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fittanttal
The
INCLUDING
iirtitude.
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
Electric Railway Sectior
State and City Sectior
SATURDAY, NOVEMBER 14 1914.
VOL. 99
NO. 2577
Week ending Nov. 7.
The (Chronicle.
Clearings at1914.
PUBLISHED WEEKLY.
Terms of Subscription-Payable In Advance
$10 00
ler One Year
6 00
For Six Months
Xnropean Subscription (including postage)
13 00
Birepean Subscription six months (including postage)
A.nnual Subscription in London (including postage)
£2
75
10s.
4
£1 lie.
Six Months Subscription in London (including postage)
Canadian Subscription (including postage)
$11 50
Subscription includes following SupplementsBANK AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EARNINGS(monthly)
STATZ AND CITY(semi-annually) BANKERS'CONVENTION (yearly)
1913.
Inc. or
Dec.
1912.
I
1911.
$
Chicago
282,154,272 327.080,675 -13.7 298,208,880 271.092,551
Cincinnati
21,676.300
24,385,350
28,341,400
24,587,900 -11.8
Cleveland
22,000,000
19,213,139
23,892,046 -7.9
23,161,817
Detroit
22,029,635
19,698,651
26,705,451 -17.5
20,285,730
Milwaukee
16,907,123
15,016,996
16,680,542 +1.4
14,415,702
Indianapolis
8,222,569
8,194,673 +0.3
8,793,408
7,820,600
Columbus
6,093,700
5,474,200
6,737,900 -9.6
5,735,900
Toledo
4,698,117
4,979,264 --5.7
4,644,104
4,552,585
Peoria
3,263,173
4,457,175 --26.8
3,611.263
3,716,968
Grand Rapids_ _ _
3,289,027
3,101,355
3,783,236 --13.1
3,319,886
Evansville
1,236,061
1,440,641
1,353,632
1,133,596
Dayton
1.921,380
2,207,149
2,533,216 -24.2
2,271,769
Kalamazoo
516,725
751,650
057,769 -21.4
707,304
Fort wayne_ -1,203,064
1,405,568
1,336,794
1,337,458 +5.1
Terms of Advertising-Per Inch Space
Springfield,
1,124,247
1,062,053
1.168,494
1,127,526
Transient matter per inch space(14 agate lines)
$4 20 Youngstown _
969,628
1,202,576
1,503,571
1,306,162
Two Months
(8 times)
22 00 Lexington
787,173
909,448
643,546
803,427 -19.9
29 00 Akron
1,278,000
1,740,000
1,920,000
1,744,000 -0.2
Standing Business Cards 811.1,7oTiliT."
50 00 Canton
1,118,523
1,427,839
1,283.002
1,370,000 +4.2
Twelve Months(52 times)
87
Rockford
794.217
767,612
835,337
799,643 -4.0
704,551
874.216
tincAo0 OFFIC31-Geo. M.Shepherd,513 Monadnock MC it;TeLHarrison4011. Quincy
810,034
1.002,978 -12.8
South Bend
644,325
659,667
844,730
902,590 -6.4
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens,F.. C.
Bloomington_
552,114
597,831
703,946 -15.1
629,961
WILLIAM B. DANA COMPANY, Publishers,
Springfield, 0_ _
531,288
729,542
634,018
801,250 --9.0
Decatur
366,184
450,449
467,807
529,318
--11.7
Decorator
Pine
and
Sta.,
P.O.Box 95S. Front.
New York.
Danville
406,743
430,000
451,027
499,613 --13.9
Mansfield
394,395
519,274
405,052
514,965
WILLIAM
B.
morning
DANA COMPANY
by
Published every Saturday
Lima
373,942
499,290
400,000
550,000 -27.3
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana
Jackson
401,018
572,866 -4.0
490,000
550.000
Vico-Presidents: Arnold G. Dana, See. Addresses of all. Office of the Company
Jacksonville, III_
305,312
270,855
258,915
340,852 -24.1
Lansing
402.594
525,592
538,738
519.765 +3.7
Ann Arbor
206,218
199,653
269,005 -4.0
258,301
CLEARING-HOUSE RETURNS.
16,532
Adrian
28,000
72,882 -23.5
55,387
388,066
369.355
426,482 -27.3
310,000
The following table, made up by telegraph, &c., indicates that the total Owensboro
bank clearings of all the clearing houses of the United States for the week
Tot.hIld West. 409,154,211 467,838,207 -12.5 427,056.732 392,156.397
ending to-day have been 12.800,979,153, against $2.687,008,340 last week San Francisco_
55,192,234
53.761,089
52,915,255 -9.4
47,930,324
and 13,428.466,737 the corresponding week last year.
19,423,362
Los Angeles
22,739,530
20,722,951
27,657,097 -25.1
12,487.255
12,374,543
Seatt,e
13,972,774 -19.9
11,197,369
12,774,871
Ctearings-Returns by Telegraph.
13,112.108
Portland
13,255,962 -8.6
Per
12,109,612
7,812,142
• eel ending Nos. 14.
6,559,999
1914.
Salt Lake City
7,027,603 -14.1
1913.
Cent.
6,033,270
4,516,352
4,831,216
Spokane
4,827,583 -16.7
4,020.071
3,666,886
3,017,571
New York
$1.166,722,992 81,559,500,048
2,300.271 -17.9
Tacoma
1,889,909
3,755,432
Boston
3,835.364
Oakland
114,506,275
3,818,771 -12.2
131,519,847
3,353,749
1,774,717
1,936,490
Philadelphia
125,229,894
2,520.381 -18.5
Sacramento
137,277,162
2,053,327
2,400.000
2,828,229
Baltimore
2,243,059 -24.4
San Diego
29,834,186
33,794,643
1,685.425
1.317,163
Chicago
1,283,480
244,365,767
1,670.548 -10.2
Fresno
269,360,085
1,500,000
943,208
St. Louis
976.128
1,062,717 -8.1
63,648,188
Stockton
75,356,169
976,204
1,025,812
New Orleans
1,068,174
16,845,216
853,310 +3.4
San Jose
18,681,701
882.648
738,803
1,004,456
831,630 -10.1
Pasadena _____ _
747,949
508,193
Seven cities,5 days
530,003
$1,781,152,518 $2,225,497,655 -20.8 North Yakima
654,860 -16.9
543,381
314,730
Other cities, 5 days
291,294
410,409 -32.2
574,083,648
278,256
626,484.209
-8.4 Reno
Long Beach
542,622 Not included n total
Total all cities, 5 days
$2.336,236,166 52,851,981.864 -18.1
Total Pacific_ _ 115,924,445 136,022,230 -14.8 129,949,674 128,651,160
All cities. 1 day
464,742,987
576,484,873 -19.4
56,180,587
55,106,576
Kansa.; City
65,038.861 +1.8
66,217.550
30,198,618
32,665,212
37,616.505 -1.6
Minneapolis
__
37.012,541
Total all cities for week
52.800.679.153 53.428.466.737 -16 2
14,973,384
15,941,981
19,920,568 -17.1
Omaha
16,507,573
The full details for the week covered by the above will be given flex
11.965.845
13,337,585
12.588,870 +9.2
St. Paul
13,748,725
Saturday. We cannot furnish them to-day, clearings being made up by the Denver
10,375,132
9,893,005
11,661,781 -11.7
10,299,962
clearing houses at noon on Saturday. and hence in the above the last
7,425,028
8,991,808
8,467,597 +22.6
10,381,620
Duluth
day
of the week has to be in all cases estimated, as we go to press Friday
6,833,353
6,627.706
8,558.978 -19.8
6,860.841
night St. Joseph
We present below detailed figures ft the week ending with
4,511,322
4,838,758
6,444,984 -11.7
5,688,409
Saturday Des Moines
noon, November 7, for four years:
3,568,137
3,765,617
Wichita
3,708,217 +8.6
4,027,600
2,565,326
3,100.000
3,811,642 -13.4
3,259,778
1,684,730
1,876,455
Lincoln
2,092,927 +11.7
2,338,500
IVeek ending Noe. 7.
1,614,560
1,602,976
Topeka
1,762,157 -17.4
1,455,843
Cleartnig at1,386,497
1,746,621
Davenport
-21.4
2,219,687
1,743,386
Inc. or
1,354,432
1,598,216
Cedar Rapids_
1,701,456 -7.9
1,650,000
1914.
1913.
Dec.
1911.
1912.
1,131,374
786,765 +166.2
611,000
Fargo
2.094.794
673,879
611,411
Colorado Springs
665,599
640,087
$
$
$
%
$
656,951
790,232 -23.5
741,204
604,175
1,308,062,075 1,821,295,909 -28.2 1,858,613,241 1,764,836.960 Pueblo
Now York
Fremont
+31.0
319,496
389,116
418.559
300,115
148,524,406
Philadelphia
169,540,298 -12.4 157,540,159 135,486,094 Hastings
212,024 +46.5
239,484
182,241
310,547
44,888,334
Pittsburgh
51,159.953 -12.3
49.999,032
47,051.296 Aberdeen
576,324 +54.7
583,797
891,331
390.555
34,430,603
37.762,608 -8.8
Baltimore
37,339,607
34,385,152 Waterloo
1,599,806
-15.3
1,372,794
1,354,418
1,206,300
10.898,964
13,135.586 -17.0
Buffalo
11,859,068
0,481,801 Helena
1,755,358 -8.0
1,154,427
1,615,681
1,191.125
8,072,323
8,738,497 -7.6
Washington
8,193,782
7,575,957 Billings
898.364 -0.2
896,581
544,736
340,766
7,396,741
6,639,453 +11.4
6,180,900
Albany
5,682,737
5,165.828
5,657,659 -8.6
Rochester
Tot. oth. West 190.018,589 193,288,198 -1.7 187,340,485 160,530,275
5,339,934
4,280,777
2.851,740
3,331,866 -14.4
Scranton
2,500,000
2,445,212
4,565,355
3,582,403 +27.4
66,745,885
85,838,874 -22.3
75,084,684
76,970,816
3,345,094
Syracuse
2,235,414 St. Louis
1,863,578
1,794,131 +3.8
23,756,430 -38.0
14,729,157
26,545.555
Trenton
21,954,018
1,605,986
1,500,543 New Orleans._
2,103,425
2,378,265 -11.6
13,538,281 -20.1
12,635,276
Wheeling
10,816,601
11,923,149
2,203,888
1,982,419 Louisville
1,774.627
1,884,127 -5.8
7,540,288
11,382,839 -33.8
1,742,489
Reading
1,807.357 Houston
1,761.582
Wilmington
2,023,203 -12.9
1,438.369
4,823,000 -29.0
4,024,000
3,422,094
4,186,000
1,440,075 Galveston
1,492,266
1,832.862 -18.6
11,252.537 -11.3
1,477,023
11,464,507
Wilkes-Barre
9.979,253
8,159,867
1,318,104 Fort Worth
1,008,470
936,034 +7.7
18.936,542
920,296
18,741,325
21,268,388 -33.5
14,147,394
York
980,758 Atlanta
1,058,054
1,054,925 +0.3
11,267,545
13,116,358 -40.2
12,882,099
977.875
7,845,180
Erie
748.881 Memphis
806,438
750,410 +7.5
8,199,596
653,219
8,134.361
9.331,991
Chester
8,600,000
569,539 Richmond
600,000
700,000 -14.3
7,910,216
9.010,127
Greensbur
9,675,316 -49.8
580,000
4,862,524
535,333 Savannah
605.100
689,300 -12.2
5.156,677
6.778.578
8,307,604 -32.2
Binghamton
5,632,490
598,700
515,800 Nashville
615,510
3.856,251
626,719 -1.8
4,320,142
5,016,687 -17.0
408,674
Altoona
4,165,795
481,579 Norfolk
1,623,616
3.109,857
1,785,213 -9.1
3,087.024
Lancaster
3,314,841 -43.4
1,421,748
1,874,855
968,802 Augusta
2,746,706
336.075
395,184 -14.9
3,101,795
Montclair
4.143,451 -24.0
3,151,187
363,126
Birmingham
2,296,379
2,134.280
2,336,664 +24.3
2,905,300
Oklahoma
2,643,993
2,790,729
2,897,506 -46.8
Total Middle_ 1,590.505,110 2,137,694,605 -25.6 2,155,302,210 2,026,310,590 Charleston
, 1,541,278
2,604.685
3,353.073
3,042,354 -24.8
2.286,057
Little Rock
3,156,428
168.268.136 188.588,830 -10.8 172,822,975 166,874,612 Jacksonville
2,700,000
3.451,967 -24.7
2,600,000
Boston
1,815,094
1,991,227
8,395.300 -16.8
6,982,800
1,942.880 -8.4
Providence
1,778,761
7,729,000
7,534.200 Knoxville
2,366,821
2,043,003
4.557,7114
5,175,615 -11.9
2,702,420 -23.9
-2,057.612
Hartford
4,950,603
4.409.437 Chattanooga---1,610.822
1,423,756
-31.5
3,059,412
1,605,000
3,331,225
+9.0
1,100,000
2,953,238 . 2,893,612 Mobile
New Haven
5,591,287
5,122,018
5,711,542 -39.7
2,258,366
2,291,718 -1.4
3,443.179
2,112,069
Portland
2,054,354 Macon
3,308,074
3,455.276
4,153,133 -62.1
2,828,300 -2.5
2,746,737
1,576,434
2,417,163
Springfield
2,218,978 Austin
513,062
448,441 -28.8
513,321
1,022,622
1,578,493 -35.1
319,063
1,471,664
1;263.322 Vicksburg
Fall River
674,142
517,629 -35.6
746,011
2,450.780 -6.4
2,293,247
333,323
2,290,643
Worcester
2,385.663 Jackson
382.013 -21.5
443,868
241,927
1,873,269 +1.0
300,000
1,891,094
1,215,316 , 1,109,095 Meridian
New Bedford
1.278,918 -34.0
1,041,181
843,336
007,977
915.640 -1.7
6211,582
900.016
842,188 Muskogee
Lowell
812,959
1.551,903 -229
1,196,956
772,647
1,078,642 -24.3
816,117
695,160
598,847 Tulsa
Holyoke
572,671 -5.1
622,005
543,921
490,490
Bangor
Total Southern 185,794.000 256.789,2571 -276 225,794,643 211,467,910
2.687,004,340 3,410,439,167 -21.2 3.305,296,16213,111,791.115
..._-_..,-- ...... ius Alt mac Ott, Ann 870 --10 A UM RAG 416 162 674 7717
Total all
Outside N. Y.. 1,378,946,265 1,589.143,258 -13.2 1.456,682,921I1,346,954,150
Arse.-For Canadian clearings see "Commercial and Miscellaneous News."
oo
0'
-
iL,Li.0
ilgIT'el>
Sioux coy
1398
THE CHRONICLE
OUR RAILWAY EARNINGS ISSUE.
send
to our subscribers to-day the November
We
number of our "Railway Earnings" Section. In this
publication we give the figures of earnings and expenses for the latest month of every operating steam
railroad in the United States required to file monthly
returns with the Inter-State Commerce Commission
at Washington.
This Earnings Supplement also contains the companies' own statement where these differ from the
Commerce returns or give fixed charges in addition
to earnings, or where they have a fiscal year different
from the June 30 year, as is the case with the New
York Central Lines, the Pennsylvania RR., and
others.
THE FINANCIAL SITUATION.
Financial conditions continue to improve in every
direction. An event of the utmost importance this
week has been a further sharp drop in foreign exchange
rates, bringing them several cents per pound below
the figure at which gold can be taken at a profit for
export. Accordingly, the syndicate which is providing the means to meet New York City's maturing
obligations abroad, when calling this week for an installment of the funds needed, made the significant
request that payment should be in Clearing-House
checks for the full amount, namely $14,278,750, instead of in gold or in exchange, as on the occasion
of previous calls.
The reason for the request was that the syndicate
managers had been able to purchase bills of exchange
for the whole amount at rates well below $490,which is
reckoned as the cost of shipping gold to Canada. On
the preceding call, which was for $16,765,975, the
payments were $11,472,431 in gold, $3,933,583 in
exchange and $1,359,961 in checks, and the gold
obtained on this call was shipped to Canada on
Monday of this week. In the light of what has since
happened, it is clear that even this shipment might
have been avoided. What a wonderful transformation in the situation has occurred since the syndicate
was formed early in September, will appear when we
say that under the agreement with the City a maximum of $5 033 was fixed for exchange, whereas the
syndicate has now been able to buy the exchange
at less than $4 90, with resulting profit to the city.
Great wonderment has been expressed over this
latest drop in exchange and every cause has been
assigned for it except the true one. Are we not a
debtor nation with large maturing obligations
abroad, have we not been told that we were in danger
of being flooded by a return of American securities
from abroad, has not the Federal Reserve Board
been cudgeling its brains to determine how the vast
sums needed for the purpose could be provided,
have not eminent bankers established a $100,000,000
gold fund in order that the needed gold might be
available, and are not certain representatives of the
British Treasury in the United States at this very
moment ostensibly engaged in helping us over a
trying situation with the view to saving our credit
and good name, but looking with envious eyes
upon the little pile of gold still left us after shipping
so much abroad? In face of all this action, in face
of all these predictions and prophecies, in face of
[VOL. xc rx
the certain dangers that were going to overwhelm
us, the exchange market, to the discomfiture of one
and all, has resumed its normal natural course
without aid or assistance of any kind. What can
be the cause of all this?
The explanation is really very simple. The removal of the agency that produced the original dislocation has now served to correct the dislocation.
This dislocation was due to the fact that with the
outbreak of war in Europe all the leading Europe an
countries declared moratoria postponing the payments of debts. Millions of dollars were due us on
current account at the time and practically the
whole of this was cut off and rendered unavailable
in settlement of our obligations abroad. The different moratoria are now running out, one after
another, and all these dormant credits, which no one
in the exchange market had been taking into account,
and of which publicists appeared to be completely
ignorant,, are becoming vitalized. The most important of these was the English moratorium. It
is commonly supposed that this terminated on the
4th of the present month. As concerns the right
of further extension of payment,it did terminate on
that day. As concerns, however, the effects of the
moratorium, definite and complete termination will
not come until December 3; for, thirty-day extensions of payments of maturing bills were granted
all through the month of October (except bills that
had already enjoyed extensions under the first and
second proclamations, in which case the further
extension was only 14 days) and up to and including
November 3. It follows, therefore, that a bill
falling due November 1 and which Was then extended
for a month will not require payment until December 1, a bill falling due November 2 and extended
for thirty days will not require payment until December 2 and a bill due November 3 and extended.will
not be paid until December 3.
Few persons apparently have any idea of the magnitude of the amounts involved in these foreign bills
of exchange on London. The British Government,
however, had a proper conception of what was at
issue, for by a bold stroke of policy soon after the
war broke out it agreed to guarantee the Bank of
England against loss in discounting this vast mass of
bills. Only the most powerful government in the
world, financially, could have undertaken such a
task. It was estimated by competent authorities at
the time that the guarantee would cover an aggregate
of $1,000,000,000 and judging from the English
trade statistics this estimate cannot have been far
astray.
The amount involved being of such huge proportions how this factor in the exchange market could
have been so completely ignored as it has been is
difficult to understand except on the theory that the
development was a wholly new one in the world's
affairs and no one understood its nature or comprehended its iignificauce. Now what happened as
far as the United States is concerned? The moratorium was originally for one month from Aug. 4
to Sept. 4. This means that none of the bills on
London held by American firms and maturing during August could be collected during that month.
The moratorium was then extended for another
month. This means that none of the bills on London
Nov. 141914.]
THE CHRONICLE
falling due during September could be collected.
Then therecame a third proclamation deferring for
a month the bills falling due in October, except that
on bills which had been extended under the two
previous proclamations the further extension was
only fourteen days.
Thus during all of August, all of September, all of
October, and until the 17th day of November (under
the final fourteen-day extension), no foreign drafts
on London could be collected. During all this time
we were asked to pay our foreign obligations but
could collect nothing from abroad. And the matter
was made worse by the fact that Germany, France
and practically all the other European countries also
had in force moratoria. Is it surprising under these
circumstances that our foreign exchange market
should have become completely disorganized? As
previously pointed out, the exchange market became a wholly one-sided affair. There was an urgent
call for remittance to meet payments owing by us
abroad, while the funds we ordinarily would have had
to draw upon in Europe were tied up. Obviously
the proper way to deal with this situation was to
establish credits here in favor of Europe until our
own credits abroad again became available, the one
then offsetting the other. But neither the Bank
of England, whose coffers were getting plethoric
with American gold, nor our own bankers, would
listen to such a suggestion. It was insisted that
we must pay in actual gold,this at a time when our
English debtors, by reason of the moratorium, were
not paying at all.
