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INCLUDING
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
Bank &
Railway Section
City Section
NO. 2523
SATURDAY, NOVEMBER 1 1913
VOL. 97
Week ending October 25.
(&hxomtU.
JItje
'
.
PUBLISHED WEEKLY.
' "
Clearings atInc. or
1911.
Dec.
1912.
1913.
1910.
;
"
Subscription—Payable in Advance
Terms of
For One Year
$10 00
—
—
6 00
For Six Months
13 00
7 50
European Subscription (including postage)
European Subscription six months (including postage)....
Annual Subscription in London (including p< stage)
Six Months Subscription in London (including postage)
Canadian Subscription (includingpostage)
£2 14s.
£1 lis.
$11 50
(3 times yearly)
Elkctric Railway (3 tunes yearly)
Bankers' Convention (yearly) \
Railway and Industrial
(semi-annually)
State and City
t.
!
*
<
:
$4
( Two Months '
) Three Months
-n
Standing Business Cards
22
(13 times)*.
gix Months
1,206,098
1,261,112
1,375,488
640,653
1,944,000
...
Indianapolis
....
Columbus.
(26 times)*".
(8 times)...,.........
20
00
a
Grand
Rapids...
Dayton
Evansville-*,
Kalamazoo
1,759,000
Lexington..
Akron
50 00
Rockford
12,817,373
7,457,824
5.455.900
3.757.901
3,032,391
2,735,058
1,882,368
2,334,844
12,296,605
7,668,601
+ 10.5
Youngstown
+ 1.5
+ 6.9
+ 21.4
-
257,602,747
—26.3
111—
Wayne
29 00
$
265,917,978
22,841,650
18,185,631
17,533,397
—8.0
869,600
=
Toledo
Fort
(14 agate Lnes)....:
Transient matter per inch space
Milwaukee
Springfield,
Terms of Advertising—Per Inch Space
316,908,545
24,667,650
21,747,087
21,267,797
14,068,535
7,093,746
6,236,400
5,009,670
3,346,099
-
......
Detroit, i.-u-.-
Peoria
Subscription includes following Supplements—
Bank and Quotation (monthly)
Railway Earnings (monthly)
324,450,934
25,031,250
23,252,520
25,821,187
15,330,046
7,330,800
6,164,700
5,890,699
3,945,000
3,450,500
2,484,690
2,405,209
618,161
Chicago.
Cincinnati..
Cleveland
%
+ 2.4
+ 8.9
+ 3.3
—1.2
+ 17.6
+ 17.9
22,180,350
18,768,056
16,885,259
6,006,800
3,854,079
2,286,519
+ 5.2
749,520
—17.5
680,174
1,187,203
1,173,445
1,494,502
+ 1.6
966.582
+ 7:5
921,395
2,782,093
2,616,336
2,103,424
2,016,678
633,207
888,406
860,420
887,428
771,761
1,049,102
697,532
1,377,000
1,034,830
+ 11.8
3,094,878
2,123,765
+ 17.0
(
Chicago Offick—Geo. M!.
>
Twelve Months (52 times).........
Shepherd, 513 Monadnock Bla k;TeLHarrison4012.
1 Drapers' Gardens, E. C.
London Office—Edwards & Smith,
WILLIAM
Published
every
Seibert Jr.,
Jacob
B. DANA
New York*
Saturday morning by WILLIAM B. DANA COMPANY,
President and Treas.; George S. Dana and Arnold G. Dana,
Arnold G. Dana. 8ec.
Vice-Presidents;
COMPANY, Publishers, 1
Front, Pine and Depeyster Sts.,
P. O. liox 958.
Addresses of all, Office of the Company.
995,956
830,413
+ 19.9
882,465
1,272,169
+ 19.9
1,077,705
808,779
856,821
500,526
480,577
+4.2
631,774
Bloomlngton
585,715
—11.3
590,321
593,461
464,023
504,107
532,881
518,668
Decatur
456,985
Mansfield.
494,298
677,012
759,394
660,664
547,076
472,788
440,583
—9.3
Quincy
613,959
791,190
Springfield, O
87 00
..
1,525,000
Jackson
^
547,309
334,347
379,400
446,842
—
Canton
South Bend
Ill-
Jacksonville,
Danville
—
Lima
,
Lansing
_
:
CLEARING-HOUSE RETURNS..
=
.
by telegraph, &c., indicates that the total
The following table, made up
all the clearing houses of the United States for
ending to-day have been $3,331,365,064, against $3,468,704,297
and $3,748,404,244 the corresponding week last year.
bank clearings of
Clearnlngs—Returns by Telegraph.
Noo. 1.
Week ending
Boston
—
Philadelphia
i
443,401,453
San Francisco...
51,644,737
20,564.684
15,478,582
14.951,093
4,733,661
6,683,545
2,352,587
3,278,786
2,616,760
56,024,475
24,011,934
12,128,654
12,272,478
4,511,001
6,806,149
3,204,630
3,453,862
2,234,7-65
2,520,102
St. Louis
Orleans..
Cent.
137,188,655
135,319,598
33,908,156
264,745,813
66,486,430
17,625,832
16,222,059
-
1912. V
—14.6
Seven cities, 5
days....
days...-.
$2,397,717,465
582,074,267
$2,106,076,219
Other cities, five
610,000,418
—14;1
—3.2
;
—8.7
—3.4
—1.7
—8.0
—12.2
+ 4.8
Angeles
Portland
...
Spokane..
Salt Lake City..
Tacoma.
.....
Oakland.
Sacramento
San
2,130,186
Diego
+ 24.3
412,211
408.713
273,689
—1.4
+4.1
376,843,606
366,179,752
—7.8
•
49,332,311
17,709,403
10,940,387
12,634,005
4,529,076
5,984,739
3,332,388
2,890,005
1,513,148
1,800,000
44,456,982
.14,663,474
10,890,0-14
9,826,662
4,371,527
5,587,699
3,491,263
2,949,489
1,538,922
1,200,000
690,003
931,086
487,754
—14.4
+ 27.6
+ 22.0
+ 4.9
—1.8
—26.6
—5.1
+ 17.1
—15.5
958,289
Fresno
San Jose
Pasadena...
Yakima..
Reno
929,930
+ 3.0
776,134
1,429,821
+ 23.6
902,359
+ 3.6
1,029,292
1,158,746
1,327,623
526,949
305,206
—43.4
'
'
365.714
157,948
29,501
26,241
352,190
1,767,670
935,000
751,469
579,488
385,542
Stockton
North
„
331,024
404,447
331,500
230,858
340,255
318,152
130,871
—8.7
+ 27.0
—3.9
400,000
Seattle
289,587
+ 31.5
+ 5.1
461,424,837
Owensboro
Los
$1,742,443,981
255,768,004
65,344,328
Chicago
New
'1
1913.
'
Baltimore
last week
Per
\
$1,488,924,853
117,832,198
131,051,554
30,943,223
York
New
the week
441,715
402,905
Tot.Mid .West.
Adrian.
433,475
393,210
—8.1
183,749
48,489
405,538
Ann Arbor
»
—3.4
+ 12.2
595,290
254,451
415,169
351,802
..
423,604
176,596
60,268
.....
—
+ 7.9
354,429
632,708
514,893
250,000
+ 9.7
+ 26.3
699,104
575,489
_
$3,748,404,244
—11.1
132,589,938
Minneapolis
61,257,049
30,713,204
20,634,453
63,041,937
33,358,419
18,477,451
St. Paul
12,852,306
11*117,338
6,465,783
8,148,574
5,074,108
3,890,000
3,518,278
1,924,131
1,632,797
1,728,059
Total Pacific..
Kansas
for the week covered by the above will be given next
Saturday.
We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night.
.We present below detailed figures for the week ending with Saturday
noon,
Oct. 25. for four years:
The full details
City
Week ending October
25.
Duluth
St.
Inc. or
1912.
1910.
1911.
Dec.
1,923,581,145 2,124,721,128
—9.5
177,492,179
59,210,992
38,060,204
169,265,006
63,361,393
39,466,690
—6.6
15,192,857
12,72i,925
+ 19.4
7,991,490
7,014,475
5,814,248
7,259,883
+ 37.4
4,710,678
4,739,397
—0.6
2,700,000
2,635,870
1,796,056
+ 2.0
+5.0
Wilmington
2,755,000
2,768,339
1,857,542
1,948,593
1,645,768
Wheeling...
2,140,407
1,732,089
1,590,462
1,726,252
2,194,367
+ 22.5
Wilkes-Bar re
Buffalo........
Albany
Washington.....
.Rochester
,.
Scran ton..
•
Syracuse.
Reading
....
Trdnton
888,359
-York
Erie
Greensburg
Binghamton
Chester
Altoona
Lancaster
+ 28.8
6,84.442 —13.3
—9.7
721,958!
868,417
710,728
511,152
599,515
348,776
209,629
460,281
—0.5
255,685
213,721
305,131
645,000
662,196
315,306
210,000
458,440
1,159,584
1,803,672
+ 10.6
—11.9
1,065,482
1,110,363
540,379
+ 39.7
222,190
111,654
177,549,158
181,302,015
—2.1
+0.7
993,718
500,000
584,100
—-6.1
+ 14.0
+ 2.0
+ 14.9
628,105
587,099
+ 11.9
1,448,784
+ 10.9
+ 4.4
194,857,098
11,455,200
4,115,742
2,940,179
2,573,014
2,252,692
2,855,850
1,276,456
1,221,383
543,164
—14.8
New Haven.....
Springfield
Portland
Worcester
River
Bedford
Lowell.
Holyoke
Bangor....j
f
—2.5
1,703,837
946,733
—7.9
Hartford
f
—4.7
>
154,825,736
155,033,408
76,687,136
22,036,138
t131
75,493,667
19,007,535
11,651,164
20,872,725
12,986,500
7,340,626
14,594,835
9,640,945
7,843,114
10,906,000
7,500,000
13,817,126
9,584,916
7,126,361
7,993,670
4,685,360
3,894,321
3,705,564
2,686,139
2,031,832
7,658,749
166,016,298
13,509,300
4,351,315
2,974,361
2,626,747
1,898,820
2,907,229
1,793,183
608,823
Springs
593,561
^
651,727
357,152
1,435,051
737,315
710,081
419,987
199,379,687
463,214
1,282,540
1,588,866
755,071
Billings..
Tot. oth. West.
St.
4
12,285,131
+ 8.1
—32.6
+ 16.5
4.0
+ 20.1
—2.3
+ 25.6
+ 22.4
—7.2
+ 0.6
Louis....
86,740;462
New Orleans
20,960,576
Louisville
+ 8!6
14,175,630
.13,052,437
11,125,253 Not included In total
11,544,000
13,073,000 —11.7
Houston
.......
Galveston
Richmond
9,300,000
21,509,384
11,680,329
9,760,551
10,000,000
8,452,406
4,691,279
Atlanta
Savannah
Fort Worth
Nashville
Norfolk
...
Birmingham
165,654,930
8,634,100
3,239,475
2,395,151
1,737,465
1,845,371
2,249,315
1,462,821
1,370,548
189,527,842
595,282
—29.6
225,389,797
—11.5
203,129,365
Jacksonville
.
9,472,084
6,094,891
6,469,354
3,726,051
2,637,796
3,526,942
+ 12.6
10,559,583
+ 10.7
7,597,191
10,786,929
7,027,011
4,403,473
2,202,138
3,375,383
2,662,033
3,080,000
2,758,487
2,841,753
1,993,594
1,300,000
2,607,374
5,063,219
2,010,978
+ 28.5
+ 32.0
—7.3
+ 20.3
+ 6.5
+ 45.6
+ 18.4
+ 2.6
+ 7.1
Knoxville
Mobile
Oklahoma
Macon
Austin
Meridian
Vlcksburg
Jackson
Tulsa
Muskogee...
—18.2
2,805,480
1,742,693
2,450,642
1,672,773
1,402,933
2,150,918
4,533,649
1,973,268
300,000
+ 3.0
286,565
335,285
452,609
+ 1.9
—117
332,660
439,887
1,428,551
1,255,568
Charleston
Total Southern
and Miscellaneous News.'
8,256,849!
16,299,620
399,175
Chattanooga
.
610,425
3,206,225
3,997,018
2,732,887
3,300,000
2,785,934
3,556,315
2,005,529
1,527,333
2,093,531
6,523,422
1,643,852
309,000
341,655
Little Rock
1,828,074,173 2,128,184,321
428,241
Note.—For Canadian clearings see "Commercial
Waterloo
Augusta..
*
Tot.NewEng.
-
899,120
535,263
932,076
,539,354
625,410
420,899
'
703,73*
1
Memphis
+ 35.7
+0.9
+ 1.8
194,597
_
Aberdeen
753,398
524,382
440,050
544,885
485,872
+ 17.5
+ 20.6
—15.7
Hastings
Helena..
829,184
484,506
561,870
575,011
927,529
+ 1.2
Fremont
879,487
+ 40.5
+ 5.7
1,717,196
2,118,837
1,376,648
1,719,990
472,645
2,107,521
Fargo
989,901
176,114,734
10,451,900
3,899,086
2,644,907
2,093,071
1,735,569
2,598,826
1,078,080
+ 17.9
14,090,730
10,285,187
9,591,149
6,996,187
5,286,463
3,238,463
3,601,994
.
1,131,907
1,121,975
.
+ 11.7
Providence
New
1,606,048
391,145
+ 3.4
350,381
Boston
Fall
671,400
703,049
613,564
•
—3.4
Middle.'. 2,254,617,924 2,448,085,815
Montclair
Total
1,132,601
510,000
.
+ 4.9
—3.6
1,560,707,867 1,860,841,271
141,157,440
137,656,488
51,358,573
49,101,441
32,737,116
34,735,015
9.361.556
11,134,556
6,051,433
6,592,137
7,152,276
6,901,812
3,412,063
3,847,814
2,519,381
2,521,796
1,951,509
2,288,762
1,469,253
1,583,489
1,313,085
1,258,564
1.289.557
1,461,203
1,742,080
1,790,659
1,300,531
1,589,759
24,464,545
1,333,227
1,431,833
1,325,108
Cedar Rapids...
Pueblo.
Pittsburgh
55,839,085
1,492,356'
Wichita
Colorado
Philadelphia....
57,894,807
26,513,460
15,371.040
—7.9
+ 12.1
Sioux City
Topeka...
Baltimore
—2.8
+ 11.7
—8.8
—22.9
,
Joseph.....
Des Moines
Davenport
Clearings at-
New York......
102,391,405
16,660.182
14,592,857
9,800,359
5,263,452
7,120,075
4,076,314
2,786,283
3,316,910
1,467,790
1,750,097
1,213,214
1,315,039
Denver
Lincoln
1913.
231,847
115,027,235
—19.9
$3,331,365,064
All cities, 1 day
$2,979,791,712
768,612,532
129,812,079
Omaha.
—8.8
$2,716,076,637
615,288,427
Total all cities, five days...,
<—2.1.
828,035
1,131,517
+ 72.5
222,721,772
+ 10.4
204,680,491
4,013,822
3,705,359
2,966,643
2,640,354
2,154,263
2,341,903
1,727,934
2,210,669
1,643,106
1,648,050
2,425,261
1,400,000
2,188,758
250,746
406,113
560,000
870,705
245,920,612
11,956,123
463,046
+ 10.9
72,360,212
+ 1.0
+ 25.2
+ 0.6
+ 17.2
—29.7
+ 28.8
194,065,193
Total all......
3,468,704,297j3,653,490,790
—5.1 2,882,580,606 3,135,381,921
Outside N.
"f,5457123.152' 1.528,769.662
+L7
Y
1.321,872.739 1,274.540.650
1236
THE
CHRONICLE
[Vol.
xcvii.
The feature of the law which is at the moment
THE FINANCIAL
Everyone just
now
SITUATION.
cies of the Income Tax Law.
success
in the endeavor.
tentatively and with
law is
so
a
No
one
Opinions
yet claims
as
being given
are
so
apparently
many
contradictory features and statements,
or
suggests doubts
a
be felt
tions
as
on so many
elapse before
to its correct
points, that
interpretation.
originally urged against
quisitorial, involves
American.
In
at least
long time
degree of certainty will
any
an
All the objec¬
income tax
coming home with great force.
are now
It is vexatious, in¬
disclosure of many business
a
and private relations
The
great deal of diffidence.
involved and embodies
will have to
attracting most attention is the requirement regard¬
is trying to master the intrica¬
and is undemocratic and
un-
European countries the people have
become accustomed to it, just as they have to
many
other
things which in this land of assumed freedom
and
independence
the
United
seem
States,
intolerable, but citizens in
are sure, will not readily
acquiesce in the tax, and it will not be long before
Congressmen will hear in no uncertain tones from
we
their constituents.
:
/
The Amendment to the Federal Constitution
grant¬
ing authority to Congress to impose such
a
tax could
have been ratified and adopted if any consid¬
never
ing the deduction
at
"the source"
and
mortgages,
obligations,
to
few
great
actively opposing the Amendment, and
persons
concern over
anywhere
gave
the matter.
themselves
any
The income tax has
been urged and advocated by the
yellow newspaper
and by radicals of the Bryan and Roosevelt
press
type.
the
It
supposed to be aimed at the rich—
was
Rockefellers and theJCarnegies—but it is
now
found that it will
practically affect
it
a
seems
everybody, while
likely that Mr. Carnegie (who was always
staunch advocate of the income
the normal tax
entirely by
the bends of the Steel
to
pany
at the
assume
source
on
so
Corporation binding the
many
book, the circle of those
an ever
widening
one.
to
who
As
we
times taken pains to point out, the
Congress
shall
gradually lowered,
become more and
as
a
more,
reckless in its expenditures.
now
fixed at
The limit of exemption,
$3,000 in the case of single persons and
$4,000 in the
case
of married persons^ will be
duced,, as the need for
deeds of trust,
State
or
its possessions or
or
thereof.
interest payment
or
The individual
risk of
on
single bond
a
cou¬
corporate bond.
every
holding only
the
runs
having to stand the tax,
even though his in¬
fall far short of the $3,000 or $4,000 limit
of exemption.
He has got to file the certificate
come
may
claiming exemption and comply with certain
quirements before he
can
escape
The first question which
comes
in connection
up
with interest payments on
corporate
this kind is whether the tax will fall
obligations of
upon
of the bonds if there is
a
guaranty
the bond that the interest is to be
deduction
from
municipality thereof which the
son
pay or
week
that
nearly
all
covenants of that kind.
cases
appear
owner
tax
any
any
or
may
be
or
by
contain
that in such
by the
of the bond.
is
All that
that
rea¬
pointed out
bonds
seem
or
State
that
cor¬
And
can
be
would'
to be the plain intent and would also appear
to follow from the
The law
of
a
language itself.
not
,
provides that in ascertaining the net in¬
corporation there shall be deducted 'The
its indebtedness to
ness
We
the tax will have to be assumed
affirmed with any positiveness
on
or
railroad
yet this is not absolutely certain.
come
for
company
It would
poration instead of by the
the holder
covenant in
retain therefrom under
of any present or future law."
last
or
paid to the holder
interest
imposed by the United States
required to
re¬
the tax.
an
paid within the
year
amount of such indebted¬
exceeding one-half of the
sum
of its interest-
bearing indebtedness and its paid-up capital stock,"
&c., but there is the additional proviso "that in the
case
of bonds
issued
with
or
a
other indebtedness which have been
guaranty that the interest, payable
thereon shall be free from taxation,
the
payment
allowed."
We
re¬
Glay, in
no deduction for
of the tax herein imposed shall be
an
notice
that Dillon, Thomson
opinion given to the Continental
,
&
&
becomes urgent,;
Commercial Trust & Savings Bank of
$2,500, to $2,000, to $1,500, and possibly still
Chicago, and
which the latter is
lower.
In Great Britain incomes are taxed
distributing in circular form,
down to
£160, and the State tax law of Wisconsin requires re¬ express the view that the provision last quoted gives
effect to the stipulation of the
corporation, that it
turns of income from all
persons in receipt of over
will pay the interest on its obligations without deduc¬
$500 a year.
Furthermore, the normal rate, now
tion for any tax thereafter imposed thereon and casts
1 per cent, will, we
may be sure, be quickly increased
the burden of the payment of the normal tax
to 2 per cent, to 3
upon
per cent, &c., &c.
What makes
such interest upon the corporation.
This is effected
this Federal income tax so
particularly obnoxious is
by imposing the normal tax upon the net income of
that there was
absolutely no need for it. Congress
the corporation without any deduction for the inter¬
chose to throw away the
$50,000,000 of yearly reve¬
est upon bonds or other indebtedness
containing the
nue derived from the tax on
sugar, which is evenly
guaranty against deduction referred to.
Such inter¬
distributed and which no one
feels, and hence had to est is, therefore, "taxed at the
source," and, in the
provide a substitute so as to make up for the loss
opinion of the legal firm mentioned, the .individual
of revenue from that
source;
a
levy on personal receiving the same is not required
to>,pay to the
incomes was accordingly decided on.
Government the 1% tax.
:' ' / ;..v ,
to
more money
a
This
that the tax must be deducted from the
means
pon
amount
the obli¬
upon
political sub-division
any
other similar
or
though such interest does not
gations of the United States
com¬
lapse of time, if the law is allowed
the statute
or
even
amount of interest accrued and
limit of exemption will be
prodigal
may escape
itself any /tax like this collectible
feel its burdens will be
have
tax)
of the provision in
of the income.
And with the
remain
reason
beginning Nov. 1 1913 from all in¬
$3,000, excepting only the interest
taxes
most alone in
case
This pro¬
which may be derived from interest
upon bonds
come
about the matter.
very
in the
vision
"without
this journal stood al¬
source
bonds.
goes into operation to-day, Nov. 1.
The law
provides that the normal tax of 1% shall be deducted
erable number of citizens had bestirred themselves
As it was,
of the tax at the
of interest
payments on corporate
Nov. 1
THE
1913,]
1237
CHRONICLE
and therefore decline to file the certificate.
In that
Continental & Commer¬
event he could receive his interest only after the tax
cial Trust & Savings Bank of Chicago we also find
had been deducted by the bank, though under the
the opinion of Caldwell, Masslich & Reed, and they
covenant in the bond the corporation had bound it¬
take up the question whether, if the corporation pays
self to pay the interest without deduction of any kind.
the tax, the bank or banker acting as collecting agent
We cannot find any warrant in the law for this re¬
for the bondholder and receiving the full amount of
quirement in the Treasury regulations, and it seems
the coupon must deduct the tax/' The answer is in
wholly unjustifiable for the Treasury to undertake
the negative, since the bank acts merely as intermedi¬
to transfer the tax burden from one party to another,
ary, and the law places the obligation on the person
simply because it wants to make sure of the identity
paying the interest and not upon the bank or bankers
of the owner of the bonds.
•
receiving it and transmitting it to ihe payee.
The
We also notice that the Treasury Department even
tax is to be paid "at the source," and there can be
assumes to prescribe the size and dimensions and the
and is only one "source."
This, Caldwell, Masslich
weight and texture of the paper to be used for the
& Reed believe, is necessarily so, despite the drag-net
certificates required, saying: "All forms of certifi¬
language used in the Act.
The tax cannot be de¬
cates herein provided for shall be 8 inches wide and
ducted and paid twice, they well say, and it must be
Q/i inches from top to bottom, and printed on paper
deducted and paid
by the person paying the
corresponding in weight and texture to glazed bond
interest.
;'■/,£
.V//
paper 17 by 28, about 26 pounds to the ream of 500
We notice, however, that the regulations just issued
sheets, or white writing paper 21 by 32, about 32
by the Treasury Department are in some measure
in
conflict with the
view
here
expressed as pounds to the ream of 500 sheets, and the person
or corporation first receiving coupons or interest or¬
to
who is to pay the tax in the first instance.
ders for collection shall write or stamp his or its
The Treasury Department says that "for the purpose
name and address and date on the back of said cer¬
of collecting this tax on all coupons and registered
tificates."
The Treasury Department is given the
interest originating or payable in the United States,
right to prescribe regulations for carrying the law
the source shall be the debtor (or its paying agent in
into
effect, but. does that include details like
the United States) which shall deduct the tax when
this?
same is to be withheld,
and no other bank, trust
In the same
circular of the
-
:
,
banking firm or individual
company,
or
interest orders for
withhold the tax thereon; provided,
pons
or
taking coupons
shall
collection, or otherwise,
that all such cou¬
orders for registered interest
are accom-^
panied by certificates of ownership signed by the
owners of the bonds upon which the interest ma¬
Thus there is a
tured."
'on
to say
orders
or
"The regulations go
that "if, however, the coupons or
accompanied by
not
are
individual
or
interest
certificates as pre¬
the first bank, trust company,
scribed above,
firm
proviso or condition that
be complied with.
first
must
banking
collecting agency receiving
the
interest orders for collection, or otherwise,
shall deduct and withhold the tax, and shall attach
coupons or
to such coupons or
interest orders its own
tions
coupons or
that
■
upon
they
interest orders; also
are
stock which has
shall deliver to
j'-.\
/
,
either of
value of
that
no
ges
are
the
bank.
The
sales.
profit unless there has been a
There can be
real and genu¬
Chan¬
establishing the loss or profit.,
unless they
V/
-v
given effect in actual sales.
another
is
,
'
V/
,
...
.
question from the same corres¬
■
.,
^
;v'„
"Suppose I bought one hundred shares of stock on
January 1st 1912 and sold it on January 1st 1914 at
a profit.
Now this stock is not a listed security.
In
making my income tax return, presumably I would
have to show the profit I made when the stock was
sold in 1914.
As the law required profits to be cal¬
culated from March 1st 1913, how would I calculate
•
withholding
,
certificate
or
in quoted prices are of no consequence
pondent:
Presumably I would be required to
on profits accruing from
March 1st
1913 to January 1st 1914.
The stock being an un¬
listed security, will the Government accept my
valuation of the stock as of March 1st 1913, and
the. profit?
make
bank or trust company
if the corporation
obliged to assume the same—unless the required
certificate identifying the owner were filed with
"
or
Here
was
?'•:>
loss
ine transaction
nullify the covenant
in the bond that the interest is to be paid without
deduction of the tax by the corporation issuing the
to deduct the tax anyway, even
i■
1,
can
depreciation
necessarily be based on actual
certificate,
This rule would apparently
bond, and would compel the
,
allow taking account
appreciation in the market
securities.. It is only actual gains or losses
be taken into consideration and these would
nothing in the law that will
them; where¬
&c., which is
such tax money."
;
books to apply
in charging off the partial depre¬
the value of the stock"?
We can find
ciation in
again withhold the tax on
interest orders, but, in lieu thereof
the Government the certificate of
such bank, trust company,
,
3% semi-annual dividend on a
depreciated ten points within the
this 3% dividend
the debtor shall not
said coupons or
,
propounded. A correspond¬
"Supposing I receive on
will I be permitted on my
last year,
setting forth the fact
withholding the tax upon
far, but many other ques¬
Indianapolis asks:
January 1st 1914 a
giving the name and
'
already being
are
in
ent
address of the owner of, or the
person presenting such coupons or interest orders,
if the owner is not known, with a description of the
"
payments has re¬
Only the question of interest
ceived consideration thus
count
returns
the
profits for income tax returns,
as
the
assumed price of March 1st
price at which I sell it in January 1914"?
difference between my
asked for obliges the
1913 and the
We
deduction or not
presume
a
common-sense rule would' be
i
under Paragraph C, Section 2, of the law.
This para- applied in such cases and that the owner's statement
"/graph is the one containing the exemption limit. of the price for March 1 1913 would be accepted
wNow, it is quite possible that the holder might be unless there was good reason for questioning the
• '
' ' ■
' •
1 ' '
unable to state whether he was exempt or not, or same.
)
i owner to state
whether he claims a
<!
,
might be unwilling to commit
himself on that point,
I
.
IF J 338
-
Before
; ,'i
THE
-
an
organization bearing the peculiar
of "The Town Criers of Rhode
Elliott delivered
.
an
address
on
tfo that
■with
the
related
as
now
;
;
lated State in the
Department
said, is the most densely
Union, but has long been pre-emi¬
jturing work.
,
and
Rhode
41,371 and 1,067
Island
The suggestion made
diversity of
to the
Secretary, and
ment,
was
•/paile is 652,9 and 508.5.
indicate that not
have,
respectively,
per square
The latest available figures
15% of Belgium's population
industries comparable to those of Rhode
Island,
over
against 23% similarly employed in the latter.
Yet
in
Belgium, in 1895,18.79% of the people lived habit¬
ually by agriculture, this percentage having declined
from 21.77% in
1880; still, it contrasts with the 3.3%
/rural in Rhode Island, not all of those being in agri*
culture.
adopt
subject which, if adop¬
which he took under advise¬
That
the
acceptable
the
to
and declared at this
summer's
order
that
all
the
the
standards
were
adduced by Mr. Elliott
showing the comparative size of farms
in Belgium and
'Rhode Island, with the comparative
percentage of
total farm area devoted to
a
dozen
important
crops,
/the
average crop of each per acre and per capita of
population, the conclusion being that Belgium is
very largely self-supporting as to foods consumed.
In Belgium about 90% of the land
area
Liverpool conference,
American
the
world,
so
made for
middling
the
mean
Mr.
that whenever
same
W.
C.
or
quotation of cotton is
grade of cotton, it will
any
grade throughout the world.
Lawson, of the Waco (Texas)
change, and Chairman
last
a
of the
January, of which this
conference
the best known to the
could
be
more
standards
or
consumers
of the world and
easily understood than
applied
names
by the
itself
for
various
eliminate at least
ment and
views.
some
but
reasons,
point
one
of the
upon
would,
-The former has improved
agriculture by Spaying serious attention
a
do the same, and "should
can
leaf out of
to
we
it;
not
Belgium's book ?"
exchanges have held divergent
Department is reported as
An official of the
be unnecessary.
Extension of
>" Rhode' Island, Mr, Elliott urged, is
essentially
ment of
an
agricultural expert
upon
a
the agricultural
condition of New England, boiled down to the
epi¬
that here in the East
merely'"soil miners"
and
our
need is to stop being
"soil farmers."
become
The address contained considerable
relating to trans¬
portation, but its keynote
was
America
it about
our
foreign export trade with Latin-
his
text
"back to the farm—
be
area
can
brought to fertility, the wealth of the State in¬
creased, and that it will become easier
newer
to
compete
manufacturing districts in the South
are
nearer
to
some
of the
consumers.
■
•
•
*
be
bringing
Congress, held
Parkers
should
offer
and not what,
we
these
think
maxim that could not
a
and if strictly followed should
very
satisfactory results.
to
Japan
as
an
Paying
active,
getic and aggressive nation, and destined to be
a
a
ener¬
great
in manufacturing cotton goods, not only at
home but, through the development of the
industry,
power
in
China, he did not look for
demand for
if
our
any
large increase in
products from the Far East.
conditions prevent
great trade with that
a
quarter, the opening jpf the Panama Canal, he inti¬
mated, would offer the most fertile field
can
to the Ameri¬
manufacturer, not only in cotton but in all other
lines, putting him in,close and direct touch with the
entire Pacific coast of South and Central America.
secure
a
large portion of the business
t
exchanges of the country took
portant step towards the establishing of
upon,
productive of
of that
The cotton
in
Mr'. John M.
manufacturers
well-deserved tribute
And failure to
'
_
->
"Our
improved
But
Could this be accomplished, he
is confident that one-half the uncultivated
necessary
the dominant theme of remark at the
they should have," uttered
in turn help
With the
essentials
honorary President of the Congress/in taking for
the
and Middle West which
was
the
Mobile, Ala/ Oct. 28.
thus you can help the railroad and the railroad will
you."
and
people what they want,
field for intensive farming; and he quoted the'com--
v„-<
moreover,
stating that, in his belief, the change would be made,
and, therefore, legislation for fixing grades would
66% is in farms and only 40% of that is im¬
Rhode Island
.
other
cotton
which the Govern¬
session of the Southern Commercial
be
any
other
exchanges to the particular grades. The adoption
by the Department of the suggestion of the cotton
at
gram
the out¬
was
growth, pointed out, in effect, that the reason for
adopting the Liverpool standards is because they are
let hers gradually decline.
•
Ex¬
Memphis meeting of
Belgium has realized the need of supporting her manufactures by good and cheap food, and
has increased her farm area, while Rhode Island has
take
and
exchanges
is in farms
proved.
her
grading
cotton
93.5% of that, is improved; in Rhode Island
about
"
Department of
of
exchanges would not only be of benefit in the trade
Many detailed figures
and
the
follows:
as
Agriculture
miles; their population is
square
,7,423,784 and 542,610; their population
/
Agriculture, to whom they
are
tion, numbering 17,956, is only 3.3% of the total,
and of these only 5,292 are farm
operators.
'
of
cotton exchanges
engaged in manufac-. might also adopt the same standard of
grades and
On the other hand, the rural popula¬
nomenclature, making it the universal standard of
•nearly 23% of the total,
"f ^
ex¬
the friction inseparable
a
in
in
at
On
standards.
from
popu¬
^Exceptionally urban, the dwellers in cities being now
$6.7% of the total; of these, 122,641 persons, or
are
staple
current week.
remove
nomenclature
Belgium
American
on
-;14.2% in 1849 to 20.9% in 1909.. The State is also
k.v
the
ted, would necessarily
nently a manufacturing State/ The; percentage of
jthe State's population thus engaged has risen from
,
for
Tuesday of the
made representations
-
Rhode Island, he
grades
on
day mentioned representatives of twenty
of. the
Belgium in respect to food production and self-
support,
of
xcvii.
changes, including those at New York and New
Orleans, held a conference with Secretary Houston
of Rhode Island in contrast
gave
[Vol.
Washington
Wednesday touching
State, but of perhaps larger interest just
in the sketch
standard
name
Island/' Mr. Howard
/upon transportation problems, especially
;
CHRONICLE
a
an
im¬
universal
at
section, almost commercially unknown to
present, would be due entirely to
activity and enterprise.
.
-
our own
us
lack of
Nov. 1
Mr. W. D.
"the United States
remarking that
should be the best
fitted to supply the real wants of
manufacture for home
South America, because we
1239
CHRONICLE
Boyce of Chicago spoke in part in the
strain,
same
THE
1913.]
regarded by Mexican Government officials
Diaz
is
as an
act of cowardice
justification.
no
for which they claim there
was
He was in no danger, they state,
•.
accepted the overtures of Gen. Huerta
and had he
who are engaged in agri¬ he would have been treated with every consideration^
pursuits, and can easily adapt the products according to Senor Mohena, the Foreign Minister;
consumption for people
cultural
of
factories to their wants and customs.
our
cannot sell to
them articles exactly like we use here.
for them what they are accustomed to
We must make
not what they
consume,
lish
ought to have.
Italians and Spaniards be¬
Germans, French,
to the
The Eng¬
South American trade
manufacturers lost'the
countries furnished what the
cause
the last-named
trade
required, irrespective of their own ideas of
quality
Seft^r Frederico Alfonso Pezet
utility."
or
attributing Europe's success in trade with
America to the understanding by her mer¬
of Peru,
Latin
remarks of the other speakers by advocating
to the
of representatives to study the situation
the sending
from time to time, our
have pointed out
we
effort could undoubtedly be very greatly
with proper
The latest
extended, especially on the west coast.
official
that for the eight months
indicate
returns
of the current calendar year
(Jan. 1.to Aug.31)
our
South America were of a value
of $98,200,99L, or ll/2 millions more than for the
same period last year, but the gain in 1912 over 1911
aggregate exports to
was no
less than
held.
but there
seems
no
Gen. Blanquet, the
head of the army, received more
President and Vice-President, respectively,
votes for
than
doubt that Dictator Huerta and
Many outlying dis¬
Monte
candidates.
other
any
tricts showed
unanimous vote for them.
a
Morelos, in the State of Nuevo Leon,
votes for Huerta
and
none
for
any
returned 2,851
other candidate.
unanimously voted the Huerta ticket in
The army
statement made last week
accept the office even if elected.
spite of the Dictator's
that he would not
Rumors
to
are
bear upon
their
referring
commands.
sufficient vote was cast to
a
concessions made by; LatinrAmerican;foreign capitalists he said that- the,
to
countries
to
of the hemi-•
United States will assist the nations
sphere in an emancipation from the material inter*
ests of other nations, v The President's speech was
delivered before the Southern Commercial Congress,
and it
in effect
was
outline .of the Administra-..
an
In part the-
policy toward Latin.America.
President said:
.
.'■.■■■•
,
'
.
going to be very different for this hemisphere
The future is
The States lying to the south of-us\ which-
from the past.
been our neighbors, will now be drawn closer
have always
tie of
by innumerable ties, and, I hope chief of all, by the
a common understanding. ■' Interest does not tie na-'
tions
together.
to us
sometimes separates' them,
It
but sym-*
And I believe*
that by the new route that is just about to be opened, while
we
physically cut two continents asunder, we spiritually;;
unite them. " It is a spiritual union which we seek:
i
'' *
unite'them.
pathy and understanding do
of concession
hear
to foreign
capitalists in Latin-
They
are
not granted conces¬
The work
We do
not ask them to supply the capital and: do, the work.4 It is
an invitation, not a privilege; and States that are obliged^
because their territory does not lie within the main field of
modern enterprise and action, to grant concessions are in.
this condition: That foreign interests are apt* to dominate
their domestic affairs—a condition of affairs always danger-?^
sions.
They
though they are welcome to invest in it.;
is ours,
and apt to
ous
invited to make investments.
are
become, intolerable.
r
~
■
going to seek is an emancipation
the subordination which has been inevitable to foreign
What these States
from
enterprise, and
are
assertion of the splendid
an
character,jwhich,'
spite of these difficulties, they have again and again been
able to demonstrate.;
U
h'A* >"'r ;
in
.
dignity, the
courage,
of;,
f&ce^
the self-possession, the respect
their achievements in the
the Latin-American States,
deserve'nothing btit
of all these adverse cireuihstances,
They have had harder bargains driven with them in
of loans than any other people in the world.
make the
Officers of Huerta's staff and other
legal.
employees and officers of the War Department
other Government officials
and
have, it is stated by press
the
new Congress, which will probably have a majority
of army men.
The civilian vote was insignificant;
dispatches from Mexico City, been elected to
but it showed that Gamboa
was
the second choice.
Gen. Diaz did not leave Vera Cruz for
the capital,
terest has been exacted of them that was not
body, because the risk
curities
were
written
of
by Huerta.
On
Huerta.
Diaz
in
a
letter personally
distrusted the sincerity
Monday night he applied to the
Consulate
American
so
at
Vera Cruz
for
I
the
ground that he
sequently taken
on
now
be
was
to be shot, and was
sub¬
battleship
Louisiana, Rear Admiral Fletcher's flagship.
Yes¬
Wheeling
•
terday he
and
was
later transferred
to
the
again transferred, this time to the
battleship Michigan, which immediately sailed, to
Havana,
it
is
supposed.
The
action of General
exacted of any-"
said to be greater,' ahd then
destroyed the risks.
An admirable
forcing the terms.
\.<r;
much as in the prospect that they
.
I think
so
emancipated from these conditions,
to be the first to take
some
and
vve
ought1
part in assisting in that "emancipation J
of these gentlemen
have already had occasion
Department of State in recent months
them in that wise.
Tn the future they wilF
to bear witness that the
serve
draw closer
and
closer
which I wish to speak
indiscretion.
•
r
to
us
because of circumstances
-v.; r<\
friends and
q.
be friends at all except upon
show
ourselves
friends
whether it squares
It is
a
a
very
with
by
our
the terms of honor, and w6 must
comprehendingrtheir 'interest,,
interest
or
not.
perilous thing to determine the foreign policy
nation in the terms of material interest.
unfair to those with whom you are
on
championsj
Yoir cannot be friends
other terms than terms of equality! "'You cannot
terms of equality and honor.
upon any
of
oK
with moderation; and,T hope, without '
We must prove ourselves their
protection,
board the United States gunboat
taken that
rejoice in nothing
will
upon
on
was
the
In-1
arrangement for those who were
has tried to
although "invited" to do
thb'
admiration and applause of the world.
matter
election
*
foreign capi¬
You do not hear of, concessions to
talists in the United States.
The
pressure
in some instances casting
The question
men,
the ballots for their whole
is whether
brought
current that officers
•
additional
expediency, will govern this country in its' relations
with other nations of the Western Hemisphere. Mn
You
Sunday last were duly
Final official results have not been announced
an
by conquest, and that morality, not,,
foot of territory
15H million dollars.
The elections in Mexico on
President Wilson in
Tuesday declared that the
on *
United States would not seek to get one
America.
,
Mobile
in
address
increasing steadily, but
trade with South America is
policy of the Administration at Wash¬
ington is still a waiting one.
tion's
various countries.
in the
As
needs there, added force
of conditions and
chants
The Mexican
We
the part of your own actions.
It not only is
dealing; but it is degrading'
'/■
'**• ")-v :
1240
CHRONICLE
THE
Comprehension must be the soil in which shall
grow
home rule within Home
Rule,
all th e
fruits of
friendship; because there is a reason and a compulsion
lying behind all this which is dearer than anything else to
of her
integrity
and
opportunity
That is the issue which
material
against
as
we now
Human rights, national
never
again seek
how to make honorable and fruitful
And she must regard
it
Three
of the duties of friend¬
European nations, Great Britain, Germany
France, have agreed to adopt
new
no
policy
toward Mexico until the Government of the United
States
plan
submit for their consideration
can
for
the
future
treatment
Announcement to this effect
by Secretary Bryan.
was
of
made
definite
a
that
republic.
on
Tuesday
President Wilson before
an¬
nouncing his plan is awaiting developments in Mexico
as
the
to
decision
no
definite
action that will follow the final
the election.
on
It is stated
going
between this and other countries.
on
are
The
French Government has asked American
protection
for its citizens at San Ignacio in Lower
California,
near
Santa Rosalia, a seaport on the Gulf of Cali¬
fornia.
It
citizens
of
extent,
this political situation
his previous speech
as
interpreted
was
on
Saturday
offering the tempo¬
as
exclusion of Ulster from the operation of the
Home Rule Bill.
at first understood that the French
was
at
were
town of
a
the
same name
Sipaloa, forty miles from Mazatlan.
day instructions
were
a
in the State
On Thurs¬
sent to Rear-Admiral Cowles,
commanding the American squadron
side to send
on
the Pacific
vessel to Santa Rosalia and furnish
all proper protection to the French citizens.
There have
recently been
some
Mexican waters.
These
•-
of routine.
"Intervention" is
White House and State
dent has
no
battleships to
regarded
are
a
as
significant
merely
manhood
will be
tricts
some
re-balloting
The victory of the
assured, although there
was
Nov. 2,
on
of the total votes cast.
as
in
dis¬
many
The
Socialist leader
Bis-
elected in the district of Rome, which in¬
was
cludes the Quirinal, the Royal Palace.
at Rome
quiet, but there
was
was
The election
rioting at
many
places in the provinces, especially in the South.
A
meeting which
mass
accounts, by
press
creeds,
than 2,000
held in London
was
attended, according to
was
more
persons
of all
Tuesday to protest
on
against the "blood ritual" murder charge that has
been made in Russia against Mendel
accused of
having murdered
Beiliss,
a
Jew
Christian boy named
a
Yuschinsky to obtain Christian blood for ritualistic
The trial of Beiliss has been in
purposes.
at
Kieff, Russia, for
attracted
a
fortnight
or
more,
At the London
meeting
than 100
more
encouragement,
and has
messages
and
support
came,
of
protest
Englishmen, including bishops, poli¬
ticians, writers, scientists and professors,
These
progress
widespread attention throughout Europe.
sympathy,
were
read.
others, from Lord Rosebery,
among
Joseph Chamberlain, Lord Selborne, Andrew Bonar
word tabooed at the
Lord
Department, but if the Presi¬
for the first time in operation,
was
candidate obtained the requisite percentage
no
solati
Sunday, in which
on
providing for almost universal
Government, however,
Law,
a
suffrage
Italy
showed large gains by Socialists.
matter
are
electoral law
new
from enlinent
unusual movements
of troops to the Mexican border and
although officials declare they
The general election in
the
officially that
exchanges in regard to the President's plan
now
giving Ulster control
education, police and matters of that kind.
Ladybank
rary
of the territory she
use
as one
ship to see that from no quarter are material interests made
superior to human liberty and national opportunity.
and
at
xcvii.
She will devote herself to showing that she knows
quest.
has.
the United States
additional foot of territory by con¬
one
to some
have to face.
I want to take this occasion to say that
will
interests
own
The statement has cleared
up
he thoughtful men of America—I mean the development o
constitutional liberty in the world.
[Vol.
the Archbishops
Rothschild,
others.
of
Canterbury and
Sir A. Conan Doyle and
A resolution
was
York,
many
unanimously passed "pro¬
intention of intervening with troops and
testing against the recrudescence of the utterly base¬
warships, it is obvious that he is placing himself in a less and wicked blood ritual charges against the
position to do so if compelled.
Jewish people or any section of it made in the course
.United States District Judge Maxey at Del Rio
Texas decided
on
Tuesday in favor of the Constitu¬
tionalists of Mexico in their suit to
worth of paper money issued
recover
$200,000
by the Mexican rebel
government and seized by the United States official
at
Eagle Pass.
out of this
An effort
made to pass the money
country, where it
Constitutionalists'
Diaz.
was
was
as
a
by the United
munition of
war
Treasury Department held that it could
garded
and the
not be
anarchy in Mexico.
it turned
will
over
bring about financial
The Constitutionalists sued
the money and
to them.
Jewish
Judge Maxey
now
to
has ordered
This
decision, it is claimed,
permit them to get all the money they want
it
may
take for protecting
obloquy, insult
or
hurt.
The trial has not yet been
completed.
At
ers
a
conference
on
Sunday last by European bank¬
and the Chinese Minister of Finance at
the latter
ishment of
a
uniform currency
posed scheme,
we
and the withdrawal
The bankers described the pro¬
are
told by
press
dispatches,
practical and highly satisfactory, and
quence
there is declared to be
ing the
currency
meet the
;o
Peking,
emphasized his desire for the early estab-
a
as
a
as
conse¬
probability of bring¬
loan into operation by installments
requirements of the Government.
It is
announced in Tokyo that Japan is about to raise
a
railroad
construction
finance
printed in the United States.
Commissioner, Kengo Mori, has left for
loan
of
ondon in connection with this
Sir
inviting the moral
subjects of the Emperor from further
re¬
a
circulation of such money would
recover
the
of debased notes.
counterfeit of Mexican currency. Sec¬
retary Bryan ordered it held on the ground that the
as
Beiliss and
printed, into the
officials, the Department of Justice ruled that
it could not be held
man
ernment in any measures
headquarters at Cuidad Porfirio
When the money was seized
States
of the trial of the
support of the civilized world for the Russian Gov¬
$100,000,000.
The
project.
Edward
Grey, British Secretary for Foreign
Affairs, in a speech at Berwick on Monday night ex¬
plained what the Government was prepared to con¬
on
cede to satisfy Ulster.
of its
This, he said,
was a sort of
The Government of New Zealand
formally decided
Tuesday to adopt the policy of building
own on
the
same
lines
as
a navy
that of the Common-1
,
the
present system,
the Government to assume
♦
due to the
was
plantings throughout the rubber-grow¬
ing districts of the world, and resulted in over-pro¬
duction. Thus Brazil is now undergoing a period of
of
explained that the decision of
in announcing the reversal
Massey,
Ferguson
for enormous
Premier William
British navy.
Imperial
the
to
London and Paris, were responsible
rubber shares in
and to discontinue its subsidy
wealth of Australia
1241
CHRONICLE
THE
11913.]
Nor.
already noted, its se¬
depression and, as we have
the greater responsibility
and private, have fallen very
curities, both public
inability of the British Admiralty to
of 1909 and station two cruis¬ greatly in popularity in the London market, v
English underwriters of securities apparently are
in New Zealand waters, the
maintaining to the letter their recent agreement to
Dominion bearing the cost of their upkeep. r The
discourage hew issues until opportunity has been
new war vessels, the Premier added, would be under
granted first-hand holders to dispose of their securi¬
the Administration of the Dominion in peace, but
ties to
the general investment public.
Advices
would pass automatically into the control of the Ad¬
cabled from the London market agree that there is
miralty during wartime, or when they might be ur¬
po actual scarcity of capital; the trouble is that in¬
gently needed.
vestors are extremely cautious.
They regard the
carry
ers
out its agreement
of the Bristol type
Bank rate to
nounced
*
5J^% from 6%.
This
when it was advanced from
African
in
on
were
full official Bank limit.
forced up to the
its
a
mines,
ment stocks
of
exception
5.7%.
declined
1.6%, foreign govern¬
1.1%.
1.1%, and British railroads
The situation in India
discouragement.
This
Sept. 20.
decline of 1.6%.
loss of 4.3% and were
a
which
British India funds declined
Fears
entertained that the Bank would advance
were
to
indicated
African
South
the London Stock Exchange
point of weakness with the
the leaders in
of
on
equivalent
American securities
gold in London on Tuesday.
Money rates in London
at once hardened and discounts in Lombard Street
.
in
comparing with
20,
is
reduction
New York account of $2,000,000
bars at the regular weekly offering of
purchase
Oct.
of
as
improvement was not sustained during the remainder
of the week.
The reaction seemed to be traceable
to the
indisposition
The "Bankers'
declining market.
a
on
387 securities dealt
financial centres, but this
buoyancy to all the
downward
general security values as being
showing their usual and natural
Magazine" of London, as reported by cable, shows a
reduction of £56,195,000 in the aggregate value of
5% to
Temporarily, the effect was to impart a tone
6%.
are
invest
to
was an¬
Monday and is the first change since
on
Nov. 14 of 1912,
of
and
reduction in the official Ger¬
this week has been the
man
trend of
financial situation in Europe
The feature of the
continues
an
added source
The failure of another large
announced by cable on Tuesday
from Bombay, while on Monday an Arabian pearl
Reports were persistently in circulation that, in
merchant failed with liabilities of
£60,000.
These
view of the attitude of the Bank, the gold taken
for New York had been resold, one report giving failures, it is reported, have involved several addi¬
rate
Paris
as
There
is
6%
to
Thursday, but this was not done.
on
Germany.
believe, however, that neither
to
is reason
naming
another
buyer,
the
be
Lazard Freres, the
having heard nothing to the contrary.
and that the precious metal will
accurate,
shipped promptly to this centre,
consignees,
houses
International
at
this
confident that any
movement of gold to New
needle Street as
York in the im¬
Threadevidence of the necessity of advanc¬
mediate future will be
promptly utilized by
for securities has been in a
The London market
of
to wait a
securities
on
Brazil is at the present time
occasions,
the
penalty of an unwarranted boom.
coffee and rubber, two
figures.
lation and
to abnormal
period of wild specu¬
general overdoing that is now so nearly
This
was
the basis of
ending in disaster.
were
a
evening, at 72 13-16, against
remaining at
723^
a
week ago;
advance of 1 point for
point
week, and German Imperial 3s are also 1
v•
London Stock
Government.
broad-minded
Exchange circles are watching
course
of the Royal
witbr
Commission
Commission are
of conservative type
and will, it is
least
rubber, the high prices attained by
:
would,
of at
£1,000,000,000 if the Government were to
undertake to purchase all the British railway lines.
The scheme is one of the many Socialistic propositions
with which Lloyd-George is identified, and the
appointments which have been made by Premier
Asquith are interpreted as a move on the part of the
Premier to have the entire scheme shelved. Mr.
it is estimated in
Law,
in
The members of the
men
believed, vote against nationalization, which
of coffee held here
product itself , as well as the wild speculation
States
indicate
and Turkish 4s at 86.
monopoly 4s, however, have advanced 1 point
British consols closed, as reported by cable
keen interest the
contained features that
in violation of our Sherman Anti-Trust
be sold..;' As tp
the
important changes, Bulgarian 6s
higher at 75.
Prices of coffee collapsed after
determined that the
and ordered that the large stocks
the London Stock Exchange
Rhssian 4s finished at 88,, an
the United States Government
valorization plan for coffee
their two
suffering appointed by Premier Asquith to investigate the
Prices of relations between the British railways and the
leading products of that coun¬
had been arbitrarily advanced
try,
apparently be compelled
101, Servian unified 4s at 803^
public securities of the South American
being defaulted on.
into liquidation.
Meanwhile prices of Balkan
wars.
the
Republic
As we have shown on a number of
said to
considerable time for the funds that are so
disastrous
at the British centre, where
entertained that there is some possibility
nervousness
States will
urgently needed for re-construction after
last
undisguised
are
The Balkan
extremely
affairs in Brazil is causing
vulnerable condition of
fears
bank will be forced to go
to 55.
In addition, the
money on
impending and will, it is feared, further upset the
bazaars.
It is also feared that another Bombay
possible outcome of
the Mexican situation.
advanced
be
Greek
than here over the
was
A large failure at Marwari is
pearls.
Even greater nervousness appears
state of inaction.
to exist there
the
no
ing the official discount.
pearls
tional native banks which have
centre who have in¬
fluential connections abroad are
further
dealer in
London, involve an expense
1242
THE
Asquith,
already noted, is openly opposed to
as
nationalization
sirable.
CHRONICLE
The
as
a
of
the
commission
are
on
as
follows: Lord Loreburn
Sir
(Chairman), Earl of Derby,
Henry Primrose, Mr. F. Huth Jackson, Sir F.
differences in
Upcott, Sir William Plender,. Mr. A. Balfour, Mas¬
ter Cutler of
Sheffield, Mr. R. E. Prothero and Mr.
D.
J.
At the
Shackleton; Secretary, Mr. Rowntree of the
markets
the
on
Bourse
is
not
but
scarce
cautious and
so
bankers
aggressive
inactive
of buyers.
and
investors
are
that they put out
large commitments on the slightest
advance in prices. .The annual Credit Foncier loan
—150,000,000
francs—has
been
announced.
The
bonds will bear 4% and be offered next week at 96.
Exterior
issues,
loans, including the various Balkan States
being held in abeyance, awaiting the
and distribution of the National Govern¬
are
appearance
ment and Moroccan
first
must
■
be
distributed
before
the
tantamount
to
actual
prohibition for such
issues.
The
Ministry is already discussing the
Budget and has decided to recommend to Parliament
as
a
3%
first
under
at
measure an
bonds,
London
1,300,000,000 francs in
a
sinking fund.
to-day
the
Minister
000,000) to
a
of
Finance,
the
when
Tuesday he would introduce
issue of
Chamber
a
proposal for
loan of
1,300,000,000 francs ($260,non-recurring military expenses."
cover
It will also be stated that
templated.-'
no
tax
on
capital is
'V-
.
friction.
Rentes
ported during the week, the
large
87.30
francs:
'
of the
news
accom¬
been
sup¬
proposed
issue of national securities
new
support necessary.
was
have
rendering such
The closing quotation for Rentes
francs.
A
:
week
it
ago
;y-/-';.:
a
provement
of
lately, and
higher than in
was
was
87.47J^
'•
\
_
•
In
Berlin, the reduction of the Reichsbank's rat$
is regarded a merely sentimental
influence.
The 6%
rate had been out of line with the
outside market for
September
there had been
year ago,
on
was
the
a
was worse
remarkable im¬
Oct. 23 the stock of gold
previous
any
trade, he added,
The balance
year.
extremely satisfactory, and
political position had improved.
The main
objection hitherto, apart from the
political situa¬
tion, to a reduction of the Bank rate had been the
condition of the international
money market, which
still left
With
something to be desired..
the
either in London
banks.
closed
week
-r'y
exception of the reduction of A% to
5A% in the German
or
Bank rate, there
on
the Continent
change
was no
by the official
Sixty-day bankers' acceptances in London
415-l6@5% (against 4%@4 13-16% a
at ;
ago), while ninety-day bills finished
official Bank rate of
at the full
5% (against 4%%)■..
vate bank rate in Paris remains at
3%%.
The pri-*
In Berlin
4M% is the closing quotation, against 4^% a week
ago.
Vienna remains at 6%, the Bank
rate; Brussels
is without change from
4,7-16%, while Amsterdam
is still 4
13-16%.
Official rates at the leading for¬
London, 5%; Paris, 4%; Berlin,
§A%) Vienna, 6%; Brussels, 5%,and
Amsterdam,5%.
eign centres
are:
The Bank of
England this week has presented a
favorable statement, although the fact that Lombard
Street has been
Paris, there
is every indication that the settlement
will be
without
con¬
.
In view of the abundance of
money in
plished
The
correspondent telegraphed
"At a Cabinet Council held
Dumont, announced that
met next
the
Paris
Thursday's date:
Rambouillet
M.
issue of
redeemable from
" Times "
Bank down to the first
week in
than
issues, which, it will be recalled,
successfully
French Government will
permit outside loans of any
character to receive
quotation on the Bourse list.
This is
President, in announcing the reduction of the Bank
to
5J^%, said that, while the position of the
and
alike
Monday of the Central Com¬
Imperial Bank of Germany, the Viceon
rate
Money
the professional traders
are
steamships, Russian naphtha
yf ./.tT'
meeting
mittee of the
improvement,, the
remaining
depressed, owing to the absence
Hansa
and other shares.
Board of Trade.
The situation in Paris is without
xcvii.
these firms resulted from
the heavy decline in
prices
the Bourse
during the month. A considerable
number of "execution" sales were
made on Wednes¬
day for firms that have been unable to meet their
policy that is financially unde¬
members
[Vol.
borrowing
very
heavily
gest that the Bank will be forced
seems
to sug¬
to increase its dis¬
count rate as a matter of
self-protection. Loans dur¬
ing the week increased net £3,690,000 and now aggre¬
gate £29,619,000, which compares with £34,532,800
one
year
ago
and £27,648,116 in 1911.
The Bank
gained £566,503 in gold coin and bullion holdings
and £513,000 in total reserve.
The proportion of
to liabilities is now
54.45%.
This compares
56.25% last week and 47.70% last year.
The
reserve
with
Bank's bullion
pares
now
stands at
£37,392,831 and
com¬
with £37,336,954 in 1912 and £36,418,414 in
weeks." For
instance, a week ago 4%% was' 1911. The reserve
aggregates, according to this
closing private quotation, while the official
figure week's statement, £27,114,000. One year ago, it
was 6%.
Therefore a reduction in the latter to
5p£% wasf £27,197,884 and in 1911 £25,743,004.
Public
was not
surprising.
The action of the official
Bank, deposits indicate an increase of £2,763,000 for the
however, seems to have exerted a reassuring influ¬ week and
aggregate £8,714,000, against £11,751,259
ence on the entire
German situation, as the
private in 1912 and * £7,202,216 in 1911. 0Other deposits
rate has been further reduced
to'4^%, Money show a reduction of £261,000 for the
week/ making
closed at 5%.
Cable" dispatches
yesterday stated the total £41,061,000. In 1912 the total was
£45,that the settlement passed off
satisfactorily. Despite 245,016 and in the year preceding £42,585,819. Our
the easier tone in the discount
situatoin, the Bourse special correspondent furnishes the
following details
has displayed distinct weakness.
There were three of the
gold movement into and out of the Bank for
some
the
small failures
reported
and two rather
have experienced great
ferences.
It
be forced to
in
tiding
on
the Bourse
important bankers
was
on
were
Wednesday !
reported to
difficulty in arranging their dif¬
feared at
one
time that
they would
suspend, but fortunately they succeeded
over.
The
difficulties
experienced
by
the Bank week:
Imports, £514,000 (of which £53,000
Switzerland, £153,000 from Brazil and £308,000
bought in the open market); exports, £50,000, wholly
from
to
Egypt, and receipts of £103,000 net from the in¬
terior of Great Britain.
:
'v
\
'
THE
Not. 1 1913.J
The weekly return
of. the Bank of France showed
francs but
a decrease
of 224,000 francs in silver.
Meanwhile
note circulation showed an expansion of 135,500,000
an
increase in
gold holdings of 6,359,000
the large advance of 209,900,000
francs and discounts
There
francs.
was an
1243
CHRONICLE
increase of 112,975,000 francs
additional outward shipments.
sections
the
of
Business in various
showing
country is
a
reactionary
demands for banking accommo¬
correspondingly lighter. Commercial
tendency and the
dation
paper
are
offered freely by merchants.
is not being
the
Meanwhile
demands of the agricultural
crop
seem to have reached their
8,700,000 francs in Treasury
most active point and to be'receding.
The crop
deposits, while the Bank's advances decreased
failures in some of the corn States have necessarily
4,650,000 francs.
The gold holdings this week stand
reduced the volume of the financial requirements for
at 3,473,855,000 francs.
One year ago the figures
marketing facilities in those States, and the aid ex¬
were 3,226,225,000 francs
and in 19113,144,150,000
tended by the Treasury has, of course, been an added
francs.
Silver
on
hand aggregated 636,539,000
factor that has not been without influence.
Mean¬
francs, comparing with 751,275,000 francs in 1912 and
while the spurt in business that many bankers ex¬
789,725,000 francs in 1911.
Circulation is still well
ahead of last year, though discounts make a favorable pected to promptly follow the more settled conditions
resulting from the final enactment of the new tariff
comparison.. The former aggregates 5,805,701,000
has not developed; neither has there been any in¬
francs, against 5,655,114,535 francs one year ago
crease
in the demand for loanable funds ,on Stock
and 5,493,621,135 francs in 1911.
Discounts, de¬
Exchange account.
Thus,' as we are gradually
spite this week's increase, aggregate only 1,687,760,approaching the season when the agricultural sec¬
000 francs, against 1,934,305,988 francs in 1912 and
tions will begin to release funds, the opinion is growing
1,723,389,058 francs in 1911;
General deposits
in influential banking circles that the market, after
stand at 646,012,000 francs.
Last year they were
the
current
temporary
strain passes, is more
^93,570,389 francs and in the year preceding 575,124,likely to go into a period of easier money conditions
475 francs.
:
:
V ;
than into one of unusual activity.
On this, account
the conceded resistance on the part of the Bank of
The statement of the
in
sections
general deposits, of
for
currency
Imperial Bank of Germany
appeared
on
Saturday last and made such a favorable
showing that the reduction in the
rate was not
an
surprising.
increase of
gold,
there
000
official discount
The gold on hand registered
23,755,000 marks and cash,
including
expansion of 47,754,000 marks. Meanwhile *
was a reduction in note circulation of 105,886,-
an
marks and in dis¬
Deposits increased
marks, in loans of 20,170,000
counts
of
82,927,000
48,677,000 marks.
increase
with
a
of
year
about
ago,
marks.
The Bank's total cash shows an
314,000,000 marks
compared
theV;amount being 1,512,087,000
England to - exportations of gold to New York is a
matter that is not considered a serious one in New
York banking
New
Saturday's statement of the
indicated a decrease in
circles.
York Clearing House
deposits of $1,910,000.
of
There was an increase in loans
actual cash of $1,totals of. all
Clearing-Housebanks and trust companies.
$6,632,000 and a decrease in
767,000.
the
These figures represent the
The reduction in
deposits cut down the reserve re¬
the cash surplus was
bringing the total down to $11,-'
quirements $382,900, so that
reduced $1,384,100,
marks and 1,052,- 287,250, which compares with $4,024,000 a year ago.
The banks during the week lost $801,000 in cash
580,000 marks in 1911.
Combining loans and dis¬
and the trust companies $986,000.
There have been
counts, we have a total pf 1,026,381,000 marks, or
no important demands on the capital market aside
a
decrease from last year's total of 475,000,000
from an issue of $12,000,000 New York Central
marks.
The 1912 total was 1,501,320,000 marks
and the 1911 1,436,120,000 marks.
Circulation is one-year notes through J. P. Morgan & Co. These.
notes were offered at 9934 and interest and bear 5%,
about 115,000,000 marks in excess of the total of a
so that the return is virtually 534%It is also an¬
year
ago.
This week's figure " is 2,085,300,000
nounced that the recent offering of $30,000,000
marks, against 1,850,840,000 marks in 1912 and
Interborough Rapid Transit loans has gone very
1,915,300,000 marks in 1911,
well, more than $27,000,000 of the total having been
already subscribed.
This amount will be used to-day
The loeal money "situation has shown distinct
(Saturday) to pay off the old Interborough bonds.
strength.
Demand rates on Friday reached 10%
and the market for call money throughout the Practically all the cash received from the $38,000,000
Southern Pacific stock sold by the Union Pacific Ry.
week, in fact, showed some, degree of strain.
This
Was
due primarily to the necessary accumulation has, we learn, already been invested .in short-time
securities, chiefly one-year issues. : / .
<
V
of funds by the. banks and trust companies for the
Call money has shown
a gradual advance during
November dividend and interest payments.
The
The extreme quotations have been 2%
strain on Friday showed evidences of spreading to the week.
marks,
against
1,198,040,000
-
the market for fixed maturities.
The
news
000,000 in South African bar gold had been
on
New York account at the
that $2,-
purchased
weekly offering in Lon¬
and
and
On Monday 4 and
10%.
est
lowest
Tuesday's
figures,
range was
2%% were the high¬
with 3% the ruling rate;
3@4%, with 334% the renewal
maximum, with
Thursday 634%
acting influence in the engagement of $2,000,000 in
was the highest, 5% the lowest and ruling rate; Frigold in New York for shipment to Canada. This,
with the $300,000 engaged for the same destination I day's range was 10% and 5%, with 6% the renewal
last week, brings the total of the current movement to rate.. Time money closed at 4^4@534% for 60
the Dominion up to $2,300,000, and as New York ex¬ days (against 4J4@424% a week ago), 5@534% for
90 days (against 5%), 5@534% for four months (un¬
change in Montreal is still quoted at 3 134 cents per
changed), 4M@5J4% for five months (against 4%
$1,000 discount, the chances are very favorable
don did not relieve the situation.
It found a counter¬
basis;
on
Wednesday 534% was
4% the lowest and renewal figure; on
1244
THE
CHRONICLE
@5%) and 4%@534% for six months (unchanged).
Commercial paper closed without
change at 534@
5/4% for
for
four
60
and
to
character.
six
Others
are
single
of
names
xcvii.
but payable in New
York.
The rise in call
money
here toward the close
of the week counteracted the
90-day endorsed bills receivable
months'
[Vol.
higher English discounts
choice
reaction from the
quoted at 6@634%«
rates
on
and
obviously aided the
sharp advances in sterling exchange
Tuesday and Wednesday.
The Continental
The market for
to
have
sterling exchange
concerned
whether
we
are
in favor of
this week
itself chiefly with the question
to have
to New York.
in the official
New York again
began
on
of the
important movement of
an
gold direct from London
by the reduction
seems
The
Encouraged
the
Reichsbank
period of
in
ease
as
in the
an
German Bank rate,
indication
of
a
Conditions
our
based
one
on
the
f •■■■■•%
Compared with Friday of last week,
sterling ex¬
change on Saturday suffered a severe
break, due to
the
extremely heavy supplies of cotton and other
necessity of bringing
no
the precious metal forward to
meet any exigencies
in the home market.
Therefore the announcement
of
the
mand
and
of
engagement
London
on
Tuesday
quite
sterling rates advanced
additional
an
35
commercial bills; demand declined to 4
8510@4 8520,
cable transfers to 4
8555@4 8565 and sixty days to
$2,000,000 African bars in
came as
points
5
surprise.
a
points
on
4
Tuesday
was
Some
dispatches,
where, asserted that
Germany
doubt of the
shpW
we
as
gave
the
opening
There is
under present
circumstances by advancing its offi¬
cial discount rate if
necessary.
of the absence of real
forward, it is
In view, therefore,
necessity for bringing the metal
considered likely there will be
tional engagements of
importance in the
no
near
addi¬
future.
Meanwhile grain bills,
especially for Canadian
ac¬
count and also cotton
bills, are being actively offered
market, and $2,300,000 in gold that has been
shipped chiefly this week to Canada is understood
in the
to represent to a
bills
ever,
as
on
large extent the proceeds of Canadian
London sold here.
the Canadian banks
tribute under the
tral
reserve
new
which
are
gold coin
their
or
own
upon to con¬
cen¬
inaugurated in September
large Canadian banks
7 of the
depositing $3,350,000
banks under the Act
being called
Canadian Bank Act to the
were
through the action of
in
It
is not
unlikely, how¬
that the Canadian demand for gold will
continue
are
as a commencement.
allowed to deposit
The
current
Dominion notes and
they can then issue
notes in excess of
the amount of their
capital free of
deposit in the
tax up to
central
reserve.
It is expected that the
demand for
currency in the
Dominion during the next month will
continue active
and the Canadian banks will
therefore have induce¬
ment to draw additional
gold from New York.
But
in December and
January, when the
note
issues
con¬
tract, it is more than likely that a return
flow of the
precious metal to New York will take
place.
has been
There
a
fair demand for
remittances
disbursements
on
American
an
a
firm
engagement of
induced
some
rally
covering of shorts; demand finished 5
a
points
were
on
weakness, to be followed later
at 4 8515@4 8525,
up
relatively firmer
at 4
days at 4 8095@4 8105,
while cable transfers
8570@4 8580 and sixty
An advance of about 35
points took place at the
mainly
on
opening on Wednesday,
higher discounts in London, when demand
to 4 8560 and cables to 4
rose
8605; during the after¬
however, fresh offerings of bills and firmer
noon,
local money caused
tions
were
4
a
partial reaction; closing quota¬
8535@4 8540
for
demand,
4 8585®
4 8590 for cable transfers and 4
days.
On
81@4 8110 for sixty
Thursday the, market for sterling was
weak, owing to easier English discounts and the firm¬
ness
in
call
money; demand declined To 4 8515®
8530, cable transfers to 4 8570@4 8585 and sixty
days to 4 8075@4 8590.
On Friday the market
ruled irregular and weak
owing to the sudden and
large advance in call money rates here.
Closing
4
quotations were 4 8060@4 8075 for sixty days,
85@4 8510 for demand and 4 8555@4 8565 for ca¬
4
ble
4
4
transfers.
Commercial
banks
on
closed
at
7834@4 8034, documents for payment finished at
79%@4 S\ and seven-day grain bills at 4 84®
8434.
Cotton for payment closed at 4 80)4®
8034; grain for payment 4 81@4
,
4
4
-
813; ;
The New Yor.k
erations
with
-
Clearihg-House banks, in their op¬
banking institutions, have
interior
gained $7,528,000 net in cash as a result of the cur¬
for the week ending Oct. 31. Their
receipts from the interior have aggregated $14,347,000, while the shipments have reached $6,819,000.
rency movements
Adding the Sub-Treasury operations and the gold
exports, which together occasioned a loss of $7,800,000, the combined result of the flow of money into
and out of the New York banks for the
week appears
a loss of
$272,000, as follows:
to have been
on
securities
account of
specifically
payable abroad in November, and next week
there
may be expected a similar demand for
remitting
for dividends and
coupons on securities owned abroad
the announcement of
by
no
shipments to this country
on
8555@4 8565 and sixty
On Tuesday, after
gold for import, large offerings of commercial bills
fact, howevfer, that the Bank of England
will oppose
any additional
at 4
here
else¬
information,
same
the purchaser.
on
@4 8520, cable transfers
the metal had been resold to
Paris, and other reports
but named
as
limits
days at 4 8075@4 8095.
purchased would actually
shipped.
Rates moved
irregularly within nar¬
Monday, with light trading; the range
unchanged, demand being still quoted at 4 8510
row
toward the close of the week eased
pff in sympathy
with cabled accounts
casting doubt as to whether
the gold that had been
be
8075@4 81.
De¬
Wednesday; but
on
fortnight
francs last week.
offerings of commercial and other
Bankers agree there is
evening,
ago.
In Berlin demand sterling finished
20.4934 marks, against 20.48 marks a week
ago
and
20.4634 marks two weeks ago. Berlin
exchange
on Paris
closed at 123.45
francs, against 123.4234
own
money market are such, however, as to
make the gold movement to a
large extent a technical
bills.
rate in Paris closed last
centre.
at
renewed
a
sterling check
the British
at
reported by cable, at 29.3034
francs, which com¬
pares with 25.29 francs a week
ago and 25.2734 francs
Tuesday negotiations for
European situation.
firmness of discounts
as
gold in London, bankers here interpreting the action
of
exchanges still continue to move
London, which is not unnatural, in view
Week
ending
Oct.
31.
Into
Banks.
Banks' interior movement
_
Sub-Treas. oper. and gold exports...
Total
...
$14,347,000
17,486,000
$31,833,000
Out of
Banks/
Net Change in
Bank Holdings.
$J 3,819,000 Gain
2
5,286,000 Loss
$32,105,000 Loss
i | j
.V J ,|
.
$7,528,000
7,800,000
" $272,000
,
Nov. 1
table indicates the amount
The following
in the
of bullion
Oct. 30
England..
Germany.
...
Aus.-Hunb
Spain
Italy
Neth lands
NatBelg.
Sweden
Switz'Iand
Norway..
Total week
Prev .week
generalship in the army, and,finally, by his
of his
Silver.
Total.
Gold.
Silver.
£
£
£
£
£
37,392,831
138,954,680 25,461,840
60,983,700 13,441,000
5,907,000
166,196,000
50,895,000 10,583,000
18,817,000 29,337,000
3,050,000
45,764,000
653,400
12,365,000
4,208,333
8,416,667
5,699,000
6,885,000
2,503,000
flight to the
37,336,954
37,392,831 37,336,954
164,416,520 129,049,200 30,050,560 159,099,-760
74,424,700 44,327,950 15,574,050 59,902,000
6,758,000 162,701,000
172,103,000 155,943,000
61,478,000 51,899,000 11,106,000 63,005,000
48,154,000 17,280,000 29,643,000 46,923,000
3,500,000 45,991,000
48,814,000 42,491,000
566,600 13,779,600
13,018,400 13,213,000
3,782,667 11,348,000
7,665,333
12,625,000
5,413,000
5,413,000
5,699,000
6,987,000
6,987,000
6,885,000
2,142,000
2,142,000
2,503,Q00
514,157,082jl01,197,670
protection of the United States war-ship,
at least one side-light on the condition of senti¬
ment in Mexican official circles.
The problem is
gave
.
92,641,573 647,513,451 513,647,437|l00,980,877
92,380,787 645,127,718
554,871,878
552,746,931
his refusal, by his resignation
capital, followed by
Total.
£
France
singular episode in which Felix Diaz was
Huerta Government to come to the
ordered by the
Oct. 31 1912.
1913.
Gold.
Russia
time, the
principal European banks.
Banks of
1245
CHRONICLE
THE
1913.]
and critical than it was
' '
•' ;
'
election episode has brought about, how¬
certainly no less intricate
before.
614,628,314
615,354,752
.
o."
What the
regardless of the question whether the election
void, or whether Huerta will use the returns
ever,
itself
,
_
was
himself in power—is a more
to seat
insistent demand,
by the European Powers interested in Mexico, for
the outlining at Washington of a definite course of
The relations be¬
Government have thus
During the past seven days, the Mexican situation
far been altogether friendly.
This may be said
has reached a peculiar and, diplomatically speaking,
notwithstanding the somewhat unfortunate incident
a
most unusual stage.
On Sunday the Mexican
of the statement given out a short time ago by Sir
elections, called for the purpose of replacing the
Lionel Carden, British Ambassador to Mexico, in
present provisional government with a duly elected
which it was plainly [intimated that recognition of
new
executive, were held.
Little was expected
Huerta was the only apparent solution of the situa¬
by any close observer from this election, and prac¬
tion.
That expression of opinion can hardly have
tically nothing has been obtained.
In form, the
elections were entirely regular.
Four parties were represented anything like a formal declaration by
the British Government, and was, in fact, greeted
in the field—the National Democratic Party, which
THE MEXICAN
action in the
IMBROGLIO.
tween
had
nominated Felix Diaz, nephew
of the old ex-
nominee was
Gamboa, Foreign Minister to the Huerta Adminis¬
tration, and the Liberal and Liberal Republican
parties, • which respectively nominated as their
President; the Clerical Party, whose
present difficulty.
Powers-and
these
our
by the London press as an unfortunate mis-step.
But however this may be, it has become entirely
obvious that,
.
within proper diplomatic limits,
the
beginning to feel impatience
over the existing situation—not
because they have
formulated Mexican policies of their own but be¬
candidates two less important, public men, Calero
and De la Fuente, and which were not expected to cause, in their view, the United States, while pro¬
fessing the right and duty to lead in any pblicy pur¬
cut any important figure in the vote.
'
All these candidates had publicly signed in advance sued, has publicly formulated no policy.!
Within a day or two, among the numerous and
an agreement to respect the decision of the electors.
more or less conflicting cable dispatches, it has been
From the Mexican dispatches, it would seem that
intimated that, as a result of their mutual confer¬
the vote was taken quietly and without disturbance,
but that only a small fraction of the qualified voters ences, the European Powers will ask for some sort
of intervention by the United States.
Our Govern¬
went to the polls.
In the greatly confused accounts
ment's actual purposes in any such regard are quite
of the result it was reported by the dispatches that
in the Mexican capital, at any rate, Diaz ran first unknown, except for the admitted fact that inter¬
vention would be a distasteful expedient.
The
and Gamboa second; also that there was a consider¬
the present provisional execu¬
able vote for Huerta,
however, which was illegal
tive—a vote,
a
let from the difficulties;
required for
requisite majority
successful candidate under the Mexican
however, is that the
a
obtained by any one. ;
undetermined, pending actual count
Constitution has not been
left
was
of the vote,
whether one-third of the qualified voters
the Mexican Constitu¬
had cast their ballots—which
preliminary to the legal
choice of any candidate.
The earlier advices were
strongly to the effect that no such vote had been cast
and that the election was, therefore, void., Later
tion stipulates as a necessary
have
dispatches
even
been
contradictory;
counted the vote and to have found the
have
lawful per¬
On
cast.
the
presumption,
earlier
Mexican situation would have been left where
before the vote.
conjecture
announce
upon
have
some
intimated that Huerta might assume to
centage
possible outgiven
Doctrine has stood rather awkwardly
United States has been
of the vote,
was,
the
it
the
was
On the basis of the later rumors,
indulged
success
in
of his
that
own
Huerta
might
States
the
of such
were
ticket and his
Mean¬
as a
,
arrangement unless the United
policy and invite
foreign Powers to join with it..
Speaking last Monday at Mobile, President Wil¬
son made one or two general declarations in regard
to the
Mexican situation.
Having declared, first,"
that
"the
obtain
one
United States will never
again seek to
additional foot of territory by, conquest,"
south of us,
been
our neighbors,
wdll now be drawn closer to us by
innumerable ties, and, I hope most of all, by the tie
of common understanding to each other."
"Inter¬
est," the President continued, "does not tie nations
together.
It sometimes separates them. But sym¬
pathy and understanding do unite them." Referring
to the fact that these Southern republics have suf¬
he went
that
on
such
to say,
of the States to the
communities, "which have always
exacted
these
"will now be emancipated from these
adding: "We must prove ourselves
legally
the
same
an
discussed
but the interpretation
first to declare its own
for loans put out
present Minister of War, General Blanquet.
in the way
fered in the past
either claim the Presidency for himself as
Vice-Presidential nominee on the
to the Monroe
ticket, and there¬
elected,.or else resign and turn the office over to
conceivably joint interven¬
in concert with the
tion, by the European Powers
provisional government shall not stand as
a regular election.
The net result
a
candidate at
It
policy of joint action, or
stipulates that the
which
Mexican Constitution,
head of
under the
foreign governments are
governments
conditions";
their friends and
through the hard terms
by them, he predicted that
champions upon terms of
quality
*
t
1246
■*
■
*
;*.•
*
*
THE
.
■Si[l"rr^~T~'
*
~~—••
and" honor.
It is
t——.
a
most
;
; •
CHRONICLE
governments with his
nation in the terms of policy
a
respects
be
ideal,.; The declaration against a policy of conquest
by the.United States is a definite and useful declara¬
tion^
his
nor
references
to
friendship and
pean
them from overburdensome
by
any means meets
The present
fact,, puts in jeopardy that
approved
The
tion.
Government's
cordially
lawfully-elected
if
the
choice
was
Even this
v
of
be
of
chaos at
a
of
the
present
the
governmental
reached when it
was
nature,
more
Administration
set
some
with
adopted
rather
unreserved
interference,
even
even
by
our
as
own
fair election is
a
that
assurances
pro¬
cannot be met
friendliness
territorial
or
of
move
limitations
This
as
Before
to
should
or
the
to
we
ambitions
by
Mexican
have
in
selfish
no
the
important nature by
an
gathering of
matter.
our
Adopted with the
some
luncheon of
a
Merchants'
Govern¬
open
Powers,
and
positive
a
in
Association
two hundred large ship¬
members'
a
on
coiincil
Wednesday,
of the
President
Willard of the Baltimore & Ohio road
sketched the
situation upon which, in
part, the carriers' case for a
perilously near
came
a
at
pers,
though extremely indirect, with
an
independent. State.
5% advance in
These actions and. policies
are, however, matters
of the past..
The time has now arrived when some
rates between
New York and
Chi¬
.
definite formulation of
our
cago
concurrence of
other governments interested
:^e relations of their
citizens
in
Mexican
this
through
affairs.
its
-own
demands in
of
case
non-compliance.
But
.this is
has
\
precisely the policy which our Administration
repudiated.
It;gave . undoubted point to a
recent cartoon of
represented
in
case
not
as
"Punch", in which Mr. Wilson
warning Huerta of the
the conditions laid down at
is
consequences,
Washington are
respected.
Huerta rejoins, "What will
you do
"Exactly what the European Powers did
then ?
with the Balkan States."'
"Continue shaking
my
"And what
for the exaggeration of the
that ? "
was
finger at you."
\
Allowing
caricaturist, there
was
enough- unpleasant
truth in the intimation to in¬
what the real embarrassment of
the present
situation is.
dicate
freight-train-load had been
increased
earnings
the
unable to
raised from
will add
of his
efficiency and consequent increased
system. would
keep
fiscal year.
government
objects to certain candidates
in the elections of
another, it should, in the light of
previous experience of nations, be prepared to
enforce
road, he related how
own
1913, producing a sav¬
ing of over 9 million freight-train-miles and bring¬
ing about 4Yi millions increase in earnings; but for
policy;of drifting, if the recent policy
may
fairly be thus described, cannot well continue
longer.
The recognized
difficulty all along has been that
one
Of his
450 tons in 1910 to 650 tons in
The
when
is to be urged.
the average
and intentions
purposes
regarding Mexico is inevitable, and when our'atti¬
tude,as thus declared must'.be submitted for the
;
be declared
if Huerta continues to hold
question which
of
we
THE CASE FOR BETTER RAILROAD
RATES.
approval
the internal affairs of
*
useless;
declaration of policy may have immediate
results
solving the problem of the Mexican imbroglio.
policy which, in its
a
definite
approval.
not.
are
difficult to follow the
what the Mexican electorate itself should
not do with our
to
or
of this part of the situa¬
cordial endorsement of the other
time when the Mexican
have found it
we.
Wilson
can
in
whether they
a more
a new
weary
which
or
a
ment is close at hand.
people themselves
of the protracted state of anarchy.
That
result was,
perhaps, inevitable. But the point at
are
connection
by friendly foreign Powers
explicit declaration of what this
country's
program of action is,to be, within the
limitations
set down
by Mr. Wilson, which makes it plain that
citizens,
continuance
now
It is the anxious
pressure
for
1
involve
profession
people
a
we
opportunity for
This is
political
recognized
arbitrament
harmonious
Chinese uprising,
purposes
no
general
the chance of losing the sympathy
through fears that it might
ran
Mexican
should
the
put to
Mexican electors.
whereby only
reserve
government
and
vided.
Huerta Administration in view of the circumstances
under which it entered into
power.
We have also
approved the attitude of
the
What must
now, apparently,
power
Government's non-recognition of the
our
of
formal policy concerns the
question of
our
situation, in
"Chronicle" has
into
governments
matter
must make the best
exactions
sympathy to which
very
One may
Secretary'Hay
this sort
precisely the requirements of
the immediate occasion.
Mr, Wilson .refers.
financial
standing.
a
wished to follow
the,American lead
But regrets on a matter of
sym¬
pathy, with the southern republics and to the freeing
of
official
pardoned the wish that
the
.But neither that part of President Wilson's
speech
xcvii.
occupied that office, with that sort of international
prestige which served so well in
bringing the Euro¬
wholesome and noble
a
[Vol.
-
perilous thing to determine
very
the foreign policy of
and interest."
./This is in
——s
^
doubtless
its regular
up
have
been-
dividend in the last
The 5% rate increase asked, further,
only about 3 millions
road, and is estimated
to the annual
to
mean
revenues
40 mil¬
some
lions to all the 52 Eastern roads.
■
It is
that
matter of
a
in
June in
the fiscal
public record, said Mr. Willard,
years
ending with the month of
1908-11, inclusive, the roads^ of the United
States increased their capital investment
capital
securities,
something
over
but
their
capital
2,000 millions, yet it is also
that at the end of the fiscal
year
operating
expenses
(not their
investment)
on
record
1911, after paying
and taxes, the
same
roads actu¬
ally had nearly 8% millions less net from operation,
for return upon the
investment, than was the case
in
The Baltimore & Ohio has increased its
190,7.
net
property investment something
in the last three fiscal
years,
last fiscal year
over
55 millions
but at the end of the
its total of earnings from operation
..
£AThat embarrassment
to the
is
European Powers
necessarily
as
to warrant their
so
far present
insistence
on
something more definite in the way of a Mexican
policy before they can frame their own official
pro¬
gram..: It is undoubtedly unfortunate
that
under
t(
$uch| conditions
.beaded by
a
our
public
State
man
Department should be
whose personality and official
conduct cannot have
greatly impressed these
foreign"
available
for
return
upon
the property investment
actually $751,000 less than the
was
sum
the
earned
so
prior to the expenditure of the 55 millions.
"
As to
freight rates in effect in 1910, these* have
not
been
to
maintained, but the net results of adjustments
date have brought a substantial decrease in the
returns for
doing business;
a
conservative estimate
is that the road's income in the last fiscal
year was
about 9 mjllions less than a continuance of the con-
^
**
'
■
/
J1
'
'* '
■
(and
;'V,V
\
•
of*increased
burdens
consumed
railroad is
a
'
from which it appears
either
mates of 143
roads, operating
85% of the steam
some
complying with
would be
a
■
7
•
where such laws
75% of the cost of
or
In States without
compliance with such State laws.
such
this
laws, the estimated cost of compliance with
proposed Federal law would be
lions
annually, making
a
total estimated annual ex¬
to the 143 roads of compliance with both State
pense
and Federal laws of
$13,395,617.
ductors and trainmen
tale of
halts, there
of the
case
comes
con¬
the familiar
forthcoming meeting of employees in the
a
West to demand increased wages
f*
*
4
.
i
>
' '
'•
•
%
'*
•
•
' •*•'!
i'
'" '
' •
'\V-. ■;;•
I\
EMPLOYEES.'■
sweeping constitutional amendment relating to ;
A
labor
now comes
with little known about it, as is
up,
city having-
usual, the struggle for control of this
The unanimous decision of the Court of
of this State
on
Appeals
March 24 1911, Justice Werner writ-1
ing the opinion, held unconstitutional one of the two
.
While the arbitration decision in
!'
'
i
absorbed attention.'
1034
some
"
COMPENSATION FOR ACCIDENTS TO
train-crew bill in Congress last
already exist,
k
through which that can come.
means
1% millions annually in States
over
t
of the only
provement, and an unequivocal statement
t
year
,
confidentlyUpon;
.
here is a distinct admission that furfacilities are necessary to transportation im¬
ther
railway mileage of the country, the additional cost
of
,
such talk; yet
By the esti¬
appeared in Congress.
transportation' [
and past experience! has shown
unwisdom, of reckoning too
the
eight bills which would have required
have
men
only through expenditures
that action upon a rate advance
prove
will conform to it,
upon
>v
This general remark does not
increased."
necessarily
Slates, in at least twelve of these the em¬
ployment of additional men being required, and in the
more
ideal
onlyfbjy
to facilities and great improvement^
To this.he added that these furttie^.:
the cost, to 'purchasers of
way,
would he
in twenty
last four years
"an
surplus earnings or from expansion of credits J m
from
train-crew legislation,
that such legislation now exists
pamphlet
remarked, that
Commission
facilities "can be secured
familiar,;and Mr. Willard did not dwell upon
them.
The Bureau of Railway Economics, however,
a
1247,
•
»
in methods.";
extorted, and the
to be
has issued
"
■
large additions
all materials
explanation which by this time ought
an
•'
transportation situation can be obtained
omnivorous consumer),
an
'*
Commerce
I
imposed by not a few needless IState
load
laws, form
of
cost
the successive increases in wages
further
r.
beginning of the fiscal year 1910 would
ditions at the
have made it. "
The
it-.
,'V
■
'
"
CHRONICLE
THE
Nov. 1 1913.]
and easier working
compensation laws of the previous year^ based on
^
the report
\
of the Wainwright Commission.
enactment of this
the
employer
industrial
was
Prior to"
law, the rule in this State was that
»
not liable for damages in cases of
fault on
himself free from
fault; the new law, on the contrary, sought to exclude
respector of persons and is not even sympathetici
the question of negligence.
'-A?
Returning to Mr. Willard, he cited the known fact
This Ives case, originating in the injury of a rail¬
that railroad development and extension, particularly
in the East, is practically at a standstill; nor does way switchman, has become a celebrated one, and'
he see how it can be otherwise until net earnings in¬ the decision has been made the subject of unsparing
conditions.
all is the
Burden is laid upon
.
burdeh, and behind
immovable, pitiless arithmetic, which is no
his part
injuries, unless there
and the injured
was some
.
person was
.
The needed
crease.
had
by reducing the force of employees,
will not
can
reducing
denunciation, particularly by Mr. Roosevelt, who>
has
harped
upon
it at
every
already doing
employer for accidents
as
without fault would be
a
are
large outlays for larger facilities must precede
"The railroads
great increase in traffic volume.
(he said) could probably mark time for
a
while, if
opportunity.
Yet the
Court, while compelled to hold that to punish atf
handle economically,
roads
many
than their facilities
more
any
supply it, for
or
Increased business
by general economies.
wages, or
and
relief, in his opinion, cannot be
without due process
luctance
and
other view.
with
The
to which he was entirely1;
taking of private property*,
of law, did so with evident re^
an
>
expressed sympathy"for the:;
existing practice of liabilityvliti-;
.^erner to be."pn-^
wasteful^; and he* also v
undoubtedly be able to maintain their present pay¬
"admitted the strength of this appeal to a recognized
ments upon capital invested."
But meanwhile in¬
dustrial demands would soon overtake, if not over¬ and widely spread sentiment; 'but w^ thiiiik it is an
permitted to do
and by enforced economies would
so,
gation
was
certain,
declared by Justice
unscientific
and
,
commercial de¬
whelm, the carriers'4 capacity, and
velopment would necessarily
It is the old case,
increasing
be reiterated and
cease.
re-urged until sober thinking shall
give it the attention which alone
We
it.
may,"
from the fact that the report
of the situation and of the
a
vociferous
burst
shippers who
of
a
the
of
can
deal justly with
some
however, draw
encouragement
of Mr. Willard's sketch
case
of the roads
present," including
were
higher-rate
movement,
commercial
interests.
connection,
that
mails
a
"brought
applause from the attentive
committee which has yet to
We
as
may
some
members
make its report on
it
appears
to local
note, also, in this
bill requiring
a
re-weighing of
annually for at least 30 days, selected
fording the fairest
the
House
the
present
Railway
at
average,
Commissioners,
Washington,
Chairman
as
af¬
has been introduced in
Washington; further, in
week to the
National
an
address
Association of
in annual. .convention in
Clark
of
interpreted the law by the*
The Court
constitution,
and it is clear that the assailants
,
brought forward anew by the
of circumstances, and it needs to
pressure
and'hot to-.,
appeal that must be made to the people,
the courts."
the
Inter-State
the decision should have condemned the
and the
off :
Legislature^
people who make constitutions, instead of the:
judges who merely interpret.
The whole subject was
people.
■/'"
thus referred back to the
It has been taken
up, as
it
was
certain to"
be, and the amendment to be submitted to popular"
vote
no
on
the 4th in substance is that "there shall be'
constitutional limitation upon
the
power
of the/
Legislature to enact laws for the protection of the
lives, safety
or
health of employees; for the payment
of compensation for
injuries to
or
death of employees'
resulting from such injuries, and,for the
of losses arising under such legislation."
loose method which
ments
by
could be
to go
has
a
no
adjustment^
Under the
permits ratification of amend¬
majority of the vote actually cast, there !
hope of defeating this
through overwhelmingly,
public feeling
on
one,
so
and it is likely
intensely wrought"
this subject become.
'f>
5 "
»
1248
Yet. the remarkable breadth of the powers
well be noted.
may
The
placed within legislative discretion include "payment
either
or
or
by employers,
otherwise."
through
State
a
otherwise.
The
the hurt worker
self
another,
or
by employers and employees,
or
The payment may
or
be "either directly
other system of insurance, or
question of fault is excluded, unless
wilfully aimed to injure
unless the injury
or
intoxication of
the
kill him¬
or
solely from
arose
[Vol.
whether it has official sanction
or not,
speaks elo¬
quently of the great change in the condition of this
property which has been wrought in recent years
under the present
management.
The truth is,
though the
panies, and perhaps
checkered
pears to
and be
sumer
into the costs of production
way
all
all payments
expenses;
by
reason
but
a
utilities
of enactment of
any
of the laws
proper
a
charge in
relieve no business except such public
to
as
compel some deliberation in respect
changes.
This
setting
limitations
up
all such
is
proposed
a
or
way
of the will of the
Legislature.
economic and humane
It is clearly
as.
lies within the power
as
of
speaker
upon
of
far
and the outlay
money,
worse ways,
and
recent
a
the subject has suggested that the bit¬
labor towards
of
out
grown
as
part of production costs; otherwise,
a
society bears the burden in
terness
an
principle that the unavoidable
injuries of industrial work be compensated,
be treated
to
for
not
conditions, but for putting
entirely out of the
through the
people
provision,
a
capital;
of
sense
may
have partly
under
wrong
"liability"
as
use
every
conceivable effort for
pre¬
unjust to society and cruel to industrial
are
workers.
It is
laid upon
this is greater
encouraging to
increasing,
seems
"Unavoidable"
and all compensation movements
the
see
than
now
insurance
that the stress
ever
before and
companies
being
a
conspicuous
small
a
falling off in its
anthracite coal
broad and comprehensive
plated the creation of
large
grow
a
amount,
say
,
hew mortgage
$500,000,000.
for
These
a
very
rumors
out of the fact that within the next year and
half the company
term notes to
years
a
basis, contem¬
provide for and within the next
will have
tions of
one
known
that
will have $27,500,000 of short-
over
kind'or another to meet.
the
seven
$60,000,000 of maturing obliga¬
management
is
It is also well
carrying out
an
extensive system of
large gain
net
was
established, while in the
regained, with
In other
slight further increase in addi¬
a
words,
gross revenue rose
647,359 in 1913.
989,
$3,638,507
(the
penses
Of the gain
same
nevertheless, left
a
has been
obligations,
and
sure
a
far
compared with two
from
satisfactory.
There
was
that
the
under consideration, but
managers
are
we
may
bestowing much
thought and attention upon the question how to
raise the money to carry out the plans which
they
have devised for developing the
property* and the
mere fact
that a suggestion for the creation of a
year
the
ex¬
of
cost
as
of $2,420,490.
$5,997,451
years ago,
has yielded only $95,992 additional net
the effect of the rising cost of
opera¬
nevertheless, is able to make
gratifying income statement.
on
rising
all other carriers), but this,
We
mean
a
by this
operations of the twelve months there is
surplus of $6,682,568
over
fixed
and above all
also
and
charges
above
a
and
expenses
appropriations
of
$1,423,107 for sinking funds and for additions and
betterments.
This
dition were such
ment of
on
as
surplus, if the company's
a
dividends, would suffice to
look about
we
the $112,378,900 of
on
Company would
this would
as
to
see
how
capable of achievement
record of advance in
a
common
ever
reach
few
a
such
we
years
results
find
a
were
wonderful
efficiency and physical standard.
During the last twelve months alone
for
the full 4%
have been deemed out of the question.
If
to
pay
preferred shares and leave
happy condition
rendered
was
con¬
to leave it available for the pay¬
the first and second
ago
kind of financing which is
denial of the report that a
mortgage for
$500,000,000
be
also
the
gain in net of $2,516,482,
a
tions—the company,
that
as
loss in the previous
—thus showing
very
feeling
company
operations the
1912 of $6,154,-
over
consumed by augmented
was
That the Erie
expensive
from $56,-
492,369 in 1912 and $56,649,908 in 1911, to $62,-
such
short-term
of the
case
earnings the whole of the extensive loss of 1912
stock.
company's financial needs except by the issuance of
of the
one
During 1913, with the
extension of traffic in various
an
present there is
of providing for the
a very
directions, not only was the small loss in gross
earnings of the previous year recovered, but a very
equal to 3%
way
and
owing to the
other
balance
sure
net revenue,
disturbing feature at the anthracite
mines, and with
improvements which require a
large amount of money from year to year, and at
no
In
had suffered
regions, the Erie being
absence of any
as
a
a
been
the company.
gross revenues
large carriers of hard coal.
gross
on
has
suspension of mining in April and May 1912 in the
While,
needs
change
great
a
important reduction in its
gain in
Company, in order to finance its
what
way
brought about in the income of
THE ERIE'S PROGRESS AND
Rumors have been current the present week that
time the task of read¬
the previous fiscal year the
company
against
the Erie Railroad
proper
The recent annual
report serves to indicate in
foremost in it, for their own protection.
DEVELOPMENT.
far also
as
wonderful*change for the better has been
facilitating at the
by hearing it talked of by adults.
which do not
ap¬
justing the finances.
was
vention
On the contrary, it
pretty substantial basis
effected in its physical
condition; and its traffic and
revenue-producing capacity will be an important aid
tion.
we say,
on a
enduring
practice, this being implanted in growing children
accidents,
resting
income strength is concerned and
basis, but
popular impulses restrained by written consti¬
tutions, which used to be framed deliberatively and
so
now
fi¬
longer to be
no means any
the physical standard of the
property is concerned.
Its finances have not
yet been placed on an
in
expression of impatience at having
an
be
com¬
because of the
so
as
subject to governmental regulation.
as are
Herein is
any
can
far
as
the
as
operating the business of the employer"—a
proviso which
by
weaklings.
con¬
authorized "shall be held to be
the cost of
nance
proviso is added that
charged to the public, inasmuch
pays
more
it has had in the remote past, to
career
Naturally and inevitably, all costs of industrial in¬
duty.
on
little
a
juries must find their
while
person
under existing
company,
conditions, finds it difficult, likp other railroad
its wants, it is
classed among the
injured
■
xcyii.
granted $500,000,000 mortgage should be seriously put forth,
of compensation
means
•
CHRONICLE
THE
over
$13,000,000
expended for extensions and improvements and
providing additional equipment.
The
charges
capital account for additions and betterments
reached
$7,400,437 (of which the principal item
$6,053,070 for additional
main tracks)
while
was
$5,- '
1249
CHRONICLE
THE
11913.]
Nov.
per ton per mile on its entire revenue
including merchandise as well as coal. As
$657,587 more was appropriated out of earnings for
additions and betterments.
From the reorganiza¬ recently as 1908 the company was able to obtain
6.00 mills.
The surplus of $6,682,568 above fixed
tion of the company December 1 1895 to June 30
charges, which, as indicated above, the company is
1913 $24,916,302 was spent for new construction and
is able to show over fixed charges on the year's
$39,667,524 for new equipment, making over 64^
operations has been attained in face of such extremely
million dollars for the two combined.
low rates.
What a help efficiency of operations has
It may be a surprise to hear that with the excep¬
been in bringing about these results is evident when
tion of three gaps aggregating 49 miles, the Erie
we observe that, through the increase in the train-load
is now doubled-tracked all the way from New York
the earnings of the freight trains per mile run have
to Chicago.
This information we glean from Presi¬
007,763 was paid out
for additional equipment, and only 5.74 mills
tonnage,
'
remarks
Underwood's
dent
the report.
in
After
been
raised, notwithstanding the decline in average
rate
received from $2 78 per mile run in
pointing out that during the year under review work
on
the second track and grade ; reduction on the
Erie divisions traffic
progressed, he makes the further being extended and developed further from year to
How alert the management is in this respect
the end of the calendar year 1913 year.
Meadville, Cincinnati and Chicago &
had satisfactorily
statement that at
there will remain of the
single track main line only
between
and
Allegany
Carrollton,
those
sections
N. Y.
(5 miles), between Steamburg and Waterboro,
N. Y.
(nine miles), and between Lomax and
Ind. (35
miles);
will have
a
upon
Griffith,
their completion the company
and
double track line between New York
extension
and improvement of the system,
together with the new facilities
provided, have not
from
evident
is
matter-of-fact statement which
a
in the report to the effect that arrangements
been perfected whereunder freight is received
appears
have
by car-float at several stations on the
and delivered
Chicago River.
It is expected, it is stated, that this
method will afford an increase in freight revenues
from
[' '
Chicago.
The
1908 to
At the same time the volume of
has been very greatly enlarged and isJstiH
1913.
$3 42 in
..
Chicago.
progress
;*
combined
All this
•
'Vv
goes
to show that the Erie's
and development, and the brightening of
attributed to the fact that the
progressive, besides
of operations.
Except for this the company must saving and economical in the moving and handling
have been swamped long ago by the rising cost of of traffic.
only enabled the company to do a greatly
volume
of business,
operation!
increased
but also to advance efficiency
its
prospects, must be
management is far-sighted and
We have already seen that, owing to
of the last two years, a gain of
THE CHICAGO BURLINGTON &
the increased expense
REPORT.
-
QUINCY
7
has almost en¬
In its great earning power and satisfactory income
Had it not been for the
results the Chicago Burlington & Quincy RR. holds
further development of operating efficiency, the net
for 1913 would;, have been actually less than for a unique position among the larger railroad systems
Gauged by the amount of net in¬
1911, notwithstanding the gain of nearly $6,000,000 of the country.
in gross in the interval.
Speaking of the $1,357,074 come remaining for the stock after providing for
increase in the transportation expenses which oc¬ expenses and fixed charges, the income strength of
curred in the late year,'compared with, the year nearly all the larger railroad systems of the country
preceding, the report tells us that this was "largely has become impaired in larger or smaller degree in
due to higher rates of wages paid employees, addi¬ recent years—that is, the nominal -amount earned
$6,000,000, roughly, in gross revenue
tirely disappeared in the net.
tional
employees required by law and an increase
in
In another part of
price of fuel for locomotives."
President Underwood makes the statement
"under recent State, laws the company has been
the report
that
.
compelled to place extra men on many of its passen¬
and freight trains,involving an annual
ger
increased
the contention of
$376,000, notwithstanding it is
your board that no equivalent in
safety, service
efficiency is added."
expenditure of
As
a
over
or
striking indication of what has been accom¬
for
of
operations, it should be noted that in the late year
the company
moved 907,114,732
mile than in the
one
preceding
more
year,
tons of freight
with practically
rising
been: materially
has
cost
shortened under
of operations and the increase in
capitalization made necessary by the growth in the
volume of traffic and the demands of the public
for
a
case
constantly advancing grade of service.
In the
Burlington & Quincy, however, the trying
of the
which
conditions
have
developed for the railroads
generally have left few marks of a visible nature in
The results and the annual amount available for the
stock still remains at maximum
In
plished and is being accomplished through efficiency
'
the stock
the
age,
a
there will be
but with
is
figures.
period of business depression, or of crop short¬
a
a
diminution of the yearly surplus,
restoration of normal conditions the loss
quickly recovered, and thq inherent and,unique
freight train mileage, the miles run
strength of this wonderfully prosperous- and well-
by the freight trains having been 12,859,124 in 1913
managed Western railroad system is revealed anew.
no
increase in
and
of
12,846,358
revenue
in
freight
1912.
was
The
average
train-load
raised to 596 tons, an increase
of 69 tons and the trains earned $3 42 per
as
against only $3 08 in 1912.
mile
Including freight
carried for the company's own use, the average
load in 1913
was
647 tons.
run
train-
This compares
freight-train load in 1912 of 580 tons.
with a total
If we go back to
1902, the average train-load was only 399 tons.
High efficiency is absolutely essential in the case
of the Erie
izes
Railroad, inasmuch
only small rates and the
declining^.-.For the late
year
as
in both gross
keeps steadily
company
obtained
1912 there had been a falling off
and net earnings—much greater in the
latter than in the former—traffic and crop
then not
1913, with
in
excess
conditions
having been altogether favorable; but for
a
change in these conditions, a noteworthy
rise in both gross
of the
and net earnings is disclosed, far
1912
loss, and the company again
takes its
position of great pre-eminence and shows
almost
phenomenal amount earned for the stock.
a
Stated
the company real¬
average
the
In the fiscal year
in
brief, the net "corporate income," or
amount available for the
to
stock, for 1913 amounted
$19,430,745, against $14,106,753 in 1912 and $16,-
1250
THE
V
843,762 in 1911.
This is equal to over
$110,839,100
capital
of
CHRONICLE
j' iil-f
*
17Yffio
jy
on
the
the stock,
on
this calls for
onlyr $8,867,128, as against the $19,430,745 of income available.
It has never been the
"policy of the
surplus
earned,On
the
contrary,
the
considerable
a
earnings
able to excel
pany was
its
year's earnings
This compares
$3,944,216
so
1910 and
'
'
1
'
1r
'
''
*
appropriated in 1911,
$2,237,081 in 1909.
''
tribution
'•
'
of
'
'
'
*
1912,
$3,329,006 in
Even after this
con-
'
t'
7% million dollars towards improve¬
ments and the payment
share
capital,
of the 8% dividends
surplus
a
remains of close
to
the
on
on
the
year's operations
three million
seeks
one
results at
time of such
a
strikingly favorable
trying conditions for the
railroads
generally, it is found in the policy so long
pursued in the management of this property.
It has
always been the-practice to devote considerable
sums
for
improvements, thereby avoiding to that
extent increases in
capitalization; another distinctive
equivalent of
even
as
in
a
$7,500,000
would have
year
17%
over
the stock.
on
considerable
year a
to the
advantage of the public. And it should be
noted that the amount of
surplus put into the prop¬
erty far exceeds the amount of the share
capital. The
total
the
of
sum
stock
outstanding is
At the
$110,839,100, while
put back into the property, we have seen,
is,
roughly, $150,000,000.
same
•
time these
savings in
large expenditures have in¬
different directions, and have
many
made it possible to
operate the property
increased economy.
significant that
As bearing
while
the
compared with those of the
a
with greatly
that point, it is
on
1913
earnings,
gross
gain of $7,651,417, nearly $5,500,000 of the amount
carried forward as a gain in the net—the
precise
addition to the net having been
$5,455,476.
In the
transportation
$977,333 and in the traffic
the augmentation
expenses
expenses
it
Miller in the annual report for 1912 indicated
some
than
man¬
achievement, seeing that the system rendered
has been attended with such successful results.
many
which in
increase earnings
the
no
way
are
demanded by
public.
towns
He instanced elevation of tracks through
and cities, the elimination of
grade crossings,
both rail and
passenger
gory.1
•
He
improvements and additions
highway, and
stations,
as
He declared it
of the company
new
and
more
expensive
outlays belonging in that
was
for non-revenue-producing improve¬
tion for the increase in fixed
no
compensa¬
charges that would
re¬
242
a
more
Obviously,
the
the
of
more
addition
the
to
carried
freight
as a
noteworthy
a
vastly
mile and
one
carried
was
tonnage
having been 1,115,455,840.
one
movement
over
mile—
mile
one
In ratio the increase
in the tonnage movement one mile
On the other
was
was over 14%.
hand, the addition to the freight-train
less than 4%, the miles run by freight
trains in 1913
having been 17,331,661 miles, against
16,688,629.
The freight-train-load
483 tons, as
per
for
1913
against only 437 tons for 1912,
trains earned $3.52 per
mile
run,
was
ana.
the
against only $3.29
mile in 1912/
We have many
to the
times in the past directed attention
great advance in operating efficiency that has
been attained in recent years, and the
public gets the benefit, since the company in that
way. avoids
the necessity of earning increased
matter."
amounts for interest and dividends.
ton
contained
.
passengers were
billion tons
sult
from new capital additions.
Accordingly a
prudent regard for the welfare of the company, he
insisted, requires that such expenditures should be
provided as far as possible out of income.
This must be hailed
increased amount" of transportation
service; 39,112,-
miieage
cate¬
unwise to pledge the credit
ments of this character because there is
$58,688.
only
was
was no more
of the considerations that have influenced the
pointed out that
as
preceding, recorded
year
was
payments into the sinking funds.
agement in adopting and adhering to the policy which
of such
1913, instead of having
having each
feature with this property has been the
large annual
President Darius
of
surplus of earnings to employ in the
development
improvement of the property inures directly
volved
for these
a reason
the
Thus the benefit of
dollars—4n exact
figures, $2,915,874.
If
comparatively little surplus,
favorable traffic conditions
earned
sum
In that event the
company
and
with
appropriated for betterments in
$4,826,755
,
per annum.
com¬
applied towards im¬
was
provements and betterments.
bonds,
or
Assuming the amount represented
bearing 5% interest there would then be
as
additional call for interest in the
an
less than $7,647,743
no
through the issue of stock
position of the company to-day would be alto¬
by bonds
past record in that
own
respect. V In other words,
out of the
notably large, the
so
xcvik.
gether different.
development of the property. The amount so ap¬
propriated' from year to year varies considerably,
according as revenues are lean or abundant. In the
late year, with
(Vol.
*
equivalent
is each year retained for the improvement and
sum
f
amount raised
however, to distribute all the
company,
'
*
153,165' of surplus invested for the physical or finan¬
cial, betterment of the
system.
'
:
f
We may call the
amount, roughly, $150,000,000.
Had this
surplus been distributed and an
The
outstanding.
stock
is paying 8% dividends
company
1
some
striking
statistics
1912 report
bearing
the
on
As
compared with 1901, when the Burling¬
& Quincy came under the joint control of the
.
Probably few
have any conception of the
have been put into the
vast sums that
Quincy
persons,
The
property.
company's
Great Northern and the Northern
Burlington &
balance
Northern methods
manage¬
In 1913
property
through
than
421,216.
This is
million dollars
a
that the
invested in
sums
1913 stood at
$3,750,000
have
average
of
aggregated
over
three and
sinking funds
on
reserves
not
specifically
total
and loss of
$41,892,618.
to the first
sum
given,
we
a
get
a
two amounts
grand tptal of
years
before.
In¬
no
miles
of
moved
1901.
on
the
During these twelve
Yet
on
larger train mileage of
years
1901.
the average freight-train-
load has been raised from 200 tons to 483 tons.
credit balance to profit
Adding these
actually less
were
the smaller
mileage of
less than 8,791,435,597 tons 6f freight were
moved one mile, as against only
3,871,337,916 ton-
-
$49,146,537 and
in
run
1913,
But this only tells half the story. The
company is carrying a credit balance to income ac¬
count of
by the freight trains
they hadbeenin 1901, twelve
miles
was
invested,
a
run
were
cluding mixed train mileage, the freight trains ran
18,170,644 miles in 1913, as against 19,314,987
June 30
$32,942,794, besides which there
of
half
The balance sheet also shows
year.
making altogether for the three items
$58,114,010.
$21,a
in
its
the miles
income
introduced
ment, wonderful progress has been made.
sheet
shows that since June 30 1907 alone the
additions to
an
Pacific, and Great *.
It is for these
j
$149,-1
and the
other
reasons
mentioned
that the company is able to make such a satisfactory
income statement in face of a steady decline in the
4
.
Nov. 1
THE
1913.]
12U
CHRONICLE
bankers we realize that the security market is most serious¬
agitation and a lack of confidence . We also realize the neces¬
sity of working out a better banking and currency system and to that end
a part of the program of this convention will be devoted to a discussion
of,this subject by bankers eminently qualified to speak upon it.
It seems
to me I am justified in calling your attention to two features of the pro¬
As investment
It should be
received.
rates
understood that for a
ly affected by
railroad system the Burlington &
low average
received on
the whole traffic of the Burlington & Quincy system
was only 7.29 mills per ton per mile, as against 7.52
mills per ton mile in the year immediately preceding—
1912.
Notwithstanding such low average rates,
the company is able, as we have already seen, to
show over 17% earned for the stock.
The policy and methods pursued with so much
success
in this; instance
are obviously
in the
interest of the public as well as of the railroads and
should be generally encouraged.
In other words,
it should be recognized that the railroads ought to
be allowed to earn an ample surplus above fixed
charges and dividend requirements, to the end that
the ability to serve the public may be steadily pro¬
moted without undue enlargement of capital, either
Western
large
Quincy is obliged to move traffic at quite
rates.
For 1913 the average amount
shape of bonds or stock.
in the
•
Denver, Colorado, Oct.
The
,
Commercial and Financial
My dear Sir—I have read with interest your
regarding farm credits, also the
As
who
one
in
your
was
for
a
28 1913.
,
Chronicle, New YorkI
issue of Oct. 4
Henry Wallace
passed the House,
central
reserve
banks,
which represents about five-sixths of the total payments, and that they
will be obliged to liquidate this amount, temporarily at least, in the con¬
traction of their resources above the cash reserve they now hold of twentyfive per cent.
Hence, there must follow the payment of a large amount
of bills receivable held by banks, or the sale of a large amount of bonds
and other securities, or both.
Under this forced readjustment, the ques¬
tion of banking and currency reform is brought home to us in a way that
we cannot avoid it if we would.
Moreover, by the removal of this large
deposit from the national banks, where it is now available for loans upon
stocks and bonds as collateral, to a Federal reserve bank, where it is not
thus available, we face the loss of this amount of money, not temporarily,
but permanently, and its consequent direct effect upon the business of
investment banking.
As bond dealers, we are also interested in the effect
any new legislation will have upon the market for Government bonds.
Faith in the Government will certainly be put to a test if the circulation
privilege is not continued against all outstanding two per cent bonds, and
other issues, until redeemed at par, or surrendered voluntarily for exchange
into new threes.
Certainly the moral responsibility on the part of the
Government to safeguard the public credit is more necessary to-day than
ever, considering the volume and kinds of credit now in existence, and if
repudiation of a debt by a municipality or a corporation is a crime and
detrimental to future credit, and it is, it is certain the Government should
pass no banking and currency legislation that does not at all times and
under all circumstances protect holders of its credit.
The second objec¬
tion is that the attitude of the Administration, as reflected in the proposed
bill, is unfair toward bonds, by restricting the basis for currency to be
issued to commercial paper alone.
This is, it seems to me, unfair alike
to the dealer and investor.
To-day, Government and municipal bonds
are accepted as security for Government deposits, while commercial paper
is not.
True, commercial paper is short-time and liquid—so are some bonds
—but it is also true that commercial paper fails in comparison with Govern¬
ment and municipal bonds in point of safety.
I would like to see the law,
when passed, permit the use of both, and especially should this be so if
any large number of State banks and trust companies are to become mem¬
bers and Congress keeps itself clear of the criticism of passing discrimina¬
it
CREDITS.
FARM
Editor
posed law that are directed at investment banking.
In the discussion of the Glass-Owen Bill, which has
article in the
letter of Mr.
issue of Oct. 18.
number of years cashier of a country
Finally, let me close
where farmers,
unable to get
justified a loan; the
majority, of cases where the farmers
with which to speculate in additional acre-
credit where circumstances
turn-downs were in the
asked for money
:
age.
of the Western situation is that the con¬
dition of the farmers and their credit is the fault of more the
real estate agent and speculator, for the reason that when
My observation
land, they sell him more than he can
all of his cash on the first payment,
leaving him without any working capital, with soil that has
to be tamed to cultivation and with additional payments
falling due on his land each succeeding year.
they sell a man farm
ever
pay
for, strip him of
I am, sir,
,
.
:
:
,
Yours respectfully,
" *
allan f. ayers.
.
CONVENTION OF THE
BANKERS'
INVESTMENT
/'
ASSOCIATION.
this week for the members of the
Investment Bankers'/ Association of America, who came
together for the second annual convention of the organiza¬
tion.
In the short period of its existence the Association
has taken an important • place in the investment banking
world, and it now has close to four hundred members,
Secretary Fenton in his annual report giving the number as
387, under date of Oct. 15 1913.
'The meeting of the Asso¬
notable event, an exceptionally
prominent array of speakers, having
arranged for the occasion.
That the Association plans
ciation in Chicago was a
strong program,
been
to
take
an
income tax
of
its
with
a
active part in testing any
law was indicated in
Committee
Rollins of Boston,
disputed phases of the
its adoption of the report
on Taxation, presented by Frank w.
which recommended that an attorney be
appointed by the Association to test each point of the income
tax provision thought to be unconstitutional.
It was also
recommended that all the information obtainable, either
through pamphlets or
otherwise, be gathered by a
committee
appointed by the Association for use in determining the
constitutionality of each clause in the measure. The banking
bill and general conditions affecting the security market were
alluded to in the address, as President, of George B.Caldwell,
Vice-President of the Continental & Commercial Trust &
Savings Bank of
the following on
Chicago, and we take from
these points:
90 because about
•
Like all other good stocks
is short.
chiefly a lack of confidence, a belief on
that what we shall get will be worse than what
and that the corporations, especially the railroads, will not
prices, because of deeper causes,
the part of the investor
we
have had,
be given
in the next three years a square
"
deal.
Such a conception ignores
completely the interest owned to-day by the "thrifty," "the little
of this nation in the host of small investors in stocks and bonds.
people"
Not the
body of workers—"little people", savings bank
depositors—will suffer most from reversion to uneconomical processes.
I am one who believes we are not threatened with any cataclysm that de¬
mands the segregation of men or business, and that it is our duty as bank¬
ers and dealers in credit, so necessary to our commercial life and our na¬
tional prosperity, to meet annually face to face and discuss these questions
with a view of lending aid to our country and its business and promote
confidence by creating a healthy public sentiment.
;. \,'
very
few rich, but the great
''Railroad Financing of the
illuminating address on
Future"
presented by James J. Hill of St. Paul, in which
considerable length on what he considers the ex¬
was
cessive issues of
municipal and industrial
conservatism and relative
superiority
securities and the
railroad bonds.
of
Mr. Hill said:
Most of
our
citi&s are mad spenders;
margin for bond issues by raising
intent only on
securing an increased
Not a few of
the assessed valuation.
expenditures by'issuing lponds, while
at maturity, has become the al¬
cities whose credit has always stood
high have offered bonds within the last few months without finding takers,
even at an increased interest rate.
This collapse of the market is due not
only to a relative scarcity of investment capital at the time, but also to an
underlying consciousness on the part Of the public that the danger line has
been reached.
A State, county or city has no income or resources aside
from taxation.
Public buildings, public, improvements, school houses and
the apparatus of fire departments could not.be sold without dissolving the
community itself.
They are only imaginary assets.
The issue of bonds in
excessive volume has,1 therefore, compelled the buyer to consider a possible
inability of the people to pay.
That point will presently be reached unless
them are meeting part
of their current
refunding, instead of levying taxes to pay
most
Several,large
invariable rule.
sharply correct the prevailing policy.
we
In
the five years between
in the United States nearly
1907 and 1912 the
doubled.
sales of municipal bonds
According to a summary made
this
Financial Chronicle," the average sales for
period immediately preceding 1904 were about $150,000,000 a year.
In 1911 they were $396,859,000, and in the dull year 1912 they were $386,551,000.
This is an enormous increase for the market to digest.
But it is
year
by the "Commercial and
the
only our own
the United States.
outside customers
resort for purchasers.
Adding to the domestic municipal bond sales the
temporary loans and sales on account of Canada, Hawaii, Porto Rico and
other borrowers in our market, the grand total for the year amounted to
far from
telling the whole story.
actual municipal bond sales
New York has
now
It is
a
This amount represents
within the territorial limits of
financial centre to which
become a
nearly $781,000,000.
his remarks
.
No one here believes Atchison common is selling at
one-half of its mileage is in a section where the corn crop
and bonds, it is down almost to panic
side of the market.
he dwelt at
Chicago was the Me$ca
looming up a problem
will not at times like the present
need realistic vision.
It is a period of re-pasting of Governmental attitude
toward the makeup of the modern device called the corporation.
There is
said to be a demand on the part of the "little people" or majority of voters
for emancipation from the misuse of corporate power.
If the conception
be no broader than this mere statement, the apparently inevitable outcome
will be the crippling, not the beneficent repairing, of the machine. For the
past two years the course of the security market simply reflects the disgust
of capital because the administrations of both Taft and Wilson seemed
determined to irritate and regulate business.
This agitation has gone so
far that our Government at Washington is almost certain to be on the bear
An
THE ANNUAL
*
*
*
<
by saying there seems to be
That is, whether idealism
to us all.
new
experience in Illinois I have known of very few in¬
whether landlords or tenants, were
In my
legislation.
class
tory
of Illinois, and as a former bank execu¬
tive in Denver, I wish to express my approbation of your
views on farm credits in the above-mentioned articles.
bank in the corn belt
stances
out that fifty-two banks, located in three
cities, will pay out over $500,000,000 to the Federal reserve
been brought
has
itself.
cannot absorb such a flood without
in^the interest^rate and some financial derangement
The figure speaks for
fairly certain that our market
perceptible increase
'
1252
THE
In the conduct of
ordinary business.
CHRONICLE
Thus the unchecked rage for borrow¬
be had.
can
dition that
and be
If the true story of all
municipal indebtedness, now con¬
cealed behind various
temporary makeshifts, so as to maintain an ostensible
credit and help push out the annual
crop of new or refunding bonds, could
be told, it would shock the
country and give pause even to the
advocates
of unlimited expenditure for
public purposes.
The situation with
regard to bonds generally spoken of as "industrials"
Is worse.'
The field is so large and so diverse as to
defy statistical tabula¬
report, a little over
$19,000,000,000.
Of this, $10,738,000,000
debt, $7,825,000,000 of
that amount being bonds.
There is
Hundreds of millions of bonds have been issued to
promote consoli¬
dations, those securities being part of the purchase
price of the smaller
concerns to be united in one
big corporation.
Other hundreds of millions
have been issued against
property still to be developed, such as mines,
timber lands, irrigated lands and even
ordinary real estate, where many
separate holdings are combined in the hands of
These
concern.
of
are
an active selling or devel¬
varying degrees of soundness; from the bond
with property behind it that would
fetch face value at
time, to
more
speculative pledges of
is little better than
a
a
future realization
increment that
In days
entiled
of soberer financing
industrial
an
concern
capitalized at
was
somewhere near the amount of cash
actually put into the business.
With
the advent of the
large corporation, capital stocks began to grow by multi¬
ples of five, ten, one hundred.
A company could
million dollars of capital stock; while from five to
dred millions became not uncommon.
Now the market for
a
a
ing class of bonds, those of
public utilities, require
Water bonds in most cases
hun¬
stand
stock shares
is
always limited.
became
The
attenuated
so
supply increased
or
doubtful,
that
needed to bring in the ready
money.
significance of the word "bond."
so
fast,
some
additional
stocks would not,
.
assurance
was
Here began the deterioration in the
would sell
where
the promoter substituted the latter for the former.
A
that might reasonably have carried a total
capitalization of $500,000 bonded Itself for that amount and
issued half a million or a million
dollars of stock in addition.
Little local
manufacturing or commercial
corporations bonded themselves for the limit; the bond in these
concern
of
cases,
being nothing but
course,
behind It.
a
share of stock, and
having no sounder value
a bond no
longer fits.
The old definition of
In fixing capital stock,
a corporation may, to some
extent, capitalize its
It is not always illegitimate or at all
uncommon for a business
goodwill.
concern to
capitalize its actual profits for
sometimes
even
a year or a
period of years past,
capitalize future profits based on
percentages of actual
past growth, and issue stock to correspond.
Except where a community is
young, growing rapidly and has a future assured
by its possession of
to
great
natural resources,
this is dangerous financing.
But if this capitalization
of stocks only, and the
process is without
consists
misrepresentation of
The investor knows what he is
getting, and
for his chance of a
profit. " The
facts, the effect is
of
his
chance
a
loss
percentage of failures
growth is built.
and the
stances
same
are
But
when
on
which all business
exactly the
same representations are
made
so-called "bond" issue, the
circum¬
The old meaning of the work is
security is offered for
materially altered.
a
destroyed.
The market for legitimate bonds is
impaired.
Credit is affected by this
tampering with one of its main supports, and the results are
disastrous
to the community as well as to the investor.
Formerly, and
of
a
always in
as
uses
Under
this
rule
the
investor
happen to him would be
receivership, wind
up
he could lose would
term
to which it is
of the
life
being
or
at any
time into cash.
The worst that could
this property, in case
of a
secure.
to have to take over
the business and get back his money.
About all that,
on his investment
for the unrealized
of his
bond.
Now
it
is
altogether different.
Not only
wildcat concerns, which are outside the
range of this
discussion, but
companies of real merit and solvency, conducted
by men who would scorn
to do an act commonly
recognized as dishonorable, do not hesitate to
goodwill,
security behind the bond has deteriorated.
Its
The
diminished.
rate and
are
Capital
takes
alarm.
harder to place.
Loans
Instead of
a
must
be
made
man's word
his bond, his bond has become
no better than his word.
which actually deserve it, by
at
being
are
as
is
higher
good
as
have remained faithful to their trust.
For one
thing, it is prac¬
tically impossible to place an over-issue of
railway bonds.
If a manu¬
facturing or commercial concern liquidates, its
property has only current
real estate value unless some successor
wishes to carry on the
same
or a
similar business.
If an industrial enterprise is
wrecked by
competition
that it cannot meet, by a shift in the
market/or raw materials, by a cessa¬
tion of demand owing to
changed conditions or new inventions,
its bonds
may fall to a few cents on the dollar; because the
intangible values behind
them are reduced to
nothing, and the tangible can no
longer be turned to
profitable use,
A railroad is differently situated.
Its business
cannot
be discontinued.
While it may and does suffer
from unjust
legislative
and other assaults that add to its
expenses and subtract from its
revenues
it enjoys as a compensation
security through the courts against
actual con¬
fiscation.
The road and its
belongings will always remain there.
They
always be operated.
They must be operated by
somebody.
There¬
fore the security cannot
altogether banish; and experience has
shown that
it will eventually
bring, under wise management, some return
in the most
can
cases.
as
the
old
established properties, with
can compare
are
unbroken record for
which constitutes the
The rate of interest is low
for call
of
loans,
The
man
with money is content
with
getting it back the instant
of the New York banks show
an
a
a
small
cloud rises in the
sky.
ample store.
But long-time
hard to place at rates from
one-third to one-half higher than
they
three or four years ago.
"The
are
simple truth," says a recent finan¬
to-day is suffering as perhaps never
before,
times of actual panic, from a loss of
confidence.
The money
market is abundantly
supplied with funds, but there is
timidity and fear,
so that no one is
willing to let his funds go out of reach."
There could be
no completer illustration of the
essentials of credit as I
stated them at the
outset.
The investor is not sure
to-day of either the ability or the
intention
of the soliciting borrower to
pay at maturity.
The country Is water
logged with bonds. Confidence cannot be restored
until the name "bond"
has won back something of its old
standard.And that cannot
happen until
issues are limited by moderation, conformed
to the value of
the security
and confined to the margin of
safety and the form of credit for which
the
except in
originally designed.
was
.
■
A
new
situation confronts the country,
securities
and
the
who
men
satisfy legitimate business needs.
in
some
gilt-edged bond.
class
find
was
«
as
new
regarded
To-day the best issues;
properties have paid six
computed
must
well
as
Formerly three
and at most four,
cases,
per
cent
a
the dealers in invest¬
capital
and
wherewith
one-
to
half per cent
satisfactory
return
on
a
much higher.
Some firstshort-time loans.
This rise,
are
for
the face of the outstanding securities
of the country,
repre¬
It is reflected, of
course, not only in the
but in a decline of bond prices.
This ranges, for
high-grade paper, from four to fifteen points, and in
sents
a
on
tremendous annual tax.
higher cost of living
particular
cases more.
Many financial experts look for a remedy only
"through a decline of prices
until the interest yield on the
money invested
i^ the old issues approximates
the increase from the newer bonds, which
pay a higher rate of interest."
This, of
course,
is the natural
way of
working off
tion of natural laws.
But it entails great
investors,
banks,
on
savings
those
on
since, in the main, the situation
was
law, but by its violation, it would
not
a
debauch
hardship
least
by the opera¬
millions of worthy
deserving
created
seem not
on
to
suffer.
And
by observing economic
unreasonable to seek relief
by
curbing those qualities which have impaired
credit, retarded investment
and demoralized legitimate business
by an over-issue
of
bonds, both corporate and public.
After
all
has
been said, the
in the bond market
an
concerned, there Is not
security that
with them for safety of the
principal and certainty of the
inter¬
The United States Government
itself has been
compelled
to suspend specie
payments; but the best railway
systems of the
country
went through the stress that drove it
to the wall without
disappointing
Investors In them of one dollar when it was
due or expected.
There never
was a bond Issued
through the centuries since the word first
came into use
which better deserved to bear the title
than the first-class
railway bonds
that are ths favorite investment
to-day of the great life, fire and
accident
payment.
sure
:
.
est
reserves
bond
Without undue preference for the interest to
which most of
my active
life has been given, I think I
may say that the railroad bonds of
this country
as a rule
So far
The
ment
.
payment of interest and dividends,
if he is
return
their
poverty and deceit.
desperate
except in temporary crises.
Securities of that
being worthy of their lineage and
true
name
to the traditions of the
past, must jostle their way to
market through a
mob of tatterdemalions, with
scarcely a rag of respectability to cover
industrial enter¬
cial criticism, "is, the
country
a
capi¬
value
a
discouraging in
loans
is set down at its cost or
its.
estimated .value in use, and not its
selling price as real estate and second¬
hand machinery if affairs had to be wound
up.
And in addition,
present
or prospective
profits, or both, and sometimes mere
talized.
may seem mysterious
the recent course of the
bond market.
In spite of the
with which men who
understand and respect the
limitations of credit
attempt to guard and restrict bond
issues, the grand total amounts so
fast
and the security is so
progressively impaired that the Investor
hesitates.
Those who are desperate for
capital bid higher.
The rate of interest
rises.
So does the risk.
And these results,
unhappy for the borrower,
unhappy
for the lender,
discouraging and dangerous for the
community, will con¬
tinue until the
country reconsiders and amends its
ways.
The two noticeable features of the
general bond situation are the
extraordinary conser¬
vation in the increase of the
railway bonded debt and the
extraordinary
recklessness of public authorities and
the managements of
or
were even
bond
their businesses for
very much more than could be obtained
from either
forced sale or a careful liquidation.
Plant
mu¬
care
aggregate of the nation's wealth.
be the interest
those of the
.
is to be put, but its value
by forced sale
might rest
as
credit have been
any
asset for immediate conversion
an
footing
The remain¬
separate discussion.
gen¬
erally recognized and respected.
'
I need scarcely sum
up for you, whose business it i> to
know them well,
the present conditions of the
investment world.
There is plenty of
capital
in the country.
The extent and
productivity of our aoil, the enterprise
of our business
men, the sagacity of capital and
the industry of labor are
continuing that marvelous accumulation or resources
properly financed undertaking, the limit
bond issue is the total cash value of
tangible property in possession;
not its value for the
more.
no
as a whole, in
forcing out every dollar of bonds that
anybody
will take, until they must
finally be advertised as •ummer sales and
peddled
out over the
bargain counter.
Less spending for
purposes that can wait;
less borrowing on
any terms, and a clear
distinction between the different
classes of security and instruments of
credit, so that each shall make
its
own appeal and cherish its
own value, are the
only conditions upon which
improvement can be hoped.
The investment market
cannot
know a
prosperous activity, except by feverish
starts to be followed
by still more
pronounced reactions, until the
immutable laws of
investment
Any disappointment in out¬
market is seldom demoralized in this
way.
come Is part of ths
necessary
same
prises, taken
not so bad.
takes
the
on
nicipality; gas and electric light bonds are
simply a special form of indus¬
trials, while street railway bonds
resemble those of the steam
railways,
except that generally a mere
franchise instead of an
ownership of property
is the main
guaranty behind them.
The creation of the
public utilities
commissions in various States
tends to consolidate or
standardize all these,
so far as their
sanction and
security are concerned, into a special class of
State-approved but not State-guaranteed
security.
This survey and
analysis should explain whatever
the underlying values
Finding that bonds
.
$362,000,000
scarcely respect itself if
it had less than
„
traffic demands.
The event proved that
forecast under instead of
above the mark/ The need
grows continually
with the increase of
population and the
development of the country.
The
money obtained by the sale of
securities is put into construction
and equip¬
ment.
So we need not be
surprised to learn, according to an
estimate made
by the New York "Times,
that, while in the year
ending Oct. 1 1912 the
railways issued stocks and bonds to a
total of $23,821,000 less than
the year
preceding, the industrial concerns issued
guess.
Finally, there is the enormous mass,
recorde<|
only locally and beyond ai y readable estimate in
amount, of bonds tha$,c
are not, in view of the
flimsy or insufficient security behind them
•
against possible
.
I showed six
years ago that the actual
growth of the transportation busi¬
ness called for
an immediate
investment of at least one billion dollars a
year
for five
years, to catch up with
a
to be called bonds at all.
estimating the
depreciation.
forced sale at any
or
funded
was
no present
total money value of railroad
property.
