &(3 let 55_1937 J - J :103 2 10333
a
Q-J Apr '14, 134 178 181
Meb 14 ---- 99 10112
10034
_-__
997
111,4
:
-1)
J
300,0
38
56_19
LabeTtewTrislhay
lit
Consuls Gas
100 103
10018 Feb'14 ---- 100 10011
343,6 leg. lo wt. Ma y'10
Lailallee1Tr&Say 1,000,0
Multutl Fuel Gas 1.1 5,1047 IA-N _
165 170
901.4 9314
7,9 Org.D cc. 6 '12.
275,0
I 9012 -003-4 91 May'14 ---- 00
Marty To A Nay_
Pub eilery Co lift ref g 54-1956
05
20
94
apt. 5 '12. V. 95, p. 593 112 110
8
9373
Org.
Sale
94
J
31,0
200,0
SAY_
I
1924
A
To
4'4c._.
Market
South SIde Flits'
163
159
481
p.
94,
V.
1'12
1y
100
-us...1.
b
1014
Mar'14
10018
Beg.
..__
2100
58,0
J
280,0
1914 J hisreattleTr&Bay
& Co let c is
Swift
428
423
4
974
'14,
Q-J
Apr.
90
16
11
904
9612
10
1044 -- 9612 Sale
ntor LA Tr 3,000,0 7,420,1
bat 5 I g 55
do
afa
Q-J Apr.' 14, 154 135 138
5
200,0
73,0
Ave TrTr -City fly & Lt colt
209
205
.1004
__
1
1.V.92,p
____
10.
Ap
April'12
us.
.3)
9814
17
a
__
o
C
____
600,0
142,7
1923 A -0
ty Tr Is Say
trust lien s t 5s
8 (3-IA Mch.31'14,2 320 325
2 761
;
8334
8
834 8324
Illertlera Ti Co_ _ 1,500,0 2,961.0
Union Elea (Loop) M....1945 A -0 3....... -____
J-J Jan.'14, 5 273 276
8
100 May '12 ____ _,,,, ......
8
300,0
130,0
1922 M- 8 t 09
Iirev-Weet Tr & 8_
U ii Gypsum lot g M
113 115
1537
p.
1
V
92,
11
.
us.J'ae
b
Bog.
58,3
200,0
1922 J - J __ --- 1)933 Dec'13 --- ....... .....'
Co 53
Elea
Old Cetosy To AS
Western
285
'23-4
'281)
'14,
Apr.
511,i2e
Q-J
8
24(3,2
500,0
Peeple'e Tr & Pay
Q-J Mch .31'14, 2 200
price r.
8
8
284,2
300,0
Note—Accrued interest mus t be added to all Chicago
Pullman Tr & Say
Q-J Mch 31'14,212 154 ihi
6
47,6
200,0
horidan Tr & May
State Institutions. t No
national banks and April 4 (opening of business) for Bank. a Duo Dec. 31.
for
)
business
of
4
(close
March
t
on
day.
this
nado
by the Continental & Commercial National
*Bid and ask pr ces; no sales wore
11911, II Dividends not published; stock all acquired beginnIng April 18. q Divs, are paid Q.-J., with extra payments
price Friday; latest price this week. iSept. Now stock.
on there14% of this Ls extra. z Sales reported
e Extra div. k
ed Sept. 24, a cash dlr. of 75% being paid In connecti
authoriz
0
S Due Juno. o Due Jan. 1.
to
$400,00
capital
in
Increase
to
.
0 and 134% On 01W
dividend
6% reg. and 134 extra on old capital stock of 8600,00
Q.-F. ;Duo. 31 1913. 1 Ex-24% accumulated
and el-stock div. u 31 assessment paid. o Paid p. 812. !Capital to be Increased to 9300,000; a 20% cash dividend 11P
Ex-city.
s
574.
1000,
p.
07,
V.
with.
to be increased to 9350,000. V. 98,
(.3pital 81,000,000. 1 Ex-50% stock div. to Capital
p. 1132. h April 21 1914.
00 declared in connection therewith. V. 08,
*____
*39
*20
*70
*95
3333
*6
*213
•2012
39
*3
*16
13 *____
40
40
*20
27
*70
85
.9512
-3358 .3313
618
614
214 .213
.2012
22
39 *_ _ __
41, .3
*16
25
13 *___
40 .38
*20
27
*70
85
90
97
3334 3334
614 .6
214 .213
*2012
22
39 *____
414 .3
*16
25
12 *____
3013
40
*20
27
*70
85
.90
90
3478
35
614 *612
214 .213
.2012
22
39 l'_ ___
414 .3
*16
25
Last Sale 12 May'14
12
40
40
3912
Jan'14
Last Sale23
27
Jan'14
Last Sale 70
85
00
96
96
98
97
3434 3434
355s 3434 35
012 *614 612 *612 612
Last Sale 213 May'14
211
Last Salt 21 May'14
22
39
39
39
*35
39
Last Sale 412 Feb'14
414
Last Sale 25 Feb'14
25
300
Chicago Banks and Trust Companies
.
ra
Chicago Bond Record
Isli
1678
BOSTON STOCK EXCHANGE-Stock Recora.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
May 23
Monday
May 25
Tuesday
May 213
Wednesday
May 27
Thursday
May 28
Friday
May 29
*9558 96
*9614 9634 .9658 96% *9718 9738
Last Sale 9834 May'14
*100 10012 •99% 10012 *100 10014 *100 10012
Last Sale 10012M'y'14
181 181
181 181
180 180
180 180
180
18012 z17712 17712
80
82
82
82
82
82
*80% 82 •80
82
81
81
•156
*156 158
157 157
156 157 .156
_ 156 156
3518 -37
3514 88
35% 37
38
3212
3812
1812
3034
3312
230 230 *225 230 *225 240 *225 230
225
225
*225
230
*7
12
.7
12
*7
12
.7
Last Sale 7
Apr'14
•-___ 55 *---- 55 •---- 55 •---- 12
55 •____ 55
55
55
Last
Sale
612
Ney'13
;55- 38 ;55- 38 ;51 W- ;55- 38
Last Sale 36 May'14
161
181 .__ 161
161
Last Sale 160 Mar'14
•
10438 104 104
*104 _
'104
*105 106
*176
_
178 176 .176
_- 4.176
_
.83 14
83
84
en% 84
*82
85
82
81 -81-1-2
8212
0119
12014 12014 *120
31120
12018 12018
.8613 -88 .8612 88 .8612 88 •86%
88 •8612 88 '1208612 861E
•96
•96
97
97
97 •96
97 *96
97
•11
_ ;ii- 121 *10
1214 *11
12 •1012 1112 1112 12
•60 -61
61
61
8012 6012 6012 60% 60 60
61
61
67% 69% 6812 69
6778 68% 671s 6734 67% 68
6612 6734
'103
*103
.103
*103
Last Sale 103 May'14
153 1-53
153 •____ 150 •_-_- 150 •
150 •____ 150
•20
24 .20 ___ *20
_ _ *20
Last Sale 20 May'14
_
•1573s 158 *1571 15734 .15752 15778 •15835 15812
Last Sale 15534M'y'14
.8334 8414 *83
84
•8312 84 .83% 84 •8358 84
84% 8418
•____ 130 •__ 130 •__ 130 .125 130
Last Sale 125 May'14
6712 6712 6712 6712 67
87
67
67
6734 6734 *67
6712
90
90
90
90
90
90
*87
90 •87
90
-
Sales of
the
;Veeft
Shares.
STOCKS
BOSTON STOOK
EXCHANGE
Range since Jan. L
On basis of 100-share lots.
Lowest.
Highest,
Range for Previotu
Year 1913.
Highest.
Lowest.
lZallrozd s
Atch Top & Santa Fe_100 9514 May 14 9978 Jan 26
314 Oct
Do pref
100 9738Jan 15 1013* Feb 10
9534 J'iy
100 217712 May29 195 Jan 5 133 Dec
99 Boston & Albany
100 77 May 8 9133 Jan 16
70 Boston Elevated
82 Nov
100 155 Jan 2 179 Feb
150 Dec
53 Boston & Lowell
100 3034 May29 55 Jan 12
6,701 Boston & Maine
45 Dec
Boston & l'rovidence_100 225 May 1 255 Jan 27 23812 Dec
7 Boston
7 Alch 2
Suburban El Co*
712Feb 13
7 Sep
5312
Dopref
May
I
60
Jan 19
412 J'ne
4
Boston & Wore Elec Cls_
5 Feb
Do pref
38 May 6 40 Jan 26
3612 Dec
Chic Junc By & USY _100 180 Alch 23 163 Jan 15 162 Sep
Do prof
10312 May19 10612 Mch 11 10112 J'ne
34
2 Connecticut lti ver_ _ _100 176 May 4 200 Jan 24 200 J'Iy
88 Dec
80 Fitchburg prof ___100 80 Jan 10 93 Jan 28
103 Ga fly & Elec stmpd _100 12018 May14 124 May 1 :115 Aug
100 83 Jan 3 88% Apr 6
14 Do pref
8212 J.11"
Maine
Central
8Jan
5
Mch
28
907
100
99
91 Dec
7
9 Apr 22 14 Jan 23
100
100 Mass Electric Cos
1012 Dec
54 Do pref stamped _100 56 Apr 30 6612Jan 24
63 Dec
N
Y
N
H
8514
Nich
&Hartford
4 7778Jan 2
2,711
_100
6534 Dec
Northern N li
100 100 May 6 112 Feb 6 100 Dec
Old Colony
100 150 Apr 24 165 Jan 30 150 Dec
Rutland, pref
100 19 May 8 30 Jan 8
25 Aug
Union Pacific
100 14912 Apr 25 16334 Jan 31 13912 J'ne
Do pref
100 82 Apr 17 85 Jan 5
8018 J'ne
Vermont & Mass
100 115 Jan 9 130 Feb 5 105 Dec
124 West End St
50 6612 Apr 27 75 Jan 23
0714 Dec
Do pre
11
50 85 Apr 30 95 Mch12
85 J'ly
Misceiknoous
54
5434 5434 5434 3'5312 55
53% 5312 *5314 5412
141 Amer AgrIcul Chem 100 4714Jan 2 5914 Mch19
95% 96
9512 9578 9512 96
9558 95% 9578 95%
160 Do pref100 91 Jan 3 0712Jan 23
234 234
234 278
314 314
234 314
314 3%
212Jan 27
50
4 Jan 31
990 Amer Pneu Service
1814 1814 IgIA 1814 1814 1934 19% 2012
•20% 20%
Do pref
50 17 Jan 2 22 Jan 31
105 106
10534 106
10534 10714 10712 10814 106 10634 1,012 Amer Sugar Itefin.._100
9714 Mchll 11034 Jan 2
1,476
11218 113
112% 11212 112% 11334 113 114
112% 11214
100 108 Mch30 114 Jan 29
248 Do pref
12184 12214 12178 12218 122% 12234 12212 12234 12238
122%
Amer Telep & Teleg_100 11718 Jan 3 124
24
*14
16 .14
16
Last Sale 15 Mar'14 1,387 American Woolen_ _ _100 14 MO: 4 15 Jan
Mch 4
7534 76
7534 76 ;iii4
*7534 76
78
76
100 7234 Meh 4 83 Jan 26
92 Do pref
80 60
60 60 •........ 60 •__ 60
60
60
42 Amoskeag Manufacturing 60 Jan 21 67 Feb 13
;55 loo •98
*98
•98
•98
100 100
Do pref
98 Feb 24 10014 Feb 11
*7
.7
8
7
g
4102 g
*4312 8
Atl Gulf& W 1 8 S L_100
5 Feb 19
.014
9 Jan 23
1414 14
14 •14
15
13%
15 •14
4 •14
15
Do pref
1312 May27 1634 Jan 16
as
100
•11
1112 11% 1112 1114 1114 1112 141
1112 11% 1114 11% 1118
195 gast Boston Land
252 252
10 10 Jan 20 141k Feb 11
253 253
253 253
252 25214 *252 255
44 Edison Elec illum_100 244 Apr 29 265 Mch 4
14714 14712 14734 148
148 149
149 14912 14914 14934 1481, 14914
608 General Electric
100 13912Jan 3 15012Feb 20
9912 9912 *100 10112 •100 10112 *100 10112 10013 10018
*9978 10012
101 McElwain(WH)lst pf 100 9834 Apr 30 102 Jan 23
84
84
84
8438 83% 8378 84
84
84
84
8374 84
M assachusettsGasCosl00 8214 May20 9438 Feb 17
1,403
9012 91
90
9018
9012 90
9012 9012 •90
9112
Do pref
211
216 216 .21512 216
100 90 Jan 3 96 Mch 16
216 216
216 111- •216% 219 *216 219
.234 3
48 Morgenthaler Lino__ _100 21114Jan 3 21634Feb 27
.2
211 212 .24 3
3
*234 3
*234 8
Mexican Telephone
2% May13
3 Jan 28
•20
22
21
10
•20
21
20
20
*20
20% 20%
-6112 •60
•1110
8 Mississippi Riv Pow..100 20 May26 38 Feb 3
611: •60
6112 *60
6112 •____ 6112 60 60
Do
pref
•20
22 •20
100 60 May29 70 Jan 30
10
22 •20
22
*20
22
Last
Sale
20 May'14
N E Cotton Yarn
100 20 Apr 9 30 Jan 19
13...... 45
45 •_- 45 •__ 45
Last Sale 67 Mar'14
Do pref
18412 13412 si5if2 13412 134% 13412 135 136
100 88 Mch10 69 Jan 24
135 135 •___ 138
N E Telephone
133 Jan 3 141 Feb 2
$155 15512 155 155% 155 1554 155 155
100
52
155 15512 15512 15512
, 18% 1812 *18
154 Pullman Co
100 151 Jan 7 159 Jan 27
1813 '18l
1812 1812 •18
1812 1812
1812
Reece
Button-Hol
e.,..
10612 107
90
10 16 Jan 7 1914 Nich 31
10612 107
10613
10634 107 107 107
107 107
248 Swift & Co
‘ 31
100 10412Jan 3 10734 Nich 9
31 31 81 81 107
81
•30
81
*30 83
81
81
Torrington
27 Feb 24 31 May21
85
'281, 2812 •28 2812 •28
25
*2734 2812 •27114 28% '2734
2813
.•114 138 •1% 138 •1 2812
25 27 Mch24 291 Jan 20
7 Do pref
114 •1
138
Last Sale 1% May'14
Union Copper L & M 25
Apr 15
2 Feb 4
150 18.112 149 151
14814 150
148 149
149
148
14814 lap 756i United Fruit
100 148 Ma3-27 173 Feb 13
5614 5612 5612 57
5614 5612 5614 57
57
57
5712 5712 2,102 Un Shoe Mach Corp.. 25 5334Feb 2 58 May 6
.32834 29
2834 29
2834 2878 28% 2873 28% 2878 29
Do
29
pre
278
6238 6318 6314 6314 6234 63
25 28 Jan 9 29 Jan 23
63% 6358 6313 6312 6112 6158
2,443 U S Steel Corp
100 5018 Apr 25 6714 Jan 31
110 11018 110 110 *10934 1007 10984 110
110 11018 10034 10934
117 Do pref
100 1057k Jan 5 11238Jan 28
•53
54
95
9512
*234 3
*1814 1812
105 105
11212 11314
122 12214
•141s 16
.78
7814
• .. 60
--
41 Set/
89% Dec
2% J'ne
10 Nov
9912 Dec
108% Dec
11014 Dec
1514 Deo
74 May
59 May
9234 J.IY
5 Jan
10 Jan
9 J'ne
234 Dec
130 J'ne
95 May
87 Apr
gg J'ne
209 J.110
3 Jan
30 Nov
70 Deo
17 Apr
63% Apr
127 Dec
149 Dec
14% Apr
101 J'ne
26 Sep
26 Sep
34 J'ne
147 J'ne
4112 Joe
2638 J'ne
so Joe
10212 J'ne
1964 Jan
10138 Feb
215 Jan
11414 Jan
205 Jan
97 Jan
290 Jan
i512 Oct
65 Men
714 Mch
45 Jan
160 Feb
107 Al eh
260 Jan
122 Feb
126 Feb
88 Sep
110 Mch
19% Feb
79 Feb
130 Jan
130 Feb
17612 Feb
36 Mch
16214 Jan
9012Jan
150 Feb
8112 Feb
100 Jan
57 Jan
99% Jan
412 Jan
2334 Jan
118% Jan
11714 Feb
140% Jan
21 Apr
8378 Sep
75 Jan
100 Jan
1218 Aug
1912 Aug
15 Feb
28812Jan
18634 Jan
104 Jan
931: Jan
9558 Alch
220 Sep
312 Feb
4114 Sep
7022 Deo
50 Apr
9112Jan
160 Jan
165% Jan
18 Sep
108 Mch
2812 Jan
2814 Jan '
2 Jan
182 Jan '
5534 Feb
2812 Feb
69 Jan
111 Jan
Mining
11* 113
112 112
112 112
112 134 •112 133 4,11
-1 Apr 14
25
2 Jan 22
580 Adventure Con
975 275 275 275 275 275 *270 275 *270 275 *270
I May
8 Jan
275
8 Ahmeek
25
281s 2814 28
230 Nov 330 Jan
281
277
; 2814 277 2814 2712 2733
271k 28
Alaska Gold
4,275
10
•.95 1
•.95 1
24% Oct
'ANS
to834 J
1
•.90 1
Last Salt .99 May'14
Algomah
2
.
11
142‘41k
bfa
ur
y
1
1
Mining_
3
_
25
.15
4112 4118 4114 4114 *41
May
214 Jan
4135 4114 4112 *4114 4112 4135 4114
421 Allouez
25 3412Jan 8 4334Feb 18
2012 J'ne
7314 7314 7258 73
4214 Jan
7252 7258 7278 7314 727 731
7212 7212 1,480 Amalgamated Copper 100 68% Apr 25
j
Fan
eb 30
4
• *1812 17
62 Joe 8034 Sep
*1612 17
*1612 1634 1612 1612 *1612 17
*1614
Am
17
Zinc
153
4
Lead
Apr
&
28
Sm..
100
78
21%14
25
; 5
1514 Dec
5
3273 Feb
47* 4%
4% 4%
434 4% .434 478 •434 5
4 Jan 10 6;fs
1 Mch 4
1,000 Arizona Commercial.. 5
*284 274 .234 278 *234 27
214 Joe
512 Sep
234 234 .234 27
*258 278
413 Feb 2
2 Apr 22
50 Bute-13alaklava Cop 10
4014 4034 40
4012 40
6 Oct
40
4014 4058 3934 4012 3912 40
114 J'1Y
Butte&
3112Jan
Sup
Cop
3
(Ltd)
4034
10
May18
6,108
J'ne
1814
6614 6612 66
45 Jan
6834 6612 6678 6634 6714 67
6718 6633 67
Calumet
81
Apr
&
Arizona
25 70% Mch25
681
10
5012 J'ne
425 426 425 425
420 425 420 425
7212 Jan
423 423 423 243
18 Calumet & Ueda
25 410 Jan 9 460 Feb 13 388 Dec 555 Jan
•1612 1712 17
17 .161, 17
17
17
1714 1714 *1714 1712
190 Centennial
25 14 Jan 9 19 Feb 4
041% 4134 4158 4134 4112 4173 411 417
10 J'ne 18 Jan
42
42
4138
4158
Chino
3714
Apr 25 432 Feb 4
Copper
283
38
38
37
37
37
87 *37
3014 J.11,3 47%Jan
3712 8714 3714 37
37
113 CopperRange Con Co 100 34 Apr 23 4034 Feb 4
•134 2
*134 2
32 Deo
.134 2
53 Jan
172 17
*154 2
134 134
134 MaY19
30 Daly-West
3 Feb 13
20
*1034 11
11
11
2 Sop
1014 1014 *1012 1034 1012 1012
4 Jan
*1014
East
97
Butte
1034
Apr 23 13 Jan 26
Cop Min_ 10
185
4'434 514 *412 5
9% J'ne
.412 5
*413 5
1518 Jan
4% 478 *458 5
212Jan 8
230 Franklin 4
Apr
718
6
25
8114 8112 8134 82
Deo
811, 8112 813* 82
212
9 Jan
82
83 z81
81
Granby
7312Jan
Consolidat
865
9
e4j_100
91
3234 33
33
51 J'ne
33
33
33
7814 Sep
3278 3314 33
3314 3314 8314 1,048 0reene-Cananea
b 4
100 2114 Apr 25 4238 F
Feb
*1512 17 •16
17 •1513 1612 1512 1512 .161k 17
2758 Oct
3512 Aug
*1512 1612
15 Hancock Consolidated 25 133 Apr 22 22 Feb 4
30
12 Nov
26 Jail
30
30 •___ _ 30
Hedley
Gold
Feb
16
28%
50
30
10
Me.h24
•.25 .40
2778 Jan
-47.-2-8 -718
--.15 Last Sale 514 May'14
35 Apr
Helvetia Copper
.27 Apr 27
25
12 Jan 8
.0414 434 *414 434 •414 434
53 Jan
4
4
.4
453 *4
14 May
438
3 Apr 24
10 Indiana Mining
25
61 Feb 20
•47% 49
4814 4814 481k 4812 *48
3 Oct
4812 4812 4812 •48
17 Jan
49
Island
Creek
Mch
Coal-_
100
46
8
4934
Apr
1
9
085% 8714 *8512 87
*8534 87 •851s 87
4414
59
J'ne
*8512 __-- 8673 8678
Jan
Do
84
Jan 14 8812 Mch21
pref
18
1
2112 20
021
79 J'ly
871:Jan
213* •2012 2114 •2012 2112 2138 2135 .2012 21
37 Isle Royale Copper
25 1434 Apr 25 24 Feb 4
46
458 4%
337g Jan
41
16 J'ne
48
435
438 43*
412 4%
43*
438
Kerr
Lake
Anch28
37
8
1,296
5
;(.
Jan
20
5
*234 3
*234 3
4% Nov
2% Jan
27
278
234 27* .234 278
234 278
530 Heweenaw Copper
)
25
1 Aug
678 6%
7
7
*612 7
333 Feb
7
7
.612 7
634 634
30 Lake Copper Co
V5
25
434 434
2623 Jan
5 Nov
41
435 434 •414 434 *414 438
412 *412 43*
La
Jan
41
Salle
2
51
Feb
Copper
14
100
•2I4 258
3% J'ne
25
2
8
514 Jan
2
.235 234 *244 234
214 214 *21
Mason
23
4
h2li$ ;
illa
cy
3
1,12
Valley Mines_ 6
108
3% Nos
514 514
101,Jan
47
514 512
514 53*
5% 512
5%
434 434 1,045 Mass Consol
134 Nov
*413 434 .43
25
51 Jan
434
434 513
434 434
434 434 *412 5
414 May 11
9 Jan 28
680 Mayflower
*2158 2214 2214 2214 221i 2218 223 2238 *22% 2212
25
5 Nov
1514 Jan
*22
Miami
2212
May
8 241 Feb 16
Copper
92
2014 J'no
5 2133
•.60 1
2612 Jan
•.60 .75
.60 .60
.75 .75 •.50 .80 •.50 .80
.60 May26
114 Feb 18
80 Michigan
12 Deo
25
44
45
2 Apr
*4334 45
4412 4412 441k 45 '04334 4412 *4334 4412
73 Mohawk
38 Nov
65 Jan
25 39 Apr 22 48 Jan 23
01458 1478 1413 147
141 1412 145 141 *1458 147 .1458 1478
95 Nevada Consolidated_ 5 131 May 8 1638 Feb 4
13 J'ne
5% 5% .534
1934 Jan
*512 6
51
512
Bea 512
838
812
1
330 New Arcadian Copper 25
21 Jan
12 J'ne
84 84
6% 618
84 614
614 614
64 614 .035 614
7% Nov
270 Nipissing Mines
5
2634 26% 2634 27
912 Mch
2658 2634 261, 27
2812 2612 26
28
1,019 North Butte
•118 134
2154 J'ne
15
341 Jan
Ili 112
112 17
/8 *112 133 *11
134 *112 134
3
4't
r 13
235 North Lake
6 3(
25 221
2
235
gli
r
234 Jan
•.99 114 •.99 114 •.99
e l 4 .99 May
114 0.99 114
Last Sale 1
May'14
Ojibway Mining
s4 Apr 22
4.414 434
2 Jan 23
12 J'ne
25
41
41
314 Jan
412 5
434 434
434 454 *458 434
234 Mch 30 57,4Jan 28
530 Old Colony
3 Apr
25
48
4812 48
8% Jan
48
48
48
*4712 481 *471k 4813 *4712 4812
Feb 4
68 Old Dominion Co....,... 25
4134 J•ne
77
be Jan
77
*75
76
*75
78
76
76
7512 77 •76
77
260818 Febeb
pr r 25 84
an 22
0714 Dec 107 Jan
113 Osceola
2 Ap
505:4
18% 1858 181s 188 1834 187
25 7
181, 1812 18% 1912 18
1814
16
613 Apr 24
9 54 Jan
974 Pond Creek Coal- 10 4
15 J'ne 2814 Jan
60 60
571
58
5812 57
58
5812 58
58
5714
5714
Feb 5
94 Quincy
52% Dec
25
2114 2134 211k 2112 211k 2112 211 2134 *2158 217
80 Jan
213 2134
287 Ray Consol Copper
15% J'ne
10
8614 3614 *351k 3614 3534 3534 *351 3614 3512 3512 •3512
22 Jan
36
Aapur
26
45 St Mary's Mm Land.. 25 ii%j
•152 178 *112 178 •152 2
30 Nov
46 Jan
.158 178
13
4
135
*134 173
112Jan 7
Santa Fe Gold & Cop_ 10
225
214Jan
27
J'ne
513 51
1
*512 533
0513 6
51
512
51
3 >is Aug
513
51
512
100 Shannon
5 Dee
10
*2412 2458 2412 241 •2412 25
2434 2434 241, 25
13% Jan
25
25
240 Shattuck-Arizona
'
9
2:
44M
ZirYi°
l
s
21 Feb
21
10 2
.16
73
11:
F:I 1t
.14 .14 •____
6
31 Sep
.16
.14 .14
.14 •.10 .14
200 South Utah M & /3_ 5
29
Aug
29
.15
2914 2914 *2918 2912 29
2914 *2914 2934 29
.35 Jan
29
23
s
%
280
Superior
Apr
xty
2% 2%
2
0
4
21 2%
3
21
25
.5.1
2
gF
Nov
jmFa
encbhe i
214 214
401J
24 2
214 214
214 214 1,050 Superior& Boston
2i54 N4Jan 23
11
/14 Jan
Cop 10
*364 3712 35
3612 38% 3613 3614 37 .3812 37 •3613 37
e43s Feb
.34 314
132 Tamarack
25 28
21 J'ne 38 Jan
111 Jan
334 354
3
8
*312 4
312 312
3
312
69 Trinity
•.50 .57 •.50 .57 •.50 .57 •.50 .55
3
25
May
Last
Sale
.60
May'14
0 Jan
Tuolumne Copper
34
34
34
843 3454 3434 3434 3434 35
1
.50 Dec
34
.43 Men 7
8
311 Jan
3434 35
798 U 8 Sraelt Ref dc Min_ 50
4534 4534 4535 48
34 J'ne
457 46
40
48
46
46
4534 4534
3 2 Jan
450
Do
e
6
b
pref
V7
F
•134 1% •134 11
;
1
.14
50
5
3
1
:
4
2
3
41
4512 J'ly
•134 178 *134 17
17
.134
134
134
50
Jan
100
Utah
i2;
Feb
-Apex Miping
b: 1% May
•1014 10% 1058 1058 11
5
11
.1012 11
278 Sep
1034 1034 101, 1035
210 Utah Consolidated
14 Feb 13
5712 5712 571k 5735 *57
7% may 1114
5
5714 571j 5734 571 5818 5612 5634
Jan
168
Utah
Copper
4912
*214 234
Co
Jan
10
10 5814 MaY 15
40 J'ne 60 Jan
235 233 *21: 238
2*,4'. 258 *214 238
26/14
195 Victoria
3% 312
1 Meh 2 *2% May 4 .90 J'ne
25
34 31
.312 334
313 312
312 812
33* 33*
2 Jan
300 IV inona
*4214 4213 •4214 43
4i8 Feb 25
212Jan 8
.15
*4214 43
*4014 4012 4014 4014 4012 4012
34 Sep
41 Jan
88 Ap
120 Wolverine
,
24
•.40 .75 •.40 .75 •.40 .75
473
4Fe
b
25
20
3914 Nov 76 Jan
.76 .76 •.50 .70
.50 .50
650 Wyandott
25
.40 MaY21
114Jan 24 .40 J'ne
*Bid 324 asked prima. e Assessment paid. b Ex-stock
14 Zan
dividend. h Ex-rights. a Ex-divislend
and rights. s Unstamped o 2d paid. w Mal paid.
)2i3.4,"'Jai:112104
6
o,
2=1
2 ftcob
1
3712
..
6
12 gi.Pg
1679
Boston Bond Record
MAY 30 1914.]
1.:ONDS
BOSTON STOCK EXCHANGE
Week Ending May 29
Li
it
ut
z.,4
Ara Agrieul Chem 1st 5s___1928 A-0
Am Tuley & Tel soil tr 4s-1929 J -J
1936 M-8
Convertible 4s
1933 _ _
20-year cony 4 34s
•m Writ Paper 1st s f 5s g_1919 J---J
1915 51-N
Am Zinc L & S deb es
Atoh Tot)& s ;.e gen 4 .1-1995 A-0
Adjustment,r 41____July 1995 Nov
July 1995 VI-N
Stamped
50-year cony 4s__ __ 1955 J-D
1917 J-1)
-year cony 5s
10
Atl Qua & W 1 SS Lines 521_1959 J-J
Bos & Corb lit cony s f 6s 1923 51-N
1935 M-N
Boston Elev 3 -yr g 4s
1916 J -J
Boston Ss Lowe:I 4s
1944 J -J
Bost n & Maine 4 s
1942 F-A
Pialn 45
1918 J -J
Bur .''.; Mo Ely cons Gs
1951 J-D
Butte El & Pow 1st 5s
Cedar Rap & Mo Itiv let 711916 M-N
Cent Vomit 1st g 4s___May 1920 Q-F
GB de () Iowa Div lit 53_1919 A-0
1919 A-0
Iowa Div 1st 45
1922 F-A
Denver Eaten 45
1927 NI-N
.Nebraska Exton 41
1921 M-E1
B&SWIf4s
1940 J -J
Illinois MY 3 Jis
Chic Jet My & Stk Yds 5s 1915 J -J
Coll trust refunding g 4s_1040 A-0
Oh Milw & St P Dub D 6s_1920 J -J
Oh NI & St P Wis V div 63_1020 J -J
1931 M-N
Oh & No Mich 1st gu 5s
1921 J -D
Chic & W Mich gen 55
Concord & Mont cons 4s-1920 J -D
1949 A-0
Copper Range 1st 5s
Oudahy Pack (The) latg 5- 1924 M-N
1926 A-0
OtIrrent River 1st Si
1946 A-0
Oct Hr Rap & W lit 4s
1940 M-N
Dominion Coal 1st if 15x
Fitchburg 4s
1927 N1-13
Fremt Elk & Mo V lit 6s_1933 A-0
1933 A-0
Unstamped let es
Price
Friday
May 29
Week's
Range or
Last Sale
t
BONDS
b
BOSTON STOCK EXCHANGE ul
-r.o,,,
Week Ending May 29
Range
Since
Jan. 1
b
cn63
High No. Low High
Alk Low
Rid
5 0934 101
101
10012 1011 101
4 81)72
1
8938 27 84/
8914 Sale 891s
10338 Mch'13 _
1 05 9934
09
99 9914 99
____ 693s Mch'14 ____ 6938 72
100 Mch'14 ____ 100 104
4
/
9514 9538 951
4 May'14___ 9318 951
/
____ 87 Mch'14 ___ 8538 87
8414 Aug'13
—__ 9478Jan '14 ____ 9478 9472
____ _
--------10014 Dec '13
6438
4
/
1 6312 6.8
____ 641
--------50 WIWI'S ____ ____ __
8312 8318518 8312Jan '14 _
___ lo014 11c11'09 ___ ...,._ __ _
-_-_ 104120ct 'Os _______ ____
95 Feb '12
..___ 10034 Mch'14 ____ 1003-4 10112
-------10414 Feb '14 _
0 May'14 ____
82
..1103 Oct '07
--------977 Mch'14 ___
0214 -_ 99 Mch'14 ____
4 Feb '14 ____
/
9714 ____ 961
9914 __ 9812 Dec '12
--------8334 NIch'14 ____
4 10014 May'14 ____
1
10014 100/
5
80 82 8012
8012
--------107 J'ne'13 ____
--------1135 Feb '11
45 52 65 Apr '14 __
6
73
71 '4 73
--------9312 Mch'14 ____
85 1-15 35 Men '13
------ --10014 Aug 12 ____
-__ 92 J'ly '13 --56 593-41I5978 May'14 ____
0 9914 May'14 ___
99
---- ----95 Oct '12
1211 ___ 121 Mch'14____
Mch'12 __
_
_ ----121
----
4 10411
/
1041
80 8574
4
/
977s 971
99 99
9514 9652
___ ___
833-4 833,
0834 10052
8012 84
____ ___
65 65
72 92
9312 9312
____ ___.
--- --11597-8 78
9738 91),:
.012 121
12
_ _____ __
General Motors 1st 5-yr 6s_1915 A-0
Gt Nor C 13 & Q colt tr 4s_1921 J -J
1921 1.-J
Registered 4s
Houston Elec 1st s f gen 53_1925 b -A
la Falls & Sioux 0 1st 7s
1917 A-0
Kau 0 Olin & Spr 1st 5s
1925 A-0
Kan 0 Ft Scott & Mom es_1928 al-N
fi 0 Ft S & M lty rei• 4s 4u_1936 A-0
Ean 0 M & B gen 48
1934 ,14-S
Assented income 5s
1934 Al-S
Ran 0& M Ry & Br 1st 5s..1929 A-C
Marq Hough & Ont lit Gs1925 A-0
Mass Gas 4 As
1929 J -J
Deben 4 As
Dec 1931 J -J
Nlich Telephone 1st 5s
1917 J -J
Miss River Power 1st 5s.. 1951 J -J
New Eng Cotton Yarn 5s1929 F-A
New Eng Teieph Is
1915 A-0
1932 A-0
58
New River (The) cony 5s_ _1934 J-J
NI Y N 11 & H con deb 31.s_1956 J -J
Cony deb 65
1948 J-.1
Oreg Sh Line lit g Gs
1922 F-A
Pond Creek Coal let Gs __ _1923 J -D
Puget Sd Elec My 1st 5s
1932 F-A
Repub Valley 1st s f 6s__1919 J -J
Savannah Elec 1st cons 5s 1952 J -J
Seattle Elec 1st g Is
1930 F-A
Shannon-Ariz 1st es g
1919 N.I-N
Terre Haute Elec g 5s
1929 J -J
1918 NI-S
Torrington 1st g 5s
Union Pac RR & Id gr g 4s_1947 J -J
1927 J -J
-year cony 4s
20
1923 J-J
United Fruit gen at 4As
1925 J -J
Debenture 43.e
U S Steel Co 10-80-yr Si Apr1963 N1-N
West End Street My 4s_ __ _1915 F-A
1914 M-S
Gold 4 34s
1916 M-N
Gold debenture 4s
1917 F-A
Gold 4s
1932 J-J
Western Teleph & Tel 5s
Wisconsin Cent 1st gen 4s 1049 J-J
Price
Friday
May 29
Week's
Range or
Lan Sale
Q
,
V.
.4
Ranee
Since
Jan. 1
High No Low Illoh
Ask Low
BM
4 100
1
101 10114 10058 Mch'14 ____ 100/
4
1
97 9714 9718 May'14 ____ 9434 97/
4 9714
1
90 9634 97 May'14 ____ 94/
-_-- _
_ ----- ---- ---- - --117- Apr '08 ____ ____ --90 92 Feb 13
4 112
/
4 Apr '14 ___ 1081
/
101
119
4
/
---- -----745 NIch'14 ____ 7458 751
-------- 85 May'14 ____ 85 86
73 75 Apr '14 ____ 75 80
1 94 May'14 ___ 94 9634
_._ ....___ 115 .1'ne'OS
-------2 9514 9714
97
9612 07 97
4
1
95 95 May'14 ____ 93 95/
4
1
4 98/
1
__ 9878Mch'14 .___ 98/
1 81 8534
8218
8218
2 75 83
77
77 Sale 77
100 ____ 100 Feb '14 ____ 9978 100
10034 14 p)618 10114
10034 Sale 1005s
____ 75 Mch'14 .___ 75 80
____ 7078 Mch'14 ___ 6878 75
4117
/
____ 11138N1ch'14 ____ 1111
10958Jan '14 ___ 10958 10958
4 100 1071s
-------- 103
104
Jan '14 ____ 88 88
---------88
---- ---- 103 Jan '11 ___ _ _._ _ __
__
Dec '10
---------7014
--__
10114
. 100 10114
2
10114 ---- 10114
9412 90 95 May'14 ___ 92 95
___
--------97 Apr '07
-------- 100 Mch'14 ____ 100 100
___ 9712 Mch'14 ____ 9712 971s
--_ --__ 9012NIch'14 ____ 9012 0012
9674
1
4 96/
1
2 93/
s Sale 96/
4
/
961
4
1
92 9514
4 9414 May'14 __
1
9414 94/
0258 May'14 ____ 10() 103
1025 10
9914
98 9914
-------Apr '14 __
_ 997s Feb '14 ___ 997s 9978
4 Apr '14 ____ 9858 987s
1
---- 98/
___
___
---- 9638 Nov'13
4
/
4 991
9858 14 93398 985s 9812
__ 935s Feb '12 ____ __ ____
11 Flat prices.
NOTE.—Buyer pays accrued interest in addition to the purchase price for all Boston bonds. • No price Friday; latest bid and asked.
Philadelphia and Baltimore Stock Exchanges--Stock Record, Daily, Weekly, Yearly
SHARE PRICES—NOT PER CENTUM PRICES
Saturday
May 23
onday
May 25
7'uesday
May 26
,Vednesday
May 27
Thursday
May 28
10712 10712 10712 10812 10814 10812 10714 10838 *108
4
/
*1141
11412
114 114 511412
114
1312 1312 •1312
•1334 14
51312 15
4 15
1
•13/
•____
4 5412
/
541
*-1.
*124
25T2
124 Cif - •12312
21 124
17
•1912
•1934
•1912
•1978
'19
*5414 ____ *54,4
*54 ____ 55414
•54
4 285s 2812 2858 2814 2812 2813
/
2814 2812 281
3712
537
4814 4834
63-4
/
4 381
/
5371
57712 7812
51112 12
1914 1914
4
/
7812 781
4 6958
/
691
51814 185s
531
3112
56 56%
4 3934
1
39/
4 2534
1
25/
4
/
1714 171
'83% 8318
4
1
614 6/
45
45
4 84
1
583/
38
537
537
37
87
38
4814 4812 4812 4812 4812 4812
-Kis
53712
57712
•1114
•19
7814
56934
1814
31
5578
3912
2534
17
4
/
831
612
45
8312
-621-2
38
7814
12
4
/
191
7838
4
/
1391
1814
31
4
/
561
3912
2534
17
8314
658
45
8312
5215 "Iii-2
.3712 38
4 78
1
77/
4 12
/
5111
1912
•19
78% 7834
7018
70
1812
•18
53034 3114
55% 5618
3912 3912
2552 2558
4 1634
/
161
58278 83
658 6%
45
45
4
1
4 83/
1
83/
PHILADELPHIA
inactive Stocks
Amer Gas of NJ
10
American Milling
100
Amer Rys prof
50
Cambria iron
Central Coal & Coke_100
100
l'referred
100
Consol Trac of N J
Harwood Electric..,... _100
50
Huntington & 13 T
50
l'referred
10
Insurance Co of N A
Inter Sm Pow & Chem 50
Kentucky Securities_ 100
Keystone Telep, pref.. 50
Keystone Watch (!aso 100
10
Lit Brothers
50
Little Schuylkill
Nlinohill & Schuyi IL_ 50
Nat Gas Eloc Lt & P 100
100
Preferred
50
North Pennsylvania
Pennsy receipts $30 paid_
Pennsylvania Salt
50
Pennsylvania Steel
100
l'referred
100
Phila Co(Pitts)5% prf 5
6% cumulative pref. 5
Phila German & Norris 5
50
Phila Traction
10
Railways General
Tonopah Belmont Dos, 1
100
United Cos of N J
United Trac Pitts prof 5
Virginia My & Power 100
100
Preferred
Warwick Iron & Steel_ 10
Wasifton-Va ity(new)100
100
Preferred
100
Welsbach Co
West Jersey & Sea Sh_ 50
50
Westmoreland Coal
100
Wilkes Gas & Eisc
50
York Railway
50
Preferred
5222 5212
53712 38
578
79
•1112 12
•19
1912
7838 7838
4 70
1
69/
•18
1812
4 3114
1
*30/
50
5018
3912 3912
4 251
1
25/
4
/
1634 1634
83 835/4
4
1
4 6/
1
6/
45
45
4 84
1
83/
10838
11412
1412
56
____
2812
Friday
May 29
Sales
ACTIVE STOCXS
of the
1Veek (For Bonds and Inactive
Stocks see below)
Shares
108
117
1414
5512
561
65
2814 281.1
4.710
108
*114
*1312
554
5124
3714 8714 53614 3711
4812 4812 4812 4812
*1114 1134
5212
b2-1-2 552
33 53712 38
38
79
78
4 578
/
781
•1114 1134 51114 1134
1912
519
4 519
/
191
4 781
1
78/
4 7834
1
78/
70
70
4 6934
/
5691
18
4 1858
/
1812 •181
531
4 31
/
811
31
56 5676 55/
4 55%
1
3913 3911 88/
4 3038
1
2558 2558 2558 25/
4
1
17
1712 17
4
1
17/
82%83% 58278 83
6% 6%
6% 13%
45
46
46
40
4 83/
1
8858 83/
4 8334
1
PHILADELPHIA
Bonds
Prices are all "and
interest"
, 6s'33F-A
Alt & L V Elec 4 .
Am Gas & Mee 5s '07_1?-A
Am Rys 5s 1917
A-0
Atl (3 Gas 185 s f 58 '60 J-J
Berg&EBrow lstes'21 J-J
Bethleh S't1 es 1.998_Q-F
Ch Ok & G gen 58 1919 J-J
Con Trac of N J 1st 5s '33
Del Co Rys tr ctfs 43'49J-J
Edison Elec Is 1946 A-0
Klee & Peoples Tr tr ctfs_
Fr Tac & 11 1st 58 '4O_J-J
Gen Asphalt 5s 1916_M-S
ila.rw Elec 1st Gs 1942 M-S
Interstate 4s 194%
F-A
Kentucky Tra&T 58'51F-A
Keystone Tel 5s 1935__J-J
Lake Sup Corp Inc 58'24 0
Lehigh Nay 43.s '24_Q-Ir
Cons 4;is Interim ctfs wi
Leh V 0 1st Is g 1933_J-J
Leh V ext 48 1st 1948_J-D
Consol 8s 1923_ _J-D
°onset 4s 1923
J-D
Annuity es
J-D
Gen cons 4s 2003__M-N
Leh V Tran con 4s '35 J-D
1st series A 4s 1935_M-S
135 series 13 5s 1935 M-S
NlarketStEl 1st 4s'5551-N
NatLII&P ser13 5s '10 J-J
New Con Gas 58 1948_J-D
N Y Ph & No 1st 48'30 J-J
Income 4s 1939___M-N
Penn Steel 1st 5s '17_M-N
People's Tr Sr ctfs 4s_1043
Co lst&coll Sr 58'49M-8
Con & coll Sr 56'Si M-N
Phil Elec gold Sr ctfs_A-0
Trust ctfs 45 1940 J-J
P St E gen NI 5s g '20_A-0
A-0
Gen M 4s g 1220
Bid
25
00
Baltimore
Con Gas El L & Pow_100
100
pref
Do
Houston Oil tr ctfs., 100
prof tr ctfs_100
Do
50
Northern Central
100
Seaboard Air Line
100
prof
Do
United Ry & Electric.. 50
Lowest
Ask
PHILADELPHIA
Highest
Rano,(or Prertous
Year (1913)
L,west
103 Feb 14 10834 May21 101 J'ne
109 Jan 3 11412 May28 101 J'ne
12 Apr 25 1912 Feb 2 1212 Dec
53 Apr 28 60 Jan 19 5612 J'Iv
115 Jan 22 127 Apr 8 10612 Dec
1734 Jan
22 Feb 5 1412 J'ne
46 Jan 2 5512 Feb 9 4112 J'ly
2412 Jan 7 2858 May25 23 Jan
Philadelphia
50
American Cement_
50 87 Apr 16
25 American Railways
50 x451
4 Apr 30
/
311 Cambria Steel
11 Jan 15
Electric Co of America 10
4612 Jan 45
101 Elec Storage Battery_100
100
4 Jan 9
/
361
10 Gen Asphalt
7434 Jan 5
Do
100
499
prof
Keystone Telephone_ 50
978 Apr 28
1812 Apr 28
25 Lake Superior Corp 100
50 s77/
4 Apr 30
1
99 Leh 0 & Nay tr ctfs
Apr 22
50 86
147 Lehigh Valley
50
Transit
1834 Apr 27
202 Lehigh Valley
50
8014 Apr 24
prof
Do
211
50
5414 Apr 25
769 Pennsylvania ItR
4 Apr 27
1
38/
50
402 Philadel Co (Pittsb)
2518 May 6
895 Philadelphia Elect11_ 25
13 Apr 27
50
1,590 Ma,16 T vot tr ctfs
50 x79% Apr 27
1,330 Reading
e Dieh 6
1
1,383 Tonopah Mining
42 Mch 27
50
960 Union Traction
50 82 Apr 25
644 United Gas Impt
Bid
Ask
120 Jan
12034 Jan
2512 Nov
68 Jan
123 Apr
21 Jan
4912 Sep
2758 Apr
2 Feb
2 Feb
3912 Feb 14 37 J'ne 24912 Feb
5358 Jan
5134 Jan 21 41 J'ne
1218 Jan
1114 Jan 27 1114 J'ly
5414 Jan
5512 Feb 2 42)2 J'ne
4 Feb
1
42/
4212 Feb 10 33 J'ne
78 May
4 J'ne
1
82 Feb 10 70/
1312 May
1312 Jan 15
934 J'ne
3112 Jan
2314 Jan 31 21 Dec
8434 Jan 22 81 J'no 931.Jan
4 J'ne 841X-6 Jan
1
7818 Jan 24 70/
4 Mcb
1
23/
2058 Feb 4 1534 Jan
3712\Ids
34 Jan 29 2912 J'ne
4 Jan 31 53% Dec 61% Jan
1
57/
J'ne
37
50 Jan
4634 Feb 6
4 Deo
/
2714 Feb 19 12012 J'ne 1261
281s Jan
2018 Jan 15 18 Nov
8618 Jan 23 75/
4 J'ne 85% Dee
1
4 J'ly
712 Jan 14
7% De°
6113 Jan
47 Jan 15 4134 Nov
9412 Feb
86 Jan 28 8034 J'ne
BALTIMORE
Ph & Read 2d 5s 1933 A-0
_ Coal & 0 Ity lst 5s '19A-0
Ex Imp M 4s 194T_A-0
_ 981-2 Coal & 1 My 1st 5s'20 F-A
Terminal 5s g 1941 Q-F'
Col & Grnv 1st 68 1916 J-J
_ P W & B col tr 4s '21__J-J
Consol Gas 5s 1939__J-D
--__
A-0
Road Trac 1st 6s '33 _J-J
Gen 4s 1954
i_ i_6_,_i 90 [loch My & L con 5s '54J-J --_-_-_-_
Cons G E & P 4 As '35 .:7-J
.1 Consol Coal Is 1950_ _J-I)
.4_
71
_ _ Spanish-Am Ir 6s '27__J-J
89 Fair & Cl Tr 1st Is'38 A-0
_
Stan'd Gas & El 6s'26 J-D -tHi
Oa & Ala 1st con 5s '45 J-J
Stand St' Wks 1145:3'28 J-J
_ .. _ U Trac Ind gen 58 '19_J-J
_9712
Ga Car&N 1st f's g '29 J-J
75 Georgia P 1st Gs 1922__J-J
74
Un Rye tr ctfs 48 '49 _J-J
Ga So & Fla 1st 58 '45_J-J
____ United Rys Inv 1st coil Sr
M-N 7112 7212 0-B-S Brew 3-48 '51_M-S
s f Si 1926
82 83 Welsbach s f 5s 1030__J-D 8712 88 Houston Oil div ctfs F-A
W11-13 G&E con Is '55_J-J 10214 ___ Knoxv Trac lit 58 '28 A-0
_ 93 MaconIty&Lt 1st 5s'53J-J
9712 9312 York Rya 1st 5s 1037_J-D
MU Elec My 1st Is '31 A-0
102 1021-2
Memphis St 1st 58 '45_J-J
BALTIMORE
5812 59
Monon V Trac 6s '42 J-D
Inactive Stocks
-61I-2 -0
Mt Vex Cot Duck 1st Is.,..
Atlan Coast L (Conn)_100
st,
- c
100
)_ canton Co
1_7_(..
igi- NptN &0 P 1st 5s'38M-N
100 93 98 N & A Terml 5s '29_ M-S
,onsolidation Coal
100 25
Georgia Sou & Via
Nor&Port Tr 1st 5s'36 J-D
-O61-4
100 8712
let preferred
Norf 16y & L 58'40_51-N
_ 10412
100 78
2d preferred
North Cent 43.s 1925 A-0
Series A 5s 1926____J-J
1
100
110-3-4 112.- G-B-S Brewing
Series B Si 1926_ _ _J-J
Bonds
alq. "and
Pitt Un Trac 5s 1997 J-J
Pricesinatreercs
1381-2 1371-2
J-J
Poto Val 1st 5s 1941
92 93
J-J 9112 9312 Say Fla & West 58 '34 A-0
Balt City 3;is 1930
48 1954-1955__Varlous 97/
Scab Air L 48 1950
4
1
A-0
4 8914
1
88/
51-N 101
5s 1916
___ Seab & Roan 5s 1926 J-J
103 10312
9434 95 Anacostia & Potom 5s A-() 10014 ____ South Bound 1st 5s_A-0
At! O'st cony deb 4s_M-N 9312 ____ U El L&P let 4 As'295f-N
_ Un Ry & El 1st 48 '49 M-S
jai- ____ At! Coast L(Ct)ctfs Is J-D 100
J-D
5-20-yr 4s 1925
J-J
Income 4s 1949
13 S P & C 1st 4 3,01'53 F-A -if,
'9734 Funding 58 1936 J-D
Bait Trac lit 55 '29..M-N 104 ____
Cony notes 5s 1914 J-J
-..-_
No Balt Div 5s 1942J-D 105 ____ Va Mid 3d mar 68 '113_11-8
____ 85
4th ser 3-4-5s 1921 1,1-9
99 100 Cent My cons Is '32_51-N 10412
04:: -9:
Ext & Imp Is 1032 M-S 103
5th series 58 1926_M-5
--:
2-8012
1021-4 10234 Chas City My let 5822 J-J 102
Va (State) S. new '32_J-J
8112 Chas My G Ss El Is '99518 90 441-4
81
Fund debt 2-3s 1991 J-J
103 ____ City & Sub 1st Si 1922 J-D
____ West N 0 eon Gs 1914..J-J
J-J
City&Sub (Was) lit lis '48 1011 10214 Wil & Weld 58 1035
'Bid and asked; no sales on this day. s Ex-dividend. 1 $15 paid. 4 $1734 paid. 1I 2234 paid.
Range Since Jan. 1
Bid
Ask
92
94
102
10312 _
94
4
/
941
8911
ths,
10012 101
104
1023,
10712
10412
4 3112
1
30/
7212
1021;
95
98
98 981
4
/
98
94
91
29
98
_
-ggi
98
101
106
106
Rid
105
85
105
105
9234
8334 84
4 6514
/
651
8612 87
4
/
991
100
101
103
85
8212
100
106
THE CHRONICLE
1680
Volume of Jusiness at Stock Exchanges
TRANSACTIONS AT FILE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
Week ending
May 29 1014.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday.
Shares.
Pat Value.
Sates at
New York Stock
Exchange.
U. S.
Bonds.
State
Bonds.
$8,862,700
9,747,601
0,822,750
14,460,500
11,704,200
10,154,050
$751,000
2,370,500
1,934,500
1,834,000
1,360,500
1,437,500
$10,000
352,000
147,500
186,000
120,000
170,000
$1,000
704,436 $61,757,800
$9,694,000
$991,500
$1,500
103,125
111,070
76,750
104,605
130,932
117,948
Total
Railroad.
dbc..
Bends.
Week ending May 29.
1013.
1914.
1,000
600
2,000
Jan. 1 to May 29.
1914.
1913.
30,609,124
1,28/3,061
34,066,003
704,436
Stocks-No.shares___
Par value
$61,757,800 $114,582,050 22,977,761,139 23,291,615,550
$77,600
$10,100
$249,900
Bank ahares, par
Bonds.
$392,000
$21,000
$387,500
$4,500
Government bonds..
11,606,000
1,054,500
213,998,600
091,500
State bonds
228,899,000
292,158,600
8,110,500
9,694,000
RR. and misc. bonds_
Total bonds
$10,690,000
$9,795,000
$319,544,500
$210,797,000
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
Boston.
Week ending
May 29 1914.
Shares.
10,136
9,471
9,572
12,213
10,632
10,830
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Bond
Sales,
52,000
10,000
10,500
27,000
20,600
17,000
Philadelphia.
Listed
Shares.
973
1,598
1,974
1,653
3,133
1,491
10,822
$87,100
62,884
Total
Note.-Boston "Unlisted Department" discontinued May 1.
---
Unlisted
Shares.
Bond
Sales,
2,855
2,700
1,323
2,148
1,835
2,403
$17,100
313,900
39,500
37,500
33,025
11,600
13,264
$175,625
Inactive and Unlisted Securities
[VoL. xcv
Telegraph and Telephone 8.8 Ask Indust and Nliscell-(Con) Bid Ad.,
Am Steel Fdy Os 1035.A-0 100
e Amer Teleg & Cable ___100 r5718 61
75
70
Deb 4s 1923
e Central & South Amer_100 106 10712
F-A
Comrn'i Un Tel (N Y).._25 95 105
American Surety
50 167 173
70
Empire & Bay State Tel_100 60
a
American Thread pref____5 •4
100 40
50
Franklin
Amer Typefounders com.100 39
41
e Gold & Stock 'Icieg
100 110 121
98
Preferred
100 04
Marconi Wireless Tel of Am 5 .318 378
95
Deb g Os 1939
99 1
Ivi-N
78
Amer Writing Paper_100
e Northwestern 'Peleg____50 108 115
1/
1
4
Pacific & Atlantic
25 65 ____ Barney & Smith Car corn 100
15
9014
e Pat Telep & Teleg pref_100 88
Preferred
45
100
Bliss(E W)Co corn
95
Southern & Atlantic
25 85
00
50 87
Preferred)
Short-Term Notes
60 115 125
Amal Copper
1915-M 43 10058 10078 Bond & Mtge Guar
100 280 290
Amer Locomotive 5.1915 J-J 100 10012 Borden's Cond Milk com.100 11212 113
j-J1 100 10038
Preferred
100 105 10011
Is 1916
2.4 9978 10014 Braden Copper Mines ____5 *77
8
Is 1917
100 39
44
Am Tel & T Sub Cos 5s '113_ 100 10018 e Brown Shoe corn
e Preferred
80
10014 10012
00
Balto & Ohio Sc 1914_
101 27
2914
Bitlyn Rap Tr-See N Y Stk Ex list. e Butterick Co
Coos & Ohio Is 1919_ __ 24) 9612 9673 Casualty Co of Amerloa_100 05 103
100 12912 131
9938 9934 Celluloid Co
ChloEley Rye 55 1914..._J-J
27
100 22
Erie Coll bsOct 1 1914_A-0 10038 10058 City Investing Co
100 85
90
ref
'
IIa
fI ienr(
rea B)
00
034 e c
Coll Is April 1 1915A-0 9927 10
65
70
Co
512s Oct 1917
A-0
80
0
°0
° 75
e let preferred eem--110
Star Riv & Pt Ch Is '15 M-N
09
_
75
85
e 2d preferred
4 10012
Hocking Valley 53'14_M-N is501 Ill Cent 43.0 1914__J-J 10018 10038 Cluett, Peabody & Co-See Stk Ex Hat ,
70
lot & Gt Nor Is 1914 F-A 90
Consol Car Ileating.._100 68
92
29 !
Inter Harvester 5s '15 F-A 10012 10058 Continental Can corn,....100 30
90/
1
4
Minn 481 L g Os 1910_ F-A 93
100 88
95
Preferred
1
4
100 1658 16/
9112 93 e Crucible
NI° Kan Sr Tex 58 1915_114-N
e
Steelcom
1
4
Missouri Pacific Os 19155-D
100 9412 95/
Preferred
*12
31I
__ 9912 Davis-Daly Copper Co_ _10
New Eng Nay 6s 1917 _M-N
-4.55 duPont(EI) de Hem Pow 100 123 127 ,
eNYC Lines Eq Is 1914-22 04.65
_ 85
e Preferred
4lis Jan 1915-1925___J-J 6 4.05 4.55
100
23
454s Jan 1915-1927_J-J b 4.65 4.65 Emerson-Brantingham_100 18
100 10014
77
N Y Cent 410 1915
Preferred
100 73
10033 10034 Empire Steel & Iron cons 100
13 •
Is Sept 15 1914
100_58 10
0078
15
25'
Is Nov 5 1914
6F
Perce
lefrea
rrIeNdfln & Smelt _10
8
N Y N II dr 11 53 '15 .,M-N
13 )
0°°
eP
prroefetrrre
50
958 10
0034
e,
di
37
Seaboard Air L fly 55'10 M-S -0
100 30
South Pao Cols J'ne 15 1914 10018 10038 e General Chemical
al cum_100 160 170
Southern ItY Sc 1910._ F-A
100 109 11014
085
8
00
4
Goldfield Canso! M
.138
M-52
111
53 Meld 2 1917
06 k Hackensack Water Co-10
West Maryland Is 1915_J-J 90
g 4i
sci1952
ope,
2op
Weatingh'se El & Sit (1.5 1915 102 10212 Halett ‘t
191
m.2__.
10
4
0 83
25
30 ,
Railroads
012
Preferred
100
80
e Chic & Alton corn
100 75
Havana Tobicco Co._ [00
20
100 13
2
4
e Preferred
Preferred
f
g
e
r
5
r
g
e
j
u
1
4
3
0
5
1
3
2
5
7
12
e Chic St P liZ & Gee.
9
100
100
no 1 1922 1-D / 04
e Preferred
100
07
olobeko
tiktesgriNI
v4.,kavinil
por3dr
oodIum
e:o
100 2212 2312 lulo
t x
e Colo & South corn
ie
0N
'ot
30
3
40
2
100
100 4
e let preferred
100
212 311
28 preferred
3712 41 ,
e Dul S S & Atl com____100
4
8
11,
e
ii
n
s
g
l
er
g
so
5
8
1
11
1
6n
1
d
com..„1-1011 130 133 !
•Preferred
100
100 02
N Y Chia & St L com_100
roro
efner
tirnedRub com..-100
4°
0 IneteP
3°
2 10
714 7/
1
4
100 9
e let preferred
75 Internal Banking Co.._100 05 105
e 28 preferred
100 08
International Nickel.....100 119 121
Northern Securities Stubs-- 102 100
Preferred
33
100 105 100
Pitts Bess & Lake lisle-60 .30
80 International Salt
100
5
8
Preferred
50 .60
let g Is 1951
A-0 / 4312 50
e Railroad (Securities Co78 International Sliver prof_100 106 112
111 C elk It etfei Bee A
53
55
1st
0a
1948
J-D
10812
110
West Pee let be 1033_M-5
Per share Kelly Springfield Tire -100 50
53
Standard 011 Stocks
nna
100 135 142
*1678 1714 .Lrar
Anglo-American 011 new
Debenture Isstle94,511........-0..A100 63
75
100 015 625
Atiantleaefining
Lackawanna
3012 39
100 200 300
liorne-,Serymser Co
orns.ANfietri
rAncyte
go
etc
14
75 La
yo
pe
100 83
140
5 6
811
Buckeye Pipe Line Co-50 *66
183
193
100
Chesebrough Mfg Cons_100
Lehigh Val Coal Salea..._50 165 170
100 100 110
Colonial 011
Manhattan Shirt
240
45 60
100 230100
Continental 011
5662
42
8
5
100 100 103„,
Crescent Pipe Line Co50 .
.58
Ma
Pnrh
eraetrred
tan Transit
20
Cumberland Pipe Line_100
Mortgage Bond Co
100 07 102
Eureka Pipe Line Co__.100 260270
Nat Cloak dr Salt ocen..._10
•53 • 58
Galena-Signal Oil corn., 100 178 180
Preferred
100 9712 9734
13
38 113
100 4,3
Preferred
100 173 183
Indiana Pipe Line Co____50 '133 137 6 National Surety
40 e New York Air Brake_ _100 67
0712
25
National Transit Co
6
20
New York Transit Co_ 100 270 280 e New York Dock com_100
reftegrerca
d
N elm
100
26
Northern Pipe Line Co_100 110 120
Security
14.5100
83
0
150
78 13
+17
Ohio Oil Co
25 .
N Y Title Ins Co
100 ---- 70
Pierce 011 Corp
N Y Transportation
20 cola
612
Prairie Oil & Gas
100 470 475
Niles-Bern-Pond corn-_ _:0
00
0 56
0212
Solar Reflaing
100 300 310
h1nota
60
Crolopps
eiri,
Ceo
r
3 0
20
27
28
2 3
10 * 6
Southern Pipe Lino Co__100 20
ss
100
South Peen 011
2s
100 75
Sou West Pa Pipe Lines _100 140 150 Otis Elevator corn
77
3i
Preferred
100 95
Standard 011 (Californla)100
97
e Mulliken Co 100 20
39
35
0 5
30
5 e Pettibon30
Stand Oil (Indiana) ____100 4
27
e let preferred
100
Standard Oil(Kansas) __100 430 440
99 I
50 ;i6" 10/
Stand 011 of Kentucky 100 280 290 Pittsburgh Brewing
1
4
50 .27
Stand 011 of Nebraska_ 100 360 380 e Iree r
2711'
Pittsburgh
rd
e Steel pref__100 83
Stand Oil of N J (01(1)_100
87
.
4l".2
.- Popo Mfg Co corn
100
30
5°
3 .
Stand Oil of N J
100 14
1
Preferred
100
2
Standard Oil subsidiaries- .950
5
100 9812 102
100 221 223 Pratt & Whitney prof
Standard 011 of N Y
Producers 011
100 130
Standard Oil of Ohio. 100 420 440
o11thy
igA
to
.
880
1,
0y
(
p
,
Hw
k Ity
0 ilIC
.
,
12).- 7.
88
-110
00
0 100 lid "!
Swim & Finch
100 180 20
21
Union Tank Line Co ,.,,100 85
2311
let preferred
100 90
Vacuum 011
100 223
98
Id preferred
87
Weehington 011
10 3
89
3
)
5
2
_?
(3)
_
_
Royal
Bak
Powd cow-10
°0
° 177 180
Waters-Pierce 011
100
lefer
craerd
105 108
Tobacco Stocks
Heat & Lt
Safety
10
0 0 101 103 \
(See also Block Exchange List)
138
Seare,Itoebuck&Co--SeeN Y Stk E Ils$
Amer Cigar corn
100 132
e Preferred-See Chic Stk Ex 115
Preferred
100 08 100
90 Singer Mfg Co
Amer Machine 4 Fdy_100 84100
330 333
Coupler co.
British-American Tobac..£1 .2238 2212 StarnidefarerdroCd
25
33
New stock
100 108 111
21' Stewart-Warner Speedo'r100 47
20
Conley Foil
27
25
23s 30
100 *
48
Preferred
a Keine (Geo W) oora...100 150 170
97 100
3ulzberger de Sons pref 12 9214 04
e Preferred
100 10812 117
inf1(ill ue vCi_dasITe_e_re1_ 10
Johnson Tin Foll&Metal 100 125 175 Texas & Pacific
101a0
0 1)712 100
MaeAndrewe & Forbeis...100 100 2050
98 100 )
:
61 0n
1:
e 6
p111
:Nalei
'
Porto-ILican-Araer Tob_100 235 24
3tk E x,1151
Reynolds (It J) Tobacco_100 265 275 'fronton Potteries com_100
4
,
Pre
tf
f
ee
e
dr
rr
r
ed
eu
d
ry
ne:oods_.1
Tobacco Produots corn _100 100 150
100
000
0 45
87
United Copper
Preferred
1, 55*I'
100 84
100
a United Cigar Mfrs con 100 40
2 a
United
s Preferred
100
80
84
048
811142 0 ePair
Pereferred
lJnIted Cigar Stores cont 100 98
88 18
100 9712 101
U El Casualty
Preferred
100 111 115
100 190 200
no
„
el
e
eo
ddo
rrrr
08ff
n
eee
:
11
S
BP
U
s Weyrnan-Bruton Co. _100 215 300
100 138
s Preferred
100 110 120
100 104
0
423
Young (J 3) Ce
223
5 100
100 180
100
5
Industrialiebilscollaneous
100 25
a Adams Express
100
J-J 0012
Con g 55 1929
Cot tr g 4s 1947
J-D f 7534 7ess
09
72
eUU S
:
ti'glInn51:8b
1 ulisa9g1A91cohol__100 15
Alliance Realty
100
30
0P
3rteofeeirre
4
50
114 u 8
Amer Bank Note cora
c
_50 *38
84
Preferred
50
Corporation__- 15°4°
Col s!be Apr 1951 op 1911 112 114
American Book
100 1650012 176
Col 8 f 50 Apr 1961 not opt 112 114
American Brass
100 134 137
U El Tit Gu & Indem__100 30
American Chicle com_100 190 105
ta
93)
8 Virginia Iron C & 0_100
Preferred
100 07
40
ao
e American Exproafi
100 104 110 e Wells Fargo & Co
100 96
99
1Vestchester & Bronx Title
Ara Graphephose oom_100
Preferred
100
100 165 174
American Hardware__100
Bralte..50 .128 129
eldParsualir
Amer Malting 13s 1914__J-D 9934 10012 Willys-Overland com..-100 79
i5
g - i3
Pi
.
0
6-- e W
eeel'fI
Amer Press Assoc'n
100 i2
teltn
rgrg
100 94
Worthington(HR)Co pf_100 25
All bond prices are now "and Interest" except whore marked' "
Street Railwaye-(Con.)
pia AM
Bid Ask United Rys of St LStreet Railways
1012
Common
100 10
e Preferred
10037
New York City
100 ;i52 uo
26 Wash Sty & El Co
Bisect St & Sul Try atk_100 20
100 18314 85
73
Preferred
J-J 66
let natge As 1950
8214 827s
J-D
4s 1951
100 175 185
& 7th Ave elk
West Penn TraWatrow 100
18
Id ratge 158 1014
J-J 10014
100 ---- 00
Preferred
Breadway Surface 1113.J-J 100 10212 Electric, Gas & Power Cos
1st Is 1924
New York City
10
Cent Crosstown etock_100
J-J 102 10312
Cent Un Gas 5s 1027
let intim 88 1922.__M-N 155Christopher & 10th St stk100 120 135 • Kings Co El L & P Co..100 121 12212
New Amsterdam GasDry Dock B & BattJ-J 10112 10212
let consol is 1948
J-D 08 100
let gold Ss 1032
30 NY&ER Gas lst 8s'44 J-J 10212 104
F-A / 22
Scrip Is 11114
Consol Is 1045
J-J 9912 102
Righth Avenue stock_100 280 310
91) 10012 N Y & Q El L & Pow Co_100
F-A
Scrip 65 1014
Preferred
100
424 is Or at Fy stock___100 240 280
N Y & Itlelantond Glas
100 35
45
62d St M & St N Ave
lit Cu ext at5% to'4o_rts-s 100 105 North'n Un let 5s 1927_M-N 10034 102
Ninth Avenue stock_. 100 155 170 Standard G L let 5s'30 M-N 100 10112
Other Cities,
3
Second Avenue stoek___100
24 Am Gas & Elea com
50 *81
83
- Cense' 1Ss 1048 etfs__F-A
Preferred
60 .40
48
'Sixth Avenue stock ___100 113 121
100 337 340
J-J 8912 100 Am Lt & Tree corn
Sou Boulev 55 1945
98
Preferred
100 108 110
A-0 90
Sc Fer let 55 1919
80 Amer Power & Lt eom_100 61
63
Tarry WP dr 1.1 Is'28M-S / 76
15
Preferred
100 82
83
33 & 20th Sts Is '96 °Hs A-0 / 5
Twenty-third St stock_ 100 240 275 Appalachian Power1st m Is 1941 opt
J-D 70
75
Union Sty let Is 1942 1'-A 10212 104
03 Bay State Gas
60
/
1
4
12
Westchester let Is '43_J-J 90
5
Yonkers St RR Is 1940_A-0 92 100 Buffalo City Gas stock 100
Cities Service Co corn,.,.100 86
Brooklyn
88
Preferred
100 72
74
Atlan Ave RR con 50'31A-0 101
100 1012 1034
XB4WE Is 1933.-A-0 97 100 Columbia Gas & Elec
let 59 1927
J-J 60
70
10 172 174
• Brooklyn City RR
Bklya Hata let Is 1941-A-0 100 10212 Con (les of N .1 150 1030_14 98 ____
100 00 100 Consumers' L 11 & PowConey lal & Bkiyn
Is 1938
J-D 102
84
let cons g 45 1948
.1-5 82
Con g 45 1955
J-J 8() 81 Consumers Power (Minn)
let &ref 5* 29 opt'1433-N
8312 01
9912 1001
, Brk C & N Is
93
Nassau Eleo lit is 1944 A-0 102 104 Denver 144 El 89 1949_M-N 91
Electric Bond Share prof 100 39812 100
N Wmsburgh & FlatbuahElisabeth
Gas Lt Co
100 325
93
let 43,45 July 1941...F-A 92
100 133 lig Steinway le' Sc 1922._ J-J 100 103 Essex & Hudson Gae
Gas dr El Bergen Co....._100 83
01
Gr't West Pow bs 11)46__J-J 7912 8012
Other Cities.
Hudson County Uas..-100 130 133
Buff St Ry let con is'31F-A 10212
01 Indiana Lightlag C0-.100 39
Conew'Ith Pow Ry & L..100 60
41
4s 1958 opt
82
100 80
F-A 70
Preferred
72
64 Indianapolis Gas
A-00
5 110
0 Conn Ry & Ltg con:1_100 61
let g Is 1052
87
60
100 03
90
s Preferred
Jacksoa
673
20714
100
Gas
9712
100
Is g 1937 A-0
; 'Detroit United Ity
22 aLaclede G L(St Louls)100 06
08
Federal Light & Trao-100 20
a Preferred
70
100 68
100 9012 9812
Preferred
Madison
79
Gas
Cs 1920 A-0 102 107
OHAVADA Eleo Sty L & P 100
03 Narragan (Prov) El Co_
90
100
•Preferred
•Leulliv St bs 1930
J-J 103 10314 Newark Gas is Apr '44...Q4 122 121
Newark Consel Gas
100 05
New On Rye & Lt com-100 nil
0611
05 No Ilud L & P Gs 1938A-0 98
e Preferred
100
85 Pacific Gas & E com
NY State Rys corn
100 3912 4012
100
Preferred
647s
eNor Ohio Tr & Lt oom_100
100 8113 82
92
Pub Serv Corp of N J-See Stk 1(3 x list Pat & Pas Gas & Elec.-100 88
Tr ctfs 6% perpetual____ 104 1061 St Joseph Gas he
--(Del) 50 .4/
1937_141
4 -612
No Jer St let 43 1948 M-N 7812 701 Standard Gan & El
-Preferred
Cons Tract of N J
100 7312, 741
let 55 1933
J-D 10212 10312 United Elentrio of NJ- So *22
23
let
g
Is
1049
10412 1051
J-D 8114 82
New'k Pass Sty be
United Gin & Eleo Corp-100 29
Rapid 'Fran St Ry
100 230
32
1st preferred
ioo 63
•
let be 1921
A-0 101
70
2d
preferred
100 3012 34
7'7
J C Hob & Pat 45'49 33-N
Utah Securities Corp
• Se J Gas El & Trao_100 123
100 1(111 1712
0% notes Sep 15'22k(& S16 83 84
M'S 98
Ou g
1963
No Hurl Co rty be 1928 2-5 101 103 Western Power oom
100 1512 1612
Preferred
Ext Is 1924
M-N 98
ioo 80
62
Western States Gen & ElPat By con Os 1931-J-D 112
let
&
ref
e
Is 1941 op_J-D 81
28 03 1914 opt_...4-0 100 3312
Ferry Companies
Republio By & Light_100 18
191
73 NY&ER Ferry stook-100 10
100 71
Preferred
13
let Is 1922
• Tennessee Ry Lir.? eera-100 14
M-N 40
15
46
0812
68 N Y 4 Hob Sc May'49
• Preferred
100 63
Hob Fy let be 1940-14J4
Toledo Tract L & P
100 12
16
-N 10
03
1 101
60 NY&NJ be 11M6
Preferred
100 45
'rrent P & BI ba 1943_1-D 91 _- 10th dc 23ii Sts Furl
0 3
_00
15
3
4
25
0
United Lt & Rye cont-100 73
let natgo Is 1919
74
let preferred
100 74
100 30
78 Milo* Ferry stock
311s
2(1 preferred
100 08
let be 1920
70
M-N 913 100
*Per share. a And accrued dIvIdend. b Basis, k Listed on Stook Exchange but usually inactive. /Fiat price. n Nominal, s Sale price. k New stock, ag
subsidiaries, s Ex-div. y Ex-rights. s Includes all new stook dividends and subscriptions, e Listed on Stock Exchange but infrequently dealt In; record of
ast, wIll se found on a preceding page. A Ex-300% etock dividend.
•
A
„
'
1681
THE CHRONICLE
IILLY 30 1914.1
lnuestment and Railroad itntelligence.
RAILROAD GROSS EARNINGS.
toturne
. The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthlylast
two
the
lean be obtained. 'l'he first two columns of figures give the gross earnings for the latest week or month, and
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 eovers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
1
July 1 to Latest Dale
Latest Gross Earnings.
July 1 to Latest Date.
Earnings.
!
Latest Gross
ROADS.
Current
Year.
Week or
Month.
Previous
Year.
Current
Year.
Previous
Year.
ROADS.
Week or
Month.
Previous
Year.
Current
Year.
Current
Year.
Previous
Year.
(iAN 0& Tex Pac186.939 217.338 1.690.851 1.887,732
320,986 313,117 3,401,705 3,254,129 N 0 Mobile & Chic_ March
i N 0 & Nor East April
5,262.963 5,452,655 49.819,352 52,470.201
141.951 157.715 1.578,853 1,586,704 N YNH& Hartf_ _ March
i Ala & Vicksburg_ April
661,825 698,163 6,736.886 7.109,899
157,129 143,292 1,566,088 1,468,059 N Y Oat & West...... March
Vicks Shrev &Pac April
331,451 357.941 3,285.951 3,169,114
44.653 2,010,195 1,991,545 N Y Susq & West.. April
38,888
2d wk May
;.Ann Arbor
360,811 399,355 3,151,182 3,112,372
12
/ 9,408.981 92,958,615 98,907,424 Norfolk Southern__ March
.
I Atch Topeka & S F_ April _ 9,§41.11
3,598,327 3,568,831 33.433,948 32,042,971
311,40 2,697,876 2,494.051 Norfolk & Western_ March
Atlanta Birm & Atl March
March
4,947.821
_
5,619,874 52.668,371 55,187,255
Pacific_
Northern
27,353,162
.658,331
27
3,759,122
3,763,661
March....
Atlantic Coast Line
268.706 259,527 2,772.700 2,756,880
216,450 203,945 1,624,511 1,465,915 Northwestern Pac_ March
i Chariest & W Car March
468.723 619,714 5,501.135 5,981.854
930,086 Pacific Coast Co__ March
111,130 101,163 1,027,236
', Lou Hand & St L March
14851147 14849 127 136631417 135836 760
7,763,103 7,567,179 82,023,925 83,573,249 Pennsylvania RR__ March
'g Baltimore & Ohio.. 1 pril
239.190
270,221
20,821
20,276
Balt Chas & AtL _ March
106,705 146,899 1,347.863 1,480,963
i B &0 Ch Ter RR April
262.413 295,059 2.606,299 2,619,819
Cumberland Vail. March
428.430 326,550 2,775,263 2,341.763
e March
r Aroostook
lEene
I angori &
8,480,328
9.155,358
807,070
855,160
March
Long
Island
6,361,439
6,236,442
500,917
348,093
Er! March
119.360
119,276
9,225
8.438
Maryl'd Del & Va March
990,082 1,043,265
88,246 122,401
Birmingham South.. April
271,317 296,931 2.799,515 2,706.520
N Y Phila & Norf March
3,727,974 3,731,290 35,596,433 36,617,411
oston & Maine.. March
9,946.301
9,963,218
1,050,735
1.075,721
March
Northern
Central
9,760,569
247,401
9,736,798
Roch & Masi). 3d wk May 196,487
,
'Buff
1.567,963 1,787,368 15.378,773 15.707.265
Phila Bait &Wash March
197,995 213,629 1,800,819 1.850,075
March
) uffalo & Susq
376,034 459,166 4.784.573 4,863.875
W Jersey & Seash March
Canadian Nortiiiiii 3d wk May 369,300 507,400 20,603.600 20,042,900
4,500,198 46,883,019 49.320,438
4.392,788
_
March
Co.__
376
Pennsylvania
3d wk May 2,199,000 2.663,000 116226012 123398
'Canadian Pacific
453,358 444.114 4,227,452 4.197.354
Grand Rap & Ind March
1,047,699 1,062,679 12,305.151 11,955.280
Central of Georgia_ April
3,222,968 32.586,544 33.835.259
3,409,552
March
&
L..
