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V O L . 98
N O . 2550
M A Y 9 1914
Published every Saturday morning by W ILLIAM B. D ANA C OM PANY,
Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, See. Addresses of all, Ofllceof the Company.
C L E A R I N G S - F O R A P R I L . S IN C E J A N U A R Y
York________________
Trenton---------------Lancaster ..................
Erie
---------------------Binghamton------------Greensburg--------------Chester ........................
Altoona _ ........... ........
Montclair . ----------Total Middle.........
Boston______________
Providence _________
Hartford......................
New Haven..................
SprI lglfeld...................
Por lan d ........... ..........
Wo eester....................
Fall River___________
New Bedford________
Lowell..........................
Holyoke______ _____ Bangor._____ ________
W aterbary_________
Total Now England
Chicago........................
Cincinnati............ —
Cleveland---------------Detroit ........................
Milwaukee......... ........
Indianapolis------------Columbus---------------Toledo______________
Peoria --------- -----------Grand Rapids..............
Dayton . . . . .
...
Evansville___________
Kalamazoo........... ......
Springfield, III______
Fort Wayne________
Rockford............ ........
Youngstown________
Lexington........... ........
A k ron ..........................
C anton......................
Bloomington________
Quincy_______ _______
Springfield, 111...........
Decatur_____________
Mansfield_____ _____
Jackson _____________
South Bend............... ..
Danville _______ . . .
Jacksonville, III.........
L im a......... ...... ............
Lansing_____ ________
F lin t...........
Owensboro__________
Lorain..........................
Ann Arbor___________
Adrian______ ________
292,467
New Albany________
000,890
Paducah........... ..........
2,800,000
Total Middle West 2,032,400,312
Details of Pacific and other Western
Total Pacific...........
545,130,993
Total other W est..
638,914,501
343,021,395
St. Louis......................
Now Orleans________
71,996,115
60,711,692
Louisville......... ..........
Galveston ................
Richmond_________
Fort Worth..................
Atlanta______ _____
Memphis____________
Savannah ....... .........
Nashville_
_
Norfolk _____
Birmingham_
_
Jacksonville____
t Jhattanooga______
Knoxville......... ......
Little Rock_________
Mobile..........................
Augusta........................
Charleston--------------Oklahoma---------------Macon............- ............
Austin..........................
Vicksburg_____ _____
Muskogee ............. ......
Tulsa______
Jackson ______
Meridian...........
El Paso.................
Total Southern____
Total all......... ..........
Outside New York.
1913.
In c . or
Dec.
1914.
281,627
053,516
2,995,933
1,919,761,459
+ 3.9
+ 2.5
—6.5
+ 5.9
1,159,330
2,490,236
14,000,261
8,104,575,499
557,175,505
045,750,608
342,221,337
75,346,153
54,806,917
35,803,074
38,900,500
34,148,905
34,587,938
52,706,680
30,955,990
17,662,525
30,759,277
17,322,865
1,3977,948
15,972,896
10,297,673
6,824,998
9,496,720
5,957,733
9,307,370
7,212,189
6,989,822
13,062,477
4,144,140
2,005,000
8,878,275
2,173,070
3il80i010
1,058,579
3,181,103
4,709,000
1,722,125
1,676,800
0,594,188
903,725,789
14,313,252,590
6,257.921.6T5
—2.2
—1.1
+ 0.4
—3.2
+ 10.7
—4.2
+ 3.7
+ 3.0
—8.8
+ 23.6
—4.0
+ 0.4
—5.9
+ 2.0
+ 5.1
— 10.4
—7.0
+ 16.1
+ 8.3
—0.1
+ 1.2
+ 18.7
+ 35.5
+ 16.3
4-0.6
4
-20.2
+ 35.7
— 10.0
—31.4
+ 15.4
+ 20.3
+ 59.9
2,095,797,969
2,600,830,849
1.398,412,228
336,408,061
258,815,372
160,864,093
165,291,500
140,636.143
133,278,012
272,301.750
145,720,321
80,154,312
120.4S0.931
72,047,980
61,779.924
58,021.451
41,499,226
32,099,737
43,703,564
24,230,862
37,489,420
37,896,606
34.540,971
68,982,287
13,109,737
12,544,367
67,849,300
8,622,271
1913.
2
Week ending M a y 2.
In c . or
Dec.
In c . 1
or Dec.|
1911.
1912.
<
*
S
8
$
% ,
%
$
%
!
s
8
S
+ 6.1 33,007,4S3,241 33,074,902,386
— 0.2 1,948,430,87! 2,016,890,218
8.548,517,32) 8,055,330,975
— 3.4 2.217.746,42? 2.084,833,751
-f*2 .1
2,708,434,511
2 ,<823,1 • 1,5 /1
>
705,526,538
— 0.9
173,281,097
720,023,27?
185,878,717 — 13.
180,046,56?
160,662,231
280,459.924 — 11.9
892,700,761
1,004,241,691 --- 11 .1
246.999,232
153,815,117
63,596,271
65,523,335
— 2.<'
59,962,61:
— 3.3
617,926.94!
165.809,000
692,952,235 — 10.s
36,832,442
160,274,801
38,659,03:
38,563,652
+ ()..
42,957,77,
— 1.0
196,163,292
51,005,550
197.986.57!
— 0.9
50,489,357
I t .270,00
10,785,511
10,362,457
+ 4..
10,692,98!
— 5.5
129.953,021
35,157,316
131.725,743
— 1.3
33,228,165
7,738,397
8,083,211
7.993.22!
8,190.426
— 4.;
108,912,917
25,195,305
+ 4.0
108,111,479
+ 0.S
26,214,15C
6,300,802
6,268,755
5,640,366
5,865,08!
+ 7.86,665,841
22.243,901
85,980,287
— 0.8
22,657,079
+ 1.1
5,718,15
5,789,431
5,264,919
— 1.1
6,191,45:
14,800,078
13,648,133
+ 8.4
58,201.161
52,146,964 + 1 1.6
3,270,542
3,020,348
2,600,00!
2,924,075 +12.(
13,307,7(53
13,673,619
51.227.53C
+ 1.9
— 2.7
50.27S.355
3,113,35:
2,797.259
3,030,231
+ 2."
3,374,557
9,718,698
9.142,016
■ 0.3
f"
31,954,02!
4" 0.4
32,095,51!
1,949,02:
1,059,713
1,877,09?
+ 3.?
1,895,S7.'
8.831,981
7,657,732 + 15.3
29,927.12! + 12.7
33,731,208
2,113,88'
1,508,539
1,794,954 + 17.?
1,555,25:
6,671,836
— 4.1
6,887.259
—3 1
20.132.344
27,258,55.1
1,480,09?
1,684,205 — 12.
1,558,53?
1,406,177
10,409,130
+ 6.7
—3 0
9,757.88S
37.784.91C
38.929,66!
2,437,805
2,432,32!
+ 0.2
1,902,347
1,877,296
+ 3.t
7,415,495
7,196.595
— 0.7
26,672,633
26,482,325
5,133,354
— 2.2
5,237,037
— 3.0
16.154.53C
10,654,345
966,662
928,215
+ 4.1
1,120,414
1,112,992
8,120,166
— 2.0
7,983,195
+ 1.7
31,403,538
32,052,977
1,867,726
— 4.5
1,848,24?
3.3S9.506
1,951,898
12,167,351
12,319,247
— 1.5
— 6.0
31,651,791
33,056,47!]
1,578,005
1,579,782
1,589,07!
— o.;
1,050,516
— 4.1
4,466,935
4,657,585
+ 9.8
18,291,42C
16,663,166
1,092,28!
1,077,68!
939,564
(924,453
+ 18
3,271,906
3,158,700
3.0
+ 3.3
11,882,400
12,275,20!
584,30!
678,90! — 13.!
572,30!
i 503,700
3,426.66(1
2.533.43S + 35.2
10,893,603 + 12.1
12,208,578
880,65S
068,634 + 31.7
635,294
616,352
3,031,US
3,137,021]
11,401,745
— 3.7
— 3.4
11,835,018
685,406
603,600
+ 3.::
863,356
634,847
2,499,482
2,559,211
+ 1.3
— 2.1
9,578,272
9,453,930
562,551
— 4.?
535,735
508,28!
? 430,878
2,235,639
2,139,581
+ 1.9
8.010,322
4-4.5
8,163,670
2,443,810
+ 4.0
9,505,724
9,084,752
+ 4.6
2,335,027
— 6.5
1,674,335
4-5.2
41482,650
5,862,628
1,591,409
1,450,650
5,782,594
5 jOGO.612 + 14.3
1,342,165
4-8.0
1,758,636
+ 8.1
7,396,847
407,974
455,828 — 10.6
1,698.482
+ 3.5
6. 10.776
— 0.7 2,285,346,542 2,361,132,761
— 4.1 2,553,422,904 2,397,781,543
9,931.218,442 9,359,414,519
+ 5.0 38,282,436.540 38,554,85+323
— 5.0
717.251,521
2.780,972,095
— 3.3
174,806,121
2,928,405.280
157,135,169
162,511,800
153,830,862
702,111,821
+ 2.1
139,844,800
143,713,200
8,699,600
7,897,60!
8,330,300
— 5.2
8,862,10(1
34,968,900
+ 1.6
— :2 7
31,418,300
92,310,379
87,721,101
5,158,671
+ 4..1
5,457,780
5,184,000
23,446,760
+ 7.3
5,380,067
21,845,115
+ 2.2
54,830,057
2,966,944
53,635,702
3,151,599
2,902,S90
13,479,894
— 3.2
3,032,168
13,927,470
+ 4.7
50,094,076
2,901,829 — 10.7
2,978,918
2,368,672
47,829,697
2,679,034
14,019.043
12,286,173 + 14.1
—0 2
33,652,709
— 2.1
2,077,137
2,426,105 — 10.3
2,133,180
34,388,026
2,175,572
8,324,940
8,871,430
— 0.8
2.570.13S
2,187,492
2.339,211 + 20.1
46,201,617
46,562,408
2,817,307
11,927,831
+ 0.2
11.902,125
1,212,636
1,109,024
20,832,101
22,317,989
+ 7.1
+ 2.6
1,289,505
1,056.470 + 22.0
5,463,609
5,327,551
+ 9.9
1,020,549
982,548
19,915.512
18,112,696
4,589,844 + 12.C
943,710 + 19.4
5,139,185
1,126,430
9,103,038 + 40.2
571,966
613,768
12,705,580
840,444
509,589 + 65.0
3,230,05.1
2,344,951 + 37.7
12,314,025
+ 1.9
781,128
3,149,454
11,657,555
4* 5.5
770,442
682,635
785,000
3,148,095 + 0.01
7,229,050
8,238,043 — 12.2
1,916,SIS
458,899
307,046
2,104,420 — 11.5
401,083
580,800 — 20.5
_______ _
+ 4 .9
17,261,100
10,451,100
4,781,300
4,187,400
+ 6.6
— 4.0
3,289,740,189
3,420,659.007
847,099,950
+ 2.4
185,619,379
190,435,877
— 2.5 203,814,310 181,310,424
827,424,710
1,388,618,887 1,329,181,101
5.569,261,770
5.365,853.697
+ 3.8
+ 8.9 361,678,663 299,906,183
+ 4.4
348,153,309 319,670,703
109,913,300
467,784,000
+ 3.8
450,584,800
+ 2.5
23,987,950
25,078,850
24,477,950
32,058,950
108,199,100
+ 1.0
117,713.021
+ 4.4
25,508,710
434.786,993
24,747,421
22,191,798
20,122,947
416,543,805
+ 3.8
108,376,112
+ 8.6
134,643.847
476,592,575
413,645,813 + 15.2
27,343,481
+ 9.4
24,123,483
24,993.515
19,048,518
100,516,122 + 26.4
66.306.892
286,783,024
256,170,408 + 11.9
14,293,703
13,609,759
15,646,189
+ l .5
+ 5.1
63,077,178
15,411,518
32,377,141
— 6.7
11,619,036
8,360,710
131,520,755
140,909,916
8,600,313 — 10.3
— 3.7
7,718,138
33,627,947
27,832,600
120,208,400
+ 0.3
6,235,000
5,590,800
27,750,800
108,017,000 + 11.3
+ 3.8
6,419,000
6,182,400
4,019,762
4,665,252
26,600,458
103,137,905
5,504,654
22,021,691 + 20.8
89,216,285 + 15.6
4,304,222 + 27.9
14.982,179
— 0.5
63,554,896
63,586,054 — 0.05
—2 4
3.508,195
3,467.678
15,056,449
3,629,412
3,543,438
+ 4.0
58,265,168
+ 3.3
3,247,113
2,813,153
14,528,960
13,964,871
+ 4 1
3,300,000
3,196,870
55,986,980
10,741.842
2,211,241
45,346,502
+ 3.7
2,235,496
6,500,900 + 65.2
35,147,084 + 29.0
1,970,266
1,900,208
5,605,572
22,047,121
— 5.4
4,794,844 + 16.9
1,390,700
1,177,227
19.741,708 + 11.7
1,181,778
1,249,793
2,720,379
10,708,531
70S,749
764,557
3,502,840 — 22.3
13,640,219 — 21.5
741,253 — 24.7
558,547
1,044,129
5,078,248
5,048,079
1,218,164
— 8.9
1,106,062
+ 0.0
20.227,160
+ 0.9
20,052,620
1.112,398
1,115,502
5,767,713
+ 9.6
+ 4.5
5,260,828
21,610,195
20,674,557
1,265,447
1,421,743 — 11.0
1,258,036
4,384,346
819,552
+ 6.0
825,364
. 096,800
4,408,764
— 0.5
17,057,213
17,356,238
— 1.7
868,885
7,767,122
27.125,974
— 2.4
1,221,724
1,074,659
7.005,426 + 10.9
27,791,148
1,300,000
+ 7.0
1,215,330
2,775.052
15,102,479
20,948,214 — 27.0
936,933
828,916
589,219
756,629 — 22.1
3.380 533 — 17.9
7,843,000
29,401,000
33,216,000 — 11.5
— 4.4
1.799,000
+ 0.8
1,876,000
782,300
1,785,000
8,202,000
7,641,195
+ 7.5
27.451,117
25,537,289
1,068,691
1,111,004
+ 8.9
1,441,090 + 15.8
1,431,933
7,916,000
2,958,641
— 7.9
12,708,939
13,868,038
689,423
660,575
652,438
— 2.7
803,773 — 14.2
3,039,900
3,742,881
+ 7.4
15,351,018
792,102
16,487,424
746,859
+ 6.1
668,653
3,677,109
+ 1.8
759,205
3,074,467
11,896,206 + 15.2
666,859
737,301
— 9.6
585,874
532,365
13,710,100
2,959,215
+ 3.9
1,997,290
— 6.0
9,087,184
454,165
521,545 — 12.6
8,487,921
396,026
2,050,421
— 2.6
501,587
2,770,237
532,713
457,219 + 1<L4,
7,839,571 + 15.7
371,104
371,447
1,974,737 + 40.6
9,070.536
2,352,514
500,000
2,392,714
9,554,292
— 8.6
520,010
— 4.0
485,000
405,000
— 1.7
8,737,385
2,685,555
2,670,861
664,206
593,829 + 11.8
001,501
603,139
+ 0.6
10,386,911
10,408,656! — 0.2
2,360,122
— S.4
2,210,121
+ 8.4
416,110
454,112
442,907
523,461
+ 0.8
8,392,569
9,098,064
1,217,017
1,313,254
255,462
534,109 — 52.3
432,443
— 7.3
465,256
— 9.0
6,146,881
5,590,776
2,146,158
2,074,119
+ 2.4
430,000
420,000
397,219
+ 3.5
3S3.597
+ 5.8
8.354,460
7,895,770
2,013,000 + 16.1
2,337,966
+ 9.8
300,000
273,137
33S.380
350,000
+ 1.9
8,323,955
8,169,395
1,807,486 + 19.0
2,150,248
+ 4.1
7,699,949
1,958,090
— 0.4
460,529 — 17.4
443,632
1,950,945
453,513
8,048,405
— 9.9
380,713
8,928,315
— 7.1
1,560,158
1,450,074
5,627,535
+ 1.7
422,710 + 36.0
575,055
2,278,783
1 ’947’911 + 17.0
814,804 + 25.3
4,161,839
214,263
293,648 + 14.0
247,810
1,020,103
3,517.3831 + 18.3
335,000
1914.
Wilkes-Barre - ...........
Wheeling------------------
A N D F O R W E E K E N D IN G M A Y
Four M onths.
A p ril.
Clearlnos at—
1,
34,373,981
40,410,000
35,183,699
31,550,996
65,141,207
29,711,910
17,729,749
28,938,337
17,668,998
14,793,755
14,308,107
9,514,305
7,926,819
10,284,358
5,950,000
9,415,025
8,563,564
9,467,000
15,914,416
4,168.734
3,492,241
12,044,864
1,935,518
2,182,000
1,221.505
3,838,917
7,520,981
1,723,690
1,641,851
6,700,000
928,967,798
14,923,762,026
6,375,244,705
+ 0.1
—2.1
+
+
+
+
1.6
2.8
4.3
1.9
H,712,212
5,879,312
15,799.643
38,859,509
7,897.884
6,031,671
27,729,779
3,939,390,436
58,318,771,488
25.311,288.247
Clea/inga by Telegraph and Canadian Clearing! an page 1 4 *
40
886,259 + 30.8
2,439,740 + 2.1
14,470,662 —3.3
7,748,348,644 +4.6
2,197,634,425
2,617,479,436
1,393,597,166
328,178,677
251,456,847
103,010,925
167,399,000
140,457,119
140,540.740
235,406,443
141,352,309
79,718,944
127,075,980
68,403,938
59,580.737
62,117,137
45,093,741
28,173,007
38,098,586
24,625,693
37,221,467
32,163,148
29,742,941
60,042,883
18,922,538
11,510,672
54,997,192
8,460,587
12,944,064
5,423,985
14,042,104
16,998,052
7,638,238
6,492,203
25,813,431
3,836.712,824
58,381,887,659
25.300.77073
—
+.0
—0.4
+ 0.4
+ 2.5
+ 2.9
— 1.8
— 1.3
+ 0.1
—5.1
+ 15.7
+ 3.1
+ 0.5
—0.5
+ 4.3
+ 3.7
—6.6
—8.0
+ 13.9
+ 14.7
— 1.6
+ 0.7
+ 17.8
+ 16.1
+ 14.9
— 4.3
+ 9.0
+ 23.4
+ 1.9
— 32.7
+ 8.4
+ 12.5
+ 68.0
+ 3.4
1914.
36,079
1913.
42,855 — 14.4
486,983,738
464,0227675
+ 7.1
120,535,200
145,138,007
74,120,548
21,201,227
12,824,896
9,000,000
9,714,500
7,997,210
0,971,052
12,998,544
6,371.775
3,700,446
6,154,259
3,855,825
2,875,057
3,000,000
1,797,443
1,637,508
2.059,067
1.300,000
1,905,429
1,626,981
2,175,497
3,204,261
128,203,656
148,500,726
79,230,728
16,261,730
12,748,375
12,471,996
9,934,000
8,013,041
9,087,906
11,998,865
6,406,677
4,373,163
6,629,976
3,724,939
3,558,250
3,100,000
2,262,176
1,595,004
1,991,761
1,O ,981
SS
2,405,108
1,456,756
1,566,345
2,432,559
—7.0
—2.3
—6.5
+ 30.4
+ 0.6
—27.8
—2.2
-0.2
—23.3
+ 8.3
—0.5
— 15.4
—7.2
+ 3.5
—19.2
—3.2
—20.6
+ 2.6
+ 3.3
—22.9
—20.8
+ 11.7
+32.5
+ 31.7
45,185
42,050
501,172,027
418,688,188
126,499,358 116,695,581
144,867,904 135,034,592
79,127,155! 71,063,983
16,765,442
16,849,963
16.0S0.802
11,109,937
8,321,500
6,985,000
8,377,272
8,442,947
5,550,360
7,285,227;
12,749,499;
12,2.88.547
6,602,951
6,684,036
5,610,214
5,332,925
5,430,850
5,189,058
3,731,004
3,694,804
3,197,702
2,831,086
3,024,596
2,290,000
2,005,144
1,526,879
1,838,232
2,245.715
2,125,249
1,882,168
1,691,164
1,300,000
2,230,146
2,321,173
1,SI2,753,
1,609,055
2,150,000
1,501,483
3,326,832
3,099,006
2,315,037
1,800,000 + 28.6
1,297,858
1,173,788
200,854
921,571
1,519,125
344,012
378,234
217,498 — 7.7
663,714 + 38.9
90S,428 + 67.3
334,521 + 2.8
376,791 + 0.4
217,075
721,011
660,085
345,186
270,000
302,848
765,100
918,137
485,107
290,000
+ 2.1
+ 7.4
+ 2.7 ~ 262,170,388 202,221,176
—0.1 3,405,793,260 3.491,016,871
—0.02 1T457.362.3841 1.474.220.653
—2.4 195,991,905 179,402,968
—2.4 3,726,768,414 3,428,912,816
— 1.1 1.500.021.986 1.344.079.565
THE CHRONICLE
1416
[V o l . XCVI11.
t o b y la b o r u n io n s to e n fo r c e th e ir d e m a n d s w ill a p
T H E
F IN A N C IA L
p a r e n t ly b e m a d e le g a l b y t h e w o r d s h e re it a lic iz e d .
S IT U A T IO N .
A s t h e M e x i c a n s it u a t io n h a s a s s u m e d s u c h g r e a t
p r o m in e n c e
of
p u b l’c
and
been
a b s o r b in g s u c h
a tte n tio n ,
a
fe e lin g
had
a la r g e s h a r e
becom e
a lm o s t
T h e c lo se d s h o p , t h e o s t r a c is m o f n o n -u n io n l a b o r ,
t h e b o y c o t t a n d t h e v a r io u s o t h e r la b o r u n io n d e v ic e s
f o r h u r t in g o u t s id e r s w ill c o m e u n d e r t h e p r o t e c t io n
g e n e r a l t h a t t h e e ff e c t m u s t b e t o in t e r fe r e w it h t h e
o f t h e la w w h e n u s e d in a id o f t h e “ le g it im a t e o b
G o v e r n m e n t ’ s p o lic y o f t r a d e a n d t r u s t le g is la t i o n .
j e c t s ” o f s u c h o r g a n iz a t i o n s , a n d it is a t a ll e v e n t s th e
T h i s b e lie f r e s te d o n t h e a s s u m p t io n t h a t b o t h C o n
d is t in c t p u r p o s e o f t h e fr a m e r s o f t h e A c t t o r e lie v e
g r e s s a n d t h e o ffic e r s o f t h e G o v e r n m e n t w o u ld b e
s u c h o r g a n iz a t io n s a n d t h e m e m b e r s th e r e o f f r o m t h e
o b li g e d b y t h e n e c e s s itie s o f t h e ca se t o d e v o t e t h e ir
p e n a lt ie s im p o s e d u p o n o r d in a r y v i o l a t o r s o f t h e la w .
t i m e t o M e x i c a n m a t t e r s , t o t h e e x c lu s io n o f e v e r y
I n th e s e c ir c u m s t a n c e s , d o e s it n o t f o llo w t h a t th o s e
t h i n g e ls e .
in ju r e d
I t is n o w s e e n t h a t th e r e w a s n o w a r r a n t
w ill
have
no
w ay
of
d e f e n d in g
t h e m s e lv e s
f o r a n y s u c h c o n c lu s io n a n d t h a t t h e A d m in is t r a t i o n
o r o f g e t t in g r e d r e s s ?
is
p r o b le m s
w ill b e c o m p le t e l y a t t h e m e r c y o f c o m b in a t io n s o n th e
d e v e lo p
p a r t o f f a r m e r s f o r r a is in g t h e p r ic e s o f a g r ic u ltu r a l
d e t e r m in e d ,
th a t
have
m e n t s in
n o tw ith sta n d in g
a r is e n
in
M e x ic o ,
th e
c o n n e c tio n
to
new
w it h
th e
c a r r y o u t its t r a d e
p r o g r a m u n a lt e r e d .
an d tru st
O n th e o th e r h a n d , co n su m e rs
p ro d u c ts.
M o r e t h a n t h a t , t h e in d ic a t io n s
N o r is th is t h e o n l y o b je c t i o n a b l e p r o v is io n in th e
a r e t h a t t h e p r o g r a m is t o b e p u s h e d th r o u g h w it h
p roposed
u n u su al
a g a in s t u n la w fu l r e s t r a in t s
th is
sp eed .
w eek
In
som e
th e
H ou se
of
th e
tr a d e
of
R e p r e s e n t a t iv e s
and
tr u st
m easu res
s e c t io n
m easu re
d ir e c t e d
“To
s u p p le m e n t
and
e x is t in g la w s
m o n o p o l i e s .”
The
a g a in s t in t e r lo c k in g d ir e c t o r a te s is
w e r e r e p o r te d o u t o f c o m m i t t e e , a n d a d v ic e s f r o m
so b r o a d a n d s w e e p in g t h a t i t , t o o , is lik e ly t o p r o v e
W a s h i n g t o n a r e t o t h e e ff e c t t h a t e a r ly a c t io n w ill
m is c h ie v o u s .
b e in s is t e d o n , t im e f o r d is c u s s io n b e in g r ig id ly l i m
t o r a t e s a m o n g b a n k s a n d f in a n c ia l in s t it u t i o n s , b u t
ite d .
The
go es a g re a t d eal fu rth e r.
d e la y
and
P r e s id e n t ,
th in k s
th e
we
are
to ld ,
w ill
c o n t e m p la t e d
not
brook
le g is la t io n
can
I t n o t o n l y fo r b id s in t e r lo c k in g d ir e c
I t p r o v id e s t h a t f r o m a n d
a f t e r t w o y e a r s f r o m t h e d a t e o f t h e a p p r o v a l o f th e
b e c o m p le t e d b y th e b e g in n in g o f J u l y , w h e n C o n g r e s s
A c t , “ n o p e r s o n w h o is e n g a g e d a s a n i n d iv i d u a l, or
w ill h a v e h is p e r m is s io n t o a d j o u r n .
w h o is a m e m b e r o f a p a r t n e r s h ip , o r is a d ir e c t o r or
e x tr e m e ly
o t h e r o ffic e r o f a c o r p o r a t io n t h a t is e n g a g e d in th e
r a d ic a l t y p e a n d w ill i n v o lv e p r o n o u n c e d c h a n g e s in
b u s in e s s , in w h o le o r in p a r t , o f p r o d u c in g o r s e llin g
b u s in e s s m e t h o d s a n d
As
th e
p ro po sed
le g is la t io n
is
of
an
c o n d itio n s u n d e r
e q u i p m e n t , m a t e r ia ls , o r s u p p lie s t o , o r in th e c o n
w h ic h b u s in e s s w ill h a v e t o b e c a r r ie d o n , a n d a s th e
s t r u c t io n o r m a in t e n a n c e o f , r a il r o a d s , o r o t h e r c o m
e ffe c t
w ill
ch an ces
c e r t a in ly
o f r e v iv a l
a ls o in t h e
be
to
f u r th e r
th e
m o n c a rr ie r s e n g a g e d in c o m m e r c e , s h a ll a c t a s a d i
so e x t r e m e l y
de
r e c t o r o r o t h e r o ffic e r o r e m p lo y e e o f a n y o t h e r c o r
im p a i r
in t r a d e ,
now
s till
p r e s s e d in all lin e s a n d in all d ir e c t io n s , it b e h o o v e s
p o r a t io n
t h o s e w h o w o u ld a v e r t s u c h a r e s u lt t o b e s tir t h e m
to
s e lv e s w ith t h e v i e w t o s e e in g if s o m e t h in g c a n n o t b e
s e lls , l e a s e s , d ir e c t ly o r in d ir e c t l y , e q u i p m e n t , m a
d o n e t o s tr ip t h e new' b ills o f th e ir m o s t d e s t r u c t iv e
t e r i a l s , or s u p p lie s , o r f o r w h ic h h e or s u c h p a r tn e r
fe a tu r e s .
s h ip or c o r p o r a t io n , d ir e c t ly o r in d ir e c t l y , e n g a g e s in
In
th e
H ou se,
of
cou rse,
th e r e
is
litt le
h o p e , s in c e t h e A d m i n i s t r a t i o n m a jo r i t y is s o o v e r
w h e lm in g a n d s o p li a n t t o th e P r e s id e n t’ s w is h e s .
th e
S e n a te ,
how ever,
b e s id e s w h ic h
th e
m a jo r i t y
w ill
be
he,
or
c a r r ie r e n g a g e d
su ch
p a r t n e r s h ip
in c o m m e r c e ,
or
c o r p o r a t io n ,
t h e w o r k o f c o n s t r u c t io n o r m a i n t e n a n c e .”
In
A s im ila r p r o h ib it io n is im p o s e d a g a in s t b a n k s or
s m a ll ,
b a n k e r s a p p e a r in g o n r a ilr o a d d ir e c t o r a te s w h o m a y
are m o re
h a v e d e a lin g s w ith th e ca rr ie r a n d a g a in s t th e a p p e a r
in c lin e d t o lis te n t o p r o t e s t s c o m in g f r o m t h e b u s in e s s
a n c e o f a n y o n e w h o m a y e n te r in t o n e g o t ia t io n s fo r
w o r ld .
th e p u r c h a s e o f t h e se c u r itie s o f t h e r o a d o r u n d e r
W h i l e th e n e w m e a s u r e s e m b o d y m a n y o b
je c t i o n a b l e
cau se
th e m e m b e r s o f t h a t b o d y
or c o m m o n
w h ic h
fo r
and
d e s t r u c t iv e
u n e a s in e s s
th a t n ew s fro m
fe a tu r e s,
is f o u n d
M e x ic o
in
th e
a d d itio n a l
c ir c u m s t a n c e
is b e in g fe a t u r e d s o m u c h
m o r e c o n s p ic u o u s ly in t h e d a il y p a p e r s t h a n le g is la
t iv e n e w s f r o m W a s h i n g t o n
t h e b u s in e s s w o r ld w ill b e lu lle d in to a
o f s e c u r i t y , th in k in g
I n o t h e r w o r d s , it is p r o v id e d t h a t
“ a f t e r t h e e x p ir a t io n o f s a id p e r io d
p erson
w ho
is e n g a g e d
as an
(tw o y e a rs) no
in d iv id u a l or w h o
is
a m e m b e r o f a p a r tn e r s h ip o r is a d ir e c to r o r o t h e r
t h a t th e l a t t e r is a p t to 1 o ffic e r o f a c o r p o r a t io n w h ic h is e n g a g e d in th e c o n
I n o t h e r w o r d s , th e r e is d a n g e r t h a t i
b e o v e r lo o k e d .
w r ite t h e s a m e .
fa lse s e n s e
t h a t n o t h in g is t o b e d o n e
in.
d u c t o f a b a n k or t r u s t c o m p a n y , sh a ll a c t a s a d ir e c
to r or o t h e r o ffic e r o r e m p lo y e e o f a n y s u c h c o m m o n
ca rr ie r fo r w h ic h h e o r s u c h p a r tn e r s h ip or b a n k or
t r u s t c o m p a n y a c t s , e ith e r s e p a r a t e ly o r in c o n n e c -
t h e w a y o f tr a d e a n d tr u s t le g is la tio n .
O n e o f th e m e a s u r e s r e p o r te d th e p r e s e n t w e e k isi
tio n w ith o t h e r s , a s a g e n t for o r u n d e r w r ite r o f th e
t h e C l a y t o n b ill fo r e x t e n d in g t h e o p e r a tio n o f th e;
sa le o r d is p o s a l b y s u c h c o m m o n ca rrier o f issu e s or
d e fin in g its;
p a r t s o f issu e s o f its s e c u r itie s , or f r o m w h ic h h e o r
A n ti-T r u s t
Law
and
fo r e n la r g in g a n d
p r o v is io n s . T h i s b ill is th e o n e b y w h ic h la b o r u n io n s5 su c h p a r t n e r s h ip o r b a n k o r t r u s t c o m p a n y p u r c h a s e s ,
and
f a r m e r s ’ o r g a n iz a t i o n s are t o
be
ren d ered
im ■ c it h e r s e p a r a t e ly o r in c o n n e c tio n w it h o t h e r s , issu e s
m u n e f r o m p r o s e c u tio n fo r a v io la tio n of t h e S h e r m a nt
A n ti-T r u s t L a w .
o r p a r t s o f issu e s o f s e c u r itie s o f s u c h c o m m o n c a r r ie r ”
B y S e c t io n 7 it is e x p r e s s ly p r o ■
A ll t h r o u g h th e m e a s u r e th e r e are r e s tr ic t io n s o f
v i d e d t h a t “ n o t h in g c o n ta in e d in th e A n t i - T r u s t la w s;
th i s k in d a n d th e r e are a ls o r e s tr ic t io n s a g a in s t p ric e
s h a ll b e c o n s tr u e d t o fo r b id th e e x is te n c e a n d o p e r a -
d is c r im in a t io n in t h e sa le o f g o o d s a n d c o m m o d it ie s
tio n
of
f r a t e r n a l,
h o r t ic u lt u r a l
la b o r ,
c o n s u m e r s , a g r ic u ltu r a l or■ o n
o r g a n iz a t i o n s ,
o rd ers,
or
p a r t o f in d u s tr ia l c o n c e r n s a n d
a g a in s t t h e
a s s o c ia tio n s5 j o in in g o f c o r p o r a t e c o n tr o l o f a n y k in d .
T h e o b je c t
in s t i t u t e d fo r th e p u r p o s e s o f m u t u a l h e lp , a n d n o t;
th e
m ay
be
c o n s id e r e d
l a u d a b le .
Som e
re a l
e v ils
are
)
or to a im e d a t , b u t o t h e r s are im a g i n a r y . T h e w o r s t
foi'bid or restrain individual members o f such organiza o f it is , h o w e v e r , t h a t in e n a c t in g a s w e e p in g m e a s ?
tion s, orders, or associations from carrying out the ure o f th i s k in d t h e r e s tr a in ts im p o s e d u p o n in
i
legitimate objects thereof.”
A s p o in t e d o u t b y u s in d iv id u a l a c t io n are m o r e lik e ly t o p r o v e h a r m fu l
h a v in g
c a p it a l s t o c k
o u r is s u e o f A p r il
o r c o n d u c te d
fo r p r o f it ,
1 8 , a ll th e m e t h o d s n o w r e s o r te d1
th a n
b e n e fic ia l.
They
w ill
ham per
tr a d e
in s t e a d
1417
THE CHRONICLE
9 1914.)
m ay
o f a d v a n c in g it a n d w ill d e p r iv e m a n y d ir e c t o r a te s
s p it e o f le g is la t i v e h in d r a n c e s a n d G o v e r n m e n t a l in
o f w is e
te rfe re n c e .
and
s a fe
c o u n s e llo r s .
I t s h o u ld b e n o t e d , t o o , t h a t in
s u c h le g is la tio n
The
fa c t
s h o u ld
h o w e v e r , t h a t w h ile s u c h
escap e
w e a r e f ly i n g in f a c e o f t h e e x p e r ie n c e o f o t h e r c o u n
G erm an y
s p o n s ib le f o r t h e c o n d u c t o f it s g r e a t e n te r p r is e s , w e
fe a tu r e o f m o d e r n t im e s .
in t h e U n i t e d S t a t e s a re d o in g e v e r y t h i n g t o h a m p e r
m ade
g r e a te r
p e r io d
is t h e
to
th o se
re
la s t t w e n t y
t r a d e a n d e n te r p r is e a n d in d e e d a r e s e e k in g t o p la c e
H e r p r o g r e s s , in d e e d , w ith in
a ll t h e c o u n t r y ’ s in d u s tr ie s in a le g is la t i v e s t r a i t ja c k e t .
p rogress
years th a n G e r m a n y .
th i s
N o c o u n t r y , fo r in s t a n c e ,
g r e a te st fre e d o m
n o t ic e ,
c o u n tr y as
t r ie s , w h o s e in d u s t r ia l a d v a n c e h a s b e e n a s tr ik in g
has
a llo w s t h e
not
a p r o g r e s s iv e
d u r in g t h e
a d m ir a t io n
o f th e
w h o le
w o r ld .
W e p u b lis h e d a r e v ie w in o u r is s u e o f A p r il 2 5
of a
A n e x c e p t i o n a l l y f a v o r a b l e w in t e r -w h e a t -c r o p o u t
lit t le b o o k o n “ T h e E v o l u t i o n o f G e r m a n B a n k i n g ”
lo o k
by
T h u r s d a y o f th i s w e e k b y t h e D e p a r t m e n t o f A g r i
L e o p o ld
S w is s
Josep h ,
m anager
V e r e in .
Bank
T h is
in
book
London
of
th e
th e
d is c u s s e s
in
is
i n d ic a t e d
c u lt u r e .
W ith
by
th e
o ffic ia l
report
t h e c o n d it io n o n M a y
is s u e d
on
1 very m uch
flu e n c e o f G e r m a n b a n k i n g u p o n G e r m a n y ’ s m a t e r ia l
a b o v e th e a v era g e on th a t d a te , an d su rp a ssed b u t
p ro gress
and
o n c e in t h e l a s t t w e n t y - s i x y e a r s , a n d t h e a r e a u n d e r
th a t
b a n k s t h e m s e lv e s
th e
e x p a n s io n .
The
b o a r d s o f d ir e c t o r s o f t h e
e x e r c is e
c o n s id e r a b le
au th o r
are
p o in t s
r e p r e s e n te d
out
on
th e
d iffe r e n t c o m p a n ie s a n d
in flu e n c e
in
th e
m anagem ent
c u ltiv a tio n
c o n s id e r a b ly
e s t a b li s h e d la s t y e a r .
re sp e c ts.
v e l o p m e n t s b e tw e e n
says
th e
p r a c tic e
o f ’ h a v in g
bankers
r e p r e s e n te d o n a v a s t n u m b e r o f d iff e r e n t c o n c e r n s ,
th a n
ever
b e fo r e ,
p r e c i a b l y in e x c e s s o f t h e h ig h m a r k in p r o d u c t io n
o f t h e ir a f f a ir s , n o t o n l y in f in a n c ia l, b u t in g e n e r a l
He
g r e a te r
it o n l y r e q u ir e s a n o r m a l s e a s o n t o a s s u r e a y i e ld a p
I n f a c t , b a r r in g a d v e r s e d e
now
and
h a r v e s t, th e D e p a r t
m e n t f ig u r e s p o in t t o a n in c r e a s e o f m o r e t h a n 1 0 0
t h e r e b y g a in in g in s id e k n o w le d g e o f v a r io u s in d u s
m illio n b u s h e ls o v e r a y e a r a g o , b e s id e s w h ic h t h e
t r ie s , is o f t e n v e r y v a l u a b l e e v e n in t e c h n ic a l m a t
p r o m is e is f o r
t e r s ; a s in d ic a t in g t h e
crop.
e x te n t to
w h ic h th i s p o lic y
a very
I t is a ls o t o
sa tis fa c to r y
be n o ted
g a in
in
th a t th e
th e
rye
c o n d i t io n o f
o f h a v in g b a n k i n g m e n o n t h e b o a r d s o f in d u s tr ia l
m e a d o w la n d s ( h a y a r e a ) a n d p a s t u r e s , a s w e ll, w a s
a n d o t h e r c o m p a n ie s is c a r r ie d , lie p o in t s o u t , t h a t
o n M a jr 1 a b o v e th e a v e r a g e o f re ce n t y e a r s , t h a t th e
s o m e o f th e s e b a n k e r s a r e o n t h e b o a r d s o f f o r t y o r
s a m e w a s tr u e o f s p r in g p lo w i n g a n d e q u a l l y so o f
m o r e c o m p a n ie s a n d s a y s t h a t t h e
in its j u b ile e p u b lic a t io n
s e n te d
on th e
c o n t in u e s
as
sta te d
boards of 2 0 0
D resdn cr B a n k
t h a t it w a s re p r e
c o m p a n ie s .
He
th e n
s p r in g p la n t i n g .
A lt o g e t h e r , t h e n , t h e a g r ic u ltu r a l
p r o m is e in t h e U n i t e d S t a t e s a t th is t i m e is h ig h ly
e n c o u r a g in g .
T h e o ffic ia l r e p o r t o n w in te r w h e a t M a y
f o llo w s :
1 r e a lly
s h o w s a s lig h t im p r o v e m e n t d u r in g t h e m o n t h p a s t ,
T h e m o d e r n p h a s e s o f in d u s t r ia l d e v e l o p m e n t ,
c o m b in e s , t r u s t s , c a r t e ls , e t c ., a r e d u e a s m u c h t o
t h e b a n k i n g in flu e n c e a s t o th e in it ia t iv e o f th e c a p
t a in s o f i n d u s t r y t h e m s e l v e s .
O n th e oth er h a n d ,
t h e le a d e r s o f i n d u s t r y , b y j o in in g t h e b o a r d s o f th e
b ig
b an ks,
have
g a in e d
a c e r t a in
d ir e c t io n o f t h e b a n k s .
in flu e n c e in
th e
T h e b a n k s r e c o m m e n d in
th e
average
c o n d it io n
b e in g
in 1 9 1 2 a n d a t e n -y e a r a v e r a g e o f 8 5 . 5 .
h a s b e e n u n u s u a lly s m a ll .
S p e c if ic a l ly , t h e A g r i c u l
tiv a tio n n o w 3 5 ,3 8 7 ,0 0 0
T h e b a la n c e
s h e e t o f t h e G e n e r a l E le c t r ic C o . , S ie m e n s & I l a l s k e ,
G e ls e n k ir c h e n ,
m any
o th ers,
P h o e n ix ,
g iv e
H o ch ste r
c le a r
e v id e n c e
Farbw erke,
to
th a t
and
e ff e c t .
A c t u a l l y s o m e 'o f t h e b ig g e r c o n c e r n s s tr e n g th e n
th e ir fin a n c ia l c o n d i t io n t o s u c h a n e x t e n t t h a t t h e y
h a v e b e c o m e in d e p e n d e n t o f b a n k i n g c r e d it— f o r in
s t a n c e , K r u p p , th e G e n e r a l E le c t r ic C o . , s o m e la r g e
d y e w o rk s, e tc .
N e v e r t h e le s s , t h e in t im a t e r e la t io n s
w ith th e b a n k s a re c o n t in u e d .
A l l t h e le a d in g in s ti
t u t io n s a rc r e p r e s e n te d o n t h e b o a r d o f th e G e n e r a l
E le c t r ic C o . , f o r in s t a n c e .
T h e is s u e s m a d e b y t h a t
c o m p a n y a r e t a k e n o v e r b y a s y n d ic a t e in c lu d in g all
t h e s e in s t it u t i o n s .
H ow
c a te d
s t r a n g e ly th is c o n t r a s t s w ith w h a t is a d v o
a n d w h a t w e p u r p o s e d o in g in th is c o u n t r y .
A b r o a d b a n k i n g in flu e n c e is in v it e d a n d e n c o u r a g e d .
In
th e
U n ite d
S ta te s,
in
th is
2 0 th
ce n tu r y ,
our
le g is la to r s are i m b u e d w it h t h e id e a t h a t b a n k i n g in
flu e n c e
its
is
m a le v o l e n t
c o n n e c tio n
w it h
and
all
in d u s tr ia l
v is ib le
and
e v id e n c e s
r a ilr o a d
t a k i n g s m u s t , a t a ll h a z a r d s , b e r e m o v e d .
p e r im e n t
is
lik e
m any
oth er
s im ila r
of
u n d er
T h e ex
e x p e r im e n ts
w h ic h a rc b e in g im p o s e d u p o n b u s in e s s m e t h o d s b y
o u r le g is la t o r s .
T h i s is a c o u n t r y o f w o n d e r fu l re
s o u r c e s , in t h e in f a n c y o f its d e v e l o p m e n t , a n d p e r
h a p s a fte r a p a u s e w e s h a ll a g a in b e g in to t h r i v e ,i n
T he abandon
t u r a l D e p a r t m e n t m a k e s it o n l y 1 , 1 1 9 , 0 0 0 a c r e s , o r
3 .1%
t u a t io n s in t h e d iv id e n d d i s t r i b u t i o n s .
9 5 .9 ,
w i n t e r -k illin g , m o r e o v e r ,
m a r k e t if th e r e is n e e d .
I m p o r t a n t tr a n s a c tio n s
t a k e p la c e d aily] in B e r lin a n d o n th e o th e r G e r m a n
v is e d .
U n d e r t h e b a n k i n g in f lu e n c e , it h a s b e c o m e
m o r e a n d m o r e th e p o lic y o f in d u s t r ia l c o m p a n ie s t o
b u ild u p s u c h r e s e r v e s a s t o a v o i d t o o s h a r p f lu c
as
1 la s t y e a r , 7 9 . 7
m e n t o f a r e a e n fo r c e d b y
d u s t r ia l s e c u r itie s t o th e ir c lie n ts , a n d r e g u la te th e
b o u r s e s , a n d t h e p u b lic i n v e s t s l a r g e ly in t h e m ,
k n o w in g t h a t t h e y are c a r e fu lly m a n a g e d a n d s u p e r
ann ounced
a g a in s t 9 5 . 6 A p r il 1 , 9 1 . 9 o n M a y
o f t h e la n d s e e d e d la s t f a l l , l e a v in g u n d e r c u l
acres, b y
fa r t h e
g r e a te st
a c r e a g e e v e r r e p o r te d u n d e r w in te r w h e a t , a n d c o m
p a r in g w ith 3 1 ,6 9 9 , 0 0 0 a c r e s in 1 9 1 3 .
lo ss
o f area
th r o u g h
abandonm ent
In
1 9 1 3 th e
w a s a ls o
m od
e r a te — 1 ,4 4 9 , 0 0 0 a c r e s , o r 4 . 5 % ; b u t in 1 9 1 2 i t w a s
v e r y h e a v y — 6 ,4 6 9 , 0 0 0 a c r e s , o r 2 0 . 1 % , a n d in 1 9 1 1
it r e a c h e d 3 , 1 1 8 , 0 0 0 a c r e s , o r 9 . 2 % .
Im p rov em en t
over
la s t
year
is a p p a r e n t
a lm o s t
e v e r y w h e r e n o t w i t h s t a n d i n g t h e a v e r a g e s t h e n w ere
a s a ru le h ig h .
I n th e fe w c a s e s w h e r e c o n d i t io n in
1 9 1 3 w a s n o t h ig h , t h e c h a n g e is n o t e w o r t h y .
Thus
in M i c h i g a n c o n d it io n is g iv e n a s 9 2 , a g a in s t 8 3 in
1913;
in
a g a in s t
Texas
79,
90,
and
in
a g a in s t
78;
C a lif o r n ia
in
95,
O k la h o m a
a g a in s t
96,
62.
In
1 9 1 1 t h e G o v e r n m e n t in a u g u r a t e d a p la n o f w o r k in g
o u t a q u a n t i t a t i v e e s t im a t e o f y i e ld
b a s is o f t h e c o n d i t io n M a y
p e r a c re o n th e
1 , a s s u m in g a n a v e r a g e
s e a s o n t h e r e a ft e r , a n d , a d h e r in g t o t h a t p r a c tic e th is
year,
reach es
th e
c o n c lu s io n
th a t
9 5 .9
in d ic a t e s
a
p r o d u c t o f 1 7 . 8 b u s h e ls p e r a c r e , o r a t o t a l y i e ld f r o m
t h e 3 5 , 3 8 7 , 0 0 0 a c re s r e m a in in g u n d e r c u l t i v a t io n o f
6 3 0 , 0 0 0 , 0 0 0 b u s h e ls .
T h i s , a s i n t i m a t e d a b o v e , is a
v e r y m u c h g r e a te r p r o d u c t io n th a n
e v e r b e fo r e se
c u r e d , c o n t r a s t in g w ith 5 2 3 , 5 6 1 , 0 0 0 b u s h e ls in 1 9 1 3
— th e
1912.
p r e v io u s r e c o r d — a n d 3 9 9 , 9 1 9 , 0 0 0
Som e
132
m illio n
K a n s a s th i s y e a r , a g a in s t
O k l a h o m a is e x p e c t e d
a g a in s t 1 7 3 ^
to
b u s h e ls
86^4
is
b u s h e ls in
co u n te d
on
in
m illio n s in 1 9 1 3 , a n d
c o n t r ib u t e
353^2 m illio n s ,
m illio n s .
B a n k c le a r in g s in th e U n i t e d S t a t e s f o r A p r il 1 9 1 4
m ake
a n e x h ib i t a p p a r e n t l y
a t v a r ia n c e
w ith
su p
p o s e d c o n d it io n s in t h e m e r c a n t ile w o r ld .
o n t h e w h o le s e e m
r a th e r
b e lo w
a n d th e
[Vol. xcvm
THE CHRONICLE
1418
la s t
R ep o rts
t o in d ic a t e a v o l u m e o f b u s in e s s
year,
but
n o tw ith sta n d in g
a b s e n c e o f a n y t h i n g lik e a c t i v i t y
l a t iv e c ir c le s , t h e c le a r in g s a t N e w
th is,
in ’s p e c u -
m o r e o v e r , w as a t th e e x p en se^of v a lu e s , th e gen eral
t r e n d o f p r ic e s h a v in g b e e n d o w n w a r d .
sa le s
N ew
1 5 ,9 5 9 ,3 3 8
m o n th s
o t h e r le a d in g c e n tr e s o f tr a d e s h o w g a in s o f g r e a t e r
th e
Y ork
S to c k
T h e A p r il
E xchange
w ere
shares
in
2 9 ,3 0 9 ,4 9 8
fo r
and
le ss t h a n 1 2 0 , 9 6 7 , 7 3 1
d e v e lo p m e n t s
d e a lin g s in A p r il w e r e o f a b o u t t h e s a m e
fo r
som e
t im e
p ast
been
su ch
W i t h th e G o v e r n m e n t
sh ares,
and
In te r
up th e
to ta l,
m illio n
d o lla r s
le a s t ,
year,
at
w ork
in
in
c o m in g
m any
to
d ir e c t io n s
any
d e c is io n
and
th e
in t h e
m a tte r
of
r e s p e c t iv e ly .
In
fo u r
sh a r e s
no
1901
s h a r e s w ere t r a d e d i n .
Bond
a g greg ate
a s la s t y e a r , S t a t e a n d f o r e ig n issu e s s e r v in g t o b r in g
S t a t e C o m m e r c e C o m m i s s i o n v e r y t a r d y , t o s a y th e
p robe
th e
3 1 ,2 0 5 ,5 6 3
A s r e g a r d s s p e c u la t io n , m o r e p a r t ic u la r ly in s t o c k s ,
have
4 8 ,5 0 4 ,0 7 2
1912,
sh ares,
o r less e x t e n t , a s c o m p a r e d w it h t h e m o n t h o f 1 9 1 3 .
a s t o r e d u c e it t o a m i n i m u m .
t o t a le d
7 , 1 4 5 , 2 8 4 s h a r e s , a g a in s t 8 , 4 6 3 , 2 2 6 sh a r e s a y e a r a g o
and
Y o rk and m a n y
on
and
fo r
par
m illio n s
299
in
a g a in s t
and
1912
1 9 9 m illio n s la s t
m illio n s
472
h o ld s a lo o f f r o m t h e m a r k e t , le a v in g th e tr a d in g in
m o n t h a n d f o u r m o n t h s w e r e a lit t le g r e a te r t h a n a
great
year ago.
in
p r o fe s s io n a l
h an ds.
s a y , c o n t in u e
to
R a ilr o a d
com p are
un
fo r A p r il
E a ste r
h o lid a y s
serv ed
to
h o ld
b o th
dow n
th e
th e
c le a r in g s a t C a n a d ia n c itie s t o s o m e e x t e n t fo r th e
fa v o r a b ly w ith a y e a r a g o .
N e v e r t h e le s s ,
The
B o s t o n ’ s s h a r e sa le s f o r
(th e
reco rd )
m easu re
1909.
fo u r m o n t h s r e a c h e d 2 7 5
r a ilr o a d r a t e s , t h e in v e s t in g p u b lic t o a la r g e e x t e n t
e a r n in g s , n e e d le s s t o
in
th e
v a lu e ,
th is y e a r ,
of th e
93
160
m o n t h , b u t a s id e f r o m t h a t in flu e n c e a g e n e r a l c o n
c tie s in c lu d e d in o u r c o m p ila t io n o n th e fir s t p a g e o f
t r a c t io n in t o t a ls a t W e s t e r n
th i s i s s u e ,e x h i b i t g a in s in c le a r in g s o v e r a y e a r a g o ,
F o r th e 21
a n d , w h e r e lo s s e s are r e c o r d e d , t h e y a r e , in t h e m a i n ,
r e tu r n s t h e d e c lin e f r o m 1 9 1 3 fo r t h e m o n t h is 9 . 7 %
m o d e r a t e o r l ig h t .
at
T h e a g g r e g a t e fo r a ll t h e c it ie s
$ 1 4 , 9 2 3 , 9 6 2 , 0 2 6 , r e g is te r s
over
th e
m o n th
of
1913.
a year a g o .
r a ilr o a d
th e
fo u r
m o n th s
reach es
9 .2 % ,
w it h
th e
o f 4 .3 %
g r e a t e s t p e r c e n ta g e o f lo ss a t V a n c o u v e r , C a lg a r y ,
fa c t
The
h ow ever,
V ic to r ia ,
is ,
I n A p r il la s t y e a r b u s in e s s
and
fo r
p o in t s is t o b e n o t e d .
w h ic h w e h a v e c o m p a r a t iv e
in c r e a s e
an
t h a t w e are c o m p a r i n g w it h s m a ll t o t a ls o f c le a r in g s
r e s tr ic t e d
and
c itie s f r o m
o p e r a t io n s
R e g in a , S a s k a to o n ,
M oose
Jaw
and N ew
W e s tm in s te r .
w a s w id e ly
s e r io u s ly
in t e r
T h e N a t i o n a l C o t t o n C o n fe r e n c e h e ld a t A u g u s t a ,
r u p t e d b y t h e g r e a t f lo o d s w h ic h a t t h e e n d o f M a r c h
G a .,
h a d o v e r w h e lm e d la r g e p o r t io n s o f th e M i d d l e a n d
cu rren t
M id d le
p r a c t ic a lly a ll th e le a d in g c o t t o n e x c h a n g e s o r a n a la -
W estern
ag g reg a te
of
A c c o r d in g ly ,
S ta te s.
c le a r in g s
th o u g h
m ade
w it h
1912
w as
th e
r e g is te r a g a in o f 3 . 2 %
is
As
a
con seq u en ce
th e n
red u ced
p resen t
th e
4 .7 % .
c le a r in g s
1914
o v e r 1 9 1 3 , w h e n c o m p a r is o n
th e r e
is
a
s m a ll
lo s s — 0 .4 % .
on
M onday,
w eek
T u esd ay
Avas
and
a tte n d e d
by
W ed n esd ay
o f th e
r e p r e s e n t a t iv e s
of
g o u s b o d ie s o f th e c o u n t r y a n d a c c o m p lis h e d m u c h
t o w a r d “ c o r r e c tin g e x is t in g ’ e v ils in c o t t o n t r a d i n g ” —
t h e p r in c 'p a l r e a s o n , a s s t a t e d in t h e c a ll, fo r th e c o n
v e n in g o f th e d e l e g a t e s .
A f t e r o r g a n iz a t i o n h a d b e e n
un
e f f e c t e d , a s te e r in g o r e x e c u t i v e c o m m i t t e e w a s a p
p r o p it io u s fo r m a n y y e a r s p a s t , o w in g t o “ t r u s t b u s t
p o in t e d w h ic h i m m e d i a t e l y t o o k u n d e r c o n s id e r a tio n
” p o lic ie s a n d o t h e r h in d r a n c e s , a n d d u r in g a ll th e s e
a n d d is c u s s io n th e L e v e r c o t t o n f u t u r e t a x b ill p e n d
F u rth erm o re ,
in g
years
f in a n c ia l
f in a n c ia l
c o n d itio n s
t r a n s a c t io n s
have
have
been
m i n i m u m , h o ld in g c le a r in g s d o w n .
been
kept
at
a
I f w e go b a ck
t o 1 9 1 0 , w e fin d t h a t t h e a g g r e g a t e o f t h e c le a r in g s
th e n
(in c lu d in g
N ew
Y ork)
w h e r e a s , n o w fo r 1 9 1 4 it
w as
$ 1 4 , 0 4 5 ,4 0 9 ,9 9 2 ,
is $ 1 4 ,9 2 3 ,9 6 2 , 0 2 6 .
T h is
in g in t h e H o u s e o f R e p r e s e n t a t i v e s , a n d r e c o m m e n d e d
c e r ta in c h a n g e s , in c lu d in g t h e c u t t in g d o w n
o f th e
t a x p e r 1 0 0 b a le c o n t r a c t f r o m 2 5 c e n ts t o 5 c e n t s .
The
a d o p t io n
of
th e
G overn m en t
s t a n d a r d iz a
t io n o f s p o t c o t t o n b y a ll A m e r ic a n e x c h a n g e s Avas
s h o w s a g a in fo r t h e fo u r y e a r s o f o n l y 6 .2 % , w h ile
a lso r e c o m m e n d e d a n d , f u r t h e r m o r e , it Avas r e s o lv e d
u n d e r n o r m a l c o n d itio n s th e r e w o u ld
of
t o r e q u e s t t h e U n it e d S t a t e s G o v e r n m e n t t o a d o p t
years.
t h e in t e r n a t io n a l s t a n d a r d s a s a g r e e d u p o n a t L iv e r
I n b r ie f , t h e n , c le a r in g s c o m p a r e s o w e ll w it h p r e
p o o l la s t y e a r a n d w h ic h g o in t o e ff e c t S e p t . 1 1 9 1 4 .
5@ 8%
per
year,
or
say
20%
fo r
be
th e
a g a in
fo u r
v i o u s y e a r s b e c a u s e o f th e c o m p le t e la c k o f g r o w t h
A c t i o n Avas a ls o t a k e n o n m a t t e r s h a v in g t o d o Avith
in th e i n t e r v a l .
th e
F o r t h e fo u r m o n t h s t h e t o t a l s h o w s a d im in u t io n
of
0 .1 %
o f 1 .5 %
a s c o n t r a s t e d w it h a y e a r
ago
f ig u r e s
c h a n g e o f th e c o t t o n y e a r f r o m
S e p t.
1 t o ^ S e p t .^ l
t o a p e r io d o n e m o n t h e a r lie r , or A u g . 1 t o ^ A u g . 1 .
is 6 . 1 % , r e d u c in g t o 0 .2 %
T h e c o n fe r e n c e r a t if ie d b y a p r a c t ic a lly u n a n im o u s
lo s s fo r t h e p e r io d s in c e J a n u a r y 1 .
th e
a t N oav E n g l a n d p o i n t s , o n
A t N e w Y o r k th e g a in o v e r la s t
over 1 9 1 2 .
y e a r fo r t h e m o n t h
c it y
a n d a g a in
h a n d lin g o f c o t t o n
a r b it r a t io n o f g r a d e s , o n C a r o lin a m ill ru le s a n d ^ o n ’a
fo r
1914
fo r t h e
th e
O u t s id e o f th is
m o n th
e x h ib it a
v o t e a ll t h e r e c o m m e n d a t io n s o f th e c o m m i t t e e .
F olloA vin g th e a d j o u r n m e n t o f th e N a t i o n a l | C o n -
g a in o f 1 . 9 % , b u t f o r t h e lo n g e r p e r io d s h o w a s lig h t
fe r e n c e , th e c o n v e n t io n
d rop fr o m
la s t y e a r , t h e p e r
LaA vson o f t h e T e x a s ^ C o t t o n A s s o c ia t io n t o c o n sid e r
A n a l y z e d b y g r o u p s 't h e a g g r e
th e f o r m a t i o n o f a n a s s o c ia tio n o f S o u t h e r n c o t t o n
th e
r e c o r d e s t a b lis h e d
c e n ta g e b e in g 0 . 0 2 % .
c a lle d b y
C.
g a te s f o r t h e f o u r m o n t h s are s m a lle r in a ll s e c tio n s
e x c h a n g e s Avas h e ld .
e x cep t th e S o u th an d M id d le W e s t .
The N ew E ng
Avas th e o r g a n iz a t io n o f t h e N a t i o n a l A s s o c ia t io n * ^ f
la n d S t a t e s s h o w a d e c lin e o f 4 . 0 % , th e M i d d l e (e x
C o t t o n E x c h a n g e s , o f Avhich M r . LaA vson Avas c h o se n
c lu s iv e
4 .6 %
of
N ew Y ork
C ity )
3 .9 % ;
a n d t h e O t h e r W e s t 0 .4 % . '
M i d d l e W e s t is 4 .6 %
th e P a c if ic S lo p e
P r e s id e n t
T h e g a in in th e
V i c e -P r e s i d e n t .
c ia tio n
a n d a t t h e S o u t h 2 .7 % .
S t o c k t r a n s a c t io n s a t N e w Y o r k in A p r i l , a l t h o u g h
and
are:
M r.
The
P r e s id e n t W .
o u t c o m e o f t h e m e e t in g
F ran k
H.
B a rre tt
of
A u gu sta
T h e b o d ie s r e p r e s e n te d in t h e A s s o
N ew
Y ork,
N cav
O r le a n s ,
A u gu sta,
S e lm a , D a lla s , S a n A n to n io , W a c o , M e m p h is , M o
h e a v ie r t h a n in e ith e r o f t h e t w o p r e c e d in g m o n t h s ,
b ile , S a v a n n a h , M e r i d i a n , L i t t le R o c k , M o n t g o m e r y ,
w ere s m a ll w i t h a l, a n d le s s t h a n in th e m o n t h o f 1 9 1 2 .
B ir m in g h a m ,
They
A s s o c ia t io n , th e M is s is s ip p i C o t t o n | A s s o c ia t io n a n d
year
w e r e , in f a c t ,
s in c e
1898,
s m a lle r t h a n
o n ly
e x c e p t in g
fo r A p r il
1911,
and
o n e -i i f t h o f t h e v o lu m e [o fj[d e a lin g s in 1 9 0 1 .
in
any
b a r e ly
T ra d in g ,
C o lu m b ia ,
t h e £ O k la h o m a _ C o t t o n
S.
C .,
th e
A ss o c ia tio n .
Texas
C o tto n
M a y 9 1914.]
THE CHRONICLE
The March 1914 immigration bulletin indicates
that while the number of incoming aliens for that
period was smaller than for the corresponding time
in either of the three preceding years, the aggregate
of arrivals for the fiscal year to date surpasses all
former records. After making allowance for depart
ures from the country, the gain in foreign-born pop
ulation was of greater magnitude than ever before for
the nine months July 1 to March 31, only excepting
1906-07, when the demand for the class of labor
immigration supplies was so urgent that arrivals
failed to fully meet it.
The number of aliens who entered the United States
in March this year was 108,923 (made up of 92,621
immigrants and 16,302 non-immigrants); the de
partures, quite equally divided between emigrant
and non-emigrant aliens, were 28,777, leaving a net
gain of the foreign born of 80,146. In 1913 the net
addition was somewhat larger— 90,374— but in 1912
and 1911 the figures were under those of the current
year. Of the month’s influx this year the pre
dominating nationalities were the Italians and He
brews, but an important increase is to be noted in
the inward movement from Greece and AustroHungary. For the nine months of the fiscal year
1913-14 (July 1 to March 31) the arrivals of aliens,
as already stated, were greater than for the like period
of any previous year, reaching 1,048,932, against
888,899 in 1912-13 and 649,262 in 1911-12. The
inflow this year was offset to the extent of 447,581
by departures, leaving a net influx of 601,351, which
contrasts with 443,036 in 1912-13 and only 177,355
two years ago.
The British Chancellor, David Lloyd George,
introduced, in the House of Commons on Monday his
sixth Budget. As was expected, he has found it
necessary to seek new channels of revenue. The
channels selected are in line with his previous policy
of taxing the rich only. In explaining his proposals,
Lloyd George declared that he purposed making
Englishmen who made investments abroad,in order
to escape the income tax, pay their dues, and he
declared that the death duties on estates of over
$300,000 would undergo a graduated increase until
the maximum would be 20% instead of the 15%
collected at present. In brief, the Chancellor
estimated expenditures for 1914-15 at$l,029,925,000,
and lie estimated the revenue on the basis of the
existing taxation at $1,003,275,000. In addition
to the deficiency thus created there will be new
expenditures in excess of $21,000,000, making the
total deficit more than $47,500,000. He plans to
secure $27,500,000 of this by means of a new gradu
ation upward of the income tax, the graduation
being based upon the income of the individual.
The remainder will also be derived from the well-todo and wealthy class, with the exception of $5,000,
000, which is to be taken from the sinking fund.
On incomes between $5,000 and $7,500 the tax
would be 21c. in the pound sterling; on incomes
between $7,500 and $10,000 a year the tax would
be 24c.; from $10,000 to $12,500 28c.; while from
$12,500 to $15,000 the rate would be 32c. The
allowance for children of parents whose incomes
did not exceed $2,500 a year would be doubled.
There would be levied a super-tax on incomes of
$15,000 and upwards instead of this super-tax begin
ning, as at present, with incomes of $25,000 a year.
With this new graduated scale of income-tax, rising
1419
finally to 32c. in the pound, the total income tax in
certain cases would be as high as 64c. in the pound
sterling.
The total yield from this super-tax would
be $38,750,000 in the full jmar, but in the present
year it would amount to only $12,500,000. The
deficit alone, the Chancellor said, made new taxa
tion inevitable; but in addition the Government
had come to the conclusion that in order to save some
municipalities from bankruptcy there must be a
readjustment in the relations of Imperial and local
taxation. This would entail large additional ex
penditures by the Exchequer. The Chancellor
declared that he proposed to set up a national system
of valuation under which “ site value” would be
separated from “ improvement values” and under
which relief would be afforded to the man who
improved his property in proportion to the amount
he expended to this end. The Chancellor esti
mated the increased yield of new taxation as
follows: Ordinary income tax, $26,250,000; invest
ments abroad, $1,250,000; super-tax, $12,500,000;
death duties, $3,250,000; settlement-of-estate duties,
$750,000. The total from these sources was, he
said, $44,000,000, which left $5,000,000 to be found.
This he proposed to take from the sinking fund.
There is certainly food for thought in the figures
that have thus been presented. In our own country,
income taxation has only just been inaugurated.
But the principle has been established, and when
additional revenue is required there will be constnat
encouragement to increase the burdens on the pro
duct of thrift. T . Gibson Bowles, in summing up
the Unionist’s opinion in the House of Commons,
declared that Lloyd George was “ screwing more
money out of the rich” . The London “ Daily Tele
graph” on Tuesday published the following criticism
of the proposals :
What Mr. Lloyd George openly puts before the
nation is a system of providing new and numerous
benefits for one part of the community entirely at
the expense of another.
The proposals for increased taxation now put
forward bear with great severity upon hard-working
professional and business men, who are the main
spring of the economic life of the nation. They aim
at nothing less than the destruction of the land
owning class by means of increased death duties.
The whole scheme will strengthen and deepen that
fatal tendency, already rooted in the minds to whom
the Chancellor appeals, to regard all social reform
as merely a matter of taking money away from the
well-to-do. If anything can produce in England a
population of greedy, irresponsible spongers in place
of the sturdy, self-respecting working class we have,
it will be statesmanship of this sort.
The British Government, it is announced by re
sponsible press dispatches, will reconsider its decision
of non-participation in the Panama-Pacific Exposi
tion at San Francisco. This may presumably be
regarded as tantamount to an acknowledgment that
Great Britain will be officially represented at San
Francisco, for it is highly improbable that Premier
Asquith would permit a closed incident of this char
acter to be reopened unless he were favorably dis
posed towards a change. The Premier on Tuesday
received a deputation from the House of Commons,
representing more than half of the membership of
that body, and made no effort to hide his surprise
at the strength of their case. In replying, he in
geniously suggested that the proposition that had
just been presented differed in material aspects from
1420
THE CHRONICLE
preceding ones. This admission was regarded as
affording a loophole for a change of attitude without
giving offense to Germany. It is now to be hoped
that Germany will discover a corresponding incentive
for changing its adverse attitude. The deputation
suggested that the British Government should erect
a special Governmental pavilion, which would serve
as a rallying place for British subjects from all parts
of the Empire. M r. Asquith intimated that this
proposal being in the nature of a complimentary
acceptance of the invitation to participate, without
committing the Government to much expenditure,
would likely commend itself to the Cabinet Minis
ters. Every Government, he continued, is bound to
show deference to recommendations endorsed by a ma
jority of the House of Commons. It was, however, a
great mistake to imagine that the refusal of the Gov
ernment had been intended as, or had the character,
of a slight on the people of the United States. The
contrary was shown by the readiness with which the
invitation to send a fleet to the opening of the canal
had been accepted. The canal opening was, after
all, a greater event than the exposition.
While the British Government has expressed de
termination to take strong measures against those
responsible for landing a full cargo of arms and ammu
nition in Ulster, the press cables received this week
do not indicate that any really practical action in that
direction has yet occurred. In fact, the spirit of
compromise still appears to be in the air as between
the Government and the leaders of the Opposition,
though Mr. John Redmond, the Nationalist leader,
is understood to be opposed to any negotiations for
a compromise on the question of Home Rule for Ire
land until the bill again reaches the House of Lords.
As the result of this opposition to the negotiations,
the Government, it is understood, will hasten the
final stages of the bill in the House of Commons, so
that it may be completed the week after next. Thus
it is evident that the Home Rule Bill will become law
as it stands, and any changes that may be agreed to
as a result of negotiation must take the form of sup
plementary legislation. It is reported that Premier
Asquith, Winston Churchill (the First Lord of the
Admiralty), Bonar Law(leader of the Unionists)
and Sir Edward Carson (the Ulster leader) met in
private conference early in the week. The Irish
Nationalists were not represented, and it has not
been definitely stated what result, if any, followed
the conference. Replying to a question on the Ulster
settlement in the House of Commons on Tuesday,
Premier Asquith said that the Government was tak
ing steps which seemed to him to be most likely to
lead to a possible settlement. He added that the
House of Commons would ultimately control the
matter. Seventy Liberals and sixty Unionists have
signed a memorial to the Government welcoming a
solution of the question through federation of the
Kingdom. One hundred Unionists who are opposed
to any compromise on the Irish question met on
Tuesday and adopted a resolution to oppose to their
utmost the adoption of Home Rule in any form.
The House of Lords on Wednesday rejected by a
vote of 104 to 60 the Woman’s Suffrage Bill. Among
those who voted for the measure were the Viscount
Morley of Blackburn, the Archbishop of Canter
bury and the Bishops of London, Hereford, Bangor
and St. Asaph. Among those who voted against the
[Vol xcvin
bill were the Marquis of Lansdowne, Viscount
Eshere, the Marquis of Salisbury, the Earl of Halsbury and the Duke of Northumberland. Viscount St.
Aldwyn, in a speech opposing the bill, said that the
argument for the extension of the Parliamentary suf
frage to women which was based on results obtained
in those States of the United States where it had been
tried, did not apply in the United Kingdom, because
in those States men were in the majority, while in the
British Isles they were in the minority. Thus, he
argued, the granting of the Parliamentary vote to
women in the British Isles would mean the handing
over of the destinies of the country and of the Empire
to a female electorate, which was a perilous step to
take.
Very little direct confirmation seems available for
the reports current in the European financial centres
of a probable renewal of trouble in the Balkans.
Latest accounts suggest that the Austrian Emperor,
Francis Joseph, is showing gradual improvement.
Cable advices from Durazzo, Albania, state that
Epirote insurgents, who have been fighting against
the inclusion of Northern Epirous in the new State
of Albania, have captured the town of Kolonia,
southeast of Valona. Women and children were
massacred and the town burned. Two hundred and
fifty Mohammedan Albanians, who were captured by
the invaders at ILormova, were crucified in the
orthodox church at Kodra, and the Epirotes then set
fire to the church, left the bodies to burn and con
tinued their advance.
The present plan is for the mediators representing
the A. B. C. countries to meet on May 18 at Niagara
Falls on the Canadian side of the border and to begin
at once their conferences looking to an adjustment
of Mexican affairs. Carranza and Villa, as repre
sentatives of the Constitutionalist movement in
Mexico, will not participate in the conference and
will not agree to an armistice with the Huerta forces.
The conditions imposed by Huerta in his acceptance
of mediation have not been made public. There
seems every evidence, however, that the plan for
mediation has already accomplished what in a prac
tical way was expected from it. In other words, it
has bridged over the first threat of clash that fol
lowed the occupation of Vera Cruz by American
troops. It was not and apparently is not the inten
tion of President Wilson to take other action, and
the landing at the Mexican port was merely a definite
notice to the Ilucrtan Government that the patience
of this country, which obviously had been mistaken
for timidity, had ended. Affairs having calmed
down, there apparently is little in the way of real
work that can be performed by the mediators since
Huerta may hardly be expected to agree to the de
mand of Washington that he resign, while President
Wilson is understood to have intimated that no plan
that does not include the elimination of Huerta will
be satisfactory to this country. It is not improbable
that President Wilson will find it exceedingly diffi
cult to resume his policy of “ watchful waiting.”
General Funston, who took charge of the American
position in Vera Cruz last week, has reported to the
War Department that re-enforcements of Mexican
Federal troops have‘ been located. The American
General therefore requested a freer hand and re
ceived permission to take whatever steps were neces
sary to protect his outposts and also to protect the
May 9 1914.1
THE CHRONICLE
water works of Vera Cruz. It is understood that
the army officials are anxious to station at Vera
Cruz or on ships within striking distance of that port
a force powerful enough to proceed at once to Mexico
City should such' action become necessary. It is
estimated that between 50,000 and 60,000 men will
be required. The mediators have received a note
from Huerta protesting against any further military
activity and contending that the Americans have
broken the armistice. Representations have been
made to the State Department by Sir Cecil SpringRice, charging that both the Federal and Constitu
tionalist forces at Tampico have broken faith and
have violated their promises to protect foreign oilwell properties. Meanwhile the Villa forces are con
tinuing an active campaign. Reports received on
Friday stated that the rebels, after dropping bombs in
Mazatlan from an aeroplane, killing four and
wounding many, captured the city and the entire
Federal garrison, thus gaining a Pacific port. The
Constitutionalist troops, it is asserted, are now in
complete control of all the Tampico district except the
city itself and are prepared to strike the final blow.
1431
It is announced, however, that a big Canadian
Northern Railway loan is to be issued at an early
date, having the guaranty of the Dominion Govern
ment. Some correspondents predict that the Budget
that has been presented will encourage the British
investor to sell his home securities and purchase
foreign ones, possibly Americans, especially should
the approaching decision by the Inter-State Com
merce Commission in the freight-rate case be in
favor of the railroads. Great confusion is expected
to be experienced in the income tax payments on
dividends and interest coupons. A strict interpre
tation of the new conditions would require each
shareholder or bondholder to pay an income tax on
them at a differential rate based on his income.
Such an interpretation, however, is obviously un
workable. The London County Council borrowed
this week £500,000 for three months at 2 5-16%.
The London “ Statist’s” usual compilation of new
capital issues for April,as reported by cable,showed
a total of £21,291,000, which compares with £28,
841,000 in April 1913 and £15,470,000 in 1912. Of
the total £8,264,000 represented home securities,
£9,374,000 the Colonies and £3,653,000 foreign coun
tries. Since Jan. 1 the applications have reached
the unexampled total of £129,896,000. In the same
months one year ago the total was £104,415,000 and
in 1912 £76,268,000.
All hope seems to have ended of an early reduction
in the Bank of England’s minimum discount rate.
Russia is particularly insistent in its demand for
gold. It is suggested that St. Petersburg is calling
home as a settled policy the gold supplies that it
has heretofore been the practice to keep on deposit
at the chief European centres. At any rate Russia
has not only recently been an active buyer at the
weekly offerings of Cape gold in London and has
paid large premiums, but has, we are told by cable,
intercepted shipments of the precious metal from
Brazil intended for London. At last Tuesday’s Lon
don offering of South African gold France and
Russia together obtained £400,000 of the £700,000
in bars that became available. They paid % d.
premium and this, plus the commission and other
charges, brought the total cost up to 77s. 10%d.
per ounce, which constitutes a record price since
1909, and compares with the Mint price of 77s. 9d.
India secured the remaining £300,000 of the Cape
gold offering.
The London market has this week been called upon
to withstand two disconcerting influences. The first
of these has been the continued nervousness over the
Ulster situation following the definite news of large
importations of arms and ammunition for the Ulster
men and that the Government has determined to
take radical action in consequence. The second in
fluence was also connected with governmental affairs—
namely the presentation to the House of Commons by
David Lloyd-George, the Chancellor of the Ex
chequer, of his annual Budget. The latter was
fully up to adverse expectations so far as the London
markets were concerned. We have referred more in
detail to each of these two influences in a preceding
column. The Budget, it will be observed, follows
out the Chancellor’s well-known policy of placing
as far as possible the burden of taxation upon the
rich only. Nevertheless, while there has been some
evidence of forced liquidation, the situation that has
prevailed on the London Stock Exchange should by
no means be described as one of pronounced weak
ness. Consols, for instance, which are usually an
accurate measure of the movement of investment
security values, have declined from 75% to 74 9-16
during the week and have brought down with them
to about an equal extent the usual list of standard
home investments. Thus the London & North
No improvement is to be noted in the Paris situa
western shows a decline from 130% on Thursday of tion . The week has witnessed a considerable amount
last week (Friday, M ay 1, having been a Stock Ex of enforced liquidation. There have, too, been a
change holiday) to 129%; Great Western meanwhile number of failures announced, the most important
yielded from 114% to 113 % and the Great Eastern of which appears to be that of De Neufville et Comto 49% from 50. On the other hand, foreign State pagnie of Paris. This failure is reported to have been
funds in London have been maintained at about the brought about by a crisis in the diamond and pearl
previous level and Japanese 4s have advanced from trade and the suspension to some extent explains
76% to 77% . Bulgar ian 6s remain without change I heavy selling of De Beers diamond shares that has
from 101, Russian 4s at 86% and Greek Monopoly been in progress since about the middle of April. An
4s at 78% . Mexican Government 5s have advanced attachment was issued in New York City Monday
1 point from 84 to 85 and Mexican Railways ordinary against property held for the De Neufville firm by
shares meanwhile have declined to 29% from 31% . New York Stock Exchange houses on margin. Cable
German Imperial 3s arc % point lower at 76. Day- advices from Paris state that, as a result of the Mexi
to-day money in London closed at 1% to 1% % , can crisis and the fears of tight money, prices in
which is without change for the week.
the pearl market there have declined 25% , and it is
Conditions, obviously, have not been considered stated that there is a stock on hand there of $20,000,
favorable by English underwriters for bringing out 000 worth of pearls which is unsalable. The Paris
new capital issues. No important transactions of settlement which concluded on May 4 caused a
that nature have been reported by cable this week. temporary covering of short commitments, though
1422
THE CHRONICLE
there was a disposition to borrow Russian bank and
Russian industrial shares as well as Brazilian rail
roads to continue the bear account. The contango
rate at the settlement was 2% on the Parquet and
on the Coulisse. Grecian and Turkish se
curities were sold on reports of increasing friction
between the two governments. The French politi
cal situation seems to be in the balance, awaiting the
re-balloting that is to take place in the indecisive
districts to-morrow (Sunday). Members of the
Paris Bourse are pinning their faith on a renewal of
activity to accompany the issuance of the French
national loan in the early summer. As it is, money
is being stored up by anxious capitalists who are un
willing either to lend or invest it. French Rentes
closed at 86.90, which compares with 86.75 a week
ago. Money in Paris closed at 2J^%, against 3%
on Friday of last week.
[Vol. X V
C III.
this date in 1913 and £29,212,035 in 1912. Public
deposits aggregate £18,387,000, against £14,189,282
in 1913 and £17,300,777 in 1912; and other deposits
aggregate £39,402,000, against £38,762,834 one year
ago and £39,754,685 in 1912. The loans (other se
curities) are given at £38,835,000. One year ago
they totaled £31,462,418 and in 1912 £31,494,087.
Our special correspondent furnishes the following de
tails by cable of the gold movement into and out of
the Bank of England for the Bank week: Imports,
£155,000 from Brazil; exports, £45,000 to the Conti
nent, and shipments of £934,000 net to the interior
of Great Britain.
•
The Bank of France this week reports an increase
of 14,486,000 francs in gold and of 4,996,000 francs in
silver. There was a decrease in note circulation of
no less than 142,850,000 francs and in discounts of
257,200,000 francs, while advances decreased 22,
150,000 francs. Treasury deposits increased 3,
300,000 francs. The Bank holds in gold 3,660,848,
000 francs, which compares with 3,245,250,000 francs
one year ago and 3,232,700,000 francs in 1912. The
silver stock is 634,609,000 francs, against 602,500,000
francs one year ago and 813,900,000 francs in 1912.
The outstanding circulation is 5,895,276,000 francs.
In 1913 is was 5,665,613,805 francs and in 1912 5,
257,456,625 francs. Discounts, however, make a
favorable showing with the figures of recent years.
They stand at 944,286,000 francs and compare with
1,676,300,113 francs one year ago and 1,162,677,131
francs in 1912.
Berlki has been affected more than other European
centres by a renewal of unfavorable reports in re
spect to the intentions of the recent Balkan belliger
ents. The renewed strain in the Turco-Grecian re
lations was one source of direct weakness. Press dis
patches from Berlin also credited unfavorable re
ports from Albania as being responsible for pro
nounced weakness on the Bourse on Wednesday.
There was, too, renewal of unfavorable rumors re
garding the health of the Austrian Emperor. There
seems a disposition at the German centre to take a
more confident view of the Mexican situation.
Steamship shares were in improved demand, owing
to the agreement of the two leading German lines to
The Imperial Bank of Germany in its return pub
work in harmony in respect to their American busi
lished on Saturday last reported the large decreases
ness. Money in Berlin closed at 2 )^ @ 3 % , which
of 29,430,000 marks in gold and of 51,852,000 marks
compares with 3)/£% a week ago.
in cash, including gold. An expansion of 186,077,000
Official bank discounts in Europe have in no in marks was indicated by note circulation of 35,853,
stance been changed this week. Private rates have 000 marks in loans and of 54,535,000 marks in dis
been firm. In London sixty-day bills closed at 2 % @ counts, reflecting the 1st of M ay payments. De
2 ^ % , against 2Fg@2 3-16% a week ago, while posits were reduced 182,102,000 marks and treasury
ninety-day bills also finished at
against bills decreased 2,149,000 marks. The total cash
2)^ @ 2 9-16%. In Paris the bankers’ combination stands now at 1,671,051,000 marks, which compares
rate is still officially quoted at 2 % % , but for desirable with 1,253,500,000 marks one year ago and 1,231,
paper 2 % % is available. The private rate in Berlin 580,000 marks in 1912. Combining loans and dis
has advanced H$% to 2^2%. Vienna is J4% counts we have a total of 1,012,746,000 marks. A
lower at 3% % , Brussels remains at 3 ^ % and Am year ago the amount was 1,398,800,000 marks and
sterdam is still quoted at 2 15-16%. Official rates in 1912 1,299,200,000 marks. Circulation outstand
at the leading foreign centres are: London, 3% ; Paris, ing aggregates 2,101,307,000 marks, against 2,030,
3Yi%) Berlin, 4% ; Vienna, 4% ; Brussels, 4% ; Am 600,000 marks a year ago and 1,785,660,000 marks
in 1912.
sterdam, 3j/£%.
This week’s return of the Bank of England was
somewhat disappointing. Threadneedle Street has
not been able to obtain any of the new South African
gold offered in the London market for several weeks,
and supplies have not been readily available from
other sources. The Bank this week reports a loss
of|£823,823 in its bullion holdings and of £755,000
in the total reserve. The proprotion of reserve to
liabilities, however, increased during the week from
42.37% to 44.26% as a result of the reduction in lia
bilities. A year ago the proportion was 49.90%.
Lombard Street paid off loans not to the extent of
£3,628,000. There was a reduction of £633,000 in
public deposits and of £3,725,000 in other deposits.
The Bank now holds in gold coin and bullion £35,
941,599. A year ago the total was £36,875,642 and
two years ago £39,688,165. The reserve amounts
to £25,583,000 and compares with £20,429,747 at
Further ease is observable in local money circles.
Lenders have fractionally reduced their rates for
fixed securities and the announcement on Saturday
last of an engagement of $1,000,000 in gold bars
to Paris was without even a sentimental influence
towards firmness. One reason was the particularly
favorable return of the New York Clearing House
on that day, which showed for the banks and trust
companies belonging to that Association an increase
of $5,210,000 in cash and of $6,232,150 in the sur
plus above requirements, there having been a de
crease of $1,022,150 in such requirements as aresult
of a contraction of $10,317,000 in deposits. The cash
surplus in excess of requirements now stands at
$36,486,550. One year ago the total was $15,
955,650 and two years ago there was a surplus of
$14,276,750. There was an increase of cash in
vaults of $12,915,000 reported by the banks and a
M a y 9 1914.]
THE CHRONICLE
decrease of .$7,705,000 in the trust companies’ cash
in vaults, which latter item was explained, however,
by an increase of $10,101,000 in the trust companies’
cash in banks. The loans in all institutions in the
Clearing House were reduced $10,546,000. While
there probably will be additional exports of gold,
representative opinion in banking circles in New
York looks for a continuance of the present easy
market conditions that are now ruling. This, of
course, is based on the assumption that no new
crisis is likely to arise in the Mexican situation that
shall require the Government to enter the market
as a borrower on a large scale. The announcement
by President Wilson of his selections for the Federal
Reserve Board are, of course, a practical step to
wards the placing of the new law in working order
and latest advices seem to suggest that by the first
of August a number of the regional banks will be in
operation.
This will provide, presumably, ample
facilities for financing the crops without undue strain
upon the money situation in the autumn. We refer
to the President’s appointments on the Reserve
Board elsewhere in this issue.
There have been no important demands upon the
capital market this week. The Southern Pacific’s
stockholders and their assigns have subscribed to
virtually the entire issue of $55,000,000 convertible
bonds, so that very little will have to be taken by the
underwriters. Payments of these subscriptions,
however, may be made in installments up to July 10,
so that the full amount necessary to complete the
purchase has not been supplied by the market. The
Banking Commission of the City of New York, which
consists of the Mayor, the Comptroller and the City
Chamberlain, has fixed the rate of interest on city
deposits for the three months ending July 31 next
at 3% . The Chamberlain was authorized to favor
such banks as offered a larger rate of interest. It
was reported that seventy-seven institutions were
ready to pay more than 2% interest. Commercial
paper is offered quite sparingly and buyers are in
clined to shade recent rates. Sales of high-grade
six-months paper have been made at 3 % % .
Referring to call money rates in detail the range
of quotations on Monday was 1 % @ 1 % % , with
renewals at the lower figure; Tuesday’s highest was
2% , lowest i y 2% and renewal also 1% % ; Wednes
day 2% was the maximum, 1 % % the minimum and
2% the ruling quotation; Thursday’s extreme fig
ures were 2 and 1 % % with renewals at the lower
figure; on Friday 2% was the highest, 1 % % the
lowest a n d 1 % % Hie renewal basis. For time money
2 % @ 2 % % were the closing quotations for sixty
days (against 2 % @ 3 % a week ago), 2y % for ninety
days (against 2 % @ 3 % ), 2 % @ 3 % for four months
(against 3 @ 3 % % ), 3% for five months (against
3 % @ 3 % % ) and 3 @ 3 y % for six months (against
3 y % .)
Commercial paper closed at 3 % @ 4 % for
sixty and ninety day endorsed bills receivable and for
four to six months single names of choice character.
Other names less favorably known still require
% @ 4% % .
4
For sterling exchange the market has developed
decided strength and closing quotations show
substantial net advances from the figures of a
week ago. An engagement of $1,000,000 gold was
announced last Saturday for shipment by Wednes
day’s steamer. The exporters were Goldman, Sachs
& Co., which suggests that the transaction was on
1423
behalf of private bankers in Paris and not the Bank
of France. The Bank usually makes its arrange
ments through Lazard Freres. There are reports of
arrangements for additional shipments in the near
future, but definite orders have not thus far been
placed for the metal. This is the first outward
movement of gold to Paris since March 2, when
exports, which were inaugurated on Jan. 13, had
reached a total of $16,000,000. Correspondents in
Paris cable that the Bank of France feels some deli
cacy in ordering gold in New York at a time when
the Mexican situation contains the threat of war and
of the necessity of financing extensive military and
naval operations. Sterling exchange people here,
however, have no doubt of the ability of New York
to supply whatever gold foreign interests may feel
justified in taking. It may be recalled that a fort
night ago reports were current in the financial dis
trict that the Treasury Department had let it be
understood that exports of gold were not desired.
But investigation showed there was neither direct
nor indirect foundation for any such statement.
Paris has been bidding a high premium for gold in
London, having with Russia obtained £400,000 of
Cape gold at the regular weekly offering at a priced
counting commissions,that brought the total up to
77s. 10% d.,which compares with 77s. 9d.,the Mint
price. The remaining £300,000 of the offering was
obtained for India. The Lake Shore & Michigan
Southern R y. has sold in London and Paris about
$20,000,000 one-year notes, to be dated M ay 15j
About one-half of the proceeds will be needed to
meet sterling notes maturing in London on the date
mentioned, so that that part of the sale has little
bearing on the sterling exchanges. The remainder
of the issue will be used to reimburse the railroad’s
treasury for cash advanced in meeting earlier ma
turities of the year and in various outlays for im
provements. The notes, being for one year only,
do not carry any specific interest, but have been sold,
it is understood, on a basis equivalent in this market
to 4 % % . Our foreign trade movement continues
to show large increases in imports, resulting undoubt
edly from the lower tariff rates, while exports do not
show corresponding improvement. The indifferent
showing this week by the Bank of England, the fact
that for the last two years there has been a steady
sale of American securities by Europe, the indications
of an active import movement resulting from the
lower tariff and the possibility of war with Mexico,
restricting to some extent our exportations of food
products, all are factors that are being watched with
keen interest by sterling exchange operators on this
side. Discount rates in Lombard Street are firm,
and there is apparently slight encouragement to ex
pect much of relaxation in the money situation at the
British centre. Thus it seems fair to assume that,
in view of the indifferent mercantile and industrial
outlook at home, funds will be in greater demand
abroad which necessarily will tend to keep up sterling
exchange rates. On the other hand, if our present
brilliant crop prospects are realized,it seems fair to
presume that correspondingly large exports of food
products will eventually result.
Demand sterling in Paris closed at 25.16 francs,
which compares with 25.15 francs a weekago. In Berlin
the London check rate finished at 20.48 marks,
against 20.47% marks last week. Sterling exchange
in Amsterdam as reported by cable last evening
closed at 12.10% guilders, against 12.08% guilders
on Friday of last week. Berlin exchange in Paris
finished at 122.79 francs, against 122.85 francs a
week ago. Mexican exchange on New York closed
at 300 and on London at Is. 4% d. These figures
compare with 315 and Is. 3% d. a week ago. New
York exchange on Mexico closed at 33, against31%
last week.
Compared with Friday of last week, sterling ex
change on Saturday was unchanged with demand still
quoted at 4 8750@4 8760, cable transfers at 4 8780
@,4 8790 and sixty days at 4 8510@4 8525. The
opening on Monday was firm and slightly higher for
demand and sixty days, which advanced to 4 8755
@ 4 8765 and 4 8520@4 8535, respectively; cable
transfers, however, were weak, receding to 4 8770@
4 8780. On Tuesday a rise in English discounts
brought about a firmer tone here; demand advanced
to 4 8760@4 8770, cable transfers to 4 8780@4 8790
and sixty days to 4 8525@4 8540. Further ad
vances were recorded on Wednesday, when cable
transfers moved up to 4 8790@4 88 and demand to
4 8765@4 8775; sixty days ruled without change at
4 8525@4 8540; the chief influence continues to be
the increasing firmness in discounts at London.
'On Thurs'iv extreme dulness prevailed all day, with
the rate unchanged, at 4 8765@4 8775 for demand,
4 8790@4 88 for cable transfers and 4 8525@4 8540
for sixty days. On Friday the market was firm on the
further hardening of English discount rates. Clos
ing quotations were 4 8525@4 8540 for sixty days,
4 8785@4 8795 for demand and 4 8815@4 8825 for
cable transfers. Commercial on banks closed at
4 8 3 % @ 4 84% , documents for payment finished at
4 8 4 % @ 4 85% and seven-day grain bills at 4 87@
4 87% . Cotton for payment closed at 4 8 4 % @
4 84% , grain for payment at 4 8 5 % @ 4 85%.
The New York Clearing-House banks, in their
.operations with interior banking institutions, have
gained $8,080,000 net in cash as a result of the cur
rency movements for the week ending M ay 8.
Their receipts from the interior have aggregated
$13,467,000, while the shipments have reached
$5,387,000. Adding the Sub-Treasury operations,
which occasioned a further gain of $559,000, the
combined result of the flow of money into and out of
the New York banks for the week appears to have
been a gain cf $8,639,000, as follows:.
W en in Mg8 .
eek d g a
Banks' interior movement__
Sub-Treasury operations..................
Total..........................................
In
to
Bn s.
ak
$13,487,000|
23,556,000!
Ot of
u
Bb s.
ak
N Ca g In
et h ne
Bn Hld g
a k o in s.
$5,387,000 Gain 38,080,000
559,000
22,997,000 Gain
$37,023,000! $28,384,000 Gain $8,639,000
The following table indicates the amount of bullion
in the principal European banks.
Bn s of
ak
lV L K V
O C IU
THE CHRONIC!.E
I 424:
Gld
o.
My 8 1913.
a
My7 1914.
a
Tta
o l.
o.
ilv
S er. | Tta \ Gld , S er.
ilv
o l.
1 jg
jg
£
£
£
36,875,642
! 35,911,599 36,875,042
|
£
England-_ 35,941,599
France— 146,433,483
Germany . 66,201,553
Russia a _- 177,838,000
Aul-Hunb 52.196.000
Spain___ 20.532.000
Itaty-d -- 45.740.000
Netta’lands 13.538.000
Nat.-Belgil 8,820,000
5.789.000
Sweden
6,779,003
Swltz ’lan
Norway - - 2.531.000
25,384,406 171,817,880129,809,320 24,139,960: 153,949,280
16,000,000 82,201,550 48,939,150 14,214,600: 63,183,750
6,661,000 1S4,549,000 158,576,000 7,214,000, 105,790,000
12,281,000; 04,477,000 50,181,000 j 10,017,000! 60.798.000
2S,805,000 49,397,000, 18,056,000, 30,003,000 48.059.000
3.050.000 48.790.000 46,727,000, 4,050,000 50.777.000
684,800 14,228,800
688,7001 14,226,700 13,544,000,
4.410.000 13.230.000 7,527,333 3,763,687 11.291.000
5.718.000
5.786.000 5,718,000
6.906.000
6.779.0001 6,906,000
2.132.000
2,581,000 2,132,000
Tot. week 532,436,620 97,340,100679,776,729:524,991,445! 94,717,027:619,708.472
Prev .week 584,095,845 97,491,727,631,587,572525,298,091 94,895,177,620,193,868
aThe total ol gold In the bank of Russia Includes me balance held abroad—
that Is, the amount held for Russian account In other Continental banks.
b The Austro-Ilungarlan bank statement Is now Issued In Kronen and Heller
Instead ol Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cetns, our cable correspondent n
London, In order to reduce Kronen to Pounds, has altered the basis of conversion
by dividing the amount of Kronen by 24 Instead of 20.
d The division (between gold and sliver) given In our table of coin and bullion In
the Ranks of Italy and Belgium Is made from the best estimates we are able to
obtain- It Is not claimed to be accurate, as the banks make no distinction In the
vceMy returns, merely reporting the total gold and silver: but wo believe the
vision we make Is a close approximation
THE FEDERAL RESERVE BOARD.
We do not exaggerate the facts in saying that the
sentiment of the financial community as a whole,
on learning of the President’s nominations for the
Federal Reserve Board, has been one of profound
relief. Following the sudden outburst of enthusiasm
which occurred last December, after the enactment
of the Banking and Currency law, there had occurred
a distinct reaction of feeling, on this as on other
matters subject to political influences at Washington
That reaction was due, in part, to the general mood
of returning financial pessimism which subsequently
prevailed, and which itself was in part cause and in
part effect of the declining stock market. But it
has also had as a basis the disappointing policies
embodied in the proposed additional trust legislation.
Incidents of this sort had re-awakened apprehen
sion as to hostility to large business on the part of
legislative Washington. More recently the dis
satisfaction created over the allotment, by the
Organization Committee, of the twelve districts
under the banking law, and over its selection of
regional banking centres, had emphasized this feeling
of misgiving. As was quite natural under the cir
cumstances, more attention had begun to be paid
to the possibility that the President, in selecting
the National Board for the new banking system,
might defer, directly or indirectly, to the sentiment
of hostility toward New York financial interests
in particular, and toward large banking enterprises
in general, and might name his appointees accord
ingly. It was recalled that Mr. Wilson’s appoint
ments have not been invariably wise, and the feeling
of doubt which grew up was naturally aggravated
by the general conviction, acknowledged from the
first by all competent critics, that the successful
inauguration of the new banking system must de
pend very largely on the character of the men se
lected for the National Board.
It is quite within the facts to say that Mr. Wilson’s
selections, as announced this week, have completely
dispelled misgivings of that sort. For Governor of
the Federal Reserve Board, and therefore executive
chief of the whole system, he named President
Cleveland’s Secretary of State, Mr. Richard Olney—
a lawyer by profession, but a man of wide business
experience, of conservative instincts and of com
manding personality. Mr. Olney’s advanced age
was the only objection alleged by any one to the
nomination, and for this
other reasons, he has
since declined to accept the office. Nevertheless,
the mere fact of his nomination showed the Presi
dent’s general purpose, and gave reasonable guaranty
that a fitting name would be substituted. For the
four remaining members of the board who had to be
selected by the President, and who, along with the
Secretary of the Treasury and the Comptroller of the
Currency ex officio, were to constitute the board,
Mr. Wilson has named W. G. P. Harding, Presi
dent of the First’National Bank of Birmingham, Ala.;
H. A. Wheeler, Vice-President of the Union Trust
Co. of Chicago; A. C. Miller of San Francisco, at
present Assistant Secretary of the Interior Depart
ment, but previously Professor of Finance and
Economics at the University of California, and
Paul M . Warburg, a member of the firm of Kuhn,
Loeb & Co. of New York City.
There is|no|inefficient or unsatisfactory selection
in this list;lno|adverse criticism has been made on
0
1
May 9 1914 i
THE CHRONICLE
the ground of fitness to any of the nominations, so
far as we arc aware, either in Congress or in the
banking community. Messrs. Harding and Wheeler
arc experienced bankers, who will usefully represent
their sections of the country. Dr. Miller, according
to all accounts, is a broad-minded student of the
banking question, and was able to give much useful
and conservative assistance in the preparation and
amendment of the law. The selection of Mr. War
burg is highly satisfactory, not least as proving that,
in these important nominations, the President had
dismissed the petty notion that no one in the high
councils of the new banking organization ought to
be drawn from Wall Street circles. Mr. Warburg
was largely influential in the drafting of the Aldrich
plan; it is known that a good part of that tentative
measure, especially that which was incorporated into
the present law, represented Mr. Warburg’s handi
work . In his criticisms on the law as it now stands, M r.
Warburg has been courageous and useful. He opposed
the creation of twelve separate regional banks,
letting it be plainly known that his own preference
was for a single bank, or, at most, for four. But
he also said, on the enactment of the law:
“ There cannot be any doubt but that the enact
ment of this legislation will inaugurate a new era
in the history of banking in the United States. While
it is to be regretted that some important suggestions
made by the business community could not be
adopted, the fundamental thoughts, for the victory
of which some of us have worked for so many years,
have won out. That is to say, from now on we shall
witness the gradual elimination of the bond-secured
currency, of scattered reserves, of immobilized com
mercial paper and of pyramiding of call loans on the
Stock Exchange. The ship is headed right, and noth
ing will ever turn her back into her old course.”
Apart from this, Mr. Warburg’s special usefulness
on the board will arise from his experience as an inter
national banker, personally familiar with large
affairs in the finance of this and other countries, with
the operation of European central banks, and with
the mechanism of foreign exheange— practical knowl
edge which is most essential in the novel task which
will confront the managers of the new banking sys
tem, especially in such matters as determining the
official discount rate in order to regulate the foreign
exchange, to curb excessive home expansion or specu
lation and to limit an export movement or promote
an import movement of gold.
That the President’s appointments should have
been of so high a general character would, under
ordinary circumstances, have been regarded as a
matter of course, in view of the task which lies be
fore the Federal Reserve Board. The functions of
that body are extremely broad. Under the law, it
possesses not only the power of altering or reorganiz
ing the divisions and limitations of the separate dis
tricts, but at the very start it will name three out of
the nine directors on the board of each of the twelve
regional banks. It will supervise and regulate the
issue and retirement of the new Federal reserve notes,
in which task there must exist a considerable measure
of discretion. It is empowered to “ permit, or, on
the affirmative vote of at least five members of the
Reserve Board, to require, Federal reserve banks to
re-discount the discounted paper of other Federal
reserve banks, at rates of interest to be fixed by the
Federal Reserve Board.” It will have the right “ to
suspend, for a period not exceeding thirty days, and
from time to time to renew such suspensions for per
iods not exceeding fifteen days, any reserve require
1425
ment specified in this A ct.” It may “ suspend, for
the violation of any of the provisions of this Act, the
operations of any Federal reserve bank,” and, finally,
the official discount rate fixed by the board of a re
gional bank is to be “ subject to the review and de
termination of the Federal Reserve Board.”
These are very far-reaching powers. In the hands
of a venturesome, inexperienced or incompetent
board, their exercise might easily cripple the useful
ness of the Federal reserve banks themselves, and,
therefore, the efficiency of the system as a whole.
Under the best of circumstances, the activities of a
board not properly equipped for its large duties
would inevitably bring about constant collision and
friction between the regional bank directorates and
the national management.
The original feeling of thoughtful students of the
problem, in regard to this consideration, was that
the best solution would be for the regional banks to
manage their own affairs with a minimum of direct
supervision by the national board, except in matters
which necessarily required such action. But it must
be admitted that the fixing by Congress of a mini
mum of eight regional banks and a maximum of
twelve, and the Organization Committee’s establish
ment of the full number of twelve, pointed clearly
to exercise of the larger powers by the national board.
In proportion as the regional banks themselves be
come more numerous, the task of harmonizing their
policies and of avoiding conflict of policy among
them will become more obvious. In particular, as
Mr. Warburg himself has pointed out in his pamph
lets on the subject, the larger number of separate
regional banks necessarily meant more of such in
stitutions which would be relatively weak, and hence
would probably involve a larger measure of depen
dence by banks in certain Western and Southern
districts on such powerful financial centres as New
York and Chicago. It is true that, even after the
system of centralized banking has been introduced,
the natural and familiar process of advancing
capital to one section of the country by individual
banks in another section would continue very much
as before. It is not to be supposed that, even with
regional central banks at Dallas and Atlanta, the
large New York institutions which have long made a
specialty of accepting cotton bills, or of re-discounting
for interior banks, would abandon the practice. But
the question of re-discounting all the paper, offered
to such an institution by banks with a right to ask
accommodation, might still remain perplexing—
especially when, as in at least one or two districts
which have been assigned, the paper presented for
re-discount will be overwhelmingly from one par
ticular branch of industry, and will come to the re
gional reserve bank in especially large quantities
at a single season of the year.
Precisely how these influences will operate in the
actual working of the law, it is impossible ,in advance
of the practical experiment, to say. But it is clear
that, in any case, the Federal Reserve Board must
assume the task of shaping for itself the policies
to be pursued. In effect, its own decisions will
supplement the work of Congress, through determin
ing the actual scope and machinery of the new sys
tem, the manner of shifting from the old order of
things to the new, and the determining of the actual
relations between regional and national director
ates. The selection of a competent national board,
rather than of a political or experimental group of
1426
THE CHRONICLE
men, amounts at least, therefore, to the inaugura
tion of the new undertaking under the auspices of high
and trained experts, rather than under the direction
oj inexperienced and possibly blundering officials,
who, with the best of individual purposes, but with
the prejudices arising from their training, might very
easily manage to complicate and discredit the whole
system in advance. That this latter outcome,
which a little while ago seemed no impossible re
sult of unwise nominations for the board, should have
been altogether removed as a probability, through
the President’s actual selections, is a ground for un
questionable reassurance. The further plans for in
troducing the new system, in the various districts
and financial centres, are likely now to be pursued
in a spirit of hopefulness.
CONSTRUCTIVE SYNDICALISM.
The paradox of these words, “ Constructive Syn
dicalism,” is as striking as would be “ Pacific An
archy.” But if it is in the way of^being realized, it
is significant and important. Two'fforces are at
work to offset the danger of political and economic
Radicalism. One is the inevitable effect of the re
sponsibility of office. The other, that of general
discussion and the spread of information. The
effect of the first is strikingly apparent in the present
political situation in the French Chamber of Depu
ties. The Radical Party, both Socialistic and Radi
cal, reached its height under the Presidency of M .
Combes, when the Church Separation Law was
carried. To-day it is the mainstay of the Ministry
and claims to be the only true Republican group.
As a matter of fact, it is divided into three distinct
political parties, which find the greatest difficulty
in uniting, except under the pressure of extreme
emergency. They are the new Federation des
Gauches of which M . Briand is the leader, the
Radical Party, until just now under M . Caillaux,
and the Unified Socialists, under M . Jaures. This
latter one claims to represent Labor, but it has
lately been repudiated by the principal Trades
Union. Political discipline in the Chamber is so
demoralized that parliamentary freedom has become
license. M . Clemenceau, the Radical Senator, has
lately said: “ The exercise of power uninterruptedly
for nearly fifty years has brought about an inevitable
disorganization of the Republican Party. The desire
for office has accomplished its natural work of de
composition.” And he proceeds to comment upon
the powerful force of public opinion.
M . Briand, the leader of the Federation des
Gauches, who came into office originally as a leading
Radical, startled France by the vigor with which he
broke up the great railroad strike; and to-day he is
trying to arrest the “ incoherence” under which
France is said to be going to pieces, by appealing to
“ the admirable organization of politics in England.”
He is striving to bring about parliamentary stability
by developing party discipline which will “ carry on
the conflict of ideas free from the jarring wrangles
of personal ambition and the greed of spoil” The
inevitable disintegration which follows success is
making the Frenchmen, at large, alive to the neces
sity of sounder political theories as well as of more
efficient organization of both political and parlia
mentary machinery.
It is but a very short time since in France, Syndical
ism, with its sabotage, sprang into being as a new term
[ V o l . X C V II1
for a most aggressive form of political and economic
anarchy. It broke with labor and with the So
cialists because they were not sufficiently radical.
It staked its hopes on “ direct action” and aimed at
nothing short of the overthrow both of capital and
of the existing economic order. It advocated the
destruction of machines and, as far as possible, the
wrecking of factories. The very boldness of its
appeal, no less than the violence of its methods,
startled the public, and the name became a portent
in other lands. Men began to ask, “ What are we
coming to if the grievances of laboring men have
become so extreme and their animosity is so bitter
and so violent?”
The very violence of this doctrine has provoked
wide-spread discussion among the common people
of every class, and the value and the necessity of
organization have of late become obvious to groups
of men who were hitherto unreached. The most
notable instance of this, and the best illustration of
the way in which such general discussion creates an
antidote for evil, appears in the Agricultural Syndi
cates which have rapidly spread all over France
and are fast becoming a great power. A writer in
the “ Cornhill Magazine,” who attended the recent
Congress.at Nice, gives the first detailed account of
what this movement means and what it already has
accomplished. Five years ago it was unrecognized.
The great strikes had just occurred, under the in
fluence of the new Syndicalist movement, the success
of which led to a demonstration of its power in Paris
in a long day of rioting, which only the calling out of
the army, with cavalry charges and infantry firing
upon the mob, broke up. It was then prophesied
by thoughtful men of different classes that “ within
three years the General Federation of Labor would
overthrow the Republic.” Forced to an issue in
which, in successive assaults, society and the State
itself were attacked, revolutionary Syndicalism, and
the General Federation of Labor under its lead, were,
for the time at least, discredited and defeated; but
the remedy was not yet discovered. Quietly, an
other force began to appear, viz. the Agricultural
Syndicate. The General Federation of Labor never
claimed more than 300,000 members. To-day the
Union of Agricultural Syndicates embraces nearly
a million agriculturalists. But that difference in size
is of small importance as compared with the differ
ence of aim and of method. We now have a true
syndicalism over against a spurious imitation in its
original revolutionary form. The new organization
is a union of the agriculturalists of France, regardless
of class or wealth or specific occupation; men who
love the soil and are engaged in its cultivation.
At the great Congress in Nice, the Provencal
peasant, loving his olive tree, the vivacious wine
grower from the Midi, the taciturn potato-grower
from the Vosges, sat side by side with the Breton
vicomte, the Norman breeder and the parish priest
from Lorraine, all rejoicing in their new bond of
fellowship and all frankly admitting that they had
much to learn. Weather-beaten peasants, farm
laborers, small landholders, farmers of every class,
and even great landlords bearing historic names, set
themselves at the head of a movement which is based
on the common association of all who are interested
in the tilling of the soil.
The law of 1884 started Syndicalism. While with
working men in the towns it became a violent radical
movement, in the country it awoke the peasants to
Ma y 9 1914-1
THE CHRONICLE
1 4 2 7
an effort for self-defence and improvement of their but it may be recognized as valuable testimony to
condition. Co-operative societies for fire and cattle the fact that quite apart from movements which are
insurance, for the supply of chemical manure and simply reactionary, provoked by the extravagances
the latest agricultural machinery were early formed. of dangerous radicals, ideas and opportunities which
The great landholders quickly saw their value and, are taken advantage of by dangerous men are also
as in Germany, offered their assistance. It was due sure to be taken up by others of an entirely different
to their initiative that the small local bodies were temper, and to be made the basis of movements
combined in a Central Union with headquarters in which, even though they may come into existence
Paris. Certain general ideas, after the French under the same influence and begin by bearing similar
method, were quickly deduced. Beginning with the names, are, in fact, progressive and constructive.
professional interests of their own class, this widened
It is in such movements that we find the right in
into definite plans as to politics and the life of the terpretation and the value of new political and social
nation. It is essentially a patriotic movement and ideas and methods of organization. They are always
its great assembly responded to no appeal more en liable to abuse. Indeed, they are sure to gain their
thusiastically than those in behalf of France. Never first prominence in forms which create alarm and
theless it has a deep-rooted suspicion of politics. It provoke well-justified hostility. But we need con
refuses to recognize any distinction of political party tinually to be reminded that all such new ideas and
and has carefully repudiated every effort at any sort new methods are capable of wide and profitable ap
of political control. Indeed, it wages merciless plication, and that some of them at least are sure
hostility against petty intrigue and local jealousies, to be fruitful in unforseen directions. Indeed, the
which have been, and are, so prevalent throughout whole progress of society is based on just such ex
France, and which have done more than anything periences. I he radical thought of one generation
else to create and sustain the abiding distrust of often becomes the approved conservative method
the Administration in the minds of the French of the next, and that despite the extravagances of
peasants. The Union has a powerful influence both its first exploiters. The latest and by no means the
in the Senate and the Chamber of Deputies, though least encouraging instance of this is the rapidity
it concerns itself thus far only with questions affecting with which Syndicalism, which but yesterday was so
its own affairs. Already they go so far as to look ominous, has become, in the very best sense, con
forward to the time when no bill affecting agriculture servative and constructive. The story of the French
shall be passed into law without consultation with Agricultural Syndicates is quite worthy of being placed
the Agricultural Syndicates.
alongside of that of the German Agricultural Societies,
In its fundamental doctrines, this new Syndicalism which already are firmly established, and in so many
is irreconcilable with Socialism. It radically opposes directions are proving themselves promotive of Ger
the Socialist idea of State collectivism and has already many’s great economic prosperity.
achieved important results in keeping State inter
vention within due limits.. It is apparent that if MR. LA FOLLETTE A N D THE COMMERCE
ever the program of State ownership comes into the
COMMISSION.
domain of practical politics, it will find in France
While the Inter-State Commerce Commission is
massed against it a powerful organization, all the still firmly holding itself back, one might gather en
forces of the peasantry.
couragement that when its expected action is reached
What is still more important, it has become a school it will grant some advance in some rates, because the
of character. This writer bears emphatic testimony loudness and bitterness of the outcry now made by
to the evidence at Nice that it has already accom the most rabid anti-railway partisans indicate a
plished a great work in developing the intelligence, suspicion on their part that the case is solidly shaping
the unselfishness and national feeling of the peasant. itself against them. After bringing forward, more
It has taught him the dignity of his profession and than a month ago (and, by a coincidence which its
shown that lie is working not only for himself but author doubtless failed to notice; on the first day
for his fellows and for his country. This is strikingly of April) a bill proposing to penalize as a misde
shown in the fact that the new law raising the term meanor the sending of any written or printed matter
of service in the army from two to three years, to the Commission with intent to influence that
heavy as is the burden which it lays upon the peasant body as to any pending question, Senator La Follette
and the farmer, seems to be cheerfully accepted by offered a resolution, which was adopted in seeming
the agricultural syndicalists from one end of France weariness, calling for the transmission to the Senate
to the other. It is recognized as necessary for the of all anonymous communications and all newspaper
protection of the country; and in any case the dis clippings of this sort. And now he has produced
cipline of the army is “ not a bad thing for the young a batch of letters, among them being some which
men.” He gives many instances of individual testi have been received at the White House and have been
mony upon this point. The peasants, it appears, formally acknowledged, as shown by the rubber
will do anything to prevent France from being in stamp on them.
volved in another war. They have no enthusiasm
One writer urges the President to do what he can
for a three-year service, but they are ready to do for a favorable or, at least, an early decision; another
what they recognize as their duty without complaint. suggests a party motive in favor of relief for the
The President of the Central Union, in his speech roads; another actually telegraphs to a member of
at the banquet said: “ In every agriculturalist slum the Commission “ your delay is killing business,”
bers a soldier, and when necessity compels him to which is not wide of the truth; others urge favorable
change the ploughshare for the sword, a good soldier, action, and so on. Mr. La Follette says he believes
since he fights to defend the soil which he loves a certain firm on Pine Street in this city has urged
so well.”
banks, by a circular letter, to write to the Commis
It is true that this is a local tale, and concerns a sion on behalf of the roads. He has seen advertise
country so distinct in its characteristics as is Franco; ments in trade journals to the same effect, and he
1428
THE CHRONICLE
refers to the action of clipping bureaus. Why not?
Several business organizations have expressed them
selves in favor of a rate increase, as have some
organizations of shippers, and have urged others to
take like action. The business of clipping bureaus
is old and publicly known; nothing short of a drastic
law to suppress such service, and, indeed, to sup
press or censor the press of the country, or even to
apply a like safeguard to the mails, can prevent
journals which believe there should be a rate increase
from saying so. There may be “ an organized cam
paign’’ on behalf of the railways; there ought to be;
but what can “ force” a favorable action will be
nothing less or more than the irrefutable logic and
necessities of the case.
A prominent automobile maker has dared to write
to the Commission. The 5 % , he says, would be
to his concern a matter of some $15,000, and negli
gible, but he feels that all owe something to the roads,
for “ how can we expect to sell automobiles or any
thing else if people are to keep downhearted and
depressed and cautious and close ” He desires
the increase and believes “ the improvement in rail
road prosperity will be reflected in every other branch
of industry.” Were not the subject so serious, the
natural feeling over M r. La Follette’s ravings about
a wide-spread and an “ organized conspiracy” would
be amusement, coupled with regret that such stuff
can be uttered on the floor of the United States
Senate. What makes it worse is the certainty that
any amount of expression from the country would
seem to him proper and useful, if aimed to influence
the Commission to continued sternness of treatment.
A concurrent action against the roads would be
priaseworthy and would deserve great attention;
expressions in their favor are proofs of an artificial
effort to misrepresent public opinion. The facts
adduced by the roads as to increased expenses and
diminishing net earnings, as well as the sober appeals
made to the country by M r. Elliott, M r. Willard,
M r. Rea and others whose position gives them a right
to speak, must be included in the “ conspiracy.”
Mr. Clifford Thorne is like Mr. La Follette in
earnestness and in a growing fierceness of antagon
ism.
To him M r. Brandeis seems to be turning
traitor. We can quite agree with Mr. Thorne,
however, when he tells the Commission that its re
sponsible duty “ is not met by any opinion or con
clusion announced by special counsel.”
Mr.
Brandeis, according to M r. Thorne, was employed
“ to present facts, not opinions” . His position of
counsel and aid has seemed anomalous and improper
since he has been openly representing the hostile
shippers and obstructing any favorable decision on
the case; but now he appears to Mr. Thorne to have
gone over to the other side. So Mr. Thorne de
nounces him unstintedly, sarcastically refers to his
recent admissions as “ a most delightful and pretty
bit of argument from the railroad standpoint” and
calls him “ indeed a second Daniel.”
HONOR TO MR. ROCKEFELLER.
In the present Colorado mining troubles Mr. Rock
efeller deserves great credit for making a stand in
stead of sacrificing principle to a temporary peace,
which would be easier, less painful, and far less
costly in money, while it lasted. Capital is timid,
and would always rather flee trouble than fight, not
withstanding timidity is not often included in the
offenses alleged against it. The mining companies
[Vol. xcvm.
for which Mr. Rockefeller has been spokesman are
defending the right of employers to hire non-unionmen and the right of workers to be non-union if they
choose; it is a part of the battle for the rights of man,,
and these abused employers are defending it at theirown cost. It is a fundamental error in statement,
when Prof. Seligman says that this is not against,
the closed shop but “ in reality a fight against therecognition of the union . . . the closed shop
means that none but union men may be employed ;
recognition of the union means that the employers
should consent to discuss matters of common interest
with the representatives of the union.”
What discussing “ matters of common interest”
might be stretched to mean is somewhat uncertain.
An employer might excusably decline to spend his
time in mere academic discussion of labor questions,
although such questions possess a common interest
for all. He may justifiably refuse to permit walking;
delegates (sometimes men from other lines of tradeand often men of no trade except that of fomenting
discord) to enter his premises for disturbance; but
no employer would decline to receive chosen repre
sentatives of his employees, even if they did volun
tarily select outsiders, for presenting any complaints
or requests about their work. An employer cannot
conveniently meet his employees singly; so he nat
urally meets them through a collective spokesman.
If considerations of fairness did not compel him to
“ recognize” the union to this extent, considerations
of expediency would.
When Mr. Rockefeller decides, and declares, that
he must be free to hire men without regard to their
membership in a union, he takes the stand which all
employers must take, or surrender the right to live;,
he equally stands for the workman, to whom the
difference between voluntary and compulsory union
ism is the difference between liberty and slavery.
Strife and bloodshed are a deplorable incident in the
cost, but it has always been so. Whether hysteria
shows itself in parading by agitators in the streets
or in violent language uttered on the floor of Congress
by persons who ought to know better, it must not be
permitted to obscure the one distinct issue.
THE RESERVE BOARD AND THE RESERVE
DISTRICTS.
T h e first definite inform ation as to the iden tity of thosedecided upon b y President W ilson to constitute the new Fed
eral Reserve B oard was divulged on M o n d a y last.
O f the
five m em bers announced as determined upon b y the Presi
d ent, one, Richard O lney, has declined the post offered
him because of his other interests.
M r . O lney, who was
Secretary of State under President Cleveland, is seventy-eight
years of age, and his advancing years have doubtless had
an influence in his decision. M r . O lney, had he accepted
the President’s offer, would have been Governor of the
B oard , and would have represented the N e w E ngland Sec
tion. T h e four others decided upon are:
Paul M oritz W arburg o f N ew Y o rk , member o f the banking firm o f
K uhn , Loeb & C o .
Harry A . Wheeler of Chicago. Vice-President o f the Union Trust C o. o f
Chicago, and former President and organizer of the United States Chamber
o f Commerce.
W.
P . G . Harding o f Birmingham, A la ., President of the First Nationa
Bank o f Birmingham, and one of the leading bankers of tho South.
D r. A dolph C . M iller of San Francisco, formerly of Leland Stanford
U niversity, at present Assistant to Secretary Lane of tho Interior D epart
m ent.
,
M r . O lney, in m aking know n his decision to President
W ilso n , addressed him as follow s:
“ M y D e a r M r . P re s id e n t.— I feel honored qulto beyong words by your
letter of tho 30th ultim o, by the important office offered and by the friendly
expressions of confidence which accompany tho offer.
“ B ut the A c t of Congress which very properly requires each m em ber
of tho Federal Reserve Board to give his entiro time to its work Is an in
superable obstacle to m y acceptance of tho office. In tho course of a long
lifo I have in various instances assumed duties and undertaken trustswhich from their personal nature cannot properly be devolved upon others.
M a y 9 1914.]
THE CHRONICLE
“ I f the conclusion I have come to is a disappointment to you I greatly
regret it. B ut you can hardly bo sorrier than I am that I am able to do
so little in aid of an administration whose first year of achievement makes it
ono of the most notablo tho country has ever known.
“ Trusting you will not suffer your health and strength to be impaired
by tho strain o f tho unusual difficulties now attending tho duties of your
groat office, I am . sincerely yours,
“ R IC H A R D O L N E Y .”
A ll of tho above selections have been unstintingly com m en
ded in every quarter. -A t least tw o of the fivo members to
serve on tho B oard are required, under the Federal Reserve
L aw , to be persons experienced in banking and finance.
In
M essrs. W arb u rg , W heeler and H arding tho Board would liavo
three eminent and practical bankers.
M r . W arb u rg , who is forty-fivo years old, was born at
H a m bu rg , G erm an y, and after graduating from tho univer
sity there, received a business training with a H am burg
com m ission firm .
In 1888 he entered his fath er’s banking
firm , M . M . W arbu rg & C o ., founded in 1798 b y his great
grandfather, to stu d y tho rudim ents of banking.
H e studied
English banking methods in a prominent London discount
house and a broker’s firm , then French banking w ith a Paris
banking house, and in 1901 became m em ber of tho municipal
council of H am bu rg, taking an active part in tho creation
of tho League of Germ an B anks and Bankers.
M r . W arb urg
m oved to N o w Y ork in 1902 to becom e a partner in tho firm
of K u h n , Loeb & C o .
M r . W arb u rg married a daughter
of Solom on L oeb, founder of tho firm .
In 1913 ho received
tho Order of tho Crow n, Second C lass, from tho Germ an
E m peror.
H o has written extensively on financial subjects;
his first work— on the subject “ D efects and N eeds of Our
Currency S y ste m ” — was published in 190G. Besides being
a m em ber of tho firm of K u h n , Loeb & C o ., M r . W arb u rg is
a director of tho N ation al B an k of C om m erce, tho United
States M ortgago & T ru st C o . and a trustee of tho T itle
Guarantee & T ru st C o .
M r . W heeler is forty-nino years old .
H o has been a
banker m ost of his life.
H o has been General Secretary of
tho Chicago A ssociation of C om m erce, was appointed b y
President T a ft in 1911 a m em ber of tho Com m ission on
Second-Class M a il M a tte r and has been President of tho
Credit Clearing H ouse of Chicago.
M r . H arding, who is fifty years of ago, is held in high
esteom as a banker in tho S outh.
H o has been President
of tho First N ation al B ank of Birm ingham since 1902 and
had previously served as its V ice-President.
H o has mado
a close stu d y of the subject of banking.
M r . M iller, A ssistant Secretary of tho Interior, was grad
uated at the U niversity of California in 1887, got a m aster’s
degree at H arvard in 1888 and later studied at the universi
ties of Paris and M u n ich .
H o was professor of financo at
tho U niversity of Chicago from 1892 to 1902 and was subse
quently professor of economics and commerco at tho U n i
versity of California.
A circular dealing w ith tho procedure to be followed in
choosing tho directors of tho Federal Reserve banks was issued
this week b y tho Federal Reservo Organization C om m itteo.
U nder tho law each bank is to bo under tho supervision and
control of a board of directors, consisting of nino m em bers,
and divided into three classes, designated as Classes A , B
and C , each mado up of three m om bers. Class A is to bo
chosen b y and bo representative of tho stockholding banks;
Class B is to consist of persons actively engaged in com
merco, agriculture or some othor industrial pursuit; and
Class C is to bo designated b y the Federal Rcservo B oard .
In choosing tho directors of Classes A and B tho m em ber
banks of each district are to bo divided into three general
groups or divisions, each group to contain as nearly as m ay
bo ono-third of tho aggregate num ber of tho m omber banks
of tho district; and to consist, as noarly as m ay bo, of banks
of similar capitalization. T h o circular of tho Organization
Com m itteo says:
"T h o Organization Committeo will, not later than M a y 9 , designato fivo
banks in each district to cxccuto tho organization certificate provided for.
T o facilitato tho incorporation of such banks tho representatives of tho
banks so designated will bo requested to moot prom ptly in tho Federal
resorvo city of thoir rospoctivo districts, so that the certificate which has
boon proparod by tho Committeo m ay bo oxocutod and filed with tho
Comptroller of tho Curroncy. W hen tills has been dono, all subscribing
banks undor tho Com m ittoo’s interpretation will bo troated as momber
banks, and tho election of electors and tho nomination of directors m ay
bo immediately proccodod with.
*
*
*
*
*
*
*
*
*
*
" A s all banks aro roquirod to sond in thoir subscriptions not later than
M a y 8 , it is oxpocted that tho organization cortificato will bo filed with tho
Comptroller of tho Curroncy by tho several Federal reservo banks immedi
ately thoroaftor, and it is, of course, dosirablo that tho Class ‘A ’ and
Class ‘B ’ directors should bo regularly olected as soon thereafter as possiblo
and tho Class ‘O ’ directors appointed b y tho Federal Resorvo Board.
1429
"A ccordingly, if the member banks will arrange to hold meetings o f their
directors prom ptly, after tho Federal reserve banks are incorporated, for
tho purpose of electing district reserve electors and nominating candidates
for Class ‘A ’ and Class ‘B ’ directors, tho organization of tho Federal reserve
banks will be greatly facilitated.
“ Tho manifest purpose o f electing district reserve electors is to obviate
tho necessity of convening tho boards of tho various momber banks in
order to voto on the nominees, and as no elector should represent m ore
than ono bank, it is suggested that each member bank select one of its
own officers or directors to act in this capacity.
“ Under tho Federal Reserve A c t tho Organization Com m ittee, prior t o
the selection o f Class ‘C ’ directors, performs tho duties and has the au
thority o f the Class ‘C ’ director, who is Chairman o f tho Board o f each
Federal reserve bank.
“ Under the provisions o f Section 4 , directors o f Class ‘A ’ shall be chosen
b y and bo representative o f tho stockholding banks.
“ Directors o f Class ‘B ’ shall, at the time o f thoir election, be actively
engaged in their district in commerco, agriculture, or some other industrial
pursuit.
“ Th e elector does not select the nominees whose names are to bo placed
on tho ballot for Class ‘A ’ and Class ‘B ’ directorships, but tho solo duty
.th° °^cc*-°r is to vote on the candidates after they have been nominated.
A t tho same meeting at which tho district reserve elector is elected
each momber bank m ay, by its board o f directors, nominate for its respec
tive group one candidate for Class ‘A ’ and ono candidate for Class ‘B r
directors.
Candidates for Class ‘A ’ should bo residents of tho district and should
bo representative o f the bank’s district. T h ey m ay bo officers, directors,
or stockholders of any of tho member banks located in the district and
need not necessarily be officers, directors, or stockholders of any bank
of tho particular group of banks placing them in nomination, or o f any
other bank.
In like manner directors o f Class ‘B ’ m ust bo residents of the district
and m ust bo engaged in commerco, agriculture or some othor industrial
pursuit. Accordingly, if any attorney, physician, or other professional
man is placed in nomination, it m ust appear that such nomineo is also
engaged in ono of tho pursuits specified by tho statute. Class ‘B ’ directorscannot bo stockholders, officers or directors in any bank.
“ Forms will be mailed to each member bank in each district for u sol in
reporting to tho Organization Committeo (which, until the selection o f th e
Chairman of the Board o f each Federal reserve bank by tho Federal Roserve
Board, shall act in tho place o f tho said Chairm an), tho name o f tho district
reserve elector and tho nominees o f Class ‘A ’ and Class ‘B ’ directors.
“ When these forms shall have been received by tho Organization C om
mitteo a list will be prepared o f all district roservo electors, and mailed to
each elector in each district in compliance with tho statute.
“ A form of ballot has also been prepared which will show tho candidate
for Class ‘A ’ and tho candidate for Class ‘B ’ directors of each group, and this
ballot will bo sent in due courso to each district reserve elector in order
that his vote m ay bo cast in accordance with tho provisions of tho statute.
“ Each district reserve elector will indicate on this ballot his first, second
and third choices for ono director of Class ‘A , ’ and his first, second and
third choices for one director of Class ‘B . ’
“ Tho ballot furnished will show all nominees of tho group and the nam e
o f the bank nominating each candidate.
“ Each group will elect ono Class ‘A ’ and ono Class ‘B ’ director. T h e
electors will therefore voto only on tho nominees of thoir own group, and
not on all nominees o f tho district.
“ W hen theso.ballots have been received b y the Organization C om m ittee
a pool will bo made and the result o f tho election announced as early a®
practicable.
“ W hen this announcement has been mado and the Federal Reservo B oard
has named tho three Class ‘C ’ directors in each district, tho board of direc
tors of each Federal reserve bank will bo immediately convened, and or
ganized, and this board will then adopt such by-laws and elect such officer®
as m ay bo deemed necessary.
“ Tho board of directors of each Federal reservo bank will also arrange for
proper banking quarters and for tho employment of the necessary clerical
forco in order to placo tho banks in operation as early as possible.
“ Tho organization of tho Federal reserve banks in thoso districts whoso
member banks act promptly will not be hold back and delayed to keep
paco with tho organization of banks in other districts whose m ember banks
aro slow in taking action and in making their returns to tho Organization
C om m ittee.
“ It will bo observed from tho foregoing that tho co-operation and prom pt
action o f tho momber banks is important in order to have the Federal
reserve banks ready for business at tho earliest date practicable.”
Tlio standing of tho several groups of tho banks in thetwelvo districts is indicated in tho following table prepared
b y tho Organization C om m itteo:
D ls l.
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
Federal
R eservedly.
- G r o u p N o. 1 Aggregate
C a p ita ls
No.
Surplus.
o f (T his sum
Banks, or more.)
Boston..............
New York...........
Philadelphia........
Cleveland............
Richmond...........
Atlanta...............
Chicago..............
St. Louis.............
Minneapolis........
Kansas City........
Dallas.................
San Francisco-----
148
100
253
257
160
126
319
151
230
279
245
172
$250,000
190,000
190,000
150,000
140,000
130,000
120,000
100,000
60,000
75,000
100,000
120,000
-------- G ro u p N o. 2--------- - G r o u p N o. 3
Aggregate
Aggregate
C apital arul Surplus
Capital < ?
S
N o . -----------------------------Surplus.
of
Less
M ore
o f (7'hls sum
Banks than
than
Banks, or le s s )
148
159
252
255
158
124
319
151
230
277
244
170
S250.000 $120,000 148
190,000
70,000 159
190,000
75,000 252
150,000
60,000 255
140,000
60,000 158
130,000
60,000 124
120,000
55,000 319
100,000
50,000 151
60,000
30,000 230
75,000
40,000 277
100,000
50,000 244
120,000
55,000 170
$120 000
70 000
75’000
G ’O O
O O
60 000
60 000
55,000
50 000
30,000
40,000
60 000
55,000
T ho bill am ending tho Section 19 of tho Federal Reserve
A c t relating to reserves, introduced by Senator Owen on
M a rc h 19, was reported to the Senate w ithout am endm ent on
April 3 0 .
T ho bill was published in these columns M a rc h 2 8 .
A t a special meeting of the Philadelphia C learing-H ouse
Association on tho 4th inst. Charles J. R hoads, V ice-P residont and Treasurer of tho Girard T rust C o ., was unanim ously
recommended for tho presidency of tho Federal Roservo B a n k
to bo established in Philadelphia.
T ho Association recom
mended that M r . Rhoads bo elected a Class A director from
tho group which will embrace Philadelphia, and that tho
I directors of tho Reserve B ank then elevate him to tho presi-
X430
THE CHRONICLE
[Vol. XCV1II.
both, in tho discretion of the Court: [C o rp ora tion s shall be deem ed per*
son s w ith in t h e m ea n in g of tills se c tio n , an d w hen a n y c o rp o ra tio n
sh a ll be g u ilty o f a v io la tio n o f th is sectio n th e o ffe n se sh a ll be
deem ed to be also t h a t o f th e in d ivid u al d irec to rs or o th e r o fficers
or em p loy ees o f su ch corp o ra tio n ord erin g or d o in g th e pro h ib ited
a c t , an d u p o n c o n v ictio n t h e y sh a ll be p u n ish ed as provided in th is
section .]
P ro v id e d , T h at nothing herein contained shall prevent discrimi
nation in price between purchasers of commodities on account of differences
In the grade, quality, or quantity of the commodity sold, or that makes only
due allowance for difference in tho cost of transportation: A n d p rovid ed
fu r th e r , Th at nothing herein contained shall provent porsons engaged in
selling goods, wares or merchandise in commerce from selecting their own
Follow ing a conference on the 4 th in st. between President customers, except as p ro v id e d in section three o f th is A c t.
W ilso n and R epresentative U n derw ood, tho m ajority leader
Sec. 3. T h a t it shall be unlawful for the owner or operator of any mine
o f the H ou so, it was announced th at the legislative program o r f o r a n y person c o n tro llin g the p ro d u c t o f a n y m in e engaged in soiling its
product in commerce to refuse arbitrarily to sell [the same] such p ro d u c t
o f the A dm inistration to be insisted upon before adjournm ent to a responsible person, firm , or corporation who applies to purchase such
w ould comprise tho C lay ton bill, supplem enting the Sherman p ro d u c t f o r use, c o n s u m p tio n o r resale to ilh in the U n ite d States o r a n y T e r r i
A n ti-T r u s t L aw ; tho C ovin gton bill for the creation of an to ry thereof o r the D is tr ic t o f C o lu m b ia o r a n y in s u la r possession o r other place
u n d e r the ju r is d ic t io n o f the U n ite d States, a n d a n y person v io la tin g th is sec
In ter-S tate Trade C om m ission; a bill for the regulation tio n s h a ll be deemed g u ilty o f a m isdem ean or a n d s h a ll be p u n is h e d as pro vid e d
■of railroad stock and bond issues, and the regular appro in the p receding section.
Sec. [3] l - T h at any person engaged In commerce who shall lease or
priation measures. T h e President, it is stated, in calling
make a sale of goods, wares, merchandise, machinery, supplies, or other
for th e carrying ou t of this program , consented to the commodities f o r use, c o n s u m p tio n o r resale w ith in the U n ite d States o r an y
postpon em en t of aotion on the Presidential prim ary bill T e rrito ry thereof o r the D is tr ic t o f C o lu m b ia o r a n y in s u la r possession o r other
place un d e r the ju r is d ic t io n o f the U n ite d States, or fix a price charged therefor,
until th e next session. N otw ith stan d in g the w ork w hich is
or discount from , or rebato upon such prico, on the condition or under
before Congress in fulfilling the President’s wishes, Chair standing that the lessee or purchaser thereof shall not use or doal in the
m a n U nderw ood announced th at it was the aim to adjourn goods, wares, merchandise, machinery, supplies, or other commodities
of a competitor or competitors of the lessor or sollor shall be deemed guilty
Congress b y July 1 .
F rom a statem ent m ade b y Senator of a misdemeanor, and upon conviction thereof shall bo punished by a fine
K e rn on W ed n esd a y, following a conference which tho not exceeding $ 5 ,0 0 0 , or by imprisonment not exceeding one year, or by
President had on that day with M r . K ern and Senator Sm ith both, in tho discretion of the Court. [C o rp ora tion s sh a ll be deem ed per*
son s w ith in th e m e a n in g o f t h is s e c tio n , an d w hen a n y co rp o ra tio n
o f G eorgia and Senator O ’G orm an , no promise was held sh a ll be g u ilty o f a v io la tio n o f th is s e c tio n , th e o ffe n s e sh a ll be
ou t th at the dosires of the President would be realized. deem ed to be a lso t h a t of t h e in d iv id u a l d irec to rs or o th e r o fficers
M r . K orn was quoted as sayin g: “-W e are going to do the or em ployees o f such c o rp o ra tio n ord erin g or d o in g th e pro h ib ited
A c ts , and u p on c o n v ictio n t h e y sh a ll be p u n ish e d as provided in
best we can; we plan to adjourn by July 10 or earlier, if th is sectio n .]
Sec. [4] 5- T h at any person [co p a rtn ersh ip , a sso c ia tio n or cor
th a t is possible; b u t there will be no continuous session this
y e a r .”
T h e D em ocratic leaders of the H ouse on tho 7th po ratio n w hich] who shall bo injured in his [or its] business or property
[or p a rtn ersh ip b y a n y p e rson , c o p a rtn e rs h ip , a s s o c ia tio n , or c o r
inst. called a party caucus for T u esda y n ext, the 12th , with poration] by reason of anything forbidden [by S e ction 2 or S e ction 3
a view to expediting consideration and p assage of tho anti o f th is Act] i n the a n ti- tru s t la w s , m ay sue therefor in any district court
ot the United States in tho district In which tho defendant resides or is
trust bills. T h e caucus will determine the longth of time
found, without respect to tho amount in controversy, and shall recover
the measures shall be debated in the H ouse, and in com pli threefold the damages by him [or it] sustained, and tho cost of suit, includ
ance w ith its decision the R ules Com m ittee will fram e an ing a reasonable attorney’s lee.
Sec. [5] 6 . T h at whonovor in any suit or proceeding in equity hereafte r
order under which the debate will proceed.
brought by or on behalf of tho United States under any of tho anti-trust
On W ed n esday of this week the m ajority m embers of the laws there shall have been rendered a final judgment or decree to the effect
H ouse Judiciary C o m m ittee form ally reported to the House that a defendant has or has not entered into a contract, combination in
the form oi trust or otherwise, or conspiracy, in restraint oi trade or com
the C la y to n om nibus anti-trust bill. T h e bill as presented merce, or has or has not monopolized, or attem pted to monopolize, or com
bined with any person or persons to monopolise, any part ot commerce,
b y the C o m m ittee differs considerably from th at offered b y
R epresentative C lay ton on A pril 1 4 , which wo gave in full in in violation ot any of the anti-trust laws, said judgment or decree shall, to
tho full extent to which such judgm ent or decree would constitute in any
these columns A pril 1 8 . W e have had a comparison made other proceeding an estoppol as betweon tho [G overnm ent] U n ite d Stales
and such defendant, constitute in favor ot or against such defendant cono f the tw o, and wo print below the latest draft of the bill,
elusive evidenco o f the same tacts, and be conclusive as to the same [issues]
show ing the differences between it and its predecessor b y
guestions ot law in favor of or against any other party in any action or pro
giving the new m atter in italics and the old m atter, which is ceeding brought under or involving the provisions of any o f the anti-trust
om itted in the bill now before the House in brackets.
B u t laws.
Whenever any suit or proceeding in equity is hereafter brought by or on
little difference has been m ade in the provision exempting behalf of the United States, undor any of tho anti-trust laws, tho statute o f
labor unions and agricultural associations; in the present bill, limitations in respect of eacli and every private right of action, arising under
how ever, this provision is contained in Section 7 instead such anti-trust laws, and based, in whole or in part, on any mattor com
plained ot in said suit or proceeding in equity, shall bo suspended during
o f Seotion G, as in the bill which it supplants.
T h e section tho pendency of such suit or proceeding in equity.
d oncy. T h e Assooiation also recom m ended A lb a B . John
so n , President of the Baldw in L ocom otive W o rk s, for Class B
director, and recom m ended Levi L . R u o, President of the
P hiladelphia N ation al B a n k , for m embership on the Federal
A d v isory Counoil.
THE LATEST TRADE AND TRUST PROPOSALS IN
CONGRESS.
dealing with interlocking directorates exem pts m utual
savings banks w hich have no capital, and there are also
several other material changes in this section. T h e provisions
governing the issuance of restraining orders in labor disputes
liavo also undergone some changes. W e now give the
b ill itself, the new parts being shown in italics and the parts
which h ave been eliminated being printed in h eavy ty p e:
A Hill to supplement existing laws against unlawful restraints and m o
nopolies, and for other purposes.
B e i t enacted b y th e Senate a n d H ouse o f Representatives o f the U n ite d States
o f A m e ric a i n Congress assem bled. T h at “ anti-trust law s,” as used herein,
includes tho A ct entitled “ A n A c t to protect trade and commerce against
unlawful restraints and monopolies,” approved July second, eighteen hun
dred and ninety; sections seventy-three to seventy-seven, inclusive, of an
A c t ontitlod “ A n Act to reduce taxation, to provide revenue for the Govern
m ent, and for other purposes,” oi' August twenty-seventh, eighteen hun
dred and ninety-four; [and] an A c t entitled “ A n A c t to amend sections
seventy-three and soventy-six" of tho A c t o f August twenty-seventh,
eighteen hundred and ninety-four, entitled “ An A ct to reduce taxation,
to provido revenue for the G overnm ent, and for other purposes,” approved
February twelfth, nineteen hundred and thirteen; and also this A ct.
“ Com m erce,” as used herein, means trade or commerce among the sev
eral States and with foreign nations, or between the D istrict of Columbia or
any Territory ot tho United States and any State, Territory or toreign na
tion, o r between an y in s u la r possessions or other places u n d e r the ju r is d ic t io n
o f the U n ite d States, o r between a n y such possession o r place a n d a n y Slate
o r T e r r ito ry o f the U n ite d States o r the D is tr ic t o f C o lu m b ia o r a n y fo re ig n n a
t io n , or within tho D istrict of Columbia or any Territory o r a n y in s u la r
possession or other place u n d e r the ju r is d ic tio n of the United States.
The w o rd “ p e rso n " o r "p e rs o n s ” wherever used i n th is A c t s h a ll be deemed
to in c lu d e c o rp o ra tio n s a n d associations e x is tin g u n d e r o r auth o rize d by the
la w s o f eithe r the U n ite d States, the la w s o f a n y o f the T e rrito rie s , the la w s o f
a n y Slate, or the taw s o f a n y fo re ig n c o u n try .
Sec. 2 . T h at any person engaged In commerce who shall eithe r d ire c tly
o r in d ir e c tly discriminate in price between different purchasers of commodi
ties in the same or different sections or communities, w h ic h com m odities
are sold f o r use, co n s u m p tio n , o r resale w ith in the U n ite d Slates o r a n y T e r r i
to ry thereof o r the D is tr ic t o f C o lu m b ia o r a n y in s u la r possession o r other place
u n d e r the ju r is d ic t io n o f the U n ite d Stales, with the purpose or intent to
thereby [Injure or destroy] destroy o r w ro n g fu lly in ju r e tho business of a
competitor, of either such purchaser or [the] seller, shall be deemed guilty
of a misdemeanor, and upon conviction thoreof shall bo punished by a fine
not exceeding $ 5 ,0 0 0 , or by imprisonment not exceeding one year, or by
L A B O R U N IO N S A N D A G R I C U L T U R A L A S S O C IA T IO N S
EXEM PTED.
Sec. [6] 7. T h at nothing contained in tho anti-trust laws shall be con
strued to forbid tho existence and operation o f fraternal, labor, consumers,
agricultural, or horticultural organizations, ordors, or associations [oper
a tin g u n d er th e lodge system ] instituted for the purposes o f mutual help,
aud not having capital stock or conducted for profit, or to forbid or restrain
individual members of such o rg a n iz a tio n s , ordors, or associations from car
rying out tho legitimate objects [of su ch association s] thereof.
N o th in g conta in e d i n the a n ti- tru s t taws s h a ll be construed to fo r b id associaio n s o f t r a f f ic , o p e ra tin g , a c c o u n tin g , o r other o ffic e rs o f com m on c a r rie r s .
fo r the p urpose o f c o n fe rrin g am ong themselves o r o f m a k in g a n y la w fu l agree
m ent as to a n y m a tte r w h ic h is subject to the re g u la tin g o r sup e rv is o ry j u r i s
d ic tio n o f the In te r-S ta te Comm erce C o m m is s io n , but a ll such m atters s h a ll con
tin u e to be subject to such ju r is d ic t io n o j the C o m m issio n , a n d a ll such agree
m ents s h a ll be entered in to a n d ke p t o f record by the c a rrie rs , p a rtie s thereto,
a n d s h a ll a t a ll lim es be open to in s p e c tio n by the C o m m ission: P ro v id e d ,
T h a t n o th in g in th is A c t s h a ll be construed as m o d ify in g ex is tin g la ics p r o
h ib itin g the p o o lin g o f e a rn in g s o r t r a f fic , o r e x is tin g law s aga in s t jo in t agree
m ents by com m on c a rrie rs to m a in ta in rates.
Sec. [7] 8 . T h at no corporation engaged in commorco shall acquire,
directly or indirectly, the whole or any part of the stock or other share
capital of another corporation engaged also in commerce, where tliooftcct
of such acquisition is to ollminato or s u b s ta n tia lly lesson competition between
tlie corporation whose stock is so acquired and tho corporation making the
acquisition, or to create a m onopoly of any line o f trade in any section or
community.
N o corporation shall acquire, directly or indirectly, tho whole or any
part of tho stock or other share capital ot two or more corporations ongaged
in commorco where tho effect of such acquisition, or the use ot such stock
b y the voting or granting o f proxios or otherwise, is to eliminate or substan
tia lly lesson competition between such corporations, or any ot thorn, whoso
stock or other sharo capital is so acquired, or to create a monopoly of
any lino of. trade in any section or community.
This soction shall not apply to corporations purchasing such stock solely
tor Investment and not using tho samo by voting or otherwise to bring
about, or in attem pting to bring about, tho s u b s ta n tia l lessoning of compe
tition. N or shall anything contained In this section provent a corporation
engaged in commerce from causing tho formation of subsidiary corporations
for tho actual carrying on o f their immediate lawful business, or tho natural
and legitimate branches o r extensions theroof, or from owning and holding
all or a part of the stock ot such subsidiary corporations, when the effect
of such formation is not to eliminate or s u b s ta n tia lly lessen competition.
Nothing contained in this section shall bo hold to affect or impair any
right heretofore legally acquired: P ro vid e d , T h at nothing in this paragraph
M ay 9 1914]
THE CHRONICLE
shall mako [legal] stockholding relations between corporations legal when
[and u n d er such circu m sta n ces] such relations constitute violations or
the anti-trust laws.
N or shall anything herein contained bo construed to prohibit any rail
road corporation from aiding in the construction o f branch or short lino
railroads so located as to become feeders to the main lino of the company so
aiding in such construction or from acquiring or owning all or any part ot
the stock oi such branch line, nor to prevent any railroad corporation from
acquiring and owning all or any part ot the stock oi a branch or short lino
railroad constructed by an independent company where there is no substan
tial competition between the company owning the branch line so constructed
and the company owning the main line acquiring the property or an inter
est therein, nor to prevent any railroad company from oxtending any of
its lines thro ugh the m e d iu m o f the a e g u is itio n o f stock o r otherw ise o f a n y o ilie r
ra ilro a d com pany where there is no s u b s ta n tia l c o m p e titio n between the com
p a n y extending its lin e s a n d the com pany whose stock, p ro p e rty , o r a n in te re s t
th e re in is so acqu ired.
A violation o f a n y o f the p ro v is io n s o f this section shall bo deemed a
misdemeanor, and shall bo punishablo b y a fine not exceeding $ 5,000, or
b y imprisonment not exceeding ono year, or by both, in tlio discretion o f the
court, [and an y violation by a corp oration sh a ll be deem ed to be
also th e o ffen se o f its ind ivid u al officers or directors, ordering,
d o in g , or p a rticip a tin g in th e pro h ibited A c t, an d u p on con victio n
th e y sh a ll be p u n ish ed as herein provided.]
P R O H IB IT IO N A G A IN S T I N T E R L O C K I N G D IR E C T O R A T E S .
Sec. [8] 0 . T h at from and after two years from tlio date of tho approval
of this A ct no person who is engaged' as an individual, or who is a member
o f a partnership, or is a director or other officer o f a corporation that is
engaged in the business, in whole or in part, o f producing or selling equip
m ent, materials, or supplies to, or in the construction or maintenance of,
railroads or other common carriers engaged in commerce, shall act as a
director or other officer or einployeo o f any other c o rp o ra tio n o r common
carrier engaged in commerce to which he, or such partnership or corpora
tion, sells or leases, directly or indirectly, equipment, materials, or supplies,
or for which ho or such partnership or corporation, directly or indirectly,
[is engaged ] engages in tho work of construction or maintenance; and after
tho expiration of said period no person who is engaged as an individual or
who is a member o f a partnership or is a director or other officer of a cor
poration which is engaged in tho conduct o f a bank or trust company shall
act as a director or other officer or employee o f any such common carrier for
which ho or such partnership or bank or trust company acts, cither separ
ately or in connection with others, as [agen ts in th e d isp o sal o f, or is
interested in th e u n d erw ritin g of] agent f o r o r u n d e rw rite r o f the sale
o r d is p o s a l by such com m on c a rrie r o f issues o r p a rts o f issues o f its s e c u ritie s ,
or from which he or such partnership or bank or trust company purchases,
either separately or in connection with othors, issues or parts of issuos
of securities of such common carrier.
That from and after two years from the date of tho approval of this A ct
no person shall at tho same time bo a director or other officor or einployeo
o f moro than ono bank, banking association, or trust company organized
[and] o r operating under tho laws of the United States oither of which has
deposits, capital, surplus, and undivided profits aggregating moro than
$ 2 ,500,000; and no private banker or person who is a director in any bank
or trust company, organized and operating under tho laws o f a State, having
deposits, capital, surplus and undivided profits aggregating moro than
$ 2 ,5 0 0 ,0 0 0 , shall bo oligiblo to bo a director in any bank or banking asso
ciation organized [and] o r operating under tho laws o f tho United States.
The e lig ib ilit y o f a d ire c to r u nd er the fo re g o in g p ro v is io n s s h a ll be determ ined
by the average a m o u n t o f dep osits, c a p ita l, s u r p lu s , a n d u n d iv id e d p r o fits as
show n i n the o f fic ia l statem ents o f such b a n k , b a n k in g a s s o c ia tio n , o r tru s t
co m pany file d as provid ed bu la w d u r in g the fis c a l year next preceding the
date set f o r the a n n u a l election o f d ire c to rs , a n d when a d ire c to r has been
elected in accordance w ith the p ro v is io n s o f th is A c t i t s h a ll be la w fu l f o r h im to
c o n tin u e as such f o r one year thereafter u n d e r s a id election.
N o bank, banking association, or trust company organized [and d o in g
bu sin ess] o r o p e ra tin g under the laws of tho United States in any city
or in co rp o ra te d town o r v illa g e of more than one hundred thousand inhabi
tants, as show n by the last preceding d e c e nnial census o f the U n ite d Slates,
shall havo as a director or other officer or omployeo any private banker
or any director or other officer or einployeo o f any other bank, banking
association, or trust company located in the samo place: P rovided, T h a t
n o th in g in th is section s h a ll a p p ly to m u tu a l savings banks n o t h a ving a
c a p ita l stock represented by shares; Provided fu r t h e r . T h a t a d ire c to r o r o ilie r
o ffic e r o r employee o f such ba n k, b a n k in g a s s o c ia tio n , o r tru s t com pany m ay
be a d ire c to r o r other o ffic e r o r employee o f n o t m ore th a n one other bank or tru s t
com pany organized u nd er the law s o f the U n ite d Stales o r a n y S tale where the
e n tire c a p ita l stock o f one is owned by stockholders in the o ther; A n d provid ed
fu r t h e r . T h a t n o th in g contained in th is section s h a ll fo r b id a d ire c to r o f Class A
o f a Federal reserve ba n k, as d efin ed in the F ed era l Reserve A c t , fro m being a n
o ffic e r o r d ire cto r o r both a n o ffic e r a n d d ire c to r i n one m ember bank.
T hat from and after two years from tho date o f tho approval of this A ct
no porson at tho samo time shall bo a director in any two or moro corpora
tions, eithe r o f w h ich has c a p ita l, s u rp lu s , a n d u n d iv id e d p r o fits aggregating
m ore th a n $ 1 ,0 0 0 ,0 0 0 , engaged in wholo or in part in commerce, other than
common carriers subject to tho Act to regulate commerce, approved
February fourth, eighteen hundred and eighty-soven, if such corporations
aro or shall have been theretofore, by virtue of their business and location
of operation, competitors, so that an elimination of competition by agree
ment botwcon thorn would constitute a violation of any or tho provi
sions o f any of tho anti-trust laws. The e lig ib ilit y o f a d ire c to r u nd er the
fo re g o in g p ro v is io n s h a ll be determ ined by the aggregate a m o u n t o f the c a p ita l,
s u rp lu s , a n d u n d iv id e d p r o fits , exclusive o f divid e n d s declared b u t n o t p a id to
stockholders, a t the end o f the fis c a l year o f s a id c o rp o ra tio n next preceding the
election o f d ire cto rs, a n d w hen a d ire c to r has been elected in accordance w ith the
p ro v is io n s o f th is A c t i t s h a ll be la w fu l f o r h im to c o n tin u e as such f o r one
year thereafter.
T h at any person who shall violate any of the provisions of this section
shall bo guilty of a misdemeanor and shall bo punished by a fine of $100
a day for each day o f tho continuance of such violation, or by imprisonment
for such period as the court m ay designate, not exceeding ono year, or by
both, in tho discretion o f tho court.
Sec. [9] 1 0 . T h at any suit, action, or proceeding under tho anti-trust laws
against a corporation m ay bo brought not only in tho judicial district
whereof it is an inhabitant, but also in any district wherein it m ay bo found.
Sec. [10] 1 1 . T h at in a n y s u it, a c tio n , o r proceeding b rough t by o r on
b e h a lf o f the U n ite d States, subpoenas for witnesses who aro required to attend
a court of tho United Statos in any judicial district in any case, civil or
criminal, arising under tho [Federal] anti-trust laws m ay run into any
other district.