The vast extent of the credits in our favor thus
put beyond reach can be judged from the English
trade statistics. On the assumption that payment
for British imports is made mainly in 90-day bills
on London, the bills that fell due in August covered
the imports of May, those that fell due in September
covered the imports of June and those that fell
due in October covered the trade of July. It really
does not matter much, however, what month's
trade the bills maturing in August, September and
October covered. British imports before the war
averaged about £60,000,000 a month. This would
make for the three months £180,000,000 or 900 million
dollars. About one-fifth of this, or $180,000,000,
would probably represent the bills owned by Americans. And this was the sum due from Great Britain
alone. To get at the full magnitude of the problem
confronting the -United States at this juncture, it
would be necessary to add the sums similarly held
up by other countries, though these would be much
smaller in amount. As confirming our own views
of the effects of the moratoria we quote the following
from an interview with Moreton Frewen, published
in the "Sun" of this city :
"Now the inevitable and foreseen consequence
of the moratorium was that the exporters from
America could not get payment from our merchants
because our internal retail houses had been forced
to suspend cash payments. This being so, the
Americans could not and perhaps still cannot pay
what they owe here. No doubt the United States
being a debtor nation, owes us much more than we
owe her on the last quarter's trading balance, but
when a great free trade country such as this resorts
to a moratorium she simply "scraps"the entire machinery of the world's foreign exchanges.
1399
"The advisers of our Chancellor having brought
about this pass, next thought that they could scramble out of the bog on the shoulders of Uncle Sam.
Your gold was to come over here and remain here,
because our moratorium had killed your natural
export of goods."
These dormant credits are now being released day
by day. We have Stated that the first of the extended British bills fell due on Nov. 17 Sterling
exchange here broke badly that very week, going
down to 4 90 for the first time since the outbreak of
war. Since then some of the extended bills have been
falling clue each day, and this will continue day by day
until Dec.3, when the whole of the huge volume of
tied-up bills in London will have been released. That
the exchange market should weaken as this mass of
credits in our favor on the other side has been by
degrees becoming available is not so surprising as
the fact that the eminentfinancial doctors who have
prescribed gold exports as the only cure for the dislocation of exchange should have completely ignored
the part the European moratoria were playing in
controlling the course of the exchange market. Of
course our Federal Reserve Board is new to its duties.
But has it had competent advisers in this crisis in
the country's affairs? And Sir George Paish Has
any whisper come from him as to how a solution of
the troublesome exchange problem—troublesome only
because the action of Europe made it so—would
come? What an opportunity he has lost for establishing himself as a wizard.
The New York Cotton Exchange will resume business next Monday,final steps to that end having been
taken this week. Since shortly after the cessation
of trading on July 31 the special committee appointed
for the purpose, as well as the officials of the Exchange generally, have been indefatigably working
out plans to bring about a reopening on a safe basis.
It was recognized, of course, that before business
could be safely resumed, the outstanding "long"
cotton would have to be taken care of,and to do that
a syndicate was formed and "The Cotton Trading
Corporation" organized. But to make the Corporation plan a complete success it was essential that
practically all outstanding "long" cotton should be
included, and as part of it stood in the name of S. H.
P.Pell& Co.(a failed firm), the consent of the Court
had to be obtained. A favorable decision last
Monday removed the difficulty.
The Cotton Trading Corporation plan or scheme
involves for its success a series of three agreements
—one covering purchases and sales, another providing
for a tax upon dealers and the third guaranteeing
the banks and trust companies for loans. The salient
feature of the purchase and sale agreement between
the Cotton Trading Corporation and individuals and
firms in the cotton business is contained in section 1
of the document, which is given in our cotton department to-day, and therefore requires no further reference. The tax agreement between the Corporation
and the cotton dealers after reciting the causes for
the closing of the Cotton Exchange, obligates the
latter to pay to the former $1.25 upon each contract
of purchase or sale of 100 bales of cotton until all
liabilities, losses, charges, &c., resulting to the
Corporation by reason of purchases of cotton shall
1400
THE CHRONICLE
[VOL. Xcix.
Transvaal mining operations during October apparently were unaffected by either the European war
or the rebellion. On the contrary,the result attained
was the best for any month since June 1913. The
per diem average yield of gold advanced from 23,405
fine ounces in September to 23,668 fine ounces in
October, giving an aggregate output for the latest
month of 733,746 fine ounces. This shows an excess over October a year ago of 15,315 fine ounces.
For the year to date, of course, there is a marked
decline as compared with either 1913 or 19126,967,165 fine ounces contrasting with 7,448,523
fine ounces and 7,590,556 fine ounces—but there is
cause for satisfaction that the various untoward
incidents (strike, war and rebellion) have not been
instrumental in more seriously curtailing the new
supplies of gold from the world's premier field.
3 million dollars, with 1% of the disasters standing
for one-third of the amount of liabilities. Agents
and brokers, moreover, were hard hit by various
adverse influences, the total debts reported in this
class having been almost quadruple those of a year
ago.
For the ten months of 1914 the aggregate of mercantile disasters is a high record for the period14,327 comparing with 13,146 and 12,966, respectively, in the two preceding years. Furthermore,
the $301,620,199 total of liabilities tops that of any
former year and is 85 millions heavier than in 1913
and 133 millions greater than in 1912. Manufacturing lines contributed indebtedness of $106,988,543
against $98,512,788 in 1913, trading liabilities
reached no less than $141,817,974 against only
$92,238,409, and agents, brokers, &c., covered
$52,813,682, against $26,240,645.
Canadian failures returns for the month, needless
to say, also make an unfavorable comparison with
last year, the number of defaults having been over
double those of October 1913 (272 against 125), with
the volume of debts $2,246,107, against $962,422.
For the ten Months of the current year, moreover,
not only is there to be noted a greater number of
failures than for the similar period of any previous
year, but the aggregate of liabilities is of like prominence, standing at $19,667,196, against only $13,760,956 last year and less than 932 millions in 1912.
Trading indebtedness, at $12,768,439, makes up much
over half the total, and compares with $6,765,302 a
year ago; in the manufacturing division this year's
aggregate of $5,752,688 contrasts with $5,852,230,
and among brokers, &c., the 1914 debts are almost
identical with those of 1913—$1,146,069, against
$1,143,424.
The mercantile failures exhibit in the United States
for October 1914 makes an unsatisfactory comparison
with 1913, and, in fact, with all previous years.
Insolvencies were not only much greater in number
but covered a considerably heavier total of liabilities.
It is almost trite to say that a comparatively few
disasters account for the greater part of the month's
total, but, as in earlier months of the year, that is
the truth-48 failures standing for an indebtedness
of $16,146,095, or 543/2% of the grand aggregate.
Some lines of business unaffected by the tremendous
conflict in Europe and others benefitted thereby show
up quite favorably, but in channels where the war
has exerted an adverse influence, either directly
or indirectly, contraction and loss have been the
result. In the building industry of the country as a
whole, for instance, there has been a perceptible
check, and it is reflected in distress among lumber
dealers, carpenters, &c., whose failed liabilities for
the month almost double those of a year ago.
Messrs. R. G. Dun & Co.'s compilation, which furnishes the basis for our deductions, shows that the
number of defaults in October this year was 1,686
for $29,702,178, this contrasting with 1,434 and
$20,245,466 a year ago, 1,150 and $15,762,337 in
1912 and 1,169 and $19,270,106 in 1911. In the
manufacturing division the month's liabilities, at
$12,793,065, exceeded those of 1913 by some 231
million dollars, and less than 7% of the aggregate
number furnished nearly 70% of the volume of indebtedness. In trading branches the exhibit was in
some respects even less satisfactory, the debts, at
$1,534,606, being greater than last year by over
A statement by the British Premier, Mr. Asquith,
has attracted attention this week. It was contained
in an address delivered in the House of Commons
after the opening of Parliament and declared that
the Premier doubted whether the war "would last
as long as some people originally predicted." That it
would last long was certain, he continued, and
the longer it lasts "the more the great resources and
strength which the Empire possesses will be available
to fill the gaps, to replace the losses and maintain
our position. The Empire is on trial and experiences
of the last three months have inspired us with the
confident hope that the longer the trial lasts the more
clearly will we emerge from it as the champions
of a just cause." Mr. Asquith's well-known reputation for conservatism has inclined many to believe
that he must possess some secret knowledge of a
favorable character looking to the shortening of the
period of hostilities. In some directions there is a
disposition to connect the Premier's statement with
a report of an important strain in the relations of
Austria and Germany and with the statements that
have come from various sources that Austria had indirectly sounded the Allies as to terms on which
discussions of a separate peace could be entered
upon. Another factor in this same situation is the
report that serious dissensions have arisen between
General Danki, commanding the Austrian armies,
and the German generals. The former is declared
to be leading the remainder of the Austrian army
due south across Galicia and to have refused to
co-operate further with General von Hindenburg and
the German General Staff. A dispatch to the
be made good to it by such payments. Finally, to
finance the operations of the Cotton Trading Corporation, certain banks and trust companies of the
City of New York agreed, under date of Oct. 28 1914,
to loan to it from time to time not exceeding in the
aggregate principal amount the sum of $1,500,000
at any one time outstanding, and to secure said
banks and trust companies a guaranty agreement has
been entered into between certain cotton dealers and
the bankers' committee—Messrs. Walter E. Frew,
Herbert R. Eldridge and Henry R. Carse.
. Following the lead of New York, the New Orleans
Cotton Exchange announced yesterday that business
would be resumed on Monday also,and a return to
unrestricted trading at Liverpool is probable at the
same time or shortly thereafter. With the principal
exchanges again in operation the movement of the
crop should be greatly facilitated.
Nov. 14 1914.1
THE CHRONICLE
1401
Three thousand German officers are said to have
been sent to Turkey and to have virtually taken
complete command of the Navy to the great resentment of the Turkish officers.
In the Eastern war theatre the Russians have
gained an important success in East Prussia by
capturing Johannisburg, which is an important
railroad point giving them control of the railroads
from Soldau. The Russian central army, which
has driven the Germans back from the Vistula,has
had only unimportant engagements this week, but is
known to be pushing forward to the borders of
Posen and Silesia, which the Germans are crossing.
The Russian left wing has followed the Kieloe railway to the Austrian frontier and is within a few
miles of Cracow, the seige of which is imminent.
British
the
King George on Wednesday opened
Southern Russian army under General Ruzsky,
The
the
of
Parliament amidst surroundings representative
Azeszow between Przemysl and Cracow and
at
is
of
general depression caused by the war. The route
of the San River is being opposed by the
crossing
its
the royal procession to Westminster Palace was lined
Another detachment continues the
Austrians.
with great masses and a wave of patriotic cheering
while still another is operating
Przemsyl,
of
siege
followed the King and Queen from the start to the
who are holding the passage
Austrians,
the
finish of their drive. Their Majesties rode in a less against
Carpathians.
conspicuous State levee carriage drawn by six black of the
It is reported in the Parliamentary lobbies that
horses instead of the usual gold and glass chariot.
Parliament's
The King's speech from the Throne was short. It Premier Asquith will on Tuesday ask
for the
troops
million
one
of
referred particularly to the entrance of the Ottoman sanction for the raising
up to
total
the
bringing
Empire into the struggle. On this point the King purposes of the war, thus
yesterCommons
of
said: "I strove to preserve in regard to Turkey 2,000,000 men. In the House
a friendly neutrality. Bad councils and alien influ- day (Friday) the Premier stated that the British
ence have driven her into a policy of wanton and casualties in the war were approximately 57,000
defiant aggression and a state of war now exists men of all ranks. The Premier said he was not in
between us. My Mussulman subjects know well a position to estimate the losses of the other Allied
that our rupture with Turkey has been forced upon Powers or those of the enemy.
On the sea, the important developments of the
me against my will and I recognize with appreciation
have been the destruction of the celebrated
week
hastened
they
have
which
and gratitude the proofs
cruiser Emden by the Australian crusier
German
support."
and
to give of their loyal devotion
Sydney and also the bottling up of the German
The week's military operations may be briefly cruiser Koenigsberg which disabled the British
summarized as having resulted in moderate gains cruiser Pegasus some weeks ago. Both these
for German arms in the West but severe losses for German vessels have preyed upon British shipping
the German and Austrian troops in more Eastern since the beginning of the war, though the Emden
fields of operations. After a series of determined has done by far the greater damage. The latter
attacks by the Kaiser's forces upon the British and was driven ashore on an island of the Cocos or
French, who held the line between Dixmude and Keelin Group, southwest of Java in the Indian
Ypres,the former city was captured on Tuesday and Ocean. The Koenigsberg was discovered hiding
some additional progress was made around Ypres. in shoal water six miles up the Aufiji River, opposite
Latest official reports, however,from French sources, Mafia Island, German East Africa. Pending operadeclare that all these attacks have been repulsed. tions for her capture or destruction, effective steps
Dixmude itself during the progress of the war has have been taken to block the Koenigsberg by
been held a number of times by either side, so that sinking colliers in the only navigable channel to the
the present German success may not be considered river.
It was announced on Saturday last from Tokio
a development of unbounded importance. The
Allies' battleships are again aiding the land forces that the forts of Tsing-Tao had surrendered to the
in the fighting along the coast. They are shelling Japanese and British. In officially bulletining the
the German positions. The belief is spreading in loss of the cruiser Good Hope, which foundered in
British military circles that the Germans are plan- the engagement with the German squadron off the
ning to spend the winter in Antwerp. The British coast of Chili last week, the Admiralty state that the
are doggedly holding Ypres, which projects into the Monmouth, which, according to unofficial German
German lines. Hard fighting has been resumed on reports, had been sunk, was beached. The British
the Aisne, the battle front extending from the river battleship Canopus, which had been sent to join the
to Craonne about Rheims and in the Argonne. cruisers, was not at the scene of action. A Turkish
Greek newspapers have this week printed details army,according to dispatches from Rome, has crossed
frontier into Egypt. Reports from Athens say
of a secret treaty of several years standing between the
the British and French warhips have almost
that
was
Turkey
Germany and Turkey, whereby
the destruction of the forts on the Darcompleted
inbecame
pledged to assist Germany if the latter
and
that marines will soon be landed on the
danelles
assist
to
volved with Russia, Germany being bound
plains.
The commander of the Turkish
Trojan
attacked.
Turkey in turn if she were similarly
London "Times" from Petrograd dated on Thursday
declares that "promising developments which may
have an enormous influence on events are caused by
the growing hostility and the lack of mutual confidence between the Austrian and German armies.
. . . The last month has shown that it is quite
conceivable that Austria may break with her ally
and seek an independent peace. The entire German
policy in Poland seems to have been to relegate the
Austrians to rear-guard work, the worst of all positions in the fighting. The dead and wounded seen
on all the battlefields during the last few weeks have
been Austrians. The Germans are treating their
allies with contempt."
1402
THE CHRONICLE
forces at Beirut, in a formal note addressed to the
American Consul-General and intended for the
British and French governments, says that for every
Mussulman killed in the bombardment of any open
and unfortified fort three British or French subjects
will be immediately executed. The commander also
declines to take responsibility for any uprising against
Christians which may ensue from such bombardments. The British torpedo gunboat Niger was on
Wednesday torpedoed by a German submarine near
the mouth of the Thames.
France and Great Britain, according to advices
received in Washington, have warned Ecuador and
Colombia in vigorous terms that violations of neutrality by those countries will not be tolerated. The
British and French Ambassadors at Washington have
presented separately two notes formally notifying
the United States of their representations to Ecuador
and Colombia. No request was made for action on
the part of the United States, but the hope was
expressed that the American Government would be
able to impress upon the South American States the
value of strict neutrality, of which the American
Government itself has given so signal an example.
The two countries in question are charged with
having permitted wireless messages to go to German
ships and with allowing the German fleet to coal in
their territory.
General Carranza has been officially branded as
a "rebel" by the convention of generals at Aguas
Calientes. This is equivalent to a declaration of
hostilities against him. Carranza refuses to recognize the authority of the convention. General
Gutierrez, who was appointed Provisional President
by the convention, has proclaimed himself chief
executive beginning Nov. 10 and has appointed a
cabinet. He has instructed General Villa, as
commander-in-chief of all the forces of the Provisional
Government, to proceed against the Carranza forces
in the South. The rebel leader is declared to be
marching on Onertaro with 30,000 picked veterans.
Another revolution is obviously in sight. General
Carranza has given most of the guaranties required
of him by the United States Government as preliminary to the evacuation of Vera Cruz, but it is understood that Carranza has yielded too late and that his
decrees will not bring about the immediate withdrawal of General Funston's forces from the Mexican
port.
The effect of the war upon British trade is beginning to show itself in increasing measure as the conflict proceeds. The monthly returns of the British
Board of Trade, which have been published this week
for October, show a decrease of no less than £20,171,176 in the importations into the United Kingdom (being £51,559,000 against £71,730,176) and of
£18,021,699 in the exports (£28,601,000 against
£46,622,699), comparing with the corresponding
month of last year. In September the imports totaled £45,051,037 as against £61,355,725, and in
August £41,362,034 against £55,975,704. The exports in September were £26,674,101 against £42,424,864 in the corresponding month of last year,
and in August they were £24,211,271 against £44,110,729. In October the excess of imports amounted
to 02,958,000, which compares with £25,107,477
in 1913 for the corresponding month. The princi-
[VoL. Ice tx.
pal loss in October imports was £5,500,000 on raw
cotton from America and £1,500,000 on cotton from
Egypt, while the value of manufactured imports
was reduced £7,000,000. The exports of coal declined £2,000,000 and of manufactured articles
£13,500,000. Of the latter, cotton yarns contributed
£5,250,000 and wool yarns £1,250,000.
With the exception of Austria, no official figures
are available to show how the trade of other of the •
belligerent nations has been affected. Austria's importsin September were reduced to 111,000,000 crowns
($22,200,000), against 260,000,000 crowns ($52,000,000)in September 1913,and the exports in that month
were 61,000,000 crowns, or not quite one-quarter
of the total of September 1913. For the first nine
months of 1913 Austria's imports decreased 120,000,000 crowns as compared with the corresponding
period of 1913 and the exports decreased 330,000,000
crowns. The greatest exporf decreases were in wood
and woodwares, sugar, eggs, clothing, cotton goods
and woolen goods and glassware. In imports the
decreases were largest in coal, raw cotton, wool,
yarns, copper and machinery.
In the matter of war financing there are, not unnaturally, world-wide applications for loans by the
belligerent countries. These applications from now
on should steadily increase. No actual basis has
yet developed to show that the negotiations that have
been reported to be in progress in this country for
loans to Germany and Russia have yet passed beyond the tentative stage. It is expected that the
British Parliament, which assembled on Wednesday, will promptly authorize the formal issuance of
a public loan of £225,000,000 in ten-year bonds,to be
offered slightly below par and carry 4% interest.
This may be purely a precautionary measure, as
there has thus far been no indication that the repeated issues of six-months' Treasury bills are failing in popularity. Nevertheless, the notes are six
months' issues and provision is necessary for their
extension or retirement. Altogether, £90,000,000
of the £100,000,000 notes of this character originally
authorized have been already issued, and it is expected that the British Treasury is to be given necessary authority to offer additional amounts. It is
estimated that Great Britain is spending £35,000,000
weekly on the war, and in addition to the war loan
the Government may propose to raise a further
$250,000,000 by increasing the income tax to half
a crown (60 cents) on the pound. This would provide for the necessary expenditure till next March,
the end of the financial year.
The subscriptions which were opened on Thursday
of last week at Petrograd for a Russian internal loan
of $250,000,000 largely exceeded the offering. The
bonds bear interest at 5% and were issued at 94.
Switzerland's second war loan of $10,000,000 in
5% bonds was three times over-subscribed, although
only the home market was concerned. It has been
reported that Austria was negotiating with bankers
in New York for a $12,500,000 war loan. The Austro-Hungarian Foreign Office has cabled to the Embassy here a denial of the report. The Austrian
Government placed a loan in London early last summer, part of the proceeds of which were utilized in
the purchase of the two-year 432% issue which matures on Jan. 1. The original issue called for $25,000,000 and was placed on a 6% basis. The City
of Paris has been authorized by the French Govern-
Nov. 141914.]