We do
know that it
represents the greatest
property interest In the country next
to the land on
which we live, and its
improvements.
It is so far in excess
of capitalization
that the margin of
safety is plainly in view.
It is so much
farther from the total
of the
railway bonded debt that the most careful
administrator of a trust never
guarded it more completely
means of
tion.
oping
xcvii.
companies, of savings banks, of all who make
it their first con¬
a
security shall have full value behind
it, pay at maturity,
readily convertible into cash with
the least shrinkage, even in time
of public
panic and financial
demoralization.
Limitations by law on increase
of capitalization are of recent
origin.
The
managements of our
railways have, for the most part, financed them vol¬
untarily, so far as bond
issues, at least, are concerned,
moderately' and
wisely.
The amount of
railway capital outstanding in 1911 was,
by official
ing affects not only those who issue and those who sell
securities, making it
more difficult to
place bonds, but also general business operations, by les¬
sening the supply of available free capital and
increasing the price at which
It
[Vol.
insurance
runs
main
explanation
under-secured
of
prevailing conditions
back to the old law of
demand and supply.
There
borrowing.
The individual, the
has been too much spending and
corpora¬
tion, the
municipality, is no longer willing to pay as It
goes.
The future
is mortgaged until the interest
charge alone absorbs more current
revenue
than can be spared.
This is the standing
danger, the crowning abuse, of
credit, from which no age has been free.
It has been the cause
of
act of currency
every
inflation,
always aggravating the evil.
Inflation by bond
is just as dangerous in
practice, produces the same effects
and leads to the same end.
Correct this, and the
troubles of the market
will be relieved; since credit
always adjusts itself
automatically to the
issues in
excess
public need when freed from artificial stimulation
or
compulsion.
tLe
/
Not.
and an abyss of possible suffering and
This need not happen.
It will not
happen if the wiser counsel and the conservative view re-assert themselves.
It is your duty and your good fortune to help bring this about; to perform
this service to the people at the same time that you promote most surely
the highest interest of the business in which you are engaged.
Invest¬
ment, like other things, has been specialized. The investment banker has
come into the field.
He disposes of a large portion of new issues.
He is
the intermediary between the big underwriters and the buying public.
He is the agent of those who wish to buy, sell or exchange securities already
purchased.
Since the public estimate of the value of these is seldom
accurate and frequently distorted, his aid is invaluable, his assistance
sought and his advice listened to.
Without him it would not be an easy
task to dispose of a current flotation to the investor, as distinguished from
the speculative buyer.
And it is into the hands of the former that every
well-regulated concern wishes to see its securities pass.
It is within your power, then, at least to aid in checking the unfortunate
tendencies of the time.
The men here are not those to whom a commission
from a sale ought to or could weigh against the violation of a trust.
You
handle more frequently the patient and painful savings of the worker, the
widow and the helpless than you do the fortune of the millionaire.
You
cannot venerate your calling too truly or set its standards too high.
Your
the present
abuse of credit continue
opens bsfore us.
financial distress
association should voice its
are
opinion and set its face against any
trading in
all assault.
not proof against
the chief element in
is
credit
Good
successful municipal financing.
cities.
Their
standard of citizenship is entirely different from ours.
The population in
American cities is still heterogeneous, and we are more subject to the
passing whims of political sentiment.
Our able men are too frequently
engrossed in private business that they have given but little constructive
attention to the affairs of the State.
As a result of these conditions, there
has been a lack of continuity in municipal administration as well as frequent
cities, in general, have a higher credit than American
in municipal administration covers a longer period.
European
You might even consider
whether you should not ask for it the recognition and the safeguards of the
law.
There would be little need for blue sky laws if all who engage in your
business were bound by a code, both moral and legal, to stamp out not only
the obviously wildcat security, but every other that has a surplus of pros¬
pectus and a deficit of live assets behind it.
There is no reason why your
occupation, any more than that of the national banker or the physician,
should be disgraced by the adventurer, the charlatan or the quack.
The times demand of you a new loyalty and a more searching discrimi¬
nation.
You need no proofs to tell you that, if the deterioration of bonds
by excessive additions to their volume and by relaxed rules for security is
to continue, it will be as disastrous to the reputation of your office and
the growth of your business as it can be to the investing public.
The man
who has been disappointed in his hope of a safe and paying investment, for
whom either principal or interest fails, who in time of need is obliged to
sell out at a loss, has a long memory, an easy tongue and a bitter heart.
bonds that
1253
CHRONICLE
THE
11913.1
Their experience
so
political machines.
control by mere
*
*
*
*
*
♦
,
*
the most discouraging factor in municipal
financing, or in any type of financing', has been the rather steady decline in
the price of high-grade bonds from causes entirely apart from considera¬
tions involving the credit of individual cities or individual corporations.
This tendency has been caused by the increasing demand for new capital
and its diminishing supply.
It is expressed by high interest rates, high
commodity prices and lower security values.
Fundamentally, it has been
caused by a lessening volume of production and a waste of surplus capital.
Relatively, prices also have been affected by the conversion of fixed forms
of investment, through banking loans, into check currency, thus increasing
the spending tendency, with its corresponding effect on prices.
Correction
of these difficulties in the United States will come in part from the passage
of pending banking legislation.
The reserve plan of the present National
Bank Act, although it has developed the time and call money market for
the investment banker, has also tended to bring frequent periods of restric¬
tion in his business.
The investment banker is primarily interested in the
continuity of good business, in the reasonable stability of prices and in
giving satisfaction to his customers.
Present practice brings him none
the last few years
During
desirable elements.
of these
will
bill
Glass-Owen
The
prevent
not
/
the investment banker from
securities during the time they are in his hands for
ultimate investor, but will remove the tendency to
stimulate prices through a plethoric money market.
Under the influence
of the new credit and currency law, which gives fairer opportunities for the
development of business enterprises throughout the country, there will
come increased wealth, and new opportunities for the investment banker.
This will come through a broadening demand for investment securities, and
borrowing money on
placement with the
place they once held in the investment
municipal bonds will again take the
if we were but wise
enough to see it, the path of duty and that of self-interest do not merely
run side by side, but converge and melt into each other.
You are not
merely business men, mot merely agents of large bankers or capitalists, not
market.-
about the street, you are representatives
of millions of hard-earned savings; and you are, to a large extent, the cus¬
todians of the future welfare of the country.
Your work is not only to buy
and sell, but to study the foundations, the impairments and the safeguards
Effect of the
So that for you as for all of us,
That is human nature.
merely traders in paper floating
its flying instruments
true to their promises and always equal to or better than their face.
Re¬
membering the place that the slow accumulation of wealth has had in the
advance of civilization, the growth of intelligence and morals, the ameliora¬
tion and enlargement of the common lot, your function and your oppor¬
tunity are not lower or less sacred than those of patriots and statesmen.
What are the coming years to show as the reward of your labors—which
need be none the lees helpful because they need not be wholly unselfish—
of credit; to insist upon
"Municipal
his ideas at the convention
on "The
Corporation
the pending bill, is quoted in
"Sun",
the New York
saying:
as
bill is that it starts the Government on
"The fatal defect of the Glass
Never lose sight of the fact that the notes
of fiat currency.
issue
an
which it proposes are
fiat notes—are as absolutely fiat as a Government
could issue.
"They have no reserve whatever
to be lent without
are
"We may
provided by the Government; they are
Good safeguards
limit in the law to a number of banks.
thrown about the security
which the banks must offer.
Financing"
was
the heading under which
they borrow from the Government
be in danger.
Comptroller of the City of New
and in part he spoke as
York, addressed the convention,
"There is
Government
started
municipal enter¬
prises there has not been until recently a sufficiently strong tendency on
the part of the investing public to inquire closely into the purposes few
which bonds are issued.
On the part of administrative officials too little
Attention has been paid to the co-relation of the life of the bond with that Of
the improvement. Increased debt and taxation, however, has naturally im¬
pelled closer scrutiny of the basis of bond issues. The well-managed munici¬
issues to support various
In the authorization of bond
pality throws some of the cost of temporary improvements into the current
budget, issues short-time obligations for short-lived improvements, and in
general endeavors to provide so far as practicable for the type of improve¬
income sufficient to pay the interest and amortiza¬
ment that will secure an
Some of the older cities of Europe are now
well-developed municipal enterprises that not only pay
the bonds issued, but earn enough in addition to ma¬
terially reduce taxation. From this standpoint it is an interesting fact that
the London County Council is at present financing its public improvements
without increasing its bonded debt.
The desire on the part of the public,
and the necessity on the part of administrative officials, to obtain the best
results from the sale of city securities has impelled many recent investiga¬
tions into the entire subject.
There has been discussion involving such
the bonds issued.
reaping a heritage of
the interest charges on
sale," "size of certificates," "premium or dis¬
"advertising," "length of issue," "sinking fund" or "serial bonds."
on
will be able to redeem the notes
and the Government's credit will not
/ "
"
of real and serious danger, however, to the
the possibility
credit,
contains elements of a national
importance than that is the fact that we hare
possibility
a
But of more
disaster.
follows:
that
the road of fiat issue.
"If this Congress votes to create
fiat money to lend to a set of banks, it is
succeeding Congress will
purpose!
The insidiousness of the policy of fiat money is such that if the public
sees it performing apparently the full service and responsibility of money;
if the people see it printed and lent to banks and re-lent by these banks ata+profit, there will be certain to be a mass of ill-advised public opinion ad¬
vocating the short cut of lending directly to the farmer, the manufacturer
and the merchant without the intervention of a bank.
1 ' "
There is no case in all history where a nation has started on an issue of
fiat money that the result has not been the depreciation of the issue and
usually a complete breakdown of the financial system of that country.
A large wing of the Democratic Party holds firmly to the belief that the
currency of the country should be controlled by the Government.
It is
possible to create a note issue which will not violate that political principle,
nor yet violate the principle of economics, which must safeguard against
distinctly within the range of probability that a
vote to issue some similar money
.
for some other
fiat money issues.
*
bank owned by the people and
A single central
public officers
that
our
be created, and general power
can
needs be given to it.,
commerce
of the bank and not of the Government, but
count,"
be wholly in the hands of
*
*
*
♦
♦
*
*
public,
offering is apt to
houses or banks and ultimately sold to the public
as the investment demand develops.
The results of this practice are some¬
what questionable!
Too frequently municipal financial officers choose the
wrong time to hold such sales, and for this reason large purchasers have
often been compelled to dispose of their bonds at a recession from the bid
The American
method of sale is to offer
with the experience, however,
bank would be
price.
Successful results to initial piirchasers are, ultimately,
usual necessity of future sales.
results to the city, because of the
successful
In Euro¬
practice, except where lottery loans are offered, it is more frequently
the plan to negotiate for an entire issue privately with a bank or group of
banks, which offer the bonds later to investors by public subscription.
Such a sale may be made in several ways.
Some cities are always nego¬
pean
which latter is often
acting for the account of a group of banks formed for the purpose.
(The
syndicate of American railroad or industrial practice.)
As a rule this sys¬
tem does not prevent the city from placing its loans at the highest prices
available under current market conditions, as the bank makes it a point
of honor to offer the highest possible price.
Moreover, the city is always
able to check the genuineness of the bank's offer afterward by comparing
the price paid with the price of public Issue.
The latter, of course, may be
agreed upon in advance, and the margin of profit of the bank is ordinarily
a very moderate one.
This system of negotiation with the same bank or
group of banks has the advantage that there exists a financial group which
has a definite interest in protecting the market for these bonds and in, watch¬
ing the municipal policy behind successive issues.
This continuing inter¬
est may be of great importance to a city when It is obliged to raise a loan
during the period of monetary stringency and declining security prices.
-
tiating loans privately
*
*
•
of the bank-owned capital.
this plan we can avoid the great
ment and not with
The
danger of starting
the views of those whp hold
the road of fiat issue and still meet fully
that the control of the currency
Govern¬
of the country should lie with the
the banks.
safeguards the outstanding
without added expense to the Government,
plan which I have proposed properly
bonds of the Government and.
insures the honest and fair treatment of the
holders of these bonds and the
maintenance of their market value at par.
I believe the intellectual
judgment of every member of
mittee is in the direction of the
of the members
see
approval of such a plan.
cuss
no
that
the
other than the Glass-Owen
House
is
the Senate com¬
Politically, some
serious obstacles.
The disposition of the President to
with the same local banker,
»
Government in its manage
no
I believe that through
on
employee of this
voice but the voice of the
There would be no control on the part
ment.
be bought by a few bond
the volume and supply would
the Government because every
Government employee."
There would be
bonds directly to the
that the great bulk of an
a
governed absolutely by
t6 issue the bank notes
.These notes will be obligations
questions as "methods of
*
and under most
that under any ordinary circumstances
say
extraordinary circumstances the banks
Edmund D. Fisher, Deputy
tion charges on
gave
Proposed Banking Legislation on
Securities," and, in dilating on
its proper limitation; to keep
for the common good ?
/anderlip, President of the National City Bank
Frank A.
of New York,
committed
to
a
give consideration to or even to dis¬
plan is
a
serious obstacle.
The fact
regional system is an obstacle.
The
against a central bank is a difficulty.
things I have no doubt that the Senate Com¬
declaration of the Baltimore platform
Were it not for these three
mittee would to-day be
a
central institution.
well
on
its way toward completing the bill
The removal of
lies In the hands of the public.
for such
these obstacles to sound legislation
The creation of a public opinion that sup¬
prejudices will do it.
principle involved and
forceful enough to make itself instantly felt we may have sound legislation
on the statute books within thirty days.
This is a great opportunity.
Nothing can be further from my desire than to defeat legislation.
I want It, and I want It now, and in all the years that we have been
giving consideration to this subject there has never been a moment when the
prospect of getting legislation embodying right principles was so good.
ports sound economic principles rather than party
If
public opinion will be quick enough to grasp the
1254
"The
THE
Effect
of
CHRONICLE
the
Proposed Monetary Legislation
was
General Business"
discussed by George M. Reynolds,
President of the Continental & Commercial National
of
Chicago, and
in the "Journal
Now, in the
portion of his remarks is given
a
of
event
otal
Bank
common use of the
old commercial
bill of exchange.
For the purpose of
commercial from investment operations, that form of docu¬
has great
advantages over promissory notes.
It contains In every
case the name
of at least two
parties, and a banker, who is familiar, as most
are, with his
constituents, can easily surmise from these names the nature
of the
operation which the bill
represents.
When such bills are accom¬
panied by warehouse
receipts, bills of lading, &c., as many of them may be,
distinguishing
bill should be enacted,and my prediction that
ment
sufficient banks to make it effective would
not eriter the system should
come true, what would
happen ?
The penalty to the national banks
would be the enforced liquidation of
business within one year.
This would leave on the hands of the
their
banks $730,000,000 of 2
per cent United States bonds worth intrinsically
$500,000,000, but
what would be the effect
on
he
knows absolutely that
they are commercial in their character.
With a
promissory note, however, he is
entirely at sea regarding the use to which
the
business ?
In the liquidation of
for
the bank to
a national
bank, one of the first things necessary is
deposit with the Treasurer of the United States lawful
money to retire its
circulating notes.
funds have been
put.
He knows simply that the person whose name
signed to the note is under
obligation to him for a certain amount, but
what
commercial, investment or industrial processes that note
represents,
he does not
know.
is
On June 4 1913 the lawful money in
the 7,000 odd national banks in the
country was $917,000,000.
What would happen in the business world if
those
banks
to
were
attempt to deposit
$730,000,000,
say
same
or
•
7,000 national
Genuine banking reform
80 per cent of their
could
sun
the
banks
to secure that vast
go
sum
I nstitution
of
and failing to secure it, what would
become of our organization
of credit, and if that should
fail, who in the whole country would be im¬
mune from its
blighting effect ? "
"
'
Commercial Banking".
On
of
account
exposed in
banking.
certain
this country
Many
the Federal
of
laws
and
to the confusion
practices,
of investment
are
our
National Banking Act
was
on
them small margin
they
bonds,
of
their surplus
use
and
their savings
forms in
and made
our
or to
the
so that it
equally available to all sections
of the
The remainder of it
Monetary Commission's
bill introduced
far toward making the necessary re¬
banking machinery.
It will need to be supple¬
Congress, will
commercial
mented, however, by
go
a careful educational
campaign before these disas¬
trous practices which I
have mentioned can be
entirely eliminated.
The
of all, of
average banker at the
present time does not
ings, and indeed
in its most essential
comprehend in all of its bear¬
bearings, the distinction between
mercial and investment
banking.
Still less do his customers.
The
paign of education should be continued until this
distinction in all
Partly because
com¬
cam¬
of its
essential
bearings is a part of the common knowledge of the entire
country.
Then it will be
comparatively easy for bankers to get from their customers
genuine commercial paper, the first essential
The fact that
circulating notes supposed to be adequately protected
by
•Government bonds deposited with the
Comptroller of the Currency are
put into their hands and are regarded both
by them and by the general
public as money which, under ordinary
circumstances, will not need to be
redeemed, they are tempted to exchange them for
investment securities,
or at least the harm
of such a procedure is obscured.
of the conduct of commercial
banking
sound basis.
on a
REGULATIONS REGARDING THE INCOME TAX LAW.
-The regulations
governing the "collection at the source"
The laws pertaining to our State banks also
encourage the confusion of
two
lines similar to
that,
on
ignorance of the consequences and
partly because of pressure, they are,
hese
economically used
into the
preceding
however, constantly overstepping these bounds.
of the income tax levied under
the
departments of banking.
Some of these laws place no limit
of investment such banks
may make in real
whatever upon the amount
The cash portion of
administered,
be
foreign
•
paper which can be Instantly trans¬
or bank notes
either at home or abroad.
The passage of the
Owen-Glass currency bill or of some measure
drawn
however, leaves
accounts.
'
formed into cash
the part of
passed, which
For this purpose
such portion of) their
capital as is not invested in
funds
the markets of the nation and of
on
commercial
for investment banking operations.
Only safely
can
Government bonds,
central
a
the acceptance.
Only in this way can the paper
widely known beyond their own home territory, be made
country and to all classes of financial
institutions.
should take the form of
constantly
cases
capital of these institutions in
not
Our reserve
systen should be entirely transformed.
it should be
centralized, or at least co-operatively
provided for the creation of institutions a
portion or all of whose capital
should be invested in Government
bonds.
While these institutions were
designed to be commercial banks, the clauses of the
law which described
their powers were so worded as
to leave the doors wide
open for investment
banking operations. The tying-up of a portion, and in some
the
national market for
a
namely
countries.
and commercial
years ago, as a result of financial distress
Government,
credit,
individuals,
can
we
with
must have some kind of
with
available for purchase and
sale
•
In part he said:
our
we
us
form of
bank
of
Professor William A. Scott of the
University of Wisconsin,
was also a
speaker at the meeting, his topic being "Investment
vs.
provide
authority to issue notes against commercial securities.
We must also
introduce here the banker's bill so
widely used in all the
countries of
Europe, and that means the introduction of a new
money,
,
must also
commercial paper, and to
this end
entire lawful money, to retire their
circulation, thus contracting the lawful
money to the extent of
three-quarters of a billion dollars ?
Where under the
xcvii
securities,
Commerce":
this
[Vol.
are
savings and what commercial balances.
He must be
able to draw with
accuracy the line between commercial and other forms of
and must know how much
and what particular pieces of the paper
in his
possession belong to the one class and
what to the other.
In this
connection it is worth while to consider the
bringing back into
on
follows
as
deposits
issued this week,
were
far
as
newly enacted tariff law
interest and coupon payments
as
of corporations
estate and mortgage securities, and in other cases
the limits prescribed for
such investments do not
depend in any respect upon the capital, surplus
and savings funds which
they possess.
Indeed, in country towns these
banks are encouraged to loan their funds to
farmers on
have since been issued in revised form.
and for the purpoes of
assisting them, not in the transfer of their crops to
consumers, or in the transformation of seed into
crops, but for the purchase'
of their lands, the construction of
their
scribing collection at the
(Nov. 1).
The following
on
mortgage security
are concerned.- The
rulings were given out
Saturday last, Oct. 25 by the Treasury Department, but
source
goes
The provision pre¬
into
effect
the regulations,
are
as
to-day
revised,
buildings, the equipment of their
farms with drainage, irrigation
works, cattle, machinery, &c.
Thus they
are tempted, and in some cases
almost forced, to transform investment
securities into checking
accounts, and thus to over-expand credit and to
Regulations regarding the deduction of the income tax at the
source
interest maturing on bonds, notes and other
similar obligations of
create conditions which result in forced
tions, joint stock companies
Our
reserve
of
a
City, where they
Exchange.
the
Stock
from
securities
As
a
Exchange is
one person
to
call loans
on
be transferred from
created
matter of
The sale of
can
deposited
Exchange, has
liquid.
term.
Tax to be Deducted at Source.
Under the Income Tax Law, enacted Oct. 3
1913, a tax of 1%, designated
as the normal tax, shall be
deducted at "the source,"
on
in the law
a
as
collateral
the impression
fact, they
bond
or
of
are not
a
one
be
can
1913, from all income accruing and payable to (a) every citizen of
States, whether residing at home or abroad, and to (6)
every
person residing in the United States, though not a citizen
thereof, which
may be derived from interest upon bonds and mortgages, or deeds of
trust,
or other similar
obligatipns, including equipment trust agreements and re¬
the United
bank to another and
readily sold
that these loans
liquid in
another, and if the
really"
ceivers'
any proper sense of the
certificate of stock
not liquidation.
the
upon
are
excepting only the interest
It is merely a transfer of
obligations
possessions,
pressure for realization upon call loans
is great, these transfers
cannot be made in the
ordinary
"debtor/'
manner and crisis
ensues.
So far
customers
are
remains
which lines of credit for
ordinary bank
established and administered.
It is customary for a
I refer to the basis
on
business
man to
arrange with his banker for such a line and too-often
in
determining
how much it shall be, the banker takes
into consideration the man's total
possessions, rather than the volume of commerce which
once
determined, the
customer expects
he transacts.
that the bank will
carry
him for that amount and
usually resents too close inquiry into the
way in
which he employs borrowed funds.
Though the banker usually insists
that his customer's
paper shall be drawn for short periods of
time,1 both
expect^ that this paper will be renewed at maturity.
Indeed, both the
customer and the banker is
apt to regard the amount fixed in the line
of
of
as
a
part of the former's permanent
working capital.
demanding carefully drawn statements
of
a
for¬
The correct inter¬
even
On account of this
practice
less common.
banker rarely knows to what
extent the
paper in his portfolios represents
commercial, and to what extent invest¬
ment processes.
Until the test of forced
a
liquidation actually comes, he
know how large a
percentage of his resources
are
really liquid.
surprising that the line between in¬
and commercial
banking is frequently crossed, and that at
fre¬
quent intervals liquidation is forced
throughout the country with the ac¬
companiment of business depression and too often
Under these circumstances it is not
vestment
of commercial
The fact that the
paper of customers is drawn for
thirty,
four or six months, enables the
banker to force this
crisis.
sixty, ninety days,
liquidation process
customers, but this fact does not protect the
country from the conse¬
of such liquidation.
Sacrifice of property, fall in
prices, commer¬
cial failures on a large scale, and a
general readjustment of
upon
quences
industrial relations, cannot thus
bp avoided.
In our efforts toward
banking reform, these
commercial and
conditions should be
kept Con¬
.Genuine reform must bring about such
conditions that
banker will know with practical certainty how
large a proportion of his
stantly in mind.
a
joint-stock companies
or associations
State
or
any
$3,000,
the obligations of the United States
political sub-division thereof.
hereinafter used, shall be construed to
cover all
The
or
its
term
corporations,
When Tax Shall be Withheld by Debtor.
For the purpose of collecting this tax
.
originating
or
on
all coupons and registered interest
payable in the United States, the
source shall be the debtor
(or its paying agent in the United States), which shall deduct the tax when
is to be withheld:
same
and
no
other
bank, trust Company, banking firm
individual taking coupons or interest orders for
or
shall withhold the tax thereon:
registered interest
are
collection, or otherwise,
provided that all such coupons or orders for
accompanied by certificates of ownership signed by
the owners of the bonds upon which the interest matured.
These certifi¬
cates shall be in the forms hereinafter
prescribed, and a separate certificate
shall be made out by each owner of bonds for the
coupons or interest orders
for each separate issue of bonds or
obligations of each debtor.
When Tax Shall be Withheld by First
Collecting Agency.
If, however, the coupons or interest orders are not accompanied
by cer¬
as prescribed above, the first
bank, trust company, banking firm
,
The practice
customer's business
is,
tunately, growing, but it is still very far from common.
pretation of these statements when they are drawn is
does not
as
a
as
for discussion.
credit
or
upon
joint-stock companies or associations and insurance companies.
the danger of confusing commercial and
investment banking is
concerned, in many respects the worst of our
banking practices still
The line
certificates of corporations,
and insurance companies, although such interest does not
amount to
the New York
on
beginning
Nov. 1
the New York
The fact that under ordinary circumstances the
loans
broker when called
that
Stock
invested
are
on
or associations and insurance
companies, under
the provisions of Section 2 of the Act of Oct.
3 1913:
'
It compels banks to
A
to New York
Stock
end.
same
certain precentage of their
deposit
larger percentage is usually kept on deposit with banks in
cities, and since they must be held subject to
call, these funds flow
liabilities.
reserve
a
same:
corpora¬
liquidation and crisis.
system contributes to the
keep locked up in their vaults in cash
which will prevail with regard to the
tificates
individual
or
for collection
or
or
collecting agency receiving the coupons or interest orders
otherwise shall deduct and withhold the tax and shall
attach
to such couprns or
interest orders its
address of the owner of
or
own
certificate, giving the name and
the person presenting such
coupons or interest
order, if
the owner is not known, with a description of the
coupons or
interest orders, also setting forth the fact that
they are withholding the tax
upon them: whereupon the debtor shall not again withhold the tax on said
interest
coupons
or
ment the
certificate of such bank, trust company, &c., which is
withholding
such
tax
orders,
but in lieu thereof shall deliver to the Govern
money.
Any corporation, collecting
owner
any
interest coupons
or
agency
or
person
first receiving from
orders for the collection
terest, and to whom the certificates above provided for
require the
to
persons
tendering such coupons
or
of
are
the
registered in¬
delivered should
orders for registered interest
satisfactorily establish their identity.
Payment
of Registered Interest
by Debtors.
-r
-
A
debtor whosq bonds may be
registered, both as to principal and inter¬
est, shall deduct the normal tax of one per cent from the
accruing interest
on
all bonds before
sending out checks for said interest
to
registered
owners
before paying
or
CHRONICLE
THE
1913.]
Nov. 1
agent (and not
ury
certificates claiming exemption
follows:
By a citizen or resident of the United States, the bona fide owner of the
registered obligations, who may claim exemption under Paragraph C, Sec¬
for said tax as
from liability
of the Federal Income Tax Law; or
corporations, joint-stock companies, associations
Name
sign and his
By a bona
Act; or
citizen of a foreign country, claiming exemp¬
fide resident and
such.
as
■
.
Designation of Fiscal
The
pertaining to the
Agencies.
collection of this tax upon
its district a proper
Internal Revenue for
for it in matters
filing with the Collector of
paying or fiscal agents to act
"debtor" may appoint
notice of the appointment of such
/
J •
Exemption.
If the owners of the bonds are individuals who are citizens or residents
of the United States, the aforesaid certificates shall accompany the coupons,
or with respect to the interest on registered bonds, shall be filed with payer
of said interest; and such certificates shall describe the bonds and show the
amount of coupons attached or the amount of interest due such owners
registered bonds, and the full name and address of the owners; and shall
also state whether they claim or do not then claim exemption from taxa¬
tion at the source provided for by Paragraph C of Section 2 of the Federal
Income Tax Law ($3,000 and under certain
conditions $1,000) as to the
income represented by such coupons or interest. '
'
.
The certificates shall also show the amount, if any, of exemption claimed
'
Certificates Claiming
*
:
.
signature.
the date of
follows:
as
this purpose shall be
I do solemnly declare
States,
substantially
Orders Stating
Certificate to be Presented with Coupons or Interest
Whether or Not Exemption is Claimed under Paragraph C,
of the Federal Income Tax Law.
that
__,
and residing at
am
a
Section 2 ,
citizen or resident of the United
bonds of the de¬
the owner of
--/of the ______ (give name of
debtor) known as the
bonds (describe the particular issue of bonds)
from which were detached the accompanying coupons, due
19--,,
amounting to $.
or upon which there matured
19-v
—
each, Nos.
nomination of
of
not) now claim with respect
benefit of a deduction of$
.1 (do) (do
C, Section 2,
Date-.
of the Federal Income
Tax, Law.
1
"
Address
—
-w —
interest coupons,
exemptions are claimed, except that it shall be filed
at least five <5) days before the dpe date of such interest.
shall be "used where
with the debtor
Ey Whom Signed.
•
•
►,
.
with their full name,
and contain1 their post-office and street address, also the date when signed.
Duly authorized agents, trustees acting in a trust capacity, &c., may
sign such certificates for the persons for whom they act.
Organizations Whose Interest Coupons Are Not Taxed at Source.
If the owners, of the bonds are corporations,
joint-stock companies,
associations, or insurance companies organized in the United States, no
matter how created'or organized, or organizations, associations, fraternities,
&c., which, are either taxable or exempt from taxation as provided in Para¬
graph G, Subdivision A, of the Act, the debtor is not required to within
or deduct the tax upon income derived from interest on such bonds, pro¬
vided coupons or orders for interest from such bonds shall be accompanied
by a certificate of the owners thereof certifying to such ownership, which
certificates shall be filed with the debtor when such coupons or interest
Those
certificates must be
orders are
signed by the claimants
presented for payment.
Such certificates
shall be substantially in
at
Source.
•
If the size or nature
"
------
detached the accompanying coupons,
due
i_,
which there matured _'.—__, 19
$
i of registered interest, and that, under the provisions of the Income
Tax Law of October 3 1913, said interest is exempt from the payment of
taxes collectible at the source, which exemption is hereby claimed.
;
Name
(official position),
of
(name of organization).
— _
* _,
or upon
«.
______
Address
(post-office)
.
Tax Collections on
certificate
stating its place of
must be signed by the
full name of the
organization,
business, and by the President, Secretary or
principal officer of the said corporation or organization
to sign same, together with the date of execution.
some other
duly authorized
and the amount
received and shall prepare a
of tax deducted and
Certificates to Secure
In the event such coupons,
are
presented for collection by an
tion or
Collected
When
as
by the
interest orders,
'
follows:
of Certificate to be Presented
Not
I,
Accompanied
otherwise, which must accompany the coupons or
shall be substantially
Form
Not
with Coupons or Interest
Orders When
Accompanied by Certificate of Owner.
(name), the
(official position) of the
(address), do solemnly declare
collecting agency), of
(bank or
that said
have) purchased or "accepted for collection the
interest orders, amounting, to $
__, and
which represent interest matured on $___L._ of the bonds of
(name
of debtor), andithat
(collecting agency) received said coupons or
orders for registered interest from
(name of party from whom
received), of
(address of said party), and that no certificate of owner¬
(collecting agency) has (or
accompanying coupons or
collected.
individual claiming the benefit of the de¬
C, Section 2, of the Federal income tax
under Paragraph
ductions allowable
law, such
from what source
Tax Exemptions on Foreign Items.
checks or bills of exchange above mentioned
individual shall be permitted to avail himself of the deduction
signing on the form heretofore prescribed for coupons payable
and no tax shall be deducted for the amount of the
claimed upon
in the United States,
items are presented by corporations, jointand insurance companies organized in the
of certificate heretofore prescribed for such organ-
exemption so claimed, or if such
stock
companies or associations,
United States, the form
izationsshall be used and in such instances no
tax shall be
deducted.
such items shall suchretain
certificates for delivery with the lists aforesaid to the Collector of Internal
Revenue for his district not-later than the 20th of the month next succeed- .
ing tiW in which said items were received, and, with respect to said coupons,
checks/or bills of exchange, said licensee shall attach thereto (identifying
ems) or endorse or stamp thereon the words "Income tax exemption
claimed through" (giving name and address of licensee), which shall be
sufficient evidence to relieve subsequent holders or purchasers from the
I/fTtootp instances, the licensee first receiving
the tax thereon.
duty of also withholding
provisions for collection of the tax on
The
this section of the
even
regulations includes the
well
as
All persons
foreign bonds
holder, payable in
Be Kept by Licensee.
to show
shall be •
records in such manner as
received, and such records
the inspection of Internal Revenue officers.
licensed shall keep their
from whom every
open
forth in
foreign obligations set
interest upon all
be, at the option of the
in some foreign country.
though the coupons may
such item has been
at ajl times to
Penalty fof Omission to
Failure to obtain license or to
fine not exceeding
Obtain License.
comply with regulations is
punishable by a
exceeding one year, or
Such licenses shall continue in force
$5,090 or imprisonment not
Court.
in the discretion of the
revoked.
,
Application for such licenses should
both,
until
•
be made to the Collectors of Internal
engaged in business and may be
Revenue for the district in which they are
issued
upon
the Commissioner may approve,
bond herein provided for.
„
application to the Collector of Internal Revenue for
without; cost to such persons as
their filing With the Collector the
All persons in
making
such licenses shall register
their names and addresses
the business in which they are
and state the nature
Such application for the
engaged.
of
license,
when both have been approved by
the Collector, will be considered a sufficient compliance with the law to
enable the persons making application to do business until Feb. I 1914
without incurring the penalties provided by law for failure to procure the
a proper
surety bond,
required license.
Certificate of Owner.
Where coupons or interest orders are not accompanied by the ownership
certificates, the form to be executed by the first bank, trust company,
banking firm, individual or collection agency receiving the same for collec¬
How
Foreign Items.
of the persons from
list of same and file it
with the Collector of Internal Revenue for his district not later than the
20th of the month next succeeding the receipt of such item3.
The list shall
be dated and shall contain the names and addresses of the taxable persons
accompanied by
19
Date
This
.»
impracticable
obtain the names and addresses
name
amounting to $
■
checks, &c., makes it
of such coupons,
List of
-
19-1--.
•
said endorsement as
_-___-
bonds from which were
1
'
above, a statement identifying the item on
which tax is withheld and bearing said endorsement, may be attached thereto
with the same effect as if the endorsement was made directly thereon.
to make
.
(dly© official position) of the
(name of organization), a
(character of organization), of —a__
(State), located aV
(post-office address), do solemnly declare that
said
(give name of organization) is the owner of —___ bonds of
the denomination of $-___._ each, numbers
of the
(give
of debtor), known as
(describe particular issue of bonds)
(give name), the
I,
Withheld.
withholding the income tax.
Accurate Record to
Subject to Tax on Interest
*
Tax Is
Whom
licensed person, firm or
the United States as
the following form:
by Organizations Not
Certificate To Be Furnished
The
whom such items are
!
—
accompanied by a certificate of an individual
who is a citizen or resident of the United States, as aforesaid, are presented
to a debtor or its fiscal agent for payment, or whenever interest is payable
to such individual on a bond registered as to both principal and interest,
the debtor or its fiscal agents shall deduct and withhold the amount of the
normal tax, except to the extent that exemption is claimed in the certificate
of ownership in the form herein prescribed.
Where the interest to be paid is registered, the same form of certificate
•
firms or
Such licensee shall
Name
,VV
Whenever
persons,
corporation first receiving any such foreign
items, for collection or othorwise, shall withhold therefrom the normal
tax of 1% and will be held responsible therefor.
He (the licensee) shall
thereupon endorse or stamp thereon the words "Income tax withheld by
(giving his or their name, address and date), which shall be sufficient
evidence to relieve subsequent holders or purchasers from the duty of also
to the income represented by
allowed under Paragraph
19—
—,
—
1913.
,
registered interest.
said interest the
1
corporations undertaking for accommodation or
by way of purchase or collection) the
exchange, &c., for or in payment of in¬
terest upon bonds issued in foreign countries and upon foreign mortgages,
or like obligations, and for any dividends upon stock or interest upon obli¬
gations of foreign corporations, associations or insurance companies en¬
gaged in business in foreign countries, are required by law to obtain a license
from the Commissioner of |Internal Revenue and may be required to give
bond in such amount and under such conditions as the Commissioner of
Internal Revenue may prescribe.
.
' .
;
'
All
By
Form of
March
Before
profit (this includes handling either
collection of coupons, checks, bills of
\
'
Due
withheld on coupons or registered interest maturing
and payable before March 1 1913, although presented for payment at a
later date.
' ; v
'
;
License Required for Collection of Income from Foreign Countries.
shall not be
The tax
•
,
certificate to be used for
The form of
_
.
shall be dated and
Interest
on
and
_
corporation, organization,
of the
agents.
agent or
•
signed by, and shall state the address
collecting agency or person withholding
the tax, with full name and address.
;
Final Disposition of Certificates:
;
The debtor or paying agents shall deliver all certificates with the list
of names and addresses of those for whom the tax has been withheld,
showing amounts, as required by law, to the Collector of Internal Revenue
for their district on or before the 20th day of the month succeeding that
in which said certificates were received by them.
•
;
This certificate
United States, or organizations,
authorized to
official position),
(give full address).
Address
,19- —.
Date
or insurance com¬
Subdivision A, of the
Paragraph G,
n
tion
(collecting agency).
—_ — - —
(signature of officer duly
By
associations, fra¬
ternities, &c., which are either taxable or exempt from taxation, as provided
panies/organized in the
Department.
herein provided, executed as
tion 2,
By
(collecting
interest orders, and
acknowledges responsibility of withholding therefrom the
of 1%, in accordance with the regulations of the Treas¬
agency) hereby
normal income tax
customarily paid, the proper
interest is
accompanied said coupons or
ship
interest orders signed by the registered
shall be filed with said debtor or its fiscal
later than 30 days prior to March 1) through whom said
such interest upon
bonds until there
holders of said
Penalty for False Statements.
allowance or reduction by
himself or for any other, knowingly
If any person, for the purpose of obtaining any
claim for exemption, cither for
virtue of a
makes
under
a
false statement or false or fraudulent
the Act to severe
representation, he is liable
penalties.
Partnerships.
payment, represent
owned by a part¬
nership, they shall be accompanied by a certificate of ownership, which shall
be signed either in the firm's name by one member of the firm or by each
Where
the
coupons
interest
on
or
interest
bonds,
or
orders, presented for
other similar obligations,
normal tax shall be with¬
represented by said interest.
substantially the following form:
individual member of the partnership, and the
held by the debtor
with respect to the income
Said certificate of ownership shall be
Form of
Certificate to be Filled Out and Signed by
—___
The following certificate
are
Members of Partnerships.
should be used when coupons or
presented by citizens or residents of
interest orders
the United States, for
collection
1256
of Interest
THE
on
bonds,
ships of which they
I,
of
other similar
or
obligations, owned by the partner¬
member of the firm
or
residing at
partnership of
of
of
$
debtor)
(give full address) do solemnly
each,
known
as
bonds) bonds, from which
due
pons,
191-_, amounting to
__
thereof,
and
or
partnership, and the
their
(give
or upon
of registered interest
address of said firm
the
(describe the particular issue of
detached the accompanying interest cou¬
were
matured 191.. $
bers
of
places
partners.Address:
are
follows:
as
mem¬
Names
of firm
The
Date
a
partnership, who is entitled to
deduction
a
(under
Paragraph O, Section II, of the Income Tax Law) of his
pro rata share of
the tax which may be withheld
at the source on interest on bonds owned
by his co-partnership
as above, may claim such dedustion or allowance when
he shall make his individual
income tax return for the year in which said
deduction at the source
Non Resident Foreigners
tion
or
made.
was
bonds, mortgages, equipment trusts, receivers' certificates, or
Other similar obligations of which
the bona fide owners are citizens of
foreign countries residing in foreign countries; Provided
that, when such
interest coupons or, in the case of
wholly registered bonds, the orders, for
the payment of such
interest, shall be accompanied by duly certified cer¬
Unless such proof of foreign
tax of
1% shall be deducted
Such certificate
shall
as
be
in
cover
the
cases
of
foreign and
as
(describe the particular
detached
of
interest
from which
any of its
residing,
possessions, has
Signature of
any
of
owner
Date:
1913, and that
was
bonds
Address
Temporary Provision.
'
and
that
many
payable upon
coupons
that
date
are
On
a
to
the
Temporary Certificate which May be Used Only Prior to Nov.
16 1913,
Subject to Substitution.
(we) hereby certify that I am (we are)
lawfully entitled to
,
,
that said coupons
or
came
into my
to do
this,
the
so
and address of the
name
follows:*
(give
owner
name and address of
owner;
by the
required
or
•
.
for
coupons
collection
only, but after
the
Association,
Tuesday's
it
as
may
resolution
was
agreed that each institution should
was
as
cash
or
for col¬
elect.
Clearing House,
well
as
as
to members:
only and
Coupons should be presented with
through the Clearing House.
over the counter of the bank or trust
company
There must be
no
evasion of this ruling.
undertaking the collection
by these fiscal
agencies must, however, be made before Nov. 1,
in the Treasury Department regulations.
of such bonds
state.)
to
law, it
of foreign coupon payments, or bills of
exchange, must
file bonds under the income tax law, has been extended
from
Nov. 1 to Dec. 1; the applications for licenses
(our)
possession unaccompanied by a certificate of
ownership of said bonds, in
of the forms required by the regulations of the
United States
Treasury
Department, and that
aecept
The time within which those
on the
following bondsdescription, style and numbers
interest orders
'
where they are due and payable.
present for
amounting to $
any
are as
to
proper certificates attached
►
of debtor and designating the
tax
Until further notice, all coupons must be taken for
collection
not sent
•
name
appointed
income
The following notice,
signed by President Charles McKnight, has been issued by the Pittsburgh Clearing-House
Committee, and applies to non-members clearing through
the following
(giving amount), representing interest matured
new
conference had with the Treasury officials
by a committee
lection,
Form of
(giving
special committee of the
Association,
be allowed to receive the
coupons either
already in
debtor need not be
accompanied by certificates in any of the
forms
hereinbefore described, provided that such
coupons are accompanied
by
a certificate
substantially in the following form:
of the bonds);
a
House
unless accompanied
coupons
representing
a
I
obliga¬
or
similar future
indicating whether the depositor is taxable
rescinded, and it
transit without the prescribed certificates
attached, with a desire to cause
small an amount of inconvenience as
possible to bondholders and gen¬
eral business as may be
compatible with the provisions of the law and of
payment the accompanying coupons or interest orders
Clearing
near
temporary provision is made:
On Nov. 1 1913, and for fifteen
days thereafter, coupons presented
covenant
any
Tuesday the Baltimore Clearing House Association
decided
as
these regulations,
on
,
interpretation of the
brings the date so
as a
~
Monday of
on
exempt from taxation.
;
.
1
any
certificate
-.(give full name).
(give full post office address).
tax.
resolved that the members, of the association
should not
T_
In view of the fact that the time
required for the
law and preparation and issuance Of
these regulations
Nov.
meeting
a
accept
citizen of the United
no
cer¬
understanding that
tax
consider questions relative to the
were
foreigner residing in the United States, or
interest in said bonds, coupons or interest.
or
deduct the income
Philadelphia
the
States, wherever
payment.
At
accompanying coupons, due....
.191.., amounting
to $
or upon which there
matured.
191--, $
of
registered interest, and that being a non-resident
foreigner, I am exempt
from the income tax
imposed on such interest by the United States Govern¬
ment under the law enacted Oct. 3
to
am
corporation) known
issue of bonds),
form of which
company
such payment shall not be construed
each,
.
a
cannot make
any payments of interest until such
certificates are
tion not
United
name of debtor
we
the next interest without any deduction for the
This, it is stated, will be done on the
Form of Certificate to be Presented with
Coupons or Interest Orders Detached
from Bonds or Other Obligations Owned by Those who are
Both
Citizens or Subjects and Residents
of Foreign Countries.
I do solemnly declare that I am
not a citizen or resident Of the
(give
certificates, claiming
will pay
substantially the following form:
of the
proper
claiming exemption from liability for said
tax,
Railways Investment Co. has notified holders
6% dividend scrip that to avoid any
delay in determin¬
ing the steps to be taken under the income
tax, the
non¬
and that I
the
The United
securities.
Nos.
registered bond holders:
of its
ownership is duly furnished, the normal
herein provided.
States of America, but a subject
(or citizen) of.
the owner of $
bonds of the denomination
,
the 29th ult. issued the fjjl
on
filed with us,
kindly fill up all blank spaces, sign and return the
enclosed
certificates to us before November
1 in the case of registered
interest, or
sign and attach a like certificate to
the coupons when
you give them to
your bank for collection.
'
'
on
tificates hereinafter provided for to
resident owners of bonds and other
not
As
This tax will not be deducted from
the income which may be derived from
interest
Co.
tificates is enclosed.
Owning Interest Bearing Bonds Not Subject to Taxa¬
Income from Such Bonds if
Proper. Certificate Furnished.
on
are
United States has issued regulations and
collection of the income tax at the
source,
which have been
received this morning.
Under the income tax Act and
these
regulations, which make us collection agent for the
Government as
specified in the Act, before
sending out checks for interest to registered
owners, or before paying such interest
under interest orders sent
by the
registered owners, there shall
be filed with us
i.-
—191--
Any member of
to all its
The Treasury
Department of
instructions in regard to the
—
'
Address:
Pennsylvania RR.
lowing notice
—
of
they
exemptions.
of.
;
Name of partner signing
v
obligations
following notice:
required to
and
name
of the individual
their interest
on
made this week in the
was
deduct or retain
therefrom, and will pay to the Government
the normal tax
imposed upon such obligations; provided,
however, that in
cases where
holders of such
obligations are exempt from taxation, the com¬
panies will claim the
benefit of such
which there
and that the
names
of residence,
to pay the income
tax
xctii.
In respect to
the Federal income
tax, the Missouri Pacific and the
St.
Louis Iron
Mountain & Southern Railway
companies will pay In full their
interest
obligations, which mature on November 1, In cases where
they
have covenanted to
pay such obligations, free of any tax which
bonds of the
Nos
[Vol.
due November 1
—- —
declare that the said
partnership is the owner of $
name
decided
are members:
a
and
denomination
CHRONICLE
if impossible
as set
,
forth
,
"
Name of person, firm or
corporation presenting coupons.
'■
.
.
On
or
cates.in
'
before Feb.
from which
was
■
Address
banking,
1
1914 certificates of
ownership of any of the bonds
collected the interest referred to in such
temporary
cert ifi-.
of such bonds may be entitled
facts
disclosed
by
such
the
the owner
under
the
ownership
law
and
certificates.
G.
Any
upon
temporary
Insurance
mortgages,
Co.
subject
of
to
New
of Internal
the
tax.
The
all
its
Revenue.
guaranteed
Brooklyn
quotes Henry B. Davenport, President of the
the
"Eagle"
company, with
following statement concerning the action
of his insti¬
tution:
The great attraction of
guaranteed mortgages has
principal and interest
were sure
as
always been that both
its own guaranteed
sold this week at
/
A New
York
Stock
Exchange'membership
reported
was
posted for transfer this week, the consideration being $41,000,
a reduction of $4,000 from the last
preceding sale.
That the central bank
plan submitted last week by Frank
Vanderlip, President of the. National City Bank of this
city, has failed to win the favor of President Wilson was made
.
A.
clear in
a
statement issued at the White House
which
the
Chief
Administration
ment
said:
bill
Executive's
was
more
on Oct.
24,
sympathy with the
evidenced; this
state¬
/
When inquiries were made
dent's attitude
once
full
was
at the
White House
as
to
what the Presi¬
toward the proposals made
by Mr. Vanderlip, of the
Bank, to the Currency Committee of the
Senate, it was
stated with the expected emphasis that, of
course, the President
National City
would not
recede in any respect from the position he had
He has warmly and
already
so
clearly taken and
unqualifiedly indorsed all the main features
of the
Glass-Owen bill.
mortgages
are
concerned, the income from them shall continue to be net
without deduc¬
tion because of the so-called normal
income tax of 1 per cent.
Announcement that the directors of the Missouri
Pacific
Ry. and the St. Louis Iron Mountain & Southern
were
.
which the whole country underatands.
and net.
Our company means
that, so far
stocks
auction.
»
in
on
at
or
the
% will be paid by the Home
York
Exchange
news.
cer¬
McADOO, Secretary of the Treasury.
The Federal income tax of 1
Title
trust company
,
regulations
All forms of .certificates herein
provided for shall be 8 inches
wide and
3 XA inches from top to
bottom, and printed ,on paper
corresponding in weight
and texture to glazed bond
paper 17 by 28, about 26
pounds to the ream
of 500 sheets, or White
wrapping paper 21 by 32, about 32
pounds to the
ream of 500 sheets, and the
person or corporation first
receiving coupons
or interest orders for
collection shall write or
stamp his or its name and ad¬
dress and date on the back of said
certificates.
W.
Stock
legislative and financial
or
•
tificates relating to bonds for which
certificates of
ownership shall not have
been substituted with the debtor
shall, on or before March 1
1914, be
delivered to the Collector of Internal Revenue.
W. H. OSBORN, Commissioner
Approved Oct. 25 1913.
No bank
>
of the forms above set forth, may be
delivered to-the
debtor,
and said debtor may
thereupon return any sum withheld to which
any
Ry. had
He regards the plan provided for
in that bill as
excellently
existing conditions of the business of the
country and in
every essential particular sound and calculated to render "the
suited
to
the
business men
of the country a great and immediate
service, and he believes that the early
enactment of the biU into law is
expected and demanded by the most
thoughtful business interests.
The evidences which have
reached him of
the
support of the country
are
unmistakable
and-overwhelming.
Nov,
THE
11913.]
objection," said Mr. Vanderlip, "is not to
"The
Vanderlip's proposal has also come from
Jacob H. Schiff, of Kuhn, Loeb & Co.,
regards Mr. Vanderlip's action with disfavor, this being ex¬
pressed in the following statement which he made last
Exception to Mr.
proposition has come as a
The Vanderlip
appointed boards", Mr. Vanderlip went to the extreme of saying;
"If such a board as is proposed were formed by appointing the seven
leading bankers of the United States, whoever they may be, and these
men became dissociated from the dally conduct of actual affairs and sat in
Washington directing at arm's length the operation of the several reserve
banks, they would very rapidly lose the power to direct wisely.
It seems
to me that the only proper method of control must be through a board
composed of practical bankers in direct touch with current business who
are selected for short terms by the member oanks."
In direct contravention
of this position, Mr. Vanderlip and his Wall
complete surprise to the financial
meeting general approval In banking circles.
Monday Mr. Vanderlip, at a special
of Commerce, made a report for its Finance and
of which he is Chairman, strongly recommending the
meeting of the Chamber
bill—now before the Senate—provided
enactment of the House currency
here at the last hour flinging consistency to the
politically appointed board not one member of which is
to be selected by the stockholding banks, but all by the President of the
United States.
Mr. Vanderlip in July objected to the long term of seven
years provided by the House bill; but now in October he would stretch out
the term to fourteen years under his central bank
bill. If the board
Street associates
effected; a report which with Its recom¬
adopted without dissent. Within three days
thereafter Mr. Vanderlip springs upon the country a plan entirely different
from the one he had just emphatically recommended, except as to certain
required changes, and which he had only very recently publicly commended
•certain stipulated changes were
mendations
as
V
good."
"80%
"
provided by the House bill sitting at arm's length in Washington would in
seven years
lose the power to direct wisely, what would happen in the
unjust to charge Mr. Vanderlip, as has been done, with
pending legislation, for he is surely actuated by
desire to break up the
the
of the pending measure,
frequently and forcibly been pointed out; these
advocating the speedy enactment
this time and is
with the changes that have
notably, the proposed
are,
amendments that shall reduce the number
regional banks and give a reasonable representation to the banking and
mercial interests of the country upon the Federal Reserve Board.
matter of
I
of
in
desiring the settlement of the currency question at
general, is anxiously
of
com¬
As a
principle, the desire is also justified that the proposed note issue
obligation of the banks and not of the Government, though
be made the
pending measure, is in
provisions and limitations of the
than of substance.
this, under the
effect more a matter of form
proposition is, that after all
that has been said against the advisability of giving the Government sole
control through the Federal Reserve Board, an objection which no one has,
I believe, emphasized heretofore more persistently than Mr. Vanderlip,
he should now so completely reverse himself and be willing that the Govern¬
ment alone be vested with the yoting power of the entire capital stock of
his proposed central bank, and thus give it control of both head bank and
What is most
surprising in Mr. Vanderlip's
branches.
subscribed for, as Mr. Van¬
and dependent for its value solely
upon uncertain and fluctuating dividends, can be prevented from becoming
more or less the football of speculation, with all the ill effect this might pro¬
duce upon the credit of the corporation Itself, the standing of which is so
important to maintain without the least blemish.
With the eminent posi¬
tion Mr. Vanderlip occupies, and with the weight his views and opinion
justly carry, his action may, it cannot be denied, prove a serious menace
to currency legislation at this time and to the final reaching of the goal,
Nor is it likely
that the stock of a bank, to be
In our own time sectional
be made
system.
against
owners
dicting
and
hard
pressed, a red herring was drawn across
and give
the trail to divert the pursuit
the fox another chance.
•
,
in this country is
Mr. Vanderlip of being
n the red herring business.
Yet it happens to be a fact that the House
currency bill is designed to correct the radical defects of a system under
which concentrated wealth has ruled the nation; and likewise it happens
Of course, what
not
foxy,
nor
is popularly styled the money power
would anybody dream of suspecting
to be a fact that the
of
Vanderlip scheme is
projected at the eleventh hour
Congressional consideration with the hope of
indefinite postponement
serious attention. It
legislation should the scheme be given
of currency
red herring. This opinion
shared largely by the public press.
To-day one of the New
opposed to the House bill has this significant editorial expres¬
surely does remind me of the fox chase and the
to be
seems
York papers
sion:
"It is reassuring to reflect that if the
controversy
into the
question over until the
come."
If Mr. Vanderlip's scheme was
So there you are.
=to
injection of this project
should result in putting the whole
regular session of Congress no harm will
delay and frustrate currency legislation,
designed
consideration,
not actually
it will, if given
have that inevitable effect.
But
ing.
ness
this
aside, the Vanderlip proposition is as
amazing as it is interest¬
The miraculous conversion of Saul of Tarsus loses
contrasted with the conversion of Mr. Vanderlip;
glory which came to Gamaliel as the tutor of
is not to be
the Apostle of the
compared to that which must come to the
from Kansas as the
its historic unique¬
while the reflected
Gentiles
Republican Senator
President of the
financial mentor of the distinguished
letter, as
Chairman of the Banking and Currency Committee of the House, voicing
the protest of himself and other bankers against certain provisions of the
House Currency Bill, and I wonder that he has so soon forgotten with what
vehemence he assailed that feature of the measure which involves Govern¬
ment control.
He declared the principle to be "practically inexpedient
Just three months ago, on
-and
fundamentally
wrong."
July 24, Mr. Vanderlip wrote me a
and at Boston later, and in
public addresses
lodged by the House bill with
States and with the Federal Reserve Board
of the country?
/
Vanderlip's proposal the President
has tenfold power.
He
only appoints the Central Board
proposition simply destroys it.
Moreover, what becomes of the frantic protest
of the American Bankers'
provision of the House bill which requires the re¬
country to be kept in the vaults of the individual reserve
Association against that
serve
funds of the
regional reserve banks?
banks and in the
practically the same thing.
j
Mr. Vanderlip's plan
provides
If the House bill on this account would drive
how could Mr. Vanderlip's scheme be
banks out of the national system,
And if the House
proposition?
expected to keep them in?
provision is unconstitutional,
what becomes of the Vanderlip
And
then
how
will Mr. Vanderlip dispose
,
"
of the objection of his
fellow
which gives the Gov¬
ernment of the United States a part of the earnings of the regional reserve
banks without striking that feature from his own scheme?
What becomes of the protest of the bankers against the power of the
Federal Reserve Board under the House bill to suspend reserve require¬
ments?
Mr. Vanderlip proposes precisely the same thing.
I note from the newspapers that Mr. Vanderlip in his testimony "stood
like a rock against the provision of the House bill for Government notes."
It would be interesting to have Mr. Vanderlip define the practical differ¬
ence between a United States Treasury note with a specified reserve behind
it and a note issued by a United States bank owned and controlled entirely
by the Government; and it would be still more interesting if Mr. Vanderlip
would undertake to point out how a note issued by a Government central
bank or banks based on a gold reserve and commercial paper is any sounder
either in principle or in fact than a note issued by the Federal Reserve
Board to regional banks based on a gold reserve and commercial paper with
bankers to the "Socialistic" feature
Government responsibility
of the House bill
superadded.
point out the inconsistencies
and his proposals before the
Banking and Currency Committee of the Senate in October.
The conclusion that I reach from this whole performance is that this new¬
And
so
might continue indefinitely to
I
between Mr.
Vanderlip's letter to me last July
told by Mr. Vanderlip of the National
of J. P. Morgan & Co. and
Strong, with a Standard Oil connection, is intended to confuse the ques¬
of banking and currency reform, or else it is hoped that by the adop¬
of some such scheme of absolute centralization it will be far easier there¬
est currency
scheme, prepared as I am
City Bank, in conjunction with Mr. Davison
Mr.
tion
tion
National City Bank.
a
of the Central Bank, but the Central
Board in turn appoints the managers and directors of the twelve branch
banks, thus giving the President, first and last, absolute control of the sys¬
tem.
On the contrary, under the House bill the twelve original reserve
banks, in the exercise of strictly banking functions, are reasonably inde¬
pendent of the President and the Central Reserve Board.
Thus the House
bill maintains the integrity of our Independent banking system, co-ordi¬
nating it and using all its strength in time of stress, while Mr. Vanderlip's
not
if his course in pre¬
senting the plan was not actually designed to delay and
frustrate currency legislation, it will, if given consideration,
have that inevitable effect.
This is what Mr. Glass had to
-
United
the banking business
Under Mr.
Vanderlip's procedure and declares that
maybe it was in Scotland—
annual fox hunt, at one stage of which, with reynard
, ,
-
with
little, at Chicago recently,
over
Representative Carter Glass, Chairman of the House Com¬
on Banking and Currency, has likewise criticised Mr.
they used to have an
banks."
Mr. Vanderlip comes
the President of the
>
long-established methods." He
throughout the country, against the power
already too ram
read that in England—or
last July Mr.
central bank scheme embodying every
one of these objectionable features.
If national banks will leave the system
under the House bill, how can they be expected to remain in under Mr.
Vanderlip's plan of4 'compulsion" and' 'confiscation "and "political control" ?
Has Mr. Vanderlip forgotten the tremendous protest of the bankers, big
Now
mittee
.
me
of the bankers against the force bill, and
the*'confiscatory" clause of the House measure, contending that the
of banking capital should4'manage their own property" and 4 4 pre¬
total failure if the House scheme should not be made more advan¬
tageous to the
forgotten.
in the matter:
to
warned the House
repeated substantially the outcry
further intensify this, but make every effort to
appease it.
All important legislation has, as a rule, been the result of
compromise, as this currency legislation must necessarily be, and if we shall
succeed, after having successfully settled the tariff, to get now also currency
reform reasonably adjusted, it is not unlikely that for a long time to come
the country will have economic rest, which will surely accrue to the benefit
of every section and all classes of our people.
I have somewhere
He was against'' doing violence to
letter
bank act and
pant; let us do nothing to
say
Vanderlip accentuated the utter
radical departure from the existing national
committee that unless legislation should
attractive to the national banks they would quickly abandon the
his
In
undesirability in his view of any
attained.
strife and class distrust are
features,
nation-wide discount rate instead of regional discount
rate".
Why three months ago this same Mr. Vanderlip in his letter to
me highly commended the House bill for its superiority to
the Aldrich
scheme in the very particular in which he now condemns the House bill in
contrast with his own plan.
I again quote from his letter of July 24:
"In one way the system of regional
reserve banks has an advantage
over the national reserve association proposed by the National Monetary
Commission.
The plan for a national reserve association provided that
there should be a uniform rate of discount throughout the United States.
The present plan for regional reserve banks contemplates that the rate
of discount will vary in different sections of the country at the same time.
Such variation of rate is sound banking."
If variation of rate as provided in the House bill was sound banking in
July, how does it happen that4 'uniformity of rate " in the Vanderlip scheme
is sound banking in October?
As a matter of fact, Mr. Vanderlip as a
practical banker knows that uniformity of discount rates in this great
country, with its diversity of conditions, is a dream.
If he does not know
this now, he has forgotten it since he wrote his letter to me three months
ago, and he can refresh his memory by reading the testimony of some of his
eminent banker associates before the House committee last winter.
Mr. Vanderlip has thus
live, while his opponents are
Senate Committee
the House bill in several important
them "uniform,
among
taken is very great, for if
currency legislation be now defeated, who knows when we shall obtain it ,
and what the consequences of the disappointment the country will then ex_
perience may prove to be.
Students of financial history know that the
enactment of national bank legislation of the early sixties, which has
helped so greatly in saving the very life of the nation, was attacked and
fought even more bitterly than the present just as important measure, but
Salmon P. Chase, its originator, won the day, and his name continues to
The responsibility
Vanderlip's fourteen-year board?
Vanderlip in his testimony before the
that Mr.
note
differentiated his bill from
derlip proposes, by the people at large,
which is now in sight and almost
of Mr.
case
mistaken, motives.
think, however, I am justified in saying that a considerable part
financial and commercial community of New York, and of the East
high, even if
I
come
winds, proposing a
the Chamber
It is, however,
a
of
tration
of it is that only last
Currency Committee,
which they are placed/'
financial and political history furnish ample illus¬
the danger, the Ineffectiveness, the inadequacy of politically
Asserting that "both
Sunday:
The strangest part
the power* granted to the
Board, but to the hands in
Federal Reserve
other quarters.
•community and Is far from
1257
CHRONICLE
after for certain gentlemen to get
control of it for certain purposes than
would
possible under the proposed regional bank system.
be
But however much of
merit there may be in Mr.
is perfectly patent that serious
for
the
House
bill
legislation for the
would
reason
Vanderlip's scheme, it
consideration of it at this time as a substitute
an indefinite postponement of currency
mean
that the platform on
ministration and the Sixty-third
which the Democratic^, Ad¬
Congress were elected distinctly
stated:
1258
THE
"We. oppose the so-called Aldrich bill
or
CHRONICLE
central
the establishment of a
bank,"
the
To undertake
to~deliberately repudiate this explicit declaration of the
Baltimore platform would involve the Democratic
Party in serious conse'
quences and would render
legislation at
time
any
In^my judgment, it would be simply futile
danger to all intents
further need for
structed
If
exceedingly remote the probability of currency
soon.
[Vol.
With Presidential
appointees in control for at least
we
limit
and purposes
a
fourteen-year service,
is eliminated.
plank that has always marred
a
xcvii.
Hence,
we
have
otherwise well
an
platform.
amend Mr.
no
con¬
*
,
Vanderlip's proposal by life appointments, with
an age
for
attempt anything of the kind.
eligibility, as well as expirations of service, we would, wholly
eliminate any possibility of political influence and
"money trust" control,
In
to
.
and would put the Court of
Finance in its proper
to
answer
the^abovejcriticisms of Representative Glass,
in
Mr. Vanderlip on Monday made the
following statement
his own defence:
7
the|Ohairman of the House Committee
Currency feels that I have'drawn
egislation.
If
plan for
a
Government-controlled central bank is
a
fusing factor in the political^situation, the
members of
are
the?Senate2Committee
principles which they firmly held..
a
same
Committee,"not with.me.
sound economically
andjmeet
can to
I have
of
Government-con¬
a
rate, originated with members
Nothing
be further from
can
confused/he legislative situation.
co-operative and to do what I
responsible for it
are
plan which would embody the
The principle
trolled bank, giving to all borrowers the
purpose than to
who
men
con¬
a
Banking and Currency.
on
been merely acting at their request to draft
of the Senate
Banking and
on
a'red herring across the path Of currency
my
My whole aim is to be
help work out
plan that will be both
a
political tenet that the dominant party
every
holds.
•
plane with
a
Alexander J. Hemphill, President of the Guaranty Trust
.
I regret that
place—on
the Supreme Court.
Co. of N. Y., is also
quoted as an advocate of Mr. Vander¬
lip's
proposal.
The
following remarks
it
concerning
are
credited to him in the New York "Tribune":
I
think it is
ideal
an
plan, inasmuch
would place our currency
it
as
system
on a sound, scientific basis, instead of a makeshift
system.
Undue
depressions and expansions would be prevented and an effective mobiliza¬
tion of
would not allow any recurrence of such a
our reserves
place in
1907.
Mr.
Vanderlip's plan would also provide
acceptance market for re-discounting, which
panic
took
as
satisfactory
a
The
provision relative to the United States Government 2 per cent bonds is
excellent, because the time has passed when the bonds can be kept at par
without artificial
we
have always needed.
means.
,
I believe
no one
sirable than I do, and nothing can be further from
my wish than to prevent
I believe that the bill that has passed the House can be
such legislation.
amended
to become
so as
workable plan.
a
It is not workable now, and I
think not, a single member of the Senate Committee believes that it is work¬
I disclaim aboslutely,
however, coming into the situation at this
able.
time with any intention jo
blocking the
course
of legislation.
When I first appeared before the Senate
Banking and Currency Com-,
mittee, I
requested by that Committee to prepare
was
amendments to the House bill
I
devoted
amendments with the
myself
reason
I
central
well
the
to
as
task
to make it
and
bank
I
was
the
suggested
could
be
not a
or
worked
out.
completed my recommendations for amendments
suggestions that resulted.
plan fqr
a
Govern¬
to the House
I went to
In
no sense
a
result
Washington without the
to the
members of the committee the result of the work
which they had asked me
to do.
The committee preferred that I should
go before it and elucidate
the plan.
That is what I have done, and I am not
responsible for the fact
that the plan seemed to appeal to the
intellectual
judgment of
it, although in
ment found barriers in the way of
some cases
every member
their political judg¬
accepting it.
The suggestion that I have been inconsistent has
not been borne out
by
I explained to the committee that
up to the time that I had un¬
dertaken to prepare this plan I had
always felt that no central bank could
be organized under the control of
public officers, because a variation in
rates for different sections of the
country would be necessary, and the po¬
litical pressure upon a public board from a
the facts.
community where
charged would be such that
a
higher rate
public board could successfully resist
no
such pressure and give to the bank sound economic
administration.
;
.
In
rowings above the 30 % minimum
a progressively higher discount
rate should
That idea solved the objection that I had
always felt must
charged.
exist toward
for
a
bank
a
central bank managed by public officers.
that will re-discount for' every other bank
charging the
It offers
on an
same rate under similar^conditions to all.
The request that the members of the committee made
of
pare
a
exact
plan
a
equality
j
.
some
other kind of control.
me was to pre¬
My work
that plan
on
has been strictly in co-operation with the
committee, and the result has been
my best effort to meet the views of those members who asked
me
to pre¬
pare
such
plan.
a
For many years I have
consistently held that
a
central
institution
was
the only ideal solution, and at the first
hearing gave that opinion to the
committee as emphatically as I knew how.
In every discussion I have
had
of the House measure I have tried to
emphasize that I believe the gravest
danger in it
the plan for the Government to issue fiat
money and loan
to a bank.
All the safeguards thrown about such
loans iu the House
bill in the way of segregated assets and
stipulated reserves
V
.;
was
safeguards thrown about the borrower
were
to be issued without
gold
cover
of
are'merely
these
fiat
of any sort.
.notes.
The
Government
The
notes
obligation of the
was to be complete, both as the creator
of the notes and
to
redeem them, and I strongly feel that any measure which
starts the Govern¬
ment on the issue of fiat money to loan to a
bank, no matter how good
security the first law
may
Every experiment that
can
provide the bank shall give, is a
dangerous step.
be cited in history is a confirmation of
that
If the Government issues fiat money to loan to
will be but
a
a
group of regional
step to issue similar money to be disposed of in
way.
V
'
7
•
I feel that the plan I have suggested
..
a
view'.
banks, it
less
secure
who feel that the Government should control the
supply of currency,
I have given the Senate Committee my best
judgment on how to amend
the House bill and then on how to meet certain
fixed views of
members
of the committee that there should be an
entirely
The latter
Government-controlled
plan
am
the Glass-
Hepburn, Chairman of the Board of the Chase National
■
.•
I have read the plan only cursorily, and it seems to
possess merit.
hardly necessary to ask for
practically all of them
an
no
It Is
expression of opinion from New Uork bankers
are
on
record in many speeches and interviews
favoring the principal features of the Vanderlip plan.
as
There
to be
seems
doubt that its main features would be accepted by the New York banks.
While
the
Committee
cluded
hearings
October 25*
on
seems to me the wiser, but its
presentation
opposed to legislation or that I am
trying to
confuse the political situation.
Neither view is true.
I desire
and I want to be helpful to the men charged with the
grave
of crystallizing sound judgment into
legislative enactment.
legislation
responsibility
the
on
bill by the Senate
currency
Banking and Currency
on
formally
were
Professor Jeremiah W.
of New
York,
given
Jenks, of the University of the City
Monday.
on
con¬
in accordance with the decision of
several weeks ago, a hearing behind closed doors was
Professor Jenks, in
to
response
requests when he was on the stand last week, returned to
present
plan hp had drawn for the establishment of
a
a
Government-controlled central bank to dominate the finan¬
cial system.
At Monday's, session, it is stated, he indorsed
the central bank plan proposed last week by Mr.
and declared that that
an
ideal
Professor Jenks'
central
plan, in
was more
proposal.
own,
a
under the control and management
officials, with branches established in various
With this organization to take the
parts of the country.
place of the 12 regional
bill,
the Owen-Glass
The
Vanderlip
of its details,
plan contemplates the establishment of
Federal bank,
of Government
many
scheme than this, his
currency
banks proposed in the Ad¬
reserve
the Jenks plan is said to follow closely
measure
Committee
in the working details.
discussed
with
,
witness
the
possible
a
amendment which would maintain the regional reserve
bank
form
proposed by the Administration bill, but which would
eliminate the control of the regional institutions by the
Such
banks.
a
plan would insure Government control of
the entire system, as contemplated in a central
and would maintain the local character of the
which is advanced
as an
bank plan,
institutions,
argument for retaining the regional
The Committee is also said to have discussed. in¬
plan.
formally the opening of the stock of the regional banks to
public subscription,
providing for capitalization of the
or
banks by
the Government, in order to obviate forcing the
banks
subscribe.
to
.
The
chief
and
Saturday last
last
"Journal of
suggested by Mr.
the
enter
the
to the strict
the
news
"
.
Committee
on
Editor of the New
Many amendments to the bill
were
Willis, and in particular recommended
pending bill be amended
could not open
not
before
Commerce", and expert for the House
Banking Committee.
that
witness
H. Parker Willis,
was
meets
those
central bank.
"Mr.
that
over
Bank, according to the "Tribune", in expressing his views
.said:
'.'"v"'
;
;:
:'
■'
:
'
>'
York
•
not' only sound
economic
j udgment in making the notes the obligation of the bank, but as
the bank is
a wholly Government-managed
institution, it also meets the views of
does not indicate that I
stated
Taking the plan proposed by Mr. Vanderlip as
whole, all the provisions of it are better."
A. Barton
ministration
'
plan for a, central bank under Governmental control, not
whether
I would recommend
have
to
great improvement
Owen Bill.
a
nearly
endeavoring to develop the plan, the idea was evolved of
charging
each bank the minimum discount rate
up to 3 )% of the total amount that
the bank might be authorized to discount at the
central bank, and on bor¬
be
said
a
bill, I set
did I vol¬
slightest intention of going before the committee, but only to hand
was
is
Immediately after
I engaged in this solely as
of the request made by members of the
committee.*
of the committee that heard
Nash, Chairman of the Board of the Corn
Bank,
Vanderlip's plan is
as
also asked by three Senators to
whether
as to
to work in answer to the second
request.
unteer the
Exchange
practical working
a
submitted
for each amendment to the committee.
mind with the problem
ment-controlled
complete set of
A.
.
as
At the time of the first
hearing
engage my
a
to make it conform to what I believed
so as
would be sound economic lines,
measure.
v
William
regards sound currency and banking legislation as more de¬
so
that national banks
savings departments; that State banks could
new
currency
system unless they conformed
requirements made of national banks; that the
Federal Reserve Board contain
no
Cabinet officer but the
Secretary of the Treasury, and that the commission that
organizes the
new
banking system shall have the
to
power
♦
determine the number of regional reserve banks to be estab¬
John Harsen Rhoades of Rhoades &
favor the
tained in
Vanderlip plan.
a
telegraphic
Co., is
one
of those who
His indorsement of it
message
was
con¬
which he sent to President
Wilson last week, as follows:
Vanderlip's proposal for
a
central bank.
unanimously indorse
In it lies the,true solution of
Mr
our
banking and currency problem.
Party pledges should be kept, but the
plank in the Democratic platform opposing a central bank was placed there
to
support^ the views of those who feared so-called "money trust", control.
,
Executive consideration of the bill
Committee
on
Tuesday.
the Vanderlip plan,
I earnestly hope that the Administration will
,
lished.
counts
a
Government-owned
bill,
was
not
the first day's discussion developed,
say,
six
Senators
7
,
undertaken by
the
While the proposal to substitute
providing for
tral bank for the Administration
vote,
was
for
the
cen¬
put to a
test
newspaper
ac¬
Government-controUed
system and six for the regional system.
The five Republi-
THE
1913.]
Nov. 1
Nelson,
Crawford and Bristow—argued for the central bank scheme,
it is stated, and were joined by Senator Hitchcock, one of the
Democrats who has opposed the-Administration bill in many
of its provisions.
Senators Reed and 0'Gorman, who had
expressed themselves in favor of the central bank plan,
fell into line with the other Democrats for the Administra¬
tion plan.
On Wednesday it was announced that the Com¬
mittee had temporarily abandoned all efforts to dispose of the
central bank plan, on which there is an even division, and
that it would proceed to develop both the regional and central
bank plans along parallel lines until each is perfected as far
the Committee can agree;
a vote will then be taken on the
two plans.
The first of the changes to be made in the
Administration bill by the Senate Committee was adopted
on
cans
the
committee—Senators Weeks, McLean,
Harriman, Frederic A.
Harris Weinstock, S. Thurston Ballard,
Delano,
John B.
O'Connell and Austin B. Garretson. At its
initial meeting the Commission was addressed by Samuel
Gompers, President of the American Federation of Labor;
Frank Morrison, Secretary of the Federation and Julius
F. Cohen.
The Commission decided to apportion its work
into four general divisions as follows:
Lennon, James
Public
including Government bureaus
agencies,
and departments and
agencies, including trade unions and employers'
associations; skilled and semi-skilled laborers, including "unrecognized"
labor organizations and all unorganized labor; and the legal and legislative
machinery, under which head will come a study of the effect of various
laws, court decisions and legislative enactments upon labor conditions.
State labor
the complexion of the pro¬
At that session
Wednesday.
posed Federal Reserve Board was materially
was decided to increase the membership of the
stated, are Mrs. J. Borden
tofore
as
on
1259
CHRONICLE
altered. It
bureaus; private
\
generally.
The Clapp
Bill, designed to
Presidential and
in
Senate on Oct.
18.
limit the use of campaign funds
national elections, was passed by the
The bill prohibits the carrying or send¬
Board from ing of funds from one State to another by persons, firms,
corporations, associations or committees, or an officer or
seven, as fixed in the House bill, to nine, and to eliminate
agent thereof, to be used in the election of President, Vicethe Secretary of Agriculture and the Comptroller of the Cur¬
rency from service on the Board.
Another amendment is President, Presidential Electors or Congressmen. It is
stated that the purpose of the bill is to prevent the financing
pending to take off the Board the Secretary of the Treasury
and to remove all ex-officio members.
The Committee also of campaigns in a secret manner by organizations or indi¬
viduals who do not come within the provisions of the pres¬
decided to arrange the terms so that one member's service "
would expire each year.
This provision is designed to meet ent campaign-publicity legislation. The proposed law con¬
tains the following proviso:
*
the demand that the service of members of the Board be
Provided, That this Act shall not apply to the payment of bills incurred
given continuity to enable them to profit by their experiences by national or State campaign committee in the fitting out and mainte¬
of speaking campaigns by a candidate for the office of President or
on the Board.
It was agreed to eliminate the Organization
Vice-President where a train is fitted out and maintained by the National
Committee proposed by the House bill and to have the Fed¬
State Committee; nor shall it include the actual expenses of speakers
eral Reserve Board appointed immediately, with power to
sent out by a National or State Committee, the expenses of literature
distributed by a National Committee, advertisements marked as suclr
organize and place in operation any system devised, whether
paid for by a National Committee required by law to report; but the mem¬
a
central bank plan or a regional bank scheme is finally
bers of the committee shall be responsible and penalized as herein provided
,
a
nance
or
agreed upon.
the two
number
if the
Wednesday's session, as well as those of
succeeding days, was devoted to discussion of the
of regional banks to be created by the bill if the
A large
—-—*
twelve as possible, but other
six banks. Discussion also
centered, both Thursday and yesterday, on a proposal offered
by Senator Reed for the creation of a Government-controlled
bank which would act as a clearing house, a reserve centre
and a bank of issue for regional reserve banks to be estab¬
lished in each of the 47 reserve cities.
five
or
consider the wage de¬
trainmen of the Eastern rail¬
roads has been given until Nov. 10 to file its report.
The
forty-five days within which, under the new law, an award
must be rendered, expired on Oct. 26, and the extension of
time was granted by agreement of counsel on behalf of the
railroad managers and the employees.
:
conductors and
mands of the
keep the number as near
members favored four,
'
r—-♦
■-
Assistant Treasurer of the United
States at New York, died at his home at Herkimer, N. Y.,
on Oct. 25.
Mr. Millington had been appointed to the post
Charles S. Millington,
by President Taft in
bill now before the
American National Bank of San Francisco in its
With regard to
Senate, the
the proposed currency
Financial Letter of Oct.
25 says:'
furnish
in com¬
pelling the newspapers to furnish capital for a Government newspaper
organized to dompete with other newspapers; d? In compelling the railroads
There is
more
no
compelling the banks to
banking institution than there would be
logic or justice in
capital for a Government
to
furnish capital and
traffic for a Government
railroad.
Suggestions to
these unwelcome provisions are heard
by Congress with respectful tolerance but no change of attitude.
Yet the
bankers have not asked for control of the reserve banks, but only minority
representation on the Board; and that subscriptions to the reserve bank
amend the Act so as
stock be
to eliminate
permissive, not compulsory.
Unless the
•
the new principle of Government
of the bill, it is time business men should be
If private capital in the form of bank shares can be
business public assents to
forth by the advocates
set
reported as required by law.
Arbitration Board named to
The
regional plan is maintained, but no conclusion was reached.
The Administration Supporters in the Committee endeavored
to
contribution be not
part of
heard in protest.
commandeered for
Governmental purposes, against the consent
of the owner
other form be treated in like manner?
It is doubtful if the Socialistic tendencies of the times have progressed
so far as to make this prospect attractive to the majority of citizens.
No
one doubts that the Administration
is actuated by an earnest desire to
benefit the commercial interests of the country by framing a measure that
will Improve and enlarge credit facilities.
But would not success be
better assured by making the plan attractive to bankers and thus securing
their friendly co-operation, rather than by attempting to drive them, at
the end of a club, into an unwilling participation?
why may not
He had been in ill health for
May 1911.
six months, and for that reason had recently ten¬
dered his resignation.
Martin Vogel had been named to suc¬
ceed him and was to have taken the oath of office yesterday
the past
(Friday); with Mr.
entered upon
Millington's death, however, he formally
Monday of this week (Oct.
his new duties on
nomination was continued by the Senate
President of the Herkimer
Bank and of the First National Bank of Dolgeville,
Mr. Vogel's
27)
.
on
Oct. 18.
National
N. Y.
Mr. Millington was
In 1908 he was
James S. Sherman,
ber of the Committee
Committee
on
Claims.
York law firm of
elected to Congress as successor
to
of office was a mem¬
on Banking and Currency and the
Mr. Vogel is a member of the New
and during his term
Vogel & Vogel.
-4
private capital in any
Announcement has been
made by Superintendent
George
Banking Department of the
appointment of Jeremiah T. Mahoney, Commissioner of
Accounts of New York City, as a member o£ the Van Tuyl
Commission appointed under a law passed by the last Legis¬
lature to revise the State Banking Law.
Mr. Mahoney suc¬
ceeds to the place on the Commission made vacant by the
The report of the special committee of the New York
resignation of Hon. Henry Morgenthau, who was appointed
Clearing-House Association on the currency bill will not by President Wilson as Ambassador to Turkey. Mr. Ma¬
be forthcoming until the bill has been reported by the Senate
honey conducted the public investigation made under the
C. Van
Tuyl Jr., of the State
♦
'Committee.
Announcement
Frank A. Vanderlip,
the following statement
"In view of the fact
to
this effect was made by
Chairman of the special
committee, in
given out on Tuesday:
that substantial changes in the
pending banking and
the Senate Committee, the New York
Clearing-House committee appointed to analyze the bill has decided to
wait for the Senate bill to be reported before making its report to the
Clearing-House Association."
currency
bill are being considered by
4.
The
•
been
new
Commission
on
which has
passed last year to
Industrial Relations,
delegated under an Act of Congress
of labor, held its first
Frank P. Walsh was
Chairman of the Commission and Prof.
inquire into the general conditions
meeting in Washington on Oct. 23.
made permanent
J.
Madison,' Wis., was chosen temporary
The other members of the Commission, as here¬
R. Commons of
Secretary.
direction of
Superintendent Van Tuyl two years ago into
Borough Bank of Brooklyn, and has
the affairs of the failed
of Banks in the
He is a member of the law
firm of Phillips, Mahoney & Wagner, the junior
lember of
which is the Lieutenant-Governor of the State, Hon. Robert
Wagner.
The work of the Revision Commission is moving
along at a rapid pace, and it is expected that a comprehensive
revision of the law will be ready to submit for the considera¬
been the attorney
for the Superintendent
liquidation of that institution.
tion of the
Legislature in February next.
♦
Beginning Jan. 11 next, the
Seamen's Bank for Savings,
this
deposits
to
deposits
city, will discontinue the practice of allowing
draw interest for the ensuing quarter when such
1260
are
THE
not entered
CHRONICLE
the quarter day.
The institution is the
first among the New York
savings banks to thus disturb the
custom
of
the first of
on
on
at the
Jan.
11
so
not to affect
as
beginning of the
dential Insurance
changed from
was
a
dismissed by the
Oct. 24.
on
The
the Act under which the company is to
stock to
a
mutual company was
upheld
at the time the
appraisers were named
(July 9) by him:
The appeal was entered on behalf of the
minority stockholders, who are
opposed to the mutualizaIn dismissing the appeal, Justice Garri¬
son of the
Court of Errors and
Appeals holds, according to
the Newark
4'News," that the action
proceedings.
of the
Chancellor, which
merely that of an agent designated
by the Legislature,
subject to review only by a writ of certiorari in
was
Julius
Pirnitzer,
President
RobertfM.%Thompson,
against whom a new indict¬
handed down in the cotton
pool case by the Fed¬
eral grand
jury in July, to amend flaws in that of
Aug. 4 1910,
pleaded not guilty^on Oct. 16 and
was released in
$2,000 bail.
Eugene G. Scales, Frank B.
Hayne and William
were
entered
also named
pleas of
not
as
defendants in the
guilty
on
Oct. 20 and
*•
•:
the
"
C.
Brown,
indictment
new
were
leased in bail of
$2,000 each.
One of
likewise
,
re¬
•
announcements
which
has
commanded
par¬
ticular attention this
week is that in which
notification has
been given of the
termination by the Bankers Trust Com¬
pany of this city of the
voting trust agreement under which
coiitrol of the
information
institution
was
was
vested in
three
trustees.
This
conveyed to the stockholders in the follow¬
ing notice, issued under the
signatures of the trustees,
namelv,
Henry P. Davison, George B. Case and
Daniel G. Reid:
To holders of
voting trust certificates of shares of
stock of
Trust Company, issued
only
the Bankers
pursuant to
voting trust agreement dated March 9
The undersigned
voting trustees, under the
above-mentioned agree¬
ment, do hereby exercise their
discretion in terminating said
and do
agreement,
hereby declare that said
agreement shall terminate
and come to an
end in accordance
with its provisions
on Oct. 27
1913.
knowledge of
the existence of the
voting trust in the
case of both the
Bankers Trust Co. and the
Guaranty Trust
Co. first became
general last
December, at the time of the
so-called "money trust"
investigation.
The existence of
these trusts was disclosed
during the testimony of Walter
E. Frew, President of
the Corn
Exchange Bank and a di¬
rector of the Bankers
Trust Co.
The agreement in the
case
of
the Bankers Trust
Qo. Was originally dated March 18
1903; it was renewed in March
1908 for another term of
years, and in March 1912 a third
extension of the agreement
was signed.
Under the original
voting trust arrangement,
George W. Perkins, then of J. P.
Morgan & Co., was one of
the trustees, but he was
later replaced
by Mr. Case.
The
agreement was printed in our
issue of Dec. 14 1912.
The
voting trusts of the Bankers Trust and
the
companies
were
Guaranty Trust
again brought
up for discussion by the Con¬
committee when H. P.
Davison of
the firm of J. P.
Morgan & Co. was under
examination in
January last. Mr. Davison then stated that
the creation of
the voting trust in the
Bankers Trust
Company at the,time
of the institution's
gressional
investigating
organization, in 1903, was designed "to
preclude the purchase outright of the
control of that
company
by individuals who were at that time
active in New
York,
whose credit and
responsibility were somewhat under
tion."
He furthermore said:
did, the majority of the
we
ques¬
"When
stock of the
we
purchased,
Guaranty
purchased it with the idea of
merging the
Co. and the Bankers
as
we
Trust Co.
Guaranty Trust
Trust Co., and our
experience with the
voting trust in the Bankers Trust Co. had
been so satis¬
factory that it suggested itself to us that it
might be well
to put that stock under the
voting trust, and when the
merger
was
son
effected it could be
more
simply handled."
added:
So far
to either
as
my present
one
judgment is concerned, I
of those trust
companies in the
Mr.
Davi¬
prominently
connected
increasing business
appointed
Joseph
particular
Assistant
Hungarian
Government
In order to handle its
Secretary
•
The conviction of
William
this
city
J.
Cummins
charges of
on
funds of the Carnegie Trust Co. of
upheld by the Court of Appeals at Albany on
At the
request of his counsel a stay of one week in
was
Oct. 21.
the Tombs
was
granted on the 27th by Justice Gavegan,
pending the action of the United States Supreme Court at
Washington, to which application had been made for a writ
of error; the
petition for the review of the conviction by theSupreme Court was denied by Associate Justice
Hughes on
Set. 28. Justice Lurton of the U. S.
Supreme Court like¬
wise refused (on the
29th) a plea for a review. Cummins was
convicted in November 1911 and his conviction
was
affirmed
by the Appellate Division of the New York Supreme Court
in November 1912; part of the
money which he was accused
of
diverting to other
purposes was to
have been used, it
was
alleged, in the purchase of the stock of the Nineteenth Ward
and Twelfth Ward banks
sentenced to
and
an
by the Carnegie Trust Co.
He was
indeterminate term of not less than four years
eight months and
months.
not more than
eight
years
and eight
'
#
.
*
;
Clifford Hubbell, Cashier of the Marine National Bank of
Buffalo, N. Y.,
this week elected President of the
was
tral National Bank of Buffalo.,
in the latter office,
Hubbell's honor.
Mr. Hubbell's
George F. Rand,
cheon given at the Hotel
Iroquois
Mr. Rand
the host at
was
on
Cen¬
predecessor*
the 28th ult.
a
lun¬
in Mr.
resigns from the presidency of
the Central National in order to devote his entire attention
to the affairs of the two banks which
are
definitely that
I will.
Thomas A.
Gardiner, of the banking and Stock
Exchange
Plympton, Gardiner & Co. died the past week
at
.
shortly to be merged
—the Marine
Colu
National, of which he is Vice-President, and the
National, of which he is President.
Besides the
bia
election of Norman P.
National to
been
take Mr.
elected
a
Clement
Hubbell's
as
Cashier of
the Marine
place, Henry J. Auer has
Vice-President of
the
Marine
and
P., W.
Darby has been made Assistant Cashier.
Mr. Auer has been
connected with the Marine for
thirty
Clement, the
the
Cashier, is
new
more
a son
than
Mr.
years.
of the late President oF
bankr Stephen M. Clement, and had heretofore, like
an Assistant Cashier.
Mr. Darby had been
Mr. Auer, been
manager
Some
growth
of the safe deposit department. "
interesting
are
given in
facts
a
concerning
little booklet which
,
Boston's
was
.
'
financial
distributed by
the Bank Officers' Association of the
City of Boston, convey¬
ing their greetings to the members of the American Bankers'
Association
at
the
convention recently
Twenty-five
years ago,
banks
trust
and
or
held in that city.
1888, Boston had eighty-two
in
companies
with
combined
resources
of"
$360,162,441, while at the present time (1913) she has only
sixty-one such institutions, but with resources of $953,682,—
101,
being
a
net
increase of $593,579,660.
The
greatest
growth has apparently been experienced by the trust com¬
panies, which during the 25 years have steadily advanced in
favor, their combined capital during the period mentioned
having increased from $3,900,000 to $17,200,000, while their*
aggregate resources have risen from $41,370,597 to
$323,-
advantage
*
the
the board of the trust
company recently
S.
Cubberly Assistant Treasurer and
Ernest
Ballay,
with
many years.
687,755.
see no
voting trust, and I believe
that
upon mature consideration I will
recommend, so far as my vote
goes, that
those two voting trusts be
dissolved; but I do not say
firm of
Trust
the "Lusitania""
on
new
diplomatic service for
1912c
The
Transatlantic
trust
company organized in this city since the finan¬
cial disturbances of
1907.
Mr. Pirnitzer, before
coming to
this
country, was a well-known banker in
Budapest and was
.;'v
ment was
wio
the
United States two
years ago to organize the Transatlantic
Trust Co. which
began business in lay 1912 and has met
with unusual success.
The Transatlantic Trust Co. is the
diverting $140,000 of the
Col.
of
Tuesday for a vacation and business trip to
Hungary.
This is Mr.
Pirnitzer's first trip abroad since he came to the
.
.
and other
Mamaroneck, N. Y.
next
the Su¬
Court.
at
was
Co., 67-69 William St., this
city, will sail
by Chancellor Walker
preme
His home
♦
prospective
to value the stock of the Pru¬
Company of America,
constitutionality of
is
clubs.
year.
Court of Errors and
Appeals at Trenton
tion
University, Racquet, Brook, Garden City Golf
of the
An appeal from the order of
Chancellor Walker at Trenton,
appointing three appraisers
be
Mr. Gardiner was in his
forty-third
He had been
prominent in banking and investment
circles for the
past twenty years.
He was a member of the
change will be inaugurated
by the Seamen's
depositors
as
xcvii.
year.
permitting deposits made within ten days after
January and the first of July, and within three days
after the first of
April and October, to draw interest
beginning of these months. The
[Vol.
Saranac Lake, N. Y.
♦—
An unwarranted
delphia
was
run on
witnessed
this
morning, but by Tuesday
strate
its
the
Kensington Trust Co.
of Phila¬
week;
Monday
noon
it started
had spent itself.
solvency the institution remained
o'clock Monday night,
on
To demon¬
open
meeting all the demands made
until 0*
upon
it-
-
Not. 1
displayed by other institu¬
tions of the city, the Union National assisting it to the extent
of $500,000
and the Philadelphia National lending it
$250,000 to meet the extraordinary demands.
Besides these
sums the company held cash in its own vaults to the amount
of $200,000.
In a statement concerning the run, issued on
Monday, President George S. Cox said:
Confidence in the company was
about that.
call for the
stitution
following reassuring statement
made by State
on
Soon the rumor was
and the
who presented a check improp¬
spread through the mills and the schools that
closed, and that we could not pay.
funds—ready cash—on hand to meet every demand.
ample
had started, two of our depositors placed $80,000 to
their accounts, and one of our directors sent $10,000, promising as much
more as was needed.
All told, our deposits up to 3 o'clock were $180,000.
The bank will be opened at 9 o'clock Tuesday morning and will be pleased
To-day, after the run
to meet its
depositors.
of the disturbance is said to
Another contributing cause
have been
gheny
a
known
a
bank in Alle¬
The Kensington Trust is locally
Allegheny Avenue Bank," and unthinking
"the
as
that
report in a morning paper
in distress.
was
depositors connected the two; this and the other rumors
served to precipitate the run;
The company has a capital of
its statement of
$200,000;
$1,958,955.
■
Oct. 22 reported deposits of
-.'..-v.;
,
IPnuctimjl Co nuuctcial EugIisTr|£ettrs
[From Our Own
1913.
apprehensive feeling in most of the great Euro¬
pean capitals, partly political and partly financial.
The
political apprehensions are passing away. M. Sazonoff, the
Russian Foreign Minister, is believed to have had very satis¬
factory interviews with representatives of the French and
German Governments; Austria-Hungary has succeeded in
compelling Servia to withdraw its troops from Albania, and
the French Government has plainly told the French banks
that it will not allow loans to be made to the Balkan States
until the latter give full assurance that there will not be any
renewal of fighting.
There is every reason, then, to believe
that we are entering upon a period of repose which will last
There is an
at all events
The
of Milwaukee was
Savings & Trust Co.
Citizens'
Correspondent.!
London, Saturday, Oct. 25
for
a year or
♦
The
examiners of this department,
tions and
the trust company was
We have
has been duly examined by
report of Sept. 4 is on file in this office.
From these examina¬
reports this bank is shown to be in a sound, healthy and growing
condition and absolutely solvent, with resources of over $6,000,000, loans,
good and well secured, and the proper legal reserve maintained,
requirements of the law fully complied with.
and the called
the instructions
money.
the 8th:
This institution
She was told to have the error corrected, but misunderstood
and went to the sidewalk crying that she could not get her
erly signed.
idle remark of a
regarding the company
Bank Commissioner Thomas J. Smith
The
was
Trust Co. is
his or her money.
started by a foreign woman
Oct. 6, supposedly through an
To meet the demands upon it the in¬
stitution made use of six extra tellers and kept open all day
and night on the 7th; by the 8th the run had subsided.
enough to withdraw
The run was
on
employee.
factory
absolutely solvent. Let there be no mistake
We can pay every cent of indebtedness any time there is a
money.
We stand ready to take care of any depositor foolish
The Kensington
1361
CHRONICLE
THE
1913.]
money
two.
apprehensions
better grounded, for the
are
heaped up for a whole year are not yet
is both scarce and dear all over Europe.
hoards that have been
Banking Commissioner on the 2d ult. let loose, and money
According to the
capital of $300,000, and in its Aug. 13s /Moreover, the outlook in Brazil is bad.
best information received in London the coffee trees are not
report showed deposits of $405,260.
According to a state¬
flowering this year.
Therefore, it is feared that the -new
ment of the Commissioner, A. E. Kuolt, the company had
crop will be excessively short, and the credit of Brazil is al¬
been under particular observation soon after the Banking
ready very low.
Still, Brazil, if its Government is wisely
Department was given supervision over the trust companies of directed, can tide over its difficulties. Mexico, likewise-, is
causing anxiety.
It is feared that the Government is acting
the State in 1909, when unbusinesslike practices and a con¬
dition far from satisfactory were revealed,
We quote his so very rashly that it will not be able to meet its engagements
in Europe.
These things, coming after a time of war and
statement below:
crisis, are having a bad effect upon the bourses and the stock
The
closed by the State
The institution had a
closing of the Citizens'
Saving & Trust Co. of Milwaukee has been
deliberation. In closing its doors my
the interests of depositors
determined upon by me after mature
intent as
Commissioner of Banking is to conserve
from loss if possible.
The assets of the trust company are,
the law, primarily liable, and will be used for the payment of deposi¬
and protect them
under
The trust funds are
tors.
secured by a deposit of $101,000 in
all Obligations of
The holders of partici¬
the trust company as trustee.
pating certificates will have to look to specific
certificates participate for their redemption.
cates are not a
approved
This $101,000 will more than cover
securities with the State Treasurer.
investments in which such
These participating certifi¬
liability of the trust company.
properly placed under the supervision
in 1909. Examinations
of the Citizens' Savings & Trust Co. early revealed unbusinesslike prac¬
tices and a condition far from satisfactory.
Soon after I assumed the
duties of Commissioner of Banking I had Mr. A. B. Geilfuss, a veteran
banker, and at that time banking examiner, elected to the office of Viceresident of the Citizens' Savings & Trust Co.
He was my representative,
In full charge of the affairs of the trust company.
It was during his in¬
cumbency that old deals cropped up revealing false entries, crookedness,
diversion of funds, &c., committed by former officials of this trust company.
In the year and a half that Mr. Geilfuss has been in charge as Vice-President
we
have segregated $428,000 assets of securities for the protection of
$350,000 deposits, deeming it my duty to protect first of all the small
savings depositors.
However, in liquidating, there may be some shrinkage,
but at present it would appear that depositors, if they will exercise patience,
can probably be paid in full.
About $250,000 of valuable assets was re¬
covered for their benefit, and the amount of participating certificates has
been reduced about one-third, or approximately $320,000; yet so many
Trust
companies of this State were
of the State Banking
Department by a law enacted
proofs of manipulated entries kept coming to light that I deem it safest for
all concerned to Close up the Citizens' Savings & Trust Co. under the au¬
thority of Section 2022 of
the statutes.
The business of this trust company
direction, and I have placed A. B; Geilfuss in
will be wound up under my
charge of its affairs as
Special Deputy Commissioner of
the death of President T. J.
"Since
Geilfuss had been the nominal head of
Herbert E. Johnson, National Bank
gan,
Banking.
Pereles in June, Mr.
the institution.
Examiner for Michi¬
has been elected President of the Kalamazoo
City Sav¬
Mr. Johnson succeeds
Stephen B. Monroe, who resigned on Oct. 6; Alfred B.
ings
Mayor of Kalamazoo,
had
temporarily served
pending the election of the new President.
Announcement that the bank had charged off all notes and
the
office
made in
which the "Detroit Free Press"
obligations of the failed Michigan Buggy Co. was
the
and downs in the New York stock market, like¬
puzzling European observers.
They fear that
there must be something wrong in American affairs, else
they would not see such rapid fluctuations.
They do not
allow sufficiently for the effect of the Tariff Act, of the
Banking Bill, and the like.
A good deal, in short, of the un¬
easiness felt is begotten of pure ignorance of America and
things American.
But all the same, it helps to increase
The ups
wise,
are
the uneasiness;
following statement,
states
was
authorized at
a
meeting of the directors on
the
past have been founding banks. Banking
backward in India, and new banks are much wanted. •>
But these particular capitalists were not apparently skilled
bankers,
and
did not always manage their banking
business with judgment.
Apparently, they gave too much
accommodation to speculators, and as there had been a
rather wild speculation in the shares of companies, such, for
example, as the Bombay cotton companies, this was un¬
fortunate.
The failures are the result.
But the banks them¬
selves were small concerns.
They did not employ very large
funds, and the failures will not have much effect on the real
business of India.
'
The India Council offered for tender on Wednesday 120
lacs of its bills and telegraphic transfers and the applications
exceeded 1,393 lacs at prices ranging from Is. 4 l-16d. to
Is. 4^d. per rupee.
Applicants for bills at Is. 4 l-16d.
and for telegraphic transfers at ls*» 4 3-32d. were allotted
8% and above in full..
The following returns show the position of the Bank of
England, the Bank rate of discount, the price of consols,
&c., as compared with the last four years:
some
few years
is very
.
1913.
.
other
off all notes
capital stock of
is in first-class hands, and after charging
The Institution
and
Oct. 24.
£
£
Circulation
28,674,890
Public
Other deposits
5,951,439
41,321,966
Gov't securities
13,488,105
deposits
obligations of the Michigan Buggy Co., the
undivided profits of more
than $150,000. These two sums added to the individual assets of the stock¬
holders, which is equal in amount to the capital, gives nearly $1,000,000
$400,000 stands unimpaired with a surplus and
for the
protection of the depositors, together with other assets
24,929,023
26,601,438
Coin&bull..bothdep. 36,826,328
Other securities
Reserve,notes & coin
bilities
Bank rate
Silver
p. c.
Bank & Trust Co. of Louisville,. Ky., success¬
fully met without outside assistance, was
started on the in- „
1909.
Oct. 26.
£
Oct. 27.
* £
'
£
28,669,250
7,267,753
44,232,154
14,096,084
27,905,256
27,211,293
37,430,543
27,750,635
7,173,695
40,543,822
14,980,568
28,443,321
22,017,700
31,318,335
28,849,840
7,118,397
40,814,460
16,791,788
26,905,870
21,973,991
32,373,831
52 13-16
4
46H
5
45 13-16
6
73 V*
78 9-16
79 1-16
82 7-16
27J*d.
29 9-16d.
returns295,117,000 280,544,000
The rates for money
25d.
25 ll-16d.
23 3-16d.
235,636,000 251,347,000 234,470.000
have been as follows:
Ocl.
24.
5
Oct.
17.
Oct. 10.
4H
Bank bills—60 days
414
—3 months
—4 months
4 13-16
—6 months
4 11-16@4^
5«@5H
„
4
4^@4 15-16
4 J* @4 15-16
H
4H
4H
4X
5@5tf
5®5M
5@5J4
3H
3X
4H
5^@5«
5«@5M
3^
At
call
7 to 14 days
1„
3H
3H
banks
By discount houses—
4M
4%
4U
Interest allowed for depositsBy Joint-otock
Oct. 3.
5
5
5
Open market rates—
—4 month"
which the management of the Kentucky
1910.
Oct. 25.
49^
5
56.25
5
72^
Bank of England rate
♦
'
Title Savings
p. c.
Consols, 2X P. c—
Trade bills—3 months
A short-lived run,
28,535,250
11,362,565
44,129,270
13,037,909
32,725,986
27,501,122
37,586,372
.
Prop, reserve to lia¬
exceeding
$3,000,000.
1911.
1912.
Oct: 22.
.
Clear.-house
7th:
..
.
.
hand, the failures in India are not attracting
much attention, even in London.
They are believed to be
mere bubbles on the surface.
Native Indian capitalists for
On the other
Bank of Kalamazoo, Mich.
Connable,
in
exchanges.
3H
3X
3H
-
3X
3H
3K
.
1263
THE
CHRONICLE
The bank rates of discount and
open market rates at the
chief Continental cities have been as follows:
Oct.
Rates
of
Bank
Interest at—
Rale.
Paris
4
Berlin
....
5
5
5 15-16
6
5
.
..
,
Vienna
.
Petersburg....
5%
.
Madrid
......
Rate.
Market.
Rate.
6
4%
6
4 15-16
5
4 15-16
5
5
4%
5
4%
5
6
6
6
5%
6
5%
4%
1
Abell
4
3%
4%
6
6
nom.
6
4%
5%
5%
lake and river
ports for the week ending last
5%
5 15-16
nom.
4%
4%
4%
5%
6
Receipts
5%
follows under
of
date
total,
y
•
.
,
..
-
........
£130,000.
........
Tot. wk. '13
Same wk.'12
Same wk.'11
London Standard.
,
23.
Oct
d.
s.
Bar gold, fine, oz
77
reported
are
16.
1912.'
1911..!..
77
Oct.
London Standard.
9
Bar
23.
Oct.
d.
2-mo,
delivery, oz_27%'
Cake silver, oz__130
The
16.
St.
1912-13.
1911-12.
13,105,500
5,491,100
1,612,800
544,642
271,750
3,283,100
Oats
Peas._.....
520,697
518,560
Beans..........
Indian corn......
.
Flour..........
:
534,751
345,740
8,013,300
1,176,600
10,221,800
1,827,500
.
on
Wheat
imported._____
...,_cwt..
Imports of flour.
Sales of
»
....
6,029.053
18,818,063
...
22,109,781
20,964,353
20,131,247
30s.
lid.
31s.
32s.
2d.
32s.
5d.
1,829,800
7d.
323.
9d.
32s.
303.
5d.
following shows the quantities of wheat,
Kingdom:
maize afloat to the United
4
1910-11.
14,456,200
1,447,300
4,227,747
......
The
1911-12.
1,176,600
3,438,181
4d.
30s.
6d.
Wheat.
Last week.
1,915,000
185,009
qrs.
Flour, equal to.
Maize
*
1,675,000
155,000
1,500,000
1,650,009
John...!
Wheat,
Corn,
bush,
'
Boston
Baltimore-—,,—
New
Orleans....
Newport
Jm
~
News..
..
Galveston
m'-~~m
Montreal
St. John
I
Halifax
------
m
«.
20,000
56,000
—
m
*.
-
-
-»■*.
2,340,000
205,000
150,000
Total week
Sliver per oz........
Tues.
Wed,.
Thiers.
Fri.
;_<f_
27%
27 13-16 27%
27%
27%
72%
72%
72 15-16 72%
72%
72%
72 11-16 73
.73 13-16 72 13-16
dFrench Rentes (in Paris).fr.
87.37% 87.30
87.77% 87.57% 87.32%
Amalgamated Copper co... ?7%
78
78%
78%
76%
Am. Smelt. &
Refining Co.. 65%
65%
67
66
66%
b Anaconda Mining Co.
7%
'
7%
7%
7%
7%
Atch.
TOpeka & Santa Fe. 96%
95%
96%
96%
c95%
d
Consols, 2%
per cents....
For account
Preferred.......
Baltimore & Ohio
101
....
Preferred
Canadian
—
_
Pacific...
101
96%
82%
235%
58%
96%
82%
234%
Chesapeake & Ohio
...
59
Chicago Great Western..... 11%
Chicago Milw. & St. Paul...104%
Illinois Central...
Louisville & Nashville..
'
........57
...
N. Y. Central & Hud. Riv..
N. Y. Ont. & Western
Norfolk &
Western.
105
July 1 1913 is
-mm
-mrnm
•'
,:
a Price per
flat prices
share.
6 £
Week
—
—
—
—
—
•
Total
mm
m~
m~m'+
m'ni
m.
m
—
'
:
mm
mm
-
•-
mm
mm
■
■
m
200,000
m
—
m
—
m
m
mm
m
—
mm
m
m
■
m
mm
m
1*3*5*,000
m
—
mmm
m m
m
mm
m
m
mm
m'm
m
------
198,191
.-Yv'.
1,512
'
bbls.
>
.
Since
Week
1913.
bbls.
.
bush.
-
Since
July1
1913.,
Oct. 25,
•■•.*
CornWeek
Jiuly 1
Oct. 25.
bysh.
1913.
bush.
bush.
1,750
16,564
151,270
450,646
273,546
621,898
3,221
7,773
90
Total
270,448 3,731,106 4,425,285 73,522,989
r..205,907 2,904,590 4,412,308 48,435,762
1912
18,404
95,183
1,508,354
1,064,355
world's
Corn.
1913.
13
■
'
.
1912.,
1913.
1913.
if
Week
104%
Since
Oct. 25..
27%"
36
37
127%
21
July
21%
Bushels.
Since
1.
Russia
4,400,000
1,208,000
Argentina
328,000
Australia
488,000
India
168,000
Oth. countr's
32,000
36
Dahube
109t4
__
/135%.
—
20 V.
12%
99%
12%
99%
Bushels.
Week
28
1.
Since
Oct. 25.
73,546,000
46,499,000
1*1*9",000
23,785,000
213,000
24,730,000 3,477,000
8,352,000
29,936,000
2,998,000
53,366,000
10,236,000
9,738,000
10,616,000
1
22,232,000
July
Bushels.
Bushels.,
9Sai
28%
—
12 Va
28
July
North Amer. 6,072,000 103,082,000
44
127
12%
99
28
106%
99%
28%
106%
110%
111%
'.
106%
14%
14%
90
89%
23%
79
156%
59%
109%
60%
109%
4%
51%
84%
11%
.
111%
56%
84%
42%
46%
2,778,000
,
12696000 212,048,000
Total
The
106,%
106%
ni%
i
1.
1
Since
Bushels.
'
July
1.
Bushels.
639,000
342,000
5,928,000
4,872,000
5,282,000
8,189,000
95,438,000 101,827,000
209,846,000 3,809,000 107,287,000 115,230,000
quantity of wheat and
corn
afloat for Europe on dates
nj%
mentioned
86
47
c56
was as
follows:
56
83
Wheal.
82%
43
43
Corn.
United
15%
90%
23%
15
15%
90%
23%
90
23
79
79
79
United
89%
23%
157%
84%
60%
110
4%
11%
51%
Ex-dividmd.
m
m
-Whcatr-
July I
Oct 25.
<
Exports.
57
28
c
-
mm
m'm
29
99
sterling,
m m
mm
Kingdom...136,125 1,798,536 2,468,790 33,906,465
Continent
63,495
988,998 1,954,730 39,234,271
So. and Cent. Amer. 23,968
344,306
338,636
West Indies.*..
41,778
508,301
'1,765
23,617
Brit. No. Am. Cols.
3,030
40,989
Other countries....
2,052
49,976
*2*0*666
.
55"
i:%
.--51%
Preferred.
>
■
30
4%
Extended 4s
m
United
59%
55
.156%
84%
Wabash
rn
'
Wheal.
30
56 %
Pacific
m
'
—
m-mm-m
below:
as
83
57
84%
42%
Preferred
m
97
31
56 %
Union
•»
m
m mm —
'
231%
28%
44%
110
83%
42%
U. S. Steel Corporation
Preferred
7%
12%
.79
mm
'
101
57
23%
-mm-
mm'— m:—
—
1,000
Since
19
-136
56
..
m
33,196
■
31
136
83%
42%
Southern Railway
Preferred
—
shipments of wheat and corn for the week
ending Oct. 25 1913 and since July 11913 and 1912 are shown
in the following:
64%
19
110
Reading Compaiy...
Southern Pacific
—
m
o
*',•
-Flour-
The
'
95
28%
44%'
21%
Pennsylvania
Second preferred..
Rock Island
74%
31
136
a
a
87 30
19%
110
'
72 13-16
72%
30
.
30%
12%
110%
First preferred
59%
12%
105%
127%
a
a
83
"
m
27%
31
37
86
Northern Pacific
97
233%
127%
21
.106%
Preferred
13
19%
31%
28%
44%
135%
20%
*
105
35%
127%
101
,
97
82%
233%
58%
13
110
135%
Missouri Pacific
Nat. RR. of Mex.,2ndpref._
.
44
•
101
97
104%
19%
31%.
28%
110
Missouri Kansas & Texas..t
Preferred....
82%
235%
58%
12
Denver & Rio Grande
19%
Preferred
31%
Erie
28%
First preferred..
44%
Second preferred
.1 35%
Great Northern, preferred..
127%
101
-
—m
18,404 270,448
284,885
95,183 205,907 2,410,048
4 ,412,308
since July 1 to—
•
Mon.
—
■
4 ,425,285
1912
Exports for week and
English Financial Markets—Per Cable.
...
—
.'-
■
17", 000 54,530
8,613
The destination of these exports for the week and
since
daily closing quotations for securities, &c., at
London,
reported by cable, have been as follows the
past week:
Sat.
1,512
t.
1911.
The
London,
ending Oct. 31.
bush.
—
+m rnMm
,
Week
Peas,
bush.
29,995
''
8,000
61,000
4,000
69,000
1 ,155,000
....
Barley,
47,225
6,000
44,240
12,000
12,000
'
-
Rye,
bush.
rn.rn.mm-~'-
17,640
100
201,000
Mobile
■
as
32,000
------
bush.
36,660
"
-------
..»'
'»»~
-
—
Oats,
bbls.
98,268
*
312,979
632,000
543,600
—
Flour,
bush.
6,304
York—____ 1 089,706
Portland, Me
415,000
Week
2,250,000
200,000
1,500,090
54,000
20,000
Exports from—
flour and
1912.
"*~3~, 666
42,000
♦Receipts do not include -gruin passing through New Orleans
for foreign ports
through bills of lading.
■
This week.
*""Y,666
14",000
1,218*666
61,000
Philadelphia
17,495,000 >13,105,500
49,000
4,000
....
........
9,000
.78,000
"*
New
on
12,663,500
1,827,500
4,327,063
........
home-grown
Total
-..I.
Average price wheat, week...
Average price, season
1912-13."
'"9",060
8,000
39,000
49,000
bush.
ending Oct. 25
»
1913-14.
*1*9*4*666
832,000
622,000
66,000
Rye,
bush.
The exports from the several seaboard
ports for the week
are shown in the annexed statement:
1,782,500
4.40,5S0
184,180
7,247,200
1,447,300
Supplies available for consumption (exclusive of stock
September 1):
*
*3*5*666
6*0*666
49,000
69,000
....
Barley,
520,000
5,653,000
442,000
504,000
277,000
51,000
44,632,000 17103000 2734,000
437,301
5,255,354
416,565
3,041,703
342,417
65,812
Since Jan. 1 1912.14,513,977
112320,721 29,356,242 57,564,685 4216,720
642,296
3,665,100
1,829,800
191,000
45,000.
Since Jan. 1 1913.18,258,000
159676,000 46.287,000
14,456,200
5,546,600
1,358,300
Oats,
bitsh,
448,000
78,000
Total week 1912.
1910-11.
17,495,000
5,055,000
2,540,700
Barley-..-.....
796,000
415,000
Total week 1913-
IMPORTS.
1913-14.
Corn,
,bush.
314,000
4,000
....
12,663,500
cwt.
Wheat,
bush.
Orleans.
Mobile
seasons:
■Imports of wheat...
78,722,000 31,486,000 5,545,000
76,644,674 26,276,745 6,418,418
49,845,293 29,161,216 3,449.478
1,670,000
.
Montreal
..
following shows the imports of cereal produce into
Kingdom during the season to date, compared
Seven weeks—
407,000
556,937
291,525
3,742,844
2,451,573
bbls.
.
Newport News..
Galveston...
the United
with previous
2,779,000
218,000
'
.
...
Portland, Me.....
Philadelphia
28%
28 3-16
30%
.
4,153,000
7,494,282
3,186,776
51,000
at—
York
Boston
d.
.
silver, fine, oz_.27 13-16
48,717,000
41,120,506
41,108,730
Flour,
Receipts
New
New
"
3,342,000
2,120,129
2,864,379
Total receipts of flour and
grain at the seaboard ports for
the week enued Oct. 25 1913
follow:
follows:
SILVER.
d..
9
as
6,550,000
18,297,115
6,560,298
5,636,000 120,627,000
4,616,997 128,284,607
4,192,021 85,913,616
1913
4
"
Baltimore
The quotations for bullion
420,000
396,212
336,616
Since Aug. 1
York,
£156,000.
Shipments.—Bombay,
Colombo, £1,500; Port Said, £850; total, £12,350.
Oct.
Rye.
..
.
GOLD.
Barley.
~~
Arrivals.—New
t.
Oats.
_____
£829,000.* Shipments.-—Bombay,
Calcutta, £5,000;
Corn.
.....
SILVER.—Until yesterday the market was
quiet and prices remained steady at
about 28%d. for cash and 28
3-16d. for forward.
The knowledge, however, that
the Indian Government
had secured a substantial amount of
silver induced some
speculative selling, and these
orders, coupled with heavy selling from China and the
Government being the only
buyer, have caused a total fall of 7-16d. yesterday and
to-day.
At the close the tone is still a
heavy one, and as China is unable to support
the market and the Indian bazaars
are more concerned with
financial difficulties in
Bombay, it would appear that the Indian Government for
any further purchases
they may make will practically have the market to
themselves.
This does not give
operators for a rise much encouragement.
This week's stetaier takes about
£350,900.
to Calcutta, most of which is
probably on Government account.
According to the
Indian currency returns of Oct.
17. no fresh withdrawals of rupees were made last
week, the total holdings remaining at 18% crores.
The premium on cash continue!
to vary between
%d. and l-16d., the wider
difference, however, inducing some
holders to liquidate their cash
supplies.
Stocks in London are at the more normal
level
of
£1,600,000.
£5,000;
Wheat.
.
:
GOLD.—Bar gold amounting to
£830,000 arrived this week.
With India taking
only £110,000 and a trifling amount
bought for the Continent, the Bank should
receive a large proportion of the total
arrivals.
Since our last the Bank has received
£402,000 in bar gold and £350,000 from South America in
sovereigns;
£250,000
has been withdrawn for
Egypt and £15,000 for Ecuador,
Next week £920,500 is
due from South Africa.
Arrivals.—South Africa, £696,000; West Africa, £35,000;
India, £70,000; South America, £16,000;
China, £5,000; New Zealand, £3,000;
£4,000:
Flour.
bbls.l96lbs. bush. 60 lbs. bush.
5|6 lbs. bush. 32 lbs. bush.48lbs. buM lbs.
Chicago....
200,000
292,000
1,078,000
1,806,000 1,057,000
81,000
Milwaukee
11,000
13,000
1,000
34,000
108,000
21,000
Duluth
1,779,000
44,000
431,000
7,000
Minneapolis
3,004,000
*7*6*666
600,000 1,004,000
215,000
Toledo
133,000
53,000
218,000
1,000
Detroit
7,000
12,000
130,000
65,000
Cleveland
118,000
3,000
221,000
23,000
1,000
St. Louis...
.60,000
466,000
336,000
444,000
107,000
21*. 000
Peoria
24,000
21,000
240,000
207,000
71,000
61,000
Kansas City
548,000
465,000
315,000
Omaha......
279,000
742,000
397,000
•
Australia,
at—
4%
6
as
Saturday and
4%
5%
write
Figures brought from page 13C3.—The
are prepared
by us from figures collected by
Produce Exchange.
The receipts at Western
the New York
4 15-16
5%
nom.
Breadstuffs
foetus
statements below
3%
5%
6
4%
6
©nmmminl autTItXisccnaueous
Market.
4
xcvii.
27.
Open
5
5%
Messrs. Pixley &
Oct. 23: :
■
Sept.
Bank
6
6
4%
6
.
4.
Open
3%
4%
4%
4%
6
nom.
4%
.
Copenhagen
Rate.
.4%
4%
6
.
Amsterdam
Brussels.
Oct.
Bank
Open
Market.
4
.
Frankfort
Oct. 11.
Bank
3%
4%
4%
4%
6
.
Hamburg.
St.
18.
Open
Market.
[Vol.
156%
83%
59%
109%
4%
11%
51%
155%
84
59%
1J9%
4%
11%
51%
d Quotations
here
15%
Continent.
Kingdom.
.
Bushels.
Total.
Bushels.
Kingdom.
Continent.
Total.
Bushels.
83%
Bushels.
Bushels.
Bushels.
1913-. 14,736,000 18,536,000 33,272,000
11,492,000 10,787,000 22,279,000
Oct. 18 1913- 15,680,000 18,504,000 34,184,000
13,081,000 10,531,000 23,612,000
Oct. 26 1912.. 18,144,000 20,464,000 38,603,000
58%
Oct. 28
Oct. 25
78 %
154%
1911- 20,880,000 10,272,000 31,152,000
13,336,000 19,627,000 32,963,000
1,802,000 2,695,000 4,497.000
109
4
1
Canadian
ltsc
given
Bank
Clearings.—The clearings for the week
Oct. 25 at Canadian cities, in comparison with the
week of 1912, shows a decrease in the
aggregate of
ending
50%,
same
are
64%.
4
-
*
■;
".
:•
•
NOT.
1263
CHRONICLE
THE
11913.]
Per
Week ending Oct. 25.
Clearings at—
«...
Winnipeg
Vancouver
Ottawa
Quebex i
"
...
Hamilton
St.
i__.
Calgary
—
Victoria—
Edmonton
Regina
Brandon
Letiibrldge
...
V
Saskatoon—-—..
M0033 Jaw——
Brantford
______
Fort
VVilllam..._
New
Weitminiter
5,132,293
1,433,773
2,843,875
3,592,274
2,302,095
677,513
672,320
1,792,973
1,132,347
533,313
1,053,912
417,313
Claflin (H. B.), first pref.
Second preferred (quar.)
15 Holders of rec. Nov.
15 Holders of
2
Nov. 15 Holders of rec. Oct.
DomlnionSteelCorp.,Ltd.,pf.(qu.)(No. 7)
IX
—10.0
574,421
1,621,235
1,023,503
484,671
570,903
513,805
—34.7
723,222
907,305
—22.7
—21.0
•
+ 17.0;
I
Not incl. in
total.
General Motors,
Greene Cananea
shows all the dividends announced for the
The following
Ore Properties
Copper Co. (No. 5)
Holders of rec. Nov. 29
Holders of rec. Oct.
Nov.
Holders of rec.
Nov.
Oct.
26
to
Nov. 12
Nov.
Oct.
19
to
Nov.
Nov.
Oct.
18
to
Oct.
Nov,
Holders of rec. Oct.
15a
Nov.
Holders of rec. Oct.
18a
Nov.
Oct.
Dec.
Holders of rec. Nov. 19
Nov,
Holders or rec.
Nov. 13 Holders of rec. Nov. 11a
1
pref. (quar.) _
Sec.,pf.(qu.) (No. 5)
21
"
Nov. 25 Nov. 12
Nov.
1
Oct.
1 Oct.
31 Oct.
25
Oct.
1 Oct.
rec.
19
Oct.
rec.
Oct.
Name of
Oct.
Oct.
rec.
Oct.
Railroads
Dec.
Holders of rec.
Nov.
Oct.
IX
Dec.
Holders of rec. Nov.
Internal.
Books Closed.
Cent.
Cmpany.
When
Payable.
Days Inclusive.
Holders of rec. Nov.
Steel
Internal.
iq.uarO
IX
-
Banking Cbrpuyttloo
Harvester Co., pf. (gu^)(fslo. 27).
Harvester Corp., pf. (qu.)(No. 3)
Dec.
1 Holders of
1 Holders of
2.26
Nov.
1 Oct.
21
to
06t.
Georgia Southern A Florida, 1st A 2d pref.
2X
Nov.
6 Oct.
26
to
Nov.
Grand Trunk, guaranteed stock
2
Nov.
7 Sept. 20
to
Oct.
23
2X' Nov.
7 Sept. 20
to
Oct.
23
Liggett A Myers
18
to
1 Holders of
IX
Dec.
Atlantic Coast Line RR., prer__-
2X
Nov. 10 Nov.
Central RR. of.N. J.
2
Nov.
3
Nov.
1
Dec,
IX
com.(qu.) (No.34)
(quar.).
Cincinnati Sandu3kv A Cleveland, pref_.
Cleveland A Pittsburgh, spec. guar. (qu.)..
Regular guaranteed (guar.)
__
Elmlra & Williamaport, common
First and second
Great
preference
(quar.)..
Northern
1
Oct.
Nov. 10
to
1 Oct.
rec,
Nov. 10z
rec.
Nov. lOz
2
Nov. 10 Holders of rec,
IX
Dec.
pref.
Columbus (O.) Ry., pref.
(guar.)
Nov. 15 Nov.
rec,
Nov. 25a
Nov. 15
to
<6
1 Holders of rec. Oct.
21a
Nov.
1 Holders of rec. Oct.
15
1 Holders of rec, Oct.
17a
NOV.
1 Holders of
Oct.
17a
Nov. 15 Nov.,
Nov.
1 Holders of rec. Oct.
Dec.
1
1
rec,
Nov. 16
to
20a
Packard Motor Car, common
2
Oct.
15.
Pennsylvania Steel,
Oct.
15
Nov. 15 Oct.
26
to
Nov. 15
People's Gas Light A Coke (quar.).....
Philadelphia Electric (payable in stock)....
Nov. 15 Oct.
28
to
Nov. 15
Nov.
Nov.
1 Holders of rec
1 Holders of
Nov. 10 Holders of
Nov,
Oct.
15a
Oct.
15a
rec
Oct.
rec.
31
31
15
Nov.
1 Holders of rec, Oct.
Oct.
to
1 Oct.'22
Nov.
1 Holders of rec,
Oct.
24a
Nov.
1 Oct.
23
to
Oct.
3la
28
to
2
Nov.
nx
Dec.
1 Holders of rec,
Nov. 15a
IX
Nov.
1 Holdera of rec,
Oct.
3
Nov.
1 Holders of rec.
Oct.
Nov.
1 Holders of rec, Oct.
15
Nov.
1 Oct.
Oct.
Nov.
1 Holders of rec,
Oct.
15
Nov,
Holders of ree,
Oct.
15
IX
2X
six
Nov.
1
22
to
Holders of rec. Oct.
1
Nov.
1 Oct.
21
to»
Oct.
(No. 32)..
IX
Nov.
1 Oct.
25
to
Nov.
5
Nov.
2X
Nov.
1 Holders of rec. Oct.. 21a
Oct. 31
to
1 Oct. 26
5
Nov.
1
4
Nov.
31a
Chemical NationaP (bi-monthly)
,
-----
;
...
to
21
to
Nov.
Oct.
24
31
2
October 31
to
Holders of rec. Oct.
Nov. 15 Holders of rec. Nov.
Nov.
Nov.
Nov. 25 Holders of rec.
Dec,
Nov.
1 Holders of rec. Oct.
1 Holders of rec. Oct.
Nov.
Nov.
IX
Nov.
IX
Nov.
2
Nov. 15 Nov.
IX
Nov.
IX
Nov. 15 Holders of rec.
IX
IX
Nov.
1 Oct
19
31a
l5a
Nov. 15 Holders of rec.
IX
Nov. 15 Holders of rec.
Nov. 29 Nov. 11
to
Nov. 29 Nov. 11
to
Holders of
IX
Holders of rec. Oct.
21
Nov.
1 Oct.
16
to
IX
Nov.
1 Oct.
26
to
IX
Nov,
1 Holders of
IX
Nov. 15 Nov.
1
Nov.
23a
1 Holders of
I
(quar.)....
pref . (quar.)...
(quar.)..
U. S. Steel Corporation, cord, (quar.)
Preferred (quar.).......
...
-
Nov.
Nov.
1 Holders of rec,
Nov.
31
Nov.
1 Holders of rec. Oct.
Oct.
to
1 Oct. 15
31
Nov.
27a
Utilities Improvement, com.
Preferred
(monthly).--,
Nov.
1 Oct.
22
to
12X
Nov.
1 Oct.
26
to
Nov.
1 Holders of rec.
4
Nov.
1 Oct.
26
to
2
Nov.
1 Oct.
29
to'.
Amalgamated Copper (quar.)
IX
American Bank Note, common (quar.)..
1
Nov. 24 Holders of rec. Oct. 25a
la
Nov. 15 Holders of rec. Nov.
Hamilton, Brooklyn (quar.)..
3
Kings County, Brooklyn (quar.)
—
(quar.)..
...
"
(extra)...
American Cigar, common (quar.)
Amer. Dlst. Telcg. ofN. Y
Amer. Gas A Elec., pref. (qu.) (No. 27).
American Glue, common
X
IX
1
IX
American Radiator, common (guar.)
Nov. 15 Holders of rec. Nov.
Nov.
to
Nov.
1 Oct. 22
Nov.
3
(No. 62)
American Malt Corporation, preferred..
American Malting Co., preferred
IX
$1.24
1 Holders of rec. Oct.
Nov. 15 Holders of rec. Nov.
1 Nov.
2
Nov.
Dec. 31
Dec.
Preferred
1 Oct. 25
1 Oct.
Nov.
to
25
4
Nov.
4
Nov. 15 Holders of rec
Brill (J. G.), pref. (quar.)
IX
Nov.
IX
Nov.
$5
Dec.
Shoe, Inc., pref. (quar.)
Nov.
to
to
1 Oct. 26
1 Holders of rec
15 Holders of
rec
Nov.
.
Nov.
rec
.
IX
Nov. 15 Holders of rec
.
Canada Cement, Ltd., pref. (q-u.) (No. 15)
IX
Nov. 16
Canadian Car A Foundry, common
Canadian Converters', Ltd. (quar.)-
2
Dec.
Holders of rec
.
1
Nov. 15 Holders of rec
.
Nov:
1
•
8
26a
.
1
Oct.
21
Oct.
31a
Nov. 10
to
Oct.
31a
Oct.
31
5-12
Cities Service, common (monthly)
j.
1
Holders of
6
31
Nov.
Nov, 15 Holders of rec
IX.
1
6
Nov.17
IX
1)_«L
(No. 3)
Cambria Steel (quar.).
_.
Nov.
1 Holders of rec .Oct.
15
X
Nov.
1 Holders of rec
Oci.
15
,
to
Nov, 15
Nov. 29 Nov.
2lh
4
9
Nov. 16
to
Nov. 25 Holders of rec.
Nov.
Nov.
1 Holders of. rec.
Nov.
1
1 Holders of rec. Oct.
Nov. 20 Holders of rec.
Nov. 15 Nov.
1
Oct^
15
15
Nov. 6a
rec.
Nov. 16
31
Oct. 20
to
Oct.
rec.
Nov.
to
.
Dec.
1 Holders of rec. Oct.
IX
Nov.
1 Holders of
$4
,
23a
26
IX
Nov. 10 Oct.
IX
Dec.
11 Holders of
3X
Nov.
1 Holders of rec. Oct.
28
8a
20
b Less Income tax. d Correction.
Nov. 30 1913. / Payable in stock,
h On account of accumulated
dividends.
Potts & Fellner,
1
Oct.
,
5
Nov.
—Notwithstanding the existing business stagnation, White,
the London firm of White & Co., bankers,
30 Pine St., New York, after several years of successful opera¬
tion in London, are to-day opening an office at 10 Dale St.,
Liverpool.
It may not be generally known that White,
Potts & Fellner have a large private clientele, and in fact
1
Oct.
.
Oct.
IX
1-6
31
to
29
Nov. 16
to
7
Nov.
Bond A Mortgage Guarantee (quar.)
Buckeye Pipe Line
la
Nov. 15 Nov.
25a
21
1 Holders of rec. Oct.
to
Dec.
2
Dec. 30 Dec.
this dividend,
for period Apr. 15 to
Payable in common stock,
i On amount paid in.
2
1 Oct.
4
Transfer books not closed for
At rate of 7% per annum
Nov.
...
(qu.)(No.6)
(Henry R.), preferred——
g
Nov. 25
2
Bergner & Engel Brewing, common
Nov. 15 Nov.
7
Jan.
to
23
IX
preferred—.III
a
e
3 Holders of rec. Oct. 16
3 Holders of rec. Oct.. 16
2
Preferred (quar.)....
Worthington
la
Nov. 15 Holders of rec. Nov.
Nov.
1 Holders of rec. Oct. 15a
20<?
—
WoolworthfF.W.) Co., com.
Common
20
1 Holders of rec. Oct.
X
Oil
——
White(J.G.)ACo., Inc., pf.(qu.)(No.42)
Willys-Ove.dand, common (quar.)...—..
Miscellaneous.
1 Holders of rec. Oct.
Nov.1
1 Holders of rec. Oct.
IX
Washington
31
Nov. 2
Oct.
24a
Nov. 16
to
Nov.l
IX
(monthly)..
Warwick Iron & Steel....
Detlnning,
Oct.
Nov.
50c.
preferred.
Vulcan
rec.
Nov. 15 Nov.
■ix
Utah Consolidated Mining
1 Holders of rec. Oct.
2
31
Oct. '25a
29
31
IX
U. S. Realty ATmpt.
Nov.
Oct.
Nov. 15
to
3X
U. S. Bobbin A Shuttle, pref.
Oct.
rec.
31
2
IX
;
1
31
31
IX
.
2
(quar.)
(quar.).
I-roadway
Farmers' Loan A Tru3t (quar.)...
1
24
Oct.
Oct.
Oct.
•
2
U. S. Printing of N. J.,
23a
Trust Companies.
Oct.
to
IX
2
;
rec.
1 Oct.
to
Unite') Fruit (extra)
30a
Nov.
8a
Oct. 31
Nov. 30
Nov. 30
Oct. 24
IX
21
Oct.
la
Oct.
1 Holders of rec. Oct.
3
...
31
Nov. 12
to
1 Oct.
1 Holders of rec. Oct.
Oct.
Oct
to
1
29;Holders of rec. Nov.
Nov.
1 Holders of
rec.
Oct.
16
5
21
18a
25a
1 Holders of rec. Nov. 20
1 Holders of rec. Nov. 12
lO t. 24
to
Oct. 31
19 Oct. 30
to
Nov. 18
15 Holders, of rec. Oct. 31
to
Oct. 31
1 Oct. 19
IX
1 Holders of rec. Oct.
1 Holders of rec. Oct.
29a
2
31
31
Nov.
2
Nov. 2
Nov.
2
Oct. 31
to
21
Oct.
IX
2X
2X
(quar.)...
21
Oct.
Nov.
(qu.)
4
Extra...-.-
(monthly)
Oct.
Nov,
Nov.
Nov.
10
-
Preferred
Oct.
Oct.
9
Nov.
Fidelity
(quar.)
to
,
American Exchange National.-—..
Preferred
Nov.
to
(quar.)j
i5— —.-.1
Taylor-Wharton Iron A Steel, pref. (qu.)
Texas Pow. A Lt., pref. (qu.) (No. 6)..
Turner (J. Spencer) Co., pref. (guar.)..;..
Union American Cigar, pref. (guar.)..:..
United Cigar Mfrs
common (quar.)..