Sec. [11] 72. That whonover a corporation shall be guilty of tho violation
of any of tho provisions of tho anti-trust laws, tho offenso shall bo deomed
to bo also that of tho individual directors, officers, [and] o r agents of such
corporation^]; a n d u p o n the c o n v ic tio n o f the c o rp o ra tio n a n y d ire c to r, o ffic e r
1431
o r agent w h o s h a ll have [a u th o rizin g ], a u th o riz e d , [ordering,] ordered,
or [doing] done any of such prohibited acts [and u p o n c o n v ictio n th e re o f
they] shall be deemed guilty of a misdemeanor, and u p o n c o n v ic tio n therefor
s h a ll be punished by a fine not exceeding $5,0 0 0 , or by imprisonment notexceeding one year, or b y both , [said p u n ish m en ts] in tho discretion
o f the court.
Sec. [12] 13. T h at the several district courts o f the United States are
hereby invested with jurisdiction to prevent and restrain violations o f this
A c t, and it shall be the duty o f the several district attorneys o f the United
States, in their respective districts, under the direction o f the A ttorn eyGeneral, to institute proceedings in equity to prevent and restrain such
violations. Such proceedings m ay bo by way of petition sotting forth tho
caso and praying that such violation shall bo enjoined or otherwise pro
hibited. "When the parties complained o f shall have been duly notified
of such petition, tho court shall proceed, as soon as m ay be, to the hearing
and determination of the case; and pending such petition, and before
final decreo, the court m ay at any tim e make such temporary restraining
order or prohibition as shall be deemod just in tho premises. W henever it
shall appear to tho court before which any such proceeding m ay be pending
that the ends of justice require that other parties should be brought before
the court, the court m ay cause them to bo summoned, whether they
reside in the district in which tho court is held or not, and subpoenas to
that end m ay bo served in any district b y the marshal theroof.
Sec. [13] 1 4 . T h at any person, firm , corporation, or association shall bo
entitled to suo for and havo injunctive relief, in any court of the United
States having jurisdiction over tho parties, against threatened loss or
damage by a violation o f tho anti-trust laws, when and under tho sam e
conditions and principles as injunctive reliof against threatened conduct
that will cause loss or damage is granted b y courts of equity, under the
rules governing such proceedings, and upon tho execution of proper bond
against damages for an injunction improvidently granted and a showing
that tho danger o f irreparable loss or damage is immediate, a preliminary
injunction m ay issue; P ro v id e d , T h at nothing herein contained shall be'
construed to entitlo any person, firm , corporation, or association, except
tho United States, to bring suit in equity for Injunctlvo relief against any
common carrier subject to the provisions o f tho A ct to rogulate commerce,
approved February fourth, eighteen hundred and eighty-seven, in respect
o f any matter subject to the regulation, supervision, or other jurisdiction
o f tho Inter-State Commerce Commission.
IS S U A N C E O F R E S T R A I N I N G O R D E R S .
Tlio provision regarding injunctions has boon entirely
re-written, and now reads as follows:
Sec. [14] 1 5 . T hat no preliminary injunction shall be issued without
notice to the opposite party.
N o te m p o ra ry re s tra in in g order s h a ll be granted tv ilh o u l no tic e to the o p p o site
p a r ty unless i t s h a ll c le a rly a pp ear fro m s p e c ific fa c ts sh o w n b y a ffid a v it o r by the
v e rifie d b i ll th a t im m e d ia te a n d irre p a ra b le in ju r y , loss, o r dam age w i l l re s u lt t o
p ro p e rly o r a p ro p e rty r ig h t o f the a p p lic a n t before n o tic e co u ld be served o r
h e a rin g had thereon, liv e ry such te m p o ra ry re s tra in in g order s h a ll be in dorsed
to ith the date a n d h o u r o f issuance, s h a ll be fo rth io ith file d in the cle rk 's o ffic e
a n d entered o f record, s h a ll d efin e the in ju r y a n d state w h y i t is irre p a ra b le !
a n d w h y the ord e r was granted w ith o u t n o tic e , and s h a ll by Us term s exp ire
w ith in such tim e a fte r e n try , n o t to exceed ten days, as the c o u rt o r ju d g e m a y
f i x . I n case a te m p o ra ry re s tra in in g o rder s h a ll be g ranted w ith o u t notic e i n ih *
contin gency s p e c ifie d , the m a tte r o f the isstiance o f a p r e lim in a r y in ju n c tio n
s h a ll be set dow n f o r a h e a rin g a t the e a rlie s t possible tim e a n d s h a ll lake
precedence o f a ll m a tte rs except old e r m a tte rs o f the same character; a n d w hen
the same comes u p f o r h e a rin g the p a r ty o b ta in in g the te m p o ra ry re s tra in in g
order s h a ll proceed w ith h is a p p lic a tio n f o r a p r e lim in a r y in ju n c t io n , a n d i f he
docs n o t do so the c o u rt s h a ll dissolve h is te m p o ra ry re s tra in in g o rd e r.
U pon
tw o days' notic e to the p a r ly o b ta in in g such te m p o ra ry re s tra in in g order the
o p p osite p a rty m a y a p p e a r a n d move the d is s o lu tio n o r m o d ific a tio n o f the
o rd e r, a n d in th a t event the c o u rt o r ju d g e s h a ll proceed to hear a n d determ ine the
m o tio n as e x p e d itio u s ly as the ends o f ju s tic e m a y re q u ire .
Section two hundred and sixty-three of [the] a n A c t entitled “ A n A c t to
codify, revise, and amend the laws relating to tho Judiciary," approved
M arch third, nineteen hundred and eleven, is hereby repealed.
N o th in g in th is section c ontained s h a ll be deemed to a lte r, repeal, o r am end
section tw o h u n d re d a n d s ix ty -s ix o f a n A c t e n title d " A n A c t to c o d ify , revise,
and am end the la w s re la tin g to the ju d ic i a r y a p p r o v e d M a rc h th ir d , n ineteen
h u n d re d a n d eleven.
Sec. [15] 16. T h a t, except as oih c n c is e provid ed in section fo u rte e n o f th is
A c t , no restraining order or interlocutory order of injunction shall issue,
except upon tho giving of security by tho applicant in such sum as the
court or judge m ay deem proper, conditioned upon the payment of such
costs and damages as m ay bo incurred or suffered by any party who m ay
bo found to havo been wrongfully enjoinod or restrained thereby.
Sec. [16] i? . T h at every order of injunction or restraining order shall set
forth tho reasons for the issuance o f the sam e, shall be [specified] s p e c ific
in terms, and shall describe in reasonable detail, and not by reference to
tho bill o f complaint or other documont [ s ] , the act or acts sought to be
restrained, and shall bo binding only upon the parties to tho suit, their
agents, servants, employees, and attorneys, or those in active concert
with them, and who shall, by personal service or otherwise, have received
actual notice of tho same.
Sec. [17] 13. T h at no restraining order or injunction shall bo granted by
any court of tho United States, or a Judgo or the judges thereof, in any.
caso between an employer and employees, or botwoon omployers and em
ployees, or between employees, or between persons employed and persons
socking employment, involving, or growing out o t , a dispute concerning
terms or conditions o f employment, unless necessary to prevent irreparable
injury to property, or to a property right, of tho party making the applica
tion, for which injury there is no adequate remedy at law, and such propcry or property right m ust be described with particularity in the application j
which m ust bo in writing and sworn to by tho applicant or by his agent or
attorney.
And no such restraining order or injunction shall prohibit any person or
porsons from terminating any relation o f em ployment, or from ceasing
to perform any work or labor, or from recommending, advising, or persuad
ing others by peaceful means so to do; or from attending at or near a bouse
or place where any person resides or works, or carries on business or happens
to bo, for thopurposo of peacefully obtaining or communicating information,
or o f peacefully persuading any person to work or to abstain from working;
or from ceasing to patronize or to employ any party to such dispute, or
from recommending, advising, or persuading othors by peaceful means so
to do [sol; or from paying or giving to, or withholding from , any person
ongaged in such dispute, any strike benefits or other moneys or things o f
valuo; or from peaceably assembling at any place in a lawful manner, and
for lawful purposes; or from doing any act or thing which might lawfully
be dono in tho absence o f such disputo by any party thereto.
Sec. [18] 10. T h at any person who shall wilfully disoboy any lawful
w rit, process, order, rule, decree, or command o f any district court o f the
United States or a n y co u rt o f the D is tr ic t o f C o lum bia by doing any act or
1433
THE CHRONICLE
thing therein, or thereby forbidden to bo dono by him , if the act or thing
eo done by him be o f such [a] character as to constitute also a criminal
offense under any statute o f the United States, or at common law , shall bo
proceeded against for his said contempt as hereinafter provided.
Sec. [19] 2 0 . T h at whenever it shall bo mado to appear to any district
court or judge thereof, or to any judge therein sitting, by tho roturn o f a
proper officer on lawful process, or upon tho affidavit o f some crediblo
person, or by information filed by any district attorney, that there is
reasonable ground to beliove that any person has been guilty of such con
tem p t, the court or judge thereof, or any judge therein sitting, m ay issuo
a rule requiring tho said person so charged to show causo upon a day cer
tain why he should not be punished therefor, which rule, together with a
copy o f the affidavit or information, shall bo served upon tho person
charged with sufficient promptness to enable him to proparo for and make
return to tho order at tho timo fixed therein. If upon or by such return,
In the judgment o f tho court, tho alleged contem pt bo not sufficiently
purged, a trial shall bo directed at a timo and placo fixed by tho court:
P ro v id e d , how ever. T h at if tho accused, boing a natural person, fail or refuse
to m ako return to tho rulo to show cause, an attachment m ay issuo against
bis person to compel an answer, and in caso of his continued failuro or re
fusal, ori i for any reason it be impracticable to disposo of tho matter on tho
return da y, ho m ay be required to givo reasonable bail for his attendance
a t tho trial and his submission to tho final judgmont of tho court. W hcro
tho accused person is a body corporate, an attachment for tho sequestra
tion o f its property m ay bo issued upon like refusal or failuro to answer.
In all cases within tho purview of this A ct such trial m ay be by tho court,
o r , upon demand o f tho accused, by a jury; in which latter event tho court
m ay impanel a jury from tho jurors then in attendance, or tho court or
tho judge thereof in chambers m ay cause a sufficient number of jurors to
be selected and summoned, as provided by law, to attond at tho timo and
place o f trial, at which timo a jury shall bo solectod and impanoled’as upon
a trial for misdomeanor; and such trial shall conform, as near as m ay bo,
to tho practico in criminal cases prosecuted by indictmont or upon informa
tion .
I f the accused bo found guilty, judgm ent shall bo ontorod accordingly,
prescribing tho punishment, oither by fino or imprisonment, or both,in
tho discretion of tho court. Such fino shall bo paid to tho United States
or to the complainant or other party injured by tho act constituting tho
contem pt, or m ay, whero more than ono is so damaged, bo divided or ap
portioned among them as tho court m ay direct, but in no case shall tho fine
to bo paid to the United States oxceed, in caso tho accused is a natural
person, tho sum of $ 1 ,0 0 0 , nor shall such imprisonment oxceed tho term of
six months.
Sec. [201 2 1 . T h at the evidence taken upon tho trial of any person so
accused m ay be preserved by bill o f exceptions, and any judgment [or]
o f conviction m ay bo reviowed upon writ of error in all respects as now pro
vided b y law in criminal cases, and'm ay bo affirmed, reversed, or modified
as justice m ay require. Upon tho granting of such writ o f error, execution
o f judgment shall bo stayed, and the accused, if thereby sentenced to im
prisonm ent, shall bo admitted to bail in such reasonable sum as m ay bo
.required by tho court, or by any justice, or any judgo , of any district court
o f the United States, o r a n y c o u rt o f the D is tr ic t o f C o lu m b ia .
Sec. [21] 2 2 . T hat nothing herein contained shall bo construed to relate
to contempts committed in tho presenco o f the court, or so near thereto
as to obstruct the administration o f justice, nor to contempts committed
In disobedience of an., lav. Til writ, procjss, order, rulo, decree, or command
entered in any suit or action brought or prosecuted in tho namo of, or on
behalf of, tho United States, but the same, and all other cases o f contempt
not specifically embraced within Section [eighteen] nineteen of this A c t,
m ay bo punished in conformity to tho usages at law and i n equity now
prevailing.
Sec. [22] 2 3 . T h at no proceeding for contempt shall bo instituted against
an y person unless begun within ono year from tho date o f tho act complained
o f; nor shall any such proceeding bo a bar to any criminal prosecution for
fcho samo act or acts; but nothing horcin contained shall affect any proceed
ings in contempt pending at tho timo o f tho passage of this A ct
In a report accompanying tho bill, an explanation is of
fered of each section; regarding Section 4, relating to exclusive
contracts, which tho report says has been misinterpreted,
it says:
I t does not p r o h ib it o r fo r b id exclusive agencies. It prohibits tho tying
contract between tho manufacturer and tho doaler by purchaso or leaso,
whereby tho latter agrees, as a condition of his contract, not to deal in or
use tho commodities of tho competitor of tho rival of tho seller or lessor—
a contract which obligates tho dealer to surrender a right which overy dealer
should enjoy, namoly, to handlo and manufacture goods or wares.
The provision against interlocking directorates, tho report
says, is designed to prevent, as far as possiblo, “ control of
great aggregations of monoy and capital through tho medium
of common directors between banks and banking associations,
the object being to prevent tho concentration of money or
its distribution through a system of interlocking directorates.’
Tho proposed bill for tho Federal control of railroad stock
and bond issues was favorably roported to tho House on
Thursday by tho Committeo on Inter-Stato and Foreign
Commerce. This, with tho Clayton bill (printed above)
intended to supplement existing laws against unlawful re
straints and monopolies, and tho Covington Bill creating
atx Inter-State Trade Commission Bill (published in our
issuo of April 18) constitute tho anti-trust measures which
the Administration hopes to put through. Tho essential
features of tho latest bill under which it is intended to place
railroad securities under Government supervision are sum
marized as follows :
First— A provision requiring railways, before issuing stocks and bonds,
t o obtain authority for such issues from tho Inter-Stato Commerce C om
mission.
Second— A provision requiring publicity through tho Commission, of all
facts bearing on tho issuance of railway stocks and bonds.
Third— A provision making it unlawful for any porson to hold tho posi
tion of officer or director of more than ono railway company without tho
approval of tho Inter-State Commerce Commission.
The bill amends Section 20 of tho Act to regulate com
merce; tho newly drafted measure, is given as follows in the
“ Journal of Commerce” tho matter which wo print in italics
[ V o l . XCV1II.
indicating the proposed regulations which do not appear in
the existing law :
P R O P O SE D A M E N D M E N T TO S E C T IO N 20 OP T H E A C T T O
REGULATE CO M M ER C E.
Section 20 shall bo amended so as to read as follows :
Sec. 20. T h at tho Commission is horoby authorized to require annual
reports from all common carriers subject to tho provisions of this A ct, and
from tho ownors of all railroads engaged in intor-Stato commorco as defined
in this A ct; to prescribe tho manner in which such reports shall be m ade,
and to require from such carriers specific answers to all questions upon
which tho Commission m ay need information. Such annual reports
shall show in detail tho amount o f capital stock issued, tho amount paid
therefor, and the manner of paym ent for tho samo; tho dividends paid, tho
surplus fund, if an y, and tho number of stockholders; tho funded and
floating dobts and tho interest paid thereon; tho cost and value of tho
carrier’s property, franchises and equipments; tho number of employees,
and the salaries paid each class; tho accidents to passengers, employees
and other persons, and tho causes thereof; tho amounts expended for im
provements each year, how exponded, and tho character of such improve
ments; tho earnings and receipts from each branch of business and from
all sources; tho operating and other expenses; tho balance of profit and loss,
and a complete exhibit of tho financial operations of tho carrier each year,
including an annual balance shoot. Such reports shall also contain such
information in relation to ratos or regulations concerning fares or freights
or agreements, arrangements, or contracts affecting tho samo as tho C om
mission m ay require; and tho Commission m ay, in its discretion, for tho
purpose o f enabling it tho better to carry out tho purposes of this A c t,
proscribe a period of time within which all common carriers subject to tho
provisions o f this A c t shall have, as near as m ay be, a uniform system of
accounts, and the manner in which such accounts shall bo kopt.
Said detailed reports shall contain all the required statistics for tho period
of twelve months ending on tho thirtieth of Juno in each year, or on tho
thirty-first day of Decem ber in each year If tho Commission by order
substitute that period for tho year ending Juno thirtieth, and shall bo
mado out under oath and filed with tho Commission at its offico in W a sh
ington within three months after tho closo of the year for which tho report
is m ade, unless additional timo be granted in any caso by the Commission;
and if any carrier, person, or corporation subject to tho provisions of this
A ct shall fail to make and file said annual reports within tho timo abovo
specified, or within tho time extended by the Commission, for making and
filing the samo, or shall fail to mako specific answer to any question author
ized by tho provisions of this Section within thirty days from the tim e it is
lawfully required so to do, such party shall forfeit to tho United States
the sum of $100 for each and every day it shall continuo to bo in default
with respect thereto. Tho Commission shall also have authority by gen
eral or special orders to require said carriers, or any of them , to filo m onthly
reports of earnings and expenses, and to filo periodical or special, or both
periodical and special, reports concerning any matters about which tho
Commission is authorized or required by ttiis law, or any other law , to
inquire or keep itself informed or which it is required to enforco in c lu d in g
the m a tte r o f m a k in g p u b lic in fo rm a tio n re g a rd in g the issuance by s a id c a rrie rs
o f stocks, bonds, or other evidences o f indebtedness. I n such p e rio d ic a l o r
s p e c ia l reports the C o m m issio n m a y re q u ire o f the c a rrie r, in a d d itio n to it s
incom e account, a balanced statem ent o f its receipts a n d expe nditures on c a p ita l
account, a n d o f the s u rp lu s o f the incom e account a c c ru in g d u rin g the p e rio d
covered by such statem ent, as w e ll as o f a il other f in a n c ia l tra n sa ctio n s th a t
have taken place d u rin g such p e rio d , w ith w hom h a d , whether in cash, in s e c u ri
ties, o r i n other valuable c o n s id e ra tio n .
The C o m m ission m ay also re q u ire
the c a rrie r to co m p ile f o r the in fo r m a tio n o f its shareholders such fa c ts in regard
to the f in a n c ia l tra n s a c tio n s o f the c a rrie r f o r its fis c a l year in such fo rm as
the C o m m ission m ay direct.
Every com m on c a rrie r subject to the p ro v is io n s o f th is A c t s h a ll f i l e w ith the
C o m m ission on o r p r io r to the date o f issuance o f any stocks, bonds, notes o r
other evidences o f indebtedness payable a t perio ds o f m ore th a n twelve m o nths
a fte r the date thereof, a n d no iv o r hereafter to be a u th o riz e d , a c e rtific a te o f
n o tific a tio n in such fo rm as the C o m m issio n m ay fr o m tim e to tim e determ ine
a n d prescribe, w h ic h s h a ll show :
F ir s t (a) The to ta l a m o u n t thereof a u th o riz e d .
(b) The n u m b e r a n d a m o u n t thereof o u ts ta n d in g p r io r to the date o f such
c e rtific a te ; the a m o u n t thereof theretofore re tire d ; the a m o u n t thereof then
undisposed o f, a n d w hether such a m o u n t is held in the tre a su ry o f the c o rp o ra
tio n as a fre e asset o r pledged, a n d i f pledged, the term s a n d c o n d itio n s o f such
pledge.
(c) The n u m b e r a n d a m o u n t thereof then to be issued a n d w hether to be s o ld ,
pledged o r held in the tre a s u ry o f the c o rp o ra tio n as a free asset; i f stich secur ties are to be s o ld , the term s o f sale i f a contract f o r such sale has been m ade, a n d
i f any p a r t o f the c o n s id e ra tio n to be received therefor is other th a n m oney, a n
accurate a n d d e tailed d e s c rip tio n thereof; i f such securitie s are to be pledged, the
term s a n d c o n d itio n s o f such pledge.
(d) The n u m ber a n d a m o u n t thereof re m a in in g unissued.
(e) I f the issue is o f shares o f stock, the c e rtific a te s h a ll also show the p a r
value th e re o f, o r i f the issue is o f shares o f slock th a t have n o specified n o m in a l o r
p a r v a lu e , the n u m b e r o f such shares, a n d the num ber o f then o u ts ta n d in g shares
p re v io u s ly issu ed.
Second. The preferences o f priv ile g e s granted to the holders o f a n y such shares
o f stock; the dates o f m a tu r ity , rates o f in terest o f any such bonds, notes o r other
evidences o f indebtedness, a n d any conversion rig h ts granted to the holders there
o f , a n d the p ric e , i f a n y , a t w h ic h such shares o r bonds m ay be redeemed.
T h ir d .
The purpose s, i n d e ta il, to w h ic h the proceeds o f the issue are to be
devoted.
W henever a n y securitie s set fo r th and described in any c e rtific a te o f n o t if ic a
tio n as pledged o r held as a fre e asset in the trea sury o f the c o rp o ra tio n s h a ll sub
sequent to the f il i n g o f such c e rtific a te be s o ld o r rc-pledged o r otherw ise disposed
o f by the c o rp o ra tio n , such c o rp o ra tio n s h a ll f ile a fu rth e r c e rtific a te o f n o tific a
tio n to th a t effect, s etting f o r t h the re in a ll such fa c ts as are required by sub
d iv is io n (c) o f the fo re g o in g f i r s t p a ra g ra p h .
The p ro v is io n s i n regard to certificates o f n o tific a tio n s h a ll a p p ly to notes o r
evidences o f indebtedness r u n n in g f o r p erio ds o f twelve m onths o r less, a n d to the
ple d g in g o r reple d g in g o f stocks, bonds, o r other evidences o f indebtedness to
secure such notes o r evidences o f indebtedness r u n n in g f o r p erio ds o f twelve
m onths o r less, except th a t such c e rtific a te s m ay be f ile d w ith in ten days a fte r
the issue thereof in stea d o f on o r p r io r to the date o f such issue.
The c e rtific a te s o f n o tific a tio n s h a ll be signed a n d v e rifie d by the a u d ito r,
c o m p tro lle r, o r other a c tin g fis c a l head oj the c a rrie r.
Periodical or special reports to the C o m m issio n , reports o f the c a rrie r to its
stockholders, o r c e rtific a te s o f n o tific a tio n shall bo under oath wlionover tho
Commission so requires; and If any such carrier shall fail to mako or filo
any such periodical or special roport or re p o rt to its stockholders within tho
time fixed by tho Commission it shall bo subject to tho forfeitures last abovo
provided.
I f a n y such c a rrie r s h a ll refuse or f a i l to f i l e certific a te s o f n o tific a
tio n as above provid ed i t s h a ll be subject to a fo rfe itu r e o f n o t less th a n $100 o r
m ore th a n $ 5,000 f o r each such offense, a n d $100 f o r each day o f the c o n tin u
ance o f such offense; a n d the o ffic e r o r o ffic e rs o f the c a rrie r whose d u ty i t is
to cause the c e rtific a te to be f ile d s h a ll u p o n re fu s a l o r w i ll f u l neglect to cause i t
M ay 9 1914.]
THE CHRONICLE
to be f ile d , be deemed g u ilty o f a m isdem eanor a n d s h a ll be subject u p o n con
v ic tio n i n a n y co u rt o f the U n ite d Slates o f com petent ju r is d ic t io n , to a f in e
o f n o t less th a n $ 1 ,0 0 0 n o r m ore th a n $ 5 ,0 0 0 , o r im p ris o n m e n t f o r a term o f
n o t less th a n one year n o r m ore th a n three years, o r both such f in e a n d im
p ris o n m e n t.
Said forfeitures shall bo recovered in the manner provided for the recovery
o f forfeitures under the provisions o f this A c t.
The oath required by this Section m ay bo taken before any person author
ized to administer an oath by the laws o f the State in which tho samo is
taken.
I t s h a ll be the d u ly o f the C o m m issio n to m ake p u b lic by a p p ro p ria te m eans the
in fo r m a tio n received as i n its d is c re tio n i t m a y deem p ro p e r; a n d the c e rtific a te s
o f n o t if ic a tio n s h a ll a t a ll tim e s be deemed p u b lic records a n d open to in s p e c tio n .
The C o m m ission s h a ll have the pow er to in vestigate a ll f in a n c ia l tra n s a c tio n s
o f s a id c a rrie rs a n d to in q u ir e in to the good f a it h thereof, to exam ine the books,
p a p e rs , a n d correspondence o f c a rrie rs , c o n s tru c tio n o f other com panies, or
o f f ir m s o r in d iv id u a ls w ith w h ic h the c a rrie r s h a ll have h a d f in a n c ia l tra n s
a c tio n s , f o r the p u rp o s e o f e n a b lin g i t to v e rify a n y statem ents fu rn is h e d a n d
to exam in e in to the a c tu a l cost a n d value o f p ro p e rty aeguired by i t o r services
rendered to such c a rrie r.
The c a rrie r m a y be re g u ire d by order o f the Com
m is s io n to disclose every in te re s t o f the directors o f such c a r rie r in a n y tra n s a c
tio n u n d e r in v e s tig a tio n . I n a d d itio n to the c e rtific a te s a n d reports here in
before m entio n e d , the C o m m ission m ay re g u ire the c a rrie r to f u r n is h a n y fu r th e r
statem ents o f fa c t o r evidence th a t i t m a y deem necessary o r a p p ro p ria te .
Tho Commission m ay, in its discretion, prescribe tho forms of any and
all accounts, records, and memoranda to bo kept by carriers subject to tho
provisions o f this A c t, Including tho accounts, records and memoranda of
tho m ovem ent of traffic, as well as tho receipts and expenditures of monoys.
T h o Commission shall at all times havo access to all accounts, records,
m emoranda a n d correspondence kept by carriers subject to this A c t, and it
shall bo unlawful for such carriers to keep any other accounts, records, or
memoranda than those prescribed or approved by tho Commission, and it
m ay employ special agents or examiners who shall havo authority under
tho order of tho Commission to inspect and examine any and all accounts,
records, and memoranda by such carriers a n d also the books, pa p e rs a n d
correspondence o f c a rrie rs , c o n s tru c tio n o r other com panies o r o f f ir m s o r i n
d iv id u a ls w ith w h ich a c a rrie r s h a ll have h a d f in a n c ia l tra n s a c tio n s . This
provision shall apply to receivers o f carriers and operating trustees.
In caso of failure or refusal on tho part of any such carrier, receiver, or
trusteo to keop such accounts, records, and memoranda on tho books and
in tho manner prescribed by tho Com m ission, or to subm it such accounts,
records, and memoranda as aro kept to tho inspection of tho Commission
or any of its authorized agents or examiners, such carriers, recoiver, or
trusteo shall forfeit to tho United States tho sum of $500 for each such
offense and for each and every day of the continuance o f such offenso, such
forfeitures to bo recovcrablo in tho samo manner as other forfeitures pro
vided for in this A c t. F a ilu r e o r re fu s a l o f c a rrie rs , co n s tru c tio n o r other
co m p a n ie s, o r f ir m s o r in d iv id u a ls w ith w h ic h a c a rrie r s h a ll have h a d f in a n
c ia l tra n s a c tio n s to s u b m it th e ir books, pap ers a n d correspondence f o r e x a m in a
tio n s h a ll subject them to the same fo rfe itu re s to be recovered i n the same m a n n e r.
A n y person who shall willfully make any falso entry in the accounts o f any
book o f accounts, or in any record or memoranda kept by a carrier o r who
s h a ll w illf u lly f ile a n y c e rtific a te o r other p a p e r re g u ire d u n d r th is A c t c o n ta in
in g fa ls e o r erroneous statem ents o f fa c t, or who shall willfully destroy, m utilato, alter, or by any other moans or device falsify tho record of any such
account, record, memoranda o r correspondence, or who shall willfully noglcct
or fall to make full, true and correct entries in such account, records, or
memoranda of all facts and transactions appertaining to tho carrier’s
buslnoss, or shall keep any other accounts, records, or memoranda than those
prescribed or approved by tho Commission, shall bo doomed guilty of a
mlsdomoanor, and shall bo subject, upon conviction in any court o f tho
United States, of competent Jurisdiction, to a fine o f not loss than $ 1,000
nor moro than $5,0 0 0 , or imprisonment for a torm not loss than one year
nor moro than throe years, or both such fine and imprisonment. Pro
vided, T h at tho Commission m ay, in its discretion, issuo ordors specifying
such operating, accounting, or financial papers, records, books, blanks,
tickets, stubs, or documents of carriers which m ay, after a reasonable tim e,
bo destroyed, and prescribing tho length of time such books, papers, or
documents shall bo preserved.
A n y oxamincr who divulgos any fact or Information which m ay come to
his knowledge during tho course o f such examination, except in so far as
ho m ay bo directed by tho Commission or by a court or judgo thereof,
shall bo subject, upon conviction in any court of tho United States of
competent jurisdiction to a fine o f not moro than $ 5 ,0 0 0 or imrisonment
for a torm not exceeding two yoars, or both.
T h at tho circuit and district courts of tho United States shall havo juris
diction, upon tho application of tho Attornoy Gonoral of the United States
at tho request of tho Commission, alleging a failuro to comply with, or a
violation o f any of tho provisions of said A ct to rogulato commerce, or of
any A ct suplomontary thereto or amendatory thereof by any common
carrier, to issuo a writ or writs o f mandamus commanding such common
carrier to comply with tho provisions of said A c t, or any of them.
T h a t i t s h a ll be u n la to fu l f o r a n y c o rp o ra tio n w h ic h is a com m on c a rrie r sub
je c t to the A c t to regulate com merce, as am ended, to issue a n y c a p ita l stock or
ce rtific a te o f slock, o r a n y bond o r other evidence o f indebtedness o r assum e any
other o b lig a tio n even though p e rm itte d by the a u th o rity cre a tin g the c o rp o ra tio n ,
except f o r purposes necessary p ro p e rly to p e rfo rm its service f o r the p u b lic in
in te r-S ta te a n d fo re ig n commerce w ith o u t im p a ir in g its a b ility so to do a n d
w ith in its corporate pow ers, n o r f o r such proposed uses a n d unless a n d u n t il
u p o n a p p lic a tio n a n d a fte r in v e s tig a tio n in the prem ises by the In te r-S ta te
Commerce C o m m ission o f the purpose s a n d uses o f the issue, a n d the proceeds
thereof, such issue is approved by s a id C o m m ission as necessary a n d a p p ro
p r ia te f o r the purposes stated in the a p p lic a tio n . P ro v id e d , however. T h a t
the p ro v is io n s o f th is Section s h a ll n o t a p p ly to notes issued by such c a rrie r
m a tu rin g n o t m ore th a n one year a fte r th e ir date, when such notes do n o t at
a n y tim e aggr gale m ore th a n fiv e p e r centum o f the aggregat o f the stocks
j n d bonds o f s ch c a rrie r w h ic h m a y have been issued a n d are then o u ts ta n d in g :
a
A n d pro vid e d f u r t h e r , T h a t the p ro v is io n s o f th is Section s h a ll be construed as
• p p ly in g o n ly to the business o f the c a rrie r w h ic h is governed by s a id A c t to
a
regu la te commerce as amended: A n d p rovid ed s t ill fu rth e r , T h a t u p o n a p p lic a
tio n to the In te r-S ta te Commerce C o m m is s io n f o r a p p ro v a l o f proposed issues
o f stocks a n d bonds the s a id C o m m issio n s h a ll cause notic e to be g iven, w ith
copy o f a p p lic a tio n a n d a n y other proceedings ha d , to the ra ilro a d c om m ission
o r p u b lic service o r u t ilit ie s c o m m is s io n , o r whatever other a p p ro p ria te Stale
a u th o rity m a y exist, a n d i f non e, then to the governor a n d attoeney-gcneral in
each State thro ugh w h ic h a n y ra ilro a d o r p a r t o f the system concerned passes
o r thro ugh w h ich the c a rrie r m a k in g the a p p lic a tio n operates a n y p a r t o f its
lin e s .
The r a ilro a d com m iss io n , p u b lic service o r u t ilit ie s com m is s io n , governor or
attorney-gen era l, o r whatever other a p p ro p ria te Stale a u th o rity thus n o tifie d
s h a ll have the rig h t to present before the In te r-S ta te Commerce C o m m ission such
representations as they m ay deem ju s t a n d p ro p e r fo r preserving a n d conserving
the r ig h t a n d in te re st o f th e ir people a n d the States, respectively, as involved i n
such proce e d in g , a n d the rig h t to be f u ll y heard to u c h in g the same, the allega
t io n s thus presented to be f u ll y considered a n d determ ined by the In te r-S ta te
1 4 33
Commerce C o m m is s io n , i n each in s ta n c e , as m a y be ju s t a n d reasonablei
along w ith the other m atters a n d th in g s u n d e r s a id proceeding o r a p p lic a tio n
p e n d in g before th a t body as a fo re s a id . N o th in g h e re in c ontained s h a ll be
construed to im p ly a n y g u a ra n ty o r o b lig a tio n as to such issues on the p a r t
o f the U n ite d States.
A l l issues o f c a p ita l stock, c e rtific a te s o f stock, bonds, a n d other evidence o f
indebtedness, c o n tra ry to the p ro v is io n s o f th is Section, m a y be e n jo in e d by
a n y c o u rt o f com petent ju r is d ic t io n a t the s u it o f the U n ite d States o r o f a n y
d ire c to r, o ffic e r , o r stockholder o f the c a r rie r p ro p o s in g to m ake the issue;
a n d a n y d ire c to r, o ffic e r, o r stockholder o f such c o rp o ra tio n w h o assents to o r
concurs in a n y issue o f secu ritie s fo rb id d e n by th is Section s h a ll be p u n is h e d
by a f in e o f n o t less th a n $ 1 ,0 0 0 n o r m ore th a n $ 1 0 ,0 0 0 , o r by im p ris o m n e n t
f o r n o t less th a n one year n o r m ore th a n three years, o r by both such f in e a n d
im p ris o n m e n t.
Unless the p re v io u s a p p ro v a l o f the In te r-S ta te Comm erce C o m m is sio n s h a ll
have been secured i t s h a ll be u n la w fu l f o r a n y person to h o ld the p o s itio n o f
o ffic e r o r d ire c to r o f m ore th a n one c a r rie r subject to the A c t to regulate com
m erce, o r f o r a n y o ffic e r o f such c a r rie r to issue a n y c e rtific a te o f stock, o r issue
a n d deliver a n y bonds u n t il the a p p ro v a l o f the In te r-S ta te Comm erce C o m m is
s io n s h a ll have f ir s t been secured. I t s h a ll also be u n la w f u l f o r a n y o ffic e r ,
d ire c to r, o r d ire c to ry o f a n y such c a r rie r to a p p ro p ria te , p a y o r receive as
s a la rie s o r d iv id e n d s a n y m oney re s u ltin g fro m the sale o f slocks o r bonds, o r
fr o m a n y other source except fro m the e a rn in g s o f such c a r r ie r a n d f r o m the
ea rn in g s o n ly a fte r p ro p e r p ro v is io n s h a ll have been m ade th e re fro m f o r the
upkeep o f the roadbed, its egu ip m e n t a n d f a c ilit ie s . A n y v io la tio n o f th is
p ro v is io n s h a ll be a m isdem ean or a n d o n c o n v ic tio n i n a n y U n ite d States c o u r
h a v in g ju r is d ic t io n s h a ll be p u n is h e l by a f in e o r im p ris o n m e n t, o r both, i n
the d is c re tio n o f the c o u rt.
And to carry out and give effect to the provisions of said A c ts, or any o f
them , tho Commission is hereby authorized to em ploy, special agents or
examiners who shall havo power to administer oaths, examine witnesses
and receive evidence.
T h at any common carrior, railroad, or transportation company receiving
property for transportation from a point in one State to a point in another
State shall issue a receipt or bill o f lading therefor and shall be liable to the
lawful holder thereof for any loss, damage, or injury to such property
caused by it or by any common carrier, railroad, or transportation com
pany to wh ch such property m ay bo delivered, or over whose line or lines
such property m ay bo delivered, or over whose lino or lines such property
m ay pass, and no contract, receipt, rulo, or regulation shall exempt such
common carrier, railroad, or transportation com pany from liability hereby
imposed : Provided, T h at nothing in this Section shall deprive any holder
of such receipt or bill of lading of any remedy or right o f action which he
has under existing law.
T h at the common carrier, railroad, or transportation com pany issuing
such receipt or bill of lading shall bo entitled to recover from the common
carrier, railroad, or transportation com pany on whoso line tho loss, damage,
or injury shall havo been sustained tho am ount o f such loss, damago or
injury as it m ay be required to pay to the owners of such property, as m ay
bo evidenced by any receipt, judgm ent, or t anscript thereof.
Hearings on the Senate Inter-State Trade Commission
Bill reported on tho 1st inst. to tho Senate Committee on
Inter-State Commerce, were begun on the 6th inst. Samuel
Untermyer was the first to be given a hearing on the bill.
M r. Untermyer thought the Commission “ should have power
and bp authorized to investigate relations of corporations to
individuals and partnerships in commerce. It should be
allowed,” ho said, “ to make recommendations, as a master
in chancery, in private suits as well as in equity cases
brought by the Attorney-General.”
He suggested that the provisions of tho bill should not ap
ply to small corporations; he considered the House provision
of $5,000,000, however, too high, and thought tho limit
should bo $1,000,000 capital or $2,000,000 gross business or
assets. W ith regard to the provision affecting interlocking
directorates, he said:
Tho bill's prohibition of interlocking directorates strikes at tho sym ptom
and not at tho disease. Tho real object, of course, is to forbid interlock
ing control. I would suggest that tho arbitrary limit o f 10% bo taken,
and that a corporation bo excluded from inter-State commerce that has a
stockholder controlling 10% of its stock and also controlling 10% o f the
stock o f a competitor. M a n y railroads now aro controlled by not more
than 10% stock ownership.
R A IL W A Y M A IL PAY.
A formal recommendation as to a definite system which
slioulo bo followed in compensating the railroads for carrying
tho mails has been submitted to Congress by tho railroad
managers of the country, through tho Committee on Railway
M ail Pay, of which Ralph Peters is Chairman. The plan
embodies four main principles, as follows:
1. T h at tho mails should bo weighed annually (instead of quadren
nlally, as at present) and paym ent made for the weight and distance car
ried.
2 . T hat mail apartments in railroad cars fitted up as traveling post
offices should bo paid for.
3. T h at side and terminal messenger service between railroad stations
and post offices and other special services should bo paid for.
4. T hat all rates o f pay and conditions of service should be definite
and not subject to the discretion o f employees of the Post Office Departm ent.
In submitting this plan, M r . Peters, on behalf of the com
mittee, says:
It is the belief of railroad managers that tho adoption of these general
principles and establishing fair units of pay will remove this complicated
subject from public controversy. It would also result in paym ent for car
rying tho parcel post. Tho present situation is unjust and ought to be
corrected.
Carrying tho mails has always been an Important detail of railroading.
The groat development o f the country has increased tho volume and tonnage
of tho mails enormously, and has correspondingly intensified tho burdens
and responsibilities.
It is tho feeling of railroad managers that as soon as tho American people
realize tho anomalous and inequitable conditions under which the railroads
1434
THE CHRONICLE
now carry the m ails, prompt action will bo forthcoming from Congress
to provide adequate compensation for the services performed.
A summary of the recent Congressional investigation into
the subject of postage on second class mail matter and com
pensation for the transportation of mails is set out in a pamph
let (from which the above extracts are taken), issued by the
Committee on Railway M ail Pay, which represents 264
railroads carrying mails on over 218,000 miles of line. The
Congressional committee opened formal hearings on tho sub
ject on Jan. 28 1913, and these were continued until M a y 14
1913, after which opportunity was given to both sides to sum
up the testimony. Tho railroads presented their summing
up on June 26 1913 while that of the Post Office Depart
ment was presented on Jan. 16 1914. The pamphlet says:
The Second Assistant Postmaster-General In his summing up of Jan. 16
1914 reiterated tho position of tho Post Office D epartm ent, and on Fob. 12
1914 submitted a new plan of paying tho railroad companies on tho space
basis at certain rates per car m ile, but claiming for tho Post Office Depart
m ent the power to prescribe tho car space that would be paid for, full con
trol of tho railroad facilities under heavy fines, which the PostmasterGeneral m ight impose without limit, and reserving to tho Postmaster-Gen
eral discretion to change the conditions under penalty of S5.000 fine for
every failure o f a railroad company to carry the mails.
In tho original bill. Senate 7371, tho Post Office Department had aban
doned the weight basis of pay in favor of space based upon cost o f tho in
dividual railroad. In tho now bill it abandoned tho cost basis in favor of
a space basis, which, while ostensibly associated with definite rates, was
left ontiroly within the discretion o f the Postmaster-General.
Tho railroads submitted to tho Joint Congressional Com m ittee on Fob.
26 1914 an earnest protest against the findings and conclusions of tho Post
Office Departm ent, as set forth in its summing up of Jan. 16 1914, and as
ombraced in its new proposals of Feb. 12 1914. Tho Second Assistant
Postmaster-General replied in a lengthy statem ent of M arch 24 1914.
T h e railroads made their closing statement on April 1 1914, and tho Joint
Congressional Com m ittee, after verbal discussion, closed tho hearings
finally on April 3. Tho testim ony, all taken under oath, is tho most com
plete and valuable ever submitted on this important subject, and is com
prised in pamphlets which already includo about 1,300 pages o f printed
m atter. *
*
*
Tho railroads’ committee has studied this wholo question for over four
years. It has endeavored to regard tho question from all sides. It has
attem pted to consider tho Interests of tho people, of the Post Office D e
partm ent, as well as of tho railroads. It has carefully examined tho record
o f previous investigations and tho various plans proposed for changing the
method or tho basis of pay. It has especially studied tho suggestion that
the present basis, i. o ., the w e ight o f m a il tra n s p o rte d m u ltip lie d bg the d is
tance i t is tra n s p o rte d , bo abandoned, and that the basis of c a r space a u th o r
ized bo substituted therefor.
Tho railroads’ committee has concluded that the original plan, as em
bodied in the law o f 1873, is tho safest and m ost enduring basis for all of
the parties concerned. T h a t the w eight of mail carried and tho distance
it is carried represent the essential service rendered. It is, therefore,tho
m ost direct element upon which the pay should be measured and computed.
Tho weight basis is also tho most definitely ascertained basis, and the one
regarding which there can be no uncertainty. It is not subject to fluctua
tion, according to individual opinion. Tho car spaco plan of pay involves
estimates based on individual opinion, and this would bo dangerous to
both parties.
Tho railroads’ com m ittee, therefore, adhere to tho recommendations
mado on O ct. 3 1912 to the Joint Congressional Com m ittee, as follows:
1. For tho ropeal of the Act of M arch 2 1907.
2. For annual weighings and a dofinito and just method for ascertaining
daily average weights.
3 . For pay for compartment cars on some basis that will compensate
or the servico.
4 . For a fair allowance to tho railroads for side and terminal messenger
servico which they porform for tho Post Offico D epartm ent, accord
ing to the value of this servico to the Post Offico Departm ent.
5. T h at all rates of pay should bo definite and not subject to tho discre
tion of the officers of the Post Office Departm ent.
W ith regard to the proposed spaco basis for railway mail
pay, the pamphlet contains the following:
In connection with tho very ample testimony already submitted by the
railroads, relating to tho unavoidable complexities and causes of irritation
that would be inherent in the Department’s proposal that tho pay bo ad
justed on the basis of car spaco authorized, wo deem it important to call
your attention to two or three facts:
First. Thoso who have previously investigated the subject and concluded
that spaco rather than weight would bo a laircr basis were either unaware
or unfamiliar with the administrative difficulties that would bo encountered
in connection with any spaco basis of pay.
Second. Tho Elm er, Thompson and Slater com m ittee, composed of
high officers of tho Post Oifico D epartm ent, recommended the space basis,
but were careful to insist that for the protection of tho Government it must
be coupled with a prescribed average weight to justify a certain amount of
spaco.
Third. N ono of tho previous investigators who reached a conclusion
in favor of the space basis could have had in contemplation the present con
dition of tho parcol post-service that already deals with packages weighing
as much as 50 pounds, with Intimations of still further increase in the weight
lim it, thus placing tho Post Office Departm ent in competition with tho
railroad companies and tho express companies in tho transportation busi
ness.
A n y law fixing rates and terms on a spaco basis would leave the measure
of pay for transportation to bo interpreted by tho Post Offico D epartm ent
according to the discretion it m ust necessarily havo as to the amount of spaco
it would authorize, and tin's power coupled with tho power already held to
increaso tho weight limit indefinitely, and to lower tho rates indefinitely,
would make it impossible for tho railroads to secure a compensatory basis
o f pay excopt at tho ploasuro of the Departm ent.
[ V o l . XCVIII
all such bonds before sending out orders or checks for inter
est to the owners, unless there shall be filed with the debtors
at least fivo days before the duo dato of said interest the
prescribed certificate claiming exemption. Tho notice is
as follows:
T A X T O BE D E D U C T E D IN C A S E O F R E G IS T E R E D B O N D S B Y
D E B T O R S B E F O R E O R D E R S FO R IN T E R E S T A R E S E N T
TO OW NERS.
(T . D . 1,974.)
IN C O M E T A X .
Change o f regulations as to certificates o f ownership in connection with
interest orders or checks for interest on registered bonds.
TREASURY DEPARTM ENT,
O ffic e o f C o m m is s io n e r o f I n te r n a l Revenue,
W a s h in g to n , D . C ., A p r i l 21 1914.
To Collectors o f In te r n a l Revenue:
Articles 41 to 46 o f tho regulations aro hereby amended so as to require,
In tho case o f Interest paym ents on bonds registered as to both principal
and interest, that debtors in such cases shall deduct tho normal tax of 1%
for accruing interest on all such bonds before sending out orders or checks
for said interest to registered owners, unless thero shall bo filed with said
debtors, at least five days before tho duo dato of said interest, tho prescribed
certificates claiming exemption.
W here such certificates aro so filed, the said debtors shall stamp or write
on tho interest orders or checks, as tho caso m ay bo, " E x e m p tio n cla im e d
by c e rtific a te f ile d w ith deb tor.”
W here prescribed certificates aro not so filed, said debtor shall deduct
and withhold tho normal tax of 1 % from tho am ount o f such paym ent,
and shall stam p or write on tho interest order or check, as the caso m ay bo,
“ In c o m e la x w ith h e ld by deb tor.”
Responsible banks, bankers or collecting agents receiving for collection
Interest orders or checks bearing tho aforesaid endorsements m ay present
said interest orders or checks for collection without requiring that certifi
cates o f ownership bo filed therewith.
Certificates of ownership aro not required to accompany interest orders
or checks in paym ent o f interest on fully registered bonds, as information
as to ownership of bonds will be furnished by dobtor organizations on
m onthly list returns. Form 1012: but claim for exemption m ust bo filed with
debtors, or the tax m ust bo withheld; and tho form o f certificate provided
for use of owners of coupon bonds m ay be used by owners of registered
bonds for tho purpose o f claiming this exemption.
W here, becauso of failure to file certificates claiming oxemption, in com
pliance with the above regulations, a part of the incomo from interest on
registered bonds has been withheld for tho payment of tho normal incomo
tax, debtors m ay, upon the filing o f tho proper certificates as provided in
Article 4 2 , Income T a x Regulations, to tho extent o f exemption claimed,
release and pay to tho persons entitled thereto the amount of such incomo
so withheld.
W . I I . O S B O R N , C o m m is s io n e r o f I n te r n a l Revenue.
Approved: W . G . M c A D O O , Secretary o f the T re a s u ry .
TH E COLORADO M I N I N G TROUBLES.
Tlio strike troubles in Colorado were responsible for the
issuance on tho 2d inst. of a proclamation by Secretary of
W ar Carrison calling upon all persons not in tho military
service of the United States to surrender their arms and am
munition. Tho proclamation, issued under authority of
President Wilson, was addressed to M ajor Holbrook, in
command of tho Federal troops at Trinidad, and was as
follows:
W hereas, under existing circumstances tho possession of arms and ammu
nition by persons not in tho military servico of tho United States tends to
provoke disorder and to excite domestic violence and hinders tho restoration
o f normal conditions o f peace and good order, I do, by tho authority o
the President o f tho United States, call upon and direct all persons not in
the m ilitary servico of the United States who havo arms or ammunition in
their possession or under their control to deliver them forthwith to tho officer
at the placo herein designated. Receipts will be issued for all arms and
ammunition so delivered. The abovo applies to individuals, firms and asso
ciations and corporations.
>
In a statement explanatory of his proclamation, Secretary
Garrison said:
I learn from reports from tho commanders on the ground tho following
about conditions in Colorado:
Tho uso of firearms has been widespread. In tho district from W aisenburg south, an area of about 400 square miles, there are at least sixty mines.
They are located mainly in canyons and are very difficult to reach. The
strikers and thoso sympathizing with them have recently organized and
armed themselves and tho operators havo had hundreds of mine guards
who are also armed. Tho localities, which aro very close to each other
as tho crow flies, are only reached by winding roads, whicii increaso the
distance anywhere from five to ten times the air-lino distance.
The State troops in certain localities havo served to aggravate the troublo. Certain stores in Walsenburg were broken into by somo troops
connected with tho Stato organizations and articles were taken.
• Conditions at the Canyon C ity district are practically similar to thoso just
described as existing at tho Walsenburg district. Thero was a very serious
conflict at Ludlow, tho details of which appeared in tho press at tho timo
of tho occurrence, whore women and children as well as men wero killed,
and sinco that timo tho feeling has been excessively bitter, and there have
been other conflicts resulting in tho killing of thoso belonging to each side.
M a n y of tho strikers are foreigners who do not speak English and it Is
very difficult to mako them understand when you try to explain a situation
to them . The commanders in tho field havo so far exercised wise judgm ent,
havo allayed alarm and with tho limited numbers at their disposal aro doing
the best that is possible.
It is hoped that tho proclamation calling for all parties to give up arms
will be cheerfully and prom ptly complied with and thus a great sourco of
danger will bo removed.
I N C O M E T A X RE GULA TIO NS A N D DECISIONS.
On tho 1st inst. M ajor Holbrook sont a telegram to Presi
In a notice of a change in tho regulations governing cer dent Wilson asking that rooro cavalrymen and horses bo sont
tificates of ownership in connection with interest orders or at once. Governor E . M . Ammons joined in tho request,
checks for interest on registered bonds, tho collectors of and also asked that Federal troops bo sent to tho Northern
Internal Revenuo aro advised that debtors in such cases Colorado fields. On tho 3d Government soldiers took chargo
shall deduct tho normal tax of 1 % for accruing interest on I of tho entiro striko zono, including tho Northern District;
M ay 9 1914.]
THE CHRONICLE
the area under the jurisdiction of the Federal troops includes
all the Colorado coal fields extending 260 miles from north
to south and from 40 to 70 miles from east to west. Fol
lowing the issuance of the order of the Secretary of W ar for
the surrender of arms, M ajor Holbrook let it be known
on the 3rd that he had construed the proclamation as to the dis
arming of all persons in the strike zone who are not in the
active service of the United States army to include members
of the Colorado militia as well as strikers, mine guards
and others.
Opposition to the disarmament order developed among
some of the strikers, and it was announced on the 5th that
the question would be put to the men themselves. Notwith
standing this, the program of disarmament was practically
announced on the 6th by M ajor Holbrook in behalf of Colonel
James Lockett, commanding the United States troops in
the district. Mine company officials were notified that the
disarming of their guards would begin on the 7th, and they
replied that their men were ready to surrender arms just as
soon as they had received actual physical protection by the
presence of Federal troops on company property.
A summary of the conditions in the coal-mining regions,
based on information received from M ajor Holbrook, was
furnished as follows by the W ar Department on the 2d inst.:
The following-named mines In Huerfano County have been working
under the protection o f mine guards: Oakdale, T ioga, Big Four. Cham
pion, Toltro, M c N a lly . Robinson, W alsen, Cam eron, Ravenswood, Ideal,
Pryor, M idw ay and Nowhouse.
The following are idle: Occidental, Strong, Pinon, Solar, G ordon,
Black C anon, M aitland, Pictou and Hezron.
Th e following under the protection o f mine guards are working In Las
Animas County: Black D iam ond, Primrose, R ugby, Green Canon, South,
western, Em plro, D olagua, Hastings, Tabasco, Berwlnd, Cedar IlillTollor, M ajestic, Forbes, G ray Creek, M orloy, W oettoon , Piedmont
Soprls, Cokedale, Frederick, Primero, Tercio and R oyal.
The following aro Idle: Broadhcad, Suffield, Bowen, Engle, M cLaughlin
Starkvllle and Cornell.
Slnco April 20 and up to the tim e that H olbrook’s command reached the
ground, the following mines have been burned: M c N a lly , Green Canon,
Southwestern, Em plro, Forbes and R oyal.
T h e mines that aro being operated vary in their production from 1 7 %
up to full capacity. Th ey are scattered over a largo area. It Is more than
100 miles by the road from Oalcdalo mine to Tercio. There are about
4 ,000 strikers, most o f whom aro now in and around Trinidad.
The W ar Department at the same time also announced the
receipt of the following information from M ajor McClure at
Canyon City:
The following-named mines aro not working: Brookside, R oyal G eorge,
M agn et, Coal Creek, Frem ont, R ouckvale, Radiant, Chandler. The
W o lf Park m ine is working, using union labor. Thoro is a total o f 1,500
miners In the vicinity of those various mines.
Martin D . Foster, Chairman of the House Committee on
Mines and Mining, re-asserted in a statement issued on the
2d that there is nothing in the differences between the strik
ing miners and operators which cannot be adjusted by arbi
tration. He says:
In m y conference with M r . Rockefeller at his office in N ew York I urged
on him the importance of submitting the differences existing between the
striking minors and the operators to a fair and neutral board o f arbitration,
believing that the troubles existing in the State o f Colorado could bo peace
fully settled.
I spent the m onth of February in Colorado at the direction o f the House
investigating conditions. M r . Rockefeller has not been there In ten years.
I have been over the property and have conferred with and examined men
on both sides o f tho controversy. I understand tho issues on both sides.
There is nothing in the differences which cannot bo settled by arbitratlon. Tho demand that tho union bo recognized has now been withdrawn.
Tho great question now confronting the strikers and owners is "W il l you
agreo to subm it the m atter to adjustment by arbitration?”
M r . Rockefeller cannot evade his responsibility. H e cannot set forth tho
excuse that he will not arbitrate tho recognition o f tho union. He can
provent loss o f lifo and property b y yielding to arbitration. Tho great
Pennsylvania strike and also tho recent W est Virginia strike were settled
by men on both sides agreeing to abide by tho decision of umpires.
In neither caso was the union recognized. National sentiment and every
instinct of humanity demand tho prompt settlement o f tho Colorado strike.
Nothing should prevent both strikers and M r . Rockefsller from placing
the caso before a neutral board.
Twenty coal operators, representing the larger companies
of Colorado (exclusive of tho Colorado Fuel & Iron C o .),
sent a telegram to President Wilson on the 5th inst. in which
they declared that they would not consent to any dealings
with the United Mino Workers of America, the message at
tho same time deploring the “ unjust attacks” upon John D .
Rockefeller. Tho message in part is as follows:
W e oach operate independently of tho other and o f the Colorado Fuel &
Iron C o . Tho aggregate production of our mines is between 60 and 7 0 %
of tho total am ount o f coal production o f Colorado.
Neither John D . Rockefeller nor John D . Rockefeller Jr., nor any con
trolling stockholder, director or officer o f tho Colorado Fuel & Iron C o .,
has any Interest, directly or indirectly, financially or otherwise, in our busi
ness. Our position with respect to tho United M ino Workers of America
Is absolutely independent of that which has been or hereafter m ay bo taken
qltber by the Colorado Fuel & Iron C o. or by its directors or officers, or
by M r . Rockefeller or John D . Rockefeller Jr., although we heartily endorso
tho position they aro now taking.
W e doploro tho unjust attacks upon M r . Rockefeller. I t is neither fair
nor JustltoIhim.^norltoIus.'itoJplaco^tho burdonjiponpr glvojilm solo credit
1435
for the position we are maintaining. Independent of any stand he has taken
or m ay take, we have endeavored to strive and must continue to fight for
the maintenance o f fundamental principles of government and law . In the
present issue wo aro not opposing or waging a war against organized labor
as such. W e are, however, unalterably o f the conviction that we can never
recognize nor have any dealings with the organization purporting to be a
abor union and calling itself the U nited M ine Workers of America.
The Colorado Legislature convened in special session on
the 4th inst. to enact legislation necessary by reason of the
developments in the coal fields. A movement to impeach
G ov. Ammons on charges of treason for the alleged turning
over of the Government of the State to the coal corporations,
by placing the militia in the strike zone, which, it was re
ported, would be pressed with the opening of the Legislature,
received a setback, those in support of the Governor having
succeeded in preventing the introduction of the resolution
calling for impeachment.
On the 5th inst. five bills cover
ing matters dealt with in G ov. Ammons’ call for a special
session were introduced, these providing for a State con
stabulary, for the prevention of the sale of fire-arms, for em
powering the Governor to prevent the sale of liquor in the
strike zone, for a constitutional amendment for the enact
ment of a compulsory arbitration law and providing for a
bond issue to cover the State’s military indebtedness of nearly
S I ,0 0 0 ,0 0 0 .
On the 6th inst. the virtual refusal of G ov. Ammons to
enlarge the scope of his call for the special session so as to
include all questions involved in the strike disorders resulted
in the adoption of a vigorous program by the Progressive
members of tho House. Six Progressives left the floor to
confer after the Governor had tacitly informed them that he
would not issue a revised call. On the 7th inst. the New
York “ Times” reports the Progressive Democrats and the
Progressives joined forces in the Senate, and placed on record
a resolution condemning the Ammons Administration for its
failure to control the Colorado strike situation. In the
House a resolution was introduced directing the Governor to
extend his call for the special sessions to such an extent that
the entire strike situation may be gone into. This resolu
tion, introduced by Representative Person, a Progressive,
was put over for five days, the full Ammons strength voting
for the delay.
The Progressive program demands that the Legislature be
given power for immediate arbitration of all matters in con
troversy. It demands changes in the State laws governing
the leasing of coal properties, so that the State may compel
lessees, under pain of forfeiture of leases, to comply with all
safety regulations to save lives in mines; that the State shall
say who shall be employed in mines; that forfeiture of leases
shall include forfeiture of improvements; that all present
lessees who are proven guilty of violating State statutes for
safety in mines shall be deprived of their rights, the report of
the State Inspector in tho last two years to decide this point;
that the State shall reserve the right to fix the price of coal
to consumers, making the price to cover the cost of mining,
transportation and sale, with a small profit to the operators,
and declares that the present royalty of 10 cents per ton paid
for coal mined on State lands is not enough.
The bill authorizing the Governor to close saloons in dis
tricts affected by strike disturbances was passed by the Sen
ate on the 6th inst., after the Judiciary Committee had
amended the measure by changing the word “ disturbance”
to “ riot,” as the condition under which the Act was to be in
voked, and by fixing severe penalties for violation.
A plan to levy an income tax to meet the expenses of the
militia in the strike zone was initiated on the 6th.
A bill,
introduced in both Senate and House, would levy a graduated
tax on the incomes of persons, firms and corporations, the
tax to continue only until the militia bills were paid.
The result of an inquiry into the causes of the disturbances
at Ludlow on April 20, made by Edward J. Bough ton,
M ajor and Judge Advocate of the Militiary District of Colo
rado, W . C . Danks and Philip S. Van Cise, Captains of the
First Infantry, was made known in a report presented on the
2nd inst. to Gen. John Chase, Brigadier-General Command
ing the Military District of Colorado. In part the report
says:
1. W o find that the remoto cause o f this, as of all other battles, lies with
the coal operators, who established in an American industrial community
a numerous class of ignorant, lawless and savage South European peasants.
Th e present underlying cause was tho presence near Ludlow, in daily contact
one with another, oi three discordant elements— strikers, soldiers and mine
guards, all armed and fostering an increasing deadly hatred which sooner
or later was bound to tind some such expression. The immediate cause
ot the battle was an attack upon the soldiers by the Greek inhabitants of
tho tent colony, who misinterpreted a m ovem ent o f troops on a neighbor
ing hill.
i4 8 6
THE CHRONICLE
W e m ake the following recommendations:
(a) Feeling that this board of officers was not constituted to determine
possible guilt or innocence, we recommend that a general court martial bo
appointed to try all officers and enlisted m en participating in the treat
m ent and killing of prisoners, and the burning and looting of the tent colony.
(b) W o recommend that the General and Governor urge upon the Legis
lature the establishment ot a permanent State constabulary for police duty
in disturbed regions of the Stato whereby the young men of our volunteer
national guard m ay be relieved from engaging in riot duty with a people
numbering among them ferocious foreigners whose savagery in fight we
found exemplified in the killing ot M ajor Lester while under Red Cross
protection and tlio maiming and mutilation of Privates M artin, Hockersm ith and Chavez.
(c) W e strongly recommend the General and Governor to urgo the Stato
and Federal governments to proceed at once to the apprehension and pun
ishm en t of all persons engaged as instigators or participants in the treasons,
murders, arsons and other acts of outlawry in this State since the battle of
Ludlow.
A coroner’s jury which undertook an investigation into
the burning on April 20 of tlio strikers’ tent colony at Ludlow,
which cost the lives of two women and eleven children, like
wise mado known its findings on the 2d; its verdict is as fol
lows:
W e , tho jury, find that tho deceased came to their deaths by asphyxia
tion or fire, or both, caused by the burning ot the tents of the Ludlow tent
colony, and that tho firo on the tents was started by militiamen under
M a jo r Ilam rock and Lieut. Linderfelt, or mine guards, or both, on the 20th
day of April 1914.
In a supplemental verdict in the case of Louis Tikas, leader
of the Ludlow Greeks, Private Alfred Martin and six strik
ers, killed in the fighting which preceded tho firo, the jury
finds that they “ came to their deaths by bullet wounds in
the battle between militiamen under command of Major
Hamrock and Lieut. Linderfelt, and mine guards, on ono
side, and strikers on tho other.”
Under an amendment to tho Agricultural Appropriation
Bill, agreed to on the 5tli inst. by the Senate, tho Govern
ment is prohibited from accepting any furthor funds from tho
Rockefeller General Educational Board for tho furtherance
of demonstration work, tho amendment stipulating that no
part of tho funds appropriated for this purposo “ shall be used
in connection with any money contributed or tendered by
tho General Education Board or any like organization.”
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
T h e public sales of bank stocks this week aggregate 29
shares, of which 9 shares were sold at tho Stock Exchange and
2 0 shares at auction. T h o transactions in trust com pany
stock reach 227 shares. T w o shares of stock of the M ech an
ics & M e ta ls N ation al B a n k , which is negotiating for tho
purchase of tho Fourth N a tio n al B a n k , wero sold at 2 45 —
an advanco of 15 points over tho price paid a m onth ago,
when tho last previous salo was m ade. F ive shares of N a
tional C ity B a n k stock were sold at 3 5 0 , as compared with
3 4 0 in D ecem ber 1913.
Shares. H A N ICS— N e w Y o rk .
Low .
H ig h .
Close.
*5 City Bank, National............350
350
350
*2 Fourth National Hank------- 19134 191M 19134
*2 Mech. St Metals Nat. B k_ 245 245
_
245
H A N K — B ro o klyn .
20 Nassau National Hank_____21034 21034 21034
TRUST COMPANY— N e w Y o rk .
*
227 Empire Trust C o................... 291 291
291
L a s t p revio us sate.
I)cc.
Fob.
April
1913— 340
1914— 190
1914—•230
May 1911— 250
Oct.
1912—•301
* Sold at tho Stock Exchange.
A resolution introduced in tho Senate on M a y 2 by Senator
Borah seeks to postpone until after the convening of Congress
next December action on tho bill repealing tho provision in
the Panama Canal Act exempting from tolls vessels engaged
in American coastwise trade, with the viow to submitting
the question to voters at the next election. Tho resolution
is as follows:
W hereas, Tho three political parties now represented in the executive and
legislative departments of the Government, and which alone will havo to
do with pending legislation, went before the voters In the last national cam
paign solemnly committed to tho policy and the justlco of exemption of
tolls from American vessels engaged in coastwiso trade; and.
W hereas, Tho three candidates for tho Presidency of o ach of said politica
parties individually declared in favor of the justice and wisdom of such pol
icy; and,
W hereas, It is now deemed by som e the part of wisdom, notwithstanding
such pledges and platforms, to impose tolls upon American vessels engaged
in coastwise trade; and.
W hereas, National honor and tho fundamental principles of representa
tive government require that wo deal in the utm ost good faith with tho
olectorato, and that all public servants carry out tho pledges solemnly
mado to tho peoplo and upon and by reason o f which pledges they aro
delegated to act for tho peoplo; and,
W hereas, A t tho approaching Novem ber election tho entire House of
Representatives and thirty-tw o members of the Senate aro to bo elected,
all of whom must bo elected by popular vote; and,
W hereas, In this way a referendum for all practical purposes m ay bo had
upon this important question heretofore submitted to the people; and,
W hereas, N o injury of any moment can possibly arise or be incurred by
reason of delaying the passage of this bill for the next few months; there
fore, bo it
Resolved, That a vote upon Houso Bill N o . 14,385, providing for the repeal
of that portion o f the A c t of A u g. 24 1912, providing for tho exemption
of tolls upon vessels engaged in coastwiso trade, shall bo postponed
[VOI. XOVIII.-
until after the convening of Congress, D ec. 7 1914, to tho end that th is;
m atter m ay again be submitted to tho voters of tho United States, whose right and privilege it is to finally determine this question.
Senator O’Gorman, leader of the forces opposing the
repeal of the toll-exemption provision, again gavo expression
to his conviction that the United States is justified in allowing
American coastwise shipping to operate free through the
Panama Canal, in an address before the Senate on Thurs
day. M r. O’Gorman, according to tho New York “ Tim es,”
made two main points. He cited such recognizod authorities
as Wharton’s Law Dictionary (British), the Encyclopaedia
Brittanica and the International Encyclopaedia as holding
“ commerce” meant international traffic. Accordingly, he
reasoned, the expression “ vessels of commerce and of war”
in the Hay-Pauncefote Treaty would not refer to purely
domestic shipping in the coastwise trade. He also con
tended that under international law the word “ vessels”
when used in a treaty, unless tho contrary meaning is
clearly expressed, refers only to vessels engaged in inter
national or oversea trade. It does not relate to vessels in
local or domestic trade. This principle is not only sanc
tioned by Great Britain and tho United States, ho averred,
but has been recognized distinctly by the Supreme Court
of the United States.
M r. O’Gorman’s other point was that tho treaty’s stipula
tion that “ no change of territorial sovereignty * * *
of the country * * * traversed by the * * * canal
* * * shall affect tho general principal of neutraliza
tion” referred only to changes of sovereignty occurring after
the canal had been built. The significance of this conten
tion consists in tho fact that rights of full sovereignty are
claimed for tho United States through tho acquisition,
before the canal was cut, of tho Panama strip. From that
starting point ho pressed his argument that tho canal was
built on American soil in a manner not contemplated by the
Hay-Pauncefote Treaty and entirely outside tho limitations
of that convention. In elaborating this point tho Senator
continued as follows:
“ Under the doctrlno recognized b y tho British Government, tho troatyis
inoperative concerning the newly acquired territory of tho United States,
and tho canal construction on American territory at Panama is no more
affected by tho Ilay-Pauncefoto Treaty than would bo a canal across any
other part o f tho soil o f tho United States.
“ It will bo observed that tho Ilay-Pauncofoto Treaty was adopted in
1901; that it was tho expectation of both nations that tho canal would
bo built on foreign soil, and that for tlio protection of tho canal it was
distinctly stipulated that tho rights o f tho parties would not bo affected
by any subsequent change o f sovereignty o f tho territory over which tho
canal was constructed, i. o ., chango of sovereignty after its construction.
“ The doctrino is well established in international law that all treaty
engagements aro necessarily subject to tho general understanding that they
shall cease to bo obligatory as soon as tho conditions upon which they aro
executed aro essentiallyalterod. H all, a well-recognized British authority,
declares in his work on international law that ‘neither party to a treaty
can make its binding effect dependent at will upon conditions other than
those contemplated at tho momont when tho contract was entered into,
and, on tho other hand, a contract ceases to bo binding so soon as anything
which formed an implied condition of Its obligatory forco at tho tiino of its
conclusion is essentially altered.’
“ Hannis T aylor, tho American authority on international law, states
tho rulo as follows:
“ ‘So unstablo aro tho conditions of international oxlstonco and so difficult
Is it to enforco a contract betwoon States after tho stato of facts upon
which it was founded has substantially changed, that all such agreements
aro necessarily mado subject to the goncral understanding that they shall
cease to bo obligatory as soon as tho conditions upon which thoy wore,
executed aro essentially altered.’
“ England invoked this rulo in her own dofonso whon sho was accused by
tho European Powers with violation of tho neutrality provisions of tho Suez
Canal convention. In a convention o f tho Powers a protest was made
against tho action o f Great Britain, and Lord Pauncofoto, tho joint author
o f tho Hay-Pauncefote Treaty, stated tho position of Great Britain as
follows:
“ ‘T hat E gypt having becomo British territory since tho construction of
tho canal and tho agreement between tho Powers, Great Britain could not
bo bound by tho neutrality provisions adoptod, so far|as thoy affected Egypt,,
becauso it was a recognized principle of international law that treaties aro
only operative so long as tho basic or fundamental conditions upon which
they aro based continuo, and that in tho ovont of a fundamental change,
such as a chango o f sovereignty of tho soil, any nation which is a party
to such treaty could honorably contend that it was inoperative as to her
nowly acquired territory.’
“ This contention of Lord Pauncofoto was upheld by tho British Govern
m ent, and England proceeded to fortify her newly acquired territory and
continued to maintain it in a fortified condition, notwithstanding tho
neutrality provisions of tho Suez Canal convention to tho contrary.
M r. O’Gorman also said:
“ Aro wo to abandon tho M onroo Doctrlno whon ovory sontiment of the
American peoplo calls for its maintenance? M ust wo cower boforo tho
mailed fist and givo tho first manifestation of national declino? N o nation
can respect another that docs not respect itself. Surely tho most that can
bo claimed by tho British advocato is that tho question of tho interpretation
of tho treaty is involved in doubt. I f that bo so, by what right or authority
do wo resolvo tho doubt against our own peoplo? H avo wo no liberty
of action? W hen havo we becomo so fooblo that wo cannot rotaln advan
tages of our own?
Havo wo not tho same right that England has to placo
our own interpretation on tho troaty and support it by roason and proco
dent? Y e t wo aro told, 'right or wrong’ , wo shouldsubm lt. W honcocame
thoso standards in tho affairs of nations? England has novor applied them,
to herself.
M ay 9 1914.]
THE CHBONICLE
“ I n m a t t e r s p o r s o n a l t o o u r s e lv e s w o m a y s u r r e n d e r o u r p r i v a t e r ig h t s , i f
w o w ill; t h e y a r e o u r s , a n d o u r a c t i o n a f f e c t s o u r s o lv o s a l o n e , b u t a c t in g a s
t r u s t e o s f o r a n a t i o n , c a n w o in h o n o r o r j u s t i c o s u r r e n d e r t h e i r r ig h t s a n d
i n t e r e s t s w it h o u t r h y m o o r r o a s o n ?
W o m a y r a n s a c k a ll t h o a u t h o r i t ie s
o n in t e r n a t io n a l u s a g e ; w e m a y e x p l o r e a ll t h o p a g e s o f d i p l o m a t i c r e la
t i o n s , a n d I v e n t u r o t o a s s e r t t h a t n o p r e c e d e n t c a n b o f o u n d in t h o h i s t o r y
o f a n y c o u n t r y f o r t h is e x t r a o r d i n a r y p r o p o s a l .
“ I f I w o u l d c o u n s o l t h o P r e s i d e n t , I w o u l d r e m in d h i m t h a t w h a t e v e r
w o o w o f o r e ig n n a t io n s , w o o w e m o r e t o t h o A m e r i c a n p e o p l o .
I t is id le
t o t a l k o f n a t io n a l h o n o r w h e n w o s e e k t o m e e t u n f o u n d e d d e m a n d s b y i n
f l i c t i n g i n ju s t i c e a n d d i s h o n o r u p o n o u r o w n p e o p l e .
I w o u ld u r g e t h o
s t r ic t o b s e r v a n c e o f e v e r y i n t e r n a t io n a l o b l i g a t i o n f o u n d e d o n r ig h t a n d
J u s t ic e , b u t I w o u ld d e f y t h o p o w e r s o f t h e e a r t h b e f o r e I w o u ld p e r m it
e n c r o a c h m e n t s u p o n o u r r ig h t s o f s o v e r e i g n t y .
“ I k n o w t h a t t h e r e is a v a g u o s u s p i c io n t h a t d i p l o m a t i c r e a s o n s r e q u ir e
th is n a tio n a l a b a s o m o n t, b u t m y ju d g m e n t , m a t u r e ly fo r m e d a n d b a se d
u p o n s u c h i n fo r m a t i o n a s is a v a i l a b l e , is t h a t t h o g r a v i t y o f o u r in t e r n a t io n a l
r e la t i o n s h a s b e o n g r o s s l y , t h o u g h u n c o n s c i o u s l y , e x a g g e r a t e d .
Tho
A m e r ic a n p e o p le w a n t p e a c e , b u t th o y fe a r n o p o w e r o n e a r th .
Shadow s
c a n n o t d is tu r b a b r a v o m a n .
T h o y s h o u l d n o t a la r m a b r a v o a n d i n t r e p id
p e o p lo .
“ N o S e n a t o r q u e s t i o n s t h o p a t r i o t i s m a n d h ig h p u r p o s o s o f t h o P r e s i d e n t ,
b u t i f le g is la t io n is t o b o m a d o d e p e n d e n t u p o n h is w il l a l o n e , n o o u o c a n
p r e d i c t t h o m is c h i e f t o w h ic h s u c h a p r e c e d e n t w ill e x p o s e t h is G o v e r n m e n t
In f u t u r o y e a r s .
I b e l io v e t h a t t h o p a s s a g e o f t h i s b i l l c o m p r o m i s e s t h o
d i g n i t y a n d h o n o r o f t h o c o u n t r y , a n d b o f o r o t h o d e e d is c o n s u m m a t e d
I e n t e r m y s o le m n p r o t e s t a g a in s t w h a t I c o n c e i v o t o b o a b e t r a y a l o f t h o
A m e r ic a n p e o p le .”
Soth Low was elected President of tho Chamber of Com
merce of tho Stato of Now York at the annual meeting on
Thursday, a position held by his father fifty years ago. The
newly olocted President succeeds John Claflin. In his
address before tho Chamber with his installation as its head
M r . Low had something to say regarding tho application
of tho Eastern roads for higher freight rates. In his discus
sion of tho matter ho said:
A m o n g t h o m o s t i m p o r t a n t q u e s t i o n s a f f e c t i n g t h o b u s in e s s p r o s p e r i t y
o f t h e c o u n t r y a t t h o p r e s e n t m o m e n t , a n d , t h e r e fo r e , t h e a b i l i t y o f b u s in e s s
t o d o f o r t h o c o u n t r y w h a t i t o u g h t t o d o , is t h o a p p l i c a t i o n o n t h o p a r t o f
t h o E a s t e r n r a ilr o a d s f o r a n in c r e a s e o f fr e ig h t r a t e s n o w a t is s u e b e f o r e
t h o I n t e r - S t a t e C o m m e r c o C o m m i s s i o n . A s I v i o w t h i s q u e s t i o n , i t is
m u c h le s s a q u e s t i o n o f d e t a i ls t h a n a q u e s t i o n o f f u n d a m e n t a l s .
Tho
c o u n t r y is f u l l y c o m m i t t e d , a n d a s I t h in k p r o p e r l y , t o t h o p u b l i c r e g u la
t io n o f in t e r - S t a t o r a i lr o a d s .
I t w ill n o v e r g o b a c k t o t h o u n c o n t r o l l e d
p r i v a t e o w n e r s h ip a n d o p e r a t i o n o f s u c h r a ilr o a d s .
U n le s s t h o p u b l i c
r e g u l a t i o n o f r a ilr o a d s t h a t a r e p r i v a t o ly o w n e d a n d o p e r a t o d c a n b o s h o w n
t o b o p r a c t i c a b l e , it is s u b s t a n t i a l ly c e r t a in t h a t t h o c o u n t r y w il l d r i f t i n t o
t h o p u b l i c o w n e r s h ip a n d o p e r a t i o n o f a ll s u c h u t i li t ie s .
W ith o u t a tte m p t
i n g t o d i s c u s s t h o in o r it s o f p u b li c o w n e r s h ip a n d o p e r a t i o n , i t is e n o u g h t o
p o i n t o u t t h a t t h o a d o p t i o n o f s u c h a p o l i c y f o r in t e r - S t a t o r a ilr o a d s c o u l d
n o t f a il t o b r in g a b o u t in t h is c o u n t r y p o l it i c a l a n d s o c ia l c h a n g e s t h o o x t o n t o f w h ic h n o m a n c a n fo r e s e o .
T h o S t a t o o w n e r s h ip o f s u c h r a ilr o a d s w it h in t h o b o r d e r s o f e a c h S t a t o
w o u ld p l a c o in t e r - S t a t o c o m m e r c e a t t h o m e r c y o f f o r t y - e i g h t s o v e r e ig n
S t a t e s , w h o c o u l d n o t p o s s i b ly s o w o r k t o g e t h e r In h a r m o n y a s t o p r o m o t o
th o m a x im u m o f e ffic ie n c y .
I f , o n t h o o t h e r h a n d , n a t i o n a l o w n e r s h ip
a n d o p e r a t io n w ero to b o re s o r te d t o , th o S ta te s w o u ld b o o b lig e d t o su rren
d e r c o m p l e t o c o n t r o l o f t h e ir m o s t i m p o r t a n t t r a n s p o r t a t io n s y s t e m s :
a n d i f th o S ta te s w ore t o a g ree t o d o th is , th o F e d e ra l G o v e r n m e n t w o u ld
t h e n b o c a l le d u p o n n o t o n l y t o o p e r a t e r a ilr o a d s t h a t a l r e a d y e x i s t , s e r v
i n g t h o c o n t in e n t a l e x p a n s e o f t h is g r o a t c o u n t r y , b u t i t w o u ld a ls o b o c a l le d
u p o n t o p r o v i d o t h o m o n e y f o r t h o e x t e n s io n o f t h e s e r a ilr o a d s a n d f o r t h o
c o n s t r u c t i o n o f n o w r a ilr o a d s a s p u b l i c s e n t im e n t a n d c o n v e n i e n c e m ig h t
r e q u ir e .
T h i s w o u ld b o a t a s k s o h e r c u le a n t h a t it w o u ld b o d i f f i c u l t t o
a c c o m p li s h i f o v e r y c ir c u m s t a n c e f a v o r e d .
T h o s t o u t e s t b e l ie v e r in t h o
p o l i c y o f G o v e r n m e n t o w n e r s h ip a n d o p e r a t i o n o f in t e r - S t a t o r a i lr o a d s m a y
w e ll s h r in k f r o m t h o c o n s o q u c n c c s , u n d e r s u c h c o n d i t i o n s , o f lo c a l s t r if o
b o t w c o n t h o v a r io u s S t a t e s o f t h o U n io n a n d t h o v a r i o u s l o c a li t ie s w it h in
th o S ta te s.
I t s e e m s t o m o , t h e r e fo r e , t h o d u t y o f o v e r y p a t r i o t t o d o w h a t
lie s in h is p o w e r t o m a k o t h o p u b li c r e g u la t io n o f p r i v a t o ly - o w n e d a n d o p e r
a t e d in t o r - S t a t o r a ilr o a d s s o s u c c e s s fu l t h a t it w ill s e c u r e f o r t h o p e o p l o o f
t h o U n it e d S t a t e s t h o q u a l i t y a n d c h a r a c t e r o f s e r v ic o w h ic h t h o y d e m a n d .
I f p r i v a t o o w n e r s h ip a n d o p e r a t i o n o f r a ilr o a d s is t o b o c o n t in u e d , p r i v a t o c a p ita l m u s t b o c o n s t a n t ly a v a ila b le o n re a s o n a b le te rm s fo r th o d e
v e l o p m e n t o f n o w lin o s , f o r t h e in s t a lla t io n o f s a f e t y d o v l c o s , f o r t h o a b o l i
t i o n o f g r a d e c r o s s i n g s , a n d g e n e r a lly f o r t h o i m p r o v e m e n t o f t h o r a ilr o a d s
i n o v e r y p a r t i c u la r , s o t h a t t h o y m a y k e e p p a c o w it h t h o a d v a n c in g s t a n d
a r d s o f a c o u n t r y w h ic h is i t s e l f a d v a n c in g c o n t in u a l ly in it s id e a l s .
Su ch
c a p ita l m u s t c o m o f r o m p r iv a t o in v e s to rs .
T h e s e in v e s to rs n o w k n o w
t h a t p u b li c r e g u la t io n is a d o q u a t o t o c o m p o l in c r e a s e d s e r v ic e ; t o c o m p e l
t h o r a p i d a d o p t i o n o f s a f e t y d e v i c e s , a n d t o c o m p o l in c r e a s e d o u t l a y in
m a n y o t h e r f o r m s . W h a t t h o in v e s t m e n t w o r l d , o u t s i d o o f t h e U n it e d
S t a t e s , a s w e ll a s in i t , n e e d s n o w t o u n d e r s t a n d is t h a t , u n d e r p u b li c r e g u
l a t i o n , r a t e s c a n b o i n c r e a s e d a s w e ll a s c h a r g e s .
T h o p s y c h o lo g ic a l im p o r
t a n c e o f t h o d e c is io n a b o u t t o b e m a d o b y t h o I n t o r - S t a t o C o m m e r c o C o m
m is s io n o n t h is q u e s t i o n s e e m s t o m e fa r t o o u t w e ig h a n y q u e s t i o n o f d o l
la r s a n d c e n t s im m e d i a t e l y i n v o l v e d , c it h e r t o t h o r a ilr o a d s o r t o s h ip p e r s .
T h o q u e s t i o n a t is s u o a t t h o p r e s e n t t i m e is n o t s o m u c h w h e t h e r r a t e s o f
f r e i g h t o n t h o E a s t e r n r a ilr o a d s c a n b o a d v a n c e d 5 % o r a n y o t h o r p e r c e n t .
T h o q u e s t i o n j u s t n o w f u n d a m e n t a l l y is , is G o v e r n m e n t r e g u l a t io n , o r is it
n o t , t o b o t h o e q u iv a le n t o f s t r a n g u l a t io n ?
I f it is , i t is a n i m p r a c t i c a b l e
p o lic y .
G o v e r n m e n t r e g u l a t io n , in o r d e r t o b o s u c c e s s fu l a s a p e r m a n e n t
p o l i c y , m u s t b o a s a n x io u s t o p r o v i d o a d e q u a t e e a r n in g s a s i t is t o s e c u r e
a p r o p e r s t a n d a r d o f s e r v ic o a n d s u it a b l e r a t e s o f f a r o .
Tho organization of the Farm Mortgage Bankers’ Associa
tion of America was effected at a meeting on Thursday at
the Hotel Astor, at which wero present about fifty delegates,
from eighteen States, representing firms and corporations
and financial institutions which are engaged in part or solely
in tho purchase and salo of farm mortgages. Theso officers
wero elected: President, F. W . Thompson, Illinois; First
Vico-Prosidont, Kingman N . Robins, Now York; Second
Vice-President, 0 . M . Corwin, Minnesota; Third Vice
President, J. E . Maxwell, Missouri; and Temporary Secre
1437
tary-Treasurer, W . D . Ilord, New York. The following
were chosen Governors: A . Y . Allen, Tennessee; P . W . Bonfoey, Oklahoma; Edwin Chamberlain, Texas; R . W . W .
Jackson, Connecticut; Edward L. Dovereaux, Oregon;
Conner M alott, Washington; Levering Moore, Louisiana;
George L. Ramsay, Montana;
Moultrie M . Sessions,
Georgia; S. H . Warren, Kansas; J. W . Wheeler, Minnesota,
and W . K . Williamson, North D akota. The temporary
chairman was Kingman N . Robins of Rochester, N . Y . ,
Chairman of the Committee on Preliminary Organization,
which had issued the call for the organization meeting. This
call had been sent to about two hundred of the farm mortgage
bankers of the country, with capital ranging from $50,000
to $1,000,000. In his address opening the initial business
session, M r. Robins outlined tho benefits sought to be at
tained by the proposed organization, discussed the causes for
tho high interest rates charged the borrowers in various
States, and suggested certain legislation which would benefit
both tho borrower and the farm land dealer. The Associa
tion adopted a constitution and by-laws, which provide,
among other things, that any national or State bank, trust
company, corporation, partnership or individual, in good
standing, having a paid-in capital stock and surplus of
$50,000 or more, and which makes a practice of loaning money
on the security of improved farm lands, and publicly offers
such securities for sale, as a dealer therein, shall be eligible
to membership in this Association.
Another business session was held yesterday (Friday)
morning, at which the following resolution was adopted:
T h o F a r m M o r t g a g e H a n k e r s ’ A s s o c i a t i o n o f A m e r i c a , in c o n v e n t i o n
a s s e m b l e d , f a v o r s i m p r o v e m e n t in t h e m e t h o d s a n d f a c il i t i e s f o r m a k i n g
lo a n s u p o n f a r m l a n d s , a n d f o r m a k i n g t h e s e c u r it ie s t h e r e fo r r e a d i ly a v a i l
a b l e t o a n d s a f e f o r t h e i n v e s t o r ; a n d t h is a s s o c ia t i o n a d v o c a t e s c o - o p e r a t i o n
t o s e c u r e s u c h l e g is la t io n — S t a t e a n d n a t io n a l— a s w ill b e s t p r o m o t e a n d
s a f e g u a r d t h e i n t e r e s t s o f b o t h b o r r o w e r s a n d le n d e r s w i t h o u t i n d u c i n g
h a r m f u l in fla t io n o f c r e d it o r u n d u e s p e c u l a t io n in la n d s .
These standing committees were appointed: Legislation,
membership, publicity and resolutions; the Chairmen being,
respectively, George II. Ramsay, P. W . Bonfoey, Kingman
N . Robins and Lovering Moore. The organization meeting
closed with a dinner last night, at which tho speakers were
B . F . Harris, of Champaign, 111., Chairman of the Agricul
tural Commission of tho American Bankers’ Association;
F . W . Thompson, of the Merchants’ Loan & Trust C o .,
Chicago, tho newly elected President of the Farm Mortgage
Bankers’ Association, and Frank H . McCulloch, a lawyer
of Chicago.
Tho Trust Company Section of the American Bankersl
Association held its fourth annual banquet at tho WaldorfAstoria on Monday night, the 4th inst. Over six hundred
bankers and railroad men attended the gathering, which was
presided over by the President of tho Section, F . II. G off,
President of tho Cleveland Trust Co. of Cleveland. The
speakers were James R . Garfield, formerly Secretary of the
Interior, and Newton Baker, M ayor of Cleveland.
Lawrence L. Gillespie gave a luncheon on tho 5th inst. at
his residence for the officers and members of the Executive
Committee of tho Trust Company Section. Among those
present were: F . H . Goff, President Cleveland Trust C o .;
Ralph W . Cutler, President Hartford Trust C o.; John H .
M ason, Vice-President Commercial Trust Co. of Philadel
phia; Oliver C . Fuller, President Wisconsin Trust C o .,
Milwaukee; Lynn II. Dinkins, President Interstate Trust &
Banking C o., New Orleans; Herbert A . Rhoades, President
Dorchester Trust C o ., Boston; M . H . Grape, Vice-President
Continental Trust C o., Baltimore; Fred. E . Farnsworth,
General Secretary American Bankers’ Association; P. S.
Babcock, Secretary Trust Company Section; James Quinlan,
President Greenwich Savings Bank; Edwin Chamberlain,
Vice-President San Antonio Loan & Trust C o.; Leroy Bald
win, President of the Empire Trust Co. of New York; Arthur
K . W ood, President of the Franklin Trust C o.; George T .
Wilson, Vice-President of the Equitable Life Assurance
Society; Charles Hayden, Andrew Freedman, Edward C .
Dolafiold, John H . Iselin, Louis W iley, Charles M . M a cN eil
and Frederick H . Baldwin.
Tho carrying into effect of a consolidation of two important
banking institutions of the city, and the announcement ol'
tho prospective union of two others, figured in the events
of the' week. The two banks which entered into a merger
during tho week are the National Nassau Bank and the
Irving National Bank. N o intimation of this step came to
tho public until Monday last, when it was announced?that
negotiations had virtually been perfected for the consolida
tion. Tho final details were concluded on Wednesday, and
1438
THE CHRONICLE
at the close of business on that day the transfer was made
of the assets of tho National Nassau to tho Irving National
B an k , tho consolidation being effected undor tho name of the
latter. The National Nassau Bank was organized in 1852
as the Nassau Bank, and was converted to tho Federal sys
tem in 1911. It has a capital of 81 ,000,000, surplus and
profits of over $400,000, and the deposits under tho Clearing
House statement of last Saturday were $11,952,000. Tho
Irving National has a capital of $4,000,000; surplus and
profits of 3 K million and its deposits on M a y 2 were $42,
395,000. Edward Earl, President o f the Nassau, will be
identified with tho Irving as Vice-President. Rollin P .
Grant is President of tho Irving.
[Vol . XCVIII.
common stock, aggregating $10,000,000. The firm was
originally started in 1901 under the name of Cramp, Mitchell
& Serrill; later, in 1906, when M r. Serrill retired, Samuel
L . Shober entered the firm, tho name becoming Cramp,
Mitchell & Shober. M r. Shober withdrew in January 1913,
with his removal to the W est, and Theodore W . Cramp and
Howard E . Mitchell had since conducted tho firm under tho
name of Cramp, Mitchell & Co. Both have been prominent
in Philadelphia. M r. Cramp, who is a member of tho New
York Stock Exchange, is a member of the family of ship
builders; M r . Mitchell was formerly Treasurer of the Phila
delphia Mortgage & Trust Company.
The Security Savings Bank of Columbus, Ohio, was taken
charge of by State Superintendent of Banks Emory Lattaner
The other consolidation for which it developed negotia
on April 27 and, under arrangements effected between M r .
tions were under way, concerns the Fourth National Bank
Lattaner and the local bankers, tho payment of its depositors
and the Mechanics’ & M etals’ National Bank. The alliance
in full was immediately undertaken. According to the “ Ohio
would serve to create a bank with deposits of close to $100,
Stato Journal,” it was decided during the week prior to tho
000,00 0, the figures of the Mechanics’ & M etals’ in last
closing of the bank that unless the stockholders could make
Saturday’s Clearing-IIouso statement having been $59,797,
good certain loans that were held in question, tho Stato
0 0 0 , while those of tho Fourth National were $36,005,000.
Banking Department would be compelled to assume chargo
Under the proposition approved by tho directors of the
and liquidate its affairs. Tho stockholders, it is stated, were
Fourth National on Thursday their stockholders are urged
unable to make good tho impairment shown by tho examiners,
to accept the offer of $200 a share for their holdings, the
and the Superintendent hence assumed charge, perfecting at
Mechanics’ & M etals’ having agreed to purchase not less than
once negotiations with tho other bankers for aid in relieving
two-thirds of tho Fourth’s stock at this figuro, on or before
tho depositors of the Security. Tho examinations of tho lat
Juno 12. A committee to receive assents on the stock has
ter aro said to show that its $50,000 capital is impaired to the
been appointed, consisting of Cornelius N . Bliss Jr., T . Frank
extent of $41,000 to $48,000, according to tho judgment as
Manville and John Claflin. If the pending proceedings aro
to the value of the security behind tho loans. The bank had
carried through tho Fourth National is to bo placed in
deposits of $349,335, of which $147,735 represented public
voluntary liquidation. Only recently tho Fourth National
funds.
reduced its capital and surplus from $5,000,000 each to
$3,000,000 each; they had been increased from the lower to
Tho new First & Old Detroit National Bank of Dotroit,
the highor figures in 1909. Tho Mechanics’ & M etals’ representing a consolidation of tho First National and the Old
National has a oapital of $6,000,000 and surplus and profits Detroit National banks, began business on M a y 1, their
in tho neighborhood of 8 K million dollares. James G . union creating tho largest bank in Michigan. Tho merger
Cannon is President of tho Fourth National and Gates W . had been pending since last February, whon joint committees
McGarrah is at the head of tho Mechanics’ & M etals’ N a appointed by tho directors approved plans to this end; tho
tional.
proceedings were ratified by tho stockholders last month.
Tho new bank starts with a capital of $5,000,000 and a sur
Charles E . Miller has resigned as an Assistant Cashier of plus of $2,500,000. Its deposits, based on those of tho con
tho Mechanics’ & M etals’ National to become Treasurer of solidating banks on March 4, aro in the neighborhood of
J. F . Lucey & C o ., an oil-well supply concern.
$44,000,000, the First National on that date having reported
deposits of $24,122,381 and tho Old Detroit National $19,
George C . Van Tuyl Jr., President of the Metropolitan 866,872. Emory W . Clark, President of the First National,
Trust Co. of New York, and formerly New York State is President of the succeeding institution, while Alexander
Superintendent of Banks, has been elected a director and McPherson, President of tho Old Detroit National, is Chair
Vice-Presidont of tho Albany Trust Co. of Albany, N . Y . man of the board. The management is otherwise made up
M r . Van Tuyl retired as President of that company at the of William J. Gray, W . T . Do Graff, Frank G . Smith,
time of M b appointment as Superintendent of Banks in 1911. Merle B . M oon, John W . Staley and Edward C . Mahler as
Vice-Presidents; Ben G. Vernor, Assistant to tho President;
George W . Cliauncoy has retired from tho presidency of W alter G . Nicholson, Cashier; W . A . M cW hinnoy, Elmer
the Mechanioa' Bank of Brooklyn Borough, in accordance E . Ford, Fred. I I . Talbot, F . F . Christie, Russoll E . Smith
with his deslro to bo relieved of tho responsibilities of tho and James A . Wilson, Assistant Cashiers; John II. Hart,
aotjve management of tho institution, owing to impaired Manager of Credits, and L. F . M erz, Manager of tho Foreign
health; he will continue to bo affiliated with its operations Exchango department. M r. Do Graff and M r. Mahler,
as Chairman of tho Board, a post especially created for him both Vice-Presidents of the enlarged institution, had been
by the directors. Charles G . Balmanno, Vice-President, Cashier and Assistant Cashier, respectively, of tho Old De
has been eleetod President, succeeding M r. Cliauncoy. troit National, M r. De Graff having been tho oldest employee
M r . Balmanno was formerly Vice-President and Cashier, in point of servico of that institution; M r. Vernor^ had been
but for the past year had given his entire time to the duties Assistant to tho President of tho Old Detroit National, and
of Vice-Presidont. Walther W olf, formerly Deputy Superin Messrs. Ford, Talbot and R . E . Smith had been Assistant
tendent of Banks, is a new officer of the bank, having been Cashiers of tho latter; Messrs. F . G . Smith, Moon and
named to take tho post of Controller, an office which has just Staloy were Vice-Presidents of tho lirst National; M r.
beon established in tho institution. M r. Chauncey had been Nicholson was Cashier and Messrs. M eWhinney, Christie
President since 1902; his father, Daniel Chauncey, was tho and Wilson were Assistant Cashiers of tho First.
second President of tho bank, which was founded in 1852.
The suspension of the banking and brokerage house of
Cramp, Mitchell & Co. of Philadelphia was announced on
tho Philadelphia Stock Exchange on M onday. Upon tho
potition of three small creditors, the firm’s affairs were placed
’ in charge of Charles S. W . Packard, as receiver, by Judge
Thompson of the U . S. District Court. M r. Packard is
President of the Pennsylvania Company for Insurances on
Lives & Granting Annuities. The bankruptcy potition
places the liabilities at $3,600,000 and tho face value of the
assots is given as $3,100,000. The quick assets are estimated
at only about $25,000. Tho firm’s embarrassment is at
tributed to unfortunate business vontures, principal among
which is said to have been tho Amalgamated Asbestos Corpora
tion, L td., of Canada, which it launched in 1910, and which
later experienced difficulties; in 1911 it defaulted on its bonds;
a subsequent reorganization wiped out both tho preferred and
J. L . Hutton, who has resigned as Stato Superintendent of
Banks, to become President of the new Mercantile National
Bank of Memphis, has been succeeded by J. L. Emerson.
Tho latter was sworn into offico on April 28. M r. Emorson
was connected with tho banking institutions of Athens, I enn.,
previous to becoming a Stato bank examiner last January.
C . R . I. Brown has been elected President of tho Citizens’
Bank of Charleston, S. C ., succeeding A . W . Litschgi, re
signed. M r. Brown had previously officiated as Cashier,
and his successor in that post is J. M . Frampton. W . J.
Condon continues as Vice-Presidont. It is reported that tho
capital of the institution has been increased from $50,000
to $75,000.
Tho Central State Bank & Trust Co. of Dallas, Tex.,
organized under tho presidency of L. L. Henderson, began
business on April 27 with $200,000 capital. Tho formation
m ay
9 1914 .J
THE CHRONICLE
of the institution was undertaken in January. C . B . Gil
lespie is the active Vice-President; H . M . Hardie is Cashier,
and Fred. Kelly is Assistant Cashier. M r. Gillespie was
Financo Commissioner for the First Board of Municipal
Commissioners elected in Dallas, serving from 1907 to 1911.
The proposal to increase the capital of the Spokane &
Eastern Trust C o. of Spokane, W ash ., from $300,000 to
$500,000, has been approved by the stockholders. The
issuance of the new stock follows the merger of the N orth
west Loan & Trust Co. of Spokane (capital $100,000) with the
Spokane & Eastern Trust C o.; $100,000 of the additional
stock of the latter is taken by the Northwest’s stockholders;
as indicated in our issue of February 14.
TRADE AND TRAFFIC MOVEMENTS.
A N T H R A C IT E C O AL P R O D U C T IO N .— Shipments of
anthracite coal to tidewater during the month of April 1914
increased 105,975 tons over the same month last year. In
the following we show the shipments by the various carriers
for April 1914 and 1913 and for the periods Jan. 1 to April 30
this year and last.
-April-
Jan. 1 to April 30—
1914.
1913.
3,8 8 4 ,1 5 3 4 ,5 7 9 ,4 0 8
1914.
1913.
Road—
P h ila d elp h ia <fc R e a d i n g - . - .............ton s. 1 ,1 85,930 1,180,115
C en tral R R - o f N ew J e rse y -----------------D ela w a re L a ck aw an n a & W e ste rn -------D ela w a re * H u d s o n .---------- ------------------P e n n s y lv a n ia -------------------------------------------
748 ,162
894,513
615,573
619 ,159
738,579
86 1 ,0 7 8
56 1 ,7 0 0
5 85 ,472
2,7 6 0 ,0 8 4
2 ,7 8 5 ,0 4 2
2 ,0 9 0 ,9 7 9
2 ,1 6 6 .5 6 7
2 ,9 7 8 ,8 7 2
3 ,0 7 8 ,9 9 5
2 ,3 44,688
2 ,0 8 2 ,2 9 7
O n tario & W estern ........................... .............
1991659
210]963
741,790
859,199
T o t a l ------------------ ---------------------------------- 6 ,0 7 2 ,1 0 4 5 ,9 6 6 ,1 8 9 2 0 ,5 3 4 ,0 5 0 22,886,005
C O PPER P R O D U C T IO N A N D C O N S U M P T IO N .—
The statement of the Copper Producers’ Association for
the month of April issued to-day records a now high level of
production of the metal. The output reached 151,500,531
lbs., comparing with only 135,333,402 lbs. in April 1913.
Nevertheless marketable stocks of copper increased only
5,727,682 lbs. during the month. Below wo furnish a
comparison of the various items for April 1914 and 1913
and for the four months ending April 30. W e also add
figures to show the European visible supply.
-April1913.
1 04 ,269 ,27 0
1 3 5 ,333 ,40 2
.2 1 6 ,1 0 9 ,8 5 0
2 3 9 ,6 0 2 ,6 7 2
642 ,922 ,66 1
651 ,326 ,33 9
. 6 3 ,4 2 7 ,0 3 3
. 8 2 ,3 4 5 ,2 1 6
7 8 ,1 5 8 ,8 3 7
8 5 ,8 9 4 ,7 2 7
2 2 8 ,823 ,59 4
3 4 3 ,762 ,06 0
2 7 9 ,630 ,83 0
290 ,146 ,40 1
D eliv eries for—
1914.
9 1 ,4 3 8 ,8 6 7
5 5 1 ,4 8 3 ,7 9 4
1913.
105 ,312,582
5 46 ,013 ,75 7
145 ,772 ,84 9
164,053,564
5 7 2 ,585 ,66 0
675 ,777,231
. 7 0 ,337,001
75 ,5 4 9 ,1 0 8
70,337,001
75 ,5 4 9 ,1 0 8
. 4 0 ,1 4 7 ,5 2 0
. 4 5 .6 2 1 ,3 2 0
7 2 ,3 3 1 ,8 4 0
6 8 ,2 4 6 ,0 8 0
4 7 ,1 1 6 ,1 6 0
4 5 ,0 2 4 ,3 2 0
9 0 ,4 7 1 ,3 6 0
68,2 4 6 ,0 8 0
E u rop ea n visib le su p p ly—
Week ending Mag >.
Clearings at—
1914.
San F r a n cis c o . .
L 03 A n g e le s____
S e a t t le ..................
P o r t la n d ..............
S a lt L a k e C i t y .
S p o k a n e ________
T a c o m a ________
O a k la n d ________
S a cra m e n to ____
San D ie g o _____
P a sa d e n a _______
S t o c k t o n _______
F r e s n o ___
~
N o r t h Y a k im a l
San J o s e ________
U e n o ______
from first page.
April.
ripartnn* ut
V/tCU/ t/*yo fit—
1914.
1913.
San F r a n cis c o .
L o s A n g eles___
S e a ttle ................
P o r t l a n d ..........
Salt L a ke C it y .
S p o k a n e _______
T a c o m a .............
O a k la n d ............
S a cra m en to___
San D ie g o ____
P a sa d en a -------S t o c k t o n --------F r e s n o ................
B o ls o ................ N o rth Y a k im a .
San J o se _______
R e n o __________
O g d e n ................
San ta R o s a . . .
$
216,065,023 218.101,009
103,728,786 110,197,663
55,050,501 53,749.994
57,520,527' 51,916,810
25,697,400 25,540,157
18,991,605 18,546,490
8,927,698 11.720,665
15,730,494 16,863,500
8,591,215 9,052,885
9,794,306 12,128,161
3,951,575 4,773,623
4,219,771 4,431,602
4,271,189 4,530,003
3,197,350 3,297,361
1,765,000 1,871,893
2,547,137] 2.808,403
1,240,000 1,175.093
3,035,411 2,645,874
800,000
769,259
T o t a l P a cific
545,130,993 557,175,505
S
$
5 3 ,847,014
2 6 ,432,463
12,082,178
11,573,568
5 ,3 7 8 ,5 0 5
3 ,8 7 0 ,2 6 3
2 ,3 34,883
4 ,0 3 0 ,2 6 7
1,952,130
2 ,7 0 8 ,7 6 2
949,589
857,324
1,006,877
334,849
585,984
260,000
— 9.1
— 7.6
+ 2.5
+ 5.0
+ 8.1
— 11.3
— 14.7
— 7.0
— 9 .0
— 19.7
— 16.5
— 16.7
— 2.2
— 4.4
+ 1.7
+ 1.9
S
62,1 0 7 ,4 2 0
24,3 6 7 ,4 1 6
11,704,741
11,610,234
7 ,0 7 5 ,4 5 9
4 ,3 7 8 ,9 6 3
3 ,1 7 3 ,1 3 9
4 ,1 9 8 ,3 6 6
•1,640,497
2 ,3 4 6 ,1 2 9
8 29 ,923
721 ,928
1,111,156
4 33 ,674
550,314,
2 5 0 ,0 0 0
128 ,203 ,65 6
— 7 .0
1 2 6 ,499 ,35 8
11 6 ,6 9 5 ,5 8 1
5 6 ,2 1 7 ,7 6 8
— 8.6
2 2 ,010,858
+ 7.9
16,714,545
— 4 .3
8 ,7 5 2 ,2 3 9 + 20.2
9 ,6 1 8 ,6 7 4
— 9 .0
7 ,4 9 1,795
— 8.4
5 ,5 0 5 ,4 6 5
— 4 .6
3 ,5 5 2 ,3 2 0
— 2.4
3 ,1 2 0 ,5 2 5
— 0 .9
3 ,3 1 3 ,8 9 5
— 3.3
1,724,086 + 17.1
2 ,2 0 3 ,6 2 5 — 17.0
1 ,3 07,108
+ 8 .6
1,696,921
+ 7.3
317,091
+ 8 .8
565,844
— 6 .0
396 ,617 + 170.4
1,855,704 — 11.3
8 78 .104
— 2 .9
382 ,624 + 30.7
278 ,096 + 14.1
21 0 ,0 0 0 — 21.8
386,822 — 16.8
5 5 ,2 1 3 ,7 1 4
2 0 ,8 4 2 ,9 7 9
12,063,603
10,684,086
9 ,8 2 4 ,6 2 9
8 ,2 5 9 ,2 2 0
4 ,8 3 6 ,1 4 0
3 ,1 6 4 ,9 8 6
3 ,3 3 1 ,0 1 5
3 ,3 92,411
1,941,653
2 ,0 2 7 ,8 8 2
1,299,457
2 ,1 2 6 ,3 5 4
7 00 ,000
683 ,7 6 9
753 ,172
1,5 7 5 ,1 5 8
874 ,1 9 6
30 4 ,0 0 6
42 0 ,5 1 9
205 ,0 4 5
343 ,3 1 0
4 8 ,1 1 4 ,7 3 0
1 9 ,7 7 2 ,5 1 8
1 5 ,0 6 1 ,2 3 8
1 0 ,8 1 6 ,9 4 1
8 ,5 6 3 ,5 6 *
6 ,4 2 1 ,8 0 2
6 .4 6 2 ,8 8 1
2 ,6 5 5 ,8 5 5
2 ,6 3 5 ,0 7 6
3 ,2 3 5 .4 9 3
1,7 6 5 ,2 9 6
1,7 8 2 ,1 5 #
1 ,7 3 4 ,0 6 *
1,6 9 8 ,3 5 #
654,67®
6 4 9 ,9 7 #
6 2 3 ,9 7 4
1 ,3 6 3 ,3 2 *
8 5 0 ,9 4 *
4 6 4 ,0 0 *
3 6 2 ,0 9 *
208 ,781
1 3 5 ,0 4 0
144 ,867 ,90 4
1 3 5 ,0 3 4 ,5 9 2
Total Pacific..
120,535,206
51,401,811
23,749,061
15,997,860
10,518,565
8 ,7 5 3 ,6 0 6
6 ,8 6 3 ,6 8 6
5 ,2 50,392
3 ,4 6 7,021
3 ,0 9 2 ,8 2 2
3 ,2 0 5 ,7 0 7
2 ,0 18,923
1,828,688
1,419,546
1,819,176
345,000
531,984
1 ,0 72,507
1,645,609
85 3 ,0 2 2
5 0 0 ,0 0 0
317,393
164,259
321,369
T o t . O th .W est.
1 4 5 ,138 ,00 7
1 4 8 ,500 ,72 6
T o t.O th .W e s
%
—0.9
—5.(1
+ 2.4
+ 4.7
+ 0.6
+ 2.4
—23.8
—6.7
—5.1 |
—19.2
— 17.2
— 4.8
—6.7
—3.0
—5.71
—9.3
+ 5.6
+ 14.7
+ 4.0
1,100,000
1,000.000
$
832,552,997
411.830,0431
209,018,038]
204,054,823
101,571,8681
70,993,129
37.446.3791
59,337,285i
33,026,834 |
38,420,63S
16,711,464
14,618,604
15,898,032
12,493,051!
6,594,500
10,548,782
4,419,809
12,227,758j
4,033,935
1913.
C le a r in g s b y T e le g r a p h — S ales o f S to c k s , B o n d s , & c .
— The subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but
on account of the length of the other tables is crowded out
once a month. The figures are received by telegraph from
other leading cities.
Clearings— Returns bg Telegraph.
Week ending Mag 8.
8
%
+ 10.0
—
Per
Cent.
1913.
1913.
N e w York____ ___________________
Boston______________
Philadelphia......................
Baltimore__________
Chicago________________
St. Louis____________
N e w Orleans....... ........
$1,463,346,248
120,153,533
125.194,748
30,233,738
284,964,538
65,809.988
17,516,165
$1,426,210,457
136,024,484
139,108,385
30,239,603
270,769,278
67,801,101
14,083,406
+ 2.8
— ll.T
— 10.#
— 0.02
+ 5.2
— 2 .a
+24.#
Seven cities, 5 days__
Other cities, 5 days.........
$2,107,218,958
550,288,974
$2,084,236,714
544,298,763
+ 1.1
+ 1.1
Total all cities, 5 days___
All cities, 1 day.... . ..... .
.
$2,657,507,932
513,798,765
$2,628,535,477
496,943,286
+ 1.1
+ 3 .4
$3,171,306,697
$3,125,478,763
+ 1.5
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the four months of 1914 and 1913 are given below:
Inc. or
Dec.
Descrip
tion.
Four months 1914.
Par Value
or Quantity.
Four months 1913.
Aver. Par Value
Price. or Quantity.
Actual
Value.
Actual
Aver.
882,167,860 —5.6
Value.
PrUt.
428,670,042 —3.9
206,712,053 + 1.1 S to c k fS h ’s. !
j
31 ,2 0 5 ,5 6 3
2 9 ,309,498
206,140,719 — 1.0
I V a L $2,5 7 9 ,6 1 5 ,4 4 0 $ 2,440,535 ,723 04 .6 $2 ,8 0 5 ,1 5 9 ,5 5 0 $2,7 3 7 ,8 4 7 ,5 6 4 9 7 .8
104,655,097 —3.0 R R . b on d s
191 ,364 ,50 0
2 5 0 ,8 6 2 ,5 0 0
186 ,516 ,77 6 9 7 .5
242.275.12S 96 .6 ]
70,544,519 + 0 .6 G o v ’ t b d s .
359,000
3 43 ,000
366,074 102.0
3 55 ,069 103.5
46.082.255 -1 9 .8 S ta te b d s . .
2 3 ,9 3 0 ,0 0 0
24,678,850 103.1
6 ,9 1 1 ,0 0 0
6 ,OSS,096 88 .1
66,222,213 — 10.4 B a n k s t k s .
244,700
6 0,100
498 ,7 5 8 2 03 .8
123,469 2 0 5 .5
33,697,901 — 2.0
49,621,586; — 22.6
T o t a l ____ 52,8 5 5 ,0 1 1 ,6 4 9 $2,7 0 8 ,3 5 4 ,5 3 3 9 4 .8 $ 3 ,0 0 3 ,8 3 8 ,160!$2,920,930,9731 9 7 .8
18,500,832| —9.7
15,323,820 —4.6
17,884,450 — 11.1
The volume of transactions in share properties on th©
13,039,746 —4.2
6,672,221 — 1.2 New York Stock Exchango each month since Jan. 1 in 1914
11,314,842 —6.8 and 1913 is indicated in the following:
4,568,424 —3.3
10,921,036 + 11.9
4,288,209 —5.9
1914.
1913.
—2.2 2,095.797,969 2,197,634,425
222,910,846 234,204,081 —4.8
95,438,897 91,432,656 + 4.4
69,946,973' 72,240.783 —3.2
45,098,276; 39,890,497 + 13.1
38,052,028! 41,290,134 —7.8
29,107,082i 33,466,457 — 13.0I
24,690,930] 24,131,249 + 2.3'
14,985,438: 13,530,966 + 10.7i
14,079,229] 13,740,192 + 2.5
14,050,892 14,941,280 —6.0
8,540,096 7,685,433 + 11.1
8,638,843 10,199,129 — 15.3
7,103,468 7,150,055 —0.7
8,159,846 7,091,205 + 15.1
2,549,747 2,503,447 —0.7
2,714,265' 2,753,617 — 1.4
5,223,753! 2,074,558 + 151.8
3,814,989 3,129,890 + 21.9
7,575,904' 7,615,201 —0.5
4,249,994' 4,639,347 —8.4
2,211,534 1,677,901 + 31.8
2,798,041 3,140,764 — 10.0
1,278,133 1,148,099 + 11.3
651,960
039,832 —30.7
1,594,823 1,611,581 — 1.1
1,502,200 1,524,500 — 1.5
876,305
932,754 — 6 .0
638,944,501 645,750,608
1914.
— 2;3l
5
5 1 ,4 0 3 ,0 9 0
2 0 ,8 2 9 ,5 8 7
1 0 ,265,107
104197.12#
6.985.0C 7
4 ,3 4 0 ,5 6 ?
3 ,3 1 4 ,9 9 9
3 ,5 7 9 ,7 7 4
1 ,5 92,749
1 ,6 0 0 ,0 0 0
9 8 1 ,7 3 7
6 9 9 ,9 2 9
6 5 0 ,0 0 0
52 4 ,8 7 5
655 ,9 2 6
2 7 5 ,0 0 0
908,727,776K 931,290,003
389,556,228 394,525,771
301,640,334 295,894,233
186.801,030 169,433,219
142,778,722 158,345,898
133,788,063' 139,837,887
101,174,828 92,807,143
02,353,803 60,309,775
52,974,119 68,830,847
55,600,587 67,891,220
35,223,212 31,415,410
31,984,674 33,318,693
27,597,665 29,371,694
34,801,959 30,762,357
10,252,293
10,622,061
11,193,608
11,671,878
11,407,327
8,071,228
16,282,639
12,537,033
26,702,942 27,591,021
16,858,909
17,303,726
7,660,085
7,712,637
11,177,815
13,073,207
6,357,888
6,627,874
3,052,476
3,613,978
6,812,776
6,325,372
6,902,000
5,838,100'
3,730,080
3,844,492
4,433,901
3,617,0881
1.1'2,606,830,849'2,617,479,4361
—4.6
—2.4
— 1.3
+ 1.9
+ 10.3
—9.8
— 1.3
+ 9.0
+ 10.7
—10.0
—4.0
+ 12.1
— 4.0
—6.0
+ 13.1
—3.9
Number
of
Shares.
Par.
Jan . 10,088,895
F e b . 0,220,059]
M a r . 5,855,2001
s
Number
of
Shares.
s
8 8 1 ,6 2 5 ,4 9 s1 84 7 ,9 6 3 ,2 0 8 8 ,7 48,973
556,109,300! 51 5 ,9 4 7 ,9 1 8 6,763,6321
618,398,0211 483,147,619] 7,229,732!
Par.
Actual.
8 09 ,787 ,85 m
617,315,10ffl
039.404,500]
7 9 0 ,8 7 9 ,4 6 4
G 00.4 04.308
6 2 0 ,0 0 4 ,8 1 #
l s t q r 22,164,214 1,9 5 6 ,1 3 2 ,8 7 9 '1 ,8 4 7 ,0 5 8 ,745]22,742,337:2,066,507,450 2 .0 2 1 ,3 4 8 .5 8 *
A p ril
7 ,1 4 5 ,2 8 4
623,482,570!
593,476 ,97 8' 8,4 0 3 ,2 2 6 '
738,652,1001
7 1 6 ,4 9 8 ,97#1
The following compilation covers the clearings by months
since Jan. 1:
— 4.1
+ 41.3
+ 29.9
—3.2
—2.6
—0.7
—14.5
+ 13.0
— 15.5
Actual.
M O N T H L Y C L E A R IN G S .
Month.
Clearings. Total All.
1914.
Clearings Outside New York.
%
1914.
1193.
$
5
J a n . . . 16,226,119 ,613 1 6,262.840 ,268
F e b . . 12,888,108,921 13,639,567 ,259
M a r . . 14,280,780 ,928 14,166.021 ,542
— 0.2
— 5 .5
+ 0 .8
S
6 ,8 5 4 ,2 9 9 ,2 2 0
5 ,6 5 0 ,5 5 3 ,4 3 8
6,4 3 1 ,1 9 0 ,8 8 4
5
6 ,9 2 4 .0 9 9 .0 6 2
5.8 4 4 ,9 6 1 .9 5 4
6 ,2 7 9 ,7 9 6 ,6 3 2
+ 22.3
1st q r . 43.3 9 5 ,0 0 9 ,4 6 2 44,0 6 8 ,4 2 9 ,0 6 9
— 1.5 1 8,936,043 ,542 1 8,048,887 ,658
— 0 .8
— 0 .4
A p ril . 14,923,762 ,026 1 4,313,252 ,590
+ 4 .3
+ 1.9
+ 7.7
+ 1.1
— 3.0
1913.
6,3 7 5 ,2 4 4 .7 0 5
6 ,2 5 7 ,9 1 2 ,6 1 5
%
11 +
K a n sa s C l t y . .
M in n ca p olls . .
O m a h a .............S t . P a u l.............
D e n v e r ________
S t. J o se p h ____
D c s M o in e s ___
Sioux C it y ____
D u lu th ________
W ic h it a .............
L i n c o l n .......... ..
D a v e n p o r t ____
T o p e k a _______
C ed ar R a p id s .
C olora d o S p g s.
P u e b lo ------------F a r g o .................
Sioux F a lls . . .
W a t e r lo o ...........
H e le n a ________
A b e rd e e n _____
J o p lin ...............F r e m o n t _____
H a s t in g s ..........
B i l li n g s .............
G ra n d F o r k s ..
X.aw renco_____
Io w a C it y ____
Four Months.
Inc. or
Dec.
1911.
1912.
%
S
48,9 5 1 ,4 6 7
24,423,414
12,388,265
12,150,734
5 ,8 16,137
3 ,4 32,513
1,991,832
3 ,7 4 9,225
1,778,824
2,175,771
792,220
713,834
984 ,294
320 ,000
595,676
265,000
Total all cities for week___________
P a c ific a n d O t h e r W e s t e r n C le a r in g s brought forward
Inc. or
Dec. I
1913.
Kansas City____
Minneapolis___
Omaha
"
St. Paul___ I ” '
Denver__________
St. Joseph..1111
Dos Moines_____
Sioux City............
Duluth................
Wichita.................
Lincoln.................
Davenport______
Topeka.................
Cedar Rapids___
Colorado Springs
Pueblo— ...........
Fargo___________
Waterloo_______
Helena__________
Aberdeen_______
Fremont________
Hastings________
Billings.................
-Jan. 1 to April 30-------
Stocka b eg in n in g period-- l b s . 6 4 ,009,319
P r o d u c t io n ___________________ 151,500,531
14 39
[Vo l . xcvin
THE CHRONICLE
1440
The course of bank clearings at leading cities of the country
for the month of April and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
B A N K C L E A R IN G S A T L E A D IN G C IT IE S .
--------------------- April----------------------------------------- Jan. 1 to Apr. 30------------ J an. l io APT.
-------N e w Y o r k . . ............. 8 ,548 8 .0 5 5 8 .8 3 0 6 ,9 7 0 3 3,007 3 3 ,0 7 5 3 3,395 3 0 ,4 1 8
5 ,3 6 6
5 ,018
4 ,5 2 8
5 ,569
1,112
1,329
1,309
C h ic a g o ...................... 1,389
2 ,9 2 8
3,187
2 ,830
2,781
702
818
677
717
B o s t o n ......................
2 ,8 2 3
2,666
2,511
2 ,7 9 8
622
720
706
667
P h ila d e lp h ia .............
1,394
1,311
1,288
1,399
332
308
344
342
2 ,0 0 4
879
847
893
222
280
244
247
P i t t s b u r g h ...............
882
864
763
833
192
213
216
218
S a n F r a n cis c o ..........
451
460
439
468
115
124
110
108
693
626
573
618
138
154
160
166
931
909
862
863
202
222
223
234
K a n sa s C i t y . ..........
417
352
321
435
88
98
188
108
328
330
336
373
70
84
74
N e w O rlean s.............
72
395
390
330
316
83
76
91
95
251
244
259
258
54
63
55
61
414
433
477
297
75
91
107
135
D e t r o i t ......................
256
239
234
287
55
55
63
66
429
412
371
298
79
98
110
104
L o s A n g e le s.............
144
140
147
139
33
39
34
35
296
302
276
248
67
59
72
70
O m a h a .......................
198
196
181
41
106
45
51
50
169
187
185
174
42
43
40
45
132
141
141
34
35
35
146
32
143
158
34
152
41
144
37
38
141
140
32
34
149
129
37
35
141
146
141
31
30
25
121
30
209
207
43
54
50
186
55
171
92
23
22
18
88
84
74
23
102
34
26
105
135
102
26
26
S a lt L a k e C i t y -----T o t a l ....................... 13,764 13,187 13.925 11,453
1,026 1,050
951
O th e r c itie s ________ 1,159
53,661
4,657
53,824
4 ,5 5 8
53,311
4 ,1 2 5
4 8,714
3,924
T o t a l a ll............... 14,923 14,313 14,974 12,404
O u tsid e N e w Y o r k . 6 ,3 7 5 6 ,258 6 ,145 5 ,434
58,318
25,311
5 8,382
2 5,307
57,436
24,041
5 2,638
22,220
C a n a d ia n B a n k C le a r in g s .— The clearings of the Cana
dian banks for the month of April 1914 show a decrease from
the same month of 1913 of 9 .7 % and for the four months the
loss reaches 9 .2 % .______________________ __________
Four Months.
April.
Clearings at1914.
C anada—
8
M o n t r e a l___ 2 2 6 ,507 ,03 6
T o r o n t o ___ 180,394,211
W in n ip e g ___ 102,167,240
V a n c o u v e r .. 3 6 ,900,365
18,399,879
O tt a w a _____
12,516,631
Q u e b e c -------8 ,8 8 7 ,2 3 3
H a lifa x _____
H a m ilto n ___ 12,616,469
6 ,3 4 6 ,0 2 5
7 ,4 8 1 ,9 8 9
L o n d o n ____
16,767,187
10,987,272
14,527,255
7 ,8 4 7,694
2 ,1 7 3 ,6 7 4
B r a n d o n ___
1,763,296
L e th b rid g e .
5 ,4 8 6,916
S a sk a toon . .
2 ,6 3 5,187
B ra n tfo rd . .
3 ,8 7 2 ,1 7 7
M oose Jaw .
2 ,9 0 4 ,1 1 7
F t . W illia m .
N e w W ’ t’ ter.
1,834,836
1,720,402
M e d lc ’e H a t.
Inc. or
Dec.
1913.
$
%
— 4 .9
2 38 ,081 ,96 3
— 3.0
185,870,141
118,927,397 — 14.1
5 4 ,383,263 — 32.1
+ 7 .6
17,100,676
13,074,100
— 4.3
7 ,8 58,421 + 13.1
14,857,519 — 15.1
— 5.5
6 ,7 1 7 ,2 3 8
— 5.3
7 ,9 0 0 ,6 6 2
20,116,753 — 16.6
15,294,112 — 28.2
17.820.89S — 18.5
1 0 ,883,022 — 27.9
2,469,381 — 11.9
2,157,381 — 18.3
8.916.74C — 38.5
2 ,9 7 8 ,6 2 5 — 11.5
5 ,1 8 2 ,6 6 6 — 25.3
3 ,4 3 7 ,7 5 8 — 15.5
2,6 5 0 ,0 2 3 — 30 .8
N o t ln cl. In to ta ls .
T o t . C a n a d a 68 3 ,0 1 6 ,6 9 5 7 5 6 .6 7 8 ,7 3 9 '
1914.
Inc. or
Dec.
1913.
$
$
%
— 3 .5
8 7 3 ,101 ,03 8
9 0 4 ,5 7 8 ,1 9 7
— 2.6
7 1 6 ,836 ,57 3
6 9 7 ,899 ,27 9
4 6 1 ,9 8 1 ,1 0 2 — 13.1
3 9 2 ,317 ,31 4
2 0 4 ,991 ,14 2 — 24.9
154,022,551
+ 2 .2
6 5 ,5 0 0 ,6 7 7
6 6 ,969,013
5 0 ,7 0 1 ,1 1 8
■ 2 .0
—
4 9 ,693,203
32,1 9 3 ,2 6 2
3 2 ,538,284
+ 1 .1
5 6 ,840,812 — 12.7
4 9 ,636,077
24,984,919
27,394,081
— 8 .8
2 8 ,407,866
30 ,9 5 1 ,7 1 3
— 8.2
6 0 ,422,570
78 ,5 5 0 ,0 7 2 — 23.1
4 3 ,756,039
6 0 ,5 6 7 ,2 1 3 — 27.7
5 7 ,177,637
68,528,118 — 16.6
31,140,673
4 4 ,9 3 3 ,1 6 6 — 30.7
8 ,1 5 1,754
9 ,6 8 7 ,9 9 8 — 15.9
7,283,453
8 ,8 7 1 ,9 6 5 — 17.9
21 ,4 2 2 ,8 0 5
3 2 ,9 0 0 ,2 7 0 — 34.9
— 5 .0
1 0 ,100,687
10 ,6 3 6 ,6 9 6
15,134,410
20,7 4 7 ,9 9 8 — 27 .2
13,295,890
12,134,227
— 8 .7
9 ,6 9 0 ,7 4 5 — 3 0.3
6,754,716
6 ,9 9 8 ,4 3 8 N o t ln c l. In t otals.
— 9 .7 2 ,6 4 3 ,048,415 2 ,9 1 0 ,4 0 0 ,0 3 8
— 9 .2
jft Tho clearings for tho week ending M a y 2 at Canadian
cities, in comparison with the same week of 1913, show a
decrease in the aggregate of 4 . 1 %
. __________________
Week ending May 2.
Clearings at—
1914.
C anada—
M o n tr e a l_________________
T o r o n t o __________________
W in n ip e g ________________
V a n c o u v e r _______________
O tt a w a ___________________
Q u e b e c ___________________
H a lifa x ..................................
H a m ilt o n ________________
S t . J o h n _________________
L o n d o n __________________
C a lg a r y __________________
V ic t o r ia __________________
E d m o n t o n _______________
R e g in a ___________________
B r a n d o n ................................
L e t h b rid g e ............................
flaslffitfinn
B r a n tfo r d ________________
M o o s e J a w ...................... ..
F o r t W illia m ____________
"Moot WMfrmlnif.f»r - - - - -
liCVV »VLll'IUlUovv/l
M e d icin e TTat
S
5 7 ,9 6 1 ,0 4 8
4 4 ,5 5 3 ,7 6 2
25,6 1 0 ,1 3 0
8 ,2 8 8,612
3 ,6 6 2 ,1 3 3
2 ,8 29,242
1,938,205
3 ,2 42,033
1,407,233
1,551,724
3 ,4 5 6,414
2 ,3 6 1,139
3 ,1 7 1,748
1,667,029
383,840
4 27 ,054
1,120,317
573,399
791 ,842
.54 6 ,5 1 7
374 342
385,810
Inc.or
Dec.
1913.
$
51,5 5 5 ,4 8 0
43,8 0 5 ,5 2 6
3 1 ,667,314
11,881,885
3 ,8 18,973
2,418,524
1,688,836
4 ,1 19,303
1,285,665
1,572,645
4 ,1 71,259
3 ,4 5 6,298
3 ,7 6 0 ,3 8 0
2 ,0 4 8 ,6 6 2
563 ,814
537 ,930
2 ,1 7 2 ,7 2 8
650,492
1 ,1 6 5,677
8 73 ,599
6 28 ,097
590,926
T o t a l C a n a d a -------------- 166 ,303,573 173 ,334 ,01 3
%
$
53,1 6 5 ,9 7 8
45,6 3 5 ,9 9 4
3 0 ,7 3 3 ,5 6 0
12,459,595
5 ,8 5 8 ,2 6 4
2 ,8 2 3,652
1,767,008
3 ,4 9 5 ,1 7 4
1,487,409
1,690,633
5,152,021
3 ,6 5 5 ,1 2 2
3 ,4 9 7 ,3 4 4
2 ,0 3 5 ,5 4 0
548,812
6 26 ,976
2 ,5 1 7 ,4 4 8
526,676
1,074,005
1,116,738
$
51,9 9 0 ,7 0 0
40 ,9 3 7 ,8 6 2
2 4 ,707,240
10,601,111
3 ,9 5 6 ,9 5 8
2,464,961
1,631,606
2 ,9 01,193
1,752,469
1,382,538
3 ,8 4 9 ,7 7 0
2 ,7 96,534
2 ,2 3 1 ,6 9 3
1,429,919
554,574
5 57 ,992
1 ,1 2 3 ,5 0 0
5 37 ,738
812,401
— 4.1 178,751.211 156 ,620,759
M o n e t a r y ] fl&gmm cvc x l uttgllglxgtgxttg
a
E n g lis h F in a n c ia l M a r k e ts — P er C a b le .
The daily closing quotations for securities, & c., at London,
as reported by cable, have been as follows the past week:
London,
Sat.
Week e n d in g Map 8 .
27 3-16
S ilv e r, per o z ______________ d. . 27 3-16
. 75
a C on sols. 2 )$ per cen ta-------75 )$)$
75
d F o r a c c o u n t _____________ .75 HX
d F ren ch R en tes (In P aris) Ir.. 8 6 .6 5
f '
A m a lg a m a ted C o p p e r C o . . .. 75
A m . S m elt. * R efin in g C o . .. 65
3$
b A n a con d a M in in g C o -------- 6 )$
A t c h . T o p e k a & Santa F e — . 973$
97%
.1 0 2 )$
P referred ---------- ------------------1023$
92
B a ltim ore A O h io____________ 92
8 3$
P r e fe r re d __________________ .82 2 )$
C a nadian P a cific
____ __,198)$
198)$
, 4 )4
C h esa p ea k e & O h io---------------5 5 4 )$
12)$
C h ica g o G rea t W estern ........... 12 )$
C h ica g o M llw . A S t. P a u l— 10 1 X
101)$
12)$
D e n v e r A R io G ra n d e----------- 12)4
2 2 )$
P referred ____________
2 9 )$
E r i e ....................................
45
F irst preferred ....................... 45
38
S econ d preferred __________ 38
Mon.
27 3-16
75 1-16
75 3-16
8 6 .6 7 )$
74)$
6 4 )$
6 )$
9 7 )$
1025$
9 2 )$
83
1973$
54
12
1 01 )$
12)$
2 2 )$
2 9 )$
4 4 )$
3 8 )$
Tues.
Wed.
A fon.
Tues.
126)$
126)$
113
113)$
137
138
16)$
165$
39 )$
40
19 H
20)$
10)$
10)$
945$
95 )$
27
26)$
105)$
105)$
93 )$
93
113)$
114)$
56)$
57
835$
84 )$
4 5 )$
45 )$
453$
4 5 )$
3
3 )$
94 )$
9 4 )$
25 )$
25
815$
8 1 )$
160)$
159)$
8 5 )$
85
61
60
c ll2 )$
112)$
1
)$
3 )$
3 )$
54 )$
54
c E x -d lv ld e n d .
Thurs.
Wed.
Fri.
1253$
125)$
126)$
112
113
113
137)$
138
137)$
16J$
165$
165$
4 0 )$
40
403$
21
21 )$
185$
10)$
10)$
10)$
9 4 )$
95 H
95 )$
26)$
26 )$
26)$
105)$
106
106 H
92 )$
9 2 )$
92 )$
113
112)$
112)$
57
5 6 )$
563$
8 4 )$
84
84)$
4 5 )$
45 H
45 H
45 )$
4 5 )$
45 )$
3 )$
3 )$
33$
93)$
94
93 H
25
24 )$
245$
80 )$
815$
805$
159)$
159)$
158)$
8 5 )$
85
85 )$
60 )$
60 )$
61 )$
112)$
112)$
112)$
1
1
1
4
3 )$
35$
54)$
53 )$
53)$
d Q u ota tion s here given are
ffio m m c tx iitX ;u n l2 n is c c X l;w c c r u s lI e w s
A u c t io n S a le s . —-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
B y Messrs. Adrian FI. Muller & Sons, New York:
Per cent. Shares.
Shares.
1 1 2 A r d s le y H a l l . . . .............. . . 1
$ 50 0 A rd sley H all 2d 6 s.................
10.000 L a C h evla M in in g C o .......... 1S48
2 0 .0 0 0 Jenn ie B lan ch G . M g . C o.J
24 G o ld C a r H tg . A L t g .......... .. 50
900 U n ited C o p p e r, p re f., c t f. o f
d e p ., 2d assessm ent p a id .
1)4
122 K . C . V ia d u ct & T e r m . R y .
v . t . c _____________ ______ $2 0 lot
2 0 0 C .T . I I .A S .E .R y .v .t .c ..
1)$
10 W estern P a cific R R ________
4
20 N assau N a t . B a n k , B k l y n . . 210 )4
10 G erm a n -A m er. In s. C o . 5 0 5 -50 5)4
1 ,000 S tan d ard M o t o r C on stru c
tio n , $10 e a c h ____________ $75 lo t
227 E m p ire T ru st C o ____________ 291
Percent
200 H u d son C o s ., 7 % p r o f..........
5
100 24 W e s t 33d Street C o . . .$ 1 0 0 lo t
Bonds.
Per cent.
$5 0 ,0 0 0 J a m aica E s t. 6s, '1 7 -’2 0 .$ 1 5 ,6 5 0
$ 8 ,0 0 0 L in d sa y W a te r C o . 1st A ref.
5s, 1929; D e c . 1913 co u p o n o n . . 20
$ 2 ,0 0 0 A m . T ru st C o ., S ea ttle, 6s,
1915; A p ril 1913 co u p o n o n .
10
$ 3 ,0 0 0 B rid g e. & D a n . E le c . R y .)
d e b . 5 s ................................................_}S 1 0 0
24 shs. F ib re L icense C o ___________
lo t
$40 0 V a lley Stream D e v . C o . 6s,
1920, M . A S ______ ______ _____$180 lo t
$ 1 ,0 0 0 C h a m , o f C o m m ., N . Y . I n c . 8
$ 4 7 ,0 0 0 M e x . N a t . P a ck in g C o .,
L t d ., 1st & special 6s, 1931........... 3 3 )$
B y Messrs. R . L . D ay & C o ., Boston:
Shares.
8
600
25
10
2
9 per ah-. Shares.
W eb ster & A tla s N a t . B a n k . . .2 0 4
C ord is M ills rig h ts------------ 1 9 )4 -2 1 )4
T r c m o n t & S u ffolk M ills ----------- 100
B igelow C a rp et C o ........................190
P ep perell M fg . C o -------------------- 3 0 0 )4
8
1
1
10
3
F a rr A lp a ca C o _______
i 3<j ‘
C en tral V erm on t R y . I I I
uyt
C o n co rd & P ortsm ou th i l l i l llS O
B a y S ta te Street R y . , p re f____ 123
W a lth a m W a tc h C o ., p re f____ 97
_
B y Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ versh.
15 P h iladelph ia N a t . B a n k . ...........4 3 0
100 U n ion T ra n sfer C o ., $50 e a c h . . 4 5 )4
5 B ank o f N o rth A m e r ic a ............. 265
2 B roa d Street B a n k _____________ 60
10 C orn E x ch . N a t . B a n k . . .2 7 5 -2 7 5 )4
10 Fran klin T r u s t C o ., $5 0 e a c h . . 54
7 G irard T ru st C o _____ __________ 88 0
10 G uarantee T r . & S . D . C o ____ 155
5 L og a n T ru st C o ________________ 125
10 N orth ern T r u s t C o ____________ 487
5 P en n . C o . for In su r., A c ---------- 611
10 P eop le's T r u s t C o ., $50 e a c h . . 4 7 )4
2 W est E n d T r u s t C o ____________ 170
52 P h lla. W a reh ou s’g A C . S . C o . . 91
2 F ire A ssn , o f P h lla ., $50 e a c h . . 350
Shares.
$ per sh.
1 P en n sy lv a n ia F ire In su r. C o . . .3 9 6
25 P e o p le ’s N a t . F . I . C o . ,$25 each 18)4
1 1 8 ..P h ila . L ife In s . C o ., $10 each
1 0 )4 -1 0 )4
1 G erm a n tow n Passenger R y . . . 107)4
9 2d & 3d S ts. P a ss. R y ................. 2 43 )4
2 A m erica n D red g in g C o . . .......... 100
7 K e y s to n e W a tc h C ase C o .......... 82 )$
15 G irard A v e . F a rm ers’ M k t . C o . 24 )4
20 0 P ra tt F o o d C o ., $1 e a c h .............
2 )4
Bonds.
Per cent.
$ 2 ,0 0 0 W . C h ester S t . R y . l s t 5s, '3 2
$ 2 ,0 0 0 B orou g h o f M e d ia 3 )4 s , 1929
$ 2 ,0 0 0 P ittsbu rgh im p . 4 s, 1 9 1 5 . . .
$100 N . S prin g. W a t .C o .5 s , 1 9 2 8 ..
90
92
9 9 )4
9 0 )4
B y Messrs, Samuel T . Freeman & C o ., Philadelphia:
1911.
1912.
+ 12.4
+ 1.7
— 19.1
— 30.2
— 4.1
+ 17.0
+ 14.8
— 21.3
+ 9.5
— 1.3
— 17.1
— 31,7
— 15.7
— 18.6
— 31.9
— 20.6
— 48.4
— 11.8
— 32.1
— 37.4
— 29.2
— 34.7
Sat.
G rea t N o rth e rn , p referred . .1 2 6 )$
Illinois C en tra l................. — -1 1 2 )$
L ou isville A N a sh v ille -------- .1 3 7 )$
M issouri K ansas A T e x a s .. - 16 H
P referred ................................ - 37 )$
M issou ri P a cific ........ ........... - . 20
N a t. R R . o f M e x ., 2d p r e f. . 10)$
N . Y . C en t. A H u d . R iv e r . - 94 )$
N . Y . O n t. A W estern .......... - 26 )$
N orfolk A W e ste rn ............... .1 0 5 )$
P referred ................................ - 93 )$
N orthern P a cific __________ .1 1 4
a P e n n s y lv a n ia ....................... - 563$
a R ea d in g C o m p a n y ............. . 84
a F irst p referred............... - - 455$
s
a Second p referred----------- . 4 5 V
3
R o ck Isla n d________________ S outhern P a cific ____________ - 9 3 )$
Southern R a i l w a y .. .......... - . 25 H
P referred _________________ - 81 )$
U nion P a cific ______________ .1 6 0 )$
P referred ..............................- . 85
O. S. Steel C o rp o ra tio n ------- . 605$
P referred _______ ______ ____ .1 1 2 )$
)$
W abash . ________________ _ .
3 )$
P referred __________________ .
E xten ded 4 s......................... . 52 )$
a P rice per share, b £ sterlin g,
fla t prices.
Thurs.
Fri.
27 13-16 27 )$
27
27 1-16
7 5 15-16 74 15-16 74 11-16 74 9-16
75 1-16 75 1-16 74 13-16 74 11-16
8 6.85
8 6 .8 2 )$
8 6 .8 0
8 6 .9 0
74 )$
74 )$
74 %
73 J$
64 )$
6 3 )$
6 4 )$
625$
6 )$
6 )$
6 )$
63$
97
9 7 )$
97 )$
965$
102 )$
102)$
1023$
1025$
9 3 )$
93
9 2 )$
9 3 )$
8 3 )$
835$
83
8 3 )$
197 )$
195 )$
1973$
198 )$
535$
5 1 )$
5 5 )$
55)$
12)$
12)$
12)$
12)$
101
100)$
1 00 )$
101 )$
12)$
13
12 V,
125$
2 2 )$
2 0 )$
2 2 )$
2 2 )$
2 8 )$
29)$
283$
283$
44
4 3 )$
44
4 4 )$
37
37 )$
373$
38
Shares.
$ per sh. I Bonds.
per eent.
30 P h lla . A G ra y ’ s F erry P a ss. R y . 81 )4 $ 1 ,0 0 0 N . S prin g. W a t . C o . 5 s ,1928 9 0 )4
10 I la tb o r o C em etery C o . . ............... 50
I $ 1 ,0 0 0 W ilk es-B arre G as A E l .Is t5 s l0 2 )4
D IV ID E N D S .
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.
R a il r o a d s (S t e a m ).
A t c h . T o p . & San ta F e , c o m . (q u .) (N o.3 6 )
A tla n tic C oa st L ine R R . , preferred.
Chicago A North Western Ry., com. (qu.)..
Preferred (.guar.)_________________ _
C lev ela n d & P lt t s b ., r cg . g u a r, ( q u a r . ) . .
Speclal guaran teed ( q u a r . ) . . ....................
C rip p le C reek C e n t., c o m . (q u .) ( N o . 18)
Preferred (q u a r.) (N o . 3 4 )---------G ra n d T ru n k , gu a ra n teed ------------F irst an d secon d p referen ce_____
T h ir d preferen ce.................................
N o rfo lk A W estern , a d j. p ref. ( q u a r . ) . . .
C om m on (q u a r .)________________
P en n sy lv a n ia (q u a r .)_______________
R e a d in g C o m p a n y , com m on (q u a r .)------F irst preferred (q u a r .)...................
S eab oard A ir L in e , preferred (q u a r .)------U n ion P a cific , com m on (sp e cia l)------S t r e e t a n d E l e c t r ic R a ilw a y s .
A m erican R a ilw a y s, p ref. (q u a r .)-----------Baton Rouge Electric Co., preferred-----------Brazilian T r . , L t . A P . , o rd in a ry (q u a r.)
Cent. Arkansas Ry. A L. Corp., pref.(qu.).
Columbus (O.) Ry. A Light_________________
C on n ecticu t R y . A L t ., c o m . A p r e f. (q u .)
D e tr o it U n ited R y . (q u a r .)..............
Federal Light A Trac., pf. (qu.) (No. 16) . .
H a v a n a E lectric R y . , L ig h t A P o w e r , co m
P re fe rre d ...............................................
Illin ois T r a c t io n , com m on ( q u a r .)..
L eh igh V a lley T ra n sit, p r e fe r r e d ...
Northern Texas El. Co..corn.(qu.) (No. 1 9 ).
P a ciflc G as A E l. C o ., p f. (q u .) ( N o . 3 3 ) .
Portland Ry., L. A Pow. (qu.) (No. 1 4 )-----T a m p a E lectric C o . (q u a r.) (N o . 3 8 ) -----B a n ks.
Mechanics’ A Metals National (quar.)____
M is c e lla n e o u s .
A m algam ated C o p p e r (q u a r .)-----------------A m erican B ank N o te , com m on ( q u a r . ) . .
American Cotton Oil, preferred......................
A m erica n C h icle, com m on (m o n th ly )____
C o m m o n (e x tra )_____________ __________
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
1H
1
1
1
2
2 )$
2 )$
1
1)$
7 5 c.
2
I
1
(3
Jun e
M ay
J u ly
J u ly
Juno
Juno
Juno
Jun e
M ay
M ay
M ay
M ay
Jun e
M ay
M ay
June
M ay
July
1 H olders o f rec.
11 A p ril 30
to
1 H old ers o f rec.
1 H olders o f rc c.
1 H olders o f rec.
1 H olders o f rec.
1 H olders o f rc c.
1 H old ers o f rec.
14 A p r.
4 to
14 A p r.
4 to
14 A p r.
4 to
19 H olders o f rec.
19 H olders o f rec.
29 H olders o f rcc.
14 H olders o f rec.
11 H olders o f rec.
15 M a y
6 to
lz
13$
3
1)$
13$
7 5 c.
1
1)$
1)$
2 )$
3
)$
1
1)$
1)$
1 '
2 )$
M ay
Jun e
M ay
June
M ay
M ay
Jun o
Jun o
M ay
M ay
M ay
M ay
Jun o
M ay
Juno
M ay
15
1
20
1
25
15
1
1
16
16
15
11
1
15
1
15
1)$
2)$
1 3$
2
A p ril 39a
M a y 10
June l a
Jun e l a
M a y 9a
M a y 9a
M a y 18a
M a y 18a
A p r . 29
A p r. 29
A p r. 29
A p ril 30a
M a y 29a
M a y la
A p ril 27a
M a y 26a
M a y 15 d
M a r . 22
A p ril
M ay
A p ril
M ay
M ay
M ay 1
to
M ay
H olders o f rec M a y
H old ers o f rec M a y
A p ril 19
to
M ay
A p ril 19
to
M ay
H olders o f rec M a y
H olders o f rec A p ril
M ay
H old ers o f rec
H old ers o f rec A p ril
H old ers o f rec M a y
M ay
30a
20a
30
15a
9
16
16a
15a
21
21
5
30a
16a
30a
12
6a
3
M a y 12 H old ers o f r c c . M a y
9
1H
1
3
1
1
M ay
M ay
June
M ay
M ay
la
1
25
15
1
20
20
I
:
]
I
, M ay
Ju n e
M ay 9 1914.)
Name of Company.
M is c e lla n e o u s ( C o n c l u d e d ) .
A m erican D is trict T e le s , o f N ew Y o rk
A m or. G ra p h op h on o, p f. (q u .) (N o . 6 4 ) . I
A m erican R a d ia to r , c om m on (q u a r.) __
P referred ( q u a r .)__________ _.
■Amer. Smelt. <fc Ref., com.(qu.) (No.~i3)~~
Preferred (quar.) (No. 6 0 ) _____________ '
.American Steel Foundries (quar.)___
American Tobacco, common (quar.)
A m erican U tilities, p ref. ( q u a r . ) . . ’.'."." ." '
Associated Merchants, common (quar )
Extra _____________________ ______
B o n d A M o r tg a g e G u aran tee (q uar.')” I I
B ritish C olu m b ia P a ck ers’ A s s o ., co m .A p f
Buckeye Pipe Line (quar.)________ . . .
B u rn s B r o s ., c o m m o n (q u a r.) ( N o ' 3 ) " ..'
Butterlck Company (quar.)____________
•Cam bria Steel (q u a r .)____________________
•Canada C em en t. L t d ., pref. (q u .) (N o.X7)
Canadian Car A: Foundry, Ltd. common. .
•Canadian C on v erters (q u a r .)_______
.
C en tra l States E l. C o r ., c o m .( q u .)( N o . 2)
■Cleveland A Sandusky Brew., pref. (quar.).
Columbus Qas <fc Fuel, common (quar.)____
C on solid a ted G as (q u a r .)...............................
•Crescent Pipe Line (quar.)_________________
C u b a C o m p a n y , c o m m o n ...............................
D e ere & C o ., preferred (q u a r .)__________
D elaw are L a ck . A W e s t. C o a l, sp ecia l—
Diamond Match (quar.)___________________
D o m in io n B rid g e, L t d . (q u a r .)...................
E a stern S teel, first preferred (q u a r .)-----E a sto n G as W ork s (q u a r .)-----------------------Federal Utilities, pref. (quar.) (No. 12) —
Galena-Signal Oil, common (quar.)-----------Preferred (quar.)_________________________
G eneral A sp h a lt, pref. (q u a r.) (N o . 2 8 ) . .
G en era l C h em ical, co m m o n (q u a r .)_____
G o o d rich ( B . F . ) , preferred (q u a r .)_____
Iliu m . A P ow er S cou rs., p f. (q u .) (N o . 7)
Indiana P ip e Line ( q u a r . ) . . ............... .........
Inland Steel (q u a r .)___ ________ ___________
I n t . I la r v . C o . o f N . J ., p f. (q u .) ( N o .20)
I n t . H arvester C o r p ., p f. (q u .) (N o . 5 ) . .
In tern ation al N ick e l, co m m o n ( q u a r . ) . .
In tern a t. Sm elting A R e f. (q u .) (N o . 20)
In tern . S m okel. P o w d . A C h cm ., p r e f___
Kings Co. Elec. L. <6 Pow. (qu.) (No. 57) . '
L a ck aw an n a S teel, p ref. (q u a r .)________ I
L eh igh C oa l A N a v . (q u a r.) (N o . 142)
L ig g e t t A M y e rs T o b a c c o , c o m . (q u a r.) " '
Massachusetts Gas Cos., preferred . .
May Department Stores, com. (quar.)
M ia m i C op p er C o . (q u a r.) (N o . 9)
M ld d lo W est U tilities, preferred (qu ar ) '
M o b ile E lectric C o ., preferred (quar )
M on trea l L ig h t, l i t . A P o w . (q u .) (N o 52)
N a tion a l C a rb o n , preferred ( q u a r .).
N a tion a l L ea d , preferred ( q u a r . ) . . .
Nlles-Bement-Pond, preferred (quar.)..
N o rth A m erican C o . (q u a r.) (N o . 4 1 ) . . .
P en m a ns L im ited , c om m on ( q u a r . ) . .
P e o p le ’s G as L ight A C ok e ( q u a r .)___
Pratt & Whitney Co., pref. (quar.)________
Pressed Steel C a r, c o m . (q u a r.) (N o . 21)
P referred (q u a r.) (N o . 6 1 ) __________
P ro cte r A G a m b le, c o m . (q u a r .)_______
P u llm an C o m p a n y (q u a r.) (N o . 189) .
P u re O il, c om m on (q u a r .)........................
Quaker Oats, common (quar.)_____________
Q u a k er O ats, preferred (q u a r .)________
Preferred (quar.)...................... ....................
S cars, R oeb u ck A C o ., co m m o n ( q u a r . ) . .
Silversm iths C o m p a n y (q u a r .)__________
Solar Refining____________________ _________
S o u t h e r n C a I .E d ls o n .c o m . (q u .) (N o . 17)
Southern P ipe Lino (q u a r .)---------------------Standard Oil (California) (quar.)................
Stand ard O il (In d ia n a ) ( q u a r . ) . . ...............
E x t r a __________________ _________________
Sludebaker Corporation, pref. (quar.)_____
U n lon -A m erlca n C ig a r, pref. ( q u a r .)____
U nited C igar M fr s ., preferred ( q u a r . ) . . .
:U n. Cigar Stores o f A m ..c o m .(a u .)(N o .6 )
United Dry Goods Cos., pref. (quar.)_____
U . S . P rinting o f N ew Jersey, pref. ( q u .).
U . S. Steel C o r p ., c o m . (q u a r.) (N o . 4 2 ).
Preferred (q u a r.) (N o . 6 2 )_____________
V a cu u m O il.............................................. ..............
W a rw ick Iron A S teel........................ .............
White (J. G.) Engineering, pref. (qu.) (No.5)
White (J.G.) Management Corp.,pf.(qu.).
W o o lw o r th (F . W . ) , c o m . (q u a r.) ( N o . 8)
THE CHRONICLE
Per
When
Cents. Payable.
Books Closed.
Days Inclusive.
1
M a y 15 H old ers o f rec. M a y
la
M a y 15 H olders o f rec. M a y
1
June 30 Juno 23
to
Juno 30
M a y 15 M a y 7
to
M a y 15
1
June 15 M a y 28
to
June 5
M a y 24
i x Juno 1 M a y 16 t o
X Juno 30 H olders o f rec. Jun o 14
5
June 1 H olders o f rec. M a y 15a
IX M a y 11 H olders o f rec. A p r. 30a
IX M a y 30
X M a y 30
4
M a y 15 H olders o f rec. M a y 8
M a y 20
3 X M a y 21 M a y 10 to
4
June 20 H olders of rec. Jun e 3
$1.25 M a y 15 H olders o f rec. M a y 1
X June 1 H olders o f rec. M a y 20
I X M a y 15 H olders o f rec. A p ril 30a
M a y 10
IX M a y 16 M a y 1 to
2
Juno 2
1
M a y 15
1
M a y 19
1
June 15
1
Juno 1
I X lim e 15
S1.25 Juno 151
3 o f rec. Jun e la
13X Ju ly 1 1
i x June 1 H olders o f rec. M a y 15a
10
M a y 15 H old ers o f rec. M a y 5 a
I X June 15 H olders o f rec. M a y 30a
2
M a y 15 H old ers o f rec. A p r. 30a
I X June 15 H old ers o f rec. Jun o 1
I X M a y 15 H old ers o f rec. M a y 1
I X Juno 1 H old ers o f rec. M a y 15
3
June 30 H olders o f ree. M a y 29a
2
June 30 H old ers o f rec. M a y 29a
I X Juno 1 April 29
to
M a y 19
I X June
H old ers o f rec. M a y 20a
I X Ju ly
H old ers o f rec. Jun e 19a
ix M a y 15 H old ers o f rec. A p ril 30
$4
M a y 15 H old ers o f reo. A p ril 24
I X June
H old ers o f rec. M a y 11a
ix June
H olders o f rec. M a y 9 a
I X Juno
H old ers o f rec. M a y 9a
2X Juno
M a y 15
to
June 1
2
M a y 19 H old ers o f rec. M a y 9
4
M a y 15 H old ers o f reo. M a y 5a
2
Juno
H old ers o f rec. M a y 21
I X Juno
M a y 30
$1 M a y 29 H olders o f rec. A p r. 30a
3
Juno
H olders o f rec. M a y 15 a
2 Juno
M a y 15
to
Jun o 20
I X June
H olders o f rec. M a y 16
50c M a y 15 H old ers o f rec. M a y
la
I X Juno
H old ers o f rec. M a y 15
I X M a y 15 H olders o f rec. A p r. 30
2 X M a y 15 H olders o f rec. A p r. 30a
I X M a y 15 M a y 5 to
M a y 15
I X June 15 M a y 23 to
M a y 26
I X M a y 15 M a y 8
to
M a y 15
I X July
H old ers o f rec. J u n o 15a
1
M a y 15 H olders o f rec. M a y 5
2
M a y 25 H olders o f rec. M a y 2a
I X M a y 15 M a y 8 t o
M a y 15
X Juno 10 M a y 21 to
Juno 9
I X M a y 20 April 30 to
M a y 19
4
M a y 15 H olders o f ree. A p ril 30a
2
M a y 15 H olders o f rec. A p ril 30a
5
Juno
M a y 15
to
M a y 31
2 X J u ly 15 H olders o f rec. J u ly la
I X M a y 29 H olders o f rec. M a y la
I X A u g . 31 H olders o f rec. A u g . la
lx M a y 15 H olders o f rec. A p ril 30a
1
M a y 15 H olders o f rec. M a y 8a
5
Jun e 20
I X M a y 15 H olders o f rec. A p r. 30
8
Juno 1 H olders o f rec. M a y 15
2 X June 15 H olders o f rec. M a y 20a
3
M a y 29 M a y 12
to
M a y 31
3
M a y 29 M a y 12
to
M a y 31
I X June 1 H olders o f rec. M a y 20a
I X M a y 15 M a y 2 to
M a y 15
l x June 1 H olders o f rec. M a y 22a
l x M a y 15 M a y 1 to
M a y 15
I X Juno 1 H olders o f rec. M a y 21a
l x M a y 15 M a y 5 to
M a y 15
I X June 29 Juno 2 t o
June 10
I X M a y 29 M a y 5 to
M a y 18a
3
M a y 15 H olders o f rec. M a y 6a
4
M a y 15 M a y 1 t o
M a y 15
I X Juno 1 H olders o f rec. M a y 20
i x Jun o 1 H olders o f rec. M a y 18
I X Jun o 1 A p ril 30
to
M a y 20
IX
2X
IX
a T ran sfer b o o k s n ot closed for this d iv id e n d , b Less B ritish Incom e ta x . d C or
rection . e P a yablo In sto c k . /P a y a b l e In co m m o n s to c k , g P a ya b le In scrip
h O n a ccou n t o f a ccum ulated d iv id en d s, s A d istrib u tion o f B a lto . A O hio stock to
b o m ade, v iz ., $121par value o f B . A O . pref. and $22 50 par valuo B . A O . com m on
for each share o f U nion I aclffe co m m o n stock held, p a ym en t o f said extra d ividen ds
both easli and sto ck , being postpon ed from A p r. 1 to July I o n a ccou n t o f litigation
D eolared 7
to holders o f rscord June 1, pa ya b le 3 X % J u ly 1 and %X% N o v . 1
S ta t e m e n t o f N e w Y o r k C ity C le a r in g -H o u s e B a n k s
a n d T r u s t C o m p a n ie s . — The detailed statement below
shows tho condition of the New York City Clearing-House
members for the week ending M a y 2.