THE CHRONICLE
1403
of American inment to issue bonds to the amount of 125,000,000 not believed that English holders
at least,
conditions
present
will,
intervestments
under
bearing
and
year
francs,to be redeemable in a
been
for
carrying
have
they
out
sell
that
securities
est not to exceed 6%.
years. Neither is Holland expected to be a particuCable advices from London are rather discouraging larly heavy seller, while the holdings of American
are so limited that sales from
as to the possibility of any immediate reopening of securities by France
promise
to be of a threatening
not
do
quarter
last
that
the English Stock Exchange. It was reported
cable
character.
by
reported
week that Sir George Paish had
The problem before the London Stock Exchange
to the British Government asking if the London Stock
is entirely different from that confrontmanagement
considerable
a
for
closed
Exchange could be kept
Stock Exchange Governors. London
own
our
adjusting
the
complicate
to
not
order
further period in
exercise every precaution to prevent
to
reason
has
proThe
situation.
exchange
sterling
the
ment of
of securities being sold and Gerholdings
German
the
on
understandbased
was
asserted,
was
it
posal,
ing that the Governors of the New York Stock Ex- many's financial ability to prosecute the war being
change will delay the opening of the local Exchange thus correspondingly strengthened. This feature of
for a corresponding period. The London Stock Ex- the situation is suggested quite clearly by the London
change Committee has agreed with the Government correspondent of the "Journal of Commerce" in a
"not to reopen the Stock Exchange without sub- dispatch published on Monday last. The idea of
mitting the proposed date and the conditions of such reducing the minimum quotations of American stocks
reopening to the Treasury and obtaining their con- as suggested in New York cables to London is, he
sent." This seems to place the control of the open- reports, not approved in official circles on the other
ing in the hands of the British Treasury. There is side. The objection is that any facilities that are
some evidence that a similar situation exists in con- introduced for dealing in American securities provide
nection with the attitude of our own Treasury opportunities for sales by German interests, and such
toward the New York Exchange. It is known that sales would enable Germany to secure money with
some Governors of the Exchange are of the opinion which to prolong the war. "In this country" (Engthat the general financial situation has sufficiently land), the correspondent adds, "it is illegal for. anycleared to justify an early opening for official business body to enter into a contract which benefits an
here. The sterling exchange situation has ap- enemy, but there are many difficulties in proving
proached very closely the point where conditions whether stocks come from Germany or not. It will
show a complete readjustment of international fi- be possible for German holders of American stocks
nance to a satisfactory basis. Money affairs are to sell through Holland or New York, and although
rapidly assuming a position of complete ease. The Dutch or American investors might have no objecoutside or "curb" market will officially open with the tion to handing over cash for securities to Germany,
consent of the Stock Exchange on an unrestricted the officials in this country (England) naturally
basis on Monday. The Cotton Exchanges of both wish to guard against such securities being sold to
New York and New Orleans will reopen for unre- English investors, who would thus be providing
strained business on the same date. On the money indirectly to the enemy. So long as the
same date, too, the new Federal banking system present minimum of prices of July 30 is maintained,
will begin practical operations automatically by the it is thought that there is not likely to be any appreestablishment of the district banks, and, as we ex- ciable demand for American securities until after
plain on a subsequent page, this will release a large the war; but if the minimum were lowered, say, 3%,
volume of the reserve funds of the banks through- it is probable that a demand might arise, especially
as American securities are in favor owing to their
out the country.
In other ways, there seems a very general and wide- being less susceptible to the depressing influence
spread movement to once more resume business of the war both now and hereafter." If the foregoing
and restore conditions that existed before the war's dispatch accurately portrays the financial problem
disarrangement set in. But the Washington atti- in London, it certainly appears to contain the sugtude apparently is against any prompt action by the gestion that the Stock Exchange in this city should
New York Stock Exchange. The matter of re- act independently in the matter of reopening. There
opening was discussed quite frankly with members are few in financial circles here who are advocating
of the Reserve Board at Washington on Thursday that the Exchange should at one swoop be declared
by one of the Governors of the Stock Exchange, open for unrestrained business. But there seems to
who went to Washington for the purpose. He found be a feeling that is rapidly growing that a middle
the attitude of the members of the Reserve Board course is possible and that business could be resumed
on a basis such as is now in operation in connection
very firm against the opening of the Exchange.
The Board seems to lose sight, we think, of the with sales of bonds and of guaranteed stocks between
satisfactory change that has come over the general members of the Stock Exchange. This basis is that
foreign exchange situation and also of the equally transactions may be negotiated at concessions from
important feature that money is so abundant in the July prices but that before the trades are conLondon that it is virtually unlendable at anything summated they must receive the approval of the
like remunerative rates. We referred last week to properly constituted Stock Exchange Committee.
the fact that London banks, instead of asking their We are informed that this plan is working out in a
New York correspondents here to pay off balances satisfactory manner so far as the bond situation is
due, are urging the taking out of new credits. concerned. Last evening the Exchange committee
Opinion in responsible financial circles in New York published an additional ruling permitting unrestricted
seems to agree that the volume of possible liquida- trading in listed municipal and State bonds for dotion by foreign holders of American securities has mestic account. It ruled, however, that all transbeen largely overrated. There may and probably actions for future delivery must be submitted for
will still be selling on German account. But it is approval as heretofore to the Sub-Committee of
1404
THE CHRONICLE
[VOL. xcix.
Three on Bonds at the Stock Exchange Clearing- Exchange. The Bank agrees to advance to the stockHouse. This action constitutes another step in brokers 40% of the funds employed in carrying over
the policy of gradually reopening the Exchange.
stocks which were made immobile through the adjournment of the July settlement. In view of the
The committee of the London Stock Exchange, in expected re-opening of the Paris markets, on a cash
response to various protests, has modified in some basis, the records of the Stockbrokers' Corporation
particulars its plans announced last week, and re- were taken back to the headquarters of the corporaferred to quite fully by us, for facilitating the re- tion in Paris from Bordeaux last Monday. Latest
opening of their Stock Exchange. The principal reports quote money rates in Paris steady at 6%
change provides for the payment of a higher rate for both call and time funds. Paris cable advices,
of interest instead of requiring a 10% margin on however, state that private money is becoming less
speculative accounts. The change, however, is abundant, the only possible business activity being
made optional on behalf of speculators. The com- the general desire for Government contracts. Amermittee has refused to postpone the date for the liqui- ican woolens are said to be in active demand in the
dation of loans beyond Nov. 18, because the Govern- French market since the English export embargo,
ment has refused to permit a further extension of but, unfortunately, American makers are not inthe moratorium. Another modification of the com- clined, it is said, to make their offerings on the basis
mittee's plan provides that there shall be a more of cost, insurance and freight at French ports; and
liberal interpretation of the Government's assistance advance payment in New York seems unpalatable
in order that the same proportionate aid shall be to French buyers.
extended to smaller members and their clients as
in the case of banks and big borrowers. The setA Berlin dispatch via the Hague declares that the
tling room of the London Stock Exchange was opened Governor of the Province of Brandenburg has pubfor settlements yesterday (Friday) and will continue licly called attention to the fact that certain persons
open until next Wednesday. The Stock Exchange are trying to buy German gold for export, offering
committee has fixed the maximum interest and con- a slight premium. He is appealing to the patriotism
tango rate chargeable between members during the of the people to give no assistance to such effort and
forthcoming account at 6% on loans and at 6% to advises that they put a stop thereto by turning over
9% on securities contangoed. The higher figure is "these agents of foreign countries" to the police.
chargeable on unlisted stock upon which margins An official Berlin newspaper publishes a decree this
are not provided. Members of the Exchange were week forbidding the export from Germany of leather,
instructed to state by 1 o'clock on Thursday whether horseskins, calf skins, shoddy and tinplate. The Dethey would provide margins or agree to pay higher partment of State at Washington is in receipt of a
contangoes on open commitments. This caused a cable dispatch dated Nov. 3 from the United States
great rush to obtain directions from clients. The Embassy at Berlin, announcing that the supply of
American division of the London market seems the cotton is about sold out in Bremen, which is the prinone for which greatest fear is entertained at the Nov. cipal cotton market of Germany.
18 settlement, one firm alone having, it is reported,
Official European bank rates have not been
over £600,000 in Americans outstanding.
changed
this week, except that the Italian Treasury
capital
new
of
way
There is very little doing in the
has
reduced
the official rate of discount to 53'%.
October
for
applications
The
issues in London.
Private
rates
in London closed at 2/
1 1(4)23/2%for
were
bank
£33,000,000
which
of
£34,728,000,
aggregated
bills and the remainder securities of various descrip- sixty-day bills and 2Yi@2%% for three months'
tions. Tenders for £5,000,000 India Government bills. No quotations have been received in New
bills (half running one year and half six months) were York by cable so far as we have been able to learn,
about four-fold the offering. The average rate of though mail advices quote the private bank rate
allotments for the "yearlings" was slightly under nominally as follows: Paris, 4%; Berlin, 69..%; Vi4 3-16%, while the average for the six months' bills enna, 3 15-16%; Amsterdam, 331%. These figwas under 3 13-16%. An issue of £1,000,000 Cen- ures are supposed to be entirely nominal. The official
tral Argentine Ry. 6% notes was on Tuesday sub- bank rates at the leading foreign centres are: Lonscribed twice over. The tone of the London market don, 5%; Paris, 5%; Berlin, 6%; Vienna, 5%;
reflected by its firmness the favorable interpretation Brussels, 5%, and Amsterdam, 5%.
in connection with the result of the war contained in
For the first time since the war broke out the Bank
the speeches of Premier Asquith, Lord Kitchener
and Winston Churchill at the Guild Hall on Monday of England this week in its return failed to report an
night. The London Metal Exchange will resume increase in its gold holdings. Instead it registered
unrestricted business next week. There will be but a decrease of £193,190, entirely due, however, to
one session a day instead of two as in normal times. the setting aside, or "earmarking," of £1,000,000 for
It is reported that the Government will guarantee the currency note redemption fund. The reserve
half of the Liverpool Cotton Exchange's foreign also showed a contraction, namely £182,000, but
debts that are temporarily uncollectible where such the proportion of reserve to liabilities increased as a
result of a reduction in the latter to 33.55%, against•
aid is necessary.
33.42% last week. A year ago the proportion was
The Bank of France and the Stockbrokers' As- 55.46%. The statement also shows an increase of
sociation of Paris have reached an agreement which £2,799,000 in public deposits, a decrease of £3,006,will tend to regulate the liquidation of accounts out- 000 in other deposits and the small expansion of
standing on July 31, preparatory to the re-opening £186,000 in loans (other securities). The Bank's
of the financial markets. The arrangement is on gold holdings now amount to £69,280,923, which
the/same lines, it is announced, as that existing be- compares with £36,700,264 one year ago and £36,tween the Bank of England and the London Stock 627,159 in 1912. The total reserve is £52,212,000,
Nov. 14 1914.]
THE CHRONICLE
1405
leased the difference between reserve requirements of
the present system and the smaller requirements of
the new banking system. The New York ClearingHouse has already amended its regulations to permit
its own members to at once adjust themselves to the
new conditions, and it is estimated that at least $100,000,000 will in this way be released in New York,
while for the entire country the Comptroller of the
Currency suggests a sum as high as $500,000,000.
It is not improbable that these figures will prove to
be, to some extent at least, exaggerations. At all
events, however, with London credits now available
here and with the release of bank reserves, not forgetting the backwardness of general trade and industry, which necessarily retards demands for banking
capital to a corresponding extent, and not forgetNT.
BANK OF ENGLAND'S COMPARATIVE STATEME
ting, either, the prospect of a continued absence of
1910.
1911.
1912.
1913.
1914.
Nov. 16.
Nov. 15.
Noy. 13.
Nov. 12.
Nov. 11.
Stock Exchange speculation, the outlook for money
35,519,000 28,500,780 28,300,405 28,446,685 28,522,745 during the next few months does not suggest the
Circulation
10,076,210
Public deposits_ _ _ _ 19,249,000 9,628,549 12,764,391 10,635.485
l of acute strain. New York
137,286,000 38,404,729 40,813,188 40,866,000 37,433,191 probability of a renewa
Other deposits
14,428,210
14,643,568
13,034,576
11,788,105
17,004,000
....
_
Gov't securities_
banks have thus far retired $47,091,370 of the
Other securities_ _ _ 105,091,000 27,358,447 31.565,992 28,781,383 25,732,458
26,035,324
24,891,269
$133,000,000 emergency currency originally taken
Reserve,noteeSzcoln. 52,211,000 26,649,484 26,776,754
Coin and bullion_ _ _ 69,280,923 36,700,264 36,627,159 36,032,009 34.964,014
out.
Proportion of reserve
50.50%
51.91%
49.95%
55.46%
33.35%
to liabilities
Last Saturday's bank statement showed an addi4%
5%
5%
5%
5%
Bank rate
tion of $999,600 to the surplus above requirements,
reserve requirements themThe weekly statement of the Imperial Bank of Ger- notwithstanding that the
$688,400 as a result of an
ed
increas
been
had
many indicates an increase of 27,102,000 marks in selves
deposits. Loans were
in
,000
$3,364
of
ion
gold. The cash, including gold, Treasury certifi- expans
$12,549,000. The surplus
cates and bank-notes, increased 33,288,000 marks; reduced during the week
which compares with
loans decreased 2,346,000 marks. Discounts, in- amounted to $15,914,550,
onding date one year ago
cluding loan and bank certificates, decreased 130,- $7,150,750 at the corresp
was an increase of
Securities decreased 3,310,000 and $3,940,550 in 1912. There
600,000 marks.
in bank vaults,
cash
the
in
marks, note circulation decreased 85,945,000 marks $623,000 during the week
companies,
trust
of
vaults
in
and deposits decreased 23,435,000 marks. The of $1,065,000 in cash
ies in the
compan
trust
of
cash
the
in
total gold holdings of the Reichsbank now amount to and $1,433,000
1,915,491,000 marks. A year ago the holdings of banks.
Referring to money rates in detail, it may be said
cash, including gold, were 1,481,820,000 marks and
range for call money has been 43/2@6%,
two years ago 1,118,840,000 marks. The note cir- that the
h, as we have explained above, the lower figculation is 4,084,843,000 marks, against 1,959,440,- althoug
applied to loans to be called within a specific
000 marks one year ago and 1,914,580,000 marks in ure
period. Otherwise 532% was the minimum demand
1912. A German bnaking authority who is now in
loan rate. The highest rate of 6% has been current
New York explains the Reichsbank's increase in gold each day. This likewise has been the renewal basis
peoas due to the voluntary exchange by the German
each day and was the lowest rate on Monday and
ple of gold for notes.
Tuesday. On Wednesday 43/2% was the lowest
and on Thursday was the minimum, while on Friday
The local money market has continued to reflect
4% minimum rate was again current,
expectation of an actual redundance of funds in the the special
for regular business continued at
near future. Instead of London bankers demanding though the lowest
ile, time money had declined about
an arbitrary payment in gold of New York balances, 532%. Meanwh
for sixty and ninety-days and
they have been endeavoring to extend credits to IA% to 514@)532%
, five months and six
their New York correspondents. One result has 5@53.I% for four months
has been more acpaper
cial
been the negotiation of quite a considerable volume months. Commer
companies showtrust
and
banks
York
of so-called sterling loans to New York Stock Ex- tive, New
has been the
d
than
deman
better
a
much
change interests. These loans as a rule are for ing
are also M%
rates
nt
Discou
time.
some
for
ninety days. They represent the proceeds'of finance case
6% for sixty
53/2@
at
closing
market
the
lower,
bills drawn upon London by New York and are seand for four
ble
receiva
ed
bills
endors
day
ninetyand
in
cured by the deposit of Stock Exchange securities
character.
choice
of
names
'
single
months
six
to
t
that
the
view
New York. This does not suppor
has been so actively proclaimed of late that a large Names less favorably known require 63/2@7%.
cash balance is due to European countries for which
The sterling exchange situation has shown further
gold may be demanded. Call money has touched
demand sterling bills having declined as
a new low level this week for the current downward improvement,
transfers as low as 4 87%.
%
movement, a considerable volume of business having low as 4 863 and cable
amounts of pre-moralarge
the
to
due
is
break
been arranged at 432%, comparing with 6% a week The
from day to day, as
due
falling
are
that
bills
torium
be
to
called
ago. The low rate applied to loans
expires, rendering
on
extensi
last
their
of
date
the
the
lowest
ise
within a specific period. Otherw
available credits that have been dormant since
call rate was
of the July 30, as explained by us at the beginning of this
On Monday next the twelve district banks
s in article. Nothing further has been reported as to
Federal Reserve Association will open for busines
will immediately be re- the operations of the $100,000,000 Gold Pool.
a tentative way and there
The outagainst 06,649,484 at this date a year ago.
L28,against
,000,
05,519
is
standing circulation
,
86,000
£137,2
te
aggrega
s
deposit
500,780; other
against
1,000,
against £38,404,729, and loans £105,09
ondent furnishes
£27,358,447. Our special corresp
gold movement
the
of
the following details by cable
week: Inflow,
Bank
the
for
into and out of the Bank
gold and
bar
00
£738,0
of
£1,099,000 (consisting
maropen
the
in
bought
coin
gold
£361,000 American
aside
set
£1,000,000
ket), against which there were
note redemption account,
y
currenc
rked"
"earma
and
to the interior of Great
and shipments of 092,000 net
statement comparing
tabular
Britain. We add a
nt items in the Bank
differe
the
years
for the last five
return:
of England
1406
THE CHRONICLE
[VoL. xca.
It has, however, not been found necessary to call tion of the German cruiser Emden
and the bottling
upon the members of the syndicate for more than up of the Koenigsberg has relieved
the situation
25% of their total subscriptions, and obviously with so far as Eastern shipments are
concerned.
exchange rates below the gold point, the Pool can
Compared with Friday of last week, sterling exno longer work at a profit. It is understood that its change on Saturday was firmer, with
demand quoted
complete dissolution will be delayed until after the at 4 909@4 90%, cable transfers at
4 913®4 913.
Stock Exchange opens and the fear of additional and sixty
days at 4 88. On Monday active buying
strain from that source is removed. There is induced firmness
at the opening, but later increased
• a disposition on the part of representatives of for- supplies of commercia
l bills brought about a reaceign governments to increase credits here in order tion; the
range was 4 9031®4 90% for demand,
more easily to finance the payment of the con- 4 90%®4
913/
2 for cable transfers and 4 873/ for
stantly augmenting. volume of war material and sixty days. A decline nearly
of
1 cent in the pound
other orders that are being placed in this country. was recorded on
Tuesday, largely on heavy offerings
'Meanwhile, rumors continue current of negotiations of cotton bills; demand receded
to 4 89% and cable
for the establishment of formal German and Russian transfers to 4
903.1; sixty days was unchanged at
government credits in New York. Definite de- 4 873/2. On Wednesday sterling
quotations declined
tails are not yet available,and there is slight reason still further to 4 89
for demand bills, 4 893' for cable
to believe that the negotiations in this direction have transfers and 4
87 for sixty days; liberal supplies of
been successfully completed. Exchange on Berlin commercial bills as well
as finance bills were mainly
has still further declined this week, bankers' checks responsible for the
weakness, besides which anticipaand cable transfers both reaching a new low level, tions of the opening of the new
Federal Reserve banks
namely, 86 and 863', respectively, though the exercised a sentimental effect on the
market. Sterclosing figures were 87®873/s. These figures in ling exchange rates again dropped sharply
on Thursnormal times would mean a large movement of gold day, when demand went down to 4 86%
and cables
from Berlin to New York. No such movement, to 4 87%—the lowest point touched since
the openhowever, need be expected under current conditions, ing of hostilities in Europe; the close was
slightly
as ever since the war began Germany has made it a firmer, with the range 4 86%®4
for demand,
883/b
policy of retaining all of the precious metal that has 4 87%®4 89 for cable transfers and 4 85®4
85A
come within its borders. Germany is understood to for sixty days; a light demand coupled with heavy
be making large purchases of supplies in the United offerings was the predominant influence in the deStates in the same way that other of the belligerent cline. On Friday the market rallied fractionally
nations are doing. With the German trade with the from the weakness of the day preceding, there being
rest of the world so completely strained as is at pres- an improved demand from uptown importers.
ent the case, a still further decline in exchange on Closing quotations were 4 85®4 853/ for sixty days,
Berlin is expected in foreign exchange circles at 4 873®4 88 for demand and 4 87%®4 88% for
this centre. Exchange on Paris has also declined cable transfers. Commercial on banks nominal,
quite sharply this week, bankers' checks being quoted documents for payment nominal. Seven-day grain
at 5 14 against 5 10% last week, and bankers' cables bills at 4 86%@4 863
4. Cotton for payment nomat 5 133/2 against 5 10. Exchange on Amsterdam inal; grain for payment nominal.
closed unchanged at 403/i for bankers' sight, while
bankers' cables finished at 40%, against 41 a week
The New York Clearing-House banks, in their
ago, and commercial sight % lower at 4034. Italian operations with interior banking institutions, have
exchange finished at 5 40 against 5 36.
gained $8,048,000 net in cash as a result of the curThe exports of gold this week to Ottawa have in- rency mow.ments for the week ending Nov. 13.
cluded $12,917,087, of which $564,267 was in bars Their receipts from the interior have aggregated
and $12,352,820 in coin. These shipments were al- $13,395,000, while the shipments have reached $5,most wholly, it is understood, on behalf of New York 347,000. Adding the Sub-Treasury operations and
City maturities in London. At the close of last the gold exports, which together occasioned a loss
week the syndicate in charge of these maturities of $30,667,000, the combined result of the flow of
called for $16,765,975 from its members, payment of money into and out of the New York banks for the
which was made on Monday.
week appears to have been a loss of $22,619,000,
Great weakness developed in exchange on Thurs- as follows:
day, when the syndicate called for still another
Into
Week ending Nov. 13.
Out of
Net Change in
Banks.
payment, this time for $14,278,750, and announced
Banks.