Pitts
St
00
24,314.029
23,609,037
;Central of New Jer_ March
2,331,666
2,434,739
1.001.444 787.994 8.835,95 8,537.809
March
Vandalla
298,021 293,051 2,782.37) 2.773,897
England.. March
)(lent NewVermont
Linas,Central
334,340 323.390 3,015,490 3,113.945 Total
March
20103446 20594623 191706 217 192331 136
East Pitts & E_ March
iChes & Ohio Lines.. 3d wk May 671,014 671,000 32,391,429 31,021.555
9.455,109 9,133,604 94,371,572 97,632.121
West Pitts & E March
& Alton_ 2d wk May 239,461 271,474 12,614.004 13,404,408
29558555 29728 227 286077791
All East & West.. March
7,626,213 7,129,395 72.124.149 72,501,538 Pere
'Chic
,Ohic Burl & Quincy March
.305.88
1,362,755 1,395.394 12.553.756 r19
Marquette...._ March
1,441,037 1,268,382 12,428,186 12,367,084
IChic & East III_ March
Reading Colp Chic Great West.. 2d wk May 289,794 289,434 12,537,903 12,171,752
4.082,008 4.235,118 40,730,979 43,154,941
Phila & Reading.. April
6,213,396
,Chic Ind & Louisv_ 3d wk May 131,707 141,830 6.172.743 71,947,202
4,311.737 4360,226 27.786,511 35,195.374
Coal & Iron Co.._ April
'Chic Milw & St P.. I March ...... 7.630,103 7,596,900 70,034,298
8,394.645 8,395,344 68,517,490 78,350,315
Total both cos.. April
Chic Mil& PugS I
256.250 281.114 2,113.727 2,131,836
6,377,070 6,432,814 72,259,406 72,086,403 Rich Fred & Potom March
'Chic & North West April
795,881
878.600
69,6J8
72,521
March
1,365,300 1,270,515 15,425,463 14,501.761 Rio Grande June_
*Chic St P M ,Sc Om April
587,062
588.079
11,539
13,990
May
wk
3d
Rio
South....
Grande
239,175 130,960 1,742,109 1,472,866
()hie Terre Il & S E March
5,636,955 5,594,102 52,173,612 54,410.219
796,175 533,798 8,336,721 8,300,954 Rock Island Lines.... March
i in Ham & Dayton April
268,792 2,798,600 2,772,534
262,612
March
Rutland
1,580,254
120,963
1,489,905
99,697
April
olorado Midland..
138,779 108,306 1.243,836 1.188.105
Jos & Grand Isl.. March
Colorado & South. 3d wk May 219.735 275,420 11.911,960 13,543,765 St
2.773.887 2,872,581 25.550,528 26,173,967
182,033 St L Iron Mt & Sou March
139,591
16,003
20,500
March
ornwall
190,711 2.066,628 1,88.4.388
201,202
April
P
&
Mt
Rocky
L
St
318,264
232,281
25,947
34,964
March
Cornwall & Leban'n
3,669.655 3,677.787 34.921.249 35,136.631
April _ _ 544,872 450,600 4.270,486 3,785,813 St Louis & San Fran March
ba Railroad
Louis Southwest_ 3d wk May 198,000 236,000 11.622,766 12.008,863
elaware & Huailin March1,600,621 1,908.762 17.199,108 18,241,910 St
861,758 787.561 7.774,580 7,605.725
2,777,930 2,789,349 29,611,504 30,274.527 San Pad L A & S L_ March
_ March
Lack
wk May 477.053 471,761 22,776,171 21,998.239
Geglide 3d wk May 395.300 420,800 20,763,690 21,897,734 Seaboard Air Line 3d
l v & RS1toW
en
Pe
10960575 11059395 115992328 119346030
April
Pacific
Western Pacific 3d wk May 104,500 133,300 5,382,592 5,489,789 Southern Railway....
3d wk May 1,213,094 1.230,011 62,651,786 61.611.671
20,065 1,047,573 1.012,059 Southern
27.200
saver & Salt Lake 3d wk May
Mobile &Ohio_ 3d wk May 240.615 258,375 11,519,657 10,917,591
144,194 111.901 1,165.147 1,282,256
etroit Tol & Trent March
Cin N 0& Tex P.. 3d wk May 208,451 214,293 9,687.559 9,251,808
23,550 1.084.331 1,105,827
22,157
etre% & Mackinac 3d wk May
91.446 4,823,887 4.600,590
94,034
Ala Great South.. 3d wk May
ui & Iron Range.... March
127.623 104.465 5,099.395 4,859.560
40,977
45,195 2.326.508 2,310,409
Georgia Sou & Fla 3d wk May
65,154 3,051,384 2,931,441
57,293
Duluth So Sh & At) 3d wk May
360,713 390,755 3.722,564 4,025,283
Seattle March
!gin Joliet & East.. March
1,019,606 1,144.564 8,843,947 9,900,662 Spok Pont&
77.439
114.675
3,886
2,225
Apr
wk
4th
&
Ala
Qeorgia
Tenn
6,497,849
6,668,485
785,996 785,934
1 Paso & Sou West March
145,431 142.756 1,287.826 1.257.545
Central_ March
April
4,801,031 4.723,769 50,606,238 51.879,750 Tennessee
3d wk May 323,558 305,635 10,930.511 16.417.721
711.106 726.988 3,899,417 3,810.171 Texas & Pacific..
Acta East Coast_ March
87,103
71.666
8,900
7,349
737.185 Tidewater & West_ April
730,388
79,609
77,030
onda Johns & Glov March
23,195 1.154.093 1,216,541
21,277
& West 3d wk May
.
297,307 291.118 2,601,288 2,376,932 Toledo Peer
eorgia Railroad... March....
91,068 102,658
Toledo St L & West 3d wk May
rand Trunk Pac 1st wkMay 100,002 129,892 6,008,281
6.918,512 7,000,573 77.986.610 78,804,216
Pacific Syst_ April
rand Trunk Syst_ 2d wk May 945,082 1,1297 47,453,030 46,076.576 Union
& So West.. April
16219 160.392 1,627,826 1,495,474
Grand Trk West.. 2d wk May 130,198 14 .143 6,250,043 6,403,665 Virginia
March --- 514,846 664.197 5,051,564 4,628.020
4 ,670 2,187,907 2,142,862 Virginian
48,261
Det Or H & Milw 2d wk May
_
April
2,483,489 25.368.519 26.558,117
2,248.263
Wabash_
2,100.317
51.138
50.567 2,022,353
/ Canada Atlantic_ 2d wk May
Maryland., March ___ 660,624 629,128 6.202,432 5,647.461
Great North System Apl ... 5,062.081 6.082,302 63,356.802 64,848,951 Western
407.922 879,728 6,636,672 6,325,104
Erie... April
Lake
&
Wheel
1,567,852
165,733
_
1,545,544
March
188,022
Island..
Ship
&
tilt
249,565
291.808
37,610
40,256
March
March _-- 597,408 478.469 5,707,288 5,685,863 WrIghtsv & Tennille
4Rocking Valley..
851.123 815,217 10.837,832 9,339.015
4,825,331 4.560.001 55,870,031 53,773.375 Yazoo & Miss Vall April
April
llnols Central..
ternat & Grt Nor 3d wk May 142.000 162,000 8,990,561 10.235.895
Current
Previous
o Interoceanio Meg_ 3d wk May 101,925 165,383 8,589,404 7,952,600
Year.
Year.
Period,
Various Fiscal Years.
266,912 234.457 2,426,491 2.435,249
1 anawha dc Mich.... March
8,950,965
April
9,120,800
South..
935.187
848,768
City
e.n.se,s
t
1,299.252
ehigh & New Eng.. March__ 217,677 127,544 1,484,624
Mar 31 4.794.367 5.933.850
Jan 1
April
3,375,089 3,530,767 32,046,513 35,504.675 Delaware & Hudson
Lehlgh Valley
Mar 31 20,956,796 22.649.323
Jan 1
151,209 166,437 1,314,437 1,280,364 N Y Central & Hudson River-e- Jan
'Louisiana & Arkan_ March
Mar
31 3,633,067 3,853.145
1
Albany.
&
Boston
53,172,715
Pouisv & Nashv 3d wk May 1,033,200 1,119,25 53,701,802
Mar 31 11.913,001 14,21337
1
Jan
South
Lake Shore & Michigan
117.478
8
135.976
11,647
9,916
aeon & Birm'ham April
Mar 31 1,315,242 1,3 ,182
Jan 1
Lake Erie & Western_n
March
1,047,977 881.249 8,811.643 8,5 4.989
1Maine Central
Mar 31 1.090.794 1.14 .285
Chicago Indiana & Southern_ Jan 1
8.230
395,335
41,012
40.578
'Maryland & Penna. March _ _
Mar 31 7,677,444 8.554,930
Jan 1
Michigan Central
92„500 147,900 8,200,800 7,492,400
1at wILMay
Mar 31 8,150,573 8,792,864
Cleve Cin Chic & St Louis_ Jan 1
761,254
411,979
14,702
16 143
3d wk May
314,287
287.859
Mar 31
Jan
1
Northern
Cincinnati
8.752,207
176,542
8,642,174
3d
_1
wk
183.624
May
inn & $t Louis_
Jan
Mar 31 3,954,007 4,653.436
1
Erie
&
Lake
Pittsburgh
' Iowa Central__ i
Mar 31 2.869,995 3.085.413
New York Chicago & St Louis Jan 1
Minn St P & SS M_ 3d wk May 478,350 516,716 20,404,937 28i600,630
Jan 1
Mar 31 1,231,601 1,177,158
Toledo & Ohio Central
790,240
783,223
83,650
96,287
MississippiCentral_ March........
Jan 1
Mar 31 63,106.707 69,854.932
Total all lines
29,202,632
,u Mo Kan dc Texas 3d wk May 486,882
Jan 1
Mar 31 40,484.014 43,259,276
. 0 53,599,490 55,718,085 Pennsylvania Railroad
511'881
x Missouri Pacific_ 3d wk May 1.061000 1,1
49.356
53,042
1
&
Jan
Mar
31
Atlantic..
Chesap
Baltimore
1.092,925
10,015,624
9,728,912
March
1.145,865
Es.shv Chatt & St L
862.762
796,354
Jan 1
Mar 31
Cumberland Valley
r 887,406 31,699.540 53,204,941
' Nat Rys of Alex t 3d wk May 468:
Mar 31 2.323,916 2,211.740
Jan 1
Long Island
356,032
6,269
0
316,665
evada-Cal-Oregon 2d wk May
26,726
Mar 31
22,940
Maryland Delaw & Virginia Jan 1
14, 32 161,595 1,425.112 1,307,420
Orl Great Nor March
838.475
779,781
Mar 31
N Y Philadelphia & Norfolk.. Jan 1
7,52 , 6 7,881,056 73,006,966 73,006,591
• Y0& Ilud Riv_
Jan 1
Mar 31 2,900,326 3,112.188
Central
Northern
0
,
1,323,150
1,31
12,631,592
12,624,965
Ss
Albany
Beaton
Mar 31 4.540.710 4.929,821
Jan
I
n.
Phila Bait & Washington
,„ Lake Shore & M S arch........ 4,33L-42 4,754.001 40,820,566 43,510,034
Mar 31 1.025;503 1.159,457
West
Jersey & Seashore
444.881 4,373,629 4,574,250
• n Lake Erie & W 1% arch
Mar $1 12.710,291 13.869.737
Jan 1
3,305,816 3,350,312 Pennsylvania Company
Chic Ind & South arch
Mar 31 1.226,743 1.257.803
1
Jan
Itidlana
&
Rapids
Grand
,
3
9
2,
3188
1
iii:iii
28,229,288
25,984,091
2. . 1
Michigan Central
Mar 31 9.514.356 10.489.558
Pitts Cin Chic & St Louis.- Jan 1
Olev 00 & St LI March.... 3, 28.15 2,824,242 27,769,346 28,735,700
Mar 31 2.711.421 2,608.809
Jan 1
Vandalla
Peoria &Eastern)
Mar 31 65.273,637 59.423,035
1
Erie
Jan
&
Pitts
lines-East
Total
1,089,749
91,550
1,135,961
115.
;Oinoinnati North. March
Mar 31 26.184,577 28.772.182
-West Pitts & Eri Jan 1
1,15V 1,595,556 13,603,098 14,745,119
tts & Lake Erie March
Mar 31 81.466,215 88,196.2
-Ail lines E & W.... Jan 1
Y Chic & St L. %larch.--.2,170 940.086 9,087,818 9.584,370
306,
Mar 31
268,211
1
Dec
Junction
Grande
Rio
4.121,120
'Po1 & Ohio Cent_ March
513.745 357,773 4,509,070
757,571
Mar 31
777.
Jan 1
,
' Tot all 11e above March........ 28234547 23575659 216271324 221668138 Rutland
k
-
r
9
t
ssseggsgsgsgggggssggagagb+gb•ggn
•
‘E
_ ays
lw
irweagniaRti4Bo
2.,442.993
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.
•
Current
Year.
Previous
Year.
Increase or
Decrease.
%
•manthly Summaries.
Curren:
Year.
Previous
Year.
Increase or
Decrease.
%
1
$
$
Mileage. Cur. Yr. Prey. Yr.
8
5
$
206,084 203,773 235,849.764 223.813,526 +12,036.238 5.31
July
40 roads.._ 12.983,762 13,598,993 -015,241 4.il
94 week Mar 13
1.50
+4.342.006
.493.023
25
,029
259.83
216,709
919.493
August
-650.901 1. 8
-- 12.973,662 1$.624.563
341 week Mar O9 roa
97 239,05012 5.0 . 2 7 ,244.811 +9.805.231 3.57
- 17.040,163 18,161,250 -221,087 . 0 September-242,0
4th week Mar 89 roads).....
la
-1,281,011 0.
.76.017
240.886
_443.690
October
.23
-29,061
12,611,264
roads).....
88
12.682,203
t week Apr
, 64.475 -9,143,593 3.
Novembei 243,745 241.452
-453,249 3.49
9 ro
- 12136.856 12,990.105
d week Apr
December -243.122 241.180 2 j18. 1266.224.678-12.005,787 4.111
d week Apr 37 roa .. .. 11. 81,328 12,217,188 -1.035,860 8.48
-16.884.807 6.75
249.9p641
.834
3.07
241,469
32
-243.
January_
11.34
roads).....
-2,107,467
16.500,271
16. 9.61)4
4th week Apr 39
233.0 .143 -23,823,138 10.22
25 242,0 8 9. 3..
lab week May 36 roads)..... 12. 0 .703 13,237,580 -1,233,877 9.32 February...._244.
+660,160 OW
249.5 4,091
,
.200 243.1
March -___
2d week May (35 roads ____ 11.09 ,239 12.391.052 -1.300.813 10.47
72.446.440 -4,460.887 6.28
.167 91.8 2 67.
April
10,715,558 11.863.285 -1,147,727 9.66
lid week May (30 roads
District By.from Nov. 11911. e Includes the New York &
a Mexican currency. b Does not include earnings of Colorado Springs & Cripple Creek which,
being a Canadian road, does not make returns to the
Ottawa. the St. Lawrence & Adirondack and the Ottawa & New York Ity., the latter of&
Indiana RR. g iucludes the Oleveland Lorain & Wheeling
Inter-State Commerce Commission. f Includes Evansville & Terre Haute and Evansville
Dodge and Wisconsin Minnesota & Pacific. s InFort
&
City
Mason
of
earnings
Includes
p
the
RR.
Northern
Ohio
By. in both years. n Includes
u Includes the Texas Central in both years and
cludes Louisville & Atlantic and the Frankfort & Cincinnati. 8 Includes the Mexican International.
Iron Mona"
the Wichita Falls Linen in 1912. beginning Nov. I.. e Includes not only operating revenues, but also all other receipts. z Includes 811, Louis
any
in
of_ourAcitale.
roads
Maxicaw
tab .15 Southern...A-We no longer_liusluda the
1682
THE CHRONICLE
[VOL. xcvm.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of May. The table covers 30 roads and shows 9.66% decrease in the aggregate under the same week last year.
Third week of May.
Alabama Great Southern
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Ind dc Louisville
Cin New Orleans & Tex Pac_
Colorado & Southern
Denver & Rio Grande
Western Pacific
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore & Atlantic
Georgia Southern & Florida
Internat & Great Northern_ _
Louisville & Nashville
Mineral Range
Minneapolis & St Louis
Iowa Central
Minn St Paul & S S M
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
Rio Grande Southern
St Louis Southwestern
Seaboard Air Line
Southern Railway
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western.._ _ _
1914.
1913.
94,034
91,446
196,487
247,401
369,300
507,400
2,199,000 2,663,000
671,014
671,000
131,707
141,830
208,451
214,293
275,420
219,735
420,800
395,300
104,500
133,300
27,200
20,065
22,157
23,550
65,154
57,293
40,977
45,195
142,000
182,000
1,033,200 1,119,825
14,762
15,143
183,624
176,542
478,350
516,716
488,882
553,961
1,061,000 1.138,000
240,615
258,375
11,539
13,990
198,000
236,000
477,053
471,761
1,213,094 1,230,011
323,558
305 635
21 277
23 195
91 068
102 658
Total (30 roads)
10,715,558 11,863,285
Net decrease (9.66%)
Mexican Roads (not included in total)Interoceanic of Mexico
165,383
101,925
National Railways of Mexico
468,855
887,405
INDUSTRIAL COMPANIES.
-Gross Earnings
----Net Earnings
Current
Previous
Previous
Current
Companies.
Year.
Year.
Year.
Year.
$
$
AmPow & Lt(sub cos) a Apr 524,267
459,310
192.400
245,312
May 1 to Apr 30
6,112,059 5,458,356 2,837,376 2,410,332
Southern Calif Edson_ _Apr
376,338
369,972
186,158
164,458
Increase. Decrease.
• Jan 1 to Apr 30
1,522,984 1,478,909
698,091
683,277
a Net earnings here given are after deducting taxes,
2,588
b Net earnings here given are before deducting taxes,
50,914
c After allowing for outside operations and taxes, operating income for
138,100
1914 was $124,620 against $165,352; and from July 1 to April 30
464,000 April$2,805,233
was
in 1914, against $2,823,995 last year,
14
For April taxes amounted to $455,335, against $389,703 in 1913, after
10,123
5,842 deducting which, net for April 1914 was $2,995,443, against $2,903,814 last
55,685 year, From July 1 to April 30, taxes were $4,583,129 in 1914. against
25,500 $3,896,613 last year,
28,800
n These figures represent 30% of gross earnings,
7,135
1,393
Interest Charges and Surplus.
7,861
4,218
-Int., Rentals, &c.--Bat. of Net Earns.40,000
Previous
Current
Current
Previous
86,625
Roads.
Year.
Year.
Year.
Year.
381
7,082
Chic & North Western_ _ Apr 870,566
526,908
433,524
776,587
July 1 to Apr 30
8,973,668 8,354,541 10,923,963 12,498,078
38,366
65,079 Chic St Paul M & 0_ _ _ _Apr 227,408
58,802
193,417
74,655
July 1 to Apr 30
77,000
2.194,187 1,879,212 2,003,696 1,926,909
17,760 Cuba RR
Apr
152,256
213,131
71,567
66,792
2,451
July 1 to Apr 30
677,475
667,639 1,395,283 1,089,845
38,000
Greenwich & Johnsonville5,292
Jan 1 to Mar 31
11,150
x8,452
10,360
z4,864
16,917
July 1 to Mar 31
33,103
x25,722
26,674
x14,074
17 923
1 918 Reading Company
Apr 868,500
838,004
898,354
765,668
11 590
July 1 to Apr 30
8,565,000 8,391,512 6,890,690 13,908,215
Grande Junction_ _ _Mar
8,333
8,333
13.423
12,558
40,415 1,188,142 Rio Dec 1 to
Mar 31
33,333
33,333
47,130
58,636
1,147,727
St L Rocky Mt & Pac___Apr
32,914
32,065
30,784
13,707
July 1 to Apr 30
420,605
323,294
63,458
195,131
268,959
418,550 Ulster & DelawareJan 1 to Mar 31
57,041
58,392 zdef71,406 xdef41,632
July 1 to Mar 31
180,598 zdef37.463
192,846
z42,056
Net Earnings Monthly to Latest Dates.---The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
INDUSTRIAL COMPANIES.
-Int., Rentals, &c.- -Bal. of Net Earns.
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
-Gross Earnings- -Net Eearning-$
$
$
$
Current
Previous
Current
Previous
Southern Calif Edison_ _Apr
78,908
68,053
z98,249 x119,840
Roads.
Year.
Year.
Year.
Year.
301,227
Jan 1 to Apr 30
272,851 z402,948 z431,601
$
$
$
$
Atch Top & Santa Fe_b_Apr 9,279,413 9,408,981 33,450,779 33,293,517
x After allowing for other Income received
July 1 to Apr 30
92,958.615 98,907,424331,565,947333,256,364
Canadian Northern
Apr 1,610,000 1.745,300
414,200
503,100 ELECTRIC RAILWAY AND TRACTION COMPANIES.
July 1 to Apr 30'
19,403,800 18,583,200 5,406,800 4,926,300
Canadian Pacific_ a_ _ _ _Apr 9,720,461 11,750,913 3,344,865 3,945,077
Jan. 1 to latest date.
Latest Gross Earnings.
July 1 to Apr 30
109,964,473 115816,288 36,127,291 39,114,089
Name of
Central of Georgia_b _ __Apr 1,047,699 1,062,6/9 c171,165 c209,960
Current Previous Current
Week or
Road.
Previous
July 1 to Apr 30
Year.
Year.
Year.
ilanth.
12,305,151 11,955,280 c3,270,616 c3,267,666
Year.
Chicago Great West b_ _Apr 1,109,156 1,035,514
209,098
181,336
$
July 1 to Apr 30
12,012,382 11,648,530 2,955,732 3,165,763 American Rys Co__ _ April
433,073 374,986 1,660,347 1.548,061
25,154 23,638
89,181
91,691
Chic & Nor Western_a_ _Apr 6,377,070 6,432,814 1.304,090 1,303,495 Atlantic Shore Ry___ April
148,019 141,502
421,126
405.463
July 1 to Apr 30
72,259,406 72,086,493 19,897,632 20,852,619 cAur Elgin & Chic Ry March
56,594 57,448
Bangor Ry & Electric April
240,126
228,756
Chic St P M & 0_a_ __Apr 1,365,300 1,270,515
14,227 12,312
42.995
Baton Rouge Else Co March
37,574
302,064
252,219
July 1 to Apr 30
15,425,463 14,501.761 4,197.883 3,806,121 Belt LRyCorp(NYO) January
64,786 70,582
64.786
70,582
67.111 74,751
210,549
Berkshire Street
March
210,923
Cinc Hamilton & Dayt.a.Apr 796,175
533,798 def6,549 def73,171 Brazilian Trac, LRy_
1933,317
7,789.811 7.645,284
1906,887
& P April
July 1 to Apr 30
8,336,721 8,300,954
422,699 1,390,923 Brock & Plym St Ry_ March
8,009
19,999
6,880
22.731
Colorado & Southern_b_Apr 925,342 1,110,589
Bklyn Rap Tran Syst December 2092,454 2005,538 24,901,949 24.353,298
206,074
224,576
28,099
26,550
81,633
July 1 to Apr 30
11,311,040 12,719,265 2,977,827 3,915,137 Cape Breton Else Co March
86,075
275,447
87,550 93,157
Chattanooga Ry & Lt March
277.668
Cuba RR
Apr 544.872
450,650
284,697
83,937
30,310 27,981
219,048 Cleve Painesv & East March
80,624
July 1 to Apr 30
4,270,486 3,785,813 2,072.758 1,757,484 Cleve Southw &
274,298
97.317 87,172
Col_ March
259,991
47,379
162,960
53,465
Detroit & Mackinac_ a_ _Apr 110.072
Columbus
(Ga)
Co
March
El
143,592
113,843
29,810
34,917
a243,426 106,730 a1,023,410
,Ry&Lt April
510,301
July 1 to Apr 30
1,016,821 1,033,292
227,523
239,144 Comw'thPow
Coney IsI'd & pklyn_ December 116,016 111,529 1,668,761 1,590,039
Erie_ a
Apr 4,861,631 4,723,769 1,327,497
621.146 1,725,574 1,751.344
598,386
Connecticut
Co
951,126
March
July 1 to Apr 30
50,808,238 51.879,756 9,880,894 13,040,888 Consum Pow (Mich)_ March_
885,710
273,965 260,445
824,834
535,199
Fairchild & Northeast.b.Apr
Co(Me)P & L March._
182,628 171,116
501.027
3,865
2,233
1,458
689 Comb
572,425
174,809
Dallas
Electric
March
188.288
_
Co_
508,866
_
_
_
_
July 1 to Apr 30
31,692
23,593
8,439 def.5,874
Detroit United Lines 2d wk May 221,628 238,104 4,138,818 4,367,814
Greenwich & Johnsonville_b46.839
48,477
DDEB& Bat (rec)_ January
46.839
48.477
Jan 1 to Mar 31
27,243
31,813
413,956
15,354
109,421 101,042
379,704
18,136 Duluth-Superior Trac April
July 1 to Mar 31
85,943
97.274
664,284
45,202
227,929 216,077
630,351
50,351 East St Louis & Sub.. March
270,846
El Paso Electric Co__ March _-- 88.469 76,386
232.606
Illinois Central_a
Apr 4,825,331 4,560,001
460,062
196,714 42d St M & St N Ave January
188,457
166,457 153,831
153,831
July 1 to Apr 30
55,870.031 53,773,375 10,043,487 8,952,669
587,863
Galv-Houston El Co_ March
195,536 188.987
517,355
N Y Susq & Western_a_Apr 331,451
404,341
357,941
101,454 100,665
405,201
106.188 • 127,075 Grand Rapids Ry Co April
July 1 to Apr 30
3,285,951 3,169,114
309,252
78,003 74,140
804,424
295,088
809,118 Harrisburg Railways April
Havana El Ry,L & P
Norfolk & Southern_ b_ _Mar 360,811
399,355
99,623
147,327
1,121,495 1,124,651
68,064
Railway
52,032
___
Dept_
Wk
May
24
July 1 to Mar 31
3,151.182 3,112,372
919.403 1,070,917 Honolulu Rapid 'Fran
Reading Company51,658
& Land Co
51,658 52,399
January _ _
52.399
Phila & Reading_ b_ _ _Apr 4.082,908 4.235,118 1,245,696 1.404,629 Houghton Co Tr Co_ March _ _ _ 24.039 25.638
67,122
72,128
July 1 to Apr 30
40,730,979 43,154,941 13,115,713 16,811,136 bHudson & Manhat March __ _ 488,361 483,753 1.426,692 1,397,140
Illinois Traction__ _ _ March_
668,064 637,362 2,030.052 1,920,373
Coal & Iron Co_ b _ _ _ _Apr 4,311,737 4,160,226
223,208
165,996 Interboro Rap Tran_ April
3020,203 2850.645 11,852,337 11,312,355
July 1 to Apr 30
27.786.511 35,195,375
682,290 3,827,322 Jacksonville 'frac Co March _ _ _ 64.342 59,220
183,665
158.598
Total both cos_ b
33,247
10,351 11,977
Apr 8,394,645 8,395,344 1,468,904 1,570.625 Key West Electric___ March _ _
35,674
July 1 to Apr 30
300,961
105,451 93,745
68,517,490 78,350,315 13,798,002 20.638,457 Lake Shore Elec Ry_ March
283,937
Lehigh
124,493
Valley
Transit
137,274
513,864
April
498,589
Reading Company_ __Apr
165,264
49,773 49,274
183,346
165,732 Lewis Aug & Watery April
184,170
July 1 to Apr 30
1,657,689 1,661,270 Long Island Electric_ December
16.745 15,411
245.152
220,900
Louisville Railway__ April _
Total all companies_ _Apr
266,078 258,919 1,023,023 1,022,232
1,634,169
1,736.358
508,469 515,540 1,538,391 1,502,258
Milw El Ry & Lt Co_ March
July 1 to Apr 30
15,455,697 22,299,728 Milw
Lt Ht & Tr Co_ March
341.276
111,427 102.799
294,710
Rio Grande Junction_ _Mar
69,638
72,521
n20,891
80,616 71,065
306,429
n21,756 Monongahela Val Tr.. April
277,446
Dec 1 to Mar 31
268,211
306,565 'n80,463
360,975
n91,969 Nashville Ry & Light February ... 173.144 171,332
357,331
City
N
46.915
Y
Interboro__
53.178
St L Rocky Mt & Pac_a_Apr 201,202
January
53.178
190,711
46,915
63,698
45,772 N Y & Long Island__ December
31,230 28,819
July 1 to Apr 30
412,657
391,999
2,066,628 1,884,388
689,564
518,425 N Y & North Shore.... April
13,113 12,185 ____
_
44,713
Southern Pacific a
Apr10,960,575 11,059,395 2,681,196 2,972,453 N Y & Queens Co.__ December 108.787 104,607 1,385,391 1,331,318
July 1 to Apr 30
115,992,328 119346,030 32,152,620 37,387,302 New York Railways_ March __. 1043.283 1206.306 3.160,973 3,413.621
30,873 26,445
Southern Railway_b_ _ _ _Apr 5,691,979 5,657,681 1 423,862 1 539,397 N Y Westch & Boston March __ _
85,889
70.389
22,703 24,992
N Y & Stamford Ry_ March __ _
July 1 to Apr 30
65,022
69,098
58,861,827 5,7776,684 16 753,649 17 571,086 Northampton
15,043 13,908
Trac__ April
54,475
53,386
Georgia Sou & Flab_ _Apr 194,844
210,510
287,718 238,546 1,080,883
23,911
33,230 Nor Ohio Trac & Lt_ April
925,727
July 1 to Apr 30
2,192,755 2,174,825
398,368
507.025
461,610 North Texas Else Lt. March __ _ 177 956 186.895
486.726
Northw Pennsylv Ry March
25,905 24.084
Tidewater & Western_ b_Apr
74,681
73,555
7,349
8,900
def134
1,660 Ocean Electric (L I)_ December
5,559
5,426
July 1 to Apr 30
154,109
142,020
71,666
87,108
125
12,681 Paducah Tr & Lt Co_ March _ _ _
25,237 24,662
77,151
75.700
Ulster & Delaware_lbPensacola Electric Co March _ _ _
23.051 21.767
69.039
70.590
Jan 1 to Mar 31
Phila Rap Transit Co April
2042,320 1998,245 7,777,370 7,784,912
153,683
192,454 def16,004
15,245 Port(Ore)Ry
July 1 to Mar 31
L&PCo April
533,973 546,231 2,202,212 2,174,796
779,453
833,236
149,868
217,213 Portland
(Me) RR__ April
77,306 74,793
288,386
284,723
Union Pacifica
Apr 6,918,512 7,000,573 2 140,879 2 088,492 Puget Sound
Tr,L &P March __ _ 713.650 701,941 2,159,149 2,059,315
July 1 to Apr 30
77,986,610 78,804,216 27 012,307 29 716,096 Republic Ry Sc Light April
253,728 229,717
996,859
927,647
Virginia & Southwest_b_Apr 162.319
Co_ _ _ _ March __ _ 392,405 409.138 1,154.798 1.172,485
160,392
47,051
49,655 Rhode Island
July 1 to Apr 30
(Mo)Ry.Lt,
1.627,826 1.495,474
482.099
457,272 StJoseph
Heat & Power Co_ April
102,629 97,718
426,264
404,583
Yazoo & Miss Valley_ a_.Apr 851,123
815,217
98,947 def.23,962 Santiago El Lt & Tr_ April
38.661 34,972
150,274
149,104
July 1 to Apr 30
10,837,872 9,339,015 2,986,450 1,665,054
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Jan. 1 to latest date.
Current Previous' Current
Year.
Year.
Year.
Previous
Year.
3
3
197.199
208,036
67,003
989.209
82,922 1,042,628
14.081
17.228
14.081
196.191
239.658
65.678
326.444
344.706
326.444
476,640
160,578 3,264,067 3,054,650
Savannah Electric Co March ___ 68,923
79,336
Second Avenue (rec)_ December
17,228
Southern Boulevard_ January __
Tampa Electric Co_ _ March ___ 79.143
January __ 344.706
Third Avenue
Toronto Street Ry April ..____ 501,435
Twin City Rap Tran_ 2d wk MaY 171,760
U naeraTound itlec RY of London
London Elec Ry_ _ Wk May 16 £13,520 £13,650 £287,935 £287,685
Metropolitan Dist_ Wk May 16 £12,901 £13,041 £262,876 £262,723
London Gen Bus_ _ Wk May 16 £64,916 £73,927 £1,171,674 £1,145,402
201.749
209,083
Union Ry Co of NYC January __ 209.083 201,749
United Rys of St L_ _ March ___ 1064,557 1047,488 3,022,737 2,969.051
1,583,552
Virginia Ry & Power April ....___ 420,582 398,302 1,664,973
190.926
Wash Balto & Annap March ___ 57,840 90,360: 168.607
42,573
40.805
Westchester Electric_ January __ 42,573 40.805
48.671
50.107
16,249 1,052
Westchester St RR_ _ March ___
794,364
840,395
202,995 187,285
Western Rys & Light April
184,791
209,743
59.482
66,895
March
Elec
Wisconsin Gas &
28.486
55.566
55,566 28,486
Yonkers Railroad.... January
236,481
257,990
62,481 58,390
April
York Railways
73,520
79,467
19,215
19,887
April
Ohio_
Youngstown &
35,970
38,232
13,846 13,302
Youngstown & South March
a Includes earnings on the additionalstock acquired May 1 1913. b Represents income from all sources. c These figures are for consolidated co.
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
Roads.
1683
THE CHRONICLE
MAY 30 1914.]
-Gross Earnings
Previous
Current
Year.
Year.
Net Earnings
Previous
Current
Year.
Year.
30,663
57,448
56,594
Bangor By & Elect_ a_ _ _Apr
122,830
228,756
240,126
Jan 1 to Apr 31
Brazilian Tr,Lt & Pow_ _Apr 1,906,887 1,933,317 1,079,234
7,789,811 7,645,284 4,429,279
Jan 1 to Apr 30
17,615
39,477
49,391
Carolina Power & Lt_ a_ _Apr
199,652
468,814
563,437
May 1 to Apr 30
94,663
248,748
Columbus (0)Ry,P&L_a_Apr
377,148
1,017,499
Jan 1 to Apr 30
48,197
101,042
Duluth-Superior Trac_b_Apr 109,421
164,843
379.704
413,956
Jan 1 to Apr 30
54,527
129,891
Ft Wayne & Nor Ind Tr Apr 145,105
236,965
558,361
Jan 1 to Apr 30
601,722
25,529
100,665
Grand Rapids Rya.__ _Apr 101,454
134,060
405,201
404,341
Jan 1 to Apr 30
Hudson Valley Ry_b51,790
160,991
190,639
Jan 1 to Mar 31
279,422
519,470
714,193
July I to Mar 31
Interbor Rap Trans_ aApr 3,020,203 2,850,645 1,774,878
27,851,790 27,049,524 15,379,514
July 1 to Apr 30
67,582
124,492
Lehigh Valley Trans_b_Apr 137,274
234,517
498,589
513,864
30
Apr
to
1
Jan
12,025
49,274
49,773
Lewiston Aug & Wat_ a_ _Apr
29,931
184,170
183,346
Jan 1 to Apr 30
Apr 266,078
114,270
258,919
Louisville Ry_b
459,933
1,023,023 1,022,232
Jan 1 to Apr 30
114,397
238,546
Nor Ohio Tr & Lt a_ _ __Apr 287,718
412,582
1,080,883
925,727
Jan 1 to Apr 30
246,984
546,231
PortI'd(Ore)fly,L&P..a_Apr 533,973
2,202,212 2,174,796 1,097,685
Jan 1 to Apr 30
27,159
77,306
74,793
Portland (Me) RR_ a_.._Apr
84,576
284,723
288,386
Jan 1 to Apr 30
357,546
697,429
Twin City Rap Tran_b_Apr 743,578
2,920,604 2,733,883 1,317,572
Jan 1 to Apr 30
219,250
398.302
Virginia By & Power_ b_Apr 420,582
4,284,091 4,027,464 2,151,783
July 1 to Apr 30
_..Apr
67,050
202,995
187,285
Western Rys & Light_
840,395
296,623
794,365
Jan 1 to Apr 30
19,887
7,177
19,215
Youngstown & Ohio_ a__Apr
79,467
28,942
73,520
Janl to Apr 30
29,894
117,769
1,029,163
4.093,298
15,189
156,003
40,319
137,202
31,946
213,368
39,800
165,628
ANNUAL REPORTS.
Annual Reports.-The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since April 25.
This index, which is given monthly, does not include reports in to-day's "Chronicle."
Page.
Page. Industrials (Concluded)Railroad1309 Greene Consolidated Copper Co__ _ _1611
Ann Arbor RR
1603 Herring-Hall-Marvin Safe Co. (balCalumet & South Chicago Ry
1604
ance sheet Dec. 31)
Canadian Northern Ry. (official
data of co. and its allied cos.)._ _1600 Homestake Mining Co., New York_1604
1395
Chicago Indiana & Southern RR__ _1389 Illinois Northern Utilities Co
1600 International Salt Co., Scranton,
Grand Rapids dr Indiana Ry
1391
Grand Trunk Ry. (half-year)
1528 Pa., and New York
1602 International Smelting & Ref. Co. 1540
Indiana Harbor Belt RR
1315
Co
Breweries
City
Intercontinental Rys.of Cent. Amer.1459 Kansas
Lake Erie & Western RR
1308 Lanston Monotype Machine Co_...1604
New York Chicago & St. Louis RR_1528 Lone Star Gas Co., Ft. Worth (bal1532
Pennsylvania Co
1387 ance sheet Feb. 28)
1396
Rutland RR
1388 Los Angeles Gas & Electric Co
1604
Toledo lir Ohio Central Ry
1308 MacAndrews & Forbes Co
1606
Toronto Hamilton de Buffalo Ry_ 1539 Michigan State Telephone Co
1604
Montana Power Co
Electric RailwaysAugusta-Aiken Ry. & Elec. Corp_ _1310 Mountain States Teleph. & Tel. Co 1606
1320
Chicago Rys
1602, 1617 Muskogee Gas dr Electric Co
Havana Elec. Ry., Lt.& Pow. Co_ _1459 National Brick Co., Laprairie, Ltd_1320
Illinois Traction Co
1456, 1542 Nevada Consolidated Copper Co.._ _1533
New Orleans Ry. & Light Co
1310 New Orleans Teleph. & Teleg. Co_ _1464
1531
Philadelphia Co., Pittsburgh_1602, 1612 New York Edison Co
1531
Portland (Ore.) Ry.,Lt.& Pow.Co_1538 Niagara Falls Power Co
Niagara Lockport & Ontario Power
Puget Sound Traction, Light & Pow.
1313
Co., Buffalo
1309
Co., Seattle
1320
Nipissing Mines Co
Washington Baltimore & Annapolis
1320
1389 North Butte Mining Co
Electric RR
1611
1457 Oklahoma Natural Gas Co
Western Rys. & Light Co
1602 Ontario Power Co., Niagara Falls_.1313
York (Pa.) Rya
1311
Otis Elevator Co., New York
Industrials1396
Adirondack Electric Power Corp_ _ _1394 Pennsylvania Steel Co
1396
Pittsburgh 011 & Gas Co
Allis-Chalmers Mfg. Co., Milwau1311, 1322 Remington Typewriter Co., N. Y_ _1311
kee, Wis
1603 Rubber Goods Mfg. Co., New York..1534
Amalgamated Copper Co
1611
American Beet Sugar Co., N. Y..._1531 St. Joseph Lead Co
American Dist. Teleg. Co. of N.J 1395 Sheffield Farms, Slawson-Decker
1390
American Light & Trac. Co., N. Y.1395 Co., New York
1541
Anaconda (Mont.) Copper Min.Co_1457 (Robt.) Simpson Co., Ltd.,Toronto
Atlantic Gulf& W.I.SS.Lines,N.Y-1314 Southern California Edison Co.,1532
Los Angeles
1534
Baldwin Co., Cincinnati
1607 Spring Valley Water Co., San Fran_1313
Bell Telephone Co. of Canada
1541
1606 Standard Screw Co
Bell Telephone Co. of Pa
1321
1530 Tonopah Mining Co
Brooklyn Union Gas Co
1605 United Cigar Stores Co. of America _1315
Brunswick-Balke-Collender Co
Phila.1311
Co.,
Improvement
Gas
United
N.Y.1312
Bklyn,
Bush Terminal Co.,So.
1607
1540 United States Gypsum Co
Canadian Cottons, Ltd
1314
1540 U S Industrial Alcohol Co
Casein Co. of America
Co_1619
Improv.
&
States
Realty
United
Chicago Jet. Rys. & Union Stock
1607 United States Reduction & Ref. Co-1321
Yards Co
Computing-Tabulating-Record'g Co.1606 United States Smelting, Refining
1311
Consolidated Gas Co., New York_ _1529 & Mining Co., Boston
Copper Range Consolidated Co.._ _1463 United States Steel Corp. (quarter
1390
Cumberland Telephone de Teleg. Co_1606 ending March 31)
1465
Delaware Lack. & West. Coal Co_ _1311 United States Telephone Co
1532
1463 Utah Copper Co
De Long Hook & Eye Co
DominionSteelCorp.,Ltd.,Montrea11603 Vacuum 011 Co., Rochester, N. Y..1606
Fisk Rubber Co., Chicopee Falls_..1534 Waltham Watch Co. (balance sheet
1605
March 31)
1605
General Asphalt Co., Phila
1310. 1323 Westchester Lighting Co., N.Y.._ 1530
General Electric Co
General Petroleum Co.,San Fran_ _ _ 1390 WestinghouseElec.&Mfg.Co.,Pitts-1603
Great Northern Iron Ore Properties_1312
41,941
203,838
1,559,088
14,274,286
57,524
228.049
16,850
54,994
107,504
464,985
83,926
343,321
RR. & Coal Co.
272,773 Huntingdon & Broad Top Mountain
1,107,624
(61st Annual Report-Year ending Dec. 31 1913.)
16,584
Pres. Carl M. Gage in report of Feb. 3 said in subst.:
49,888
Results.-Despite the business conditions existing in the commodities
346,770
1,287,846 from which our greatest revenue is derived, net earnings showed an increase
'I'he dulness of the iron business and the failure of the latter
200,095 of over 15%.
of the year to maintain the increase in the coal, coke and general
2,015,336 months
merchandise output are explained by the general quietude in all branches
61,108 during the past six months. Coal tonnage shows an increase of 75,541
262,724 tons, resulting from an increase from the Broad Top region of 148,986 tons,
Virginia regions of 73.445
5,242 and a decrease from the Cumberland and West
due only to general business conditions,
24,382 tons. This latter falling off was
while the gratifying gain from your own region is an evidence that, despite
the general dulness, the efforts to develop our own partiuclar field are meeta Net earnings here given are after deducting taxes.
ing with success. The increase in coke freights is also very encouraging,
b Net earnings here given are before deducting taxes.
this being a product entirely within our district.
The falling off in merchandise freights and iron ore is accounted for by
the inactivity of the furnaces. The furnace at Riddlesburg was idle for
Surplus.
and
Interest Charges
two months and the furnace at Saxton for nine months.the new
bridge near
We have completed the necessary work for placing
- Mt.
-Int., Rentals, &c.- -Bal. of Net Earns.
Dallas in operation,and there remains but a few weeks'work of grading
Previous
Current
Previous
Current
before revenue should be derived from
Furnace
the
by
of
Earlston
the
owner
Year.
Year.
Year.
Year.
Roads.
this source. The Coalmont branch completed during the year is already
demonstrating that the output from this source should show a tonnage fully
13,122
12,764
Apr
17,130
17,541
great as estimated. At Everett, there is nearing completion a large planas
Elect
Bangor By &
53.039
48,585 ing mill, which should prove a source of considerable freight revenue.
69.184
69,791
Jan 1 to Apr 31
operating expenses show a net decrease, largely due to the decrease
The
9,900
_Apr
4,545
13,070
5,289
Carolina Power & Lt__
equipment, this being the result of an increase in the rate
z89,478 in the operating car
106,525 z107,507
144,645
May 1 to Apr 31
for car service. The increase in general expenses is caused by increased
44,615
50,048
Columbus(0)Ry P& Lt_Apr
taxation, insurance and expenses incidental to the operating of the mining
175,175
201,973
Jan 1 to Apr 30
property. The increase in maintenance of way and structures account is
25,800
15,595 caused by the necessary reinforcement of the bridges at Huntingdon and
24,724
22,397
Duluth-Superior Tract._Apr
and the placing of an increased number of new ties.
Tatesvillp,
97,948
101,792
63,051
39,254
30
Apr
Jan 1 to
The earnings over expenses were used for the payment of interest on
42,729
47,244
7,283 defl0,983 funded
Ft Wayne & Nor Ind Tr Apr
and for new work during the year. The construction and equipdebt
170,760
42,608
183,095
53,870
Jan 1 to Apr 30
ment expenditures, which in 1913 aggregated $83,510, should be compara15,010
13,537
24,790
11,992
Apr
Grand Rapids Ry
tively small in 1914.
59,630
79,617
105,998
54,443
Jan 1 to Apr 30_ .--During the year 41,236 cross-ties were placed in the track and 65 tons
of new 85-1b. steel rails were laid. Your road-bed and track are in excellent
Hudson Valley Ry81,488 zdef31.370 zdef39,034 condition.
83,668
Jan 1 to Apr 30
RESULTS FOR CALENDAR YEARS.
222,302
z22,478 zdef16,055
259,399
July 1 to Apr 30
1910.
1911.
1912.
1913.
Freight Traffic (tons):
942,107 z904,740 z672,007
Interborough Rap Trans_ Apr 907,378
1,305,802
1.148,675
1,277,180
1,352,721
Coal
9,216,920
z5,429,309
z6,581,146
9,299,842
July 1 to Apr 30
105,342
100,015
91.420
114,576
11.706 Coke
45,818
10,676
133,034
56,906
Lehigh Valley Trans..._Apr
27,640
171,979
115.511
Ore and limestone
181,939
46,110 Pig
9,401
225,116
- Jan 1 to Apr 30
116,255
100,425
138,088
144,575
and other iron
333,502
374,124
340.476
14,659
Lewiston Aug & Water'v_ Apr
328.042
def3,542
2,191 Miscellaneous
15,567
58,216 def31,824 def3,221
Jan 1 to Apr 30
61,755
1,993.935
1,750,879
2.019,143
2,055.425
Total
$
$
$
70,167
z53,283
x46,032
$
Apr
EarningsLouisville Ry
70,167
335,124
293,241
334,737
362,791
276,500 z222,841 z229,118 Coal and coke freights_ 280,667
Jan 1 to Apr 30
236,092
159,548
216,619
206.408
freights
Other
45,214
Apr
38,712
64,067
50,330
Nor Ohio Tr & Lt
81.650
66,474
69,868
74,288
180,296
212.427
163,025 Passenger receipts
Jan 1 to Apr 30
200,155
19,371
19,468
21.697
20,693
Mail, express, &c
70,389
111,043
161,730
Portland (Ore(Ry,L& P_Apr 176,595
672,237
538,731
642,921
664,180
Total earnings
479,366
628.258
395,743
701,942
Jan 1 to Apr 30
79,355
64,734
73,272
83,536
Maintenance of way_ _ _
Apr
10,298
5,724
6,286 Maint. of equipment_ _ _
69.268
60,671
21,435
78,667
Portland (Me) RR
65,622
8.764 Loss on car-trust_ _ _cars
def4,852
41,124
102,074
89,428
89,274
89,692
Jan 1 to Apr 30
63.467
10,254
13,506
13,637
12,273
Depreciation
115,312
_Apr
_
132,483
231,458
225,063
Twin City Rap Trans_
185,215
142,625
157,233
165.976
417,124
357,951 Conduct'g transporta'n_
900,448
929,895
Jan 1 to Apr 30
64,679
54.021
54,289
70,646
expenses
General
z81,122
z90,509
126,758
Virginia Ry & Power..._Apr 134,969
510.845
424,832
466,790
461,520
Total expenses
1,343,959 1,243,990 z878,570 z843,629
July 1 to Apr 30
161,392
113,899
176,131
202,660
z12,485 Net earnings
z13,994
50,910
59,737
Western Rys & Light.. _ _Apr
106.190
106.190
106,190
106.190
z69,209 Interest on bonds
z85.731
234,948
202,577
Jan 1 to Apr 30
55,202
7,709
69.941
96,470
surplus
Balance,
1,076
3,011
4.166
4,166
Youngstown & Ohio_...Apr
254,136
309,339
303.108
373.049
Jan. 1
7,715 Add balance
12,199
16,743
16,667
Jan 1 to Apr 30
13,942
Charges profit & loss_ _
309.339
303,106
373,049
469.519
Profit & loss sur. Dec.31
x After allowing for other income received.
1684
Assets-
THE CHRONICLE
BALANCE SHEET DEC. 31.
1913.
1912.
$
Liabilities$
1913.
$
1912.
3
Construction and
Stock fSee "Ry. (413,371,750 3,371,750
equipment
6,103,755 6,020,245 BondslIndus." Sec.f 2,280,500 2,280,500
Current accounts_ _ _ 110,975
97,567 Scrip cony. into stk_
197
107
Materials and supBills payable
150,000 120,000
plies
86,758
85,343 Int. Ay dIv. unpaid
5,614
5,714
Cash
35,537
37,278 Pay-rolls
23,435
11,658
65,888
Vouchers
47,777
469,519 373,049
Profit and loss
Total
-V.98. p.453.
6,337,025 6;240,433
Total
6,337,025 6,240,432
International Railways of Central America.
(Report for Fiscal Year ending Dec. 31 1913.)
Gen. Man.F. G.Williamson, Feb. 24, wrote in substance:
Results.-The second year of the merger and the first year entirely under
control of the new organization terminated Dec.31 1913.
For a fair comparison it is necessary to consider the Guatemala and
Central lines as one, on account of a change made in the division of freight
earnings and expenses on Sept. 1 1912. before which date the Central RR.
had the advantage of the greater proportion of the earnings on the coffee
hauled jointly over the two lines. These two lines, not including outside
business, show an increase in the gross earnings of $219,204, and the expenses show an increase of $94,798. leaving an increase in the net earnings
of $124.406. The earnings of the Central RR. would have been $23,684
more had we had the same rates of exchange during 1913 that we had during 1912, but the rates on the Central RR. are fixed in paper money at
present, and exchange gradually went up 31 08 Guatemala currency per
gold dollar during the year 1913.
The results of the Occidental RR.are favorable, showing increased earnings and decreased expenses. The revenue from this line is not taken into
our income account, having been transferred at the end of the year to the
"reserve for betterments" of that company. The Ocos RR. shows a heavy
increase both in earnings and expenses. The business on the line in the
Republic of El Salvador is entirely new, and competition by the port of
Triunfo and by ox-carts was very active and cheap, but probably another
year will show better results, as the line will have reached the principal
coffee-producing districts.
Additions. &c.-The extension to the wharf at Barrios was completed
and put into service. One of the two warehouses is used for imports and
the other for exports. A new ten-stall concrete roundhouse was finished
and put into service at Barrios, and the yard system at that port is now
90% completed and in service.
Torrential rains fell on June 18 and July 1, during which a 100-foot span
just east of Zacapa was scoured out and overturned. The bridge was lifted
up and put into service again. Several heavy landslides occurred in the
mountains between Planton and Estrada Cabrera, a distance of 17 miles,
and the traffic was interrupted for eight days.
Fourteen and one-quarter miles of track were re-ballasted; 30,630 ties
were replaced during the year on the Atlantic District, 52,297 on
the Central RR., 11,000 on the Occidental RR.and 2,748 on the first section
of the
Pan-American line.
The Pan-American line was officially opened to traffic to Coatepeque by
the Government on Aug. 1, although the track reached there on July 25.
The grading and bridges were finished to Vado Ancho on Dec. 10, and the
rails were at mile post 25 on Dec. 31. Track-laying west of Coatepeque
was delayed for want of ties. [The connection at Vado Ancho was made on
Feb. 28 1914.1 The line in El Salvador reached the town of Usulutan, 100
kilometers from La Union. and the new wharf at La Union will
probably be
completed about May 1.
Expenditures for Account of Construction and Equipment in 1913, Combined System.-These on main line of Guatemala Ry. aggregated $581.215.
[VoL. xcviii.
Lighting Department.-About 225 lighting customers were added during
the year, making a total of 450 such customers outside the village of Willoughby. The United Light & Power Co. was purchased during
the year.
This company furnishes current for lighting and commercial power in the
towns of Geneva, Madison and Unionville and has about 500 current
consumers; its gross receipts for 1913 were $14,587.
Real Estate.-Property was purchased for $12,000 on the main business
street in Painesville as a site at some future time for a waiting room,
&c.
1913.
1912
1911..
Passengers carried
2,736,106 2,609,117
2,491235
2,311,090
Passenger Earnings
$312,980
$300,413
$293,842
$286,185
Chartered cars
5,080
5,657
4,160
3,931
Express, milk and mail_
47,277
46,135
30,339
28,468
Rent and miscellaneous_
60,587
49,983
37,802
36,885
Gross income
$425,924
$402,188
$366,143
$355,469
Operating expenses_ __ _ $209,736
$205,226
$189,195
$175,169
P.c.oper.exp.to income
(49.24)
(51.02)
(51.67)
(49.27)
Net earnings
$196,962
$216,188
3176,948
$180,300
Deduct-Int. and taxes_
138,787
152,246
113,045
106,618
Balance,surplus
$58,175
$63,942
$63,903
$73,682
GENERAL BALANCE SHEET DECEMBER 31.
1913.
1913.
1912.
1912.
AssetsLiabilities$
$
Road & equipment_ _4,283,948 4,233,309 Capital stock
2,500,000 2,500,000
Treasury bonds ____
75,000 132,000 Bonds
2,423,000 2,423,000
Cash
151
226,971 181,800
5,336 Bills payable
Materials & supplies 81,113
74,574 Accounts payable__ _ 67,178
78,648
Investm'ts & secur's 827,265 784,677 Accr'd int. & taxes
40,091
35,678
Bills & accts. receiv. 358,677 332,690 Reserves
13,219
13,694
Prepaid accounts
2,345
2,242 East'n Realty Co.M. 22,259
22,259
Surplus
335,306 310,224
Total
-V.98, p. 522.
5,628,499 5,564,828
Total
5,628,499 5,564,828
Youngstown & Ohio River (Electric) Railroad Co
(Report for Fiscal Year ending Dec. 31 1913.)
Gross earnings
Operating expenses....
1912.
$1295133,115
$239,528
146,148
127.770
1911.
$234,459
122,135
Net earnings
Taxes and rentals
$106,967
18,082
$112,324
Interest on bonds
50,000
$111,758
$17,768
50,000
$16,230
50,000
1910.
$208,707
113,947
$94,760
$12,468
37,500
Preferred dividend& _ --(3Y6)37,500 (434)45,000 (314)35,000 (134)15,000
Balance,surp., or def. sur$1,385 def$1,010 sur$11,094 sur$29,792
Analysis of earnings in 1913: Passenger, $177,397; freight, $51,087:
power, $22,467; misc., $2,164; total, $253,115. Miles of main track,
36.
gross per track mile,$7,032; net.$2,971. Car mileage: Passenger,$497,615,
freight, $184,678. Grossincome per car mile: Passenger, $0.3565 freight;
$0.2766. Passengers carried, 851,393; avge. fare per passenger, $0.2083.
BALANCE SHEET DECEMBER 31.
1912.
1913.
1913.
1912.
LiabilitiesAssets$
$
$
$
Road & equipment-3,239,888 3,229,908 Preferred stock
1,000,000 1,000,000
Common stock
1,000 000 1,000,000
New construction &
9,980 Bonds issued
8,186
betterments
1,000,000 1,000,000
2,559 Bonds to be Issued
444
Cash
200,000 200,000
21,146 Bills payable
Accounts receivable_ 25,638
723
4,033
3,947 Accounts payable_ _ _ 26,165
4,460
Material and supplies
15,913
488 Taxes, &c., accrued_
496
13,008
12,183
notably wharves,
$204,291, freight cars, $134,726; and locomotives Prepaid accounts...
Accident, &c., res've 22,218
1,134
19,152
and cars, $159,318. Pan-American Extension (19.20 miles in oper. Dec. Suspense accounts
Surplus
18,132
16,747
31 1913, against 14 miles on Dec. 31 1912), $255,507; other expenditures
for capital account on Guatemala Central RR., $1,370. Line from La
Total
3,280,246 3,268,028
Total
3,280,240 3,268,028
Union to San Salvador, $938.347. (A great part of above expenditure is
for material used on construction and equipment in 1910, 1911 and 1912, -V.98. p. 1001, 612.
but not accounted for till 1913.) Expenditures on Corozo Deviation,
$177,702; other expenditures for capital account (net), $69,897.
New York State Railways.
EARNINGS BY DIVISIONS (U. S. GOLD) FOR CALENDAR YEARS.
(Balance Sheet of Dec. 31 1913.)
-Miles Oper.- -Gross Earnings- -Net Earnings
The comparative income account for calendar years was
1913.
1912.
1913.
1912.
1913. 1912.
shown in the "Chronicle" of Jan. 24 last, page 24. Compare
$
Guatemala By _ _195.10 195.10 1.469,478 1,121.822 802,165
546,542 maps, &c., on pages 114 to 116 of "El. Ry. Section."
Gnat. Cent. By.._157.74 138.54 806,977 935,429 420.915 548,006
Occidental RR.._ _ 51.10 51.10 178,383
161,316
83,876
64,519
CONDENSED GENERAL BALANCE SHEET DEC. 31.
Ocos RR
22.46 22.46 149,972 133.818
88,608
84,823
1912.
1913.
1913.
Salvador Div
1912.
_ 62.50 40.00
35,369
def27,055
LiabilitiesAssets$
'
$
$
Total
488.90 447.20 2,640.179 2,352,385 1,368,509 1.243..891 Road, equip., &c_46,281,282 44,713,354 Preferred stock__ _ 3,862,500 3,862,500
Common
stock__
332,357
_19,952,400 19,952,400
Material & suppl's 326,159
INCOME ACC'T FOR CAL. YRS.(U. S. GOLD)-Excluding Occidental RR. Cash
328,202 Funded debt_ ___y20,959,000 18,212,500
236,582
*1913.
1912.
*1913.
1912.
Miles op. Dec. 31_
437.8
410.10 Gross income_ _ _ _51,249,882 31,286,863
Oper. revenues.._ _32,461,797 $2,352,385 Bond interest_ _
$498,333 $358,368
Oper. expenses.-.31,274,257 $1,104,369 Other Interest_
107,605
Unexting. disc.,&e.
28,138
Net earnings_ 41,187,540 $1,248,016 Renewal rail (CenTaxes
10,184
4,125
tral div.)
30,000
Pref. dividends (5%)500,000(2%)250000
Oper. Income .31.177,356 $1,243,891
Outside oper.surp.
42,010
42,972
Tot. deductions 51,026,471 $745,973
Int., disc.,&c.,rec.
30,517
Balance, surplus_ $223,411 $540,890
* The results in 1913 do not in this table include the Occidental RR.(51.1
8,000 Taxes accrued_ _ __
8,000
Bills receivable...
121,230
101,466
88,944 Interest accrued__ 254,573
98,946
Acc'ts receivable_
259,366
833 Bills payable
0th. current assets
4,785,000 2,505,000
Stocks owned_ _ _ _x2,402,415 x2,402,415 Acc'ts payable..._ 281,395
641,741
161,621 Other unf'd debt.. 558,469
77,632
Special deposits__
451,831
34,101 0th. cur,liabilities 155,389
37,222
Prepayments
169,880
Reserves
6,400
Re-acquired secur.
6,400
23,105
19,776
Accrued amortizaUnamort. stk. distion of capital
586,663
574,890
492,217
count,&a
347,823
Surplus
1,352,190 2,138,608
N. Y. State Rys.
1st consol. 434s
pledged for loans 2,748,000
1913.
'1912.
1913.
1912.
Assets"
$
Liabilities$
$
Road & equipm't_47,116,829 44,513,866 Common stock__ _30,000,000 30,000,000
Securities owned_ 918,478 2,604,000 Preferred stock_ _10,000,000 10,000,000
Other investments
21,762 Funded debt
10,850,000 10,850,000
Cash
306,424 1,563,017 Pay-rolls
44,776
27,156
Remit. In transit_
58,810
37,377 Audited vouchers_
87,661
56,264
Indiv. & cos., &e- 457,182
427,171 Mat'd Int. & divs_
63,795
183,808
.Bills, &c.,receiv__
196,021
96,111 Subvention, Gov't
Mat'ls, supp., &c_ 547,687
533,844
of Salvador_
400,183
Gov't of Guatem_ 1,224,270 1,170,710 'Miscellaneous_
184,836
47,979
Other gov'ts,&c-69,629
25,000 Unmatured int__ _
78,000
Unexting. disc't on
Reserves
84,961
securities
655,490
691,906 Oth.def.cred.lteins
28,500
7,901
Miscellaneous_
112,139
39,035 Surplus
a241,336
150,508
Total
51,663,865 51,723,799
Total
51,663,865 51,723,799
(Tenth Annual Report-Year ended April 30 1914.)
Pres. Wilson S. Kinnear, N. Y., May 22, wrote in subst.:
Total
52,797,528 48.662,891
52,797,528 48,662,891
Total
miles), the revenue from that line having been transferred at the end of the
year to the "reserve for betterments" of that company. The gross earnx See list on page 115 of "Elec. Ry. See." y As stated on p. 115 of
ings of that company in 1912 were $161,316 and the operating
expenses "Elec. Ry. Sec."-V.98. p. 301.
$96,797. On Dec. 31 1913 the Occidental RR. Co. had outstanding
30,000 shares, of which the International Rys. of Cent. Am.owned 26,010.
United States Realty & Improvement Co., New York.
BALANCE SHEET DEC. 31.
a After deducting in 1913 net earnings of the Occidental RR.for the year
1912 ($64,518), included in the income account of the Int. Rys. of Cent.
Am.,now reversed, said net earnings, along with the net earnings for
1913,
being held by the Occidental RR. In a reserve for betterment account,
$64,518, and sundry items aggregating $70,189, and adding net earnings of
Salvador Ry.for 1912,$2,125.-V.98, p. 1450.
Cleveland Painesville & Eastern RR.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres.E.W.Moore,Cleveland,Jan.26, wrote in substance:
Fs Results.-Gross earnings increased $23,735; net earnings increased $19,226; surplus after interest and taxes was $63,941, an
increase of $5,766.
10Track.-14.000 ties, mostly white oak,were placed under
tracks and about
one mile of track was relaid with new 70 and 80-1b. ASCE "T" rail; 3.700 ft.
of track in Painesville was rebuilt with tie plate and continuous rail joint
construction, ballasted and paved.
Results.-A consolidated report of the operations of the company and its
subsidiary, the George A. Fuller Co.,shows for the year 1913-14 net profits
(after deducting interest on debentures) of $1,322,537 [contrasting with
$1,481,562 for year 1912-131. or equal to 8.18% on the capital stock.
After paying a dividend of5% for the year and after setting aside customary
reserves, there remains the sum of $514,398, which, added to previous surplus, after special deductions aggregating $800,000 ($505,509 for old investments written off or reduced in value and $294,491 as reserve for contingencies), makes the present surplus $1,582,659.
Net Assets.-The consolidated balance sheet of April 30 1914 shows total
assets of $32,927,043, and after deducting bills and accounts payable ($2,130,060) and debenture bonds ($11,930,000), net assets of $18,866,982.
This sum, less the reserves, $1,121,523, represents the value of the $16,162,800 capital stock outstanding.
Reserves.-The reserves set aside for accidents on account of construction
work, for depreciation of the company's buildings, for expenses of unproductive real estate and for contingencies. now aggregate $1,121,523.
Company's Real Estate.-This is carried on the books at the original cost.
As heretofore, the expense of carrying the unproductive real estate has been
charged out of income and to show the actual cost of the respective properties has been added to the book value,alike amount being set aside as
a reserve. During the year the mortgages on the company's real estate
were still further reduced by payments of $590,000. The aggregate of the
mortgages on all of the real estate owned is now 44% of the book value.
With two exceptions, all of the buildings are modern fireproof structures,
so located as to afford maximum advantages of accessibility, light and air,
and are maintained in the highest possible condition.
As a result of the somewhat unusual business conditions of the past year,
the amount received from net rents was $1,463,720, a decrease fromithe
previous year of $127,662, but practically the same as for the year 1911-12.
Stocks and Bonds.-The marketable securities are carried at current
quotations; all others at cost. The Plaza Operating Co., owning and operating the Plaza Hotel, of which your company owns the controlling inter-
MAY 30 1914.]
THE CHRONICLE
1685
Company.
Montreal Light, Heat & Power
0 on its pref. stock and the usual
est,'has paid during the year the usual 67
accumu4Wand an extra dividend of ;4 of 1% on its common stock. The
(13th Annual Report-Year ending April 30 1914.)
debt and all
lated surplus has been applied to the reduction of its floating
outstanding short-time notes were retired during the year.
Pres. H. S. Holt May 23 wrote in substance:
and
Unfinished Business of George A. Fuller Co.-The books show: 1912-13.
Revenue.-The gross revenue and surplus earnings show substantialocca1913-14.
increases, notwithstanding increased operating expenses
satisfactory
$18.919,202
2
Unfinished business on the books begin. of year_ _$20,016,57
oil
for
gas
and
coal
notably
materials,
raw
for
prices
advanced
21,262,294 sioned by
20,955,413
hydroNew.business taken on during the year
manufacture, and low water and ice conditions at the company's
and purplant
steam
of
operation
g
extended
plants
necessitatin
electric
$40,181,496
$40,971,985
Total
20,164,924 chase of additional power.
23,286,620
Work executed during the year
The net revenue and net income, if accounted the same as in previous
years, would also show substantial increases, but in this year's accounts,
$20,016,572
5
Unfinished business on co's books at this date_ ..$17,685,36
to conform with more modern practice, we have deducted depreciation
ded in the new busines- and renewal reserve before instead of after arriving at net revenue, which
Most Prominent New Contracts.-These,inelu
for
bldg.
Office
follows:
are
as
is by comparison affected to that extent.
year,
the
above referred to taken on during
The constantly increasing cost of raw materials has caused 1110 much constation for Can. Pac. Ry. and apartGuarantee Co. of Nor. Am., WindsorBank
Harvard
Winnipeg;
Canada,
of
cern and while, as appears later, your directors prepared a further concesMerchants'
Montreal;
ment bldg. in
Wellesley,
Hall,
College
in gas ratesfor the coming year,this condition, if continued, will serioussion
temporary
freshman dormitories, Cambridge; Princeton, N. J.; Widener Bldg. and ly affect
the cost of manufacture of gas in the future.
Mass.; Palmer Memorial Stadium,
-HungerHallenbeck
Bldg.,
Stock.-We issued during the year $1,700,000 of new capital stock
Hill
New
Murray
a;
Philadelphi
Ritz-Carlton Hotel,
Y.
N.
Ave.,
5th
s and $100,000 to employees. Payment of shareholders'
and
St.
37th
to
shareholder
Bldg.,
and Goelet
ford iBldg., Lafayette St.,
ine for Lehigh Valley Coal Co.', Smith stock will be completed by August next (V. 97, p. 369), the remaining
City; office building at Wilkes-Barr
WashingMemorial,
with cash on hand, will be fully absorbed in the comtogether
Lincoln
stallments,
and
Bldg.
Commerce
Bldg., Munsey Bldg.,
hand,
in
presently
plant
Bouleto
and
property
Michigan
additions
and
the
extensive
of
Bldg.
pletion
Borland
office bldg.,
ton, D.C.; mercantile and
New London, Conn.; Royal Bank estimated at $2,500,000.
vard Bldg., Chicago' Mohican Hotel,
Additions, &c.-The various works reported last year are well advanced.
Grand Rapids, Mich.; Taylor Store Bldg.,
Bldg., Toronto; Pantlind Hotel,
at La Salle,
Dagmar. Apartment Hotel, Boston; The new large gas manufacturing and steam reserve plants
Cleveland; Hotel Statler, Detroit;
Insull at Hawthorn when completed,will be the most modern and economical of their kind in
Samuel
for
residence
Canada;
Edmonton,
Bldg.,
Arts
a capacity of
for
equipped
is
being
gas
plant
The
elsewhere.
or
America
Houston.
Co.,
Texas
for
Farm, Ill.; office bldg.
Contracted 4,000,000 cu.ft. per diem, designed for increase to 10,000,000 Cu. ft.. while
Buildings Completed or Under Construction During 1913-14,
Is
East 15th St., the steam reserve plant for the electric department at the same location
for in Previous Years.-Some of these are: Office bldg.,City;TMichi
gan equipped for 25,000 h.p. and designed for ultimately 50,000 h.p. The new
Y.
N.
Biltmore,
Hotel
N. Y. City, for Consol. Gas Co.;
be
will
Montreal
and
Rapids
Cedar
between
Central Ry. terminal, Detroit; Harvard Club, Boston; Protestant High steel pole transmission linewith the hydraulic development of the Cedar
School, Montreal; office bldg., Toronto, for Canadian Pacific Ry.; Fort completed simultaneously
your comRapids Mfg. & Power Co. with whom, as reported Fast year,490,
Garry Hotel,Winnipeg. for Grand Trunk Pacific Ry.; Hotel Greenbrier,
1624)•
part of its power supply (V.96, p. 288,
White Sulphur Springs, W. Va.; Hamilton County Court House Chatta- pany has contracted for
completed during
was
building
office
our
to
addition
Co.,
10-story
Ins.
new
Milwaukee;
The
Life
rn
Mutual
nooga; home office for the Northweste
area
ground
The
others.
and
company
the
by
tenanted
Brooklyn,
the year and is
now union station, Kansas City, Mo.; office bldg., Remsen St.,
or
of the two buildings is equal to 20,000 sq. ft., of which three floors,
N. Y. for Brooklyn Union Gas Co.
company.
organthe
was
by
used
is
ft.,
department
60,000
-This
Engineering and Construction Department.
operating
the
in
reflected
costs
increased
anding
the
interest in
Rates.-Notwithst
ized during the year, based upon the company's substantial
in both
in .the last report expenses. your directors have decided to make further concessions
two large railroad construction contracts mentioned two
Sc. per
contracts, this gas and electric rates and in due course will announce a reduction of.4c.
per
(V. 96, p. 1553). In addition to the interest in these
and
of
to
upwards
equal
gas,
of
5%,
price
the
38,
and
4
in
1,000 cu. ft.
4 and 5, routes Nos.
department has contracts for sections Nos.
service) in the rato for electric incandescent lighting,
Commerce
overhead
from
(for
running
k.w.h.
subway,
Ave.
-Lexington
of the Seventh Ave.
the maximum rate
reductions
these
With
2-3%.
6
aggregate
of
upwards
contracts
to
equal
These
St. to 31st St., N. Y. City (V. 98, p. 1609).
and the standard rate for electric
$148,333; work unfinished at for gas will be 85c. net per 1000 cu.
$4,239,043; work executed during the year,
ft., 6c. net per k.w.h., which comof this department places your incandescent lighting (overhead service)
this date, $4,090,710. The organization
elsewhere.
charged
rates
with
any
of
work
n
favorably
most
constructio
pares
and
e account
company in position to undertake engineering
Plants.-T here was expended during the year on maintenanc
description and magnitude.
appropriation for depreciation and renewal
the
books
with
on
which,
business
unfinished
$393,163,
total
-The
Work.
Consolidated Construction
in this connection
provision
and
expenditure
total
a
represents
reserve,
at this date is $21,776,075, viz.:
$17,685,365 of $931,163 for the year.
George A. Fuller Co., building construction
4,090,710
APRIL 30.
Engineering and construction department
real estate and other invest- EARNINGS,EXPENSES AND CHARGES, YEARS ENDING
Regular Income.-The regular income from to
1910-11.
1911-12.
1912-13.
and the
expenses
all
1913-14.
pay
than
sufficient
more
be
to
ments continues
$4,404,127
$4,969,255
these
from
$5.509,556
the
income
of
$6.245,697
balance
earnings
The
bonds.
Gross
interest upon the company's
1,827,787
2,125,239
estate
Co., the real
2,778,451 2.328.440
Expenses
investments, the profits from the George A. Fuller
operating department and the general construction work will be applicable
$2,576,340
$2.844.016
$3,181,116
$3.467.246
Net revenue
to dividends.
$472.052
$485.747
$463,979
$467,977
Int.on bonds de insur
00
(10)1,700.000(9)1,530,000(8)1,360,000(7;4)12750
STOCKS AND BONDS APRIL 30 1914-AGGREGATING $7,244,935. Dividends paid
266,012
*490,000
550,000
600,000
Depreciation & renewals
200,000
Quantity. Carried at. Amount. Contingent account__
Description10,000
10,000
10,000
10,000
pension-fil.
Realty companies (total $6,049,571)100 $1,648,200 Officers',&c.,
16,482 shares
Plaza Operating Co. preferred
$353,276
1,668,400
100
$498,269
$627,137
16,684 shares
do
$689,269
common
do
Surplus
90
362,970
4,033 shares
year.
Alliance Realty Co
*In addition to $75,000 appropriated for the same purpose during
700,000
100
7,000 Pr. 01.
Broad Exhange Co
100,000
100
1,000 pf. au.
SHEET APRIL 30.
BALANCE
Park Realty Company
37,500
50
750 corn.
do
do
1913.
1914.
1913.
1914.
235,300
100
2,353 shares
$
Monks Building Trust
Liabilities$
Assets5,000
100
50 shares
17,000,000
Gloucester Trust
_a17,910,662
_
stock
Capital
100,000 Stocks, bonds and
100
1,000 shares
43d Street Realty Co
0,138,000 10,131,000
outstanding1
Bonds
other
in
interest
464,000
1,000
464 bonds
do
283,928
do
23,691,512 23,653,091 Accounts payable.. 430,144
companies
240,000
888
270 bonds
75,256
Michigan Avenue Trust Co
81,647
depos_
377,500 New construction_10,623,854 8,029,240 Customers'
50
7,550 shares
114,532
Chestnut Street Realty Co
114,102
interest__
Accrued
541,733
69,463
secur's_
Investm't
8,250
33
250 shares
9,613
9.843
Beaver Building Co
unclaimed__
Divs.
644,000
682,000
treas'y
24,950 Bonds In
4 shares
382,500
Broad & Beaver Street Co
762,745 Dividend May 15.. 425,000
20,600 Accts. receivable_ 779,408
6 shares _ _ _ _
300,000
Everett Investing Co
300,000
reserve..
Insurance
stoves,
gas
Stores,
52,000
52 bonds 1,000
383,832
Consol. Stock & Petr. Exch.Bdg.Co
172,894 Contingent reserve 378,282
192,234
(tc
4,901
Miscellaneous
87,690 Depreen reserve_ 2,461,579 1,927,098
98,645
Coal, coke, tar, &c
503,509
Sub. cos. sink. ohs. 503,359
hand and
on
Other companies (total $1,195,364)Cash
218,086
15,000
100
150 shares
997,442 Gen. suspense acct 46.5,481
1,343,803
Copley-Plaza Operating Co
in bank
38,238
388,000
52,308
388 bonds 1,000
Pension fund
do
do
do
30,000
4,210,512 3,521,243
30 pf. sh. 1,000
Surplus
Ritz-Canton Hotel Co.of Montreal, Ltd_
28,000
100
shares
280
Co
Deposit
Mercantile Safe
25,000
100
37,480,919 34,888,835
250 shares
37,480,919 34,888,835 Total
Arthur McMullen & Hoff Co
Total
200,000
100
2,000 shares
Beau Site Co., preferred
includes $17,000,000 old stock on which dividends
1914
in
stock
Capital
a
492,500
_
985
notes
_
notes_
500
gold
employees'
Chicago Elevated Rys.5%
16,864 wore paid during the year; $894,645 new stock and $16,017
Miscellaneous
stock.-V. 97. P. 448.
30
APRIL
INCOME ACCOUNT YEAR ENDING
United Shoe Machinery Corporation.
1910-11.
1911-12.
1912-13.
1913-14.
for Fiscal Year ending March 1 1914.)
(Report
$280,864
$244,605
$210,411
$201,334
Interest receivable
:
W. Winslow, May 23, wrote in substance
Income from investmentsSidney
Pres.
1,389,991
1,443,432
1,591,383
the combined
1,463,721
Real estate
Consolidated Statements.-The balance sheet herewith shows
290,849
337,172
316,479
Machinery
Shoe
320,011
cos..
Security of realty
and liabilities of the corporation and of the United
74,450
17,536 assets
75,529
100% of the comOther stocks & bonds_ • 33,910
Co. on March 1 1914. As the Corporation owns nearly
the balance
Profit on bldg. contracts
stock of the Company and nearly 99% of its pref. stock,the
mon
546,404
266,374
f784.580
publica1,384,178
On bldgs. completed_
avoids the confusion occasioned in former years through
sheet
sheets.
On bidgs. in progess
balance
separate
of
tion
793.422
940,126
1572,579
our
busiin
t
improvemen
a
continual
(propor'n accrued).been
has
During the fiscal year there
Profit on realization of
as in the business of the foreign companies in which we are inter8,342
118,224 ness as well
36,602
16,455
1 1914 was
real estate & securities
ested. The number of machines on lease in the U. S.on March
number of employees at Beverly factory, 3,564; average weekly
$3,419,609 $3,559,303 $3,342,761 $3,437,290 99,448;
Total income
wage,$15 85.
&c.-A new branch office has been established at Milwaukee,
Offices,
outside of
Deductionsthat we now have fully equipped offices in 18 different cities
$654,086 so
are stationed
$773,631
$754,239
$774,335
Int, paid and accrued
Boston, with sub-offices in other cities. Over 600 mechanics
in the
customers
assist
to
ready
the
road,
are
on
or
offices
Expenses of unproducvarious
24,926 at the
34,533
16,618
31,419
tive real estate
of their machines.
35,186 care
52,028
45,069
54,924
Depreciation
s, &c.-The additions to the Beverly factory are now comImprorement
640,441
609,543 plete. The new drop-forge plant is in operation. Improvements have
574,271
639,893
General & corp. exp_ _
been made in the grounds about the factory buildings and the clubhouse
Total deductions_ _ _ _ $1,500,571 $1,481,241 $1,409,589 $1,323,741 in line with our policy to aid in providing recreation for employees outside
$1,919,038 $2,078,062 $1,933,172 $2,113,549 working hours.
Net income
for dissolution
600,000
596,500
596,500
596.500
Interest on deb. bonds
-The suit instituted by the Department of Justice
808,140 ofSuit.
will be heard be808,140
808,140
808,140
Dividends (5%)
the company is still pending. Arguments of counselcostly
the suit has
been
has
litigation
the
While
on June 2 1914.