United Cigar St. of Am.,com.(qu.)(No.4)
United Dry Good3 Cos., com. (quar.)..
United Equities Corp.', pre! |No. 2)._._
15a
IX
Burps Bros., common (No.
to
18
25
IX
Preferred
...
Brown
29
4
(quar.)—
Preferred (quar.)..
Stewart-Warner Speed .Corp.,com.
Toledo Bowling Green A So. Tr., pf.(qu.)
American Window Glass,
Nov. 25
Nov.
IX
IX
Extra
Standard Smitary Mfg., torn,
a
Nov. 15 Holders of rec. Nov. la
Amer. GraphopUone, pref. (qu.)
Nov. 16
2
—
25
to
to
$1.50/ Dec.
Quaker Oats,' preferred (quar.)
Sears, Roebuck A Co., com. (quar.)
Slegel Stores Corporation, pref. (quar.).
Silversmith's Co. (quar.)
Southern Gal. Ed., com. (qu.) (No. 15)..
Standard Oil of Indianti (quar.)..
la
Qct.
rec.
6
1
(quar.)__i!-.______
Pullman Company (quar.) (No. 187)
la
2
15 Nov. 22
IX
P'tland(Ore.)GasACoke,pf.(qu.)(No. 15)
Pressed Steel Car, pref. (qu.) (No. 59).
Procter A Gamble, common (quar.)
Public Service of Nor. 111., com. (quar.)
31
la
2 X
Brooklyn
1 Holders of
Nov.
Nov. 15 Nov.
IX
preferred—.t.
31
31a
Nov.
to
IX
IX
Preferred
3
.
26
1 Oct.
IX
Pittsburgh Steel, pref. (quar.).
(No. 18).
Nassau,
Nov.
Oct.
rec.
2X
Nov.
rec,
to
25
Oct.
to
IX
1 Holders of rec,
24
Nov. 3(V
to
Nov. 15 Holders of
2X
-
15
31
24ax
15
Nov. 15 Holders of rec. Nov.
40 g
1 Holders of
IX
12
2 X
pref. (qu.)_.
pref
Pacific Coast Co., com. (quar.)
Fir3t preferred (quar.)
!
—
Second preferred (quar.).—
Pacific Power A Light, pref. (qu;)(No.l3)
3 Oct.
27x
Astor
50c.
Central Coal
Nov.
Oct.
Lincoln National
Oct.
31
Holders of rec. Oct.
Dec.
Nov.
1 Holders of rec.
Nassau, National (No. 121).Pacific (quar.)._—'_
Nov. 15
Nov.
IX
Nov.
Nov.
Germania
Holders of rec. Oct.
Dec.
Nov.
3X
Preferred (quar.)
151
CUy, National
Corn Exchange (quar.)
Nov.
1
IX
(quar.)
National Lead, preferred (quar.)..,..-.
Penmans Limited, common (quar.)
Nov. 15
Holders of re 3.
Oct.
to
2
Oct.
Oct.
West Penn Rys., pref. (quar.)
Banks.
Holders of rec. Oct.
1 Oct.
1 Oct.
Tampa Electric Co. (quar.) (No. 36).
Nov.
16
1 Oct.
3 Holders of rec.
(No. 47)
Sierra Pac. Elec. Co., pref. (qu.) (No. 17)
2
Nov.
Nov.
Sao Paulo Tram,, L. A P. (qu.)
Oct.
Nov.
Nov.
1
Nov.
Nov.
Nov:
Railways Co. General (quar.)
Rio de Janeiro Tram., L. A P. (quar.)
IX
IX
IX
Invest., pf. (qu.)
Holders of rec. Nov.
3X'
Nov.
Oct.
rec.
Dec.
I*
IX
IX
_
Nov. 29 Holders of
,
15a
20a
Oct. 31
Oct. 24
Oct.
Holders of rec. Nov. 29
2
Newton (Geo. B.) Coal, 1st
2X
_
Holders of rec.
Dec.
New England Cotton Yarn,
(quar.)
Ohio Traction, preferred (quar.)_
—
Peasacola Electric Co., pref. (No. 14)
Puiladelphla Co., com. (quar.) (No. 128)
Cumulative preferred
.
Holders of rec.
Nov.
New
Monongahela Valley Traction, common..
__
Nov.
IX
21a
1 Holders of rec. Opt.
IX
—
3
$1.50
31
Nov.
IX
Montreal Tramways
IX
Holders of rec.
Nov. 20 Holders of rec. Oct.
1
(quar.)...
Massachusetts Cons. Rys,. pref. (quar.):.
Mexico Tramways (quar.)
15a
Nov.
Ht.APow.(qu.) (No. 50)
Municipal Gas, Albany, N. Y. (quar.)..
Municipal Service, pref. (quar.)
IX
Traction, pref.
Oct.
Holders of rec. Oct.
Montreal Light,
3
Lehigh Valley Transit* preferred....
Lewist. Aug. A Wat. St. Ry., pf. (qu.)-.
Public S^rv.
Corporation, common (quar.)..
Mexican Light A Power, pref
Miami Copper (quar.) (No. 7).
2X
—
Holders of rec.
Nov.
McCall
ix
I
22
Nov.
IX
3
IX
IX
(No. IB-
Oct.
IX
.
(qu.) (No.6)
Lowell Electric Light (quar.) (No. 70)._
Massachusetts Gas Cos., common (quar.)
Massachusetts Gas Co3., preferred
21
(No. 11).
to
Holders of rec,
31a
IX
Preferred
15
Nov. 15 Holders of rec. Oct.
IX
(qu.) (No. 30)
to
Oct.
Nov. 15 Holders of rec.
Nov.
(guar.)...
com.
Nov. 15
Nov.
50c.
National Carbon, preferred
1
—
Jacksonville Trac., com. (qu.)
11 Holders of
IX
pf. (qu.) (No. 52)__
Havana Elec. Ry., Light A Power, com.
Lincoln (Neb.)
Dec.
28a
1
Grand Rapids Ry.,
Preferred (quar.)
Oct.
la
IX
Consolidated Electric
A Sub., pf.
Nov. 13 Holders of rec,
$3
____
(NO. 56)
(qu.)
(quar.)
Connecticut Ry. A Ltg., com.Apfi. (qu.)..
Cumberl'd Co. (Me.)Pow.ALt., pf. (qu.)
East St. L.
Nov.
IX
IX
,
Easton (Pa.)
10a
Nov.
$3
Com'weilth Pow., Ry. A L., com. (qu.)
United Ry.
Oct.
1
(quar.)
Cape Breton Elec. Co., com. (No. 8)
Preferred (No. 15)
Detroit
1 Holders of rec
Nov. 29 Holders of rec,
■
75c.
Brazilian Trac., Lt. A Pow., Ltd. (qu.)._
Preferred
Nov. 19 Holders of rec
31a
IX
Reading Co., 1st pref. (quar.)
Seaboard Air Line, preferred
Street and Electric Railways..
,
27a
Nov. 30a
1
(quar.)
Railways,
2
Oct.
1
—
Pennsylvania (quar.)_._„
Realing Company, common
American
Oct.
19 Holders of rec
Tobacco',
Dec.
4
Loose-Wiles Biscuit, 2d pref.
2
Norfolk A Western adj. pref. (quar.).-
Pacific
6
6
lXh Nov.
Missouri Kansas A Texas, preferred
Northern
31
Nov.
Mexican Railway, ordinary....
Norfolk A Western, common (quar.)—.:.
31a
1 Holders of rec, Oct. 24a
Nov.
2
to
1 Oct. 21
Nov.
IX
rec,
IX
Internat. Smokeless P. A
2
10
10
Dec.
1
Nov.
2
Nov. 5
Nov.
to
2X
—
(quar.)
C., pref
island Creek Coal, common (quar.)
Kansas City Stock Yds. of Me., pf.(qu.)
Kansas City Stock Yds. of Mo. (quar.)..
Kayser (Julias) A Co., 1st A 2d pf. (qu.)
Kellogg Switchboard A Supply (quar.)..
Keystone Telephone, preferred (No. 1)._
Lackawanna Steel, preferred (quar.)
Lehigh Coal & Navigation (quar.)
—
Atch. Top. A Santa Fe,
16
Dec.
IX
(quar.)
International Nickel, common
Preferred
(Steam),*,
31
15a
15a
31
31
18
Nor. 10a
rec.
to
Nov. 15 Holders of
Nov. 15 Holders of
2X
Inland
Per
15a
Nov. 25
In cor national
in italics.
2
31
Oct.
to
1 Holders of
1 Holders.of
Nov.
IX
IX
$4
15a
Oct. -31
to
to
Nov.
62 Xc. Nov.
75c.
15
Oct.
1 Holders of rec. Nov. 14a
18
to
Nov.
2
Dec.
IX
-----
PiprfJLine (quar.)
Indiana
Nov. 15
Holders of rec.
Nov.
Illinois Northern Utilities
Illummatmg A,Pow.
1
1
2X
(No. 17).
Houghton Co. Elec. Lt., com.
Preferred (No. 22)
future by large or important corporations.
Dividends announced this week are printed
rec.
Jan.
50c.
Guanajuato P.AE., pf. (qu.) (No. 21)_.
Harrison Bros. & Co., Inc., pref. (quar.)..
DIVIDENDS.
Nov.
Dec.
to
3 X
(quar.)—
Great Northern
I
13a
31
2 Holders of rec. Nov. 29
Dec.
5
preferred...
Mfg. Co., common
Gorham
—3.4 137,637,103l132,157,799
202,933,038'
2X
—
18a
Nov. 29a
rec.
15 Holders of
Jan.
(extra)....
—
IX
Preferred (nuar.) —
3
Edison El. 111. of Boston (quar.) (No. 98)
$4
Edison Elec. III. of Brockton (No. 52)..
IX
Elec. Securities Corp., pref. (quar.)
IX
Electric Bond A Share, pf. (qu.) (No. 34)
IX
Eracrson-Brantingham, pref. (quar.)
$10
Eureka Pipe Line (quar.)
$3
Fall River Gas Works (quar.) (No. 76).
IX
Ft. Worth Pow. A Lt., pf. (qu.) (No. 9)
IX
General Chemical, common (quar.).:—
Common
,
ttoal.
189,831,720
Total Canada..
(quar.)
Dec.
16
1 Oct.
Nov.
IX
Is* pref. (guar.)...«.
609,451
2,745,254
1,497,959
Oct.
Dec.
632,233
—7.9-
rec.
1 Holders of
Dec.
—12.2
5,423,637
2,323,972
730,554
747,015
24a
Nov. 30
IX
1,295,718
2,737,601
2,485,185
1,607,413
—33.8
Oct.
rec.
IX
Eastman Kodak, common
—23.5
24a
rec.
1 Holders of
15 Holders of
Nov.
2,227,579
1,571,893
3,339,180
1,203,390
1,781,207
1,575,616
1,130,583
3*974,415
Nov.
Dec.
1 Holders of rec. Oct.
Nov.
IX
2
Eastern Steel.
—5.1
IX
(e)
(quar.)
preferred
Commonwealth Edison (quar.)..Consolidated Gas (quar.)
Diamond Match (quar.)
Dominion Bridge, Ltd. (quar.)
Colorado Power,
42,131,841
34,000,000
24,630,374
9,542,403
3,814,200
2,335,264
1,650,997
532,319 Not incl. in
Medicine Hat_.__
$
55,277,516
—13.8
33,137,733
—0.3
32,015,307
—23.9
12,074,015
—11.7
4,563,433
—13.0
2,993,723
—12.1!
1,883,123
—I3.7i
2,835,707
—20.3
1,542,597
—23.4
5,239,954
3,423,930
1,903,943
6,973,233
1,553,904
1,511,730
John—
London
Days Inclusive,
(Concluded).
Miscellaneous
1910.
$
%
+ 8.4
61,778,012
45,213,638
38,853,637
13,804,144
4,313,247
3,412,713
2,109,110
63,956,833
39,004,493
38,723,442
10,49 4,933
3,810,195
2,933,727
1,843,912
2,953,552
'Montreal
1911.
Dec.
Canada—
Halifax
Books Closed.
Payable.
Inc. or
1912.
1913.
Toronto
When
Cent.
Name of Company.
J
practically their entire business is done direct with the
investor, although many banks and trust companies both
in England and on the Continent participate in their syndi¬
cates.
The new firm is to be known as White, Fellner &
Elliott, and is to be under the management of Arthur S.
Elliott, who is well known in Liverpool financial circles.
After Nov. 1 the London firm will appear as White, Fellner
& Co., although there is no change of partners. «.
1264
THE
National
CHRONICLE
Banks.—The following information regarding
Currency, Treasury Department:
CHARTER
ISSUED
TO
OCT.
BANK
Auction
receiver
a
on
15.
Capital,
I
was
placed in the
Sales.—Among other securities, the following,
not
usually dealt in at the Stock Exchange, werr recently sold at
auction in New York, Boston and
Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Percent.
Bonds.
Per cent.
Shares.
17 Nat. Shawmut Bank
$l,000St.PaulGasL.Co.gen.5s,'44 9314
$ per sh.
Lincoln
Metropolitan
Broadway
3 Wolfeboro,
N.
Shares.
H.t
2 Dwight Mfg.
Woolen
Mills, $50 each
10 Charlestown
3
___
^
By Messrs. Francis Henshaw
Shares.
$ per sh
120
13 Holtzer Cabot Electric Co
$persh.
5 Union Cotton
129
_
Mfg. Co., F. R..165H
Co., 3500 each„1002^
Gas
&
Elec.
$50 each
60-60K
210 Union Transfer Co., $25 each. 40
2 Lumberville Del. Bdge. Co
47#
...
4 Corn Exch. Nat, Bank
10 Glrard Nat. Bank......
1 Philadelphia Nat. Bank
House,Bos. 17634
2# West End Trust Co
Warehouse Co.
13 Fire Ass'n of Phila., $50
140
each.327#
25 Mortgage Trust Co
4s, 1927....
j...
...
15
.500 Walton Hotel Co
&
Citizens'
St.' RR.
5s, 1933—
1st
Inds.
Co,
$5,000,000;
Week
On Dep.
Capital.
Surplus.
Loans.
Specie.
Legal
with C.H.
Net
Tenders.
Banks
Trust cos.
Total
9014-9114
$1,000 N. Y. & Richmond Gas Co.
1st 5s, 1921
93
$1,500 Hanover Gas Co. 1st 5s,1931 90
Banks.
Deposit*.
%
1
$
i
$
$
133,650,0 210,134,21,331,129,0 269,303,0
46,250,0 95,626,0
573,044,0 57,561,0
179,900,0
Actual.
$1,000 Kansas City, Mo., Gas Co
1st 5s, 1922.....
1,314,843,0
422,030,0
51,041,0 1,736,873,0
50",494"0
76,073,0
__
......jl,911,668,0,328,265,0
9314
t
.
77,967,0
50,494,0 1,740.849,0
| 574,845,0, 58,290,0
__
%
51,041*0
69,675,0
6,398,0
1,336,823,0*269,975,0
.
Total.
%
71,519,0
6,448,0
305,760,2.1,904,173,01326,864,0
Banks
Trust cos.
20
Percent.
$2,000
Brooklyn, $1,500,000; Bankers',
States Mortgage A
Trust, $2,000,000; Astor, $1,250,000; Title
Trust,
Oct. 25.
Averages.
Cheltenham
Gas Co.
$692.42
1,319,234,0
421,615,0
of
Bonds,
The
State
returns
of
charge.
Banking
the
Department
State banks and
also
trust
furnishes
weekly
companies under its
These returns cover"all the institutions of this class
in the whole
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Bonds.
<fc
ending
9914
5s, 1955...
88J4
$1,000 Pennsy. Coal & Coke Co.
1st 5s, series A, 1932
9014
$10,000 Rowland Firth & Son 1st
6s, 1921
5
.40
2 Pennsy. Acad, of Fine Arts...
6,448,0 51,041,0 422,030,0 15.1 + 10.7
6,398,0 50,494,0 421,615,0 15.3 + 10.6
$500 So. Pittsburgh Water Co. 1st
J2Q Nor. Liberties Gas Co., $25 ea. 40
1 Young-Smyth-Field, Co., pref.. 90
•
574,845,0 58,290,0
$
$
$
%
705,0 2,335,0
18,701,0 15.1 + 11.0
205,0 11,226,0 99,195,0 15.0+10.1
591,0 3,981,0 26,295,0 15.0+12.9
79,0
1,566,0 13,595,0 15.0+10.0
1,083,0 2,280,0 21,771,0 15.2+ 9.4
973,0 13,180,0 105,268,0 15.3+11.1
244,0
797,0
5,755,0 15.4 + 11.4
343,0
1,295,0
10,629,0 15.5+10.8
710,0 4,258,0 37,587,0 15.0+10.1
419,0
1,770,0
14,548,0 15.0 + 10.6
185,0 3.316,0 29,776,0 15.3 + 10.0
142,0
903,0
7,069,0 15.2 + 11.2
223,0
1,010,0
8,506,0 15.0+10.6
9.0
1,794,0 11,946,0 15.0 + 13.0
537,0
1,330,0 11,389,0 15.2 + 10.4
94
....
5 Pennsy. Fire Insurance Co
395
10 Grand Rap. & Ind. Ry. Co... 20
5 Amer. Pipe & Construe. Co... 50
95,626,0 573,044,0 57,561,0
Oct. 25.
Reserve.
Average.
Guaranty, $10,000,000; Fidelity, $1,000,000;
Lawyers' Title Insurance A
Trust, $4,000,000; Columbia-Knickerbocker, $2,000,000;
$1,000,000; New York, $3,000,000; Franklin,
$1,000,000; Lincoln, $1.000,000; Metropolitan. $2,000,000;
Broadway, $1,500,000: total, $46,250,000,
D.,
.....
5s, 1928
194-19914
100 Phila.
Guarantee
$600Northamp.Trac.Co. 1st5s,*33 8514
$5,000 City of Phila. 4s, 1941.
$1,000 Cheltenham Twp., S.
125
1,054,0
1,787,0
1,196,0
Deposits.
Banks.
SUMMARY COVERING BOTH
BANKS AND TRUST COMPANIES.
1st & ref. 5s, 1933
99
City of Rahway, N. J.,
adjust. 4s, 1922
80
$2,000 North Spring. Water Co.
724
9,888,0
20,910,0
11,918,0
Net
Dep
withC.H.
Per cent.
$1,000 Jenkintown
..50-5014
.
Bonds.
280#
5 Logan Trust Co
3 Phila. Tr. S. D. & Ins. Co
ayerage
Actual figures
$2,000 Buff. & Lake Erie Trac. Co.
1st & ref. 5s, 1936.
25
$2,000 Bolese & Shepard gen. 6s, '30 68
400
452#
20 Excelsior Tr. & S. F. Co., $50
Totals,
528,4
6,156,6
824,4
_
$10,000,000; United
% per sh
v
4 The Prop'rs of Revere
%per sh.
5 Ridge Ave. Pass. Ry
245
21 Heston M. & Fair. Pass.
Ry.,
■'.!
pref., $50 each
60-60^
10 Fair. Pk. & Hadd. Pass. Ry.,
each
$
°* the trust
companies Is as follows:
Co., Boston:
Shares,
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$
Co.,
...125
$50 each
&
Legals
3,699,7 23,585,0 2,119,0
14.860.0 120,878,0 14,678,0
4.376.5 35,563,0 3,355,0
1.266.6
19,153,0 1,987,0
Title Gu. & T
11.437.1 34,756,0 2,226,0
Guaranty..
23.672.2 158,997,0 15,149,0
Fidelity
1.330.5
7,434,0
643,0
LawyersTI & T
5,614,0
16,254,0 1,313,0
Col.-Knlcker__ 7,125,9 45,765,0
4,954,0
People's
1.543.6
15,705,0 1,773,0
New York....
11,993,2 43,339,0 4,389,0
Franklin
1,197,3
8,899,0
938,0
Bankers
U. S. Mtg.&T
Astor
$500 Bangor Ry. & El. Co. 1st 5s,'35 98
31^
______215
1 Lowell Bleachery
Specie.
Average. Average.
.....
171
By Messrs. R. L. Day & Co., Boston:
.
Loans.
Average.
$25,000.
Oct. 20 1913.
10 Nat. Bank of Far
Rockaway
50 Pinelawn Cemetery
Surplus
00# omitted.
Brooklyn.....
INSOLVENT BANK.
4,753—The Traders' National Bank of Lowell, Mass.,
hands of
On
Trust Cos.
NATIONAL
xcjvii.
DETAILED RETURNS OF TRUST COMPANIES.
national banks is from the office of the
Comptroller of the
10,454—The Francis National Bank, Francis, Okla.
S. M. Richey, Pres.; O. G.
Rose, Cashier.
[Vol.
Per cent.
$1,000 2d Ave. Trac. of Pitts.5s, '34 9434
$1,000 No. Spring. Wat. Co. 5s, '28 9114
State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the
State, as per the
following:
Statement of New York
and
Trust
City Clearing-House Banks
Companies.—The detailed statement below
shows the condition of the New York
City Clearing-House
ending Oct. 25.,
The figures for the
separate banks are the averages of the daily results.
In
the case of the totals, actual figures at the end of the week
are also given:
For definitions and rules under which
the various items
made up, see "Chronicle", V.
are
86,
members for the week
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the dase of the
banks, and V. 92,
1607, in the
p.
case
STATE
State Banks
Week ended
Specie.
Legals.
Net Depos¬
Average.
Average.
its, Aver.
serve.
Manhattan Co.
Merchants'
—
Mech.&Metals
America
...
City
Chemical
■,—
Merchants'Ex.
Butch. &Drov.
Greenwich
American
Ex.
Commerce
Pacific
—
______
.
Chat. & Phen.
People's
Hanover
Citizens' Cent.'
Nassau
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000,0
3,000,0
600,0
300,0
500,0
5,000,0
25,000,0
500,0
2,250,0
200,0
3,000,0
2,550,0
1,000,0
Market AFult.
1,000,0
Metropolitan
2,000,0
3,000,0
1,500,0
5,000,0
250,0
.
Corn Exchange
Imp. & Traders
Park
East
River
...
Fourth
Second
__
First
:.
Irving
Bowery
,
5,000,0
1,000,0
10,000,0
4,000,0
250,0
N. Y. County.
500,0
German-Amer.
750,0
5,000,0
100,0
200,0
200,0
Chase
Fifth
Avenue.
German Exch.
Germania
Lincoln
Garfield
Fifth
Metropolis
—
West Side
Seaboard
Liberty
N.Y.Prod.Ex.
State
Security
Coal
&
Union
Iron..
Exch..
Nassau, Bklyn
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
6
Totals,
$
.$
4,233,7
4,993,4
2,152,7
8,932,5
6,300,9
31,734,1
7,696,6
513,8
120,7
14,621,3
2,347,6
466,4
1,923,3
1,833,9
6,048,7
7,841,4
14,326,0
64,3
52,8,73,0
25,686,0
86,388,0
5,885,6
2,742,1
22,196,2
3,339,4
784,6.
1,959,9
678,3
.
491,7
2,305,8
888,0
2,485,9
2,787,6
925,7
491,6
364,0
559,0
991,0
1,144,2
1,758,0
6,153,0
2,376,0
230,0
552,0
64,0
1,554,0
1,143,0
2,537,0
.
,
-
",22,658,0
7,046,0
792,0
1,654,0
2,229,0
65,0
1,355,0
677,0
753,0
212,0
5,715,0
1,209,0
370,0
255,0
728,0
330,0
573,0
1,008,0
308,0
1,566,0
1,083,0
497,0
410,0
1,285,0
686,0
350,0
183,0
"20,451,0
2,535,0
559,0
1,165,0
2,616,0
1,959,0
491,0
1,940,0
907,0
5,991,0
5,051,0
8,916,0
18,519,0
11,462,0
6,610,0
9,328,0
7,873,0
'
740,0
2,272,0
175,0
9,002,0 1,959,0
16,504,0 10,088,0
495,0
778,0
3,303,0 1,664,0
453,0
148,0
18,033,0 1,653,0
4,735,0
611,0
1,857,0
1,069,0
1,727,0
863,0
,3,576,0
262,0
8,694,0 7,258,0
3,339,0 2,619,0
20,490,0
1,880,0
335,0
117,0
4,574,0 2,266,0
3,003,0
161,0
12,427,0
3,920,0
22,996,0
22,391,0
825,6
1,038,6
1,790,3^
1,297,6
1,490,0
28,261,0
13,040,0
104,623,0
35,245,0
3,202,0
8,335,0
3,941,0
94,197,0
12,941,0
3,622,0
5,143,0
14,246,0
8,665,0
3,923,0
$
3,982,0
7,040,0
3,643,0
9,541,0
3,933,0
40,2.12,0
4,552,0
1,531,0
53.U3.0
22,107,0
181,932,0
29,904,0
6,979,0
2,042,0
8,779,0
43,520,0
127,941,0
4,978,0
19,152,0
2,269,0
71,602,0
22,177,0
10,592,0
9,021,0
13,916,0
1,080,9
4,750,3
17,129,3
983,3
1,333,5
464,0
IP,096,9
2,172,0
$
21,191,0
30,700,0
18,891,0
2,172,0
5,741,0
2,327,0
1,125,0
1,873,0
1,518,0
■
$
Oct. 25—
Y.
68,400,000
*9,478,000
*10,150,000
*12,463,100
*11,405,100
298,987,800 1,044,822,000
-1,886,400
—408,200
122,735,600
—463,400
177,230,100
—253,900
and
Investments..
Specie.
53,608,000
—345,500
110,948,900
+ 345,100
22,137,400
—311,300
—.—
9,920,300
—87,800
%
25.0
Legal-tender & bk. notes.
25.4
Change from last week.
18,427,0
26.0
48,230,0
20,850,0
170,934,0
26,503,0
6,993,0
2,001,0
9,765,0
42,257,0
103,211,0
4,733,0
19,536,0
2,142,0
78,638,0
20,856,0
11,556,0
V.' 9,169,0
14,790,0
62,738,0
22,769,0
87,816,0
1,528,0
27,269,0
12,411,0
93,157,0
35,323,0
3,320,0
8,221,0
.3,694,0
104,764,0
14,468,0
3,626,0
5,816,0
13,951,0
8,771,0
3,893,0
12,043,0
4,785,0
26,907,0
24,140,0
10,355,0
23,972,0
13,862,0
6,784,0
8,643,0
6,592,0
1336,823,0 269,975,0 69,675,0 1319,234,0
25.0
27.2
Deposits
Change from last week.
341,528;000 1,105,559,300
—-4,216,100
+1,781,400
27.1
26.1
25.1
Reserve
on
deposits
Change from last week.
90,784,000
—490,100
127,696,900
—1,088,000
27.3%
27.1%
25.9
P. C.
reserve to
deposits.
Percentage last week..
129,904,700
—110,200
183,670,700
24,569,500
—50,200
23,012,000
16.3%
16.4%
30.8
25.0
20.3%
20.3%
25.7
—501,000
—252,500
13.5%
13.6%
26.8
25.4
+ Increase
over
last week.
—
Decrease from last week.
* As of June 4.
28.0
26.1
25.6
25.3
28.2
25.9
25.4
26.1
25.4
29.5
25.0
25,4
26.0
26.2
25.8
24.7
26.1
Note.—"Surplus" Includes all undivided profits.
"Reserve on deposits" Includes
and State banks, not only cash items but amounts due
from reserve agents.
Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to lo¬
for both
trust companies
cation
as shown below.
The percentage of reserve required Is
computed on the
of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty
days
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount
equal to
the market value (not exceeding par) of bonds or obligations of the State
or City
aggregate
of New
York owned by
the bank
held In
trust for It by any public
department.
are likewise required to
keep a reserve varying according to loca¬
tion, the reserve being computed on the whole amount qf deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured
(according to amend¬
ment of 1911) by bonds or obligations of the
City or State of New York, and ex¬
or
The State banks
25.0
clusive of
25.8
obligations of the State
25.6
for it
an amount equal to the market value
(not exceeding par) of bonds or
or City of New York owned by the
company or held in trust
by any public department.
24.4
23.9
Trust Cos.
Reserve
26.0
27.3
24
fT
25f3
28.0
25.3
25.7
25.6
26.0
26.6
Required for
and
Trust Companies
Stale Banks.
Total
which
25.8
Total
t
Of
Reserve
which
Location—
Required, in Cash. Required, in Cash.
"Manhattan Borough
15%
15%
25%
15%
Brooklyn Borough (without branches In Manhat.) 15%
10%
20%
10%
Other Boroughs (without branches in Manhattan) 15%
10%
15%
7#%
Brooklyn Borough, with branches In Manhattan. 15%
15%
20%
20%
Other Boroughs, with branches in Manhattan..,
15%
15%
15%
15%
Cities of the first and second class
10%
5%
Cities of the third class and villages
10%
3%
Elsewhere In State
The Banking
25.9
rate
25.7
trust
$44,987,000.
—State Banks—
Of
Reserve
15%
25.7
Circulation.—On the basis of averages, circulation of nattonal banks in
the
oirarlngHoum amounted to $44,806,000 and according to actual figures was
outside of
Y. Greater N.
163,181,300
18,834,0
33,800,0
Avge. 133,650,0 210,134,2 1331,129,0 269,303,0
71,519,0 1314,843,0
Actual figures
Trust Cos.
outside of
22,950,000
of Sept. 9.
Change from last week.
•
$
New York....
State Banks
Y. Greater N.
38,804,500
as
Re¬
Average.
00s omitted.
Trust Cos.
in
in
Greater N. Y. Greater N.
Change from last week.
Loans.
Surplus.
316.
Capital as of Sept. 9
Loans
Capital.
Oct. 25.
p.
TRUST COMPANIES.
.
'
...
AND
Surplus
of the trust companies.
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
BANKS
Department also undertakes
6%
to present sepa¬
figures indicating the totals for the State Banks and
companies in Greater New York, not in the Clearing
These figures are shown in the table
below, as are
House.
also the results
(both actual and average) for the Clearing-
Nov. 1
1265
CHRONICLE
THE
1913.]
'
_____
have
corresponding item in the two statements,
•combined each
thus affording an
we
Philadelphia Banks.—Below is a summary
totals of the Clearing-House banks of JBoston
and Philadelphia:
Boston and
of the weekly
of the banks and
aggregate for the whole
(00) in all these figures.
We omit two ciphers
York.
companies in Greater New
trust
In addition,
companies.
and trust
House banks
Capital
YORK
NEW
CITY BANKS AND
Trust
Members.
I embers.
Not Banks ATrust
Cos.
in C.-H.
Average.
ActualFigures
Aver. Cos.
Average.
Sept.
9
Capital
Aug.
Surplus
27.
179,900,000
305,760,200
209,550,000
74,180,500
379,940,700
banks
18.
Oct.
25.
27,577,
27,541,
25,528, 0
3,583,0
267,653,0
269,935,0
3,563,0
268,850,0
3,806,0
279,481,0
3,861,0
4,198,0
276,743.0
235,917,0 26,602, ,0 4,179,0
60,735,0
11-
Oct.
264.020,0
3.806,0
273,719,0
9,911,0
9,877,0
*418,260.0
11.304,0
S
234,562,0
234,676,0
235,512,0
238,306,0
Oct.
179,900.000
305.760,200
and
29,650,000
$
$
3,863,0
26,747,
228,581,0
233,075,0
234,266,0
60,735,0
.60,735,0
60,735,0
60,735,0
4
Oct.
Sept. 9
State
20.
Sept.
National banks
t
$
26.130,
$
60,735,0
60,735,0
60,735,0
8.
13.
Sept.
Clearings.
lation.
a
$
Boston.
Sept.
Circu¬
Deposits.
Surplus.
Total of all
State Banks and
Clear.-House
Clear .-House
ended Oct. 25—
Week
Legals.
Specie.
Loans.
and
Banks.
TRUST COMPANIES.
,
28,000, ,0
25,387, 0
9,756,0
9,971,0
9,893,0
118,804,1
138.350.1
140.839.5
132,498,4
173,585,9
158.748.8
174.631.2
166.016.3
9,791,0
9,932,0
9,943,0
285,069,0
Ptaila
Loans and
Investments.
Change from last
week
Deposits
Change from last week
551,583,600 2,455,756,600
—2,870,400 —15,674,400
1,911,668,000 1,904,173,000
+6,632,000 —12,804,000
.
a555,716,600 2,292,589,600
—2,426,800 —17,600,800
1,740,849,000 1,736.873,000
—1,910,000 —15,174,000
Sept.
8ept.
Sept.
11.
Oct.
328,265.000
+ 393,000
326,864,000
—1,285,000
61,662,900
—311,600
388,526,900
—1,596,600
76,073,000
—2,160,000
77,967.000
+448,000
68,033,500
—166,400
86,000,500
+ 281,600
339,650,000
25.74%
340,822,000
25.92%
12,818,300
14.21%
353,640,300
Trust cos.: cash In vault.
64,688,000
64,009,000
56,878,100
404,338,000
—1,767,000
404,831,000
—837,000
69,696,400
—478,000
474,527,400
1,315,000
51,041,000
15,602,600
-1,479,100
66,643,600
+ 574,900
*417,746,0
*425,334,0
147.954.9
142,125.9
160.306.1
11,320,0
96, 839,0
11,316,0
92 ,083,0
-
93 ,150,0
*421.884.0
11,316,0
382.061,0
95, ,916,0
94 ,225,0
*434,192,0
*430,735,0
11.305,0J 198.727.7
384.506,0
386,361,0
94 ,672,0
93, ,704,0
*439,558,0
11,312,0
11,306,0
153.865.6
164,668,9
160,737,6
11,296,0
120,887,100
Aggr'te money holdings
Change from last week
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
4.
Oct.
93 ,178.0
375,194,0
378,455,0
377,929,0
380,048,0
103.684,3
6.
13.
20.
27.
Sept.
i
Specie
Change from last week
Legal-tenders
Change from last week
Oct.
18-
Oct.
25.
383,633,0
Ratio to deposits
Money
on
on
deposits and the item "due to other banks."
At Boston
amounted to $1,563,000 on October 25, against $1,568,000
18.
October
*
"Deposits" now Include the item "Exchanges
reported on October 25 as $15,011,000.
other bks. & trust cos.
50,494,000
Change from last weekl
+ 1,808,000
+
2,054,000
454,832,000
+41,000
15%)
9,841,500
1,445,750
12,111,250
704,500
New York for the week ending Oct. 25;
totals since the beginning of the first week in January:
12,815,750
Change from last week
11,287,250
—1,384,100
FOREIGN IMPORTS AT NEW
also
Total
10.69%
15.16%
10.78%
26.03%
25.94%
16.69%
The
Total
$20,540,379
$14,717,659
713,299,133
685,099,065
'i
604,164,013
626,765,441
$813,366,879 $837,548,790 $720,984,338 $756,859,480
.
15.54%
1.15%
.
Cash on dep. with bks.
$22,423,893
$124,249,657 $116,820,325 $130,094,039
$128,267,814
Total 43 weeks.
% of cash reserves of trus t cos—
Cash In vault..
15.34%
$3,244,232
17,296,147
1
Goods..
—
General Merchandise
Dry
+3,179,000
19,282,830
$3,141,063'
$21,629,416
——
Since January
Total
1910.
1911.
$2,733,044
11,984,615
$3,702,266
17,927,150
Goods.
—
Merchandise
General
YORK.
1912.
1913.
For Week.
Dry
Surplus CASH reserve-'
Banks (above 25%)...
+ Increase over last week.
—
following is
(exclusive of
ports for the
statement of the exports
a
specie) from the port of New York to foreign
week ending Oct. 25 and from Jan. 1 to date:
Decrease from last week.
EXPORTS FROM
the deposit" after eliminating the item "Due from reserve depositories
New York City"; with this item Included,
a These are
for the Week.—The following are
Imports and Exports
the imports at
541,171,000
—740,100
85,299,000
—1,957,100
455,872,000
+ 1,217,000
Total reserve
Change from last week
,
for Clearing House," which were
with
deposit
Trust cos. (above
177.492.2
Includes Government
a
Government deposits
cash In vault
Banks:
*431,351,0
NEW YORK.
and other banks and trust companies in
deposits amounted to $606,178,500; a decrease of $3,905,900 from
the case of the Clearing-House members, the deposits are "legal net
for the average and the actual
last week.
In
deposits" both
b Includes bank notes.
figures,
'
For the week
$17,994,512
707,761,347
i
Previously reported
The averages
of the New York City Clearing-House banks
and trust
companies in Greater New York City outside of the
;
$18,613,952
669,375,109
$16,282,929
623,141,782
$18,639,614
541,786,803
$725,755,859 $687,989,061 $639,424,711 $560,426,417
.
companies, combined with those for the State banks
and trust
Total 43 weeks
1910.
1911.
1912.
1913.
Clearing House,
compare as
follows for
GREATER
We
omit
ciphers
two
a
series of weeks past:
AND TRUST COMPANIES IN
COMBINED RESULTS OF BANKS
The following table shows the exports and imports of
specie at the port of New York for the week ending Oct. 25
and since Jan. 1 1913, and for the corresponding periods in
1912 and 1911:
NEW YORK.
(00)
in
AND
EXPORTS
IMPORTS OF SPECIE AT NEW
YORK.
all these figures.
Imports.
Exports.
Deposits.
Investments
Specie.
Sept.
Sept.
Oct.
$
2.333.371.3
412.417.1
405.919.4
2.515,225,6
'
2.348.392.4
2,365.S12.1 398.872,6
2,348,458,8 394.507.8
2,350,165.6 396,334.3
2,508,386,2 2,351,598,8 402,231,3
2,516,894,8 2,359,827,3 397.720,3
2,499,481,0 2.337.821.3 393.660.2
2,471,431,0 2.310.190.4 390.123.5
2.455.756.6 2,292,589,6 388.526.9
2,492.013,6
2,504.670,8
2.507.269.5
27
Sept.
Oct.
$
2,469,329,3
6
13
20
Aug.
Sept.
4
11
Oct.
18—
Oct.
25
EntireRes
onDeposit
$
$
$
23
30
Aug.
TotMon'y
Holdings.
r' J
Legals.
Loans and
Week Ended—
88.050,5
88,048,2
$
■
Gold.
Week.
Great
Britain
France.'
493.967.6
485.603.1
86.730,5
86.672.4
86.750.5
561,844,0
$43,575,270
West Indies....,
481.180.2 553.710.0
483,084,8 550.864,6
Germany.
—-
South
5,171
4,243
32,714
506,974
22,483,639
1,716,515
55,525
12,867
$68,813,646
33,085,685
7,259,057
1,162,288
477,289
714,000
_;
Mexico
-------
_
.
America
85,516,0
84.470,9
487.747.3
553,981,9
482.191,2
477.978.7
Total 1913
475.842.4
542.910.1
541,911,1
474,527,4
541,171,0
Total 1911..
319,051
$50,818
953,471
12,705
1,965,661
10,205,370
3,914,711
.1,709,472
548.839,5
84,318,5
85,718,9
86,000,5
Since Jan. I
$1,713
.
582,826,1
579,187,1'
500,467.6
Week.
Since Jan. 1
All other countries
—•
Total 1912
"$7b"66o
„
L
75,100
-
'
r
$614,036 $18,812,208
25,811,595
12,750,745
•
Silver.
Reports of Clearing Non-Member
Banks.—The follow¬
ing is the statement of condition of the clearing non-member
banks for the week
ending Oct.
25, based on average daily
results;
;
7.. ' '•
v.
Mexico
,
America
}
All other countries
Tender
Disc'ts
Capi¬
tal.
and
and
with
plus.
Invest¬
Bank
C.-II.
Notes.
Total 1911
$309,708
480,658
76,641
101,571
4,934,797
2,141,182
1,326,625
"$8,610,329
8,066,009
5,896,732
Of the above
Deposits.
imports for the week in 1913,
American gold coin and $92
$40,226 were
American silver coin.
$
$
New York City.
jw
5,750
$41,013,303
8~20,588 47,365,331
925, £80 40,798,111
Net
Banks.
Specie.
::::::::
44,842
8,123
$18,214
64,899
23,041
Deposit
Sur¬
ments.
Batiks.
...
"
— _
256,653
""i, 909
...
Total 1912
On
$90
40,237
West Indies
Total 1913
Legal
Loans,
—
Germany.
South
We omit tioo ciphers (00) in all these figures.
f,
$793,877 $35,252,703
5,706,704
247,000
Great' Britain...
Manhattan and Bronx.
'
Heights.
Battery Park Nat...
Washington
1,033,0
7,116,0
1,056,0
4,912,0
3,374,0
2,045,0
5,006,0
189,0
373,0
275,0
183,0
316,0
2,804,0
69,0
150,0
459,0
433,9
4,164,0
3,099,0
2,534,0
667,8
288,8
4,348,0
3,572,0
221,0
70,0
59,0
601,0
1,53^,0
416,0
1,566,0
5,847,0 10,486,3 83,376,0 8,376,0 4,362,0 12,860,0
8,433,0 4,419,0 12;965,0
4,385,0 12,840,0
77,277,0
77,162,0
79,194,0
300,0
200,0
Mutual..
200,0
New Nether land
200,Q
200,0
100,0
Yorkville
6,759,0
46,0
505,0
577,0
118,0
117,9
500,3
681.8
Fidelity
Twenty-third Ward..
941,0
706,1 3.798.0
392,0
318,0
928,1 5.933.01
527.4 10,596,0 1,357,0
524,0
576.5 4,541,0
191,0
181.6 2,799,0
200,0
400,0
Columbia...
1,488,0
1,667,0
5,963,0
106,0
62,0
470,0
179,0
489,0
122,0
329,0
141,0
101,0
264,0
357,3
500,0
Century
Colonial
98,0
559,0
173,0
154,0
1,745,0
351,0
1,566,0
577,0
6,407,0
6,583,0 1,108,0
604,0
5,980,0
57,0
1,117,0
494,0
4,882,0
426,0
3,309,0
244,0
1,873,0
586,0
4,530,0
100,0
728,3
178.3
464.4
320,6
104.4
498.5
183,0
466,0
144,0
234,0
587,0
§awliitt0 amt ffitrawcial.
Brooklyn—
First National
300,0
Manufaturers' Nat..
252,0
Mechanics'
1,000,0
National City
300,0
North Side..
200,0
Jersey City.
First National
400,0
Hudson County Nat.
Third National
250,0
200,0
1,398,4
825.9
98,0
614,0
676,0
1,483,0
634,0
382,0
3,100,0
5,430,0
12,646,0
4,483,0
2,895,0
2,966,0
1,635,0
1,638,0
Hoboken.
First National
220,0
Second National
125,0
Totals
Oct.
Totals
Oct.
Totals Oct.
25....
216,0
18.... 5,847,0 10,486,3 83,303,0
11..1. 6,097,0 10,824,6
85,242,0^777,0
White, Weld & Co.
Bonds and
14
WALL STREET
NEW
YORK
Investment Securities.
THE ROOKERY
CHISAGO
111 DEVONSHIRE 8TREB'
BOSTON
mc
THE
CHRONICLE.
To-day
for
(ifejettje.
i/wwyw^*'*'*1 viftMyyvwyvwyw
The
(Friday's) actual rates for sterling exchange were 4 8060 @4 8075
days, 4 85@4 8510 for cheques and 4 8555@4 8565 for
cables.
on banks 4 78
M @4 80H and documents for payment 4 79 M @
Cotton for payment 4 80 H @4 80 H and grain for payment 4 81 @
j gj*
Street, Friday Night, Oct. 31 1913.
The posted rates for
•;
not
Money Market and Financial Situation.—Influ¬
which affect values have this week
sterling, as quoted by a representative house, were
changed during the week from 4 82 for
sixty days and 4 86 for sight.
(Friday's) actual rates
l-32@5 25 for long and 5 2134 less
nearly counter¬
so
for Paris bankers' francs were 5 25 less
1-16@5 21M less 1-32 for short.
Ger¬
93 15-16@94 for long and 94%
@94 11-16 for
Amsterdam bankers' guilders were 40 less
1-16@40 less 1-32 for
many bankers'
balanced each other that the security markets have, if we
short.
short.
state of
a
equilibrium.
There
were, moreover,
during the mid-summer holiday period
at the Stock
ness
Exchange
when fluctuations
The most
was so
so
situation,
Also
now
the
at
limited in volume and
'
moment
High for the week...
Low for the week...
to has been
At the
London 25 fr. 30%c.;
4
the other side have continued to
1-16
St.
par.
Exchange.—Chicago,
Louis,'par bid
$1,000 premium.
discount.
5 20 % less 3-32
per
count rate
40 plus 1-32
40
15c.
and
market
sooner or
kets of the world will be
affected, directly or indirectly, by:
new
financing made necessary by the Turkish-Balkan war.;
A good deal of interest is
just now manifested in the pro¬
visions and application of the new income tax law
as it af¬
fects the' revenue from
investments, especially the income on>
bonds.
As municipal bonds are
exempt from the tax, there.,
has been an unusual demand for this class of
of
one
from
2% @10%.
on the Stock
Exchange
stock and bond collaterals has
ranged
Friday's rates
call
on
@10%.
Commercial paper on
Friday quoted 5% @5%% for 60 to
90-day endorsements and prime14 to 6 months' single names
and 6 @6%% for good
single names.
The Bank of England
weekly statement on Thursday
showed an increase in bullion of
£566,503 and the percentage
of reserve to liabilities was
54.45, against 56.25 last week.
The rate of
francs gold and
decrease of 224,000 francs silver.
a
was, in every case, soon reversed.; ; These conditions
show that the business has been almost
wholly of a profes¬
sional character, conducted under a
very conservative policy.
There
have
been, moreover, few
exceptional features.
To-day's market, however, showed very slight recuperative
power, after a weak opening and of a list of 30 active and
representative issues only 3 show a fractional net
gain for
the day.
^
1.'
'.-v
Union Pacific, Reading,
Amalgamated Copper and Steel
-
represented in
fixed
6,359,000
Week
Adams Express
from
Averages for
week ending
previous week.
Oct. 26.
$
Surplus.
Net deposits
Specie
Legal tenders.
Reserve held
340,822,000 Dec.
328,710,750 Dec.
25% of deposits...;
week
50 122
reserve-....
12,111,250 Inc.
Note.—The Clearing House
condition of the banks
on
the
now
issues
a
statement
Saturday morning,
900 223
Oct 30 225 H
Oct 28 85 %
Oct 30
100
50
weekly, showing the
65
Oct 25
65
Oct 29
64
Oct 29
Oct 29 124
/ Oct 30
100 125
Oct 25 125
Oct 25
125
100 10S
Oct 27 108
Oct 27
100
deferred
4% to 53.
The
made
market
for
substantially
ment of
a
trust
more
of
at
receipts,
at
move¬
transactions.
Foreign Exchange.
The market for
sterling exchange
has ruled weak in the
main, especially towards the close, when
call money rates at this centre
advanced sharply.
New York
buyer of $2,000,000 South African bars at the
London
gold offering on Tuesday.
'
"
'
was a
June
Mar
120%
31%
Oct 29
23
July
90
Jan
64
Oct 27
64
Oct
69
April
53
Oct 27
51
July
63 H
100
41
Oct 29
41
47% April
.4% May
8
May
99% Sept
Southern
Oct 29
40
Mar
200
2
Oct 27
2%
Oct 29
2
100
„._.a
4
Oct 29
4
Oct 29
July
Aug
100
92
Oct 25
150
98
Oct 25
3%
90%
Jan
92
Oct 25
98
Oct 25
95
Oct 28 101
Oct 28
96
Oct 30
40 %
63
Oct 25 ,49%
Oct, 30 63
Oct 30
49
330
90
Oct 27
95
Oct 29
200
58
Oct 31
58
Oct 31
86 X Sept 125
April
53% June 67%
Jan
378
48%
pref.
137
2 101
Oct
Oct
Feb
102%
July 105%
Aug 66
Oct
Jan
Jan
90
Jan
Market.—Business in the outside market this
generally
quiet, price fluctuations being de¬
com., the
most active of the industrial list, after an advance of
almost
two points to 94 34, .moved down
irregularly to 87 %, exdividend, and closed to-day at 88.- The pref. changed hands
to-day at 111.
British-Amer. Tobacco, old stock, declined
from 25% to 24% and ends the week at
24%.
The new cer¬
tificates were quiet, losing a point to
24% and recovering
finally to 25%.
Riker-Hegeman Corp. stock went up 3
points to 115 but reacted to 113.
Standard Oil yielded 2
points to 376 and closed to-day at 377.
Consolidated
Rubber Tire common sold off from
35% to 35.
New
York City bonds were in active
demand, the 4%s of
1960 advancing from 99 to 99% and
reacting to 99%.
The 4%s of 1962 improved from 98% to 99 15-16 and were
traded in to-day at 99%.
St. Louis Peoria & N. W. 5s
receded from 103% to 102%.
In copper shares Braden
Copper sold down about half a point to 6%.
British Colum¬
bia was quiet at 2%.
Greene-Cananea, new stock, was
active and improved from 28% to 33 and closed
to-day at
32%; dividends were resumed this week, 1% being de¬
clared.
Mason Valley went up from 4 to 4%.
Kerr Lake
sold down from 4 to 3 15-16 and up to 4%,
closing to-day
of
limited
Mar
Oct 29
void
new
on
Jan
17%
June 125
Oct 27
week
on
respectively on the better
management, while New
sympathy with its shares.
Third
net advance of 2
points and some
Avenue adj. 5s show a
Erie issues are
higher
June
Oct 27
Outside
lower in
the
11
30 H
Wells, Fargo & Co
Rock Island and New Haven
issues have been leaders in
the particulars mentioned.
Rock Island ref. 4s
and
5s have advanced 3 and
334 points
are
Aug
53
West Maryland, pref...
both
6s
Oct
Mar
r-
64
Vulcan Detinnlng,
not only supplied a
large part of the business transacted at the
Exchange but
are about the
only bonds which have recorded
any note¬
worthy change in values.
Haven
Oct 29
65
69
64
100
also
active than of late
by the
prospects of the road under
13
Oct
Aug]
116% June 128
150
United Dry Goods, pref.
U S Express..
The latter have
^
Oct 29
Jan
300
Preferred
railway and industrial bonds has been
few issues.
13
50
Oct
Sept
18
v t c.
Quicksilver Mining.....
1960, at
6s,
5
Oct 28
Oct 226 H
Oct 87
7% June
64'
Jan
July
~
companies
Virginia
85 X
153
Jan
96 %
The
Railroad Bonds.—Sales of State
bonds
Board include $10,000 New York
Canal 4s,
$75,000
Oct 28
200 124
.
So Pac rects, 1st paid...
United Cigar Mfrs, pref.
and
and
10
Oct
Aug 175
Norfolk
actual
••
.
N Y Chic & S t Louis...
.
100
85 %
10
89%
200
Pacific..]
1.
Highest.
Sept 150
Oct 28 220
Oct 30
Int Agric Corp, pf
Mackay Cos, pref
16,273,000
the second page preceding.
the
Oct 27
89%
Homestake Mining
'
the State Banking Department,
giving the condition
companies not reporting to the Clearing
House, appear
State
Oct 28 122
Oct 27
Oct 29 115
89%
subs, 3rd paid..
Green Bay <fc W deb B..
Hocking Valley.
359,338,000
343,065,000
4,699.750
summary issued by
State banks and trust
Oct 28 122
Oct 29 120
....
as well as the above
averages
returns of the separate banks
and trust
figures, together with the
Lowest.
100
Chic Rock I &
28.
S
337,029,000
332,329,250
2,973,750
Range since Jan
175 120
—
Surplus
Highest:
Gt Nor
ending
Oct.
$
1,376,000
4,349,750
'},
Lowest.
Colo & Southern 1st pref.
Averages for
.
133,650,000
133,650,000
135,150,000
210,134,200
199,887,600
196,020,300
1,331,129,000 Dec. ~15~,339~ 000 1,336,557,000
1,354,450,000
44,806,000 Inc.
23,000
46,222,000
50,376,000
1,314,843,000 Dec. 17,399,000 1,329,317,000
1,372,260,000
269,303,000 Dec. 1,986,000
261,527,000
284,481,000
Inc.
71,519,000
610,000
75,502,000
74,857,000
Loans and discounts
Circulation .1
Range for Week.
for
Chicago & Alton...
1911.
Oct. 25.
$
31.
the pages which follow:
Amer Brake Shoe & F._
week ending
Capital
Sales
Oct.
on
American Express
Can Pac subs, full paid.
Central Coal & Coke
1912.
Differences
ending
Week.
{Not Including Trust Companies.)
Averages for
detailed list
our
STOCKS.
NEW YORK CLEARING-HOUSE BANKS.
1913.
tendency during
early strength or weak¬
ness
discount remains
unchanged at 5%, as
The Bank of France shows an increase of
Oct. 2.
as a whole
has shown no decided
entire Stock Exchange session and
ing over a range of nearly 5 points.
Rock Island preferred
has, however, covered 3 points and Union Pacific
nearly
as much.
In other cases the range covered and net
changes
are, as noted above, narrow, and
unimportant.
For daily volume of business see
page 1276.
The following sales have occurred this week of shares not
5
were
has been the stock market
^
mud-throwing and villification.
on
an
narrow
have been leaders of each tfiovement and
by far the most
active stocks, and each shows a net decline for
the week.
Canadian Pacific has been
exceptional in fluctuations extend¬
The open market rate for call loans
during the week
Boston,
San Francisco, 40c. per
per $1,000 premium.
Montreal, 31 He.
$1,000 premium.
Cincinnati, 10c. prem.
Miscellaneous Stocks.—Unusually dull
throughout the week.
Fluctuations day by day have, of
course, occurred, but the
latter is regarded as
necessary,
the practical certainty
securities, causing
sharp advance in New York City issues within the week.
Aside from all other matters, local
politics have absorbed
mo^e or less attention, and referring to the State and
city
campaign, it may undoubtedly be .classed as
pre-eminently
premium.
are
Railroad
and
a
$1,000
Bonds.—Sales of Government bonds at
limited to $1,000 4s, reg., at
110% and $500
3s, coup., at 102%.
For to-day*s prices of all the different
issues and for
yearly range see third page following.
business and also the conservative
policy now being pur-;
sued in banking circles on both sides of the Atlantic.
The
especially abroad, because of
later, the money mar¬
40 1-16
40 plus 1-16
less 1-16
per
United States
the Board
$2,000,000 gold
was secured in
London early in the week by New York bank¬
ers for
shipment to this country.
The financial situation
abroad, as well as here, reflects the reduced volume of general
that,
5 20 less 3-32
and 5c. premium asked.
St. Paul, 15c.
Minneapolis, 35c.
.
4 8605
4 8555
94 11-16 plus 1-32 94 13-16 plus 1-32
94 H
94 H less 1-32
3954 less 1-16
The Imperial Bank of Germany reduced its dis¬
8560
m.
5 20% less 1-16
5 21% less 5-64
5 24% less 1-32
5 25 less 1-32
High for the week
94
Low for the week...
93%
Amsterdam Bankers' Guilders—
High for the week...
39% plus
Low for the week—
same
on
Monday from 6 to 5%%, and both the English
and French banks show
substantially increased gold holdings.
Thus the international situation is such that
week's rango 25 fr. 30Mc.
4 85
Germany Bankers Marks—
Domestic
on
on
High for the week.._
4 8110
Low for the week...
4 8060
Pat is Bankers' Francs—
highest recorded during the
thus far, favor speculative transactions.
time financial conditions
improve.
none
,
market conditions
money
at Paris
i-rt!lxciiai?ge at Berlin on London, 20 m. 4934 PL; week's range 20
50M pf. high and 20 m.
48H pf. low.
The range for
foreign exchange for the week follows*
exchange for
__Sterling Actual—
Sixty Days.
Cheques.
Cables.
at the most acute stage it has yet
do not, with call-loan rates the
year
Exchange
few weeks
narrow.
were
high and 25 fr. 28He. low.
since when busi¬
important of the influences referred
the Mexican
reached.
were
or
marks
;
except the municipal bond department, been held practically
in
s
sixty
<
ences
xcvii.
Commercial
MVvvvvvwvvv%rM%Afvvvvvvvvvv^vv^*>''v^'''|M*f*11*1'1*'11'*''*1
TFaZi
[Vol.
at
was
of
any
very
significance.^ United Cigar Stores
4 1-16.
'
Outside
quotations will be found
on page
1276.
r:
■
"
1267
Oct. 25
Railroads
-
,
'
94
-
116
116
400
92l2
•5
5*2
♦5
5*2
•9
10*2
•9
10*2
27*a
2714
27*8
27*8
43
43
43*4
37*2
28
4334
35
43*4
♦3412
27*4
43*g
•33
35
35
•28
31
♦28
.
"
.
1334
5734
247g
*57*4
247„
•56
•24U
•56
58
v.
1334
5734
13*4
10
20
•7*2
•7*2
10
♦7*2
10
*15
20
•15*4
20
151*2 152
*150*2 151*2
1313s 1313g ♦131*2 133
♦127
130
»*128
130
14
14
r
§14
14
•15*4
'
15234
152
.
132
•130
•135
145
20U
♦20
21
58
•50
57
148
•135
20U
•52
•33
30
29*4
297S
29U
...
'
12*8
14*8
24U
12
*11*2
12*g
97*4
83
96
96
28*2
*27
104
95*4
815s
82
2678
2678
103*8 104
86
84*2
84*2 ♦80
107*s 107*2
107*4 108*8
*108
1085s
1097g HO
108
10778 10878 §108
109*4 110*4
10878 1095s
IO8I4 108*4
108*4 109*4
28*2
104
♦80*2
86
•80
86
♦80
86
*80
86
117
*100
120
♦95
117
♦95
117
1615s 1623s
85
•87
92
§90
♦90
90
1478
5*2
•
20
♦13
Pittsb Cin Chic & St L—
♦22
25
*23
25
657g
•57
61
♦60
18
♦17
47
47
♦46*2" 47*4
883g
87*s
88*8
87*2
92i2
92*4
22*4
925s
23
77*2
15*4
39
92*8
873g
92
223,
22*4
78
78
•76*g
15U
•761$
18
47*8
♦17
47
•14
♦76*8
1514
15*4
37l2
37*2
37*2
38*2
37*2
•9
11*2
*7
12
♦7
•14
♦15
12
♦7
12
24
♦18
24
200
-
•14*4
39*2
♦18
•225g
735g
•43*2
•89
45*4
46*8
23
23
74*g
45
.
74
*43
♦89
* 93
•23
23*2
24l2
•67
75
*07
2258
75*2
46
73*4
♦43*4
75*8
46
*43
46
93
♦89
93
♦89
♦89
93
24
24
24
24
75
♦67
75
♦67
3H2
4434
91
45*4
1145s ♦112
•112
36
*36
36
44*4
65
♦62*4
40
•37*2
*92*2
4*s
4*8
4
66
40
24
•21
22
22
22
Q
Q
*8*2
10
•20*4
.
•2034
•22
24
•30
31*4
31*2
•98
100*2
•9S
♦5*4
7
*5*4
♦41
44
•42
63*4
99
♦81*4
83*4
63*4
99
•81*4
*156
165
6334
99*2
♦156
66
387s
30*4
90
90
44*4
♦98
83*4
65
99*2
24
83*4
165
9912
♦160
29*8
27
2978 ,297g
100
♦5*2
♦41
82
63*2
4,250
*81*2
62*2
64*8
...
American ice Securities.
American Linseed
Do
82*8
62*4
Do
preferred-.
American Snuff
}
New
Bank*
Bid
Ask
Chat & Phen.
170
178
YorV
Bid
Banks
Ask
165
Fidel, ty?
Ask
175
4500
54ia Deo
J'ly
98
2
90
49
48*4 Jan
J'ne 12
57*8 Jan
2
96*4 Jan
2
10
5*8 Jan
17
Sep
Feb
Feb
120
678 J'nelO
Jan
3
Feb
20
Feb
34
2734 Apr 4
lli2 Jan 31
J'nelO
95
8
28*4 Feb 10
18
Jan
3034 May
177S Apr
9
30
31*2 Jan 3l
Oct 17
J'ne 10
44*2 Jan
Oct 10
5*4 Oct 17
106*4 Jan
13
Jan
S$417g Oct 24
Feb
61*2 Jan
86
7912 J no 12
6812 J'ne 10
97
J'ne
6
J'ly
yi
Jan
71*4 Jan 30
107
Feb
7
193
Jan 22
Deo
66*2 l)eo
Bid
285
300
Mt Morris ?
Imp & Trad-
495
510
Mutual IT
Banks
-
290
Banks
Bid
Seaboard....
Second
.
395
560
Chelsea ExU.
145
155
Fifth Ave V
215
Chemical
380
400
Fifth
300
325
Irving
177
185
Nassau
190
197
Security
135
145
Citizens'
175
182
Fir3t
900
950
Liberty
615
630
New Neth?__
210
225
Sherman
360
365
160
165
425
City
Bronx
BoroU
225
260
Coal
Bronx
Nat..
175
190
Colonial 1i
'Bryant Park?
150
Dr.
120
135
Commerce
Century
195
205
Chase
620
630
Butch A
......
.
-
A
Iron.
450
«
«
-
172
Lincoln
330
350
New York Co
850
875
State ?
250
Manhattan
?
310
320
New York
385
395
23d Ward?..
140
160
\
137
143
Mark A Fult.
230
240
Pacific ?
265
265
Union
Exoh.
148
163
'
Ex 11
375
425
Mech A Met.
220
227
Park
350
353
Unit
StatesH.
600
450
475
Meroh
150
155
People's ?
230
250
Wash
j.
275
175
i
600
j
175
179
Germanla?
305
310
Gotham
170
85
105
Greenwich ?.
250
Hanover
620
East
70
River._
210
168
German
„
180
i
1
220
285
__
i
125
Fourth
240
Columbia1?
425
135
115
....
Germ-Amer ?
Coamopol'n 1]
,
.....
Garfield
»
Corn Exch lf.
«.
...
Ask j
430
Ask
270
210
BoweryU-
203*4 Deo
Mch
QUOTATIONS.
Ask
Ilarriman
-
Sep
Aug
J'no
109*8 Sep
102*8 Jan
123
Aug
Aug
91
Jan
84
.
Apr
110*2
19*8
69I4
89*2
4*4 Jan
42
-
Sep
47ij Nor
Jan
103
550
-
43
3134 Feb
"
Park
—
7*4 Sep ;
Mch
America il_._
Cen
May
60ia Deo;
83*4 Deo
60*4 Nor
99*4 Feb
30*4 Oct
70I4 Aug
45*2 Jan
6
2
lAmer Exch__
Battery
Sep
115
J'ly 2
J'ne28
78*. Jan
7/
10U4 J'no
47*8 Oct
126*4 Sep I,
63^ Sep
Nov
11*4 Feb
905g Feb
3*2 J'ly 9
15*8 J'ne10
,
92*4 Oct
63fy Mch
104*4 Mch
46*2 Dec
6
467g Jan 31
129*2 Jan 30
56*8 Jan
2
117
Mch 5
J'ne10
3314
6OI4
33*2
92i2
Bid
Banks
50*2 Jan
86
Mch
150
BANKS AND TRUST COMPANIES—BROKERS'
Bid
Banks
Feb
2
27
Amer Smelters Sec pref B
3,275 Amer Smelting & Refin'g
100
60
3
Jan
94
100
957
Feb
Jau
Apr
934 May
227S Apr
64*4 Mob
11*4 Oct
361j Oct
171j Oct
62i2 Aug
Jan
99
80*2 J'nelO
36*2 J'nelO
36
111*8 Sep
17634 Sep
96*t Deo
39*8 Deo
69*8 Deo
Jan
.43
67
Oct 31
8678 Oct
26*2 NOT
49*4 Jan
16*8 Mch
Jan
6
20
preferred
American Malt Corp
Do
preferred
7
43*2
*99*2 100
160
160
165
preferred..
Do
preferred
2,700
1,020 A.mericari Locomotive.
♦98
♦99*2 100
♦160
American Hide & Leather
4
11
$24*8 Oct
_
80*2 Sep 16
J'nell
'
7
43*2
•5*2
82
165
10*2
10
...
3
Jan
Sep
32
Deo
58*2 Apr 23
21
Cities
J'ly
45
8
65
108
27*2 Apr
56*2 J'no
115*2 Apr
334 j'ne
1*23g j'ne
28*s Jan 13
14
Jan
3
901S Get 16
19*4 J'nelO
Can..
Do
Do
8
J'ly
57
_
61*8 J'ne 10
41*4 Sep *5
preferred
American
200
31
♦40
64*2
99*2
63*4
6478
100
22
28
28
J'nell
63*2 Jan
6
Aug 12
13
,
""400
*21
10*4
88*4 Oct
35*2 Jan
J'nell
32
Do
preferred
American Car & Foundry
300
100
83*2
4*4
21
31
44
,
Dec
93*2 Jan
J'nell
6*8 J'ly
preferred..
preferred
500 American Cotton Oil
Do
preferred
22
-25
7
*41
*81
*4
Do
American
50
♦20
♦96
315s
100
*5*2
7
64
""266
38
*37*2
J'ne
150*4 Dec
2
American Beet Sugar
Do
21
9*2
25
31*4
*97
46
100
900
6234
§6234
414
♦21
9
31*4
♦160
.
•92*2
*20
22
9
25
♦81
165
♦21
100
♦41
37*2
♦4
4*8
21*2
*20
10
♦5*4
7
44
*38
•9212
4*8
21*4
31*2
31*4
11412
82
38
♦37*8
38*4
38
*92*2
21
♦20
25
100
114*2 *110
♦62*4
67
*62*4
4*4
2H4
♦8*2
41,525
3,130
4414
'
— _
21
21 *s
21
37*2
♦62*4
37*2
*92l2
♦4*8
....
4
2934
•36
Sep
162*4 Jan
16
Wabash
200
45*2
37*2
28
103
29*4 Jan
109
$19*8 Sep 11
T.200
32
92l2
*30
43*8 Sep 23
13
Jan
9
40'a J 'nell
65
*.44*4
36
8
Wisconsin Central
Industrial
&
Miscell.
300
23
*91*4
114*2 *112
Jan
3*4 Oct 24
J'nell
7
Oct
3
65
45*4
307s
26i2 Jan
68*4 Feb
20i2 Jan
3312 Dec
10i2 Deo
2
81*2 Mch 26
22*8
J'nelO
23
67
32*8
92*8
36
•37*2
♦92l2
♦88
24*4
44*4 Dec
103*2 Deo
30
_
45*4
114*8 ♦112
•63
72*8
93
67
28*8 Jan
J'nelO
9
4
101*8 J'ne 6
137*4 J'nell
79*4 J'nelO
preferred
2214
120,150 Amalgamated Copper.
73
100 American Agricul (Jhem.
435^
Do
preferred93
4358
23*4
4038 Oct
8058 Oct
Deo
18
17*8 Aug 13
46
Jan
2
47
315g
9138
114*4 •112
37*2
9*4
22*8
75
29*4 Jan
68*2 Jan
1
6,600 dAlaskaGold Min Par $10
20
*8*2
*44
2412
preferred
69*2 Jan
4334 Apr
99*2 Sep 13
J'ne 12
7*8 J'ly
preferred
200
Western
Maryland.....
1,180
Wheeling & Lake Erie—.
2,150
Do
1st preferred
2.4Q0
Do
2d preferred
1,600
5*2
5*4
19
s
3234
92*4
4434
315g
91*8
323s
907S
44*2
4412
31*8
91
3,1*8
•90
73*4
Do
68*2 Deo
26*j Deo
49*8 Sep 23
Jan 30
15*4 J'ne
United Rys Inv't of S F
29*j Mch
Feb 11
110
10*4 J'ne 4
277g J'nelO
Do
12
46
•43
74*8
—
Twin City Rapid Transit
Union Pacific
200
36
34*4
22*8
74*4
2214
2278
75*8
225g
23
2314
preferred
Do
412
♦11
47
*44*4
46
*44*4
45*4
45*4
46
Do
19*«
72
30*2 Apr
69*>8 Apr
Jan 11
20*4 Apr
84*2 Oct 17
887g Oct 17
Pacific
42*4 Deo
17*2 Dec
179*4 Apr
93i4 Apr
101*2 Apr
35i2 Jan 13
75
Jan
9
14*2 J'ne 10
38
J'ne 12
.
22*8 Deo
4
2
•
131*2 Aug
120I4 May
111*2 Sep
117
Feb
29
Sep 17
61
Feb
Apr
Apr
Apr
Aug
59
J'ne28
J'ne 17
207g Oct 20
-
92
Dec
19*4 Jan 11
5*2
Third Avenue (N Y)_.
Toledo St L& Western-
40
♦3*2
10
•43
100
18,850
21*2
♦35
44*4 J an
preferred
Texas &
150
10412 104l2
150
150*4 113,400
1,200
*81*s
81*2
...
•8
Do
247g Feb
Southern Pacific Co
200
•18
23
*20
24
♦7
*14*4
23
22*8
22l2 •15
*104
106
*104
106
*10412 108
♦104*2 108
•104i2 108
150*4 152*4
151*4 1527g
1507s 153*8
151*8 153*4
15078 1515s
♦81*8
81*2
81*2
81*2
81*8
81*2
8134
81*4
8134
81*4
*18
*18
•18
*18*2
22
2212
•18
2212
♦34
37
♦34*4
40
•35
40
♦32
37
•32
40
*3*4
412
37g
37g
4
4
*37g
4*2
•37g
4*2
♦10*2
11?8
11*2
11*2
♦10
1178
10*2
10*2
•10i2
12
35*4
36
♦35*8
38
♦35*4
36*4
§35*2 35*2
3534
35*4
5*2
5*2
4U
5
4
4
4*s
4*s
•384
414
18
21
20*4
2078
•15
20
•15
20
•15
20
8
*8*2
9
•6
9
9*4
8 •
8
.
'
1,200
10
Apr 10
95
Jan
Dec
Jan
Jan
Jan
J'ne
92
11
Jan
71
115*8 Jan
Sep 18
921. Apr
4734 Mch
J'ne
88
Aug
31*8 Mch
68
Apr
36/s
1211a
142*4
4138
119*4
1197,
98i2
108i2
148*8
87*2
Sep 23
13
preferred
Seaboard Air Line
Feb
110734 Feb
6
7
171
2*4 J 'ne 17
1st pre!erred.2d preferred
i
§109
17*2 Oct 17
24,958
Certificates (wh. iss.).
2,174
Southern v tr ctfs stmpd.
2,800
Do
preferred
do
1,200
39*4
17
115s
22*4
76*8
Do
12334 Jan
104
Jan
11*8 Oct 17
St Louis Southwestern
-""166
76*2
15*8
41*8
76*8
40*8
11*4
38*2
91*2
23
78
•14*4
12
♦92*4
225g
46*2
87*s
91*2
22*2
76*8
15*4
40*4
46*4
865s
877g
9212
87*8
8S*s
92*8
23*4
23*4
*76*8
18
•17
18
18
46*2
47
Do
200
657s
♦59*2
6578
Do
23
23
25
-
428
9*| """766
158
Feb 13
87
82*2 Oct 14
84
J'ne 10
Francisco
Deo
62*8 Oct
26*8 Oct
106*8 Dec
Dec
128
2978 J'ne
Mch
122^8 Jan
151*8 J'ne.„
St Louis <fc San
Feb
146
3
80*4 Aug
101*4 J'ne
1J678 J'ne
x86
Oct
100
J'ne
Rock Island Company
Do
preferred
7,700
18,520
6
♦8*2
9*4
*23
♦56
.
20
•13
20
9*4
10
657g
18
46*4
87*4
91*2
22*4
91*2
22i2
6
*5*s
90
657b ' *56
18
♦17*2
-
14l2
23*2
9*2
9l2
10*8
*8*2
86
14*s
23*4
♦5*2
*13
20
*13
20
■
85
15*8
92*2
preferred
81*8 Oct
25*8 J'ne
98
J'ne
1st preferred
2d preferred
230
245g
10
23
•56
46*2
87*s
•15
700
14*4
90
•20
•17
5*2
5i2
6
86
♦83
23*2
1478
25
57g
14*4
24*4
♦5*4
Do
129
27*2 Jan
§57
Jan
151*2 Aug
§40
27*2 Jan
2
109*4 J an 80
1297g Jan 10
337g Jan It
113*2 Jan
3
93*2 Oct
Reading
159*4 160*8 178,150
86
♦86
92*2
♦85
15*8
26
14l2
233g
20
13
914
9U
92l2
247g
6
*518
-
148s
23
1414
2212
13*4
2H2
86
♦83
85
85
•83
♦83
160*2 162
I6H4 1625g
X16034 162*4
16212 164
86
•83
•
17,222
117
117
•95
*95
•95
—
Pennsylvania
86
86
•80
♦85
•80
Pacific
Northern
"3",450
13834 Mch
25*2 Dec
67*g May
35
J'ly
69
J'ly
An*
1/0
7
64*2 Apr 11
43*8 Jan
9
J'ly
9
5,300
N Y N H & Hartford—
12,750
N Y Ontario & Western350
Norfolk & Western
1,225
Do adjustment pref
95*2
82l2
82
35
Jan
1287a Dec
18i? J'ly
29'g Jan
25'g J'nelO
—
J'ly
22
67*8 Oct
3U4 Sep
65*3 Mch
13
Apr
40
May
185*4 Jan
1557S Feb
138
Dec
2
10
7
23*4 Jan
2
J'nelO
2d preferred——.
N Y Central & H R
Do
141*8 Jan
7
11*2 Jan
Jan
Sep
53
May
56
30
6
132*8 Feb
18*8 J'nelO
52 '
Pacific
Jan
35
Apr
143*4 Aug
120*8 May
16*4 Dec
63*8 Jan
22i2 May
-
Jan 30
65*8 Jan 30
28*8 J'ly 28
61i2Jan
7
11*2 Feb 5
47
Jan 29
32
J nel2
14214 Jan
9
115*4 J'nell
Jan 22
133
J'nell §150
Rys of Mex 1st pref.
Nat
200
1287g Feb
.' 19*8
142*4 Jan
preferred
Missouri
.Tan
May 2
Missouri Kan & Texas
6,750
Jan
41*4 Jan
48
Dec
36
168*8
preferred
Do
38
6
J'nell
"
V.400
47*2 Dec
126
126*4 J'nell
127
J'ne 9
12
Jneii
pref
May
23
39*8 Apr
677 Apr
141*4 J'nelO
Minn St P & S S MarieDo
12
86
♦81
Do
100
"850
.
Mch
24
?46i4 Jan
11*4 May
Dec
20*4 J'ly 23
pref. — -
Aug
Dec
21*8 J'ne
""125 Minneapolis & St Louis—
:
12*2
♦27
103*2 103*2
Do
340
Dec
14
4
7
6212 Apr
10112 Apr
175*2 Feb
597
Deo
18*2 J'ly
64*4 J'ne
8
Sep
132*8 Jan
1
12*8 J'ne 4
56
Apr
Mch
198
30
25*2 J'ne 10
Lehigh Valley
Louisville & Nashville.-.
Manhattan Elevated
3,500
45
82ig
33*2 J'nelO
—-
145
16*4 Jan
104*4 Apr
pref
3912 Apr
117">8 Nov
146
Jan
32*2 Jan
49i2 Jan 30
41
Jan 30
-8*4 J'ne 10
Lake Erie & Western
132
♦127
130
♦31
96*4
28*2
•27
Do
200
♦7*4
103*2 103*4
12*s
Kansa
700
58
♦55
20*4 Dct
Dec
8*2 Jan
115*1 J'ne 10
J'ne
95
162
23*8 Jan
9
41
Jan 10
20*4 J no 10
45
8514 Oct
Nov
530
16
Jan
8
Jan 13
445
pref
City Southern—
94*2 J'ly
45*4 Dec
04*4 Jan
167
J'ne 12
x3*j J'ne 11
23
J'nell
5
Jf'ne 4
10
J'ly 11
Apr
188
6
Jan 21
54
147*2 J'nell
Aug
395
Jan
138
390
283
Jan 30
Jan 11
May23 §189
347g Aug 26
60
Oct 16
91
Mch
Jan
68I4 Feb
15*8 Dec
30*2 Dec
993g J'ly
139*4 Dec
134*8 Dec
-
Jan
Aug
Jan
305
Jan
35
123*4 J'nelO
181
"
116*4 Jan
145
preferred
preferred.
pref
Ore properties
Do
4
J'nelO
131*4 Sep 18
Interboro-Metrcp v t ctf.
6,420
10
20
10*8 J'ne
23
98*8 J nelO
11.103is Central
5,825
57*4
24*4
45
97
83*4
108*4 109*4
14
57*8
5l*a J'ly U
2d
Iron
Jan
362
Jan
80
Jan
177g Jan
IOII4 Feb
148*2 Aug
llUs ApV
Feb
UOU4
86*8
76*4
226*2
92*4 May26
266*4
208*2 J'ly 9
275
J'nell
Great Northern
1,900
J'ne 15
77*4
1st
Dc
400
1,710
2,900
58
90*8 J'nelO
-—
Do
1,800
♦31
*12
96'g
81*4
•12*4
12*4
15
96
9678
963s
81*2 83
81*4
82lg
♦26*4
28*2
•26*4
2734
103*2 103*2 •103*4 104*4
Erie
19i5l6
10
♦15*2 20
♦15*4
151
150*4 15078
151*2
1317g 1317s ♦131*2 132t2
45
968s
107*8 107%
""260
105*4 106
2412
♦127
*31
•123g
•82
200
123*2 124*8
32 lg
32*2
14*4
59*4
♦7*4
130
45
♦31
40
♦31
-•
376
♦13*4
14
•13*4
14
•13*4
14
•13*4
14
35
35
♦31*2
43
*31*2 42
♦31*2
43
♦128
131
131
129l2 129*2 ♦128
1295s 130*4
♦135
145
♦135
145
*135
145
♦135
145
21
20*2
20*2 ♦20
20*8 21
20*2 207s
♦55*4
67
♦50
57
•55*4
57
•50
57
278g
28
2778
29
28*4 29*4
2912 30
43
13034 131
•31*2
43
♦31*2
♦127
174
36
3278
109l2
♦56
132*4 132*4
•131*2 133
♦127
132
400
43
♦33
2412
24*4
2434
56*4
56*4
*7*4
10
♦15*4
20
151*4 152*2
■
♦41
38
14*4
57*4
14*8
58*2
58
28*4
44
3278
58
500
27*4
123l2 123*2
107
107
2,000
10
♦106
58*8
25
57*2
247S
•55
*9
267g
437g
1378
13*2
1378
57*4
2478
58
1312
.
107
107
♦106*4 10712
33*2
106*4 10678
♦478
♦34
35*2
1237g 124
3278
33
35*2
3278
5
10
27*2
28*s
44
27*4
43*4
1237g 12378
3312
321*
3212
32
124
124
,•123*2 12414
5
•9
10
800
106*8 Jan 22
88
Jan 10
-•83*4 J'nelO
Transit
Pacific
—
,lerse> —.
Chesapeake & Ohio
Chicago Gt West tr ctfs—
Do
pref trust ctfs_
Chicago Milw & St PaulDo
pref
Chicago & North Western
Do
pref
—
Cleve Cin Chic <k St L—
Do pref
—
Delaware & Hudson
Delaware Lack & West—
Denver Se Rio Grande
Do pref
Duluth So Shore & Atlan
Do pref
800
*130*4 Dec
133*8 Jan
On»o
Central of New
"3",600
3^
5*2
5*2
♦9
•5
.
*18
*5
10*2
19*2
32
•28
32
♦21
5i2
*9
*18*4
RR.
I1134 Oct
103l4 Feb
101*8 Jan
9
6
106*8 Jan
J'nell
112-
Canadian
51,300
19
19*2
♦18*4
19*2
♦18
32
♦29
32
*30
Do
Brooklyn Rapid
"2".757
87'
&
pre!
Baltimore
82
86*4
Highest
102*4 Jan 29
90*4 Oct 17
90
J'ly «
m
^
S F._
pre*
Atlantic Coast Line
22734 230*8
400*2 400*2 §40012 400*
19
19
18*2
1812
.
Do
3,900
93*2
93*2
*80
87*4
87*4
87*8
87*4
87*4
87*2
226
227*8
2247g 2257g
226*2 228
2267S 229*4
*280
320
•290
320
♦290
320
♦290
320
♦305
320
•295
320
58
58
*56*4
57*4
57*2
58*4
57
57*2
5712
5712
57
57
12i2
12*2
12*2
12*4
125s
12*8
12l2
12l2 ♦12*2 12*4
*12
\2U
28
28
29
29
♦28
29*2
29
29
29
29
29.,
29
102l2
100*2 101
102
102*4 *101
10212 102l2
10is4 102*8
101*2 10178
♦131*2 132*4 *131*2 133
131*4 133
132
132*8
132
132i2
•13134 133
127*2
127*2 ♦127
•127
127*2 ♦127
127*2 127*2 ♦126*2 127*2
127
1273s
180
*170
180' *170
*171
180
♦170
180
♦171
180
•171
180
♦36
46
♦36
' 46 •
•36
46
•36
46
♦36
46
•35
46
♦61
65
*61
65
•60
65
♦60
65
♦60
70
•60
70
156
156
§156
156
♦150
157
♦150
157
•150
157
§157
157
401
401
*390
401
♦390
401
♦390
401
,
Atchison Topeka &
8,663
1,311
82
•80
82
•79
82
98
•
87*2
8684
867g
867g
22712 228*s
'
116
94l2
94*g
•79
82
98
z92
94lj;
§98*4
98*4
98*4
♦116
117
116
94*8
9414
94*4
•98
115
115
,
•79
81
*79
-
94
94*2
937g
94lg
98*s
9334
97*2
93*8
94
93iz
98*s
983s
98l2
116
•11414 115*2 •114
94
945g
9314
93*2
,93*2
98*2
1912.
Lowest
Highest
Lowest
Previous
for
Year
Shares
31
Oct.
30
Oct.
Week
Friday
Thursday
29
Oct.
28
Oct.
27
Oct.
Wednesday
Tuesday
Monday
Range
100-share lots
of
Oasis
On
J TOOK
EXCHANGE
NEW YORK
the
1
Range Since Jan.
STOC <S
Sales or
LOWEST SALE PRICES.
STOCKS—HIGHEST AND
Saturday
Weekly and Yearly
StockTExchange-St6ck Record, Daily,
'New York
—
Exoh.
H'ta
Avfl.
160
Side 1.
450
Merchants'..
a*
m
*
635
*
175
185
Prod Exoh ?.
165
170
Weatch
Metropolis?-
,325
350
PubHcl)
250
300
West
Metropol'n ?
180
190
Reserve—.
84
88
Yorkrlile ?..
,
r
1-
.-
k
-
"
4.* Bi 1 and asked prices; no sales
Sale
ac
itojk Exohange
or
at
on
this day.
auction
| Sx-rlght3.
this week,
e First
§ Less than 100 shares.
Installment paid.
n
U State banks,
a Ex-div.
4c rights,
b New stock. /
Sold at Drivate sale at this price,
x Ex-div. * I Full paid* ~
Ex
ooom.
<H*rj
1268
New York Stock
For record of sales during the
STOCKS—HIGHEST
AND
LOWEST
SALE
Record—Concluded—Page
stocks usually inactive,
of
week
Sates of
PRICES.
fondav
Oct. 25
•100
Oct.
105
Tuesday
27
Oct.
*100
103
28
♦26
,r7:
•106*4 110
*107
•26
♦113
115
•20
Oct.
115
105
27
*26
110
102
*100
28
*26
28
109
109
109
238
238
§237
102
*101
102
101
101
♦101
20
20
*16
75la
75*2
15*2
36*4
•74l2
77
♦14
15*d
863g
•14
79
•73
79
*73
76*2
15*2
•35*|
36
36
•73
79
•73
*40
*
30
•16
23
♦16
23
200 Amer can
•75
77
460
*14
75*2
15*2
3534
♦75
15*2
75*4
*141,
*3484
15*2
35*4
♦73
79
36
3584
3534
79
*73
79
15
•11
16
♦11
♦37
40
*37
•76*2
207,
.
14U2 14112
♦38*2
39
78
•76*2
23
•20*2
78
21*8
88
88
♦44*4
•103*1 105
130
*6
77
76
21
88*s
88*s
88
88
4534
*443,
1478
145,
15*8
116
4
•3*8
153g
8
8
3634
7*4
♦6
*8
•
*14*8
99
500
158s
•
•14*,
153g
9
*8
9
200
*34
38
♦34
37
§7
7
30
•23*4
30
24
24
85
*23*4
*79
86
♦78
86
*78
86
108
*100
107
*100
82
•80
82
*79
99'
*79*2
♦98*4
*30'a
*98*4
3712
37
9978
107
*100
*80
9978
*97*2 100
♦30*, 37
37
•30*8
7*4
107*2 *100
82
997g
37
-
*6
82
82
100
*30*8
99
*94
98
*94
98
*94
98
97
215
212
212
*208
215
*208
215
*208
215
110
110
*107
115*2
...
102
64i2
228,
64*2
22*8
122
122
•118
120
64
64
6414
64
*2212
23
23
23
22l2
124
*120
*119*2 124
§120
*120
120
60
71*4
•25
30
123
123
20
44*4
*57
65
27
27
20
20
897g
25l2
98
97
•107
153
*4414
45
*44*4
45
102*2 102*2
157,
157S
♦44U
45
102
07
*60
67
*60
75
♦71
743,
♦71
*103
1534
75
19l2
26*2
124
•71
2084!
20
90*2i
2512
2534
97
98
98
26
153*2 153*2 ♦152*2 154
25
25
•23*2
26
95
*91
18*4
19*2
81
•175
178
31
*31*4
33*4
62l2
•59
20
•71
7312
•84
•21
183*
•198,
203g
1834
196,
1958
19*4
81
183s
19*4
81*21
81
80
80
♦18
23
50
1773g 180
180
180
*28
*27
30
*26
30
29
•59
6212
20
71*2
71*2
29*2
93
*412
6
*21
25
11
§10
10
82
19
81
21
47
70
71
28*2
29
29*2
112
93
♦4*j
5
*21
•44
59
•84
43,
21
*56
110
91
97
•62l2
"5738
107
107
•93
64
•65*2
"5734 "59*8
6312
69l2
117
535s
2884
97*2
*9*2
•21
10*2
64
25
♦9l2
11
*44
•49*4
*44
69
59
*93
6434
,97
0312
68*2
66l2
*110
105
60
105
6634
58*4
106*4 10034
52*2
63
28*2 28*2
*94
97
Bank
BUt
Ask
First
...
Nation** City
North Side J
300
145
mmornrnrn
Qreenpolnt-.
125
People's
....
273
285
17$
200
145
155
HmskJeH
Homestead 1
Mamiiact'rf
Mechanics
.
.
Mentank
80
425
126
140
155
Trust Co's
-
205
«.
140
220
355
Bankers'
Tr.
B'way Trust
•
*r
*94
♦89*4
29
Bid
985
900
200
Ask
435
445
465
88
92
150
155
310
1130
Fatten..
Guaranty
210
465
220
270
Tr.
105
Doc
0234 Apr
S23*s Feb
J'ne
4
J
5
26*2 Jan
4
130
Sep 18
12478 Jan
8
19*4 Jan 30
92*4 Jan 30
....
ne
Oct 20
56*4 Jan
2
6
J'ne
108
Oct
6
Jan
1
20
82i2 Jan
8
81*2 Jan
14
J'ne 10
74io Jan
31*2 Jan 22
J'ne 11
28*k Dec
46
J'ne 10
9
46
Dec
103
Jan
243s Jan
J'ne 10
95
Jan
9
77
J
an
7
2834 Feb
7
96
108
Oct 22
118
Sep
Jan 21
5
165
Jan
2
22*4 J.'nr 11
90*4 J'ne 10
35
Jan
9
13
100
Jan
15
J'ne 10
22
Jan
17
J'ne 10
283s Jan 31
72
J'ne 11
92 *4 Sep
92*4 oan
J'ne 10
,
J'ly 10
4
40*2 Jan 31
6G78 Feb
4
30
Feb
126
Aug 29
99*2 Jan
3
113
4*8 J 'ne 11
Jan 21
7«4 Jan
4134 Jan
20*8 Oct 31
9*4 J'ne 10
44igJ'ne 6
55*4 Oct 14
3
3
J'ne 10
J'ne10
11034 Jan 30
22
Jan
3
J'ne 11
J'ne 10
J'ne 10
J'ly
1
93
J'ne 30
114
75
Jan
Dec
Jan
Dec
Dec
Dec
605s Jan
43*8 Jan
2
3
Jan
3
75*8 Jan
9
79*4 Jan
2
119«4 Jan 17
Trust Co'i
Bid
N Y City
N Y Life A Tr
990
Jan
lit
415
370
390
Transatlan lie
205
220
Union Trust.
355
362
135
150
U 8 Mtg A Tr
415
United Rtates 1075
420
».*Ex"diT- 4
marked with a paragraph.ift
banks.,
1085
345
365
145
156
2
45*4 Feb
105** J'ly
Feb
Jan
1147® Jan
112*2 J'ly
93*4 J'ly
Trust Co's
Bid
Ask
Brooklyn
Brooklyn Tr.
470
490
Citizens'
140
Franklin
....
Hamilton
Home
*
.
150
250
....
...
270
Kings County
530
Nassau
110
.....
People's
Queens Co
125
....
.
b Ne*
nro Bute
Feb
6RI4
107*4
$521?
40*4
1147g
71«4
66I4
9
1151? .Tar
.
45a Jan
85*8 Dec
2
112
Washington
Dec
J'ne
69*8 Jan
58*2 J'ne 10
Westchester
Jan
95
9
595
545
81
110
4
405
140
$34*2 Feb
69*2 Apr
IO984 Apr
81*2 Jan
N Y Trust...
135
J ah
53
30
J'ly
90*2 J'ne
Jan
Title Gu A Tr
...
Jan
39i4 Jan
16*4 Jan
Jan
162
chester)
140
13
130
(West¬
Jan
15*4 Feb
64i2 Feb
89*4 Dec
9912 Dec
50
120
Mut'l
$16
67
65
J'ne 14
106*4 Feb
15812 Feb
27i 2 Feb
98*4 Dec
I684 Jan 30
76*8
497g
102*2
39&8
53&s J'ne lo
Feb
Feb
5634 Jan 31
77
Jan
9
157
ance
6
93*4 J an 13
39*2 Jan
4
J'ne 10
104
7
9934 Jan
*26*4 J'ne 10
78
2
13
213*2 Jan 2
45*2 J n 28
Oct 28
89
1634 Mch
36
Lincoln Trust
Metropolitan
2
101*8 Jan
149
70
Feb
12934 Sep 23
J'ne 11
14*4 J'ly 15
36
J'ly
1
154*4 J'ne 12
23
J'ly
8
3178 Apr 26
62*2 May 1
17*2 Oct 30
50
4
14i2 J'ne 11
18-
2
Jan
1005
610
Mutual Alli¬
Feb
5U8 Jan
105*2 Feb
$18*4 Jan
J'ly 10
109
140
88
J ne 10
10778 J'ne 13
8h2 J'ne20
Ask
Dec
1214 Feb
104
Mfg.
Bid
Dec
122
J'ne
98
130
114
16
...
Par $10
295
535
VftSi
JBwUh
Apr
2
Law T I A Tr
450
300
Fidelity.....
Trust Co's
Hudson
Mch
4
13
ferred
NY City
1000
J'ly
60
Pipe& Fdy
preferred
90
167
10734 Jan
105*2 Jan
78*4 Feb
88*2 J 'ne 10
....
&
10-ig Oct
69
J'ne 11
...
2d preferred.
Do
8
28
Dec
2
73
Do
1st pref -rrcd
Woolworth (F W)
700
9
Jan
Ja,
Mch
Jan
Jan
Dec
56
typewriter
Wostug-ouse El
Jan
2)
102*8
156-8
105*2
36i2
23
preferred
pr
Oct
7678 Jan
100
preferred
1st
Sep
14
9
preferred
Do
Do
Oct
Dec
71
97*2 J'ne 10
55
J'ly 18
20*8 J'ne 10
Do
preferred
Western Union Teleg.
5,900
105
43
Virginia-Carolina Chem.
'""760
116*2 Jan 23
3978 J .,n
Aug
4
107
IOO
4
Mch
J'ne 11
65
preferred.
6,200 dUtah Copper
Columbia-
Knlekerboo
Commercial
6
49*8 Feb
74*4 Oct 21
United States Steel
Do preferred
3,333
97
91
3
235
116*2 Jan 22
Realty A Improv't..
300",150
100i
N Y City
Central Trust
F*rtnw6«I2C|!u«S^Ex-sUjA*ad00
\-°*Fwend.
•
*27
104*2 Jan
6
J'ne 10
United States Rubber
400
400
Equitable Tr" 450
Farm L A Tr 1100
NY City
Aster
5634
1071, 107*8
52
52*8
Empire
100
400
56
Trust Co's
Brooklyn
280* *
Flatbush
Banks
150
7
59*2]
104*2 10412
*63
63*2
6434
62^
63i2
68*s
66*4
667g.
66
66*2!
117*2 *110
117
♦109
117l2
91
•90*2
92
91*2
91
91*2
91
91*4
91
91
♦111*2 113*2 ♦111*2 113*2
♦111*2 113i2 ♦111*2 113*2
*111*2 113*2
Brooklyn
Cbney lai'd
*58
•
5834
10634 107
526,
5314
♦28*4 2858
116*2!
♦58*2
Do
U S
4
95
Telep & Teieg
50 U S Cast Iron
10*2
49*4
*56
2
Sep 15
116
l)o
preferred
600 Union Bag & Paper.....
•300
Do
preferred
21
Jan
Jan
4
Lead
U iderwood
5
83
102
104
preferred
200 Studebaker Corp (The)
Do
864
preferred
6,600 (/Tennessee Cop ..Par $25
1,600 Texas Company (The)..
91
*56
28&8
*63
♦4*s
203g
♦9*2
112
9
J'ne
$5
Do
10934
59
97
67*4
68
67
114«4 IH84 *110
4*8
7012
49*4
a67*"2
5334
28*2
*84
20
*44
107
*95
112
91
Do
110
J'ne
J'ne 10
J'ne
*
Rumely Co (M)
100
Dec
103
1,300 Sears, Roebuck & Co
200 Sloss-Sheffield Steel & lr
Standard Milling
*56
593g
53
112
109«4 *105
4*8
21
74*2
293g
10934 *105
4*2
25
*9»8
29
113
*84 >
10984 *105
59
•93
29
17*2
♦70*2
75
287a
114*2]
*85
♦105
20
•70
49
53
♦17*?
70*8
285,
*18
59*2
*59
59*4
597S
60
105*4 105*4 *10434 105*4 *10434
105*4
28*2
18
20
*44
53*4
28*2
62*2
♦18
•56
5278
28*2
62*2]
*59
*58*2
107
34
*3H2
58
58*8
106*4 106*4
♦31*2
*59
3334
62*2:
59
~57i"8
34
*3134
59
♦103*8 105*2
30
*59
•56
49
50
176
62
10*2
49*4
•44
*45
*26
90
200
3,250 (/Ray Cons CopperPar$10
2,100 Republic Iron & Steel
Do
1,300
preferred
350
3
J My 18
preferred
Do
21
*175
*59
114
*18
47
*3184
.
18*8
177*4 178
30
34
,
187g
Dec
Feb
J'ne 13
Railway Steel Spriag
100
Dec
63
94
21
365
95
12
9
J'ne 11
84
500 Pressed Steel Car
26
*92
*46
*45
25
*9*8
*23
95
50
60
•84
5
26
*18
109*4 *10414 IO934
*412
*23
*92
9
Jan
zl50
Do
preferred
Pub Serv Corp of N J
1,321 Pullman Company
Mch
I8I2 Jan
89
1,525
26
30
an
.
4
15*i J'ly
y**8 Jan
X45?8 Jan
70
91
2,500 People's G L & C (Chic).
2,100 Pittsburgh Coal
95
48*2
5
106*2 J'ly 22
2OI4
*23
May
195
preferred
Do
Dec
Oct
110*4 Sep 17
11454 .Sep 19
4r'8 Jan
2
19*2 Jan
7
12&S Jan 30
Msv 12
•
7
preferred
90
*91
20*2
34
124
25
25*21
25
25
*95
100
*94l2 99
95
95
*107*2 111
*107*2 111
•107*2 111
1547, 1547, §154
154
*152
153*21
19
20
29
124
116
Dec
$1058 Dec
111*2 Sep 15
Nat Enamei'g & Stamp'g
500 Pacific
105
$47
3
297g J'ne
300
Do
preferred
1,850 ^Nevada Cons Cop Par $5
..'New York Air Brake
200 North American Co (new)
1,500 Pacific Mail.
28
20U
*89*s"
90
2OI4J
*31l2
7434
20
♦25
20*4
18314
1-14*2 115
93
•105
20*4
20
81*8
§20*2
♦18
29
28*8
•109
118
27l2
12434 125
19
28
•18
*25
•89
67
20
2
Mayi2
58
preferred
Do
Jan
J'ne 10
278 J'ne 10
12*2J'ne 4
6i2 Oct
9
32*8 Oct 15
tr co ctfs
1st
Do
53*8 Jan
20*8 Jan
95*2 J'ne lo
2d preferred
^fepO National
102*2
1534
15«,
20
82
178l2 178*2
•26
-
20
20
185s
19*2
8H4
*45
52
20*2j
I
95
*91
20
21
•45
95
16
26
25*4
12412 125
20%
203s
89?g
8978
♦25*4
26
12412
20
90*2
2534
•23
•19
20
26*2
*91
,.118*4
19*2
•79*2
106
157a
•57*2
200
.06*4 Jan
111
National Biscut;
230'
84
16
IO6I2 Oct 10
li050 (/Miami Copper___Par
11
*78
117
153
20*4
903g
11
84
67
*57
•71
123*4 12334
11
*78
Oct
83
_
100
Feb
68
7<**4 May
60*4 Dec
6
4,100 Mexican Petroleum
117*2
♦10*2
84
106
75
120*2 *115
11
*78
1534
20
*117
*10*2
45
*71
89
*96
15*%
120
63
30
96
May Department Stores.
2234 3:22*4
2214
12278 *120
123
Jan
Aug 18
81*4 Sep 30
111
preferred
Do
155
40
16
40*4 J'ly 11
14*8 J'ly 12
>
102
57
64
123*2 *120
120
*97
84
*44
*18*2
25*2
89
•24*2
106
1558
102
2
Mayl5
May 8
22*4 J **e 13
100 Lorillard Co (P)
Do
100
preferred
70
•6334
11
,
*103
4434
*103
*98
♦118*2 120
*10
'20
♦98
23
102
*78
7114
102
67*4
22*8
11
•18
*64
64
84
1578
70
Dec
11*4 Feb
37*8 Jan
Oct
97
Do
110
*109'
20
22
87
Do
163
Jan
18
Jan
Dec
20
preferred
Loose-Wiles Bis
...
10
75
99*8 Dec
70
Do
Do
13534 Dec
r
Jan
Jan
25
International Paper
233
*305g
32
*98s4 100
*84*s
...
110
110
115l2
97
1621, *156
*97
*77
106
♦158
64
•1012
•16*8
163
102
12
•57
32
*8414
64
84
•103
*31
*9834 100
•98
•10
44*4
32
100
...
•77
•44
11512
44
187
ctfsl.l
Lackawanna Steel
100'Laclede Gas (St L) com..
100!Liggett & Myers Tobacco
♦96
J'ne 10
Feb
Jan
23'8 Feb
79*4 Jan 31
10018 Jan 16
21*4 Jan
Mch 19
ct.s..
100
37
10
J'ly
8
129*4 J'ne 10
preferred...
Internat Harvester
Corp.
Do
10*2 Feb
80
$25
142*8 Jan
17*8 Jan 31
10
J'ne 10
dGuggenh Explor Par $25
Inep'n Con Cop Par%20
Internat Harvester of N J
100
10
Nov
Dec
9978 Dec
47&s Jan
41*2 Feb
13
KayserA Co (Julius)
Do
1st
preferred
Kresge Co (S 8)
107*2
*80
*99
•
10
10
33
preferred
20 Internat Steam
Pump
Do
200
preferred
30
*79
28
49*4 Dec
84
1035s Feb
30*8 Feb
97*4 Mch
J'ne 10
J'ne
J'ne
J'ne
J'ne
J'ne
Feb
Jan 30
86
J'ne 10
a
800
*23*4
t
31
66*2 Feb
7
303g
24i2
125*8
78g
611,
94*8
9«4
Y)~
Gas (N
v
Feb
Feb
Feb
Mch
Mch 27
17
Do
preferred
Int Mer Marine stk tr
cts
Do
pref stk tr ctfs
4
85
115*2 •106
115*2 *107
115*2 *107
*30*2 32
32
*30
*30*2
32
*31
*98*4 100
•98*4 100
*983s 100
*9834
*80
•86
*86
*86*4
•159l2 163
162
162
*159*2 163
*159*2
•109
113
*109
115*2 *109*8 115l2 *109*8
•64
70
•04
70
*6334
69
*6334
*97
""266
115
♦33s
prel
i()234
2734
66*2
137*2
Aug
r88
Do
102*2 102*2
*113
23*8
•107
■tort
103
•208
•208
1,412
*8
367,
7*4
*6
100
4534]
115
4
cfs
preferred
00
344
Dec
74
Aug 12
13778 Jan 27
17
J'ly 23
95*8 Oct 14
2,600 Goodrich Co (B F)
Do
500
preferred
,1434
•100
108
•96
Nassau
103
*
115
*33g
9
3684
7
*113
3*4
153s
•14*8
8
30l2
23*8
847a
997g
3812
♦107
115
39
*79
*98*4
•30*8
•;
103
*113
115
116
*33g
*14*8
35*2
*6
147S
103
1031g 103*8 *10212 103*2 *102l2 103*2
*113
4
8
7
*45
15*8
*37
38*2
49
16
Leather..
Feb
L05i? Feb
25
ctfs"
Smelt'g
Do
$34
Jan
10512 J'ne
4D? Jan
ne 10
Oct
Nov
Dec
53*2 Jan
45
2,166 General Electric
150 Gen Motors vot tr
21
*36
120
.....
76
21
*
115
35*2
85
*79
77
21
89
*
116
•14*8
30
•100
78
22
46
*3*8
15*8
8*2
•23*2
39
*76*2
215,
77
2184]
46
•45
•45*2
15
15*4
15*4
103*8 103*2 •103
115
36
*79
•37
77
2058
Gas
.preferred.
Consolidated
J
18
25*8 Jan
4U?Jan
16
Jan
Jan
Feb
Jan
79
Sep 19
32i4 Jan
6214 J'ne 10
1,300 Corn Products Refining.
Do
100
preferred
725 Deere & Co pref.
3,300 Distillers' Securities Corp
Federal Mining &
140
45*2
15*4
15*4
•10212 105
'
140
45*2
4
r
141
120
25
Do
rioo
Oct
J'nclu
Feb
J.n
115*2
137&8
241*8
IOU4
27
74
preferred.
III
5,275 dChmo Copper...Par"$5
1,800 Colorado Fuel & Iron
750
Previous
*lw*2 Dec
23*2 Sep 27
82
100*4 J'ne 25
Case(Jl)ThreshMpftr
10
38
14034 14034 ♦140
J'ly 11
lflig J'ne 10
May 7
15*a Oct 22
3078 J'ne 10
....
t
31
1105s Jan 28
140
Jan
J'ne
74
pre. erred
6,8/>0 Centra*
Jan
10
.
Locomotive
v
99
26
40*2 Feb
106U Jan
pref
Par $25
Du
600
r>r
Lowest
294*4 Jan
"
'""26 Butterick Co
1,400 California Petrol
xotu.
Year 1912
40
Woolen
Brooklyn Union
Range
l^ts
Jan 21
105
118
96
preferred
Do
200
17
38
88
♦113
*712
♦11
•40
88
•
116
•14*8
17
*37
*88
•113
*33
•11
88
•102ii 105
*3*8
17
40
140*4 14U2
38*2
38*2
•103*8 105
115
.
*11
•37
88
45*4
15*8
•15
16
40
;
9
200
1,800 Bethlehem Steel....
Do
325
preferred
'
40
6
J'ne
Writing Paper
laldwin
200
.
140*8 141
*38*2
39
J'ne
25
new
3,300 aAnacontda Cop
Assets Realization
♦40
44
♦40
44
♦40
44
40
40
40*4
40*4
105*2 •103
105*2 *103
10512 •103
105*2 10512
105*2
105*2 105*2
*2912 3012
31
30*2 30*4
31
307g
30
31*2
303g
31
30*8
70
170
♦70
72
72
71*2
*70
71*2
71*2 *71
71*21
71*2
*122
128
•121
127
*122*2 128
•122*2 128
*122l2 128
*122l2 128
•26
27*4
§27*
27*4
*26
§2734
*26
2734; *26
2784
2734
2734
•17
♦17
18*2
18
*17
19
17*2
18
18
17*2
177,
18*g
•46
50
48
49
49
47*4
49
49
49
4912
*48*2 51
e.
98
•
>
1
98
98
96
*90
98
957, 9578
21*4
21*4
20*14
221Z
"21^1 22*8* "2178 22lz
2H2 223s
215g
21*2
♦90
93
♦90
93
92
*90*2
•90
93
93*2
§92
9312 *89
40
40
40**$
40*4
40
40
40*4
407®
40*4
405a
393,
39*2
•27*# 28*4
29
29
29*8
29
28*2
28
2912
29ig
273,
•128*2 130
130
130*4
129i2 130*2 *129*2 131
129
*129*2 131
129*8
9?s
9?8
97«
9?8
934
97S
10
97g
984
10*s
97g
*934
66*2
*66
66*2
68
*65
68
08
68
*05*2
♦65*2 68
♦65*2
•95*« 985g ♦95*8 98*8 *96*4
0869!
98
98
98
98
98
97»4
18*«
18*2
18*2
18*4
18
17
16*4
177»
17
17
17
17*4
•37
Do
Amer
♦103
•11
Preferred,
22
43
•14
750
1
Highest
104*4 J'ne 12
110*8 J'ne 12
1195gOct 14
Do
250
preferred
7.800 Amer Telephone St
Teleg
450 American Tobacco
113
Jan.
100-*5arc
0,
100
Found (new).
American Sugar Ref
ning
75*2
*16
22*2]
113
1203s 121
Since
basis
Lowest
152
237
115
IH84 *113
120*4 12034
On
[Vol.
preceding
-
200 Amer Steel
26*8
110
2
page
Range
YORK STOCK
Industrial & Misc (Con)
Amer Snuff
pref (new)
105
261,
♦107
121
239
102
•14
*100
105
102
120
♦235
§102
105
STOCKS
EXCHANGE
Shares.
31
Oct.
§109
115
11434
121*4
120*2
239
*235
*113
238
30
Oct.
Week
Friday
Thursday
29
*100
27
121U 122*4
23
76*2
♦100
238
102
28
*107
*113
121*4 122
237*2 238*2
•101
Wednesday
■
„
NEW
the
Saturday
second
see
4 Quoted <Hlyi
dot
Ex-dividend.
jar
285
..
90
135
8P
tSnlo
Y.
Week
C8i« registered
H S 3« coupon
registered
U S 48 coupon
U S Pan Canal 10-30-yr 2s
.
97
Foreign Government.
Argentine—Internal 5s of 1909.
Chinese (Hukuang) Ky 5s £
J "O
Imperial Japanese Government
F-A
Sterling loan 4Hs
—1925
2d
102U 103
110
111
110
111
96*4
epublic of Cuba 5s exfcen debt-
-
96*,
1
87*2
89i2
90
1
857j
847,
76*4
87
86l«
78
t Thai
lew
4^s
New
4H% Corporate stock
4\i % assessment bonds
3V4% Corporate stock
85
p rices
1955
East Okla Div 1st g 4s.
Short Line 1st 4s gold.
;Cnl-Aria 1st & ref 4 Hs
•
BaitRegistered
& Ohio prior 3Ma,
'*
Gold 4s
85
104
31
3
9012
12
•
91*4
18
97*4
97*4
Debenture
100
100
101*4
1
---
80*4
86
10112
977, 101*4
97*8 101*8
9978 100
Oct '13
99
Oct '13
100
100
99
10
100
52i2 Sale
70
99
99
81*2
70*4
81*2
42
75
59
7°
7978
93
93*4
92*2
98*8
95
Sep '13
92l2
98
86
Oct
86
Mch'13
86
85
85*2
83
'13
83
86
88
T9l" II
8914
1065s
99
103*8 Feb '13
...
98
103"" III
103
95
95
1021, 106*4
Aug'12
88
8812 Sale
88*4
123*8 J'ne
114
97U
97
Sale
90
95i2
90
1925 J-J
Oct
92
92U
"oils Sale
92*8
91'g
112
.
Jan
86
8412
88*2
106*2
9534
1945 M-N
pl945 Oct
Registered
1st pref income g 5s
103
•
•
pre! income g 5s
pl945 Oct
2d pref income g 5s stamped
3d pref income g 5s
pl945 Oct
3d pref income g 5s stamped
Chatt Div pur mon g 4s
1951 J-D
Mac& Nor Div 1st g 5s—1946 J-J
.Mid Ga & Atl Div 5s
1947 J-J
Mobile Div 1st g 5s
1946 J-J
Cen RR & R of Ga col g 5s. 1937 M-N
■Cent of N J gen'l gold 5s___1987 J-J
Registered
hl987 Q-J
Am Dock & Imp gu 5s.
1921 J-J
Leh & Hud R gen gu g 5s_1920 J-J
Dec
Dec
10/
82*4
100*8
100*,
100*8
....
.
—-
100
90
lu7i4Jan 12
10212 Sep '13
lua«4 May 11
101
Sep *13
11234
...
105*2 103
100
1001«
N Y & Long Br gen g 4s__1941 M-S
Cent Vermont 1st gu g 4a.-el92.0 Q-F
84
83
1933 m-n
103
1933 m-n
100
83
1
,
%
gold 4s
2002
6-year secured notes 5s.._ 1918
Bk City 1st con 5a..1916-1941
Bk Q Co & S con gu g 5s..1941
Bklyn Q Co & 8 1st 5s...1941
Bklyn Un El 1st g 4-6a
1950
Havana Elec consol g 5s
100
J-J
mm
-----
F-A
9914
F-A
985, Sale
8U2
F-A
9978
865s
965,
99*4
857,
96*2
101
997, 101
97i2 98
J-J
M-N
J-J
IOOI4
857, Bale
96*8 vSale
J-J
101
10
...
12
117
J'tie'13
90*2 Sep '09
11 li8 108*8 Aug-'13
10712 104
Sep '13
109
104
....
11^*8
t<eu '13
113*2 Mch'13
M-S
91
91
115
1067,
M-S
Dec
109*4 Aug'13
-102i2 10078 Aug'13
9U2
ext
102
101
U0
J-J
106
...
J'ly il
108*2 Mch'13
104*8 10512 104i8 Oct '13
100
103
104
86
.1988 J-J
Oct '13
1932 J-J
5s
91
"95
..1918 m-n
5178
1320
55
55 <8 Sep "13
85
J'ly '18
2002 M-N
►
IIII "85*
102l2
98
.
232
77*4
Sep '11
94*4 J'ne '11
535, Sale
2002 M-N
"53
77
74*4
97
4s____l9l4 m-n
32
87
Dec '12
74
767, Bale
76*4 7712
1934 A-O
4s
84
88
84
1988 J-J
103*4 Sep '13
101*2 105*4 Sep 11
-
--
106
Jau '13
94
Oct *13
79
707s Ah?'13
3Us..1930 J-D
1930 M-S
50-year 4s
on
__1952
»
97
...
90
1153,118
9978 May'13
115*2
115*2
89*4 Dec
81
'12
Oct ,'13
997, 101*8 101
115*8
115*8
115*8
129*8 May 09
115*8
108
106
103
" III
86
106
108
10712 J 'ne '13
84i2 J'ne'13
Next Page.
92*8
96*8 96*8
99*4 102l2
84*8
76
1
101
Apr '13
May'13
98
101
98*2 10112
985, 101*4
8II4 82
17
98*,
99
8H4 Sep '13
4s_1990 A-O
Stamped tax-exempt
1990 A-O
Metropolitan Street Ry—
Refunding gold 4s
2002 A-O
Farmers' Loan & Tr ctf
ManhatRy (N Y)
98
101
—
99*4
1
98*2
C nterboro-M etrop coll 4 J^s.1956 A-O
Interboro Rap Tr 5s Ser A.1952 M-N
1st & refunding 5s
1966 J-J
99*4 103U
138
8114
741,
77
75U Aug'13
75
97*2
98
Oct '13
96
Bwav & 7th Av 1st C g 5s.1943
Col & 9th Av 1st gu g 5S..1993
78
97
98l3
J-J
mmmm
J-J
J-D
1952 F-A
704 Sale
-
-
-
-
rnk'm
-
Oct '13
lODfc J ne'12
mmm
94*4
J-J
M-S
82
84
80
-
98
93*4J
4 Due April.
95*2 J'r
701,
93
Ap
98
J't
9312 Aug'13
« Due May.
95*,
68
-
-
997,
7514
'
-
-
98
....
98
931,
J -D
M-S
Lex Av & P F 1st gu g 5»_1998 M-S
Third Are Ry 1st g 5s
1937 J-J
Met W 8 El (Chic) 1st g4s.l938 F-A
Milw Elec Ry<fe Lt cons g 5sl926 F-A
mmmm
7
cons g
75
98*2 Sale
88
90*2
88*2
90*2
Refunding & exten 4^s
Minneap St 1st cons g 5s
1931 J-J
1919 J-J
75
71
75*8
105
Sale
1047,
Oct '13
983,
90*,
f 89
81*4
102A| 105
98
98*f
3
86*2
95
101
87*4
95*|
621,
621,
132
98*2
90*2
897g
64
May-12
6212 Jan '13
Stamped
86
J-J
F-A
F-A
9 Ho prioe Friday; latest this week.
May'13
Oct '13
102
Street Railway
5s. 1045 A-O
conv
Stamped guar 4-5a
195(7
Kings County El 1st g 4s_1949
Stamped guar 4s
1949
Nassau Elec guar g tld 4s_1951
Chicago Rwya 1st 5s
1927
Conn Ry & L lst&ref &g 4%s '51
Stamped guar
1951
Det United 1st cons g 4 ^s_1932
Ft Smith Lt Se Tr 1st g 5a__1936
Grand Rapids Ry 1st g fts__1916
j
104
102
Sale
110i2
M-S
95%
95
Consol
90
Street Railway
1st refund
95*2
"95* * I60
MISCELLANEOUS BONDS—Continued
Brooklyn Rapid Tran
West 1st g 6s_. 1921 M-S
5s__1929 F-A
St P & S City 1st g 6s
1919 A-O
Superior Short L 1st 5s gp 1930 M-S
Chic& VVest Ind gen g 6s
pi932
100*2 100*2
Oct *13
10
82*2
106 ' Sep '13
105*8 Aug'13
..
98
Ch Bt P & Minn 1st g 6s__1918 M-N
North Wisconsin 1st 6s
11930 J-J
100
100
82*2
9078
..
116
Debenture 5s
101*4 105*2
100i2 Jan '13
87*8
10212
11212 118*2
103
92*o Oct
82
102
Cons 6s reduced to
J'ne'13
*13
92i2
St Paul & K C Sh L 1st 4 Us '41 F-A
Chic St P M & O con 6S...1930 J-IN
99*4 101*8
11212 119*8
113*2
113*4 Oct '13
92*2
Choc Okla & G gen g 5s..ol919 J-J
Consol gold 5s
.1195,2 m-n
Keok & Des Moines 1st 5s.1923 A-Ol
90
'98"
i2
102*4 Oct
....
9512
CR1F & N W 1stgu5s_1921 A-O
M & SI L lstgu g 7s
1927 J-D
*13
....
84*4 Jan '13
R 1 Ark & Louis 1st 4Us_1934 M-S
Bur O R & N—1st g 5s.__1934 A-O
106*4 106*4
1135g 11412 11312
103
F
107-8 Sep '13
99*8 Oct *13
100'S Aug
102*8
Registered
11
Feb
....
99*4 100
997,
102*4
104*8
Chic R 1 & Pac RK 4s
109
NOV'11
Dec
1071,
1921 A-O
1921 A-O
Ooii trust Series L
P 4s
85*j Oct ,11
00
J-J
1879-1929 A-O
20-year debenture
11
96
J'ne'13
.
106
Refunding gold
11
106
2d
Oct '13
106
..
108
5s
103
91
11Q
J'ne'13
1101,
10U2 10212 101*2 Oct '13
102*8 Oct '13
102*4
1987 M-N
110" nds*
106*4 Mch *13
104
1061,
1879-1929 A-O
1879-1929 AO
Registered
48
102
106
Oct '13
loo*, J'ne'13
80
10412 106*4
■"
7
98
...
lT(J*2
38
11
90
102*2
J'ne 13
103
91*4
7s_1916 J-D
Chicago Rock Isi & Pac 6s_1917 J-J
Registered
1917 J-J
108*4 llHfi
----
J'ne
89*4
100*4
92
General gold 4s
107*4
lOl'i,
1987 M-N
pi 987 Q-F
Winona & St P 1st
....
....
lOlUSaie
J-J
Ext & imp. s f gold
104*4
95*4
86
90i2
102 i8 Sale 102
101
J-J
Ashland Div 1st g 6s
1925
Mich Div 1st gold 6s
1924
Mil Spar & N W Istgu4s.l947
Northw Union 1st 7s g
1917
11 ()4
103
82*2
j-j
*89*4
11
997,
9314
93U
98*4 Feb 13
82*4 Oct *13
9212
T-i
Dec
997,
9314
921,
1879-1929 A-O
Mil L S &
961*8 "97""
103"
"997)1 fodl4
J-J
J-J
1886-1926 F-A
Registered
103*2 103*2
985, 985s
....
121
J'ly
104
6s
fund
Sinking fund deb
8212 90*4
86*2 90*4
1O0
101
-
11
90*4 Aug 12
92l2 Sale
Registered
105
95^8 Apr
80
J-D
I'rem Elk & Mo V 1st 6s
1933 A-O
ManG B & N W 1st 3 Us 1941 J-J
Alilw<fc S L lstgu 3Us_..1941 J-J
97*8
54
91*8
80i2
....
1886-1926 F-A
Debenture 5s
86" - "8912
8712 Sale
J-J
100
Apr 13
M-S
103
104"" 105 Sep '13
CI Lor 3c W con 1st g. 5S--1933 A-O
102U J'ne 12
99i3
Monon River 1st gu g 5s
1919 F-A
101'4 10212 103*2 Apr *13
Ohio River RK 1st g 5s__-1930 J-D
98*8
98*8
985,
General gold 5s
.1937 A-O
106
liat2Fcb 12
Pitte Clev & Tol 1st g 6s__ 1922 A-O
97
May'13
95
Pitta & West 1st g 4s
1917 J - J
91
J'ne 12
91
Statist Ry lstgu g 4^s._1943 J-D
106
106
106
Buffalo K4P gen g 5s
1937 M-S
103*4 Apr '13
*9912
Consol 4 Hs
1957 M-N
90
95*4 Mch '13
Ail & West 1st g 4s gu
1998 A-O
103
102
J'ly 08
CI & Man 1st gu g 5s
1943 J-J
108
107*4 Oct *13
Roch & Pitts 1st gold 68—1921 F-A
110
Oct '13
Consol 1st g 6s
1922 J-D 109*8
60
45*2 Apr '13
Buff & Susq 1st reg g 4s
41951 J-J
10578
105
105*2 105*4
f^anada Hou cops gu A 5s_l»02 A-O
100*4 Jan
ii
^
Registered
1962 A-O
*—II iio 1105s Mch 13
Central of Ga 1st gold 5s
pl945 F-A
103*8
103*2|
Consol gold 5s
1945 M-N 103*4 103i2
Southw Div 1st gold 3 Hjs_1925
Cent Ohio R 1st cg4Hs-.1930
97
12
May'13
86I2 Oct '13
87*2
87*2
86
85
119
97 7,
91*2
'13
73
73*4
117*8 Oct *13
102*2 Oct '13
91
J-J
J-J
Registered
Siuiuug fund 5s
Registered
Bin king
90*2
89*8
"25
Oct '13
Oct '13
" 105*2 J'ly
sale
102*2
1920 J-J
1934 J-D
..1934 J-D
General
91*4
83
102
73
117*8 118
7s__19l5 Q
cons
Registered
gold 3Us
Registered
-
92*2
88
19»9
..1921
4 Us
cons ex
General 4s
*55
"97"
J-J
1920 J-J
1924 J-J
1919 J-J
6s
1st 5s
Chic & Nor West
Extension 4s
12
90*4
905#
9OS4 Sale
.
86*2
F-A
j"-"j"
1921
f 6s
s
assum g
lit extended 4
12
89*4 J'ly '13
90
105
19
109
100
99
9912 106*2 Jau *13
96
97*4 Feb 13
Sale
Mil & No
110*8 May 11
....
98
103
...
103i2
109
109
M-N
103
Wis & Minn Div g 5s
Wis Vail Div 1st 6s
95*4
95
06
Oct
Oct *13
101
101*8
102*8 Sep *13
Far & Sou
107
87
92*4
68
70*2
....
La Crosse <Sc D
103*8 103*8
14
103*4 Sep *13
88
12H2
91*4
90I2
91
A-O
13
Apr
92
Sale
...
e
Dubuque Div 1st
92
96*4 100*2
Oct '13
103
101i«
69
Chic & P
*93*2
85*2
Oct '13
102l2-.
hi925 Q-J
"9l"
Sep '13
88*2 Aug'13
99
92
J-J
.2
W 1st g 5s
1921 J-J
C M A.Puget Sd 1st gu 4s_-1949 J-J
Dak & Grt Sou gold 5s
.1916 J-J
1035s
98
100
103
93*8
101
95*4
U6&g Sep
97*4 May '13
1926 J-J
Gen 4^s Ser C
91
9514
..
98"" II
1932 J-D
Chic & L Sup Div g 5s
Chic & Mo Kiv Div 5s
9UU J'ly '11
M-S
J-J
95
1934! J- J
99*2 100
92
13
96*4 J 'ue 13
98*2
m-n
Convertible4^s (whissued)..
J'ne
101*4 Sep '13
101*8
1959 M-S
25-year deben 4s
Convertible 4^s
88*4
'
93
93-4
m-n
53*4
83
86*4 Aug 12
95*4
95*4
"947, "95*;
A-O
1956
1956
Chic L S & East 1st 4j^s
1969
Chic Mil & St P terml g 5s..1914
Gen'l gold 4s Series A
«1989
Registered
el989
Gen'l gold 3^s Ser B
el989
Registered
el989
92*4 105*4
93*8
94i2
101
827,.
lnd & Louisv 1st gu 4s
Chic Ind & Sou 50-year 4s
9912 May'13
—
98*2 Oct '13
827, Sale
Refunding gold 5s
.1947
J-J
Refunding 4s Series O——1917
101*4
99
93*,
921,
IOII4
1913 F-A
52*2
J-J
J-J
94
92i2
63*2 Oct *13
54
Chic Ind & Louisv—Ref 6s_ 1947
~94 "
J"D
63
63*2
A-O
1936
Chic Great West 1st 4s_.
10
Apr '13
81*2 Sep '13
487,
53
821,
60
J-J
1937
.1942
13
lu
98
1937 M-N
Registered
Pur money 1st coal 5s
Registered
Chic & ind C Ry 1st 5s
Oct
F-A
M-N
1st consol gold 6s
105*2
25
83*4
Oct '13
95
J-J
g_1955
1934
General consol 1st 5s
102
Mch'13
J-J
1913
M-S
1958
5s
General 4s
Chic & E 111 ref & imp 4s
9978 10512
100
103*2 J'ly
J-D
1960 J-D
-1917 J-D
1958
96i2
99
1955
1928
Joint bonds.
13
J'ly
87
823,
1921 M-S
See Great North
995, 10518
90*4 975s
96*2
100
84*4 Jan
86
86
A-O
1927
95*8 100*4
IIII
86" *91 "
M-N
1927
...
93
99
98*2
J-J
1919
Nebraska Extension 4s
of *5 to I
*19
80
13
2
01*4 Mch 13
s5*8 Feb
88i2 Oct
J-J
1919
Div sink fund 5s
15
28
93
79l2
J-J
1949
Registered
Iowa
93
99*2 Mcn'io
J-J
1949
325
95*8
83*4
85
Southwestern Div 4s
100
105*8
Sale
8H2
—.1949 J-J
Div 4s
Sinking rund 4s
3
9912
Register (Mi
h 1948 Q-J
20-yr conv 4^s
1933
Pitts June 1st gold 6s
1922 J -J
P Juhc& M Div lstg3J^sl925 M-N
P L E & W Va Bys ref 4S..1U41 M-N
■'
83*2
as is
79**2
J-D
—1949
Registered
Illinois
95*8
100
hl948 A-O
*...■»
Oct .13
on the b
*93 "
F-A
Div 4s_1922
No.
H10
98*2 Oct '13
105*4
105*4
M-S
1950
Railway 1st lien 3>^s
Chic B & Q Denver
Illinois Div 3Hs
89*2
19
8312
1962 M-S
5 Fe Pres & Ph 1st g 5S..1942 M-S
Chic & St Louis 1st 6s
1915 M-S
All Coast L 1st gold 4s
hl952 M-S
Registered «*
hi952 M-S
Ala Mid 1st gu gold 5s
1928 M-N
Brunsfe W 1st gu gold 4s_1938 J-J
Charles & Bav 1st gold 7S.1936 J-J
L & N coll gold 4s
01952 M-N
Bav F & W 1st gold 6s
..1934 A-O
1st gold 5s
1934 A-O
;Sil Sp Oca Jc G gu g 4s
1918 J-J
,
84
90
101
....
10-year conv gold 5s
9912 102*2
94i2 97*4
96*2 97*3
105*8
1017S
_
_
Debentures 4s Series K
83
5 2
13
1U'J«8 Nov lie
92*2
M-S
Craig Valley 1st g 5s
1940
Potts Creek Br 1st 4s
1946
R & A Div 1st con g 4s
1989
2d consol gold 4s
1989
Greenbrier Ry 1st gu g 4s_ 1940
Chic & Alton RR ref g 3s._1949
89*4
75*2
Oct *13
98*2
Sale
Railroad.
^.7014 Sale
A nn Arbor 1st g 4s
7il995 Q-J
93
Sale
Hatch Top & S Fe gen g 4s_1995 A-O
Registered
__1995 A-O
II— "86""
Adjustment gold 4s__,
h 1995 Nov
85iS
Registered
hi 995 Nov
8512 Sale
Stamped
„../il995 M-N
Conv gold 4s :
Conv 4s (issue of 1910)
90*8
821,
104*4 Sale 104
IOH4 101i2 101
ctfs—
Oonv 4s tesue of 1989
835,
24
101U 101i2 101
1017 M-N
1957 M-N
1917 M-N
-1954 M-N
N Y State—4s
--1961 Wl-S
Canal Improvement4s
1961 J-J
Canal Improvement 4s-_-1962 J-J
Canal Improvement4s
1960 J-J
South Carolina 4 Hs 20-40
1933 J-J
Tenn new settlement 3s—1913 J-J
Virginia funded debt 2-3s__1991 J-J
6a deferred Brown Bros
92
Oct '13
104l2 Sale 1027,
95*8
9614 97
9514
9614 97
953s
96U 97
104*4 1047g 103*4
1959 M-N
..
are
100
M-S
1958 M-N
1957 M-N
1957 M-N
4^s
85
9878
104
m-n
1930
or
Salt
Las,
Ask Ixnc
Bta
J-J
m-n
Big Sandy 1st 4s
1944
J-D
Coal River Ry 1st gu 4s__1945
Registered
1963
4 y s temp recta (w i)
4% Corporate stock
4% Corporate stock.
4% Corporate stock
99'g
Oct '13
90
103*8
951,
94i2 Oct '13
96i2 J'ly 13
85
Oct '13
94*2
F-A X
n
_
99
Oct. 31
Ending Oct. 31.
Convertible 4 *^s
114*2
95*2 100i4
Week's
Range
Friday
EXCHANGE
STOCK
Chesapeake & Ohio—
Gen funding A impt 5s...1929
1st consol gold 5s
1939
Registered
1939
General gold 4Hs
Registered
1992
109
100*4 Oct '13
M-S uooi*
San Panic t Brazil) trust
State and City Securities.
N Y City—43^8
1960
101*4 103*2
101*4 103*4
109*2 lHig
85*4
86*8
8578 Oct '13
80
I
High
«94i2 101*,
*95i2 10114
96*8
X
X
Low
Oct '13
99
100
;_.1949
i
5S-1919 J-J
M-S t 83i2 "85"
Tokyo City loan of 1912 5s
93
I
U 8 of Mexico s f g 5s of—1899
83
Gold 4s of 1904
-1954
External loan 4 Hs
No.
High
Y.
Week
Jan. 1
96*$ Sale
J-J
Sterling loan 4s
—
99
1925
J-J
—1931
Series 4^8
99
102i4 103
*1»1« Q-g
*1918 Q-F
1925 Q-F
1925 Q-F
or
«94i2 Oct '13
98
nep '13
102*8 Sep '13
102*8 Oct '13
110i2
11012
1095s Oct '131
95i2 J'ly '13
98
97
Q-J
Q-J
*1936 Q-F
g—1961 Q-M
U S Panama Canal 3s
Ask Low
Bid
;
N.
Since
Last Sale
Prtet
BONDS
Rangt
Range
Oct. 31
31.
Ending Oct.
U. S. Government.
U S 2s consol registered—dl930
U S 2a consol coupon—__.dl930
U S 4s
WeeJCs
Price
Friday
EXCHANGE
STOCK
all—"and interest"—except tpr income ana aetauaeu bonds.
method ol Quoting bonds was changed, and orices are now
BONDS
N.
Friday, Weekly and Yearly
Stock Exchange—Bond Record,
New York
Jan. 1 1909 the Exchange
iof
69*4 Mch 12
101
101
98*8 100
104
"so"
ioa"
100
98*,
98*2 Oct '13
97*2 May'13
98*,
91
914,
192
Oct '13
Apr
99
1021, 107*4
105*2 Oct '13
93*2J'ly 06
102*2 102
1033|
971, 101
lOWi 182
91
13
91
98
# Due
June.
A Due July,
t Due Aug.
• Due Oct.
9 Doe Nov.
#
Nav'12|
Duo Doe.
« Optica aatow
'
1270
New York Bond
BONDS
V.
Price
STOCK
EXCHANGE
Week Ending Oct. 31.
.5
Week's
Friday
Range or
Since
Oct. 31
8?
J
Y.
Last Sale
Jan. 1
Bid
Cin H & D 2d gold
4^8
1st <fc refunding 4s
,
19371 J-J
1959 J-J
Ask Low
957g
Registered
Spr & COJ Div lstg4s
87*2
Registered
Registered
lnd B & W lstpref4s
__
Income 4s
Col Mid and 1st
g 4s.
Trust Co. certfs. of
96
82
3^8
Warren 1st ref
.
27
101
J-D
103
gu g
1923 M-N
72
Series B
84
82
101*2
100
98*8
99
103
•
reat Northern—
1 OB &
Q coll trust 4s
101
83
71
121
.
*
.1933
106
76
8538
90
gcmT is
66
65
77*8
Dec '12
101*2
Oct '13
*3
'93 " "99
105
98*2 Sale
94
92
Mar'13
115
1933 j-
100
96*4
73" *76*2
174
98*d
15
98.
.
.
96
J'ne'13
94l2 Oct '13
*94*4 IIII
110
987| 101*2
943s
9412
94*8 Oct '13]
95
119
Oct
9?
96*4
927g 96
9634 1005s
96
*13]...
117*2 Aug *13
10158 101*8
101*8
10S84J'ue '09
96
9312
98*4
118
12412
117*2 119*4
9934 104l2
cons
& ref conv
s
f 5s
64*8 Sale
M-N
97
74
1942 F-A
4^s
...
-
vs
No
..a
95
8684
7212
517,
79
101
Mch'13
98
J-T
•9334
84*2
....
89
60*8
101
Nov'08
96
mm mm
mm
93*8
42
137
2
»
84
Oct
71
10312 103*2
77*2 825«
63l2 79
95
99*2
96
87
J'ne'13
a
93*2
'08
Due Jan.
96
9212
9384
87i2 Sep '13
■
,<vi lty; latest bid and
asked this week,
123
Jan '13
103i2 Feb '13
80*8 Sale
7934
80*8
75
Sale
73*4
75*8
96*8 96^8 96*i
96*4
A-O
M-N
»
54*2
17
105
Inv 1st lien coll
fcru«i
85
74*8
65i8
100
A-O
A-O
Unite--
*
....1933
85*4 Feb *13
74
101
96*2
1960 J-J
Trl-CIty Ry A Lt 1st s f 5s_1923
Underground of London—
101
94
Portland Gen Elec 1st 58.1935
J-J
Ry. L, H & P 1st g 5s 1937 M-N
City Cab cons g 5s_1937 J-J
St Jos
St Paul
Third Ave 1st ref 4s
Sale
71
•
Due Feb.