Bank Holdings.
$13,395,000
that it had been able to buy the full amount of ex- Banks' interior movement
35,317,000 Gain 68,048,000
27,728.000
Sub 'from. oper. and gold exports
08,395,00.) Loss 30,667,000
change beforehand below the gold point and that, Tntn.1
341,123,000 363,742.000 Loss 322.619.000
therefore, the members could pay in checks instead
of in gold or exchange. Speculators who had been
The following table indicates the amount of bullion
accumulating exchange with the purpose of selling in the principal European banks:
it to the syndicate then found that they had overNov. 12 1914
Nov. 13 1913.
reached themselves, and a spectacular decline to Banks Of Gold.
Total.
Silver.
Gold.
Silver.
Total.
4 86% for demand bills from 4 89 on Wednesday took
England_ _ 69,280,923
69,280,923 36,700,264
36,70
.0,264
place. In cable transfers there was a decline to Frei:wee
12,760, I 176,440,000 140,928,520 25,527,480 166,456,000
163,680,
94,270,800 1,600,''' 95,870,800 60,769,400 13,322,000 74,091,400
Germany
4 879', comparing with 4 893/2, a break of 23 cents. Russia _ 183.842,000 4,119,00C 187,961,000)167,358,000 5,826,000 173,184,000
Aus. Hunc 51,578,000 12,140,000 03,718.0001 51,010,000 10,442,000 61,452,000
But it was the break in exchange earlier in the week Spain
27,877,00 49.960,0001 18,877,00 29,005,000 47,882,000
_ 22,092,
I tal y _
_ 47,814,000 3.000,1i 50,814,0001 45,764,000 3,050,000 48,814,000
that made it possible for the syndicate to purchase Netbland
14,311.000
236,600 14,547,6001 12,366,000
584,800 12,950,800
Nat.-BeIM 15.380,00
600,''' 15.980,0001 8,380,000 4,190,000 12,570.000
the exchange needed.
Sweden _ _ 5,772,000
5,772,0001 5,695
5,695,000
Swita
9,205,100 6,868,
6,868,000
The supply of mercantile bills has not been large, Norway 9,205,100
2,342,000
2,342,000 2,550,00
2.550,000
—-—
Tot. week 679,567.823 62,332,600 741,900,423557,266,184 91.947,280649,213,464
thus far, the retarding influence being the higher war Prey
.week 77,750,913 62,142,100 739,893,013555,174,144 92.178,247647,352,391
rates and the mining of the North Sea. The destruc- a Data for 1914 for Oct.
2. c July 30. d Sept. 21.
Nov. 141914.1
THE CHRONICLE
1407
There were large areas of tillable land in England
under cultivation, and
THE ORIGIN OF MODERN CAPITALIZATION. which had never been brought
labor flowing about
oyed
unempl
a
of
there was mass
The origin of two of the three principal elements
relaxing of the old
the
of
result
the
as
the country
of modern industrial and commercial life are well
laws that bound the laborer to the soil. Money
known. The introduction of machinery, following
could now be profitably borrowed for the opening of
the invention of the steam engine and the spinning
the land and the employment of labor. Capital was
jenny, early in the nineteenth century, and the regathered for this and for other enterprises; and the
laxing of the severe laws against all forms of trade
new era of business activity in all directions which
combination in the same period, opened the way for
The quickly enriched England, and has been since charthe organization of business on a large scale.
acteristic of that country, was inaugurated.
creation of capital in fluid form, which is similarly
The ruling of Calvin was a commercial and moneimportant, belongs to a much earlier period and was
tary emancipation, but in amending the early dedue to a cause singularly remote and little undercrees of the church, it stopped short of continuing and
stood.
responsibility of the lender
Two important lectures have just been delivered enforcing the old law of
should be put. That
in Columbia University by Professor William Cun- for the use to which his money
there remains need,
ningham of the University of Cambridge, England, has not been done to this day, and
gham, of modern
which give light on this interesting subject. With according to Professor Cunnin
curious to note
the enlarging of men's horizon in the thirteenth and legislation in that direction. It is
Church on the lips of
fourteenth centuries, the question of interest on bor- that it was the decision of the
Biblical study, which
rowed money gained new importance. It had al- a spiritual leader, as a result of
which stood in the
door
ways been understood in Christian times that loosened the fastenings of a
nt. It was like
moveme
"usury," the common term, was prohibited by way of a great commercial
Canal, which
Panama
the
in
Scripture. The church was now called upon to pro- the starting of the lock
way for the rushnounce formal decision, and proceeded to modify might be conceived as opening the
direction hitherto
the Scriptural prohibition to meet the growing re- ing of the tides of an ocean in a
that barriers cannot
quirements of the world. It was decided that a closed. It is often supposed
the tide of man's devices,
lender might share in the profits of any enterprise long be maintained against
directed to secure him
in which his money was used. But he could not particularly those which are
sixteen hundred years the
bargain himself out of risks nor out of responsi- greater gain. Through
Jews
restriction which had maintained among the
bility.
niopportu
the
of
pment
develo
This opened the way for many devices to secure served against the free
y
suddenl
Then
world.
wider
this compensation for loans. Shylock's case was ties which came to the
whole
d and rapidly the
evidently of this class; his suit was for a pound of the restrictions were loosene industrial life began:
and
ial
commerc
flesh, under his contract. The new life in Europe flow of modern
movements, so
As is usual with such tremendous
that came on with the Protestant Reformation in
that were
evils
,
the sixteenth century had immediate effect in the charged as they are with vitality
work of
the
and
business world. Geneva then was a chief com- inevitable were still unrecognized,
to
century
enth
sevente
mercial city. With the advent of John Calvin, and the following era, from the
been
has
e,
complet
the revolution which established the independence of to-day, and which is yet far from
The law books
the city and a new form of popular government, a to guide and control that movement.
from time to
unmade
and
new adjustment of business became inevitable. are full of legislation, made
To progreat.
tly
manifes
n.
time, as necessity became
The syndics put up to Calvin the crucial questio
tion
combina
against
and
or
taws
tect
more
many,
rights,
ual
with
individ
It was a matter of conscience
their reless of necessity with all. They wanted an authori- were passed and sharply enforced. With
laxmg, a new era arose, only again to discover the
tative ruling as to usury.
we
This led to a new study of the Bible, which the great need of the anti-monopoly legislation with which
behas
which
ty
reformer proceeded to make. He soon discovered are now struggling, under a necessi
we
that, while usury was clearly forbidden in some pas- come apparent, but with difficulties with which
legal
The
to
deal.
wisely
learned
in
by
means
no
in
have
which,
sages of the Scripture, there were others
eight
different circumstances, it was allowed. He there- rate of interest, which in Elizabeth's time was
varying
the
with
down
and
up
gone
has
cent,
per
l
tion
unlawfu
a
not
transac
upon ruled that it was
ties, and "usury"
in itself. There are circumstances in which in- needs and growth of new communi
ation
demanded for
compens
terest on money loaned can properly be demanded and is restricted to mean
by
allowed
is
Money has
law.
what
paid. But he prescribed that it must be only when loans in excess of
ent
nsable
an
implem
indispe
as
zed
recogni
it was a reasonable rate and the loan was for the come to be
proper
ation
which
for
compens
and
se,
enterpri
in any
promoting of the general good.
to
use
borthe
which
But
ed.
demand
justly
be
d
may
This at once became the accepte practice in
a
d
as
matter
is
regarde
put
be
may
money
it
rowed
with
home
carried,
Geneva. Calvin's disciples
province of the lender, except so
them; John Knox took it to Scotland and there ap- wholly outside the
ed with his security. In this reconcern
is
as
he
d
far
was
that
Scotlan
so
State,
plied it throughout the
Ages were,from an ethical
Middle
the
least,
at
s
the
use
free
spect,
busines
in
adopt
the earliest country to
of to-day. That
the
practice
of
obtained. In the standpoint, ahead
of capital wherever it could be
appears from
being
settled,
from
far
ll, with which the the question is
century from Elizabeth to Cromwe
given
for philanto
money
regard
in
to
time
ruling of Calvin had time
new life of England began, the
s
ses,
the public
where
religiou
or
enterpri
of
thropic
nce
upon the conscie
great effect. The burden
ng
ty
of
money
accepti
proprie
the
ge
which may
challen
was
law
stical
ecclesia
honest merchants under the old
nable
by
s,
made
ng
questio
method
been
have
investi
the
though
for
made clear
swept away and the coast
is
still
in
opinion
public
heavily
of
favor
of
trend
posthe
only
were
which
in those commercial enterprises
l
the
that
of
"gold
classica
Greeks,
feeling
has
'no
sible when capital could be employed.
1408
THE CHRONICLE
[VOL. xe
smell," and therefore it is not necessary to investi- has
been decried in Congress as potentially dangergate its origin wherever it is itself available.
ous, because so large as to involve possibilities of
One form of responsibility was maintained, the mischi
ef if it should ever seek any mischief) may have
financial liability of stockholders as of partnersin comsome gradual if unconscious influence to combat the
mercial enterprises. This was until recently the
pestilent notion, so constantly conveyed by demageneral practice. It served to give credit when
gogues, that there is an irreconcilable conflict of incredit was the chief need, but it involved terrible
terest and aim between the rich and the poor? While
loss and widespread disaster, as in the historic case it
is still true, as declared so long ago, that we have
of the Glasgow Bank; and the modern device of
the poor always with us, it is already not true, in
limited liability in corporations has largely done
this country, that we have "the" poor, in the sense of
away with this feature. The old question may,
there- a class hopelessly submerged and bound
by undiminfore, be regarded as still open, as to what extent
the ishable numbers. This is the countr
y
of liberty,
personal responsibility of the lender goes with
his though that state be misunderstood and abused
; it is
loan or investment. It is a nice question in
casuis- the country of opportunity. That the rich
d6 and
try, though it is an entirely open question genera
lly must keep growing richer and the poor growin
g
in law. The new sense of larger responsibility
, the poorer is shameful untruth. They who do not
rise
beginnings of which already are so widely felt,
and here are restrained by their own fault, not neceswhich were coming into serious consid
eration in sarily by fault which is to be imput
ed to them as
thoughtful minds in connection with the
opening of blameworthy, yet fault not in external and
immovable
the Orient, will inevitably be found more
pressing barriers. It is still true that "the fault is not
in our
when the cataclysm of the Great War has
passed, stars, but in ourselves," if we remain underlings; he
and the business world faces the new
opportunities who thinks and controls himself, and holds
to both
and the new responsibilities which that day
will bring. patience and hope, and works up to his might,
and
There will be inevitably a new realization
of human watches and waits, ready to do something fit for
brotherhood, as the nations will come
together in doing better than others are doing it—this man will
ways that the world has hitherto never
experienced. climb. No man will climb, even here, by decrying
Trade will inevitably leap forward in
countless new others, by denouncing law, by asserting a natural
channels and with innumerable new
conditions. right to be supported by others, or by followIndividual responsibility will certainly be
extended, ing misleading spouters who want to be borne to
and will have to be accepted as the chief
basis of con- their own comfort on the swollen tide of evil pasfidence where people in one country come
to do busi- sions.
ness with those of another, and where
laws necesThere is nothing so bad as a million of dollars, exsarily widely differ even when they
are known or cept two millions, these inflammatory talkers say,
understood.
and it is to be noted that none of the laws or bills
• Under such circumstances, credit, upon
which all proposing to limit the dangers of wealth has underbusiness must eventually rest, will turn in far
larger taken to name the line at which accumulation bemeasure than in the past upon personal confidence. comes
a public menace. To hold back great tracts
It may be, therefore, that the acceptance of respon
- of land from tillage, that they may be a private
sibility of this kind will come about as the voluntary pleasure groun for
d
a few who live for being amused,
act of the capitalist rather than by any enforce- may be utterl indefe
y
nsible; but whethe
ment of law, which will be a far healthier method. centration of ownership of real proper r large conty is a public
In any case, it will be one of the foundation stones detriment depends on how the property is used.
The
in the structure of the new commercial world. It like can be said of large holdings of any proper
ty,
will have weight, if it be recognized, like the de- for accumulations are not idle, even if
it is true that
cision in Geneva.in the seventeenth century, as being sometimes their owners are.
founded on the precepts of religion, and, therefore,
It may be asserted that the rich are recognizing
as strengthening the dictates of conscience.
the obligation of a virtual trusteeship by giving
back to the public, out of the hope to thereby
avert
THE ROCKEFELLER FOUNDATION AND THE
vengeance. This is easily said, but it is unprofitaRICH.
ble to raise discussions about motive, for they
can
The undertaking of the Rockefeller Foundation to never be settled; suffice
it that the endowments are
send actual food and clothing supplies to the suffer- made, the obliga
tion recognized. The example iting Belgians, in its own chartered ships, in co-opera- self is contagious,
and the course of action is cumution with the Belgian Relief Committee and without lative. Canno
t we accept as true that "a man's a
interfering with the work of individuals or other or- man"
though he be rich and that he does not necesganizations for the same end in their own way, has sarily lose
his own soul entirely, in this earthly life,
more than one discoverable point of significance. which is as
far as human sight can go? Is there any
-The first cargo was started last week, and the Com- sense in
the assumption that whoever has more than
mission appointed by the Foundation to investigate others
has taken from others? Is not wealth often
conditions and take charge of the relief work started merely
the just reward of increasing production,
on Wednesday. This has an obvious advantage over cheapening
transportation, multiplying efficiency?
sending money, in that it carries supplies direct from And even if
the Socialist, who looks to a time when
a country still blessed by peace and abundance and the State shall
be Father of all the people and all
does not draw from countries where the question of property and means
of production shall be under
-continued abundance may yet have to be raised. public ownership, has a vision which is wanting in
Those who personally contribute and whose who the rest of us, the conditions of that possible milmerely look on alike will regard the work with satis- lennium are not yet ready; meanwhile, accumulated
faction and follow the ships with benisons.
capital goes on conferring public benefits which
Why we may not suppose that this action of the would otherwise be either lacking or to be had only
Foundation (the same heavily-endowed Fund which by a general tax.
Nov. 14 1914.]
THE CHRONICLE
1409
standard of the times, it must make up its mind to
THE
pay therefor, nor is the increased remuneration reCHARLES FRANCIS ADAMS ON
quired in any respect inordinate." For Eastern New
RAILROAD PROBLEM.
England, declares Mr. Adams, "the improved serThe venerable Charles Francis Adams has felt vice would more than justify the increase of cost;
moved to write directly to the President concerning moreover, we must have it."
the transportation situation as he sees it. From
Specifically, Mr. Adams condemns public owner1877 to 1890 he was a Government director of the ship and management, whether State or national;
PresiUnion Pacific and from 1884 to 1890 was the
of "under State control and authority it is simply out
member
a
was
he
years
dent of that road; for ten
n- of the question," and under our system of governthe Massachusetts Board of Railroad Commissio
its Chairman. ment, in whatever form attempted, he does not beers and for seven of the ten years was
per- lieve it can work satisfactorily.
For obvious reasons, he does not wish to appear
Here is another and very compact statement,
sonally before the Inter-State Commerce Commis- omitting figures which have been published many
y
a
sion or to become involved in either controvers times, of a condition, a condition brought on or,
or an inquiry. Yet he speaks out of experience, and at least, intensified and prolonged, by insistence upon
he comes forward because he feels "so impressed
a sort of theory. The correctness of the outlook
with the extremely critical condition of affairs and
this veteran observer does not depend upon
the significance, so far as public interests are con- by
of the single remedy he suggests and
acceptance
cerned, of what is now going on in my immediate
"a system of national incorporsufficient,
deems
field of observation."
far as it is required, hi national
so
in
and,
ation,
Forty years ago, he writes, he had much to do with
n."
supervisio
comrailroad
the origin and early development of the
mission movement. Although a pioneer, he had
THE CHICAGO BURLINGTON & QUINCY
little realizing sense of what was to follow, and what
REPORT.
has followed along lines of development has not enThe Chicago Burlington & Quincy Railroad Co. is
tirely commended itself to him. He writes in the
whose income
belief that the present situation is not fully appre- one of those:staunch railroad properties
to make a
sure
is
company
the
is
that
such
strength
ciated "and the elements of danger in it are far more
e
unfavorabl
and
favorable
in
showing
creditable
considerable than is commonly supposed; as that
does
as
30,
June
ends
year
times
The
fiscal
alike.
see,
I
problem presents itself to my mind (he writes),
that of most other railroads, and in the twelve
moreover, no effort at once intelligent and compremonths covered by the present report conditions were
hensive made to deal with it."
not
altogether satisfactory, and yet there was no
although
y,
particularl
In Eastern Massachusetts
reverse. Last season's crop failure did not
he is satisfied that the conditions there are also gen- distinct
the system to the same extent as the Western
eral, he cannot escape the conclusion that as to affect
systems further south,since none of its lines lies in
transportation machinery "we are rapidly falling
of the country—the Southwest—where
behindhand and getting also into a well-nigh in- that part
havoc was done to the corn crop
serious
extricable snarl; the situation, too, while most por- especially
l products by the extreme heat
agricultura
tentous (for it is basic so far as prosperity is con- and other
then prevailed. Nor was the
which
drought
cerned), does not admit solution except through and
general trade in the United
in
reaction
treatment at once drastic and comprehensive." growing
moment with it as in the case
such
of
matter
a
Within 50 miles of Boston there is a present call for States
Mississippi River, since
at least 100 millions of capitalized railway expendi- of the trunk lines east of the
not abound in the
ture in new money; in New York City alone two manufacturing industries do
However, the
railroad companies have expended within ten years, West in the way they do in the East.
or are now expending, approximately 300 millions, traffic statistics furnish evidence going to show that
so that his estimate as to the Boston field is not ex- neither crop conditions nor trade conditions were up
cessive. In Eastern New England the problem goes to those of the previous year.
The agricultural tonnage, as it happens, was actufar past dividends on existing investment; to bring
ally
somewhat larger than in the previous year,
modern
meet
properly
the physical properties up to
g 7,019,842 tons, against 6,727,623 tonsin
aggregatin
100
and
the
millions,
means
conditions
e
competitiv
without it Eastern New England cannot maintain 1913, but the increase was entirely due to the traffic
received from connections; the amount originating
itself industrially.