$705,409 ginning
$528,532
$673,422
$514,398
Surplus
been serviceable in correcting misrepresentations by our critics. (V. 98
p. 457.
Stockholders.-There are 3,998 holders of common stock; only 2,962 hold
CONSOLIDATED BALANCE SHEET APRIL 30.
ens of pref. stock, and 1,624 holders of both pref. and common.
1913.
1914.
1914.
1913.
RESULTS FOR FISCAL YEAR ENDING MARCH 1 1914.
$
LiabilitiesAssets16,162,800 16,162,800 Combined earnings of the United Shoe Machinery Corporation
36,050,449 35,999,914 Stock
Real estate
proporand the United Shoe Machinery Co. after deducting
Debenture bonds_11,930,000 11,930,000
Less underlying
760,000 1,200,000
tion applicable to outstanding stock of United Shoe Machinery$6,177,115
15,920,600 16,510,600 Bills payable
mortgages
671,668
Co. not held by the Corporation
Int. & taxes accr'd 675,983
2,863,359
14,240 Cash dividends paid
13,177
20,129,849 19,489,314 Rents rec'd In adv.
Equity
398,711
accounts_ 478,865
Loans on mtges 2,114,517 2,491,565 General
$3,313,756
1
1914
March
ending
202,035
202,035
Balance, surplus, for year
Sec. of realty cos.. 6,049,571 8,157,310 Dividends
833,775
1,121,523
These earnings apparently compare with those of the Shoe Machinery
Other securities__ 1,195,364 1,230,811 Reserves
x1,582,659 1,868,201 Corporation, as shown in previous reports, as follows:
186,973 Surplus
196,297
Plant, &c
1910-11.
1911-12.
1912-13.
1913-14.
Accts. receivable_ 2,047,260 2,435,115
21,818
51,617
$6,177,115 *$6,160,168 $5,958,721 *$5,780,107
Unexp'd Ins., day_
Net earnings
3,654,131
2,858,865
2,861,111
1,142,567 1,268,583
2,863,359
Cash
Cash dividends
32,927,042 33,281,490
32,927,042 33,281,490 Total
$505,509
x After deducting $294,491 for reserve for contingencies and
for old investments written off or reduced in value.-V.98.P. 1619, 1248.
Total
Bal.,surplus for year.. $3,313,756 $3,299,056 $3,099,856 $2,125,976
of
*Includes in years 1912-13. 1911-12 and 1910-11 increase in value
stock of otherjcorporations.
1686
THE CHRONICLE
MARCH 1
COMBINED BALANCE SHEET
1914.
Assets ($56,338,388).-Real estate, $2,290,355; machinery,
$1,951,167; patent rights, $400,000; total
$4,644,523
Stocks and bonds of other corporations and leased machinery 27,074,915
Cash and receivables
Stock,finished and in process, $5,806,286; misc.,$31,821; total 18,780,843
5,838,107
Liabilities ($56,338,388).-Common stock, $28,610,059; pref.
stock, $9,596,675; total
$38,206,734
Outst'g United Shoe Mach. Co.stock not held by Corp
405,228
Acc'ts payable, $364,304; reserves, $1,857,999; total
2,222,303
Surplus
15504,123
* The figure at which stocks and bonds are carried on the books is in the
opinion of the board less than their actual value.-V.98, p. 1076, 457.
Associated Oil Co., San Francisco and New York.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Wm.Sproule, Apr. 7, wrote in substance:
Results.-The combined annual statement of the company and its proprietary companies (Associated Supply Co., Associated Water Co. and Bakersfield Iron Works) for the year 1013 shows a balance surplus, after taxes,
interest on bonds and depreciation reserve ($1,924,070),reinvested in the
business, of $1,822,412. [The two dividends of 1;4% each paid April 15
and Oct. 15 1913 called for $1,200,000,leaving a surplusfrom the operations
of the year of $622,412.1
Although 1913 was not a satisfactory year in the fuel oil business, it was
an improvement over 1912. [The surplus, $1,822,412 above
contrasting
with $1,230,444 in 1912.1 Our net realization per barrel increased
and our
net cost of production declined. Our average price paid for purchased
oil also declined. Over-production continued during 1913 and
drilling campaign instituted on our properties early in the year the active
fied to meet the conditions. On Dec. 31 1913 we had on hand was modi8,595,145
barrels of oil, this being an increase during 1913 of 488,529 barrels.
Marine Department.-The tank steamer Frank II. Buck, 65,000 barrels
capacity, was launched Feb. 11 1914 and will be ready for service about
April 15. Another addition was the distillate motor-driven vessel Avon,
used for the transportation of refined products
of the Avon refinery to
points on and near San Francisco Bay.
Avon Refinery.-This refinery on San Francisco Bay was completed for
ull operation during December 1913. Partial operation of the plant was
commenced in September and its net earnings for the last four months
of the
Year were $132,257. Cost of construction, $724,937; in addition to which
we have expended $188,167 for distributing stations located at Alameda,
Fresno, Monterey, Portland, Ore., Sacramento, San Jose. San
Salinas, Santa Cruz, Santa Maria, Stockton and Watsonville.Francisco,
Production and Neu, Development.-During 1913 we
drilling
and put into operation 29 wells as follows: Kern River,completed
McKittrick, 4;
Midway, 8; Lost Hills, 7; Coalinga, 1. Owing to general9;over-product
ion
in the oil fields, we were obliged on Oct. 1 last to suspend the
of 281 wells in Kern River field, operating only those wells on operation
air which water conditions made it imperative that we continuecompressed
Operations on our McMurtry properties in the Buena Vista to operate.
Hills have
been very satisfactory.
Financial.- During 1913 dividends were paid amounting to $1,200,000.
A dividend of 13i% will be paid April 15 1914.
Cash payments so far made account of the cost of Avon refinery and
distributing stations, also construction of the vessels
Frank H.Buck and Avon,
have been accomplished without increasing our bonded
debt and the cash
necessary to meet additional payments for the construction
is available without borrowing money or selling bonds. of these facilities
Amortieation.-We have continued to write off a liberal amount annually
for depreciation in order that the book value of the
property at the end of
any given period may be on a trustworthy and conservative
The
sinking fund retires our entire bond issue within 20 years frombasis.
issue date.
INCOME ACCOUNT OF ASSOCIATED OIL CO.FOR CALENDAR YEARS
1913.
1912.
1911.
1910.
Sales and other revenue_$17,122,828 $16,170,967 $20,192,995
$22,079,639
Divs. from other than
proprietary cos
748,865
601,651
144,689
305,478
Total receipts
$17,871,693 $16,772,618 $20,337,684 $22,385,117
DeductionsProdue. transp., admin.,
purchase of oil. &c_ _ _ $13,084,139 $12,737,106 $15,910,911
$18,086,448
Int.on notes& def. pay's
28,652
43,383
140,933
115.130
Taxes
136,798
157,892
113,625
75.473
Interest on bonds
784,254
775,265
687,754
438,558
Disc't on bds. sold
91,367
Depreciation reserve_ _ _ 1,924,071
1,828,527
1,718,215 1,215,294
Dividends (3%)
1,200,000
Total deductions
$17,249,281 $15,542,174 $18,571,438 $19,930,904
Surplus for year
$622,412 $1,230,444 $1,766,246 $2,454,213
ASSOCIATED OIL CO. BALANCE SHEET DECEMBER 31.
1913.
1912.
1913.
1912.
Assets$
Liabilities$
Oil lands & leases_29,386,631 27,875,594 Capital stock __ _40,000,000
40,000,000
Personal property
Bonds
15,685,000
15,579,000
& improvem'ts-20,445,893 18,910,305 Vouchers, &e
191,428
209,077
Stocks and bonds.. 9,397,786 9,135,229 Accounts payable_
394,368
982,745
Sinking fund
802,412
748,675 Freight
106,857
132,116
Material & supp__ 286,140
604,870 Interest accrued..
355,190
352,535
Drilling tools, &c.. 227,446
Pan. Pao:Int.Exp.
Cash
883,637 1,256,156
stock subserip__
25,000
Bills & accts. rec.. _ 1,608,351 1,757,356 Paym'ts on real est. 15,000
Mdse. on hand
3,912,856 3,718,512
pureh. not due_ 1,226,053
Deferred assets.._.
53,885
85,205
steamer
Bond disc% &c_ _ _ 1,559,805 1,696,471 Construe.
F. H. Buck not
Due from affiliated
due
companies
2,091,177 1,896,775 Oth.det.deb items. 467,500
92,411
Other contingent
Miscellaneous. __
97,621
199,576
assets
a717,347
910,173 Deprec. reserve.._ 6,388,142 4,678,630
Surplus
6,356,796 6,436,643
Total
71,376,366 68,595,322
Total
71,376,366 68,595,322
a "Other contingent assets" in 1913 include Los Angeles investment,
$231,746; Catch Basin Assn., $29,563; Panama Pacific
International Exposition stock, $50,000; due from proprietary cos.,
$297,739, and prepaid
premiums on marine insurance, $108,299.
INCOME ACCOUNTS OF
Sterling
1013.
1912.
Gross revenue
$131,515 $141,704
Oper. exp., &e.
$77,704 $92,788
Depree. reserve.__ 38,128
38,088
Dividends
75,000
[VOL. xcviii.
Stern Brothers, New York City.
311914.)
Pres. Louis Stern, N. Y., April 4, wrote in substance:
(Report for Fiscal Year ending Jan.
Our removal from 23d St. has been accomplished and we are now located
on 42d St., in the heart of the retail district. The wisdom of this
move is
evidenced by the fact that from the date of our removal,
on Sept. 1 1913.
to Feb. 1 1914. the date of the annexed balance sheet, our
gross business
has increased approximately 25%,and the number of new accounts
opened
during the same period increased 92% as compared with the preceding
year.
In bringing about this change of location, it was, naturally, impossible
to have the leases on 23d St. and 42d St. dovetail,
the lease on the
old building not expiring until Feb. 1 1915. We are negotiating for the
sub-letting of the vacant premises, which, if consummated, will greatly
reduce this charge, but, under all circumstances this increased expense
will cease on Feb. 1 1915, and is only temporary.
Upon the declaration of the dividend on Feb. 13, my ;guaranty of the
pref. dividend expired. Therefore, in view of the above-mentioned double
rental for the current year and the financial requirements attendant on our
greatly increased business, I consider that the interests of the stockholders
will be best conserved by the careful husbanding of the company s resources,
and shall recommend to your directors that they temporarily suspend the
payment of dividends on the pref. stock.
On Feb. 3 the company sold $2.500,000 of its 5-year 6% notes, which.
however, do not increase the debt, but simply fund the outstanding publicmarket paper, thus providing ample facilities for the expanding business.
I look with great confidence to the future and am convinced that our long
and enviable record of achievement will be continued on even broader lines
than in the past, and that in the near future the showing will be fully
satisfactory to the stockholders.
RESULTS FOR FISCAL YEAR ENDING JANUARY 31 1914.
Net profits from trading operations,$417,432; miscellaneous revenue, $18,731: total net profits
Deductions-Interest, $149,883: depreciation of fixtures, machin-$436.163
ery,&c.,$70,735; officers salaries. $40.000; bad debts,$27,742;
general corporation expenses, $17,447; general
taxes, including Federal income tax, $8,834; total corporation 314,64/
Profits for fiscal year ending Jan. 31 1914
$121,522
INCOME ACCOUNT FOR YEAR ENDING JAN. 31 1914 AND
1913.
AND 15 MONTHS ENDING JAN. 31 1912.
15 Mos.'10-'12 Year '12-'13. Year '13-'14
Profits for period
$256,751
$193,927
$121,522
Contribution of L.Stern under guaranty of preferred dividends
105,000
57,301
Total
$256,751
$298,927
$178,823
Preferred dividends (7%)
210.000
210,000
210,000
Balance, surplus or deficit
sur.$46,751 sur.$88.927 def.$31.177
BALANCE SHEET JANUARY 31.
1913.
1914.
1914.
1913.
LiabilitiesAssetsPreferred stock _ 3,000,000 3,000,000
Trade name,goodwill and leases.- 7,499,600 7,499,600 Common stock.._.. 7,500,000 7,500,000
445,013 6% gold notes__ _ _ 2,500,000
Fixtures & maeh'y 968,663
102,318 Equipment loan__ b500,000 1,853,630
144,213
Delivery equip't__
60,000 Notes payable......556,264t
18,000
Investments
Mdse. & supplies.. 3,640,547 2,941,611 Accounts payable.. 660,8341 333,037
Accr.int. & taxes.
Accts.rec.(less res.
52,219
49,474
for bad debts)._ 1,710,849 1,395,025
29,215
373,505 Surplus
337,177
Cash
.35,000
135,679
83,964
102,761
Prepaid exp.,&c.._
a Deferred assets_ 382,504
Total
14,804,317 12,901,035
14,804,317 12,901,035
* After deducting in 1913-14 $69,502 adjustments for bad debts and
.
iure
odss
ftexrt
itruitoersp
oep
peD
etls
exa
nsees
e ite
epdla
sb
ferr
icsa
ap
and machinery 23d St. store,
deferred expenses 23rd St. store, $135,659, and deferred expenses$91.454;
42d St.
store, $155,391.
b Equipment loan is payable over a period of 4 years.--V. 98, 13. 1618.
Total
The Columbus (0.) Gas & Fuel Co.
311914.)
Pres. B. G. Dawes, Columbus, 0., says in substance:
e
s
a
n
a
s
70
2r,e
s$
1a
1a
3e
es i cr ed
se;dosu3t7
s,
1
ga fsraelm
(Report for Fiscal Year ending March
dengas s
$2ke5
11.
criteying ss
3.-The
s8
h
t eea
144
caotlh
eserdeinr
c emeed
gas
including dividends on Columbus Oil & Fuel Co. stock, increased $56,65i
sources
increased
$94,325. After paying diviand the net income from all
dends on common and pref. stock, amounting to $366,250, an increase of
$29,375, the company passed to surplus $74,064, an increase of $47,114.
annual
meeting a resolution was
Properties, &c.-At the last
passed
authorizing the directors to make a new contract for their supply of gas
for the disposal of the company's gas fields, and, if necessary, to enterand
the
for
nearlyth
supply
the s
pply
other
he fields f
extendingot
West Virginia fields or
over
'ear,fagc
negotiations
aon
s tract was entered
into with The Ohio Fuel Supply Co. by which we sold to them our
gas
leases, gas wells, field lines, pump stations, and gas contracts in the villages
of Thurston, Lock, Pickerington, Pleasantville and Baltimore, consisting
their
gas
for
exchange
mains,
of 892 meters, in
services, meters and gas
contracts in the city of Columbus and in the villages of Arlington, Bexley,
Worthington and Linden Heights,consisting of 10,460 meters, and $474,042,
Fuel
Co.
&
Gas
Columbus
a
total number of consumers in
which gives The
the city of Columbus and in the villages of Arlington, Bexley, Worthington
and Linden Heights, of 41,067.
transaction,
a contract was entered into with
Simultaneously with this
ly
tigeorf your company with
dpa
The Ohio Fuel Supply Co. for the tiep
gas for
a
15c. for
pthird,
lre
perio
17c. 4retloire
dlgAtc.
i3oerstu
16c. for
of
VITe3ifrs
c.
io
31:e:11.
4
fifth and 18c. for the 'succeeding five years,and 20c.for the last ten years.
3 the company sold all of its oil business
As of
and
$500,000
common
its
stock to The Columbus
of its pref. stock and $250.000 of
&
Fuel Co., in exchange for the entire capital stock of $1,000,000 ofOil
The
Columbus Oil & Fuel Co. This is a very valuable asset and has a
large
earning capacity. See also below and V. 97, p. 598, 1736.
During the year the 011 Company purchased all the capital stock of The
Federal Gas & Fuel Co. of Columbus, 0., all of the capital stock of
The
Springfield (0.) Gas Co., all the capital stock of The Columbus Producing
Co. of W. Va., and has disposed of them to The Ohio Cities Gas Co. at a
profit. [As to these transactions and the plan for forming Ohio Cities Gas
Co.. see V. 98 p. 1463.-Ed.1
Operations od Columbus Oil cc Fuel Co.-This company has under lease
in Pry,
er
Mus Ingum, Licking and Coshocton counties, Ohio, 30,000 acres.
Its average daily net production has been as follows: Aug., 494.97
bbls.;
Sept., 480.27 bbls.; Oct., 568.59 bbls.; Nov., 528.35 bbls.; Dec., 551.38
bbls.; Jan., 536.73 bbls.; Feb., 519.98 bbls.; and March, 555.51 bbls.
operation oinm
f ete
During the eight months'a_e
he e011s8955;
p
Company
tetail
lseagles
s,
amounted to $313,112:
earnings,
$322,067; expenses, $24,276; net earnings, $297,791; dividends paid,
$53,333; surplus, $244,458. During the eight months there were charged
to depreciation,$156,941, and credited to appreciation,$278,900, increasing
the surplus for the period of 8 months, $366,416. During this period
company was very successful in drilling wells, and the price received forthe
oil
sold was higher than prevails at present.
ge2s0j
1
Aug.
AFFILIATED COMPANIES.
--West Coast Oa- -Calif. Coast 0111913.
1912.
1913.
1912.
$592,996 $484,721 $105,038 $175,113
$178,972 $140,909 $14,770 $41,734
102,241
96,521
30,075
26,404
161,324
10,408
71,100 146,000
Total deductions 8190,832 8130,876 8442,537 $247,838 $115,945
$214,133
Balance
det$59.287sur$13,828 sur$150,459sur$236,883def$10,906def$3
9,025
Amalgamated Oil and
Pioneer Midway
Proprietary co's,
oil,
Year ending Dec. 31.
Calendar Years.
1913.
1912.
1913.
1912.
Gross revenue
$3,732,628 $5,268,612
$71,989
$110,275
DeductOperating expenses, &e
RESULTS FOR FISCAL YEARS ENDING MARCH 31 1914 AND 1913.
$2,649,263 $4,234,714
$28,530
$54,520
Taxes
36,125
1913.
34,299
1914.
1013.
Depreciation reserve
251,071
$983,442 y Other income__ $78,041
247,204
119,425
120,115 Sales of gas--elty-$1,091154,612
$21,388
Dividends
675,000
26,196
Sales of gas outside
46,760
600,000
Net income_
$458,150 $363,825
Total deductions
$3.611,459 $5,116,217
$1,041,808 $1,030,202 Depreciation
Total sales
$147,955
17,836
$174,635
Balance
sur$121,169 sur$152,395 def$75,966 def$64.360 x Deductions
$661,699 $687,765 Pref. diva__(5%)$293,750 $275,000
Among the assets of the Amalgamated Oil Co. and its proprietary
Corn. divs_ _ - _(214 %)72.500(2h)61,875
companies are
salee$380,109 $342,437 Surplus Earnings_
stocks owned valued at $5,085,396. The balance sheets of
Net
from
gas
..$14,064
826,950
the sub-companies show
capitalization (Ill stocks, no bonds) as follows: (1) Proprietary
companies
(total).
x Deductions include operating expenses, taxes and interest on bonds.
1354,350: and (2) affiliated companies, $9,494,880.-V. 98, p. 1247.
y Other income includes dividends on Columbus Oil & Fuel Colstock.
1
MAY 30 1914.]
1687
THE CHRONICLE
in bank; on Dec. 31, after paying the two dividends, the cash balances
BALANCE SHEET MARCH 31.
amounted to $1.074.372, with bullion and miscellaneous products settle1913.
1914.
1914.
1913.
ments outstanding of $161,217.
LiabilitiesAssets- _
Nevada Taxes.-The agreement with the Nevada State Tax Commission
Prop.,plant&equip 8,389,249 8,674,701 Preferred stock._ - 6,000,000 6,000,000 as to the interpretation of the law governing the tax on bullion involves and
Artificial gas plant 1,431,000 1,431,000 Common stock__ _ 3,000,000 3,000,000 increase in the amount of the bullion tax, but is welcomed as removing much
bonds
First mtge.
Cash ace.,new prop 100,000
heretofore surrounding the question of mine taxation.
Coium. Gas Co_ 1,425,000 1,425,000 uncertainty
Col. Oil (4 Fuel
Stocks Owned-Depreciation.-One effect of this action is to eliminate our
178,084
Accounts payable_ 103,960
stock (par) ___ _ 1,000,000
milling
and
company as a profit-making corporation and its
transportation
99,985
33,135
61,198 Consumers' dopes.
Material & supp__
merely to
39,402 future function, if its corporate existence be maintained, will be
43,918
750,000 Accrued taxes_ __
Treasury stock_
continue its service for the mines company at actual operating cost. Since
237,803
157,753 Accrued interest on
Cash
the capitalization
our
of
"stocks
largely
ownership
the
of
consisting
owned,"
17,813
17,813
bonds
196,375
Accts. receivable_ 144,868
yielding a large
612,897 of the milling and transportation company, heretofore
*666,095
18,786
Meters,regul's,&c.
2,169 Surplus
revenue, has thus become a dead asset, we have depreciated it heavily
1,930
Prepaid taxer, &c_
and hope by another year to depreciate it entirely. To this item of depreis added the customary depreciation of plant and equipment, to11,356,771 11,273,196 ciation
Total
Total
11,356,771 11,273,196
gether with depreciation at the rate of 5% upon the value of our tonnage
After deducting in 1913 sundry adjustments 520,865.-V. 98, p. 1462, 1395.
permitted by the new Federal Income Tax Law; the latter, in lieu of the
previous arbitrary depreciation of ore deposits at rate of $16 36 per ton.
American District Telegraph Co. (New York).
Development Work.-This,within the year, aggregated 38.696 ft. at a cost
per foot of $8 42.
1913.)
(Report for Fiscal Year ending Dec. 31
[To Jan. 1914 the company had paid dividends amounting to $26,330,4701
President Wm.H.Baker says in substance:
PRODUCTION FOR YEAR ENDING DECEMBER 31 1913.
shows an inThe number of telegraph messages delivered and collected
-Year end. Dec. 31 1913- -14 Mo.end.Dec.31 12has been a decrease
crease this year over last year of 557,467, but there
amount
Minethe
in
and
Tons. Avge. GrossValue. Tons. Avge. GrossValue.
service
errand
messenger
this year in the revenue from
87,840 $15 97 $1,332,957 70,578 $18 88 $1,332,525
in operating expenses Combination
of dividends received from investments. The increase
messenMohawk
132,642
13 31 1,765,346 140,147 18 66 2,615.752
additional
for
wages
$14,182
by
represented
is
debits
income
and
415.226
)30,312 11 10
in the number of telegraph Red Top
336,497 [18,748 22 15
gers and branch office clerks due to the increase
478,591
this year of Laguna
136,776 13 01
messages delivered and collected, also by additionaloncharges
Dumps
new
12,756
27
the
of
54,497
account
4
$9,070
of
payment
the
and
depreciation
for
$14.472
Jumbo (Clermont)_ 85,915 17 01 1,461,895 149.537 22 58 3,378.145
franchise requirements of the City of New York.
STATISTICS.
All mines
349,465 $14 17 $4,951,192 415,786 $19 77 $8,220,239
1909.
1910.
1911.
1912.
1913.
1,613 COMBINED PROFIT AND LOSS ACCOUNT OF GOLDFIELD CONSOL.
1,664
1,699
1,688
1.704
Miles wire
MINES CO. AND GOLDFIELD CONSOL. MILLING & TRANS85
84
79
80
79
Offices
PORTATION CO.
37,152
36,466
38,419
35,875
38,196
Instruments
Messages delivered__ _6,606,995 6,298,631 5,454,956 4,839,863 4,497042
Year end. 14Mos.end. -Years ending Oct. 31Messages collected__ _3,916,171 3,667,068 3,267,536 2,854,625 2,639,808
1909-10.
1910-11.
Dec.31'13 Dec.31'12.
Receipts$935.258
$156.158
EARNINGS,EXPENSES, &C.
Ore shipments
$177,068
$280,580
143,021
241,259
57.657
Concentrates
1911.
1913.
1912.
9.383,193 8,620.724
4,469.062 7,215,794
Earnings
$607,753 Sales bullion
$699,486
$689,379
109,419
250.983
a43,833
68,414
Miscellaneous
Expenses
497,184
•
575,639
610,425
Net
Dividend
$113,740
$89,061
76,888
76,891 .
$110,569
76,888
$33,681
$36,852
$12,170
BALANCE SHEET DECEMBER 31.
1912.
1913.
1912.
1913.
Assets$
3,844,700 3,844,700
Plant, franchlses,&c.4,166,141 4,159,540 Capital stock
Sundry accounts payStocks and bonds of
28,395
20,653
cos. not merged__ 278,031 249,350 able
17,947
86,055 Misc. liabilities
Miscellaneous assets a97,356
675,029 667,860
38,268 Profit and loss
Cash in treasury_ _ _ _ 24,543
Surplus
4,566,071 4,533,213
4,566,071 4,533,213 Total
Total
a Includes in 1913 advances, $15,369; supplies, including uniforms,
$16,114, and sundry accounts receivable, less reserve, $65,873.-V. 98,
1). 1395.
American District Telegraph Company (of New Jersey).
(Report for Fiscal Year ending Dec. 31 1913.).
Pres. Newcomb Carlton, N. Y. April 14, wrote in subst.:
$4.793,475 $7,518.934 $9,890.029 $9,949,985
Total earnings
Expenses$1,180,074 $1,409,001 $1,109,458 $1,032,059
Mining
72:8
562
1
84
86
626,294
Milling
527,202
670.427
30,354
27,001
5
15 025
25:28
Income tax
87,396
137,831
Construction
445,864
53,635
126,319
30:8
157
3
Bullion tax41,370
808
18
381,722
336,280
er & miscellaneous_
Genal
272,574
147,195
Depreciation
140,790
1 b1,245,932
1189,636
1 93,437
Accounts charged off_ j
Total
33,307,462 $2,773,325 $2,510,378 $2,885,417
Net profits for dividends
(see note below)
$1,486,013 $4.745,609 $7.379.651 $7.064,568
Dividends
(7%)2,491,404(16)5694,637(20)7118,296(20)7118.271
Balance for year.. __def.$1,005,391 def.$949,028sur.$261.355 def.$53,703
a After deducting ore purchased,$8,363.
b Depreciation, as above stated ($1,245,932 in 1913), includes depreciation of plant and equipment and stocks owned, accounts charged off and
amount allowed under Federal Income Tax Law as depreciation of ore deposits for 1913; in 1912 and 1910-11 the amounts shown represented merely
depreciation of 'plant and equipment and accounts charged off. Larger
amounts were, however, charged off for depreciation of mine property in
the earlier periods.
BALANCE SHEET OF GOLDFIELD CONSOL. MINES CO. DEC. 31.
1912.
1913.
1912.
1913.
Liabilities-Assets$
$
$
Mine properties. x9,297,161 9,565,608 Capital stock _ _ _35,591,480 35,591,480
98,406
88,019
OrganizatAan exp_ 4,079,970 4,079,970 Accounts payable_
4,832
7,269
Bullion tax res'ves
Real estate, build12,499
ings, plants,&e_ 121,073
183,309 Income tax res'ves
Stocks owned _ _ _ 836,026 1,66-,553 Undivided profits.x5,499,104 4,249,241
188,369
Accts.ree.,supp.,&e 150,478
Distrib'd as diva_ _26,330,471 23,839,067
427,083
383,192
Cash
The directors have had under consideration for some time the necessity
of readjusting the book values and also of providing out of accumulated
surplus for adequate depreciation reserves. In conformity with this
policy, Price, Waterhouse & Co. have prepared a consolidated balance
sheet as of Dec. 31 1913, whica represents our true financial condition.
The surplus adjustments recommended have resulted in certain changes
which somewhat distort the comparison between the income accounts
of 1913 and 1912.
The gross operating revenues and income increased by $40,470, but
operating expenses, including depreciation, lease of plants, miscellaneous
interest, &c., have increased $268,740. This latter increase is principally
due to increase in operators wages, the setting aside of additional depreciation on plant and property, which previously had been inadequately
provided for, and a change in the classification of accounts whereby the
41,198,371 39,943,959
Total
41,198,371 39,943,959
Total
cost of soliciting business is charged as an operating expense.
Notwithstanding the general business depression the operating revenues
x After deducting in 1913 $21,934 588, the amount computed as reprehave been reasonably satisfactory, and, while the increase in earnings has senting exhaustion of ore deposits to Dec. 31 1912, and $270,877, amount
been checked, it is confidently believed that prospects are fairly favorable. under Federal Income Tax Law as exhaustion of ore deposits.
Digest of Report by Price, Waterhouse 5: Co.. April 3 1914.
The balance sheet of the Goldfield Consol. Milling & Transportation Co.
The plant and equipment is stated at physical inventory valuations Dec. 31 1913 shows total assets (including cash. $691,180). $1,319,610;
representing replacement cost new. To provide for accrued depreciation offset by capital stock, $400.000; accounts payable, &c., $41.737; undisufficient reserves aggregating $722,807 have been provided. The miscel- \tided profits, $877,873.-V. 98, p. 1075.
laneous investments (securities) are stated at proper values. Full provision
has been made for all bad and doubtful accounts receivable.
Hale & Kilburn Co., Philadelphia and New York
Adjustments that Have Reduced the Surplus Account by $2.634,228.
Difference between physical valuation of plant and equipment
(Third Annual Report-Year ending Dec. 31 1913.)
$1,207,467
and book values
Pres. Chas. H.Sehlacks,Phila., in Feb.last wrote in subst.
Reserve for accrued deprec'n of plant and equip. at Jan. 1 1913_ 613,105
The profits were diminished by extra costs in manufacture, due to delays
13,809
Depreciation allowed in inventories of materials and supplies
and installation of
20,795 in completing construction of new plant buildings
Reduction in values of miscellaneous investments
machinery referred to in last annual report; also by extra expense involved
Miscellaneous, principally in connection with change of rental
of which
in
manufacture
the
product,
to
of
lines
adjusting
operations
new
business
7,804
messenger
paid for
was entered upon during the year and further by the general unsatisfactory
Reduction in book va.ues of investments in non-operating com771,249 bysiness conditions prevailing.
panies, patents and franchises and in amortization of contract
The 7% dividend on the first and second pref. stocks, amounting to
INCOME ACCOUNT FOR CALENDAR YEARS.
$300,888 and two quarterly dividends of 1% each on the common stock.
1913.
1912.
1911.
1910.
aggregating $80,000 were paid out of the year's profits and after charging
$2,391,818 $2,351,347 $2,162,784 $3,894,578 off certain capital expenditures for mechanical equipment, and for certain
Gross
1,749,234
1,481,029
1,369,857
3,090,832 contingency and reserve funds, the amount standing to the credit of profit
Expenses
and loss Dec. 31 was $492,032.
$642,584
$870,318
$792,927
$803,746
The net earnings for the 24 months ending Dec. 31 1913 being in excess
Net
398,556
398,554
398,552
398,549 of $840,000, the priority of the first pref. stock over the 2nd pref. stock was
Dividends (4%)
terminated as provided in articles of incorporation. (V. 98. P. 692.)
$471,764
$244,028
$405,197
The company on April 1 1913, negotiated $750,000 three-year 5% coupon
$394,375
Surplus
notes, retiring current obligations and providing required working capital.
BALANCE SHEET DEC. 31.
company is on a sound financial basis and its plant and eciuipment
The
1912.
1913.
1912.
1913.
generally have been maintained in excellent condition.
LiabilitiesAssets$
$
3
outlook for business both in the seat and metal departments is more
The
Capital
stock_
.... 9,965,351 9,965,351 hopeful than for many
Properties acc't_ A 1,989,690 13,705,412
months.
218,383 Cap.stk. rub. cos_
15,243
Securities owned_ 399,847
15,299
PROFIT AND LOSS ACCOUNT YEARS ENDING DEC. 31.
'Cash
359,000
258,286 Bonds
330,000
229,961
men.
Bills & acc'ts recle
Purch.
1912.
1911.
mtgs. 498,125
1913.
540,625
(less reserve)_ _ _ 168,501
3585,949 f $510,446
144,126 Net profits after royalties, deprec,&c.1 $387,257
277,752 Pay'ts rec. in adv.. 159,917
Deferred charges_
1 300,174
118,062 Dividends on invest., rentals, &c_ _ I
13,988
19,492 Reserves
822,807
:Supplies in stock_
98,397
83,532 Miscellaneous_ _ _ 211,785
133,037
$387,257
$585,949' $810.620
Surplus
a897,156 3,287,357
Total net profits
$56,231
Deduct-Reserve fund
$140,350
12,900,384 14,562,857 Total
Total
$140,000
113,600
Dividends 1st preferred (7%)
12,900,384 14,562,857
160,538
160,538
160,538
Dividends 2d preferred (7%)
a After deducting in 1913 $2.634,228 for adjustments-see above.
Dividends common
(2%)80,000(4%)160,000(3%)120,000
V. 96, P. 1771.
The Goldfield (Nev.) Consolidated Mines Co.
(Seventh Annual Report-Year ending Dec. 311913.)
Pres. George Wingfield, Dec. 31 1913, said in substance:
$280,888
$460,538
$450,369
$6,369
$125,411
$360,251
BALANCE SHEET DEC. 31
1912.
1913.
1912.
1913.
5
Liabilities$
Assets$
S
First pref. stock_ _ _ _ 2,010,000 2,000,000
Property, &c., In8,054,803 7,824,191 Second pref. stock_ _2,293,400 2,293,400
vestments
4,000,000 4,000,000
865,958 780,591 Common stock
Inventories
14,022
13,581 5% coupon notes
750,000
Bills receivable
200,000 625,000
Accounts receivable_1,037,850 863,324 Bills payable
448,770 258,660
200,915 160,258 Accts. payable
Cash
20,778 Profit and loss
492,032 485,662
Int. & ins. prep.,&c. 20,654
Total deductions
Balance, surplus
Results.-During the year we produced 349,465 tons of ore, of which
330,217 tons of an average gross value of $14 88 were milled, and 19,248
tons of an average gross value of $27 39 were shipped. The gross value of
this tonnage was $5,438,853. Deducting metallurgical losses, smelter discounts and the cost of a small tonnage purchased, the values realized were
$4,942,828. The expenses, including mining, milling, transportation,
construction, taxation and general expense, were $2,210,883, leaving net
realizations from operation of $2,731,945. Operating costs per ton were
54c. lower than for the period covered by our previous annual report.
10,194,202 9,662,722
Total
Two dividends were paid, one of 30c. per share and one of 40c. per share.
-aggregating $2,491,404. On Jan, 1 1913 the company had $728,823 cash -V.98, p. 692.
Total
10,194,202 9,662.722
1688
THE CHRONICLE
Hart-Parr Co. (Gas & Oil Tractors), Charles City, Ia.
(Report for Year ending Jan. 3 1914.)
The net profits from Jan. 4 1913 to Jan. 3 1914, after deducting $45,000 reserve
for pref. stock sinking fund, were $428,727. Net profits from Jan. 1 1912 to Jan. 4
1913 were stated as $378,311 and in the calendar year 1911 as $295,770.
BALANCE SHEET.
Jan. 3'14. Jan.4 '13.
Jan.3'14. Jan. 4 '13.
AssetsLiabilities5
$
,s
s
Factory buildings_ _ _ 443,542 452,201 Preferred stock
1,500,000 1,500,000
Equipment
787,844 649,029 Common stock
1,000,000 1,000,000
Real est. atChareisC. 279,803 203,183 Bills payable
480,482 154,800
Brch. house real est_ 179,318
17,288
80,867 Accounts payable__ _ 26,406
Bills receivable
1 361,609 1240,153 Agents' commls'ns
06,680
101,904
Accounts receivable_
1251,931 Suspense and collecCash
26,464
108,119 433,914
tions
Stock In other cos
38,221
100,000 100,000 Contingent fund_
Unexpired insurance
2,804
436
Accrued wages
Manufactured prod1,376
Officers', &c., baL
ucts & supplies_ _ _1,326,028 900,588 Surplus
473,727 478,412
Total
-V. 96, p. 1020.
3,586,699 3,311,865
Taal
3,586,699 3,311,865
The Safety Car Heating & Lighting Co.
(Report for the Year ending Dec. 31 1913.)
PROFITS FOR CALENDAR YEARS (AS INDICATED BY CHANGES
IN PROFIT AND LOSS SURPLUS).
1913.
1912.
1911.
1910.
Net profits after depr.,&c$1,043,195 $1,131,335 $1,135,622 $1,326,874
Divs. paid during year__ (9)887,580 (9)887,580 (9)887,580(11)1084,820
Balance, surplus
$155,615
$243,755
$248,042
$242,054
BALANCE SHEET DECEMBER 31.
•1913.
1912.
*1913.
1912.
Assets3
Liabilities$
Real est.,mach.,&c.12,021,098 11,773,869 Cap. stock (auth.,
Materials & sum). 926,565
771,623
$10,000,000)out 9,862,000 9,862,000
Bills receivable- _ 7,729 Accounts payable_ 481,736
7,563
601,061
Accts. receivable_ 1,242,628 1,347,374 Deduc.from earns.
Investm'ts In marfor deprec., conketable securities 842,059
tingencies, &c_ 1,008,302
851,812
909,806
Cash
342,844
493,993 Surplus
4,030,719 3,875,104
Unexpired insur_
1,571
Total
15,382,757 15,247,971
Total
15,382,757 15,247,971
* Includes all assets and liabilities of the PLntsch Compressing Co.
[The regular quarterly dividend of 2% and an extra dividend of 1% was
paid in 1913, 1912 and 1911, contrasting with 2% and 307 extra in Dec.
1910. The company pays its dividends on April, July ancleOct. 1 and late
in December.-Ed.)-V.94, p. 1182.
Casein Company of America, New York.
(Report for Fiscal Year ending Dec. 31 1913.)
V.-Pres. Lorenz R. Schwerin, N. Y., May 13, wrote in sub:
xcvm.
to the installation of a 500,000 cu. ft. gas holder of latest design at the gas
manufacturing station at Kankakee, and to new transmission lines.
Included in the funded debt, as shown in the balance sheet, are the
various bonds and notes assumed by the company in the Northwestern
Gas Light & Coke Co. consolidation, and the bonds of the Pontiac Co.
Stock.-In connection with the Northwestern consolidation, 20,000
shares of this company's common capital stock were issued in the first
instance, but subsequently it was thought best to put out notes in place
of this stock. The stock is accordingly now in the treasury.
The board has sold to the employees'savings fund committtee and turned
over to its members, as trustees, $1,000,000 common stock to be paid for
from time to time under the terms of a written agreement as the savings of
employees shall accrue.
Dividend.-During the year the rate of dividend upon the common stock
was increased from a 4% to a 5% basis per annum, effective with the dividend payable Nov. 11913.(V. 97, p. 1119.)
New Properties.-The Northwestern Co. supplied gas in a number of
towns, and in the cities of Evanston and Blue Island, and the village of
Oak Park. The present stations, including the Northwestern ones, for
the manufacture of gas are located at: Blue Island, Cicero, Evanston, Kankakee, Morris, Niles, Ottawa, Pontiac and Streator.
On March 1 1913 the company acquired the plant of the Pontiac Light
& Water Co. at Pontiac, Ill., a town with a population of approximately
4,500,and the property was immediately connected to our system. The
utilities owned in Pontiac enbrace electricity, gas, water and steam heat.
Dusiness.-The income account for the year includes the income from gas
sold in the territory served by the Northwestern Co. before consolidation.
Our connected business in supplying electrical energy (exclusive of railway power business) amounted to the equivalent of 1,837,630 standard
16 c. p. lamps on Dec.31 1913 being an increase of 369,024 standard 16 c. p.
INCOME ACCOUNT FOR YEAR AND 14 MONTHS ENDING DEC. 31.
Year end. 14mos.end.
Year end. 14mos.end.
Dec.31 '13. Dec.31 '12.
Dec.31 '13. Dec.31 '12.
Gross earnings... _56,066,825 $4,230,021 Pref. dividends... $455,276 3311,349
Net earnings after
362,370
Common diva ___ 385,237
taxes
$2,476,725 $1,861,758
Bond interest_
1,307,399
745,734
Total deduo'ns..$2,269,032 $1,557,227
Deprec'n reserve_ 121,120
137,774 Balance,surplus_ - $207,603 $304,531
BALANCE SHEET DEC. 31.
1912.
1913.
1912.
1913.
AssetsLiabilities$
$
$
Plants, real esPref.stock
7,672,000 7,672,075
tate,deo
45,715,859 32,291,194 Common stock„a10,062,500 10,063,500
19,649 1st & ref. M. 5s b9,082,000 8,800,000
31,061
Open accounts
See. (sale of Oak
Underlying bonds
290,000 (see below)_ _18,978,200 5,776,100
Pk. water mains) 277,500
Securities act.,&c. 153,209
Accounts payable_ 479,279
260,229
377,205 Notes payable__ _ 372,500
Mat'l In storeroom 368,769
Bond,&c„Int.mat.
Coke, gas and oil
47,9321 168,538
do
112,524
do accrued 447,135f
on hand
63,826 • 68,421 Taxes accrued.. _ _
Coal In storage.....
150,080
99,829
675,481 Deprec'n reserve_ 714,780
Accts. & notes rec. 935,382
593,660
264,037
Other reserves..
609,493
Cash
238,526
Surplus
Cash for coupons_ 251,007
512,224
304,530
Total
48,518,630 33,985,987
Total
48,518,030 33,985,987
a Included in 1913 $2,001,000 common in trea,sury.
b Of the 1st and ref. 5s $15,137,000 have been issued. Of the bonds
$211,000 are in the treasury, $4,375,000 are deposited as collateral for
$3,500,000 3-year 6% notes,$119,000 for certain notes,$350,000 for certain
notes with option of purchase and $1,000,000 for a future loan with option
of purchase.-V. 98, p. 614.
Results.-The gross sales of the subsidiary companies amounted to
$1,492,727; the total manufacturing profits to $272,913; expenses to
$100,972; leaving gross earnings of $171,942.
American Pneumatic Service Co., Boston.
The gross earnings of the subsidiary coMpanies, plus the dividends and
royalties received by the company from outside sources aggregated $181,(Report for the Nine Months ending Dec. 31 1913.)
984. After making deductions for adjustments,depreciations and accounts
written off, the combined net earnings of all the cos.amounted to 3143,704.
Pres. Wm.H. Ames,Boston, March 5, wrote in substance:
The income of the Casein Company of America was $38,912 representing
The dividends on first prof. stock for the nine months' period represent
dividends and royalties received from the subsidiary companies out of net
earnings for 1912. General expenses and adjustments amounted to $21,835 that paid Sept. 30 1913 and the amount accrued to Dec. 31 1913. On
and accounts written off to $110,065, which explains the shrinkage of the the prof. stock one div. only falls within and is charged to same period.
Net additions to plant accounts during the 9 months,$51,467; viz. mail
surplus. While our surplus decreased, the surplus of the subsidiary coindanies increased, due to the fact that subsequent to May 1913, they declared tube systems, $78,070; Lamson Co., $43,040; total, $121,110. Lessno dividends. The combined surplus of all the companies at the close of depreciation written off,$39,443, and property sold,$30,200; net $51,467.
On Dec. 31 1913 the net quick assets aggregated $1,914,654, against
the past fiscal year amounted to $170,645.
Status.-Apart from certain litigation, referred to at the annual meeting $1,729,470 on March 31 1913, an increase of $185.184, notwithstanding
in May 1913 (compare V. 97, p. 48), the condition of the company is the additions to plant accounts and bonds purchased. The company has
satisfactory. The experimental department during the past year was no notes payable and during the nine months did not borrow any money.
The now railway station -in Chicago about ono-half mile north of the old
successful in producing a new dessicated milk soluble in cold water; also,
a sizing which promises to be of particular value to the wall-paper trade. Kinzie Station was completed and wont into operation in Aug. 1913, and
It is hoped that the sales of these products will add considerably to our we have received additional revenue [at rate of $7,354 per ann.] correspondearnings.
ing with the increased distance. In New York direct tube connection was
established between tho Grand Central Station and the new Post Office
OPERATIONS OF ALL COMPANIES (SUB COS. AND CASEIN CO. near the Penn. Terminal, about 0.9 mile, and we shall derive revenue
OF AMERICA.)
therefrom as soon as the new post office goes into commission.
The Congressional Commission appointed to investigate the mail tube*
1913.
1912.
1911.
1910.
Gross sales sub cos
$1,492,727 $1.450,341 $1,366,710 $1,318,297 service and ascertain the price at which your properties could be purchased
Net earnings,sub cos_ _ _ _ $171,942
by the Government is expected to report in the near future.
$106,527
$122,764
$122,686
Divs. and royalties rec'd
Data from Reports of Officers of Controlled Companies,
by Casein Co.of Amer_
10,042
36,356(Not stated)(Not stated)
Annual Results of The Lamson Company exclusive of Int. Paid to Parent Co.
Total net income
$181,984
$142,883
$122,764
$122,686
1910.-11. 1909-10.
9 Mos.1913. 1912-13. 1011-12.
Adjustm'ts ,deprec'n and
Gross business_ _$1,571,523 $1,757,968 $1,872,080 $1,428,776 $1,400,270
accounts written off..
38,280
254,492
291,685
36,306
42,309
42,005 Net aft.all ch'g's 235,432
240,471
163,653
ams
s shoo
nwc
sa
th
te
h 9 honL
it
to
absloom
ad
e vdaengc
The completed business foratlh
re
eeotvh
ee
r
am
$143,704
$106,577
$80,455
$80,681 that
the
percentage
and
of
1912,
profit therefrom is
for the same period in
o.cfelt
INCOME ACCOUNT OF CASEIN CO. OF AMERICA FOR CAL. YEARS. likewise slightly in advance, although
depression. In new business taken, while increases
commercial
prevalent
1913.
1912.
1911.
1910.
have been made in the wire lino and cable carrier orders.there has been a
Divs., &c., rec'd from
c atilo
ibnes ain
re
adtiti
ndm
ea
onur
veaycotrur
aipnpgarcaotsuts
moderate falling off in those for pneum
s.
subsidiary companies_ _
$38,912 . $36,356
$122,764
$122,686 In April the prices of wire cash and parcel carriers were considerably
reGeneral expenses, &c_ _ _ _
21,835
36,306
42,309
42,006 duced in view of the corresponding
Dividends on pref. stock
(4%)40,000 (8%)80,000 (8%)80,000 and a marked stimulation in that branch of our business has
resulted.
We have materially strengthened our patent protection and 6 new carrier
Balance
sur.$17,077 def.$39,950
sur.$455
sur.3680 systems have been produced, and important automatic accessories worked
systems,
sh
5ao
8tr3it,ellyt2u2.
e pneum
cable
tb
oes
f doubl
bT
eihnIntroduced,
and
isoipseraatttiohne
gth o
th
f
for apvneeru
BALANCE SHEET DECEMBER 31.
ouT
meattio
ctatubel
ag
llength
h4t
torT
aand
1912.
1913.
1913.
1912.
re
orviiodde
Office during this p
Post
leased
U.
S.
to
the
e
AssetsLiabilities$
$
rv
wicp
e$
iss sneo
bes
lsufrortuth
en
.tao
oo
fm
s7
n7
av
nurm
o
r5
ecp
elevrea
dnin
a4,555,168 4,497,711 Preferred stock_1,000,000 1,000,001 c
Patents
w
da
lrec
s 4t5C7
o3
n5nce
rnti
Common stock_5,487,000 5,487,000 U. S. Post
Invest, in stock
Offices and handle weekly 137,295,000 pieces of mail matter.
of subsid. cos_2,199,620 2,204,182 Notes payable__ 140,000 235,000 at the rate of
about 54 cents per 100 lbs. The carrier manufacturing plant.
6,180 Accts. payable
6,013
Notes receivable
960 at Roxbury did
a gross business of $23,187 for the 9 months, or at rate of
15,543 Reserve for acAccts. receivable 13,707
per
$30,916
year.
107,298
counts receiv_
143,441
Cash
4,737
4,547
29,717 Due to sub. cos_ 243,357
4,576
Open accounts
Double-Tube Mileage on which Co. was Receiving Rental Dec. 311913.
7,295 Surplus_
Due by sub. cos..
..__ _ b47,431
140,419
0
.
3 Mar.63.177143
11'
7410
Dec.
83
Dec.31 .13 Mar.31'13.
Post offices connected
Boston
46
Total
Total
6,922,525 6,867,926
6,922,525 6,867,926 Brooklyn
1.3500 Employees, No
1.3500
197
9.6017 T
ca
errrmielrs
na,IN
10.0343
se
(
)
ts
Not
81
a Includes good-will in 1913. b After deducting $66,600 reduction in in- Chicago
25.7810
Power
25.7810
units, No.
stated
vestment of stock ofsubsidiary companies and accounts written off,$43,475. New York
1.9880 Total rated h. p
1.9880
St. Louis
4
3:8
80
5
10
0
7
-V. 98, p. 1540.
Public Service Co. of Northern Illinois, Chicago.
(Report for Fiscal Year ending Dec. 311913.)
Pres. Samuel Insull says in substance:
•Accounts.-The unexpended portion of the reserve of $238,526 shown in
last year's balance sheet the directors have authorized to be carried to the
credit of plant, real estate, &c., account.
Bands, &c.-The outstanding bonds and notes have increased as follows:
Public Service Co. of Northern Illinois 5% first and refund. M.gold bonds,
$282,000 and 6% 3-year collateral gold notes, $3,500,000 (V. 97, p. 180);
Northwestern Gas Light & Coke Co. 5% 5-year gold coupon notes, $336,000.(V.95, p.821.)
This increase in funded debt is due to the consolidation with the Northwestern Gas Light & Coke Co. (V. 96, 13. 793); to the acquisition of the
plant of the Pontiac Light & Water Co.(v. 96,p.656); to the addition of a
7 500 k. w. turbo-generator in the Blue Island electric station; to the addition of a 5,000 k. w. turbo-generator in the Waukegan electric station;
45.4947
45.9273
CONSOLIDATED EARNINGS STATEMENT.
9 Mos. end. -Years ending Mar. 31
Dec.31 '13.
1912-13.
1911-12.
1910-11.
$495,489
Net profits
$632,755
$632,113
$558,647
Deduct40,756
Degree. & adjustment
$63,099
$71,594
$159,281
43,823
obligat'n
Sinking fund
56,017
52,9551
122,911
34,708
Interest on bonds,&c.
52,050
67,727f
Divs. on minority
496
stodk Lamson Co_ 999
589
1,178
Divs. on 1st pref. stk_(5X)78,750 (7)105,000 (7)105,000 (7)105,000
Div. on 2d pref. stk.*(1312)94,490(236)157,484 (1) 62,994
Total miles
Total deductions_ _ _ _
Balance,surplus
$203,023
$202,466
$435,550
$197,205
$360,860
$271,253
* One 6 months' dividend falling within•the period.
$388,370
$170,277
MAY 30 1914.1
THE CHRONICLE
CONSOLIDATED BALANCE SHEET AMERICAN PNEUMATIC
SERVICE CO. AND SUBSIDIARIES.
Dec. 311913. Mar.31'13
Dec.31 1913. Mar.31 '13.
Assets5
Liabilities5
Patents and goodCommon stock... 4,995,663 4,093,663
will
6,328,800 6,328,800
7,255,700 7,256,389 First preferred_
Plant construction 5,762,584 5,711,110 Second preferred_ 1,500,000 1,500,000
Cash,office, banks 630,085
492,462 Subsid. cos.' stock
145,766
Notes & accounts
held by outsiders 145,641
938,500
911,500
receivable
606,409
574,640 Bonded debt
137,680
Merchandise invenAccounts payable_ 166,557
65,833
tories
56,081
. 884,422
798,613 Acc'd int,taxes,&c.
Work in progress_ 113,093
69,882
78,047
126,468 Rentals prep'd,&c.
Prepaid accounts_
9,510
9,404 Reserves38,100
40,749
Sinking fund assets
523
10,378 Miscellaneous _
401,101
353,906
Deferred charges
Sinking fund
23,593
308
to operations__ _
10,482 Div. unp'd & accrd
9,469
417,100
619,563
Surplus
Total
15,271,885 14,989,951
Total
15,271,885 14,989,951
1689
BALANCE SHEET DEC. 31.
1913.
1912.
1913.
AssetsLiabilities-$
$
$
Plant
8,792,800
13,593,064 12,388,112 Capital stock
Supply departm t_ 268,608
563,201 Cap. stk. install 1,207,200
Stocks and bonds_
a377,029
54,125 Surplus
54,125
Bills and accounts
Bonded debt
1,000,000
receivable
363,399
327,337 Dividends payable 153,874
Prepaid expenses_
16,972
24,545 Deprec'n reserve_ 2,415,176
Cash
30,505
37,311 Other res'ves, &e_
36,748
Empl. ben. fund
150,000
Bills & acc'ts pay_ 193,846
Total
14,326,673 13,394,630
Total
14,326,673
1912.
$
8,792,800
343,417
1,000,000
153,874
2,119,948
68,507
150,000
766,084
13,394,630
a After deducting $25,000 appropriation for casualty reserve.-V.98. 1).
456.
By-Products Coke Corporation, Syracuse, N. Y.
(Eighth Annual Report-Year ending Dec. 31 1913.)
RESULTS FOR 9 MOS. ENDING DEC. 31 1913.
INCOME ACCOUNT FOR CALENDAR YEARS.
Lamson Co- -Mail Tube Cos.
1913.
1912.
1911.
1910.
9 Mos. end. Year end. 9 Mos. end. Year end.
Total earns,from oper__ $851,089
8790,526
$479,746
$479,793
Dec. 31 '13. Mar.31 '13. Dec. 31 '13. Mar.31 '13. Premium on bonds
6,500
$1,757,968
$585,135
$1,571,523
$773,704
Totalincome
Earns,from investments
18,270
12,180
1,476,553
1,338,422
385,302
291,538
Total expenses
Total earnings
$869,359
$479,793
$479,746
$809,206
$233,101
$281,411
$293,597
$388,402 Expenses and taxes.._ _ _
Gross profit
$61,726
$51,452
$49,0091
$80,818
13,994
26,077
2,278
1.696 Bond, &c., interest_ _ _ _
Other income
146,108
80,058
61,5081
Depreciation, &c
316,408
262,092
205,005
186,151
$247,095
$307,492
$295,875
Total income
$390,098 Dividends
(6%)180,000 (8)240,000 (6)180,000 (6)180,000
$43,944
$58,725
Interest on bonds, &c
$188,830
$238,301
Depreciation and taxes_
47,884
63,287 Balance for year
$165,117
$175,604
$13,970
$3,078
(3)60,000
Dividends
(6)120,000 (2) 30,000(2 2-3)40,000
BALANCE SHEET DEC. 31.
Balance,surplus
$143,151
$128,767
$29,161
$48,510
1913.
1912.
1912.
1913.
-V. 98, P. 1074.
AssetsLiabilities$
$
5
3,887,615 3,281,479 Capital stock
Plant account
3,000,000
3,000,000
Southern Bell Telephone & Telegraph Co.
462,694 467,871 Stock scrip
Real estate
891,100
Invest's in other cos_ 561,594 353,444 Bonds
2,000,000 2,000,000
(Report for Fiscal Year ending Dec. 31 1913.)
208,061 134,308 Bills payable
Sinking fund
400,000 250,000
250,488 437,495 Accrued bond int... 22,202
21,299
Pres. W. T. Gentry, Atlanta, Jan..31, wrote in substance: Cash
Material & supplies_1,172,801 862,485 Wages
39,316
41,229
Additions, &c.-On account of the continued rapid growth of Jackson- Accounts receivable_ 367,525 360,663 Miscellaneous
21,207
4,894
ville, Fla., we have expended about $710,000 on a rot and a new building Miscellaneous
15,076 Accounts payable_ _ _ 81,206 177,687
10,978
there with new 9,600-line common battery switchboard and larger toll
Undivided earnings_ *446,725 397,714
board, and substantial extensions of underground conduit and cable plant.
The new exchange was opened Dec. 15 1913. In this work facilities were
8,901,756 5,892,822 Total
Taal
6,901,756 5,892,822
provided for 3,000 additional stations and an active canvass is now being
made. At Spartanburg, S. C., we negotiated a rate agreement with the
* From the undivided earnings as shown above, $446,725, there was decity and have erected a new building and placed the wires in the business ducted $13,211 for bonus to employees, leaving a balance to be carried
district underground (common battery all-cable distribution), all at a cost forward of $388,513.-V. 98, p. 1539, 764
of about $233,000, the cut-over being made Jan. 17.
Additions to plant $2,542,552. Plant to tho value of about $514.437,
Crocker-Wheeler Company.
which had reached its limit of serviceable use, was dismantled and replaced.
Statistics Dec. 31 1913.-Owned stations, No., 163,888, increase 33,315;
(Report for Fiscal Year ending Dec. 31 1913.)
connecting and miscellaneous stations 127,105, increase 5,007; miles of
RESULTS FOR CALENDAR YEARS.
wire 400.396,increase 26,074; central offices 279,increase 9;employees 5,342.
(See bond offering and description of property in 1912 in V. 95, p. 1212, Calendar Net (be- Deprec'n
Balance,
Interest Dividends Balance.
684. The Cumberland Telephone & Telegraph Co. is controlled; see
Reserve. Net Profits. Paid,&c.
Year.foreDep'n)
Paid.
Surplus.
separate report for that company.]
1913 __ _$300,090 1594,917 $205.173 $50,035 4102,750 $52,388
73.321
1912 ___ 213,100
139,779
13,426
x128,250 def.1,897
EARNINGS FOR FISCAL YEARS ENDING DEC. 31.
71.890
158,277
1911 __- 230.167
6.454
130,494
21,329
1912.
1913.
1913.
1912.
66,031
278,144
1910 ___ 344,175
44,300
104.502
129,342
272,671 Interest
Tot.sta'ns Dec.31 290,993
$741,411 S728,184 1909 -__ 161,497
*46,240
115,257
33,324
99,228
def.17,295
Gross earnings_ _$7,289,800 $7,454,296
*43,116 def.73.697
29,460
99,228 def.202385
Operating expense $2,448,051 $2,428,190 Total dedue'ns.$5,625,881 $5,478,810 1908..__def30,581
*81,754
1907 __- 431,666
349,912
50.934
127,952
171,026
Current maint'co_ 1,161,396 1,248,892 Net earnings
$1,663,919 $1,975,486 1906 ___ 339,579
*94,931
244,648
49,616
76,500
118,532
Depreciation
960,000
726,752 Dividends (6%) 1,284,000 1,284,000 1905 ___ 215.922
70,641
145,281
26,219
74,370
44,692
Taxes
315,023
346,792
93,214 def.63,593
1904 ___ 29,621
19.938
84,404def.167,935
Balance, sureties $379,919 6691,488 1903 ___ 314.507
269,080
45,427
31,085
70,000
167,995
36,556
19h2 ___ 233,621
197,065
22,786
49,854
124.425
BALANCE SHEET DEC. 31.
1913.
1912.
1913.
1912.
*In addition to reserve for depreciation as above, the following amounts
AssetsLiabilitieswere written off: In 1909 and 1908, $115,996 and $79,147, respectively,
Lands & bldgs__ __ 1,906,909 1,540,581 Capital stock ____21,400,000 21,400,000 for designing, repairs and renewals of plant; in 1907, $29,030 for patents,
Telephone plant _22,626,843 20,450,619 Funded debt
12,653,500 12,774,000 and in 1906,$41.753 for designing. x Dividends as above in 1912 and 1911
Furn.,tools&supp. 656,591
2,892,946 1,957,346 include 691 on the common stock and 7% on the pref. stock; in 1913 3
828,525 Bills payable
Cash and deposits 324,534
465,352 Accounts payable_ 313,501
195,72p quarterly dividends at the rate of 6% yearly were paid on the common
Bills & accts. rec.. 703,995
997,037 Accr.liab., not due
16,000 stock, the July 1913 payment being omitted in view of the unsettled busi8,840
Marketable secur_14,139,650 14,303,207 Miscellaneous _
80 ness conditions, and 7 0 on pref. There was also reserved $8,750 for the
Acer'd inc. not due
2,434
Employees'ben.fd. 150,000
150,000 quarterly dividend (13 %)on the pref. stock payable Jan. 15 1913.
Sinking fund, &c. 887,848
883,411 Repec't,&c.,res've 2,240,403 1,800,354
BALANCE SHEET DEC. 31.
Surplus
1,589,414 1,235,228
1913.
1912.
1912.
1913.
Total
41,248,604 39,528,732 Total
41,248,604 39,528,732
$
LiabilitiesAssets$
$
$
-V. 96, p. 494.
Plant & equipment_a1,447,739 1,396,773 Common stock
1,700,000 1,700,000
25,000 Preferred stock
Patents at cost_b___ 25,000
500,000 500,000
Southern New England (Bell) Telephone Co.
37,875
Accounts payable_ _ _ 161,873 157,344
37,875
Stocks owned
Merchandise at cost_1,041,258 1,061,091 Bank loans
667,500 892,000
(Report for Fiscal Year ending Dec. 31 1913.)
Accts. F.: bills receiv_ 844,428 1,010,836 Accrued pref. dive_
8,750
8,750
102,884 112,247 Surplus
Cash
c461,061 385,728
Pres. John W.Ailing,
New Haven, Feb. 3, wrote in subst.:
Business.-We closed the year with a total of 110,219 telephone stations
of all kinds in our Connecticut system, an increase of 7,580, or 7.3991 ,for
the year. Wo now show a development of one telephone for each 10.6 of
population. The number of removals, 11,425. was 61% of the total installations (18,836). and cost, together with that of transferring stations
from one location to another, $107,000-a large and growing burden.
Moreover, the calls between subscribers within the same exchanges is
estimated at an average of 585,256 calls per day during the year, as against
519,355 per day during 1912, an increase of 12.7%, much of which represents additional service, with practically no compensation, since the large
majority of our stations are on the flat rate basis
Additions.-The large additions to our cable plants were continued in
1913 and our wire mileage was increased thereby 46,722 miles, bringing
the total to 302,081 wire miles Dec.31. Real estate additions included the
completion of central office buildings at New Canaan, Putnam and Willimantic, a considerable enlargement of our New Britain building and the
partial completion of a new operating and office building at Waterbury.
New common battery switchboards were installed and placed in service in
Putnam and Willimantic..
Stock.-During the year the capital has been increased by 12,072 now
shares of stock, calling for $1,207,200. substantially all taken by old shareholders, making the total stock $10,000,000. The total number of stockholders is now 1,725. The proceeds of the now stock have been used in
payment of indebtedness previously incurred for extensions(V.97, p. 55).
GROWTH OF SYSTEM.
1913.
1912.
1911.
1910.
1909. 1908.
Sta'ns, all classes, No_110,050 102,639 93,196 82,883 73,584
66,012
EARNINGS,EXPENSES AND DIVIDENDS.
1913.
1912.
1911.
1910.
} $3,585,890 f$2,578,572
Exchange service
$2,302,826 $2,080,967
Toll service *
1 734,070
663,363
618.573
Miscellaneous service__
8,670
4,576
9,179
6,473
Total earnings
$3,594.560 $3,317,218
$2,706.013
Operating expenses__ $1,254,035 $1,101,426 $2,975,368
$1,009,810
$906,681
Taxes
137,978
130,136
111,201
103,309
Maint. & deprecia'n_ 1,437,195
1,320,000
1,210,000
1,075,000
Interest
91,244
58,351
78,362
63,678
Total expenses
$2,920,452 $2,609,912 $2,409,373 $2,148,668
Not revenue
$674,108
$707,306
$565,995
$557,345
Dividends(see text)-(7%)615,496(6 Yi)593,514(6%)461 ,622(6%)461 ,622
Carried to surplus---
$58,612
$113,792
$104,373
$95,723
* Includes "long-distance service," amounting to $65,269 in 1910;
amount in 1911 1912 and 1913 not stated.
Total
3,499,184 3,643,822
Total
3,499,184 3,643,822
a After deducting reserve for depreciation, $783,313. b After deducting
$104,832 for depreciation. c After adding in 1913 $31,695 profit on sale
of land and deducting $8,750 reserve for accrued pref. div.-V.98, p.613.
Chicago Railway Equipment Co.
(Twenty-First Annual Report-Year ending Dec. 31 1913.)
Pres. E. B. Leigh, Chicago, Feb. 3 1914, wrote in subst.:
Results.-The general business maintained a high level almost to the close
of the year. Shipments (and consequently business done) continued heavy
up to December, even December itself being a fair month. This condition
was largely due to the volume brought over into 1913 and the business initiated early in the year. The last half of the year recorded unfinished
orders at almost the lowest ebb ever known-the number on hand Dec. 31
being the smallest of any year save one-1909.
There are many evidences of a strong optimistic feeling for 1914. but unless the railways are granted an increase in rates or are otherwise stimulated,
a revival in business is not apt to be realized. The total number of freight
cars ordered in 1913 was 146,732, as against 234,758 in 1912; while the total
number built in 1913 was 207,684, as against only 152,429 in 1912.
Franklin Plant.-The report last year recited the acquisition of this plant,
and the fact that a new lmake beam department, in conjunction with it,
was in course of construction. On May S last the 9-inch and 12-inch mills
were totally destroyed by fire, together with a portion of the almost completed brake-beam buildings. This disaster came at a time when the mill
was running to its full capacity. Fortunately, the 18-inch mill was left
Intact, and as the material for brake beams and transmission poles is rolled
in this mill, these departments suffered no impairment.
The company was fully insured and a model re-roiling mill is now under
construction at Franklin. It is expected that new 12-inch and 9-inch mills
will be fully completed in the coming spring.
The fire cut off the large and profitable concrete bar business, which
would have added handsomely to the year's earnings.
Grand Rapids and Marion Plants.-Continued improvement has been
made in these plants, and both have made a splendid record for the year.
Your other plants have also been important factors in the year's result.
Diversity of Business.-The importance of diversifying the business was
emphasized in 1913 by the results obtained in your malleable plants, which
alone have more than earned your dividend.
Stockholders.-Total number, 712, increase, 15.
Finances.-The appended balance sheet shows our strong financial position. In addition to the general reserve fund of $500,000. established a
year ago, we have undivided profits of $415,100 available for dividends,
should it become desirable or necessary to draw therefrom. On Dec.31
1913 the company paid its 69th dividend, being the 66th consecutive quarterly dividend (7% p. a.) without reduction.
[VOL.xcviii.
THE CHRONICLE
1690
RESULTS FROM OPERATION.
BALANCE SHEETS OF DEC. 31.
1910.
1913.
1911.
1912.
1910.
1911.
1912.
Assets1913.
$490,255
$610,089
year
$407,820
$290.071
Profitsfor
Real est., bldgs.& mach. $1,686,429 $1,726,335 $1,374,299 $1,247,994
85,575
85,576
85,575
85,576
767,720 Pref. dividends(6%)_ _ _
770,352
773,042
Patents, good-will__ _
774,895
Material on hand, Chi$404,680
8524.513
Balance, surplus
$322,245
$204,495
cago, Detroit, Grand
As to resumption of dividends on common stock, see remarks above.
Rapids,Marion,Frank579,589
485,804
804,958
867,874
lin and Montreal..___
BALANCE SHEET DEC: 31.
180,010
169,285
19,285
19,485
Investments,&c
1912.
1912.
1913.
1913.
550,415
425,006
733,531
Acc'ts & bills rec. & cash
594,147
LiabilitiesAssets$
20,150
4
$
13,831
1,759
1,789
Deferred charges
Common stock
Real estate, plant,
4,754,200 4,754,200
machinery, &c_ _1,731,392 1,666,146 Preferred stock
1,426,260 1,426,260
Total
$3,944,619 $4,058,911 $3,238,577 $3,345,878
Invent. of wines,&c..3,250,605 2,429,639 Bonds
4,495,000 1,612,000
LiabilitiesStock outstanding
$2,486,000 $2,486,000 $2,485,000 $2,485,000 Bills & accts. receiv_2,359,993 1,323,714 Conting. reserve.... _ 97,524 130,962
Notes payable
50,000 Investments in other3
1,088,647 1,413,909
5% mortgage bonds.. _
7,128,048 5,867,058 Grape accounts
85,925
83,072
companies
120,420
79,384
255,538
114,563
Accounts payable, &c
Bond interest
28,433
84,867
Taxes and insurance
300,000
100,000
Bills payable
30,112 Sundry accounts_ _ _. 313,788 351,812
201,926
38,752
accounts
216,950
803,169
Reserves
828,955
86,000 Due to owned cos.__ 142,580 330,393
4,852
523,027 Bonds unsold
457,243
214,204
a415,101
Surplus account
$3,944,619 $4,058.911
Total
$3,238,577 $3,345,878
Sinking fund
Insurance fund
Cash in banks
1,554
93,723
206,716
275 Pref. div. for year... 85,576
84,295 Pref. div., January.. 21,394
411,639 Depreciation reserve 727,543
1,457,837
Surplus
a After deducting $500,000, amount transferred to general reserve and
Included in "Reserves" ($828,955), as shown above.
14,815,63511,898,878
Total
Dividends paid during 1913, $174,020: 1912, $174,020; 1911, $173,950;
1910, $173,906; 1909, $173,600, and in 1908 and 1907, $173,602, charged -V.98, p. 692; V. 97, p. 524.
to surplus account.-V.97, p. 47.
Hocking Valley Products Co.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Daniel E. Reagan says in substance:
Total
85,576
21,394
727,543
933,324
14,815,63511,898,878
American Iron & Steel Mfg. Co., Lebanon, Pa.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. James Lord, Lebanon, Pa., Feb. 11 1914 wrote:
Quarterly dividends at the rate of5% annually,and aggregating $277,500,
were paid during the year. In addition there was added to the "allowance
Results.-Notwitstandlng general conditions, the damaging effects of the to provide for depreciation," the sum of $125,000, and in addition there had
spring flood and suits of certain bond and stockholders to set aside oil lease, been previously charged off $25,231 for specific depreciation of real estate
there is a decided improvement in the condition and prospects of the co.
values caused by the new steel plant.
Bricks and Other Clay Products.-In 1913 the building trade using highBALANCE SHEET DEC. 31.
grade face brick in the larger cities of this country felt a decline of from 30
decline,
a
such
of
face
in
Yet,
to 607
0, and in Canada it was even worse.
1912.
1912.
1913.
1913.
ou r brick sales increased nearly 1007 over 1912, and in Greater New York
$
$
LiabilitiesAssets$
$
1913, to the extent of 72 prominent *Plant & equip_5,166,199 5,074,139 Pref. 5% cumulawe established a remarkable foothold
and
comrates
the
tive stock_ .......3,000,000 3,000,000
building operations, with the obstacle of extreme freight
1,313,526 1,763,461
Supplies
petition of some of the best plants in the East to overcome. Chicago used Cash
1,383.689 466.476 Common stock_2,550,000 2,550,000
4,500,000 of Greendales in 1913 and it is expected will use at least six Acc'ts rec. (net) 391,737 725,996 Undivided prof's2,713,642 2,486,718
6,646
millions in 1914. Trade has been established in many Southern cities, Unexp. ins., &c_
8,491
and as far West as Kansas City, Omaha and South Dakota, with inquiries
Total
from and prospects to the Pacific Coast, and in the North through Canada.
8,263,642 8,036,718
Total
8,263.642 8,036,718
The brick plant has increased production and reduced cost, and is now producing Greendale rugs, the most beautiful face bricks ever known.
* After deducting reserve for depreciation, $1,055,000 in 1913, against
coal
the
of
and
therefrom
mines
sales
production
the
quarterly
dividends
of 1%% have been roaid
Coal.-During 1913
$930,000 in 1912. [Regular
of show a decrease and will continue to gradually diminish from year to since July 1907 on both classes of stock, and also special dividends of2%
year, since with very few exceptions the operations consist of working or each in 1910, 1911 and 1912. Compare V. 90, p. 1612.-Ed.I-V. 97, P•
or
roof
of
support
past
the
operations
for
drawing the pillars left during
363.
mines, and, as the pillars are withdrawn, the mines are abandoned.
Oil and Gas Properties.-The maximum production of oil was for March Western Grocer Co.(Wholesale Grocers), Oskaloosa, Ia.
1912, when 30 wells produced 52,470 barrels, while 69 wells for December
1913 produced only 14,408 barrels. Total production for year 1912 was
(Financial Statement of Jan. 1.)
419,312 barrels; for 1913 was 192,300 barrels. If the development of the
oil properties had not been aggressively pushed,the production and earnings
REPORT FOR FISCAL YEAR ENDING DECEMBER 31 1913.
would have shown a much greater decline.
$854,729 Preferred dividends (6%)
320,670
Sinking Funds.-Attention is called to the improved condition of surplus Gross profits
623,865 Common dividends (8%)
152,000
account, through increased business of the brick plant and the purchase and Expenses
retiring of bonds by the sinking fund of 5c. a ton on coal, 25c. a thousand
Total deductions
$230,864
$221,170
profits
Net
purchased
were
on brick and 15c. a barrel on oil. In 1913 $139,200 bonds
$48,500 Balance, surplus
$9,694
&c
and retired, and during entire period of operations $257.900 bonds were Depreciation,
BALANCE SHEET JAN. 1.
retired, reducing the interest charges materially.
INCOME ACCOUNT FOR
1912.
1913.
Clay products sales
$201,213 $115,3)5
(billed)
Coal sales (billed)____ 287,522 337,152
42,817 40,506
Coal royalties
85,673
60,221
Oil royalties
36,152
27,322
Rental.
15,014
9,870
Misc. earnings
YEAR ENDING DEC. 31,
1913.
1912.
Selling expense
$34,569 $26,332
43,540 48.591
General expense
11,324
Taxes
15,865
5,000
5,000
Depreciation
4,165
Res've for d'tful accts. 5,011
Res've for Bessie-Ferro
rental
7,500
Int. on 1st M.bonds
82,763 89,948
$628,965 $629,892
Total
$5,964
Net surplus
$11,845
Cost of clay products
$161,566 3118,699 Sk. Id. depreciationsold
Bk. fund, coal
$19,541 $18,169
261,525 308,327
Cost of coal sold
Bk. fund, clay prod_
2,890
4,297
Expense of other
Bk. fund,oil
28,845 62,897
7,281
4,042
properties
Litigation expenses_ _ _
6,109
Net income
$198,593 $198,824 Total net deficit
$46,947 $77,992
BALANCE SHEET DEC. 31.
Liabilities1913.
1012.
1912.
1913.
Assets$6,083,890 $6,084,271 Capital stock_ _ $4,596,350 $4,596,350
Property
1,717,600
M.
First
bonds...1,578,400
101,707
106,133
rec.
accts.
Notes &
15,516
19,000
259,531 Accts. payable__ _
193,460
Cash
44,703
48,042
Accrued bond int_
Clay prod'ts, coal
138,292
92,078
96,038 Sinking fund
102,249
and oil
31,105
22,834
Miscellaneous__ _ _
Due from lessees
146,804
118,089
42,855
35,507 Profit and loss_ _ _ _
mining equip't_
6,445
4,394
Materials & supp_
32,545
16,138
Miscellaneous _ _ _ $6,551,170 $6,613,993
Total
-V. 98, IL 455.
Total
$6,551,170 $6,613,993
Kellogg Switchboard & Supply Co.
(Balance Sheet Dec. 311913.)
1913.
1012.
1913.
1912.
LiabilitiesAssets1,340,000 1,000,000
Plant, real est., &c_a 440,780 500,598 Capital stock
30,486
1,453,629 1,284,643 Pay-roil & taxes accr. 34,041
Current assets
71,910
57,227
Trade, &c., accts.__
Accounts and notes
292,304 175,000
recelvable,Sze _ _b1,138,310 944,573 Reserves
1,382,573 1,481,085
32,740 Surplus
71,315
Cash
4,927
2,111
Ins. prem. unearned_
1013,
1914.
1913.
1912.
Liabilities4
$
Assets346,700 342,000
Mdse. inventories.. _1,107,074 1,183,244 Preferred stock
1,000,000 1,900,000
1,352,558 1,130,387 Common stock
Fixed assets
30,000
260,748 307,703 Real estate bonds__ _
Cash
698,300 1,058,000
Accts. & notes rec__ 821,247 990,320 Bills payable
162,300 Accts. payable
112,741 112,889
Letts Parker Gr. Co_
Reserves
20,000
82,886
68,759
Marshall Vinegar Co
109,000 Undivided profits_._ 401,000 391,305.
Pacific Am.Fisheries
Total
3,541,627 3,902,954
3,541,627 3,902,954
Total
Fixed assets include: a $510,041 for real estate, store, bldgs., lands, &c.,
places of business at Marshalltown.
embracing store bldgs., warehouses and
and Kansas City, includingMason City, Albert Lea, St. Joe, Oskaloosa
at Marshalltown, all at low valuacoffee and mfg. plant and canning plant
fixtures cover coffee mach., canning
tion. b $173,178 for machinery andfixtures
and also sprinkler equin at 8.
mach., elec. power plant, elevators, stock (dividend
paying), $380,0d0 for
houses. c $275,300 for corporation
$14,040 for horses, wagons, live stk. &c.
trade-marks, good-will, &c., andin
include
1914,
above
depreciation,
as
$46,67i and
"Reserves, $82,886,
reserves for taxes, bonuses, &c., $36.216.-V. 97, P. 173.
Union-American Cigar Co., Pittsburgh, Pa.
(Report for Fiscal Year ending Dec. 311913.)
Pres. G. P. Waidely, Dec. 31, wrote in substance:
affairs and business in excellent
Results.-The year 1913 closes with our
amounted to $136.750, an increase
condition. The earnings for the year
have been paid quarterly on the pref.
of $11,077. Dividends of 1%%
$72,539, which, together with $48,209 paid
stock during 1913,amounting toearnings,
make the total dividends$120;748.
this year, but applying on 1912 1913, on
account of tank accident Aug 7
Extraordinary,expenses during
1913,
depreciations and other Reins,
March
of
floods
Ohio
the
1912 and
it is necessary to deduct from the earnamounted to $26,595, which amount
ings, leaving the net profits for the year $110,155.
RECEIPTS AND DISBURSEMENTS FOR THE CAL. YEAR '12 c% '13
1912.
1913
1913.
1912
$
Receiptsatiesmen
"m
rlals. 539,894' 586,848.
155,187 115,090 Stopciksbaunrd
Balance Jan. 1
gfacturing
65,880
811,370 784,079
Stock and materials. 79,001
Selling
95,127 112,093.