83
n
m
4Hs
::»«/-
N Y B & M B 1st
N Y & R B 1st
g
92*2
*9^9 M-
IIII
88
90
92
May'13
103ig Aug'13
102*8 105
89
93
62
91
53
53*2
D
NV/IU
I/O..
N O Jc M 1st gold 6s
»
69
9512]
95*8
92
" III
1946
1920 M
on
110*8llU4
10234
ioMi
105
105
100
Oct '13
100
102
1003,
107
Mch'13
107
108
88*2
96*4 Mch'12
89
8858
9334
97*4
93
97
92
84
95
88*2]
Sale
86" "94"
8858
885s
96*4 Nov'12
99*4 Oct '06
85*8 Oct *13
95
95
89*2
96
95
91*2 Sep '13
95
loo""
J
8912
'11
an
110*4 Nov '06
9834
100*8
103
Jan '13
103
103
104
Apr '13
Aug'13
104
104
92*2| 87
86
111*8 11414 111*4 Oct '13
111
105*2
Mch'13
93*2
Sale
93
•
93
93*4
Sep '13
Aug'13
103
10634
98*2
,10632
105
J'ne'13
105
106
....
....
....
....
10434 May'12
120*4 Mch'13
114*8 Feb '13
91
J'ne'13
mi
87
87*2
111
88
83
97*2
108
1936 F
1945lM
83*8
99*2 103U
Feb '05
81
10414
97*2
97*2
110*4 Oct '12
...
90
100*8
104*4 104*4
110
104
92*4
111
"87" "9214
Sep '13
95
i035s
110
99*2 Oct '13
87
109
87*2
Apr '11
Oct '13
87
98*2 10312
109
Jan '13
106
...
91
105*2 105*4
J'ly '13
6958 Sep 12
87*2 Oct *13
70
1937
4^s 1945
6s
1921..
91
109
....
93
120*4 130*4
114*8 1141,
105*2 Mch'13
108
10314
104*8
;
93
103
10534
gu g
110*8 11432
110*2 111
91*2 99*2
1041g 107
107
l"04"*I
97*2 101*2
109*8 J'ly "12
8734 91*4 Mch'12
Page.
Railway
United Rys St L 1st g 4s
1934 J-J
St Louis Transit gu 5s
1924 A-O
United RRs San Fr s f 4s._1927 A-O
Va
lOO" 104*4
100*4 100*4
9314 9712
93" J'nV'12]
ftl952
Next
90
96*4
101*2 1061t
97
102*4
102*]]
Aug'13
101*2 Feb *10
.
f g 6s..1931 MKentucky Cent gold 4s
1987
L & N & M & M 1st g 4
Vis 1945
L & N-South M joint 4s__1952
Pens & Atl 1st gu g
8 & N Ala don gu
g 5s
92
"99 "
10038
9934
1135s
s
g 5s
72
94*4
95
100*4 104*4 J'ne'12[
100*2 100*8 100*2 Oct " "
10012
100*4 Sep
93*4 Sep '13
107*4 i07"7g 111
May'131
111*8 Dec *11
103*4 HI 102*4 Oct '13
102
105*8 105
Oct '13
84
94
68
94*4!
92
100
907,
13
Oct '00i
94«4
Sale
104
..
108
^1930
St Louis Div 1st gold 6s_.1921 M
2d gold 3s.
1980 M
Atl Knox & Cin Div 4s...1955 M
Atl Knox & Nor 1st
g 5S..1946 J -
Registered
N EIa& 8 1st gu
N &. C Bdge gen
15
92
937t
IO214 107
88*2 993a
52
64*4
'ia|
907g Sep
69
69*4
63
9234
__
1930 J
NO&M 2d gold 6s
Paducah&Mem div 4s
Pensaqola Div gold 6s
Hender Bdge 1st
63*2'
j
93*8
Sale
93
J'JJO J
5si..1931 ME H & Nash 1st
g 6s
...1919 J
L Cin & Lex gold 4
Vis
.1931 Muov
91
.
& -N
gofd4s
Vt
102*4 105*2
"95*2! 98" J'ly"08
89
5s...1947 M.
Louisville & Nashville—
General gold
94
AuV'li
83*4
897g
90
con g 5s.l®®5 A59—1927 M-
cSlaterMArust gold
94
Oct '09!
95
1®®^
1®
Nor Sh B 1st cou
g gut 5s-ol934 o
Louisiana & Ark 1st g
Street
83*4
J-J
A-O
A-
h*»^*
Registered
MISCELLANEOUS BONDS—Continued
J-J
JJJ-
ri^{
Debenture gold 5s
Unified
"77**2
Ry & Pow 1st & ref 5s_.1934 J-J
69
90
Oct *13
69
69
72*2
IIII"55
Sep '13
69
72
51lj
93*2
67
95
53
95
95
53
May'13
73*4
Qas and Electric Light
Atlanta G L Co. 1st g 5s
Bklyn U Gas 1st con g 5s
Buffalo Gas 1st g 5s
Columbus Gas 1st g 5s
Detroit City Gas g 5s
Det Gas Co. con 1st
g
1947 J-D
1945 M-N
d Due July.
102
....
102*2 104
10234
.1947 A-O
1932 J-J
1923
5s
J-J
54
* Due Aug.
104*2|
J'nc'13
10
101*1 IO6I4
54
64
»
100
"
*90" III!
9884 100
1918 F-A
Det Edison 1st coll tr 5s
1933 J-J
Eq G LN Y 1st con g 5s___i932 M-S
Gas& Elec Berg Co e g 5s
1949 J-D
Gr Rap G L Go 1st
g 5s....1915 F-A
Hudson Go Gas 1st g 5s... 1949 ;m-n
Kan City (Mo) Gas 1st g 5s 1922 A-O
i Due April,
"
Feb'11
90
...
i»** A-O
A-O
gold 5s.h*»®i Q-J
L& Jeff Bdge Co gu g 4s
Street Railway
NeV Or! Ry & Lfc gen 4
t£s_1935
N Y Rys 1st R E &
ret 4s 1942
30-year adj inc 5s
al942
Portland Ry 1st & ref 5s
1930
Portland Ry Lt & Pow 1st
114
74*2....
.
2003 M-N
Guar ref gold 4s.—,
87
Aug 10]
72
94*8 Sale
j-
" 101*2
J'ne'12
94
...
85
VDiiautlCH
Aug *13
94
118*2
96
"81
Sep '13
Nov'11
"63*2 ~69
j-
102"
10738 108
May '12
92
J
100*8
Aug 12
95
....
J-J
*9«>o
Gold guar 5s
122" 124*
J'ne'13|
70
77*2
'13]
....
102*2 Sale 102*2
J-J
19®7
1941
8214
105
89*2
A-O
1®5®
5s_
General gold 4s.
100
...
94" Feb
.
*®®£
Leh & N Y 1st
guar g 4s—1®45 ,MRegistered
*940 MEl C & N 1st
pref 6s
*914 A-
10334 10334
105*4 111
70"
117*2 May" 161
94i2 J'ly '12
102*4 Aug'13]
....
4s
gu g 5s..
667g
119
81
Nov '00
95
105*8
—*959 J-D
cons g
1st consol gold 4s
92
81
■
&
North Ohio 1st gu
g 5s—1®45 A
Leh Vail N Y 1st
gu g 4^s.l®49 J-J
Registered
J-_
Long Isld 1st
83
97
J-D
19^*
Lake Erie & 5s 1st g
W
2d gold
84
108
Reduced to gold 4^8.1933 j
Registered
108
100
...
100
}95l
Registered
1st int reduced to 4s
100*4
103*8
77
93
77*2 Sep "'13
101*8 Oct '99]
...
...
*®®® A
Ref & impt 5s
Apr 1®5® J-J
Kansas City Term 1st
4s—1960 J-J
87
Dec '061
75
80
81
Aug'13
102
108
1073s Feb '13
100 •...
111*2 May 12]
95*8 9734 95*4 Oct T3l
101
III
77
85U
J-D
J-D
J-D
195* J-D
195* J-D
4s
g
Jamestown Franklin
Clearfield 1st 4s
109
88
122
..
"72
100
-I®®* M-S
195® J-J
1st g 6s—*®*9 M-N
Iowa Central 1st
gold 5s—*®®° J-D
Refunding gold 4s
^-*MOA iM-8
82
71
12
Oct '13
Sep '13]
76*8 Nov 12
81
May'131
83
Aug'12
123
May'9
70
J'ly '13
75*2 Mch'12
75" "89"
}9«>l*9®*
St L Sou 1st
gu g 4s
lnd 111 & la 1st
g 4s
lnt & Great Nor
84
7414
72l8
99
107*2 106
10078 1023s 101*2
99
103*2
96*2 100
96*2
74
90
100*4
100
JJ-
Registered
Memph Div 1st
Registered
109
72*2
11
94'8 J'ly
80
F-A
*^?i
Registered
Aug'13
84U
88
72
100
101
103*8 104
IO334 Oct '13
104*2 107
106
106
101
109i2 109
May'12
106
jf-
Registered
89
73*8 Sale
?
1933
70
77
87*2
}921 J-
1933
84
94»4 Jan
70*2
66*8
F-A
192® J-D
1®®® M-S
Gold 3
7)^
Apr'12
8334
Sale
94
QU
195*
Aug'13]
8378
84
"70*2
g 4s
L§fval Coal Co 1st gug 5sl 193®
103" 103"
102
109
77
<5*8
84
74*8
96" "
88I2
—*95* J-J
1035s 1035s
Jan "12
100
....
Vis
l"0'9U
115
91
89
8334
J-J
J-J
J-J
1951 J-J
Lehigh Vail (Pa)
Leh V Ter Ry 1st
Aug'12
10178 1025s 102
90
100
11
Sep *13
10U2 J'ne'll
103
Feb'13
100
100*4
A-
St Paul M A Man 4s
1st consol gold 6s...
Feb
104
111
102
109
100
1035s Feb '13
110
113
A
Registered h
1921
1st A refunding
4#s ser A 1961
Registered
.—*-.1961
Oct *13
10612 Mch '081
III'
99
1921 J.1942 A
1st general gold 5s.
100
88
96I2
12
80*2
67
J-J
Kan City Sou 1st gold 3s
Registered.
82
82*8
95«4 993s
104*4 104*4
Sep *13
10414 Mch 13
....
....
111
84
82is
96
101
91
—
J'ne'13
82l8
96
J-J
..1940 F1943 M-N
Mt Vernon 1st gold 6s
19?3
Sull Co Branch 1st
g 5s...1930
TjMorida E Coast 1st 4 *4s__1959
ortSt U D Co 1st g 4 Hs .1941
Ft W & Rio Gr 1st
g 4s
1928
84
....
M-N
1916 J-D
1982 M-N
cons 6s
81
Jan *08
Mid of N J 1st ext 5s_*
1940 A
Wilk A Ea 1st gu g 5s
.1942 J-D
Ev & Ind 1st con gu g 6s...1926
J
Evans & T H 1st
78
Apr '13
85*4
Sep '04
1938 JLong Dock consol g 6s
1935 A-O
Coal & RR 1st cur gu 6s__1922
M-N
Dock A Imp 1st ext 5s*
1943 JN Y & Green L gu
g 5s*..1946 M-N
NY Sus& W 1st ref 5s...1937
J
2d gold 4 Vis
1937 F
General gold 5s
Terminal 1st gold 5s
84*4
78
97
F
1953 A-O
1953 A-O
Buff N Y & Erie 1st 7s
Chic A Erie 1st gold 5s
Clev & Mahon Vai
g 5s
79
110
1951
conv 4s A
67
Mch *08
78
A-O
1920 M
.1996 J-J
1996 J
1996 J-J
.1996 J-J
Registered
99
Dec '12
M-N
J-D
J-D
1928 J
Penn coil, tr g 4s_
85
6U2 Apr '11
85
.1920 A-
lien g 4s.
89*2
9578
88*2
90
' Oct "'13
95*4 Sep
92
}95®
Carb & Shaw 1st
g 4s
Chic St L & N O
g 5s
8884
90
J'ly '13!
78
1923 M
Registered
"
Sale
78*2
1920 M-S
1947 M-N
1919 M-S
5th ext gold 4s._
83
78*2
87
M-N
1950 J-D
Bellev & Car 1st 6s
9534 98
9634 101*8
93*2 99*8
83
109
...1916 J-J
1937 J
5s*. 1941 M-N
NY LE & W 1st g fd 7s
Erie 1st con g 4s prior
Registered
9034 Oct. *13
7U2
72
IIII "77~*?
1939 J-J
2d ext gold 5s.
3d ext gold 4 Vie
4th ext gold 5s
do
90
1949 A-O
f?lgin Jol & East 1st g
k-'rie 1st consol gold 7s
N Y & Erie 1st ext
g 4s
50-year
93
91*4
....
1952 J-J
!®51
g 3
Western lines 1st
97
80*2
83
90*2
J-J
A-O
1937 A
g 5s
94
107*2 11058
88*2
195*
Registered
Spring Div 1st
Registered
84
1113s
10212 106*8
...
Sale
1940 J
2d 6s...
Du So Shore & At
gen
84
84*1 "88*8
80' J'ly"09'
90
-I. *9"034
195® M-N
Registered
9234
i
1955 M-N
Gold 3*^3
...
83
J-J
Registered
103*8
105*2
92*8
Sep '11
84*8
84ig
88ig Feb 13]
93*2 May'ytH
IIII *95*2
Louisv Div& Term 3s---^51
g 3^s
J95® J-J
Registered
195® J-J
Middle Div reg 5s
F-A
Omaha Div 1st
g 3s
195* F-A
St Louis Div
& term g 3s 1951 J-J
108
J-J
1st A refunding 5s
Rio Gr June 1st gu
g 5s___1939 J
Rio Gr So 1st gold 4s
1940
Utah Cent 1st gu g 4s_al917
Des Moi Un Ry 1st
g 5s
1917
Det& Mack 1st lien
g 4s
1995
Gold 4s__
.1995
Det Riv Tun-Ter Tun 4
^s.1961
Dul Missabe A Nor
gen 5s_1941
Dm & Iron Range 1st 5s
1937
101
...
J-D
*1955 F-A
Guaranteed
94*2
108
103
..
M-N
100* 10234
1954 A-O
N O & Tex
gold 4s.—
...
A-0
Mar'13l
TI
Registered
Cairo Bridge
gold 4s
Litchfield Div 1st g
10
71
1021s Feb 03
1077g
10734 Aug'13
106*2...
149
Aug '01
97
97*4 97
97*4
9634 9734 9634 Oct '13
95*2 95*2
9534|
8412 8578 85
85
U378
12U2 May *12
1943 M-N
Rio Gr West 1st g 4s
Mtge& col trust 4s A
89
90*4
102
Oct '13
84
100
66*2
26*2
9478
108i2 Sep '13
103*2 105*8 102*2 J'ly '13
94*8
94
Aug '13
3^8.-2000 F-A
,
" "88
84
99
100
195* M-S
36*4
101*8
1114$ Dec
94*4
.1954 A-O
1st ref 4s
Oct '13
103
...
92"" '92"
.---195* .71-8
Purchased lines 3Hs
L
95**
" 10134
A-O
—195*
4934
85
96
22
92
Apr 13
92ig Apr 13
100*4 Dec 121
.
III.
21
23
100*8
99
•...
83*2
89
"
100*2 Sep '08
...
83*2
A-O
25
105
101*8
.
108*4
Del & Mud 1st Pa Div
7s.__1917M-S
Registered
1917 M-S
10-yr conv deb 4s
1916 J-D
1st lien equip g 4 Vis
1922 J-J
1st consol
92l8
106*2 105
96
83
III
79
124i»
Oct 413l
IOU2 100*8
83«4
35
ioG* May"TOi
M-N
3^9
.1946
Rens& Saratoga 1st 7s
1921
Denv & R Gr 1st con
g 4s..1936
Consol gold 4 Vis
;
1936
.V Improvement
gold 5s....1928
■
9134
91*2
2000 J -D
1921 J-J
1st & ref 4s.
Alb A Sus conv
.
90
104
90
88*2
100ii
J-J
....
120
120*8 J'ly '13
136*4 May'OOj
104" I ifo" "
J-J
J-J
sterling
Registered
96*4
J'ne'13
1951
1st gold 3s
120
,High
i04V8 IIII ioiij
195* J-J
J951
01c
92
10512109
195*
3^8-.
No.
J'ne'll
May'13]
195;
g
High
1
105*2
1st gold 3
Vis
Coll trust gold
4s
35
30
1923 F-A
Term & Improve 4s
120
827S Oct
J'ly
26
Sep '13
26
J'ly '13
90*2
90*2I
91*4
92
32
III.
Registered
Extended 1st
Registered
90
103
Registered:
84
Apr
1915
5s
90
102
100*4 101*2
94" J'ly *08
82
1915 J-D
N Y Lack & YV 1st 6s
13
" Mch'"13
120
1947 J-J
Registered
Mch
....
1940 A-O
1990
1st conso. guar 7s
90
105*4
1933 J-D
gold 4s
Registered
..19,34 J-J
Del Morris &Western—
el Lack &
Essex lst7s_1914
1st ref gu g
101
10478 105*4
97
....
....
"
102
101*4
Oct '13
100*2 IOU4 IOII4 Oct '13
J-D
g 4s
1929 F-A
Refund & ext4Hs
1935."VI-N
Ft W & Den C 1st
g Cs
1921 J -D
Conn & Pas Rivs 1st
g 4s.*1943 A-0
Cuba RR 1st 50-yr 5s g ..1952 J-J
Construction
82
'07
Sep '13
Apr '12
10478 Oct '131
97*2 Nov 12!
105"l8
.
deposit...
Colorado & Sou 1st
<
81
Oct
82
101
dl938 Q-J
1940 A-0
O lnd A W 1st
pref 5s
Peo & East 1st cor 4s
•
89*4
91
96
J-J
90
89*4
83*2
91
102
Consol sinking fund 7s..1914 J-D
General consol gold 6s_.1934 J-J
1
90
835a Sep '13
Jan.
94*2 Oct '13
98
..
Since
Sate
926g Mch 11
97
Sep 12i
114*4 Sep 12
119
*
8914 Feb '13
91
89
108*2
Gulf & S 1 1st
ref& tg5s—61952 J-J
Registered
61952 J-J
lock Vai 1st
cons g
4Hs.-1999 J-J
■A
Registered
1999 J-J
Cq1& H V 1st ext
g 4s
1946 A-O
Col & Tol 1st
ext 4s_
-I®;*® F-A
ous Belt &
Term 1st
5s—193/j J-J
llinois Central 1st
923s
9414
94l2
J-J
--1937
Will & 8 F 1st
gold 5s
923s
.
84
*85
J-J
92*2
8734
J-J
Registered
87
87i2
84*2
82*2
194U
£
94
J-D
19®£
1st guar gold
5s—' J-J
Mch'13
90
4s
J-D
193/
Range
Range or
Last
Ask Low
1937
xcvii.
Week\
Friday
Oct. 31
(Continued)—
Registered
Sep '13
82
con 1st g 5s...1923
C C C & 1 consol 7s
1914
~86~84
12
107** Dec '02
87
Sep '13
89
877S
80«4
83*2
1940 J-J
1920 M-N
Cin 8 & Ci
8684
g 2
03
E Minn Nor
Div 1st g 4s 1948 A-O
Minn Union 1st
J-J
g 6s
Mont C 1st gu
p 6s
1®®' J-J
1009
11
Dec"
103
Hu "8314
A1936 Q-F
*1936 Q-F
97
86»4 Feb '13
100
1940 M-S
Vai Div 1st
g 4s
C I St L A C consol 6b__
lsl gold 4s
Mch
M
Registered
Pacific ext guar
...
1990 M-N
*
W
W
P M &
High
Ptxcl
Y. STOCK EXCHANGE
Week Ending Oct. 31.
Mont ext 1st
gold 4s
97
88
97
Ind Dec & W 1st g 5s
1st guar gold 5s
'
Low
[Vol.
2
BONDS
N.
J'nc" i2
97
....
IIII "89"
1935 J-J
1935 J-J
Cleve Cin C & St L gen 4s_.1993 J-D
20-yr deb 4^s___
1931 J-J
Cairo Div 1st gold 4s
*1939 J-J
Cin W & M Div 1st
g 4s_.1991 J-J
St L Divlst coll tr
g 4s
1990 M-N
No.
High
86*4
Day& Mich lstcons4 Hs.1931 J-J
Range
10034 Oct '12
90*2
1st guaranteed 4s
1959 J-J
Cin D & 1 1st gu g 5s
1941 M-N
C Find & Ft W 1st gu 4s g_1923 M-N
Cin 1 & W 1st gu
g 4s
1953 J-J
,
Record—Continued—Page
"98*4 Oct"13
101" i02
95&aSep 08
101*8 Sep '13
..,.107
106*2 Oct
12
100
Feb
13
101
100
Oct
...
102*4 Oct '13
~98*4
9$
101
93ig
...
94
...
• Due Oct.
e
'09
Aug'13
Opt'.oa
"99" 102"^
100" 100"
ale.
101
94
103*1
94
1
Nov. 1
3
BONDS
f
STOCK
Y.
N.
EXCHANGE
Week Ending
«
Bonds Sola
or
Last Sale
Jan. 1
Low
High
77
75
ex
1977
guaranteed
100% 108
93
90
M-N
J-J
Mississippi Central 1st 5S..1949 J-D
Mo Kan& Tex 1st gold 4s_.l990
1990
1044
1st & refund 4s
.....2004
Gen sinking fund 4 V4s
1936
St Louis Div 1st ref g 4s__2001
Dai & Wa 1st gu g 5s
1940
Kan C & Pac 1st g 4s
Mo K & E 1st gu g 5s
M K & Ok 1st guar
5s^
93
*9*6% III
69
fitn. lr M&S gen
Geri con stamp
Registered...
—
A-O
102%
ioo"'
Norl £c Sou 1st gold 5s_
N'ort &
108
99% Oct
13
98
Oct '13
97
101%
96
May'13
96
103
101% Mch'13 "s'l
98
96
Sale
96
"91*" "99%
"66% Oct"'13
" *70"%
64
96% May 11
"78% "80"
89
83
"""4
90
90
90
79 •;
"77% ~88* "
79% Oct '13
76
76
"88% '89
78%
IIII *80"
80% Oct *12
80
Oct '13
96
jan '13
93%
.
113% 113% 112% Sep '13
112% Jan '13
10734 111
95
81% 0ct '13
107% J'ne'13
82
80%
..t.
112% 117%
"89"" J'ly"l3
89
105
J-J
108%
102's
'13
111
102%
Jau
70
A-O
65
77
-
-
Feu '13
Ohic 1st rei 5s.i 960 J-J
prioriiengGs_.pl915 A-O
Orleanx.Term 1st 4s
1953 J-J
N Y Central Sfr 11 Rg3^s_1997 J-J
Registered
1997 J-J
Debenture gold
.1934 M-N
Registered..
.1934 M-N
Lake shore coll g 3^s
1993 F-A
Registered.
1993 F-A
Mica Cent coll gold 3 ^s.1998 F-A
Registered
1998 F-A
Beecu Creek 1st gu g 4s..1836 J-J
183G J-J
Registered.
2d guar gold 5s...v...0*1936 J-J
Registered
1936 J-J
Beech Cr Ext 1st g 3Hs.tl951 A-O
NO&Nii
45
45
87
4534
101%
104
"""1
101%
2
"
82%
83%
82%
83
....
82
82
90
80%
82
90% Oct '13
Oct '13
93
"79% Sale"
80
76%
75.
76
79%
86%
87%
91%
~76% *83~~
61
,
4S..1944
U N J RR & Can gen
'76
81
75
Guar 3
77% May'13
77%
Apr *13
May *11
98
98
98
90%
99
CI & Mar 1st
CI & Pgen gu
100" in;
Series
m'wmm
••
Cart& Ad 1st gu g 4s
Gouv& Oswe lstgu g 5s..19421 J -D
Moil & Mai 1st gug 4s
1991 M-S
1986 F-A
2000 M-N
2000 M-N
Registered
NY & Harlem gS^s
Registered
,
91
105
90%
M-N
101-
4J^s—1941
J-J
52
Og & L Cham 1st gu 4s g 1948
J-J
98%
Oct '02
102
92
95
92
92
ii2"% iii:
131%
104
104% '
1
1996
1922 J-J
1997 J-D
.1997 J-D
.Utica & Blk Riv gu g 4s__
Lake Shore gold 3Hs
Debenture gold 4s_,
1928 M<
25-yr gold 4s....
1931
Registered
1931
Ka A& G R lstgu c5s_.1938
Mahon O'l RR 1st 5s...1934
M-N
;
119%
95% i
J-J
J-J
...1934 J-J
Gs__1918 J-J
Michigan Centra. 5s
1931 M-S
Registered—
1831
2d
guaranteed Gs
McKees& B V 1st g
1940
.1940
J L & S 1st gold 3^8
1951
1st gold 3^s.
..1952
20-year debenture 4s
1929
N Y Chic& StL lstg 4s._1937
,.1937
Registered
Registered
94%
■
5--"
87%
85%
88%
84%
91%
90%
84%
88
90%
93%
89%
92%
91% 91%
90% Sale
102*111
ih%
103% 110
A-O
A-O
1931 M-N
West Shore 1st 4s guar
2361 J
Registered
2361 J-J
N Y Cent Lines eq tr 4^s 1922 J-J
Debenture 4s__.
**
110
100%
101%
130%
123%
...
119
100%...
Gr Isl 1st g 4s
98
IIII
90
...
84%
95%
94%
88
96%
*82"% *86%
82%
85%
84
93%
1
96
96
89
99%
97%
90
87
....
94
93%
8
93
97%
89
98%
92
91%
....
86
....
May"'i.2
101% Oct *13
101% 102% May'13
84% Sep '13
.....
si
83*4 Oct '13
*97% *98
97% Oct '13
81-* J ly *i3
83%
83%
.
.
92
86%
82% J'ly *13
.
95
Aug'13
92% u eu '13
95
...
'05
110
jan
102" HI".
102
J'ly '13
192
109% J iy '09
91% Feb '12
90% Oct '12
90
May *08
86% Sep '13
90% J'ly 'la
J
95
101% Feu "13
..
1UU%
109
►
iviay'lo
....
--
98% 102% J'ne*12
102% Nov'12
98
97
—
95% Sep '13
"95"" ~95%
100% Oct '13
100% 103%
92
100% 105
99% 103
100% 100% 100% Oct '13
106
J lie '11
*98%
95
95% 94% Oct '13
92
105
97
92%
Apr '13
95% Jan '13
,
..I
97% Jan
91%
1
90
97%
97%
83%
90
95%
97%
95%
97%
13
J'ne'13
106
108
106
...
.
106
Feb '13
106
106
93%Jan
13
Sep'13
98
90
Jan
45
"45" hi
100%i03
11
54
95
Oct '12
"54"" "54"
45
91
93
93
ido% 100"%
95
92
Sep '13
95
Feb '13
91%
54%
--
100% Apr '13
—
96
90%
96%
--
iiii "68"
"65"!
A-O
J -J
j -j
J-J
A-O
105%
108
Apr *13
113% Nov'll
J-J
*65" *83"%
83
...
93% Sale
93%
92
94
94%
Aug'13
94%
J'ly'13
80
106
99
...
73
75
57% Sale
*
59%
93%
70
.
.
70%
73
2
99
59%
57%
59
94
Oct '13
70
76%
80% Mch'll
.
96%
96%
*80 " "84*
105
93
72%
Oct *13
57%
91%
14
168%
99
*91% "9*7%
92
Aug'13
108% 108% 108%
General gold 6s
General gold 5s
108
--
32
"i
94
94
...
j*j
1931 J-J
__1931 J - j
it L& SF RR consg 4s..1996 J-J
Gen 15-20-yr 5s
..1927 M-N
Tr Co certfs of depositSottthw Div 1st g 5s..1.1947 A-O
Refunding g4s
1951 J-J
Registered
1951 J-J
94%
90
90
88%
92
--
►Bt Louis & San Francisco—
98%
80
1940
1943
1997
.1997
1951
1951
1947
'03
Jau
101%
83%
..1921 J-D
1920 A-O
1st consol geld 53
1930 m-N
Pt Huron Div 1st g 5s
1939 A-O
Sag Tus & H 1st gu g 4s__1931 F-A
Philippine Ry 1st 30-yr s f4s '37 J-J
Registered
Jersey Cent coll g 4s
Atlan City gu 4s g
Jan
Sep '12
99% J'ly "JJ
102
101
W M 5s
J-V
in"
95% Oct '13
101
Flint & P M g 6s
5s
60
100
...
93
1942 A-O
1942 M-N
19.45 M-N
Series E 3>^s guar g
1949 p-A
Series F gu 4s g
1953 J -D
Series G 4s guar..
1957 M-N
C St L & P 1st con g 5s
1932 A-O
Peo& Pek Un lstg 6s
1921 Q-F
2d goldM^s
..51921 m-N
Fere Marquette—Ref 4s
1955 J-J
Refunding guar 4s
1955 J-J
gold 5s
Mch'12
99% Aug '13
97
97%
96% j'ne'13
99%
J00
99
Sale
90
1942 M-S
ts Sh & L E 1st g
110
104
100%
A...1940 A-O
!> eading Co gen g 4s
....
...
100% Aug'13
8/34
Series C guar*...
Series D 4s guar
1st conspi
II
-
Sep '13
99% Oct *13
....
95
1931 J-J
1933 J-J
Ch &
'11
111
90
Sale
5s_1927 M-N
Pi
105
114"% iii.
M-
A-O
29
93
J-J
M-N
'95"% "95"%
88
87%
87%
M-N
Pitts & L Erie 2d g 5s_..21928 A-O
Pitts McK & Y lstgu 6s
1932 J
4s
,
108
105
84
■
A-O
Registered
76
:
111
*9*9%
'
80
80
9S%
"90" "y"o""
92
5s—1996
2d gold 6s
97%
.
90
...
—
102" " 106"%
97% I
104
...
102"" iii.
Rut-Canad 1st gu g 4s__1949
fit Lawr& Adir lstg
.
,
100%
,
J'ne'12
91% Apr
M-N
F-A
J-J
-
jan '12
100%
88%
97
j^s.1941 J-J
Series C 4s
107
...
99%
J-D
cons
•
/00% Sep *13
109% Oct '13
...
J-D
1940 J
1st gu g 4
PCC & StLgu 4^s
Series B guar..'
J
98% 100
ex
Apr '.3
94
86
J-J
Toi VV V & Ogu 4KsA
Series B 4 ^s.
*""3 102"" 107"
(
A-O
105
3^3___1942
.1848
1950
3 J^s B__1940
Pitts Y & Ash 1st
A-O
F-A
Lrie& Pitts gu g
Series C
Gr R & 1
85
A-O
Rutland 1st con g
3>aS
Series D 3^s
87"% Dec" 12
10034 107% 102
A-O
N Y & Pu 1st cons gu g
Nor& Mont lstgu g 5s
98%
....
"83% in;
1927
4s_1993
1916
Pine Creek reg guar 6s—1932
R W & O con lstiext 5s__/il922
Oswe & R 2d gu fg 5s
el915
R W & OT R lstgug5s.. 1918
Y & Northern lstg 5s__
N
«•«••>»
66
Aug'13
.
115% Aug '11
111
1942 A-O
A-U
jJ
int reduced to
—
Iff m m
m
65
112
SO
1931 A-O
1942 M-N
gu g 4 Hs._l935 ki-N
g 4^s ser A 1942i J-J
Series C
Oct *12
102
1986 F-A
N J June R guar 1st 4s
88
80
95%
'19
05%
85
Guar 15-25-year g 4s
Cin Eeb & Norgu4sg
"21
,
1981 J-D
trust etfsD..
80
76
76
90
94%
90
....
1.942
1944
'12
94% Oct
100% in
100%...
s
23
103%
90
94%
66
....
110
"
87% Oct *13
88%
*65
Co—
trust ctfs C
Oct '13
95
Guar oHs coll trust
Guar 3
88%
Apr *13
103
G5%
1921 J-J
1921 J-J
reg__1937|M-S
Guar 3j^s coll trust ser B.1941 F-A
Trust Co ctfs gu g 3j^s
1910 ivI-N
Registered
88%
Sad
M-S
Guar 1st g 4
Jan *11
98
95
J-J
Pennsylvania
May *12
79%
80%
79% Oct '13
....
87%
87
79%
""*9
lstg4s___1943
Sod Bay & Sou l^st g 5s.
101% 101%
79% May'13
New
—
76%
Mch'13
104
90
'
4s___1942,.v!-S
1924
Sunbury & Lewis lstg 4S.1936
96%
75
45%
55
101
96%
Oct '13
105% Jan
M-N
V/
PhilaBait&
96
103%
B'ge 1st gu 4s g '36 F-A
D R R R &
55
Aug'13
96
89% Feb '12
100
94%
87%
100%
1948 M-N
Alleg Vai gen guar g
83%
92%
103" 104""
'
...
Registered
78
76%
06% Feb '13
IIII"75%
r
Convertible gold 3j^3
' 111
85
88
92% J'ne '12
"88% "90%
1923|M-N
19l9jM-S
1943 iVS-N
ol9l5 J-D
;.ol9l5 J-D
Consol gold 5s_.
Consol gold 4s
89
108%
"62"" "88%
Sep '13
75
....
ennsylvania RR—
1st real estg4s_
105% 105%
105% J au *13
113
J'ly '04
....
J-J
NatRysoi Alex pr lien 4
1957
Guaranteed general 4s—1977 A-O
Nat of Mex prior lien 4^s_l92G J-J
111
....
llacific Coast Co lstg
L
81%
88
102% 104
4s__1961|J-J
5s. .1246 J-D
Consol gold 4s_
-
•
...
105% 105% 105% Sep '13
...
Oregon-Wash lst& rei
107% 109
A-O
90
A-O
.
112% 112%
80
85%
—-
FA
;_1968j J-D
Wash Cent 1st gold 4s_
19481Q-M
Nor PacTerm Co lstg 6s. 1933) J-J
96
96
.
98%
Apr 13
116% 117% 118
123
Jan
13
117%
115% J'fie'13
116% 120
93
93%
93% Sale
1st consol gold 4s__
"77"% "83"%
90%
110
Aug'09
M-N
4s..l996| J-D
5s....1916 M-S
1923 F-A
Registered certificates__1923 Q-F
St Paul & D .luth 1st 5s..1931 F-A
2d 5s_.
....1917 A-O
~78 " *82%
1
78%
,
81%
100
St P& N.P gen gol 1 6s...
Oct '12
104
80%
110
13
M-N
Dul Short L 1st gu
106
100
87
126
103% 107%
83% Feb '13
"ir "83
J-D
F-A
107
99% Meh 12
Salt
88
M-S
69%
108
107%
109
103%
105% 4549
99% Nov' 12
99% J'ne'12
72-
....
St P..ul-Duiuth Div g
"90" " *93"%
101% 103
"""4
J-J
.vi-N
M-S
89%
88%
80
8
6934J
107
J-J
a2047|Q-F
a2047|Q-F
General lien gold 3s
Oct '13
,/I-N
....
Registered
90% Aug'13
"78"" "79"
103%
76
Mot)'05
10134 J 'lie '13
97%
103
102% Sale 102%
.
92
Sep '13
110
90
80
70
Hlg*
79
80%
80% Sale 80%
Feb '13
103%.... 110
83
823S 82% 82%
1932
A-C
1996
A-C
1996
Div'i 1st l& gen g 4s
..1944 J-J
10-25-year conv 4s
.1932 J-D
10-20-year conv 4s
,1932 M-S
Convertible 4j4s.-1938 M-S
Pocah C ife V joint 4s
1941 J-D
O C & T 1st guar gold 5s_.1922 J-J
M-R
Scio V & N E 1st gu i 4s_. 1939
Northern i'acificprior I g4s 199? Q-J
Registered
19971 Q-J
Registered
95% 100
94% Oct .'13
IIII "67
F-A
J-J
l
:
6s__l934
86
Low
Oct '13
107% Sale
II & W ily 1st cons g 4s...
Mav'12
97
" "0434
94
96
■*.
1955
1961
1941
1931
New River 1st gold Gs
101% 101%
103
106%
3
103%
West gen gold 6s
Improvement & ext g
1U4%
99
100i4
103% 103% 103%
McM M W & Ai 1st GS...1917 J-J
T & P Branch 1st Gs.
1817 J-J
—195)
Norfolk Sou lst& rei A 5s..
87%
101
onl.v__'';l992
General 4s...
78%
102
82
5s....1945
....1945
..1957
VV ref lsts4s__../1992
Jtegistered $5,000
87
102
103% Oct '13
98% 104
M-S
4s,_ _
79%
77%
"sr2
N Y G&
96 %
J-D
A-O
A-O
1929ij-J
NashvilleCh 6c St L 1st 5s 1928
Jasper Branch 1st g 0sl923
Apr '13
May *13
5s._1918
Providence Secur deb a
99%
9914 10114
M-N
M-S
Cairoguarg4s____ 1931
102
82
4s__.
1938
Montgom Div lstg5s
1947 F-A
J-D
St Louis Div 0s_...——1927
J-J
St e &
O Moo is
83% Oct '13
M-N
F-A
1927 J-D
extension gold 6s_.__hl927 Q-J
1st consol
77%
69
78% Apr '13
Mob & Ohio new gold Gs
N
67%
84
"II"
JUiv & G Div lstg 4s„
Verdi V i & VV 1st g 5s.._1926:M-S
1st
81%
69
8234
General gold
8
72%
97%
Sale
10012
J-J
19291J - J
___1033lM-N
„
72%
A-O
4s..1938
—1938
con g 5s_1931
gu g 5s..1931
Unified & ref gold 4s_
89
72%
98% Sep '13
7234 Sale
9812
New England cons
Consol 4s..4.*
"86% "95%
89
89^4
.
N H <Sc Dei by cons cy
,
No.
High
79
103% Sale
M-N
93% Mciv'11
5s—1943|M-S
Missouri Pac 1st cons g 6s—1920 M-N
Trust gold 5s stamped._al917 M-S
Registered
al9l7 M-S
1st collateral gold 5s
.1920 F-A
Registered
1920 I1 -A
40-year gold loan 4s.__._1945M-S
?d 7s extended at 4%
1938 M-N
1st & ref conv 5s_._..___1959 M-S
Cent Br Ry 1st gu g 4s
1919 F-A
Cent Br U P 1st g 4s
1948 J-D
Leroy& C V A L 1st g 5s_192G J-J
'
Ask Low
68
liousatonic 1C consg 5s
1937
J-J
N Y VV 'ches&B 1st ser 1 4 f£s '46
66% May *12
M-S
2d extended gold 5s__
* *97 "
Jan. 1
76
M-N
Harlem R-PtChes Ist 4s_l954
F-A
B & N Y Air Line 1st ls_.1055
J-J
Cent New Eng 1st liu 4s__1961
62%
91
91% Oct '13
97% J ne'12
95
Pac R of Mo 1st ext g
54
79«4 Dec '12
♦87%
F-A
1942
1042
58.1042
5s__1042
2
54
7912
92
"l "88 " 100"
54
54
M-N
M K & T of T lstgug
Sher Sh & So 1st gu g
Texas & Okla lstgu g
110% Aug '11
90%
90%
Since
or
Last Sale
85
1956
J-J
Conv debentu.e3 y$s
1956
J-J
Conv debenture 6s
.1948
20-yrc onv deb 6s (wh iss)
".•MI
no" III- 124% Oct '12
1st and refund
---t
Non-conv 4s_
J-D
5s
1934 M-S
gold 4j
1948
J-J
Des M & Ft D 1st gu 4S..1935
J-J
M StP&SSM con g4sintgu 1938
M-N
1st Chic Terml s f4s
1941 J-J
M 3 S & A 1st g 4s int gu.1926
1st consol go.d
2d gold 4s.
1st ext gold 5s
Nov '10
A-O
PacificExt 1st gold 6s_.—
'•
Mch'10
Non-conv
79
Manila RR—Sou con g 4s_1936 Ivl-S
Internat 1st lines 4s197/
M-S
Minn& StL 1st gold 7s
Haven & HartfJ-J
deben 4s......1955
N Y New
Range
Friday
Oct. 31
ft.
Rang*
Week's
Price
II
Rid
No.
High
Ask Low
Bid
Stamped
Y.
N.
Since
M-N
1
BONDS
STOCK EXCHANGE
Week Ending Oct. 31.
Range
s
Range
Friday
Oct. 31
•-■a.
Oct. 31.
Week
Price
fcS
3
1371
Record—Continued—Page 3
New York Bond
1913.]
90
25
60%
52 '
94
74
—
65
114%
105
73
82%
59
100
76%
----
100% J'ly
...
MISCELLANEOUS BONDS—Continued on Next Parre.
Gas and Electric Light
Qns and Electric Light
Kings Co Ei L & P
,
g
1937 A-O
5s
Purchase money Gs
1997
A-O
99
110
90%
1934 A-O
97%
Newark Con Gas g 5s
N YGEL1I& Pg5s
:
Purchase money g 4s
Ed El 111 1st cons g 5s
1927 M-N
..1948
1948
1949
1995
J-D
J-D
89% Sale
89%
J-J
101% 102%
100% 103%
Oct *13
102
102
88%
99% 102%
97% 102
88% 90
99%
97%
89%
102%
82%
102% Sale 102%
817S Sale
81%
107
106% Apr *13
NY&QE1 L & P 1st con g 5s 1930 F-A
N Y & Rich Gas 1st g 5s
1921 M-N
81% 86%
106% 108%
99% 101%
..
.
Oct *13
101
101
114
88%
100
99%
98%
•
F-A
107
Dec '12
124% 122
88% Apr '13
86%
Convertible deb 6s
..1922 M-S
Ed LJ 111 Bkn 1st con g 4s.1939 J-J
Lac Gas L of St L 1st g 5s_el919 Q-F
Ref and ext 1st g 5s
Milwaukee Gas L 1st 4s
151% 104%
101% Oct '13
112% 112% Oct '13
103
v*
No
price Friday; latest bid and asked,
93
Sale
95
....
99
.
a Due
_
92%
93%
94% Mch'13
102% J'ly '12
Jan.
b Due Feb.
1943
1947
1947
Ch G-L & Cke 1st gu g 5s_1937
Con G Co of Ch 1st gu g 5sl936
Ind Nat Gas & Oil 30-yr 5s '36
Mu Fuel Gas 1st gu g 5S..1947
Philadelphia Co conv 5s___1919
Conv deben g 5s
1922
con g
Stan Gas & El
conv s
Syracuse Lighting 1st
Syracuse L & P 5s
M-S
ioi"
J-D
91
94%
96
94%
e Due May.
Oct *13
106
Oct *13
81
5s__1951 J-D
1954 J-J
1949 M-S
93
Mch'b
99
M-N
IIII 95"
92% Sale
94%
97
100
Aug *13
95
Sep *1
92%
92%|
94% Oct '13
101
Dec
1
85% J'ae 1
IOI"" nn
97
J'ne
100
'13
10!
102
Fei? Of
J'ne'l
92
5s__1932 M-S
Ref & ext 5s
.1933 M-N
Utica El L & P 1st g 5s.—1950 J-J
Utica Gas & E ref 5s
1957
Westchester Lt;? g 5s
34
99%
Sep '13
102% 102
100%
99
M-N
F-A
Oct *13
99
99
99
M-S
J-J
M-N
f 6s__1926 J-D
g
112% 112
A-O
6s
Refunding gold 5s
Registered
Trenton G & E 1st g 5j
Union Elec L & P 1st g
92% J'ly '09
Pacific G & El Co Gal G & E
Corp unifying & ref 5s.
1937 M-N
Pac Pow & Lt lst-Sc ref 20-yr
5s Internat Series..
1930 F-A
Pat& Passaic G & E 5s:
1949 M-S
Peo Gas & C 1st
a Due
June,
ft Due July.
...1950
U
0 Due Oct.
100% Dee 'II
v Due
103%) 103
Nor.
103%!
« Option sale.
21 101% I6W4
1212
New York Bond
BONOS
STOCK
EXCHANGE
,
W.
Y.
Price
St L & San Fran
(Cor.J
K C Ft S & M con <r
6*
I*
Bid
1928 M-N
£d 8 4« lnc bond
X Copsol gold 4s
f
[8
jB
ctfs
Gold 4s
stamped
'
,
5s
Registered
20-year conv
N W div 1st
g Cs
1st ref 4s
91
F-A
J-D
89*2
90*2
83
86*4
M-N
M-N
100*2
100*2
M-N
102
M-N
101«4 105
107*4 109
Mortgage gold 4s
^Rich & Dan con g 6s
( Deb 5s stamped
(Rich & Meek 1st g
Sale
90*8
8934
90*4
1033s
Aug 13
100
737g
Safe
103
....
64*2
108
....
681*
100*4 102
...
1005,
70
A Va &
'
....
1st cy gu 4s
I
*
104
1958 A-O
5s
g
1935
Western Div 1st g 5s
General gold 5s__
;Kan & M 1st
J-J
..1935 A-O
1935 J-D
gu g 4s_—.1990 A-O
2d 20-year 5s
1927 J-J
Tol P & W 1st gold 4s
1917 J-J
"?olStL& W pr lien g 3^8.1925
-
85
....
100
1950 A-O
1st refund
g
4s
.
'Ore Short Line 1st g 6s__1922 F-A
1st consol
I"
; 5s
Guar refund
1946
J-J
J-D
1926 J-J
..1933 J-J
4s
1929
Utah & Nor gold 5s
1st extended 4s
{fTandalia cons g 4s Ser A.1955 F-A
r
;»•
Consol 4s Series
Vera Cruz & P 1st
Virginian 1st
*ru
B
Aug '13
104*8 104*4
92
88
102
9912 Apr Ml
106*2 Nov 04
i03'4
105
Oct '13
102*4
101
Aug'13
102*2 103*2 Sep '13
85
83*4 84
Sep '13
93*4
85
84
68
Dec
84
94
80
....
84
95
Sale
903a
90*4
91*8
Sale
91*4
9134
101
84*12 "89" "
Oct *13
94ij
9678
96*2 Oct '13
903# ■
91*4
92
91*2
12
100
85*2 J'ne 12
91
99
"60 '
84la Oct '13
101*8
9112
Oct '13
59
103*2
85
Dec '12
55
101
100
Aug *13
84
56*2
106*4
101
95*4 Oct '13
84
55*2
102v
91
197
22
Oct '13
109*2
109*2
109*21
IO6I4-... 106*4
106*4
89*2 Sale
89i2
1 8934
100*2
108
May'11
'"2
3
19
93""
13
93
98*8
Mch'13
94
9758
Oct
97«4
86*2
84
88
88
88
62
Sep '13
50
49
Oct '13
*88""
93
4
7.)
80
15
101
105
99*2
J'ly '13
con
M-N
1929 M-S
5s.___.1923 A-O
"
~
5s Series A
.1950 M-S
5s
1915 M-8
Liggett & Myers Tobac 7s_1944 A-O
—
1961 F-A
;
Lorillard Co (P) 7s
.
.1944 A-O
5s-—
1951
env
F-A
Nat
10-30-year 5s
s
f
6s A_'21 A-O
J-D
91
9334
Oct '13
116
116
1205»
11712
971*
96
9«
94
953g J'*e'l2
81
95
98
9234
95
9414
9512 J'ly '13
96»4 Feb '13
94
91
Oct '13
M-N
J-J
A-O
A-O
1940 A-O
Standard
Milling lst 5s
1930 M-N
The Texas Co conv deb 6s_1931
J-J
Union Bag & Paper lst 5s_1930
J-J
Va-Car Chem lst 15-yr 5s_1923
West Electric lst 5s Dec 1922
We6tinghouseE & M s f 5S.1931
10-year coil tr notes 5s
1917
J-D
J-J
J-J
99'
Convertible 4s
1936 M-S
Sale
Keystone Telephone lst 5s_1935
iMetropoi Tel&Tel lst s f 5s^l918
Alich State Telep lst 5s—:_1924
N. Y & N J Telephone 5s g_1920
N Y Teiep lst& gen s f4J^s 1939
Pac Tel & Tel lst 5s
93
J-J
M-N
8
597*
92*4
93
9214
9212
2
91*«
74
74*2
9434
75
95
95
99
71
95
95
855s
"*1
120
5
117*2
1
115
963s
17
941*
1
14
97*4
98
971* 103
95U
90
10212 104*2 103
Oct '13
89*2
90
90
8884
99*2
88
99U
86
85
84
30
25
102
90
Feb '13
91*4 Jan '13
837g
80*2
Sale
97*4
86
Sale
94
96
96*8 Sale
78
89
F-A
102
100
97~7«
97
97
5s—1938 J-J
90
90*8
90
88*4
9!
8334
8!
9434 10
9
81
26
100
222
100*4
1
56
10:
95
3
963s 10:
981* 10:
90*4 9<
101
10
99 78 10:
91*4
95*2
86
94l2
9534
2
87*a
96*2
97*4
947g
225
8
91
82
90
12
94l8 1107*
95*4 104*4
9'
*"8 *9"6"
,
J
873s
96*2
23
3212 Deo '12
83i2 NOV 11
96*2
96*2
91*4 Sep '13
100
J'ly '13
99*a Oct '13
93
9:
89*t
8O7*
102*2
100*2
—
1
9114
...1100
97
...
103*4 May 11
Sale
975*
977,
Sale
97
9734
Sale
96*2
973,
97*2 971* Oct '13
Oct '13
90*4 90
"91
90
84
91
104
97V
ia
88*4
99*4
.
99*4
102*2 Sal6 1023s
99&S Sale
995«
9934
♦95 ~
95*8 95
101
10034 101
....
881*
991*
94
95*4
91
95**
88**
95
95*4
100
85
88*2 Feb '13
97U Sale
9984
1221*
997*
95
Oct '13
95*4
89
96
94
95
96*2
93
9144
88*4
9634
80*4
116*8 122**
18
97^4
85*4 Oct '13
85
Sale
95
82
Oct '13
121
95
—1937 J-J
cur
Oct '13
119*2
97*2 Sale
97*2
117*2 118*2 117*2
96
96*4 96*4
.
Fd and real est g 4 3^s.__.1950 M-N
Mut Un Tel gu ext 5s
1941 M-N
Northwest Tel gu 4^s g.1934 J-J I
96"" ~9834
105
64
BellT,el& T lstsf 5s 1941 J-J
West Union col tr
8H* 89it
98*2 101*4
100
64
M-N
M-N
23
82
963s
95*2
3
.
102*2 Oct '13
64
120
70
95*0
97*8 100
86
85
93»4
09
12
63
....
77
T-i
9S7«
96
90
75*4 82
101*2 1051*
6
985s
84&g
94»4
54*2
707«
92**
.
103
84
85
102*2 103
A-O
Telegraph & Telephone
Am Teiep & Tel coll tr 4s__lU29 J-J
Oct '13
102i2 Sale 102*2
98*2 Sale
98*2
____1930 J-J
U S Realty & I conv deb
g 5s_'24 J-J
U S Red & Refg lst
g 6s_
1931 J-J
U S Rubber 10-yr coil tr 6s_1918
J-D
U S Steel
Corp—-fcoup
dl963 M-N
S f 10-60-yr 5s|reg
dl963 M-N
77
97
97U
961«
931*
90
9212 Aug 13
77
83
7934
9178
95>2
9534
21
9434 Feb '13
93
76
1031*
9534
86S4
9234
94
94*4 Sale
" "903s
103
817a
Sl78
102*2 103
103*8 Oct 13
94l2 95
9434
96
81*2 Sale
81*2
82
J-J
M-N
99*2
Oct '13
97
M-N
F-A
1935 J-J
Consol
1017.
118
96*8
MISCELLANEOUS
95
97*4
91*2 95
98»4 1031*
57
Cumb'd T & T lst & gen 5s_1937
93
4
2
5
~8l78 Sale
M-N
A-O
A-O
62
63
94
87
97
94
62
4
116
115
993,.
9812
93
93
915,
9Ql*
4614
98*2 Sale
98*2
99
96
9634 98
9634
90*2 91'4 91*2
91*2
100*2 101
100*2
100*2
7878 Sale
76*4
79
10378 Sale 103*2
104
93
99*2 Jan '13
87
lst
12
98*4
85*2
bait
Sale
South
Apr"
85*2 bait
87
94*2
9612
8638
8878
'99
"«67S "»7~
87
88
20-yr convertible 4^s
1933 M-S
Chicago Telephone 1st 5s__1923 J-D
Commercial Cable 1st g 4s_2397 Q-J
Registered
2397
108i2 112ig
1.03*2 109
86*2 93*8
87
123
g
104*2
--
85
--
65
91
"97
Sale
62
Stamped
" 103*2
80»8
87
96
conv s fg 5s.
Int St Pump 1st s f 5s
Lack aw Steel lst
89a4
100" 10714
Nov 12
1011*
70
-
735j
74
98*2 Feb 11
Sale
Enam & Stpg 1st
5s..1929
Nat Starch 20-yr deb 5s
1930
National Tube lst 5s
1952
N Y Air Brake lst
conv 6S.1928
Railway Steel Spring—
Latrobe Plant lst s f 5s..1921
inter-ocean P 1st s f 5s__1931
Repub 1 6c S lst & col tr 5s_lW34
993s 101
100
99
78
91
108*4
92
95
13
62
Mexican Petrol Ltd
99" 104"
88*4
88*4
106*8 Sep 12
51
1957 M-N
..1962 M-N
92
Oct *13
Sale 101
4Hs.l934 J-J
5s Series A
102
100*8 103
99
74*2
95U
5s.l925 A-O
1951 F-A
105
102*2 1085s
90*4 957s
104*8 Oct '13
20
1952 A-O
Union Pacific—
V 1st RR & land grant g 4s.l947
J-J
t
Registered
1947 J-J
;20-year conv.4s
1927 J-J
\lst& ref 4s
;
p2008 M-S
/Ore Ry & Nav ;on g 4s
1946 J-D
104
J'ne'13
99
101
1917 F-A
Tor Ham & Buff 1st g 4s
/il946 J-D
■"Tlster & Del 1st con g 5s_1928 J-D
ioi«I IiHsI
13
Feb
99
A-O
5s
10212 Apr '11
102
1041s 105
88*4
101*4 105
J-J
s_i
92
100
~98~
»
50-year gold 4s_
ft IColl tr 4s
g Ser A
Mch
13
J'neT3
90
F-A
M-S
3
"75" ~837s
A-O
r
101"
10334 Nov 12
g
s
5-year convertible
983a
(i6
10434 Jan '13
1924 F-A
no
*79"" "79"
12
Ill 1051
Den 1 Motors 1st
lien 6s._.1915
111 Steel deb
4>£s
1940
Indiana Steel lst 5s_.
1952
Int Paper Co lst
con g 6s..1918
100*4 102i2
103*2 103*2
100
Oct
J-J
1944 A-O
3
821*
103*4 107*4
Powder 4*^s__ 1936 J-D
General Baking
lst25-yr 6s.19S6 J-D
Gen Electric deb
g 3Hs*__1942 F-A
Debenture 5s
1952
107*2 112
102
IOH4
J'ly 13
102*2
l'02is J'nel3
91*8 Sale 9 Ug
92
La Div B L 1st g 5s
1931 J-J
WMinW&N WTstgU 5s_l950 F-A
<
Sep
100
112
IOH2
<?2000
;
101
100
West N C 1st con g 0s___1914
J-J
Bpokane Internat 1st g 5S..1955 J-J
CPer A of St L 1st g 4Hs--1939 A-O
J-" 1st con gold 5s
1894-1944 F-A
)Gen refund jfg 4s
1953 J-J
/St L M Bge Ter gu ; 5s..1930
A-O
Tex & Pac 1st gold 5s
2000 J-D
V2d gold inc 5s__
Mch
Tol & O C 1st
73
...
1931 M-S
So'w'nlst gu 5s__2003 J-J
*87*4
*63" "64*2
79
Mch'13
100*4 Sep '13
103*2 Jan '13
1919
1
07
Oct
95
1944 A-O
s f g 5s
1931
f 5s_.__
1934
Guban-Amer Sugar coll tr 6s 1918
Distil Sec Cor conv
1st g 5s.l927
E 1 du Pont
1045s 1095s
106
4g
g Gs
D°r? Frod Ref
105*2 Nov 12
1936 M-N
1st cons 50-year 5s
si
64i2 May'13
...1925 A-O
1915 M-S
Leather 20-year
Consol Tobacco
g 4s
106"
103
106
Aug *13
108*2 Oct '13
...
111
99
100
{W o & W
J'ne'13
10458 Oct '13
105*8 J'ly '12
...
1926 M-S
5s
78*2
86*2
Io534 Dec" II
....
J-J
86*2
40-yr
M-S
f 6s.1926 F-A
s
Registered
...
99*4
103*2
104*2 105
99*2
i obacco
1st 25-year
.
76
g 6
Ggld ,4s
78*2
102*4 107
79*8 88*2
...
...1921 M-S
f Series F 5s.
72*2
1931 M-N
6s_I"l919
Feb
103
95
J-J
....1951 F-A
Am Writg
Paper lst s f 5s. 1919 J-J
Baldw Loco
Works lst 5s
1940
Beth Steel lst
ext s f 5s._"l926 J-J
1st & ref 5s
guar A
1942 M-N
Gent
107*8
10434
100
7334
74
81
81*2 81*2
81*2
103
...4 104*2 Oct '13
83*4
8334 Oct '13
10134
105*4 Sep '12
85
87*4 Jan '13
82*4 Feb '12
SmeJt Securities
Registered
87"" "94**8
101
34
" 101*8
100
& Industrial
1st 5s_.
1936 J-J
Mfg g 6s
*m ,£k.read ist coJ tr
"90"
8638
81*2
term lst 4S '36 M-N
Am Spirits
Am
Oct *13
103*4 Sale 103*8
100
C General
87
*2
J-J
lst gen 4s- .1949 J-J
5s
28
Oct '13
.1949 M-S
Am Hide&'L
lst s f g
Amer Ice Secur
deb
1U158 Ma.v'll
100
...
Debenture
1063s
110
Am
101*8 May'13
101*2 J'ne'13
91*2 Sep 12
...
"II ~87~
1922 J-J
1945 J-J
"
106
108
1937 J-J
1943 A-O
Trust Co ctfs
depositl.I"
Ag Chem lst c 5s
1928 AO
F? ^ot 011 ext
»1915 Q-F
101*8 1*0*2*
101*2 101*2
1925 J-J
.1915 J-J
AlUs-Chalmers
ID4
Oct '13
1
11,
Am
94
100*4
101*2
A-O
1948 M-N
1919 M-N
Series L> 4-5s
92*2
105*4 107
1916 M-S
VSerios L 5s
93
Oct *13
4s
tSo Car & Ga 1st
g 5s
(
108
93
Jan *13
1927 A-O
O 6s
108
108
26*a
271*
1
S B lst 4s. .1960
SupAcDul div &
119*4 Mch 10
106
/Virginia Mid
ser
102
106*2 105*4 J'ly '13
102l2<
112
Feb '07
106
g 5s_1945
102
Sale
115
1946 A-O
i
Sep *13
Sep '13
108
1938 M-S
1st 3s
102
a® Serifc 9°"yr
10434
102
1013g 104
1956 M-N
lien g 5s
104
80
13
11*2
90
81*2 Sep 13
100
Sep 12
"77"" Sale 77
77*2
10334
103*2 Sep '13
82*2 86
Dot
12
1945 F-A
fBsIII .1922
75
183#
81*2
_al943 Nov
s
May'13
16*2 Oct '13
80*4
-.1952 A-O
1st consol 4s
102*2 107
*65* "65*
J'ne'13
16*2
...
51
12
77
J-D
E 1st gBill
-.1926 A-O
lst gold 5s..
-.1928 J-J
Impt gold 5s...
-.1930 F-A
Winston-Salem
l"6d "
104
J
A-O
91
91 ij
Aug
Oct '13
7»
—
5s
20-year equip
12
107*8
1948 J-J
\Ga Pac liy 1st g 6s
«Knox & Ohio 1st g 6s
!Mob & Bir prior lien
13
Mcb
J-J
J
lilt
Sep '13
102*8 J'ly
93
9334
102
....
...
4s
47*2
Oct '13
80
....
80
647a
54
4*5 " "efaj
26
13
II1945 F-A
3j^s_.
g 5s..
80
4612
45
47
65
~18 ~ Sale"
....
*98*2 ~981*
Nov 12
46*2
-_T_
73
1061*
991*
94i2
22
65*2
V\£eeliI*g& L
Wheel Div
96*£
S3
72
High
101
12
50
105*2 107*2 105
Tr Co ctfs..
—
Ex ten &
*88""
9078 Sep '13
Aug'13
104
95*->
90
88
46
lst
gold 4s
J'ne
Low
2\
MayT
Mch'13
64
—
9
50*2 Aug '13
48
Aug 13
mil "47
1954
No.
49
50*2
3^s
gu
Hloh
80
JtfsII!
NY & Pa lst
84
12
J-J
Atl & Yad 1st
g guar 4s..1949 A-O
Col & Greenv 1st 6s
1916 J-J
\E T Va'& Ga Div
g 5s...1930 J-J
). Con 1st gold 5s
94*2 J'ly
A-O
1994
2d 4s_.
Sale
108
Gen
98
86*2
Sale
....
►
w^ »/year guar 4s
west Maryland lst g
West
105
88*2
49
.1956 J-J
—
10234 103*8
101*2 101*2
92*4
93
92*2 Oct '13
85*4
8534
9034
91
9034
A-O
M-S
iMem Div 1st
g 4M-5s___1996 J-J
v St Louis
div 1st g 4s
1951 J-J
\ Ala Cen R 1st
g 6s
1918 J-J
i Atl &
Danv 1st g 4s
1948 J-J
reor
9234
Jan. 1
10334
94*2
99
79
TrustCocertfs.IIII.
Income
....
g
!hJermi lst
1
101*2 101*2
10234 Apr '13
101*2
101*2
....
2d gold 4s
0178
103*4 103*4
102
ff 0nl Div
Div 1st
Columbia
,2
101*2
J'ly 13
102
...
92
1955 J-J
Develop & gen 4s Ser A..1956
[Mob & Ohio coll fcr g 4s__1938
Nov
101*2
F-A
1994
Registered
104
....
79
88
90
103*4 Jan "13
10034
101*2
10234
IOD4
I0i3j
Sinos
Q
ca<35
90
70
5sl. ..1941 •7-J
« 4s- ..1939 J
..1941 A-O
tv
k
n
Div lst g 4s. ..1941 M-S
VVab 1 ltts Term
1st g 4s .1954 J-D
Cent and Old Col
Tr Co certs_
*77*4
06*2
J'nc'13
O
Ask Low
mi "99" *
& Ch
Ext 1st g
n™
80
72*2
82*2
83
90
10038
117
.
Rang•
w
Last Sale
.1939 J
.1921 M-8
.1954 J
Stamped.
Lquit Tru.;t Co
Do
Stamped
8584
7912
7434
72*2 Oct *13
80
J-J
A-O
1930 M-N
\
iE Ten
"
Do
83" " "85*i
S3
7312
853g Sale
gu g 5s__- —1941
& T 1st 7s.-1918
1920
guar g 5s
1938
(Ga Midland
81
Det
Oct '13
83
90
1st gold 6s
1st, consol g 5s
J
79
83
Weeks
Range
102i2 10278 103*4
94*2 95
94l2
.1939 F-A
1st lien
equip s fd g 5s_.
1st hen
50-yr g term 4s
1st rei and
ext g 4s_
Cent Trust Co
ctfs..I.
'09
Oct
83
£1949 J-D
Southern
'
7938 Oct '13
75
82*2
pi929 M-S
4s
»Ore & Cal 1st guar
g 5s__1927 J-J
So Pac of
Cal—Gu g 5s—1937 M-N
(8o Pac Coast 1st gu 4s g_1937 J-J
San Fran Terml
ist 4s..1950 A-O
{Tex & N G con gold
5s—1943 J-J
*
76
Sale
l ^59 A-O
\A & N W 1st
\Morgan's La
«
77*2
7784
101** Apr 07
.1939 M-N
Jd gold 5s__
Debenture Series "ill
80
83*4
74
ol949 F-A
g 4s_.<?1933 M-S
G H & S A M & P
1st 5s-1931
Gila V6&N 1st
gu g 5s_1924
Hous E & W T 1st
g 5S—1933
1st guar 5s red
1933
H & T C 1st
g 5s int gu_.1937
■£ i&en gold 4s int guar
1921
/So Pac RR
78
83
_
\No of Cal
Oct '13
104
Price
Friday
OU. 31
Bid
5s.._
Tr;
90
"80"
Car Cent 1st
con g 4s
1949 J-J
Fla Cent & Pen 1st
g 5s_-1918 J-J
1st land gr ext
g 5s
1930 J-J
Con so J gold 5s1543
Ga & Ala
By 1st con 5s-_ol945
Ga Car & No 1st
!. Waco A
23
S4i2
1950 A-O
Cent Pac 1st ref
gu g 4s_„1949
;«Registered
—1949
'jsJMtprt guar gold 3Hs._*1929
.-Through St L 1st gu 4S-1954
t
78
8^
EXCHANGE
t WabaBh 1st
gold
78
99*8 100**
85*4
78
gu g 5s—1929 J-J
Seab & Boa 1st 5s
1926 J-J
outhern Pacific Co—
Gold 4s (Cent Pac
boll)_*1949 J-D
:
85
83
113*4
65
1950 A-O
Refunding 4s
\ Att-Birm 30-yr 1st
,
Sale
77*2 Sale
1950 A-O
\
•
99
85
STOCK
Week
xovii.
High
105
A
72
Y
[Vol.
4
Ending Oct. 31.
Low
77*2 J'ly 12
103*2 J'ly '12
99*4 May'13
"
90
....
pl989 J - J
1932 J-D
5s. 19471J -D
4s...
g
BONDS
„
N.
Jan. 1
No
108*4
71
Since
5 2
«3«3
High
108*4
72
-
V Registereu
V Adjustment
or
Sale
Ask Lou>
70
Gray's Ft Ter 1st gu g
A & A Pass let gu g 4s-Il943 J J
F & N P 1st sink g 5s
1919 J-J
Seaboard Air Line
t
Last
108U 110
C 1st gu 5s g.1912 A-O
L S W 1st g 4s
bd ctfs_..1989 M-N
t
Rang*
„
Ilanoe
Oct. 31
KCFtS&M ivy ref g4s_ 1036 A-O
Registered
1936 A-O
C & M it & B 1st gu 58.1929 A-O
b.
Week's
Friday
Week Ending Oct. 31.
\
Record—Concluded—Page
69
-
953s
986*
44
95
14
96** 101
JO
88**
101
1021*
96**
11
ne
*9*3 " "93"
Jan '13
BONDS—Concluded.
Coai & Iron
Ruff & Susq Iron
*
Debenture 5s
Dol F & I Oo
'
o
1 5s
gen s f g
1932 J-D
ol926 M-S
5s...1943 F-A
Col Fuel gen 6s
1919
iOoi Indus lst & coll 5s gu..l934
•Cons Ind Coal Me lst 5s
1935
ons Coai of Md lst&ref 5s 1950
M-N
F-A
J-D
J-D
r Riv Goalie C lst
g 6s._/il919 A-O
an & II C & O lst s f
g 5s_1951 J-J
ocah Con Collier lst s f 58.1957
J-J
Birm Div lst consol 6s
g 6s
75
931*
...
...
95
90
75
106*2 107*4 J'ne 12
79V Sale
79!V
80*2
76
mi "92*8
"91" nil
Auff'13
93
.-'Cah C M Co lstgu g 6s._1922 J-D
g 6s.....
1931 M-S
Victor Fuel lst s t 5s
1953 J-J
90
75
75
93*2
99*8
771*
"85"
76
1025s Apr 06
91
91
98
86
86
85
79
877g
78
97'4
103
•
....
80
80
94
93
9734
10078
1007,
J'ly
13
May'13
Oct *13
88
..1955 J-J
92
Bldgs 5s guar tax ex
1960 A-O
85
Ohino Copper lst conv 6s..1921 J-J ♦140
180
97
Sale
60
—
Int Alercan Marine 4 Ms—1922
91
Sale
1007, Sale 1007#
1007* Sale 1007*
7578 Sale
897* go**
inspir Cons Cop 1st 6s (rects)
76
86
Oct '13
Adams Ex coll tr g 4s
1948 M-S
Armour & Co lst real est4Hs '39 J-D
Bush Terminal lst 4s
1952 A-O
Consol 5s
Oct '12
92i2
Coal&Coke lst g 5s 1949 M-S
90
98*2
1917 J-J
al9l7 A-O
v* Me price Friday: l&teetbii and asked.
96
104
5tab Fuel lst
Va Iron
Sep '13
J'ne'13
96
78
t L Rock Mt & P lst 5s...1955
J-J
enn Coal gen 5s
...1951 J-J
<Tenn Div lst
Miscellaneous
90*4
73
80*2
97*14 103
KM)** 103
ah5
Sale
75
757,
4
90
90*4
14
88
Aug 13
74
9134 Oct '13
82V
391*
92
88
891*
891*
96
85
853*
85
94
165
Sep '13
122
190
97
97
94l{
561*
751*
I
'
1081*!
62*4
61
int Navigation lst s f 5s.—1929 F-A
Mge Bond (N Y) 4s ser 2..1966 A-O
10-20 yr 5s series 3
1932 J-J
77
77U
Morris & Co 1st
99*2 May 13
86*2 J'ne 13
991*
991*'
88*2
61
81
82
S9V
May'13
82
101*2 100*2 Oct *13
100
N
s
f 4 M8---1939 J
J
Y Dock 50-yr lst g 4s...1951 F-A
99
102
Niag Falls Pow lst 5s——.1932 J-J
103
103
Jntario Transmission 5s...1945 ,«I-N
Pub Serv Corp N J gen 5s—1959 A-O
79*4
80
BayConsCopper lst conv 6sl,921 J-J
92
98
Wash
Water Pow lst 5s—1930 J-J
87
90
87
89*4 89*2 891*
105*2 Sale 105**
103*21
102
Oct '13
77*4
Oct *13
87
89**1
106*4
Dec
84
102V
87
887* 98
971*111
12
Due Jan. i Due April. « Due
May. § Due June, h Due July. * Due Aug. 0 Due Oct.
9 Due Not. « Due Dee.
66V!
79V i'
'
«
Option 1
gy
1373
CHICAGO STOCK EXCHANGE—Stock Record.
STOCKS
CHICAGO STOCK
EXCHANGE
Monday
Tuesday
Wednesday
Thursday
Friday
Week
Saturday
Oct 25
Oct 27
Oct 28
Oct 29
Oct 30
Oct 31
Previous
Range for
Sale*
of the
AND LOWEST SALE PRICES
STOCKS— HiOHEST
Ye< r (1912)
Range for Year 1913
Shorts
Lowest
Lowest
Highest
Highest
Railroads
30
•25
30
*25
30
•25
85*2
♦75
85*2
*75
85*2
♦75
93
93
*91
93
*29
30
June'13
July'13
85*2
*92
Last Sale 70
30
•75
92i2
29*2
•7*4
234
♦92
9212
•28*2
7»4
•22*2
9078
•3l"
"
•
135
136
76
53
52
62
212
138
140
"93"
*21
-
-
-
-
95
93
*93
94%
22
•20
22
*98*4
99
99
99
62
*60
62
*60
*9834
61
61
62
-
*74
77
*74
77
•74
77
*120
123
*120
123
*120
123
•116
120
*116
120
♦116
120
♦116
120
124
133
*128
133
*128
132
128
133
115
115
*113
*35
37
*35
78
79
94
94*2
*113
124"
123*8 123*2
78*2- 78*2
123*2 125*4
94
23
*20
23
54
♦47
54
95
*94
*20
23
Last Sale 20
*47
54
Last Sale 45*2
179
"57*4
.
104
104
*104
195
587g
67*4
10878 109*8
♦
9*2
9*2
«•J.
mmm -
m
•
"57%
"57%
59%
Aug'13
July'13,
♦
100
Feb
3
133
Dec
3
39
Mch
8978 Jan
70
Dec
6
77
Mch
95
J'ne
49
Feb
65*s May
55*2 Sep 16
Sep 11
184
44
Sep 29
155
Feb
77
Feb 11
77
Feb 11
87
Oct
21*2 Oct
87
Oct
11068 Sep 12
103
J'ly
111*4 Feb
Oct 24
90
63
60
Oct 20
100
J'ne 12
115
Dec
97~
Dec
55
3
99*2 Oct
76*2 Jan 31
;ch22
,
Feb 13
53
Oct 25
21
94
Jap
80*2 Sep
Jan 23
Mat
Dec
67
105
J'ne 12
130
Sep 15
114
Oct
2
123
Jan
122*4 Oct
113
J'ne
2
135
Oct 30
103
Mch
111% J'ly 14
118
Jan 25
115
Feb
61
J'ly
14
Jan 27
x
J'nelO
130
Sep 23
85
Aiig 14
103*2 Jan
x
80
Dec
J'ly 10
90% J'ly 23
19
Aug 29
4
40% Aug
155
J'ne 11
101%Jan 13
167%
Mch
J'ne 12
280
1
Jan 17
100
50
J'ne 11
100
100
987g NOV
*103*2 Oct
9912 Apr
x
Jan
221*2 NOV
121*2 Jan
12534 J'nn
49
Auk
97*2 Aug
109*4 Apr
140
307, J'ly
Dec
Feb 15
-nm.:
94*2 Apr
*
*107*2 Apr
92
J'ne 11
148*2 J'ne 10
5*4 J'ly 31
-
105*2 Feb 19
9
J'ly 22
87*4 Mch24
Apr
94i2 Dec
9738 Feb 6
21434 Jan
2
12434 Feb 17
34
Feb 13
9934 J'ne 24
Jan
67
122*8 Oct
Dec
98
x
Feb 21
69
Sep
120
63
Do
Stone
135
t
J ne 27
104
Ward, Montg'y Sc Co pref
161*2 Apr
130*4 \faf
35
65
Mch
Sep
Sep
Aug
102*2
73*2
12678
76*s
105*2 Dec
117
Sep 24
Woolw^rtb.
Mch
10
May 19
Western
J'ne
150
I6I2 Jan 31
22
com
55*a Oet
222
J'nelO
195
Last Sale 91% Mav'13
Mch
Jan
135*4 Jan
221
101
217
106*8 Oct
19378
I oh
8
100
Co
J'ne
Jan 29
55
—100
Aug'13
Last Sale 10
9%
47% J'ne 12
Apr 26
125% J'ne 10
117
1,740 U 8 Steel
56%
5634
58*2
57%
58
109%
109*4 *109
109% •109
*109
9%
197%
Last Sale 1%
1
109
109
19834 20412
Last Sale 6
^mm'
1
2
Jan
71
100
pref
A
Oct
103l2 Jan
13934 Jan
Quaker Oats Co. 100
pref
-.100
100
2,238 Union Carbide Co
Do
rights
Unit Box Bd A P Co. 100
35
Apr
61
Aug
100
Carbon
pref
562 Swift
mmmm,
135
45
5
200
.100
pref
Do
J'ly
Jan
131
73% J'ne 10
J'ly
8
60 The
'mmmm
197
200
197
199%
1
5734
Dec'12
260
104%
Oct 14
J'ne
50
Studebaker Corp com.100
Do
pref
:
100
58
104% 10478
104% 10478
260
265
109
109
Last Sale 92
104% 1047fi
*260
■
*
1
176
Sep
405
1
'40
Sept'13
126
Feb
13
Oct 31
----
72
*70
74
sew*-
,
e
Oct'13
Sept'13
Last Sale 22
265
104l2 104*2 ♦104*2 105
190
189
195*2
189
78*2
Oct
Feb
k'ay
120
A El Co.. 100
Do
preferred
100
1,207 People's Gas JL&Coke.lOO
525 Pub Serv of No 111 com 100
Do
327
pref
100
Rumely common
100
Do
pref
100
100
2,456 Sears-Roebuck com
124"
47
Jan
89
Do
52
91
55
Sep
,50*2 Jan
1178 Apr
Jan
325
135
National
<)ot
11*2 Jan
Feb 11
500
25
Mch
129*4 Jan 30
16
Oct
Jan
578 Jan
14*4 Aug
J'ne 10
81
400
10 Pacific Gas
94
175
177% 178%
20
♦260
265
*260
180*2
*18
i
J'neii
100
•
78*2
35
Jan
11
Ort
46*2 Jan 31
Oct 29
"2",237
94
95
122% 122%
104% 105
104% 104%
1045a 10484
260
♦72
74
•72
74
*72
260
*78
*94
20
*18
20
*18
20
*18
123%
124% 12478
79*2
124*4 124%
♦78
79%
177
179
178*4 181
122*2 12^*2 ♦121% 122%
17534 1765s
•122l2 123
35
Mchl8
45
Sep 22
38
J'ne
3
21% J'ne 10
31
....
35
37
6
130
Oct'13
♦113
*113
25
40
3
9*2 Jan
7
Amer
Do
133% 135
54
.
123
Last Sale 117
131% 135
23
♦47
mm
62
*120
123
79%
♦20
•47
mm
*60
94
94
•20
"mm mm'
62
*120
_
*35
124%
*78
94
21
July'13
Last Sale 76% Aug'12
mm
77
122
37
98*2
9434
Last Sale 107
122
37
mmmm
mm
mmm.
•74
•36
94%
21
95
98
*60
99
•59
Oct'13
978
978
Feb'13
10
Last Sale 77
412 Oct
6
Apr
93*4 Jan
104*8 J aa
1934 Nov
33*4 Sep
5
9
Sep
2
45s Apr
5
37
Sep 26
38
Oct 31
I6I4 J'ly 24
37
Oct 27
Cal & Chic Canal &
139*2 13934
140%
10
92
•98*2
•113
m-mm
139
*20
23
99
,
'
mm-
94
90
95*2
21
21
Oct 13
Sept'13
5134
5134
Last Sale 210
934
9%
:
'mm.
Dec
9
J'ne
__
76
Last Sale 52
*210
51'4
*136*2 138
978
978
97*
978
76
May
83
D 100
"116 Chic Pneumatic Tool.100
Chicago Title & Trust 100
"812 Comrnonw'th- Edison. 100
500 Corn Prod Ref Co comlOO
Do
pref ,
100
100
661 Diamond Match
200 Goodrich (B.F.) com.100
120 Hart Shaff & Marx pflOO
100
129 llinois Brick
interrtat Harvester ColOO
Knickerbocker Ice pf.100
100
50 National Biscuit
89
Last Sale 52
50
*49
135*2 136
978
978
89
25
90
J'ne 28
pref
100
Shipbuilding—100
Do
50
pref
100
250 Amer Telep k. Teleg
100
Booth Fisheries com 100
Do
1st pref..
""85
100
120% 120%
120% 12034
3
Jan 20
Do
Oct'13
.
"76"
212
♦210
90
89
53
5134
5134
212
31
76
*49
53
5134
*210
3034
Jan
91
6
2
Miscellaneous
—100
1,500 American Can
Do
pref
100
725
Radiator—100
12 American
""16
120% 120%
Do
Do
*390
Last Sale 130
*
50
*75*4
Oct'13
30*8
Kansas
Streets
Oct'13
3134
♦390
31
*__^-
90
121
90
90
31%
*390
34
,
121"
4%
92
*130
♦31
51
•49
52
»•«.**«»
*
76
•75*4
212
92
*
90
122l2
*——
53
•49
•51
•210
20
38
Last Sale 31
32%
31%
91%
32*2
91*4
34
*31
76
32
Last Sale
5*2 J'ne
40
Nov
30
102
J'ne10
18
ctf "4"
City Ry & Lt.100
pref.i
......100
W Stable C L_100
pref
100
40 Chic Rys p^rt
mmmm
35
24% J'ne 4
70
J'ly 16
88
Jan 14
comlOO
100
"1"
"2"—
Rys part ctf
2 Chic
734
3*4
38
5*2
*4%
♦30
*130
*122
51
•75*4
37.
5*2
*390
*
90
122
122
*7%
*234
pref
Rys part ctf
150 Chic Rys part ctf
29
734
3*4
23
37
35
*30
130
•
34
•
23
"*4%
400
400
130
29
Do
15 Chic
93
29%
*7%
•234
3*4
*234
40
32%
91
315s
•390
_
29%
734
*7*4
25%
*22%
*
35
91
•
3*4
6
♦4*2
•30
313g
313s
*2%
37
37
6
•90*2
784
25*4
•2212
35
•30
2934
*7*2
*91
93
•91
'
40
"•4*2
2934
3
*2
234
25*4
»_
29«4
7*8
29*8
7*8
Chicago Elev Rye
Last Sale 28
•25
98*4 J an
6
397
Nov
105*2 Jan
11§
Jan„•
10
6*2 J'ly
9
1*2 Feu 10
*13534 May
234
Nov
6834 Jan
2
111
Sep 17
14*2 Jan
2
68% Feb
206*2 Jan
112
Jan
Jan
215
108*2 Feb 15
"
i%
% May
"9"
Jan
80*2 Sep
"15" "Nov
Sep
3
-.--
Dividend Record
Chicago Banks and Trust Companies
Capital Sitrp. 4
Stock, t Profits T
NAME."
Sttrp.
Capital
(001 om itted.)
In
f
iod.
100,0
Capital State
Central Mi* Dist.
2*
83151,8
62.6
American State., to 1200.0
Calumet National
200,0
250.0
M07518
Cont A Com Nat. 21.600,0 i
Corn Exch Nat..
3,000.0 iA6,568,7
118,9
Drexel Bute...—
300,0
6407,5
Drovers' National
760,0
,Eng)ewood State.
First
National
FlretNatEnglew'd
Foreman
Bros...
Ft Dearborn Nat.
lHaUted St State.
'13.
Oct 7
us.
284
3
Hibernian BkAasn
.Irving Park Nat..
iKaapar State.
'lake View,State.
Lawndale
State..
Live Stk Exoh Nat
10
Q-J
16
16
Q-J
Oct.
Mech & Trad State
Nat Bk of Repub.
National City
National
-
Produce
6
Q-J
Oct.
408
'13, 4
'13, 1H 215
10
10
Q-J
Oct.
'13, 2H 250
Q-J
Oct.
*13, 2
175
North Ave State.
1
West State
200.0
300.Q
Ogden Ave State.
People's Stk Yds St
Second Security..
Security
8outh Chicago Sav
200,0
600,0
200.0
400,0
200 ,Q
South Side State.
Q-M Sep30'13, 414 430
North
17
12
State Bank pi Chic
State Bank 01 Italy
Stock
Yards Sav.
Union Bk of Chic.
Washlngt'nPkNat
1
Central Tr Qo of 111
Chicago City BAT
Chicago Sav B AT
Chicago Title A Tr
Colonial Tr A Sav
138.5
25.4
12 K Q-M
200,0
600.0
100,0
8
8
Q-J
6
6
Q-J
Oreenebaum
Sons
Guarantee Tr A S
Harris Tr A Sav..
Home Bank A Tr.
Illinois Tr A Sav.
Kenwood Tr A Sav
300,0
200.0
8200,0
LaSalleStTrASav
1,000.0
Liberty Tr A Sav.
260,0
200.Q
Market Tr A Sav.
Merc'ntileTrASav
Merchants' L A Tr
Michigan Are Tr.
Mid-City Tr A Sav
Northern Tr Co..
I Nor-West Tr A S.
Old Colony Tr A a
People's Tr A Sav
:
»Pullman Tr A Sav
Bheridan Tr A Sav
OO
O
6,000,0 810607 2
LakeVlewTrA8av
250,0
3,000,0
<200,0,
500.0
6
Am Tel A Tel coU 4s
120
Armour A Co 44s
1939 J -D
90
237
242
Auto Klec 1st M 6s
1928
75
110
116
Cal Gas A El unll A rel 6s 1937
215
225
255
258
Chicago City Ry 5s
1927 F
Chic City A Con Rys 5S.31927 A
130
135
217
220
Chicago Elev Ry 5s
1914 J-J X
Chic Pneu Tool 1st 5s..al921 J-J X
166
171
Chicago Rys 5a
167
172
Chlo Rys 6s..
136
142
Chic Rys 4s.... .series
130
135
.'190
*A2c
8113,3
100
109
260
Chic Ry AdJ Inc 4s
250
„
258
135
392
395
141
145
178
182
int Har
218
221
Kan
330
6
Q-J
10
None
us
us
e
note
-
-
179
Extension g
Q-J
'13, 3
North
1st A ref g 5a...
West
El 1st 4s
'13, 14
'13, 14 172
Peop Gas L A C 1st 6s... 1943 A
185
Refunding gold 6s
99
105
Chic Gas L A C 1st 6a.193/ J-J
872.8
112.5 Com.b
us.
Oct.
Q-J
Oct.
'12.
V. 95, p.
593
117
P. 484 160
431
*13, 4
Oct.'13,
14 132
Q-J
212
Ap 10'1 1 .V.92,p.1004
1 '12
8
8
us J'ne
Q-J
Q-J
J-J
1
V. 94.
Oct.
8
280,4
849,8
8
Q-J
8
Q-J
Q-J
1936 J
94I2
Mutual Fuel Gas lat 6s
1947
965s Dec '12
1008*
100*2
99*4 June'13
10384
104*2
13
10058
99% 101%
"9978
15
100*2
mmmm
99*4 AprliT2
July'13
15
103%
99% 102%
99% 100%
102% 108%
1 • 1 • "99" "W""
f
1
1
«
75
87
78
82
76*a
81
86
89
96
10
Oct '13
100
1047, Aprn'12
95
Aprll'12
86% Oct'13
10034 May'12
103*4 April 12
96
Aug'13
100
Sale
100
95
99*| 100*8
93*i 97
Sep '13
95
115*8 Sept '12
!-*"I
"99*2
99"
99*s 102
Oct *13
Sale
99*8
101*8
100*8
1101*1
100
Aug '13
101
100
Sep '13
Oot'13
101*8
11
100
91
Sale
90*8
90*4
90*8
Sale
99
99
99
220
Tri-Clty
coll
..1923 A-O
322
July '13,
305
92, p. 1537 110
Oct. '13. 2 4 290
116
Western Klec Co 5s_._„„ 1922 J-J
Note—A corned interest mas t
be
91
100
1100*t 102
ladded
to All
99*8 July'13
Chicago
99*s 101
price s.
ay.
t Aug. 9 (close of business) for national banks and Aug. 11 (opening of business) for State lnstlta
da;
the
{ Sept. 1 1911. II Dividends not published; stock j.11 acquired by BH Continental A Commercial National Bank, a Due
^
.
_
dDue Jan. 1, t Extra dlv. i Capital Increased from $600,000 In September 1913, the Oetober 1913 dlv. of 1 K% being first dlv
•
capital.
V. 97, p. 155
k New stock.
I June 6.
» August 28 1913.
x Sales reported beginning April 18.
f Dividends are paid Q.-J.. with extra payments
!r June 4. t Deo. 31 1912. * Ex 24% accumulated dividend, to Increase la capital to $400,000 authorised Sept. 24, a oaah dlv. ef 75% $0 ba declared tat connect lea
With,
V. 97. p. 1009, 574. y Aug. 22 1913. s Capital increased to $300,000; V. 97, p. 705. h Oet. 21 1913. « Oet. 22 1913.
*
Bid and asked prices; ne sales were made on this
price Friday; latest prioe
3 Due June,
e Due Feb.
.
this week.
97*8
93*4
100*4
98*4 Aprll'12
85
April* 12
May *12
Union Klec (Loop) 6s....1945 A-O
U S Gypsum lat g 6s
1922 M- S
293
92
103
995| 100*t
99*4 100*4
99
1914 J-J
Lt
7934
1.—
1924
Swift A Co 1st g 6s..
A
'12
Sep' 13
1 90*8
Pub Serv Co 1st rel g 6a.l966
South Side Elev 4 4s
Ry
Oot
j"-"j
163
134
149
6
1
298
180
Oct.
'13. 2
Sept 30T3,1*2 143
68
45
'
M-N
436
trust lien a f 6s
99
66
-D
316
4
75"
"72"
mmmm
9934
99«4
79
104i2
O
Sep.30'13,2
11 V
6243.2
119
-
.1947 M- S
Consum Gas 1st 5s
176
'12.
Oct'13
93
—
Sep '13
50
84
93
....
'12
74
79
99
Q-M
1945 M-N
W Q L A Coke Co 5S..1928
N
Ogden Gas 5a
Q-J
Jan
95*2 8ept '12
190
y'10
93
100%
94%
77%
100*4 July *11
-
152
7A2e
90
A
F
490
7
.9C
11
7934
86*2
1940 A -O 1 98
180
6
6
94.6
8300.6 Beg. b us. Ma
n2 7,9 Org. D ec. 6
830,9 Org. S cpt. 5
853.4 Beg. b us J'ly
16
15
87,287,7
31
.1911 M- S
148
Beg. b us.Apr 10'1 1.V.92.P.1004
480
Oct. '13, 4
16A4e
l6A4e
9
97*4
,
75
1922 A -O
do
450
94
Oct '13
80
Sep '13
9258
79*8
80*8
1952 M-N
Nor Sb Gas of 111 lat 5s.. 1937
Oct.
89 ..
98*4
88
97
90
I 7934
1939 J-J 1-
Nor Shore El 1st g 5a
12
A
Morris A Co 44a
Nat Tube 1st g 5i
155
150
-
4a........1938 J-J I—.
163
'13, 3
78%
92%
5
105*8 April'12
4s...1938 F
160
.Apr 8'12 V. 94, p.1030
Q-J Oct. *13, 24
July
99
"99% ioT%
90*2
90*8
100
91%
..
mmmm
99
Mil El Ry A Lt 1st g 5s..1926 F - A 1103
94
do
rel A ext 44s—1931 J-J
10
J-J
98
O
A
1928 J-J
Lake St Kl—1st 5a
Metr W Side El 1st
QJ Oct. '13, 24 257
Q-M Dec30Tl, 4
Sale
1913 M-N
147
(TJ)
96
1st M g 6a..1928
212
(H)
91
91
897(
9978 "26
Oct'13
Oct '13
99*%
7838
94%
HigB
91
90
90
City Ry A Light Co
142
1 Apr 3*11 V. 92. p. 929
6
1913
Low
No.
96*8 May '12
Sale
- A
93*8
926a
A -O
J -D X 79*8 Sale
94*2
F - A X—f
1st L notes.1915 A
210
175
90
97*8
High
Feb *13
97
F - A
"74"
J-J t"65"
52
el927 Mayl X 497|
99i2 100
1923 J tD
5s
8A2S
-
3-yr 5% g note*. 1915 F
inland Steel
225
300
Q-J
Q-J
for
82*4 Aprll'12
Commonw Elec 5»...61943 M- S 1100*2
Cudahy Pack 1st M 5s._.1924 M-N 1100% 100%
Sale
Dla Match Con deb 6s
1920
1104
July
8
Bangs
Year
77
9958 Sale
A
80
O X 78*2
95*s
94
-
Chicago Telephone 5s
Cicero Gas Co rei G m__l932 J-J X 92
Commonw-Edlson 5s
1943 M- S
100S4
Gen Mot 6%
300
series
Sale
t—.
1927 F
253
185
Oct.'13,
-
M-N
'A"
"B"
Chic Kys 4a
series "C"
Chic Rys coll 6a
1913
Chlo KyPrmMg 4a.cl927
215
2
14 130
2}i
'13. 6
Oct. '13, 14
Oct '13,
24
Oct.'13. 14i
Sold
91
*1929 J-J
136
116
J-J
8
8
1,500,0 82,960,6
8
151,4
250.0
V52.8 Beg. b
200.C
600.0
300,0
*00.0
Oct'13.
B'ds
Ask Low
132
Q-J
8187.5
8*
260.0
18
5,000,0 83,441,7
827,4 Beg. b
260,0
118.7 Beg. b
300,0
8185,8
2H
1,500.0
152,0
200,0
"l2
1,500.0 8 2,456,3
Franklin Tr A Sav
222
.
Last Sals
Oct..
Bid
8
Drovers Tr A 8ar
■
Oct.'13,
Week's
Range or
Friday
est
period
dl)
10A2<
8
10
bUshed
3.OOO.O 81,972,8 Not pu
Ft Dearborn Tr AS
Oct
138
130
Oct.
Cont A Com Tr AS
First Trust A Sav
Q-J
163
...
'13, 3
300
'13,
24 215
Q-M Oct.
Pries
Inter¬
EXCHANGE
Week ending Oct. 31.
265
250
'13, 3
12
Q-J
12
2 V.95. p.623
654,4 Beg. b us.Aug 1ST
10
8
Q-M Sep.30 '13,4
6
M-N Nov 13,
3
6
8180.3
24
6K
6
Q-J Oct' 13.
23,2
5.600.0 12,263,2
8501.6
1,000,0
150
QM Sep.30*13,2
BONDS
CHICAGO STOCK
Sep 30'13, 2*2 330
8259,0
4,500,0 82,211,0
379.6
600 0
8262.9
1,000,0
125
,145
Q-M Oct. '13,
J-J
July 13.
3
Chicago Bond Record
Ba nk
1,500,0 82,709,2
250.0
13. 120
14 169
V. 95, p.
'12.
i
434
12
10A2«
10
Q-M Sep.30'13,3
6627,3
55.7 Beg. b US. Aug 26'1 2 V 95, D 693
8
8
Q-J Sept30'13,2
61,515,3
6
6
Q-J Sept30'13 IK
6243.0
6
6
Q-J Oct. '13, IK
6117.1
7
7
Q-J Oct. '1?, • 1K
8104.8
6
6
Q-J 'Oct. '13, IK
14,4
6
5
Q-J Oct 13.
1%
63.3
811,0 Org. N ov. 27 *12. V.95, p. 1944
10
24
Q-J Oct'13,
109.6
821.7 Beg. b us Nov I'll V. 93, p. 1235
6
6
Q-J Oct. '13, 2
8171.5
200,0
North Side 8t Sav
200.0
Ask.
% Bid.
iod.
178
.
260,0
200,0
400,0
Woodlawn Tr A 8
260
8
«568,8
1,000,0
8
8
Q-J Oct. '13, 2
6964,8
2,000,0
1912
27,8 Org. N ov 25
200,0
se e note (11)
2,000.0.81,197.4 Not pu bltshed
845.6 Beg. b us Aus *12. V.,95, p. 273.
200.0
V. 94, p 465.
n. Feb •12;
Orga
12.5
100,0
J-J
10
July *13, 5
10
217,5
400,0
IK
Q-J Oct'13,
7,9
20U.0
Q-J Oct. *13, 2
•59,4
200.0
2,000.0
2,000.0
1.200,0
411
6
Priv ate
1,250,0
200,0
200.0
I$25,7 Org. J illy 5
*424,5
"e"
49,1
8
81.657,2 8A2s
8A2*
;*137,6 8A2e
10
04
107,8
Last Paid.
Per
286
—
Hyde Park State.
1,000,0
1912.
144
Oct. '13.
67,8
200.0
110
10
10,000,0 1612149 6
6243,0
160.0
'
An
27
an.
Standard Tr A Sav
West Side Tr A Sav
Sep30'13,l%to 220
Jan '13,
6
150
V. 96, p.1585 105
V. 95, p.944 139
*12
None
6
20,9 Org. J
833,9 Beg. b
Ask.
% Bid.
.
$200,0
Union Trust Co..
Last Paid,
Per-
1912.
Southwest Tr A S
Stockmen's Tr A S
In
1911.
Profits 1
Stocks
NAME,
fe
In
1911.
(00s om Hied.)
Disideud Record
In
.
Hi
.
X Na
31.
Q.-F,
1274
BOSTON STOCK
SHARK
PRICES—NOT
PER
CENTUM
EXCHANGE-Stock Record.
PRICES
Sales
STOCKS
BOSTON STOCK
exchange
_
of the
Saturday
Monday
Tuesday
Oct. 25
Wednesday
Thursday
Oct. 27
Oct. 28
Oct. 29
Oct. 30
♦933a
♦94
9358
,*98%
9834
*9814
200% 2OOI4 *20014
; 84
84
85
♦185
186
56
67l«
94I4
9834
*94l8
*93
9814
200i4 20014
♦8312
85"
186
♦1S6
9438
9
57
260
*250
255
*250
255
*7
15
*7
15
*7
15
♦59
5612
66
*
♦59
♦39"
164
*162
♦1031a
•*59
♦—*.
40
*39
♦200
100
15
*7
15
*59
66
Last Sale
39
205
163
*39
205*
99
99
*200
205
98
99
98
*11912 120% *12014 12 012 *11978 12042 *11978 120%
87
*8534
88
»85i2
88
*85i2
*8512 87
100i2 100% *100
100l2 *100
10012 *100
10012
12
1H2
1H2
12
*1H2
*1H2
*1112
*2
68
68
*67
*67
68
67i2
67
67
8H2
83
82i4
8H4
83
8134
82l2
83i4
H2
1%
1%
1%
158
1%
1J6 1
♦10912
*110
*10912
167
167
167"i4
♦25
30
*25
30
♦15138 1515a
*82
1517g 1517g
8234
99
99%
100
100
10012
♦11%
12
*67
68
*88
■7012
*44
90i2
*2i2
4484
90l2
♦
130
*130
70
7*0
*-...
70
"70"
70
70
89
*
90
S9
89
44%
901
108
114
121
*97
44i4
9078
*2ls
*16i4
3
1634
108i4
114i2
122i4
76
753s
60 •
60
*97
1012
*97
To"
*10
1012
♦263
265
14078 141
♦99
8i8
8i8
I6I4
IOI4
1012
*10
263
264
264
141
99
91
91
14H4
141
141
*215
*98
*25
30
30
138
140
13*9 ~
153
10484 10434
26
*.99
1%
16312 164
1«4
2278
*280
*.99
23
*33%
74
18%
*1
5
5%
*%
5
32
5%
32%
32%
64%
64%
61%
410
410
♦13%
-
♦415
37
50
27%
27%
2712
5914
10714
,57%
5858
107
107
1%
♦1%
*280
23%
1%
34%
75%
18%
5%
22%
*1%
*34
74
18%
5%
1
2%
1%
♦1%
281
*280
23
2234
1%
34%
75%
18%
12%
*34
%
4
5^6
100
Co
139% J'ne 12
80% J'nelO
Iioo
127
100
Sep
6
50
~
pref.._._
70
50
85
J'ly 3
J'ly 15
.
pref
Pneu
41
Sep
Co
....100
Service..
pref
50
Sugar Refin_._100
Co
pref
105
100
pref
J uei2
110
J'ne
9
119% Oct 14
16% Feb 28
74
May 8
Amoskeag Manufacturing
Do
4
90% Oct 29
2% J'neil
16%J'ne 9
50
Jan
J'ne
272
J'ly
Jan
Dec
-
126
Jan
112
128
J'ne
2179
Jan
Apr
91% Jan
1473S May
23% Jan
Dec
83
Dec
Feb
1423s Apr
2% Aug 12
Feb 21
150
Feb 27
187
J'ne
41
Jan
Dec
Jan
7.)
Jan
,
89% Sep
_
150
Dec
8
80
96
Nov
176% Sep
9378 Deo
Oct
3
81% Feb
100
Jan
143" Jan"
lSSSOcY
rl74
152
162% Jan
90% Jan
57
23%
118%
117%
140%
164
Jan
88 3
Feb
103% Mch
54
Dec
2
98
Dec
3
3
Aug
5% J'nrt
Jan 11
Jan
3
Feb 1
Jan
3
14
Mch
21% Nov
13333 May
123% Aug
21
Apr 30
83% Sep 23
75
9234 J'ly 23
_
100
WlSSLllOO
Jan 11
99% J an
4% Jan
Mav27
59
Jan
14
Jan 23
5
Jan
10
10
Jan
7
12% Aug 22
19% Aug 25
9
J'ne
5
15
257
J'ne
6
Feb
8
130
J'nelO
288% Jan 10
186% Jan
2
95
May26
104
MassacnusettsGasCosl 00
87
Electric
Apr 2d
J'ne 1(5
J'ne14
Co
pref
16
Apr
9
7
J nelS
149% Sep
5
11% Apr 15
10
_
Swift & Co
Jan
63% Apr
100
100
101
J'ne 12
25
23
Do ' pref.:
25
Union Copper L & M 25
United Fruit
100
Sep 15
Sep 25
147
Torrington.
"602
3
17
100 xl36
Telephone.-
67
715 Un Shoe Mach
Do
237
26
Jan
13
93% Jan 22
95% Mcll24
Sep
4
3% Feb 8
220
5)
Apr
2
91%Jau 11
160
Jan
11
165% Jan
2
18
Sep 27
108
Men
5
28% Jan 15
28% Jan 20
pref...
Nov
79% Nov
75
149
Mch
30
Mch
94% Mch
Nov
84
j% J 'ne
*9
105
5
Aug
10% Aug
10% Jan
272% Sep
155
Jan
103
Apr
i48d% J'ly
93
Dec
214% Dec
'212 Mch
TO
Dec
90
Dec
May
Mch
9
Feb
,20
Jan
17% May
30.)
Mch
189
Deo
107
Jan
95
Oct
98% Feb
229
Aug
4% J'ne
105
Jan
107
Mch
118% OCi
161
Mch
158
1^4
Aug
Feb
13% Jan
98% Jan
May
2/
17% Apr
10J% Sep
32
Jail
28
Jan
11
Jan
4
.85
Jan
J'ne 24
182
Jan
3
'il74
334
208%
57%
29%
8038
116-%
41% J'nelO
65% Feb
4
23%Joe 24
28% Feb
3
50
J'neil
69
Jan
2
102% J'ne 10
111
Jau
3u
100
22
Mch
2
25
100
113% Dec
114% Dec
137% Jan
63% Mcb
105
6
34 J'ne
25
Corp.
Do
76
pref
9,642 U S Steel Corp
1063.
'•
%
Sep
46% Jan
27% Dec
58% FCO
107% Feb
4
8%
378
4%
*3%
*4%
*2
*7
22%
♦22%
*415
425
.
*22%
*
■
*4l"
1578
15%
2%
8%
♦1%
8%
25
24%
2
♦1
«•««.«
%
4%
47
8l2
4
4%
2%
7%
22%
1%
41%
1578
2%
8%
25
178
25
♦18
100
4
Apr
Apr
J'ne
Aug
Sep
Sep
Oct
25
3
7
23%
♦22%
22%
1
1
1
1
♦1
42
♦41
42%
42
1578
15%
*1%
2%
8l2
24%
1%
8%
24%
"15%
2%
8%
24%
Last Sale
160
15
L%
5
25
'opper
Oct'13
50%
50%
50%
50%
51%
*77%
79
78
80
78
80
80
80
135 Os-eola
*19
19%
19%
19
19%
19
191
185 Pond
*58
69
28
*.23
♦23
2%
28%
2%
♦27
4%
28
.35
1%
7
28
.23
*58%
60
58
58%
20
19
19
*18%
18%
♦33
34
*1%
678
27%
2
67S
2734
♦.23
.35
♦23%
*1%
•6%
27
2%
28%
30%
30%
4%
♦.88
278
3
30%
4%
4%
.90
38%
38%
47%
38)2
4734
39
39
38%
47
47%
47
2%
♦2
•2
10
10
*5234
*1%
53
9%
52%
•1%
2^8
9%
47
47
47
2
♦2
9%
53%
9%
53%
9%
♦52%
1%
*1%
*17#
2
43
%
*%
«
2%
9%
53%
1%
2
1%
2
2
2
2
44
43
44
•42
%
Aaa't paid,
♦%
%
52%
1%
10
300 Shattuck-Arizona
10
5
Last Sale
b Ex-stock div.
Oct
4
5% J'ne 10
20% J'nelO
.95
J'ne 24
39% Oct 25
13
J'nelO
.99
May 17
3
% J'ne 6
Apr 30
41% J nelO
73% J'ly 12
15
J'nelO
55
38%
47%
♦8%
9
'
♦52
52%
♦13a
a
Sep
234 jail
2338 Jan
1% Dec
5012 Jan
18% Jan
Jan
2
Dec
534
22%
2%
1%
2%
Jan
Feb
Dec
Dec
Jan
Mch
72% Dec
16% Jan
-
3
2
2
24
Feb
«4% Feb
4
1
Dec
28
Jan
61
4
Dec
9%
4"u
*50%
52%
3"i«
Jan
3
6
Jan
94
3% Jan 28
25
T'ne 19
J'nelO
J'ne 10
% Sep 12
2d paid,
J'ne
24% Sep
18
May 15
J'nelO
9j
Jan
38
16
Feb
2% Deo
43% Jan
2
34
Jan
Jan
6
47
Jan
278 Sep 24
11% Jan
2
1
2
Jan
Jan
to Half paid,
Apr
May
Aug
NOV
Apr
J'fr
Jan'
Apr
Apr .,
Mch
Sep 1
Sep |
Feb
'
9%
52%
1%
3%
J'ly
Jan
Dec
Dee
20% Ape
06
Dee
Apr
1
Jan
4% Jan
76
Nov
Oct.
Nov
40% Jan
J'nelO
Oct
64
4%
177|
34%
1%
487,
47g
% Dec
Apr
29
57
17
Apr
130% J'ne
Dec
Jan
May
Deo
Oct
Apr
Jan
13% May
43
Jan
ID
v
J'ne
243g
6%
9%
39%
8%
s634
Dec
1
Oct 10
Unstamped,
73
5
Dec
40
s
J'ne
Jan
Apr
Sep
Apr
Jan
.90
Wvandott
Apr
14%
9%
18%
303s
5%
10% Dec
15
25
25
25
Ex-div. and rights,
8
44
10
Wolverine
3
9
l^Jan
Apr
65% J'ne
91% Aug
37% Nov
3% Feb
49
100
60
161
Apr
23
Jan
Jan
40
Winona
2
Jan
Jan
60
365 Victoria...--—--—
May
11% Sep
40% Jan
66
45% J'ly
7
1% May 6
7% May 6
282
Nov
z
28% Jan
34
1%
J'ne
30
107
•35
11% Oct
37
May
13% Jan
2
31
Sep 23
Feb 19
Apr
Nov
Apr
Mch
16% Sep
16% Apr
77% Nov
Feb
2%Jan
2
9% Mch29
34% Jan
2
2% Jan
3% Jan
8% Jan
•
27%
60%
06%
7%
Dec
3/4« Augl5
21
Apr
Apr
J'ne
Aug
Sep
.70
J'ne 12
1
615
Oct
J'ne
22% Dec
19% Jan
50
5
2
Oct'13
65
6?8
9%
5%
61%
83%
16
80
26% Jan
5% Jan
10% Jan
5% Jan
15%Jan
26% Jan
2
Apr
50
44
.55
3% Feb
Do
pref
Utah-Apex Mining
513 U tah Consolidated
85 Utan Copper Co
5
2
4% Sep 24
35
Oct
6% J'ly 10
.55
2
h Ex-righta.
Apr 28
%Jan
3
Jan
25
44
Feb
7% Feb
22
Jan
25
1
790
33
z
Jan
21
173
2%
33
Jan
46
Aug 12
Copper—
428 U S Smelt Ref & Mm.
25
22
J'nelO
Trinity
2
78% Sep 16
35% Aug 29
80
22
500 Tuolumne
12% Jan
6% Sep
J'ne 11
265 Tamarack
29
3% Oct
2
Jan
15% J'nelO
.15
Superior
3.941 Superior & Boston Cop
27
0
32% Oct 17
25
10
30 South Utah M & S
...
".90 ".90
2
43%
2
4
9
345
28%
4%
.90
2
180 Shannon
"~2% "2%
4%
46%
750
10
.99
1
_
1%
27%
♦.23
4%
38
25
10
Mary's Min Land. 25
Santa Fe G'Rd & Cop. 10
Quincy
Consol Copper.
7
24%
.99
.88
25
25
10
Creek Coal
85 St
3%
3%
25
40 Ray
34
24
29
5
25
113 Old Dominion Co
♦33
24
38
J asked prices.
.23
19
33%
24
38
42%
28
60
♦50
Jan
15% Jap
20% Jan
21% J'ne 1Q
"so Ojibway Mining
48% Dec
33% Jan
15
25
1,160 Old Colony
2
J'nelO
% J'ne 10
8%o J'ne 10
1,002 North Butte..
North Lake
Jan
Feb
85
1
Copper 25
475 Nipissing Mines
5
20 New Arcadian
1%
24%
25
65 Nevada Consolidated.
15%
8% 8%
24%
t
33 Mohawk
42
15%
1%
25
25
Michigan
23% Feb
87% Jan 10
3% J 'ne
3% Oct
Valley Mines.
Mayflower.._—
10 Miami
15% Dec
2
16
Copper
i
6
J'ly
Last Sale
Cpnsol..
2
Jan
4
4
Mass
Jan
18
47%.J an
Jan
5% J'ne 19
412
405
555
69
80
Mason
2
79
8%
"215
Oct 28
2
♦8
4%
2%
7%
21%1%
Jan
Jan
8%
4%
2%
2
4% Dec
17
8%
*4%
*2%
24% Feb
3
17
Oct
8%
4%
2%
60)8 J'no
925S Oct
72%Jan
8
2% Jan 14
1
Aug 14
La Salle
Feb
44% J'ne 12
Copper
Lake Copper Co
*50
>
10
% May
35 Keweenaw
%
.35
J'ne 19
2 7% J an
750 Kerr Lake.
434
50%
24
J'nelO
14
2
%
1%
51
a% Nlay
Dec
-'■"i3 J'ly
19% Feb
67% Feb
4
27% Oct 24
Feb
Dec
z
63
Sep 10
2
60
Jan
36% Oct 31
4%
434
6%
4
J'ne 10
♦1%
1
1%
6%
Aug
♦4
5
6%
28%
10
6
30% J'ne 10
2
♦%
2
395
4%
5
6%
28%
45
41#
*1%
1
♦1%
1% J'ly 14
18% J'ueio
56% J'ne 11
11% Anr'
J'ly,1
370
.35
80% Sep 16
3278 Feb 10
5% Sep 17
7
10
Gold
24% Oct
2% Jan
42% Jan.
5
25
Creek Coal
Do
60
pref
70 Isle Royale Copper—
5
7
J'ne
4%
1%
♦22%
19%
♦58%
♦18%
33%
1%
*678
1634 J'ne27
2% J'ne 6
,05
9% J'ne 10
3
Sep
5
110 Island
83%
18%
neio
10
Helvetia Copper
160 Indiana Mining
47
-
J
2
25
65 Hancock Consolidated
3%
May20
29% J'neil
62
20
Cop Min.
881 G reene-Cananea
.
*%
2
3%
46%
83%
7
*1%
25
Daly-West
Hedley
7
15%
♦1%
♦8%
24%
Hecla....
1.74S Granby Consolidated. 100
70%
Oct'13
7
•42
85
455 East Butte
16
*4%
2%
*6%
*21%
♦2
2
2%
111
1%
5
•634
3
4
37
1
•1%
an
8%
*3%
10
Copper
5
968 Copper Range Con Co 100
5
19
1%
*17#
42%
♦%
1%
3 Calumet &
Arizona
360 Chino
Last Sale
3%
Apr
.15
25
10 Centennial.-
14
39%
32%
Dec
300
u>8% J 'ne 10
25
'180 Franklin
Last Sale
3%
Mining
682 Calumet &
3
70%
6
Jan
10
10
*%
34
•
*4
w-m-m
11%
Jan
11,532 Bu'te-Balaklava Cop
3,520 Butte & Sup Cop (Ltd)
5
19
H
*4634
4
♦2
P
330
5
420
*13%
39%
36%
May 12
J'ne 24
Bos&CorbCop&SilMg
325
1
*32
42
♦3
%
5%
1
275
10
Allouez
5%
1878
531
«...
*.30
19
33%
2%
*29%
15%
19
58%
9
32
19
33
.88
70
♦18
2
•18%
41
72%
32%
15%
*405
2%
11%
3%
71%
33%
15%
18
y/u
♦58
.91
11%
3%
37
84
18*4
38
3%
•2
48
53
•2%
12
37
*82
19%
♦.23
40%
♦47
79
*23%
2%
28%
4%
14
♦40
71
♦15
420
♦13%
84
♦77%
19%
.3<
*3
♦410
14
40%
37%
2%
84
19
24
♦11%
425
85
78
28
*13%
40%
5%
30
15%
19
34
5
64%
1
25
25
;
5,805 Amalgamated Copper 100
1,400 Am Zinc Lead & Sm_ 25
5
2,683 Arizona Commercial.
.60
64
♦1%
41
"~~55
17%
5
.60
64%
3
*%
17%
64
7%
22%
5
34%
72%
64%
*7
*%
.65
5%
34%
72%
•
Algomah
Oct'13
64%
♦2
*1%
Last Sale 1%
1%
Adventure Con..
Ahmeek
6,866 Alaska Gold
2
22%
64%
8
40%
♦15%
*1%
•8%
24%
22
22%
80
1%
280
31
8%
1%
280
4%
18
2
•1
2238
1%
281
30%
4
4
2278
1%
*1%
*280
57At
78
Bid
„
100
""l95
66%
32%
50
•
Jan
12% Jan
57
170
72% Dec
130
94 N E
28
6%
50
*1%
130
1% Oct 31
86
48%
31%
501
•40%
106
48
*27%
56%
32
15%
*29%
*%
*3%
*46%
*83%
4
•3%
15%
1%
8%
8%
24%
24%
•1/4*
1%
»%
1
*5%
5%
•53
27%
58
56%
.60
5
'
•1%
-
49
27
18%
5%
*%
30
15%
♦8
•15%
9
49
31
*3
4
1%
•2%
Dec
16
Feb
176% Feb 11
35
Mch25
132 Pullman Co
Reece Button-Hole.
160
32%
11%
3
*1%
V2
8%
3%
4%
2%
41
4%
125
Dec
Aug
May
119
1938 Feb
79
McElwain(WH)lst pf 100
Oct'13
1
71%
12
73%
30%
4
4
*.85
Mch 13
209
27
159
159% 162
34%
74%
18%
6%
29
.
18%
-
110
_
J'ne25
85
*26
6
425
19
i
Dec
100
139% 139%
Sale 1
34
*2
♦18
*♦37%
83
lorgen thaler Lino...100
101 Mexican Telephone.. 10
N E Cotton Yarn
100
Do
~"io
pref
100
....
64%
85
28
124
Sep 20
3
Oct'13
4%
31%
47
*.23
Feb 10
88
122
Aug 28
325
*26
Las
73%
♦17%
6%
37
47
♦23
*3
*26
34%
2%
11%
3%
73%
*83%
18*4
126
61
*67
26%
75%
37
85
58
26%
18
*2
47
♦33
260
260
344
217
Last Sale 20
74%
37
11%
1%
281
♦1
2
47
*
107
37
27%
♦15%
♦29%
♦%
♦50
*216
....
*.60
578
32%
64%
*83
•
26
575a
'
.
26
27
*.99
1%
161l2 163
4914
4912
H4
163%
14
28
15%
*22%
26
41
3
►....
*40
217
*3
140
14
72%
2%
♦7%
107% Oct
384 General
140%
99%
91%
91%
99%
140
40%
3
*3%
Mch 5
Jan 13
Feb
Do
pref
100
'60 East Boston Land... 10
202 Edison Elec Ilium...100
10%
91%
91%
140
14
27«4
15%
♦29%
♦%
•3%
v
107
5
17
140
67
40%
72%
»3%
101% J'ne 20
200
J 'ly
9
J'ne21
5 Atl Gulf &
265
91%
91%
67
50
420
*13%
72
*8
318
*10
98
9H2'
66
2
37
4
165
.
25
2
10
265
140% 140%
'98
129
...
*16%
10%
30
40%
15
40%
*1%
50
Feb 14
115
""498
75%
*8
....
66
37
40
v
*10
*264
91
27
'
1
*%
434
/
10
17
*216
2712
290
19
♦6
♦18
Apr
May
J'ne
7% Meh
Jan 24
Do
703
pref
100
4,369 Amer Telep & Teleg.100
American Woolen
100
60
*97
*8
♦25
27
-
163
107l«
7334
3434
7334
♦18%
<
1141
75
*97
91
59
2278
*. H4
35
•1
-
113
120% 121%
75%
*1614
217
3
50
*1%
290
3
y.
80
7
Mining
*h2
♦11%
Dec
Dec
158
356 Amer
109
*2512
*26
♦280
'
10
70
AloO
100
Co
225
16%
108
60
91
30
16%
139
26
2%
16% Oct 31
100
10 Amer
1-152
152
153l2 154% *15312 155
♦16
Last Sale 16%
16i8
Oct'13
10412 105
104% 105 ' 104% 105
26
106
300
45
Pacific
Jan
100% Jan
Dec
166
Colony.
Rutland, pref
Union
Co
218
Dec
290
Sep 20
Rights
Oct
Feb
Apr
Mch
65
_
.,
Oct 29
100 Amer Agricul Chem__100
1618
104% 105
26
68
Jan
Dee
Nov
39
291
139
26
*27l4
290
111%
104%
222%
134%
94
,
162
Connecticut ltiver...100
5
3
153
*.99
s
75i2
*
217
....
<
139
10412 10434
50
Jan
Mayid
Sep
112
202
Jan
97
Feb 25
44
3
153
26*2
1%
163%
49%
4912
'•27% 27%
57%
577S
♦106
IO684
91
*16
26
163
114% Jan
57%J'ne
91%
44
91%
1535a
26
♦
45
16is
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16ls
91
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139
153 \
*
92
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♦16
99
91%
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3l2
3i8
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♦67
99
9134
91
217
318
99
9134
91
217
10%
263
9134
91
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1012
263
99
312
97
10
17
•215
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76
60
97
...
75l2
60
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9U2
92
70
89
Last Sale 17% June'13
*16
14078 141
100
91S4
1081
17
263
Jan
205
_
250
103 % Feb
101% Nov
211% Sep
101% Feb
May
J'nel2
50
7
_
pref
Vermont & Mass
159 West End St
...
...
*2l2
3
*1612
17
10858 10912
113l2 114
12014 121
114
114l2
I2OI4 I2H4
61
*8
16l2
114l2
75%
*16
16l2
114
120'8 121%
60
17
91
103
62
...
*42
91 is
3
*4312
90i4
108
1912
76
10
V
3
1634
44%
*212
4414
91
108
*16
*8
....
""295
Hiydesf.
i'.liscellaneous
44i4
♦16
"
*130
811;
105% Jan
Northern N H....._100
*150i8 150%
*81
81i2
J
5
33 Old
Oct'13
89
7634
76
82
151
Lowest
>sl
pref
Do
Previous
or
Year 1912
Highest
215
82% Oct
131
pref
Co
84,011
June'13
7014
20
♦6012
-
82
12
6712
82
*163
90
90i2
*2i2
1634
3
1634
108
1081S
114l2 11412
122
12214
153
*81
*130
*88
1634
,
*81
130
7014
90
167
Last Sale 25
16
Apr
pref
100
98
Oct 29
Ry & Elec stmpd.lOO *115
Aug 8
Do
pref
.....too
82% J'ly 11
25 Maine Central
100
100
Apr 29
20 Mass Electric Cos.
100
11% Oct 21
36
67
xt vt°xt
J'ne28
Fef stamped .100
1,810 N Y N H iSc Hartford. 100
81
Oct 24
1% 1%
Last Sale 115
167
34
190
ola
100
*1112
67i2
8II4
8184
8214
ll8 1 15-32
100
93 Fitch bur
Oct'13
151
*81
3
Oct'13
151% 15238
82
QQ
Last Sale 120
15114 152l2
130
♦70U
*._..
200
ots
.100
"16
'
*165" 167"
34
82
♦130
167*
167
*
Co
40
'•
91% Oct
95% J 'ly
100
Aloany
Elevated
Boston & Wore Elec C
l)o
20
pref
•;
Chic June By & US Y
Oct'13
Last Sale
pref
&
Boston Suburban El Cos
Oct'13
200
•
167
~16~lo
*104
200%
Ac Santa Fe.100
100
3 Boston & .Lowell
10U
669 Boston & Maine
1100
10 Boston &
Providence. 100
54
*39
101
Top
Do
May'13
40
104
*200
1612
Last Sale 162
*104
*200
100
39
*162
52i2
Range
100-share
of
fv^ilro.-.ds
m
Boston
20
...
Last Sale 60
10
...
164
100
100
56
l.
112 Boston
255
*
*104
*200
*185
....
53
255
40
*162
164
*185
56
*7
10
*104
85
255
*
66
10
♦39"
41
•162
66
*
10
84
basis
Lowest
L
Atch
92
Oct'13
2OOI4 2OOI4
8312 84
200U 2OOI4
....
58
5714
z92
9234
Last Sale 0S:sa
200% 200%
8414
85
*185
57
♦250
*9212
Since Jan. 1
..ant7
On
Shares
a
94
*9334
*9734
Week
Friday
Oct. 31
Dec
67%
57,
7%
13%
Sep
Jan
Mob
_17_M0JL
1
Nov.
8*
Price
Week's
EXCHANGE
Range or
Since
Oct. 31
cfc
-a.
31.
Week Ending Oct.
iMst Sale
Bid
A-O
.
" _9634
j"-"i
g..1919
101L
8278 Oct '13
Sep '13
M-N
93
827g
875g Nov 12
8414 Aug "13
.
M-N
July 1995
Stamped
97
J-D
50-year cony 4s
1955
J-D
.10-year conv 5s
1917
Atl Gu t' ft W 1 SC Lines 5s_1950 J-J
Bos& Corb 1st convsf 6s
1923 M-N
M-N
Boston Elev 3 -yr g 4s
J 935
Boston & Lowed 4s
1916 J-J
82
82
May 13
J'ly '13
100
113r'a Feb
851k
98l4 100^
80k'
79l2
84i4 Sep '13
107
J'ne'13
J-J
100
83
12
987g
987g
....
J-J
107
81
88
91
1103k
91
92*2
93
Oct '13
9712 Sep '11
95
Mch'13
J-D
"92"" "95"
A-O
A-O
A-O
{Dominion Coai 1st s 1 5s
1940
M-N
lFitch burg 4s
1027
75
95
M-S
Oct
92" "92*
Gold
~ *99*L
97
12
122
122
122*" 122*
Feb '13
A-O
Mch'12
Tuesday
Oct. 27
.,'i *s h ;
Thursday
Friday
Oct. 30
Oct 31
Shares
*
|»108 110
♦
108i2 108i2
108l2 108'2 *108%
10934 10934 *..._ 10934
110i2
*
17i2
--r-.
•
•
i06 "
Sals 106
897
2534
49i4
49U
47
47
47
•48U
4834
148
36
♦3534
36%
75
75
75i2
♦11
♦11
11
11
22%
12
23
23
8412
84l2
•8334
84l2
76
-76
76
76
19
•18%
*31
54%
64i2
♦83l2
54%)
22l2
221J
20
20
813a Sl%»
Sl%\
•434
46
83l4
4%
434
4%
46
8314
76
•74i2
84%
*S3i2
84%
223g
1134
23
•11
1134
*2234
84l2
23%
84U
75%
I8I4
3U2
216
*54%54%
3,918
39i2
440
225g
20
79% 80i4
3,305
19
1734
3134
31
31
5514
40
4012
22%
20
2234
54% 5514
39i2
40i4
22l2
225g
2OI4
20
•20
80% 81%
47g
47g
♦83%
753g
75U
♦1734
*30i2
39%
46
46
160
110
315
8334
84
833g
833g
•83U
7,355
382
47g
♦4%
46
84
1,205
46
674
S334
Bid
PHILADELPHIA
Ask
182
223g
457g
46
Bid
35
•1978
20
SOU 80%
4%
47S
46
83'4
69
23
•11
84l4
76
177g
76
"~198
85
5434
x80rXt 8U4
4%
478
PHILADELPHIA
23
•31
#
40i2
22i2
40
46
♦4513
12
.
•18%
54 %54%
20
223g
20M
807g
650
75
36l4
75i4
♦7534
76
40'2
41
♦40
41
223g
46%
•3512
84i2
3U2
♦31
31
5414
•20
46
36%
23
19
3D4:
19
18%
31
•40
4*7*"
•35i2
75
12
1134
*4634
30l4
7534
36
'
1,198
48
47
♦7412
23
'
17
39%
•1U2
23
1 18i2
5
49
47
84i2
76
.
*387g
♦35«4
2234
»
39
75
•11
t
*38
49
4*7*"
"47"
387S
36
36
•74U
•
49i2
48S4
4834
•46l2
387g
387g
49i2
387g
pref tr ctfs. 100
50
100
Do
pref
100
United Ry & Electric, 50
h.Llin^
...10
100
Amer Rys pref
Cambria Iron
50
Central Coal ft Coke
100:
Preferred
..100
Consol Trac of N J...100
Harwood Electric
100
Huntington
T
,
50
Preferred
50
Insurance Co of N Al. 10
Inter Sm Pow ft Ohem 50
:Kentucky Securities
100
Keystone Telep,"pref. 50
1 Keystone Watch Case 100
Lit Brothers
10
Little Schuylkill
50
Minchill <fc Schuyl H
50
Nat Gas Elec Lt & P
100
Preferred
100
North Pennsylvania.. 50
Pennsy receipts $30 paid.
Pennsylvania Salt
50
Pennsylvania Steel
100
;
Preferred
100
Phila Co (Pitts) 5% prf 50
100
Am Gas &
^s'33F-A
'07.F-A
Elec 5s
22*4
22
"471*2
48
"l634
"55"
30
80
90
11 tI I1 11
11«1
1
1
1
1
105" id5*2
General
10
Tonopah Belmont Dev
United Cos ofNJ
100
United Trac Pitts pref 50
Virginia Ry & Power
100
Preferred
10C
Warwick Iron & S.eel. 1C
Washington-Va Ry
100
Preferred
100
iWelsbach Co
100
Lehigh Nav 4J^s '14.Q-J
Gen M 4J}sg 1924.Q-F
Leh V C 1st 5s g 1933.J-J
Leh V ext 4s 1st 1948.J-D
"66* '
39
1923..—J-D
4^s 1923...J-D
Consol
J-D
43*4
44
1
~80"I2
loo
7®4
223
10E
...
i West Jersey & Sea Sh. 50
7Westmoreland Coal.. 50
1 Wilkes Gas & Elec
100
York Railway
50
65
50
Bid and asked: no
66
5612
1*0
11*
34
35
sales on this day.
2003..M-N
Leh V Tran con 4s '35 J-D
1st series A 4s 1935.M-S
1st series B 5s 1935 M-S
MarketStEl 1st 4s '55M-N
NatLH&P serB 5s *19 J-J
New Con Gas 5s 1948.J-D
NYPh&No 1st 4s'39 J-J
Income 4s 1939
M-N
Pa & N Y Can 5s '39.A-0
Penn Steel 1st 5s '17.M-N
People's Tr tr ctfs 4s_1943
P Co lst&coll tr5s'49M-S
Gen cons 4s
Con & coll tr 5s '51 M-N
Phil Elec gold tr ctfs.A-O
Trust ctfs 4s 1949._J-J
'20.A-O
P & E gen M 5s g
Gen M 4s g 1920...A-O
x
106*" Ilflg
88
88
100
" 1031*
90
Oct '13
90
Apr 07
Aug *13
70'4 Dec
....
100% 10J
100
96
90
J'ly
90
94i2
9314
94
92i2
95%
9734
90
92
9614
93
955g
987g 10134
97
99»4
97
9812 NOV 11
97%
975s
93% Feb "12
97
9914
99% Oct '13
97
Oct '13
97%
958g
90
J'ly '13
94%
93%
100% Oct '13
97
J'ly *13
J-J
J-J
90
10034 IOO34
100«4 Mch'13
953g J'ly '13
F-A
97]s
"U734 1*0*0*5;
asked. 1] Flat prices.
Jan 16
96
Jan
117
May
12034 Jan 31
23
Apr 4
101
Jan
116
Apr
Jan
56i2 J'ly 28
J'ly 16
123
1412 J'ne11
21
114
Feb
27=8 Apr
JnelO
Feb
6
11% J'ly 29
"92
103
Ex-dividend.. |i $15
paid,
4js4 Dep
56i4 FeO
20i2 J'ne 10
24?4 Feb 14
28i2Jan
3
85i2 Sep 23
6i2Jan 13
51i2Jan 9
91i2 Feb 3
ll lu'8 J an
2434 Sep
50
50
447a Oct 14
50
8034 J'ne 10
Impt
J'ly 22
4
M-N
5s 1937.J-D
BALTIMORE
Inactive Stocks
100l2
101
100
161
30
80
90
60
Duck 1st 5s__
NptN & O P 1st 5s'38M-N
N & A Terml 5s '29..M-S
Nor&Port Tr 1st 5s'36 J-D
Norf Ry & L 5s '49..M-N
North Cent 4
1925 A-O
9914 100*4
103I4
102
107
IO2I4 103*»
40
80
101*
~9634
95*2
are all "and
interest"
1930...J-J
89
Various
M-N
101
99
9314
88*4
9612
1950...A-O
1926
J-J
A-O
L&P 1st 4 J4s'29M-rN
97
99
105
Seab Air L 4s
95
97
"6Ml
Series B 5s 1926
J-J
J-J
1997._J-J
Poto Val 1st 5s 1941
J-J
Sav Fla & West 5s '34 A-O
"•
101»4
105
Pitt Un Trac 5s
Prices
....
1
.1—
i
....
i
1
10T"
1
10334
83
Seab & Roan 5s
97
102
91
U El
"83*i
102
South Bound 1st 5s
102*2
Un Ry & El 1st 4s M.9 M-S
Income 4s 1949...J-D
100
91
1936._J-D
Conv notes 5s 1914 J-J
103i2
Va Mid 3d ser 6s '16.M-S
4th ser 3-4-Gs 1921 M-S
5th series 5s 1926
M-S
95
Bait Trac 1st 5s *29.M-N
City <fc Sub 1st 5s 1922 J-D
Clty&Sub (Was) 1st 5s '48
Mt Ver Cot
93
87
8534
beries A 5s 1926
1*2
Bonds
Cent Ry cons 5s '32.M-N
Ext & Imp 5s 1932 M-S
86*2 8634
102
102l2 Chas City Ry 1st 5s'2- J-J
Chas Ry G & El 5s '99MS
80ia
'38 A-O
5s '45 J-J
'29 .7-J
Georgia P 1st 6s 1922
J-J
*7134 73
Ga So & Fla 1st 5s '45.J-J
71*2 7212 G-B-S Brew 3-4s *51.M-S
F^A
90i2 Houston Oil div ctfs
Knoxv Trac 1st 5s '28 A-O
103
101
93l2 Maconliy&Lt 1st 5s'53J-d
Md Elec Ry 1st 5s *31 A-O
Memphis St 1st 5s '45.J-J
Monon V Trac 5s '42 J-D
96
lOOig
99
104t2
9234
Fair & Ol Tr 1st 5s
100
100
100
Ask
100
1916 J-J
1939—J-D
Gen 4>$s 1954
A-O
Cons G E &P4-Hs "35 J-J
Consol Coal 5s 1950—J-D
Ga Car&N 1st. s g
100
No Bait Div 5s 1942J-D
Bid
Col & Grnv 1st 6s
Ga & Ala 1st con
Atlan Coast L (Conn).100
Canton Co
100
J-D
5-20-yr 4s 1925
J-J
BSP&C 1st 4 Hs *53 F-A
9238 Aug
Consol Gas 5s
115
227*2 236
deb 4s_M-N
Sep
89i4 Apr
8514 Jan
BALTIMORE
Read Trac 1st 6s '33—J-J
Welsbach j f 5s 1930—J-D
Wil-B G&E coh 5s '55,J-J
29
4984 Feb
Dec
Coai & C Ry 1st 5s '19 A-O,
Coal & I Ry 1st 5s'20 F-A
_9714
100*34
% Apr
8i4 Apr
53
Sep
6
98
Imp M 4s 194 7.A-O
Q-F
Ry & L con 5s '54J-J
Spanish-Am Ir 6s '27._J-J
Stan'd Gas & El 6s'26 J-D
Stand Stl Wks lst5s'28 J-J
U Trac Ind gen 5s '19.J-J
Un Rys tr ctfs 4s '49 _J-J
United Rys Invlst coll tr
22ig May
74U Jan
Ask
Btd
PHILADELPHIA
i $17H paid.
63
8
Atl Coast L(Ct)ctfs 5s
100
Dec
9
Jan
25
Mining
conv
Jan
60
61% Jau
J'nelO
United Gas
Atl C'st
23
Apr
Feb
37
Anacostia & Potom 5s A-O
87
37J2 Mch 28
Apr
4
29% J'ne 12
53i2 J'ne 4
1534 Jan
Union Traction
5s 1916
877g Mch
78ig Feb
8i2 Jan
6
84
1934 Oct 14
4s 1954-1955
27
3
3U2Jan
93i2Jan
J'nelO
7538 J'nelO
Bait City 3^s
102
9
39i2 Dec
73i2 Dec
13
Sep
3514 Sep
100
Sep
9278 Jan
1678 Sep
32i2 Dec
18
59i4 Apr
70% J'ne 10
50
9278
Sep
12i2 J'ly
583s Aug
81
50
1
Brewing
.