Those managing this largest active business in the on the road was only 5,054,144 tons in 1914, against
country control neither outgo nor income; "they are 5,195,911 tons in 1913. With the exception of the
told what they must do and pay, and have no voice products of agriculture, all the leading classes of
in what they are to charge." This Mr. Adams pro- freight bulked smaller in 1914 than in 1913. In
nounces a solecism. "It is economically unheard of— animal products the tonnage was 2,261,604 tons,
absurd; it needs only to be stated; it is financially im- against 2,317,830 tons; in mineral products 13,254,possible of long continuance." Local boundary 673, against 13,664,485 tons; in forest products,
lines have become outgrown; machinery and legisla- 2,124,789 tons, against 2,320,188; in manufactures,
tion of States have become antiquated. It is futile 5,017,451, against 5,490,096 tons; in merchandise
to say again that some instances of abuses and scan- 1,862,824, against 2,072,275 tons, and in miscellane
a
showing
thus
tons,
865,982
against
ous
847,617,
is
no
there
business
dals have occurred; they have, but
management on earth where some such could not be general, though relatively small, falling off, with the
discovered. The railroad candle has been burned total freight traffic aggregating 32,388,800 tons,
In the number of tons
at both ends, expenses compulsorily increased and against 33,458,479 tons.
was 8,612,629,607,
the
aggregate
mile
one
moved
"if
the
comnow
reduction;
to
rates tending steadily
the
597,
off amounting to
falling
8,791,435,
against
syse,
a
with
convenienc
and
munity wishes safety
In
2%.
over
the
a
little
only
passenger
traffic there
demand
and
the
to
equal
tion
tem of transporta
1410
THE CHRONICLE
[VOL. xcrx.
was a trifling increase, there beinglhereino_evidence such successful results. He pointed out that many
of business depression.
improvements and additions which in no way inAs a result of these circumstances gross earnings crease earnings are demanded by the public. He
fell off from $94,374,485 in 1913 to $92,750,934in instanced elevation of tracks through towns and
1914 and the net earnings declined from $27,840,544 cities, the elimination of grade crossings, both rail
to $26,433,387. The showing as to net would have and highway, and new and more expensive passenger
been better except that there was another sharp rise stations, as outlays belonging in that category. He
in taxes, the amount of these for 1914 having been declared it was unwise to pledge the credit of a
$4,028,900, against $3,563,858 in 1913 and only company for non-revenue-producing improvements
$3,303,058 in 1912. There was also a falling off in of this character because there was no compensation
the income from miscellaneous sources, and alto- for the increase in fixed charges that would result
gether the company had about $2,000,000 less of net from such new capital additions. Accordingly, a
income available for charges and dividends than in prudent regard for the welfare of the company, he
the previous year, namely $27,934,464, against insisted, requires that such expenditures should be
$29,800,474.
provided as far as possible out of income. Obviously
The only effect of thisross in net income was to the public gets the benefit, since the company
diminish the amount appropriated out of income for thereby avoids the necessity of earning increased
additions and betterments. In other words, the amounts for interest and dividends.
amount set aside for betterments was only $5,715,We have on several occasions in the past made
875, against $7,647,743. The company has long allusion to the vast sums that have been put
into the
followed the policy of applying large amounts of Burlington & Quincy property as a result
of the
income for improvements and betterments, varying conservative methods of management, and the
subthe sum contributed according to the amount of ject is always a timely one. From the balance
sheet
income available. Dividends have been rigidly limi- we learn that since June 30 1907 alone the additions
ted to 8%, no matter what the amount actually to property through income have aggregated $27,earned for the stock, and it is to thisrpolicy that the 146,235. The amount averages nearly $4,000,000 a
strength of the property must be attributed. It is year. From the balance sheet we also learn that the
a policy, too, that inures to the benefit of the public, sums invested in sinking funds on June 30 1914 stood
since if the money applied in this way had not come at $34,625,209, besides which there was $3,740,856
out of income it would have had to be provided of reserves not specifically invested, making altothrough new capital additions—the issuance of stock gether for the three items a total of $65,512,300.
or bonds—thereby adding, to that extent, to the And yet this hardly tells half the story. There is, in
yearly fixed requirements. As against $5,715,875 addition, a credit balance to profit and loss in the
applied out of income for additions and betterments in large sum of $93,194,107. Altogether, therefore, we
the late year and $7,647,743 applied in the previous get a grand total of $158,706,407 of surplus invested
year, the amount applied in 1911 was $4,826,755,in for the physical or financial betterment of the
1910 $3,329,006, and in 1909 $2,237,081. The system.
capital stock of the company has long stood unAt the same time there has been growing efficiency
changed at $110,839,100 and the call for the 8% of operations, or rather the application
of surplus
dividends is $8,867,128. After allowing for this and income has permitted the promotion of
operating
for the $5,715,875 applied toward betterments, there efficiency to its fullest extent. The progress has been
remained a surplus on the late year's operations in particularly noteworthy since 1901, when the Buramount of $2,531,404.
lington & Quincy came under the joint control of the
It would be out of the question for the company Great Northern and the Northern Pacific, and Great
to make such a favorable income showing except for Northern methods were introduced into its managethe policy so steadfastly adhered to of putting ment. One illustration of what has been accomback into the property each year a considerable plished in that respect will suffice. In 1901 the
amount of the income. Even after the application freight trains were obliged to run 19,314,987 miles in
of income in this way, a considerable sum has to be order to move 3,871,337,916 tons of freight one mile.
raised each year to provide for the proper develop- In 1914, however, the trains (including mixed train
ment and extension of the system and to supply the mileage) ran only 17,996,593 miles and moved no less
added facilities for a growing volume of traffic. than 8,612,629,607 tons of revenue freight one mile.
During the late year, for instance, the funded debt During these thirteen years the average freight-train
was increased $5,692,000. The use of income in the load (notwithstanding a trifling falling off in the late
way indicated avoids undue increase in capitalization. year) has been raised from 200 tons to 478 tons:
Another distinctive feature in Burlington & Quincy
affairs has always been the large annual payments
THE SOUTHERN PACIFIC UNDER
into the sinking funds. Obviously, these sinking
UNFAVORABLE CONDITIONS.
funds provide for debt extinction. Of course any
Chairman Julius Kruttschnitt of the Southern
property must be considered fortunate now-a-days
Pacific Company does not mince words in speaking
which has net income enough to be able to set aside
of the oppression under which the railroads of the
substantial amounts for betterments. The fact is,
United States are forced to labor,the Southern Pacific
however, the Burlington & Quincy persistently adalong with the rest. On the contrary, he is outhered to its policy in that respect when other comspoken in denunciation of the generally hostile course
panies did not appreciate the need of so doing, even
pursued by legislative and governmental authority
though they had adequate revenues.
and uses plain and vigorous language in expressing
The late Darius Miller, in the annual report for his
disapproval. It is refreshing to find a railroad
1912, indicated some of the considerations that
official who is not afraid to speak the truth. There
have influenced the management in adopting and are other railroad men, of course,
who belong in the
adhering to the policy which has been attended with same/category with Mr. Kruttschnitt in this respect,
Nov. 14 1914.1
THE CHRONICLE
1411
Note too, how heavily taxes are being increased.
President Ripley of the Atchison being foremost
There
was a further increase of nearly one and oneamong these, but the practice is altogether too
half
million
subject
dollars in the late year ($1,465,338),
common among railroad officials to treat the
raising
the
total
of the taxes to over seven million
speak
to
or
silence
gingerly—either to maintain
ap624.
The report tells us that during
qualified
dollars—$7,162,
express
with bated breath, or yet to
an increase of 24.46% in
with
ten
the
years,
past
destructive
the
to
-endorsement
proval and give quasi
taxes increased
operated,
tracks
all
will
of
mileage
that
that
theory
the
on
work that is being done,
or
204%.
$4,809,871,
fairer
treatment
insure
and
sentiment
placate public
Having suffered from the causes here enumerated
in the end. Not a few banking houses adopt this
latter policy. They pat the Governmental authori- and from various others common to the whole railties on the back, affect to believe they are doing road world, the company's income account for the
really excellent work, issue circulars telling their twelve months covered by the present report is
clients how the railroads are benefiting thereby, naturally very much less favorable than was that
(while the course of events shows the exact opposite for the year immediately preceding. Gross earnto be true), often argue that the powers of the Inter- ings were well maintained and yet fell off $4,254,446,
State Commerce Commission should be further in- which, however, is a relatively small decrease for a
creased, which would make escape from the tyranny system with the earning capacity of the Southern
of that body altogether out of the question, and in Pacific, the falling off being less than 3%. The total
the end find themselves obliged to make a plea that of the gross,even after the reduction,stands at$138,the roads should be allowed to increase their rates, 520,258. Concurrently, however, expenses, instead
authority for which is so difficult to obtain from the of being reduced, were increased in amount of $2,258,197. Accordingly, there was a loss in net in the
Commission.
course
large sum of $6,512,642, or nearly 15%. Of the
proper
the
only
done,
being
is
wrong
When
to pursue is to characterize it as being wrong and decrease in gross earnings, $1,903,888 was in pasinsist on its being redressed. No public official sengers and $135,101 more was in express, and the
should be allowed to think that his course is bene- report explains the contraction here as being due
ficial when it is precisely the reverse. And to show to "deferred travel in anticipation of the California
fear when courage is demanded is hurtful and inex- Expositions, and numerous conventions to be held
cusable. Mr. Kruttschnitt sees this very clearly on the Pacific Coast in 1915; the diminished transand therefore he repeats his suggestion of the pre- portation of labor incident to the postponement of
vious year and asks the shareholders to "take an new enterprises; the curtailment of excursion, touractive part in repelling the attacks of demagogues ist and commercial travel by enforced economy; inon your property." He well says that unfair treat- creased competition from interurban electric lines
ment of railroads is due in great part to the belief and motor vehicles; and reduction in express rates
of politicians that only financial magnates suffer by the Inter-State Commerce Commission and the
therefrom. "The surest remedy for the evil is for Railroad Commission of California, which became
railroad investors to give unmistakable evidence of effective in February and March of this year." The
their numbers and of their resentment of unfair legis- loss in freight earnings resulted from a variety of
lation or regulation." He then goes on to say: "You causes. It is also estimated that reduced rates comnow number over 30,000 and with the stockholders pelled by the influence-of Federal and State commisof other railroads and with investors in their securi- sions resulted in a shrinkage of at least $500,000 in
ties you form a body of a million or more voters, the gross revenues,and it is estimated that cumulative
whose protests, backed up by ballots, can lawfully reductions of this character during the four years endexert sufficient force to compel fair treatment by ing June 30 1914 decreased the gross revenues at
your servants in Congress, in legislatures and on least $4,000,000.
As it happened, too, weather conditions were abcommissions. The common interests of railroad
shareholders and of investors in every community, normal during the year and obstructions to traffic
no matter how small, should cause them to actively caused serious losses in earnings and heavy increases
participate in every election and to perform faith- in expenses. It is pointed out that in every month
fully all other duties of citizenship, in order to secure of the fiscal year except November damages from
proper representatives and protection for their in- washouts and landslides were frequent and embarrassing, the total number of interruptions having
terests."
This is the literal truth, and it is well to state it been no less than 227, with an average delay of three
with emphasis. The hardships that crowd in upon days each. These unusual conditions, it is stated,
the railroads are really appalling. For instance, Mr. caused serious losses in earnings, while the expenses
Kruttschnitt points out that during the fiscal year for repairs amounted to $1,278,527, an increase over
ended June 30 1914 the cost of complying with the expenses of a similar character in the preceding year
burdens imposed by needless legislation and with the of $880,398. It is stated, furthermore, that on the
unreasonable requirements of Federal and State California lines alone a further expenditure of $1,284,commissions aggregated no less than $1,099,405 000 will be required to restore previous conditions
and this sum was added to the year's operating ex- and to provide reasonable protection against future
penses. Of the total, $425,634 represented the cost damage, of which amount $475,000 will be chargeaof compiling statistics, printing tariffs and other ble to operating expenses. Except for the year's
similar requirements of Federal and State commis- extraordinary charges, amounting to $2,617,760,
sions. No one would imagine that such a vast operating expenses of the rail lines would, the report
burden could be imposed upon a single company states, have shown a decrease of $1,952,803 instead
through apparently minor acts. And if that is the of an increase of $664,957.
Further advance in operating efficiency was atexperience in this one case, what may we suppose
the
in
the
railroads
substantial economies being effected by raisall
tained,
to
cost
yearly
the
be
must
ing the average freight train-load from 461 tons to
country from such acts?
1412
THE CHRONICLE
471 tons and by promoting greater efficiency in the
use of locomotive fuel, this last being accomplished
through the moving of 7.95% more gross ton miles
per pound of fuel in freight service and of 8.70%
more gross ton miles per pound of fuel in passenger
service. The saving in the fuel bill in that way
amounted to $707,627.
Notwithstanding all this, however, as we have already seen, net earnings fell off $6,512,642. Accordingly, after providing the sum needed to meet
the requirements for the 6% dividend paid, there was
a surplus on the year's operations of only $4,091,127, as against a surplus of $10,506,874on the operations of the previous year. The result, however,
must be regarded as highly encouraging, considering
the conditions encountered. The company's new
capital requirements from year to year are naturally
very large, and during the late year there was a net
increase in funded debt of $37,716,967. On that
point the report, it is important to note, closes with
the remark that the reduction in yearly surplus, due
to causes largely beyond control, has imposed on the
company the necessity of reducing the expenditures
for new construction, additions and betterments
of the property to the lowest possible limit. Uncompleted work, it is stated, is being slowly carried
on to protect the investment already made, but the
significant remark is added that "no extensions or
improvements of any description not imperatively
needed for protection of the property are being authorized or even considered."
[VOL. xc
The subjoined compilation, changed but slightly
from the table presented a month ago, shows at a
glance the cereal outlook for this year, as compared
with 1913, 1912 and 1911 and the high records of
production.
Production.
Estimated
(000.000s omitted) 1914.
Winter wheat
675
Spring wheat
217
Corn
2.706
Oats
1,140
Barley
197
Rye
43
Total
4,978
Final
1913.
523
240
2,447
1.122
178
41
Final
1912.
400
330
3,125
1,418
224
36
Final
1911.
431
191
2,531
922
160
33
High
Records.
523(1913)
330(1912)
3,125(1912)
1,418(1912)
224(1912)
41(1913)
4,551
5,533
4,268
5.661
The white potato crop, which a month ago was
figured as promising an aggregate yield of 382 million bushels, is now estimated at 406,288,000 bushels,
or 75 million bushels above that of 1913 and but
14 millions below the record yield of 1912. Quality
is above the average, enhancing the food-value of
the tuber. The tobacco crop, too, it is expected,
will turn out quite a little better than seemed likely
on October 1, the estimated average product per
acre having been advanced from 821.3 lbs. to 853.8
lbs. and the total crop from 954 million lbs. to 982
million pounds.
This November report, it is to be noted, also forecasts the production of cotton for the year, placing
the yield per acre at 200.6 lbs., or a total of 7,341
million lbs., which at the current average net weight
of bales would mean about 15,000,000 bales, not
including linters.
The Department caleulates,on the basis of November 1 prices, that the important farm crops of the
United States this year are valued at $5,068,742,000,
THIS YEAR'S CROPS.
or
104 million dollars greater than last year, notThe corn crop of the United States the current
withstanding, as it remarks, a loss of 418 million
year, according to the November estimate of the
dollars sustained by cotton planters on lint alone,
Department of Agriculture announced on Monday,
as a result of the European war.
promises to be somewhat greater than seemed probable a month ago,and the estimates of the production
of white potatoes and tobacco are also raised moder- • RAILROAD GROSS EARNINGS FOR OCTOBER.
ately. Furthermore, the yield of fruits, such as
There is a lot of "sunshine" talk in certain quarapples and oranges, that enter quite largely into ters, encouraged by people who think that business
consumption during the winter months is indicated depression or business prosperity is a matter of
to have been much larger than a year ago and ap- psychology, or else by people who think this country
parently of excellent quality. On the whole, there- cannot fail to thrive upon the miseries and afflicfore, and taking into account also the bumper wheat tions of Europe. To those thus inclined the precrop already secured, the country is not only well liminary statement of railroad gross earnings which
supplied with the most general articles of foodstuffs we present to-day for the month of October will bring
to carry us to next crop time but can spare much to disillusionment. These returns deal with actual
the localities where war has cut off or reduced home facts, and they show that whatever one may think
supplies.
the results ought to be, in verity they record a treThe corn crop is now estimated at 2,705,692,000 mendous shrinkage in revenues,and in this are indicabushels, or 259 million bushels more than the yield tive of the industrial prostration now common to
of last year, but 420 millions smaller than the record the whole country. Europe may be experiencing
production of 1912. The contrast with a year ago industrial paralysis by reason of the war. But here
is most noticeable in Kansas, where last year the in this country we are experiencing industrial paralycrop was a virtual failure, owing to the havoc sis hardly less pronounced and the cause is mainly
wrought by the summer drought. The product per the same (notwithstanding that we• do not come
acre for that State is given as 18 bushels, against within the area of the conflict),though there are also
only 3.2 bushels in 1913 and the aggregate crop other contributing causes, this country having been
115,956,000 bushels, against 23,424,000 bushels. in the throes of business depression long before the
The stock of corn in farmers' hands on November 1, European cataclysm.
as a natural sequence of the considerably diminished
Stated in brief, the United States and Canadian
yield of 1913, is found by Government investigation roads represented in this early statement, and which
to have been much smaller than usual at this time. embrace only 92,332 miles of road, show a loss in
Aside, of course,from any supplies from this season's earnings of no less than $14,270,984, or 15.80%, the
growth, the amount held on farms November 1 1914, total of the gross for the present year being only
is placed at 80,069,000 bushels, or but 3.3% of the $75,767,580, against $90,038,564 in October last
1913 crop, as contrasted with 137,972,000 bushels, year. All classes of roads and all sections of the
or14.4% of the 1912 yield on hand the same date in country contribute to the falling off. The largest
1913 and a ten-year average holding of 3.7%.
losses occur on the Canadian roads, though United
Nov. 14 1914.1
THE CHRONICLE
States roads are a close second. The Canadian
Pacific alone loses $5,205,000 for the month, and the
other Canadian roads have also fallen heavily behind,
the Canadian Northern having lost $791,800, the
Grand Trunk of Canada $643,224 and the Grand
Trunk Pacific $264,095. Altogether, nearly onehalf the $14,270,984 decrease is supplied by the
Canadian roads. That, however, still leaves $7,366,865 loss on the roads in the United States, or
10.95%.
The United States roads represented in our statement,asis always true of our early preliminary exhibit,
comprise mainly Southern cotton-carrying roads and
Western grain-carrying roads. The Western roads
register heavy decreases,notwithstanding a great expansion in the grain movement,stimulated by the high
prices prevailing. The Southern cotton-carrying roads
have suffered tremendous losses because of a shrinkage in the cotton movement and the pronounced trade
depression in the South arising out of the low price
prevailing for the staple and the cutting off in large
part of the European demand for it. The Louisville & Nashville has suffered a loss of $1,302,749
and the Southern Railway of $1,271,909. But the
Great Northern, in a wholly different part of the
country, little influenced by the cotton situation,
has fared only a trifle better, and has a loss of $949,406. In the following we show all changes for the
separate roads for amounts in excess of $30,000,
whether increases or decreases. There are just a few
noteworthy increases, arising out of special causes.
Thus the Chesapeake & Ohio has $136,505 increase,
due to the wonderful development of the company's
coal traffic, while the Colorado & Southern and the
Mineral Range have increases because comparison
is with strike periods last year.
PRINCIPAL CHANGES IN GROSS EARNINGS IN OCTOBER.
Decreases.
Increases.
Chesapeake & Ohio
$136,505 Denver & Rio Grande_ .. $199,500
Denver & Salt Lake
78,625 St Louis Southwestern__.. 183,000
Detroit Toledo & Ironton_
155,000
66,156 Western Pacific
Colorado & Southern..
152,338
65,019 Yazoo & Miss Valley
Mineral Range
148,242
50,224 Chic New Orl & Tex Pac_
127,142
Alabama Great Southern_
125,947
Representing 5 roads in
Chicago & Alton
125,662
our compilation
5396.529 Texas & Pacific
92.944
Decreases. Duluth South Shore &Atl
Canadian Pacific
82,538
$5.205,000 Missouri Kansas & Texas_
72,205
Louisville & Nashville_ _ -- 1,302,749 Chicago md & Louisville..
Southern Railway
66,417
1,271.909 New On & Northeastern..
Great Northern
54,322
949,406 Minneap St Paul & SS M
Canadian Northern
39,292
791.800 Midland Valley
Illinois Central
38.712
644,893 Minneap & St Louis-Grand Trunk
35.337
643,224
Seaboard Air Line
34,333
l
a
c
e
i
rn
b
516,275 AleaobrgrStu
Mobile & Ohio
33,556
310,713 Vicks Shreve & PacificMissouri Pacific
31.415
307,000 Chicago Great Western_
Wabash
Buffalo Rochester & Pitts 298:057
Rerirgrgn
nifpntron
a_d!
Grand Trunk Pacific
io
a264,095
i14,609,421
1413
to 1908 there was a, continuous series of increases
year by year back to 1896. The following table
furnishes a summary of our early October totals
from the last-mentioned year down to the present
time.
Mileage.
Gross Earnings.
October.
Year
Year InGiven. Preced. cr'se.
Year. Roads
1896- 127
1897._ 127
1898._ 123
1899....__ 105
1900.. _ __ 93
1901..___ 99
1902_.._ _ 78
1903...... 72
1904_ _ _. 67
1905._ 51
1906.... 68
1907_.__ 56
1908.... 47
1909....... 48
1910_ _ __ 49
1911__ _ _ 45
1912 ____ 47
1913 _-__ 49
1914 ____ 49
Jan. Ito
Oct. 31.
1896_-- 122
1897....... 123
1898_ 123
1899 _ _ _.. 102
1900._ _ 91
190L.._.. 94
1902_ _ __ 77
1903 _ _ __ 71
1904 _ - _ _ 67
1905_ _ _ _ 51
1906 _ ___ 67
1907.......
_ _ _ _ 55
1908_ _ __ 47
1909 _ ___ 47
1910.... __ 49
1911_ _ _ _ 45
1912___ 47
1913 ____ 49
1914
49
Year
Given.
Year
Preceding.
$
47.974,125
53,959,376
53,975,132
59,382,536
56,051,244
74,753,570
69,104,832
72,406,972
66,390,161
66,053,039
86,795,590
60,724,491
65,130,556
71,067,075
69,014,101
72,398,865
85,141,427
89,855,833
75,767480
$
,50,354,822
49,604,841
51,596,900
53,523,877
53,318,505
66,509,179
64,760,432
68,739,460
63,939,889
62,631,366
78,007,440
57,338,839
67,809,430
63,587,684
67,173,773
68,742,513
75,813,471
88,489,123
90,038,564
Increase (+)
or
Decrease (-).
Miles.
92,815
97,154
93,681
94,835
88,014
101,364
91,531
90,509
83,724
80,243
92,760
74.306
79,664
81,508
81,498
82,623
86,131
91,229
92,332
Miles.