Tho figures for the
separate banks and trust companies are tho averages of
the daily rosults. In tho case of tho totals, actual figures
O tho end of tho wook aro also givoni
tt
144i
of. th? ^ ru9t com p a n ies Is as follow s: B r o o k ly n . 51 ,5 0 0 .0 0 0 : B a nkers,
* 1 0 ,0 0 0 ,0 0 0 : U nited States M o rtg a g e A T r u s t, $2 ,0 0 0 ,0 0 0 : A stor, $1,2 5 0 ,0 0 0 : T itle
r r u s t ’ S5-0 0 0 -0 ° 0 ; G u a ra n ty , $10 ,0 0 0 ,0 0 0 : F id e lity , $1,0 0 0 ,0 0 0 :
T
S
r 3 ^ tl® I n s a n e ? * T ru s t. $ 4 ,0 0 0 ,0 0 0 : C olu m b la -K n lck e rb o ck e r, $2 ,0 0 0 ,0 0 0 :
o o o n n n -’ v f 1;0 0 0 ’ ^ 01 N^ n L o r k ’ * 3 . ° 0 0 .000; F ran klin, $1 ,0 0 0 ,0 0 0 : L in coln , $ 1 .UIIO.OOO. M e tro p o lita n , $ 2 ,0 0 0 ,0 0 0 : B ro a d w a y , $1 ,5 0 0 ,0 0 0 : to ta l, $46 ,2 5 0 ,0 0 0 .
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.
D E T A IL E D R E T U R N S OF B A N K S .
_________________________ We omit two ciphers (00) in all cases.
B an ks.
00s omitted.
I
Capital.
$
N ew Y o r k ,
2,000,0
M a n h a tta n C o .
2 .0 5 0 .0
M e r ch a n ts ’ , .
2,000,0
M ech. A M e t.
6,000,0
A m erica
1.500.0
C i t y . . ............... 2 5 .0 0 0 .
C h e m i c a l ____
3 .0 0 0 .
M e rch a n ts ’ E x .
1.000.
B u tc h . A D r o v .
3 00 .0
G r e e n w ic h ___
500 .0
A m erica n E x .
5 .0 0 0 .
C o m m e r c e ___ 2 5 .0 0 0 .
P a c ific ____
500 .0
C h a t. A P h e n lx
2 .2 5 0 .0
P e o p l e 's ____
200 .0
H a n o v e r _____
3 .0 0 0 .
C itizen s’ C en t.
2 .5 5 0 .0
N a s s a u ______
1.000.0
M a rk et A F u lt
1,000,0
M e tro p o lita n .
2,000,0
C orn E xch ange
3 .5 0 0 .0
Im p .A T ra d e rs’
1.500.0
P a r k .............
5 .0 0 0 .
E a st R iv e r .
250 .0
F o u r t h ____
3 .0 0 0 .
S econ d ____
1.000.0
F irst .............
10.000.0
I r v i n g ________
4 .0 0 0 .
B o w e r y ___
250 .0
N . Y . C ou n ty.
500 .0
G erm an -A m er.
750.0
C h a s e ____
5 .0 0 0 .
F ifth A v e n u e .
100.0
G erm an E x ch .
200,0
G e r m a n ia ____
200,0
L i n c o l n .......... ..
1.000.
1,000,0
G a r f i e l d ..........
F i f t h _________
250 .0
M e t r o p o lis ___
1,000,0
W e st S id e ____
20 0 .0
S e a b o a rd _____
1 ,000,0
L ib e rty _______
1 ,000,0
N . Y .P r o d .E x .
1 ,000,0
S ta te _________
1 ,000,0
S e c u r i t y _____
1 ,000,0
C oa l A Iron . .
1 ,000,0
U n ion E x c h ..
1 ,000,0
N assau, B k ly n
1 ,000,0
On Dep.
Net
Loans.
Specie. Legals. withC.II. Deposits.
Average. Average. Average. Banks. Average.
$
4 .3 2 5 .4
4 .9 1 4 .6
2 .1 9 0 .0
8 .8 5 4 .2
6 .3 2 3 .2
0
33 .1 4 1 .8
7 .70 5 .5
1
0
751.5
114.5
1 .133.8
4 .70 9 .8
5
0
16,939,5
1.007.2
1.404.0
464 .3
0
15,003,1
2 .4 4 4 .5
411 .5
1.962.4
1.868.9
6.868.2
7 .851.7
0
14.490.9
57,8
3 .60 6 .9
7
2 .846.0
2 3,374,8
3 .50 8 .0
2
790.3
1,922,2
689,7
0
10,153,3
2 .2 4 1 .9
822 .5
1.040.9
0
1.766.8
1.296.0
500.6
2 .2 2 9 .0
915 .4
2.616.1
2 ,8 2 8 ,0
955 ,0
4 25 .6
348 .5
578 .5
1,001,0
$
$
%
25 .5
2 7 .2
25 .5
2 5 .2
2 5 .0
3 1 .8
2 5 .0
2 5 .5
2 5 .4
24 .2
2 8 .0
2 7 .0
3 1 .0
25 .0
29 .5
25 .6
25.4
27 .0
27.4
25 .8
2 5 .0
24 .5
2 5 .7
2 7 .8
26.4
25 .4
2 5 .0
2 5 .8
25.1
2 5 .0
24 .8
2 6 .8
2 7 .2
2 5 .3
2 7 .0
2 6 .7
25 .3
25.1
2 5 .5
2 4 .6
27 .4
2 9 .3
2 5 .0
25.6
24 .3
26.3
2 5 .5
2 5 .0
2 6 .8
Circulation- On th e basis o f a v era g es, circu la tion o f n ation al b an ks in th e C learing
H ou se a m ou n ted t o $ 4 1 ,9 3 5 ,0 0 0 and a ccord in g t o actu a l figu res w as $ 4 2 ,1 4 4 ,0 0 0 .
S U M M A R Y C O V E R IN G B O T H B A N K S A N D T R U S T C O M P A N IE S .
Week
ending
May 2.
Capital. Surplus.
Loans.
Specie.
On Dep.
Legal with CM.
Net
Tenders. Banks.
Deposits,
A v era ges.
S
$
$
%
B a n k s____ 132,550,0 212,716 ,8 1,500,418,0 3 55 ,613 ,0
T r u s t c o s . 46 ,2 5 0 ,0 9 7 ,5 5 7 ,0 6 2 6 ,807 ,0 71,883,0
$
6 6 ,9 6 0 ,0
6 ,6 8 9 ,0
*
91 ,7 7 4 ,6
$
1 ,5 7 3 ,4 8 0 ,0
4 6 7 ,0 0 3 ,0
T o t a l . . 178,800,0 3 10 ,273 ,8 2 .1 2 7 .2 2 5 .0 4 2 7 .4 9 6 .0 73 .6 4 9 .0 9 1 .7 7 4 .0 2 .0 4 0 .4 8 3 .0
A c tu a l.
1
B a n k s____
1 .5 0 1.109.0
3 64 ,033 ,0
66 .7 4 3 .0
1 .5 8 5 .6 3 0 .0
T ru s t c o s .
6 2 6 ,7 7 1 ,0 63 ,5 7 6 ,0
6 ,6 1 4 ,0 9 9 .3 3 9 .0 4 5 3 ,8 1 3 ,0
T ota l . .
.............
............. 2 ,1 2 7 ,8 8 0 ,0 4 2 7 ,6 0 9 ,0
73 ,3 5 7 ,0
9 9 ,3 3 9 ,0 2 ,0 3 9 ,4 4 3 ,0
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per
following:
For definitions and rules under which the various Itenn
are made up, see “ Chronicle,” V . 86, p. 316.
S T A T E B A N K S A N D T R U S T C O M P A N IE S .
Slate Banks,
Trust Cos.
State Banks,
Trust Cos.
in
In
outside of
outside of
Greater N . Y. Greater N . Y. Greater N. Y. Greater N . Y.
Reserve.
S
2 3,137,400
S
67,9 0 0 ,0 0 0
*1 0 ,5 2 3 ,0 0 0
* 1 0 ,2 5 0 ,0 0 0
3 9 ,4 57,000
164,517,300
*1 4 ,028,915
*1 1 ,3 4 1 ,3 0 2
3 2 3 ,273 ,00 0 1 ,1 14,888,200
+ 399,400
+ 5 ,798,100
127,613,100
+ 1,053,400
1 8 4 ,826 ,00 0
+ 6 3 6 ,6 0 0
C a p ita l as o f M a rch 2 ___
Surplus as o f M a rch 2 ___
R eserv e on d e p osits..........
C h an go from last w eek
112,784,000
+ 1 ,9 5 6 ,6 0 0
T o t a ls , average 9 7,557,0 6 2 6 ,807 ,0 71,8 8 3 ,0
6 ,6 8 9 ,0 91 ,7 7 4 ,0 467 ,0 0 3 ,0 1 6 .8 + 1 6 .4
A ctu a l figures
6 ,6 1 4 ,0 99 ,3 3 9 ,0 4 5 3 ,813 ,0 1 5 .4 + 1 7 .9
P . C . reserve t o d e p o sits.
P ercen ta ge last w e e k ..
3 0 .0 %
3 0 .0 %
S
8 26 ,0
2 2 .8 8 3 .0
1.519.0
4 7 .9 7 0 .0
1.627.0
21.866.0
2 .5 8 2 .0
5 9 .7 9 7 .0
1.581.0
2 3 .6 4 1 .0
6 .7 3 0 .0 2 1 3 .2 0 2 .0
2 .3 9 8 .0
25.3 3 7 .0
251 .0
7 .9 8 4 .0
71,0
2 .0 1 9 .0
195.0
10.987.0
4 .1 6 8 .0
51.0 8 8 .0
8 .2 2 4 .0 127.507 .0
701 .0
4 .7 9 9 .0
1.676.0
22 .5 9 8 .0
138.0
2 .2 2 3 .0
1 .484.0 1 02 .771 .0
610 .0
2 2 .7 5 3 .0
954 .0
11.952.0
9 3 6 .0
9 .8 2 4 .0
2 90 .0
11.063.0
2 .6 7 0 .0
78 .5 9 7 .0
1.814.0
24 .4 5 4 .0
2 .5 5 0 .0 1 00 .235 .0
113.0
1.844.0
2 .2 1 5 .0
3 6 .0 0 5 .0
127.0
1 2.621.0
1 .023.0 1 2 1 .564 .0
2 .5 0 1 .0
4 2 .3 9 5 .0
8 2 ,0
3 .5 0 5 .0
780 .0
9 .3 3 4 .0
222.0
4 .0 9 3 .0
4 .5 9 8 .0 125.576 .0
1.049.0
1 5.578.0
4 0 9 .0
3 .8 5 1 .0
254 .0
5 .6 2 0 .0
1 .023.0
17.420.0
3 13 .0
10.364.0
246.0
4 .3 2 2 .0
1.043.0
12.530.0
285 .0
4 .9 8 9 .0
1.761.0
3 0 .9 2 0 .0
1.564.0
3 1 .6 6 1 .0
397 .0
11.409.0
4 10 .0
23 .9 9 1 .0
1.335.0
13.935.0
676 .0
6 .8 5 2 .0
3 50 .0
10.338.0
189.0
7 .2 1 3 .0
tt
S
$
$
%
707.0 3 .9 5 2 .0 18.963.0 1 5 .0 + 1 7 .2
183.0 2 2.503.0 103.414.0 1 5 .0 + 1 7 .8
583 .0 6 .5 7 5 .0 3 1 .3 1 4 .0 1 5 .0 + 1 6 .9
20.0 2 .1 8 7 .0 14.471.0 1 4 .7 + 1 2 .7
9 61 .0 5 .410.0 21 .4 3 5 .0 15.0 + 19.9
1,067,0 2 6 .846.0 127 .338 .0 21.4 + 17.4
240.0
825 ,0
5 .7 3 4 .0 1 5 .1 + 1 1 .2
665 .0 1.897.0 12.789.0 1 5 .4 + 1 2 .8
595.0 4 .6 8 1 .0 39 .4 7 2 .0 1 5 .0 + 1 0 .6
370 .0 2 .4 0 9 .0 14.898.0 1 5 .0 + 1 3 .6
202 .0 6 .2 6 9 .0 32 .1 4 4 .0 1 5 .2 + 1 6 .3
137.0 1.727.0
6 .6 8 4 .0 15.9 + 19.2
235 .0 1.166.0
9 .2 9 1 .0 1 5 .2 + 1 1 .1
9 1 ,0 3 .3 4 4 .0 16.417.0 1 5 .4 + 1 6 .8
6 33 .0 1.983.0 12.639.0 1 5 .0 + 1 3 .5
M a y 2 . 626 ,7 7 1 ,0 63 ,5 7 6 .0
8.221.0
$
5 .0 2 8 .0
11.565.0
3 .968.0
12.496.0
4 .3 0 7 .0
6 1.232.0
3 .9 1 5 .0
1.782.0
4 42 .0
2 .4 7 2 .0
10.133.0
2 6 .3 9 9 .0
790 .0
3 .9 6 3 .0
5 19 .0
2 4 .9 3 9 .0
5 .1 7 5 .0
2 .2 6 3 .0
1.764.0
2 .5 7 2 .0
16.959.0
4 .2 0 0 .0
23 .2 2 0 .0
40 0 .0
7 .337.0
3 .0 7 9 .0
29.3 1 4 .0
8 .4 7 2 .0
798 .0
1.558.0
797.0
29 .1 1 3 .0
3 .192.0
565 .0
1.267.0
3 .6 4 5 .0
2 .3 1 0 .0
840 .0
2 .1 5 4 .0
945 .0
6 .724.0
7 .724.0
2 .455.0
5 .735.0
2 .053.0
1.129.0
2.290.0
1.614.0
. . . j 1 50 1,10 9,0 3 64 ,033 ,0 66 ,7 4 3 ,0 1585,630,0
$
$
21.782.0 2 .1 2 3 .0
128.318.0 15.434.0
40 .5 1 8 .0 4 .1 1 5 .0
21.451.0 2 .1 1 7 .0
3 3.380.0 2 .2 9 4 .0
185.032.0 2 6 .202.0
7 ,4 5 2 ,0
627 .0
17.758.0 1.317.0
4 7 .4 2 0 .0 5 .2 8 9 .0
16.068.0 1.857.0
4 5 .8 0 0 .0 4 .6 9 1 .0
10.387.0
9 30 .0
10.547.0 1.174.0
24.7 4 7 .0 2 .4 4 5 .0
13.141.0 1.268.0
B r o o k ly n _____
3 .7 4 1 .5
B a n k e rs____
14.801.0
U .S .M t g .A T r . 4 ,4 1 2 ,0
A s t o r ...............
1,349,9
T lt lo G u . A T r . 11.736.1
G u a r a n t y ------- 2 4,206,5
F i d e l it y ............
1,352.4
L a w yers T I A T 5 .541.3
C o l.-K n lc k e r .. 7 .3 5 1 .6
1.572.6
N ow Y o r k ____ 12,020.0
1.228.4
F r a n k li n _____
L in coln ______
547 ,5
M e trop olita n . 6 ,794,3
838,9
B r o a d w a y ....
Specie. Legals. Net Depos Re
Average. Average its, Aver. serve.
2 4 .1 8 7 .0
4 0 .3 0 0 .0
2 1 .5 1 7 .0
6 1 .5 1 7 .0
2 4 .7 0 0 .0
2 0 2 .4 8 7 .0
2 9 .2 8 5 .0
8 .3 0 7 .0
1 .959.0
9 .8 7 3 .0
4 8 .7 6 4 .0
1 43 .543 .0
5 .0 1 4 .0
2 1 .5 3 6 .0
2 .0 1 5 .0
8 9 .0 0 5 .0
2 3 .3 0 4 .0
10.468.0
9 .5 6 8 .0
1 1.224.0
6 6 .6 3 0 .0
27 .2 3 6 .0
9 5 .1 6 8 .0
1.525.0
29 .7 0 2 .0
13.858.0
127.443 .0
4 0 .5 9 2 .0
3 .2 4 9 .0
8 .8 6 9 .0
4 .3 0 2 .0
107.162 .0
13.683.0
3 .3 4 6 .0
4 .8 1 6 .0
16.355.0
9 .9 1 7 .0
3 .9 2 7 .0
12.520.0
3 .8 9 8 .0
2 5 .9 8 4 .0
2 6 .6 5 2 .0
9 .9 1 0 .0
18.382.0
11.780.0
6 .6 3 7 .0
1 0 .081.0
1.171.5
A ctu a l figures M a y 2 . .
Week ended May 2.
Surplus.
Loans.
Average.
T o ta ls,a v e ra g e 132 ,550 ,0 2 1 2 ,7 1 6 ,8 1 5 0 0 ,4 1 8 ,0 ,3 5 5 ,6 1 3 ,0 6 6 ,9 6 0 ,0
1573,480,0
D E T A IL E D R E T U R N S O F T R U S T C O M P A N IE S .
T r u s t C os.
00s omitted.
Surplus.
L oa n s and In v e s tm e n ts ..
C h ange from la st w eek
C h ange from last w eek
6 6,563,800
+ 546 ,000
122,451,400
+ 3 ,613,300
L eg a l-ten d er A b k . n o te s .
C h ange from last w eek
17,382,400
— 528,400
$
9
9,8 3 6 ,7 0 0
— 515,800
C h a n ge from last w eek
3 8 6 ,439 ,40 0 1,290,530,700
+ 3 ,455.700 + 17,195,200
+ Increase o v e r last w eek .
-_
___________
135,320,400
— 332,400
1 9 5 ,073 ,40 0
+ 5 7 1 ,800
143,351,000
+ 865,700
25.2 8 7 ,9 0 0
— 990 ,800
2 6 ,9 4 2 ,3 0 0
— 4 5 ,5 0 0
17 .3 %
1 7.1%
2 0 .0 %
2 0 .8 %
— D ecrea se from last w eek .
1 4 .9 %
1 4 .9 %
*A s o f D e c . 9 1913.
THE
1442
[Vol.
C H R O N IC L E
XCVIII
present
R e p o r ts o f C le a r in g N o n -M e m b e r B a n k s .— T h e follow
separate figures indicating the totals for the S tate banks and
trust oompanies in the Greater N e w Y o r k , not in the Clearing
ing is the statem ent of condition of the clearing non-m em ber
banks for the week ending M a y 2 , based on average daily
House.
results:
The
B an kin g
D ep artm en t also undertakes
to
T h ese figures are shown in the table below , as are
W o it tw cip ers (00) ina ths fig res.
em o h
ll e e u
La s,
on
La O
eg l
n
D
isc'ts
T d ep sit
en er o
n
C p Sr
a i u a d S ecie. a d D ith N
p
n w
et
lu
v
ta p s. In est
l.
Bn C . D osits.
a k .-H ep
m ts.
en
Ntes. Bn s.
o
ak
also the results (both aotual and average) for the Clearing
H ouse banks and trust com panies. In ad d ition , we have
com bined each corresponding item in the tw o statem ents,
Bn s.
ak
thus affording an aggregate for the whole of the banks and
trust companies in the G reater N e w Y o r k .
NEW
N ew Y o r k C ity .
Mn a na dB n.
a h tta n ro x
Y O R K C IT Y B A N K S A N D T R U S T C O M P A N IE S .
ta a k n Tta
r.-H
C r.-H e C emers.se S teBnsao Bnsl of a st
lea ow lea b ou T st Cs. Na ao ATll
ru o t k ru
M b
emers. Mv g
.-H v o v g
A a ig res Aera e. in C . Aer Cs. Aera e.
ctu lF u
W en ed My 2 —
eek d a
N a tio n a l
M arch
S ta te
M arch
I
b a n k s]
4 and]
ban ks
2 ------ J
1 7 8 .8 0 0 .0 0 0
1 7 8 .800 .00 0
28 ,8 3 7 ,4 0 0
2 0 7 ,637 ,40 0
3 1 0 ,2 7 3 ,8 0 0
3 1 0 ,2 7 3 ,8 0 0
7 3 ,3 7 8 ,3 0 0
3 8 3 .652 ,10 0
L oa n s an d In v e stm e n ts. - 2.1 2 7 .8 8 0 .0 0 0 2 .1 2 7 .2 2 5 .0 0 0
— 6 ,3 1 8 ,0 0 0
C h a n g e fro m last w eek — 10,546,000
6 6 7 ,584 ,40 0 2,6 9 4 ,8 0 9 ,4 0 0
+ 2 ,7 19,100 — 3 ,5 9 8 ,9 0 0
D e p o s i t s ........ ....................... 2 .0 3 9 .4 4 3 .0 0 0 2.0 4 0 .4 8 3 .0 0 0
— 3 ,7 0 4 ,0 0 0
C h a n g e fro m last w eek — 10,317,000
a 5 8 4,84 5,0 00 2 ,6 2 5 ,3 2 8 ,0 0 0
— 8 2 9 ,2 0 0
+ 2 ,8 74,800
5 7 ,975,700 4 8 5 ,4 7 1 ,7 0 0
— 1,528,700 + 1 0,0 8 4 ,3 0 0
S p e cie ..................- ................
C h a n g e fro m la st w eek
4 2 7 .6 0 9 .0 0 0
+ 7 ,5 5 1 ,0 0 0
4 2 7 .4 9 6 .0 0 0
+ 11,613,000
L eg a l te n d e r s -----------C h a n g e fro m la st w eek
7 3 .3 5 7 .0 0 0
— 2,3 4 1 ,0 0 0
73 .6 4 9 .0 0 0
— 1,783,000
67,931,000
— 42 8 ,4 0 0
8 1 ,5 8 0 ,0 0 0
— 2 ,2 1 1 ,4 0 0
B a n k s: cash In v a u lt -----R a t io t o d e p o s i t s ..
4 3 0 .7 7 6 .0 0 0
2 7 .1 6 %
4 2 2 .5 7 3 .0 0 0
2 6 .8 5 %
12,201,000
4 3 4 ,7 7 4 ,0 0 0
1 2 .6 4 %
T r u s t c o s .: cash In v a u lt .
7 0 .1 9 0 .0 0 0
7 8 .5 7 2 .0 0 0
63,7 0 5 ,7 0 0
5 0 0 .966 .00 0
+ 5,2 1 0 ,0 0 0
5 0 1 .1 4 5 .0 0 0
+ 9 ,8 3 0 ,0 0 0
65 ,9 0 6 ,7 0 0
— 1,907,100
5 6 7 .0 5 1 .7 0 0
+ 7 ,8 7 2 ,9 0 0
M o n e y on d e p o sit w ith
o th e r b k s . * trust c o s .
C h a n g e fro m la st w eek
+ 10,101,000
9 9 ,3 3 9 ,0 0 0
9 1 ,7 7 4 ,0 0 0
+ 6 ,2 6 7 ,0 0 0
6 0 0 ,3 0 5 ,0 0 0
T o t a l r eserv e.............
C h a n g e fro m last w eek + 15,311,000
5 9 2 ,919 ,00 0
+ 16,097,000
B o ly .
ro k n
$
100,0
2 0 0 ,0
5 0 0 ,0
4 0 0 ,0
3 0 0 ,0
2 00 ,0
2 0 0 ,0
2 0 0 ,0
2 0 0 ,0
100,0
3 00 ,0
F irst N a tio n a l________
252 ,0
M a n u fa ctu rers’ N a t . .
M ech a n ics’ .................... 1 ,000,0
N a tion a l C i t y . . ..........
3 0 0 ,0
N o rth S id e ............... ..
2 00 ,0
Je rse y C ity .
F irst N a tio n a l...............
4 00 ,0
H u d son C o u n ty N a t .
250 ,0
200 ,0
T h ir d N a tio n a l---------H oboken.
2 20 ,0
F irst N a tio n a l________
125,0
S econ d N a tio n a l--------
S
$
$
$
$
1,593,0
139,0
363 ,0
1,684,0
6 ,5 1 9 ,0 5 63,0
1,100,0
6 ,8 0 0 ,0
706 ,0
0 ,2 1 5 ,0
14,0
1,101,0
4 8 6 ,0
5 ,3 4 2 ,0
4 1 9 ,0
3 ,4 1 5 ,0
219 ,0
1 ,856,0
4 6 1 ,0
4 ,6 6 9 ,0
79,0
60,0
5 01 ,0
165,0
579 ,0
127,0
332 ,0
137,0
86 ,0
3 18 ,0
414 ,0
2 07 ,0
740,0
1,456,0
9 50 ,0
174,0
9 36 ,0
154,0
2 86 ,0
8 52 ,0
1 ,2 8 1 ,0
1.9 2 7 .0
6 .6 8 1 .0
6 .9 3 2 .0
7 .4 8 6 .0
3 89 ,0
6 86 ,4 3 ,7 2 6 ,0
6 99 ,0
9 6 6 ,3 5 ,5 7 5 ,0
5 2 7 ,5 10,147,0 1,1 9 9 ,0
524 .0
5 90 ,2 4 ,8 0 4 ,0
184,0
190,3 2 ,7 5 4 ,0
34 ,0
84 ,0
599 ,0
102,0
213 ,0
666 ,0
844 ,0
1,559,0
791 ,0
3 90 ,0
3 .0 7 4 .0
5 .0 2 3 .0
1 1 ,9 7 7 ,0
4 .7 1 1 .0
2 .8 6 4 .0
3 69 ,8
118,5
5 01 ,9
7 12 ,9
6 97 ,0
189,8
4 91 ,4
3 29 ,8
108,9
5 2 5 ,5
1.001.0
5 .3 9 6 .0
3 .6 4 3 .0
1 .9 9 0 .0
5 .0 5 7 .0
1 ,4 0 4 ,8
8 32 ,4
4 4 5 ,2
4 ,0 5 6 ,0
3 ,1 0 4 ,0
2 ,3 6 9 ,0
269 ,0
2 00 ,0
9 3 ,0
2 36 ,0
47 ,0
136,0
3 ,6 5 9 ,0
575 ,0
5 95 ,0
3 .2 2 2 .0
1 .6 7 0 .0
1 .3 9 7 .0
684 ,7
292 ,1
4 ,8 3 2 ,0
3 ,7 8 7 ,0
2 48 ,0
193,0
64 ,0
45,0
5 29 ,0
5 44 ,0
1 .6 6 4 .0
1 .4 6 5 .0
T o t a ls M a y 2 .......... 5 ,8 4 7 ,0 10,665,4 84 ,3 5 4 ,0 8 ,4 6 8 ,0 3 ,9 4 4 ,0 16,327,0
T o t a ls A p ril 2 5 ------ 5 ,8 4 7 ,0 10,665,4 84 ,1 5 5 ,0 8,6 4 1 ,0 4 ,1 7 3 ,0 17,099,0
T o t a ls A p ril 18------ 5 ,8 4 7 ,0 10,665,4 8 3 ,9 4 4 ,0 8 ,7 6 5 ,0 4 ,2 0 5 ,0 15,457,0
1 32 .277 .70 0
A g g r ’ to m o n e y h old in g s.
C h an ge fro m last w eek
W a sh in g ton I le lg h t s .
B a tte r y P a rk N a t . . .
C e n tu ry ______________
C o lo n ia l............... ...........
C o lu m b ia ........ ................
F i d e l it y ...........................
M u t u a l .......... . ' . ...........
N e w N e th e rla n d -----T w e n ty -th ir d W a r d . .
Y o r k v lllc _____________
2 4 ,9 0 7 ,1 0 0
+ 3 54 ,300
116 ,681 ,10 0
+ 6 .6 2 1 ,3 0 0
9 0 ,8 1 3 ,8 0 0 68 3 ,7 3 2 ,8 0 0
— 1 ,6 02,800 + 1 4 ,494,200
Surplus C A S H reserve—
B a n k s (a b o v e 2 5 % ) . . .
T r u s t c o s . (a b o v e 1 5 % )
34,3 6 8 ,5 0 0
2 ,1 1 8 ,0 5 0
2 9 ,2 0 3 ,0 0 0
8 ,5 2 1 ,5 5 0
T o t a l ............... ...........
C h an ge fro m la st w eek
36,4 8 6 ,5 5 0
+ 6 ,2 3 2 ,1 5 0
37,7 2 4 ,5 5 0
+ 10,664,400
% o f cash reserves o f trus t c o s —
1 5 .4 6 %
C ash In v a u lt .......... ..
1 7 .9 5 %
C a sh o n d e p . w ith b k s .
1 6 .8 2 %
1 6 .4 2 %
1 4 .6 0 %
3 3 .4 1 %
3 3 .2 4 %
1 6 .4 8 %
T o ta l.
Im p o r ts a n d E x p o r ts f o r t h e W e e k .— T h e following are
the im ports a t N e w Y ork for the week ending M a y 2 ; also
totals since the beginning of the first week in January:
F O R E IG N IM P O R T S A T N E W Y O R K .
Fr W .
o eek
1914
1913.
1011.
1012.
D r y G o o d s .................... ..............
G eneral M e rch a n d ise -----------
$ 2 ,2 3 4 ,0 0 6
18,268,326
$ 2 ,440,963
16,673,403
$ 2 ,311,152
18,504,703
$ 1 ,8 7 5 ,0 2 2
14,506,871
T o t a l .........................................
$2 0 ,5 0 2 ,3 3 2
$ 1 9 ,114 ,36 6
$ 2 0 ,815 ,85 5
$ 1 6 ,3 8 1 ,8 9 3
D r y G o o d s ____________ ____
G eneral M e r c h a n d is e _______
$ 6 9 ,5 8 8 ,7 8 5
2 9 9 ,4 0 5 ,6 9 7
$ 5 6 ,500 ,03 8
3 0 3 ,797 ,46 9
$52 ,808 ,74 1 $ 5 3 ,4 0 2 ,1 3 9
3 0 5 ,156 ,61 8 j 2 56 ,508 ,10 1
S ce J n 1
in a . .
T o t a l 18 w eek s____________ $3 6 9 ,0 5 4 ,4 8 2 $ 3 6 0,29 7,5 08 $ 3 5 7 ,96 5,3 59 $30 9 ,9 7 0 ,2 4 0
i
1.88%
+ In crea se o v e r last w eek . — D ecrea se from last w eek.
T h e se are the d ep osits a fter elim inating the Item " D u e from reserv e d ep ositories
a n d o th er ban ks and trust com p a n ies In N ew Y o r k C it y ” w ith this Item Included,
d ep osits a m ou n ted to S 6 S 6 ,0 30,100, an Increase o f $ 4 ,3 5 5 ,4 0 0 o v e r last w eek.
In
th o caso o f th e C lea rin g -H ou se m em b ers, th e d ep osits are "le g a l n e t d ep osits” b o t h
fo r tho a v era g e and th o a ctu a l figu res. 6 In clu d es ban k n otes.
a
T h e averages of the N e w Y o rk C ity Clearing-H ouse banks
and trust com panies, combined with those for the State banks
T h e following Is a statem ent of the exports (exclusive of
specie) from the port of N e w Y ork to foreign ports for the
week ending M a y 2 and from Jan. 1 to date:
EXPORTS FROM NEW YO RK .
1914.
F o r the w eek ________ ______-
P rev iou sly r e p o r te d _________
1913.
1912.
1011.
$ 1 6 ,554 ,48 8
3 3 7 ,809 ,28 0
$ 1 7 ,254 ,67 2
3 28 ,259 ,06 5
$17 ,133 ,24 4
2 83 ,812 ,91 5
$ 1 4 ,6 2 3 ,6 8 4
2 6 0 ,040 ,60 6
T o t a l 18 w eek s------------------ $ 3 5 4,42 3,7 74 $ 34 5,51 3,7 37 $ 3 0 0,94 6,1 59 $27 4 ,0 6 4 ,2 0 0
and trust companies in Greater N e w Y ork C ity outside of the
Clearing H ou se, com pare as follows for a series of weeks past:
C O M B IN E D R E S U L T S O F B A N K S A N D T R U S T C O M P A N IE S IN
GREATER NEW YORK.
W o it tw cip ers in a thse fig res.
e m o h
ll e u
La sa d
on n
W Ed — Inestm ts D osits.
eek n ed v en ep
F e b . 2 8 ------M ar.
7 ____
M a r . 1 4 ____
M a r . 2 1 ____
M a r . 2 8 ____
A p ril
4 ____
A p ril 1 1 ____
A ir tl 1 8 . . . .
A p ril 2 5 ____
M ay
2 ------
$
$
2 .5 8 5 .8 2 8 .8 2 .4 7 6 .1 4 7 .2
2 .6 1 1 .8 1 3 .8 2,4 9 5 ,6 9 9 ,7
2 .6 1 2 .1 6 5 .4 2 .5 0 0 .1 0 1 .3
2 .6 0 8 .8 5 7 .7 2 .5 1 3 .0 4 3 .3
2 ,6 1 5 ,5 5 8 ,6 2 .5 2 5 .1 9 7 .4
2 .6 4 7 .5 2 1 .8 2 .5 6 4 .1 6 7 .2
2.6 6 1 .3 0 9 .9 2 .5 7 9 .7 8 8 .5
2.6 6 7 .2 4 3 .5 3 .5 9 1 .1 6 7 .3
2 .6 9 8 .4 0 8 .3 2 ,6 2 6 ,1 5 7 ,2
2 .6 9 4 .8 0 9 .4 2 ,6 2 5 .3 2 8 ,0
S ecie.
p
t
45 3 ,5 3 0 ,2
4 4 9 .5 9 0 .5
452 .059 .1
4 5 8 .571 .5
4 6 0 .0 2 8 .5
4 6 3 ,9 9 1 ,8
4 6 7 .0 9 1 .2
470 .768 ,1
4 7 5 ,3 8 7 ,4
4 8 5 ,4 7 1 ,7
T h e following table shows the exports and Imports of
specie at the port of N ew Y<5rk for the week ending M a y 2
and since Jan. 1 1 9 1 4 , and for the corresponding periods In
1913 and 1912:
E X P O R T S A N D I M P O R T S O F S P E C IE A T N E W Y O R K .
TtMn EtireRs
o o ey n e
L a Hld g on ep sit
eg ls. o in s. D o
s
$
5
8 4 .4 6 3 .0
81 .7 3 6 .4
82 .1 8 7 .2
81 .2 4 9 .5
8 3 .8 8 4 .2
80.807.1
78.148.1
8 1 .7 5 3 .0
8 3 ,7 9 1 ,4
8 1 .5 8 0 .0
5 3 7 .9 9 3 .2
5 3 1 .3 2 6 .9
6 3 4 .2 4 6 .3
6 3 9 .8 2 1 .0
5 4 3 .9 1 2 .7
5 4 3 .7 9 8 .9
5 4 5 .2 3 9 .3
652.521 .1
8 5 9 .1 7 8 .8
5 6 7 ,0 5 1 ,7
6 3 9 ,4 8 1 .8
6 3 0 .1 8 2 .0
6 3 1 .828 .7
6 4 2 .2 9 1 .0
6 5 3 .0 5 3 .3
6 5 3 .8 0 3 .5
6 5 9 .3 9 1 .3
6 6 1 .4 0 3 .0
6 6 9 .2 3 8 .6
6 8 3 .7 3 2 .8
Exports.
G o ld .
Week.
* $50,321
" 25*829
345
$ 10 ,000 $ 1 8 ,413 ,10 4
237,171 4 7 ,462.950
107.225 2 1 ,190,047
$76 ,495
410 ,477
3C0.099
$ 3 ,6 8 2 ,0 7 7
6 ,1 4 4 ,2 7 3
7 ,4 1 9 ,7 9 8
M e x ic o _______________________________
..................
A ll o th e r cou n tries______________ —
..................
T o t a l 1914___ ___________ ______
T o t a l 1 9 1 3 - I I I I I I I I I I ___________
T o t a l 1912..............................................
S ilv e r .
rjrpot. ■Rrltnin
an d Philadelphia:
G e rm a n y _____________________________
___ _ _ _
W o it tw cip ers (00) ina thsefig res.
em o h
ll e u
" V ic f.o o o
$692,693 $ 1 0 ,646 ,66 6
118,052
1,842,938
4 ,2 1 7
200
B oston .
M ar. 14.
M ar. 2 1 .
M ar. 2 8 .
4.
A p ril
A p ril 1 1 .
A p ril 1 8 .
A p ril 2 5 .
2.
M ay
I 'n u a .
M a r. 14.
M ar. 2 1 .
M ar. 2 8 .
A p ril
4
A p ril 1 1 .
A p ril 18.
A p ril 2 5 .
2.
M ay
$
6 0 ,7 3 5 .0
6 0 .7 3 5 .0
6 0 ,7 3 5 .0
6 0 .7 3 5 .0
6 0 .7 3 5 ,0
60 ,7 3 5 ,0
60 .7 3 5 ,0
60 ,7 3 5 ,0
3
2 2 7 ,1 4 8 ,0
2 2 4 ,8 5 0 ,0
2 2 6 ,1 3 8 ,0
2 3 0 ,4 1 1 ,0
2 3 1 ,4 8 4 ,0
2 3 4 ,196 ,0
2 3 4 ,9 3 6 ,0
2 3 2 ,7 0 9 ,0
103 .684 ,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
3 9 8 ,8 7 2 ,0
4 0 0 ,3 8 0 .0
4 0 1 ,9 4 9 ,0
4 0 3 ,746 ,0
4 0 4 ,5 2 6 ,0
4 0 2 ,1 8 9 ,0
4 0 3 ,5 3 9 ,0
4 0 3 ,0 7 8 ,0
$
26 ,1 9 5 ,0
2 7 ,1 1 9 ,0
2 6 ,8 4 1 ,0
2 5 ,5 3 8 ,0
2 6 ,3 2 4 ,0
2 7 ,3 6 3 ,0
28 ,6 0 2 ,0
2 9 ,3 5 6 ,0
$
3 ,8 0 7 ,0
3 ,5 1 3 ,0
3 ,5 1 9 ,0
S ,6 8 ?,0
3 ,9 3 9 ,0
4 ,1 5 4 ,0
4 ,1 8 5 ,0
4 ,2 3 9 ,0
107.6 14,0
1 0 5 ,2 9 6 ,0
1 0 3 .4 2 9 ,0
1 0 5 .9 7 8 ,0
1 0 5 ,9 0 4 ,0
111,7 13,0
1 1 1 ,062 ,0
1 0 7 ,2 9 8 ,0
$
2 6 8 ,5 9 7 ,0
2 6 7 ,0 4 6 .0
266 713 ,0
2 7 7 ,344 .0
2 7 9 ,0 5 2 .0
2 9 5 ,600 ,0
2 9 1 ,2 1 4 ,0
2 8 5 ,032 ,0
$
$
10.0 9 9 ,0 154.824 ,9
10,100.6 157 ,529 ,5
10,042.0 146 .724 ,0
10,073,0 191,773,3
10 ,0 9 3 ,0 153,991,1
10,124,0 174 ,783 ,5
10,076,0 154 ,898 .4
10,090,0 157 ,135 ,2
• 452,331,0 11,471,0
* 4 5 1 .8 5 4 ,0 1 1 ,432,0
*44 9 ,8 5 1 ,0 11,411,0
* 4 6 0 ,3 8 7 ,0 11,418,0
* 4 6 5 ,3 3 0 ,0 11,421,0
* 4 6 8 ,6 1 5 ,0 11,453,0
* 4 6 1 .6 9 1 ,0 1 1 ,503.0
* 4 6 0 ,5 4 2 ,0 11,514,0
145 ,027 ,8
149,144,7
142.424,3
101 ,212 .0
155 ,434 ,7
177.845,5
150 ,400 ,3
160 ,662 ,2
a In clu d es G o v ern m en t d ep osits an d tho Item “ d u e to oth er b a n k s ." A t B oston
G o v ern m en t d ep osits a m ou n ted to $ 1 ,7 6 5 ,0 0 0 on M a y 2 , a gainst $ 1 ,7 0 6 ,0 0 0 on
A p ril 25.
* “ D e p o s its ” n ow Include tho Item " E x c h a n g e s for Clearing H o u s e ,” w hich w ere
rep orted o n M a y 2 a8 $1 5 ,8 2 9 ,0 0 0 .
T o t a l 1914_________ . . . _____- - - - T o t a l 1913____________ ___________
T o t a l 1912...................... .......................
Since Jan. 1
794,173
1,105,120
328,112
118,750
_________
B o s t o n a n d P h ila d e lp h ia B a n k s .— Below is a sum m ary
C lea g
ircu
eg ls. ep
L n S ecie. L a D osits. la n C rins
oa s. p
a
tio .
lm i’orts.
Week.
$ 1 4 ,8 7 5
8 7,346
952
8 61 ,621
723 ,2 9 8
1 ,3 36,199
657 ,786
F r a n ce _ _
—
__
G e rm a n y _____________________________
o f the weekly totals of the C learing-H ouse banks' of Boston
Cp l
a ita
n
Bn s. a d
ak
S rp s.
u lu
Since Jan. 1
" 1 8 7 ,8 6 2
89,696
1,122,950
200
$15,384
504
$ 9 ,2 8 8
7 ,774
17,917
10,549
2 ,1 7 4 ,2 1 7
9 1 0 ,8 0 2
020 ,0 7 2
$15,888
153,584
264,065
$3 ,7 6 2 ,6 1 9
3 ,4 4 8 ,2 8 5
3 .9 5 0 ,9 9 9
_________
..................
$815,162 '$ 1 3 ,8 9 0 ,3 1 2
1 ,1 50,120 18,767,139
734,133 | 17,091,328
O f the above im ports for the week in 1 9 1 4 ,8 5 5 ,2 5 0 were
Am erican gold coin and $ ------- American silver coin.
fatxlxitx0 mxd ^iixaiicuxX ,
Municipal Bonds
Aak us to send you Circular No. 610 describing C anadian
and American M unicipal Bonds.
Spencer Trask & Co.
43 EXCHANGE PLACE—NEW YORK
C hlcag*
Boston
Albany
May 0 1914.)
THE CHRONICLE
§ 'm \ iz x s 7
premium. St. Paul, 50c. per $1,000 promium. Montreal, par. Minne
apolis, 60c. per $1,000 premium. Cincinnati, 10c. iter $1,009 premium.
(S a m ite .
W a l l S tr e e t, F r id a y N ig h t , M a y 8 1 9 1 4 .
T h e M o n e y M a rk e t a n d F in a n c ia l S it u a t io n .— T h e
b u o y a n c y o f th e m a r k e t s a iid th e u p w a r d m o v e m e n t o f
s e c u r it y v a lu e s n o t e d la s t w e e k h a d p r a c t ic a lly r e a c h e d a
c lim a x w h e n w o th e n w r o t e .
O n S a tu r d a y a r e a c tio n s o t
in , w h ic h , if w e e x c e p t a p a r t o f M o n d a y , h a s s in c e c o n tin u e d
w it h o u t in te rr u p tio n .
T h e c h a n g e is , h o w e v e r , m o r e o n e
o f s e n t im e n t th a n a c t u a l d e c lin e o f v a lu e s , a n d th e c a u s e ,
a s is w e ll k n o w n , t h e M e x i c a n p r o b l e m .
T h is h a s b e c o m e
m o r e c o m p lic a t e d .
A s o l u t i o n is d o u b t l e s s m o r e r e m o t e
t h a n a w e e k a g o it s e e m e d t o b e , a n d t lio fin a l o u t c o m o
m ore obscu re.
T h e m a t t e r n e x t in i m p o r t a n c e h a s b e e n t h e G o v e r n m e n t
c r o p r o p o r t , w h ic h s h o w e d a c o n d it io n o f w in t e r w h e a t e v e n
b e t t e r th a n h a d b e e n e x p e c te d a n d in d ic a tin g a h a r v e s t o f
6 3 0 ,0 0 0 ,0 0 0 b u s h e ls , o r m o r e t h a n 1 0 0 ,0 0 0 ,0 0 0 in e x c e s s o f
t h e l a r g e s t e v e r r e c o r d e d — t h a t o f l a s t y e a r . _ R y e is a ls o
in e x c e l le n t c o n d i t i o n a n d e v e r y t h i n g s o f a r is u n u s u a l ly
fa v o r a b le fo r th e s p r in g -w h e a t c r o p .
A
d e c is io n b y th e
I n t e r -S t a t e C o m m e r c e C o m m is s io n a llo w in g a lo w e r r a t e
f o r a lo n g t h a n f o r a s h o r t h a u l, a s a s k e d f o r b y s o m e o f t h e
S o u th e a s te r n r o a d s , w a s fa v o r a b ly r e c e iv e d a n d r e g a r d e d
a s a p o s s ib le i n d i c a t i o n t h a t t h e C o m m i s s io n w ill m a k e o t h e r
f a v o r a b l e d e c i s i o n s in c a s e s n o w p e n d i n g .
N e e d o f th e la tte r
is e m p h a s i z e d b y r e p o r t s o f r a i lw a y e a r n in g s w h ic h h a v e
b e e n g iv e n o u t th is w e e k s h o w in g a n e n o r m o u s s h r in k a g e
g e n e r a l l y in b o t h g r o s s a n d n e t i n c o m e .
O f a s im ila r t e n o r
is t h e m o s t r e lia b le i n f o r m a t i o n f r o m t h e i r o n a n d s t e e l
i n d u s t r y , w h i c h is t o t h e e f f e c t t h a t t h e r o h a s b e e n a f u r t h e r
r e d u c t io n o f o r d e r s a n d o u t p u t , w it h th e p r o s p e c t o f m o r o
p la n ts g o in g o u t o f c o m m is s io n , a lth o u g h o n ly a b o u t 6 0 %
o f c a p a c i t y is n o w b e i n g p r o d u c e d .
T h e B a n k o f E n g la n d r e p o r t s a n in c r e a s o o f o v e r 2 % in its
p e r c e n t a g e o f r e s e r v e , b u t its g o l d h o ld in g s h a v o b e e n r e
d u ced.
T h e d e m a n d f o r g o ld a t P a r is c o n t in u e s a n d 8 1 ,
0 0 0 ,0 0 0 c o n s ig n e d t o t h a t m a r k e t h a s b e e n s h ip p e d fr o m h e r e
th is w e e k .
T h e o p e n m a r k e t r a te s f o r c a ll lo a n s o n t h o S t o c k E x c h a n g e
d u r in g th o w e e k o n s t o c k a n d b o n d c o lla t e r a ls h a v e r a n g e d
fro m
1J^@ 2% .
F r i d a y ’s r a t e s o n
c a ll w e ro
1M @ 2% .
C o m m e r c ia l p a p e r o n F r id a y q u o t e d 3 % @ 4 % fo r s ix ty t o
n in e t y - d a y e n d o r s e m e n t s a n d p r im o fo u r t o s ix m o n t h s ’
s in g le n a m e s a n d 4 ) 4 @ 4 % % f o r g o o d s in g le n a m e s .
T h e B a n k o f E n g la n d w e o k ly s t a t e m e n t o n T h u r s d a y
s l io w o d a d e c r e a s e o f .£ 8 2 3 ,8 2 3 a n d t h e p e r c e n t a g e o f r e s e r v e
t o lia b ilitie s w a s 4 4 .2 0 , a g a in s t 4 2 .3 7 th o w e e k b e fo r e .
The
r a t e o f d is c o u n t r e m a in s u n c h a n g e d a t 3 % , a s f ix e d J a n . 2 9 .
T h o B a n k o f F r a n c e s h o w s a n in c re a s o o f 1 4 ,4 8 6 ,0 0 0 fr a n c s
g o ld a n d 4 ,9 9 0 ,0 0 0 fr a n c s s ilv e r .
N E W Y O R K C L E A R I N G -H O U S E B A N K S .
{.Not Including Trust Companies.)
1914.
Averages for
week ending
Mag 2.
1913.
Differences
from
previous week.
$
132.550.000
212,710 ,80 0
I.oa rn anil d iscou n t1
?— 1 .5 0 0.418.000 D e c.
41.936.000 D e c.
C ircu la tio n _____________
N e t d e p o sits__________ 1 .5 7 3.480.000 D e c.
355.013.000 I n c.
S p e c ie __________________
6 0 .9 00.000 D e c.
$
C a p it a l_________________
R eserv e h o ld __________
2 5 % o f d e p osits-----------Surplus reserv e..........
9,349,666
30,000
2,7 8 8 ,0 0 0
0 .8 7 1 ,0 0 0
1,455,000
Averages for
week ending
May 3.
1912.
Averages for
week ending
M ay 4.
•
S
S
133.050 .00 0
1 3 4 .150 .00 0
200 .8 0 0 .0 0 0
197 .731 .00 0
1 .3 45.025.000 1.3 8 1 .8 5 0 .0 0 0
4 0 .5 9 5 .0 0 0
4 8 .1 0 5 .0 0 0
1 .3 4 1.383.000 1.4 1 0 .5 5 8 .0 0 0
2 7 5 .832 .00 0
2 9 0 .1 0 0 .0 0 0
7 3 .3 0 2 .0 0 0
7 7 .7 8 1 .0 0 0
422 .573 .00 0 I n c.
393.370 .00 0 D e c.
5,4 1 0 ,0 0 0
0 97 ,000
349 .1 9 4 .0 0 0
335 ,3 4 5 ,7 5 0
3 0 7 .8 8 7 .0 0 0
3 5 2 ,6 3 9 ,5 0 0
2 9 ,2 0 3 ,0 0 0 Inn.
0 ,1 1 3 ,0 0 0
13,848,250
15,2 4 7 ,5 0 0
Note. — T h o Cioarlng H ouse now Issues a sta tem en t w eek ly , show in g the actu al
co n d itio n o f tho ban ks on S a tu rd a y m orn in g , as w ell as th e a b o v o av era g es. T h e
figu res, togeth er w ith the returns o f tho separate ban k s and tru st com p a n ies, also
the su m m ary Issued b y tho S ta te B a nking D ep a rtm en t g iv in g th e con d ition o f S ta te
b a n k s a n d trust com pan ies n o t rep ortin g to tho C lea rin g -H ou se, a pp ear on th o secon d
p ago preceding.
F o r e i g n E x c h a n g e . — T h o m a r k e t f o r s t e r lin g e x c h a n g e
r u le d q u it e fir m t h r o u g h o u t t h o w e e k , o w in g t o e a s ie r m o n e y
c o n d it io n s a t h o m e a n d fir m e r d is c o u n t s a b r o a d .
T h e c lo s e
w as stron g .
A n e n g a g e m e n t o f 8 1 ,0 0 0 ,0 0 0 in g o l d f o r P a r is
w as an n ou n ced.
4 85H . Cotton for payment 4 84% @ 4 84:
@ 4 85%.
The posted rates for sterling, as quoted by a roprosentativo house, were
not changed during tho week from 4 80 for 00 days and 4 88 for sight until
Friday, when sight rate advanced b e . Tho 00-day rato was not altered.
To-day's (Friday's) actual rates for Paris bankers’ francs were 5 18 fa @
5 17% less 1-10 for long anil 5 15% less l-32@ 5 15 a lor short. Germany
bankers marks were 91 15-16® 94 15-10 plus 1-32 for long and 95ff @
95 5-10 less 1-32 for short. Amsterdam bankers’ guilders wero 40 5-10('0
40 5-10 plus 1-32 for short.
Exchange at Paris on London, 25f. 10c.; week’s range, 25f. 16%c. high
and 25f. 1 life . low. Exchange at Berlin on London, 20m. 48 If pi'.; week’s
range, 20m. 49pf. high and 20m. 46%pf. low.
Tho range for foreign exchange l'or the week follows:
S terling, A ctu a l—
Sixty D a y s .
Chen ups .
Cables.
High for the w eek ...4 8540
Low for tho w e e k ...4 8510
4 8750
4 8825
4 8770
High for the week— 5 17% less 1-10
Low for the week— 5 18% less 1-32
5 15% less 1-64
5 15% less 3-32
5 15 less 1-32
5 15 less 7-64
Paris Bankers' Prunes—
Germany Bankers' M arks—
High for tho week—
Low for tho week----
94 15-10 plus 1-3295 5-10
94 15-16 less 1-32 9 5 'A
A m sterdam Bankers' Guilders—
95%
95 5-16
High for tho week— 40 1-10 plus 1-16 40 5-16 plus 1-16 40%
Low for tho week_
_ 40 1-16
40 5-16
40% less 3-32
Domestic Exchange.— Chicago, 10c. per SI,000premium. Boston, pa
St. Louis, 10c. per $1,000 premium. San Francisco, 10c. per $i,00
1 4 43
S t a t e a n d R a i l r o a d B o n d s . — S a le s o f S t a t e b o n d s a t
t lio B o a r d in c lu d e 8 1 0 5 ,0 0 0 N e w Y o r k 4 ) ^ s a t 1 0 9 , 8 5 6 ,0 0 0
N . Y . C a n a l 4 ^ s a t 1 0 9 , $ 5 ,0 0 0 N . Y . C a n a l 4 s , I 9 6 0 , a t
101 Y i, 8 1 ,0 0 0 N e w Y o r k 4 s , r e g ., 1 9 5 8 , a t 1 0 1 , $ 1 ,0 0 0 N e w
Y o r k 4 s , 1 9 5 8 , a t 1 0 1 ^ , 8 1 ,0 0 0 N e w Y o r k 4 s , 1 9 6 2 , a t 101 ^
a n il 8 4 4 ,0 0 0 V ir g in ia 6 s , d e fe r r e d t r u s t r e c e ip t s , a t 5 8 H t o 6 1 .
T h o v o l u m e o f b u s in e s s in r a ilw a y a n d in d u s t r ia l b o n d s
w o u ld h a v o fa lle n s u b s t a n t ia lly b e lo w th e r e c e n t a v e r a g e
b u t fo r v e r y la r g e a g g r e g a t e t r a n s a c t io n s in a fe w is s u e s .
M o s t c o n s p ic u o u s o f th e la tte r h a v e b e e n R o c k Is la n d 4 s.
T h e y d e c l in e d e a r ly in t h e w e e k , b u t r e c o v e r e d , s e llin g o n
T h u r s d a y a t a n a d v a n c e o f 4 % p o in ts .
S o u th e r n P a c ifie s
h a v e a ls o b e e n a c t iv e a n d I n t e r -.M e t . 4 ) ^ s c h a n g e d o w n e r s
in la r g o b l o c k s , b u t b o t h f lu c t u a t e d n a r r o w ly .
U n i t e d S t a t e s B o n d s . — S a le s o f G o v e r n m e n t b o n d s a t
t h e B o a r d a r e l im i t e d t o 8 2 ,0 0 0 4 s "reg . a t 10934} a n d 8 1 ,0 0 0
P a n am a 3s co u p , a t 101.
F o r t o -d a y ’ s p r i c e s f o r a ll th e d i f
f e r e n t i s s u e s a n d f o r y e a r l y r a n g e s e e th ird , p a g e f o l l o w i n g .
R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— T h e s to c k m a rk et
h a s b e e n d u ll a n d g e n e r a lly r e a c t io n a r y , f o llo w in g t h e a d v a n c e
in p r i c e s r e c o r d e d la s t w e e k .
L i q u i d a t i o n lia s n o t , h o w e v e r ,
b e e n a fe a t u r e o f im p o r t a n c e a n d th e r e s u lt o f t h e w e e k ’ s
o p e r a t i o n s in q u o t e d v a lu e s h a v e n o t , e x c e p t in t w o o r t h r e e
ca se s, b e e n la r g e .
T h e g r a d u a l s h a d in g o f p r ice s w a s th e
lo g ic a l o u t c o m e o f a m a r k e t p a r t i c i p a t e d in a l m o s t e x c l u s iv e l y
b y p r o fe s s io n a l tr a d e r s , w ith v e r y v a g u e in c e n tiv e .
The
d e c lin e w a s s o m e w h a t m o r e p r o n o u n c e d o n lib e r a l s a le s f o r
fo re ig n a c c o u n t a n d a m o r e a c u te M e x ic a n s itu a tio n .
A m o n g t h e e x c e p t i o n a l f e a t u r e s , C a n a d i a n P a c i f i c is c o n
s p ic u o u s f o r a d e c lin e o f 4 % p o in t s .
C h e s a p e a k e & O h io
a n d M e x ic a n P e tr o le u m a re 4 p o in ts lo w e r th a n la s t w e e k ,
a n d t h e lis t a s a w h o l e is d o w n a n a v e r a g e o f a b o u t 2 p o i n t s .
G e n e r a l E l e c t r i c is u n i q u e in c lo s i n g w i t h o u t n e t c h a n g e .
F o r d a ily v o lu m e o f b u s in e s s s ee p a g e 1 4 5 1 .
T h e f o ll o w i n g s a le s h a v o o c c u r r e d t h is w e e k o f s h a r e s n o t
r e p r e s e n t e d in o u r d e t a i le d l is t o n t h e p a g e s w h i c h f o l l o w :
STOCKS.
Week ending
M ay 8.
A m er B rak e Shoe & F d y
A m or C oa l P r o d u ct s ____
P r e fe r r e d _____________
A m erican E x p ress.............
B a top ila s M in in g ---------B row n S h oe, p r e fe rr e d ..
B u tt e r ic k _______________
C h ica g o A A lt o n ________
C St P M A O m a h a, pro!
C o lora d o & S ou th ern ___
D etroit E d is o n _________
F ed eral M in in g A S m ___
P r e fe r r e d _____________
G eneral C h em ical, p r e f.
G reen Bay A W , d eb A . .
H om esta k o M in in g ..........
In t A g C o rp , pref v t c . _
L a ck aw an na S teel---------L a clede G as (S t L o u is ) ..
M ex ica n P etrol, p r e f . . .
N ash ville C h a tt & St L .
N orfolk S ou th ern ---------O n tario Silver M in in g ..
P ittsbu rgh Steel, p r e f—
Q uicksilver M in in g , pref
Sears, R oeb u ck A C o , pf
Sou P a c subs, 1st p a i d . .
U n ited C ig a r M fr s ..........
U n ited D ry G o o d s , p re f.
V u lca n D etin n in g , p ref.
W ells, F a rg o A C o _____
Sales
for
Week.
Range fo r Week.
Lowest.
100 87
160 83 %
30 102
205 100
700
$%
100 9014
100 20 '4
200
9
140 132
300 23
10 113
200
7 '4
410 3 1 %
200 109
1 75
81 114
10 1.3
100 32
409 93
400 07
32 137
300 20
550
2%
100 80
200
2%
45 124
100 9 0 %
200 4 0 %
5 98
10:) 21
100 88
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
Range since Jan. 1.
Highest.
1 87
2 84%
4 103
2 102
2
$%
6 90%
f 20%
7
9
2 132
2 23%
0 113
2
7%
7 32%
4 109
f 75
5 115
2 13
8 32
2 97
3 08
8 137
7 20
7
2%
5 80
8
2%
0 124 >4
7 90%
4 47
6 98
8 21
5 88
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
Lowest.
4
5
2
8
2
0
6
7
2
4
0
2
5
4
8
6
2
8
7
2
8
7
7
5
4
4
7
4
0
8
5f
SO
82
102
100
S%
90%
26
9
132
20
113
7%
31%
107%
75
113
13
32
93
07
137
20
2%
82
2
122%
94
45
94%
21
80%
Apr
Jan
Jan
Jan
Apr
M ay
Jan
M ay
M ay
M ar
Apr
M ay
A pr
Fell
M ay
A pr
M ay
Apr
M ay
M ay
M ay
M ar
Jan
A pr
M ar
Jan
Apr
Jan
M ar
M ay
Feb
Highest.
97%
86%
106
110%
S l%
90%
29
11%
132
28%
113
15
43
109
75
122%
36
40
101
87
144
43
2%
93
4
124 %
103%
50%
100 %
40
94
Feb
M ai
Jan
Jan
F eb
M ay
Jan
Jan
M ay
Jan
Apr
Jan
Jan
Apr
M ay
M ar
Jan
Jan
F eb
Feb
Jan
Jan
Jan
F eb
Jan
M ar
Feb
F eb
F eb
M ar
O u t s i d e M a r k e t . — T r a d in g in o u t s id e s e c u r it ie s t h is w e e k
d w i n d l e d t o a d u l l c o n d i t i o n r fn d , w h il e t h e r e w a s c o n s i d e r
a b le ir r e g u la r it y , th e t o n e o f t h e m a r k e t w a s h e a v y .
S ta n d
a r d O il s u b s id ia r ie s a f t e r s u b s t a n t i a l g a in s a t t h e o p e n i n g
o f t h o w e e k r e a c t e d a n d c lo s e d in th e m a jo r it y o f in s t a n c e s
lo w e r .
P r a i r i e O il & G a s w a s e s p e c i a l l y c o n s p i c u o u s , a n d
a fte r a d v a n c in g 3 5 p o in ts , t o 4 9 5 , d r o p p e d t o 4 3 5 , w ith th e
d o s e to -d a y a t 4 3 7 .
O h io O il w a s a l s o a c t i v e a n d s o l d u p
f r o m 8 1 6 8 t o 8 1 8 4 a n d b a c k t o 8 1 6 8 , t h e fin a l f ig u r e t o - d a y
b e in g 8 1 7 2 .
S t a n d a r d O il ( C a l i f o r n i a ) m o v e d u p o v e r 1 2
p o in t s t o 3 2 5 a n d r e a c t e d t o 2 9 8 , th e c lo s e t o -d a y b e in g a t
302.
S t a n d a r d O il o f N . Y . i m p r o v e d f r o m 2 2 5 t o 2 3 2 , s a n k
to 2 1 2 a n d en d s th e w eek a t 2 1 3 .
A tla n tic R e fin in g w e n t
u p fro m 6 1 5 to 6 4 5 a n d d o w n to 6 2 0 .
C o n t i n e n t a l O il
g a in e d 1 8 p o in t s t o 2 3 7 , r e a c t e d a n d r e s te d fin a lly a t 2 2 3 .
S o la r R e f in in g r o s e s o m e 2 0 p o in t s t o 3 1 3 a n d fe il t o 2 9 5 ,
r e c o v e r in g fin a lly t o 3 1 5 . S o u th e r n P ip e L in e , a ft e r flu c
tu a tin g b e tw e e n 2 3 7 a n d 2 4 0 a t th e o p e n in g , d r o p p e d t o 2 2 2
a n d fin is h e d t o - d a y a t 2 2 4 .
S t a n d a r d O il ( I n d i a n a ) m o v e d
ir r e g u la r ly b e t w e e n 4 7 9 a n d 4 8 9 , t h e n b r o k e t o 4 6 0 , w it h
t r a n s a c t io n s t o - d a y a t 4 5 4 e x - d iv id e n d .
S t a n d a r d O il o f
N . J . a d v a n c e d a b o u t 12 p o in t s t o 4 2 4 , d e c lin e d t o 4 1 0 a n d
c lo s e d t o -d a y b a c k t o 4 1 2 .
V a c u u m O il i m p r o v e d f r o m 2 2 7
to 2 3 3 , b u t sa n k to 2 1 8 a n d en d s th o w eek a t 2 1 9 .
In T o
b a c c o sh a re s T o b a c c o P r o d u c t s p r e f. w a s a fir m fe a tu r e ,
s e llin g u p f r o m 8 2 ) ^ t o 8 7 a n d d o w n fin a lly t o 8 4 ) ^ .
U n ite d
C i g a r S t o r e s c o m . a d v a n c e d f r o m 87)/•> t o 8 8 3 ^ a n d w a s
t r a d e d in t o - d a y a t 8 7 .
R ik e r -H o g e m a n s o ld u p fr o m 9 t o
9 H a n d d o w n t o 8 % , w it h t h o c lo s e t o - d a y b a c k t o 9 .
U n ite d
P r o fit S h a rin g g a in e d a b o u t h a lf a p o in t t o 5 a n d r e a c t e d
t o 4 j/£ .
K e lly -S p r in g fie ld T ir e c o m ., a ft e r a n e a r ly a d v a n c e
o f a p o i n t t o 5 4 , fe ll t o 5 1 . B o n d s w e r e v e r y d u ll.
M in in g
s h a r e s ir r e g u la r a n d q u i e t .
B ra d e n C o p p e r ea sed o ff fro m
83 4 ) t o 7 J 4 a n d c l o s e d t o - d a y a t 8 .
G r e e n e -C a n a n e a w a s
e r r a t ic b e t w e e n 3 0 a n d 3 4 , w it h t h e c lo s e t o - d a y a t 3 1 .
O u t s id e q u o t a t i o n s w ill b e f o u n d o n p a g e 1 4 5 1 .
1 4 4 4
Sew York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O P A G E S '
_ _______________ F o r r e c o r d o f s a l e s d u r i n g t h e w e e k o f s t o c k s u s u a l l y I n a c t i v e , s e e p r e c e d i n g p a g e
_
STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
May 2
:tonday
May 4
Tuesday
May 5
Wednesday 1 Thursday
May 6
May 7
Friday
May 8
Sales of
the
Week
Shares
STOCKS
N EW Y O R K STOCK
EXCHANGE
Range since Jan. 1.
On basis of 100-jTiare lots.
Highest.
_
R a ilr o a d s
9434 95*2
95
95*4
9134 A p r 25 100*3 J a n 23
95
95
94% 9434
95*8
95%
7 ,600 A t c h is o n T o p e k a & S F _ .
100*2 100*2 *100*4 100*8 100*4 100*. *100*8 100*8 100 100%
Do
p r e f ________________
97*2 J a n 13 101*3 F e b 9
400
120*8 120% *120*4 120*.
116 J a n 3 126 J a n 28
121*4 12134 ♦121
122U 120% 121
1,140 A t l a n t i c C o a s t L i n e R K .
90*8 91*2
91
91*3
87*4 A p r 24
90% 91%
90
903,
90*4 91
98*8 J a n 26
6,000 B a lt i m o r e & O h io _________
*80*4 81*2 *80*4 81*2 *S07s 81*2
81
Do
p r e f ________________
7734 J a n 6 83% J a n 29
81
81
81
300
91*2 91*4
923,1
87*2J a n 3
91*2 92%
92
92 L 93
91% 92 lg 19,350 B r o o k l y n R a p id T r a n s i t .
94*4 M ch 6
192L 19234 189*2 19034 49,850 C a n a d ia n P a c i f i c _________ 186*2 A p r 2< 220*2 F e b 4
1023* 194% 19234 194*4 192L 193
*300 325
*300 325 *300 325
*300 325 *300 325
310 J a n U 310 J a n 12
C e n tr a l o f N e w J e r s e y ___
53
547
a
53*4 54*2
5134 52%
48*8 M a y 8
68 J a n 22
52% 54
48% 513s 35,510 C h e s a p e a k e & O h i o . .
*12
13
*12*4 13
*12
11 A p r 21
14*2 J a n 24
12*4 12*4 *1134 12*2
12%
500 C h ic a g o G t W e s t tr c t f s . .
31*4 32*4
32*g 33
32*2 323(
*31*2 3.3
27*2 J a n 7
33*8 M ch 31
Do
p r e f t r u s t c t f s ___
32
32
1,300
98*2 100
98*8 98*4
99
99*8
98*4 99
97% 98
94*8 A p r 2J 107*8 F e b 4
5,900 C h ic a g o M il w & S t P a u l .
135
135 *134*8 136*4 *134*8 137*2 136*4 136*4 *138 137*2
Do
p r e f ________________ 134*2 M a y 2 143 F e b 6
400
132% 133*2 133*2 133*2 1333. 133*a *132
134
*131 133*2
800 C h i c a g o * N o r t h W e s t e r n 128 J a n 3 130% F e b 14
*170
180 *170
180 *170
180
180 J a n 24
180 *170
170 J a n
*170 180
Do
p r e f _______
*22
35
*22
35
*22
25
*22
35
40 J a n 5
25 A p r 13
♦22
35
C l e v e C i n C h ic & S t L _ .
*51
70
55
55
*51% 65
*51*4 05
5434 A p r 29
70 F e b 9
*51*4 65
400
Do
p r e f ..............................
♦149
151
*149*4 152
*119*4 152*4 ♦149*4 152% 149*8 149*2
200 D e la w a r e & H u d s o n _____ 145*2 A p r 27 159*2 F e b 4
♦392*2 400 *392*2 400 *392*2 401
*392*2 401
400% 4007a
262 D e la w a r e L a c k & W e s t . . 388 J a n 0 405 J a n 27
*11
14
*12
13*2 *11*2 14
*12
14
19*4 J a n 31
IOI2 F e b 25
*11
14
100 D e n v e r & R i o G r a n d e ___
22
22
*19
2278 *19
*19
24
22% ♦19
3 1 's F c b 4
24
19 A p r 2s
100 _ D o
p r e f ..............................
28*8 29*4
28*8 28*4
32*2 J a n 23
27% 283g
28*s 283s
27% 277g 22,420 E r ie .............................................
2534 A p r 25
43
43*4
43*8 44*8
431s 4.3*-.
43
43%
4984 J a n 27
42*2 4234
40*s A p r 25
5,425
Do
1 s t p r e f e r r e d _____
♦36
38
37
37
*36
37*.
363.1 36% *35
40*4 J a n 23
36
35 J a n 2
500
Do
2 d p r e f e r r e d ______
123*2 124*8 12278 123*2 12234 123*4 122% 123*4 122 122*2 11.190 G r e a t N o r t h e r n p r e f _____ 119 A p r 25 13434 F e b 4
32*s 3234
31*2 32*2 *3 U 2 .32
31*8 313a
39*4 J a n 19
31
31
29*4 A p r T
1.100
I r o n O r e p r o p e r t ie s ___
111
111
110*8 110*8 *109
112
110*2 111
►
110 112
750 I llin o is C e n t r a l ____________ 107 J a n 7 115 J a n 26
1134 15*8
14*4 15
14*4 15
1134 14% *141a 147g
16*8 J a n 24
5,645 I n t e r b o r o - M e t r o p v t c t f .
13*4 A p r 25
02*4 62*2
62*8 03*4
62*2 633,
62% 62%
63*8 M a y 6
617g 62*4 16.360
58*4 A p r 25
Do
p r e f ........... ..................
25*2 25*2
243| 25*4
25
25*8
24% 26%
26
267g
6.850 K a n s a s C i t y S o u t h e r n ___
23 A p r 25
27*8 J a n 31
58
69
59*2 5934
60
60
59*4 61
Do
p r e f .............................
57 A p r 25
62 J a n 24
6OI2 60*2 2 ,500
*5
7
*8
8
*5*2
8
8
_____
L a k e E r i e & W e s t e r n _____
*5*2
*5*2
8
6*2 F e b 28
0 J a n 23
*11
19
*15
20
*15
20
♦15
20
*15
20
21*2 J a n 28
_ "” I"
D o p r e f _________________
17 A p r 3
14038 1387 139*2 139
138*2 140*2 139
8
13934 13712 138*4 3 2 ,540 L e h ig h V a l l e y ................... ..
132*4 A p r 21 156*4 J a n 23
135*4 135*4 *134
135
13434 13434 1343t 134*4 13412 13412
550 L o u is v ille & N a s h v i l l e . . . 13114 A p r 25 1 4 l78 J a n 19
*130
132
*131
132 *130
1.32
131
131% 1315s 131
430 M a n h a t t a n E l e v a t e d _____ 128 J a n 5 133 F e b 7
*12
13*2
1312 12*2 *10
15
*10
15
‘ 10
12 A p r 18 16*4 J a n 31
170 M i n n e a p o l i s * S t L o u i s . .
*23
31
30
30
*25
35
*25
*25
35
135
Do
p r e f ________________
30 A p r 14
35*2 J a n 22
124*8 124*8 123*8 124*2 122*2 1227s *122
124
1,017 M in n S t P & S S M a r i e . .
11734 A p r 27 137 F e b 5
•133
148
*130
145 ♦140
*140
.
D o p r e f _________________
140 A p r 9 145 F e b 2
10
17
10*2 1034
1634
16
16*2 16*2
1534 16
2 ,140 M is s o u r i K a n & T o x a s . .
14i4 A p r 22
24 J a n 26
3934 40
40*2 40*2 *38
40
41
♦39
*38*2 41*i
600
D o p r e fe r r e d
35 A p r 25
60 J a n 30
19*2 20*4
20
21*4
19*4 203.4
1634 183g 148,700 M is s o u r i P a c ific .__________
18
20*2
15*4 A p r 30
30 J a n 27
♦26
33
*20
33
♦29
33
*20
33
*25
33
30 J a n 19
............ N a t R y s o f M e x 1st p r e f .
34 F e b 6
11*4 *10
10*4 10U *10
11
934 934
10
10
9 A p r 25
466
D o 2 d p r e fe rr e d
14 J a n 26
9234 933S
92*2 94U
93*4 9.314
9234 93*4
86*8 A p r 16
91*2 92*4 17,310 N Y C e n t r a l & H I t ______
96*8 J a n 31
69*2 70*2
69*8 6934
0S34 69%
65*4 M ch 4
687 69*4
a
68*2 69
8 .850 N Y N H & H a r t f o r d _____
78 J a n 2
26
20
26
26
*251* 201. ♦25
24% A p r 25
261. *25
26
200 N Y O n t a r io & W e s t e r n .
31*8 J a n 23
103*2 104 *103*8 104
10334 10334 10.334 103% 103% 103*g
99*s J a n 9 10534 l-'eb 4
1,200 N o r f o l k & W e s t e r n ______
♦89
____ *89
____ *89
589
89
85 J a n 7
*89
.
90 A p r 29
25
Do
a d ju s t m e n t p r e f . .
111*2 112*8 109*8 111*2 109% 110 % 109*3 110*4 109 109*2 23.190 N o r t h e r n P a c i f i c _________ IO 6I2 A p r 25 118*2 F e b 4
110*8 111*8 1107s 11138 11034 H I
11034 111
108*4 A p r 25 115*2 J a n 31
110*4 1105g
8 ,820 P e n n s y l v a n i a _____________
89
89*2 •80
89
87*4 87*4
*80
91 F e b 4
70 M c h 2 6
89
*80
90
800 P i t t s b C lu C h ic & S t L - .
♦95
105
*95
105
♦90
100
9534 A p r 1 101 M c h 2 5
*90
100 *
105
............
D o p r e fe r r e d ___________
103*4 165*2 164*4 1057 164% 165% 164
8
165*3 163*8 16414 233 ,900 R e a d i n g ____________________ 1158*2 A p r 27 172*4 J a n 22
*88
89*4 *88
89
*83
88*? 88*4 88*4 * 88*4 88*2
87*2 J a n 8
89 M c h 19
100 1 s t p r e fe r r e d
*87
89
*88
89
88*4 89
87 A p r 28
93 J a n 28
*88
89
400
2 d p r e f e r r e d ____________
*8812 89
3*s
3*s
3
3*2
.31?
3*2
2*2 A p r 30
16*8 J a n 23
3%
*3*g
3%
3*4
5.100 R o c k I s la n d C o m p a n y . .
4*a
4*4
5
4*2
6*8
434
4%
4%
5
43,
412 M a y 2 25 J a n 10
4,956
D o p r e f e r r e d __________
*2
2 % * 2 *| 2*2 *2
533 J a n 15
2*8 * 2*8 2*4
2 Api
♦2*4
2*2 .......... S t L o u is & S a n F r a n c is c o
•7
10
8
8
♦7
12
10
10
*7
8 M ay 5
12
17*2 J a n 13
262
1 st p r e fe r r e d _____
Do
4
4
3*1
3*8
4
*3*2
4
*3*4
4
934 J a n 26
4
3*8 A p r 30
600
Do
2 d p r e f e r r e d ______
♦ 21
22
*21
22
*21
22
♦ 21
22
*21
22
20 M c h 3 0
26*4 J a n 26
S t L o u is S o u t h w e s t e r n ___
*
#
* ____
60
____
60
59
. . . . 60
60 * -----67
......
D o p r e f e r r e d ____
67 J a n
65*s J a n 26
19*4 20*4
197* 197
s
io
20
19*2 19*4 *19*4 20
19*2 19*2
2 ,4 0 0 S e a b o a r d A i r L i n o 16*4 J a n 2 223g F e b 5
5438
l 641?
54*4 55% *54
64% 64%
54
54
63*4 53*2
2 ,975
D o p r e f e r r e d ____
4534 J a n 2
68 F e b 4
91% 92%
01 % 91%
91% 92*4
90*4 91*8 3 3 ,0 0 0 S o u t h e r n P a c i f i c C o ______
91% 02 %
86*4 A p r 25
99*2 J a n 23
1
....
....
....
99*4 99*4
l 99*4 . . . .
99
99%
650
C e r t i fi c a t e s (w h . is s ,) _
94*3 J a n 2 105's J a n 31
24% 24%
24*8 24% ♦24*4 24*2
, 25
24*8
24% 24% ’ 2 4 ’
6 .3 0 0 S o u t h e r n v t r c t f s s t m p d .
22*2 A p r 25 28*4 F e b 4
79*a 79%
80
79% 79%
79
*77*4 79
79
578% 78*2
920
D o p r e fe r r e d
do
75 J a n 3
85*4 F e b 4
15*4 10
1 16% *16% 16%
15*2 15*2
15%
15
15
1512
2 .3 0 0 T e x a s & P a c i f i c ................
13*2Jan 6
1734 A p r 1
41%
41
40*4 41%
, 40*2
41% 41%
41
41
*40
41
3,350 T h ir d A v e n u e ( N Y ) _____
38*4 A p r 25
4534 J a n 13
10
*7
10
♦7
10
*7
10
10
*7
♦7
10
_______T o l e d o S t L & W e s t e r n . .
9 A p r 20
12*4 J a n 24
*14
*14
17
17
*14
17
; 17
*14
17
*14
17
15 M a y 1
_______
D o p r e f e r r e d __________ .
23 J a n 26
1041s 104*2 104*4 105 ♦104% 105% 105
105
105
105 105
500 T w i n C i t y R a p id T r a n s it 103 A p r 23 108*2 J a n 19
t 156% 155*4 157% 155% 157
155% 156*4 155% 1561? 154*8 155*4 115,000 U n io n P a c i f i c . .
14S% A p r 25 16433 J a n 31
*83
83%
82*a 83
83
83*4 83%
83
83% 83%
83*4 83*4 ■ 1,100
82 A p r 24
D o p r e f e r r e d __________
86 F e b 4
*15
*15
17
*15
17
17
17
•15
*15% 16%
161j 15*2
15 A p r 20
100 U n it e d R y s I n v e s t m e n t .
23*4 F e b 6
*43
43
43% *42
43% *42
43
43*2 ♦42
43% *42
43*i
38*2 J a n 14
100
D o p r e fe r r e d ..
49*4 M c h 2 4
1 •
1
1
**4:
*%
1
1% ♦ 1
*3 A p r 30
1
1
1%
300 W a b a s h ......................
45S J a n 23
3% “ 3%
3%
3%
3U
3*4
3%
3%
3*11 3%
3*i
312
3 A p r 30
13 J a n 23
1,600
D o p r e fe r r e d ..
*20
29% *26
30
34
•25
25*2 25*2
25
25
24*8 M ay 8
24*8 24*8
35 J a n 22
300 W e s t e r n M a r y l a n d _______
*4
5
5
*4
*4
4%
4*4
4*4
4%
3*g F e b 24
4*4
*4
4*8
6*8 J a n 7
200 W h e e lin g & L a k e E r i e ___
*15
16
10
*14
17
17
•15
18
*15
17
13 A p r 24
15
15%
21 J a n 23
300
D o 1 st p r e f e r r e d ______
*5
8 • *6
*5
8
7
*6
8
0
6
*5
8
6 A p r 21
11 J a n 24
120
D o 2 d p r e fe r r e d
44
41
41
*41
41
41
•40
44
*41
44
411a 41*2
39 A p r 25
48 F e b 4
300 W is c o n s in C e n t r a l _______
I n d u s t r i a l a n d A lls e e d .
28% 20 %
37
28% 27
1 27
20% 27%
27%
26*8 37
13,510 d A la s k a G o l d M in P a r 5 1 0 520*4 J a n 9 $23 A p r 17
11
11
*10
10 % 10 % *10
11
11
•10
♦10
11
100 A llis C h a l M f g v t c _____
8*8 J a n 6 14*4 F e b 20
42
42
43
*41
42
*41
1 42%
41% 41% *41
42
41U A p r 24
300
D o p r e fe r r e d v
t c ..
49 J a n 26
72*4 73%
72% 72%
72*2 73*2
1 73%
72% 73*8
707g 71*4 8 8,150 A m a lg a m a t e d C o p p e r ___
78*s F e b 4
68*4 A p r 25
53
52*2 62% •52% 54*2 ♦52% 55*2 •52% 55*2 *51*4 64
03
300 A m e r ic a n A g r lc u l C h e m .
47*4 J a n 2 69*2 M c h l9
04
*92
94
*92
*93
•93
94
04
94
94
•93
96
100
D o p r e f e r r e d ___ ______
91 J a n 8
97*8 J a n 23
21
21
*20
20*8 21
f20
20 % 20*4 *19% 21
•20
21
255 A m e r ic a n B e e t S u g a r _____
28*2 J a n 22
19*8 A p r 25
70
66
60
♦05
♦83% 70
67*2 *66
67% •66
70
100
D o p r e f e r r e d __________
66 M a y 4 73*4 J a n 26
26*4 27%
27%
27*8 27*2
26% 27%
26% 27%
25
26*4 2 2,950 A m e r ic a n C a n . . . _________
35*8 J a n 27
22% A p r 20
91% 91%
91
*39
90
00*4 90*4 |90
80*g 90
*89% 91
610
D o p r e f e r r e d ....................
96 J a n 24
87*4 A p r 24
49% 49*4
49
49
49
49*2 548% 48%
49
49%
49
49
2,826 A m e r i c a n C a r & F o u n d r y
63*2 F e b 4
44*s J a n 6
u n 117*4 1118 113 *117 118 •117 118 *117% 113 ♦117 118
136
D o p r e fe r r e d ___________
114 J a n 28 113 M c h 9
$5*2 *29
35*2 •29
32
. *26
32
35%
32
32
*29
35*i
200 A m e r ic a n C i t i e s __________
36*4 J a n 26
33 M a y 6
*60*i 05% *60
65*s
02*4 63% *61% 65% *62
66*8 ♦617g 65*8
100
D o p r e f e r r e d __________
68 J a n 26
60 J a n 5
40%
\ *59
41
40*2 40*i •39*2 41
•39
•39
41
*38*2 41
200 A m e r ic a n C o t t o n O il_____
37*2 J a n 8 48*2 F e b 9
•95
97*2 *90
99
*96
99
99
*97
*90
98
197*8 97*2
20
D o p r e f e r r e d __________
94*2 J a n 15 97*8 M ch 30
*4
*4
4*2
4*2
•4
*4
4*2
•4
4*2
4
4
4*2
100 A m e r i c a n H id e * L e a t h e r
4 A p r 16
5*4 F e b 6
21
•20
22
21
2 1 % *20
*20
20 % * 20 % 2 1 % *20
20*8
100
D o p r e f e r r e d __________
2534 F e b 6
18% A p r 25
33
31
31*2
31
31% 31%
30% 31%
30*4 30%
29*g 80*4
9 ,8 0 0 A m e r ic a n I c e S e c u r i t i e s . .
32*4 F e b 20
24 J a n 3
*9*t 10*2
10
10
*9% 10*2
10
9% 10
10
*9*4 10*4
11*8 J a n 28
400 A m e r ic a n L i n s e e d _______
9*8 A p r 24
30
*27
30
*28
♦37
30
30
30
♦27
•27
*27
397s ................
31*4 J a n 16
Do
p re fe rre d
27*s A p r 23
31
31
31
31
30% 31
31*4 31%
30*a 80%
29*2 30
37*i J a n 31
1.360 A m e r ic a n I x D c o m o t l v e .. .
28 A p r 24
98*4 08%
98% 08*2 •97*2 99
♦96
100
100
*93
98
93
210
D o p r e f e r r e d __________
96 J a n 6 102*2 M c h 26
' *8
7*2
*6
*7
7%
♦6
*7
7*2
7*2
7%
*6*1
7*2 .............A m e r ic a n M a l t C o r p ______
9*4 J a n 26
7 J a n 13
♦43
♦41
47
45
46
*43
*13
*42
47
47
*43
47
60*8 J a n 24
......
D o p r e f e r r e d __________
42 J a n 8
83
*81
81
81
•81
83
83
83
*31
♦81
*81
83
85 J a n 19
100 A m e r S m e lt e r s S e c p r e f B
79*8 A p r 23
63%
62*i 63*8
63
61% 62%
62*8 63
arc
60*4 62** 19,725 A m e r S m e lt in g & R e f l n ’g
71*8 F e b 4
57 A p r 25
100
101 101
100% 10 1 % 10 1 % 10 1 % * 100*2 10 1 % 100*2 10034
700
D o p r e f e r r e d __________
97*2 A p r 25 105 Jan 27
160 *157
160 *187
160
157% *157
157
158
157*s 157*,
3001 A m e r ic a n S n u ff ..................
157 A p r 25 172 Jan 31
B A N K S
Bank*
Bid
Ask
585
203
120
425
225
175
150
580
208
135
New York
Am erica 1 . . .
Am er E xeh—
B attery Park
B o w e r y !—
B ronx B o r o !
B ronx N a t . .
B rya nt P a rk !
B a tch A D r .
C en tu ry T ___
Chare . . . . . .
ar
260 '
190
125
195
600
A N D
F'A
Ask
C hat A Phen
178
Chelsea E x ! . 135
Chem ical ___ 415
Citizens’ Can 173
t3 5 0
C ity Coal A Iro n . 150
Colonial t — . 450
C o lu m b ia ! — 300
Com m erce — 163
314
Corn Exeh !
85
C osm op oi’ n 1
East R i v e r ..
—
178
145
425
178
....
160
__. .
325
171
$18
105
60
B ank.
T R U S T
Banks
F ld e L ty !____
Fifth A v o ! __
F i f t h ...............
First ...............
F ourth . . . . .
G a r fi e ld ____
G erm -A m er !
G erm an Ex !
G e r m a n ia ! ..
G o t h a m ____
G reenw ich ! _
H a n o v e r ____
* B id and asked prloest no eates on this day. j Ex-rlghts. /
« t S leek 'Exchange or at a oettoa '*12 V e e h , * F ire; fi
C O M P A N IE S — B R O K E R S ’
Bid
Ash
165
4500
300
835
tl9 1 %
210
130
375
450
190
270
050
17C
mb"
900
J30"
140
400
475
*3 5 "
H id
Ask
rrarriman___ 275
Im p A T r a d . 605
Irv in g . . .
175
L iberty . .
600
L incoln . .
310
M anhattan ! 320
M ark A F u lt. 240
M ech A M e t . 1245
M ereh E x eh . 170
M erch a n ts'__ 165
M e t r o p o li s !. *00
M etrop ol’ n ! 175
290
520
180
015
325
330
250
....
....
175
310
185
Banks
Range for Previous
Year 1913.
Lowest.
Highest.
N ov
106% J a n
J ’ ly
102*4 J a n
J ’ ne 1333g J a n
J ’ ne l063g J a n
77*4 J ’ ne
88 J a n
r83% J ’ ne
9234 M ay
201 D e c
20684 J a n
275 J ’ ne 362 J a n
51*8 J ’ ly
80 J a n
10*8 J ’ ne
177» J a n
23 J ’ ne
35 J a n
96*4 N o v
*16*4 J a n
131*2 NOV 145 J a n
r l2 3
ico D e c
i.j ,-4 J a n
133 ja n
171* N o v 5139 J a n
171*8
347 A u g
8
51 J a n
60 O c t
‘
91*4 J a n
147*2 J ’ ne
107 J a n
380 D e c
445 J a n
.338 J ’ ne
23*8 J a n
23 J ’ ne
41 J a n
32*2 J a n
20*4 j UC
33*2 J ’ ne
49*2 J a n
41 J a n
28*4 J ’ ne
115*2 J ’ ne
132*8 J a il
41*4 J a n
26*? J ’ ne
1 0234 D ec 1287g F e b
123g J ’ ne
19*a J a n
65*8 J a n
45 J ’ n c
28% J ’ l y
213S J ’ n c
61*2 J a n
56 J ’ ne
11*2 F e b
7 M ay
35 J a n
16 N o v
141U J ’ ue 168*8 J a n
142i4 J a n
126*4 j '
1T7 J ’n e
132*8 F e b
23i4 J a n
12 J Uf
30 D e c
47 J a n
115*4 3
P1214 J a n
115*4 J uc 142*4 j a n
90*4
90
112
90*8
131
N o v }150
Jan
lu io J
29*8 J n n
an
18*8 .l'n ? .
64*2 A p r
62 J ’ n e
43*8 J a n
21*4 D e o
59 M c h
31 D e o
S3.i D e c
27*2 J a n
10934 J a n
90% D e c
129% J a n
65*8 D e c
337a J a n
*.d‘8 d ’ I1L
O 'jJ ddU
O
25*8 J no
9.3 J ’ ne 11312 J a n
Will , A u g
07
l .'a h
80*4 A ii i»
87 * F e b
10134 J 'n e
122*8 J a n
108 D e o
12334 J a n
/1 '3 e e o
4u-» j a n
77*3 Dr a 104 Ja n
100 J ’ n o }1 0 9 S e p 1
1513s J ’ ne 1713,4 D e o ,
82*2 O c t
92% A p r
~.............
84 J ’ n c
95 A p r
247g F e b
11*8 O c t
443.1 J a n
17*2 O c t
234 J ’ n e
1934 J a n
13 J ’ n o
59 F e b
5*2 J 'n e
29 J a n
20 D e c
35*2 J a n
66*4 D e c
75 J a n
2034 A pe
14*2 J 'n e
4933 S e p
38 J ’ ne
83 N o v
110 J a n
99*2 S e p
88*4 N o v
28*8 Jan
19*8 J ’ ne
72 J ’ n o
81*2 Mail
22*8 J a n
10*4 J ’ ne
43*8 S e p
2778 J ’ n c
13 J a n
7*8 J ’ ly
15*4 J ’ ne
29»4 J a n
101*3 J ’ no 109 .Sep
13734 J ’ ne 10234 J a n
7934 J ’ n c
03*2 J a n
16 J ’ ne
36*2 J a n
30 J ’ ne
63*2 J a n
2 J 'n e
6 Aug
6*a J ’ ly
17*8 A u >
2878 D e c
46 J a n
334 O c t
8 Jan
13 .J’ no
28*8 Jan
5*3 D e o
14 J a n
4o*8 J 'n e
5812 A p r
$18 N o v
7*3 D e c
40 N o v
61*8 J ’ne
41*4 S e p
00 N o v
1934 J ’ no
65 O c t
21 J ’ ne
/ S 0 i 2 J ’ ne
36*2 J ’ no
108 J ’ ne
3314 J 'l y
60*4 J ’ n e
33*t J 'n e
92 i2 S e p
31j J ’ ly
15*8 J ’ ne
17 J ’ ne
67g J ’ ne
20 O c t
27 J ’ ne
94 O c t
6*4 O o t
417g O c t
79*f J ’ no
58*| J ’ ne
97 J ’ ne
150 J ’l y
321*8 O o t
9 D ee ’
43*2 D eo
80*2 S e p
67 J a n
99 J a n
60*2 J a n
86 M ch
407g J a n
1291* Jan
603s Jan
117 M ch
4S34 Jan
78*2 Jan
57*3 Jan
93 .May
6*s Jan
2 SI4 F e b
27a4 A p r
12*8 N o v
33*8 N o v
44*2 Jan
106*4 Jan
13 J a n
6U | Jan
86 Jan
74*4 J a n
107
193
Feb
Jan
Q U O T A T IO N S .
Bid
Banks
M a t u a l ! . . . . 300
N a s s a u _____
....
New N e f h ! . . 210
New Y ork C o
New Y o r k . . . 370”
P a d d o ! ____ 225
P a r k ............... 305
People's ! . . . 230
104
Prod Exeh ! Pub 1 !oj|.......... 200
R eserve_____
50
As*
140
225
850
380
250
303
250
170
225
00
Bid
Banks
Seaboard____ 410
390
Seooad __. . .
Security ! ___ 100
..
Sherman . . . .
S t a t e ! _______ 180
23d W a r d ! . . 130
U nion K xoh. 145
Unit S t a t e s !. 600
W ash H ’ t e j . 275
W eatcb A v fl. 100
W est S i d e ! . 450
YorkvUle ! . .
Ask
435
435
120
131
200
140
153
.....
1
17i
47ft
560
m
9
a y
New York Stock Record— Concluded— Page 2
1 9 1 4 .]
_____________ ________________ P o r r e c o r d
o f s a le s
L t r ln s r t ' i e
w e e k o f s t o i ’ ts
STOCKS— HIGHEST AND LOWEST SALE PRICES.
Monday
May 4
Tuesday
May 5
W ed n esd a y
M ay 6
Thursday
May 7
Sal»S Of
th i
Friday
May 8
TK «*
Shane
is u l l y
1 4 45
I n a c t iv e . s e a s e c o n 1 o v r a o r e c e i l n g
STOCKS
N EW YO R K STOCK
EXCHANG E
R a n ge s in c e J a n . 1.
O n b a ils o f W O -sh a re lots.
R a n ge f o r P rev io u s
Y e a r 1913.
L otcC 't.
H i g h e s t.
I n d u s t r i a l & M is c (C o n )
A m e r S n u t f p r e f (n e w )
9978 .I n a 0 105 M a y 1
100
J ’ ne 105 J a n
600 A m e r S te e l F o u n d ( n e w ) "
28 Jc- 1 6
37*2 F e b 16
25
J ’ ne
40*8 ?«1>
750 A m e r ic a n S u g a r R e f in in g
97 M *'h 1
lls
Jan
997s D ee
109*8 J a n 24
200
D o p r e fe r r e d _____
1077s MCA 31 11378 J a n 7
llO 'a J 'n e
116*8 J a n
122 122
1,550 A m e r T e le p h o n e & T e le * 117*3 J a v
121*4 122*8 1 2 2
122
122
122*4
2
124*4 J a n 30
110 D e c
140 J a n
22812 228*2 *225
229
600 A m erican T o b a c c o . .
226
220
225*2 225*2 *2 20 237
215 A p r 25 256 M c h 23
200 J 'n c
294*4 J a n
100
100
100 100
350
■106
10612 1 0 0
100
}1 0 6
103
1 r e f e r r e d , n e w _____
191*4 J a n 7 106*4 F e b 20
90 J ’ l
IJHU J a n
*15
17*4 *15
100 A m e r ic a n W o o le n ............I
15*4 15*4
17*4 *15
17*4 *1 5
17*4
13l2 M c h 4
2 0 7 .Ja n 28
8
2 3 i2 S ep
141, D e c
70*2 7012' *7 5
78
*7 5
78
*7 5
78
215
*75
73
Do
p r e fe r r e d .
72*2 M c h 4
83 J a n 26
74 “ M a y
32 S ep
*12
14
*12
100 A m e r W r i t i n g T a ile d p r e f
13*2 *12
14
♦12
14
12 *2
12*2
10 A p r 22
17*8 J a n 23
117s N o v
32*4 J a n
33
3358
33
33*8
30*2 31*8 15.200 u A n a c o n d a c c ; , P a r * 2 5
32*4 33
31*4 33
30*2 M a y 8
38'4 F e b 3
307s J 'n e
41*2 J a n
1412 1412 *14*2 20
*1 5
20
100 A s s e ts R e a i ^ „ i o n . _ . : _ .
*1 5
20
*1 5
20
1412 A p r 23
297 J a n 8
s
22 D e c
120
Jan
47*« 48
47
48
48
48
600 B a ld w in V . v o m o t lv e _____
47*8
*4 0
47*2 *4 7
3 S i2 J a n 7
52*s M c h 5
3 6 I2 Dec
53*’ J a n
108
108 *1 07
108
100 „ L a
107*2 108 *107*2 108 *107*2 108
p r e f e r r e d __________
1 0 2 u J a n 16 108*2 M c h 23
00*4 J ’ ne
105*2 J ’ m
41*4 417
8
4012 41*2
40*4 40*4
5.830 B e t h le h e m s t e e l
40*4 41*4
41*4 42*8
2 9 i2 J a n 5
25 J ne
41*4 M c h 11
4 ii2 Jan
♦83*8 85*4
♦82*4 85*2
85
85
85
85
200
*83*2 85*2
Do
p r e f e r r e d . . ...........
68
J a n 10
62 *4 J ’ ne
86 M c h 11
74
Aug
*125
128
♦125*2 128
128
128
127*2 127*2
300 B r o o k f y n U n io n G a s . . .
*125*2 128
121
Jan
130 J a n 24
120 O c t
1377g J a n
187
3 19*4
22
22*2
187 2 1 * 2
*
20*4 21*4
7,685 C a lif o r n ia P e t r o l v t c t f s .
23*3 23*2
13 J a n Z
10 A u g
30% Feh 6
56*2 F e b
521 54*4
2
00
00*2 *5 6
3.900 ^
60
54
567
8
59
59
P re fe rr e d ..
50*8 J a n •
68 M c h 20
45 J ’ly
86 J a n
82*2
82*2 82*t
82
82
*8 0
8212 *8 0
*80*2 82*2
200
80*2 A p r °£
95*8 J a n 16
103*8 F o b
90*4 D e c
) ,T ' l r ? h 1 1 p f trc 'fs
35*8 357s
35*2 3534 *3 5
35*8 10,700 ( v S
35*4 35*2
35*8 3578
le a t h e r
257 J a n I
3
17 J ’ ne
3078 M c h 23
30*8 F e b
8
100*4 100*4 100*2 100*2 100*4 100*4 *9 9 73 100*2 *9 9 7 100*2
430
P r e fe r r e d ...................
P47s J a u C 101*4 M c h 4
-83 J ’ne
97*4 M ch
40*s 4 U 2
40*2 41*8 20,500 o C n in o C o n n e r
397 40*4
8
39*4 407
8
40
40*2
Par <^
5
37 A p r 25
30*8 J ’ ne
44 F e b
47*s J a n
69
09*2 * 6 6
*6 3
69
*66
69*2 ♦ 6 6
09
69
100 C J u o t t . P e a V o d y & C o N n c
681 •> i* e b 25
70 F e b 13
*101*4 1027 *101*4 102*4 *101*2 102*2 101*4 101*4 IO H 4 IO H 4
8
300
1 to
p r e fe r r e d
101 *4 A p r 22 104*2 F o b 14
27
27*4
27*2 27*2
27
27
27
27*4
26*4 27*2
2.900 C o lo r a d o F u e l & 'f r o " n
24 A p r 27
34*2 F e b 5
2 4 ij J ’ ne
41*2 F e b
132*2 132
132
133
134
133*4 13412
132
132*4 132
3,975 C o n s o lid a te d G a s ( N Y ) "
1 28 l2 A p r 27 139*2J a n 24
125*8 J 'n e
142*8 J a n
9*8
9*2
9*8
97
8
9*1
9*8
9*2
9*2
9
9*4
2,950 C o r n P r o d u c t s R e f in i n g
7*4 M c h 2 5
13 J a n 28
17*8 J a n
7*8 J ’ ne
00
*6 5
66*2
65
65
6578 66*4 *6 5
*64
6534
500
D o p re fe rr e d ..
60 M c h 25
72 J a n 2 9
6 l i 2 J ’ ne
79 *4 J a n
94*4
*9**4 94*4 ♦93
94*4 94*4 *937g 94*2
94
94
100 D e e re & C o p r e f ___ 3 Z I
91*4 J a n
2
99*4 F e b 3
9 U 2 Dec
100*8 J a n
♦15*4 10*2
16
10
1534
15*8 15*8 *14
143g 143S
500 D is t ille r s " S e c u r itie s 'C o r D
13*4 A p r 20
9*4 J ’ ne
20*2 M c h 4
21 *4 J a n
147*4 146*4 147
140*2 147 *1 48
147
147
145 147
1,400 G e n e ra l E le c t r ic _____
140 J a n 3 150*8 F o b 20
1 2 9 * 4 J ’ ne
187 J a n
80
79*4 79*4
79*4 79*4 *7 8
79*4 80*4 *7 8
2,100 G e n M o t o r s v o t t r c t f i ”
80*s
37*8 J a n 3
82*8 A p r 13
25
M ay
40 A u g
*9 0
92
92
02
91*2 91*2 *9 0
92
*90
92
Do
p re f v t c tfs .
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300
77 J a n 5
95 F e b 19
70 M a y
8 1 *4 S ep
26*8 27*4
26*4 Z0*«
26*2 2 0 l 2
20*4 26*4
20
20
2,2 2 5 G o o d r ic h C o (R F ) _ _ ~
19*8 J a n 17| 2S78 A p r 17
15*8 N o v
90
63 J a n
*88
90*? *89
*8 9
9012
90
90
90
D o p r e fe r r e d
90
600
797s J a n 2| 91 F e b 3
73 *4 N o v
53*4 54
105*4 J a n
53*s 53*4
53
53
53
53*2
52 78 5334
2 ,300 d G u g g e n h E x p lo r " P a r 3 2 5 S4 4 * jJ a n i ' S5 7 V A p r 2 I 40 *4 J ’ly
53*8 J a n
*16*4 17*2
17
17*4 *1 6 *! 17*4 *1 7
17*8
1678 17
1.200 d ln s p n C o n C o p P a r $ 2 0 S15ig J a n 10 $ 18*2 M c h 224
l 8 *2 c h 4
$15*8
10
137 D e o
8
20*8 J a n
105*2 105*4 105 105*2 105 105*2 105*2 100
5105
105
1,850 I n t e r n a l H a r v e s t e r o f N J 1003i A p r 25 1 13*2 J a n 2 2
96 J ’ ne 111*2 S ep
* 1 157g - - *115*4 ____ *116
...
*1 15
...
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D o p r e fe r r e d _________
113l2 J a n 3 1 1 8 *« M ch 4
111
M a y 116 O c t
*103
104
*1 03
104
104 104
*103*4 105
*103
300 I n t e r n a t H a r v e s t e r C o r p
1 0 0 7s J a n
3 1 1 1*4 J a il 2 2
9 5 * 2 J 'n e
110
110
110*4 S ep
1 1 4 U ____ ♦ 1 1 4 * 4 ____ *114*4 . . .
*11213
D o p r e fe r r e d __________
100
1147s J a n 6 117*2 F e h 13
111 M a y
114*4 S e p
*2*4
3
2*3
2 *s
2*4
2*4
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2 *i
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COO I n t M e r M a r in e s t k t r c t f s
2*4 F e b
9
3*4 J a n 27
27g J ’ ne
4*3 J a n
* 8*2 1 0
9*4
9*4
9*8
9*8
85s
* 8*8
600
Do
p r e f s t k t r c t f s ___
8*2 F e b 10
15*4 J a n 30
9*1
1 2 i2 J ’ ne
19*2 J a n
* 8*2
9*2
*8*2
9*2
* 8*2
9*2
91*
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606 I n t e r n a t io n a l P a p e r
♦8*2
7*8 A p r 21
107s F e b 2
6*2 O c t
12*8 J a n
36
30
*35
38
*35*2 37*2
30
30
*35
37
D o p r e fe r r e d ___
600
3 3 * 2 A p r 20
41 J a n 31
32*8 O c t
4 8 i* J a n
*6*2
8
*0*2
8
6 *a
612
* 6*2
* 0*2
7*?
7*2
100 I n t e r n a t S te a m P u m p . . .
6*8 J a n
9
978 J a n 2 0
4*2 D e c
21
21
18*2 J a n
*20
22
*19
2078 *19
21
20
20
D o p r e fe r r e d _________
200
19 J a n 2
29 J a n 1 9
157g D e o
*87
90
70 J a n
*87
90
*88
90
89
89
♦S3
90*2
100 K a y s e r & C o ( J u liu s ) ___
80 J a n 19
91 M c h l4
77 D e c
94 F e b
5107*2 107*2 *100
109
105*2 108*4 *105
109
*105
109
Do
1 s t p r e f e r r e d _____ 100 M c h 12 108*2 A p r 1 10012 O c t
32
110 J a n
♦917j 95
*917S 95
*9 1 78 95
*9173 95
95
*92
K re s g e C o (S S)
81 J a n 6 105 F e b 25
68 J 'n e
83 S e p
•101*2 102*2 101*2 102*2 1 0 1 * 2 1 0 2 1 2 1 0 2 * 3 1 0 2 * 8 * 101*2 105
D o p r e fe r r e d __________
100
99 J a n 13 105 M c h 3
97 J ’ ne 102 J a n
*200 220 *212 220
214 214
214*2 214*2 ♦ 210 220
200 L ig g e t t * M y e r s T o b a c c o 214 M a y 6 231 M c h 1 195 J ’ ne 235 M c h
*114*2 116
1157s H O
116
116
*115 117*2 *115 117*2
D o p r e fe r r e d __________
400
111*8J a n 6 118 M c h l 8
IO 6 I 2 J ’ l y
110*2 J a n
31
31
♦30*4 33
♦30
33
*307 33
i
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3212
100 L o o s e - W ile s B is t r c o c t f s
2 9 7 A p r 24
8
38 J a n 2 0
21 J ’ ne
397g J . , n
*
--------------------- 103
____ 103
103
*____ 103 * ___
103
Do
1 s t p r e fe r r e d _____ 101 A p r 22 105 M c h 16
100
89 A u g
105 J a n
*
* 92*2
______________
92*2 92* *
92*
..
92*2
Do
2d p re fe r r e d ..
84 J ’ l y
89 J a n 2
95 J a n 24
95 J a n
*165
178 *
170
______________*171
175
175 *171 174
175
L o r i l l a r d C o ( P ) . _ ..............
166 J a n 20 190 A p r 7 r l 5 0 J ’ ne 200 J a i.
___ *113
114
*1 13
...
114 ♦113
D o p r e fe r r e d __________
100
110 J a n 0 115*4 M c h l4
103 J ’ ne 117 F e b
*70
83
*7 9
83
*77
80
79
79
100 M a c k a y C o m p a n ie s _____
76 A p r 25
87*8 F e b 20
755g J ’l y
87 J a n
*67
69
*6 7
09
8 6 8 * j 68*2
*67
69
Do
p r e fe r r e d __________
20
651s J a n 2
70 J a n 27
62 D e c
69 A p r
69*3 60*2 *59
•58*2 59*2
61
*58
60*4
700 M a y D e p a r t m e n t S to r e s .
67 M c h 3 1
69*4 J a n 17
65 O c t
767s J a n
100*2 *96*2 100*2 ♦96
*9 8
100*2 *97
100
D o p r e fe r r e d _______
9 7 78 A p r 21 1 0 1 *4 F e b 9
97*2 J ’n o 105*2 J a n
66»4 57*2
57*4 6 8
54
65*.i
53
66 *8
8,750 M e x ic a n P e t r o le u m _____
4 6 l3 J a n 2
731? F e b 9
41*4 N o v
78*4 F e b
217 22
8
21*8 21*4
21
2 1 7s
21
2 I l 2 6 ,800 d M ia m i C o p p e r . . . f o r 3 5 $ 2 1 M a y 7 *24*4 J a n 27
20*8 J 'n e
26*2 J a n
•46*2 46*4 •46*s 46*4 *40*2 46*4
46*4 46*4
700 M o n t a n a P o w e r __________
46 A p r 25
60 M c ll2 6
*101 101*4 101
IOH 4 101*4 102 *101*4 102
D o p r e fe r r e d ____ :
101 A p r 27 102*2 M c h 2 7
*1 28
130
128
130 ♦128 130
128
123
300 N a t io n a l B is c u it ______ H I
122
J a n 6 139 F e b 3
104 J 'n e
130 S e p
125
125 ♦12234
123*i 130 •123*4
300
D o p r e fe r r e d _______ I "
119*4 J a n 13 1237 A p r 2 4
s
115 J ’ ne 1247g J a n
10*4 10*4 * 1 0 *g H I ,
1 0 *s 10*8
* 10*8 11*4
900 N a t E n a m e l's & S t a m p ’g
978 J a n 8
14 F e b 3
9 J ne
19*4 J a n
*75
80
*75
86
*75
86
*75
80
______ I D o p r e f e r r e d . .
86 M c h 7
867s M c h 10
74*4 O c t
0 2 *4 J a n
♦43*2 47*2 *43*2 47*2 *44
47*2 *44
47
______ N a t io n a l R e a d __________ " "
44 J a n 3
52 J a n 26
43 O c t
66 *4 J a n
108*2 108*2 *1 07
109
*107 109 ♦106 109
200'
D o p r e fe r r e d ____
'
105 J a n : f
109 F e b 18
100 J ’ no 103 O c t
13*8 14
13*4 - t
13*8 14
13*8 137g 1 5 , 6 5 6 l< IN e va cfa C o n s C o p P a r S5 5 i 3 i 2 A Ia y 2; v l6 V J a n 23
13 J no
20 J a n
75
75*8 75*2
75
76
( 75
75<8 757s
70
70*2 *75*8 70
1 , 0 0 0 'N o r t h A m e r ic a n C o (n e w )
65 J a n 2
60 J ’ne
7 9 *4 M c h 14
24*4 24*4 *23*2 24*4 *231 2 2 4 * i *23
81*2 J a n
**23*8 24*i
— P a c ific M a i l ______________
24*2 •23
2412
100
2214 A p r 2 ‘
16 J ’ ne
29 J a n 21
29
29
23
♦23
3U 2 Jan
23
30
•2 8
30
28
29
*27
29
700 P a c if ic T e le p & T e le g ___
2 5 *j A p r 27
31 J a n 24
22
Nov
120
12 0 * 2
45 J a n
120*2 121
120*2 121
*120
1 2 1 ** 120*2 129*2 120*8 120*4
1,000 P e o p le ’s G L & O ( C h ic ) . I I 834 A p r 25 125 J a n
104 J ’ne 129*4 S e p
1 *20
2 0 *j
2 0 *j
20*4 2 U*s
20*8
*20
20*2 *20
21
*19
21
1,000 P it t s b u r g h C o a l.
1 7< sJan 3
23*2 F e ll
I 4 i j J ’ ne
8 8 *g
89
89*2 * 8 8
24*8 J a n
88
90
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90
90
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877a 877S
D o p r e fe r r e d .
1,000
84 A p r 25
93*2 F e b
73 J ’ n e
42*4 43*8
95
Jan
42*4 4 2 ‘a
42*2 43
4212 42*z
43
43
42
4212
1,678 P re s s e d S te e l C a r
28*4 J a n
5
4 5 l2 F e b
18*2 J ’ ne
103 • 1 0 1
1021* * 1 0 1
102*2 ♦ 1 0 1
36 J a n
■>101
103 ♦101
102*2 ♦ 101
102*2
Do
p r e fe r r e d __________
97*4 J a n 15 105*4 M c h 5
8 8 * 2 J ’n e
113*2 • 1 1 1
101*8 J a n
113*2 * 1 1 1
•*111
113*2 *111
113*2 ♦111
113*2 ♦ 111
P u b S e r v C o r p o f N J ___
118V
107 J a n 13 114 A p r 7
105 D e c
165
118 J a n
■>153 164*? 155
154*2 165
153*2 153*2 154
164 *154
155
700 P u llm a n C o m p a u y
1 5 1 *2 Ja n 6 159 J a n 28
149 S e p
165 J a n
*20
271* 27*2
23
27*2 27*2
27*2 27*2
27** 27*8 *26*j 28
£00 R a ilw a y S te e l S p r in g _____
25 A p r 25
31*s F e b 2
22 *4 J ’ ne
35
Jan
98
•9 1
98*: ♦91
98*2 *91
*9 2
98*2|
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98*2
D o p r e fe r r e d __________ * 9 3 *4 M c h 0 1 0 1 F e b 14
90*4 J ’ ne 1 0 0 J a n
21
2 0 78
20*2
21
20*4 21*4
207 21 ^ 20*j 21*8
8
20 *» 20 7s 10,600 a R a y C o n s C o p p e r P a r 3 1 0 $ 17*4 J a n 9 $ 2 2 * 2 A p r 3
15 J ’ n e
22
Jan
2 2 *a 2 2 * 2
2 2 «* 23
23
22 *2
*2 2
23
22
22*2
22
22
2,710 R e p u b lic I r o n & S t e e l . . .
19*4 J a n
17 J ’ne
27 J a n 27
28*8 J a n
85*g 86*8
85
85*4 85*4
85*4
851s 85*2
85*8 86*3 *847, 85*8
1,090
D o p r e fe r r e d
80 J a n
72 J ’ ne
91*4 M c h 11
0214 S ep
9*2
9
9*2
9*1
0
9
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9*2
9*2
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1,600 R u m e ly C o ( M )
6*4 A p r 24
14 N o v
18 J a n 14
92*4 J a n
28
28
27*2 27*2 *20
*24
38
28
*26
29
27
27
500
D o p r e fe r r e d __________
20*4 A p r 24
33 D e c
41 J a n 13
9 9 *4 J a n
■183 187*2 *185
” 183*8 185 *183*2 187*2 *183*2 186
187
1S2*2 83
300 S e a rs , R o e b u c k & C o _____ ISO A p r 24 193 F e b 2
154*4 J ’ ne 213*2 J a n
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30
80
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30
30
♦26
28
♦ 20
30
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25 A p r 24
23 J ’ ly
35 J a n 26
38
46*2 J n n
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39
33
•8 7
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39
39
39
3S>2 38*2
300 S ta n d a r d M i l l i n g
32 J a n 7
31 D e o
39 M a y 8
4 0 *j J a n
62*2 62*2 * 0 2 * 2 65*2 ♦ 01
* 0 1 * 8 02 * 1
05
05*4 06
64*s 657s
600
D o p r e fe r r e d
61
A p r 29
66
M ch 6
66 7 * F e b
52*2 M a y
32*8 33*8
83** 34
34*4
84
32*4 32*2
32
33*2 33*2
32*s
3,3 0 0 S tu d e b a k e r C o r p ( T h e ) . .
20 J a n 3
36*4 M c h 3 l
15*4 D e o
30 F e b
•8 5
87
87
87
87
*8 5
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88
*S7
89
♦87
89
100
D o p r e fe r r e d _________
70 J a n 6
87 F e b 6
64*2 N o v
93*4 J a n
34*4 34*1
34*4 34 78, *34*« 34*>#
34*2
i 34
34*3 34*2
34
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3,900 o T e n n c s s e e C o p . . P a r 3 2 5 $31*4 A p r 25 $36*4 F e b 11
826*4 J ’ ne
S9 tg J a n
144
144*4 143*4 144
143*2 143*i 143
143
•141*2 144
139*2 1 4 H *
1,800 T e x a s C o m p a n y ( T h e ) . .
128 J a n 3 1497a M c h 5
89 J ’ ne
80*2 *7 5
132*2 D e o
82
, *75
81*2 ♦75
80
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80*2 •75
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80*4
U n d e rw o o d T y p e w r it e r .
80 A p r 10
83 J a n 31
78 J ’ ne
112
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113 *1 03
99*8 J a n
112
” 108
108
m
108 113
11138 111*8
100
D o p r e fe r r e d _________
108 J a n 16 113 A p r 15
104
J 'lr
0
113 J a n
♦5*8
6*8
5*8
t
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6*8
6*j
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5*2
5*2
1,200 U n io n R a g & P a p e r _____
6*8 J a n » 2
4 Nov
8*2 J a n 31
23
*21
♦ 21
23
” 31
23
7*4 J a n
•21
33
*21
23U
21
2U8
200
D o p r e fe r r e d __________
21 M a y 8
32*2 F e b 3
18*a N o v
•9*2 1 2
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41*4 J a *
9*4
\. 9*4
10
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875 U S C a s t I r o n I ’ Ip e & F d y
9*4 M a y 2
13*2 J a n 23
9*4 J ’ n e
40
♦39
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40
40
i *89
16*4 J a n
♦39
40
*39
40
39
39
100
D o p r e fe r r e d __________
38*4 A p r 16
49 F e b 6
40 Dtec
76
*71
72
♦71
- 72
70
56*4 J a n
•7 2
70
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70
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76
100 U S E x p r e s s ______________
*
40 J a n 7
87 M c h 10
33 D e c
62
02
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02
66
Jan
*00
61
*00
02
60
60
100 U S R e a l ly & I m p r o y ' t . .
64 J a n 7
4 9 *4 N o v
63*4 M c h 10
577 58*2
s
58
, 67*4 57*4
77 J a n
5 8b
53
63*8
58*8 68*«
67*2 63*8
3,1 0 0 U n it e d S ta te s R u b b e r ___
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63 M c h 14
102
102
102
61 N o v
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101*2 103 *101
103
400
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1 st p r e fe r r e d _____
99*8 A p r 24 104*8 J a n 14
59*8 60*8
98 J ’ ne
59*2
59
59*8 00*8
109*4 A p r
59*4 snrg
69*s 59*8
63*» 69*8 108,800 U n it e d S ta te s S t e e l . . ___
56 A p r 25
49*8 J ’ ne
07*4 J a n 31
1 109
109*2 *108*s 108*4 108*g 108*s 108*4 108*4 108*3 108*4 108*4 108*4
09*8 J a n
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D o p r e fe r r e d __________ 106*4 J a n 2 112*4 J a n 31
102*t J 'n e
53*8 64*<
64*4 65*8
H 014 J a n
1 53*4 64*8
6 4 *j 65
61*8 55*4
51*2 65*4 23,125 d U t a h C o p p e r . . . P a r 3 1 0 $4878 J a n 10
$57*8 A p r 6
20*4 26*4
39*8 J ’ ne
26*4 26*4 * 2 0 lj 27
* 2 0 * i 27*2
60*8 J a n
20*2 27
20*8
2 0 *a
800 V lr g t n la ^ C a r o lln a G h e n t.
25 *4 A p r 30
3474 M c h 2 0
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98
98*4
98*a
98*8 •9 5
43*e J a n
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100
00
90
90
90
1,110
D o p r e f e r r e d _______ _
96 M a y 7 107*j M c b 2 0
93 J ’ n *
02
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62*4
62
114 J a n
I 01*2 0 2
61*2 0 1 78
6 l 7S 62
01*4 61*4
1,900 W e s te r n U n io n T e le g ____
5 7 * 4 J a n 10
067a F e b 16
54*8 D e o
74*4 75*4
7 5 i*
74
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74*4 74*2
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74*2
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11,440 W c s tIn g h o u .s e E l & M f j j .
64 J a n 8
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123 • 1 2 0
123
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70** J a n
123 •1 19
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123
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Do
1 st p r e f e r r e d ____
1157s J a n 16 119 F e b 11
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96*2 96*2
l0 7 ig J ’ n o
93
93
•9 5
119** J a n
98
9812
98*2 99
97*2 07*2
1,500 W o o l w o r t h ( F W ) _______
92*8 J a n 3 103*4 F e b 6
8 H * J ’ ne 1 1 2 J a n
•1 1 5
116 1 •1 1 0
117
117 | 1 1 0
117
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117
116
117
60
D o p r e fe r r e d __________
112*4 J a n
5 11878 M c h 6
109 J ’ n e 1151? J a n
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106
*103
100
♦103 100
*1 03
106
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31*8 31*8 *30*2 31
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31
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113*2 113*2 ■111
112
112
114
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-
83
3
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1
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M
B A N K S
H anks
B id
A tk
B anka
____
260
110
150
150
276
130
____
125
100
425
140
140
....
N a tio n a l C ity
N o rth B ld e lPeople’s ____
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1
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M e c h a n ic s '^ .
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145
28*
200
156
360
415
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370
420
158
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Colum blaK o lo k e rb o c
C o m m e rcial .
U m p ir e _____
E q u ita b le T r
Fa rm L 4 T r
F id e lity _____
F u lto n ___ . . .
G uaranty T r
NTCUy
•» at auotloa thU weak. . B e t o o k dividend.
T ru st C o’s
N Y Oily
T r o u t G o’ s
A a t o r _______
B ankers’ T r .
» 'w a y T r u s t .
C O M P A N IE S — B A N K E R S *
A sk
B rooklyn
so'
400
130
_
_
TR U ST
R id
N Y City
V 9«*on . . . .
1010
435
75
tS O l
410
1100
210
375
545
445
85
430
U30
220
300
560
Law T I A T r
Lincoln Trust
M etropolitan
M utual AIUance______
M u t'l (YVeetc h e s t e r )...
Q U O T A T IO N S .
B id
Ask
130
133
115
360
135
157
125
370
130
135
130
135
K Banks m a r t e ^ t h V ^ & a p u
T ru st C o ’ «
Bid
.V Y CVy
N Y Life 4c T r 975
N Y r m s t . . . 590
Title O c A Tr 405
Transatlau tic 200
Union T ru st. 370
U 3 M t g * T r 410
United States 1080
Westchester . 135
'tie s f u b S ? /
A t*
T ru st C o ’i
B id
A t.
470
135
240
270
480
140
255
280
Brooklyn
1000
60$
410
220
385
420
s ^ S S e n T
B rooklyn T r .
d (lien s’ . . . .
Franklin . . . .
Ham ilton . . .
H om e . . .
Kings C ounty
Nassau . . .
P eople’* ____
Q aeent C o . .
102
570
125
285
85
112
135*
295
100
1 4 4 0
BONDS
Y . STOCK E X C H A N G E
VVo«k U nding M a y 8
N.
1?
1?
■i;»,
Price
Friday
May 8
Week's
Range er
Last Sa(e
1 Bonds
| Sold
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Ran-e
since
Jan. 1.
BONDS
Price
Friday
May 8
Y . STOCK EXCH AN G E
W eek E n din g M a y 8
N.
No. Row High Chesapeake & O ld o (C on .)—
G eneral g o ld 4 H s ------------ 1 0 9 2 M -8
9G% 98%
R e g is te r e d _______________1992 M -8
96*4 99
C o n v e rtib le 411®_________ 1930 F -A
1021.1 1021.1
Dig S an dy 1st 4s__________1944 J -D
101 10278
C oal R iv e r K y 1st gu 4 s . .1 9 4 5 J - D
1091, 112*2
C raig Valley 1st g 5s---------1940 J - J
11212 1131s
P o tts C reek B r 1st 4 s -------1946 J - J
R A A D iv 1st co n g 4 s ___ 1089 J - J
1 100% 1021’
2d con sol gold 4 s________ 19*9 J - J
G reen brier R y 1st gu g 4 s . 1940 M-M
F o r e ig n G o v e r n m e n t .
C h ic & A lton R R re f g 3s__1940 A -O
95%
0
9.8
A rgen tine— Internal 5s o f 1 90 9. M -8 1 95% 96*4 95
Railway 1st lien S )$ s ____ 1950 J - J
89
89
1
*0%
C h inese (H uk uang) R y 5s £____ J - D 1 87% 90
C h ic B & Q D e n v e r D iv 4 s . 1922 F -A
Im perial Japanese G overn m e n t
Illinois D iv 3 > is __________1949 J - J
87% 14 86
90*4
Sterling loan 4 t $ s ________ 1925 F -A t 87 Sale 803,
R e g is te r e d _______________1949 J - J
80
8 85% 89%
J - J i 86 Sale 85*4
Illinois D iv 4 s . . . _____. . . 1 9 4 9 J - J
757s
75*4 80
Starling loan -Is___________ 1931 J - J 1 757, 76% 75*4
100
R e g is te r e d _______________1949 J - J
3 99 10012
R ep u b lic o f C u ba 5s oxten d e b t . M -S 1100% 100*4 007,
03% A p r ’ 14 ____ 03I2 931j
Iow a D iv sink fu n d 5s___ 1919 A -O
E xternal loan 4 H * ________ 1949 F -A 1____ 93
85
Sinking fund 4 s __________1919 A -O
8 84!« 90
86% 84%
T o k y o C ity loan o f 1912 5s------- M -S t 85
79 A pr ’ 14
N ebraska E xten sion 4s___ 1927 M -N
0 77
85
U 8 o f M e x ic o s f g 5s o f ___ 1899 y - j 1 80% 82
G8 M c h ’ 14
R e g is t e r e d _______________1927 M -N
65-% 70
J -D
68
68
G o ld 4s o f 1904............1 9 5 4
Southw estern D iv 4 s_____ 1921 M -S
t These are p rices on the b asls
J o in t b o n d s. 6'ee G rea t N orth
S t a t s a n d C i t y S e c u r i t ie s .
101% 187
G eneral 4 s_________________ 195S m -S
N Y C it y — 4 3%s .......................1900 M -8 101*, Sale 101%
107% 85
C h ic & K 11 ref * im p 4s g .1 9 5 5 J - J
1
4
C orp ora te s t o c k ____ 1903 « l - 8 107 Sale 106*4
98% 75 95l2 98>4
98% Sale 98
1st con sol gold 6s__________1934 A -O
4 % C o rp o ra te stocK _____ 1959 W-N
8
93
98% U77 A p r ’ 14
G eneral con sol 1st 5s_____ 1937 M -N
95'j 98
4 % C o rp ora te s t o c k _____ 1958 M-N
R e g is t e r e d ______________ 1937 M -N
98 Sale 97*4
98% 27 95*4 OS's
4 % C o rp ora te s t o c k _____ 1957 M-N
107
Pur m on ey 1st coal 5s____ 1042 F -A
60
N ew 4 H » _______________
‘ M-N 106*4 107 100%
101*4
R e g is te r e d _________________________
8
M-N 1017,____ 101*4
N ew 4 W *_______________
10 7
C h ic A In d C R y 1st 5s___ 1936 J - J
10
M-N 100*4 107 1007,
■ C o r p o r a te s t o c k ..
C h ic G rea t W est 1st 4s____ 1959 M-15
101*4
M-N 101*4 102 101*4
1
87%
87% 87*4 87%
9 85
M-N
871’ C h ic lu d Jt E ou lsv— R e f Cs. 1947 J - J
•ft v ^ o r p o ra ie s t o c i i . .
R e fu n d in g g old 5 s ________ 1947 J - J
.00 101%
S tats— 4s................ . .. 1 9 6 1 M -S 101%____ 101% A p r 14
R efu n d in g 4s Series O ____ 1917 J - J
101%____ 101% A pr ’ 14
971, 101t2
C a n al Im p rov em en t Is___ 1961 J - J
In d A E ou lsv 1st gu 4s___ 1956 J - J
101%____ 101% A pr ’ 14
99 101l2
C a n al Im p rovem en t 4s___ 1962 J - J
101%
6 10012 101l2 C h ic In d A Sou 5 0 - y c a r 4 s ..l 9 5 6 J - J
J - J 1007,------ 101%
C a n al Im p rov em en t 4 s___ 1960
103
.
J *D
50 107*4 109l2 C h ic E S A E a st 1st 4 ^ 4 C anal Im p rov em en t 4 H s.1964 J - J 109 Sale 100
109
103 107l2 1097, C h ic M il A St P term l g 5 S ..1 9 1 4 J - J
H ig h w a y In ip r o v 't 4 ^ 8 ..1 0 6 3 M -S 10S7, 109 109
_
G e n ’i g o ld 4s Series A ___ ,1989 J - J
103% J ’ly '10 _
S ou th C arolina 4 ^ 8 2 0 -4 0 ..1 9 3 3 J - J
R e g is t e r e d _____________ ,1989 Q -J
84*4 Jan ’ 14 ____ 84*4 ”84*4
V irginia fu n ded d e b t 2-3s._1 991 J - J ♦81 ____
G en 1 gold 3>S« Ser B ___ ,1989 J - J
44 64
61
00 Sale 68%
60>,
6s deferred D row n B ros c t fs .
R e g is t e r e d _____________ ,1989 J - J
G en 4
Ser C _________ e 1089 J - J
R a il r o a d .
25-yoar deben 4s_________ 1934 J - J
63 M ay’ 14
63
65
63
74
nn A r b o r le t g 4a_____ /il9 9 5 Q -J
C o n v e rtib le 4>$s__________1932 J - D
957,
88 93
95% Sale 05%
961,
A -O
tch T o p A a F e gen g 4s_19W5
C h ic A E Sup D iv g 5 s . ..1 9 2 1 J - J
95 A p r ’ 14
02If 95l4
K e o te t e r e d ________________ 1995 A -O ____ 95%
C h ic A M o i ii v D iv 6 S ...1 9 2 6 J - J
87%
3 84
87
87% 87
881,
A d ju stm en t gold 4s_____ *1998 N o v
C h ic A P W 1st g 5s.......... 1921 J - J
86 M c h ’ 13
N ov
K egU bered_____________ h l9 9 5
O M A P u g e t Sd 1 st gu 4 s . 1949 J - J
C 84*t 88>2
87%
87
87% 87%
S ta m p ed ________________M9W5 M -N
D a k A G rt Sou g o ld 6s___ 1916 J - J
00 03 100
96
95 Salo 05
O o n v gold 4 s _____________ 1956 J -D
D u b u q u e D iv l s t s f 6s___ 1920 J - J
_____
99% M ay’ 13 ____
J -I)
I O o n v 4a Issue o f 1900____ 1956
P ar A Sou assum g 6s____ 1924 J - J
96
90
95% Sale 95%
O o n v 4s (Is s u e o f 191 0)___ 1960 J - D
Ea C rosse A D 1st 6s____ 1919 J - J
100*1
8 997, T?fe%
10-year gold 5 s ___________ 1917 J - D 1005,101% 100%
W is A M in n D iv g 5s____ 1921 J - J
05%
93
95*4 05%
6 91*4 95*2
M -8
S k a t Ok la D iv 1st g 4 s . . .1 9 2 8
90% 91% 90%
90%
VVls Vail D iv 1st 6s.............1 « 29 J - J
3 86U 91*8
S h ort d u e 1st 4s g o ld ____ 1958 J - J
_
M il A N o 1st ext 4 y i n ___ 19M J D
08% A p r ’ 14 _
97U 98i2
. Cat-A ria 1st A r e f 4 >$s___ 1 9 6 2 M -3 -------08%
C ou s exten ded 4 i t s ____ 1934 J"~ !
104 109
B'o Pres A Th 1st g 6 S ..1 9 4 2 M -S 103 ____ 109 M ch ’ 14
r/i-H ____ 101% 101% Jan ’ 14
10H« 1011, C h ic A N o r W est con s 7 s . .1 9 1 5 Q F
E xten sion 4 s ________ 1886-1926 F - A
04% 21 91
M -8
94% Sale 04
95
R e g is t e r e d ________ 1886-1026 F - A
05 Jan ’ 13
M -S
G eneral g o ld 3 H * . __- ____1987 M -N
93
03
2 93
93
J - D ____ 93
R e g is te r e d _____________ p l9 8 7 Q -F
M -N 104%____ 104*1 A pr ’ 14
103U 104*4
G eneral 4 s . ______ _ _ _ ._ _ _ .1 9 8 7 M -N
93
94% 037, A p r Til
91% 937,
J -J
Sinking fu n d 6s____ 1879-1929 A -O
J -J
R e g is t e r e d ____ ___ 1879-1929 A -O
”o'd% " t
90
90*4 "e o "
M -N
Sinking fu n d 5s____ 1879-1929 A -O
A -O 119% 121 123% J ’n* 12
R e g is t e r e d ________ 1879-1929 A -O
A -O 100%____ 110% May ’l l
977, 98% 97*4 A p r '14
D eben tu re 5s_____________ 1921 A -O
06
977,
J -J
R e g is te r e d _______________1921 A -O
91% 017, 01%
91*4 26 90
92*4
J -J
Sinking fu n d d eb 6a_____ 1933 M -N
90% 91
897, A p r T4
897, 90
O -J
R egistered ...........................1933 M -N
94*» 73 907, go
04% Salo 94%
A -O
F rcm E lk A M o V 1st 6 s . . 1933 A -O
00% 04
g - J •99%____ 02% A p r '14
M a n G B A N W l s t * H s 1»41 J - J
91% 127 00
91% Sale 91%
94*4
(J O -rr oon v 4 ^ 1 .................
MUw A 8 K 1st g u 3>1*___1941 J - J
106%____ 112 Jan T2
J -J
’ P itts Juno 1st gold 6s___
M il E 8 A W ost l s t g 6 s . .1921 M -S
88% ____ 90 A pr T4
89*4 00
M-N
* P J u n e 2*JV1 D iv 1st g 3 K
E x t A im p . s f g o ld 5 S ..1 9 2 0 F -A
87% ____ 87 A p r T4
841, 891,
n i& W
Va Sys ref 4 s . .1941 M-N
A sh lan d D iv 1st g 6 s . . .1 9 2 6 M -S
91
01% 90%
91%
6 87*4 0U2
io v t h w D iv le t gold 3 H s - lu 2 5 J - J
M ic h D iv 1st gold 6s___ 1924 J - J
97 . . . . 100 Apr '13
M -8
i t O h l o R l s t c g 4 U s __1W 30M -S
MU Spar A N Vv 1st gu 4 s . 1947 M -8
105',
1 1051, 1031’
A -O 105*1 S*Ue 105%
N ortliw U nion 1st 7s g ___ 1917 M -S
99 % ____ 102% J ’ n « 1 2
F -A
St E P e o A N W 1st g u 6 s . 19 8 J - J
J - D •104 ____ 10 2 N o v ’ 13
W inona A Bt P 1st e xt 7S.1916 J - D
_
A -O 102% 103% 98% G ot T3 _
C h ica g o R o c k Isl A P a c6 a _ 1 9 1 7 J - J
_.
A -O 106% ____ 113% Feb T9
R e g is te r e d ____ . . . . . __ .1 9 1 7 J - J
09 ____ 06*4 M c h ’ 14 ------ 06*4 96*4
J -J
G eneral gold 4s________ ..1 9 8 8 J - J
91 J 'n a ’ 12
R e g is te r e d ________
1983 J - J
B o liv ia i i y 1st 5 s .
R efu n d in g gold 4 s . . . . . . .1 9 3 4 A -O
103 10014
M -S 109% ____ 109 A p r T4
20-year deben tu re 6 s . . . . . 1 9 3 2 J - J
1021, 102K
M-N 103 104% 102% M ch'14
C o ll trust Serica P 4s____ 1918 M -N
94
94
88*4 94% 04 Jan '14 ___
A -O
C h ic R 1 A P a c R R 4 s ____ 2002 M -N
111 ____ 112 A pr T4
111 113
J -J
R e g is te r e d _____ ________ 2002 M -N
F -A 109% 110% 110 A pr T4 ___ 1001, 110
It 1 A rk A Eoui* 1st 4 ^ 8 -1 9 3 4 M -S
110*, 111
J - D 111 ____ 111 Apr T4
B u r C R A N — 1st g 5 s . ..1 9 3 4 A -O
100%
A -O 106% 106*4 196%
7 103*4 1007,
O R I F A N W 1st gu5s_1921 A -O
1067, A pr T4
1067, 106?,
A -O
097, A pr ’ ll
M A 8 t L 1st gu g 7 s . . __1927 J - D
99 100
07 100
O arO lin ch & O h lolst 3 0-yr5sl93S J - D
O h o c O k la A G g o n g & s __o l9 1 9 J - J
108 108
F -A 107 ____ 103 F eb ’ ll
C o n so l gold 5s___________ 1952 M -N
104
103
14
VM-N 104 Sale 103%
K e o k A Den M oin es 1st 5 s .1023 A -O
_
100% M oh’ K
M-N
aul
K
8h C
B
87 M cU ’ ll
”13* *87" C StcPEl PAA1 tO O c o nl a ts4. .Hl 9 ’341 F --A
J -E ____ 90
ld
6
.
e J D
J - J 103 ____ 107% Jan 12
C on s 6s reduced to 8 W «__1930 J - D
I o i l , 104V,
J - J 103 ____ 104% A pr ’ ll
D eben tu re 5s____________ 1 9 3 0 M -S
104 . . . . 109% May 11
J -J
C h St P A M in n 1st g 6 s . .1 9 1 8 M -N
10 0 %
99% 101 10 0 %
3 99*4 100*,
M -N
N orth W isconsin 1st 6 s ._ _ 1 930 J - J
117*,
6 114 118
J - J 116% 117% 117%
St P A 8 C ity 1st g 6s____ 1019 A -O
113*4 116s,
- --W - 116% A pr T4
W
R egistered — . . . . . . . . . •. — . Q -J
—
—
Superior Short E 1st 5 s g g l9 3 0 M - S
104 104*4
j n D ock A Im p gu 6 a . . .1 9 2 1 J - J 104% 105% 104% A pr '14
C h ic T II A S o'ea st 1st 68.1960 J - D
j j
' A H u d R gen gu g 6 s . 1920 J - j 103 J03 10 0 J ’n a ’ li
O hio A W est Ind gen g 5a_.«1932 Q-M
94 ____ 100% Jan ’ IS
M -S
C o n so l 50-year 4s___ ____ 1952 J - J
80i,
60% Sale 80%
1 ” id% *•%
jy -r
O in U A D 2 d gold 4
____ 1937 J - J
______ »ke 4i Ohio—
1st A refu nding 4s___ . .. _ 1 9 S 9 J - J
98 100
99%
90%
\'C eo fu n d in g A in .p t 5s.
j- j
1 08*4 IOW4
1st guaran teed 4 s___ . . . 1 9 5 9 J - J
107
1 106 1077
lot consol gold &•_______
M-N 106% 107 107
P in D A I 1st gu g 5 a , . ..1 9 4 1 M -N
103 Jan ‘ 14 - X X . 103 103
R e g is te r e d _________ _ .
F lf-W ____ 107
U
W
U
U
V
U
U
U
S
B
S
8
8
S
S
S
U. S . G o v e r n m e n t .
2s c o o so I r e g iste r e d .2s oonaol c o u p o n ______dl9 3 0
3a r e g U io r e d __________*1918
3s c o u p o n ____________ *1918
4s reg iste r e d ___________ 1025
4s c o u p o n _____________ 1925
Paul C anal 10-30-yr 2s*193G
l ’ auam a C anal 3s g ___ 1961
y -j
y -J
g -F
g -F
g -F
g -F
O -F
Q -M
ttld
AJ.t
96
97
96% 98
101 102
101 102
109 110%
109%____
9 6 % ____
100 102
Low
High
96*4 A pr ’ 14
96*4 M ay’ 14
102% M c h ’ 14
101 A p r ’ 14
109%
109%
1127, F eb ’ 14
9 5 % J ’ly ’ 13
101
101
____
__
___
2
____
A
Range
since
Jan. 1.
Week's
H anoi
or
Last Hale
fli a
Ask Low
Jito’i
G3*g Sale 93%
.. „
93*8
____ 93*h 93% F ob '14
82
81 Sale 81
83
85
85% Fob 13
S3
85
81% F ob ’ I f
98 101
90% D ec '13
84% Jan ’ 13
88*t____ 88% M c h ’ 14
83% ____ 82 A pr '14
90 A pr '14
85
90
00%
60% Sale 00%
45
45%
45
40
99 100
99% M c h ’ 14
85*2
85*2
85
86
80% A u g 12
95
95*g 95 A p r ’ 14
93 J n e ’ 13
103 ____ 1027s A pr ’ 14
98 M c h ’ 14
98
99
97% 97% 97*2 A pr ’ 14
95 ------ 96% Sep '12
9 9 % ____ 98*4 M c tl’ 14
Low
92%
93%
797,
93%,
93** Sale 93
40 A p r ’ 17
391, 40
112%.
112 ____ 112%
99 A pr '14
____ 09
98 F ob '14
____ 07*2 07*4 F eb ’ ltf
91%
40
107%
95%
08
99 M c h '14
____ 100
73*2
731, Sale 72*a
1181, 120 118*2 M c h '14
1031,____ 103% M ch '14
81 ____ 96% A pr 11
81 J ’ly 12
____ 88<2 90*4 A u g 12
104 Dec 11
ido% H U 100% A pr '14
947,
04*, sa le 947S
♦91 ____ 0 2 % M ch ’ 14
82 Apr- ’ 14
80
82
86 J ’u c ’ l l
103
103 S a le 10278
92*2
92 S a le 92
101*4
1 0 U , b a le 101%
1 0 3 1 ,____ 102*, Sep ’ 13
105 _____ 103% N o v ’ 13
1041, 1041, 101%
104*,
93
94
93
031,
101 ____ 100% N ov ’ 13
1 0 8 1 ,_____ 108*, A p r *14
1121,____ 110 J ’ne'13
1 0 2 7 ,____ 102% Jau ’ 14
104%
1031,____ 104%
1081, 112*4 109% M c h '14
101=,____ 101*4 M c h ’ 14
101*4
101*4
101*,____
102%
1031i Sale 102*4
9 4 7 ,------- 94 1 , Men '14
9 4 * ,------- 94% A p r '14
83
83*4 Sale 82*4
8 U , ------ 781, Jan -14
97
94*4 Sale 94%
108 A p r ’ 14
1 0 8 1 ,..
105% Duo '13
10 7 * 4 ------1 0 4 1 ,_____ 104% A p r '14
10 314 105 102 G ot ’ 13
1001, 101*4 103 A p r *14
101 Deo ’ 12
102*4 105 102% A p r ’ 14
101*4 A p r '14
1311, . . . 1211, A p r -14
001, y e p -09
80 . . .
109% 111 100*, F eb ’ 14
106%------- 106% t l c h ’ 14
112U____ 113% F e b '14
118%____ 113% M ch '14
02%
9 2 i, S ale 92%
107%____ 108 M c h ’ 14
106%
105% Sale 105%
106%____ 106% N ov ’ 13
103% 104 104 A p r '14
____ 106
104% M c h ’ 14
87
87% 80%
87
85 A p r ’ 14
86
76
74% Sale 74%
70%
70 Sale 68
94% J’ UO’ l l
35%
>4 Sale 30%
337, A p r ’ 14
85 J ’l y ’ 13
____ 83
- ___ 108% 102*4 A pr ’ 14
103
100%------- 103
96*4 99
70
76%
118 118%
103% 103*8
____ 99%
____ 99
____ 93%
____ 78
119*4 Sale
88% ------103 Sale
118% ------118%___
107% - - -
High
98%
93%
86%
84% 85
88
82
90
00%
45
90%
82
88*8
85%
90
07
55%
99*4
85%
93
90
1027 1027,
8
90% 98%
94% 98
08% 98%
100%
02
02%
80
04%
08
112%
100%
98
100%
06%
93%
83%
100*8 103%
88
93
100 103*8
102% 104%
89
97
103
108%
102% 102%
102% 101*8
109% 109%
99% 101%
101 101%
102% 102%
94% 94%
95
95
80
84
78% 78%
03
97%
103 103%
104% 104%
100*2 1027,
102% 103%
10 13 4 101%
120
121%
109*8 109%
106% 106%
113% 113%
113% 113%
91
04
103 108%
105% 100%
104 100
101% 104%
84
89%
84% 87
72
81
06% 80%
30% "63*
337, 51%
102% 102%
1007, 103
997, M ay’ 13
99 M ch'14
92% M c h ’ 14
78% A lch ’ l l
119
110%
89% D eo ’ 13
103
103
118%Jan '14
129% May -09
107%
107%
99
99
91% 02%
78% 80
118 120
101 103
116% 116%
Io7* 108%
85 Jan *14
____ 89
106%------ 1057, A p r ' l l
83%
83%
____ U
*90 — - 96 M c h ’ 14
85
88 1
1057, 100%
83% 87 1
93
08 J
. . . . ____ 86% J ’ no ’” 2 ______
1
____ 98*4 100% M c h ’ I P ____ 10 0 % l'doia
/M IS C E L L A N E O U S B O N D S — C o n t i n u e d o n N axt P a g e .
S t r e e t R a ilw a y
secured notes 5s___1918
C ity 1st con 6 a . . 1016-1941
Q O o A 8 con gu g 6a__1941
Q O o A S 1st 6a___ 1941
Un E l la t g 4 -5 * ..
VW H 45/
M
> • ta m p ed gnar 4
IT T
_______ 1061
H avan a E lec con sol g 6 a ..
A -O
J -J
J -J
J -J
M -N
J -J
F -A
F -A
F -A
F -A
J -J
F -A
J -J
J -J
J -J
M-H
J -D
F -A
103
I
103
89%
01% 549
99%
100
171
101% M ch ’ 14
98 A p r T4
10 1 M a r ia
101% " 1 6
Ioi% I oj ” 101%
101%
11
101% Sale 101%
83%
1
83% Sale 83*4
84% ------ 84i, A pr '14
73
797, 79% A pr ’ 14
08% 98% 98 % M ay’ 14
94 ____ 1017, J n a’ l*
95% J ’n e ’ 13
93
98
70%
3
70',
70% 72
84 Jan 14 . . . .
99 . . . . 09% M a y’ 14
93 A pr '14 —
____ 03
103%------90% Sale
100 Sale
10C%------____ 09
’’J t J f i Prt9* Frtdan lattrt tMs.wMfc, _4 J%m
M ar.
S t r e e t R a ilw a y
90% 103% H ud A M a n hat 5a Bor A . . 1967
ist Incom e 5a___ . . . . 1 9 5 7
87% 93%
A Jersey 1st 6a____ 1982
96% 100
101 101% In te r b o r o -M o tr o p co ll 4 IS,.1 9 6 6
in te rb o ro R a pid T ra n sit-—
98
08
la t it refu nding 5a_______1966
” 99t2 101% M a n h a t R y ( N Y ) co n s g4 a .
S tam ped ta x-e xe m p t_____
100 102
M etro p o lita n Street R y —
83
84
83% 84%
74
SO
96% 99%
-
n
F -A
A -O
83 Sale 88
31
82% 31%
09 ____
77% Sale 77
J -J
A -O
A -O
99 Sale
91 % ____
«1% 93
F -A
J -D
M -S
M -S
F -A
F -A
R efu n d in g A exten 4H *._1W »1 J - J
*69* V8'%
81
84
M lu n eap St la t c o n s g 6a___ f * '
J -J
99
99% M ontreal T ra m w a y s 1st A
30-y e a r 6a Ser A . . . . . . . 1941 J - J
91% W
t D ru i u i . .a I*£j
i) jjw , Aug. _a Dua QsL
83%
81%
78
16
10
81%
80
670
08%
09
01% U ay'14
02%
02%
48
101%____ 101%
101%
100% M ay T4
1 0 0 ____ 101 A p r T 4
♦33 ------ 80 M c h ’ 14
103 ____ 102% M a y’ 14
91
04
01 Apr T8
0 9 % . . . . 103 NOT’ 12
8
m
f.JJRa N ov.
9SH
98%
t D « f Dao,
it
6
O d« m cal*.
Price
Friday
May 8
BONDS
Y . STOCK E X C H A N G E
W eek E n din g M a y 8
N.
14 4 7
New York Bond Record— Continued— Page 2
M a y 9 1914.1
Range
since
Jan. 1.
Wcek't
Range or
Last Sale
N.
Low High
Bid
O ln H am & D a y (C on .)—
Low
H it A
88 Meh '11
O Find & F t W l s t g u 4 s g .l9 2 3 M-N
C ln 1 & W 1st gu g 48____ 1963 J - J
86 Jan T4
D a y3 c M ic h l s t c o n s 4 J £ s .l9 3 1 J - J
961*
97 100
l n d D e c & W 1st g 5s____ 1035 J - J ------- 08*4 97 " M c h ’i.4
107% D eo ’ 02
1st guar gold 6s__________1936 J - J
80% 85
80% A p r T4
C le v e C In C & St L gen 4 s . .1093 J - D
80
82
87%
80
84*4 82 A p r ’ 14
2 0 -y r d eb 4 ^ s .............
1931 J - J
85% 85%
83% 86
85% A pr T4
C a ir o D iv 1st gold 4s........... 1939 J - J
83
83
83 F e b T4
C in W 3c M D iv 1st g 4 s . .1991 J - J *S0%
82
85*4
82 A p r ’ l l
' St L D iv l s t c o ll tr g 4 s . . . 1000 M-N *81l4
82% 82%
82% M c h ’ 14
R e g is t e r e d ______________ 1090 M-N ____ 85
85
85
85 M c h ’ 14
82% __.
S p r i C o l D iv l s t g 48____ 1840 M -3
91 A p r T2
W W Val D iv 1st 1 4 s ____ 1940 J - J ♦82%
105% 105%
' C l 8 t L * O con sol 6s____ 1920 M-N lOS5* 106% 10 6 % A p r T4
91
92
02
92l2 92
92
, 1st gold 4 s ...........................£1936
00 M c h ’ 13
92
91
R eg istered ____________ £1936
103% M c h ’ 14
103 103%
102
O in 8 * Cl c o n 1st g 6 s . ..1 0 2 3
1003s M c h ’ 14
100% 100%
■ O O C & I con sol 7s_______1814 J - D *10018
i
C on sol sinking fund 7 s . .1914 J - D
118% 119%
119 1185s M ayT 4
. G eneral consol gold 6 s . . 1934 J - J
118l2
R e g is t e r e d _______________1934 J - J
M ' j ’ly 'O *
l l n d B 3c W 1st pref 4 s___1940 A -O
*95
. O ln d 3c W 1st pref 5s_ dl9S8
_
7474 84
72
74U 7474 A p r ’ 14
o
/ P e o & E a st 1st co i. 4s____ 1940 K J
23 A pr ’ 14
23
30
20
!
l n c o m e 4 s ............................. 1090
18% A p r ’ 14
14% 1Q34
14% *19
j
C o l M id and 1st g 4 s ______ 1847 ^ r
18% 17 F o b ’ 14
17
17
\ T r u s t C o. ce rtfs . o f d e p o s it—
90%
90% S ale 00%
89
93
C o l o r a d o * Sou l s t g 4 s ____ 1029 F -A
89 Sale 89
89%
89
93%
l R e fu n d 3c ext 41^8________ 1035 M-N
106%
105 107
I F t W 3c D en C l s t g C 3 ...1 0 2 1 J - D 106*4 106% 106%
C o n n 3c P a s R lv s 1st g 4S--194J A -O
100 M ay TO
C u b a R R 1st 50-yr 5s g - .1 0 5 2 J - J
el L a ck & W estern—
, ,
100% M ch ’ 14
100% 1007S
M orris 3c Essex ls t7 s ___ 1914 M-N
103
10278 103%
>
1st conso* guar 7s-------1015 J - D 102% 103% 1027»
103 N o v ’ 13
;
R e g is t e r e d ................ 1915 J - D
J -D
85% F e b T4
85% 85%
1st ref gu g 3 H s -------- 2 0 0 0
110 M c ll’ 14
108% 110
N Y P a ck 3c V 1st 0s------- 1021 J - J lOO^a 1
V
104% F e b T4
C on stru ction 6s__________1023 F - A 104% .
104% 104%
94% .
M-N
0434 MCI1 T 4
. T erm 3c Im p rov e 4s____ 1023
94% 94%
84% .
102% Feb ’03
■ W arren 1 st r ef gu g 3 H s - - 2000 F -A
1083$ M c h ’ 14
D el 3c H u d 1st P a D iv 7 s . _ .1017 M -S 109 .
108%108%
149 A u g ’01
.
R e g is te r e d ........................... 1017
99 Sale 987
s
99
1 0 -y r c o n v d eb 4 s________ 1916
97% 99%
i l e t lien equ ip g 4 H 8 _____ 1922 j - j 100 101 100% A p r T4
99% 101
90%
96%
00%
( 1st 3c r e f 4 s............................1043 M-N
93% 90%
80 *83% 85-%
80%
; A lb 3c Bus co n v 3 H s _____ 1046 A -O
84% 86%
115% F e b ’ l l
f K ens * S aratoga 1st 7s___ 1021 M -N 115%
115 116%
81% Sale 81%
81%
D e n y 3c R G r 1st con g 4 s . .1936 J - J
79% 85
87
C o n s o l gold 4 )^ s __________1936 J - J 87% 90% 87
87
90%
00% M cliT 4
88
Im p r o v e m e n t gold 5s____ 1028 J - D
89
62%
'e a * S a le 61%
62%
1st 3c refu nding 5s________ 1955 F - A
61% 74
109 D ec T2
R i o G r June 1st gu g 6s___ 1939 J - D
01% A p r ’ l l
77
R i o G r Bo 1st gold 4s_____1940 J - J
85 Meh ’08
74
G u a r a n te e d _____________ 1940 J - J
82
82% A p r T4
83
R i o G r W est 1st g 4 s _____ 1039 J - J
79
84%
72 M c h ’ 14
88%
72
72%
M t g e & col trust 4s A ___ 1949 A -O
90 A p r T4
90
90
U ta h C en t 1st gu g 4 s . a l 9 l 7 A -O
110 Sep ’04
D e s M o l Un R y 1st g 5 s . . . 1917 M -N
84 M e h ’ l l
84
84
85
D e t & M a c k 1st lien g 4 s___ 1995 J - D
82 M c h ’ 14
82
82
82
■ G o ld 4 s ....................................1995 J -D
93% 06
93% A p r T4
93% 07
D e t K iv T u u - T e r T u n 4 H s - 1 9 6 1 M -N
102
105 A p r T4
103% 105
D u l M isa abe & N o r gen 5S.1941 J - J
103 105 103
103
100% 104
D u l 3c Iron R a n ge 1st 5s___ 1037 A -O
. R e g is t e r e d ________________ 1937 A -O *------ 102% 106% Moh ’08
104 Feb ’ l l
■ 2d 6s......................................... 1 0 1 6 J - J 102
100%
99% D ec T3
D u So S h o r e * A t g 5s____ 1937 J - J
104% 104%
jUgln Jol & E ast 1st g 5 s . . 1041 M-N 103 104% 104% A p r T4
111% 112
. -*rlc 1st con sol gold 7s____ 1920 M -S 110 112 112 A p r T4
95
98 A p r ’ 14
08
98
N Y & E rie 1st euct g 4s___ 1047 M -N
102% M ch’ 14
102% 102%
2 d ext gold 6s___________1919 M -S 102
99%
100 M c h ’ 14
100 100
. 3d ext gold 4 J-Ss-------------1923 f.1-8
102 102% 10234 M eh’ l l
102 102%
4 th ext gold 5s..................1020 A -O
93
100 Jan
6th ext gold 4s---------------1JJ2S J - D
12034 109 A u g ’
, N Y L E * W l s t g fd 7 s . . 1920 M -S
83% 84% 85 A p r T4
1 E r ie 1st con g 4s p rior-------1996 J - J
82% 87%
84% 83 Jan T4
j‘ R e g is te r e d ---------------------- 1996 J - J
83
83
73%
i 1st con sol gen lien g 4s___ 1996 J - J ■ f i " Sale 73
71% 78%
77 Apr T2
, R e g is te r e d _______________ 1996 J - J
8934 90
89% A p r T4
\ P en n coll tr g 4 s ___________ 1951 F -A
80
02
72% 73
72%
72%
, 8 0 -y c a r c o n v 4s A ________ 1953 A -O
71
77%
71 Sale 71
i do
Scries B _______1953 A -O
72%
70% 76
104% A p r T4
! B u ff N Y * E rie 1st 7 s . . .1 9 1 0 J - D 103%
104% 104%
107
' C h ic & E rie 1st gold 5s___ 1982 M -N 100% 107% 160'%
105%108
I C le v & M a h on Val g 5 s . . 1938 J - J 103% 108 103 F e b T4
103 103
121% 123
' L o n g D o c k consol g 6s___ 1936 A -O 122% 128 122% A p r T4
C oal & UK 1st cu r g u 6 s . .19 2 2 M-N 101 108 106 D eo '12
IOD4 102%
D o c k & Im p 1st ext 5 s . . . l 9 4 » J - J 102% 103% 102% A p r T4
.