Jan
55i8 Oct
-
50
;
139*2
7
47
J'ne
1U2 j'ly
52*4 Jan
13i2 May 10
934 J'nelO
22
J'ne 4
G-B-S
ill
9
9
265s Sep
K» J an
3
2378 Men 28
70% J'nelO
Reading
York Rys 1st
1
Apr
27U May
5934 J'ne
40l2 Oct
4il<» Mch
4278 Feb 4
78
May 13
J'nelO
Georgia Sou & Fla
1st preferred
2d preferred
106
54i4Jan
42i2 J'nelO
Consolidation Coal
99l2
12)8 Jan
Phila R T vot tr ctfs
1926
Dec
45i2 Mch
I5I4 Jan
x49i2 Feb 24
53=8 Jan
9
J'ne 11
41
130
Dec
18
72i2 J'ly
50
50
50
50
Lehigh Valley
'
Lehigh Valley Transit
Do
pref
Pennsylvania RR
Philadel Co (Pittsb)..
Philadelphia Elect}.j
f 5s
121
3
2
6
37
33
2
Jan 30
4912 Sep 23
41l2 J'ly 19
Jan
6
23
2
9
Apr
68
25l8 NOV
8I4 Jan
53"54 Jan
50
Leh C & Nav tr ctfs..
s
Highest
Lowest
Highest
120
50
50
50
Electric Co of America 10
Elec Storage Battery.100
Gen Asphalt
100
Do
pref
100
Keystone Telephone. 50
Lake Superior Corp__100
Tonopah
Range for Previous
Year (1912)
Jan. 1
J'nelO
Rocii
—
,
*
Annuity 6s
40
Railways
Preferred
85
'60 J-J
lSt6s'21 J-J
1998.Q-F iiih 116
99
Uh Ok & G gen 5s 1919 J-J
Con Trac of N J 1st 5s '33
Del Co Rys tr ctfs 4s'49J-J
Edison Elec 5s 1946._A-O
"82* 8214
Elec & Peoples Tr tr ctfs.
Fr Tac & 11 1st 5s MO.J-J
*96* : *97*"
Gen Asphalt 5s 1916.M-S
100l2 10034
Harw Elec 1st Gs 1942 M-S
577g 58
Interstate 4s 1943
F-A
91
9112
Keystone Tel 5s 193 5. -J-J
70
7.2
Lake Sup Corp inc 5s'24 O
.
6% cumulative pref." 50
Phila German & Norris 50
Phila Traction
;
50
847g
6s
Consol 6s
"63
103% 107
Jan '11
M-N
Terminal 5s g 1941
Berg&EBrew
Bethleh S'ti
11314 125l2
133
J'ne 12
Railways..
PW & B col tr 4s '21__J-J
A-O
Rys 5s 1917
Atl C Gas 1st s f 5s
Am
73
J'nclO
Cambria Steel...
Ex
"and 1
interest"
Alt & L V Elec 4
101
425g
73
97
73
Ph & Read 2d 5s 1933 A-O
Prices are all
1*2
,!
14
Cement
American
Ask
Bonds
Inactive Stocks
American
}
75
If I
13
88
'
Amer Gas warrants.
;
67
101
100
American
39
•38
39
101
9934 102
13
IO6I4
103
Philadelphia
♦38
11
101%
101
Do
4634
25354
257g
2534
Apr
II3I4 Oct '13
105
10334 Sale 1031a
1113g Oct 12
Lowest
below)
see
Seaboard Air Line
26*
"257g
26i4
2578
26i4
26
Inactive
Northern Central
115
•46*
•46i4
"26U "2*6*14
F-A
STOCKS
and
•Houston Oil tr ctfs
57
58i2 ♦.
*
93
101
Oct '13
1914 M-S
Baltimore
Con Gas El L & Pow.100
Do
pref
100
50
15
115
♦....
Stocks
215
108l2 108i2
IO984
•
73
Range since
Bonds
(For
Week
•
108i2 10834 ♦108t2 109i2
♦109
UOI4
J-J
J-J
of the
Wednesday
,
.99%
90
Oct '13
bonds. * No price Friday: latest bid and
ACTIVE
Sales
CENTUM PRICES
Oct. 28
75
1925 J-J
4J*s~
98
97
Exchanges—Stock Record, Daily, Weekly, Yearly
Oct. 29
Monday
Oct. 25
J-J
1916
Gold 4s
1917
Western Teleph & Tel 5s___1932
Wisconsin Cent 1st gen 4s__1949
'
Saturday
101
9914
100i8 Sale 100
Gold debenture 4s
the purchase price for all Boston
Philadelphia and Baltimore Stock
PRICES—NOT PER
A-O
5s Aprl963 M-N
End Street Ry 4s
1915 F-A
West
9314
90%
9012
90*2
U S Steel Co 10-60-yr
A-O
Interest In addition to
F-A
A-O
*9*4"' "97""
94% Oct 13
97
Aug'13
100
J-J
1923 J-D
4Hs
Debenture
90I2
80
1013g
95
95U
95*4
97
9514
M-S
9*5" ""95"
IOOI4 Aug'L
92
J'ly '13
80i4 Sep ' 2
9914
9914
....
98
92l2
763g
9012
78,
20
J'ne 08
J-J
Torrington 1st g 5s
1918
Union Pac RR & Id gr g 4s_1947 J-J
20-year conv 4s
1927 J-J
United Fruit gen z f 4Hb
1923 J-J
Mav'12
J-D
1933
115
"95h '97
J-J
Savannah Elec 1st cons 58..1952 J-J
Seattle Elec 1st g 5s
1930 F-A
Shannon-Ariz 1st 6s g
1919 M-N
Terre Haute Elec g 5s
1929 J-J
ll
M-N
1946
SHARE
898.
*07
Oct
"95" "98"
99
985S
1926
NOTE.—Buyer pays accrued
Oct '13
703g
Oct '13
Repub Valley 1st s f 6s
mi 104*14
'13
100
"98 " II..
J-J
Elk|& Mo V 1st 6s__1933
97
F-A
J-J
102
98
'Current River 1st 5s
Unstamped 1st 6s
98
1932
1919
84
1103
M-N
Fremt
95
98i2 Dec '12
88
J'ly'13
"84" II
1949
1924
W 1st 4s
A-O
Puget Sd Elec Ry 1st 5s
J'ne'13
ioiil J7iie
.Copper Range 1st 5s
Cudahy Pack (The) lstg 5
Det Gr Rap &
80
A-O
101
101
92
1077*113
80
Sale
98*2 Mch'12
101" 101*1
12
957*
92
13
80
1933
1922
*0>
" Feb
Feb
M-S
Marq Hough & Ont
Mass Gas 4 *^s
85
50
96%
94ig
1077g Sep '13
763g Jan '13
l>0*2 Feb '13
...
M-S
20-year conv 6s
Qreg Sb Line 1st g 6s
Pond Creek Coal 1st 6s
95
A-O
Yds 5s__1915
Coll trust refunding g 4s_194C
iCh Milw & St P Dub D GS..1920
;Ch M & St P Wis V div 6s__1920
,Ch & No Mich 1st gu 5s___1931
,Chic ft W Mich gen 5s_
1921
IConcord & Mont cons 4s
1920
Chic Jet Ry & Stk
i
108
9934
93ig
"12
Apr '08,
92
91
A-O
A-O
104L Oct
J-J
1949
Illinois Div 3Hs
,•
117
1
H't/i.
IjOW
94U Oct '13
A-O
M-N
A-O
Since
Jan.
993g
U9-3g Apr '13
94U
943g
99
9812
*A
No
High
Ask Low
94
J
1st 6s..1925
1929
Deben 4 Ms
..^Dec 1931
Mich Telephone 1st 5s
1917
New Eng Cotton Yarn 5s
1929
New Eng Telepb 5s
..1915
5s
1932
New River (The) conv 5s
1934
NYNH&Hcon deb 3 ^s.1956
Conv deb 6s
1948
"59 " "67
11
l'5*8Fcb 'in
IOOI4 Mch *09
M-S
1921
;
97
97
64
May'13
50
1951 J-D
M-N
Cedar Rap ft Mo Riv 1st 7s 1916
Cent Verrnt lstg 4s
May 1920 Q-F
C B & Q lewa Div 1st 5s
1919 A-O
Iowa Div 1st 4s....
1919 A-O
V
Denver Exten 4s
1922 F-A
M-N
\ Nebraska Exten 4s......1927
f 4s
"84*14 ~85U
J'ly '13
6334
Butte El & Pow 1st 5s
s
98
llOBg Mch'll
6334 Sale
Bostf n & Maine 4 Hs
—1941 J-J
Plain 4s
1942 F-A
Bur & Mo Riv cons 6s.....1918 J-J
B ft S W
104
93
93
!|
or
Sale
9414 Sale
A-O
Registered 4s
1921
Houston Elec 1st s f gen 5s.1925
la Falls & Sioux C 1st 7s...1917
Kan O Clin & Spr 1st 5s_._1925
Kan O Ft Scott & Mem 6s
1928
K O Ft S & M Ry ref 4s gu_1936
Kan C M & B gen 4s.
1934
Assented income 5s
1934
Kan C & M Ry & Br 1st 5S.1929
8278
104
104
Atch Top & b i e gen g
C..1995 A-0
Nov
Adjustment g 4s
July 1995
Last
coh tr 4s..1921 J-J
Gt Nor C B & Q
89^
10212106
95i2 1041.1
*63
97
96
Range
Price
6S.1915
General Motors 1st 5-yr
102
86
Friday
Oct. 31
Bid
High
99
1033* Mch'13
96
.1933
Low
"47
87
86
86®8 Sale
.
20-year conr 4 Hs
Am Writ Paper 1st sf 5s
Am Zinc L & 8 deb 6s
No
9934 Apr '13
Am Agricul Ohem let 5s
1028
J-J
▲in Telep & Tel ~oil tr 4s_.1928
id-8
Convertible 4s
1036
1.
Jan.
High
Ask Low
BOSTON STOCK EXCHANGE
Week Ending Oct. 31.
Range
Week's
ll
Si
BONDS
Range
Friday
BONDS
BOSTON STOCK
1275
Boston Bond Record
11913.]
103i2
102
102
100
93i4
ioii2
Funding
5s
90
82l2
*9l"
827,
64i4
86
102
100
100
10212 103*,
Va (State) 3s new '32.J-J
Fund debt 2-3s 1991 J^J
8212
1914.J-J
1333—J^J
10434
102i2
West IT C con Cs
100
Wil & Weld 5s
9978
1*664]
^-j
1276
THE
CHRONICLE
Volume of Business at Stock
Exchanges
[Vol.
Telegraph
and Telephone
Amer Teleg A
Cable... 100
Central A South Amer.
100
CommT Un Tel
(N Y).__25
Empire A Bay State
Tel. 100
Franklin ....1
fl.d
«
AT
THE
NEW
DAILY, WEEKLY
YORK
AND
STOCK
EXCHANGE
YEARLY.
Week ending
Oct
31 1913.
Shares.
Tuesday
Wednesday
Thursday.....
Friday .............
.........
....
Sates at
New
I
York
1913.
shares,
1912.
Government bonds-
$1,500
$6,000
11,597,000
380,000
8,395,500
$12,257,500
bonds.......
$8,781,500'
$424,290,020
DAILY
TRANSACTIONS
AT
THE
BOSTON
AND
Total
Unlisted
1,684
$23,700
2,186
7,165
8,192
79,000
8,010
12,649
73,500
5,151
8,087
5,035
7,108
4,725
7,355
42,000
51,100
64,000
5,648
5,839
4,691
36,710
41,713'
$333,300'
...
...
5,171
4,445
46,720
10038
Celluloid Co
bond
prices
are
"and
now
5s Apr 21
'15—See NY Stk
1914
J-J
1914
—
Westingh'se
6%
notes
e
interest"
where
except
New
York
City
17
20
64
66
150
165
98s4
Cent Crosstown stock.. 100
'i
4s
"id"
'
-
1st mtge 6s 1922
M-N
Cen Pk N & E R Rstock.100
100
104
1
Christopher & 10th
115
125
Dry Dock E B
1st gold
.
5s
St stklOO
Pitts Be33 A Lake
Erie—.50
11*4
3734
ID4
3834
92
94
West Pac 1st 5a 1933..M-S
88'4
SOij-
90
1932
New York City
5s 1927
J-D
9912 101*2 Cent Un Gas
F-A /
Scrip 5s 1914
Eighth Avenue
28
34
e
J-J
Kings Co El L A P Co. 100
stock
280
100
310
New Amsterdam Gas—
Scrip 6s 1914
F-A / 99
1st consol 5s 1948
100*2
J-J
42d A Gr St Fy stock.._100
220
240
N Y A E R Gas 1st 5s '44 J-J
42d St M A St N Ave... 100
Consol 5s 1945
J-J
1st 6a 1910....
M-S f'.ZV.
• NY Mutual
Gas L....100
Ninth Avenue stock
100
150
170 " N Y A Q El L A Pow Co.lOO
'Second Avenue stock__.100
1
3
Preferred
100
Consol 5s 1948 ctfs_.F-A f 25
35
N Y A Richmond Gaa... 100
•Sixth Avenue stock
103
112
100
North'n Un 1st 5s 1927. M-Np
Sou Boulev 5e 1945.
J-J
89l2 100
Standard G L 1st 5s '30 M-N
So Fer 1st 6s 1919..
A-O
90
98
Other Cities.
iTarry WP A M 5s '28..M-S / 75
80
Am Gas A Elec com
50
•28 & 29th Sts 5s '90 ctls A-O /
15
7
Preferred
50
Twenty-third St stock.. 100 200
240
Am Lt A Trac com
100
Union Ry 1st 5s 1942..F-A
101
10212
Preferred
.......100
}
Westchester 1st 5s '43.J-J
92
88,
Amer Power & Lt com.. 100
Yonkers St RR 5s 1940. A-O
90
95
Preferred
....100
Bay State Gas
60
Brooklyn
Buffalo City Gas stock__10O
.Atlan Ave RR con 5s '31A-0
100
102
Cities Service Co com
100
(BB&WEfis
1933
A-O
95
'Brooklyn City RR
10
Bklyn Hgts 1st 5s 1941. A-O
170
180
99
102
Coney IsJ & Bklyn
1st
v
cons g
90
100
4s 1948
98 '
100
80
J-J
85
Cong 4s 1955.
J-J
77
82
Brk C & N 5s 1939
J-J
98
100
.Nassau Elec 1st 5s 1944 A-O
!N Wmsburgh A Flatbush—
101
103
let 4>£s July 1941...F-A
92
95
99
101
..
r
*'
Steinway
JV
1st 6s 1922
J-J
Ry 1st oon 5s '31F-A
(Com'w'lth Pow Ry &L.100
Preferred
Conn Ry & Ltg com
e Preferred
I
« Preferred
•
100
100
i
.
v
„
100
.V
A-O
4s'49 M-N
100
.M-S
Oon M 58 1928
Ext
5s
Pat Ry
J-J
1924
con
1938
.J-D
1st A ref 5s '29 opt T4M-N
Denver G A El 5s 1949.K-N
Elizabeth Gas Lt Co.... 100
Essex A Hudson Gaa
100"
.100
1946..
J1
Hudson County Gas.;
1 O
Indiana Lighting Co.... 100
4s 1958 opt
_F-A
Indianapolis
25*2
27
75
77
77
~63 "
"74"
70
62
65
Stk E
Ust
x
103
104
76
m
72
100
Pat A Pas Gas A Elec...100
St Joseph Gas 5s 1937...J-J
Anglo-American
Atlantic Refining
f
Preferred
rTennessee Ry LAP
oom.100
—100"
com
100
_100
1st A ref g 5s 1941
op J-D
«•
m
100*12
1st 5s 1922
M-N
21
N Y A Hob 5s
73*2
Hob Fy 1st 5s 194Q..M-N
N Y A N J 5s 1946...... J-J
10th A 23d Sts Ferry..-.. 100
Preferred
15
16*2
69
12
18
100
60
Trent P A H 58 1943... J-D
92
*
Per share,
a
70
And accrued dividend.
May '46..J-D
1st mtge 5s 1919
J-D
Union Ferry stock...... 100
1st 5s 1920
6 Basis.
subsidiaries.
* Ex-div.
y Ex-rights,
e Includes all new
if any. wUl be found en a preceding page.
M Ex-300% stock
...M-N
* Listed
1st 6s 1922
650
1
173
55
80
Oil com.. 100
3
4
1951-..—A-O / 49
International Silver pref.100 118
1st 6s 1948....
108
—J-D
125
110
108
112
Internat Smelt A
Refg—100
Lariston Monotype.....100
New York Dock
313
•
N Y Mtge A
Security
NY Title Ins Co..
383,
Y Transportation
NIles-Bem-Pood com
242
Sou West Pa
Pipe Lines. 100
150
153
Standard Gil (California) 100
Stand Oil of Indiana
100
192
195
398
404
Standard Gil (Kansas) ..100
455
480
460
95
Stand OH of
Kentucky..100 450
Stand Oil of Nebraska.. 100
300
Stand Oil of N J (old)..100 1135
Stand Oil of N J
100
375
Standard Oil subsidiaries— *760
Standard Gil of N Y
100
145
Standard O" of Ohio.—100
290
295
95
Swan A Finch
285
295
68
77
*«8
h
3
4
75
79
70
72
T178
•
12
70
.
73
...100
-
Union Tank Line Co.
85
87is
Vacuum Gil
89
92
100
81
325
130
Waters-Pierce
~
33
42""
Pierce GU Corp (w 1)
Tobacco Stocks
(See also Slock Exchange List)
Amer Cigar com
100
Preferred
100
67
69
Amer
135
86
88
80
81
127
90
88
94
Machine A Fdy—100
British-American Tobac.£l
<3
9l"
«
98
102"
*88
33
34
*
85
90
*9
79
38i4
15
16
33
38
1st preferred....
100
97
100
100
99
101
100
183
187
preferred
Royal Bak Powd
com
Preferred
—100
Sear3,RoebuckACo—SeeN
e
Preferred—See Chic Stk Ex Us t.
Singer Mfg Co
100
207
300
Standard Coupler com.. 100
25
33
Preferred
Stern Bros pref
100
93
100
120
90
42l2
47
A Forbes..100
100
United Cigar Mfrs com 100
Preferred
100
United Cigar Stores oom.100
Preferred
96"8 103
X87*2
88*2
.—100
110
118
Weyman-Bruton Co—100
TonopahMln(Nev)-SeePhila
Trenton
Preferred
Trow
new
100
7
Directory
..100
Preferred
U S
100
100
96*2
300
110
120
U S
160
U S
com
Express..
140
100
190
...100
149
100
225
100
103
Finishing
Preferred
....
....100
100
48*2
13
Preferred
102
105
100
Express
American
122
125
J-D / 74i2
100
Realty
75l2
94
e
98
48
*4612
50
♦51
53
Book........100
160
100
37
1st s 5s 1919
Con g 5s 1929
Industrial AMisccllaneous
Col tr g 4s 1947
J-J
90
J-J
Col
s
f
Apr 5s 1951
aot opt
American
Brass——...100
134
138
American
Chicle
207
210
•
Virginia rreo C
97
100
•
Wells Fargo A Co
Preferred
•
100
American Express——.100
Am Graphophone
119*2 124*2
com—100
50
25
30
60
50
American
Hardware——100
120
25
Amer Malting 6a 1914—J-D
99
Amer Press Assoc'n——100
30
Preferred
IPO
80
126
100*4
I
35
113
113
__
100
15
55
98
83
U S Tit Gu A Iadem
12
100
20
100
U S Steel Corporation—
Col 8 1 Apr 5s 1951 op 1911
170
com...
70
100
U S Indus Alcohol
e Preferred
45
IOOI2
*4
3
100
Casualty
Envelope
11a
x
45
United Dry Geods
e Preferred
U S
100
E
3*2
...100
United Copper
e
76
92
Stk
Potteries 00m-.100
———100
Preferred
Young (J S) Co
Alliance
111
92
250
501s
28
105
115
87
95
99 lt
110
111*
Y Stk E x lie
109
100
90
95
102*2 104
A Lt—100
74
235
Adams
105
110
2d
75i|
100
95
130
105
91
Preferred
«
20
Texas A Pacific Coal... 100
e Texas
Pacific Land Tr.100
Reynolds (R J) Tobacco-100
Tobacco Products com.. 100
49 "a
95
15
100
Pratt &
Whitney pref...100
Producers OH...
100
230
e
357fc
90
___
180
180
80"
37U
74i4
35*2
50
100
com
151
200
<
17
...100
160
3H2
95
1634
'
1
A Sons Co pf.100
180
«
85
.50
Sulzberger
215
"9S"
74
30
290
Tob-100
«
J1*
24*8
25*8
Westchester
A
A C
100
.100
Bronx
11
7
42
92*»
Title
A Mtge Guar—
100
165
Westlngh'se Ah* Brake.50 *133
Wlfly»-Overta«a com
100
$4
Preferred
jm-m-
•
100|
Worthing ten (HR)Co pf.lOOi
Stock Exchange but
usually inactive.
/ Flat price, n Nominal.
stock dividends
and subscriptions.
• Listed on Stock Exchange but
88
88
on
dividend,
'
95lS
.100
Porto-itlcan-Amer
85
72
94
com..100
(Geo W)
Preferred
MacAn&rews
95
*2412
*2478
„212
;
a""
270
Johhaon Tin FoHAMetal 100
92
94~
83
—
90
65
**2
100
Helme
e
108
115
90
New stock
Coniey Foil
loo
148
55
5
78
25
Safety Car Heat
83
*4
73
Realty Assoc (Bklyn)...100
Remington fypawt'r comlOO
38
145
83
20
100
—
2300
*35
77
100
100
Pittsburgh Steel pref—100
38
100 2000
173
100
Pope Mfg Co
Preferred
173
GU
II
35
167
Preferred
84
170
8
20
100
100
Pittsburgh Brewing
ur
*34
100
180
10
Preferred
e
10
132
95
170
Petti bone-Mulllken Co 100
e 1st
preferred
100
378"
..100
Washington Oil
.....
Ohio Copper Co
e Ontario
Silver
Otis Elevator «otn
310
—
55
1033g
♦1*4
.100
N
218
254
66
40
100
130
240
200
225
98
100
com.
84
195
210
100
Preferred
51
80
100
,
National Surety
43
252
75
,.100
Manhattan Shirt—
Preferred
112
8~
6*2
Manhattan Transit
20
Mortgage Bond Co..—.100
129
Southern Pipe Line Co..100
South Penn Oil——
100
107
45
130
Preferred
Lawyers' Mtge Co
100
Lehigh Val Coal Saie3„.50
143
Northern Pipe Line Co. TOO
108Ghlo GU Co
25 ♦128
Prairie Gil A Gas
.,—100
379
Solar Refining
100
212
4*2
40
120
1st g 5s
347
70
.
3
...J-J
Ingersoll-Rand com...100
103
170
45
104
102
International Salt
660
Preferred
100 .140
Indiana Pipe Line Go
50 *126
National Transit Co
25 * 41
New York Transit Co... 100
308
.
15
99
102
22i2
343
Galena-Signal
100
120
170
101
333
97l2
110
295
Cons. 100
12,
70
118
285
Gil
4
9
95
50 *167
Co
160
330
90
2
105
..100
Co
99
77
80
,.100
Intercontln Rub com—.100
660
150
46
90
Internat Banking
Co..—100
(International Nickel..—100
share
Preferred
,.—.100
78
78
*75
86
35
SO
„—f»l-S
1st g 5s 1961
60
*45
83
30
Hocking Val Products.. 100
7712
75
40
106*2 108*2
*la8 I &
6
e
*58
100
27
183
..100
e
120
102
23
170
Hoboken Land A Improve't
1st 5s Nov
1930—...M-N
32
»2H2
13
—
Hecker-Jones-Jewell Milling
Herrlng-HaU-Marvl a
62
76~*2
26
85
1st g 5a June 1
1922—J-D / 64
105
650
Preferred
BAN Y 1st6s 1911
J-jj
N Y A E R Ferry stook..lQO
103
*28
*57
89
23
78
100
187
97
86
100
100
Steel A Iron com 100
Havana Tobacoo Co
100
Preferred
.......100
70
Per
£1
Amor Bank Note com....60
-
50
110
30
Preferred
10
100
A Kilburn coin.!
100
1st preferred
.100
2d preferred...
64
183
99
90
90*g
*l5s
1»4
125
130
100
....
Ref g 4s '52
op 1912...J-J
28
6H2
100
85
Western Power
Preferred
20*8
27
Continental Oil
100
Crescent Pipe Line Co—50
Cumberland Pipe Line.. 100
Eureka Pipe Line Co...100
Ferry Companies
....
67
100
101
16
Goldfleld Consol M
10
Hackensack Water Co—
40
9934
103l2
99
*30
72*2
Toledo Tract L A P
Colonial
84
1578
Preferred
...100
General Chemical cum.100
f
Preferred
100
20
100
Chesebrough Mfg
100l2 102l2
118
119*2
37
80
...
Oil
Buckeye Pipe Line
50
19
.V
Standard Oil Stocks
65
United Electric of N J... 100
1st g 4s 1949..
J-D
Western States Gas A El—
99*2
100
95
No Hud L H A P 5s 1938A-0
Pacific Gaa A E com.
100.
Preferred
100
Preferred
100
108
;100
United Gas A Elec Corp. 100
127
98l2
Gas
Preferred
"76*2
7512
M-N
1926..A-O
Standard Gas A El
(Dei) 50
—
73
100
6s 1931..J-D
Madison Gas 6s
50
79
Narragan (Prov) El Co. 50
91*2 Newark Gas 6s Apr
'44_i^-J
•<•«»•»«»
123
Gas
102*2 Newark Consol
""
No Hud Co Ry 6s 1914 J-J
.
6s
10
111 C stk tr ctfa Ser
A.——
Consumers Power (Minn)—
1st g 5s 1952
i
A-O
Jack3on Gas 5s g
1937..A-O
cLaclede Gas preferred.. 100
104
Gu g 5s 1953
Con Gas of N J 5s
1936.. J-J
Consumers' L H A Pow—
76
102
So J Gas El A Trac
J-J
77
100*2 101*2
1921
1927
67
230
5a
5s
68
Rapid Tran St Ry...
v
.
Tract of N J
/ J C Hob A Pat
t
65
1st 5s 1033
J-D
New'k Pass Ry 5s '30.J-J
1st
1st
68.
<
s
Tr ctfa 6% perpetual
No Jer St 1st 4s 194$ M-N
,
77
89*2
«N Y State Rys com
100
! eNor Ohio Tr & Lt
com.100
Pub Serv Corp of N J—See
v
54
75
J-J
,
V Cons
103
52
.100
Loulsv St 5s 1939
i« New Orl Rys A Lt com.100
• Preferred..
100
*
101
..100
{•Detroit United Ry
100
Federal Light & Trac.--100
i
Preferred
.......100
•Havana Elec Ry LAP 100
t
-.100
Columbia Gas & Elec...100
Gas A El Bergen Co
Gr't West Pow 5s
Other Cities.
Buff St
I
Preferred
Preferred
so
Railroad Securities Co—
20
33
100
k
88
e
Cor
e
97
65
2d preferred...
Borne-Scrymser
Electric, Gas & Power
9Si2
19934 100
98*2 9912
100
73
West Penn TrAWatPow 100
Preferred
L...100
& Batt—
97l2
54
71
3
e
35*2
100
corn
Preferred
Empire
95
31*2
Emerson-Bran tingham—100
105
Northern Securities Stubs..
807a
95
67
Preferred
52
78*2
J-D
90
A-O / 60
e
100
95
100
1951
70
Davis-Daly Copper Co
duPont(El) de Nem Pow
9978 100
100
77
.100
9978
9914
100
100
Preferred.'
97
Heating
Preferred
Crucible Steel
4.90
com.. 100
preferred
100
Preferred
101
.J-J
60
98
100
100
;
Car
,
125
100
99*4 Wash Ry A El Co
Broadway Surface RR—
1st 5s 1924..
«
58
Continental Can com...100
e
140
100
United Rys of St L—
Common
95
135
81
•
80
80
Rubber Tire
100
Preferred
....100
4.90
118
79
1st preferred
2d preferred.
Bleeck St A Ful Fy stk—100
1st mtge 4s 1950
..J-J
B'y A 7th Are stk
...100
2d mtge 5s 1914
J-J
1st
100
100
Debenture 4s 1951
4.90
9834
28
Co comlOO
Consol
97
100
2d preferred
•
preferred...
Preferred
100
NY Chic,A St L
Ask
1st
2d preferred
Hale
Preferred
e
Bid
c
e
Consol
99i2
100
Chic St P M A Om
' f
married
Railways—(Con )
United Lt A.RyB com... 100
Ask
80
9978
9978
96i2
b 5.20
Colo A South
com..... 100
• 1st
preferred..
100
«
93
Cluett,PeabodyA
b 5.20
j—100
•
-
87
70
9934
El
Preferred
100
97lg
A M 6s 1915
9978 IOOI4
Gct'17—See N Y Stk E x list
Railroad
Chic A Alton com.
133
Preferred
100
ClaUin (H B) Co com..100
e
88
90
120
123
25
9934
99i2
99i2
9412
86
HO
100
97
Southern Ry 5s 1916..
F-A
West Maryland 5s
1915.J-J
•
Bid
list.
9914
.100
City Investing Co
98*2
Ex
ootn
Preferred
9934
A-021
34,600
27,600
25,900
Brown Shoe
9914
South Pac Co 5s J'ne
151914
•
Street
Street Railways
9914
9712
6s Sept 1 1914
opt...M-S
Seaboard Air L Ry5sT6 M-S
$140,000
115*2 116*2
103*2
*2'8
25g
49
52
......100
e
All
105
of America. 100
$3,000
15,300
Inactive and Unlisted Securities
290
Casualty Co
Minn A St L
g 6s 1914.. F-A
33,600
27,980
125
285
_
list.
100
84
115
100
99
N Y N H A
Hartf 5s '13.J-D
St L A S F 5s
1913 opt.J-D
1,454
7,905
11,066
7,379
9,780
9,136
80
—50
96
1914._A-08
1*1
15
60
...
Borden's Corvd Milk com. 100
Preferred
..100
British CoJ Copper Co....5
9914 99*2
9934 100
Mo Kan
Sales.
3,262
M-G
1
....100
Preferred)
4*4
7
Bliss (E W) Co com......50
100
A Tex 5s
1915.M-N
96
Missouri Pacific 5s
1914. J-D
94
• NYC Lines
Eq 5s 1913-22 b 5.20
Bond
Shares.
100
100
com
98*2
.
Listed
Shares.
Car
Preferred
Bond A Mtge Guar
4i2S_'14
Philadelphia.
Bond
Amer Writing Paper
91
90
1939
Barney A Smith
Notes
4^s Jan 1914-1925...J-J
4^8 Jan 1914-1927...J-J
N Y Cent
4^s 1914
M-S
4l28 1915.
M-N
Sales.
...
70
Michigan Central 412s. 1914
'
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
66
115
Int A Gt Nor
5s 1914..F-A
Inter Harvester
5s '15. F-A
Ry A Lt 6s 1912..M-S
Lake 8h A Mich
So
$594,299,000
Shares.
99
63
60
K C
23,308,000
569,889,000
Unlisted
94
93
6s
g
94
April 8
4^3
$1,102,000
Listed
90
Id-N
Deb
Ex
6s
Gen I Motors
6s
111
Cent
•
Shares.
44
......100
Preferred
~80"
105
Coll 5s Oct 1
1914...A-O
Col! 5s April 1
1915..A-O
PHILADELPHIA
Boston.
*3i2
42
50
Ghes
Erie
175
American Thread pre/....5
Amer Typefounders com.100
25
1915
170
72
A Ohio
41^s 1914.. J-D
GhlcElev Rys 5s 1914...J-J
EXCHANGES.
Week ending
Oct. 31 1913.
5s
69
50
76l2
Atlantic.....25
Copper
Ask
99*2 ,00',
60
100
Sal to A
110,006,554
$9,926,787,525
$693,000
$1,680,220
24,621,200
397,938,600
A
Bid
40
110
Ghlo 5s 1914... J- J
Bklyn Rap Tr—See N Y
Stk
1912.
659,000
bonds
RR. and misc. bonds..
Total
1913.
$140,400
par
Amal
$1,500
110
.100
Atlantic
Short-Term
$659,000
72.552,990
$6,498,117,615
A
Southern
Jan. 1 to Oct. 31.
2,447,125
$101,481,215 $213,325,200
com
Preferred
$1,000
""500
100
Pac Telep A
Teleg pref.100
•
51,000
$11,587,000
C03
'Northwestern Teleg
234,500
1,151,654
Bonds.
State
2,247,500,
1,563,500"
$20,500
value..
Bank
$45,000
75,500
116,000
137,000
Stock
Exchange.
Par
$577,000.
2,760,500!
2,253,500i
2,185,000
Week ending Oct. 31,.
Stocks—No. shares.—
f
Bonds.
e
Pacific
$6,998,600
19,838,850
23,357,800
19,269,800
15,375,975
16,640,190
1,151,654 $101,481,215
.
Bonds.
Mackay
U. 8.
Bonds.
Par Value.
76,781
224,699
275,394
216,368
170,758
187,654
State
104
10o
e
cfee..
Saturday
Monday
Total
Railroad,
Indust and Mlscell—(Con)
Am Steel Fdy 6s 1935.A-O
Deb 4s 1923..
F-A
American Surety
6u
62
101
Gold A Stock
Teleg—TOO
«
Stocks.
Ask
56i8
•
TRANSACTIONS
xcvii.
• Sale
price. ":
New J took.
«
B»>
Infrequently dealt la; record of. nl*|4
-
,
NOV. 1
Intelligence.
atid HUuIrrad
j u liiumr i
■
■--...
' ■"rr.mii
1377
CHRONICLE
THE
1913.]
11"
—
•'
v
n n mi' n j I on
run in r inn n r i
.1
■-.i-'-i.".
Jfc «« ■ ■ - ■
* - ------
inm --
- u'J-.'Lnj-L-uu-.uu-u Ju IIUI
EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
be obtained.
The first two columns of figures give the gross earnings for the latest week ormontn, and the last two
-colums the earnings for the period from July 1 to and including the latest week or month.
We add a supplementary!
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period.
The returns of the electric railways are brought together separately on a subsequent page.
.
GROSS
RAILROAD
-can
Latest Gross
Week or
Current
Previous
Current
Month.
roads.
Year.
Year.
Year.
$
S
■%
Week or
Current
Previous
Year.
Year.
Previous
Year.
Current
Month.
ROADS.
Previous
Year.
8
kJuly 1 to Latest Date
Latest Gross Earnings.
July 1 to Latest Date.
Earnings.
Year.
IS
8
Ala N O & Tex PacN O ft Nor East. September
Ala & Vicksfourg- September
■
931,352
293,346
1,045,251
327,776
446.990
457,102
145,680
155,334
412.961
448,073
134,4 >8
145,669
VicksShrev&Pac September
730,770
764,300
47,371
51,925
3d wk Oct
Ann Arbor
10024641 28,615,708 28,615,424
Atch Topeka & 3 Fe September 9,740,766
504.652
516,820
257.351
254.853
Atlanta Birm ft Atl August
7.431,274 7,361,393
Atlantic Coast Lino September 2,642,405 2,455,540
257.203
301,697
129,088
155,237
Chariest ft W Car August
196,128
228,746
108,695
120,026
Lou Hend & St L August
September 9,197,853 8,766,371 27,479,818 25,697.527
0 Baltimore & Ohio
472,319
462,178
152,386
152,830
B&OCh Ter RR September
468,832
442,914
233,88S
228,439
Bangor ft Aroostook August
2,128,610 2,071,636
Bessemer ft Lake E August — 1,036,433 1,043,208
273,037
336,856
94,267
108,232
Birmingham South September
4,580,644 4,637,784 8.857.078 8,845,669
August
Boston & Maine—
257,179
3,981,747 3,638,359
274,054
3d wk Oct
Buff Rocfa ft Pittsb.
401,104
421,678
222.426
201,743
Buffalo & Susq
August
561,100 7,527,700 6,803,500
609,900
Canadian Northern. 3d wk Oct
3d wk Oct 3,252,000 2,943,000 45,009.521 44,291,114
Canadian Pacific
3,379,961
3,248,044
Central of Georgia
September 1,239,962 1,163,021
2,856,867 3,074,388 5.660,947 5,888,294
Cent of New Jersey August
627,256
589,644
323,750
312,940
Cent New Eng—
August
751,824
761,532
391,564
391,601
Central
Vermont.
August
691,492 11,286,408 10,925,423
717,408
Ches & Ohio Lines. 3d wk Oct
5,187,884 5,034,750
347,589
300,920
3d wk Oct
Chicago & Alton
9,059,969 8,487,985 16,814.528 15,783,908
Chic Burl ft Quincy August
4,523,891
4,816,711
344,792
334,950
pChic Great Western 3d wk Oct
2,298,699 2,255,781
151,055
147,035
Chic Ind ft Louasv. 3d wk Oct
8,111,277 15,611,130 15.501.824
7,870,612
Chic Milw & St P. I August
ChicMil& I uiSj
eChic & North West September 7,993,663 7,812,947 23,887,245 22,703,056
rChicSt Pul MftO_ September 1.736.061 1,659.807 4,695,180 4,434,133
300,039
325,759
164,981
175,923
Chic Terre H ft S E August
2.782.995 2,785,745
937,867
930,970
Cin Ham ft Dayton September
317,519
298,727
184.427
171,210
Colorado Midland
August
353,871
4,725,848 4,559,313
282,149
6 Colorado ft South 3d wk Oct
42,114
34,695
22,377
17.058
Cornwall
August
—
—
—
_
...
—
30,545
25,780
324,060
340,252
Cuba Railroed
•September
Delaware ft Hudson August ... 2,291,639 2,280,859
Del Lack ft West— September 3,602,292 3,453,987
577,300
558,900
Denv ft Rio Grande 3d wk Oct
139,300
3d*wk Oct
139,600
Western Pacific.
25,754
19,509
Denver & Salt Lake 2d wk Oct
154,380
146,240
Detroit Tol ft Iront August
23,327
24,128
Detroit & Mackinac 3d wk Oct
968,255
Dul & Iron Range._ September 1.003,378
64,864
67,564
Dul Sou Shore ft Ati 3d wk Oct
1,139,245 1,116,639
Elgin Joliet ft East. August
671,659
676,368
El Paso ft Sou West September
5.651.031 5,741,689
August
Erie
87,186
85,346
Ponda Johns & Gkov September
285,622
279,689
August
Florida East Coast
260,200
251,009
Oeorgia Railroad.. August
209,974
•Grand Trunk Pae— 2d wk Oct
Crand Trunk Syst- 3d wk Oct 1,163,397 1,132.152
141,195
136,694
Grand Trk West. 2d wk Oct
51,050
51,127
Dert Gr Hav ft M 2d wk Oct
53,989
44,402
Canada Atlantic. 2d wk Oct
Great North System September 8,563,230 7,557,935
156,409
183,894
Gulf & Ship Lsland- September
764,455
810,673
August
Hocking Valley—
Illinois Central
.September 5,855,044 5,556,680
283,000
238,000
Internat ft Grt Nor 3d wk Oct
Cornwall & Lebanon
September
'
_
—
...
Ihterooeanic Mesc. f3d wk Oct
Kanawha & Micii.. August
■a
Kansas City South.
Lehigh Valley
September
September
190,400
312,337
878,614
3,585,997
152.888
Louisiana ft Arkan_ August
Louisv ft Nash v.. 3d wk Oct 1,294,735
s
1 Macon
ft Birm "ham September
August
Maine Central
12,253
1,058,080
56,841
Maryland & Poona. September
187,300
<l Mexican Railways 2d
wk Oct
4,066
Mineral Range
3d wk Oct
238,801
Minn ft St Louis. _1 3d wk Oct
Iowa Central
/|
'
719,032
Minn St P ft S S M\ 3d wk Oct
Chicago Division]
91,538
Mississippi Central. August
702,946
;« Mo Kan ft Texas. 3d wk Oct
x Missouri Pacific-- 3d wk Oct 1,315,000
1,050,745
Nashv Chatt ft St L August
-a Nat Rys of Mex.f j3d
624,506
wk Oct
11,092
Nevada-Cal-Oregon 3d wk Oct
155,794
New Or! Groat Nor. August
178,582
N O Mobile ft Chic. August
*N Y C ft Hud Riv. September 10325397
Lake Shore & M S September 5,072,714
n Lake Erie ft W. September
556,516
Chic Ind ft South September
350,566
Michigan Centra! September 3,169,883
Clev O C & St L_ September 3,086,916
Peoria ft Eastern September
310,526
Cincinnati North September
143,437
Pitts ft Lake Erie September
1,705,509
N Y Chic ft St L [September 1.033D518
Tol ft Ohio Cent. September
601.889
TotaJl Hoes above September 26856 858
NY N H ft Hartf.. August
6,100,010
109,1.16
90,357
1,025,312
967,762
4,367,117 4,333,392
10,783.120 10,281,192
8,2.56,015 8,349,793
2,322,060 2,034.359
1,208,736
Northern Pacific-
287,542
525,778
510,133
480.087
2,209,464
18,402,295 17,621,465
2,161,514 2,062,549
714,209
745,191
722,343
748,451
22,995,873 20,902,933
492,116
550,671
1,454,491
1,514,688
16,910,074 16,240,213
3,337,375 3,776,118
2,639,743
2,712,074
140,754
617,331
616,053
320,750
2,680,447
2,608,078
910,899
3,856.023 10,705,994 11,389,571
291,076
296,430
144,974
1,238,230 19,096,061 17,915,708
.40,724
34,453
13,570
1,074,870 2,056,862 2,035,999
134,543
150,032
49,237
2,464,000
163,600 2,943,800
258.204
112,227
17,312
3,170,780
243,913 3,126,193
—
,
Pennsylvania RR — September
September
Bait Che3 ft Atl
—
September
September
September
September
September
September
September
September
Pennsylvania Co
Grand Rap & Ind September
Pitts C C ft St L_ September
September
Vandalia
Cumberland Vail
Long Island
—
Mary I'd Del & Va
N Y Phila & Norf
Northern Central
Phila Bait & Wash
W Jersey & Seasb
—
All East ft West September
August
Marquette
Reading Co—
Phila ft Reading- September
Coal ft Iron Co— September
Pere
Total both cos
Rich Fred ft Potom
Rio Grande June
Rio Grande South._
Rock Island Lines—
Rutland---'
"—
Isl_
St L Iron Mt & So—
St L Rocky Mt & P
St Louis ft San Fran
St Jos ft Grand
/ Chic & East IllTotal all lines
St Louis Southwest-
San Ped LA&SL.
Seaboard Air Line
Cin N O & Tex P_
Ala Great South
974,550 1,023,883
335,4681 303,868
2,001,665
1,962,453
595,498
627,486
511.867
529,205
273,233! 253,169
3,933,478 3,875,822 7,779.205 7,455.672
7,156,454 6,776,765 19,242,713 13,562,670
808,304
842,444
418,9071 420,215
1.494.630
1,439/236
710,6 45
<91,87
16390 336'15278 578 48,824,487 45,742,374
126,205.
143,862
37,9921
30,009
862,100
900,171
315,674'
307,558
1,152,335 1,035,819 4,055,122 3,647,598
58,432.
57,773
16,905
16,510
995,995
298,160 1,081,842
312,557
1/227,281 1,153,913 3,510,509 3,337,620
1,846,669.1,814/215 5,516,684 5,517,087
616,531
611,437 2,510,933 2,481,069
6,125,01715,798,867 18,632,176 18.021,524
545,013)
522,104 .1,092,078 1,542,219
4,060,778 3,892,685 11,865,831 11,418,679
1,072,113 1,021,95^ 3,085,129 2,882,777
Total Lines—
September
East Pitts & E
West Pitts ft E„ September
Southern Railway—
Mobile & Ohio
337,319
—
September
Northwestern Pac_ August
August
Pacific Coast Co
279,751
3,097,650
1,132,333
2,241,641
1,982,248
11,123,247
—
Norfolk Southern— August
Norfolk ft Western. August
Southern Pacific-
"
2,240,518
2,047,293
11,189,254
2S7.019
566,842
West- August
422,007
461,672
282,193
406,517
3.378,560
N Y Ont ft West— August
N Y Susq &
23230 990 22142120 70,789,668 67,563,609
12029 210 11447 998 35,844,757 34,468,595
35260 202 33590120 106634 427 102032 206
1,472,8691,572,373
2,977,903
2,833,792
4,222,649 4,323,314 12,478,486
2,335,159 3,354,600 6,537,624
September 6,557,857 7,682,913 19.016,103
451,429
218,227
217,032
August
177,986
98j344
94,470
August
221,214
17,365
14,486
3d wk Oct
September 6,166,896 6,338,015 18,283,270
711,244
357,167
363,452
August
311,893
163,277
136,736
August
2,858,055 2,940,286 5,528,833
August
547,212
165,170
193,955
September
4,203,299 3,947,730 8,132,699
August
1,454,186 1,443,502 2,821,758
August
5,657,485 5,391,232 10,954,457
August
306,000 4,030,25!
276,000
3d wk Oct
1,736,343
870,817
824,277
August
499.580
3d wk Oct
491,505] 7,032,730
12748309 12719393 36,763,410
September
3d wk Oct 1,505,058 1,421,457 21,484,070
3,915,487
253,522
251,044
3d wk Oct
185.764
3,213,726
210,171
3d, wk Oct
107,077
1,593,021
101,935
3d wk Oct
12,730,669
9,807,840
22,538,507
455,843
182,620
200,649
18,670,284
685,481
...
—
_
Georgia Sou & Fla
Spok Portl ft Seattle
Georgia
Tennessee Central-
3d
Texas & Pacific
3d
Oct
2d wk
Tenn Ala ft
August
Oct
wk
August
51,840
473,513
2,700
147,153
Oct
398,159
Tidewater ft West- August
Toledo Peor ft West 3d wk Oct
Tolodo St L ft West 3d wk Oct
6,370
29,802
106,402
9,351,488
172,243
602,368
2,745,570
754,545
820,328
38,592
1,007,828
wk
September
Virginia ft So West September
September
Virginian
Wabash
September
Western Maryland- August
Wheel & Lake Erie. September
Wrightsv ft Tennilie September
Union Pacific Syst.
...
Yazoo ft Miss VaU.
September
307,510
5.780.631
470,439
7,418,090
2,745,430
10,163,520
4,151,770
1,664,053
6,753,961
33,929,471
20,890,212
3,674,487
3,032,172
1,512,630
681,978
941,283
693,632
49,039
488,437
2,727
149,767
477,705
9,863
910,989
41,845
275,470
295,552
5,520.433 5,434,271
19,830
13,974
435,483
441,725
30,309!
1,264,450
1,509,631
98,197
9,043,411 25,615,599 25,313,433
440,940
501,288
139,715]
1,363,647
1,673,631
442,837
8,449,854
2,962,6.54 8,350,148
1/245,229
.,674,246 1.482,322
2,379,063 2,238,199
735,612
31,201
'
•
73,374
68,631
2,705,038
2,333,510
28,365^
848,514
Current
Previous
Year.
Year.
•
Period.
Various Fiscal Years.
$
Jan
Delaware ft Hudson
N Y Central & Hudson River_e_ Jan
to
to
Aug
Sept
Sept
Sept
to
Sept
Jan
to
Cleve Cin Chic ft St Louis
Jan
to
Peoria & Eastern
Jan
to
Lake Shore ft Michigan South Jan
Jan
Lake Erie ft Western_n
Chicago Indiana ft Southern- Jan
.
Michigan
to
to
Dec
Central
-
to
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Aug
Jan
to
to
to
Jan
to
Jan
to
Jau
to
Atlantic- Jan
to
Jan
to
Jan
Long Island
Maryland Delawareft Virginia Jan
N Y Philadelphia ft Norfolk- Jan
to
Jan
Jan
Jan
to
Jan
Jan
to
Jan
Jan
Vandalia.
Total lines—East Pitts ft Erie Jan
—West Pitts ft Erie^ Jan
Jan
—All ..lines E ft W
to
-
Toledo ft Ohio Central-:
Total ah lines
Pennsylvania
Railroad
Baltimore Chesap ft
Cumberland Valley
'
Northern Central--"
.
—
Philadelphia Bait ft Wash..
West Jersey & Seashore——
Pennsylvania Company
Grand- Rapids ft Indiana
to
Pitts Cincin Chic ft St Louis
..
Rio
Grande Junction
Rutland
•
—
31 16,053,589
30-87,422,402
30 44,202,619
30
4,475,305
30] 3,230,289
30 28,893,871
30 25,312,203
30
2,542,355
Aug
Jan
Jan
Pittsburgh ft Lake Erie
New York Chicago & St Louis Jan
Cincinnati Northern
803,617 10,362,493 10,015,797
171,621
181,879
88,334
769,395 10,630,507 10,126,349
1,313,000 19,732,476 19,962,583
1,098,297 2,077,943 2,142,492
1,205,200 10,592,236 19,427,054
161,237
146,403
10,875
300,469
321,897
152,783
375,888
364,386
195,069
10071299 31,560,165 29,471,234
4,808,207 15,163,284 14,322,853
1.537,764
1,599,050
566,201
1,011,838
1,032,861
356,661
2,901,688 9,193,734 8,520,106
8,797.049
9,343,331
3,019,531
932,954
897,278
328,613
375,328
394,814
130,889
5.055.693
5,213,646
1,613,761
2.982.694
1,087,527 3,012,981
1,483,571
1,764,365
493,236
25355616 79,185,487 74,541,084
6,410,194 11,878,288 12,163,959
9
to
to'
to
to
to
to
to
to
to
39
14,442,403
79,943,107
39,368,773
4,241,324
3,037,630
23,757,499
23,491,865
2,439,401
1,099,846]
992,033
13,126,129
8,709,965
30
4,493,135 3,902,627
30 223336 651 203010403
30 138077903 127772490
30 15,162,472
30
9,137,158
238,879
272,636
2,661,562 2,396,704;
9,428,419 8,565,665
107,320
118,091
2,993.296 2,692,141
10,011.337 9,348,222
15,842,962 15,019,684
5,157,700 5,171,906
49,754,825 45,521,246;
,301 4,181,6001 4,037,937i
30,33,031.031131,677,059
30j 8,360,533 7,702,486
30^195467011 1S2480615
30 97,174,559
90,609,025]
292611570 273039639
688,651
703,483
2,422.990
2,302,768
AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
Current
roads)....
16.663,2021
17,075,9611
42 roads)
40 roads)
1st
week Sept
2d
week Sept
week Sept
3d
41 roads)
41 roads)
49
39
week Sept
\ 1st week Oct
! 41
2d
week Oct
i 41
3d week Oct
< 89
4th
i.
®
%
roads)
'41 roads)
4th week Aug
Decrease.
21.565.852
16,035.827
16.610.832
week Aug
week Aug
roods)..
roads)
roods)....
Current
Increase or
Year.
15,163,178
15,866,404
22,219,247
15.102.H2
15,656,692
15,809,546
20,520.726
15,875,520
16,875,113
2d
3d
,
Previous
Year.
$
Weekly Summaries.
14,798,702
15,662,277
20.699.831
14,441.753
15,101,742
15,604,935
Monthly Summaries.
%
Previous
Increase or
Year.
Year.
Decrease.
—364,476
—204,127
—1,519,416
—660.359
—554,950
—204,611
+1,045,126
+160,304
—264.281
—412,759
2.40
1.29
6.84
4.37
3.52
1.29
5.08
1.01
1.56
2.41
September..
currency,
b Does not include earnings of Colorado Springs &
Albany, the-New York & Ottawa, the St. Lawrence & Adirondack and
Mexican
90.097
88,450
81,504,881
+3317344
77387,237
Pacific,
s Includes Louisville ft Atlantic and the Frankfort ft Cincinnati,
the Texas Central in both years and the Wichita Falls Lines in 1912, beginning Nov. 1.
9 Includes
x
Includes St. Louis Iron Mountain ft Southern-
-
4.64
Cripple Creek District Railway from Nov. 1 1911. e Includes the Bo»~
the Ottawa & New York Railway, the latter of which, being a Canadian 1
2?* J}?* *aake returns to the Inter-State Commerce Commission,
f Includes Evansville ft Terre Haute and EvansviHe ft Indiana
[elude*_the Cleveland Lorain & Wheeling Ry. in both years, n Includes the Northern Ohio RR. w Includes earnings of Mason City ft Ft.
Wisconsin Minnesota ft
receipts,
%A
j
Cur. Yr. Pres. Yr_,
December —238,072
234.14$ 283,768.603 234,087.361 -f-29,681.242 12.68
January ..>235,607
232,179 246,663,737 208,535,060 +38.128,677 18.28]
February...240.986
237,756 232,726,241 218,336,929] + 14389312 6.59
March
240,510
237.295 249,230,551 238,634,712 +10,595339 4.46!
April ....—240,740
236,515 245.170,143 220,981,373 +24,188.770 10.90,
May
239.445
236,619 263,496,033 232.879,9701 +30.616.063 13.14]
June
230,074
227,242 259,703,994 242330,546 + 16,873,448 6.95
July
206,084
203,773 235,849,764 223313326 +12,086338 538
August
219.492
216.709 259.835,029 255,493,023
+4,342,006) 1.50
Mileage.
RR. a InDodge and
t Includes the Mexican International, u Includes
not only operating revenues, hut also aU othsr
-
1278
THE
Latest Gross Earnings by Weeks.—In the table
CHRONICLE
which
-Gross EarningsPrevious
we sum
of October.
separately the earnings for the third week
up
The
table
covers
Roads.
and shows 2.41%
39 roads
1913.
Alabama Great Southern
101,935
Ann
Arbor
Buffalo Rochester A Pittsburgh
Canadian Northern.
Canadian Pacific
-
Chesapeake*; Ohio
Chicago * Alton
Chicago Great Western
Chicago Ind & Louisville.
___
Cine New Orl A Texas Pacific.
Colorado A Southern.
Denver * Rio Grande.
_
51,925
274,054
609,900
3,252,000
717,408
300,920
334,950
147,035
210,171
282,149
558,900
107,077
47,371
257,179
561,100
2,943,000
691,492
347,589
344,792
151,055
185,764
353,871
577,300
139,300
23,327
Western Pacific.
Detroit & Mackinae
Duluth South Shore A Atlantic.
anuc.
Grand Trunk of Canada.
139,600
24,128
67,564
Grand Trunk Western_
Detroit Gr Hav A Mibr
Canada Atlantic
j
International A Great Northern
Interoceanic of M«k1co_
Louisville A Nashville.
1,163,397
1,132,152
238,000
190,400
1,294,735
283,000
140,754
1,238,230
17,312
243,913
_
__
e:I
Mineral Range
Minneapolis A St Louis
Iowa Central.
Minneapolis St Paul
Jan
A 8 S M__
Missouri Pacific
Mobile A Ohio
1
National Railways of Mexico.
N erada-C al ifornla-Or
agon
Rio Grande Southern
'
St Louis Southwestern
—
_
Texas & Pacific
Toledo Peoria A Western.
Toledo St Louis & Western
4,066
238,801
719,032
702,946
1,315,000
253,522
624,506
11,092
499,580
1,505,058
2,700
398,159
29,802
106,402
to
& Va.a -Sept
46,669
(39 roads)..
decrease (2.41%)__
Net
803,617
769,395
1,343,000
251,044
1,205,200
10,875
14,486
306,000
491,506
1,421,457
2,727
477,705
30,309
98,197
roads and industrial
Jan
1
to
397
2,113
def22,909
def 11,662
57,627
631,241
68,249
677,986
-Sept 1,227,281
10,011,337
1,156,913
9,348,222
159,210
666,404
256,182
812,405
71,722
18,400
Jan
1
-Sept 1,846,669
15,842,962
1,814,215
15,019,684
338,560
2,115,900
411,149
2,703,761
611,437
89,327
916,419
130,868
1,185,145
1,693,191
9,642,945
1,721,269
11,459,881
.
Sept 30.,
Phila Bait A Wash,
16,510
312,557
2,993,296,
—
to
a
Sept 30.
—
W Jer A Seashore.a—
Sept
Jan 1 to Sept 30—
300
801
2,700
616,531
5,157,700
5.171,906Pennsylvania Co a
.Sept 6,125,017
5,798,867
Jan 1 to Sept 30—
—49,754,825 45,521,246
Grand Rap A Ind. a..
.Sept
545,013
522,104
Jan 1 to Sept 30.
4,181,600
4,037,937
'
31,245
-
_.
-Gross Earnings
Previous
49,646
56,505
Atlantic
10,024,641
.
—
Total East P & E.a..
Sept23,230,991
Jan 1 to Sept 30—_
84,585
66,449
28,000
—
Buffalo Roch A Pitts, b.
Sept 1,047,264
«July 1 to Sept 30—
3,204,032
Cauadian Pacific.a
July 1 to Sept 30.
_
Sept 1,994,900
5,748,500
,
580",694
—
Jan 1 to Sept 30
~~~2l6
Sept35,260,202 33,590,120
8,276,440
8,793,876
—292,641,57027,3089,639 54J70.420 61,063,068
Reading Company*5—
2,879
Phila
A Reading.b..
Sept 4,222,699
4,328,314
July 1 to Sept 30—
12,478,486 12,730,669
30.665
~~8~, 074
83,601
Coal A Iron Co.b
-Sept* 2,335.159
July 1 to Sept 30—
6,537,624
27
79,546
-Sept 6,557,857
7.682,913
July 1 to Sept 30—
19,016,108 22.538,507
-
8,205
.Sept
July 1 to Sept 30._
676,202 1,088,961
412,759
1,850,706
5,537,616
193,955
547,212
165,170
470,439
56,892
140,650
44,5.86
120,567
1,744,656
5,258,772
465,017
367,971
1,152,806
Rocky Mt A Pac.a Sept
July 1 to Sept 30—
_
Southern
Pacific.a
.Sep 12,748,309 12,719,893
July 1 to Sep 30— —36,763,410 36,929,471
t
Southern Ry.b
Sept 5,905,776
July 1 to Sept 30—
16,996,008
Mobile A Ohio.b.
Sept
July 1 to Sept 30—
—
'
Georgia Sou A Fla.b. Sept
July 1 to 8ppt 30—
524,900
1,447,800
423,500
1,288,900
__
.Sep 1,367,014
3,870,490
.
July I to Sept 30—
1,163,021
3,379,964
c377.,020
1,260,590
3,569,735
407,977
1,160,785
7,812,947
July 1 to Sept 30- ——23,887,245 22,703,056
O.a.Sept 1,736,061
Juiy 1 to Sept 30Colorado &
4,695,180
CubaRR—
July 1 to Sept 30
"Del Lacka A
Sept
--
3,910,844
1,295,944
3,568,087
1,135,307
•
340,252
10,788,120
Mackinac.a.Sept
July 1 to Sept 30
384,691
324,060
967,762
148,376
445,629
3,4,53,987
10,281,192
1,389,153
4,029,987
105,407
18,356
101;797
330,368
'
134,862
404,786
1,396,064
4,063,268
209,206
1,982,248
670,498
2,069
6,468
def 163
64
dof4,183
def8,301
Sept 5,855,044
July 1 to Sept 30-, —16,910,074
5,556,680
16,240,213
1,128,146
2,888,431
1,042,785
2,582,188
(/Interoceanic of Mexico.Sep
717,364
July 1 to Sep 30.,
2,228,859
679,080
2,215,313
242,351
771,374
MinneapA St Louis.a.-Sept
905,985
July 1 to Sept 30
2,466,979
926,409
2,487,937'
July 1 to Sept 30.—
676,368
2,047,293
Fairchild A North east. b. Sept
July 1 to Sept 30
1,997
7.366
Illinois Central.a
—
Missouri Pacific.b_
July 1 to Sep
—
-Sep 5,294,594
.
296,263
866.226
30—-15,926,879
(/Nat Rys of Mexico—-Sep 3,156,015
July 1 to Sep 30
: 8,834,933
5,422,607
15,866,203
1
to
Sept 30
—44,202,619
Lake Erie A
West.b.Sept
Jan 1 to Sept 30
Chic Ind A
South.b..Sept
Jan 1 to Sept 30——
Mich
Central.b
Jan 1 to Sept 30
556,516
4,475,306
38,592
.73,374
28,365
68,631
18,660
19,570
9,227
848,514
2 333,510
207,877
124,040
386.432
179,091
—-
INDUSTRIAL
350,566
3,230,289
6,834,803
952,452
6,954,855
def3,142
31,938
91,187
775.334
827,709
7,071,531
6,350,954
282,571
1.859,883
343,334
2,231,677
13,498
191,056'
1,107,616
967,622
5,717,595
97,744
623,78r
167,681
982.560
Total all
lines.b._Sept26,856,856 25,355,616- 7,582,469
8,458,429
Jan I to Sept 39——
223,886,661203,010,403 57,363,671 57,655,612
Northern Pacific.b
Sept 7,156,454
6,776,765
3,105,096
*
July 1 to Sept 30.*
19,242,713
18,562,670
2,982
11,719
1,564,559
13,229,570
1.464,780
11,946,443
2,62,522
2,350,852
235,316
1,611,698
El.a.Sept
Sept 30—
—
(Brockton).a.Sept
1
to
Sept
30
109,594
957,903
106,644
885,477
.
38,719
374,869.
34,213
250,034
10,492
111,918
10,346
101,462
■
34,156
317,184
32,550
279,854
Oct
1
1
to
to
Sept 30-
—
—
Sept
a
Apr 1 to Sept 30
41,767
-
.
14.284
14,427 '
95,573
333,252
116,471
21,658
214,973
23,445
210,029
10,566
98,856
11,068
93,726
35,353
325,676
33,510
303,306
11,191
116,901
12,073
106,629
51,596
531,480
39,404
435,106
29,542
f
18,786
1
288,693
225,193
497,770
.
34,357
288,920
24,399
144,183
Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxe.^.
After allowing for outside operations and taxes,
operating income for
Sept. 1913 was 8333,169, against $322,988; and from July 1 to Sept; 30
$540,937 in 1913, against $759,645 last year.
c
was
1,613,761
13,126,129
3,902,627
to
Aug
River Gas
Jan
75,725
525,401
130,889
992,083
493,236
1
Jan
Fall
a
143,437
1,067,527
8,709,965
3,162
18,787
82,695
473,683
1,009,846
Sept 30-
Jan
Edison El
190,683
937,369
601,889
4,493,135
82,024
Southern Utilities,
Pitts A Lake Erie,
b—Sept 1,705,509
Jan 1 to Sept 30.
15,162,472
to
(Subsidiary Cos)
Jan 1 to Aug 31
Balckst Val Gas A
13,195,360
1,033,518
9,137,158
12,869
100,581
Sept 30——
'
617,731
126,414
836,031
,
Atlantic Gulf A W I SS Lines—
33,401
291,817
742,821
—
$
11,019
848,712
13,414,659
N Y Chic & St L_b__Sept
Jan 1 to Sept 30-
$
53,848
467,530
566,201
Toledo* Ohio Cen.b Sept
1 to
$
53,508
483,464
40,310
—
Jan
Previous
Year.
$
Abington A Rockland Elect
Light & Power.a
Sept
Year.
Sierra Pacific Elect_a._Sept
Jan 1 to Sept 30
*
537,497
Cincinnati Northern bSept
Jan 1 to Sept 39
Earnings——
Current
Year.
San Joaquin Light & Pow.a—
Jan 1 to Aug 31—
1,125,170
356,661
Sept 30
—-Net
Previous
Year.
2,254,909
5,711,150
302,994
720,622
83,053
348,264
to
Earnings-
Current
Companies.
I'
'
8,989
COMPANIES.
MtWhifcneyPowA El.a.Sept
3,037,630
Eastern.b..Sept
,
1,341,798
4,343,793
530,502
2,990,366
1
Wrightsv A Tennille.b. Sept
July 1 to Sept 30—
Yazoo A Miss Valley.a. Sept 1,007,828
July 1 to Sept 30—
2.706,038
1,389,913
4,403,245
323,613
2,439,401
Jan
,171,785
540,876
54.524
Lowell El Lt Corp.a—Sept
Jan 1 to Sept 30—,—-
3,019,534
23,491,865
1
276,723
740,517
4/298,508
Z/727,547
310,526
2,542,355
Jan
38,618
131,436
442,837
1,363,647
h290,278
h707,148
Sept 3.169.S6S
2,901,638
.26,898,871 23,757,499
C O O & St
Louis.b__Sept 3,086,916
Jan 1 to Sept 30
—25,312,208
Peoria &
163,954
602,368
1,678,681
Houghton Co El Lt.a.Sept
Jan 1 to Sept 30
39,368,773
4,241,324
3,895,149
4,215,513
9.845,509 11,420,354
198,599
709,266
Riv.b.Septl0,825,397 iO.O'71,299
3,263,787
2,947,680
Jan 1 to Sept 3087,4221402 79,943,107 22,371,107 20,039,667
Lake Shore A M
S.b.Sept 5,072,714
4,806,207
1,528,123
1,855,861
Jan
1*005,239
9,048,411
25,615,599 25,318,433
43,888
357,899
N Y Cent A Hud
.
£94,183
£249,188
Wks.a.Sept
Sept 30.——
'
5,333,445
16,130,280
—
35,088
108,584
£108,866
£384,266
Sept 9,351.488
-
-
29,133
78,317
87,354
671,659
Southeast.b.Sept
92,539
345,094
.
1,149,513
326,233
El Paso A
583,902
378,251
1,208,738
139,715
440,940
449,937
1,147,050
'
261,850
770,416
46,529
172,243
501,288
490,843
1,025,312
West.b--.Sept 3,602,292
July 1 to Sept 30
A
501,607
1,128,497
236,791
775,356
194.717
Virginian, a
Sept
July 1 to Sept 30—
2,542,717
7,246,444
1,659,807
4,434,133
1,844,356
5,279,652
1,738,971
Virginia A Southwest, b- Sept
July 1 to Sept 30. —V
407,414
1,067,283
2,492,645
7,018,378
4,777,767
974,456
2,925,383
216,446
602,047.
-Gross
Southern.b-Sept 1,334,854
July 1 to Sept 3Q——
Detroit
Pacific.a.;
July 1 to Sept 30.
c36S,533
0893,838
C670.630
Western.a.Sept 7,993,663
Chic St P Minn A
Sept
Union
'
Chic Great Western _b
Chic North
1,671,500
5,247,000
Tol St Louis A West.a.
1,309,748
4,425,887
4,922,864
11,654,362 13,912,614
5,548,087
16,644,290
1,051,947
3,176,358
—
294.225
922,327
—
Central of Georgia.b—
Sept 1,239,962
July 1 to Sept 30—
3,248,044
July 1 to Sep 30
346,192-
1,033,737
2,278,808
6,360,727
'
Seaboard Air Line.a.— Sept
1,895,289
Jan 1 to Sept 30.
5,494,952
425,586
1,250,647
926,167
167,458
497,249
1,871,214
4,807,566
Year.
2,866,821
166,260
501,412
1,563,270
4,322,783
6,338,015
18,670,284
St L
jS ,676,915
j9,751,996
477,819
990,668
310,646
883,493
2,111,350
5,863,479
Y
—
Rock Island Lines, b
.Sept 6,166,896
Jan 1 to Sept 30-_
18,286,270
Previous
2,455,840
7,361,393
1,800,704
4,979,985
'
1,397,010
3,821,371
Total all companies.
.Sept
July 1 to Sept 30.
'
J3,489,723
J9,637,024
1,508,537
4.171,496
3,354,606 def 111,527
9,807,840 def350,124
Total both cos.b.
507
Current
Year.
3,043,357
3,265,554
16,201,226 21,357,122
_
2,478
.Septl2,147,082 11,579,734
4,415,579
4,250,300
-35,584,604 35,883,848 12,493,511 13,416,407
-
326,851
1,439,926
146,901
22,142,121
5,233,083
5,528,322
182480,615 38,569,194 39,705,947
195,467,011
Total West P A E.a.
Septl2,029,210 11,447,998
Jan 1 to Sept 30.
—97,174,559 90,609,025
Total all lines, a—
■
Northern
1,034,657
7,597,308
280,853
1,299,764
1,021,957
7,702,486
...
5,112
28,615,^24
Coast Line.a.Sept 2,642,406
July 1 to Sept 30
7,431,274
July 1 to Sept 30—
641,559
890,088
4,544,923
4,060,780
3,892,685
-33,031,031 31,677,059
Vandalia.a—Sept 1,072,113
Jan 1 to Sept 30..
8,360,533
13,246
Net Earnings-
*
Year.
Atch Top A Santa Fe.
b-Sept 9,740,766
July 1 to Sept 30.
28,615,708
Canadian
146,930
538,059
Pitts C C A St L_a—
.Sept
Jan 1 to Sept 30..
45,000
and net earnings of STEAM rail¬
Current
Year.
Roads*
303,147
1,972,915
16,9)5
107,320
—
Northern Central, a
24,407
companies reported this week:
•
293,681
2,302,554
10,137
*
Earnings Monthly to Latest Dates.—The table
gross
5,196
41,655
113,470
737,626
1,065,819
8,565,665
118,091
-----
'
9,842
4,020
-
16,663.202 17,075,961
following shows the
51,502
87,567
796,596
298,160
2,692,141
Sept 30-
N Y Phila & Norf.a
-Sept
Jan 1 to Sept 30-
Reading Company
Total
30,009
238,879
.
17,365
276,000
Seaboard Air Line..
Southern Railway
Tennessee Alabama A Georgia.
1
$
307,558
2,396.704
-
——
Maryl'd Del
_f
Missouri Kansas A Texas
Net
64,864
—
_
,
\
,
5,142
4,554
16,875
48,800
309,000
25,916
37,992
272,686
Cumberland Vail, a- -Sept
315,674
Jan 1 to Sept 302,664,562
Long Island.a
-Sept 1,152,335
Jan 1 to Sept 309,428,416
Increase. Decrease.
1912.
$
Septl6,390,336 15,278,578
4,108,521
3,912,347
138,077,908 127772,490 30,512,797 30,278,439
—
Bait Ches A Atlan.a
.Sept
Jan 1 to Sept 30-
....
Year.
$
Pennsylvania RR. a
Jan 1 to Sept 30-_
decrease in the aggregate under the same week last year.
Third wtck of October.
Year.
xcvii.
-Net EarningsCurrent
Previous
Year.
Year.
Current
follows
.
[Vol.
7,335,187
2,882,909
7,323,870
g
These results are in Mexican currency.
h After allowing for miscellaneous charges to income for the month
of
September 1913, "total net earnings were $269,857, against $289,520 last
year, and for the period from July 1 to Sept. 30 were $700,012 this year,,
against $708,580.
j The company now includes the earnings of the Atch. Topeka A Santa Fe
Ry., Gulf Colorado A Santa Fe Rjr., Pecos A Northern Texas Ry., Southern
Kansas Ry. of Texas, Texas A Gulf Ry., G. A I. Ry. of Texas, C. S. S. A
and R. G. A E. P. RR. in both years.
For September taxes
to $447,261, against 8393,289 in 1912: after deducting
which,
Sept. 1913 was $3,042,462, against $3,283,625 last year.
Froih
July 1 to Sept. 30, taxes were $1,322,983 in 1913, against $1,156,638
ast year.
'
'
4
■<
'
L.
V.
RR.
amounted
net
for
»
,
'
£ After allowing for miscellaneous
charges and credits to income for the
September 1913, total net.earnings were $367,453, against $95,040
last year, and for period from J[uly 1 to Sept. 30 were $600,261 this
year,,
against $208,835.
1
month of
Nov. 1
1219
CHRONICLE
THE
1913.]
and Surplus.: *
—Int., Rentals,
Roads.
"
CubaRR
200,375
July 1 to Sep 30----
^
4,688.090
Sept
848,500
Reading Company
July 1 to Sept
2,545,500
30
33,642
& Pac_-Sept
July 1 to Sept 30------
St L Rocky Mt
210,293
279,395
280,550
507,483
588,093
282,980
*139,713
848,482
*432,223
67,347
81,584
200,097 \ 245,254
1,510,699
*6,301
4,573,435
*256,472
839,916
714,770
2,519,748 1,777,283 ,
33,150
23,250
98,590
40,289
-Sep 1,583,439
1
*171,251
*567,449
1,680,035
4,713,031
,
66,792
Sept
—
July 1 to Sept 30
Missouri Pacific-
*221,423
*669,797
1,573,216
4,438,416
561,420
Western_Sept
919,429
July 1 to Sept 30
2,579,962
Chic St P Minn & 0._-Sept
222,212
July 1 to Sept 30
-621,014
Colorado & Southern
Sept
289,698
July 1 to Sept 30
863,409
Chicago North
100,361
*215,517
*460,523
67,515
204,689
*8,093
*282,410
1,438,892
3,840,979
11,436
41,977
Current
Previous
Year.
Year.
Year.
$
$
§
Companies.
'
Rockland Elect
Light & Power
Sept
Year.
§
•
Abington &
Jan
1
145,834
1
9,135
80,293
2,404
20,611
1,941
17,445
1,594
9,311
727
5,948
1
Sept 30
to
8,088
91,307
12,690
107,160
6,395
63,249
10,954
114,574
19,557
168,873
6,777
58,276
10,400
92,398
10,912
130,693
345,014
26,203
236,587
17,969
248.924
28,838
239,700
32,188
-
560,856
' 25,078
169,741
8,405
84,017
13,700
89,625
6,429
S3pt 30
to
111,995
—
Fall River Gas Works__Sept
Jan
1
Sept 30-,-
to
—,
1,189,210
20,669
225,609
*
4,291
35,450
Houghton Co Elect Lt.Sept
Jan 1 to Sept 30
-
4,171
35,607
Lowell Elect Lt Corp. _Sept
237
2,327
1,673
14,231
9,985
119,820
7,875
■94,500
272.717
248,855
1
Jan
Sept 30
to
Mt Whitney Pow&
Oct 1 to Sept
San Joaquin
Jan
1
El_-Sept
30-— --
Apr 1 to Sept 30
After
55,230
-
Sept
Southern Utilities
5,519 '
49,220
7,198
Sept
„
—
Land Co---
i
1913.
-
Express Co.—
operation--Express privileges—Dr
$
72.818
8,921
800
4,520
——
Month
40,584
31,662
5,720
1,200
—
One-twelfth of annual taxes
Operating income——
40,460
36,877
31,156
_—
—
81,045
35,941
—
'
July
1912.
$
Globe
Gross receipts from
Net operating revenue..
-
8,121
July 1 to June 30—
June
1912."
of
1913.
1912.
1913.
2,942,748
$
S
$
3,016,552 35,182,127 34,191,955
1,709,763
Adams Express Co.—
'
Gross receipts from operation
Express privileges—Dr. —-
171,966
196,617
1,205,390
4,539
—205,224 —123,277
—24,651
980,991
operating revenue.--r—187,745
17,479
Net
1,186,255 16,737,782 16,357,983
1,304,992 16,565,816 15,152,593
1,232,985
1,420,731
—118,737
One-twelfth of annual taxes.
Operating income
Month
224,398
of
July
1913.
Northern Express Co.—•
Gross receipts from operation
1912.
§
$
•
Express privileges—Dr
337,907
178,005
326,560
173,468
159,901
100,869
153,091
97,240
59,032
4,500
—
55,850
—
—
—
st Joseph
(Mo) Ry,Lt,
—
Staten Isl'd Midland- June
Tampa Electric Co__ September
Third Avenue
—
Twin City Rap Tran.
July
2d
of
Oct
wk
,---
Operating income-.-
•
■
*
54,532
,-
"
Express Co.—«
Gross receipts from operation.—_
Express privileges—Dr
8
1
^
4,500
51,350
Month of July
1913.
1912.
v,
.Great Northern
18
£13,266
£66,349
_
UnionRyG&EOo(IU)
18
July
July
September
July
Western Rys & Light September
Railroad.__ July
Yonkers
'
.8
329,323
196,991
313,819
;»
132,331
94,463
126,274
83,943
—
37,867
42,330
.
operating revenues
Total operating expenses
;
—-
•
Net
operating revenue
One-twelfth of annual taxes
\
187,545
4,415
f
4.713
Operating income.
33,452
— — — —
37,616
Latest Gross Earnings.
Jan. l to latest date
of
Week
Road.
Current
American Rys Co
S eptember
Atlantic Shore Ry__
September
C Aur Elgin & Ch Ry. August
_
_
Bangor Ry & Elec Co September
Baton Rouge Elec Co September
BeltL Ry Corp (NYC) July
Brazilian Trac, L & P September
Brock & Plym St Ry_
September
Bklyn Rap Tran Syst
Cape Breton Elec Ry
Chattanooga Ry&Lt.
Cleve Painesv & East
Cleve Southw & ColColumbus (Ga) El Co
July
Coney Isl & Bklyn—
Dallas Electric Corp.,
Detroit United Ry—
D DEB & Bat (rec)_
Current
Previous
Year.
Year.
Year.
457, 683
33, 077
210, 926
68, 457
14, 257
64, 484
1965, 326
3,874,229 3.618,152
428,771
285,114
298.090
35,733
1,253,439
1,324,912
198,145
525.050
564.616
66,175
107,186
116.233
11,432
374.483
436,612
59.548
1691,298 17,589,764 15,184,667
94,515
99,729
11,711
12, 091
2362, 389 2299,420 14,358,332 13,972.036
373,138
908,162
283,526
824,768
438,496
260,093
782,347
147,473
987,235
1.564.357
220.494
9,898,584
920,245
1,280,842
8,814,740
363.544
September
September
August
August
32, 516
117, 882
48, 985
34,364
94,808
44,928
129, 052
117.208
September
50, 635
45,477
July
September
210, 784
180, 066
200,357
1st wk Oct
221, 118
51, 961
112, 225
51,828
52.837
352,620
946,519
...
July
Duluth-Superior Trac September
Previous
Year.
or
Month.
265,362
767,999
395.484
814,591
562.063
523,908
23,759
17,488
187,090
176,154
109,556
113,557
-Gross
Net
Earnings-
Current
Previous
Year.'
68,457
564,616
Baton Rouge Electric.!a.Sep
Jan 1 to Sep 30—
14,254
116,233
11,432
107,186
2,933,945
7,395,866
4,195
41,898
2,821,607
7,072,169
1,186,138
2,626,568
1,291,816
2.829,488
1,691,298
17,589,764 15,184,667
1,099,926
9,467,355
953,901
8,182,546
3,751
26.192
4,063
26,415
15,560
117,652
18,586
113,486
17,147
174,968
11,120
146,075
53,196
373,180
38,543
316,784
.....
1,965,326
12,091
99,729
11,711
94,515
Cape Breton Electric.a.Sep
Jan 1 to Sep 30-
32,516
273,138
34,364
260,093
Carolina Pow & Lt.a.-Sept
Oct 1 to Sept 30——
45,700
49S.352
38,561
429,192
to
—
,-
Chattanooga Ry & Lt_a.Sep
'
Jan 1 to Sep 30-,—
117,882
908,162
Columbus (Ga) Elec.a.-Sep
Jan 1 to Sep 30
50,685
438,496
-
..
94,808
782,347
.
45,477
395,484
28,499
210,513
22,938
192,501
109,205
1,166,367
226.365
1,972,849
96,532
1,055,649
889,533
180,066
1,564,357
147,473
1,280,842
77,174
640,175
60,920
482,429
238,547
1,967,928
217,962
1,773,136
97,118
809,201
101,069
772,158
P,Ry&Lt_a—Sept C194.220
Oct 1 to Sept 30
cl,949,180
Dallas Electric
Jan
1
to
Sep
Co.a.Sep
253,340
30
« 2,262,485
Corp.a.-Sep
Sep 30--—
East St Louis &
1
Subur.a.Sep
to Sep 30.——
Eastern Texas
Electric—Sep
Sep 30-
45,774
381.177
El Paso Electric.a—— .Sep
Jan 1 to Sep 30-
73,685
643,838
1
to
.
C186.111
115,135
1,243,356 cl,863,241
Com'w'th
to
39,901
287,166
4,407
42,766
Plym'th.a—Sep
Sep 30
1
•
"
Brazilian Trac, L & P—Sept
Jan 1 to Sept 30
Jan
$
39,677
305,469
66,175
525,050
1
Year.
$
$
Bangor Ry & Electric.a.Sep
Jan 1 to Sep 30—
Brockton &
Previous
Year.
$
Bay State Street Ry_b—
July 1 to Sept 3QJan
lto Sept 30.
Earnings—:—
Current
Year.
— —
Name
58.516
23,878
17,381
Electric Railway Net Earnings.—The following table
gives the returns of ELECTRIC railGay gross and net earn¬
ings reported this week:
:
Oct
COMPANIES.
62,141
These figures are for consolidated company.
Jan
ELECTRIC RAILWAY AND TRACTION
269,871
362.267
1049,487
68,704
224,289
65,810
York Railways
September
Youngstown & Ohio. September
Youngstown & South August
C
2,215,674
6,392,867
131.929
£566,010
£567,450
£13.950
£524,415
£542,052
£13,241
£59,644 £2,616,248 £2,127,901
1,453,867
1,582,260
245,880
2,081,754
2.667.026
330.434
9,075,065
1031.600 9,413,311
337,294
'341,480
64,572
1,659,781
1,872,212
202,958
420,705
391,415
64,549
£13,485
United Rys'Of St L„
Westchester Electric.
612,092
2,356,438
6,903,932
31.424
London
Elec Ry— Wk Oct
London
Consumers Power
Total
62,989
332,091
155,869
38,085
67,291
97,715
20,067
34,312
73,362
352,142
171,538
July
(Rec)
Boulevard. July
Second Ave
864.225
299.763
551,283
556,110
■J
80,354
123,340
559,252
920,165
340,535
611,986
603,190
117,153
95,875
36,122
62,783
93,893
15,148
106,445
Heat & Power Co. September
Santiago Elec Lt & Tr September
Savannah Elect Co__ September
—
operating revenue
One-twelfth of annual taxes
Net
■
2.102,400
—
Jan
Total operating revenues
Total operating expenses
2,325,307
'
Roads.
Total operating revenues.
Total operating expenses
48,172
—
1,830,296 18,444,344 17,833,972
$
,
52,578
...
Union RyCo of NYC
Month of
Total operating revenues
Total operating expenses
1,091,506
1,764,481
967,498)
743,530
184,899]
107,960
Wk Oct 26
London Gen Bus.. Wk Oct
COMPANIES.
EXPRESS
109,592
74,555
1.773,136
566,052
1,018,029
1,487,741
924,265
688,757
Metropolitan Dist. Wk Oct 18
•
*
81,575
September
September
September
September
Underground Elec Ry
allowing for other income received.
%
1,967.928
643,838
365,102
409,281
45,688
50,894
August
232,122
228,103
28,410
22,596
Houghton Co Tr Co. September
273,349 263,948 2,178,217 2,106,060
T
Hudson & Manhattan July
189,313
199,471
36,425
June
34,772
Idaho Traction Co..
4,771,399
5.071,614
628.060
655,684
August
Illinois Traction
September 2596,719 2442.321 24,048,033 23,438,351
Interboro Rap Tran.
449,080
499,240
49,956
55,357
Jacksonville Trac Co September
998,520
125,742 1,075,872
133,404
Lake Shore Elec Ry. September
1,082,950
1,250,797
136,192
164,620
Lehigh Valley Transit September
471,229
523,706
62,006
64,139
Lewis Aug & Waterv. September
124,439
141,700
28,206
32,479
Long Island Electric. July
4,448,742 4.181,920
475,412
495,763
Milw El Ry <fe Lt Co. September
941,527
1,086,338
125.043
138,878
Milw Lt Ht & Tr Co. September
627,613
83,786
90,813
701,438]
Monongahela Val Tr_ September
1.335,088
1,428,262
166,000
178.431
Nashville Ry & Light August
251.224
347,751
37,708
53,884
July
N Y City Interboro. _
219,585
233,908
39,347
43,526
N Y & Long Isl Trac. July
85,967
91,535
16,477
15,407
N Y & North Shore— July
"760,263
805,863
132,688 128,599
N Y & Queens Co— July
9,357,550 9,111,740
1185,275 1165.082
New York Railways. August
136,181
142,527
16,601
17,047
Northam Easton & W September
1,979,792
2,155.67b
339,306 305.222
N orth Ohio Trac & Lt August —;
1,249,111
1,548,124
160,275
172,014
September
North Texas Elec Co
227,190
250,441
44,461
47,190
Northw Pennsylv Ry August
78,814
85,421
32,878
36,601
Ocean Electric (L I). July
208,465
213,949
23,499
24,843
Paducah Tr & Lt Co. September
212,272
211,371
23,815
23,307
Pensacola Electric Co September
17,967,042 17,114.961
Phila Rap Trans Co. September 1999,343 1926.043
4,918,750
542,387 4,965,497
547,451
Port (Ore) R y L& PC o . September
748,873
798,715
87,997
90,286
Portland (Me) RR__ September
5,478,301
5,608.510
723,529 680,206
Puget Sd Tr L & P— August
167.368
174,625
38.720
41.578
Richmond Lt & Rli¬ June
&
Southern
31
Pacific Elect
Jan 1 to Sept 30
x
(
Light & Pow—
to Aug
Sierra
•
104,623
116,688
1,050,842
18,050
149,260
Edison Elect (Brockton)Sept
Jan
10,031
15,759
130,693
1,161,642
Aug
to Aug 31
Blackstone Val Gas&El.Sept
Jan
1,688
Lines—
(Subsidiary Cos)
1
2,794
2,755
188
3,028
to Sept 30--—-
Atlantic Gulf & W I SS
Jan
407
Year.
'
Year.
$
217,962
70,434
153,840
238,547
73,685
158,230
200,183
September
Louis & SubEl Paso Electric Cos.
42d St M & St N Ave
Galv-Houst Elec Co.
Grand Rapids Ry Co
Harrisburg RailwaysHavana El R.v. L & P
(Railway Dept) —
Honolulu Rapid Tran
East St
—Bal. of Net Earns.—
Curt cnt
Previous
—Int., Rentals, &c.—
Year.
$
INDUSTRIAL COMPANIES.
,
or
$
■
179,011
532,598
862,682
2,533,413
184,162
548,890
Sept
July 1 toSept 30------
S: s
$
.
Week
Month.
Previous
Current
Previous
Year.
Current
Year.
Year.
Year.
*
$
Buffalo Roch & Pitts
Bal. of Net Earns.—
Current
Previous
&c.
Previous
Current
Year, r
,
•
Name of
Road\
date.
Jan. 1 to latest
Latest Gross Earnings.
"
Interest Charges
100,312
16,226 '
*
157,033
------
70,434
566,052
.
34,589
293.571
33,913
255,635
89,593
764,455
83,097
622,460
200,183
1,764,481
184,899
1,487,741
Rapids Ry.a
Sep
1 to Sep 30——
107,960
967,498
109,592
924,265
34,336
376,426
51,143
407,239
Houghton Co Trac.a--.Sep
Jan 1 to Sep 30
22,596
228,103
28,410
232,122
8,733
91,844
14,692
100,918
20,861
179,929
17,346
156,594
Galvesiton-Hous .Elec.a.Sep
Jan 1 to Sep 30
Grand
Jan
Jacksonville
Jan
1
Key West Electric..
Oct 1 to Sep 30—
Lake
Shore
Jan
1
—
Elect
49,956
449,080-
12,342
141,660
41,789
146,502
5,253
52,725
4,457
61,215
133,404
1,075,872
125,742
998,520
63,872
447,575
59,365
431,927
64,139
523,706
62,006
471,229
25,492
27,543
176,870
Sep
Electric_a—Sep
to Sep 30—
Lewiston Aug & Wat.a.Sep
Jan 1 to Sep 30
Mass
55,357
499,240
Traction.a-Sep
Sep 30—
to
1
,
-
Cos.b—
204,012
-
2,933,945
2,821.607
1,186,138
Northern Texas Elec.a—Sep
Jan 1 to Sep 30
172,014
1,548.124
160,275
1,249.111
Paducah Trac & Lt.a—-Sep
Jan 1 to Sep 30
24.843
213,949
23,499
208,465
Pensacola Electric.a
Sep
Jan 1 to Sep 30-—--
23,307
211,371
23.815
1,291,816
75,993
680,909
July 1 to Sept 30.
'
212,272
79,446
571,952
69.815
-8,640
65,748
8,915
72.9*4
9,034
80,074
8,954
:
1280
THE
-Cross EtrningsPrevious
Current
Year.
lUads.
Phila O*.
(Pittsb)
April 1 to Sept 30.
Net Earnings—
Previous
Year.
Year.
%
1,665,353
$
Sept 1,901,150
11,861,253 10,359,062
Portl (Ore) Ry, L & P.a.Sep
Jan 1 to Sep 30
$
3,744,847
542,387
4,918,750
268,950
2,493,947
90,286
798,715
87,997
748,873
34,599
262,843
33,800
251,724
Republic Ry 9c Lt_*
Sept
250,813
Jan 1 to Sept 30—
2,192,176
(Me)
1
to
RR_*___Sep
Sep 30
224,138
1,926,296
95,875
864,225
43,142
391.038
67,291
611,986
62,783
551,283
22,922
200,723
73,362
612,092
62,989
559,252
34,200
278,970
Third Are Ry Syst_*-Sept
924,592
July 1 to Sept 30
2,896,444
825,239
2,547,418
359.872
1,115,157
Ttrin City Rap Tran.b..Sep
Jan 1 to Sep 30
787.891
6,568,762
730,844
6,089,072
400,540
3,232,544
Utilities
143,974
1,281,841
P_*-Sep
30
-
Savannah Electric.*.
Jan
1
to
Sep
Sep 30—_
Tampa Electric.*
Jan
1 to Sep
Sep
30——
_
Improvement..Sept
Jan
1
to
Sept 30
account, traffic and mileage statistics for two years, and also
the detailed balance sheet.
Below we give comparative statistics and
ineome account
for four years and balance sheet for
two years.
,
92,066
754,830
99,791
849,682
106,445
920,165
—
St Jos Ry, L, H &
Jan 1 to Sep
:
TRAFFIC STATISTICS.
39,004
363.634
.
1,872,212
202,958
1,659,781
29,823
265.370
Youngst & Ohio Riv.a.Sept
July 1 to Sept 30
23,878
71,415
23,759
65,983
Rev. pass.
379,157
1009-10.
9,023
,
No. tons per train m
Earn, per pass, train m_
Earn, per
2,979.162
freight train
Oper.
revenues per
483.83
mile.
437.75
$1.52022
$3.52568
m
$1.46264
$3.29282
"
$9,557
$10,360
84,746
406.33
$1.54401
381.26
$1.51109
$3.3137S
$2.98566
$9,738
$9,730
INCOME ACCOUNT.
599,374
•
..
Operating Revenues—
1912-13.
1911-12.
1910-11.
1909-10.
Freight..
$64,063,856 $57,740,418 $58,033,243 $58,224,537
Passengers
21,895.691
21,083,419
22,552,567
22,380,308
Mail, express & miscell.
7,370,823
6,978,540
6.748,795
6.350.214
Other than transp. rev—
909,377
788,589
832,357
812,441
Joint facilities
134,739
132,102
105,246
102,019
9,327
26,311
27,622
1010-11.
0.072
9,074
23,100,539
22,404,120
22.O14.30S
21,512,255
mile.1139958,615 1100846,373 1173436.093 1189871,613
1
carr.
1911-12.
•
1.921 cts.
1.915 cts.
1.922 cts.
1.881 cts.
Revenue freight (tons).
33,389,439
30,111,513
28.328.33S
27,867,618
Rev. freight (tons) 1
m_8791435,597 7675979,757 7116005,120 7435144,216
Rate per ton per mile—.
0.729 cts.
0.752 cts.
0.816 cts.
0.783 cts.
Av.
879,166
9.550
1912-13.
9,110
..
Rate per pass, per mile.
268,636
91,817
677,748
224,289
_
Operations—•
Revenue pass, carried—
140,357
1,258,386
Western Rys & Lt__—Sept
Jan 1 to Sept 30
.
Average miles operated-
16,183
145.020
-
embracing
Miller, comparative income
269,565
2,440,482
Jan
rem.
The annual report is given on
subsequent pages,
the remarks of President Darius
526.070
651,057
4,313,755
547,451
4,965,497
Portland
[Vol.
Chicago Burlington & Quincy RR.
(Report for Fiscal Year ending June 30 1912.)
Current
Year.
$
CHRONICLE
___
Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
c Including earnings from
May 1 1913 only on the additional stocks
acquired as of that date.
■
a
——
.
Interest
Operating Expenses—
Charges and Surplus.
Current
Previous
Current
Year.
Year.
Year.
$
$
$
Traffic expenses..u—
Previous
Transportation
Year.
General
■
Bangor Ry 9c Elec
-Sept
Jaa 1 to Sept 30-
:■
$86,723,068 $88,272,201 $87,869,517
Maint. of way &
struc—$12,535,863 $13,541,030 $12,406,279 $15,725,461
Maint. of equipment
16,133,215
14,294,033
14,761,137
15,057,165
—Int., Rentals, &c.— —Bal. of Net Earns.—
Raads.
•
Total oper.
revenue—$94,374,486
expenses
expenses
$
1,586,803
29,997,717
2,589,293
1,528.115
29,020,384
2,263,387
17,356
155,521
16,620
148,045
22,321
149,948
23.281
139,121
2,127
18,452
1,732
15,574
2,280
24,314
2,463
26.324
517,931
1,479,370
495,762
1,398,775
668,207
1,147,298
1,430.713
1,069
9,911
1,025
9.415
2,682
16,191
3,038
17,000
Opiating income-.2-$27,840.545 $22,650,360
Joint
Gape Breton Elect.
.Sept
Jan 1 to Sept 30-.
6,082
54.467
5,702
51,124
9,478
12.884
1,536,295
63,185
62.362
Carolina Pow fc Light-.
.Sept
Oct 1 to Sept 30—
11,093
118,532
8,485
96,900
118,554
*103,936
*22.635
Baton Rouge Elec
Jan
1
.Sept
Sept 30..
to
Total
^
July 1 to Sept 30..
Jan
1 to Sept 30—
Brockton 9c Plymouth..
-Sept
Jan
1
to
•
Sept 30..
Chattanooga Ry 9c Lt_.
.Sept
Jan 1 to Sept 30—
Columbus
25,327
220,039
22,596
196.788
(Ga) Elec...
.Sept
to Sept 30-
.169,276
51,467
258,873
6.771
34,511
Consumers' Power Co_. .Sept
67,542
565.027
52,391
Jam
1
Jan
1
to
Sept 30—
Dallas Elect Corp
Jan
1
to
24,601
Eastern Texas
Oct
to
Elect—
Sept
Sept
1,604,368
47,921
429.420
420,030
36.254
269.089
47,370
366.207
52,513
338,479
51.782
48,556
433,679
4,908
,
11,318
141,691
4,171
26.286
3,907
56,188
34,964
312,605
33,721
304,487
Grand Rapids Ry
Sept
Jan 1 to Sept 30—
8,969
129,119
14,753
131,793
Sept
Houghton Co Trac.
Jan 1 to Sept 30—
5,625
50,737
5.677
50,141
Jacksonville Traction—.Sept
12,975
104,554
10,085
87,447
7,886
75,375
2,589
1,150
39,927
2,664
31.393
-Sep
35,213
316,205
35,168
314,417
Lewist Aug 9c Water v.. Sept
15.630
136,112
14,304
1
to
Sept 30—
Galr-Houston Elect—_ Sept
Jan
1
Jan
1
to
to
Sept 30—
Sept 30-
Sept
Key West Electric.
Jan 1 to Sept 30Lake Shore Electric.
1
Jan
Jan
1
to
to
Sep
— -
30—
Sept 30—
:
30,418
1
Jan
to
_
54,629
49,376
317.973
451,850
25.367
36,390
275.446
247,307
Sept 30—
9,015
50,777
7,261,
»•
51.828
24,197
117,510
Portland (Ore) Ry ,Lt&P. Sept
176,918
Jan
»
1
to
59;546
Sept 30—
1,371
3.650
Operations of Quincy Omaha &
June 30
Year—
Net (after
Gross.
Taxes).
1912-13..-.$966,647
$43,210
1911-12
923,360 def.5.549
92,032
$
I
Adv.
121.245
to
prop..
for
cos.
construe., Ac.
402,198
Misc. investm'ts
2,919,453
4,815,366
Cash
11,858,600
Marketable see's
825,572
3,255,493
759,280
2,555,471
6,846,072
2,955,633
rec
Traffic. Ac., bals
Agts. A conduc.
Mater.
A
supp.
accounts.
3,734,376
19,371,132
496,539
Provident funds.
Unextlng.
on
fund. debt.
Other
Republic Ry & Light— Sept
Jan 1 to Sept 30—
44.0185
43,974
55,706
405.872
debit
657,251
Ry,Lt,Ht&P- Sept
to Sept 30—
20.198
181,122
a
Savannah
.
Jan
1
Electric.
to
_
—
22,673
193,789
Sept
Sept 30-.
•
48,092
357,387
19,294
.
186.625
16,142
144.416
249
41
■
6.932
25,371
40,024
237.597
225.346
253,605
766,816
192,863
580,757
*1 10,777
*361.757
*77,944
*306,006
Twin City Rap Trans._ Sept
Jan 1 to Sept 30—
144,111
1,322,846
143,079
1,284,712
256.428
1,909.698
1,694,450
Western Rys & Light— Sept
51,992
46,483
*42,256
460,596
403,167
*238,878
4,167
12,500
4,167
5,383
5,160
12,500
15,122
13,811
—
,
—
f
Third Ave Ry System- Sept
July 1 to Sept 30—
Jan
1
to
Sept 30-_
Youngst & Ohio Riv— Sept
July 1 to Sept 30—
*
:
4,452
604
29,769
4,431
41.373
Sept
Tampa Electric
Jan 1 to Sept 30—
236.078
*40,879
*215,408
After allowing for other income received.
ANNUAL
REPORTS.
1912.
S
18,281,801
*
Add'ns to
496,539
311,190
prop,
since June30'07
through income 21,421,219
Sinking funds.. 36,692,794
2,738,408
2,364,957
accqunt. 49,146,537
Profit and loss.. 41,892,618
Total
After deducting reserve for accrued
—
17.523,473
31,321,700
46,230,663
41,941,882
-....484,928,952 473,751,542
:
_
depreciation, $21,816,103.—V.97,
■
,
•
.
(Report for Fiscal Year ending June 30 1913.)
The report, signed at Columbus, Ohio,
Sept. 24
man Frank Trumbull and Pres. G. W.
Stevens,
says
by Chair¬
in subst.:
Results.—Extra
Dividend.—Operating revenues increased $513,964, or
7.04%; operating expenses increased $404,801, or 8.84%; taxes increased
$63,712, or 15.38%; miscellaneous income increased $78,323, or
11.28%;
rentals and other payments decreased $4,650, or
4.54% .and interest charge
increased $42,857, or 4%.
The result was net-income for the
year of
$1,916,404. being an increase of $85,568, or 4.67%.
Four dividends of
1H % were paid on capital stock calling for $769,965 and one extra dividend
of 4H%, $494,977.
The balance of $651,461 was appropriated to improve¬
ment of physical and other assets.
During the latter part of March and first part of April unprecedented
floods in the Scioto, Olentangy, Hocking and Ohio Rivers
damaged your
company's property and resulted in temporary suspension of through
traffic on all lines In the territory affected.
Nevertheless, the following
results have been achieved; operating revenues increased
$513,964; net
operating revenue increased $109,163: tons of revenue freight carried one
mile increased 5.6%, while revenue train-load increased from 852
tons to
988 tons, or 16%, not including company's freight.
The coal and coke tonnage was 7,964,314 tons, an increase of
3.5%.
Other freight tonnage was 3,214,322 tons, an increase of
23.7%.
Total
tonnage was 11,178,636 tons, an increase of 8.6%.
Freight train mileage
was
Reports.—An index to annual reports of steam
•ailroads, street railways and miscellaneous companies which
lave
been published during the preceding month will be
pven on the last Saturday of each month.
This index.will
lot include reports in the issue of the "Chronicle" in which
t is published.
The latest index will be found in the issue
>f Oot. 25.
The next will appear in that of Nov. 29.
1292.1
t
Hocking Valley Railway Company.
an
Annual
30.
page
Liabilities—
484,928,952 473,751,542
p. 594.
*
'*
see
Balance,
Sur.orDef.
sur.$36,089
def.
0,639
Income
items..
155,199
443.810
22,944
209.916
$43,002
47.621
.1913.
deferred
#
19,710
177,009
(Cr.)
$13,860
22,620
SHEET JUNE
,
disc.
23,546
1
RR.
Betterments
Capital stock... 110,839.109 119,839,100
Funded debt.-209,135,009
209,853,000
Traffic,Ac.,bals.
1,603,732 \ 1,969,785
Vouch. A wages.
7,193,401
7,955,602
402,260 Matured lnter't,
2,976,743
dividends, Ae. ' 2,159,031
2,182.398
8,733,765 Mat'd bds., Ac.
145,009
6,000
10,625,808 Misc. accounts..
367,529
447,330
824,972 Accrued interest,
2,895,531
divs:, AC'—
1,506,612
1,493,729
692,578 Accrued taxes..
98,499
72,000
2,247,678 Oper. reserves..
1,790,957
1,388,829
6,806,180 Liab. on acct. of
4,215,503
prov. funds..
496,639
496,539
1,303,000 Oth.def.cred.ltenu
440,485
329,513
'
1,131,950
18.096
148,868
Jan
Kansas City
Paid.
1
1,011,515
St Joseph
1,078
666.874
8.329.006
8.867.128
Road A equip.a392,937,058 382,972,533
8tocks & bonds. 27,798,050
27,600,503
22,677
10,254
96.525
397,443,
$910,767
853.746
8,506,016,
Rents
°
1912.
Assets—
Total
16,503
113,975
Sept 30—
Other
Income.
$22,015
23,902
BALANCE
1913.
2.706
1,482.432
to
$663,942
946,694
8,626.370
5,689
662.310
4,826,715$
8.867,12$
[For further details of 1913 balance sheet,
1,440
2,302
1.740
14,438
•
Sept
Portland (Me) RR
Jan 1 to Sept 30—
1
7,647,743
8,867,128
-
Misc.
148,320
1,308,532
Jan
$478,776
990,279
8,547,309
20,307
657,979
3,944,216
8,867,128
deductions—$26,884,600 $23,505,994 $24,598,888 $23,134,615
Balance, surplus
$2,915,875
$1,295,410
$3,149,880
$1,112,612
Temp. advs.,Ac.
Sinking funds..
54,422
380,144
$25,574,069 $21,723,533
676,470
745,786
1,498,220
1,777,908
Total
Bonds In treas'y
796,054
466,264
6,378
57,397
8inking funds..j
Approp. for betterments
Dividends (8%)
13,239
668,207
7,200
63,446
v
614,749
8,546,453
9,753
655,450
Miscellaneous
Loans A bills
'
25,024
191,808
7,175
Electric
funded debt.
on
46,995.
9.862
67.900
495,762
7,583
66.165
Pensacola
Interest
3,307
21,288
28,659
131,370
164,282
Income...$29,800,475 $24,801,404 $27,748.76$ $24,247,227
69,147
21,332
.
129,875
Sept
Paducah Trac & Light.. Sept
Jan 1 to Sept 30—
632,910
1,327,020
equip't—balance
facilities, &c
$1,158,072
Ac.,
3,108-
24,165
214,645
Sept
Gross corp.
Deduct—
199,447
517,931
July 1 to Sept 30—
facilities, &c.,rents
Income from invests, &c.
30,006
267.285
Mass Electric Cos—
Northern Texas Elect.
3,563,359
-
GENERAL
41,107
Jan
Sept
107,080
$28,623,193 $24,694,270
3,303,058
3,049,124
2,970,737
1,131.856
28,990
490.622
15,342
30—
El Paso Elect Co
10,093
70,482
102.434
24,666
213,340
49,748
442.994
Taxes accrued
Joint
134,644
460.113
220,145
Sept 30—
East St Louis 9c Sub
Sept
Jan 1 to Sept 30-_
122,701
H ire of
"
25.392
Sept
127,691
Total net revenue——$31,403,904 $25,953,418
m
15,947
119.996
3,898,
41,237
oper. expenses.$62,842,891 $60,646,949 $59,541,926 $63,010,965
(66.59)
(69.93)
(67.45)
(71.71)
revenue..$31,531,595 $26,076,119 $28,730,282 $24,858,552
Outside oper.—net def.
*69,175
27.869
153,141
12,845
122,019
Commonwealth P.R&L Sept
Oct 1 to Sept 30—
796,054
1.654,452
28,340,052
2.233,835
P. C. oper. exp. to rev—
Net operating
Bay State Street Ry—
>
1,581,805
28,543,204
2,249,500
1,471,616 miles,
a
decrease of 9%.
Ton mile
revenue was
4.38 mills,
increase of 1.2%.
Revenue per freight train mile was $4.32.6, an In¬
of 17.4%.
Tons of revenue freight carried one mile per mile of
crease
was
road
4,135,655,
increase of
an
increase of 5.5%.
Passenger
6.3%.
revenue was
$929,991,
an
Repairs.—There were 3,793 tons of new 90-lb. rails, equal to 26.8 track
miles, used in the renewal of existing main tracks.
The average amount
expended for repairs per locomotive was $2,254, per passenger trai* car
$536, per freight train car $55.
Additions and Betterments.—These during the year aggregated
of which $684,038 was added to
cost of read and
account.
"
$859,531,
$175,493 t* equipment
„
NOT.
THE
11913.]
CHRONICLE
During the past four rears our expenditures for equipment and other
additions and betterments hare been as follows: additional equipment ac¬
quired (less retirals), $1,687,§12; additions and betterments, $2,137,255;
$3,224,$67.
Rolling Stock,—The equipment in service June 30 1913 consisted of (a)
149 locomotives owned, increase 3; (b) 88 passenger train cars owned, increase 6; (c) 6,42$ freight train and miscellaneous cars owned, decrease 1,568,
due to continued retiral of light capacity equipment begun two years ago;
(d) 3,350 freight train cars leased under equipment trusts.
We have added
during the year 58$ fifty-ton gondola cars and have contracted for the early
delivery of 1,000 steel gondola cars of 115,000 lbs. capacity.
New Coal Dock.—The construction of a new coal dock and terminal yard
on the east side of the Maumee River at Toledo, opposite the present dock
of your company, has been undertaken dirung the year in order to facilitate
and increase the handling of coal for shipment to ports on the Great Lakes.
[As to sale of $4,606,000 5% notes for refunding, see a subsequent
page.—EdJ
■
*
TRAFFIC STATISTICS.
,
1612-13.
351
1911-12.
351
1910-11. '
350
1909-10.
Miles operated June $6.
Operations—
Pass, carried (steam).—
Pass, carried (electric)-Pass carr. 1 m. (steam).
1,780,424
496,716
$2,628,498
1,725,129
551,854
52,053,717
1,745,394
657,819
51,063,717
1,660,393
722,376
47,691,837
Avge.
rev.
per pass,
par
mile
350
(steam)
1.721 cts.
1.628 cts.
1.638 cts.
1.748 cts.
freight carried--. 11.178.636
10,292,971
9,792,066
11,194,476
Tons freight carr. 1 mile. 1453682,875 1377072,118 1323368,501 1405193,759
Av. rev. p. ton p. mile—
6;438 cts.
0.433 cts.
0.441 cts.
0.458 cts.
Av. rev. train-load (tons)
988
852
735
649
Earns, per pass. tr. mile.
$1.28
$1.18
$1.16
$1.13
Earns, per rght. train m.
$4.33
$3.69
$3.25
$2.97
GENERAL INCOUR ACCOUNT YEARS ENDING JUNE 30.
Freight
Passenger
Mail, exp. and miscel—_
Non-transportation
1612-13.
$
6,365,735
929,991
320,243
201,675
Total oper. revenue--
$7,817,644
781,109
1,595,266
106.384
Revenues—
——
—
—
-
-
1911-12.
1910-11.
$■
1909-10.
$
5,958,009
874,596,
280,991
190,083
5,839,913
868,192
245,818
218,808
6,430,798
869,102
236,602
246.531
$7,303,679
$7,172,731
$7,783,033
853,403
1,192,191
99,621
2,245,657
188,170
839,640
780.783
1,392,224
89.296
2,235,386
242,140
Expenses—
Maint. of way and struct,
Maint. of equipment
Traffic
-
Transportation
2,332,475
General
168,609
Total oper. expenses.
4,983,843
(63.8%)
2,833,801
772,478
4,579,042
<62.7%)
2,724,637
694,156
4,600,046
(64.1%)
2,572,685
765,176
4.739,829
(60.9%)
3,043,204
962,834
$.606,279
3,418,793
3,337,861
4,006,038
995,943
75,370
414,188
102,456
(7)770,000
876,256
129,149
95.917
345,435
58,373
(4)440,000
908,165
84,896
119,270
287,469
66,473
(4)440,000
♦533,028
2,357,957
1,060,836
1,945.130
1,392,731
2,439,301
1,566,737
Per cent exp. to revenue.
Net oper. revenue
Other
1,124,608
106,154
2,320,411
209,233
income.
__
Gross income
Deduct—
Interest
on
funded debt-
Other interest
1,055,660
-
v
equipment trusts
on
58.510
Taxes
477,900
Rentals, Ac
97,805
Common dividends.(11)4)1.264,943
Preferred dividends
—
deductions—
Total
2.154,818
651,461
-
Balance, surplus-'—
*
Includes dividend in full to date of retirement of preferred stock called
for payment April 3# 1910.
BALANCE SHEET JUNE 30.
1913.
Assets—
Road A
1913.
Liabilities—
S
equipa'ts** ,862,3** 88,549,578
Capital
Secure, prop.. At.,
cos.,
stock
*
11,000,000 11,000,000
19,886,000
4,000,000
1,655,000
763,714
362,933
Mortgage bonds.. 19,886,000
6§8,019
pledged—_
Misc.
secure., da. 1,891,718
Special imprevtm't
fund—cash
608,089 4H% gold notes'13 4,000,000
1,479,713 Equip, tr. obllg'ns 1,339,000
Vouchers & wages.
873,654
605.859 Traffic balances.
507,204
596.273 Miscell. accounts.
91,519
..
Materials A supp.
664,685
14,739
Advances..—
1,629,164
Loans A bills ret—
162,312
Traffic balances..
94,728
Agents A conduct.
431,826
Miscell. accounts.
628,243
Secure. In treasury 2,785,501
Cash,
.
Insurance fund...
36,267
31,626
Other def. assets..
66,653
8inklng fund
Total
1912.
*
1,858
Int., diva.,Ac., due
1,016,892
69,617
370,665
374,115
Accrued Int., Ac..
103,980
Accrued taxes.307,780
110,000
56,704
Oper.
108,510
169,088
29,423
62,394
181,409
169,371
26,690
8,219,934
43,991
813,322 Oth.def.cred.Items.
62,780
331,666 Add'ns to prop'y
181,409
2,785,501 Sinking fund.....
169,371
29,217 Insurance fund..".
31,626
26,690 Profit and loss.—.68,709,855
63,081
.
reserves....
.
Total
.47,742,284 47,074,448
...
.
...47,742,284 47,074,448
,
I
...
on
the
Maytown and extending south about 12$ miles
through the Kissimmee Valley; 20 miles have been under operation the full
year; and 25 additional miles have been accepted by the company but not
,
j
operated as yet.
RESULTS FOR YEARS ENDING JUNE 30.
1912-13.
Statistics—
Miles operated
1911-12.
642
1,290,296
-
Passengers carried
Pass, carried 1 mile.^—
1910-11.
642
1,263,771
1909-10.
583
583
1,105,997
982,733
46.479,329
69,202,185
63,422,960
60,371,45$
Rate per pass, per mile2.767 cts.
2.759 cts.
2.427 cts.
No. of tons carried-885,888
727,204 ^
787,664
Tons carried 1 mile—143,199,802 118,456,221 121,013,132
Receipts per ton per m
1.712 cts,
1.772 cts.
1.777 cts.
Earnings—
$
$
$
Freight.2,452,214
2,098,830
2,150,04$
2.454 cts.
579.859
95,210,285
2.006 cts,
$
1.910.295
1.276,051
428.509
72,579
———
1,914,798
572,141
97,903
15,261
1,749,974
492,321
91,179
5,368
1.465,231
494,653
5,021,795
4,426,935
4,181,278
1,837,346
1,618,491
1,327,413
770,842
706,790
92,189
General
147,436
695,836
588,595
83,775
130,384
514,243
Maint. of equipment—
Traffic
3,554,603
1,467,192
I 3,117,081
214,519
207,937
16,770
495,000
186,561
134,282
15,748
468,875
Passenger
Mail, express, &c——
Non-transport, revenue
Outside oper., deficit—
Total--
—
—
73,453,
2,107
3.687.434
Expenses—■
Transportation
Maint. of
—
Ac—
way,
——
—
Total
;
Net earnings-—
Deduct—
Taxes
Hire of
equipment
190-23
Rentals
1st M. bonds—
Int.
on
Int.
on gen.
M.bds.. (2*4%)500,000(2*0500,000
*
Cr.7,465
Cr.46;832
deductions—
Total
1,426,761
40,431
-
Balance, surplus
pledged---
•
Cash for matur.lnt.
Loans & bills rec_.
Misc. accounts.-Mat'ls A supplies.
Def. debit Items.Profit and loss
Total
After
2,063.710
1,577,56$
2.205,813
1.481,621
173,641
97,481
164,775
49,904
5,359
450,000
450,000
(4)800.000(3*0700.000
Cr.21,508
Cr.2,341
10,824
1,510,43$
1,367,697
113.924
67,130
1913.
0
$
Cash
'a
64,995
100,077
1912.
1913.
Capital
5,000,00* $,000,000
First mtge. bonds. 11,000,000 11.000.000
Gen. M. inc. bds.20,000,000 20,000,000
Loans & bills rec_.
500,000
Traffic, Ac., bals.
62,504
"lb", 846
Vouchers A wages
649,171
$88,153
Mwc. accounts... 7,785,281
$.420,548
6,503
Matured interest.
506,142
trued taxes
93.004
107,64*
nmatured Int
41,25*
$41,250
33Tr6?9
Other deferred
63,319
reserve
stock
credit items.
131,079
46,706.943 42,696,267
deducting
*
315,557
550,747
236,619
6,502
864,530
206,079
867,6'
63,319
396,299
556,747
245,221
6,142
759,599
245,616
932,176
697,921
88,958
1115.
1912.
*
Liabilities—
*
.
equip. _.e41,814,945 39,116,614
Adv. for const.,Ao.
Secure, unpledged
p.
76,721
106,004
1,258,634
51,220
Stocks prop., Ac.,
cos.
1,108,770
447,731
484,240
-
GENERAL BALANCE SHEET. JUNE 30.
Assets—
Road A
579,329
1,309,854
Other interest
*5,963
$4,94*
—45,706,94* 42,*96,267
Total
for accrued depreciation, $4*4,$79.—V; 97,
'
Carolina Clinchfield & Ohio
Ry.
(!Supplementary Data for Year ending June 30 1913.)
On Aug. 16 last
1912.
*
aggregated $267,363.
Branch.—Satisfactory progress is being made by the contractors
branch line commencing at
-
Tons
Int.
Improvements.—The expenditures of the year for additions and better¬
ments
~
»
1281
(page 439)
we
published the comparative
income account for the months of June 1913 and 1912 and
for the two fiscal years ending June 30 1913 and 1912.
We have been favored with the following information:
The changes in the items of "interest on funded debt" and "interest on
equipment trusts," which are given as $761,352 and $153,222, respectively,
in 1912-13. against $887,196 and $134,625 in 1911-12 (the total of the two
items being $914,574 in 1912-13, against $1,021,821 in 1911-12, a decrease
of $107,247), are explained as follows:
(1) Canceled
during the Fiscal Year
1912-13, Aggregating $$,$$$,$57.
Coll. notes, due
July 1 '12.S1,000,000 Equip,
from
Cofll.notes,dated Feb.15'11
41,300
Elkh. So.
' 797,557
Ry. 5% notes.10-year 5% gold notes re¬
duced
(2)
"A," reduced
notes
$1,950,000
430,000..
to, $1,-
--$$20,000
Equip, notes "B," reduced
3,000,000
from $900,000 to $700,000 200.000
Increase of $1,486,000 in lsf M. 5% Bonds Figured in Interest Charges.
The amount of 1st M. 5% bonds on which interest was figured increased
$11,514,000 to $13,000,000.
The interest on Elkhorn Extension
1st M
notes is not charged against income, but to cost of construction.
•
from
.
After
deducting reserve for accrued depreciation of equipment, $878,206.
6 After deducting in 1912-13 $101,540 for old accounts written off
and sundry adjustments.—V.
97, p.
1203.
a
Florida East Coast Railway Co.
(Report for Fiscal Year ending June 30 1913.)
The late J. R. Parrott, as President, wrote Oct. 15 in part:
Results.—The gross operating revenue was $5,021,795, an increase of
$594,860.
The gross passenger earnings show an increase of $164,824 over
1912; gross freight earnings increased $353,383.
The gross earnings per
mile of road operated were $7,817. '
Operating expenses increased $437,522.
The expense of operating in¬
cludes $63,862 set aside as a reserve for depreciation of equipment,
pursuant
to the rules of the I. C. Commission, over and above the actual
expendi¬
tures for repairs and renewal of equipment.
There was actually expended
in maintenance of way and structures $770,842, against $695,836 for
year
1911-12, and in maintenance of equipment $706,791, against $588 595
Transportation expenses, in which are included employees' wages, increased
$218,855.
Outside of the increase of expense incident to greater volume of
.
business,
had
considerable increase in our pay rolls, made neces¬
sary by the general advance in this respect by all Southern lines.
In addition to this, during the past winter our fuel account was much®
heavier than usual, due to car shortage in the East and our
inability to get
coal under contract, necessitating our going into the Southern markets and
buying coal at a higher price.
This, too, brought about a very heavy addi¬
tional charge for hire of equipment, by reason of the use of foreign coal cars
necessary to handle this traffic over our line.
we
a vary
,
Taxes
were
$214,519,
compared with $186,560 for 1911-12; hire of
equipment, $207,937, as compared with $134,282.
Net earnings amounting to $1,027,966 were available for the
payment of
interest ($495,000) on the $11,000,000 of 1st M. 4*£% bonds.
Out of the
remaining net earnings, amounting to $532,966, there will be paid on Nov. 1
1913
as
interest for the year ended June 30 1913 at the rate of 2)4% on the
outstanding $20,000,000 General Mortgage income bonds, such interest
amounting to $500,000, leaving $40,431 to be credited to profit and loss.
Other Indebtedness.—In addition to the two issues of bonds above
men¬
tioned, there is other indebtedness consisting of current liabilities and ad¬
vances made, by H. M
Flagler, amounting to $7,605,386, account of the
Key West Extension, which will be liquidated in accordance with plan for
financing the completion of that work; also $664,797 advanced on account of
the Kissimmee Valley Division, which branch is not covered by either of the
present mortgages.
Car Ferry, Docks.—Tho construction of a car ferry and of the
necessary
docks and wharf facilities at Key West to provide for a car-ferry line to
Havana is progressing satisfactorily.
(V. 97, p. 1115.)
Physical Condition.—The general excellence of the company's properties
has been maintained.
The rail in the main line is in good condition. 36 91
miles of which were re-laid this year.
There are 35.5 miles of 90-pound rail
in the main line and the rest is 70-pound.
The roadbed has been wellmaintained, as have the bridges, rolling stock and all other property.
TOTAL
REVENUES,
-
SHOWING
STEADY INCREASE,(000s omitted).
July.Aug. Sep. Oct.Nov.Dec. Jan. Feb.Mar.AprMayJune Total.
126
146
164
199
201
256
176
195
168 198
175 196
171
181
169
180
223
250 255
223 237
231
142
BALANCE
149 176 162 1.957
216 233 199 2,351
236 257 262 246 2,882
SHEET JUNE 30.
1913.
*
1913.
Property lnvest't-50,055,015 46,748,492
Securities owned.. 5,757,361
4,561,000
Other investments
37,927
37,927
Cash
453,028
222,689
Other work, assets 3,457,382
936,462
Acer, inc., not due
90,309
15,017
Def. debit items.1,361,839
279,705
Profit and loss
504,005
Total...60.055,435 54,462,724
-V. 97, p. 439, 364.
Liabilities—
1912.
$
1912.
*
Assets—
169
195 211
S
37,000,000 30,000,000
Funded debt.-.--20,630,000 21,200,000
Working liabilities 1,410,968
2,934,736
Accrued liabilities.
235,594
296,111
Def. credit items._
152,652
31,202
Capital stock..
Approp.
surplus..
.
Profit and loss.-.-
Total
674
626,221
:.60,055,435 54,462,724
,
Nashville Chattanooga & St. Louis Ry.
(Report for Fiscal Year ending June 30 1913.)
The report dated at Nashville, Oct. 1, says
in substance:
New Stock.—Of the additional $6,000,000 common capital stock offered
stockholders of record on March 20 1913, all except 132>4 shares
was subscribed
by stockholders prior to June 30. and this last was sold for
at par to
$17,371.
The proceeds will be used to retire $6,000,000 1st M. 7% bonds
due July 1 1913.
On
presentation of subscription receipts the new stock
will be issued which will share in dividends declared
subsequent to Aug. 2
1913.
(V. 96,
554, 1840; V. 97, p. 176.)
Betterments.—During the year there
p.
Additions and
were
charged to ''prop¬
erty investment, road," additions and betterments, aggregating $785,862,
142,054: additional second tracks, $331,546; sidings and
frincipally: Bridges, trestles and culverts, $43,701: increasedspurs, $$9,182;
weight of rail,
track elevation,
elimination of grade crossings. Ac., $79,827.
The expenditures charged to
property investment, equipment," were:
Locomotives. 5 bought and 5 rebuilt, less 4 sold, $133,851; passenger train
care, $17,508; freight train care, 350 bought, 62 built, 41$ rebuilt, Ac.,5
$474,746; less 259 retired and 28 converted to work equipment ($106,984),
§367,762; work equipment, credit, $939; total, $518,182; less depreciation,
$330,559; net, $187,623.
Road Department.-r-The total
expenditure for maintenance and Improve¬
$2,909,227,, or $2,363 per mile of main track; for the year pre¬
ceding, $2,032.
There were laid 78.30 miles of pew 85-lb. rail, replacing
80-lb. and 68-lb. rail; 760,793 cross-ties were used in renewals and 78,957
in improvements, Ac.
There were 138.730 cu. yards of ballast used in
maintenance.
The main track mileage was increased 2.12 miles by the
ments was
ns2
THE
CHRONICLE
[Vol.
building of a new line into Hickman.
A new classification of side line mile¬
age adds 18.20 miles to spur tracks and .52 of a mile to second track; 8.50
miles of second track and 12.83 miles of side track were constructed and
4.35 miles of side track taken up.
Net increase in all tracks, 19.17 miles.
The reduction of the grade for double track between South Cherry St.,
Nashville and Glencliff, 3.3 miles,
is
nearing completion.
Subways were
constructed at five crossings in
Memphis under city requirements.
A con¬
tract has been let for a new viaduct over
Running-Water Creek.
The second track from south of Vulcan to
Shellmound, 6.02 miles, was
put in operation Sept. 2 1912; an additional 2.48 miles between Whiteside
and Lookout on April 30, thus
completing the double track between those
points.
The second track between Shellmound and the draw at Bridge¬
port, 5.55 miles, should be ready for operation by Oct. 15.
The grading
of double track and reduction of
grade between Bridgeport and Bolivar
5.21 miles, has been completed, except for the reduction just north of the
depot at Bridgeport.
The grading on the second track, Wauhatchie to
Cravens, 3.56 miles, is ready for operation.
The grade reduction at Steven¬
son and the revision of the
yard at that point were completed on June 25.
•
v
OPERATIONS AND FISCAL RESULTS.
*
,
1912-13..
Miles operated June 30_
1._ —262
Passenger cars
Freightcars
1,230
261
251
232
238
237
238
10,212
10,077
10.0S4
9,684
630
635
525
488
>•
cars
__
Operations—
Passengers carried—...
Pass, carried
1,230
261
3,317,358
<
3,130,581.
2.979,863
126,417,565 119,669,068
mile__ 135,532,100
one
Rate per pass, per mile_
2.29 cts.
2.33 cts.
.
.2,771.397
108,788,035
2.36 cts.
2.36 cts.
Freight (tons) carried...
6,224,981
5,636,188
5,830,566
5,715.679
Freight (tons) one mile_933,652,813 822,258,933 857,931,472 846,228,627
Rate per ton per mile
0.995 cts.
1.03 cts.
1.01 cts.
0.99 cts.
$10,818
$1.27
$9,970
$1.23
$10,019
$1.19
$9,461
$2.11
$2.03
$1.94
$1.93
Gross earnings per mile.
Earns, per pass, train m..
Earns, per rgt. train mile
*
INCOME ACCOUNT.
1912-13.
Other
INCOME ACCOUNT FOR
YEAR ENDING
$1.20
1909-10.
2,954,793
1,126,745
364,318
33,264
2,786,014
1,064,746
340,847
29,399
44,806
5,231,985
4,775,891 '
4.479,120
4,221,006
627,364
1,177,997
582,208
570.040
1,039,76$
123,665
1,399,127
111,813
523,615
891,844
113,428
1,258,593
107,673
3,244,413
1,234,707
10,648
2,895,153
1,325,853
7,944
1,317.909
142,836
rev.
JUNE
30.
Traffic expenses
Transportation
General
expenses
oper.
3,389.376
1.386.515
1,408.705
176,041
1,381,231
172,020
1,224,059
1,232,664
321.369
1,209,211
228,054
167,867
1,062,018
369.385
165,065
119,634
1,175,073
227,424
97,258
1,719,098
1,605,132
1,551,037
1,499,755
219,562
300,221
64,695
Net operating revenue..
Outside oper .-net deficit
1,509,636
1,416,081
7,376
expenses.
1,736,409
119,471
3,815,904
expenses.,
_Total
1910-11.
1909-10.
$p,idi,779
.9,290,996
924,387
$2,946,752
8,460,360
855,563
$2,827,755
8,70?,680
788,428
.Neb
revenue
Taxes
211.960
199,037
300,221
300,221
173,147
300,221
80,355
(5)391.500
96,140
97,815
(5)391,500
(2)156.600
202,821
202,821
202,821
1,186.857
1,190,319
418,275
380,718
930,604
569,151
earnings-_$13,317,162 $12,262,675 $12,323,863 $11,637,203
$1,796,914
2,380,795
Traffic expenses
480,602
5,103,927
350,094
Transportation expenses
General
'
Total expenses
$10,438,783
P. c. of exp. to earnings.
(78.39)
income
$3,481,851
$3,559,149
$938,487
285,904
626,518
(6)599,079
$943,220
267,455
$3,257,025„
$919,638
$928,820
304,072
305,506
626,518
626,518
(7 %)698,932 (6 34)6491003
Taxes—_
Rentals
—
on
stock
626.518
(6)599,079
80,000
83,252
Res've for doubtf ul accts.
Additions to property.
Total
_
disbursements.
Baalance, surplus.r-._.
$2,549,160
$851,255
$2,509,847
$747,178
$2,449,988
$1,031,863
Operating
„
....
income
Hire of equip.—balance.
Inc. from
investm'ts, &c.
Total gross income...
Deductions—
&c.t
$136,283.
GENERAL
v;
■
$
Interest
Int.
bonds
on
...
■
on
equip, obligafns
♦Divs. on common
(5%)391,500
Divs. on pref. stk.
(6%)
202,821
Total deductions...
Balance, surplus......
1,178,799
540,299
-
The company deducts the
they
simplicity.
sake of
common stock dividends from the profit and
deducted by us from the Income account for the
are
GENERAL
BALANCE SHEET
957,938
Stock
1,650,099
Spec, deposit acct.
stk. (see contra) 5,986,750
Temp,
advances,
&c--.*
403,923
1912.
S
paid
$
(not
issued)..:.....
Traffic
5,986,750
155,677
1,085,655
71,837
Int. & divs. due..
33^84
Acer. int. & divs..
credit items.
>
Add'ns to prop'ty.
Profit and loss....
25,193
Total....
130,765
.
703,144
Taxes accrued
Def.
.....43,489,032 36,477,876
......
1..16,122,000 15,885,000
balances..
Vouchers & wage3
Miscell. accounts.
1,819,184
Mat'Is & supplies.
h
10,000,000 10,000,000
Funded debt:.
"1,521,614
1,080,,109
119,036
33,827
717,178
135,000
9,394
135,000
69,357
271.404
8,036,200
271,404
8,914,887
43,489,032 36,477,876
After deducting reserve for accrued depr'n, $2,505,142.—V.
97, p.-1115.
Alabama
Great
Southern
RR.
profit and loss $031,799, against $809,775 in 1911-12.
expenses
increased
$426,528;
of
this
increase $182,548,
Loans A bills rec..
Traffic, Ac., bals.
Agents A conduc.
Materials & supp.
Misc. accounts
Def. debit items..
$
7,830,000
3,380,350
7,830,000
3,380,350
5,686,600
1,591,000
324,000
93,381
429,425
Mortgage bonds.. 5,636,600
327,164 Equip, trust obllg. 1,243,000
26,093 Leasehold estates.
324,000
1,612,589 Traffic, Ac., bals.
126,615
530,014 Vouchers A wages
432,470
1,000 Matured Int., Ac.
54,123
14,396 Mlscel. accounts..
122,681
256,582 Accrued
interest,
64,573
dividends, Ac..
135,713
178,073 Accrued taxes
76,616
291,257 Def. credit items.
214,967
^
115,967 Profit and loss
2,728,298
,
54,540
122,025
.
.
138,361
74,896
229,735
Total
22,405,433 22,112,779
After deducting reserve for
a
Total
2,158,466
accrued
.........22,405,433 22,112,779
depreciation
equipment ,$1,-
on
448,496.—V. 97, p. 1202.
.
<
.
.
'
Toledo
St.
Louis
&
Western RR.
(Report for Fiscal Year ending June 30 1913.)
President W. L. Ross, Toledo, says in substance:
The gross operating revenue shows an increase of $469,937, or
12.16%,
increased $234,399, or 8.79%, and income from
$57,107 [due to the fact that no dividends were
received on shares of Chicago & Alton].
After deducting charges there was
a surplus from the
operations of the year of $63,762, contrasting with a
deficit of $55,928 (before payment of prof, dividend) in 1911-12.
Revenue from freight traffic increased $507,752, or 15.83%, the number
of tons carried one mile having
increased 19;92% and the revenue per ton
per mile decreasing 3.52%
(to .521c.).
Loaded car mileage increased
4,357,705, or 13.03%.
The increased disparity between east-bound and
west-bound tonnage also added materially to froight-train costs.
A sub¬
stantial portion of the increase in transportation expenses is chargeable to
the congestion of traffic following the flood conditions in March and
April.
Very satisfactory results have been accomplished in an industrial way, a
number of new industries having been located on your line of road.
The
revenue from passenger traffic decreased $19,527, or
12.12%, the average
rate received per passenger per mile being 1.70c., against 1.83c. in 1911-12.
Expenditure* for maintenance of way aud structures were $542,614
($1,204 per mile of road), an increase of $118,742, or 28.01%, of which
increase approdmately $25,000 is attributable to flood conditions in Ohio
and Indiana in March and April 1913.
There were placed in tracks 530
tons of new rail, 201,663 cr5ss-ties and 21,146 yards of gravel and 1,524
yards of sto le ballast were used.
Maintenance of equipment decreased
$54,759, or 3.83%.
;v.
7
operating
expenses
renewals, 112,982 eu. yds. of
placed in the track;. 7,177 lineal ft. of new standard fence
4,772 lineal ft. ofplain deck trestles were replaced by ballasted
ballast
dedc
The replacement of the approaches to the Warrior
ballasted deck and the raising of
OF
Curved Tangent
•
June 30—
Miles.
1913
19
.-.---50
400
19
1913- 7,925
1912- 7,858
;
/
v
—Miles
—
Rock.
32.167
31,217
24
24
-7
—-Descending—
Miles.
Miles
of Ballast—
Gravel.Cinders .Slag.
406
13
V*
13,
r:
Miles. Sum in ft.
220
3,608
220
3,608
3,426
3,426
406
7%,'
450.58.
TRACK JUNE 30— TOTAL MILES
OF
—Ft. Bridges, Ac
JuneSO.Steel. Trestles.
'.7
MILES
Level. —Ascending—
400
COMPOSITION
'
•
Miles. Miles. Sum in ft.
-50
-
1912
•
LINE—TOTAL
80-lb.
211
211
450.58.
of Rails——
70-/6.61 H
75-lb.
*40
240
170
1
32
H
244
173
1
AVERAGE REPAIRS PER YEAR.
Mile
Per
locomotive.
.
—
Per Pass.
Car.
$2,644 12
$711 55
2/J13 10
669 45
Per
Road.
1912-13.
1911-12,
^l,204 32
940 79"
.
Per
Freight
f
Car.
'
$66 09
75 80
or
42.80%, was in maintenance.
Transportation expenses show an increase
of $226,773, a substantial percentage of which was due to
increased scales
of wages.
During the year 4,728 tons, or 35.40 miles, of new 85-lb. steel
rail were laid; 217,374 cross-ties were used in
trestles.
securities..
Gash
Securs. in treasury
1912.
$
Common stock...
Preferred stock...