Collection.s from cus1,619,985 1,628,268 Salaries
38,276
32,839
tomers
6,543 Rents and interest
10,482
50) 30,852'
37
6:8
22
Rents and interest
6,714 Taxes and insurance
1.998
Taxes and insurance_
2,812
Capital
stock
32,812
Investments
2,181 Reorganization
3,106,145 2,767,481 American Stogie Co- --- --Total
3,106,145 2,767,481
53,818 Special deposit
Total
22031,,008004040.
Lancaster factory67,482 Real estate
4,370
Miscellaneous
Investments
79,412'
a After deducting depreciation to date. b Includes investments, all "in
cash."
into
converted
be
can
immediately
1,948,789
which
Dividends
bonds
1,871,012
high-grade
120,748
48,114
Total
36,208
Miscellaneous
V. 98, p. 307.
41,709
California Wine Association, San Francisco, Cal.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. B. R. Kittredge, San Fran., Feb. 26 wrote in subst:
The earnings have amounted to $800,858, and after deducitng $190,769,
the discount and expenses on $3,000,000 bonds that were sold during
the year (V. 97. p. 524), and after setting aside $85,576 to cover pref. stock
dividends for 1914, there remains 8524.513 to the credit of the common
stock. This item of $190,769 might with propriety be distributed over 12
years, but it has seemed conservative to provide for it out of the earnings
of the past year.
The total floating assets of the company and its subsidiaries in stocks
of wines, accounts receivable and cash considerably exceed the total of all
liabilities in floating and bonded debt, which is thought by your directors
to show a very,sound condition.
Any stockholders who are interested in details of assets and liabilities,
the use made of proceeds of bonds and other particulars, are invited to
call at the company's San Francisco office.
The directors have decided to resume dividends on the common stock on
March 15 at the rate of 5% per annum, payable quarterly.
200,169
155,18T
1912.
1013.
$
Assets (Con.)$
385,055 Cash in treasury, &c. 206,870
1912.
4
181,187'
Balance
BALANCE SHEET DEC. 31
AssetsReal estate
Mach., turn. & fixtsG'd-will, tr.-mks.oke
Leaf tob.& mid.stk.
Oper. supplies, &c...
Treasury stock, pref.
Treas. stock, com_Accounts receivable..
Unexpired insurance
Revenue stamps_ _
Special deposits....Investmls in bonds.
1913.
IS
300,0001
88,087)
600,000
473,930
48,061
15,1001
31,500)
127,245
1
6,928
5,41220,000
78,556
600,000
Total
2,000,598 1,994,001
472,227
44,250
Liabilities59,300 Preferred stock
1,400,000 1,400,000,
400,000 400,000
Common stock
41,043
41,284
141,791 Accounts payable- _ _
27,929
44,818
Reserve funds
114,496 125,080
31,695 Surplus
78,556
Total
2,000,598 1,994,061.
Pres., G. P. Waidely John S. Rossell, E. A. Kitzmiller,.
Edward G. Lang, Samuel Bailey Jr., G. H. Schmunk, Charles B. Evans,.
John J. Satterthwait. The Sec. is E S. Hurt.-V.98, P. 392.
Directors:
1691
THE CHRONICLE
MAY 30 1914.]
Cockshutt Plow Co., Ltd., Brantford, Can.
Reprt for Fiscal Year ending June 30 1913.)
Pres. H. Cockshutt, Nov. 10 1913, wrote in substance:
The demand for our goods has been fully maintained and a considerably
in view
larger business could have been transacted in all lines. However,
of the prevailing monetary stringency and the consequent delay in collecto readvisable
it
deemed
directors
your
accounts,
outstanding
tions ot
strict, for the time being, their business in Western Canada. The profits
this
consequently show some falling off compared with 1912. Collections
up to the
season from Western Canada have shown a marked improvement
present, and your directors look forward to improved results for the coming
year. Special efforts are also being made with a view to increasing the
company's business in foreign countries.
issued.
During the year a further $1,000,00 of pref.share capital has been
on the comThe directors do not recommend the payment of a dividend
after
remaining
of
$386,018
balance
the
mon stock, but suggest that out of
the capital
the payment of the pref. dividend, $300,000 should be added toreserve.
contingent
to
$86,018
and
,000)
to
$1,00
this
reserve (raising
of last year's
With reference to the last sentence of the final paragraph
meeting that this should have
report, it was explained at the last annualdefer
until
meeting
annual
the
to
future
in
propose
read: "The directors
and the report was amended aclater in the year, probably December,"to
keep the financial year ending
cordingly. The directors have decided
from the Western
as on June 30,although the difficulty in getting inventories
report.
agencies until after harvest involves a certain delay in the issue of the
efficiently
All the properties and plants owned or controlled have been
Calgary
and
Regina
at
buildings
warehouse
branch
new
maintained. The
have been completed and occupied during the year.
A. Shirley Bann recently resigned from the board and Harvey W.Cockshutt was elected for the balance of the term.
PROFIT AND LOSS ACCOUNT YEARS ENDING JUNE 30TH.
1912-13. 1911-12.
1912-13. 1911-12.
$753,298 $848,274 Divs. on pref. sh's__a$435,050a$401,525
Net profit a
300,000 400,000
reserve
Capital
44,564
67,770
Other income
Contingent reserve_ __ 86,018 77,313
Total income
$821,068 $892,838
Total deductions_ -.1821,088 $892,838
Deduct$4,000
Bonus to employees_
None.
'None.
10,000 Balance
Empl. welfare fund_
BALANCE SHEET DEC. 31.
1912.
1913.
1912.
1913.
$
$
LiabilitiesAssets3,000,000 3,000,000
*2,247,035 2,183,648 Capital stock
Property
99,072
101,280
Pats., good-will, &e. 550,000 550,000 Acc'ts payable
20,636 151,987 Pay-roll, St. Paul &
Cash
13,114
11,733
grass depatment__
Ace'ts receivable__ _ 244,638 195,302
1,121
432
MM. prod'ts (cost)- 507,420 422,026 Dividend ace't (bal.)
a901,256 841,312
Mat'l & sup. (Cost)., 445,022 451,657 Profit and loss
Total
4,014,751 3.954,619
Total
4,014,751 3,954,619
* Includes: St. Paul plant, $739.818; Superior plant, $90,215; Oshkosh
plant, $1,950; Minnesota Transfer plant, $90,163; grass dept., $1,316,375;
urniture and fixtures, $5,813, and auto truck, $2,700. a After deducting
$51,287 to adjust book values of property accounts, in accordance with
valuation shown in appraisal and $10,480 depreciation in value of 1911 and
1912 grass, which should previously have been deducted.-V.98, p. 526.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Alton Jerseyville & Peoria Ry.-Sale.-J. C. Van Riper,
President of the Title Guaranty Trust Co. of St. Louis, who
recently purchased the property at auction in Alton, Ill.,
for $500,000, represents, it is reported, E. W. Clark & Co.
of Philadelphia, who control the East St. Louis & Suburban
Co., whose line extends to Alton.
The road is to be reorganized as the Alton & Northern RR. An issue
of $2,000,000 bonds will, it is said, be made to provide for the completion
of the road to Jacksonville. The road now extends from Alton to a point
near Jerseyville.-V. 98. p. 1154, 761.
Alton & Northern RR.-Reorganized Company.-
See Alton Jacksonville & Peoria RR. above.
Ardmore (Okla.) Street Ry.-Reorganized Co.-The com-
a After providing for depreciation. a Dividends on preference shares at pany has been incorporated with $100,000 auth. stock as rerate of 7% per annum from May 25th 1911 to June 30th, 1912.
organization of the Ardmore Traction Co., which has been in
BALANCE SHEET JUNE 30.
receiver's hands for several years.
1912.
1913.
1912.
1913.
$
LiabilitiesThe receiver has been discharged. The company operates 5 miles of
$
Assets5,465,000 track. Extensions of 7 miles in Ardmore and suburbs are proposed, also
*PM, prop., &e__ 7,916,909 7,769,543 Preferred shares__ 6,465,000 5,000,000
183,366 Common shares.- 5,000,000
a gas plant to cost about $150,000. The officers are: President, Geo. S.
Add'ns during yr.. 210,417
16,726 Bank loans & ac'ts 5,311,974 4,571,778 Cravens; Sec., John F. Easley; Treas., James C. Mort. Chicago and Iowa
7,645
Cash
95,637 parties are reported to be interested.
113,281
Acc'ts & bills rec_ _x7,413,190 5,785,183 Div. pay. July 25_
y1,859,586 1,531,967 Employees' welfare
Inventories
Arkansas Louisiana & Gulf Ry.-Postponed.-The fore10,000
10,000
fund
Shares in stock of
700,000 closure sale has been adjourned to June 10.-V. 98, p. 1391.
643,088 Capital reserve__ - 1,000,000
other companies y649,148
100,530
186,548
reserve
13,072
Contingent
29,909
advances_
dr
Insur.
Total
18,086,803 15,942,945
18,086,803 15,942,945
Total
* Less depreciation provided. x Notes receivable to the amount of
$5,911,818 are held by the company to the order of their bankers. y At
cost.-V.97, p. 1901.
Automatic Electric Co., Chicago.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Joseph Harris, Chicago,Jan. 13 1914, wrote in subst.:
Notwithstanding the business depression throughout the year, our net
profits are approximately as large as in 1912. Your board, however, are
unanimously of the opinion that the present conservative policy should be
continued, at least until the business atmosphere is cleared through the
adoption of the policies of the present Administration. These, we believe,
promise much for industrial prosperity particularly in the telephone business. The development of automatics in foreign countries has been carried
on in a most able and satisfactory manner by the companies with which we
are identified. A large percentage of the business done by these companies
has been manufactured in Chicago, and will continue to be manufactured
here. On Dec.31 your company had on hand orders in excess of$1,000,000.
We still maintain, at large expense, our experimental department.
INCOME ACCOUNT YEARS ENDING DEC. 31.
1910.
1913.
1911.
1912.
Not
$911,436
$903,382
$855,999
Gross profit
stated.
254,686
303,321
259,268
Selling & gen. expense
$600,061
$596,731
Net earnings
$72,000
$60,000
Mach'y & replace. res've
50,052
54,338
Bond interest
(4)184,368 (4)184,368
Dividends
Obsolete material,&c.._
Patent deprec'n reserve..
$656,750
$60,000
58,500
(1)45,792
$549,187
$60,000
58,368
14,440
200,000
$416,379
$292,458
$293,641
$298,025
BALANCE SHEET DEC. 31.
1912.
1913.
1912.
1913.
Liabilities$
$
Assets5,250,000 5,250,000
Property account.,.'5,526,222'5,502,5t1 Capital stock
807,800 840,700
&curs, of other cos_ a644,167 a641,301 Bonds
65,105
Material & supplies_ 783,168 610,678 Accounts payable__ _ 73,763
162,500 150,000
Notes receivable._ _ 556,472 547,023 Notes payable
591,183 442,371 Partial payments on
Acc'ts
3,962
uncompi'd contr's 143,515 167,738
5,316
Advanced insurance
15,404
160,098 252,216 Accr'd int. & taxes__ 39,517
Cash
30,000
Unissued capital stk. 640,800 640,800 Escrow agreement_
Pat, depr. reserve_ _1,062,056 996,746
Strowger stock, 134
30 Replacement reeve. 159,756 122,360
shares
Equip, exch. snap__
10,990
Surplus
1,197,529 1,002,839
Balance,surplus
Total
8,907,426 8,640,892
Total
8,007,426 8,640,892
* Consists of plant, equipment and patents owned, including Strowger
Automatic Telephone Exchange foreign and domestic patent rights.
a Market value.-V.98,p. 239.
Cron Carpet Co., New York.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Myron W. Robinson writes as follows:
Although there isTa decrea.se,in the net profits as compared with the previous year, the result as a whole must be considered very satisfactory,
taking into consideration the general conditions in the business world during 1913. The outlook for the coming year is very good in every respect.
During the past year the physical property of the company has been appraised by the American Appraisal Co., and the accounts adjusted in accordance with this/appraisal.
STATEMENT OF EARNINGS.
1910.
1913.
1911.
1912.
$534,513
$634,278
earnings
$562,0923 $575,744
Gross
152,111
Exp.-Sell.,admin.&gen.
148,372
179,601
134,824
Net earnings
Extraord. exp.-Maint.
of Oshkosh & Superior
plants not in oper.,&c.
Depreciation charges_
$382,491
$440.920
$385,141
$382,157
3,085
77,695
6,237
80,603
6,759
70,610
8,779
69,549
Net surplus for year
$301,711
$354,081
Dividends
(6%)180,000 (6)180,000
Balance,surplus
13121,711
$174,081
$303,839
$308.772
(6)180,000(554)165,000
$128,772
$138,839
Atchison Topeka & Santa Fe Ry.-Lease,May Purchase-
See Oklahoma Central RR.below.-V.98, p. 1534, 1070.
Atlanta Birmingham & Atlantic RR.-Time Extended.
-The Columbia-Knickerbocker Trust Co., as depository
for the receivers' certificates, announces that more than 80%
of the certificates has been deposited. The time for fur•
ther deposits has been extended to June 10.
Checks for additional interest from July 1 1913 to Jan. 1 1914 at the rate
of 1% per annum will be mailed to the holders of certificates of deposit
of record on June 1.
The funds to cover this 1% payment were furnished to the Clark committee, which represents the receiver's certificates, by the general reorganization committee.-V. 98. p. 1534.
Baltimore & Ohio RR.-Hearing as to C. II. & D. Acquisition.-At the hearing yesterday before the I.-S.-C.
Comm., Pres. Willard, it is reported, said in substance,
drawing his facts from the record:
The B. & 0. guaranteed the principal and interest on $12,500,000 First
and Ref. M. bonds of the Cincinnati Hamilton & Dayton, only $7,500,000
of which are now outstanding: instead of selling the remaining $5,000,000,
the B. & 0. advanced for addition and betterments about $3,900,000.
holding as collateral security for such advance $4.861.000 of these bonds.
In addition, the B.& 0. advanced approximately $2.000,000 for equipment
obligations and $3,000,000 for general treasury purposes and about $1.200,000 for reconstruction of property destroyed by floods-for all of which
advances we hold collateral securities. The B. & 0. has aLso g.uaranteed
$11,557,000 of "purchase money notes," secured by $13,000,000 of First
and Refunding M. bonds, which notes the company took up at maturity
and now holds notes and collateral.
As matters stand,I feel the B. dr 0. RR.Co. has been thoroughly justified
in the advances it has so far made, and for which I feel it is reasonably
well protected, and from all of which the public has benefited in the better
and safer operation of the railway.-V.98, p. 1535, 1154.
Bingham & Garfield RR.-Conversion of Bonds.-
See Utah Copper Co. under "Industrials" below.-V.96, p. 1838.
Birmingham Ry., Light & Power Co.-New PresidentContract.-J. S. Pevear of New Orleans has been elected
President to succeed A. H. Ford, who resigned to become
Vice-Pres. of the Cumberland County Power & Light Co.
J. P. H.de Windt has been chosen Gen. Mgr.
A contract, it is announced, has been signed by the company and the
Alabama Power Co. (Alabama Traction. Light & Power Co.). under which
the latter will furnish electricity from its Coosa River plant for operating
the railways, and also for light and power service in Birmingham.-V.98,
p. 1535.
Boston & Maine RR.-Deposit of Notes.-President McDonald announced on May 25 that the holders of a very large
majority of the $27,000,000 notes due June 2 1914 had
agreed to one or the other of the alternative propositions for
extension contained in the company's circular of May 15
1914 (V. 98, P. 1535), and that therefore the time within
which noteholders may deposit with the Old Colony Trust
Co., oston, in accordance with the plan, had been extended
to ilay 29. Only the assent of the holders of substantially
all of the notes, Mr. McDonald stated, would save the company from a receivership.. Result not known in New York
yesterday.
Report of Expert-Requirements for Improvements, &c.-As
the result of his investigation, Expert H. I. Miller, in his
report to the board of directors, containing 120 pages of
text, tables, maps, &c., estimates the needs of the system
for additions, betterments and equipment within the next
five or six years at $25,000,000. Of this amount he recommends that $14,848,500 be spread over a three-year period,
as follows: $6,610,500 for the first year, $4,806,000 for the
second and $3,432,000 for the third.
Assuming that an increase of $1,650,000 in revenue can be
obtained by advancing rates and that the I. S. C. Commis-
1692
THE CHRONICLE
sion will consent to the deferring or otherwise disposing of
some considerable part of the aforesaid betterments (much
of which would normally under existing rules be chargeable
to earnings, as being replacements in kind), it is estimated
by Mr.Miller that with the financial structure as at present
the road will show:
Annual Deficit1st Year. 2d Year. 3d Year.
After fixed charges
$1,036,000 $1,295,000 $1,745,000
Sources of Hoped for $1,650,000 from Prospective Changes in Rates
Class freight rates put in effect April 1 1914
$500,000
Prospective advances in commodity rates
250,000
Prospective increases in passenger rates
750,000
5% Eastern rate case
150,000
An outlay of $1,000,000 a year is required for freight car renewals,
and inside of five years $4,496;000 will be needed for bridges. At least
$1,450,000 should be expended on locomotive terminals during the next
two years, while an expenditure next year of $988,000 for modernizing
division yards should expedite traffic. Of the 1,242 locomotives,451 should
be sold or scrapped, but no large expenditure for new locomotives is needed
at 'present Of the 2,026 passenger cars, 740 have been built since 1900,
737 are from 15 to 25 years old and 549 from 25 to 55 years old; 800 coal
and 150 refrigerator cars should at once be bought, costing $1,002,000
For the next two or three years 1,000 new freight cars per annum wild
practically fill vacancies as they occur. Of the 26,000freight cars,some 17.000 are less than nine years old.
The average amount paid in rentals on leased lines is 4.29% on the book
valuations of construction, equipment and other assets From such
investigation as has been made of values of the component parts, and as
to what these parts were earning at tho time leases were made, the leases
apparently were all justified.
For the same number of employees and service as of April 1 1910, the
company is now paying $2,675,000 more wages per annum,and had the
1903 ton-mile rate, $.0113, obtained in 1913 (instead of a $.0105 rate),
the road.would have earned $2,176,000 more. Futute values of the company's securities depend upon what further wage increases may have to be
made, upon expenditures for elimination of grade croe-ings,and upon efficiency of adminstration.-V. 98, p. 1535, 1607.
Brooklyn Rapid Transit Co.-Notice.-The company
has notified the holders of convertible bonds issued under the
First Refunding 4% gold mtge. dated July 1 1902 that the
period within which such bonds may be converted into capital
stock expires July 1 at 3 p. m. Compare V.98, p. 1535.
The new transfer system ordered by the P. S. Commission, under which
the number of transfer points is increased from 721 to 1,008, will go into
effect on June 1.-V. 98, p. 1535, 1070.
[VoL. xcviii.
the directors have instituted the payment of divs. upon the pref. stock.
V. 98, p. 1608.
Carolina Clinchfield & Ohio Ry.-Tunnel Bored.-The
Sandy Ridge Mountain, near Dante, Va., the last barrier in
the construction of the extension from Dante, Va., to Elkhorn City, Ky., was pierced on May 21, the two ends of the
tunnel, which is more than 8,000 ft. long, being joined.
Work has been under way since June 1 1912.-V. 98, p. 999.
. Central Park North & East River RR., N. Y.-Decision.
The U. S. Circuit Court of Appeals handed down a decision on May 27
in the Metropolitan Street Ry.receivership proceedings, the effect of which,
it is claimed by the stockholders' protective committee (which has brought
2 suits, one against the directors residing in New York and the other against
those in Philadelphia) is to award to the Central Park North & East River
RR.damages amounting to over $2,104,000 arising out of the alleged breach
of the Central Park lease by the Metropolitan. Substantially all of the
claims of the Central Park company against the Metropolitan estate, it is
stated, have been allowed.
Judge Lacombe modified the Special Master's report by disallowing the
counterclaim of $862,000 set up by the Metropolitan receivers for the cost
of electrifying the 59th St. line in 1897 and 1898, and allowed a small claim
in favor of the Central Park company that the special master had not allowed, so that the award was by his decision increased to $904,000. Judge
Lacombe intimated in his opinion that the Central Park Co. should have
been awarded the further sum of $1,200,000, the amount of its bonds which
matured in Dec. 1902. The Circuit Court of Appeals has affirmed Judge
Lacombe's decision in all respects except that it allows the claim of $1,200.000 for Central Park Co. bonds, holding that the Metropolitan Co.
agreed to pay them at maturity. Thus the final award by the U. S. Circuit Court of Appeals in favor of the Central Park Co. amounts to about
$2,104,000. The Circuit Court of Appeals also modified the decree of
Judge Lacombe upon the claims of the Central Park Co. asserted against
the N.Y. City Ry. Co. by increasing the award; and also decided that the
N.Y. Railways, as the owner of the Central Park company's bonds which
were purchased by the Metropolitan Co. in 1902, must pay the fees of counsel in the'suit brought in 1908 by the Farmers' Loan & Trust Co. to foreclose the Central Park bonds.-Y. 98. P. 1459.
Central Railway of Canada.-Bonds-Further Data.-
A letter from Pres. W. Owen, dated at Montreal, March 16,
in connection with the recent bond offering, says in subs.:
The proceeds of the bonds will be applied in payment of existing obliga
tions of under £30,000 and in completing and equipping 438 miles of lino
as follows: Montreal to Midland, on Georgian Bay on the GreatLakes,
343 miles (which includes Carillon & Grenville By., the main line of Central
Counties By. from Hawkesbury to South Indian, Ont.), and branches of
22
miles to Ottawa, 47 miles to Ste. Agathe (of which 13 miles are partly
Carolina Atlantic & Western Ry.-Offering of Bonds of constructed),
and other branches oi 26 miles, making in all 95 miles of
Constituent Properties Guaranteed by Seaboard Air Line Ry. Co. branch lines. The company also intends to construct authorized extento Port Stanley on Lake Erie, via Stratford, London
sions
to
Toronto
-The Guaranty Trust Co. of N. Y. is offering, at par and and St. Thomas,and
crossing and connecting with the Grand Trunk, Canadian
int., the following $3,575,500 underlying 1st M. 6% gold Pacific and Michigan Central and Wabash railways. Total mileage,
and branches, 660 miles.
bonds, guaranteed as to principal and interest by en- including proposed extension
£500,000 ofthe present issue (of £2,600,000) has been offered to the hold.dorsement by the Seaboard Air Line Ry. Co., namely:
ers of the outstanding bonds and will be applied in redemption of these
outstanding bonds, which. less expense of issue, were used to pay for the
North ek. South carolina Ry. Co. 1st M. 50-year gold 6% bonds,
railways and other properties purchased, and for expenses of legislation,
dated March 2 1914 and due March 11964. Int.M. S. Par
organization and management, engineering and construction of line.
$1,000 (c&r). Subject to redemption as a whole at 100 and int.
The company has purchased and paid for and owns all the capital stock
on any int. date on 60 days' notice. Trustees, Continental
of the Carillon & Grenville By. Co., Ottawa River By. Co. (Ontario),
Trust Co. of Baltimore and William J. Casey. Amount authOttawa
Valley Ry. Co., Ottawa River Navigation Co. and 95% of the
orized and outstanding
•
$1,250,000 capital stock
of Central Counties Ry. Co., and also the undertaking of
• Charleston Northern Ry. 1st M. 25-year gold 6% bonds, dated
the Ste. Agathe Branch By., all of which are intended to be amalgamated
Dec. 15 1913 and due Dec. 15 1938. Int. J. & D. 15. Par
These companies own, in addition to portions of the
with
company.
the
$1,000(c*&r).Trustees, Bankers Trust Co.and F.N.B.Close.
main line and branches, other assets and franchises which, except for 28
Total authorized, $2,600,000, in two series, differing only in
miles leased to the Grand Trunk By. Co., are unencumbered. The lines
redemption price, viz.:
so leased are the constructed branches included in the purchase of the
(a) Series A,$2,475,000,subject to redemption at 10214 & int.,
Central Counties By., South Indian to Rockland, 15 miles, and Hawkesas a whole on any int. date on 60 days' notice. Outstanding
bury to Glenrobertson, 23 miles; the Grand Trunk Ry. Co. pays the interand offered (issued to acquire and construct the terminals in
est
on the bond debt on said 28 miles of £2,500 per mile.
Charleston, the road between Charleston and Andrews, &c.) 2,200,000
Included in the assets of the Carillon & Grenville Ry. and the Ottawa
(b) Series B,subject to redemption as a whole at 100 and int.
River Navigation Co. are three steamers, wharves, piers, buildings, &c.
on any int. date. Total auth. and offered (having been
The business of the Navigation Co. trading between Montreal and Ottawa
issued to pay for the 10-mile line from Hamlet to Gibson,
been established over 50 years. Through the franchises and rights
N.C.,subj. to aforesaid leasehold of No.& So.(Jaro.
_
125,000 has
of
the Central Counties By.,the Ottawa River By.(Ontario)and the Ottawa
]The final $275,000 Series"A" bonds are reserved to be issued
in
amounts
Ry.)Valley
By., the company has acquired valuable privileges and powers.
mot exceeding $50,000, for construction, purchases or acquisitions in conSeven miles of the Ottawa Valley By. are constructed between St. Andrews
• nection with the mortgaged property.
on the main line and Lachute. This line will be rebuilt and extended to
Digest of Letter from Pres. W. R. Bonsai, Hamlet, N. C., May 7 1914. connect with the line now under construction from Ste. Agathe southwards,
The North & South Carolina By. Co. and the Charleston Northern By., and, when completed, will be about 47 miles in length. Terminal facilities
,neither of which has any funded debt other than the foregoing issues of• at Montreal are to be provided by the Montreal Central Terminal Co.
bonds, have, together with other properties [South Carolina Western By., See also V. 98, p. 1315.
McBee to Florence, S. C., 38 miles, and Hartsville to Sumter, N. C., 39
miles, and South Carolina Western Extension By.,from Florence to Poston,
Chesapeake & Ohio Northern RR.-New Company.S. C., 32 miles] been consolidated as the Carolina Atlantic & Western Ry.
See Chesapeake & Ohio Ry. below.
Co. (in April 1914, V. 98, p. 1155). The latter company has executed
Chesapeake & Ohio Ry.-Payment of Notes.-The prinits refunding mortgage dated April 6 1914 (under which bonds are reserved
to retire these two issues and the issues on the other properties merged, at cipal of the $25,000,000 432% 3-year secured gold notes and
• or before maturity), to secure an authorized issue of $25,000,000 bonds,
which, as and when issued, will be junior in lien as to the properties covered of the $3,500,000 one-year 5% secured gold notes due June 1
thereby, respectively, to the above-mentioned issues.
will be paid at maturity at the Farmers' Loan & Trust Co.
The North & South Carolina Ry. Co. owned from Gibson, N. 0., to Pee
both issues will be paid at the
Dee River, S. C., 68 miles, a one-half interest in Pee Dee Bridge Co., and The coupons maturing on
a 15-year lease dated Nov. 2 1908, of road from Hamlet to Gibson, 10.13 office of the company, 71 Broadway, as heretofore.
miles; also a 99-year lease dated Nov. 18 1911, for joint use with GeorgeNew Subsidiary.-The Chesapeake & Ohio Northern RR.
town & Western RR. Co. of railroad from the Pee Dee Bridge Co. to a
connection at Andrews, S. C., with the Charleston Northern By., about was incorporated, in Kentucky on May 22 with $50,000
34 miles-a total of 112 miles. Road laid with 75-lb. new steel rails, authorized stock to build the proposed line from a point
maximum grade 3•6 of 1%, except for momentum grades of not exceeding
1,500 ft.; maximum curvature, except in cities, 3 degrees; 95% straight. near South Portsmouth, Ky., to Columbus, 0., 93 miles, to
The present bond issue refunds prior obligations representing a portion of provide a connection with the "locking Valley Ry. Comthe cost of the road. These bonds are a first lien upon the aforesaid railroad leasehold interests and (by pledge of 375 shares) on 50% of the stock pare V. 98, p. 1536, 911.
the Pee Dee Bridge Co. The North & South Carolina By. for the year
Chicago & Eastern Illinois RR.-Reorganization Prosending June 30 1913 had gross earnings of $194,921 ($45,000 passenger,
$141,000 freight, $8,960 other) and net earnings of $62,916. These results pects.-Alvin W. Krech, President of the stockholders' proshould be greatly enlarged by the consolidation and resulting through traffic.
regard to the report that the comThe Charleston Northern Ry. was chartered Dec. 9 1913 in S. O., and owns tective committee, says in
valuable real properties advantageously situated on the eastern water front pany may be taken out of receivers' hands before July 15:
in Charleston, S. C. and is engaged in constructing railway terminal
Impossible. I wish the dream were true, but it is manifestly physically
facilities thereon, and a line of road from that city to Andrews, where Impossible
to get the company out of receivership in so short a time,although
a connection is made with the leasehold line of the North & South Carolina we are
speeding the matter all we can. Our committee either has deposits
By. Co., 57 miles. These terminals, it is estimated, could not be replaced or has control
0 of the common and more than 90% of the
of more than 957
for double their original cost. Road is being laid with 85-lb. new steel preferred
stock.-V. 98, P. 999.
rails, maximum grade not to exceed M of 1%, compensated both ways,
except for momentum grades not exceeding 2,000 ft. in length; 95% of road
Chicago City Ry.-Operating Agreement, &c.tangent; maximum curvature between Andrews and Charleston, 3 deg.
9i
8.
na
p.
n9
ci
1n
1,g
See Chicago Railways below.-V.F
While these two properties, traversing a territory not heretofore having
905.The following is
.adequate railroad facilities, should separately have been self-supporting,
Chicago Elevated
their earning power is greatly enhanced by their consolidation and the
substantially correct:
short low-grade through line thereby established between Hamlet, N. C., understood to be
arranged
for taking up the $30,000,000
Practically all details have been
on the Seaboard Air Line By., and Charleston, and the close traffic arrangements with the Seaboard Air Line By.,affording the latter an entrance notes of the Chicago Elevated Rys. The new securities will be $12,000,000
into Charleston. The tonnage into Charleston for shipment consists of 1st M. 5% 20-year bonds of the Northwestern Elevated and $7,000,000
0 notes of Chic. El. Rys.
cotton and its products,lumber, naval stores and supplies, and the tonnage 10-year 6% debentures, and $14,000,000 2-year 57
The Commonwealth-Edison Co. will pay in about $6,000,000 for subfrom Charleston to the surrounding territory includes fertilizers, cement,
salt and general merchandise. This entrance of the Seaboard Air Line into stantially 200,000 of the 250,000 shares of the common stock of the Elevated
Charleston will, it is expected, without diminishing the Seaboard's traffic Rys. and the $6,000,000 so received by the pref. stock syndicate will be
in and out of Savannah and Wilmington, develop a very considerable addi- used by it in purchasing the 6% debentures.
Negotiations for the unification of the surface and elevated railway lines
tional and profitable traffic movement to and from Charleston.
been resumed before the local transportation committee of the City
Operating Statistics of Seaboard Air Line Ry. (See map on p. 128 of have
Council.
-V. 98, p. 1536.
"Railway and Industrial Section.")
Years ending June 30. 1909-10.
1910-11.
1911-12.
1912-13.
Chicago
& Milwaukee Electric RR.-Affirmed.-The
Average mileage oper_ 3,037
2,996
3,058
3,073
Pass. density per mile_ _65,711
72,787
75,590
77,247 U. S. Circuit Court of Appeals yesterday affirmed the deciFreight density per mile
420,031
408,744
454,771
500,539 sion of Judge Geiger in March last ordering the re-sale of the
Total gross
_ _ _320,068,771 $21,782,004 $22,921,903 $24,527864
Surp. after fixed
revenuecharges $2,567,684 $2,956,939 $2,063,,444 $2,985,853 Wisconsin Division. Compare V.98, p. 762.-V.98, p.1155.
icahe adjustment mtge. 5% income bonds are now receiving the full
Chicago Milwaukee & St. Paul Ry.-Listed.-The New
per annum, calling for $1,250,000. During the three years from June 30
1910, the traffic density and gross revenue have increased some 22%, and York Stock Exchange has listed $80,000 additional Chicago
•
MAY 30 1914.]
THE CHRONICLE
Milwaukee & Puget Sound Ry. 1st M. guaranteed 40-year
4% bonds due 1949, making the total listed $26,175,000.
Earnings.—For 8 months ending Feb. 28:
Balance,
Interest,
Other
Operating
Net (after
Eight
Revenues.
Taxes).
Income. Rents, &c. Surplus.
Months—
1913-14
$62,404,195 $17,954,932 $2,588,660 $9,466,811 $11,076,780
64,350,301 20,082,649
1912-13
The accumulated surplus Feb. 28 1914, after deducting semi-annual
dividends of 3%% on the pref. stocks ($4,057,616) and 2%% on the common stock ($2,898,650) declared April 1 1913, and miscellaneous debits
(net) aggregating $2,258,191. was $45,279,416.—V. 98, p. 1315, 1244.
1693
Annual Reports.—The Board of Operation shall on or before April 10 in
each year file with the City Comptroller annual reports for the preceding
year ending on Jan. 31,showing the character and amount of business done
under unified operation and the amount of receipts from and the expenses
of conducting operation, subject to annual audit.--V.98.p. 1617, 1602.
Chicago Rock Island & Pacific Ry.—Oklahoma Law
Declared Invalid.—The U. S. Supreme Court on Monday,in
a suit brought by W. W. Beatty against the company,reversed the decision of the Oklahoma Supreme Court and
declared unconstitutional the State demurrage law imposing
a fine of $1 per car for failure to deliver cars requested by
Chicago Railways..—Ordinance and Operating Agreement shippers within 5 days of receipt of the order.
street
surface
1914
the
or Unified Operation.—On Feb. 1
The company neglected to deliver cars for shipment of cottonseed from
railways of Chicago began operating as one system under Verdon to Chickasha, Okla., and in 1906 Mr. Beatty obtained a verdict
for
$414. The company claimed that the State law interferes with interpart
which
was
made
agreement
the terms of an operating
State commerce and the Federal law requiring railroads to furnish cars "on
of an ordinance passed by the City Council of Chicago reasonable request." The State Court held that the law is within the
police power of the State and that the State statute was merely suppleNov. 13 1913. Some salient features follow:
mentary and defines the Federal
law.—V. 98. P. 1070, 999.
Data from Ordinance as Passed by City Council Nov. 13 1913.
Cincinnati Hamilton & Dayton- Ry.—Hearing.—
Street Railways.—Chicago Railways Co., Chicago City Ry.Co.,Southern
Baltimore
&
See
Ohio
RR.
above.—V.
97, p. 1660.
Street Ry. Co. and the Calumet & South Chicago Ry. Co., the two
companies last named being operated by the Chicago City Ry. Co. UniClear
Lake
RR.
California.—Authorized.—
fied operation, it is estimated, should increase the down-town terminal
The Calif. RR. Comniission on May 18 authorized the company to issue
capacity fully 30%.
$75,000 common stock (par $100) and $500,000 1st M.6% bonds, to conUnified Operation.—The companies severally and jointly agree to furnish struct the new road between Hopland and Lakeport, about 23% miles long.
(a) unified operation within the present and future limits of the city with Of the stock, $50,000 is to be sold at par and $25,000 in exchange for certain
additional cars to full capacity of down-town terminals with like effect lake-front property at Clear Lake of the Yolo Water & Power Co. The
as regards service to the public as though all of the surface street railways bonds are to be sold at not less than 84, with accrued interest.
were owned by one company. (b) Through routing so far as adequate
As a condition of the order the company shall present for approval a
local service balances; also elimination of all switchbacks in down-town mortgage which shall contain satisfactory provisions for the retirement
district with approval of the Board of Supervising Engineers created within the first 5 years after construction of $100,000 bonds. The Commisunder traction ordinances of Feb. 11 1907. (c) A 5-ct.far throughout the sion also rseerves the right to approve all the plans for the sale of the stock
entire present and future limits of the city on surface lines, including a 5-ct. and bonds, and all agreements that may be entered into for the construcfare (in lieu of 10-ct. fare) in Calumet district south of 79th St., and the tion of the line.—V. 97, p. 1357.
issuance of transfers in the South Division of the City north of 12th St. and
Cleveland Cincinnati Chicago & St. Louis Ry.—
the Calumet district south of 79th St. as well as other districts as heretofore.
Accounting.—The basis of accounting with the city of Chicago under Equipment Trusts Authorized.—The Ohio and Illinois P. S.
the 1907 and subsequent traction ordinances, with references to the renewal,
heretofore,
commissions
have authorized the company to issue $5,432,000
continued
as
maintenance, operating and other funds, shall be
except as modified by this ordinance, subject to revision by Board of 5% equipment trust certificates. Of the certificates $3,Supervising Engineers. Said engineers also may require an increase in
the monthly payments to renewal and depreciation funds up to 10% of 880,000 will shortly be offered by the fiscal agents.
the gross receipts.
The proceeds are to be used to pay for 80% of the cost of new equipment3
Excess Real Estate.—Real estate not required for transportation pur- the remaining 20%to be paid by the:is.sue to car manufacturers of6% notes,
poses may be disposed under lease, the income therefrom to be accounted payable in 18, 30 and 42 months from Jan. 1 1915. The permission is
granted on the condition that the company shall be released from liability
for in gross income.
Cleaning Right-of-Way.—For 5 years after this ordinance becomes effect under the New York Central equipment trust of 1913, except for 1,000
ivo, the companies,in lieu of existing obligations to do the work themselves
box ars.
shall pay to the city for cleaning their right of way, Including the remova
The certificates are issuable by the Guaranty Trust Co. of N.Y.,trustee.
of snow, $51 50 per month for each mile of double track operated. there They are dated June 1 1914 and are in series of approximately $362,000 each,
being now 454 miles of such track.
one maturing on June 1 and Dec. 1 each year from 1915 to 1928, Inclusive.
Electrolysis.—The companies shall within 2 years complete the necessary Denom. $1,000 c* and $5,000, $10.000 and $50,000 reg.
installation by the expenditure of not less than $1,000,000 to prevent
The equipment covered by the present issue consists of 2,500 box cars,
damage from electrolysis.
80,000-lb. capacity, 36 ft. steel underframe, and 2,500 coal cars, all steel
Calumet & South Chicago Ry. Co.—This company for its waiver of the gondola type of 55-ton capacity. The remainder of the equipment against
St.
In
right to charge a second fare in the territory north or south of 79th
which notes up to the limit of the authorized issue will consist of box cars
Chicago shall be paid on or before April 10 1914, out of the city's 55% of of the same type and will not be ready for delivery nor will the equipment
the net receipts of the south side surface lines for the year ending Jan. 31 notes against them be sold until autumn.—V. 98. p. 1608, 1459.
1914, a sum equal to the aggregate amount of the annual deficit of said
Connecting Railway.—Listed in Philadelphia.—The
company, as computed by the Board of Supervising Engineers amounting
July 31 1913 to $303,545.
Philadelphia Stock Exchange has listed the $4,000,000 1st
Rail.—All new track construction shall be laid with modern improved
rails of the grooved type, weighing not less than 129 lbs. per yard, except M. 4s. See V. 98, p. 610, 522.
as otherwise provided and approved.
Des Moines & Fort Dodge RR.—Opposition to Merger
Agreement for Unified Operation Dated Dec. 1913.
Plan.—Louis A. Sussdorff, James C. Green, Thomas Davis
mentioned.
above
companies
four
Parties.—The
Term of Agreement.—This agreement shall extend until Feb. 1 1927 or Day Jr. and Ernest Bunge, said to be the largest holders of
such prior date as the properties, or any of them, shall be purchased by the pref. stock, issued substantially the following on May 23:
city or its licensee, but such operation shall be subject to existing traction
officials inform us that the report of the Des Moines & Fort Dodge
ordinances and operating agreements, and the separate ownership of the forThe
the cal. year 1913 will show net after fixed charges, taxes and interest.
several properties shall be preserved and each company at its own expense &c.,
or over 12% on the pref.; while for the first 3 months of
$94,000,
reconstruction,
necessary
capital for the construction,
must provide the
1914 the earnings are even better than in 1913. The Minneapolis & St.
equipment and extension of its system as required.
for the year ending June 30 1914 will show only about 6% on its pref.
Board of Operation.—Of the seven members 4 shall be chosen by the Louis
Des Moines Sr Fort Dodge pref. stock is entitled to 7%. The Minn.
directors of the Chicago Rys.Co. and 3 by the directors of the City Com- & The
St. Louis pref. Is entitled to only 5% before dividend can be declared
pany, and they will serve until Fob. 1 1917 and until their successors on common. In our opinion, if Des Moines a
& Fort Dodge, with only
years
three
periods.)
(for
appointed
are
bonds outstanding should for 1914 continue to show such
Disposition of Receipts.—From the gross receipts from unified operation $3,672,000
earnings, a pref. dividend of'
7% would be justified, after allowing an
from all sources there shall be deducted for each year ending Jan. 31 in equivalent sum for betterments, &c.
accordance with the traction ordinances: (a) All expenses of operation,
The proposition of exchange is inequitable, and would be practically
including maintenance, renewals and damages incident to construction or giving
away an income-producing security for an issue that, in event of a
operation, but not city license fees; (b) All amounts reserved under the dividend
being declared on same, would be for a long time to come at a
for
maintenance,
and
renewals
and
personal
repairs
ordinances aforesaid
than what our present stock is entitled to. It is our plan, if it is
lesser
rate
injury claims; (c) All taxes and assessments including all capital stock or passible, both to prevent a. merger with any other road and to secure
franchise taxes after Jan. 31 1914; and, (d) All salaries and expenses of representation on the board. Compare Minneapolis & St. Louis in V. 98,
resulting
shall be paid out of
Board of Supervising Engineers. Any deficit
P. 1537.—V. 98, p. 304.
the gross receipts of subsequent years.
After making these deductions,the"residue receipts" shall be divided as
Detroit & Port Huron Shore Line Ry.—Bonds Offered.
beginning
Feb.
1
1914
to
the
599'
follows: (a) For the two-years period
Chicago Railways Co. and 41% to the City company, including Calumet —Eversz & Co. of Chicago and the First & Old Detroit NaRailways
Co.
and
40%
to
to
thereafter
60%
(b)
Southern
Co.;
Co. and
tional Bank of Detroit are offering at 923/i and int., to net
City Company,including Calumet Co. andSouthern Co.
Division With City.—The Chicago Railways Co.shall from its percentage 53/2%, $908,000 1st M.5% gold bonds of 1900, due without
on
equivalent
to
5%
sum
deduct
a
aforesaid
as
first
receipts
of the residue
option of prior payment Jan. 1 1950. The bankers say:
the cash purchase price which the city would be obligated to pay under
$305,000 of these bonds have been purchased from the treasury of the
the ordinances of 1907 and Oct. 10 1910 if it were to purchase said property Detroit
United Ry. and the balance, namely. $603,000, refund divisional
aforesaid,
any
deficit
therefor
to
be
Jan.
31
operation
on
for municipal
bonds maturing on or before May 11916. This closes the mortgage of $2,mot out of the residue receipts of subsequent years. Second—The remain- 500,000,
and will make the bonds a first lien on 113.69 miles of electric railshall
be
year
divided
the
receipts"
for
such
45%
to
"divisible
the
being
der
way from Detroit via Mt. Clemens to Port Huron, at less than $22,000 Per
Chicago Railways Co. and 55% to the city, crediting thereon all amounts mile.
Current earnings over double the interest requirements.
paid for license fees exacted from the company or its employees.
The entire capital stock of the company was acquired by the Detroit
Tho City Company from its percentage of said residue receipts shall
at a cost of $1.436,728, and during the past six years $650,deduct a sum equivalent to 5% upon the aggregate amount of the cash United Railway
has been spent on the property, not including important improvements
purchase price of the total properties of the City Co.,Southern Co. and 482
charged
to
maintenance,
which last year amounted to about 30% of the
then
be
the
would
under
obligated
to
pay
city
the
which
CalumetCo.,
See map, &c., pages 44. 45 and 46 of "El. By. Section.
ordinances aforesaid, if it were to purchase said properties for municipal gross
operation, any deficit therefor,to be paid out of the residue receipts ofsubse- —V.8erniji.n3g388•.
Second—the amount remaining being the aggregate divisible
quent years.
Detroit River Tunnel Co.—Listed.—The New York
net receipts,shall be divided asfollows:45% to the City Co.; and 55% to the
city, crediting thereon all amounts exacted as license fees, the said 45% to Stock Exchange has listed
,000,000 additional Detroit
Calumet
Co.
upon
and
Co.
Co.,
the
Southern
be divided among the City
Terminal & Tunnel 50-year 432% 1st M. bonds, due 1961,
such basis as they shall agree upon.
Reserve Funds for Renewals and Depreciation.—By the fifth day of each making the total listed $18,000,000.—V. 98, p. 1244, 1156.
month the Board of Operation shall, out of the gross receipts of the precedDetroit United Ry.—Sale of Bonds.—
ing month from the unfied operation of the Chicago Surface Lines, deposit
the amounts required for renewal and depreciation reserve fund, 60% for
See Detroit & Port Huron Shore Line By. above.—V. 98, p. 682, 452.
property of the 'Railways Co. and 40% for the properties of the City Co.,
Calumet Co. and Southern Co.
Duluth Missabe & Northern Ry.—Bonds.—Kean, TayMaintenance Reserve Fund.—The Board of Operation shall spend each
Harris, Winthrop & Co. offered this week,at
year sums averaging 6% of the gross receipts from such properties or a lor & Co. and
greater percentage if the Board of Supervising Engineers so requires for the 1043/i and int.,$785,000 Gen. M.5% gold bonds, dated 1906
Chicago
disSurface
without
Lines
of
the
repairs
of
all
and
maintenance
and due Jan. 1 1941, but callable for sinking fund at 105 and
crimination between them.
New Capital Investment.—This term shall include all expenditures made int. Exempt from normal Federal income tax. Outstandextensions
and
account
capital
additions
on
for
1914
1
on and after Feb.
ing, $11,525,000. The bankers say:
under traction ordinances, except, however: (1) The cost to the Railways
A mortgage upon 361.38 miles of railroad, extending from Duluth into
Company of adding 83 new double truck "pay-as-you-enter" passenger
stock
rolling
exists
the Mesaba iron ore district and connecting with Canadian Northern Ry.;
same
equipment,
as
the
operated
cars to its present
Nov. 1 1913; (2) The cost to the City Company of adding 100 such cars; 113 locomotives, 39 passenger train cars and 8,466 freight cars(6,455 all(3) The cost of increasing car house storage capacity. (4) The cost to the steel ore cars, 100,000 lbs. capacity); also terminals; three great iron ore
Railways Co. of increasing its substation capacity by 16,000 k. w., in docks, large modern coal docks, buildings, lands, &c.; subject to (1) $325,stations owned and of completing the installation of the 12,000 k. w, in 000 bonds due 1923, which are a first lien upon 296.59 miles of road and will
the two substations located at Homan and Campbell Avenues and Western I be retired through sinking fund operations by 1916, and to (2) $1,174,000
Ave. and Washington Boulevard. (5) The cost in capital to each of the I bonds due 1922, which are a first lien upon 64.79 miles of road, to retire
parties hereto of reconstructing and rehabilitating the tracks not con- which a like amount of these bonds may be issued. In 1916 these Gen. M.
structed in accordance with the ordinance of Feb. 11 1907 and subsequent bonds will become a first lien upon 296.59 miles of road. Followed by
$4,112,500 capital stock, which has received cash dividends of $37,125,625
traction ordinances.
An annual 2% sinking fund should
Said "New Capital Investment" shall be met as nearly as practicable by 1 in the 10 years ended June 30 1913.
•
retire before maturity all of the bonds now issued and those reserved to
by
the
Railways
Co.
and
I
60%
thereof
of
proportion
the companies in the
40% thereof by the City Company, including Calumet Co. and So. Co. retire the underlying bonds due Jan. 1 1922. For the year ended June 30
1
1694
THE CHRONICLE
[VOL. xcviii.
1913 earnings of $4,375,830 were available for interest ($654,460) and sink- I
ing fund charges ($480,897), amounting to only $1,135,357.
Additional Gen. M. bonds may be issued (1) to retire the $1,174,000
bonds due Jan. 1 1922;(2) for additional track at not exceeding $30,000 per
mile of single main track, $50,000 per in. for each additional mile of double
main track and $20,000 per m.for each mile of 2d, 3d and 4th main track,
and (3) to an amount equal to 75% of the cost of additional equipment,
docks, yards and terminal facilities.—V. 98, p. 1536, 304.
Listed in Phila.—The Phila. Stock Exchange has listed
$1,073,000 1st M. 4s. See V. 98, p. 1244.
Jersey Central Traction Co., Keyport, N. J.—Mortgage.—The company has made a new general and refunding mortgage to the Girard Trust Co. of Philadelphia, as
to secure an authorized issue of $5,000,000 bonds.
Duluth-Superior Traction Co.—Favorable Decision.— trustee,
The new mortgage will replace a general and refunding mortgage for
Judge Cant in the State District Court on May 23 handed $1,500,000 to the Fidelity Trust Co.of Newark, N.J., under which $1,270,bonds are outstanding and $230,000 reserved to retire a similar amount
down a decision favorable to the company in the suit brought 000
of first M.5% bonds. It is reported that part of the new issue will be sold
by the city of Duluth to cancel the franchise granted to the for impts. and extensions to the Mddlesex & Monmouth Electric Light,
Heat & Power Co.—V. 92, p. 461.
Duluth Street Ry. on Nov. 17 1881.
Joliet (Ill.) & Southern Traction Co.—Sale.—The
The franchise, which was granted by the Legislature, was attacked by
the city on the ground that certain of its provisions, such as building a property was recently: sold to N. W.Halsey & Co. of Chicago,
mile of track the first year, had been ignored by the company. The city,
It is held, had admitted the validity of the franchise by assessing taxes representing the majority of the bondholders.
since 1882 and also in 1912 admitted its validity in court. The company
relying on the validity of the franchise has, it is stated, from time to time
Issued and sold bonds, securing them by mortgages on its property, which
are widely scattered and are held by persons who purchased them in good
faith. Unless the case is appealed to the Supreme Court the company is in
a position to go ahead and make desired extensions and improvements
which have been held up by the franchise litigation, which grew out of the
strike in 1911.—V. 98, p. 906, 522.
Erie RR.—U. S. Supreme Court Decisions on New York
Laws.—The U. S. Supreme Court on Monday, in a suit
brought by the company reversing the N. Y. Court of Appeals, declared invalid the New York "hours of service" law
prohibiting the employment of telegraph operators having to
do with the dispatching of trains for more than 8 hours.
In another case the Court held valid the section of the labor
law of the State which requires semi-monthly payments as
a proper exercise of the police power of the State.
Justice McKenna wrote the opinion in both cases. In the "hours of
service" case three contentions raised in favor of the law were overruled:
(1) That the labor law was a valid exercise of the State's police power in
regulating companies chartered by the State; (2) that the statute limiting
the hours to 8 did not conflict with the Federal law prescribing 9 hours
but merely supplemented it and (3) that this case arose after the passage
,of the Federal employers' liability Act but before it became effective and
did not therefore conflict at the time with the Federal statute. The Court
said that the State's power to regulate commerce was superseded the
moment "Congress acted in a way to manifest its purpose to exercise control over the subject matter."—V. 98, p. 839, 763.
The Eastern division brought $900,000 and the We tern division $250,000.
The sale, it is reported, has not yet been confirmed.—V. 98, P• 155.
Lake Shore & Michigan Southern Ry.—Better Terms
Demanded.—By adv. on another page a committee consisting
of William A. Read, Chairman; Henry Evans and Willis D.
Wood, representing a large amount of the stock, announces
that,after thorough expert examination, they are convinced
that the terms of 5 shares to 1 offered in the N. Y. Central
merger plan for the minority stock of the Lake Shore are
grossly inadequate, and they therefore urge the stockholders of the Lake Shore (including Mich. Southern & Northern
Indiana 10% guaranteed stock) to deposit their certificates
with the Central Trust Co. of N. Y., depositary, 54 Wall St.,
with a view to obtaining better treatment. See V. 98, p.
1392.—V. 98, p. 1537, 1459.
Lehigh Traction Co., Hazleton, Pa.—Funding Coupons.
—All bondholders are asked by President Markle to surrender their coupons falling due on June 1 1914, and on the five
succeeding interest periods, to the Markle Banking & Trust
Co. of Hazleton, Pa., as depositary, and to accept in lieu
thereof non-interest-bearing scrip payable before any dividends are paid and callable at par. Pres. Markle May 15 said:
On account of the strike upon the lines of the Lehigh Traction Co., the
of traffic caused thereby and the extraordinary expenses encountered
Georgia Railway & Power Co.—Syndicate Closed.— loss
as incident thereto, the company will be unable to meet the interest upon
Drexel & Co. announce that the syndicate formed by them the bonded debt falling due June 11914. In addition thereto, the recoupment of the losses already sustained and provision for those which must
to underwrite $6,860,000 1st & ref. M.5% 40-year s. f. gold necessarily
be met to save the company from financial insolvency,and to
bonds, due April 1 1954, has been closed, all the bonds hav- protect its property
from further depredation and possible destruction, now
render it imperative to suspend payment of interest upon the indebtedness
ing been sold.—V. 98, p. 1536, 1459.
until and including the interest-period maturing upon Dec. 11916. [A simiHagerstown & Frederick (Electric) Ry.—Bonds.—The lar circular was sent to the bondholders of the Wilkes-Barre & Hazleton
Fidelity Trust Co., Baltimore, the mortgage trustee, is offer- RR. as to its coupons due May 15, see V. 98. p. 1539.1
ing, at 98 and int., yielding about 6.10%, the present issue
Opposition.—A protective committee of bondholders asks
of $800,000 "First and Refunding" 6% 30-year sinking fund deposits of the bonds at Northern Trust Co., Phila.
Committee: W. Frederick Snyder, Geo. P. Bissell and Henry M. Watts,
gold bonds dated April 1 1914. Authorized, $10,000,000. with
Henry, Pepper, Bodine & Pepper, as Counsel.
Due April 1 1944, but redeemable at 105 and int. on any int. date. Int.
Mail Remuneration.—Decision in "Mail Divisor" Case.—
payable A. & 0. in Baltimore. Coupon bonds of $1,000, $500 and $100.
The bonds are tax refund in hands of Penn. holders. Company agrees to
See item in "Banking, Legislative and Financial News," on page 1578.
pay normal Federal income tax. Remaining bonds Issuable bearing int. —V. 97, p. 1733.
at rate or rates not exceeding 6% or less than 4%.
Maryland Electric Railways.—Application.—The comDigest of Letter from Pres. Emory L. Coblentz, Frederick, May 19.
Organization.—Organized April 1913 by consolidation under the laws of pany has applied to the Maryland P. S. Commission for
Maryland,forming a system of electric railways and electric-lighting plants, permission to sell $489,000 bonds.
operating in thriving cities and communities in the Central and northern
Of the proceeds, $443,597,it is stated, will be used to purchase new cars.
part of Maryland. In addition has agreed to purchase the properties of
the Frostburg Illuminating & Mfg. Co., subject to the approval of the P. S. 34,914 for car heaters and $20,490 for a rotary converter.—V.98,p.1608,387.
Commission. The mileage operated aggregates 87.5 miles and serves a
Metropolitan Street By. of Kansas City.—Proposed New
population estimated to be about 55,000 not including a large population
contributory to, but not directly on, the lines. Capitalization of company: Contract with City.—The "Kansas City Journal" of May 24
Stock (common, $2,000,000; pref., auth., $2,200,000; issued,
says
that the negotiations for a new contract with the city,
$635,000)
$2,635,000
Hagerstown & Frederick Ry. Co. 1st & Ref. 6s of 1944
800,000 subject to popular vote,are making good progress,and adds:
Reserved to retire prior lien bonds (closed)_
1,050,000
The minor details of the contract have been decided upon, and the conReserved for additions, extensions and acquisitions_ _38,150,000
about amicable adjustments of the contenAdjustment Mortgage 5s, due May 1 1954
1,225,000 ferees are now trying to bring
tions
associated with the questions of fares, payment of the Terminal
Earnings (Incl. Frostburg Ilium.) Est.for 1915 by Sanderson & Porter, N. 1', Railway
Co.for the use of viaducts by the Metropolitan, and terms govern•
(June'30 Yr. 1914) 1913-'14.
1915.1
1913-14.
1915. ing the interurban lines and future street car extensions. Compare
UTOSS
$399,081 $482,000 f Int. on prior lien bd$54,500 $54,500 V. 98, p. 1460. 1392.
Net, after taxes_ _3135,510 $177,0001Int.on 1st& ref.6s.. 48,000
48,000
Balance,surplus, after int. on present 1st & Ref. 6s
$33.010 $74,500
Missouri Kansas &.Texas Ry.—Suit.—Charles D. Ise,
The company has $325,000 cash and quick assets available for improve- County Attorney of Montgomery Co. Kan., on May 13
ments and betterments, and no floating indebtedness. Through the sale
'Court to annul the
of its adjustment 5% bonds and its pref. stock, to local interests, a large brought an action in the State District
.
amount of money has been spent on the property,
charter of the company on the ground that it has violated
Bonds.—Additional bonds of the $10,000.000 auth. can be issued for 80% its
charter agreement by withdrawing its general offices
of the cash cost of permanent improvements, extensions and acquisitions;
first to the amount of $200,000 only when annual net earnings are 1;,i times from the State. The dissolution of the company and a rethe total interest charges, including bonds to be issued, and subsequently ceivership are
asked for. The general offices are now in St.
only when such net earnings shall have been 1 3 times such total interest
charge. The bonds are an absolute first mortgage upon the properties of Louis and the shops in Dallas, Tex.—V. 98, p. 1460, 1316.
the Frederick & Hagerstown Power Co. and the Frederick P411., and a
Missouri Pacific Ry.—Note Deposits—Extension.—Of the
mortgage upon all the other properties, subject to only $1,050,000 prior lien
bonds of constituent companies against which a like amount of Hagerstown $24,976,000 secured gold notes due June 1, $20,158,000 had
& Frederick Ry. First & Ref. 6s have been reserved. Properties appraised
at over $3,500,000, exclusive of good-will and franchises, and a valuation been deposited up to 3 p. m. yesterday in accordance with
of $1,350,000 has been placed upon the properties on which these bonds are the extension plan. The time to make deposits with the
a first and only lien.
Sinking fund beginning Oct. 1 1919, payable semi-annually,: Till Oct. 1 Union Trust Co. has been extended to 3 p. m. on Monday,
1926 1% of First & Ref.6% bonds and prior lien bonds; 1927 to 1934,2%; June 1. See advertisement on another page.—V. 98, p.
1935 to 1944, 3%. Company will also maintain as a maintenance and 1608, 1537.
depreciation reserve a sum equivalent to at least 12%% of its monthly
gross earnings received from all sources.
Mobile & Ohio RR.—Purposes of Note Issue.—Vice-Pres.
Property.—Stroet railways in cities of Hagerstown and Frederick, Md.,
and an interurban railway extending from Frederick to Hagerstown; with and Gen. Man. Taylor telegraphs to the "Manufacturers'
extensions from Frederick to Thurmont, Md. also from Hagerstown to • Record" as follows, regarding the $3,000,000 note issue on
Shady Grove,Pa.,and with branch lines to Boonsboro
'
and to Jefferson, Md.
Also owns and operates a modern steam-driven generating station of 5,300 • which stockholders will vote on July 14:
h. p. capacity, with an overload capacity of 2,000 h. p. additional, at
The $3,000,000 note issue will cover, first, $600,000 in reimbursement for
Security, Md.(about 1M miles from Hagerstown),serving Ilagerstown with expenditures already made on account of additional real estate at Birmingelectricity, also by high-tension transmission system, city of Frederick and ham and Mobile Ala., and for dock construction at the latter port, besides
towns of Williamsport, Emmitsburg, Middletown and Smithsburg, Md. new yard facilities at Meridian, Miss., and other improvements; second,
Has also agreed to purchase the properties of the Frostburg Illuminating & $1.200,000 for additional passing and other tracks, double-tracking 57
Mfg. Co., which supplies all the electricity used in Frostburg, Md., and miles of main line, additional water and coal stations, additional shop favicinity. Also owns and operates a water gas plant in Frederick, and cilities, &c., to be constructed in the near future; third, $1,200,000 for addisupplies all the gas used in that vicinity. All franchises are perpetual or tional equipment now under contract. Compare V. 98, p. 1537.
extend at least 15 years beyond the life of the bonds.
[The company has just announced the purchase of 7 consolidation type
Territory Served.—In addition to its exceptional agricultural wealth, has freight locomotives, 1,000 all-steel ventilated box cars, 8 all-steel passenger
in recent years shown in the cities consistent and healthy growth in manu- coaches,4 all-steel mail and baggage cars and 4 all-steel baggage and express
facture. Company, besides its passenger business, does a large and profit- cars, at a cost of over $1,000,000.1—V. 98, P. 1357, 611.
able freight and express business in connection with Western Maryland,
National Railways of Mexico.—Offer to Pay the $813,090
RR., B. & 0. RR. and Pennsylvania system.
Management.—Sanderson & Porter, engineers (N. Y.), will be in control Interest Due June 1 on 6% Notes with 6% Notes Due Jan. 1
and personally operate the properties. A voting trust for the common stock
will be created with Van Lear Black, Frank A. Furst and Emory L. 1917 (Interest Payable at Maturity) Secured by Pledge of
Coblentz as the voting trustees.—V. 98, p. 1608.
.£197,530 6% 10-year Bonds of Federal Government of Mexico.
Hollidaysburg Bedford & Cumberland RR.—Merger.—
an agreement was filed at Harrisburg, Pa., on May 20 conveying the property of the company to the Pennsylvania RR.,
and its corporate existence has ceased.
—Pres. E. N. Brown on May 28 offered to holders of the
2-year 6% secured gold notes ($26,730,000) due June 1 1915
and 6% 3-months secured gold notes extended to June 1 1914
($373,000), to pay the interest thereon due June 1 in the com:.
IVAN
30 1914.]
THE CHRONICLE
pany's 6% collateral notes due Jan. 1 1917 with interest payable at maturity. An adv. says in substance:
its own interests in
In response to our request, and for the tootection of
advance to
the system, the Federal Government of Mexico has offered toits
6% tenthe company £197,530, equal to $959,996 U. S. currency, of
under a
year treasury bonds of 1913, and we propose to pledge these bonds
issue of
an
secure
to
Y..,
trustee)
N.
Co.,
Trust
(Guaranty
trust agreement
85% of the face
$813,090 6% notes to be issued to an amount not to exceed
1 1917. intervalue of the pledged bonds. The notes will be payable Jan.
or in part at opest payable at maturity, and will be redeemable in wholeThe
notes will be
tion of the company at par and int. on 30 days' notice.
issued in sterling, dollars and reichsmark.
later than
not
coupons
their
deposit
must
offer
this
of
avail
Noteholders to
July 1 1914 with Guaranty Trust Co. of N. Y., either at its New York
or London office.
become effective if within
This offer may,at the election of the company,
to the amount of not less than
said period holders of the above securitiesbecome
effective if holders shall
shall
it
assented;
have
shall
thereof
75%
than 85% thereof. If this offer
have so assented to the amount of not lesscoupons
will be delivered to the
shall not beome effective, the deposited
and surrender
bearers of the receipts representing the same on presentation
thereof.—V. 98, p. 1072, 1393.
1695
easement at $1,ernment have, it is reported, appraised the value of the would
be merely
000,000, while those for the city state that the damage
nominal.—V. 98, p. 1609, 1461.
Rates.—United States Supreme Court Decision Regarding
"Tap Line" Roads.—See editorial on previous pages of today's issue.
St. Joseph & Grand Island Ry.—Decision for Minority
Stockholders.—Press dispatches on Thursday announced that
Judge Munger in the U. S. District Court had filed a memorandum opinion in which he granted the injunction asked
for by the minority preferred stockholders'committee against
the Union Pacific RR. The latter is restrained from holding control of the company's stock, its ownership thereof
on June 30 1913 amounting to 69.6%.
Nevada, County Narrow-Gauge RR.—Large Dividend.
that
—The San Francisco "Commercial News" May 18 says
dividends at the rate of $16 per sh.
stockholders are receiving
Eastern RR. now owns the line and it is said
The Oakland Antioch &
probably due to the contract made with the
that the large distribution isfurnish
gravel for the Lake Spaulding project.
Pacific Gas & Electric Co. to
—V. 98, D. 1157.
According to newspaper accounts the Court holds that this control is in
restraint of trade and must be delivered to its minority stockholders within
60 days, or a receiver will be aapointed by the Court pending the separation
of the two roads.
Judge Munger said in part: "If a railroad company may be permitted to
absorb one competing company because the amount of such competition is
relatively small, the proceedings may be continued until many such small
unite have been gathered into a great non-competitive railway transportation. We hold that an unreasonable restraint of trade has been shown by
the evidence." Compare V. 93, p. 1324.—V.98,P. 231.
St. Louis & San Francisco RR.—Foreclosure Suit.—A
was filed in the U. S. District Court at St. Louis, Mo.,
NewYork Central & Hudson River RR.—Listed.—The suit
on May 23 by the Bankers Trust Co. of N. Y. to foreclose
New York Stock Exchange has authorized to be listed the general lien mortgage of 1907.
$5,000,000 J. P. Morgan & Co. certificates of deposit for
Announcement.—The stockholders' protective committee,
3M% Lake Shore collateral bonds.
in a letter urging stockholders to deposit shares with GuarThese certificates are issued under the terms of the company's circular
of May 14 1913, asking for consents to the consolidation of the Lake Shore anty Trust Co., says:
road in consideration for exchange of the 33i% for new 4% bonds on notice
of issuance in exchange for deposited bonds, with authority to add $65,000,000 certificates, making a total $70,000,000.—V. 98, p. 1393, 1245.
The committee has been in constant negotiations with representatives
of the various bond issues, and is glad to report progress in direction of an
early financial reorganization.—V. 98, p. 1538, 1461.
Northern Central Ry.—Stock Increase.—The PennsylSan Francisco-Oakland Terminal Rys.—Bonds.--The
vania P. S. Commission will hold a hearing on June 17 company has applied to the Cal. RR. Commission for auissue
to
permission
for
at Harrisburg on the application
thority to issue $10,000,000 of the $35,000,000 new 5%
87,737,050 additional stock to be distributed as a stock divi- 30-year First & Ref. M.• bonds.
dend under the terms of the proposed lease of the road to
It is proposed to use $4,600,000 to pay off outstanding obligations and
$5,400,000 for road improvements, purchase of new street cars, constructhe Pennsylvania RR. Compare V. 98, p. 1246, 1147.
tion of two additional ferryboats, completion of the new Key Route pier,
MaryThe issue has already been approved by the P. S. Commission of
was brought
land. The suit of the Columbia & Port Deposit RR., which
in
by some dissenting shareholders, is pending in the U. S. District Court98.
Baltimore, and a decision is expected by Judge Knapp at any time.—V.
P. 1246.
Northern Pacific Ry.—Decision.--
the company must
The Wisconsin Supreme Court on May 1 held thatthe
increase of stock
pay into the State treasury $95,000 as a filing fee on
that as the first
holds
The
Court
from $155,000,000 to $250,000,000.
made at a time when
increase of stock from $5,000,000 to $155,000,000 was
of $95,000,000
the law did not require a filing fee, and that the later increase
of $1 for
was made after the law had been changed to require the payment
State treasury
each $1,000 of stock issued, the company must pay into thewith
Secrethe
of
incorporation
to
its
articles
amendments
file
and
$95,000
tary of State.—V. 98,9. 1609.1460.
Ohio & Kentucky Ry.—Debentures Extended.—The
$175,000 15-year 5% debenture certificates maturing June 1
will be extended for 5 years with interest at 6%.
Oklahoma Central Ry.—Lease Authorized.—The Oklahoma RR. Commission has authorized the lease of the company for 5 years to the Atchison Topeka & Santa Fe Ry., with
an option of purchase. The bondholders' committee will
endeavor, within the next few weeks to obtain the consent
of the bondholders to the arrangement.—V. 96, p. 1089.
Pennsylvania RR.—Merger.—
Seo Hollidaysburg Bedford & Cumb. RR. above.—V. 98, p. 1480, 1316.
• Philadelphia Rapid Transit Co.—Tentative Plan.—The
plan for rapid transit extensions, subways and elevated, as
agreed upon by Director A. Merritt Taylor, of the Department of City Transit, and officials of the Phila. Rapid Transit Co., subject to ratification by the city authorities and the
directors and shareholders of the Transit Co. and the Union
Traction Co., was made public on May 27.
The plan calls for an expenditure by the city of about $45,582,000 on the
Frankfort & Darby elevated structure (estimated cost of $10,900.000,)
(for a sum
and the Broad St. subway and the delivery loop and extensions
for the equipment
estimated at $34.682,000.) The company's investment
amount to $11,996,000.
of the foregoing for service would, it is estimated,
The Delaware Rivertunnel to Camden would be built by a private company. the estimated cost being $6,000,000.
The plan provides for free transfers upon certain allowances except:In the
on Jan. 1
business centre, on Jan. 1 1916, and in that centre
of deduclines on the basis
1920.
The Transit Co. would operate the city-built
cost of the equipment, and after 10
ting from their earnings 67 on the
at the
in
so
fund
a
that
be
deposited
to
is
which
1%.
years an additional
available for paying and taking over
end of a 50-year period it may become
River tunnel to Camden, which
the company's equipment. The Delaware
would be built by a private company, would be leased to the Transit Co. as
an extension of the Market St. elevated service, but with an additional
fare of 3 cents.
The estimates of Ford, Bacon ScaDavis form the basis of the scheme,
see V. 97, D. 299, 1734, and V. 98. D. 1000, 1609.
Rapid Transit in New York City.—Contracts, &c.—
The P. S. Commission on May 26 awarded to Booth & Flinn, Ltd., and
the O'Rourke Engineering Construction Co., which put in a joint bid for
$12,444,725, the lowest of 5 bids submitted for both tunnels, the contract
for the construction of 2 tunnels under the East River which are to form
part of the dual system, one to be operated by the Interborough Rapid
Transit Co., extending from Old Slip, Manhattan, to Montague St., Brooklyn, and tho other by the New York Municipal Ry. Corp.(Brooklyn Rapid
Transit system), extending from Whitehall St. to Clark St. Of the amount
stated, $5,974,809 was for the Whitehall St. tunnel and $6,469,916 for the
Old Slip tunnel. The tunnels are to be built within 33i years.
The Commission also awarded the contract for Section 2 of Route 20,
being the Canal St. crosstown subway in Manhattan to the Underpinning
will con& Foundation Co., the lowest bidder at $1,822,994. This section with
the
nect the Fourth Ave. subway tracks on the Manhattan Bridge
Rapid
of
the
Brooklyn
part
will
be
a
as
and
subway
operated
Broadway
Transit system. There will be a station extending from Centro St. to a
point near Broadway.
Ground was broken on Saturday last on the construction of the Eastern
Parkway (Brooklyn) subway.
of the TreasOwing to the delay in coming to an agreement with SecretaryBuilding
at a
McAdoo on terms for an easement under the Federal
which the city officials deem reasonable, the P. S. Commission on
Sevthe
connecting
for
route
the
alternative
subway
an
adopted
May
ce 26
tunnel under
enth Ave. (Manhattan) subway and the new Interborough
if necessary.
the East River, which may be used in place of the old one and
Park Pl,
Instead of cutting under the Federal Building from Broadway
as provided in
in a straight line down Beekman St. nearly to William St.,
Hall
the old plan, the new route would curve under the southerly end of CityGovPark anxi reach William St. via Spruce Sts Real estate expertaforithe
urr
and other betterments.—V. 98. p. 1246, 913.
Seaboard Air Line Ry.—Equipment Trusts, Etc.—The
company has sold to Harris, Forbes & Co. $1,440,000 5%
equipment trust certificates, maturing semi-annually for 10
years. They are secured by equipment on which 10% has
been paid in cash.
See Carolina Atlantic & Western Ry. above.—V. 98, p. 1609. 1158.
Trona Ry.—Mortgage.—The company on May 21 made
an application to the Cal. RR. Commission for authority
to issue 5550,000 30-year sinking fund gold bonds.
Corporation._
The company, which is a subsidiary of the American Trona
proposes to construct a standard-gauge railroad between the properties of
Owenyo
the corporation at Searles Lake in San Bernardino County and the
branch of the Southern Pacific Co., 31 miles. The bonds are to be sold
at not less than 85. Authority is also asked to issue and sell to the American Trona Corporation at par 1,500 shares of capital stock.
The Atherican Trona Corporation is constructing a chemical plant at
Searles Lake to reduce chemical salts for commercial purposes. The
capacity of the plant is estimated to be 2,00(1,000 gallons of lake brine a
day, producing 1,252 tons of potassium chloride, borax and carbonate et
soda, 1 507 tons of table salt and 593 tons of sodium sulphate. The projected line will run through a number of mineral locations in the northeast
part of San Bernardino County.
The contract for the construction work has been made with Robt. Sherer
& Co. and with Baldwin Locomotive Works for consolidation locomotives.
Twenty-third Street Ry., New York.—Mortgage Authorized.—The P. S. Commission on May 28, by a vote of 4
to 1, authorized the company to make a mortgage to secure
an issue of $1,500,000 1st M.5% 50-year bonds in settlement
of the note for $2,204,930 dated April 30 1907 given to the
of indebtedness.
Metropolitan St. Ry. in payment
Trust Co. of N. Y., as trustee.
The mortgage is made to the Bankers
are redeemThe bonds are to be dated Jan. 11912, mature Jan. 11962. and
able,at the option of the company,on any interest date after notice, at107.
Commissioner Maltbie cast the dissenting vote.—V. 95, p. 1333.
Union Pacific RR.—Decision.--
See St. Joseph & Grand Island Ry. above.—V. 98, p. 1539, 1394.
United Railways & electric Co. of Baltimore.—OverSubscribed.—Subscriptions to the $1,000,000 2-year 5% convertible notes closed at 3 o'clock on May 27 to the nonstockholders, the issue having been oversubscribed. Stockholders will have the right to take their allotments up to the
close of business on June 1. •
Income bond coupons No. 30 will be paid without deduction of the
Federal income tax at the office of Alexander Brown & Sons, Baltimore,
provided the owners present the same with proper certificates on or after
June 1.—V. 98, p. 1610. 1241.
United Railroads of San Francisco.—Car Trusts Authorized—Statement of Former President Calhoun.—The Cal.
RR. Commissioners on May 22 authorized the Company
to purchase 65 additional cars for $378,000.
Ofthe purchase price $78,000 is to be paid In cash and an equipment trust
has been made to the Union Trust Co. of S. F. to represent the remainder,
under which $300,000 5 % certificates will be issued, payable $30,000
yearly. These have been purchased by E. II. Rollins & Sons.
Former President Calhoun has made a reply to the charge of the Commission that he in 1912 improperly withdrew $1,096,000 of the company's
which
funds, which he invested in Solano Irrigated Farms Co.stock and for
he gave to his successor, President Lilienthal, on taking office, a note for
that amount, payable one day after date, secured by the stock purchased
(the note, it is stated, being at once written down on the books to Si).
Mr. Calhoun says in part:
"United Railroads through me in 1912 made certain investments in connection with Solano Irrigated Farms. The project was large and valuable,
involving real estate, transportation and water-power interests. In investing the money I acted with full consent of directors and stockholders.
Later some criticism of the investment was made by several of my associates. Then, although under no obligation to do so, I assumed the Bolan°
project myself. I took it over rather than have any dissatisfaction. The
investment was and is still sound, and United Railroads made a mistake
a
in relinquishing it. I expect to get all my money back eventuallyoand
p
profit. In the meantime the company has all the stock in the S
ject that I purchased under authority. I don't see how a ma e np
more honorably than to assume obligations ,he assumed for the s
when his associates question the investment." [The Commission
in August 1912 the directors adopted a blanket resolution appro
previous expenditures of Mr. Calhoun and authorizing him to make
1696
THE CHRONICLE
further disbursements he "might consider for the best interests of the company." This same action was taken later by the stockholders.
President Lilienthal says that he regrets the publication of the RR.Commission's comments., as it "seriously interferes with his purpose to improve
the relations between the company and the public and to build up its
credit," and further that "it was hardly fair to intimate that there was not
a real change of, administration when I assumed the presidency.
composition of the present board of directors, it seems to me, amply The
discloses how radical the change was."
Ile also says that he is devising plans for reducing the capital stock,
increasingthecash resources and providing additional reserves, and that
he had a definite expression from the stockholders that he might proceed
with a free hand in the management of the company.
There had been, he states, no attempt to conceal the Calhoun transaction, the note being entered in the company's balance sheets submitted
voluntarily to the Commission last fall as an asset of $1, because he wished
to show as assets on the books only convertible assets and not those ofspeculative or problematical value. The value of $1 he does not consider as a
measure of the value of Solano securities, as he regards the enterprise as a
good business project; but he says that such a transaction would not have
been sanctioned by the present directorate of the railroad company. See
Solano Irrigated Farms, Inc., under "Industrials" below.-V.98, P• 1246,
1074.
[VoL. xcvm.
the year, available to the Company, through ownership of stock, but
undistributed, $51,757. Compare V. 97, p. 1585; V. 98, p. 1610.
Beatson Copper Co.-Bonds Called.-
One hundred and eleven 1st M. 6% 10-year gold bonds dated June 29
1910 for payment at par and int. on July 1 at Lincoln Trust Co.. N. Y.,
trustee.
British Columbia Fishing & Packing Co., Ltd.-
See British Columbia Packers'Association below.
British Columbia Packers Association, Vancouver,
B. C.-Proposed Re-incorporation.-Pres. W. H. Barker in
circular May 20 says in substance:
The board has decided that the business of the company should be conducted by a corporation organized under the laws of the Dominion of Canada, and for this purpose British Columbia Fishing & Packing Co., Ltd.;
has been incorporated under the Dominion law, with a capital stock of
$5,000,000, in shares of $100, all of one class, which will be sufficient to
provide for the exchange below mentioned and leave a balance of $707,200
available for future development. The business will be continued without
change under the same directors and officers as at present.
Shareholders are offered the
of exchanging their shares,
Virginia Ry. & Power Co.-Pref. Dividend Increased.- both preferred and common, foropportunity
shares in the new company on the basis
The $7,699,400 pref. stock having become entitled to non-cumulative of two shares in the new company for each share, whether pref. or common,
dividends at the rate of6% since Jan. 1 1914 (having been theretofore 5%), In the old company deposited on or before Aug. 1 1914 with the Prudential
a sonsi-aunual dividend of Ws has been declared thereon payable July 10 Trust Co., Ltd., Toronto. The shares of the new company delivered in
to holders of record Jane 13°.
exchange for shares deposited on or before Aug. 1 will rank for dividend as
from May 211914. [There will be no bond issue.)