103% A u g '12
N Y * G reen L gu g 5s___ 194G fM-N 100%
97 A p r ’ l l
96% 89%
N Y S u s * W 1st ref 5 s . . . 1937 J - J -------97%
70 . . . . 100% D eo ’00
2 d g old 4 H s .........................1937 F -A
75 A pr T4
75
76
, G eneral gold 5s_________ 1940 F - A
10 2 Jan T4
M-N 100%
102 102
T erm in a l 1st g old 0s____ l« 4 3
1 1 1 % M a y i2
M id o f N J 1st e xt 5s_____ 1940 A -O 102%
95
95
92% 98%
W llk & E a 1st gu g 5s------ 1942 J -D
100 M ay’ 12
E v & ln d 1st c on gu g 6s— 1926 J - J
E v a n s * T H 1st con s 6s . . . 1 0 2 1 J - J 105 ____ 104 D e c '13
09% D ec T3
1st general gold 5s-------------1942 A -O
10 8 N o v ’ l l
M t V ernon 1st g o ld 6s— 1923 A -O
J ’n e ’ 12
Bull C o Branch 1st g 5s___ 1930 A -O
Sale
lorid a E C oa st 1st 4 J ^ s ..1950 J - D
93
91
94
o r t S t U D C o l s t g 4 > i s . 1041 J - J
A u g TO
!‘os'
F t V & R io G r 1st g 4s------ 1928 J - J
V
A p r T4
58% 64
/'T r e a t N orth ern —
97% Sale 90%
VT ( j l U e t i coll trust 4 s ___ 1921 J - J
07% 301 94% 08
R egistered h ____________ 1021
0078 A p r T4
95% 97%
100* ioi% 100% A p r T4
l e t * r e fu n d in g 4 H s s e r A 1961
100 101%
R e g is te r e d _______________1961
00 J 'n e ’ 13
07 " 99 % 08 A p r T4
S t Paul M & M a n 4s.......... 1933 J - J
00% 98
1st con sol g old 6s_______1033 J - J 123
121% M c h ’ 14
119% 131%
R eg istered .........................1033 J - J 117
117% A u g T3
102% 103% 103% A p r T4
R e d u ce d to gold 4 ^ 8 .1 9 3 3 J - J
100% 103%
R egistered....................1933 J - J ♦99
108*4 J 'n e ’09
95
M o n t e xt 1st g old 4s-------1037 J - D
95% A p r ’
93
05%
93%
R eg istered ____ ________ 1937 J - D
94% A p r ’
04% 04%
87%
P a c ific ext guar 4s £____ 1040
03% Meh ’
94
94%
E M in n N o r D iv 1st g 4 « 1948
96% 94%
9 4% 94%
1022
M in n U nion 1st g 6s........ ...... .. J - J 110%
110% Jan ’ lil
110% 110%
'
$T
D
n
I
F
w
iU
Price
Friday
M ay 8
BONDS
Y. STOCK E X C H A N G E
W eek E n din g M a y 8
St l 1 M fc M (Continued) —
M o n t C 1st gu g 6s______1937
R e g iste re d _____________ 1937
1st gu ar gold 5s_______ 1937
__R e g is t e r e d ____________ 1937
W i l l * H F 1st g old 5 s . . .19 3 8
G u l f * S 1 1st r e f * t g 3 s . . 61952
R e g is t e r e d ........................... J1952
[ J o c k Vai 1st co n s g 4 ^ * .. 1 9 9 9
! « - R eg istered ____ . . . . . . . 1 9 9 9
H V 1st e x t g 4 s ____ 1948
C o l * T o l 1st ext 4 s .............1955
H ous B e l t * T erm 1 st 5 s . . .19 3 7
[ lllnoi* C e n tra l 1st g o ld 4s_1051
1 R e g is t e r e d ...
1951
1st gold 3 t $ s ........................... 1951
R e g is t e r e d ____ " "
1851
E x ton d ed 1st g 3 W s .. . 1951
R e g is t e r e d ..
1951
1st gold 3s s t e r li n g ! I ! ” ! 1951
R e g i s t e r e d .. .
1951
C o ll trust g o ld 4 s .
1»52
R e g is t e r e d .
1952
1st re f 4 s ____
1955
^ c h a s e d n nee 3 ^ " " " 1852
U N O * T e x g o ld 4 s .
1953
R e g i s t e r e d .. .
'
1953
R rid g e g o l d '4 s i : : i 1 1050
L itch fie ld D iv 1st g 3 s . ..1 9 5 1
L o u is v D iv & T e rm g 3 M s 1953
1953
R e g is te r e d ____
M id d le D iv reg 5s
1921
O m aha D iv l s t g 3s
” 1951
S t L ou is D iv & term g 3 s ll9 5 1
R e g is te r e d ___
1951
G o ld 3p$s__________
1951
R e g istered _______
.1951
Spring D iv 1st g 3 > is . . 1951
R e g is te r e d ...............
1951
W estern lines 1st g 4 s . . 1951
R e g is te r e d _____________ 1 1931
B ellev & C a r 1st 6s_______1923
C a rb & Shaw 1st g 4 s____ 1032
C h ic S t L * N O g 5 s .......... 1951
R e g is te r e d _______________1951
G o ld 3 H « ..............................1951
R eg istered _____________ 1951
M e m p h D iv 1st g 4 s ____ 1951
R e g i s t e r e d . . . . . .............1951
St L Sou 1st gu g 4s
1931
ln d 111 & l a 1st g 4s____ I . .1 9 5 0
l n t * G rea t N o r l s t g 6s___ 1919
Jam es F r a n k * C lear 1st 4s 1959
an C ity Sou 1st go ld 3 s . . 1950
R egistered ......................... 1950
R e f & im p t 5s______ A p r 1950
K ansas C ity T erm 1st 4s___ I960
I a k e E r i e * W 1st g 5 s . . . 1937
-Li 2d g o ld 5s.............
1941
N o r t h O h io 1st gu g 5s___ 1945
Leh Vail N Y 1st gu g 4 K i . 1940
R e g is t e r e d ________________ 1940
L eh igh V ail (P a ) co n s g 4 s . 2 003
G eneral con s 4 M s_______ 2003
Leh V T * r R y l s t g u g 5s___ 1941
R e g is t e r e d ________________ 1941
Leh Val C o a l C o 1st gu g 5S.1U33
R e g is t e r e d ____________
1933
1st iut redu ced to 4 s_____ 1933
L e h * N Y 1st gu ar g 4s___ 1945
R e g is t e r e d _____________ . .1 9 4 5
E l C & N 1st pref 6s______1914
G o ld guar 5s____________ 1 0 1 4
L on g Isld 1st con s gold 5s./<193l
1st co n so l g o ld 4s________ 61931
G eneral g o ld 4s___________ 1938
Ferry gold 4 M s.................... 1922
G o ld 4s.................................... 1932
U nified g o ld 4s.......................1949
D e b e n tu re g o ld 5s______ 1934
G u ar re f go ld 4s----------- . . . 1 9 4 9
R e g is t e r e d _______________1949
N Y B & M J i 1st co n g 5 s . 1935
N Y * R B 1st g 5s............. 1927
N o r 8 I1 B 1st c o n g gu 5 s .o l9 3 2
L o u is ia n a * A rk l s t g 5s___ 1927
L o u isv & N ash O en 6s____ 1930
G o ld 5s________
1937
U nified g o ld 4 s .......................1940
R e g is t e r e d _____ ______ ..1 9 4 0
C ollateral trust g o ld 5s___ 1931
E 11 & N ash l s t g 6s.......... 1919
L C ln & L ex gold 4 M *____ 1931
N O * M 1st g o ld 6s_____ 1930
N O * M 2d gold 6s............ 1930
P a d u cah & M e m d iv 4s___ 1946
St L ou is D iv 1st g o ld 6s__1921
2d g o ld 3 s . . _____________ 1980
A tl K n ox * C in D iv 4s___ 1955
A tl K n o x * N o r 1st g 5 s . .1 9 4 6
Ile n d e r B d g e 1st s f g 6 s . .1931
K e n tu ck y C e n t g o ld 4s___ 1987
L * N & M & M l s t g 4 M s 1945
L * N -S o u th M jo in t 4 s . . 1952
R e g is te r e d _____________ h 1952
N F la & H 1st gu g 5s_____ 1937
N & O B d g o gen gu g 4 M » 1945
P e n s * A t ! l s t g u g 6s____ 1921
S & N A la co n gu g 5s____ 1936
G en co n s gu 50-yr 5 s ..1963
L * J e ff B d g e C o g u g 4s___ 1945
1 1 am la H U — S ou u u ex4 s_ 1936
'T e x I n te r n a l 1st c o n g 4s 1977
S ta m p e d gu a ra n teed ____ 1977
» I iu n * S t L 1st g o ld 7s____ 1927
F a c lf lc E x t l s t g o l d 6s____ 1821
1st co n s o l g o id 6s__________1934
l s t a n d refu n d g o ld 4s____ 1949
D es M & F t D 1 s t g u 4 s . .1 9 3 5
K
IValF
Range or
Last Sale
11
But
As Low
High
J - J 124% 125 121% A p r T4
130% M ay’00
J -J
J - J 109% ____ 106% F eb T4
J -J
J - D 108% ____ 104% J 'n e ’ 13
92
J -J
89
92% 92
J -J
99
99% 99
99%
J -J
97 ____ 97% Jan T4
J -J
88 % ____ 92 A pr ’ IS
A -O
90% M eh '14
88% 92
F -A
100U D ec li
J -J
95% 96% 90% A pr T4
J -J
100 Sep ’ l l
J -J
84
84 A p r T4
86
J -J
82
88% Feb '13
J -J
81%
93% M ay'09
A -O
82
A -O
80 J ’ly ’09
M -S
?A-S
91 M c h ’ 14
A -O
89*4 92
95% Sep T2
A -O
92%
92% 93
92%
M-N
80% 83% 82 F e b T4
J -J
90% 90% M c h ’ 14
M-N
84
05% 8-1
M -N
91 .
90 A p r 'H
J -D
61% .
74 F eb T4
J -J
75%
81 M a y ’ 13
J -J
83 A u g ’ 12
J -J
F -A 101 .
123 M ay’99
71%.
72% F'eb T4
F -A
71
75% M e h ’12
J -J
J -J
81 ____ 77% Sop T 3
J -J
101% O ct ’99
J -J
79 ____ 78% M c h ’ 14
J -J
J -J
F - A *91% *92% 91 F e b T4
F -A
J -D
117% M ay TO
87 % ____ 94% J ’ ly T2
M -S
J - D 108 111 108 M c h ’ 14
J - D 104 111 114 F eb ’ l l
8 0 % ____ 90 O ct ’09
J -D
J -D
J - D ‘ 84* i n : '92'% A ug'T2
J -D
M -S *91 ' '95% *98 ' J ’ly ’08
88% M c h ’ 14
87% 90
J -J
M-N 101 104 103 M c h ’ 14
91% M ch'14
J -D
69% 69% 69%
70
A -O
03 O ct ’00
A -O
96 Sale 90
00
J -J
92% 94% 04% A p r T4
J -J
J - J ____ 104% 101% A p r T4
95 Jan T4
J - J -------99
98 M e h '14
A -O -------99%
101%
J - J 101 101% 101
10 0 D e c T3
J -J
90% ____ 89% A pr T4
M -N
99%
99% 09% 99%
M-N
A -O 111 111% 111 M c h ’ 14
1 1 1 % Deo ’ l l
A -O
104 * 105% 104%i\lch’ 14
J -J
105 O ct T3
J - J .103
J -J
88'
'88% Feb*T4
M -S
M -S
101% F e b 'lO
A -O
99% N o v ’ 13
A -O
Q -J 10 0 % ____ 106% Meh T4
92 ____ 96% A lch’ 12
90% 91% 91%
91%
94% 96% 96
96
M -S
83 ____ 99% O ct ’06
J -D
86
88
87% Jan T4
M -S
J - D 100 ____ 101 M c h ’ 14
89% 95
91
91
M -3
95 Jan ’ l l
M -S
A -O 103 ____ 100% Jan T4
M -S 101 ____ 102% Jan T4
101% 103 102
102
y -J
91% F e b T4
M -S ____ 90%
114%
J - D 111% 114% 114%
M-N 109%____ 110 A p r T4
95%
95% Sale 95
J -J
93*4 M eh T 4
J -J
M-N 105%____ 105% A p r T4
J - D 109 ____ 108% D e c '13
M -N 101 ____ 102 A p r T4
117%____ 120% Meh T3
J -J
111 F o b '14
J -J
89 F e b T4
F -A
M - » 108% 110 108% Feb T4
69% Sep 1 2
M -S ____ 04
90%
90% 90% 90%
M-N
J-D 108 ____ 111 Jan T3
M -S 105% ------ 106 Jan T4
90 A p r T4
89% 91
J -J
101
M -S 101 103% 101
84
85% 84 A p r T4
J -J
95 F eb '05
104% 106% 104% A p r T4
99% ------- 100 M e h ’ 14
j - j
110
F -A 109% 110 110
F -A 105%____ 107 M c h ’ 14
104%
A -O 104% Sale 104%
M -S •83%____ 83% M ch ’ 14
n
n
M
-iN
Range
since
Jan. 1.
Low High
121%121%
106*4 107
89
92
97 101
96% 97*4
90% 90%
94% 97
84"
84*'
90
03
89%
79
89%
81
90
74
94
82
91
84
90
74
71
72%
78% 78%
90
86%
103
91%
68%
91
88%
104 j
92%
70
94% 98%'
93% 95%
100 103%'
95
95 ]
98
08 j
100% 101%.
87% 89%
99
99%'
110% 111 j
104% 104%
88% 88%'
106% 100%
91% 92%
95
97
80
87%
100% 101 .
80
92 ;
100% 101 (
102% 102%
102 102 1
91% 91%
111% 115
103 110 1
92% 96%
93*4 93*4
105 105%
100% 102
111 111
89
89
108% 108%
88
90%
106
88%
100
83
106 .
00%
101 ]
85 1
104% 104*4
99% 100 |
108% 110 !
106%107 ;
104% 105 ;
83
86 :
: : : : *75
M -S
M -S
J -D
A -O
M-N
M -S
J -J
'7 7 * M cV ’i o
79 N o v TO
124% O ct T2
100%107 110% A u g ’ l l
90
90
____ 90%
50
52
63 A pr T4
____ 68% 68 F eb T4)
89
61
68
96%
61 1
69 ■
J -J
A -O
A -O
J -J
69
70%
____ 72
60
56%
92% Sale
69%
69
63
92%
72%
71%
61%
94%
M ISC E L L A N E O U S B O N D S— C on tin u ed on N ext P a re.
S t r e e t R a ilw a y
N e w O rl R y * L t gen 4 W s.1935
N Y R y a 1st It It & re f 4s 1942
I 8 0 -yea r a d j Inc 5a........... a l9 4 2
!N Y S tate R y s l s t c o n s i M s ‘ 62
P ortla n d R y 1 s t * ref 6 s . ..1 0 3 0
i P ortla n d R y L t & l ’ ow 1st
& r e f co n v s f 5s________ 1 9 4 3
J -J
J -J
A -O
M -N
M -N
81
80%
80%
1
77
7/% 77%
77% 38
65*4 Sale 55%
56% 317
89% 00 A p r '14
89
mm
100 m m 101 Jan T3
F -A
91
94% 92 M c h ’ 14
J -J
99*4 101%
98 n •V ’o i
M -h
99 100
103% F ob ‘ 13
101%
J -J
83% Sale 83
84
J -J
A-<
79% Sale 78
79*4
J -J
107% 109% 108%
108%
A -O
96% 98
97%
97%
U n dergr o f L on d on 4 H s --1 9 * 3 J - < 04
05 A p r '14
05
85
88
87 A p r T4
A -O . . . .
84 O ct '08
M-N ____ _ . . . . 71 J 'n o '1 3
• No prloe Friday; Utut bid and jw
ksd thi* w*»k.
4 Dus Jan.
80%
76
62
87
S t r e e t R a ilw a y
U nited R y s S t L 1st g 4s___ 1934
S t L ou is T ra n sit gu 5s____ 1924
U nited RK a San Fr s f 4 s ._ 1 9 2 7
Va R y & P o w 1 s t * re f 5 s . .1 0 3 4
80%
79%
63%
00
Q a s a n d E l e c t r ic L ig h t
100% A tla n ta G L C o . 1st g 5s___ 1947 J - D
B k lyn U G as 1st c o n g 5 s . .1 9 4 5 M-N
B u ffalo G as 1st g 5s________ 1947 A -O
C olu m b u s G as 1st g Os____ 1932 J - J
80% 85
D e tro it C it y G as g 5s______1823 J - J
75*4 84% D e t G as C o . c o n 1st g 5s___ 1918 F -A
100% 109% D e t E d ison 1st c o ll tr 5s___ 1933 J - J
98
96
Kq O L N Y 1st con g 5 s . . .1 9 3 2 M -S
04% 96
G a s * E le c B erg C o e g 5 s . .1 9 4 0 J - D
84% 02% O r R a p G L C o 1st g 5s____ 1915 F -A
. . . .
H udson C o G as 1st g 5s___ 1949 M-N
K an C it y (M o ) G as 1st g 0s 1922 A -O
92
42
206
4
C
::::
_: :
____
# Dus Fsb.
a
69% Apr T4
70 A p r T4 : : : :
58 A p r T4
92%
02% ' " 9
101%____ l0 2 % D e c ’ 13
105% Sale 105%
105*4
64 J ’n e ’ 18
93 ____
98*4____ 98% A pr” l4
05% Sop ’ 08
102% — 7
103 ‘ 102% 102%
1C6% O ct T2 . .
100 ____ 100 F e b ’ 13
____ 101
100 O ct ’09
104
103%------ 104
2
____ 01*4
92 M c h ’ 14
Dus AnrlL * Dus Julx. J Duo Aua.j D»# Osl. # Oot on 1*1
l
*.
102% 106* J
'»8% l'6 0 * i
ioo* 10*2%
•••• ,
101% 104%
91
92
1448
BONDS
Y . STOCK E X C H A N G E
W eek E n d in g M a y 8
Price
Friday
May 8
Week's
Range or
Last Bate
Range
since
Jan. 1.
M in n & St L ou is (Con.)
I o w a C en tral 1st gold 5 s . 1038 J - D
K efu n d in g g old 4 s ........... 1051 M -S
M S tP & S S M c o n g 4 s i n t g u l 9 3 8 J - J
1st C h ic T erm Is f 4s______ 1041 M-N
M S S & A 1st g 4 s in t g u _ 1 0 2 6 J - J
M ississip p i C en tra l 1st 5 S ..1 0 4 0 J - J
'M o K a n & T e x l s t g o l d 4 S -.1 0 0 0 J - l )
, 2d g o ld 4 s ________________ (,1900 F -A
1 s t o x t gold 5s____________ 1944 .vl-N
l a t & refu nd 4 s____________ 2004 M -S
G en sinking fu n d 4 H s _____1936 J - J
fit L ou is D lv 1st ref g 4 s . .2001 A -O
i D a l& W a 1st gu g 5s______ 1040 M-N
, K a n C Sc P a c l s t g 4 s ........... 1090 F - A
M o K Sc K 1st gu g 5s_____1942 A -O
M K Sc O k l s t g u n r 5 s _____1942 M -N
M K & T o f T 1st gu g 5 s . 1942 M -S
Slier Sh Sc So 1st gu g 5 s . .19 4 2 J - D
T e x a s * O kla I s t g u g 5 s . . l 9 4 3 M -S
M issou ri P a c 1st con s g 6 s . .1 9 2 0 M-N
T r u s t g o ld 5s s t a m p e d ._ a l9 1 7 M -S
R e g is t e r e d _____________ a l0 1 7 M - 8
1st c o ll a t e r a l g old 5s______ 1 9 2 0 F - A
R e g is t e r e d _______________ 1 9 2 0 F -A
4 0 -y e a r g old loan 4s______ 1045 M -S
1st & r e f c o n v 5s__________1059 M -S
3d 7s oxteu d od a t 4 % ____ 1938IM-N
C e n t H r R y 1st gu g 4 s ___ 1010 F -A
C e n t U r U P 1st g 4 s _____ 1948 J - D
L e r o y & O V A L 1st g 5 s . 1926 J - J
P a c R o f M o 1st ext g 4 s . .l 0 3 8 F - A
2d exten d ed g o ld 5s____ 1938 J - J
S t L I r MSc 8 gen c o n g 5 s . 1931 A -O
O o n con s ta m p gu g 5 s . .1031 A -O
U n if i e d * ref gold 4 s ____ 1029 J - J
R e g is te r e d _____________ 1929 J - J
ItlvJfc G D lv l s t g 4 s ____ 1933 M -N
V erd l V I & \V 1st g 5s___ 1926 M -S
M o b & O h io new g old Cs___ 1927 J - D
1st extension gold 6s____ /il9 2 7 Q -J
G en eral g old 4 s ___________ 1038 M - S
M o n t g o m D lv 1st g 5 s____ 1947 F -A
t L ou is D lv 5s.................... 1027 J - D
t L * C a ir o g u a r g 4 s ____ 1931 J - J
ashviU o Cli * 8 t L i s t 5s 1028 A -O
Jasper B ran ch 1st g 0sl923 J - J
M c M M W * A 1 1st 6 s . ..1 9 1 7 J - J
T & P B ra n ch 1st 6a_____ 1917 J - J
N a t K y s o f M o x pr lien
1957 J - J
G u aran teed general 4 s___ 1977 A -O
N a t o f M e x p rior lien 4 J is .1 9 2 6 J - J
1st con sol 4a_______________1951 A -O
N O M o b * C h ic 1st r e f 5 s . 1960 J - J
N 0 4 N E prior lien g 6 s _ _ p l9 l6 A -O
N ew O rleans T erm 1st 4 s . . 1953 J - J
N Y C e n tr a l& H R g 3 ^ 8 .1 9 9 7 J - J
R eg istered _____________ 1997 J - J
D e b e n tu re g old 4 s ________ 1934 M -N
R e g is te re d _____________ 1934 M -N
L a k e b h ore coTl g 3 H s ____ 1993 F -A
R eg is tered _____________ 1993 F -A
, M ic h C e n t c oll g old 3 H s -1 0 9 8 F -A
i
R eg is tered _____________ 1998 F -A
B eech C reek 1st gu g 4 s . .1 9 3 6 J - J
1
R eg istered _____________ 1936 J - J
2 d guar g old 5s__________1936 J - J
R eg istered ____________ .1 9 3 6 J - J
\ B eech C r E x t 1st g 3 ^ 8 .0 1 9 5 1 A -O
C a r t * A d 1st gu g 4 s ____ 1081 J - D
! G o u v * O sw e l a t g u g 5 S ..1 9 4 2 J - D
t M o h & M a i 1st g u g 4 s___ 1091 M -S
N J Ju n e R guar 1st 4s___ 1980 F -A
R e g is t e r e d ___ ___________ 1988 F -A
N Y * H arlem g 3 H s . ___ 2000 M -N
R e g is t e r e d __________
2000 M -N
N Y & N orth ern l s t g 5 s _ .1 9 2 7 A -O
N Y * P u 1st c o n s g u g 4 s . 1993 A -O
N o r & M o n t l s t g u g 5 s .. _ 1 9 1 6 A -O
P in e C reek reg guar 6s___ 1932 J - D
It W & O c o n 1st ext 5s__/il922 A -O
O s w e * R 2d gu g Ds____ el915 F - A
, It W & O T It l s t g u g 5 s_.lU 18 M -N
R u tla n d 1st con g 4 H s ___ 1941 J - J
O g & L C h a m l s t g u 4 s g 1948 J - J
R u t-C a n a d 1st gu g 4 s . .19 4 9 J - J
1 S t L a w r& A d lr l s t g 5s___ 1906 J - J
\ 2d g o ld 6s________________ 1996 A -O
i U t i c a * B lk I ilv gu g 4s__1922 J - J
\ L a k e S h ore g o ld 3 ^ s ____ 1997 J - D
, R e g is t e r e d _______________1097 J - D
. D e b e n tu re g old 4s_______1928 M -S
2 5 -y r g old 4 s____________ 1931 M -N
’
R eg istered _____________ 1931 M -N
,K a A * G It 1st gu c 5s____ 1938 J - J
; M a h o n C l l t l t 1st 5s___ 1934 J - J
i P it t s & L E rie 2d b 5 s ___ al9 2 8 A -O
'P l t t s M c K & Y l s t g u 6s__1932 J - J
- 2 d g u aran teed Cs________ 1034 J - J
' M c K e e s * B V l s t g Cs__1018 J - J
( M ic h ig a n Centra* 5 s ____ 1931 M -S
'
R eg istered ---------------- ..1 9 3 1
i 4s . . r .........
1040
<
R eg is te re d . . . . . . 1 9 4 0
J -J
J L * 8 1st g o ld 3 H S ...1 9 5 1 M -S
V 1 s t gold 3 M s....................1 9 5 2 M -N
/ 2 0 -y ea r d eben tu re 4s___ 1929 A -O
• N Y C h i c * b t L ls t g 4 s ._ 1 0 3 7 A -O
\ R e g is t e r e d _______________1937 A -O
D eb en tu re 4 s ____________ 1931 M -N
\W e s t Shore 1st 4s gu a r___ 2361 J - J
f R e g is t e r e d _______________2361 J - J
,' N i Y. C• . t L ines eq tr 414 8 1
—
■ en < uni es
—
v
4 U b 1922 J - J
Y N ow H a v en * H a r tf—
\ N o n -c o n y d eben 4a_______ 1055 J - J
\ N o n -c o n v 4s_______________1956 M -N
( C o n v de b e n tu re s
______1956 J - J
, C o n v d eben tu re 6s________ 1946 J - J
( H arlem R - P t C hes 1st 4 s . 1954 M -N
Bid
Aik
89
92
____ 60%
04% 95
Lew
High
90
90
5212 A p r ’ 14
95 A p r ’ 14
97U J 'n e ’ r,
96 N o v ’ 13
91% A p r T4
88
88
70l2
701;:
96 M c h ’ 14
66
66
7212
7234
78% A pr ’ 13
09*4 D ec T3
8 2 % A p r ’ 14
104 A p r T4
98*o F eb ’ 14
95 A p r T4
96 M ay’ 13
99i 2 Jan '14
104i2 A p r ’ 14
95i2
95i2
97 U a y ’ 12
91
91
Low High
88
94
50
57%
90
951*
N.
f
N
_
V
- w
y
.....................
OaS And Electric L ig h t
gs C o £ll L & P g 6 a .„ . 1 0 3 7
Purchase money 6 a . . . . . . 1907
C o n v e r tib le d eb 6s_______ 1926
E d K lI U B k n 1st con g 4 s . 1039
L a c Gas L of St L l s t g Ss.elOlO
R ef and ext 1st g 6 s . . ___ .1034
Milwaukee Gas L 1st 4s___ 1027
Newark Con Gas g 5 s . . . . . 1048
N Y G K L 1 I & P g 6 s _____ 1948
, P u rch a se m on ey g 4s_____ 1949
Ed ElJJl 1st cons g 6s____ 1995
N Y A Q E 1 L 4 ; P lstcon g #s 1930
N Y & Rich Gas 1st g 0 s ..„ 1 9 2 1
Pacific G A El Co C al O 35 E
Corp unifying35 ref 5s____ 1037
l ’ a c P ow 35 L t 1st 3c r e f2 0 -y r
5s tn tern at S e r ie s .______ 1030
1040
Pat
Passaic Q it K #s.
*K
[Vol . xcvin.
New York Bond Record— Continued— Page 3
A -O
A -O
M -S
J -J
U
M -N
J -D
J -D
F -A
J -J
F -A
M -N
M -N
F -A
M- 8
price F r i d a y ] a s k e d ,
____ 96%
9 1 R ____
87 88
70 71
____ 96
66 Sale
72t2 737
8
____ 75
____ 104
____ 100
92l2 94
____ 104
____ 977
s
104 105l2
95*2 Sale
____ 97%
01
04
58%
’ 59'
69l2
86 Jan ’ 14
923*M ch’ 14
89 12 0 1
77i2 D ec T3
1 1 0 Alch’05
90 A p r ’
89i2 92
103 104 100 Jan ’
____ 103
102i2
1025*
103 F e b T4
767*
781*
7712 78
807* O ct ’ 12
74 i2
’ 74% *75% 74l2
92i2 D e c T3
11534 117 1153* A p r T4
112l2 ____ 112i2 A p r T4
82
84
82 M ch T4
102%____ 106% M c h ’ 14
93 ____ 05 D e c ’ 13
91 ____ 91R
9H*
1071*
107l2 Sale 107*2
107is ____ 1 1 1 Jan T3
10334 Jan T4
103
1 1 3 J ’ ly ’04
103
61 F eb T4
77 F eb T3
967* F eb T3
. . . . . —
50 A p r T4
47l2 A p r ’ 14
50
1007, 101 101% M cb’ 14
79'2 X lay’ 13
82% 83% 821
2
83i*
8 D4 8 D4 A p r T 4
91 Sale
03 May ^12
78i2
78% Sale 7734
79
79 A p r T4
75% 76% 76
76
73% 76% 72U M c h ’ 14
04 —
05U A p r T4
99 M ay’ l l
58% Sale
66*4 Sale
—
9H2
917g
77
99
71
85
82*4 82%
IO3 I4 104%
98l2 98l2
9434 961*
97
9912
10212 105
943* 981*
91
951*
'55"
66i2
88
91
661*
773*
86
92
90
100
101
103
75
74
90
100
105
103
82
813*
1131* 115*4
11 2 13 1 1 2 is
80
82
1051* 106U
8 8 I4
OH4
10512 1071*
10334 103*4
61
61
60
50
471* 58
101 101l2
8U2 84
8 O 4 84
J
86
921*
77*4
78*4
73U
72
95U
84
831*
78
74
953<
05
05
—
85%
104
6684
9U2
8734
691*
95i2
04%
72*2
—
83
91*4___
O ot T 2
95
105
A p r ’ 14
O ct ’02
83 ____ 87i2 D eo T2
821 ___
2
102 Jan T4
------ 106
83 0 1>4 02 O ct T3
116 . . .
1 0 4 1 * ...
100 101
101%____
------ 75?*
06i2 -----85 <2 Sale
84 ------9234 Sale
92
92i2
105 ____
107 ____
105 ____
U 6l2 ____
1143*____
lO U j..
104U____
1031*____
871*____
116 F e b ’ 14
1041* A p r T4
1001* M c h ’ 14
104 J ’n o ’ 10
90 A p r T3
80 Sep T3
92 J no ’09
108 Sep T2
119l2 M ch ’ 12
05 D e c T3
851*
153*
831* Mch ’ 14
9214
0234
02
92i4
007* A p r T4
116
1021* 1041*
99<* 100%
I07U A p r"’ 14
105 A p r T4
1301* Jan ’09
123*4 M eh ’ 12
IO7 I4 107%
105 105
111 Jan T2
1031*
103i2
98 A p r T2
87 F e b T4
90 J ’ u e ’ 08
84 ____ 83i* M c h ’ 14
83
85s* 85®*
85**
, 941* 961* 9 5 1 * A p r ’ 14
9 71 * Jan T3
‘ "83 " Safe 85
85
931* 03% 93%
031*
91 Sale 901*
01 ^
88 ------- 1001* J ’ly ’ l l
76
76
69
111
79
79
697*
Sale
110
84
831*
89>4
881*
007*
BONDS
Y . STOCK EXCH AN G E
W eek E n d in g M a y 8
Price
Friday
May 8
N Y N H & H a rtford (Con.)
B & N Y A i r L i n e l s t 4 s . .19 5 5 F -A
C e n t N ew E n g 1st gu 4 s . .1961 J - J
H o u sa to n ic R con s g 5s
1937 M-N
N Y W ’ches& B l s t s c r 1 4 ^ s '46 J
N 11 & D t t b y con s cy 5s__1918 M-N
N ew E n gla n d co n s 5s____ 1045 J
C on s o l 4 s _______________ 1945 J
IT o v id e n c e Seeur d eb - i s . . 1957 M-N
iN Y O & W rei l s t g 4 s ____ pl992 M -S
R eg iste re d 55,000 o n ly ._ c l9 0 2 M -S
G o n e ra M s_________________1955 J -D
N o rfo lk Sou 1 s t * re f A 5 s . . 1901 F -A
Norf.Sc Sou l s t g o l d 5s_____ 1941 M-N
N o r f& W e s tg e u g o ld 6s___ 1931 ,;6-K
I m p r o v e m e n t * e x t g 6 s _ .1 9 3 4 F -A
N ew R iv e r 1st g o ld 0s____ 1932 A -O
N A W R y 1st con s k 4 s___ 1096 A -C
R e g is te r e d ______________ 1996 A -O
D i v ’ l 1st 1& gen g 4 s____ 1944 J - J
10-25-year c o n v 4 s_____ 1932 J -D
10-20-year c o n v 4 s _____ 1932 M -S
C o n v e rtib le 4 H s _______1938 M -S
l ’ ocah C 3c C jo in t 4s___ 1941 J -D
C C A T 1st guar go ld 5 s . . 1922 J - J
S cio V A N E 1st gu g 4 s . . 1939 M-N
N orth ern P a cific p rio r Ig 4s 1997 (J-J
R e g is te r e d _____ __
1997 (J-J
G eneral lion g o ld 3s_____ <*2047 (J-F
R e g is te r e d _____________ a 2 047 (J-F
S tP a u l-D u lu th D iv g 4 s _ .1 9 9 6 J - D
I)u l S hort L l s t g u 5s____ 1916 M -S
Bt P A N I ’ gen gold 6 s . ..1 9 2 3 F -A
R egistered c e r tific a te s ..1 9 2 3 Q -F
St Paul A D -luth 1st 5 s . . 1931 F - A
1917 A -O
2d 5s.............
1st con sol g o ld 4 s _______1968 J - D
W ash C en t 1st g old 4s____ 1945 (J-M
N o r P a c T erm C o 1st g 6 s . . 1933 J - j
O regon -W ash 1st A re f 4 s . . 1961 J - J
p a c i f i c C o a s t C o 1st g 5 s. .19 4 6 J - D
•- ou n sy/van ia R R —
*
l s t r e a l e s t g 4 s _________
1923 M -N
C o n so l g o ld 5s_________
1919 M -S
C o n so l gold 4s...................... 1943 M -N
C o n v e rtib le g o ld 3 H 3 — -o l9 1 5 J - D
R e g is t e r e d .......... ..............0 1915 J - D
C o n so l g o ld 4s_________
1948 M -N
A lleg V al gon gu ar g 4 s . . . 1942 M -S
D R R R A B ’g e 1st gu 4s R ’36 F - A
P h lla B a lt A Y ls t g 4 s _ _ _ 1943 M-N
V
S od B a y A Sou 1st g 5s___ 1924 J - j
S u n bu ry A L ew is l s t g 4 s . 1936 J - J
U N J l t l t A C a n g en 4 s . .19 4 4 M -S
P en n sylva n ia C o —
G u ar 1st g 4 H s ___________ 1921 J - J
R e g is te r e d _______________1921 J - J
G u ar 3 H s co ll trust reg__1937 M -S
G u ar 3 ^ s c o ll trust ser B .1 9 4 1 F -A
T r u s t C o c tfs gu g 3 H s ___ 1916 M -N
G uar 3>4s trust c tfs C _____1042' J - D
G u a r 3 H s trust ctfs D _____1944 J - D
G u a r 15-25-yoar g 4 s ______1931 A -O
C in L e b A N o r gu 4 s g ._ _ _ 1 9 4 2 M -N
C l A M a r 1st gu g 4 H s__1935 M -N
C I A P g e n g u g 4 H s s e r A 1942 J - J
Series B _________________ 1942 A -O
I n t red u ced t o 3 H s ___ 1942 A -O
Series C 3 H s ____________ 1948 M -N
Series D 3 H s ___
1950 F - A
E r ie * P it t s g u g S H s B lI liM O J - J
Series C . . . » _ _
1940 J - J
* j 0? i s t g U g 4 > i ; : i o 4 i J - J
g ^ M Y A A s h 1st cons 53.1927 M-N
T o l W V A O g u 4 H s A . . . 1931 J - J
1933 J - J
Series B 4 H s ____
Series C 4 s _____
1942 M -S
P C C A S t L g u 4 U s a I _ I i «40 A -O
Series B g u a r____________ 1942 A -O
Series O g u a r . . . ______..1 0 4 2 M-N
Series D 4s gu ar________ 1945 M-N
Series E 3 H s guar g ____ 1949 F -A
Series F gu 4s g __________1953 J -D
Series G 4 s g u a r __________1007 M-N
C S t L A P 1st c o n g 5s___ 1932 A -O
P eo A P ek Un l s t g 6s______ 1021 y - F
2d g o ld 4 H s .........................61921 M -N
P ere M a rq u e tte — R e f 4s___ 1955 J - J
R e fu n d in g gu ar 4s________ 1055 J - J
C h A Y M 5s_____________ 1921 J - D
V
F lin t A P M g 6s..................1920 A -O
1st con sol g o ld 5s_______ 1030 M -N
P t H uron D iv 1st g 5s__ 1039 A -O
Sag T u s A H 1st gu g 4 s . . 1031 F - A
Ph ilip pin e R y 1st 3 0-yr s f 4 s '37 J - J
Pitta Sh A L E 1st g 5s______ 1040 A -O
1st con sol g o ld 5s__________1043 J - J
eadlng C o gen g 4s______ 1997 J - J
R eg istered ________
1997 J - J
Jersey C e n t co ll g 4s______ 1051 A -O
AtJan C ity gu 4s g . _______ 1951 J - J
t J o A G r l s l 1st g 4 s ______ 1947 J - J
t L ou is A San Fran cisco—
G eneral g o ld 6s___________ 1931 J - J
G eneral gold Os___________ 1931 J - J
S t L A 8 F R R con s g 4 s__ 1996 J - J
G en 15-20-yr 5s__________1927 M -N
T r C o certfs o f d e p o s it ____
S outhw D lv 1st g 5s____ 1947 A -O
R e fu n d in g g 4 s ___________ 1951 J - J
R e g is te r e d ,................. . . 1 0 5 1 J - J
K 0 F t U & M c o n g 8s___ 1928 M-N
K O F t S A M R y r e f g 4 s . 1936 A -O
R e g is t e r e d _______________1936 A -O
K C A M R A B l s t g u 5 s . 1929 A -O
I t L S YV l s t g 4s b d c t f s . . .1 9 8 9 M -N
2d g 4Uinq b o n d c t fs ____ p l9 8 9 J - J
C o n s o l g o ld 4 s____________ 1932
G ra y ’ s P t T e r 1st au g 8 s . 1947 j ‘- D
Bid
Ask
86 .
-------831*
107l2 ____
72i* Sale
N.
861*
85
93U
023*
007,
11
1031* 1031*
*87" 'S i
83<* 831*
837* 87
04*4 97
841* 87
9U* 95
89*4 93
771i Apr T4
76 A p r T4
69
69
u o i*
m u
0914 N o v ’ ia
75
76
68
105
104% A pr T4
114% A pr T4
113% A pr T4
88% A p r T4
101
101%
09%
99*4
91 A p r T4
101% Jan *14
104%
105
86%
86%
109 A p r T4
101 F e b T4
92% J ’ly ’09
S
102 104%
111 114%
113 113%
86
89
100 101*i
07% 100%
88% 01
101%101%
101% 106
83
87
108 109
101 101
801*
81
75
1171*
r.
M ISC EL LAN E O U S B O N D S— C on tin u ed on N ext Page.
103 104%
113 115%
113%____
86% 88%
101% Sale
09*4 100%
00% 91
103 ____
104% Sale
86% Sale
108 109%
100 101%
03
93
93
. . . . 90
80% M ay'14
100 ____ 100 Jan T4
a D ae Jaa,
Q a s a n d E l e c t r ic L i g h t
P e o Gas3k O l s t c o n g Os___ 1943
R e fu n d in g g o ld 5 s____ ..1 9 4 7
R e g is te r e d ______________ 1947
C h G -L 3t O k o 1st gu g 68.1937
C o n G C o o f O h l s t g u g 5sl036
In d N a t G as & O il 3 0 -y r 5s ’ 36
M u F uel G as 1st g u g 5s__1947
Ph iladelphia C o co n v 5s___ 1919
C o n v cfeben g 6s_____ _____1922
Stan G as Sc E l c o n v s f 6s__1926
Syracuse L igh tin g 1st g 5s__1951
Syracuse L & P 5s____ ____ 1954
T ren ton G fc E 1st g 5 j ____ 1949
U nion U lec L 3c P 1st g 5s__1932
02% 051,
R e f 3k ext 5s...........................1933
U tica E l L & P 1st g 5s____ 1950
90% U tica G as Sc E re f 5s_______1957
100 100
t D ae Fob, . * Duo M ay.
s Du« Jana,
k P a e J a ly .
A -O
M -S
t-J
J -D
M-N
M-N
F -A
M-N
J -D
J -D
J -J
M -S
M -S
M-N
J -J
J -J
J -D
0 D ae Out,
Week's
Range or
Last Sate
Low
H ig h
991* J ’ ne *12
81 M c h ’ 14
10638 A p r ’ 14
721*
733*
10? A u g ’ 09
991* Mch ’ 12
60
60
85
85
921* J ’ n e '12
’ ------ 82
8U* M ch'14
t)2i* ij4
9212
0212
101 Sale 1 0 1
IOU4
1197* 122 119 M c h ’ 14
121 . . . 123 Jan 13
1193*____ U8 Feb ’ 14
913.1 951* 941*
9434
98 Jail ’ l l
893* «J0t2 90
90
102 104 " 10218 A p r T4
102 104 1031* Aleh ’ 14
102% 104 10238 A p r T4
88
87% Sale 871*
1053* Jan ’ 13
103
02
92 A p r '14
94
9538
05% Sale 95
____ 04% 9438 A p r T4
68
67% Sale 671.*
67% 65i* A p r T4
65
90 Jan '14
89%
100 _____
112
1101* 112
105U____ 107 Jan '12
lO U *____ 101 M ch 14
851*____ 87 F o b '14
82 ____ 81i* D ec ’ 13
1133* 115 1131* M c h ’ 14
____ 901*
OH* A p r '14
102 Sale 102
102
551* . . .
84
86
93
10 2
A p r ’ 14
10 2
99 '09 D ec ’ 13
09
087* Sale 987*
9858 M ch ’ 14
io n *
1011* Sale 1011*
____ 971*
97 A pr ’ 14
9 U * ____ 91 M c h ’ 14
97 ------ 991, J'ly ’ 13
102 Jan ’03
913*____
9 3 'a ------ 1011* Ma"y"’l2
101
Sale 1001*
8 4 i*
8434 .
98 .
851*.
8434 85i*
9434
94
101
IOU 4 M c h ’ 14
841* A pr ’ 14
85U
851*
98
98
83 Jan T4
84*4 A p r '14
94i* A p r ’ 14
93i* 031* A p r ’ 14
110 Jan '05
"uo'i*
1013, N o v ’ 13
10234 .
100>4 J 'ly '09
102®* .
91U F eb ’ 12
851* .
901* ( )c t '12
85U
841* D ec ’ 13
85 U ■
867* Sep T3
85>4 ■
001* J ’ ly ’ 12
853*.
953* D ec T3
96 •
109 M ay TO
104 .
1021* j ’ u e ’ 12
98 ■
1023* N o v ’ 12
98 •
95i*'Sep T3
923.1 .
1021*
103
10234 :
1021* F e b T4
10 0 :
106 J 'n o ’ l l
’ 0 3 " 9514 93 M cli'14
001* A p r T4
901*
95U Jan T3
03*2
92U
971* Jan 13
106
106 J ’ u o ’ 13
08 F eb T3
87
00
89 F eb T4
54 Jan '13
40 D o c *13
98 O ct T2
Sale 9314
9314
93U
75
73l2 A pr T4
75 A p r T4
05
061*
108 -----100 -----947* Sale
65
65
108 A p r T3
m T N o v ’ ll
9434
95'*
041* Fob T4
95 A p r T4
_____9-17*
OH* 93
761* 761* "761* M c h ’ 14
1111*------- 112
M ch’l l
1023*------- 10234 A p r T 4
A p r '14
40 M a y’ l l
47
48
03 D ec '13
70%
761* Sale 70
803* M ch ’ l l
110% A p r '14
110
112
7 5 3 4 S ale
75%
70
77% J ’ly T2
95 M ch'14
84
84U 841* 84
75 M c h ’ 14
76 . . .
____ 72
72
72
08% Jan T4
77U 80
40
49
47 Sale
____ 116% 115% A p r T4
100%
100% 100% 100%
09 Sep ‘ 13
103 103% 103 A p r T4
101 ------- 101% A pr T4
93 Mch '12
____ 86
100%------ 100%
100%
____ 104
95 Sep '13
07
98
07%
-97%
____ 90%
89% A p r '14
99% 101% 100 M c h ’ 14
85% J ’n e ’ 12
101%____ 100 Feb '01
100 ____ 100% Apr T4
94 N o v ’ 13
-------08%
101 ____ 101 M c h ’ 14
07 ____ 100% D ee ' l l
104% 106 100 A p r *14
g D ae Wot.
* Option sals.
Range
since
Jan. 1.
Low High
81
83
1005* 100%,
72
83
55
00
817* 88
8H* 83U
92
971*100 10U*
1171*119
l i s " 118 "
94
90
88% 91*4
101 103%
101 104»4
100®8 105%
87*4 00%
00®*
921*
94
041*
65%
90
03U
96
95%
08%
67
90
1107* 1121*.
101
87
101
87
113%113l«
89
92
99% 103%
93
102
973*
98%
09
96%
01
100
100
84%
85
07%
83
84*4
93
93
08
102
,
09%
08%
102.
97 .
01
101%
101%
86
85%
03
83
84%
05
93%
1003* 103 •
100% 102%93
93
90% 90%
92 104
73% 00
75
90%
64% 66%
92** 06%
04% 94%
93% 96
75% 78'"
110
100
73%
45
46
112
1023*
80
64
65%
71
78%
109% 112%
73
77%
95
84
75
72
08%
06
88 I
75 I
77%
08%
114 115%
08% 101%
1007, 103% '
90% 101% '
09% 100%
96% 08 '
88
02%
100 100%
100% 100%
101* XOl*
io i% l'o q "
May 9 1914.1
New York Bond Record— Concluded— Page 4
2
BONDS
, If.
P r ic e
F rid a y
M ag 8
K
Y.
STOCK
K X C I1 A I
W e e k E n d in g M a y 8
Bid
<13 J - . l
19 J - .
50 A - l )
50 A - l )
00 A - l 1
49 F -J
R e f u n d i n g 4 s _______
l o t50 A -C )
A t l - B i r m 3 0 - y r 1 s t g 4 s . .7
33 M -S 1
, C a r C e n t 1 s t c o n g 4 s ____
49 J - .
18 J - .
30 J - .
43 J - .
G a & A la R y 1
45 J - . .
G a G a rd e N o :
29 J - u
26 J - u
W eek 's
R a n ge or
L ast Sale
A k L ow
80
81
.................. _
------- 85
84*8 8 6
..............
76 S al
74 S a l
85 . . . .
84*1 . . . .
1 0 0 % 102 4
1003* 103 4
1037 ___ .
8
103*8 107- 8
1017g . . . .
10138 . . . .
n ig h
80
80
104 O c t *09
85% F e b ’ 14
85% A p r ’ 14
75%
76
74
75
85% A p r ’ 14
85% M c h ’ 14
103% J a u T 3
104 N o v '1 2
1 0178 F o b T 4
104% F e b ’ 14
103%
103%
101% O c t T 3
Southern Pacific O o ^ '
M o r t g u a r g o ld 3
Through S t L 1 s t gu 4
G I I <& S A M & P 1 s t 5
G i l a V G Sc N 1 s t g u e 5
H o u s E & W T 1 s t g 5s
_ 1 s t g u a r 6 s r e d _______
R A T O 1 s t g 6 s in t gu
A Sc N W 1 s t g u K !
M o r g a n ’s L a & T 1
B o P a e o f C a l— G u
g
6s.
90% S ah
00%
91
49 J - I
____ ____
90 F e b ’ 14
49 J - I
863* S a l
86%
80*4
29 M -S
101
S a il 1 0 0 %
101
3 ; J -l
03*4 Sale 03%
03*4
49 F - /
04% J ’ l y '12
49 F - / , 0 0 . . .
913g
011 913#
29 J - I 1 91
80 A p r ’ 14
86 % .. 54 A -C
103 A p r ’ 14
102*8 . . .
31 M - h
10234 A p r T 4
101
...
24 M -N
____ 1 0 2 ) (1 0 2 S ep '1 3 .
33 M -N
IOOI4 104 101 A p r '14 .
33 M -N
109
109 ------- 109
37 J - J
93*4 94
9334
9334
2 1 A -O
_____1081
108 M c h T 4 .
30 M -N
_____1041
103 M c l l ’ 14 .
11 J - J
107% 107*i 107=4 A p r T 4 .
18 A-C
100
____ 107% M c l l ’ 14 .
20 J - J
106 ____ 112 F e b ’07 .
18 A -C
101% 104 101% M c h ’ 14 .
27 J - J
104 .
101% N o v ’ 13 .
17 M - h
92 ____ 91% S e p '1 2 .
,7 J - J
83
87
8 734 F e b ’ 14 .
>0 A - C
96 A p r ’ 14 .
3 J -J
92% S ale 92
02%
5 J -J
S o u th e rn —
4 J -J
A -O
M -S
J -J
J -J
J -J
J -J
J -J
9 A -O
« j -j
0 j - j
6 M -N
8 M -S
0 A -O
2 J -J
5 J -J
5 J -J
S J -.|
5 J -j
7 A -O
8 JM-N
9 M -N
0 M-8
1 M -S
6 M -S
1 M -S
0 M -N
3 J -J
8 A -O
4 F -A
l J -J
J -J
A -O
l F -A
J -J
A -O
) J -D
3 M ch
J -J
F -A
J -J
A -O
J -D
A -O
J -J
J -J
J -J
i A -O
F -A
J -D
J -D
A -O
6
8
6
1
8
8
8
' A tl & Y a d 1st a g u a r 4s.
T
,
mu
Tex
u m lin e
& P ac 1st
a u is
gold 5 s .
■L a Div l i L 1 s t f
W M in W & N W
To! P &
■w
T T la t e r & D e l
1 s t re fu n d
U n io n P a c i f i c -
J -J
J -J
J -J
M -S
J -D
F -A
J -J
J -D
J -J
J -J
F -A
M -N
J -J
M -N
M -N
F -A
J -J
M -S
105*8
105% S ale 1047*
100 A u g ’ 13
737g
73% S ale 73%
82% 833* 82*4
8234
1 0 4 % ____ 104% M c h ’ 14 .
8 5 % _____ 86 *8
85*8
1 0 2 * 4 _____ 186% B ep ’ 1 2 .
83 ------- 8 8 A p r ’ 14 .
.................... 82% F o b ’ 12
____ io i* g F e b T 4 .
105% 105*4 105 A p r ’ 14
107% 107*4 107*4
1073.1
10513 J ’l y ’ 12
102
108% _____ 108% M c h ’ 14 .
1 0 9 % ____ 1 1 0 % J a u ’ 14
100
_____ 105% N o v ’ 12
79 M c h ’ 13
101
1 0 2 % 101
A p r ’ 14 .
103% F o b ’ 14 .
73 S e p '12
101
1 0 1 % 101% A p r ’ 14 . .
1 0 1 * 1 ____ 112
O c t ’ 06
1 01 7*____ 103*4 N o v '1 2
1 0 2 * 4 _____ 1 0 2
D o c ’ 13
1 0 3 % ____ 104 M c h ’ 1 3 . .
104% ____ 10334 A p r T 4 . .
104 _____ 104 A p r T 4 . .
01
03
01 M a y ’ 14 . .
___ _ _____ 92 J ’n e ’ 1 3 __
1 0 0 % _____ 100% A p r ’ 14 . .
96
99
0834 F e b ’ 14 .
09% 100% 1 0 0 M c h ’ 14
105% 1067* 100% A p r '14 . .
------- 8 8
89 A p r '14 ._
_____103
102 M a y ’ 14
1 0 1 % S a le 101
101%
20
40
61 N o v '1 2 .
05 _____ 09% A p r ’ l l
i05% io o
105% A p r '14
105 105*8 101 A u g ’ 13
101% A p r '14
85% 87% 87 M c h '1 4
------- 98% 07% A p r T 4
------- 89
70
79
------- 85
82 F e b T 4
65 S a le 53
55
_____ 49
49 M c h T 4 __
85 _____ 85% M c h ’ 14 . .
1017*_____ 101% A p r '14 . .
73
75
70 A p r ’ 14 . .
07
91%
04%
03*4
110%
107%
067*
0 7 is
96% A p r '14 . . .
S ale 01 *8
0114 I f
S alo 03*4
04%
03%
S ale 03%
S a le 1 1 0 %
110%
Sai«. 107*4
108
:
S ale 0 1
01%
-------1 08 M a y ’ l l . . .
09 .
S a le
01
: G u a r r e f u n d 4 s -------------- .1 0 2 0
102%
■ U t a h & N o r B o ld 5 s . . . . 1 0 2 6
01%
,
1 s t e x te n d e d 4 s — - — 1 033
T T a n d a ila c o n s K 4 s S e r A .1 0 5 5
V
C o n s o l 4s S e rie s 13__ . . 1 0 6 7
V e ra O ru z & P 1 s t gu4>^s_1034
------- 67%
V ir g in ia n 1 s t 6 s S e rie s A . . 1 9 0 2
69 S ale
V X T a b a s h 1 s t g o ld 3 s . . . . . . 1 0 3 0
_____104% 1
2 d g o ld 5 s ............................1039
08 S ale
D e b e n t u r e S e rie s J3________ 1 03 0
■ l i t l ie n e q u ip s f d g 5 s ------- 1 0 2 1
_____99
( J i t lio n 6 0 - y r B t e r m 4 s . .1 0 6 4
; l i t r e f a n d e x t c 4 s ------- . . 1 9 5 6 J - J
61% 63
C e n t T r u s t C o c t f s . . -------------- _____ ___________
Do
S ta m p e d ------------------------ — T
n r ; -------
,VV
jr’
f
93 M c h ’13 _.
W O c t '1 2 . . .
98%
99%
03%
104
00
96%
98
F e b ’1 4 ...
62
63%
65% F o b ’ l l . . .
63 A p r T 4 . . .
L
&
BONDS
R a n ge
sin ce
Jan. 1
F rid a y
M ag 8
H ig h
77
84
W a b a s h ( C o n c lu d e d ) —
E q u lt T r u s t C o c tfs
Do
S ta m p e d ________________
83*g 8512
D e t & C h E x t 1 s t B 5 s . . .1 9 4 1
S3% 80
D e s M o in D iv 1s t g 4 s . ..1 9 3 0
D m D i v 1 s t b 3 y $ s .............. 1 0 1 1
743.1 80
,1 V
D i v 1 s t g 4 s _____1941
7312
H a b P i t t s T e r m 1 s t k 4 s . .1 0 5 4
84
C e n t a n d O Jd C o l T r C o c e rts
85
C o lu m b ia T r C o c t f s
___
O o l t r c t f s f o r C e n t T r c t f s '.........
2 d B o ld 4 s ___________________ 1 9 5 4 J - D
10154 1017a
T r u s t C o c e r t f s _____I I I _____
1021a 10512 W a s h T e r m ! 1 s t g u 3 ^ 8 — 1945
103'8 1031s . vl s V 4 0 - y e a r g u a r 4 s _______ 1 946 F - A
” <?s‘ ’ M a r y l a n d 1 s t g 4 s . . . 1952 A - O
W e s t N Y & p a 1 s t b 5 s . . . 1 937 J 90
G e n g o ld 4 s . . .
1 9 4 3 A -O
90
I n c o m e 5 s .................... I I I I I 5 1 9 4 3 N o v
84S4 <J2
U h e e lin g & L E 1 s t g 5 s . . . 1920 A - O
9 9 l 2 103*8
W h e e l D i v 1 s t g o ld 5 s . . . 192 8 J 91 >2 9412
D * t e n & i m p t g o ld 5 s _____103 0 F - A
l i l t 1 s t c o n s o l 4s
1 9 4 0 M -S
91
0U2 \ v i ° I y c a £ ‘ -O U ip s f 5 s I I I I l 9 2 2 J 85*4 8 7 l2 W i n s t M - S a e m S B l s t 4 s . . l 9 0 0 J 103 1033.)
slM1S ?r>t ? °r,y r „l s t K en 4 s . .1 0 4 9 J 101 1023j
S u d & D u I d i v & t e r m 1 s t 4 s ’ 30 M -N I
101 103
109 109
93-34 951
108 108
1 0 U 2 103
IO6 I2 10734
107is 107ia
10U 2 IO D 4
84*4
88
96
90
893 9334
a
102U 100
73
7 0 14
80U 8 3 l2
104 1011*
83*3 853s
80 > 88
a
101*8 101*8
104*3 105
105U 108
108
109
1 08 l2
1101*
100*8 101
IO3 I 103U
4
101
102
10212 1041s
1031J 105
90*4 92*4
16673 100%
0834 0834
100 100**
10334 1061a
85U 00i2
10134 102
99t2 104
10334 lOSh
08
85%
101%
87
95*4 9834
79
80
81% 82
62
00
49
60
86 % 86*3
100% 101%
74
70
W eek ’ s
R a n ge or
L ast Sale
P r ic e
Y. STO CK
EXCHANGE
W e e k E n d in g M a y 8
L ow
ASK L ow
48%
50
65
69
72
80
7%
9
8
S ale
....
7%
____
10
83
84
72% S alo
------- 104%
------- 79 7
8
997g 102
9 5 % _____
93
97
____ 77
90 ___
85
87*g
873 88
4
87%
R a n ge
sin ce
J a n . 1.
n ig h
L ow
65
70
7%
7
7
9%
7% »
7 Apr
9% M c h
% Dec
%A pr '
83*4 A p r ’
100 S ep
72%
72%
104
104%
76 A p r
34 E e b ’07
100 A p r
95% N o v ’ 13
91 F e b '14
76
76
90 A p r T 4
88
F e b ’ 14
88*4
%
1%84
72
100
102
91
80
90
88
85*g
A p r '14
86
89%
89*c-
M a n u f a c tu r in g & in d u s t r ia l
M i s c e ll a n e o u s
A d a m s E x c o ll t r g 4 s _______ 1 8 4 8 M - S
A r m o u r * C o 1 st re a l e s M > is ’ 3 9 J - D
B u s h T e r m i n a l 1 s t 4 s _______ 1952 A - O
C o n s o l 5 s ___________________ 1 9 5 5 J - J
B ld g s 5s g u a r t a x e x ______ I 9 60 A - O
C h in o C o p p e r 1 s t c o n v 6 s . .1 9 2 1 J - J
G r a n b y C o n s M S & P c o m 6 s A '28 M - N
l n s p i r C o n s C o p l s t c o n v 6 s 1922 M -S
I n t M e r c a n M a r in e 4 U t ___ 192 2 A - O
I n t N a v ig a t io n 1 s t s f 6 s ___ 192 9 F - A
M o n t a n a P o w e r 1s t 6 a A . . . 1 9 4 3 J - J
M o r r is & C o 1 s t 8 f 4 > i s _____1939 J - J
M t g e B o n d ( N Y ) 4s s e r 2 - . 1 9 6 6 A - O
lO - 2 0 - y r 5s se rie s 3 ________1932 J - J
07*8 100% N Y D o c k 6 0 - y r 1 s t g 4 s ___ 1851 F - A
N la g F a lls l ’ o w 1 s t 5 s ______ 1932 J - J
101*8 105
04 100
N la g L o c k & O I ’ o w 1 st 5 s . .1 9 5 4 M - N
O n t a r io P o w e r N F 1 st 6 s . .1 9 4 3 F - A
08
08
O n t a r io T r a n s m is s io n 6 s ___ 1 94 6 M - N
75
78
P u b S e r r C o r p N J g e n 5 s . .1 9 0 9 A - O
60% 61% R a y C o n s C o p p e r 1 s t c o n v 6 s l9 2 1 J - J
60
66% S ie r r a A S F P o w e r l a t 6 s . . 1949 F - A
60
66% W a s h W a t e r P o w 1 s t 5 s___ 1 93 9 J - J
_____ 76%
76
78
92%
92*4
9 234 S ale
_____ 87
88
A p r '14
_____89
91 A p r '14
85
87% 88%
88%
150 170 166 A p r ’ 14
101%____ 101% M a y ’ 14
99
S ale 99
99%
61
49% S ale 49%
71% 73
73 A p r T 4
03% S ale 93%
93%
8 8 % J a n ’ 14
83 A p r T4
83
09% M a y ’ 13
77
78
77 A p r ’ 14
101%____ 101% M c h ’ 14
_____ 92*4
92
92
95 S ale 94%
05
_____ 92% 92
92
89% 90
89%
90
110
111
------- 93%
MISCELLANEOUS BONDS—Concluded.
11034
111%
92% F e b ’ 14
103% J a n ’ 14
J -D
F -A
A -O
J -J
92
80
_____
86
0 0 % _____
105 _____
74 S a lo
_____ 74
89% 00%
89 _____
8 9 % _____
8 6 % 87%
78
80
103% S ale
101% 103
101% 103
101
____
------- 84
90 S ale
92 F e b ’ 14
02
02
80 M c h ’ 14
80
80
91%
91%
3 91% 09
107% J ’n e ’ 12
73
74
17 73
82
73 M c h ’ 14
73
79
00%
00%
6
89
00%
99% F e b ’ 14
99% 09%
102% A p r ’ 06
03 M c h ’ 14
93
03%
88
A p r T4
84
88%
77 A p r ’ 14
82
77
103%
103%
i
97% 103%
102 A p r '14
101% 103
102 M c h ’ 14 ____ 1 0 1 1 0 2 %
101% M c h ’ 14
101% 101%
73 A p r ‘ 14
73
73
00
90
2
90
95
A m T e le p & T e l c o ll t r 4 s __1929
C o n v e r t ib le 4 s _____________ 1 93 6
2 0 - y r c o n v e r t ib le 4 H » ____1933
C h ic a g o T e le p h o n e 1 s t 6 s __1923
C o m m e r c ia l C a b le 1 s t g 4 s _ 2 3 9 7
R e g is te r e d __________________239 7
O u m b ’ d T & T l s t « t g e n 5 s_1 9 3 7
K e y s t o n e T e le p h o n e 1 s t 5 * _ 1 9 3 i
M e t r o p o lT e lA T e l 1 s t s f 5s. 1 0 1 8
M i c h S ta t e T e le p 1 s t 5 s _____1924
N Y l t N J T e le p h o n e &s g _ 1 9 2 0
N Y T e le p 1 s t * g e n s f 4 ^ s 1939
R a o T e l & T e l 1 s t 5 s_________ 1 93 7
S o u th B e l lT e l J c T l s t s f 6s 1941
W e e t U n io n c o l t r c u r 6 s___ 1 93 8
F d a n d r e a l e s t g 4 H s _____I9 6 0
M u t U n T e l g u e x t 6 s _____1941
N o r t h w e s t T e l g u 4 ) ^ 3 g .1 9 3 4
88%
05
99
83)*
77%
98
89%
lOO**
08%
'9 7 %
07%
977*
96
92%
87
S ale
_____
S a le
88%
95%
09
887*
95%
98%
8 6 ) 2 82% A p r ’ 14
79 A p r T 4
84
S ale 97*8
98
92
89% M c h ’ 14
103 100% A p r T 4
99% 08% A p r T 4
103% M a y ’ l l
97 3 ,
Safe* 967*
S a le 97%
07%
98% 977,
08
96% 9 7 7 * A p r T 4
S ale 92%
92)2
104 J ’n e ' l l
____ 93 J a n ’ 13
,
80
1 0 2 % 105%75
82 .
97*4 102
96
99
89
93%
101 103%
78% 89
103 105
94
99
93
93%
117% 120%
97
98
65 " *78 ”
102 103
93% 100
81*g 8 8 %
97% 09*4
97% 97%
93% 98%
91% 95
92
93 ,
58% 6 8
8 6 % 89%
90
00%
77
80*4
103 105%
98% 101*4
83)2 89
98*g 101%
100%
78
69
90%
70
93%
103
84%
67%.
97
78%
98%
120
126%
98*4 102 i
119*8 126%
96% 101 j
91
97 !
95
97%
9 U * 94 1
81% 82%
96*4 100%
97
09%
97
91
102%
91
84%
lOO-ig
98%
93%
103
94
891®
103
81% 89
20
20
,
101*4 104
99% 103%
100 103%
913S 98
100% 102%
89% 05%
96*4 99 ,
77
73%
89%
87%
91
87
150
99%
96%
47%
71%
93
80%
93%
88
91
88%
166
105%
103%
61
77%
94%
88% 88%
83
83
77
r
78
l
01%
03
91% 03%
02
92%
8 8 % B1
107% 117%
92% 92%
103% 103%
T eleg rap h & T e lep h on e
J -D
M -S
F -A
M -N
F -A
J -D
J“J
J -J
J“J
A -O
J -D
J -J
V a I r o n C o a l& C o k e 1 s t g 6 s 1949 M - S
85
89%
03% 97%
941* 09%
81%
77%
9 6 l2
891*
82%
79 «
98%
89%
100** 100%
96*8 10O
95
98%
96
99%
97% 100
03
98%
837* 92%
Drloo Friday: latest hid and asfced, a Due Jan. <<cue April. « Duo M ay. f P m J u a f l, * D u e J u ly * Du* A ug. * Due Out, p Dus N o t . 1 Due D*o. « OpUen sale.
72
80
12
14%
13%
14%
81%
88
88*4
H ig h
56 *g 66%
40
67%
665gJan
49%
51
106 N o v
80 A u g '
65 A d ;
77 M c h '
7%
A m A g O hem 1s t c 5 s .
1028 A
99% S a le 99-%
9934
A m C o t O il o x t 4 H s _ . . I p l 9 l 5 Q - F
98% 98% 98% A p r '14
D e b e n t u r e 5 s _____________ . 1 9 3 1 M - N
93% 94
93% A p r ’ 14
A m I I id e & E 1 st s t g O s I I I lu io M -S
1 0 2 % S a le 102%
103
A m e r Ic e S c c u r d e b g G _
192 5 A - O
88
88% 88%
88%
A m S m e lt S e c u r it ie s s f 6 s ’ l0 2 6 F - A
103*4 S a le 10334
104
A m S p i r it s M f g g Os
*1 91 5 M -S
. . 99
94 A p r T 4
A m T h re a d 1st c o l t r 4 s I I I l » i y J - J
" 9 2 " 93% 93 A p r ’ 14
A m T o b a c c o 4 0 - y r g Os.
* 1 9 4 4 A -O
121%____ 120% F e b '14
R e g i s t e r e d ______________ I I 1 9 4 4 A - O
116 O c t '1 3
G o ld 4 s _ . ________________ * * 1 9 5 1 F - A
97% S ale 97%
97%
R e g is t e r e d _________ 1 . 1 * * 1 9 5 1 F
95-% J ’n e '12
6 8 * 4 ’ oy’ % 68 *g
A m W r it g P a p e r 1 s t s f 5 s IlO io J - J
68*4
B a l d w L o c o W o r k s 1 s t 5 s . .1 9 4 0 M - N 103 3 4
103 M c h '14
B o t h S te e l 1 s t e x t s f 5 s _____1 926 J - J
99% S a le 99%
99%
1 s t Sc r e f 6 s g u a r A .............. 1042 M - N
873g S ale 8 6
87%
99*g S ale 99%
C e n t L e a t h e r 2 0 - y e a r g 5 s . 1025 A - O
99*g
C o n s o l T o b a c c o g 4 s ........... .1 0 5 1 F - A
97% A p r T 4
C o r n P r o d R e f s f g 5 s _____1031 M - N
95
9 4 * 4 A p r '14
1 s t 2 5 - y o n r s f 5 s ___
193 4 M-N
95
95 S ale 95
C u b a n -A m e r S u g a r c o l l t r 6 s 1918 A - O
92 A p r T 4
. . . 95
69 S ale 59
61
D i s t i l S e c C o r c o n v ls t g 5 s _ 1 9 2 7 A - O
87 S ale 8 6 %
87
E 1 d u P o n t P o w d e r 4 ^ | s . . 193 6 J -D
8 8 % 91
G e n e ra l B a k in g 1 s t 2 5 - y r 0 s . 1936 J -D
90 M c h ’ 14
78
80
G e n E l e c t r i c d e b g 3 & s ____1942 F - A
78% A p r T 4
1053g___
D e b e n t u r e 5 s _______________ 1 9 5 2 M - S
105%
105%
G e n ’ l M o t o r s 1 s t lie n 6 s ___ 1 91 5 A - O 101 S ale 101
101%
H i S te e l d o b 4 *%s____________ 1 9 4 0 A - O
877g S ale 8 734
88
I n d ia n a S te e l 1 s t 5 s _________ 1962 M - N 101% 101*4 1013*
101*4
I n g e r s o li- R a n d 1 s t 5 s ______ o l 9 3 5 J -J
100
..
100 O c t ’ 13
10134
1 0 1 % 10134 10134
I n t P a p e r C o 1 s t c o n g Gs__1 91 8 F - A
ns l conv s - g
03
80
80% 79
. C o — o ------------- f e 5 s _______ 1 93 5 J - J
79
I n t S t P u m p 1 s t s f 5 s ______ 1 9 2 9 M - S _____59
59
59
L a c k a w S te e l 1 s t g 5 s .............1923 A - O
91
92
92% M a y ’ 14
1 s t c o n 5s S e rie s A ________ 195 0 M - S
70
74
74% A p r '14
0 - y e a r c o n v e r t ib le 5 s _____ 1 91 5 M - S
96% 97% 96**
96*g
L ig g e t t & M y e r s T o b a c 7 s . 1944 A - O
125
125 S ale 125
5
s
1951 F - A
101%
1 0 1 % S a le 100**
L o r illa r d C o ( P ) 7s I I I I I I H i 9 4 4 A - O
124% S ale 124l2
124%
5 s . . . . . . . . ______
1951 F - A
1 0 0 % S a le 100%
100%
M e x ic a n P e t r o l L t d c n v * 6 s*A ’ 2 1 A - O
93
95
95 A p r '14
1 s t lie n Sc r e f 0s s c rie s C . . 1921 A - O
93
S a le 93
N a t K n a m Sc S tp g 1 s t 5 s . .1 9 2 9 J -D
100
93 A p r '14
N a t S ta r c h 2 0 - y r d e b 5 s ___ 1 9 3 0 J - J
84
82 A p r ’ 14
N a t io n a l T u b o 1 s t 0 s _______ 1952 M - N
100
S ale 99%
N Y A ir B ra k e 1 s t c o n v 6s_1928 M -N
9S%
98% S ale 98%
R a ilw a y S te o l S p r in g — ,
L a t r o b e P la n t 1 s t s f 5 s . .1 9 2 1 J - J
97
97*4 97 *4 A p r ’ 14
In t e r - o c e a n 1* 1 s t s f 5 s . .1 9 3 1 A - O
91% 92
91%
91%
R e p u b 1 & S l s t & c o l t r 6 s . 1934 A - O
103*4 . . .
103 A p r T 4
1 0 - 3 0 -y e a r 6 s s f ___________1 9 4 0 A - O
93% 93% 93%
93%
S ta n d a r d M i l l i n g 1 s t 5 s _____1 9 3 0 M - N
_____89%
89% A p r T 4
T h e T e x a s C o c o n v d e b 6 s . 1931 J - J
102% S ale 102)2
103%
U n io n B a g Sc P a p e r 1 s t 5 s . 1 9 3 0 J - J
____ 86
90 F e b '13
S ta m p e d ___________________ 1 9 3 0 J - J
____ 89
91% J a n T 3
U S R e a l t y & I c o n v d e b g 5 s . ’ 24 J - J
82% 84
82
82
U S R e d & R e f g 1 s t g 6 s ___ 1931 J - J
____ 20
20 F e b T 4
U S R u b b e r 1 0 - y r c o ll t r O s. 1 91 8 J - D 102% 103 102%
103
U S S te e l C o r p — ( c o u p __d l9 6 3 M - N
102% S ale 102%
102%
102% S ale 102%
S f 1 0 - 6 0 - y r 5 s | r e g ___ 4 1 9 6 3 M - N
10234
V a - C a r C h e m 1 s t 1 5 - y r 5 s . 1 923 J - D
95% S ale 95*4
95%
101% S a le 101%
W e s t E l e c t r i c 1 s t 5s D e c 1 92 2 J - J
101%
94%
W e s t in g h o u s e E Sc M a f 5 s . 1931 J - J
9 4 * 4 S ale
95
1 0 - y e a r c o il t r n o te s 5 s . .1 9 1 7 A - O 1
_______09% 99
99
95% 08
05% 90%
90
93«8
01
05
0134 04
109% 110*4
10534 108
89% 04%
Coal & Iron
B u ff & Susq Iron a f 5s____ 1032
Debenture 6 s________ __al926
O o l F & I Co gen * f B s s l " 1943
•Ool Fuel gen 6 s___________4 9 19
3ol Indus 1st Sc coll 6s gu__ 19 3 4
?ons Ind Coal M e 1st 6 s ___ 1036
Jons Coal o fM d lst&ref 6s i960
continental Coal 1st g 6 s .. 1962
3r lily Ooal& O 1st g 6 s ..h l9 1 9
K a n * U O & O l s t s f g 6 s . 1051
1
Pocah Oon Collier 1st a r 5 s . 1967
St
Rock M t
1* 1st 5 s . . . 1956
Tenn O oalgon 5s___ _______ 1051
Dlrra Dly 1st consol 6s
1917
Tenn D i v 1 s t g 6s. * ____ al917
Call O M C o 1st gu g 6 s ..1922
Victor Fuel 1st s f 6s_______1953
1449
CHICAGO STOCK EXCHANGE— Stock Record.
1450
STO CKS— H IG H E S T A N D
V/onday
M ag 4
Saturday
M ay 2
•
•
15
*
♦ "
"
*20
27
*70
85
91
OH*
31b
3D*
6<
8
6b
2 ta
•2b
201* •18
40
*37
*3
4<*
25 * ___
45
*20
*70
91
31>*
21*
♦18
*37
*3
%____
15
Tutsdag
Mag 6
*
*
27
*20
85
♦70
93
93
315*
3 2b
*6
0b
*21,
2b
2 0 b *18
40
*37
♦3
4b
25 * ___
45
____
*129
•120
,*102
l 11912
1 *36
121
*761j
0 7i2
77
131
125
10412
1 10 b
38
121
78
97b
10
•
25
l 184
184
*12312 1 24 b
\ *34
36
1 *82
83
1 05 b 10538
*235 248
105
| 105
.
153
1 54 b
15
45
27
85
04
32 b
7
2b
20 b
40
41*
26
♦27
*90
♦400
♦
35b
♦76
*121b
*37
75
*45
533*
*210
1344*
*9
27b
90b
....
*
1843*
*1 23 b
*34
*82
1051*
*235
*105
154b
77
131
125
106
120
38
1203*
78
98
10
25
185
1 21 b
36
83
10538
248
106b
154b
* ___
*129
*120
*105
*1 17 b
*36
119b
*7Gb
•95
*
*
1 85 b
*1 2 3 b
*32
*82
1053j
234b
*105
•153b
77
131
125
106
119b
38
120b
78
93
10
25
186b
1 24 b
33
83
105b
237b
106
155
*
* 129
*124
100
*117b
*36
120**
*7 0 b
♦95
*
.
* _
1861*
1241*
*32
*86
105 b
*235
*105
154
77
131
126
108
1 19 b
38
1203*
78
98
10
25
185b
1243*
33
88
105b
248
106
16512
*1121} 113'
•1121* 113
«111«* 1121* *1121* 113
♦3
*3
*3
•3
4b
4b
4b
412
__
____
Friday
M ay 8
Thursday
M ay 7
S a lts o f
the
W eek .
S h a res.
Last Sale 15
41
41
A p r’ 14
____
Jan’ 14
Jan’ 14
927* 93
3 1 b 325*
------ ------*21*
2b
22
22
------ ------4b
F eb ’ 14
26
F e b '14
____
Last Sale 23
Last Sale 70
*93
32
6
*21*
*20
39
94
32
6
2b
22
40b
Last Sale
Last Sale
Last Sale 25
A p r’ 14
Last Sale 923* M a r ’ 14
____
____ ♦400
132
37
3 5 b *35
80
8 0 b *76
Last Sale
122b
38
40
38
75
75
75
Last Sale
50b
54
64
533*
* 2 10
2 12
212
135 *1 34 b 135
Last Sale
9b
*041} 98
*9 4 b 96
*26
28
28
*26
1053* 1053* ♦1056s 105
636* 64
*0 2 b 63 b
* 9 4 b 90
28
•20
1 0 5 b 106
63
63
*
*129
*120
*105
*119
•36
1 20b
♦76b
*95
♦
S A L E P R IC E S .
Wednesday
M ay 0
15 •
45 *
*20
27
♦70
85
*93
93
32
32 b
*0
7
*21*
2b
2 0 b *18
40
*87
♦3
4b
25 * ____
27b
♦2 0 1 ,- 27
*27
2 7 b *27
e o ia
*89*2 901? *8 9 b 9 0 b *90
*395 4001s *395 4 0 0 b 400 400
132
*130
13212 *130
132b ♦
*3 3 b 37
* 3 3 b 37
•331a 37
SO
80
*79I-> SOU *791* 80l»
*12112 12212 *1 2 1 b 1 22 b *1 2 1 b 1 2 2 b
39
*30
40
*36
40
•36
76
*74
75
75
*7312 78
50b
50's •45
5 0 b *45
*45
6 3 b 5 4 b * 5 3 b 64
631* 5312
212
212
212 » 2 0 9 b 211
212
1343* 1343*
1 3 4 b 135
135
135
*9
•9
9b
i *8
9b
8*2
’ * 9 4 b 90
’ *20
28
i 1053* 106
j *6212 631*
LOW EST
*400
— -
____
------
37
37
76
70
1 2 1 b F e b '1 4
____ ____
73
73
50
D e c ’ 13
53
53
*210 212
1344| 135
12
F c b ’ 14
Last Sale 77
F e b ’ 13
Last Sale 947* M a y ’ l l
Last Sale 2 3 b M a r’ 14
1 0 5 b 105b 1 05 b 1 05 b
6 3 b 6 3 b ____ ____
Last Sale 110 F eb ’ 14
Last Sale 70»* A u g ’ 12
Last Sale 128 A p r '14
Last Sale 12U *M ar’ 14
108
108
108
108b
*1 17 b 119b * U 7 b H 9 b
Last Sale 36
A p r’ 14
120 b 120b 1 2 0 3 3 1 20b
Last Sale 78
A p r ’ 14
*96
98
♦95
08
Last Sale 12 M a r ’ 14
Last Sale 30 M a r ’ 14
1853* 180
183 b 185
124b 1241*
♦ 123b 125
Last Sale 2 8 b F eb '1 4
Last Sale 86
F eb ’ 14
1 0 5 b 105b 105 b 1 05 b
•230 240 *230 240
100
*105
100 ♦105
1 5 3 b 153b 153»s 1533*
lb
J u ly ’ 13
A p r’ 14
Last Sale 58
Last Sale 1 1 2 b M a y l4
Last Sale 3 b M a y ’ 14
Last Stile 91*4 M n y ’ 13
NAME.
L o w e st.
(00* om
S u rp . &
P r o fits t
U ted.)
Jn
In
1912.
1913.
P er
io d .
L a st P a id .
% D id. A s * .
5127,0
2K
M c h .31* 14 l b 185 190
tr 5200,0
6K«i
73,4 N o ne
225 250
100,0
6
A n Jan T 4 , 8
21,8 O r * . J on. 27 13. V . 94, p . 1535 101 108
200.0
31,5 Beg. b u s .O c t 7 ‘ 12 V . 9 J.1 ). 944 158 180
250,0
10
21,500,0 11,220,9
U K Q-J A p r . '1 4 , 3 286 237
18
3.0 0 0,0 6,535,8
10A8y Q-J A p r . T 4 , 4 401 400
6
151,8
m 3 0 0.0
6
Q-J A p r . '1 4, I K 220 225
10
394.7
10
750,0
Q-J A p r . T 4 , 2 K 250 260
8
174 177
69,1
8
Q-J A p r . T 4 , 2
200,0
17
17
10.000,0 12,318,6
J -M V lc h 3 1 T 4 ,4 b 117 418
12 K 10A3e Q -M M ch .3 1 ’ 14 2 b 353 350
248,1
150,0
P r lv l ate Ba ok
525,5
1.000,0
2,000,0 1,010,9
3
8
2 55 200
Q-J A p r . T 4 , 2
*3 9 ,8 D rg . N )v 25 1912
12-1 120
200,0
H ib e rn ia n B k Assn 2,000,0 1,254,7 N o t pu Sllshed — 80 a n ote (If)
(1!)
55.0 Beg. b ua A o < 1 2 . V . 95. p . 273. 131 130
200,0
H y d e 1'a r k S ta te .
15,9 O rga 1. Feb 12; V . 94, p 465. 120 123
100,0
I r v in g P a rk N a t —
10
400,0
224,7
10A5e J-J J a n . '1 4 , 6
256
K a s p a r S ta te ____
8,5 ____
200 ,0
L a ke V ie w S ta to .
I K Q-J A p r T 4 , I K 100 111
6
Q -M M ch .3 1 ’ 14, 2 272 275
67.0
200,0
L a w n d a le S ta te ..
12
085,6 10A2«
Q -M M c h .3 1 ’ 1 4 ,3 245 218
L iv e S tk K xch N a t 1,250.0
60.2 B eg. b US.AUg 26 T 2 V Da, p 693 131 135
200.0
M e ch A T ra d S ta te
8
8
Q-J M c h .3 1 ’ 1 4 ,2 208 209
N a t B k o f K e p u b . 2 ,000,0 1,472,3
6
0
830,6
Qt-J A p r. T 4 , I K 103 160
N a tio n a l C it y ____ 2 ,000,0
8
0
125,7
/2 5 0 .0
N a tio n a l P rodace
Q d A p r . T 4 , I K 195 205
112,0
7
7
200.0
Q-J A p r . T 4 , l i t 159 162
N o r th A v c S ta te .
2 0.2
6
6
Q-J A p r . '1 4 , I K 134 130
200,0
N o r th Side S t Sav
79,6
6
Q-J A p r T 4 , I* * 182 185
7
800,0
N o r th W est State
9,7 O r g .N o r . 27 *12. V . 93, p . 1944 100 105
200,0
O gden A ve S ta te .
10
10
500,0
141,3
P eople’s S tk Y dsS t
Q-J A p r . '1 4, 2 b 275 ___
___
37.0 B eg. b ua N o v I ’ l l V . 93, p . 1235
Second S e c u rity ..
200,0
2-17 250
0
400,0
181,7
S e c u r it y _________
7 K Q d A p r. T 4 , 2
8A2e Q-J A p r . T 4 , 2 A"2K 225
8
S o u th C hicago Sav
1161,9
285,8
6
200,0
31,0
0
S o u th Side S ta to .
Q-J A p r . T 4 , I K 134 138
12
12
S ta te B a n k o f C hic 1,600,0 2,8 8 8,3
395 397
Q-J A p r . ’ l l , 3
200,0
<r54,4 Beg. b us. A ug 19 T '2 V . 95, p.523 128 130
S ta te B a n k o f I ta ly
10
Q -M M c h .3 1 ’ 14, 4 350
250,0
253.9
15
S to ck Y ards B a v.
184,4
6
6
175 178
M -N M a y '1 4 , 3
600,0
U n io n B k o f C lilo .
___
30,6
W a a h ln g t’n P k N a t
100,0
o k 10 A 3c Q-J A p r . 14. 2 K 235
Q-J A p r . '1 4 , 2 K 229 231
8
9
C e n tra l T r C o of 11! 4 ,5 0 0,0 2,1 0 3,5
293 310
422,9 10A2e 12A1C J-J Ja n . T 4 , 8
600,0
C h ica go C it y B A T
6
6
Q-J A p r . T 4 , I K MO 142
275,8
C h ica go Sav B A T 1,000,0
C h ica go T it le A T r 5,600,0 (2 ,88 6 ,9
8
8 K Q-J A p r . T 4 , 2 K 210 212
162 160
503,4 8A2«
C o lo n ia l T r A Sav 1.000,0
(0)
Q-J A p r . '1 4 , 2
C o n t & C o m T r A S 3 ,000,0 1,879,1 N o t pu* bllahed — 89 e n o te (fl)
U
>
193,9
10
10
250,0
D ro v e rs T r A Bav
Q-J A p r . T 4 , 2 K 235
___
F ir s t T r u s t A Sav 6,000,0 4.1 1 0.7 N o ne N o ne Q -M D o cS O Tl, 4
117,3 B eg. b us .A p r 3 ’ H V . 92, p . 929
600,0
F t D e a rb o rn T r A S
•••
Q-J M c h 3 1 T 4 , lb 104 183
132,7 ____
300,0
F ra n k lin T r A Sav
10
326,9>
10
O re en sb au m 8 0 ns 1,600,0
Q-J A p r . T 4 , 2 K
0
J-J J a n . T 4 3 K 133 138
8 2,5
6
200,0
G ua -a n te o T r A S
12
___
13A10C Q-J A p r ’ 14, 3
H a rris T r A S a v .. 1,500,0 2 ,6 5 8 ,8
84,2 B eg . t» u s .A p r lO ’ l 1.V.92.P.1001 150 151
300,0
Hom e Bank A T r .
I llin o is T r A S av. 5,000,0 10,599,4 16&4© 16A4e 1 A p r . T 4 , 4 470 480
109,1 7A2<s
Q-J A p r '1 4 , 1J* 190 195
7
200,0
K e n w o o d T r A Sav
0
111,4
6
L a k e Y le w ’f r& S a v
300,C
Q-J A p r T 4 , I K 178 181
343,0 B eg . b ns. M a y ’ lc
106
108
L a S a lle S tT rA S a v 1.000.C
7.9 O r g .D eo. 0 T 2 .
155
175
275,t
L ib e r t y T r A S a v.
31,0 O rg . S o p t. 5 '1 2 . V . 95, p . 89’ 114 117
200,(
M a r k e t T r A S av.
58,0 B s * . b t t e J l y 1 ’ 12 V . 94, p . 481 150 164
250,(
' M s r e ’n tllo T r ASav
18
16
427 430
Q-J A p r . T 4 , 4
: M e rc h a n ts ’ L A T i 3,000,( 7,128,1
____
73.1
5
138
200,1
Q-J A p r .’ 14, I K 135
M ic h ig a n A vo T r .
142,” C o m .b us. A d 1 0 ’ : 1.V.92.P.1004 205 210
600,(
! M id - C it y T r A Sav
8
Q-M M o b .31*14,2 313 323
8
IN o rth e rn T r C o .. 1,500,0 2 ,9 6 1 , r
130 ,C
8
3 00 , (
8
J-J J a n . ’ l l , 5
274 275
1 o r-W e s t T r A 8 .
N
200,0
5 3 ,; B eg. t> ug.J'ns i t : V .9 2 , D. 163! 113 115
O ld C o lo n y T r A
01}A2< Q-J A p r . T 4 , 2 K 275
8
240,1
6 00 , (
People’s T r A Sav
281,1
8
8
•200
Pullman T r A Sav
3 00 , (
Q-J M c h . 3 1 ’ 14,
3
0
4 7 ,£
Q-J M c h 31T4.21 153
S h e rid a n T r A Bav
200,0
157
A m e rica n S ta te ..
C a lu m e t N a tio n a l
C a p ita l B ta te ____
‘ C e n tra l M tg D ls t .
iC o n t A C o m N o t .
!C o rn K xch N a t - 'D re x e l S ta te ..........
'D ro v e rs ’ N a tio n a l
E ng lo w o o d S ta te F ir s t N a tio n a l___(
F lr s tN a t Engle vy’ d
F o re m a n B ro s ___
F t D e a rb o rn N a t .
I llg h s s t.
H ig h e s t.
205* J a n
5 5 i2 F e b
31
2
25 J a n 19
70 J a n 21
9 8 '* J a n 24
35 J a n 16
8 I 2 J a n 29
4 Jan 2
22 M a y 8
4012 M a y 7
4 t2 J a n 7
25 J a n 26
347* J a n
955* J a n
440 F o b
134t2 F e b
44 J a n
92 F e b
124 J a n
5 0 U Jan
84b Ja n
Jan
Feb
M ch
Jan
Jan
26
4
17
30
22
28
106
70
111
2U2 J ’na
81 J ’ no
400 O c t
125 D e o
28 N o v
78 N o v
1105* D e c
49>2 D ec
73*2 J ’ ne
40 J ’ ly
■t7'2 J ’ ne
200 A p r
h 124>2 D e c
8 J ’ ne
77 F o b
90 O c t
1512 N o v
94 M c h
58 N o v
100 J ’n e
138 F e b 3
123G F e b 4
161 F e b 19
120 M c h 17
4 7 b F e b 13
125 J a n 6
81 M c h
100 F e b 7
175* J a n 14
4 0 b J a n 14
19312 J a n 31
1247* F e b 20
305* F e b 6
86 F e b 4
10712 F e b 27
250 M c h 2 1
107 F e b 28
16812 M c h 2 4
0712
114
6>2
S ep
4«ij Dec
13
17
16
31
102
J ’ ne
J ’ly
Jan
J 'n e
J ’ ne
J ’ ne
J 'l y
Nov
25
23
27
16
6
31
4
28
21
27
60 F e b
218 M c h
140 M c h
13 J a n
24’ 2
70
88
18
6 i|
2
161*
35'2
3
F e b 13
M c h 17
J a n 14
105
110
113
11U2
33
104
65
893*
19
40*2
155
117
10'*
66
101
195
99>*
142
1
60
1051*
9
87U
J ’ no
Deo
J ’ ne
J ’ly
Nov
J ’ ne
J ’ ly
Deo
A ug
Aug
J ’ no
M ay
Nov
Nov
J ’ne
J ’ ne
j ’ ne
Deo
Jau
J ’ ne
Feb
J ’ly
M ch
30 J a n
91 J a n
102 J ’ ne
3 3 i* S ep
9 S ep
458 A p r
37 S ep
38 O c t
U>2 J a n
45 M c h
4012
120i*
500
133
56
IOSI2
1395*
71
897*
65
221
155
I 6 I2
77
1101*
53
IOOI2
7 6 I2
116
Jan
Jan
Feb
M ay
Jan
Jan
Jan
Jan
Jan
Jan
S ep
S ep
.Sep
Jan
Fob
Feb
Feb
Deo
Jau
Jan
130
123
137
118
63
130
85
S ep
Jan
Dec
Jau
Jan
S ep
Aug
5512
IOD3 Jan
69
973$
2143*
124«i
34
70
1077*
280
108>2
218
Feb
Feb
Jan
Fob
Fob
NOV
M ch
Feb
Fob
Nov
112 F e b
683* j a n
111 S e p
14i* J a n
112 J a n
D iv id e n d R ecord
m u s ,
D iv id e n d R ecord
C a p ita l
Stock A
R a n ge f o r P rev io u s
Y e a r (1 9 13 ).
R a n ge s in c e J a n . 1.
R a ilr o a d s
C h ic C i t y & O R y p t s h c o m
15 A p r 14
41 M a y 7
Do
p r o f ________________
23 J a n 21
C h ic a g o K ie v R y e e om lO O
70 J a n 21
Do
p r o f ____________ 1 00
90 J a n 10
285 C h ic B y s P * r» c t f " I ’ ’
27 J a n 8
1,115 C h ic K y i p a r * e l f “ 2 ” ----6 M ay 7
----82 O b le K y s p a r i e t f
2 J a n 14
25 C h ic B y s p a r i o t f “ 4 ” ----17 J a n 15
75 K a u n a s O i l y K y St L t . 1 0 0
35 A p r 8
Do
p re ? ____________ 1 00
170
4b Jan 7
S tr e e ts V7 S ta b le C L - 1 0 0
25 J a n 26
Do
p r e f ____________ 1 00
M i s c e ll a n e o u s . „ „
25 A p r 18
A m e r ic a n C a n . _____- - ^ 9 ®
8912 J a n 2
Do
p r e f ____________1 00
A m e r ic a n R a d i a t o r . .1 0 0 399 A p r 16
Do
p r e f ____________ 100 128 M c h 14
30 J a n "
A m e r S h ip b u i ld i n g ___ 100
76 J a n
Do
p r e f ____________ 1 00
A m i r T e le p * T e le s — 1 00 118 J a n .
B o o th
F is h e rie s c o m - 100 35 A p r 28
73 A p r 27
Do
l s l p r e f ----------- 100
C a l t t C h ic C a n a l * D 100
49 A p r 25
356 C h ic P n e u m a t ic T o o l . 100
60 C h ic a g o T i t l e * T r u s t 100 212 J a n 13
173 C o m m o n w ’ t b - E d i s o n . 100 133 J a n 26
9b Jan 9
C o r n P r o d R e f C o c o m 100
Do
p r e f ___________ 1 00
O lb J a n 2
D ia m o n d M a t c h ______ 100
2 3 b M e n 30
G o o d r ic h ( B . F . ) c o m . 100
352 H a r t S h a f f I t M a r x p flO O 1 0 0 b J a n 2
597* J a n 9
180 l l i n o i i B r i c k .................... 1 0 0
I n t e r n e t H a r v e s t e r C o l 00 109 F e b 4
K n ic k e r b o c k e r le e p f . 1 0 0
1231* J a n 14
N a t io n a l B is c u it ______ 1 00
Do
p r e f ------------------ 1 00 1 2U * F e b 16
175 N a t io n a l C a r b o n ------- 100 7105 A p r 29
115U J a n 27
Do
p r e f _________ . . 1 0 0
25
P a c ific G a s k . B1 C o . . 100
35 J a n 0
558 P e o p le ’s O a s L J c C o k e .1 0 0 119 A p r 25
77 J a n
P u b S e rv o f N o 111 c o m 100
"1 6
9 H * J a n 21
Do
p r e f ____________ 100
12 M c h 23
R u m e lr c o m m o n _____100
30 M c h 23
Do
p r o f _________ . . 1 0 0
843 S e a rs - R o e b u c k c o m . . 1 0 0 178 A p r 25
Do
p r e f ____________ 1 00 1 2 2 J a n 14
50
S tu d e b a k e r C o r p e o m .1 0 0
2712 F e b 3
Do
p r e f . ___ _______ 1 00
83 F o b 3
606 S w if t k C o .......................100 1045* J a n
50 T h e Q u a k e r O a ts C o . 1 0 0 230 J a n
Do
p r e f ____________1 00 102 J a n 6
5
140 F e b 9
1,044 U n io n C a r b id e C o ___ 100
U n it B o x B d k P C o . 1 0 0
67 A p r 20
U 8 S te e l c o m _________ 1 00
W a r d , M o n t g ’y k C o p r e f 109 J a n
31* M a y 1
W e s te r n S t o n e . . . — 1 0 0
Chicago Banks and Trust Companies
r -----------------------------
STO CKS
C H IC A G O S T O C K
EXCHANG E
S o u thw est T r A 8
S ta n d a rd T r A Sav
S to ckm e n 's T r A 8
U n io n T r u i t C o . .
W est Side T r A Sav
W o o d la w n T r A B
C a p ita l S u rp . ift
S lock , t P ro fits f
(0 0 * om U ted.)
*2 0 0 ,0
1.000,0
200,0
1,200,0
400.0
200.0
In
In
1912.
1913.
O t 35,1 O rg . J u ly
432,3
63,1
1,687,0
140,2
121,0
8
8& 2e
10
5
6
6
8A3*
12
10
P er
io d .
L a s t P a id .
•12.
Q -M
J-J
Q M
Q -M
U-J
V . 95, p. IS .
M c h . 3 1 T 4 ,lb
Ja n . '14. 3
M c h .3 1 ’ 1 4 ,2
M c h .3 1 '1 4 ,3
A p r . 14, 2 K
%
B id . A s k ’
122
160
145
128
162
150
350
230
375
...
Chicago Bond Record
BONDS
C H IC A G O S T O C K
HXCHANGE
W eek E n d in g M a y S
A m T e l k T o ! c o ll 4 * ------ 1929
A rm o u r A C o 4 K * — -- -1 9 3 9
A u to Klao 1st M 0 8 ---------- 1928
C a l G e t A K1 u n lf * re f os 1937
C hicago C it y B y 6 * -------- 1?2I
C h le C ity A C o n Ity s 5 s -d l9 2 7
C hioego K ie v B y 5s.......... 1 »M
C h lo P nou T o o l 1st 6 s --a l9 2 1
P r ic e
F rid a y
M ay 8
I n te r
est
p eriod
J -J
J -D
M -N
If —A
A - O
J -J
J —J
K - A
C b le B y s 5 *.......... series ’A ’’ A - O
C h le B ys 4a.......... a erial “ B ” J - D
C h le B y * 4 ] _____ serlea " C ” V - A
C h ic B ye OOll 6s.............1913 V - A
CUlo I l y P t m l l t 4 s .c l9 2 7 J - J
C h lo R y AdJ In c 4a___clU27 M a y l
Chioago Te le ph on e 6s— 1923 J - D
J —J
a - »
M - B
M -N
___ __
Gen M o t 8 % le t L n o te s . 1915 A - O
t n t H & r * - y r 6 % a note s-1 91 5 V - A
In la n d Steel 1st M t 5 s . . 1928 —
K a n C ity R 7 & L ig h t Go
6*
............... 1913 M - N
L a k e B t r a — le t 6 * ............ 1933 J - J
M e t r W B ide n le t 4 s . . -1938 r - A
J —J
M U H B y A L t 1st g 5 k - . 1926 V - A
J —J
M o rris A C o 4 H s ________ 1939 J — J
N a t T u b e 1st g 5 v _______ 1952 M - N
A -O
A -O
N o r 8h Qae o f IU 1st 5 s . . 1937 7 - A
N o rth W est K1 l i t 4s------ 1 9 H M - S
N W Q L A C oke C o 6 s . . 1928 Q - M
44- N
Peop Oas L A C 1st 6 s . . . 1943 A - O
U - 8
C b le Oaa L A O l i t 5 s. 1937 J - J
J —D
44—
K
Did
t— .
t 73
t -----100b
t -----t 98b
t 93b
08 b
t -----t 70b
t 94
....
t ------t 47
{1005*
____
1017*
iio o ij
A sk L ow
92
77
97
S a le
83
99b
05b
S ale
03!2
S ale
95
•••70
48b
H a le
—
S ale
101
J.UO-M
— -
----
-----
-- —
—
....
____
70
8 3 j3 S a le
S ale
79
1—
1
---- ---t 87b
—
—
8778
------- -
« ...
l Uv‘4
---—
—
J UVM 1UU*8
US‘4
---- -
W e e k 's
R a n ge or
L ast Sale
....
01
02
82b
901*
99 b
82
07b
05b
081*
02b
7!)
953*
100
69
51b
100%
101%
101
1003*
1 05 b
09 b
99
n ’ de
S old
H ig h N o .
Feb T 3
A p r T4
A p r ll’ 12
M a y '12
100b
A p r’ l l
F e b ' 14
A p r ’ 14
983*
M a i” 14
701*
A p r ’ 14
Ja n T 2
A p r ’ 14
A p r ’ 14
100%
L oto
_
_
27
....
1001} S ale
tT 0 3
lo a s*
{ 997* . . . .
{1 0 0 b . . . .
{ 925* S ale
J - J t 94b 94b
{1 0 0
....
S w llt A C o le t g Ss______ 19M j - j
do
1st 8 f g 5s ____ 1944 . . . . { 9 6 b S ale
T r t - C tt y B * A L t soli
— ■ — 9 8 b A p r ll'1 2
tru s t Hen a f i s ............. 1021 A - O - — • • *—
7 6 b S ale
761*
77
U n io n d e c (L o o p ) 5 s . . . . 1945 A - O
. . . . 100 M a y '12
U d G yp su m 1st g i s . . . . 1922 M - 8
005, D o c '13
W estern Klee C o 6s _____ 1922 J - J t ------ 102
C h ica g o p rice
N ote — A corued In te re s t m u i t bo fulae a t o u ll
H ig h
....
___ _
38
____
3
....
....
—
....
3
....
102
58
A p r '14 . . . .
A p r ’ 14 . . . .
A p r ’ 14 . . . .
A p rll'1 2 . . . .
J u ly ’ 13 . . . .
90 O ct '1 2
75
Sop’ 13
831*
831*
78b
79
1 0 D * A p r il’ 12
95 A p r ll’ 12
887* F e b ’ 14
1003* M a y ’ 12
99
J a n ’ 14
97b
9734
9 5 b S ept T 2
1 00b A p r ’ 14
09b
09b
96
A p r ’ 14
1 15 b le p t '1 2
1 00 b
100b
103
M a y ’ 14
1003* M c h 14
1 00 b F e b ’ 14
02b
93
941*
04b
1 0 0 b M a r ’ 14
96»»
90 b
R a n g*
S in ce
J a n u a ry 1, :
89*4
99b
811*
957*
02b
96b
01
78b
95b
....
07
45
99b
07b
1005*
1005*
09b
101
....
93
101
857»
93 ,
05b
99b
94
8 lb
95b
701*
6 U4
1 01 b
08
102
101b
1005*
105b
....
....
____
9
6
....
____
....
....
3
....
.....
1
....
....
23
....
....
65
9
16
m
77b
74
86b
99
97b
10
80b
m
80
00
931*
....
1 0 0 b 100U
991}
09b
93
00
90b
101
09
100
901)
00
100
05
....
....
....
84
76 b
....
....
100X*
1 0 Jb
10 U»
1001,
93b
05
101b
9714
mm
rn m
77
mm
m rn
mm
-m m
9.
• B id a nd ask prices: no sales were m ade on th is (la y , f M a rc h 4 (close o f b u a ln o j*) fo r n a tio n a l ban ks and A p r il 4 (op en in g o f business) fo r S ta te In s titu tio n s . I W
O
price F rid a y : la te st p rice th is w eek. | S e p t. 1 1911. f l D iv id e n d s n o t p u b lish e d: sto ck a ll a otiu lre d b y th e C o n tin e n ta l A C o m m e rcia l N a tio n a l B a n k , a D u s Dss. I I ,
5 D u o Ju n e , e D u o F e b. d D u e J a n . 1. e E x tr a d lv . * N o w sto c k . I 4 % o f th is U e x tra , s Bales re p o rte d b e g in n in g A p r il 18.
* D lv s .a re p a id Q.-J. with extra
p a ym e n ts Q.-F.
< D e c . 31 1913. # E x 24% a ccu m u la te d d iv id e n d , w
incroaso In c a p ita l to 3400,000 a u th o ris e d S e p t. 34, a cash d lv . o f 70% being paid la
co nn ectio n th e re w ith .
V . 97, p . 1Q00, 674. 1 E x -d lv . and sx-sto ok d lv .
« 1* assessment p a id .
# P a id 6 % rsg. s a d 114 e x tra o n o ld c a p ita l 1too k o f 9600,000
and 1 H % on new c a p ita l 1 1,0 00 ,00 0.
) E x 50% sto ck d lv . inC a p ita l to be In c . to *3 5 0 .0 0 0 . V . 9 8 , p . 812. / C a p it a l to bo Increased to *3 0 0 ,0 0 0 ; a 30% sash
'jS Ivldond to lie declared In co nn ectio n th e re w ith .
V . 9 8. p . 1133,
g Ja n. 1 1 1 9 1 4 .
A A p r, 211914.
■-
May 9 1914.1
THE CHRONICLE
Volume of .Business at Stock Exchanges
M a y 8 1914.
S tocks.
S h ares.
R a ilr o a d ,
U. S.
State
B on d s.
B on d s.
P ar V a lu e.
B on d s.
T o ta l .
S a k s at
N e ts Y o rk Stock
E x c h a n g e.
$12,093,600
27,638,770
23,060,110
14,611,100
18,117,450
25,827,200
51,200,003
1.641.000
2.110.500
1.999.000
1.542.500
1.778.500
$95,500
105.000
162.500
157.000
85,500
132.500
1,410,507 $121,348,230
S a tu rd a y ...
M o n d a y ____
T u e s d a y .. . .
W e d ne sda y T h u rs d a y . .
F r id a y . . . . .
$10,283,500
S79S,000l
147,762
319,02.8
275,945
178,515
217,565
301,752
W eek en d in g M a y 8.
51,000
$1,000
J a n . 1 to M a y 8.
1913.
1914.
1,374,944
S to cks— N o . s h a r e s ...
1,440,507
P a r v a lu e __________ $121,348,230 $123,241,050
B a n k shares, p a r_____
S500
5900
B onds.
$1,000
G o v e rn m e n t b o n d s___
S ta te b o n d s....................
U R . a n d m lso. b o n d s ..
798,000
10,283,500
$14,000
256,500
9 ,350,000
T o ta l b o n d s ...............
$ ll,Q 8 2 ,5 0 o !
£ 9.6 20 ,50 0'
31,222,689
$2,743,015,179
$245,600
33,3 61 ,74 6
$2,997 ,65 0,1 0 0
$60,000
$370,000
24,801,500
263,331,000
$ 358,000
7 ,3 3 1,0 00
204 ,93 1,0 00
$288,562,500
$ 212,620,000
D A I L Y T R A N S A C T IO N S A T T H E B O S T O N A N D P H I L A D E L P H I A
EXCHANGES.
_________________
P h ila d elp h ia .
W e e k en d in g
M a y 8 1914.
S h ares.
Bond
S a le s.
L isted
S h a res.
U n lis ted
S h a res.
B on d
S a le s.
14,921
21,991
24,942
22,925
15,535
10,112
!
$27,500
22,100
74,000
37,200
20,000
49,000
3,328
4,816
4,499
2,992
1,394
3,202
2,470
6,438
4,403
2,52 3
2,072
6,130
$05,200
93,800
68,700
2 8,000
33,500
27,100
T o t a l................................................ 110,420
$236,800
20,231
24,036
$304,300
Inactive and Unlisted Securities
A ll b o n d p ric e s a re n o w “ a n d I n t e r e s t '' e x c e p t w h e r e n ia r h e d ' i '
S tr e e t R a ilw a y s — (C o n .)
U n ite d R y s o l S t L —
C o m m o n ______________ 100
< P re fe rre d _________ .. 1 0 0
N o te Y o rk C ity
20
25
W ash l t y A E l C o .............100
B leeck S t A F u l F y s t k . . l 0 0
P r e fe r r e d _____________100
73
CG
1st m tg e 4s 1950_______ J-J
4n 1951.............................J-D
185
B 'y A 7 th A v e s t k ............. 100 175
___ W e st P enn T r A W a tF o w 100
2d m tg e 6* 1914............. J-J lOOki
P r e fe r r e d ........................ 100
B ro a d w a y S urface R.R—
1st 6s 1924.........................J-J 100 102l2 E le c t r ic , G a s & P o w e r C os
10
N e u Y o rk C ity
C e n t C ro ssto w n s t o c k . .1 0 0
100
C e n t U n G as 6s 1927____ J-J
1st m tg * fls 1922------ M - N
135
* K in g s C o E l L A P C o . 100
C h ris to p h e r A 10th S t stklO O 120
N e w A m s te rd a m Gas—
D r y D o c k E 11 A H a lt —
100
98
1st consol 6s 1948.......... J-J
1st g old 5s 19S2-------- J-D
35
N Y A E R G as 1st 5s '4 4 J-J
, S c rip 6s 1914..................F -A / 25
280 310
C o nso l 5s 1946________ J-J
E ig h th A ve n u e s to c k — 100
10012 N Y A O E l L A P ow C o . 100
S c rip 6s 1914..................F -A / 99
42d A G r 8 t F y s t o c k . .. 1 0 0 240 280
N Y A R ic h m o n d G as___ 100
42d S t M A S t N A v o
„
N o r t h ’n U n 1st 6s 1 9 2 7 .M -N
• 1st 68 e x t a t 5 % to '4 0 .IK -S 100 105
170
155
S ta n d a rd G L 1st 5s '30 M -N
N in t h A ve n u e s to c k ------ 100
3
O ther C itie s .
Second A ve n u e s t o c k . .. 1 0 0
28
A m G as A E leo c o m . . __50
; C o nso l 6s 1948 c tf s - . F - A / 23
121
P r e fe r r e d ________ ____ 60
rS Ix th A ve n u e s to c k ------ 100 113
A m L t A T ra o e o m ___.1 0 0
8912 100
Sou H o u le r 6s 1945-------- J-J
93
90
P r e fe r r e d _____________ 100
S o F e r 1st 6s 1919............ A -O
80
A m e r P ow er A L t o o m ..1 0 0
T a r r y W P A M 5s ' 2 8 ..IK -S / 76
16
7
P r e fe r r e d ________
. 100
28 A 2 9 th Sts 5s '96 c tfs A -O /
A p p a la c h ia n P o w e r—
T w e n ty - th ir d S t s t o c k . .1 0 0 240 275
106
102
1st in 5s 1941 o p t . . . J - D
U n io n R y 1st 6s 1 9 4 2 ..F - A
93
90
B a y S ta te G a s ............ .......60
W e stche ster 1st 6s '4 3 .J -J
100
92
B u ffa lo C it y Gns s t o c k . . 100
Y o n k e rs S t K R 6s 1 9 4 0 .A -O
C ltlo s S ervice C o c o m ___ 100
B ro o k ly n
P r e fe r r e d ........................ io o
103
A tla n A v c H R con 5s '3 1 A -0 101
100
C o lu m b ia Gas A E le o . . .1 0 0
97
B I ) & W E 5s 1933------ A -O
1st 5s 1 0 2 7 . . ................. J-J
10912 171
B ro o k ly n C it y l i l t -------- 10
B k ly n H g ts 1st 5s 1 9 4 1 .A -O 100 102l2 Con G as o f N J 6s 1 9 3 6 ..J -J
100
C o nsum ers’ L H A P ow —
90
C o ney Is l A l i k l y n _______100
83
6s 1938____________
.J -D
81
1st cons g 4s 1948_____ J-J
83
C onsum ers P ow er ( M in n ) —
80
C o n g 4a 1955_________ J-J
1st A re f 5s '29 o p t '1 4 M -N
99 1U012
B r k C A N 6s 1939------ J-J
101
D e n v e r G A E l 6s 1 9 4 9 .M -N
N assau E leo 1st 6s 1944 A-O 102
E lo c trlc B o n d S hare p re f 100
N W m sb u rg h A F la tb u s h —
92
05
E lU a b e th G as L t C o ____ 100
1st 4 X « J u ly 1 9 4 1 .. . F - A
Essex A H u d s o n G as____ 100
B te ln w a y I s 1 6s 1922— . J - J 100 103
Gas A E l B ergen C o ____ 100
O ther C U les.
U r ’ t W e st P ow 6s 1 9 4 0 ..J -J
103
H u dso n C o u n ty G as____ 100
B u l l S t R y 1st cou Cs '3 1 F -A 100
01
69
In d ia n a L ig h tin g C o ____ 100
81
4a 1058 o p t ....................F -A
80
63
69
In d ia n a p o lis G a s . . . . . . 60
65
1st g 6s 1052................. A -O
63
71
Jackson Uaa 6s g 1 9 3 7 .-A -O
22
c L a c lc d o G a s L (r)tL o u ls )1 0 0
17
e P re fe rr e d ......................100
68
71
S tr e e t R a ilw a y *
t L o u ls v S t 6s 1930______ J-J
B id
103
B id
A sk
A sk
103U N e w a rk G as 6a A p r '4 4 .Q -J
N e w O rl R ys A L t c o m . 100
N o I lu d L 11 A P Os 1038A-O
e P re fe rr e d ____________ 100
65
#N Y S ta te R ys e om ------ 100
07C, P a c ific Gas A E c o m ____ 100
P r e fe r r e d ............ ........... 100
60
60
« N o r O hio T r A L t c o m . 100
P u b S erv C o rp o f N J — S ee S tk E X l i l t P a t A P a * Gas A E le o ... 1 0 0
T r c tfs 6% p e rp e tu a l------ 1 04 l2 1051* S t Joseph Gas 6s 1 9 3 7 ...J - J
S ta n d a rd Gas A E l (D e l) 60
7 8 l2 80
N o Jer S t 1st 4s 1948 M -N
P re fe rre d ........................60
73U 733.,
C ons T r a c t c l N J ------ 100
103*4 U n ite d E le o trlo o f N J —
1st 6s 1933..................J -D 103
1st g 4s 1940................. J -D
N e w ’k P * * * l t y 6s '3 0 .J -J 104l2 10512
U n ite d Gas A Eleo C o rp . 100
R a p id T ra n H t R y ____ 100 230
1st p re fe rre d __________ 100
1st 6a 1921................A-O 101
2d p re fe rre d ............ ...... 1 0 0
77
78
J O H o b A P a t 4s '4 9 M - N
U ta h S ecurities C o rp ___100
128
123
0% notes Sep 16’2 2 M A S 1 6
98
9 9 14
W estern P ow er c o m ____ 100
10U2 103
P r e fe r r e d _____________ 100
98
W e stern S tates Gas A E l—
112
1st A re f g 5s 1941 o p .J -D
100
F e r r y C o m p a n ie s
16
17
N Y A E h F e rry s to c k ..IO C
68
71
1st 6s 1922................... M -N
14
15
t P re fe rre d
69
701- N Y A H o b 6s M a y '4 6 . . J -D
H o b F y 1st 6a 1 9 4 6 ..M -N
.T o le d o T ra c i
...
16
_____ 00
N Y A N J 6s 1946............ J-J
l P re fe rre d .
10th A 23d Sts r e r r y ____ 100
94
1st m tg e 5s 1019_____ J-D
73
75
731* 75
U n io n F e rry s t o c k . . . . . - I O C
1st 6s 1920................... M - N
71
63
10
11
3 7l4 38
80>2 89
837s 85
8 U - 82U
_____ 18
_____ 05
102
122
10312
121
1 0 U 2 103
103
1041*
U012 102
29
35
10034 102
100 IO H 2
*8 0
♦47
344
107
0U2
8112
83
48
349
108
03
83
70
75
**s
1*
212
4
87
89
73
74
11
111*
69
71
98
101
881a
92
9812
325
130
88
79
130
39
70
110
87
97>2
95
9012
103
♦881*
122
94
98
38
82
88
85
•7
♦23l4
B ia
.41*
I n d u s t a n d M ls c c ll— (C on )
170
175
A m e rica n s u r e ty ............ . . 5 0
5
•4
A m e rica n T h re a d p re f____ 5
41
39
C o m m 'l Un T el (N Y ) . . . 2 5
A m e r T y p e fo u n d e rs com .100
98
96
E m pire A B ay State Tel.IOC
P r e fe r r e d _____________ 100
F ra n k lin _________________lo t
95
99
D e b K 6s 1939.............M -N
_
e G old A Stock T e l? s _ 106
110
12 0
A m e r W r itin g P a p e r____ 100
h
i's
10
M a rcon i W ireless T el o l A m 5
16
B a rn e y A S m ith C a r com 100
*35S 4
50
P r e fe r r e d _____________ 100
e N orthw estern T e le s ____ 50 105 115
P acific A A tla n tlo............... 25
70
B liss (E W ) C o co m .............50 "'J o *
65
0 0 t2
115 125 “
e P ac T c le p A T eleg p r e f. 100
P re fe rre d )_____ '............... 50
87
Southern A A tla n tic.......... 25
.’ 87
95
B o n d & M tg e G u a r_____ 100 282
85
S h o r t -T e r m N o te s
1131,
B o rd e n 's C o nd M i lk c o m .100 112
Am al C op p er 6 s 1 9 1 5 .-M-E 1005a 1007S
P r e fe r r e d _____________ 100 106
107
1 0 0 l 2 B ra d e n C o p p e r M l u e s ____ 5
A m er L o c o m o tiv e 5s 1915 J-J 1 0 0
8
* 7 78
*
6 s 1 9 1 0 ...............
j.j
1 0 0 l 2 B ritis h C o l C o p p e r C o . .
10 0
J.J
5 s l 9 1 7 _______
1 0 0 1 * e B ro w n Shoe c o m _____ 100
10 0
45
50
871- 93
Balto A O h io 5s 1914
J-J 10 0 1 .1 1 0 0 1 e P re fe rr e d ____________ 100
2)3* 28
B klyn R a p T r — S ee N Y Stk
Ex list.
c B u tte r lc k C o ___________ 100
100
C lies A O hio 4 ^ s 1 9 1 4 ..J - D
1 0 0 1 4 C a s u a lty C o o f A m e ric a . 100
10 0
115
C h cs A O hio 5s 1 9 1 9 . . . J -D
C e llu lo id C o ......................... 100 12912 131
9812 97
22
C b lcE Iev R y s 5s 1914
.J -J
27
99is 9 9lj C it y In v e s tin g C o _______100
Erie C oll 5s(Jet 1 1 9 1 4 .A -O 1 0 0 1 * 1003.1
85
P r e fe r r e d _____ ________100
90
Coll 6 s A pril 1 1 9 1 5 ..A-O
9 9 34 1 0 0
70
72
e C la flln ( I I B ) C o c o m ..1 0 0
6 LS O ct 1917___
A-O
993.1
75
80
c 1st p re fe rre d ________ 100
9912
H ock in g V alley 6 s ’ 1 4 .M -N 1005s 1 0 0 m
75
85
« 2d p re fe rre d _________ 100
HI C en t 4158 m u . . . J - J
3 fk E x lis t
1 0 0 ls 10(|3S C lu c tt, P ea b od y A C o— See
ln t A G t N o r 5s 1914 F-A
68
70
9 2 l2 95
Consol C a r H e a tin g ____ IOC
3 4 l2 40
Inter H arvester 5s '1 5 . F-A 1003s 1005* C o n tin e n ta l Can co m ___ 100
K C R y A Lt 6 s 1 9 1 2 ..M -S / 87
87
91
P r e fe r r e d _____________ 100
90
M iu n A 8 t L g 6 s 1 9 1 6 ..F -A
14!2 143,
94
00
e C ru c ib le Steel c o m ____ 100
M o Kan A T ex 6 s I9l5.r.1 -N
0 0 l2 907*
92
94 '
« P re fe rr e d .......... ............100
M issou ri P acific 6 s 1 9 1 4 .J -D
9412 95<4 D a v ls -D a ly C o o p e r C o . . .1 0
*h
h
( N Y C Lines Eq 5s 1914-22 3 4.65 4 .55 d u P o n t ( L l) d e N e m P ow 100 124
129
4J5s Jan 1 9 1 5 - 1 9 2 5 ...J-J 6 4.65 4.55
84
« P re fe rr e d ........ .............1 0 0
80
4>^s Jan 1 9 1 5 -1 9 2 7 ...J -J b 4.65 4.55 E m e rs o n -B ra n tln g h a m . . 1001 20
25
N Y C ent 4 i2s 1 9 1 5 ___M-N
70
IOOI4 100l2
P r e fe r r e d ......................... 100
77
68 Sept 15 1 9 1 4 ................... 10Ok8 10034 E m p ire Steel A Iro n com 100 ____
13
6s N o v 5 1 9 1 4 .................
15
P re fe rred ..................... . 1 0 0
100-58 1007s
25
Seaboard Air I, R yS s'lO M -S
100
7
9958
« F e d e ra l M in A L m c lt .1 0 0
17
South P ae C o 5s J'n e 15 1914 100's 1003,
31
e P re fe rre d ____________ 100
35
Southern R y 5s 1 9 1 6 .. F-A
9 9 lj 99H t G en e ra l C h e m ica l c o m . 100 160
171
5s M ch 2 1917........... M-S2
9 9 12 99*4
e P r e fe rr e d ____________ 100 10812 n o
W est M ary lan d 5s 1 9 1 6 .J-J
97l2 G o ld fie ld C o nso l M _____ 10
95
* l*s
1I»
W cstlngh’Be E l A M 6a 1915 1017* 1 0 2 1 4 k H a cken sa ck W a te r Co—
1st g 4s 1952 o p 1 9 1 2 .. J - J
84
R a ilr o a d s
H a lo A K U b u rn c o m ___100
25
30
t Chle A A lton c o m _____ 100
8
912
P re fe rre d _____ ________ io o
75
80
11
15
e P r e fe r r e d ___________ IOO
H a v a n a T o b a cco C o ____ 100
2
4
125
130
t C ld c 8 t r M A C m ____ 100
P r e fe r r e d ..................
100
9
12
132
e P re fe r re d ___________ 100
145
1st g 5s Ju n e 1 1 9 2 2 ..J -D / 64
67
t C olo A South oom ____ .1 0 0
23
24
H ccke r-Jo u es-Jcw ell M i llin g
« 1st preferred________100
1st 6s 1922____________ M -S
40
44
90
101
e 2d preferred_________ 100
H o b o ke n L a n d A Iin p r o v o ’ t
31
35
« D u l 8 8 A A tl c o m ____ IOC
4
100
1st 5s N o v 1930.......... M - N
5
e P re fe r re d ____________100
8
11
H o c k in g V a l P r o d u c ts .. 100
41*
314
( U Y Ohio A St L c o m . . 100
35
45
1st if 53 1901.................... J-J
38
41
92
e 1st preferred________100
100
no
tn g e rs o ll-lla n d c o m . . . 1 0 0
c 2 d preferred_________ 100
66
75
92
t P re fe rr e d ____________ 100
N orthern Securities S t u b s .. 102
61106
In te rc o n tln R u b c o m ___ 1 0 0
7
S3
P itts Hess A Lake E rie___50 •30
95
100
P r e fe r r e d ______________ 50 •60
117
60
1171*
e R a ilroa d Securities C o—
107
P r e fe r r e d _____________ io o 101
6
111 C stk tr ctfs Her A _____
In te rn a tio n a l S a lt_______ 100
78
3
43
W est P a c 1st 6s 1 9 3 3 .. M - S
6H* 02t2
1st g 6a 1951..................A -O
51
P er s h a re
S t a n d a r d O il S t o c k s
J tc rn a tlo n a l S ilv e r p re f. 100 n o
115
A n glo-A m erican Oil n ew ___ •16
1st Cs 1948...................... J -D 10.312 n o
17
A tlantis R efin in g________ 100 615 6 26
5L
53
Bornc-vScrymser C o ____ .1 0 0 280 290
P r e fe r r e d _____________ 100 130
no
68
B u ck ey e P ip e Line C o ___50 •138
143
D e b e n tu re 4s 1 9 5 1 .. . A - O
73
Chescbrough M fg C o n s . 100 660 670
31
t L a cka w a n n a S te e l____ 100
32
Colonial o i l ............ ........... 100 100 n o
83
L a n s to n M o n o ty p e _____ 1 0 0
84
Continental Otl................. 100 215 225
L a w y e rs ’ M tg e C o .............100 183
192
Crescent P ip e L ine C o ___60 •50
1G5 175
55
L e h ig h V a l C o al Sales___50| 105
C um berland Pipe L i n e . . 100
50
40
55 . M a n h a tta n S h ir t____ ___ 100
60
Eureka Pipe L ine C o ___100 255 270
P r e fe r r e d _____________ 100
93
103]
G alena-Signal OH c o m . .1 0 0 178
182
M a n h a tta n T r a n s it _______20
140
M o rtg a g e B o n d C o _____ 100
Indiana P ip o L ine C o ____ 60 •136 140
e N a tio n a l S u r e t y _______100
N a tional T ransit C 0 . . . . . 2 5 •37
40
« N e w Y o rk A ir B ra k o -.lO O
N ew York T ransit C o ___ 100 260 206
s N e w Y o rk D o c k c o m . .101)
N orthern P ipe L ine C o . .1 0 0 112
118
e P re fe rr e d ____________ 1 0 0
O hio Oil C o .............................25 *170
172
143
Pierce Oil C o r p _____ _______ •75
S6
.100
Prairie O il A G a s...............100 635 540
Solar R efin in g __________ 100 300 310
Southern Pipe Line C o . .1 0 0 220 226
South P enn O il_________ 100 280 265
148
Sou W est P a P ip e L in es. 100 140
Standard Oil (C alifornia) 100 300 305
P r e fe r r e d ____________I i o o
Stand Oil ( I n d ia n a )____ 100 450 400
Standard OH (K ansas) . .1 0 0 440 450
« 1st p re fe rre d ,
.100
Stand o i l o f K e n t u c k y .. 100 260 270
ltts b u rg h U rew ln
P r e fe r r e d _____
Stand Oil o f N eb ra sk a __100 380 390
Stand Oil o f N J ( o l d ) . .1 0 0 1300
Stand Oil o f N J ...............100 408 410
Standard Oil subsidiaries___ *910
P r e fe r r e d _____________ io o
Standard Oil o f N Y ____ 100 212 245
Standard OH o f O h i o . . .1 0 0 390 410
Swan A F in c h ................... 100 180 aoa
U nion T an k Line C o ____ 100
83
87
V acuum O i l _____________ 100 218 222
1st p re fe rre d __________ 100
*47
63
2d p re fe rre d __________ 100
W ater*-P lercc O il_____ .1 0 0 3000
T o b a c c o S tock s
P r e fe r r e d _____________ 100
I 'e lo fir a p h a n d T e le p h o n e
89
94
100
133
91
801*
133
41
71
90
100
98
110
01>4
124
90
39'
84
92
92
8
24 <2
81
30
09
31
17
84
10
60
82
32
71
32
18
8 4 t*
17
63
83
87
10
40
99
102
93
13
40
30
90
18
40
20
48
35
100
B .a
e A m er T e le s A C a b le ...IO C
e Central A South Amer.IOC
T R A N S A C T IO N S A T T H E N E W Y O R K S T O C K E X C H A N G E
D A IL Y , W E E K L Y A N D Y E A R L Y .
Wkedg
e ni
e n
1451
56
105
95
60
40
A sk
60
107
105
70
50
(S ee a lso Slock E xch a n g e L ist)
A m er C igar c o m .
_ .1 0 0 135 141
P r e fe r r e d _____________100
98
100
A m er M a chine A F dy__10 0
83
90
B rltlsh-A m crlca n T o b a c .X l •223| 22*8
N ew s t o c k _______________
*22*1 223*
C on ley F oil _____ . . .
io o
270 290
e lle lm e (G eo W ) o o m ..1 0 0 150
165
e P re fe r re d ____________100 108
117
Johnson T in F oilA M eta l 100 125
176
M a cA ndrew s A F o r b e s . . 100 180 400
P orto-K loan -A m er T o b .1 0 0 245 255
R ey n old s (It J) T o b a c c o . 100 285 276
T o b a c c o P rod ucts c o m . .1 0 0 100 150
P r e fe r r e d _____________ 100
84
*7
* United C igar M I r s c o m 100
40
48
« P r e fe r r e d __________ 100 100 103
U nited Cigar Stores c o m .100
861* S7U
P r e fe r r e d ........................ 100 110
116
< W ey m an -B ru tou C o . . . 100 215 300
e P re fe r re d ___________ 100
110 120
Y ou n g (J 3 ) C o ................. 100 125
149
I n d u t t r la l& M D c c lla n o o u s
e A dam s Express________ 100
98
un
C ol tr g 4s 1947_______J -D / 75
76*2
Alliance R e a lty ____ . . . . 1 0 0
88
02
A m er Bank N o te co m ____ 50 •35
40
P r e fe r r e d ____ . . . . . . . . 5 0
*50
51
Am erican B o o k ___ . . . . . I C O
160
170
Am erican B rass_________ 100
148
Am erican Chicle c o m . ..1 0 0 190 194
P r e fe r r e d ___________ .1 0 0
97
93
< Am erican E xpress_____ 100 1011* 106
Am Q raphopbonu o o m . .1 0 0
23
P r e fe r r e d .......... ...... . . . 1 0 0
66
70
Am erican H ardw are____ 100 _____ 136
A m er M a ltin g 6s 1 9 1 4 ..J -D
9934 1003.]
A m or Press A s so c'n _____ 100
30
36
Am Steel F d y Os 1 9 3 5 .A -0 102
IJeh 4s 1923................... F-A
73
76
t P re fe rre d — See C h lo S tk
P r e fe r r e d _____________ io o
te w a rt- W a rn e r S peedo'r 100
P re fe rred
............... . . 1 0 0
T re n to n P o tte rie s co m __100
P re fe rred n ew _________ 100
'
P r e fe r r e d _________ . . . 1 0 0
e P re fe rr e d ___. . . ____ 100
i 8 C a s u a lt y . . . . __. . . . 1 0 0
P r e fe r r e d _____________ 100
P r e fe r r e d ____ . . . . . . . 1 0 0
1st a 6a 1919....................J-J
C o n s 6s 1929............... J-J
I U » In d u s A lc o h o l____ 106
< P re fe rr e d ____________100
1 S Steel C o rp o ra tio n —
C o ls I 5s A p r 1951 op 1911
C o l s f 6s A p r 1961 not o p t
W estchoater A B ro n x T it le
A M tg e G u a r . . _____ .1 0 0
166
Brake. 50 •126U 1206*:
W llly s -O v e rla n d c o m .. . 1 0 0
P r e fe r r e d ________ ____ 100
93 (
W o r th in g to n (H R ) C o p f.1 0 0
60 .
i W vstln g b'a e A ir
8“
* P er sh are, a A n d accrued d iv id e n d , b B asis, * L is te d on S to ck E xcha n ge b u t u s u a lly In a c tiv e . / F la t p ric e , n N o m in a l, s Sale p ric e . < K i f l l N k , tf E x *!
su b sid ia rie s. t E x -d lv . y E x -rlg h ts . t In c lu d e s a ll new sto ck d iv id e n d s a n d s u b s c rip tio n s .
* L is te d o n S to ck E xcha n ge b u t In fre q u e n tly d e a lt In ] re c o rd o f sa le 6
H _» n y, w ill be fo u n d on a p re c e d in g p ag e. A E x -3 0 0 % rto o k d iv id e n d . .
BOSTON STOCK EXCHANGE— Stock Record
1452
STO CKS— H IO H E S T A N D
S aturday
M ay 2
T u esd a y
M ay 5
M ond ay
M ay 4
LOW EST
Sales o f
the
W eek
S hares.
S A L E P R IC E S .
W ed n esd a y
M ay 6
T h u rsd a y
M ay 7
F rid a y
M ay 8
9 5 l 2 9512 *94ta 941
951i
9538 *9 5
* 9 5 'S 953( *9 5
lOOis
10012 * 1 0 0
IOOI4 1 0 0 1 t 1 0 0 1 2 100 1 2 ♦lOO's 100l2 * 1 0 0
*1 81
____
1 S0 1 2 181
181
182
181
181
*181
77* *77
79
79*4
79
79
793i 7934
79
* 7 9 l 2 80
...
*1 60
____ *1 60
160
160 *1 60
100
160
*1 60
43
43
43
4312
”43
43
43
4312
4312 43*2
•4312 4412
225 225
*2 25
230
227
227
♦225 230
225 225 *225
235
L a s t Sale
A p r ’ 14
IO I 4
*7
*7
IO I 4
*7
*7
10G
10U
L a st Sale 531a M a y ’ 14
L a st Sale 6>2 N o v ’ 13
*38
38
♦30
<
36
39
39
*37
3612 37
L a st Sale 160 M a r ’ 14
*
161
161
101
161
* ____ 105 * ____ 105
105
105
1 0 5 ' 105
105
...
176
176
176
*1 70
*170
170 *170
170
82
82
*8 2
...
♦82
85’
*81
8212 8212 *82
*9412
♦100
94=
100*8
*122
*8012
98
67
69^4
57
7012
♦57
69*8
8912
98
IO I 2
SS*4
70*2
■ 63*8
1 04
*2»4
1812
63*8
04
3
1812
10234
—
62
9313
6 2 l2
94
88
*8612
•9 7
*8612
96
531a
94
* 2*4
I 8 I3
122
♦120
*121
*12112
89
97
*861a
*90
89"
97
10
10
122
122
122
102
* 11113
10>2
2*4
181j
102
12112 122
llllj
1211s
2*4
1 8l2
10212
112
122l2
10
10
102
112
122
6 3 l2
94
3
1 8 l2
10212
1 13 l2
122*4
54
931*
* 2*4
I 8 I3
102U
113l2
1217g
54
94
3
18*2
103
113l2
122G
2
19
110
97
y ,o
10
63
12.
1,702
5
13
215
75
67
687s
♦5712
69*8
5
L a st Sale 8 6 I 2 M a y ’ 14
98
98
98
10
♦lOG 101:
6 7 l2
60
60
* 5 7 l 2 60
68*4
6912
6912
G8 l 2 69
6978
...
100 104 *100
150 150
150
15 0 ’ n o '
150
♦150
*1 5 0
155 ♦160
♦20
23
23
19
20
•20
20
20
20
20
156
150
154*8 154*8
•1 5 5 U 15612 15618 1501s *155*8 150
•165*8 160
831 2
L a st Sale 82
A p r ’ 14
8312 *83
8312 ♦83
*82?s 8312 *83
130 130
*120 130 ♦120 130 *120 130 ♦130 130 *1 20 130
6712 *07
68
♦661a 6 8
67
07
67
67
67
08
*6 7
90
85
85
♦ 86
87
87
85
80
♦85
86
87
80
98
*012 1012
10
91
217
3
306
23
531s
94
*2*4
*1 8U
10212
113
122
5414
94
3
18*4
10314
113
122ti
L a st Sale
52*4
94
52*4
94
2 *4
234
181a I 8 I 2
102
10212
113
11312
12178 12214
15
M a r ’ 14
76U 77
61
A p r ’ 14
98
A p r ’ 14
7
7
♦14
15
STOCK6
EOSTON STO CK
EXCHANG E
R a nge sin c e J a n . 1.
O n b a sis of 100 -sh a re lo ts.
L ow est.
R a ilr o r . d s
A t c h T o p & S a n ta if e _ 1 0 l
Do
p r e f ____________106
B o s to n a A lb a n y ------- 10<
B o s to n E le v a t e d --------- IOC
B o s to n Sc L o w e ll --------- IOC
B o s to n & M a in e ______ 100
B o s to n Sc P r o v id e n c e . 100
B o s to n S u b u r b a n E l C o s .
Do
p r e f ________________
B o s to n & W o r e E le c C o s .
Do
p r e f ____________
C h ic J u n e R y Sc U S Y .1 0 0
Do
p r o f ________________
C o n n e c t ic u t R i v e r — 100
F it c h b u r g p r e f ________ 100
G a R y & E le c s tm p d .1 0 0
Do
p r e f ____________100
M a in e C e n t r a l________100
M p. ss E le c t r ic C o s ___ 100
Do
p r e f s ta m p e d . 1 0 0
N Y N H & H a r t f o r d . 100
N o r t h e r n N H ________ 100
O ld C o lo n y .................... - 1 0 0
R u t la n d , p r e f _________ 100
U n io n P a c i f i c _________ 100
Do
p r e f ____________100
V e r m o n t Sc M a s s _____100
W e s t E n d S t ____________ 50
Do
p r e f _____________ 50
M is c e lla n e o u s
402 A m c r A g r ic u l C h O m — 100
Do
p r e f ___________ 100
360
140 A r n e r P n e u S e r v ic e - . 50
Do
p r e f _____________ 50
136
668 A m c r S u g a r R e f in ----- 100
Do
p r e f ____________ 100
137
2,354 A m c r T e le p Sc T e le g - 1 0 0
A m e r ic a n W o o le n _____100
Do
p r e f ____________ 100
276
A m o s k e a g M a n u f a c t u r in g
D o p r e f ________________
11 A t l G u l f Sc W D 3 L . 1 0 0
Do
p r e f ____________ 100
30
335 E a s t B o s t o n B a n d ___ 10
61 E d is o n E le c i l i u m ___ 100
473 G e n e ra l E le c t r ic ______ 100
35 M c E lw a in ( W l l ) 1 st p f 100
371 M a s s a c h u s e t t s U a s C o s l 00
Do
p r e f ____________ 100
311
100 M o r g e n t b a le r L i n o ___ 100
M e x ic a n T e le p h o n e . . 10
M is s is s ip p i R f v P o w .1 0 0
Do
p r e f ______ 100
N E C o t t o n Y a r n _____100
D o p r e f _____________ 100
N E T e le p h o n o _______ 100
P u llm a n C o ____________ 100
R e ece B u t t o n - H o l e __10
524 S w if t & C o _____________ 100
6 0 T o r r i n g t o n ______________ 25
D o p r e f ______________ 25
1 7 5 U n io n C o p p e r L Sc M
25
728 U n it e d F r u i t ___________100
7,940 U n S h o e M a c h C o r p . 25
67G D o
p r e f ______________ 25
3,827 U S S te e l C o r p _______ 100
198 D o
p r e f . . . . . . ____ 100
H ig h e s t.
H ig h e st.
9 5 i2 M a y 7
99*8 J a n 20
97*s J a n 15 101*8 F e b 10
179 A n r 23 195 J a n 5
77 M a y 8
9 1 i2 J a n 16
155 J a n 2 179 F e b 0
35 M c h 9
55 J a n 12
225 M a y 1 255 J a n 27
7 M ch 2
7 l2 F e b 13
6 3 i2 M a y 1
60 J a n 10
36 M a y 6
160 M c h 23
10412 A p r 15
176 M a y 4
80 J a n 10
120*,; F e b 13
83 J a n 3
90*8 J a n 5
9 A p r 22
66 A p r 30
051.1 M c h 4
100 M a y 6
150 A p r 24
19
M ay 8
149<2 A p r 25
82 A p r 17
115 J a n 9
6 6 i2 A p r 27
85 A p r 30
4 7 i. |J a n
01
Jan
2 i2Ja n
17
Jan
9714 M c h
R a n ge f o r P rev iou s
Y ea r 1913.
2
3
27
2
11
108 M c h 3 0
117is J a n 3
14 M c h 4
7 2 *4 M c h 4
00 J a n 21
98 F e b 24
5 F e b 19
13*4 A p r 22
10 J a il 20
244 A p r 29
1 39 i2 J a n 3
9 8 * 4 A p r 30
86
A p r 27
90 J a il 3
211i.| J a n 3
2 i 2 A p r 14
25 A p r 11
6 7 < J a n 19
2
20 A p r 0
66
M c h 10
133 J a n 3
151 J a n 7
16
Jan 7
1 0 4 i2 J a n 3
27
F o b 24
27
M c h 24
1
A p r 15
155 A p r 24
53*4 F e b
2
28 J a il 9
50ls A p r 25
lOS’ s J a n 6
40 J a n 26
163 J a n 15
10612 M c h 11
200 J a n 24
93 J a n 28
124 M a y 1
887s A p r 0
99 M c h 28
14 J a n 23
O0i2 J a n 24
7778 J a n
112 F e b 0
165 J a n 30
30 J a n 8
163*4 J a n 31
85 J a n 6
130 F e b 5
75 J a n 23
95 M c h 12
M c h T9
9 7 i2 J a n 23
4 J a n 31
23 J a n 31
110 1 4 J a n
114 J a n 29
124 J a n 24
15 M c h 4
83 J a n 26
..
67 F e b 13
100U F e b 11
9 J a n 23
16*4 J a n 16
1 4 l2 F c b 11
265 M c ll 4
150t2 F e b 20
102 J a n 23
94*8 F e b 17
90 M c h 16
216*4 F e b 27
3 J a n 28
38 F e b 3
70 J a n 36
30 J a n 19
G9 J a n 24
141 F e b 2
159 J a n 27
19*4 M c ll 31
107*4 M c h 9
3 0 i2 A p r 4
2 9 i2 J a n 2 0
2 Feb 4
173 F e b 13
68 M a y 6
29 J a n 23
671.1 J a n 31
112*3 J a n 26
5 914
9112 O c t
95*4 J ’ l y
183 D e c
82 N o v
150 D e c
35 D e c
2 3 8 i2 D e c
7 S ep
6 7 i2 J ’ ne
5 Feb
3612 D e c
102 S ep
101i2 J ’ ne
200
J ’ly
08 D e c
*115 A u g
8 2 i 2 J ’ ly
HI Deo
10t2 D e c
03 D e c
65*4 D e c
100 D e c
150 D e c
25 A u g
139>2 J ’ ne
80's J 'n e
105 D e c
071.1 D e c
85 J ' l y
41 S ep
8 9 i2 D ec
2 i2 J ’ ne
10 N o v
9 9 i2 D e o
1081s D e c
UO U D e c
15U D e c
74
M ay
69 M a v
9 2 * 4 J ’ ly
5
Jan
Jan
10
J ’nc
0
231 D e c
130 J ’ ne
05 M a y
87 A p r
J ’ ne
86
209 J 'n e
3 Jan
30 N o v
70 D e c
17 A p r
6378 A p r
127 D e c
149 D e c
1 4 i2 A p r
101 J 'n e
2(1 S ep
20 S ep
84 J ’ ne
147 J ’ ne
4 H 2 J ’ne
20*a J 'n e
50 J ’ ne
1021 J ’ne
2
10014 J a n
10138 F e b
215 J a n
1 14i4 J a n
205 J a n
97 J a n
290 J a n
1 0 i2 O c t
65 M e n
714 M c h
45 J a n
166 F e b
107 M c h
260 J a n
122 F e b
120 F e b
88 S ep
110
M en
19*8 F e b
79 F e b
130 J a n
130 F e b
176i2 F e b
3(5 M c h
162U J a n
90b Jan
150 F e b
8D 2 Feb
100 J a n
67
Jan
Jan
Jan
Jan
1 18iz J a n
11714 F e b
1 40 i2 J a n
21
Apr
83/8 S ep
75 J a n
100 J a n
12is A u g
19i2 A u g
15 F e b
2 8 8 i2 J a n
180*4 J a n
104 J a n
1)312 J a n
055S M c U
220 S e p •
3 i2 F e b
41U S ep
7 0 i2 Deo
60 A p r
0112 J a n
160 J a n
105i2 J a n ;
18 S ep
103 M c h
2 8 i2 Ja n
28G J a n I
2
Jan I
182
Jan
05*4 F e b (
2 S i2 F e b
09 J a n 1
111 J a n !
9914
4 i2
23 *4
7 6 is 7 0 l2
701s 76>2
76*3 76*8 •7 0 U 7 6 l2
L a st Sale
*61
65
♦61
65
♦61
65
99
L a st Sale
*9 5
* ____
99
'____
99
*7
8
*7
8
*7
8
*7
8
15
♦14
15
•1 4
15
141a 1 4l2 *1 4
11
11
*11
12
12
•11
l l l a 12
I I I 3 12
247 247 ♦248 249
247
247
247 249
249 250
146*4 146*8 146*4 147U 140's 146*2
1401a 14714 1401a 147
99*a 100
100
991a 9912 *99
99
99
*98*4 99
8 7's 8712
87*4 8 8
87*.| 8 8
88
88
871a 871?
91ia 0 1 l 2
91*3 92
9H a 9112
92
9212 *9 H a 93
*214*4 215*4 2141i 21412 ♦214 215*4 *2 14 215*4 ♦2141s 2161s
A p r ’ 14
*2
L a st Sale 212
3
* 2*4
3
*2
3
25
♦20
25G
25
2 5 ti
•20
2514 *2 0
L a s t Sale OSiV’ A p r ' l i
1
____
6412 *6 3
6412
*2 0
25
♦20
25
20
20
♦2 0 * _25
*2 0
25
M a r ’ 14
60
♦40
L a st Sale 67
*4 0
60
*4 0
60
136
>______ 136 * . . . 130 *1 35
* ____ 136
1541a 15412 ♦154" 1541a 154 15U2 15373 164
*1 54
150
1812
18
L a st Sale 181 i M a y ’ 14
•1 8
.
*1 8
...
105 105»s 105*8 10512 105U 105l2 105ia 105*8 10512 105*8
291a 2912
2 9 i2 29*2 *29*s 30
291a 2912
• 2 9 lj 30
♦27
28
♦27
28
27
27
*2 7
28
*2 7
28
1
*1
1*8
*1
1*3
l'Ae IMi
1
1
i *1
1*8
157 159
158*4 159
158*4 15912 159 159*4 158
1581 j 159
56>4 66 *4
57
56*4 5 7 Ii
5614 57*8
56
56 14
65*4 6534
29
29
29
28*4 28*4
2S*4 287s
28*4 28*4
28*8 28*4
6914 5912
6912
59*s
581a 69
691a 60
59
6 OI4
108 *1 08
108*8 108
108U IO 8 I 4 108*8
108
10812 108
5 9 lt 59*8
A lin in g
1077s 10778
1 M ay
2 Ja n 22
1
A p r•1 4
11
® Jan
100 A d v c n t u r o C o n _ . _ _ . 25
1
1
*1
1>4
♦1
l 's
118
•X
1»4
r *1
230 N o v 330 J a n !
50 A b m e o k _______ _________ 25 239*4 A p r 22 300 M c ll2 4
♦200 270
207 267
265 207
270 270
*2 60
280
270 270
108*4 J 'n e
24*8 O c t
2778 A p r 17
2 0 i2J a n
3
13,753 A la s k a G o l d __________ 10
267* 27*8
26*2 27
267S 27<8
261a 27
261a 26*4
1 26*3 27
.15 M a y
214 J a n !
1*4 J a n 20
.95 M a y 1
71 A lg o m a h M i n i n g _____25
* .9 5
1
* .9 5
1
.99
1
* .9 5
1
1
1
1 * .9 5
1
42i t J a n !
2 9 12 J ’ n e
43*4 F e b 18
3 4 i* J a n 8
355 A llo u e z ___________________ 25
40
40
40
40
4012 40'2
*4 0
4011
40
40
, 401 2 4 OI2
78G F e b 4
62 J 'n e
80*s S e p 1
68*8 A p r 25
3.S27 A m a lg a m a t e d C o p p e r 100
707g 71*4
72>s 7 2 i2
72*4
73G
1 727S 727S
72*8 7212
7 2 IS 7312
21*8 J a n 30
151.1 D e c
327a F e b
15*4 A p r 28
1,114 A m Z in c L e a d & 3 m . 25
17
17
1 0 l 2 17U ♦ I 6 I 3 17U
•1 6
1634
16*4 16*4
16*4 16*4
214 J ’ ne
6 % M c ll 4
4
J a n 10
5 i 2 Sep !
5
4*s
4*8
1,795 A r iz o n a C o m m e r c ia l.
4*4
4*1
4*s
4*4
4*8
4*4
478
47s
4*8 4 %
4i8 F e b 2
2 A p r 22
H i J ’ ly
6
O pt
740 B u f t e - B a la k la v a C o p 10
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23.)
2*4
2*4
2 la
212
2U
233
2 *s
212
21a
38 M a y 4
3 U 2Ja n 3
18>4 J ’ n c
45
Jan
36*8 37U 10,814 B u t t e * H u p C o p ( L t d ) 10
30*4 37*g
38* i 3 7 l 2
301$ 3 7 tt
34U 38
S i's 35
01 A p r 25
70'a M c h 2 5
5 6 i2 J ’ ne
7212 J a n
1,514 C a lu m e t & A r i z o n a . . 10
63*4 64U
641a 05
641a 65
65
6512
6 5U 6 6
65
0 5 lj
410 J a il 9 460 F e b 13
388 D e c
655 J a n
19 C a lu m e t & H e c la ------- 25
420 420
425 425
427 427
425 425
425 425
425 425
14 J a n 9
19 F e b 4
10 J ’no
18 J a n
200 C e n t c u n i a l---------------------- 25
♦1512 17
10
10
I 6 I3 1012
1 6l2 17
171a 171a
17
17
37U A p r 25
43>2 F e b 4
6
3 014 J ’ ne
4 7 >2 J a n
763 C h in o C o p p e r . ..............
40*4 41*2
40
40*4
405s 4H2
4 0 's 40*8
40
40*8
40'4 4012
31 A p r 25
40 *4 F e b 4
32 D e c
63 J a n
518 C o p p e r R a n g e C o n C o ICO
36
36
36
36
30
30
30
36*4
37
37
36*4 37
2 A p r 24
3 Feb 6
2 S ep
4 Jan
2
2
200 D a l y - W e s t . . . - - - - — - 20
21a
♦2
2l2
*2
212 *2
*2
212
*2
2H
9*8 A p r 25
13 J a n 20
914 J’no
16>8 J a n
395 E a s t B u t t e C o p M i n . 10
IO I 4 107S • 1 0 U 10 1 2
10U 10U
10U 1012
1 0 t4
IO I 4
*1 0la 10*4
2 i2J a n
h
778 A p r 6
2 i2 D e o
0 Jan
834 F r a n k l i n ____________- - 2 $
4*4
4*4
41a
478
4*4
5
5
5
5
5
5
5 ls
7 3 i2J a n 9
91 F e b 4
61
J ’ ne
78>4 S ep
1,740 G r a n b y C o n s o lid a t e d . 100
80
79U 80
807S 80
80U
81
80
80
81
S 0i3 81
2 1 U A p r 25
42*8 F e b 4
27*3 O c t
3 5 i2 A u g
6,212 G r e e n e -C a n a n e a --------- .100
33
34
34
32
30*4 33
32
31
30
32
30
32*2
1 3i2 A p r 22
22 F e b 4
12 N o v
25 J a n
220 H a n c o c k C o n s o lid a t e d 25
*1 5
16
•1 5
10
16
10
16
16
10
16
1012
10
2 8 i2 F e b 10
30 M c il2 4
277s o a n
35 A p r
H e d le y G o l d _________ - 10
L a st Sale 30
A p '14
30
30
30
* ______
30
■ Jan .
2
.27 A p r 27
i4 M a y
*4 J a n
100 H e lv e t ia C o p p e r ----------25
.40
.40
*.3 5
.45
.40
*.3 0
.45
.45 "*.3 0
* .3 0
.45 *•.3 0
3 A p r 24
0 i2 F e b 20
3 O ct
17 J a n
120 I n d ia n a M i n i n g ------- -- 2y
4
4
♦4
* 3*4
4
4
4 i2
4
4
4ta
40 M c h 6
49*4 A p r 9
4414 J ’ no
60 J a n
1
1,950 Is la n d C r e e k C o a l - - 49
4 9U 50U
49
5 0 l2
481a 49
47»4 47*4
4713 48>2
88>2 M c h 2 1
81
J a n 14
79 J ’ ly
8 7 i2 J a n
Do
p r e f .................
1
86
72
SO
80
85
86
♦85
86 *4
851a 80
*85
24 F e b _
10*8 A p r 25
16 J ’ ne
3378 J a n
19
430 I s lo I t o y a lo C o p p e r — 2o
19
19
19
19
*1812 19
19
19
19
M ch28
6H« J a n 20
2 *t J a n
4% Nov
jj
825 K e r r L a k e _____________
41a
4
41a
4 M i 4*8
4 M i 412
4*8
4*3
2is M a y 5
4 % F e b 18
1 A ug
25
3*8 F e b
2,575 K e w e e n a w C o p p e r —
21a
2
2*4
2*4
2 >s
2*4
21 a
2U
3U
6U A p r 24
l o i 2J a n 10
6 Nov
2 b i2 J a n
0
790 L a k e C o p p e r C o --------- 25
6 I3
61a
6
67s
61a
*6*8
4 ijJ a n
2
6 i2 F e b 14
314 J ’ ne
614 J a n
♦4*8
10 L a S a lle C o p p e r --------- 25
* 4*3
♦438
*4*3
*4*s
4*8
214 M a y 2
4 J a n 16
Id * Jan
3is N o v
6
♦214
*214 . . .