92,031
95,865
92,684
93,275
85,275
99,698
89,611
88,557
82,234
78,454
90,499
73,130
78,212
80,003
79,146
81,105
84,457
89,094
90,964
%
0.85
1.34
1.07
0.60
3.21
1.67
2.14
2.20
1.81
2.27
2.49
1.62
1.87
1.89
2.82
1.87
1.98
2.40
1.50
91,414
96,417
93,681
93,464
87,150
99,915
91,495
90,451
8.3,724
80,243
92,684
73.904
79,664
81,298
81,498
82,623
86,131
91,229
92.332
90,650
95,128
92,684
91,926
84,411
98,259
89,575
88,499
82,234
78,454
90,423
72,728
78,212
79,793
79,146
81,105
84.457
89,094
0RAR4
0.84 383.160,172371,096.854 +12,072,318 3.25
1.35 415475,268 397,417,261 +18,158,007 4.56
1.07 439,652,886400,664,744 +38,988,142 9.73
1.67467,546.154 426,901,050 +40,745,104 9.54
3.24 462,336,832 421,222,209 +41,114,623 9.78
1.68 5(5,247,576 536,350,655 +58.896,921 10.98
2.14 567,732,440524,404,004 +43,328,436 8.26
2.20 634,403,248 568,511,986 +65,891,262 11.59
1.81 548,856,559 547,805.805 -1-1,050,754 1.19
2.27 547,274,910 511,171.825 +36,103.085 7.06
2.49 743,656,008650,711,998 +92.944,010 14.28
1.63 535,674,837 487,000,527 +48,674,310 9.97
1.87 510,880,199 588,284.727i -77,404,528 13.16
1.89 558,083,964 498,524,900 +59,559,064 11.94
2.82 599,753,297 534,476,391 +65,276,906 12.21
1.87 600,348,145 586,824,827 +13,523,318 2.30
1.98 696,159,486 642,398,210 +53,761,276 8.37
2.40765,729,096 714.201,552 +51,527.544 7.22
inn 711(1 AM 000 751 !IRS 595 -54.782,844 7.20
-2,380,697 4.72
+4,354,535 8.77
+2,378,232 4.61
+5,853,653 10.94
+2,732,739 6.12
+8,244,391 12.39
+4,344,400 6.71
+3,667,512 5.33
+2,450,272 3.83
+3,421,673 5.46
+8,788,150 11.26
+3385.652 5.91
-2,678,874 3.95
+7,479,391 11.76
+1,840,328 2.14
+3,656,352 5.28
+9,327,956 12.30
+1.366,710 1.57
-14,270,984 15.82
Note.-Neither the earnings of the Mexican roads nor the mining operations
of the anthracite coal roads are included in this table.
The grain movement in the West the present year
in October was of prodigious dimensions, and it
illustrates the part played by business depression in
affecting the traffic and revenues of the roads that
earnings should have been so heavily reduced despite the great gain in the grain movement. The receipts of wheat for the four weeks ending Oct. 31
were no less than 46,404,000 bushels this year,
against only 28,936,000 bushels in the corresponding
four weeks last year, and the receipts of oats 30,436,000 bushels, against only 18,536,000 bushels.
Adding rye, barley and corn, the latter two of which
recorded a diminished movement, aggregate grain
receipts for the four weeks the present year were no
less than 101,382,000 bushels,. as against only 73,574,000 bushels in the same four weeks last year.
In the following we give the details of the Western
grain movement in our usual form:
a These figures are for three weeks only.
As it happens, too, earnings last year were poor or
indifferent and in individual cases registered decreases, to which the present decreases are additional.
Speaking of the roads collectively, our early statement last year, comprising about the same roads as
represented the present year, showed only $1,366,710 increase, or not more than 1.57%, and more than
the whole amount was contributed by the Canadian
systems. In the years preceding, the comparisons
were pretty favorable. In October 1912 our early
statement recorded $9,327,956 gain, or 12.30%;
in October 1911 our preliminary statement showed
$3,656,352 increase, or 5.28%; in 1910, too, our
early exhibit registered some improvement, the gain
reaching $1,840,328, or 2.14%. The year beforeOctober 1909-the gain was of large proportions, being for the roads included in our early compilation
$7,479,391, or 11.76%. The increase then, however,
followed in part from the circumstance that in October 1908 (succeeding the panic of the previous year)
there had been a loss of $2,678,874, or 3.95%. Prior
WESTERN FLOUR AND GRAIN RECEIPTS.
Four.
Corn.
Oats.
Barley.
Rye.
weeks end.Flour.
Wheat.
(bush.)
(bush.) (bush.)
ing Oct.31.
(bbls.)
(bush.)
(bush.)
Chicago1914._ 830.000 7,325,000 5.353,000 15,955,000 3,489.000 310,000
1,911,000 4,465,000 8,025,000 4,406,000 371,000
1913_ _ _ _ 831,000
Milwaukee619,000 3,908,000 2,181,000 459.000
1914_ _ _ _ 315,000
1,305,000
391,000
1913.... 146,000
194,000
694,000 1,595,000 214,000
St. Lou s1914..... 313,000
2,872,000
919,000
1,714,000
334,000
21,000
1913_ _ _ _ 263,000
1,806,000
1,102,000 2,140,000
455,000
49.000
Toleck1914_
796,000
118,000
279,000
4,000
8,000
1913_
397,000
229,000
308,000
1,000
3,000
Detroit1914..._
33,000
203,000
101,000
277,000
1913..___
28,000
81,000
197,000
365,000
Cleveland1914_ _ _
120,000
94,000
294,000
121,000
25,000
1913_
154,000
18,000
289,000
107,000
343,000
1,000
Peoria1914.... 174,000
77,000
627.000
735,000
287,000
66,000
1913.......
91,000
100,000
973,000
766.000
291,000 139,000
Duluth1914.,
10,503,000
1,847,000 1,796,000 1,500,000
1913....
10,037.000
401,000 1,257400
40,000
Minneapolis1914_
15,061,000
1,041,000 3,218.000 3,366,000 655.000
245,000 2,763,000 4,296,000 830.000
11,166,000
1913..
Kansas City6,316,000
1914_
383,000
680,000
1,950,000 1,842,000
1,260,000
1913..
Omaha1914_
1,825,000
786,000
1,529,000
1,079,000 2,275,000
1913._
1,707,000
Total of All1914_ __ 1,785,000 46,404,000 10,041,000 30,436,000 11,482,000 3,019,000
1913.... 1,513,000 28,936,000 11,811,000 18,536,000 12,644,000 1,647,000
THE CHRONICLE
1414
The cotton movement was of small dimensions,
not because the crop is short or a diminished quantity has been ginned, but because the price has been
cut in two and planters therefore are holding the
staple off the market. The shipments overland the
present year were 143,925 bales, against 211,000
bales in October 1913 and 161,278 bales in October
1912, and the receipts at the Southern outports were
no more than 961,794 bales, against 2,101,940 bales
and 2,162,969 bales, respectively, in the two years
preceding, as will be seen by the following:
REGEXPTS OF COTTON AT SOUTHERN PORTS IN OCTOBER AND FROM
JANUARY 1 TO OCTOBER 31 1914, 1913 AND 1912.
October.
Since January 1.
Ports.
Galveston
bales
Texas City &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News, &c
Total
1914.
1913.
1912.
456,786
63,114
115,737
20,660
8,250
169,192
6,760
47,716
546,237
121,372
238,850
93,320
44,369
554,801
97.800
149,381
21.674
45,236
2,669
130.765
115,693
9,352
855,293 1,938,370 2.274,896 2,944,736
213,996 287,094 473,325 609,097
260,058 992,030 793,008 1,111,924
54,391 162,890 211,49. 229,175
26,459
68,885
96,555 109,447
357,584 678,067 1,180,517 1.330.155
52,459
76,208 204,784 257,789
100,433 107,071 290,524 262,413
110
389
107,939 101,556 233,413 344.117
129,372 277,018 363,925 453,165
5.004 117,374
35,237
73,876
1914.
1913.
1912.
961,794 2.101,940 2.162,969 4,806,564 6,196,432 7.787,634
To complete our analysis we annex the following
six-year comparisons of the earnings of leading roads
arranged in groups:
EARNINGS OF SOUTHERN GROUP.
October.
Ala Gt South__
AlaNO&TPN 0& N E.
Ala & Vicks_
\ricks Sh & P
Ches & Ohlo_c
Cln NO& T P_
Lou & Nash_b_
Mobile & Ohio
Seaboard A L_
Southern Ry__
Yazoo & M V_
Total
1914.
1913
1912.
1911.
1910.
1909.
S
387,009
$
514,151
$
489,378
$
424,300
$
399,075
$
370,630
287,705
140,403
127,677
3,416,973
816,861
4,554,765
892,824
1,738,687
5.513.242
1,057,476
354.122
175,740
161,233
3,280,468
965,103
5,857,514
1,203,537
2,254.962
6,785,151
1,209,814
336.837
175,509
153,818
3,107.620
884,577
5,390,953
1,127,506
2,149,519
6,338,195
1,043,480
376,750
159,599
126,871
2,909,738
832,937
5,182,825
1,146,792
2.024,275
5,826,118
784,921
295,938
169,190
134,620
2,903,392
808,416
4,922,964
916,392
1,835,894
5,478,391
965,137
335,826
164,777
137.773
2,706,950
799,455
4,760,690
937,613
1,741,268
5,326,232
1,024,095
19,204,242 22,761,795121,197.392 19,795.126 18.829.409 18.251.309
• b Includes the Louisville & Atlantic and the Frankfort & Cincinnati.
C Includes Chesapeake & Ohio of Indiana beginning July 1 1910.
EARNINGS OF SOUTHWESTERN GROUP.
October.
1914.
Cob & South_ 1,338,197
Deny & It G__ 2,301,900
Inter & Gt N.81,066,726
Mo Kan & T_a 3.068,530
Mo Pacific_ _ _ _ 5,298.000
St L So West_ 1.025.000
Texas & Pac__ 1,741,212
Total
1913.
1912.
1911.
1910.
1.273.178
2.501,400
1,066,726
3,151,068
5,605.000
1,208,000
1.866,874
$
1.528,349
2,485.473
1,354.425
3,440,888
5.838.337
1.286,668
1,971,057
$
1,382,295
2.193,056
1,137,954
3.064,257
5,268.363
1,195.159
1.732.729
1,632.436
2,284.437
962,017
3,164,139
4,886,886
1,174.874
1,645,111
1909.
1,609,924
2,269,460
862.519
2.856,104
4.915.314
1,148,285
1,575,952
15,839.565 16,672.246 17.905.197 15,973,813 15,749,900 15.237,558
a Includes Texas Central in 1914. 1913, 1912, 1911 and 1910 and Wichita Falls
line from Nov. 1 1912.
S Month this year not yet reported; taken same as last year.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
October.
Canadian Pao_
Chic Gt West*
Dul So Sh & A
Gt Northern__
Minn & St L.1
Iowa Cent_ i
M SP & S S M
Total
1914.
1913.
1912.
1911.
1910.
$
$
t
$
$
9,152,000 14,357,000 13,0110.398 11,207.992 10,229,370
1,289,508 1,320,923 1,341,976 1,252,261 1,233,918
280,052
283,330
288,772
337,983
245,039
7,972,656 8,922,062 8,737,612 7,112,815 6 579,390
767,739 J524,091
961,650
039,984
901,272
1334,160
3,072,316 3.126,638 3,322.942 2.610,789 2,161,920
1909.
$
9,744,597
1,115,170
308,234
7,253,966
566,024
327,563
2,610,675
22.632.791 29,004,590 27,713,350 23,234,926 21,342,901 21,826,229
*Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
October.
1914.
1913.
1912.
$
$
$
920,037 1,218.094 1,053,603
Buff Roch & P
Chic & Alton__ 1,271,576 1,397,523 1,595.116
674.003
661,523
589,318
ChM Ind & Lou
Grand Trunk
4,901,954
5,047,641
4,404,417
Grd Trk W
DetGII&M
Canada AU
Illinois Cent_c 5,463,749 6,108,642 5,932,491
140,405
138,670
111,646
Tol Peo & W._
357,517
415,184
Tol St L St W_ a415,184
2,560.849 2.867,240 3,014,984
Wabash
IWA1
1911.
1910.
1909.
$
$
$
800,899
889,593
832,569
1,397,978 1,305,758 1.303,341
537,236
541,476
610,721
4,468,718 4,200,039 4,043,361
4,639,641 35,720.975 5,301,602
106,926
117,297
114,866
340,721
341,283
352,150
2,691,293 2,848,208 2,647,490
15 728.773 17.854.517 17.670.073 15.107,936 15,964,629 15,081,576
a Month in 1914 not ye reported; taken same as last year.
b No longer includes receipts for hire of equipment, rentals and other toms.
e Includes earnings of Indianapolis Southern beginning with July 1910.
We now add our detailed statement for the month,
comprising all the roads that have thus far furnished
returns for October.
fVoL. xcix.
GROSS EARNINGS AND MILEAGE IN OCTOBER,
Gross Earnings.
Mileage.
Name of Road.
1914.
1913.
$
387,009
$
514,151
Inc.(+)or
Dec.(-).
1914.
1913.
$
-127,142
Alabama Great Southern
309
309
Ala N 0 & Tex PacificNew On & Northeast_
-66.417
354,122
202
287,705
202
Alabama & Vicksburg
175,740
-35.337
140,403
142
142
Vicks Shrev & Pacific_
-33.556
171
161.233
127,677
171
Ann Arbor
+1,898
226,257
291
228,155
291
Bellefonte Central
-1.241
27
27
8,859
7.618
Buffalo Rods & Pitts.--296,057
586
576
920,037 1,218,094
Canadian Northern.-791.800 4.670 4,316
1,895,300 2,687,100
Canadian Pacific
9.152.000 14,357,000 -5.209.000 12,319 11,791
Chesapeake & Ohio_ _- 3,416,973 3.280.468
+136.505 2.367 2.340
Chicago & Alton
-125.947 1.033 1.026
1,271,576 1,397,523
Chicago Great Western- 1,289,508 1,320,923
-31,415 1.496 1.496
Chicago Ind & Louisv
616
616
-72,205
661.523
589,318
Cinc New On & Tex Pac
336
336
-148,242
965,103
816.861
Colorado & Southern_ -- 1,338,197 1,273.178
+65,019 1,867 1,871
Denver & Rio Grande._ 2,301,900 2,501.400
-199,500 2,585 2,560
Western Pacific
933
942
-155,000
544.300
699,300
Denver & Salt Lake
214
255
+78.625
81,667
160,292
Detroit & Mackinac_ 411
98.949
411
-6.011
106,960
Detroit Toledo & Iront441
441
210,247
+66,156
144.091
Duluth South Sh & Ati_
626
627
-92.944
337.983
245,039
Georgia Southern & Fla_
212.147
395
395
-34.333
246.480
Grand Trunk of Can..
Grand Trunk West__
4,404,417 5,047.641
-643,224 4,549 4.548
Det Gr Hay & Milw_
Canada Atlantic_ - _ _
Grand Trunk Pacific
y422,406 9686,501
-264.095 1,104 1,104
Great Northern
7,972,656 8,922.062
-949,406 7,806 7,782
Illinois Central
5,463,749 6,108.642
-644.893 4.763 4,763
Louisville & Nashville-- 4,554.765 5,857,514 -1.302.749 5,034 4.923
Macon & Birmingham
-3,982
13,537
105
105
17,519
Midland Valley
174,762
135,463
380
380
-39.299
Mineral Range
16.762
66,986
122
121
+50,224
Minneap & St Louis_ __}
901,272
939,984
-38.712 1.585 1.585
Iowa Central
VIinneap St P & S S M_ 3,072,316 3,126,638
-54,322 4,102 3,976
Missouri hang & Tex_a- 3,068,530 3,151.068
-62.536 3.865 3.817
Missouri Pacific
-307.000 7.284 7.283
5,298,000 5,605,000
Wobilo & Ohio
892,824 1,203.537
-310,713 1,122 1,122
Nevada-Cal-0regon _ ._
237
237
48.352
48,295
-57
Rio Grande Southern
180
180
-15,822
72,571
56,749
3t Louts Southwestern
-183.000 1.753 1.715
1.025,000 1,208,000
leaboard Air Line
-516,275 3,098 3,082
1,738,687 2,254,962
Muthern Railway
5.513,242 6,785,151 -1,271.900 7.037 7.037
94
Penn Ala & Georgia_
97
-3.853
10,145
6,292
Pexas & Pacific
-125.662 1.865 1,885
1,741,212 1,866.874
247
247
-77.024
138.670
Poled° Peoria & Western
111,646
-306,391 2,518 2.515
Wabash
2,560,849 2,867.240
-152.338 1,372 1,372
ifazoo & Miss Valley__ _ 1,057.476 1,209,814
Total (49 roads)
75.767,580 90.038.564 -14.270,984 92.332 90,964
Vet decrease (15.82%)Mexican Roads (not in eluded In total)361
395
+48,900
1,1exican Railway
V611,400 9562,500
1
a Includes Texas Central In both years.
V These figures are for three weeks only.
RAILROAD GROSS AND NET EARNINGS
FOR SEPTEMBER.
The contraction in railroad traffic and railroad
revenues is now reaching such proportions that railroad managers are practicing the most rigid economy
in order 'to avert bankruptcy, and this has resulted
in a great cutting down of expenses. In the preceding article we have reviewed the gross earnings
of the railroad for the month of October, based on
the returns of the roads which make it a practice
to furnish estimates soon after the close of the month.
The statement shows very heavy losses in earnings
for that month. In the present article we present
the completed statement for the month of September,
covering both gross and net earnings, but limited to
United States roads-the Canadian systems not finding a place in this final exhibit. The loss in gross
for September, as now disclosed, is not as large as
that for October seems likely to prove, but is equally
general, all parts of the country and all classes of
roads contributing to the falling off. Expenses
have been reduced to much greater extent in the
aggregate than the amount of the loss in gross, owing
to the policy of retrenchment pursued, and accordingly the net records a trifling increase. This, however, is of no significance, being due entirely to the
cutting down of expenses regardless of consequences,
owing to the necessities of the situation.
The aggregate amount of decrease in the gross for
the month is $12,857,844. The curtailment in the
expense outlays amounts to $13,606,758, thus leaving $748,914 gain in net.
September (469 roads)Miles of road
Gross earnings
Operating expenses
Net earnings
Inc.(+)or Dec.(-).
1914.
1913.
Amount.
242,386
238,698
+3,688 1.55
$272,992,901 $285,850,745 -112,857,844 4.50
180,969.954
194.576,712 -13,606,758 6.99
$92,022,947
$91,274,033
+8748,914 0.82
THE CHRONICLE
Nov. 141914.1
1415
$997,079
Comparison is with diminished net a year ago. For York Central managed to convert a loss of
is for
This
net.
September 1913 our completed returns showed only in gross into a gain of $96,006 in
auxiliary
various
the
Central
proper. Including
a moderate gain in gross, namely $9,805,231, or the
form the
3.56%, and this was attended by an augmentation and controlled roads, the whole going to
loss of
a
is
result
York
the
thereNew
Central
System,
causing,
8.44%,
in expenses of $14,958,298, or
net.
in
$710,333
in
$2,111,773
of
In
gain
or
a
5.26%.
and
gross
$5,153,067,
fore, a loss in net of
showed
System
Last
in
year
gain
the
Central
gross
the
New
York
hand,
other
September 1912, on the
revenues was of more satisfactory extent, but the net $1,607,565 gain in gross with $896,484 loss in net.
even then failed to keep pace with the rise in gross The Pennsylvania Railroad this time, on the lines
receipts. In other words, our September statement directly operated East and West of Pittsburgh, has
for 1912 showed $19,891,032 increase in gross, or changed a loss of $1,436,466 in gross into a gain of
7.88%, but this was attended by an addition to ex- $255,473 in net. Last year the Pennsylvania system
penses of $13,855,420, or 8.58%, leaving, therefore, had $1,606,002 gain in gross with only $13,255 gain
only $6,035,612 increase in net, or 6.64%. Extend- in net. The Baltimore & Ohio this time has $590,ing the comparisons further back, we find that in 535 loss in gross and $65,826 loss in net.
Both the New England roads have losses in gross
September 1911 our compilations showed only minor
changes in the totals, namely $39,801 increase in with slight gains in net-The New Haven $350,362
gross and $1,321,815 increase in net. In September loss in gross, with $20,365 gain in net,and the Boston
1910 there was a gain of $10,312,116 in gross reve- & Maine $122,874 loss in gross, with $25,227 gain
nues, but attended by a loss of $3,869,083 in net in net. The Southern railways have done very
earnings. In the year preceding, results for this poorly,as would be expected,the Louisville & Nashmonth were much more encouraging-that is, in ville falling behind $719,279 in gross and $464,108
September 1909 there was $27,052,253 gain in gross in net, the Southern Railway $500,797 in gross and
and $13,585,396 gain in net. In September 1908, $484,140 in net, and the Seaboard Air line $327,769
on the other hand, there was $15,299,397 loss in in gross and $152,096 in net.