Preferred Dividend Record (%).
More than a majority of the outstanding shares [par $100) have assented
1910.
1911.
1912.
1913.
1914.
5%
5%
5%
Jan., 2%%; July, 3% to the proposed exchange.
Officers: Pres., W. H. Barker; V.-Pres., Aemillus Jarvis; Sec., J. M.
-V.97, p. 1422.
Whitehead; Treas.. L. Doucet.-V. 98, p. 1074.
•
INDUSTRIAL, GAS AND MISCELLANEOUS.
Alabama Traction, Light & Power Co.-Contract.--
British Union Oil Co.-New Holding Company.-
See Union Oil Co. below.-V. 98, p. 1395.
Buckeye Pipe Line Co.-New Officer.-
See Birmingham By., Light & Power Co. under "Railroads" above.
R. L. Bates has been elected Secretary to succeed George Ch‘esebro.V. 98. p. 1391.
V. 98, p. 1462. 455.
American Malt Corporation.-Decision.-
Justice Sways° in the New Jersey Supreme Court on Thursday sustained
the action of the Board of P. U. Commissioners in refusing to approve a
merger of the Malt Corporation and the Malting Co. The scheme of
merger, the Court states, involves the issue of stock for less than par and
would be unfair to the Malting Co. preferred stockholders. An appeal,
it is said, will be taken. Compare V. 98. D. 1001. 764.
Consolidated Gas Co.-Authorized.-The shareholders
on May 25 voted to adopt the financial plan calling for the
issue of $25,000,000 6% 5-year convertible debenture bonds.
See V. 98, p. 1540.
Dominion Textile Co., Ltd., Montreal.-Earnings.-
Pf.Divs.
Year end. Total Net Int.&
Common
American Milling Co., Peoria, Ill.-Stock Reduction.Written Balance,
Mar. 31. Income.
Rents.
Dividends.
(7%)•
Off. Surplus.
The stockholders will vote June 9 on reducing the capital stock from
$1,270,375 $770,310 $134,653
(6)$300,000 $15,992 $49,420
$3.500,000 to $700,000, the stockholders to receive one share of new stock 1914
1,351,130 782,721 131,396 (5tS)275,000 12,290 149,723
(par $10) for five shares of old stock (par $10). Pres. 11. G. Atwood in 1913
-V.
97,
p.
47.
circular of May 16 says in substance:"Good will and patent rights and nothing to a solid financial basis, and a capital stock tax of $2,800 per annum
Electro Lamp Co., N. Y.-Distribution.will be saved by making the change. In reducing the stock by $2,794,470
holders of the $600,000 capital stock of record April 30 are now receiving,
as contemplated, the following items will be eliminated or reduced: Office
furniture and fixtures (eliminated), $4,905; tank cars.reduced by $39,270: as a result of the sale of the property to the Union Carbide Co.,an exchange
patents, good-will, trade marks, &c. (eliminated), $2,437,521; deficit as of stock, share for share, the stock of the Union Carbide Co. and also a
shown Dec. 31 1913, $280,350; Owensboro _porperty to be reduced by cash dividend of 16% •
$32,424. The company's balance sheet as of Dec. 31 1913 showed a deficit
of $281,150 (after providing for $32,527 for interest paid during year),
(Robert) Gair Co., Brooklyn.-Stock Increase.contrasting with a deficit of $194,441 on Dec. 31 1912. [There were outThe stockholders on May 27 approved an increase in the preferred stock
standing on Dec. 31 1913 notes payable, $175,435; accounts payable, $118,from $2,000,000 to $2,500,000. The new stock is to be offered pro rata
517, and 10-year 6% gold bonds duo 1922, $141,000, of an authorized issue at par to present stockholders in the proportion of one share for every 14
of $350,000. The company manufacturers sucrene feeds at plants in shares hold by stockholders of record May 27.-V. 98, p. 1611.
Peoria, Ill., Sueprior, Wis., and Owensboro, Ky.-Ed.J-V. 96, p. 948.
American Shipbuilding Co.-New Officer.-
O. J. Fish, Secretary, has been also elected Treasurer to succeed Russell
0. Wetmore, deceased.-V.98, p. 1158.
American Trona Corporation, Cal.-Subsid. makes Mtg.
See Trona Ry. under "Railroads" above.
Anaconda Copper Mining Co.-Listed.-The New York
Stock Exchange has authorized to be listed ,250,000 additional stock on notice of issuance in exchange for International Smelting & Refining Co. stock. See International Co.
item, V. 98, p. 1319; also below.-V.98, p. 1457.
Apsley Rubber Co., Hudson, Mass.-Additional Stock.-
All stockholders of record March 21 1914 wore entitled to subscribe at
par ($100) at Hudson office on or before April 2 for $500,000 additional
stock to the extent of one-half share for each share of stock, common or
pref., held by them.respectively. Subscriptions must be paid on or before
Saturday April 11 1914.
Digest of Statement by Prost. 1. D. Apsley, Hudson. Mass., Mar.21'14
in the past we have had more or less money invested in outside or
subsidiary companies. The books of these companies have recently been
gone over by our auditors and the business is now on a rock-bottom basis.
We have eliminated all outside investments, excepting the stock interests
in the Inter-State Rubber Co.,$20,000; and the Boyd Rubber Co., *37,680;
and purpose to dispose of these holdings at an early date.
1)uring tho past year we have instaded machinery to manufacture a full
line of heavy rubber clothing in additional to our previous output of
rubber boots and shoes. Our mackintosh, box and last factories have
been equipped with electric power, and we have installed a new lighting
system. Many other improvements have been made and all have been
paid for. Wo have also been granted a patent on an important new process
for making rubber boots and shoes that will withstand friction, chemicals
and extremely variable temperatures. We are already buried with orders
and it will be necessary to install at once a few more heaters, &c., to satisfy
this demand. We aro running full time and with present low prices for
crude rubber, the future looks bright. To provide for those developments
we will increase the canital stsck from $1,030,000 (one-half pref.) through
the sale of a further $500,000 pref.
The directors have voted to pay a semi-annual dividend of 2% on the
common stock April 1 and the usual 3 % semi--annual dividend on the
pref. stock July 1.
BALANCE BURET JAN. 17 1914 FILED IN MASS. (Totals31,782,633
and $1,577,301.)
Assets-it3setT-•
1913.
1914.
1914.
1913.
Real estate dr plant_ $253,025 $252,359 Prepaid insurance_ $8,181
MacIfy, patterniAc. 286,867 239,932 Invests. In other cos_ 111,120 $120,000
Material SE supplies_ 470,651 511,363
ZtablinicsLife ln.ttr. e
_. 24,865
Capital stock
$1,000,000 $750,000
Cash Sc debts recely. 327,622 444,797 Accounts payable__ 99,165 197,202
Patent rights, trade
Floating debt
452,600 265,000
marks, Oce
300,000
8.851 Surplus
230,968 365,101
IA reduction in Investments and floating debt of 863,740 was made after
Jan. 17 191.1. The Directors are:
L. Dowart Apsley (Pres.), William 0.11111, William B.Leighton (Treas.),
Charles F. Hamilton, Milton 'I'. Bailey.-V.87, IL 40.
Holland-St. Louis (Mich). Sugar Co.-2d Mtge. Bonds.
A mortgage has been filed to the Grand Rapids Trust Co., as trustee, to
secure an is.sue of $400,000 2d M.6% bonds.
An official circular issued last March said in substance: It is proposed
to issue $400,000 2d M.6% coupon bonds, denominations $100 and $500,
and maturing serially $100.000 each in 1919. 1920, 1921 and 1922, and we
offer these to the stockholders at 80%. The proceeds, together with this
year's earnings, will pay or practically pay the permanent improvement
indebtedness. The directors will continue to endorse the company's paper
as heretofore for operating purposes. There is practically $1.600,000 stock
outstanding. [Stock auth., $2,000,000 corn. and $800,000 7% cum. pref.
p. & d. stock (callable at par, 1917 to 1927); outstanding, $1,500,000 corn.
and about $105,000 pref. Par $10 a share.)
The company owns and operates three large beet-sugar factories at
Holland, Mich., St. Louis, Mich., and Decatur, Ind., each wth a modern
pulp-drying plant and the best machinery for the manufacture of sugar and
its by-products. These three factories cost $355,271, $753,793 and $569,506, respectively, and with their pulp-drying plants, representing $296,057,
are worth to-day $1,974,627 for buildings, real estate and machinery,
The plants are incumbered for only $500,000 [1st M. gold 6s of 1912, par
$1.000, due serially; int. at Detroit Trust (Jo. trustee.) At the end of
the present campaign we shall owe for permanent impts. about $350,000.
We began business with one factory located at Holland. Mich., and, like
the St. Louis Sugar Co., paid out practically all of our earnings as dividends.
In 1911 the two companie.s (both unbonded) were consolidated and a now
factory was built at Decatur. The new factory and the pulp-drying plants
and improvements in the St. Louis factory cost about 2900,000, but only
$500,000 was borsowed on mortgage, it being our belief that the balance
could easily be paid out of earnings. In 1912, owing to untoward climatic
conditions, our beets rotted,and the campaign resulted in a loss instead
of a profit, the first time since we began operating, 15 or 16 years ago. It is
now our purposs not to increase the debt, but simply to change the form
of the permanent improvement liability.
We own and control for the States of Michigan, Ohio, Indiana and
Illinois certain exclusive rights in a patented process for refining raw cane
sugar. This process has been successfully demonstrated elsewhere, and we
believe that we can refine cane sugar profitably in one or more of our
factories between beet sugar campaigns, provided we can secure favorable
freight rates. The prospects for profits in this direction are most favorable.
Directors: A. Visscher (Pres.), Geo. E. Kollen, J. J. Cappon, C. M.
McLean, Iiolland, Mich.; Cass T. Wright, Greenville, Mich.; J. W.
Pfeifler, Edmore,Mich.; A.Lahuis,Zeeland, Mich.,and Geo. P. Hummer,
Grand R apids, Mich.
International Mercantile Marino Co.-Decision.-
The U. S. Supremo Court on May 25,in an opinion by Justice Holmes,
answered affirmatively the following questions certified to it, without
passing on the questions involved, by the U. S. Circuit Court of Appeals in
connection with the company's application for a limitation of damages in
the 2suits brought against the Oceanic Steam Navigation Co., Ltd,. owners
of the SS. Titanic, by William J. Mellor and Harry Anderson, in which
claims for about $1,000,000 are asserted:
A. Whether, in case the disaster upon the high seas where (1) only a
single vessel of British nationality is concerned and there are claimants
of many different nationalities; and where (2) there Is nothing before the
Court to show what if any is the law of the foreign country to which the
vessel belongs touching the owner's liability for such disaster.such owner
can maintain a proceeding under Sections 42/33 to 4285, inclusive, Revised
Statutes, and the 54th and 56th Rule in Admiralty.
B. Whether if in such case it appears that the law of the foreign country
to which the vessel belongs makes provision for the limitation of the vessel
different from those prescribed
Atlantic Gas & Electric Co., N. Y -Status.-This com- owner's liability upon terns and conditions
the statutes of this country the owner of such foreign vessel can maintain
pany, whose series "A" 5% bonds are offered by Meikleham in
a proceeding in the courts of the U. S. under said statutes and rules.
In answer to the third question:"C. Will the courts of the United States
& Dinsmore of N. Y. at 93 and int., reports:
enforce the law of the United States or of the foreign
Through subsidiary and affiliated companies, generates and distributes in such proceedings
in respect to the amount of such owner's liability?" the Court
light, power, gas or steam heat in 45 municipalities in New York, Penna. country
"The law of the United States."
and New Jersey, having a combined population of about 235,000, notably replied:
Justice McKenna, without filing a dissenting opinion, announced the
in Binghamton and Waverly, N. Y., Easton, Athens, Sayre, Bangor, view,
on the Scotland case decided by the Supren (3 Court, that the
Nazareth and South Waverly, Pa.; Phillipsburg, Dover, Boonton and law ofbased
Great Britain should be enforced in fixing the amount of the owner's
Bernardsville, N. J. Issued capitalization: Capital stock, common liability.
$3,361,400, and pref., $1,677,400; bonds, series "A" (closed series), 31Burlingham, Montgomery & Beecher, attorneys for the White Star
673,500. The gross earnings of subsidiary and affiliated gas and electric Line,
issued a statement on Monday in which they said:
properties for the 12 months ended Jan. 31 1914, were $1,113,060; gross
"The
result of the decision is that the NVhite Star Line may now continue
income of Atlantic Gas & Electric Co., $212,313; net income, $197,890;
proceeding under the provisions of the U. S. statutes. In
interest charges on bonds outstanding, $55.667; balance, surplus, $142,223. its limitation
proceeding
that
two questions will now be tried and determined in the United
Additional surplus of subsidiary and affiliated companies earned during
tates Courts: 1. Whether the accident was due to negligence. 2. If
THE CHRONICLE
MAY 30 1914.]
as
there was negligence, whether the company itself was at fault as wellliano
the ship's officers. If there was no negligence, of course there isofficers.
ship's
the
of
that
was
negligence
the
If
any
in
amount.
bility
alone, the company's liability is limited to about $97,000 under the American statute [the salvage value of the ship.-Ed.I. If the company was also
at fault, its liability is unlimited.'
Earnings.-
1697
interest, taxes, wilier rents and installments of principal. We have sold a
few pieces of property, but, owing to the condition of the market, it was
thought wiser to hold the bulk for better prices.-V.98, p. 308,456.
New York Steel Co.-Foreclosure Sale.-
sold at foreclosure sale on May 24 to the bondholders'
The property
committee. The sale price is reported as about $800,000. The committee
consists of James S. Thompson, Frank B. Baird, William H. Gratwick,
Howard Kellogg and Harrison Nesbitt. Nearly all the outstanding bonds
have, it is reported, been deposited with the committee.-V.97, p. 448.
Subsidiary Oceanic Steam Navigation Co. (White Star Line).
Balance,
bit.,&c. Depre Insurance Dividends
Total
Cal.
Sur. or Def.
Paid.
New York Transit Co.-Dividend Reduced.Fund.
ciation.
Year. Profits.
Paid.
(65%)£487,500 sur.£30,155
A quarterly dividend of $8 has been declared on the $5,000,000 stock
1913__£1,121,268 £166,445 £437,168
def.179,656
(30%)225,000
£100,000
(par
$100). payable July 15 to holders of record June 24, comparing with
527,649
146,040
919,033
1912-quarterly from April 1912 to April 1914, both inclusive. An official
Adding amount brought forward Dec. 31 1912, leaves amount carried $10
says: "In the judgment of the board the continued decline of
statement
include
£39,041
above
as
profits
Total
forward Dec. 31 1913, £90,670.
business, which began last fall, necessitated the reduction.-V.98, p. 391.
interest on investments, &c., in 1913: £32,701 in 1912.-V. 98. P. 527.
Internat. Smelt. & Refining Co.-Surrenders Charter.
The stockholders on May 26 voted (1) to sell the property to the Anaconda
Copper Mining Co. and (2) to surrender the N. J. charter. Notice of the
latter has been flied.-V.98, p. 1540, 1319.
Ithaca Elec. Light & Power Co.-Bonds Called.-
gold bonds dated Apr. 1
All of the outstanding ($75,000) 1st M. 5%
paid on presentation at the
1904 have been called and are now being
at 102 and int.
Phila.
of
Co.
Ins.
&
Deposit
Philadelphia Trust Safe
Northern Coal & Dock Co., Superior, Wis.-Guaranteed Bonds.-Borton & Borton, Cleveland, are placing at par
and int. $355,000 First and Refunding Mtge. 6% serial
gold bonds, guaranteed (endorsed), both principal and interest, by Youghiogheny & Ohio Coal Co. A circular shows:
Dated Jan. 1 1914. Due serially on April 1 from 1915 to 1927, incl..
$15,000 yearly in 1915 and 1916, $30,000 1917 to 1926, $25,000 in 1927,
but red., all or part, at 102 and int. on any interest date. Int. A. & 0.,
free of normal income tax. Par $1,000 c*. Trustee, Guardian Savings
-Dividend Reduced.Jackson Co., Nashua, N. H.
Wis.,
a share) has been declared on the & Trust Co., Cleveland. A first mortgage on property at Superior,
A semi-annual dividend of 2% ($20
which cost over $700,000 (recently appraised at $600,000), and also a lien
26.
June 1 to holders of record May
$600,000 stock (par $1,000). payable
on dock just completed at Milwaukee at a cost of $325,000, subject only to
last.
November
in
($30)
3%
with
compares
This
a purchase mortgage of $95,000 maturing within seven years. AuthorRecent Dividend Record (Per Cent).
ized issue,$450,000, of which $95,000 reserved to retire the purchase money
1914.
1911. 1912. 1913.
mortgage on payment of which those bonds will be a first lien on the entire
1905. 1906. 1907. 1908. 1909. 1910.
2
June,
6
6
None
8
8
6
8
property, valued at $900,000.
12
8
-V. 97, p. 668.
Net Earnings of Superior Property Alone Since Superior Dock Was Put in
Called.
-Bonds
Operation in 1908.
Co.
Steel
Loughlin
Jones &
1913.
1908.
1909.
1912.
1910.
1911.
Fifty ($50,000) 5% M. bonds dated June 1 1906 of the Interstate Steam$85,527
$52,217
$52,356
$51,132
$78,667
$92,996
&
Trust
Deposit
Safe
at
1
June
on
int.
and
par
at
payment
for
Co.
ship
The handling and storage capacity of the dock at Superior has been nearly
Co. of Pittsburgh.-V.93, p. 49.
doubled during the past year. In addition, the new dock at Milwaukee
has been leased to the Youghiogheny & Ohio Coal Co. for a period of years
La Belle Iron Works.-Common Dividend Omitted.The directors on Tuesday decided to postpone until the next quarterly at an approximate net rental of $30,000 per year. The combined net earnmeeting the declaration of a dividend on the $9,915,400 common stock. ings, after retiring $30,000 bonds annually, are over 3times the int. charge.
The net assets of the Youghiogheny & Ohio Coal Co.(V. 91, p. 878) are
Payments on the stock as readjusted in Oct. 1912 were made at the rate
of 54 of 1% quar. from Jan. 1913 to April 1914, inclusive. The regular very large and its annual net earnings are many times the combined annual
and maturity requirements of this issue.
interest
on
8%
1
the
July
on
$9,915,400
made
2%
be
of
will
quarterly distribution
cum. pref. stock. Compare V. 95. p. 1476.-V. 98, D. 910.
Ludlow Manufacturing Associates.-Increase Auth.The stockholders on May 28 approved the increase in stock from 50,000
to 100,000 shares. Of the new stock, 10,000 shares are to be sold at $100
a share. The stockholders also authorized the sale of various parcels of
land in Ludlow.-V. 98, p. 1611.
Mexican Northern Power Co.-Authorized.--
The necessary proxies from the English bondholders having arrived, the
proposal to issue $3,000,000 prior lien bonds was adopted on May 27.
President Thomson informed the meeting that Northern Mexico was quite
peaceable and that construction work on the dam has been begun within
the past few weeks.-V. 98, p. 1611, 1464.
Michigan Northern Power Co.-Offering of Bonds Guaranteed by Union Carbide Co.-Yard, Otis & Taylor and the
People's Trust & Savings Bank, both of Chicago, are recommending at 05 and int. 1st M.5% gold bonds of 1913, unconditionally guaranteed, principal and interest, by endorsement by the Union Carbide Co. Total auth., $4,500,000;
outstanding, $2,000,000. A circular shows:
Dated July 1 1913 and due July 1 1941, but redeemable on any interest
Int. payable J. & J. Trustee
date upon 60 days' notice at 105 and in
Central Trust Co. of N. Y. Denominations, $250, $500, $1,000 ($1,000
bonds 0). No deduction for normal Federal income tax. Tax exempt
in Mich. Annual sink, fund to retire bonds, 1% of bonds out.
A first lien on all the property now owned (or hereafter acquired), including about 1,200 acres of land and a modern hydro-electric development on
St. Mary's River at Sault Ste. Marie, Mich., consisting of an intake channel
2.400 ft. in length and 900 to 250 ft. wide, a main canal 8,800 ft. in length,
forebay 600 ft. in length, varying in width from 250 ft., where it joins the
canal, to 1,400 ft. at the power house, which acts as a dam. The power
house is approximately 1.400 ft. in length by 80 ft. in width and contains
42 water-wheel units, each designed to have a capacity of 500 h. p. Est.
maximum capacity of 40,000 h. p. a main source of power of Union Carbide Co. Competent engineers in 1913 fixed the replacement value in
excess of $6,000,000, or three times the bonds outstanding.
Union Carbide Co. has an authorized stock issue of $30,000,000, of which
$19,060,800 is outstanding, having a market value of upwards of $29,000,
000, and the company's only direct mortgage obligation is an issue of
$318,000 1st M.6s due July 11950. Has paid dividends ranging from 6%
to 10% from 1906 on, and during this time has declared substantial stock
dividends.-V. 97, p. 1289, 599.
Ohio Fuel Oil Co. Pittsburgh, Pa.-Dividend Reduced.
50 cents a share (par $1) has been declared on
'
A quarterly dividend of
the $320,000 stock, payable June 20 to holders of record June 13,comparing
with $1 per share from July 1912 to April 1914.
An official says that the reduction is due to the great decline that has
taken place in crude oil prices, and that the policy as to future dividends
would depend upon the course of the oil market.-V.98, p. 76.
Ohio State Telephone Co.-Plan-Further Particulars.As stated last week, F. R. Huntington of Columbus has
formulated a plan for the consolidation under this title of
the properties of the following companies:
Present Outstanding Capitalization.
Pref. Stk. Corn Stk..
Bonds.
Names of Cos. to be Merged$3,500,000 $1,437,350 $1,500.0111
Cuyahoga Telephone Co
1,650,000 [1,257,500alioneclass]
Toledo Home Telephone Co
750,000
802,100
750,000
Columbus Citizens Telephone Co
600,000
600,000
250,000
Dayton Home Telephone Co
2,715.000 1,095,000 3,100,000
United States Telephone Co
310,000
75,000
350.000
Stark County TelephoneCo
200,000
69,200
200.000
Youngstown Telephone Co
300,000
260,000
Columbiana County Telephone Co
205,000
Zanesville Telephone & Telegraph Co
150,0 I
15,300
90.000
Findlay Hpme Telephone Co
100,I I I
23,400
75,000
Lancaster Telephone Co
75,000
48,400
75,000
Massillon Telephone Co
40,587
7,700
50,000
Citizens' Tel.& Message Co.of Fostoria_
62.000
48,500
Washington Home Telephone Co
66.500
66,500
London Home Telephone Co
$10,013,500 $5,497,450 $7,459,087
Total
The capital liabilities of the above-named companies aggregate $25.568.927, as follows: 1st M. bonds, $10,013,500; notes of subsidiary cos
held by United States Co., $82,595; pref. stocks, $5,497,450: common
stocks, $7,459.082; surplus, $1,180,759; deprec'n reserve, $1.335.535.
It is proposed that the new company shall issue to the stockholders of
the aforesaid constituent companies, in lieu of the above-mentioned stocks:
Common stock, $5,206,000; 7% cum. preferred stock, $4,850,000, and
mortgage bonds, $1,500.000; total, $11,556,000. As a part of the plan
$1,953,300 bonds of the constituent companies (included in the abovementioned $10,013,500) will be canceled, and the new company will
assume the remaining $8,060.200 and also all other legal obligations.
Arrangements have also been made whereby the new company will sell
sufficient of its 3-4-5% 30-year mortgage bonds to realize $2,850,000, of
which about $500,000 will be used for working capital and for payment of
outstanding floating debt, and the balance, about $2,350.000 in cash, will
New England Cement Gun
be expended for extensions, betterments and improvements.
The full bench of the Mass. Supreme Court on May 26 ordered a decree Outst. Capital Liabilities of New Co.$23,466,200,upon Consummation ofPlan
In favor of the company against officers and members of the Operative
above)- _$8.060.200
Plasterers' International Association of the United States and Canada, Mtge. bonds of the constituent cos. to be assumed (see
3% per annum
Union No. 10, Boston branch, restraining them from causing or taking New 30-year mortgage bonds to draw interest at
during the first two years: 47 per annum during the third
part in any boycott against the plaintiff's business or from causing or inyear, and 5% thereafter. Total auth. issue, $20,000,000. less
citing any sympathetic strike against the plaintiff or its customers to
38.500,000 reserved for issue from time to time to pay, redeem
prevent the use by the plaintiff of its machinery, or compel it to discharge
or refund the $8.060.200 bonds of the constituent companies
any of its non-union workmen. The plaintiff, it is held, is entitled to
assumed and $6,500,000 for issue from time to time for other
damages. The Old Colony Real Estate Trust erected a building in Howard
5,000,000
corporate purpose, under restrictions
St. The plaintiff had a contract to do the stucco work on the exterior, the
5,206,000
for future use
cement being applied by its gun process. One Monahan had the interior Conunon stock. $7,500.000. less $2.294,000
$5,150,less
$10,000,000,
7%
Auth.
Prof.
cumulative.
stock
wore
three
members
of
who
workmen,
struck
the
union,
plastering and his
4,850,000
000 reserved for future issue
times, claiming that the man handling the nozzle of the gun should be a
member of their union. The Court held that it was not lawful for the men Surplus accounts of constituent companies ($1,180,758) less 350,000
be
amount
to
canceled
thereof
($830,758)
whom
the
they
with
had
force
no
to
Monahan,
dispute.
to strike to compel
Estimated Earnings Based upon the Actual Average Earnings for Past Five
plaintiff to give the defenidants the work they demanded.
Years (Independent Audits).
1st Year. 2d Year. 3d Year.
New York Real Estate Security Co.-Report Receiver.
5-Year Av.Est.inc.10%. Estimate.
held
creditors
on
May 26, receiver Net earnings, all companies
-At a meeting of the
$1.304,074 $1,434,482 $1,710,612
500,(100
James N. Rosenberg reported, through his counsel, Weschler Less depreciation
374,000
340,000
do.-Injunction.-
of
& Kohn, substantially as follows:
At the time that I was appointed receiver, on Nov. 28 1913, there were
92 properties belonging to the company in N. Y. and elsewhere, most of
them improved. Substantially all of these properties were subject to mortgages, and in many instances not only a first but a second and in some
instances a third mortgage.
There was also a general lien mortgage given to secure about $3,195,900
of outstanding bonds. There was duo for back taxes, interest and installments the sum of $364.966. One foreclosure had been started and many
others were threatened,
A number of mortgages were past due or about to become due, and many
mortgages on which the principal was not yet due were called because of the
failure to pay interest and taxes. Negotiations were entered into with
various mortgagees, agreements with them were made according to the
necessity of the individual situations, and as a result all of the properties
which were worth preserving have been saved for the company. The
anon of $200,000 receiver's certificates was authorized, but only $100,000
was used, this being with the assistance of the committee of bondholders.
The receiver has now a cash balance on hand of $62,763. All back interest, water rents and other charges, including taxes which became a lien on
May 11914, will have been paid before the end of the present month. The
properties are now in good condition,foreclosures are no longer to be feared,
as there will be no arrears after May 1 1914, and practically all of the
properties are self-sustaining and will show a substantial net return over and
above all carrying charges, including the debt created by the receiver's
Certificates. During April and May 1914 over $125,000 were paid for
ISSU-
$964,074 $1,060.482 $1,210.612
Balance available for int. and divs_
30,000
Interest earnings from cash on hand_ _ __
$994,074 $1,060,482 $1,210,612
Total net
403.010
403,010
Deduct-Int.on bonds of constituent cos. 403.010
Int. on new bonds (3% 2 years, 4% 3d
200,000
150,000
150,000
year, then 5%)
7% on $4.350,000 pref. stock for 2 years;
339,500
304.500
304,500
on $4,850,000 thereafter
$136.564 $202,972 $268,102
Net for common stock
5%
4%
2.6%
Equal on common to
This result is reached without any allowance for economies due to
to
Co.
&
Morgan
P.
J.
of
agreement
merger; but is based in part upon
waive dividends for two years on $500,000 of the 7% cum. pref. stock of
the new company to which they will be entitled on consummation of plan.
The new company is to be managed and controlled by a board of directors
and officers composed entirely of citizen's of Ohio. This plan requires the
approval of the Public Utilities Commission of Ohio.-V.98, p. 1611.
Revere (Mass.) Water Co.-Decision.-
See "Revere" in "State & City" Department.-V.86, p, 921.
River Rasin Paper Co., Monroe, Mich.-Bonds Offered.
-The Union Trust Co. of Detroit, the mortgage trustee.
1698
THE CHRONICLE
with office also in Chicago, is offering, by adv. on another
page, at prices ranging from par for the 1915 maturities down
to 97% for the bonds due in 1924, $250,000 1st M. 532%
gold bonds dated June 1 1914 and due in semi-annual installments of $12,500 from June 1 1915 to Dec. 11924, but callable at 102 and int. Principal and interest (J. & D.) payable at office of trustee. Denom. $1,000 and $500. Taxexempt in Michigan. Bonds of previous issue maturing
Jan. 1915 (also placed by the trustee) will, till July 1, be
received in exchange at 105 and int. for purchase of the new
issue. A circular shows:
The company,founded in 1910, has had a most remarkable success,the
net profit for 1913 being over $125,000,which is more than three times the
maximum yearly requirement to pay the interest and principal maturing,or
nine times maximum annual interest requirement. Manufactures fibreshipping cases, which, introduced about six years ago, are taking the place
of wooden cases for shipment of merchandise by freight, express and parcel
post. Being thoroughly familiar with the affairs of the company, we unhesitatingly recommend these bonds as a conservative safe investment.
Condensed Official Data Dated March 9 1914.
We have outgrown our present capacity of 45 tons per day and are building a new plant with a capacity of 60 tons per day, making a total of 105
tons per day. The proceeds of these bonds will retire $85,000 of outstanding bonds, our only debt; the balance, with other funds on hand,
and our profits this year, which we estimate will be considerably beyond
$100,000, will be used for the erection and equipment of our new fibre
board mill at an estimated cost of between $200000 and $225,000. Our
total investment for plants and working capital will then be over $600,000.
Present plantis brick and concrete, with automatic fire sprinklers (fire insurance $275,000). Capital stock Dec. 31 1913. $150,000; profit and
loss surplus, $154,041.
Sales for 1913 over 12,000 tons of fibre board for $529,000; net profit over
$125,000 against fixed charges, including interest and retirement of $25,000
new bonds,of less than $40,000, without taking into consideration the profits
from the new plant, which will increase our annual production to over 30,000
tons and our annual sales to $1,200,000. D. C. Jenkins is Pres. G. H.
Wood, Vice-Pres., Treas. and Gen. Mgr.; A. W. Stitt, Sec; J. Frank Gray
and F. P. Walter.
St. Paul (Minn.) Gas Light Co.-85-Cent Gas Ordinance.
The City Council on May 20 by unanimous vote of both bodies passed
the 85-cent gas rate ordinance. -Under it users of 50,000 Cu. ft. a month
will pay 75 cents per 1,000. Mayor Keller signed it immediately. The
company proposes to fight the ordinance in the courts, beginning with an
injunction suit to prevent its publication. The electric rate ordinance was
referred back to the committee on investigation.—V.82, p. 338.
San Joaquin Light & Power Corp.—New Securities.—
The shareholders will vote (a) on June 11 upon issuing as 6% cum. prior
pref. stock $3,500,000 of the unissued preferred, to provide not only for
funding the floating debt incurred for new construction but also for future
needs; (b) on authorizing $2,000,000 bonds or debentures for use in case
the prior pref. stock does not find a ready market at a satisfactory price.
Of the two-year collateral notes. $1,054,000 have been sold. The extraordinary drought in 1913, coming before the completion of the great
reservoir in Crane Valley, caused an increase in operating expenses of
$175,000 for that year. Gross earnings in 1913 were $1.730,918, against
$1,366,087 in 1912. Total installed capacity to date with completion of
steam plants and Tulare River hydraulic plant, 42,650 k.w. (57,170 h.p.);
present peak load, 23,000 h.p.—V. 98, p. 693.
[VOL. xcviir.
On May 1 1917 and annually thereafter will deposit with the trustee a
sum equal to 1% of the bonds outstanding, to reimburse the company for
extraordinary renewals and replacements or for additions, enlargements
and extensions not otherwise provided for, also for the purchase and cancellation of these 1st M. bonds at not exceeding 107%%•
Tennessee Railway, Light & Power Co.—This holding company. with
$30,250,000 stock outstanding ($10,250,000 being pref and paying 6%
per ann.), and it owns practically all of the following securities: $4,000,000
common stock (also $335,300 of the pref.) of Nashville Ry. & Light Co.;
$3,000,000 common stock and $2,0011,000 pref. stock of Chattanooga Ry.
& Lt. Co. and all the $20,000,000 stock of Tennessee Power Co.
Management.—Under direct supervision of E. W. Clark & Co. See
also p.75 of"El Ry. Section, and V.95,p. 549. V.98,p. 1618.
[Compare "Eng. Record" of N. Y.for Apr. 18, pages 454 to 456.1—V.98,
p. 1618.
Uncle Sam Oil Co.—Acquitted.—
A jury in the U. S. District Court recently returned a verdict of not guilty
in the prosecution by the Government against H. H. Tucker, President
of the company, and nine others, on an indictment returned in Oct. 1913
charging them with conspiracy to defraud the Government in an attempt
to secure valuable leases on Osage Indian lands. The defendants, it was
alleged, conspired to secure by fraud the approval of the Secretary of the
Interior to four Osage Oil leases covering approximately 800,000 acres for
less than their leasing value without competitive bidding or cash bonus
and also endeavored to corrupt the Osage Indian Council so that the
Council would not be governed by regulations promulgated by the Interior
Department. Wells on Indian leases, it waestated, had produced 60,000,000 bbls. of oil, and that of $45,000,000 worth sold,the Indians had received
only $1,000,000 to $5,000,000.—V. 98. p. 242.
Union Carbide Co., New York.—Acquisition, &c.—
See Electro Lamp Co. above.
Offering of Guar. 1st M. 5% Guaranteed Bonds.—
See Michigan Northern Power Co. above.—V. 98, p. 1160, 528.
Union Oil Co. of California, Los Angeles.—Circular—
Right of Shareholders to Subscribe.—Treas. John Carrigues, in
circular of May 19 1914, addressed to the shareholders, said:
With a view to placing the finances upon a thoroughly satisfactory
footing, negotiations were undertaken some time since looking to the sale of
a portion of the unissued treasury stock. Various options, rights and
priveleges hitherto granted stood in the way. These have all been cleared
up and a contract lass been signed for the sale, at par, of 150,000 shares
'
(15,000,000)
of the treasury stock of the company. Total auth. issued
$50,000,000; now outstanding, $31,292,800. This action was formally
ratified by the stockholders and also by the directors on April 30.
The English group intermediary in the transaction is composed, amongst
others, of Andrew Weir and R. Tilden Smith both of London. The
expenses and costs will be borne partly by the Union Oil Co. of California,
and partly by an English holding company to be named the British Union
Oil Co. Ltd. The transaction bears no relations to the Western Ocean
Syndicate nor has it any relation to the so-called "de Sable Option," nor is
the British Union Oil Co., Ltd, connected with any other oil company.
In compliance with the provisions of California laws, you have the prior
right to subscribe and pay for your pro rata of the above 150,000 shares of
treasury stock-at par, subscription and payments to be made to the Treasurer on or before June 20 1914.
The above-mentioned sale of treasury stock does not vary or affect the
announcement made in President Stewart's circular to the stockholders, of
date Dec. 18 1913, with regard to the [proposed) resumption of dividends
[at 4% per annum in July 1914. V. 98. page 160.1 '
To Have Option of Exchange for Pref. Stock of British Union
•
Solano Irrigated Farms, Inc.—Status.—The following Oil Co.—Pres. Lyman Stewart, also under date of May 19,
has been published regarding the company which is referred in circular addressed to the stockholders of the Union Oil Co.
of California, Union Provident Co. (V. 81, p. 564) and
to under 'United Railroads of San Francisco" above:
The company began operations early in 1913 on a 50,000-acre tract. United Petroleum Co. (V. 87, p. 222), refers to the circular
On Nov. 10 1913 creditors to whom $300,000 was due met in San Francisco above mentioned and says:
and considered action against the corporation. A scheme of re-financing
Said $15,000,000 treasury stock is to be taken cash on delivery on or
was offered by Patrick Calhoun under which he promised to pay 20% of before
dates which have been fixed with regard to the requirements
their claims on April 1, with subsequent payments until the debts were of the certain
Union Oil Co. of California.
cleared. The offer was accepted Jan. 23 On April 2 Mr. Calhoun inThe British Union Oil Co. will have its capital divided into preference
formed the creditors' committee that he had been disappointed in financial and ordinary shares.
preference capital will be in shares of £1 each
arrangements and could not meet the payment and he was granted a delay. (equal to about $4.85),The
will be entitled to a preferential, accumulative diviLater the real and personal property of the company was pledged to the dend at rate
6% per annum, and will be further entitled to participate
creditors with power to foreclose if they were not paid by Aug. 15. Since to the extent of
of 50% of any distribution of profits after the payment of the
then Mr Calhoun has, it is reported, been converting his personal assets preference dividend
up to an amount, including the preference dividend,
to meet the creditors' claims.
equal to 10% maximum dividend in any one year. The pref. shares will be
fully paid; will be free from all liability, will be non-assessable, will
Southern Bell Telephone & Telegraph Co.—Listed.— issued
pref. both as to diva. and assets, and will have full voting power.
The N. Y. Stock Exchange has listed $5,000,000 additional beIn
order to make possible this arrangement, I and my family have agreed
United Petroleum Co. into
30-year 1st M.5% bonds due 1941, making the total amount to exchange our pooled holdings of stock in the
the said 6% preference shares of the British Union Oil Co., Ltd., at par.
listed to date $17,642,500.
In making this arrangement, we have stipulated that all stockholders in
The proceeds were used for additions and extensions. Of the $18,000,000 either of the three American companies shall have the right to exchange
bonds issued $357,500 have been retired by the sinking fund.
their stock'for pref. shares of the British company upon precisely the same
terms as ourselves, free of any transfer charges. This transaction, howEarnings.—For 3 months ending March 31 1914:
Total income
90 ever, does not obligate you in any way to exchange your stock.
$3
1213
13 00
$1,929,091 Dividends(13%)
We believe that your interests have been safeguarded in every particular.
surplus
Net after taxes
Balance,
652,513
Ample provision has been made for continuity in the management. We
Deduct—Interest
217,7231
have satisfied ourselves that the personnel of the British Union 011 Co.,
—V. 98, p. 614.
Ltd., is exceptional, and that the association formed is one which will be
Standard Oil Co. of New York.—New Director.—
of the greatest benefit, not only in placing the Union 011 Co. of California
Howard E. Cole, the company's manager for Japan, has been elected a in a commanding financial position, but that the commercial connections
director to succeed James Donald,deceased.—V.98, p. 1541, 1390.
of the English interests are of such a character that the business of the
will be greatly increased and large and desirable markets opened
Tennessee Power Co.—Bonds—Construction.—E. W. company
up in Europe for the sale of California crude and refined oil and oil products.
Formal communication will be made you in due course, will full informaClark & Co., in recommending the 1st M. 50-year 5% gold
tion in regard to the British Union 011 Co., Ltd., its directors and constitubonds (outstanding, $7,500,000; market price 85 and int.), tion,
with an invitation to you to exchange your stock into preference shares
guaranteed by Tenn. Ry., Lt. & Power Co.,say in substance: of the British company, if you so desire.
[The British Union Oil Co., Ltd., it is stated, will be capitalized at L12,Owns water-power sites on the Ocoee River near Parksville, Tenn.,
capable of an ultimate development of 80,000 h. p., of which two sites, 000,000 and the English members of the board will include, with others,
having a total capacity of 47,000 h. p., have been developed and are in oper- Rightlion. Earl Grey, Chairman; Lord Pirrie, Chairman of Messrs. Hasr
ation. Has also secured option on sites for the development of 30,000 h. p. land & Wolff; H. N. Anderson of Denmark; Sir William Edmund Garstin,
additional, and at Great Falls, at junction of Caney Fork and Collins rivers, director of the Suez Canal Co.; Thomas Roydon of the Cunard SS. Co.;
Andrew Weir, Col. Sir Edward Ward. Lyman Stewart has also been
owns a site capable of developing about 80,000 h. p.
Of the two developments in operation, No. 1 is located at Parks- chosen a director.
While the Western Ocean Syndicate is not, it is stated, directly interested
vine, about 44 miles northeast of Chattanooga, and consists of a concrete
dam of the gravity type. 840 feet long and 110 feet high,founded on solid In the new company, Andrew Weir and R. Tilden, who are moving spirits
in
the syndicate are individually interested in the British Union 011 Co.
quartzite rock and creating a lake 7 miles long; with concrete power house
containing five 5,400 h. p. turbine water wheels. Development No. 2 Compare General Petroleum Co. in V. 98, p. 1161.—V. 98, P. 1465. 1398.
consists of a dam across a narrow gorge about 13 miles above No. 1, with
Union Provident Co.—Option of Exchange.—
5-mile flume dropping the water under a head of 250 ft. Into power house
with two 10,000 h. p. turbines. Duplicate transmission lines carrying 120,See Union Oil Co. of California above.—V. 98, p. 1396.
000 volts connect these developments. No. 1 was put in operation Jan.
1912; No. 2 in partial operation in Nov. 1913 and in complete operation
United Cigar Stores, Ltd., of Canada.—Stock.—
Apr. 1 1914. Also owns 431.9 miles of high-tension power transmission
A. H. Martens dr Co., Toronto, and Eludch & Co., N. Y., this week
lines, extending from the power plants via Cleveland, Tenn., to Nashville.
Knoxville, Chattanooga .the Georgia State line, where connection is made offered pref. stock at par ($5 per share) with bonus of 25% in common.
with the Georgia Power Co., serving Rome, Ga., and to large industries Can. stock auth. and issued. 7% cum. pref., $265,000; common,$600,000.
and smaller communities; also the distribution systems in Sparta, Cleve- A Canadian corp.organized in 1910 and now operating 22 stores in Toronto.
land, Franklin and Sweetwater. Tennessee. Through lease or ownership, Has no connection with United Cigar Stores of America. Annual sales
has in reserve five steam electric generating plants: Chattanooga, 9.380 1910, $149,073; 1911, $176.626: 1912, 3214,165; 1913, $360,876. Presih. p.; Knoxville,6,800h. p.: Nashville, 15.880 h. p.; Rome,Ga., 1,500h. p., dent, W. B. Reid.
and. Cleveland, Tenn., 750 h. p.
United Petroleum Co.—Option of Exchange.—
The Tennessee Power Co.supplies all of the current used by the Nashville
Ry. & Light Co., Knoxville Ry. & Lt. Co., Chattanooga Ry. & Lt. Co.,
See Union Oil Co. of California above.—V. 98, p. 1396.
Cleveland Electric Co.,and, through the Georgia Power Co., to the electric
light and power and street railway systems of Rome,Ga. These companies,
United States Gypsum Co.—New Directors.—
In addition to their lighting and street railway business, furnish a large
W.A. Avery Jr. and G. R. Birdsey have been elected directors to succeed
amount of power to various classes of manufacturers. Current is also W.
A. Avery and Augustine Sackett, both deceased.—V.98, p. 1607,933.
supplied for commercial light and power purposes to Murfreesboro, Sparta,
Franklin, Sweetwater, London, Lenoir. Etowah and Athens, Tenn. Total
United States Realty .& Improvement Co.—Report.—
population of territory served, estimated at 345,000. Company holds
contracts for the supply of power to large industries, notably the Aluminum See "Annual Reports" on a previous page.
Co.of America,for 22.000 h. p.
New Director.—Treasurer B. M. Fellows has been elected
The output of the power plants has been sold at rates which insure to the
company an income sufficient to pay operating expenses and bond interest, a director to succeed W. F. Havemeyer, deceased.—V.
and leave a substantial surplus.
98, p. 1619, 1248.
MAY 301914.]
United States Steel Corporation.-Listed.-The New
York Stock Exchange has listed $3,035,000 additional
Indiana Steel Co. guaranteed 1st M. 5% bonds due 1952,
making the total amount listed $18,035,000, and $3,000,000
Illinois Steel Co. guaranteed 42% debenture bonds due
1940, making the total amount of the latter listed$18,614,000.
of expenditures
The Indiana Steel bonds just listed were used to pay 75%
enlargements and
made since Jan. 1 1912 for additions, extensions,
Illinois Steel
the
of
proceeds
The
Ind.
betterments to the plant at Gary,
due April 1
debentures were used to pay in part the $6,900,000 debentures
retired.
been
have
which
1913,
Decision in "Tap Line" ,Cases.-See editorial on previous pages of to-day's issue.
Final Argument Set for Oct. 20.-Judge Buffington, who,
argument
with Judges Gray and McPherson, will hear the
at Trenton,
has filed an order in the U. S. District Court
hearing of the
N. J. fixing Oct. 20 as the date for the final
the corbrought by the Federal Government to dissolve
suit '
26 1911. The record
poration. The suit was begun on Oct.en
pages.-V. 98, p.
in the case covers 23,200 typewritt
1390, 1396, 1160.
-Conversions of RR. Bonds.Utah Copper Co.
Garfield Ry. bonds, of which $2,500,000 were origi-
Of the Bingham &
recently converted into Utah Co.
nally issued, 913,500, it is stated, were
at $50 per share, which expires on
stock under the option of conversion
is expected before that time. On
bonds
of
July 1 next. A rapid conversion
been retired by the sinking fund, leaving
Dec. 1 1913 $337,000 bonds had the
issue is converted or redeemed,
entire
When
.
$2,163,000 outstanding
will show as income for the
practically the entire earnings of theinrailway
past, as under the terms of the
the
as
20%
only
of
instead
Co.,
Copper
deducting improvements
after
earnings,
net
the
of
sinking fund 80%
retire the bonds. The income from
and betterments, must be set aside to result
in a reduction in the cost of
estimated,
is
it
will,
investment
the
cent per pound.
copper production of approximately three uarters of a
V. 98, p. 1532, 1465.
In Tommercial
Tutus.
COMMERCIAL EPITOME.
Friday Night, May 29 1914.
Trade has been better,not only with Jobbers and wholesalers in some branches, but also among retailers. The
demand for spring and summer goods has been more encouraging, with more seasonable weather. Sales of cotton
goods are larger at firmer quotations. Higher prices have
prevailed for wheat and wool, as well as for sugar, with a
larger demand. A sharp inquiry for cotton has followed persistent rains west of the Mississippi River and dry weather
east of that river. Wheat exports show a tendency to expand. In only one week this year has the total exceeded
that of the past week, 5,760,000 bushels. Collections,
though still a source of complaint in not a few sections of the
country,are better than in some others. On the other hand,
trade on the whole still keeps within very conservative
limits. Sales of steel are far below the capacity of the mills
and the building trades are slow, while gold exports continue
in large volume.
LARD has been quiet and of late somewhat depressed;
prime Western 10.15c.; refined for the Continent 10.500.;
South American 11.15c.; Brazilian 12.15c. Lard futures
have declined in response to lower prices for hogs, receipts
of which at Western points have been large, i. e., on a given
day as much as 101,300, against 89,700 on the same day last
year. To-day prices showed little change.
tion.Warwick Iron & Steel Co.-Distribu
be made on June 10 to holders of
A distribution of $I 67 per share will
Eastern Steel Co., which
record June 1 in accordance with the lease to the
is to be paid for
became effective Jan. 1 1912, under which 8% per annum
to $1 67 per share, was
3 years unless a distribution of $250,000, equivalent
was made,
payment
such
if
and
time,
of
such
expiration
the
before
made
regulai annual
then dividends were to be 7% per annum: Hereafter thethe
present rate
rate of dividend will, therefore, be 7% compared with payment
in Nov.
Nov. The next
of 8%,payable semi-annually, May and'
will be at the new rate of 7%, or 3%% semi-annually.-V. 94, p. 420.
Wells, Fargo & Co., N. Y.-New Contracts.-
the
The company on May 28 signed a contract with the B.& 0. RR.for
agreeexpress business heretofore maintained by the U.S. Express Co. Anme
conment has also been signed for taking over on July 1 under short-ti heretracts the express service on the St. Louis & San Francisco system East.
tofore done by the U.S. Express Co. The express business on tae Ch.&
on
Ill. aggregating $750,000 yearly, will probably also be acquired; that
passes
the Kansas City Fort Scott & Mamphis, amounting to $225,000,
of the Wells, Fargo &
to the Southern Express Co. The new constracts
1903.
Co., it is stated, add 10,400 miles of railroad to its system.-V.97, p.
Wisconsin Edison Co.-Bonds.-
a block of the
Jackson & Curtis offered and sold this week at 95 and int,
1 1914, present
10-year 6% convertible gold debenture bonds dated May
Issue $6,500,000. See V. 98, p. 1172, 1076.
Youghiogheny & Ohio Coal Co.-Guaranteed Bonds.-
See Northern Coal & Dock Co. above.-V.91, p. 878.
-Owing to the dissolution of the New York Stock Exchange firm of Graham, Vaughan & Co. at 44 Pine St.,
this city, a new partnership has been formed under the name
of Graham & Miller for the purpose of carrying on a general
investment business. Geoffrey Graham has been a partner
in the firm of Graham, Vaughan & Co. since its inception.
Mr. Miller was cashier of that firm and he was also connected with the predecessor firm of Cuyler, Morgan & Co.
The new firm will be located at the same address.
-Ashley & Co., 61 Broadway, this city, are offering the
first mortgage bonds of the Kane Falls Electric Co. of N. Y.,
to net the investor 6% income; tax-exempt in New York.
The firm states that the net earnings from operation for April
were more than 23/i times the fixed charges, reflecting the
benefit derived from the recent extension of the road to the
Vermont slate district. See advertisement.
-The address recently delivered by Thomas N. McCarter, President of the Public Service Corporation of New
Jersey, on the "Future of Public Utilities" before the "Finance Forum," has been re-printed in booklet form. Copies
of the booklet can be secured on request to the West Side
Young Men's Christian Association, 318 W.57th St., N. Y.
Charles E. Treloar, with Finley Barren & Co., 74 Broadway, New York, has compiled a unique cotton chart showing
the course of the New York spot market (middling basis)
since the dawn of the twentieth century. Complimentary
copies mailed on request.
• -At a meeting of the board of directors of the Fifth Avenue
Bank of New York, on Thursday, Theodore Hetzler, Cashier,
was appointed Vice-President, and Ernest Foley, Auditor,
was appointed Assistant Cashier.
-Mr. John W. James Jr., formerly of the firm of E.
Bunge & Co., has become associated with Schmidt & Gallatin, 111 Broadway, as manager of their Standard Oil and
unlisted securities departments.
-The Iowa Loan & Trust Co. of Des Moines announces
the organization of a bond department which will specialize
in Iowa municipal issues, under the management of Ernest
R. Abrams.
-Mills & Stewart of 7 Wall St., this city, and members of
the N. Y. Stock Exchange, announce the removal of their
offices to the Adams Express Co. Bldg., 61 Broadway.
-The Stock Exchange firm of Mills & Stewart,formerly at
10 Wall St., has taken offices in the new Adams Building,
61 Broadway.
1699
THE CHRONICLE
DAILY CLOSING PRICES
Sat.
cts_ 9.95
May delivery
10.05
July delivery
September delivery_ __ _10.20
OF LARD FUTURES IN CHICAGO.
Fri.
Thurs.
Ted.
fon.
Tues.
9.62
9.62
9.725
9.70
9.823
9.70
9.72
9.80
9.8734 9.75
9.87
9.97% 9.87
9.90
10.05
PORK steady; mess $22 75@$23; clear $19 75@$21 50;
family $25@$27. Beef steady; mess $18(019; packet
$19@$20; family $20@$22; extra India mess $28@WO.
Cut meats steady and in rather small demand; pickled hams,
10 to 20 lbs. 13@13%c.; pickled bellies,6 to 12 lbs., 14M@
' creamery extras, 26@26 . Cheese, State
15 Xic. Butter,
whole milk, fresh colored specials, 13 M @l3Yo. Eggs,
fresh gathered extras, 22@23o.
COFFEE has been steady but only in moderate demand;
/gc. Coffee futures have been inclined to be
No. 7 Rio 87
rather more steady,in response to stronger foreign markets.
Prices are considerably lower than a year ago, No. 7 Rio be
about 2 cts. lower than then, and some think this of
itself amply discounts anything that might be considered
bearish in the situation. 'To-day prices were higher. Closing prices were as follows:
8.81@8.83
June
8.91 8.93
July
9.015j19.03
August
September _ _9.11 9.12
October
9.20@9.22
November _.9.29(9.31
December._ 9.37(8_
January _ _ _ _9.42 9.45
February _ _
March
April
May
9.47@_
9-53@9.54
9.5809.60
9.6309.64
SUGAR more active and higher. The number of centrals
grinding in cubs has been greatly reduced. The visible supply in the world is 3,820,000 tons, against 3,690,000 last year.
Centrifugal, 96-degrees test, 3.39c.; molasses,89-degrees
test, 2.74c. Refined higher and in good demand, owing to
the hot weather. Granulated 4.20c.
PETROLEUM has been lower; barrels 8.50@9.50c.;
bulk 5@b6c.; cases 11©12c. 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 65c.; Illinois, above 30 degrees, $1 15; Kansas and Oklahoma 75c. Spirits of turpentine 473'6c. Common to good strained rosin $4@$4 10.
OILS.-Linseed steady. Of late the market at Duluth
for seed has been firmer. City, raw, 54@55c.; boiled 55@
560.; Calcutta 70c. Cocoanut steady; Cochin 10Yi@11e.;
Ceylon 9%@10c. Olive steady at 85c. Castor remains
unchanged at 8Yi@83'c. Palm in fair demand at 79,@
7%c. for Lagos. Cod steady at 38c. for domestic. Corn
easier at 6.35@6.40c.
TOBACCO.-Though actual sales are not large, there
has been a slight increase in the demand for Connecticut,
Havana seed,and a fair amount of business has been done in
Sumatra leaf. Binder and filler have both been slow, however. The crop prospects are rather encouraging. The
new Vuelta crop in Cuba is expected to be large and of
attractive quality.
COPPER has been in rather light demand with Lake
has been
143/8@143c. and electrolytic 14.10c. London
quiet but steady. Tin has been dull and easier, with the
/0. London and Singapore markets have
spot price here 317
been fairly active at declining prices. Lead on the spot
3.90c.; spelter 5.10c. Pig iron has been but moderately
active, with No.2 Eastern $14 and No.2 Southern,Birmingham, $10.50. Trade in structural steel is disappointing.
Railroad companies show no disposition to discount the
pending decision on the question of an advance in freight
rates by purchasing equipment on a larger scale. India
may ship rails to San Francisco at a freight rate $5 less than
that from Pittsburgh. German basic Bessemer billets are
again to be shipped to New England points. Yet the decision of the U. S. Supreme Court in the tap line cases is
very favorable to many American iron and steel companies.
Also, the general feeling in the trade, after all, if hopeful,
although it is not accompanied by the desired increase
actual business.
1700
THE CHRONICLE
COTTON.
Friday Night, May 29 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
61,037 bales, against 61,024 bales last week and 63,812
bales the previous week, making the total receipts since
Sept. 1 1913 9,932,658 bales, against 9,272,242 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 660,416 bales.
[VOL.XCVIII.
On Shipboard, Not Cleared forGreat
Ger- 1 Other CoastMay 29 at-- Britain. France. many. Foreign wise.
New Orleans_ _ 6,151
580 10,023 10,955
635
Galveston __
8,898
7.646 13,374 4,249
Savannah ___ _ 4,100 3,000 7,000
900
Charleston
Mobile
7,847
798
91
Norfolk
800
12,500
New York._ _
400
100
300 1,000
Other ports___
1,000
800
Total 1914.... 29,196
Total 1913.... 16,691
Total 1912.... 17,863
Total.
Leaving
Stock.
8,736
13,300
1,800
1,800
99,907
97,161
47,087
4,892
3,222
7,203
120,401
31,260
3,680 26,567 25,329 18.375 103,147
513 24,429 14,361 18,684 74,678
152 15,896 11,240 18.332 63,483
411,133
295,551
383,361
28,344
34,167
15,000
Speculation in cotton for future delivery has been more
active at a sharp advance in prices., This was due chiefly
to heavy rains in Texas and complaints of drought in the
-1i
Central and Eastern belt. In Texas and Oklahoma the
2-,U4() 2,939 2,183 5,288 2,924
753 16,767 season is declared to be 3 to 4 weeks late and in the Central
256
613 1 955
and
261
Eastern sections of the belt at least a week or two late.
331 3,093 6,509
2 249
------ 2,249 The ground is said to be hard in Arkansas, Alabama
and
2 561 1 429 2 593 2030 2 166i 2,027 12,806 Tennessee and germination and growth thereby retarded.
Parts
of
Georgia
and most of the Carolinas, it is stated, need
61 1 174
214
220
58
95 1,822
49
11
14
42
3
119 rain, more particularly the Carolinas. The drought in
513
814
321
177
211
387 2,423 Florida has been severe. In general, the Western belt has
1,003 1,003 had, it
is believed, too much rain and the Eastern belt too
126
126
3
60
86
247
53
315
764 little. Also, it is said that the indications are that the
499
499 increase in acreage will
be slight. Indeed, sone reports go
112
-----112
so far as.to assert that there will actually be some average
Totals this week_ 8 858 8 155 11 695 13 759 8 747 9,823 61,037
decrease in the belt. A report of a Chicago house the other
The following shows the week's total receipts, the total day made the condition about 9% under the ten-year aversince Sept. 1 1913 and the stocks to-night, compared with age. Others have put the condition at anywhere from
73 to 78%. The interesting point is that pretty much everylast year:
body seems to take it for granted that the condition to be
given in the Government report on Monday next, June 1st,
1913-14.
1912-13.
Stock.
Receipts to
will be lower than on the same date last year-79.1%. It is
May 29.
This Since Sep This Since Sep
assumed that as the data for the Government report comes
Week, I 1 1913. Week. 1 1912.
1914.
1913.
down no later.than May 25th and as excessive rains in the
Galveston
15,649 3,223,803 11,920 3,741,086 131,328
91,145 Western and dry weather in the Eastern belt and low temTexas City
189 466,377 1,391 664,487
3,261
3,831
peratures had prevailed for a rather prolonged period previous
Pt. Arthur
46,238
137,191
Aransas Pass,&c_
119,777
123,098
to that date the start for the crop was rather bad. It is not
New Orleans.._ _ _ 16,767 1,801,808 17,466 1,372,941 128,251
68,722
denied that the rainfall since March 1 in the Western belt
Mobile
6,509, 420,507 2,464 218,659
11,958
11,907
Pensacola
2,249; 156,285
has, according to Government reports, considerably exceeded
124,408
Jacksonville, &c..
I
29,029
375
14,654
181
501
the normal, nor that the rainfall east of the Mississippi River
Savannah
12,806 1,770,855 11,374 1,241,094
62,087
50,056
Brunswick
I 291,500 1,550 232,569
1,828 in the same period has been considerably short of the normal.
Charleston
1,822; 420,896
934 303,517
4,802
15,279
Cool weather, too, prevailed for some little time. It reGeorgetown
110
Wilmington
119,1 398,246 1,270 339,728
14,452
8,688 mains to be seen just how much harm has really been done.
Norfolk
2,423' 540,926 2.271 513,710
20,503
Needless
29,504
to say, damage is apt to be exaggerated in times of
N'port News,&c.. 1,003 128,309
107,774
New York
126
6,335
9
14,153 122,201
68,906 active speculation for a rise. At the same time there is no
Boston
764
17,891
105
44,307
disguising
10,398
the fact that the weather and crop reports have
8,760
Baltimore
499
91,960 1,263
71,920
3,243
5,656 recently met with a quick response in the cotton markets of
Philadelphia
112
1,916 1.186
6,836
1,525
5,446
the
world.
Also the "flurry" in the May option, which in
Totals
61,037 9,932.658 53,578 9,272,242 514,2801 370,229 a single day-la
st Monday-advanced 50 points, has not been
its effect. The covering of belated shorts in that
In order that comparison may be made with otheryears, without
month .easily advanced the price sharply. It is said, too,
we give below the totals at leading ports for six seasons:
that spinners have refused to accept low grades on May contracts, and the high grades have been scarce and very firmly
Receipts at- I 1914.
1913. 1 1912.
1911. 1 1910. 1 1909.
held. July has also shown considerable strength. The new
Galveston ___
11,920
15,649
10,191
4,401
8,285
19,601 crop months have likewise been conspicuously strong. The
TexasCity,&c
1,391
189
2,143
New Orleans..
16,767
17,466
10,616
11,160
14,145
14,796 short interest in these deliveries has been large. Cotton
Mobilo
6,509
2,464
553
314
197
2,000 goods, moreover, have been more active at some advance in
Savannah
12,806
11,374
6,751
2,991
6,498
10,862
prices. On the other hand, the Livepool market of late
Brunswick_
1,550
503
2,862
Charleston,&c
1,8§§
934
502
442
143
596 has been something of a wet blanket. Its spot sales fell off
Wilmington
1,270
119
349
23
821
451
to almost nothing; futures there balked at the lead of New
Norfolk
2,423
2,271,
1,985
2,016
1,887
4,758
N'port N.,&c
1,003
764
169 York. Reports from Manchester have been rather less
All others_ _ _ _
3,750
2,938
3,954
6,379
3,149
468 favorable. From some English centres of cotton manufacTotal this wk_
61,037
34,901
53,578
27.726
36,392
58,706 ture they have been the reverse of cheerful. Many here
Since Sept. 1_ 9,932.658 9,272,242 11306780 8,295,579 6,996,658 9,553,730 believe that the advance has gone too far or at any rate
far enough, and has fully discounted all the bad crop reports,
The exports for the week ending this evening reach a tots,' even supposing that they are not exaggerated which would be
of 92,722 bales, of which 35,592 were to Great Britain, supposing a good deal. It is pointed out, too, that in some
4,209 to France and 52,921 to the rest of the Continent. years of a comparatively low June 1 condition the crop has
been large; that the condition of the crop on June 1 does not
Below are the exports for the week and since Sept. 1 1913.
afford a trustworthy guide; that the crop isreally made in
July and August, and that a bad or good condition on June 1
Week ending May 29 1914.
From Sept. 1 1913 to May 29 1914.
Exported toExported tomay therefore easily prove delusive. But for all that bull
Exports
speculation
has been rampant. To-day prices declined on
fromGreat
Great
ContiContiritain. France .nent&c. Total. Britain. France. ncnt,&c. Total.
heavy realizing of profits. One report put the condition at
78.2%
and
another
at 77.5%,both being higher than expected.
Galvotton_ _ 9,249
_ _ _ _ 34,516 43,765 1,007,784 311,672 1,358,636 -2,678,092
Texas city_ 3'
9,051' 25,888 80,896 458,843 Rains continued west of the Mississippi and dry weather east
3
Port Arthur -------____
___ -------____
____ --2,006
30,83
32,843 of the river. Spot cotton closed at 13.75c. for middling upAr.Pit.s,tte_
30,184
8,171 38,355
lands, showing an advance for the week of 15 points. .
NewOrleatv 8,93. 4,20! 4,544 18,091 847,493 178,838 557,871 1,584,202
Mobile
____ 3,708 3,708 133,147 73,997 146,279 353,423
The official quotation for middling upland cotton in the
Pensacola__ 2,249
____
2,249 51,024 48,820
,
,
Savannah__
4,729 4,729 200,456 235,731 730,74, 1,166,932 New York market each day for the past week has been:
Brunswick
Sat. I Mon.
Galveston
Texas City
Port Arthur.._ _ _
AransasPass,&c.
New Orleans_ __ _
Mobile
Pensacola
Jacksonville &c_
Savannah
Brunswick
Charleston
Wilmington _
Norfolk
Newp'tNews &e.
New York
Boston
Baltimore
Philadelphia _ _
2,573
162
1,003
Tues.
4,343
Wed.
3,246
27
Thurs.' Fri.
2,9621
Total.
1,522 15,649
189
------
I
_ 3,016 ____
851 3,86'7 87,579 22,954 155,479 266,012
May 23 to May 29Sat. Mon. Tues. Wed. Thurs. Fri.
Charlelton_
____
____
___
____ 118,043
5,030 181,434 305A07 Middling uplands
13.70 14.10 14.20 14.30 14.50 13.75
Wilmington
73,024 102,434 177,855 353,313
NEW YORK QUOTATION FOR 32 YEARS.
Norfolk__ _
.i
(:1
.
127,850 1914_e
N'p't News.
------- ---- --------------644
13.75 1906_c
11.70 1898_c
6.56 1890..c
56
12.62
569
New York_
73' ____ 2,656 3,394 127,391
11.80 1905
8.70 1897
18,377 195,733 341,501 1913
7.62 1889
11.12
Boston ____ 1,235
1912
11.50 1904
13.20 1896
1,235 75,695
10,638
8.00
1888
10.00
86,333
Baltimore.._ 2,411
____ 1,050 3,461 53,238 13,292 94,574 161,104 1911
15.80 1903
11.70 1895
7.38 1887
11.25
Philadel'a__ 3,079
1910
____
15.30 1902
267 3,946 38,794
9.50 1894
12,593 51,337
9.19
Detroit313
11.40 1901
8.25 1893
10.94
313 1909
San Fran
11.40 1900
9.12 1892
177,704 117,704 1908
7.38 1884
11.62
Pt.Towns'd
1907
12.50 1899
75,998 75,998
6.25 1891
8.88 1883
10.81
MARKET AND SALES AT NEW YORK.
Total__ _ 35,592 4,209 52,921 92,7223,239,322 1,033,033 4,137,1108,414,471
Tot. '12-'13 40,316 7,176 68.613 116.105 3.427.939 963,802 3,709,796,101.531
Futures
SALES.
Spot Market
I
Market
--Closed.
Note.-New York exports since Sept. 1 include 10,235 bales Peruvian,
Closed.
Spot. Contr'ct1 Total.
75
bales
Brazilian, 27 bales West Indian to Liverpool, 26 bales Weat Indian to Havre,
and Saturday_ - - Quiet. 10 pts. adv__ Very steady_ _ _
356 bales West Indian to Hamburg.
Monday - -- Steady,40 pts. adv.. Very steady.._ _
465
300
165
In addition to above exports, our telegrams to-night also Tuesday
_ _ _ Steady, 10 pts. adv.. Barely steady_ _
give us the following amounts of cotton on shipboard, not Wednesday.. Steady, 10 pts. adv.. Finn
-- Steady, 20 pts. adv.. Steady
900
-§66
cleared, at the ports named. We add similar figures for Thursday
Friday
Steady, 75 pts. dec Steady
7,200 7,200
New York.
1
Total.._....
16§ 8,4601 8,565
',:g0 I212
1701
THE CHRONICLE
HAY 30 1914.]
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, Monday, Tuesday, Wed'day, Thursd'y, Friday,
corresponding period of'the previous year-is set out in
May 23. May 25. May 26. May 27. May 28. May 29. 1Veek.
detail below.
May13.19-.40 13.45-.88 13.85-.00 13.93-.15 14.20.-.45
Range
Closing
13.38-.40 13.86-.88 13.90-.91 14.11-.14 14.35-.38
JuneRange12.90-.0013.03-.35
Closing_ _ _ _ 12.88-.98 12.90-.00 12.90-.00 13.00-.05 13.28-.30
July12.58-.74 12.70-.88 12.87-.99 12.94-.07 13.07-.31
Range
Closing__ _ _ 12.72-.73 12.87-.88 12.87-.88 13.03-.06 13.28-.30
14.20-.36 13.19.36
13.13-.19 12.90-.35
13.15-.18---
I Ship- stneks
ments. May
29.
Season. Week.
Receipts.
Week.
13.11-.22 12.58-.31
13.12-.13---
I
Movement to May 29 1914.
Towns.
Movement to May 30 1913.
Ship- Stocks
Rec?ipts.
ments. May
Week. I Season. I Week. 30.
i0, 21,063' 2,304, 2,264
695
22,404!
10
6
512 155,4721 1,575 3,596, 1,164' 155,016 4,170 14,917
421 2,808
155! 117,559;
71 125,422; 3,6781 1,01
178
___
41,536
____
81
__
5,79
65,385'
387 180,207! 1,216 23,519
612 187,636 2,7531 32,143,
1,021
120
23,980;
___
4
12.31-.89
12.81-.89
27,401!
12.72-.77
86
12.60-.71
12.49
12.35-.49
12.31-.39
1,205-180 106,892, 1,550 6,722
800 116,6711 1,250 9,1171
12.39-.40 12.49-.50 12.52-.54 12.79-.81 12.81-.84 12.74-.76--1,128 228,248, 1,501 7,887 1,423, 159,5641 3,147 6,199
12.66-.79
12.54-.65
12.53-.73
12.16-.79
795I 332,243, 3,646 33,539
2,151
23,706;
338,53V
5,036
12.39-.54
12.16 .32 12.20-.3S
960 14,006
74,716'
140
236 80,853; 1,355 6,0201
12.29-.30 12.37-.38 12.41-.42 12.68-.69 12.72-.73 12.62-.63--771 9,575
100
119
36,753
72
44,449i
505 6,700
50,916
125
250 4,431
57,381;
107
37 140,677
1,047 191,663 2,591 13,583
3
11
1,3
5 3
11
58
27,518
429
207 1,048
38,1571
117
186
100
49,297
88
85,263,
712 3,0871
11
12.22-.38 12.26-.46 12.46-.63 1.265-.81 12.75-.88 12.61-.75 12.22-.88
50( 6,000
108,937
250 141,8701 1,379 9,835
12.37-.38 12.43-.44 12.50-.51 1.278-.79 12.81-.82 12.69-.70- -57
10535
8
1;6
13
216 6
6:9045
18
5
-iiig
599 3,515
33,733;
177
12.10-.25 12.12-.32 12.32-.48 12.48-.69 12.61-.73 12.47-.60 12.10-.73
128 2,200
--_
19,6751
28
29,066
____
15' 2,163
34,120
65
12.23-.24 12.29-.30 12.35-.36 12.65-.66 12.67-.69 12.51-.52--1191 2,978
22,424
2,621'
40,656 • 40
26,227
12.34-.36
12.34-.36
6-,875 538,242 8,213 24,994 3,663 543,115 5,095
263
1001
10,590
154
165
75
14,436
48
3,873 234,990 4,555 18,836 2,234 216,206 2,766 25,703
5
30,20
12.15-.28 12.17-.35 12.36-.52 12.52-.68 12.65-.75 12.48-.60 12.15-.75
37,136
714
6
4 2,.
,
_ j_
i4
5
19,39
-iii
13,498
12.25-.26 12.33-.34 12.38-.39 12.08-.69112.68-.69 12.52-.53--5-,i19 1,09
38 12,675, 43,887 3-;627 797.11 10,363 53,160
0 58
19:9
April65
7,6
404
119
__ _
---12.39-.50 12.57-.70 12.73-.8312.86-.88 12.67-.78 12.39-.88
Range
830
533
17,354
182
35
44!
--i8 17,711
Closing.._ 12.45-.47 12.53-.55 12.57-.59 12.88-.89-12.85-.83 12.70-.72--49,701
150
15Q
43,83
54
50
--_
*14.36
435 1,261;
470 3,500
3011, 131,290
-ill 100,029
___I 45,137
86
850
THE VISIBLE SUPPLY OF COTTON to-night, as made
777!
2 15-,iiii 69,184. 5-.4473,265,835 14,455 66,061
00
3,46
39
-;2,70
-3
8,0
up by cable and telegraph, is as follows. Foreign stocks,
114,944
330 1,300
____1 151,31
88 1,000
.
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening. Total, 33 towns 31,4047,038,91 66.990294.702; 20,6697,032,19 54,021324,644
August-
Range
Closing__ _ _
SeptemberRange
Cloalng
OctoberRange
Closing
NovemberRange
Closing.- - _
DecemberRange
Closing_ __ _
JanuaryRange
Closing_ _
FebruaryRange
Closing... _
MarchRange
Closing_ _
12.48-.62 12.55-.72 12.71-.83 12.S0-.92 12.94-.14 12.95-.04 12.48-.14
12.59-.60 12.71-.72 12.71-.7312.90-.91 13.12-.14 12.95-.97---
Ala., Eufaula__
Montgomery
Selma
Ark., Helena.._
Little Rock_ _
Ga.,Albany- - Athens
Atlanta
Augusta
Columbus
Macon
Rome
La.,Shreveport
Miss.,Columb's
Greenville _ _ _
Greenwood__ _
Meridian - Natchez
Vicksburg _
Yazoo City
Mo.,St. Louis_
N.C., Raleigh _
O., Cincinnati_
Okla., Hugo_ _ _
S.C..Greenw'd_
Tenn..Memphis
Nashville
Tex., Brenham
Clarksville__ _
Dallas
Honey Grove_
Houston
Paris
But to make the total the complete figures for to-night
OVERLAND MOVEMENT FOR THE WEEK AND
(Friday), we add the item of exports from the United States, SINCE SEPT. 1.-We give below a statement showing the
including in it the exports of Friday only.
overland movement for the week and since Sept. 1, as made
1911.
1914.
1912.
1913.
May 29reports Friday night. The results for the
bales.1,027,000 1.119,000 1,266,000 789,000 up from telegraphic
Stock at Liverpool
6,000 week and since Sept. 1 in the last two years are as follows:
6,000
5,000
5,000
Stock at London
Stock at Manchester
127,000
78,000
1,114,000 1,206,000 1.399,000
8,000
12,000
23,000
469,000 439,000 549,000
333,000 267,000 294,000
3,000
3,000
3,000
21,000
21,000
31,000
34,000
30,000
35,000
13,000
23,000
51,000
873,000
9,000
161.000
221.000
2,000
20,000
27,000
11,000
82,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
82,000
945,000 795,000 922,000 451,000
Total Continental stocks
2,059,000 2,001,000 2,321,000 1,324,000
Total European stocks
India cotton afloat for Europe_._ 333,000 121,000 109,000 223,000
254,174 224,661 211,246 204,480
Amer. cotton afloat for Europe
18,000
39,000
33,000
33,000
Egypt13razil,&c.,aflt.for Europe_
198,000 166,000 139,000 126.000
Stock in Alexandria, Egypt
982,000 959,000 668,000 602,000
Stock in Bombay, India
514,280 370,229 446,844 299'843
Stock in U.S. ports
Stock in U. S.interior towns_ _ _ _ 294,792 324,644 203,371 188,390
18,851
20,668
12,583
15,305
to-day
exports
U. S.
4,687,100 4,205,202 4,150,044 3,100,018
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Americanbales_ 812,000 928,000 1,155,000 664,000
Liverpool stock
63,000
62,000 102,000
59,000
Manchester stock
837.000 750,000 890,000 406,000
Continental stock
254,174 224,661 211,246 204,480
American afloat for Europe
514,280 370,229 446,844 299,843
U.S.pion stocks
294,792 324,644 203,371 188,390
U. S. interior stocks
15,305
12,583
20,668
U.S.exports to-day
18,804
Total American
East Indian, Braeil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
2,790,100 2,680,202 3,012,044 1.841,018
215,000
5,000
23.000
108,000
333,000
33,000
198,000
982,000
191,000
5,000
20,000
45,000
121,000
18,000
166,000
959,000
111,000
6,000
25,000
32,000
109,000
39.000
139,000
668,000
125,000
6,000
15,000
45,000
223,000
33,000
126,000
602,000
1,897,000 1,525,000 1,129.000 1,175,000
2,790,100 2,680,202 3,021,044 1,841,018
Total East India, &c
Total American
4,687,100 4,205,202 4,150.044 3,016,018
Total visible supply
8.33d.
6.61d.
6.36d.
7.70d.
Middling Upland, Liverpool
11.80c.
11.50c.
15.75c.
Middling Upland, New York.....13.75c.
10.35d. 10 5-16d.
1134d
9.95d.
Egypt, Good Brown, Liverpool
9.40d. 11.25d.
9.50d.
Peruvian, Rough Good,Liverpool 8.85d.
d.
734d.
614d. 6 7-16d.
Broach, Fine. Liverpool
734d.
63'8d. 6 7-16d. 6 1-16d.
Tinnevelly, Good, IiverpooL..
Continental imports for past week have been 149,000 bales.
The above figures for 1914 show a decrease from last week
of 193,469 bales, a gain of 481,898 bales over 1913, an excess
of 537,056 bales over 1912 and a gain of 1,671,082 bales over
1911.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Closing Quotations for Middling Cotton onWeek ending
May 29.
Galveston
New Orleans_ _ _
Mobile
Savannah
Charleston
Wilmington_ __ _
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rock...-
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
13%
13
13
13
13
13
13
13%
13.95
14
13
13
13
12g
13%
13%
13%
13
13
13 4
13%
13%
14.35
14
13%
13%
13%
12%
13%
13%
lag
13%
13
13%
13
133.1
135
13
1334
0
133
13
13%
13%
13
.1.1:::31!
, 1:134
my,
1334
13%
14.45
14
13%
13%
13%
13
1334
13%
14.55
14
13%
13%
13 11-16
13
!14
14
114.1.0
14.75
;14
14
13%
113%
13%
'13%
13 13-16 I....
1 13%
13%
/
ia-,.
j'1034
-1913-14-•
Since
Week. Sept. 1.
8,213 519,436
875 389,296
6,925
315
1,346 116,131
1,138 117,716
789 139,514
1,216 349,330
-1912-13Since
Week.
Sept. 1.
5.095 520.825
b822 b292.878
538
20,829
81,915
1,848
916 124.970
1,012 131,461
7,998 383,213
13,892 1.638,348
Total gross overland
Deduct ShipmentsOverland to N.Y., Boston,&c_ _ 1,501 118,102
1,246 155,160
Between interior towns
3,414 131,088
Inland, &c., from South
18,229 1.556,091
May 29.
ShippedVia St. Louis •
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total to be deducted
6,161
404,350
2,563
820
581
137,216
123,544
92,723
3,964
353.483
14.265 1,202,608
Leaving total net overland*_ 7,731 1,233,998
*Including movement by rail to Canada. b Revised.
The foregoing shows the week's net overland movement
has been 7,731 bales, against 14,265 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 31,390 bales.
-1913 14- -1912-13---Since
Since
In Sight and Spinners'
Sept. 1.
Sept. 1.
Week.
Week.
Takings.