200 M a s o n V a lle y M i n e s .
*214
*2 U
*2'4
2U
2 M ch 7
e47a M a y 7
1*4 N o v
fiif J a n
4*8
4*8
414
4 Mi 412 2,925 M a s s C o n s o l_________ - 25
4
4U
414
4*s A p r 24
0 J a n 28
6 Nov
16U J a n
*4 1 4
4la
412
412
4 ia
210 M a y f lo w e r _______________25
*4ia
! *4ia
*412
2 1 *g M a y 8
2418 F e b 16
20U J ’ ne
2 0 i2 J a n
21*3 21*8
236 M i a m i C o p p e r ______ - ,*»
2H a 2112
*21*4 2214 • 2113 217S
2 l i a 21*4
• 21*3 2 2
*4 M a y 2
1U F e b 18
i 2 Dec
25
*.75
.99
2
Apr
100 M i c h ig a n _________ - —
**4
1
♦*4
.99
**4
.99
•*4
1
*4
39 A p r 22
46 J a n 23
38 N o v
65 J a n
437S 43*8 *4353
275 M o h a w k _____________ - 25
441* 45
*437S 4 4 i 2
45
44
44<4
44
45
1 3 i2 M a y 8
16*8 F e b _
5
13 J ’ ne
10*4 J a n
14U 14U
616 N e v a d a C o n s o lld a t e d .
13*2 137
8
137S 14l4
13*4 1378 *137* 14>8
13*4 137a
178 J a n 14
6*8 M c h 12
i 2 J ’ ne
N e w A r c a d ia n C o p p e r 26
2 i2 J a n
5 % 6*s 13,760
0
6U
6 's
6U
'
6*8
6*4
6
6 Mi
6U
6*8
i6 5 g M c h 3 0
8 i8 J a n 22
7U N o v
o
9 i2 M c h
*0
6 I2
6
6 I3
1,265 N lp ls s in g M i n e s . . — 61s
6 ’s
6 Mi
«U
, * 6 is
6*4
0l8
01s
23*4 A p r 24
80*4 F e b
21 *4 J ’ne
3 4 tj J a n
26
26
20
28
20
25
2512 1,404 N o r t h B u t t e ___
26's
20>4
20G
26'8 26>4
. 9 5 A p r 26
2% F e b _
N o r t h L a k e ______ ______ 25
.99 M as
1
1
2*4 J a n I
•1
400
*1
n2
1
1
l 'a
Ua
Ua
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2
J a n 23
i 2 J 'n e
3R J a n
1
*.9 5
1
'*.95 III
* .9 5
ll2
1«2
150 O J lb w a y M i n i n g . . . . . 2o
*.9 0
1
) .85
.85
2*4 M c h 30
5 H i J a il 28
3 Apr
8*s J a n
*4
*4
41S
50 O ld C o l o n y . . . . . . . . . 25
♦4
412
*4i8 4U
414
•4
414
4<S 4*8
467« A p r 28
54 F e b
41*4 J no
66 J a n
471a 471 2
471a 4712
140 O ld D o m in io n C o ------- 25
47U 47U
47U 47U
47*s 47*.i
4 7 lS 47 ' 8
7 014 A p r 25
84 F e b
67U D e c 107 J a n 1
74
7412
112 O s c e o la ________ . . . . . . 25
74
74
•73*4 74
73la 7 3 l 2 *7 3ia 7 4 i 2 *731a 75
16
A p r 24
207s J a n 2 2
15 J ’ ne
2314 J a n I
17
17*8
17
17i8
17*8 18*a
17
17
171a 17l2 1,880 P o n d C r e o k C o a l— - - 10
*1 7
1712
6 5 i2 A p r 25
68
Feb
Dec
*59*4 60
60
80 Jan I
59
69l2
65 Q u in c y __________________ 25
*5913 60
•5 9
69*4
6 9 is 6 9 l2 *5 9
17S4Jan 10
2212 A p r
15*4 J ’ no
20*4 21
2058 21>8
20*4 20*4
21ls 21'4
236 R a y C o n s o l C o p p e r . . 10
22 J a n :
20*4
21
*
31 A p r 24
40 F e b 25
30 N o v
48 Jan
33la 3312 ♦331a 34
110 S t M a r y ’ s M i n L a n d . 26
•331a 3 4 l 2
33
34
♦33ia 35
U 2Ja n 7
2 U J a n 27
1 J ’ no
S a n ta F o G o ld Sc C o p . 10
L a st Sale 2
*H a
1*4
*1*8
178
*17s
2
M a y ’ 14
3 Mi AUg
*1*4
1?8
6 i2 A p r 21
7 ij F e b 16
•5*4
6
5 Deo
1 3 if Jani
0
6
• 6 ia
57S
•51a
6
150 S h a n n o n ________________ 10
*51 2
6
5*4 6 %
22 A p r 22
29*4 F e b
237g 24
•237s 24
21 F e b
24
24
24
24
31 Sep I
24
24
650 S h a t t u c k - A il z o n a ------- 1 °
( 23*4 24
.14 A p r 29
.23 F e b 0
.16
.16 * .................16
.15 A u g
.16
.16
g
.35 Jan I
*.1 5
.16 * ................. 10
300 S o u th U t a h M * S —
2 5 l 2 A p r 24
82 F e b 14
287s 2878
28U 281.)
21 N o v
29
29
401* Jan I
400 S u p e r io r __________________2e
*381*
♦281a 29
28*s 29
13S A p r 25
2 % J a n 23
(4 * t F e b
1H i Jan
Ns
17S
17S
178
Vi
2
*1*4
2
.
1*4
2
575 S u p e r i o r * B o s to n C o p 10
1*4
1*4
2 Si2 J a n
9
43 F e b 28
36
3 0 l2
88 Jan :
3512 3512
21 J 'n e
36
36
35la 3 5 l 2
35
35
25
35ia 36
176 T a m a r a c k ________
3M» A p r 24
6 i 2J a n 23
♦3U
3*4
» Jan
*3>4
3*4
3 M ay
25
*3 U
31;
3U
3U
210 T r i n i t y _________
3U
3G
*3's
3U
.43 M c h 7
* .5 0
.55
.60
.60 ♦.55 ____ * ____
.8 6 M c h 19
3i| Jan
* .6 0
.51
.60 D e o
100 T u o lu m n e C o p p e r . . . 1
* .6 0
.55
.55
291 A p r 23
2
4 3 i2 F e b 4
34la 3514
35
3514
34
35
34 J 'n o
43<i Jan>
34U 3414
84
3 4 l2
3,081 U S S m e lt R e f * M i n . 50
33U 34
4 0 l 2 A p r 23
45
4512
45ia 4 5 * 2
4878 F e b 6
45
45
45
45
45
45
60
Jan'
44la 45
Do
p r e f _________
60
4 5 l j J ’ ly
1,910
U 2 A p r 22
*1*4
2
♦H3
17S
2*8 F e b 6
L a st Sale 173 M a y ’ 14
l i t M ay
•1»*
17|
U ta h -A p e x M i n i n g . . .
6
27i Sep j
*1>»
Vs
8*4 J a n
0
IO I 3 IO I 2
1 0 i2 I d a ♦1 0 i 2 11
14 F e b 13
714 M a y
*101* 11
* 1 0 ia 11
80 U t a h C o n s o l i d a t e d . . . . 6
10ia 10i2
11U Jan I
4 9 i2 J a n 10
55
65
647S 55 >8
547S 54*8
577s A p r 6
40 J 'n e
64la 6 4 l? *5434 65>4
300 U t a h C o p p e r C o . . . . . 10
63*8 63*8
t o Jan
1 M ch 2 42% M a y 4
2*8
2*8
2 Mi 2 Mi
780 V ic t o r ia __________. . . . . 25
2 »s
2*8
2*8
2%
* 2*8 2 Me
2*8
2*8
.90 J 'n e
1
Jan
31a
3*4
2 i2 J a n 8
314
37S
31a
3 i2
3
Sis
47s F e b 25
31a 312 2.635 W in o n a . . . _______. . . 25
* Sep
4
4 i( J a n ,
*42
44
42
42
44
44
38 A p r 24
47*4 F e b 20
44
43
43
42*1 4 2 l2 *43
110 W o lv e r in e _______________ 26
39>4 Nov
T l Jan
.75
* .6 0 .75 I * .0 0
.60
.60
* .6 0
.75
* .6 0
.75
.00 A p r 20
1U J a n 24
.60
.60
200 W y a n d o t t ________
25
.40 J ’ ne
He J a n j
• B id a nd asked price s. ( A s s M im e u t p a id , b E x -s to o k d iv id e n d , h lis - r lg b u . a ilx - d lv ld e a d a nd rig h to . 1 U n sta m p e d , r 2d p a id , w H a ll p a id .
75
7614
*61
03
* ______
99
*7
9
13»4 13«4
IOJ4 1034
249 250
146*4 147
99
99
. 87
87
93
03
*21412 216
•2*4
3
*2 3
25>2
- * ______
65
*2 0
25
*4 0
60
130 136
*1 53
165
1 *1 8
I 8 I2
1 10533 10512
\ *29la 30
*2 7
28
!
22
1
*1
33
2* 2
04 1
*94
21
61
24
M a y
1453
Boston Bond Record
9 1 9 1 4 .]
A m Agrioul Chem 1st 5s__..1928
A m Telep Sc Tel ', oll tr 4s._1929
Convertible 4 s ._ __
1936
20-year conv 4 M s________ 1933
Am Writ Paper 1st s f 5s g— 1919
Am Zinc L Sc S deb 6s____ _1 915
Atcli Top Sc S l*cgen g S ..1 9 9 5
Adjustm ent g 4 s ._ .-J u ly 1995
Stamped _ _ -----------July 1995
50-year conv 4s------------- 1955
10 -year conv 5s________ 1917
A tl G u .f & W l S3 Lines 5s_1959
B os& Corb 1st conv s f 6s _ .1923
Boston Kiev 3 -yr g 4s______1935
Boston Sc L o w e 1 4s------------- 1916
Boston & M aine 4 Ms----------- 1944
Plain 4 b.......................
1942
Bur Sc M o Riv cons 6s--------- 1916
.Butte El & Pow 1st 5s........... 1951
Cedar R ap & M o Rlv 1 st 7s 1910
Cent Vermt l s t g 4s___ May 1920
Q B Sc Q Iowa Dlv 1st 5s____1919
Iowa Iliv 1st 4s___________ 1919
Denver Exten 4s-----. -------- 1922
Nebraska Extcn 4s_______ 1927
B & S W s f 4s.......................1921
Illinois D iv 3 M s.................. 1949
•Chic Jet Ry & Stk Yds 5s__1915
Coll trust refunding g 4S.1940
O h MUw & St P Dub D 6s__1920
C h M & S t P VVis V div 6 s ..1920
Ch Sc N o Mich 1st gu 5s_._1931
Chic & W Mich gen 5s--------- 1921
Concord Sc M ont cons 4s— 1920
Copper Range 1st 5s---------1 9 4 9
'Cudahy Pack (The) lstg 5 1924
Current River 1st 5s----------- 1926
D et Gr Rap & V 1st 4 s------- 1940
V
Dominion Coal 1st s f 5s— 1940
Fitchburg 4 s-------------------------1927
Frcmt Elk Sc M o V 1st 6 s ..1933
Unstamped 1st 6s................1933
A -O
J -J
Wl-S
Range
Since
Jan. 1
Week’s
Range or
Last Sale
Price
Friday
M ay 8
rBONDS
B oston stock exc h a n g e
Week Ending M a y 8
High
Bid
A ik Low
9934
99
993.1 993.1
89b
88b 89
88*2
10338 M ch ’ 13
99
99
6938 M ch’ 14
100 M ch’ 14
965a Apr T4
87 M ch’ 14
841* Aug T3
947 Jan ’ 14
8
100U Dec ’ 13
65b
65b Sale 05
50 M ay’ 13
83U Jan T4
IO I Meh '09
O
■
1041- Oct '()>
95 Feb T2
10034 M ch’ 14
High No Low H igh
Bid
Ask Low
100 b 100
101 101b 100b M ch’ 14
37 943,1 97b
97b
97b Sale 96b
16 94b 97b
97„
97 Sale 97
Low High
93 1005*
94
General M otors 1st 5-yr 6s_1915
847 89b a t Nor O l l & Q coll tr 4s__1921
a
Registered 4s____________ 1921
_95 " ~ 3 Houston Elec 1st s f gen 5 s . 1925
9'JI
la Falls St Sioux O 1st 7s___1917
693s 72
Kan C Clin & Spr 1st 5s_._1 9 2 5
100 104
93U 95b Kan C Ft Scott & M em 6s__1928
K C Ft S & M Ry ref 4s gu_1936
853 87
8
Kan C M & 13 gen 4s_______ 1934
Assented income 5s.......... 1934
947 ~94b
a
Kan C Sc M Ry & Hr 1st 5 s . 1929
_63b "68 ’ Marq Hough Sc Ont 1st 0s__1925
Mass Gas 4 ^ s ______________1929
Debsn 4 Ms..................Dec 1931
8312 ~83L
Mich Telephone 1st 5s_____ 1917
Miss River Power 1st 5s___ 1951
New Eng Cotton Yarn 5 s . .1929
1003.1 10U; New Eng Telcph 5s________ 1915
5 s ................
1932
104b 104'U New River (The) conv 5s__1934
ioiii Feb ’ 14
80
80
85b N Y N II & H con deb 3 M s-1956
80
C onv deb 6s______________1948
1 103 Oct ‘07
977 *9 7b Oreg Sh Line 1st g 6s..............1922
8
977 Mch’ 14
a
99
99
99 M ch’ 14
Pond Creek Coal 1st 6s . .. 1 9 2 3
95U 9C5; Puget Sd Elec Ry 1st 5s____ 1932
965a Feb ’ 14
Repub Valley 1st s f Gs____ 1919
98*2 Dec *1!
8334 M ch’ 14
_833 ~83*- Savannah Elec 1st cons 5s__1952
4
9834 10058 Seattle Elec 1st g 5s_________1930
100U
100b 1003s 100i8
81
84
Shannon-Ariz 1st 6s g _____ 1919
81
8212 81's Apr T4
Terre Haute Elec g 5s____ Il9 2 9
107 J’no’ 13
Torrington 1st g 5s________ 1 9 18
1135S Feb 'll
65
65
Union Pac ICR 3c Id gr g 4s_1947
65 Apr T4
63
64
20-year conv 4 s___________ 1927
88
92
88 M ch’ 14
70
75
93b 93b United Fruit gen s f 4 ^ s ___ 1923
9312____ 9312 Mcb T4
Debenture 4 ^ s __________ 1 9 2 5
95 M ch'13
85
95
U S Steel C o 10-60-yr 5s A prl963
100U A u g '12
West End Street R y 4s____ 1915
92 J’ly T3
Gold 4 M s.....................
1914
H597 78
a
8
1 o97
J 8 1f597
Gold debenture 4s----------- 1916
973a 995*
99 100
99U Apr T4
Gold 4s...................................1917
Oct '12
95
Western Telepii & Tel 5s-----1932
mu II” 121 M ch’ 14 ____12012 121
Wisconsin Cent 1st gen 4 s . .1 9 4 9
122 M ch’ 12
j" " j
"
M-N
A -0
Nov
M-N
J -D
J -D
J -J
M-N
M-N
J -J
J -J
F -A
J -J
J -D
M-N
Q -F
A -O
A -O
F -A
M-N
M -S
J -J
J -J
A-O
J -J
J -J
M-N
J -D
J -D
A -O
M-N
A -O
A -O
M -N
M -S
A -O
A -O
N O TE .— Buyer pays accrued interest In addition to tho purchase price for all Boston bonds.
Range
Since
Jan. 1
Week's
Range or
Last Sale
Price
Friday
M ay 8
BONDS
BOSTON STOCK E X C H A N G E
W eek Ending M a y 8
ii7 A p r '08
92 Feb 13
____ 90
109 110b 110b Apr ’ 14
74b M ch’ 14
25
85
85
75 A p r ’ 14
____ 75
94
i
93
95b 94
115 J’ne'08
2
96b Sale 06b
96b
6
95b
95b Sale 95b
98b M ch ’ 14
SI
813S
7
2
80
80
82b 80
100 ------ 100 Feb '14
43
101
101 Sale 100 b
75 M ch’ 14
70b M ch’ 14
111b M ch’ 14
100b Jan ’ 14
2
101
101
88 Jan ’ 14
103 Jan 'll ____
_
70b Dec 'Id _
101b A p r ’ 14
10
95
95
9 4 b ____
97 Apr '07
100 M ch’ 14
07b M ch’ 14
90b M ch’ 14
1
06b
961.)
6
94b
94b Sale 9434
102 b Sale 102b
5
102b
99b Apr ’ 14
99b Feb ’ 14
987 Apr ’ 14
s
96b N o v ’ 13
3
9734
07b Sale 97b
93b Feb *12
4
* No prloe Friday; latest bid and asked.
108b
74b
85
75
94
112
75b
86
80
96*4
95b 97b
93
9534
98b 98b
81
8534
75
83
99b 100
100b 101*4
75
80
68b 75
111b117
109b 109b
100 107b
88
88
100
1 0 U4
100
97b
90b
93b
92
100b
98
99 b
98b
100
97b
90b
96b
95b
103
99 b
99 b
98b
95
92
9334 993$
1 Flat prices.
1
Philadelphia and Baltimore Stock Exchanges— Stock Record, Daily, Weekly, Yearly
SH ARE PRICES— N O T PER C E N T U M
Saturday
M ay 2
Monday
M ay 4
Tuesday
M ay 5
Wednesday
M ay 6
103 103b
•102*4 104b ♦102b
«I021i
112
*110
*110 111 ♦110 111b •110
14
14
14
14b 1438
14b
14b 14b
60
56b *54b 56b *53
55b 55b •55
*122
•122b
—
0121b
•10*4 : : :
•19b : : : :
•19*4
1 *191*
*54
•54
•54
•54b
26b 26“
4
26b 2612
26*s 26b
t 20b 26b
K
f 37
"sY"
47
~62\
38b
77
10b
10b
78b
69b
17b
30*4
es IS %
sou 39b
25b 25b
14b 14b
*1*5 81%
0 % 6 'At
4212 4 ib
837, 83
1 78b
10b
19b
78b
♦69b
17b
30*4
37b ~37b
47
47
~52~
•37b
•76b
10b
•19b
78H
69*s
17b
30b
55%
39b
25b
14b
81%
6U
42b
83
*37~
46b
— 46b
53“
“62b 52’b
37*4
38b *37
77
77
77b
10*4 10*4
10b
18b 19b
19*4
78
79
78*3
70
69b 70
18
•17b 17*4
30*4 30*4
30*4
65*8 555„
55b
40
30b 40
25*8 25b
25b
14b
14U 14b
82b
82 ',< m
»
6*8 6 %
6b
43
42b 42*4
83
83
83
P H IL A D E L P H IA
Bid
-Sales
o f the
Week
Shares
PRICES
Thursday
M ay 7
Frida y
M ay 8
103b 104
104b 105
112
111 111b
14
14b
14b 14b
•54
66
*63
57
125 125 *123 126
*19
20
*19b
♦53b
•53b
26b 20b
20b 20b
243
95
740
40
28
951
A C T IV E S T O C X S
B altim ore
Con Gas El L & P ow .100
Do
p r e f _______ 100
Houston Oil tr ctfs— 100
Do
pref tr c tfs . 100
Northern Central-------50
Seaboard Air Line___ 100
Do
pref_______ .1 0 0
United R y & Electric. 50
Highest
103 Feb
109 Jan
12 Apr
63 Apr
115 Jan
17U Jan
46 Jan
24b Jan
Ask
38""
47
"37b "37*8
♦46b 47
P H IL A D E L P H IA
P H IL A D E L P H IA
g
Y « Bid an4 asksdl >0 sales on Urt day.
ADM ftn .
/1
sKx-divldcnd,
I <15 paid.
< <17M paid.
Y22b paid.
Bid
97b
—
Ask
98
112b
—
101b 101b
92
—
73
74
83
73
—
01b 93b
128b 128
150
94
89
80
b " ’ lb
91b
97
101b —
99 ____
91*4
100
91b
90
104
104b
104
104
102 104
93b 9<*4
103
101
Range fo r Previous
Year (1913)
Lowest
14 108 Jan 26 101 J’ne
3 114 Mch 10 101 J'ne
12b Dec
26
19b Feb 2
60 Jan 19 56b J’lv
28
22 127 Apr 8 106b Dec
22 Feb 6
14b J ’ne
2
4li2 J’ly
65b Feb
27U Mch 6
23 Jan
7
P h ila d elp h ia
American Cem ent___ 50
*37’
37 Apr 16
37*4 “ " ‘ 227 American R a ilw a y s.. 50
|
467 47
3
650 Cambria Steel--------------- 50 x457 Apr 30
Electric Co of America 10
11 Jan 15
lib
“52“ "6*2"’ *51*4 52b *51b 61*4
46b Jan 5
239 Elec Storage B attery.100
*37
37
15 Gen A sp h alt__________100
36b Jan 9
37*4
37
•36b 37
Do
p re f________ 100
7434 Jan 5
103
76b 76b
76b 76b
76*8 76b
11
97 Apr 28
i
11
11
221 Keystone Telephone. 50
11
*10*4 l ib
18*4 19b *19
18b Apr 2S
960 Lake Superior Corp— 100
19b •18b 19
78
487 Lek C & N av tr c t f s .. 50 x77b Apr 30
77*4 78
78
77b 78
69
200 Lehigh Valley--------------- 50 6 6 % Apr 22
G
97s 69 b
69b 69b
69b
1031 Apr 27
17b *17
276 Lehigh Valley Transit 50
17U 171? *17
17b
Do
pref--------------- 50
30b Apr 24
222
30*4 30*4 •30b 30*4 •30b 30*4
54U Apr 25
1,644 Pennsylvania R R ___ - 50
5 5 % 55b
55b
55b 5 5 %
3S3a Apr 27
635 Philadel Co (P it t s b ).. 50
39*4 39*4
39*4
39b 39b
25b May 0
251.3 25 b
2,222 Philadelphia E lectl}.. 25
2533 25b
25b 25b
143, 143.
14*i 1434
14b 15b
13 Apr 27
1,905 Pbila R T v o t t r e t f s .. 50
82% 82%
2,503 Reading________________ 50 279 % Apr 27
8 D4 S2%
82 b 82b
6*j
6 Mch 6
876 Tonopali M ining___ _ 1
6b
6b
6b
6b o k
4234 42*4
4234 1,417 Union Traction_______ 50
42 Mch 27
42
42b 42b
82*4 83
82 Apr 25
83
827 83
j
83
646 United Gas Im pt___ _ 50
•37b
467
s
Ph Ss Read 2d 5s 1933 A-O
B onds
Inactivo Stocks
P rice s a rc a ll “ a n d
E x Imp M 4s 1 9 4 7 .A-O
Amer Gas of N J— - Terminal 5s g 1941 Q -F
l l t i . in te re s t”
American Milling— - - - 1 0
A lt Sc L V Elec 4 M *’ 33F -A
P W & 1 col tr 4 , ' 2 1 . . J-J
1
Amer Rys pref— . — 100 100b
Read Trac 1st 6s ’ 3 3 . . J-J
42b Am Gas St Eloc 5s *07. F-A
85b
Cambria Iron-----------------50
Am Rys 5s 1917...........A-O
Ventral Coal & Coke— 100
j Preferred----------- - . . - 1 0 0
A tl C Gas 1st s f 5s ’ 60 J-J
Spanlsh-Am Ir Gs ’ 2 7 . . J-J
Stan’d Gas S El 6s’ 26 J-D
c
Consol Trac of N J - .- 1 0 0
Berg&EBrow ls t6 s ’21 J-J
arwood E lectric.. . . 1 0 0
Stand Stl W ks lst5 s’ 28 J-J
Bethleh S’ tl 6s 1 O 8 .Q -F 116
0
07
Ch Ok & G gon 5s 1919 J-J
untington & B T -------60
Un Rys tr ctfs 4s ’49 _J-J
Con Trac or N J 1st 5s ’33 103b
50
L Preferred-------Del C o Rys tr ctfs 4s’49J-J
Insurance C o of N A _ . 10
United Rys I n v l s t coll tr
Edison Eloc 5s 1946__A-O
■Inter Sm Pow Sc Chem 50
s f 5s 1 0 2 6 . . , ____ M -N
Kentucky Securities.. 100
82
Elec St Peoples T r tr ctfs.
81
Welsbach a f 5s I 9 3 0 ..J -D
K eystone Telep, pref. 50
Fr Tac Sc II 1st 5s '40.J -J
W ll-B G & E con 5s '5 5 . J-J
Keystone Watch Case 100
Gen Asphalt Gs 1 9 1 6 .M -S
97b 98b York R ys 1st 5s 1937 .J -D
L it Brothers-------------------10
Harw Elec 1st Gs 1942 M -S 102b 10 2b
iJttlo Schuylkill---------50
Interstate 4s 1943-----F-A
53
B A L T IM O R E
58 b
Kentucky Tra&T 5s’51F-A
Minohlll & Schuyl I I 50
Inactive S to c k s
Nftt Gas Elec L t Sc P ..1 0 0
91
Keystone Tel 5s 1 9 3 5 ..J -J
91b Atlan Coast L (Conn).lOO
Lake Sup Corp Inc 5s’24 O —
i Preferred-----------— 100
60*4 Canton C o____________ 100
North Pennsylvania-. 50
Lehigh N av 4 ^ s '2 4 .Q-F
Consolidation C o a l.__100
Pennsy recolpts S30 paid.
Cons 4 M * Interim ctfs w i 09
Georgia Sou Sc F l a . . __100
1st preferred________ 100
Pennsylvania Salt-------50
102b Leh V O 1st 5s g 1 9 3 3 .J-J 105b 105b
Loll V ext 4s 1st 1 9 4 8 .J-D —
2d preferred________ 100
Pennsylvania S t e e l..-100
—
Consol 6s 1 9 2 3 ._ _ .J -D
G -B -S B re w in g ..____ 100
Preferred . . . . . . ___ 100
Fhtla C o (Pitts) 6% prf 60
Consol 4 M* 1 9 2 3 .. .J - D
P rice s are a l l “ a n d
Annuity 6s_________ J-D 135 137
5 % cumulative pref 50
Gen cons 4s 2 0 0 3 ..M -N
in te re s t’ '
Phlla German Sc Norris 50
91
92
’’'hila Traction__________50
Balt C ity 3 M s 1 9 3 0 .. .J-J
80b Leh V Tran con 4s ’35 J-I)
4s 1 054 -19 55.__Various
'allways General____ 10
1st series A 4s 1 9 3 5 .M -S
1st series B 5s 1935 M -S 103" 103b
5s 1916...................... M -N
■"lopah Belmont D ev 1
~7h
[ted Cos of N J _ . __100
M arketstK 11st 4s \55M-N
05 Anacostla Sc Potom 5s A-O
ted Trac Pitts pref 50
N atLH & P serB 5s ’ 19 J-J
Atl O ’st conv deb 4s_M -N
jlnla R y Sc Power__ 100
New Con Gas 5s 1 048 .J -D __
Atl Coast L(O t)ctfs 5s J-D
_
referred . . . . . ______100
N Y Ph & N o 1st 4s’39 J-J
5-20-yr 4s 1925.......... J-J
arwlck Iron Sc Steel. 10
Income 4s 1939___ M -N
B S P Je O 1st 4 Ms '53 F-A
....
ash'ton-V aR y (now) 100
Penn Steel 1st 5s ’ 1 7 .M -N
Balt Trac 1st 5s ’ 2 9 . M -N
Preferred — -------------100
People’s T r tr ctfs 4s_1943
N o Balt D iv 5s 1942J-D
^ 0 Isbach C o-------------- loo
P C o lst&coll tr 5s’49M -S 1007 101b Cent Ry cons 5s ’3 2 . M -N
*
JJest Jersey * Sea S h . 50
Con Sc coll tr 5s ’ 51 M -N
E x t & Im p 53 1932 M -S
88
89
t estmoroland Coal— 50
Phil Elec gold tr c tfs.A -O 101b 102 Chas City R y 1st 5s’23 J-J
filkes Goa Sc Elec-------100
Trust ctfs 4s 1 9 4 9 ..J-J
80
80b Oha« By O I t El 5s '9 9 M 8
C ity & Sub 1st 5s 1922 J-D
T o rk R a ilw a y ..— — - 50
10b P Sc E gon M 5s g ’ 2 9 .A - 0
Gen M 4s g 1 0 2 0 .. .A -O
Oity&Sub (W as) 1st 5s *48
33b
- V P referred____________ 50*
gitized fo r F R A S E R
i://fr a s e r .s tlo u is fe d .o r g /
Range Since Jan. 1
(F o r Bonds a n d In a c tiv e
Stocks see below)
Highest
120 Jan j
120*4 Jan
25b Nov
68 Jan i
123 Apr j
21 Jan .
49b Sep !
27b A p r :
2 Feb
2 Feb
39b Feb 14 37 J’ne x49b Feb ,
6 1 34 Jan 21
41 J n c
63b Jan !
l i b Jan 27
12b Jan j
l i b J’ ly
42i2 J'ne
55b Fob 2
54b Jan
427 Feb 1
a
42b Feb 10 33 J’ne
703# J’ ne
82 Feb 10
78 May
13b Jan 15
9*4 J’ne
13b May
21 Dec
23b Jan 31
31b Jan
84*4 Jan 22
81 J’ne
93b Jan
78b Jan 24
70b J’ ne 84 Mj Jan
1534 Jan
20b Feb 4
23b Mch
34 Jan 29
29b J’ ne
37bMch
6734 Jan 31 53 % Dec 6 1 % Jan
4034 Feb 0
37 J’ ne
50 Jan
27b Feb 19 520b J’ne H26b Deo
20b Jan 15
18 Nov
28b Jan
86b Jan 23
75b J’ ne
8 5 % Deo
4 J’ly
7b Jan 14
7 % Deo .
47 Jan 15 4134 Nov
61b Jan ■
86 Jan 28 8034 J’ne
91b Feb
B A L T IM O R E
Bid
Ask
Coal Sc O R y 1st 5s ’ 19 A-O
92
94
Coal Sc I R y 1st 5s’20 F-A
98 100
Col St Grnv 1st 6s 1916 J-J
102b
Consol Gas 5s 1 9 3 9 ..J -D 105b 100
Gen 4 M s 1954.......... A-O
«J4b M '«
Cons G E Sc P 4 M s ’35 J-J
88b
Cousol Coal 5s 1 9 5 0 ..J-D
89*4
Fair Sc Cl T r 1st 5s ’38 A-O 100 101
Ga Sc Ala 1st con 5s ’45 J-J 104 105
Oa Uar&N 1st i s g '29 J-J
103*4
Georgia P 1st Gs 1 9 2 2 ..J-J 107b
Ga So Sc Fla 1st 5s ’45.J-J 104 ____
G -B -S Brew 3-4s ’ 5 1 . M -S
26b
Houston Oil div c t f s ._ F-A
78
Knoxv Trac 1st 5s ’28 A-O 103
M acon liy& L t 1st 5s’ 53J-J
97b
M d Elec R y 1st 5s ’31 A-O
98
98*4
Memphis St 1st 5s ’45.J-J
94
06
Monon V Trac Gs ’42 J-D
M t Ver C ot Duck 1st 5s__
32b 35
N p tN Sc O P 1st 5s’3 8 M -N
98
92
N Sc A Terml 5s ’2 9 . . M -S
93
Nor&Port T r 1st 5s'36 J-D
87
Norf Ry Sc L 5s ’4 9 . .M - N
97
North C e n t4 U s 1925 A-O 102
Series A 5s 1926____ J-J 105b . . . .
Series B 5s 1926____ J-J 105b
——
Income 4s 1949___ J-D
Funding 5s 1936__J-D
Conv notes 5s 1914 J-J
a M id 3d ser 6s '1 6 .M -S
4th ser J-4-Cs 1921 M -S
5th series 5s 1 9 2 6 ..M -S
a (State) 3s new ’ 32.J-J
Fund debt 2-3s 1091 J-J
103
104b
85b
105
105b
92
83 b
04 b
86b
100
102
102
103
82
100
106
T
■ »
85*4
03
05
___,
— *
1454
THE CHRONICLE
S u u e stm e u t
R
A
I L
R
a n d
O
A
^ a tltc r a d
D
G
R
O
S S
[V o l . XCVIII
lu te llig e iic e .
E A R
N
I N
G
S .
The following table shows tho gross earnings of every STEAM railroad from which regular weekly or monthly returns
l can be obtained. r he first two columns of figures give the gross earnings for the latest week or month, and tho last two
l
( columns the earnings for the period from July 1 to and including tho latest week or month. Wo add a supplementary
(Statement to show the fiscal year totals of those roads whoso fiscal year does not begin with July, but covers somoother
period. The returns of the electric railways are brought together separately on a subsequent p a g e . _________________ _
Latest Oross E a rn in g s .
ROADS.
Week or
M o n th .
A l a N O & T e x PaoN O & Nor E a st. 1st wk Apr
Ala A Vicksburg. 1st wk Apr
Vicks Shrev Stl'ac 1st wk Apr
Ann Arbor_________ 3d wk Apr
Atch Topeka & S F . M a r c h ___
Atlanta Birin & Atl February _
Atlantic Coast Lino M arch____
Chariest A W Car M a r c h ___
Lou Ilcnd & St L February .
g Baltimore A Ohio. M a r c h ___
B & O Ch Ter It It M a r c h ___
Bangor & Aroostook March ___
Bessemer & L E rie. M a r c h ___
Birmingham South. February .
Boston A M aine___ M a r c h ___
B u f f R o c h * B itts .. 4th wk Apr
Buffalo & Susq____ M arch____
Canadian Northern 4th wk Apr
Canadian P a cilic.. 4th wk Apr
Central of Grorgla. M a r c h ___
Central of New Jer. M a r c h ___
Cent Now England- M a r c h ___
Central V erm on t.. February .
Chcs A Ohio Lines. •1th wk Apr
Chicago A Alton___ 3d wk Apr
Chic Burl A Quincy February .
/C h i c & East 111... M a r c h .. ..
p Chic Great W e s t. 4th wk Apr
Chic Ind A Louisv. 3d wk Apr
Chic Milw A St P . 1 M a r c h ___
Chic M il & r u « a i
»Chic A North W est M a r c h ___
rChic St P M & Om March ___
Chic Terre H & 8 E M a r c h ___
Cin Ham A Dayton M a r c h ___
Colorado M idland. March ___
b Colorado & South 4th wk Apr
_______ M arch____
Cornwall
Cornwall A Leban n M arch____
Cuba R ailro ad ____ March ___
‘Delaware & Hudson February .
D el Lack A W est___ M a r c h ___
D env A Rio Grande 4th wk Apr
‘ Western Pacific. _ 4th wk Apr
Denver A Salt Lake 3d wk Apr
‘Detroit Tol & Iront February .
Detroit & Mackinac 4th wk Apr
D ul A Iron R a n g e .. M a r c h ___
! Duluth So Sh & Atl 4 th wk Apr
'Elgin Joliet A E a st. March —
IE1Paso A Sou W est M arch____
'Erie............ .................. M a r c h ___
Florida East C oast. March ___
! Fonda Johns & Glov M a r c h ___
Georgia Railroad__ M a r c h ___
Grand Trunk Pac__ 3d wk Apr
Grand Trunk Sy st. 4th wk Apr
V Grand Trk W e s t. 3d wk Apr
D e t Gr H A M ilw 3d wk Apr
Canada Atlantic. 3d wk Apr
Great North System M a r c h ___
G ulf A Ship Island. M a r c h ___
M a r c h ___
April ____ Hocking Valley____ 4th wk Apr
IUlnoi3 Central____ 4th wk Apr
•Internat A Grt Nor M arch ____
p In teroceanic M o x . M arch____
Kanawha A M i c h .. M arch____
Kansas City Sou___ M arch____
Lehigh & New E n g. March ___
Lehigh Valley_____ 4th wk Apr
Louisiana A Arkan. M arch____
s Louisville A N ash. M arch____
M acon A Blrm’ham M a r c h ___
M aine Central_____ 3d wk Apr
Maryland A Penna. 4th wk Apr
O Mexican Railways 4th wk Apr
Mineral Range------Minn A St Louis. . \ 4th wk Apr
Iowa Central-----/ M arch____
M inn St P A S S M _ 4th wk Apr
Mississippi Central. 4th wk Apr
U M o Kan A T e xas, March . . .
c Missouri Pacilic.. 4th wk Apr
Nashv Chatt & St L 3d wk Apr
a N a t Rys of M ex.(_ M a r c h ___
N evada-Cal-Oregon M arch____
Now Orl Great Nor M a r c h .___
«N Y O A Hud R lv . M arch____
Boston A Albany M arch____
Lake Shore A M S M arch____
n lAke Erie A W . M a r c h .. ..
' Chic Ind A South M a r c h .. ..
Michigan Central
, Clov O O A S t LI M a r c h .___
Peoria & Eastern/ M a r c h .. ..
Cincinnati North. M a r c h .. ..
Pitta A Lako Erie M arch____
N Y Cblc A St L . M arch____
I Tol A Ohio Cent.
To* all lines above
[
* Weekly Sum m aries.
C u rre n t
Y e a r.
Previous
Y e ar.
C u rre n t
Y e ar.
Previous
Y e a r.
S
S
5
67.000 3,141,719 2,998,012
61,000
32.000 1,462,905 1,400,989
20,000
28.000 1,435,959 1,352,767
27,000
40,743
42,071 1,879,052 1,847,090
,340,406 9 ,523,890 83,679,202 89,498,444
272,741
250,491 2,393,218 2,182,604
,703,001 3 ,759,122 27,658,331 27,353,102
210,450
203,945 1,624,511 1,465,915
100,482
97,452
916,107
828,923
,974,380 7 ,789,857 74,260,822 76.006,069
119.920
130,779 1,241,098 1,334,065
428,430
326,550 2,775,263 2,341,763
348,093
600,917 6,230,442 6,301,439
79,510
105,154
807,474
800,384
,727,974 ,731,290 35,596,433 36,617.411
170,952
268,846 9,217,012 9,018,366
197,995
213,629 1.800,819 1,850,075
605,100
605,000 19,403,700 18,582,900
,860,000 .513,000 109675012 115536370
,325,37b .320,664 11,257,451 10,982,601
,434,739 ,331,666 23,609,037 24.314,029
298.121
293,051 2,782,370 2,773,897
245.921
286,823 2,681.150 2,790,555
967.306 30,448,538 29,080,223
065,575
222,088
274.307 11,791,293 12,540,101
,422,590 ,035,296 04,497,936 65,372,143
,441,037 ,268,382 12,428,186 12,367,034
268,243
259,507 12,010,176 11,648,530
121,692
165,055 5,615.414 5,590,860
,030,103 ,596,900 70,034,298 71,947,202
0,901,688
1,511,155
239,176
784,484
124 ;257
275,754
16,003
25,947
685.739
1 ,425,991
2,777,930
488,900
139.000
18,845
00,051
30.501
127,623
90,698
1,019,006
786,996
4.981,548
711,106
77,030
297,307
119,156
1,315,790
145,095
49,050
41,467
5,279,321
105,733
597,408
4.715.353
228.000
170,215
200,912
980,970
217,077
3,000,130
151,209
1,365,310
17,141
1.047,977
40,578
172,700
17,264
169,519
6,845,476
1,351,408
130,980
678,611
119,446
340,828
20,500
34,964
460,741
1.044,913
2,789,349
647.000
149,200
19,803
120.436
36,010
101,465
73,727
1,144,564
765,934
4,894,403
726,988
79,600
291,118
118,626
1.523,144
153,932
45,400
45,049
5,475,696
188,022
478,469
4,560,001
273.000
285,601
234.457
891,434
127,544
2.903.284
160.437
1,549,362
10.321
981,249
41,012
199,700
23,304
107,323
604,780
83,650
651.072
1,330.000
1,092,925
713,309
6.076
149,332
7,529.806
1,311.270
4,338,642
603,562
423,881
2,846.014
3,028,168
729,
90,
754,
1,407,
1,145,
1,219,
8
161,
7,881
1,323
4,754
444
300,
2,972
2.824
Latest Cross E a rn in g s .
J m y 1 to Latest D a te .
65,832 ,335
14,000 163
1,742 .199
7,540 ,546
1,368 ,942
11,305 .950
139 ,691
232 ,281
3,725 ,614
15,598 ,487
29,011 ,504
19,610 ,890
6.099 ,392
947,,875
1,010 ,953
1,013 ,997
5.099 ,396
2,868 ,085
8,843 ,947
6,668 ,485
45,946 ,607
3,899 ,417
730 ,388
2,601 ,288
5,786 ,145
45,530 ,370
5,808 ,939
2,041 ,188
1,877 ,045
58,294 .721
1,545 ,544
5,707 288
55,760 .052
8,558 ,601
8,277 ,104
2,426 ,491
8,191 ,618
1,484 ,624
29.270 424
1,314 ,437
50,608 687
124 329
8,811 643
395 335
8,060 100
360 013
8,122 732
,653,679
,231,246
,472,866
,767,156
,480,557
,719,202
182,033
318,204
,335,102
,333,154
,274,527
,637,034
,130,889
927,005
,170,356
,031.534
359,560
,736,632
900,662
,497,849
,155,987
,810,171
787.185
,376,932
,910,646
,917,660
,093,987
,944,901
,706,649
.507,852
.686,863
,773,375
,698,895
,401,105
,435,249
,102.197
,299,252
,973,907
,286,364
,726,295
127,562
8,534,989
378,230
7,112,600
714,728
8.234,702
999,637
783,223
969.537
,461,264
728,912
,285,458
295,705
425,112
,000,966
,624,965
,820,506
,373,629
355,816
,984,091
,769,346
27,056,174
790,240
27.585.043
52,324,683
10.015.824
50,655.397
332,887
1,307.420
73.096.591
12.031.592
43,510,034
4,674,250
3,350,312
20,229,288
28,735,700
115,043
91,650 1,135,961 1,089,749
1.601,596 1,595,566 13,603.093 14,745,119
1,022,170
940,086 9.087,818 9,584.378
513,745
357,778 4,509,070 4,121,120
23234547 23575659 216271324 221068138
July 1 to Latest D ate
ROADS.
Week or
M o n th .
C u rrent
Y e ar.
Previous
Y ear.
C u rrent
Y ear.
Previous
Year.
N O Mobile A Chic..
N Y N II & I la r t f..
N Y Ont A W e s t ..
N Y Susq A W est—
Norfolk Southern..
Norfolk A Western.
Northern Pacific___
Northwestern Pac.
Pacific Coast C o ___
Pennsylvania H i t . .
Balt Ches A A t l . .
Cumberland Vail.
Long Island_____
M ary I’d Del A Va
N Y Phlla * Norf
Northern Central
Phlla Baltic Wash
W Jersey A Seasb
Pennsylvania Co___
Grand Rap A Ind
Pitta C C & St L .
Vandalla_________
Total Linen—
East Pitts A E_
Went Pitts & E
All East A W est.
Pero M arquette___
Reading Co—
Phlla A Reading.
Coal A Iron C o ..
Total both cos___
Rich Fred A Potom
Rio Grande June___
Rio Grande S o u th ..
Rock Island Lines. _
R utland____________
St Jos A Grand ls l.
St L Iron M t A Sou
St L Rocky M t A P
St Louis A San Fran
St Louis Southwest.
San Pod L A A S L .
Seaboard Air Line__
Southern Pacific___
Southern R ailw ay._
M obile & Ohio___
Cin N O t T P ac.
Ala Great Booth.
Georgia Sou A Fla
Spok Portl A Seattle
Tenn Ala A Georgia
Tennessee Central.
Texas & Pacilic____
Tidewater A W e s t.
Toledo Peor & W est
Toledo St L & W est
Union Pacific S y st.
Virginia & So W e s t.
Vlrelnian___________
W abash__________ _
Western M aryland.
Wheel A Lako Erio..
Wrightsv A Tennillo
Yazoo A M iss Vail
February....
M a r c h ___
M a r c h ___
M a r c h ___
February__
M a r c h ___
M a r c h ___
March ___
M a r c h ___
March . . .
M a r c h ___
M a r c h ___
M a r c h ___
M a r c h ___
M a r c h ___
M a r c h ___
M a r c h ___
M a r c h ___
M a r c h ___
March . . .
M a r c h ___
M a r c h ___
8
103,200
5.262.963
661,825
351,023
323,228
3,598,327
4,947,821
268,706
468,723
14851147
20,821
262,413
865,160
8,438
271,317
1,075,721
1.567.963
376,034
4,392,788
453,358
3,409,652
1,001,444
8
191,025
5,452,655
698,104
328,523
341,480
3,568,831
5,619,874
259,527
619.711
14849 127
20,276
295.069
807.070
9,225
290,931
1,050,735
1,787.308
459,100
4,500,108
444,114
3,222,908
787,994
1,503,912
49,819,352
6.736,880
2,954,500
2,790,371
33,433,948
62,608,371
2,772,700
5,501.135
130031417
270,221
2,000.290
9,155,358
119,270
2,799,545
9,903,218
15,378,773
4,784,573
46,883,019
4,227,452
32,586,544
8,835,950
5
1,670,394
52,470,201
7,109,099
2,811,173
2,713,017
32,942,971
55,187,255
2,756,880
5,981,854
135836760
239.190
2,619,819
8,480,328
119,300
2,708,520
9,940,301
15,707,265
4,803.875
49,320,438
4,197,354
33,835,259
8,537,809
M a r c h ___
M a r c h ___
M a r c h ___
M a r c h ___
20103440
9,455,100
29558655
1,332,755
20504623
9,133,604
29728 227
1,395,394
191700217
94,371,572
280077 791
12,553,750
192331 136
97,032,121
289903 261
13,305,003
M a r c h ___
M a r c h ___
M a r c h ___
M a r c h ___
February..
4th wk Apr
M a r c h ___
M arch____
M a r c h ___
March . . .
M a r c h ___
February. .
4th wk Apr
M a r c h ___
3d wk Apr
March —
4th wk Apr
3d wk Apr
4th wk Apr
4th wk Apr
3d wk Apr
M a r c h ___
4th wk Apr
M a r c h ___
4th wk Apr
M a r c h ___
4th wk Apr
4 th wk Apr
M a r c h ___
M a r c h ___
M a r c h ___
April
___
M a r c h ___
March____
M a r c h ___
A p ril_____
3,934, 197 3,998 ,525 36,648 070
2,076, 643 1.371 ,005 23,474 .774
6,010, 840 6,309 ,530 00,122 ,844
256, 250
281 ,114 2,113 727
59, 125
03 ,938
720 ,243
15, 818
16 ,803
555 ,237
5,636, 955 5,594 102 52,173 ,612
262, 612
208 ,702 2,798 ,000
138, 779
108 ,306 1,243 ,836
2,773, 887 .2.872 ,581 25,550 ,528
200, 271
204 ,929 1,805 ,420
3,273, 353 3,463 ,750 31,251 .593
IK
265, O ) 311 ,000 11,023 ,766
861, 763
787 ,501 7,774 ,580
481, 649
479.,719 20,713 ,476
11361 536 11415 290 10.5031 753
1,046, 492 1,757 .947 58,786 ,040
253, 071
194 ,129 10,398 ,970
290, 303
345 ,588 9,060 ,441
169. 700 5,547 ,371
160, 079
48 790 2,138 ,653
46, 131
390 ,755 3,722 .564
360, 713
3 ,886
77 ,439
2, 225
142 ,750 1,287 ,820
145, 431
16,908 ,862
415
431, 920
64 ,317
7
8, 087
1.090 115
38
31, 932
3,824 ,626
74, ,539
71,188 ,262
0,893, 406 7,010
145 700 1,465 ,507
157, 090
604 ,197 5,051 ,504
514, ,840
2,248, ,203 2,483 ,430 25,308 ,519
629 .128 6,202 ,432
660 ,624
717, ,553
,03 L 6,228 ,750
40, ,256 1 * ,510
291 ,808
845, 358
815 ,217 10,832 ,107
V a rio u s F is c a l Years.
C u rrent
Y e ar.
P e riod.
Delawaro A Hudson----------------- Jan 1 to Fob
N Y Central A Hudson R iver.e. Jan 1 to M ar
Boston & A lb a n y.---------------- - Jan 1 to M ar
to M ar
Lake Shore A Michigan South Jan
to M ar
Ijik e Erie A W estern.n-------- Jan
to M ar
Chicago Indiana & Southern. Jan
Jan -------------------Mlcblgan C e n tr a l..------------------------ 1 to M ar
to M ar
Cleve Cin Chic A St Louis—
to M ar
Cincinnati Northern_________
to M ar
Pittsburgh A Lake Erie-------to M ar
New York Chicago A St Louis
to M ar
Toledo A Ohio C e n tr a l..------to M ar
Total all lines______________
to M ar
Pennsylvania R a ilro a d _________
to M ar
Baltimore Ohesap A Atlantic.
to M ar
Cumberland Valley__________
to M ar
Long Island__________________
to M ar
Maryland Delaw & Virginia..
to M ar
N Y Philadelphia A Norfolkto M ar
Northern Central_____________
to M ar
Phlla Balt & Washington-----to M ar
W est Jersey A Seashore_____
to M ar
Pennsylvania C om pany_________
to M ar
Grand Rapids A Indiana— —
to Mar
Pitts Cin Chic & St Louis----to M ar
V andalia._____________________
to M ar
Total lines— East Pitts A Erie
to M ar
— W est Pitts A Erie
to M ar
— All lines K & W to Feb
Rio Grande Junction____________
to M ar
38,919,822
31,035,148
09,954,970
2,131,836
806,079
548,538
54,410,219
2,772,534
1,188,105
20,173,967
1,093,077
31,458,842
11,300,863
7,605,725
19,983,043
108286034'
57,770,083
9.763,525
8,630,503
4,333,052
2 ,1 10,712'
4,025.233
114,0751
1,257,545
15,509,338'
78,203,
1.152,885
3,675,3721
71,803,642
1 ,335,0811
4,628,020
26,558,117!
5,647,461
6,945,375
249,565;
9,339,015
Precious
Y e ar.
S
3,193,740
20,956,790
3,033.067
11,913,001
1,315,242
1,090,794
7,077,344
8,150,573
314,287
3,054,007
2,809,995
1,231,001
03,100,707
40,430,014
53.042
790,354
2,323,910
22,940
779,781
2,900,328
4,540,710
1,025.603
12,710,291
1.220,743
9,514,350
2,711,421
55.273,637
26.184,577
81,453,215
198,574
757,571
4,025,094
22,049,323
3,853,145
14,272,337
1.388,182
1,140,285
8,554,930
8,792,804
287,859
4,053,436
3.085,413
1.177,158
09,854,932
43,259,276
49,356
802,762
2,211,740
20,720
838,475
3,112,188
4,929,821
1,159,457
13.809,737
1,257,803
10,489,558
2.608,809
59,423,035
28,772,182
88,195,219
23 4,044
777.299
AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
C u rre n t
Y e a r.
Previous
’ Y e ar.
Increase or
Decrease.
%
♦M o n th ly Sum m aries.
C u rre n t
Y e a r.
Previous
Y e ar.
Increase or
Decrease.
%
$
S
M ile a g e .
C u r. Y r . Prev. Y r .
$
227.242 259.703,994 242.830,540 + 16,873,418 0.95
Sd week Feb (36 roads)____ 11,8^6,202 13.344.139 — 1,447,877 10.85
June_____ ..2 3 0 ,0 7 4
12,677,952 14,487,059 — 1,809,107 12.49
4th week Feb (40 roads)___
J u ly ...............206,084 203.773 235.849.764 223,813,626 + 12,0 3 6 ,2 3 8 5.38
jet week M ar (39 roads)____ 13,041.222 13,077,696 — 1,036.374 7.92
August ____ 219,492
216,709 269,835.029 255,493.023 + 4.342.000 1.50
9d week M ar (40 roads)____ 12,983,752 13,598,993
— 615.241 4.51
239,050 285,050,042 275,244,811 + 9,805.231 3.57
September__242,097
fd week Mar (39 roads)____ 12,973,602 13,624,563
— 650,901 4.78
O ctober____ 243,690
240,886 299,195,000 300,470,017 — 1.2S1.011 0.48
jth week Mar (39 roads)____ 17.940,163 18.161,250
— 221,087 1.20
N ovem ber.. 243,746 241,452 269.220.882 278.364,475 — 9,143.593
ist week Apr (38 roads)____ 12,582,203 12,611,204
— 29,061 0.23
D ecem ber__243,322
241,180 264,218,891 266.224.078 — 12,005,787
»d week Apr (39 r o a d s )..__ 12.536.856 12,990,105
— 153,249 3.49
January____ 243,732
241,409 233,073,834 249.953,641 — 16.884,807 6.75
fid week Apr (37 roads)____
11,181.328 12,217,188 — 1.035,860 8.48
February___ 244,925
242,928 209,233,005 233,050,143 — 23,823,138 10.23
*th week April (31 roads)____ 14,407,678 13,366,307 — 1,948,629 11.01
M a rc h .......... 92.405
90,774 70,785,610 72,976,974 — 2,191,304 3.01
a Mexican currency. 6 Doos not Include earnings of Colorado Springs A Cripple Creek District Ry. from N o v . 1 1911. e Includes tho New York A
Ottawa, the St. Lawrence A Adirondack and tho Ottawa A Now York R y ., tho latter of which, being a Canadian road, does not make returns to tho
Inter-State Commerce Commission. /In clu d es Kvan.svlllo A Terre Haute and Evansville A Indiana R Il. g Includes the Cleveland Lorain A Wheeling
R y. In both years, n Includes the Northern Ohio R R . p Includes earnings of Mason City A Fort Dodge and Wisconsin Minnesota A Pacific, s In
cludes Louisville A Atlantic and the Frankfort A Cincinnati, t Includes the Mexican International, u Includes the Toxas Central In both years and
the Wichita Falls Lines In 1912, beginning N o v . 1. » Includes not only operating revenues, but also all other receipts, x luobuies St. Louis Iron M oun
tain & southern, _*J Y q no lon
ger include tho Mexican roads la any of our totals.
Ul
j
THE CHRONICLE
M a y 9 1914.]
Latest Gross Earnings by Weeks.— In tlio tablo which
follows wo sum up separately the earnings for the fourth week
of April. The table covers 31 roads and shows 1 1 .9 1 % doFourth week o f A p r il.
A la b a m a G roa t S ou th ern B u ffa lo R o c h e s te r & P itts b u rg h
C a n a d ia n N o rth e r n _____________
C a n a d ia n P a c ific ________________
C h esa p ea k e & O h io _____________
C h ic a g o G rea t W estern ________
C in e N ew O rl A T e x a s P a cific ___
C o lo r a d o A S ou th ern ___________
D e n v e r & R io G ra n d e ___________
W e s te rn P a c i f i c ______________
D e t r o i t & M a c k in a c ____________
D u lu th S ou th S h ore A A tla n t ic
G ra m ! T r u n k o f C a n a d a _____
G ra n d T r u n k W estern ____
D e tr o it G r I la v A M il w ___
C a n a d a A t la n t ic ____________
In tern a t A G rea t N o r t h e r n ____
L o u is v ille A N a s h v ille _________
M in e ra l R a n g e __________________
M in n e a p o lis A S t L o u is -----------1
I o w a C e n tr a l________________ /
M in n S t P aul A S S
_________
M is s o u r i K ansas A T e x a s --------M is s o u r i P a c if ic _________________
R i o G ra n d e S ou th ern ____ ______
S t L ou is S ou th w estern _________
S ou th ern R a ilw a y ______________
T en n essee A la b a m a A G eorgia..
T e x a s A P a c i f i c . - ______________
T o l e d o P eoria A W e s te rn _______
T o l e d o S t L o u is A W e s te rn -------
1914.
1913.
In crea se.
S
160,679
176,952
5 0 5 .4 0 0
2 ,8 6 0 ,0 0 0
9 6 5 ,5 7 5
268 ,213
290 ,303
2 75 ,754
4 8 8 .0 0 0
139,000
30,501
96,698
S
159,700
268,8/10
5 05 ,000
3 ,5 1 3 ,0 0 0
907.366
2 5 9 .5 0 7
3 45 ,688
3 4 0 .8 2 8
5 47 ,000
119.200
3 0 ,0 1 0
7 3,727
22,971
1,315,790
1,523,144
.............
2 2 8 ,0 0 0
1,365,310
17,264
169,519
2 73 .000
1 .549.362
23,304
167,323
6 04 ,786
0 51 ,072
1,330,001)
15,818
2 65 ,000
1,646,492
2,225
4 3 1 ,9 2 6
3 1,932
7 4 ,539
7 2 9 ,7 1 5
751 .573
1,467.000
16.803
3 1 1 ,0 0 0
1.757,917
3 .886
4 15 ,223
38,773
9 9,482
T o t a l (31 r o a d s ).......... ................ 14,407,678 16,356,307
N o t decrease ( 1 1 .0 1 % ) -------------—
M e x ica n R o a d s (n o t in clu d o d In total")—
In te r o ce a n ic o f M e x ic o _________
170,215
285,661
N a tio n a l R a ilw a y s o f M e x i c o . _
7 1 3 .3 0 9 1,219,095
$
979
9 1 .8 9 4
5 9,000
6 53 ,000
1,791
8,7 3 6
55*285
6 5.074
5 8 ,1 0 0
10,200
5 ,509
2 0 7 .3 5 4
4 5 ,0 0 0
184,052
6 ,0 1 0
2,196
124.929
103,501
137,000
985
4 6 .0 0 0
11.455
1,661
16.703
6,841
2 1,943
5 1,585 2 ,0 00,214
1,948,629
115.444
5 0 5 ,7 8 6
For the month of April the returns of 36 roads show as
follows:
M o n th o f A p r il.
1914.
1913.
D ecrease.
?
$
S
G ro ss earnings (36 r o a d s )---------- 56,135,796 5 9 ,5 8 7 ,3 2 9 — 3 ,4 5 1 ,5 3 3
%
--------Gross E arn ings-------- --------N et E arn ings-------Current
P reciou s
Current
Previous
Y ea r.
Y ear.
Y ea r.
Y ea r.
S
S
$
$
R o c k Isla n d Lines., b ___ M a r 5 ,6 3 6 ,0 5 5 5 .5 9 4 .1 0 2
1 ,5 23,081
1.231,059
J u ly 1 t o M a r 31
____ 5 2 ,1 7 3 .6 1 2 5 4 ,4 1 0 ,2 1 9 1 3 .7 1 6 ,8 4 7 14 ,2 8 2 ,1 9 0
S t L o u is Iro n M t A S o a M a r 2 ,7 7 3 .8 8 7 2 ,8 7 2 ,5 8 1
9 2 1 ,6 0 5
9 63 .099
J u ly 1 t o M a r 31
____ 2 5 .5 5 0 .5 2 8 2 6 ,1 7 3 ,9 6 7
8 ,3 6 7 ,8 4 5 7 ,9 3 5 .3 5 2
St L o u is S o u th w e ste rn a M a r 1 ,0 51,079
1 ,0 7 9 ,3 5 0
151.348
263 ,803
J u ly 1 t o M a r 31 __ ____ 1 0 .116,766 1 0 .339,863
2 ,1 8 2 .3 2 8 3 ,1 0 6 ,6 1 1
S o u th e rn R a ilw a y —
C ln N ew O rl A T P ..b ~ M a r
8 3 9 ,2 0 6
9 1 9 ,9 6 4
257 .153
2 42 .745
J u ly 1 t o M a r 31
____ 8 ,1 8 4 ,1 4 6
7 ,9 0 0 ,2 5 5 2 ,4 7 8 .5 0 3
2 ,7 2 8 ,9 0 7
A la G ro a t S o u t h ..b ... .M a r
4 3 2 ,0 2 3
4 3 1 ,0 4 3
7 9 ,0 5 7
9 9 ,9 0 4
J u ly 1 to M a r 3 1 - . ____ 4 ,1 2 3 ,3 9 3
3 .9 2 0 .9 9 2
1 ,0 0 2 ,1 0 9
1,147,873
M o b ile A O h i o . b
M a r 1 ,0 7 2 ,3 4 2
1,081,109
2 26 ,713
2 92 ,559
9 ,2 49,101
J u ly 1 t o M a r 31
____ 9 ,7 2 9 ,8 2 9
2 .2 2 4 .4 5 7 2 ,5 0 2 ,2 7 7
T ox a s A P a c ific .b
M a r 1 ,4 9 0 ,0 5 3
1 ,4 55,894
2 7 0 ,5 7 5
2 2 9 ,7 9 9
J u ly 1 to M a r 3 1 . . ____ 14,641,873 1 4 ,175,554 3 ,7 9 7 ,6 0 8 3 ,0 0 0 ,2 9 9
T o le d o St L A W e s t . a . - M a r
3 7 5 ,4 7 8
3 3 9 ,3 4 7
S02.455
s 8 5 ,0 1 6
J u ly 1 to M a r 31. ____ 3 ,5 0 4 ,6 4 4
3 ,2 0 3 ,4 0 7
5 94 6,72 9
S920.555
V irg in ia n ..a .....................
5 1 4 .8 4 6
M ar
197,165
5 6 4 ,1 9 7
2 4 8 ,5 6 8
J u ly 1 to M a r 31
____ 5 .0 5 1 ,5 6 4 4 ,6 2 8 ,0 2 0 2 .1 8 6 ,0 2 0
1 ,9 4 9 .8 5 0
W e s te rn M a r y la n d ..b - M a r
6 6 0 ,6 2 4
629 ,128
25.,396
146,173
J u ly 1 t o M a r 3 1 . ____ 6 ,2 0 2 ,4 3 2
5 0 2 ,2 0 2
5 ,6 4 7 ,4 6 1
1,327,131
Roads.
IN D U S T R IA L C O M P A N IE S .
A d ir o n d a c k E lP o w C o r a M a r
116.796
9 6 ,9 2 6
3 3 0 ,6 8 4
3 0 5 ,0 6 9
Jan 1 t o M a r 3 1 .............
o Cl
i
w !>
r ! r * -I
6 2
f
It will bo seen that there is a loss on tho roads reporting
in the amount of 33,451,533, or 5 .8 0 % .
Wet Earnings Monthly to Latest Dates.— Tho table
- Gross E a rn in g s------N e t le a r n in g s — • <
—
Current
P reciou s
C u rrent
Previous
Y ear.
Y ea r.
Y ea r.
Y ear.
$
%
$
3
B a n g or A A r o o s to o k ., b ..M a r
4 2 8 ,4 3 0
3 2 6 ,5 5 0
211 ,417
8 2 .955
J u ly 1 t o M a r 31_
2 .7 7 5 ,2 6 3 2 ,3 4 1 ,7 6 3
9 47 ,220
656 ,043
B o s to n A M a in o ..b ______M a r 3 ,7 2 7 ,9 7 4
.. . . ,2 9 0
3 ,7 3 1 . ___
5 5 2 ,5 1 9
3 4 1 .9 3 5
J u ly 1 to M a r 3 1 ---------- 3 5 ,5 9 6 ,4 3 3 3 6 ,6 1 7 .4 1 1
6 ,6 5 8 .6 8 6
7 ,7 4 2 ,0 6 0
C e n tr a l o f N ew Jersey b M a r 2 ,4 3 4 ,7 3 9 2 ,3 3 1,566
7 19 ,783
7 6 1 ,5 5 7
J u ly 1 t o M a r 3 1 _______23 ,6 0 9 ,0 3 7 24,31 1,029
9 ,0 1 5 ,9 5 3 1 0 .7 3 2 ,3 1 4
C h esa p oa k o A O h io ..b -- M a r 3 ,1 5 1 ,6 3 5 2 ,8 9 0 ,6 6 6
9 8 6 .4 6 7
7 71 ,192
J u ly 1 to M a r 3 1 _______2 7 ,4 0 5 ,4 2 2 2 6 .7 1 2 ,8 4 7
8 ,3 6 9 ,9 8 1
8 ,3 2 5 ,4 1 9
C h ic a g o A A lt o n ..a _____ M a r 1,097,543
1 ,1 34,910
_______
C46.305 ____ _ ,,,w3
cdef7,0O
J u ly 1 t o M a r 3 1 _______ 1 1 ,016,780 1 1 ,628,243 c l , 2 6 4 ,2 5 7 c l , 693 ,031
C u b a R R _______________ M a r
5 85 ,739
4 60 ,741
3 1 9 ,6 7 6
233.761
J u ly 1 t o M a r 3 1 _______ 3 ,7 2 5 ,6 1 1 3 .3 3 5 .1 6 2
1 ,7 8 8 .0 6 0
1,5381436
D e la w a r e L a ck A W e s t '.b —
J a n 1 to M a r 3 1 ------------ 8 ,0 9 9 ,1 0 1 9 ,0 2 8 ,2 2 7
2 ,1 6 3 ,8 5 8 3 ,1 5 0 387
J u ly 1 to M a r 3 1 -------------2 9 ,6 1 1 ,5 0 3 3 0 ,2 7 4 ,5 2 6 1 0 ,6 4 9 ,5 7 5 11,660,611
D e n v e r A R io G d o . a — M a r 1 ,6 8 0 ,4 6 5
1 ,7 86,145
4 3 1 ,3 8 0
389 ,334
J u ly 1 t o M a r 3 1 -------------1 7 ,9 7 4 ,1 9 0 1 8 ,8 5 3 ,7 3 4 4 ,7 7 4 ,8 5 2 5 .3 5 2 ,2 8 9
W estern P a c ific ..b — M a r
4 3 6 ,7 2 2
4 7 4 ,3 6 0
3 7 .3 2 4
108.724
J u ly 1 t o M a r 3 1 _______ 4 ,7 0 2 ,1 1 4 4 .6 1 9 ,8 4 9
8 57 ,733
1 ,2 61,020
D u lu th So Sh A A t l .. b - .M a r
280,114
258 .777
7 9 .948
38,301
J u ly 1 t o M a r 3 1 ............. 2 ,6 0 0 .3 1 0
5 6 1 ,0 2 0
2 .4 7 0 ,1 2 9
4 97 ,261
■Genesee A W y o m in g ..b — •
Jan 1 t o M a r 3 1 _ ...........
3 5 ,0 1 0
3 5 ,0 4 6
16,875
17.569
J u ly 1 to M a r 3 1 _______
143,516
120,293
7 9,468
6 7 ,027
G ra n d T r u n k o f C a n a d a —
G ra n d T r u n k R y . _ M a r 3 ,4 2 1 ,6 3 6
_
3 ,6 8 4 ,4 2 7
9 5 8 ,7 0 0
9 4 4 ,1 0 0
Jan - t o M a r 3 1 .
1 '
9 ,0 1 4 ,9 4 8 9 ,6 9 7 ,4 7 5
1 .7 8 3 ,0 8 5
1,781,137
G ra n d T r u n k W e s te rn M a r
6 1 4 ,6 3 9
6 0 7 ,8 2 6
24,332
5 0 .1 2 4
Jan 1 to M a r 3 1 ____
1 .6 53,393
1 ,7 1 5 ,4 3 9
d e f t , 807
101,466
D e t G r I la v A M ilw _ . M a r
195,146
184,927 d e f3 0 ,9 0 2 d e f3 2 ,3 6 2
Jail 1 to M a r 3 1 .......... ..
548,697
5 3 0 .6 9 2 d c f l0 7 ,7 9 2 d e f9 7 ,5 7 2
C a n a d a A t la n t ic _____ M a r
1 92 ,227
2 0 0 ,9 8 7 d e f l5 ,0 8 6
dof.3,406
Ja n 1 t o M a r 3 1 _______
5 17 ,098
5 1 6 ,0 5 4 d o f6 7 ,4 0 1 d c f5 0 ,1 2 5
_ M a r 5 .2 7 9 ,3 2 1 .5 .4 7 5 .6 9 6 _____ ____
__________
G r e a t N o rth e r n ..b —
1,746,622
1 ,7 05,164
J u ly 1 t o M a r 3 1 ----------- 5 8 ,294.721 5 8 ,7 6 6 ,6 4 9 2 4 ,5 5 2 ,2 6 3 2 o !0 2 l!5 5 7
^ In terocea n ic o f M e x ic o ..M a r 1 .0 53,158
7 67 ,190
3 7 1 ,5 8 5
312 112
J u ly 1 t o M a r 3 1 ----------- 7 ,4 6 5 ,8 1 6 6 ,6 0 6 ,5 9 3 2 ,5 7 7 ,5 7 3 2 ,3 0 1 .4 9 3
L o u is ia n a A A r k a n s a s ,a M a r
151,268
160,437
4 6 ,0 1 7
69 857
J u ly 1 to M a r 3 1 ---------- 1 ,3 1 1 ,4 3 7
1 .2 8 6 ,3 6 4
4 3 4 ,1 2 6
4561864
L o u is v ille A N a s h v ille..!, M a r 5 ,0 2 3 ,0 7 5 4 ,9 2 5 .4 5 1
1 ,3 84.647
1 ,0 5 2 .2 9 2
J u ly 1 to M a r 3 1 -----------4 6 ,0 0 4 ,1 9 7 4 4 .8 6 7 ,1 6 3 1 2 .0 0 0 .8 3 4 12 ,0 9 5 ,6 1 9
M in e ra l R a n g e ..b ---------- M i r
50,321
0 7 ,1 0 4
13,052
0,264
J u ly 1 to M a r 3 1 ----------3 1 1 .8 2 0
6 3 0 ,1 8 2
10,302
117,864
M ln n e a p & St L ou is a . . M a r
8-15,1)75
7 8 0 ,4 0 5
5 2 2 2 ,5 1 2
5 19 8,18 9
Ju ly 1 to M a r 3 1 .......... .. 7 ,4 0 8 ,8 4 0 7 ,5 2 9 ,3 7 6 5 1 ,9 0 0 ,8 3 0 5 2 ,0 9 7 ,7 1 2
M in n S t R aul & S S M ..a M a r 1 ,3 02,202
1 ,7 4 8 ,3 2 9
3 7 9 .2 6 4
6 07 ,855
J u ly 1 to M a r 3 1 _______ 1 4 .0 7 0 ,7 5 3 1 0 ,3 0 7 .1 7 5 4 ,4 7 2 ,3 0 8 0 ,0 1 4 .3 8 0
C h ic a g o D iv i s io n ..a ..M a r
9 7 0 .1 0 9
0 5 0 ,3 6 6
3 26 ,311
2 8 0 ,7 4 0
Ju ly 1 to M a r 3 1 ----------- 8 ,1 3 0 ,4 4 1
8 .1 7 8 .7 3 1 2 .2 7 5 ,8 5 3 2 ,5 2 8 ,6 2 4
M issou ri P a cific ..n _____ M a r 4 , S9 ,4 9 !
J u ly 1 t o M a r 3 1 ---------- 4 6 ,0 2 9 ,2 7 0 4 7 .5 6 8 ,4 2 1 /1 1 ,1 1 3 .0 7 5 /1 L 2 C L 2 I 2
N a sh v C h a tt Sc S t L ..b ..M a r 1 ,0 9 2 ,9 2 5
1 .1 4 5 ,8 6 5
2 4 0 ,2 1 8
2UD 7 9 0
J u ly 1 to M a r 3 1 -------- 9 ,7 2 8 .9 1 2 1 0 ,0 1 5 .8 2 4 1 ,9 8 8 ,5 6 7 2 ,2 3 0 .0 9 5
0 N a t U ys o f M e x ic o
M a r 3 .6 2 3 .8 5 1 4 ,3 6 7 .2 8 8
1 85 ,538 1 .4 8 7 ,4 3 4
July 1 to M a r 3 1 -------- 2 7 ,6 8 5 ,5 0 6 4 0 ,5 9 8 .0 3 7 1 ,7 19.061 1 8 ,770,755
N o r f o l k * W e s t e r n ..b „ ..M a r 3 ,5 9 8 .3 2 7 3 ,5 6 8 .8 3 1
1 ,2 0 2 .3 3 5
1.215 247
Jnily 1 to M a r 3 1 -----------3 3 .4 3 3 ,9 4 8 3 2 ,9 4 2 ,9 7 1 1 0 ,7 1 8 .9 0 8 1 1 .951,949
P a c ific C o a s t .......................... M a r 4 6 8 .7 2 2
0 1 9 ,7 1 0
4 7 ,4 9 4
81391
J u ly 1 to M a r 31-------- 5 ,5 0 1 .1 3 6
6 .9 8 1 ,8 5 3
7 2 5 ,2 9 9
9 4 2 .5 4 1
P ero M a r q u e tte ..a ............ . M a r 1 .3 0 2 .7 5 5 1 .3 9 5 ,3 9 4
9 8 .5 9 6
3 2 2 ,8 9 0
J u ly 1 to M a r 3 1 ............. 1 2 ,5 5 3 ,7 6 0 1 3 ,3 0 5 ,0 0 3
9 1 9 .9 7 1 2 ,6 0 3 .1 3 7
R ic h F r e d & P o t o m . b _ .M a r
2 5 6 .2 5 0
2 8 1 ,1 1 4
0 2,927
1 20 ,054
J u ly 1 to M a r 3 1 ----------- 2 ,1 1 3 .7 2 7
2 ,1 3 1 .8 3 6
7 3 0 ,0 2 2
8 0 0 .0 1 9
R i o G ra n d e S o u th e rn ..b ..M a r
4 7 .3 5 5
5 2 ,287
18,544
19,802
J u ly 1 to M a r 3 1 .............
* 0 9 .0 7 0
4 9 4 ,0 8 0
171 ,809
105.641
3 2 ,4 2 0
1 14 ,938
ss r* d
o ^ o c r t O ^ o ^ OJ2
' r* - a ° 5, O “ O Q - - > 3 gS?
s-C £ ^ - ^ 2
£ ,*
w
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bo e ?
o.
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w >
co ^
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co
co •„> W g
w '^ *
co
co
s : e : %
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l
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h
Hoads.
4 9 ,4 3 0
126 ,894
a N e t ea rn in gs h ere g iv e n a re a fte r d e d u ctin g taxes,
b N o t e a rn in g s h ere g iv e n are b e fo r e d e d u c t in g ta x e s,
c A fte r a llo w in g fo r m iscslla n eou s c h a rg e s to in c o m e f o r tho m o n th o f
M a r c h 1914, t o ta l n e t earnings w ere d e f. $ 2 7 ,4 9 6 . a gain st d e f. $ 7 3 ,5 9 4 last
y e a r; a n d fo r th o p e r io d fr o m J u ly 1 t o M a r . 31 w ere $ 6 9 0 ,6 6 6 this y ea r,
a g ain st $ 1 ,1 4 8 ,9 7 2 .
f In clu d es S t . L o u is Ir o n M t . A S o u th e rn . A ft e r allow in g fo r oth er
in co m e t o ta l in c o m e w as $ 1 ,4 6 5 ,1 5 0 in M a r c h 1914. a gain st $ 1 ,3 3 9 ,3 8 0 and
fr o m Ju ly 1 t o M a r . 31 w as S 1 2 .8 6 3 ,3 8 4 in 1 91 4. a gain st $ 1 2 ,9 3 0 ,4 8 0 .
h A fte r a llo w in g fo r o th e r in co m e fo r th e m o n th o f M a r c h 1914, total
n e t earnings w ere $ 2 0 4 ,3 4 0 . a gain st $ 1 9 4 ,7 2 0 last y e a r , a n d fo r p e rio d fro m
J u ly 1 to M a r . 31 w ere $ 1 ,7 3 9 ,4 5 2 th is y e a r , a gain st $ 2 ,0 8 1 ,6 0 1 .
s A fte r allow in g fo r m iscella n eou s ch arges an d cre d its t o in c o m e for the
m o n th o f M a r c h 1914, t o ta l n e t earnings w ere $ 2 3 ,3 8 3 , a gain st $ 9 0 ,0 6 3 last
y e a r, and fo r th e p e rio d fr o m J u ly 1 t o M a r . 31 w ero $ 1 ,0 0 2 ,9 5 9 th is y ea r,
against $ 8 3 8 ,9 6 6 .
Z
a z 3 z
k!
Z
X
Z
Z
«_:?
£ ~ £ X E g E ^ EX gJJ g * gg , Eg g g £ * g * E ^ g S E $
* £ '<■ 0
5.8 0
following shows the gross and net earnings of S T E A M
railroads and industrial companies reported this week:
1455
V
a
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THE
In terest Charges and Su rplu s.
_
_
_
.
— I n t ., R entals, A c .-------- Bal. o f N et E a rn s.— •
Previous
Current
Previous
Current
Y ea r.
Y ea r.
Y ea r.
R oads.
Y ea r.
S
S
%
195 ,643
159 ,628
C en tra l o f N e w J e r s e y ..M a r
5 65 ,915
5 60 ,155
J u ly 1 t o M a r 3 1 5 ,1 6 7 ,8 9 8
4 ,9 8 3 ,0 6 5 3 ,8 4 8 ,0 5 5 5 ,7 4 9 ,2 4 9
C h esa p ea k e & O h io _____ M a r
8 0 2 ,6 4 9
74 2 ,6 9 9
*2 4 2 ,6 3 8
* 4 2 ,3 9 2
6 ,4 6 8 ,8 1 9 * 2 ,4 5 9 ,3 3 1 *2 ,6 3 7 ,9 7 2
J u ly 1 t o M a r 3 1 6 ,7 4 8 ,5 1 5
166,969
248,101
6 6 ,7 9 2
C u b a R R ____ ___________ M a r
7 1 ,5 7 5
6 0 0 ,8 4 7
1,182,152
9 37 ,589
J u ly 1 t o M a r 3 1 _______
6 0 5 ,9 0 8
„„„ _
„
D e la w a r e L a c k & W e s t — •
Jan 1 t o M a r 3 1 2 ,1 9 7 ,8 9 4
2 ,3 9 4 ,5 3 9 * 1 ,1 1 3 ,1 5 7 *1 ,9 7 8 ,3 3 3
7 ,2 6 8 ,2 2 3 *6 ,7 3 2 ,9 5 1 * 9 ,5 3 1 ,4 3 9
J u ly 1 t o M a r 3 1 7 ,6 9 5 ,9 0 5
D e n v e r Sc R io G r a n d e .. M a r
5 50 ,253
5 5 3 ,9 6 8 * d e f2 7 ,2 5 1 * d c f6 6 ,8 5 6
J u ly 1 t o M a r 3 1 5 ,1 4 7 ,5 7 4
5 ,0 3 5 ,9 5 6
*9 2 9 ,0 3 4 1,553,133
1 0 8 .3 0 0 * d e f 2 1,654 * d e f6 9 ,2 1 5
D u lu th S o Sh & A t l ____ M a r
101,937
9 4 1 ,8 1 l* d e f3 4 6 ,1 4 6 * d e f4 2 1 ,944
J u ly 1 t o M a r 3 1 _______
92 6 ,7 9 4
G en esee & W y o m in g —
* 3 ,0 8 9
* 2,481
14,863
14,704
Jan 1 t o M a r 31 . .
* 2 2 ,3 7 7
4 5 ,0 3 3
* 2 6 ,4 7 5
5 3,834
J u ly 1 t o M a r 3 1 . 18,052
2 7 .5 3 2
4 2 ,325
2 7 ,964
M
L ou is ia n a & A r k a n s a s . . M a r
178,911
2 4 3 ,2 8 3
213 ,581
25 5 ,2 1 5
J u ly 1 t o M a r 3 1 _______
14.908
*710 * d e f8 ,4 9 5
A ar
1 3 ,0 3 8
M in e ra l R a n g e __________Mlar
118,346
)2 ,0 0 9
* 2 ,5 2 6
110,987
J u ly 1 t o M a r 3 1 ----------4 5 3 ,5 5 4
*86 6 ,2 6 3
*85 4 .1 9 2
5 0 6 ,1 8 8
N o r fo lk & W e s te rn ______ M a r
____
J u ly 1 t o M a r 3 1 ----------- 4 ,4 8 7 ,5 2 2 4 ,1 1 7 ,9 9 9
19,028
*865
R i o G ra n d e S ou th ern ----- M a r
19,417
172,689
179 ,528
* d e fl9 7
J u ly 1 t o M a r 3 1 _______
6 50 ,614
* 2 1 8 ,2 6 0
* 3 4 7 ,5 9 0
73 7 ,9 0 9
S t L o u is Iro n M t & S o . . M a r
____
2 ,4 4 3 ,3 0 8
■
J u ly 1 t o M a r 3 1 . ........... 6 ,1 3 5 .4 8 2 5 ,7 5 9 ,6 0 4
A ar
233 ,167
S t L o u is S o u t h w e s t e r n --Mlar
2 49 ,215
* 1 1 7 ,6 8 2
____ 2 ,2 4 5 ,9 3 3 2 ,6 0 0 ,9 6 4
_
VOL XCVFft
C H R O N IC L E
Latest Gross E a rn ings.
N am e o f
R oad.
Jan . 1 to latest date.
P revious
Current
Y ea r. \ Y ea r.
W e s tch e s te r E le c t r ic .
W e s tc h e s te r St R R . .
W estern R y s & L ig h t
W isco n s in G a s & E lec
Y on k ers R a ilr o a d ___
Y o rk R a ilw a y s ______
Y o u n g s to w n & O h io .
Y o u n g s to w n & _South
$
I
$
4 0 ,8 0 5
4 2 ,5 7 3
18,052
48,671
204,531
6 37 ,399
59.482
2 09 ,743
2 8 ,486
5 5 ,566
6 1 ,4 6 9
195,509
18,978
5 9 ,580
10.931!_____ 2 4 ,3 8 6
Previous
Y ea r.
$
4 0 .8 0 5
5 0,107
6 0 7 ,0 7 9 '
184,791
2 8 .4 8 5
178,091
5 4 ,3 0 5
2 2 ,6 6 8
a In c lu d e s ea rn in gs o n th e a d d itio n a l sto ck a c q u ir e d M a y 1 1913. b R e p resen ts in c o m e fro m all so u rce s, c T h e se fig ures are fo r co n s o lid a te d c o .
E le c tr ic R a ilw a y N e t E a r n in g s .— T h e following table
gives tho returns of E L E C T R I C railway gross and net
earnings reported this week:
■Gross E arnings--------------— N et E a rn in g sPrevious
Current
Current
P revsious
Y ea r.
Y ea r.
Y ea r.
Y ea r.
$
S
3 1,451
B a n g o r R y & E le c t ..a — M a r
6 2 ,4 9 8
3 0 .5 3 5
9 2 ,167
8 7 ,8 7 5
Jan 1 t o M a r 3 1 ----------183 ,532
1 (1 ,3 0 8
B erk sh ire S t R y C o — See u n d er N e w Y o r k N e w H a v e n & H a r tfo r d R R .
C o n n e c tic u t C o — See u n d er N o w Y o r k N e w H a v e n & H a r tfo r d R R .
3 1 .0 6 0
36,160"
9 3 ,157
8 7 .5 5 0
C h a tta n o o g a R y & L t ..a .M a r
105,941
105.9252 7 7 ,6 6 8
27 5 .4 4 7
Jan 1 t o M a r 3 1 ----------3 3 ,9 5 3
2 5 .7 0 2
8 7,172
9 7 ,3 1 7
C le v e S o u th w & C o l., b ....M a r
9 5 ,3 6 7
8 6 .5 1 5
2 59 .991
27 4 ,2 9 8
Jan 1 t o M a r 3 1 ----------8 5 ,1 5 5
9 5 ,9 9 4
2 16 ,077
E a s t S t L o u is & S u b ..a ..M a r
2 2 7 ,9 2 9
2 6 8 ,9 7 5
23 0 ,2 5 4
630 ,351
J a n 1 t o M a r 3 1 ----------- • 6 64 ,284
29 0 ,0 1 3
2 7 7 ,5 1 5
4 8 3 ,7 5 3
c H u d s o n & M a n h a t ..a .- M a r
4 88 ,361
IN D U S T R IA L C O M P A N IE S .
7 97 .842
83 5 .7 8 6
1 ,3 9 7 ,1 4 0
1,426,692
— I n t ., R entals, A c .-------- -Bal. o f N et E a rn s.— •
3 0 ,5 7 4
3 4 ,5 8 3
9 3 ,7 4 5
105,451
Previous
Current
Previous
Current
95,3699 7 ,792
Jan 1 t o M a r 3 1 . .
28 3 ,9 3 7
30 0 ,9 6 1
Y ea r.
Y ea r.
Y ea r.
Y ea r.
C om pa nies.
N Y & S ta m fo r d R y — See u n d e r N e w Y o r k N o w H a v e n & H a r tfo r d R R .
$
$
. S
2 7.983
10,933
N Y W e s tch e s te r & B o s to n — See u n d er N Y N e w H a v e n & H a r tfo r d R R .
21,488
2 1 ,446
A d ir o n d a c k E l P o w C o r ..M a r
5 0 .8 6 8
64,071
6 3 .7 2 0
6 3 .174
Jan 1 t o M a r 3 1 _______
2 6 8 ,7 4 8 ;
2 6 7 ,1 3 0
P o r t l ( O r e )R y L t & P ..a ..M a r
5 4 7 ,3 9 3
5 44 ,896
8 34 ,851
8 50 .701
Jan 1 t o M a r 3 1 _____ 1 ,6 6 8 ,2 3 9
1,62 8 ,5 6 5
* A fte r allow in g fo r oth e r In co m e r e c e iv e d .
13.012
7 3 ,9 4 3
2 3 ,667
P o r tla n d (M e ) R R .. a . .. .M a r
7 4 ,7 9 8
3 3 ,3 0 4
2 0 9 ,9 3 0
5 7 ,417
Jan 1 to
M a r 3 1 _____
21 1 ,0 8 0
E L E C T R IC R A IL W A Y AN D T R A C T IO N CO M PAN IES. P o u g h k e e p s ie C it y & W a p p in g e r F alls E le c t R y b — ■
1 0 .4 9 6
1 3 ,678
Jan 1 t o M a r 3 1 ----------4 3 ,8 6 6
4 3 ,7 2 7
R h o d e Is la n d C o — See u n d e r N Y N e w H a v e n & H a r tfo r d R R .
Jan. 1 to latest date.
Latest Gross E a rn ings.
S c h e n e c ta d y R y . b —
N am e o f
1 18 ,763
31 0 ,9 6 8
9 3 ,2 6 5
J a n 1 t o M a r 3 1 ..........
3 04 ,918
Current
Previous
Current Previous
W eek or
Road.
4 1 2 ,8 1 0
980 ,311
38 9 ,9 2 9
J u ly 1 t o M a r 3 1 .......... 1,03 6 ,5 1 1
Y ea r.
Y ea r.
Y ea r.
Y ea r.
M o n th .
3 0 3 ,6 6 3
2 58 ,948
U n ite d R y s o f St L o u is a M a r 1,064,557 1 ,047,488
8 3 4 ,6 8 6
2
69 7 ,5 0 6
I' " '
Jan 1 t o A la r 3 1 _______ 3 ,0 2 2 ,7 3 7 “ ,9 6 9 ,0 5 1
$
$
A m erica n R y s C o — M a r c h ___ 41 5 ,2 7 9 399,797 1,227,274 1,173,075
W e s t c h e s te r S t R R — See u n d e r N Y N e w H a v e n & H a r tfo r d R R .
68,053
64,027
25,674
2 3 ,195
A t la n t ic S h ore R y . . M a r c h ____
405 ,463
421 ,126
cA u r E lg in & C h ic R y M a r c h ___ 148,019 141,502
c In c lu d e s in c o m e fr o m all sou rces,
183,532
171,308
58,130
62,498
B a n g o r R y & E le c tr ic M a r c h ___
a N e t ea rn in gs here g iv e n are a fte r d e d u ctin g taxes,
37,574
14,227 • 12,312
4 2 .995
B a to n R o u g e E le c C o M a r c h —
b N e t ea rn in g s here g iv e n are b e fo r e d e d u ctin g taxes.
6 4 ,786
64.786
70,582
70.582
B e lt L R y C o r p ( N Y C ) Ja n u a ry . .
210 ,923
2 10 ,549
74,751
67,111
B erk sh ire S treet R y . M a r c h ___
In terest Charges an d Su rplu s.
M a r c h ____ 1982.977 1977.297 5 ,8 8 2 ,9 2 4 5,711,967
B ra zilia n T r a c , L & P
— I n t ., R entals, A c .— — Bal. o f N et E a rn s.—
22.731
6,880
19,999
8,0 0 9
B r o c k & P ly m St R y . M a r c h ___
Current
Previous
Current
Previous
B k ly n R a p T r a n S y st D e ce m b e r 2092.454 2005,538 24,90 1 ,9 4 9 2 4 .3 5 3 ,2 9 8
R oads.
Y ear.
Y ea r.
Y ea r.
Y ea r.
28,099
81,633
86,075
26.550
C a p e B r e to n E le c C o M a r c h ___
2 77 ,668
8 7.550
93,157
2 75 ,447
C h a tta n o o g a R y & L t M a r c h ___
80,624
27,981
30,310
• 83,937
C le v e P a in esv & E a st M a r c h ___
B angor R y & E l e c t ._ ..M a r
1 7 ,4 7 0
1 7.374
13.981
1 3 .1 0 1
259 ,991
97,317
274 ,298
87,172
C le v e S ou th w & C o l . M a r c h
Jan 1 t o M a r 3 1 _______
5 2 ,2 5 0
5 2 ,0 5 4
3 9 ,9 1 7
3 5,821
143,592
5 3,465
162.960
47,379
C o lu m b u s (G a ) E l C o M a r c h —
C h a t ta n o o g a
R y & L t ..M a r
2 7 ,6 7 6
2 4 ,2 2 6
3*384
1 1.934403,571
0 77 9,98 4
C o m w ’ t h P o w .I t y & L t M a r c h ------- 0 24 2,73 2 121,122
Jan 1 t o M a r 3 1 ________
8 2 ,5 3 7
7 2 .3 6 5
2 3 ,4 0 4
3 3 .5 6 0
116,016 111,529 1,668,761 1,590.039
D e ce m b e r
C o n e y I s l’d & B k ly n .
C le v e S o u th w & C o l . ........M a r
3 2 ,4 6 3
3 1 ,3 2 9
L490
d e f5 ,6 2 7
C o n n e c tic u t C o --------- M a r c h ___ 598,386 621 ,146 1 ,725,574 1,751,344
564,389
611.745
Jan 1 t o M a r 3 1 _______
9 5 ,9 4 6
9 2 ,9 7 6
d e f5 7 8
de f6 ,4 6 1
C o n su m P o w ( M i c h ) . F e b ru a ry . 293.677 265,840
329,911
3 52 ,965
C u m b C o (M e ) P & L F e b r u a r y .. 168.456 157,324
E a s t S t L o u is & S u b -------- M a r
5 5 ,9 1 9
4 9 ,7 1 3
2 9 ,2 3 6
4 6 ,2 8 1
508,866
572 ,425
D a lla s E le c tr ic C o — M a r c h ___ 188,288 174,809
Jan 1 t o M a r 3 1 _______
158 .942
1 47 ,850
7 1 ,3 1 2
1 2 1 ,1 2 8
D e t r o it U n ite d L in es 3d w k A p r 217,800 232.277 3 ,3 4 3 .0 4 9 3 ,5 3 8 ,5 0 9
a 3 0 ,4 1 3
0 3 8 .5 1 4
2 5 9 ,6 0 0
2 3 9 .0 0 0 H u d so n & M a n h a t t a n ..M a r
48.477
46.839
46,839
48,477
D D E II & B a t ( r e c ) . Jan u ary . .
Jan 1 t o
M a r 3 1 -------n 93 ,043
0 9 3 ,2 4 0
7 4 2 ,7 4 3
7 0 4 ,6 0 2
278 ,662
3 04 ,535
99,276
D u lu th -S u p e r io r T r a c M a r c h ------- 108,110
630,351
664,284
L a k o S h o re E le c t R y . . . . M a r
3 5 ,3 0 0
3 4 ,9 5 4
d o f7 1 6
dof4,380E a s t S t L o u is & S u b . M a r c h ___ 227,929 216,077
232 .606
88.469
270,846
76,386
E l P a so E le c tr ic C o . . M a r c h ___
Jan 1 t o A la r 3 1 _______
105,642
104.829
d o f7 .8 4 9
d e f9 ,4 6 1
153,831
166.457
42d St M & St N A v e J a n u a r y __ 166.457 153,831
P o r tl (O re) R y L t & P — M a r
177,185
160 ,998
8 9 ,9 4 5
1 0 7 ,7 5 0
517 ,355
567,863
G a iv -H o u s t o n E l C o . M a r c h ___ 195.536 188.967
Jan 1 t o
M a r 3 1 _____
5 25 ,347
4 6 0 ,5 2 8
3 2 5 ,3 5 4
36 8 ,3 2 3
198,113
199,332
96,747
93,550
G ra n d R a p id s R y C o F e b r u a r y ..
P o r tla n d (M e ) R R - ..........M m
2 2 ,0 3 8
10,298
1,629
2,714
220,948
231 ,249
79,016
77,972
H a rrisb u rg R a ilw a ys M a r c h ____
j “n 1 t o A la r 3 1 - ...........
6 7 ,9 9 3
3 0 .8 2 6 d e f l0 ,5 7 6
2 .4 7 8
H avana El R y . L & I
9 47 ,722
9 60 ,429
54,809
54,770
P o u g h k e e p sie C it y & W a p p in g e r F a lls E le c t R y —
R a ilw a y Dept___ W k M a y 3
H o n o lu lu R a p id T ra n
Jan 1 t o A la r 3 1 _______
6 ,2 0 1
5 .9 o 0
* 7 ,5 5 1
*4,60152,399
51.658
51,658
52,399
J an u ary . .
& Land Co
S c h e n e c ta d y R y —
72,128
67,122
24,039
25.638
n o u g h t o n C o T r C o . M a r c h ___
4 1,244
* 5 0 .0 9 9
*78,489*
4 4 ,2 3 0
Jan 1 t o A la r 3 1 . ..........
5 H u dson & M a n h a t . . M a r c h ___ 488,361 4 8 3 ,7 5 3 1,426,692 1,397,140
120,783
* 2 6 2 ,1 0 8
*2 9 3 ,5 5 6
13 0 ,0 4 8
J u ly 1 t o A la r 3 1 .............
Illin o is T r a c t io n ____ M a r c h ____ 668,064 637 ,362 2 ,0 3 0 ,0 5 2 1.920.373
22 2 ,9 4 5
* 4 6 ,5 6 4
* 8 8 ,2 4 4
U n ite d R y s o f St L o u i s . - M a r
219,741
In te r b o r o R a p T r a n . M a r c h ___ 3129.766 2958,105 8 ,8 3 2 .1 3 4 8 ,4 6 1 ,7 1 0
* 5 8 ,2 7 8
* 1 8 7 ,1 2 6
669 ,287
158.598
183,665
Jan 1 t o A la r 3 1 ----------6 60 ,851
59,220
64,342
M a r c h ___
J a c k s o n v ille T r a c C o
35,674
33,247
11,977
10,351
K e y W e s t E le c t r ic ___: M a r c h ____
2 83 ,937
a D o e s n o t in clu d e in te re st o n b o n d s a fte r
300.961
93,745
L a k e S h ore E le c R y . M a r c h ___ 105,451
374,097 f o r in terest o n A d ju s tm e n t In c o m o B o n d s w as $8 2 ,8 8 3 in M a r c h 1J14.
376 ,590
127,713 134,065
L eh ig h T ra n sit V a lley M a r c h ____
86,301
84,853
41,349
39,554
a g a in s t $7 6 ,6 4 2 in 1913.
,
.
.
L ew is A u g & W a te r v F eb ru a ry .
2 20 ,900
245 ,152
* A f t e r allo w in g fo r o th e r In com e re c e iv e d .
15,411
16,745
L o n g Isla n d E le c t r ic . D e ce m b e r
763 ,313
756 ,945
L o u is v ille R a il w a y - . M a r c h ___ 261,658 269,231
M ilw E l R y & L t C o . M a r c h ___ 508,469 515,540 1.538.391 1 ,502,258
294,710
341 .276
M ilw L t l i t & T r C o . M a r c h ___ 111,427 102,799
206,381
225 ,813
71,997
77,506
M o n o n g a h e la V a l T r . M a r c h ------357,331
3 60 ,975
N a s h v illo R y & L ig h t F eb ru a ry _ 173,144 171,332
46,915
53,178
4 6 .915
53,178
N Y C it y I n t e r b o r o .. J a n u a r y __
3 91 ,999
A n n u a l R ep orts. — A n index to annual reports oi steam412 .657
31,230
2 8,819
N Y & L o n g I s la n d .. D e ce m b e r
154,228
164,283
11,771
12,755
N Y & N o r t h S h o r e . . D e ce m b e r
railroads, street railways and miscellaneous companies which
108,787 104,607 1.385.391 1,331,318
N Y & Q ueens C o ___ D e ce m b e r
have been published during the preceding m onth will be
N e w Y o r k R a ilw a y s . M a r c h _ . 1043.283 1206,306 3 ,1 60,973 3,413,621
7 0 ,3 8 9
85,889
2 6,445
30,873
N Y W e s t c h Sc B os ton M a r c h __
given on the last Saturday of each m onth. T his index does
6 9 ,098
24,992
65,022
22,703
M arch . .
N Y & S ta m ford R y .
not include reports in tho issue of the Chronicle” in which
687,181
7 93 ,165
2 74 ,198 227 ,145
N o r O h io T r a c & L t . M a r c h . .
4 86 ,726
507,025
177 956 186.895
N o r t h T e x a s E le c L t . M a r c h __
it is published. T h e latest index will be found in the issue
7 3 ,555
24.084
74.681
2 5 .905
N o r t h w P e n n s y lv R y M a r c h . .
of April 2 5 . T h e next will appear in that of M a y 3 0 .
142,020
5,426
154,109
5,559
O cea n E le c tr ic (L I ) . D e ce m b e r
7 5 ,7 0 0
24,662
77.151
25,237
P a d u c a h T r & L t C o . M a r c h ___
7 0 .5 9 0
21,767
69,039
23,051
P e n sa co la E le c tr ic C o M a r c h ___
Illin ois T raction C om pany, C ham paign, 111.
P h lla R a p T ra n s C o . M a r c h ___ 1949,518 2009,442 5,73 5 ,0 5 0 5,786,667
P o r t (O re) R y L & P C o M a r c h ___ 547 ,393 544.896 1,668,239 1,628,565
(Report for Fiscal Year ending Dec. 31 1 913.)
2 09 .930
73,943
211 ,080
7 4 ,798
M a r c h ___
P o r tla n d (M e ) R R . .
P u g e t S ou n d T r , L & P F e b r u a r y -- 691 ,464 655,734 1,445,499 1.357.374
T h e report of Pres. W m . B . M c K in le y , Cham paign, and
697 .930
743,131
R e p u b lic R y & L ig h t M a r c h ___ 250 .182 225 ,177
V .-P re s. and G en. M g r ., H . E . C hubbuck, Peoria, says in
R h o d e Isla n d C o ____ M a r c h ___ 39 2 ,4 0 5 4 09 ,138 1,154,798 1 ,1 72,485
substance,
(see m ap p . 2 6 of “ Electric R y . Section” ):
St Joseph (M o ) R y .L t,
30 6 .8 6 5
3 23 ,635
H e a t & P ow er C o . M a r c h ___ 106,168 103.806
R esults.— G ross reven u e Increased d u rin g th o y e a r $ 5 3 2 ,4 5 0 , o r 7 .1 8 % ;
37,713
114.132
111,613
37,928
S a n tia go E l L t & T r . M a r c h ------n e t earn in gs in cre a se d $ 2 7 2 ,3 2 8 , or,8 .8 9 % : surplusi in c o m o in crea sed $ 1 1 3 ,67,003
197,199
208,036
68,923
S av an n ah E le c t r ic C o M a r c h —
8 2 ,922 1.042,628
9 89 ,209
7 9 ,3 3 6
S e co n d A v e n u e ( r e c ) . D e ce m b e r
14,081
14,081
17.228
17,228
Sou th ern B o u le v a r d . Jan u ary . .
65,678
196,191
239.658
79.143
T a m p a E le c tr ic C o . . M a r c h ___
b r o u jlt i &
a r d f r o „ 1 9 1 ,.
344,706
326.444
A v e n u e _______ J an u ary _ . 3 44 .706 326 ,444
$ 2 ,3 5 0 ,8 8 3 . a d d e d t o su rp lu s In com o fo r 1913. $ 8 5 5 ,8 5 0 ,
963,117
906.841
T o r o n t o Street R y ___ F e b ru a r y . . 461 .274 4 34 ,380
b e fo r e d e d u ctin g d iv id e n d s o n c o m m o n s t o c k , w a s ^ . - . - $ 3 ,200,733
T w in C it y R a p T r a n . 3d w k A p r 168,771 160,670 2 ,6 9 0 ,7 3 3 2 ,5 2 2 ,3 8 0
D e d u c t a p p ro p r ia tio n fo r d e p r e c ia tio n (in a d d itio n t o $964,261
U n d erg rou n d E le c R y o f L o n d o n
c h a r g e d t o o p e r a tin g a c c o u n t fo r m a in te n a n ce , b e tte rm e n ts
£24 6,58 5
£24 5,94 5
L o n d o n E le c R y . . W k A p r 25 "£ 1 3 ,9 8 0 £14 ,335
£224,203
a n d r e n e w a ls )---------------------------------- ------------------------------------------- ® Ko’ ^o-i
£223.695
M e tro p o lita n D ls t . W k A p r 25 £13 ,006 £12,601
B o n d d is c o u n t o f c o n tr o lle d c o m p a n i e s . ...................
.....
52.4J3
£975,743
£945,031
L o n d o n G en B u s . . W k A p r 25 £69,386 £65,970
C o m m o n s t o c k d iv id e n d (th reo q u a rte r ly p a y m o n ts a t 3 %
W
209.083
201.749
U n ion R y C o o f N Y C Jan uary _ . 209.083 201.749
p e r an n u m ) 2 \ i % ______________________ ______ - ------- ------------2 2 4 ,8 0 b
U n ite d R y s o f St L __ M a r c h ___ 1064,557 1047,488 3 ,0 2 2 ,7 3 7 2,969,051
V irgin ia R y & P o w e r . M a r c h ____ 4 15 ,399 396,443 1.244.391 1,185,250
B a la n ce ca rried fo r w a r d --------- ------------------- ---------------------- -------------- $ 2 ,5 5 0 ,2 0 6 168.607
190,926
9 0 ,3 6 0
5 7 ,840
W a s h B a lto & A n n a p M a r c h ___
R oads.
ANNUAL ^REPORTS.
Thlrd
May 9 1914.1
THE CHRONICLE
T h e t o t a l a m o u n t e x p e n d e d fo r m a in te n a n ce , ro n ow als a n d b e tte rm e n ts
■was $ 1 ,3 4 3 ,4 8 9 , w h ic h w as 1 6 .9 % o f th e gross re c e ip ts , as a g a in st 1 5 .7 %
In 1912.
Im p rovem en ts.— T h e re w as also e x p e n d e d fo r im p ro v e m e n ts o n th e c o n
tr o lle d p ro p e rtie s , $ 1 ,6 6 0 ,1 5 6 .
Interu rban L in e s .— A d d itio n a l passen ger m o t o r a n d tr a il ca rs h a v e been
s u p p lie d an d e q u ip m e n t In se r v ic e a t D e c . 3 1 st w as : 89 passenger m o to rs ,
2 1 passen ger tr a ile r s , 6 p a rlo r c a r s , 4 sleepin g c a r s , 4 co m b in a tio n passenger
a n d b a g g a g e , 17 express m o to r s , 9 8 express tra ile rs, 6 line m o to r s , 21 en
g in e s, 116 b o x ca rs 319 g o n d o la s . 37 fla t c a r s . 9 r e frig e ra to r ca rs . 2 scen ery
ca rs , 2 2 8 h o p p e r b o t t o m c a r s , 13 ca b o o s e s a n d 54 m iscella n eou s a n d w o rk
ca rs .
T h e in s ta lla tion o f e le ctr ic a u to m a tic b lo c k signals w a s s ta rte d betw een
S p rin gfield a n d C a rlln v ille a n d b e tw e e n S ta u n to n a n d E d w a rd s v ille a n d
a t D o c . 31 th e w o rk w as 5 0 % c o m p le t e d . T h e in te ru rb a n n o w h as 145
m ile s o f Its tr a c k a g e p r o te c te d b y th ese sign als. T h re e n e w gra in e le v a to r s
h a v e b e e n c o n s tr u c te d a t p o in ts a lo n g th e lin e , m a k in g a to ta l o f 2 0 su ch
e le v a to rs n o w o p e ra tin g . O ver fiv e m iles o f in du stria l tra ck s a n d side
tra ck s h a v e been a d d e d an d a d d itio n a l tr a c k c o n n e ctio n s w ith fo u r ra il
ro a d s m a d e . F ou rteen b rid g e s b e in g re p la ce d w ith pe rm a n e n t c o n c r e te
op en in g s. A 5 ,0 0 0 k .w . tu rb in e has b een ord e re d fo r R iv e r t o n p o w e r h o u se .
L ig h tin g .— T h e usual ra te o f in crea se In con su m ers h as p re v a ile d o n th o
c it y e le ctr ic a n d gas p ro p e rtie s a n d e x c e p tio n a lly la rg o p o w e r c o n tr a c ts
w ere s ecu red a t B lo o m in g to n a n d D e ca tu r.
.
, .
T h o in s ta lla tion o f a now gas p la n t, o f th e m o s t m o d e r n an d e ffic ie n t t y p o
a n d 6 0 0 ,0 0 0 c u b ic fe e t in c a p a c it y , w as s ta rte d a t D e ca tu r an d a b o u t h a lf
c o m p le t e d d u rin g th e y e a r.
N ew P rop erties A c q u ired .— T h e se are as fo llo w s :
M o n te z u m a ( la .) E le c . L t . , P o w e r
M o n t ic e llo (111.) E le c tr ic L t . C o .
& H ea tin g C o .
C lin to n (Ell.) G a s & E lc c . C o .
C o lfa x ( fa .) E le ctric L ig h t C o .
L e x in g to n (111.) E le c t. L t . C o .
N e w V a llo y ( la .) J e t . W a t . & L t . C o .
O sk a loosa & B u xton E le c . R y . C o .
O sk a loosa T r a c t . & L t . C o .
[See o ffe r in g o f b o n d s o f D e s M . & C e n t. l a . E l .C o . V . 9 8 , p . 839 .]
A n ow th ree-s tory b rick term inal and o ffic e b u ild in g w as e re cte d at
C h a m p a ig n . T h o erection o f the P e o ria term in al b u ild in g w as te m p o a r ily d e la y e d , b u t w ill p r o b a b ly bo resum ed e a rly n e x t y e a r .
C r o p c o n d itio n s th rou g h o u t Illin ois w ere n o t u p t o th o usual a v erage and
in K a n sa s th o p artial failu re o f tho cro p s w as r e fle cte d in re d u ce d earnings
o f th o p rop erties in th a t S ta te . I t is g r a tify in g t o r e p o r t th e fre e d o m fro m
seriou s a ccid en ts.
D u r in g th e y ea r th e c o m m o n s to c k w as p u t u p o n a d iv id e n d basis a t th o
ra to o f 3 % p e r a u n ., th e fir s t q u a rte r ly d iv . b e in g p a id o n M a y 15 1913.
M e r g e r .— A s th e m a n a ge m e n t o f th e W e ste rn R y s . * L ig h t C o . an d the
Illin o is T r a c tio n C o . has been s u b s ta n tia lly id e n tica l fo r th e p a st seven
y e a rs , th o a d v is a b ility o f co n s o lid a tin g th e tw o c o m p a n ie s has been u n d er
seriou s co n s id e r a tio n .
In th is c o n n e c tio n an o ffe r m a y s h o r tly b o m a d e t o
th e shareh olders o f tho W e ste rn R y s . & L ig h t C o . T h is co n s o lid a tio n
s h ou ld b o b en eficia l t o b o t h co m p a n ie s an d t o their sh areh old ers. (See
W e s te rn R y s . r e p o r t b e lo w a n d e x ch an g e o f sto c k V . 9 7 , p . 1426, 1504.)
R E S U L T S FOR C A L E N D A R Y E A R S .
E arn ings—
1913.
1912.
1911.
In teru rb a n lin es------------- $ 3 ,0 5 5 ,5 2 0 $ 2 ,9 6 4 ,9 5 5 $ 2 ,8 6 4 ,7 9 3
C it y lin e s .............................. 2 ,1 2 9 ,8 0 4
2 ,0 3 0 ,9 9 4
1 ,9 5 0 .8 8 0
G a s .........................................
46 6 ,4 5 0
4 28 ,977
3 8 3 ,3 2 5
E le c t r ic . ......................—
1 ,9 7 7 .3 5 0
1,68 9 .4 7 7
1,47 3 ,9 3 7
l l o a t , ....................................
2 4 7 ,5 3 0
21 9 ,1 7 0
107 ,738
M is c e lla n e o u s ___________
71.444
8 2,074
3 1 ,5 4 8
T o t a l gross e a r n in g s .. $ 7 ,9 4 8 ,0 9 8 $ 7 ,4 1 5 ,6 4 7 $ 6 ,9 0 2 ,2 2 1
T ota l oper. exp. & t a x ..
4 ,6 1 3 ,3 3 6
4 ,3 5 3 ,2 1 4
4 ,1 3 3 ,6 4 1
1910.
$ 2 ,4 4 0 ,5 9 2
1 ,8 3 5 ,6 9 8
35 7 ,3 1 5
1,282,443
164,062
2 6 .140
$ 6 ,1 0 6 ,2 5 0
3 ,6 0 8 ,0 2 3
N e t o p e ra tin g r e v e n u e .. $ 3 ,3 3 4 ,7 6 2 $ 3 ,0 6 2 ,4 3 3 $ 2 ,7 6 8 ,5 8 0 $ 2 ,4 9 8 ,2 2 7
D ed u ct—
In teres t on b o n d s , & c . . $ 2 ,0 7 2 ,5 3 9 $ 1 ,9 7 5 ,9 6 9 $ 1 ,8 8 5 ,2 2 1
$ 1 ,5 3 6 ,6 8 7
P referred d iv id e n d ( 6 % )
4 0 6 ,3 7 2
31 8 ,2 7 6
3 44 ,547
27 3 ,2 8 6
C o m m o n d i v s . ( 2 k( % ) . .
22 4 ,8 0 5
____
____________
$ 63 1,04 6
$74 1 ,9 1 7
$ 5 6 5 ,0 8 3
$ 6 8 8,25 4
T h e ro w as exp en d ed d u rin g 1913 $ 1 ,3 4 3 ,4 8 9 fo r m a in te n a n ce , renew als
a n d b etterm en ts (1 6 .9 % o f g r o s s ), as again st $ 1 ,1 6 8 ,6 7 0 (1 5 .7 % ) fo r 1912.
B A L A N C E SH E E T D E C . 31.
1913.
1912.
1913.
%
$
Liabilities—
8
s tock or sub. COS. .18,305,830 16,340,272 Preferred s t o c k .. . 7,135,500
A dv to sub.cos.,&c. 1,053,811 2,088,517 Common s t o c k ... 9,993,400
D ue by sub. c o l . 596,378
552,676 A ccr’d lnt. & dlvs.
321,281
263,979
Accts. & notes rec.
of controlled cos
439,571
Stores on hand_
262,055
25S.935 A ccts .* notes pay.
_
657,346
294,252
171,676 Special reserves..
Cash in bank.........
57,584
Surplus .................. *2,550,206
A SiS ~
.S 6 ~ -“
1912.
S
6,488,400
9,984,900
335,996
454,613
61,265
2,350,883
T o t a l ..................20,833,607 19,676,056
T o t a l ................ .20,833,607 19,676,056
* A ft e r d e d u ctin g $5 2 ,4 9 4 fo r d is c o u n t o n b o n d s o f c o n tr o lle d co m p a n ie s
a n d $ 3 7 9 ,2 2 8 fo r d e p recia tio n .
I N D E B T E D N E S S OF P R O P E R T IE S C O N T R O L L E D D E C . 31 1913.
(In terest 5 % e x c e p t as o th erw ise m a r k e d .)
Bonds—
Outstanding.
Bonds—
Outstanding.
Bloom . D ec. & Cham. R R .
Oskaloosa T r. & L t.C o .ls t M . 8245,000
first refunding m tge_____ $1,496,000 Peoria Bloom . & Cham. T r.
General mtge. 5 * 0 % , 1940. 1,390,000
C o. 1st m o r tg a g e ...............
280,000
Bloom . * N . R y .,E l.& H t.C o .
600,000 Peoria R y . 1st & ref. M ........... 2,394,000
Bloom . < N . R y . & Lt. C o . . .
fc
968,000
General mortgage ( 6 % ) ____
813,000
Central R y . C o. of Peoria____
570,000 Spring. & Northeast. T r. C o . .
145,000
Chic. Bloom . * D ec. R y _____
4,000 St. Louis Elec. Bridge Co.
Clinton Gas & Elec. 1st M tge.
( 4 % - 6 % ) ..............
2,592,000
6% (1937)____. . . . . . . . .
175,000 St. Louis Elec. Term . R y .
21,000
Danvlllo Consumers’ Coal Co.
(4% to 5 % ) . ..........
1,724,000
50.000 St. L. A Springfield R y ______
Danville & E. 1 1 Ry. (1938).
1.
451,000
17.000 St. L. Spr. & Peo. R R . 1st M . 4,653,000
Danvlllo Northern RR........
60.000
Danville & Southeastern R y..
General mtge. (5% & 6 % ) . 4,157,000
Danvlllo St. Ry. & Lt. C o ... 670.000 Topeka E d. Co.(V. 92, p. 730 ). 820,000
Cons.& ref.debens.(5%, ’38) 012.000 Topeka R y . C o. (V .80,p.998). 1,160,000
Danville Urb. & Champ. Ry.
Urbana & Champaign R y .,
ls t M .5 % .................. . 2,000,000
Gas & Elec. 1st M ............
138,000
% .................. .............
99,000
Consolidated m ortgage____
3 5 4 ,0 0 0
Danvlllo Champ. & Decatur
D ebentures-------------089,000
Ry. Co. collateral first.. 2,291,000 Urbana L t., II.& P. C o. cons.
02,000
Decatur Gas & El. Co. 1st M_ 240,000
29,000
First mortgage......................
Second mortgage..............
90,000
Consol. & ref. M . ( 5 % )____
10,000
&
6
Decatur Ry. & Lt. Co. first
consolidated mortgage... 743.000
Total D ec. 31 191.3.............. $42,771,000
Consol. & ref. 5% M .____
869.000
Total D ec. 31 1912_______ $37,085,000
Decatur Trac. & Elcc. Co___
212.000
Des Moines Electric Co. (V.
Preferred Stock—
88, p. 378)......................... 1,907,000 Bloom . D e c .& C h .R R .S e r . A $412,500
Des Moines Ry. & Lt. Co___
838,000
Series B .........................
225,000
111. Cent. Trac. Co. 1st M___ 1,469,000 Bloom . & N .R y .* L t .C o .(6 % ) 450,000
Temporary gen. M.(5*6%). 746,000 St. L. Elec. Term . R y _______ 1,000,000
Jacksonv. Gas L. & Coke Co.
155,000 St. L. Spr. & Peo. R R . Ser. A . 1,835,000
Jacksonv. Ry. & r,t. Co. 1st M 573,000
737,000
Scries B ...................................
Kansas lly. & Light Co_____ 1,436,000
Madison Co. Lt. & Power Co.
Total D ec. 31 1 9 1 3 .............$4,659,500
( 5 * 6 % ) .....................
531,000
Total D ec. 31 1912________ $4,509,000
A s t o b o n d s o f S t. L o u is S prin g. & P e o r ia , see V . 9 8 , p . 691; o f D a n v ille &
Pg 235; C h a m p . & D e ca tu r R y ., V . 9 8 , p . 1155; S t. L .
E l e c t . B r id g o C o . , V . 9 8 p . 7 4 an d o f B lo o m . & N o rm a l I t y . & L t . s t o c k ,
V . 9 8 , p . 154.— V . 9 8 , p . 1392.
Western Railways & Light Co., Champaign, 111.
(Report for Fiscal Year ending Dec. 31 1913.)
The report of Pres. W m . B . M cKinley, and V.-Pres. and
Gen. M gr. II. E . Chubbuek, says in substance :
F in a n cia l R esults.— T h o co m p a riso n w ith 1912 sh ow s increases as fo llo w s :
2 ,r, ^ earn tugs increased $ 2 7 4 ,4 2 4 , or 1 2 .1 0 % : net earn in gs increased
0
§1 0 .7 1 7 . or 1 3 .1 0 % ; to ta l net earn in gs, $ 1 1 4 ,4 6 3 , o r 1 3 .1 1 % ; In te re st,
$ 8 4 ,1 6 2 , o r 1 5 .6 9 % ; ava ila b le fo r d iv id e n d s , $ 3 0 ,3 0 1 , o r 9 .0 0 % ; p re f.
d iv id e n d s . $ 3 0 ,1 0 5 , o r 1 8 .8 1 % . T h o n e t su rplu s, $ 1 7 6 ,7 6 3 . is e q u iv a le n t
t o 3 .9 1 % u p o n th o c o m m o n s t o c k , c o m p a re d w ith 3 .9 0 % in 1912.
•
1457
C r o p c o n d itio n s th r o u g h o u t Illin o is h a v e n o t b een u p t o th e a v erage an d '
in K a n sa s th e p a rtia l fa ilu re o f th e c r o p s has been r e fle c te d in r e d u c e d earn
in g s o f th e pro p e rtie s in t h a t S ta te.
D u rin g th e y e a r $ 3 6 4 ,0 8 1 , o r 1 4 .3 2 % , o f th e gross r e c e ip ts , as a gain st
1 4 .1 6 % fo r 1912, w as a p p ro p ria te d a n d ex p e n d e d fo r u p -k e e p o f p ro p e rtie s .
Surplus A c c o u n t.— T h e b a la n ce b r o u g h t fo rw a r d fr o m 1912 w as $ 5 1 8 ,1 7 2 ,
an d th e su rplu s fro m 1913 w as $ 1 7 6 ,7 6 4 , m a k in g a to ta l o f $6 9 4 ,9 3 6 ; fr o m ,
w h ic h thero w as a p p ro p r ia te d fo r renew als an d b e tte rm e n ts $ 1 0 2 ,9 4 4 , an d
a g a in st w h ich there w as ch a rge d d is c o u n t on b o n d s o f th e c o n tr o lle d c o m
p a n ie s, $ 2 1 ,0 3 5 ; le a v in g th e b alan ce carried fo rw a r d , $ 5 7 0 ,9 5 6 .
Im provem en ts.— T o ta k e ca re o f th e n atu ral g r o w th a n d exp a n sion there
has been ex p e n d e d fo r im r p o v e m e n ts $ 5 7 7 ,6 3 1 .
Interu rban L in e s .— F o u r passenger m o to r a n d fo u r p assen ger trail cars
h a v e been a d d e d t o th e e q u ip m e n t o f th e C h ic a g o O tta w a & P e o r ia R y . C o .
1 assenger t r a ffic o n th is line has be e n u n u su a lly stim u la te d b y the o p e n in g '
o r th e Illin o is S ta te P a rk a t S ta rv e d R o c k . H e a v y e xp en d itu res ror ad
d itio n a l a n d im p ro v e d fa cilitie s h a v e m a te ria lly in crea sed e ffic ie n cy .
City P ro p e r tie s .— S u b sta n tia l d e v e lo p m e n t has m a rk e d th e o p e ra tion s o f
th o c it y u tilitie s , th e in crea sed c o n s u m p tio n o f e le ctr ic ity fo r lig h t a n d
P ow er p u rp o se s b e in g p a rticu la rly g r a tify in g .
N ew P ro p erties.— T h e fo llo w in g h a v e b een a c q u ir e d . J e ffe rso n C i t y
B rid g e & T r a n sit C o . ( V . 9 7 , p . 1663); K n o x v ille E le c t r ic L ig h t & P o w e r
C o . , P e o p le s T r a c t io n C o . ( V . 9 8 , p . 155.)
H o o d s .— E x tr e m e h ig h w a te r in th e M ississip p i a n d O h io R iv e r s aga in
pre v a ile d a t C a ir o e a rly In th e y e a r , n e ce ssita tin g a d is co n tin u a n ce fo r
several d a y s o f se rv ice o n th e C a ir o & S t. L o u is R y . a n d cau sin g a d e te r r e n t
ln tiu e n co o n business c o n d itio n s g e n erally in th a t te r rito r y . T h e lev ee im p ro v e m e n t w o rk p rogressed m a te ria lly d u rin g t h e y e a r .
1 roperties C ontrolled.— T h e se are as fo llo w s :
A tc h is o n R y . , L t . & P o w e r C o .
J e tfe rso n C it y B r id g e & T r a n sit C o .
( a ir o
Cy.'llP D C it y O n e C o .
G as
M a rs e ille s W a t e r & L ig h t C o .
C a ir o E le c t . & T r a c t io n C o .
M o u n d C it y L ig h t & W a te r C o .
C a ir o & S t. L o u is R y . C o .
N o r . III. L t . & T r a c t . C o . , O tta w a .
C h ic . O tta w a & P e o r ia R y . C o .
Q u in cy R a ilw a y C o .
C itize n s L tg . C o . , L a Salle & P eru.
W ic h it a R R . & L ig h t C o .
G a le sb u rg E le c t. M o t o r & P o w . C o .
C h ic . O tta w a & P e o r ia R y . C o .
G a le sb u rg G a s & E le c . L t . C o .
C a ir o & S t. L o u is R y . C o .
G a le sb u rg R y . & L t . C o .
P e o p le s T r a c t io n C o . o f G a le s b u rg .
J e ife r s o n C it y L t .. l i t . & P o w . C o .
„,
^ ‘ s ta n d in g b o n d e d d e b t o f the co n tr o lle d c o s . w as o n D e c . 31 1912
$ 1 0 ,6 6 0 ,9 0 0 ; n o later d a ta fu rn ish e d , see V . 9 6 . p . 1223.]
IN C O M E A C C O U N T .
Earnings—
19 13 .
1912.
1911.
In tcru rp a n ........................
$54 8 ,7 4 6
$ 43 0,67 9
$ 3 7 3 ,9 2 0
S treet ra ilw a y ___________
94 2 ,4 3 2
9 19 ,569
9 2 5 ,1 0 5
G a s ---------------------------------35 0 ,4 6 2
3 54 ,703
34 0 ,6 5 9
6 5 9 .3 6 4
E le c tr ic ligh t an d p ow er..
52 8 ,9 4 2
36 2 ,0 5 2
S te a m , h e a t, w a te r, & c . . _____40J580
3 3 ,3 6 7
2 7 ,619
G ross e arn in gs________ $ 2 ,5 4 1 ,6 8 4 $ 2 ,2 6 7 ,2 6 0 $ 2 ,0 2 9 ,3 5 5
E xpen ses—
O p e ra tin g exp en ses____ 1
$ 1 ,1 8 8 ,8 9 1
T a x e s ----------------------}$ 1 ,5 8 5 ,5 3 6 $ 1 ,4 2 1 ,8 2 9 1
6 1 ,774
G e n 'l an d o v e rh e a d exp..J
2 0 ,3 1 7
T o t a l expenses & taxes $ 1 ,5 8 5 ,5 3 k $ 1 ,4 2 1 ,8 2 9 $ 1 ,2 7 0 ,9 8 2
N o t earn in gs____________
$ 95 6,14 8
$84 5,43 1
$ 75 8,37 3
~
O th er r e v e n u e ___________
2 7 ,5 7 0
15.540
T o t a l n e t earn in gs___
$87 3,00 1
$77 3 ,9 1 3
In terest on b o n d s, & c _ .
$ 53 6,39 9
$ 47 4,69 1
P r e f. d iv id e n d s ( 6 % ) ___
142,260
16 0 ,0 3 5
B a la n ce , su rplu s______
$ 1 5 6 ,9 6 2
$176,567"
B A L A N C E S H E E T D E C . 31.
1913.
1912.
1913.
Assets—
$
$
Liabilities—
$
Stocks & securities 9,136,304 7,317,250 Com m on stock___ 4,521,800
Due by controlled
Preferred stock___ 3,169,000
co3.-con«ruc.,& c.
721,080 1,870,231 Debenture bonds. 1,611,000
do revenue____
28,172
98,187 Accrued interest..
90,288
A c c ts .* notes reev.
51,693
50,690 Accounts payable.
47,708
MIscell. accounts.
69,604
4,399 Accrued taxes o f
Cash in bank.........
41,050
37,567
controlled c o s ..
40,151
S u rp lu s.................. *570,956
1910.
$ 3 5 3 ,1 9 8
8 3 9 ,9 5 6
210 .859
25 1 ,8 7 8
2 3 .8 1 0
$ 1 ,6 7 9 ,7 0 1
$ 9 9 7 ,7 8 4
5 8 .3 4 0
1 6.175
$ 1 ,0 7 2 ,2 9 0
$ 6 0 7 ,4 0 2
12,717
$62 0 ,1 1 9
$35 6 ,4 8 8
134 ,700 ■
$ 12 8,93 1
1912;
$
4,521,800'
3,169,000;
1,006,o o a
87,610
35,395
40,347
518,172
T o t a l ..................10,050,903 9,378,324
T o t a l ................... 10,050,903 9,378,324
* A fte r d e d u ctin g $ 1 0 2 ,9 4 5 fo r b e tte rm e n ts a n d renew als a n d $ 2 1 ,0 3 5 fo r
d isco u n t o n b o n d s o f co n tr o lle d co m p a n ie s .— V . 9 8 , p . 1394.
Anaconda (Mont.) Copper Mining Co., New York..
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. B . B . Thayer, N . Y . , M a y 1, wrote in substance :
R esults.— Several causes c o m b in e d te n d e d t o lessen o u r o u t p u t o f re fin ed
c o p p e r , as co m p a re d w ith 1912.
In th e fir s t p la ce th e severe w eath er
d u rin g Jan u ary a n d F e b ru a ry 1913 m a d e it im p assible t o fu rn ish th e re
d u c t io n w o rk s w ith a n o rm a l s u p p ly o f o re , a n d in O cto b e r it w as fo u n d
n e cessary t o cease o p e ra tio n s a t th e sm e lte ry a t A n a c o n d a fo r 11 d a y s in
o rd e r t o clean th e m ain flu e s an d m ak e necessary repairs. In a d d itio n
t o th is a large a m o u n t o f ore resu ltin g fro m sill flo o r d e v e lo p m e n t w o rk in
lo w -g ra d e s e ctio n s o f th e m in es w as tre a te d a t the r e d u ctio n w o rk s.
T h e c o s t p er p o u n d o f c o p p e r p ro d u ce d d u rin g th e y e a r 1913 w as high er,
d u o t o th o s h u t d o w n w h ic h has been m e n tio n e d , and also o w in g t o t h e
f a c t t h a t th e gra d e o f o re tre a te d w as so m e w h a t low er th an t h a t o f th e
y e a r p re v io u s.
„ T h e c o n t r a c t g o v e r n in g th o w age scale, e n te re d in to w ith th e B u tt e
M in e rs U nion in 1912, o p e ra te d s a tisfa c to r ily t o all c o n c e r n e d .
D evelopm ent W o rk .— T h o a d d itio n s t o d r ifts , c ro sscu ts, u praises, w in zes
an d sh a fts ag g re g a te d 3 5 .3 m iles an d a to n n a g e o f o r e in excess o f th e
a m o u n t e x tr a c te d w as a d d e d t o th e o r e reserves.
T h e sh a fts o f th e d iffe r e n t p ro p e rtie s w ere su n k d u rin g th e y e a r t o
a d d itio n a l d ep th s a ggrega tin g 3,841 f t . T h o d e v e lo p m e n ts w ere satis
fa c to r y w ith b u t fe w e x ce p tio n s , p a r ticu la r ly g r a tify in g results be in g o b
ta in e d in th e ca se o f th o O rigin a l, G a g n o n , S te w a rd . T r a m w a y . W e s t
C o lu s a , W e s t G ra y R o c k , A n a c o n d a , B a d g e r S ta te an d L e o n a rd p ro p e rties.
G o o d progress w as m a d e o n the d ra in tunnels o n th e 2 ,8 0 0 f o o t level o f th e
d iffe r e n t m in es. T h e re w a s a m a r k e d im p ro v e m e n t o n th o 2 ,4 0 0 fo o t
level o f the A n a c o n d a m in e .
O n th o 3 ,0 0 0 fo o t level o f th e O rigin al m in e , a large ve in c a r r y in g a g o o d
g ra d e o f o r o w as d is c lo s e d b y th e c r o s sc u t. T w o c o m p a r tm e n ts o f the
H ig h O re s h a ft w ere sunk to th e 3 .4 0 0 f o o t level an d d e v e lo p m e n t w o rk
w ill b o pu sh ed o n th e 3 ,0 0 0 , 3 ,2 0 0 a n d 3 ,4 0 0 f o o t levels. T h e M o o s e
s h a ft w as su n k t o a d e p th o f 586 feet a n d w hen c o m p le te d it w ill b o used
as an air s h a ft fo r th e B a d ge r S ta te w o rk in g s. O n S e p t. 29 1913 th e w ork
o f re -tim b e rin g th e N e v e r S w eat s h a ft fr o m th e 2 ,0 0 0 fo o t level t o surface
w as c o m p le te d .
T h e w o rk o f u n w a te rin g th e N e ttie m in e , lo ca te d in th e B u rlin g to n d is
t r ic t , several m iles w est o f B u tte is in p rogress. T h e s ilver ore fro m this
g ro u p o f m in es w as w o rk e d s u cce ssfu lly m a n y yea rs a g o . T h e e q u ip m e n t
o f th e S ou thern C ro ss p r o p e r ty w as co m p le te d a n d th e fir s t c a r lo a d o f
ore w as f l i p p e d t o th e W a s h o e S m eltery on A p ril 9 1913 fro m the 5 0 0 -fo o t
level; sh ipm en ts h a v e been c o n tin u o u s sin ce th a t tim e .
T h e T r o p ic sh a ft in th o eastern en d o f t b o B u tte d is tric t w as su n k fro m
th e 500 t o th e 7 0 0 -fo o t level an d cro sscu ts w ere sta r te d . O n N o v . 17 1913
sin k in g w as resum ed be lo w the 7 0 0 -fo o t le v e l. N o m in in g o f ore w as d o n e ,
as tra n sp o rta tio n facilitie s h a v e n o t been establish ed .
N u m e ro u s im p ro v e m e n ts h a v e been m a d e a t th e m in es in th e w a y o f
n e w o re , b in s , e le ctric p u m p s , air co m p re sso rs, exh au st fa n s , & c.
E lectric S ervice.— E le c tr ic h au lage has d e m o n stra te d great eco n o m ie s a n d
thero arc a t p resen t a t o u r m in es 75 e le ctric lo co m o tiv e s in o p e ra tion
u n d er gro u n d , and 25 o n su rface. P repa ra tion s are b e in g m a d e t o use
ele ctric liaulago a t all o f th e m in es. T h o se rv ice ren dered b y th e M o n ta n a
P o w e r C o . ( V . 9 8 . p . 455) in fu rn ish in g e le ctric p o w e r t o th e m in e s, red u c
tio n w ork s an d railroad w as v e r y s a tisfa c to r y .
T on nage.— O ur m in es p ro d u ce d d u rin g th e y e a r 4 ,6 4 4 ,2 0 1 to n s o f ore
an d 7,2 4 4 ton s o f p re cip ita te s , o r a to ta l o f 4 ,6 5 1 ,4 4 5 to n s .
Total A n n u a l P roduction at A n acon d a and Great F a lls.
„
1913.
1912.
1911.
1910.
l i n o c o p p e r , lb s ...............2 7 0 ,3 0 1 ,6 4 4 2 94 ,474 ,16 1 2 5 9 ,4 0 7 ,0 9 3 2 66 .608 .46 1
S ilver, o z ------------------------ 1 0 ,3 2 1 ,2 9 6
11,01 4 ,7 3 7
9 ,7 3 1 ,5 6 1
9 ,5 3 4 ,8 8 8
GoA< ’. ? z ? ------ --------------i
, 0 1 .8 9 8
6 1 ,3 1 4
4 8 .9 5 0
57.259
O f th e fo re g o in g o u tp u t in 1913 2 4 1 ,9 8 3 ,3 2 3 lb s. o f fin e c o p p e r , 8 ,7 1 9 .
132 .54 o z . o f silv e r, a n a 6 4 ,8 9 8 .4 3 4 o z . o f g o ld w ere p r o d u c e d b y y o u r c o .
THE CHRONICLE
1458
P* Im provem ents at W ashoe Sm eltery.— T h o fin a l tests on th e c o n ce n tra tio n
o f sliino m a terial b y cen trifu g a l m a c ' tnes w ere fa irly g o o d it w as d e c id e d ,
b u t as th e c o s t o f o p e ra tin g an d m a in te n a n ce o f th o ro u n d ta b le w as fo u n d
t o b o m u c h loss it w as d e c id e d to e re ct a r o u n d ta b lo p la n t c a p a b le o f h a n d n g 2 .0 0 0 ton s o f slim e m a teria l p e r d a y .
f t is e x p e c te d th a t tho p la n t
w ill b o r e a d y fo r o p era tio n b e fo re J u ly 1 1914 a n d w ill p r o d u c e a b o u t 300
on s o f co n c e n tr a te s per d a y , w h ich w ill y ie ld a b o u t 1 ,0 0 0 ,0 0 0 p ou n d s o f
c o p p e r p e r m o n th a t a v e r y low c o s t p er p o u n d o f c o p p e r p r o d u c e d .
T h e leach in g tests w h ich w ere m a d e o n sa n d ta ilin gs a t th e 8 0 -ton plan t
co m p le te d A u g . 15th w ere so g o o d t h a t p la n s aro n o w b e in g m a d o fo r th e
erection o f a u n it o f 2 ,0 0 0 tons c a p a c it y . T n is u n it will h an dle a b o u t
o n e -th ird o f th o sa n d tailin gs co in in g fro m th o c o n c e n tr a to r. T h e ere ctio n
o f an exp erim en ta l 8 0 -to n slim e tailin gs le a ch in g p la n t lias also been au th .
Great Falls Sm eltery.— G o o d p ro g re ss w as m a d o in b u d d in g tho new
m e lte r y a t G re a t F alls a n d o n D e c . 31 1913 a b o u t 5 0 % o f tho w o rk w as
o m p le te d . E v e n tu a lly w e in te n d t o sen d th o c o n c e n tr a tin g ores fro m the
o n c e n tr a tin g d e p a r tm e n t t o th e c o n c e n tr a to r a t th e W ash oe S m e lte ry , an d
h e resu ltin g c o n ce n tra te s to G re a t F a lls fo r trea tm en t .
Coal D ep a rtm en t.— T h o m in es a t B e lt . W 'ashoo a n d D ia m o n d v ille s h o w :
I n T ons—
1913.
G oa l p r o d u c e d _________________________ 7 3 6 ,2 3 3
S h ip p ed t o o th e r d e p a rtm e n ts _______ 4 7 8 ,2 3 8
S o ld !.________________ ________ __________ 194 ,474
U s ed a t c o a l m in e s ____________________ 63,521
1912.
8 3 7 ,8 1 5
5 1 4 .2 0 8
2 4 4 ,6 8 5
7 8 ,9 2 2
1911.
8 00 ,073
508 ,9 1 3
3 16 ,647
7 4 ,5 1 3
1910.
828,531
449,421
3 0 9 .2 4 2
6 9 ,868
L u m b er.— T h e re w as a slig h t im p ro v e m e n t in th e d em an d fe r lu m ber
d u rin g th e y e a r, bu t business co n d itio n s w ere n o t su fficie n tly fa v o ra b le to
w arra n t a n y m ark ed in croa so in o u t p u t . T h e saw m ills a t H a m ilto n , H o p e ,
B on n er and S t. Itogis c u t du rin g th o y e a r 8 6 ,7 8 0 ,7 6 3 feet o f lu m ber, and
4 9 ,9 3 4 ,6 7 8 ft . w ere p u rch a sed , or w h ich 6 9 ,0 7 6 ,6 3 3 f t . w ere sh ipped to ou r
m in es, 6 3 ,5 1 5 ,2 1 2 f t . w ere sold co m m e r c ia lly , 1,521,203 ft. used at m ills
fo r repairs an d c o n s tr u c tio n , 3 ,5 6 4 ,8 3 2 ft . su p p lie d to fa c t o r y , 2 7 1 ,0 2 0 f t.
s h ip p ed t o a gen cies; to ta l 1 3 7 ,9 4 8 ,9 0 0 f t . , d e cre a sin g s t o c k o n h an d 1,
2 3 3 ,4 5 9 f t .
Subsidiary D ep a rtm en ts.— T h c s o sh ow fo r th o y e a r p r o fits o f $ 2 6 4 ,6 9 9 .
Butte A n a con d a A P a cific Ity.— T h e e le ctr ific a tio n o f th is ra ilw a y from
th o m in es a t B u tto t o th o re d u c tio n w ork s a t A n a c o n d a w as c o m p le t e d
d u rin g th o y e a r , a n d th e resu ltin g e c o n o m ie s and a d v a n ta g e s aro e x ce e d in g
e x p e c ta tio n s . T h o earn in gs, & c ., c o m p a r e as fo llo w s :
Gross
N et
I n t .,
D iv iB a l.,
- T r a ffic T on s. P assenger. In co m e. In co m e. T a x es ,A c . (lends.
Sur.
1013 .5 ,8 4 2 ,9 4 4 3 04 ,138 $ 1 ,4 4 2 ,4 0 9 $33 4 ,9 9 7 $10 2,57 6 _______ $23 2,42 1
1912 .5 ,7 1 5 .5 4 0 265 ,8 2 9 1,281,306
190,603
8 6 ,1 7 0 3 0 .0 0 0
7 4 ,433
1911 .4 ,6 5 9 ,6 9 6 191,794 1 ,0 5 8 ,0 0 3
192,708
8 5 ,7 6 4 6 0 .0 0 0
4 6 ,9 4 4
1910 .5 ,1 0 1 ,1 8 7 197 ,240 1 ,2 0 7 ,2 5 0
2 67 ,636
84,0 1 4 6 0 .0 0 0 123,022
A ls o a s to c k d iv id e n d o f $ 1 ,5 0 0 ,0 0 0 ( 1 5 0 % ) p a id in 1912.
[A s t o p r o p o s o d a b s o r p tio n o f In te rn a tio n a l S m e ltin g & R e fin in g C o . , see
Y . 98, p . 1319.)
P R O F IT A N D
LOSS A C C O U N T OF A N A C O N D A
Y E A R S E N D I N G D E C . 31.
CO PPER CO . FOR
Receipts—
1913.
1912.
1911.
1910.
Sales c o p ., silv er A g o l d . $44,003,47.3 $ 5 1 ,7 2 3 ,0 3 2 $ 3 8 ,9 1 8 ,6 3 7 $ 3 0 ,9 4 3 ,5 0 9
54,551
52,4 8 6
4 3 0 ,2 8 3
R o y a ltie s , Sec___________
107,075
195,219
2 48 ,425
I n c o m o fro m in v e s tm ’ t s .
3 1 9 ,4 3 8
158,375
57,228
6 4 ,9 8 6
R o n ta l o f prop erties, & c.
66,9 7 4
69,829
28,1 0 2
M is c e lla n e o u s r e c e ip t s ..
6.483
N e t p r o fits s u bsid . depts,
3 7 6 ,0 1 4
256 ,3 0 2
a lte r d e p r e c ia tio n ------264 ,6 9 9
3 0 8 ,3 4 6
C o p p e r , silver & g o ld o n
h an d ( c o p .a t c o s t .s i lv .
1 4 ,8 9 5 ,3 8 4
14,3 4 3 ,1 5 5
1 4,736,503
& goltl a t sellin g p r ice ) 1 6 ,173,789
T o t a l r e c e ip ts _______$61 ,258,750 $6 7 ,2 6 2 ,0 4 1 $ 5 3 ,8 9 0 ,4 7 4 $ 4 6 ,3 9 1 ,1 2 6
D isbursem ents—
$ 5 ,9 8 6 ,9 6 4
C o p p e r , silv er an d g o ld ]
o n h an d Ja n . 1______[$ 1 4 ,895.384 $ 1 4 ,3 4 3 ,1 5 5 $ 1 4 ,7 3 6 ,5 0 3
C o p p .,s ilv .& g o U l tak en !
o v e r w it h p u r. p r o p .)
7 ,4 1 5 ,9 8 4
1 6,905,772
14,4 9 3 ,8 2 4 1 2 ,6 2 8 ,5 3 5
M in in g e x p ., in cl. d e v e l . 18 ,4 57,559
O r e p u r c h . (in c l. tr a n s p .) 1 ,9 79,059
4 ,8 3 0 ,8 2 3
2 ,9 8 6 ,4 8 8
3 ,6 2 6 ,8 9 7
1,3 8 1 ,8 1 0
T r a n s , o f ore to re d . w k s. 1 ,463,662
9 75 ,917
1 ,242,287
lt e d u c .e x p .,in c l .d e p r e c . 8 ,7 09,580
7 ,2 0 3 ,8 8 0
8 ,8 6 3 ,8 0 1
7 ,7 4 4 ,5 7 0
T r a n s , o f m eta ls to E a st,
503 ,771
3 ,0 0 1 ,3 7 8
3 ,4 2 2 ,6 6 0
3 ,7 3 0 ,4 5 5
rofin in g & selling e x p .
2 3 9 ,1 5 5
330 ,847
307 ,6 7 0
394 ,0 6 3
A d m in is tr ’ n e x p ., <&c----D e p r e cia tio n o f p la n ts,
7 2 7 ,3 5 9
1 .009,453
& c ., w ritte n o i l _______
T o t a l d is b u r s e m e n ts .$ 4 9 ,9 7 5 ,5 2 9 $51 ,4 6 5 ,3 3 2 $ 4 5 ,5 7 4 ,4 1 1 S 40 ,52 9,99 3
B a la n c e ............. ...................$ 1 1 ,2 8 3 ,2 2 7 $ 1 5 ,7 9 6 ,7 0 9 $ 8 ,3 1 6 ,0 6 3 $ 5 ,8 6 1 ,1 3 3
A d d in teres t____________
4 0 ,2 7 2
59,626
_______
_______
T o t a l n e t in c o m o ____ $ 1 1 ,3 2 3 ,4 9 9 $ 1 5 ,8 5 6 ,3 3 5 $ 8 ,3 1 6 ,0 6 3 $ 5 ,8 6 1 ,1 3 3
I n t e r e s t _________________
_______
_______
$ 2 7 2 ,3 4 4
$ 1 4 0,23 0
D iv i d e n d s ............... (1 2 % ) 12,997.500(10)10,831,250 (8 )8 ,6 0 8 ,7 5 0 (8 )6 ,9 3 0 ,0 0 0
B a la n ce fo r y e a r ...d e f .$ l ,6 7 4 ,0 0 1 s r .$ 5 .0 2 5 ,0 8 5 d o t .$ 5 6 5 .0 3 1 d f $ l,209,097
B A L A N C E S H E E T D E C . 31.
Assets—
1913.
3
Mines, mining
claims, land, Ac.68 ,689,661
Bldgs.,sawmills,Ac.10 ,965,561
Timber lands--- 5 ,860,996
Inve3t.ln send.cos. 7 084,202
Prepaid Ins., Ac..
304,422
Materials A supp. 3 ,413.392
Mdse, for sale___ 1 206,230
Cop..sliver & gold 16 ,173,788
Accts.rcc.&cash- 4 ,860,922
1912.
$
68,204,021
16,169,125
5,915,299
6,289,350
335,774
2,768,871
1,686,059
14,895,384
8,813,989
Total....... 124,559,174125,077,851
Liabilities—
1913.
$
1912.
S
Cap. stk. issued. 108,312,500108,312,500
Accts. and wages
payable A taxes
accrued _______ 5,966,223 4,811,882
Dividend warrants
8,921
not presented..
9,905
Dividend payable
January....... 3,249,375 3,249,375
Surplus......... 7,021,171 8,695,172
Total....... 124,559,174125,077,851
[V oii. x c v ia .
aro t o bo so ld in th o n ear fu tu re an d tho p ro ce e d s used in tho p u rch a se, re
tire m e n t a n d ca n ce lla tio n o f tho $ 5 ,5 0 0 ,0 0 0 b o n d s n ow o u ts ta n d in g a n d held
b y the trustee o f the First C o n s o l. M t g e . o f tho S ou th ern R a ilw a y C o .,
w h icli c o m p a n y w ill p a y w h a te v e r d is c o u n t o r com m issio n s m a y b o in v o lv e d
in th o tra n sa ctio n . T h e b a lan ce o f $ 1 4 ,5 0 0 ,0 0 0 b o n d s is t o bo so ld from
tim e t o tim e on a d u ly ce rtifie d resolu tion o f the b o a rd o f d ir e cto r s o f tho
.Southern R y . C o . , an d tho p ro ce e d s turned o v e r t o th a t c o m p a n y s olely
fo r d o u b le -tra ck in g a n d im p ro v in g tho A ir L in e C o . ’s ra ilw a y p r o p e r ty and
term in als, in clu d in g a r e -lo ca tio n o f the railroad in certa in p la c e s , in ord er
to re d u ce grad es an d elim in ate or m o d ify cu rves; (h e in te n tio n be in g to
sp e n d all o f th e p ro ce e d s o f $ 1 4 ,5 0 0 ,0 0 0 n ow b o n d s in m a k in g tho p r o p e r ty
a m o d e r n , w e ll-b u ilt, d o u b le -tra ck railroad w ith a d e q u a to term inals.
T h o arran gem en t fu rth e r p ro v id e s fo r an agreem en t m o d ify in g tho agree
m e n t m a d o w ith the R ich m o n d & D a n v ille R R . C o ., d a te d M a r . 26 1881,
u n d e r w h ich th o A ir L in e p ro p e rty is now o p e ra te d b y the S ou th ern R y . C o .,
s o as to increase the d iv id e n d o n th e s to c k o f th o A ir Lino C o . to an u n q u ali
fie d d iv id e n d o f 9 % per a n n u m , as h ereinafter d e ta ile d , w ith o u t regard t o
earnings, in lieu o f th o existin g p r o v is io n fo r a m a xim u m 7 % d iv id e n d c o n
d itio n e d u p o n th e a m o u n t o f gross annual earnings. In con sid era tion
w h e r e o f th e s to c k h o ld e r s o f th o A ir L in o C o ., w hen doDOslting th eir s to c k
(o r u p on assen tin g to this p la n , if their s to c k has a lread y been d e p o s ite d ),
aro to enter in to an agreem en t g iv in g an o p tio n t o tho Sou th ern Ity . C o ., or
its n om in ee, to pu rch ase said s t o c k , u p o n d u o n o t ic e , on a n y d iv id e n d due
d a te , at $2 5 0 per sh are, in ca sh .
„
T h e Sou th ern R y . C o . fu rth er agrees t o s ta m p u p o n all th e s to c k ce r tifi
ca te s o f th o A ir L ino R y . C o . u p o n w h ich th e c o n tr ib u tio n h ereinafter
sta te d has been p a id a g u a ra n ty o f th o fa ith fu l p e rfo rm a n ce o f all the p ro
vision s o f the old agreem en t w ith th o R ic h m o n d & D anvilto R R . C o . and
tho new su p p lem en ta l a greem en t, an d an agreem en t to p a y t o th o h old or
th e r e o f d ir e ct d iv id e n d s at th e ra te o f 9 % per a n n u m .
T h o m o n e y n ecessary to ca rry o u t tho agreem en t (in clu d in g th e co m p e n
sation o f tiie c o m m itte e , & c.) w ill b o furnish ed by, the S ou th ern R y . C o .
as fo llo w s: In a d d itio n t o d e p o s itin g w ith th e A ir L in o C o . on S e p t. 1 1914
th e a m o u n t necessary t o p a y th e presen t usual 3J4 /n 6 lv lden d on .,Ha? d a le ,
it w ill d e p o s it 1 % tow a rd s expen ses, an d on M a r c h 1 1915 it w ill d ep osit
e n o u g h m o n e y to p a y a 4 % sem i-an n u al d iv id o n d on th o s to c k an d an
a m o u n t equal t o 'A o f 1% t o c o v e r th o rem ain d er o f th e expen ses,
i here
a fte r it w ill d e p o s it s u fficie n t m o n e y t o p a y a sem i-an n u al d iv id e n d or 4 A % ■
A s to c k h o ld e r , h o w e v e r, w h o w ishes to h a v e his s to c k c e r tific a te s ta m p e d
w ith tho g u a ra n ty w ith o u t d e la y an d t o re ce iv e his sem i-an n u al d iv id e n d at
th e rate o f 4 A % begin n in g S e p t. 1 1914, d ir e ct fro m th o Sou th orn R y . C o .,
can d o so b y c o n tr ib u tin g a to ta l o f $1 25 per sh aro, if h o lias a lre a d y de
p o site d his s to c k w ith th e c o m m itte e , or $1 50 per sharo w hen d e p o sitin g
his s t o c k , i f h e has n o t alread y so d ep o site d it; an d th ereafter su ch sto c k h o ld e r
w ill r e ce iv e his d iv id e n d o f 4 H % d ir e ct fro m tho S ou th ern R y . C o .
If
th e s to c k is p r o m p tly d e p o s ite d , th o agreem ent sign ed and tho co n tr ib u tio n
p aid in, the w h ole m atter can b o sp eed ily c o n c lu d e d , an d tho s to c k o f the
A tla n ta & C h a r lo tte A ir L in e R y . C o . w ill b e c o m e a gu a ra n te e d 9 % s to c k
b e fo r e S e p t. 1 1914, and its v a lu o c o r re s p o n d in g ly en h a n ce d .
T h o co m m itte o reserves th o rig h t w ith in a re ason able tim e t o d eterm in e
w h eth er th e plan shall b e c o m e o p e r a tiv e , an d if n o t d eclared o p e r a tiv e ,
tho s t o c k , to ge th e r w ith the c o n tr ib u tio n fo r expenses, o f $1 25 or $1 50 per
sharo, as herein sp e c ifie d , w ill bo re tu rn e d w ith o u t ch a rg e .— V . 9 8 , p . 1391-
A tla n ta & St. Andrew s B ay R y .— Bonds Offered.—
Thomas & Diggs of Troy and Tevis-Hanford C o ., N . Y . C .,
aro offering by aclv. on another page at 9 9 >2 and int., yield
ing over 6 % , a block of tho 1st M . gold 0s, fully described
last week (p. 1391), dated 1908 and Duo Oct. 1 1938. A u th .,
8500,000; issued, $425,000; covering at 85,000 per mile 82
miles of a standard-gauge railroad extending from Dotlmn,
A la., on the Atlantic Coast Line and Contral of Georgia,
via Cottondale, Fla., on L. & N . R R ., to Panama City on
St. Andrews B ay, “ one of tho best deep-water harbors on
the Gulf of M exico.” Current net earnings reported as
over four times interest charges on these bonds. Replace
ment value of tho property estimated at 81,281,000; equity
over this issue 8856,000. See also V . 98, p. 1391.
Bangor (Me.) R ailw ay & Electric Co — Initial Dividend
— Transmission Line.— Tho following is authoritative:
T h e c o m p a n y p a id o n M a y 1 an in itia l d iv id e n d o f 14 o f 1 % on its $ 2 ,
0 0 0 ,0 0 0 c o m m o n s t o c k , b ein g th e n in th in itial d iv id e n d o n c o m m o n s to c k
d e cla re d b y a p u b lic u tility co r p o r a tio n in th e cu rron t y e a r .
Results fo r 12 A lonths Ending M a rch 31 1914.
Gross.
N et.
I n t ., A c .
P r e f .D iv . B a l.,S ur.
1913-14
- .- $ 7 7 6 ,3 1 0
$ 4 2 1,86 6
$ 2 0 7,78 2
$ 1 0 5 ,0 0 0
$ 1 0 9 ,0 8 4
396 ,777
202 ,951
105 ,000
88,8 2 6
1 9 1 2 -1 3 ____ 7 2 4 ,0 5 0
7 .2 %
,
6 .3 %
2 .4 %
---------- iM
2 2 .8 %
I n c r e a s e ____
T h e B a r H a r b o r & U n ion R iv e r P o w e r C o . , a su b s id ia r y , w ill co n s tr u c t
an exte n sio n or its d istrib u tio n s o r v ic o line in E lls w o rth t o B lu e H ill, M o .,
a distatico or 18 m ile s, an d o x p e cts t o h a v o it in o p e r a tio n in th o e a rly tall.
— V . 98, p . 1243.
Bay State St. R y .— Bonds Called.—
T h ir t y -tw o ($ 3 2 ,0 0 0 ) 1st M l 5 % b o n d s o f tho L o w e ll L a w re n co & H a v e r
hill S t. R y ., d a te d Ju n e l 1983, fo r p a y m e n t a t 105 an d in t. o n Ju n e 1 a t
A m e rica n T r u s t C o . , B o s to n . V . 98, p . 1391, 761.
B itu m in ou s Coal Roads — No General Strike.—
T h o e x e cu tiv e co m m itte o o f th o U nitod M in e W orkers o f A m e r ic a d e
cid e d y esterd ay against a general striko o f th o inlno w orkers (re p o rted as
a b o u t 500 000 in num ber) w hich h a d been urgod b y m a n y loca ls as a p ro
test against c o n d itio n s in th o C o lo r a d o co a l fiolds. T h o c o m m itte o in a
statenient says th a t it w ould b o hotter fo r all m iners o u ts id o o f C o lo r a d o to
rem ain at w o rk in ord e r th a t th oy m ay be tto r fin a n ce th o C o lo r a d o striko
“ fo r o n e year o r ten y e a r s ,” b u t in tim a te th a t if c o n d itio n s d o n o t im p rov e
a general striko m a y bo called.
T h o status in tho several fields is given b e lo w .
Ohio.__ T h e re is, it is sta te d , as y e t no p ro d u ctio n in a n y o f th e field s.
T h o e xe cu tive co m m itte e o f tho O h io D is tr ic t o f tho U nited M in e W ork ors
o n M a y 1 d eclared fo r a S ta te -w id e striko ot the union co a l m iners (ov er
— V . 9 7 , p . 1735.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Atlanta Birmingham & Atlantic RR.— Again Post
poned,— The foreclosure salo has been postponed until May15. See V . 98, p. 1391, 1315.
Atlanta & Charlotte Air Line Ry.— New Mortgage—
Amendment of Lease.— Dividend under Lease to Be Increased
from 7 % to 9 % . — Option to South. Ry. to Purchase Stock at
250.— The stockholders will vote June 2 on authorizing
a new 820,000,000 first mortgago and on amending
the lease. The stockholders’ committee, W . Emlen Roose
velt, Chairman, 30 Pine S t., N . Y ., appointed under agree
ments dated M a y 1 1900 and Dee. 22 1909, reports in cir
cular of April 20 substantially as follows:
A n arran gem en t te n ta tiv e ly fo rm u la te d w ith o u r u n a n im ou s a p p ro v a l
has fin a lly been a c c e p te d b y the S outhern R a ilw a y C o . Its effectiven ess
w ill d op on d en tirely u p on th e p rom p tn ess w ith w h ich it Is a c c e p te d b y tho
stock h old ers o f the A ir Lino R y . C o .
U pw ards o f tw o -th ird s o f tho ($ 1 ,
7 0 0 .0 0 0 ) c a p ita l s to c k has been d e p o s ite d w ith tho U . 8 . M t g e . & T r u s t C o .
an d fu rth er d o p o s lts aro in v ite d , t o the e n d th a t all th o s t o c k m a y b e so
d e p o s ite d .
,
T h e co m m itte e p roposes t o v o t o the s t o c k in fa v o r o f a u th o rizin g a first
m o r tg a g o to secu re an issue o f $ 2 0 ,0 0 0 ,0 0 0 3 0 -y e a r g o ld b o n d s, said b o n d s
t o bear in terest a t th e rate o r rates o f n o t exceed in g 5 % per a n n u m , p a y a b io
sem i-a n n u a lly, t o be Issued fro m tim e to tim e in tottered series, bearing
design ated rates o f interest w ithin tho lim it afo re sa id , an d to bo a first lien
o n all tho ra ilw a y p r o p e r ty o f tho A ir L in o C o . O f theso b o n d s, $ 5 ,5 0 0 ,0 0 0
in tho district) o n M a y 6 an n ou n ced a w illingness to m eet again w ith tho
m in ers’ representatives in a n e ffo r t to brin g a b o u t a s a tisfa c to r y ad ju stm en t
o f th o w ago scalo d iffic u lty .