There are a few systems in different parts of the
gross, with $4,083,435 gain in net. In September
1907 the returns were very incomplete, they coming country that are able to report gains in gross and
to hand when the panic of that year was at its net alike. Thus, the Erie has added $43,572 to
height. The significant feature is that at that time, gross and $304,057 to net; the Chesapeake & Ohio
also, net earnings were falling behind, though gross $324,824 to gross and $62,322 to net; the Milwaukee
was still expanding; stated in brief, for September & St. Paul $367,599 to gross and $655,392 to net;
1907 our compilation, though incomplete, registered the "Soo" $38,014 to gross and $145,376 to net; the
$13,172,222 increase in gross with $3,594,503 de- Atchison $898,526 to gross and $612,376 to net; the
crease in net. In the following we furnish the Sep- Missouri Pacific $115,856 to gross and $418,531 to
tember comparisons back to 1896. For 1910, 1909 net and the Rock Island $668,650 to gross and $198,and 1908 we use the Inter-State Commerce totals, 002 to net. The Southern Pacific has lost $807,310
but for preceding years we give the results just as in gross and $514,659 in net and the Northern Pacific
registered by our own tables each year-a portion $621,979 in gross and $263,895 in net. The Great
of the railroad mileage of the country being always un- Northern has turned a loss of $753,421 in gross into
represented in the totals, owing to the refusal of a gain of $271,600 in net. In the following we show
some of the roads in those days to furnish monthly all changes for the separate roads for amounts in
excess of $100,000, whether increases or decreases,
figures for publication.
and in both gross and net.
Net Earnings.
Grose Earnings.
Year.
Year
Given.
Increase or
Year
Preceding. Decrease.
Sept.
5
1896
57,053,11 58,277,749 -1,224,637
72,571,09 62,866,514 +9,704,576
1897
81,574,081 79,290,848 +2,283.232
1898
1899 ___ 88,460,14 77,606,660 +10.853,485
92,274,231 90,380,548 +1.893,683
1000
106,840,71 96,359,674 +10,481,041
1901
108,277,73 99.662,819 +8,614.917
1902
1903 __. 121,941,30 108,568,340 +13,372,963
1904 _ 124,045,37 120,717,276 +3,328,100
1905 __. 129,462,51 118,616,511 +10,846.006
136,839,98 126,782,987 +10.056,999
1906
141,220,00 128,047,787 +13,172,222
1907
218,929,381 234,228,778-15,299,397
1908
246,065,95r 219,013,703 +27,052,253
1909
256,647,70 246,335.580 +10,312.116
1910
+39,301
249,054,03 249,014,235
1911
272,209,62. 252,318,597 +19,891,032
1912
285,050,04 275,244,811 +9,805,231
1913
1014... 272,992,901 235,850,745-12,857.844
Year
Given.
5
19,889,887
27,538.974
31,520,183
33,488,813
34,073,853
39,663,622
37,336,366
41,781,513
45,628,707
46,650,014
48,341,798
41.818,855
81,615,313
95,443,456
91,580,434
90,720,548
96,878,558
92,847,193
92,022.947
Increase or
Year
Preceding. Decrease.
$
-588,922
20,478,809
21,860,419 +5,678,555
30.352,609 +1.167,574
29,398.146 +4.090,667
-716,692
34,790,545
35,270.411 +4,393,211
36,435,214
+901.152
37,410,861 +4,370.652
41,023,532 +4,605,175
43,719,446 +2.930,568
45,653,884 +2,687,914
45,413.353 -3,594,503
77,531,878 +4,043,435
81,858,56 +13,545,396
95,444,517 -3,369,033
80.398.733 +1,321,815
90,842,946 +6,035,612
98,000.26 -5,153,067
01.274,033
+748,914
Note.-In 1896 the number of roads included for the month of September was 136.
1901, 113; in 1902. 108:
In 1897, 131; in 1898, 128; in 1899, 123: in 1900 128:10
1907, 84: in 1908 the returns
III 1903, 112; in 1904, 102; in 1905, 98; in 1906, 95:10
191000
in
240,678 miles; In
miles:
236,545
were based on 231,367 miles; In 1909 on
242,097 miles; in 1914,
1011 on 230,918 miles; in 1912, 237,591 miles; in 1913,
or the coal-mining opera242,386 miles. We no longer include the Mexican roads
total.
tions of the anthracite coal roads In our
In the case of the separate roads the feature of
reduced expenses is very much in evidence, just as
the reverse was the case a year ago. But, while
the decreases in expenses in many cases overtop the
losses in gross, on the other hand in some instances
the curtailment of expenses has been insufficient to
line systems
meet the losses in net. The big trunk
and Southare types of the former kind:and Southern
The New
kind.
estern roads types of the other
PRINCIPAL CHANGES IN GROSS EARNINGS IN SEPTEMBER.
Decreases.
Increases.
Atch Topeka & Santa Fe c$898.526 Pittsburgh St Lake Erie. 3350,479
350.362
668.650 NYNH St Hartford__
Rock Island
327,769
367.599 Seaboard Air Line
Chicago Milw & St Paul..
325.613
324.824 Illinois Central
Chesapeake & Ohio
317,698
215.935 St Louis & San Fran..
Pere Marquette
297,895
169,086 Elgin Joliet & Eastern
Bessemer & Lake Erie_
274,016
147,730 Central of Georgia
Central of New Jersey
253,253
Long Island
130.286 Wheeling & Lake Erie_ ._
246.183
115.856 St Louis Southwestern
Missouri Pacific
Missouri Kansas & Texas
215,364
Chicago & Eastern II1
195,933
Representing 9 roads in
our compilation_ ___ 33,038.492 Union Pacific
c188,489
Buffalo Roch & Pittsb
181.802
Decreases. Trinity & Brazos Valley_
164,857
Pennsylvania
a$1,436,466 San Ant & Aran Pass_
156,474
N Y Cent &Hudson Riv
b997,079 Nashv Chatt & St Louis_
155,253
Southern Pacific
c807,310 Chic New On & Tex Pac_
148.120
Great Northern
753,421 Wabash
137,444
Louisville & Nashville.
719.279 Mobile & Ohio
130,435
Northern Pacific
621.979 Yazoo & Miss Valley
129,281
Baltimore St Ohio
590.535 Colorado & Southern
127.308
Lake Shore & Mich Sou_
549,206 Boston & Maine
122,874
Duluth Missabe & Nor
517,631 NY Chicago & St L.
109.888
Southern
500,797 El Paso & Southwestern_
104,831
Chicago Burl & Quincy
476.429
Atlantic Coast Line
455,848
Representing 37 roads
Duluth & Iron Range_
in our compilation_ _$13,767,516
429.915
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
separate roads so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. reporting 3162.056 decrease, the Pennsylvania Company
3930.753 loss and the P. C. C. & St. L. $343,657 loss. Including all lines
owned and controlled which make monthly returns to the Inter-State Commerce Commission, the result is a loss of $1,499.977.
b These figures cover merely the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the Lake Shore, the "Big Four, the "Nickel Plate.
&c., the whole going to form the New York Central System, the result I.
a loss of $2.111,773 in gross and an increase of $710,333 In net.
c These figures are furnished by the company.
1416
THE CHRONICLE
PRINCIPAL CHANGES IN NET EARNINGS IN SEPTEMBER.
Increases.
Decreases.
$655,392 Southern Pacific •
e$514,659
Chicago Milw & St Paul_
012,376 Southern
484,140
Fe
Santa
&
Topeka
Atch
Louisville
418,531
& Nashville_ _ _
464,108
MIssouriPacific
408,797 Duluth Missabe & North
393,784
Cleve Cinc Chic & St L- _
399.956 Atlantic Coast Line
379.469
Pere Marquette
330.833 Duluth & Iron Range
328,716
Michigan Central
304.057 Pitts & Lake Erie
323,810
Erie
271,600 Northern Pacific
263,895
Great Northern
257.612 Missouri Kansas & Texas
180,034
Bessemer & Lake Erie
179,369
a255.473 Central of Georgia
Pennsylvania
198.002 Chic New On & Tex Pac
167,057
Rock Island
152,096
189,808 Seaboard Air Line
Central of New Jersey
145,376 St Louis Southwestern
143,989
Minn St Paul & S S M
135,559
143,454 San Antonio & Aran Pass
Illinois Central
111,363
134.282 Mobile & Ohio
Long Island
133,171 Buffalo Roch & Pitts
107,299
Philadelphia & Reading125,739
Chicago & Eastern III......
122,613
Norfolk & Western
107.696
Delaware Lack &West106,603
Detroit Toledo & frontRepresenting 20 roads
in our compilation__ $5.321.371
Representing 16 roads
In our compilation__ $4,329,347
a This is the result for the Pennsylvania RR.,together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago dz St. Louts, the
Pennsylvania RR. repotting $380,723 increase, the Pennsylvania Company
$286,524 loss and the P. C. C.& St. L. $161,274 gain. Including all lines
owned and controlled which make monthly returns to the Inter-State Commerce Commission, the result is a gain of $450,642.
When the roads are arranged in groups or geographical divisions, according to their location,
every group or division shows a loss in gross and
on the other hand all but two of the divisions record
gains in the net, owing to the great curtailment of
the expenses. Our summary by groups is as follows:
[VoL. xcrx.
with caution in districts not in need of immediate
relief,
and await the effect of the release of reserves and
of the
changes which the credit mechanism of the country is
about
to experience before establishing a definite discount
policy.
The Board has decided not to enter at this time upon
the
discussion of single or double-name paper, but to
admit
both forms to re-discount with the Federal Reserve
banks.
It is not deemed essential that a statement of condition
be
attached to each bill when sold to a Federal Reserve bank,
but after January 15 no paper is to be discounted or purchased by the Federal Reserve banks which does not bear
on its face the evidence that it is eligible for re-discount
under the regulations prescribed. It is also announced
that for the time being certified accountants' statements will
not be required. The law provides that the Federal Reserve
Board shall fix the percentage of capital up to which a Federal
Reserve Bank may discount "notes, drafts and bills drawn
or issued for agricultural purposes or based on live-stock and
having a maturity not exceeding six months." The Board
has determined to fix this limit generally and until further
notice at 25% of the capital paid in. We give below in full
the circular embodying the above:
Circular No. 13.
FEDERAL RESERVE BOARD.
Washington, November 10 1914.
To all Federal Reserve Banks:
In view of the impending opening of the Federal Reserve banks, the
Federal Reserve Board deems it proper to outline in this circular, in broad
general terms, the discount policy which it believes might be pursued to
SUMMARY BY GROUPS.
advantage by the Federal Reserve banks at the outset.
While the most acute stage of the recent financial emergency appears
Gross Earning
Section or Group.
1914.
1913.
Inc. (-I-) or Dec.(-) to have passed, the conditions in other countries make it necessary that
Scptemberthe United States should, to the utmost degree of efficiency, organize and
Group 1 (17 roads) New England__ 12,430,589 13,060,057
-629,468 4.82
Group 2(83 roads) East dr Middle. 66,316,837 68,388,090 -2,071,253 3.03 make available its own resources in order that it may provide for its own
Group 3 (69 roads) Middle West._ 37,899,407 40,422.947 -2,523,540 6.24 needs and replace the facilities suddenly destroyed by the closing of so
Groups 4dr5 (90 roads) Southern... 31,363,125 34,499,707 -3,136,582 9.01 many of the accustomed channels of credit and trade.
Groups 6&7(77 roads) Northwest_ 66,608,572 69,483,772 -2,875,200 4.14
The directors and governors of the Federal Reserve banks at a conference
Groups 8.0 (87 roads) Southwest_ 41,897,092 41,905,462
-8,370 0.02
Group 10 (46 roads) Pacific Coast_ 16,477,279 18,090,710 -1,613,431 8.92 In Washington on October 20 and 21 recommended that the banks be
opened without attempting at the outset to perform all the functions and
Total (469 roads)
272,992,901 285,850,745 -12,857,844 4.50 duties contemplated in the Act, but that they be prepared to accept deposits of reserves payable in lawful money, to discount bills of exchange
Net Earnings
1914. 1913.
1914.
1913. Ine.(+) or Dec.(-). and commercial paper, and to accept the deposit after the reserve payoto
it
3
S
ments had been made) of checks drawn by member banks on any Federal
7,603 7,658 3,654,911 3,574,310
Group No. 1
+80,601 2.25
Group No. 2
26,271 25,548 20,769,193 19,974,068 +795,125 3.98 Reserve bank or member banks in the reserve and central reserve cities
25,789 25,775 12,536,401 10,944,576 +1,591,825 14.54 within their respective districts. It was the opinion of the conference that
Group No.3
Groups N08.4 and 5
41,303 40,914 7,777,149 10,120,772 -2,343,623 23.16 arrangements for the exercise of the additional powers granted by the Act
Groups Nos.6 and 7
68,300 67,299 27,173,593 26,260,777 +912,816 3.44 to the Federal Reserve banks be completed as rapidly as the establishment
Groups Nos. 8 and 9._ 55,292 53,946 13,285,352 12,976,216 +309,136 2.39 of safe
and efficient organizations would permit. The Federal Reserve
Group No. 10
17,828 17,558 6,826.348 7,423,314 -596,966 8.04
Board is in accord with these suggestions.
It
Total
242,386 238,698 92,022,947 91,274,033 +748,914 0.82
should be borne in mind that, although our exports are showing a
gratifying increase, there is still a large cash balance due to European
NOTE.-Group I. includes all of the New England States.
countries
for which gold may be demanded, and that a large quantity of
Group II. Includes all of New York and Pennsylvania except that portion west
American securities held abroad may be returned to the United States:
of Pittsburgh and Buffalo; also all of New Jersey. Delaware and Maryland. and while
on the other hand more than $300,000,000 of emergency currency
the extreme northern portion of West Virginia.
must be gradually retired. No one can estimate the duration of the war
Group III. Includes all of Ohio and Indiana; all of Michigan except the northern or predict what will be the financial and commercial
conditions when
peninsula, and that portion of New York and Pennsylvania west of Buffalo and peace shall be restored. Our own industrial development has been greatly
Pittsburgh.
facilitated by foreign capital, and we have been accustomed to borrow
Groups IV. and V. combined include the Southern States south of the Ohio and large sums annually in Europe and to sell American securities there, which
east of the Mississippi River.
attracted foreigners because of their higher rate of return as compared
CIFOU88 VI. and VII. combined include the northern peninsula of Michigan, all of with European investments. It is probable that at the end of the war
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota Interest rates in Europe will be higher than they have been in the past
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming and greater investment returns will be yielded. The tremendous destrucand Nebraska, together with Colorado north of a line parallel to the State line tion of property and waste of capital will not only check the flow of European savings to the United States, but may dispose foreign investors to
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and return us the securities they now hold. Lower money rates in this country
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south would be likely to accentuate this tendency, while, on the other hand,
higher interest rates and larger investment returns on our side would
of Denver the whole of Texas and the bulk of Louisiana; and that portion of
check it.
New Mexico north of a line running from the northwest corner of the State
The function of the Federal Reserve banks, is, therefore, of a twofold
through Santa Fe and east of a line running from Santa Fe to El Paso.
character. They should extend credit facilities, particularly where the
Group I. Includes all of Washington, Oregon, Idaho, California. Nevada, Utah abnormal conditions
now prevailing have created emergencies demanding
and Arizona and the western part of New Mexico.
prompt accommodation: and, on the other hand, they must protect the
gold holdings of this country in order that such holdings may remain adequate to meet demands that may be made upon them. While credit facilities should be liberally extended in some parts of the country, it would
FEDERAL RESERVE MATTERS.
appear advisable to proceed with caution in districts not in need of imA circular outlining the discount policy
which, it is be- mediate relief and to await the effect of the release of reserves and of the
lieved, might be pursued to advantage by the
changes which the credit mechanism of the country is about to experience
Federal Reserve
before establishing a definite discount policy.
banks at the start was issued by the Federal
Reserve Board
Commercial Paper.-Tho Federal Reserve Board, under Section 13 of the
under date of the 10th inst. With regard to
the question Federal Reserve Act, has the right to determine or define the character
of discount rates for the twelve Federal Reserve
of paper eligible for discount, to wit, "notes, drafts, and bills of exchange
Districts, arising
out of actual commercial transactions: that is, notes, drafts and .
which was taken up by the Board yesterday, it has
been de- bills of exchange issued or drawn for agricultural, Industrial, or commercial
cided that these rates will range from 5to 6%. The
Board will purposes, or the proceeds of which have been used or are to be used for such
purposes."
make known to-day what the rates between these limits
will
Bearing in mind the requirements of the present situation, the Federal
be for each of the several districts. The Board is in accord with Reserve
Board believes that it would be inadvisable at this time to issue
recommendation
made by the directors and governors regulations placing a narrow or restricted interpretation upon the section
the
defining
the character of paper eligible for discount. It has. therefore.
of the Reserve banks last month;Mat the banks be opened
been decided not at this time to enter upon the discussion of the question
without attempting at the outset to perform all the functions of single or double-name paper,
but to admit both forms of bills to reand duties contemplated in the Act, but that they be pre- discount with the Federal Reserve banks.
The
Federal
Reserve
Board proposes, however, to prescribe the following
pared to accept deposits of reserves payable in lawful money, basic
principles for the guidance of Federal Reserve banks and member
to discount bills of exchange and commercial paper and to banks:
(a) No bill shall be admitted to re-discount by Federal Reserve banks.
the deposit of checks drawn by member banks on a
the proceeds of which have been or are to be applied to permanent investreserve bank or a member bank. The circular seeks to ment,and regulation No.2
has been formulated with the intention of giving
impress upon the Federal Reserve banks the necessity of effect to this principle, and is herewith inclosed.
(5) Maturities of discounted bills should be well distributed. It is the
protecting the gold holdings of the country, and states that
well-established practice of European reserve banks to invest only In
while credit facilities should be liberally extended in some obligations maturing within a short time. It is a
general rule not to purparts of the country, it would appear advisable to proceei chase paper haVing more than 90 days to run. The maturities of these
accept
Nov. 14 1914.]
THE CHRONICLE
1417
actual commercial
as to enable those banks within a discount notes, drafts, and bills of exchange arising out of
notes and bills are so well distributed general money market by collect- transactions; that is, notes, drafts, and bills of exchange issued or drawn for
of
the
proceeds
on
hold
their
agricultural, industrial, or commercial purposes. or the
short time to strengthen
whicheser
higher rates very substantial pro- have been used, or are to be used, for such purposes, the Federal Reserve
ing at maturity or by re-investing at a
paper
the
of
character
the
Federal
Reserve
the
define
principle.
Board to have the right to determine or
portion of their assets. Acting on this
thus eligible for discount, within the meaning of this Act. Nothing in this
necessary,
course
is
such
a
whenever
liquidate,
drafts, and bills of
notes,
banks should be in position to
such
contained
prohibit
Act
shall
be
to
construed
days.
exchange, secured by staple agricultural products, or other goods, wares,
substantially one-third of all their investments within a period of 30
system. or merchandise from being eligible for such discount; but such definition
Departure from this principle will endanger the safety of the
for
shall
not include notes. drafts, or bills covering merely investments or issues
justification
permitting
It is observance of this principle that affords
or drawn for the purpose of carrying or trading in stocks, bonds, or othei
member banks to count balances with Federal Reserve banks as the equiva- investment securities, except bonds and notes of the Government of the
United States. Notes. drafts, and bills admitted to discount under the
lent of cash reserves.
terms of this paragraph must have a maturity at the time of discount of
(c) Bills should be essentially self-liquidating.
not
more than ninety days: Provided, That notes, drafts, and bills drawn
Federal
reserve
the
banks
Safety requires not only that bills* held by
or issued for agricultural purposes or based on live stock and having a mashould be of short and well distributed maturities, but, in addition, should turity not exceeding six months may be discounted in an amount to be limibe of such character that it is reasonably certain that they can be collected ted to a percentage of the capital of the Federal Reserve bank, to be ascerand fixed by the Federal Reserve Board.
when they mature. They ought to be essentially "self-liquidating," or, tained
Any Federal Reserve bank may discount acceptances which are based
in other words,should represent in every case some distinct step or stage in on the importation or exportation
of goods and which have a maturity at
progression
of
goods
from
the
proprocess—
the productive or distributive
time of discount of not more than three months, and indorsed by at least
approach
the
steps
final
these
connearly
more
one
The
member
consumer.
bank.