53,578 9,272,242
Receipts at ports to May 29
61,037 9,932,658
14,265 1,202,608
7,731 1,233,998
Not overland to May 29
59.000 2,205,000
Southern consumption to May 29 62,000 2,336,000
Total marketed
Interior stocks in excess
130,768 13,502,656 126.843 12,679,850
227,608
*35,496
180,278 *33,352
Came into sight during week
Total in sight May 29
13,682,934
93,491
____ 12.907,458
2,469,996
7,445 2,349,676
95,272
North. sphin's takings to May 29- 23,308
*Decrease during week.
Movement into sight in previous years:
Week1912-May 31
1911-June 2
1910-June 3
1909-June 4
Bales.
86,954
58,863
68,911
79.678
Since Sept. 11911-12-May 31
1910-11-June 2
1909-10-June 3
1908-09-June 4
Bales.
14,841,696
11,296.392
9,914,763
12,909,364
NEW ORLEANS CONTRACT MARKET.
. _
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday.
May 23. May 25. May 26. May 27. May 28. May 29.
MayRange
Closing
JuneRange
Closing
JulyRange
Closing
AugustRange
Closing
SeptemberRange
Closing
OctoberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
MarchRange
Closing
ToneSpot
Options
13.34-.45 13.18-.49 13.51-.55 13.56-.59 13.58-.75 13.45
13.35-.37 13.46-.47 13.50 - 13.60-.65 13.57 -13.44 13.58 -- _- -13.21-.23 13.32-.34 13.37-.39 13.53-.55 13.51-.53 i3.42,44
13.06-.28 13.13-.30 13.30-.46 13.45-.53 13.47-.59 13.41-.48
13.18-.19 13.29-.30 13.34-.35 13.50-.51 13.51-.52 13.4'2-.43
12.89-.00 12.97-.11 13.09,25 13.28-.33 13.28-.38 13.22,28
12.96-.07 13.10-.11 13.13-.15 13.2/3-.30 13.31-.32 13.22-.23
12.48-.50'12.57-.5912.62-.63 12.86-.88 21.91-.93 12.83-.82
12.15-.31112.23-.39 12.38-.52 12.55-.70 12.66-.78 12.56-.66
12.28-.29,12.37-.38 12.42-.43 12.66-.67 12.71-.72 12.60-.61
1
12.15-.3012.21-.37 12.38-.51 12.56-.70 12.66-.78 12.56-.67
12.27-.2842.36-.37 12.42-.43 12.66-.67 12.71-.72 12.60-.61
12.18-.31 12.24-.39 12.48-.51 12.57-.70,12.67-.79 12.57-.63
12.29-.30 12.38-.39 12.43-.44 12.68-.691 12.72-.73 12.60-.61
'12.52-.61 12.69,80.12.79,85 12.68-.73
12.37-.40 12.46 12.37-.39 12.47-.48 12.51-.53 12.77-.78 12.81-.82 12.69-.70
Firm. Steady. Steady. Steady. Quiet.
Quiet.
Steady. Steady. Steady. Steady. Steady. Steady.
1702
THE CHRONICLE
WEATHER REPORTS BY TELEGRAPH.—Telegraphic
advices to us this evening from the South indicate that over
the greater part of the cotton belt east of the Mississippi
River dry weather has prevailed during the week and from
some districts there are complaints that rain is needed.
Reports from Texas, on the other hand, denote that rain
has fallen in most localities and it is claimed that pests are
accumulating and doing damage. Continued sunshiny
weather, it is stated, is needed there.
Galveaton, Tex.—Texas is in need of continued sunshiny
weather. Too much moisture for this time of the season
and pests are accumulating and doing much damage. There
has been rain on two days during the week, the rainfall
reaching seventy-eight hundredths of an inch. The thermometer has averaged 75, ranging from 70 to 80.
Abilene, Tex.—It has rained on three days of the week,the
precipitation reaching two inches and forty-three hundredths.
Minimum thermometer 60.
Brenham, Tex.—Rain has fallen on two days of the week,
the rainfall being one inch and ninety-six hundredths. Average thermometer 75, highest 86, lowest 64.
Cuero, Tex.—We have had rain on four days of the week,
the precipitation reaching one inch and twelve hundredths.
The thermometer has averaged 76, the highest being 88 and
the lowest 64.
Dallas, Tex.—We have had rain on three days during the
week, the rainfall being one inch and eight-five hundredths.
The thermometer has averaged 77, ranging from 66 to 88.
Henrietta, Tex.—We have had rain on one day during the
week, the rainfall being one inch. The thermometer has
ranged from 62 to 86, averaging 74.
Huntsville, Tex.—Rain has fallen on two days during the
week, to the extent of one inch and fifty-four hundredths.
Average thermometer 73, highest 84,lowest 62.
Kerrville, Tex.—We have had rain on two days during the
week, the rainfall reaching one inch and twenty hundredths.
,Thermometer has averaged 73, the highest being 86 and the
lowest 60.
Lampassas, Tex.—Rain has fallen on two days of the week,
the precipitation reaching ninety-four hundredths of an inch.
The thermometer has averaged 68, ranging from 60 to 76.
Longview, Tex.—We have had rain on three days during
the week, the rainfall reaching one inch and sixty-four hundredths. Thermometer has ranged from 64 to 90, averaging 77.
Luling, Tex.—We have had rain on three days of the week,
the precipitation being eight hundredths of an inch. Average thermometer 76, highest 88,lowest 64.
Nacogdoches, Tex.—There has been rain on three days of
the past week, the rainfall being two inches and twenty-four
hundredths. The thermometer has averaged 76, the highest
being- 92 and the lowest 60.
•
Palestine, Tex.—We have had rain on three days during
the
week, to the extent of eighty-one hundredths of an inch.
The thermometer has averaged 75, ranging from 64 to 86.
Paris, Tex.—It has rained on three days of the week, the
rainfall reaching one inch and seventy-six hundredths. The
thermometer has ranged from 64 to 90, averaging 77.
San Antonio, Tex.—Rain has fallen on three days during
the week, the rainfall reaching eight hundredths of an inch.
Average thermometer 75, highest 86, lowest 64.
Taylor, Tex.—There has been rain on four days during the
week, the rainfall being two inches and thirty-two hundredths. Minimum thermometer 64.
Weatherford, Tex.—There has been rain on three days the
past week, the rainfall reaching one inch and eighty-two hundredths. The thermometer has averaged 74, ranging from
62 to 86.
Ardmore, Okla.—There has been rain on three days during
the week, the rainfall being one inch and seventy-two hundredths. The thermometer has ranged from 63 to 88, averaging 75.
Holdenville, Okla.—It has rained on two days during the
week, the rainfall reaching thirty-seven hundredths of an
inch. Average thermometer 73, highest 85 and lowest 61.
Marlow, Okla.—We have had rain on two days during the
week, the rainfall reaching two inches and one hundedth.
The thermometer has averaged 76, the highest being 90 and
the lowest 62.
Muskogee, Okla.—It has rained on two days during the
week, the precipitation being fifty-six hundredths of an inch.
Thermometer has averaged 76, ranging from 65 to 88.
Eldorado, Ark.—We have had rain on one day during the
week, the rainfall reaching ten hundredths of an inch. The
thermometer has ranged from 61 to 90, averaging 76.
Fort Smith, Ark.—Rain has fallen on three days during the
week, the rainfall reaching twenty-six hundredths of an inch.
Average thermometer 77, highest 90, lowest 64.
Little Rock, Ark.—There has been no rain during the week,
The thermometer has averaged 78, the highest being 89 and
the lowest 67.
Texarkana, Ark.—There has been rain on three days during
the week,the rainfall being one inch and forty-six hundredths.
The thermometer has averaged 76, ranging from 62 to 90.
Alexandria, La.—It has rained on three days of the week,
the rainfall reaching twenty-five hundredths of an inch.
The thermometer has ranged from 60 to 92, averaging 76.
Lafayette, La.—Rain has fallen on four days of the week,
the rainfall being two inches and seventy-five hundredths
Average thermometer 76, highest 88 and lowest 63.
[VOL. xcriii.
New Orleans, La.—We have had rain on two days during
the week, the rainfall reaching fifteen hundredths of an inch.
Thermometer has averaged 77, the highest being 86 and the
lowest 68.
Shreveport, La.—There has been light rain on one day
during the week, the rainfall reaching eight hundredths of
an inch. The thermometer has averaged 77, ranging from
65 to 89.
Columbus, Miss.—It has rained on one day of the week,
the precipitation reaching thirty hundredths of an inch.
The thermometer has ranged from 56 to 95, averaging 75.
Greenwood, Miss.—It has rained on one day during the
week, the rainfall reaching thirty-one hundredths of an inch.
Average thermometer 75, highest 93 and lowest 57.
Meridian, Miss.—We have had rain on one day of the
week, the precipitation reaching thirty hundredths of an
inch. The thermometer has averaged 73, the highest being
90 and the lowest 56.
Vicksburg, Miss.—There has been rain on two days during
the week, the rainfall reaching twenty-five hundredths of an
inch. The thermometer has averaged 78, ranging from
64 to 90.
Livingston, Ala.—We have had rain on one day during
the week, the rainfall being twenty-two hundredths of an
inch. The thermometer has ranged from 54 to 92, averaging 73.
Mobile, Ala.—Light general rain in the interior on ono
day did much good. Crops are clean and growth better.
Rain has fallen on one day.of the week, the rainfall being
seventeen hundredths of an inch. Average thermometer 76,
highest 86, lowest 61.
Montgomery, Ala.—We have had no rain during the week.
Thermometer has averaged 78, the highest being 92 and the
lowest 63.
Selma, Ala.—Rain is badly needed. Dry all the week.
The thermometer has averaged 77, ranging from 59 to 93.
Albany, Ga.—It has been dry all the week. The thermometer has ranged from 63 to 96, averaging 80.
Atlanta, Ga.—No rain during the week. Average thermometer 79, highest 93, lowest 65.
Augusta, Ga.—There has been no rain during the week.
Thermometer has averaged 78, highest being 94 and lowest 62.
Savannah, Ga.—Rain has fallen on one day of the week, the
precipitation reaching thirty-seven hundredths of an inch.
The thermometer has averaged 76, ranging from 60 to 91.
Madison, Fla.—It has rained on one day of the week, the
rainfall reaching eighteen hundredths of an inch. The
thermometer has ranged from 63 to 93, averaging 78.
Tallahasee, Fla.—It has rained on one day during the
week, the rainfall reaching thirty-one hundredths of an inch.
Average thermometer 77, highest 92, and lowest 62.
Charleston, S. C.—There has been no rain the past week.
The thermometer has averaged 78, the highest being 89,
and the lowest 66.
Greenville, S. C.—There has been no rain during the week.
The thermometer has averaged 73, ranging from 53 to 96.
Greenwood, S. C.—It has been dry all the week. The thermometer has ranged from 56 to 96, averaging 76.
Spartanburg, S. C.—Dry all the week. Average thermometer 78, highest 101, lowest 55.
Charlotte, N. C.—There has been rain on one day during
the week, the rainfall being four hundredths of an inch. The
thermometer has averaged 78, the highest being 95 and the
lowest 62.
Goldsboro, N. C.—We have had no rain during the week.
The thermometer has averaged 80, ranging from 62 to 98.
Raleigh, N. C.—We have had no rain during the week,
The thermometer has ranged from 62 to 98, averaging 80.
Weldon, N. C.—Rainfall for the week thirty hundredths
of an inch on one day. Average thermometer 75, highest 94,
lowest 56.
Dyersburg, Tenn.—There has been no rain the past week.
The thermometer has averaged 80, the highest being 95,
and the lowest 65.
Memphis, Tenn.—There has been no rain during the week.
The thermometer has averaged 79, ranging from 61 to 96.
Milan, Tenn.—It has been dry all the week. The thermometer has ranged from 59 to 92, averaging 76.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1913-14.
Week. I Season.
1912-13.
I
Week.
Season.
Visible supply May 22
4,880,569
4,376,370
Visible supply Sept. 1
2,135,485
2,055,351
American in sight to May 29..
95,272 13,682,934
93,491 12,907,458
Bombay receipts to May 28.._
81,000, 3,331,000
72,000 2,414,000
Other India ship'ts to May 28.._
342,000
16,000, 468,000
30,000
Alexandria receipts to May 27_ _
991,500
1,000. 1,090,000
500
Other supply to May 27*
278,000
7,000; 299,000
6,000
Total supply
5,080,841 20,845,285 4,578,361 19,068,443
Deduct—
1
Visible supply May 29
4,687,100, 4,687,100 4,205,202 4,205,202
Total takings to May 29_a
Of which American
Of which other
393,741'16,158,185
210,741 11,935,185
183,000 4,223,000
373,159 14,863,241
253,659 11,592,741
119,500 3,270,500
*Embraces receipts in Europe from B4azil, Smyrna, West Indies, &c.
a This total embraces the total estimated consumption by Souhtern mills.
2,336,000 bales In 1913-14 and 2,205,000 bales in 1912-13—takings not
being available—and the aggregate amounts taken by Northern and foreign
spinners, 13,822,385 bales in 1913-14 and 12,658,241 bales in 1912-13, of
which 9,599,186 bales and 9,387,741 bales American.
MAY 30 1914.]
THE CHRONICLE
OUR COTTON ACREAGE REPORT.-Our cotton acreage report will probably be ready about the 25th of June.
Parties desiring the circular in quantities, with their business
cards printed thereon, should send in their orders
as soon as
possible, to ensure early delivery.
EGYPTIAN COTTON CROP.-Messrs. L. H. A.
Schwartz & Co. have the following advices from Alexandria, under date of May 1, regarding the outlook for Egyptian cotton crop preparation:
Zagazig.-Temperature has become more •favorable
, giving hope to
normal development of plants. Mansourah.-Conditions
have been somewhat better the last few days, although nights are still cool.
Young plants
are very well developed in the early fields, while in the late ones
somewhat backward. Water appears to be sufficient for the momentare
with the
exception of some of the distant sections like Farascour, etc. Very
little
re-sowing has been necessary up to the present time. Kafrtel-Zayat.-The
weather has not yet improved and consequently the young plants are not
making great progress. Re-sowings continue chiefly in the fields damaged
by rains, which caused more harm in the late fields that was at first supposed. Magaga, Upper Egypt, province of Minieh.-The weather has not
been at all favorable the past week to young plants. The cool, violent,
north winds have not yet ceased and the temperature has been entirely
too low for this time of the season.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1913-14.
May 28.
Receipts at-
Since
Sept. 1.
For the Week.
Since September 1.
Great Conti- Japan
Great
Britain nent. &China Total. Britain.
Ehanbay1913-14__
1912-13__
1911-12__
Calcutta1913-14._
1912-13._
1911-12_
Madras1913-14._
1912-13__
1911-12..
All others1913-14__
1912-13._
1911-12_
1911-12.
Since
Week. Sept. 1.
Since
Week.
Week. Sept. 1.
81,000 3,331,000 72,000 2,414,000 41,000 2,105,000
Bombay
Exports
from-
1912-13.
18,000 57,000 50,000 123,000
18,000 18.000 34,000
2,000 2,000 4,000
2,000
1,000
4,000 7,00
1,000 13,00
2,000 10,00
3,000 5,000
8,000 9,000
2,000 2,000
11,00
7;665 21,000
7,000 19,000
Total all1913-14._ 20,000 66,000 53,000 139,000
1912-13__ 1,000 32,000 31,000 64,000
1911-12.._ 2,000 12,000 11,000 25,000
ContiJapan
nent. & China. Total.
59,000 947,000 1,083,000 2,080,000
35,000 328,000 731,000 1,094,000
9,000 284,000 729,0001,002,000
2,000
3,000
2,000
17,000
18,000
18,000
78,000
25,000
11,00
95,000
48,000
29,000
5,000
2,000
2,000
30,000
18,000
3,000
2,00i
37,000
20,000
6,000
30,000 289,000
18,000 163,000
7,000 112,000
1,000
17,000 336,000
95,000 276,000
29,000 148,000
96,000 1,283,0001,178,0002,
0 557,000
58,000 527,000 851,000I1.436,000
20,000 395,000 770,00 1,185.000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
May 27.
Receipts (cantars)This week
Since Sept. 1
1913-14.
5,500
7,567.123
1912-13.
6,500
7,436,382
1911-12.
10.000
7,227,863
This Since
This Since
This Since
Week. Sept. 1. Week. Sept. 1. Week. Sept.
1.
Liverpool
To
191,098
__ 189,060
900 187,231
To Manchester
204,534 4,750 196,397 5,500 216,333
To Continent and India_ 3,250 383,983 1,500 357.714 5,000
335,999
To America
72,893
___- 116,421 2,500 103,161
Total exports
3,250 852,508 7,250 859,592 13.900 842.724
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
Exports (bales)-
MANCHESTER MARKET.-Our report received
cable to-night from Manchester states that the marketby
is
firm for both yarns and shirtings. The demand for both
India and China is poor. We give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
1914.
32s Cop
Twist,
d.
Apr.
10 94
17 9A
24 9A
May
1 0A
8 934
15 10
22 1034
20 ION
1913.
sq lbs. Shirt-
Coen
ings, common Mid.
to finest.
UP1's
328 Cop
Twist,
sg lbs. Shirtings, common
to finest.
s. d. d. d.
d. s. d.
d. s. d,
s. d.
0 10A 8 134011 3
7.361074s 0 11% 8 3 011 6
0 10A 8 134011 3
7.30 1034 IS 11% 8 234011 5
0 10A 6 2 011 234 7.38 10
IS 11 8 2 o11 43
0 107i 8 2 011 2A 7.28 9% 0 1074 8 2 oil 434
0 1034 8 2 011 274 7.32 10
0 1074 8 2 011 474
0 11 8 234011 3
7.47 10
0 1074 8 2 oil 454
0 1154 8 3 011 4
7.59 10
0 ION 6 2 011 454
IS 1154 6 354 011 452 7.70 10
0 1034 6 2 all 4t4
Cot's
Mid.
Upl's
d.
8.95
8.91
8.77
8.72
8.68
8.72
6.72
SRI
SHIPPING NEWS.-Shipments in detail:
Total bales.
NEW YORK-To Liverpool-May 27-Celtic, 641 upland,
9'7
Peruvian __
_-_ -To Bremen-May 27-Bremen, 201------------------------ 738
201
To Hamburg-May 28-Batavia, 65 West Indian
65
To Barcelona-May 22-Germania, 1,200
1,200
To Genoa-May 22-Konig Albert,250_ _May
26-Verona,490 740
To Naples-May 22-Konig Albert, 150150
To Piraeus-May 27-Themistocles, 300
300
GALVESTON-To Liverpool-May 26-Antill
ian,
7,037
To Manchester-May 26-Ramon de Larrinaga,7,037
2,212
To Bremen-May 23-Yeddo, 7,235___May 28-Maresfield, 2,212
17,330
To liamburg-May 27-Median, 2,622
2.622
To Rotterdam-May 23-Yeddo, 102
102
To Genoa-May 27-La Sicilia, 9,264;
Mongihello,5,198
14,462
'TEXAS CITY-To Liverpool-May 26-Antillian, 3.877
3,877
NEW ORLEANS-To Liverpool-May 28-Dictator,
5,799;
Sananderino, 3,139
8,938
To Havre-May 29-Hudson. 4.209
4,209
To Rotterdam_ May 27__Torridge. 72
72
To Antwerp-May 23-Torridge, 248
248
To Barcelona-May 22-Balmes,74
74
To Genoa-May 28-Palermo, 4,500
4,500
To Naples-May 28-Palermo,50
50
MOBILE-To Bremen-May 26-Tuscan Prince, 3,299
3,299
To Hamburg-May 26-Straithnairn,409
409
PENSACOLA-To Liverpool-May 26-Juliana
, 2,249
2,249
SAVANNAH-To Antwerp-May 23-Nygaar
d,4,729
4.729
1 703
Total bales.
BRUNSWICK-To Liverpool-May 27-Asian,2.663
2.663
To Manchester-May 27-Asian,353
353
To Bremen-May 26-Anglo-Brazilian, 851
851
NORFOLK-To London-May 25-Mobile,200
200
To Rotterdam-May 25, 200
200
BOSTON-To Liverpool-May 22-Devoni
an. 25_ __May 23-Laconia, 1,210
1,235
BALTIMORE-To Li
ool-May 25-Vedamore, 2,411
2,411
To Bremen-May 20-Main. 1,050
1,050
PHILADELPHIA-To Liverpool-May 23-Merio
n, 1,008
1,008
To Manchester-May 11-Manchester Commerce
, 1,669_
May 26-Manchester Exchange,
2,671
To Antwerp-May 21-Marquette,1.002
267
267
Total
92.722
LIVERPOOL.-Sales, stocks, &c., for past week:
May 8. May 15. May 22. May 29.
Sales of the week
58,000
63.000
52,000
27,000
Of which speculators took
3,000
3,000
7,000
1,400
Of which exporters took
3,000
1,000
1,000
700
Sales. American
48,000
52,000
37,000
20,000
Actual export
13,000
3,000
15,000
9,000
Forwarded
86,000
83,000
89,000
55,000
Total stock
1,102.000 1.097,000 1,069,000 1,027,000
Of which American
870,000 861,000 826,000 812,000
Total imports of the week
41,000
50.000
75,000
46,000
Of which American
20,000
63,000
38,000
28,000
Amount afloat
186,000 149,000 138.000 127,000
Of which American
124,000
90,000
89,000
96,000
LIVERPOOL STOCK TAKING.-All growth other than American
:
Stock of Brazilian, 81,638 bales; Egyptian, 67,331 bales; Peruvian,
19,278
bales; West Indian,4,663 bales; African, 11,713 bales; East Indian,
30,430
bales' total,215,053 bales. West Indian increase, 134 bales; total increase,
134 bales. Decreases: Brazilian, 10,228 bales' Egyptian,
bales;
Peruvian, 524 bales; African, 772 bales; East Indian, 9,104 4,026
bales; total
decrease, 24,654 bales; net decrease, 24,520 bales.
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday. Monday.
Market,Fair
12:15 I Quiet.
business
P.M.
doing.
Tuesday. Wednesday. Thursday.
Quiet.
Dull.
Quiet.
Friday.
Quiet.
Mid.Upl'ds
7.54
7.56
7.63
7.66
7.75
7.70
Sales
Spec.&exp.
6,000
500
8,000
500
6,000
500
4,000
500
5,000
500
10,000
500
Futures. {Barely st'y, Steady, Steady at Steady at
Market
50552 gen. 2 pta. 55208
, 134(53
opened
pin. dec. advance, pts. adv. pin. dec.
Market, I Quiet at Steady at Steady at Irreg. at
4
406 pts. 204 pts.
734@9
45415734
P. M. 1 decline, advance, pm. adv. pts. adv.
Unsettled, Steady,
407 pts. 405 pts.
advance. decrease.
Steady at Steady,
634(5834 75209 pts,
pts. adv.
decline.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinar
y
clause, unless otherwise stated.
The prices are given in pence and hundredths.
Thus: 7 16 means 7 16-1.00d.
May 23 Saturday.
londay, Tuesday. Wed'day. Thursday. Friday.
to
May 29. 1234 1234 1231 4 1231 4 12311 4 1231
- 4 1234 4
p.m.
Pal• pan•
p.m. pm. pan• pan•
d.
d.
d. I d. d. I d. d. d. d. d. d. d.
May
7 1634 18 2034 2534
2834 3234 3674 3934 32
May-June ____ 7 1654 18 2034 2534 28
28 2834 3234 3634 3934 33 55-June-July i_ _ 7 0054 01 0334 11354
11 1134 16 1954 2234 16 15
6 9854 00 0234 0734 10 10A 15 19 22 15A
1434
Aug.-Sep_------_ 6 85 8634 89 9334 963.4 97 0134
0634
02
Sept.-Oct.I
6 65 6634 67 72 7634 78 84 8934 0934 03
9134 8234 823.4
Oct.-Nov.
_ 656 58 583463 67 6834 7434 80
73 73
Nov.-Dec
6 4934 51 5134 56 60 61 67 73 82 66
6634
Dec.-Jan..
6 4734 49 i4954 54 58 59 65 71 '75
73 64 6434
Jan.-Feb..
6 4774 49 4934 54 58 59 65 71 73 64
6434
Feb.-Mar.
648 493450 54345874 5934 6534 7134 74 6434
65
Mar.-Apr.
6 49 5034 51 5534 5934 60A 6634 7234 75 6534
66
Apr.-May
6 4934 51 5134!56 60 61 67 7234 75
6554 66
May-June ____ 6 50 5134 62 _ 15634 6034 6134
67 7234 75 6534 66
BREADSTUFF'S.
Friday Night, May 29 1914.
Flour has been in the main firm, but transactions
been on only a moderate scale. It is plain enough have
that
buyers are loath to abandon their old policy
purchasing
only as their immediate wants dictate. Theyofare
the less
inclined to adopt a different course from the fact that
the
wheat market has been irregular and that more cheerful
crop accounts are beginning to be received from various parts
of the winter-wheat belt. Still there is no doubt that
recently quotations for flour have shown more
steadiness,
partly at times because of somewhat disturbing crop
and the firmness of the wheat market. The total advices
ourput
last week at Minneapolis, Duluth and Milwauk
ee was
333,605 barrels, against 361,120 barrels in the previous
week
and 335,225 in the same week last year.
Wheat,though more or less irregular, has by no means escaped the influence of favorable crop reports, particularly
Kansas and Oklahoma. The yield in Oklahoma has from
been
estimated by the Agricultural Bureau of that State
38,000,000 to 40,000,000 bushels, as against 35,000,000at
in the
Washington estimate of a few weeks ago and a previous
high
record in 1910 of 25,500,000 bushels. Also, the yield
of
Kansas has been estimated at the remarkable total of
150,000,000 bushels. In a word, unless something unforese
en
happens, what are popularly termed "bumpe
crops are
expected in the Southwest. With seasonabr"
favorable
weather, harvesting will begin in Kansas withinly
two or three
weeks. It has already begun in Texas. Some
reports of
damage to the wheat crop in Texas by recent heavy
rains
are believed to have been exaggerated. The Southwe
st has
sold quite heavily during the week of new wheat to arrive
at
Kansas City. Country offerings at the Northwe
creased. The visible supply, according to lastst have ins
statement, decreased for the week some 1,200,00Monday'
0 bushe s
1704
[VOL. xcviii.
THE CHRONICLE
WEATHER BULLETIN FOR WEEK ENDING MAY
less than it did during the same week last year. This was a
25.
-The general summary of the weather bulletin issued
United
the
surprise to many. The quantity on passage to
the Department of Agriculture for the week ending
by
this,
though
Kingdom increased last week 848,000 bushels,
25 is as follows:
May
been
had
to be sure, was a somewhat smaller increase than
for the best crop growth
The week, as a whole, was again unfavorable Southeaste
rn districts reexpected. Favorable crop reports were received from some over
much of the country. Drought over the
at
English
checked growth, and too
and
seeds
times
tarded the germination of late-planted
parts of Europe, and prices have declined at
and cultivation.
planting
prevented
Southwest
the
of
portions
in
rain
for
s
much
prospect
The
markets and at some on the Continent.
corn-growing States the weather was
Over the winter wheat and principal
although rain is needed in portions of the Ohio Valley;
winter wheat in the United Kingdom are good. In South favorable for wheat,
except that considerable damage
good
condition,
in
continued
grain
prosthat
Germany
and
In
Russia beneficial rains have fallen.
and to a less extent
is reported from fly in Central and Southwestern Illinois
favored excellent development in
pects are generally satisfactory. Australia has also sent
in some adjoining States. Good rains
. Over the Westnorthward
of
Texas
Panhandle
the
at
from
larger
States
Plains
are
the
offerings
favorable reports. In East India
been completed under
ern States of the corn bet the bulk of the planting hasmore
Eastern districts
lower prices. Yet it is a fact that dry weather in the softfavorable conditions, while over the Central andthe
Southern portions,
progress has been made, except over
winter-wheat section of the United States and reports of favorable
n. Pastures
and
germinatio
planting
with
where dry weather is interfering
the Northern districts,
damage there by the Hessian fly have by no means escaped
and oats are generally reported in good condition in
planting is
comtobacco
and
districts
come
have
Southern
Europe
the
in
of
are
parts
suffering
both
some
but
attention. Also from
the weather was most favorable
less being delayed. In the spring wheat belt
plaints of the outlook. In France the indicationsofare
crops are making favorable progress. exspring
other
and
grains
small
and
native cept in small localities where it has been too cool and dry. In the cotton
favorable than they were recently and offeringsthe Sea
the Mississippi River,
of belt dry weather continued in the States to eastward ofthe
of cotton is
wheat are smaller. Though arrivals at ports on
and it was especially severe in the Carolinas, where butstand
the crop is clean
Azoff are liberal, receipts are light in Southwestern Russia poor and growth and germination are being retarded,
i conMississipp
the
of
and well cultivated. In the States to westwardcultivation, especially in
and at the Baltic ports. In Rumania an increase in the tinued
rain has further interrupted planting and
need of
in
badly
and
late
is
up
is.
acreage has been offset bug damage done by drought amount- Texas and
which
that
Oklahoma, where
and much
over the northern portions the stand is poor
ing, it is declared, to some 10 or 15%. . In Hungary the out- cultivation, while
districts of the
remains implanted. In the principal truck-growing
regreatly
is
weather
look is dubious and offerings of native wheat are small. still
dry
continued
South, including much of Florida,
Coast States
is badly needed. Over the Atlantichas
In Southern Italy and in the Island districts drought has tardimg growth and rain
prevented
weather
dry
continued
England
New
to
North Carolina
in the
caused damage and Italy's purchases of foreign wheat, from
the setting of tobacco plants and retarded the growth of all vegetation
the Central and Northern districts more
it is noticed, are large. The Italian crop, it now appears, more southern portions. Inand
planting,
with
made
was
good
progress
weather prevailed
is smaller than the previous one. It would be unusual for favorable
although rain
and wheat and grass continued in satisfactory condition,
Over the Mountain and
the winter-wheat belt of this country to escape wholly un- would be beneficial, especially near the coast.
good progress
and
y
favorable
was
favormoderatel
Plateau districts the weather
scathed. To-day prices were slightly easier. Very
was made in nearly all sections. Ranches are in good condition and crop
able crop reports continue to be received from Kansas.
in the irrigated districts are doing well, but in the dry farming districts
S IN NEW YORK. crops generally need more rain. Over the Pacific Coast States the weather
DAILY CLOSING PRICES OF WHEAT FUTURE
are rewas favorable in Washington and Oregon, where grains and fruits
Sat. (on. Tues. Wed. Thurs. Fri.
grain is filling well, but
11151 111
ported making excellent progress. In California
10931 11031 111
cts_107
No. 2red in elevator
to
has
fruit
while
damage
and
occurred,
106
106
105
sunshine is needed in some portions
106
106
May delivery in elevator
NA 9831 9531 9531 9531 9531 planting has been retarded by rain.
July delivery in elevator
9451
94
9331
September delivery in elevator....__ 933's 9331 9331
The statements of the movement of breadstuffs to market
FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF WHEAT
Sat. fon. Tues. Wed. Thurs. Fri.
d below are prepared by us from figures collected by
indicate
9931 99
99
cts_ 9731 9731 98
May delivery in elevator
York Produce Exchange. The receipts at Western
New
the
86%
3i
87
8631
8631
8731
8731
July delivery in elevator
8531 lake and river ports for the week ending last Saturday and
September delivery in elevator_ -- 8631 8631 8531 8531 86
last three years have been:
Indian corn has been affected more or less by the firmness since August 1 for each of the
at
have
sagged
months
later
the
but
option,
May
of the
Barley.
Rye.
Oats.
Corn.
Wheat.
times, owing to increased offerings and some decline in Liver- Receipts at- Flour.
a.
5611's. bush. 32185. bush.4818s. 0/4.56 lbs.
Argentin
in
bush.
lbs.
e
weather
60
bush.
favorabl
more
bbis.198lbs.
with
nt
coincide
pool
271,000 36,000
442,000 1,921,000
_ _. 134,000 1,324,000
18,000
206,000
274,000
74,000
Advices from our Western States have been in the main favor- Chicago_
67,000
72,000
Milwaukee__
19,000
47,000
17,000
495,000
able. That is to say, planting has been completed,and, as Duluth
76,000
165,000
242,000
65,000
768,000
Minneapolis.
1,000
27,000
near as can now be judged, the outlook is bright. Last Toledo
23,000
50,000
79,000
/d. to 11*1., Detroit
7,000
10,000
10,000
Monday Liverpoo 'prices suddenly dropped 13
1,000
1,000
77,000
9,000
14,000
14,000
Cleveland _ _
3,000
24,000
owing to a brighter crop outlook in Argentina, where rams St.
435,000
264,000
313,000
53,000
Louis
visible
the
24,000
278,000
380,000
18,000
have recently been excessive. At the same time
36,000
Peoria
306,000
352,000
235,000
Kansas City.
supply in this country decreased some 1,400,000 bushels last
312,000
563,000
212,000
even if it Omaha
week, a fact which was not without some effect,same
week Tot. wk. '14 319,000 3,506,000 2,179,000 3,968,000 739,000 153,000
was a decrease 200,000 bushels smaller than in the
973,000 125,000
of Same wk.'13 378,000 2,903,000 1,636,000 3,895,000
65,586
345,107
last year. To-day May advanced sharply. ontocovering of
252,784 1,899,010 1,923,726 3,124,313
wk.'12
Same
reports
owing
,
shorts and other months were stronger
l
of
Liverpoo
firmness
1
Aug.
Since
the
renewed rains in Argentina and
190,855,000 79,682,000 21442000
1913-14._ 17,439,000 264,272,000 188,459,000 206,711,688
91,309,330 15944642
190,261,228
prices. The Oklahoma condition is 81, against 87 last year. 1912-13.. 15,234,520 234,166,966 166,167,811
130,073,608 60,103,528 7,721,188
124,706.438
10,732,329
small.
1911-12._
Country offerings were
2 MIXED CORN IN NEW YORK.
DAILY CLOSING PRICES OF NO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Total receipts of flour and grain at the seaboard ports for
82
8231 82
82
cts- 8231 82
No. 2 mixed
the week ended May 23 1914 follow:
CORN FUTURES IN CHICAGO.
DAILY CLOSING PRICES OFSat. Mon. Tues. Wed. Thurs. Fri.
704 7131 7031 7051 74
cts_ 70
May delivery in elevator
6831 67% 6731 67'% 67% 6731
July delivery in elevator
6631 6631 6531 653's 6531 6551
September delivery in elevator
Rye,
Oats, Barley,
Corn,
Wheat,
Flour,
bush.
bush.
bush,
bush.
bush,
bbls.
Receipts at5,000
95,000
532,000
15,000
1,737,000
218,000
York
New
115,000 30,000 17,000
868,000
37,000
Boston
1,000 37,000
201,000
10,000
271,000
58,000
Philadelphia
1,000 37,000
219,000
29,000
441,000
40,000
Baltimore
35,000
76,000
430,000
59,000
New Orleans *
2,000
Newport News__ _
180,000
62,000
Galveston
18.000
17,000
Mobile
1,000
426,000 169,000
3,394,000
33,000
Montreal
828,000 1,548,000 296,000 97,000
Total week 1914._ 464,040 6,703,000 10,248,000
7,653,000 5363,000 1341,000
Since Jan. 11914_ _8,666,000 50,839,000
574,000 537,000 43,000
304,000
447,000 4,494,000
Week 1913
11039000 1486,000
Since Jan.11913_8,906,000 62,671,000 39,341,000 18,916,000
for foreign ports
Orleans
New
through
passing
•Receipts do not include grain
on through bills of lading.
of
Oats prices have shown the effects of persistent reportshot
damage in Illinois and other States by drought and Ohio
weather. Indiana, too, as well as Illinois and the
Valley, as a rule sent crop reports of a kind to stir up buying.
Also the May option has shown pronounced strength. Rain
is much needed. Commission.houses have been large buyers. The decrease in the visible supply was 1,071,00of0
bushels, against a decrease in the same week last year of,
763,000 bushels, a fact that was not entirely lost sight
although it is true that the total visible supply is some
for the week
1,700,000 bushels larger than a year ago. On the other hand,
The exports from the several seaboard ports
it is possible, if not highly probable, that the damage by ending
in the annexed statement: peas,
shown
are
23
May
oats
To-day
May
ted.
exaggera
Rye, Barley,
dry, hot weather has been
Oats,
Corn, Flour,
Wheat,
bush. bush. bush. bush.
bbls.
fell 1M cents. Later deliveries, however, were firm, owing
bush.
bush,
Exports from33,919 2,091
151,597
is
now
rain
where
Illinois,
117,277
7,092
in
1,136,471
New York
to complaints of dry weather
55,946
2,650
278,225
Boston
said to be badly needed. On the other hand, the Oklahoma Philadelphi
20,000 103,000 34,260 33,046
455,000
____
a
24,059 51,429
14,105 30,600
condition is 87, against 86 in May, thereby contradicting Baltimore
100
75,500 20,000
New Orleans_ ___ 156,000
some recent sensational reports of damage in Oklahoma.
2,000
Newport News__
IN NEW YOTK.
DAILY CLOSING PRICES OF OATS
Wed. Thurs.
Fri.
Mon. Tues.
Sat.
4631-47 4631-47 4634-47
4731-48
1
47-4731
cts_47-473
Standards
4731-48 4731-48 48-4831 47-4731 47-4731 47-47A
No. 2 white
S IN CHICAGO.
DAILY CLOSING PRICES OF OATS FUTURE
Sat. Mon. Tues. Wed. Thurs. Fri.
4131 4031 39
4231
41
4231
cts
elevator
in
delivery
May
3931 3931 3954 3931 3931 3954
July delivery in elevator
3851
3854 3831 3831 3851 38
September delivery in elevtaor_ _
2,726,000
Total week_ _ _4,751,696
4,761,069
Week 1913
18,000 17,000
53,000
457,000
8.000 100,000
114,697 262,527 851,702 93,689 166,965
80,625 197,402 1,121,984 17,329 745,414
2,091
7,323
The destination of these exports for the week and since
July 1 1913 is as below:
- -Corn--
Wheat
Flour
Since
Since
Since
July 1
Week
July 1
Week
July 1
Week
eta.
1913.
23.
May
1913.
23.
May
1913.
82
Exportsfor week and May 23.
bush.
bush.
bush.
bush.
Mts.
bbls.
since July 1 to8051
637,351
801i United Kingdom__. 96,789 4,878,428 2,378,030 82,398,961
763,836
83,629,081
2,342,966
89,818 2,639,014
73%080 Continent
447,449
64,905
28,000 1,189,273
Sou. & Cent. Amer_ 38,867 1,175,604
48,667 1,722,502
94,737
2,700
36,785 1,565,867
9,344
73@7431 West Indies
91,916
150
Brit. Nor. Am.Cols.
39.588
1,125
272,097
118 276,287
'
60
Other Countries__ _ _
3,620,268
262,527 10627,116 4,751,676167,584,149 114,697
Total
80.025 39.008.489
197,402 10353,302 4,761,069149,256.294
$ 20@$435 Total 1912-13
Spring clears
50
the week
Kansas straights.sacks_ 4 304 4
The world's shipments of wheat and corn for
Kansas clears, sacks__ 3 9049 4 20
shown
5 950 6 35 ending May 23 1914 and since July 1 1913 and 1912 are
City patents
on
3
a 3n0
Rye flour.
38049 450 in the following:
Graham flour
GRAIN.
Corn, per bushelWheat,per bushel-f.o. b.
No. 2 mixed
$103
1
N.Spring, No.
No. 2 yellow
101
N.Spring, No.2
No. 3 yellow..
111
Red winter, No. 2
Argentina in bags..
2,
10731
No.
arrive
Hard winter.
Rye, per busheleta.
Oats, per bushel, newNew York
4631047
Standards
Western
4704731
No. 2, white_
4649463 Barley-Malting
No. 3, white..
_ -winter. 16-w grades__ _$3 20 $340
4 90 5 10
Winter patents
4 50 4 76
Winter,straights_
4 20 4 40
Winter clears.
500
4 65
Spring patents
4 35 4 55
Spring straights.
Mobile
Montreal
MAY 30 1914.]
THE CHRONICLE
Wheat.
Exports.
1913-14.
Week
May 23.
Corn.
1912-13.
Since
July 1.
Since
July • 1.
1913-14.
1912-13.
Week
May 23.
Since
Since
July 1.
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 5,498,000 245,070,000 228,198,000
36,000 1,870,000
Russia
4,770,000 149,066,000 97,283,000 230,000 13,372,000 38,875,000
10,046,000
Danube_ 1,384,000 55,442,000 51,999,000 1,029,000 30,807,000
Argentina... 1,176,000 40,294,000 121,214,000 1,718,000 149,515,000 14,511,000
190,653,000
Australia_ _
704,000 60,026,000 41,204,000
India
24,000 26,784,000 52,244,000
Oth.countr's
48,000 7,158,000 8,942,000
Total
13608000 583,840,000 599,084,000 3,013,000 105,564,000 252,085,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
Corn.
Total.
Bushels. Bushels.
Bushels.
May 23 1914_ 20,312,000 24,744,000 45,058,000
May 16 1914._ 19,464,000 25,728,000 45,192,000
May 24 1913_ 26,284,000 31,336,000 57,600,000
May 25 1912__ 31,296,000 28,784,000 60,080,000
United
Kingdom. Continent.'
Total.
Bushels. Bushels. I Bushels.
3,391,000 8,143,000,11,534,000
4,539,000 9,129,000:13,668,000
7,565,000 11,603,0001 19,168,000
7,225,000 12,767,000 19,992,000
1705
drills to India upon an 8c. basis for July and August delivery.
Red Sea and Mediterrannean markets are still dominated
by Austrian and Italian goods. China continues an unknown quantity, no offers of business coming forward,
although a steady movement of goods to the interior is
reported.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending May 23 were
2,655
packages, valued at $217,509, their destination being to
the
points specified in the table below:
1914
New York to May 23Great Britain
Other Europe
China
India_
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
Week.
49
177
-i *
693
569
611
544
2.655
Since
Jan. 1.
1,570
1,434
34,892
6,151
5,012
4,295
22,534
277
9,577
24,638
30,351
140,731
---1913
Week.
33
18
3,562
332
56
831
13
401
631
281
6,138
Since
Jan. 1.
509
427
28.852
7,124
14,121
12.615
16,880
1,313
6,888
22,780
27,514
139.023
The value of these New York exports since
1 has been
The visiblesupply of grain, comprising the stocks in $10,360,197 in 1914, against $11,121,944 in Jan.
1913.
granary at principal points of accumulation at lake and
Cotton goods are more activelhan for several weeks past,
seaboard ports May 23 1914 was as follows:
and buyers are taking greater interest in their forward requireUNITED STATES GRAIN STOCKS.
ments. The sharp advance in cotton prices, together
with
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded unsucces
sful efforts to underbid the market has made them
Wheat. Wheat. Corn. Oats. Oats.
Rye.
Barley.
Barley.
In Thousandsbush, bush, bush. bush. bush, bush, bush. bush. more willing to make some anticipatory preparat
ions, as
New York
734
406
21
461
45
1
42
47 they fear that prices' may be further advanced in
Boston
the near
56
227
8
7
26
17
3
59 future. Buyers are reported
Philadelphia
to
31
be
297
buying
53
184
10
more freely of
Baltimore
108
128
51
218
brown sheetings, denims, tickings and gray goods, and while
92 55 ---5
New Orleans
554
__
81
90
individual orders are not large, they aggregate a fair volume.
Galveston.
188139
Buffalo
1,763
5.3
202 -iii -575 2
The warmer weather has greatly improved retail sales, and
- :: -8&7
7
Toledo
1,022 ____
59
163 ____
3 ____
jobbers are in receipt of a better call for summer lines of
Detroit
88 ____
278
58 ____
23
Chicago
5,391
____ 2,073 3,199
underwear, hosiery and wash goods. The H. B. Claflin
_-_103 -ioo
"
afloat
273 __80
Co. has made extensive preparations for their special sale
Milwaukee
7552 --go --- .."
"iio
Duluth
5,486 -5ii ____
339 1,5ii
29
175
80 of wash fabrics which is to run all of next week, and look
Minneapolis
14,132 ____
5
584 ____
155
734
forward to a good business. Other houses are also making
St. Louis
138 ---60
144 ---18
23
Kansas City
special offerings, and expect to do a good business through
1,012 __
300
239 ___85
Peoria
12 ___
13
443 ____
1
next month. Print cloths are firm, with prices showing an
Indianapolis
105 ____
242
41
____
upward tendency, and mills conservative in accepting busiOmaha
225 ___
251
573 ___.
42 -46
On Lakes
272 ____
118
645 __
ness for forward. delivery. Gray goods, 38-inch standard,
32
are quoted at 5%c. to 53(c.
Total May 23 1914_31,663 1,867 4,088 8,240 1,968
589 1,932
186
Total May 18 1914._33,094 2,176 5,490 9,311 2,808
808 2,199
WOOLEN GOODS.-As a result of the advancing price
179
Total May 24 1913__40,083 6,448 2,643 8,542 1,278
572
1,627
203
Total May 25 1912__32,226 5,643 5,797 8,690 2,389
of wool, woolens and worsteds continue to show a strong
560
843
172
tendency toward higher prices. In men's wear this is servCANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Canadian Bonded ing to check business, buyers not being willing to follow
the
Wheat. Wheat. Corn. Oats. Oats.
Rye.
Barley.
Barley.
In Thousandsbush. bush. bush. bush. bush. bush, bush. bush. advances, although in dress goods a very satisfactory busiMontreal
3,649
ness
1,156
is
being
done.
Sponge
77
877
dress
__
goods,
broadclo
ths
and
Ft.William&PLArthur_ 6,960
5,008
serges are leaders while poplins and other special lines are
Other Canadian
4,206
4,556
also
being
well
received
.
Serge
suits
are
so
common
this
Total May 23 1914__14,815
10,720
77
877 ____ summer that many cutters-up and garment
Total May 16 1914_16,190 _manufacturers
2 11,857
3
807 ____ are
Total May 24 1913__13,680 __turning their attention to other fabrics in the belief that
9 10,204
28
595
Total May 25 1912...16,029 ---1 6,969
women will be inclined to pass over serges for the coming
44 _ _
SUMMARY.
fall. The new cape styles promise to be very popular and many
Bonded
Bonded
Bonded
lines gotten out especially for this purpose have sold well.
Wheat. Wheat. Corn. Oats, Oats.
Rye. Barley.
In Thousandsbush, bush. bush. bush, bush, bush, bush. Barley.
FOREIGN DRYGOODS.-Linens have been more active,
bush.
American
31,663 1,867 4,086 8,240 1,968
589
1,932
188
as
a result of the warm weather. Dress goods are being
Canadian
14,815
10,720 ___
77
877 __called
for steadily, and there are numerous reports of a
Total May 23 1914.._46,473 1,887 4,086 18,960 1,968
666
2,809
scarcity
186
of the most desired lines. Importers and jobbers
Total May 16 1914._49,284 2,178 5,492 21,168
811 3,008
179 are warning
Total May 24 1913__53,743 6,446 2,652 10,746 2,808
their customers to get their requirements in
1,276
600 2,222
203
Total May 25 1912_48,255 5,643 5,798 15,859 2,389
560
early,
892
pointing
172
out that the late season means a heavy demand, and that supplies are none too plentiful. They also
THE DRY GOODS TRADE.
draw attention to the falling off in arrivals since the first
of the year, and state that higher prices will have to be paid
New York, Friday Night, May 29 1914.
Drygoods markets displayed much more activity during later, especially as foreign manufacturers are very firm in
the past week, as a result of the warm weather, and sales their price ideas. Household goods of all descriptions are in
increased in most departments. Manufacturers are still seasonable request. Burlaps continue to rule very quiet
getting very little in the way of new business, however, but and in the absence of demand, prices are easier. Lightweights are quoted 4.500. to 4.60c. and heavy-weights at
if anything are more firm in their price ideas. The sharp
advance in raw cotton values during the past few days 5.65c. to 5.75c.
served to check whatever desire there was to make con- Importations & Warehouse Withdrawals of Dry Goods.
cessions to obtain new business. The firmness of
for the Week and Since Jan. 1.
staple Imports Entered for ConsumptionWeek
Ending
is also causing buyers to become more concerned the
regardin
May 23 1914.
Since Jan. 11914.
their future requirements, and many 'look for improvedg
Pkgs.
Value.
Pkgs.
Value.
res ofbuying in the near future. Buyers continuo to bid for Manufactu
Wool
2,095
571,560 37,237 10,529,824
staple lines at prices a shade under the market, and these
Cotton
2,916
686,159 80,315 21,483,000
Silk
inquiries are expected shortly to take the form of orders.
1,616
688,027 32,560 15,275,689
Flax
2,108
324,096
34,326 8,110,023
Jobbing houses are experiencing a better call both through
Miscellaneous
2,431
117,954
75,186 6,732,852
the mails and over the 'counter. Salesmen on the road are
Total
1914
11,166 2,392,796 259,624 62,131,388
also beginning to send in fair orders for seasonable
Total 1913
6,168 1,239,915 216,113 49,596,018
merchandise, and their reports concerning stocks and
Warehouse Withdrawals Thrown Upon the Market.
the
general outlook in the sections they are visiting are quite Manufactures ofWool
427
126,565 21,971
encouraging. The excellent crop promise is causing
5,803,190
Cotton
jobbers
534
160,825
17,095 4,523,388
and retailers in the South and West to take a'very optimisti
Silk
239
93.960
5,763 2,566,848
c
Flax
525
129,739
view of the future and though they still confine
10,644
2,542,573
Miscellaneous
s
902
94,606 54,024
3,062,941
to immediate and nearby requirements many of purchase
them
are
Total
withdrawal
2,627
making preparations to increase their stocks. Summer Entered for consumptis
605,695 109.497 18,498,940
on
11,166 2,392,796 259.624 62,131,388
dress fabrics in silk, silk mixtures, plain and
lines
Total marketed 1914
and cotton wash goods are more active , as a novelty
13,793 2,998,491 369,121 80,630,328
Total marketed 1913
of the
9.277 1,698.935 306,123 61,399,361
warm weather, and jobbers hope to make up forresult
Imports Entered for Warehouse During Same Period.
much busi- Manufactu
ness which they lost through the backward spring.
res ofWool
897
238,365
facturers of woolen and worsted goods are reporting aManu13,792 4,052,380
Cotton
684
200,639
16,718 4,623,895
period with prices firm. They are closely watchingquiet
Silk
307
117.031
5,783 2,562,768
the
Flax
success with which foreign lines of both piece goods and
538
151,814
12,262
2,886,123
Miscellaneous
3,530
87,574
36,802
2,534,892
garments are being marketed, and fear that they will lose
Total
much business through the popularity which the imported Entered
5,956
795,423 85,357 16,660,058
for consumption
11,166 2,392,796 259,624 62,131,388
lines are• meeting with. Export trade continue
s
quiet
Total
imports
1914
beyond the sale of about three thousand bales of standard
17,122 5,188,219 344,981 78,791,446
Total imports 1913
9,233 1,898,523 328.726 63,315,780
THE CHRONICLE
1706
CITY
emIE MID
MP/111114E1ff.
STATE AND CITY SECTION.
A new number of our "State and City Section,"
revised to date, is issued to-day, and all readers of the
paper who are subscribers should receive a copy of it.
In the editorial department of the publication we
give an elaborate analysis of the municipal bond sales
in the Unites States during the calendar year 1913.
News Items.
[VOL. xcviii.
North Side Impt. Dist. No. 6, Bond No. 54.
North Side Impt. Dist. No. 14, Bond No. 5.
North Side Impt. Dist. No. 15, Bond No. 18.
North Side Impt. Dist. No. 19, Bond No. 9.
South Broadway Impt. Dist. No.2,Bonds Nos. 121 and 122.
South Denver Impt. Dist. No.7,Bonds Nos. 24 to 32 inclusive.
South Denver Impt.Dist. No. 10,Bonds Nos.6 and 7.
WestDenver Impt.Dist. No.1,Bonds Nos. 144 and 145.
West Denver Impt.Dist. No.2,Bonds Nos. 12 and 13.
PAVING BONDS.
Alley Paving Dist, No. 9, Bond No. 15.
Alley Paving Dist. No. 13, Bond No. 17.
Alley Paving Dist. No. 18, Bond No. 18.
Alley Paving Dist. No. 19, Bond No. 18.
Alley Paving Dist. No.20,Bond No.23.
Lincoln St.Paving Dist. No. 1. Bond No.34.
.
Market St. Paving Dist. No. 2, Bonds Nos. 35 to 57, inclusive
Welton St. Paving Dist. No. 1, Bond No.45.
West Denver Paving Dist. No. 1, Bonds Nos. 26 and 27.
PARK BONDS.
Highland Park.Dist.,Bond No.300.
SIDEWALK BONDS.
Park Hill Heights Sidewalk Dist., Bond No. 2.
CURBING BONDS.
South Side Curbing Dist. No. 2, Bond No. 38.
South Side Curbing Dist. No.3,Bonds Nos.95 and 96.
SURFACING BONDS.
161
Surfacing Dist, No.4,Bond No. 16.
Raleigh Township, Wake County, No. Caro.—School
Bonds Declared Invalid.—An issue of $50,000 school bonds
has been declared invalid by the State Supreme Court because it did not receive the approval of a majority of the qualiof
fied voters registered, although it did receive aasmajority in
Frankfort-on-Main.--Bonds Drawn for Paymenoft.—On
printed
the votes cast. The syllabus of the opinion,:
22 certain bonds of Series 1 of the 33/s% Loan 1901
April
as
is
follows
the Raleigh "News and ObsErve
for payment Sept. 1 1914 at the City Treasury in
drawn
were
o
if
majority
issued
be
should
bonds
New
1. Legislature 1913 provided thatpurpose
in favor of bonds. Ma- Frankfort-on-Main or at the office of Speyer & Co. in
were
the
for
election
special
at
votes cast
bonds but not a majority of the qual
ge of the day. The numbers
of
rate
exchan
the
at
City
York
jority of votes were cast in favor of Art.
g
bonds
no
providin
7,
Sec.
VII.
sement on
Wed voters registered. Held, that
expenses thereof, unless by a vote of the bonds called for are given in an adverti
shall be issued, "except for the necessarytherein," means a majority of all
cle."
week's
"Chroni
last
of
xiii
page
of the majority of the qualifiedinvoters
the
proposed
a given district, &c., and
persons duly qualified to vote
ion unless it is to be conOuray County (P. 0. Ouray), Colo.—Bond Call.—Paybond issue would be in violation of the constitut
er's office
sidered a "necessary expense."
y held that schools and ment will be made May 1 at the County Treasur
uniforml
has
Court
Supreme
the
that
Held,
2.
not be properly considered a of the following bonds:
the erection of new school buildings may
availalawfully
revenues
current
necessary "municipal" expense. Out ofjudgmen
t dictates, but under this
ble. the authorities may build as their
incur indebtedness except by majority
provision of the constitution cannot
.
vote of all qualified voters in the district. Reversed
Dated
Funding bonds Series "A". Nos. 26 to 30,!incl. each for $1,000.
May 1 1901.
Dated
Refunding bonds Series "A" Nos. 29 and 30 eachlfor $1,000.
May 1 1901.
Boston
Revere, Mass.—City Loses Water Suit.—The
Pitkin County (P. 0. Aspen), Colo.—Bond Call.—Pay"Herald" of May 26 says:
Treasurer on May 22
its purchase of the ment will be made at the office of the
rescind
to
Revere
of
town,
the
by
"A,"
The suit brought
y for $360.000, originally brought in of bonds Nos. 9, 10, 11, 12, 13, 14 and 15, Series
plant of the Revere Water Compan
handed
Court
1 1901; bonds Nos. 9, 10,
the full bench of the Supreme
1904. was lost yesterday, when
the re- denom. $1,000, and dated May
upheld
which
justice
single
a
of
ruling
a
down a decision affirming
11, 12, 13, 14 and 15, Series "B," denom. $500, dated May 1
port of a master dismissing the action.
director and superintendent 1901, and bonds Nos. 9, 10, 11, 12, 13, 14 and 15, Series
,
Burnham
S.
Albert
that
charged
town
The
town
had himself elected moderator of the
May 1 1901.
of the water company in 1904,
selection of the members of the com- "C," denom. $100, and dated
meeting, and as such had the practical
The town maintained
plant.
the
of
sale
the
for
arrange
to
otice is hereby given that
mittee chosen
Call.—N
claimsale,
ond
the
Pa.—B
by
urgh,
$200,000
Pittsb
to
$150.000
of
that it had been defrauded out reported to the committee in charge of the
to exercise its option to redeem on June 1
elected
has
this
city
ing that the property had been
it really was.
sale as of much greater value than
$151,100 of the Pittsburgh Debt Loan 1914 4% bonds due
of the full bench, says:
Judge Sheldon, who wrote the opinion
face. It was in accordance with
its
upon
void
not
June 1 1914.
was
t
agreemen
any
"The
made under
ed by the town. It was not
er
the statutes. It was authoriz
of the bonds to be issued thereundfor
Russellville Special School District (P. 0. tRussell
mutual mistake. That the amount
purpose
the
of
be
will
because
Paymen
material
Call.—
not
is
limit
ond
y
Ark.—B
,
statutor
County
the
of
ville), Pope
was in excess
of Russellville of
which they were issued.
shed by the town. It was an agree- made on July 1 at the office of the Bank
"This was not a purchase accompli
sale and purchase. The property $22,000 6% bonds, Nos. 1 to 22, incl., of $1,000 each,
nt
subseque
a
by
effect
into
ment carried
of the vote, but on the consummation
did not pass to the town on the passage
dated July 1 1907, which said bonds are subject to call at
of the transaction."
set aside the stipulation as to the any interest-paying period by giving thirty days' notice.
now
cannot
plaintiff
The Court says the
price.
will be redeemed also at the office of Speer & Dow
n.—A vote will be taken of Bonds
or at the First National Bank of said city if
Smith
Fort
Sandusky, Ohio.—Charter Electio
or rejection of a new the holders desire.
July 28, it is stated, on the ratification
the advertisements
The official notice of this bond call will be found among
city charter.
The elsewhere in this Department.
ries.—
New
Indust
Finance
to
an
Pa.—Pl
Scranton,
Salt Lake City, Utah.—Bond Call.—Payment will be
now in the midst of a unique
Scranton Board of Trade is million
n made on May 1 at the First Nat. Bank, New York, of the
help
Scranto
to
dollars
aof
raising
campaign for the
in that it is not a contribu- $797,000 5% 20-year bonds dated May 1 1894, with interest
factories. The plan is unique investo
r receiving stock in a from Nov. 1 1913 to May 1 1914.
each
ent,
investm
tion but an
ies. Five hundred
industr
new
finance
will
company which
ting the scheme.
prosecu
work
at
y
activel
are
men in teams
Bond Proposals and Negotiations this week
30.
May
closes
gn
The campai
been as follows:
have
OFFERING.—Proposals will be
ADA, Hardin County, °Mo.—BOND
Detrick, Village Clerk, for $2,200
received until 12 m. June 19 by Frank
Denom. (1) $400, (9) $200.
5% Montford St. improvement bonds.
1916
and $200 yearly on Oct. 1 from
ah), Ga.—Bond Call.— Int. A.& 0. Due $400 Oct. 1 1915
bid for, payable to Village
bonds
Chatham County (P. 0. Savann
of
1924 incl. Certified check for 5%
office of the County to
and paid for within 10 days from
delivered
be
to
Bonds
.
Payment will be made on July 1 at18the
required
for $1,000 each, Clerk,
r to pay accrued interest.
Treasurer of bonds numbered 5,7, and 19,each, of an issue time of award. Purchase
Ind.—BOND SALE.—On May 23
ADAMS COUNTY (P. 0. Decatur),
-improvement bonds (V. 98,
and of bonds numbered 63 and 67, for $500
% 534-year (average) road
the
$7,120
Bank of Decatur for $7,166 92
of county court-house bonds.
. 1550) were awarded to First National
were:
bids
Other
t
Paymen will be (100.658) and interest.
$7.165 95
Colorado Springs, Colo.—Bond Call.—
Old Adams County Bank, Decatur
7.165 00
N. Y., or at the City Breed,
Elliott & Harrison, Indianapolis
7.163 50
made at the Chemical National Bank,
lis
ement
and
Improv
Paving
Miller & Co., Indianapo
two
of
7,163
00
15
May
on
office
Treasurer's
F. Wild & Co., Indianapolis
$1,000 each, J.
7,158 65
of
107,
and
Indianapolis
106
Nos.
Bank,
bonds
National
1
American
No.
t
FletcherDistric
Decatur
County,
Adams),
ADAMS SCHOOL TOWNSHIP (P. 0.
s will be received
bearing 6% interest.
G.—Reports state that proposal
ng bonds are Ind.—BOND OFFERIN
Twp. Trustee,for $7,988 4 %
1 p. m.June 16 by Arthur Toothman.
Denver, Colo.—Bond Calls.—The followi
until
•
bonds.
use
30:
school-ho
April
15-yr.
called for payment on
(P. 0. Andover), Ashtabula
ANDOVER SCHOOL DISTRICT
Improvement Bands.
osals will be received until
No. 3, Bond No. 42.
County, Ohio.—BOND OFFERING.—Prop
of Education, for $5,000 5%
Cherry Creek Improvement DistrictNo.
Board
Clerk
77.
3, Bond No.
12 m. June 8 by J. E. Baker,
East Denver Improvement DistrictBond No. 2. Bond No. 53,
$500. Date March 1 1914. Int.
Denom.
1913.
4
Nov.
voted
bonds
District
n. Due $500 yearly on
Educatio
North Side Improvement
of
Board
12.
No.
r
Bond
Treasure
of
7,
M.& S. at office
North Side Improvement District No.
. Certified check for 5% of bonds
No. 1, Bond No. 21.
March 1 from 1915 to 1924, inclusive
Ogden Street Improvement District
Board of Education, required. Bonds
22.
and
21
Nos.
r
Bonds
Treasure
1,
the
No.
to
payable
District
for,
bid
from date of award.
Sherman Street Improvement
1, Bond No. 143.
to be delivered and paid for within 10 days
West Denver Improvement District No.
ON ON WATER BONDS.—It is
ANTIGO, Wis.—SPECIAL ELECTI
Paving Bonds.
16 to ratify the action of
June
held
be
will
reported that a special election
Alley Paving District No. 12, Bond No. 20.
the purchase of the plant of the
the old council in bonding the city for
31:
t
May
year ago and was carried
a
on
paymen
voted
for
was
caned
are
question
bonds
The
Antigo Water Co.
The following
the special election is that.the word "all"
by a big majority. The cause foragreemen
STORM SEWER BONDS.
t.
8.
&
7
the
of
Nos.
Bonds
out
left
1,
been
No.
st.
have
should
Sewer.Di
Sub.Dist. No.4,Capitol Hill Storm
BOND OFFERING.—ProANTWERP, Paulding County, Ohio.—
SANITARY SEWER BONDS.
T. C. Banks, VII. Clerk, for
Dist. No. 1, Bond No. 31.
posals will be received until 12 m. June 23 by
Denom.
Sub. Dist. No. 5, East Side Sanitary Sewer
(80) $500, (10)3300.
bonds.
17.
Bond
Sanitary Sower Dist.,
;43,000 5% coup. Main St. Impt.
$4,300 yearly on June 1 from 1915
Sub. Dist. No. 10. West and South SideNo.
Date June 11914. Int. J. & D. Duebank
8. Bond No. 28.
of
Ohio
for
Highlands Special Sanitary Sewer,Dist.
$2,000, payable to
solvent
a
on
check
Cert.
to 1924 incl.
days
IMPROVEMENT BONDS.
Vii. Treas., required. Bonds to be delivered and paid for within 20
No. 6.
pay accrued int. All blanks for said
to
r
Purchase
Capitol Hill Improvement Dist. No. 7, Bond
of
award.
from
time
and 44.
bidder.
l
successfu
the
by
Cherry Creek Impt. Dist. No.3,Bonds Nos.43
bonds to be furnished
79.
East Denver Impt. Dist. No.3.Bonds Nos.78 and
Pa.—BONDS OFFERED BY
to 72, inclusive.
ARCHBALD, Lackawanna County,
East Denver Impt. Dist. No.5, Bonds Nos. 69
phia are offering
.—Newburger, Henderson & Loeb of Philadel
BANKERS
15.
6,
No.
Bond
No.
Dist.
Impt.
Denver
East
school bonds. Date June 1 1914.
tax-free
coup.
%,
4
to
$60,000
investors
6.
No.
Bond
3,
to 1944 incl.
1919
East Side Impt. Dist. No.
on
1
from
June
5years
every
D.
Due
J.
&
$10,000
Int.
may
East Side Impt. Dist. No. 4, Bond No. 7.
Bonded debt, this issue. Assessed val., $5,943,811. These bonds
Evans Impt. Dist., Bond No. 83.
.
to
as
principal
d
55.
be
and
registere
54
Nos.
North Side Imnt. Dist. No. 2. Bonds
Bond Calls and Redemptions.
MAY 30 1914.]
THE CHRONICLE
1707
ASHLAND CITY SCHOOL DISTRICT (P.
0. Ashland), Ashland
County, Ohio.-BOND SALE.-On
BUFFALO, Iowa.-BONDS VOTED.-A propositi
May 27 the $100,000 5% 1831,-year electric-light
on to issue $4,000
(average) coupon school bonds (V. 98,
-system bonds carried, it is stated, by a vote
1474) were awarded to Stacy & an election held
of 34 to 27 at
Braun of Toledo at 104.04 and interest.p.Other
May 18.
Field, Richards & Co.. Cin_$104,470 Tillotson bids were:
BUFFALO, N. Y.-BOND OFFERING.
& Wolcott Co.,
-Proposals will be received until
Otis & Co., Cleveland
12
103.700 • Cleveland
m.
Juno
9
by
John
F.
Cochrane, City Comp.,for $300.000 30-year river$102,740 00 impt.,
R. L. Dollings Co., Hamil'n 103,500 First Nat. Bank,
$400.000 50-year water. $250,000
Cleve
101,426 60 water-refunding
5-year water, $84,500 25-year
ASHLAND COUNTY (P. 0. Ashland), Ohio.
and $75,000 1-10-year (ser.) Buffalo
-BOND SALE.-On refunding registered
& Jamestown RR.
May 22 the $50.000 5% coup. emergency bridge
non-taxable bonds. Date June 15 1914.
bonds,
fourth
Int. J. & D.
issue
(V.
at the City Comptroller's office or at the
98, p. 1405), were awarded to Tillotson & Wolcott Co
of Cleveland at
purchaser may elect. An unconditional Hanover Nat. Bank, N. Y.. as
102.517 and int.
certified check on an incorporated
bank
or
trust
company
for 2% of bonds bid for, payable to the City CompASHTABULA COUNTY (P. 0. Jefferson), Ohio.
-BOND SALE.
- troller, required. Bids must be
On May 25 the three issues of 5.% road-impt. bonds
onal. The favorable opinion of
(V. 98, p. 1474) were Caldwell, Masslich & Reed of N.unconditi
awarded to Otis & Co. of Cleveland as follows:
Y., certifying as to the legality of these
Issues,
will
be
furnished the purchaser.
$55,700 00 6-year (aver.) Dorset Road No. 1 bond for
$56,940 (102.22)
BURLINGAME SCHOOL DISTRIC
and interest.
T, San Mateo County, Cal.
BOND SALE.-The $26,000 5%
24,000 00 6-year (aver.) Windsor Road No. 4 bonds for $24,540
bonds (V. 98, p. 1405) were awarded (102.25) May 18, it is stated, to
on
and interest.
Byrne & McDonnell for $26,140
-equal to 100.538.
30,322 23 534-year (aver.) Niles-Ashtabula Road (assess.) bonds
BURLINGTON COUNTY(P.O. Mount
for -On
Holly), N. J.-BOND SALE.
$30,908 23 (101.99) and interest.
May 27 the $14.500 434% 20-year bridge
bonds were awarded $10,000
Other bids were:
to R. M.Grant & Co.of N. Y.and
$4,500 local parties. The price
paid
$55,700 $24,000 $30,322 23 was $14.572 50. equal to 100.5. Denom.to
$500. Int. J & D.
Issue.
Issue.
BURNHAM SCHOOL DISTRICT (P.O.
Issue.
BiddersBurnham), Mifflin County,
Premium. Premium. Premium. Pa.-BONDS VOTED.
-By
a vote of
Hayden, Miller & Co., Cleveland
to 16, the proposition to issue
$1,180 00
$52000
$55600 $8,000 high-school bonds carried at the 113
Ohio National Bank, Columbus
election held May 19.
1,13571
517 20
501 00
CALEXICO UNION HIGH SCHOOL
Tillotson & Wolcott Co.. Cleveland
1,119 57
496 80
DISTRIC
524
T, Imperial County,
57
Cal.-BOND
Stacy & Braun, Toledo
G.-Proposals will be received
1.072 72
469 08
474 80 Supervisors, itOFFERIN
by the Co. Bd. of
First National Bank, Cleveland
is stated, until 2 p.m. June 2,
904 60
406
for
90
the
424
57
school-ad
dition
Field, Richards & Co., Cincinnati
bonds recently voted (V. 98, p. 1551). $65,000 6% high775 00
363 00
346 00
Spitzer Rorick & Co., Toledo
CALIFO
658 00
RNIA.
-BOND OFFERING.-Proposals will be
284 00
336 25
All bids provided for payment of accrued interest.
received, it is
stated, by the State Treasurer at Sacramen
to until 2 p. m. June 16 for $3,ATHENS, Athens County, Ohio.-BOND SALE.
-On May 25 the 000,000 4% highway bonds.
$3,660 5% 6-year (aver.) coupon Grosvenor St. impt.
CARROLLTON SCHOOL DISTRICT
assess. bonds (V. 98
0. Carrollton), Carroll
p. 1405) were awarded, it is stated, to the City National
County, Ohio.-BOND SALE.-On May (P.
Bank of Colum
23 the $12,000 5% 234-year
bus for $3.663 60, equal to 101.
(aver.) school-building bonds (V. 98, p.
1551) were awarded, it is stated,
ATHENS, McMinn County, Tenn.-BOND
to
the
Cumming
s
Trust
Co.
of
Carrollto
n at par and the cost of printing bds
SALE.-The $30,000
5% 30-year funding and improvement bonds (V.
CARTHAGE HIGH SCHOOL DISTRICT NO.
98. p. 1259) were sold, it is
stated, for $30,025, equal to 100.083.
1 (P. 0. Carthage),
Jefferson County, N. Y.-BOND
OFFERIN
G.-Proposals will be reAUGLAIZE COUNTY (P. 0. Wapakon
ceived until 12 m. June 5 by A. Dion Carter. Pres.
eta), Ohio.-BOND SALE.- $8,500
Board of Education,for
On May 25 the $50 000 5% 73
school
bonds.
Denom.
(1) $1,500. (7) $1,000. Date Aug. 11914.
%-year (aver.) coupon bridge-constr. bonds Int.
V. 98 p. 1474) were awarded to
(rate to be named in bid) J. & J.
Otis & Co.of Cleveland at 102.90 and int. Bank,
at Nat. Exch. Bank or Carthage Nat.
Other bids were:
Carthage. Due $1,500 Jan. 1 1927
and $1.000 yearly on
Tillotson& Wolc.Co.,Cloy.$51,435 00 Hayden Miller
from 1928 to 1934 incl. Certified
1
check for 6% of bonds required. Jan.
& Co.,Clev.$51,210 00 to be delivered in
Ohio Nat. Bank, Columb.. 51,431 00 Seasongo
Carthage on Aug. 1. Official circular states that Bonds
Mayer,
&
od
Cin.
51,160
00
neither
Well Roth & Co., Cin____ 51,385 00 First Nat. Bk.,
this district nor the village has ever defaulted
Cloy
. Bonded debt $23,500.
51,160 00 Assessed valuation 1913.
Stacy & Braun. Toledo_ _ _ 51.346 70 Prov.Say.Bk.& Tr.Co.,Ci
$1,703,711.
n. 51,075 00
Field,Richards & Co., Cin. 51,325 00 First Nat. Bk., Wapak..
CASCADE COUNTY SCHOOL DISTRICT
51,000 00
NO. 8 (P. 0. Belt),
E.11.Rollins & Sons,Chic. 51,285 00 Spitzer, Rorick
Mont.
-BOND
SALE.-On May 16 the $4,000 6% 9-10-ye
& Co.,Tol 50,891 25
ar (opt.) coup.
tax-free building bonds (V. 98, p. 1551)
AURORA, St. Louis County Minn.-BOND ELECTION.-Report
were awarded to Wm.E. Sweet
s Co. of Denver at 100.25
&
state that an election will be held J
and
int.
Juno 9 to vote on the questions of issuing
$15,000 water and $20,000 light-impt. bonds.
CASS SCHOOL TOWNSHIP,La Porte County,
Ind.-BOND SALE.
-on May 25 the $31,230 5% 734-year
BAKERSFIELD SCHOOL DISTRICT, Kern County,
(aver.)
bonds (V. 98, p. 1405)
ELECTION.-A vote will be taken June 2, it is stated, on Cal.-BOND were awarded, it is stated, to J. F. Wild & Co.bldg.
of Indianapolis for $33,125,
the question of
issuing $46,000 bonds, of which $16,206 is to meet
a deficit and the re- equal to 106.067.
mainder to improve school buildings.
CENTER SCHOOL TOWNSHIP (P. 0. Knox),
Starke County, Ind.
BANNING UNION HIGH SCHOOL DISTRICT,
-BOND OFFERING.-Proposals will
be received until 12 m. June 13
Riverside County, by Geo. Rogers,
Cal.-BOND OFFERING.-Reports state that proposals
Twp. Trustee, for $4,500 4% school
will be received $500. Int. semi-ann
bonds. Denom.
until 11 a. m. Juno 3 by the Board of Supervisors for
.
Due
$500 yearly on July 1.
$25,000 6% bonds.
BARR TOWNSHIP SCHOOL DISTRI
CHAMPAIGN COUNTY SCHOOL DISTRICT
(P. 0. Montgom
NO.40, Ills.-BONDS
awarcl
ery),
y) OFFERED BY BANKER
Daviess County, Ind.-BOND SALE.-On CT
S.-The Mercantile Trust Co. of St.
21 the $13,000 4% offering to investors
Louis is
7 1-3-year (aver.) coup. tax-free bldg. bonds(VMay
the $14,000 5% coup. school bonds (V.
98, p. 1551) were
98, p. 1259)•
ed Denom.(10)$400 and (10)$1.0
to the Fletcher-American Nat.Bank of
00. Date
11914. Int. ann.on May 1
and interest.) Other bidders were: Indianapolis for $13,301 75(102.321 at First Trust & Savings Bank, Chicago, May
or through the above trust company. Due $1,400 yearly on May 1 from 1917
J. F. Wild & Co.,Ind'pls_$13,280 90 1 Breed, Elliott Harrison,
to 1926 incl. Total debt.
this issue. Assess. val. 1913. $292,796; actual
McCoy & Co., Chicago_ 13,218 001 Indianapolis&
(est.). $750,000.
$13,207 00
All bids include accrued interest.
CHARLESTON, W. Va.-VOTE.-We are advised
that the vote cast
BASTROP COUNTY (P. 0. Bastrop), Tex.
at
the
election
held May 18, which resulted in favor of the
-BOND ELEC7ION
question of
PROPOSED.-The Commissioners' Court has
been petitioned to call an ing the $465,000 5% street, alleys and levee-improvement bonds (V. issuelection to vote on the question of issuing $50,000
98. p•
1630)
was
2,380
to
719.
Due
in
from 2 to 10 years.
road and bridge bonds.
BAY CITY, Bay County, Mich.-BOND OFFERING.-Proposa
CINCINNATI, Ohio.-BOND OFFERING.-Proposa
ls will until
ls will be received
be received until 3 p. m. Juno 1 by E. E. Prohazka
12
m.
Juno
2/5 by Wm.Leimann, City Aud., for the following
, City Comptroller, for 20-year
4%%
$20,000 4% tax-free local improvement bonds. Denom.
bonds:
Juno 1 1914. Interest payable in New York. Due $10,000$1,000. Date $80,000 street-impt. (city's portion) bonds.
Date Jan. 2 1914.
Juno 1 1917, 604,000 water$6,000 June 1 1919 and $4,000 June 1 1922. Certified
check for 2% of 1)enom. $500. works bonds. Date Apr. 10 1914.
bonds bid for, payable to City Comptroller, required.
Int. semi-ann. Cert. check for 5% of bonds
bid for, payable to City Aud., required. Purchaser
BEATRICE, Gage County, Neb.-VOTE.-We are advised
to pay accrued int. Bids must be
vote cast at the election held May 21, which resulted in favor of the that the made on forms furnished by the City Aud.
issuance
of the $38,000 Paving Dist. No. 12 and $12,000 Paving
BOND
ELECTIO
N.
-An election will be held July 14,
Dist. No. 13 bonds
it is stated, to
(V. 98, p. 1630) was 545 to 264 and 528 and 266, respectiv
vote on the questions of issuing bonds aggregati
ely.
ng $1,037,750 for municipal
improvements.
BEAUMONT, Tex.-BONDS VOTED.-The election
held
May
18
resulted in favor of the proposition to issue $175,000 wharf
CLARENDON, Monroe County, Ark.-BOND
and dock bonds.
SALE.-On May 20
the $35,000 Water-Works
BENICIA SCHOOL DISTRICT, Solano
ment Dist. No. 1 and $21,000
Cal.-BONDS Improvement Dist. No. 1-Improve
SewerVOTED.-The election held May 19 resulted in County,
6% 20-year (ser.) bonds (V.
favor a the question of awarded to
98, p. 1552) were
Wm. R. Compton Co.of St. Louis at par.
issuing the $18,000 5% school-improvement bonds (V. 98, p.
Date
June
1551).
15
1914.
The
Denom.
$500. Int. J. & D.
vote was 435 to 149. The bonds will be offered for sale during
June or
July.
CLARK COUNTY SCHOOL DISTRICT NO.
16,
Kans.BOND
OFFERING -Proposals will be received until 3 p. m.
BENTON COUNTY (P. 0. Fowler), Ind.-BOND OFFERIN
G- Crouch
Proposals will be received until 1 p. m.June 9 by Wm.
0. Mineola) for $19,200 5% 15-year goldJune 1 by Frank
H. Cheadle, County bonds. (P.
building
Treasurer, for $9,360 434% Andrew Gick road-improveme
Denom. $500 and $200. Date July 1 1914. coupon
nt bonds.