324,000
327,104
27,292
1,612,589
611,307
1,000
1,258
332,884
83,710
282,645
268,880
103,310
Dividends aggre¬
gating 5% ($391,500) were declared as usual on 'ordinary .stock out of ac¬
cumulated surplus and charged to profit and loss.
The increase of $90,512
in other income was due principally to revenue from
per diem rental of
this company's freight cats.
erected;
324,000
cos., unpledged.
Physical properties
,
the first half of the year, but notwithstanding the fact thnlt the
high water
closed some of the outlets to the north, seriously
affecting the revenues for
the month of April, the gross operating revenue for the 12
months shows a
substantial increase over that for the year 1911-12.
The gross operating revenues increased $456,094, while the
balance of
income after charges was $1,134,620, being an increase of
$122,024.
After
deducting the usual 6% dividends on pref. stock, there was carried to credit
new
Leasehold estates.
CHARACTERISTICS
Results.—Owing to the extraordinary flood conditions prevalent
during
March and April 1913 throughout Ohio, Indiana and
Southern Illinois,
the operating results for the last six months were less
satisfactory than for
Operating
equip't._al8,429,394 18,371,071
Sec. of prop., Ac,.,
Other
1913.
Liabilities—
7.;
(Report for Fiscal Year ending June 30 1913.)
Pres. W. W. Finley, Oct. 1, wrote in substance:
of
Road A
$
JUNE 30.
1912.
S
.
investments decreased
1913.
Capital stock
Bills & other accts.
*
Assets—
while
Liabilities—
equip't—*31,022,501 30,049,016
Phyaicalproperty.
346,237
357,706
Cash....---....- 1,128,453
1,309,700
Securities owned.. 1,483,163
842,347
Traffic balances..
•:
136,142
91,894
Agts. & conductors
373,826
461,222
Total
•
1912.
S
j\.sscts
Road A
receivable, Ac—
,
BALANCE SHEET JUNE 30.
1913.
..
162.041
.
Miscellaneous, rents, &c.
$2,599,524
$959,625
x "Other income"
in 191243 includes interest from notes receivable,
bank deposits, Ac., $53,624; hire of equipment,
balance, $309,629; rental
received,
5,284
.
Interest
Dividends
22,500
415.448
$8,437,258
(72.50)
$3,199,045
22,500
336,704
'350,721
$3,400,415
____
$9,279,960
(75.30)
$3,043,903
22,500
-
Disbursements—
425.103
4,429,496
300.680
$9,378,871
(76.48)
$2,883,804
Net earnings
$2,878,379
Income from investm 'ts_
22,500
Other income
z499,536
Total
$1,783,062
1,954,772
431,358
3,987,927
280,139
$1,863,673
2,261,008
2,227,346
463,317
4,569,759
321.535
120,101
,
accrued.........
$2,568,305
8,353.212
715,636
$2,123,365
1,040,604
136,827
154,663
loss surplus, but
1911-12.
Expenses—
Maintenance of way
Maintenance of equip't-
36,796
Operating Expenses—
•*
Mamt. of way & struct.
Maint. of equipment...
1913.
Total gross
361,606
$
from oper'ns.
*
1912-13.
Mail, express, rents, &c.
1910-11.
$
3,217,742
1,159,747
Total oper. revenues.
Also owns 2 steamers, 3 transfer barges, 1 wharf boat.
Earnings—
Passengers.,—
Freight
1911-12.
3,488.041
1,291,317
407.821
Frefht*17^ ^evcnues—
Passenger -11111111
Mail, express & miscl"
1909-10.
1910-11.
1,230
....
Locomotives
Other
1911-12.
1,231
Equipment*—
7V
.
xcvii.
River Bridge
grade between
bridges 259.5 and 259.7 were completed.
Maintenance of equipment shows
an increase of $137,392, due
principally to increased cost of repairs to loco¬
with creosoted timbers and
CLASSIFIED
STATEMENT
—Products
Fiscal
Agriciil. Animals....
OF
f
TONNAGE.
(tons) of—*—
'
Total
————r—
Mines.
Other.
'
All..
Forests.
180,484
1912-13610,262
1,057,346
381,663
1,272,450
3,502,205
232,964
1911-12—572,099
1,074,666
286.126
1,021,097
,3,186.952
166,207
1,450,377
274.852
1910-11
549,864
999.071
3,440,371
121,244
1,267,298
305.068
1909-10----483,633
1,063,288;3,240,531
In 1912-13 "other" includes iron and steel rails, 25,407, increase 7,548;
bar and sheet metal, 32,345 tons, decrease, 6,987; iron—pig and bloom,
Year
motives and
97,522 tons, decrease 18,528.
all
Equipment
freight-train cars, including higher wages paid to
substantially
classes of shop men.
Mary Pratt Yard at Birmingham, Ala.—This yard, designed for the more
economical make-up of freight trains, was completed.
[As to the proposition to make a new $25,000,000
mortgage, see a sub¬
sequent page—Ed.]
OPERATIONS,
Operations—
EARNINGS,
EXPENSES,
CHARGES,. Ac.
1912-13.
1911-12.
1910-11.
Average miles operated.
309
309
309
Passengers carried
1.008,807
906,475
866.128
Passengers carried 1 mile 60.882,050
55.176,048
53,106,663
Rate per pass, per mile.
2.12 cts,
2.10 cts.
2.12 cts.
Tons of rev. fght. carried
3.689.683
3,207,761
3,314,533
No. of tons carried 1 m_538,501,736 489,372.180
461,309,024
Rate per ton per mile0.65cts.
0.66 cts.
0.64 cts.
Tons of freight in each
train (revenue)_i
418115
408.39
407.24
Gross earnings per mile.
$16,910
$15,435
$14,476
1909-10.
309
761,669
June 30—>
1913
1912
-
——Locomotives—
No.
94
---94
Trac.Pow.(lbs.)
2,546,541
2,546,541
TRAFFIC
Operations—
operated
Miles
Passengers carried.
Passengers carried 1 m_
2.24 cts.
Earns, per pass, per mile
Pass, earns, per train in.
3,433,384
Pass.
Cars.
—Freight Cars
No.
Cap. (tons).
42
3,092
42
3,183
98,770
101,260
STATISTICS.
1912-13.
451
1911-12
1910-11.
1909-10.
451
451
492,236
623.087
664,497
692.156
21,130,622
22,259,001
25,595,531
1.699 cts.
1.835 cts.
1.785 cts.
26,640,808
1,676 cts.
$0.74
$0.72
$0.70
$0.70
451
Tons rev. fght. carried—
47,479.568
456,188',219
0.61 cts.
427.63
$13,642
3,502,205
3,186,952
3,440,371
3,240,531
Tons rev. fght. carr. 1 m. 712,650,963 594,292.909 585,108,885 619,644,032
0.521 cts.
0.540 cts.
0.527 cts.
Earns, per ton per ml
0.499 cts.
$2.38
$2.23
$2.38
$2.40,
456.06
412,3
450.9
481.3
$9,621
$8,578
$8,381
$8,370
■
Nov. 1
Passenger
and miscel.
1909-10.
408,459
248,948
Bangor &
Aroostook Railroad.
7
"
Year ending June 30 1913.)
R. Todd Oct. 21 1913 reported in substance:
(Report for Fiscal
$3,090,773
$3,084,521
456,773
236,383
$3,207,823
358,932
260,659
\
Mail express
1910-11.
1911-12. V
»
1912-13.
$3,715,576
";
EXPENSES.
AND
REVENUES
Operating revenues-,
Freight..
1283
CHRONICLE
THE
1913.]
446,672
235,191
Pres. Percy
Farnings.—The gross revenue was $3,252,421,'a decrease of $92 ,819
operating expenses were $2,219,096, an increase of $70,423, principally,:
due to the unusual expens&s connected with the Strike of enginemen,
the
$4,335,167
$3,865,230
$3,777,677
$3,772,636
struct.
Maint. of equipment. —
$542,644
565,563
$423,902
620,322
$456,134
Traffic expenses—.___
162,989
96,991
Transportation expenses
1,521,208
107,853
569,026
108,047
1,365,427
109,379
$407,870
533,060
92,047
1,245,382
107,413
$2,608,013
$1,169,664
$2,385,772
$1,386,864
Total oper. revenues.
Expenses—
;
;
•
,
Maint. of way &
General
expenses
expenses..
$2,900,257
$2,665,858
$1,434,910
$1,19.9,372
4
it
tf :;*r
t
,
.
259,200
57",120
288,400
57,120
27,419
28,501
$1,501,271
$1,324,767
$1,383,803
$2,020,085
$179,543
180,069
$171,052
133,375
'
3,964
$164,147
4 $179,505
—
159,022
equipments—bal.
22,967
954,390
— n_ —'
22,125
21,600
5,579
1,046,918
Miscellaneous interest..
7,259
Int. on equip. tr. certfs.
17,625
Adv.Tol. Term. Ry.int.l
21,600
"
Rentals—balance
Interest on bonds....—
Balance, surp.
(4)398,104
(4)398,104
$1,668,640
(2%)199,052
♦Deducted frofu profit
V-
i',
'
•
A';'"
.
unpledged.
c909,50l
909,501
<(503,250
Cash....-.--'--.-,
480,428
Agts. & conductors
33,614
Traffic, &C., bals.
130,341
Cos. & Individuals
276,653
Common
Funded
220,000
43,443 Vouchers & wages.
154,233 Agents' drafts
562,145
Int., divs.,&c.,unpd.
502,389 Misc. accts. pay'le
210,422 Taxes accrued....
171,056
84,854
384,243
87,345
171,168
141,956
107,668
221,808
104,026
118,878
229,673
123,604
.V 262,367
11^307 Interest accrued
132,026
119,258 Operating reserves
for T.
Reserve
91,800
T.
advances..
91,800
3,376
2,644,440
113,400
20,767 Oth.def.cred. items
908
Ry.
C25.858
Profit and loss..._/2,677,165
a
..52,843,403 53,204,830
Total.
..—52,843,403 53,204,830
Total
5195,582 reserve for accrued depreciation,
After deducting
pref.
pledged (par value $20,900,000) include Chicago & Alton RR
ft Securities
stock; $6,480,000, and common stock,
$14,420,000.
v
unpledged include Detroit & Toledo Shore Line RR. stock, $714,000,
and first mortgage bonds, $230,000.
d Securities owned (working assets) include Toledo St. Louis <fc Western RR. pref.
stock, $47,400; commongtock, $5,000; prior lien bonds, $450,000; and misc., $850.
e Includes adjustment between inventory value of equipment and original value
of equipment in service on July 1 1907, and also adjustment of discrepancy between
equipment accounts on general ledger and original value of live equipment as showh
by equipment ledger.t
,v
*
,.
/After deducting miscellaneous deductions amounting to $34,195 and deducting
sundry credits aggregating $3,157.—V. 97, p. 597, 366.
c
Securities
.
comparatively small annual outlay, and its alignment
maintained with a
general condition are unusually good for a property of its size.
FU
Betterments.—66 culverts have been replaced with cast iron pioe, 20 with
hard pine and 7 with concrete; 8 new cast iron pipe culverts and 13 new 'wood
culverts have been built.
Eight trestles, aggregating l„079.5Tt.in length;
have been replaced; 268.4 ft. with concrete culverts and earth fill; 811.1 ft.'
with cast iron pipe and earth fill.
>
.■
Proposed International Bridge.—With a view to increasing the traffic; a
charter has been acquired for the coiisuruuia-ju oi an
uAUonai ruiiv.ay
and
St. John River from Van Buren, Me., to St. Leonard's,
This bridge, if built, will, in connection with your liney
through route from Central New Brunswick territory
to Boston and .southern New England points.
The matter of suitable
traffic arrangements with the connecting railways in Canada is at present
the subject of negotiation (V. 97, p. 116).
Bonds.—$500,000 Aroostook County bonds (assumed) matured Sept. 1
1912 and $500,000 Consol. Ref. 4s pledged as collateral against their
bridge .across the
New
Brunswick.
afford the shortest
released and sold.
payment, were
We still have in a
size, were destroyed by
with one
acquainted with their duties.
Since then, train operation has been normal
We regret the expense of the strike but feel that the company could not
without permanent injury have yielded to the demands made.
Agreement.—An agreement covering new working arrangements has been
entered into with the Maine Central RR. Co., which should lead to in¬
creased interchange of traffic.
O \'
Report of Expert.—In the fall of 1912 William J. Wilgus, formerly VicePres. bf New York Central lines, was engaged to make an examination of
the road and its operating methods.
II is report states that the railroad and
its appurtenances are in excellent condition, and especially commends
the maintenance pf motive power. ancL the efficiency and economy of the
operating department.
His recommendations for betterments and im¬
J.
wrote in
van
N.
Raton,
Houten,
substance:
>
Sept.
M.,
1913,
15
for depreciation, &c.,
there is a surplus from the year's operations of $118,235 (contrasting with
$116,021 in 1911-12 and $227,466 in 1910-11).
Quarterly dividends of
5% for the year were paid on the pref. stock.
[The initial pref. dividend
was paid in Aug. 1912.
In July 1913 a first dividend, H of 1%, was paid
on the $10,000,000 common stock.1
On April 1 1913, from the 3 ets. per ton on all coal mined during the pre¬
ceding year, the trustee purchased and retired $41,000 of our bonds.
The condition of our propertias is satisfactory in every way.
The market
for coal in the Southwestern portion of the United States showed some im¬
provement and for coke a substantial increase over previous year, but there
was almost a complete suspension of shipments to smelters, railroads and
other customers in Mexico on account of the war in that country.
Bonds.—The company issued $199,000 bonds during the year in ex¬
change for railway bonds, the proceeds being used to purchase railway equip.
Improvements, Additions, Ac.—At the mines these aggregated $175,733.
The company also purchased during the year 14,593 acres of land and coal
Results.—After deducting fixed charges, reserves
rights in 31,000 acres.- ■
.
...
.
.
On the railroad 41,000 new ties were put in during the year,
ties laid at time of construction of the road in 1906-07,
•
>
i
OPERATIONS, EARNINGS,
30.
$1,910,908
1,621,999
1,301,819
$2,098,623
1,382,125
$1,974,244
1,306,733
$617,485
$606,089
$388,368
$716,498
($372,168
$667,511
$391,045
charges-_____ 1
(5%)
dividends
Surplus
$385,956
\
/
deductions
—
— —.
10,071
14,952
113,294
50.000
101,700
101,912
$68,235
$116,021
$227,466
;
,
express,
ser¬
car
173,024
188,442
174,138
148,056
3,252,421
3,345,241
3.173,112
2,990,530
493,449
413,676
37,386
1,117,522
*157,063
551.687
346,996
45,964
1,066,529
137,497
2,219,096
(68.23)
1,033,325
2,148,673
(64.23)
1,196,568
3,440
119,403
2,003,772
•(63.15)
1;169,340
r4,236
45,841
1,785,290
(59.70)
1,205,240
;
15,008
20,912
1,073,725
154,033
xl, 119,263
1178,629
gl.179,320
£172,742
xl,297,892
xl ,352,062
1,079.980
55,276
965,777
35,106
(4) 127,944
(4)124,584
(4)104,212
1,314,043
1,292,145
def.180,265
def. 64,387
■
1,259,840
sur. 38,052
1,267,044sur. 85,018
vice, rents
Total gross
earnings..
Operating Expenses—
'
Maint. of way & struct.
Maint. of equipment.__
Traffic
expenses—I \
Transportation expenses
General
expenses..
Total—.
—
.
Per cent exp.
Net earnings
to earns^.i
Outside oper.
Taxes-..
(net loss).
1,322
.
Operating incomej.
110,587
921,417
.
L
income
212,362/
$201,628
1,133,779
1,227,758
1,133*517
73,828
1,099,189
62,9011
10,740
Discount
on
bonds sold.
161,949
Improvements & equip.
Dividends
Total
.
—
(3%)95,958
...r—
Balance, stir,
or
def
in 1912-13 $23,751 from extraordinary
expenditures in connection with labor troubles and other unusual matters.
x Comparison
of items so marked is somewhat inaccurate, the figures
General expenses were increased
having been changed in later years.
CONSOLIDATED BALANCE SHEET JUNE 30
1913.
$
1913.
$
320,877
389,560
receivable.
245,088
-
434,736
176,407
20,563
Accrued int., &c._
Pref. stock divs..
9,532
7,431
Sundry accounts..
on
accounts.
_
Reserved for depr.
•lals and sup-
'86,742
Total
.....T —
St. Louis
111,858
Surplus
187,185
190,900
12,561
8,237
561,549
969,471
"""938
460,326
915,892
Total .........20,511,878 20,156,197
.20,511,878 20,156,197
Rocky Mountain & Pacific Ry. Co. guarantees principal ($60,-
000) and int. on 1st M. 7% 10-year
Ry.
This guaranty is secured by
ailroad, &c*—V. 97, p. 803.
gold bends of Cimarron & Northwestern
first lien on 22 miles of standard-gauge
,
„
-
,
$
,
1913.
$
Cash
Traffic, &c., bals.
Agts. & conductors
Miscell.
accounts.
282,500
86,078
28,327
501,182
406,526
18,452
309,341
2S7.957
74,745
Materials & supp.
71,386
37,284
382,114
80,025
131,983
26,425
Discount
409,590
on
bonds
Special deposits
Oth. deferred debit
items
a
o
Matured divs.,int.
& rents
Miscell.
unpaid ,&c
accounts.
214,269
18,226
247,180
130,321
267,387
33,213
314,750
161,948
111,830
161,949
236,405
Divs. declared,int.
& rents not due.
Deterred
30,028,803 30,185,294
—:
$
3,198,600
3,198,600
Bonds & car trusts. 624,263,000 24,455,000
Loans & bills pay. 1,527,589
1,183,522
17,886
12,562
Traffic, &c., bals.
Vouchers & wages.
239,681
220,179
Capital stock
items...
Approp'd surplus.
Profit and loss
Total.
1912'.
$
Liabilities—
equip't—a27,977,830 28,003,955
on hand
148,701
367,558
for coupons
267,387
314,750
Adv., pay'ts, &c__
10,000/
Notes payable
11,449
coke
:d
•y
317,269
•
(INCLUDING NORTH¬
SEAPORT RR.).
1912.
Road &
do
10,000,000 10,000,000
1,000,000
1,000,000
First M. bonds. 7,606,000
7,448,000
153,1591
143,856
Accts.&wagespay.
Common stock.
Preferred stock.
lary cos_r—
and
$
St.L.R.M.&P.Co.-
19,448,630 19,087,933
itments in sub-
.
S
Liabilities—
;rty & equipnt
1912.
.
2,110]
J
Other interest
SHEET JUNE 30.
1912.
447,229
335,727
33,804
839,878
128,652
503,360
368,689
39,997
962,665
129,061
Fixed Charges—
on bonds
Interest
Assets—
sets—
1909-10.
530
_
Mail,
ERN MAINE
BALANCE
1913.
1910-11.
618
1911-12.
631
1912-13.
631
■
*
64,767
16 1913.
Dividend No. 1 on common stock, ^ of 1%, was paid July
CONSOLIDATED
1,794,413
EXPENSES AND CHARGES.- *
Total net income
'
$2,239,484
Reserved for deprecia¬
tion and renewals.
Pref.
JUNE
1909-10.
Net income
-
Total.
1,620,065
(revenue)781,519
778,567
760,825
743,707
Pass, carried 1 mile-.27,143,462
27,873,016
26,736.732 26,876,322
2.37 cts.
2.34 cts.
2.31 cts
2.26 ctsRate per pass» per mile
1,612,667
1,667,906
1,794,413
Rev. freight (tons) car'd
1,620,065
do
carried 1 mile...213,939,597 225,213,544 204,794,594 191,230,064
1.15 cts.
1.15 cts.
1.12 cts.
Rate per ton per mile
1.15 cts.
$5,643
$5,134
$5,306
Oper. rev. p. m. of road.
$5,158
'
$
$ ■■■
'•
Earnings—
' $
638,144
626,846
631,264
Passenger
626,929
2,204,330
2,372,128
2,525,535
Freight
—_
2,452,468
Other
1910-11.
Cost, expenses and taxes
Other
ENDING
,
replacing
1911-12.
1912-13.'
Gross revenue:—
Interest
YEARS
FOR
ACCOUNT
INCOME
.y::
Analysis of Freight Traffic (Tons).
Coal,
PotaOther
MiscelProducts.
Ac,
toes,. Ag.. Prod. Paper, laneous.
1912-13 ——593,740 195,163 372,681
63,462 155,273 239,746
1911-12 -—721,199 222,244 388,323
79,261 151,659 231,727
Forest
'
-
,
'*•'
into effect.
provements are gradually being put
Pass, carried
(Report for Fiscal Year ending June 30 1913.)
Pres.
fire and your company was deprived thereby
considerable freight earnings.
It is understood that all of these mills, ..
exception, will be rebuilt upon a larger scale; also that a hard-,
wood mill will soon be erected at HarVey Sidingr—
The potato crop this fall, it is generally believed, will be greater than in
any previous season, and of good quality.
Prices are high and the expec¬
tation is that Aroostook County will be prosperous, with free movement
of merchandise.. We hope during the fiscal year 1914 fcr a bettertraffic
showing than for several years past.
4 'v »« ; •:&%» .
Strike.—Cur locomotive engineers and firemen went on strike Jan. 18.
For a few weeks the service was impaired while the new men were getting
of
Average miles
Rocky Mountain & Pacific Co.
bonds in
special deposit $282,500 realized from sale of
previous year and applicable to betterments and improvements;
$192,000 equipment trust obligations have matured and been retired.
The permanent financing of the loans and bills payable is under ad¬
visement and is expected to be accomplished as soon as investment condi¬
tions are favorable.
"
•
- - - "*<Outlook.—During the past year a number of lumber mills, including two
the
Operations—
St. Louis
J' v.--o'-'j
Maintenance.—Leading items of repairs are: New 85-lb. steel rails, 842
cedar ties, 106,121; ballast, 32,311 cu. yds.; ditching by machine,
28 514 cu. yds.; tie plates, 15,000,
The company is fortunate in having a local supply of cedar ties whose
life
when protected with tie plates, is unusually long; also in having nur.
merous gravel pits on each division,so that ballasting c?n be done at mod¬
erate cost.
Its rails are heavy, there being 240 miles of 85-lb. and 400 <
miles of 70-lb. steel in main track.
For these reasons, the track is well
of large
(See
770,000
Oth. deferred debit
items.;
debt
Ry. & Ind. Sec.)28,377,000 28,477,000
Bills payable.....
395,591
'
e2,194
213,700
11,307
*149,768
113,400
Unadj. fgt. claims
Adv. to T. T. Ry.
s v.;:10,000,000
stock.-.10,000,000 10,000,000
$
Preferred stock. —10,000,000
503,100
Sec. (work, assets)
1912.
1913.
Scours,
Materials & supp.
A'- 4
.
Liabilities—
S
Securs.
Loans & bills rec..
50.
1912.
1913.
&c_a38,457,389 38,486,345
pie iged..611,527,000 11,527,000
Cost of road,
Miscellaneous-.-.
sur$351,444
and loss account, but here shown for simplicity.
BALANCE SHEET JUNE
.
31,125
16,200
26,625
21,600
•
deductions-...
Total
.
89,653
15,021
954,390
954,390
$1,437,508
$1,579,746
$1,709,110
or def... sur$63,762 def$254,980 def 325,307
dividends
♦Preferred
r./.t.ij't'-i.
thorough.""
$1,386,864
57,120
9,241
Total net income....
Hire of
Stock.—The property is unusually well supplied with equipment A
of which-, especially since the erection of the centrally
at Milo Junction in 1906, has been both economical and
Rolling
located shops
1909-10.
1910-11.
$1,169,664
.
129,600
income......
—i.—-
;
114,240
11,155
Div.onD.&T.S.L.stk
Tax w
1911-12. g
$1,199,372
1912-13.'v
Chic. & Alton—
Preferred stock.._...»
Common stock—
on
Other
,
the maintenance
INCOME ACCOUNT.
revenue.:$1,431,910
operating
Divs.
Dividends.—Two per cent was paid on the common stock in Jan. 1913.
in view of the restoration of normal conditions after the strike, the
directors felt warranted in declaring 1 %, payable out of accrued surplus.-1
In Jane
tons; new
'
•
Net
102,935
operating revenues.
iV.J
Net
1,421,708 C
y'r.j
declared in January;
which was
Total....30',028,803 30,185,294
After deducting reserve for accrued depreciation, $116,628.
Of the loans and bills payable $1;439,233 was incurred to retire
ment
trust
obligations, leaving
97, p. 1202.
cumbered.—V.
this
amount
of
equity
equip¬
free and unen¬
1384
THE
United
States
Steel
CHRONICLE
Corporation.
{Report for Fiscal Year ending Aug. 31 1913.)
The following statement of the corporation and its sub¬
Chairman Wilberforce Sully, New
York, Oct. 22 1913,
sidiaries for the quarter ending
Sept. 30 was given out on
Tuesday after the regular monthly meeting of the directors.
The "net earnings" as here shown were arrived at after de¬
wrote in
ury,
debit
For unfilled orders on hand see "Trade and Traffic Move¬
ments" Oct. 11 1913 (page 1001).»
' 1
SEPT.
1913.
1911.
$
Net
earnings,
Deduct—
Sink, funds
bonds of subsid. cos.l
on
30,063.512
29,522,725
6,306.568
7,130.959
7,658,049
5,614,708
1,697,255
5,683,964
1,627,998
5,761,157
1,550,806
14,442,922
6,304,919
6,353,781
14,970,011
15,093,501
6,304,919
6,353,781
14,118,531
15,404,194
6,304,919
6,353,781
11,348,778
2,434,801
2,745,494
Deprec. &
reserve funds (reg. prov.) J
U. S. Steel Corp. bonds,
Sink, funds on U. S. Steel Corp. bonds
Int.
on
Balance
Dividend
Dividend
______
pref. stock (1%%)
on
on common
(f fi %)_,
stock
Surplus for quarter,,.
On account of expenditures made and
to be made for additional
property,
24,007,478
Balance, surplus for quarter
in 1909-10.]
Dividend Policy.—In certain quarters there
appears to be a misunder¬
as to the policy pursued in the matter of the
payment of dividends
since the
resumption of dividends in Sept. 1908.
Therefore, to make the
matter plain, we subjoin the
surplus net earnings in two different periods in
our history under
substantially different managements, and explain the
dividend policy pursued by the board;
standing
11,348,778
1913.
2,434,801
1912.
2,745,494
34,426,801
17,826,973
*7,509,207
*8,846,821
*8,746,237
First quarter.
*13,072,710
May
__*14,554,566
*13,592,537
June
quarter
38,450,400
114,097,014
30,063,512
72,992,750
14,684.001
23,519,203
9,412,573
37,616,876
9,105,503
13,414,956
13,229,289
13,526,715
28,108,520
8,750,467
10,710,145
10,062,113
40,170,960
12,132,188
13,132,755
12,100,244
29,522,725
81,150,448
37,365,187
115,153,023
'9,590,444
*
Net earnings
Deduct—
1912.
ance
are
here shown in
excess
and bond interest.
of all charges,
including mainten¬
'
■
Second period, 6 years ending Aug. 31 1913
621,544
Malting Co. Nov. 1 1908 to Nov. 1 1913
working capital for sink, fund payments.
3,729,265
2,064,920
1,032,460
Balance, surp., for second period, Sept. 1 1907 to Sept 1 1913-
$631,885
Pref. divs. paid by Am.
Reservation
to recoup
When the report for the year ending Aug. 31 1908
board in Sept. 1908, showing a surplus of
placed before the
$952,704 from the operations of
1910.
was
that panic year, the directors considered that the result
warranted the belief
that the working capital and credit of the
company were fully adequate
to the handling of the business in most
trying circumstances, and the
policy was adopted of paying out substantially the full amount of dividends
warranted by current surplus net earnings,
taking into consideration,
however, the fact that by the terms of the mortgage securing the outstanding
bonds, an amount equal to 50% of the dividends must be paid to the
sinking
fund for the purchase and cancellation of bonds and should be restored
to
working capital out of the surplus net earnings of each successive year.
Ownership.—During the
stock have been
1911.
Average.
Total.
$220,623 $1,544,362
First period, 7 years ending Aug. 31 1907.
Stock
INCOME FOR NINE MONTHS TO SEPT. 30.
.
[Net earnings
■
After deducting interest on
subsidiary companies' bonds outstanding,
$838,497, $847,132, $842,298, $839,524, $831,627,- $830,669,8831,260,
$828,074 and $823,797, respectively, against $723,657, $722,439,
$721,371,
$807,038, $847,294, $847,120, $844,975, $844,256 and $852,814 in
1912,
no such deductions
having been made in previous years.
1913.
Earnings, Two Periods with Dividend Deductions and Sinking
Fund Reservation for Second Period.
11,316,014
11,616,861
7,180,928
10,468,859
____
Third
$
5,860,416
Second quarter...... 41,219,813
25,102,265
July
:*12,936,658
*9,322,142
August.
*12,657,430 *10,583,377
September
*12.856,312 *10,157,993
Total nine months
1910.
$
■
*5,243,406
*5,427,320
*7,156,247
April
Surplus Net
1911.
$"
*11,342,533
*10,830,051
,._*12,254,217
March
balance of $634 standing to
Results.—Severe competition cutting heavily into the
margin of profit
NET EARNINGS FOR NINE MONTHS ENDING SEPT. 30.
January
February
a
and the character of the
barley crop itself, which was an expensive crop to
handle, together with several other minor
causes, such as heavier charges
i2UU?:mtenance and repairs, account for the smaller net earnings shown
$403.368. against $810,319 in 1911-12, $763,040 in
1910-11, and $242,452
plants, construction, &c_
new
($1,024), leaving
"Reserve Account."—Of the
$100,000 fund reserved out of profits for de&c., $43,212 was written off for bad and doubtful accounts and
$26,256 for depreciation,
leaving a balance of $30,531.
Working Capital.—The company begins its present fiscal
year with net
working capital of $5,236,327 [against $5,668,440 in 1912 and $5,400,000
'"
38,450,400
_
also at par and int.
of sinking fund.
During the year the company purchased in the open market
$260,000 (par value) of the
mortgage bonds for the treasury.
Adding those
purchased, and deducting $218,000 canceled
through the sinking fund,
leaves a par value of
$133,000 in the company's treasury, which are held
free as quick assets.
30.
1912.
substance:
Sinking Fund.—The sum of $223,820, due to the
sinking fund during
the year, was settled
by the delivery of $217,000 bonds to the trustees for
cancellation, these being credited at par and interest (in all,
$222,425), and
there was purchased for
cancellation a $1,000 bond from those in the treas¬
ducting the cost of "ordinary repairs and maintenance of
plants and interest on bonds of the subsidiary companies."
RESULTS FOR QUARTERS ENDING
xcvii,
American Malting Company.
{Earnings for the Quarter and Nine Months ending Sept. 30 '13.)
t
[Vol.
year additional amounts of
pref. and com.
purchased by American Malt Corporation (see above), so
that less than 1.78% of the capital stock of American
Malting Co. remains
outstanding in the hands of the public.
114,097,014
72,992,750
81.150,448 115,153,023
Sinking funds..;
.V
Deprec'n & reserve fds
26,857,708
21,677,576
21,173,278/
6,151,379
Interest
\
16,925,463
INCOME ACCOUNT FOR
±
17,139,924
17,355,244
16.954,736
17,550,121
20,000,000
3»,MV,£>U0
38,528,522
42,621,926
60,656,236
54,496,787
Construction;
Total
deductions..
4o,/oo,i/l
Balance
Common
Total
,
70,313,843 k34,175,250
Dividends—
Preferred (534%)
18,914,757
(3M%)
10 fiRi
-
dividends.
$
q*3
18,914,757
|Q.Pfil .843
df.3,800,851
—V. 97. P. 1050.
Packard
18,914,757
19.061,343
3/,Wt>,lU0
mos. sr.32,337,743
Undiv'd earns., 9
-
_
Motor
37,976,100
37,976,100
.4,645,826sr. 16,520,687
Company, Detroit, Mich.
{Report for Fiscal Year ending Aug. 31* 1913.)
f The annual report of this
prosperous corporation, one of the
pioneers in the United States in the manufacture of the high¬
est class of automobiles, will be found at
length on subsequent
pages of the "Chronicle,"^embracing the remarks of President
Henry B. Joy, the income^account, balance sheet, &c.
Comparative tables follow:
owned,loans & balances
1912-13.
1911-12.
Gross earnings
Not
S3,412,862
Depreciation..
stated.
on
bonds
—
Betterments &maint__
I
V
$777,039
162,110
88,574
122,987
1912-13.
1911-12:
Deduct—
1,230,486 Pref. divs., 7%___
S350.000
S350.000
Net earnings.....$2,157,472
2,182,3761Balance, surplus._ 1,807,472 1,832,376
As to 40% stock div. on com. stock of record Oct. 16
1913, calling for $2,000,000
flee V. 97, p. 1219.
AUG.
1910-11.
Sl,i72,764
31.
$1,081,778
169,973
V
73,445
75,320
1909-10.
171,969
99,333
91,143
$549,156
184,398
70,384
51,922
Total
deductions
$373,671
$362,445
$318,738
$306,704
Balance for dividends-.sur.$403,368 sur.$810,319 sur.$763,040
sur.$242,452
Pref. divs. paid in Nov.. *$179,056
a$223,820
Pf. divs. following May.(Not declared)
a223,820
&S179.056
6179,056
$89,528
C89.528
c
Bal. after divs.
div.
(6 mos.
only in 1912-13)
*1.24%.
1.55%.
a
$224,312
61.24%.
$362,679
$404,928
$63,396
'c 2%.
SHEET AUGUST 31.
BALANCE
•
-
'
•
>
Assets
i9i3.
.
1912.
1913.
1912.
$
$
Liabilities—
$
S
Plants & good will 27,585,000
27,585,000
Common stock— 1,100,000
1,100,000
Securs. other cos._
18,725
10,725
Cash-...--.;
723,864
1,258,035
Accts. & bills rec. 1,372,715
'2,436,46?
Taxes & Insurance
38,667
>*37,095
Inventories...... 2,437,786
2,401,686
Bonds purchased91,000
133,000
264
Sinking fund
634
95,000
Mtges. on real est.
95,000
-
.
YEAR ENDING AUGUST 31.
ENDING
1911-12.
malt, barley and
Deduct—-Int.
18,914,757
19,061,343
sr
YEARS
other products dealt in,
incl. int. on securities
Car
INCOME ACCOUNT FOR
on
Taxes
tU.biu.iO0
_
1912-13.
Profit
'
Cap. stock, pref.. 14,440,000 14,440,000
Cap. stock, com.. 14,500,000 14,500,000
First M. bds., 6% 2,616,000
2,834,000
Underlying mtges.
14,000
114,000
Accounts payable.
42,776
65,012
Accrued ta^es
32,011
29,446
.
Accrued Interest
bonds
Reserve funds
Profit and loss.
on
39,240
30,531
2,321,432
Total
...34,035,990 34,490,673
See report
of American Malt Corporation above.—V. 95,
Total :
42,510
'
100,000
2,365,705
.34,035,990 34,490,673
.
BALANCE SHEET.
1913..
A sscts
Construction
14,025
180,870
.
Branch houses
1,481,894
Investments
38,233
.
stock
42,500
8,136,025
-
InventoriesCash
...
Accts. & bills rec__
.—-V.
97,
p.
.
1,012,226
130,864
Total.
30,803
17,339,848 14,663,299
Liabilities—
138,000
i Common stock... 5,000,000
5,000,000
Preferred stock... 5,000,060
1,446,079
5,000,000
38,233 Debenture notes.. 3,000,000
2,000,000
Accounts payable.•
1,154,875
1,175,710
112,200 Res. for gen. purp.
178,717
288,805
5,3.51,217 Surplus
3,006,256
1,198,784
_
_
...
1,374,951
247,969
1,030,514
320,386
Total
1219.
American Malt
{Official
.....17,339,848 14,663,299
Corporation, New York.
Statement
of
October
22
1913.)
Pres. Wilberforce Sully, N. Y., Oct. 22 1913 wrote
in brief:
Additional deposits of stock of American
under the
plan,
.
so
Maling Co. have been made
that the total amounts owned and uuassented are:
Owned.
,
Common
stock
Preferred
stock
$13,082,400
14,264,500
Unassented.
$317,600
175,500
(The balance of the outstanding common stock of the American
Malting
Co.—$1,100,000—is held in the treasury of that
company.)
Disposition of Stock of American Malt Corp.—
Common.
Preferred
Exchanged for stock of Am. Malting Co. under plan_$5,756.256
$8 843 990
Reserved for outstanding stock of Malting Co
139,744
ios'810
Left free in treasury.
104,000
A7,2Q0
SB On Sept. 24 1913 the directors of the American
Malting Co. declared a
semi-annual dividend of $1 24 per share upon the pref. stock of
that com¬
pany, payable Nov. 1 1913.
As your company is the owner of
142 645
shares of said pref. stock, this dividend will
bring into your treasury
$176,880.
Your directors subsequently declared a semi-annual
dividend
upon the pref. stock of the corporation of 2%, payable Nov. 3
1913.
[In
Nov. 1912 and May 1913 dividends of 2M% each were
paid; in Nov. 1911
and May 1912 dividends of 2% each; Nov. 1910 and
May 1911 dividends of
1% each, and previous to these 2\b% each half-year from Nov. 1908 to
May 1910, incl.]
Compare report of Amer. Malting Co. below,—V. 97
p. 888.
•
•;
"
.
_____
__________
Edison
Electric Illuminating Co.
1333.
of Boston.
.
V
' §
«2> '
603,486
153,841
-:v
Rights, priv's, &c.
option
Assets (Con.)—
2,370,178 Vehicles in tran,&e
2,682,59S Advance paymerits
p.
.
1912.
in
,
Draw'gs, patt'ns,&c
Employees'
1913.
S
Real est. &bldgs__ 2,349,244
Mach., equip., &c. 2,716,809
progress
1912.
■
§
•
.
{Report for Fiscal Year ending June 30 1913.)
Pres. Charles L.
Edgar
on
Oct. 14 reported
as
U
follows:
Results.—The tables show that,except for 1910, when various electric
properties were purchased, the increase in the connected load has been far
greater than in any previous year.
The connected load to-day is more
than double what it was five years ago.
As stated in the last annual report, the retail price for electricity was
reduced on Mar. 1 1912 from lie. to 10c. per k. w. hour, thus saving the
customers of your company about $200,000 per year.
In analyzing the
following comparative statement of operations, this fact should therefore
be borne in mind, as the increase this year overJast year would have been
about $140,000 larger if there had been no change in price.
Additions.—The rapid growth in our business has necessitated many
additions to the property, especially in the construction of sub-stations in
the outlying districts.
The only addition in the L Street generating station
has been the purchase of,No. 8 turbine, of the same size and general charac¬
teristics of Nos. 6 and 7.
This new turbine will probably be put in opera¬
tion in the late spring of 1914.
The service buildings were opened July 1.
A lot of land, containing 6,000 sq. ft., has been purchased on Stuart St.,
Boston, and a handsome six-story building is in process of erection; two
floors will be used for transforming machinery, two for a storage battery
and the others will remain idle for the present.
A lot of land has been
purchased on Beacon St., Chelsea, and a modern fireproof sub-station is
now being erected thereon to replace the old station of the Chelsea Gas
Light Co.
Land has also been purchased upon Massachusetts Ave. in
Lexington for a sub-station that is now under construction.
A temporary
sub-station has been erected on
land purchased in Somerville and the
sub-station on West Canton St. has been enlarged.
A lot of land has been purchased on Central Ave., Dorchester, for a
proposed sub-station; also the property Nos. 42, 44, 46 and 48 Chauncy St.,
on which
at the expiration of existing leases in 1916, a large modern sub¬
station will be erected which will serve the shopping district.
General extensions of our distribution lines have also taken place in all
directions, the territory now covered comprising over 700 sq. miles.
Under¬
ground circuits are being installed in many of the thickly settled suburban
districts
but the general extensions will continue to be overhead.
New Stock --—These various expenditures have been temporarily financed
bv notes and it is intended to take the preliminary steps toward increasing
the capital stock by an amount which will provide funds to take up notes
issued from time to time.
(V. 97, p. 953.)
The issue of stock mentioned
last vear was all taken by the stockholders except 44 shares.—V. 95, p. 820.
Pensions -^A service annuityjor pension plan went into effect May 11913.
Number of
H.P.)
Motors.
Arc
Incandescent
Motors.
Lamps.
June 30— Lamps.
The
Connected.
Lamps and Motors
Arc
Incandescent
69,41.
57,094
1912 .—1,766,618
Total
1912.
3,075,783
1910.
1909.
2,408,926
1,803,803
1,638,544
OPERATIONS ENDING JUNE 30.
1911-12.
1910-11.
1909-10.
earnings.-$6,365,874 ' $5,787,345 $5,257,914 $4,709,456
STATEMENT OF
1912-13.
Gross
Booses^ (exci:deprec'n)_2>24JL99
2,371,564
2,243,276
2,107,228
operations
$3,641,675
M&ellaneous profits. —
103,957
$3,415,781
74,969
$3,014,638
78,271
$2,602,228
,80,202
...$3,745,632
$797,617
$3,490,750
$780,000
242,860
1,872,444
$3,092,909
$608,596
179,316
1,867,035
(12%)
$2,682,430
$2,654,947
$437,962
$2,268,882
$413,548
Net from
Total
Taxes........-----Interest
;
Dividends
...
390,065
...
1,950,333
(12%)
...
Dividends, per cent..
—
BALANCE
SHEET JUNE 30.
1913.
$
33,557,089
property
instal¬
Unfinished
3,276,603
456,667
742,182
3,028
receivable..
lation,...
Cash In banks.
Stock on hand....
able...
Dividends
461,840
508,943
....
20,000
20,252
fund
468,111
178,643 '•V; 75,538
330,598
404,259
19,304
38,631
135,805
158,587
546,000
•
Sundry open accts.
Reserve for maint.
sinking
In
Cash
S
18,200,000 15,603,700
30,892,167 Premium on stock. 12,936,876 9,951,131
215,000
First mtge. bonds.
163,000
1,250,000
1,513,883 Consol. bonds.J.. 1,250,000
156,673
125,268
214,133 Accounts payable5,642,000
4,404,500
626,759 Notes payable
'
31,500
51,000
262,578 Coupon notes
112,000
Accrued taxes....
108,000
,
receiv¬
Accounts
1912.
$
Liabilities—
Capital stock
and
Installation
1913.
1912.
$
Assets—
is made
Replacement acct.
block-signal system; (d) reduction of certain ruling grades,
economical changes of alignments; (e) construction of depots and
3.8,564,764 33,991,360
Total
38,564,764 33,991,360
731.
Building Co., Cleveland, O.
The American Ship
{Report for Fiscal Year ending June 30
.
1913.)
signed by W. L. Brown, Chairman of the
Board, and James C. Wallace, President, says in substance: A
Marine affairs on the Great Lakes for the past fiscal year have been rela¬
The report,
prevailed, and in consequence your company
favorable year, but probably equal to the average of all
business directly connected with lake operations.
Regular quarterly divi¬
dends of 1% %, ho.wever, have been paid on the pref. stock.
The company has built and completed 14 vessels, and has now under
construction 12 vessels.
The prospects for the coming year are not good
for new construction, as it has been demonstrated that, with the increased
depth of water and the rapidity that has been attained in loading and un¬
loading through the installation of new and modern plants at the loading
tively poor, low rates have
has not had a very
unloading ports, the present tonnage on the lakes is ample.
It is
believed, however, that a large amount of re-construction work will have
to be done during the coming winter on the smaller and older vessels to
enable them to take full advantage of the changes in methods of loading
and
and unloading cargoes.
At the close of the present fiscal year an audit of the company was made
by The Audit Co. of N. Y. and the balance sheet in this report shows our
T
affairs as so determined.
Carrying Capacity, Net Tons.
Vessels Built at the Several Plants and
(Carrying/capacity is based
(
,
Net
'
built
Vessels
5:
31,000
tons.
RESULTS
FOR
on
19-ft. draught.)
Detroit. PortArthur.
Total.
Cleveland.
Lorain.
•
YEARS
3
7,000
FhstP ConsoL01VI..
ENDING
JUNE
1909-10-
1910-11.
1911-12.
1912-13.
(number)__
14
12
22
23
50.800
26,000
54,000
153,500
$849,874
*$802,528
553,000
209,723
12,105
Net earnings....
Div.
553,000
pref. stock (7%).
Deprec. & maintenance..
Re-building docks, &C—.
on
243,400
$53,474
6,507,892
Balance, surplus.
Previous surplus..
*$954,862 *$1,980,654
553,000
553,000
289,423
272,032
28,221
271,299
v
$884,322
6,423,652
$84,218
7,003,975
$27,700
6,480,192,
of which, to be
5,686,600
-
t
$30,000 per mile, 290 miles, with
Wauhatchio, Tenn., to connect with South¬
ern Ry. tunnel line, to be issued as the work is done....
9,000,000
For general improvements in and after 1917 at $500,000 p.a. 7,813,400
The new mortgage will be a first lien on the 3.2-mile extension, to be
constructed-from W auhatchie to the Southern Ry. Lookout Mountain line,
and a lien junior to the existing mortgages, until they are refunded under it,
upon all the remainder of the railroad property of the company.
Subject to action by the stockholders, the directors have authorized a '
sale, which has been negotiated on fair terms, of the first $2,500,000 of
5% bonds, for the immediate issue of which provision is made in the plan.
With the proceeds of sale of such bonds it is contemplated that all of the
additions andjimprovements necessary to be made during the years
1914,
For second track at, say,
extension at
1915 and 1916 can be
hatchie extension; so
accomplished, including the construction of the Wauthat no more of the new bonds need be issued until -
undertake the construc¬
1917, unless meanwhile it shall seem expedient to
tion of second track on a scale more extensive than
With the
is now anticipated.
additional facilities contemplated by this plan the board
opinion that the revenues can
is of
be progressively increased each year in an
provision for all fixed charges now existing
or hereafter to accrue under the plan, and without disturbance of the rates
of dividends now currently paid upon the preference and ordinary shares.
The immediate addition to the fixed charges will be $125,000 per annum,while in the last three fiscal years the credit balance of income over and abov©
all fixed charges and dividends on both pref. and ordinary shares has been:
In 1911, $360,71S; 1912, $418,275; 1913, $540,299.
The balance to the credit of profit and loss on June 30 1913 was $2,728,298, represented largely by investments in iincome-producing securities
now in the treasury, and which it is expected to continue to hold, unpledged.
These investments added $130,303 to the corporate income in the year
ended June 30 1913.—V. 97, p. 1202.
sufficient
Alabama &
June 30.
Year—
to
assure
-Earnings.—For
Vicksburg Ry.
Revenues.
1912-13—.$1,861,937
1911-12... 1,605,190
—-V. 95, p. 1398.
Dividends
Interest and
Net
Operating
Income.
Rentals.
$482,659
388,802
$127,604
(7%).
$147,000
147,000
130.773
'
.
year:
Balance,
Surplus.
~
"
$208,055
111,029
»
Atchison Topeka & Santa Fe Ry.—Ratified.—The stock¬
on Oct. 23 approved the leasing of the Verde Valley
.
holders
Ry. and Dodge City & Cimarron
Lease.—The company has also
Ry.
.
Y
-'
.
.'.'
"
'
'
leased the Port Bolivar Iron
Ore Ry., extending from Longview, Tex., north to Ore City,
23.2 miles, and thence to ore lands, 12.7 miles.
The road was built about 2 years ago by L. P. Featherstone of Galveston,
Tex., and associates, to develop ore fields in Cass Co., in Northeastern
Texas, and has been operated under a temporary agreement terminable at
the pleasure of either party.
Compare annual report„ V. 95, p. 982.—
V. 97. p.
1199, 1212, 886.
British Columbia Electric Ry.—Fares
Increased.—The
Oct. 23 announced that, effective the following
day, the prices of city rides in Vancouver would be raised
from 6 or 8 for a quarter or 25 for $1 to a straight 5-cent farej
company on
30.
Carry'g capac, net tons..
Vessels built
total authorized issue, $25,000,000,
aDnronriatod for immediate issue for additions and impts, during 1914
1915 and 1916-- - - - -------- ~
..$2,500,000
To be reserved under specific limitations for following purposes:
To refund 1st 5s of 1927, $1,750,000, and general 5s of 1927,
14
50,800
2
4'300
4
8'500
'
with
track
shop facilities, enlargement of yards, spur tracks for
industrial and commercial development, freight houses, team tracks, ."fee. ;
The directors accordingly recommend the creatipn of a new first con¬
solidated mortgage to secure not exceeding $25,000,000 30-year bonds, to
be issued in lettered series, bearing interest at a rate or rates not exceeding.
amount
Total..
capital to these ends.
immediate provision of new
an
facilities, shops and
.
Proflt and loss.-..
-V. 97. p.
requires
matic
$546,508
166,778
1,555,596
(11%)
'
through
growing
The'necessary improvements so in prospect are: (a) Extension from northern
terminus at Waunatchie to a connection with the Lookout Mountain line
of Southern Ry. Co., leading to the terminals in Chattanooga; (b) gradual
completion of double-tracking of the entire line; (c) completion of auto¬
$3,936,600.
$607,617
Undivided profits
Notes
(12%)
$2,895,304
$595,446
deductions.....$3,138,015
Total
vision
company
/.'.V
1908.
1911.
2,773,838
"
1913.
3,502^925
favorable situation of the company's lines as a route for
securing a fair share of the traffic originating in the
traffic and for
(H.P.
Lamps.
June 30— Lamps.
1,605,569
11,544
J3.175 1911
12.039
1,432,407
10,919
78.733 1910
11,652
Load Connected (in 50-watt equivalents) June 30.
1,972,872
1913
1285
CHRONICLE
THE
NOV. 1 1913.J
Workingmen may, however,
tickets for 40 cts., the limited
buy a strip of 5 limited and 5 unlimited
tickets being good only in the morning to
8 o'clock.
Manager Sperling states that the company's security holders
are receiving only 4H%
on their $45,000,000 investment in the province
and that the cost of power, equipment and labor is. steadily increasing.
The City Council has protested but the company by its franchise is allowed
to charge the new
rate.
General Manager Glover
•
informed the Council that the company would,
time up to 1919, consider an offer of purchase and would, provided
that the price was satisfactory, dispose of its interests in Vancouver.
The
city may exercise its rights to purchase at the expiration of the franchise in
1919.
On receipt of information of the basis on which the company will
consider the sale, a plebiscite will be submitted to the people authorizing
the Council to act.
The committee was informed that there was no passible
at any
.—$6,561,366
$6,507,892
Balance, forward.....$6,561,366
$7,088,193 $7,307,974
(8%)608,000(4%)304,000
$6,507,892
Total.. .I
dividends.
Common
$6,480,193
$7,003,974
earnings as above include yearly in 1911-12, 1910-11 and
1909-10, $100,000 contingent earnings on unfinished construction during
previous years.
*
The
het
BALANCE
1913.
S
Assets—
hand
611,175
616,167
Cash.......!....
1,907,744
957,282
Adv. to sub. cos._
418,141
Work under constr
838,281
2,215,427
1,119,530
593,633
'642,231
on
'
Accts. & bills rec..
Total...
*
1913.
1912.
S
S
Liabilities—
S
18,965,312 18,916,436
1,932,974
2,377,214
Plants & property.
Bonds & stocks...
Materials
SHEET JUNE 30.
1912.
■
Stock, preferred.. 7,900,000
Stock, common.
7,600,000
Accounts and bills
\900,000
',600,000
3,226,065
5,060,273
*787,718
968,233
6,561,366
5,507,892
payable........
Reserve funds
Surplus
..26,075,149 26,036,398
Total.
.
-
26,075,149 26,036,398
(total, $787,718) include in 1913:
For maintenance,
$300,000; for insurance, $168,994; dividends (payable July 15), $138,250;
sundries (taxes, rents, liability insurance, expenses, &c.), $180,474.
Note.—In addition to the foregoing there exists a contingent liability
from the guaranty of first mortgage bonds on steamships built by the com¬
Reserve
pany
funds
aggregating $345,000, and carrying interest.—V. 97, p. 1026.
GENERAL
INVESTMENT
NEWS.
RAILROADS, INCLUDING ELECTRIC
Alabama
*
Great
Southern
RR.—Annual
was
created)
the revenues from operation
were
■
interest as of
serve
will vote
President
which the General Mortgage
$1,596,852, while for the
year just closed, on substantially the same mileage, they were $5,231,985,
showing an increase of 227.64%, or an average increase per annum of 9.11 %.
The growth of traffic thus indicated has necessitated additions and im¬
provements to an amount far beyond the provision of the General Mort¬
gage, and has in recent years compelled us to make appropriations from
current .resources for such work as was most pressing.
For the 5 years
ending June 30 1913, incl., there has thus been invested in additions and im¬
provements the sum of $2,554,624 over and above the capital available
from the sale of General M. bonds, and Jin addition to ordinary maintenance
charges.
This has all been charged to "cost of progress."
For the fiscal year ended June 30 1888 (in
The controversy involved in the appeal to the Court of Appeals from the
judgment of the Appellate Division in favor of the Brooklyn Heights RR.
C. and against the Brooklyn City RR. Co., amounting to the sum of $1,766,
092 damages and costs, which judgment modified the larger judgment for
$3,383,572 entered upon the report of the rel'erqe, has been cq^npromised
and an agreement dated Oct. 23 1913 has been executed by both companies,
providing for the payment of the sum of $1,650,000 by your company to the
Brooklyn Heights Co., $900,000 in cash on or before Nov. 1 1913 and the
balance in quarterly installments of $50,000 each with interest at 5% from
Nov. 1 1913 until paid.
Copies of the agreement of settlement will be
furnished to stockholders on. application to the Secretary."
The settlement was made because, your directors deemed it their duty
to avoid the serious risk of litigation and counsel in charge of the pending
appeal had advised that in their opinion the offer of settlement should be
accepted.
The judgment of the Appellate Division, if affirmed, would
carry interest at 6% and involve a total liability as of Nov. 1 1913 of over
$2,157,000.
Counsel also advised that the Court of Appeals had power
to restore the interest allowed by the referee and disallowed by the Appellate
Division, in which event the liability of your company for principal and
Report.—See
authorizing a $25,000,000 mortgage.
Finley Oct. 29 wrote in substance:
on
Brooklyn City RR.—Suit Settled—Company Expects to Re¬
Full 10% Dividends from and after Oct. 1 1917.—Pres.
Frank Lyman in circular of Oct. 27, addressed to the share-L.
holders,- says in substance:
V
sume
ROADS.
'Annual Reports" on a preceding page.
First Consolidated Mortgage.—The shareholders
Nov. 26
former carfares, as during the past five years the
company's operating expenses had advanced 30% and this year it was costing
the company over 91 cts. for every dollar of income.—V. 97, p. 1114.
chance of a return to the
Nov.^ 1 1913 would have exceeded $4,127,000.
Since the reduction of your dividend from 10%
fund has been accumulating which on Nov. 1
to 8% per annum, a re¬
will amount to $900,035.
This will provide for the first payment of $900,000, and the deferred pay¬
ments will be deducted from time to time (i.e. from Jan. 1 1914 to and in¬
cluding the installment of rent payable July 1 1917) from the rent payable
under the lease of Feb. 14 1893; but the right has been reserved to anticipate
these deferred payments if the company should desire to do so.
On the
completion of these deferred payments, we expect to be able to resume from
and after Oct. 1 1917 the payment of the full dividend of 10% per annum
as contemplated
when the lease of Feb.
94, p. 1625. 1565.
14
1893
was
entered into.—V.
Brooklyn Rapid Transit Co.-—Statement to N. Y. Stock
Exchange on Listing of Six-Year 5% Secured Notes, $39,999,at Present, and $20,000,000 Additional when Issued—
Financial Status.—On subsequent pages of to-day's issue will
be found at length the company's application to the New York
Stock Exchange in connection with1 the listing of the Six000
/
•
•
.
I
•
28(5
THE
CHRONICLE
.W
t
"""
Year
5%
Secured
Notes.
*
-
-
""*■
I
-«
.
'
;
[Vol.
I
xcvii.
due Nov. 1
The
application describes the
they are issued
5 %y bonds of the
New York Municipal
Railway Corporation into which they
are-convertible prior to Jan. ;L 1916.>
Settlement ^ icithf
Brooklyn City RR.—See that company
above.—V. 97, p. 1203#
1914, issued to retire the same amount of twonotes due Nov. 1 1913.
Par $1,000. ' Int. M. &
notes and the trust agreement under which
year
and/also-- the first: mortgage
guaranteed
N.
Canadian Northern Ry.—Debenture Stock.—The Lon¬
don Stock Exchange was
asked, on or about Oct. 8, to.list
and interest
payable without deduction for any tax, assessment
governmental charge, other than
any Federal income tax, which the
railway or the trustee
may be required to pay or retain therefrom
under, or
by reason of, any present
or future law of the United States
or any
State,
county, municipality or other
taxing authority therein."'The indenture
provides that the
raiiway company may not create any hew mortgage
upon
tne lines of
the railroad owned
by it at the date of said indenture; or upon
any part thereof, unless
effective provision be made in
such
Houston (Tex.) Belt & Terminal Co.—Favorable
Deciin the Twenty-sixth District Court at
;Austin,~Tex{, on Oct.-. 17 held unconstitutional the State
statute
The tax, it is
held, is levied directly on inter-State commerce, in contra¬
of the Federal
statutes.
The company contended that the Act
unconstitutional on the same
grounds that a former one was held invalid
by the U S. Supreme Court
by a vote of 5 to 4 in the Galveston Harrisburg
& San Antonio
case.—V. 96, p. 652.
"V
"
'
'
"
vention
Interborough Rapid Transit Co.—Bond Sale.—The
bankers who
recently offered the $30,000,000 first and re¬
funding 5% bonds announce that over $27,000,000 have been
disposed of.
The bonds were very
widely distributed, the
average subscription
being; 10 bonds.
f
'-r-1
''
The first mtge.
5% bonds of 1909, which were called for
payment at 105 on Nov. 1, are beinv
paid off at the Guaranty
.
the
time
same
of the
Metropolitan and New York City companies.
<<
It is proposed to have the
appellate courts pass upon the correctness of
Justice Page's decision upon the
points raised by the demurrers, and the
Trust Co.—See V.
97, p. 1024, 1115.
June 30
1203.
of the Grand Trunk Ry., who
but remains Chairman. •
•
' - ,4
-
1912-13
1911-12.
.
.
Net (after
Other
Taxes).
Income.
$743,136
$62,886
871,891.
53,720
/
Income.
—
.$4,577,590
4,435,832
—_
—V. 96, p. 284.,
^
ending June 30:
years
Gross
,
Interest,
Balance,
Rents, &c. Sur.
$815,817
912,659
t
or
Def.
def.$9,795
sur.12,952
:
yyyy
Chicago Rock Island & Pacific Ry.—Phelps, Dodge fc
Co.. Inter est Takes Charge of
Operations.—It was announced
on Oct. 29 that while "there is no
change whatever in the
control of the Rock Island and its
subsidiary lines," the
Moore interests had entered into an agreement
respecting
this property with the ^Phelps,
Dodge & Co. party, who in
1910 acquired a large interest in the
pref. stock of the Rock
Island Co. (V. 91, p. 717), and have
since, it is said, largely
increased their holdings.
By this agreement Phelps, Dodge
& Co. will practically have
charge of the operation of the
road,' T. M. Schumacher, the V.-Pres. of their El Paso
Southwestern Ry. [see El Paso S. W. Co. in V.
97, p. 1115],
having become, at the request of Messrs. Reid and Moore,
Chairman both of the board
the Ch. R. I. & Pac. Ry. Co.
At
and
executive committee of
Edward
S; Moore;* 1
.c
\
/**;"»
.'.j-.'v: /><•
■ ■■?,
At Mr. D. Gi Reid's request, Mr. T. M. Schumacher
was elected Chair¬
of the board of directors, and, atMr.'W.H.
Moore's request, Mf.T.M.
Schumacher was elected Chairman of the
executive committeeMr.
Schumacher will give his entire time and attention to the
affairs of the com¬
pany and will spend the greater part of his time In the
West. Mr. Schu¬
macher is1 well and favorably known in Western
railroad circles, as well
as by New York financial interests.
'
"
'
'
Officers elected: H. U. Mudge,
Pres.; J. E. Gorman, 1st V.-Pres.; A. C.
Ridgeway, 2d V.-Pres.; John Sebastian, 3d V.-Pres.; Edward S.
Moore,
V.-Pres.; Geo. H. Crosby, Sec. and Treas.; J. J.
Quinlan, Asst. Sec.
man
and Asst. Treas.
*
'
There is no change whatever in the control of
the Rock Island
and its
subsidiary lines, nor in the cordial relations that have existed
between the
interests in these properties.
[It is surmised by some that if
the plans of Phelps, Dodge & Co. work out to their
satisfaction, they may
eventually come into control.
The report of El Paso Southwestern
system
as of June 30 1913
shows, it is stated, the ownership of $6,500,000
Rock
Island Co. pref. stock carried at a cost or book
value or$4,290.Q00 —Ed 1
—V. 97, p. 1114. 1041.
v
*
J
dominant
Cleve. Cine. Chic. & St. Louis
Ry.—Yew Director.—
Alfred H. Smith has been elected
Ingalls, who resigned.—V. ,97,
p.
a
director for two years to succeed
M. T.
1114,886.
'
Cleveland &
Youngstown (Electric) RR.—Application.
—The company has applied to the Ohio P. U.
Commission
for authority to issue $1,000,000 additional
stock, of which
$600,000 is to be used
the
to
remainder for .future
pay
outstanding obligations and
purposes
V. 96,,p.-1488.
|
as
required.
Compare
,
Erie RR.—Rumors.—The Street
gossip that the company
$500,000,000 mortgage to provide for"
and other capital requirements in the distant
met on Oct. 29 by the statement of
a
director that
has in preparation a
refunding
future
was
the matter had not been discussed
by the board and that
if it had he believed he would have heard
something about it.
On or before April 1 1915 there will
mature over
issues, while in the next seven years the maturities of $27,000,000 of note
bonds and notes will
exceed $61,000,000.—V. 97,
p. 1203, 1115.
Grand Trunk Ry
—Equipment 4V2s Offered—Blair &
Co., N. Y., have purchased and are
/Offering on a 5M% basis
$2,250,000 (not $2,500,000) 4)4% equipment trust
notes,
a lien on new steel
pasenger and stock and flat cars.
Dated Nov. 1 1913,
maturing in 20 semi-annual
installments, first ten
each, the remaining ten of $112,000 each.
Equitable Trust
Co., trustee.
Par $1,000.
Subject to call at 102X and int.
The com¬
pany will pay 10% the cost of the new
equipment in advance in cash
—V. 97, p. 521, 298.
of $113,000
Hocking Valley Ry.—Report.—See "Annual
Reports."
Notes.—Euhn, Loeb & Co. and the National
City Bank,
New York, announced on
Monday that they had placed
at 99lA and interest the
$4,000,000 one-year 5% gold notes
Other
Dcduc-
"Balance,
-
-
192-
Kansas
City Clay County &
St.
Joseph
Ry.—Description, &c.—The "Engineering News"
contains
a
(Electric)
of N. Y.
6%-page illustrated article regarding this road.
The syndicate
managers of the project were Tucker,
Anthony & Co. of
Boston and New York,
acting for themselves and the National City Bank
of N. Y., as joint bankers.
The executive committee
directing the work
was
composed of Chauncey Eldridge, of the firm of
Tucker, Anthony & Co.;
Chappelle, of the Federal Light fc Traction Co., of New
York, and'"
A. Reynolds, of the National
City Bank of New York.
The company is now
operating on a 70-minute schedule between Kansas
City and St. Joseph, 52M miles; also on a 45-rainute schedule to
Excelsior
Springs, 28 miles, with 4 limited trains additiorfal each
way.
The securi¬
ties bave not yet been sold.
Of the $10,000,000 capital stock
(in $100"
shares), $4,000,000 has been issued, along with
$3,000,000 of the $10,000.-v"
000 1st M. 30-year 5s of 1911, interest M. & S.
in N. Y.
The management *
has been changed to include:
Pres., Philip L. Sal tons
C. C.
Thos.
tall, of Tucker, An¬
thony & Co., Boston; V-.Pres., Thos. A;
Reynolds, N. Y., and Treas..
H. F. Mayer,
Sec., Inghram D. Hook, and Gen. Mgr., J. R. Harrigan,
City, Mo.
Other data as in V. 96, p. 1423.
\f
all of Kansas
Keweenaw Central RR.-—To Cease
Operations.-—
vy^/y
Owing to the small, freight business and the expense of
keeping the road
open during the winter, operations, it is
announced, will be discontinued
to-day for the winter.
The company, it is
stated, has a paying passenger
business in summer.'—V.
80, p. 2219.
Louisville & Nashville RR.—'Purchase
of
See South & North Alabama RR. below.—V.
97, p.
The official statement says:
meeting of the board heldlOct. 29, the foUowing were elected members
of the executive committee:
W. H. Moore, D. G. Reid, T. M. Schu¬
macher, Arthur C. James, H. JJ. Mudge, James McLean, F. L.
Hine,
a
Taxes
Earnings.
Paid.
Income. *
Hons.
Surplus.
$2,733,085 $340,000 $82,001 $2,151,568
$323,518
1911-12.-- 10,3oS,769
2,809,996
The dividends of
1% on the pref. stock paid on Aug. 1 1912 and
4% paid
Jan. 2 1913 call for
$170,000.—V. 97, p. 887, 729.
resigned,
~
,
Earnings.—For
June 30. <
Year—
Net
Earnings.
Central Vermont Ry.—New
Officer.—Former Governor
E. G.1 Smith has been elected President to succeed E. J.
Chamberlin, Pres.
v
International & Great Northern
RR.—Earnings.—
Gross
action is yet to be tried on the merits
against those whom the courts shall
eventually hold to have been properly made defendants.—V. 97,
p.
as
is
at the same time.
*
;
-v
Should Justice Page's decision be affirmed
by the appellate courts, the
plaintiffs would, it is stated, still have the right to amend their complaint
so as to limit the action to one
against the old directors of the Central Park
at
a tax of 1 % on gross receipts as an
occupation
it affects terminal and other
companies embraced
Section 16 of-the Act.
^
in
directors
directors
levying
tax so far
brought for an accounting by Messrs. Moratt, Curtis and Morgan on behalf
of the minority stockholders
(V. 97; p. 1203).
The parties joined as de¬
fendants included all of the directors of the Central Park
Company, Metro¬
politan St. Ry. and New York City Ry. from 1902 to July 11 1908.
The
Court, however .'sustained the demurrers, as to the defendants who were
directors of the Metropolitan and New York
City compmies on the ground
that no cause of action had been stated
against them and also held that
causes
of'action against some of the defendants had been
improperly
joined with those against other
defendants.*,' It was expressly held that
the complaint stated a
good cause of action against defendants who were
directors of the Central Park
company; but that all of the defendants
could not be sued
collectively in the same action as all of them were not
also
mortgage,
obligations issued under,
v
Central Park North & East River RR.—Decision.—
were,
or
sion.y-Judge Wilcox
Justice Page in the New York
Supreme Court recently entered orders in
of the decision rendered in July last overruling on several
grounds the demurrers interposed by the defendants in the suit which was
of whom
0
,
pv:i023^-X',;
pursuance
several
The Bankers say:A-
equally securing these notes with
any bonds
by^siich mortgage.-V. 97,
stocky making the total listed £10,572,949.—V. 97,
1114,M023V
\
v
company",
Trust Co.
and secured
ture
p.
^Trustee,- Equitable
Principal
or
additional £1,025,405 4% perpetual consolidated deben¬
an
4M%
Subsidiary, &c.
1204, 1025.
Macon (Ga.) Railway &
Light Co.—Acquisition.—Presi¬
dent Wm. H. Felton on Oct. 25 announced:
A majority control of the
Georgia Public Service Corporation has been
transferred to those whose relations are
entirely friendly to the Central
Georgia Power Co. and the Macon Ry. k Light Co.
The detail of how the
business of the two separate corporations will be conducted has
not
been
worked out
sufficiently to be the basis of any definite information.
Light Co. and the Georgia Public Service Corporation during the period when the war In rates was in progress were fur¬
Both the Macon Ry. &
'l
:
nishing lights to consumers in the city at much less than cost.
This con¬
dition, while enjoyed by the public, was destructive to such an extent that
it could not long continue.
1
The fact that the war over lighting
prices is ended does not mean that,
exorbitant prices will be charged.
While an increase in the price charged
is necessary, the increase will not be beyond what is
necessary to maintain
,
efficient service.'
The
lighting rates which will be. put into effect will not
high as those in force when the financial interests now in control
charge of it in 1912. All interests can be best served by rates for light
and power as low as possible consistent with efficient service.
We are will¬
ing to bend our energies to the upbuilding of the territory by
providing"
lights and power at reasonable rates.
[The Georgia Public Service Corporation was Incorporated in Georgia
in May 1912 with $1,000,000 authorized stock to construct a steam
plant
to generate 5,000 horse-power for transmission by
electricity.
On May 28
1912 a franchise was granted by the City Council to operate an electric
railway and furnish power to consumers.
"W. J. Massey was President.
—Ed.j—v. 93, p.
be
as
took
Mexican
1532.y - "
Ry.—Dividend
dividend at the
declared
on
the
•>
y y
!/■■;y.y*\y
Ordinary ,Shares Reduced.—A
,rate of 2p£%
per annum (134%) Has been
£2,254,720 ordinary shares for the half-year
on
,
ending June 30 1913 along with dividends .at the full rates
of 8% and 6%; respectively, on the first and second
prefer¬
ence.
This is at the same rate as for the half-year
Dec.
3
ending
31
1912,
J4%) for the
but compares with
same
1 15-16%
(annual rate'
half-year in 1912.
Earnings.—For the half-year ending June 30:
6
Mos. end. Gross
June 30.
(Mex.).
Net
Net
Other Debenture
Dies.
Bal..
(Mex.).
{SterVg). Income.
Int.
Paid.
Sur.
1913----$4,824,265 $2,552,606 £232,665 £1,023 £72,750 £160,707 £230
4,446,117
2,434,210
247,850
1,395
72,750
176,208
288
Dividends as above include 4% (£102,164) on the 1st
preference stock
for each of the 6 months' periods; on the 2d preference stock
3% (£30,359);
on
the ordinary stock IX %
(£28,184) for the 6 mos. in 1912-13 and
1 15-16% (£43,685) for the 6 mos. in 1912.—V. 91,
p. 1026.
'
.
Acquisition.—The
company acquired by
ust last? the San Marcos to Huajuapam
purchase in Aug¬
Ry., a 3-foot-gauge
extending from the main line station of San Marcos
southwesterly for 120 kilometres.
line
A certain amount of
repair work, it is stated, is required to put the road
good condition and the necessary renewals will not be completed before
beginning of next year.
The revenue to be derived will not be
great
at first, but it is expected that
ydth a regular train service considerable
expansion of traffic will take place.—V. 96, p. 1423.
in
the
Middletown Unionville &
ater Gap RR.—Sold.—The
purchased for $75,000 at foreclosure sale on Oct. 25!
at Middletown, N. Y>, by Charles I.
Henry of New York,;
acting for the bondholders' committee.
y -.
road
was
,
Nov
Commission has approved the plan of reogranization
(V. 97, p. 887), providing for separate operation.—V. 97,
of the
The P. S.
company
p. 887.
RR.—Incorporated.—The company
incorporated in Pennsylvania with $350,000 auth.
Montour
has been
Northern
Pittsburgh Coal Co. to construct and
officers of the
stock by
in Washington and Beaver counties, Pa.
Nashville Chatt. & St. Louis Ry.—See "Reports."
Minority Shareholders Seek 25% Stock Dividend, Etc.— %
operate a road
,
Philadelphia interests, through Charles Fearon & Co., representing
minority shareholders, are endeavoring to induce the Louisville & Nash¬
ville RR.
owner of over 70% of the $16,000,000 capital stock, first, to
said stock a 25% stock dividend to represent earnings diverted to !
improvements and additions; and then to guarantee dividends at the
present 7% rate.
The profit and loss credit surplus on June 30 1913 was
$8,914,887.—V. 97, p. 1115. 176.
pay on
RR.—Earnings.-
Great Northern
Gross
Net (after,
New Orleans
:
June 30.
$1,801,344
1,635,283
1912-13
1911-12
—V. 97, p. 887.
New Orleans & Northeastern
Operating
Net (after
Other
Revenues.
Taxes).
Income.
RR —Earnings
9 Months ended
Sept. 30—
earnings
Oper. exp., taxes,
-For yr.:
$583,533
655,429
$300,000
300,000
&
Ry.
Light Co .—Earnings.—Bertron,
the 9 months ending Sept. 30:
1912.
$
5,082,654 4,878,980
&C.3,220,964 2,980,275
.1913.
$
9 Alps. end. Sept. 30—
■
Deduct—
"
.
:
$v,. ;
liens.444,721 453,640
Int. on Gen. M. 4^s..J592,ll0 592,110
Int. on debenture notes.
1,898,705
83,263
68,585
S
'
Int. on underlying
1912.
1913.
134,288 133,454
36,345
Miscel. deductions..
receiving tenders for the $850,000 receiver's certificates re¬
ferred to last week.
See also St. Louis Brownsville & Mexico
River RR.—Notes Sold.—
$5,000
Denominations,
there are
about $6,500,000 maturing equipment trust obligations to be
of, about $7,000,000 floating debt to.be paid off, and another
taken care
$3,000,000 to be secured for working
about $2,550,000 will be required as a
and
at 99^and
notes dated
$10,000 each.
In
April and September last $20,000,000 and $5,000,000 oneyear 5% notes, respectively, were sold, and in May 10,000,000 francs one-year notes .were marketed abroad.—V. 97,
p. 1116, 729.
•
New York New Haven & Hartford RR.—Steel Cars.—
Requested —Charles H. Sabin, Chairman of the
committee, says that his committee is not
seeking proxies for the annual meeting to be held on Nov. 10.
Proxies Not
to concern itself over the elec¬
long as the receivers are in
An effort is being made by St; Louis interests to
obtain sufficient proxies to control the board.
Mr. Sabin says:
"The early rehabilitation or reorganization of the prop¬
erty would not seem to be impossible.
It will, however, require a consider¬
able amount of new money.
The purpose of the committee is either to
devise or to assist in the carrying out of some plan for the reliabiliattion or
reorganization of the property which will conserve the rights and interests
of the stockholders.
The committee does not believe that any plan can
be made acceptable to the large body of security-holders, or effectively
carried out, unless coincidentally the board shall be changed and so c6nstituted as to''command the confidence of the stockholders and bondholders
and of the investing public generally."—V, 97, p. 1205, 1025.
The committee, it is stated, sees no reason
a
board which will be without power so
the Scranton Traction Co. 1st
Union Trust Co.,
80%
Pennsylvania RR—Income Tax—Coupons.—
"Banks, Bankers, &c.," above.
See items concerning
Proposed Electrification.—
.See Philadelphia
1204.887.
Electric
•.
;■
v
,
Co.. under "Industrials"
\ -
,
.
below.—V. 97, p.
&
Susquehanna
RR.—Mortgage.—The
which is the successor of a company of the same
name
foreclosed June 2 1913, has, it is stated, given notice
of the making of a bond issue of $1,500,000.—V. 97, p. 522.
Port Bolivar Iron Ore Ry.—Lease.—'
Transit!
& Santa Fe R;y. above.
pons
South
The Public Service Commission yesterday
decided to call for bids for three
sections of rapid transit railroads in the Bronx,
will be opened for the elevated extension of the
viz.; (1) On Nov. 26 bids
West Farms branch of the
Road from a point near Burke Ave. to a
point north of 241st St.
(2) On Nov. 28 for the elevated extension of the
Jerome Ave. branch of the Lexington Ave. subway beginning at the end of
the subway at River Ave. and East 157th St., and extending to Jerome Ave.
and 182d St.
(3) On Dec. 1 for part of the. Southern Boulevard*branch of
the Lexington Aye. subway, beginning as a;subway, but emerging from the
surface and continuing as an elevated line as far as Whitlock Aye. near
present subway up White Plains
St.
•
•
A formal hearing was also held on the forms of corttract for
tions of the Eastern Parkway extension of the present subway
the four sec¬
From Atlantic Ave. to Eastern Parkway there will, accordingly,
be six tracks in the subway, two for the Brooklyn Rapid Transit Co. and
four for the Interborough, and tinder Eastern Parkway as far east as Buffalo
Ave. there will be four tracks.
; , '
.
.
Plans for the New Utrecht Ave. branch of the Fourth Ave. subway in
subway.
1789.
•
to
Minority
stock within 3
The L. & N. on June
13 1913 owned
standing com. stock as well as all of the
$1,300,333 of the $1,493,588 out¬
$2,600,000 pref. stock.
The S. &
stated, on account of advances for im¬
provements, more than $4,312,000. and also more than $4,770,000 as
accumulated dividends on the $2,000,000 6% pref. stock, on which no dlvi«
dend had been paid since it was purchase I Oct. 1 1873.
N. A. RR. owed the L. & N., it is
Increase
to
of Bonded Debt—Sale.—The stockholders
on the following propositions:
will vote
Nov. 29
v
(1) To increase the bonded debt, from $12,000,000 to $25,000,000
consolidate said increase of debt with the present bonded debt.
(2) To approve an offer made by the Lousiville &
chase the railroad, property, rights, franchises and
pany.—V. 97,
p.
has
been
>
■:
■
.
Counsel.—I. P. Blair
General Counsel to succeed
appointed
and
Nashville RR. to pur¬
privileges of the com¬
\V
1205, 730.
Southern Pacific Co.—fteiv General
Maxwell
Evarts, deceased, effective Nov. 1.
v
;
Mr. Blair has for some years been counsel for the Southern Pacific lines
in Louisiana, including Morgan's Louisiana & Texas RR. & Steamship Co.,
with headquarters at New Orleans;—V. 97, p. 1116, 803.
Temiscouata Rj.—Interest
in Brooklyn,
including two tracks for the Brooklyn Rapid Transit Co. in Flatbush, Ave.
to afford a connection between the Brighton Beach Line and the Fourth Ave.
p.
RR.—Payment
Alabama
the minority stockholders $100 for each share of
mos. from the consummation of the sale.
shall pay to
.
Bancroft
Philadelphia.—V. 93,
North
&
Stock.—The agreement of merger with the Louisville & Nash¬
ville provides, according to Louisville papers, that, in addi¬
tion to the assumption of the outstanding bonds, thoL. &N.
on
in New York City .—Bids Asked.—
M. 6s, formerly
and all future cou¬
until further notice, will be paid at the Merchants'
paid at the office of E. W. Clark & Co.,
com.
Pittsburgh
Rapid
on
.
company,
See Atchison Topeka
Co.—Interest Payment— The coupons
Scranton Railway
of the Pullman cars are already of the construction men¬
tioned.
The winter schedule requires 155 Pullman cars, viz., 22combipation, 80 parlor, 45 sleeping and 8 observation cars.
See annual report,>
V. 97, p. 1209.—V. 97, p. 1204.
; :
-
Louis
stockholders'
due Nov. 1
Pullman
About
contingent fund for legal expenses,
Certificates of Controlled Road.—See St.
Receiver's
Company assures Chairman Howard Elliott
that by Dec. 31 every Pullman car on the company's lines
will be either all steel or steel underframe and steel-end.
The
It is also estimated that
capital.
reorganization, &c.
charge of operations.
J. P. Morgan & Co. have purchased and resold
interest an issue of $12,000,000 oner-year 5%
5.
general overIn addition,
grovement of track, power and equipment facilities, and a
auling, which in the next two years will require $12,000,000.
tion of
Ry. below.—V. 97, p. 1204, 803.
Nov.
1
an
Brownsville & Mexico RR. above.
Orleans Texas & Mexico RR.—Tenders Asked —
Columbia-Knickerbocker Trust Co. of New York is
New York Central & Hudson
Requirements.—St. Louis interests who have just
examination of the property estimate that $30,000,000 will be required to put the property in good condition
and the finances in good shape.
The property, it is stated, needs comprehensive grade reductions, immade
Balance, surplus.....564,963 650,916
New
The
,
advertising,
,:r.-v.''
299.•
us
Financial
$81,367
71,384
earnings.--1,855,690
—v. 97, p.
large amount of the bonds has been deposited with the Bankers,
under the bondholders' agreement of May 28 1913, which en¬
in conjunction with French holders of considerable amounts of
bonds, effectively to co-operate with the receivers- in obtaining the neces¬
sary orders from the Court for the payment of the November coupon.
A very
Surplus.
(5%).
Int. on refunding liens..
Net
—
1399.
Orleans
Griscom & Co. report for
Gross
—
will have a lien ahead
cates
abled
Dividends Balance,
Int. &
required from time to time. The certifi¬
of the general lien bonds. About
$5,000,000, it is expected, will be sold in the near future.
The Court also authorized the receivers to pay the semi¬
annual coupon due Nov. 1 on the $69,524,000 5% general lien
bonds, requiring about $1,725,000.
Payment is to be mad®
in New York atthe Bankers Trust Co. and also in London,
Paris, Berlin, Frankfort and Amsterdam.
Deposits of General Lien Bonds to Nov% 20.—Interest Payment
Speyer & Co. announce by advertisement on another
page that'payment of the coupons due Nov. 1 on the general
lien bonds will be made to the holders of certificates of deposit
on and after that date at
the Bankers Trust Co., 14 Wall St.
Bondholders who have not already deposited their bonds
are urged by the bankers to do so without further delay.
The
time for deposit expires Nov. 20.
The bankers say:
other purposes j as
Trust Co.
Rentals.
$213,636
148,578
$751,264
878,235
1912-13-. $3,764.458
1911-12- 3,765,754
New
$196,411
5,259
.
.
June 30
Year—>
—V. 95, p.
Balance,
Surplus.
Other '• Interest,
Income. Rents, &c.
$22,216 $526,347
5,633
528,406
Taxes).
$700,541
528,032
Income.
Year—
1287
CHRONICLE
THE
1913.]
1
committee
Payment
v
announces:
,
—
The bondholders'
o
*
;
ended June 30 last, at the rate of 1
% per annum
the provisional certificates on and after
37 Threadneedle St., E. C., on presenta¬
tion of coupon 7 attached to the certificates.
Last year 1% was paid.
—V. 91, p. 1328.
'• ■
",v ■
•' >.V "
Interest for the year
less income tax, will be paid on
Nov. 3 at.the Bank of Montreal,
.
Brooklyn were adopted by the Commission on Oct. 27.
Bids therefor are
to be opened on Nov. 21 and the contract is to be completed within 18 mos.
from the time it is awarded.
There will be three tracks with ,12 stations.—
V. 97, p. 1205, 1116.
'
Company.—New Officers.—T. M. Schu¬
elected a director to succeed Dr. James
Railway, Light & Power Co.—Completion
of
ydro-Electric Plant No. 2—The second hydro-electric
plant of the Tennessee Power Co., located on the Ocoee
River at Parksville, Tenn., was placed in operation Oct. 23.
The construction of the plant was done by the J. G. White Engineering
Douglas, who resigned; also Chairman of the hoard in place
D. G. Reid.
See Chicago Rock Island & Pacific Ry.
above.—Y. 97, p. 1019.
The present capacity of the new plant is 20,000 h.p. and the Aluminum Co.
of America is reported to have contracted to take the entire amount.
Rock
Island
macher has
been
Tennessee
Corporation and, together with the first plant, also on the Ocoee River,
7 miles from Parksville, gives the company a present capacity of about
56,000 h. p.
of
-
*
Louis
Brownsville
Third
Receiver'^
It is stated in connection with the application that arrangements
N.
Y.—Earnings.—Attention
is
in the Earnings Dept.
surplus over all interest charges
(including payment,on the adjustment mortgage incomes of $93,900 and
$42,500 for depreciation), of nearly $111,000, or $32,800 more than in
Sept. 1912, in the face of more liberal maintenance allowances than in Sept.
a year ago, while the operation of cars also cost $23,500 more than last year.
A feature of the operating costs for September was a reduction of nearly
$22,000 in the cost of injuries to persons and property.
The amount of
interest paid on the adjustment nortgage income bonds for September this
year was double that paid in Sept. 1912, while the increase in depreciation
have been
.
ps St. Louis & San Francisco RR.—Receivers' Certificates
Authorized—Also Payment on General Lien Bonds.—Judge
Sanborn in the U. S. District Court at St. Paul, Minn., on
Oct. 25 Signed an order authorizing the receivers to issue
$10,000,000 certificates to pay preferential claims and for
Ry.,*
For September the company reported a
dispose of the issue to J. D. O Keefe, receiver for the New Orleans
Co.
It is proposed to sell $350,000 of the issue at
once and use $250,000 for the improvement of the Brownsville line and $100,000 for the Beaumont Sour Lake & Western RR.
The application has
been referred to A. L. Jackson, special master, who has announced a hear¬
ing for Nov. 7.
Compare New Orleans Texas & Mexico RR. item in last
^week's issue, on page 1204—V. 97, p. 118.
Avenue
called to the statement of earnings
made to
Texas & Mexico RR.
about $5,000,000.
See V. 95, p. 549; V. 94, p. 1120.
& Mexico RR.—Application to
Certificates.—Receiver Frank Andrews has
filed an application with the U. S. District Court at Houston,
Texfor authority to issue $1,000,000 receiver's certificates
within the next 12 months to pay for improvements.
St.
Issue
The total cost of the two plants has been
for the
,
period was also $7,500.
For the three months ended Sept. 30 last, the company was able te
a surplus over all interest charges of every nature and liberal deprecia¬
tion allowances of $361,757, or about $55,800 more than for the corre¬
sponding quarter of the year previous.—V. 97, p. 730, 177.,,
.
show
,
Exchange h£s
45^% sterling
bonds, making the total listed £519,700.-—V. 97, p. 238, 300.
V Toronto Ry.—Bonds.—The London Stock
been asked to list a further £109,000 1st M.
1288
THE
CHRONICLE
Union Pacific
RR.—Subscriptions —About $80,000,000,
it is stated, has been already received from the
proceeds of the
Canada Steamship
Lines,
See Canada
$88,357,000 certificates of interest in Southern Pacific Co.
stock by exercise of the
right on the part of subscribers to
pay for the same in full at this time.
Practically the entire
amount has been invested in short-term securities, mostly
one-year notes, and is thus available for any use the company
may desire within a reasonable time.—V. 97,p. 1025.
Operating
Revenues.
1912-13--$1,705,918
1911-12-- 1,353,513
—V. 95, p.
968,,
Net (after
Taxes).
$327,670
226,368
Other
Income.
$76,915
101,643
Interest &
$182,664
181,502
On
provement and rehabilitation work and the transformation of the system
from a local railway to a seaport terminal link in one of the
largest railway
systems in the country, justify the directors in an expression of confidence
for the future of the
property.
Provision having been made for the funding of the notes due Jan. 1 1913
by the sale of a like amount of notes maturing July 1 1915, the company
has no floating or current indebtedness other than its working liabilities,
amounting June 30 1913 to $2,254,747, to provide for which it had on hand
on that date working assets of
$6,324,581, of which $3,491,883 was cash
Earnings
Years
ending
June 30.
Deduct—
Int.
on
1912-13.
Total
Int. on
$1,375 873 $2,111,209
145,450
233,311
69,214
4,175
or
622,902
$114,785
Earnings.
$4,612,981
2,899,521
—V. 97, p. 294, 234:
-
_
Net (after
Co.—Earnings.—
Bond
Interest.
$1,160,590
665,073
Guaranteed
Dividends.
'
Taxes).
$2,011,614
1,363,524
Oct.
Balance,
Surplus.
$616,024
463,451
$235,000
235,000
"
to issue
$820,000
by
the floods and to purchase new
equipment.
The certificates,
it is understood, will be purchased by Kuhn,, Loeb & Co.
[certificates due July 1 1914'for repairs made
4
necessary
The Court also authorized the receiver to extend the
$5,-
805,550 outstanding certificates for 8 months from Nov. 1
1913 to July 1* 1914.
The proceeds of the new certificates
are
to be used
as
follows:
To repair bridges that were damaged by the floods last
spring, $145,000;
to strengthen other bridges, $95,000; to reconstruct
equipment, $300,000,
to lay heavier rails and buy
cabooses, $120,000; to rebuild the passenger
and freight stations at Zanesville,
O., $60,000; to make improvements on
the Cleveland Belt Line, where the road connects with the
Cleveland Cin¬
cinnati Chicago & St. Louis, $50,000, and to construct a new
general office
building at the
,
new
been received..—V.
97, p.
Central
See Macon
Brewster station, $50,000.—-V. 97,
.
p.
already
1205.
1200, 1116.
Winnipeg (Can.) Electric Ry.—Favorable Decision.—
Judge Robson, the Public Utility Commissioner at Winnipeg,
has denied the application of the
municipal power plant of
Winnipeg to sell current in St. Boniface without the consent
of that city.
r
'
The St. BonifaCe Council refused to permit another
distributive system
over that city.
The P. U. Commissioner held among other
things that there is satisfactory provision at present for the needs of St.
Boniface by the service of the Winnipeg Electric
which established a
Ry
system there under terms imposed by it.- V. 97, p. 439.
to be extended
.
,
Georgia Power Co.'—Acquisition.—
Railway & Light Co. under "Railroads" above.—V. 93,
p.1670
County (Pa.) Public Service Co.—Sold.—
1791.
Commonwealth Edison CoM Chicago.—New
Shareholders of record Nov. 15 are offered the
in the ratio of
one
Stock.—
right to sub¬
stock at par until 5p. m., Dec. 1,
new
share to each ten shares of stock
held,
subscriptions to be paid in installments of 25% each on Dec. 1
Feb. 2, May I and Aug. 1 next.
This will make $45,694,604 stock outstanding.
Compare V. 97, p. 447, 889, 1026.
Diamond
.
28 authorized Receiver Duncan
the necessary authority to
ultimately be done with the various plants will depend on the
to be made by the bondholders' committee.
Some of the smaller
mills may be disposed of and several of
the larger ones retained.
Offers
for individual mills, sorhe of
which are stated to be favorable, have
.
Wheeling & Lake Erie RR.—New Receiver's Certificates.
—Judge Day.in the U. S. District Court at Cleveland, O.,
on
gromisemoney, &c., to carry on the business.
a good profit. The receivers have
scribe for $4,154,050
def.$414,973 sr.$647,271
^
Gross
Sept. 30—
running, say, 90% of capacity, the mills were
running only about 40% all
year, and the export business was at or under
cost and realized little or
Pending a decision as to what is to be done with the plants, some
mills will be kept
running under the direction of the receivers recently
appointed, A. E. McCuaig, managing director, and Mr. Jan
ieson, ac¬
countant.
The company has a number of orders on
hand and some of these
npthmg.
ot the
Chester
in
West Penn Traction & Water Power
deficit, after
a
for bad debts, &c., of approximately $100,000;
toe. last month of the
year, under the accumulation of various writings
was in the
vicinity of $34,000.
The trouble is stated to be
that the
company did not get enough of the
home trade to
keep the mills running to full capacity and "that instead of
off, the deficit
See American Gas Co. above.—V.
93, p.
79.1, 421.
Year ending
1912-13
1911-12
331,421
819,640
del
Ltd.—Receivership, &c.
report
•
291,638
lines.'.
progress
Sur.
W. Grant Morden and
ending Aug. 31 showed
Pond interest and writing off
in
of
cos.
Improvements
$1,525,498 $2,413,734
96, p.
Lewis,
The bondholders at the
meeting held on Oct. 28 appointed a committee
of 3,
consisting of K, W. Blackwell, A. F. Riddell and S. A.
Heward, to
inquire into the affairs of the
company, and report to a further meeting of
bondholders on Nov. 19.
No official statement Was issued, but it is under¬
stood that the
report for the year
capital adv.
sub.
to
new
Total
—V.
F.
.
Ada—
Add
Int. on loans, &c_
Rents & miscelL.
Caillard, Albert Vickers,
Claude Bryan.—V. 97, p. 178.
....$2,874,896 $2,389,365
._defSl,349,39Ssur .$24,369
Balance.
revenue._.$l,615,873 $2,363,209
252,000
Taxes accrued.240,000
1911-12.
bonds...,82,583,258 $2,057,944
Hire of equipment,
misc. int., &c._
$1,613,532 $2,359,778
Outside operations
2,341
3,431
Net
one
What will
'
Operating revenue $7,632,679 $7,243,058
Operating expenses 6,019,147
4,883,280
to
Sept. 13 the Richelieu
only
orrow
for
1911-12.
name
title to the others
Canadian Cereal & Milling Co.,
-In the
Although the total operating revenues show an increase of $389,621, the
abnormally high operating cost while conducting construction work over
a large
percentage of the main line, the extraordinary charges to mainte¬
nance of way, and the increase of
wages, have been such that the net reve¬
nues were insufficient to meet the fixed
charges.
The completion of im¬
1912-13.
corporate
Steamship Lines, Ltd.
& Ontario Navigation Co. was stated to
be
of the constituent properties that had not been
taken over,
having passed on or about Aug. 20.
The purchase of the
Quebec SS. Co. was reported in
September as having been practically
arranged.
An offering of pref. stock and
5% debentures in London is
supposed to be waiting favorable market
conditions.
The London board
is stated to
include Sir Stephen Furness,
M.P.; Sir A. Trevor Dawson,
Sir Vincent
4he
Surplus.
$114,781
39,369
Western Maryland Ry.—Earnings—Notes, &c.
annual report Pres. Fitzgerald says in substance:
^
Ltd.—New Name.—
Transportation Lines, Ltd., below.
that of Canada
year:
Balance,
Pref. Div.
ref.
(5%).
$107,140
107,140
Rentals.
xcvii.
Canada Transportation Lines, Ltd.—Name
Changed.—
A certificate was filed Oct. 7
changing the
Vicksburg Shreveport & Pacific Ry.—Earns—For
June 30.
Year—
[Vol.
The
Match Co., N. Y. and Chicago.—Status.—
following is pronounced correct:
If
>
.
A reduction in the tariff on matches will
portation, but
no
definite statement
probably lead to increased im¬
be made at this time as to the ef¬
can
fect that this will have upon our earnings.
Competition with domestic
as well as
foreign ipanufacturers has been sharp, and partly on this account'
and partly because of increased costs of
production, due to the substitution
of sesquisulphide of phosphorous for white
phosphorous in obedience to
the Federal law, and also in consequence of State
legislation affecting the
hours and conditions of employment,
taxation, &c., the
current year
earnings for the
show
a
decline.
The profits for the nine months ended
Sept. 30 1913 were $1,305,094, as
.compared with $1,608,200 for the corresponding period of 1912.
There
appears to be no reason at this time to doubt the ability of "the
company
under new conditions to lay aside out of
earnings adequate amounts for
depreciation, additions arid improvements and reserves, after providing
for dividends equal to 7% per annum.—V.
96, p. 1699.
(E.
I.) duPont de Nemours Powder Co.—Earnings.—
9 Mos. end.
Gross
Net
Other
Bond
Preferred
Bal. for
Sept. 30— Receipts.
Earnings.
Income.
Interest.
Div.
Common.
1913
$19,452,997 $3,516,130 $473,969 $573,485 $602,570 $2,814,044
An advertisement
another page shows as follows:
on
The percentage earhed on the $29,428,708 common stock
was 9.56%, or
12.75%.
The net earnings equal the annual income on
gross investment of 6.23%
Comparison with the corresponding period a
year ago has been omitted, as earnings are not comparable, due to the segre-:
gation of a large part of the company's assets and earnings in transferring a
portion of the property to the Hercules and Atlas Powder companies in
accordance with the decree of the U. S. Supreme Court.
Compare V. 96.
p. 1301.—V. 97, p. 301.
'
at the annual rate of
.
iodak Co. of New Jersey.—Extra Dividends.—
Eastman
The directors have declared
an extra dividend of 5% on the
$19,512,300
stock, payable Dec. 2 to holders of record Nov. 15.
This makes
total of 25% extra dividends in 1913, being the same amount as in 1912,
common
a
INDUSTRIAL, GAS AND MISCELLANEOUS.
1911 and
American Gas Co.,
Philadelphia.—Acquisitions.—Con¬
trol has been acquired of—
(a) Phoenix Gas & Electric Co. of Phoenixville, Pa. (V; 74,
p.
271),
car¬
rying with it the control of the Consolidated Schuylkill Gas
Co., the Schuyl¬
kill Valley Illuminating Co. and the
Montgomery & Chester Electric Ry.
Co. (owning a 6H-mile line leased to Pottstown &
Reading Street Ry. Co.).
all of Phoenixville.
'
>
•
(b) Chester County Public Service Co. of West Chester (V.
93, p
1791).
The plan is to merge all of these companies into the Philadelphia Suburban
Gas & Electric Co. (V.,97, p. 1049), and probably
eventually to connect the
electric lines of the West Chester Co. with those of
Phoenixville and Potts¬
town, the latter company already being a part of the
Philadelphia Subur¬
ban Gas & Electric Co.—V. 97, p. 1205, 952.
1910,
.
■
.
•
/T%
■
•
Extra Dividends (Per Cent) on Common Stock.
(In addition to the 10% per annum paid regularly since Oct. 1 1902.)
Year,
Year.
Year.
Year.
Years.
———Year
1913
1906.
1907.
9J4
—V.
96,
1908.
1909.
15
10
'731.
1910-12.
20
Feb. J'ne. Sept. Oct. Dec.
5
5
5
5
30 each.
10
:0vv:; '' V
p.
•
;'
■
'
■
Express Rates.—Reduction
Hines, general counsel for the
Consented to.—Walker D.
express companies, has noti¬
fied the Inter-State Commerce Commission that they have de¬
cided to comply with the order of the Commission reducing
rates (V. 97, p. 368) for a period of 2 years, which is to go
into effect on Dec. 1.—V. 97, p. 1118, 368.
,
Assets
Realization Co.—New
President, v
Ira Cobe, Vice-President of the company, has been
elected Presdient to
succeed George E. Shaw, who resigned, but who will remain
a director.
The
resignation is due to the fact that the company's business will be
centralized
ip New York, and it is not convenient for Mr.'Shaw to leave Philadel¬
phia permanently.—V. 97, p, 888.
Bergner & Engel Brewing Co., Phila.—Common Div
A dividend of $2 has been declared
on
the $1,650,000
common stock
Butler Mill, New Bedford, Mass.—
Pref. Stock.—Hayden, Stone & Co. are offering privately at par the entire
authorized $750,000 7% cum. and convertible
pref. stock,
callable at 110 after Sept. 15 1916, and convertible into
com¬
mon at par ($100 a
share) for a five-year period from Dec. 15
A circular shows:
A Mass. corporation, with common stock of
$1,500,000 and
no
debt, owning successful spinning and weaving mills,
embracing
Bpindles, 2,100 looms, electric power plant of 5,400 h.p.
capacity,
funded
105 000
&c'.
Net Profits without Deductions
for Interest or Dividends. '
Years ending Jan. 31 1908 to 1911 and Dec. 31
1912 and 1913.
1907-08.
1908-09.
1909-10.
191,0-11.
1912.
Avg. 8 Yrs. 1913 est
$360,104
$188,542
91, p. 1330* ;
—V.
$315,383
$205,466
"
:
\
$57,224
»
w
$211,841
„
(Mass.) Gas Works Co.—Stock Increase.—
The stockholders have voted to petition the Board of Gas and Electric
Light Commissioners for authority to issue $270,000 stock to retire floating
debt and for improvements.
The new stock is to be offered to shareholders.
A petition to issue $115,000 additional stock at $225 per share has been
pending before the Commission for some time.—V. 97, p. 525.
—
pay¬
able Nov. 1 to holders of record Oct.
25., A similar payment was made 'in
Nov. 1912, being the first distribution since 1899.
The last of the accumu¬
lated dividends on the $1,650,000 8% cumulative
pref. were paid in 1911
The usual semi-annual distribution of $4 on
pref. stock is payable at the
same time.—V. 96, p. 1366.
'
1914.
Fall River
$100,000
General Petroleum Co.
Acquisition by English Syndicate.
Pres. Eugene J. de Sabla Jr. in London on Oct. 30
(a) that he had closed a deal for the sale of the company to a
British syndicate, headed by Andrew Weir, of Andrew Weir & Co., London
shipping merchants, and who is also a director of the General Petroleum Co.,
and (b) that the interest falling due on Nov. 1 on the General Petroleum
$12,554,000 6% bonds had been forwarded to New York.
The English syndicate, it is said, will form a holding company to take
over the properties of the General Petroleum Co.
and will also exercise
the option on the Union Oil Co. stock, and will furnish all the
necessary
funds for future financing of the company.—V. 97, p. 301, 447.
A cable message from
announced
Georgia Public Service Corporation.—Sale of Control.
See Macon Ry. & Light Co. under "Railroads"
above.
Goldfield (Nev.) Consolidated Mines
Production (Tons Treated and
July
August.
September
Co.—Earnings.—
Shipped) and Earnings for Third Quarter.
Gross Value.
Total Costs. Net Profits.
29,550
$358,453
$189,699
$152,000
32,096
388,735
189,951
198,784
27,965
338,000
186,000
168,754
Dry Tons.
Month—
—
Total
—V. 97. p. 1775.
,
—
89,611
•
•
"
$1,085,188'
.
.
$565,651
r"
-
$519,538
Nov. 1
Co.—Earn¬ H Nova Scotia Steel & Coal Co., Ltd., Halifax.—Offering,
Brewing
Bauerschmidt-Straus
Gottlieb
ings.—For the 6 months ending Aug. 31:
The
Aug. 31—Profits.
Income.
Income.
$257,236
1912
133,500
—V. 96, p. 1493.
$26,897
8,120
$284,133
$38,362
$195,628
141,620
42,316
142,865
def. 43,561
IstM. 5s and ranks
Greene-Cananea Copper Co.—Dividend.—
of
1%
has
been declared
on
the $50,000,000 stock
payable
Dec. 1 to
holders of record Nov. 14.
A disbursement of
25 cents per share (par then $20), or 2^ %, was made on March 1 1913 and
similar payments on Nov. 30 and Aug. 31 1912 and also on March 1 1912,
the initial payment (V. 94, p. 282).
The directors of the subsidiary Greene
Consol. Copper Co. have also declared a dividend of 50 cts. a share (5%) on
the $10,000,000 stock, most of which is owned by the Cananea Cp.
This
is the first payment since Feb. 28 last, when 45 cts. per share (43^%) was
'disbursed.
On Nov. 29 and Aug. 30 1912 40 cts. (4%) each was paid; the
last previous payment was 60 cts. per share (6%), Jan. 23 1912.—V. 97,
953.53.
'
,
Hercules Powder Co.,
Net
192
Ontario Power Co., Niagara
•
\' Sept. 30—
Wilmington, Del.—Earnings, &c.
1913
,--$5,660,3901 Set aside for bond interest..$292,500
1,041.2471 Balance, surplus._________ 748,747
earnings are stated after deducting all expenses incidental to manufac"
1912
9.61%.
",
'Or?'-:..,?,>.0? ?0
Sheet Sept.
Balance
—
Accounts receivable
Collateral loans
„
.__
securities.
Materials and supplies.__
Investment
Finished
products
Deferred charges
—V.
97, P. 731, 447.
bondholders'
?
•
.
6,500,000
137,015
227,217
292,500
payable
Accounts payable
Bond interest suspension.
Deferred credits
24,067
114,128
651,335
»
Reserve and accident funds
Profit and loss__
'•
rv
??r?r
?,??.?;:r
Light & Fuel Co.—Merger.—
committee,
Horwitz, F. D,
consisting of George Q.
Lackey and W. W. Hepburn (Pennsylvania Bldg., Phila.), have recom¬
mended to the holders of the $215,000 bonds that they, in order to avoid
with the New York Alabama Oil Co., a
has discovered considerable quantities of
foreclosure, merge the company
corporation
Delaware
which
natural gas.
It is proposed that a new company shall acquire the two prop¬
erties and shall Issue $215,000 5% bonds in exchange for the Huntsville
Gas
Allowing for
bonds.
commissions and
1932-
present holders of
of the new bonds.
expenses,
the Huntsville bonds would obtain about 80%
on
Balance,
Surp.
S
'
U. S. District Court on Oct. 23 adjudged the com¬
bankrupt on petition of creditors filed June 3.
Assets are said to be
approximately $200,000.
Officers of the company claim that the assets
amount to about $350,000 and may appeal from the decision.
The sale which was advertised to take place on Oct. 28 was indefinitely
postponed.
W. C. Plunkett & Sons, North Adams, who held a mortgage
for $50,000 and who brought a foreclosure suit, withdrew the same on
payment of $20,000.—V. 97, p. 448.
'
Philadelphia Electric Co. -Assessment—Dividend—The
on Oct. 28 called an assessment of $5 per sharey
directors
payable Dec. 1 by stockholders of record Nov. 20, making the
$25 shares $22 50 paid up.
A stock dividend of $1 50 has
been declared on stock of record of the same date and payable
at the same time, which may be applied on the assessment.
proceeds, about $3,500,000, will be used to complete improvements
under way, practically, it is said, providing for all capi¬
The auth. cap. stock is 1,000,000 shares, par $25,
of which 999,510 are outstanding, on which $17 50 per share has been paid
up since Oct. 5 1899 in 7 installments ranging from $1 50 to $3 50 each;
these, to the extent of $5 per share in all, were covered by special divi¬
dends out of accumulated surplus.
The
and extensions now
tal needs now in sight.
Contracts.—"Philadelphia News Bureau" Oct. 28 said:
reply to an inquiry as to the status of the question of supplying power
Pennsylvania RR. for the contemplated electrification 6f the suburban
Hill branch. Pres. McCall said
the contracts embodying the terms on which the Philadelphia Electric Co.
is willing to undertake the furnishing of power are now in the hands of the
Pennsylvania RR. officials, and his company is awaiting the action of the
latter.
In the event of acceptance of the terms suggested, the Philadelphia
Electric Co., Mr. McCall said, would be ready to furnish the power for
the initial operations without additions to its generating plants other than
In
International
Mercantile
Marine
Co.—Appeal.—
U. S. Supreme
Court
the
of fixing the
damages to be paid by the Oceanic Steam Navigation Co. (White Star
Line) by reason of the Titanic disaster.
This will save the time consumed
by one appeal from the decision of the lower Court.—V. 97, p. 599.
Circuit Court of Appeals on Oct:' 24 sent to the
test suit brought to determine
the method
The U. S
Leetonia
(O.) Steel Co.—Bankruptcy.—/
have filed an involuntary petition in bank¬
in the Federal Court at Cleveland, the liabilities, it is said, exceeding
$1,600,000.
See V. 97. p. 302.
1
Creditors of the company
ruptcy
Manufacturers' Light & Heat Co.,
Gross
9 Mos. end.
Sept. 30—'
Net {after
Earns.
Pittsburgh.—Earns.
Other
Int. &
Dividends
Balance
Inc.
Renewals.
Paid.
$
$
($14,000) 1st M. 4J^% 20-year sinking fund gold bonds dated
Dec. 1 1911 for payment at 105 and int. on Dec. 1 at New England Trust
Co., Boston.—V. 96, p. 492.
of Bonds.
Michigan Lake Superior Power Co.—Exchange
Pitcairn of Phila., Chairman,
"The Union Carbide Co. under contract
The committee of 1st M. bondholders, John
29 wrote in substance:
of Jan. 1 1913 (V. 96, p. 1159) has delivered to your
bonds and $48,656 25 in cash, which cash, though a
committee $1,946,250
principal payment, is
equivalent to interest on the new bonds from Jan. 1 1913 to July 1 1913.
1913 certificates of deposit should be exchanged as
soon as possible
at the depositary by which they were issued (Guaranty
Trust Co. of New York or Commercial Trust Co. of Phila.) for
(a) 50%
On and after Oct. 30
M. bonds of Michigan Northern Power Co., guaranteed
p. & i. by Union Carbide Co. and bearing coupon due Jan. 1 1914; and (&)
check for said interest on the new bonds from Jan. 1 lo July 1 1913.
No
assessment is necessary as the funds from the Carbide Co. will meet all legal
expenses, &C.—V. 97 p. 599, 179.
<
of principal in 1st
Michigan Northern Power Co.—Bonds Ready.—
See Michigan
section of the main line and the Chestnut
those
now
under way.
-
Rapid Transit Co. is now taking over 20,000 k. w.,
increased to about 26,000 k. w." There is no
maximum amount of power specified in the contract, the Rapid Transit
Co. having the right to call for 3,000 additional k. w. at any time on proper
The Philadelphia
and next month this will be
notice.—V. 96, p. 1428.
-
Lake Superior Power Co. above.—V. 97, p. 599.
■
?
'
Philadelphia Suburban Gas & Electric Co;—Merger.—
See American Gas Co. above and compare
Phoenix Gas & Electric Co.,
See American Gas Co. above.-—V.
Metropolitan Coal Co.—Bonds Called.—
Fourteen
Oct.
to the
Surplus
Taxes).
$ ■"'"■■■
$
$
$
1913.- ——4,755,778 2,282,868 52,379 189,228 (5X) 1,207,500
938,519
4,305,846 2,052,854 28,605 260,117 (3%)
430,0001,391,342
Profit and loss surplus Sept. 30 1913, after deducting $43,843 for sundry
adjustments, was $894,676.—V. 97, p. 241.
on
Int.
pany
-—$6,500,000
i
Bills
1,141,095
857,896
450,000
300,569
1,480,224
481,187
2,884
Huntsville (Ala.) Gas
The
?'
.
Other
Net
Earns. Income. Bds.,&c.
$
$
v $
$
;
$
1,110,513 56,680 1,053,833 911,828 42,935 540,484 414,280
879.04 2 48,45)
830,591 700,209 18,023 486,240 231,996
'
$
Judge Morton in the
30 1913 (Total Each Side $14,446,262).
$9,732,406 Capital stock
4,713,856 Funded debt
Plants and property
Working capital.
Cash
■
Falls.—Earnings.—
Gross
Income.
Oxford Linen Mills, North Brookfield, Mass.—
extraordinary repairs, maintenance of plants,
'
dividends, $748,747, is equivalent to an annual
rate on capital stock of 15.36%; dividend paid during period, 1.50%; net
earnings from all sources is equivalent to an annual rate on total investment
The amount available for
of
Gov't
Rental.
241.^
—V. 97, p.
sources).
ture and sale, ordinary and
accidents, depreciation, &c.
Sale of
Power.
•
9 months to
,
Gross receipts
Net earnings (all
of such debenture stock, $1,000,000 thereof hav1909 and the balance of $1,028,500 having been
Canada.
The debenture stock follows $6,000,000
ahead of $1,030,000 8% pref. stock and $6,000,000 com.,
the latter now receiving 8% per annum.
Pres. Harris, Sept. 16, wrote: The proceeds of the $2,000,000debenture
stock now being issued will be used to repay a part of the expenditure on
capital account for the past year, and the balance is being applied in equip¬
ping a new colliery, a new open-hearth furnace, and other improvements,
and additions to plant and equipment to provide for still larger outputs,
thereby adding to our earning power,
See V. 96, p. 1294, 1301,
sold also in
recently
,
A dividend
p.
£98 per £100 debenture stock, being part of the
£resent issue of $3,000,000
ig been sold in Canada in
sur.$50,143
1913
Royal Bank of Canada, London, till Oct. 20 was^authorized, as
to offer for sale £199,500 ($971,500) 6% deben¬
banker for the purchasers,
ture stock at the price of
Admin.,&c.,
Int.,
Balance,
Exp.
Sk. Fd., &c. Sur. or Def.
Other
Total
6 Mos. end. Gross
1389
CHRONICLE
THE
1913.]
74,
V. 97, p. 1049, 526.
Phoenixville, Pa.—Sale.—
p.
271.
Pittsburgh Coal Co.—New Subsidiary Company.—
See Montour Northern
Pope Mfg.
On Oct. 27
Co.
RR. under "Railroads" above.—-V. 97, p. 1049*
(Automobiles).—Receivership
—
1913 Judge Joseph P. Tuttle, sitting in his chambers in Hart¬
West Hartford receiver for the
company on application of the New Departure Mfg. Co. of Bristol, Conn.,
a merchandise creditor, and of Frederick
F, Small of West Hartford, a
ford, appointed Treasurer George Pope of
stockholder of the company.
Col. Pope said: "The occasion
for the receivership proceedings is the fact
seriously restricted, owing to the ap¬
proaching maturity, April 1 1914, of an issue of $1,000,000 of [2-year 6%J
debenture notes.
[See V. 94, p. 830; also annual report, V. 97, p. 1112.]
The business will continue under- favorable conditions.
It is confidently
expected that the creditors will be paid in full and that the stockholders
will receive a substantial dividend through receivership proceedings, on
their holdings or be able to reorganize on favorable terms and prospects.
that the credit of the company was
Committee.—The shareholders' committee urges
Minneapolis (Minn.) Gas Light Co. -Decision.—
deposits.
stock: Allan Forbes, Pres.
L. Putnam; Carl Bonney, Worcester; Daniel
Hill & Co.; George M. Angier, William P.
Currier.
Depositary State St. Trust Co., Boston.
Protective committee for, pref. and common
Court has handed down a decision sustaining that of
Judge Molyneaux
denying the application for a temporary injunction
restraining the publication of the ordinance reducing the price Of gas from
85 to 70 cts. per thousand.
Compare V. 97, p. 890, 731.
,
1
The State Supreme
of State St. Trust Co.; James
W. Gurnett, of Richardson,
Fowler and Robert M.
Compare V. 97, p. 1112.
(Trustees of).—Bonds Called.
Public Service Co. of Northern Illinois,—^Sale of Notes.
($6,000) 1st M. 4H% 30-year bonds, dated Dec. 1 1910 (Nos. 68,
260, 279, 334, 427 and 576) for payment at par and 3.99% and int., on
Dec. 1 at New England Trust Co., trustee.—V. 93, p. 1389.
—Lee, Higginson & Co. have sold at 93% and int. the final
$336,000 of Northwestern Gas Light & Coke Co. 5% gold
coupon notes of 1912, due Sept. 1 1917, making the total
amount outstanding, $3,836,000.
The bankers say:
National Dock Trust Co.
Six
New River Company.—Options
Preparatory to Merger.—
of London has paid
An English syndicate headed by Peter D. Millory
.some
$200,000 for options on various West Virginia coal properties, com-
{►rising, it is said, 550,000New River Consol. 96 collieries. Co., New River
t is reported, include the
acres of land and Coal & Coke The properties,
Coal Co., New River Co., New River Collieries Co., Nuttall estate lands,
leases, railway, &c.; McKell estate, Guggenheim interests, &c.
It is un¬
derstood that the minimum price which the New River Company will
accept for its properties, and the properties of its subsidiaries, along with
franchises, &c., is $12,000,000.
The syndicate is stated to be attacking
the proposition
vigorously, employing
a
large number of engineers to ex¬
amine the properties. See "Manufacturers' Record" of Baltimore,
The New River Co. is reported at present to be doing very well
Oct. 23.
and it is
believed will more than earn the dividend on the (cum.) pref. stock this
year.
The last dividend due was passed.
It is hoped that within a short
time the company will make an effort to reduce the accumulations.
See
V. 97, p.
664.
New York Dock
Gross
Earnings.
1912-13
$1,648,259
1911-12—.- 1,637,259
—V. 96, p. 1026.
June 30.
Year—
Co.—Earnings for Year ending June 30.—
Net
Earnings.
$940,345
990,912
Net (RR.
Dept.).
$2,452
10,260
Bond
Interest.
$476,415
472,000
Taxes
Paid.
$371,175
384,355
Balance,
Surplus.
$95,207
144,817
Niagara Falls Power Co.—Combined Income Account.—
Gross
3 Mos. ending
•
Sept. 30—
•Earnings.
Net
Earnings.
$556,574
501.621
$9,912
32,124
11913
-—$2,001,612
1912—
—
1,839,096
—V. 97. p. 241.
$1,621,429
1,476,697
$62,598
86,286
■
Chgs.,&c.
Balance,
Surplus.
$314,713
306,557
$251,773
227,187
Fixed
Other
Income.
$689,190
618,233
——
,
9 Months—
<
$941,004
919,309
..
r
■
$743,023
643,673
..."
closed mortgage (subject to $5,870,000
all property formerly owned by the Northwestern Gas Light
assumed as a direct obligation of the Public Ser¬
vice Co. of No. 111. (see V. 95, p. 821; V. 96, p. 793).—V. 97, p.1119, 180.
This issue is now secured by a
prior liens)
on
& Coke Co., and has been
^Public Service Investment Co.
''The
increase of Stock.—
stockholders voted Oct. 30 to increase the stock from
of pref. and com. to $3,000,000
$2,000,000 each
each.—V. 97, p. 1119.
Corporation, Detroit.—Receiver's Sale of Auto¬
Security Trust Co. of Detroit, as receiver,
announces, by adv. on another page, that it will offer the
property at public auction in Detroit on Nov. 11, under
order of the U. S. District Court.
The receiver reports:
R-C-H
mobile Plant.—The
"The property, which will be offered in both parcels and bulk, comprises:
(16.57 acres and factory buildings), $201,000; equipment and
$213,890; materials, supplies and branch stocks, $313,968;
cars,
$14,530; accounts receivable, $60,635; notes receivable, $3,175;
total, $807,197.
The plant is equipped for the manufacture of a $900
five-passenger touring car, which has been widely advertised at an expense
of $324,000.
The different parcels are also admirably situated for use as
separate units.
They include an office building, a foundry, machine shop,
drop-forge plant and assembly building.
The parts business is important,
Real estate
machinery,
nearly 9,000 cars being in use.
Re(^MotorJ3ar Co., Lansing, Mich.—Dividend.—
The co
000.000
panv announces
the distribution as a
stock dividend on its'$2,-
^ck of $600,000 stock of Reo Motor Truck Co.
In connection.
1290
THE
CHRONICLE
with the distribution
Secretary Snyder of the Reo Motor Car Co. says:
4'At organization of Reo Motor Truck Co., Reo Motor Car Co. turned over
-
end. Aug. 31 1913, Applicable to Securities Held.
[This also includes earnings from collateral
deposited for these notes.]
Gross earnings.
$2,041,8331Bond interest
$613,560
Net earnings...
,1777.—V. 97, p. 669.
of 3% and 9% extra have been declared on the
$30,000,000 stock, payable Nov. 29 to holders of record Nov. 10, comparing
with 3% and 4% extra on
Aug. 30, 3% and 3% extra on May 31, and 3%
and
4% extra on Feb. 28 last, 3% and 7% extra on Nov. 30 last and
(without any extra) on Aug. 31 1912.
draiving heavy royalties from several of the other former
Standard Oil Co. of New
Jersey subsidiaries.
The increased disbursement,
it is stated, is made in face of
the fact that large expenditures are being
made for new plants and for
extending the marketing system.—V. 9.7, p.
527, 241.
Sayre (Pa.) Electric Co.—Earnings.—
•
■
Sept. 30
Gross
Earn'gs.
$78,534
Year—■:
.
1912-13
1911-12.
74,114
Net (aft.
5% Bond 6% Note
Taxes).
$30,466
28,741
Interest.
$10,500
10,500
Sinking
Balance,
Surplus.
$15,066
13,341
Fund.
$2,500
2,500
Interest'.:
$2,400
2,400
Union Oil Co.,
years
United Paperboard Co., Chicago.—Status.—Charles C.
Adsit, Chairman of the reorganization committee of the old
United Boxboard Co., in circular of Oct.
25, says:
-
with $66,675, $64,251 and $58,912
1910-11, 1909-10 and 1908-09.—V. 94, p. 1321.
Sealshipt Oyster Co., Boston and Northport, L. I.—
Receivership—Judge Chatfield in the U. S. Court in Brook¬
lyn on Oct. 29 appointed Pierre M. Brown of Brooklyn and
Treasurer William H, Raye of Boston receivers for the com¬
pany on application by the Old Colony Trust Co., as trustee,
for the issue of $2,500,000 3-year 5% convertible bonds, in¬
terest on which due July 1; remains unpaid (V. 97, p. 55).
Int. is also in default on$l
,336,350mortgage "property notes."
Status.—At the annual meeting Oct. 27 Pres. H. O.
The reorganization of the United Boxboard Co.
and the formation of the
has been completed, and the security holders are
the United Paperboard in exchange for their receipts.
We feel confident that the
Paperboard Co. will be able to continue its
business profitably, and Ave take
pleasure in stating that its net profits
for the first three months',
operation amounted to over $76,000.
The
directors have authorized additions and
improvements at many of the mills
and are confident that,
upon completion of same, the earnings can be in¬
creased.
We belieAre that during this first
year of operation the company
will shoAv earnings Avhieh Avill indicate its
ability to conservatively commence
the payment of dividends at the rate of
6% per annum on its pref. stock.
United-Paperboard Co.
receiving stock in
Income for
Underwood said in substance:
.-
losing proposition and Ave must
apologize for the bad judgment shoAvn in the prices paid for properties.
„
From the time, hoAvever, the present management took control I feel the
best possible has been done Avith the assets and the business.
We became interested in this company during the
spring of 1910
9,741
.
through
representations and estimates which I believe Avere made in perfect good
faith.
At the outset things Avent favorably and reports as to
profits -were
Net profit.
original promoter proposed to us to buy
His recommendations were supported by those of prac¬
An issue of $2,000 ,000 pref. stock Avas underwritten and
offered for sale through agents for the underwriters.
(V. 91, p. 1634, 1714;
V. 92, p. 601, 887.)
I Avas so pleased Avith thb prospects that I took up
$100,000 of the undenvriting.
A neAv board of directors was then elected,
and the new money was used principally in
buying oyster lands and oysters
in 1911.
These purchases were made on the advice of
oystermen whom
we had investigated and believe to be honest men of
first-class ability, but
Who nevertheless greatly deceived themselves in their appraisal of the
■oysters, though in the case of the lands and boats it was more nearly reliable.
In July 1911, the estimates provided for sales of
$1,400,000, with earnings
of $375,000 net.
To retire bank loans and fop additional
purchases, an
issue of $2,500,000 3-year notes was authorized.
(V. 93, p. 168, 1784;
V. 94, p. 357, 1769.)
A careful appraisal was made of all our
properties,
a
Property account
•:
$12,000,000
127,379 Preferred stock
2,100,000
323,451 Underlying bds. & morts.
630,500
Materials and supplies..
228,255 Curreut liabilities
129,450
Suspended assets
10,094 Res.for aqcr. int. .taxes ,&c.
23,445
Deferred, charges..
9,903 Surplus .i
76,230
*
Includes real estate, plants, machinery, personal
property, stocks and
bonds, &c.—V. 97, p. 449.
.
United States Light &
'
George W. Baxter of Knoxville, Tenn.,
value
up for work that had been authorized cn the
oyster prop¬
it was
pointed out that our numerous selling agencies
making good.
Mr. Brooks resigned as President on .Dec.' 7.1911,
.and
there being no other man available for the
place, I was persuaded to
take the presidency.
I have served Avithout salary.
Late in the spring of 1912 our
managers began to complain of a dearth
of large oysters.
We had counted on % of a gallon of open oysters for
every
bushel of oysters in the shell, but our million bushels
yielded less than 590,000 gallons.
This alone curtailed our expected receipts bv more than
$250,000.
Sales Avere not nearly as large as estimated, and
against the oromised
10c. extra per<?ni'on profit on account of our
trade-mark, Ave found the
branch selling houses cost had.been 40c.
per gallon.
That is, it cost 40c.
to get 10c.
The selling agencies, instead of being feeders, were
suckers.
At this time dividends on the pref. stock were
passed.
Over $200,000 Avas
cut out of operating expense, and Ave felt that the
Avorst was over,
v
In September 1912 we arranged for an
inventory Avith two other experi¬
enced oystermen, Arthur Halsey and Capt. F. W.
Rowlev, who Avith our
captains, Cole and Reardsley, returned an inventory of 4,000,000
bushels,
of oysters, value cnlv $1,600,000.
This was a "bolt out of the blue."
In the fall of 1912 the company had
only a moderate set of oysters, and,
this suffered a very heavy death rate.
In Jan.
1913 came-a terrific
storm, the Avorst, it is said, for 20 years, and destroyed
many of the oysters.
Early in 1912 it was clear that Ave could not take care of our* maturing
prop¬
erty notes secured by the properties and reoresenting
part of the purchase
price.
The recent publicity as to our affairs has led the
larger creditors
cornpanv
While
the
assets
are
in
excess
of the
United States
Westinghouse Machine Co.—Earns. 6 Mos. end. Sept. 30:
Total shipments
..$2,976,060 General expenses...
$21,417
Operating profits.
419,827 Net profits.....
.......475,-591
Other income—87,180 Charges
227,114
Total income
507,007 Balance
248,477
—V. 97, p. 43.
'
• '■
.-v. <••• '
■
•
—
The
Present
authorized
also V- 95.
.
stock
-
$6,000-000
Phiiad'Iphia of July 18 1913.—V. 84.
common
Shreveport (La.) Water Works Co.—Appraisers'
Report.
"Shreveport" in "State & City" department.—y.
95,
p,
1547.
Man ville Co. have
Spring Valley Water Co., San Francisco.—Notes.—
The proceeds of the
$2,000,000 5% notes which the stockholders
are to
authorize on Dec. 19 wiU be used to take
up the 90-day issue of notes
mortgages on Alameda Co. lands and in
financing Calaveras dam construc¬
tion.
They Avill be secured by pledge of 1st M.
bonds.
Actual Avork of
the dam is in progress.
It is expected to be completed to a
height of 120 ft
wil1 impound 8,000 million
gallons or sufficient to
add 25.000,000 gallons to the water
supply of San Francisco
The full
height as planned to be finished bv the end of 1916 is
220 ft
at Avhieh
its crest length will bo 1,350 ft. and Its base
,
length
or
impounding 55
000
1219.
Standard Gas & Electric
Co., Chicago.—Notes—Earn¬
ings.—T\\q Continental & Commercial Trust & Savings
r.
Bank, Chicago, and H. M. Byllesby & CoM:
Chicago and
New York, are offering at prices to net from
61^ to 7%
$950,000, the unsold balance of the authorized
collateral
trust
$3,000,000,
6% serial notes dated June 2 1913,
fully
1777.
A circular shows:
da? ribed in V. 96„ p.
p.
1556.
mail
those
to
a
booklet
on
the
subject which they will
interested.
—Messrs. C. E. Denison & Co. of Boston and Cleveland
a circular giving a list of
municipal bonds yield¬
ing from 4 to 5^%, free from the U. S. income tax.
Copies
of the circular—No. 402—may be had upon request at
either office of this firm.;
have issued
.
.
..
distance through the
base of the dam 13,000 ft.
It will then be capable of
million gallons of water.—V. 97,
p.
recently
The Court
brought by
—Among the many letding banks of the country that have
adopted the Frink and Linolite system of lighting is the Corn
Exchange National Bank of Philadelphia, which made a thor¬
ough examination of bank lighting before installing the system
in its- handsome new bank building.
This system, it is
claimed, gives an evenly diffused light over the "entire work¬
ing surface, the source of the light being completely screened
from the eye and all shadows eliminated.
The II. W. Johns-
$2,000,000 pref. [$1,500,000 6% and $500,000 7%.
dividends Q-Ml
Outstanding $5,987,000 common and $1,409,400 6% and
$500 000 7%
preferred.
Par $100 a share.
Dividends on common 10% her
anri
<Q-F 15).
See V, 96, p. 284.
/ •
/o 1
nn/
See
was
Greensburg Borough against the company to enjoin the Avater company
purchasing the franchises and property of eight other Avater companies
(viz.: Westmoreland Water Companies of Greensburg Borough, Unity
ToAvnshio and llempfiekl Township, Penn Township and Peuu Borough
Water Companies and.North Huntington, Derry and Irwin Water Com¬
panies) under the Pennsylvania Act of April 17 1876 amending that of
April 29 1874.
The Borough claimed that the consolidation might interfere
Avith the right under the Act of 1874 to purchase the property of the com¬
pany, but the Court held that the purchase by a water company of the prop¬
erty of other companies serving other municipalities does not affect the sta¬
tus of the Avorks and property which a borough wherein the original company
is located has a right to acquire at the net cost of erecting and
maintaining
the same, with interest at 10% per annum, deducting dividends thefetofore
declared1.
The fact that the water company oAvns property outsidtmf the
borough, it is held, is not material if the Borough chooses to purchasesHie
propertv located in the borough under the Act.
The opinion is printed\t
ength-in the advance reports supplemental to the "Legal Intelligencer" o
should the
capital
—
Supreme Court, which
from
At the annual meeting on Nov. 10 the
stockholders will be asked to au¬
thorize an increase in-capital stock to
provide for contingencies incident
to future growth.'
The directors have not yet decided on the
form of the
increase; but the new stock will probably be common stock.
There is no
present intention of issuing any of the proposed neAv
stock, but the manage¬
ment considers it expedient to rwovide for the
future' by having an au¬
thorization of not over $2,000,000 neAv capital
ready for issue
arise.
decision of the Pennsylvania
referred to by the newspapers, was rendered Nov. 13 .1912.
overruled the demurrer and dismissed the bill in the suit
Sherwin-Williams Go. (Paints, &c.),Cleveland.—New
Stock..—The company confirms the following as
practically
setting forth the present situation:
•
- -
occasion
—
Westmoreland (Pa.) Water Co .-^Decision
■>'
and
Telephone Co., Ohio.—No Preferred Div.
on
by extraordinary floods and sleet storms.
Regular quarterly payments of
1H% each were made on the pref. stock to Aug. 15 last.
On the $3,100,000
common 3% each was disbursed in 1906 and 1907.—V. 96,
p. 1707.
•
The directors Avill do their utmost to effect a reorganization that shall
•satisfy the creditors and save for the stockholders the
equity which I be'tieve is still in the business.
I would gladly sacrifice mv entire
investment
if I could let my friends and
stockholders out without loss.
Every director
has suffered large losses.
T shall continue as
President if that is desired.
Mr. Raye has proAmn an
extremely able manager.
I expect in time to get
.
cir¬
on Oct. 24 decided to omit for the
present the payment of
the $1,095,000 6% cumulative pref. stock owing to the heavy
losses sustained by the operating companies controlled during the past year
dividends
...
llPO**1*8 Vi6W may be to° optimistic. See
a
The directors
debts, the
is great! v overcapitalized.
stockholder, has issued
forthcoming annual report, it is understood, will reply to the circular.
Earnings for July and August 1913Avere $8,000 and $6,000, respectively,
a total of $14,000, contrasting with a deficit of
$6,400 for the two months
in 1912.
Earnings in thesemonths.it is said, are always at Ioav ebb. See
V. 97, p. 303, 242.
Later
payment.
a
and suggesting that "a-committee be
appointed to ask for proxies for usd
at the annual meeting Dec. 2 in effecting
changes on the board.
The
not
to demand
.
Heating Co .—Protest—Earnings.
cular letter dated Oct. 17 protesting against the company's policy of giving
to its stockholders
"no information except of most general
character,"
'
■
*$14,260,544 Common stock..
Accounts receivable
began to pile
erties.
.$76,230
...
Cash
Avben bills
were
...
United Paperboard Co. Bal. Sheet Aug. 30 1913 (Total each side
$14,959,626).
In the fall of 1910 the
•other properties.
tical oystermen.
and it shewed the number of oysters as about 5,000,000 bushels
Avith
of $2,900,000, or probably twice as much as it should
have been.
Our first' intimation of poor management came later in the fall
Three Months' Operation to Aug. 30 1913.
Gross earnings, $144,093, less
repairs and improvements, $35,522;
taxes and insurance, $8,834;
general exp... $15,969; balance net
earnings, $83,768; other income, $2,203; total net income.$85,971
Deduct:
interest charges.
So far your oyster company has proved a
excellent.
California.—Option to Be Exerciseed.—
See General Petroleum Co. above.—V.
97, p. 449, 370.
The gross earnings as above compare
respectively in the
3%
"
One of the chief causes for the
increased prosperity of the company is said
to.be the ownership of the
patent on the new refining process, through which
the company is
1706.
p.
p.
Standard Oil Co. of
Indiana.—9% Extra.—
Richelieu & Ont. Nav. Co., Ltd. (Montreal).—Merger.
Transportation Lines, Ltd." above.—V, 96,
180,000
$1,210,993
_
collateral, &c., in V. 96,
A quarterly dividend
,
,
_
See list of
.
.
2,004,5531 Ann.int.on$3,000,OOOnotes
Surplus
recently deemed advisable to terminate the trusteeship, and stockholders
of Reo Motor Car Co. voted that this trustee stock be distributed pro rata
to them.
In addition, a 7% cash dividend was paid on stock of the truck
co., including trustee stock."
The company's balance sheet of Aug. 31 1913 shows current assets
amounting to $2,193,227, including $1,064,897 reprasented by cars, mater¬
ial, parts, accessories and factory supplies; $67,712 accounts receivable;
$173,363 bills
receivable; $1,871 interest accrued, and $885,384 cash.
•Current liabilities consist of accounts payable, $66,853, and accrued-wages,
taxes, &c., $88,734.
The total profit and loss surplus Aug. 31 1913 was
$2,061,887.—V. 95, p. 301.