1 ho H o ck in g D istrict scale has, it is s ta te d ,
been used fo r 30 years as tho basis fo r scales in o th er d istricts o f O h io .
W est V irg in ia .— ‘M e m b e rs ot th o gcnoral co m m itte o o f th o K anaw ha
C o a l O p e ra to rs’ A sso cia tio n roturnod o n M a y 4 from C h a rle sto n , h a v in g
refu sed to fu rth er con sid er d iffe re n ce s w ith tho m inors under a cla u so o f th o
last co n tr a c t p r o v id in g th at until Ju n o 1 this y oar n o d iffe re n ce sh a ll bo c o n
sidered unless tho m ines aro in lu ll o p e ra tio n . A b o u t 6 0 % (8,0 00) o f tho
m iners are n o t w ork in g .
1 b o a ssocia tion co n tro ls 26 c o m p a n ie s an d 51
m ines an d m om bers e m p lo y a b o u t 12,000 m e n . M a n y o f tho m iners w h o
stru ck last w eek lia v o , it is sa id , o b o y e d th o orders o f th o d is tric t o fficers o f
th o U nited M in e W ork ers an d returned to w ork until th o in tern ationa l o ffi
cers can pass u p o n their co n te n tio n th a t th ey lia v o a rig h t to strik o .
I llin o is .— T h e re is a sligh t iucreaso in tho steam co a l trade a n d som o
a d d itio n a l m in es co m m e n ce d o p e ra tio n s th is w e e k , b u t co m p a r a tiv e ly few
aro in o p e r a tio n .
I t w as a n n o u n ce d ye ste rd a y th at th o Illinois co a l o p era
to r s ’ an d th o m in o rs’ jo in t s c a le co m m itte o h ad d isagreed , 400 w ago-scalo
p o in ts h a v in g been agreed u p o n a n d 2 rem ain ing u n settled .
It w as ex
p e cte d th a t th o co n fe re n ce s w o u ld b e c a lle d o f f a n d th o m atter d ro p p e d
fo r a few w eeks. T h e re aro 5 0 ,0 0 0 m en aw aitin g the d e cisio n .
P enn sylvania.— M in e s lia v o b oon a c tiv o at m a n y sp o ts in tho P e n n sylva n ia
d is tric t fo r a b o u t tw o w eeks a n d it w as e x p e cte d th a t m a n y m oro w o u ld b e
a c t iv o d u rin g this w eek . T h o 3 0 ,0 0 0 m iners in th e C learfield c o a l fields
on M a y 7 v o te d b y a la rg e m a jo r it y t o a c c e p t tho 1912 s ca lo an d t o con ttn u o
th o agreem en t u n til A p ril 1 1916. O n M a y 8 soveral th ou san d m inors
(p ra ctica lly all) o f D is trict N o . 2 a t Joh n stow n rotu rn od t o w o r k ,fo llo w in g
th o an n o u n ce m e n t th a t m in ers in that field v o te d overw h e lm in g ly in fa v o r
o f tho a c c e p ta n c e o f th o o ld w pgo sca lo Tor tw o yea rs, an d again st a p ro p osed
general strik o . M o r o than fo r t y m ines had been idlo In th o d istrict.
C olorado.— J . C . O sg o o d , P r c s t d c n t o f th o V ic to r -A m e r ic a n F u el C o . .s a y s
th a t 9 0 % o f th o c o a l m iners o f C o lo r a d o F u el Sc Iron C o . and th o V ic t o r A m e rica n Fuel C o . w h o w ere a t w ork w hen th o recon t tro u b lo sta rted
A p ril 20 aro n ow w ork in g . A t th a t tim o th o V ic to r -A m e r ic a n C o . w as
o p e ra tin g fu ll fo rce an d th o o th e r c o m p a n y a b o u t 0 0 % o f c a p a c it y .
— V . 9 8 . P . 1315. 1243.
m ay
9 1914.]
THE CHRONICLE
Boston Elevated Ry — Bonds.— The M ass.^P . S. Com
mission hah been asked to sanction an issue of $1,000,000
bonds on account of construction and equipment, funding
floating debt, &c.— V . 98, p. 761, 385.
Buffalo Rochester & Pittsburgh Ry.— Equipment Bonds
Offered.— Geo. S. Fox & Sons and Townsend Wliolen & C o.,
Philadelphia, are offering by adv. on another page, at prices
to net 4 .4 0 % , $549,000 Equipment 5 % gold bonds, series II.
Date July 1 1913, due $125,000 annually on Jan. 1 1915 to
1930, inch Total issued and outstanding, $2,000,000.
Denom. $ 1 ,000c*. Int. J. & J. Tax-free in Pa. Trustee,
Guaranty Trust Co. of N . Y . A circular shows:
A d ir e ct o b lig a tio n o f th e ra ilw a y c o m p a n y a n d secu red b y e q u ip m e n t
c o s tin g n o t less th a n $ 2 ,2 0 0 ,0 0 0 , in clu d in g 1,000 5 0 -to n c a p a c it y steel
h o p p e r -b o t t o m c o a l ca rs , 500 4 0 -to n c a p a c it y stool u n d o rfra in o b o x ca rs,
500 5 0 -to n c a p a c it y steel u n d e rfra m o g o n d o la ca rs , a n d 15 M ik a d o ty jio
lo co m o t iv e s .
(See a ls o V . 9 7 , p . 1582.)
E a rn ings f o r Y ear ending J an e 30 1913.
G ross earn in gs________ ..$ 1 0 ,9 4 7 ,2 1 6 I F ixed c h a r g e s --------------- $ 1 ,9 4 9 ,7 1 4
T o t a l n et in c o m e ________ $ 1 ,0 7 6 ,7 0 8 I B a la n ce , surplus----------- $ 2 ,1 2 6 ,9 9 4
P referred d iv id e n d s 6 % p er a im . since 1901. D iv id e n d s o n c o m m o n
s to c k n o t lass than 4 % sin co 1902, present rate 6 % p e r an n . N o w o u t
sta n d in g $ 6 ,0 0 0 ,0 0 0 p r e f. an d $ 1 0 ,5 0 0 ,0 0 0 c o m m o n .
Lee, Higginson & Co. are also offering in our advertising
columns a largo block of this series H .— V . 98, p. 1315, 1155.
Central Park North & East River RR.— Suit Dismissed.
J u s tice D a v is in th e S up rem e C o u r t in th is c it y on M a y 4 dism issed tlio
su it b r o u g h t b y m in o rity sto ck h o ld e rs a ga in st fo rm e r d ire cto rs o f th o c o m
p a n y to r e c o v e r $ 2 ,0 0 0 ,0 0 0 d am ages. T h e su it also w as b ro u g h t again st
th o M e tr o p o lit a n S treet I iy . C o ., b u t th e C o u r t d e cid e d th a t thero is n o
cause o f a ctio n e x c e p t a gain st th o B e lt L in e c o m p a n y .
It w as also h eld th a t
a c tio n a gain st M o r tim e r L . S e liiff is barred b y th o s ta tu te o f lim itation s
beca u so h o served as a d ire cto r o n ly be tw e e n 1902 an d 1903. C o m p a re
V . 9 7 , p . 1286. 1203.
Central Vermont Ry.—-Proposed Lease.—
S co S ou th ern N o w E n g la n d B R . C o r p o r a tio n b o lo w .— V . 9 7 , p . 1580.
Chicago & North Western Ry.— Bonds— Kuhn, Loeb &
Co. have purchased $8,054,000 gen. mtge. 4s issued for im
provements and betterments, and aro offering them privately
at 9 4 Yi and int. Tho$o bonds are stamped “ not free from
income tax.” — V . 98, p. 999, 522.
Chicago Rock Island & Pacific RR.— Official State
ment.— Tho following was issued on Wednesday:
T h e re p o r t o f E . \V. M cIC onna h a s been file d w ith th o c o m m it t c o re p re
sen tin g th o 4 % C o lla tera l T r u s t b o n d s o f 2002, a n d has also been su b in itto d
t o C h a irm a n S ch u m ach er a n d P res. M u d g o o f tho C h ic a g o B o c k Isla n d &
P a c ific B y ., w ho aro con fe rrin g w ith M r . M c K e n n a in regard t o tho c o n
clu sion s expressed in h is r e p o r t. I t is h o p e d th a t w ith in a few d a y s a s y n o p
sis o f th o re p o r t a n d th eir co n clu s io n s can b o g iv e n to th o b o n d h o ld e rs.
A c c o r d in g t o n ew sp ap er a c c o u n ts , tho re p o r t p laces th o fin a n cia l r e q u ire
m en ts o f th o system for im p ro v e m e n ts a t a b o u t $ 6 5 ,0 0 0 ,0 0 0 , o x clu s iv o o f
an a d d itio n a l $ 2 2 ,0 0 0 ,0 0 0 fo r tiio co n s tr u c tio n o f a d d itio n a l lin os. C o m
p are r e p o r t o f C h a irm a n S ch u m a ch e r, V . 98, p . 762 .— V . 9 8 , p . 1392.
Cleveland Cincinnati Chicago & St. Louis Ry.— Bonds
Authorized.— Tho Ohio P. U . Commission has authorized
tho company to issue $4,161,000 gen. M . 4 % bonds to retire
$4,138,000 Cleveland Columbus Cincinnati & Indianapolis
Ry- 7 % bonds, maturing Juno 1 1914 and some sinking fund
bonds.— V . 98, p. 1085, 1066.
Columbus (O.) Railway & Light Co.— Dividend.— A
dividend of 75 cents a share has been declared on the capital
stock, payable M ay 25 to holders of record M a y 9 1914.
T h e d istrib u tion w ill n o t a p p ly to sh areh old ers w h o aro in d e fa u lt in tho
p a y m e n t o f assessm ent d u e D e c . 30 1913, b u t w ill be a p p lie d as o f M a y 25
on a c c o u n t o f fin a l assessm en t d u e Jun e 30 1914. M o n o y l’o r th e special
d iv id e n d w as secu red fro m th e I H % initial d iv id e n d o n th e C o lu m b u s
B y . . P o w e r & L ig h t C o . c o m m o n s to c k (V . 98, p . 1316), a largo a m o u n t o f
w h ich is h old toy th e (zolu in bu s K y. & L ig h t C o . T h e r e is aD D roxirnatclv
o f th e $ 3 ,5 0 0 ,0 0 0 C o lu m b u s B y . co m m o n s to c k w h ich h a s n o t y e t
been d e p o s ite d fo r exch a n g o in to R a ilw a y , P o w e r & L ig h t C o . c o m m o n
s t o c k u n d er th o term s o f th e re ce n t c o n s o lid a tio n o f th o C o lu m b u s pro p e r
ties.
H old ers o f th o u n d e p o s ite d s to ck c a n n o t p a r ticip a te in th o 1 U %
c o m m o n s t o c k d iv id en d w h ich w as p a id M a y 1 until th eir h o ld in g s h a v e
b een exch an g ed in a c c o r d a n c e w ith th e reorgan ization p lan ( V . 90 p 1839)
T h e C o lu m b u s p rop erties a re m an aged b y E . W . C la rk & C o . ’ ot P h ila
d elp h ia .— V . 98, p . 1316 , 839 , 155.
Connecticut Company.— Separation Effected.— This com
pany, which controls and operates 675 miles of electric trolley
road, announces that it has become a separate organization,
“ complete and independent” from the N . Y . N . H . & II.R R .
P res. L . S. Storrs s ta te s th a t on a c c o u n t o f th e c h a n g e in the c o m p a n y ’s
statu s resu ltin g fro m th e ag re e m e n t w ith th e D e p a rtm e n t o f J u stice , there
m u s t too a sto p p a g e o f p la n s fo r im p ro v e m e n ts . T h e a d m in istra tiv e stall
has le ft th e o lli c e b u ild in g o f tho N e w H a v e n ro a d (see th a t c o m p a n y in
V . 9 8 , p . 131 0 ).— V . 98, p. 1214.
v
v
Elmira (N. Y.) Water, Light & RR. Co.— New First
Pref. Slock Offered.— Bodell & Co. aro offering at 103 and
int., yielding 6 .8 0 % (see adv. on another page), tho$850,000
now 7 % cumulative first pref. (p. & d.) stock, fully doscribed in last week’s “ Chronicle.” Tho company owns tho
entiro street railway, gas, water, electric-light and power
business in tho city of Elmira, N . Y ., and vicinity, serving
a population of 50,000. The earnings for tho year 1913
applicable to dividends on this 1st pref. stock, it is pointed
out, woro over 2 % times dividend requirements.
- T h e r e are n ow o u ts ta n d in g , in a d d itio n to the $ 8 5 0 ,0 0 0 1st p r e f. s to c k ,
$ 1 ,0 0 0 ,0 0 0 5 % 2d p ro f, an d $ 1 ,0 0 0 ,0 0 0 c o m m o n s to c k and 3 5 ,0 0 0 ,0 0 0 5 %
b o n d s, provision h a v in g been m a d e to retire a fu rth e r $ 3 0 7 ,0 0 0 b o n d s o f
C h em u n g G a s G o . a t 105 on J u ly 1. E a rn in gs fo r 191.3 w ere $ 1 ,0 1 5 ,0 5 2
?£os? ’
I'^-DOS net an d $ 1 6 8 ,0 0 8 a p p lica b le t o p a y m e n t o f d iv id e n d s on
th e 1st p re f. s t o c k , sh ow in g g o o d increases in b o th gross an d n et o v e r 1912.
See full particu lars in V . 98, p. 1392.
Bonds. Merrill, Oldham & C o., Boston, aro offering at
9 2 ^ and int. (yield 5 .4 5 % ) their block of $617,000 First
Consol. M tgo. 5s of 1906, duo Sept. 1 1956. Tax exempt
in Now York State.
T h e to ta l a m ou n t a u th o rize d u n d e r this m o rtg a g e is $ 5 ,0 0 0 ,0 0 0 , or w h ich
$ 2 ,9 8 4 ,0 0 0 are at presen t o u tsta n d in g an d the ba la n ce , $ 2 ,0 1 6 ,0 0 0 , is r o serv ed for retirem en t of p rio r lien s. T h e m o rtg a ge is th e re fo re now clo se d
e x c e p t fo r refu n d in g pu rp oses. S ee also V . 98, p. 1392.
Georgia Railway & Power Co .— Bonds Sold.-—Drexel &
Co. of Philadelphia liavo purchased $6,860,000 First and Ref.
40-year sinking fund 5 % bonds, duo Aug. 1 1954, and in
tend to offer tho samo on Monday next at 9 2 Yi and int.,
subject to approval of Georgia R R . Com m .— V.98,p.757, 689.
1459
H anover & M cSherrystow n Street R y .— Bonds.— Fra
zier & C o ., Phila., recently offered $249,000 1st M . 5 % 20year gold bonds of 1908, due June 1 1928, but subject to
call at 105 and int. Int. J. & D . A u th ., $500,000; out
standing, $400,000. Price quoted, 93 xi bid, 94 asked.
/
D ig e s t o f L e t t e r fr o m P r e s . .1. VV. S t e a c y , A p r il 15 1914.
In c o r p o r a te d in P a . in 1892 fo r 999 yea rs. O w n s a n d o p e ra te s 12.57
m iles o f ele ctric ra ilw a y o p e ra tin g in H a n o v e r , L ittle s to w n , M cS h erry s
t o w n , & c ., a n d also d istrib u te s w ith o u t c o m p e titio n e le ctr ic ity fo r ligh t and
p o w e r in t h e sa m e to w n s an d in M t . R o c k , C o n e w a g o C h a p e l, L im e R o c k
T t i [ f ° m ' r'c k , th ro u gh ow n ersh ip o f th e en tire ca p ita l s to c k o f th o I la n o v e r
L ig h t, H e a t & P o w e r C o . , w h ich s to c k is d e p o s ite d as p a rt secu rity
fo r theso b o n d s. T o t a l c o s t o f p r o p e r ty u p o n w h ich th e b o n d s aro a first
lien , eith er d ir e ctly o r th ro u gh d e p o s it o f s t o c k , a b o u t $ 5 3 6 ,5 0 0 . A u th o
rized c a p ita l s to c k $ 2 0 0 ,0 0 0 , $ 1 3 5,00 0 o u ts ta n d in g . A u th o riz e d 1st M .
os $ 5 0 0 ,0 0 0 ; 8 1 0 0,00 0 reserved fo r e x ten sion s a n d im p ro v e m e n ts .
A n n u a l E a rn ings—
1911.
1912.
1913.
...................... $ 85 ,489 $ 8 7 ,6 5 4 $92,799
G ro s s earn in gs ........ ..................
N e t (a fte r taxos) a p p lic a b le t o fix e d c h a r g e s
4 0 ,3 9 6
4 0 ,2 2 2
43,169
A m o u n t requ ired t o p a y in terest o n th e $ 4 0 0 ,0 0 0 b o n d s is $ 2 0 ,0 0 0 .
H avana Electric R y ., L igh t & Power C o.— Earnings.—
Gross
N et Other F ixed Chg ., P f.D iv . Com . Did
B a l..
Y ea r. E a rn in g s. E a rn ings. In co m e. Taxes, & c.
(6 % ). (5 H % )Sur.p.
8
S
S
S
8
$
8
19m l - - z - . 5,,4 1 7 - ° 54 2 ,9 2 7 ,2 2 2 140 ,0S8 1.2 1 9 ,2 0 7 899 ,9 9 7 7 8 6 ,2 0 8 1 6 l’? 898
1 h e to ta l su rplu s (a fte r a d d in g $ 8 5 6 ,8 1 0 , th e a c q u ir e d surplus w h ich rep
resents th e excess in d iv id e n d s r e c e iv e d o n s t o c k o f th e H a v a n a E le ctric
" V - k , ° - d u rin g th e y e a r fro m its a ccru e d surplus o v e r its a ctu a l earnings
p 1840 ( a n d a l s o t h o P reviou s surplus $ 2 9 4 ,7 4 9 ) w as 3 1 ,3 1 3 ,4 5 7 .— V . 96,
Illinois C en tral R R .— Decision.— Judges Niles, Grubbs
and Shelby in the U . S. District Court at Jackson, M iss.,
on M ay 4 held valid the assessment for taxes of 1913 imposed
upon the company and the Yazoo & Mississippi Valley R R .
by the Mississippi R R . Commission.
T h o C o m m is s io n , a c c o r d in g t o n ew sp ap er a c c o u n ts , in crea sed th e assess,
m e n ts o v e r the p re v io u s y ear fo r ad v a lo r e m taxes m o ro than $ 5 ,0 0 0 ,0 0 0
w h ich tho railroads d e clin e d t o p a y , a n d an in ju n ctio n w as ap p lie d fo r , t h ,
h earin g h a v in g taken p la ce a b o u t 6 m o n th s a g o . T h e C o u r t h eld thae
th o assessm ents are n o t o u t o f p r o p o r tio n w ith th o se im p o s e d on o th e t
p r o p e r ty in th o S ta te an d sh o u ld th e re fo re s ta n d . T h e C o u r t , liow everr
h eld th a t th o privile ge ta x o f $25 a m ile (o n e a c c o u n t says $45 ) assessed
a ga in st th e 2 ro a d s w as u n co n s titu tio n a l.
;
Application.— Tlio company on Thursday applied to the
Illinois P. U . Commission for authority to issue $5,000,000
additional refunding M . (Northern lines) 4 % bonds under the
mortgage of 1908 and $10,000,000 additional joint 1st and
refunding (Southern lines) 5 % bonds, for improvements,
Tho company has $15,000,000 4 ^ % secured gold notes
maturing July 1.— V . 98, p. 453.
In tern a tio n a l & G reat N orth ern R y .— Suit Dismissed.
Ju stice D a v L in th o S u p rem e C o u rt in this c ity on M a y 4 dism issed the
s
su it b ro u g h t b y B ussell P o la n d in b e h a lf o f h im se lf an d o th e r 3d M . b o n d
h olders again st G e o . J . G o u ld , F ran k J . G o u ld an d E d w in G o u ld , as tru s
tees o f th o astato o f J a y G o u ld , in w h ich it w as cla im e d th a t th e y h ad m ade
a se cro t illegal p r o fit o u t o f th o re o rg a n iza tio n o f tho ro a d th ro u gh their
p a r ticip a tio n in a s y n d ic a te .— V . 9 7 , p . 1495.
In tern a tio n a l Railways of C entral Am erica.— Earns.—
Cal.
Gross
N a t (after
Other
Interest,
Preferred
Y ea r. E arn ings.
T a xes).
In com e. D is c ., A c .
D ividends.
1 9 1 3 . 3 2 ,4 6 1 ,7 9 7 $ 1 ,2 1 9 ,3 6 5 S30.517 $526,171
(5 % )$ 5 0 0 ,0 0 0
1 91 2. 2 ,3 5 2 ,3 8 5
1,286,863 ----------465 ,9 7 3 (2*4 % )2 5 0 ,0 0 0
— V . 97, p. 803.
B alance,
Surplus.
$223,411
570 ,890
K an sas C ity C lin ton & Sp rin gfield R y .— Paid.— The
interest due Apr. 1 1914 on the 83,274,000 1st M . 5s is being
paid at the Old-Colony Trust Co. with funds provided by
the receivers of St. Louis & San Fran. Seo V . 98, p. 1071.
K ansas C ity F ort S cott & Mem phis R y .— Int. Paid.—
See K an sas C it y C lin to n & S p rin g fie ld B y . a b o v e .— V . 9 8 , p . 1071.
K ansas C ity Railw ay & L igh t C o.— Interest.—
See M e tr o p o lita n S treet R y . o f K an sas C it y b e lo w .—
K ansas City Sou th ern R y .— Appeal.— Tho company
has applied to the U . S. Supreme Court for a writ of certiorari
to review tho decision of the U . S. Circuit Court of Appeals
in Dee. 1913, holding tho company liable for the unsecured
debt of the Kansas City Suburban Belt R y ., whose prop
erty was taken over by tiie company (V . 97, p. 1663).
T h e de cisio n w as b ased u p on th a t o f the S u p rem o C o u rt in th o case
o f B o y d v s. N o rth e rn P a cific B B . in A p ril 1913 (V . 9 6 . p . 126 2). A t t o r
n eys represen tin g parties interested in the S t. L ou is & San F ra n cis co , the
A tch iso n T o p s k a & San ta F e, th o M e tro p o lita n B y . o f K ansas C it y , the
K an sas C it y M e x ic o & O rien t K y . and th e W a b a sh -P ittsb u rg h T erm in al
B y . h a v e , it is s ta te d , jo in e d th e K ansas C it y Southern in asking fo r a re
v ie w . T h e y cla im th a t th o decision in tho B o y d case leaves in d o u b t m an y
pliasas o f reo rga n iza tio n s, an d in order to ensure c e rta in ty in reorgan iza
tion s tho .Supreme C o u rt is asked t o review tho low er C o u r t ’s d e cis io n .—
V . 9 8 . p. 1157.
Lake Shore & M ichigan Sou th ern R y .— Notes Sold.—
Tho company has sold in London and Paris approximately
$20,000,000 one-^ear notes dated M a y 15. Tho notes were
all placed privately and thero will bo no public offering.
Tho proceeds will be used to retire tho £2,000,000 notes
($9,726,500) duo in London on M a y 15 and to reimburse the
treasury for cash used toward the payment of tho $12,000,000
4 1 2 % notes which fell due on March 15 last and for various
/
outlays for improvements. The new notes do not carry in
terest and aro not coupon notes, but have been sold at a
price which, considering the exchango transaction involved,
is stated to be equivalent to about a 4 j ^ % basis in this mar
ket.— V . 98, p. 1392, 1344.
Maine C entral R R .— Earnings, &c.— Boston “ News
Bureau” M a y 7 said in substance:
Estim ate o fV .-F r e s . H obbs fo r Year end. June 30 1911 (com pared with ’ 12-13).
,n ,o , ,
1913-14.
1912-13.
1913-14.
1912-13
T o t a l o p e r a t’g
$
$
In te re st, rents,
re ve n u e ____ 11,660,642 11,331,406
1,663,711
& c ................. 1,495,924
N e t, a ft. taxes 2 ,4 6 3 .2 1 6 2,4 9 5 ,3 9 2 Im p ro v e m e n ts
105,023
80,000
O th er in c o m e . ___________
4 2 5 ,8 8 2
286.862 D iv id e n d s ------- 1,4 9 1 ,7 9 7
1,010,277
T otal in c _ . 2 .8 8 9 ,0 9 9 2.7 8 2 ,2 5 5
S ur. o r d e f.d e f2 0 3 ,6 4 5 sur28,266
A lth o u g h th o foreg oin g table in dica tes th a t th o road is exp e cte d to fall
n early 1% sh o rt o f d iv id e n d requirem en ts this fiscal y ear, there will be
n o in terru p tion o f th e 6 % rate. T h ro u g h a p p ro p ria tio n s fro m surplus
in c o m e in p re vio u s y e a rs, M a in e C en tral has b u ilt up a co n tin g e n t fund
w h ich Ju n o 30 last had reached $ 1 ,5 5 6 ,0 0 0 a n d a p r o fit a n d loss surplus o f
$ 3 ,1 4 9 ,0 0 0 . B y reason able b u t co m p re h e n siv e a d va n ce s in passenger t
freigh t rates, now in progress, th o m an agem en t plans v e ry m aterial in c r o i
in re ve n u e th a t sh ou ld insure a co n tin u a n ce o f th o sto ck on its p rei
b a s is ,.w ith a g o o d earnings m argin t o spare.
1460
THE CHRONICLE
V ic o -P r e s . H o b b s says in part: “ A t p resen t th e M a in e C en tral is p ra c
tic a lly th e o n ly railroad o p e ra tin g a n y c o n sid e ra b le m ile a g e in N ew E n g la n d
th a t is earning its fix e d charges a n d a n y w h e re near s u fficie n t t o p a y a
rea son a b le d iv id e n d t o s to c k h o ld e r s, a n d th e m a n a ge m e n t deem s it im
p o r ta n t t o h a v e such a scale o f rates as w ill e n ab le s u ffic ie n t reven u e n o t
o n ly t o p a y fix e d ch a rge s, taxes, d iv id e n d s a n d b e tte rm e n ts, b u t t o c o n
tin u e on a liberal basis o f o p e ra tio n th a t w ill g iv e d e p e n d a b le service.
“ W o earned in th e 9 m on th s en d ed M a r . 31 tow a rd s fix e d ch arges an d
d iv id e n d s n et in co m e o f $ 2 ,1 0 6 ,8 6 1 , w h ich results in a d e fic it fo r th a t
p eriod o f $ 6 5 ,8 6 5 . A p ril, M a y an d Ju n e o f th e curron t y e a r w ill n o t c o n
trib u te th eir p r o rata share fo r ch arges a n d d iv id e n d s .
D u rin g th e 9
m o n th s th ere has b e e n ex p o n d e d fo r a d d itio n s a n d b e tte rm e n ts, in clu d in g
a d d itio n a l eq u ip m e n t, $ 1 ,4 1 5 ,3 2 8 . W e belie v o th ere sh m id b o p a id o u t
o f in c o m o all b etterm en ts th a t are n o n -p r o d u c tiv e in increased reven u e o r
d ecreased expenses, o r a p p ro x im a te ly $ 5 0 0 ,0 0 0 p e r a n . A s n o p r o v is io n
has beon m a d e , in sta tem en t o f o p e ra tio n fo r th e cu rren t ye a r, fo r p a y in g
fro m in c o m e a n y b etterm e n ts t o p r o p e r ty , in o rd e r to h a v e su fficie n t re v e
n u e fo r fix e d ch arges, d iv id e n d s an d su ch b e tte rm e n ts, w e w o u ld b e o b lig e d
t o increase o u r n et in c o m o b y $ 7 0 0 ,0 0 0 p e r a n .
“ In passenger rates w o h a v e m a d e increases in m ileage tick o ts a n d to u rist
a n d excu rsion rates. In fre ig h t rates w o h a v o m a d e certa in increases in
cla ss rates a n d loca l m ile a ge c o m m o d it y ra tes, in clu d in g ratos o n lu m b o r,
p u lp w o o d , g ra n ite, v e g e ta b le s , ca n n e d g o o d s a n d m iscella n eou s fo re st
p r o d u c t s .” — -V. 9 8 . p . 1244. 1071.
Massachusetts Electric Companies, Boston.— Sale of
Bonds, &c.— Bids will be reeived by Treasurer C .R . Rock
well until 2 p. m . M a y 12 for $1,045,000 Ref. M . 4s, due
July 1954, vi/,.: $285,000 Boston & Northern R y . and
$760,000 Old Colony R y.
A s ta te m e n t file d w ith th e M a s s . I’ . S. C om m ission sh ow s th a t o f the
e n tire c a p ita l s to c k o f th e B a y S ta te S tre e t R y . C o . , all o f w h ich is o w n e d or
c o n t r o lle d b y th e M a s s . E le c . C o s ., $ 1 1 ,6 3 3 ,0 0 0 is d e p o s ite d w ith O ld
C o lo n y T r u s t C o ., as tru ste e u n d e r th e n o te issue o f 1913, a n d $ 8 ,8 8 4 ,2 0 0 is
in th e trea su ry ; to t a l, $20 ,517 ,20 0.-—-V. 97, p . 1823, 1730.
Metropolitan Street Ry. of Kansas City.— Interest on
Bonds.— The order made on April 30 by Judge William C.
Hook (notwithstanding the protest of the city) authorizes
the receivers on application by the mortgage trustee to pay
1 % per annum additional interest on the following 5 % bonds,
on the ground that if the bondholders should bring their
mortgages to judgment the judgments would draw 6 % :
(a) F r o m N o v . 1 1913 u p o n M e t r o p o lit a n S t. R y . 5s o f 1895,
d u e M a y 1 1913, o u ts ta n d in g ___________________________________$7 ,2 4 2 ,0 0 0
(b ) O n C en tra l E le c t r ic l t y . 5s o f 1899, d u o M a y 1 1914, o u t s t ’d ’g 2 ,0 0 0 ,0 0 0
(c) F r o m N o v . 15 1913 on th e stre e t r a ilw a y 's p r o p o r tio n o f the
5 % o b lig a tio n s o f K an sas C it y R y . & L ig h t C o ., i. e ., o n (o u t
o f $ 1 0 ,2 0 0 ,0 0 0 )___________________________________________________ 8 ,5 0 0 ,0 0 0
See also C en tra l E le c tr ic R y . in V . 9 8 , p . 1315.
To Resume Franchise Negotiations.— Judge Hook having
on April 27 ordered the receivers to resume negotiations with
the city for a new operating contract to the end that the sys
tem may be kept intact, the City Council on M a y 4 at the
request of the M ayor appointed the following committees
to act with the M ayor in the negotiations: Upper House
Committee: Peter Michaels, L. L. Carroll, Isaac Reicher.
Lower House Committeo: James B . Allen, E . C . M . Towne
and Frank W elch.
D ig e s t o f M essa g e fro m M a yo r to C i t y C o u n c il.
M ile s o f street b etw ee n a n d o u ts id e o f tn e s treet ca r trades are in w retch ed
c o n d it io n ; exten sion s or d e r e d b y th o c it y h a v o n o t b e e n co n s tru cte d ; in
s u ffic ie n t ca rs a ro p r o v id e d a n d e q u ip m e n t is n o t in k e e p in g w ith h igh
q u a lity o f s e rv ice .
D u rin g th e n early fo u r yea rs o f r e ce iv e rs h ip w o h ave
fre q u e n tly p e titio n e d to r b e tte rm e n ts w ith n o results. M o r e than $ 2 0 ,0 0 0 ,
0 0 0 o f m ortg a g es a re d u o a n d b o n d h o ld e rs h a v e file d su its fo r fore clo su re .
A foreclosu re o f th ese d iffe r e n t m o rtg a ge s w o u ld result in disso lu tio n .
J u d g e H o o k h as a n n o u n ce d th a t, s o la r as his p o w e r ex te n d s , th e p ro p e rtie s
w ill bo k e p t in ta c t, d e cla rin g th e necessity fo r a new c o n t r a c t b e tw e e n rail
w a y a n d c it y so as t o a v o id fin a n cia l d isaster t o th e stre e t r a ilw a y p r o p e rtie s
a n d s ecu re th o fu ll m easu re o f b e n e fit t o th e p u b lic.
A n o rd in a n ce w as in
tr o d u c e d in th e C o u n c il last w in te r d ealin g w ith th e s u b je c t, b u t th e r e c e iv
ers w ith d rew from th e n e g o tia tio n s fo r reasons s ta te d in a co m m u n ic a
tion d e liv e re d to th o C o u n c il C o m m itte e . N o th in g sin ce has tran spired
in rela tion t o th o m a tte r. O n A p ril 27 1914 Ju d g e H o o k o r d e r e d his re
ce iv e rs t o a p p ly fo r a re su m p tio n o f n e g o tia tio n s, s a y in g th a t th o qu e stio n
w as sh a rp ly p resen ted t o th o c it y as to w h eth er a now c o n tr a c t sh o u ld b e
ex e c u te d a n d s u b m itte d t o th o p e o p le o f th o c it y o r fo re clo s u re p ro ce e d in g s
h e p e r m itte d t o g o fo rw a r d in h is co u r t.
Suit.— The Equitable Trust Co. of New York on M a y 2
filed a suit in the U . S. District Court at Kansas City to
foreclose the Central Electric Ry. mtgo. of 1899. Compare
V . 98, p. 1392.
Mexican R y .— -Earnings.—
T lio n ot earnings fo r th o h a lf-y e a r e n din g D e c . 31 1913, a fte r p r o v id in g
£ 7 2 ,7 5 0 fo r deb en tu re in terest an d sin k in g fu n d , it is a n n o u n ce d , a m o u n te d
to £77 ,0 7 3 , b u t in view o f tho co n d itio n s pre v a ilin g in M e x ic o , th e b o a rd
con sid ered it ad visable t o co n s e rv e th o resources o f the c o m p a n y an d d id n o t
d eciaro a n y d iv id e n d s , b u t p assed th o a m o u n t t o a reserve a c c o u n t t o m eet
c on tin g en cies . C o m p a re V . 9 8 , p . 1316.
M ichigan C entral R R .— New Directors.— Robort S.
Lovett, Pres, of the Union Pacific R R ., and Harold S.
Vanderbilt have been elected directors to succeed tho lato
J. Pierpont Morgan and Lewis Cass Lodyard, who resigned.
— V . 98, p. 1083, 1066.
M inneapolis & St. Louis R R .— Merger.— The stock
holders will vote at an early day on merging with the company
its subsidiary, the Das Moines & Ft. Dodge R R .
P ress rep orts s a y th a t th e te n ta tiv e basis o f e xch an g e p r o v id e s th a t for
e a c h share o f D o s M o in e s & F t. D o d g e c o m m o n $50 o l M in n . & S t. L ou is
c o m m o n w ill b e g iv e n , a n d fo r e v e r y p r e f. share tw o -th ird s o i a sharo o f
M in n . & S t. L o u is p rof, a n d o n e -t h ir d share o f c o m m o n .
(S ee V . 98, p .
3 0 4 .)— V . 98, p . 1316, 1072.
M issouri K an sas & Texas R y .— Lease by Texas Co.—
The M . K . & T . R y. of Texas on M a y 1 took over under a
99-year lease the lines in Texas, aggregating 446.2 miles, as
permitted by the agreed judgment entered Feb. 6 in the suit
brought by the State (V. 98, p. 999, 523).— V . 98, p. 1316.
M issouri Pacific R y .— Announcement.— It is understood
that Kuhn, Loeb & Co. yesterday afternoon sent a lotter
to the company stating that they could not, for reasons ex
plained therein, undertake to finance tho $25,000,000 notes
maturing on June 1 next. The letter was not made public,
but it is thought may bo shortly.— V . 98, p. 1393, 1245.
New Orleans Term inal C o.— Decision.— Tho Appellate
Division of tho Supreme Court in this city on M a y 1, rovers
ing the lower Court, vacated the injunction preventing the
Southern R y. from forfeiting the onc-half interest of the St.
Louis & San Francisco R R . in tho property, because of its
[Vol . XCVII1
recent default in the payment of one-half of tlio interest due
on the bonds. Compare V . 98, p. 304; V . 97, p. 1898.
I t is h eld th a t w hile a c o u r t o f e q u it y ab h o rs th e fo rfe itu re o f p r o p e r ty
an d w ill a lw a y s seek t o fin d a m ean s to a v o id it, th o c o n tr a c t b e tw e e n th e
S t. L . & S . F . a n d S ou th ern ro a d s m a d e express p ro v is io n th a t th e rig h t o f
cith er t o uso th o p r o p e r ty s h o u ld term in ate u p o n d e fa u lt.— V . 9 8 , p . 763 .
Newport News & Hampton Ry., Gas & Electric Co.—
Consolidation Completed.—-Wo, have been favored with the
following statement by Pres. C . Loomis Allen, of the firm of
Allen & Peck, engineers and managers of public utilities:
T h e c o n s o lid a tio n o f th o N o w p o r t N e w s & O ld P o in t R a ilw a y & E le c tr ic
C o ., C it iz e n s ’ R a ilw a y , L ig h t & P ow er C o . , H a m p to n R o a d s T r a c tio n C o . ,
N e w p o r t N e w s G a s C o . , H a m p to n P h o e b u s & F t . M o n r o e G a s C o r p . in to
th e N e w p o r t N e w s & H a m p to n R a ilw a y , G a s & E le c tr ic C o ., to g e th e r w ith
th e v o tin g o f th e d e e d o f tru st a n d m o r tg a g e , c o m p le te s th e re o rga n iza tion
o f th o p u b lic u tilitie s th a t re n d e r s e rv ice to th e resid en ts o f th o P eninsula.
D u rin g 1911 th o s e r v ic e r e n d e re d w as n o t s a tis fa c to r y , in te rru p tio n s w ere
fre q u e n t an d o f lo n g d u r a tio n , an d th o c o r p o r a tio n s w ere o v e r -b u r d e n e d
w ith d e b t , a n d as a c o n s e q u e n c e h a d n o c r e d it fo r n e e d e d e xten sion s an d
im p ro v e m e n ts . T h e p resen t ow n e rs e a rly in J an u ary 1912 u n d e rto o k th e
w ork o f re h a b ilita tin g th e p h y s ic a l p r o p e r ty a n d th o m a k in g o f im p r o v e
m en ts a n d exten sion s t o th o r a ilw a y s e r v ic e , t o th e e le ctr ic ligh t, p o w e r an d
g a s d is trib u tio n sy ste m s in to re sid en tial s e ctio n s th a t w ere u n served b y
those u tilitie s . O v e r $ 6 0 0 ,0 0 0 in cash h as b e o n ex p o n d e d o n su ch im p ro v e
m e n ts , b e tte r m e n ts a n d exten sion s.
A t th o sam e tim e p u rch a s e s w ere m a d e o f th o u n d e rly in g b o n d s o f th e
N e w p o r t N e w s & O ld P oin t R y . & E l. C o . , C itize n s R y ., L t. & P o w e r C o . ,
H a m p to n R o a d s T r a c . C o . a n d H a m ilto n P h o e b u s & l 't . M o n r o e G a s
C orp
w ith th e en d in v ie w t h a t w h on im p r o v e m e n ts w ere c o m p le te d , a
c o n s e r v a tiv e r e o rg a n iz a tio n o f th e fin a n ce s o f th ese c o rp o ra tio n s c o u ld be
a c co m p lis h e d so th a t n o t o n ly th e p resen t fin a n cia l n e e d s w o u ld b e ca red
fo r , b u t th a t th o presen t a m p le p ro v is io n w o u ld b e m a d e to p a y fo r im p r o v e
m e n ts a n d exten sion s in y e a rs t o c o m e .
F inan cial Status o f Consolidated C om pa ny—
A u th orized .
Issu ed .
C o m m o n s t o c k _____ __________________________________ $ 1,2 5 0 ,0 0 0 $ 1 ,2 5 0 ,0 0 0
P referred s t o c k _______________________________________ 1 ,2 5 0 ,0 0 0
1 ,0 0 0 ,0 0 0
First a n d refu n d in g b o n d s ____________________________ 7 ,5 0 0 ,0 0 0
2 ,4 7 9 ,0 0 0
U n d e rly in g b o n d s _____________________________________ 2 ,2 2 5 ,0 0 0
2 ,2 2 5 ,0 0 0
O f th e $ 2 ,4 7 9 ,0 0 0 F irst an d R e fu n d in g M . b o n d s issu ed, $ 1 7 5 ,0 0 0 are in
th o tre a su ry , an d th e p ro ce e d s o f th e sam o w ill b e u sed t o p a y fo r im p r o v e
m e n ts an d exten sion s th a t are c o n te m p la te d in th e n e a r fu tu re ; $ 2 ,3 0 4 ,0 0 0
o f these b o n d s a re issu ed t o p a y f o r cash a d v a n c e d to p a y fo r im p ro v e m e n ts ,
d e b ts an d t o pu rch ase u n d e rly in g se cu ritie s, th e p r ice p a id fo r th ese d e b ts ,
u n d erlyin g secu rities a n d im p ro v e m e n ts b e in g th e a ctu a l c o s t o f th e sa m e,
an d w ith ou t p r o fit t o a n y o n e .
W ith th o issuance o f these b o n d s , th o c o m p a n y is fre e fro m d e b t a n d h as
in its tre a su ry $ 1 7 5 ,0 0 0 b o n d s , a n d in a d d itio n t h e r e to , $ 2 5 0 ,0 0 0 o f p re
fe rre d s t o c k . T h e re is in th e h an ds o f th o tru stee h e ld in e s c r o w , t o b e ,
issued t o p a y fo r im p ro v e m e n ts a n d exten sion s a fte r th e $ 1 7 5 ,0 0 0 o f treas
u ry b o n d s h a v e beon u sed , $ 2 ,7 9 6 ,0 0 0 o f First a n d R e fu n d in g b o n d s, bein g
d e e m e d s u ffic ie n t t o p r o v id e fu n d s fo r th e p a y m e n t o f im p ro v e m e n ts a n d
ex te n sio n s o v e r a p eriod o f th o n ext 25 years.
T h o a p p re c ia tio n b y th e p u b lic o f th e im p ro v e d s e r v ic e is a m p le ju s tifi
c a tio n fo r th o re h a b ilita tio n a n d re o rga n iza tio n o f th e p r o p o r ty .
I t w ill b e
o u r p o lic y to ren der th o h ig h e st g ra d e of serv ie o po ssib o.
D ir e c to rs : C . L o o m is A lle n ( P r o a n d E d w ard F . P e c k (V .-P r e s .) of
S yra cu se , N . V .; M o r e a u D e la n o a n d C h a s. E . D ic k e y , N . Y . C it y ; H o m e r
L . F ergu sson , W . 11. V est an d L . I!. Stoat-nos, N e w p o r t N e w s , V a . ft. H o w
ell G risw o ld J r . , B a ltim o re , M d .; Jo h n 11. K im b o r ly , F ortress M o n r o e , V a .;
Jo h n O p p e r , B a ltim o re , M d . ; E d w a rd F . P e ck , S c h e n e c ta d y , N . Y . ;
H . L . S ch m e lz , C h a s . E . H e w in s a n d J . N . Sha n n on (V .-P r e s . a n d G e n .
M a n .), H am p ton , V a .
W m . Stew art is S e cre ta ry a n d T re a su re r.— V . 9 8 , p . 763 , 236 .
New York Chicago & St. Louis RR.— New Directors.—
Robert S. Lovett, Chairman of the board of the Union Pa
cific R R ., A . H . Smith, President of the Now York Central
& Ilu d sm River R R ., and Harold S. Vanderbilt have been
elected directors to succeed J. Pierpont Morgan, W . C .
Brown and L. C . Ledyard.—-V. 98, p. 236.
New York New Haven & Hartford RR.— Savings Bank
Investments.— Tho bankers who recently purchased the notes
have the opinion of Messrs. Storey, Thorndike, Palmer &
Dodge that the $20,000,000 one-year 5 % secured notes of
the company and tho $10,000,000 one-year 5 % notes of the
Harlem River & Port Chester are legal investments for sav
ings banks of Massachusetts if purchased before June 30
1914.— V . 98, p. 1393, 1316.
Northern Pacific Ry.— Rumors.— It is currently re
ported that the directors have under consideration the
making of a new blanket mortgage for possibly $300,000,000
to provide for the current year’s requirements, which are
stated as about $25,000,000, including the $10,000,000 oneyear 6 % notes maturing July 9, and for the company’s needs
for many years to come. Definite action, it is said, may be
taken next week.— V . 98, p. 690, 388.
Ocean Shore RR., California.— Assessment— The com
pany has called an assessment of $5 per sharo, delinquent
Juno 6, sale day Aug. 4. J. W . Crosby is Secretary, San F.
T h o “ San F ra n cisco C h r o n ic le " on A p ril 2.8 said: “ T h is assessm ent, it is
sa id , w ill m e e t th e c o m p a n y ’s req u ire m e n ts u n til I)e b . 1915. T h e O cea n
Shoro h as ou ts ta n d in g $ 3 ,8 5 6 ,9 5 0 s to c k a n d n o b o n d s. T h o last assessm ent,
a m o u n tin g to $2 50 a sh aro, w as le v ie d in A p ril 1913. — V . 98, p . 611 , 237.
Pennsylvania RR.— Bonds Called.—
F o r ty -fo u r Series “ A ” b o n d s , aggregating q * 2 7 ,0 0 0 . o f th e S u n b u ry
H a zle to n & W ilk e s -B a rre R y . , d a te d M a y 1 1878, fo r p a y m o n t a t p a r a n d
in t. o n J u n o 1 a t F id e lity T r u s t C o . . P h ila d e lp h ia .— V . 9 8 , p . 1316, 1246.
Pennsylvania & Southwestern Ry.— Acquisition.— This
now company on Apr. 28 took over tho property of the Pitts
burgh Binghamton & Eastern R R . and proposes to use the
20 miles of graded lino as part of a projected 65-milo lino
between Towatida, P a., and the coal fields at Oregon Hill,
Pa. President F . A . Sawyer writes:
T h o P e n n sy lv a n ia & S o u th w e ste rn R y . has ju s t a cq u ire d all th o old
P . B . & E . p r o p e r ty th a t w as so ld a t fo re clo su re salo to the P itts b u rg h &
E a stern R R . C o . T h e ro w a s exp en d ed o n tho en terp rise, a c c o r d in g to
tho s ta te m e n t file d a t H arrisbu rg w ith th o S e cretary o f th o C o m m o n w ea lth ,
a b o u t $ 1 ,7 5 0 ,0 0 0 , an d 22 m iles o f tho ro a d w as n ea rly c o m p le te d .
I t is
the p u rp ose o f tho P a . & Sou th w estern R y . to co m p le te this d iv isio n this
season and then exten d tho s a m o to th o O regon Hill co a l fie ld s . T h e a u th or
ized b o n d issuo Is $ 4 ,0 0 0 ,0 0 0 3 0 -y » W 5 % sin kin g fu n d b o n d s, o f w h ich w o
plan t o o ffe r fo r salo d u rin g tlio y o a r $ 3 ,0 0 0 ,0 0 0 .— V . 9 0 , p . 301 •
Pere Marquette RR.— Application to Issue Receivers'
Certificates.— Tho receivers on Apr. 29, at tho suggestion of
Judge Tuttle of tho U. S. District Court at Detroit, on Apr.
29 filed a petition to issuo about $12,000,000 receivers’
certificates to pay tho indebtedness incurred during tho re
ceivership, which is oithor duo, overduo or may fall duo within
the next 18 months. The application will be hoard on
M a y 16. N o provision is made for tho paymont of accrued
May 9 1914.J
THE CHRONICLE
interest amounting to $3,060,031 at tho time of filing the
petition. N o provision is mentioned for paying defaulted
bond int. duo M ar. 1 on which M ay 1 was the last day of grace.
Obligations A ggregating SI 1,100,000 fo r W hich Certificates A r e to Be Issu ed .
P a st-d u o r eceiv ers' tax ce rtfs. ($ 0 0 5 ,0 0 0 ), re c e iv e r s ’ n otes to
p a y 1913 taxes ($ 5 5 0 ,0 0 0 ); t o t a l______________ ___________________ $ 1 ,1 5 0 ,0 0 0
T a x e s for 1914 ($ 6 0 0 ,0 0 0 ), b a la n ce o f n otes issued to m e e t p a y
rolls ($ 1 0 0 ,0 0 0 ); t o t a l____________________________________________ 1,0 0 0 ,0 0 0
P resen t d e b t o f receivers n o t in clu d od in ro co iv o rs’ e ortfs. & n otes 3 ,0 0 0 ,0 0 0
M a tu r e d eq u ip m en t ob lig a tio n s n o t p ro v id e d fo r b y existin g r e
ce iv e rs ’ ce r tific a te s -----------------------7 7 5 ,0 0 0
U n m atu red e q u ip m n t o b lig a tio n s m atu rin g prior to Ju n e 1 1915..
380 ,0 0 0
C o s t o f block -sign a l sy ste m ($ 2 0 0 ,0 0 0 ), c o s t o f netv e q u ip m e n t
to b o p u rch ased ($ 2 5 0 ,0 0 0 ); t o t a l_________________________________
4 5 0 ,0 0 0
N ecessa ry repairs to b a d -o rd e r c a r s _________________________________
8 5 0 ,0 0 0
O u tsta n d in g issuo o f rece iv e rs ’ c e r tfs . d u o Ju n o 30 1915, and such
e q u ip m e n t o b lig a tio n s as m a y m a tu re a fte r th a t tim e _________ 3 ,5 0 0 ,0 0 0
J u d g e T u tt le sa ys: “ T h o im p o rta n t qu e stio n fo r m e t o d e cid o is Just w here
I w ill p la ce tho receiv ers' ce r tific a te s w ith referen ce to se cu rity. It is w ithin
m y p ow er to m ak e thorn an a b s o lu te first lien o n th e physical p r o p e r ty ,
o v e n ahead o f 1st M . b o n d s.
If p la ced th ere, it c o m e s to a q u e stio n o f
w heth er it is w ork in g a hardship o n th o 1st M . b o n d h o ld e rs. O n th e o th e r
h a n d , if theso certifica te s are n o t given s u fficie n t p r io rity , there is dan ger
o f h a v in g t o sell them a t a d is c o u n t, w h ereupon th o U . S. C o u rt w ould
b o in th o p os ition o f p u ttin g w ater in to th o o u ts ta n d in g o b lig a t io n s .’ ’
T h o p e titio n states th a t tho p h y s ica l c o n d itio n o f th o road is p o o r and
th a t 3 ,2 0 0 cars are in th o “ bad o r d e r ” list, to reh a b ilita te w h ich th o expen se
is estim a ted at $ 8 5 0 ,0 0 0 . T h e b est ro llin g s to c k o f th e ro a d , it is stated
w as pu rch ased on co n tr a c t n otes w hich g iv e th o noteh olders a first lien and
th o rig h t to ta k e b a ck tho eq u ip m en t. M a n y o f those n otes w ill so o n fall
d u o an d fu n ds aro needed to p a y them .
New Member of Protective Committee.— Albert II. Wiggin,
President of tho Chase National Bank, New York, has been
added to the bondholders’ protective committee for under
lying issues of which E . V . It. Thayer is Chairman (V. 98,
p. 1072).
T h e receiv ers h a v e, it is s ta te d , sin ce th eir a p p o in tm e n t on A p ril 5 1912,
ex p e n d e d $ 3 ,8 0 0 ,0 0 0 in re h a b ilita tin g th e s y s te m , h a v e disch arged $ 6 ,1 9 3 ,
741 cla im s again st the road fo r w ages, taxes, ren tals, in te re st, t r a ffic ba l
an ces, m aterials an d s u p p lie s, S ic., an d h a v e c o lle c te d d u rin g th a t tim e
$ 2 ,3 6 3 ,8 2 1 in ca sh , lea v in g a not p a y m e n t o f $ 3 ,8 2 9 ,9 1 9 .
D u rin g th e 8
m on th s sin ce Ju n e 30 last, th o o p e r a tin g ro ve n u e sh o w e d a d e cre a se o f o v e r
$ 7 1 8 ,0 0 0 c om p a re 1 w ith th e p re ce d in g y e a r, th e p e rce n ta g e o f d ecrease
b e in g 6 .0 3 % .
T h o rece iv e rs n o p e th a t in tho near fu tu re business c o n d i
tion s will im p ro v e an d th a t w ith increases in rates, a p p lica tio n s fo r w h ich
are p en d in g , th o results o f op e ra tio n w ill b e m o re s a tisfa cto ry .
F rom A p ril 5 1912 t o Fen. 28 1 9 1 1 th e road h ad a to ta l Incom e o f $ 3 2 ,
778 ,501 a n d o x p o id itu re s o f $ 3 0 , 152,587, le a v in g a v a ila b le $ 2 ,3 2 5 ,9 1 4
fo r Interest o n ce r tific a te s a n d b o n d s ; b u t it is s ta te d th a t $ 1,200,000 w ou ld
h a v e boon a v a ila b le had th o re ce ive rs been allo w e d to ch a rg e certa in e x
p en d itu res to a d d ition s an d b e tte rm e n ts in ste a d o f to o p e ra tin g exp e n se s.
T h o p e titio n further says :
“ D u rin g this p eriod th e in terest a c c r u e d o n all th o o u ts ta n d in g secu rities
In clu d in g tho r e ceiv ers ’ o b lig a tio n s , w as $ 7 ,0 7 9 ,7 5 3 ; b u t such in terest lias
b e e n p aid o n ly so fa r as n ece ssa ry t o p r o v e n t th o d is m e m b e rm e n t o f th o
s y s t“ >, th o a m ou n t p aid b e in g 3 1 ,0 1 9 ,7 2 2 ; a n d there lias been lo ft unpaid
S3, 90 121 o f in terest, w hich a c c r u e d du rin g th a t p e r io d , being tho in terest
on J u n iir secu rities rep resen tin g largo sum s o f m o n e y a c tu a lly r o c e iv e d by
the oo n p a n y .” — -V . 93, p. 1393, 1316.
Philadelphia Company.— Stock Reduction.—
S tock h old ers o f r ecord A p r. 15 will v o t e Jun e 15 on re d u cin g th e a u th or
ized ca p ita l s to c k fro m $ 7 3 ,4 0 0 ,0 0 0 to $ 6 0 ,4 3 3 ,4 0 0 , sueh re d u ctio n to bo in
tho p rof. 5 % shares (seo V. 9 4 . p . 48 8 , 5 6 0 ).— V . 9 8 , p . 305 . 1072.
Piedmont & Northern (Electric) Ry., Charlotte, N. C.
T h o m a n a g em en t r o c o n tly p la c e d in s e rv ice six now 1,5 0 0 -vo lt 65 Vt -to n
e le ctric lo co m o tiv e s on th e G re e n ville S p a rtan bu rg & A n d erson R a ilw a y .
T h is d iv isio n , p rev iou sly in o p e r a tio n b e tw e e n G re e n ville and G re e n w o o d ,
& c ., 70 m iles, w as o p en e d a b o u t M a r c h 1 fro m G re e n ville to S p a rta n b u rg ,
32 m iles, w ith a d a ily sch ed u le o f 11 train s eacli w a y , nine fo r passengers
a n d tw o fo r fre ig h t. T h e 50-m ile exten sion p r o je c te d from S p a rtan bu rg
t o G a s to n ia , N . O ., w ou ld c o n n e c t a t G a s to n ia w ith th e c o m p a n y ’s line
from th ere to C h a r lo tte . T h o p ro p e rtie s h ave n o t y e t been m e rg e d , nor
lias th e P ied m on t & N orth e rn as y e t issued a n y b o n d s.
I’ rc s ., J. li. D u k e .
— V. 97, p. 1584.
Pittsburgh Cincinnati Chicago & St. Louis Ry.—
Application.— Press reports say that the company lias ap
plied to the Ohio P. U. Commission for authority to issue
$3,494,000 4 j ^ % bonds for additions and betterments and
$2,437,400 prof, stock to reimburse the company for con
struction and equip, expenditures.— V . 98, p. 1246, 1087.
Rapid Transit in N. Y. City.— Contracts, & c .—
T h e P. S. C o m m is s io n on A p ril z-i r e c e iv e d b id s fo r r o u te s 4 a n d 36 o f t l
on
24
p h i s io ro
tlio
B r o a d w a y (M a n h a tta n ) s u b w a y , ex te n d in g fro m 26tli to 38th streets. T’ lho
L
T h o m a s J . B u ck le y C o . , tlio low est b id d e r , a t $ 2 ,5 1 9 ,9 2 5 , w ill p robab lly
robab
r e c e iv e th o a w ard .
B ids w ill lie r e c e iv e d o n M a y 12 fo r th e co .istruction
______________ n stru ctlo
________■
o f S ection N o . 2 o i R o u te N o . 20, M a n h a tta n , a tw o -tra ck u n d e rgro u n d
railroa d ex ten d in g fro m < 'anal S t., from a p o in t a b o u t 30 ft. east o f B ro a d
w a y to a p oin t a b o u t 35 ft. east o f tlio llo w c r y .
Bids
'
’
•-
------
Avo
m ater
p loted w ltnin ;> m om ,ns. m e r e is t o p c an 8 -tra ck road for a p a rt ...
w a y b e tw e e n th e M a n h a tta n B ridge an d W illo u g h b y S t., th e n a 4-traclc
roa d as fa r as 65th S t. and fro m th a t p o in t t o 86th S t., a 2 -tra ck ro a d
T h e c o n tr a c t will n ot c o v e r the in sta lla tion o f ele ctrica l an d signal oqfiSpm eiit
w h ich th o op era tin g c o m p a n y w ill p ro v id o .
T h o C o u r t o f A p p e a ls at A lb a n y on M a y 5 a ffir m e d tlio d e cisio n o f the
A p p e lla to D iv is ion o f th e S u p rem o C o u rt p e r m ittin g tlio c o n s tru ctio n o f tlio
c io v a t e d railroad lo o p , th ree-q u a rters o f a m ile lo n g , to c o n n e c t th e S tein w a y
T u n n e l w ith th o Q u oen sb o ro B rid g e . A s a result it is e x p e c te d th a t th e lo o p
m a y bo in op e r a tio n b y n ext fa ll. T lio C o m m is s io n h a s a w a rd e d th o c o n
tr a c t fo r th e lo o p to tile D e g n o n C o . fo r $ 8 0 0 ,0 0 0 .— V . 98, p. 1317, 913.
Rates.— Decision on Long and Short Haul Clause.—
T h o In ter S tato C o m m e r c o C o m m issio n on T h u r sd a y a n n o u n ce d a
d ecision in v olv in g Its in terp retation o f tlio lon g an d s h o rt-h a u l c la u so as
a p p lie d to tlio roads lyin g sou th o f th o O h io an d P o to m a c riv e rs an d east
o f the M ississip p i R iv e r . T h o o p in io n c o v e r s , it is s ta te d , 150 p rin ted
p a ges, a n d goes in to groat d etail regarding th e ratos fro m N ow Y o r k an d
oth er points in to th o S outheastern t e r rito r y , in m a n y cases su stain in g tlio
present ra tes, w h ich , o n th e lo n g h au l, are low or than t o in te rm o d ia to
p o in ts , Imt in oth ers d e cid in g th a t th o y aro d iscrim in a to ry a n d m u s t lie
c h a n g e d b y O c t . 1. T lio C o m m issio n figu res th a t if tlio lon g a n d s h o r th au l clause w ore rig id ly e n fo r ce d , it w o u ld result in a decreaso in reven u e t o
th e carriers in v o lv e d o f a p p ro x im a te ly $ 1 6 ,0 0 0 ,0 0 0 a year, a n d w o u ld
Im pair th eir revenues s o as t o m ak e it im p o ssib le fo r th em t o m e e t th e ir
op era tin g expen ses, taxes a n d fix e d charges an d leave t o th eir s to ck h o ld e rs
a m od era te retu rn , 'i'lio C o m m issio n sa y s: “ T h o rate situ a tion in th o
Sou th ea st presents m a n y cases w liero th o C o m m ission m ust e x e r c is e th at
d iscretion vested m it b y Jaw t o re lie v e tlio carriers fro m a rigid a p p lic a tio n
o f tlio long a n d sh ort-h au l ru le in special c a s e s .”
T lio con clu sion s as t o th e e ffe c t o f tlio now rates o n th o carriers w ero
r e a d ie d , it is s ta te d , b y a system o f ch e ck in g first tlio a ctu a l ch arges oil tlio
t r a ffic th a t m o v e d d u rn g certa in pe rio d s a t tlio rates e ffe c tiv e J u n e 1 1912’
s e c o n d , tlio charges th a t w o u ld lia v o a ccru e d on such tr a ffic h ad th o low est
ra to a p p lic a b le o n such shipm ents t o a n y m o re dista n t p oin t been a p p lie d ;
a n d , th ird , th o d ifferen ce betw een th o charges w h ich a ctu a lly a ccru e d u nd er
th o low er rates as m axim u m .
T h o d ecision d iv id es th o te rrito ry in to 12 su b d iv isio n s an d prescribes
rou tes and rates. R eg a rd in g th e a d ju s tm e n t o r d e r e d , tho C om m ission says:
“ T h is d ecision , togeth er w ith o th e rs co n ce rn in g v a riou s co m p la in ts heard
b y th o C om m ission d u rin g th e last tw o years resp ectin g rates to p oin ts in
S ou thea stern te rrito ry , w ill h a v e tlio c ffo c t o f m a te ria lly ch an gin g th o rela
tio n o f rates n ow existing. R a te s fro m N ow Y o r k , C in cin n a ti, L o u isv ille
an d N o w O rleans t o A tla n ta , A th en s o r C o r d e lo ca n n o t bo o x ceod od a t
14CL
intermediate points. Rates from Cincinnati, Louisvillo and New Orleans
to Birmingham cannot be exceeded at intermediate points. Rates from
Cincinnati, Louisville and New Orleans to Rome, Ga., cannot be exceedod
at intermediate points.
,
“ The result of tho change in rate-making in this territory which will be
| brought about should bo of advantage to all tho local intermodiato stations
on tlio many routes to tho great Interior basing points in Southeastern
territory. It may very well bo that in the adjustment of ratos that will
result, responsive to this decision, hero and thoro in tho very wide territory
affectod, some unreasonable or unduly discriminatory ratos will be establisiied. T'he Commission can, however, doal with those as complaint may
arise and correct such rates as the circumstances may warrant.’ ’— V . 97.
p. 1205.
R eadin g C o.— New President.— Edward T . Stotesbury
lias been elected President to succeed the late George F.
Baer. Theodore Voorhees has been made President of the
Philadelphia & Reading Ily ., and W . J. Richards President
of the Reading Coal & Iron Co. M r. Stotesbury is Chair
man of the two last-named companies.— V . 98, p. 1394,323.
R hode Isla n d C o .— Subways,&c., for Providence.—
The “ Engineering News” of N. Y . for Apr. 9 described the East Side
tunnel which the company expects to put in operation in Providence about
June 1 between Thayer St. and Waterman St. d'he tunnel, &c., has cost
about $700,000 and the city has the right of purchase.
I lie same periodical in its issues ol far. 12 and 19 outlined the plan sub
mitted to the City Council of Providence by a special committee on sub
ways (John \V. Kelso, Chairman), for a comprehensive system ot subways
which the co mnittee’s engineer. William W. Lo.vis, believes that the city
can afford to build and the Rhode Island Co. (operator of the present surtaco-car system) can afford to lease and operate. Estimated cost ot castwest subway, $7,100,000 for the 3.5 miics; of north-south subway. $6,500,
000 for 2.4 miles.— V. 98. p. 1246, 1001.
St. Louis & San Francisco R R .— Deposits of Nevj Or
leans Texas & Mexico Division 1si M . 5s.— A large majority
of all the bonds of this issue having been deposited under the
bondholders’ agreement dated M a y 28 1913, the bondhold
ers’ committee, Willard V . King, Chairman, has extended the
time for further deposits to and including M a y 9 1914, after
which time deposits will be subject to a penalty of .$10 per bd.
Depositories, Columbia-Knickcrbocker Trust ( 'o., N. Y .; St. Louis Union
Trust C o., St. Louis (V. 97, p. 667, 931, 1025, 1663; Y. 98, p. 521.)
Interest Paid on Kansas City Clinton A: Springfield Is/ 5 s.
Seo that company above.— V. 98, p. 1317, 1394.
Decision in Terminal Case.—
See New Orleans Terminal Co. above.— V. 98, p. 1317, 1394.
Sou th ern New E n glan d R R . C orp o ration .— Proposed
Lease.— The Rhode Island Legislature at its recent session
passed a bill permitting the lease of tho Southern New Eng
land R y ., either before or after its consolidation with the
Southern New England R R . Corporation of M ass., for a term
not to exceed 99 years, on terms to be approved by the Public
Utilities Commission.
A similar bill was passed by the Legislature last year but was vetoed by
Gov. Pothier, who. it is stated, will approve the new bill because of the in
sertion of the provision making tho leaso subject to the approval of the
Commission.— V. 96, p. 18-11.
S ou th ern R ailw ay.— Bonds— New Lease.—
Sec Atlanta & Charlotte Air Line Ry. above.— V. 98, p. 1158, 1001.
T oron to R ailw ay.— New Stock.— Stockholders of record
M ay 11 can till June 1 subscribe at par for $1,000,000 new com.
stock to the extent of one share for every 11 shares of old
stock held. The proceeds will be used for general purposes,
settling up old accounts, &c.
Guaranteed Bonds Offered in Exchange, tSee.—
Seo Electrical Development C o., also Toronto Power C o., under "Indus
trials” below.— V. 98, p. 605-454. _
No Sale to City.— Sir William MacKenzio is quoted as
saying that the plan for the purchase of the property by the
city has been dropped and he doubts if the proposal will
ever go before the people for a vote.— V . 98, p. 605.j
28th & 29th Streets Crosstow n R R ., N. Y . C ity .—
Notice to Depositing Bondholders.— Tho bondholders’ com
mittee, John W . Hamer, Chairman, 925 Chestnut S t.,
Pliila., in circular of M a y 1 recounts the history of the
property since the receivership began in 1908, and says:
Pursuant to the amended plan dated Feb. 16 1914 (V. 98, p. 612), the
committeo has deeded tho property to tho Mid-Crosstown Ry. Co., Inc.
and received as consideration therefor all of tho latter’s $150,000 capital
stock— all tho P. S. Commission would permit. This stock the committee
has turned over to tho Third Avenue Ry. Co. for $180,000 4% bonds of
that company. Out of these $180,000 bonds (market value about 83%)
it was necessary for us to discharge all claims and lions against the receiver,
tlio property Itself and the Mid-Crosstown Ry. Co., Inc., and also tho ex
penses of tlio committee. This will leave In our hands, so far as can be
ascertained at this time, about S30.000 in cash. Wo aiso hold and have
deposited for tho time being with the Central Trust Co., to secure the Third
Avenue Company against unJisclesed liabilities, if any. the 4% note of the
Third Avenue Company, payablo April 17 1915, for $250,000.
Tho 3rd Av. Ry. will have the option to renew the note at its duo date
for not over 1 year on payment of $83,333 and interest at 4% , and upon
the expiration of said extended period may renew the balance for another
year on payment of a further $83,333 33 and interest at 4% . If no other
claims are discovered, then tho committee will distribute among the deposit
ing bondholders tho money received upon tho said note of $250,000. if.
as and when collected. [Tlio aforesaid sum of about $30,000 tiie committee
retains, to enable it to redeem the Third Avenue Ry. note now pledged,
should any undiscovered claims arise. When the time comes for distribu
tion of tho $30,000 or such portion as may then remain, the committee will
only retain undistributed such an amount as in their judgment may be
needed to insure protection of the bondholders’ interests.)
q’hcro aro still pending actions brought (1) by Joseph B. Mayer, as re
ceiver, against the Metropolitan Traction Co. and its directors, to compel
tlio defendants to account for the proceeds of the $ 1 , 1 0 0 , 0 0 0 of bonds issued
by tho Crosstown Rlt. Co. on or about Oct. 1 1896. (2) By the bondhold
ers’ committeo against the New York Rys. Co. to impress a lien upon the
property formerly of tho Metropolitan Street Ry. and now of tho New York
Railways Co., for the deficiency judgment on the foreclosure of the bond
Issue. In tlio event of final collection under either or of botli these actions,
a further distribution will be made of the net sums collected.— V. 98. p. 612.
W a b a sh -P ittsb u rg h Term inal R y .— Earnings Suffer.—
The following is understood to be correct in every respect
The company is suffering by the order of the I. S. C. Commission inhibit
ing allowances through divisions ot through rates to certain terminal rail
roads. The principal terminal roads in the Pittsburgh district aro the
Union and tlio Monongaliela Connecting and tho St. Clair Terminal. The
only access to the tonnage-producing concerns of the district ior the Ter
minal Co. is by way of one or the other ol these terminal lines, and it has
had tiie tienefit of these connections since its completim.
Now, howovor, since the terminal lines cannot bo expected to perform
this transportation service without compensation, they will naturally make
their deliveries to the carriers llocated in the vicinity of the plants, involving
only short switching service, it is said that since April 1 these roads have
not turned over any tonnage to the Wabash-I’ ittsburgh Terminal, it Is
hoped that tiie Commission may make an exception in t is ciso and permit
the company to resume payment of allowances to torminal lines; otherwise
1462
th o w o rk in g o u t o f th e o r d e r w ill afreet th e fin a n cia l a n d p h y s ica l r e h a b ili
ta tio n o f th e ro a d . T h o nearest p la n t o t th e rails o f th e W a b a s h -P itts b u r g h
T e rm in a l o r th e W e s t Side C e lt L in e , its su b s id ia r y , is 7 .3 5 m iles d is ta n t,
w h ile th e lon g est h a u l is 14.6(3 m ile s.— ’V . 9 8 , p . 2 3 8 , 157.
W a rren B rookfield & Spencer Street R y .— Sale June 4.
T h e foreclosu re sale is a d v e rtis e d fo r J u n e 4 a t B r o o k fie ld , M a s s ., u n d er
o r d e r en te re d in S u p rem e C o u r t o f S u ffo lk C o u n t y , M a s s .,o n A p r. 10, in
su it o i l n t . T r . C o ., tru stee. U p se t p r ice , $ 1 5 0 ,0 0 0 .
W e st P enn T raction C o.— Notes Offered.— The bond de
partment of the Continental & Commercial Trust & Savings
Bank, Chicago, the trustee for tho issue, and A . B . Leach &
C o ., New York, & e., are offering at 99 and int., by adv. on
another page, the present issue of $6,000,000 three-year 6 %
secured gold notes dated M ar. 2 1914, duo M ar. 1 1917, but
callable as a whole during first year at 101, second year at
1001^, third year at 100. Interest payable M . & S. 1 in
N . Y . , Chicago and London. Denomination, $1,000 and
$500 (c*). Tax free in Pennsylvania.
D ig e s t o f S t a t e m e n t b y P r e s . G u y E T r i p p , P i t t s b u r g h , A p r . 25 191 4.
P roperty.— In c o r p o r a te d in M a y 1910-, an d c o n tr o ls an d operates throu gh
d ir e ct ow n ersh ip , s to c k o w n ersh ip an d leases, num erou s e lectric r a ilw a y ,
an d electric ligh t an d pow er p rop erties in W e ste rn P e n n sy lv a n ia an d a d jo in
in g te r rito r y in O h io an d W e s t V irgin ia , in clu d in g certa in street ra ilw a y lines
in th o c it y o f W h eelin g. W . V a .. a n d in teru rb a n lines n o r th a n d sou th o f
th a t c it y . T h e c o m p a n y op e ra te s in th o O h io , M o n o n g a h e la . A lle g h e n y ,
Y o u g h io g h e n y an d K isk im in eta s v a lle y s , in w h ich aro lo ca te d im m onso
s teel, c o a l, a n d c o k o in du stries; also largo glass, p o t t e r y an d o th e r m a n u fa c
tu rin g e sta b lish m en ts, w h ich g iv o t o th o d is tric t a pre -e m in e n t p o s itio n in
th e in du stria l an d fin a n cia l w o rld . T h o te rrito ry se rve d c o v e r s an area o f
a b o u t 2 .5 0 0 s q . m iles, ex te n d in g a b o u t 80 m iles n o r th an d s o u th an d 60
m iles east a n d w ost, all w ith in a rad iu s o f 70 m iles o f P ittsb u rg h .
E le c t r ic railw ay lines o w n e d an d o p e r a te d , 284 .48 m iles o f tr a c k ; o p e r
a te d u n d er s to c k c o n t r o l, 2 9 .9 5 m iles; t o ta l, 314.43 m iles.
D oes lig h tin g ,
p o w e r or tra ction business in 125 m u n icip a litie s. Serves in all a p o p u la tio n
o f o v e r 9 0 0 ,0 0 0 , exclu siv e o f tho C it y o f P ittsb u rg h , its cars e n terin g tho
business d is tric t o f th a t c it y u n d er a tra ck a g e a gre e m e n t. H as a t present
15 p ow er p la n ts In o p e r a tio n , h a v in g in use (o r bein g in stalled) an aggregate
m a x im u m g en era tor c a p a c ity o f 7 3 ,0 0 0 lc. v . a . (9 7 ,3 3 3 h . p . ) .
P racti
c a lly all franchises in P e n n sylva n ia aro u n lim ited as t o d u r a tio n . A v e ra g o
u n exp ired term s in W e s t V irgin ia a n d O h io ex ce e d 20 years; there are n o
im p o rta n t franchises w h ich expire u n til lo n g a fte r th o m a tu r ity o f these
n o te s . O u tside o f m u n icip a litie s has p riv a te r ig h t -o f-w a y .
1913.
Operating statistics D ec . 31— •
1911.
1912.
3 14 .43
T r a c k m ileage o p e r a te d ____________A llies..
2 74 .36
300 .5 3
296
273
286
C a rs o w n e d ___________________________ - N o ..
G en era tor c a p a c ity o f p o w e r
p lan ts
73.0 0 0
4 6 ,0 0 0
3 3 ,0 0 0
(m a xim u m r a tin g )_______________ k .v .a ..
L o ig th o f 2 5 .0 0 0 -v o lt transm ission
314 .13
249 .9 3
l i n e s ______________________ P o le m iles....
2 01 .17
82,166
62.683
4 9 .3 5 7
C o n n e c te d
l o a d ____________________ k .w ..
20,071
16,421 _____ .. _ ,
C on su m ers o f ligh t an d p o w e r ________ N o ..
___ _
—
13.717
R e v e n u e p a s s , carried d u rin g y e a r ._ N o ..4 5 ,4 2 1 ,5 8 2 5 6 ,0 2 0 ,9 3 1 59,2 5 7 ,1 5 4
E arn ings o f 1Vest P en n Traction C o. and Subsidiaries— Cal. Y ea r
G ross ea rn in g s____________ $ 4 ,4 5 5 ,6 3 0 D educt— M is c c ll. interest..
I n t. on b o n d s o f su b .c o s .
N e t a fter ta x e s ____________$ 2 ,0 3 6 ,8 5 8
D iv s . s u b . c o s . t o p u b lic
M is cella n eou s in c o m e ____
3 7 ,098
T o t a l in c o m e ___________$ 2 ,0 7 3 ,9 5 6
1913.
$77 ,249
760,001
138,355
B a la n ce _________________ $ 1 .0 9 8 .3 5 1
A full y ea r's ln t. on W e s t P en n T r a c tio n C o . 1st m o r tg a g e b on d s
in han ds o f p u b lic requ ires-------------------------------------------------- ---------A full y e a r ’s in t. on $ 6 ,0 0 0 ,0 0 0 3 -y r . 6 % secu red n o te s r e q u ir e s ..
8 2 7 o ,7 2 5
3 6 0 ,0 0 0
T h is w ou ld leave a b a la n co o f -------------------------------------- .-- -■ -------- 346 2 ,6 2 6
Total E arnings—
1911.
101 2;
1913G ro s s lo r calen d ar y e a r s -------------------- $ 3 ,6 9 9 ,0 4 6 $ 4 ,0 o 9 ,4 1 8 S 4 ,4 o o ,6 3 0
In crea se o v e r p r e v io u s y e a r --------------------------9 .8 %
J .7 %
A vailable f o r W est P enn Traction C o. In terest— Estim ates by
Sanderson & Porter— Y ears ending A p r i l 1.
1914-15.
1915-16.
1916-17.
A m o u n t a vailable a fter p rio r ch a r g e s -------$ 1 ,3 9 1 ,644 $ 1 ,8 9 1 .6 4 4 $ 2 ,2 0 1 ,644
I n t . 1st M . 5 % bon d s in han ds o f p u b lic..
275 .7 2 5
2 7 5 ,7 2 5
§7 5 ,7 2 5
I n t . on 3 -y ea r 6 % secu red n o t e s --------------3 6 0 .0 0 0
3 6 0 .0 0 0
360 ,0 0 0
E arnings
B a la n ce , surplus fo r y e a r _________________
$ 7 5 5,91 9 $ 1 ,2 5 5 ,9 1 9 $ 1 ,5 6 5 ,9 1 9
Capitalization o f W est P enn Traction C o.— Total H eld by Public $ 4 0 ,5 9 9 ,2 2 5 .
1st M . b d s . ($ 2 5 ,0 0 0 ,0 0 0 ) $ 5 ,5 1 4 ,5 0 0 Capitalization (C oncluded)—
Securities o f
3 -y r . 6 % secured g old
__
Sub-com panies—
n otes ($ 7 ,5 0 0 .0 0 0 )_____ 6 ,0 0 0 .0 0 0
J u n ior n otes ($ 3 ,0 2 0 ,0 0 0 ).. 3 ,2 2 0 ,0 0 0 B o n d , d e b t ($ 2 5 .6 8 7 ,0 0 0 )$ 1 5 ,164,000
P r e f. s to c k ($ 1 ,6 2 5 ,0 0 0 ).... 1,624,900 P rof, s to c k ($ 2 ,7 5 0 ,0 0 0 ).. 2 ,7 5 0 .0 0 0
25,825
C o m . s to c k ($ 6 ,5 0 0 ,0 0 0 ).. 6 .5 0 0 .0 0 0 C o m m o n s tk . ($ 1 9 ,1 2 2 ,3 2 5 )
3 -Y e a r 6 % Secured Gold N o tes. T h e se w ill b o secu red b y p le d g o o f
S I . 250 o f 1st M .. 5 % g o ld b o n d s oi m e W e s t Venn T r a c tio n C,o . fo r each
I
Donus o f tho w est Penn tr
x o iur eaci
*—
— —
.
.
.
■-f —
— **------------- **•
$ 1 ,0 0 0 n otes Issued, and o » ce rta in oth er secu rities, b ills, n o te s, & c ., ow n ed
..
nei
nance
b y th o W est Penn T r a c t io n C o . , o r to bo acq u ire d b y it. T h o Issuance o f
__
_ _ _ ________
Traction
these n otes is con d itio n e d u p o n the e xp en d itu re | y th e W est Penn T r a c tio r
b
C o . o f at"lea st $ 4 ,0 0 0 ,0 0 0 d u rin g tho years 1914 a n d 1915 for b e tte rm e n ts,
im p rov em en ts and new c o n s tr u c tio n , against w hich expen d itu res 1st M .
b on d s t o bo pledged as s e cu rity fo r these n otes w ill be Issued. A s said
b o n d s can be Issued on ly on the basis o f $900 o f b o n d s fo r each $ 1 ,0 0 0 for
Im p rovem en ts and now co n s tr u c tio n co m p le te d , the c o m p a n y m u st sp e n d
o u t o f its ow n funds at least 28 cen ts on tho d olla r o f the c o s t o f such new
c o n s tru ctio n b efore d ra w in g u p o n tho funds p r o v id e d fo r th a t p u rp ose b y
th e n ote Issue. T h e unissued $ 1 ,5 0 0 ,0 0 0 o f these n otes ca n be issued o n ly
w ith the w ritton co n s e n t o f the represen tatives o f th o purchasers o f these
n otes and under th o term s o f th e tru3t in den tu re.
T h o 3 -y ea r 6 % secured g o ld n otes rank e q u a lly w ith th o ou tsta n d in g
firs t m tg o . b on d s o f tho W est P en n T r a c tio n C o . , inasm uch as the collateral
s e cu rity for these n otes con sists largely o f first m o rtg a g e b o n d s w h ich aro
p a r t o f said Issue o f first m o rtg a g e b o n d s held b y tho p u b lic.
T h o 1st M . 5 % g old b o n d s d e p o s ite d as p a rt o f the colla tera l rank e q u a lly
w ith the .$5,514,500 o f theso b o n d s h eld b y th e p u b lic , and are an a b so lu te
first m ortg a g e and pled go on large a m o u n ts o f s to ck s and b o n d s o l s u b s id i
ary com p a n ies dep osite d w ith tho E q u ita b le T r u s t C o ., trustee, c o v e r in g a
great nu m ber o f p rop erties, in clu d in g tho p rop erties o f the su bsidiary c o m
p an ies, s u b je c t t o the o u tsta n d in g u n d e rly in g Issues, and an ab so lu te
fir s t m o r tg a g e , eith er d ir e ctly o f th ro u gh d e p o s it o f secu rities, on 38.89
m iles o f electric r a ilw a y tra ck ; 133.15 m iles o f sin g lo -circu it and 25.98 miles
o f d o u b le -c ir c u it 2 5 ,0 0 0 -v o lt transm ission lines; 13 su b-station s loca ted in
v ariou s p arts o f th o te rrito ry s e r v e d , ag g re g a te installed c a p a c ity 14.700
k . v . a .; 5 steam p o w e r sta tlo n s.a n d o n e gas p o w e r s ta tio n (w ith an ag g re
g a te in stalled gen era tin g c a p a c ity 9,8 9 0 k . v . a . m a xim u m r a tin g ), & c.
T h o ju n io r notes in clu d ed In tho ca p ita liz a tio n a b o v e are s u bord in ate b o th
as to p rin cip a l an d in terest t o tho 3 -y o a r 6 % secu red g o ld n otes and d o n o t
fall d u e u n til a fter tho m a tu rity o f these n o te s . W h ile a n y o f these 3-year
6 % secured gold n otes a ro o u ts ta n d in g , tho c o m p a n y ca n n o t in cu r, e x ce p t
for c u rren t expenses, a n y a d d itio n a l o b lig a tio n s o th e r than b o n d ed in d e b te d
ness m a tu rin g a t least fiv e years su b se q u e n t t o d a te o f Issue o f these n o te s,
anil w ill n o t p erm it a n y su b c o . t o in cu r a n y o b lig a tio n s o th e r than for
cu rren t op eratin g expen d itu res and now c o n s t r u c tio n , e x ce p t such o b lig a
tion s as m a y be pled ged u n d er th o first m o rtg a g e o f th e W est l e n n l r a c tlon C o . or undor tho tru st in d en tu re o f theso 3 -y e a r 6 % secured g o ld n otes.
Outlook.— W ith a d eq u a to ca p ita l fo r futu re be tte rm e n ts a n d now c o n s t r u c
tio n , the o u tio o k for fu rth er increased business is e x c e p tio n a lly b rig h t. A
large n u m b er o f a dd ition al c o n tra cts fo r p o w e r and ligh t at rem unerative
rates h a v e been signed and will fo rth w ith b o p u t in to e ffe c t.
D irectors.— G u y E . T r ip p (C h a irm a n W e stin g h ou se E l. & M f g . C o . ) ,
Sam uel Insull (Bras. C o m m o n w e a lth E d iso n C o ., C h ic a g o ). J . D . M o r t i
m er (P ros. N o r t h A m c r . C o . ) , W illia m B . Schiller (P re s. N a t . l u b o C o . ) ,
J . B . F inloy (P res. C o lo n ia l Steel C o . and d ire cto r U nion T r u s t C o . , P i t t s .) .
A . H . W lg g in (P res. C h ase N a t . B a n k . N . Y . ) , H . H o b a r t P orter (P res.
A m . W a ter W orks & E le c . C o . ) , H enry Russell P la t t . C h ic a g o , an d G o o rg o
T . W o o d . L o u is v ille .— V . 9 8 , p . 1394, 1317.
[Vol.
THE CHRONICLE
XCVII1
Wheeling & Lake Erie RR.— Majority Interests Again in
Control.— A t tho annual meeting on Thursday the majority
interests who were ousted by the “ insurgents” at the annual
meeting in June 1913 chose four directors and the minority
one. This gives tho majority eight and tho Ramsey minority
seven members of the board.
Tho now directors aro; II. W . S. W ood, A. W . Soibig, E. A . Footo and
Henry Boohmko of Cleveland and Francis A. Mardon, of Hollister, Lyon
& Walton, Now York. Attornoy W. W. Greon of Now York, who repre
sented the majority, asked that tho meeting bo adjourned, as a final de
cision on tho logality of tho election of Juno 1912 (V. 96, p. 64, 137) is oxpeeted soon from tho Ohio Supremo Court. Tho minority interests ob
jected on tho ground that an annual mooting cannot be adjournod and were
sustained by James It. Garfield, Chairman of tho tellers' committoo, who
prosidod, tho majority interests protasting.— V. 98, p. 1074, 764.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Allis-Chalmers Mfg. Co .— Bullock Electric Property Con
veyed— Exchange Plan Carried Out.—
The Bullock Electric M fg. Co. has made a mortgage on its property at
Norwood O. to tho First Trust Co. of Milwaukee, trustco, to securo an
issue of $936,000 1st M . 20-year 6 % gold bonds dated Jan. 1 1914 and
duo Jan l 1934. Tho bonds were issued in exchange and retirement of the
outstanding $1,170,000 Bullock pref. stock under the otfer of tho AlllsChalmers M fg Co (V. 93, p. 526, 1322). After tho oxccution of tho
mortgago all of the property of the Bullock Elec. M fg. Co. was conveyed
tC The Bu/lock^Co? also filed a certificate decreasing its capital stock from
>
$3 ,0 0 0 , 0 0 0 to $ 1 ,0 0 0 ,0 0 0 , and tho par of the pref. and com. stocks from
$100 to $33 1-3 per share. Ultimately the entire pret. stock will be can
celed and retired through tho $936,000 bond issue.
..
,
The Allis-Chalmers Mfg. Co. has agreed to purchase all or any part of
tho $936,000 bonds issued at any time on or before * eb. 1 1915, at Jo and
int. When purchased, these bonds will bo retained by the Allis-Chalmers
Mfg. Co. in its treasury.— V. 98, p. 1395, 1322, 1311.
American Steel Foundries.— Earnings.—
3 M o s.en d .
N et
M a r. 31. Earns.
1914___ def.$l,048
1913.......... 670,558
— V. 98, p. 1158.
Other
In com e.
$18,150
10,092
Total
In com e.
$17,102
680,650
In t.,S k .F d .,
D ep rcc.,& c.
$180,455
293.778
Balance,
S u r.orD ef.
dof.$163,353
sur. 386,872
Associated Merchants Co.— Dividend Reduced.—
A regular quarterly dividend of l? 4 % and also X of 1 % oxtra have been
declared on tho $7,616,100 common stock, payabloM ay 30. This compares
with 1% and A of 1% extra paid quarterly from 1909 to Fob. 1914, incl.
%
Tho preferred stocks, which have boon receiving J.f of 1% oxtra quarterly
(the last payments having boon made in April 1914), will under the terms of
issuanco of tho stocks havo tho “ oxtras” cut to A of 1 % .
Previous D ividend Record (Per C e n t).
„
’03. '04. '05. '06. '07. '08. '09. '10. '11. '12. '13.
1914.
Common__ % 7 7 7 7 7 7 7 7 7 7 7
1H
do extra._% - - X }p ?
f
0
2
2
2
2
2
»“
*Prof.oxtras % - - - - /■
?
1
1 R M
1
1 1
1
* Payablo in quar. installments with rog. 5% on 1st and 6 % on 2d prof.—
V. 98. p. 836. 692.
Associated Simmons Hardware Co.— Earnings.—
A bankers' circular offering at 98 and hit. a block of tho $5,000,000 FiveYear
Secured gold notes dated Oct. 2 1911 and duo Jan. I 1917, but
recL1 as a whol(fat 1 0 2 and int. to and including Jan. 1 1915 and at 101 and
int. thereafter (par S1,000 c*; int. J. & J.)* reports.
The income available for interest on theso notes tor tho tiireo years ended
Dec. 31 1913 averaged over §701,000 per annum.
Year ended D ecem ber 31—
wiy mq
^99
Income available for interest (about)-----.$ 7 3 7 ,4 1 3 5673,180 $766,523
Interest on funded debt (outst g Dec. 31 )-- 274,000
271,100
269,600
Total authorized issue §6,000,000. Oiiice, &c., St. Louis. See v . 93,
p. 1193, 1107, 537.
.
Birmingham (Ala.) Water Works.— Appeal in Rate Case.
Thu city will appeal to tho U. S. Supreme Court Aom the decision re
cently handed down by tho U. S. Circuit Court of Appeals which aftirmcd
that of the lower Federal Court in the rate case. Sonic years ago tho com
pany and the city entered into a contract fixing rates for a number oi years.
A later city administration passed an ordinance reducing the rates, claiming
that the city had no authority to make the contract and could not bo
bound by it. Tho city will appeal to the Supremo Court and ask it to con
strue the law relating to contracts by a city. The latter claimed that If a
municipality has no power to abrogate a contract into which it has entered,
such lack of power would be detrimental to good government.— V .97,p.l605-
Buckeye Pipe Line Co.— Dividend Reduced.—
A quarterly dividend of $4 per share (3\;) has been declared on tho $10,
00,000 stock, payable June 30 to holders ot record Juno 3. 'fills compares
000
, So (10%) quarterly fromJVlarchJ912 to MarchJL914 incl. __________
,-itli CS l i n u n m m 1>vl _________________________________________ pVn official
i
sta te m e n t says; ......h e re d u ctio n ■- tl o a m ........„*■ *> ,„ ,niv id e n d fro m th at
,
‘T
in th
o u n t o f th o d ..m
p aid in March is m a d e n ece ssa ry in th o ju d g m e n t ot th e b o a rd b y th o c o n
paid in M a r c h '
'
‘ ' "
,
tinued decllno in business w h ich b egan last tall. ’— \ . 9 8,, p . 4 o o .
1
..
Bullock Electric Mfg. Co .— Plant Transferred— M tg., &c.
See Allis-Chalmers Mfg. Co. above.— V . 98, p. 526.
_ _
Butts & Sunerior Copper Co.— Favorable Decision.
Tho U. S. Circuit Court of Appeals at San ^ r a n d s c a Mbufrils
the decision of the lower Court rendered in Nov. 1913 m tino case of M irlcraIs
Separation Co. vs. Ifydo and remanded the case to the lower^^Coui t with
instructions to have tho bill dismissed. I he .minerals Separation q o .
claimed that tho process of treating ore installed at th B
o utte &S p
u erior
mill by James M . Hyde infringed a process owned by thorn. An injunction
Cambria Steel C o.— First M . Bonds Called.
O ne h u n d red an d fo r t y -n in e ($ 1 4 9 ,0 0 0 ) 1st M . o % h o n e s c tho M a n u fa ctu rers’ W a te r C o . , d a te d Ju n e 1 1909, fo r P;w m c o t a t 101 atid ln t. on
a
Jun e 1 a t G ira rd T r u s t C o ., P h lla .— V . 9 3 , p- I t o J , b u s.
C anada Steam ship Lines, L td .—-Status.
See R ich e lie u & O n tario N a v ig a tio n C o . b e lo w .
•
C hesebrough M a n u fa ctu rin g C o., N. I . — Neio Officers.
R . s. G ill has been ele cte d S e c . & T r e a s . ^ Uq
T r e a s * ^ s u c M tS ln a
sign ed . F . H . W illia m s has b e e n m a d e A s s t . S e c. & i r e a s ., su cceed in g
C . L a m o n t.— V . 9 6 , P- 1366.
C hino Copper C o .— For the 3 Months end. Mar. 31:
101.1
1913.
I
_
1014-
G r o s s p r o d . I b s l 7 , 2 8 8 ,6 7 8 1 2 ,0 2 1 ,8 7 2 T o t . n e t p r o f . $ 1 ,2 3 8 ,9 8 2
618 ,615
N e t p r o f it s ___ $ 1 , 1 7 7 ,7 4 0
$ 7 7 8 ,8 0 4 D iv s . p a id ___
R e n t s , & c ------6 1 .2 4 2
2 9 ,0 1 9
N o t s u r p lu 3 t § 5 9 0 ,3 6 7
1913.
$80 7,82 3
S S 0 7 .8 2 3
T h o a b o v e e a r n in g s a r e b a s e d o n 1 4 .4 2 2 7 c . f o r c o p p e r in 1 9 1 4 a n d l o O bc.
in 1 9 1 3 .— V . 9 8 , p . 1 2 1 7 .
C in c in n a t i (O .) G a s & E le c tr ic C o .— New Director.—
Sam uol A ssu r, n o m in ated b y th o s to c k h o ld e r s ’ p r o te c tiv e c o m m it t e e , was
elected to th e b o a rd at tho ann ual m e e tin g M a y 4 .— V . 98, p . 1318.
C le v e la n d C liffs I r o n C o .— Payment of Notes.—
A ll o f t h o o u t s t a n d i n g 6 % s e r ia l n o t e s d a t e d N o v . 1 1 9 1 1 ,
®r ' e ?
o f $ 5 0 0 ,0 0 0 e a c h m a t u r in g M a y 1 a n d N o v . 1 1 9 1 5 , w e r e Pa *“ „< " _on,
i
1
a t C i t i z e n s ' S a v in g s & T r u s t C o . . C l e v e l a n d .
C o m p a r e V . J b .p . i u j i .
C o lu m b ia (M o .) T e le p h o n e C o .— Bonds Called.
F o u r ( $ 2 , 0 0 0 ) 1st M . 6 % b o n d s . N o s . 3 9 , 4 4 , 54 a n d 59, f o r p a y m e n t a t
p a r a n d l n t . o n J u l y 1 a t M is s is s ip p i V a ll e y T r u s t C o . , S t . L o u is , M o .
C o lu m b u s (O .) G a s & F u e l C o .— :New Company— Terms
of Exchange, &c.— T h e directors, in circular ot M ay .1, say
in substance (compare adv. on anothor page):
M
ay
F o r several y ears w e h a v e b e e n s ecu rin g o u r s u p p l y 'o f gas fro m o u r o w n
H elds n ea r C o lu m b u s ,a n d la tte r ly h a v e a d d e d th e r e to b y p u rch a s e s fro m
o th e r co m p a n ie s . T h e s u p p ly tro m th ese fie ld s has d im in is h e d t o su ch an
ex ten t th a t y o u r d irecto rs n o lon ger c o n s id e re d it safe t o d e p e n d u p o n i t .
W ith th o v iew o f assuring an a b u n d a n t s u p p ly o f g a s , th o c o m p a n y ,
th rou gh its su b sid ia ry c o m p a n y , th e C o lu m b u s O il & F u el C o . , a c q u ir e d
a largo a crea ge o f g as a n d oil rig h ts in W o s t V irgin ia . T h o d e v e lo p m e n t o f
th is p r o p e r ty has been s a tisfa c to r y , a n d th e C o lu m b u s P r o d u cin g C o . w as
org a n iz ed in W e s t V irgin ia t o m a n a ge it. a ll ot th o p r o p e r t y b e lo n g in g fo r m
erly t o th e C o lu m b u s O il & F uel C o . in W e s t V irgin ia b e in g so ld t o th o W e s t
V irg in ia c o r p o r a tio n in exch a n g e fo r its e n tire ca p ita l s t o c k . T h is s to ck is
n ow h eld in th e treasu ry ot th e C o lu m b u s O il & F uel C o .
W e in ten d ed t o b u ild a p ip e line fro m W e s t V irg in ia t o C o lu m b u s
a n d S p rin g field , b u t be ca u se o f th e tim e ly p ro p o sa ls o l th e O h io F u e l S u p
p ly C o . (w h ich c o n tr o ls th e largest a v a ila b le s u p p ly o f n atu ral g a s in th o
U n ite d S tates) tor a s u p p ly o f gas fo r th e use o f y o u r co n su m e rs fo r a p e rio d
o f 20 y ea rs a t reason able p rice s , w e h a v e d e e m e d it b e s t t o m a k e a c o n tr a c t
w ith th e m .
W e shall h o ld o u r W e s t V irg in ia g a s -p r o d u c in g p ro p e r tie s fo r
fu tu re d e v elop m en ts.
A t th e sam e tim e th e C o lu m b u s G a s & F u e l C o . p u rch a se d th e gas p la n t
o f th e O h io F uel S u p p ly C o ., se rv in g a b o u t 11,000 co n su m e rs in C o lu m b u s
a n d su b u rb s, a n d th e C o lu m b u s O il & F u el C o . t o o k o v e r fro m th e O h io
F u el S u p p ly C o . th e en tire ca p ita l s to c k o f th e F e d e ra l G as & F u el C o .,
w h ich la tter c o m p a n y o p e ra te s a gas p la n t s e rv in g 1 1 ,0 0 0 con su m ers in th e
c it y o f C o lu m b u s . T h e C o lu m b u s G as & F u el C o . h as d isp o se d ot its gas
lands a n d fie ld lines in O h io to tho O h io F u el S u p p ly C o . B y th is o p e ra tio n
th o C o lu m b u s G as & F u el C o . now has d ir e ctly 4 1 ,0 0 0 co n su m e rs in C o lu m
b u s, an d th e C o lu m b u s Oil & F u el C o ., th rou gh its o w n ersh ip o f th e s to c k
o f the F ed era l G a s & Fuel C o . , lias 11,000 co n su m ers in th e c it y o f C o lu m
b u s , o. tota l o f 5 2 ,0 0 0 , as again st 3 0 ,0 0 0 served b y th e C o lu m b u s G as &
F u el C o . p rev iou s to these trails- ctio n s . T h e C o lu m b u s G a s & I( u el C o .
a n d th e C o lu m b u s O il & F u el C o . now h a v e th e en tire gas business ot th o
c it y o f C o lu m b u s , to g e th e r w ith Its su bu rbs. T h e C o lu m b u s O il & F u el
C o . has also pu rch ased th e e n tire c a p ita l s to c k ot th e S p rin giield G as C o .,
o p e ra tin g in S p rin gfield , O ., and servin g a p p ro x im a te ly 12,000 consum era.
In o r d e r th a t alt these v a lu a b le an d g ro w in g pro p e rtie s b e h eld .o w n e d a n d
o p e r a te d u n d er on o m a n a ge m e n t, th e O h io C itie s G a s C o . h as b e e n in c o r
p o r a te d un d er th o law s o f O h io , w ith an au th o riz e d c a p ita l s to c k o» fjio .u u u ,000 5 1 4 % cu m u la tiv e p re f. s to c k and $ 1 0 ,0 0 0 ,0 0 0 c o m m o n s to c .c .
A u th orized Capitalization o f the Ohio Cities Gas
(Tabulated by E d .J
C um ulalire 5 1 4 % pref. slock (d iv id e n d s Q .- J .) , p a r 8 1 0 0 . T o t 'd
a u th oriz ed , 8 1 0 ,0 0 0 ,0 0 0 —
.
O ffered in e x ch a n g e, par fo r p a r , a n y tim e p r io r t o J u ly 10
1914 fo r C o l. G as & Fuel C o . 5 % p r e f. s t o c k . --------------------- 8 6 .0 0 0 ,0 0 0
T u rn e d o v e r t o co n tr o lle d C o l. O il & Fuel C o . In e x ch a n g e fo r
p rop erties a n d o ffe r e d in b lo c k s as b e lo w sta te d (8100 p re f.
a n d 8200 c o m m o n to r 820 0 cash] t o C o l. G a s & F u el C o .
shareh olders w h o e xch an g e their sharps fo r O h io C itie s G as
C o . s to c k p rior t o c lo s e o f business Ju n e 1-------. . . . 1 ,2 5 0 ,0 0 0
B a la n ce reserved fo r fu tu re r e q u i r e m e n t s . . 8 2 ,750,000
C om m on stock, par $ 10 0 (d iv s. Q .- M .). '1 o tal a u t h ., 8 1 0 ,0 0 0 ,0 0 0 •
O ffered in e x ch a n g e par fo r p ar p rio r to J u ly 10 1914 fo r preso n t C o l G as & F u el C o . c o m m o n s t o c k ------------------------------ 3 ,0 0 0 ,0 0 0
T u rn e d o v e r to C o l. O il & F u o l C o . in e x ch a n g e fo r pro p e rtie s
a n d o ffe r e d in b lo c k s as b e lo w sta te d t o C o l. G as & F u el C o .
shareh olders w h o e xch a n g e f o r O h io C itie s G as C o . s to c k
p rior to c lose o f business Jun o 1------------------------------------------------ 2 ,5 0 0 ,0 0 0
B a la n ce , reserved f o r fu tu r e re q u ir e m e n ts---------- $ 4 ,5 0 0 ,0 0 0
T h o O h io C ities G as C o . has ta k e n o v e r fro m th o C o lu m b u s O il & F u o
C o . all Its h old in gs o f s to c k o f F e d e ra l G as & F u el C o . o f C o lu m b u s , O ..
S p rin g field G as C o . o f S p rin g fie ld , O ., an d C o lu m b u s P r o d u cin g C o . o f
C h a rleston , W . V a ., in e xch an g o fo r $ 1 ,2 5 0 ,0 0 0 o f its p r e f. an d $ 2 ,5 0 0 ,0 0 0
o f Its c o m m o n s t o c k a n d $ 2 5 0 ,0 0 0 in ca sh .
. . .
,
T h e O h io C ities G as C o . has se t aside $ 6 ,0 0 0 ,0 0 0 o f its p r e f. s to c k and
$ 3 ,0 0 0 ,0 0 0 o f its c o m m o n s t o c k , an d n o w o ffe r s its 5 K % p re f. c u m u la tiv e
sharos in equ a l ex ch a n g e fo r th o 5 % p r e f. cu m u la tle sh ares o f th e C o lu m
bus G as & F u el C o . and its c o m m o n s to c k in equ a l sharos In exch a n g e fo r
th e c o m m o n s t o c k o f th e C o lu m b u s G as & F u el C o . a t a n y tim e be fo re
J u ly 10 1914. T h o d iv id e n d s o n th o p r e f. s to c k o f th e new co m p a n y w ill
c o n tin u e on th e sam e d a te s called fo r in th o p r e f. s t o c k o f th e C o lu m b u s
G as & F u el C o ., o x c o p t th a t th e ra to w ill b o 5
p o r a n n u m , in stead or
5 % . T h o d iv id en d s on th e c o m m o n s to c k w ill also c o n tin u e o n th e sam e
d ates used b y th o C olu m b u s G as & F uel C o . T h e ^ co m m o n d iv id e n d w ill
b o at rato o f 5 % p er a n n u m , instoad o f 4 % , as n o w p a id b y C o l.G a s & I uol C o .
A ssu m in g th a t th o shareh olders o f th o C o lu m b u s O as & F u el C o . w ill
a c c e p t ou r recom m en d a tio n t o e xch an g o their shares fo r th e shares o f th o
O h io C ities G as C o ., tho now c o m p a n y w ill then ow n th e fo llo w in g c o m -
1%
4
S p rin gfield G a s C o . I S p rin g fie ld ,
to n , W . V a.
T h e C olu m b u s O il & F u ol C o . , In o rd e r t o m eet th o p a y m e n ts fo r tho
s to c k s sold t o th e O h io C ities G as C o ., to g e th e r w ith $ 2 5 0 ,0 0 0 t o b o p a id
to th e trea su ry o f th a t c o m p a n y , n o w o ffe r all th e s t o c k re ce iv e d b y It in
o x ch a n g o, th a t Is to s a y : 8 1 ,2 5 0 ,0 0 0 p r e f. s to c k and $ 2 ,5 0 0 ,0 0 0 co m m o n
s to c k o f th o O h io C ities G as C o ., t o th o sto ck h o ld e rs o f th o C o lu m b u s G as
& F u el C o .( w h o , prior t o th e c lo se o f business Jun e 1, e x ch a n g o th eir shares
fo r s to c k o f O h io C itie s G a s C o .) in th e fo llo w in g m an n er: In b lo ck s o f
tw o shares o f c o m m o n s to c k an d o n e share o f p r e f. s to c k fo r $20 0 in ca sh .
S u b scrip tion s w ill b o r e c e iv e d fo r a n y n u m b e r o f b lo c k s o f s to c k u p t o th e
close o r business Jun e 1 1914. Y ie ld n e t return o f 7 .6 2 % on th o in v e s t
m e n t. T e r m s : 10% cash w ith su b scrip tio n ($20 per b l o c k ) ; 15% u p o n allot
m en t; 7 5 % on o r b e fo r e J u ly 10 1914.
I f th e s to c k is o v e r -su b s c rib e d , th e
co m p a n y reserves th e rig h t t o re d u ce th e a m o u n ts su b scrib e d f o r .
T h is offe r in g o f s to ck has boon u n d erw ritten b y re sp on sible underw riters
w h o h a v o p a id t o th e co m p a n y $ 1 2 5 ,0 0 0 cash as a g u a ra n ty th a t th e y w ill
take a n y o f th o s to c k so o ffe r e d fo r sale n o t taken b y th e shareholders.
[Signed: B om an G . D aw es (P r e s .), W illia m E . H u tto n , Jam es B . C a m p b e ll,
W illia m A . G i l l , B u tler S h e ld o n , G e o rg e T . Spalir a n d L o u is G . A d d is o n ,
_
. „ ,
d irectors o f C o l. G as & F u el C o .]
. ___
Consolidated Balance Sheet of T h e O h i o Cities G a s Co. a n d S u b
sidiaries (Total E a c h Side $16,933,989).
« l r .1011n
A ssets— P r o p e r ty , p la n t, e q u ip m e n t, & c -------------------------- - - - - - - 8 1 5 , 4 1 9 , 1 1 9
C u rren t A ssets: In ve n to rie s, $89 ,2 3 2 ; a c c o u n ts re c e iv a b le ,
$ 26 4,40 2: ca s h , 8 1 .0 6 0 .4 1 7 ---------- ------------------- 7----------- 1 .4 14.050
D e ferred ch arges t o o p e ra tio n s, $ 6 ,1 1 0 ; p rem iu m an d d lsc o u n t on securities (e s tim a te d ), 8 9 4 , 7 1 0 - - - - - - - - ---------- -100.820
Liabilities— Issued c a p ita l s t o c k , O h io C itie s G as C o . , p r e f..
$ 7 .250.000; c o m m o n . $ 5 , 5 0 0 ,0 0 0 ------------ -- - - - - - - -- - - - - - - - - - -$ 1 2 ,7 5 0 ,0 0 0
F ir s t M . bon d s C olu m b u s (la s C o . 1st M . 5s o f 1892. d u o
J u ly 1 1932, V . 04. p . 1224), 8 1 .4 2 5 ,0 0 0 ; S prin gfield G as
C o . (V . 8 4 , p . 137 2), $ 4 0 0 ,0 0 0 ________ _____________________
1,82 5 ,0 0 0
P u rch a se m o n e y o b lig a tio n , d u e Jan . 1 1915. be in g p a rt pur
chase p rice for now p ro p e rtie s in c it y o f C o lu m b u s
( V . 9 8 , p . 131 9)-------------------------------------------- -------3 74 .043
A c c o u n ts p a y a b le , $17 7,67 1; a c c r . taxes an d b o n d in terest,
$72 ,271 ; con su m ers’ d e p o s its , $ 1 6 0 ,6 8 2 ------ . - - - -,-." ,-.-,-5 5 5
1
A p p r e cia tio n a n d d e p r . re serve, $ 1 2 1 ,0 5 9 ; s u r p l u s . 1 ^452.363 l ,o 7 4 . 322
C o m p a re V. 9 7 , p . 1735, 1825; V . 9 8 , p . 389 . 1319, 1395.
C onsolidated Ga3 Co. of N e w York.— Earnings.— The
report of the Public Service Commission, First District,
Issued this week, shows earnings of the various sub-com
panies included in tho system for the year end. Doc. 31 1913:
1. G as C os .
—
Operating
N et (.after
Other
Interest,
DM-
bala nce,
• Revenues.
T a res).
Incom e.
A c.
(lends.
Surplus.
Consol. Gas Co..$14,155,420 33,430,07150,133,2G581,081,531S5,988,990$2,498,815
N e w Ams.GasCo. 2,020,125
1,112,303 94,300 1,070,025
130,638
N.Y.Mut.Gas Co. 1,530,007
30.8,005 80,823
25,289
309,294
54,905
Stan. Gas I t Co. 1,739,555
,.
507,905 30,477
89,044
407,313 102,025
Cent. Un. Gas Co. 2,423,407
1,048,630 61,138 425,140
684,022
Nor. Un. Gas Co. 1,242,041
482,952 12,094 281,197
214,449
AstorlaL.H.&P.Co 5,587,012
1,750,733
3,420 838,043
922,121
N. Y. A QueensCo 224,851
64,334
250
43,788
20,846
Total gas cos...29,832,678
2. Electric C os.—
N .Y. Edison Co. .23,011,195
Un.El.L.&P.Co. 2,914,307
N . Y . & Queens El.
Lt. A Pow. Co. 1,075,383
8,777,7086,416,373 3,851,063 6,705,597 4,634,421
12,416,5861,250,582 4,198,500 3,009,204 6,459,438
1,390,209 12,483 770,080
632,612
387,832
574
154,900
50,000
183,506
Total elec. cos..27,000,890
14,194,6271,263,019 5,123,486 3.059,204 7,275,556
Compare V, 98, p. 013, 383.
&5
1463
THE CHKONICLE
9 1914.]
New Securities by Subsidiaries— Proposed Debentures.—
T h e P . S . C o m m issio n o n M a y 4 , b y a v o t e o f 3 t o 2 , a u th o riz e d th e N e w
Y o r k E d is o n C o . t o issue $ 1 5 ,8 0 0 ,0 0 0 a d d itio n a l s to c k an d th e A s to ria
L ig h t, H e a t & P o w e r C o . t o issue $ 5 ,0 0 0 ,0 0 0 In b o n d s a n d $ 9 ,5 0 0 ,0 0 0 a d d i
tio n a l s t o c k . B o t h a p p lic a tio n s w e re h e ld u p fo r a b o u t tw o m o n th s b y a
d e a d lo c k ca u se d b y th e a b s e n ce o f C o m m is s io n e r E u stis a n d th e failu re
o f S u rrogato S ch u lt o f B r o n x C o u n t y t o a c c e p t his a p p o in tm e n t as C o m
m ission er. [T h o C o m m is s io n o n M a y 3 b y a v o t e o f 2 t o 2 d e c lin e d t o a p
p r o v e th e a p n lica tio n .
M r . E u stis v o t e d w ith C h a irm a n M c C a ll a n d C o m
m ission er W illia m s , C o m m issio n e rs M a ltb ie a n d C ra m v o tin g in th e n eg a
tiv e . l t Is r e p o r te d t h a t th e C o n s o lid a te d c o m p a n y w ill s h o r tly m a k e a
fo rm a l a p p lic a tio n t o issue $ 2 5 ,0 0 0 ,0 0 0 c o n v e r t ib le d e b e n tu re s. C o m p a re
V . 9 7 , p . 301 .— V . 9 8 , p . 613 , 3 8 9 , 383.
Copper Range Consolidated Co.— Earnings.— For year:
Calendar
C op per
In terest M in in g , & c ..
T axes
N et
Y ear—
Sales.
Received
E xp en ses.
P a id .
P rofits.
1 9 1 3 . ............................. $ 3 ,7 0 0 ,8 4 4 $ 6 ,2 4 6 $2,6.52,579 $ 2 0 1 ,2 3 2 $ 8 5 3 ,2 8 0
6 ,0 7 1 ,0 9 5
13,106
3 ,6 6 1 ,8 3 7
164,157 2 ,2 5 8 ,2 0 7
1 9 1 2 - . - ....................
C o p p e r R a n g e R R . d e lic it a fte r Interest in 1913, $ 1 7 ,4 0 6 , aga in st a sur
p lu s o f $ 1 0 3 ,7 7 5 in 1912; to ta l in c o m o , $ 8 3 6 ,2 3 4 , a g a in st $ 2 ,3 6 1 ,9 8 2 ; A t
la n tic M in in g C o . (a c q u ire d J u ly 1 1 9 1 1 ), n e t r e c e ip ts n o n e , again st $ 4 0 ,
385 in 1912; to ta l in c o m e in 1913, $ 8 3 6 ,2 3 4 , aga in st $ 2 ,4 0 2 ,3 6 8 . D e d u c t
gen eral e xp en se o f c o n s o lid a te d c o m p a n y , $ 9 3 ,3 1 5 (against $ 8 3 ,9 9 2 ), an d
on e -h a lf C h a m p io n n e t p r o fit s , $ 2 5 2 ,3 8 3 (again st $ 6 2 5 ,8 1 0 ), le a v in g $ 4 9 0 ,
536 b a la n ce fo r 1913, a g a in st $ 1 ,6 9 2 ,5 6 6 .
D iv id e n d s p a id in 1913 ( 2 H % ) call fo r $ 1 ,0 8 4 ,4 9 8 , le a v in g b a la n c e d e fic it
fo r 1913, $ 5 9 3 ,9 6 2 . D iv id e n d s p a id in 1912 ( 2 ',) ) c a lle d fo r $ 7 8 8 ,4 2 8 ,
le a v in g a s u rplu s D e c . 31 1912 o f $ 9 0 4 ,1 3 3 . T h e to ta l surplus D e c . 31 1913
w as $ 0 0 0 ,0 0 0 , a g a in st $ 5 9 2 ,5 3 5 in 1912.— V . 97, p . 1736.
Crescent Pipe Line Co.— Dividend Reduced.—
A q u a rte r ly d iv id e n d o f $1 25 a share (234 % ) h as b e e n d e cla re d on th e
$ 3 ,0 0 0 ,0 0 0 s t o c k , p a y a b le Ju n e 15 t o h o ld e rs or re c o rd M a y 2 0 , c o m p a r in g
w ith $1 50 ( 3 % ) q u a rte r ly fro m M a r . 1912 t o M a r . 1914 in c l. A n o ffic ia l
sta te m e n t says:
‘T h e r e d u c tio n h as b e e n m a d e n e ce ssa ry b y th e decrea se
o t business tra n s a cte d b y th o c o m p a n y d u rin g th e p a s t 6 m o n t h s .”
The
c o m p a n y , it is sta te d , r e c e iv e s m o s t ot its oil fro m S ou th w est P e n n sy lv a n ia
p ip e lines.
F or J a n u a ry th o r e ce ip ts w ore 152,453 b a rre ls, aga in st n oth in g
fo r 1913; in F e b ru a ry 123 ,184 b arrels, aga in st 1 32 ,082 , a n d in M a r c h 2 9 ,6 7 5 .
again st 127 ,832 . D e liv e r ie s fo r th e fir s t 3 m o n th s o f 1914 w e re 22 7 ,5 8 9
b arrels, co m p a r e d w ith 43 2 ,7 2 2 In 1913. In th o la tte r p a rt o f F e b ru a r y
th o c o m p a n y c lo s e d d o w n its d e liv e rie s e n tir e ly , a n d fo r M a r c h th e m o n t h ly
r e p o r t sh o w e d n o d e liv e rie s , a gain st 138,710 barrels M a r c h 1913. A s a
resu lt th ere w e re 139,831 b arrels o f o il o n h a n d , aga in st 5 4 ,488 in 1913.
— V . 98, p . 692.
De Long Hook & Eye Co.— Earnings.—
Y ea r end. f a r . 31—
191 3-1 4. 1912-13.
N e t earn in gs......................$ 1 3 3 ,3 5 5 $12 8 ,4 7 5
D i v i d e n d s , . ...................... 8 0 ,0 0 0
8 0 .0 0 0
1911-12.
$ 1 1 6 ,3 6 6
8 0 ,0 0 0
1910-11.
$ 12 2,67 9
8 0 ,0 0 0
190 9-1 0.
$14 5 ,1 6 0
7 0 ,0 0 0
B a la n ce , s u r p l u s .- - $ 5 3 ,3 5 5
$4 8 ,4 7 5
$ 36 ,366
U n d iv id e d p r o fits w ere $87 ,2 5 1 .— V . 9 6 , p . 1301.
$ 4 2 ,6 7 9
$ 7 5 ,1 6 0
Electrical Development Co., Ontario.— Offer for Pref.—
T h e T o r o n t o P ow er C o . , L t d ., has offe r e d fo r ea ch share o f th e $ 3 ,0 0 0 ,0 0 0
p re f. s to c k $137 16 In a 10-year 5 % b o n d o f th e T o r o n t o P o w e r C o . , s e
cu re d b y a fir s t ch a rge o n th e p re fe re n ce shares p u rch a se d , a n d also g u a r
a n te e d as t o prin cip a l a n d in terest b y th e T o r o n t o R y . C o . T h e p u rch ase
p rice is m a d e u p as fo llo w s : P ar v a lu e , $10 0; 4V£ y e a r s ’ c u m u la tiv e d iv i
d e n d fro m Jan . 1 1910 t o J u ly 1 1914 a t 6 % , $27; t o a d ju s t th e d iffe r e n c e
In Interest b e tw e e n th e 6 % p re f. shares an d th e 5 % b o n d g iv e n In e x
ch a n g e , $10 16; t o ta l, $137 16.— V . 9 5 , p . 3 6 3 .
Fairmont (W. Va.) Gas Co.— First Pref. Dividend.—
A n in itia l q u a rte rly d iv id e n d o f l 3A% has been declared on th e $ 7 5 0 ,0 0 0
7 % c u m u la tiv e p re f. s t o c k , p a y a b lo M a y 20 t o holders o f r e co rd M a y 15.—
T h e q u e stio n o f a disb u rse m e n t o n th e c o m m o n s to ck m a y , It Is r e p o r te d ,
b o con sid ered n e x t m o n th . T h o b o a r d a u th o rize d th e e xp e n d itu re o f $ 7 5 ,
000 fo r im p ro v e m e n ts t o e x te n d th o m ain s, install new m eters a n d fo r o th e r
c o r p o r a te pu rposes. T h e c o m p a n y Is d e v e lo p in g 1,000 ad d itio n a l acres o f
its gas la n d s. T ills w ill m a k e 4 ,0 0 0 acres o f p r o d u cin g w ell p r o p e r ty In
o p e ra tio n o u t o f th e 1 4,000 acres o w n e d . T h e w ork o f drillin g th o a d d i
tio n a l w e lls, w h ich are e x p e c te d t o g iv e th e c o m p a n y an a m p le s u p p ly fo r
several y e a r s , w ill s o o n b e g in .— V . 9 8 . p . 916
General Petroleum Co., San Fran.— Default.— The
interest due M a y 1 on the 6 % 20-year bonds remains unpaid.
T h e re aro a b o u t $ 1 2 ,5 0 0 ,0 0 0 o f those b o n d s o u tsta n d in g a n d $ 6 ,0 0 0 ,0 0 0
a d d ition al aro plodged as part collateral fo r $3 ,0 9 9 ,0 0 9 notes o f 1913. T h e
b o n d s aro d a te d N o v . 1 1911 an d d u e N o v . 1 1931, b u t ca lla b le at 110 a n d
Int. See V . 96. p . 1493, 1698; V . 97, p . 1665; V . 93, p . 75, 916 , 1390.
Gimbel Bros., New York.— Increase of Stock.—
T h e c o m p a n y has increased Its p re f. s to c k fro m $ 4 ,0 0 0 ,0 0 0 t o $ 5 ,0 0 0 ,0 0 0 .
T h o ad d itio n a l $ 1 ,0 0 0 ,0 0 0 w as, it is sa id , p aid In cash fu rn ish e d b y J u liu s
R o s o n w a ld , P residen t o f Sears, R o e b u c k & C o .— V . 9 1 , p . 279 .
Gottlieb-Bauernschmidt-Straus Brew. Co.— Deposits.
P re sid e n t A lb e r t I I . W e lir in an a d ve rtise m e n t says in su b sta n ce: “ A
e o m m ittc o rep resen tin g $ 3 0 0 ,0 0 0 b o n d s a c c e p te d th e in v ita tio n o f th e m a n
a g e m e n t t o ca re fu lly exam in e th o c o n d itio n a n d affairs o f th o co m p a n y ,'
w ith th o vie w o f de te rm in in g w heth er or n o t th e b o n d s represen ted b y th em
sh ou ld jo in in th e plan fo r fu n d in g th e Interest co u p o n s fo r 6 years.
[See
V . 9 8 , p . 834. 842 .— E d .] A fte r th e exam in ation an d a fu ll discu ssion , th e
c o m m itte e d e term in ed t o re co m m e n d t o th e bo n d h o ld e rs r e p re se n te d b y it
th a t th eir h o ld in g s jo in in th e said fu n d in g plan b y d e p o sitin g th eir b o n d s
w ith th e M e r ca n tile T r u s t & D e p o s it C o ., d e p o s ita ry , an d th is re c o m m e n
d a tio n has been a p p ro v e d an d th o d e p o s it o f th o b o n d s represen ted b y th e
said c o m m itte e w ill lie m a d e ju s t as so o n as th e holders th e re o f ca n b e com a
m u n ica te d w ith . T h o d e p o s it o f these b o n d s w ill le a ve o u ts ta n d in g less
than 3 0 % o f th e to ta l issue o f b o n d s.
.
,
. . .
T h o m a n a gem en t has e x te n d e d u n til M a y 20 th e tim e fo r th o d e p os it o f
th e 1st M . b o n d s un d er th o plan fo r fu n d in g th e co u p o n s fo r 6 y e a rs . I h e
en g ra v e d fu n d in g b o n d s aro re a d y fo r d e liv e ry , as w ell as th e en g ra v ed
scrip fo r c o u p o n s o f less th an $10 0 in fa c e v a lu e . T h e tim e lim it un d er
w h ich a c tio n fo r a rece iv e r c o u ld b e taken e xp ire d on M a y 1. U nder th e
m o rtg a g e 60 d a y s ’ grace is a llow ed a fte r a d e fa u lt b e fo r e th o bo n d h o ld ers c a n
a c t, b u t n o step o f this k in d Is o f c o u rse a n tic ip a te d .— V .9 8 , p .8 4 2 . 8 3 4 ,5 2 6 .
Hackensack Water Co., Weehawken, N. J.— New Stock.
A ll shareh olders o f re c o rd M a y 4 h a v o th e rig h t t o s u b scrib e at p a r , a t
o ffic e o f T reasu rer in W e e h a w k e n , o n o r b e fo r e M a y 15, fo r $ 1 ,0 0 0 ,0 0 0 new
c o m m o n s t o c k , t o th o e x te n t o f o n o share fo r e v e r y fo u r shares o f p resen t
h o ld in g s , w h eth er c o m m o n o r p referred . E v e r y s to c k h o ld e r m a y s u b scrib e
fo r a t least o n e sharo, b u t n o fra ctio n a l c e rtifica te s w ill b e Issued a n d n o r ig h t
t o su b scrib e w ill a tta ch t o o n e , t w o o r th reo shares in excess o f a m u ltip le
o f fo u r . S u b scrip tio n s aro p a y a b le 5 0 % Ju n e 1 a n d 5 0 % D e c . 1 at H u d s o n
T r u s t C o ., H o b o k e n , N . J ., eith er in cash o r b y ce rtifie d c h e c k , p a y a b le
th ro u g h N . Y . C learin g H o u s e , an d draw n t o o rd e r o f A lle n E , W h itm a n ,
T ro a s . T h e now s to c k w ill b e issued as o f D o c . 1 1914, an d Interest a t
6 % w ill b o p aid t o th at d a te o n first 5 0 % o f s u b scrip tio n .
T h o N e w Je rse y P . U . C o m m issio n on M a y 7 a p p ro v e d th e p r o p o s itio n
t o issue th e $ 1 ,0 0 0 ,0 0 0 new s to c k an d * 2 5 0 ,0 0 0 4 % b o n d s o n a c c o u n t o f
a d d itio n s , im p ro v e m e n ts , & c.— V . 9 1 , p . 874.
Hailwood Cash Register Co .-—Decision.—
See N a tio n a l C a sh R e g is te r C o . b e lo w
International Agricultural Corporation, New York.
T h e B a n kers T r u s t C o . o f N . Y . , tru stee un d er th o 1st an d co lla tera l
trust M . d a te d M a y 1 1912, is ask in g ten ders u p t o M a y 14 a t 3 P . M . fo r
th e sale o f b o n d s a t n o t t o exceed 103 a n d interest fo r th o p u rp o se s o f th e
sin kin g fu n d su fficie n t t o o xh au st th e su m o f $ 32 5,00 0.— V . 9 8 , p . 390 .
Kelly-Springfield Tire Co., N. Y .— Plan Adopted.—
A t th e m e o tin g o n M a y 4 a b o u t 9 0 % o f th e o u ts ta n d in g s to c k w as v o t e d
l n f a v o r o f th o p la n o u tlin e d in circu la r o f A p ril 18. S e e V . 9 8 , p . 131 9,12 43.
Knox Automobile, Springf., Mass.— Sale Approved.—
C h a rle s W . B o s w o r th , refe re e In b a n k r u p tc y o n M a y 1 a p p ro v e d th e
salo o n A p ril 29 o f th e e n tire p r o p e r ty fo r $ 6 9 1 ,0 0 0 , th e h ighest b id o b ta in e d ,
t o E d w a rd O . S u tto n . A n a tto r n e y represen tin g cre d ito rs o b je c te d t o th e
a ffirm a n co o f th e salo o n th o g ro u n d th at th e p rice w as in a d e q u a te an d
th o sto c k h o ld e r s ’ c o m m itte e a n n o u n ce d th a t an a p p lica tio n w o u ld p r o b
a b ly b e m a d e t o J u d g o M o r to n in th e U . S. D is trict C o u rt fo r a r e v o c a tio n
o f th e a d ju d ica tio n o f b a n k r u p tc y .— V . 9 8 , p . 1395, 1075.
1404
THE CHRONICLE
Laclede Gas Light Co.— Earnings.—
3 M o s . end. Gross
A'et (after D ep re c ia - Interest
P ref.
Balance,
M a r . 31— E arnings.
T a x es.)
tion .
P a id.
D iv s.
Surplus.
$ 59 1,24 9 $ 7 4 ,6 2 8 $ 2 7 1 ,0 6 2
$ 3 1 ,2 5 0 $21 4 ,3 1 0
191 4______ $ 1 ,2 2 9 ,8 0 9
1913______ 1,181,573
6 03 ,785
7 1 ,848
259 ,867 3 1 ,2 5 0
2 40 ,820
N e t earn in gs, it is sta te d , d ecrea sed o n a c c o u n t o f th e in crea sed c o s t o f
ra w m a teria ls , p rin c ip a lly gas o il, o v e r 1913. B e g in n in g this m o n th new
c o a l a n d gas p la n ts e ffe c t in g a r e d u c tio n in th e a m o u n t o f o il used w ill b e
in fu ll o p e r a tio n .— V . 9 8 , p . 765.
Lone Star Gas Co., Fort Worth, Tex.— Stock Dividend.
T h o sto c k h o ld e r s o n A p ril 14 1914 a u th o riz e d an in crea se o f th e c a p ita l
s to c k t o th e a m o u n t ot $ 1 ,0 0 0 ,0 0 0 . S ecre ta ry D . L . C o b b , in circu la r o f
A p ril 2 2 , sa ys In s u b sta n ce : T h is s to c k in crea se w ill b e o ffe re d t o s t o c k
h old ers of r e c o rd M a y 1 1914, a n d th e y w ill b e g iv e n a p referen ce
rig h t fo r 30 d a y s fro m M a y 1 1914 t o su b s crib e fo r said $ 1 ,0 0 0 ,0 0 0 s to c k
p r o ra ta . A t th e sam e m e e tin g a s to c k d iv id o n d t o th e a m o u n t o f $ 5 0 3 ,0 0 0 ,
th e s a m e t o co n s titu te 5 0 % o f said in cre a se , w as d u ly a u th o r iz e d , t o be d is
tr ib u te d t o sto ck h o ld e rs o f re co rd M a y 1 1914. T h e s to c k d iv id e n d
($ 5 0 0 ,0 0 0 ) is on e -s e v e n th o f th e p resen t ($ 3 ,5 0 0 ,0 0 0 ) c a p ita l s t o c k , an d
th e r e fo r e ea ch s to c k h o ld e r ’s share o f said d iv id e n d w ill b e o n c -s e v cn th o f
th e a m o u n t o f s to c k ap p e a rin g in h is n a m e o n th o b o o k s o n M a y 1 1914.
T h o d e c la r a tio n o f this s to c k d iv id e n d is, iio w e v e r , s u b je c t t o th e a p p ro v a l
b y th e S e cre ta ry o f S ta te o f T e x a s o f a ch a rte r a m e n d m e n t a u th o rizin g th e
said s t o c k in crea se o f $ 1 ,0 0 0 ,0 0 0 w ith th e $ 5 0 0 ,0 0 0 s to c k d iv id e n d a s a
p a rt th e re o f; a n d to b o legal th e e n tire $ 1 ,0 0 0 ,0 0 0 in c rc a s e m u s t b e su bscrib ed
f o r , b u t n o s to c k h o ld e r w ill b e re q u ire d t o su b s crib e fo r m o r e th an h is share
o f th e s t o c k d iv id e n d .— V . 9 7 , p . 526.
Magnolia Petroleum Co., Beaumont, T e x .— N ew Stock.
S h a reh olders o f r e c o rd A p ril 11 aro o ffe r e d , b y circu lar o f A p ril 15, the
o p tio n t o su b s crib e a t p ar w ith in 30 d a y s fro m A p ril 15 fo r 12.250 shares o f
now s t o c k in a m ou n ts equ a l t o 2 5 % o f their re sp e ctiv e h o ld in g s, p a y a b le
1 0 % J u ly 1 1914 an d the rem ain der w hen called b y th o b o a r d . S u b scrip
tion s m a y b e filed w ith C o u rte n a y M a r s h a ll. S e cre ta ry, B e a u m o n t. T e x .,
a n d W . G . P r o c t o r , T r e a s ., C o rs ica n a , T e x .
T h o sh areh olders a t a m e e tin g h e ld a t th o general o ffic e in G a lv e s to n
on A p ril 11 a d o p te d a resolu tion p r o v id in g in su bstan co th a t: “ W h erea s,
it is nece-ssarv an d e x p ed ie n t fo r th e c o m p a n y t o p r o v id e fo r ad d itio n a l c a p
ital an d cred it t o co n s tr u c t a re fin e ry near F o r t W o r th , T e x ., and t o p ro
v id e o th e r fa cilities fo r h a n d lin g an d carin g fo r th e o il p ro d u c e d in tho
H o a ld to n o il fie ld . O k la h o m a , a n d be in g o ffe re d t o th e c o m p a n y b y th e
M a g n o lia P ip e L in e C o . , an d gen erally t o m eet and re sp o n d t o th e business
d em a n d s o f the c o m p a n y , p resen t and fu tu re, and t o enlarge an d c a rry
on su ch business; n o w , th e re fo re , b e it re so lve d th a t th e au th o rize d ca p ita l
s to c k b e increased fro m $ 4 ,9 0 0 ,0 0 0 t o $ 9 ,8 0 0 ,0 0 0 , in shares o f $100 e a ch ,
a n d th a t 12.250 shares o f said increase, e qu a lin g $ 1 ,2 2 5 ,0 0 0 , b o n ow o ffe re d
t o th o s to c k h o ld e r s, an d th a t th o rem ain der b o reserved an d o ffe re d here
a fte r as th o trustees m a y d e te rm in e . See V . 98. p . 1320.
Mexican Northern Power Co.— Change in Plan.—
r' T h e plan fo r th o crea tio n o f $ 3 ,0 0 0 ,0 0 0 6 % prior lien b o n d s , w h ich w ill be
v o t e d on M a y 12, has b o o n m o d ifie d t o th e e x te n t th a t th e h o ld e rs o f the
existin g $ 1 0 ,0 0 0 ,0 0 0 1st M . 5 % b o n d s w ill b e ask ed n o t t o ca n ce l the lia
b ilit y io r in terest fo r a p eriod o f 2 X y e a rs , b u t m e re ly t o d e ie r th is interrst
A
u n til su ch tim e as th e c o m p a n y m a y b e in a po sitio n t o r e d e e m th e c o u p o n s .
See V . 9 8 , p. 1159.
Montana Power Co.— Bonds Called.—
A ll o f th e ou tsta n d in g Joint M . b o n d s Issued b y th e B illin g s & E a stern
M o n t a n a P ow er C o . , M a d is o n R iv e r P o w e r C o . and th o B u tt e F.lectric &
P o w e r C o . h a v e b een c a lle d lo r p a y m e n t a t 105 a n d in t. o n J u n e 1 a t C o lu m b la -K n ic k c r b o e k e r T r u s t C o .. N . Y — V . 9 8 , p. 1159, 1003.
Mt. Whitney Power & Electric Co.— Bonds.
B ly t h , W itt e r & C o . , M e r c h a n t s ’ E x ch a n g e B u ild in g , San F ra n cisco ,
h a v e , it is a n n o u n c e d , assu m e d th e u n d erw ritin g o f th e c o m p a n y ’s
b o n d s . - V . 98, p . 842 , 614.
National Cash Register Co., Dayton, O .-— Decision.—
T h e U . S. C ir c u it C o u rt o f A p p eals on M a y 5 a tiirm e d th o de cisio n o f
J u d g e S ater dism issing th e b ill o f c o m p la in t In th e su it aga in st Je ro m e T
G r a tig n y , w h ic h w as file d on Ju n o 15 1907, and w as the first ot a series o f
suits b r o u g h t in 1907 an d 1908 again st users o f th o cash registers m a n u
fa c tu re d b y th o H a ilw o o d C a sh R e g is te r ot C o lu m b u s , O .
P r a ctice liy
a ll o f th e suits a re , it is sa id , a ffe c te d b y th e d e cisio n .
It, is h eld th a t th e
in d ica tin g m ech an ism in th o H ailw ood register is n o t an in frin g e m e n t o f th o
E h rlich p a te n t, a n d th at th o cla im s alleged t o b e in frin ged w ero w ith o u t I
n o v e l t y , in view o f th e p rio r art .and e sp ecially th e L o n g a c ro p a te n t, w h ich
w as tak en o u t 9 years p rio r t o th e E h rlich p a te n t.— V . 96, p . 557.
National Cloak & Suit Co., New York.— Subscribed.—
Tho $5,000,000 7 % cum. prof, stock of this new company,
offered at 9 7 K by Lehman Bros., N . Y .; KleinWort, Sons &
C o., London, and Goldman, Sachs & C o ., N . Y ., has, it is
announced, been oversubscribed. Par $100. Dividends
Q .-M .; dividend N o. 1 payable Sept. 1 1914. Common
stock, .$12,000,000; par, $100.
D a t a fr o m L e t t e r b y P r e s t . S . G . R o s e n b a u m , N . Y , M a y 6 1914.
T o b o orga n ized (in N . Y . o r o th e r State) to ta k e o v e r th o m a il-o rd e r
business o f th o N a tio n a l C lo a k & S u it C o . , a t presen t sp e cia lizin g In
w o m e n ’s ap p a rel.
Business e stablish ed In 1888 in a sm all w a y ; v o lu m e o f
sales in 1909, $ 7 ,0 0 0 ,0 0 0 ; In 1912, $ 1 0 ,5 0 0 ,0 0 0 ; fo r 1913 o v e r $ 1 3 ,0 9 0 ,0 0 0 .
H a s a m ailin g list o f o v e r 4 ,0 0 0 ,0 0 0 n am es a n d a b o u t 1 ,2 0 0 ,0 0 0 a c t iv e a c
c o u n ts .
Present p rop rie to rs d e v e lo p e d tlie business a n d w ill a cq u iro th e
m a jo r it y c o m m o n s t o c k .
P rin cip a l pla n t o n 7th A v e . fro m 24th t o 25th
„ streets in N . Y . C it y , a ceessib lo t o th o P e n n . R I i . S ta tio n and t o new su b
w a y n o w u n d er c o n s tru ctio n .
T h e re w ill b o p aid in $ 2 ,5 0 0 ,0 0 0 ad d itio n a l ca sh , a b o u t $ 1 ,0 0 0 ,0 0 0 as
a d d ition a l ca p ita l an d $ 2 ,5 0 0 ,0 0 0 t o e n la rg o e xistin g p la n t fo r th o p u rp oso
o f cen tra lizin g th o business (n o w c o n d u c te d in d iffe r e n t lo ca lities) w ith a
v iew t o s u b sta n tia l e con o m ie s a n d an e xp an sion o f th o m a il-o rd e r business,
w 'hlch, w ith th o a id o f parcels p o s t, is bolteved t o lie c a p a b le o f in d e fin ite
d e v e lo p m e n t. T h e net ta n g ib le assets, in clu d in g th e ad d itio n a l w ork in g
ca p ita l o v e r an d a b o v e all o b lig a tio n s , w ill b e n o t less than $ 5 ,0 0 0 ,0 0 0 .
A fte r m a k in g va riou s a d ju s tm e n ts a n d g iv in g e ffe c t t o th o n e w w ork in g
c a p ita l, th o not p r o fits fo r th e p ast tw o y ears (a p p lica b le t o d iv id e n d s ) w ero
in 1912 a n d again in 1913 $ 1 ,3 0 0 ,0 0 0 (s u b je c t to a u d it).
Slock Rights. A c .— C e r tific a te o f in c o rp o ra tio n w ill p r o v id e in su bstan co:
(a) C o n s e n t o f 7 5 % o f each cla ss o f o u tsta n d in g s to c k g iv e n s e p a ra te ly
m u st b o o b ta in e d b e fo r e m a k in g a n y m o r tg a g e o r in crea sin g p re f. s to c k
o r issu in g p rior s t o c k .
(b ) All o r a n y Dart o f th e p r e f. m a y b o re
d eem ed a t a n y tim e o n 90 d a y s ’ n o tice a t 125 an d d iv s .
(c )O n o r b e fo r e
O ct. 15 in ea ch y e a r begin n in g in 1916 th e c o m p a n y sh a ll, o u t o f surplus
p r o fits , retire a t least 3 % o f th o largest a m o u n t o f p re f. s to c k a t a n y tim e
ou ts ta n d in g ,
(d) N o d iv id o n d o n tho c o m m o n s to c k u n til all arrears o f
this 3 % sin k in g fu n d h a v e been m a d e g o o d , n o r until a surplus o f $ 5 0 0 ,0 0 0
has been crea ted and m a in ta in e d , a n d n o su ch d iv id e n d In excess o f 4%,
per an n u m fo r a n y y e a r unless th e co m p a n y has a su rplu s o f $ 1 ,0 0 0 ,0 0 0 .
(o) T h e p r e f. s to c k t o h a v o n o share in e le ctio n o f d ir e cto r s o r a m e n d m e n t
o f b y -la w s u n less fou r q u a rte rly d iv id e n d s th ereon shall b o in d e fa u lt; in
w h ich ca se such v o tin g p o w e r shall ve st e x c lu s iv e ly in th o p re f. s to ck until
a ll d e fa u lts h a v o been m a d e g o o d .
[VOL. XCVTT)
t h o d a te o f th e ann ual m e e tin g t o th e W e d n e s d a y fo llo w in g th e th ird T u e s
d a y in F e b ru a r y .— V . 9 6 , p . 1699.
N ew
York Edison C o .— A dditional Stock— Earnings .—
S ee C o n s o lid a te d G as C o . o f N e w Y o r k a b o v o .
T h o N o w W ork C o u rt o f A p p e a ls on M a r c h 4 held th a t th o c o m p a n y m u st
m a k e s u ch ch an ges in its pla n t as w ill a b a te th e nu isan co resu ltin g fro m th e
v ib r a tio n an d n oise fro m its p o w e r h ou so on East 83rd S t. t o an a d jo in in g
ap a rtm e n t h o u se . T h o C o u rt sa y s th a t th e fa c t th a t th o d e fe n d a n t c o n
d u cts its business u n d er th o a u th o r ity o f th e S tate an d c it y " c o n fe r s n o
priv ile g e t o s o c a r r y it o n as t o in v a d e th o rights o f o th ers. T h o d e fe n d a n t
is still s u b je c t t o th o m a x im , as o ld as th o law itself, th a t it m a y n o t u s o it s
p r o p e r ty t o t h o in ju ry o f a n y legal rig h t o f a n o t h e r ." — V . 9 8 , p . 761.
New York Telephone Co.— New Directors.—
O tis I I . C u tle r , Pres, o f th o A m e r. B ra k e S h o o & F o u n d r y C o an d E d
w in P . M a y n a r d , P res, o f th o B r o o k ly n T r u s t C o . , h a v e boon e le cte d d i
r e cto rs t o su cce e d W illia m H . W o o lv e r t o n a n d T h e o d o r e F . M ille r deceased
— V . 98, p . 606 . 241.
Niagara Lockport & Ontario Power Co.— Booklet, &c.
T h e c o . has issu ed a b o o k le t h a n d s o m e ly illu strated regardin g p r o p e r ty .
Q u arterly d iv id e n d s o f 1 'A % h a v e been p a id o n th o first preferred s to c k
($ 2 ,7 0 0 ,0 0 0 ) sin ce S e p t. 1 1912, ca llin g fo r $ 1 6 2 ,0 0 0 per an n u m .— V . 98.
p . 1313.
Ohio Cities Gas Co .— Capitalization and Properties.— ■
See C o lu m b u s G a s & F u el C o . a b o v e .— V . 9 8 , p . 1396.
Ohio Fuel Supply Co.— Contract— Sale - • _
S ec C o lu m b u s G a s & F u el C o . a b o v o .— V . 9 8 , p . 241 , 76.
Old Colony Gas Co., Braintree, Mass.— Pref. Stock.—
T h o s to ck h o ld e rs re ce n tly v o t e d t o issue 1,000 shares o f new p re f. and
1,000__shares o f new c o m m o n s to c k t o b o o ffo re d t o sto ck h o ld e rs a t 100,
i______. 1
i ,„ ,i
11 i ■
1 0 f. ivr
t\J 07 „ 109111 $33 9 OOOtio n is p a y a b le Jun o 26, the first d iv id e n d o n tho new p r e f. s to c k bein g
d u o O c t . I . It requ ires 5 .0 9 rig h ts t o su b s crib e fo r o n o share o f n ow s to c k .
S u b je c t t o sale o r ch an ge in p r ice , E . M . F a rn sw o rth & C o ., B o s t o n , o ffe r
a lim ited a m o u n t o f th o p referred rig h ts a t $1 25, w h ich is e q u iv a le n t t o
s to c k a t 1 06 .36, y ie ld in g o v e r 4 .7 0 % , free o f tax.
P r o f, d iv id e n d s aro p a y a b le Q .-J . a n d th o p re f. shares d lv id o e q u a lly w ith
c o m m o n a fte r la tte r re c e iv e 5 % . also h a v e e qu a l v o t in g p o w e r w ith c o m m o n .
C o m p a n y ow n s a m odern h igh -p re ssu re pla n t on F o re R iv e r , E a s t B ra in tree,
s u p p ly in g gas th ro u gh 100 m iles o f m ain s t o B ra in tre o , W e y m o u t h , lli n g h a m , R o c k la n d , A b in g to n a n d W h itm a n . P o p u la tio n s erved a b o u t 5 0 ,0 0 0 .
Earnings— Y ears ending M a rch 31—
1913.
1914.
1915 (c s t.).
G ross earnings an d mi.se. in c o m o ___________ $5 0 ,8 2 7
$7 7 ,3 8 4
$ 1 0 3 ,9 0 0
T o t a l n e t ea rn in gs--------------------------------------- 2 0 ,0 5 0
2 9 ,016
3 9 ,9 0 0
14,369
14,900
In te re st ch a rge ---------------------------------------------- 6 ,5 3 5
P referred d iv id e n d requ ires_________________
2 ,3 0 0
-8 ,5 8 1
16,475
F ra n ch ise w ith o u t tim e lim it.— V. 98, p . 159.
Pennsylvania Steel Co.— M r. Donner a Director.—
W illia m H . D o n n e r , P re sid e n t o f the C a m b ria Steel C o ., has be e n elected
a d ir e cto r t o s u cceed th o late G e o rg o F . B aer. A t tho annual m e e tin g n e x t
w eek it is p ro p o s e d t o ch a n g e tho b y -la w s s o as t o p r o v id e fo r th o now o f fic e
o f C h airm an o f th o b o a r d , an d it is o x p o c te d th a t M r . D o n n e r w ill b e e lected
to tho o ffic e .— V. 9 8 . p . 1396, 1248.
Pennsylvania Water & Power C o .— Listed in Phila.—
T h o P h ila . S to c k E x ch a n g e has listed th o $ 8 ,4 9 5 ,0 0 0 ca p ita l s to c k an d
$ 9 ,1 3 0 ,0 0 0 5s. A s p a rt s e cu rity fo r the b o n d s there aro d s p o s ite d all th o
o u tsta n d in g b o n d s o f th e Susq u eh an n a T ran sm ission C o . o f M d . an d P a .,
a ggregatin g $ 1 ,3 1 7 ,0 0 0 an d $ 1 8 3 ,0 0 0 , r e s p e c tiv s ly .— V . 9 8 , p . 520, 527 ,
1160.
People’s Water Co., Oakland, Cal.— Notes.—
T h o c o m p a n y has ap p lied to tho C a l. R R . C o m m issio n fo r a u t h o r it y t o
issue from tim e to tim e $ 3 ,3 2 9 ,8 8 4 n otes secured b y p lo d g o o f general m tg o .
6s t o refu nd o b lig a tio n s an d fo r tho roitnbursom en t o f m o n o y s ex p e n d ed
fr o m in co m e . T h o C o m m issio n states th a t tho c o m p a n y re p o rte d its to ta l
d e b t as o f D e c . 3 1 1913 at $ 1 5 ,6 8 9 ,9 7 7 , in clu d in g n o te s p a y a b le , $ 2 ,7 1 6 ,1 4 7 .
secured b y $ 6 ,4 8 0 ,0 0 0 b o n d s . C o m p a ro V . 9 8 , p . 917 , 1320.
Phelps, Dodge & Co.— Copper Production.— The produc
tion of copper by tho Copper Queen, Detroit and Moctezuma
mines, owned by Phelps, Dodge & C o ., for the four months
ending Apr. 30 1914, was 46,968,251 lbs., as compared with
45,236,457 lbs. in 1913, as follows:
Pounds—
1914.
1913.
j Pounds—
1914.
1913.
J a n u a r y ______ 12 .7 1 5 .0 8 4 1 1 ,5 1 0 ,7 1 1 ! M a r c h ,.
1 1 ,979,348 11,517,338
F e b r u a r y _____ 10,905,527 1 0 ,5 1 9 ,0 5 1 1A p r il__________ 11,368,292 11,689,357
T o t a l (p o u n d s) fo r fo u r m o n t h s -------------------------------4 6 ,9 6 8 ,2 5 1 4 5 ,2 3 6 ,4 5 7
C u s to m ores business a d d e d a fu rth e r am o u n t fo r th e fo u r m o n th s o f
2 ,3 8 9 ,7 4 3 lbs. in 1914, aga in st 3 ,3 1 3 ,2 3 3 lbs. in 1913.— V . 93, p . 1075, 1067.
Randolph-Macon Coal Co.— Full O pin ion .—
T h e o p in io n o f J u d g e M a y o r o f th o U . 8 . D istrict C o u rt in th is c it y ,
w h ich w as ren dered o n A p ril 16 in th o suit against p rom oters and d ire ctors
o f th e c o m p a n y , w as given at len gth in th o " N o w Y o r k L a w J o u rn a l” o f
A p ril 28. C o m p a re V . 9 8 , p . 1248.
Richelieu & Ontario Nav. Co., Ltd .— Exchange o f Slock.
S e creta ry F . P e r c y Sm ith in c ir c u la r o f M a y 1 says in su bstan ce: A s re
p o r te d last F e b ru a ry, tlie c o n s id e ra tio n ag re e d u p o n fo r ou r assets, & c ., has
b e e n r e c e iv e d b y y o u r c o m p a n y an d w ill o n Ju n e 1 be e x ch a n g e d fo r its
s t o c k , be in g in th e p ro p o rtio n o f 6 p re f. shares an d 2 o rd in a ry shares in th e
capita 1 s to c k o f <lan ada S team sh ip L in e s . 1 t d ., tor e a ch 5 shares ot o u r c a p
ita l s to c k . Shareh olders aro re q u e ste d t o sen d their s to c k ce r tific a te s
(a d ju ste d to a v o id fra ction al shares u p on oxch an g o) t o P ru d e n tia l T r u s t
C o . , L t d ., 9 S t. John S t., M o n tr e a l, b e tw e e n M a y 20 an d Ju n e l , using
the form furnish ed. T h e d ir e cto r s o f R ich e lie u & O u t. N . C o . , L td . h a v o
d e cla re d th e regu lar q u a rte r 'y d iv id e n d o f 2 % . p a y a b le Jun e 1 t o share
h old ers o f re c o rd M a y 20, an d th o sh a reh old ers, in o rd e r to o b ta in th e sam e
sh ou ld n o t send In th e ir s to c k ce r tific a te s fo r exch a n g e b e fo r e M a y 20.
A p p lic a tio n has b e e n m a d e t o th o M o n tr e a l an d 1 o r o n to S to ck E xch an ges
t o list shpres o f C a n a d a S team sh ip L in e s, L t d . , a n d io r tho w ith draw al o f
tiro listin g o f R ic h e lie u & O n ta rio N a v . C o ., L td . See also C anada SS .
L in es a b o v e .— V . 97, p . 1290.
D a t a fr o m P r o s p e c t u s o f F e b . 191-1 O f f e r i n g £1,300,000 C o s o l id a t e d
F ir s t /M o rtg a g e D e b e n t u r e S t o c k .
O rganization.— F o rm e d to a c q u ir e a n d o p e r a te as a sin gle u n d erta k in g
(1) th e p r o p e r ty o f R ich e lie u & O n ta rio N a v ig a tio n < o . f L t d ., w h ich h old s
th e w h o le o f th o shares o f th o In la n d L in os, L td .; N orth ern N a v ig a tio n
C o ., L t d .; N ia g a ra N a v ig a tio n C o ., L td .; St. L a w ren ce R iv e r S te a m b oa t
C o ., L t d .; R ich e lie u A' O n ta rio N a v ig a tio n C o . o f U. S. A .; T h o u s a n d Isl
an d s S te a m b o a t C o ., L t d ., an d ste a m sh ip s Jatiues an d in c k e r d ik e o f fo rm er
M e r c h a n ts ’ M o n tr e a l L in o .
(2 ) O n ta rio & Q u e b e c N a v ig a tio n C o ., L t d .
(3) SS. H a d d in g to n .
(4) N o t less than 8 0 % o f th e shares o f th o C a n ad a
In te rla k e L in e , L t d ., and the Q u e b e c S team sh ip ( o . , L t d . T h o a b o v e
c o m p a n ie s to g e th e r o p e r a te m o r e than 100 steam ers an d c o n tr o l th e b u lk
National Sugar Mfg. Co.— Bonds Called .—
ot th e passenger a n d fre ig h t tra n s p o rta tio n betw e e n ( anadian p o rts o n th e
T w e n t y -tw o 1st M . b o n d s , tor p a y m e n t a t 105 a n d Int. o n Ju n o 1 a t G re a t T ak e s an d M o n tr e a l a n d Q u e b e c o n th e St. I a w rcn co R iv e r , w h ilst
th o Q u e b e c SS. C o ., L t d ., runs lin es fro m Q u e b e c to p o rts on th e low er St.
B u ffa lo T r u s t C o ., B u ffa lo .— V . 9 7 , p . 668.
L a w re n ce a n d t o N . Y .. an d fro m N e w Y o r k to B erm u da s a n d W e s t In d ies.
Nevada Consolidated Copper Co.— For M arch quarter:
A p p ra ise d presen t p h y sica l v a lu e o f th e fo re g o in g con cern s:
R eal e sta te,
1914.
1913.
1914.
1913.
bu ild in g s a n d d o c k p ro p e rtie s, 8 5 ,4 5 0 ,2 0 8 ; steam sh ip s a n d o th e r vessels,
$ 9 ,9 0 0 _________
G ross p r o . ,lbs. 15.597,592 14,523,565 D e p r e c ., & c --------8 1 6 ,8 6 0 ,8 3 4 ; SS. N o r o n ic , now u n d er co n stru ctio n fo r N o rth e rn N a v ig a tio n
N e t fro m m in es,
D e p r e c. o f S te p to e 143,559 $13 1,72 9
C o ., 8 55 0,00 0; t o ta l, 8 2 2 ,8 0 7 ,1 0 2 , o r , vie w e d as a m o rtg a g e se c u r ity , s a y ,
119,520
$77 8,92 8 O re extin gu ish ’ t.... 7 5 ,2 3 0
► & c ......... ......... $801,441
$ 1 9 ,8 0 0 ,4 0 6 ; a d d m e rch a n d ise , in v e s tm e n ts , stores an d su p p lies, n o te s re
D iv s . p a id
$ 74 9,79 6
$74 9,79 6 B a la n ce , d e f i c i t . .$ 1 7 7 ,0 4 4 $22 2,11 8
c e iv a b le , cash a n d o th e r liqu id assets o f th o va rio u s co m p a n ie s a s o f D e c . 31
T h o ea n iin g s fo r the q u a rter are co m p u te d o n th e basis o f 14.431 ce n ts
1912, $1,4 3 5 ,2 5 4 ; t o t a l, $ 2 1 ,2 3 5 ,0 6 0 . o r o v e r 246 tim e s th o to ta l a m o u n t o f
p er lb . fo r c o p p e r .— V . 9 8 , p . 1248.
d e b e n tu re s to c k a t present t o bo issu ed, a fte r in clu d in g an am o u n t o f
$ 1 ,8 5 8 ,5 4 5 reserved t o retire u n d e rly in g b o n d s rem ain in g o u tsta n d in g
New England Telephone & Telegraph Co.— Earnings. on a p o r tio n o f th o p r o p e rtie s a c q u ir e d , an d t o p r o v id e fo r p a y m e n t o f th o
Cal.
G ross
Total E x p .,
A'et
Interest D ividends Balance,
c o m p le tio n ot th e SS. N o r o n ic .
v ...
Y ea r. E a rn ings.
Taxes, A c .
E arn ings. Paid.
(7 % ).
Surplus.