Int. J. & J. at
office of State Treas. Cert. check
$250, payable to Frank Crouch,
BESSEMER, Jefferson County, Ala.-BONDS VOTED.-The
required. Bonded debt (incl. this for
quesissue) $20,700. No floating debt.
tion of issuing $30,000 5% 30-year school bonds carried, it is stated,
at the Assessed value 1913 $854.546.
election hold May 11 by a vote of 489 to 62.
CLA1KSVILLE, Montgomery County, Tenn.-BOND
BEVERLY, Essex County, Mass.-LOAN OFFERING.-Proposa
SALE.-It is
ls reporte11 that $15,000 school bonds were sold to Mayer, Deppe
will be received, reports state, until 5 p. m. June 4 by the City
& Walter
Treasurer of Cincinnati at 101.90.
for a temporary loan of $100,000, dated June 8 and due Dec.
15.
CLAY SCHOOL DISTRICT (Pennsboro), W.
BINGHAMTON, Broome County, N. Y.-B9NDS
Va.-BONDS VOTED.
-This
VOTED.
district
an
at
-The
election held May 15 authorized the
question of issuing $60,000 fire-department bonds carried at the
of $30,election 000 high-school-bldg. bonds. The vote is reported as 476issuance
hold May 22 by a vote of 633 to 254.
to 258.
COLLINGSDALE (P. 0. Darby), Delawar
BOISE CITY, Ada County, Idaho.-BOND OFFERING.
e
County,
Pa.
-BOND
-Proposals SALE.-II arris, Forbes & Co. of N. Y. were recently awarded
will be received until 12 m. June 9 by Nancy E. Robertson, City
Clerk, for $20,000 434% tax-free highway and funding bonds at 101.582.an issue of
the following coupon assessment bonds at not exceeding
Denom.
7% interest, $1,000. Int. M.& N. Due $1.000 yearly on May 1 from
authorized on May 5 (V. 98, p. 1630):
1924 to 1943 incl.
COLLINGSVILLE, Rogers County, Okla.
$5,748 40 local sidewalk and curb improvement district No.
-BIDS.
-The
35
following
bonds.
bids were received for the $4,0006% -year
Denom. (10) $500. (10) $7484.
city-hall-ext.-and improvement
bonds offered on May 25 (V. 98, p.25
52,330 00 local paving improvement district No. 20 bnods.
1182):
Denom. First Nat. Bank, Barnesvil
le, Ohio., $4.062 and interest.
(100) 3500, (10) $233.
John Nuyeen & Co.. Chicago. $4 051.50 and interest.
Date May 1 1914. Int. M. & N. at the office of City Treasurer
or at
Awards on the bonds will be made May 27!
Chase Nat. Bank, N. Y. City. Duo one-tenth of each issue
yearly, beginning May 1 1915. An unconditional cert. check for $1,000,
COLORADO.-BOND
G.-Proposals will be received until
"Boise City," required. Bonds to be delivered and paid forpayable to June 15 by M. A. Leddy,OFFERIN
State Treasurer (P. 0. Denver), for
within 5
days from time of award.
$700,000
4% 20-30-year (opt.) gold insurrection bonds.
These bonds will never be
subject to taxation in this State.
BOSTON, Mass.-TEMPORARY LOAN.-Nowspaper
that City Treasurer Slattery has borrowed $2,000,000 in dispatches state
COMPTO
N,
Los
Angeles
County,
anticipat
Calif.-BOND SALE.-On May 19
ion of
taxes at 2.927, and 3%. The notes mature early in November.
$10,000 536% 1034-year (aver.) park bonds
This, it is the
of 1914 (V. 98, p. 1552)
stated, is the first temporary borrowing by the
were awarded to Wm. R. Staats & Co. of Los
City of Boston this year.
Angeles at 100.675 and int.
BRATENAHL SCHOOL DISTRICT (P. 0. Clevelan
The State Board of Control bid par.
County, Ohio.-BONDS VOTED.-The proposition to d), Cuyahoga
C 3NNELLSVILLE, Fayette County, Pa.-BONDS
VOTED.-This
school-impt. bonds carried, it is stated, at an election hold issue $20,000 city has authorized the
issuance of $100.000 funding bonds.
May 20.
The vote
was 840 to 359.1
BREMEN, Fairfield County, Ohio.-BOND OFFERING.
-Proposals
will be received until 12 m. Juno 8 by E. A. liufford, Village Clerk,
COWLIT
COUNTY
Z
DIKING SCHOOL DISTRICT NO. 1,
for the -BOND
following 5% (village's portion) impt. coup. taxable bonds:
Wash.
OFFERING.-Reports state that
will be received until
$8,000 street-pavement bonds. Denom. $400. Due $400 yearly
1 at the office of B. L. Hubbell, Ely -proposals
from 2 Juno
Bldg., Kelso, for $50,000 7%
to 21 years, inclusive.
bonds.
500 Strayer Ave. sower bonds. Denom. $100. Duo $100 yearly
CRANBERRY TOWNSHIP (P.
from
New Washington), Crawford
1 to 5 years incl.
County, Ohio.-BOND SALE.-On 0.
May 25 $15,000 5% pike road-impt.
Date May 11914. Int. M. & N. at office of Village Clerk. Certified bonds were
awarded to the Farmers' Exchange
check for 2% of bonds, payable to Village Treasurer, required.
Bank of New Washington
for
$15,250
Bonds
-equal
to
to 101.666. Other bids were:
be delivered and paid for within 10 days from time of award. Purchase
r Otis & Co., Cleveland_ __*$15,265 00 Stacy & Braun. Toledo_
to pay accrued interest. Bonded debt (incl. these issues), $50,463;
_ _$15,176 64
Geo.
and
Michael
floatUhl.
Sea.songood & Mayer,Cin.
ing debt, $22,500. Assess. val. 1913, $1,477,000.
Now Washington
15,225 00 Spitzer, Rorick & Co., 15,176 00
BRISTOL COUNTY, Mass.-TEMPORARY LOAN.-On
First Nat. B
Bank, Cleve_ 15,180 60
May
26
Toledo
the
$150,000 loan duo Oct. 27 1914 (V. 98. p. 1630) was negotiate
15,026 00
d with by*This bid appears to be-higher than that of the purchaser's,but is so given
Curtis & Sanger of Boston at 3.09% discount.
the Township Clerk. Denom.$500. Date May
11914. Int. M.& S.
Due $1,500 March 1 and $500 Sept. 1 1925,
BROCKTON, Mass.-TEMPORARY LOAN.-A loan of
$500 each six
$200,000 duo March 1 1926 to Sept 1 1928
from
Nov. 20 1914, has been negotiated, it is stated, with Bond
incl., $1,000 March 1 and months
& Goodwin $1,000 March 1 and $2,000
1 1929,
of Boston at 3.15% discount.
Sept 1 1930, $2,000 March 1Sept
and Sept 1
1931 and $1,000 March 1 1932,
1708
THE CHRONICLE
[VOL.
xcvm.
Men
(ser.) building-improvement bonds (V. 98, p. 1475) were awarded to
CUMBERLAND, Cass County,Iowa.-BOND ELECTION PROPOSED
were:
in the near & Co. of Chicago at 102.66. Other bidsM.
20,314
Chicago...3
Co.,
&
-Local newspaper dispatches state that an election will be held
Grant
R.
Chic_
&
_320,526
Sons,
E. H. Rollins
20,261
future to vote on the question of issuing $5,000 water-impt. bonds.
Bond Co., Chicago 20,457 McCoy & Co., Chicago
D SALE.-On Hanchett
Second Ward Say. Bank,
Bolger, Mosser & Willaman,
CUMBERLAND, Cumberland County, Md.-BON(V.
20,250
p.
1552)
98,
bonds
.
funding
Milwaukee
water-impt
20,422
Chicago
May 25 the $60,000 434% coup.
Chicago 20,153
were awarded to the Citizens' Nat. Bank of Frostburg, Md., at 100.60 Kissel, Kinnicutt & Co., Chi_ 20,420 Yard, Otis & Taylor,
20,141
Chicago
&
Co.,
N.
W.
Halsey
Chi_
20,355
Sons
&
Co.,
Speer
were:
bids
0.
II.
Other
and bat.
97.25 Alberton, Green & King
20,352 John Nuveen & CO., Chica o 20,118
Owen Daly & Co., Baltimore.100.42 I Second Nat. Bank, Cumberl'd_
First Trust & Savings Bank,
Continental & Commercial
Nelson,Cook & Co:, Balti're.100.398 I
20,045
Chicago
20,328
Trust & Say. Bank,Chic
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-BOND SALE.
Denom. $100. Date June 1 1914. Interest F. & A.
public-building bonds
On May 23 the $25,000 5% 8 5-6-year (aver.) coup. E.
of
-Reports
Co.
&
.
PROPOSED
Denisob
Minn.
-BONDS
County,
0.
Louis
to
EVELETH, St.
(V. 98, p. 1406) were awarded, it is stated,
state that this place is contemplating the issuance of $200,000 paving and
Cleveland at 103.466.
.-Proposals various improvement bonds.
DANVILLE, Knox County, Ohio.-BOND OFFERING
Village Clerk, for
EXIRA SCHOOL DISTRICT (P. 0. Exira), Audubon County,Iowa.
will be received until 12 in. June 22 by J. Clifford Hall,
Int. ann. Due $500 -BOND OFFERING.-This district is offering for sale tho $10,000 5% 10
$5,000 5%% street-paving bonds. Denom. $500.check
for 10% of bonds year school-building bonds voted May 1 (V. 98, p. 1475). Denom. and
yearly on June 1 from 1915 to 1924 incl. Certified
and
to suit purchaser. Int. semi-ann. T. M. Rasmussen is Secretary
bid for, payable to Village Treasurer, required. Bonds to be delivered
accrued int. date
of Board of Education.
paid for within 10 days from time of award. Purchaser to pay
bids
of
$6,000
issue
-An
SALE.
-BOND
Ore.
FINDLAY, Hancock County, Ohio.-BONDS NOT SOLD.-No
DAYTON, Yamhill County,
awarded to the Lumbermen's'Trust were received, it is stated, for the following 5% bonds offered on May 14:
6% 10-20-year (opt.) water bonds wasDenom.
$500. Date May 15 1914. $1,276 West Pearl St. sewer bonds. Denom. (5) 3200, (1) $276. Date
Co. of Portland at par on May 13.
May 1 1914. Due $276 May 1 1915 and $200 May 1 1917, 1919,
Interest M.& N.
SCHOOL DISTRICT
1921, 1923 and 1924.
DECATUR TOWNSHIP INDEPENDENT
$320,(4) $250. Date Apr. 1
25
-On
May
SALE.
-BOND
Davis St. sewer bonds. Denom. (1)$250
Iowa.
1,320
Apr. 1 1916, 1917, 1918
(P. 0. Decatur), Decatur County,
9.ue $320 Apr. 1 1915 and
.91D
d41
to Geo. M. Bechtel & Co.
n1
19
' a
the $15,000 5% building bonds were awarded
Date June 1 1914. Int. J. & D.
will be sold to private
of Davenport at par. Denom. $500.yearly.
bonds
The
office.
Treas.
City
the
at
ann.
Int.
Due June 1 1924, subject to call part
parties.
Cass
America),
Young
(P.O.
P
OFFERING.
DEER CREEK SCHOOL TOWNSHI
bonds
FRANKLIN COUNTY (P. 0. Brookville), Ind.-BOND road-impt
County,Ind.-BOND SALE.-On May 5the $22,000 5% building
for $23,125. -Proposals will be received, it is stated, for $10,940 434%
(V.98,0.1335) were awarded to Miller & Co. of Indianapolis
Treasurer.
County
is
J.
Geis
F.
bonds.
28 report-The fol
DETROIT, Mich.-BOND SALE.-Local papers dated May
FRANKLIN COUNTY (P. 0. Columbus), Ohio.-BIDS.
and public-building bonds to
aggro
ed the sale of'$317,500 4% school, sewer
lowing are the other bids received for the three issues of 5% bonds,
Cleveland
of
the First & Old Detroit National Bank at par and accrued interest.
Co.
Hayden, Miller &
- gating 363,000, awarded on May 21 top.
County, Idaho.
98
(V.
DIETRICH HIGHWAY DISTRICT, Lincoln erican
to
101.553
1631):
-equal
for
$63,979
Trust Co. of
Roth & Co., CInc_ _363,645 00
BONDS OFFERED BY BANKERS.-The German-Am
Denom. Breed, Elliott & Harrison,$63,907 60 Weil,
Provident Savings Bank &
Denver is offering to investors $50,0006% road and bridge bonds.
Cincinnati
Bank of Commerce,
Trust
Co., Cincinnati__ 63,573 30
15
63,822
$1,000. Date Jan. 1 1914. Int. J. & J. at Nat.
Columb_
Bank,
Nat.
Ohio
Citizens Trust & Savings
N. Y. Due $5,000 yearly on Jan. 1 from 1925 to 1934 incl. Total debt, Tillotson & Wolcott Co.,
63,451 00
Bank, Columbus
63.773 00
this issue. Assessed valuation 1913. 31.435,237.
Cleveland
63.733 00
Otis & Co., Cleveland_ _
DILLSBURG SCHOOL DISTRICT (P. 0. Dillsburg), York County,
rebonds
Tex.-BONDS DEFEATED
Pa.-DESCRIPTION OF BONDS.-The 318,000 4% building
FREESTONE COUNTY (P.O. Fairfield),
the following
the question of issuing the $150,000 Teague Road
cently sold at par to local investors (V. 98, p. 1631) are in of
$500 each. -According to reports,
failed to carry at the election held May 20.
denominations: 30 of $100 each, 20 of $250 each and 20
1406)
p.
98.
(V.
bonds
District
Date June 1 1914. Int. J,& D. Due 1944, subject to call after 6 months.
-RESULT 'OF BOND ELECFULLERTON, Orange County, Cal.
DOVER SCHOOL DISTRICT (P. 0. Dover), Cuyahoga County,
state that the question of Issuing $5,000 fire-equip.-impt.
issuing $19,000 school TION.-Reports
while the proposition to issue
16,
May
held
election
Ohio.-BONDS DEFEATED.-The question ofby
the
at
a vote of 36 "for" to bonds carried bonds was defeated.
bonds failed to carry at the election held May 5
$50,000 road
, Ind.-BOND SALE.-On
179 "against.
Rochester)
FULTON COUNTY (P. 0.
Dover), Tuscarawas
DOVER CITY SCHOOL DISTRICT (P. 0. New
%-year (aver.) Daniel Young et al. highway% 55
two issues or 5% building May 23 the $5,360 4341553)
Breed, Elliott & Harrison of
to
awarded
were
County, Ohio.-BOND SALE.-On May 28 the
impt. bonds (V. 98, p.
bonds, aggregating $145,000 (V. 98, p. 1552), were awarded to Weil, Roth Indianapolis for $5,395 (100.652) and int. The Indiana Bank & Trust
& Co. of Cincinnati for $150,306 (103.728) and interest.
Co. of Rochester bid $5,387.85.
ua,
SALE.-On May 22 the
DUNKIRK SCHOOL DIST.RICT (P. 0. Dunkirk), Chautauq
GALLIPOLIS, Gallia County, Ohio.-BOND
to vote on the ques(V.98.p. 1553) were awarded,
County, N. Y.-BOND ELECTION.-The election
$20,000 5% 7-year (aver.) street-impt. bonds
1
held
July
be
will
1552)
p.
98,
(V.
102.625.
at
bonds
bldg.
Columbus
tion of issuing the $50,000
reports state, to the Ohio Nat. Bank of
-BOND SALE.-On
It is stated.
SVILLE, Portage County, Ohio.
GARRETT
-BOND
La.
Rouge),'
(village's portion)
impt.
O.'
(P.
Baton'
St.
EAST BATON ROUGE'PARISH
May 25 the $4,350 5% 8 1-6-yr. (aver.) SouthFirst
Nat. Bank of GarrettsOFFERING.-Proposals will be received until June'25 by Joseph Gebian bonds (V. 98, p. 1475) were awarded to the
bids.
other
no
were
There
2 road ville for $4,356 (100.137) and int.
President of the Police Jury, for the $186,000 5% Road Dist. No.
County, Ill.GENEVA SCHOOL DISTRICT (P. 0. Geneva), Kane
construction bonds, series "B," voted April 11. Denom. $1,000. Int.
it is reported,
Board,
N. Y. BOND ISSUE ORDERED.-On May 12 the School for school purposes.
F. & A. at the office of the Parish Treas. or at the Nat. City Bank,
of $18.000
a
issue
bond
ordering
a
resolution
adopted
$5,000
for
check
Cert.
1
1941.
Feb.
to
1915
1
from
Feb.
PAID FOR
serially
Due
GIBSON COUNTY (P. 0. Princeton), Ind.-PRICE
%5
required. Purchaser or purchasers of bonds may designate the depository BONDS.-We are advised that the price paid for the $35,000
awarded to
g.
bonds
safe-keepin
pt.
their
year (aver.) coup. Victor Lemme et al. highway-im
of funds, provided ample security be given for
was $35,555
1631)
p.
98,
advertise20
(V.
the
on
May
s
among
found
be
Indianapoli
will
of
Co.
offering
&
bond
Miller
this
of
The official notice
three other
(101.571) and int., and not as previously reported. There were
ments elsewhere in this Department.
(P. 0. Hood River), Hood bids received.
-BOND
Tenn.
1,
EAST FORK IRRIGATION DISTRICT
NO.
E
DISTRICT
GIBSON COUNTY DRAINAG
IN PART.-Of the $24,200
River County, Ore.-BONDS AWARDED
s will be received by W. W. Powers, Co. Judge
offered on May 19(V.98, p. 1475), $3,000 OFFERING.-Proposal
6%
bonds.
drainage
$105.000
of
6% 20-year irrigation-ext. bonds
issue
an
for
(P. 0. Trenton),
was awarded to the Butler Banking Co. and $4,200 to the First Nat. Bank
place
1
GILBERT, St. Louis County, Minn.-BONDS VOTED.-This
of Hood River, each bidding,90 and int. Denom. $1,000. Date July
of $40,000
at an election held May 18 voted 97 to 27 in favor of the issuance
1913. Int. J. & J.
reported.
is
ZED.
it
J.
bonds,
AUTHORI
-BONDS
N.
County,
EAST ORANGE, Essex
County, Cal.for the issuance of $43,000
GLENDALE SCHOOL DISTRICT, Los Angeles
An ordinance was passed on May 11 providing
and general bonds BONDS VOTED.-The election held May 18 resulted in favor of the ques434% 20-year coupon or registered Main Street paving
1406).
at
office
&
J.
J.
Int.
p.
1914.
1
98,
July
(V.
Date
tion of issuing $87,000 bonds
Series No. 5. Denom. $1,000.
LOAN.-A loan of 3100,000,
of City Treasurer.
GLOUCESTER, Mass.-TEMPORARY
(P. 0. Waynesburg), due May 3 1915, has been negotiated, it is stated, with Curtis & Sanger of
EAST WAYNESBURG SOH 30L DISTRICT
s will be received Boston at 3.28% discount.
.
-Proposal
OFFERING
-BOND
Pa.
County,
Greene
of School Board, for
, Mich.-BOND OFFERING.
until 8 p. in. June 11 by A. H. Sayers, Secretary
GOGEBIC COUNTY (P. 0. Bessemer)
bonds. Denom. $200. Int. semi-ann.
June 8 by John Luxmoro Jr., Co.
$8.800 5% coup. tax-free school
Proposals will be received until 3 p. m.e-imPt.
by
a
vote
required.
authorized
for
$200
bonds
check
Certified
court-hous
years.
26
Due within
Clerk, for the 365.000 434%
.-Proposals will of 1,379 to 1,285 at the election held April 6 (V. 98, p. 1553). Denom.
EATON, Preble County, Ohio.-BOND OFFERING
serialDalrymple, Village Clerk, for the $1,000. Date July 11914. Int. J.& J. at office of Co. Treas. Due Bonds
be received until 7 p. m. June 22 by Earl
check for $650 required.
ly from July 1 1915 to July 11927. Cert.
following 534% street-impt. (assess.) bonds.
(incl. this issue), $220,000. Assess.
six
months
debt
Due
each
$210
$210.
Present
Denom.
1.
bonds.
Oct.
Impt.
delivered
St.
be
Spring
to
$2,100
from March 1 1915 to Sept. 1 1919 incl.
val. 1913, 350,793,501.
Denom. $500. Due $500 each six
Caro.-BOND SALE.-On May
5,000 No. Maple St. Impt. bonds.
GOLDSBORO, Wayne County, No.-paving
incl.
1
to
1919
Sept.
bonds dated May 1 1913
1915
1
March
from
months
coup. street
5% of bonds bid 21 the $13.000 5% 40-year
Farington of Boston for $13,229 45
Geo.
gate June 1 1913. Int. J. & D. Certified check for be
to
awarded
were
1476)
po.
98,
(V.
delivered and
required. Bonds to
for, payable to Village Treasurer, of
were:
bids
Other
award. Purchaser to pay accrued (101.757) and int.
paid for within 10 days from time
Cleveland-313.107 and interest.
Tillotson & Wolcott
Interest. Bids must be unconditional.
Co.,& Trust Co., Cincinnati-$13,009 10 and interest.
Provident Savings Bank
12
0.
(P.
NO.
DISTRICT
DISTRICT (P. 0. Grafton),
SCHOOL
Navarre),
ECORSE TOWNSHIP
GRAFTON INDEPENDENT SCHOOL
be received
.-An election will be held
Wayne County' Mich.-BOND OFFERING.-Proposals will
Taylor County, W. Va.-BOND ELECTION
of
Secretary
Board
Bloecker,
Education,
C.
of issuing $11(),000 site,
Otto
by
9
June
question
m.
p.
7:30
until
state, to vote on the
Date June 1 1914. Int. J. & D. June 4, reports
bonds.
for $40,000 5% 15-year school bonds.
n
constructio
and
ass
purct
Certified check for $500. payable to Township Treasurer, required. PrintNo. Dak.-BONDS PROGRAND FORKS, Grand Forks County,
ing of bonds to be furnished by purchaser.
contemplating the issuance of
-BOND SALE.-On May 18 POSED.-Aceording to reports, this city is
EL PASO COUNTY (P. 0. El Paso), Tex.
and 330,000 10-30-year (opt.) $40,000 filtration-plant-refunding bonds.
the $360,000 10-40-year (opt.) court-house
OFFERING.-Proto the Commonwealth
GRANT COUNTY (P. 0. Marion), Ind.-BOND
poor-home 5% bonds (V. 98. p. 1631) were awarded
and accrued int. Purchaser posals will be received until 2 p. m.June 2 by Uz McMurtrie,County Trans.,
(100.156)
for
$390,610
Houston
of
Co.
Trust
bonds:
pt.
highway-bn
for the following 434%
also agrees to print bonds.
Miller at al highway-impt. bonds. Denom. $240. Date
ELSINORE SCHOOL DISTRICT, Calif.-BOND SALE.-Newspaper $4,800 Frank
Apr.7 1914.
bonds. Denom. $320. Date
reports state that an election .will be held June 5 to vote on the„question of
6.400 Frank J. Kiley et al highway-impt.
Issuing $8,800 bonds.
Apr. 7 1914.
has been-called for
bonds. Denom. $65. Date
pt.
highway-im
al
et
ENNIS, Tex.-BOND ELECTION.-An election issue
Barnes
F.
Lewis
1.300
of $197,000 for
June 23, it is stated, for the purpose of voting a bond
Mar.4 1914.
nt of public school bldgs.,
at al highway-impt. bonds. Denom.$360. Date
the following purposes: Erection and improveme
Ackerman
G.
B.
7,200
city hall, $17,000; purchase or
$80,000 paving streets, $35,000; erectingimproving
Apr.7 1914.
water-works system,
15
construction of sewer system, $30,000;
Int. AC & N. Due 1 bond of each issue each six months from May
$35,000.
1915 to Nov. 15 1924 incl.
ON.
May
,
-On
D'ELECTI
0.
Goldfield)
Nev.-BON
ESMERALDA COUNTY (P.
GRANTS PASS, Josephine County, Ore.-BOND SALE.
An election will be held June 3,it is stated, to vote on the,question of issuing 11 the $200.000 6% municipal-railroad bonds(V.98, p. 1473) were awarded
Date Jan. 11 1914.
$25,000 5-year road bonds.
to Keeler Bros. of Denver at par. Denom. 31.000. 1942
and 1943, and
ELECTION PRO- Int. J. & J. Due $15,000 1939, $25,000 1940, 1941,
ETOWAH COUNTY (P. 0. Gadsden), Ala.-BOND
an
calling
ing
eleccontemplat
is
county
this
that
state
$85,000 1944.
POSED.-Reports
bonds.
o County Cal.tion to vote on the question of issuing 3300.000 road
GRANITE SCHOOL DISTRICT, Sacrament
until
details
.-According to reports, proposals will be received
EUGENE, Lane County, Ore.-BOND OFFERING.-Further
10-year armory- BOND OFFERING
5% bonds.
$30,000
for
Supervisors
of
Board
the
by
2
June
are at hand relative to the offering on June 8 of the $25,000
m.
a.
11
be
will
bonds
received
for
these
Proposals
1552).
p.
98,
(V.
building bonds
ng), Seneca
Denom.
GREENSPRING SCHOOL DISTRICT (P. 0. Greenspri
until 7:30 p. m. on that day by R. S. Bryson, City Recorder.
(rate not to County, Ohio.-BONDS VOTED.-An election held May 20 resulted, it
$500 or $1,000, to suit purchaser. Date July 1 1914.ofInt.
bonds.
.
school-impt
Y.
in
N.
Oregon
$7,800
State
issuing
the
of
of
agency
favor
in
the
fiscal
1
at
Is
stated,
July
exceed 6%)ann.
-BOND SALE.
Cert. check for $500. payable to the City Recorder,required. Total bonded
GUERNSEY COUNTY (P. 0. Cambridge), Ohio.
$46,522 65.
(V. 98, 0. 1407) were
debt, including this issue, $1.185.430 44. Floating debt,
5% 334-year (ay.) road bonds
312.000,000. On May 25 the 38,000to
of Cincinnati at 101.2825.
Assess. val., equalized, 1913, $9.347.813; actual val., est.
Mayer
&
Seasongood
stated.
Is
it
awarded,
in
Its
obligations
Official circular states that the city has never defaulted
0. Guthrie
and that there is no controversy or litigation affecting the validity of these
GUTHRIE CENTRE SCHOOL DISTRICT (P. state that theCentre),
$35,000
bonds, pending or threatened.
Guthrie County, Iowa.-BOND SALE.-Reports
98, p. 1553) have been sold,to
(V.
1
May
voted
bonds
0.
),
-constr.
ti'(P.
Rock
Evansville
high-school
DISTRICT
SCHOOL
LLE
EVANSVI
Omaha.
of
Co.
Trust
the
5%
20
$20,000
4-13-year the United States
ounty, Wisc.-BOND.SALE.-On May
MAY 30 1914.1
THE CHRONICLE
HAMILTON COUNTY (P. 0. Noblesville), Ind.
OFFERING.
-Proposals will be received until 11 a. m. Juno 15, it-BOND
is reported, by M.L.
Cardwell, Co. Treas., for $1,960, $3.400, $,6,200 and
$3,680
% roadimpt. bonds. Duo each six months for 10 yrs.
HANCOCK COUNTY (P. 0. Greenfield) Ind.-BIDS.-The following are the other bids received for the $23,0
0 0 4%% 5N-year (aver.)
Green & Brown Twps. tax-free gravel-road bonds awarded
May 19 to
the Fletcher-American National Bank of Indianapolis foron
$23,181 85equal to 100.79 (V. 98, p. 1631):
Miller & Co., IndianapBreed, Elliott & Harrison,
oils
$23,169 30
Indianapolis
$23,126 00
J. F. Wild & Co., InEvansville Security Co.,
dianapolis
23;156 25
Evansville
23,050 00
Denom. $1,150. Date May 5 1914. Int. M. & N. Due $1.150
each
six months from May 15 1915 to Nov. 15 1924 inclusive.
HARDIN COUNTY (P. 0. Kenton), Ohio.-BOND SALE.-On May
25 the four issues of 5% pike bonds, aggregating $49,000 (V. 98, p. 1476)
were awarded,it is stated,to Seasongood & Mayer of Cincinnati for
$49,191.
equal to 100.39.
HARRISON SCHOOL TOWNSHIP (P. 0. Terre Haute), Vigo
County, Ind.-BOND SALE.-On May 25 the $14,000 4%
% 7%-year
(ay.) school-addition bonds (V. 98, p. 1553) were awarded, it is
stated, to
J. F. Wild & Co. of Indianapolis for $14,380, equal to 102.714.
HARRISON TOWNSHIP SCHOOL DISTRICT, Licking County,
Ohio.-BOND OFFERING.-Proposals will be received until 12 m. June
1
by James Williams, Clerk Board of Education (P. 0. Granville
R. R.
No. 1), for $10,000 5% Outville District No. 7 school-construction bonds.
Denom. $500. Date May 4 1914. Int. M. & N. Due $500 each six
months from Sept. 1 1914 to March 1 1924, inclusive. Certified
(or
cash) for $100, payable to above Clerk, required. Bonds to be check
delivered
and paid for within 20 days from date of award. Bidders to satisfy
themselves at their own expense as to the legality of said bonds. Bids must
be
unconditional.
HARTFORD CITY SCHOOL CITY (P. 0. Hartford City), Blackford County, Ind.-BONDS PROPOSED.-Notice is given that
school city is contemplating the issuance of $43,900 school-building this
and
Improvement bonds.
HAVERHILL, Essex County, Mass.-BOND SALE.-On May 23 the
$151,000 4% coup. bonds(V.98, p. 1631) were awarded to Adams & Co. of
Boston at 101.67 and interest. Other bidders were:
E. M.Farnsworth & Co., Bos101.63 Old Colony Trust Co., Bos_ _101.316
Millet, Roe & Hagen, Dos_ _101.61 Estabrook & Co., Boston_ _ _101.31
Blake Bros. & Co., Boston_ _101.60 Essex Nat. Bank, Haverhill_
101.19
R. L. Day & Co., Boston_ _ _101.449 N. W. Harris & Co.; Dos.._ _101.101
Blodget & Co., Boston
101.341 Haywood Wilson, Boston_ _ _100.95
Curtis & Sanger, Boston_ _ _ _101.32 E. H. Rollins & Sons, Bost_ _100.666
Merrill, Oldham & Co., Bos_101.319
The bonds are issued for school-houses, hospitals, sewer, street and
sidewalk construction.
1709
000 434% school bonds (V. 98. p. 1476). Auth. vote of 1402 to 725 at an
election held May 19. Due $13,000 yearly from 1924 to 1933 incl.
and
$7,000 in 1934.
KAW VALLEY DRAINAGE DISTRICT (P. 0. Kansas City), Kan.
-BOND SALE.-The McMillan Contractin
Co. of Chicago have purchased at par and int. $45,000 of an issue ofg $200,000
river-impt.
bonds. Denom. $1,000. Date Mar. 1 1909. Int. 434%
M. & S. Due
Mar. 1 1936.
KENT, Portage County, Ohio.
OFFERING.-Proposals will
be received until 12 m. June 13 by-BOND
Fred. Bechtle, Village Clerk, for the
following 5% East Main St. improveme
bonds:
$20,500 assess. bonds. Denom. (20) nt
$1,000,
$50. Due $2,050
yearly on July 1 from 1915 to 1924 incl. (10)
The amount of bonds to
be issued may be reduced according
to the amount of cash payments of assessments made prior to date
10,500 village's portion bonds. Denom. (10) of sale.
$1,000, (10) $50. Due
$1,050 yearly on July 1 from 1915 to 1924
inclusive.
Date June 1 1914. Int. ann. Cert.
check for $500 required.
KENT COUNTY (P. 0. Grand Rapids), Mich.-DESCRI
PTION OF
BONDS.-The $100,000 434% road bonds awarded on
May 11 to John
Nuveen & Co. of Chicago at 100.25 and
(V. 98, p. 1632) are in the
denom.of$1.000 and dated May 15 1914. int.
Int. J.& D. Due May 151934.
KEYSTONE INDEPENDENT SCHOOL DISTRICT (P.
0. Keystone), Benton County, Iowa.-BONDS VOTED.-This
district, at the
election held May 15. voted in favor of the issuance of $25,000
school bonds.
KIMBRO SCHOOL DISTRICT (P. 0. Elgin), Bastrop
Tex.
-BONDS VOTED.-The question of issuing $2,500 buildingCounty,
bonds carried
by a vote of 17 to 2 at a recent election, it is stated.
KING COUNTY UNION HIGH SCHOOL DISTRICT NO. "3,'
Wash.-BOND OFFERING.-Proposals will be received until
2 p. m.
June 8 by W.H.Hanna,County Treas.(P.0.Seattle),for $11,500
1-20-yr.
(opt.) coupon construction and equipment bonds. Auth. election
held
April 25. Denom. $500. Int. (rate not to exceed 6%)ann.
at office of
Co. Treas., or at fiscal agency of State of Wash. in
N.
Y.
Cert,
check
or
draft for I% of bonds bid for, payable to Co. Treas.,
bid from State of Washington. Bonds to be readyrequired, except with
for delivery July 1.
Bonded debt, none; outstanding warrants,
$697; assess. val. $797,865.
KLAMATH FALLS, Klamath County,
Ore.-BOND SALE.-On
May 11 the $7,291 43 6% 1-10-yr. (opt.)
sewer-cons
1476) were awarded to the Security Says. Bank & tr. bonds (V. 98, p.
Tr. Co. of Toledo for
$7,321 43 (100.411) and int. Denom.
$500. Int. A. & 0. There were
no other bidders.
KNOX COUNTY (P. 0. Vincennes), Ind.
-BOND SALE.-On
May 21 the $9,000 434% 534-yr. (aver.) coup.
Geo. Arney et al. highwayimpt. bonds (V. 98. p. 1554) were awarded to Miller
for $9,062 50 (100.694) and int. Other bids were: & Co., Indianapolis,
J. F. Wild & Co., Indianapolis
$9,055 00
Fletcher American National Bank, Indianapolis
9,047 85
HEAVENER TOWNSHIP (P. 0. Heavener), Le Flore County,
Breed, Elliott & Harrison, Indianapolis
Okla.
9,045 00
-BOND ELECTION.-Newspaper reports state that an election
LAGRO
SCHOOL
TOWNSHIP (P. 0. Lagro), Wabash
on the question of issuing $18,000 road bonds will be submitted to vote Ind.-BOND SALE.-On
County,
May 22 the $20,000
to a vote
% coup. bldg. bonds
on Juno 27. A majority of two-thirds will be necessary to authorize.
(V. 98, p. 1476) were awarded to Breed, Elliott & Harrison
of Indianaplis
at 101.15 and int. Other bids were:
HERTFORD, Perquimans County, No. Caro.-BOND
OFFERIN
G.
C.C.Shipp & Co.,Indianap_$20,1001J. F. Wild & Co.,Indlanap_
-Further details are at hand relative to the offering on June 15
of the $17,- Miller
_$20,000
&
000 water-works, $12,000 lighting-]plant, $13,000 sewer-syst
Co.,
Indianapol
is__
20,0501
em and $8,000
street-paving 5% 50-yr. bonds(V.(18, p. 1631). Proposals for
LAKELAND, Polk County, Fla.-BOND ELECTION PROPOSE
these bonds
will be received until 7:30 p. m. on that day by the Bd. of Commrs.,
D.
Reports
state
that an election will be held in the near future to submit
W.E.
to
White, Mayor. Denom. $500. or $1,000, to suit purchaser.
J. & D. a vote the questions of issuing $70,000 water and light-plant, $25,000
Cert. check for $500 required. Official circular states thatInt.
water and light-plant improvement. $10,000 fire department
there
is
no
improvement
contest about the boundaries of the municipality or the title of the present and $20,000 sewerage-extension bonds.
officials to their offices, and that there has never been any default in either
LANDSDALE SCHOOL DISTRICT (P. 0. Landsale),
principal or interest, nor any contest of any bond issue. Bonded
Montgomery
County, Pa.-BONDS OFFERED BY BANKERS
$15,000; no floating debt. Assessed val., $681,503; true (approx.),debt,
.-Montgomery, Cloth$1,ier
& Tyler of Phila. are offering to investors $50,000
250,000. These bonds were voted on May 5, not May 6,as first reported.
434% coupon (with
privilege of registration of principal) bonds.
Denom. $1.000.
HIGHLAND PARK, Wayne County, Mich.-BOND OFFERING.
- June 1 1914. Int. J. & D. These bonds are free of Penn. State Date
Further details are at hand relative to the offering on June 1 of the $116,400
tax.
Due $10,000 June 1 1924 and $20,000 June 1 1934 and
1944. Bonded
20-yr. sewer bonds (V. 98, p. 1631). Proposals for these bonds will
debt,
including
this issue, $63,700. Assessed val. $1,872,250
be re.
calved until 8 p. m. on that day by R. Milton Ford, Clerk. Bids will
LANSDO
be
WNE
SCHOOL
DISTRICT
received on a basis of 4;.1 %,4%% and 43(% int., payable semi-ann. Date
0. Lansdowne), Delaware
County, Pa.-BONDS TO BE OFFERED(P.
SHORTLY.-This district will
July 1 1914. Cert. check for 31,000, payable to "Village of Highland Park,'
shortly offer for sale an imam of $60,000 434%
required.
20-30-year (serial) building
and equipment bonds. Authorized by a vote of
288 to 124 at an election
HIGHLAND PARK SCHOOL DISTRICT, Tex.
ELECTION. held May 19.
-A Dallas newspaper states that an election will be-BOND
held
June
vote
to
13
LA
SALLE COUNTY (P. 0. Cotulla), Tex.-BOND
on the question of issuing $30,000 school bonds.
ELECTION.
Reports state that an election has been ordered to vote
on the question of
HILLSBORO, Montgomery County, Ills.-BOND ELECTIO
N PRO- issuing $45.000 road and bridge bonds.
POSED.-Reports state that an election will be held in the
near
future
LAVALET
to
TE,
Ocean
County,
N. J.-BONDS PROPOSED.-Reports
vote on the question of issuing about $16,000 bonds.
state that $5,000 bonds will be sold to build a new school.
HOLLEY, Orleans County, N. Y.-BOND SALE.-On May
LAWRENCE COUNTY (P. 0. Bedford), Ind.-BOND
18 the
370,000 173i-yr. (aver.) coup. or reg. sewer-syst
em
and
sewage-dis
Proposals
posalwill be received until 2 p. m. June 1 by Earl G.OFFERING.
works-constr. bonds(V.98, p. 1553) were awarded to Isaac W.
Short, County
Sherrill Co. Treas., for $22,100 434% Shawswick Twp.
of Poughkeepsie at 100.27 and int. for 4.35s. Other bids were:
road-impt. bonds. Denom.
$1,105.
Date
May
15
1914.
Int.
& N. Due $1,105 each six months
BidderPrice Offered. Int. Rate. from May 15 1915 to Nov. 15 1924 M.
incl.
Lee, Higginson & Co., New York
$70,175
4.40s
LEBANON SCHOOL DISTRICT (P. 0. Lebanon)
Adams & Co., New York
70,105
, Warren County,
4.40s
Ohio.-BONDS DEFEATED.-The question of issuing
Union Trust Co., Rochester
70,117
$50,000 building
4.505 bonds failed to carry
Spitzer, brick & Co., New York
at an election held May 21.
70,075
4.50s
State Exchange Bank, Holley
LIBERTY CENTRE, Henry County, Ohio.-BOND
70,013
4.75s
SALE.-On
HOLTVILLE SCHOOL DISTRICT, Imperial County, Calif.- May 23 $3,500 6% 8-yr. (aver.) electric-light-plant bonds were
BOND OFFERING.-Proposals will be received until 2 p. m. June 2 by it is stated, to the Conmercial State Bank of Napoleon for $3,612 awarded,
50-equal
to 103.214. Denom. $500. Int. semi-annival.
the County Board of Supervisors, it is stated, for $50,000 6% bonds.
LIBERTY SCHOOL TOWNSHIP (P. 0. Fairmount), Grant
HOLYOKE, Mass.-BOND SALE -On May 28 the $100.000 4% coup.
County,
Ind.-BOND OFFERING.-Reports state that
tax-free gas and electric-light bonds were awarded to Merrill, Oldham &
bids will be received until
2 p. m.
of Boston at 103.279 Denom. $1,000. Date May 1 1914. Int. M.&Co
N. bonds. June 13 by Harlan Haisley, Twp. Trustee, for $8,000 5% 8 year
at Merchants Nat. Bank, Boston. Due $5,000 yearly on May 1 from
1915 to 1934 incl.
LIBERTY TOWNSHIP (P. 0. Sulphur Springs), Crawford
County,
Ohio.-BONDS NOT SOLD.-No
Other bidders (all from Boston) were:
bids were received, it is
for the
Old Colony Trust Co_ _ _$101,031 80 N. W.Harris & Co., 1nc.$101,028 88 $12,000 5% road bonds offered on May 25 (V. 98, p. 1408)stated,
•
Millett, Roe & Hagen_ _ _ 101.030 90 Estabrook & Co
LIBERTY
TOWNSH
IP SCHOOL DISTRICT (P. 0. Bays), Wood
101,028 10
R.L. Day & Co
County,
101,030 79 Blodget & Co
Ohio.-BIDS.--The other bids received on May
101,026 70
20 for the $35,Adams & Co
101,030 10 Curtis & Sanger
101,026 10 000 5% 5%-yr.(aver.) coup. high-school bonds.awarded to Spitzer,
Rorick
E. M.Farnsworth & Co_ 101.029 10 Perry, Coffin & Bum
101,020 70 & Co. of Toledo at par and int. on that day (V.98, p. 1632) were as follows:
Stacy & Braun, Toledo
TEMPORARY LOAN.-On May 26 the $125,000 loan due
Nov. 6 1914 First National Bank,
$35,107 38
(V. 98, p. 1632) was awarded to Curtis & Sanger of Boston
Cleveland
at 3.09% dis- Tillotson & Wolcott Co.,
35,052 80
count. Other bids were:
Cleveland
35,037 00
Otis & Co., Cleveland
Discount.
35,027 00
The above bids appear to be higher than that of the
First Nat. Bank, Boston_ _ _ _3.23% I Estabrook & Co., Boston_ Discount.
purchaser, but are
_ _ -3.33% so given by the Clerk of the Board of
Blake Bros. & Co.. Boston_ _ _3.31%
Education.
LILLINGTON TOWNSHIP, Harnett County, No.
HUNTINGTON COUNTY (P. 0. Huntington), Ind.-BOND
-BOND
-On May 20 the $8,730 434% 534-yr. (aver.) David II. Dollby et SALE. OFFERING.-Proposals will be received until 2 p. m. June 1Caro.
by the Board
al. high- of County Commissioners, J. H. Williams,
way-impt. bonds (V. 98, p. 1553) were awarded to J. P. Wild & Co.
Chairman (P. 0. Lillington),
of In- for the $15,0005% 40-year coup. road
dianapolis for $8.791 25-equal to 100.701.
bonds voted Apr. 14(V.98, p. 1337).
Denom. not less than $100 nor more than $1.000, to
HUNTINGTON INDEPENDENT SCHOOL DISTRICT (P.
suit purchaser. Date
0. Hun- July 11914. Int. J.& J.in Lillington. Cert. check for
tington), Cabell County, W. Va.-BOND SALE.
5% of bid, payable
-On
above
to
Chairman,
May
28
the
required.
Assess. val. 1913,$522,528.
$200,000 5% 17 1-3-year (average) school bonds (V. 98,
p. 1407) were
LINCOLN, Neb.-BOND SALE.-On May 12 the five
awarded, it is stated, to Tillotson & Wolcott Co. of Cincinnati
issues of 534-yr.
at 103.055. (aver.) reg. paving (assess.)
bonds aggregating $21,540 (V. 98, p.
JACKSON SCHOOL TOWNSHIP (P. 0. Bryant), Jay
1337)
County, were awarded to Nelson C. Brock of Lincoln at par and int.
Ind.-BOND OFFERING.-Proposals will be received
Purchaser to
furnish
until
blank
bonds.
10
a.
m.
June 19 by John Hammitt, Twp. Trustee, for $21,000 4%
g.
LINCOLN COUNTY SCHOOL DISTRICT NO. 122,
bonds. Denom. $1,000. Date June 19 1914. Int. J. & J. school-bld
Wash.-BOND
Due $1,000 SALE.-On May 23 the $1,500 2-15
each six months from Jan. 10 1916 to Jan. 10 1926.
-year (opt.) gold coup. tax-free building
bonds (V. 98, p. 1554) were awarded to the State
of Washington at par for
JEFFERSON COUNTY (P. 0. Madison), Ind.-BOND
5348.
Bids
par
of
for
were
04
submitted
by Ferris & Hardgrove and the
SALE.-On
May 25 the $21,172 80 434% 1034-year (aver.) coup. highway
improve- Spokane & Eastern Teust Co. of Spokane.
ment bonds (V. 98, p. 1553) were awarded to Madison Safe
Dep. & Trust
LONDON, Madison County, Ohio.-BOND
Co. of Madison for $21,492 50 (101.509) and int. Other
OFFERING.-Proposals
bids were:
will be received until 12 m. June 24 by John W. Byers,
J. F. Wild & Co., Indianapolis
Village Clerk, for
$21,482 80 the following 5% sanitary sewer-extension bonds:
Gavin L. Payne & Co., Indianapolis
$2,100
North
21,387
Water
80
St. sewer bonds. Denom.$300. Due $300
Miller & Co., Indianapolis
March:1
1916 and $600 on March 11917, 1918
21,382 80
1919.
JETMORE,Hodgeman County, Kans.-BOND ELECTION.
1,200 North Oak St. sewer bonds. Denom.and
-Reports
$300. Due $300 yearly on
state that the question of issuing $2,000 municipal-light and water-syst
March
1 from 1916 to 1919, inclusive.
em
bonds will be submitted to a vote on June 1.
800 East Fifth St. sewer bonds. Denom.$400. Due
$400 on March'l
1916 and 1917.
JUANITA, Blair
Pa.-BOND OFFERING.-Reports state
Date
June 1 1914. Int. J. & D. Certified check for
that bids will be received
County,
until7 p. m. Juno 3 by W.
5% of bonds bid
Baird, Boro. Clerk. for, payable to
Village Clerk, required. Bonds to be delivered
for the $50,000 57o 15-30-year (opt) improvementHbonds
and paid'for
voted May 19 within 10 days from time of award.
(V. 98, p. 1336). Int. semi-ann. Cert. check for $500 required.
Purchaser to pay accrued interest.
LORAIN SCHOOL DISTRICT (P. 0. Lorain),
KANSAS CITY SCHOOL DISTRICT (P. 0. Kansas City),
Lorain
County,
Kans.Ohio.
-BONDS
VOTED.-This district on May 26 voted in
BOND OFFERING.-Proposals will be received until Juno 3 for
favor of the
thel$137,- issuance of $125,000 high-school-build
ing bonds, it Is reported.
THE CHRONICLE
1710
[VOL. xcviii.
of PubliclInstruction (P. 0. Miami) for the
1, Calif.-BOND by the Supt. of the Board
March 9 (V. 98, p. 944). Date
LOS ANGELES IRRIGATION DISTRICT NO. Angeles
will, it is $150,000 6% 20-year school bonds votedBank,
N.Y. City Certified check
OFFERING.-The Board of County Supervisors at Los
1914. Int. A.& O.at Chase Nat.
1
April
Denom.
bonds.
7%
330,000
1
for
m.
June
2
p.
until
for,
bid
of
required. Bids must be made
reported, receive bids
bonds
2%
for
bank
incorp.
an
on
1
May
on
yearly
Due $1,000
or the Columbia-Knickerabove
the
by
officials
furnished
$1,000. Date May 1 1914. I.semi-ann.
forms
3% of bid required. District on blank
These bonds have been validated by the
from 1915 to 1944 incl. Certified check for
bocker Trust Co., N. Y. City. they
will be certified as to genuineness by
has no bonded debt. Assessed valuation $156,900.
of Dade Co. and
Court
Circuit
Calif.approved by Caldwell, Massabove trust company and their legality
LOS ANGELES SCHOOL DISTRICT (P. 0. Los Angeles),
held May 14 the
will be furnished to tho tourchaser
& Reed of N.Y. City, whose opinionon
VOTE.-Reports state that the official vote cast at the election
and $1,- lich
1 in Miami or N. Ir.
July
grammar
delivered
the
be
of
$3,000,000
to
Bonds
issuance
the
of
favor
in
charge.
resulted
without
which
and 20,530
RARY LOAN.-On May 26
600.000 high-school bonds (V. 98, p. 1632) was 21,229 to 3,025
MIDDLESEX COUNTY, Mass.-TEMPO
98,
was negotiated with
(V.
1633)
1914
10
P.
Nov.
to 3.537 respectively.
due
loan
N.-A the $100,000
LOS GATOS, Santa Clara County, Calif.-BOND ELECTIO to a Curtis & Sanger of Boston at 3.09% discount.
J.
N.
-BOND
County,
OFFERING._.
nd
proposition to issue $10,000 fire-protection bonds will be submitted
MILLVILLE, Cumberla
12 for $10,000 5% road,
vote, it is stated, on June 25.
Proposals will be received until 3:30 p. in. June
CounGarden
,
Oshkosh)
0.
(P.
T
DISTRIC
ION
nt, 1934 and $36,000
LYONS IRRIGAT
s will be received until 2 p. m. 1915 to 1924 (serial); $33,000 5% general improveme
ty, Neb.-BOND OFFERING.-Proposal
$7,000 6% 10-20-year (ser.) coupon 434% street-improvement, 1932, bonds. Certified check (or cash) for 5%
June 5 by W. F. Germaer, Secy., for
at
&
J.
J.
forms
Int.
on
1914.
made
1
furnished by Thos.
April
be
Date
must
$100.
Bids
irrigation bonds. Denom.
No bonded or of bonds bid for, required.
office of State or County Treas. No deposit required.
Whitaker, Director of Revenue and Finance, or G.B. Worstall, City Treas.
debt.
floating
The official notice of this bond offering will be found among the advertiseT No. 128, Ill.-BOND
McLEAN COUNTY SCHOOL DISTRIC
at hand relative to the offering on ments elsewhere in this Department.
OFFERING.-Additional details are
.-This county is
1554).
p.
98,
(V.
bonds
school
MILWAUKEE COUNTY, Wis.-BOND OFFERING
June 1 of the $12,700 5% coup. taxable by C. R. Stuckey, Clerk School
for the completion of
offering at popular subscription $100,000 4% bonds
Proposals for these bonds will be received
$100. Subann.
a.
Denom.
Int.
1914.
1
June
Wauwatos
Date
$500.
at
Children
(24)
of
Dependent
$700,
the Home
Board. Denom. (1)
of Danvers. Due $3,000 in 3,4 and 5 years scription lists close June 21. Up to the close of business on May 25
June 1 at the First Nat. Bank
payable to the Dist. $41.700 of tho bonds had been sold.
3500,
for
check
Certified
years.
6
in
and $3,700
Assess. val. 1913, $257,484.
G.
s
Treas., required. No debt at present.
MINSTER, Auglaize County, Ohio.-BOND OFFERIN -Proposal
Edwardsville), Ills.-BOND OFFERING. will be received until 12 m. June 26 by Louis R. Schneider, Village Clerk,
MADISON COUNTY (P. 0.
Sec.
of
Authority
1
on
June
the
bonds.
offering
the
$237,t)
to
relative
(assessmen
hand
for $30,000 Main St. improvement
-Further details aro at
bonds (V. 98, p. 1632). Proposals for these 3914, Gen. Code. Denom. 3500. Date July 1 1914. Due $3,000 every
500 43. % coup. court-house
on that day by Harry J. Mackinaw, Co. two years from March 1 1915 to March 1 1933, inclusive. Bonds to be
bonds will be received until 12 m.
at
office
payable
ann.,
Int.
1913.
1
July
delivered and paid for within 10 days from time of award. Certified check
Clerk. Denom. $500. Date
yearly on July 1 from 1915 to 1933 incl. Cert. for 1% of bonds bid for, payable to the Village Treasurer, required. Purof Co. Treas. Due $12,500
of
A
copy
certified
required.
to
Treas.,
Co.
payable
bid,
chaser to pay accrued interest.
check for 1% of
taken preliminary to the issue of such bonds
the record of all proceedings
MOLINE, Rock County, I11.-BOND SALE.-On May 22 the $34,500
of bids are deforms
Two
Clerk.
County
above
the
by
furnished
gold coup. fire dept. equip. purchase bonds (V. 98,
will be
be delivered July 1 1914 and another for 434% 73i-year (aver.)to
Geo. M. Bechtel & Co. of Davenport for $34,697
sired, one for the entire issue to
1555) were awarded
more
nor
than
less
$15,000
of
in blocks not
Other bids were:
interest.
and
the entire issue to be delivered
00.571)
determined by the County Board or its appropriSavings Bank, Chicago,$34,613 30 and interest.
&
than $25,000, as hereafter
Trust
Harris
until
month
thereafter
successive
each
and
1914
ate committee, on July 1 debt, this issue. Assess. val. 1913 equ. over Kissel, Kinnicutt & Co., Chicago, $34,587 and interest.
all are delivered. Bonded
Merchants' Loan & Trust Co., Chicago, $34,572 45 and interest.
$29,000,000.
Men & Co., Chicago, $34,536 and interest.
-BOND SALE.-On A.
B. Leach & Co., Chicago, par and interest, less $107.
MADISON COUNTY (P. 0. London), Ohio.
of 5% 53 -year (aver.) coup. road-impt. bonds, People's Savings Bank & Trust Co., Moline,$34,695, less $365 for expenses.
May 25 the two issues
Bank
Nat.
were awarded to the Ohio
E. H. Rollins & Sons, Chicago, par and interest less $286 35 for incidental
aggregating $30,000 (V. 98, p. 1408), Other
bids were:
01.913.
expenses.
of Columbus for $30,574-1
Co., Ham.$30,450 00
Otis & Co., Cleveland..---330,565 00 R.L.Dowlings
MONROE COUNTY (P. 0. Bloomington), Ind.-BOND SALE.
Clev. 30,432 00
ller&Co.,
Hayden,Mi
Co..
road bonds (V. 98, p. 1633)
Wolcott
&
Tillotson
May 23 the $2,600 44% 53,6-year (aver.)
30,519 00 Central Nat. Bk., Colum_ 30,427 50 On
Elliott & Harrison of Indianapolis, it is stated,for
Cleveland
Breed,
to
awarded
were
&
Bank
Savings
100.191.
Spitzer, Rorick& Co.,Tol. 30,351 75 Provident
Trust Co., Cincinnati__ 30,423 02 32,605-equal to
Stacy & Braun. Toledo_ _ _ 30.497 38
DISTRICT, Summit County,_
MONROE FALLS SPECIAL SCHOOL
0. Madison), Madison County,
G.-Proposals will be received until 12 m.June 10
MADISON SCHOOL DISTRICT (P.
OFFERIN
be received until 9 a. m. June 15, it Ohio.-BOND Clerk Board of Education (P. 0. Cuyahoga Falls R. F. D.
Neb.-BOND OFFERING.-Bids willBd.
Hoch,
Geo.
by
10-20-yr.
for
Ed.,
of
%
340,0005
is reported, by S. C.Blackman,Secy.
No. 8), for $1,200 5% school bonds. Denom. $200. Int. A. & 0. Due
for $1,000 required.
(opt.) school bonds. Int. ann. Cert. check
yearly on Oct. 1 from 1915 to 1920, inclusive. Certified check for
.-Proposals $200
less than 5% of bonds required.
not
MALDEN, Middlesex County, Mass.-BOND OFFERING
the City Treas., for
by
is
reported,
it
2,
June
m.
NOT SOLD.-Up to
p.
8
until
received
MONTEVALLO, Shelby County, Ala.-BONDS
will be
$6,000 5% 20-year school house bonds
$124,000 4% serial bonds
May 20 no sale had been made of the
p.
98,
(V.
D.1555).
sale
Denom, $1,000.
for
PROPOSE
N
D
offering
ELECTIO
been
ni.-BON
County,
has
Will
place
this
MANHATTAN,
state that an election will be held in the near Date "when issued." Int. semi-ann. J. M. Reynolds is Mayor.
Local newspaper reports the
truction bonds.
sewer-cons
to
issue
n
e),
propositio
Tenn.
Clarksvill
vote
-BOND SALE.
a
(P.O.
to
submit
COUNTY
MONTGOMERY
future to
-BOND OFFERING.- -On May 11 an issue of $15,000 school bonds was awarded, it is stated, to
MARION COUNTY (P. 0. Marion),toOhio.
offering on June 10 of the Mayer. Deppe dic Walter of Cincinnati at 101.90.
the
relative
hand
at
is
n
informatio
Additional
MO.-BONDS OFFERED BY
ad-impt. bonds (V. 98, p. 1632). Proposals
MOREHOUSE, New Madrid County,
$30,000 5% coup. taxable-ro
Board of Co.
Trust Co. of St. Louis is offering to investors
will be received until 12 m.on that day by the June
for these bonds Spaulding
1 1914. BANKERS.-The Mercantile
Aud. Denom. $500. Date
Co.
,
-hall and jail bonds. Denom. $500. Date May 1
city
coup.
Comm'rs, Jay
5%
$8,500
six
each
from
months
$1,500
Due
County Treas.
& N. at above trust company. Due yearly on May 1 as
Int. M.& S. at office of
incl. Cert. check on a local bank for $300, 1914. Int M.
$500 from 1924 to 1928 incl. and $1,000 from 1929 to 1934
Mar. 1 1915 to Sept. 1 1924
required. Bonds to be delivered and paid for follows:
debt (incl. this issue), $13,500. Assessed valuation,
bonded
Total
payable to County Treas.,
incl.
award.
actual valuation (est.), $900,000.
within 15 days from time of
Mass.-TEMPORARY LOAN. $293,836;
MARLBOROUGH, Middlesex County
(P. 0. Martinsville), Ind.-BOND SALE.
COUNTY
MORGAN
on
of
taxes, dated May 29
loan of $50,000 in anticipati
43 % 54-year (aver.) I. G. Tomlinson road bonds
-On May 28 the 1914,
was awarded to Curtis & Sanger of Boston, it is On May 22 the $4,900
and due Nov. 20discount.
(V. 98, p. 1555) were awarded to the First Nat. Bank of Martinsville at
stated, at 3.09%
and int.
0. Plymouth), Ind.-BOND OFFERING. 101
MARSHALL COUNTY (P.until
MORRIS SCHOOL DISTRICT, Minn.-BONDS VOTED.-A special
2 p. m. June 19 by Geo. A. Maxey.
-proposals will be received
% S. C. Shilling et al. highway- election held May 22 resulted, it is stated,in favor of the question of issuing
following
County Treasurer, for the
$75,000 high-school bonds.
improvement bonds:
Denom. 31,046 89.
MT. VERNON, Knox County, Ohio.-BOND OFFERING.-Propos
341,875 63 road bonds.
45.
$551
Denom.
bonds.
will be received until 12 m. June 15 by Ed. L. Parker, City Aud., for
road
.als
22,058 00
bonds. Denom. $238 82.
following bonds:
the
9,552 80 road 1914.
Int. M.& N. Duo one bond of each issue each six $20,500 434% Sugar-Park-Chestnut storm-sewer bonds. Denom. $500.
Date June 19
Nov. 15 1934 inclusive.
Due $500 each six months from July 1 1914 to July 1 1934
months from May 15 1915 to
le), W. Va.-BOND OFFERincl.
MARSHALL COUNTY (P. 0. Moundsvil
uip. bonds. Denom. 31,000. Due $1,000 yearly on
by
J.
E.
3
2
p.
fire-eq
Chase,
Juno
m.
until
5%
received
9,000
be
will
ING.-Proposals 375,000 5% Union District
Dec. 1 from 1914 to 1922 incl.
offered without
County Clerk, for
street impt. (city's portion) bonds. Denom. (18) $500,
Denom. $1,000.
5%
1632).
18,200
p.
(V.98.
18
May
each six months from Juno 1 1915 to
success on
(1) $200. Duo $1,000
Tex.-BOND SALE.-On May 20 the
MART, McLennan County,
Dec. 1 1923 incl. and $200 June 1
(opt.) street-impt. bonds (V. 98, p. 1554) were
1924' Denom. $880. Due
trunk sewer (assess.) bonds.
'general
5%
8,800
$30,000 5% 20-40-year
for
Dallas
to
-equal
of
100.083.
330,025
Oldham
$880 each six months from June 1 1915 to Dec. 1 1919 incl.
awarded to John B.
York.
New
(assess.)
bonds.
in
sewer
Ave.
Denom. $300. Due
annually
Coshocton
Interest
3,000 5%
ELECTION.-It is reported that a vote will
$300 each six months from Juno 1 191,5 to Dec. 1 1919 incl.
MAUMEE, Ohio.-BOND
paving (assess.) bonds. Denom. $1.400.
supa
Ave.
of
for
issuing
water
bonds
$60,000
question
Coshocton
the
5%
on
14,000
26
be taken June
general purposes.
Due $1,400 each six months from June 1 1915 to Dec. 1 1919
ply for fire protection and
incl.
T, Ohio.-BOND ELECTION.-An
MAUMEE SCHOOL DISTRIC
Oak St. sewer (assess.) bonds. Denom.$160. Duo $160 each
5%
1,600
or
not $6,000
6, reports state, to decide whether
election will be held June
six months from Juno 1 1915 to Dec. 1 1919 incl.
issued.
school-addition bonds shall be
1 1914 (except first issue, which is dated July 1 1912, and is
June
Date
OFFERING.-According to reports, the
of 322,000, 3 bonds of which has already matured). Int.
issue
an
MELROSE, Mass.-LOAN
of
part
a
matur1
in.
June
for
loan
of
12
$50,000
until
bids
bonds bid for, payable to City Treas.,
receive
semi-ann. Cert. check for 2% of
City Treas. will
required. Bonds to be delivered and paid for within 15 days from time of
ing in 5 months.
int.
accrued
s
.
La.
-BOND
pay
-Proposal
to
OFFERING
Parish,
Purchaser
Landry
award.
MELVILLE, St.
June 2 by H. S. Joseph, Mayor, or Lyman H.
-BOND SALE.
will be received until 7 p. m.
MUSKINGUM COUNTY (P. 0. Zanesville), Ohio.
the $15,000 57,, electric-light-plant-construction
5% 234-year (aver.) coup. road bonds (V. 98, p.
Lyons, Town Clerk, for 98,
p. 1633). Denom. 3250. Int. semi-annual. On May 26 the $30,000
Seasongood & Mayer of Cincinnati for $30,180 50
to
bonds voted May 12 (V.
were
awarded
1477)
Due from 1915 to 1934 incl.
100.601) and interest. Other bids were:
N. J.-BOND ELECTION.-The ques- Davies-Be
Co.,Cinc.$30,174 00 Farson, Son & Co., Chic_ _$30,081 00
MENDHAM, Morris County, will
be voted upon,it is stated, on June 1. Ohio Nat.rtram
bonds
bldg.
$15,000
Bank, Colum__ 30,105 25 PrTruovldsetnc., Cincinnati,toSayBan k
issuing
of
tion
_ 30,078 00
&
27
May
the
-On
4(%
$225.000
Tillotson & Wolcott Co..
MERIDEN, Conn.-BOND SALE.
30,093 00 American Trust & Savings
1554) were
Cleveland
gold coupon high-school bonds (V. 98,
26-year (average) Dodge
Bank,
Zanesville
50
30,075 79
30,082
and
(101.801)
for
$229,053
interest.
Y.,
Cleve
N.
Bank,
Co.,
Nat.
&
First
awarded to Clark,
OFFERING.--Reports state
NAPA, Napa County, Calif.-BOND
Other bids were:
40
$227,487
16
m.
June
the
p.
Y
7
River
N
at
Napa
$25,000
sale
Co.,
for
offer
&
will
this city
Spencer Trask
226,876 50 that
$10,000 North Napa storm-sewers and $12,000 motor flre-equipHarris,
226,869 75 bridge,
Dec. 10 1913 (V. 98. p. 1555). Cert. check for 5%
voted
ef
bonds
rbs
5%
ment
Ho
226,822 50
P041
Co.,
Estabroo
226,491 75
N Y
N. H.-BOND SALE.-On May 28 an
Kissel, Kinnicutt Sr Co.,
225,987 75 reqNuAirse(Ri.UA, Hillsboro County,
bonds
was
refunding
II.
Rollins
to
E.
Merrill, Oldham & Co., Boston(for $110,000 worth)
awarded
111.545 03 issue of $40,000 4% 20-year
First National Bank. Meriden
of Boston at 102.089. Other bids were:
-On May 12 the $60,000 5% 1534- & Sons
!Baker,
609
&
Ayling
01.83
Co.,
Bost_101.
Co.,Bost.1
&
h
MERIDIAN, Miss.-BOND SALE.
bonds (V. 98, p. 1477) were awarded, B. M.Farnswort
101.83 R. L. Day & Co.. Boston___101.589
& Co.. Boston
year (aver.) school-ext. and equip.
Walter of Cincinnati for 360,605 (101.008) Blodget
101.787IMerrill, Oldham & Co., Bost.101.539
Bonbright & Co., N Y
it is stated, to Mayer, Deppe &
N.W.Ifarris & Co.,Inc.,Bost.101.678 Perry, Coffin & Burr, Boston. 97.00
and accrued interest.
Wisc.-BOND OFFERING.-Proposals Haywood & Wilson, Boston _101.625
MERRILL, Lincoln County,15
sewer
5%
bonds.
Denom.
$21,000
for
June
Denom. $1,000. Date June 11914. Int. J. & J. Due June 1 1934.
m.
p.
2
will be received until
May
May 1 1914. Int. M.& N. Due $1,500 yearly
NASSAU COUNTY (P. 0. Mineola), N. Y.-BOND SALE.-Onbonds
$1,000 and $500. Date Wm.
Clerk.
City
is
Kyes
J.
incl.
1% 283 -year (aver.) gold reg. bldg. Series "A"
1928
to
28 the $275,000 43,
from 1915
-BOND OFFERING.-Proposals (V. 98. p• 1633) were awarded to Clark, Dodge & Co., N. Y., at 101.61
MIAMI COUNTY (P. 0. Troy), Ohio.
a. m.June 12(not May 12, as previously reported). and interest. Other bids were:
will be received until 10Co.
Aud., for $8,000 5% Lorimer road-impt. (as- Rhoades & Co., New York_ _101.233 N. W. Halsey & Co., N. Y_101.09
by Mahlon T. Staley,
1633). Denom. $500. Date May 12 1914. Int. Harris, Forbes & Co., N.Y.. _101.231 Wm.N. Color & Co.,
sess.) bonds (V. 98, p.
101.17 liCissel, Kinnicutt & Co..
Due $1,500 on May 12 1915. 1916, 1917 Estabrook & Co., N. V
Treas.
Co.
of
office
M.& N. at
N.Y 100.53
New York
May 12 1919. Cert. check for 5% of bid, payable to Kountze Bros., New York_ _ _101.135
and 1918 and $2,000 Bonds
to be delivered and paid for within 10 daysfrom Adams & Co.. New York_ _ _101.13 lNassau Union Bank ($25,000)_ _par
required.
Aud.,
Co.
d Bank. Hempstead
rompstea
Y...101.11
N.
Co.,
&
Read
A.
Wm.
time of award.
par
T NO. 2, Dade County,
B)nk, Freeport ($5,000)par
MIAMI SPECIAL TAX SCHOOL DISTRIC
Freeport00a
received until 12 m. June 2
?Ia.-BOND OFFERING.-Proposals will be
ticrea'w,
I
•-
KAY 30 1014.1
THE CHRONICLE
NELSONVILLE, Athens County, Ohio.-BOND SALE.-On
May 23
the $2,640 5% 3-year (aver.) Walnut St.
impt. (city portion) bonds(V. 98.
p. 1408) were awarded to the City National
Bank ofColumbusfor $2,641.40
(100.053) and int. No other bids.
NEWARK, N. J.-BOND SALE.-The Commissioners
of the Sinking
Fund purchased at par on Feb. 15 $125,000
bath-house, $84,000 streetopening and 3100,000 high-pressurewater
bonds.
Date
Feb.
15 1914.
Int. F.& A. Due Feb. 15 1944.
TEMPORARY LOAN BONDS.-On May 22 $115.000 temporary
loan
bonds were awarded,it is stated, to Bond & Goodwin of New
York at 3.10%
int. and a premium of $1 15.
Dispatches state that City Comptroller Parmly has awarded
$235,000
temporary loan bonds due in six months to Solomon Bros. & Hutzler
at
3.20% interest.
1711
PALO PINTO COUNTY (P. 0. Pala Pinto) Texas.-BOND OFFERING.-Proposals will be received until 10 a. m. June 8 by J. T.
Ranspot, Co. Judge, for the $100,000 53 % 10-40-year (opt.) coupon
road District No. 1 bonds voted Feb. 17 (V. 98, p. 708). Denom. $1,000.
Date March 11 1914. Int. annual. Cert. check for 1% of bid, required.
Assessed val. $3,785,445.
PANGUITCH, Garfield County, Utah.-BONDS VOTED.-A proposition to issue $20,000 building bonds carried on May 2, it is reported.
by
a vote of 113 to 4. It is also reported that the legality of
the proceedings
has been questioned.
PAWTUCKET, Providence County, R. I.-BONDS AUTHORIZED.
-The Common Council on May 25 authorized the issuance
of $150,000
25-year highway and bridge and $175,000 30-year water-works
bonds at not exceeding 4%% int., it is stated. Int. semi-ann. -constr.
PEARSALL INDEPENDENT SCHOOL DISTRICT (P. 0. Pearsall),
Frio County, Tex.-BOND ELECTION.-An
election will be held June 9'
reports state, to vote on the question of issuing
$7,500 school-bldg. bonds.
PENDLETON, Umatilla County Ore.-BOND OFFERING
.-Reports
state that bids will be received until'5 p. m. June 3
by Thos. Fitzgerald,
City Recorder, for $4 ,0 000 5% 20-30-year (opt.) water
bonds. Certified
check for 10% required.
PENNS GROVE,Salem County, N. J.
ELECTION.-An election will be held June 1, it is stated, to -BOND
vote on the question of issuing
$30,000 school-building bonds.
PERSON COUNTY (P. 0. Roxboro),
Caro.-BONDS DEFEATED.-The election held May 12 resulted,No.
it is reported, in the defeat
of the proposition to issue the $150,000 road-impt.
bonds (V. 98, p. 1478)•
PETALUMA HIGH SCHOOL DISTRICT, Cal.-BONDS VOTED.
A recent election resulted, it is stated, in favor
of issuing $110,000 highschool bonds.
PLAINFIELD SCHOOL DISTRICT (P. 0.
Ill.-BONDS DEFEATED.-The question of Plainfield), Will County
$18,000 bldg. bonds
failed to carry at the election held May 16 byissuing
a vote of 102 "for" to 103
"against."
NEWARK, Licking County, Ohio.-BOND OFFERING.-Proposal
s
will be received until 12 m. June 12 by A. N. Dodd, City Auditor,
for $20,582 225% street-impt.(city's portion) bonds. Auth. Secs.3820 and
3821,
Gen. Code. Denom. (20) $1,000, (1) $582 22. Date May 1 1914. Int.
M.& N. Due $10,000 May 1 1917 and $10,582 22 May 1 1919. Bonds
to be delivered and paid for within 10 days from time of award. Certified
check for 2% of bonds bid for, payable to the City Treasurer, required.
Purchaser to pay accrued interest. Bonded debt, including this issue,
$793,658 24. -Floating debt, $80,000. Assessed val. 1913, $28,000,000.
NEW BEDFORD, Bristol County, Mass.-TEMPORARY LOAN.Reports state that a loan of $300,000 dated May 26 1914 and maturing
Nov. 16 1914 was recently negotiated with the National Shawmut Bank of
Boston at 2.945% discount.
NEW CONCORD, Muskingum County, Ohio.-BOND SALE.-On
May 22 the $2,500 5% reg. electric-light-fund-deficiency bonds (V. 98,
p.
1555) were awarded to the City National Bank of Columbus at 100.10
& int.
NEW CORDELL (P. 0. Cordell), Washita County, Okla.
-BOND
SALE.-All bids received for the $55,0006%
-year (opt.) water-worksext. bonds offered on May 18(V.98.p. 1555)10-25
were
The bonds were subsequently sold to R. J.
Edwards
rejected.
of Oklahoma City,
at par for straight 25-year bonds. The purchaser
ceedings, blank bonds, &c. There were nine other to pay expense of probidders.
PLENTYWOOD, Sheridan County, Mont.-BOND OFFERING.NEW LEXINGTON, Perry County,
Ohio.-BOND SALE.-On Geo. E. Bolster, Mayor, will offer for
May, 25 the $4,000 53 % 2-11-year
sale at public auction at 10 a. m.
(village's portion) bonds (V. 98, p. (ser.) coup. Brown St. improvement June 29 $2,000 fire-apparatus, $10,000 sewer and $20,000
1408) were awarded to the Citizens'
water-works 6%
Nat. Bank of New Lexington at
10-20-year (opt.) bonds. Denom. $1,000. Date Jan. 1 1914. Int.
102.625.
NEWPORT, R. I.-BOND SALE.-On
J. & J. at the National Bank of Commerce in New York. Certified
May
$30,000
28
the
4%
streetcheck
improvement bonds (V. 98, p. 1633) were
awarded to Adams & Co. of for par value of bonds bid for, payable to the Mayor, required.
Boston at 99.473. Denom. $1,000.
Date June 1 1914. Int. J. & D.
The official notice of this bond offering will be found among the
Due $3,000 yearly.
advertisements elsewhere in this Department.
NEWTON COUNTY (P. 0. Kentland), Ind.-BOND SALE.
-On
May 26 the $8,960 4 % 5%-yea
PLYMOUTH TOWNSHIP SCHOOL DISTRICT,
(aver.)
r
coup.
road
bonds
Montgome
(V.
98,
ry
p. 1633) County, Pa.-BOND OFFERING.-Proposal
were awarded to J. P. Wild & Co.
s will be received until
of Indianapolis for $9,070 (101.227) 8
and interest. Other bids
p. m. June 1 by Geo. K. Brecht, Solicitor (506 Swede
were:
St.,
Norristown
),
for $32,000
Breed, Elliott & Harrison, Indianapolis
% tax-free 5-25-year building bonds. Denom.$500.
$9,055 00 July 1 1914. Certified
Date
Fletcher-American National Bank, Indianapolis
check for 2% required.
9,051 50
Miller & Co., Indianapolis
PORTAGE COUNTY (P. 0. Ravenna), Ohio.-BOND
9.040 00
Interest payable M.& N.
SALE.-On
May 25 the $5,500 5% joint district tuberculosis hospital
bonds (V. 98,
NEWTON COUNTY (P. 0. Decatur), Miss.-BOND SALE.-On jo. 1555) were awarded to Weil, Roth &
Co. of Cincinnati at 102.511 and
May 18 the $150,000 6% 11-25-year (serial) gold coupon or registered
Interest.
The
bids were as follows:
free Road District No. 4 road bonds (V. 98, p. 1555) were awarded tax- Well, Roth & Co., Cin_ _ -45,638
15 Ohio Nat. Bank, Colum_ --$5,615 15
to the
Mortgage Securities Co. of New Orleans for $152,500-equal to
101.666. Tillotson&WolcottCo.,Clev. 5,624 85 First Nat. Bank, Cleveland 5,599 60
Other bids were:
Seasongood & Mayer, Cin_ 5,622 00
Mayer, Deppe & Walter, Cincinnati
*3153,030 00
PORTAGE TOWNSHIP SCHOOL DISTRICT (P. 0. Akron),
Terry, Briggs & Slayton, Toledo
Sum151,500 00 mit County, Ohio.
First National Bank, Cleveland
-BOND ELECTION.-An election will be held June 6
151,176 80 to submit to the voters
Sutherlin, Gehde & Co., Kansas City
the question of issuing $42,000 site-purchase,
150,750
00
constr., equip.and impt. bonds.
Hoehler, Cummings & Prudden, Toledo
150,500 00
Ulen & Co., Chicago
PORTLAND, Me.-TEMPORARY LOAN.-Thls city has
150,465 00
Well, Roth & Co., Cincinnati
sold a tem150,310
porary
00
loan of $150,000, it is reported, to Livingston Davis
Tillotson & Wolcott Co., Cleveland
at 3.05%
150,187 50 discount.
Steiner Bros
150,101
00
PORTLAND, Ore.-BOND SALE.-The following bids
Security Savings Bank & Trust Co., Toledo
were
received
150,100 00 for the $63,448 82 6% 10-yr. improveme
nt bonds offered on May 19:
* This bid appears to be higher than that of the purchasers,
Amount Bid Price
but
is
Amount
so
Bid
Price
given by the Chancery Clerk.
BidderFor.
Offered.
Bidder.
For.
Offered.
Lumbermen's
NILES, Trumbull County, Ohio.-BOND OFFERING
Wm. Adams,
.-Proposals
Trust Co_ --1463,448 82 104.11
will be received until 2p. m. June 16 by Homer Thomas,
City
Treasurer,
City Auditor, for Secur. Say. Bk.
the following 5% bonds:
Dock Bond
& Tr. Co.,Tol. 63,448 82 103.049
$11,000 street-improvement (city's portion) bonds. Date May 20 1914.
Sinking Fund:
Due $5,500 on May 20 1933 and 1934. These bonds were adver- Morris Bros_ _ __ *5,000 00 104.35
Series "C"._
$100 00 100
Citizens' Bank_ 20,000 00 102.75
tised to be sold on May.20 (V. 98, p.
Series "A"__
100 00 100
account of an error in the printing. 1408), but were not sold on United States
Series "B".._
500 00 100
Nat. Bank__ *15,000 00 104.25
16,500 park site-purchase bonds. Date May 1 1914. Due $5,500 May
Firemen'sRe1
John
Eraetch__
500
00
104.00
1944, 1945 and 1946. A similar issue of bonds was awarded on
lief&PenFd 20,000 00 100
W. F. White_ _ _ 25,000 00 103.53
May 4 to C. E. Denison & Co. of Cleveland
Acct. Sink98. p. 1478)•
John Murphy__
2.000 00 104.10
Denom. $500. Int. M.& N. Certified check for(V.
ing Fund_.. 63,448 82 100
2%
of
for,
bonds
bid
All bids provided for payment of accrued interest.
payable to the City Treasurer, required. Bonds to be delivered and
paid
*Successful
for within 10 days from time of award. Purchaser
bids.