'- '
- :; /
'
,
xcvix.
Earnings for Year
-to it valuable assets for which it accepted stock of the truck co. to amount
of $600,000.
Because of certain legal phases, the stock was held for benefit
of stockholders of Reo Motor Car Co. by R. E. Olds, as trustee.
It was
See "Canada
[Vol.
—Sutro Bros. &
Co., 44 Pine St., New York, are offering
by advertisement on another page a list of New York City
bonds exempt from United States income tax at a price to
yield about 4.25% basis.
—Hambleton
&
Co.
,
\
of
Baltimore, Md., announce the
opening of their New York office at 43 Exchange Place..
'
H. C. Spiller & Co., Inc., of Boston have
branch office at 63-65 Wall St.-, New York.
—Messrs.
opened
a
Nov. 1
1291
CHRONICLE
THE
1913.]
gjepcrrts and gcramuettis
PUBLISHED
AS
ADVERTISEMENTS.
QUINCY RAILROAD COMPANY
CHICAGO BURLINGTON &
YEAR ENDED JUNE 30 1913.
FIFTY-NINTH ANNUAL REPORT—FOR THE
'
EXPENDITURES
Chicago, July 1 1913.
road
.
LINES AND EXTEN
FOR NEW
AND FOR ADDITIONS
BETTERMENTS DURING THE YEAR.
SIONS, FOR EQUIPMENT,
of the Chicago Burlington & Quincy Rpil-
To the Stockholders
Company:
is the report of your Board of Directors for
ended June 30 1913:
AND
The following
the year
OPERATING REVENUES.
1913.
PerCt.
66.58
62
74
24.31
2.73
34
37
2.98
Miscellaneous Transportation
2,146,658 47---
,
-•
.14
Operations
from
^
I.—Road—
Engineering
Right of Way and Sta¬
tion Grounds
Maintenance
■
Bridges,
Rails
31.79
2.74
33.47
30.07
— .
phone Lines
$22,650,360 19
Income
$27,840,544 85--s— Operating
313
254,738
164,366
211,635
5,038
276,460
305,992
485,722
53,660
599,636
7,082
311,654
21,178
1,130,835
477,441
1,009,013
79,877
160,156
88,766
371,620,
119,692
130,218 81
463
355,478
2,200
12,702
29,730
195
150,990
71,144
6,107
875
55,888
97,522
457,504
568,430
650,000
650,000 00
11,683 44
,57,044
71,548 23
27,527
24,328
13,108
3,717
1,237
135,882
638,890 92
233,203 31
and
———
74,838 92
""5,276
——
Station Buildings
INCOME.
OTHER
37
55,
57
72
214,992
Signal Apparatus._
Telegraph and Tele¬
Total Net Revenue.—$25,953,418 30
Taxes
Accrued..
3,303,058 11
$31,403,903 47
3,563,358 62-
— -
Laying
Surfacing—
122,700 51
——erations
_
Roadway Tools
Fencing Right of Way
Crossings and Signs. _
Interlocking and Other
Net Deficit from Outside Op-
71
99
98 :
58
8,256
633,382
13,404
Ballast
Track
118,876 26
2,583,554
8,256
1,194,966
27,943
2,400,435
183,119
and
Other Material
2.61
$62,842^891 03-Total
127,691 01
Switches.
Track Fastenings
69.93
$31,531,594 48--.Net Operating Revenue.--$26,076,118 81
—
Frogs and
1.76
_2,589,292 99—General Expenses—
2,263,387 34
Operating Expenses_$60.646,949 16
_
46,297 71
37,110 72
35,467
107,113
24,744
Ties
15.61
16.48
-
Income.
Trestles and
Culverts
:
39
69
63
29,997,717 32..Transportation Expenses— 29,020,384 11
33.41
penditure.
346,591
27,629
Tunnels
.15
13.28 $12,535,862 55
Structures
$13,541,030
17.10
16,133,215 36-Maintenance of Equipment- 14,294,032
1.68
1,586,802 81
Traffic
Expenses——
1,528,114
66.59
Ex¬
to
Real Estate.
.91
788,588 94
132,102 19
EXPENSES.,
of
Way
and
OPERATING
,
Charged
Road and
Equipment.
51—Total Operating Revenue.-$56,723,067 97 100.00
100.00 $94,374,485
Charged to
Extensions.
Grading
Transportation.
Facilities-.
909,376 59_other than
134,739 04 ———Joint
.96
.2.34
2,031,281 77
Revenue
Revenue
Total
New Lines
and
ACCOUNT.
Per Ct.
1912.
67.88 §64,063,856 49———Freight Revenue—^.—$57,740,418
21,895,690 73
Passenger
Revenue
21,083,418
23.20
2,329,351 41 —
Mail Revenue
—
2,368,447
2.47
3.07
2,894,812 78------Express Revenue
2,578,810
2.28
Additions and Betterments.
& QUINCY RAILROAD
ENDED JUNE 30.
CHICAGO BURLINGTON
COMPANY, YEARS
*560,535
2,200
18,169
113,663
190
83,469
222,331 25
62,871 46
and
Fixtures
85
00
30
76
80"
'
Build¬
ing and Fixtures. ._
Shops, Engine Houses
and Turn Tables—
Shop Machinery and
$614,749 50
1,536,294 65
$632,910 23—
Rents
1,327,019 67
Miscellaneous Interest.—
— .
$2,151,044 15
$1,959,929 90—-Total Other Income
$29,800,474 75--Gross Corporate Income—$24,801,404 34
DEDUCTIONS FROM GROSS CORPORATE INCOME.
$1,158,071 87-.
Accrued
Interest
$10,369,728 86--—-Total
-$10,694,650 56
Deductions
$19,430,745 89—-Net Corporate
$16,514,871 21
-
~
and Material
,
STOCK.
CAPITAL
Number of
Shares.
;
,
— - —
1,108,391
--$110,839,100 00
8%
-$8,867,128 00
—
DEBT.
InTreasuru,
•
in Sinking
In
Hands
Accrued
Pledged as
'■
Public.
•
of
Collateral.
'
■
3,259,430 76
485,447 94 3,744,878 70
2*537,254 00
389,492 92
332,136 58
15 61
Total
109,794
41,811
328,467
4,821
Ex¬
penditures—.
During
1 00
1 00
648 50
648 50
649 50
649 50
Law Expenses.
Taxes
Year.
•
.
$237,057,000
531 65
08 2,647,048 08
41,827 38
77
717,960 43
51
336,957 65
07
553 51
■1,085 16
Locomotives..
III.—General
$215,789,000 $198,157,800 $22,931,000 $175,226,800 $7,834,923 74
Mortgage
1,874,300;
292,408 00
5,435,900
Collateral Trust
7,968,000
7,310,200
633,000
419,121 68
3,034,000
Plain or Debcn.
13,300,000
3,667,000
Total
1,602,494 06 5,182,048 79 3,412,295 27 10,196,838 12
Interest
•Funds or
Outstanding.
Authorized.
of
1,544 83
1,544 83
. .
II.—Equipment—
Steam
■
Bond.
107 52
42,320 94
8,601 22
Passenger Train Cars.
Freight train Cars
Work Equipment
Floating Equipment.
—
TOTAL PAR VALUE.
Description
107
.
-
Par Value, Authorized and Outstanding
Dividends Declared During the Year—Rate
FUNDED
ing Construction
Total
Total
Amount
.
82,472 59
76*496 26
2,240 52
42,320
8,601
-i—
Equipment.
Repairs of Equipment
Earnings
and
Oper¬
ating Expenses Dur-
CAPITALIZATION.
16,227 76
;
3,735
Rent of
$1,295,409 70
the Year-u.-
>
14
59
93
99
Struc¬
Transportation of Men
"
28,765
226,132
14,335
3,717
746
16,227
— -
tures
$12,811,344 08 "
.
$2,915,874 68——Surplus for
erty
Miscellaneous
Income—$14,106,753 78
$8,867,128 00
—
Dividends ---.--. $8,867,128 00
7,647,743 21Appropriations for Betterments 3,944,216 08
481
i.
Storage Warehouses. _
Dock and Wharf Prop¬
8,547,309 04
657,978 58
6,814 44
— —
65,921
Fuel Stations
Funded
on
8,546,453 42—.Debt
-- —
655,450 28.--...Sinking
Funds.. — —
9,447 77—Discount on Fupded Debt-.
2,820 22
.—.—
—
Water Stations
13,493 46
Interest—
Miscellaneous
Tools
$1,469,055 04
Rents—
— --
305 52
Office
General
Other Expenditures..
Total
—
$209,135,0(10 $31,400,900 $177,734,100 $8,546,453 42
TRAFFIC AND OPERATING STATISTICS.
Increase or Decrease.
1912.
1913.
Dollars and
PASSENGER
TRAFFIC—
V
,
Cents and
Dollars and'
Cents and
Decimals.
Whole Numbers.
Decimals.
Whole Numbers.
Decimals.
5
Earning Revenue
Mile
Mile, per Mile of Road—___
Average Distance Carried, Miles
1
Number of Passengers Carried
Number of Passengers Carried One
Number of Passengers Carried One
otal Passenger Revenue
Average Amount
Dollars and
Whole Numbers.
ITEM.
Cents.and
—
Received from each Passenger
Average Receipts per Passenger per Mile
Total Passenger Service Train Revenue
Inc.
49 14
Inc.
—
$2,944 78 '
46264
263 30
-
Inc.
Inc.
$57,740,418 62
$62,842,891 03
$6,898 60
$1 76285
Operating Revenue per Mile of Road
Net Operating Revenue per Train Mile
Average Number of Passengers per Car Mile
Average Number of Passengers per Train Mile
Average Number of Passenger Cars per Train Mile
Average Number of Tons of Freight per Loaded Car Mile..
Average Number of Tons of Freight per Train Mile
Average Number of Freight Cars per Train Mile*
Average Number of Loaded Cars per Train Mile-— -—■
Average Number of Empty Cars per Train Mile
Average Mileage Operated During Year..,_j_
$31,531,594 48
$3,461 40
Net
*
Including Cabooses.
"
$2 64737
*
i-
■
_
119,183'
...
8 38
$6,323,437 87
Inc.
.100114
Dec
04
Inc.
29282
Inc.
■00023
$669 59
.23286
$6",363
$3
•
,
OPERATING—
$94,374,485 51
$10,360 00
Inc.
00752
'
$3; 52568
-
$1 91755
00729
Operating Revenues
Operating Revenues per Mile of Road
Operating Revenues per Train Mile
Operating Expenses..
Operating Expenses per Mile of Road
Operating Expenses per Train Mile
Net Operating Revenue
——
Inc.
3,277,926'——.
Inc 1,115,455,840 —
254 92
$64,063,856 49
$1 91869
$7,032 63
24-
30,111,513
7,675,979,757
845,900
—
——121
—
01915
33,389,439
8,791,435,597,
965.0831
3,825;—--—.
—
..
$812,27199
Inc.
;.100679
Inc
—100006
Inc. $1,098,705 99
Inc.
$109 24
Inc.
05758
94105
$26,721,933
■
—-
39,112,242
Inc.
■«
-01921
$27,820,639 23
$3,054 02
$1 52022
Passenger Service Train Revenue per Mile of Road—
Passenger Service Train Revenue per Train Mile
FREIGHT TRAFFIC—
Inc.
$21,083,418 74
«
49 35
696,419!--
Inc.
121,314
$21,895,690 73
--194784
—r
Number of Tons of Freight Earning Revenue
.•
Number of Tons Carried One Mile
Number of Tons Carried One Mile per Mile of Read
Average Distance Haul of One Ton, Miles
Total Freight Revenue.
Average Amount Received for each Ton of Freight
Average Receipts per Ton per Mile
Freight Revenue per Mile of Road
Freight Revenue per Train Mile
22,404,120
1,100,846,373
23,100,539
1,139,958,615
125,139
$86,723,067 97
$9,556
$2
$60,646,949
$6,683
'
{"
Inc.
47941
Inc.
16
Inc.
35
$1 73389
$26,076,118 81
$2,873 61
74552
88452
Inc.
96
Inc.
Inc.
Inc.
Inc.
Inc.
16!
15
60
Inc.
—
$7,651,417 54
$803 04
$5,455,475 67
$587 79
'
<13900
-
-
—
U—.
.
-
2
"
—
6 23
l:
-
6 19
Inc.
04
19 10
18 20
Inc.
437 75
Inc.
90
46 08
'483 83
1 21
35 37
Inc.
25 34
10 66
24 05
Inc.
10 36
Inc.
1,29
J30
9,109 51
9,074 34
Inc.
35 17
36 96
— —
1
.
J.
16796
$2,195,941 87
$215 25
^ 02896
Inc.
62
—
■
.
'
J
;
1292
THE
CHRONICLE
[Vol.
NEW WORK.
LIABILITIES.
Capital Stock—
Common Stock.
F Charges to Capital Account
aggregating $10,044,623 11
were made
during the fiscal year for additions to the property.
On the extension from
Thermopolis to Powder River,
Wyoming, $936,133 76 was expended during the year in the
completion of bridges and track-laying, for riprapping along
the^Badwater River, erecting station buildings and water
plants and in grading and tunnel work at Alkali Summit.
*»On the extension from Powder River to
Mortgage, Bonded
,h
1
Casper,
through
Other
r,
Surplus—
Invested in Sinking Funds
Specifically Invested
Income Account
Profit and Loss
ex¬
u
Freight
Passenger
$64,063,856
21,895,690
310,373
Mail..,..
2,329,351
Express.
.2,894,812
Milk.
379,720
Other Passenger Train
9,766
Switching
;
1,327,074
Special Service Train..
33,066
Miscellaneous
Transpor¬
tation
86,657
Excess Baggage—
Revenue
*
49
73
..r
26
41
78
82
23
27
14
•
7 ~i
75
$93,330,369 88
Operations
<•„
■
7
$9,063 48
12,073 75
Storage Freight—43,222 67
Storage Baggage..
16,957 54
Car Service...,-.-.
319,759 64
Telegraph and Telephone
Service
207,341 89
Rent
of
Buildings and
other
Property. _-v
101,93839
Miscellaneous
199,019 23
"
909,376 59
Dr.3,511 87
138,250 91
....
.
Total Operating Revenues..
—$94,374,485 51
Operating Expenses:
Maintenance of Way and
Structures
-$12,535,862 55
Maintenance
of
Equip¬
ment. 1
16,133,215 36
Traffic Expenses. J
" 1,586,802 81
Transportation Expenses. 29,997,717 32
General Expenses
2,589,292 99
62,842,891 03
.
.
_
-
50
r
-
Net Operating Revenue
OUTSIDE OPERATIONS:
676,050 00—
...
$27,798,049 83
—-——-
■
'•
■
v..
to
.■,4',,".
;
.
Proprietary, Affiliated and Controlled Com-1
v
panies for Construction,
Equipment and Betterments.
t -$402,197 83
Miscellaneous Investments—,
Physical Property
$1,430,0,56 41
Securities Unpledged
1,489,396 89
—
••
•
2,919,453 30
__
wJotal -----working Assets—
—-w—
—
$3,321~651
.......
13
.
or
$4,815,365 57
SsmmxA* MftM fa Treasury—
MSbleD£ffiir^
Stocks
11,858,600 00
.....
Funded Debt
$763,072 12
M
;
^
Loans and Bills ReoeivaMe
Traffic anri Par
Traffic and Car Senile® Bawsantaa
panies
Net Balance Due from
Miscellaneous Accounts
Materials and Supplies
OfihiBT Oom-
.
.....
...
Working Assets
^^.......................11
Total
Affiliated and
Working Funds
759,279
2,555,470
2,823,320
6,846,071
132,312
66
72
92
90
82
to
Proprietary,
Controlled Companies
Unextinguished Discount on Funded Debt—
Other Deferred Debit Items.....
.'
$27,840,544 85
Rents Accrued from Lease of Roads
Other Rents—Credits:
Hire of Equipment—Balance
$65,740 87
Joint Facilities. ______—
532,691 13s
$2,976 36
.
._
Miscellaneous Rents
.f—_
31,501 87
Dividends Received on Stocks Owned or Con¬
trolled
Interest Received on Funded Debt Owned or
Controlled.
^
Interest on Other Securities, Loans and Ac¬
629,933 87
529,957 00
•
489,508 14
307,554 53
Gross
Corporate Income
$29,800,474 75
——
...
——
—
DEDUCTIONS
FROM
GROSS
CORPORATE
$3,737,375 99
145,201
19.371.131
496,538
657,250
$1,138,088 86
Miscellaneous Rents.
19,983 01 $1,158,071 87
Interest Accrued on Funded Debt
8,546,453 42
Other Interest
305 52
655,450 28
9,447 77
Dividends declared
2%, payable
2%, payable
2% payable
2%, payable
Appropriations
M
_
89
99
2,593,207 22
$19,430,745 89
DISPOSITION OF NET
10
81
$27,000,706 00
on
CORPORATE
INCOME.
Stock:
Sept.
Dec.
Mar.
June
25 1912. $2,216,782
26 1912.
2,216,782
25 1913.
2,216,782
25 1913.
2,216,782
for Betterments
•
00
00
00
00
,
$8,867,12^00
7,647,743 21
-
————
INCOME.
Other Rents—Debits:
Joint Facilities
Net Corporate Income
_____
4:;
,
Operating Income
OTHER INCOME}:
10'369'728 86
$170,90'% 17
167,139 24
3.399,238 58
Insurance Paid in Advance
Cash and Securities in
Sinking Funds
Securities in Provident Funds..
—
.-$31,403,903 47
3,563,358 62
—
Sinking Funds Chargeable to Income
Extinguishment of Discount on Securities—
rjj
-
Advances
Total-
....
1,959,929 90
3,255 493 31
$33,871,487 02
-
——
—
127,691 01
!
and f
Deferred Debit Items—
Advances—
Temporary Advances
Total Net Revenue..
TAXES ACCRUED
-
»
..U........
Operations
counts
|5*
62,500 00
$909,697 13
1,037,388 14
:
from Outside
8,403,910J5
----------
investments—•
Expenses
Net Deficit
$7,727,860 45
_
Funded Debt....
....$31,531,594 48
.....
Revenues..
.
•
Grand
from
other than Transporta¬
tion:
Station & Train Privileges
Parcel-Room Receipts
$414,753,221 31
21,816,162 81
....
Total
INCOME.
Revenue from Transportation:
,
*„
Other
INCOME ACCOUNT.
-
Joint Facilities, Dr
Joint Facilities, Cr
$392,937^058
.
Other
....$484,928,952 48
OPERATING
addi¬
$19,363,139 38
Securities Issued or
Assumed, Pledged—:
*.***.- r
Funded Debt
^
31,000 00
Securities of Proprietary, Affiliated and
Controlled ComHv
panies, Unpledged—
"
£9xl£s-EI
Stocks.
u.
$91,039,155*76
Total
Operating Revenues:
'
Securities—
Securities of Proprietary, Affiliated and
controlled
panics, Pledged—
■V.
$49,146,537 35
41,892,618 41
RAIL OPERATIONS—
■
Securities Issued
32,942,793 87
3,750,000 00
$58,114,010 11
i
.
Grand
-
•
■
"
Total
;
GENERAL BALANCE SHEET JUNE 30 1913.
Cash
^
"
DARIUS MILLER, President.
•
'
Profit and Loss—
••
Total
•
...
TotaJ.................
during the year and is now occupied.
F Following is the report of the General
Auditor, with state¬
ments prepared
by him.
By order of the Board of Directors.
,1
Advances
1
•
Not
Freight houses at Ottumwa, Des Moines and St.
Joseph,
which at the close of the last
year were in course of construc¬
tion, have been completed and put in service.
*
The new General Office
building at Chicago was completed
Other
$1,790,957 06
496,538 89
440,485 04
__
Total.
h
Stocks
Funds....
$2,727,980 99
Appropriated Surplus—
-".v.
Additions to Property since June 30
1907, through Income $21,421,216 24
Reserves from Income or
tional mile is being
put.in to hold the bed of the river in its
and protect the east
approach to the Company's
bridge over the Missouri River near Plattsmouth.
__
$1,506,611 55
98,400 00
$1,605,011 55
of Provident
Other Deferred Credit
Items
course
,
$11,468,694 07
Totai
„
Operating Reserves
Liability on Account
Junction to Council Bluffs, been
protected for Some two miles
with very heavy and
Reserve for Accrued Depreciation—Credit
Unpaid
Deferred Credit Items—
point.
Large expense is annually incurred in protecting the rail¬
road property from encroachment of
the Missouri River at
Folsom, Iowa.
Not only have the tracks of the
line, Pacific
Property Investment—Road and Equipment—
V
Road—
.
$347,091,626 64
Equipment _._i
:
66,139,343 78
General Expenditures
1.522,250 89
and Secured Debt
26
22
24
50
00
85
•
For a distance of about nine miles north
of Keokuk, Iowa,
the tracks of the
Company have been raised and re-built in
order to place them above the flow
line caused by the new
power dam across the Mississippi River at that
ASSETS.
Mortgage, Bonded
Working Liabilities.
Accrued Liabilities Not Due—
Unmatured Interest and
Sinking Fund Payments
Taxas Accrued
improvements
an
$1,603,733
7,193,408
324,368
2,159,032
145,000
43,151
........
y.
expensive revetment work, but
.$209,135,000 00
-
Total.......
existing third track from Chicago to Belmont, Illinois,
is being extended to
Aurora, and the completion of auto¬
matic block signals
covering this trackage has been authorized
necessary for the more efficient and
peditious handling of business between these points.
-
Audited Vouchers and
Wages Unpaid
Miscellaneous Accounts Payable.
Matured Interest and Dividends
Unpaid
yard has been built at Eola, Illinois, containing six
a total
length of about 4,000 feet, together with
and the work is now under
way, all of which
will provide facilities
-
and Car-Service Balances due to
other Companies
tracks with
Total
,
.
There were placed in
operation during the year
58.46 miles of additional second track and
74.54 miles of
yard tracks and sidings.
•
N The
3,667,000 00
••
1
Working Liabilities—
ments.
necessary water and coal stations,
.
7,310,200 00
$163,000 00
3,504,000 00
Company
Company....
Not held by
to;Orin Junction, thereby completing the entire line.
The amount expended on the
Hudson-Greeley line, in
Colorado, during the year was $85,066 76 for right of way;
no actual work on this line
has yet been done.
Additional land was
purchased for needed facilities in
Chicago, Aurora, Denver and other points. New second
track costing
$1,681,692 39 has been laid at various poikts
and freight and
passenger stations re-built where business
and public convenience
required these additions and improve¬
new
$281,600 00
7,028,600 00
Plain BondsHeld by
been expended this year for grad¬
ing and bridge construction and in the purchase of right of
way, etc.
The above expenditure practically completed the
west of
and it is expected next
year to continue construction
.$11,445,000 00
186,712,800 00$198,157,800 00
Not
held by
Company
Collateral Trust Bonds—
by Company
Not held by
Company
Orin Junction,
grading and bridge construction of the line
$110,839,100 00
and Secured Debt-
Funded Debt—
Mortgage Bonds—
Held by
Company
Wyoming, $554,489 26 has
A
xcvii.
—$484,928,952 48
Surplus for the
year...
;
■
■
V
.1
16,514,871 2\
$2,915,874 68
'
Nov. 1
RAPID TRANSIT COMPANY
BROOKLYN
OFFICIAL STATEMENT
SECURED COUPON NOTES.
SIX-YEAR FIVE PER CENT
(Convertible prior to January 11916
into New York Municipal Railway Corporation First Mortgage Five
.
.
Per Cent Sinking
Fund Bonds.)
of the Trust
Brooklyn, N Y., October 15 1913.
•
EXCHANGE IN CONNECTION WITH LISTING
TO THE NEW YORK STOCK
OF THE
1293
CHRONICLE
THE
1913.]
applications, especially to No. A
3777, dated February 21 1910, the Brooklyn Rapid Transit
Company hereby makes application for the listing of $39,999,000 (of an authorized issue of $60,000,000) Six-Year
Five Per Cent Secured Coupon Notes, dated July 1 1912
and due July 1 1918, Nos. 1 to 754, both inclusive, and Nos.
756 to 40,000, both inclusive, of the par value of $1,000 each,
now outstanding, with'authority to add $20,000,000 of said
notes on official notice that they have been sold and passed
beyond the control of the company , making the total amount
Referring to previous
Agreement, or for the execution of any trust
remedy under or upon the
shall previously have
the Trustee written notice of an existing default
power thereof, or for any other
Trust Agreement < unless such holder
or
given to
of
and
the
continuance thereof, as therein provided; nor
holders of. Five Per Cent in amount of the
outstanding shall have made written request
unless also the
notes
then
the Trustee after the happening of an event of default,
and shall have afforded to it reasonable opportunity, either
upon
proceed itself to exercise the powers therein granted,
such action, suit or proceeding in its own name;
nor unless also such holder or holders shall have offered to
applied for $59,999,000. .
,
the Trustee adequate security and indemnity against the
The notes are secured by a Trust Agreement to the Central,
costs, expenses and liabilities to be incurred in or by reason
Company of New York, Trustee, bearing date July 1 1912.
of such action, suit or proceeding.'
The notes mature July 1 1918, and were issued and delivered
The notes, with all unmatured coupons attached, are
to the Company by the Trustee under the provisions of
exchangeable by the holders at any time prior to January 1
Section 2 of said Trust Agreement.
1916, as provided in the Trust Agreement, for an equal face
The notes are in coupon form in the denomination of
amount of First Mortgage Five Per Cent Sinking Fund
$1,000, are registerable as to principal and bear interest Gold Bonds of New York Municipal Railway Corporation,
at the rate of Five Per Cent per annum, payable on Janu¬
which bonds have a sinking fund provision for their retire¬
ary 1 and July 1 each year; principal and interest payable
ment
before maturity
The Trust Agreement provides
in gold coin at the office of the Company, or its financial
that notes so converted shall be canceled
by the Trustee,
agency in the City of New York, the Central Trust Company
and shall not be reissued.
of New York,
.
t
^
Both the principal and interest of the notes are payable
without deduction for any tax or taxes which the Brooklyn
Rapid Transit Company or the Trustee
under the Trust
Agreement above mentioned may be required or permitted
to pay, or to retain therefrom, under any present or future
law of the United States of America, dr of any State, county,
municipality or other taxing authority therein, without
preference of any of the notes over any of the others by
reason of
priority in the time of issue or negotiation thereof,
or
otherwise howsoever; subject to the terms, provisions
and stipulations in the notes contained and for the uses and
and upon and subject to the terms, conditions,
provisos and agreements expressed and declared in the above-
purposes
mentioned
Trust Agreement.*
The entire issue of notes at any
to
or
time outstanding (but not
part thereof) may. be redeemed at par with a premium,
of One Per Cent and accrued interest, at the option of the
On
January 1 1916, or on any semi-annual interest
payment date thereafter, on 90 days' prior notice.
All
redeemed notes must be canceled.
The Trust Agreement provides that, if default shall be
made in the payment of any installment of interest on any
of the notes when and as the same shall become payable, and
such defaults shall continue for the space of ten days, or if
default/shall be made in any other of the covenants and
.
conditions
default
in
shall
the Trust Agreement contained, and
continue for the space of thirty days,
such
then
the Trustee, by notice in writing
delivered to the Company, may, and upon the written
request of the holders of Twenty-five Per Cent in amount
of the notes at the time outstanding shall, declare the
principal of all the notes, if not already due and payable, to
be forthwith due and payable, and the same forthwith shall
become and be immdeiately due and payable, anything in
the Trust Agreement or in the notes contained to the con¬
trary notwithstanding.
This provision, however, is subject
to the condition that if at any time after the principal of
the notes shall have so become due and payable, prior to
the date of maturity thereof stated in the notes, ail arrears
of interest upon all the notes (with interest at the rate
of Five Per Cent per annum on any overdue installments
of interest) and the expanses of the Trustee shall be paid
by the Company before the sale of any of the securities
constituting the trust estate shall have been made, and every
other default in the observance or performance of any coven¬
ant or condition of the Trust Agreement shall be made good
and
or
in
any
such
authorizing the issuance of $60,Five Per Cent Secured Gold
Notes and the purchase of an equal face value of First Mort¬
gage Five Per Cent Sinking Fund Gold Bonds of New York
Municipal Railway Corporation to provide for delivery of
bonds in exchange for notes, par for par, as they may be.
presented for conversion.
»
The Trust Agreement is a direct lien upon
<;
■"A"
$10,000,000 face amount of the First Refunding
Gold Mortgage Bonds of the Brooklyn Rapid Transit Com¬
pany, bearing interest at the rate of Four (4) J^er Cent per
annum, issued under its
lortgage to the Central Trust
Company of New York, as Trustee, dated July 1 1902, and
necessary
be secured to the satisfaction of the Trustee or
provision
be adequate shall be made there¬
for, then and in every such case the holders of two-thirds in
amount of the notes then outstanding, by written notice
to the Company and to the Trustee, may waive the default
by reason of which the principal of the notes has so become
due and the consequences of such default, but no such
waiver shall extend to' or effect any subsequent default or
impair any right consequent thereon.
Unless and until the Trustee shall have received written
notice to the contrary from the holders of not less than
Five Per Cent in amount of the notes outstanding, the
Trustee may, for all the purposes of the Trust Agreement,
assume that the company is not in default under the Trust
Agreement and that none of the events therein denominated
events of default has happened.
/
The Trust Agreement also provides that no holder of any
note or coupon shall have the right to institute any suit,
actibn or proceeding at law or in equity upon or in respect
resolutions
000,000 face value Six-Year
bearing all unmatured coupons.
(The Trust Agreement provides that upon request of the Company, the
and from time to time, subject to the conditions
limitations in the agreement contained, release from the lien and
Trustee shall, at any time
and
operation Of the Trust Agreement, all or any part of the Refunding Mortgage
Bonds of the' Company, then held as part of the trust estate, and deliver
to or upon the order of the Company the bonds so released.
No such
release or delivery shall be made unless the bonds so released shall have
been sold; and the entire purchase pribe on such sale, which shall not be
less than 90% of the face value of such bonds and accrued interest, shall
be simultaneously paid in to the Trustee.
The Trustee may invest and
reinvest the proceeds so paid in of the bonds so released, in other securi¬
ties of substantially equal value.
Any moneys so paid to the Trustee
on the release of Refunding Mortgage Bonds and any securities purchased
by the Trustee with such moneys shall be held as a part of the trust estate."
$39,999,000 face amount First Mortgage Five Per
Sinking Fund Gold Bonds of New York Municipa
Railway Corporation issued under its First Mortgage (authors
ized issue $100,000,000), executed and delivered to Central
Trust Company of New York as Trustee, bearing date July 1
1912, with all unmatured coupons attached, bearing the
endorsement of the New York Consolidated Railroad Com¬
"B"
Cent
case,
deemed by the Trustee to
September 23 1912 and January 31 1913, the Board
and stockholders, respectively, passed the
Directors
of
a
company, on
to institute
(hereinafter referred to) guaranteeing and assuming
agreeing to pay the principal and interest thereof and
Brooklyn Rapid Transit Company,
assuming and agreeing to pay the principal and interest
thereof.
The amount of First Mortgage Five Per Cent
Sinking Fund Gold Bonds of New York Municipal Railway
Corporation (hereinafter referred to) pledged to and held
by the Trustee, shall at all/times equal in face amount the
face amount of the notes at any time authenticated, delivered
and outstanding under the Trust Agreement. '
■
"C" All other First Jortgage Five Per Cent Sinking Fund
Gold Bonds of New York Municipal Railway Corporation
of the issue aforesaid, bearing the coupons and endorsements
aforesaid, which may be issued prior to the payment in full
of the principal and interest of the Six-Year Five Per Cent
pany
and
the endorsement of the
»
Secured
The
notes
Gold
Notes.
proceeds of the sales of $40,000,000 face amount
heretofore
issued
under
the
Trust
of
Agreement were
applied, as provided in the Trust Agreement, toward the
purchase of $40,000,000 face amount of First Mortgage Five
Per Cent Sinking Fund Gold Bonds of New York Municipal
Railway Corporation.
Prior to the date of this application one note, No. 755,
was
presented for conversion and exchanged into First
Mortgage Five Per Cent Sinking Fund Gold Bond No.
M-l of New York Municipal Railway Corporation, and the
note thereupon canceled as provided in the Trust
Agree¬
ment.
^
The execution of the Trust Agreement
#
by this company,
for the
and the issuance and sale of notes thereunder, were
purpose
of carrying out this Company's part in the so-called
of rapid transit development, by providing fund
Dual System
1294
THE
CHRONICLE
the New York
to
the
Municipal Railway Corporation through
purchase of the bonds of that Corporation to enable it
to fulfil its
obligations under the
contracts dated March
19
t,
Seventh
a
elevated railroads at East New York.
2.
The company agreed to
approximately 293 miles of track in the
enlarged system (including trackage rights over the Astoria
(Queens) lines enjoyed mutually with the Interborough Rapid Transit Co.) of which approximately 133
and Corona
miles will be owned
Under
the
by the City.
terms
of
the
lease
the
annual
net
revenue
remaining after operating expenses, taxes and provision for
depreciation, is to be applied in the following order: •
1.
To
the
lease of Brooklyn
City Railroad.
•
of
4,153,945 00
_____
(Comprising $2,000,000 Brooklyn
Queens
Co. &
v
Suburban Railroad Co. 1st
MortBonds at
103$25,000
gage
$3,500,000 as representing the net earnings of the
existing railroads which are to form part of the new
rapid transit system.
Out of this reservation the Lessee is to
pay interest charges on capital invest¬
prior to March 19 1913 in the existing railroads.
2.
To the Lessee Six Per Cent on its new
investment in construction
and equipment prior to the
beginning of permanent operation, and there¬
after interest and One Per Cent
sinking fund.
3.
To the City interest and One Per Cent
sinking fund on its investment
in cost of construction.
Any surplus remaining, after making provision for a
moderate contingent reserve fund, is to be divided
equally
between the Lessee and the City.
5%
Brooklyn Rapid Transit 5% Bonds at
par, $1.627,000
Brooklyn City Railroad
Consolidated 5s at 103^, $125,000
Brooklyn City Railroad Refunding 4s
.
at nar
and $250,000 B. R. T.
Co. 1st
Refunding 4 % Bonds at par).
Capital expenditures account of
Subway
and Rapid Transit lines
v
.
.
4,267,379 39
________
..
$147,934,497 82
,
„
Materials and supplies
Current assets-
-
receivable...!;
Investments
Cash
v
T
on
are
the
ury bonds and stocks
not
included in
155 iqq 08
__
hand and in bank
.....
In addition there
$881,150 79
_
;
I-III
„
#
1.079.872 49
;_____
Accounts
2,lis]304
55
3,164,621 42
.
following treas¬
available for sale,
assets or
liabilities—
..
■
Municiapl Railway Corporation
was
Stock
Bonds
par value.
...
Brooklyn Rapid Transit and
constituent companies, par
value.____
*57,111,500 00
Company,
Company and the Sea Beach Railway
duly consolidated into the New York Con¬
solidated Railroad Company, with an
authorized Capital.
Stock of $18,900,000, consisting of
50,000 shares of preferred
stock of the par value of $100 each, and
"139,000 shares of
were
1,420,690 43
194,910 81
$189,277,813 16
Liabilities—
Capital Stock—
Brooklyn Rapid Transit Company—
Capital Stock ________$49,078,000 00
Less—in treasury
64,782 02
•
$49,013,217 98
Constituent companies—
Shares
not
owned
by
the
Rapid Transit System
824,008 98
$49,837,226 96
:.V
other property, now or hereafter
acquired, to
000,000 of its Five Per Cent Gold Bonds.
Thus it will be seen that all the
surplus
secure
$100,-
*
earnings of the new
rapid transit system, except that portion which is
paid over
to the City, will accrue to the New York
Consolidated Rail¬
road Company, of whose stock the
Brooklyn Rapid Transit
Company and one of its constituent companies own over
Ninety-six Per Cent.
t
-
:
•
Brooklyn Rapid Transit Company.!.. $53,885,000 00
250,000
15,000,040
6,624,000
23,650,000
Co_._^_
Brooklyn Union Elevated RR. Co._„_
Sea Beach Railway
Company
00
00
00
00
..
B. R. T. Co.'s 6-Year
5% Secured Gold
Notes
New York Municipal
Railway Corpora¬
_________
tion—5% Bends.__—
in
treasury
or
pledged as collateral.*$57,111,500 00
Deposited with trustees
of
mortgages
40,000,000 00
40,000,000 00
,
Less
$179,409,040 00
11.863,000 00
58.974,500 00
Real
estate
120,434,540 00
448,500 00
mortgages
Current liabilities—
Bills
payable
(secured by deposit of*
Brooklyn
Rapid
Transit
Company
Refunding Bonds).
Accounts payable (including interest and
rentals
able
vouchered and dividends
Taxes accrued
Interest accrued
Interest
and
Insurance
„
3,302,989
1,636,882
615,383
32,879
•
on funded debt.
rentals accrued
reserve.
95"
18
35
29—18,338,134 77
$472,118 70
,
'
reserve.
.■
.
pay¬
Accrued amortization of capital and sinking fund accrual..
Special
'V.
•
$2,750,000 00
July 1 1913)
"
884,719 44
957,966 66
.
2,314,804 80
7,904,606 63
.
Surplus—;—
—
____
*B. Q. & S. Railroad Co.'s 5s__
Sea Beach Railway 4s
B. R. T. Co. 4s owned by Nas¬
$50,000
22,500
—
sau
El. RR. Co.!
B. R. T. Co. 4s in
$189,277,813 16
1,046.000
Treasury
3,112,000
__
N. Y. Mun. Ry. Corpn 5s
Corporation an assign¬
operating provisions of the city contracts assumed
by that corporation, so that the New York Consolidated
Railroad Company will be the
operator of the new system.
It also has acquired all the
Capital Stock of the New York
Municipal Railway Corporation, with the right and
obliga¬
tion to take any which
may hereafter be issued, and has
guaranteed the principal and interest of the latter
com¬
pany's funded debt.
The money necessary for
construction
aod equipment, however, will be
provided by the New York
Municipal Railway Corporation, and for this
purpose it has
mortgaged its agreement and lease with the City and all its
V
The Brooklyn Heights RR.
Oo.______
The Nassau Electric Railroad Co
Brooklyn Queens Co. & Sub. RR. Co.
New York Consolidated RR.
so
consolidated at the par value thereof.
Subsequently
the New York Consolidated Railroad
Company took from
the New York Municipal Railway
ment of the
Brooklyn
Funded debt—
Issued—
B, R. T. Co. 5s in Treasury
B. R. T. Co. 4s as collateral._
B. R. T. Co. 4s with City N.Y.
corporations
35,483,220 19
accounts
Stock of the par value of $100
each, which.does
not exceed the sum of the
Capital Stock of the
Common
'
.
...
Prepaid
purpose
the Canarsie Railroad
,
$64,782 02
,
in¬
of constructing, equipping, main¬
taining and operating a railroad pursuant to the provisions
of Chapter IV of the Laws of
1891, entitled "An Act to pro¬
vide for rapid transit railways in cities of over
one million
inhabitants," and of the acts amendatory thereof and
supple¬
mental thereto, and for the
purpose of leasing,
equipping,
operating and maintaining a railroad already
constructed,
in the process of construction or to be
constructed, and
owned or to be owned by the City of New
York, pursuant
to the provisions of the Act last above
named, and of the
Acts amendatory thereof and
supplemental thereto.
On October 22 1912, pursuant to the
predetermined ar¬
rangement, i the companies owning the
existing railroads
which are to form part of the new
rapid transit system,
namely the Brooklyn Union Elevated Railroad
'
__
5,000
12,861,000
15,000
40,000,900
$57,111,500
tNassaii El. RR. Co.'s Cons. 4s $1,161,000
700,000,
2,000
B. R. T. Co.'s 1st Ref. 4s_
Jamaica & Brooklyn RR. 5s___
$1,*863.000
STATEMENT OF THE RESULT OF OPER ATIONS
OF THE BROOK¬
LYN RAPTD TRANSIT SYSTEM
FOR THE YEAR
ENDING
JUNE 30 1913.
Revenue frcm transportation—
Passenger
Freight
Mail
revenue
$23,435,703 35
370,852 94
revenue
revenue
Chartered
car
—
revenue
Miscellaneous transportation revenue
__
Total revenue from transportation
Other street
railway operating
Advertising
Other
car
Rent of
40,487 63
17,378 25
838 05
$23,865,260 22
revenues—
___
and station privileges
Rent of buildings and other
v
Z
property
equipment
Rent of tracks and terminals
Miscellaneous receipts
___"_
Total other street railway operating
revenues
Total street railway operating revenues
*
4.
r
,
_
of
Cash fund for construction
and equipment of
subways and
rapid transit lines.
Special deposits of securities and cash—
Insurance reserve investments
$420,690 43
City of New York
1,000,000 00
corporated under the laws of the State of New York on
September 27 1912.
The duration of the charter is to
be perpetual.
The authorized capital stock is
$2,000,.000—20,000
shares, par value $100 each— of which
$100,000 has been issued and is outstanding. All .the
Capital Stock is owned by the New York Consolidated Rail¬
road Company with the right and
obligation to take any
which may hereafter be issued.
The
Corporation was
formed for the
<
Brooklyn Rapid Transit
Company Capital
-
The New York
-
to
Lessee
ments
Company
11,440,521 27
deposited
with
Trustee
performance of terms
guarantee
,
be
600,000 00
additions and betterments to
leased
Securities
cost of construction thereof the sum of
the cost of a connection between the
will
OF
companies, account
of
lines
„
contribute towards the
•'; There
AS
$127,472,652" 16
-■■■
,,
Brooklyn City Railroad Com¬
deposited with Trustee of Brook¬
lyn Rapid Transit
Refunding Four
Per Cent bonds
•_
Advances to leased
connection with the
equip the above-named railroads, and to
$13,500,000
in addition to
Broadway and Canal
Street subways; also at its own
expense to construct and
equip certain
elevated railroad extensions, one to
Jamaica, via Jamaica Avenue, and the
other to Lefferts Avenue,
Queens, via Liberty Avenue, and certain addition¬
al tracks upon the
present elevated railroad system, and to
provide for
certain connections and reconstruction of the
railroads and
equipment
of the New York Consolidated Railroad
Company.
The estimated cost of construction to the
City is $100,500,000; of con¬
struction and equipment to the
Company, $65,000,000; besides the con¬
tribution of the use cf existing
rapid transit railroads.
3.
The lines to be constructed
by the City are to be leased to the Com¬
pany for a period of 49 years from
January 1 1917 (with provision for
recapture by the City after ten years), and are to be
operated by the Lesees
in connection with the
existing railroads of the New York Consolidated
Railroad Company (as enlarged and
extended) as one system, and for a
single fare.
SHEET
30 1913'
pany
•
Street, Brooklyn, and thence to
.
Bonds of
—
North
BALANCE
xcyii.
Properties owned in whole or in
part by
Brooklyn Rapid Transit
Company
$126,544,983 30
Construction expenditures, constituent
companies, not yet funded
927,668 86
1.
The City agreed to construct at its
expense three rapid transit rail¬
roads, namely
(a)
The Broadway-Fourth Avenue Line,
comprising generally in Man¬
hattan the Broadway-Fifty-Ninth Street
Line, the Canal Street connection
with Manhattan Bridge, the Centre Street
Loop, with its extension through
Nassau and Broad Streets, and a tunnel
under the East- River, and in
Brooklyn the Fourth Avenue subway from Manhattan Bridge tc
Eightysixth Street, with branches to
Coney Island via Thirty-eighth Street and
New Utrecht Avenue, and to a connection with
the Brighton Beach Railroad
at Malbone Street via Flatbush Avenue."
'
/
•
*
(b)
The Culver Line, constituting in effect another branch of the Fourth
Avenue subway to Coney Island via Gravesend
Avenue.
(c)
The Fourteenth Street-Eastern Line, beginning at Sixth
Avenue,
Manhattan, and extending under Fourteenth Street and the East River
to
CONSOLIDATED
AssetsJUNK
Cost of road and
equipment—
1913, entered into with the City of New York.
These contracts were four in
number, and covered sub¬
stantially the following obligations:
.
[Vol.
COMPARATIVE
$142,126
55,492
55,101
6,983
15,683
11,639
74
25
62
91
62
73
$287,027 87
$24,152,288 09
'
Nov. 1
THE
1913.]
$1,678,124 06
and structure
2,202,207 65
1,421,122 81
4,062,795 93
1,572,661 48
605,091 77
217,211 43
61,933 58
746,870 84
264,324 49
1,111 85
Maintenance of equipment
Operation of power plant
Operation of cars—trainmen's wages.
Operation of cars—other expenses
Damages
Legal expenses in connection
General law expenses
Other general expenses
with damages
—
Freight, mail and express—expenses
American Railway Traffic Co.—expenses
_
-.-.$12,833,455 89
Total operating expenses
Net
.$11,318,832 20
1,750,083 07
9,568,749 13
from operation.---
revenue
operating properties.
Operating income.
—- — - —
...
Taxes accrued on
-
—
Non-operating revenue—
' ;
Rents accrued from lease of road...
$76,239 38,
88,797 22
Miscellaneous rent revenues
'
Interest
144,069 95
3,000 00
revenues.
Dividend
revenues
Profits from
36,333 75
16,784 74
operation of others
Miscellaneous
transferable, and the principal of all listed securi¬
dividends thereon shall be payable in
New York funds, also a registry office in the Borough of
Manhattan, City of New York, other than its stock transfer
office or agency in said City, where all listed securities shj
be registered.
Not to make any change of such agency or of such registrar,
or of a trustee of said notes unless the said agency or registrar
or trustee is a company having the approval of
the Com¬
mittee on Stock List.
'
\
•"
'
.
To notify the Stock Exchange in the event of the issuance
of any rights or subscriptions to or allotments of its securi¬
ties and afford the holders of listed securities a proper period
within which to record their interests, and that all rights,
subscriptions or allotments shall be transferable, payable
and deliverable in the Borough-of Manhattan, City of New
be directly
Operating expenses—
Maintenance of way
-
Total non-operating
$365,225 04
revenues—71.
ties with interest or
Rent expense
$25,278 16
.—
Total non-operating revenue
income
$25,278 16
deductions..
-
-
$339,946 88
,
give at least ten days' notice in advance of the closing
of the books or the taking of a record of stockholders for
To
The Officers are :
T.
S.
19038657-4.,— 190-23.
Interest deductions
Rent for lease of other road and equipment
Other rent deductions.
Sinking fund accruals.
r.._
Total income deductions.—
Treasurer;
Hoyt and Geo. W. Davison, all of New York City; George
F. Porter of Chicago.
.
(:
v • 0
^
1
The office of the Company is at No. 85 Clinton Street,
$5,411,768 34
;
$4,496,927 67
holders, dispose of its controlling stock
Borough of Brooklyn.
•
Respectfully submitted,
BROOKLYN RAPID TRANSIT
The Company agrees with the New York Stock Exchange:
That it will not, without the direct authorization of stock¬
interest in
any con¬
whose stock it owns or shall own a
majority, except under existing authority or in conformity
with the provisions of its mortgages covering such owner¬
ship; but this agreement shall not affect the consolidation,
merger or re-arrangement of such constituent companies.
To publish at least once in each year, and submit to the
stockholders at least fifteen days in advance of the annual
meeting of the corporation, a statement of its physical and
financial condition, a consolidated income account covering
the previous fiscal year and a consolidated balance sheet
showing assets and liabilities at the end of said fiscal year.
To maintain an office or agency in the Borough of Man¬
hattan, City of New York, where all listed securities shall
stituent company of
.
,
.
.
Adopted by the Governing Committee, v
October 22 1913,
GEORGE W. ELY, Secretary.
CAR COMPANY
of
the embryonic Packard Company was
Warren, Ohio, where it originated
genius and foresight of Mr. James Ward Packard,
moved from its birthplace,
under the
Detroit.
to
v
A
"
.,
backward glance may be
factory the Company's output
Vehicles.
192
481
—768
1.188
1.470
2.669
'
Wear.
'
interesting. In the Detroit
has been as follows:
Vehicles.
3,990
-3.047
Year.
-
——
*
—-
a.——3,617
1
3.994
-
—
—
lSOS-Oi.
-
The disbursements
v.;>
565 78.
For
Equip. & Fixtures
21,416
Total
ten
years
■
.
For
v
and
Tools
$3,652,440 30
285.460 21
2.685,134 11 For Material & Supp_ 43.352,854 69
For Gash Dividends.2,429.572 50
—
-
1,818.759 29
interest is the amount of money brought to
Detroit by the sales of ten years' output, a total of $81,-.
Of startling
THE
industry to-day as a whole
is prosperous.
Many companies have failed and gone out of business
during the past year, for various reasons.
It is no longer easy to "break into" an industry already so
pushing, crowding, competing companies.
It ne^er
to stay in
>
Purchasers each year have become more discriminating.
They no longer buy anything and everything on wheels.
Nearly every purchaser of a high-class car to-day has had
other motor vehicles—is seeking better ones due to past
full of
was
easy
experience.
^ To the Packard
1
Company this trade has been during the
year its main source of increased volume of business.
At this
we have aimed, and the returns in sales have justified our
hopes.
Our sales through our Branch Stores have shown a
marked percentage of increase to heretofore users of other
^
makes.
.
"
to
us
from the users of all classes and type
—
mechanical devices, such as curious
Freak
"drives," in-,
valve systems,
abnormal devices to do everything, are less.popular with the
public, it haying been experimented wilh, apparently, about
genious electrical "controls," unmechanical
as
much
as
Many manufacturers of promi¬
it will stand for.
who have expensively and relentlessly tried novel de¬
vices in the hope of a betterment have begun to appreciate
nence
fair merit of the present day typical motor earpossibly a better service car as it is without added
complications.
In fact, the pressure from, the public is
strongly for simplification.
•
v
t
^
the very
that it is
PACKARD VEHICLES.
,'We have by most extensive research and experimental
during past years learned many things not to do:
We
work
have learned at great expense that the right place
transmission is neither on the motor nor amidships,
tached to the
rear
axle.
for the
but at¬
We have learned that leather is not
facing.in
a
maximum service car; also that
be universally satisfactory in this changeable
elimate of ours and use oil between the power transmitting
no
FUTURE.
The condition of the motor car
comes
.
suitable for clutch
650.721 14.
v
cars.
aggregate $79,680,-V'.-
Machinery
—
—
For Buildings.
For
r
$25,456 344 68
Pay-roll
For Land.
during
Chairman.
.
This trade
1913.
'
ago
years
WM. W. HEATON,
"
'
,
DIRECTORS FOR THE FISCAL YEAR ENDING AUGUST 31 1913.
Detroit, Michigan, October 15
Ten
^
Stock List recommends that the abovedescribed $39,999,000 Six-Year Five P. C. Secured Coupon
Notes, due 1918, Nos. 1 to 754 and Nos. 756 to 40,000 in¬
clusive, for $1,000 each, be admitted to the list; with authority
to add $20,000,000 of said notes prior to July 1 1914, on
official notice that they have been sold and passed beyond
the control of the Company; making the total amount
authorized to be listed $59,999,000.
V
The Committee on
PACKARD MOTOR
,
COMPANY,
By T. S. WILLIAMS, President.
<'
To the Directors:
Vice-President
J. F. Calderwood, Vice-President; J. H.
Bennington, Secretary.
m The Directors are t N.
F. Brady, T. S. Williams, C. B.
and
Meneely, J. N. Wallace, W. G, Oakman, J. Horace Harding,
H. C. DuVal, Henry Evans, Bernard Gallagher, Colgate
income..
REPORT TO THE
N. F. Brady, Chairman of the Board;
Williams, President; C. D. Meneely,
$3,792,786 30
1,596,656 96
21,666 88
vV'
658 20
\-
Income deductions—
Net
\ ■'
any purpose.
$9,908,696 01
:
Gross income
V-',:'r
York.
Non-operating revenue deductions-
Net non-operating
1295
CHRONICLE
clutch
faces.
can
We
have
learned
that
clutch
the
must
be
of the
smallest
possible diameter, in order to avoid the fly-wheel
effect, which seriously interferes with proper gear shift.
We have learned that the transmission must have only the
sliding unit connected up to the clutch, for best gear-shifting
"
results.
We have learned that the
high piston speeds necessary for
maximum activity on the high gear are only thoroughly
practicable when accompanied by pressure oiling to all en¬
gine bearings—including the side of the piston which takes
the thrust on the power stroke.
We have learned
that
no
car
we
can
make without the
pleasing to handle as one with the
governor.
We have learned not to try to vaporize
low-grade gasoline without providing adequate heat, both
in the primary air and in the carburetor and inlet header
body, to take care of it.
*
•hydraulic
hydraulic
governor
is
as
1296
THE
We have learned not to make
nor
into
to
expanding service brake;
a long motor bolted
an
four-point suspension
use
CHRONICLE
present
are
on
flexible frame and driven over uneven roads.
We
have learned not to tie the entire system for igniting, light¬
a
[Vol.
type
trucks
until
certainly equally
as
we
substitute
can
xcvii.
others
that
good.
Conflicting data as to truck operating results is certainly
prevalent, but in different cities road and other conditions
are so
totally different that data from one city cannot be used
as
any basis of comparison with what is claimed to be similar
...
_
ing and starting up into one unit.
We have learned that the
public will not stand for the gasoline tank inside the body,
or anywhere
requiring passengers to be inconvenienced when
the tank is filled, or where the odor of a vented tank is at
anytime noticeable to them. We have learned not to try to
make a four-cylinder engine meet six-cylinder requirements.
work elsewhere.
Another year's expensive effort to offer to Packard patrons
freight-moving vehicle to more cheaply do the desired
work, both as to economy of upkeep and actual operation,
a
has led
to
us
First:
*
PACKARD MOTOR CARRIAGES.
In
certain weU-established conclusions.
freight-carrying, substantially the chief
cost.
is
measure
.
...
.
Nothing new has appeared on the horizon of the art which
gives any sign of disturbance.
The electric cranking device
created a revolution in design.
In our own case we delayed
our output
during September, October and November of
1912 in order to properly and mechanically make a satis¬
factory installation of the device.
It was good judgment,
and, while the delay.vexed our customers as well as ourselves,
we are able to
say to-day that "our electric cranker is basic¬
ally good."
Our "38" and "48" cars are the best we have yet made.
Our patrons' petty troubles have been less, and our technical
.ervice is, we believe, more efficiently handling them.
A curious complication due to an electrical engineering
error in
magneto construction has caused much uncertainty
and varied annoyances for some months.
This is now hap¬
pily being overcome by the magneto manufacturers, and
satisfaction and enthusiasm is taking the place of passive
acceptance.
Our cars now outstanding affected by this
campaign, which is practically accomplished will, add zest
to our market and confidence in our
product.
Second:
An
intelligently operated, well-cared-for Truck
must be measured
conditions.
It
against horse-drawn vehicles under similar
almost impossible to get exactly com¬
seems
parative data..
It takes months and
years, for example, to establish what
is
now
apparently accepted—that
wheel
is less economical than
within practicable limits,
The following statement of
taken from
a
tires,
practically exactly similar conditions of service the smaller
wheel, adequately tired, gave more mileage than the large
wheel, adequately tired.
1
.
TIRE
SIZES. Mileage
crystallizing; they have crystallized.
the Directors we recorded .the
adopted by this Company.
We re-state
them here, with additions.
They are, we believe, features
of any final car:
32x3
k2K
32x4
2K
34x4
4th.—Central Control Board.
is the entire control of the
At the
finger tips of the driver
car.
6th.—Electric Lighting.—Switches at the centre of control.
oh the Motor Throttle.^-rEnables
operation without danger of "stalling" the motor and with¬
out "racing" of the motor when
de-clutching.
8th.—Dry Plate Clutch.—Proof against "burning leather"
surfaces, without sticky cold oil to make "drag"; Certain
of engagement without "grabbing."
9th.—Magneto Ignition.—Dual System this
fied), on self-cranking and lighting battery.
(simpli¬
year
forced Feed Oiling —An essential of
a perfect Six.
is governed directly by throttle control > and
he amount of oil varies with throttle opening.
A uxiliary oiling
Bearing
Crank
Shaft.—Adding
increasing staunchness.
and
tb
silky
,
„
12th.—Size of Crank Shaft.—Large diameter and
ample
length of bearings to insure maximum period of service.
13th.—Transmission
quietness.
'
44th>—Packard
quietness
on
on
Rear
-
Worm
Axle.—Insuring
greatest
*
•
,
Bevels.—Affording the
:rlff-j.
.v
\
"high."
of
essence
.
>
'
■
•
>
Riding.—-Combined effect of car balance,
springs and upholstery.,
;
1
The special reason for enumerating these details is to
car as
it stands
to-day and substan¬
tially as we believe it will be produced five years hence, even
possibly ten years hence, or lore.
PACKARD TRUCKS.
The Packard truck line
to-day is as satisfactory for the
Company to rest its reputation on as anything we can so far
devise.
In the past two years, by driving
continuously day
and night, we have tried to force Packard experimental trucks
of new designs to give us answers which
they have so far
to
our
satisfaction.
the conclusion that with
such
We
are
forced
inevitably
comparative test results
not only not condemning our present design, but
actually
upholding it, and the same being substantiated by operating
results secured by some of our most methodical and
pains¬
taking patrons, we must continue confidently to offer our
2
London.
TLondon.
Gasoline-Hardware.
2K
London.
General Hauling.
74
2K
London.
Boots and Leather.
X
36x4 K 36x4
30x4
40x4
16,975
13,962
3
IK
Machinery
3
3
2
General Contract
HauIingfLOndon.*
4
34x4
34x4
21,863
4
34x5
40x5
4
London.
Supplies}!.
16,800
2U
2 K
Gas, Hardware &
4
IX
[Provinces.
Contract Hauling.
(London.
Transportat'n.[London.
Beverages.
London.
Third:
Packard trucks, wheii carefully and properly oper¬
accomplishing results to-day which it is not possible
in the present state of the art to
substantially better as a
ated,
are
"
.
Fourth:
Apparently desirable features that appear to be
obviously good have usually some hidden demerits.
*
It is desirable to clearly understand that in our research
work we have developed the fact that changes are demanded
in some localities not always from economical reasons:
London omnibuses were forced to adopt expedients like
silent chain drive instead of gear transmissions or get off the
v
streets;
the
of
use
worm
drives
forced for th
was
•same"
of
quietness.
Economy was not involved practi¬
cally.
The demand of the public was that the noise nuisance
of running noisy, badly worn gear transmissions be abated.
Probably or possibly the chain-driven gear boxes where used,
while at first quiet, will give way to better means
ultimately.
Our line of trucks now consists of two-ton, three-ton, fourton, five-ton and six-ton vehicles.
Through experience, this
extensive line has been placed on the market.It will be a
benefit to our patrons, enabling them to save by
getting ve¬
hicles more closely adapted to their load conditions at mini¬
reason
mum
costs.
\
,fV'.
•
' s::/,•
load limits and Packard
Packard
speed limits are Sadly
We disavow all responsibility under such circum¬
abused.
■'
'
We know
'
vehicles and what
they will do.
They have
made for us an excellent reputation, Considering that it
must be recognized that abuse can and will
destroy any
our
vehicles:
motor
^
<
" '
,
.
2nd.
.
sure
•;
■
„
,
is the greatest destroyer.
-Overload is bad; but with overspeed on bad roads
to be fatal to success.
' ■'
1st.—Overspeed
is
17th.—Luxurious
declined to do to
2
Transportation.
17,360
16,808
3
Radius.—:With the desirable long
wheel base of 139 inches turns in 44 feet.
record the Packard motor
Cotton
Carpet-Cleaning.
;
)
stances.
15th.—Depth of Frames-Six Inches.—Springing of frames
and bpdy distortion minimized.
16th.—Short, Turning
IK
IK
whole result.
5th.—Six Cylinders Perfected.—Giving practically noiseless
motion without sense of exerted power.
7th —Hydraulic Governor
36x4
IK
IK,
40x4
•
«
operated from driver's seat.
K,
Where
Used.
15,848
14,986
32x3
36x3
Kind of Work.
(Tons). (Tons).
17,570
16,870
34x3 K 34x3 K
34x3
_
11th.—Seven
32x3 K 32x3
2
2nd.—Left Hand Lever Control.—Gets levers out of the way
passengers, robes, &c.
Equally as convenient as right
.
Return
(in.)
2
v
smoothness
tires,
Carried
Out
of six
Dual
IK
IK
features
1st.—-Left Drive. —Avoids the necessity of stepping into
the street.
/
t
Rear
Single
(In.)
In the last annual report to
Loads
per set
Front
Tons.
3rd.—Electric Self Crawler.—(Simplified) Easily and surely
performance,
on account of the better road conditions, is greater
than is the average over
here, but to the fact that under
are
hand control.
tire
course,
which,
Rating
of
foreign
of
one—
report sent out last winter by the Automobile
Capacity
salient
large diameter truck
a
smaller
Board of Commerce, is
interesting.
The mileages are based
upon the life of six tires in each case.
What I wish to call
attention to particularly is not the
length of life of the
PACKARD FEATURES.
These
a
.
»
3rd.—Bad roads in
cost "of vehicular
other cities.
of
cities to-day multiply the
freight traffic by 3)4 times what it is in
some
4
'
our
\
For
example: Statistics go to show that in Baltimore and
Pittsburgh the cost is from 2 )4 times to 3)4 times what the
cost is in Washington or Kansas City.
Good pavements
pay any city well.
There are now in use 3,344 Packard trucks, of which
1,248
have been delivered in the past year,
PACKARD
SERVICE DIVISION.
,
:
This
important feature of our institution, as we have
pointed out to the Directors in the past, is not sufficiently
profitable to pay its own way.
Nor do we aim to make it
profitable so as to yield an excess above its requirements for
its
own
maintenance.
During the past
to maintain
our
two
-
years
we
.
...
<
have added
•
extensively
standard of Packard service in this Division.
a level as years
go by when it should:
We believe it will reach
'
Nov. 1
its
pay
not in
NEW
THE
1913.]
and leave
way
a
surplus, but such
a
Our increased capital requirements show chiefly in en¬
larged inventories in trucks, cars, bodies and service stock
and are the main changes noticeable as the year's result.
condition is
0
sight.
AND
MACHINERY
SPECIAL
MACHINERY.
I think it inadvisable to recommend to the Directors the
conditions in this regard are excellent and im¬
proving.
We have expended during the year of the appro¬
priation made by the Directors the sum of $96,829 38.
Our shop
payment of any cash dividend on the common stock, though
possibly entirely warrantable, believing that the stockholders'
welfare and the best interests of the Company will be served
by being strong financially.
The Directors may consider it proper to make a dividend
MANUFACTURING POLICY.
FUTURE
The whole effort of the Packard
end of making good the
shall be first."
1297
CHRONICLE
organization is bent to, the
payable in common stock to the common stock shareholders
of a portion of the surplus which has accumulated.
It should be noted that the Company has not a dollar^of
declaration that ''Packard vehicles
Our Company's motto:
"Ask the man who owns one,"
places a severe burden to "make good" on every man in the
institution from the President down to even a sometimes
lax errand boy who might easily cause the delay in the ship¬
ment of a service part order, which would bring a "kick."
The maximum service car is a Packard fixture.
The "best" in a motor car will always be necessary to make
floating debt except current bills, which are punctually dis¬
counted and promptly p^d.
It is not unlikely, however, that the Company will be a
borrower from banks during the winter montf'j, as has been
.
the
in past years.
case
/
The Balance Sheet has been audited and the certificate of
the auditors is attached thereto.
it of
superior merit and safety.
This should not be over¬
looked by those who can afford the "maximum service"
chassis, and those who cannot should drive and use the "just
as good" other types with caution.
The bridge-builder's factor of safety illustration is as apt
as any.
A bridge designer must not "think" his bridge parts
will do—he must know they will stand the maximum stresses.
We will possibly be short of "48" cars this fall, but be¬
ginning in January or February 1914 we will, we hope, have
again a current supply of both models "38" and "48."
The reissue of Packard "38" and "48" chassis will, as
noted by the "Packard Feature" list above mentioned, be
similar to last year's vehicles.
We cannot substantially
make them better..
Some petty features will be slightly
improved but even these details are more because of the Com¬
pany's belief in "longer life" than any greatly observable
difference to
the
user.
HENRY B.
October 15 1913.
•
FINANCIAL STATEMENT FOR
RECEIPTS
Cash
;
$1,030,513 95
;•! C
^
-.
j
.
..$15,888,362 16
including all taxes
Cash
differential
on
1,'374,'951
At Cost Less
Plant:
Depreciation—
'
Real Estate—at cost..'
$285,460 21
Buildings
2,063,784 48
Machinery..
1,137,276 24
Engines,
Equipment—Boilers,
Fixtures, including office furniture.
290,041 89
Tools.
250,000 00
....
.......
Construction Work in Progress
14,025 38
Development—Drawings, Patterns, Models,
.
Etc
/
Total Plant—At Cost Less Depreciation
1 00
-
$5,260,950 28
...
Investment in Branch Selling Companies.
1,481,893 61
Investments—
^
y
$41,000 Bonds—Chicago & North Western Ry. Co.—cost
Stock Option Contracts witn Employees
Inventories—'
Raw Material,
.......
..$1,374,951 12
__r
Vehicles in Transit to Dealers..
191,724 05
Due by Branch Selling Companies.
...
Accounts Receivable
...
Bills Receivable..
_■
'
411,761 32
V
„
60,261 16
Total Current Assets.
Total
;
187,708'20
_____
2,226.405 85
Expenses Paid in Advance
153,840 87
...
..$17,339,848 1(L
.....
LIABILITIES.
Capital Stock:
Authorized and Issued—
'
v
.
Common—50,000 Shares of $100 00 each...$5,000,000 00
Preferred
7% Cumulative—50,000 Shares at
■
...
.
.
;
__1—$10,000,000
5,000,000 00
Capital Stock
00'
Five per cent Gold Debenture Notes—Due December 1 1916
3,000,000 00'
Accounts Payable—
'
/
;
Invoices, Accrued Pay-Rod, Vouchers not due, Deposits
Vehicle Orders,
on
v"
^
Etc..
Surplus—•
As at
Net
Income for year to Aug-,
on
v
'y-y•
V'
'■
Deben¬
;
$2,157,472 40
on
Preferred
*
\
Stock.
350,000 00
as at
•'•.,
;
Plant As¬
Notes
Dividend
!/-■'
^
1913, after deduction
depreciation
ture
Less
1,198,783 82
.■
sets and Interest on
.
178,716 94
•.
August 31 1912
list 31
of
'
1,154,874 94
Reserves for General Purposes
Surplus
1,807,472 40
August 31 1913.
.
3,006,256 22
$17,339,848 10
We have audited the accounts of the Packard Motor Car Company,
Detroit, Michigan, fcr the year ended August 31 1913, and now Certify
that, in our opinion, the above balance sheet presents a full and fair state¬
ment of the Company's
position at as that date.
We have also examined
the accounts of the branch
selling companies in New York, Philadelphia
and Chicago and the investments in these
companies are stated in this
_
Our fiscal year
just closed has been most gratifying to our
executive staff.
Business has held up well, even considering
our delayed output, in the
fall a year ago, and the trouble
caused the shop by the Ohio floods.
;The year's* profits have been fair.
Not in my judgment
as great as the capital invested or the volume of sales should
yield, but our whole condition is better, and with even a like
valu
e of business this coming year, the profits should be
favorable.
8,136,024 99
V';v
v
.
Appended hereto is the report of the Treasurer and Bal¬
more
42,500 00
Work in Process and Finished Vehicles...
Cash.....
FINANCIAL.
.
38,232 50
'
.;
,Current Assets—
Total
Sheet.
.
.
180,870 00
Rights, Privileges, Franchises & Inventions.
patrons' approval.
ance
.
1,039,491 08
$100 00 each.
.
'
.
Generators,
Motors, Elevators, Shafting, Etc
GENERAL SHOP CONDITIONS.
]as at present nor has our product on both cars and trucks
ever been on so high a plane of excellence,
/
Our efficiency is enabling us to produce vehicles which, by
their excellence, must yield even an increased reputation
for Packard product of superior merit.
;
>:
The strongly favorable comments of our dealers and their
enthusiasm over the vehicles being, delivered is certain proof
of our engineering and manufacturing evolution during the
past year.
•
Our dealers have been always frank and severe critics and
their praise of present product is a sure forerunner of our
1913.
ASSETS.
•
good
29
BALANCE SHEET AS AT AUGUST 31
v
were never so
12
.^9^637^66
hand August 31st 1913..
Total.
a year ago,
approximately in the market price of a Packard
maximum service chassis equipped with the special or con¬
tract body as against the same chassis equipped with a
Packard body of ultra quality. r
( ...
The very generally satisfactory use obtainable from such
a body
equipment for contractors, doctors, business men,
&c., generally, or for family use where the ultra ultimate is
not desirable because possible of being used both for family
and business purposes, warrants us in the hope of increased
sales at the price we are able to quote.
T: "This brings the Packard "38" maximum service chassis
with the contract body at $3,350 into a broader market field
from which we have heretofore been, to a certain extent,
barred by a $500 differential in body cost between Packard
.:cars and moderate service cars, where the Packard quality
body was not really the desirable or necessary body for the
^character of service to be performed, yet the maximum service
chassis was certainly desirable.
V' "•
'
„
2,373,953 01
262 315 17
$500
shop
18,606,752 34
$19,637,266 29
For Accounts Payable.—
was apparent a certain demand for Packard "maximum
service",chassis, equipped with touring bodies less expensive
than those of our exclusive manufacture, and of the type of
workmanship and material and general specifications used
on "moderate service" cars; handsome in general appearance,
less durable, less finished as to quality and detail, but service¬
able in nature, even though not classable as first-class car¬
riage work.' /
YV;-
Our production conditions in the
■
—$15,687,738 96
Disbursements During Fiscal Year:
there
a
DISBURSEMENTS.
Total
to
The difference in cost of these bodies enables
YEAR
2,919.013 38
For All Other Accounts,
fully inform the Directors as to the policy
adopted to supply two lines of bodies in certain types.
Packard bodies of exclusive Packard design and manu¬
facture, of the first quality, are our continuous.effort, and
these for the coming year are more numerous in styles and
more appealing to varied
tastes of fastidious patrons than
ever before.'14
..^
:
of
AND
From All Other Sources
.
Report of
FISCAL
Hand September 1st 1912
on
Receipts during Fiscal Year: )
From Accounts Receivable.t.
'
As outlined in the President's Annual
THE
ENDING AUGUST 31 1913.
VARIETIES OF PACKARD BODIES.
We wish
JOY,
President.
;;/>■'^;./.>/
:
.,
'
"
-■
•
balance sheet at
a
conservative valuation.
p*
31 1913 resulted in a profit of
of adequate allowances in respect of depre¬
ciation of the plant assets and of interest on the outstanding Gold Deben¬
The operations of the year ended
August
$2,157,472 40 after deduction
ture Notes.
MARWICK. MITCHELL, PEAT & COMPANY,
,
,
-
Chicago, Illinois, October 13 1913.
"•
Chartered Accountants
•
•>.
i
-
1298
THE
CHRONICLE
1 [VOL.
COTTON.
Sfce C^ummjcrdal Jxmcs.
Friday Night, Oct. 31., 1913
THE MOVEMENT OF THE
CROP, as indicated by our
^*^AA^WVVVVVVWVW^^vvwvvvvvv»^»vyvVN^sW^i/Wl»WVWWVVVWVVVVVVVI<lWWVVWVS^WilWWVWSA^WWW^^^«
COMMERCIAL
telegrams from the South to-night, is given below.
EPITOME.
'••••'
Friday Night, October 31 1913.
Trade in some of the leading industries is less active.
Tariff changes and impending financial legislation have a
certain effrct.
Iron and steel are more quiet at easier prices.
Securities have been slow.
Money is higher.
Colder wea¬
ther has helped retail trade.
There is less disposition to
anticipate future wants, the feeling in this respect being
noticeably conservative.
The Mexican situation is watched
with a certain interest, as indications seem to point to a
change of policy concerning it on the part of/the United
States.
At the South collections are better, owing to a big
cotton movement.
LARD
has
c.
been
;:c:
•
fair trade; prime
Refined for
$12 10 and
Brazil $13 10.
Lard futures have been irregular but were
at one time stronger, partly in sympathy with higher prices
for hogs and grain.
Severe hog cholera epidemics reported
at the West, with the heaviest percentage of loss in Iowa,
irregular, with only
a
Western $11, showing a firmer tone of late.
the Continent now $1155; South America
Dakota
South
and
Nebraska.5
The
Wisconsin, Kansas and Oklahoma.
losses
In
were
small
in
county of Iowa
one
the loss is said to have reached 90 per cent;
in
others
and the average for the State considerably
cent.
To-day, prices declined, then rallied.
many
40 to 50 per cent
above 20 per
Sat.
.
October
delivery__cts.10.60
November delivery
10.623^
January delivery.
10.65
May delivery
__„10.82^
Tries.
Mon.
10.70
10.70
10.75
10.90
■
10.72H
10.70
10.7734
10.95
Wed.
10.47H
10.4734
10.65
10.80
ending this evening the total receipts have reached
560,392 bales, against 488,622 bales last week and 485,092
bales
the previous week, making the total
receipts since
Sept. 1 1913 3,374,233 bales, against 3,357,883 bales for the
same period tif
1912, showing an increase since Sept. 1 1913
of
16,350 bales.
10.50
10.50
10.62M
10.80
T*..."TVV':
.
Sat.
Texas
Tues.
20,957
3,397
35,793
7,205
24,191
2,849
17,154
2,767
17,747 134,426
3,660 23,086
10", 198
City.
Port Arthur
Aran. Pass, &c__
New Orleans
Mon.
18,584
3,208
Galveston
10",742
18,439
13",439
10",742
11,731
ll",070
21,085
85,962
3,806
7,050
"5~, 418
21,772
17,794
3,047
19,417 123,375
30,000 30,000
5,848
29,853
Wed.
Thurs.
Gulfport
Fri.
Total.
"
Mobile
3,015
8,345
Pensacola
1,369
9,449
l",U4
Jacksonville, &c_
Savannah
3",047
"19,688
Brunswick
Charleston
22,323
25,468
22,115
14,364
~
'"4",604 "5",072 "5",739
_____
Georgetown
4,432
4,158
____
Wilmington
4,188
6,979
5,381
6,825
"5",479 ""4",502
4,556
6,160
New York
Boston
•
6,872
""20 *"c"48
36,369
6,147
9,334
'162
94
Baltimore
------
Philadelphia
78,829
28",323
5,430
9",334
4,103
N'port News, &c
4,217
6,147
Norfolk
CHICAGO.
Thurs.
For the
week
Totals this week-
DAILY CLOSING PRICES OF LARD FUTURES IN
■
xcvii.
86,552 107.166
83,658
66,399 137,788 560,392
Fri.
10.50
10.50
10.6234
10.80
The
following shows the week's total receipts, the total
since Sept. 1 1913, and the stocks to-night,
compared with
last year:
:'
v
PORK
steady; mess $23 75@$24 50; clear $20@$21 50;
family $24 50@$26.
Beef firm; mess $18@$19; packet
$19@$20; family $20 @$22.
Extra India $28@$30.
Cut
meats unchanged; pickled hams, 10 to 20 lbs., 1434@14%e.;
bellies clear f. o. b.'New York, 6 to 12 lbs., 14%@15Kc.
Butter creamery extras 32@33c.
Cheese, State whole milk,
colored specials, 15%@15 %c.
Eggs, fresh gathered 35 @37c.
OILS.—Linseed steady; City, raw, American seed 50@
51c.; boiled 51@52c.; Calcutta 70c. ' Cottonseed oil firmer;
winter 7.20c.; summer white 7.20c.
Cochin 13H@13%c.;
Ceylon 10%@llc.; Chinawood 7H@7%c.; corn6.25@6.30;
cod, domestic, 41@42c.; Newfoundland 44@46c.
•
COFFEE has been firmer with higher European markets
and also higher cost and freight quotations.
Some of the
buying has been for Brazil account.
The gist of the crop
news and rumors have been bullish.
Yet after all primary
receipts have at times been quite liberal and the speculation
has been largely professional, many people being averse to
buying after the recent rise, especially as they are not alto¬
gether convinced that the crop is going to be as small as the
bulls assert it will be.'
Latterly, too, Europe is said to have
been selling and the idea was that it was for leading bulls.
To-day prices were lower.
November 10.23@ 10.241 March
December. 10 36@ 10.381 April
Jama-y __10.48@10.50 May
February
10.61 @10-631 June
_
10.74@ 10.75 July
11.84@11.86 August
11.12@11.14
.11.32 @11.34
11.95@11.96 September
_11.03@11.05
11.33 @11.34
SUGAR.—Raw higher; centrifugal, 96-degrees test, 3.61c,
Granulated. 4.25c.
'
'
'
This
1912.
Since
Week.
Galveston
Port Arthur
Aran., Pass, &c__
New
This
Sep
Stock.
1 1913.
Since Sep
1 1912.
Week.
134,426 1,096,076 188,349 1,501,431
23.086
123,093
38,026
240,771
24,426
10,742
66,617 "7",782
42,979
85,962
303,940 82,102 V 309,711
______
Texas City
Orleans
Gulfport
Mobile
Savannah
1912.
"
11.25@12.25e.
Pennsylvania dark, $2 50;
$2 50; Tiona, $2 50; Cabell, $2 07; Mercer black,,
$2; New Castle,-$2; Corning/$2; Wooster, $1 91; North
Lima, $1 39; South Lima, $1 34; Indiana, $1 34; Princeton,
$1 39; Somerset, 32 degrees and above, $1 35; Illinois, $1 30.
Naphtha steady; 73 to 76 degrees in 100-gallon drums, 24*/c.;
drums,
$8 50 extra.
Gasoline, 86-degrees test, 29He.;
74 to 76 degrees, 25p£e.; 60 to 70 degrees, 22J4c.; stove, 21c.
Sp. of turp., 45 @45 V2c.
Common to good strainedrosin, $4.
TOBACCO.—Trade is, for the most part still quiet, but
prices are firm.
Cigar manufacturers are having a good
business.
The 1912 crop of Wisconsin is an exceptioii .to the
general rule, for it is selling quite.briskly to manufacturers
who bad been carrying small supplies.
There is alight sup¬
ply of binder.
Quite a good business is being done in
Zimmer Spanish 1911 crop, with filler anything but plenti¬
ful.
There is not
uch trade in Sumatra tobacco, as manu¬
facturers stocked up earlier in the year.
Cuban leaf is steady,
cases
second sand,
with
a
moderate demand.
COPPER has been firm, but in only moderate demand.
The statistical
position is considered strong, but the demand
lags for the moment.
Latterly there have been some
heavy importations, especially of copper from Liverpool
and Spain, which is rather unusual.
In London of late
the
tone
here is
has been
somewhat unsettled.
Tin on the spot
Stocks of tin in this country are
down to 39.95.
of late has been rather firmer, however.
Lead on the spot here 4.35e. and spelter 5.37^0.
Pig
iron has been quiet but firm; No. 2 Eastern foundry $15 @
$15 25.
No. 2 Southern Birmingham $11@$U 50.
Prices
are lower for steel products.
;
large;
London
"4",562
177,380
185", 148
32",755
"l",002
*""675
523,693
107,700
149,921
200.115
31,612
92,220
150,251
18,855
157,429
165,906
7,782
21,855
133,679
10,628
44",483
29,807
22,699
"20", 551
32,509
1,387
127", 134
26,607
5,203
"
44,083
Georgetown
Wilmington
Norfolk.
N'port News, &c.
York
New
98
___
"162
55,706
1,614
30,772
"""340
"2~, 106
5,268
14.722
75
100
102
3,009
7,706
2,025
11,185
2,925
560,392 3,374,233 529,516 3,357,883
844,885
998,339
Boston
Baltimore
9,334
Philadelphia
Totals^
3,323
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
Receipts at—
___
1913.
1912.
1911.
1910.
1,909.
134,426
120,569
9,716
85.962
82,12^
149,173
49,555
73,160
16,510
98,329
16,150
118,961
33,828
188,349
45,788
62,015
10,055'
59,925
9,250
67,734
8,900
9.048
14,125
13,533
30,012
32.973
10,336
21,155
Texas City,&c
New Orleans-
Mobile.
_____
Savannah
Brunswick.
21,772
123,375
30,000
29,853
28,323
36,369
6,147
30.337
__
Charleston,&c
Wilmington.
Norfolk
N'port N., &c
_
All others
15,161
86,585
18,000
21,759
21,805
32,509
1,387
24,789
33,414
1,392
11,328
16.051
28.369
'
1908.
207,545
2,882
98,459
17,005
73,501
'
12,611
79,053
847
12,420
21,243
30,889
346
15,951
27,967
13,533
381,530
401,448
484,481
'
.
30,915
102
'
Total this wk.
560,392; ;529,516
487,955
PETROLEUM steady; barrels, 8.75@9.75e.; bulk, 5.25(
6.25c.;
327,242
22,257
2,420
144,217
77",394
15,161
9,000
1,343
86,585
18,000
21,759
36,369
6,147
-
Brunswick
Charleston
137,018
44,555
10,082
854,804
149,900
236,134
28", 323
&c.
1913.
214,011
14,691
34",868
21,772
17,794
3,047
123,375
30 i 000
29,853
Pensacola
Jacksonville,
Galveston
Muscovado, 89-degrees test, 3.11c.; molasses, 89-degrees
test, 2.86c.>
Receipts at Atlantic ports for the week were
6,309 tons, against 18,794 last week and 30,167 last year.
Meltings were estimated at 30,000 tons, against 27,000 last
year and 25,000 two years ago.
The stocks were 146,383
tons, against 170,074 in the previous week and 120,143 last
year.
1913.
Receipts to
October 31.
Since Sept. 1_ 3.374.233 3,357,883 3,474,370 2.900.812 3,228.329 3,079.595
The exports
for the week ending this evening reach a total
of which 141,443 were to Great Britain,
111,289 to France and 187,431 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1913.
of 440,163 bales,
Week ending October 31
1913.
From
Sept.
1
1913 to
Oct.
31
1913.
'
Exported to-
:
/
Exported to—
,
,
Exports
Conti-
Great
from—
Britain. France.
Galveston..
43,459. 14,371
Texas City.
•16,718
•'
.
.
nent.
Great
Total.
47,220 105,050
6,416 23,131
Ar.Pass,&c.
New Orleans
29", 114
Mobile
Pensacola
Savannah..
Brunswick
29,264
.
Charleston.
6", 193
New
4,096
2,294
Baltimore.
_
9",907 44*431
12,356 18,806
17,794
31,692 103,904
97
21,748
26,207
27,907
16,868
7,849
2,391
6,592
14", 618
Norfolk
Boston
5,410
6,450
17,794
42,948
9,698
10",308
Wilmington
York-
•
12,050
6,592
15,899
13,289
10,675
3,753
Philadel'a..
San
Fran..
Pt.Towns'd.
1912. 199,207
311,905
80,073
19,227
95,485
24,515
10,969
France.
137,357
•
8,806
18,855
49,406
17,794
134,174
9,698
5,030
19,554
47,826
87,380
25,495
12,453
69,625
*4*,35*1
26,553
11,324
8,693
3,551
2,709
3,551
852,657
94,026 224,301 517,534 1,078,090
Note.—N. Y. exports since Sept.
nent.'
391,608
19,674
225
33*766
13",934 13*. 934
Total.... 141,443 111,289 187,431 440,163
Total
Conti¬
Britain.
44,202
32,563
15,792
209,870
74,372
61,385
84,475
11,231
62,656
2,301
27,408
1,695
51,629
19,908
Total.
840,870
108,553
19,452
173,453
75,933
44,555
431,424
109,565
115,821
151,855
23,684
136,632
28,854
41,441
10,388
51,629
19,908
420,366 1,110,994 2,384,017
375,312
949,205 2,402,607
1 Include 6,932 bales Peruvian to Liverpool.
In addition to above exports, our
telegrams to-night also
the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
give
us
New York.
■
*
'
•
floy. 1
Ger¬
Britain.
France.
11,086
31.773
Oct. 31 «t—
FUTURES.—The highest, lowest and closing prices at
the past week have been as follows:
Shipboard, Not Cleared for—
On
Other
Coast¬
many.
Foreign
wise.
Great
274
1299
CHRONICLE
THE
1913.]
New York for
Leaving
Total.
Stock.
28,813
98,611
115,404
115,400
196,815
82,220
22,665
6,538
31,368
5,272
Monday,
Oct. 27.
Saturday.
Oct. 25.
"600
6,000
9,322
17,042
2,200
7,000
6,638
8,300
1,000
18,000
72,933
72,877
83,096
Galveston
"900
17,000
New Orleans
30,647
27,184
28,119
18,341
3"66O
Mobile.—
9,474
5", 131
Norfolk.
'
New York
Total 1913-.
Total 1912—
Total 1911—
1,000
10,000
21,818
16,161
3,500
42,000
38,708
35,206
29,867
12,413 224,203
23,536 243,395
18,405 235,573
69,502
84,592
76,086
Savannah
Charleston
Other ports
8,130
28,578
2*877
1,100
3,300
"575
7,861
l",666
x
tion in what
looked like
Range
It
may
Range
Range.....
.
Closing....
yet turn
To-day prices advanced on covering of
by spot houses.
New Orleans, Memphis,
Liverpool and Wall Street bought. The temperatures were
again in the twenties over a wide area of the belt.
Spot
cotton closed at 14.10c. for middling uplands, showing a
decline for the week of 40 points.
The rates on and off middling, as established Nov. 20 1912*
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
tion of last year.
shorts and buying
Good mid. tlnged.c.
Eren
Strict mid. tinged.0.15 off
Sat.
...14.50
.
Range
14.50
Closing....
NEW
YORK
14.10
1912
—.11.70
1911.:—.:— 9.40
1910
—14.55
Closing.—.
July—
•
the
Thurs. Fri.
Wedsi.
14.40
14.00
14.10
-.15.05
1909
1908—— 9.35
1907
10.90
10.50
1900
1904—— 10.00
1903.
10.50
1902
.i.
1901.
1899.
mark: ST
—
1888—
...
1895—
1887—.,
1897-C.
—-
1900—
1898
1889-c—.
1896—w
6.00
7.94
9.00
8.65 1894—— 5.15
7.94 1893
8.19
8.31
9.50 1892
7.38 1891
8.38
5.31 1890
10.00
10.75
...
AND
—
1886—
1885
„
10.62
9.81
...
.—
9.62
9.25
9.62
..
on
same
sa es
1883
—
on
—
1882----.
,
10.69
13.40-.65 13.49-.63U3.43-.52 13.31-.44
13.62-.65 13.60-.61U3.5O-.51
13.17-.42 13.21-.39l 13.17-.65
—
13.37-.39 13.20-.21 13.38-.39
13.30-.381— — —
13.40-.45U3.3S-.42 !13.21-.32
13.15-.20 12.98-.00 13.20-.24
August—
13.24
—
Range
Closing
Range..
Closed.
— .
THE VISIBLE
up
as
SUPPLY OF COTTON to-night, as made
by cable and telegraph, is as follows.
Foreign stocks,
well as the afloat, are this week's returns, and conse¬
quently all foreign figures are
brought down to Thursday
evening.
But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
October 31—
'
1113
1912.
1911.
1910.
Stock at Liverpool
bale*.1 548,000
643,000
40*1,010
452,000
Stock at London
5,0007,000
6,010
6,000
Stock at Manchester
37,000
21,000
20,000
21,000
-
————
Total Great Britain
590,000
17,000
187,000
143,000
2,000
9,000
24,000
10,000
.
Stock at Ha-rre
— -
Stock at Marseilles
-
Stock at Barcelona
.
Stock at Genoa
Stock at Trieste-
-
Total Continental stocks.... —
"671,000
8,000
209,000
158,000
2,000
12,000
3,000
5,000
439,000
12,000
86,000
103,000
2,000
10,000
17,000
4,000
479,000
5,000
89,000
#4,000
2,000
7,000
27,000
1,000
392,000
stock—_
Stock at Hamburg
Stock at Bremen
397,000
234,000
215,000
998,339
554,786
870,970
564,003
52,835
166,838
*
Stock in U. S. ports —
Stock in U. S. interior towns
844,885
U. S. exports to-day
'
..
Total visible supply.
Of the above, totals of
Steady
Quiet
Quiet
Quiet 10 pts dec
Quiet 40 pts dec
Steady 10 pts ady.
..-bales.
Continental stock
:
American afloat for Europe'JJ.
U. S. exports
Total
354,000
998,339
554,786
.664,364
52,835
166,838
23,810
3,259,632 3,678,538 3,154,725
"
East Indian, Brazil, &c.—
Liverpool stock
2.716,964
97,000
London stock
88,000
.—
Continental stock
;
India afloat for Europe
-
Stock in Alexandria,
Egypt--.
Bombay, India
Total East India, &c—— .—1,088,000
3,259,632
Total American
—
Total
_
Firm
280,000
765,000
543,000
645,000
3,678,538 3,154,725 2,716,964
—.—-4,347,632 4,443,538 3,697,725
Total visible supply
Middling Upland, Liverpool—_
Middling Upland, New York— —
Egypt, Good Brown, Liverpool__
Peruvian, Rough Good, Liverpool
Broach, Fine, Liverpool
Tinnevelly, Good, Liverpool
..
9.25d.
6.63d.
11.75c.
10.16d.
lO.OOd.
7 1-16d.
Contr'ct
Total
5.17d.
6 3-16d.
7%d.
6%d.
7.63.d.
14.10c.
13.75d.
3,361,964
7.81d.
9.45c,.
10.65c.
10 3-16d.
9.75d.
12 5-16d.
10.75d.
7 9-16d.
r5%d
7%d.
5%d.
imports for past week have been 263,000 bales.
The above figures for 1913 show an increase over last week
of 373,836 bales, at loss of 95,906 bales from 1912, an excess
of 649,907 bales over 1911 and a gain of 985,668 bales over
1910. "
V-'"
Continental
FOR
QUOTATIONS
OTHER
COTTON
MIDDLING
MARKETS.—Below
are
the
AT
closing quotations
principal cotton
middling cotton at Southern and other
of the week.
markets for each day
Closing Quotations for Middling
Week ending
October 31.
Saturday, Monday,
Tuesday,
13%
13%
14%
13%
31%
13 13-16
13 13-16
13%
13%
13%
14%
13,%
13%
13%
13%
13 13-16
13%
14%
14%
14%
14%
14 3-16
14%
14.75
Charleston
__
1,300
1,300
800
Philadelphia
14.75
14.75
800
800
Augusta
14
4,300
8,900
4,300
8,900
Memphis
13%
13%
13 15-16
16.100
16,100
Little Rock—
13%
St.
-
Louis.
Friday,
13%
13%
13%
13%
13%
13 9-16
13 9-16
13%
13%
13%
13%
13 9-16
13%
13%
13% @ % 13%@% 13%©%
14
Baltimore
Cotton on—
Wed'day, Thursd'y,
14
14 %
800
...
88,000
166,000
162,000
115,000
222,000
210,000
263,000
400,000
2,000
20,000
113,000
50,000
70,000
79,000
Egypt, Brazil, &c., afloat.
6,000
6,000
6,000
36,000
11,000
7,000
7,000
25,000
81,000
5,000
20,000
51,000
76,000
-
Manchester stock-
135,000
194,000
Houston
__
870,970
844,885
to-day
American--
Stock in
364,000
19,000
.195,000
914,516
635,367
542,929
46,152
307,000
508,000
-
17,000
14,000
14,000
341,000
372,000
198,000
1,085,909 1,064,575 1,076,581
-—564,003
U." S. port stocks
U. S. interior stocks
Norfolk
Steady
Steady
Steady
23,810
-4,347,632 4,443,538 3,697,725 3,361,964
follows*
American and other descriptions are as
Mobile-
Firm
Very steady
664,364
American—
LiverpooF stock
Manchester stock
Wilmington—
Saturday—
Monday
Tuesday ...
Wednesday.
Thursday
Friday
694,000
113,000
914,516
88,000'
166,000
162,000
635,367
542,929
46,152
982,000 1,068,000
664,000
76,000
31,000
11,000
Amer. cotton afloat for Europe.-1,085,909 1,064,575 1,076,581
Egypt, Brazil, &c.,aflt. for Europe
79,000
70,000
50,000
Stock in Alexandria, Egypt
263,000" 210,000
115,000
Stock in Bombay, India—
400,000
280,000
222,000
Total European stocks
India cotton afloat for Europe
Savannah
Spot.
13.24-.38
Closing
New Orleans-
SALES.
Market
Closed.
—
September—
Galveston
Futures
13.43-.45
Closing
of
the spot
days.
Spot Market.
-13.30-.58
13.30
Range.....
10.62
SAL ES AT NEW YORK.
of cotton
—,13.50
13.64-.67,13.62-.64 13.55-.57 13.46-.48 13.25-.27
9.81
1884
each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
ahow at a glance how the market for spot and futures closed
The total
—
tinged...2.00 off
FOR 32 YEARS.
QUOTATION
1905-C
13.62-.64 13.51-.53 13.28-.30 13.46-.48—
—113.58
Range
•
1913-e
.47-.49
13.29-.49 13.28-.77
13.50-.75 13.60-.77 13.53-.66 13.4&-.56 13.28-.53
13.47- .48
13.73-.75 13.71-.72 13.61-.62 13.50-.52 13.29-.30
June—
Middling stained..0.90 off
Tues.
Mon.
14.60
13.74-.76 13.72-.74
Closing
Middling tinged...0.30 off
mid.ting.b.85 off
quotation for middling upland cotton i^L
market each day for the past week has been:
Oct. 25 to Oct. 31—
Middling uplands
Range..—.
May—
Strict low
The official
New York
.29-49 13.29-80
31-.32
13.75-.76 13.73-.74 13.63-.64 13.54-.55 13
April—
Yet the prevalent
Low mid.
.40-.42,—
13.45-.59 13 29-.57
13.55-.67
—
ll3.46-.56
13.70-.72il3.60-.62 13.47-.50 13.23-.25
13.72-.74
13.52-.77 13.65-.80
Range
belief is that the crop is going to be something like 14,000,000
bales or less and 750,000 to 1,000,000 under the consump¬
Baals
8trict mid. fair
1.30 on Strict low middling.0.85 off
__0.80 off
Middling fair
1.10 on Low middling
Strict good middllng0.68 on Strict good ord_ —1.40 off
2.15 off
Good middling
0.46 on Good ordinary
Strict middling....0.24 op Strict g'd mid. ting.0.35 on
♦Reaffirmed Sept. 101913.
,
•
Closing....
.47-.48.
13.46-.56
March—
*
.27-.48 13.27-.8i
13.43-.60 13.29-.57
13.78-.80 13.75-.76 13.66-67 13.55-.56 13.31-.32
Closing
apprehensions that the Bank of England rate of discount
will sooner or later be raised to 6 per cent.
It is not be¬
lieved that Europe has fully recovered from the effects of
the Balkan war, while at tne same time it has to face an
unfavorable state of financial affairs in the Far West.
Call money has advanced here.
A bank failure occurred
at Natchez,
Miss.
It caused selling.
Yet,- as already
intimated, the sentiment here is for the most part bullish.
Some weak long lines of considerable size have been thrown
overboard and the market suffers the drawback of a lack
of outside public speculation, which is not tempted into
vC.
60-.77 13.50-.12
.74-.76I
13.54-.80 13.68-.85U3.56-.69
February—
have
already made itself more or less felt in the big English
minufaituring industry.
Also, foreign crops are estimated
at about 700,000 bales larger than those of last year. Europe,
it is inferred, will not therefore be so dependent upon NewYork as it was last season.
Meantime, there is some
Middling
13.76-.90 13.58-83
13.83-.S4 13.58-.60
Range
approximating 15,000,000 bales, whatever may be said
to the contrary.
They believe that the damage this season
has been exaggerated.
They think the price is altogether too
high for the month of October, whatever may be the condition
of things later in the season. There has been more or less finant'al tension in China and East India, as well as in Brazil.
This may react on Lancashire.
It is believed, in fact, to
on
14.04-.06 14.03-.04.13.93-.94
,54-.58j
January—
635,397
crop
c.1.50
13.80-.07 13.96-.12 13.85-.95
Closing
the consensus of opinion avers,
deterred from buying by the idea that prices
are high enough for the time being.
At the high point of
late they were 3 cents higher than at the same time last year
and 5 eents higher than on a like date in 1911.
Revision of
differences is feared in November.
Speculation has been
rather sluggish.
Spinners in very many cases are disposed
to hold aloof.
Some claim that there is a possibility of a
Fair
43-.56 13.43-.«0
13.64-.66 13.38-.40
December—
620,682
754,944
but many are
13!^ to 14 cents.
13.55-.00 13.54-.24
13.77-.90 13.60-.71 13.57-.65 13.63
13.92-.95 13.78-.8043.72-.75
Closing
Week.
14.13-.15jl4.07-.08 14.05-.08 13.55-.57
Gange
out to be a bull season, as
the market at around
14.23-.24
14.00-.12 13.54-.08
14.00-.24 14.10-.24 14.00-.09
Closing....
November—
South, and heavy liquida¬
tired market.
a
Oct. 31.
October—
Speculation in cotton for future delivery has been somewhat
less active, and prices have declined.
The decline was in
spite of bad weather.
Temperatures in the twenties have
occurred in Texas, Oklahoma, Arkansas, Louisiana, Missis¬
sippi, Alabama and Georgia.
It is pretty generally agreed
also, that excessive rains recently did a good deal of damage
in various parts of the belt.
The chances are supposed to b®
rather small for anything like a good top crop.
Cotton goods
have been firmer with a fair demand.
Manchester has been
reported better.
In spite of all this, however, prices have
declined under the weight of large receipts and an indifferent
spot demand in many parts of the
Friday,
Tuesday, Wed'day, Thursd'y,
Oct. 28. | Oct. 29.
Oct. 30.
„
($1—16 13 15-16
13%
13%
13%
13%
13 15-16
13 15-16
13%
13%
W4
\Vk
13%
\i%
\\%
13 15-16
13%
13%
13%
13%
13%
13%
13%
13%
13%
'
f
13%
13%
13%,
13%
13%
1300
THE
CHRONICLE
AT THE
INTERIOR TOWNS the movement—that is,
receipts for the week 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
[VOL.
xcvii.
WEATHER REPORTS BY TELEGRAPH.—Reports to
by telegraph this evening indicate that the rainfall has
been light or moderate on the
whole during the week, but
the
us
that the
detail below.
temperature has continued low, with further frosts
Favored by the weather, the gathering of the
has progressed rapidly.
reported.
crop
Movement to October 31 1913.
1912.
Movement to November 1
Galveston,
Towns.
Receipts.
Week.
Ala., Eufaula..
Montgomery
Selma
Little
Rock..
'Ga„ Albany...
Atlanta..
16,552
Augusta
19,181
3,845
2,044
5,544
12,956
1.500
Columbus
Rome
Xa., Shreveport
Mlss.,Columb's
Greenville
8,297
7,139
3,115
5,063
1,086
5,122
18,177
100,076
163,970
11,144
76,454
8,365
4,362
14,482
4,455
2,326
55,813
18,619
69,852
14,525
38,341
63,800
136,994
21,741
15,204
7,603
7,459
2,076
8,366
1,500
6,727
13,374
13,242
2,300
4,342
7,759
31,847
2.3S4
16,351
,11,390
674
63,867
1,500
10,077
45,330
8,571
23,562
10,238
1,400
22,859
3,051
62,901
18,960
15,259
3,700
1,991
4,425
23,620
23,412
29,233
19,452
14,394
18,248
6,352
2,157
6,578
4,470
;
10,542
1,797
9,356
1,400
1,355
1,900
7,609
1,200
2,000
6,657
1,013
11,518
900
66,192
5,961
12,826
16,019
21,756
3,967
9,049
8,945
600
365
7,408
2,223
8,152
5,026
4,010
1,113
38,395
,562
'5,254
221,514
4,404
2,653
1,200
700
13,163
650
City..
Mo., St. Louis.
N.C., Raleigh..
Oi, Cincinnati.
22,360
Okla., Hugo...
S.C., Greenw'd
Tenn.,Memphis
2,313
1,113
43,103
745
3,248
Nashville
Tex., Brenham
Clarksville
4.501
Dallas
4,731
Honey Grove.
3,354
Houston
137,405
Paris
7,294
11
■
598
5,980
493
97,894
1,594
1,409
8,101
14,654
19,425
66,788
9,486
2,749
8,613
20,815
967
10,538
18,199
3,585
6,015
7,786
1,791
7,364
12,221
19,441
3,000
1,480
1,352
2,021
14,407
10,507
3,336
5,555
6,261
7.364
450
186
4,253
2,434
17,081
700
3,500
47,262
36,802
19,347
9,516
9,269
9,523
52,560
3,261
15,906
14,971
5,700
173,993
36,136
568
1,922
221
82,423
1,092
1,149
4,957
10,527
985
1,773
26,008
2,058
4,000
9,388
•'
23,134
2,384
27,634
5,057
7,810
4,000
12,874
2,824
3,769
4,181
,070,101 119,954 147,157 164,591
38,402
4,213
8,279
10,029
5,323
3,178
24,013
7,328
12,286
38,545
2,000
1,528
18,594
478
Vicksburg
Week.
Season.
1,472
...
Natchez
Yazoo
Tree*.
2,422
24,961
11,291
11,420
2,085
4,012
8,805
4,000
2,043
,2,645
1,819
16,643
__
Nov.<ft
ments.
15,187
23,770
38,447
Greenwood
Meridian
31.
1,131
47,258
18,859
43,547
5,762
Macon
Week.
Stocks
Ship¬
Receipts.
.
57,400
3,251
10,000
•
3,857
25,255
3,590
,388,639 157,407 115,386
9,675
6,260
62,258
Total, 33 towns 348,489 2,329,719 306,787 564,003 400,540!2,556,788 331,012 554,786
Tex.—Weather has continued cold in Texas,
precipitation and occasional frosts.
Picking is
along rapidly, but the marketing of the crop is rather
with small
going
slow,
932
Athens
Oct.
13,333
87,716
67,248
18,524
7,193
2,729
9,359
Ark., Helena
Stocks
Season.
1,034
8,936
_
Shipments.
as
ginners reports show there is considerable cotton held
the interior. There
has been rain
the rainfall
in
on one day of the week,
being eighty-four hundredths of an inch.
The
thermometer has averaged 59,
ranging from 44 to 74.
Oc¬
tober rainfall 15.29 inches.
_'
'
Abilene, Tex.—There has been rain on one day of the week,
-
the precipitation
reaching one hundredth of an inch.
mum
temperature 30.
Month's rainfall 1.79 inches.
Mini¬
Brenham, Tex.—There has been rain on one day during
the week, the
precipitation being twelve hundredths of an
inch.
Average thermometer 57, highest 78 and lowest 36.
October rainfall 6.96 inches.
•
Cuero, Tex.—It has rained on one day during the week,
the rainfall being
twenty-eight hundredths of an inch. The
thermometer has averaged 61, the highest being 86 and the
lowest 36.
Month's rainfall 3.51 inches.
Dallas, Tex.—-There has been rain on one day of the week,
the rainfall being fourteen hundredths of an inch.
Mini¬
thermometer 30.
October rainfall 3.10 inches.
'
Henrietta, Tex.—There has been no rain the past week.
The thermometer has ranged from 26 to
78, averaging 52.
Month's rainfall 1.91 inches.
mum
Huntsville, Tex.—There has been rain on one day during
the week, the precipitation being thirty-eight hundredths of
an inch.
Average thermometer 54, highest 76 and lowest 32.
October rainfall 7.77 inches.
OVERLAND
MOVEMENT
FOR
THE
WEEK AND
Kerrville, Tex.—Dry all the week.
The thermometer has
averaged 54, the highest being 80 and the lowest 28. lonth's
SINCE SEPT. 1.—We give below a statement showing the
overland movement for the week and since
Sept. 1, as made
rainfall 6 inches.
from telegraphic reports Friday night.
The results for the
week and since Sept. 1 in the last two years are as follows:
Lampasas, Tex.—It has been dry all the week.
The ther¬
mometer has averaged 53, ranging from 26 to 80.
October
up
-1913-
Via St. Louis..
63,245
32,065
1,135
18,367
9,786
40,466
67,197
.....11,016
'
445
Via Louisville
3,929
Via Cincinnati..
4,091
Via Virginia points
Via'other routes, &c
12,473
____.18,462
Total gross overland.
Since
Sept. 1.
Si,756
,
Via Cairo..
Via Rock Island
Week.
14,407
14,170
•
"
Sept. 1.
49,139
33,205
250
550
4,966
3,522
8,624
16,328
12,036
10,337
23,561
"55,210
72,172
232,261
62.267
184,038
9,496
1,589
2,326
32,559
5,708
.1,248
16,930
6,434
13,563
Deduct Shipments—
Overland to N. Y., Boston, &c__.
Between interior towns
Inland, &c., from South
....
Total to be deducted.
6,607
14,707
13,411
53,873,
58,761
178,388
.
2,419
9,375
36,927
52,892
147 111
♦Including movement by rail to Canada.
/
The foregoing shows the week's riet overland movement has
been 58,761 bales, against 52,892 bales for the week last year,
and that for the season to date the aggregate net overland
exhibits an increase over a year ago of 31,277 bales.
-1913In Sight and Spinners'
wpptc
Since
Sept. 1.
Week.
560,392
3 374,233
529,516
58,761
60,000
178,388
530,000
52,892
....679,153
41,702
4,082,621
449,499
Receipts at ports to Oct. 31..
Net overland to Oct. 31
consumption to Oct. 31.
Interior stocks in
...
excess
....
Came into sight during week
Total in sight Oct 31__
720,855
—..
—
56,000
638,408
69,528
Sept. 1.
3,357,883
147,111
496,000
4,000,994
457,750
707,936
4,532,120
North, spinners' takings to Oct. 31 124,216
Month's rainfall 6.44 inches.
4,458,744
Week—
Bales.
3
4
5
.,—656,319
—-
547,207
...535,090
.86,205
400,903
Bales.
4,572,1.11
3,906,535
4,344,145
1909—Nov. 5__
NEW ORLEANS CONTRACT MARKET.—The
highest,
lowest and closing quotations for leading contracts in the New
Orleans cotton market for the past week have been as follows:
Oct.
25-
Oct. 27.
Oct. 28.
Wed'day, Thursd'y,
Oct. 29.
Oct. 30.
Friday,
Oct. 31.
October—
14.10-.15 14.18-.25
Range
Closing
14.14
14.25
14.03-.16
14.09-.10
—
November—
Range
Closing
13.91-.93 13.94-.96
13.54-.55
13.59-.69 13.35-.45 13.58-.68
13.73-.98 13.85-.98
13.91-.92 13.89-.90
13.69-.81 13.48-.76 13.50-.75
13.73-.74 13.49-.50 13.73 —
13.73-.95 13.82-.96
13.63-.78 13.46-.75 13.51-.72
13.70-.71 13.47-48 13.70-.71
December—
Closing.....
January—
Range
Closing
February—
Range
Closing
13.88-.89 13.87-.88
13.90-.92 13.89-.91
13.72-.74 13.49-.51 13.72-.74
March—
Range
Closing—
May—
Range
Closing
July—
Range
Closing
June—,
.....
,
13.77-. 99 13.85-.97
13.92-.93 13.91-.92
HOLI¬
DAY.
13.80-.03 13.90-.01
—
14.00
13.80 — 13.64 — 13.60-.8l
13.80-.81 13.54-.56 13.83-.85
—
13.98-.99 13.99-.00
SpoC—
Options
Quiet."
Steady.
Steady.
Very st'y
13.74-.75 13.49-.50 13.74-.75
13.70-.86 13.54-.76 13.59-.82
13.77-.78 13.54-.55 13.79-.80
13.96-.97 13.95-.96
13.91
13.66-.83 13.49-.78 13.53-.76
Steady.
Quiet.
Steady.
Quiet.
Steady.
Quiet.
Steady.
.
,
October rainfall 2.51 inches.
Nacogdoches, Tex.—We have had rain
on one
day of the
past week, the rainfall being sixteen hundredths of an inch.
The thermometer has averaged 50, the highest being 68 and
the lowest 32.
Month's rainfall
2.44
inches.
Palestine, Tex.—There has been rain on two days of the
week; the rainfall being thirty hundredths of an inch.
The
thermometer has averaged 54, ranging from 32 to 76,
Octo¬
ber rainfall, 3.46 inches.
Paris, Tex.—There has been light rain on two days of the
week, the precipitation reaching one inch.
The thermometer
has i-anged from 28 to 80, averaging 54.
Month's rainfall,
"inches.
'
■
•
San Antonio, Tex.—Rain has fallen.on one day of the week,
to the extent of six hundredths of an inch.
Average ther¬
mometer
,•
58, highest 80, lowest 36.
''
■
Taylor, Tex
October rainfall, 9.17
•
—
Rain has fallen
day of the week, the
on one
rainfall being one hundredth of an inch.
The minimum ther¬
mometer 34.
Month's rainfall, 3.38 inches.
has averaged 53, ranging from 28 to 78.
2.04 inches.
Since Sept. 1—
1911—Nov. 3.
1910—Nov. 4_.__
Saturday, Monday, Tuesday,
■
Luting, Tex.—There has been rain on one day during the
week, the precipitation being fifty-two hundredths of an
inch.
Average thermometer 59, highest 82 and lowest 36.
Weatherford, Tex.—Dry all the week.
560,605
Movement into sight- in previous years.
Range
-
■
Longview, Tex.—Rain has fallen on two days during the
week, the rainfall reaching forty-eight hundredths of an inch.
The thermometer has ranged from 34 to 76,
averaging 55.
inches.
Total marketed:■
1911—Nov.
•
t,
3.52
-1912Since
tnlciwn^
1909—Nov.
-
>
rainfall 2 inches.
-1912Since
Week.
1910—Nov.
.
#
October 31—
Shipped—
Southern
'
-
\
The thermometer
October rainfall,
•
.
Alexandria, La.
There has been rain on one day of the
week, the precipitation reaching fifty hundredths of an inch,
The thermometer has ranged from 34 to 76,
New Orleans, La.—Rain has fallen on one day during the
week, the rainfall reaching one hundredth of an inch. Aver¬
age thermometer 55, highest 76 and lowest 34.
Shreveport, La.^-It has rained on two days of the week,
the rainfall being. sixty-six hundredths of an inch.
The
thermometer has ranged from 35 to 76.
'
V
Ardmore,Okla.—There has been rain on two days of theweek, the rainfall being thirteen hundredths of ah inch. The
thermometer has ranged from 26 to 80.
Holdenville, Okla.—There has been rain on two days of the
week, the precipitation reaching forty-two hundredths of an
inch.
The thermometer has ranged from 25 to 76.
Helena, Ark.—There has been rain on three days during
the week, the precipitation being fifty hundredths of an inch.
Lowest thermometer 32, highest 70.
Little Rock, Ark.—Rain has fallen on two days during the
week, to the extent of one inch and seventy-five hundredths.
The thermometer has averaged 56, the highest being 73 and
the lowest 32.
;
Columbus, Miss.—There has been rain
on
week, the rainfall being nine hundredths of
thermometer has ranged from 28 to 77.
one
an
day of the
inch.
The
Miss.—Rain has fallen on three days during
the rainfall reaching twenty-three hundredths of
The' thermometer has ranged from 34 to 74,
averaging 51.
'
"
/ Vicksburg,
the week,
an
inch.
•
*
has been no rain during the week.
Average thermometer 56, highest 74 and lowest 38.
Montgomery, Ala.—It has rained on two days during the
week, the rainfall being twelve hundredths of an inch.
The thermometer has ranged from 34 to 76.
Selma, Ala.—There has been rain on three days of the
week, the rainfall being seven hundredths of an inch.
The
thermometer has averaged 49.5, ranging from 33 to 69.
Augusta, Ga.—We have had rain on one day of the week,
the rainfall being seventy-five hundredths of an inch.
The
thermometer has ranged from 38 to 76.
Savannah, Ga.—Rain has fallen on one day of the week,
to the extent of ninety hundredths of an inch.
Average
thermometer 63, highest 78, lowest 48.
Charleston, S. C.—Rain has fallen on two days of the week,
the rainfall being thirty-eight hundredths of an inch.
The
thermometer has averaged 63, the highest being 76 and the
WORLD'S SUPPLY AND
Mobile, Ala.—There
,
lowest 49.
■
Greenville, S. G—It has rained on two days during the
week, the rainfall being sixty-five hundredths of an inch.
The thermometer has ranged from 32 to 75.
'•
:
Week and Season.
Oct. 24
3,973,796
Sept. 1 ------- - - - - - Oct. 31--720,855
Bombay receipts to Oct. 30—;
39,000
Other India ship'ts to Oct. 30-2,000
Alexandria receipts to Oct. 29-j
67,000
Other supply to Oct. 29*—■ ---'
8,000
ranged from 30 to 74.
•
Of which
American—
1911.
1912.
October 29.
(cantars)—
This
day of the week,
*
the rainfall being
'.
350,000
1,166,571
480,000
2,083,692
500,000
2,568,278
This week
Since Sept. 1
Since
This
Since
This
Since
Week.
Sept. 1.
Week.
Sept. 1.
Week.
Sept. 1.
15,000
To'Liverpool
8,000
To Manchester
— .
To Continent and India. 14,250
400
To America
1_.
47,807
38,926
59,688
2,224
9,500
8,250
5,750
3,000
31,419
34,491
38.845
7,514
11,250
500
28,400
24,134
36,371
2,083
26,500 112,269
28,250
90,988
Exports (bales)—
twenty-nine hundredths of an inch.
The
thermometer has ranged from 46 to 77.
'
Madison, Fla— Rain has fallen on one day of the week,
the rainfall being two hundredths of an inch.
The ther¬
mometer has averaged 58, ranging from 43 to 74.
Charlotte, N. C.—We have had rain on one day of the
week, the rainfall being forty-two hundredths of an inch.
The thermometer has ranged from 34 to 73, averaging 54.
AND SHIPMENTS.
1913.
Alexandria, Egypt,
Receipts
killing, frost on Thurday morning.
Gainesville, Fla.—Rain has fallen on one
2,565,691
2,145,691
399,316
332,316
.
ALEXANDRIA RECEIPTS
General
highest 73 and lowest 30.
4,453.533
2,867,839
2,315,839
4,347,632
Of which other
Memphis, Tenn.—There has been rain on three days during
the week, the precipitation being one inch and six hundredths.
Average thermometer 48,
7,019,229
4,347,632 4,453,538
56,000
.
420.000
552,000
67,000
90,000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the tdtal estimated consumption by Southern mills,
530 000 bales in 1913 and 496,000 bales in 1912—takings not being available
-—and the aggregate amounts taken by Northern and foreign spinners,
2 337,839 bales in 19,13 and 2,069,691 bales in 1912, of which 1,785,839 bales
and 1,649,691 bales American.
'
.
.
• :
v,
.
7,215,471 4,852,854
Oct 31 o_—---; 463,019
:-!•■■ 373,019
Total takings to
9,000
2,135,485
4,458,744
47,000
44,000
279,000
55,000
707,936
10,000
4,000
65,000
;
Total supply.
4,810,651
Deduct—. •
Oct. 31
4,056,918
--
2,055,351
4,532,120
189,000
41,000
342,000
American in sight to
Visible supply
Season.
Week.
Season.
-
Visible supply
Visible supply.
—There lias been rain on three days of the
rainfall being one inch and ten hundredths.
The thermometer has
TAKINGS OF COTTON.
Week.
1
Dyersburg, Tenn
past week, the
1301
CHRONICLE
THE
1913.]
Nov. 1
37,650 148,645
Total exports
9,500
7,000
Egyptian bales weigh about 750 lbs.
Note.—A cantar is 99 lbs.
MARKET.—Our report received by
from Manchester states that the market con¬
MANCHESTER
cable to-night
quiet for both yarns and shirtings. The demand for
poor.
We give the prices for to-day below and
leave those for previous weeks of this and last year for
comparison.
>
tinues
India is
COTTON GINNING
25 its
report on the amount of cotton ginned up to Oct. 18 from
the growth of 1913 as follows, round bales counted as half
bales, comparison being made with the returns for the like
period of 1912 and 1911:
CENSUS BUREAU REPORT ON
TO
18.—The Census Bureau issued oh Oct.
OCT.
1913.
839,507
324,509
35,845
1912.
591,954
300,351
23,575
1911.
838,167
278,238
43,009
-1,296.048
793,143
1,552,718
176,904
■■■■■'
'
States—
Alabama-
I-
_
------
Arkansas
L--
.
Florida-
Georgia
—
-
Louisiana
L-. 161,605
-
North Carolina*-------------—.
Oklahoma-.
-
Carolina
;
Tennessee
Texas-.:
—
i
All other States..
Total--
32,389
-
"
@
438,266
396,739
788,927
125,791
2,700,037
Included in the total ginnings were
41,745 bales last year and 53,858 bales in 1911.
Ginnings of Sea Island
cotton by States:
Florida, 12,259; Georgia, 17,804; South Carolina, 817;
total of 30,880 bales, which compares with 15,704 bales in 1912 and
a
40,303 bales in 1911.
'
in
CROP—Messrs. Stephen W.
have the following from their corres¬
Alexandria—Messrs. Frauger & Co.—under
date of Oct. 16:
'
'''""
.
COTTON
EGYPTIAN
Weld & Co., Boston,
pondents
"
'
i,v
.
:v;;vy^
difficult to form an exact idea of the probable final crop
to the present time, reports vary considerably, according to
the district from which they come.
The results are in effect very different
from one district to another;
throughout the greater part of the Delta,
however, the crop has already been picked and the ground clbared.
These
early plantations have given, in general, equal if no.t better results than last
year, In spite of the later capsules having been greatly damaged by damp¬
ness and boll-worms.
In the more northerly districts, where the crop is
later, the damage done is more serious, and in Upper Egypt also, results
are less favorable than last season.
On the other hand, ginning returns
are superior to those of last year; the increase being in general about 3%,
and in many cases even more.
After careful consideration of all the infor¬
mation we can gather, we think a crop of about 7.9* million cahtars is quite
It is
results,
very
as, up
this figure
eossible. Thewill be reached.estimate is 7,600,000 cantars*, but a definite
Government's It should be possible to form we doubt
'
opinion of the crop about the end of this
89i lbs. Shirt¬
89* lbs. Shirt¬
ings. common
Mid.
d.
a.
d.
6
finest.
4
a.
d.
Sept
12
19
10^g
109*
26
10J4
@
@
@
UH
10
49*@11 109*
5
@11 119*
119* 6
119*
6
@11
d.
3
109*
@
119*
49*@11
11
6
4
11
7.57 10
•
7.63 99*
@
109*
11H 63 m
@11 79*
1
@11
19*
6.32
6
6.79
6.59
1
.
@11
@11
19*
I
6.30
0
0
109* 6
109* 6
109* 6
109* 6
m
@
31
6.75
109* 6
@
7.87 99*
7.74 9 7-16
1011-16 @
d.
29*@11 2
3
@11 3
2
@11 2
11
@
17
d.
109* 6
@
7.64 99*
24
a.
■
7.52 9'4
39*@11 8
119*
11 w 6 4
@11 9
6
Upl'l
finest.
d.
a.
* 109* 6
7.85 9 13-16@
@11 9
109*
@
10 9-16@
@
d.
@
%
6
to
d.
7.39 99*
Oct.
10
Mid.
Twist.
to
Twist.
d.
Cot'n
32« Cop
Upl's
ings, common
Cot'n
32» Cop
33,359
23,696
.
———6,956,583 6,873,206 7,758,621
49,024 round bales, compares with
— —
— -
356,226
398,345
540,319
66,719
3,229,621
252,038
396,511
615,884
131,621
2,434,563
—
—-
—
386,016
346,130
436,063
Mississippi
South
203,127
1912.
1913.
@11 19*
@11 29*
6.16
1
6.09
6,63
SHIPPING NEWS.—Shipments m detail:
Total bales.
Liverpool—Oct. 29—Baltic, 3,258 upland and
NEW YORK—To
838 Peruvian
4,096
2,653
„
25—Verona, 3
Oct. 27—Cincinnati, 2,650Naples—Oct. 27—Cincinnati, 300
;
—
To Fiume—Oct. 28—Martha Washington, 800—i.
GALVESTON—To Liverpool—Oct. 23—Indore, 16,198—-Oct. 25
To Genoa—Oct.
300
To
800
27,052
10,854—
- — 29—-Niceto de Larrinaga, 16,407
Havre—Oct. 25—Mesaba, 14,371
_•
To Bremen—Oct. 23—St. Jerome, 6,897—Oct. 27—Ariadne
Christina, 11,194--Oct. 30—Quito, 4,Oil; St. Andrew, 5,646
To Hamburg—Oct. 27—Tiara, 3,842—
_
To Revai—Oct. 27—Torr Head, 4,150
,
To Christiania—Oct. 28—Texas, 100—
*.
To Gothenburg—Oct. 28—Texas, 1,487
—!_
To Genoa—Oct. 27—Veneiro^ 9,893
TEXAS CITY—To Liverpool—Oct. 27—IndianolA, 16,715To Mexico—Oct. 25—City of Tampico, 1,925
To Bremen—Oct. 27—Quito, 4,491—
NEW ORLEANS—To Liverpool—Oct. 25—Frankmere, 8,114
Oct. 29—Wayfarer, 21,000
—Boniface,
—
-
To Manchester—Oct.
16,407
To
14,371
27,748
3,842
4,150
100
-
1,487
9,893
16,715
1,925
4,491
— .
29,114
•
5,410
28—*Eger, 650
25—Balmes, 2,000
27—Italia, 1,441—Oct.
To Havre—Oct. 31—Virginie,
5,410
-
650
To Antwerp—Oct.
To Barcelona—Oct.
To Genoa—Oct.
2,000
-
28—Citta
di
lermo, 5,816
MOBILE—To Havre—Oct. 28—Manchester Civilian, 6,450
Prince, 12,256
25—Daleby, 100--—
To Bremen—Oct. 29—Burmese
month.-
To Hamburg—Oct.
Pa¬
7,257
6,450
;
12,256
100
Havre—Oct. 25—Skipton Castle, 8,345
17,794
Oct. 27—Cayo Gitano, 9,449
SAVANNAH—To LiverpooL-Oct. 25—Francis, 8,731
Oct. 29—
14,917
Sandsend, 6,186
PENSACOLA—To
INDIA COTTON MOVEMENT FROM
.1:
.
'
1913.
ALL PORTS.
1911.
4912.
•.
•
.
October 30.
Since
Since
Receipts at-—
Week.
39
Bombay..:-
',000
Week.
Sept. 1.
10,000
189,000
Week.
Sept. 1.
6,000
47,000
Since September
For the Week.
Great
Japan
Britain.
from—
nent.
& Ch ina
.
Total.
Great
Conti¬
Britain.
nent.
Sept. 1.
To Bremen—Oct. 24—Kansan,
50,000
11,000
1913
To Rotterdam—Oct.
1912
3,000
1911
To Barcelona—Oct.
Total.
3,000
2,000
2,000
6,000
123,000
44,000
17,000
1,000
80,000
6,000
7,000
205,000
52,000
24,000
6,000
3,000
5,000
6,000
3,000
1,000
4,000
25,000
32,000
35,000
2,000
1,000
1,000
6,000
158,000
83,000
82,000
7,000
246,000
6,000
1,000
Madars—
5,000
5,000
7,000
1,000
1912
1911
4,000
4,000
6,000
6,000
63,000
8,000
77,000
1,000
1,000
1,000
1913
i.
1913
~~2~, 666
1,000
1,000
1912
1911
5,000
6,000
All others—
2,000
3,000
2,000
3,000
1913
1912
—
—
—
—
,
30,000
34,000
40,000
1911
BRUNSWICK—To Havre—Oct.
28—Craigard, 9,698
2,000
7,000
2,000
11,000
3,000
13,000
10,000
2,000
.
To Bremen—Oct.
BOSTON—To Liverpool—Oct. 24—Bohemian,
To Manchester—Oct. 24—Georgian, 601
— -
1,693
To
Hamburg—Oct. 27—Hamburg, 47
To Genoa—Oct. 24—Canopic, 50
BALTIMORE—To Bremen—Oct. 23—Seydlitz, 6,592BAN FRANCISCO—To Japan—Oct. 24—Hong Kong Maru, 2,382
---Oct. 28— Korea, 5,181—-Oct. 30— ShinyoMaru, 6,371-.
PORT TOWNSEND—To Japan—C>ct. 28r-Panama Maru, 3,551-
Total-.--
96,000
10,308---—
28—Grantley Hall, 12,29924—Ellenic, 3,600
WILMINGTON—To Havre—Oct. 30— Dalebank, 14,618
To Bremen—Oct. 29—King George, 13,289
NORFOLK—To Liverpool—Oct. 29—North Point, 6,193
To Bremen—Oct. 29—Olenfruin, 10,675
To Trieste—Oct.
-
Total all—
1912
...
30—Frigidia, 9,200
To Bremen—Oct. 28—Rachel, 12,050.
11,000
1,000
1913,--__
25—Bellasco, 100—
29—Belle of Ireland, 8,000
To Ghent—Oct.
■Calcutta—
"1911
— _
CHARLESTON—To Liverpool—Oct. 25—Catalone,
Bombay—
»
8,702—
Hamburg—Oct. 29—Erhard, 3,520; Mystic, 2,070-To Gijon—Oct. 25—Francis, 100
■—
To
1.
China.
42,948
5,311; Muirfiqld, 10,500-—Oct. 30—Strathgyle, 12,636
Japan
ffe
14,347
To Havre—Oct.
Exports
Conti¬
24—Competitor,
11,328---Oct. 29—
3,019•
28-rOrmiston,
14,501 —-Oct. 29—Erhard,
To Manchester—Oct.
Sandsend,
Since
-
—
—
.
—-
8,702
5,590
100
100
8,000
9,200
9,698
12,050
10,308
12,299
3,600
14,618
13,289
6,193
10,675
1,693
601
47
50
6,592
13,934
3,551
.440,163
LIVERPOOL;—By cable from Liverpool we have the
following statement of the week's sales, stocks, &c., at that
port:
'
1303
THE
Sales pf the week
Of which speculators
Oct.
10.
Oct. 24.
Oct. 31.
54,000
2,000
2,000
46,000
1,000
37,000
3,000
74,000
_404,000
242,000
70,000
59,000
403,000
350,000
37,000
2,000
97,000
482,000
303,000
177,000
137,000
423,000
371,000
54,000
2,000
1,000
38,000
3,000
98,000
506,000
327,000
125,000
101,000
390,000
330,000
54,000
3,000
1,000
40,000
9.000
75,000
618,000
354,000
126,000
96,000
446,000
382,000
took
Of which exporters took
Sales, American
Actual export
1,000
__
Forwarded
Total stock
Of which American.
Total imports of the week
Of which American
Amount aflcat
Of which American.
CHRONICLE
17.
Oct.
__
DAILY CLOSING
XT
_
Saturday.
Monday.
Tuesday.
Wednesday.
Thursday.
\
12.15
Dull
1
and
for
sale.
Quiet.
Quiet,
Quiet.
7.72
7.77
7.75
7.75
7.70
.
.
Indian
5,000
7,ooo
8,000
8,000
10,000
300
500
500
500
500
10,000
1,000
•pee Aexp.
Futures.
Quiet
Market
1
epeaed
/
Market,
at
pts.
at
Steady at
1015*
pts. adv.'
advance.
declime.
Steady at
at
Easy at
45* @65*
pts. dec.
Quiet at
5* pt. dec.
15*@35*
to 3 pt.adv.
pts. deo.
65* @95*
dec.
pts.
at
decline.
adv.
Quiet
5* @15*
pts.
Quiet
2@3 pts.
10®11
dec,
I Steady
1
P.M.
Steady at
3@3H
pts.
.
2@45*
adv.
pts.
dec.
Queit, gen¬
Quiet
erally 1 pt.
6@7 pts.
Steady
The prices of futures at
Liverpool for each day are given
below.
Prices are on the basis of
upland, good ordinary
clause, unless otherwise stated.
Oct. Si
Saturday.
Monday,
to
Oct. 31.
12>*
12)*
p.m.
October.
12)*
p.m.
p.m. p.m.
4
"
Tuesday.
12X
4
Oct.-Nov.
Nov.-Doc.
Doc.-Jan.
Jan.-Feb.
Feb.-Mch.
53H
X 33
32 X
21)* 31X
21
31 X
17
27 X
13)* 23X
6 953*
6 70X
6 58)* 66 X
22
22
Apr.-May.
May-June
June-July
July-Aug
.
Aug .-Sept
iept.-Oct.
Oet.-Nov.
d.
32
d.
52
32
Friday.
4
12H\
4
p.m.(p.m.
d.
51
d.
45
38
32
i.
:
Flour has been
at
S4X
27 X 21.
18
23
17
24
11*
15*
24
20 H
It*
.
any advance or as a rule even at current
quotations.Yet flour is regarded by many as
comparatively low from the
viewpoint of the cost of production. Not a few holders
have been disposed to ask higher prices.
But in most
cases,
already intimated, this has been the signal for buyers to
On the whole, the situation has been
without
features of striking interest.
In the main it is a waiting
market.
The production last week at
Minneapolis, Duluth
and Milwaukee was 424,415
barrels, against 441,230 in
the previous week and 493,020 last
year.
Wheat has advanced, partly owing to bullish
crop and wea¬
ther news from Argentina, Russia and India,
Liverpool
prices led the advance.
The weather, too, in the Southwest
has been freezing or unfavorable in other
respects.
The re¬
ceipts at times have been noticeably small.
There has been
no great
pressure to sell.
Recently there were showers in
the Punjab of India, but otherwise the uutlook
in India,
according to latest advices, shows no improvement.
In
parts of Argentina it is bad on account of
drought.
In
withdraw.
k
Southwestern Russia the weather is too
dry for seeding.
Arrivals at the Russian ports have fallen off
sharply and hold¬
ers are firmer.
In Germany the late-sown wheat
needs rain.
Southern districts of that country,
moreover, continue to
buy foreign wheat
liberal scale, owing to the reduced
<$rops and the poor quality of native wheat.
In France
sup¬
plies of native wheat are very small.
The buying by France
of foreign wheat is on a large
scale, both for
on
a
consumption
bring the winter reserves up to the desired level.
In
the United Kingdom supplies of native
wheat are only
moderate.
In Italy the quality of the wheat is
unsatisfac¬
tory, and moreover the quantity is believed to be smaller
was
at
one
time estimated.
Italian merchants
same
week last year.
The world's wheat stock increased
only 1,454,000 bushels, against an increase in the same
time
last year of 12,010,000 bushels.
On the other
hand, the
export business has been only moderate.
One estimate of
the Australian crop is 100,000,000
bushels,,against 79,000,000
bushels last year.
The world's available stock is
put at
184,236,000 bushels, against 166,354,000 a year
ago.
But
fcht foreign news, the light receipt* and
freezing
a year ago
tempera¬
and
at this time in 1911.
It is also a fact
that, though
the stock in
Chicago decreased for the week 389,000
bushels,
the total for all that is still
227,000 last
000
4,050,000 bushels, against 1,contract stock of 1,700,against 485,000 a year ago.
The death of
year.
bushels,
This includes the
#
Charles Gates, son of the late
John W. Gates, had
little, if
any effect, on the market.
He is said to have
recently been
long, but to have closed out his
holdings at a profit. To-day
prices were rather irregular,
ending slightly easier.
DAILY
2 MIXED CORN IN
NEW YORK.
Mon.
Tues.
Wed. Thurs. Fri.
Sat.
^
Cash corn
cts.
nom.
nora.,
nom.
nom.
DAILY CLOSING PRICES OF
CORN FUTURES
Sat.
Mon.
Tues.
December delivery in
eIevator__cts_685* 695* 70
May delivery in elevator.:.
705*
715*
715*
July delivery in elevator
70
71
nora.
nom.
IN CHICAQO.
Fri.
Wed. Thurs.
.
705*
715*
715*
705*
Oats have not
705*
70]
715*
715*
711
70
5*
changed very much.
Surprising as it may
they have not sympathized so much as usual with
the fluctuations in other
grain.
Near months at times
indeed have acted rather
heavy.
The American available
supply increased for the week 1,349,000
bushels, against a
seem,
decrease in the
time last year of 31,000.
Canadian
to Chicago.
The West has been
same
oats have been sold to
go
disposed to sell more freely.
Large Chicago operators have
been selling.
Although Chicago's stock decreased 204,000
bushels last week, they are even now
14,053,000 bushels,
against 1,633,000 a year ago.
The available supply of
American oats reaches the
large total of 44,800,000 bushels,
against 13,759,000
a year ago and 32,152,000 at this
time
words, there is a large supply of oats, far
larger, indeed, than for several years past, while at th© same
time prices are higher than
they were a year ago.
in 1911.
after
a
In other
rise
DAILY
To-day
reaction occurred.
a
CLOSING
PRICES
Sat.
Standards.
cts.
OF
OATS
Tues.
44-45
Mon.
44-45
44-45
No. 2 white.
IN
NEW
Wed.
YORK..
Thurs.
45-46
Fri.