T h o p ro ce e d s o f th o issuo o f d e b e n tu re s to c k (£ 1 ,3 0 0 ,0 0 0 ) w ill p r o v id e
1 9 1 3 .. $ 1 7 ,6 7 2 ,9 4 5 $ 1 3 ,8 8 7 ,7 8 3 *3 ,7 8 5 .1 6 2 $61 6 ,6 7 4 $ 3 ,0 1 5 ,9 7 8 $15 2,51 0 w o rk in g ca p ita l o f o v e r $ 8 0 0 ,0 0 0 , in a d d itio n t o w h ich there re m a in s
1 9 1 2 .. 16.324.305
12.855.609 3 .4 6 8 .6 9 6 345.581 2 .8 1 0 .8 5 9 312 .256
unissued a ba la n ce o f o v e r $ 8 0 0 ,0 0 0 d e b e n tu re s to c k ( o f th e to ta l a u th .
H e n r y W . K e y e s o f N o r t h H a v e r h ill, N . H ., has been e le cte d a d ire cto r issue o f $ 9 ,0 0 0 ,0 0 0 ) a v a ila b le fo r ad d itio n a l w ork in g ca p ita l an d fo r ge n era l
to .s u cceed „W illia m H . E llio tt o f K e e n e . T h e sto c k h o ld e r s v o te d t o ch an ge pu rposes.
May 9 1914.J
THE CHRONICLE
E a rn in g s lo r c a i. yea rs as d e te rm in e d b y th e ch a rte re d a cco u n ta n ts :
1010, *8 6 1 .5 4 5 ; 1011, $ 1 ,1 2 8 ,9 2 0 ; 1012, 8 1 .4 9 4 ,5 5 4 .
ft w as n o t then p o s
s ib le t o o b ta in full rep orts fo r th e y e a r 1913, b u t M a r w ic k , M itc h e ll, B ea t
& C o . F e b . 2 1014 sta te th a t th e n e t e arn in gs D e c . 15 1913, a r r iv e d a t on
th e a b o v e basis, w ou ld o x e ce d 81,(300,000, thoso fig u re s in clu d in g th e earn
ings o f th e Q u eb ec S 3. C o . , L t d ., t o D e c . 31 1913. S ee also V . 9 8 , p . 520,
612.
Rogers-B row n Iron C o.— Bonds Called.—
T h ir t y 1st & r e f. 5 % seria l g o ld b o n d s fo r p a y m e n t a t 102 Jri an d in t.
on J u ly 1 a t B a n k ers T r u s t C o . , N . Y . — V . 98, p . 1396.
San Joaqu in & King3 Riv. C anal & Irrig. C o.— Decision.
T h e C a l. S u p rem o C o u r t on A p ril 27 su stain ed th e rig h t o f C a lifo rn ia
irrigation com p a n ies to ch arge rates on a va lu a tio n o f p ro p e rty w h ich in clu d es
the value o f the w a ter rig h ts.
V n u m ber o f irrigation c o m p a n ie s in C a li
forn ia m ain tain ed th eir rig h t t o assess ch arges on this th e o r y , th e users o f
th e w ater resisting th e ch a rge . T h e m a tte r has o c c u p ie d th e a tte n tio n o f
th e C a l. S ta to c o u r ts fo r sovoral ye a rs a n d has also been b e fo r e th e I'cd erp l
c o u r ts , th e latter h o ld in g o p p o s ite v ie w s to th e S tate co u rts , w h ich u p h e ld
th e co n te n tio n o f th e co m p a n ie s , w hile the Federal co u rts d e c id e d again st
th em .
Soars, R oeb u ck & C o.— Sales.—
1914—
A n r .— 1013.
$ 8 ,0 1 2 ,0 7 0 $ 8 ,2 1 0 ,5 8 9
— V. 0 8 , p . 1070, 707.
In crea se.
$401,481
4 m o s .— 1013. Increase.
1914.—
831 ,2 5 0 ,0 0 2 $31 ,80S ,97 5 $ 2 ,3 5 7 ,0 2 7
/A
/-v/-v *
iWU,UQU.
. \ r
i
n
. • ...
r
n o . JUO. • • .
.
*
' I
1 1. . . .
1 1(11.1
.................... ‘
Seo U n ite d C ig a r Stores C o . o f A m e r ic a a b o v e .
o n 11n Kir* c in a n r l n
U n ited States Metal Products C o.— Suit.—
------
Springfield (O .) Gas C o.— Change in Conlrol.See C o lu m b u s G a s & F u el C o . a b o v e .
Stern
Broihors
V . 8 4 , p . 1372.
(D epartm ent
Store),
New
ce r tific a te s issu ed b y U n ite d C ig a r Stores C o ., in all cases s u b je c t
t o s u ch lim ita tio n s as m a y be im p o s e d b y laiv.
U nited P ro fit-S h a rin g
C o r p o r a tio n e x p e c ts t o e n g a g e in th e business o f issu in g a n d redeem in g
o f c o u p o n s , ce r tific a te s an d o th e r a d v e r tis in g d e v ice s a n d t o p la c e them in
th o h a n d s o f m an u factu rers an d m e rch a n ts g e n e ra lly , w h o w ill Lssuo and
d e liv e r th e m t o th eir cu sto m e rs, an d th e re b y secu re t o su ch m a n u factu rers
an d m erch an ts t h e b e n e fit o f an esta b lish e d a d v e rtis in g sy ste m w h ich has
been o n o o f th e c o n trib u t ing causes t o th o su ccess o f U n ited C ig a r S tores C o .
I t w ill aim t o p la ce in th o han ds o f th e p u rch a sin g p u b lic w ell-estab lish ed
m erch a n d ise o f high grade an d q u a lity in r e d e m p tio n o f s u ch c o u p o n s an d
ce rtifica te s . A il o f th oso w h o w ill op e ra to an d c o n d u c t th o co r p o r a tio n
h a v o haol lo n g experien ce in th e p r o fit-s h a r in g d e p a rtm e n t o f U n ited C o ,
U n ited P r o fit-S h a rin g C o r p o r a tio n lias an au th o riz e d ca p ita l s to c k o f
8 3 5 0 ,0 0 0 , d iv id e d in to shares o f th o p a r v a lu e o f 81 e a c h , all o f o n e cla ss.
I t has been de e m e d advlsa b lo th a t it sh o u ld h a v e a cash c a p ita l slig h tly in
excess o f 8 3 0 0 ,0 0 0 . T h e s to c k w ill bo Issued fo r cash o n ly a t n o t less than
par.
R e sp o n sib le p arties h a v o a lre a d y un d erw ritten 3 1 6 ,8 9 0 shares o f
this s to c k a t p a r , w ith o u t com m ission o r p re m iu m , s u b je c t t o th e rig h t
o f ea ch s to c k h o ld e r o f record o f th e U nited C ig a r S tores C o . o f A m erica
to su b scrib e a t p a r fo r a n um ber o f th e shares equa l to th o to ta l n u m ber o
shares, b o t h co m m o n and p r e f., sta n d in g in his n am o u p on th o b o o k s o f
th e U n ite d C iga r Stores C o . o f A m e rica o n A p ril 20 1914, at 3 p . m .
IT h o n e w c o . is e x p e c te d t o be g in business b y Ju n e 1, a n d i f it d e v e lo p s
as r a p id ly as e x p e c te d , a co n s id e ra b le in crea se in c a p ita liz a tio n is th o u g h t
p r o b a b le in th e n o t dista n t fu tu re . C . E . B a rk er w ill b e V .-P r e s .j
— V . 9 8 , p . 1315, 165.
U n ited P rofit-Sh arin g C orporation , New Y o rk .—
Sharon (Pa.) W a ter W orks C o.— New Bonds.—
I
1465
Y o rk .—
A r th u r D . B rau dels, P residen t o f B ran d eis & C o . o f O m a h a , N o b ., has
a cq u ire d a large Interest in th e c o m m o n s to c k an d has been clo cte d V ice
P resid en t. M r . Brandeis has taken up his d u ties as o n o o f th e m an agin g
d irectors o f tho c o m p a n y .— V . 98, p . 457.
T a y lo r-W h a rto n Iron & Steel C o.— Stock— Status.— As
stated lost week, <1500,000 now common stock and $300,000
new pref. stock havo been over-subscribed, making tho total
amounts out $1,350,000 and $1,900,000, respectively.
E x tr a c t s fr o m L e t t e r o f P r e s . K n o x T a v lo r , H ig h B r id g e , N . J ., A p r . 13,
T h is is p a r t o f an issue o f secu rities w h ich h a v e been a lre a d y u n d erw ritten
t o fin a n ce th o erection o f a th o r o u g h ly m odern p la n t a t E a s to n , Pa. (a b o u t
20 m iles fro m H igh B rid ge , N . J ., w hero th e m ain steel p la n t is lo ca te d ),
an d for exten sion s and im p ro v e m e n ts at I lig h B ridge. T h e se e x p en d itu res
w ill tota l betw een 8 1 .8 0 0 ,0 0 0 an d $ 2 ,0 0 0 ,0 0 0 , w h ich w ill ho m ot o u t o f
earnings, th rou gh the p resen t fin a n cin g a n d b y tho sale o f p r o p o r ty w h ich tho
new p la n t w ill replaco.
O ur principal business is th o m a n u fa ctu re o f a llo y steel and iron castin gs
and forg in gs o f an e sp ecia lly h igh -gra d o n atu re, n o ta b ly m angan ese steel
fo r uso in railw ay track w rk an d in safes an d v a u lts , an d ce rta in p arts o f
h e a v y -d u ty m a ch in ery s u b je c te d to h ard a b rasive service.
P rop erties.— T h e se n ow co n sist o f th o full ow n ersh ip o f th o fo llo w in g :
M a in w ork s, H igh B rid ge, N . J .; (fo rm e rly T a y lo r Iron & Steel C o .;
H u n terdon E lectric ft P ow er C o .. H igh B rid g e , N . J .; M an gan ese Steel
Safe C o ., P la in fie ld , N . .1.; P h iladelph ia B oll ft M a c h in e C o ., P h ilad elp h ia;
W m . W h a rton J r. ft C o .. I n c .. P h iladelph ia an d J e n k in to w n . Pa.; T io g a
Steel ft iro n C o . . P h ila d elp h ia . O u tsta n d in g b o n d s: T a y lo r -W h a r to n
Iron & Steel C o . 1st M ., 8 1 .2 5 0 ,0 0 0 ; Phila. R oll & M a c h . C o . [1st 5s o f
1912. d u e S e p t a l 1932, h u t ca lla b lo a t 105, 8 2 4 0 ,0 0 0 .
K arn in gs.— E or c a l. year 1913. a fter d e d u ctin g ad expenses, in cl. ad m in
istrative a n d overh ea d ch a rge s, b u t b e fo re ch a rgin g m ain ten an ce an d d e
p r e cia tio n . w ere 8 0 8 8 ,3 9 0 . D e d u c t m a in te n a n ce and repairs. 8 1 5 9 ,8 0 9 ,
an d d e p re cia tio n , 8 96 .333 : b a la n c e , 8 4 3 2 ,1 9 4 . F ro m this a m o u n t 873 ,1 6 5
w as also d e d u cte d for special disbu rsem en ts an d m ark in g d o w n in v e n to r y
b elow c o s t p rico to o ffs e t fall In m arket p rico o f raw m aterial.
D ividend R ecord.— S ince in corp ora tion o f T a y lo r Tron ft Steel C o . in
1891, the 7 % p r o f, d iv id e n d s h a vo been p a id .
D u rin g tho last ton years
v a ry in g d iv id om ls on th o co m m o n s to c k , as high as 1 0 % , h a v o been p a id ,
an d a 5 0 % s t o c k distribu tion w as m a d e t o the c o m m o n s to c k h o ld e r s. T h o
ast tw o sem i-an n u al divid en d s w ere 4 % , m ak in g 8 % fo r th e 12 m o n th s.
T h o ba la n ce sh eet show s th a t, exclu sive o f th o va rio u s large reserve and
sp ocial d ep recia tion a c c o u n ts , th e b o o k valu e o f th o co m m o n s t o c k o n D e c .
31 1013 w as o v e r 8200 p er share in ta n g ib le assets, th a t is, w ith tio va lu o
fo r p rocesses, p aten ts o r g o o d -w ill. See fu rth er d a ta . V . 0 5 , p . 893 , 891:
V . 98, p . 835 . 1390.
A su it w as b e g u n b y the c o m p a n y o n M a r s h 25 in th o U . S. D is tr ic t
C o u rt in this c it y a g a in st J o h n W . R a p p , fo rm e r I‘resid en t and o th e r fo rm e r
o ffic e r s an d d ir e cto r s fo r an a c c o u n tin g an d th o retu rn s o f illegal p r o fits
a lle g e d to h a v e bcp n m a d o b y th em an d fo r losses sustained b y th e c o m
p a n y th ro u gh the o v e r v a lu a tio n o f th o assets o f tile J o h n \V. R a p p C o .
a n d J. F. B lan ch a rd G o ., w h ich w ere tak en o v e r b y th o c o m p a n y a t its
o rg a n iz a tio n , th e d e cla ra tio n o f d iv id e n d s d u rin g th o th n o the p r o p e r ty
w as o p e ra te d a t a loss, <&c. A n a c tio n w as also b r o u g h t a t the sam e tim e
in th o S u p erior C o u r t , S u ffo lk C o u n t y , M a s s ., a g ain st Ph ilip M . T u ck e r
an d o th ers t o p r e v e n t the sale o r d is p o s itio n o f ce r ta in se cu rities an d assets
hold b y him w hich m ig h t b e re q u ire d to p a y d am ages a ga in st liim i f fo u n d
t o b o d u e .— V . 97, p . 1668.
U nited States Telephone C o.— Earnings.—
Calendar
Gross
A c t (after B o n d ,A c.,
P referred
Balance.
Year— ■
In co m e.
T a xes).
Interest.
D ividend.
S u r .o r D c f.
det.350,861
1 9 1 3 ___________ 3 4 6 1,76 0 $10 1 ,1 2 7 $ 1 1 9,13 8 (3 % )$ 3 2 ,S 5 0
1912____________ 5 03 ,575
189,746 113 ,030
(6 0 6 5 ,7 0 0
su r8 ,0 1 6
O p e ra tin g expen ses in clu d e $ 9 6 ,3 7 3 in restorin g p h y sica l p r o p e r ty d e
s tr o y e d b y ex ce p tio n a l storm s an d H oods. A c o n s id e ra b le a m o u n t dt o p
eratin g re v e n u e was lost b y In terru p tion s ca u se d b y th e d e s tru ctio n o f lines
b y sto rm s an d flo o d s .— V . 97, P- 1290.
U ta h Copper C o.— Earns.— For 3 mos. end. M ar. 31:
1914.
1913.
1014.
1913.
G ro ss p r o d .Ib s 3 2 ,8 4 6 ,1 5 5 23,8 8 4 ,4 6 7 T o t a l net p r o f .$ 1 ,9 6 5 ,0 7 4 $ 1 ,5 3 5 ,3 6 2
N e t p r o fit s ___$ 1 ,5 5 3 ,8 9 9 3 1 ,1 1 0 ,3 1 6 D iv s . p a id ___ 1,1 8 9 ,4 4 0
1,186,627
R e n ts , f t c ____
3 5 ,988
4 9 ,8 2 9
N e v .C o n s .d iv s
3 75 ,187
3 7 5 .1 8 7
N e ts u rp lu s . $77 5 ,6 3 4
8 3 4 8 ,7 3 5
T h e a b o v e earn in gs are c o m p u te d u p on the basis o f 1 4.403c. fo r c o p p e r In
1911 a n d 1 5.069c. in 1913.— V . 9S, p. 1321.
V u lca n D etin n in g C o .— New Officer.—
T h e h oard h a v in g been in cre a se d fro m 7 t o 8 , F ritz B rose, rep resen tin g
tho J o h n M u ir ft C o . Interests, lias been e le cte d a d ir e cto r . O sw ald L a m a son has boon m a d e S e cre ta ry t o s u cce e d F ran k E . S p ie r.— V . 9 8 , p . 1396,697.
W estch ester L igh tin g C o .— Earnings.—
Calendar
Gross
N et
Other
Total
Balance,
Y ea r.
E a rn in gs.
E arn ings.
In co m e.
Charges.
D eficit.
$ 8 2 3 ,1 6 6
$51 ,314
$ 1 ,0 6 3 ,2 1 8
$18 8,73 8
1913 ___$ 2 ,9 7 4 ,4 0 5
101 2 ......... 2 .8 5 5 .2 4 9
8 9 1 ,1 5 9
4 8 .0 0 2
9 77 ,589
38,4 2 7
O f th o gross earnings In 1913. $ 1 ,1 4 5 ,7 3 7 w ere d e r iv e d fro m electric
o p e ra tio n s an d $ 1 ,8 2 8 ,6 6 3 fro m gas o p e ra tio n s, a gain st $ 1 ,0 7 3 ,2 0 8 and
$ 1 ,7 8 2 ,0 4 1 , re s p e ctiv e ly , in 1912-— V . 9 8 , p . 309 .
(F. W .) W oolw orth C o.— Preferred Stock Canceled.—
T h e d ire cto rs h a v e can celed 8 1 ,0 0 0 ,0 0 0 p re f. s to c k , w h ic h w as pu rch ased
in th o o p e n m a rk e t, re d u cin g th e o u ts ta n d in g a m o u n t from 8 1 5 ,0 0 0 ,0 0 0
to 8 1 4 .0 0 0 ,0 0 0 .
Sales for Four M on th s ending A p r il 30.
1914 A p r il.
1913.
In crea se.
I
1914.
4 M o s . 1913.
In crea se.
8 6 ,0 1 2 ,9 5 7
34 998 .887 8 1 ,0 1 4 ,0 7 0 ]$ 1 9 .6 1 1 .5 0 2 8 1 7 ,9 3 1 ,5 3 7 SI 680,025_________
______________________________ _
— V . 98. p . 8 4 3 .4 5 7 .____________
— Judging from all accounts, the now offices now occupied
by tho investment banking firm of II. P. Taylor & C o.,
Pittsburgh, on the ground floor of the Benedum-Trees Bldg,
(formerly the Machosney B ldg.), at 223 Fourth A v e., aro
among the finest in the city. The new quarters have been
finished in exquisite taste and will meet every requirement
of tho rapidly growing business of this enterprising bond
liouso. The firm started in modest quarters in the Columbia
Bank Bldg, eleven years ago, and every year has been com
pelled to onlargo its quarters, until thoy practically occupied
the ontire fourth floor. Besides dealing in high-grade bonds
(John R .) T h om p son C o., C h ica g o.— Incorporated.—
of every elasvs, the firm finances various industrial and other
T h is c o m p a n y w as in co rp o ra te d iti W . Vo., o n A p ril 13 w ith 8 0 ,0 0 0 ,0 0 0
enterprises and has recently added a new department under
c a p . S tock, a u tn . an d Issued, par 8100 (8 2 ,0 0 0 ,0 0 0 be in g 7 % cu m . n o n
v o tin g p r e f .) , an d to o k o v e r from J o h n It. T h o m p s o n his co m m issa ry
tho management of Charles O. Collect, E .E ., formerly of the
b u ild in g at 350 N o. C la rk S t., C h ic a g o , an d his 67 restaurants, v i z ., 39
in C h ic a g o , 0 in N . V ., 4 in S t. L o u is , 2 e a ch in P e o ria , In d ia n a p o lis , P itts •Westinghouse company, for the construction of electric rail
burgh arid S p rin g field , an d o n o e a ch in I’ h ila ., C in c in n a ti, C le v e la n d , K a n
roads atid other public utilities. The firm has branch
sas C it y , M in n e a p o lis , A u ro ra , Q u in cy , D e ca tu r, M e m p h is a n d A tla n ta .
offices in New York and Buffalo.
S om e 30 now restau ran ts are p ro p o s e d in M o n tr e a l, T o r o n t o , O tta w a ,
W in n ip e g , & c. M r . T h o m p so n ow n s o v e r 5 0 % ot th o p r o i. an d 8 0 % o f th o
— Robert Goodbody & C o ., members New York Stock
c o m m o n . T h e p rof, is ca lla b le in a n d a fte r 1917 a t 1 2 5 % ; sin kin g fund
Exchange, at 80 Broadway, announce that after M a y 15
$ 5 0 ,0 0 0 y e a r ly .
P res., J oh n It. T h o m p so n : S e e ., H e n ry M . I fe n r ik s e n
T r e a s .. C h a s. A . M c C u llo c h . O ffic e , 350 N o r t h C la r k S t ., C h ic a g o .
they will change the firm namo to Goodbody & C o.; on June 1
Frederick K . Trask and T . Towar Bates will enter the firm
Toron to Power C o .— Offer of Exchange.—
Seo E lectrica l D e v e lo p m e n t C o . a lio v o an d o ffe rin g in V . 98 p . 1005.
as general partners, the firm of Graham, Vaughan & C o., in
which they aro now general partners, terminating M a y 31,
U n ion Oil C o., Los Angeles — Stock.—
T h o shareholders h a v o d u ly a p p ro v e d tho salo o f 8 1 5 ,0 0 0 ,0 0 0 tre a s u ry
and its business being consolidated with Robert Goodbody
s to c k at 85 to the B ritish s y n d ica te . W . I.. Stew art w as m a d e P r e s id e n t,
& Co. After June I 1914 the members of the firm will be
su cceed in g his fa th er, L y m a n S tow art, w h o b e ca m e C h a irm a n o f b o a r d .
W illia m it. S taats resign ed as 2d v ic o -P r o s ., b u t rem ain s a d ir e cto r .
Marcus Goodbody, member New York Stock Exchange;
A le x a n d e r S clater w as e le cte d 1st V ic c -P r cs . and su cce e d e d I to b e r t W a tch Frederick K . Trask, T . Towar Bates, John L. Goodbody
o n ! as d ir e cto r , w h ile E . W . C la r k , m a n a g e r o f tra n sp o rta tio n fo r the
c o m p a n y , w as e lected a d ir e cto r to su cce e d F ran k G a r b u tt, an d w as also
and M . J. Goodbody, special.
m a d e 2d V ice -P ro s . Seo G en eral P e lr o le u m C o . a b o v e .— V . 98, p . 1396,
On June 1 Marion Eppley, general partner in the firm of
1321.
U n ited Cigar Stores Co. of Am erica.— Right to Subscribe Robert Goodbody & C o ., will withdraw to enter into scien
for $316,890 Stock of United Profit-Sharing Corporation.— tific work at Princeton University.
— Frederick E . Warner and John F. Fitzharris of Phila
Tho option accorded to all shareholders of record April 20
of tho United Cigar Stores Co. of America (total outstand delphia announce the formation of a co-partnership under
ing stock $31,689,000, par $100) to subscribe, share for share, the firm name of Warner & Fitzharris, to succeed the oldfor $316,890 stock (par $1) of tho United Profit-Sharing established investment house of Ileyl & Co. The new firm
Corporation will expire at 3 p. m. M ay 11. John F . Whelan, with offices at 421 Chestnut St., Philadelphia, and in the
Pres, of tho last-named company, in circular dated at Now Union Bank B ldg., Pittsburgh, will specialize in high-grade
securities. M r. Warner is well-known in Philadelphia and
York, April 7, said in substance:
throughout Pennsylvania, having been in the bond business
U n ited C ig a r S tores C o . has d eem ed it a d v isa b le to se p a ra te th e p r o fit
sharing d ep a rtm en t o f its bu siness, p a rtly b y issuing an d redeem in g in
for the past 15 years, while M r. Fitzharris was connected
s o m e p laces its ow n co u p o n s and c e r tific a te s , b u t in greater p a rt b y d e
with tho old firm of Ileyl & Co. for a period of 18 years.
liverin g to its cu stom ers c o u p o n s and ce rtifica te s issued b y a n o w c o r p o r a
tio n , w h ich lias ju s t boon organ ized in D o law aro. T h is now C o r p o r a tio n ,
— Scasongood & Haas have moved from 100 Broadwayr
th e U nited P rofit-S h a rin g C o r p o r a tio n , will redeem th o co u p o n s a n d ce r tifi
this city, to larger offices on the fourth floor of 7 Wall St.
ca te s w liich ^ a ro^ s oiis s u e d , a n d w ill also o ffe r to redeem c o u p o n s and
Tem ple Iron C o.— Sale of Properties.—
T h o d ir e cto r s on M a y 1 a n n o u n ce d th a t S. B r in c k e r h o ff T h o rn o o f T h o rn e
N e a lo ft C o . , a n d fo rm e r ly G en eral M a n a g e r o f th o T e m p le Ir o n C o . , th o
h igh est o f 0 b id d ers , had p u rch a se d th o s to c k in 8 c o a l co m p a n ie s o w n e d
b y th o c o m p a n y . T h e p ro ce e d s o f th o salo w ill b o d istrib u te d a m o n g th e
sto c k h o ld e r s, th o a n th ra cite carriers.
E. T . S to te s b u ry o f D re x cl & C o . an d
J . P . M o r g a n ft C o . , lias be e n elected P resident p r o tom t o su cce e d th o la to
G e o rg e F . B a e r, an d R o b e r t W . d o F o re st takes M r . B a e r's p la co as a d i
r e c to r .
B ro w n B ros, ft C o . , a r c , it is u n d e r s t o o d , a ctin g as ba n k e rs in th e m a tte r.
W h a t form o f fin a n c in g w ill ho a d o p te d lias n o t y e t b e e n d e c id e d . T h e
c o m p a n y iti its a d v e r tis e m e n t said th a t it w ou ld ;> cco p t4 0 ?( o f th e p u rch ase
p rice in 5 % b o n d s a t par, an d th e q u e s tio n o f m a k in g such an issue is, it is
s t a t e d , o n e o f tlio p o in ts under co n s id e r a tio n .— V . 98, p . 1390, 1070.
1466
THE CHRONICLE
; — Charles F . Mathewson of the law firm of Krauthoff,
Harmon & Mathewson, will address the “ Finance Forum—
Public Utility Section,” at the W est Side Y . M . C . A .,
318 W . 57th S t., this city, on M onday evening, the 11th inst.
His subject will bo “ Some Legal Aspects of Regulation of
Public Service Corporations.” Allen G . H oyt of N . W . Hal
sey & Co. will be the presiding officer. M r. Mathewson’s
reputation as a speaker is well known. A t the Economic
•Club dinner at the Astor Hotel last month his discourse on
“ The Pending Trust Bill” received marked approbation.
— The members of the Public Utility Section of the Finance
Forum, 318 W . 57th S t., this city, listened to an address on
“ The Future Regulation of Public Utilities,” delivered by
William D . Kerr, director of the Bureau of Public Service
Economics. Calvert Townley of tho Westinghouse Electric
& M fg . C o., presided. Copies of the lectures, “ Magnitude
of the Electric-Light, Power and Transportation Business,”
by T . Commerford Martin of the Edison C o., has been re
printed and can be obtained from Meikleham & Dinsmore,
25 Broad S t., this city.
— The old-established firm of J. J. B . Hilliard & Son,
bankers and brokers, of Louisville, K y ., have removed from
138 5th St. to larger and more commodious offices at N o. 130
5th St. in that city. Tho new quarters are handsomely fitted
up, tho counters, rails, furniture, &c., being built entirely
of quartered golden oak. This firm is one of the oldest in
the South, M r. Hilliard having been in the investment and
banking business since 1870, and with the exception of one
year has been on the same street for nearly 44 years.
— N . W . Halsey & Co. are offering on another page S I ,155,000 City of Oakland, C al., municipal improvement
4 l % bonds, to yield 4 .4 0 % . The bonds aro exempt from
A
income tax and are legal investment for savings banks and
trust funds in New York, Massachusetts and Connecticut,
and acceptable as security for postal savings deposits. In
1910 Oakland had a population of 154,000, having increased
from 1900 to 1910 at the rate of six times that of tho entire
United States, or 1 2 4 .3 % for tho 10 years.
— A t a price to yield 4 .4 0 % , Leo, Higginson & Co. of
New York, Boston and Chicago, jointly with Higginson &
Co. of London, aro offering to investors $944,000 Buffalo
Rochester & Pittsburgh R y. Co. Equipment Series H 5 %
bonds. Due in equal annual maturities, Jan. 1 1915 to
1930. Tax paid in Pennsylvania. Authorized and out
standing, $2,000,000. Interest payable Jan. 1 and July 1
in New York. Circular on application. See to-day’s adv.
— A convenient vest-pocket booklet has been issued by
Brown Bros. & C o., 59 W all S t., which will be of special
use for those who contemplate foreign travel, as well as of
interest to others. Besides embracing a calendar, it pre
sents information as to the Now York Stock Transfer Tax,
the Federal Income Tax Law, value of foreign coins, postal
rates and mail regulations and other matters of value not
readily available in compact form.
— James N . Wright & Co. of Denver, who are well and
favorably known throughout the Middle W est, have de
cided to open an Eastern offico and have recently taken
handsome quarters in the new Philadelphia Stock Exchange
Bldg, under tho managership of Amos C. Sudler, member of
the firm. M r. Sudler is well known in Philadelphia, hav
ing been Vice-President of W m . E.Sw eot & Co. and M an
ager of their office in that city.
— Tho general favorable attitudo of State public service
commissions towards properly operated and managed public
utility companies and their securities is indicated in the M ay
general circular just issued by Meikleham & Dinsmore,
25 Broad S t., this city.
The circular contains a repre
sentative list of municipal, railroad, equipment and public
utility bonds.
— J. S. Nall of St. Louis has been appointed managor o f
tho sales department of Bowman, Cost & C o., investment
bankers, Third National Bank Building, St. Louis, M o.
John D . Gibson Jr. has become Missouri representative of
the firm and L. R . Osterliaus will represent the firm in
Illinois.
— The directors of J. G . W hite & C o., Inc., at a regidar
meeting held this afternoon, elected M r. Douglas I. M cK a y,
the former Police Commissioner, to the position of Assistant
to the President.
M r. M cK a y is a graduate of W est
Point, and has consequently had a general engineering edu
cation.
— A . B . Leach & Co. and the bond department of the Con
tinental & Commercial Trust & Savings Bank are offering
and advertising in to-day’s “ Chronicle” a now issue of $6,
000,000 W est Penn Traction Co. 3-year 6 % notes at 99 and
iat. Full particulars appear in tho advertisement.
— Owing to the growth in his business, Oscar R . Dare of
Philadelphia, dealer in investment securities, has been obliged
to remove to larger quarters and is now occupying offices
in the new Philadelphia Stock Exchange Bldg.
— The Johnston & Collins C o., insurance, 55 Liberty St.,
New York, announce that M r. Josoph Johnson, formerly
Fire Commissioner of the City of Now York, has been made a
director of the company.
— An elaborate and comprehensive booklet regarding tho
properties of tho Inter-State Electric Corporation is being
issued by Messrs. A . E . Fitkin & C o., 115 Broadway,
N ew IYork City.
..
tU v SSiua
[V L X V
O . C IIt.
T’lxe (Kmmuirdal Diracs.
c o m m h r c u S l
E P IT O M E ^
_
>
_ Friday Night, M ay 8 1914.
Some slight improvement in trado has taken place and
sentiment is rather more cheerful. This is traceable in part
to the prospects of a record-breaking wheat crop. Tho
action of the Inter-State Commerce Committee in regard to
the Southeastern railroad rates and tho promise of a large
traffic at the W est are likewise encouraging features. Wheat
exports have also increased. But it would bo useless to
disguise the fact that there aro drawbacks in tho situation.
The iron and steel trade is far from satisfactory. Tho M exi
can question is not yet settled and may bo a thorn in the side
of the country for somo time to come. Collections aro slow.
The number of idle cars in tho second half of April increased
16,000 and now reaches the largest total for five years.
General enterprise is held in restraint and a hesitating,
halting tendency is everywhere apparent.
S T O C K S O F M E R C I I A N D IS K I N N E W Y O R K
M a y 1 191 4. A p r i l 1_ 1914. M a y \ 1913.
1 ,791,009
*1,3 5 9 ,0 2 8
C o ffe e , B r a z il..................... - ............ b a g s l.3 0 2 ,1 6 9
27,244
28,270
C o ffe e , J a v a
..............- ............ m a ts
2 8 ,7 0 2
180 ,070
223 ,4 2 6
C o ffe e , o t h e r _____________________ -b a g s 207 ,2 5 2
14,570
3 6 ,8 7 0
Su g ar.........................- - - ...........h ogsh ea d s
4 1 , 97
3,7 0 2
1,198
H id e s
N o.
11,175
122,101
120,744
C o t t o n '1 1 1 1 1 1 1 ...........
ba les 115,261
72,5 0 0
14,292
M a n ila h e m p -------------------------------- ba les
3 ,8 4 7
1,25,0
3,0 3 9
Sisal h e m p . .......................
- -b a le s
3o4
5 4 ,8 0 0
52,100
.
5 3t . 0 0
,6 .
p i o u r _________________________ barrels
L A R D has been in moderate demand and steady; prime
Western 10.40c.; refined to the Continent 10.60c.; South
America 11.30c.; Brazil in kegs 12.30c. Lard futures have
been rather stronger, owing partly to small receipts of hogs
and a better demand. Buying of September larcl has been
at times, especially noticeable. Packers have been moder
ate buyers of July. Another bracing factor has been a
better Southern demand for meats. Hog packing in the
W est for tho week was 422,000, against 508,000 hogs in tho
same time last year. To-day prices wore lower.
D A I L Y CLOSIISfG P R I C E S
Sat.
M a y d e liv e ry .................... 9 .9 0
J u ly d e liv e ry ........ ............10.05
S e p tem ber d e liv e r y ------ 10-20
O F L A R D F U T U R E S IN C H IC A G O .
M on.
T ubs .
W ed.
T h vrs.
F ri.
9.9243
9 .9 5
10.0243 9.9743
9.9 2
10.0743 10.10
10.1743 10.10
10.05
10.25
10.2743 10.35
10.2743 10.20
P O R K quiet and steady; mess $ 2 2 .7 5 @ $ 2 3 , clear $ 1 9 .7 5 ©
$21.50, family $ 2 5 @ $ 2 7 . Beef firm; mess $ 1 8 @ $ 1 9 ,
•packet $ 1 9 @ $ 2 0 , family $ 2 0 @ $ 2 2 , extra India mess $ 2 8 ©
$30. Cut meats quiot and steady, pickled hams, 10 to 20lbs., 1 3 @ 1 3 K e .; pickled bellies ,6 to 12-lbs., 1 4 ^ @ 1 5 H o .
Butter, creamory extras, 2 6 ^ @ 2 6 ^ c . Cheeso, State,
whole milk, fresh, colored specials, 14@ :f4k ic. Eggs,
fresh gathered extras, 2 2 @ 2 2 % o .
C O FFEE has been quiot; N o . 7 Rio 8 % c ., fair to good
Cucuta 1 2 ^2 © 13c. Coffee futures have zigzagged within
moderate limits, showing, in othor words, little not change.
Tho trading has been light. Crop advices from Sao Paulo
have been generally favorable. To-day prices were irregu
lar, though in the main rather easier, with trading, however,
almost at a standstill, tho transactions for the day reaching
only 2,500 bags. Closing prices were as follows:
M a y ________8 . 4 9 ® 8.50| S o p tom bor _ . 8 . 8 4 @ 8 . 8 5 [ J a n u a r y --------9 .1 2 @ 9 .1 4
J u n o ________8 .5 6 ® 8.58| O c t o b e r ______ 8 .9 2 ® 8 .9 4 1F e b ru a ry — 9 . 1 7 ® 9.1 9
M
J u i y _________ 8 .6 6 ® 8 .6 8 1N o v e m b e r _ _ 9 .0 0 @ 9 .0 2 1 a r c h ________ 9 .2 4 '" 9 .2 6
A u g u s t _____ 8 .7 5 @ 8.77| D e c o m b o r ___ 9 .0 7 ® 9 .0 9 1A p r i l --------------9 .2 9 ® 9.31
P E T R O L E U M generally steady; barrels 8 .7 5 @ 9 .7 5 c .,
bulk 5 .2 5 @ 6 .2 5 c ., cases 1 L.25@12.25c. Crude rather
steady; Pennsylvania dark $2, second sand $2, Tiona $2,
Mercer black $1 50, Cabell $1 57, New Castle $1 50, Corn
ing $1 15, Wooster $1 51, North Lima $1 24, South Lima
$1 19, Indiana $1 19, Princeton $1 20, Somerset, 32 degrees
and above, $1 10; Ragland 65c.; Illinois, abovo 30 degrees,
$1 20; Kansas and Oklahoma 75c. Spirits of turpentine 47c.
Common to good strained rosin $4.
O ILS.— Linseed steady; city raw 5 4 @ 5 5 o ., boiled 5 5 ©
56c., Calcutta 70c. Cocoanut in fair demand and steady;
Cochin 1 0 5 4 ® ll c ., Coylon 9 % @ 1 0 c . Olive romains steady
at 85c. Castor steady at 8Vi@8;M>c. Palm fairly activo;
Lagos 7 % @ 7 A c - Cod quiet and steady at 38c. for domestic.
7
Corn firm at 6 .5 5 @ 6 .6 0 c .
SU G A R moro activo and firmer. European houses have
been buying. European cables have lattorly been encourag
ing. Tho visible supply in tho world is 4,011,282 tons,
against 3,887,480 tons last year. Stocks in tho United States
and Cuba, 1,071,282 tons, against 1,019,260 tons a week ago
and 982,480 tons last year. Tho stock in Europe is 2,9 4 0 ,
000 tons, against 2,903,000 tons last year. Centrifugal,
96-degrees test, 3.14c.; molasses, 89-dogreos test, 2.49c.
Refined firmer, with a better demand. Granulated 3.95c.
T O B A C C O has continued quiet. Manufacturers aro buy
ing sparingly. The supply of wrappers is far from large; in
fact, as a rule, it seems to bo rather small; so that prices
for wrappers are firm dospito tho admitted fact that trado is
in poor shape. Fillers aro slow of salo. Nobody is buying
new Sumatra heavy, as tho quality as a rule does not please.
Besides a generous supply of old leaf remains from last
season. Cuban leaf is steady but quiot.
CO PPER has been dull and more or less depressed; Lake
14btc. and electrolytic 14J^c. London quotations have de
clined. American electrolytic has been offered in foreign
markets moro freely. Tin here on tho spot 33.05c., showing
a further decline. Lend hero 3.90c. and spelter 5.10c.
In
iron and steel, trado continues to bo unsatisfactory. Tho
steel industry is said to bo operating only about 6 0 % of
the total ingot capacity.
N o. 2 foundry Eastern pig
81 4 @ $ 1 4 25; N o . 2 Southern $10 5 0 @ f l 0 75.
May 9 1914.1
1467
THE CHRONICLE
O n S h ip b o a rd . N o t Cleared f o r —
C O T T O N .
Friday Night, M ay 8 1914.
T IIE M O V E M E N T OF T H E C R O P , as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
77,063 bales, against 75,428 bales last week and 83,172
bales the previous week, making the total receipts since
Sept. 1 1913 9,746,785 bales, against 9,101,740 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 645,045 bales.
Sat.
M on.
2,366
Texas C ity ...........
P t. Arthur______
Aransas Pass, & c.
3',662
1,127
3,191
Mobile.
Jacksonville, &c.
l',095
B ru n sw ick ______
"2 5
159
500
W ilm in g to n ____
N ’pot Now s, &c.
"5 1
21
—
B altim ore_______
Philadelphia------
12,200l
Totals this week
F r i.
T h u rs .
W ed.
I Tues.
"3 4
2,583
2,267
1.790
250
7,309
4,361
473
.
5', 305
1,004
5.902
200
____
1,635
180
1,881
—
l',337
'8 6 7
"2 1 6
81
264
'2 3 2
41
1,169
5,493
____
1,651
"1 0
242
909
____ !
\z
108
435
—
"4 3
—
____
—
____
____
10,376
21,535
20,026
250
5,527
2', 160
587
2,750
200
2,876
23,025
3,637
5,944
200
9.707
'2 0 2
48
200
2,998
"6 8 5
679
3,477
2,998
94
321
493
3,711
'3 0 0
493
—
6.707
____ :
9,686
T o t a l.
16,5591 77,063
The following shows the week’s total receipts, the total
since Sept. .1 1913 and the stocks to-night, compared with
last year:
T h is
Week.
Slock.
1912-13.
1913-14.
Receipts to
M a y 8.
Since Sep
1 1913.
T h is
Week.
Since Sep
1 1912.
1914.
1913.
211,341
7,152
_____
127,406
8,176
_______
144,803
17,679
72,298
9,010
181
61,878
400
4,787
544
60,082
2,423
19,999
397,689
533.189
122,109
6,209
15,922
89,226
1,804
19,661 3.705,362
661,393
590
129,750
127,666
13,133 1,327,566
4,110
204,889
1 15,-IS2
14,273
4
11,693 1,211,083
229,492
650
299,931
2,119
110
337,247
1,032
502,759
4.530
102,842
360
14.144
229
43,797
1,395
69,624
287
4.330
19,556
31,053
_____
120.482
10,805
2,720
2,143
20,259
37,538
_______
115,570
9,040
4,368
1,685
77,063 9,746,785
59,793 9,101,740
634,980
488,398
20,026 3,173,610
250
465,875
46,238
5.527
119,767
23,025 1,741,458
405,316
3,637
5,944
154,036
28,903
200
9,707 1,737,602
291,500
416,332
685
Texas C ity _______
Port Arthur______
M obile.....................
Jacksonville, &c..
Savannah________
Brunswick......... ..
Charleston_______
679
3,477
2,998
94
321
493
W ilm ington.........
Norfolk.............
N ’port Now s, &c..
Boston . . . ____ __
Baltimore________
P h ilad elphia------T o ta ls..................
In order that comparison may be made with other years,
wo give below tho totals at leading ports for six seasons:
Receipts at— •
1914.
| 1913.
G alveston ......
T exasC ity,& c
Now OrleansM obile.............
Savannah ......
Brunswick___
Charles ton,&c
W ilm in g to n -.
N orfolk............
N ’port N . , &c
A ll others____
20,026
5,777!
23,025
3 ,637
9.707
T otal this wk.
7 7 ,0 6 3 1
685
679
3,477
2,998
7,052
'
1912.
2.275
17,110
99
8,714
1,671
13,733
5,000
615
1.071
5,062
_______
2,902
59,793
1911.
56,517
19,661
590
13,133
4,110
11,693
650
2,119
1,032
4,530
13,762
1,097
26,972
1,109
9,831
1910.
1909.
509
1,611
2,979
_______
2,455
8,021
4,052
20,170
2,285
7,842
250
491
538
4,618
_______
4,205
27,180
587
34,191
4,496
16.085
1,548
1,577
4,062
6,255
60,325
52,472
98,754
2,673
Since Sept. 1 - 9 ,746,785 9,101,740 11185367 8,154,773 6,82 5 ,8 1 0 9,307,400
The exports for the
of 97,750 bales, of
7,894 to France and
Below are the exports
week ending this evening reach a total
which 39,417 were to Great Britain,
50,439 to tho rost of tho Continent.
for the week and since Sept. 1 1913.
Week ending M ay 8 1914.
Exported to—
Exports
from—
Conti
Great
B ritain. France. nent, &c Total.
Galveston.. 11,502
Texas City.
____
Port Arthur
Ar. Pass.&c
NewOrlean3 5’,928
5,532
Mobile____
3,091
Pensacola..
200
Savannah..
4,921
Brunswick .
____
Charleston.
Wilmington
Norfolk . . .
1,109
N ’portNews
____
New York.
1,063
099
Boston-----4,059
Baltimore..
1,250
Phlladel.a..
____
Detrolt-----____
San Fran..
—
Pt.Towns'd
Total____ 39,417
Tot. ’ 12-’ 13 01,147
____
____
2,675
6,896 18,458
5', 527
5,527
9',036 17,039
5,039 10,571
2,750
100 5,944
____ 15,298 15,498
____
2,619 7,510
____
____
____
____
____
____
____
1,109
____
_
_
20 4,949 6',032
___
135
834
____
2,449
6,508
____
800 2,050
____
____
____
____
____
____
—
40
40
From Sept. 1 1913 to M ay 8 1914.
Exported to—
Great
B rita in .
989,245
345,182
2,000
30,184
807,263
124,824
48,775
200,455
84,563
118,943
73,024
42,992
122,792
68,639
47,609
35,:15
313
______
...........
France.
Conti
nent, & c.
Total.
302,778 1,271,860 2,563,883
20,888
80,896 452,906
30,830
32,842
8,171
38,355
174,060 534,891 1,516,214
72,469 136,389 333,082
48,820
50,441 154,036
231,274 711,983 1,143,712
22,954 154,028 262,145
5,030 181,434 305,407
102,434 177,855 353,313
83,461 126,453
369
369
18,047 190,040 330,879
8,745
77*384
13,292
90,161 151,062
47,141
12,026
______
313
...........
176,762 176,762
75,948
75,948
...........
f a y 8 a t—
Now O rle an s..
G a lv esto n ____
Savannah ____
Charleston____
M o b ile________
N orfolk _______
N ew Y o rk ____
Other ports___
T otal 19,14-_
Total 1 9 1 3 ..
T otal 1912. .
951,991
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard,not
cleared, at thojports nam ed.j^W o add similar figures for
New York. £ —
—
C o ast- |
w ise. \ T o ta l.
Other
F o re ig n
10,790'
8.350,
j
639
8 ,702
10,289
40,849
6,200
6,664'
400
100,
1.200
'9 0 8
7',405
'3 0 0
'4 0 0
4,000
1,300
27,504' 10.549
7,915
15,897
25,755 21,918
69,143
25,439
33,500
27,461
23,844
23,739
Fair................
c.1.75 on
Strict mid. fair____1.50 on
Middling fair........... 1.30 on
Strict good m id.-.0 .9 0 on
Good middling____0.65 on
Strict middling____0.32 on
•Reaffirmed Feb. 4 1914.
4,286
21,875
______
—
977 i
5,035
300,
...J
300
16,500
____ 1
-------1
Lea ving
Stock.
26,981
84,811
6,500
15,277
16,900
2,100
5,200
23,112 157,769,
24,659 97,754:
20,210 125,122!
117,822
126,530
55,378
4,787
2,402
14,153
118,382
37,757
477,211
390,644
473,946
M iddling........... c . Basis
Strict low middling.0.50 Off
Low middling......... 1.25 oft
Strict good ord____2.00 off
Good ordinary____3.00 off
Strict g’d mid. tlng.0.45 on
Good mid. tinged.o Even
Strict mid. tinged.0.20 oil
Middling tinged — 0.40 ofl
Strict low mid. ting 1.25 oil
Low mid. tinged..3.00 of
Middling stained.. 1.25 ol
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
^
M a y 2 to M a y 8—
S a t. M on. T u e s . W e d . T h u r s . Fri.T
M iddling uplands______________ 13-00 13.00 12.90
12.90 13.00
13.00
NEW
YORK
1914..,c...........13.00
1913-.............. 12.00
1912.................11.80
1911.................15.65
1910. ...............15.25
1909. ...............10.90
1908-.............. 10.55
1907. .............. 11.90
Q U O T A T IO N
1906..C...____ 11.80
1905____ ------ 8.15
1904------ ____ 13.80
1 9 0 3 - . . ____ 11.15
1902____ ____ 9 .62
1901____ ____ 8 .0 6
1900____ ____ 9 .88
1899.— .____ 6.25
MARKET
FO R 32 Y E A R S .
1898..C...
1897........
1896........
1895........
1894____
1893........
1892........
1891........
...
...
...
...
...
...
...
...
Saturday___
M o n d a y ___
T u e sd a y ___
Wednesday..
Thursday . .
Fridav
AND
SALES A T
Spot M a rk e t
Closed.
529,990 7,811,210
Note.— New York exports since Sept. 1 Include 9,996 bales Peruvian, 75 bales
Brazilian, 27 bales West Indian to Liverpool and 26 bales West Indian to Havre.
Ger
m any.
Speculation in cotton for future delivery has been in the
main quiet and prices have shown little net change. They
have alternately advanced and declined, partly under the
influence that has looked more or less like manipulation of
the July option. Buying of July of late has been more
active, partly by Liverpool straddiers at differences between
New York and Liverpool on that option of 125 to 130 points
as against 95 points recently.
Some of this buying is suppose
to have been to undo old straddles and some of it to start
a new straddle by buying in New York instead of buying in
Liverpool, as was done in originating the old straddle. A t
times, too, the weather has been so cold and wet as to keep the
new-crop options very steady. The consensus is that the
crop in the western belt is late. Opinions differ as to just how
late it is. They range from 1 to 3 weeks. Recent rains and cold
weather delayed planting and some replanting will be neces
sary. Some reports ,too, state that Louisiana is at least two
weeks late, that parts of Arkansas are also that much behind.
Also, the Liverpool spot trade has been quite active, the
sales ranging from 12,000 to 14,000 bales. Liverpool has
been influenced by reports of a backward season in Texas
and of the necessity of replanting as well as its own excel
lent spot trade. Moreover, to all appearances Lancashire
is doing a good business. Then, the Mexican situation has
been considered much more favorable and it is hoped that
war may be averted. The cotton belt now needs a warm,
dry M a y over most of its area, though parts of tho Eastern
section would be benefited by rains. Large spot interests
and also prominent W all Street people have been buying.
The stock here is controlled by two largo interests and is in
creasing, but slowly. Y et Utica mills have sent some cot
ton here, it seems. Some reports are in circulation that
part of the New York stock will be shipped to
Southern mills,
which recently,
it seems,
stopped
M a y notices. There is believed to be a rather large short
interest in Jujy and at least a fair short account in the newcrop months. They have acted that way. New York and
the Continent have been buying October, December and
January either here or in Liverpool. On the other hand, the
weather of late has improved, temperatures have become
normal and the weather for the most part fair. Also trade
in cotton goods has been dull, especially in yarns. Yarns
are so dull that there is persistent talk of necessity of cur
tailment by Southern mills, and it is now said that they will
reduco production one-third from now until September..
Speculation in cotton is not active either— far from it. The
prolonged agitation against cotton exchanges has been by no
means without its effect. Commission houses are generally
feeling it. Just now it is largely a weather market, while at
tho same time everybody is keeping an eye on July, which is
ono of the great puzzles of the time,— so much so that the
trading has drifted largely to the new-crop deliveries. To-day
prices were little changed, trade being very dull. July
showed the most strength. The weather in the main was
more favorable, though storms were reported in Mississippi.
The week-end figures were not so bullish as expected. Spot
cotton closed at 13c. for middling uplands, showing no change
for the week.
The rates on and off middling, as established N ov. 19 1913*
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
7,894 50,439 97,750 3,141,924 1,018,146 3,982,896 8,142,866
8,373 62,599 132,119 3,329,235
Great !
B r it a i n .1 F ra n c e .
F u tu re s
M a rk e t
Closed.
Quiet________________
Quiet............. ................
Quiet, lO p ts .d e c ___
Quiet___ ___________
Quiet, 10 pts. a d v _ .
Quiet..
6.38
7.75
8.31
6.81
7 .25
7.81
7.38
8.94
Steady_________
Steady_________
Steady_________
Steady_________
Steady_________
Steady_________
T o ta l____ 1____________
.
_____
1890..C.
1889 ....
1888 ....
1887....
1886 ....
1885....
1884....
1883 ....
NEW
9.31
YORK.
SA LES .
Spot.
____
____
____
____
1
....
C o n tr'c t
T o ta l.
l'.ioo
____
l'.lOO
___ _
4,600
600
4, COO
660
6 .3 0 0 1 6 .300
THE CHRONICLE
1468
F U T U R E S .— The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, M onday, Tuesday, Wcd’day,'Thursd’y, F rida y,
M a y 2.
M ay 4.
M ay 5.
M a y 6. | M a y 7.
M a y 8.
|T
M a y—
R a n g e____
Closing-----June—
R a n g e ____
Closing____
Closing____
August—
R an ge____
Closing____
September—
R a n g e____
Closing____
October—
R a n g e____
Closing____
December—
R an ge___
Closing____
January—
R an ge___
Closing____
M arch—
R an ge-----Closing____
A p r il—
R an ge-----Closing------
12.48-.56 12.48-.5S 12.46-.61
12.51-.53 12.55 — 12.47-.48
12.47 — 12.47 — _________
12.45-.4S 12.45-.48 12.35-.38
1
12.48-.56 12.47-.57
12.54-.55 12.55-.56
_________ 1
12.42-.45 12.48-.50
Week.
12.19-.30 12.24-.32 12.15-.33 12.1S-.2G 12.20-.31 12.28-.31 12.15-.34
12.23-.25 12.27-.28 12.17-.18 12.25-.26,12.30-.31 12.29-.30 —
12.02-.10 12.17-.16 12.02-.17
12.06-.07 12.,2-.13 12.03-.04
I
--------------11.85-.87 11.80 —
11.73-.75 11.82-.86 11.77-.73
' |
11.52-.62 11.62-.72 11.G2-.73
ll.5 9 -.6 0 11.69-.70 ll.6 3 -.6 i
12.03-.il 12.07-.16 12.13-.15 12.02-.1G
12.09-.10.12.15-.16 12.13-.14 —
_________ 11.81 — 11.80-.83 11.S0-.87
11.77-.78,11.83-.85 11.7S-.79 --- --- --11.60-.67 11.61-.70 11.66-.70 11.52-.73
11.6.3-.64 11.70-.71 11.66-.C7 ---. ---------
11.53-.63 11.67-.74 11.64-.74 11.62-.6S 11.62-.70 'l l . 66-.68 11.53-.74
11.61-.62 11.71-.72 11.65-.66 ll.61-.G5 11.69-.70 11.67-.68 —
11.4S-.5711.61-.63
11.55-.56 11.64-.65
1
11.57-.62 ll.7 l-.7 8
11.63-.65 11.72-.75
11.59-.67 11.55-.62 11.56-.65 11.59-.63 11.48-.68
11.59-.6C 11.53-.60 11.64-.65 11.59-.60
11.71-.76 11.66-.69 11.64- .71 11.65-.70 11.57-.78
11.6G-.GS 11.G7-.69 11.70-.71 11.65-.66 —
-------- — 12.06-.il 12.04 — 12.00-.04 11.97-.00 11.94-.97 ll.9 4 -.il
11.9S-.03 12.0S-.10 12.02-.04 11.99-.01 12.01-.03 11.94-.95 —
T H E V I S I B L E S U P P L Y O F C O T T O N to - n ig h t, a s m a d e
up
b y c a b l e a n d t e l e g r a p h , is a s f o l l o w s .
F o r e ig n s to c k s ,
a s w e ll a s t h e a l l o a t , a r c th is w e e k ’s r e t u r n s , a n d c o n s e q u e n t ly
a ll fo r e ig n fig u r e s a r e b r o u g h t d o w n to T h u r s d a y e v e n in g .
But
to
m ako
th e
to ta l
th e
c o m p le te
fig u r e s
fo r
to -n ig h t
( F r id a y ) , w e a d d th e ite m o f e x p o r ts fro m th e U n ite d S t a t e s ,
in c lu d in g in i t th e o x p o r ts o f F r id a y o n ly .
M a y 8—
1914.
1913.
1912.
Stock a t L iv e r p o o l______ bales.1,102,000 1.151.000 1.316.000
Stock a t L o n d o n ____________
5,000
5.000
5,000
Stock at M a n ch ester_________
8),000
65,000
114.000
19 11.
923,000
5,000
90,000
T o ta l G reat B rita in ________ 1,187,000 1,221,000 1,435,000 1,018,000
S tock a t H am burg___________
23,000
13,000
8,000
9,000
Stock a t Brem en _______
504,000
471,000
641,000 195,000
Stock a t H a v r e -----------365,000
304.000 310,000 257.000
Stock a t M a rs e ille s -----------------4,000
3,000
4.000
2,000
Stock at B a r c e lo n a .........................
30,000
25,000
22,000
22,000
Stock at G e n o a _____________
38,000
40,000
48,000
28.000
Stock at T rie sto _____________
47,000
25,000
13.000
11.000
T o ta l C o n tin en tal stocks_____1,017,000
881.000 1,046.000
T o ta l visible s u p p ly _________ 5,134,807 4,532,133 4,639,819 3,413,351
O f the abovo, to tals o f A m erican and other descriptions are as follows:
A m e ric a n —
Liverpool s to ck ________ b a les. 8.''0,000
962,000 1,210,000
M an ch ester s to c k _____________
52,000
44,000
87,000
C on tin en tal s to c k _____________ 909,000
816,000 1,015,000
A m erican afloat for E u rop e_____ 285,791
293,599
314,055
U . S . port sto ck s______________ 634,980
488,398
599,058
U . S. interior sto ck s___________ 409,332
411.59 8
260.522
U .S . oxports to -d a y ___________
7,704
21,538
14,174
794,000
73,000
482,000
193,471
398,470
277,410
7.000
T o ta l A m erican ____________ 3,168,807 3.070,133 3,499,819 2,225,351
E a st I n d ia n , B r a z il, & c .—
189,000
5,000
21,000
35,000
81,000
36,000
180,000
915,000
106,000
5,000
27,000
31,000
82,000
54,000
171,000
664,000
129,000
5,000
17,000
42,000
167,000
38,000
155,000
635,000
T o ta l E a st In d ia, & c _________1.966,000 1,462,000 1,140,000 1,188,000
T o ta l A m orican____________ 3,163,807 3.070.133 3,499,819 2,225,351
T o ta l visible su p p ly _________ 5,134,807 4,532,133 4,639,819 3,413,351
M id d lin g U p la n d , L iverp o o l-------7.32d.
6.68d.
6.53d.
8.42'1.
M id d lin g U plan d , N ew Y o r k ___
1 3 .0 'c.
12.00c.
10.85c.
15.90c.
E g y p t, G ood B row n , L iv e rp o o l..
9.70d
10-45d.
10 % d .
ll% d .
P eruvian, Hough G ood , Liverpool
8 .75 d.
9.65d.
9.25d. 11.2 5d .
6 % d . 6 7- 6d.
6% d.
7 'A
d.
B roach , F in e, L iverp o o l______
T Innovoily, G o od , L iv erp o o l----6 % d . 6 7- 6d. 6 l-16 d .
7% d.
C o n t i n e n t a l i m p o r t s f o r p a ,s t w e e k h a v e b e e n 1 1 7 , 0 0 0 b a l e s .
T h e a b o v o fig u r e s fo r 1 9 1 4 s h o w a d e c r e a s e fr o m
M ovem ent to M a y
Receipts.
T ow n s.
W eek .
la s t w e e k
o f 1 3 9 ,4 6 0 b a l e s , a g a i n o f 6 0 2 ,6 7 4 b a l e s o v e r 1 9 1 3 , a n e x c e s s
Q U O T A T IO N S F O R M ID D L IN G C O T T O N A T O T H E R
M A R K E T S . — B e lo w a r e t h e c lo s in g q u o ta tio n s o f m id d lin g
c o t to n a t S o u th e r n a n d o th e r p r in c ip a l c o tto n m a r k e ts fo r
e a c h d a y o f th e w e e k .
C losin g Q uota tions f o r M id d lin g Cotton on —
G alv o sto n _____
Now Orleans___
M o b ile _________
Savannah _____
Charleston-------W ilmington
N o r f o lk ________
B a ltim o re _____
Philadelphia___
A u gusta________
M em p h is.............
S t. Louis____
H ouston________
L ittle R ock____
13
13
12%
13%
13%
13
13
12%
13%
13%
13
13%
13.25
13 %
13%
13J<
12%
12%
13
13%
13.25
13%
13%
13%
12%
12%
F rid a y .
13
13
13
13
13%
13% o
13%
13%
12 13-16 12 13-16 12 13-16 12 13-16
13%
13%
13%
13%
13
13%
13
13%
13
13%
13.15
13%
13%
[13% •
12%
112%
13
13%
1 3 .f5
13%
13%
13
13%
13.25
13%
13%
13%
12%
12%
1 2 % _____ 12%
13
13%
13.25
13%
13%
13%
13
12%
R eceipts.
8. j W eek . | Season.
9 1913.
Ship
m ents.
W eek.
Stocks
M ay
9.
Total, 33 towns 33,9856,940,246! 67,133409,332: 29,4540,968,677 65,015411,598
O V E R L A N D M O V E M E N T FO R T H E W E E K A N D
S IN C E S E P T . 1.—-We give below a statement showing tho
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last, two years are as follows:
Via Cairo........... ..
V ia Iiock Island..
V ia other routes, & c.
------- 1 9 :13-14------Since
Week.
Sept. 1.
. 8,411
495,170
. 3,111
383,173
.
75
0,370
. 1,358
112,103
1,981
113,933
135,981
.
987
340,483
. 1,187
------- 1 9 :12-13------S ince
Week.
Sept. 1
507,587
7,946
900 6288,918
19,968
. 53
1,480
75,920
786
121,692
2,241
128:009
11,013
359,889
1,593,213
M a y 8.
S h inne d—
24,649 1,501,989
D e duct sh ip m e n ts—
908
Overland to N . Y . , Boston, & c ._.
. 3,014
2,271
1,312
3,124
382.064
lk 5 3 5
1,211,149
* Including movement by rail to Canada,
131,895
115,602
90,400
6 ,707
113,101
147,209
121,094
7~875
T otal to be deducted___________. 7,875
337,897
18,342 1,164,092
b Revised.
The foregoing shows the week’s net overland movement
has been 8,535 bales, against 18,342 bales for the week last
year, and that for the season to date the aggregate net over
land exhibits an increase over a year ago of 47,057 bales.
-1 9 1 2 -1 3 ---------Since
Sept. 1.
9,101,740
1,161,092
2 ,028,000
-1 9 1 3 -1 4 I n S ig h t a n d S p in n e rs '
Since
Week.
T a k in g s .
Sept. 1.
Receipts at ports to M a y 8 ---------- 77,063 9,746,785
1,211,149
N et overland to M a y 8 ----------------- 8-535
Southern consumption to M a y 8 - - 60,000 2,150,000
Week.
59,793
18,342
59,000
T otal marketed__________________145,598 13,107.934
Interior stocks in excess__________ "33,148
294,818
137,135 12.293.832
*36,461
314.562
Camo Into sight during w e e k ..1 1 2 ,4 5 0
- ----------- 13,402,752
Total in sight M a y 8 _________ -
100,674
-------
----------- 12,608,394
N or. spinners’ takings to M a y 8 - - 46,189
2,400,281
18,584
2,314,247
* Decrease during week.
Movement into sight in previous years:
Week—
1912— M a y
1911— M a y
1910— M a y
1909— M a y
Since Sept. 1—
Bales.
11............................... 106,150 1911-12— M ay
1910-11— M a y
12.............................. 77.594
13_________________ 82,281 1909-10— M a y
1908-09;— M a y
14......................
121,600
.
. , nates.
11-----------14,560,883
12_______ 11,069,732
13---------- 9,685,230
14-----------12,574,420
N E W O R LE A N S C O N T R A C T M A R K E T .— The highest,
lowest and closing quotations for leading contracts in tho New
Orleans cotton market for the past week havo been as follows:
S a tu rd a y } M o n d a y , Tuesday,
M a y 5.
M a y 2. j M a y 4.
1911.
S a turday. M o n d a y . Tuesdays W ed’day. T h u rs d ’y.
W eek.
M ovem ent to M a y
| Stocks I
22,309
15
6
Ala., Eufaula..
770
34
21,044
40 5,294
633 12,472 ' 670 152,988 2,477 18,389
Montgomery.
581 153,776
850 6,047
683 124,488
219 117,140
Selma______
671 3,558
552 7,39ll
5
65,119
27
Ark., Helena..
41,453
144
211 178,987 1,892 26,113
365 184,436 3,457 41,162
Little Roek..
186 1,500,
27,393
5
23,973
355 1,150
Ga., Albany__
225 106,256 4,900j 10,033
225 114,946 1,709 11,133
Athens_____
607 156,730 1,637 9,804
1,380 224,540 1,046 8,622
Atlanta_____
1,515 328,539 6,138 44,094
1,636 364,911 4,049 37,862
Augusta____
74,302 1,275 16,627
850 8,226
■ 157
80,056
305
Columbus___
60
132
312
36,515
606 11,101
44,437
3
M a c o n ___ _
121
50,439
302 7,091
225 4,788,
56,938
188
R o m e ______
68 140,580
389; 4,579
578 190,139 2,3S3i 18,276
La., Shreveport
26,182
67
109! 1,081
492; 1,217|
37,898
M!ss.,Cotumb’
s
135
54
49,146
6
143
636! 5,423
85,201
22
Greenville__
150; 108,937 2,150 8,000
118 141,366 l,3S7i 13,635:
Greenwood__
56,200 2,090 , 7,351
458- 4,625 1,087
354
32,579
Meridian___
250
800
___
18,045
400 2,600
19,601
Natchez____
24 1,119
29,009
17
43, 2,998|
33,576
Vicksburg __
*"ii
170 3,267
22,416
200;
154 4,
40,656
Yazoo City..
Mo., St. Louis. 7,638 5i8,i85 8,411 29,203; 7,109 533,471 7,940 29,821
125
249
10,176
97
152,
80
14,098
125
N.C., Raleigh.
O., ClnclnnatL 3,655 220,533 3,280 19,635 2,883 209,134 3,390 27,507
1U
5
___
___
___
30,194
37,136
Okla., Hugo...
1 Z, i\
)Z
19,232
S.C.,Grcenw’
d.
13,498
"217
Tenn.,Mem phis 3,443.1,083,179 1 " 136 69,567 3,481 786,680 12",852, 74.S98
3,
290
0
7,182 .
Nashville--10,984
630
...J
1,103
___
17,290
Tex., Brenham
127i 17,613
31
192
851
350
___
43,907
Clarksville...
1 49,701
300
100,
500 4,400
Dallas......
"400 130,490
*804; 09,181
878 2,245
975
___
45,137
Honey Grove.
....
33.202
175
50;
Houston____ 11,5342,683,742 20,314 90,973 9,370.3,240,032 13,393 87,440
Paris.......
100j 114,829
400| 2,300
150,871 2,203 1,211
74
1
o f 4 9 4 ,9 8 8 b a l e s o v e r 1 9 1 2 a n d a g a i n o f 1 , 7 2 1 ,4 5 6 b a l e s o v e r
Week end ing
M a g 8.
Season.
8 1914.
Ship-
524.000
T o ta l European sto ck s_______ 2,201,000 2,102,000 2,481,000 1,542.000
In d ia cotton aflo at for E u rop e—
211,000
81.000
82.000 167,000
A m or, cotton aflo at for E u r o p e .. 285,791
293,599
314,055
193,471
E g y p t,B r a zil,& c .,a flt.fo r E u ro p e.
6),000
36,000
51,000
38.000
Stock in A lexan d ria, E g y p t_____ 226,000
180,000
171,000 155,000
915,000
664,000 635,000
Stock in B o m b a y, In d ia............1,066,000
Stock In U . S. p o rts___________ 634,980
488.398
599,068 398,470
Stock in U . S. interior tow ns____ 409,332
4 11,5 9 8
260,52 2 277,410
U . S . exports to -d a y . 1 ........
7,704
24,538
14 ,17 4
7,000
Liverp ool s to ck _______________ 232,000
London s to ck ________________
5,000
M an ch ester stock — ------28,000
C o n tin en tal s to c k _____________ 108,000
In d ia afloat for E urop e________ 211,000
E g y p t, B razil, & c ., a flo a t______
6 ),000
Stock in A lexan d ria, E g y p t____
226,000
S tock in B o m b a y, In d ia ________1,066,000
A T T H E IN T E R IO R T O W N S the movement— that is, the
receipts for the week and since Sept. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year— is set out in
detail below.
12.54-.60 12.46-.61
12.54-.56 —
12.50 — 12.47-.50
12.45-.48 —
( V o l . XCVIII
M ay—
Range ___
Closing___
J u ly —
I t a n g o ___
Closing___
A u g u s t— •
Range ___
Closing___
S e p t.—
Range ___
Closing___
October—
Range ___
Closing___
December—
Range ___
Closing___
J a n u a ry —
Range ___
Closing___
M a rc h —
Range ___
Closing___
Tone—
S p o t_____
Options . .
W cd 'd a y , T h u rs d ’y,
M a y 7.
M a y 6.
F r id a y ,
M a y 8.
12.70-.76^ 12.78-.85 12.74-.83 12.80-.82 12.79-.85 12.89-.97
12.75-.77 12.77-.78 12.76-.77 12.81-.82 12.94-.95 12.89-.90
12.58-.65 12.G5-.74 12.60-.71 12.G1-.68 12.65-.75 12.71-.75
12.62-.63 12.65-.66 12.62-.63 12.67-.6 8 12.74-.75 12.70-.71
12.20-.2 2 12.33-.38 12.32-.37 12.34-.39 12.37-.45 12.41-.43
12.23 — 12.31-.33 12.33-.35 12.36-.38 12.44-.45 12.38-.40
11.92 — __ _ _
11.83 — !--------------- 11.87 — —
11.82-.84 11.90-.91 11.84-.86 11.86-.88 11.97-.99 11.92-.94
11.57-.63 11.71-.75 11.64-.74 11.65-.71 11.66-.75 11.70-.74
11.62-.63^11.70-.71 11.67-.68 11.69-.70 11.74-.75 11.69-.70
11.56-.63 11.70-.73 11.62-.72 11.67-.70 11.66-.73 11.69-.72
11.60-.61 11.68-.69 11.65-.66 11.67-.68 11.72-.73 11.67-.68
11.59-.60 11.72-.75 11.69 — 11.70 — 11.67-.74 11 .C9-.74
11.61-.62 11.70-.71 11.67-.68 11.69-.70 11.74-.75 11.67-.70
11.65 — --------------- 11.82 — ______ ___ 11.79-.81 11.82-----11.70-.72 11.78-.79 11.75-.77 11.77-.79 11.83-.84 ll.7 7 -.7 9
Quiet
Steady
Steady « Steady
Steady
Steady
Stoady
Vory s t ’y
Steady
Strong
Quiet
Steady
M
ay
9 1914.]
THE
CHRONICLE
W E A T H E R R E P O R T S B Y T E L E G R A P H .— Telegraphic
advices to us this evening from the South denote that rain
has been general in the Southwest during the week, with the
precipitation rather heavy in some localities, especially in
Arkansas. Elsewhere, too, rain has fallen, but to only a
moderate or slight extent, and in somo sections moisture is
claimed to be needed. Replanting is under way in those
sections of Texas where rondered necessary by last week’s
heavy precipitation. A dry M a y in that State, it is stated,
will repair any damage done to cotton.
Galveston, Tex.— Heavy local rains occurred in some parts
of Texas first and last part of week, followed by a light
“ norther.” A dry M a y is needed to make up for the lateness of
the crop, and will repair the damage done by excessive rain
fall. Re-planting is under way in those sections where ne
cessary. W e have had rain here on one day during the
week, the precipitation reaching one hundredth of an inch.
Average thermometer 70, highest 82, lowest 70.
Abilene, Tex.— There has been rain on one day during the
week, the precipitation reaching one inch and twelve hun
dredths. Minimum thermometer 52.
Brenham, Tex.— There has been rain on three days during
the week, to the extent of seventy-four hundredths of an inch.
The thermometer has averaged 7G, ranging from 64 to 88.
Cuero, Tex.— There has been light rain on three days dur
ing the week, the rainfall being fifty-two hundredths of an
inch. The thermometer has ranged from 62 to 92, averag
ing 77.
Dallas, Tex.—-Rain has fallen on four days during the week,
the rainfall being two inches and fifty-two hundredths.
Minimum thermometer 54.
Henrietta, Tex.— There has been rain on three days dur
ing the week, the precipitation being fifty-six hundredths of
an inch. The thermometer has averaged 72, the highest
being 88 and the lowest 56.
Kerrville, Tex.— W e have had rain on two days during the
week, the rainfall reaching one inch and eighty-four hun
dredths. The thermometer has ranged from 50 to 92, aver
aging 71.
Lampasas, Tex.— There has been rain on three days din
ing the week, the rainfall being two inches and fifty-two
hundredths. Average thermometer 71, highest 84, lowest 58.
Longview, Tex.— There has been rain on three days during
the week, the rainfall being two inches and twenty-four
hundredths. The thermometer lias averaged 73, the high
est being 90 and the lowest 56.
Luting, Tci.— There has been rain on four days of the week,
to the extent of seventy hundredths of an inch. Thethermometer has averaged 76, ranging from 62 to 90.
Nacogdoches, Tex.— W e have had rain on three days during
the week, the rainfall being one inch and seventy-six hun
dredths. The thermometer has ranged from 56 to 86, aver
aging 71.
Palestine, Tex.— Rain has fallen on four days during the
week, the rainfall being three inches and ninety-two hun
dredths. Average thromomptci' 74, highest 90, lowest 58.
Paris, Tex.— There has been rain on two days during the
week, the rainfall being two inches and eight hundredths.
The thormomoter has averaged 69, the highest being 88
and the lowest 50.
San Antonio, Tex.— W o have had light rain on four days
during the week, the rainfall reaching twenty-six hundredhts
of an inch. The thermometer has averaged 78, ranging from
64 to 92.
Taylor, Tex.— Rain has fallen on three days during the
week, the rainfall being one inch and forty-five hundredths.
Minimum thermometer 62.
Weatherford, Tex.— Rain has fallen on three days during
the week, the rainfall being ono inch and forty-four hun
dredths. Highest thermometer 69, lowest 86, average 52.
Ardmore, Okla.— There has been rain on two days during
the week, tlio precipitation reaching one inch and thirty-four
hundredths. The thermometer has averaged 69, the highest
being 90 and the lowest 48.
Iloldenville, Okla.— There has been rain on three days the
past week, the rainfall reaching one inch and ninety-ono
hundredths. The thermometer has averaged 65, ranging
from 45 to 84.
Marlow, Okla. It has rained on two days of the week, the
rainfall reaching ono inch and fourteen hundredths. The
thermometer has ranged from 48 to 84, averaging 66.
Tulsa, Okla.— There has been rain on three days during
the wcok, the rainfall being eighty-three hundredths of an
inch. Averago thermometer 65, highest 84, lowest 45.
Eldorado, Ark.— There has been rain on five days during
the week, the rainfall being four inches and seven hundredths.
The thermometer has averaged 69, the highest being 87
and the lowest 51.
Fort Smith, Ark.— Wo have had rain on four days during
the week, the rainfall reaching two inches and soventy-nino
hundredths. The thermometer has averaged 63, ranging
from 43 to 82.
Little Rock, Ark.— W e liavo had rain on four days during
the week, the rainfall reaching two inches and eight hun
dredths. The thermometer has ranged from 48 to 86,
averaging 67.
Texarkana, Ark.— W o havo had rain on four days during
the week, the rainfall being two inches and forty-eight hun
dredths. Minimum thermometer 55, highest 87, averago 71.
1469
Alexandria, La.— There has been rain on two days during
the week, the precipitation being thirty hundredths of an
inch. The thermometer has averaged 76, the highest being
92 and the lowest 60.
Lafayette, La.— There has been rain on one day during
the week, to the extent of twenty-six hundredths of an inch.
The thermometer has averaged 76, ranging from 63 to 88.
New Orleans, La.— There has been no rain during the week.
The thermomoter has ranged from 64 to 90, averaging 77.
Shreveport, La.— W e have had rain on three days during
the week, the precipitation reaching two inches and sixtytwo hundredths. Average thermometer 73, highest 88, low
est 58.
Columbus, M iss.— There has been rain on two days of the
week, the rainfall being one inch and seventy-eight hun
dredths. The thermometer has averaged 71, the highest
being 91 and the lowest 51.
Greemvood, M iss.— There has been rain on four days the
past week, the rainfall reaching one inch and thirty-two hun
dredths. The thermometer has averaged 70, ranging from
51 to 89.
Meridian, M iss.— There has been rain on two days dur
ing the week, the rainfall reaching seven hundredths of an
inch. The thermometer has ranged from 54 to 90, averaging
72.
Vicksburg, M iss: — Rain has fallen on three days during
the week, the rainfall being seventy-three hundredths of
an inch. Average thermometer 74, highest 90, lowest 57.
Livingston, Ala.— There has been rain on one day during
the week, the rainfall being twenty-four hundredths of an
inch. The thermometer has averaged 72, the highest being
90 and the lowest 54.
Mobile, Ala.— Condition of the crop is good, but some
localities need rain. There has been no rain hero during
the week. The thermomoter has averaged 77, ranging from
61 to 92.
Montgomery, Ala.— W e have had rain on threodays during
the week, the rainfall being sixty-four hundredths of an inch.
The thermomoter lias ranged from 57 to 90, averaging 73.
Selma, Ala.— Rain has fallen on four days during the week,
the rainfall being forty-five hundredths of an inch. High
est thermometer 88, lowest 57, average 71.
Albany, Ga.— W e have had rain on two days during the
week, the rainfall reaching forty-one hundredths of an inch.
The thermometer has averaged 74, ranging from 55 to 93.
Atlanta, Ga.— There has been rain on three days during
the week, the precipitation being twenty-eight hundredths
of an inch. The thermomoter has averaged 69, the highest
being 85 and the lowest 53.
Augusta, Ga.— W e have had rain on two days during the
week, the rainfall reaching five hundredths of an inch.
The thermometer has ranged from 53 to 90, averaging 71.
Savannah, Ga.— Rain has fallen on one day during the
week, the rainfall being forty hundredths of an inch. Aver
age thermometer 72, highest 91, lowest 59.
Madison, Eta.— There has been rain on three days during
the week, the rainfall being seventy-five hundredths of an
inch. The thermometer has averaged 77, the highest being
88 and the lowest 61.
Tallahassee, Fla.— W e have had rain on one day during the
week, the rainfall reaching ten hundredths of an inch. The
thermometer has averaged 76, ranging from 62 to 91.
Charleston, S. C.— Rain has fallen on one day during the
week, the rainfall being seven hundredths of an inch. The
thermometer has ranged from 58 to 91, averaging 80.
Greenville, S. C.— Rain has fallen on two days during the
week, the rainfall being sixty-two hundredths of an inch.
Average thermometer 66, highest 86, lowest 47.
Greenwood, S. C.— There has been rain on two days during
the week, the rainfall being twenty-nine hundredths of an
inch. The thermometer has averaged 70, the highest being
90 and the lowest 49.
Spartanburg, S. C.— There has been rain on three days of
the week, to the extent of forty-three hundredths of an inch.
The thermometer has averaged 67, ranging from 47 to 87.
Charlotte, N . C.— It has rained on three days of the week,
the rainfall reaching thirty-eight hundredths of an inch.
The thermomoter has ranged from 52 to 82, averaging 67.
Goldsboro, Ar. C.— Rain has fallen on three days during the
week, the rainfall being sixty-nine hundredths of an inch.
Average thermometer 65, highest 83, lowest 46.
Raleigh, N . C.— There has been rain on three days of the
week, the rainfall being eighty-four hundredths of an inch.
The thermomoter has averaged 64, the highest being 82
and the lowest 46.
Weldon, N . C.— There has been rain on two days during
tlio week, to the extent of eighty-three hundredths of an inch.
The thermometer has averaged 60, ranging from 40 to 81.
Dyersburg, Tenn.— W e have had rain on two days during
the week, the rainfall reaching one inch and eighty-five hun
dredths. The thermometer has ranged from 48 to 82, aver
aging 65.
Memphis, Tenn.— W e have had rain on four days during
the week, the precipitation reaching four inches and thirtyseven hundredths. Average thermometer 68, highest 83,
lowest 53.
Milan, Tenn.— There has been rain on four days during the
week, the precipitation reaching two inches and forty-nine
hundredths. The thermometer has averaged 64, the highest
being 81 and the lowest 47.
1470
THE
C H R O N IC L E
W O R L D ’S S U P P L Y A N D T A K IN G S OF C O T T O N .
1913-14.
C o tto n T a k in g s .
W e e k an d S e a so n .
Week.
1912-13.
Week.
Season.
Season.
4 ,6 3 1 ,0 7 0
Visible supply M a y 1..................- 5,274,267
Visible supply Sept. 1 . . . ...............
2.055,351
2,13 5 ,4 8 5
100,674 12,608,394
American in sight to M a y 8 ___
112,450 13,402,752
8 8 ,0 0 0 2 .1 8 8 ,0 0 0
Bom bay receipts to M a y 7 ____
95.000 3.05 5 .0 0 0
2 4 .0 0 0
Other India shipm ’ts to M a y 7..
29.000
424.000
291 .0 0 0
Alexandria receipts to M a y 6 -
2 ,0 0 0
9 8 9 .0 0 0
3.000 1.004.000
276.000
5 ,000
266 .0 0 0
Other supply to M a y 6 * ----------7.000
Total supply___________________ 5,520,717 20.217,103 4 ,8 5 0 ,7 4 4 18,477,879
l
D e duct—
Visible supply M a y 8 ___________
5 ,1 3 4 ,8 0 7 4 ,5 3 2 ,1 3 3 4.53 2 ,1 3 3
385.910 15,082,296!
274.910 11,276,296!
111,000 3 ,8 0 6 ,0 0 0
Total takings to M a y 8 ..a --------O f which American....................
O f which other________________
318,611 13.945.746
231,611 10.903.746
87,000 3 ,0 4 2 ,0 0 0
* Embraces receipts in Europe'from Brazil, Smyrna, W est Indies, &c.
a This total embraces the total'estim ated consumption by Southern mi 11s
2 ,1 5 0 ,0 0 0 bales in 1913-14 a n d £2,028,000 bales in 1912-13— takings not
being available— and the aggregate amounts taken by Northern and foreign
spinners, 12,932,290 bales in 1913-14 and 11.917,746 bales in 1912-13 of
which 9 ,1 2 6 ,2 9 6 bales and 8 ,8 7 5 .7 4 6 bales American.
I N D I A C O T T O N M O V E M E N T F R O M A L L PO R TS .
1913-14.
M ay 7.
Receipts at—
1912-13.
Since
Sept. 1.
Week.
Week.
■
Since
Sept. 1.
95.900 3,05 *>,000 88,000 2.188,000
Exports
■from—
Great Conti- Japan
B rita in . nent. ikChlna Total.
Bombay—
1913-14..
1912-13-.
1911-12..
Calcutta—
1913-14..
1912-13..
1911-12..
Madras—
1913-14..
1912-13..
1911-12..
All others—
1913-14..
1912-13..
1911-12..
Since
Sept. 1.
53,000 1.977,000
Great
B rita in .
Continent.
Japan
& China.
Total.
894,000 1,733,000
679,000 987,000
718,000 950,000
5,000 55,001 49,000 109,000
2,000 17,001 23,003 42,000
10,000 49.00C 59,000
43,000
20,000
8,000
796,003
268,003
221,000
11,000
2,000
1,000
2,009
3,000
2,000
14,00C
14,003
15,003
68,003
16.00C
9,000
84,000
33,000
26,000
5,000
4,000
2,000
30,003
18.00C
3,00C
2,000
1,000
37,000
22,000
6,000
23,000
14,000
5,000
264,009
139,000!
92,000|
10.00C
83.00C
22,000
303,000
236,000
119,000
i,oo:
i,oo:
1,001
10,000
1,000
1,003 is,oo:
1.00C io,oo:
8.00-; 12,000 22,000
2,09.
8,000
- . . .
8,000
—
Total all—
1913-14..
1912-13..
1911-12..
0,003 72,001 60,000 138,000
4.00J 20,001 ' 36,000 63,000
19,000 49,009 63,000
—
. T o ta l.......................................... ......................... ........... .......................................... -9 7 ,7 5 0
M a y 8.
M a y 1.
1p r i l 17. A p r i l 2 4 .
5 6 ,000
58.000
Sales of the w eek_________ ______ 4 7 ,000
51,000
4 .000
3 .000
O f which speculators took._____
3 ,0 0 0
3 ,000
3 .000
2 .000
O f which exporters took..............
1,000
1,000
48.000
45.0 0 0
Sales, American__________________
3 5 ,000
3 9 ,000
13.000
6,000
Actual export_____________________
14,000
11,000
80.0 0 0
Forwarded.------------------------------------9 9 ,000 _ 83,000
Total stock------------------ I - — - — 1,206,000 1,202,000 1,158,000 1,102,000
9571000
92L 000
870,000
O f which American____________ 966,000
89.000
41,0 0 0
41,000
Total imports of tho w eek_______ 105,000
57.000
29,000
20,000
O f which American____________
72,000
155,000
186,000
Amount afloat_____________________
179,000 156.000
107,000
124,000
O f which American_____________
112,000 111.000
86.000
Since September 1.
For the Week.
T o ta l bales.
P E N S A C O L A — T o Liverpool— M a y 1— Vivina, 3 ,0 9 4 .......................... 3 ,094
T o Havre— M a y 7 — ____________ ,2 ,7 5 0 .............................. ..................... 2 ,7 5 0
T o Rotterdam— M a y 1— Orteric, 100_______
___ _____
____ 100
M O B I L E — T o Liverpool— M a y 7— Albanian, 2 ,279 ................. ..............2 ,2 7 9
T o Manchester— M a y 5— Ncssian, 3,253
.
3 ,253
T o Bremen— M a y 2— Burmese Prince, 5 ,0 3 9 ........ ..........................- 5,039
S A V A N N A H — T o Liverpool— M a y 1— Ubbergan, 2 00______________
200
T o Bremen— M a y 2— Glcnaen, 6 ,1 7 1 - — M a y 5— Roanoke, 3,434 9,605
T o Antwerp— M a y 5— Roanoke, 300_____________________________
300
T o Barcelona— M a y 2— Erodiado, 4 ,2 6 8 _____________ _________ 4,268
T o Genoa— M a y 2— Erodiade, 325_____________
___ ___________
325
T o Trieste— M a y 2— Erodiade, 8 0 0 _____________
_________
800
B R U N S W I C K — T o Liverpool— M a y 1— Nortonian, 4,921 ...........- 4,921
T o Bremen— M a y 1— Roanoke, 2 ,6 1 9 ____________
_
. . 2,619
N O R F O L K — T o Liverpool— M a y 4— Queen Wiihelmina, 1,109____ 1,109
B O S T O N — T o Liverpool— M a y 1— Armenian, 550
M a y 4— C ym
ric, 100______________________________________________________
650
T o Manchester— M a y 2— M em phian, 4 9 -------------------------------------49
T o Hamburg— M a y 2— Cleveland, 34-------------------- --------------- ------34
T o Yarm outh— April 30— Prince George, 101-----------------------------101
B A L T I M O R E — T o Liverpool— April 28— Quernmore, 3,969 upland,
60 Sea Island---------------------------------------------------------------------------------- 4 ,059
T o Havre— M a y 1— Lancastrian, 2 ,4 4 9 --------------------------------------- 2,449
P H IL A D E L P H IA — T o Liverpool— M a y 1— Haverford, 1,250--------- 1,250
T o Genoa— M a y 4— Am erica, 8 0 0 -------------------------------------------------800
P O R T T O W N S E N D — T o Japan— M a y 5— Yokoham a M aru , 4 0 - . .
40
L IV E R P O O L .— B y cable from Liverpool we have the
following statement of the week’s sales, stocks, & c., at that
port:
1911-12.
Week.
73,000 1.104.00C 980,00C 2,157,000
41,000 439,00C 778.00C 1,258,000
17,000 334,0001 750,0091,101,000
A L E X A N D R I A R E C E IP T S A N D S H IP M E N T S .
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday.
Spot.
Market,
12:15
P. M .
Dull.
J
1911-12.
22,000
7,531,860
10,000
7 ,415.678
16,000
7,190,863
T h is
Since
Week. Sept. 1.
T h is
Since
Week. Sept. 1.
T h is | Since
Week. Sept. 1.
Receipts (cantars)—
This week............. ................
Since Sept. 1.........................
E x p o rts (bales)—
To
To
To
To
4 ,000 182,941
3,250 187,408 ” 3*500 TiiT993
Liverpool_____________
____ 1191.484
6,250 206,941
Manchester___________ 7 ,7 5 0 199,574
Continent & India . . 14,000 367.028 8 ,500 344.533 10.000 321,754
2,000,114.871
3.500 96,988
3,500; 68,976
Am erica______________
T otal exports-------------- 28,500 822.986 14,000 8 3 6 ,8 8 1 1!23,750 808,624
N o te .— A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
M A N C H E S T E R M A R K E T .— Our report received by
cable to-night from Manchester states that the market is
steady for both yarns and shirtings. Spinners are con
sidered to hold small stocks of cotton. W e give the prices
for to-day below and leave those for previous weeks of this
and last year for comparison.
81i lbs. Shirt
ings, common
to finest.
32s Cop
Tioist.
Mar
20
27
Apr.
3
10
17
24
May
1
8
d. a. d.
d.
s. d.
9M
054
@
@
1054 6 054 @ 11 1
1054 6 054 @ 11 1
954
914
OH
@
@
@
@
1054
1054
1054
1054
OH
9 54
@
Ml
1054 6
1074 6
<
9 54
6
6
6
6
1 @ 11
154 © 11
154@11
2 @ 11
2
2
1913.
|
1914
2
3
3
2>4
@ 11 254
(311 2*4
Cot'n
M id . 1
U p l’si
8 5 lbs. Shirt
i
ings. common
to finest.
32? Cop
Twist
d. s. d.
d.
jd.
1
7.08 10
7 .iy o > 4
@
@
11
1154 6
7.26
7.36
7.30
7.36
@
@
@
@
11%
11%
11%
11
@
<3
1054 6
1054 6
10%
10 %
10%
10
7.28 9 %
7.32 10
«. d.
6
3
3
0
6
6
6
3 @ 11
3 @11
2H @ 11
2 @ 11
2
2
@11 6
@ 11 a
Cot'n
M id
U p l't
d.
6.91
8 91
6
6
5
454
6.96
6 98
6.91
6.77
@ 11 454
@11 454
6.72
6.68
SH IP P IN G N E W S .— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 97,750 bales. Tho shipments in detail, as made
up from mail and telegraphic returns, are as follows:
T o ta l bales.
Y O R K — T o Liverpool— M a y 2— Georgic, 148 upland, 167
Peruvian
M a y 6— Baltic, 403 upland, 145 Peruvian----------863
T o Manchester— M a y 6— Pascal, 2 00____________________________
200
T o Havre— M a y 2— Niagara, 20 w est Indian____________________
20
T o Hamburg— M a y 1— Pretoria, 9 0 ______________________________
90
T o Antwerp— M a y 1— Vaderland, 77_____________________________
77
T o Genoa— M a y 1— Calabria, l , 0 4 9 - - . M a y 4— Prinzess Irene,
7 4 8 - . -M a y 6— Iveruia, 8 25------------ --------- - ...........
- - - - - - - - 2,622
T o Naples— M a y 4— Prinzess Irono, 100___M a y 6— Ivornia, 100
200
T o Trieste— M a y 6— Ivem ia, 3 75-------- --------- - ................................... „ 375
T o Venice— M a y 1— M artha W ashington, 1,085------------------------- 1,085
T o Flume— M a y 1— M artha W ashington, 500..............
500
G A L V E S T O N — T o Liverpool— M a y 6— Indian, 1 1 ,5 6 2 -....................11,562
T o Bremen— M a y 2— W ittekind, 6 ,8 9 6 -------- ------------------- ----------- 6 ,896
P O R T A R T H U R — T o Bremen— M a y 5— Eagle Point, 5 ,5 2 7 ............. 5,527
N E W O R L E A N S — T o Manchester— M a y 1— Nossian, 5 ,8 2 8 ............. 5,828
T o Glasgow— M a y 4— Everilda, 100______________________________
100
E B T o Havre— M a y &— Texas, 2 .6 7 5 ------------ --------- - ........... - - - - - - - 2,675
.
t T o Antwerp— M a y 4— T o rs d o l,8 7 2 __ M a y 6— Raphael, 3 ,5 0 9 - 4,381
l
L T o Genoa— M a y 6— C itta dl Palermo, 4 ,6 5 5 ______________________ 4 ,655
NEW
Tuesday.
Fair
business
doing.
Wednesday. Thursday.
Good
demand.
Good
demand.
F rida y.
Good
demand.
Mid.Upl’ds
7.25
7.27
7.32
7.31
7.27
7.32
Sales_____
Spec.&exp.
4,000
300
12,000
1,000
8,090
500
13,000
1,000
12,000
1,000
10,000
1,000
Futures.
Steady,
gen.
Market 1
unch.
opened J
1
P. M .
1912-13.
Monday.
Good
demand.
1
Market,
1913-14.
A le x a n d ria , E g y p t,
M a y 6.
[ V o L . XCT1II.
J
Quiet,
54 @154
pts. dec.
Very st’dy,
Quiet,
54 @ 1 Pt. 3 @ 4 pts.
advance.
decline.
Steady,
1@ 2 54 pts.
advance.
Steady,
1@ 5 pts.
advance.
Quiet,
2 @ 3 pts.
decline.
Steady,
Steady at
unch. to J
254@3
pt. dec.* pts. adv.
Sterfly,
Quiet,
Steady at
2 1 @ 3 pt3. 1 pt. dec.to 1@ 3 pts.
4
1 pt. adv.
d eclin e.
advance.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clauso, unless otherwise stated.
The prices are given i n pence a n d h u n d re d th s .
M ay 2
to
May 8
S a tu rd a y .
11254 12 54
!p .m .
p .m .
d.
M ay.
M a y -J u n e ____
J u n e -J u ly ---------J u ly -A u g .1
_____1
6
A u g .-S e p t _____ 6
S e p t .-O c t ._____ 6
O c t .- N o v ._____ 6
N o v . - D e e -------- 6
D ec.-Ja n _______ 6
J a n .-F e b _______ 6
Feb . -M a r ._____ 6
M a r - A p r . ------ 6
M onday,
T h u s : 6 84 m eans 6 84-100d .
Tuesday. \ W ed'day. T h u rs d a y
F r id a y .
12 a
4
12 X
4
1254 4 ! 12*4
4
12 X
4
p .m . p .m . p .m . p . m . lp .m . p .m . p .m . p .m . p .m . p .m .
d.
d.
84 54 87
84 54 87
7413:77
72
7413
59
6113
40
42
3013'3213
24 126
22
24
22 124
2213 2413
23
25
d.
d.
8813 9113
9113
7§13 80
7513 7713
6213 64
43
44
3313 3413
27
28
26
25
26
25
2513 2613
27
26
d. I d.
d.
d.
d.
91
9313 91
91
92
91
9313 91
91
9113
81 17813 78
7813
7813 '76
7513
76
6113 6013 61
6413 62
4213 j42
41
45
3
35
3213 3213 4 ?* 3113
2413
. 513 2513 24.
28
2 2 1\
26
2313 2313 22
2213
2313 2313 122
26
,23
24
2613 24
27
2413 2413 III* 12313
d.
96
9513
82
'913
64
44
3413
2713
2513
2513
26
2813
d.
95
9413
8113
79
6313
42
3213
26
24
24
2413
25
BREADSTUFF'S.
Friday Night, M ay 8 1914.
Flour has continued quiet. There is little trading beyond
the ordinary routine in a market where pretty much every
body avoids big purchases. In other words, nine out of
ten stick to the old plan of buying only from hand to mouth.
The waiting policy is considered tho best with prospects,
or at any rate predictions, of a wheat crop of 900,000,000
bushels. Occasional shading of prices is rumored, but for
the most part quotations remain nominally unchanged. The
total output last week at Minneapolis, Duluth and M il
waukee was 392,675 barrels, against 337,030 in the previous
week and 342,660 last year.
Wheat has at times shown more strength under the influ
ence of European rather than domestic factors. Europe
wants tho wheat and export sales have increased. Foreign
markets have advanced. This has offset tho predictions of a
big crop in this country. There has been a largo Continental
demand at Liverpool and elsewhero for cargoes. Tho quan
tity on passage to Europe has decreased very noticeably.
Tho world’s shipments have continued small, especially to
the United Kingdom, and in foreign markets thero lias been a
general absence of selling pressure. It is worthy of note,
too, that tho Hungarian crop outlook is considered unfavora
ble. This gives rise to the suspicion that tho crops of neigh
boring countries are in not much better case. And it is
pointed out that shipments from the Southern Hemisphere
and India since the beginning^of the season are some 72 ,000 ,’
May 9 19M.]
THE CHRONICLE
1471
000 bushels smaller than in a like period last season. against a decrease in tho same week last year of 2,300,000
This noteworthy circumstance^ is now making itself bushels. The stock at Chicago decreased during the week
felt.
As against it, the promise of a big crop in 947.000 bushels. Y et the market after all has shown no
this country has, for tho time being at any rate, very little great snap. Crop reports are in the main favorable. Cash
effect. Furthermore the scarcity is expected to continue trade is not brisk. In a word, there is no very pronounced
in Europe not merely to the end of tho season but through bullish sentiment so far as this particular grain is concerned.
out the calendar year of 1914. That is why Europe pays It reflects conditions in other grain markets rather than any
so little attention to tho unusually largo winter-wheat crop thing particularly bullish in the oats situation itself. It is
in this country. Western Europe shows a disposition to of interest to note that the Government in its report of M ay
buy foreign wheat on a larger scale. In Germany supplies 1st states tho quantity of hay remaining on the farms at
are admittedly small. Hungary advices state thattheroisa 7.832.000 tons, against 10,828,000 on the same date last
largo buying of new crop by Rumania, adding by tho way year and 3,888,000 two years ago; fed on farms 8 0 .9 % ,
that damage to wheat in Hungary is estimated at anywhere against 7 1 .2 % last year, 7 6 .8 % two years ago and 7 4 .4 %
from 15 to 5 0 % . In Berlin prices have been very strong on in 1911. To-day prices declined slightly.
the bad outlook in Hungary and a bullish official crop re
D A I L Y C L O S IN G P R IC E S O F O A T S I N N E W Y O R K .
Sat.
M on.
Tues.
W ed.
T h u rs .
F r i,
port in Germany. In France thero is little disposition to
Stan dard s............._ .c t s ..4 4 -4 4 4 4 4 - 4 4 4 4 4 - 4 4 4 4 4 - 4 4 4 4 4 4 - 4 5 44-4 5
sell. It is stated that Belgian buyers find it difficult to buy N o . 2 white------------------ 4 4 4 - 4 5 4 4 4 - 4 5 4 4 4 - 4 5 4 4 4 - 4 5 4 5 - 4 5 4 4 5 - 4 5 4
D A I L Y C L O S IN G P R IC E S O F O A T S F U T U R E S IN C H I C A G O .
Danubian and Argentine wheat, as the buyers of other coun
n
tries are outbidding them. Mediterranean markets aro ex M a y dolivery in elevator...........cts.. Sat. 4 A to 7 .4 Tues. W ed. T h u rs . F r7i.4
37
3
374
374
38
3
pected to continue buying. A t Buenos Aires shorts have been July delivery in elevator___________ 37 4 37 4 37 4 3 7 4
37 4
37 4
35 4
35 4
covering, owing to light arrivals and a good export demand. September delivery in elevator------- 35 4 3 5 4 3 5 4 3 5 4
Closing prices were as follows:
Reverting to the world’s shipments, they reached last week
FLO U R .
9.248.000 bushels, against 9,008,000 in the previous week and
Winter, low grades____ $3 2 0 @ $ 3 40 Spring clears____________ $4 1 0 @ J 4 25
11.072.000 last year. Of the total, only 1,952,000 bushels Winter patents_________ 4 9 0 @ 5 10
Kansas straights, sacks.. 4 2 5 @ 4 40
went to the United Kingdom, against 2,192,000 in the pre Winter straights________ 4 4 5 @ 4 70 Kansas clears, sacks___ 3 7 5 ft 4 10
Winter clears___________
vious week and 3,088,000 in the same week last year. Argen Spring patents_________ 4 0()@ 4 30 C ity patents____________ 5 9 5 @ 6 35
4 5 0 @ 4 80 Rye flour............................. 3 2 0 ®
80
tine shipped only 456,000 bushels, against 632,000 in the Spring straights________ 4 2 5 @ 4 55 Graham flour___________ 3 8 0 @ 3 50
4
provious week and no less than 3,688,000 bushels in the same
G R A IN .
Corn, per bushel—
cts.
week last year. At Chicago offerings have been readily W heat, per bushel— f. o. b.
N . Spring, N o. 1............... _ Si 0 2 4
N o 2 mixed______
...
78
absorbed. M a y has been conspicuously firm at about 8
N . Spring. N o . 2 --------------100
N o . 2 yellow______
--7 7 4 @78
Red winter, N o . 2 _____
1 044
cents over July, in contrast with 6 cents over July at times
N o . 3 yellow______
...
704
Hard winter. N
1
Argentina in bags..
...
70@ 75
last week. Northwestern markets have been conspicuously Oats, per bushel, o. 2, arrive cts0 3 4 Rye, per bushel—
now—
firm. In three days stocks at Duluth fell off 900,000
Standards_____________ 4 4 ® 4 5
New Y o r k ..............
69 4 @ 7 0 4
N o. 2, white....................- _ 4 5 ® 4 5 4
Western____________
694
bushels and in four days the supply at Minneap
N o . 3 . white_____________ 4 4 ® 4 4 4 Barley— M a ltin g ____
59 @ 6 0
olis
decreased
525,000
bushels.
Naturally
these
things have had a bracing effect there.
Developments
A G R IC U L T U R A L
DEPARTMENT
REPORT
ON
in the M ay option at Chicago are being watched C E R E A L S , &c.— The report of the Department of Agri
with increasing interest. The firmness of corn, the unfav culture, showing the condition of the cereal crops on M a y 1,
orable wheat crop reports from abroad, the strength of Euro was issued on tho 7th inst., and is as follows:
pean markets and the stringency of M ay here have been
The Crop Reporting Board of the Bureau of Statistics (Crop Estim ates),
among the leading features.
On the other hand speculation United States Department of Agriculture, estimates, from tho reports of
correspondents and agents of the Bureau, as follows:
has dwindled to some extent and latterly prices have weakened
On M a y 1 tho area of winter wheat to be harvested was about 3 5 ,3 8 7 ,0 0 0
on good crop prospects. It is hard for tho average operator acres, or 3 .1 % (1,119,000 acres) less than the area planted last autum n,
but 1 1 .0 % (3,088,000 acres) more than the area harvested last year, viz.,
hero to take the bull side in the teeth of predictions of an 31 .0 9 9 ,0 0 0 acres.
Th e average condition of winter wheat on M a y 1 was 9 5 .9 , compared
American crop of 900,000,000 bushels. Winter-wheat re
95.0 on
1,
ports continue bearish. Cold, wet weather lias delayed with ten years April ay 9 1.9 on M a y 1 1913 and 8 5.5 the average for the
past
on M
1.
A condition of 9 5 .9 % on M a y 1 is indicative of a yield per acre of approxi
seeding to some extent in tho Amorican and Canadian North
mately 17.8 bushels,
to prevail thereafter.
west. Tho Government report on Thursday pointed to a On tho estimated area assuming average variations per acre would pro luce
to be harvested, 17.8 bushels
winter-wliev crop of 630,000,000 bushels, or tho largest 6 3 0 ,0 0 0 ,0 0 0 bushels, or 2 0 .3 % more than in 1913, 5 7 .5 % more than in
at
on record. To-day prices wore easier. Northwestern crop 1912 and 4 0 .3 % more than in 1911. The outturn of the crop will probably
bo above or below tho figures given above according as the change in condi
reports were moro favorable.
Export business of lato tions from M a y 1 to harvest is above or below the average change.
T h e average condition of ryo on M ay 1 was 93.4, compared with 91.3 on
has been large.
D A I L Y C L O S IN G P R IC E S OF W H E A T F U T U R E S IN N E W Y O R K Sat. M o n .
Tues.
W ed. T h u rs . F r i.
N o . 2 red in elev________________ cts .104
104 104
104
10.3.4 103 'A
M a y delivery in elevator_________ . 1 0 1 4 102 Yx 102
1 0 2 4 1 0 2 4 102
July dolivery In elevator_________ . 94 4
94 4 9 4 4
94 %
94 4 94 4
September delivery in elevator___ . 9 2 4
924 924
024
9 2 4 92 4 .
D A I L Y C L O S IN G P R IC E S OF W H E A T F U T U R E S IN C H I C A G O
S a l.
A fo n . Tues. W ed. T h u rs . F r i.
M a y delivery in elevator______cts . 92 4
93 4 93 4
93 4
93 4
934
July delivery in elevator................. . 8 5 4
8G
85 4
85 4
85 4
85 4
September delivery in elevator___ - 84 4
85
84 4
84 4
84 4
844
Indian corn has advanced on bullish crop reports fron
Argentina, duo to persistent rains in that country. Anothei
bullish factor has been the firmness of foreign corn markets
Tho delay in shipping Argentine corn, however, has playec
a conspicuous part in tho rise which has taken place, although
there are some signs that these shipments aro beginning tc
increase. A t Buenos Aires prices have been firm on cover
ing of shorts, small receipts and a better foreign demand.
Damage reports are being received at Buenos Aires, owing
to the rains. Some reports have it that the damage in Ar
gentina amounts to 1 0 % . Also, Chicago stocks within a
short time have been greatly reduced. A t Chicago, too,
there has been persistent buying of M a y , as against selling
of distant futures. Texas has been an eager buyer at Kansas
City. Chicago has been selling to St. Louis. Cash markets
at the West have been generally strong. According to the
current talk at Chicago, the outstanding short interest in
M ay amounts to some four or five million bushels. Latterly,
however, the weather reports from Argentina have been rather
moro favorablo. Also, it is a fact that tho shipments of
corn from Argentina last week amounted to 2,049,000 bush
els, against 1,514,000 in tho previous week and 2,321,000
in the same week last year, so that shipments havo evidently
begun to increase. To-day prices wero rather weak, after
opening firm. The weather in Argentina was more favorable.
Tho Southwest was selling at Chicago.
D A I L Y C L O S IN G P R IC E S OF N O . 2 M I X E D C O R N IN NPAV Y O R K .
Snt.
A lo n . Tues. W ed. T liu rs . F r i.
77 4
78
78 4
78 4
78
N o . 2 mixed.................................... cts.. 77 4
D A I L Y C L O S IN G P R IC E S OF C O R N F U T U R E S IN C H I C A G O .
Sat. M o n . Tues. W ed. T h u rs . F r i.
M a y delivery In elevator.......... cts.. 04 4
65 4 66 4
66 4
63 4 0 0 4
J u l y d e l iv e r y in e l e v a t o r ----------------- 64 4
05 4 00 4
60 4
05 4 054
S e p t e m b e r d e l iv e r y in e l e v a t o r ____ 04 4
05 4 05 4
05 4
04 4 0 4 4
Oats have advanced, partly in sympathy with tho riso in
corn. M ay has been especially firm at Chicago and is now
selling at a premium over July as contrasted with a rocent
discount. This is due to a rapid decreaso in tho stock at
Chicago. Somo of the shipping concerns there which havo
M ay oats bought against the shipping sales havo thus far
been unablo to got delivery. Tho available supply of oats
in this country decreased last week 4,000,000 bushels,
April 1, 91 on M a y 1 1913 and 89.4 the average for the past ten years
on M a y 1.
The average condition of meadow (hay) lands on M a y 1 was 90.9, com
pared with 8 8.5 on M a y 1 1913 and a 10-year average on M a y 1 of 88.1.
Stocks of iiay on farms M a y 1 are estimated as 7 ,8 3 2 ,0 0 0 tons (1 2 .2 %
of crop), against 10,828,000 tons (1 4 .9 % ) on M ay 1 1913 and 4 ,7 1 4 ,0 0 0
tons (8 .6 % ) on M a y 1 1912.
Tho average condition of pastures on M ay 1 was 8 8 .3 , compared with
87.1 on M a y 1 1913 and a 10-year average on M a y 1 of 8 5.0.
O f spring plowing, 7 0 .9 % was completed up to M a y 1, compared with
0 7 .2 % on M ay 1 1913 and a 10-year average on M ay 1 of 00.6.
O f spring plantin, 5 0 .4 % was completed up to M a y 1, compared .with
5 7 % on xVIay 1 1913 and an 8-year average of M a y 1 of 54.6.
The statements of tho movement of breadstuffs to market
indicated below are prepnfed by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years havo been:
Flour.
Receipts at—
Chicago___
Milwaukee..
Wheat.
Corn.
Oats.
| Barley.
Rye.
bbls.l90lbs. bush. 00 lbs. 'bush .56 lbs. bush. 32 lbs. bush ASlbs. bu. 56 lbs.
Minneapolis.
Toledo__
Cleveland __
St. Fouls__
Peoria____
Kansas City.
O m a h a ____
Tot. wk. '14
Same wk. '13
Same wk. ’12
177,000
51,000
8.000
13,000
00,090
34,000
313,000
330,000
2,34,908
013,000
103,000
39,000
1,107,000
•
26,000
510,000
57,000
1,0S3,000
158,00C
404,000
190,000
41,000
44,000
199,000
19,000
65.000
47,000
324.000
315,000
95,000
123,000
183,000
2,000
31,000
13,000
235,000
9,000
212,000
142,000
40,000
41,000
46,000
15.000
276,000
138,000
279,000
22S.OOO
1,000
2,000
46,000
13,000
0,000
2,567,000
4,942,000
1,955,276
1,045,000
2,852,000
3,401,803
2,42.8,000
3,573,000
2,337,508
828,000
984,000
336,505
135,000
109,000
87.4S6
8,000
______
......
Since Aug. 1
1913-14__ 10,449,000 251,785,000 183,017.000 131,397,000 77,271,000 21073000
1012-13__ 11,1 19,520 223,389,900 183,118,228 195,959,088 S8.237.339 15572042
1911-12... 9,951,995 117,709,209 157,524.719 121,209,747 59,061,901 7,512,622
Total receipts of flour and grain at the seaboard ports for
the week ended M ay 2 1914 follow:
Receipts at—
Now Y o rk ......... .
.
Philadelphia___
Ilaltlmore...........
New Orleans * . .
Newport News.
Galveston______
Mobile ............
Montreal______
Total week 1914
SlnceJan. 1 1914
Week 1913.........
SlnceJan. 1 1913
.
.
.
.
J
.
.
Flour,
bbls.
12,000
24,000
3,000
31,000
13,000
70,000
1,000
10 ,06 b
171000
65,000
Wheat,
bush.
596,000
255.000
10,000
107.000
59.000
44.000
7.000
1.000
10.000
227.000
Corn,
bush.
92,000
1,000
Oats,
bush.
588,000
49,000
10,000
45.000
69.000
147.000
150.000
35,000
1,000
30.000
2,000
18,000
Barley,
bush.
14,000
Bye.
bush.
5,000
19,000
127,000
i‘ 6 6 o
391666
5,000
12,000
46,000
250,000
992,000 200,000
. 354,000 1,310,000
43,000
.7,349,000 35,282,000 8,984,000 13,851,000 4305,000 1132.000
822,000 2S4.000 102,000
. 341,000 3,134,000
439,000
.7,421,000 45,134,000 38,459,000 10,710,000 10075000 1296,000
* Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
THE CHRONICLE
1 4 7 2
The exports from the several seaboard ports for the week
ending M ay 2 are shown in the annexed statement:
Oats,
bush.
315,08.8
Corn,
bush.
5 4 3 ,146
2 5 5 ,0 0 0
219 ,796
7 2 ,0 0 0
4 2 7 ,8 1 7
5 3 ,0 0 0
4 1 ,0 0 0
1,000
2 2 7 ,0 0 0
P h ila d e lp h ia ____
B a ltim o re ________
N ew O rlean s____
N e w p o r t N e w s ..
M o b i le ___________
S t. J o h n _________
T o t a l woek____ 1,872,7,89
W eak 1913............2 ,3 1 9 ,8 3 3
Barley,
bush.
Peas,
bush.
8 ,434 152,728
127,000
32,536
Flour,
bbls.
12,921 122,333
3 ,0 0 0
9 ,7 3 2
5 ,0 0 0
10,467
3 0 ,6 8 6
7 .0 0 0
19,000
1.000
10,000
3 0 ,0 0 0
6 5 ,0 0 0
Wheal,
bush.
Exports from—
N ew Y o r k ______
P o rtla n d , M e ____
9 ,9 8 2
Rye,
bush.
9,7 5 0
41,536 111,428
600
..........
..........
..........
4 6 ,0 0 0
9 2 ,9 1 0 2 3 3 ,582
4 5 3 ,2 6 5 185 ,903
3 90 ,971 119,862 358 ,264
2 8 7 ,044 99,371 209 ,982
9 ,982
6 ,074
The destination of these exports for tho week and sinco
July 1 1913 is as below:
----------- Flour-------------------------- Wheal-----------------------------Corn--------------
Week
Exports for week and May 2.
bbls.
since July l to—
U nited K in g d o m —
S ou . * C e n t. A m e r .
W est In d ie s------------B r it. N o r. A m . C ol3.
O th er C ou n tries-------
6 1 ,0 8 4
4 7 ,8 0 4
5 0 ,594
3 8 ,560
6 ,6 5 0
28,890
Since
July 1
Since
July l
Week
May 2.
bush.
1913.
bbls.
since
July 1
Week
May 2.
bush.
1913.
bush.
4 ,6 2 1 ,0 0 4
624 ,331 7 8 ,0 91,544
2 ,3 9 2,996 1,239,458 7 8,280,321
,8,000 1,148,139
1,090,001
1,000
91,837
1,466,486
_______
8 7 ,226
2 7 2 ,097
272,104
1913.
bush.
100
637,551
763,086
365,830
1,624,343
9,344
36,769
3,075
88,322
_______
1,113
T o t a l ......................... 233 ,582 9 ,9 2 9 ,6 1 7 1 ,872,789 157883,938
T o t a l 191 2-1 3_______ 185,903 9 ,6 4 8 ,2 1 2 2 ,3 1 9 ,8 3 0 130409,952
9 2 ,610 3,4 3 6 ,9 2 3
45 8 ,2 6 5 3 8,613,747
The world’s shipments of wheat and corn for the week
ending M ay 2 1914 and since July 1 1913 and 1912 are shown
in the following:
Wheat.
Exports.
1913-14.
Corn.
| 1912-13.
Since
July 1.
Since
July 1.
Week
ilfay 2.
1912-13.
1913-14.
Since
July 1.
Week
May 2.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
1 ,783,000 36.5 9 2 .0 0 0
3,0.38,000 2 3 1 .3 1 8 .0 0 0 209 ,7 7 4 ,0 0 0
8,9 2 3 ,0 0 0
1367000 1 2.767.000
2 ,8 0 0 ,0 0 0 131 .314 .00 0 9 0 ,3 9 1 ,0 0 0
1,010,000 5 0 .8 1 0 .0 0 0 4 9 ,6 9 5 ,0 0 0 1.284.000 2 7 .0 5 8 .0 0 0 12.921.000
4 5 6 ,0 0 0 3 6 .8 7 0 .0 0 0 113,153 ,00 0 2.0 1 9 .0 0 0 143,517 ,00 0 178,709,000
A r g e n t in a ...
1,712,000 5 8 ,1 9 1 ,0 9 0 3 7 ,8 0 1 ,0 0 0
72.090 2 6 .4 4 0 .0 0 0 4 6 ,5 1 0 ,0 0 0
Imlta.
6 ,9 2 5 ,0 0 0
6,6 8 6 ,0 0 0
O th .c o u n t r 's
8 0 .090
5 5 4 ,5 4 3 ,0 0 0 3 ,4 6 9 ,0 0 0 1 8 5 ,1 5 5 ,0 0 0 '2 3 7 ,1 4 5 ,0 0 0
i iiu
w ucu u ui
mentioned was as follows:
Corn.
Wheat.
United
Kingdom. Continent.
United |
Kingdom.] Continent.
M a y 2 1 9 1 4 ..
A p ril 25 1 9 1 4 ..
M a y 3 1 9 1 3 ..
M a y 4 1 9 1 2 ..
Total.
Bushils. | Bushels.
Bushels.
Bushels.
39.8.80.000
41,0 0 0 ,0 0 0
59,9 9 2 ,0 9 0
5 4 .2 0 8 .0 0 0
4 .5 5 6 .0 0 0
4 .3 1 1 .0 0 0
4 .1 2 3 .0 0 0
3 .0 3 6 .0 0 0
2 0 .2 4 8 .0 0 0
2 2 .0 9 8 .0 0 0
2 3 .4 61.000
3 0 .9 6 0 .0 0 0
19,632,000
13,904,000
3 6 ,5 2 8 ,0 9 0
2 3 ,2 48,000
Bushcts.
Total.
Bushels.
8 .6 1 9 .0 0 0 13.175.000
7.2 8 5 .0 0 0 11.629.000
7.0 8 9 .0 0 0 11.212.000
5.1 0 0 .0 0 0 8,1 3 6 ,0 0 0
The visible supply of grain, comprising tho stocks in
granary at principal points of accumulation at lake and
seaboard ports M a y 2 1914 was as follows:
U N IT E D
STATES
G R A IN
STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Rye. Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
bush. bush. bush. bush. bush. bush. bush. bush.
.
375
.
14
.
91
.
133
.
225
.
253
. 1,681
674
T o l e d o ............................. .
.
132
C h ic a g o ..... ....................... . 4 ,1 0 0
250
"
a flo a t _______ .
70
M ilw a u k e e ____________ .
. 9 ,0 6 6
M in n e a p o lis.................... .1 7 ,6 9 4
258
S t. L ou is ................... .. .
K a n sa s C i t y ............... .. . 3,886
43
P e o r i a . ________________ .
131
In d ia n a p olis.................... .
.
632
On L a k es..... ........... ......... . 3 ,680
P h ila d elp h ia — .............
B a ltim o re .........................
N ew O rlean s...................
G a lv e s t o n _____ _______
T ota l
T ota l
T ota l
T ota l
49
36
269
170
____
____
332
____
____
____
____
1,287
____
____
____
____
____
____
—
15
9
65
81
80
11
879
150
206
4 ,803
105
63
____
44
156
778
25
248
732
S64
590
7
240
216
100
____
992
190
53
6 ,093
____
41
1,395
947
327
576
526
55
704
210
72
1
55
—
—
—
670
____
____
____
1,891
____
____
____
____
____
—
2,143 9 ,3 8 0 13,262 2,689
M a y 2 1014. .4 3 ,3 8 8
2,468 12,623 14,893 3 ,510
A p ril 25 1914. .4 6 ,6 9 9
966
M a y 3 1913. .4 7 ,1 5 7 4 ,468 7,270 8 ,704
3,885
M a y 4 1912. .4 1 ,7 2 2 5,916 7,490 9,969
C A N A D IA N G R A IN S T O C K S .
Canadian Bonded Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
bush. bush. bush. bush. bush.
In Thousands—
M o n tr e a l_______________
408
F t . W illia m <fcPt. A rth u r. 14,353
O th er C a n a d ia n ________ 2 ,580
T ota l
T ota l
T ota l
T ota l
M a y 2 1 9 1 4 ..1 7 ,4 3 1
A p ril 25 1 9 1 4 .. 18,647
M ay
31 9 1 3 .. 17,571
M ay
4191 2. .2 2 ,2 8 1
In Thousands—
267
6 ,8 1 8
3 ,5 5 8
7 10,643
8 12,151
14
7 ,887
4
7 ,8 9 8
SU M M ARY.
M ay
2 1 9 1 4 ..6 0 ,8 1 9
A p ril 25 1 9 1 4 ..6 5 ,3 4 6
M a y 3 1 9 1 3 ..6 4 ,7 2 3
M a y 4 1 9 1 2 ..6 4 ,0 0 3
2,143
2,1 4 3
2 ,4 6 8
4 ,4 6 8
5 ,916
-------------------------
9 ,3 8 0 13,262 2,689
7
10,643 --------9 ,3 8 7
12,631
7,284
7 ,494
2 3 ,905
2 7 ,0 4 4
16,591
17,867
” 44
—
____
14
4
27
192
45
5
32
71
____
____
4
—
____
554
____
____
____
____
128
283
23
264
392
23
____
____
____
54
104
2.88
123
908
25
____
____
____
43
208
1,147
1,217
084
651
2,486
2,055
1,706
1,269
138
____
____ _
____
____
____
—
369
382
303
4f5
Canadian Bonded
Rye. Barley. Barley.
bush. bush. huh.
--------12
772 --------.......................................................
..................................... ........
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats.
bush. bush. bush. bush. bush.
A m e r i c a n ............................ 4 3 ,3 3 8
C a n a d ia n .............................17,431
T ota l
T ota l
T ota l
T ota l
____
7
........................
-------------
5
1
2,6.89
3 ,5 4 0
966
3 ,8 8 5
12
14
-----------
772
725
156
90
____
____
____
____
Bonded
Rye. Barley. Barley,
bush. bush. bush.
1,147
12
1,159
1,231
684
651
2,486
772
3,253
3,3.30
1,862
1,359
369
____
369
3,32
303
465
THE DRY GOODS TRADE.
New York, Friday Night, May 8 1914.
The dry goods trado has experienced a very dull weok,
jobbers and commission houses doing very little either over
the counter or through tho mails. Cotton goods manufac
turers are discouraged over tho lack of business, and while
they have not accumulated stocks, they are badly in need of
additional business to ensuro future operations at tho present
scale. They are also receiving little benefit from tho busi
[VOL.
XCVII1
ness on their books, being compelled to be content with a
very narrow margin of profit. Buyers are bidding for staplo
lines for forward delivery, but at such prices as to make busi
ness wholly unprofitable to manufacturers.
It is believed
that buyers will continue to operate in a hand-to-mouth
fashion until a shortago of supplies dovelops or a declino in
raw material brings about a reaction in prices for finished
goods. The backward operations of manufacturers is hav
ing a demoralizing effect on the cotton-yarn market, and re
ports from all centres complain of declining prices with very
poor demand and heavy accumulation of stocks in tho hands
of both spinners and dealers. The result has been that tho
Southern Hard Yarn Spinners’ Association have jointly
agreed to curtail their output one-third during tho next
three months, which will reduco tho output of yarns about
3,000,000 pounds and relievo the glutted condition of the mar
ket. This is a very unfavorable development and strength
ens buyers in their opinion that finished-goods prices will bo
forced to lower levels. Retail buying is not good, having
been delayed by tho cold spring which was experienced in
most sections of tho country. While jobbers’ sales havo
increased during the past week or two, they aro far from mak
ing up for the earlier loss of business. Sales of summer wash
goods havo beon fair, but in view of tho light stocks in tho
hands of retailers, a much better business had been expected.
Very little new business in cotton goods for oxport account has
been reported and no improvement is anticipated without a
reduction in prices, except from China, which market is al
ways an unknown quantity, buying from that quarter usu
ally coming forward when least expected.
Italian and Aus
trian merchants still control Red Sea and Mediterranean
markets with their cheaper products.
D O M E S T IC C O T T O N G O O D S — The exports of cotton
goods from this port for the week ending M ay 2 were 6,746
packages, valued at 8520,547, their destination being to tho
points specified in tho table below:
--------- 1914---------Since
J a il. 1.
1,30.5
1,210
30,301
C h i n a ____________________________
28
4,701
In d ia _____________________________ ...............
4,505
________
10
3,915
________
905
20,072
201
8,21,8
22,472
27,043
Other countries_________________ ............... 2,177
N e w Y o rk to M a y 2— •
Week.
11
Great Britain____________________ .......... ..
T o ta l........................... - ..................................6 ,7 4 6
124.123
Week.
7
22
2,480
297
2,008
948
727
54
324
882
3,238
11,587
124,232
Tho value of these New York exports since Jan. 1 has been
$9,227,229 in 1914, against $9,707,442 in 1913.
Business in staple cotton goods is quiet, and confined almost
entirely to spot transactions. Buyers are not disposed to
place forward contracts, and even where so disposed aro being
restrained by their merchandise managers. Where business
is offered for forward delivery it is at prices too low for manu
facturers to accept and is being done more to test the market
than through any intention of buying. Buyers aro watch
ing conditions in tho yarn market and aro oxpocting much
lower raw-material prices, with a consequent rovision in
the prico of finished goods. Bettor weather conditions havo
brought some improvement in sales of wash goods, but much
more will havo to bo done in those before tho volumo of sales
will equal that of past seasons. Print cloths aro very slow
in both wide and narrow numbors, and whero any business is
done for forward delivery it is at tho expense of valuos.
The expectation of heavy Government contracts for cotton
duck and army materials is dying out, and such as havo beon
reported aro turning out to be nothing moro than tho annual
provision which is made during the lato spring and early
sim mer. Gray goods, 38-inch standard, aro quoted 5 l-16c.
to 5 H e.
W O O L E N G O O D S.— In the dross goods trade, fall linos
aro selling well and prices show a strong upward tendency.
Broadcloths and serges lead in tho volumo of sales, but othor
fabrics aro doing well. All fabrics suitable to tho now capo
styles, which promise to be so popular during tho lato summer
and fall, are m good demand.
It is not yet known which
fabric will take best in these garments, but there is no doubt
that the better class of trado in capes will bo in broadcloths
or other fine and smooth-finished fabrics. Although plaids
and checks are being turned out for this purpose, plain col
ored fabrics will probably be most desirable.
In mon’s wear,
cancellations of early fall ordors aro received from some quar
ters, but are being offset by re-orders from other places.
Prices are firmly held, and while somo clothing manufactur
ers are not receiving business enough at present to talco caro
of tho goods they havo ordered, they are rofraining from can
celing, as the prices which they enjoyed by placing ordors
early aro too attractive compared with present values.
F O R E IG N D R Y G O O D S .— Warmer weather is improving
tho demand for summer dress linens and road salesmen aro
now starting out with expectations of making up for tho busi
ness which was lost through tho cold and backward spring.
Linens other than dress goods are moving steadily,,with no
sign of any depression in their department. There is a good
call for handkerchief and shirt-waist materials, and demand
for household goods is equal to supplies. Little change has
been noted in tho market for burlaps, prices holding steady,
with a small business passing. Light-weights are quoted
at 4.75c. and heavy-weights at 5.75 to 5.80c.
M a y 9 1914.
THE CHRONICLE
S T A T E ATMB
C ITY
Ef/iRT'MEWT,
(^ h v o
PUBLISHED WEEKLY.
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
For Ono Year ...................................... ....................................................................$10 00
For Six Months.........................................................................................................
6 00
European Subscription (Including postage)................................................. 13 00
European Subscription six months (including postage).......................... 1 60
Annual Subscription in London (including pi s t a g e ) .................................. £ 2 14s.
Six Months Subscription in London (including postage)........................£ 1 11 8Canadian Subscription (including p o sta ge)................................................ $11 “ 0
S u b s c rip tio n in c lu d e s f o llo w in g S u p p le m e n ts —
B i n k a n d Q u o t a t i o n (m o n t h l y ) I R a h w a y a n d I n d u s t r i a l (3 t im e s y e a r ly )
R a i l w a y E a r n ings ( m o n t h l y )
E l e c t r i c R a i l w a y (3 t im e s y e a r ly )
S t a t e a n d C i t y ( s e m i-a n n u a ll y ) | B a n k e r s ’ c o n v e n t i o n ( y e a r l y )
T e r m s o f A d v e r tisin g — P er In c h S p a c e
Transient matter per inch space (14 agate lines).......................................... $4 20
( Two Months
(8 times)............................... 22 00
..
, ) Three Months (13 tim es)............................... 20 00
Stnmling Business Cards < gix Months
(26 tim es)............................... 50 00
( Tw elve Months (52 times)............................... 87 00
C hicago O ffice —Geo. M . Shepherd, 513 Monadnock Block; T el.H arrison4012.
L ondon O ffice —E dwards & Smith, 1 Drapers’ Gardens, E. C.
W I L i I i l A M 15. D A N A C O M P A N Y , P u b l i s h e r s ,
P. O. B ox 9 5 8 .
F r o n t , P in o a n d D e p e y s to r S t s .,
N ew Y o r k ,
M U N IC IP A L BOND SALES I N APRIL.
Last month’s output of municipal bonds, amounting to
$100,025,414, is tho largest on record. The total includes
$70,000,000 New York City obligations— that is, tho $G5,000,000 corporate stock sold at public bidding and $5,000,000
assessment bonds taken by tho Sinking Fund. Tho city also
sold $12,707,415 revenue bonds and bills and corporate stock
notes, but the.se, being short-term securities, are included with
our temporary loans, which amounted in all to $19,077,440.
Sales of Canadian securities, which we also report separately,
reached a total of $17,912,348— an amount substantially
smaller than in tho corresponding month of last year.
In tho following we furnish a comparison of all tho various
forms of obligations put out in April in tho last five years:
1014.
1913.
1912.
1911.
1910.
Permanent loans (U .S .)1 0 0 .0 2 5 ,414
23,044,915 22,317,243 38,562,680 20,091,260
Temporary loans ( U .S .)* 1 9 ,077,440 *53,289,709 28,776,803 2 8 ,DO? r - .r 24,642,630
Canadian loans (perm’t) 17,912,348 24,653,751 9,535,791 4,51
.,8 10 ,31 4
Total------- ---- 137,015,202 101,588,375 60,629,837 09,1 1 ,992 57,150,231
* Includes $*12,707,415 temporary securities Issued by Now York C ity
In April 1914 and $ 5 0 ,485 ,235 In April 1913.
Tlio number of municipalities emitting permanent bonds
and tho number of separato issues made during April 1914
were 350 and 459, respectively. This contrasts with 335 and
494 for March 1914 and with 300 and 374 for April 1913.
For comparative purposes wo add the following table,
showing tho aggregates of long-term issues for April and tho
four months for a series of years:
Month of
A p ril.
1914 .
1913..
1912. .
1911..
1910 _
1909..
1908._
1907..
1906..
1905..
1901..
1903..
___ $100,025,114
.. 23,644,915
. . . . 22,317,243
____ 38,562,636
........ 20,691,260
____ 37,4)2,552
____ 21,428,859
____ 19,909,004
........ 8,725,437
........ 40,409,428
____ 11,814,584
____ 17,620,820
For the
Four Months.
263,287,419
96,258,401
97,951,422
102,020,305
121,708,581
117,402,998
112,196,084
78,235,007
05,755,080
70,137,234
58,333,230
48,803,588
1902___
1901___
1900.......
1S99.......
1898.......
1897___
1890___
1895___
1894___
1893___
1892___
Month of
A p ril.
. . . $0,735,283
. . . 9,298,208
--- 14,157,809
--- 7,477,400
. . . 3,570,963
. . . 13,000,323
. . . 4,521,850
. . . 8,469,464
. 11, 599, 392
. . . 9,175,783
. . . 6,723,000
For the
Four Months.
838,254,S19
33,192,622
48,650,275
26,098,992
27,336,1 96
48,631,: 85
19,672,: IS
29,490, 00
35,718,205
20,080,211
28,987,431
Owing to tho crowded condition of our columns, wo arc
obliged to omit this week tho customary tablo showing tho
month’s bonds in detail. It will be given later.
i\ews Item s.
Death of Judge Dillon.— John F. Dillon, member of tho
law firm of Dillon, Thomson & Clay, former judge and load
ing authority on the subject of municipal corporations, died
last Tuesday (M ay 5) after a month’s illness of tho grip.
M r. Dillon was horn Dec. 25 1831 in Montgomery County,
in this State. When he was soven years old his parents
moved to Davenport, Iowa. Hero ho attended tho Iowa
University, from which ho graduated with tho degreo of
M . D . After practicing medicine for about six months, M r.
Dillon turned to tho study of law. Two years of study gained
him admission to tho bar and soon after, in 1852, ho was
elected Prosecuting Attorney of Scott County. In 1858,
at the ago of twenty-seven, ho was elected Judge of the Sev
enth Judicial District Court of Iowa. Subsequently ho
became Justico of tho Supreme Court of that Stato, and was
Chief Justice of that Court until 18G9, when President
Grant appointed him Judge of tho United States Circuit
Court for tho Eighth Judicial Circuit, comprising tho States
of Arkansas, Kansas, Missouri, Nebraska, Iowa and M in
nesota.
After a decado of distinguished servico on tho Federal
bench, M r. Dillon tendered his resignation in tho fall of
1879 in order that he might accept a professorship at Colum
bia University.
1473
A t the time that ex-Judge Dillon camo to New York ho
was retained as general solicitor for the Union Pacific Rail
road, of which his uncle, Sidney Dillon, was President.
Later ho became counsel for tho company, and was still its
legal representative when it was put into a receivership in
r
1893, and even until after its reorganization. In succession
he became counsel for the Missouri Pacific R R . and the Texas
Pacific R R . He was counsel for the Coulds in the whole
Gould railroad system, and until his death was counsel for
the estate of Jay Gould.
Ex-Judge Dillon was chosen Storrs Professor at Yale in
1891 and remained in that chair until 1892.
M r. Dillon was a member of the commission appointed
by Act of the Legislature to preparo tho charter for the
Greater City of New York, which went into effect Jan. 1
1898. He was the distinguished author of tho well-known legal
treatise “ Municipal Corporations,” which has reached its
fifth edition. He spent six years in the preparation of the
first edition and in the course of his labors ho examined one
by one thousands of law reports, beginning with Volume I,
State of Maine, and continuing in like manner through the
reports of successive States to date.
I 11 1891 ex-Judge Dillon was elected President of the Amer
ican Bar Association, his term of office expiring in 1892, and
to mark his sense of tlie valuo and usefulness of that organ
ization, as the accredited representative of the bar of tho
United States, he dedicated tho fifth and last edition of his
“ Municipal Corporations” to that body.
Elizabeth City, No. Caro.— Court Dissolves Injunction
against Market Bonds.— According to the Wilmington, N . C .,
“ Star,” Judge Ferguson, in special hearing in Hertford,
dissolved tho injunction which had been secured by J. H .
LeRoy of Elizabeth City to restrain tho corporation of Eliza
beth C ity, the M ayor and Board of Aldermen, from disposing
of tho $40,000 worth of market-house bonds. It is expected
that tho case will be appealed to the Supremo Court for a
final hearing.
Grants Pass, Ore.— Supreme Court Upholds Railroad
Bond Issue.— On April 28 tho Oregon Supreme Court, in an
opinion written by Chief Justice McBride, upholds the con
stitutionality of the Act passed at the last session of tho
Legislature (Chpater 283, Laws of 1913), authorizing cities
and towns having a population of 3,000 or more to build
and operate railroads within and without the city limits.
The city of Grants Pass on Feb. 21 voted $200,000 bonds
for building a railroad to Wildervillo. See V . 98, p. 1100.
Oakdale, Breathitt County, Ky.— Bond Issue Sus
tained.— Judgment of the Jefferson Circuit Court sustaining
tho validity of a bond issue of $25,000 for building sewers has
been affirmed, it is stated, by the Court of Appeals in an opin
ion by Judge* Settle. J. W . Fowler sought an injunction to
restrain the issuance of the bonds.
Porto Rico.—-Bond Offering.— Proposals will be received
until 2 p. m. M ay 15 by tho Bureau of Insular Affairs,
Washington, D . C ., for $200,000 4 % gold registered taxfree coupon bonds, being part of an issue of $500,000 author
ized by an Act of the Porto Rico Legislature approved M ar. 7
1912, entitled “ An Act temporarily to provido revenues and
a civil government for Porto Rico and for other purposes.”
Dcnom . $1,0 0 0 . D ate Jan. 1 1911.
Int. J. & J. at the U . S. Treasury.
M aturity Jan. 1 1939, subject to call after Jan. 1 1924. Cert, check or
bank draft In New York funds for 2 % of the bonds bid for, payable to tho
Chief, Bureau o f Insular Affairs, W ar Department, Is required.
I’ urchascr
to pay accrued Interest. The United States Treasury Department author
izes the statement that it will accept these bonds at par as security for pub
lic deposits. Tho Postmaster-General authorizes tho statement that they
will be accepted at par as security for postal savings deposits. Those
bonds will also be accepted by tho Government of Porto Rico as security for
deposits o f funds o f that Government. Accepted subscriptions will bo
payable on June 1 1914 at a bank in New York City to be designated by
tho Bureau of Insular Affairs, War Department, and tho bank so desig
nated will make delivery of the bonds, or interim certificates exchangeable
for the engraved bonds, as soon as the bonds can he issued.
Tlio proceeds o f this loan are to lie used exclusively for harbor improve
ments at San Juan, P. R ., tho existing port facilities being inadequate for
the present commerce.
For such improvements a total bonded indebted
ness of $500 ,00 0 is authorized. $100 ,00 0 of these bonds were sold in 1912,
tlio proceeds of which have been expended. The issue now offered is to
provido funds for the continuation of tho project.
The net revenue derived from tile harbor and wharfage dues at San Juan
is by law required to be devoted to tho payment of t he interest and principal
of the harbor improvement bonds. In addition, they are an unconditional
obligation of the Porto Rican Government, tho good faith of the people of
l ’orto Rico being irrevocably pledged for the payment of the interest and
principal as due.
Tho present bonded indebtedness of the Insular Government, amounting
to $5 ,7 2 5 ,0 0 0 , consists of the following loans:
$4,55 0 ,0 0 0 00
For Irrigation..........
Road construction_____________________________________________ 1,075,000 00
“
San Juan Harbor Improvements______________________________
100,000 00
T o t a l ..............................
$ 5 ,7 2 5 ,0 0 0 00
Tlio population of the islands, according to tho Census of 1910, was
1,118,012, and the assessed value of property in the island for tho purposes
of taxation for tho fiscal year 1913-14 amounted to $182 ,66 2,58 5.
Tho irrigation law provides special taxation upon tho lands benefited
by the irrigation system, for the service of the irrigation loan.
Tho road-construction bonds are am ply cared for by a special tax of 1 -10%
imposed on property.
On Jan. 31 1914 there was in sinking funds for the payment of outstand
ing Insular loans $496,970 in cash, and the amount due to the Insular G ov
ernment from municipalities and school boards on tho date mentioned was
$764 ,93 1.
Quincy Valley Irrigation District, Grant County,
Wash.— Supreme Court Approves Bond Issue.— The Stato
Supremo Court has affirmed tho Grant County Superior
Court in the matter of the petition of the board of directors
of tho Quincy Valley Irrigation District for examination,
approval and confirmation of the proceedings for the issue
and sale of bonds, against E . N . Scott, appellant. Tho
Supremo Court holds, it is said, that the preliminary work
for tho irrigation project has been performed according to
law, that the notices were properly posted and that the elec
tion held was valid. The protest was based on the conten
tion that the $160,000 bonds voted is excessive and that the
tax will amount to a virtual confiscation of the property.
R h ode Is la n d .— Legislature Adjourns.— The Rhode Island
General Assembly adjourned about 2 o’clock Wednesday
morning (M ay 6). On the last day of the session an Act
was passed authorizing the issuance of State bonds in the
amount of $617,000, to be known as “ The Charitable Insti
tutions Loan of 1914.”
Bond Proposals and Negotiations
have been
[Vol. XCVII1
THE CHRONICLE
1474
a s
t h is
week
f o llo w s :
r A K R O N , O h io .— B O N D O F F E R IN G .-— Proposals w illb e received until
12 m . M a y 18 by James M cCausland, C ity Auditor, for the !$90,000 4 A %
coup, or reg. garbage-disposal bonds authorized on M arch 9 ( V . 98, p. 1333).
Denoni ^1 000
D ate April 1 1014. lilt. A . & O. <it N a t. Park Hank,
N ? Y “ ' f i i e SS OOO yearly on April l from 1919 to 1936 incl. Certified
cr cashier’s check on a bank other than the one bidding for 5 % of bonds
bid for. payable to C ity T reas., required. Official circular states that this
city has never defaulted in the payment of any of Its indebtedness, either
principal or interest.
A L L E N D A L E S C H O O L D IS T R I C T (P. O . A lle n d a le ), B ergen
C o u n ty , N . J .— B O N D S A L E .— On M a y 4 the $6,453 5 % 1 1 ^ -y e a r
favorago) coupon or registered school bonds (v . 98, p. 1405) were awarded
to John W . W inters o f Allendale at 101.5 and hit. Other bids were:
Outwater & W ells, Jer. C it y ..l0 0 .0 5 | D o u g la s F e n w ic k & C o .,N .Y _ 100.402
A R G E N T A IM P R O V E M E N T D IS T R I C T N O . 16, A r k .— B O N D S A L E .
__ On M a y 2 the $ 40,000 1-10-yr. (serial) paving bonds (V . 98, p. 1333)
were awarded to Gunter & Sawyer of Littlo Rock at 9 8.75 for 5 'A s . D enom .
*500
D a t e July 1 1914.
Int. J. & J. Other bids follow:
Southern T r . C o ., Little R o c k .98.10 IMercantile T r . C o ., St. L o u is .-9 6 .5 0
German T r. C o ., Little R o c k .96.6251 A . G . Edwards & Sons, St. L . .9 6 .3 5
A R M A , C raw fo rd C o u n ty , K a n .— B O N D S A L E .— II. C . Speer & Sons
C o . recently purchased $26,000 5 % water-works and electric-light bonds.
D ate N o v . 1 1913.
Due $6,0 0 0 N o v . 1 1918, 1923 and 1928 and $8,000
N o v . 1 1933. A similar issue of bonds was reported sold in January to
W . A . Burks of Bentonville (V . 98, p. 539).
A R N O L D S P A R K S C H O O L D IS T R I C T (P. O. A rn o ld s P ark), D ic k
in so n C o u n ty , I o w a .— B O N D O F F E R IN G .— This district is offering for
sale an issue o $35,000 school-construction and equipment bonus. Au
thority vote of 118 to 95 at an election held April 28.
l I d OM A T O W N S H I P ,
’
K a n k a k ee C o u n ty , 111.— B O N D S A L E .—
TI C Sneer & Sons C o. of Chicago recently purchased $9,0 0 0 5 % bridge
bonds, duo $ 3 ,000 Jan. 1 1915, 1916 and 1917. D ate Jan. 1 1914.
A S H L A N D , J a c k so n C o u n ty , Or a .— B O N D E L E C T IO N PR O P O S E D .
— Reports state that an election will lie held in the near future to submit to
a voto the question of issuing $175,000 water-supply bonds.
A S H L A N D C I T Y S C H O O L D IS T R I C T (P. O . A s h la n d ), A s h la n d
C o u n ty , O h io .— B O N D O F F E R IN G .— Proposals will be received until
19m M a v 27 by J. C . Frentz, Clerk Bd. of E d ., for tho $ 1 00 ,00 0 5 % school
bonds voted Feb. 3 (V . 98. p. 1012). Denom. $ ,0 0 0 . D ate M a y 27
10 14
Int M . & S . at First N at. Bank, Ashland. Due on Sept. 1 as
follows- .81 0 00 1917 and 1918. $ 2 ,000 yrly. from 1919 to 1927 inch, $3,000
w Iy fronV 1 9 2 8 to 1937 incl. and 3 5 .0 0 0 yriy from 1938 to 1947 inch
Purchaser to pay accrued int. C ert, check on a local bank for 3 % of bond
bid for, payablo to above Clerk, required.
A S H T A B U L A C O U N T Y (P. O. J efferso n ), O h io .— B O N D O F F E R IN G .
— Proposals will be received until 1 p. m . M a y 25 by tho Board of C o. Com
missioners A V llillver, Clerk, for tho following 6 % road-im pt. bonds:
S 5 V 700 00 Dorset Read N o . 1 bonds. D enom . ( I l l ) $509, 1) $200.
$5o.i 01) UU L ^ r f X n r il 1 1914. Due $5,500 yearly on Oct. 1 from 1915 to
1923 inch and $6,200 O ct. 1 1924oa nnn 00 Windsor Road N o . 4 bonds. Denom . $500. D ate April 1
2 4 ,000 00 ' ' ' " aso^
52,000 yearly on Oct. 1 1915 and 1916 and $2,500
vcarly on O ct. 1 from 1917 to 1924 inclusive,
gn 1 9 9 9 1 N iles-Ashtabula Road (assess.) bonds. Denom . (1) $822 23,
3 0 ,3 -2 23 M iM
D a t 0 Fi h , 1 9 U
D ue 3 i3 2 2 2 3 April 1 1915
and $ 3 ,000 yearly on April 1 from 1916 to 1924 incl.
'
Tnt semi-ann
Certified check for $500, payable to County Treasurer,
renutr'ed
Bonds to be delivered and paid for within 10 days from time of
award. Purchaser to pay accrued interest.
_
ASH!
C o u n ty
(av
son
Sidney .
p£ov. S °B . & T r. C o., C in. 183,207 National Bank of Ashta
bula............................................ 175,115
S eason go od & Mayer, C in .1181,811
Tillotson & WolcottCo.,Cie. J
A T T L E B O R O U G H , B risto l C o u n ty , M ass.— T E M P O R A R Y L O A N . —
Renorts state that a loan of $ 50,000 maturing O ct. 5 1914 and issued in
anticipation of taxes has been negotiated with Loring. Tolm au & 1 upper
of Boston at 3 .3 1 % discount.
A U G L A IZ E C O U N T Y (P. O. W a p a k o n e ta ), O h io . B O N D S A L E . —
On M av 1 the $ 18,000 5 % 3 1-o-year (aver.) taxable J. II. W right et al.
road Improvement assessment bonds (V . 98, p. 1333) were awarded to the
Ohio N ^ t ? Bank o f Columbus for $18,257 10 (101.428) and Int. Other
bids were:
Owen D aly & C o ., $ 78,000 at 95.50.
Paul V . Eberman, $ 30,000 at prices ranging from 96 to 9 6 .2 5 .
W illiam R ay, $1,500 at 95.50.
J. J. Gallagher $25,000 at prices ranging from 9 5.50 to 9 6 .5 0 .
BARNES SCHOOL DISTRICT (P. O. Barnes), Washington Coun
ty, Kan.— B O N D S V O T E D .— A t a recent election tills district voted In
favor o f the issuance of $17,000 bldg, bonds, It is stated.
B A R N E S V IL L E S C H O O L D IS T R I C T N O . 60 (P. O. B arn 03ville),
O lay County, M in n .— B O N D S N O T S O L D .— N o sale was made on April 25
of the $55,000 4 A % 15-year coup, taxable building bonds offered on that
day (V . 98, p . 1333).
BARR SCHOOL TOWNSHIP, Davies3 County, Ind .— B O N D
O F F E R IN G .— Proposals will bo received until 2 p. m . M a y 21 by G eo. B .
D rew , T w p . Trustee (care of Hastings, Allen & Hastings, W ashington),
for $ 1 3 ,0 0 0 4 A % school bonds. D enom . $500 . . Dato M a y 30 1914.
In t. semi-ann. D ue part each six months beginning, Juno 30 1915.
BATAVIA, Kane County, 111.— R E S U L T OF B O N D E L E C T IO N —
The question of issuing the $4,500 fire-truck-purchase bonds failed to
carry it is stated, at the election held April 21 (V . 98, p. 1181), while the
proposition to issue the $ 3 ,500 city-well and water-supply bonds carried.
B A Y S H O R E , Suffolk County, N. Y .— D E S C R IP T IO N O F B O N D S .—
The 81 5 0 00 fire-headquarters-building bonds awarded on April 27 to J. A .
Mollenhauer o f Bayshore at par (V . 98, p. 1405) bear interest at the rate
o f 5 % and in the denom. o r $ l ,0 00. D ato Juno 1 1 9 1 4 . In t. J . & D .
Due
$2 000 yearly from 1 to 7 years. Incl., and $ 1 ,0 0 0 in 8 years.
“b EAVER DAM
DRAINAGE DISTRICT, Sunflower County, Miss.—
n o w n O F F F R I N G .— Proposals will be received until 11 a. m . M a y 11 by
J W . Oorder, Prest, Bd. of Com m rs. (caro Chapman & Johnson, attorneys,
P. O . Indianola), for $77,250 6 % drainage bonds. D enom . (154) $ 500 ,
(1) $250. Dato M a y 1 1914.
Int. M . & N • P ue par,t yi arly on M a y 1
- e
from 1916 to 1934 incl. Cert, check for 3 % o f bid, required.
■ ’P F P t t f p
r
W ill CJountv. 111.— B O N D S V O T E D .— The Question of
issuing the $ 2 ,5 0 0 electric-light-extension bonds (V . 98, p. 1181) carried,
reports state, at an election held April 21.
Neb.
(V . 9
.
N V W . Halsey & C o ., Chicago, bid par, int,. and a premium of $341. •
M erchants’ N a t. Bank, Omaha, bid par, int. and a premium or 3300.
Bolger. Moss nr & W illam an, Chicago, bid par, int. and a premium of $155.
U . S. Trust C o ., Omaha, bid par, int. and a premium of $390, less counsel
fees, amount not stated.
C.
H . C offin of Chicago submitted a bid, but as no check accompanied
same, it was not considered.
D enom . $500. D ate July 1 1914. Int. J. & J.
B E N T O N C O U N T Y (P. O. F o w ler), I n d .— B O N D S A L E .— O n M a y 1
the three issues of 4 A % highway bonds, aggregating $30,380 (V . 98, p.
1334) were awarded as follows :
.
„
$15,940 to .1. F. W ild & C o ., Indianapolis, for $ 16,055— equal to 100.721 .
6 800 to the Fletcher American N a t. Bank, Indianapolis, for $ 6 ,8 5 0 —
equal to 100.735. D enom . $340.
,n
7 640 to tho Flotcher-American N a t. Bank, Indianapolis,for$7,695 50—
’
equal to 100.721. D enom , *3 8 2 .
In t. M . & N .
Duo one bond of each issue each six months from M a y 15
1915 to N o v . 15 1914 incl.
B ID D E F O R D , Y o r k C o u n ty , Mo .— B O N D O F F E R IN G .— Reports
ctat-n that, nronosals will bo received until 10 a. m . M a y 12 by tho City
Treasurer For th o following 4 % coupon bonds dated M a y 15 1914:
*ro not) refunding bonds. D ue M a y 15 1949.
*25 000 sow er bonds. D ue $ 5 ,0 0 0 yearly from 1924 to 1928, inclusive.
B IL L I N G S , Y e llo w s to n o C o u n ty , M o n t .— B O N D S O F F E R E D B Y
B A N K E R S .— Carstens & Earles, Inc., o f Scattlo, aro offering to investors
$19 0 00 6 % coupon local-improvement District N o . 109 bonds. Denom .
$500
D ate (estimated) Juno 15 1914. Interest payable annually. Due
$1 500 Jun ■ ’ 1015 and 1917 and 8 2 ,000 on June 15 1913, and yearly on
Juno 15
1 118 to 1924, Inclusive.
.
,
B IR M I J - AM, A la .— B O N D S A U T H O R I Z E D . -The Board of C ity
Commissioners on April 15 approved an ordinance providing for the issu
ance of the $200 ,0 0 0 5 % 30-year gold coupon m u n j d p a l a i ^
structlon bonds voted O ct. 27 1913 ( V . 98, p. 70o) • ^ o o o m . $ 1 ,0 0 0 . D ate
M ay 1 1914. Int. M . & N . at Hanover N a t. Bank, N . i . C ity.
B O S W E L L , C h octaw C o u n ty , O k la .— B O N D OFFERING.— ^Pro
posals will be recsived until 8 p. in. M a y 15 by the Board of Towni Triis
tees for $ 36,000 6 % 25-year water-works bonds. Int. semi-ann. oeruiiea
check for $1,500 required.
E . Irby is Tow n Clerk.
E O Y E R T O W N , B erks C o u n ty , Pa .— B O N D S P R O P O S E D .— Reports
state that tills placo will borrow botweon $ 1 5 ,0 0 0 and $20 ,0 0 0 for street
paving work.
B R E C K S V IL L E T O W N S H IP S C H O O L D IS T R I C T (P. O. B recksville), C u y a h o g a C o u n ty , O h io .— B O N D S A L E .— O n M ay 4 tho $25 ,0 0 0
5 % 5 ) 7 -year (average) coupon building and equipment bonds (V . 98, p.
11S1) were awarded to tho Superior Savings & Trust C o. of Cleveland at
101 02 and interest. Other bids wore:
First N a t Bank, (M e v o .-.$ 2 5 ,2 1 6 80 Otis & C o ., Cleveland____ $25,063 00
T H Rose C leveland___ 25,100 00 Spltzer, Rorick & C o .,T o l. 25,062 50
Hayden M liler& C o-.C lev . 25,080 00 C . E . Denison & C o.,C le v . 25,018 00
Stacy & Braun, T o l e d o ... 25,073 00
B R I D G F P O R T , C o n n .— R E S U L T O F B O N D E L E C T IO N .— A t tho
---------- - e i™ntn» the following bonds carried.
pr op os11ion to issue $ 1 3 0 ,0 0 0 Washington Ave.' bridge bonds was defeated
by a voto of 2,174 “ for to 2,424 against.
pllid*'fonn-sfreth & RichI Ilanchett Bond C o .. Chic. 18,409 00
F ards Cincinnati - - - - - - 18,096 o o l o t l s * C o ., C le v e l a n d .... 18,003 00
Spltzer, R orick & C o ., T o l. 18.095 40!
All bidders agreed to pay accrued interest.
B O N D O F F E R IN G .— Proposals will bo received until 12 m . M a y 25 by
paid for within 10 days from time o f award.
Purchaser to pay accrued int.
B A L T IM O R E , M d .— B O N D S A L E .— 'On M a y 4 the $ 7 ,0 0 0 ,0 0 0 4 %
at " ™ , r (average) registered stock were awarded jointly to A lex. Brown &
S o ^ _yBaltimore- Harris Forbes & C o ., W hite, W eld & C o. and Estabrook
& °C o N Y . and Baltimore, at 96.21 and int.— a basis of about 4 -1 9 % .
The total of all bids received amounted to 519.577 ,600 . Am ong tho bids
v f J L n t n n Trust & Denosit C o .. Baker, W atts & C o. and Townsend Scott
M | s o n ! Baltimore, bid 96.21 for $2,500,000, with an option on the unsold
Equitable Trust C o ", R eam Taylor & C o . and A . B . Leach & C o . , Now Y ork.
bid 9 4 5 5 for all or any part
Kountze Bros., N ew York, bid 96.51 for $ 1 ,0 0 0 ,0 0 0 .
Safe Deposit & Trust C o ., $ 1 ,0 0 0 .0 0 0 at 96 75.
xr o Orrick S40 000 at prices ranging from 9b.04 to 96.91.
Strother, Brogden & C o .. Baltim ore. 1 9 bids for separate lots of 85.000
each, the prices ranging from 95.7b to J /.I 4 .
W alter Koopclman, 825,000 at 9 b .4 l.
K
BrR s°& C o ! SN$ 1 ° . $300,000 at prices ranging from 95.81 to 96.51.
o
^
Hall Bros. & C o ., $2,000 at 95.50D abigV n eM °& V tlnfiluff .1 S35?000 at prices ranging from 83.93 to 96.26
and $500,000 at 95.49
(vg 9 8 . P- 1°10 2 ) .nineteenoffers were received, only three being for bonds
bearing 5 % interest :
$ 2 0 ,0 0 0 2 0 - y t
’ '■
50,000
coup
191
in 3 _____ . .