The
Ltunbermen
's
Trust
Co. was only awarded $43.to pay accrued interest. 448 82.
Proposals will also be received by the City Auditor
until 2 p. m. June 22
for $10,000 5% street-paving (city's portion) bonds.
PRESTON, Caroline County, Md.-BOND OFFERING
Denom.$500. Date
.-Proposals
June 20 1914. Int. J. & D. Due $2,500 yearly June
20 from 1937 to will be received until 2 p. m.June 8 for $7,000 5% 10-25-year (opt.)
1940, inclusive. Bonds to be delivered
coupon
paid for within 10 daysfrom municipal bonds. Denom.$100. Date July 1 1914.
Int. J.& J. These
time of award. Certified check for 2% and
bonds
are
exempt
bonds
of
from
bid
for,
county
payable
and municipal taxes. J. Frank Ledicum
to the
City Treasurer, required. Purchaser to pay accmed interest.
is President of Commissioners.
NORRISTOWN SCHOOL DISTRICT (P. 0. Norristown), MontPRINCE GEORGES COUNTY (P. 0. Upper Marlboro)
, Md.gomery County, Pa.-BOND OFFERING.-Proposals will be
BOND OFFERING.-Further details are at hand relative
received
to the
until 8 p. m. June 1 by Harry,W. Akins, Sec. Bd. of Ed., for the $100,000 on June 2 of the
$40,000 5% 30-year coupon school-building bondsoffering
43i% coup. bldg. bonds voted last November (V. 98, p. 253).
(V. 98.
Denom. p. 1634). Proposals for these bonds will be received until 12 m. on
$1,000. Date July 11914. Int. J. & J. without deduction for any
that
tax. day by Fred Sasscer, Secretary,of School Board. Denom. $100 to $1.000.
Due July 1 1943. Cert. eheck for 3% of bid required.
Date May 1 1914. Int. M. & N. at Upper Marlboro.
No deposit reNORTH PLATTE, Neb.-BONDS VOTED.-Reports state that on quired. These bonds are exempt from county and municipal
taxation.
May 19 $13,000 bonds were voted as part of the cost of the bridge
PROCTOR SCHOOL DISTRICT (P. 0.Proctor), St. Louis
be
County,
erected across the North Platte River about two miles east of thistocity
Minn.-BONDS VOTED.-The proposition
to issue
building bonds
and along the road of the Lincoln Highway.
carried, it is stated, at the election held May 18 by$50,000
a
vote
of
79
to 50.
NORTH SACRAMENTO SCHOOL DISTRICT,Sacramento County,
PULASKI COUNTY (P. 0. Winamac), Ind.-BOND
OFFERING.
Calif.-BOND OFFERING.-Proposals will be received until 11 a. m. Bids will be received until
3 101. m. Juno 20, it is reported, by J. J. Lowry,
Juno 2 by E. F.Pfund, Clerk of Bd.of Co. Supervisors(P.0.Sacramento
), County Treasurer, for
for the $25,000 57
0 school bonds (V. 98, p. 1105). Aufh. election held months for 10 years. $7,800 436% road-impt. bonds. Due part each six
Apr. 24. Denom.$500. Date May 15 1914. Int. M.& N. Due
$1,000
yearly from 1917 to 1941. Cert. check (or cash)for 10% of bid required.
PUNTA GORDA, Fla.-BONDS VALIDATED.-A Tampa
newspaper
NORTH UNION TOWNSHIP SCHOOL DISTRICT, Fayette says that Judge Whitney in Circuit Court at Arcadia has issued a decree
validating
the $75,000 bond issue voted April 14 for public improvemen
County, Pa.-BONDS OFFERED BY BANKERS.-Graham & Co.
ts.
of
The
issue
for
is
the
purpose of redeeming
Philadelphia are offering to investors $50,000 43 % coupon
bonds now outstanding
privilege and of establishing a system of sanitarycertain
sewers, street paving, waterof registration as to principal) tax-free bonds. Denom. (with
$1,000.
Date
works,
storm
sewers
and
general
street
-improvement and electric-lighting.
June 1 1914. Due $5,000 yearly June 1 from 1918 to
inclusive.
Total indebtedness, including this issue, $83,000. Assessed1927,
QUINCY, Mass.-TEMPORARYLOAN.-On May 27 a loan
value, $6,501,of $25,000.
239.
dated May 28 1914 and maturing Feb. 12 1915, was negotiated
OAKLAND, Calif.-RESULT OF BOND ELECTION.-Reports state Tolman & Tupper of Boston, it is reported, at 3.57% discount.with Loring,
that at the election held May 19 the
proposition to issue $500,000 auditorBOND SALE.-On May 28 the $26,000 water-supply and $25,000
ium-completion bonds failed to carry, while the question
sewer
of issuing $210,000 4% coupon tax-free bonds (V. 98, p. 1634)
were awarded. it is stated, to
Clawson school impt. bonds carried.
E. M. Farnsworth & Co. of Boston at 101.48.
OIL CITY, Venango County, Pa.-BOND OFFERING.-Proposal
s
RADNOR TOWNSHIP SCHOOL DISTRICT,
will be received until 1 p. m. June 1 by B. R. Bromley, City Treas., for
County,
Pa.-BOND OFFERING.-Proposals will be receivedDelaware
$40,000 434% tax-free permanent-impt. bonds. Date June
until 12 m. June 2
1 1914. Int by Chas. S. Walton, Dist. Treas. (P.
& D. Cert. check for $500 required. A similar issue of
0. 258 North 3d St. Philadelphia),
bonds
was
for
$60,000
(not
%
awarded to Gordon & Co. of Pittsburgh on Jan. 17(V.98, p.409).
9,as first reported) coup. schoc:1 bonds (V._ 98.
D. 1634). Denom.$500 or $1,000, to suit purchaser.
Date May 11 1914.
ORANGE, Orange County, Cal.-BOND ELECTION PROPOSED.
- Int. M.& N. Due $12,000 every 5 years on May 1 from 1924 to 1944 incl.
According to reports, an election will be called to vote on the
check
Cert.
for
$3,000
required. These bonds may be registered as to
question
of
issuing $10,000 bridge bonds.
principal and will be exempt from taxes (except succession or
inheritance
OTTAWA, La Salle County, Ills.-BONDS TO BE OFFERED taxes). The legality,of this issue will be approved by Townsend, Elliott
& Townsend of Philadelphia, whose favorable opinion will be
SHORTL Y.-Reports state that this city has decided to
advertise
furnished
for
bids
when bonds are issued. Floating debt,$90,000. Assess. val.,
on an issue of $60,000 refunding bonds. Due $10,000 yearly on
$10,510,000.
Mar.15
front 1915 to 1920 incl.
RALEIGH COUNTY (P, 0. Beckley), W. Va.-BOND
ELECTION
.
It is stated that an election will be held June 9 to vote
PAGRAN SCHOOL DISTRICT, Sonoma
$180,000 bonds
Cal.-BOND for the improvement of the roads
ELECTION.-On June 20 a vote will be taken,it is County,
in Town District.
stated, on a proposition
to issue $3,000 bonds.
RANDOLPH COUNTY (P. 0. Winchester), Ind.-BOND
SALE.
PAINESVILLE, Lake County, Ohio.-BONDS VOTED.-The ques- On May 25 six issues of 4%% gravel-road bonds, aggregating $61,000, were
sold to J. W.
tion of issuing $60,000 sewer bonds carried,
& Co. of Winchester for Kitselman Bros. of
reports state, at the election Muncie at 100.97McCamish
and int.
held May 19 by a vote of 243 to 82.
RAWSON, Hancock County, Ohio.-BOND SALE.-On
PALO ALTO, Santa Clara County, Cal.-BONDS !PROPOSED •
May-Y25
the $14,464 23 5%% 5k-yr. (ay.) coup. So. Main St. impt.
Local newspaper reports state that this city is contemplat
bonds (V.‘98,
ing the issuance p. 1409) were awarded
to Spitzer, Rorick & Co. of Toledo for $14,499_23
of $72,000 recreation centre, paving and library-impt. bonds.
(100.241) and int.
THE CHRONICLE
1712
RIO VISTA UNION HIGH SCHOOL DISTRICT, Solano County,
Cal.-BONDS VOTED.-A recent election resulted in favor of the question
of issuing $65,000 5% bonds. The vote is reported as 366 to 61.
RIPLEY COUNTY (P. 0. Versailles), Ind.-BOND OFFERING.
Proposals will be received until 1 p. m. June 1 by John N. Hess, County
Treasurer, for the following 434% road bonds:
Due
$7.600 Henry Vogt et at road-improvement bonds. Denom. $380.
$380 each six months from May 15 1915 to Nov. 15 1924, inclusive.
$356.
14,240 Henry Underwood et al road-improvement bonds. Denom.
Due $712 each six months from May 15 1915 to Nov. 15 1924, incl.
is
Date June 1 1914. Int. M. & N. A certified check for full amount
day of
required from all non-resident bidders. Bonds to be delivered on
sale.
Wayne
RITTMAN VILLAGE SCHOOL DISTRICT (P. 0. Rittman),
until
County, Ohio.-BOND OFFERING.-Proposals will be received
for $35,000
12 m. June 19 by R. E. Faber, Clerk Board of Education,
1
Apr.
$1,000
Due
semi-ann.
Int.
$500.
Denom.
bonds.
534% school
check for
1916 and $2,000 yearly on Apr. 1 from 1917 to 1928 incl. Cert.
$500, payable to Clerk of Board of Education, required.
-BOND
RIVERBANK SCHOOL DISTRICT, Yolo County, Cal.
m.
OFFERING.-Reports state that proposals will be received until 2 p.
June 1 by the Board of County Supervisors for the $10,000 6% bonds voted
April 17 (V. 98, p. 1409)•
27 the $100,000 schoolROCHESTER, N. Y.-NOTE SALE.-On May
June 1 1914 (V. 98, p. 1634)
construction notes, payable eight months from bid
of interest, 3.50.
were awarded to Bond & Goodwin, upon their
Other bidders were:
Int. Premium
_ -3.55
Salomon Bros & Hutzler, New York
$15
3.75
York
New
,
Co
&
Sachs
Goldman,
90
4.00
Security Trust Co.. Rochester
ROGERS COUNTY (P. 0. Claremore), Okla.-BONDS VOTED.
At an election held May 16 the question of issuing $14,000 bldg. bonds
cast.
out
votes
of
422
majority
1,550
a
by
stated,
is
it
carried,
ROSEBUD COUNTY SCHOOL DISTRICT NO. 30 (P. 0. Forsyth),
Mont.-BOND OFFERING.-Proposals will be received until 2 p. rn
June 19 by C.0. Marcy, Clerk Bd.of School Trustees, for $1,4006% 10-Yr •
coup. site-purchase and bldg. bonds. Denom. $100. Date July 1 1914.
Int. J. & J.
ROSEBURG, Douglas County, Ore.-BONDS AUTHORIZED.-A
resolution has been adopted by the citizens authorizing the issuance of
$300,000 railroad-constr. bonds, It is stated.
Tex.ROSEN HEIGHTS INDEPENDENT SCHOOL DISTRICT, election
BOND ELECTION.-According to a Fort Worth, Tex., paper,an
will be held in this district on June 13 to vote upon the issuance of $10,000
bldg. bonds.
ST. CLAIR HEIGHTS, Wayne County, Mich.-BONDS VOTED.
Mack Ave. improveAccording to reports, the questions of issuing $16,000
ment, $5,000 sewer and $5,000 water-extension bonds carried at the
election held May 25.
ST. CLOUD SCHOOL DISTRICT (P. 0. St. Cloud), Stearns
County, Minn.-BOND ELECTION.-Reports state that an election will
be held June 2 to vote on the question of issuing $85,000 school bonds.
(P.
Co.,
nom. $1,000. Date May 1 1913. Int. M.& N.at Schenectady Trust
Inclusive.
Schenectady. Due $2.000 yearly on May 1 from 1915 to 1929,for
of
2%
company
trust
Certified check (or cash) on a national bank or
The legality
bonds bid for, payable to the County Treasurer, required. Reed,
Y.,
N.
&
Masslich
Caldwell,
by
into
examined
be
will
issue
of the
whose favorable opinion will be furnished to purchaser. Bonds to be delivered on June 8 at the office of the County Treasurer,or as soon thereafter
,
Purchaser to pay accrued interest.
as completed.
SEATTLE, Wash.-BOND SALES.-An issue of $75,000 434% 20-yr.
25 to
Feb.
on
was
bonds
awarded
nation
Cedar River watershed-condem
A. J. Weaver et al. at par and int. Denom. $1,000. Date Jan. 1 1914.
Int. J. & J. These bonds are part of an issue of $1,000,000 bonds for condemnation of Cedar River watershed, and are an addition to the $500.000
in
water-extension bonds of 1912. Using newspaper reports, we stated
V. 98, p. 1556, that the $75,000 issue had been purchased by Ferris &
Hardgrove of Spokane.
On May 22 the $300,000 434% 20-year gold water tunnel bonds (V. 98,
p. 1409) were awarded, it is stated, to A. B. Leach & Co. of New York for
3300,260-equal to 100.086.
MahonSEBRING SPECIAL SCHOOL DISTRICT (P. 0. Sebring),
will be received
ing County, Ohio.-BOND OFFERING.-Proposals
of 13d. of Ed., for $4,800
until 12 m. June 1 by H. L. McConnell, Clerk $300.
Date Juno 11914.
5% school-impt. bonds. Denom. (9) $500, (1)1917, $500 on Dec. 1 1918,
Int. J. & D. Due $1,000 on Dec. 1 1916 and
Cert. check for 5% of
1919, 1920, 1921 and 1922 and $300 Dec. 11923.
Bonds to be delivbonds bid for, payable to Treas. of District, required. Purchaser to pay
ered and paid for within 10 days from time of award.
accrued interest.
-BOND SALE.
SHALER TOWNSHIP SCHOOL DISTRICT, Pa.
it is stated, to
An Issue of $30,000 4%% tax-free bonds has been awarded,
the Citizens Deposit & Trust Co. of Sharpsburg.
SALE.-On
SHELBY COUNTY (P. 0. Shelbyville), Ind.-BOND
$20,620
May 22 the three issues of 434% highway-impt. bonds aggregatingBank of
(V. 98, p. 1556) were awarded to tho Fletcher American Nat.
int.
and
Indianapolis for $20,767 35(100.714)
J. F. Wild & Co., Indianap__$20,7571Breed, Elliott & Harrison,$20,754
Miller & Co., Indianapolis__ 20,7451 Indianapolis
18 the
SHERMAN, Grayson County Tex.-BOND SALE.-On May awardfive issues of 5% bonds, aggregating $100,000(V.98, p. 1479), werein
Chied to II. T. Holtz & Co. of Chicago at 101.77 and int. Delivery
cago. Other bids were:
Bolger, Mosser & Willaman, Chicago, $100,511. Delivery in Chicago.
Well, Roth & Co., Cincinnati, $100.256.
Stacy & Braun, Toledo, $100,042 19.
Chic.
Merchants'& Planters' Nat. Bank, Sherman,$100,000. Delivery in $230.
Harris Trust & Say. Bank, Chicago. par less bonds and att'ys' fees,
Provident Say. Bank & Trust Co., Cincinnati, par less $1,000 commission for selling.
Parson, Son & Co., Chicago, $100,025, less $1,500 for att'ys foes. Delivery In Chicago.
Neb.-BONDS DEFEATEDSHERMAN COUNTY(P.O.Loup City),court
-house-construction bonds
At a recent election the question of issuing
"for" to 800 "against."
785
of
vote
a
by
stated,
is
it
was defeated,
(P. 0. Shillington), Berks
SHILLINGTON SCHOOL DISTRICT
County, Pa.-LOAN VOTED.-Reports state that a loan of $25,000 for
school purposes was authorized at a recent election.
S DEFEATED.SIMPSON COUNTY (P. 0. Franklin), Ky.-BOND
to carry, it is stated, at
The question of issuing $100,000 road bonds failed
a recent election.
(P. 0. Sioux Rapids), Buena
SIOUX RAPIDS SCHOOL DISTRICT
.-At an election hold
Vista County, Iowa.-BONDS DEFEATEDbonds failed to carry, it is
May 8 the proposition to issue $70,000 building
stated.
SALE.-On May 20
SMITHVILLE, Wayne County, Ohio.-BOND
-improvement bonds, aggrethe three homes of 514% 534-year (aver.) street
reports state, to the Farmers'
gating $11.800(V. 98, p. 1556) were awarded,70 (101.124) and int.
& Merchants' Bank of Smithville for $11,932
VOTED.-The question
SOMERSET, Somerset County, Pa.-BONDS bonds (V. 98, P. 1556)
of issuing the $5,000 fire-dept.-apparatus-purchase
109.
to
248
carried at the election held May 19 by a vote of
-ProSOUTH ORANGE, Essex County, N. ,T.-BOND OFFERING.
Committee of
posals will be received until 8 p. m. June 15 by the Finance
ser.
.
yr.
$10,0001-10the Bd. of Trustees for $28,000 30-yr. play-ground and
fire-equip. 4%% coup. or reg. bonds (V. 98, p. 1479). Denom. $1,000.
Y. Cert.
Date July 1 1914. Int. J. & J. at U. S. Mtge. & Tr. Co., N.
bonds bid for,
check or cash on a national bank or trust company for 2% of
be cerwill
payable to Frank Fenner, VII. Treas., required. These bonds
legal proceedtified as to gennineness by the above trust comapny and the
whose
ings are to be approved by Caldwell, Masslich & Reed of N. Y. C.,
must be
opinion will accompany the bonds when delivered: Separate bids
0. St. Augustine), Fla.-BIDS REJECTED
ST. JOHNS COUNTY
-The bids received for the $650,000 53% coupon road bonds offered
May 11 (V. 98, p. 1340) were rejected, according to local papers.
ST. LOUIS, Mo.-BOND ELECTION.--An election will be held
Nov. 6, it is reported, to vote on the question of issuing $2,750,000 Reber
approach bridge bonds.
ST. PAUL, Minn.-BOND SALE.-On May 22 $216,218 34 Class "A"
and "B" special assessment bonds were awarded as follows:
To Joel C. Hultkrans.
$69 00 Hamline Ave. curbing bonds at 6% interest.
To Emil Traeg,r.
$638 00 East Fifth St. curbing bonds at 5% interest.
662 65 Fuller St. sewer bonds at 5% interest.
To E. V. Robinson.
interest.
$657 50 Goodrich Ave. curbing bonds at 5.90%
bonds at 5.90% interest.
2,159 92 North Side University Ave. sower Bank.
To the Commercial State
interest.
$3,345 16 Alley Block 17, paving bonds at 5.99% interest.
2,367 94 Alley Block 8, paving bonds at 5.99%
To E. Daly.
$2,520 00 Alley Block 2, paving bonds at 5.95% interest.
To ,4. B. Clark.
$273 27 Blair St. sewer bonds at 6% interest.
6% interest.
1,279 19 Armstrong Ave. sewer bonds atat
6% interest.
1,054 20 Princeton Ave. grading bonds
interest.
at
6%
bonds
grading
St.
Hendon
54
6,808
420 00 Roy St. grading bonds at 6% interest.
567 60 Sargent Ave. grading bonds at 6% interest.
To F. W. Schrieber.
$522 37 Syndicate Ave. grading bonds at 6% interest. •
To C. 0. Kalman & Co.
$64,811 00 Johnson Parkway constr. bonds at 6% interest.
128,062 00 Mounds Boulevard constr. bonds at 6% interest.
There were four other bids received.
BONDS NOT SOLD.-No bids were received for the $369 Simpson St.
curbing and $628 Fry St. curbing special assessment Class "A" bonds
offered on May 21.
SALISBURY TOWNSHIP SCHOOL DISTRICT (P. 0. Allentown),
Pa.-BOND OFFERING.-Proposals will be received until 3 p. m. June 17,
reports state, by B. Scharles, Secretary of Board of Education, for $30,000
4% 5-30-year (opt.) school bonds. Int. semi-ann. Certified check for
2% required.
SANDUSKY, Erie County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Juno 17 by Fred W. Bauer, City Aud., for the
following 4%% bonds:
$2,000 First St.-improvement (assess.) bonds. Denom. $500. Due in
4 years.
1.500 dumping-grounds-site-purchase bonds. Denom. $500. Due in
4 years.
400 Jefferson St.-grading and curbing bonds. Denom. $100. Due in
6 years.
400 Fulton St.-grading and curbing bonds. Denom. $200. Due in
6 years.
Date July 1 1914. Int. J. & J. at office of City Treas. Cert. check for
$100, payable to Robert A. Koeglo, City Treas.. required. Bonds to be
delivered and paid for within 10 days from time of award.
SAN FRANCISCO, Cal.-BOND SALES OVER COUNTER.-As stated
an the sale
in V. 98. p. 1106, City Treas. John E. McDougald on Feb. 9
"over the counter," at par and accrued interest,of $1,305.000 4 % bonds.
Local papers dated May 7 stated that at that time $500.000 of these bonds
still remained unsold.
BOND OFFERING.-Proposals will be received until 3 p. m. June 22
by J. S. Dunnigan, Clerk Board of Supervisors, for the following gold
coup. tax-free bonds:
$660,000 5% city-hall bonds. Denom. $1,000. Date July 11912. Due
$15,000 yearly from 1917 to 1960 incl.
840.000 .5% municipal railway bonds. Denom. (1,400) $100, (700) $500,
(350) $1,000. Date Dec. 1 1913. Due $24,000 yearly from
1918 to 1952 incl.
250,000 4 A % water bonds. Denom. $1,000. Date July 11910. Due
$10,000 yearly from 1939 to 1963 incl.
Int. semi-ann. at office of Treasurer or at office of fiscal agency of San
Francisco in N. Y.C. Cert. check (or cash) for 5% of bonds bid for, payable to above Clerk. required. No deposit need exceed $10,000 and no deposit is required with a bid from the State of California. Bids must be unconditional, but the State of California may submit a bid conditional upon
the subsequent approval of the legality of the bonds. The legality of the
bonds will be approved by Dillon. Thomson & Clay of N. Y. C.. a copy of
whose opinion will be furnished purchaser. Purchaser to pay accrued interestrand all bids must be on forms furnished by the above Clerk.
SANTA ROSA SCHOOL DISTRICT, Cal.-BOND SALE.-Reports
state that $30,000 bonds have been sold to Wm. R. Staats & Co. at 104.18.
SCHENECTADY COUNTY (P. 0. Schenectady), N. Y.-BOND
OFFERING.-Proposals will be received until 12 m. June 8 by M.J. Rosa,
County Treasurer, for $30,000 4 % Glenridge Sanatorium bonds. De-
[VOL. xcviii.
made for each issue.
advertiseThe official notice of this bond offering will be found among the
ments elsewhere in this Department.
County, Ind.-BOND
SPARTA SCHOOL TOWNSHIP, Dearborn
received until 11 a. in. Juno 8 by Wm. A.
OFFERING.-Proposals will be Moores
Hill. It. F. D. No. 2), for $8,000
Wheeler, Twp. Trustee (P. 0.
$400. Int. J. & J. Due
414% coup. school-bldg. bonds. Denom.
to Jan. 15 1925 incl.
$400 each six months from July 15 1915
-TEMPORARY LOAN.Mass.
County,
Hampden
SPRINGFIELD,
dated May 28 and due Nov. 6 1914. was
On May 27 a loan of $800,000,of
o
nt
at 3.073% discount. Otdhiesrcobui
Y.
N.
Bartlett
&
Morgan
to
awarded
were:
Solomon Bros. & Hutzler, N. Y
3.08
discount
Curtis & Sanger, Boston
3.18% discount
Bond & Goodwin, Boston
(P. 0. Staunton), Macoupin
STAUNTON SCHOOL DISTRICT
district on May 18 voted in favor
County, Ills.-BONDS VOTED.-This stated
of the issuance of $20,000 bldg. bonds, it is
0. Pleasant Lake), Steuben
(P.
STEUBEN SCHOOL TOWNSHIP
May 22 the $3,900 5% 314-yr. (aver.)
County,Ind.-BOND SALE.-On
awarded to J. F. Wild & Co.
were
1410)
p.
98,
(V.
reg. school-bldg. bonds
and int.
of Indianapolis for $4,064 40 (104.215)
0. Cuyahoga
m a 2Fl
(P.
SALE.-On
DISTRICT
SCHOOL
STOW TOWNSHIP
Ohio.-BOND
the
R. F. D. No. 8),Summit County,
bonds (V. 98, p. 1410) were
school
coup.
(aver.)
-yr.
4
$20,000 5% 183
& Prudden of Toledo for $20,438 75
awarded to Hodder. Cummings
(102.193) and int. Other bids were:
Otis & Co., Cleveland....-*20.32500
First Nat. Bank, Cleve_ _320,368 601 Well, Roth &
Co., Ctn.. _ _ 20,306 50
Tillotson&WolcottCo.,Cle 20,362 00 Spitzer,
Rorick & Co., Tot 20,117 50
80
20,329
Toledo..__
Braun,
&
Stacy
Ohio.
-BOND SALE.-On May 20
STRUTHERS,Mahoning County,
aggregatingting $6,391 65 (V. 98, p. 1340) were
the three issues of 6% bonds,
awarded to the First Nat. Bank of Barnesville for $6,512 65 (101.893)
and int. Other bids were:
Toledo
$6,455 65
Security Say. Bank & Trust Co.,
6,433 70
Struthers Say. & Banking Co., Struthers
6,396 65
Seasongood & Mayer, Cincinnati of accrued
interest.
payment
for
All bids provided
Ill.-BOND ELECTION PROPOSED.
SULLIVAN, Moultrie County,
An election will shortly be held to submit to a vote the question of issuing
$25.000 bonds.
OFFERING.SULLIVAN COUNTY (P. 0. Sullivan), Ind.-BOND
Co.Treas.,
Proposals will be received until 12 in. June 2 by Robert Gamhill,
highway-impt.
$4.175
Twp.
Hamilton
and
414%
Twp.
for $7,748.Curry
tieth each six
bonds. Date April 15 1914. Int. M. & N. Due one-twen
months from May 15 1915 to Nov. 15 1924 incl.
D OFFERING -ProSUMMIT COUNTY (P. 0. Akron), Ohlo.-BON
by C. L. Bower, Clerk of I3d.
posals will be received until 11 a. ni. Juno 11Arlington
road-impt. bonds:
5%
coup.
of Co. Commrs.,for the following
Denom. (4) $1,000, (1) $902 05. Due
$4.902 05 assess. portion bonds.
and $902 05 Oct. 1
incl.
1918
1
to
from
Oct.
1915
on
yriy.
$1,000
1919.
(37) $1.000. (1) $410 53.
37,410 53 county's portion bonds. Denom.
Duo $4.000 yriy. on Oct. 1 from 1915 to 192:3 incl. and $1.410 53
Oct. 1 1924.
MAY 30 1914.]
THE CHRONICLE
1713
Date "day of sale." Int. A. & 0. at Co. Treas. office. Cert. check
TIFTON, Tilt County, Ga.-BONDS DEFEATED.-The question of
on a bank other than the one making the bid for 5% of bonds bid for, Issuing
$8,000 city-hall bonds failed to carry, reports state, at the
payable to Co. Treas., required. Bonds to be delivered and paid for electionthe
held May,12.
within 10 days from time of award. Purchaser to pay accrued interest.
TIMPSON, Shelby County, Tex.-BOND OFFERING.-Additional
SWAMPSCOTT, Essex County, Mass.-NOTE OFFERING.-Pro- Information is at hand relative to the offering on June 2 of the $17,000
posals will be received until 8:30 p. m. Juno 6 by Wm. 11. Bates, Town water-works and $10,000 street-impt.
57
0 10-40-yr. (opt.) bonds (V. 98,
Treas., for $50,000 4% coup. Humphrey St. impt. bonds. Int. J. & D. at p. 1557). Proposals for these bonds will
be received until 9 a. m. on that
First Nat. Bank, Boston. Due $2,500 yearly from 1915 to 1934 incl.
day by N. J. Hathorn, Mayor. Denom. $1,000. Date April 10 1914.
Int. semi-ann. in Timpson, Austin or New York.
TAUNTON, Bristol, County, Mass.-TEMPORARY LOAN.-On
TODD COUNTY (P. 0. Elkton), Ky.-BONDS DEFEATED.-A
May 26 a loan of $250,000. dated May 27, and due $125,000 Nov. 12 1914
election resulted, it is stated, in the defeat of a proposition to issue
and $125,000 April 2 1915, was negotiated with Curtis & Sanger of Boston recent
turnpike
bonds.
at 3.24% discount. Other bidders (all of Boston) were:
Bond & Goodwin
TONOWANDA, Erie County, N. Y.-BOND SALE.-On May 20 the
3.30% discount on $150,000
Blake Bros. & Co
$47,000
11-year
coup. or reg. street-impt. bonds (V. 98, p. 1480) were
3.16% plus $1 40 prem. on $150,000
awarded to Spitzer, Rorick & Co.of N. Y.for $47,037 (100.078)
3.53% plus $3 premium on $100,000
as 4.30s.
Loring, Tolman & Tupper
3.17% plus 50c. prem. on $150,000
TOPEKA, Kans.-BOND SALE.-This city on May 14 began the sale
3.459' on $100,000
at popular subscription at par and int. of $111,790 4%% 1-10-yr. (ser.)
Old Colony Trust Co
3.219 discount on $150,000
paving bonds in denominations of $500 each and dated June 1 1914. On
3.33% discount on $100,000
May 24 it was announced that the subscriptions received amounted to
$115,000.
Of the total issue $30,000 will be delivered June 1 and the reTENNESSEE.-REFUNDING LOAN OFFERED BY BANKERS.
Wm.A. Read & Co., with offices at New York, Chicago, Philadelphia, Bos- mainder each month, as the city engineer's estimate requires cash for the
ton and London,are offering to investors,at a price to net4%,the $9,401,000 payment of the laying of the pavement.
4%% temporary loan refunding bonds purchased from the State on May 22.
TRENTON, N. J.-BOND SALE.-On May 26 the $28,500 4 % 20-yr.
Dated July 1 1914. Due July 1 1915. Int. J.& J. 1 in New York. Coupon registered school bonds (V. 98,
p. 1557) were awarded to Kissel, Kitmicutt
bonds of $1,000, which may be fully registered.
& Co. of N. Y. at 104.14. Other bids were:
TEXAS.-BONDS PURCHASED BY STATCLI BOARD OF EDUCA- Wm. R. Compton Co., N. Y_103.77!Harris, Forbes & Co., N.T_ _103.692
TION.-At its May meeting, the State Board of Education , purchased Wm.N. Coler & Co., N. Y- _ _ 103.76 I R. M.Grant & Co., i‘T. Y_ _ _103.627
$100,520 5% school-house bonds. Of this sum $81,100 was applied
TROY, N. Y.-BOND OFFERING.-Proposals will be received until
toward the payment of issues contracted for at previous meetings, while the 10 a. m.June 3 by W. H. Dennin, City Comptroller, for $100,000 5% taxbalance, $22,420, was paid on new bonds which the Board has agreed to exempt certificates of indebtedness or revenue bonds. Denom. $25,000.
buy. We print below a description of the school-house bonds purchased, Date June 3 1914. Due Oct.
1914. Certified checks for not less than
showing in each case the total issue and the amount of same taken by the 1% of bonds, payable to the17"City
of Troy," required. Bonds to be
State in May:
delivered and paid for within 5 days from time of award. Purchaser
to
,
Amount pay accrued interest. Official circular states that the city has never de
County Common
.
Total
Purch'd faulted on any of its obligations.
School DistrictsDate.
Due.
Option. Issue. in April.
TUSCARAWAS COUNTY (P. 0. New Philadelphia), Ohio.-BOND
Atascosa No. 22
July 15 1913 40 years 10 years $20,000 $3,000 SALE.
-On May 25 the $45,000 69' 31Y4-yr. (aver.) coupon bridge-constr.
Atascosa No. 7
Oct. 15 1913 40 years 10 years
6,000
1,500 bonds (V. 98,,p. 1480) were
awarded to the Citizens' Bank of Strasburg for
Bosque No. 52
Apr. 10 1914 20 years 10 years
3,000
900 $46,150 50 (12.566) and int. Int. payable
in Feb. and Aug.
Burleson No. 25
Aug. 1 1913 1 year
None ,
600
2,000
UMATILLA,
Umatilla
Cameron No. 17
County,
Ore.-BOND SALE.-On May 18 the
Sept. 1 1913 40 years 10 years 13,000
2,000 $14,000
6% water-works bonds (V. 98, p. 1411) were awarded to Ferris
Comanche No. 18
July 10 1913 20 years 5 years
900 & Hardgrove
1,500
of Spokane at par. Int. M.& N.
Comanche No. 26
April 10 1913 20 years
None . 2,500
1,000
Comanche No. 43
July 10 1913 20 years 5 years
UNION TOWNSHIP SCHOOL DISTRICT (P. 0. Urbana), Cham1,000
1,500
Dickens No. 15
Aug. 10 1913 20 years 10 years
1,000 paign County, Ohlo.-BOND ELECTION.-An election will be held June
3,000
Donley No. 6
July 1 1913 40 years 2 years
3,000
1,000 2, it is stated, to vote on the question of issuing $20,000 school bonds.
Erath No.9
Apr. 10 1913 20 years 10 years
3,000
1,000
UPPER SANDUSKY, Wyandot County, Ohio.
Erath No.6
NOT SOLD.
Nov. 10 1913 20 years 10 years
1,200
660 -No sale was made on May 25 of the $25,000 5% -BONDS
elec.-light-plant bonds
Galveston No. 6
Jan. 10 1914 40 years 20 years 10,000
2,000 offered on that day (V. 98, p. 1411). Suit restraining
the village from sellGalveston No. 15
Jan. 10 1914 20 years 10 years
2,000
1,000
ing
the
bonds
was brought by A.M.Kirby. The case will be heard June 1.
Galveston No. 17
Jan. 10 1914 40 years 20 years
8,000
1,000
Harris No. 43
VALLEY JUNCTION, Polk County, Iowa.-BOND SALE.-The
Aug. 4 1913 40 years 20 years
8,000
1,400
Harrison No. 6
$39,000 5% water bonds voted March 30 (V. 98, p. 1107) have been sold
June 10 1913 40 years 20 years
8,000
1,000
Haskell No. 15
Oct. 4 1913 20 years None
2,000
1,250 in Chicago, it is stated, for a premium of $780.
Haskell No. 46
Aug. 10 1913 20 years None
1,200
VICTOR, Teller County, Colo.-BONDS VOTED.-The proposition
600
Jim Wells No. 12
April 10 1913 40 years 10 years
6,000
1,500 to issue the $150,774 84 (not $160,000 as first reported) 6% funding bonds
Kent No. 13
April 10 1913 40 years 10 years
5,200
800 (V. 98, p. 1188) carried,reports state, at the election held May 19.
Lamar No. 7
July 1 1913 20 years 10 years
3,000
900
WABASH COUNTY (P. 0. Wabash), Ind.-BOND SALE.-On
Limestone No. 35
July 10 1913 20 years 10 years
4,000
800 May 25 the two
of 43 % gravel-road bonds, aggregating $18,660
Limestone No. 5
July 10 1913 20 years 10 years
5,000
1,000 (V. 98, p. 1557), issues
awarded to the Lafontaine Bank of Lafontaine for
Limestone No. 64
Juno 10 1913 20 years 10 years
7,500
1,500 $18,770-equal towere
100.589.
Medina No. 3
April 10 1913 40 years 5 years
8,000
1,500
Medina No. 9
WARREN COUNTY (P. 0. Bowling Green), Ky.-BONDS DEJan. 10 1913 40 years 5 years 10,000
2,000
Milam No. 59
Aug. 15 1913 40 years 1 year
4,000
800 FEATBD.-The question of issuing the $300,000 pike-construction bonds
Nolan No.24
June 11 1913 40 years 20 years
6,000
1,000 (V.98, p. 1107)failed to carry, dispatches state, at the election held May 19.
Parker No. 23
Sept. 10 1913 20 years 10 years
5,000
800
WARRENSBURG SPECIAL SCHOOL DISTRICT (P.O. Delaware),
Robertson No. 3
Aug. 1 1913 20 years 5 years
2,500
1,300 Delaware County, Ohio.
-BOND SALE.-On May 23 the $10.000 5%
Robertson No.4
Aug. 1 1913 20 years 5 years
2.500
1,200 11-year (average)
building bonds (V. 98, p. 1557) were awarded to the
San Augustine No. 11_ _Jan. 10 1914 20 years 10 years
2,000
1,200 First National Bank
of Cleveland, it is stated, at 100.158.
Tarrant No. 18
Sept. 10 1913 40 years 20 years
7,400
1,500
Tarrant No. 52
Sept. 10 1913 40 years 20 years
WATERVLIET, Albany County, N. Y.-BOND SALE.-On May 22
7,500
1,500
Tarrant No. 91
April 17 1913 40 years 20 years 13,500
2,000 an issue of $7,520 20 43 % sewer-impt, bonds was awarded to the N. Y.
Travis No. 43
Mar. 2 1914 20 years 10 years
3,000
1,000 State Nat. Bank of Albany at par and int. Denom. $752 02. Date
Upshur No. 18
Oct. 10 1913 15 years 5 years
1,500
1,000 April 1 1914. Int. A. & 0. Due in 1924. There were no other bidders.
Wharton No. 17
Sept. 12 1912 20 years 10 years
800
5,000
WATSON VILLE SCHOOL
Cal.-BONDS PROPOSED.
Wise No.92
June 10 1913 40 years 20 years
1,000 Reports state that the Board ofDISTRICT,
6,000
School Trustees is considering the question
Independent Sch. Dists.of
a bond issue to erect a new school building.
Angleton
Dec. 1 1913 40 years 5 years $2,500 $1,000
COUNTY (P. 0. Wooster), Ohio.-BIDS.-The following
Arlington
Oct. 1 1913 40 years 20 years
4,000
1,000 areWAYNE
the other bids received for the three issues of 59' road-impt. (assess.
Brashear
July 1 1913 40 years 10 years
4,000
800 bonds,
Calallen
aggregating $102,800, awarded on May 21 to Breed, Elliott & HarJune 14 1913 40 years 10 years 10,000
1,500
Copoville
Aug. 1 1913 40 years None 6,562.50
1,125 rison of Cincinnati at 101.90 and int.(V. 98, p. 1635):
Crosbyton
April 10 1914 40 years 10 years 18,000
Premium.
Premium.
3,000 Hayden, Miller Co.,
Forney
Clev$1,910 00 Spitzer,Rorick & Co.,Tol_ _$1,200 00
Oct. 1 1913 40 years 20 years
3,000
800 Stacy & Braun,&
Fruitvalo
Toledo_
_
Nov. 1 1913 /0 years 10 years
_
_
1,906 96 Provident Say. Bk. & Tr.
2,300
460 Otis
Cleveland_-Groveton
Co.,
&
1,875
_
00
Jan. 3 1914 0 years 10 years
Co.,
Cincinnati
1,089 96
9,000
2,000 Tillotson&Wolcott
Hutchins
Co.,Cle_ 1,817 36 Citizens' Nat. Bank andi
July 10 1913 . 0 years 5 years 10,000
565 40
1,500
Jayton
Nat. Bank, Cleve_ _ _ 1,240 20
July 10 1913 40 years 10 years 12,000
WayneCo.Nat.Bk.,Woos
2,000 First
Using
Lakeview
reports,
newspaper
we
last
stated
in
week's
June 16 1913 40 years 20 years
"Chronicle' that the
6,000
1,000
Lott
June 1 1913 40 years 10 years 10,000
2,000 price paid for these bonds was $101,735-equal to 101.882.
Malakoff
Sept. 1 1913 40 years None
4,000
WAYNE COUNTY (P. 0. Waynesboro), Tenn.-BOND ELECTION.
800
Matagorda
July 15 1913 40 years 20 years
8,000
1,000 -According to newspaper reports, an election has been ordered for July 14
Mertens
Jan. 1 1914 40 years 10 years 12,500
2,500 to vote on the question of issuing bonds to aid the construction of the NashMay 1 1913 40 years 20 years
Nevada
2,700
1,000 ville Shiloh & Corinth Ry. through the county.
Oct. 1 1913 40 years 10 years 14,000
New Braunfels
2,000
WAYNE SCHOOL TOWNSHIP (P.. 0. West Point), Tippecanoe
Aug. 1 1913 40 years 20 years 12,000
Pecan Gap
2,000 County, Ind.
OFFERING.-Proposals will be received until 9
Port Aransas
April 10 1914 40 years 10 years 10,000
2,000 a. in. Juno 18-BOND
Chas. Turner, Twp. Trustee, for $5.000 41% schoolPoteet
Oct. 1 1913 40 years 10 years 16,000
3,000 bldg. and impt.by
bonds. Denern. $500. Date July 1 1914. Int. J. & J.
Rio Hondo
Aug. 1 1913 40 years 15 years 12,000
1,500
Due $500 each six months from July 15 1919 to Jan. 1 1924 incl.
Robstown
July 5 1913 20 years 5 years
4,250
1,250
Richardson
WEST PARK, Cuyahoga County, Ohio.-BOND OFFERING.-ProAug. 1 1913 40 years 5 years 15,500
3,000 posals
Streetman
will be received until 12m.June 22 by Fred. Feuchter, VII. Clerk, for
July 1 1913 40 years 10 years
9,000
2,000
the
following 5% road-impt. (assess.) bonds:
Sweeney
July 1 1913 40 years 5 years 10,000
1,500
Theney
Juno 10 1913 40 years 5 years
4.500
1,200 $2,148 48 Trisket road bonds. Denom. $545 37. Due $2,181 48 Oct. 1
Dec. 1 1913 40 years 20 years 12,000
Toler
1915 and 1916.
2,000
July 1 1913 20 years 5 years
Vandyke
884 40 Vernon Ave. road bonds. Denom. $442 20. Due $442 20 on
1,600
Water Valley
June 1 1913 50 years 5 years
Oct. 1 1915 and 1916.
8,000
2,000
Wellington
1,219 48 Lakota St. road bonds. Denom. $609 74. Due $609 74 Oct. 1
July 1 1913 40 years 10 years 12,000
2,000
Westminster
April 1 1914 40 years None
1915 and 1916.
6,500
2,000
Yantis
930 85 Leland Ave. road bonds. Denom. $465 42. Due $465 42 on
Sept. 1 1913 20 years 10 years
3,500
875
Oct. 1 1915 and 1916.
In addition to the above, the Board of Education purchased $3,000 of a
1,042 82 Davisville road bonds. Denom. $521 42. Due $521 42 on
total issue of $20000 5% 10-40-year (opt.) water-works bonds of the city
Oct. 1 1915 and 1916.
of Quanah dated bee. 1 1913.
Date May 11914. Int. M.& N. Cert. check on a bank other than the
BONDS REGISTERED.-The following 57
0 bonds were registered by the one making the bid,for 5% of bonds bid for, payable to VII.Treas.,required.
State Comptroller during the week ending May 16;
Bonds to be delivered and paid for within 15 days from time of award.
Amount.
PlacePurpose.
Due.
Option. Purchaser to pay accrued interest.
$40,000 Terrell
City-hall & fire-station_40 years 10 Years
WHATCOM COUNTY SCHOOL DISTRICT NO. 301, Wash.85,000
"
School-house improv't_ _40 years 10 years BOND
ELECTION.-Reports state that an election will be held June 6 to
35,000 Matagorda County..0. S. D. No. 7
40 years $1,000
vote on the question of issuing $100,000 10-20-year (opt.) school bonds at
each year beginning 1919 not
exceeding
6% interest.
100,000 Hays County
Road bonds
40 years
years
1,075,000 McLennan County_Road District No. 2_ AO years 10(*)
WHITTIER UNION HIGH SCHOOL DISTRICT, Cal.-BOND ELEC
* $135,000 optional April 1 1919 and $27,000 opt.April 1 yearly thereafter. TION.-An election will be held, it is stated, to authorize $15,000 bonds
The following bonds were registered by the State Comptroller during for improvements.
the week ending May 23:
WICOMICO COVNTY (P. 0. Salisbury), Md.-BOND SALE.-On
Amount.
Place.
Purpose.
Int. Due. Option. May 26 the $25,000 4%% coup. tax-free high-school-impt. bonds (V. 98,
$150,000 El Paso
Water works 5% 40 yrs. 20 yrs. p. 1558) were awarded to Baker, Watts & Co. of Baltimore at 102.07.
100,000 El Paso
Sewer
5
40 yrs. 20 yrs. Jenkins, Whedon & Poe of Baltimore bid 100.5069. Due serially, first
10,000 Jack County
C S. D. No. 2 5
40 yrs. 5 yrs. bond payable 1926.
50,000 Corpus Christi
Street impt.
WILMINGTON, Del.-BOND OFFERING.-Proposals will be receved
5
40 yrs. 20 yrs.
4,000 Freestone County
C.S. D. No. 15 59' 40 yrs. 20 yrs. until 12 m. June 5 by James F. Price, City Treasurer, for $200,000
4%%
17,000 Comal County
Road & bridge 5% 40 yrs. 10 yrs. coupon
or registered building commission bonds, Classes "F" to "0," inc.
20,000 Irion County
Spec'l "
5 % 40 yrs. 10 yrs.
1,000 Wheeler County
C S. D.No. 165%20 yrs. 5 yrs* Denom. $1,000. Date Sept. 1 1913. Int. M.& S. Due $20.000 yearly
5,000 Crosby & Lubbock Co. LineC.S.D.No.20 5% 40 yrs.
None on Sept. 1 from 1928 to 1937, inclusive. Certified check for 2% of bonds
THREE FORKS, Gallatin County, Mont.-BOND OFFERING.
- bid for, payable to Mayor and Council, required. Bonds to be delivered
Proposals will be received until 12 m.June 25 by W.Masten,City Atty. and and paid for on or before 12 m. June 17 at office of City,Treasurer. These
ex-officio City Clerk, for the $45,000 5% 10-20-yr. coup. tax-free water- bonds will be certified as to genuineness
by the U. S. Mtge. & Trust Co.
works bonds voted April 23. Denom. $500. Date July 11914. Int. J.
& J. at the City Treas. office or bank in New York. Cert. check for $1,000, and their legality approved by Hawkins, Delafield & Longfellow of N. Y.
payable to Ralph L. Robertson,
The official notice of this bond offering will be found among the advertiseva
3Mayor,
1
The city has no bonded
indebtedness. Assess.
ments elsewhere in this Department.
THE CHRONICLE
1714
[VoL. xcviii.
•
WILSON COUNTY SPECIAL ROAD DISTRICT NO. 1, Tex.BOND ELECTION.-The question of issuing $60,000 bonds will be submitted to a vote, it is stated, on June 23.
WINTHROP, Mass.-TEMPORARY LOAN.-Loring, Tolman &
Tupper have purchased at 3.19% discount a loan of $20,000. due Nov. 25
1914.
WOODBURY COUNTY (P. 0. Sioux City), Iowa.-BOND ELECTION.-Reports state that an election will be held June 1 to vote on the
question of issuing $500,000 court-house constr. bonds.
WOOD COUNTY (P. 0. Parkersburg), W. Va.-BONDS NOT SOLD.
-No satisfactory bids were received on May 25, it is stated,for the $40,000
5% 20-30-year (opt.) coupon Clay Dist. road bonds offered on that day
(V. 98, p. 1636).
WOOSTER, Wayne County, Ohio.-BOND SALE.-The following
2% 534-yr. (aver.) Industrial Sewer
bids were received for the $15,000 5y
Dist. No. 4 (assess.) bonds offered on May 26 (V. 98, p. 1482):
Citizens' Nat. Bk., Woos*$15,455 85 Tillotson&WolcottCo.,Cle.$15,379 50
Prov.S.Bk.&Tr.Co., Ctn.._ 15,454 50 Otis & Co., Cleveland_ ___ 15.378 00
Stacy & Braun, Toledo_ _ _ 15,429 19 R. Kleybolte & Co., Cin_ _ 15,361 50
15,382 90 Spitzer, Rorick & Co.. Tol. 15,230 00
First Nat. Bank,Cie
Seasongood & Mayer,Cin. 15,381 00 Ohio Nat. Bank, Colum__ 15,201 55
All bids provided for payment of accrued interest.
* This offer, it is stated, was accepted.
YOUNGSTOWN, Ohio.-BOND OFFERING.-Proposals will be received until 2 p. m. June 22 by Dan J. Jones, City Aud., for the following
5% coupon or registered improvement bonds:
$50,000 Fifth Ave. bridge bonds. Due $5,000 yearly on Oct. 1 from 1916
to 1925 inclusive.
10,000 Hall's Hollow public playground bonds. Due $2,000 yearly on
Oct. 1 from 1916 to 1920 inclusive.
10,000 Lincoln park-improvement bonds. Due $2,000 yearly on Oct. 1
from 1916 to 1919 inclusive.
11,950 Shelby St. paving bonds. Due $2,390 yearly on Oct. 1 from 1915
to 1919 inclusive.
3,460 Hellman St. paving bonds. Due $692 yearly on Oct. 1 from 1915
to 1919 inclusive.
5,190 Steel St. paving bonds. Due $1,038 yearly on Oct. 1 from 1915
to 1919 inclusive.
7,210 Hall's Heights Ave. bonds. Due $1,442 yearly on Oct. 1 from
1915 to 1919 inclusive.
24,675 Covington St. paving bonds. Due $4,935 yearly on Oct. 1 from
1915 to 1919 inclusive.
Date July 11914. Int. J. & J. at office of Sinking Fund Trustees on the
first three issues payable in N.Y.funds. Cert. check for 2% of each block
of bonds bid upon, payable to City Aud., required. Bonds to be delivered
and paid for not later than July 1. Separate bids must be made for each
block of bonds.
ZANESVILLE, Muskingum County, Ohio.-BOND OFFERING.
Proposals will be received until 12 m.June 5 by Fred. H.Bolin,City Aud.,
NEW LOANS.
for $2,000 57,5-yr. coup. Warwick and Blandy Ave. impt. bonds. Denom. $500. Date Oct. 1 1913. Int. A. & 0. at office of City Treas.
Cert. check for 5% of bonds bid for, payable to City Treas., required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest. These bonds are taxable.
ZAVALLA COUNTY (P. 0. Batesville), Tex.-BONDS VOTED.-On
May 12, according to reports, the tax-payers authorized the issuance of
$20,000 bonds for general road improvement in the entire county.
On the same day (May 12) $10.000 bonds were voted, it is stated, for
road improvements in La Pryor Precinct No. 4.
Canada, its Provinces and Municipalities.
ALBERNI, B. C.-PURCHASER OF DEBENTURES.-The purchaser
of the $25,000 6% water-works bonds sold on Apr. 9 at 88 net (V. 98, p.
1412) was the American Life & Accident Insurance Co. of Portland. Int.
J. & J. Due in 1934.
BEAMSVILLE, Ont.-DEBENTURE ELECTION.-Newspaper reports
state that an election will be held June 4 to vote on the issuance of $20,000
school-site-purchase and constr. debentures.
BRANDON, Man.-LOAN ELECTION.-Reports state that an election will be held June 6 to vote the proposition to issue debentures to be
granted as a loan to the Y. M.C. A.
COLEMAN, Alta.-DEBENTURE OFFERING.-Proposals will be received until 6 p. m. June 2 by H. Howes Roberts, Sec.-Treas., for $2,500
6% 10-installment street and sidwalk-impt. debentures.
CORNWALL TOWNSHIP, Ont.-DEBENTURES AUTHORIZED.
It is stated that the Council on May 4 authorized the issuance of $10,000
school-bldg. and impt. debentures in S. S. No. 4.
EDSON, Alta.-DEBENTURE SALE.-According to reports, this town
has disposed of an issue of$45,000 electric-light and power-plant debentures.
FORT WILLIAM, Ont.-DEBENTURES OFFERED BY BANKERS.
Wood, Gundy & Co. of Toronto are offering to investors $150,000 5%
debentures. Int. F. & A. at the Bank of Montreal, Toronto, Montreal,
Can., London, Eng., New York. Due Feb. 1 1934.
GLENCOE, Ont.-DEBENTURES VOTED.-The proposition to issue
$8,000 debentures to pay existing debts(V.98, p. 1413) carried, it is stated,
at the election held May 11.
HARTNEY, Man.-DEBENTURE ELECTION.-An election will be
held June 1. it is stated, to vote on the issuance of $15,000 electric-light
debentures
HULL, Que.-DEBENTURE OFFERING.-Proposals will be received
until 4 p. m.June 8(time extended from June 1) by H.Boulay, City Clerk.
for $256,700 5% 7. 20, 30 and 40-yr. debentures (V. 98, p. 1637). Int.
M.& N. A check for $1,000 required.
NEW LOANS.
NEW LOANS
WWv•ne•eNevNMn.nN
$50,000.00
$300,000
Suffolk County, New York, SALT LAKE CITY, UTAH,
432% BONDS
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 (4%%) 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
cast 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 real
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.
$79,000
City of Millville, New Jersey,
IMPROVEMENT BONDS
Sealed bids will be received until FRIDAY,
JUNE 12TH, 1914, at 330 p. m., for the purchase of the following bonds of the City of Millvile.
$10,000 00 5% Road Bonds (Serial), 1915 to 1924.
33,000 0057 General Improvement Bonds,1934.
36,000 004% Street Improvement Bonds,1932.
No bid willbe received for less than par and
accrued interest and must be accompanied by
cash or certified check for 5% of the amount
bid for.
All bids must be on the forms which,together
with the advertisement, may be had on application to
THOMAS WHITAKER, Director
of Revenue and Finance,
or
G.B.WORSTALL,City Treasurer,
Millville, New Jersey.
The Board of Commissioners of the City of
Miliville reserves the right to reject any or all bids.
WATER.AND SEWER BONDS.
NOTICE IS HEREBY GIVEN that Salt Lake
City, Utah, proposes to issue and sell two hundred
thousand 0200,000 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 interest at the rate of four and one-half (4%) 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 mooting of the Board of Commission
at 8 o'clock p. m., said day. Each bid shall be
accompanied by a certified check for six thousand
($6,000 00) dollars as a guaranty of good faith,
.of the City Treasurer of
toat; Val'
artatillike
Ea
The Town of Plentywood,
Sheridan, County, Montana
$2,000 Fire Apparatus (6%) Bonds
(6%) Bonds
10,000 Sewer
(6%) Bonds
20,000 Water-Works
State of Montana
County of SheridanIss:
Town of Plentywood
Pursuant to the authority of Ordinance No. 31
of the Town of Plentywood, of Sheridan County,
Montana, passed and approved May 26, A. D.
1914, authorizing and directing the advertisement
and sale of certain bonds of said town, namely:
Fire-apparatus bonds aggregating the principal
sum of Two thousand dollars ($2,000);
Sewer bonds aggregating the principal sum of
Ten thousand dollars ($10,000); and
Water-works bonds aggregating the principal
sum of Twenty thousand dollars ($20,000).
Each issue of bonds aforesaid shall be numbered
consecutively from 1 upwards, of the denomination of $1,000 each, dated January 1, A. D. 1914.
due January 1 A. D. 1934, redeemable at the
pleasure of said town after January 1, 1924;
bear interest from their date until paid at the rate
of six (6) per centum per annum, payable semi-annually on the first days of January and July,
respectively, in each year, both principal thereof
and interest threeon payable at the National Bank
No condition'al or qualified bids, except as to of Commerce, in the city and State of New York,
the legality of the issue, nor any bid for less than U.S. A.
PUBLIC NOTICE IS HEREBY GIVEN that
the face value of the bonds, will be considered.
The Board of Commissioners reserves the right each series of bonds aforesaid will, at the office
of the undersigned Mayor in.said town, on MON
to reject any and all bids.
This notice is given pursuant to a resolution DAY, to-wit: the 29TH DAY OF JUNE, A. D.
of the Board of Commissioners of Salt Lake City, 1914, at the hour of 10 o-clock A. M. at public
auction, be sold to the bidder offering the highest
Utah, passed the 13th day of May. 1914.
price therefor.
Dated May 14, 1914.
At said public auction only the bids of such of
SAMUEL C. PARK.
those who have deposited with the undersigned
Mayor.
Mayor a certified check, payable to his order, for
KARL A. SCHEID,
an amount equal to the par value of the bonds bid
City Recorder.
for, will be considered. The checks of all unsuccessful bidders will be returned forthwith, whereas
the check of the successful bidder, or bidders,
shall be held by the town and forfeited to it should
the purchaser fail totake up and pay for said bonds
when presented to him.
Each series of bonds aforesaid will be available
for delivery at the time of their sale, namely,
the day, date and hour aforesaid, with the exFIVE PER CENT.
ception that the water-works and sewer bonds
will be delivered to the purchaser, or purchasers,
7, 20, 30, 40 YEARS BONDS. one
day subsequent to the delivery of the fire
apparatus bonds.
Tenders addressed to H. Boulay, City Clerk.
BY ORDER of the Council of the town of
will be received up to 4 o'clock on MONDAY. Plentywood, of Sheridan County, Montana,
THE 8TH OF JUNE NEXT. 1914, for the made this 26th day of May, A. D. 1914.
[Seal]
purchase of $256,700 00 of the City`s Bonds,
GEO.E.BOLSTER,Mayor.
bearing 5% interest, payable on the 1st days of Attest:
May and November each year. A cheque to
C. M.OLUFSON,Clerk.
the amount of $1,000 must be'attached with each
tender. The highest or any tender not necessarily accepted. For information apply to the
undersigned.
READY JULY 15,
H. BOULAY,
City Clerk.
$256,700 00
CITY OF HULL, QUEBEC,
HAND BOOK OF SECURITIES
F. WM. KRAFT
192 Pages
LAWYER.
Income-Prices-Dividends
Specializing in Examination of
Municipal and Corporation Bonds
517-520 HARRIS TRUST BUILDING,
111 WEST MONROE STREET
CHICAGO, ILL.
for a series of years
to Jan. 1
COMMERCIAL & FINANCIAL CHRONICLE
138 Fret St., New York
MAY 30 1914.]
THE CHRONICLE
1715
The official notice of this debenture offering will be found among the adverPORTAGE LA PRAIRIE, Man.-DEBENTURE SALE.-It is stated
tisements elsewhere in this Department.
that Wood, Gundy & Co. of Toronto have purchased at 94.27
the $45,000
debentures
1eb3
ei.
nures
t
KEMPTVILLE, Ont.-DEBENTURE ELECTION.-Reports state that
issued to pay off a deficit on water works.(V. 98, P. 1266.)
the question of issuing $5,000 sidewalk-constr. debentures will be sub- Due
mitted to a vote on Juno 8.
REDCLIFF, Alta.-DEBENTURE ELECTION.-The question of ismEed
K.ENSALL, Ont.-DEBENTURES VOTED.-The question of issuing ipnogRrt$
1v5E
,OLOBOToicz,
fire-hallBa
and
.
d
.equE
DipB
.,
E$75,000 water-work
lighting-impt, debentureswill be submitted to a votes-impt. and $15,000
$5,000 municipal-bldg. debentures carried, reports state, at the
election
on June 1, it is re.
heldiMay 16.
LACHINE, Que.-DEBENTURES VOTED.-The question of issuing
NTURE SALE.-Reports state that the
the $600,000 local-impt. debentures (V. 98, P. 1482) carried, reports state, $40,000 5%% 20-yr. water and light debentures offered on May 8 (V.
98.
p. 1413) have been purchased by R. C. Matthews & Co.
atithe election held May 11.
of Toronto at
LOWTONIA, Sask.-DEBENTURE SALE.-W. L. McKinnon• & Co. 92.125.
of Toronto have purchased, reports state, an issue of $5,000 debentures
ST. JEROME, Que.-DE
OFFERING.-This town is offerat 95.90.
ing for sale the $115,000 5% BENTURE
50-yr. debentures offered without success on
MELVILLE, Sask.-DEBENTURES AWARDED IN PART.-Of the April 20 (V. 98, p. 1189)•
three issues of coup. debentures, aggregating $70,626 07, offered without
ST. MICHEL DE LAVAL, Que.-DEBENTURE
success as 534s on April 20(V. 98, p. 1413), $22,000 (29 installments) were to reports,
SALE.-According
an issue of $300,000 6% water-works and sewerage-syste
awarded to Macneill & Young of Toronto for 6s.
m, road
and general-impt. debentures, due
May 1 1954, has heed purchased by the
MONTREAL PROTESTANT SCHOOL DISTRICT (P.O. Montreal), Dominion Securities Corp., Ltd., of Toronto.
Que.-AMOUNT OF DEBENTURES AWARDED.-We are now advised
STAMFORD TOWNSHIP, Ont.-DEBENTURE SALE.
that N. B. Stark & Co. of Montreal were only awarded $500,000 of the 6%
-The $10,000
20-yr. water-plant debentures voted in November
$1,000,000 45% 30-yr. gold coup. school debentures offered on May 21. have been awarded
(V. 97, p. 1451)
to Brent, Noxon & Co. of Toronto1913
at 102.37.
The price paid was 95.278. An option was granted N. B. Stark & Co.
on the remainder of the issue for 30 days at the same price. We reported
STRATFORD, Ont.-DEBENTURES VOTED.-On
May 18 this city
in last week's "Chronicle" that the entire issue had been awarded to Stark voted to issue $22,000 light, $11,500 incinerator
and $10,000 Agricultural
Park impt. debentures, it is reported.
& Co. on May 21.
MORRIS, Man.-DEBENTURE ELECTION.-An election to vote on
SWAN RIVER, Man.-DEBENT
OFFERING.-Bids will be rethe question of issuing $2,500 school debentures will be held June 6. it ceived until 8 p. m.June 15 by B. E.URE
Rothwell, Sec.-Treas., for $3.000 7%
is stated.
20-ann. installment local-impt. debentures
.
NEWMARKET, Ont.-DEBENTURE ELECTION.-Newspaper reTAYISTOCK, Ont.-DEBENTURE ELECTION.
-The proposition to
ports state that an election will be held June 8to vote on the issuance of issue $6,000 hydro-electric-power debentures
will be submitted to the ratepayers on June 5, reports state.
$25,000 sidewalk and water-works-system-imPt. debentures.
NIAGARA FALLS, Ont.-DEBENTURE SALE.-Reports state that
VANCOUVER, B. C.-LOAN.-A cable from
London dated May 25
the $3,000 10-yr. police-station and $5,000 30-yr. storm-sewer 5% deben- says that a £500,000 43 % loan has been underwritt
en at 96.
tures voted in January (V. 98, p. 256) have been purchased by Wood.
VERMILLI
ON, Alta.-DEBENTURES VOTED.-Reports
Gundy & Co. of Toronto at 96.28.
state that
the issuance of $6,000 sidewalk debentures
carried at the election held
PARRY SOUND, Ont.-DEBENTURE OFFERING.-Proposals will April 30.
be received until to-day (May 30) by J. D. Broughton, Town Treas., for
VICTORIA, Ont.-DEBENTURE
$4,500 5% coup. electric-light-plant-impt. bonds. Due in 10 ann. inpayers will have submitted to them theELECTION.-On June 5 the ratestallments of principal and interest on Dec. 31.
issuance of $1,000 sidewalk-constr.
debentures, it is reported.
PEMBROKE, Ont.-LOAN VOTED.-On May 19 the question of
WELLAND, Ont.-DEBENTURES AUTHORIZED.
issuing the $50,000 and $5,000 debentures to be granted as loans to the
-The Council
recently passed a by-law authorizing the issuance
Electric Mfg. Co.of Canada,Ltd.,(V.98,P. 1560) carried, reports state.
of $42,000 school-bldg.
debentures, it is stated.
PICTON, Ont.-DEBENTURE OFFERING.-Proposals will be received
WINGHAM, Ont.-DEBENTURE SALE.-According to
until 10 a. m. June 8 by M. Adams, Mayor, for $20,000
reports, this
Due in 10 ann. installments of principal and interest. 5% debentures. town has sold $2,720 electric-light debentures to J. W.McKibbon of Wingham at 100.12.
NEW LOANS.
NEW LOANS.
$200,000
$186,000
NEW LOANS.
$38,000
CITY OF WILMINGTON, DELAWARE Parish ofEast Baton Rouge,Louisiana THE VILLAGE OF SOUTH ORANGE
BUILDING COMMISSION BONDS
5% ROAD BONDS
• Essex County, New Jersey
Sealed bids will be received by the President
SEALED BIDS will be received until 12
O'CLOCK NOON, FRIDAY, JUNE 5, 1914, of the Police Jury, Baton Rouge, Louisiana, up
for Two Hundred Thousand Dollars Wilmington to JUNE 25TH, 1914, for $186,000 00 five per Playground & Fire-Equipment Bonds
cent twenty-seven (27) years Good Road Serial
(Delaware) Building Commission Bonds.
Sealed proposals will be received by the Come
These bonds will be in coupon form, with Bonds, Series "B," of Road District No. Two,
of the Parish of East Baton Rouge, issued by mittee on Finance of the Board of Trustees of th8
privilege of registration, at option of purchaser.
Bonds will date from September 1, 1913, and Parish of East Baton Rouge, in behalf of Road Village of South Orange, New Jersey, until
will be issued in denominations of One Thousand District No. 2. upon unanimous vote of the o'clock P. M., MONDAY. JUNE 15, 1914, for
Dollars each, and bear interest at the rate
of Four legally qualified property tax-payers, under pro- the purchase of bonds for The Village of South
and one-half per centum per annum, payable visions of Article 281, Constitution or Louisiana Orange, as follows:
Separate.bids for each issue.
semi-annually on September 1st and March 1st, of 1898, and amendments thereto. Issued solely
for construction, improvement and maintenance
$28,000 4 % 30-year Playground Bonds.
and will mature as follows:
Gravel
of
Roads
10,000 4%% 10-year Serial Fire-Equipment
said
in
Road
District under
Class.
Amount.
Date of Maturity.
supervision of Louisiana State Highway DepartBonds.
F
$20,000
September 1, 1928
Both
ment.
interest and principal _payable at the
G
20,000
September 1, 1929
Denomination of bonds, $1,000 00, maturing United States Mortgage & Trust Company,
H
20,000
September 1, 1930
serially from Feb. 1st, 1915. to Feb. 1st, 1941. 55 Cedar Street, New York city. Bonds to be
I
20,000
September 1, 1931
Interest payable semi-annually February and in the denomination of $1,000 each. Said bonds
J
20,000
September 1, 1932
wil be engraved under the supervision of and
August 1st.
K
20,000
September 1, 1933
Principal and interest payable at the office of certified to as to genuineness by the United States
L
20,000
September 1, 1934
Mortgage & Trust Company of New York. The
the
Parish
Treasurer,
Baton
Rouge,
La.,
or
at
isii
20,000
September 1, 1935
legal proceedings are being examined
National City Bank, Now York City, N. Y.
by Messrs.
N
20,000
September 1, 1936
Full faith and credit of Parish and District Caldwell, Masslich & Reed, Counsellors-at-law,
o
20,000
September 1, 1937
111 Broadway, New York City, and their opinion
pledged to payment.
These bonds are for the purpose of paying for
will be furnished to the purchaser and also
Tax levied to meet payments'due in 19'15.
filed
the land and for the erection, equipment and furPurchaser or purchasers of bonds may desig- with legal papers with the United States Mortgage
nishing of a Municipal Building for The Mayor nate the depository of funds, provided
& Trust Company.
and Council of Wilmington, Delaware, and are security be given for their safe-keeping. ample
Each proposal must be accompanied by a certiIssued under authority of, and in strict compliance
Certified check for $5,000 00 required with each fied check on a national bank or trust company,
with, an Act of the General Assembly of the State bid, as evidence of good faith.
payable to Frank Fenner Treasurer of the Village
of Delaware, approved February 26, A. D. 1913.
For further information address Joseph Gebelin, of South Orange, New Jersey, for two
per cent
All proposals must be accompanied by a certi- President Police Jury, or F. A. Woods, Secretary, of the par value of the bonds bid for. Delivery
fied check, payable to the order of "The Mayor Baton Rouge, Louisiana.
of the bonds will be made on July 1, 1914, at
and Council of Wilmington," for two per centum
eleven o'clock A. M., at the office of the United
of the amount of the bonds bid for, the same to be
States Mortgage & Trust Company, 55 Cedar
forfeited if the bidder fails to accept and pay for
Street, New York City, unless a subsequent date
the bonds awarded. The successful bidder or
shall be mutually agreed upon.
BOND CALL.
bidders will be required to settle for bonds awarFurther information can be obtained on applicaded, with accrued interest from September 1,
tion to Frank Fenner, Treasurer of the Village of
1913, at or before 12 o'clock noon, June 17, 1914.
South Orange, Village Hall, South Orange New
The right to reject any and all bids is reserved.
Jersey.
NOTICE OF BOND CALL
The legality of these bonds is approved by
The right is reserved to reject any or all bids.
Hawkins, Delafiold & Longfellow, Attorneys and
LAWRENCE A. NORTON,
Counsellors-at-Law, 20 Exchange Place, New
EDWIN S. ALLEN,
York City.
EDWARD A. MARKS,
These bonds have been prepared and certified as
Committee on Finance.
to genuineness by the United States Mortgage &
The Village of South Orange.
Trust Company of New York City, and will be
Dated May 29. 1914.
delivered to the purchaser on or before June 17,
1914. at the office of the .City Treasurer of the
City of Wilmington, Delaware.
6% SCHOOL DISTRICT BONDS
Address all bids in sealed envelopes
James F.
Price, City Treasurer, Wilmington,toDelaware,
Notice is hereby given that Special School
marked "Proposals for Wilmington Building Com- District of Russellville, Arkansas,
has called for
mission Bonds."
payment the following described bonds aggreWELLER E. STOVER,
gating $22,000, namely, bonds Nos. 1 to 22,
MUNICIPAL BONDS
inGEORGE E. GRANTLAND,
clusive, of $1,000 each, dated July 1, 1907, which
JAMES KANE,
said bonds are subject to call at any
Legal for Savings Banks,
interestFinance Committee of The Council paying period by giving thirty days' notice,
and,
Postal Savings and Trust Funds.
of Wilmington, Delaware. together with the interest accrued thereon, will
be
paid at the office of the Bank of Russellville,
SEND FOR LIST.
Arkansas, on the FIRST DAY OF JULY, 1914.
Holders thereof are hereby required to present
South La Salle St.,
said bonds for payment at the time and place
CHICAGO
herein specified, and no interest will be paid on
said bonds after the date named.
Bonds will be redeemed also at the office of
Messrs. Speer & Dow, Investment Bankers of
MUNICIPAL AND RAILROAD
Fort Smith, Arkansas, or at the First National
BONDS
Bank of said city, if the holders desire.
BONDS
By order of the Board of Directors of Special
60 STATE STREET, BOSTON
School District of Russellville, Pope County,
LIST ON APPLICATION.
Arkansas.
20 PINE STREET, NEW YORK
L. B. McOLURE,
President.
STATE, CITY & RAILROAD BONDS Attest:
J. A. CLIFTON,
Ingalls Building
Secretary.
Mal.]
CINCINNATI
$22,000
RUSSELLVILLE, ARKANAS,
Bolger,Mosser&WIllaman
go
BLODGET & CO.
SEASONGOOD & MAYER
[VoL. xcifirr.
THE CHRONICLE
1716
financial
financial
-.V
Mountain States
CHARTERED 1653.
United States Trust Company of New York
45-47 WALL STREET
•
Capital,
Surplus and Undivided Profits
- $2,000,090 00
- $14,103,810 00
This Company acts 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.
Telephone
COLORADO.
IN
BELL SYSTEM
NEW MEXICO, ARIZONA. UTAH.
WYOMING. IDAHO AND MONTANA
7%
STOCK
No Bonds-No Preferred Shares
BOETTCHER,PORTER
COMPANY
DENVER
EDWARD W. SHELDON, President.
WILLIAM M. CINGSLEY, Vice-President
WILLIAMSON PELL, Asst. Secretary
JOHN
WILLIAM ROCKEFELLER
ALEXANDER E. ORR
WILLIAM D. SLOANE
FRANK LYMAN
JAMES STILLMAN
JOHN J PHELPS
t IC MIIS CASS LED YARD
WILFRED J. WORCESTER, Secretary
CHARLES A. EDWARDS, 2d Asst. Secy.
TRUSTEES
A. STEWART, Chairman of the Board
WILLIAM STEWART TOD
LYMAN J. GAGE
OGDFN MILLS
PAYNE WHITNEY
EGERTON L. WINTHROP
EDWARD W.SHELDON
CORNELIUS N. BLISS JR.
CHAUNCEY KEEP
HENRY W. de FOREST
GEORGE L. RIVES
ROBERT 1 OAMMELL
ARTHUR CURTISS JAMES
WILLIAM M KINGSLEY
WILLIAM VINCENT A STO It
CHARLES FRED. FIOFFMAN.
ROBINSON, MASQUELETVE
CERTIFIED
PUBLIC ACCOUNTANTS
NEW ORLEANS
WHITNEY BANK BLDG.
HOUSTON, TEX
Union Nat BK.BLDG,
ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 22d, 1914.
The Trustees, in conlormity with the Charter ol the Company, submit the following statement of its affairs on Os
31.11 ol December, 1913.
The Company's business has been confined to marine and in/and transportation insurance,
$3,600,334 83
Premiums On such risks from the 1st January, 1913, to the 31st December, 1913
767,050 94
Premiums on Policies not marked oft let January, 1913
Total Premiums
$4,367,385 77
Premium marked off from January 1st, 1913, to December 31st, 1913
$3,712,602 51
THE J. G. WHITE COMPANIES
478,609 72
ENGINEERS - MANAGERS
FINANCIERS
$1,790,888 32
$233,482 06
320,813 71
47 58 554,343 35
43 Exchange Place, - NEW YORK
Interest on the investments of the Company received during the year____$308,419 46
39,877 94
Interest on Deposits in Banks and Trust Companies, etc
130,212 32
Rent received less Taxes and Expenses
Losses paid during the year
Less Salvages
Re-insurances
Discount
Cnainecro
$1,236,544 97
Returns of Premiums
$105,033 85
Expenses, including officers' salaries and clerks' compensation, stationery, advertisements, etc
650,942 08
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 third of February next.
The outstanding certificates of the Issue of 1908 will be redeemed and'paid to the holders thereof, or their
legal representatives, on and after Tuesday the third of February next, from which date all Interest thereon
will cease The certificates to be produced at the time of payment and canceled,
A dividend of Forty per cent is declared on the earned premiums of the Company for the year ending 31st
December, 1913, which are entitled to participate in dividend, for which, upon application, certificates will be
Issued on and after Tuesday the fifth of May next.
O. STANTON FLOYD-JONES, Secretary.
By order of the Board,
TRUSTEES
SAMUEL T. HUBBARD,
CHARLES H. PRATT,1
JOHN N. BEACH,
THOMAS H. HUBBARD,
DALLAS B. PltATT,
ERNEST C. BLISS,
LEWIS CASS LED YARD
ANTON A. RAVEN,
WALDRON P. BROWN.
WILLIAM H.LEFFERTS',
JOHN J. RIKER.,
JOHN CLAFLIN
CHARLES D. LEVER1CH,
DOUGLAS ROBINSON,
GEORGE C. CLARK,
GEORGE H. MACY,
WILLIAM J. SCHIEFFELIN
CLEVELAND H. DODGE.
NICHOLAS F. PALMER.
WILLIAM SLOANE,
CORNELIUS ELDERT,
HENRY PARISH,
LOUIS STERN,
RICHARD II. EWART,
ADOLF PAVENSTEDT,
WILLIAM A. STREET;
PHILIP A. S FRANKL1NJ
JAMES H. POST,
GEORGE E. TUItNURE.
HERBERT L. GRIGGS,
RICHARD H. WILLIAMS.
ANSON W. HARD,
A. A. RAVEN, President,
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-President,
CHARLES E. FAY, 3d Vice-President,
ASSETS.
United States and State of New York
Bonds
York Trust
New
York
and
City
New
Companies and Bank Stocks
Stocks and Bonds of Railroads
Other Securities
Special Deposits in Banks and Trust
Companies
Real Estate cor. Wall and WIlilarn Streets
and Exchange Place, containing offices
Real Estate on Staten Island (held under
provisions of Chapter 481,Laws of 1887)
Premium Notes
B us Receivable
Cash in hands of European Bankers to
pay losses under policies payable in
foreign countries
Cash in Bank
Temporary Investments (payable January and February, 1914)
Loan.
$870,000 00
1.783 700 00
2,737 412 00
282,520 00
1,000,000 00
4,299,426 04
75,000 00
475.727 45
c05,891 79
LIA BILITI S.
Estimated Losses and Losses Unsettled
In process of Adjustment
61,806,024 00
Premiums on Unterminated Risks
654,783 20
204,136 25
Certificates of Profits and Interest Unpaid
Return Premiums Unpaid
108,786 90
Reserve for Taxes
28,905 88
Re-Insurance Premiums
221,485 06
Claims not Settled, Including Compensation, etc
70,799 43
Certificates of Profits Ordered Redeemed,
Withheld for Unpaid Premiums
22,556 09
7,240,320 00
Certificates sf Profits Outstanding
Alfred E. Forstall
Charles D. Robison
FORSTALL AND ROBISON
ENGINEERS
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.
84 William St.,
NEW YORK CITY
C. G. YOUNG
Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrials
RFPORTS FOR FINANCING
Bankers Trust Bldg., New York
Alex. O. Humphreys
Altba S. Miller
HUMPHREYS & MILLER,Inc
Power-Light-Gas
505,000 00
10.000 00
165 BROADWAY
vainationa the talc rice would bo
NEW YORK
6 87
797,
55-,7;1
Thus leaving a balance of
$i,841.227 29
$51,650 26
Accrued Interest on the 31st day of December, 1913, amounted to
Rents due and accrued on the 31st day of December, 1913, amounted to
28,378 26
Re-Insurance due or accrued, in companies authorized in New York, on the 31st day of December,
1913, amounted to
100.830 00
Unexpired re-Insurance premiums on the 31st day of December, 1913, amounted to
55,903 22
Note: The Insurance Department has estimated the value of the Real Estate corner Wall and
William Streets and Exchange Place in excess of the Book Value given above, at
450,573 96
And trio property at Staten Island in excess of the Book Value, at
63,700 00
he Market Value of Stocks, Bonds an other Securities on the 31st day of December, 1913, exceeded the Company's valuation by
1,268,075 10
London
Manila, Para, Buenos Aires, Santiago, Chill
ENGINEERS
177,881 39
636,465 49
113,259,024 10
n the baste of theme increased
San Francisco
Chicago
$4,926,338 09
iIlnIn enctinecrz
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA
@FedFRASER