45-46
45-46
44X-45 44X-45 445*-45 46-465* 46-465*
46-465*
DAILY CLOSING PRICES OF OATS
FUTURES IN CHICAOO.
Sat.
December
Mon.
Tues.
395*
395*
43
425*
delivery in elevator, cts_395*
May delivery in elevator
July delivery in elevator__
Closing prices
-425*
—425*
were as
435*.
425*
follows:
Wed. Thurs.
395*
425*
425*
Fri.
39
43
425*
385*
4251
425*
.
'
FLOUR
Winter, low grades
$3 10@$3 50
Winter patents
Winter straights
Winter clears
4 80 (
5 00
4 20 (
3 80@
4 35
4 15
Spring patents
Spring straights
4 60 (
4 60
Spring clears
Hp
$4
Kansas straights, sacks, 4
Kansas clears, sacks
3
City patents
5
Rye flour.3
4 10 (
4 25
Graham flour
-
10<
15
75
$4 40
4 30
4 00
85
6 30
3 65
4 60
40
3 80
GRAIN.
Wheat, per bushel—f.
N. Spring, No. 1
N. Spring, No. 2Red winter, No. 2
o.
b.
Oats,
per
bushel,
No. 2, white
No.
;
No.
2
Steamer.
95
98
new—
Standards
Corn, per bushel—
$0 97
Hard winter. No. 2, new-
96
cts.
•*—!_45@46
46@465*
3--^-.—
elevator Nominal
elevator Nominal
No. 2 yellow
805*
Rye, per bushel—
No.
2
State and
70
-
Pennsylvania--Nominal
Barley—Malting
66 @78
—
—44@45
For other tables usually given here,
EXPORTS OF
see
page
1S62.
BREADSTUFFS, PROVISIONS, COT¬
TON AND PETROLEUM—The exports of these articles
during the month of September and the nine months for the
Experts
are
buying foreign wheat in preference to the native, and their
importations are large.
In Hungary the offerings of wheat
are light and continued
drought is causing, apprehension.
In
a word, a
good deal of the foreign news has been of a kind to
encourage the believers in higher prices.
Besides the specu¬
lative technical position was favorable to an
advance.
In
both Liverpool and Chicago the market had
become oversold.
There have been big receipts at
Winnipeg but they had little
influence.
Threshing in some parts of the wheat
country
has been delayed by snow and the world's
shipments have
fallen off.
Last week they were down to
12,696,000 bushels,
against 13,472,000 in the previous week and
14,144,000 in
the
bushels, against 3,929,000
3,842,000
and to
that it
owing to bad weather
,
Friday Night, Oct. 31 1913.
quiet, buyers refusing to purchase freely
as
has been
stronger, partly
corn
West.
.
BREADSTUFFS.
•
,
strength of the situation during the week
has been predicated
very largely on a stronger cash situation.
Yet it is to be remarked
that the available stock of American
corn is
8,562,000
_
23
25
28)* 31
28
}§*
SOX 22X 24X 22 X 16X 19
22
24
22
16
18X
u* 30
27
29X 21X 23 X
15X 18
29
21
23
15
17 X
26 X 26X 23
20
25X 18
12
22 X 23
19X 22
14X 16X
08H
03 X 04
01
96 X 98 X 96
91
93
77
77
75
77
68 X 72 X 68 X 65
; 67
65
66
64
66
57 X 61X 57 X J4
56
31H 11*
18* io*
93)*
965*
CLOSING PRICES OF NO.
12)*
41* a* II* 38
26
29
it* 24 26
23
Mch. Apr.
4
p.m. p.m. p.m. p.m. p.m. p.m.
d.
d.
d.
d.
d.
49 X 59 X 58
57
37
47 H 45X 45X
27 X 38
36
32
24
34 X 33
33
29 X
-
Wed'day, Thursday.
12 X
—__
Country offerings have been light.
The cash
markets have been
very firm,
The Southwest has witnessed
an increased
demand, owing to the extremely cold weather,
the temperature in
some cases
being in the twenties. Also
on a
single day when cash prices at
Chicago advanced % tothey were 3^ to 1 cent higher in the Southwest.
In
other words, the
7.63
•ales
cts.96)*
97)*
97X
98X
98X
98X
945*
945*
955*
955*
95 X
975*
975*
985*
98
985*
DAILY CLOSING
PRICES OF WHEAT FUTURES IN
CHICAQO.
t.
„
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
Deeember delivery in
elevator. cts_835*
855*
855*
86
85 T*
865*
May delivery in elevator
^--882*
905*
90
905*
905*
905* 1
offered.
Mia.uprjs
FUTURES IN NEW YORK.
Mon.
Tues.
Wed. Thurs. Fri
Sat.
December delivery to
elevator.
May delivery in elevator
Friday.
Freely
Pressed
easier.
PRICES OF WHEAT
T-.;
f
P. M.
To-day prices advanced.
.
at the
Spot.
xcyii.
tures in the
Southwest—they were in the twenties in Okla¬
homa and Texas—and
a blizzard in Western
Kansas have all
combined with the
covering of shorts and new buying t*
put up prices.
The tone of the
Liqerpool market for spots and futures
eft«h day of the
past week and the daily closing prices or
spot cotton have been as follows:
Market,
[Vol.
1913.
1912.
•
1911.
from U. S.
September.
0 Months.
11,957,247
1,226,260
82,361,758 13,141,931
8,609,263
846,266
September.
9
Months.
September^.
9. Months.
Quantities.
Corn., .bush
Total bush
Values.
Barley
Rye
Breadstuffs
Cotton.
Total
♦
25,140,008
7,035,444
4,937,451
1,245,809
22,989,081
7,975,844
17,475,417 121,103,431 16,950,128
645,070 43,195,053
830,859
56,799,506 10,543,551
24,917,881 3,751,914
58,880,379
50,606,176
18,120,487 164,298,484 17,780,987
81,717,387 14,295,465 109,486,555
$
S
%
$
$
S
16,835,220 119,633,686 16,567,801
687,516 25,936,380
779,264
176,430
3,295,405 2,492,561
162,167
6,710,655
746,361
97,169
1,317,645
84,060
57,709,989 10,606,986
19,560,445 2,823,506
3,601,540
56,727
1,215,530
19,712
243
497
17,858,502 156,893,771 20,670,047
82,233,190 13,507,174
92,292,808
.
80,686
59,152,770
29,624,003
1,419,606
2,095,932
10,512,239 104,316,782 9,908,417 96,050,415 13,583,654
105,550,535
97,491
671,399
54,000
3,405,330
889,055 11,798,557
65,744,007 282,434,231 45,406,177 332,892,368 58,015,400 298,604,533
13,159,250 106,706,494 11,997,899 91,178,859 9,867,081 78,804,397
197,489 .13,271,609
833,071 15,640,952
718,417 13,611,406
107,568,978 664,294,286 88,869,611 621,401,114 97,480,781 600,662,236
Including flour reduced to wheat.
spring. It seems that more
being shown than had been
expected and the prices named so far are sufficiently lowto
threaten the
domestic product. Considerable more
foreign goods are expected to appear in this market after
January 1.
Manufacturers of men's wear are well sold up
on their new spring lines and in many cases are advancing
prices as a result.
Imported lines have not appeared to
the same extent as in dress goods and manufacturers are
awaiting the appearance of these goods with interest.
»
DOMESTIC COTTON GOODS.—The exports of cotton
goods from this port for the week ending Oct. 25 were 5,689
packages, valued at $501,942, their destination being to the
points specified in the table below.
"H:
1913
.V
1912-
in the business
AND FLOUR FROM UNITED
give below a compilation showing
EXPORTS OF WHEAT
STATES PORTS.—We
lines of
from United States ports
September and the nine months of the
1913 and 1912.
of wheat and flour
the exports
during the month of
calendar years
Bushels.
Massachusetts...
Atlantic.
232,377
Maryland-—..
Philadelphia—
Other
1,137,679
Other Gulf
1,299,807
1,245,482
926,873
Washington
Chicago
11,957,247
Total all
6,844,811
1,885,781
2,164,761
233,644
18,357
10,851
STATES"
UNITED
Amer. Bonded
Amer.
Wheat. Wheat.
bush.
....
bush.
bush.
hush.
13
906
■
1,254
255
16
56
1
17
mmmm''
442
1,016
22
288
831
116
New Orleans
Galveston...
110
158
Buffalo
-
'
.
.
Peoria
Indianapolis
_
Total Oct 25 1913.. .53,505
!
mm
„
-
'mm
mm'"
373
36
362
.
-
mm
290
1,792
1,128
41
37
m.
rn m
^
'
i
5,323
4,954
1,053
....
....
m
.
1
mmmm
m m m-
■mmmm
mmmm
mmmm
t-'mmmm
'
'mmmm'
mmmm-
23
62
>■
mmmm
298
'
.4
....
7,075 31,839
7,352 30,755
'729
1,866
761
8,711
2,500 22,520
37
1,755
1,093
3,000
172
373
4,855
5,762
4,273
4,151
1,017
:
mmmm
223
mmmm
,
1913. .54,401
Total Oct. 28 1912. .39,248
Total Oct. 28 1911. .62,618.
"250
'
''"''m'm
''
mm mm
■
290
535
'm m m m
m
2,420'
9
84
361
,
418
280
—:
mm
"44
mmmm
■
1,133
1,639
307
18
Total Oct.
220
24
On Canal and River..
•■'•••„; 'V-V1,
mm"
231
1,408
3,510
1,490
342
'
1,473
1,640
.
24
mmmm-
327
.
Omaha
On lakes
m
m
;
446
59
mmmm
■
mmmm
mm
4,050 14,053
1
122
_
■'
mmm
207
1,835
8,231
_
Kansas City....
'mm
11
^mm'rn'
'
•'
.13,835
.........
.
'
.10.443
St. Louis..
.
136
—
1
1,037
~
■
„„
314
.
..1
m
V
"mmmm
100
mmmm"
I
'
m
»
rmmmm'
mm
rnrnmm
906
171
•
9,303
_
....
Milwaukee
Minneapolis
mm"
—
123
2
173
2,153
90
'
Duluth
:-mm
m
30
.76
-
.....
Chicago._.......
'mm
761
1,300
1,960
1,215
.
...
v-f.•«
Detroit....
10
473
.
1
...
Toledo
•«
.
M exico
hush.
61
•
445
125
....
bush.
■'
93
Baltimore
Philadelphia.
428
60
CANADIAN GRAIN STOCKS.
Canadian Bonded
Wheat. Wheat.
v
In Thousands—
Montreal
Other Canadian
bush.
1,435
<
;........
Ft. William & Pt.
.
hush.
Canadian
Corn.
hush.
Oats.
bush.
IS
3,514
3,076
...
«
....
....
543
....
•TT
18
543
18
471
54
6,967
6,803
2,920
143
....
334 '4,412
Total Oct. 25
Banded
Canadian
Rye. Barley. Barley,
bush.
hush.
hush.
377
52
Arth. 10,644
5,001
1913. .17,080
Total Oct. 18 1913. .15,982
Total Oct. 26 19155. .14,228
Total Oct. 28 1911. .,8,030
Bonded
Oats.
bush.
bush.
....
52
58
8
28
....
....
SUMMARY.
Banded
Bonded
Bonded
Wheat. Wheat.
Corn.,
Oats.
*
Oats.
Rye. Barley. Barley,
bush.
bush.
bush.
hush.
bush.
bush.
bush.
.53,505
.17,080
5,323
7,075 31,839
52 6,967
729
1,866
4,855
18
543
1913. .70,585
5,323
IS 1913. .70,383
Total Oct. 26 1912. .53,474
1,102
1,884
1,773
1,147
1,017
5,398
6,233
4,416
4,170
In Thousands—
0
American
Canadian
Total Oct. 25
Total Oct.
Total Oct. 28 1911. .70,648
....'
1,053
•_...
7,127 38,806
7,410 37,558
729
3.00S 11,631
2,834 26,932
37
761
Indies
West
—
Central America...
South America
hush.
373
....
373
428
60
...
countries
Other
——5,689
-
$21,005,604 in 1913, against
been
1.
1,977
Week.
74
Jan. 1.
3,536
1,671
55,546
24,770
998
34
'58,969
11,329
32,027
945
1,630
1,589
22,288
828
30,228
2,094
13,360
41,393
54,276
552
51
1,126
2,497
24,557
37,770
2,881
17,387
60,562
61,304
268,939
9,541
333,600
these New York exports
The value of
Rye. Barley. Barley.
Oats.
1,063
20
Africa
Amer. Bonded
Amer.
Oats.
12
834
738
712
26
258
—
459
2,604
-
Total
bush.
bush.
1,329
.
_
:
46
---
Arabia
are
Jan.
—
— —
;
India.
7,035,444
at lake and
STOCKS.
Amer. Bonded
Corn.
In Thousands—
Boston..:......
Other Europe
China
comprising the stocks in
GRAIN
Since
Since
Week.
to Oct. 25—
Great Britain
New York
•
at principal points of accumulation
seaboard ports Octt. 25 1913 was as follows:
'
for the coming
foreign dress goods are
,
z Figures
of Customs Districts,
granary
New York
66,607
1,226,260182,361,7581 8,609,263 25,140,008
supply of grain,
visible
The
49,364
375,859
611,566
516,096
1,927,207
307,374
14,574
45,538
3,089,272
compiled,
Not
315,219
447,988
..
27,125
581,000
owing to reorganization
those under old arrangement of districts.
*
2,357,052
.12,698
1,885,420
3,150,722
2,988,546
2,266,228
103,990
153,410
23,619
226,123
719,000
...
Other border...
Bushels.
83,134
80
San Francisco..
Barrels,
Flour,
Barrels.
Wheat,
Bushels.
105,204
94,784
37,470
23,400
174,931
New Orleans.
Oregon
Flour,
397,0S6
2,710,747
1,712,297
884,831
861,944
New York
Nine Months 1912 .z
Wheat,
Flour,
Barrels.
Wheat,
1913.
Nine Months
September, 1913.
Ports.
1303
CHRONICLE
THE
1913.]
NOT. 1
215
43,816
since January 1 have
$21,750,180 in 1912.
#
markets have maintained a firm
undertone during the past week, with the trading moderately
active, although the volume of orders has not been as large
as recently.
While jobbers and retailers are buying steadily,
there is less desire to contract ahead or buy large lots.
The
trade, however, appears to be reconciled to higher prices
as a result of the outlook for higher levels for the staple.
Many lines of goods have not yet been advanced to a parity
with the cotton market and there has been considerable talk
concerning mills revising their price lists in an upward directtion.
Drills, brown sheetings and other lines of heavy goods,
such as ticking and duck, are steadily growing firmer, with
full prices asked.
Brown and bleached goods continue
scarce and deliveries backward.
As regards bleached goods,
according-to reports, liberal orders have been declined, owing
to the inability of sellers to make the near-by deliveries asked
for.
Ginghams are in demand, both dress goods and spe¬
cialties, and a readjustment of prices to higher levels is
quietly under way.
New varieties of wash fabrics are being
displayed and purchased freely, while there is active re¬
ordering of fancy cloths, as retail demand for these goods is
steadily broadening.
Print cloth markets are devoid of
new feature, prices continuing firm and sales
small and con¬
fined to prompt and near-by delivery .-vGray goods, 38Minch standard, are quoted unchanged at 5^c. to 5M<?-.
WOOLEN GOODS.—A firmer undertone is developing
in markets for men's wear as supplies in many quarters are
light and demand improving.
Prices for some spring lines
have been marked up, while others have been withdrawn
from the market.
Future business, however, is checked to
some
extent by the new tariff law. affecting wool goods,
which becomes effective on the first day of the new year.
Dress goods are active, with novelties receiving considerable
Domestic cotton goods
attention.
'.*'■■■■..
•
v
-
FOREIGN DRY GOODS.—Approach of the holidays is
stimulating the retail demand for linens and merchant*
handling these goods are doing a good business^ In addi¬
tion to an active demand for stock goods liberal import or¬
ders have been booked for delivery after the turn of the year.
;
THE DRY GOODS TRADE.
•-
New
All branches of the
York, Friday Night, Oct. 31 1913.
dry goods trade are active 'and prices
Buyers are displaying more interest in forward
requirements, and will undoubtedly place much business
were manufacturers not afraid to book heavily, owing to the
uncertainties.confronting them in the future.; Staple cot¬
strong.
ton
goods continue on a firm
basis with stocks well cleaned
withdrawing goods from
to satisfy buyers who
have been pressing for deliveries.
With the trading quiet
burlaps rule easier. Tight-weights are quoted 6.35c. to
Good progress has also been made in
bonded warehouses, enabling sellers
6.40c. and
heavy-weights 7.90c. to 8c..
Demand from retailers is heavy and jobbers are moving Importations & Warehouse Withdrawals of Dry Goods.
for
out large quantities of goods at satisfactory prices.
The Imports Entered for ConsumptionWeek the Week and Since Jan. 1.
Ending
Since Jan. 1 1913.
bulk, of demand is for prompt and near-by delivery and most
Oct. 25 1913.
Valua.
Pkgs.
Valua.
Pkgs.
jobbers have sold all they have available.
Other jobbers Manufactures of—
who covered their requirements up to the end of the year are
6,627,253
26,906
155,588
Wool...
621
31.998,621
112,927
900,836
in a position to benefit from the good demand and firm prices,
Cotton._•
3,365
28,394,419
64.689
703,494
Silk...
1,472
15,779,714
although they complain about thd slowness of deliveries
69,385
536,769
Flax
2,071
10,310,241
101,279
375,487
from mills.
Manufactureres are still behind on deliveries
Miscellaneous
3,303
and will carry over into .November much business which
Total 1913...
10,832
2,672,174 375,186 93,110,248
should*have been shipped out early in October.
Ginghams
Total 1912—
:. 9,629
2,414,243 432,154 99,476,181
and print cloths are in active request for the remainder of
Warehouse Withdrawals Thrown Upon the Market.
Manufactures of—
the year and prices on these are moving higher.
Printers
Wool
411
86,698
16,661
4,063,870
and converters are offering prices above those quoted for
Cotton
1,262
326,764
35,715 10,253,077
Silk
393
127,740
11,505
4,488,376
deliveries after the first of the year for goods for spot deliv¬
Flax....
1,159
247,286
31,960
6,755,799
ery, but are unable to obtain all they require.
The pro¬
Miscellaneous
1,302
151,818
84,478
5,391,087
nounced shortage of spot supplies in all hands is causing
940,306
180,319
30,892,209
Total withdrawals.
4,527
large distributers to begin to test out manufacturers concern¬ Entered for consumption
2,672,174
375,186 93,110,248
10,832
ing business for forward delivery.
They are succeeding in
Total marketed 1913
15,359
3,612,480
555,505 124,002,457
placing a moderate business with some for delivery during
Total marketed 1912
-.13,943
3,018,663
626,827 123,525,342
January and February, but further ahead than this manu¬
Imports Entered for Warehouse During Same Period.
up.
-
,
-
...
—
...
—
facturers
are
not inclined to accept contracts.
The firmness
is responsible for this con¬
servatism on the part of manufacturers, as they are poorly
covered on raw material and fear that prices for the staple
will be higher after the first of the year.
Buyers feel the
same way regarding future raw material prices and are anxious
to get their orders placed early.
In woolens and worsteds
interest centres in the offerings of foreign manufactured
fabrics and tht extent to which they will displace domestics
of the staple and cotton yarns
Manufactures of—
Wool
779
1,361
262
710
964
Flax.
Miscellaneous
Total
Entered for consumption....
Total imports
Total imports
1913.
1912.
.
—
24,245
41,841
12,150
34,088
96,111
5,559,081
11,564,753
4,682,716
7,544,613
5,806,403
4,076
Silk
159,556
378,870
104,363
180,616
206,687
1,030,092
2,672.174
208,335
10,832
Cotton
375,186
35,157,566
93,110.248
14,908
13,208
3,702,266
3,141,063
583,521
623,248
128,267,814
124.249,657
1304
THE
CHRONICLE
New
|WE
0ITY
News
La
ment
BEfWMEM.
Ruling
Grande, Union County, Ore.—Commission Govern¬
Approved.—The question of establishing a commission
form of government
(V. 97, p. 540) carried at the election
held Oct. 1 by a vote of 434 to 188.
Louisiana.—-tfoWers of "Baby" Bonds Protest against
Opinion of New York Attorney-General—In a letter
addressed to Attorney-General Thomas
Carmody, under
date of Oct. 28, Edw. L.
Andrews, 25 Broad St., N. Y.,
representing holders of Louisiana "baby bonds," protests
•
against the
recent
ruling made by Mr. Carmody to the effect
that New York
savings banks may invest in bonds of the
State of Louisiana (see V.
97, p. 1227).
Mr. Andrews says
Mr. Carmody's
opinion "holds that Louisiana is not bound
the debtor upon the issue of
"baby bonds" which she exeand placed upon the markets of the
country," and
requests that the holders of these bonds be allowed a
hearing
or that the
Attorney-General reverse his opinion.
In reply to Mr. Andrews' communication
the AttorneyGeneral sent the following letter:
as
cured
>
Attorney-General.
Albany, October 29 1913.
Mr. Edward L. Andrews, 25 Broad
Street, New York City.
Dear Sir—I am in
receipt of your letter of the 28th instant in reference
to Louisiana State bonds.
I
have read your statement with
interest.
I do not think, however,
that you appreciate fully the
point of my opinion to which you refer and
that opinion was rendered.
The opinion was ren¬
dered upon a recital of facts which
preceded it.
Those facts were furnished
by the Governor of Louisiana and by his counsel and
must, of course,
upon their application, receive credence.
It is not my practice, nor indeed
is it in my
province, when an application is made for an
opinion, to go
outside of the facts presented.
It would be manifestly improper for me to
the facts upon which
make an investigation in
every case presented for my opinion, to ascertain
whether all the facts were stated.
The opinion recited the facts and
it is only law so far as the facts are true.
The facts presented to me are
that the baby bonds of Louisiana are not
State bonds in the sense that the
State has guaranteed their
payment.
They were issued by the State, but made
payable out of certain revenues,
•
namely unpaid taxes.
The Constitution of
1879,
"
.
I
as
State.—Protest
against
Attorney-General7s
on
Portland, Ore.—Court Orders Issuance of Dock Bonds.—
The State
Supreme Court on Oct. 21, Justice Moore
writing
the opinion, held
that the charter amendment
approved by
the people on June 2
1913 does not give the Commission of
Public Docks the
right to issue and sell the remainder of
the $2,500,000 bonds
for the building of docks, but that the
power is vested with the
City Council.
The Court issued a
writ of mandamus
against Mayor Albee and Auditor Barbur
to
compel them to execute the bonds authorized
by the
Council.
The Portland
"Oregonian" says in part:
The
case
was
before the
Court
on
amended alternative writ, th©
for some of the bonds issued
Barbur refused to execute the
bonds, there being doubt
because of a conflict of law as to whether the
Council or the Commission
of Public Docks had a
right to issue them. The
Commission of Public Docks
having been abolished by an amendment to
the city charter,
approved by the people
May 3 this year, an attempt was
made to re-create it
by another amendment at the election June
2, and,
although it was re-created, the Court
holds that the amendment,
consisting
only of a clause ("the
Department of Public Docks and"), does not restore
i^«unc^-on
inning and selling bonds given it by the enactment of Nov. 8
1910, which said:
"In the name of and
under the corporate seal of
they
City of Portland to issue and
dispose of bonds of the City of Portland to
an amount
not
an
Elaintiff, Henry Teal, being a successful bidder
y the Council.
Mayor Albee and Auditor
exceeding $2,500,000."
Savannah, Ga.—Validity of Auditorium
Bonds Attacked.—-
An effort is
STATE OF NEW YORK.
Office of the
York
informed, gave to the Legislature
obligations issued in excess of the revenues
into bonds payable out of unpaid taxes.
That
is the fact
upon which the opinion was based.
You seem to differ with
these facts.
You say that the State
guaranteed the payment of those
am
power to take up outstanding
of the State and fund them
bonds.
If that is so, then
my opinion does not affect the
validity of the
bonds.
Under the facts stated, the bonds are
classified precisely the same as an
issue of bonds of the State,
payable out of revenues of the Port of New
Orleans.
The latter were the
subject of consideration in this office on two
different occasions, and each time the
xcvii.
Louisiana Bonds as Savings Bank Investments.—
See item under head
of "Louisiana" above.
items.
Recent
(Vol
being made by T. B. Gracen, through his at¬
torney, G. H. Richter, to prevent the validation
by the Su¬
perior Court of the $200,000 auditorium bonds
voted Sept.
15.
It is
understood that Mr. Gracen's chief
objection is
was not
properly conducted. The hear¬
the city's petition for the validation of
the bonds has
that the registration
ing
on
been set for
to-day
(Nov. 1).
Shreveport, La.—Board of Appraisers Fix Value
of Water
Plant.—A
Board of Appraisers selected some
time ago to
estimate the value of the
property of the Shreveport Water
Works Co.,
including the water-works and sewage systems,
reported Oct. 22 that the plant was worth
$1,354,273.
This
figure is said to be considered too high
by the city and the
company has been notified that unless it
insists^ the propo¬
sition will not be submitted to the
voters.
The appraisers
George W. Fuller of New York, for the
company; E. B.
Black of Kansas
City, for the city, and Wynkoop Kiersted
of Kansas City, referee.
f
|.
were
.
conclusion
were
not
was
reached that
they
The decision in reference to the
Baby
Louisiana State bonds.
bonds is
consistent with this holding.
V-.
'
You will, of course,
readily concede that, in any proceeding
brought
by the holders of the baby bonds,
my opinion being rendered upon an
ex parte statement of
facts, and as you claim, upon an erroneous statement
of facts, would not be
binding.
If, as you say, the baby bonds are State
bonds, why have not you collected them?
Why seek to hold the State
of Louisiana up in
regard to other bond issues?
Why seek to assail her
credit and destroy the
negotaiability of her other securities, if you have a
valid claim against the State
that may be legally enforced?
.1 do not
propose to have this office used either to
compel the State of
Louisiana to pay her repudiated
obligations upon which she disclaims
liability, nor used for the State of Louisiana if she has
unjustly repudiated
her liability, for the
purpose of circulating her securities.
Suffice it to say, in
conclusion, that if you are right, you have a
remedy
in court.
\
'
,
•
v
I thank you for
.
Very truly
x
bringing the
(Signed.)
Mr. Andrew's
,
matter to my attention
so
yours,
•
THOMAS
to
answer
CARMODY,
extensively.
Attorney General.
"
Hon.^Thomas Carmody, Attorney-General
Dear Sir:—I
1913.
of the State of New York, Albany,
in
am
receipt of your letter of the 29th inst. in reference to
Louisiana State bonds, for which
please accept my thanks.
Without dwelling upon
unimportant matters, let us pass to the crucial
question:
Did Louisiana authorize the
issue of the baby bonds as debts
of the State? The answer is
found in the constitution of
1879, which makes
these securities debts of the
State as plaihly as
language can effect that re¬
sult. • It
reads
as
follows:
"That at the
option of the holders of any of said
warrants the said war¬
rants may be funded in
bonds of the denomination of five
dollars with inter¬
est-coupons attached thereto, at the rate of three
per cent per annum inter¬
est from the first
day of July 1880.
The said bonds to be due and
payable
six years from the first
day of January 1880, the said
coupons being payable'
at the State
Treasury on the first day of February and
August of each year.
Upon this fundamental
authority the baby bonds were issued by
the State
as the
maker, and in the terms of payment set forth in
the constitution,
confirmed by the Legislature and
passed upon by the Funding Board.
I fully realize that
your recent opinion is based
made to you that the bonds
upon
were not
the statements
appears from the face of the Louisiana
now
Constitution, I trust
you will agree
your opinion should not
affect the validity of the
baby bonds—should
take Louisiana out of the
category of defaulting States—should not
permit the investment of
savings bank deposits in any other bonds that
the State may issue.
that
not
-
It is also proper that I
should reply to some other
references contained
in your communication.
The analogy which
you adduce of the New Or¬
leans Port Commission
bonds is certainly
inapplicable.
The question in
the case of that issue was
whether those bonds were
obligations of the State
of Louisiana.
They were rejected in that capacity as
savings bank invest¬
ments because "the credit
of the State is not
pledged to the payment of the
bonds, nor are the bonds made direct
obligations of the State."
In the
case of the bonds at
bar, the credit and obligation of the
State are both
pledged by the text of the constitution
and by the bonds
themselves.
The portions of your letter
in which you relegate
my clients to the enforce¬
ment in the courts of their
claims against the State of
Louisiana is certainly
curious, not to say ingenuous.
"Why have we not collected the bonds?
Why have we not legally enforced
any valid claim that we
may have against
the State?"
In reply, I
merely refer you to the instrument known as
the
Constitution of the United States.
As the ethical declamation
in which you have chosen to
indulge is predi¬
cated upon your
supposition that the bondholders can sue the
State of Lou¬
isiana, I forbear to comment.
The same remark
applies to other clauses
of
which
letter
are
really strictures upon the policy of the
Banking Act,
As you have now been
furnished with the provisions of the
Constitution
of Louisiana
establishing.£he baby bonds as debts of that
State, I
,
sincerely
trust that you wiR maintain the opinion of your
predecessor as well as your
opinion of 1912 against the admission of bonds of
the defaulting State of
Louisiana tq savings bank investments.
Yours
.
-
.
Funding bonds Series
A
Nos. 21
May 1 1901.
Refunding bonds
Series "A
Nos.
Dated May 1 1901.
to 25 incl.
each for $1,000
dated
f
21
to
25
incl.
each
for
$1,000.
Spokane, Wash.—Bond Call— The following
special im¬
provement bonds are called for payment at the
City Treas¬
urer's office on Nov. 15:
Bonds called
Name.
Water Main—
18th Ave
Dist.
incl. No.
Name.
Grade (Con.)j
W44
2
4
675
Dist.
Add
up to and
No:
Helena St
Madison St
516
.
Paving—
Alley
Browne
Bonds called
uptcrand
No.
incl. No.
1
57
719
653
15
Post St
....
13
660
8
678
1062
28
Rich Ave
Howard St
16th
Ave
663
lQth Ave
662
19
13
16th Ave
855
856
5
28
Washington
St.
..
Sewer—
Grade—
Alley
Arthur St
964
Boone Ave
5th Ward
711
6
3
14
5
63
282
7
882
8
Blaine Ave
103
14
Bridgeport Ave
Bryant Ave
476
870
9
5th Ward
10
13th Ave
Cedar'St
214
26
...
...
Bond Proposals and
have been
as
follows;
^
2
Negotiations this week
*
.
obligations of the
State, were payable
only from
unpaid taxes and that the credit of the State was not otherwise
pledged for their redemption.
As the contrary of.these
statements
your
Ouray County (P. O. Ouray), Colo.—Bond
Call.—Pay¬
to-day (Nov. 1) at the County Treasurer's
office of the following bonds:
ment will be made
.
the above is given herewith:
October 31
Bond Calls and Redemptions.
Helena, Mont.—Bond Call.—This city wishes to redeem
$16,000 of its 5% water-works bonds, issued Oct.
1.1911, due
1916.
Parties having these bonds for sale are
asked to quote
best price to J. A.
Mattson, City Clerk.
very
truly,
EDWARD
-
L.
ANDREWS; 1
ALAMEDA, Alameda County, Cal.—BOND ELECTION PROPOSED.
—According to local newspaper reports, there is talk of
calling an election
to submit to a vote a proposition to issue
$500,000 street-improvement,
school-construction and municipal
natatorium-construction bonds.
ALDERPOINT
BONDS
SCHOOL
DISTRICT,
SOLD.—No sale
NOT
bonds offered
on
Oct.
14.
was
Denom.
made
$200.
annually at the County Treasurer's office.
1915 to 1924, inclusive.
Humboldt
County.
Cal.—
of
the $2,000 6% gold school
Date Sept. 1 1913.
Interest
Due $200 yearly
Sept. 1 from
ALLEN
TOWNSHIP (P. O. Macy), Miami
County,
WITHDRAWN FROM MARKET.We are advised
Ind.—BONDS
by the Town Trustee,
14, that the $2,000 5%
school-building bonds offered
(V. 97, p. 128) will not be sold.
SCHOOL DISTRICT (P. O.
under date of Oct.
without
success
ALLIANCE
Ohio.—BOND
on
June 30
ELECTION.—An
state, to submit to
a
Alliance), Stark County
election will be held Nov. 4
reports
vote the proposition to issue
$75,000 Freedom Ave.
school-improvement bonds.
ANDERSON, Anderson County, So. Caro.—BONDS
DEFEATED.—
We
are advised that the question of
issuing the $75,000
(V. 97, p. 1059) was defeated at the election held Oct. street-paving bonds
21 by a vote of 100
"for" to
137
"against."
ARGENTA
IMPROVEMENT DISTRICTS
Pulaski County, Ark.—BOND SALE.—The
bonds offered
on
(P.
O.
Little
Rock),
$82,000 coupon Dist. No. 15
Oct. 6 (V. 97, p. 903) have been sold
to St. Louis
parties.
BIDS REJECTED.—The Dist. Secy, advises us
under date of Oct. 28
that all bids received for the $7,400
coupon Dist,, Mo. 16 bonds also offered
on Oct. 6 (V. 97, p. 903) were rejected.
It is
expected, however, that these
a few
days.
ASHLAND, Ashland County, Ohio.—BOND
OFFERING.—-Proposals
will be received until 12 m. Nov. 24
by Edgar Koehl, City Aud., for $6,50(4
514% South Highland relief storm-sewer-ext. bonds. *Auth.
Sec. 3939,
Gen. Code.
Denom., (I) $500, (6) $1,000.
Date Nov. 24 1913.
Int.
bonds will be sold at private sale, within
1914 to 1920 inc). Cert, check
payable to City Treas., re¬
Due part yearly on Sept. 1 from
Ashland bank for 5% of bonds bid for,
M. & S.
on
an
quired.
Bonds to be
award.
Purchaser to
BROOKLINE, Norfolk County, Mass.—BOND SALE.—Reports state
Blodget & Co. of Boston have purchased $212,000 4% coupon tax-free
that
delivered and paid for within 10 days from time of
pay accrued interest.
Bonds to be delivered and
paid for within 10 days from time
to the Provident Savs. Bank & Tr.
of award. These bonds were awarded
Co. on Sept. 29, but were subsequently
bonds.
BUSHNELL, Sumter
ATLANTIC
Oct.
25
(V. 97, p. 1229.)
COUNTY (P. O. Atlantic City), N. J .—BOND SALE.—
5% 8^-year (av.) coup, or registered tax-free
the $60,000
to John D.
insane-asylum-impt. bonds (V. 97, p. 1151) were awarded
Everitt & Co. of N. Y. at 102.30 and int.
Other bids were:
R. M. Grant & Co., N. Y___101.577|Blodget & Co., N.
ances
privately.
DISTRICT (P. O. Canton), Fulton County, 111.
—BONDS DEFEATED.—The proposition to issue $35,000 building bonds
was defeated, it is stated, at the election held Oct. 21,
CARMEL SPECIAL SCHOOL DISTRICT (P. O. Carmel), Highland
23 the
awarded to
were:
Y___u._-100.113
CANTON SCHOOL
OFFERING.—Proposals will be received until
of Education, for $1,000 6%
7625, Gen. Code. Denom.
Sept. 2 at office of Treasurer of
from 1934 to 1938, incl.
cash) for $100 required.
CARSON, Pottawattomie County, Iowa .—BOND ELECTION.—The
question of issuing $15,000 water bonds will be submitted to a vote on
12 m. Nov. 8 by O. L. Hiatt, Clerk Board
school-site and erection bonds.
Auth. Sec.
$100.
Date Nov. 8 1913."
Int. Mar. 2 and
Board.
Due $100 on Mar. 2 and Sept. 2 each year
Bonds to be sold for cash.
Certified check (or
A.„B. Leach & Co., N.
J. Hart, Albany
AUSTIN,
Travis County,
Tex.—BONDS PROPOSED.—This city
contemplates issuing $50,000 market-house, $50,000 abbatoir and $25,000
fire-alarm-system bonds.
BAKERSFIELD,
Kern
County, Cal.—BOND ELECTION "PRO¬
POSED.—Reports state that an election will be held in the near future to
submit to a vote the question of issuing the $75,000 park bonds (V. 96,
1715).
BANCROFT, Cumming County, Neb.—BOND OFFERING.—Reports
proposals will be received until 8 p. m. Nov. 17 by C. E. Barnes,
Vil. Clerk, for the $17,500 (not $17,000 as first reported) 5% 5-20-yr. (opt.)
sewer bonds voted Aug. 12 (V. 97, p. 542).
Cert, check for 5% required.
state that
BEATRICE, Gage County, Neb.—BOND ELECTION.—The election
question of issuing the $30,000 5% 5-20-yr. (opt.) Zimmerman
6pring-well bonds (V. 97, p. 903) will be held Nov. 5.
Jefferson County, Tex.—BOND ELECTION PRO¬
POSED.—In addition to the $500,000 water-works bonds to be submitted to
a vote in the near future (V. 97, p. 903), an issue of $135,000 hospital bonds
BEAUMONT,
»
AUTHORIZED.—Reports state that an ordinance was adopted
on Oct. 21 by the City Council providing for the issuance of $1,900 schoolbuildipg bonds.
Denomination $100.
,
Ohio.—BOND SALE.—The nineteen
BEDFORD, Cuyahoga County,
to
Hayden, Miller & Co. of
offered
bonds, aggregating $70,450 80,
903, have been awarded at
Cleveland. \
private sale
COUNTY
(P.
R.
BELMOND, Wrivht County,
CHESANING (VILLAGE) UNION SCHOOL DISTRICT (P. O.
Saginaw County, Mich.—BONDS NOT SOLD.—Under
Oct. 17 we are advised that no sale has been made of the$40,000
date of
4)4% tax-free
awarded to
105.127.
Iowa.—BOND SALE.—The Town Clerk
voted Aug. 18 (V. 97, p. 542),
bonds.
.
<
___
ELECTION.—
propositions to
$75,000 court—
hospital and $200,000 bridges bonds.
: •
BIRMINGHAM,
Jefferson
County,
Ala.—BONDS VOTED.—A
favorable vote was cast at the election held Oct. 27 on the issuance of
$200,000 auditorium-constr. bonds it is stated.
The election held Sept. 15
was only to vote on the question of authorizing the City Commission to call
an election to submit to a vote the proposition to issue bonds and not to
O. San Antonio, Tex.—BOND
held Nov. 12 to submit to a vote the
and gradings, $50,000 poor-house,
reported in V. 97
p.
829.
INDEPENDENT SCHOOL DISTRICT (P. O. Bishop).
Tex.—BOND SALE.—The $75,000 5% 20-40-yr. (opt.)
bldg. bonds offered without success on Aug. 25 (V. 97, p. 607) have been
awarded, it is stated, to the First State Bank of Bishop at par and int.
BISHOP
Nueces Countv,
DISTRICT, Invo County, Cal.—BOND SALE.—
According to local papers, the $30,000 5)4% site-purchase bonds offered
on June 10 (V. 96, p. 1643) have been awarded to the Inyo County Bank
BISHOP SCHOOL
'
Va.—BOND ELECTION.—An
the voters the proposition to issue
$125,000 5% bonds
..
v
.. v
V /:
BOONE COUNTY (P. O. Lebanon), Ind.—BOND OFFERING.—
Accordine to reports, proposals will be received until 10 a. m. Nov. 3 by
John A. Flaningam, Co. Treas., for $4,480 and $7,840 4)4% 10-yr. high-
•
County,
Mercer
W.
6 to submit to
way-impt. bonds.J
•
•
Bucks County, Pa.—BOND SALE.—An issue of $9,000
.4% Ul-30-yr. (opt.) refunding bonds was awarded to the Bristol Tr. Co. of
Bristol on Oct. 1 at par.
Denom. $1,000. Date Oct. 1 1913. Int. A.v& O.
BRISTOL,
BUFFALO, N. Y.—BOND
received for the five issues of
$950,000, offered on that day
SALE.—On Oct. 28 the following bids were
414% registered tax-free bonds, aggregatng
(V. 97, p. 1152):
$300,000
$300,000
School
Sch. Ref.
Bonds.
-
N. W. Halsey &
Bonds.
.
$100,000
*102,427
102.29
$100,000
Water
Bonds.
*102.427
102.29
*102.427
102.29
102.29
102.1699
Y_
Co., N.
Y.\
N.Y.j
Central Nat. Bank, Buffalo...
A. B. Leach & Co., N. Y
Kean, Taylor & Co., N. Y
Remick, Hodges & Co.,
I.
-
r:}
102.1699
102.1699
102.1699
102.1699
102.097
102.097
102.097
120.097
102.097
102.065
102.065
102.065
102.065
102.065
102.03
102.03
102.03
102.03
102.03
•
.
Harris, Forbes & Co., N. Y_
W. N. Coler <fc Co., N. Y__'
Bond & Goodwin, N. Y
N. Y
H. Rollins & Sons, N.
101.8275
101.8275
101.8275
101.8275
101.82
101.801
101.801
101.801
101.801
101.801
101.675
101.675
101.675
101.675
101.675
101.559
101.559
101.559
101.559
101.559
101.277
Adams & Co., N. Y
101.277
101.277
101.277
101.277
101.012
101.012
101.012
101.012
100.007
100.007
100.007
100.007
100
100
100
100
102.2713
102.2713
Equitable Trust Co., N. Y__
William A. Read & Co., N.Y. 101.012
Maritime Nat. Bank, Buffalo 100.007
Columbia Nat. Bank, Buffalo 100
E. H. Rollins & Sons, N. Y.\
Spitzer, Rorlek A Co.,
N. Y_
102.2713
102.27
101.57
Sons, N. Y__ 101.31
Stokes,Phila.
Security Trust Co., Rochester
J. C. Dann & Co., Buffalo._'
East Side Sav. Bk., Rochester
Amer. Sav. Bk., Buf f., $20,000
Harvey Fisk &
Edward Lowber
*
Successful
bids.
4)4% bonds, aggregating $79,500
dispatches state, to P. J. Goodhart
100.3337
bonds
007 89—equal
102.073.
to
CLARENDON,
Donley County, Tex.—BONDS REGISTERED.—
The $16,000 5% 10-40-year (opt.) water-works bonds offered on Aug. 25"
(V. 97. p. 543) were registered by the State Comptroller on Oct. 22.
CLEAR CREEK TO WNSHIP (P. O. Harrodsburg), Monroe County,
Ind.—BOND SALE.—'The $4,488 50 school-bldg. bonds offered on Aug. 18
as 4s (V. 97, p. 390) have been disposed of to local investors at 4)4 % int.
taken looking
(average) street-impt.
8-year
V. 96, p.
1716).
100.22
100
102.12734
towards the re-offering of the $1,500
bonds offered without success on
'
.
April 14
,
COUNTY (P. O. McKinney), Tex.—BOND ELECTION'
PROPOSED■—A petition is being circulated, reports state, calling for an
election to submit to a.vote the questien of issuing $500,000 road bonds in
Road District No. 1.
COLLIN
County,
Platte
COLUMBUS,
Oct. 17 (V. 97
on
,
p.
Neb.—BIDS REJECTED.—All bids
water-works-ext. bonds offered
5% 5-15-yr. (opt.)
1060) were rejected.
received for the $10,000
Ohio.—BOND OFFERING.—Proposals will be received'
(time extended from Nov. 18) by John T. Barr, Clerk
5% bonds:
.
engine-house No. 16 repair-shop bonds.
Denom. $1,000. Due
COLUMBUS,
until 12 m. Nov. 25
$8,000
for the following
Sept. 1 1933.
7,500 fire and police telegraph-apparatus bonds.
Sept. 1
1923.
Date Sept. 1 1913.
Int. M. & S.
Certified check
Bonds
for, payable to City Treasurer, required.
to
for within 10 days from time of award.
Purchaser to
The
on
proposition to issue
Denom. $500.
Due
for 2% of bonds bid
be delivered and paid
pay accrued interest.
Tex.—BOND ELECTION.—
$15,000 jail bonds will be submitted to a vote
CONCHO COUNTY (P.
O. Paint Rock),
Nov. 29.
•
CONDON, Gilliam County, Ore.—BOND SALE.—The $12,500 6%
2-10-yr. (opt.) gold coup, street-impt. bonds (V. 97, p. 1229) have been
sold to Hemecke Bros, of Condon at par.
COON RAPIDS,
Carroll County, Iowa.— BOND
— The $3,500
have been awarded
100.285. Denom.
SALE
5*4 % 10-20-yr. (opt.) water-works bonds (V. 97, p. 904)
to G. M. Bechtel & Co. of Davenport for $3,510, equal to
1 1913.
4
.
SIXTH WARD AND DRAINAGE DISTRICT (P. O.
Crowley), Arcadia Parish, La.—BOND OFFERING.—We are advised
that this district is offering for sale $50,000 5% coupon drainage bonds.
Date Nov.' 1 1912.
Int. J. & J, in Chicago. Due from 1 to 31 years,
optional after 20 years;.
L. A." Williams is Secretary-Treasurer.
CUYAHOGA COUNTY (P. O. Cleveland), Ohio.—BOND SALE.—
On Oct. 25 the $119,000 5% 10)4~yr. (aver.) coupon Detroit-Superior
bridge bonds (V. 97, p. 1060) were awarded to Farson, Son & Co. of Chicago
for $122,992 50 (103.354) and int.
Other bidders were:
Davies-Bertram Co.,Cin_$121,738 00
Seasongood& Mayer,Cin.$122,430 00
C.E.Denison & Co.,Clev_ 121,715 80
Mellon Nat.Bk., Pittsb.. 122,359 30
Breed,Elliott & Har.,Cin. 122,272 50 Hayden,Miller & Co.,Clev.l21,511 00
First Nat. Bk., Cleve___ 121,439 60
Hoehler&Cummings.Tol. 122,057 75
Tillotson& Wolc.Co.,Clev. 121,345 00
Fifth-Third Nat. Bk.,Cin. 122,034 50
Date Oct.
CROWLEY
COUNTY (P. O. Greenville),
0 5% 3-yr. (aver.) ditch
Ohio.—BOND SALE.—On
bonds (V. 97, p. 1 60) were
,the Second Nat. and the Farmers' Nat.
Greenville, for $48,650 (100.309) and int.
Other bidders were:
27 the $48,5
awarded to the Greenville Nat.
Breed, Elliott & Harrison,
Otis & Co.. Cleveland
$48,625 25
48,500 00
Cincinnati
DELAWARE COUNTY (P. O.
Muncie), Ind.—BOND OFFERING.—
Proposals will be received until 10 a. m. Nov. 8 by George L.
Co. Treas.. it is'geported, for $5,800 4*4% 10-yr. road-impt.
Haymond,
bonds.
IMPROVEMENT DISTRICT NO. 1 (P. O.
Dermott), Chicat County, Ark.—BOND SALE.—On Oct. 16 an issue
of $17,000 6% 1-10-yr. "(ser.) sidewalk bonds was awarded to W. A. Prather
DERMOTT SIDEWALK
at par.
101.321
YRT
that ho
5%
COLLEGE CORNER, Butler County, Ohio.—NO ACTION
TAKEN.—The Village Clerk advises us, under date of Oct. 20,
action has yet been
Int. ann. in Nov.
101.01
100.71238
(V. 97, p. 967) were awarded on Oct. 31,
& Co., of Cincinnati, as follows: $25,000
hospital bonds at 103.343: $30,000 20-yr. street-impt. (city's portion)
at 102.073 and $24,500 20-yr. sewer (city's portion bonds for $25,-
40-yr.
Banks of
Kountze Bros., N. Y
rJ
Kissel, Kinnicutt. & Co., N.Y
Isaac W. Sherrill Co.,Poughk.
SALE.—According to reports the $50,000 5% gold school bonds
13 (V. 97, p. 967) have been sold to Byrne & McDonnell
Francisco at 100.025.
CINCINNATI, Ohio.—BOND SALE.—On Oct. 31 the three issues of
Oct.
Y_\
Klssell,Kinnlcutt&Co.,N.Y.
,;.V;
•
DARKE
Sutro Bros. & Co.,
E.
Ala.—BOND ELECTION
of San
$500.
•
$150,000
St.Clean. Munlc.Bldg.
Bonds.
Bonds.
♦102.427
White, Weld & Co., N. Y._.*102.427
Estabrook & C,o., N. Y_____ 102.29
Rhoades & Co.,.N.
■
of Council,
BLOCKTON SCHOOL DISTRICT (P. O. Blockton), Taylor County,
Iowa.—BOND SALE.—We are advised that this district recently disposed
of an issue of $5,000 bonds.
BLUEFIELD,
Clanton),
O.
BOND
$550,000 street
house-impt, $125,fcOO
election will be held Nov.
(P.
CHINO, San Bernardino County, Cal.—BOND ELECTION PRO¬
POSED.—Petitions are being circulated calling for an election to vote on
the questions of issuing $50,000 sewer and $35,000 street bonds, it is re¬
ported.
,
•
CHINO SCHOOL DISTRICT, San Bernardino County, Calif.—
BEXAR COUNTY, (P.
of Bishop.
Oct. 27
p. 1060)
$38,645—equal to
offered on Oct.
___,
authorize the bonds as
Seasongood & Mayer of Cincinnati for
COUNTY
CHILTON
Middlesex Countv, Mass.—BOND SALE.—On Oct. 28,
the two issues Qf 4 )4% couo. tax-free bonds, aggregating $19,500 (V. 97,
p. 1228), were awarded to F. S. Moseley & Co. of Boston for $20,373 10
equal to 104.476.
Other bids were:
R. L. Day & Co., Boston_$20,124 10
Old Colony Tr: Co., Bost_$20,362 77
BlakeBros. & Co., Bost
; 20,085 00,
Loring, Tolman & Tupper,
Blodgett & Co., BostonJ_ 20,036 88
Boston
20,315 02
Savings
Bank,
N.W.Harris&Co.,inc.,Bos. 20,250 69 Countv
Chelsea
20,035 00
Merrill,01dham&Co..Bos. 20,195 95
Hunt, Saltsonstall & Co.*
E.H. Rollins & Co., Bost_ 20.139 27
Bost. ($17,000 issue)___ 17,428.40
Geo. A Fernald& Co.,Bos. 20,135 70
An election will be
311).
PROPOSED.—Local newspaper reports state that an election will be held
in the near future to submit to a vote the question of issuing foad-impt.
BELMONT,
issue
building bonds (V. 97, p.
CHILLICOTHE, Ross County, Ohio.—BOND SALE.—On
of improvement bonds, aggregating $36,760 (V. 97,
the five issues
$14,000 water-ext. bonds
'
SALE.—An issue
been awarded to
Denom. $1,000.
Chesaning),
O.
have been sold.
6% 20-40-year (opt.) water-works bonds has
Marshall & Bro. of Charleston at par and int.
July 1 1913.
Interest semi-annual.
M.
Date
be re-advertised.
advises us that the
Chesterfield County, So. Caro.—BOND
CHERAW,
of $35 000
were
;
is contemplating the issuance
water-works bonds.
Belton), Tex.—-BONDS PROPOSED.—'This
county is contemplating the issuance of $500,000 road bonds.
'
"
BELLE VALLEY SCHOOL DISTRICT (P. O. Belle Valley), Noble
County, Ohio.—BONDS NOT YET SOLD.—The Clerk of Board of Edu¬
cation advises us under date of Oct. 13 that no sale has yet been made
of the $2,000 5% building and equipment bonds offered without success on
July 10 (V". 97, p. 390).
Ho further states that the bonds will probably
BELL
the Board of Aldermen
$50,000 water bonds.
CHELSEA, Tama County, Iowa —BOND ELECTION.—An election
will be held Nov. 10 to submit to the voters the proposition to issue $15,000
BONDS
issues of 5% coupon sewer (assess.)
without success on Oct. 4 (V. 97, p.
'
County, No. Caro.—BONDS PROPOSED
CHARLOTTE, Mecklenburg
—Reports state that
of $50,000 street and
to vote on the
will also be voted upon.
.
Wayne County, W. Va.—BOND OFFERING.—Proposals
received until 8 p. m. Nov. 3 for $4,500 6% bridge bonds.
Date
Oct. 25 1913.
Int. ann. on Oct. 25 at First Nat. Bank, Ceredo.
Due
Oct. 25 1923.
We are advised that there is no question as to the validity
of this issue and that the city has never defaulted in the payment of previ¬
ous bonds.
P.P. Chapman is Town Recorder.
CEREDO,
will be
v.U -UU:- -U:U;yU,
■■
10.
Nov.
.
p.
Ohio.—BOND
County,
100.063
Y____100.611John
v
1060).
•
.
.
AUBURN, Cayuga County, N. Y.—BOND SALE.—On Oct.
$36,105 91 4*4% tax-free sewer bonds (V. 97, p. 1059) were
Remick, Hodges & Co. of N. Y. at 101.073 and int.
Other bids
Isaac W. Sherrill of Pough'sie_ 100.77 [Adams & Co., N.
ELECTION.—According
of which has been already sold (Y. 97, p.
1910, $4,325,000
voted Nov. 8
Y_._____101.256
AUBURN, Nemaha County, Neb.—BONDS AUTHORIZED.—Ordin¬
were passed Oct. 20 providing for the issuance of the $7,500 water¬
ed. and $9,500 light 5% 5-20-yr. (opt.) coupon bonds voted Oct. 7 (V. 97,
p. 1151).
Denom. $500.
Int. ann. We are advised that these bonds
will be sold
County, Fla.—BOND
reports, an election will be held Nov. 11 to decide
city shall issue municipal improvement bonds. ,
CALIFORNIA.—BOND OFFERING.—It is reported that E . D. Roberts,
State Treasurer, will offer for sale on Nov. 21 $4,675,000 4% harbor-impt.
bonds.
Thase bonds are the remaining portion of an issue of $9,000,000
local newspaper
or not this
to
whether
refused by them.
On
13 05
CHRONICLE
THE
1913.]
is 07. 1
DIKE,
Grundy
County,
will be held Nov. 7 to
Iowa.—BOND ELECTION —An election
submit to the voters the question of issuing $5,000
Due in 15 to 20 years; subject to call any
electric-light-plant bonds.
interest-paying date.
'
r:
1306
.
THE
CHRONICLE
DILLSBURG SCHOOL DISTRICT
(P. O. Dillsburg), York County,
Pa.—BOND ELECTION.—The
question of issuing $18,000 building bonds
trill be submitted
to
DULTJTH,
vote
a
Nov. 4.
on
^ JTe£^lvvlrar(*oc*
?noo*1,000' Date
j
500 coupon park site-purchase and
fold and $1 000. Date Oct. 1 1913.
impt. A. & O.
bonds.
Int.
Lincoln County, Minn.— BONDS NOT
TO BB RETreasurer advises us that it is not
expected
6-year refunding bonds offered but
not sold on Aug.415
(V. 97, p. 391) will
be re-offered for sale.
at Amer.
Exch.
HERNANDO COUNTY (P. O.
Brooksville), Fla.—BOND ELECTION.
vote on the
77?to
$50,000
Oct. 22 resulted in
.
vote of
a
vote was cast at
the
improvement bonds.
HINDS
Oct.
Nov.
■
HOUSTON, Tex.—BONDS
HUDSON, Summit County, Ohio.—BOND
SALE.—The $6,000 5 34
6-year (average)
electric-light-extension bonds offered on Oct. 7
(V. 9'
968) have been awarded to
Seasongood <fe Mayor of Cincinnati
for
$6,152 (102.533) and
interest.
Other bids were:
Otis & Co., Cleveland
$6,092 [Hayden, Miller Sc
Co., Cleve.$6,O70
Sidney Spitzer & Co.. Toledo.
6,0721
AH bidders included
accrued interest in addition
p.
.
to their bids.
Oct. 21 the City Council
passed at the
second reading the resolution calling for an
election
of issuing $35,000
sewer-system-ext. bonds.
will
4 by Wm. J.
1914 to Mar. 1 1915.
Date Dec. 1 1913.
Int. M. & S. at Co.
Treasury. Cert,
with $5,000 Issue and for
2% of bonds bid for with $9,000
issue, payable to Co. Treas.,
required.
Bonds to be delivered and
for at Co.
paid
Treasury on Dec. 1.
Purchaser to pay accrued interest.
Bids
must be unconditional.
1
Denom. $500.
check for $100
FLEMINGSBURG, Fleming County, Ky.—BOND
ELECTION.—An
election will be held Nov. 4 to
submit to
works bonds.
a
vote the question of
Lee
County, Fla;—BOND SALE.—Reports state
that this city has
disposed of $30,000 improvement bonds to the
State Board
of Education.
•
FRANKLIN COUNTY
(P. O, Columbus), Ohio.—BOND
SALE.—
On Oct. 23 the $3,700
5% 3-year (aver.) Westville Ave..road
bonds (V.
97, p. 968) were awarded,
according to reports, to the New
Firafc Nat.
Bank of Columbus for $3,702
25, equal to 100.06.
GALVESTON, Tex.—BOND ELECTION.—The question
of issuing the
following 5% bonds will be submitted to a vote on
Dec. 9:
'
$75,000 fire-boat bonds.
Due $1,500 yearly for 10
years and $2,000
yearly
thereafter.
-
•
300,000 city-hall and auditorium bonds.
Due $7,500
yearly beginning
1 year after date.
200,000 school-building site-purchase and
construction bonds.
Due $5,000
yearly for 40 years, beginning after 1
year from date.
150,000 extension of sewer service bonds.
Due $3,500
yearly for 20 years
and $4,000
■
„
yearly thereafter.
paving, draining and improvement bonds.
yearly for 20 years and $4,000 yearly thereafter.
25,000 filling, grading, paving,
draining streets and
street
Avenue H and west of 33d St.
bonds;
20
years.
voted
Due
avenues
$3,500
north
of
Due in 40 years,
subject
Sept. 30, as mentioned in V. 97,
p. 1061.
GARVIN COUNTY (P. O. Pauls
Valley), Okla.—BOND SALE.—On
Oct. 8 $30,000
534% 25-year funding bonds were awarded
to C. Edgar
Honnold at 101,
Denom. $1,000.
GARZA
COUNTY
(P,
issue of $50,000 road bonds
'
O,
Post
was
.
City), Tex.—BONDS VOTED.—An
recently voted by this county.
*
GLQVERSVILLE, Fulton County, N. Y.—BOND
SALE.—On Oct. 24
$10,000 4 34 % coupon
bridge-construction bonds were awarded to
Isaac W.
Sherrill of
Poughkeepsie at par and int.
Denom. $1,000.
Int. M.&N. at
the Fourth Nat. Bank
of N. Y.
Due $1,000 yearly Nov.
1 from. 1927 to
1936, inclusive.
These bonds are the unsold
portion of an issue of
voted May 10 1912.
$20,000
;
•
,
.
■
GRAND ISLAND, Hall
County, Neb.—BOND SALE.-—The'
$38,000
7% coupon taxable Paving District No. 10
bonds offered on Oct.
been awarded to the First
15 have
Nat. Bank of Grand Island for
to 100.134.
$38,051—equal
Denom. $500.
Date Nov. 1 1913.
Int. annuallv at
the City
Treasurer's office.
Due Nov. 1 1923,
subject to call.
«
GRANT'S PASS,
Josephine County, Ore.—BONDS VOTED
—Ac-f
cording to local
;
newspaper, reports, a favorable vote was
cast at the elec¬
tion held Oct. 23 on the
question of issuing the $200,000
railroad-aid bonds
V. 97, p. 1061).
GRIDLEY GRAMMAR SCHOOL
DISTRICT, Butte County, Cal.—
BOND ELECTION.—The
election to vote on the
question of issuing the
$25,000 5% building bonds (V.
97, p. 1153) will beheld Nov.
8, it is stated.
Denom. $500.
Due $1,500
yearly for 16 years and $1,000 in
17 years.
GUADALUPE COUNTY (P. O.
Seguin), Tex.—BONDS REGIS¬
TERED.—An issue of $1,600 5%
5-year bridge-repair bonds was
registered
by the State Comptroller on Oct. 23.
HARDIN COUNTY (P. O.
Kenton), Ohio.—BOND OFFERING.—
Proposals will be received until 12 m. Nov.
10 by U. J.
Pheiffer, County
Auditor, for $45,000 5% emergency
bridge bonds, Series "A."
Denom.
$1,000.
Date Nov. 10 1913.
Int. M. & N.
Due on Nov. 10 as
$2,000 in 1915 and 1916,
follows$3,000 yearly from 1917 to
1920, incl., $4 000
yearly from 1921 to 1926, incl., and $5,000 in
1927.
Certified check on a
Kenton bank for $500,
payable to County Auditor,
required.
HARRISON SCHOOL
TOWNSHIP, Howard County, Ind.—BOND
will be
OFFERING.—Proposals
—Proposals will be received until 12 m.
Nov. 3 by the Parish
Treas., for
$12,000 5% Road District No. 1 bonds.
Denom. $100.
Int. semi-ann.
Due on Jan. 15 as follows:
$1,000 in 1915 and 1916, $1,100 in
1917 and 1918
$1,200 in 1919 and 1920, $1,300 in 1921
and 1922 and $1,300
in 1923 and
1924.
Cert, check for
5% of bonds bid for. required.
JACKSONVILLE, Duval County, Fla.—BOND
OFFERING.—Pro¬
posals will bo received until 3 p. m. Nov.
11, it is stated, by Frank M.
Richardson, Chairman Bd. of Trustees, for
$58,000 6% 1-3-yr. (ser.) streetimpt. bonds.
r/..v
.•
...
JEFFERSON, Jackson County, Ga.—BONDS AWARDED
are advised
IN PART.
by the City Clerk and Treas. under date
of Oct. 23 that
$5,000 of the $10,000 5% bonds offered
without success on
July 21 (V. 97,
p. 466) has been disposed of;'
"
—We
;
JEFFERSON COUNTY (P. O.
Beaumont), Tex.—BONDS AUTHOR¬
IZED.—An issue of $1,900 5% coupon
jail-repair bonds has been authorized
by this county.
Due AprU 10 1953.
Subject to call after 1933.
1
V \ A
•
BONDS DEFEATED.—The
proposition to issue $500,000 road bonds
defeated at a recent election.
received until 2
p. m. Nov. 15 by F, M
Coe, Trustee, at the Co. Superintendent's
office, Kokomo, for $6,000
bldg. bonds.
A similar issue of bonds was
434 %
reported sold on Aug.
E. M. Campbell & Sons Co.
12 to
of Indianapolis (V.
97, p. 466.)
HASTING3, Barry County, Mich.—BONDS
VOTED.—The proposi¬
tion to issue the $13,000 bridge-construction
bonds (V. 97,
p. 830) carried,
a recent election
by a vote of 120 to 69.
was
KALISPELL, Flathead County, Mont .—MATURITY
We are
OF BONDS.—
advised that the $175,000
5% gold water bonds being offered for
sale on Nov. 17 (V.
97, p. 1154) mature as follows:
$25,000 July 1 1923,
subject to call after July 1 1920; $40,000
July 1 1928, subject to call after
July 1 1923, and $110,000 July 1 1933.
subject to call after July 1 1928.
KANSAS CITY, Kans.—NO BONDS
PURCHASED.—'The Banking
Trust Co. of Kansas
City advises us that they were not
awarded th«
$50,000 electric-light bonds as reported in V.
97, p. 969.
KERR COUNTY COMMON
SCHOOL DISTRICT NO.
1,J Tex.—
BONDS REGISTERED.—The State
Comptroller registered on Oct. 22
$40,000 5% 10-40-year (opt.) school-bldg. bonds.
|
KILLEEN, Bell County, Tex.—BONDS
issuing$17,000 water-works bonds carried at
VOTED.—The question of
recent election.
KINGSVILLE, Nueces County, Tex.—BOND SALE.—On Oct.
21 the
two issues of 20-40-yr.
(opt.) bonds, aggregating $84,000 (V.
97, p. 1154),
were awarded, it is
stated, to Wm. R. Compton.Co. of St. Louis
for $87,017
(103.591) int. and lithographing bonds as 6s.
a
»
KINNEY COUNTY (P. O.
on
*
the question
on
.
issuing water-
MYERS,
,
to vote
HUNTINGTON COUNTY (P. O.
Huntington), Ind.—BOND OFFER¬
ING.—Proposals will be received until 10 a. m. Nov.
7 by G. W.
Co. Treas., for $2,590
Gill,
434% 10-yr. highway-impt. bonds,
reports state.
IBERVILLE PARISH (P. O.
Plaquemine), La .—BOND OFFERING.
-
FAYETTE COUNTY (P. O.
Washington C. H.), Ohio.—BOND OF¬
FERING.—Proposals will be received until 12 m. Nov. 8
by A. E. Ilenkle,
Co. Aud., for the
following 5% bonds:
$5,000 county bonds.
Due $500 each six months
from March 1 1915 to
Sept. 1 1919 incl.'
9,000 flood-emergency bonds.- Due
$3,000 each six months from Mar. 1
,
HUNTINGTON BEACH, Orange
County, Cal.—BOND ELECTION
PROPOSED.—Reports state that on
Hamilton, City Compt., for
$140,000 4% water-works betterment
bonds.
Denom. $1,000.
Cert, or
cashier's check for
$1,000, payable to "City of
Evanston", required.
These
bonds are part of an issue of
$180,000, of which $40,000 has already been
SOld.
after
Jackson), Miss.—BONDS
PROPOSED.—In a report filed Oct. 22 the
special harbor committee
appointed by Mayor Campbell
recommend the
issuance of
$1,000,000 bonds for the construction of
and terminals.
wharves, warehouses
vote cast at the election
EVANSTON, Cook County. 111.—BOND
OFFERING.—Proposals
12 m.
were
O.
SALE.—On Oct. 20 the
p. 1154) were awarded to Wm. R.
of St. Louis for
$12,155—equal to 101.291.
There were five
bidders.
Denom. $500.
Int. F. & A.
Due $500 yearly for 8
and $1,000
years
yearly thereafter.
111.—BONDS VOTED.—The election held
2,710 to 1,422 in favor of the question of issuing
ESBON, Jewell County, Kans.—VOTE.—The
call
(P.
HOPKINS, Nodaway County, Mo.—BOND
13 on the propositions
to:issue the $27,000 water-works
and
$6,000 electric-light bonds
(Y. 97, p. 1060) was, reports state, 127 to
27.
ESSEX COUNTY (P.
O, Newark), N. J.—BONDS AUTHORIZED.—
The Board of
Freeholders on Oct. 23 authorized the
issuance of $250,000
4% 10-year road bonds,
according to reports.
to
COUNTY
Park),
favorable
the question of issuing school-
on
$12,000 6% water-works
bonds (V. 97,
expenses.
These bonds
election held Oct. 25
Compton Co.
ELLENSBURG, Kittitas County, Wash.—BOND SALE.—On Oct. 20
the $20,000
20-yr. coupon funding bonds (V.
97, p. 904) were awarded to
E. H. Rollins &
Sons of San Francisco at
par and int. for 5s, less $280 for
150,000
Vj
The election held
DEFEATED.—
Oct. 25 resulted,
reports state, in the defeat of the
position to issue the
pro¬
$10,000 agricultural high-school bonds
(V. 97, p. 1154.)
$162,000 5%
coupon
municipal-electric-light-plant-erection bonds
(V. 97, p. 904).
Denom. $100 and $500.
Date April 1 ,1914.
Int. anri.
on April 1 at the
City Treas. office.
Due $8,000 yearly
April 1 from 1915
to 1933 incl. and
$10,000 April 1 1934.
V
be received until
.
..
HIGHLAND PARK SCHOOL
DISTRICT (P. O. Highland
County, 111.—BONDS
VOTED.—Reports state that a
Lake
County,
the
questions of issuing the $200,000, road
and
bonds (V. 97 p.
1230) will be held Nov. 15 aqcordnewspaper reports.
V .c
court house
mg to local
.
Kane
—r^ilQ Village
m
/?re
Nat.
Bank. N. Y. City.
An unconditional certified check or a certificate
of
deposit on a national bank for
1% of bonds bid for, payable to "City of
Bonds to be delivered and
paid for within 10 days
after notice that bonds
are ready for
delivery.
Bids must be unconditional.
Official circular states that
there is no controversy
pending or threatened
affecting the corporate existence or boundaries of
the city and that there
has never been a
default in the payment of,bonds or
interest.
DUVAL COUNTY (P. O.
Jacksonville), Fla.— BOND ELECTION
PROPOSED.—There .is talk of calling an election to decide
whether or not
this county shall issue
$1,000,000 school-bldg. bonds.
EAST
JORDAN, Charlevoix County, Mich.—BOND SALE.—On
Oct. 1 $6,536 28
6% bonds were awarded to the Union Trust Co. of Detroit
at
par. Denom. (5) $100; (1) $127,59; (6)
$300; (1) $174 29; (4) $787 50,
and (4) $196 55.
Date Aug. 11913.
Int. F. & A.
Due serially from 1914
to 1920.
FORT
t0 YFm. R. Compton Co. of St. Louis.
Denom. $500
July 1 1913.
Int. J. & J.
Due serially from 1914
to
HENDRicKS,
^
tif
Denom. $50, $100,
Duluth", required.
held
xcyii.
Minn.—BOND
OFFERING.—Proposals will be received
until 3 p. m. Nov. 3
by C. S. Palmer, City Clerk, for $50,000
434 % 30-yr.
ELGIN,
[Vol.
Bracketville), Tex.—BOND ELECTION.—
The question of issuing the
$100,000 road bonds
submitted to a vote on Nov.
14.
(V. 97,
p.
1062) will he
KLEBURG COUNTY (P. O.
Kingsville), Tex.—BOND ELECTION.An election will be held Dec. 18, it is
stated, to submit to a vote the
ques¬
tions of issuing $125,000 court-house
and jail and $35,000
county-hospital
bonds, '
LAFAYETTE, Nicollet County, Minn.—BONDS
DEFEATED.—'The
proposition to issue $5,000 bldg. bonds failed to
carry at the election
cently held.
LA GRANGE, Troup County, Ga.!—BOND
will be received until 12 m. Jan. 1 1914
$150,000 434% water works bonds.
Int. J. & J. in N. Y.
re¬
OFFERING.—Proposals
by T. J. Harwell, City Clerk, for
Denom. $1,000.
Date Jan.
1
C.(
1913.
Due $10,000 yrly. from 1929 to 1943 incl.
„/
LAKE CITY, Wabasha
County, Minn.—BOND SALE.—The $9,500
5% 7-15-yr. bonds offered in Aug. (Y. 97, p. 467) have been
sold to local
parties.
''
•
.
LAMAR
BONDS
COUNTY COMMON SCHOOL
DISTRICT
REGISTERED.—The State Comptroller
$2,000 5% 10-20-year (opt.) school bldg. bonds
LEE
COUNTY
(P.
O.
Fort Myers),
posals will be received until 11
NO. 9,
registered an
on
Tex —
issue of
Oct. 25.
Fla.—BOND OFFERING.—Pro¬
Nov. 17 by Jos. W.
Sherrill. Co. Supt.
of Public Instruction, for $35,000 Special Tax
Seh. Dist. Nd. 1 and
$10 000
a. m.
Special Tax Sch. Dist. No. 5, 5%-20-yr. school bonds.
Authorized at
election Sept. 2.
Denom. $1,000.
Date Nov. 1 1913.
Int. M. & N. at
the Bank of Fort Myers,or at office of Co.
Treas.
Cert, check for
1%
required.
No debt on either district..
Assess, val. Dist. No. 1
$1,006,520,
est. 1913 $4,026,080.
Dist. No. 5 $407,090, est. 1913
cial
circular
states
that
fecting either issue.
(V. 97, p. 1062.)
LEWISTON,
there is
no
These bonds
Androscoggin
litigation pending
were
$1,628,380.
or
County,
Offi¬
threatened
offered without success
Ma.—BIDS.—'The
af¬
Oct. 17
on
"bids
received for the $83,000 4% 20-yr. railroad
refunding bonds awarded on
Oct. 24 to Maynard S. Bird & Co. of Portland at
100.35
other
(not 100.50
as
first
reported) and int. (V. 97, p. 1230) were:
Fidelity Tr. Co., Portland
98.66 Hayden, 8tone &
Co., Boston_98.01
A. B. Leach & Co., Boston
98.1/ C. E. Denison &
Co., Boston__97
Chas. H. Oilman & Co.. Portl_98.07
All bidders included accrued interest in addition
to their bids.
(68) $500, (40) $1,000.
Date July 1913.
Int. J. &
(90) $100,
Denom.
J.
LIBERTYVILLE, Lake County, 111.—BOND SALE.—On
Oct. 20 the
$10 000 5% village-hall-constr. bonds (V. 97,
p. 1155) were awarded to
the
hirst Nat'. Bank of Libertyville for $10,061 17
and int.
Denom. $500.
Date July 1 1913.
Int. ann. on July 1
Due $1,000
yearly on July 1;
subject to call at any time.
.
reports state, at
HAWTHORNE, Passaic County, N. J. —BID
REJECTED.—We are
advised that the bid of 100,-07
submitted by R..M. Grant &
Co. of N. Y.
for the $30,000
5% 10-year (aver.) coup, or reg.
road-impt. bonds offered on
Oct. 17 (V. 97, p. 1230) was
rejected on Oct. 24.
HELENA IMPROVEMENT DISTRICT
(P. O.
SALE.—On Oct. 1 the $406,000
'
Heflena), Ark.—BOND
6% levee-improvement bonds (Y.
97,
p.
LICKING
two
issues
of
COUNTY
assessment
(P.
O.
bonds
Newark), Ohio.—BOND SALE.—'The
aggregating $164,000 offered on Oct.
25
(V. 97, p.' 1062) were awarded on that day as follows:
$140,000 5% 5 3-5-yr. (av.) road-impt. bonds were
*
awarded to
Sidney,
Spltzer & Co. of Toledo for $140,777
(100.555) and int.
24,000 534 % 4 34-year (av.) bridge-constr. and
impt. bonds were awarded
to the First Nat. Bank of Newark
for $24,251
(101.045) and
Pvjgl
.
interest.
/
tfov. 1
(P. O. Lincolnton), No. Caro.—BOND SALE.—
5% road-impt. bonds were awarded to the Security
Spartanburg at par and int.
Denom. $1,000. Date $100,000
July 1 1913 and $100,000 Jan. 1 1914.
Int. J. & J. Due $50,000 July 1
1933 and 1935 and $100,000 Jan. 1 1944.
It was reported m last week s
"Chronicle" that these bonds were awarded to A. B. Leach & Co. of N. Y.
LINCOLN COUNTY
Angeles County, Calif .—BONDS DEFEATED.—
The proposition to issue the $150,000 auditorium bonds (V. 97, p. 681) was
defeated at the election held Sept. 17.
The question of issuing the $400,000
5% horseshoe-pier bonds (V. 97, p. 681) failed to carry at the election held
LONG BEACH, Los
DISTRICT (P. O. Narberth), Montgomery
County, Pa.—BOND ELECTION.—The question of whether or not this
district shall issue $50,000 building bonds will be submitted to a vote on
NARBERTH SCHOOL
Antelope County, Neb.—BOND OFFERING.—Proposals
until 6 p. m. to-day (Nov. 1) by O. S. Hansen, City Clerk,
$12,000 nor more than $15,000 7% district sewer bonds.
Denom. $100.
Int. ann.
Due in 5 years, subject to call within 4 months
from date or any interest-paying period thereafter.
Cert, check for 5%
NELIGH,
will be received
for .not less than
Oct.25,
McKINNEY, Collin County, Tex.—BOND ELECTION.—An election
25, reports state, to submit to the voters the propositions
to issue $75,000 school-building and $75,000 city-improvement bonds.
of bid
will be held Nov.
MADISON, Dane County, Wis.—BOND SALE.—On Oct. 24 the $100,•90
lC-34yr. (aver.) coupon sewage-disposal-works-ext. bonds V(. 97,
p. 1155) were awarded to the Harris Trust & Sav. Bank of Chicago at par'
and int., less $1,600 for expenses.
Bids were also received from Bolger,
Mosser & Willaman and Spitzer, Rorick & Co. of Chicago.
V
'
(P. O. Manhattan), Los
MANHATTAN BEACH
Angeles County*
MANKATO, Blue Earth County, Minn.—BONDS NOT YET ISSUED.
City Clerk advises us that the $3,000 5% 1-5-yr. (ser.) coupon
armory-site-purchase bonds authorized May 19 (V. 96, p. 1719) have not
yet been issued.
—The
MANSFIELD, De Soto Parish, La.—BOND
OFFERING.—The Mayor
that this city is offering for sale the.$70,000
and sewerage bonds voted Sept. 16 (V. 97,
under date of Oct. 25 advises us
40-yr. opt. water works
905.)
4,500
17,600
4,000
7,900
25,000
County, Okla.—PURCHASER OF BONDS.—We
purchaser of the $35,000 6% sewer and water bonds
awarded on Sept. 16 (V. 97, p. 1155) was G. I. Gilbert of Oklahoma City,
who bid par.
Denom. $1,000.
Date Sept. 2 1913.
Int. M. & S.
Due
Sept. 2 1937, subject to call after 10 yrs.
Marion County.
Ohio.—BOND SALE.—On Oct. 24 the
1062) were
MARLIN,. Falls County, Tex.—BONDS PROPOSED.—'This
the issuance of $30,000 filtration-plant and $12,000
bonds.
water¬
(P.
O.
Calhoun
Marshall),
that the $25,000
consideration (V. 97, p. 1719)
MARSHALLVILLE,
Macon
County,
Ga.—VOTE.—The vote cast
on
the proposition to Issue the $15,000 water-works and
light 6% bonds (V. 97, p.. 1230) voted at the election held
are advised, 85 to none.
Due in 1943. ,
$5,000 electricOct. 14 was, we
MARSHFIELD, Coos County, Ore.—BOND OFFERING:—According
to newspaper reports, proposals will be received until 4 p.m. Nov. 3 by
F. E. Allen, City Recorder, for $23,962 6%
10-yr. street-impt. bonds.
Cert, check for 5% required.
MASON COUNTY (P. O.
Ludington), Mich.—BONDS PROPOSED.—
circulated calling for an issue of $55,-
Reports state that petitions are being
agricultural-high-scho'ol bonds.
•00
..
Ohio.—BOND OFFERING.—Proposals
will be received until 10 a. m. Nov. 18 by M. T. Staley, County Auditor, for
the following 5*% flood-emergency bonds:
$10,000 road bonds of an issue of $43,000.
Dated Sept. 1 1913 and due
8ept. 1 1915.
40,000 bridges bonds of an issue of $451,000.
Date Sept. 1 1913. Due
$22,000 Sept. 1 1916 and $18,000 Sept. 1 1917.
Denom. $500.
Int. semi-annually at office of County Auditor.
Certi¬
fied check for 3% of bonds bid for, payable to County Auditor, required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest.
Bids must be unconditional.
MIAMI COUNTY (P. O. Tfoy),
bidders for. the two issues of 5% flood
emergency bonds, aggregating $60,000, offered on Oct. 24 (V. 97, p. 1155)
was Otis & Co.of Cleveland, who offered par and interest.
This bid, be¬
ing conditional, was rejected. $50,000 of these bonds are being re-offered,
only
BID REJECTED.—The
sco
item
above.
<
.
MILAM COUNTY (P, O. Cameron),
On Oct. 23 the State
Tex.—BONDS REGISTERED:—
Comptroller registered $150,000 5%
Road District No. 2 bonds.
■
20-40-year (opt.)
«
„
MOBILE, Mobile County, Ala.—BOND SALE.—On Oct. 14 the $150,30-yr. school bonds offered without success on Aug. 20 (V. 97'
p. 1155) were awarded to the City Bank & Trust Co. of Mobile at 100.01
and int.
Denom. $1,000.
Date Dec. 1 1913.
Int. J. & D.
000 5%
IRRIGATION
MODESTO
DISTRICT (P. O. Modesto),
Sec. advises us Under date of
AMOUNT OF BONDS.—The Dist.
Cal.—
Oct. 25
enlargement bonds that this
district proposes to submit to the people is $600,000 and not $160,000, as
reported in V. 97, p. 757. ' The date for this election has not yet been dethat the amount of
drainage-system impt. and
MOHAVE COUNTY (P.
.
(V. 96. p. 1720) have not yet been issued.
NUECES COUNTY (P. O. Corpus Christi), Tex.—BOND ELECTION
PROPOSED.—Newspaper reports state that an election wli be held in the
near future to vote on the question of issuing $100,000 drainage bonds in
the Bishop district.
O. Kingman), Ariz.—BOND SALE.—The
road and bridge bonds offered on Oct. 15
to 42
(V. 97, p. 906) have been awarded to James N, Wright & Co.
100.2 and int.
Spitzer, Rorick & Co. of Toledo and Farson,
Chicago each bid par and int.
A conditional bid of par and
received from J. R. Sutherlin & Co. of Kansas City.
of Denver at
Son & Co. of
int. was also
SALE.—On Oct. 22 the
MONMOUTH, Warren County, 111.— BOND
$50,000 434 % coupon city-hall-ereetiort bonds (V. 96, p. 1720)
to the Second Nat. Bank of Monmouth at 98-13 and int.
were awarded
Other bidders
were:
Bank„$48,570
Chicago. 48,476
S.Blc.,Chic. 48,315
C. H. Coffin, Chicago
48,251
Monmouth
Tr.&Sav.
A. B. Leach & Co.,
Geo. M.
Bechtel & Co.,Dav't.$48,113
Harris Tr.& Sav. Blc., Chic._
MONROE
COUNTY
(P.
On Oct. 27 the $6,000 434 %
OLYMPIA SCHOOL DISTRICT NO. 1, Thurston County, Wash.—
SALE.—This district has disposed of an issue of $10,000 534%
1-20-jt. (opt.) coupon tax-free
ann. on Oct. 15 at Olympia.
MONTGOMERY COUNTY (P. O. Dayton),
;
~
Int.
Date Oct. 15 1913.
'
"
Pa.—LOAN ALMOST FULLY
PHILADELPHIA,
-
-
SUBSCRIBED.—
bonds
PHOENIX, Maricona County, Ariz.—BOND ELECTION.—An elec¬
held Nov. 26 to vote on the questions of issuing abouti$125,00$
and also $25,000 public-park-site-purchase, $25,000 street-im¬
provement and $75,000 fire-department-improvement and $25,000 streetlighting 5% coup, bonds,
Denom. $500.
Date "day of issue." Int.
J. & J. at office of City Treasurer, any bank in Phoenix or in N. Y. City at
option of purchaser.
Due in 40 years, subject to call $12,500 yearly after
tion will be
funding,
All the above bonds, except the
20 years.
street-lighting issue, were pre¬
viously authorized at an election held Oct. 11 (V. 97, p. 11561, but because,
of some technicality in the form of the(baIlot, the bonds were declared illegal.
O. Waverly), Ohio.—BOND SALE.—On Oct. 27
8 4-5-yr. (av.) bonds to liquidate a note (V.,97, p. 1231)
PIKE COUNTY (P.
the $7,400 5%
awarded to Seasongood & Mayer of Cine, for $7,563 56 (102.21) and
int.
Other bidders were:
Caleb McKee Jc Co:, Cln<?_$7,520 47
Breed,. Elliott & Harrison,
7,456 00
Cincinnati
$7,540 00 Otis & Co. Cleveland
Hoehler 9c Cummings Tol_ 7443 25
Prov. Sav. Bank & Trust
Co.,, Cincinnati
7,528 26 Sidney Spitzer & Co., ToI_ 7,439 00
were
Security Sav. Bk. & Tr. Co.,
Toledo.
Spitzer, Rorick & Co., Tol_ 7,408 50
7,463 00 First Nat. Bank Waverly. 7,400 00
PLATTE COUNTY SCHOOL DISTRICT NO. 33 (P. O.
Neb.—BONDS^ DEFEATED.—The question of issuing ,$20,0®0
failed to carry at an election held Oct.
2®.
Creston),
5% bonds
PLEASANTON, Linn County, Kans.—BONDS VOTED.—By a, vote
of 297 to 29
the proposition to issue $25,000 wat«r-works-ext. bonds car¬
ried, it is reported, at the election held Oct. 24.
COUNTY (P. O. Valparaiso), Ind.—BOND SALE.—On
434% gravel-road bonds (V. 97, p. 1156) were awarded
Co. of Indianapolis at 100.2 and int.
Breed. Elliott &
Harrison of Indianapolis bid $4,501 and int.
Denom. $225.
Date Sept. 16
1913.
Int. M. & N.
Due $225 each six months from May 15 1914 to
Nov. 15 1923 incl.
PORTER
Oct. 25 the $4,500
to J.
F. Wild &
PRINCEVILLE, Peoria County, 111.—BOND OFFERING.—Proposals
Nov. 6 by F. W. Cutler, Vil. Clerk, for $5,000
will be received until 8 p.m.
at office of Vil. Treas.
Cert, check for 2%
READING,
,
Date July 1 1914.
Int. ann.
1917 to 1921 incl.
Denom. $1,000.
5% water-works bonds.
Due $1,000 yearly ou July 1 from
of bonds bid fpr required.
Middlesex
County,
Mass.—TEMPORARY LOAN.—
taxes due April 10
at 3.84% discount
Despatches state that a loan of $20,000 in anticipation of
1914 has been awarded,to C. D. Parker & Co. of Boston
and
48,075
a
premium of 10 cents.
Pa,.—BONDS NOT TO BE SOLD THIS
advises, us, Under date of Oct. 23, that the
portion of an issue of $300,000) 4% tax-free sewer bonds
907) will not be sold until next year.
READING,
Berks County,
YEAR.—'The City Comptroller
$159,000 (unsold
(V. 97,
p.
,
Fresno County, Cal.—BONDS VOTED.—By a vote of
378 to 48, the propositions to issue the following 5 34 % gold coupon bonds"
(V, 97, p. 907) carried at the election hdkl Obt. 20:
•,
$40,000 sewer bonds.Denom. $1,000.
Due $1,000 yearly.
35,000 water-works
bonds;
Denom.
(10)
$500, (30) $1,000.
Due
$3,500 yearly.
•
•
• v
«
REEDLEY,
O. Bloomington), Ind.—BOND SALE.—
634-year (aver.) W. D. Brown pike-road bonds
MONTAGUE,
Siskiyou
County,
Calif—BONDS
question of issuing the $2,5,000 6% water-works bonds
carried at the election held Oct. 20 by a vote of 120 to 14.
refunding bonds.
Up to Thursday night (Oct. 30) all but $69,400 of the $2,200,000 4%
offered "over the counter" at par beginning Monday (Oct. 27) had been
subscribed for.
Of the amount offered, $600,069 was taken by the sinking
fund.
See V. 97. p. 1231.
*
N.W. Halsey &
(V. 97, p. 1155) were awarded, repqrts state, to the Fletcher-Amer.
Bank of Indianapolis for $6,0-15 75, equal to 100.262.
,
Oct. 20 by a vote of 212
BOND
Co., Chicago 47,895
John Nuveen & Co., Chicago 47,550
Int. A. & O. at the Continental &
Denom. $500.
Date Oct. 1 1913
Commercial Trust & Sav. Bank of Chicago.
Due on April 1 as follows:
$2,500 yearly from 1924 to 1929 incl.; $5,000 in 1931 and $30,000 in 1933.
Cont.& Com.T.fc
906) carried at the election held
and 177 to 77, respectively.
'
; >
OKMULGEE, Okmulgee County, Okla —BONDS NOT SOLD.—We
are advised that no sale has been made of the $100,000 5% park bonds
offered in July (V, 97, p. 254).
It was first reported that, the purpose of
these bonds was for railroads.
»
>
.
$100,000 5% 20-40-yr. (opt.) coup,
.
Diego County, Calif.—BONDS VOTED.—The
the $7,500 city-hall and $5,000 pavilion 6% 20-yr. (ser.)
San
OCEANSIDE,
questions of issuing
bonds (V. 97, p.
Mich.—ArO BONDS TO BE ISSUED THIS YEAR.—We are
building bonds which this district had under
will not be issued this year.
County,
advised
DISTRICT
SCHOOL
1400.
NORTHFIELD, Rice County, Minn.—BONDS NOT YET ISSUED.—
We are advised by the City Recorder that the $5,000 armory-bldg. bonds
city is
•
MARSHALL
SALE.—We
by the Sink¬
Due July 1 1932.
Int. J. & J.
fire-dept. bonds.
V. 94, p.
$2,500 5% 2H-yr, (aver.) small-pox-epidemic bonds (V. 97 5 p.
awarded to the Marion Nat. Bank, Marion, at 100.4 and int.
considering
.
floating-debt bonds.
Int. A. A O. Due Oct. 1 1932.
almshouse bonds.
Int. M. & N. Due Nor. 1 1937.
re-pavement bonds.
Int. M. & N. Due Not. 1 1942.
park bonds.
Int. J. & J.
Due July 1 1Q42.
NEW PHILADELPHIA, Tuscarawas County, Ohio.—BOND OF¬
FERING.—Proposals will be received until 12 m. Nov. 15 by the Sinking
Fund Trustees, A. D. Schlegel, City Aud., for $9,000 434% park bonds.
Denom. $1,000.
Date June 1 1912.
Int. J. Sc D.
Due $1,000 yrly. o*
June 1 from 1914 to 1922 incl.
Cert, check for 1% of bonds bid for, paya¬
ble to City Treas., required.
Bonds to be delivered and paid for within
10 days from time of award.
Purch. to pay accrued int. Bids must b#
unconditional.
These bonds are part of an issue of $17,000, $10,000 of
which were purchased by the Sinking Fund Trustees as mentioned in
advised that the
MARION,
'
NEW
Love
MARIETTA,
required.
BRUNSWICK, Middlesex County, N. J.—BOND
are advised that the following 4% bonds have been purchased
ing Fund Commissioners:
*
•
$13,000 fire-dept. bonds.
Int. J. & J.. Due July 1 1932.
Cal.—BOND ELECTION.—An election will be held Nov. 22, it is stated,
to vote on the proposition to issue $111,000 water-works-installation bonds.
works
state.
NAVARRO COUNTY (P. O. Corsicana), Tex.—BOND ELECTION
PROPOSED.—Reports state that the County Hospital Committee has de¬
termined to petition the County Commissioners to call an election to submit
to a vote the question of issuing $150,000 hospital-bldg. bonds.
LOUP CITY SCHOOL DISTRICT (P. O. Loup City), Sherman
County; Neb.—BONDS DEFEATED.—According to newspaper reports,
the question of issuing school bonds was defeated at the election held
are
4, reports
Nov.
Sept. 26.
p.
s*orm-sewer bonds will be submitted
to a vote on
Trust Co. of
5%
and $10,000 North Napa
Nov. 12, it is stated.
ground
14 $200,000
On Oct.
«307
CHRONICLE
THE
1913.]
Nat.
.
.
VOTED.—The
.
SHORTLY.—Newspaper
reports state that this State will offer for Sale at popular subscription some
time this month $250 000 of the $500 000 4% harbor-impt. bonds recently
authorized by the Legislature.
Denom. $500 and $1 000.
Date Dec. 1
,
(V. 97, p. 906)
Ohio.— BOND SALE.—
RHODE ISLAND.—BONDS TO BE OFFERED
On Oct. 29 the $15,000 5% 4
1913.
at 101.14 and int.
PROPOSED.—Reports state that an election will be held Dec. 16 to vote
on the question of issuing $1,000,000 highway bonds.
The date of this
election has been agreed upon informally, and will depend on whether it
meets with the approval of the San Bernardino Supervisors, as both coun¬
ties have agreed to hold bond elections on the same day.
4-5-yr. (aver.) coupon emergency bridge bonds
(V. 97, p. 1155) were awarded to Breed, Elliott & Harrison of Cincinnati
Other bids were:
RIVERSIDE
Dayt. Sav. <fc Tr. Co., Dayt_$15,150IProv. Sav. Bk.& Tr. Co.,Oin.$15,103
Seasongood & Mayer, Cin— 15,1211 Weil, Roth & Co., Cin
15,091
MONTGOMERY COUNTY (P. O. Clarksville), Tenn.—BOND SALE.
5% 30-yr. coupon highway bonds dated Nov. 1 1913
(V. 97, p. 1155) were awarded to Cutter, May & Co. of Chicago at 100.315
and int.
Bids were also received from Mayer, Deppe & Walter and
Provident Sav. Bank & Trust Co. of Cin., Farson, Son & Co. ,A. B. Leach
& Co., C. W. McNear & Co., John Nuveen & Co., and H. C. Speer Sr Sons
Co. of Chicago and the First Nat. Bank of Clarksville.
On Oct. 22 the $20,000
MONTGOMERY COUNTY (P. O. Conroe),
ROCK
COUNTY
FALLS,
(P.
Whiteside
O. Riverside), Cal.—BOND
ELECTION
County, 111.—BOND ELECTION.—Re¬
Nov. 10 to submit to a vote the ques¬
ports state that an election will be held
tion of issuing park bonds.
ROCKPORT, Spencer County, Ind.—BOND OFFER ING. —Proposals
a. m. to-day (Nov. 1) by Charles E. Darneall, City
will be received until 10
Tex.—BONDS PROPOSED
road bonds.
Clerk, for $15 000 5% coup .sewer-constr. bonds.
Denom. $750.
Date
Nov. 1 1913.
Int. J. & J.
Due $750 each six months from July 1 1914 to
Jan. 1 1924 incl.
'
—This county is contemplating the issuance of $100,000
SCHOOL DIST.
(P.
O. Pleasantville), West¬
County, N. Y.—OFFERING.—rReports state that proposals will
ROSEBUD COUNTY (P. O. Forsyth), Mont.—-BOTVDS NOT SOLD.—
until 7 P- m. Nov. 11 by Seaman Hunter, Clerk Board of Ed.,
$30,000 5% serni-ann. 12-41-yr. (ser.) school bonds.
Cert, check for I No sale has yet been made of the $123,000 road and bridge refunding bonds
MT.
PLEASANT
chester
be received
for
offered
10% required,
NAPA, Napa County, Calif.—BOND ELECTION.
to issue $25,00ft Napa River brid^-copei reckon. $1? 0°
$4,000 Jacks Point land, $50,000 city-kail and bull
e
tor,-fiVo-°nr in \
$5,009 play-
on
Oct. 6 (V. 97, p. 395).
.
,
'
ROSEVILLE, Placer Countv. Cal.—BONDS A WARDED
propositions
„
IN PART.—
Reports stats that of the $20,090 highway bonds (V. 97, p. 315) $15,000
purchased by the Roseville Bahk & Trust Co; of Rosevill
has been
1308
CHRONICLE
THE
RUNNELS
COUNTY
PROPOSED.—Reports
(P.
O.
state that
RUTHERFORD
COUNTY
(P.
election will be held in the near future
issuing $225,000 road bonds.
O.
and
election will be held in the
an
near
future to submit to
of issuing
$900,000 school bonds.
(600) $1,000.
Denom.
a
vote the ques¬
i
BONDS NOT YET SOLD.—Local
newspapers'dated Oct.
sale has yet been made of the $500 000
no
$500
$100, (420)
(900)
^
20.state that
4.V$ % bonds offered without suc¬
cess on
July 7 (V. 97
193).
p.
ST. CLAIR COUNTY (P. O. Port Huron), Mich .—BOND
PROPOSED.—According to reports, an election will be held
future
submit
to
bonds.
.
to
a
vote
the question
ELECTION.
in the near
of issuing $500,000 good-roads
JOHNS,
Multnomah
County, Ore.—BOND OFFERINO.—
Proposals will be received until 6 p. m. Nov. 4 by F. A. Rice. City Recorder,
for $7,013 87, dated Sept. 15 1913, and $1,556 92, dated Oct. 1 1913,
6%
bonds.
Denom. $500 or less.
Int. semi-annual.
Due in 10 years,
subject to call any interest-paying day after 1 year.
Certified check for
2% of bid, payable to "City of St. Johns," required.
Bonds to be delivered
and paid for within 15 days from time of
acceptance of bid.
coupon
ST. MARY'S, Auglaize County, Ohio.—BOND OFFERING.—Pro¬
posals will be received until 12 m. Nov. 22 by J. F. Baltz, City Aud., for
the following 5% street-iropt. bonds:
;
;
$5,484 So. St. impt. bonds.
Denom. (40) $125. (4) $121.
Due $500 Apr.
1 1914, $500 yrly. on Oct. 1 from 1914 to 1922 incl. and $484 on
,
Oct.
1
4,150 Main
1923.
St.
impt. bonds.
Denom. (40) $100, (1) $150.
Due
Oct. 1 from 1914 to 1921 incl.
;
1
2,450 Chestnut St. impt. bonds.
Denom. (21) $100, (7) $50.
Due
yrly. on Oct. 1 from 1914 to 1920 incl., $150 on Oct. 1 1921 and
and $50 on Oct. 1 1923.
1
2,450 Walnut St. impt. bonds.
Denom. (24) $100, (1) $50.
Due
yrly.
yrly.
TAYLOR TOWNSHIP
on
required.
forms furnished by the City Auditor.
on
Pinellas
SALEM,
11,365 70
11,348 70'
July 23 (V. 97,
p.
time.
some
County,
are
Ind.—
advised under
.
TEXAS CITY,
Galveston County, Tex.—BONDS PROPOSED.—This city is contemplating the issuance of
$25,000 sewer bonds
TIOGA,
reports,
Grayson
County,
the question of issuing
Tex:—BONDS VOTED.—According to
water-works bonds (V. 97,
the $12,500
.
school-improArement bonds.
DIEGO,
San
'■
Diego
(P. O. San Antpnio), Tex.—
contemplates issuing $25,000 high-
County,
.
■
,.
/ ■
»■.
.
Cal.—BONDS]
VOTED.—The
auestions of issuing the $645,000 water-impounding
(vote 4,677 to 2,178),
$200,000 emergency water-system-construCtion (6,000 to
980), $60,000
filtration (4,741 to 2,017) and $75,000 water-system-extension
(5,915 to
1,112) bonds (V. 97, p. 1156) carried at the election held Oct'. 21.
The
figures reported after each purpose represent the vote cast on the
proposi¬
tion.
v
...
required.
\
UNION
HIGH
SCHOOL
that up
DISTRICT,
Fresno Countv,
$50,000
5%
gold
coupon
building bonds
(V. 97, p. 547) have been awarded to the Woodmen of the World for
$50,448 76. equal to 100.897.
Denom. $1,000.
Date Mar. 22
1913.
Int. annually in March.
Due part yearly from Mar. 22 1918 to
1934.
SALE.—The
SHEBOYGAN,
Sheboygan County, Wis.—NO BOND ELECTION.—
The City Comptroller advises us that the
reports stating that this city
would shortly vote on a sewer and septic-tank bond issue
(V. 97 p 907)
erroneous.
,
SHREVEPORT, Caddo Parish, La .—BOND SALE.—Local
papers
an issue of $12,000
street-graveling bonds has been purchased
by the Board of Caddo Levee District.
state that
SPARTA, Monroe County, Wis.—BONDS NOT ISSUED.—The
City
us that the $20,000
5% street-impt. bonds authorized in July
Clerk advises
134)
were not
issued.
SPRINGFIELD, Mass.—BOND SALE.—On Oct. 29 the
bonds,
to Curtis &
seven
issues of
aggregating $1,515,000 (V. 97, p. 1232), were
awarded
Sanger of Boston at 102.039—a basis of about 3.86%.
Other
Perry, Coffin & Burr, Old Colony Tr.Co., jointly
ioi 91
White, Weld & Co
im
81
R. L. Day & Co., Estabrook & Co.,
Merrill, Oldham & Co., jointly" 101 789
Richter & Co., Hartford
101 7gfi
Blodget & Co., N. W. Harris & Co., Inc., jointly.
~
~101 544
Blake Bros. & Co., Adams & Co., E. H. Rollins &
Co., jointly
" 101 537
F. S. Moseley & Co
"lOl 3231
Lee, Higginson & Co., Parkinson & Burr, jointly____
III"""" 101 166
Hayden, Stone & Co
100*35
Spitzer, Rorick & Co., N. Y. ($250,000 water).
IZuI"~~101255
Post Publishing Co. ($50,000 sewer)
100
All the above bidders, with the
exception of those mentioned,"are from
Boston.
4
>
as
4 %$.
VIGO COUNTY (P. O. Terre
Haute), Ind.—BOND OFFERING.—
Proposals will be received until 10 a. m. Nov. 6. it is stated, by Thomas J.
Dailey, Co. Treas., for $9,000 4Y% 10-yr. highway-impt. bonds. *
WABASHA, Wabasha County, Minn.—BOND SALE.—The $40,000
4% water bonds voted in June (V. 96, p. 1858) have been sold to the State
of Minnesota.
Denom.
$2,666.
WABASH SCHOOL DISTRICT (P. O.
Ind.—BOND SALE.—On Oct. 3 $10,000
bonds
int.
Wabash), Wabash County,
4lA% 10-year school-building
awarded to the Meyer-Kiser Bank of Indianapolis at 100.1
Denom. $500.
Date Oct. 1 1913.
Interest A. & O.
were
and
WARROAD, Roseau County, Minn.—BONDS A WARDED IN PART.
—Of the two issues of bonds,
aggregating $30,000. offered without success
on
June 21
(V. 97,
p.
134) the $26,000 water and light bonds have been
disposed of.
-
WATERTOWN,
Middlesex
County,
Mas3.—BOND
SALE.—On
Oct 30 the $13,200 4H% 4 3-5-yr. (aver.) coupon tax-free school bonds
(V. 97, p. 1232) were awarded to F. S. Moseley & Co. of Boston at 102.146.
Other bids
were:
E. H. Roliins& Sons
Bost. .$102,098 Geo. A. Fernald & Go. Bost.101.73
Boston..101.93
Blodget & Co.
Boston.____101.639
R. L. Dav & Co., Boston
101.56
Parkinson & Burr
WAYNESBORO, Franklin County, Pa .—BOND SALE.—On Oct. 23
$70,000 4*4% 15-30-year (opt.) coupon tax-free street-impt. bonds
p. 1158) were awarded to the People's Nat. Bank of Waynesboro
or
$71,085 50 (101.55) and interest.
Other bidders were:
N.W.IIalsey&Co..Phila..$71,055 60 Montgomery, Clothier &
the
(V. 97,
Reilly, Brock & Co.,Phila.
70,739 00
Mellon Nat. Bank, Pitts., 70,530 00
Harris,IForbas & Co.,N.Y.$70,476 70
Tyler, Phila
70.441 00
NewbergCr, Henderson &
Loeb, Philadelphia.... 70,279 00
WEBSTER
County,
SCHOOL TOWNSHIP (P. O. Dogwood), Harrison
Ind.—WARRANTS NOT TO
BE
RE-OFFERED.—We
are
6% 2M-year (average) school-building warrants
advised, that the $4,000
offered without
success on
Aug. 23 (V. 97,
P-
908) will not be re-offered.
WEST HARTFORD, Hartford County, Conn.—BOND OFFERING.
—Proposals will be received until 2 p. m. Nov. 12 by the Board of Finance
at the offices of the Conn. Tr. & Safe Dep. Co. of Hartford (Registrar of
Indebtedness) for $300,00C 4 A %130-yr.coup. or reg. ref. and impt.and sewer,
bonds.
Denom. $1,000.
Date Doc. 1 1913.
Int. J. & D. on coupon
bonds at Charter Oak Nat. Bank, Hartford, or reg. bonds, trans mitted
by mail.
Cert, check for 2% of bonds bid for, payable to above Deposit
Company, required.
Bonds to be delivered and paid, for on Dec. 1 at
said deposit company.
"
'
WHARTON, Wharton County, Tex.—BONDS REGISTERED-—On
Comptroller registered an issue of $1,995 5% 10-30-year
(opt.) water-works-improvement bonds.
Oct. 22 the State
WHEELING, Ohio County, W. Va.—BOND ELECTION PROPOSED.
—Reports state that an election will be held in January 1914 to submit
to a vote the question of issuing $282,000 street-improvement bonds.
Grayson County. Tex.—BONDS REGISTERED.—
10-40-year (opt.) electric-light bonds, awarded
on Oct. 11
(V. 97, p. 1158), were
registered by the State Comptroller.
•
On Oct.
to
22 the $5,000 5%
the First Nat.
Bank of Whitesboro
COUNTY
(P.
O,
Monticello),
Ind.—BOND
SALE.—The
three issues of 4lA% road-improvement bonds, aggregating $34,000, offered
30 (V. 97, p. 759) have been sold to the State
Bank of Monticello at par and int.
There were no other bidders.
without success on Aug.
WHITE
us
$450,000 of the $1,190,000 5% gold coupon
.tax-exempt bonds
offered
"over the counter" at par and int. (V. 97,
p. 1156) had been dis¬
posed of.
■
SANGER
TRAVERSE CITY, Grand Traverse
County, Mich.—BOND SALE.:—
$50,000 school and $10,000 paving-impt. 20-yr. bonds offered on
24 (V. 97, p. 1157) have been
awarded, it is reported, to the First*
\
to Oct. 21
Cal.—BOND
Ind.—BOND OFFER¬
TOPEKA, Shawnee County, Kans.—AMOUNT OF BONDS SOLD.—
The City Clerk advises us that the
amount of 4Yi % 1 and 2-year refunding
bonds sold recently at par and int. at
popular subscription (V. 97, p. 1232)
was $42,000, and not
$44,000 as reported in V. 97, p. 1232.
WHITE
BONDS AWARDED IN PART.—The City Treasurer
advises
as first reported)
,
Lafayette),
ING.—According to reports proposals will be received until 2 p. m. Nov. 14
by F. Lee Duncan, Co. Treas., for $2,100 4XA% 10-yr. highway-impt.bonds.
TOBIAS SCHOOL DISTRICT
(P. O. Tobias), Saline County, Neb.
—BONDS VOTED.—The question of
issuing from $15,000 to $20,000 build¬
ing bonds carried at the election held Oct. 21 by a vote of 86 to 29.
Due in
5, 10, 15 and 20 years.
*
SAN FRANCISCO, Cal.—BOND OFFERING.—Proposals will be re¬
ceived until 3 p. ni. Nov. 3. it is stated, by John W.
Rogers, Clerk Board
of Supervisors, for $300,000 1-25-year
(serial) school bonds.. Certified
check for .5%
O.
WHITESBORO,
•
SANFORD, Lee County, No. Car.—BOND OFFERING.—Newspaper
reports state that E. M. Underwood, Chairman Finance Committee, will
receive proposals until 7:30 p. m. Nov. 18 for ah issue of
$10,000 6% 30-yr.
water-works bonds.
(P.
County Savs.|Bank, Chelsea 101.829
SCHOOL DISTRICT
district
COUNTY
4.95s
,
PROPOSED.—This
'
TIPPECANOE
Payne, Webber & Co., Bost.10l.55
Marion
SAN ANTONIO
g. 908) carried at the election held Oct. 18 (not Oct. 4,
y a vote of 73 to 16.
Merrill. Oldhaxri & Co., Bost.101.469
Estabrook & Co., Boston
101.03
SAMPSON COUNTY (P. O. Clinton), No,.Caro .—BOND OFFERING.
are advised that this county desires to sell
$15,000 or $20,000 5%'20year road bonds.
Int. J. & J.
These bonds are part of an issue of $100,000
(authorized by Act of the Legislature, Session of 1913), of which
$5,000 has
already been sold to a local bank.', Geo. E. Butler is Attorney for the
Board of County Commissioners.
were:
Howard
C. D. Parker & Co., Boston.101.85
N.W.Harris A Co.,Inc.,Bost.101.847
4.70s
—We
bids
Kokomo),
4.8s
Rate.
_„__$11,353 40
±
County, Ore.—BOND OFFERING.—Proposals will
5p.m. Nov. 17 by R. A. Crossan, City Treasurer, for the
$480,000 5% gold sewer bonds (V. 97, p. 1232).
Denom. to suit purchaser,
not exceeding $1,000.
Date May 1 1913.
Int. M. & N. at office of City
Treasurer or at the fiscal agency of the State of
Oregon, in N. Y. City.
Due $24,000 yearly on May 1 from 1914 to
1933, inclusive.
Certified
check for 1 % of bid, payable to "Mayor,"
required.
Bids must be uncon¬
ditional.
These bonds will be certified as to genuineness
by the Old Col¬
ony Trust Co. and their legality approved by Storey, Thorndike, Palmer &
Dodge of Boston, whose unconditional opinion will be furnished successful
bidder.
Bonds to be delivered at any responsible
bank, at option of
purchaser.
•
•,
tax-free
O.
4M% 1-10-yr. (ser.) bonds offered without
469) will not be placed on, the market again
Adams & Co., Boston
101.879
Old Colony Tr. Co., Boston. 101.869
be received until
p.
(P.
TERREBONNE PARISH (P.
O.
Houma), La.—BONDS REGIS¬
TERED.—On Oct. 23 the Secretary of State registered an issue of $15,000
5% Sub-Drainage District No. 2 bonds, reports state.
Denom. $i00.
Due part yearly
beginning Jan. 15 1915.
National Bank of Detroit
Bids must
Amount.
(V. 97,
for
on
1922
-
_
are
BE ISSUED.—
TO
The
County,
Isaac W. Sherrill, Poughkeepsie.
Adams & Co., New York__i.
Salamanca Trust Co., Salamanca^
-
There
Oct.
Fla.—BOND OFFERING.—
Further details are at hand relative to the offering on Dec. 4 of the $43,500
waterfront, $15,000 reservoir park, $41,850 Bayboro Harbor, $20,000
incinerator, $7,400 A. W. L. bldg., $20,500 .paving, $41,000 water works,
$26,800 redemption of revenue bonds and $11,000 fire-dept. 6% 30-vear
gold tax-free bonds (V. 97, p. 1231).
Proposals for these bonds will be
received until 9 a. m. on that day by W. F.
Devine, City Clerk.
Denom.
$1,000.
Date Dec. 1 1913.
Int. J. & D. in N. Y. or St. Petersburg.
Cert, check for 5% of bid, payable to G. A.
Ginn, City Treas., required.
Official circular states that there is no litigation
pending or threatened, and
that the city has never defaulted in the
payment of principal or interest.
SALAMANCA,
Cattaraugus County, N. Y.—BOND, SALE.—On
Oct. 27 the $11,348 70 7H-year
(average) reg. tax-free street-impt. bonds
(V. 97, p. 1231) were awarded to Douglas Fenwick & Co. of N. Y. as 4.65s
for $11,390 (100.363) and interest.
Other bids were:
SAN"
success
$300
$300
Oct. 1 from 1914 to 1919 incl., $200 Oct. 1 1920, 1921 and
PETERSBURG,
BONDS
111.—BONDS NOT
BONDS NOT TO BE RE-OFFERED AT PRESENT—We
date of Oct. 16 that the
$4,900
$500
on
1922 and $50 on Oct. 1 1923.
Date Oct. 1 1913.
Int. A. & O. at office of Sinking Fund Trustees. Cert,
check for 2% of bonds bid for, payable to City Treas.,
ST.
the balance at option of Council.
...
ST.
be made
years,
TAMAROA, Perry County,
from 1914 to 1920, inclusive, and $1,000 1921.
that
yearly for 10
bidders.
other
The Mayor advises us under
date of Oct. 17 that the $6,500 electric-lightsystem bonds voted at a recent election
(V. 97, p. 683) will not be issued,
this amount being insufficient.
RUTLAND, Rutland County, Vt.—BOND SALE.—On Oct. 1 $15,000
4 % school bonds were awarded to the
Sinking Fund Commissioners at par.
Denom. $1,000.
Date May 1 1913.
Int. M. & N.
Due $2,000 yearly
tion
$100
were no
BOND SALE.—The $250,000 26
}4-year (average) road bonds offered with¬
out success on June 2 (V. 97,
p. 395) have been purchased by the Security
Trust Co. of Spartanburg.
SACRAMENTO SCHOOL DISTRICT (P. O. Sacramento), Sacra¬
mento County,
Cal.— BOND ELECTION PROPOSED.—Reports state
O.
Due
Caro.—
No.
Rutherfordton),
xcvii.
SOUTH LANGHORNE, Bucks
County, Pa .—BOND SALE.—On
Oct. 23 an issue of
$2,700 4)4% road-impt. bonds was awarded to A. P.
Townsend at 101.23.
Denom. $100.
Date Oct. 1 1913.
Int. A. &
ELECTION
Tex.—BOND
Ballinger),
an
to submit to the voters the
question of
[Vol.
PLAINS,
Westchester County, N.
Y.—BOND SALE.—On
Oct. 23 the $12,200 5% 121^-year (average) registered sewer bonds (V. 97,
1158) were awarded to Curtis & Sanger of New York at 103.745 and int.
Other bidders were:
p.
A. B. Leach & Co., N> Y
103.55
Douglas Fenwick & Co.,N.Y.103.221
Adams & Co., N. Y*
103.401 John J. Hart, N. Y
102.867
Harris, Forbes & Co., N, Y-.103.322 Farson, Son &Co., N. Y
102.65
W. W. Cooke
— -103.31
Rhoades & Co., N. Y__i-_*100.122
*
For 3% % bonds.
..
"
•
^
.
WILMINGTON, Will County, 111.—BOND OFFERING.—This city is
offering for sale the $12,000 6% water-works-extension bonds voted Sept. 10
(V.97,p. 908).
Denom. $100 to $1,000.
Date Oct. 1 1913.
yearly for 12 years, subject to call Oct. 1 1916.
Int. A.&O.
Due $1,000
WOOD COUNTY (P. O. Bowling Green), Ohio.—BOND OFFERING.
—Proposals will be received until 1 p. m. Nov. 14 by the County Commis¬
sioners, C. E. Steinbaugh, County Auditor, for the following 5% coupon
road-improvement bonds:
$50,000 A. W. Graham, William Ducat and Charles Kapp road bonds.
(These bonds were reported sold in V. 97, p. 1159.)
Date Nov. 20
1913.
50,000 A. Hanely, J. W. Turley and W. F. Spilker road bonds.
(These
bonds were offered without success on May 19 (V. 96, p. 1517).
Date Dec. 1
1913.
Auth. Sees. 6926 to 6956, Gen. Code.
Denom. $1,000.
Int. M. & S.
Treasurer's office.
Due $10,000 every six months from March 1
1914 to Sept. 1 1918. inclusive.
Bids must be made separately for each
issue.
Certified check on a Bowling Green bank for $1,000 of each issue
at County
bid for required.
Purchaser to pay accrued interest.
Proposals will be received until 1 p. m. Nov. 17 by C. E. Steinbaugh,
County Auditor, for $6,000 6% coupon bridge-improvement bonds.
De¬
nom. $500.
Date Dec. i 1913.
Int. M.& S. at office of County Treasurer.
Due $1,000 each six months from Mar. 1 1915 to Sept. 1 1917, inclusive.
Certified check
on
a
Bowling Green bank for $200 required.-
WORCESTER, Worcester County, Mass.—BOND OFFERING.—^
Reports state that proposals will be received until 12 m. Nov. 3 by the City
Treas., for $10,000 public-playground; $90,000 hospital; $25,000 street;
$5,700 hosnimi-site-purchase; $45,000 school-house; $25,000 sewer; $10,000
water and $20,000 water 4% serial reg. bonds.
•Nov.
WYCKOFF SCHOOL DISTRICT (P.
Minn.—BOND
SALE.—The
$18,000
MEDICINE HAT,
reports, W. A.
O. Wyckoff), Fillmore County,
building bonds voted in July
4%
>(V. 97, p. 135) have been purchased by the State
^S750.
Int. annually in July.
Due in 1919.
of Minnesota.
paper
Denom.
ORANGEVILLE, Ont.—DEBENTURE OFFERING.—Proposals will
until Nov. 3 by A. A. Hughson, Town Clerk, for $3,000 fire$3,000 public school impt. and $3,000 town-hall-impt. 5%
debentures.
Due in 10 annual installments of principal and interest.
The
town-hall and school debentures were voted on Aug. 23 (V. 97. p. 613).
COUNTY (P. O. Yazoo City), Miss .—BOND SALE.—On
Oct. 6 the $77,500 6% 25-year Third, Fourth and Fifth Supervisors' Dis¬
tricts road-construction bonds (V. 97, p. 909) were awarded to Hoehler &
Cummings of Toledo for $78,831 (101.718), interest and lithographing bds,
YOAKUM SCHOOL DISTRICT (P. O.
be received
apparatus,
Yoakum), De Witt County,
PARRY SOUND,
received until Nov.
Series "A"
mjpmmm
Alta.—DEBENTURES AUTHORIZED.—Reports state
PLUM LAKE.
of Trustees have passed a by-law providing for the issuance
re-building of school.debentures.
PORT STANLEY, Ont.—DEBENTURE OFFERING.—Proposals will
be received until Nov. 10 by James Cough, Village Clerk, for $3,450 6%
mprovement debentures.
Due in five annual installments of prin. & int.
PRINCE ALBERT PROTESTANT PUBLIC SCHOOL DISTRICT
(P O Prince Albert), Sask.—DEBENTURE OFFERING.—Proposals will
be'received until 12 m. Nov. 13 by G. A. Brown, Sec.-Treas., for $26,000
6% school debentures.
Due in 30 annual installments of principal and in¬
terest, beginning Dec. 1 1914.
.
V
;''••• •" •..•••
OUILL LAKE, Sask.—DEBENTURES VOTED.—Newspaper reports
state that this place recently voted to issue $5,000 school-house debentures.
Canada, its Provinces and Municipalities.
that the Board
of $1,700
BEAVER HEIGHTS SCHOOL DISTRICT NO. 2957 (P. O. Spring
Point), Alta.—DEBENTURE SALE.—An issue of $1,200 6H% building
debentures was on Sept. 10 awarded to the Alberta School
Supply Co. of Edmonton at par.
Denom. $120.
Int. annually in March.
Due part 1
year from date and yearly thereafter.
and equipment
CAMROSE, Alta.—-DEBENTURE SALE.—Reoprts state that this
place has sold $10,000 6% debentures on a 6H % basis to English buyers.
Alta.—DEBENTURE ELECTION .—Reports state that
CASTOR,
•
election
will
held
be
Nov.
7
to
vote
on
an
the proposition to issue $20 000
gas-plant debentures.
CORNWALL,
Ont.—DEBENTURES
VOTED.—This
place
recently
the School
DANVILLE, Que—DEBENTURES VOTED.—The question of issuing
$15,000 municipal improvement debentures carried, it is stated, at a
election.
EDMONTON SCHOOL DISTRICT NO. 7 (P. O. Edmonton), Alta.—
RE-AWARDED.—According to reports, the $1,250,000
40-year site-murchase and building debentures awarded to Sidney
on June 12 (V. 96, p. 1791) have been re-awarded
syndicate composed of Spencer Trask & Co., the Equitable Trust Co
■W. C. Langley & Co. and W. N. Coler & Co. of New York.
5%
Spltzer & Co. of Toledo
HAMILTON, Ont.—DEBENTURES PROPOSED.—^According to local
reports, this city is contemplating the issuance of $50,000 debenaid the library board.
RIVER,
Alta .—DEBENTURES VOTED.—The question of
refunding debentures (V. 97, p. 1065) carried
by a vote of 33 to 2.
Due in 30 annual install¬
ments of principal and interest.
We are advised that these debentures are
to take the place of the $125,000 water-works debentures (V. 97, p. 972.)
a
issuing the $100,000 6H%
WOODSTOCK,
is
MISCELLANEOUS.
LOANS.
SECURITIES Of
4% BONDS.
PUBLIC SERVICE CORPORATIONS
and water system for
controlled by said city
andfthe revenues derived therefrom to be applied
upon the indebtedness incurred therefor.
Said:bonds will be of the denomination of One
Thousand Dcniars each, dated July 1st, 1913. and
Shah be redeemable and payable as follows, to-wit:
Twenty-five. Thousand Dollars ($25,000)
of
said bonds, numbered from one to 25, both in
elusive, shall be redeemable on and after the first
day of July, 1920, and shall be paid on July 1st.
July 1,
procuring a water supply
said city, to be owned and
$4,000,000 State of
sale
for
offer
I
Connecticut bonds, bearing
rate of four per
dated
due July 1,
Sale November 10,1913, at
ment November
full
CONSTRUCTING ENGINEERS
11 a. m. Pay¬
STONE & WEBSTER
Circular giving
12th.
MANAGEMENT ASSOCIATION
particulars mailed on request.
EDWARD S.
GENERAL MANAGERS OP
ROBERTS,
Treasurer.
PUBLIC SERVICE CORPORATIONS
Hartford, Conn.
BOSTON
clusive, shall be redeemable on and after the first
day of July, 1928, and shall be paid On the first
day of July, 1933; all of said bonds to bear interest
at the rate of five per centum per annum, interest
147 MILK STREET
MUNICIPAL
AND
RAILROAD
BONDS
payable
...
ENGINEERING CORPORATION
Semi-annual interest, January and July.
1st, 1928
Dollars ($110,000)
to 175, both in¬
All parties desiring to bid will be required to
deposit with the City Clerk of said city, before
the time set Tor the sale Of said bonds, an un¬
conditional certified check in the amount of Five
STONE & WEBSTER
1936.
($40,000) of said bonds
inclusive, shall be
first day of July.
semi-annually, on January 1 and July 1
of each year, at the office of the City Treasurer
of Kalispell, Montana, or, at the option of the
holder, at some bank to be designated by the City
Treasurer, In New York City. -
interest at
cent per annum,
and
1911
1923.
LIST
ON
FIRST NAT. BANK
S NASSAU ST.
BLD&
APPLICATION
Ingalls
Building
CINCINNATI
($5,000), payable to the order
as Mayor, as a
guaranty of
good faith, and no bids will be received at less than
par and accrued interest from the date of bonds
until the same are taken and paid for.
The city
reserves the right to reject any or all bids.
By order of the City Council.
[Seal.]
C. J. MCALLISTER,
City Clerk.
M.
H.
Byllesby & Co.,
.
,
Pauline
Robert
CHICAGO
NEW VORK
SEAS0NG0OD & MAYER
Dollars
of
1234).
STATE OF CONNECTICUT
Bonds", the monej derived from the sale of said
bonds to be used exclusively for the purpose of
Thousand
Wayne Oil Tank & Pump Co. (V. 97. p.
Stone & Webster
the City of Kalispell,
DAY OF NOVEVl*
PER, 1913, at twelve o'clock noon, sell at public
auction at the Council Chambers in the City Hall
of said City of Kalispell, to the bidder offering
the highest price for them, $175,000 of gold bonds,
said bonds to be known and designated as "Water
65, both
redeemable on and after the
1923, and shall be paid on July
One Hundred Ten Thousand
of said bonds, numbered 66
loan to the
a
$4,000,000
Kalispell, Montana
Forty Thousand Dollars
Ont.—LOAN ELECTION.—An election will be held
the question of raising the $12,000 to be
stated, to vote on
it is
fi
granted
WATER BONDS
>■
reports.
Ttfnv
1952.
numbered from 26 to
of
according
NEW
■
Dec. 12.
vote on
to
MAISONNEUVE, Que.—DEBENTURE SALE .—An issue of $50 000
5% debentures has been sold to Hanson Bros, of Montreal, it is stated
Notice is hereby given that
investors.
DEBENTURES PROPOSED.—This city is contemplating the issuance
$150,000 debentures to build a bridge over the Assiniboine River,
at the election held Oct. 24
Montana, will, on the 17TM
concluded by Messrs. G. A. Stimson
of this issue was
re-offering them to
are
<newspaper
City of
has just been
sold to brokers in the United States, who
See V. 97, p. 1234.
WINNIPEG
l&a,n.—*DEBENTURE ELECTION.—The questions of
lRsnine $275 000 hospital-extension, $1,000,000 schools, $1,000,000 powerplant and $85,000 incinerator debentures will, it is stated, be submitted to
The bulk
& Co
'tures to
$175,000
of Vancouver
of the citv
to a
Due in
OFFERING.—Reports state that
Sec.-Treas., are offering for sale
debentures.
Due in 20 annual installments.
ST
MARY S, Ont.—LOAN ELECTION.—An election will be held
Nov
20 it is stated, to vote on a by-law providing for a loan of $50,000
to be granted to the Carter Milling Co.
VANCOUVER, B. C.—DEBENTURE SALE.—Newspaper dispatches
state that the purchase of $1,800,000 4local improvement debentures
$15,000 6%
DEBENTURES
HIGH
LAMBERT, Que.—DEBENTURE
Commissioners, J. K. Beatty,
ST
voted to issue $10,000 current-expense debentures, it is stated.
recent
Ont.—DEBENTURE OFFERING.—Proposals will be
4 by J. D. Broughton, Treasurer, for $25,000 20-year
smelter loan and $25,000 30-year Series "B" smelter bonus 6%
debentures.
Due in annual installments of principal and interest.
Tex.—BONDS PROPOSED.—This district is contemplating the issuance of
*$40,000 school bonds.
:
Alta.—DEBENTURE SALE.—'According to news¬
McKenzie & Co. of Toronto were recently awarded
$150,000 school debentures.
issue of
an
YAZOO
•
1 .*100
CHRONICLE
THE
11913.]
Incorporated
BLODGET & CO.
Chicago
BONDS.
insurance Ex. Bldg.
■.
■
New York
.
Trinity Bldg.
.
'
Dated Oct. 8th., 1913.
60
.
:£;/■.■'
STATE'STREET, BOSTON
30 PINE
and
Purchase, Finance, Construct
STREET, NEW YORK
Operate Electric Light, Gas, Street
STATE, CITY & RAILROAD BONDS Railway and Water Power Prop¬
erties.
•9*"©7SR o aiN son< C. P. A.,
F.
o.
MASOUEUetTE,
PAUi.
C»"
havener,
WM.
F.
"C.,
KRAFT
*
'
Examinations and Reports
LAWYER,
Specializing in Examination of
Municipal and Corporation
1037-9
FIRST NATIONAL
Utility Securities Bought and Sold
Bonds
BANK BLDG*.
CHICAGO, ILL.
fROBINSON. MASQUELETTE & CO.
A-R-E Six's, 10-year deben¬
tures, based on New York
CERTIFIED PUBLIC ACCpUNTANTS
Bolger,
.
Mosser&Willaman
realty.
MUNICIPAL BONDS
etc.
Postal Savings and Trust
Funds.
American
»
NEW
ORLEANS
Union
Nat. Bk. Bcot,
HOUSTON. TEX.
$500,
$1,000,
semi-annually.
Legal for Savings Banks.
•
twhitnev Bank Boildino
$100,
Interest
,
SEND FOR LIST.
29 South La
Salle St.,
Assets
CHICAGO
627
Real
$27,202,825.
Fifth
Estate Company
Founded 1888
Capital & Surplus $ 1,088,80?
Avenue
New York-
1310
THE
CHRONICLE
[Vol.
xcvii.
UfattfueKx anil goorfc*** mxtsifa gcw ftoek.
PITTSBURGH
LOS
ANGELES
SAN
Donner, Child* & Wood*
J.
Afembefi New York Stock Exchange. Pittsburgh
Stock Exchange. Chicago Board of Trade.
TORRANCE, MARSHALL & CO.
c.
WILSON
MEMBERS
Chicago Board of Trade
MAIN
Bank Building,
LOS ANGELES
SAN FRANCISCO
MILLS
To
Not
Bstabllshed
bonds
FRANCISCO.
LOUIS SLOSS & CO.
CO.,
CALIFORNIA
4.2t>% to 4.50%.
COMMONWEALTH BLDG..
SAN
188?
WILLIAM R. STAATS
PENNSYLVANIA.
OFFICE,
BUILDING.
Branch offices: Los Angeles, San Diego. Cel.
Portland,Ore.; Seattle. Wash.;Vancouver.B.£]
Private Wire to Chicago and New Yerfeb
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CO.
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PITTSBURGH, PA.
TAX-FREE IN
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New York Stock Exchange
New York Cotton Exchange
investment securities
Union
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INVESTMENTS
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TO
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4^% TO 6%
WE WILL BUY
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ALASKA COMMERCIAL BUILDING]
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Pennsylvania Municipal Bonds
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Offerings Solicited
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Established
Perrin
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BUFFALO
(INCORPORATED
Quotations
and
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PITTSBURGH
ballard
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SECURITIES.
a
california
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Municipal and Corporation Bonds
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SAN
Members Pittsburgh Stock Exchange
Commonwealth Bids.,
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PHILADELPHIA
Securities
Herman W. Hellman
w. G. HOPPER.
H. 8. HOPPER.
Member* of Philadelphia Stock Exchange.
LOS
AND
BOND
18 South Third Street
or
PHILADELPHIA
sparks
&.
Bonds
en
1858
CO.
A
co.
Members
Ban Francisco Stock AO#
,
originating in the
northwest
Furth
John
F. K.
Strove
V.
Darla
D.
GOODWIN, GARBY & BOLTON, INC
SAN
EXCHANGE
NEW YORK STOCK EXCHANGE
FRANCISCO. CAL.
Miller
DAVIS&STRUVE BOND CO.
(PHILADELPHIA STOCK
(CHICAGO
San Francisco
410 Montgomery St.
J. E. Partlck
The Bourse, Fourth Streot.
Philadelphia.
MEMBERS]
Established
Furnished
Sepuiitlen
SUTRO
ANGELES, CAL.
pacific
proposed Investments.
w.
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Const
kBond Exchange
Jaoob
j.
and
Pnclflo
BIdg.
SEATTLE, WASH.
BROKERS
Investment* receive oar special attention.
Infarmatloa cheerfully furnished regarding present
holdings
§%
LOS ANGELES
INVESTMENT BROKERS
Wm. G. Hopper & Co.
STOCK
TO
FRANCISCO
PASADENA
ARONSON-GALfc CO.
PITTSBURGH. PA.
Southern
-
1587
WILLIAM R. STAATS CO.
Municipal and Corporation
bonds
SEATTLE
BOARD OF TRADE
CALIFORNIA
SECURITIES
LOUISVILLE
BALTIMORE
j.
J. B. HILLIARD & SON g. g.
blymyfer
LOUISVILLE. KY.
COLSTON, BOYCfc & CO.,
BANKERS
AND
&
co.
CALIFORNIA
BROKERS
MUNICIPAL BONDS
INVESTMENT BONDS
Members Baltimore Stock Exchange
404 California St..
FRANCISCO
SAN
STREET RAILWAY SECURITIES
"
A
BALTIMORE, WASHINGTON
and
Specialty
Correspondents: WALKER BROS., 71 B'way, If. Y.
PORTLAND, ORE.
SOUTHERN SECURITIES
HENNING, CHAMBERS & CO.
ATLANTA
MORRIS BROTHERS
PORTLAND
Tennessee Railway, Light & Power
PHILADELPHIA
NEW
Commonwealth Power. Railway & Light
SOUTHERN
MUNICIPALS
yielding
-
ortland Railway, Light & Power
LOCAL
'
Municipal and Corporation
SECURITIES
bonds
404 W. Main
4rVz to 6%
.
YOR
St.,
Louisville, Ky.
PACIFIC
COAST
SECURITIES
A
SPECIALTY
MEMBERS:
Robinson - Humphrey-Wardlaw
New York Stock Exchange
Co.
Louisville Stock Exchange
SPOKANE
John W. & D. S. Green
IRVING WHITEKOUSE COMPANY, lie.
■
ATLANTA, GEORGIA
THE ATLANTA TRUST COMPANY
Atlanta, Ga.
Capital, Surplus and Profits, $625,000
BONDS
.
Rochester Railway 1st & 2d Mtge. 01
Buffalo Railway 1st Consol 0s
Buffalo Crosstown 5s
Louisville Henderson & St. Louhf 1st 0s
International Ry. 5s
Henderson Bridge 6s
Investment Bonds
Stocks.
,
1
8% First Mortgage Loans
Information
on
LOUISVILLE. KY.
any
.
Western
furnished
Georgia Municipal
on
Southern Public Servfcr
Stocks
or
Beads
request.
216*217-218 Hutton BIdg.
Spokane,'.Wash,
NASHVILLE
PORTLAND, OREGON
HENRY
PORTLAND, MAINE
FRAZER
S.
NASHVILLE
H.
M.
PAYSON
&
CO.
93
Power
Co.
Securities
MAINE
BANK
BOUGHT AND SOLD
NORFOLK,
OREGON
-
Established
1859
Capital Fully Paid
EXCHANGE ST.
PORTLAND
T 1 LTON
PORTLAND,
Nashville Ry. & Lt. Co. Bonds-
Tennessee
Investment Bankers
LADD &,
Cumber. Tel.& Tel. Co. 1st Cons. 0% Bonds
-
$1,000,000
Surplus 6 Undiv'd Profits $1,200,000
VA.
OFFICERS
MOTTU &
MOBILE
W. M. Ladd, President.
CO.
E. CMkJsfkaa, V.-Pres.
R. S. Howard. Asst. Cask
J. W. Ladd, Asst. Cask
W. H. Dsackby. Cashier. W. M. Coek, Asst. Cask.
Established 1892.
MACARTNEY
& SCHLEY
stocks and bonds.
mobile,
*
-
alabama
Internet
NORFOLK. VA.
NEW
PARIS,
224
rue
de Rlvoll
INVESTMENTS
ea
YORK
60 Broadway
Acoeaats
of
Iadlviduals
Tims Deposits and Saving* Amount •
Baaks,
Firms,
solicited.
furnish depositors
ent
with
We
every
Corporation*
are
prepared
aa
to
facility consist¬
good banking.
@FedFRASER