All bids were rejected
m T he'F inance Committeo again received bids for bonds Issued on 5 %
basis only until 2 p. m . Apr. 30, on which dato bonds were sold to Bolger,
Mosser A Willam an at practically par and interest.
B R O M L E Y , K e n t o n C o u n t y , K y . — B O N D S A L E .— On M a y 4 tho
81 nno 5% 7 W -v r (av.) water bonds (V . 98, p. 1334) wero awarded to
Rudolph Kloybolte & C o ., Inc., of Chicago at 100.35 and int. a basis
' ' b U R W E L L S C H O O L D I S T R I C T (P. O. B u r w e ll) , G a r fie ld C o u n ty ,
N e b . — B O N D S V O T E D — Tho question of issuing $16,0 0 0 school bonds
carried, reports state, at the election held April 23 by a voto of 247 to 87.
B U S H N E L L , M c D o n o u g h C o u n t y , 111.— B O N D S V O T E D . — The ques
tion of Issuing $ 12,000 water-works bonds carried, reports state, at an
election held April 21.
C A M B R ID G E , M a ss. — T E M P O R A R Y L O A N . — On M a y 6 a loan of
$250,000 maturing O ct. 11 1914 was negotiated with tho Harvard Trust
C o. of Cambridge at 3 .0 5 % discount, plus $5 premium. Other bidders
Charles River N a t. B an k-------3 .1 7 %
Estabrook & C o
3 .2 7 %
Central Trust C o .......................... 3.20<$
Curtis & Sanger.............................3 .2 8 %
CARROLL
the $ 6,200 4 A
were awarded
and interest.
Blake Bros. & C o ........... 3 . 1 6 % + 7 5 c .
Livingston D avis______ 3 .1 5 %
$2 70
bond & Goodwin........... 3 .1 4 % + S 1 50
F . S. Mosolov & C o . - - 3 . 2 6 /<
> $2 65
First N a t. B k ., B o s t ..3 .1 5 %
C O U N T Y (P. O. D e lp h i) , I n d .— B O N D
% 6-year (aver.) highway-improvement iiends ( v - 98. p. 1334)
to J. F. Wild & C o ., Indianapolis, for $6,237 6o (100.607)
*
C A R R O L L T O N S C H O O L D I S T R I C T (P. O . C a r r o llto n ) , C a rro ll
C o u n ty , O h io .— B O N D O F F E R IN G . — Proposals w ill be received unti
M a y 9 19U .]
THE
C H R O N IC L E
12 m . M a y 23, reports state, by L . S. H all, Clerk of B d. of E d ., for $1 2 ,0 0 0
5 % 2 2-3-yr. (aver.) school bonds. C ert, check for 5 % required.
C A R V E R 'S C R E E K T O W N S H I P , B la d en C o u n ty , N o . C a ro .—
B O N D S V O T E D .— Local newspaper dispatches stato that this township at
a recont election voted in favor of the issuance o f $ 1 0 ,0 0 0 highway-im pt.
bonds.
C A S E V IL L E T O W N S H I P (P. O. C a seville), H u r o n C o u n t y , M ic h .—
B O N D O F F E R IN G .— Proposals will bo received until 1 p . m . M a y 15 by
N eil M cLeon, Tw p . Clerk, for $ 5 ,0 0 0 5 % road bonds. D enom . $500 .
D ate Juno 1 1914.
Int. annual on March 1. Duo $500 yearly on M arch 1
from 1916 to 1925 incl. Cert, check for $250, payable to T w p . T reas.,
required. N o bonded or floating debt. Assess, val. $20 0 ,0 0 0 .
C A S T L E T O N S C H O O L D IS T R I C T (P. O . C a s tlo to n ), R e n o C o u n
ty , K a n .— B O N D S V O T E D .— The question of issuing building bonds car
ried by a vote o f 70 to 20, it is stated, at an election held April 27.
C E C IL C O U N T Y (P. O . E lk to n ), M d .— B O N D S A L E . On M a y 5 tho
$2 5 ,0 0 0 5 % 30-yr. tax-free road bonds (V . 98. p. 1405) were awarded, it
is stated, to N elson, Cook & C o. and Baker, W atts & C o . of Baltimore at
their j olnt bid of 108.325— a basis o f about 4 .0 2 % .
C E D A R B L U F F S S C H O O L D IS T R I C T (P. O. C edar B lu ffs ), S a u n
ders C o u n ty , N e b .— B O N D S V O T E D .— The question of issuing $17,000
bldg, bonds carried, reports state, at a recent election.
C E N T R A L IA , Lew is C o u n ty , W a s h .— B O N D S A L E .— On April 28
the $118,892 01 5 % funding bonds (V . 98, p. 1335) were awarded to the
Portland Trust & Sav. Bank of Portland for $120 ,73 4 84 (101.55) and int.
for straight 20-year bonds. Other bids were:
B id d e r—
P ric e O ffered.
M a tu r ity .
Carstens & Earles, In c., Seattle_____ $120,616 01 and int. 20-yoar straight
N . W . Halsey & C o ., Portland_____ 120,177 01 and int. 20-yoar straight
W m E . Sweot & C o ., D enver......... 1 19,895 11 and int. 20-year optional
Farson, Son & C o ., Chicago------ - - - 119,635 01 and int. 20-yoar optional
na rtm a n & Thom pson, P o rtla n d .. 119,195 00 and int. 20-year straight
G eo II Tilden & C o ., T acom a____ 1 19,024 01 and int. 20-year optional
U . 8 . National Bank, Ccntralia---------------------- 118,892 01 20 year straight
1-20-year optional
Stato of W ashington------------------------ „ 118,892 01
D enom . $1,000. D ate M a y 1 1914. In t. M . & N .
C H A R L O T T E U N IO N S C H O O L D I S T R I C T (P. O . C h a r lo tte ),
E a to n C o u n ty , M ich .— B O N D S A L E .— Local newspaper reports state
that this district has disposed of to local investors tho $35,000 high-school
bonds recently voted (V . 98, p. 1102).
C H E S A N IN G (V IL L A G E ) U N IO N S C H O O L D I S T R I C T (P. O.
C h e sa n in g ), S a gin aw C o u n ty , M ic h .— B O N D S A L E .— W o are advised
that the $ 4 0 ,0 0 0 4 4 6 % 2-15-year (ser.) building bonds authorized by vote
o f 229 to 26 at tho election hold March 26 have been sold to local parties
at par. D enom . $ 1 ,0 0 0 .
D ate April 1 1914.
Int. A . & O . These bonds
wore previously sold In December 1913 to local parties (V . 97, p. 1838) but
becauso of some irregularities, tho bonds were declared illegal. Sinco then
tho proposition was re-voted and disposed of, as stated above.
C H E S T E R T O W N , K e n t C o u n ty , M d .— B O N D S V O T E D .— Tho ques
tion of issuing $25,000 street and sewer bonds carried, reports stato, at an
election held April 27.
C H IC A G O , 111.— B O N D S TO B E O F F E R E D S H O R T L Y .— Reports stato
that this city will offer for sale about tho middle o f Juno tho $4 7 0 ,0 0 0
health department building and $3 5 0 ,0 0 0 bathing-beach bonds voted
April 7 (V . 98, p. 1259).
C L A R K S D A L E , C oah om a C o u n ty , M is s .— B O N D O F F E R IN G .— Pro
posals will bo received until M a y 21, reports state, by M . W . Purnell, C ity
Clerk, for $ 60,000 5 % 20-yr. paving bonds. C ert, check for 2 4 4 % re
quired. These bonds were offered without success on April 27 (V . 98,
p . 1334).
C L IF T O N S C H O O L D IS T R I C T (P. O . C lifto n ), B o sq u e C o u n ty
T e x .— B O N D O F F E R IN G .— Proposals will bo received until 8 p. m . M a y 18,
by It. S. Clem ent, Secretary of School Board, for $2 5 ,0 0 0 5 % school
bonds. Certified check for $500 payable to tho secretary required.
C L IN T O N S C H O O L T O W N S H I P (P, O . C lin t o n ), V erm illion
C o u n ty . I n d .— B O N D S A L E . — O n M a y 2 the $ 1 4 ,0 0 0 4 46% 7M -year
(aver.) bldg, bonds (V . 9 8 , p. 1334) were awarded, it is stated, to tho
Fletcher-Amerioan N a t. Bank of Indianapolis for $14,370— oqual to 102.644.
C O L U M B IA S C H O O L T O W N S H I P (P. O . C o lu m b ia C ity ), W h itn e y
C o u n ty , I n d .— B O N D S A L E . — On M a y 2 tho $ 4,500 6 % 5-yr. (aver.)
Sch. D ist. N o . 10 bldg, bonds (V . 98, p. 1334) were awarded, roports stato,
to First N a t. Bank of Colum bia C ity at 107.81.
C O L U M B U S . M uscogee C o u n ty , G a .— B O N D O F F E R IN G .— Proposals
will bo received until 12 m . June 10 by Jno. C . C ook, M ayor, for the
$ 4 5 0 ,0 0 0 5 % gold coupon tax-freo water-works bonds voted O ct. 18 1913
(V . 97, p. 1762). Denom . $ 1 ,0 0 0 .
Date July 1 1914. In t. J. & J.
D uo $1 5 ,0 0 0 yearly on July 1 from 1915 to 1944 inch C ert, check for 2 %
of bonds bid for required.
Purchasers must take bonds In lots of $ 3 0 ,0 0 0
or multiples thereof in order that each purchaser will receivo a proportion
ate share of bonds maturing each year. Official circular states that this
city has novor defaulted In tho payment of principal and interest on its
bonded debt.
Interest at C ity Treasurer's office. Bonded debt (incl. this
Issue) $ 1 ,159,500.
Floating debt $ 14,250 . Assess, val. 1913 $ 1 9,227 ,012 .
True val. (est.) $ 3 0 ,0 0 0 ,0 0 0 .
.
C O L U M B U S , O h io .— B O N D O F F E R IN G .— Proposals will bo received
until 12 m . June 3 by the Clerk of the C ity Council for the $700,000 4 %
grade-crossing-elimination (city’s portion) bonds, N o . 3, declared valid
by tho Stato Supreme Court on Feb. 3 (V . 98, p. 464).
Denom . $ 1,000.
D ato Aug. 20 1913 (prior to change of Ohio constitution making municipal
bonds taxable).
Int. M . & S. Duo Sept. 1 1952. Cert, check for 2 %
o f bonds bid for, payable to C ity Treas., required.
Bonds to bo delivered
and paid for within 10 days from timo of award. Purchaser to pay accrued
interest. Bids must be made on blank forms furnished by above Clerk.
Transcripts of proceedings will be furnished successful bidders.
C O L U S A C O U N T Y (P. O. C o lu sa ), C a l.— B I D S . — Tho following aro
the other bids received tor the $6 0 ,0 0 0 1fall of Records and $14 0 ,0 0 0 bridge
and culverts 5 % 846-yoar (aver.) gold coupon bonds awarded on April 25
to tho Anglo & London Paris N a t. Bank of San Fran, at 101.514 and int.
(V . 98, p. 1405).
N .W . Halsey & C o.,San F r_$201,057| W m .R .S taatsC o .,S an Fran $200 360
C O O K C O U N T Y S C H O O L D IS T R I C T N O . 35 (G le n c o e ). 111.—
B O N D S A L E .— On M a y 4 tho $ 4 2,000 5 % 546-year (aver.) school bonds
(V . 98, p. 1406) were awarded to M cC o y & C o. o f Chicago for $42,918
(102.186) and Int.— a basis of about 4 .5 5 % . There were 12 other bids
ranging from $42,306 75 to $42,906 .
C R A W F O R D C O U N T Y (P. O . E n g lis h ), In d .— B O N D S A L E . — On
M a y 5 the $7,500 4 4 6 % 546-year (aver.) highway-impt. bonds (V . 98, p.
1334), were awarded, it is stated, to M iller & C o. of Indianapolis for $7,550
( 1 0 0 . 6 6 6 ) and interest.
C R A W F O R D C O U N T Y (P. O . B u c y r u s ), O h io .— B O N D O F F E R IN G .
— Proposals will be received until 12 m . M a y 29 by II. A . Biehighauscr,
C o . A n d ., for $ 1 2 ,0 0 0 5 % Pike Road D ist. N o . 1 refunding bonds. Denom .
$ 1 ,0 0 0 . D ate Juno 13 1914.
Int. J. & D . Duo Juno 1 1927. Cert,
check for $100, payable to C o. A u d ., required. Bonds to bo delivered and
paid lor within 10 days from time o , award.
Purchaser to pay accrued int.
C R A W F O R D S V IL L E S C H O O L C I T Y
(P. O . C raw fordsville),
M ontgom ery C o u n ty , I n d .— B O N D S A L E .— On M a y 5 tho $5,800 4 %
7-yr. coup, school bonds (V . 98, p. 1406) were awarded to Breed, Elliott
& Harrison of Indianapolis for $5,805 (100.086) and int. Other bids were:
J - F - W ild & C o ., Indianapolis, $5,801 and accrued interest.
M iller & C o ., Indianapolis, $5,810 and in t., less $25 for legal oxpenses.
Gavin L . Payne fc C o ., Indianapolis, par and Int., less $35 for legal exp.
Citizens N a t. Bank, Crawfordsvillo, par and in t., loss $100 for blank
bonds and attorneys fees.
C U Y A H O G A C O U N T Y (P. O. C lev ela n d ), O h io .— B O N D O F F E R
I N G . — Proposals will be received until 11 a. m . M a y 16 by E . G . Krause,
Clerk of Bd. of G o. C om m rs., for the following 5 % coupon Green Road
N o . 2 improvement bonds :
$ 12,300 assess, bonds. Denom ( 1 ) $ 300 , (24) $ 500 . Duo on April 1
as follows : $3 0 0 in 1915, $ 1 ,0 0 0 1916. 1917. 1918 and 1919,
„
$ 1,500 1920. 1921, 1922 and 1923. and $ 2 ,0 0 0 in 1924.
60,061 county's portion bonds
Denom . ( 1 ) $1,061 ,(59) $ 1 ,0 0 0 . Duo
$1,061 April 1 1915, $1 ,5 0 0 each six months from O ct. 1 1915 to
_ t O ct. 1 1923 incl. and $ 2 ,0 0 0 on April 1 and O ct. 1 1924.
D ato Juno 1 1914. Int. A . & O . at office of C o . Treas. An uncondition
al cert, check on a bank, other than theone making the bid, for 1 % of bonds
lef,’ payalilo to (j0 . T reas., required. Bonds to be delivered and paid
lor wittun 10 (lays from time of award. Purchaser to pay accrued Interest.
Separate bids must bo made for each issue.
1 4 7 ;;
D A Y T O N S C H O O L D I S T R I C T (P. O . D a y to n ), O h io .— B O N D S A L S
— On April 30 the $120,000 5 % 13 2-5-year school-property-purchase and
hnprovement bonds (V . 98, p. 1259) were awarded to Field, Longstreth &
Richards, C in. at 105.16. Other bids were :
Harris Forbes& Co. N .Y .*$ 1 2 6 321 OOlWeil Roth & C o. C in ____ $125,492
Sid.Spitzer* C o..T oled o. 126.084 60 Dayton Sav. & Trust C o .,
Seasongood* M ayer.Cin. 125,825 00
D a y to n ____________ _______ 124,709
Otis & C o .. C le v e la n d ... 125,400 00 Prov. S a v .B k .* T r.C o.,C in . 124,284
* Condtiional.
D E C A T U R C O U N T Y (P. O . G re e n s b u rg ), I n d .— B O N D O F F E R IN G .
— 1 roposals will be received until 2 p. m . M a y 15 by Albert Boling, County
T reas., for $ 5 ,2 0 0 4 4 6 % Isaac Redington et al. highway-im pt. bonds.
D enom . $ 2 6 0 . D ate A p r. 15 1914. In t. M . & N .
D ue $260 each six
months from M a y 15 1915 to N o v . 15 1924 incl.
D E D H A M , M ass .— T E M P O R A R Y L O A N . — On M a y 7 a loan of $50,000
maturing N o v . 3 1914 was negotiated with C . D . Parker & C o . of Boston
at 3 .2 5 % discount, plus 10 cents premium. Other bidders were:
. ..t ,
D is c o u n t.
D is c o u n t.
First N a t . Bank, B oston.......... 3 .2 9 % Bond & Goodwin, B oston____3 -3 1 %
N . W . Harris & C o ., B o s t o n ..3 .3 0 % Worcester N o . Sars. Institu
Loring, Toim an& Tupper, B os3.30%
tion, Fitchburg_____________ 3 .4 1 %
D E E R W O O D , C row W in g C o u n ty , M in n .— B O N D S A L E . — -On
April 2< the two issues of 5 4 6 % bonds, aggregating $25,000 (V . 98, p. 1335)
were awarded to C . O. Kalman & C o .. St. Paul, at par and int.
D E F IA N C E C O U N T Y
(P. O. D e fia n c e ), O h io .— B O N D S A L E .—
i!mc\ y
tho * 3 1 ,0 0 0 5 % 546-year (aver.) coupon road bonds (V . 98, p.
1406) were awarded to Farson. Son & C o. o f Chicago for $31,695 (102.242)
“ “
I of about 4 .5 3 4 % . Other bids follow :
Ohio N a t. B k. o f C oIum b.S31.486 501 W eil, R oth & C o ., C i n .. .$ 3 1 ,4 4 0 30
Stacy & Braun, Toiedo
31,473 0 9 1Otis & C o ., C le v e la n d ... 3 1,387 5#
C . E . Denison & C o ., Clev. 31,456 00 Spitzer. Rorick & C o ., T ol. 31,311 00
Hayden,Miller& Co.,CIev.
3 1 , 4 4 3 0 01
D E L A W A R E , D elaw are C o u n ty , O h io .— B O N D S A L E .— On M a y 1
the five issues of 5 % bonds, aggregating $41,400 (V . 9 8 , p. 1182). were
awarded to the Ohio N a t. Bank of Columbus for $42,383 6 8 (102.375) and
int. Other bids were :
Otis & C o ., Cleveland. $41,869 001 W eil, R oth & C o ., C i n ...$ 4 1 ,7 2 7 50
Seasongood* M ayer, Cin. 41.856 0 0 (Spitzer, R o r ic k * C o ., Tol. 41,463 59
Hayden,Miller & Co.,Clev. 41,829 00 [City N a t. B k ., C olu m bus. 4 1,414 75
Stacy & Braun, Toledo___ 41.737 521
D E L A W A R E C O U N T Y (P. O . M u n cie ), I n d .— B O N D O F F E R IN G .—
Proposals will be received until 10 a. m . M a y 12 by G . G . W illiam son,
County Treasurer, for the following 4 4 6 % highway-improvement bonds:
$ 6 ,0 0 0 John Frank et al highway bonds. D enom . $ 300 .
D ate April 15
1 9 1 4 . Due $300 each six months from M a y 15 1915 to N o v . 15
1924, inclusive.
6 ,4 0 0 Thos. A . Stone et al highway bonds. D enom . $320 . D ate
April 15 1914. Due $320 each six months from M a y 15 1915 to
N o v . 15 1924, inclusive.
2 0 ,4 0 0 Claude Leach et al highway bonds. Denom . $340 . D ate M a r .15
1914. Duo $1,020 each six months from M a y 15 1915 to N o v . 15
1924, inclusive.
D E L A W A R E C O U N T Y (P. O . D elaw are), O h io .— B O N D S A L E . —
On M ay 5 the $100,000 5 % 546-year (aver.) coupon taxable flood-emergency
bonds (V . 98, p. 1335) were awarded to tho Delaware N a t. Bank at 102.001
— a basis of about 4 .5 6 % .
D IC K S O N , D ic k son C o u n ty , T e n n .— B O N D S A L E .— Tho $15,000
5 % 30-year sewerage-system-install, bonds voted M arch 18 (V . 98, p. 1103)
were recently purchased by II. C . Speer & Sons C o ., o f Chicago.
D O V E R C I T Y S C H O O L D IS T R I C T (P. O. C a n a l D over), T u s c a
raw as C o u n ty , O h io .— B O N D O F F E R IN G .— Proposals will be received
until 12 m . M a y 28 by S. L . Holm es, Clerk B d. of E d ., for the $13 0 ,0 0 0
5 % high-school bonds, series “ I , ” voted Apr. 21 (V. 98, p . 1182).
Denom.
S I ,0 00. Int. semi-ann. D ue each six months as follows: $ 1 ,0 0 0 from
Apr. 1 1923 to Oct. 1 1924 incl.. $1,5 0 0 from Apr. 1 1925 to O ct. 1 1929
incl. and $6 ,0 0 0 from Apr. 1 1930 to O ct. 1 1937 incl. C ert, check for 1%
of bonds bid for required.
D R I F T W O O D S C H O O L T O W N S H I P (P. O . V a llo n ia ), J a c k so n C o.
I n d .— BOND O F F E R IN G .— Proposals will be received until 1 p. in. M a y 16
Township Trustee, for tho following 4 4 6 % school bonds:
$14,000 Series 1. Denom . $1,0 0 0 . D ue $1,000 each six months from
„
£ un,e 2£ 19 A 5 to D ec- 2 0 1921. inclusive.
3 ,OO
O Series 2. Denom . $500.
Duo $500 each six months from June 20
1922 to Doc. 20 1924, inclusive.
D ate M a y 16 1914.
In t. J. & D . at Brownstown State B ank, Brownstown.
E A S T F O R K I R R I G A T I O N D I S T R I C T (P. O . H o o d R iv er), H o o d
R iver C o u n ty , Or a .— B O N D O F F E R IN G .— Proposals will bo received
until M a y 19, reports state, by the B d. of Directors, for $24,200 6 % irriga
tion bonds. Cert, check for 2 % required.
B O N D S A W A R D E D I N P A R T .— O f the $29,400 6 % Irrigation bonds
offered on Apr. 7 (V . 98, p. 912). $ 2 0,400 was awarded .it is stated, to tho
Butler Banking C o. and the First N a t. Bank o f Hood River at 90 and int.
E A S T O R A N G E , Essex C o u n ty , N . J .— B O N D S P R O P O S E D .— A m eet
ing of tho C ity Council will be held M a y 11 to consider an ordinance pro
viding for the issuance of S 56.000 4 4 6 % 20-year coupon or registered M ain
Street paving and fire-apparatus-purchase general bonds Series N o . 5.
Denom . $ 1 ,0 0 0 .
Date July 1 1914.
Int. J. & J. at office of C ity Treas.
E V A N S V IL L E S C H O O L D IS T R I C T (P. O .
E van sville), R o ck
C o u n ty , W is e .— B O N D O F F E R IN G .— Proposals will bo received until
3 p. m . M a y 20, it is stated, by W . E . Green, D ist. Clerk, for $20,000 5 %
4 1-3-yr. (ser.) school bonds.
t
E X I R A S C H O O L D IS T R I C T (P. O. E xira), A u d u b o n C o u n ty , I o w a .
— B O N D S V O T E D .— The question of issuing $10,000 school bonds carried
at the election held M a y 1 by a vote of 127 to 18.
F m D L A Y , H a n co ck C o u n ty , O h io .— BONDS R E F U S E D .— Reports
state that D avies, Bertram & C o. of Cincinnati have refused to accept the
$9,8 0 0 5 % 6 -yr. (aver.) Third St. paving bonds awarded them on M ar. 5
for $10,001 (102.05) (V . 9 8 , p .9 4 2 ). because tho C ity Council neglected to
pass an ordinance providing for the assessment of the properties benefited.
F L IN T , G enessee C o u n ty , M ic h .— B O N D S P R O P O S E D .— Resolu
tions providing for the issuance of $153,000 sewer, $22,478 and $39,073 64
street-improvement 4 46 % bonds were introduced and adopted by the C om
mon Council on April 27.
F R A N K L IN C O U N T Y (P. O . B rook v ille), I n d .— B O N D S A L E . — On
M a y 4 tho $7,240 4 4 6 % gravel-road bonds (V . 98, p. 1335) were awarded,
reports state, to M iller & C o. of Indianapolis for $7,301— equal to 100.842)
F R A N K L I N C O U N T Y S C H O O L D IS T R I C T N O . 6 6 , N e b .— B O N D
— O F F E R IN G .— Proposals will be received until 12 m . M a v 11 bv Geo. B .
Godfrey, Secretary of School Board (P. O. Upland), for $ l i ,0 0 0 5 %
5-20-year (opt.) school bonds.
Denom . $500. D ate June 1 1914. Int.
J. & D . Certified check for $600 required.
F R A N K F O R T , R oss C o u n ty , O h io .— B O N D S A L E .— On M a y 5 the
$ 6,000 5 % 15-26-year (opt.) coupon taxablo water-works bonds (V . 98,
p. 1406) were awarded to Seasongood & M ayer of Cin. for $ 6,020 (100.333)
and int. Sidney, Spitzer & C o. of Toledo bid $6,017.
F R A N K L I N S C H O O L D IS T R I C T (P. O. F r a n k lin ), W illia m so n
C o u n ty , T e n n .— B O N D S V O T E D .— A t the election held April 21 tho
proposition to issue $ 1 5 ,0 0 0 building bonds carried, it is stated.
G A D S D E N , E to w a h C o u n ty , A la .— N O B O N D E L E C T IO N . — R e
ports state that tho ordinance calling for an election to bo held June 1 to
vote on the question o f issuing the $ 10 0 ,0 0 0 street-improvement bonds
(V . 98, p. 1406) has been vetoed by the M ayor.
G A R R E T T S V IL L E , P ortage C o u n ty , O h io .— B O N D O F F E R IN G .—
Proposals will be received until 12 m . M a y 25 by L . V . Snow, V il. Clerk,
for $4,3 5 0 5 % South St.-Im pt. (village’s portion) bonds. D enom . $435.
D ato M a y 15 1914.
Int. M . * N . Due $435 each six months from M a r .15
1915 to Sept. 15 1929 incl. C ert, check for 5 % of bonds bid for, payable
to Vil. Treas., required. Bonds to be delivered and paid for within 10
days from time of award. Purchaser to pay accrued interost.
G E N E S SE E C O U N T Y (P. O. F lin t), M ich .— B O N D O F F E R IN G .—
Proposals will be received until 11 a. m. June 1 by Fred. A . W ertm an
C o. Clerk, for $100,000 of an issue of $500,000 446 % road bonds.
D enom .
$1,0 0 0 . D ate June 1 1914.
Int. ann. on M arch 15. D ue $ 2 5,000 yearly
on M arch 15 from 1929 to 1932 incl. Cert, check for $ 1,000, payable to
C o . T reas., required.
G A R R E T T S V IL L E V IL L A G E S C H O O L D IS T R I C T (P. O. G a r r e tts v ille ), P o rtage C o u n ty , O h io .— B O N D S A L E .— On M a y 4 the $ 6 ,5 0 0
[Vol, XCVIIl
THE CHRONICLE
1476
5 % 7 34 -year (average) school bonds (V . 98, p. 1406) were awarded to the
First N ational Bank o f Garrettsville for $6 ,5 4 0 65 (100.625) and interest.
Other bids were:
First N a t. Bank, C l o v e ..*$6,541 60|Otis & C o ., Cleveland-------$6,520 00
Sidney Spitzer & C o ., T o l. 6,528 5 0 1
* Conditional.
G I L A C O U N T Y S C H O O L D I S T R I C T N O . 14, A r i z .—BON SALE.—
D
On April 16 the $8,000 6 % 10-20-year (opt.) sito-purchase and building
bonds were awarded to Owen M cK ovitt of Globe at 100.625. D enom .
$1,0 0 0 . D ato April 16 1914. In t. A . & O .
G L O V E R S V I L L E , F u lt o n C o u n t y , N . Y .— B O N D O F F E R IN G .—
E . A James, C ity Chamberlain, will offer for sale at public autcion at 2 p .m .
Juno 1 $29,800 4 K % reg. tax-free funding bonds. Denom . $100. D ate
June 1 1914. In t. J. & D . at C ity Chamberlain’s office in N . Y . ei change.
D ue $2,300 Juno 1 1915, $2,500 on June 1 1916, 1917. 1918 and 1919, $ 3,500
June 1 1920 and $2,000 yearly on Juno 1 from 1921 to 1928 incl. N o de
posit required. Assess, val. 1913 $ 8 ,4 1 8 ,8 0 0 .
G O L D S B O R O , W a y n e C o u n ty , N o . C a r o .— B O N D O F F E R IN G .—
P rop osa ls will b e receiv e d until 12 m . M a y 21 b y D . J. B ro a d h u rst, C ity
C le rk , fo r $ 1 3 ,0 0 0 5 % 4 0 -y e a r s tr e e t-p a v in g b o n d s.
D enom . $ 1 ,0 0 0 . D ate M a y 1 1913. In t. semi-ann. at Hanover N a t .
B ank, N . Y . C ert, check for 5 % of bonds bid for, payablo to “ C ity of
Goldsboro” , required. The validity of these bonds will be approved by
Hawkins, Delafield & Longfellow o f N . Y . C ity.
The o f fic ia l notice o f th is bond o ffe rin g w i l l be fo u n d am ong the advertise
m ents elsewhere i n th is D e p a rtm e n t.
I R O N T O N S C H O O L D I S T R I C T (P . O. I r o n to n ) , L a w r e n c e C o u n t y ,
O h io .— B O N D S V O T E D .— On April 28 this district voted in favor of ther
issuance o f $ 35,000 building bonds, it is stated.
I S L I P S C H O O L D I S T R I C T (P. O . I s lip ), S u f f o lk C o u n t y , N . Y . —
B O N D E L E C T IO N .— A n election will be held M a y 22 to vote on tho ques
tions of issuing $35,000 building, $25,000 building, $20,000 improvement
and $8,000 M arvin property-purchase bonds.
J A C K S O N V I L L E , D u v a l C o u n ty , F la .— B O N D O F F E R IN G .— Further
details are at hand relativo to tho offering on M a v 20 of tho $ 1 ,5 0 0 ,0 0 0
434 % 30-year coupon dock and terminal bonds (V . 98, p. 1260 ). Proposals
for these bonds will be received until 3 p. m . on that day by W alter P .
Corbett, Chairman Board of Port Com m rs.
Denom . $ 1 ,0 0 0 . D ate
M arch 1 1913. In t. M & S. in Jacksonville or at U . S. M tge. & Trust C o .,
N . Y . C ity. Certified check on a Jacksonville bank for 1% of bonds bid
for, payablo to C ity Treasurer, required. Bonds to bo delivered and paid
for at 1 0 a . m . M a y 21 at offico of above board in Jacksonville, unless a
subsequent date shall bo mutually agreed upon.
Purchaser to pay accrued
interest. Bids must be made on forms furnished by tho city. These
bonds will be certified as to genuineness by tho above trust company and
their legality approved by D illon, Thomson & Clay of N . Y . , whoso opinion
or a dpulicate thereof will be furnished purchaser.
J A M E S O N S C H O O L D I S T R I C T (P . O . J a m e s o n ), D a v ie s s C o u n ty ,
M o. — P U R C H A S E R O F B O N D S .— Tho purchaser of tho $20,000 5 % bonds
awarded on April 11 at 100.425 (V . 98, p. 1407) was tho Fidelity Trust Co
of Kansas C ity. M o .
Denom. $500. D ate M a y 1 1914.
Int. J. & D .
D u e M a y 1 1934, subject to call $1,000 yearly beginning June 1 1915.
JE FFE R SO N
C O U N T Y COM M ON S C H O O L D IS T R IC T N O . 1 1 ,
T e x .— B O N D O F F E R IN G .— This district will offer for sale about M a y 15
an issue of $ 4 1 ,0 0 0 5 % 20-40-year (opt.) school bonds voted last Novem ber.
H A R D IN C O U N T Y (P. O . K e n t o n ) , O h io .—BOND OFFERING.— D onom . $ 1 ,0 0 0 . D ate April 10 1914. Interest annually on April 10.
Proposals will be received until 12 m . M a y 25 by Ulrich J. Pfeiffer, C o.A u d .,
J E F F E R S O N D A V I S P A R I S H (P. O. J e n n in g s ) , L a .— B O N D E L E C
for the following 5 % pike-constr. bonds:
T I O N . — Local newspaper reports state than an election will bo held M a y 26
$ 8 ,0 0 0 D ola pike-constr. bonds, series ” \V.” Duo $ 2 ,0 0 0 yrly. on M a y 25
(not Juno 2 , as first reported) to vote on the proposition to issuo $ 1 0 0 ,0 0 0
from 1915 to 1918 incl.
court-house and $25,000 jail-construction bonds (V . 98, p. 1183).
1 4.000 Spar pike-constr. bonds, series “ U .”
Duo $ 3 ,0 0 0 yrly. on M a y 25
K A N S A S .— B O N D S A L E S .— During tho month of April tho following
from 1915 to 1918 incl. and $2 ,0 0 0 on M ay 25 1919.
four issues of bonds, aggregating $33,473 30, wero purchased by tho State
2 0 .0 0 0 ltaber and Sherman pike-constr. bonds, series " T . "
D ue $4 ,0 0 0
of Kansas at par :
yrly. on M a y 25 from 1915 to 1919 incl.
7 ,0 0 0 Althauser pike-constr. bonds, series “ V .” Duo $2,0 0 0 yrly. on $18,800 0 0 . . Bourbon Co. S.D.No.92 5% Building.Apr. 1 1914 Jan. 1 1916-1928
7,373 3 0 . . Kinsley, Edwards County 6 % Sewer.Mar.15 1914 Mar. 15 1915-1924
M a y 25 from 1915 to 1917 incl. and $ 1 ,0 0 0 M a y 25 1918.
3 0 0 0 0 . .Rawlins Co. S.D.No.53 5% Building. .M ar. 1 1914 Jan. 1 1910-1920
Denom . $ 1 ,0 0 0 . D ate M a y 25 1914. Int. M . & N . at offico o f C o. Treas.
7,000
00..RussellCo. S.D. N o .ll 5% Building..Mar. 12 1914 July 1 1915-1928
C ert, check on a Kenton bank for $500 required. Bonds to be delivered
and paid for within 15 days from day of sale.
All tho above bonds are subject to call at any interest-paying period.
H A R R I S B U R G S C H O O L D I S T R I C T (P. O. H a r r is b u r g ), D a u p h in
C o u n ty , P a .— B O N D O F F E R IN G .— Proposals will be received until 7:30
p. m . M a y 15 by D . D . Hammolbaugh, Secy, o f School Board, for $90,000
4 % coupon tax-free building bonds. D enom . $1,0 0 0 . D ato April 1 1914.
In t. A . & O . at office of Treasurer. Duo $15,000 April 1 1919 and $3,000
yearly on April 1 from 1920 to 1944, inclusive. Certified check for 2 %
o f bonds bid for, payable to District Treasurer, required. Bonds will be
ready for delivery July 1. Purchaser to pay accrued interest. Bonded
debt (including this issuo), $1,051 ,0 0 0 ; no floating debt. Assessed value
1914, $49,450 ,000 .
H A R R IS O N S C H O O L T O W N S H I P , C a ss C o u n t y , I n d .— B O N D
O F F E R IN G .— Proposals will be receivod until 2 p. m . M a y 27 by M elvin
Tucker, Tw p . Trustee, (at offico of B abb & M ahoney, Logansport), for
$ 1 9 ,0 0 0 4 % school bonds. Denom . $ 1 ,0 0 0 . D ate June 15 1914.
Int.
ann. at Lucerne State B ank, Lucerne. D uo $2,0 0 0 yrly.
H A Y S C O U N T Y (P. O . S a n M a rco s), T e x .— B O N D O F F E R IN G .—
Reports state that bids will be received until M a y 12 by J. It. W ilhelm ,
C ounty Judge, for the $ 1 0 0 ,0 0 0 5 % 10-40-year (opt.) road bonds voted
A p r. 27 (V . 9 8 , p. 1407).
H E N R Y S C H O O L D I S T R I C T (P. O. H e n ry ), C o d in g to n C o u n t y ,
S o . D a k .— B O N D E L E C T IO N . — A n election will be held M a y 12, reports
state, to submit to a vote the question of issuing $ 2 0 ,0 0 0 2 0 -yr. publicschool-building bonds.
H E R K IM E R , H e rk im e r C o u n ty , N . Y .—BOND SALE.—On M a y 4
the $30,000 15>£-year (aver.) coupon or reg. sewerago bonds (V . 98, p.
1407) wero awarded to Douglas Fenwick & C o ., N . Y . , at 100.29 and int.
for 4J4s. Other bids w ere:
B id d e r.
P ric e O ffered.
I n t . Rate.
Isaac W . Sherrill, Poughkeepsio.................. .............
100.27
4 .3 5 %
Adam s & C o .. Now York...................... .........................
100.14
4 .3 5 %
John J. H art, A l b a n y - . . ....................................
100.034
4 .3 5 %
W m . N . C o te r ie C o ., New Y o rk .........................
100.10
4 .4 0 %
100.033
4 .5 0 %
J. Howard W ash, Herkimer---------------------------Spitzer, Borick & C o .. New Y o rk-----------------100.05
4 .5 5 %
H IG H L A N D
SC H O O L D IS T R IC T ,
S a n ta
C ru z
C o u n ty ,
C a l.—
B O N D E L E C T IO N .— A n e le ctio n t o v o te on th e q u e stio n o f issu in g $ 2,500
5 % s ch o o l b on d s w ill b o h e ld M a y 15, it is s ta te d .
D e n o m . $250. D u o
$250 y ea r ly .
H I L L C O U N T Y S C H O O L D I S T R I C T N O . 16, M o n t.— B O N D
O F F E R IN G .— Proposals will be received until 8 p. m . M a y 11 by E . C .
Carruth, D ist. Clerk (P. O . Havre) for the $13,000 6 % 15-20-year (opt.)
coupon tax-free liigh-school-impt. bonds voted April 4 (V . 98, p. 1104).
Denom . $ 1,000. D ate June 30 1914. Int. J. & D . at office of C o. Treas.
A n unconditional cert, check for $200, payablo to C o . Treas., required.
Bonded debt (incl. this issue) $60,000. Assess, val. $1,989 ,4 3 7 .
H IR A M , P o r ta g e C o u n t y , O h io . — B O N D S A L E .— On M a y 3 tho
$3,1 5 0 5 % coupon light-plant-cquipment-purchaso bonds (V . 98, p. 1407)
were awarded to tho First N a t. Bank of Garrettsville for $3,156 (100.19)
and int. Thcro were no other bidders.
H O L L E Y , O rle a n s C o u n ty , N . Y .— B O N D S A L E .— On M a y 4 tho
$9,5 0 0 4-year (average) coupon or registered paving bonds (V . 98, p. 1407)
were awarded to the Union Trust C o ., Rochester, at par and interest for
4 )4 s. Other bids were:
P re m iu m . In t.R a le .
M yron W . Greene, Rochester-----------------------------------------------------------4.40s
Security Trust C o ., Rochester-------------------------------------------------- --------4.50s
Isaac W . Sherrill, Poughkeepsie----------------------------------------------- $6 65
4.60s
Adam s & C o ., New Y o rk _______________________________________ 14 00
4.65s
Douglas Fenwick & C o ., New Y o rk ------------------------------------------- 6 65
4.75s
State Exchange Bank, H olley_________________________________ ______
5s
H OPED ALE
SCH OOL
D IS T R IC T
(P.
O.
H o p e d a le ),
H a rr is o n
C o u n t y , O h io .— B O N D O F F E R IN G .— Further details are at hand relative
to tho offering to-day (M ay 9) of tho $10,000 5 % coupon building and
equipment bonds (V . 98, p. 1407). Proposals for these bonds will be re
ceived until 12 m . to-day by John M . K yle, Clerk of Bd. of Ed.
Denom
$500. D ato M a y 9 1914. Int. A . & O. at First N a t. Bank, Hopedale.
D ue $500 yearly on April 1 from 1922 to 1935 incl. and $500 every other
year on O ct. 1 from 1923 to 1933 incl. Cert, check on an Ohio bank for
5 % of bonds bid for, required.
Purchaser to pay accrued interest. Total
debt $ 15,500 . Assessed val. 1913 $927,000.
H O R T O N S C H O O L D I S T R I C T (P. O . H o r to n ) , B r o w n C o u n t y ,
K a n 3 . — B O N D O F F E R IN G .— Reports state that proposals will bo received
until 6 p. m . M a y 18 by A . B . Howland, Clerk B d. of E d ., for the $70,000
5 % 15-20-year (opt.) school bonds voted A p r. 21 (V . 98, p. 1407). In t.
semi-annual.
H U D S O N , S u m m it C o u n t y , O h io .—BON
D
OFFERING.—P
roposals
will be received until 12 m . M a y 16 by B . S. Sanford, Village Clerk, for the
following 5 % bonds:
$ 2,000 sewer-construction bonds. D enom . $500. D uo $500 yearly on
April 1 from 1919 to 1922, inclusivo.
6,000 water-works-system-improvement bonds. D onom . $1,000. Duo
$1,000 yearly on April 1 from 1918 to 1923, Inclusivo.
D ato April 1 1914. In t. A . & O. Certified check for $100, payablo to
Villago Treasurer, required. Bonds to bo delivered and paid for within
10 days from time of award. Purchaser to pay accrued interest.
H U N T I N G T O N C O U N T Y (P. O. H u n t in g t o n ) , I n d .— B O N D S A L E .
— Tho following bids wero received for tho throe issues of 4 3 4 % 6 -year
(aver.) highway-improvement bonds offered on April 30. (V . 98, p. 1336)
$14,240
$6,670
$3,842
B id d e r—
Is s u e .
Is s u e .
Issue.
J. F . W ild & C o ., India napolis.................... $14 341 25 $6,717 00 $3,867 00
Miller & C o ., Indianapolis________________ 14,341 00
6 708 50
3,802 00
Fletcher Am cr. N a t. Bank, C h icago____ 14,328 30
6,710 50
3,860 50
E . F . Parr & C c ., Chicago.............................. 14,325 40
6,703 35
3,851 61
Breed, Elliott & Harrison, Indianapolis- 14,321 00
6,701 00
3,854 00
Gavin L . Payne & C o ., Indianapol is ____ 14,314 15
6,679 50
3,848 40
J. F . W ild & C o. were awarded th o three issues.
K A N S A S C I T Y S C H O O L D I S T R I C T (P. O. K a n s a s C it y ) , K a n .—
B O N D E L E C T IO N .— An election will bo held M a y 19, reports state, to
vote on tho question of issuing $ 137 ,00 0 school bonds.
K E N S I N G T p N , M o n tg o m e ry C o u n t y , M d . — B O N D S V O T E D .— Tho
question of issuing tho $50,000 sewage and water-plant-installation bonds
( V . 98, p. 1014) carried, reports stato, by a vote of 72 to 49 at tho election
held April 25.
K I N N E Y C O U N T Y (P. O. B r a c k o ttv ille ) , T e x a s .— B O N D O F F E R
I N G . — Proposals will be received until 11 a. m . M a y 15 by Jos. Veltm ann,
C o. Judge, for tho $80,000 5 % 10-40-yoar (opt.) road bonds. Authorized
by a vote of 100 to 55 at tho election held N o v . 14 1913 (V . 97, p. 1606).
Denom . $ 1,000. D ate Jan. 1 1914. Int. ann. on April 10, payablo at
Brackottville or Austin. T e x ., St. Louis, M o ., or Chicago, or N . Y .
C ert,
check for 10% of bonds bid for, requirod. Official circular states that there
is no controversy or litigation pending or threatening the corporate existence
or the boundaries of this municipality, or the titio of its presont officials
to their respective offices, or the validity of these or any other outstanding
bonds; that there has never been any default in either principal or interest
and that no previous issues of bonds have over been contested. Total
bonded debt (incl. this issuo), $113,500; no floating debt. Assossed v a l.
1913 $4,603 ,9 6 5 . True val. (approx.) $ 6 ,000,000.
K I R K L A N D , K in g C o u n ty , W a s h . — B O N D O F F E R IN G .— Proposals
will bo received until 12 m . Juno 1 by J. S. Courtright, Tow n Clerk, for
$18,250 2 0 -year gold coupon bonds at not exceeding 6 % interest.
Denom .
(1) $250, (36) $500. Interest semi-annually at fiscal agency of State or
Washington in New York. Certified check on a Kirkland or a Seattlo
bank for 2 % of bonds bid for. required.
The o f fic ia l notice o f th is bond o ffe rin g w i l l be fo u n d am ong the advertise
m ents elsewhere i n th is D e p a rtm e n t.
K L A M A T H F A L L S , K la m a t h C o u n t y , O re .— B O N D O F F E R IN G .—
Reports state that bids will lie received until M a y 11 by A . L . L e avitt,
Police Judge, for $7,291 43 improvement bonds.
K N O X C O U N T Y (P. O. M t. V e r n o n ) , O h io . — B O N D E L E C T IO N
P R O P O S E D .— Reports state that this county is contemplating calling an
election to submit to tho voters tho question of issuing county-fair-groundspurchaso bonds.
L A F A Y E T T E S C H O O L T O W N S H I P (P. O . R o a n o k e ) , A lle n
C o u n t y , I n d .— W A R R A N T O F F E R IN G .— Proposals will be received until
10 a. m . M a y 25 by Jacob M .C r a b b s , Township Trustee, for $ 5 ,0 0 0 5 %
school warrants. Denom . $500 .
Dato M ay 25 1914. In t. J. & J. D ue
$ 1 ,0 0 0 each six months from Jan. 15 1915 to Jan. 15 1917, Inclusive.
L A G R A N G E T O W N S H IP R O A D D I S T R I C T (P. O . L a G r a n g e ) ,
L o r a in C o u n ty , O h io .— B O N D Ob F E R I N G .— Proposals will bo recoiv d
until 12 m . M a y 19 by W . F . Hastings, Tw p . Clerk, for $50,000 5 % coupon
road-improvement bonds. D enom . (20) $ 1,000. (60) $500.
D ate M a y 19
1914.
Int. A . & O. at Peoples Bank, La Grange. Duo $1,000 each six
months from April 15 1915 to O ct. 15 1924 incl. and $1,500 each six months
from April 15 1925 to Oct. 15 1934 incl. Cert, check on a national bank for
$ 1,000, payablo to Tw p . Trustees, required. Purchaser to pay accrued Int.
L A G R O S C H O O L T O W N S H IP
(P. O. L a g ro ), W a b a s h C o u n ty ,
I n d .— BOND O F F E R IN G .— Proposals will be received until 2 p. m . M a y 22
by D . E . Purvianco, Township Trustee, for $ 2 0 ,0 0 0 4 3 4 % school bonds.
Denom . $500.
Dato July 15 1914.
Duo not more than 10 years. Certi
fied check on an Indiana national bank for amount of bonds and premium,
if any, payablo to Township Trustee, required. Bids must bo made on
forms furnished by tho Township Trustee.
L A N S IN G , I n g h a m C o u n t y , M ic h .— BOND OFFERING.— Proposals
will be received until M ay 10, reports state, for the $2o ,000 5 % Prospect S t.
sower bonds voted Feb. 5 (V . 98, p. 8o3).
L A S A L L E , L a S a lle C o u n t y , I lls .— B O N D S V O T E D .— Tho question
of issuing the $4 0 ,0 0 0 sower-system-constr. bonds (V . 98, p. 1184) carried,
it is stated, at tho election hold April 21 by a voto of 184 3 to 7 37.
L A U D E R D A L E C O U N T Y (P. O . M e rid ia n ), M is s .— B O N D S A L E
C O N S U M M A T E D . — W o are advised that tho sale of tho $100,000 5 3 4 %
Supervisors’ District N o . 1 road bonds awarded on Jan. 7 to Hochler,
Cummings & Prudden o f Toledo, and subsequently refused by them
(V . 98, p. 7 8 1 ), has been finally consummated, tho legality of theissue,
which tho firm contested, having been approved by their attornoy.C has. B .
W ood o f Chicago.
L E M A R S S C H O O L D I S T R I C T (P. O. L e M a rs), P ly m o u th C o u n ty ,
I o w a .— B O N D S A L E .— It is reported that G eo. M . Bechtel & C o. of D a v
enport recently purchased an issue of S2o,000 school bonds.
County,
12
m Id[a
high-scliool-bldg. bonds. Denom . (1) $1,000, (8 ) $ 4,000. D a t e June t
1914. Int. F . & A . at Rudolph Savs. Bank. Rudolph. Due $1,000 Aug. 1
1915 and $4,000 yrly. on A ug. 1 from 1916 to 1923 Incl. Cort. chock fo r
$500 required.
LINCOLN COUNTY UNION SCHOOL DISTRICT NO. 2 (P. O.
L incoln City), K a n .— B O N D O FFE R I N O .— This district is offering for
salo an issue of $9 ,5 0 0 4 3 4 % school bonds.
LINDSAY, Tulare C ounty, Calif.— B O N D S D E F E A T E D .— Tho
question of issuing the $25,000 fire-department-improvement bonds ( V . 98,
p. 1184) failed to carry, reports state, at tho recent election.
LOS ANGELES SCHOOL DISTRICT (P. O. Los Angelos), Cal.
— B O N D E L E C T IO N .— Reports stato that an olcctlon will be held M a y 14
(not April 26, as first reported) to submit to a vote tho questions of Issuing
tho $ 3 ,000,000 grammar and $ 1 ,600,000 high-school bonds (V . 98, p . 1014)
LOWER MERION TOWNSHIP SCHOOL D ISTRICT (P. O. A rd
more), M ontgomery County, Pa. — B O N D O F F E R IN G .— Proposals will
M a y 9 1914.]
THE
C H R O N IC L E
bo received until 8 p. m . M a y 13 by W m . J. Byrnes Jr., Secretary, for the
* 9 0 ,0 0 0 4 M % school bonds (V . 98, p. 1184).
Dcnom . S I ,0 00. D ate
June 1 1914.
Int. J. & D . D ue $1 5 ,0 0 0 on Juno 1 1919, 1924, 1929, 1934
and 1939 and $15,000 D ec. 1 1943. Certified check for $2 ,0 0 0 required.
Bonds to be delivered before July 10. T h e opinion of M organ, Lewis &
Brockius o f Philadelphia upon the legailty o f theso bonds will be given
when bonds aro issued.
.
L O W N D E S C O U N T Y (P. O. H a y n e v ille ), A la .— B O N D S V O T E D .—
A t an election held M a y 2 this county voted in favor of the issuanco of
*1 5 3 ,0 0 0 road bonds.
M c A L E S T E R , P it t s b u r g C o u n t y , O k la .— B O N D S A L E .— On M a y 2
the $ 3 0 ,0 0 0 5 % 25-year park bonds (V . 98, p. 1260) were awarded to
Sutherlin, Gehde & C o. of Kansas C ity, M o ., at par and interest.
M C M IN N V IL L E S C H O O L D I S T R I C T (P. O. M cM in n v ille ), Y a m h ill
C o u n t y , O re .— B O N D S V O T E D .— A t a recent election this district voted
in favor of the issuanco of $30,000 bldg, bonds, it is stated.
M A D IS O N S C H O O L D I S T R I C T (P. O. M a d iso n ), L a k e C o u n t y ,
S o . D a k .— B O N D S V O T E D .— According to local newspaper reports, this
district has voted in favor of the issuance of $ 5 0,000 building bonds.
M A H O N IN G C O U N T Y (P. O. Y o u n g s t o w n ) , O h io .— B O N D O F F E R
I N G . — In addition to the $ 2 5,000 4 H % road-improvement bonds to bo
offered on M a y 13 (V . 98. p. 1337), $ 4 0 ,0 0 0 4 X % joint county tuberculosis
A
hospital (county’s share) bonds will also be offered. Denom . $ 1 ,0 0 0 .
D ato M a y 20 1914. Ihterest semi-annually at County Treasury.
Duo
$ 2 ,0 0 0 yearly on Sept. 1 from 1915 to 1934, inclusive. Certified check for
$ 1 ,0 0 0 , payable to C ounty Treasurer, required. Bids m ust bo uncondi
tional and includo accrued interest.
M A N C H E S T E R (T O W N ) U N IO N F R E E S C H O O L D I S T R I C T
N O . 8 (P. O. M a n c h e s te r ), O n ta r io C o u n ty , N. Y . — B O N D O F F E R IN G .
— Proposals will bo received until 2 p. m . M a y 16 by John II. Pratt, Pres.
Board of Education, for $ 35,000 school bonds at not exceeding 5 % ind.
D enom . $1,166 6 6 . D ato June 1 1914. In t. J. & D . at Fidelity Trust
C o ., Rochester, in N . Y . exchange. D ue $1,166 6 6 yearly on Juno l
from 1915 to 1944 incl. Certified check, cash or bank draft for 5 % of
bonds required.
M A P L E W O O D , S t . L o u is C o u n ty , M o .— B O N D S O F F E R E D B Y
B A N K E R S .— W m . R . Compton C o. of St. Louis is offering to investors
$ 4 1 ,0 0 0 of the $ 1 0 0 ,0 0 0 5 % sewer-system-construction bonds voted M a r . 19
(V . 98, P- 1015).
D enom . $ 1 ,0 0 0 . D ato April 1 1914.
Int A & O
at the M crchants-Laclede N a t. Bank of St. Louis.
M A R IO N , M a rio n C o u n ty , O h io .— B O N D S A L E .— On April 20 the
$6,312 50 5 % 7M -year (aver.) ditch-construction (city’s portion) bonds
(V . 98, p. 1184) wero awarded, reports state, to C . E . Denison & C o of
Cleveland for $6,439 44— equal to 102.01. This itom was inadvertently
reported in last week’s “ Chronicle” under the head of M a r io n C o u n ty .
M A R IO N C O U N T Y (P. O. M a rio n ), O h io .— B O N D S A U T H O R I Z E D .
— On M a y 2 tho C ounty Cominrs. adopted a resolution providing for the
issuance of $30,000 5 % pike-impt. bonds, it is reported.
M A R IO N S C H O O L D I S T R I C T (P. O. M a rio n ), M a rio n C o u n t y ,
O h io . B O N D S A U T H O R I Z E D . — On April 27 the Board o f Education
passed a resolution authorizing tho issuance of $ 10 ,0 0 0 bonds, it is stated
1477
M IL T O N , S a n t a R o s a C o u n ty , F la .— B O N D O F F E R IN G .— Proposals
wHl be received unth 10:30 a. m . M ay 26 by the Board of Bond Trustees,
„ ’ i ) ; : olso11: Chairman lor $15,000 sewerage-system and $5,000 waterworks-ext. 5 % 3 0 -year gold coupon bonds. Denom . $500. D ate March 1
eiierk
or1’
S ' ^ t ,r s t N at. Bank, M ilton. A n unconditional cert.
3? ° of, bo.odi?' Payable to “ Board of Bond Trustees” , required,
of tim ’ ?„vo bo,ard 'Y111 , .urmsh the purchaser a complete certified transcript
i
f
T
loading up to the issuance of said bonds. All bids must
h,\ . , nrUtl? nal and must b 0 at a Price not less than 9 5 % of their par value
AssS
essedrvaL $800^000. B
debt (n0t ^
t h c s 0 Issues> • 5403)00.
M IL T O N , U m a tilla C o u n ty , O r e .— B O N D S A L E .— The $18 000 5 %
n?frnhnr w
,at.er.and light bonds voted M a r. 25 (V . 98, p. 1184) have been
purchased, it is reported, by Ferris & Hardgrovo of Spokane
w MS,B ' LE{ M obile C o u n ty , A la .— B O N D S A L E .— On M a y 4 the $62 000
\rnt{iioV1 M? iiO 1 aS’ series “ L * ( V . 9 8 - p ’ 1 1 8 5) were awarded to the Bank of
I
A -.',for 562,020 (100.032) and int. Tho C ity Bank & Trust
in°pn?if h\ro b l bld *6 2 ,0 1 0 . The bonds are due in 10 years but subject
to call before that time at 101.25 and accrued interest.
J ®
SCH O O L D IS T R IC T
(P.
O. M o b rid g e ), W a lw o r th
C o u n t j , S o . D a k .— B O N D S A L E .— On April 18 825,000 5 % building
at uaVand°in7ariled e-«nh? M in Pas.°ta Loan & Trust C o .‘ of Minneapolis
bidswere • n t” Iess So0° fo’ l)n n ting bonds, attorney’s fees, &c. Other
ney’s1? e e s ,^ c f Ser & W ulam an- Chicago, par and int., less $500 for attor
ney's feas^&m & S° ns C ° ” Chica!?0’ 525,060 and in t., less $700 for attori«Ro m ’ ,82? 9 and *100.
D ate M a y 1 1914. Int M & N
Duo
1928.° ycar y M a y 1 from 1 9 1 7 to 1926, incl. and $ 2,000 M a y 1 1927 and
BATNNrafiS C o u n t y , W a s h .— B O N D S O F F E R E D B Y
fh e )o flo w in r 7 a o n < ls Ear‘ CS’ InC” ° f Seattle’ are offerln* to investors
/b
$ 4,600 Street Iinpt. D ist. N o . 28 bonds. D ate April 2 1914. Duo $ 4 0 0
Apri 71° { 9 2 2 anc\ Sfino l 91'n V’ iVv?-?’ inf ' ” 5600A pril 2 1921, $400
issue 1 Jssess
A ,,rd 1 , ‘,)23, and 1924. Bonded debt, this
1
real value ^ 7 560 ’ (eqU ) 1913, and on ly’ 512,160; estimated
6 ,0
0
A
0
D enom . $200 .
r t W
m
- i s
S B
Int. payable annually.
r M O N R O E S C H O O L T O W N S H I P (P. O. C o w a n ), D e la w a re C o u n t v
I n d . B O N D S A L E .— On M a y 4 tho $26,880 5 l % 824-year (av ) coup’
A
high-school-bldg, bonds (V . 98, p. 1338) were awarded to J. F W ild &’
C o. of Indpls. for $29,207 50 (108.658) and int. Other bids were:
P re m iu m . [
R rp m iu m
M i lle r & C o ., Indianapolis.32,263 84!F lotch . A m . N a t. B k. Ind 8 1 3 31 7 k
Gavin L . Payne & C o ., 1 nd. 1.622 8 0! First N a t. Bank, Cleveland
609 60
Breed, Elliott & Harrison,
IBolger, M osser & W illaoUJ 00
m an. Chicago.
470 00
Indianapolis........................ 1,505 001
M ONTGOM ERY CO U N TY
for $20,000 6 % sub district N o . 4 construction and equipment bonds’
Donotn. $1,000. D ate Juno 1 1914. Int. J . & D . at office of T w o
Troas. D ue $10,000 on March l and Sept. 1 1915. Cert, cheek (or cash)
on a national bank or trust company of Franklin County for 1% of bonds
bid upon, payable to ‘ ‘Board of Education” , required. Bonds will bo
ready for delivery on June 1 . A completo transcript of all proceedings had
in tho issuing and sale of these bonds will bo furnished successful bidder at
time of award and a reasonable length of time will bo allowed successful
bidder for examination of same.
S C H O O L D I S T R I C T N O . 'V 4 (P
O
M ONTGOM ERY
SCH OOL
O
C a n e y ) , K a n .— B O N D S A L E .— A n issue o f $ 20,000 5 % building bonds
was recently purchased by II C . Speer & Sons C o . o f Chicago? D ate
M a y 1 1914. Due serially on M a y 1 .
D IS T R IC T
NO.
8 (P.
SCH O O L D IS T R IC T
L o s A n g e le s C o u n t y , C a l—
B O N D S I ROJ O S E D .— Reports state that this district is contemplating the
issuanco of $50,000 budding bonds.
M O R O , S h e rm a n C o u n ty , O r e . — B O N D S V O T E D .— The nuestion of
S IS ?
$40,000 refunding loan of 1914 notes. Denom . $5,000.
Now: 1 1914; $15,000 M a y 1 and N o v . 1 1915.
1 2,000 watw-works-equipment
loans bonds. D enom .
COUN TY
C h e r r y v a le ), K a n s .— B O N D S A L E .— II. C . Speer & Sons C o . of Chicago
recently purchased * 4 0 .0 0 0 5 % building bonds. D ate M a y 15 1914. D u e
serially from 1915 to 1934.
b<” ” is < v - 0 8 ' »• 4 M >
Duo $10,000
o ,M K r a ^ e | ? 7 » bX ° K
s
S : I S T a S 0 'Yij<iI1 ^ g i s *
$ 1,000. Duo purchased by H . C . Speer & Sons C o . o f Chicago.
recently
1919 ° M a y 1 1 9 1 5 aUd 1 9 1 0 and 5 2 ■000 M a y 1 1917, 1918 and
M O U N T A I R Y , C a r r o ll C o u n ty , M d . — B O N D S D F F F A T F D __ miio
n , P at 0
uM ay 1 191J- In t- M . & N . at the W inthrop N a t. Bank of Boston.
Other bids were :
Hayward Wilson water bds. 100.310 Parkinson & Burr, B o s t o n .. 100.060
Merrill, Oldham & C o ., B ost.100.159 Blodget & C o ., B oston_______100.033
Blako Bros. & C o ., B o s to n .. 100.090 N .W . Harris & Co.,Inc.,B ost. 100.032
Curtis & Sanger, B oston____ 100.070 it. L . D ay & C o ., B oston____ 100.019
M A R S H A L L , C a lh o u n C o u n ty , M ic h . — B O N D S V O T E D __ Tho ouestjon of issuing $25,000 paving bonds at not exceeding \ ' A % carried at tho
frmn l920eto 1944 incl7 * V° t< ° f 7 9 6 t0 2 5 9 ’
J
Duo 51.000 y t .r ? 7 o n N o v . l
M A S S IL L O N C I T Y S C H O O L D IS T R I C T (P O M assillon
S tark
OFFERING ± Proposals’ will bo" receWe’cl m ud
12 m . Juno 1 by W m . Ficlberth, Clerk-Treas. of Bd. of E d ., for $17,500
5 % coupon Washing ton high-school-completion and equipment bonds.
D enom . $500. Dato Juno 1 1914.
Int. M . & S. at offico of Treas. of B d.
or E d . Due $500 each six months from March 1 1916 to M arch 1 1933 incl.
Cert, check for 5 % of bonds bid for, required.
M E D F O R D , M id d lesex C o u n t y M ass.— B ID S .— 'T ho following are tho
other bids received for tire temporary loan of $50,000, duo M arch 6 1914
awarded on M a y l to Bond & Goodwin of Boston at 3 .7 4 % discount (V . 98,
p. 1408):
D is c o u n t. I
D is c o u n t
Curtis & Sanger, Boston-------3 .7 5 % Blake Bros. & C o ., Boston 3 8 6 % ’
Loring,Tolman& T u pper,B os. 3 .7 9 % I
/0
M E M P H IS, T e n n .— B O N D S A U T H O R I Z E D . — T h o C ity Commission
on April 21 passed an ordinance, it is stated, providing for tho issuance n f
the $ 1 ,0 0 0 ,0 0 0 levee bonds (V . 98, p. 1337).
issuance of
C o u n ty , O h io .— BOND
M E M P H IS S C H O O L D I S T R I C T (P. O. M em p h is), T e n n _n a y n
S A L E .— Reports state that this district has sold through tho Bank o f Com
merco & Trust C o. of M emphis at par the $40,000 4 'A % 20-year coup school
bonds offered without success on Apr. 1 (V . 98, p. 1184 ):
’
p ’ 8011001
M E R ID IA N , M iss. — B O N D O F F E R IN G .— Proposals will bo received
nnn r% ,n '„M a,y 13 by }'■ A : M cCaskell. C ity Clerk, & Treas. for the
$60,000 5 % school-ext. and equip, bonds authorized by a vote of 293 to 78
at tho election held April 24 (V . 98, p. 1408). D enom . $1,0 0 0 . Int
r ’ ^ i nnn UI! 53.000 yrjy. on July 1 from 1920 to 1939 in d . C ert, check
foP 5 1 .° 0 0 ’ Payable to C ity 0f M eridian,” required,
i
i V v na 1 u n o ? h 0 question of issuing the $14,905 79 refunding
by'a vi)te ofliiiO to 90 carned' reports state, at the election held April 24
_ M I A M I S B U R C , M o n tg o m e r y C o u n ty , O h io .— B O N D S A U T H O R
IS E D .- Reports state that the C ity Couneil recently passed an ordinance
providing for the issuanco of $0 ,5 0 0 sower bonds.
0
M ID D L E B U R G H T O W N S H I P (P. o . B e re a ), C u y a h o g a C o u n t v
Q ^ - ° ‘ ~ ^ O N D S OEFEA I E D . — A i an election held April 25 this township
defeated tho proposition providing for the issuance of $ 6 ,0 0 0 schooljbonds.
M ID L A N D S C H O O L D I S T R I C T (P. O. M id la n d ), B e a v e r C o u n t v
P a .— B O N D O F F E R IN G .— I t is stated that II. B. Reynolds, See I™, of
School Directors, will receivo bids until 8 p. in. M a y 26 for an issue of
$15,000 5 % school bonds. Cert, check for 2 % required.
’
M IL L B A Y O U D R A IN A G E D I S T R I C T N O . 12, A r k a n s a s C o u n ty ,
A r k .— B O N D S O F F E R E D B Y B A N K E R S .— Bowman, Cost & C o. of St.
M IL L E U S B U R G , H olm es C o u n ty , O h io .— B O N D O F F E R IN G __
Further details are at hand relativo to the offering on M ay 11 of tho $14 000
4 'A % coupon South Washington St. improvement bonds (V . 98 p *1408 )
Proposals for these bonds will be received until 12 m . on that dav bv Sam
Franks Jr., Vil. Clerk.
Denom. $1,400. D ate M a y i 1914.
Int M & S
in Millorsburg. Duo $1,400 yearly on Sept. I from 1915 to 1924 incl
C ert, cheek for 10% of bonds bid for, payable to Vi!. Treas., required’
Bonds to bo delivered and paid for within 10 days from time of award
Purchaser to pay accrued interest. Bonded debt (incl. this issuo $97,734 .
N o floating debt. Assess, val. 1914 $2,263,830.
stotof at the ^ s c t ^ n ^ ^ d ^ A I a y
7iW ^— P r ^ ^ B ^i^l?beMrMdivS’ im ti^ L ^ afm ! M a i ^ ^ b y T ^ C c P C o r n ^ s *
Fred. C . Werner, Clerk, for $30,000 5 % coupon road-impt bonds'
D enom '
$500. D ateJu ly 1 1914. Int. J. & J fa t o/fico o fC oTreas^^ Duo $15 000
on July 1191 6 and 1917. Cert, check for 1 % o f bonds bid upon requirbd°°
N E W A R K S C H O O L D I S T R I C T (P. O. N e w a rk )
L i c k i n g C o u n tv
O h io — BOND S A L E . - O n April 30 the $20,000 5 % ’ 1 0 ^ - y e a f (average)
building and equipment bonds (V . 98, p. 1261) were awarded reports state
to tho Ohio National Bank o f Columbus for $20,907 50— c^bal to i o l . 5 3 7 .
’
w . w w U ?)G H H E I G H T S , C u y a h o g a C o u n ty , O h io — B O N D O F /•
be received
m . Juno 1 (tiino
o B R IN G .— Proposals will uo itAuvcu until 12 in. June i (time extended
iv
from M a y 12) by J. A . Fitzgerald, Village Clerk (P. O . Brooklyn, R . F D
N o . n l ror $0 7*7 80 5 % Harvard A vo. sewer assess, bonds. ' Series 3.'
31 for * 6 787
Harvard Avo.
V ’ 98, p. 1338). Denom . (12 $500 (1) $787 80. D ate April 1 1914.
Int'. A . & O . Due $500 yearly on April 1 from 1915 to 1921 incl., $ 1 000
on April 1 1922 anil 1923 and $1,787 50 on April 1 1924. C ertified check
on a Cleveland bank for 5 % of amount bid required. Bids must be made
on forms furnished by above Clerk.
NEW M EXICO .— ID R J C E — EW O F R G The fol
B S EE T D N
F E IN .—
lowing bids received for the $200,000 4% S^f-vear favor 1 void rrmn
highway bonds offered on April 20 (V. 98, p. l016) were re jite ^ : C UP’
°
fee* . w l ’ expenses^’ 1>ar and interest- less 56,440 for bonds, attorney’s
Allen Frako agreed to find a purchaser to take the bonds at par and int..
providing that he received simultaneously with the delivery of the
bonds to him in N . Y . or Chicago, for his services, a commission of 4 6 2 %
of par value o f bonds. This offer was made strictly subject t o attorneys,
Dillon, lhom son & C lay o f N . Y . , approving the legality o f tho issue in
all respects, and the sale and delivery of tho bonds under tho terms
thereof.
Commerco Trust C o ., Kansas C ity, M o ., agreed to secure a bona fide pur
chaser to take the bonds at par and in t., providing they receive a cash
commission o f $10,890 , said commission to be paid to the trust company
by tho State at the time said bonds are presented by tho State to tho pur
chaser and paid for by him.
1
John Sandburg & C o. o f Denver bid par, less a commission o f $16,000.
Kountzo Bros, o f N . Y . and C . W . M cN ear & C o. of Chicago bid par and
int. to date o f delivery to them in either N . Y . or Chicago, provided a
duly certified transcript o f all proceedings incident to this issue satis
factorily evidencing to attorneys Dillon, Thomson & C lay, N Y
the
legality of tills issue in all respects, is promptly furnished them. "P ro
vided turther that the State allow them to deposit to the State’s credit
a mutually agreeable bank or banks in the State o f New Mexico
$180,000 of the proceeds o f the Issue, the State to receive no interest on
tluY t e ’ nnA Whlctl Is to bo paid them as follows: $ 2 0 ,0 0 0 in six months
and $ 2 0 ,0 0 0 every three months thereafter until the entire $180 000
lias been paid the State. As evidence of this deposit the State is to re
ceive nine certificates of deposit of S2 0 .0 0 0 each, not bearing interest
and maturing as above specified, three certificates to be issued by
mutually agreeablo banks in the State of New M exico.
N . S. U alpolo, Pueblo, bid par, providing he was appointed tho State’s
fiscal agent, for the purposo of looking after this issue. & c., for which work
lie was to receive $ 30,000 . Further, that if the Stato Treasurer had
authority to sell the bonds at less than par, he bid $170,000 and int. from
dato ot issuo, subject to the approval of tho legailty of the issue by his
attorney.
Proposals will be received until 10 a. m . June 1 by O . N . M arron. Stato
« i ' C n n VUri ' i l \ 5anta Fo for $500,000 4 % gold coup, highway bonds. Denom.
n
§ 1 ,0 0 0 . OfttG July 1 1913.
Int. J. & J. at tno State Treasurer’s office.
1rro,n
“ • » « • 1012
(u
Y,o9 8 ' P: ld38) Y
f,cr0 awarded to the Home Savings Bank o f Albany
at 103.868 and int.— a basis of about 4 .1 9 4 % . Other bids were*
Douglas Fenwick & C o .,N .Y _ 1 03.50! A . B. Leach & C o ., N . Y _ ’ 101 479
A d am s& C o ., New Y o r k ._
102.63 Spitzer, Rorick & C o ., N . Y 100.775
I . W . Sherrill, Poughkeepsie. 1 0 1 .5 7 1Ulster Co. Sav.Inst., K ingstonl00.121
1478
N E W P O R T , R . 1.— T E M P O R A R Y L O A N . — On M a y 5 the loan o f
$60 ,0 0 0 in anticipation o f taxes, dated M a y 9 1914 and duo Sept. 4 1914
(V . 98, p. 1408), was awarded, it is stated, to Livingston D avis at 3 .1 6 %
discount.
N E W T O N C O U N T Y (P. O. K e n t la n d ), I n d .— B O N D O F F E R IN G .—
Proposals will be received until 2 p. m . M a y 12 b y F . C . Rich, County
Treasurer, for $ 6 ,8 0 0 4>$ % Jas. It. Chancellor et al. highway-improvement
bonds. D enom . $340. D ate April 6 1914. In t. M . & N . Due $340
each six months from M a y 15 1915 to N o v . 15 1924 inclusive.
f t N E W Y O R K C I T Y .— B O N D S A L E .— In addition to the $ 6 5 ,0 0 0 ,0 0 0
4 M % corporate stock sold at pbulic sale by this city on April 15 (V . 9 8 ,
p. 1261), $ 5 ,0 0 0 ,0 0 0 3 % assessment bonds, maturing on or after N o v . 1
1914, were purchased during that month by the Sinking fund at par.
Th e following short-term securities, aggregating $ 1 2,707 ,415 05, and
consisting of revenue bonds, bills and corporate stock notes, were issued
during April.
R e v .B ills ’ U iC o n .) I n t .
A m o u n t.
Rev. Bonds 1914. I n t .
A m o u n t.
$ 244 ,30 0 00 Current expenses. *3
Special.......................3M
o$378,190 67
do ____________ 3
3 0 ,0 0 0 00
T otal rev. bonds
(current exp.)
Total rev. bonds
$ 4 ,457,121 48
C o rp . SlockN otes.
(special)...........
$ 274 ,30 0 00
Var. munic. purp. 3 $ 2 ,995,582 20
Rev. B ills 1914.
Current e x p . . . *3 5-16 $2,961,611 31 W a t e r ...................... 3
1,493.209 32
do
do
_ _ * 2 y%
998,058 22 Rapid transit____ 4
3,48 7 .2 0 2 05
do
do
_ .* 3
*119,261 28
T o t. corp.stk. notes_$7,975,993 57
* R ate o f discount; figures In "A m o u n t” column represent proceeds o f
loan after deducting discount, x Payable in £ sterling, a Payable in
francs.
N I L E S , T r u m b u ll C o u n t y , O h io . — B O N D S A L E .— On M a y 4 the
$16 ,5 0 0 5 % 32-yr. (aver.) park-slte-purchaso bonds (V . 98, p. 1338) were
awarded to C . E . Denison & C o . or Cleveland for $17,587 60 (106.591)
and int. Othor bids were;
Stacy & Braun, Toledo— $17,518 6 0 1Seasongood & M ayer, C in .$17 ,3 4 0 0 0
W e il, Roth & C o ., C i n . . . 17,379 45|Provident S. B . & T .C o .,C in l7 ,3 2 9 95
Fifth-Third N a t . B k.,C in . 17,366 2 5 1Spitzer, Rorick& Co., T o l. 16,721 00
Sidney Spitzer & C o ., T o l. 17,343 2 5 [Niles Trust C o ., N iles___ 16,550 0 0
O A K L A N D , C a lif. — B O N D S A L E .— On M a y 1 $ 510 ,00 0 4 4 $ % bonds
dated A u g. 1 1913 were awarded to N . W . Halsey & C o. at par and accrued
in t. Th e bonds are part of a lot of $ 1 ,155,000 due $24 ,0 0 0 Aug. 1 1 9 1 4 a n d
$39 ,0 0 0 yearly on A u g. 1 from 1915 to 1943 incl. Halsey & C o . have also
secured a 30-day option on the remaining portion ($645,000 ). Tho bonds
are now being offered to investors on a 4 .4 0 % basis. (See adve rtisem ent on
a preceding page.)
O A K W O O D (P . O . K n o x v ille ), T e n n .— B O N D S A L E .— Reports state
that the $20,000 school-houso and $30,000 municipal-improvement bonds
voted M arch 31 (V . 98, p. 1185) have been sold to a Chicago firm .
O G D E N S B U R G , S t . L a w r e n c e C o u n ty , N . Y .— B O N D S A L E .— On
M a y 5 tho $30,000 4 1 $ % 7 2 - 3 -year (aver.) water bonds (V . 98, p. 1262)
wero awarded to Kissel, Kinnicutt & C o. of N . Y . at 101.97 and int.
Other bids were :
Isaac W . Sherrill, Poughkeepsie, 101.57 and Interest.
Douglas Fenwick & C o ., New York, 101.27 and interest.
Curtis & Sanger, New Y ork, 101.26'and interest.
Adam s & C o ., New Y ork, 101.17 and interest.
Harris, Forbes & C o ., Now Y ork, 101.163 and interest.
N athan Frank’s Sons, Ogdensburg, bid for $20,400 o f the long bonds and
$ 10 ,0 0 0 for the remainder o f the short-term bonds .amounting to $ 10 ,0 0 0
and accrued interest.
O L E A N U N IO N F R E E S C H O O L D I S T R I C T N O . 1 (P. O . O le a n ),
C a t t a r a u g u s C o u n t y , N . Y . — B O N D S A L E .— On M a y 6 the two issues
o f 4 'A % site bonds, aggregating $9,000 (V . 98, p . 1408), wero awarded to
Douglas Fenwick & C o . of N . Y . for $9,023 (100.255) and int. Other
bidders were:
____ _
John J. H art, A lb a n y _____ $9,015 30|Union Trust C o ., Roch-— $9,000 00
Spitzer, R orick & C o ., N . Y . 9,011 2 5 1
O S B O R N E , G r e e n C o u n t y , O h io . — B O N D O F F E R IN G .— Proposals
will be received until 6 p. m . M a y 15 b y B . Herr, V ll. Clerk, it is reported,
for an issue of $12 ,0 0 0 5 % 2 2-3-year (aver.) bonds. In t. semi-ann. C ert,
check for 1 0 % required.
O S W E G O , O s w e g o C o u n t y , N . Y .— B O N D O F F E R IN G .— Proposals
will be received until 12 m . M a y 18 by Thos. F . Hennessey, M ayor, and
D avid F . Hennessey C ity Chamberlain, for the $110 000 4 4 $ % reg. sewer
bonds (V . 98. p . 1409.
D enom . $1,000. D ate M a y 1 1914. In t. M . &
N . at U . S. M tg e . & T r. C o ., N . Y . Due $11 000 yearly on M a y 1 from
1920 to 1929 incl. Cert, check on an incorporated bank or trust company
for 2 % of bonds bid for, payable to C ity Chamberlain, required. Bonds
to be delivered and paid for at office of above trust company in N . Y . C ity
at 10 a. m . June 8 . Purchaser to pay accrued interest. Bids must bo
made on blank forms furnished by the city. These bonds will be certified
as to genuineness by tho U . S M tge. & T r. C o. and their legality approved
b y Caldwell Masslfch & Reed of N . Y . , whoso opinion or a duplicate thereof
will be delivered to the purchaser. Bonded debt (incl. this issue) $997,135;
water bonds incl,. $423 ,00 0. Assess, val. $ 12,891 ,109 . A c t. val. $ 1 8
500.000.
O W E G O , T io g a C o u n t y , N . Y .— B O N D O F F E R IN O .— Proposals will
bo received until 12 m . M a y 11 by Lucius I I . Allen, Village Treasurer, for
$5,000 4 % coupon tax-free steam-roller-purchase and North A vo. paving
bonds. D enom . $500. D ate M a y 15 1914. Interest annual. D ue $500
yearly on Sept. 1 from 1915 to 1924, inclusive. Certified check or draft
on a solvent bank In N . Y . State for 5 % of bonds bid for, payable to
Village Treasurer, required. Bonds to be delivered and paid for within
10 days after allotm ent. These bonds were voted on M arch 6 .
O Z A R K , D a le C o u n t y , A la . — B O N D O F F E R IN G .— Bids will bo re
ceived until June 1, reports state, by J. A . Eason, M ayor, for $ 2 5 ,0 0 0 5 %
294$-yr. water and light bonds. Int. ann. C ert, check for 5 % required.
P A N A M A C I T Y S C H O O L D I S T R I C T (P. O . P a n a m a C it y ) , W a s h
in g t o n C o u n t y , F la . — B O N D S V O T E D .— Local newspaper reports state
that this district at a recent election voted to issue $ 3 0 ,0 0 0 bldg, bonds.
P A T T O N , C a m b r ia C o u n t y , P a .— B O N D S A L E .— Tho $10,000 5 %
coupon tax-free municipal-building bonds offered on April 7 ( V . 98, p. 1016)
have been awarded to Edward V . K ane & C o. of Phila. The bonds are
due M arch 1 1934.
P A U L D IN G C O U N T Y (P. O . P a u ld in g ). O h io .— B O N D S A L E .—
On M a y 1 the $ 35,900 5 % 64(-year (aver.) pike refunding bonds (V . 98,
p . 1339) were awarded, it is stated, to Farson, Son & C o ., o f Chicago for
§3 6 ,8 0 0 (102.506) and interest.
P E C O S C O U N T Y (P. O . F o r t S t o c k t o n ) , T e x .— B O N D S A L E .—
On April 27 the $85,000 6 % 10-40-year (opt.) coupon road-impt. bonds
offered on April 25 (V . 98, p . 1185) were awarded to Ulen & C o . o f Chicago,
it is stated.
P E N F IE L D T O W N S H I P R O A D D I S T R I C T , L o r a in C o u n ty , O h io .
— B O N D O F F E R IN G .— Proposals will be received until 12 m . June 1 by
Ira M . Starr, T w p . Clerk (P. O. Wellington, It. F. D . N o . 3) for $18,000
6 % coupon road bonds.
D enom . $500. D ate June 3 1914. Int. A . & O.
at First Wellington Bank, Wellington. D ue $500 each six months from
April 15 1915 to O ct. 15 1932 incl. C ert, check on a national bank for
$500, payable to T w p . Trustees, required.
P E R R Y S C H O O L T O W N S H I P (P. O. E c o n o m y ), W a y n e C o u n t y ,
I n d . — B O N D S A L E .— On M a y 1 tho $4,500 4 4 $ % S4$-yr. (aver.) school
bonds (V . 98, p. 1105) were awarded to Breed. Elliott & Harrison of Indian
apolis for $4,580 (101.777) and int. Other bids were :
„ , roo
Dickons Trust C o , Richmond, I n d ..................................................... 4 ,525 00
Fletcher-American National Bank, Indianapolis-------------------------- 4 ,507 50
P E R S O N C O U N T Y (P . O. R o x b o r o ), N o. C a r o .— B O N D E L E C T IO N .
__ A proposition to lssuo $150 ,00 0 road-improvement bonds will be sub
mitted to a vote on M a y 12, reports state.
P E R U , L a S a lle C o u n t y , I lls . — B O N D S V O T E D .— Tho question of
issuing $ 10 ,0 0 0 sewerago bonds carried, it is stated, at an election held
April 21 by a vote of 739 to 586.
r P E T E R S B U R G , M e n a rd C o u n t y , 111.— B O N D S D E F E A T E D .— T h e
question of issuing $7,000 sidewalk-construction bonds was defeated at
th e election held April 21 by a vote o f 211 "fo r ” to 384 ’against.”
P I C K A W A Y C O U N T Y (P . O . C ir c le v ille ), O h io .— B O N D S A L E .—
O n M a y 5 the three Issues of 5 % coupon bonds, aggregating $42,300 ( V . 9 8 ,
[Vol. xcvm
THE CHRONICLE
p. 1409) were awarded to Sidney Spitzer & C o . o f Toledo for $43,847—
equal to 103.657. Other bids were :
W eil, Roth & C o ., C in ____ $1,282 25 Hayden,Miller& C o .,C le v e .$ l,2 0 6 00
Tillotson & W ol. Co.,Cleve. 1,258 95 Otis & C o ., C leveland____ 1,160 00
Stacy & Braun, T oledo—
1,236 62 Spitzer.Rorick & C o .,T o l. 1,035 00
Breed. Elliott & Ila r’n.Oin. 1,235 85 Seasongood & M ayor, C in .
790 00
P IQ U A S C H O O L D I S T R I C T (P. O. P iq u a ) , M iam i C o u n t y , O h io .—
B O N D O F F E R IN G .— Proposals will be received until 12 m . June 12 (not
June 15 as first roported) for tho $50,000 4 4 $ % taxable coup, refunding
bonds authorized by the Board of Education on M arch 26 (V . 98, p. 1339).
D enom . $500. In t. J. & D . at office of C ity Treasurer. Duo $2,500 each
six months from June 15 1918 to D ec. 15 1927 incl. A n unconditional certi
fied check on a national bank for $2,500 required. Official circular states
that the legality of these bonds has not been questioned and that the dis
trict has never defaulted in the payment of any obligation. T otal bonded
debt (incl. this issue) $ 175 ,00 0. N o floating debt. Assessed valuation
(real and porsonal), $17,5 0 0 ,0 0 0 .
P L A I N F I E L D , U n io n C o u n t y , N . 3 .— B O N D S A L E .— O n M a y 4 the
$30,000 4 4 $ % 51$-year (aver.) gold coup, or reg. jolnt-sewerage-systom
bonds (V . 98. p. 1262) wero awarded to John D . Everitt & C o. of N . Y . C ity
for $30,175 (100.583) and int. Other bidders were:
Rhoades & C o ., N . Y ____ $30,156 0 0 1H ornblower* W e e k s ,N .Y . $30,072 00
R . M . Grant & C o ., N . Y . 30,103 501 Harris. F o rbes& C o ., N . Y . 30,024 30
P O M P T O N L A K E S , P a s s a ic C o u n t y , N . J .— B O N D S A L E .— The two
Issues o f 20-year coup, or rog. water-works and electric-light bonds, aggre
gating $75,000 , offered on April 30 (V . 98. p. 1339), havo been awarded to
II. L?C raw ford & C o. of Now York and M . M . Freeman & G o . or Phila
delphia at their joint bid of 102.76 and interest for 5s.
P O R T B Y R O N , R o c k I s la n d C o u n t y , I lls .— ‘B O N D S V O T E D .— The
questions of issuing $ 2 ,500 sidewalk (vote 63 to 18), $1,5 0 0 road-improve
ment (63 to 16) and $3,5 0 0 Barber’s Creek Bridgo construction (65 to 15)
bonds carried, reports state, at an election held April 24.
P O R T O F C O O S B A Y (P . O . M a rs h fie ld ), C oo3 C o u n t y , O re .—
B O N D S P R O P O S E D .— This place is contemplating tho issuance o f $300,000
bonds, it is stated.
P O R T O R I C O .— B O N D O F F E R IN G .— For details o f bonds and terms
of offering seo nows item on a preceding page.
P O R T S M O U T H , S c io to C o u n ty , O h io . — B O N D O F F E R IN G .— Pro
posals will bo received until 12 m . Juno 2 (sale postponed from M a y 5) by
Geo. L . Gableman, C ity A u d .. for $50,000 5 % water-works-ext. bonds.
D enom . $500. D ate April 1 1914. Int. A . & O . at office o f C ity Treas.
D ue $10,000 yearly on April 1 from 1923 to 1927 incl. C ert, check for 2 %
o f bonds bid for, payable to C ity A u d ., required. Bids must bo uncon
ditional. Purchaser to pay accrued interest.
P U L A S K I , G iles C o u n t y , T e n n . — B O N D S A L E .— H . C . Speer &
Sons C o . o f Chicago recently purchased the following 5 % bonds:
$20,000 electric-light and sower bonds. Date Jan. 1 1914. D uo $5,000
Jan. 1 1924 and 1929 and $10 ,0 0 0 Jan. 1 1934.
12,500 school-building bonds voted M arch 21 (V . 98, p. 1016). D enom .
$500. D ate July 1 1914. D uo $500 yearly July 1 from 1919 to
1943, inclusive.
P U L A S K I C O U N T Y (P . O . S o m e rs e t), K y.—B O N D S D E F E A T E D . —
The question of issuing the $300,000 road bonds at not exceeding 5 % int.
(V . 98, p- 1262) failed to carry at the election held A p r. 24 by a vote of
3,146 " f o r " to 1,840 “ against, a two-thirds m ajority being necessary to
authorize.
B O N D E L E C T IO N .— Tho proposition to issue tho above bonds will
again be submitted to the voters again on Juno 26.
R A L E IG H , W a k e C o u n t y , N o . C a r .— B O N D S A L E .— On M a y 1 the
$100 ,0 0 0 5 % 30-year coupon street-im pt. bonds voted April 15 (V . 98,
p . 1 3 3 9 ) wero awarded, it Is stated, to Remick, Hodges & C o. of N . Y . , a t
104.555 . Other bids wero :
Sid.Spitzer & C o.,Toledo.$104,135 00 C .C .M c D o n a ld .R a le ig h .$102,162 50
T ow n’d S c o tt* Son,Balt. 104,111 00 P r ov.S .B .& T r .C o .,C in . 102.060 00
Harris.Forbes & C o .,N .Y . 103,201 00 Bolger, Mosser & W illaman, C hicago-------------- 102,051 00
Sec.Tr.C o.,Spartanburg. 103.078 50
R . M . Grant & C o., N .Y . 103.050 00 W m . N. Coler & C o .,N .Y . 101,800 00
Breed,Elliott & Har.,Cin. 102,760 00 Fred E.N olting&Co.,Rlch. 191,750 00
Old D om .T r.C o.,R ich m _ 102,430 00 Field,Richards & Co.,Cln. 101,713 00
Estabrook & C o., N . Y - . 102,260 00 J.H .IIilsm an & C o .,A tla . 101,570 00
R A V E N S W O O D , J a c k s o n C o u n t y , W . V a .- B O N D O F F E R IN G .—
Reports state that proposals will be received until M a y lb by M . E . Ginther. Town Recorder, for $25,000 5 % 10-34-year (opt.) water-works bonds.
R E D O N D O B E A C H , L o s A n g e le s C o u n t y , C a l.— B O N D S PRO
P O S E D .— Local newspaper dispatches state that this town is considering
the issuance o f between $150,000 to $ 2 0 0 ,0 0 0 pier-construction bonds.
R IC H L A N D C O U N T Y (P. O. M a n sfield ), O h io .— B O N D S A L E . —
On April 30 the $20,000 5 % 5 2-3-yoar (aver.) flood-emergency bonds
(V . 98, p- 1339) were awarded to the Richland Sav. B ank C o ., M ansfield,
at 102.25.
R I P L E Y C O U N T Y (P. O . V e r s a ille s ) , I n d .— B O N D S A L E .— On
M a y 4 the $9,5 0 0 4 4 $ % 5t$-year (average) road bonds (V . 98, p. 1339)
were awarded to Newton Jackson for $9,567— equal to 100.705— a basis
of about 4 .3 6 % . Other bids wero:
Frank M . Th om pson-------------- $9,562 IBatesvillo B ank, Batesville___ $9,525
Versailles Bank, Versailles------ 9,5511
R O C H E S T E R , N . Y . — N O T E O F F E R IN G .— Proposals will bo received
until 2 p. m . M a y 12 by E . S. Osborno, C ity Comptroller, for $200,000
sewage-disposal notes, payable eight months from M a y 15 1914. Thoy
will bo drawn with interest and made payablo at tho Union Trust C o .,
New York
Bidder to designate rato of Interest, denomination of notes
desired and to whom (not bearer) notes shall be made payable.
RO CH ESTER
SCH OO L
D IS T R IC T
(P.
O . R o c h e s te r ) ,
Beaver
C m in ty , p a .— B O N D S P R O P O S E D .— This district is considering the issu
ance of building bonds.
R O S E V I L L E , W a rre n C o u n t y , I lls . — B O N D S V O T E D .— Local news
paper reports state that this town at a recent election voted in favor of
the issuanco of town-liall-construction bonds.
R O S E V I L L E S C H O O L D I S T R I C T , P la c e r C o u n ty , C a lif .— B O N D S
TO B E O F F E R E D S H O R T L Y .— W o aro advised that the County Board of
Supervisors (P. O . Auburn) will offer for sale about June 2 tho $20,000
gram m ar anil $45,000 high-school bonds voted April 13 (V . 98, p. 1340).
R U G G L E S T O W N S H I P (P . O. R u g g le s C e n te r ) , A s h la n d C o u n t y ,
O h io .— B O N D O F F E R IN G .— Pepposals will bo received until 12 m . Juno 8
by Elmer Shoemaker, Tw p . Clerk, for $40,000 5 % road-improvement
bonds. D enom . $1,0 0 0 .
Date M a y 1 1914. In t. M . & S. Duo $1,000
each six months from M arch 1 1915 to Sept. 1 1919 Incl. and $2,000 on
M arch 1 and $500 on Sent. 1 from March 1 1920 to Sept. 1 1929 incl.
C ert, check or draft for $500. payable at sight to Tw p . Clerk, required.
Bonds to bo delivered and paid tor within 10 days from time of awardpurchaser to pay accrued interest.
S T B E R N A R D P A R I S H (P. O . S t. B e r n a r d ) , L a .— P U R C H A S E R
O F B O N D S .— Reports state that tho purchaser o f tho $85,000 5 % court
house bonds sold last month at par and int. (V . 98, p . 1186) was Hoehler,
Cummings & Prudden of Toledo.
S A D D L E R I V E R T O W N S H I P , B e r g e n C o u n t y , N . 3 .— B O N D O F
F E R IN G .— Proposals will bo received until 8 p. m . M a y 19 b y W m . I I .
Cadmus, Tw p . Clerk, (P- O . Warren Point) for $30,000 5 % 30-year coupon
or reg. macadamizing bonds. D enom . $1,000. D ate M a y 1 1914. In t.
M . & N . Cert, check on an incorporated bank or trust company for 2 %
of bonds bid for, required. Tho validity o f these bonds will bo approved
by Hawkins, Dolafield & LongfellowSof N . Y . C ity, a dupllcateloriglnal of
whose opinion will bo furpished purchaser.
The o f fic ia l notic e o f th is bond o ffe rin g w i l l be fo u n d am ong the advertise
m ents elsewhere i n th is D e p a rtm e n t.
S A G IN A W , Sagin aw C o u n ty , M ic h . — -V O T E .— Reports stato that the
voto cast at tho election held April 2 7 . which resulted in defeat of the
question of issuing tho $250,000 sidowalk bonds ( V .9 8 , p. 1409). was 3,609
’ ’for” to 2,520 “ against.” A three-fifths majority was necessary to au
thorize. Tho vote on tho $700,000 water bonds, which was also defeated,
was reported in last week’s “ Chronicle.”
THE CHRONICLE
M a y 9 1914.J
S A L T C R E E K T O W N S H IP S C H O O L D I S T R I C T , M u s k in g u m
C o u n t y , O h io .— B O N D O F F E R IN G .— Proposals will bo received until
12 m . M a y 23 by T . H . Clapper, Clerk of I3d. of E d . (P. O. Chandlersvillo,
R . F . D .) for $1,000 6 % 6-year sub-district N o . 5 school construction and
equipment bonds. D onom . $500. D ate M av 23 1914. In t. M . & N . at
office of Clerk of B d .o f E d . C ert, check for 1 0 % of bonds bid for, required.
S A N F O R D , O r a n g e C o u n t y , F la .— B O N D O F F E R IN G .— Proposals
will bo received until 5 p. m . M a y 29 by S. O. Chase. G eo. H . Fornald and
B . F . W hitner, Bond Trustees, f o r ‘$ 5 0 ,0 0 0 refunding bonds at not exceed
ing 6 % int. Denom . $ 1 ,0 0 0 .
D ate July 1 1914. Int. J. & J . at N a t.
Park B ank, N . Y .
D ue $10,0 0 0 in 10 yrs., $ 15,000 in 20 yrs. and $ 25,000
in 30 yrs. C ert, check for 1 % of bonds, required.
The o f fic ia l notice o f th is bond o ffe rin g w i l l be fo u n d am ong the adve rtise
ments elsewhere i n th is D e p a rtm e n t.
S A N D I E G O , C a l.— ‘B O N D S V O T E D .— The questions o f issuing the
$ 1 ,5 0 0 ,0 0 0 M orena D am purchase and $500 ,00 0 harbor bonds carried at
the election held M a y 5 by a vote of 10,782 to 1,528 and 10,595 to 1,593,
respectively.
S A N G E R , F re s n o C o u n ty , C a l i f — B O N D S N O T S O L D — T h e C ity
Clerk advises us under date of April 28 that no sale has yet been mado of
tho $30,000 sewer-system and $32,400 municipal-water-plant 5 % bonds
offered on Feb. 10. (V . 98, p. 544.)
S A N T A R O S A S C H O O L D I S T R I C T (P. O. S a n t a R o s a ) , S o n o m a
C o u n t y , C a l.— B O N D E L E C T IO N . — An election will bo hold M a y 23,
Park Bank, N . Y . D ue 1 bond of each issuo yearly. C ert, check for 2 K %
of bonds bid for required. Bidders to state whether or not attorney’s fees
and the printing of bonds are included in bid. Official circular states that
there is no litigation to affect this issue. T otal bonded debt (incl. these
issues), $669,500. N o floating debt. Assess, val. 1913 $8,3 9 4 ,0 7 0 .
S I N K I N G S P R IN G , B e r k s C o u n t y , P a .— B O N D O F F E R I N G — T
he
Secretary advises us that this borough will put $ 3 0 ,0 0 0 A 'A % bonds on
sale July 1. He further states that the bonds nave already been subscribed
for by local parties.
A L L E N T O W N (P. O . A lle n t o w n ) , L e h ig h C o u n t y , P a .—
B O N D S V O T E D . — A t a recent election the question of issuing $40,000
municipal water-plant bonds carried, it is stated, by a vote o f 170 to 4 4 .
S O U T H B E T H L E H E M S C H O O L D I S T R I C T (P. O. S o u t h B e th le -
“ m >' N o r th a m p to n C o u n t v , P a — B O N D S A L E — On M a y 5 the
$o0 ,000 4 % tax-free school bonds (V . 98, p . 1340) were awarded to C a m illa
M . Brodhead at 100-125.
S O U T H H E B R O N S C H O O L D I S T R I C T (P. O. H e b ro n ), M c H e n ry
c ° v nt.y , 111.— B O N D S V O T E D — On April 18 this district voted in favor
of tho issuance o f bldg, bonds, it is stated.
O R A N G E , E ssex C o u n t y , N . J .—
M cLean
C o u n ty ,
111.— B O N D S
D E F E A T E D . — The
auestion o f issuing tho $10,000 water-works bonds (V . 98, p. 1186) failed
to carry* at tho election held April 21 by a vote of 28 “ for” to 328 “ against.”
S C O T T T O W N S H IP S C H O O L D I S T R I C T (P. O . S e a m a n ), A d a m s
C o u n t y O h io . — B O N D S D E F E A T E D — T h e question of issuing $25,000
building bonds failed to carry at tho election hold April 24.
S E A T T L E , W a s h . — B O N D S O F F E R E D B Y B A N K E R S .— Carstens &
Earles, Inc., o f Seattle aro offering to investors $12,000 6 % coup, local
im pt. D ist. N o . 2698 bonds. D enom . $200. D ate (est.) Juno 25 1914.
In t. ann. Duo $1,200 yriy. on Juno 25 from 1915 to 1924 inch Assess,
v a l., land only equ. 1912, $248,530; real (est.), $826,700.
S E N E C A C O U N T Y (P. O . T if f i n ) , O h io .— B O N D O F F E R IN G .—
Proposals will bo received until 1:30 p. m . M a y 18 by J. E . Hershberger,
C o . A n d ., for $100,000 5 % coupon bridgo-reconstruction bonds, series 2.
Denom . $1,000. D ate June 15 1914. Int. M . & S. at office of C o . Treas
D ue $10,000 each six months from M arch 15 1920 to Sept. 15 1924, incl.
C ert, check for 2 % of bid, payable to W m . D . ileckert, C o. Treas. re
quired. Purchaser to pay accrued Interest.
S H E R M A N , G r a y s o n C o u n ty , T e x — B O N D O F F E R IN G .— Further
details aro at hand relative to tho offering on M a y 18 of tho following 5 %
bonds (V . 98. p . 1409).
$40,000 1-40-yr. (ser.) water-works im pt. bonds. D enom . $1,0 0 0 .
I 25.000 1-25-yr. (ser.) street-impt. bonds. D enom . $1,000.
20.000 1-40-yr. (ser.) sewer bonds. D enom . $500.
5,000 1-10-yr. (ser.) eloctric-light im pt. bonds. D enom . $500.
10.000 1-20-yr. (ser.) public-park bonds. D enom . $500.
Proposals for these bonds will be received until 7:30 p. m . on that dav by
Henry Zimmerman, C ity Secy. D ato April 1 1914. In t. A . & O . at N a t.
$28,000 p,layground bonds.
10,000 firo-equip. bonds.
PRO PO SED —
A
D enom . $ 1,000.
D ue July 1 1944.
D ue $1,000 yrly. oi July 1 from 1915 to 1924
on
D ate July 1 1914.
In t. J . & J.
S O U T H S T . P A U L , D a k o t a C o u n t y , M in n .—
B O N D S
A W A R D E D
N o bids were received for the $ 1 05 ,00 0 5 % 20-year refunding
offered on M a y 4 (V . 98. p. 1187). The city subsequently sold to
O . W . M cN car & C o ., Chicago, and W ells & Dickey C o ., M inneapolis, a t
their joint bid, $50,000 refunding bonds at par and interest as 5 H s .
IN
P A R T .—
S P E N C E R P O R T , M o n ro e C o u n t y , N . Y
.— B O N D
S A L E ,—
On M a y 5
the $16,000 8 2-3-yr. (aver.) reg. tax-free electric-system bonds (V . 98,
p. 1409) were awarded, it is stated, to the Security Trust C o . of Rochester
at par for 4.30s.
. , S,P, ? K ^ NE. C O U N T Y S C H O O L D I S T R I C T N O . 21, W a s h .—
B O N D
w ^ ^ ’7^0 SoApf l ]
$14, 000 2-10-yr. (opt.) building and equipment
bonds ( V . 98, p. 1106) were awarded to the State of W ashington a t par for
5s. Other bids were :
Spokane & Eastern Trust C o ., Spokane. $ 14,010 for 5 A s .
Ferris & Hardgrove, Spokane, $14,006 for 6s.
S P R IN G F I E L D , L a n e C o u n ty , O re .—
BO N D
S A L E —
On A pril 25
tho $61,132 37 6 % 1-10-yr. (opt.) gold coupon street-im pt. bonds (V . 98,
p 1340) were awarded to the Clark Henry Construction C o. at par and int.
Ferris & Hardgrove of Spokane bid $61,182 37 and in t., less $600 for
attorney’s fees.
S U G A R C R E E K S C H O O L T O W N S H I P (P. O . B o w e rs ), M o n t
g o m e ry C o u n t y , I n d .— B O N D O F F E R I N G . — Bids will be received until
11 a. m . M a y 15 (and from day to day thereafter until sold) by W m . II.
Bundy, Township Trustee, for $ 21,000 4 A % school bonds. D enom .$700.
D ato April 15 1914. Due $ 2 ,100 yearly on D ec. 1 from 1914 to 1923, incl.
Certified check on a M ontgom ery County national bank for 10 % o f bid,
payablo to Township Trustee, required. Bids m ust be made on form s
furnished by above Trustee. These bonds were offered on April 2 0 , but
tho bids received on that day were rejected (V . 9 8 , p . 1340).
NEW LOANS.
NEW LOANS.
BO N D S
meeting o f the Village Board of Trustees will be held M a y 18 to consider
bonds-nC0S prov*dinS for the issuance o f the following 4 A % coup, or reg.
reports state, to vote on the question o f issuing $65,000 school bonds.
SAYBRO O K,
1479
NEW LOANS.
$ 1 8 ,2 5 0
$ 3 0 ,0 0 0 .0 0
$ 4 0 0 ,0 0 0
T ow n o f K irkland, W ash., Township of Saddle River, N. J.,
H U D SO N C O U N T Y , N. J .
GOLD
BONDS
Soaleu bids will be received b y the undersigned
T h i r t y -Y e a r F iv e P e r C e n t B o n d s
until twelve 1 o ’ clock noon on tho 1 S T D A Y O F
,
Sealed proposals will be received by the Town
JUNE, 1914 for the purchaso of Eighteen Thou
sand Tw o Hundred Fifty ($18,250) Dollars ne ship C om m ittee of the Township of Saddle River,
gotiable bonds of tho Town of Kirkland, author N . J ., at Warren Point H otel, Warren Point,
ized by Ordinance N o . 116 of said town and the N ew Jersey, until eight p. m ., on MAY 19, 1914,
for an issuo of $30 ,0 0 0 Macadamizing Bonds of
laws o f the State of W ashington.
Said bonds to bo issued in the denomination tho Township of Saddle River, N . J.
Said bonds will be 30 in number, o f the denom
of Five Hundred ($500) Dollars each, except ono
(1) bond, which shall be for Tw o Hundred Fifty ination o f $ 1 ,0 0 0 each, dated M a y 1, 1914, pay
($250) Dollars, and to bear interest as of July 1, able M a y 1, 1944, will bear interest at the rate
1914; said bonds to be payable twenty (20) years o f five per cent per annum, payable semi-annually
days o M a y
from their date of issuanco; to bear interest at a on the firstwill bo fcouponand Novem ber in each
at
rate not to exceed six per cent (6 % ) per annum , year, and of the holder as bonds rogisterable or
tho option
to principal alone,
payablo semi-annually, for which interest coupons as to both principal and intorest.
shall bo attached to and mado a part of said bonds;
Rids should be enclosed in a sealed envelope,
both principal and Interest shall be payablo in
gold coin of tho United States of the present stand addressed to W illiam II. Cadm us, Township
C lerk, Saddlo River, N . J .,
ard of weight and fineness, at tho fiscal agency of upon the outside “ Proposal and should bo marked
for B o n d s."
tho State of Washington in Now York C ity.
The bonds will not bo sold for less than par and
N o bid for less than par and accrued interest
interest. T n e Com
will bo received. The right to roject any and all accrued reject any or all bids. m ittee reserves the
right to
bids is reserved by tho Town of Kirkland. Bids
Each
a
must be accompanied by a certified check on some certified proposal must be accompanied by or
check upon an incorporated bank
solvent bank located in tho Town of Kirkland or trust company for two per cent of tho par value
tho C ity of Scattlo for two per cent (2 % ) of the of the bonds bid for, tho check o f the successful
faco valuo of all bonds bid for, such deposit to be bidder to be retained as part paym ent for the
returned if tho bid is not accepted, but otherwise bonds, and tho checks of all unsuccessful bidders
to bo applied by the Town on the sum so bid, or, to be forthwith returned.
i f tho bidder fails to comply with the terms of
Tho validity of tho bonds will be approved by
his bid, to be forfeited to tho Town as and for M essrs. Hawkins, Delafield & Longfellow, attor
liquidated damages.
neys o f N ew York C ity , a duplicate original of
A ll bids will bo opened and considered by the
corporate authorities in tho Council Chamber in whose opinion will bo furnished to tho purchaser.
W IL L IA M M . C A D M U S ,
tho Town Hall of tho Town of Kirkland on tho 1st
Township Clerk.
day o f June, 1914, at 8 o'clock p . m .
D ated. M a y 6 , 1914.
J. S . C O U R T R IG H T ,
Town Clerk.
$ 5 0 ,0 0 0
C ity o f S an ford , Florida, C ity o f
R E F U N D IN G
BONDS
N otice is hereby given that soaled proposals will
bo received by the Board of Bond Trustees of
Sanford, Florida, until 5 o'clock p . ni. on tho
29T11 DAY OF MAY, A. D. 1914, at Sanford,
Florida, for tho purchaso of Fifty Thousand D ol
lars C ity o f Sanford Refunding Bonds; said Bonds
to bear rate of interest not to exceed six per cent
and are dated July 1st, 1914, interest payable
semi-annually, January and July, said issue con
sisting o f Ten Bonds of the denomination of One
Thousand Dollars each, maturing in ten years;
Fifteen Bonds of the denomination of One Thous
and Dollars each, maturing in twenty years;
Tw en ty-five Bonds of the denomination of Ono
Thousand Dollars each, maturing in thirty years.
Principal and interest coupons aro payable at tho
National Park Bank, New York C ity.
A ll bids must be accompanied with a certified
chock for ono per cent of the amount of said issue.
Tho Board of Bond Trustees reserve tho right to
reject any and all bids.
S. O . C H A S E ,
G E O . II. F K K N A L D ,
B . F. W H I T N E R ,
Board of Bond Trustees, Sanford, Florida.
$ 1 0 0 ,0 0 0
Sherm an,
5%
Texas,
BONDS.
Sealed proposals will be received by the C ity
o f Sherman, Texas, at the office of C ity Secre
tary, Henry Zimmerman, until the 18TH DAY
O F MAY, 1914, 7:30 P. M ., for tho purchase o f
tho following described Municipal Bonds:
$40,000 6% 1-40 (Serial) W ater-W orks Im
provem ent Bonds.
$25,000 5% 1-25 (Serial) Street Improvement
Bonds.
$20,000 5% 1-40 (Serial) Sewer Bends.
$5,000 6% 1-10 (Serial) Electric Light Im
provement Bonds.
$10,000 5% 1-20 (Serial) Public Park Bonds.
Tho following conditions will govern the sale
of above bonds:
Each bid to bo accompanied by a certified check
of 2 A % of the amount of the issuo bid upon, said
bid specifying whether or not attorney’s fees and
the printing of bonds aro included in same.
Each bidder is given the option o f bidding on one
or all of the Issues. The right is reserved to re
ject any and all bids.
H E N R Y Z I M M E R M A N , C ity Secretary.
Sherman, Texas.
FOUR
AND
O N E -H A L F
GOLD
PER
CENT
BONDS
B y virtue o f two separate resolutions o f the
Board o f Chosen Freeholders o f the County of
Hudson, passed at a meeting held Thursday,
April 23, 1914, sealed bids and proposals will be
received and opened at a meeting of said Board
to be held in the Court House, Jersey C ity , N . J .,
THURSDAY, MAY 14, 1914
at 3 o ’clock p . m ., for the sale o f the following
issues of bonds, viz:
(1) $300 ,00 0 H U D S O N
COUNTY
PARK
bonds, to be issued under authority o f an A ct
of the Legislature o f the State o f N ew Jersey,
entitled “ An Act to establish public parks in
certain counties o f this State and to regulate
the sam e,” approved M a y 6 , 1902 (Laws o f 1902,
P. 11).
(2) $100,000 A S Y L U M A D D I T I O N bonds,
to be issued under authority of an A c t o f the
Legislature o f the State o f N ew Jersey, entitled
“ An Act to authorize the erection or additions
or extensions to county lunatic asylums and addi
tional buildings or pavilions for the accommoda
tion o f the insane, and to properly fit, furnish
and equip the sam e, and to issue bonds for the
paym ent thereof,” approved April 21, 1909 (Laws
of 1909, p. 363).
Both o f the above issues to bear Interest at
four and one-half per centum (4 A % ) per annum ,
payable semi-annually, and to bear date the first
day o f M a y , 1914. Said bonds to be coupon
bonds, with the privilege of registration, both as
to principal and interest.
Th e $300 ,00 0 issue to run for a period of
fifty years and the $ 10 0 ,0 0 0 issue to run fer
a period o f thirty years. Both issues will have
the certification o f the U . S. M ortgage & Trust
Com pany and the legality thereof approved by
Messrs. Hawkins, Delafield & Longfellow, of
N ew York C ity.
Each bid must be accompanied b y a bank
or certified check upon some National Bank
or Trust Com pany drawn to the order of Frederic
Rider, County Collector, or cash to the amount
o f one peY centum ( 1 % ) o f the bid, enclosed in the
sealed envelope.
Bidders m ay bid for the whole or any part of
the above issues.
Th e Board reserves the right to reject any or
all bids if it be deemed for the best interest or the
county so to do.
W A L T E R O ’M A R A , Clerk.
B LO D G E T
&
CO.
B O N D S
M S T A T S S T R E E T . BO STO N
80 P I N E S T R E E T . N E
T YORK
S T A T E , C IT Y & R A IL R O A D B O N D S
1480
STARK
[VOL. XOVM
THE CHRONICLE
COUNTY
(P. O. C a n t o n ) , O h io .—
BO N D
O F F E R IN G
.—
Proposals will be received until 10 a. in. M a y 20 by O . L . Stoner, Clerk
Board of County Commissioners, for the following 5 % road-iinpt. bonds:
$ 4 2 ,5 0 0 Canal, Fulton-Massillon road bonds. D ue yearly on M a y 29 as
follows: $4,000 from 1915 to 1919, inclusive, and $4,500 yearly
from 1920 to 1924, inclusive.
3 2 .0 0 0 Massillon-Akron road bonds. D ue yearly on M a y 29 as follows:
$2,5 0 0 in 1915 and 1916, $ 3 ,0 0 0 from 1917 to 1921, Inclusive, and
$ 4 ,0 0 0 from 1922 to 1924, inclusive.
1 1 .000 N ew Berlln-Canal, Fulton road bonds. D uo $ 1 ,0 0 0 yearly on
M a y 29 from 1915 to 1922, inclusive, and $ 1 ,5 0 0 on M a y 29
1923 and 1924.
D enom . $ 500 . D ate M a y 29 1914. In t. M . & N . at County Treasury.
Certified check on a Stark County bank for $5 0 0 , payable to Board of Coun
ty Commissioners, required. Bonds to be delivered on M a y 29 at County
Treasury.
S U L L I V A N , S u lliv a n C o u n t y , I n d . —
B O N D S
A U T H O R I Z E D .— H a -
p o r t a state that the C ity Council has authorized the School Board to issue
$ 35,000 bldg, bonds.
S Y R A C U S E , N . Y . — B O N D O F F E R I N G . — Proposals will be received
until 1 p. m . M a y 12 by M . E . Conan, C ity C o m p t., for $363,000 4 M % reg.
tax-free municipal-im pt. bonds. D enom . to suit purchaser. D ate April 1
1914. In t. A . & O . at Columbia-Knlckerbocker T r . C o ., N . Y .
Due
$ 18,150 yearly on April 1 from 1915 to 1934 Incl. C ert, check for 2 % of
bonds bid for, payable to C ity C o m p t., required. Bonds to be delivered
and paid for at 11 a. m . M a y 22 at above trust company unless a subsequent
date shall be mutually agreed upon In writing. Th e legality of these bonds
will be examined b y Caldwell, Masslich & Reed of N . Y . C ity, whose favor
able opinion will bo furnished purchaser and the above trust company will
certify these bonds as to their genuineness. Purchaser to pay accrued
Interest. Bids m ust be unconditional and upon forms furnished by above
C ity Comptroller. Bonded debt (incl. this issue) $10,153,969; water bonds
incl., $ 4 ,6 6 0 ,0 0 0 . Assess, val. taxable property $139,471,940; actual
(est.) $155 ,0 0 0 ,0 0 0 .
T H O M A S V I L L E , T h o m a s C o u n t y , O a . — B O N D E L E C T I O N . — The
election to vote on the question o f issuing the $ 20,000 school bonds (V . 98.
p . 1263) will be held June 10, it Is stated.
T I F F I N , S e n e c a C o u n t y , O h io . — B O N D S A U T H O R I Z E D . — An
ordinance was passed on April 24 providing for the issuance of the $ 3 00 ,00 0
5 % coupon Sandusky River improvement bonds voted N o v . 4 1913 (V 98
p . 1340). D enom . $ 1,000. D ate Juno 1 1914. Int. M . & S. at office of
Sinking Fund Trustees. D ue $12,000 yearly on Sept. 1 from 1915 to 1939
inclusive.
exempt certificates o f indebtedness or revenue bonds. D enom . $25,000 .
D ate M a y 15 1914. D ue O ct. 16 1914. Certified check for not less than
1 % o f bonds, payable to the "C i t y of T r o y ,” required. Bonds to be
delivered and paid for within 5 days from time of award. Purchaser to
„ accrued interest. Official circular states that the city has never deaulted on any o f its obligations.
T R U M B U L L C O U N T Y (P. O. W a rre n ), O h io .— B O N D O F F E R IN G .—
Further details are at hand rslative to the offering on M a y 20 o f the $30,000
6 % Road District N o . 1 improvement bonds (V . 98, p. 1410). Proposals
for these bonds will bo received until 10 a. m . on that day by F . II. Schaffer,
Secretary o f Road Commissioners. D enom . $1,0 0 0 . D ato M a y 1 1914.
In t. M . & S. at office o f County Treasurer. D ue $ 3 ,000 on M arch 1 and
$2,0 0 0 on Sept. 1 from M arch 1 1924 to Sept. 1 1929, inclusive. Certified
check on a Warren bank for $ 1 ,000 required.
T U S C A R A W A S C O U N T Y (P. O . N e w P h ila d e lp h ia ) , O h io .— B O N D
O F F E R IN G .— Proposals will bo received until l p. m . M a y 25 by R . II.
Nussdorfer, C o. A u d ., for $45,000 6 % bridge-construction bonds. D enom .
$ 1 ,0 0 0 . D ate M a y 29 1914. Int. semi-ann. D ue $15,000 A u g. 29 1916
and F eb. 29 and A u g. 29 1917. C ert, check for 1 % of bonds bid for, pay
able to C o. A u d ., required. Bonds to be delivered and paid for on or before
M a y 2 9 . Purchaser to pay accrued int. Bids must be unconditional.
U N IO N C O U N T Y (P. O. M a ry s v ille ), O h io . — B O N D S A L E .— On
M a y 1 $ 5 0 ,0 0 0 5 % emergency bonds were awarded to Spltzer, Rorick &
C o. of Toledo for $50,266 11 (100.532) and int. Tho following conditional
bids were also received: .
__
Commercial Savings B ank, M arysville-----------------------------------------------$ 50,525
Field, Richard & C o ., Cincinnati.................................................................... 50,390
H ayden, M iller & C o ., Cleveland........................................................ ............5 0,150
W eil, Roth & C o ., Cincinnati------------------------------------ --------- ----------------- 50,136
D enom . $500. D ate M a y 1 1914. Int. M . & N . at tho County Treas
ury. D ue $17,500 Jan. 1 and July 1 1917 and $ 1 5 ,0 0 0 July 1 1918.
U N IO N T O W N S H I P S C H O O L D I S T R I C T (P . O . U r b a n a ) , C h a m
p a ig n C o u n ty , O h io . — B O N D S D E F E A T E D .— On April 28 this district
defeated the proposition to issue $ 25,000 central school building bonds.
U T I C A , N . Y . — B O N D S A L E .— The following bids wero received for
tho four issues of 4 ' A % registered tax-free bonds offered on M a y 5 ( V .98,
p . 1411):
$18,000
$20,000
$25,0 0 0
$90,000
P a rk w a y . S t. R e s u rf.
S u bw ay.
School.
Savings Bank o f U tica...............$18,540 00 $ 20,342 00 $ 2 5 ,7 5 0 00 $ 92,850 00
92,619 00
A . B . Leach & C o ., N . Y _____ 18,523 80 2 0 ,320 00 25,727 50
Estabrook & C o ., N . Y --------- 18,464 40 20,255 00 2 5 ,645 00
92,322 00
W . N . Color & C o ., N . Y . . .
18,451 80 20,254 10 25,627 51
92,259 11
T O N O W A N D A , E r ie C o u n ty , N . Y . — B O N D O F F E R I N G . — Proposals James R . M agoffin, N . Y . . .
18,450 00 2 0 ,2 6 8 00 25,625 00
9 2 ,250 00
Adam s * C o ., N . Y ---------------- 18,448 20 20,238 00 2 5 ,622 50
2,241 00
will bo received until 8 p. m . M a y 20 b y Albert J. Cordes, M ayor, for $ 4 7 ,
R em ick,
ges* C o
18,409 14 2 0 ,2 1 8 6 0 2 5 ,568 25
9 2 ,045 70
000 coup, or reg. street-im pt. bonds at not exceeding 5 % int. D ate July 1 C ent. N . H o dC orp., N ., N .Y ..
Y.
. Y ..
18,299 34 20,232 60 2 5 ,4 1 5 75
91,946 7$
1914.
In t. J. & J. at office of C ity Treas. or to registered holder in N . Y . Utica Trust & D ep. C o ........... 18,149 40 20,096 00 2 5 ,207 50
90,747 00
Lee, H ig g in s o n * C o ., N . Y.A11 or none_________________________ $155,969 32
exchange. Duo July 1 1925. Cert, check or draft for $ 1 ,0 0 0 , payable to
C ity T reas., required. Bonds to be delivered on July 1 . The opinion of Bond & G oodw in, N . Y ______A ll or none_________________________ 154,576 00
Leslie W . Brown, executor................................. $4,500 00 school
$4,589 10
D illon, Thom son & C lay of N . Y . as to the legality of these bonds will be A . G ossing........ .............................
1,000 00 parkway
1,005 00
furnished purchaser.
Daniel W ord en----------------------------------------------500 00 parkway
500 00
Theodore S. Sayro--------------------------------------- 15,000 00 subw ay
15,600 00
T h e o f f i c i a l n o tic e o f th is b o n d o ff e r i n g w i l l b e f o u n d a m o n g th e a d v e r tis e
The Savings Bank o f U tica was awarded tho entire four issues.
m e n ts e lse w h e r e i n th is D e p a r tm e n t.
U V A L D E C O U N T Y (P. O . U v a ld e ), T e x .— B O N D E L E C T IO N PRO
T R O Y , N . Y . — B O N D O F F E R I N G .— Proposals will be received until P O S E D .— Reports state that petitions are being circulated calling for an
10 a. m . M a y 15 by W . II. Dennin, C ity Comptroller, for $100,000 5 % taxelection to submit to the voters the question of Issuing $ 1 8 0 ,0 0 0 road bonds.
NEW LOANS
NEW LOANS.
NEW LOANS.
$ 1 5 ,0 0 0
Huntington
Independent
District
H
untington W Virginia
est
SCH OOL
B U IL D IN G
BONDS
N otice o f sale o f bonds to the amount of two
hundred thousand ($ 2 0 0 , 0 0 0 . 0 0 ) dollars o f the
1914 building bonds of the Board of Education
o f the Independent District o f Huntington in
the County of C abell, W est Virginia.
Notice Is hereby given that the Board of Edu
cation of the Independent District of Huntington,
in the County o f Cabell, State o f W est Virginia,
will, on the 28T H DA Y OP M A Y , 1914, commenc
ing at two o ’clock p. m .. Eastern standard time,
at its offices in the Carnegie Library Building,
in the C ity of Huntington, Cabell County, W est
Virginia, mako public sale o f tho following bonds,
aggregating $ 2 0 0 ,0 0 0 .0 0 , o f “ The 1914 Building
B onds” o f said district, being an issue of $ 5 0 0 ,
0 0 0 .0 0 o f said bonds issued for the purposo of
building, com pleting, enlarging, repairing and
furnishing school houses, and acquiring necessary
sites therefor, under tho authority of the laws of
the State o f W e st Virginia, and pursuant to an
ordinance as adopted on the 30tli day of January
1914, and a vote o f the qualified voters o f said
district at a special election held on tho 7 th day
o f M arch , 1914. ratifying and approving said
ordinance and tho bonds therein provided for
by a vote o f more than three-fifths resolution of
the said board passed and o f all tho votes cast
for and against tho same.
Tho bonds now offered for sale will be dated
April 1, 1914, and will be of tho denomination of
five hundred ($500.00) dollars each, with inter
est at the rate o f five per centum per annum,
payable semi-annually, both principal and in
terest payable to bearer at the First National
Bank in the C ity and State o f New Y ork, and
maturing as follows: Sixty thousand ($60,000.00)
dollars o f bonds, series r‘A , ” on April 1, 1924,
and one hundred and forty thousand ($140,000.00)
dollars, series " B , " to series “ U ,” both inclusive,
(fourteen bonds o f each series each year) on
April 1, 1925, to and including April 1, 1944.
Sealed bids m ust be filed with James I f. Oney,
the Secretary of the board, on or before noon of
the said day o f sale, accompanied with a certi
fied check for two thousand ($ 2 , 0 0 0 .0 0 ) dollars,
drawn on somo responsible bank or trust company,
the amount o f the deposit o f the successful bid
der to be retained by the board as bond for liqui
dated damages in case o f the failure o f such bidder
to take and pay for said bonds, otherwise to be re
turned to such bidder or credited upon the pur
chase price; all other checks to bo returned to
the bidder on the award o f the bonds.
Tho legality o f the bonds will bo approved
by M essrs. Dillon, Thom son & C lay , attorneys,
o f New Y ork, whose opinion as to tho legality,
or a duplicate thereof, will be delivered to the
purchaser o f the bonds.
The right Is reserved to reject any and all bids.
D ated, H untington, W est Virginia, April 17,
1914.
C . W. KENDLE,
President o f the Board of Education of the In
dependent District of H untington, in the
County of Cabell, W est Virginia.
J A M E S K -I O N E Y , Secretary.
$ 1 9 8 ,1 7 2 .7 0
City of South Amboy, N. J.,
$ 2 0 0 ,0 0 0
C ITY OF MINNEAPOLIS,
SEW ER BONDS.
Sealed proposals will be received by the Com
mon Council o f the C ity o f South A m b oy,
New Jersey, at 8 P. M . on T U E S D A Y , T H E
T W E L F T H D A Y O F M A Y , N IN E T E E N H U N
D R E D A N D F O U R T E E N , at the Council Cham
ber in the C ity Hall in the C ity o f South A m boy,
N ew Jersey, for the purchase o f any or all o f an
issue o f bonds in the C ity o f South A m boy for
the payment o f the construction o f a part of the
sanitary sewer system o f said C ity of South Am
boy to the amount o f Fifteen Thousand ($15,
000 00) dollars o f the denomination of One
Thousand ($1,000 00) dollars each.
The Bonds will bo dated Feb. 1, 1913, and
the first bond will be redeemed twenty years
from the dato thereof and thereafter seriatim at
the rate of one bond per year and will bear interest
at tho rate of Five ( 5 % ) per cent per annum.
The bonds m ay be registered as to principal and
principal and interest. The principal and inter
est o f these bonds will be payable at the First
National Bank o f South A m boy, or the check for
interest can be mailed to registered holders.
T h e bids or proposals will bo opened on tho
dato aforesaid and time and place aforesaid.
Each bidder is requested to stato in writing the
number o f bonds which ho will purchaso. Each
bid must be accompanied by a certified check
of not less than Tw o ( 2 % ) per cent of the face
amount o f the bonds bid for, and the Com m on
Council reserves the right to reject any or all bids.
N o bonds will be sold for less than par. Each
proposal, together with certified check, should
bo enclosed in a sealed envolope and endorsed
‘Sanitary Sewerago Bonds o f the C ity o f South
A m b o y ,” and should bo addressed to the C ity
Clerk o f tho C ity o f South A m boy; the delivery
o f bonds to be mado as soon after the acceptance
o f bids as possible. Interest from date o f tho
acceptance to the date o f delivery will bo charged
to the purchaser.
F IN A N C E C O M M I T T E E OF T H E
C O M M O N C O U N C IL OF T H E
C I T Y OF S O U T H A M B O Y , N . J.
R IC H A R D M . M A C K , C ity Clerk.
B olger, M o sse r& W illa m a n
M U N I C I P A L BO ND S
Legal for Savings Banks,
Postal Savings and Trust Funds.
S E N D
M U N IC IP A L
A N D
C E R T IF IC A T E S
OF
IN D E B T E D N E S S .
Notice is hereby given that the Com m ittee on
W a y s and M eans of the C ity Council o f the City
of Minneapolis, M innesota, will on T H U R S D A Y .
M A Y 1 4 T H , 1914, at 2:00 o ’clock I>. M ., at the
office of tho undersigned, receive bids for the whole
of any part of $ 1 98 ,17 2.70 Special Certificates of
Indebtedness.
The Special Certificates o f Indebtedness being
offered on that date consist o f two issues as follows;
One issuo amounting to $ 7 6,552 .20 and on oof
$121 ,62 0.50 .
A ll to be datod M a y 1st, 1914 , and each issue
to become due and payable one-twentioth on
M a y 1, 1915, and one twentieth each and overy
year thereafter, to and including M ay 1 , 19 3 4
N o bid will bo entertained for any o f these
Certificates for a sum less than the par valuo of
samo and accrued interest to dato of delivery, and
the rate o f interest must be bid by the purchaser
and m ust not be in excess o f Five (5 % ) per cent
per annum, payable annually or semi-annually.
The right to reject an y or all bids is hereby re
served •
A certified check for Tw o (2 % ) per cent o f the
par value o f tho Certificates bid for, made to
C . A . Bloom quist, C ity Treasurer, inust accom
pany each bid.
Circular containing full particulars will be
mailed on application.
D A N C B R O W N , C ity Comptroller.
M inneapolis, Minnesota.
IRVING WHITEHOUSE CO., Inc.
IN V E S T M E N T
8%
BONDS
F ir s t M o rtg a g e L o a n s
information on any W estern Stocks or Bonds
furnished on request.
216-217 -21 8 H utton Bldg.,
BANK
OF
Spokane. W a i h .
H AVAN A
76 C U B A ST R E E T
FOR L IS T .
2 9 S o u t h L a S a lle S t .,
S P E C IA L
C H IC A G O
CARLOS DE ZALDO, President
JOSE I, DE LA CAMARA, VicoPresident
R A IL R O A D
BO N D S
L IS T O N A P P L I C A T I O N .
S E A S 0 NG 0 0 D & M A Y E R
I n g a lls B u ild in g
C IN C IN N A T I
John E. Gardlnl
Alvin W . KrechfNew York Committee.
James II . Post J
Act's as Cuban correspondent of American
banks and transacts a general banking business.
Capital, $1,000,000
May 9 1914.1
THE CHRONICLE
V A N D E R B U R G H C O U N T Y (P . O. E v an sville), I n d .— B O N D S A LIC .
— On M a y 1 tlio .514,400 413 % 6-year (aver.) road-improvement bonds
‘
(V . 98, p. 1188) were awarded, it Is stated, to tho C ity N a t. Bank of Evansvillo for $14,501— equal to 100.701.
V IL A S S C H O O L D IS T R I C T (P. O. V ila s ), W ils o n C o u n ty , K a n .—
B O N D E L E C T IO N P R O P O S E D .— According to reports, petitions are being
circulated calling for an election to voto on tho question of issuing .$4,000
building bonds.
W A K E C O U N T Y (P .O . R a le ig h ), N o . C a r.— B O N D S R E - A W A R D E D .
— Tho $225,000 5 % 30-year court-houso, jail and county-homo bonds sold
on M arch 2 to Rhodes & C o. o f Now York (V . 98, p. 783) havo been rcawarded to R . M . Grant & C o. o f New York.
W A L L A W A L L A S C H O O L D IS T R I C T N O . 1 (P. O . W a lla W a lla ),
W a lla W a lla C o u n ty , W a s h .— B O N D S D E F E A T E D . — The question of
issuing $175,000 high-school-addition-constr. bonds failed to carry, it is
stated, at tho election held April 24 by a voto o f 1,276 “ fo r " to 1,071
''a g a in st." A throe-fifths majority was necessary to authorize.
W A R R E N , T ru m b u ll C o u n ty , O h io .— B O N D O F F E R IN G .— Proposals
will bo received until 12 m . June 2, reports state, by G eo. F . Hecklinger,
C ity Auditor, for $65,500 5 % street bonds. Interest semi-annual.
W A R R E N C I T Y S C H O O L D IS T R I C T (P. O. W a rre n ), T r u m b u ll
C o u n t y , O h io .— B O N D S D E F E A T E D . — Tho question or issuing tho
$235 ,00 0 school bonds (V . 98, p. 1341) failed to carry, reports state, at tho
election hold M a y 5.
W A S H I N G T O N T O W N S H I P (P. O . B eech e r), W ill C o u n ty , 111.—
B O N D S A L E .— The $35,000 5 % road bonds voted April 7 (V . 98. p. 1341)
were recently purchased by II. C . Speer & Sons C o . o f Chicago. JJato
April 8 1914. Duo serially from 1917 to 1926.
W A T E R B U R Y , C o n n .— B O N D O F F E R IN G .— Proposals will bo ro
c ived until 8 p. m . June 15 by W m . F . M oher, C ity Clerk, for tho following
coupon or registered bonds:
,
,
.
T .
,
~
$150 ,00 0 W < % water bonds, tenth scrira. D ato July 1 1913. D uo
$10,000 yearly on July 1 from 1924 to 1938, inclusive.
400 000 4 k % citv-hall, police and fire-station bonds. D ato July 1 1913.
4UU.U
* /o Duo SIOIOOO yearly on July 1 from 1924 to 1963. inclusive.
100,000 4 % school bonds, third series. D ate July 1 1913. Duo $ 5,000
’
/# yearly on July 1 from 1934 to 1953. inclusive.
Denom $ 1,000. Int. J. & J. at First N a t. Bank, Boston. Certified
check for 1 % of bonds bid for, payable to C ity Treasurer, required. These
bonds will bo certified as to genuineness by the above bank and their legality
approved by Storey, Thorndyko, Palmer & Dodge o f Boston, whose legal
opinion will bo furnished purchaser. Tho last two issues were advertised
to be sold on M a y 15 but tho offering was later withdrawn. V . 98, p . 1411.
W A U C H U L A , D e S o to C o u n ty , F la . — B O N D S A L E .— On April 25 the
& Baird.
W A U K O M IS S C H O O L D I S T R I C T (P. O . W a u k o m is ), G a r fie ld
C o u n t y , O k la . — B O N D S A L E .— On April 25 an issue of $15,000 building
bonds was awarded to O . J. Fleming of Enid at 103, it is stated.
W A Y N E C O U N T Y (P. O. W o o s te r), O h io . — B O N D S A L E .— On M a y 4
the three issues of 5 H % ditch bonds, aggregating $3,610 (V . 98, p . 1264)
were awarded to tho W ayne C ounty N atlonaliBank o f W ooster at par and
interest.
W E L L S C O U N T Y (P. O . B lu f f t o n ) , I n d . — B O N D O F F E R IN G .— Re
ports state that bids will bo receivediuntil 2 p . m . M a y 15 by James A .
NEW LOANS.
1481
M cBride, C ounty Treas., for $ 10,000 , $2,0 0 0 , $ 13,600 . $4,0 0 0 , $ 7 ,5 2 0 ,
$1,1 2 0 , $ 6 ,8 0 0 , $6,240 and $ 3,200 highway-im pt. bonds. D ue part each
six months for 10 years.
W E S T B A T O N R O U G E P A R IS H (P. O . P o r t A lle n ), L a .— B O N D S
P R O P O S E D .— According to reports this parish is contemplating the issuance
o f $ 6 0,000 road bonds.
W E S T F IE L D , M ass. — B O N D S A L E .— On M a y 5 an issuo o f $25,000
4 % coupon gas and electric-light bonds was awarded, it is stated, to
M errill, Oldham & C o. o f Boston at 102.079. Other bidders were :
E . M . Farnsworth & C o _____102.03 N . W . Harris & C o _________ 101.45
Old Colony Trust C o _______ 101.765 Curtis & Sanger_____________ 101.42
Adam s & C o .......................
101.675 Blodget & C o ............................. 101.125
D a y & C o ................. . .. 1 0 1 . 6 0
Hayward W ilso n ____________ 101.12
Blalco Bros. & C o ____________ 101.12
Estabrook & C o _____________ 101.05
A ll bidders are o f Boston. Due $ 2,000 yearly from 1915 to 1919 incl.
and $ 1,000 yearly from 1920 to 1934 inclusive.
W E S T H A Z L E T O N , L u zern e C o u n ty , P a .— B O N D S A L E .— On
M a y 1 the $50,000 W i % 10-15-year (opt.) sewer-system and Brood St.
1 aving tax-free bonds, dated July 1 1914 (V . 98, p. 1108) were awarded
to Henry & W est of Phila. at 100.50. Other bids were :
Harper & Turner, Phiia.......... $ 5 0 ,6 3 5 IA . J. Eliw ood, H artford .$50,023 50
Robt.Glcindinning&Co.. Phila. 50,0351
N o checks were received with any of the above three bids.
W E S T O N , L e w is C o u n t y , W . V a .— B O N D S D E F E A T E D .— Reports
state tnat the proposition to issue water-wofks bonds failed to carry at the
election held M a y 5.
W H A T C O M C O U N T Y S C H O O L D I S T R I C T N O . 303, W a s h .— B O N D
Q.On April 25 $10,000 1-20-yr. (opt.) building bonds were awarded
Vr - i W ashington at par for 5 H s . State furnishes bonds free.
& Hardgrove of Spokane bid par for 6s. D enom . $500. In t. annual
at tho C ounty Treasurer’s office.
TiwLi
„ W HATCOM
COUNTY
SCH OOL
D IS T R IC T
NO.
305, W a s h .—
B O N D S A L E .—-On April 25 $7,000 l-1 0 -y r. (opt.) building bonds were
awarded to the State of Washington at par for 5 H s . There were no other
bidders. Denom . $ 1,000. In t. annual at the C o. Treas. office.
W I C H I T A F A L L S , W i c h i t a C o u n ty , T e x . — B O N D E L E C T IO N . —
Reports state that an election will be held June 2 to vote on the questions
of issuing $ 2 0 ,0 0 0 park and $ 7 ,5 0 0 firo-station-constr. bonds.
W I N C H E S T E R , M id d le se x C o u n t y , M a ss.— B I D S . — 'The other bids
received for the two isusesi o f 4 % coupon bonds, aggregating $ 9 7 ,0 0 0 ,
awarded on April 30 to M errill. Oldham & C o . o f Boston at 101.819 and int.
V . 98, p. 1412)_\vere :
id Colony T r. C o. B o s t o n .. 101.708 Blake Bros. & C o ., B o s t o n .. 101.26
R . L . D ay & C o ., Boston-------101.619 Curtis & Sanger, B oston____ 101.38
Blodget & C o ., Boston_______101.567 Perry, Coffin & Burr. B o s t._ 1 0 1 .0 7
Adam s & C o ., B oston ________101.41
N . W . Harris & C o.,In c.,B o st.l0 1 .0 6 8
A . B . Leach & C o ., B o s to n .. 101.43 M illett, Roe & H agen_______101.51
E . M . Farn sw orth *C o..B ost.101.47 Estabrook & C o .. B o s t o n ...1 0 0 .8 6
W I N T H R O P , M ass .— T E M P O R A R Y L O A N . — This city has awarded
a loan o f $ 2 0 ,0 0 0 , due N o v . 15 1914 to Massachusetts T rust C o . at 3 .2 5 %
discount. Other bidders were :
Loring, Tolm an & Tupper
3 .3 1 % JR. L . D ay & C o _______________3 .3 6 %
Bond & Goodw in-------------------3 .3 4 % |
W O O D B U R N , M a rio n C o u n t y , O re.— B O N D S P R O P O S E D .— Local
nowspaper reports state that the C ity Council is contemplating tho issuance
of municipal water-works bonds.
TRUST COMPANIES
$ 1 3 ,0 0 0
City of Goldsboro, North Carolina,
5%
B A N K € R S T R U S T COM PAN Y
4 0 -Y e a r S tr e e t P a v in g B o n d s
Sealed proposals will bo received by tho C ity
Clerk c f tho C ity of Goldsboro. North Carolina,
until 12 o ’clock M . on tho 21S T D A Y O F MA Y ,
1914, at tho C ity H all, in said city, for an issuo
o f $13,000 Street Paving Bonds of said C ity of
Goldsboro: at which timo and place tho Board of
Aldermen of said C ity will open and act upon said
proposals.
Tlieso bonds will bo thirteen (13) in number,
o f tho denomination of $ 1,000 each, will bo dated
M a y 1, 1913, payablo M a y 1, 1953, bearing in
terest at tho rate of five per centum per annum,
payablo somi-annually on tho first days of M a y
and November in each year. Both principal and
interest will bo payablo at tho Hanover National
B ank, Now York C ity.
All bids should bo enclosed in a sealed envolopo
addressed to D . J. Broadhurst, C ity Clerk,
Goldsboro, North Carolina, and should be marked
upon tliooutsido, “ Proposals for Paving B onds.”
Tho bonds will not bo sold for less than par ami
accrued interest. Each bid must be accompanied
by a certified check upon an incorporated bank
or trust company for Fivo Per Cent (5 % ) of tho
par valuo of tho bonds bid for. Tho Board of
Aldermen reserves tho right to reject any or all
bids.
Tho validity of tho bonds will bo approved by
M essrs.
Hawkins,
Delafield &
Longfellow,
Attorneys, of Now York C ity, a duplicato original
o f whoso opinion will bo furnished to tho pur
chaser.
D ated, M a y 4, 1914.
J O H N R . H I G G I N S . M ayor.
D . J. B R O A D H U R S T , C ity Clerk.
C A PITAL, $10,000,000
SURPLUS, $10,000,000
n p H IS Company is authorized and equipped to act in all fidu■I
ciary capacities for individuals and corporations and seeks
appointment as :
T rustee u n d er C orporate M ortgages
R egistrar o f S tocks and B onds
T ransfer A gent
C ou p on A gent
E xecutor or T rustee u n der W ill
T rustee u n der Deed o f T rust
Escrow D epositary
C u stod ian o f Securities
The Officers will appreciate an opportunity to explain fully
the Company’s facilities.
16 W ALL STREET
1914
.
NEW Y O R K C IT Y
IS S U E
T E F A C L RV W
H IN N IA
E IE
320 P A G E S
ISSU E D A N N U A L L Y B Y T n S
Commercial & Financial Chronicle
TERM S.
Price o f the Review, b o u n d In c l o t h ____$2.20
Parties desiring ten or more copies eaD
have their names stam ped on the covers,
In g ilt, a t reduced prices.
Commercial & Financial Chronicle
138 Front Street. New
Y o rk ,
T h e U n ion T ru st Com pany o f New Y ork offers a special service
to individual trustees who desire to have the clerical and routine
administration of their trusts carried on at a low expense by an
expert organization.
T h e U nion T rust Com pany will care for the trust property, assist
in making investments and in selling securities, collect the income
and pay it over as directed, and will render accounts in the form in
which a trustee is required by the Court to state his accounts. A
trustee will avoid expense and trouble by having his accounts kept
in proper form.
Correspondence and Interviews are Solicited.
UNION TR U ST CO. OF NEW Y O R K , 80 Broadway
C apital and S u r p lu s ________________________ $8,300,000
W O O D L A W N S C H O O L D I S T R I C T (P . O . W o o d la w n ), H a m ilto n
C o u n t y , O h io . — B O N D E L E C T IO N P R O P O S E D .— According to reports,
this district is contemplating the calling o f an election to vote on the ques
tion o f issuing school-bldg, bonds.
W O O D S D A L E (P . O . W h e e lin g ), O h io C o u n t y , W . V a .— B O N D S
V O T E D .— The question o f Issuing the $8,000 fire-dept. im pt. bonds (V . 98,
p . 1188) carried, reports state, at the election held Aprn 25 by a vote of
33 to 2.
W O O S T E R , W a y n e C o u n ty , O h io .— B O N D O F F E R IN G .— Proposals
will be received until 12 m . M ay 26 by the C ity A u d . for $15,000 5 4 4 %
Industrial sewer District N o. 4 (assess.) bonds. D enom . $500. D ate
M a r. 1 1914. In t. M . & S. at office of Sinking Fund Trustees. D u e $ l , 500 yearly on M arch 1 from 1915 to 1924 incl. Cert, check for 2 % of bonds
bid for, payable to C ity T reas., required. Purchaser to pay accrued int.
C a n a d a ,
[V L X Y
O . C III
THE CHRONICLE
1483
Its
P r o v in c e s
a n d
M u n ic ip a litie s .
A S S I N I B O I A R U R A L M U N I C I P A L I T Y , M a n .— D E B E N T U R E S A L E .
— On April 28 the $ 88,799 5 % 20-year installment debentures (V . 98, p.
1265) were awarded, reports state, to the Canada Bond Corp. of Toronto.
B R I G H T O N . O n t .— D E B E N T U R E E L E C T IO N . — T h e question of
issuing $ 48,000 school-building debentures will be submitted to a vote
on M a y 19, it is stated.
D R U M H E L L E R S C H O O L D I S T R I C T N O . 2472, A l t a .— D E B E N
T U R E S A L E .— On April 20 the $ 1 0 ,0 0 0 school debentures (V . 98, p . 1109)
wore awarded to the Alberta School Supply C o. of Edm onton at 9 8.90
and int. for 6s.
E M B R O , O n t .— D E B E N T U R E S V O T E D .— A t the election held April 24
(V . 98, p. 1265) the proposition to issue the $6,000 30-year hydro-electric
power debentures carried, reports state.
F E R G U S , O n t .— D E B E N T U R E S A L E .— On M a y 4 the $ 16,000 5 4 4 %
1-30-year coupon hydro-electric power-plant bonds (V . 98, p . 1343) wero
awarded to G eo. A . Stimson & C o. of Toronto at 101.10. Other bids were :
John Brownridge---------------$16,054 76 Brent. Noxon & C o ., T o r .$15,611 00
Imperial Bank o f C anad a. 16.000 00 W ood, Gundy & C o .. T or. 15.571 00
Ontario Secur. C o ., T o r .. 15,917 00 Canada Bond C orp., T o r . 15,567 00
W .A .M acken zie& Co.,Tor. 15,800 00 C . II . Burgess & C o., T o r . 15.380 00
A . E . Am es & C o ., T o r .. 15,744 00 M acNeill & Young, T o r .. 15,375 00
T h e Dominion Securities C orp., Toronto, offered 9 8 .7 1 , and Brouse,
M itchell & C o ., Toronto, 94.58 per hundred dollars.
H A M IL T O N , O n t .— D E B E N T U R E E L E C T IO N .— A n election will be
held June 1, reports state, to vote on the questions o f issuing $ 75,000 stonoquarry-purchase and equipment and $50,000 library debentures.
H A N N A S C H O O L D I S T R I C T N O . 2912, A l t a .— D E B E N T U R E S A L E
— On April 20 the $ 2 5 ,0 0 0 school debentures (V . 98, p. 1109) were awarded
to the Alberta School Supply C o . of Edm onton as 6s at 9 8 .2 4 8 and int.
H E N S A L L , O n t .— D E B E N T U R E E L E C T IO N . — An election will be
held M a y 16, it Is reported, to vote on the question o f Issuing $5,000 townhall-construction debentures.
I N G E R S O L L , O n t .— D E B E N T U R E S A L E .— Reports state that the
Canada Bond C orp. of Toronto was recently awarded an issuo of $21,000
5 % debentures.
Due in 20 annual installments.
L A C H I N E , Q u e .— D E B E N T U R E E L E C T IO N . — A n election will be
held M a y 11 to vote on the question of issuing $600,000 municipal-improve
ment debentures.
M E D IC IN E H A T S C H O O L D I S T R I C T N o . 76, A l t a .— D E B E N T U R E
O F F E R IN G .— Proposals will be received until 4 p. m . M a y 26 by the
Bond Branch of the D ept, of Education (P . O . Edmonton) for $250 ,00 0 and
$ 1 50 ,00 0 5 % site-purchase, construction and equipment debentures.
D a te June 1 1914. D ue in 30 annual installments. W . R . Alger Is M a n
ager o f the Bond Branch.
N E W L I S K E A R D , O n t .— D E B E N T U R E S V O T E D .— The question of
issuing the $5,860 6 % water-mains-extension debentures (V . 98, p . 1266)
carried, it is stated, at the election held April 22.
O S H A W A , O n t . — D E B E N T U R E S A U T H O R I Z E D . — 'T ho Council on
April 20 passed by-laws providing for the Issuance of $10,882 95 localimprovement debentures, it is stated.
R E G I N A , S a.sk.— D E B E N T U R E S V O T E D .— The questions o f Issuing
the $ 12,006 winter-fair-buildlng-improvement and $ 36,000 collegiateinstitute-site-purchase debentures (V . 98, p. 1189) carried, it is stated, at
the election held April 23.
S T . M A R T I N ’S S C H O O L D I S T R I C T N O . 16, A lt a .— D E B E N T U R E
S A L E .— On April 20 the Alberta School Supply C o. of Edm onton was
awarded the $ 2 0 ,0 0 0 school debentures at 96.75 and int. for 6s.
S A R N I A , O n t .— D E B E N T U R E S A L E .— The three issues o f 5 4 4 %
coup, debentures, aggregating $ 25,000 , offered on April 24 (V . 98, p. 1266),
havo been awarded to the Ontario Securities C o. of Toronto at 100.94.
S O U T H W A D S IN G H A M , O n t .— D E B E N T U R E S A U T H O I Z E D .—
T h e Council on April 14 passed a by-law authorizing the issuance o f $10,000
drain-construction debentures, it is stated.
S Y L V A N L A K E , A l t a .— D E B E N T U R E O F F E R IN G .— D . O . Simson,
Secretary-Treasurer, will receive bids for an issue of $2,500 10-year road
and sidewalk debentures.
T H O R O L D , O n t .— D E B E N T U R E S A L E .— On April 23 tho following
debentures, aggregating $140,761 50, were awarded, it is stated, to the
Dominion Securities C orp., L td ., of Toronto at 96 .6 1 .
$ 29,000 00 5 % 30-year school
$ 39,415 50 5% ;3 0-y ear consol, sewer.
26,000 00 6 % 12-year paving.
2 9 ,225 00 5 % 20-year paving.
17,121 00 5 % 15-year paving.
|
Other bidders (all from Toronto) wore:
_
„ „
Canada Bond Corporation------ 96.121 Brent, N oxon & C o ..................... 94.52
Ontario Securities C o . ...............9 6 .0 5 [Brouse, M itchell & C o
---9 4 .2 1
W . A . M ackenzie & C o ............._94.80| W o o d ,G u n d y & C o .,$ 5 0 ,0 0 0 ,5 % 9 5 .1 6
Five issues, aggregating $140,400 50, were awarded on M arch 10 to
Gibson, Cromble & C o. of Toronto at 99.98 (V . 98, p . 949), but this sale,
however, was not consummated.
T I L B U R Y , O n t .— D E B E N T U R E S A U T H O R I Z E D . — The M unicipa
Council on April 10 authorized tho issuance of $12,073 15 Little Creek
drain-improvement debentures, it is stated.
W E L L A N D , O n t .— D E B E N T U R E E L E C T IO N . — Reports state that
an election will be held M a y 19 to vote on the question of Issuing $40,000
funding debentures.
W E S T M O U N T , Q u o .— D E B E N T U R E S A L E .— On M a y 4 tho $110 ,00 0
44-year and $275,000 14-year 4 4 4 % debentures (V . 98. p . 1256) were
awarded to N . W . Harris & C o. In c. at 95.42.
Other bids were:
Hanson B ros.. M ontreal—
Dominion Securities Corpo
ration, L td ., Toronto_____ 93.31
$275 ,00 0 14-year.................94.53
W ood, Gundy & C o ., T o r
93.069
110,006 4 4 -year_________ 93.26
Canada Bond C orp., T o r— 94.0544 A . E . Ames & C o ., T o ro n to -.9 2 .2 9 7
N . B . Stark & C o ., M ontreal 93.547 Brent, N oxon & C o ., T o r___ 91.1195
NEW LOANS.
MISCELLANEOUS.
$ 4 7 ,0 0 0
CITY OF TONAWANDA, NEW YORK
Mellon National Bank
STREET
PITTSBURGH, PA.
8-26
RESERVE ACCOUNTS
it paid by this bank
3%
on
Correspondence ia invited
Resources over - $65,000,000
A e ta as
E x e cu to r,
T ru ste e ,
A d m in is tr a to r ,
G u a r d ia n ,
R e c e iv e r ,
R e g is tr a r a n d
T r a n sfe r A g e n t.
Girard Trust Company j
PHILADELPHIA
C h a rte re d
1836
CAPITAL and SURPLUS, $10,000,000
IM P R O V E M E N T B O N D S
Pursuant to a resolution duly adopted by the
C om m on Council of the C ity of Tonawanda on
M a y 6th, 1914, approved by tho M ayor, said
Com m on Council will offer for sr.le at the Council
Chambers in the C ity of Tonawitnda, N ew Y ork,
on M A Y 20 TH , 1914, at 8 o ’clock p. m ., $47,000
of Street Improvement Bonds bearing date
July 1st, 1914, payable July 1st, 1925. Said
bonds shall bo issued as registered bonds unless
tho purchaser shall desire coupon bonds on the
sale thereof. The principal and interest o f said
bonds shall bo payable at the office of the C ity
Treasurer in the C ity of Tonawanda, semi-annual
interest to bo roinitted to the registered holder
in Now York Exchange. Sealed proposals to
purchaso any or all of tho said bonds m ay be sub
mitted at tho time and placo aforesaid, and such
bonds shall bo awarded to the person or persons
bidding tho lowest rate of interest not exceeding
5 per cent per annum, which bid m ust be accom
panied by a certified check or draft for One
thousand dollars, payablo to tho order of the
Treasurer of the C ity of Tonawanda. 'l'lio right
to reject any or all bids is hereby reserved. Said
bonds will bo delivered to tho purchaser on the
1st day of July, 1914. Tho opinion of M essrs.
D illon. Thom son & C lay, of Now York C ity, as
to the legality of the bonds will bo furnished to the
purchaser.
D ated, M a y 8th, 1914.
A L B E R T J. C O R D E S .
M ayor of the C ity of Tonawanda.
C H R IS T S. W A R R E N ,
Treasurer of the C ity of Tonawanda.
$ 1 0 0 ,0 0 0
I n t e r e s t a llo w e d
o n d e p o s its .
E . B . M o r r is, P r e s id e n t.
City of Escondido, California,
W ATER
W e A re S p e c ia lis ts
in th e follo w in g ty p e s o f so u n d se cu ritie s,
n e ttin g j54u to 6 % .
F irst M ortgag e Serial B on d s issued by Depart
ment Store corporations o f the highest credit
standing in the large cities.
F irst M ortgag e Serial B on d s secured by the
highest class o f improved real estate in Chicago
and other Western cities.
F irst M ortgag e L o a n s secured by improved
Chicago property.
N o in vestor h a s ever b ee n com p elled to
acc ep t lo ss o n a n y s e c u r ity p u rch a sed o f
th is h o u se .
Robinson, ^ asquelette
(o
C E R T IF IE D
PUBLIC ACCOUNTANTS
W A N T E D
N E W ORLEAN S
S .W . S t r a u s & Co.
M O R T G A G E ^ B O N D B AN KE RS
STRAU S DUILDINO
O N E W ALL S TR EET
C H IC A G O
N EW YORK
BONDS.
The Treasurer of tho C ity o f Escondido, C alifdrnia, will, on M A Y 12 , 1914, at his office in
Escondido, California, receive sealed bids for
the purchase of $100,000 5 per cont bonds of said
C it y , at not less than par and accumulated Inter
est. Said bids to be opened at 8 o ’clock p. m ..
M a y 12, 1914. Bonds m ature, three o f $1,000
each and one of $333 33 on July 1, 1924, and four
ofi,u t i no,nli,'l?tlon each succeeding year ending
with July 1 , 1 9 5 3 . interest payablo January 1
and July 1 of each year, either in Escondido or
N ew York.
. Approval of legality! o f said issuo will be m ade
by Dillon, Thomson & Clay.
Certified check for 2 per eent of bid must ac
company each bid.
II. F . T H O M P S O N , C ity T r e a s u r e r .
HOUSTON. T E X
W
U n io n
h it n e y
Ba n k B log .
Nal Ba Bldg.
BANK
&
Q U O T A T IO N
S E C T IO N
J a n . 3rd . 1914. Issue)
W ill Pay 20 C e n ts a C a p y .
C O M M E R C IA L & F I N A N C I A L O H R O N IO L B
138 Front Street. New York
@FedFRASER