The
to
amount of acceptances so discounted shall at no
ducer
exceed one-half the paid-up capital stock and surplus of the bank for
sumer the smaller will be the amount involved in each transaction as repre- time
which
the
re-discounts
are
made.
automatically
self-liquidating
will
be its
sented by the bill, and the more
The aggregate of such notes and bills bearing the signature or indorsement
character.
of any one person, company, firm, or corporation re-discounted for any
Double-name paper drawn on a purchaser against an actual sale of goods one bank shall at no time exceed ten per centum of the unimpaired capital
surplus of said bank; but this restriction shall not apply to the discount
affords, from the economic point of view, prima facie evidence of the and
of bills of exchange drawn in good faith against actually existing values.
character of the transaction from which it arose. Single-name notes, now
Any member bank may accept drafts or bills of exchange drawn upon it
so freely used in the United States, may represent the same kind of trans- and growing out of transactions involving the importation or exportation
actions as those bearing two names. Inasmuch, however, as the single- of goods having not more than six months'sight to run; but no bank shall
accept such bills to an amount equal at any time in the aggregate to more
name paper does not show on its face the character of the transaction out than
one-half its paid-up capital stock and surplus.
of which it arose—an admitted weakness of this form of paper—it is inSection 19 of the Federal Reserve Act, relating to reserves, reads in
cumbent upon each Federal Reserve bank to insist that the character of part as
follows:
the business and the general status of the concern supplying such paper
Any Federal Reserve bank may receive from the member banks as reshould be carefully examined in order that the discounting bank may be serves. not exceeding
one-half of each installment, eligible paper as described
certain that no such single-name paper has been issued for purposes ex- in Section fourteen properly indorsed and acceptable to the said reserve
cluded by the Act, such as investments of a permanent or speculative bank.*
The announcement to be made by the Secretary of the Treasury on
nature. Only careful inquiry on these points will render it safe and proper
for a Federal reserve bank to consider such paper a "self-liquidating" Nov. 16 will bring into operation these two sections. and it is accordingly
necessary
that the several Federal Reserve banks shall be advised of the
investment at maturity.
Turning now to the question of procedure, it is not thought necessary characteristics that must be possessed by paper offered for re-discount to
to impose upon the banks the observance of methods which would involve be acceptable under the terms of the Act.
While Section 13 provides that the Federal Reserve Board shall have the
needless difficulty or delay. It is, therefore, not deemed essential that a
statement of condition be attached to each bill when sold to a Federal right to determine or define the character of the paper thus eligible for
discount
within the meaning of the Act, the section referred to defines in
Board
to
require
thought
advisable
by
the
Reserve bank. It is,however,
that on and after January 15 1915, no paper shall be discounted or pur- general terms the elements which such paper must possess in order to be
chased by Federal Reserve banks that does not bear on its face the evidence eligible.
All paper offered for discount under this section to any Federal Reserve
that it is eligible for re-discount under the principles and definitions above
outlined and as expressed in regulation No. 2, and that the seller of the bank must conform to the following requirements:
First. It must be indorsed by a national or State bank or trust company
paper has given a statement to the member bank. A rubber stamp stating,
which is a member of the Federal Reserve bank to which it is offered for
in substance—
with
re-discount.
Eligible for Rediscount
Second. Such bank must, with its indorsement, waive demand notice
Federal Reserve Banks
.
prot
.espta
anT
d hird
under regulations of
per so offered shall be in the form of notes, drafts, or bills of
Federal Reserve Board Circular No. 13.
exchange
arising
out of commercial transactions; that is, notes, drafts, and
Credit File No.
of
exchange
issued or drawn for agricultural, industrial, or commercial
bills
District No.
purposes. or the proceeds of which have been used or are to be used for
(Name of Member Bank.)
is considered sufficient evidence to that effect at this time. It would be such purposes.
Fourth. If in the form of acceptances, they must be based on transacunderstood that the Federal reserve bank could at any time call for the
appropriate credit file, and it may well be expected that the data thus tions involving the importation or exportation of goods and must have a
at the time of discount of not more than three months to run.
maturity
gathered—particularly the files of more important firms and of those rediscounting in larger amounts—will be so catalogued as to furnish the They must,furthermore, be indorsed by at lease one member bank, and the
nucleus of an effective credit bureau which, in turn, may eventually total amount offered shall in no event exceed one-half the paid-up capital
develop into a central credit bureau for the benefit of all the Federal reserve stock and surplus of the bank offering same.
Fifth. The aggregate of notes and bills bearing the signatures or indorsebanks of the system.
For the time being,certified accountants'statements will not be required. ment of any one person, company, firm, or corporation re-discounted for
This matter is reserved for regulation at a later date. The required state- any one bank shall at no time exceed 10% of the unimpaired capital and
ment as outlined above should be signed under oath and should contain surplus of said bank; but this restriction shall not apply to the discount
a short general description of the character of the business, the balance of bills of exchange drawn in good faith against actually existing values.
Subject to these limitations, it devolves upon the Federal Reserve Board
sheet and the profit and loss account. Assets should be divided into
permanent or fixed investments, slow assets, and quick assets. On the to determine or define for the several Federal Reserve banks (1) notes,
liability side should be shown capital, long-term loans and short-term loans. drafts, and bills of exchange eligible for re-discount; (2) bank acceptances
Short-term loans should be in proper proportion to quick assets and the eligible for re-discount.x
exchangeconmainy
contained ae
n Section
cepttedf10r
The limitations relating to re-discount operations,
3
statement should contain satisfactory evidence that short-term paper is
not being sold against permanent or slow investments. The statement of the Act. may be divided into two classes: First, those positive limitations
be accepted
under which such notes, drafts, and bills of
should, furthermore, show the maximum aggregate amount up to which und
the concern supplying this paper expects to borrow on short credit or sale re-discount; and, second, those limitations specifically stating what paper
of its paper, and the concern giving the statement should obligate itself shall be excluded.
to obtain the member bank's consent before exceeding the agreed limit.
If we begin with the latter, we find the very clear provision excluding
The affixing of the stamp stating such paper to be eligible for re-discount all notes, drafts, and bills of exchange which are "issued or drawn for the
will be considered a solemn and binding declaration by the member bank purpose of carrying or trading in stocks, bonds, or other investment securithat the statement has been examined from this point of view and that the ties (except bonds and notes of the Government of the United States)."
paper bought complies with all the requirements of the law and the regula- This clause does not require comment.
tions hereby imposed.
The Act further excludes notes, drafts, and bills of exchange covering
The board appends two additional regulations : No. 3, covering discount "merely investments."
transactions on or before January 15; No. 4, discount operations on and
Any funds employed in agriculture, commerce, or industry are quasiafter January 15.
investments, and the emphasis is, therefore, to be laid on the word "merely"
Six-Months'Paper.—The law provides that the Federal Reserve Board in this connection.
From this point of view are to be excluded all bills whose proceeds have
shall fix the percentage of its capital (by which is understood that portion
of the capital paid in) up to which a Federal Reserve bank may discount been or are to be used in permanent or fixed investments of any kind.
"notes, drafts and bills drawn or issued for agricultural purposes, or based "Agricultural, industrial, or commercial purposes" cannot, therefore,
be
on live-stock, and having a maturity not exceeding six months." The law held to include investments in land, plant, machinery, permanent improvepermits the Federal Reserve Board to deal with each Federal Reserve bank ments, or transactions of a similar nature.
The purchase of commodities for purposes which are
individually in fixing this limit.
merely speculative
The Federal Reserve Board has determined to fix this limit generally, and not connected with an untimate process of manufacturing or
distribuand until further notice, at 25 per cent of the capital that shall have been tion would constitute a "mere" investment, and bills covering such
investpaid in from time to time. For those districts in which, during certain ments are accordingly not eligible for re-discount.
In order to be eligible for re-discount.bills
seasons, six-months' paper is particularly required to carry through agriculmust"arise out of actual comtural operations,the limit will be increased from time to time upon requests mercial transactions," and "the proceeds must have been used or
they are
to be used for agricultural, industrial, or
made by Federal Reserve banks to the Federal Reserve Board.
In like manner "notes, drafts, and billscommercial purposes."
Regulation No. 5, relating to six-months' paper, is appended hereto.
of exchange secured by staple
agricultural products or other goods, wares, or
Regulation No. 6, relating to bank acceptances, is likewise appended.
merchandise" are eligible
for re-discount, provided they arise out of
CHARLES S. HAMLIN.
"actual commercial transactions" covering some particular stage in
Governor.
the process of production and
distribution.
A number of regulations accompany this circular; one
of these, which sets out the requirements which all paper
offered for discount to Reserve banks must conform to is
as follows:
Washington, November 10 1914.
Regulation No. 2.
That part of Section 13 of the Federal Reserve Act which relates to
banks reads as follows:
Reserve
re-discount operations of Federal
Upon the indorsement of any of its member banks, with a waiver of
demand notice and protest by such bank, any Federal Reserve bank may
* For brevity's sake, the words "bills" and "notes" whenever used in
these paragraphs include bills, notes and drafts, as specified in the Act.
They are not eligible when drawn to
cover merely speculative investments.
CHARLES S. HAMLIN. Governor.
* Attention is called to the fact that
the error in the original Act which
refers to eligible paper, referred to in Section 14. has been
corrected by
amendment approved Aug. 15 1914, and this section now reads: "Any
Federal Reserve bank may receive from the member banks as reserves, not
exceeding one-half of each installment, eligible paper as described in section
thirteen properly indorsed and acceptable to the Federal Reserve bank."
x Bank acceptances eligible for re-discount are defined in Regulation
No. 6.
1418
THE CHRONICLE
The following are the further regulations issued this week:
Washington, November 10 1914.
Regulation No. 3.
Whenever a member bank shall offer for re-discount any note, draft, or
bill of exchange bearing the indorsement of such member bank, with waiver
of demand notice and protest, the directors or executive committee of the
Federal Reserve bank may, until January 15 1915. accept as evidence that
the proceeds of such note, draft, or bill of exchange were or are to be used
for agricultural, industrial, or commercial purposes (and that such notes.
drafts, or bills of exchange in other respects comply with the regulations
of the Board) a written statement from the officer of the applying bank
that of his own knowledge and belief the original loan was made for one of
the purposes mentioned, and that the provisions of the Act and regulations
Issued by the Board have been complied with.
Regulation No. 4.
Washington, November 10 1914.
From and after January 15 1915 all notes, drafts, or bills of exchange
offered for re-discount shall show on their face, or by indorsement, a statement substantially to the following effect:
Eligible for re-discount with Federal Reserve banks under regulations of the Federal Reserve Board Circular No. 13—
Credit File No
District No
Name of member bank
The credit file number shall refer to evidence in possession of the member
bank that the proceeds of such notes, drafts, or bills of exchange, under the
terms of the loans made or to be made, were, or are to be. used for agricultural, industrial, or commercial purposes, as required by Section 13 of the
Federal Reserve Act and as imposed by Regulation No. 2 of the Federal
Reserve Board, and such credit files shall be open to inspection by any
examiner appointed by the Comptroller of the Currency or selected by the
Federal Reserve bank discounting same, and copies of such files, or any
part thereof, shall be furnished to the officers of the Federal Reserve bank
upon request.
The credit files referred to should contain not only evidence of the
purpose or purposes for which such loans are made, but also full and complete information as to the financial responsibility of the borrower,including
a short general description of the character of the business, balance sheet.
and profit and loss account of the borrower. Assets should be divided into
permanent or fixed investments, slow assets, and quick assets. On
the liability side should be shown capital, long-time loans, and shortterm loans. Short-term loans should be in proper proportion to quick
assets, and the statement should contain satisfactory evidence that shortterm paper is not being sold against permanent or slow investments. The
statement should, furthermore, show the maximum aggregate amount up
to which the concern supplying this paper expects to borrow on short
credit or sale of its paper, and the individual, firm, or corporation giving
the statement should obligate himself or itself to obtain the member bank's
consent before exceeding the agreed limit. The affixing of the stamp stating
such paper to be eligible for re-discount will be considered a solemn and
binding declaration by the member bank that the statement has been
examined from this point of view and that the paper bought complies with
all the requirements of the law and of the regulations hereby imposed.
Regulation No. 5.
Washington, November 10 1914.
Whenever notes, drafts, or bills of exchange offered for re-discount have
a maturity of more than three but less than six months, and the Federal
Reserve bank has been satisfied in the manner provided by Regulation No.2
that the proceeds of loans applied for are used or are to be used for agricultural purposes or are based upon live-stock, such notes, drafts, and bills
of exchange may, until further notice, be accepted for re-discount in an
aggregate amount not exceeding 25% of the paid-in capital of the Federal
Reserve bank accepting same.
Regulation No. 6.
Washington, November 10 1914.
Whenever bank acceptances are offered for re-discount, it must appear
on the face of such acceptances that the proceeds thereof were used or are
to be used in connection with a transaction involving the importation or
exportation of goods; that is to say, it must appear that there has been an
actual bona fide sale which involves the transportation of goods from some
foreign country to the United States or from the United States to
some
foreign country.
The Federal Reserve Board announced on the 8th inst.
that practically the whole of the first installment of the capital
stock of the Reserve Banks calleda for on Nov. 2 had been
paid in. New York heads the list with $3,320,380; Chicago
comes second with $2,191,000, while Philadelphia is third
with $2,068,559. The total payments on the 8th amounted
to $17,947,107, distributed as follows:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. LOUIS
Minneapolis
Kansas CRY
Dallas
San Francisco
Total
$1,617,925 00
3.320,380 10
2,068,559 41
2,012.353 80
1,063.458 55
777,248 63
2.191.000 00
912,000 00
794,500 00
916.000 00
951.335 00
1,322,346 24
$17,947,106 73
The FederalReserve Board on Thursday approved the
application ofSharleston, S. C., and Birmingham, Ala., to
be made reserve cities. In withholding its approval in two
cases it is intimated.that the Board will in future not designate as reserve centrevities having a population of less than
100,000 inhabitants..& Its statement says:
"The applications of Charleston. S. C.. and Birmingham, Ala., to be
made reserve cities were favorably acted upon by the Federal Reserve
Board to-day. Charleston was formerly designated as a reserve city in
the National Bank Act.
[VoL. xcix.
"The applications of Tulsa, Okla., with 18,000 inhabitants, and Joplin,
Mo., with 32,000 inhabitants, Census of 1910, were before the Board, but
did not receive favorable action.
"It is understood that in the future no cities with less than 100.000 inhabitants will be approved as reserve cities."
More than one hundred State banking institutions throughout the country are said to have applied for admission to
the Federal banking system. Regulations for their admission is under consideration by a sub-committee of the Board,
which is shortly to report in the matter.
The names were this week announced of those chosen to
constitute the committee authorized under the resolution
adopted at the recent convention of the American Bankers'
Association to confer with the authorities at Washington "in
order to secure the adoption of such amendments to the
Federal Reserve Act as shall make it more desirable for
State banking institutions to join the Federal Reserve
system. The resolution provides that the committee shall
consist of twelve members, three representing the savings
banks, three the commercial State banks, three the national
banks and three the trust companies. The committee has
been named by William A. Law, President of the American
Bankers' Association and Vice-President of the First National Bank of Philadelphia, and consists of the following:
Representing the Trust Companies—Uzal H. McCarter, President of the
Fidelity Trust Co., Newark, N. J.; John W. Platten, President of the
United States Mortgage & Trust Co., New York; John H. Mason, VicePresident of the Commercial Trust Co., Philadelphia.
Representing the Savings Banks—William E. Knox, Comptroller of the
Bowery Savings Bank, New York; It. C. Stephenson, Vice-President of the
St. Joseph County Savings Bank, South Bend, Ind.; B. F. Saul. President
of the Home Savings Bank, Washington, D. C.
Representing the Commercial State Banks—E. C. McDougal, President,
of the Bank of Buffalo, Buffalo, N. Y.; George E. Lawson, vice-President
of the People's State Bank, Detroit; Mills B.Lane,President of the Citizens
& Southern Bank, Savannah, Ga.
Representing the National Banks—Daniel G. Wing,President of the First
National Bank, Boston; P. W. Goebel, President of the Commercial NaChatham
tional Bank, Kansas City Kan.; L. G. Kaufman,President of the
& Phenix National Bank, New York.
The 480 national banks in the New York Federal Reserve
Bank District (No. 2) received notice from Benjamin
Strong Jr., Governor of the Bank, to be prepared to deposit
their reserves with the new organization on Monday. It is
estimated that the deposits will aggregate at least $100,000,000. We print Governor Strong's letter herewith:
FEDERAL RESERVE BANK OF NEW YORK
62 Cedar Street
New York, November 11th. 1914.
•
To the Cashier:
Secretary of the Treasury of the
the
Sir.—Pending the announcement by
will be made
establishment of this Bank, which we are offIc.ally informed
provisions of Section 19
on November 16 1914, and in accordance with the
you are
reserves,
of
maintenance
of the Federal Reserve Act relative to the
such reserves on Novemadvised that this Bank will be prepared to receive
City.
Street, New York
ber 16 1914 at its banking office. No. 62 Cedar
requires to be mainThe amount of reserves which the Act (Section 19)conformity with the
in
deposits
tained must be calculated upon your
Currency, and the initial calmethod prescribed by the Comptroller of the
the commencement of business
culation should be based on such deposits at
of member banks which Is
November 16 1914. That part of the reserves
period, according to the
to be kept in the Federal Reserve Bank for the first
classification of the cities as defined by law, is as follows:
7-18ths
Banks located in the Central Reserve City of New York
3-15ths
"reserve cities
"
" elsewhere in District No. 2
is
which
22ths
reserve
amount
of
These fractions indicate only the minimum
to be kept on deposit in this Bank. It is recommended to the member banks
that they transfer at the time of making the deposit of their required
reserve as large a part of their optional reserve as may be convenient. If
this Plan is adopted, much trouble will be avoided in making daily transfers
to and from the account resulting from fluctuating deposits. Member
banks are privileged to draw at pleasure against their excess and optional
reserve balances. Forms for use in checking against these balances are in
process of preparation and will be sent to you prior to November 16 1914.
together with the necessary instructions, so that the account will be established upon a practical basis.
The large member banks in this city have, in deference to the suggestion
of the Federal Reserve Board as expressed in its Circular No.10, which has
been sent to all member banks,signified their intention of transferring their
reserves in gold coin or gold certificates of large denominations from their
own vaults. In order to facilitate the physical handling of the amount
of money involved, it is earnestly hoped that all member banks will, as far
as practicable, deposit largo certificates out of their vault reserves. Packages of currency containing notes of small denominations will be received
"subject to count." Deposits of gold coin will be received subject to
weighing and examination, and all light-weight coins will be accepted at
their bullion value. Should you decide to deposit gold coin. please ship it
direct to the Assistant Treasurer of the United States at New York,for the
credit of your account with this Bank.
The express charges on shipments of money representing the transfer of
reserves will be assumed by this Bank, but to avoid delays eacharemitting
bank is requested to prepay the charges on such shipments and render a
statement of the amount disbursed, on or after December 15 1914, at
which time it will be placed to the credit of its account.
As the statute permits member banks to keep on deposit more than their
exact minimum reserves, it Is requested that banks depositing currency send
only packages containing multiples of $1,000.
In accordance with the provisions of Section 19 of the Act, member banks
are notified that this Bank will receive from them as reserves eligible paper
THE CHRONICLE
Nov. 14 1914.]
(as described in Section 14) to an amount to be later determined. Member
banks desiring to re-discount paper as a part of their reserve deposit, are
asked to indicate the probable amounts desired when transmitting their
cash deposits.
A circular on this subject announcing the rate of discount established, and
the nature of the endorsements required, together w th a form of application
blank, will soon be issued.
Form letters are enclosed herewith to be used in transmitting the initial
cash deposit.
Respectfully,
I3ENJ. STRONG JR., Governor,
1419
Prank C. Dunlop, former Auditor of the First National
Bank and more recently Assistant Clearing-House Bank
Examiner, has been made Auditor of this Reserve bank.
E. W. Decker, President of the Northwestern National
Bank, has been elected third member of the Executive Committee. This committee is comprised of Governor Theodore
Wold of the Reserve bank, John H. Rich, Federal Reserve
Agent, and Mr. Decker.
Comptroller of the Currency Williams has made public
Seymour S. Cook, Cashier of the Minnesota Loan & Trust the following table showing the specie and legal tender notes
Co. of Minneapolis, JIBS been made Cashier of the Federal held by national banks in the twelve reserve districts on
Sept. 12:
Reserve bank of Minneapolis (District No. 9).
IIELD BY NATIONAL BANRs IN THE TWELVE FEDERAL RESERVE DISTRICTS ON SEPT. 12 1914.
SPECIE AND LEGAL-TENDER NOTES
No.
of
Banks.
Banks in-
f.00.d.Net.C5
CIC100.,
/, C00 ,
et.1.
..0<CCCCetl.C.C1V..
CI 0 C•CC
et.
r.
•
District No.1
2
3
4
5
6
7
8
9
10
11
12
Gold Treas'y
ClearingGold
Certificates
Total Gold
House
Treasury
to Order
and Gold
certificates
Certificates. (Act ofhlar. Certificates. (Sec. 5192,
14 1900).
U.S.It. S.)
3
3
$
$
7,947,928 78 20,102.570
385,000 28,435,498 78 3,992,500
11,028,005 88 124,341,570 18,185,000 153,554,575 88 48,235,000
11,214,910 65 20,290,270 7,380,00038,885,180 65 9,075,000
15,980,986 97 27,108,730 2,345,000 45,434,716 97 4,128,000
4,553,490 18 14,110,680
40,000 18,704,170 18
40,000
3,402,635 30 5,533,460
80,000 9,016,095 30
586,500
18,948,796 OS 46.710,461 3,850,000 69,509,256 08 10,855,000
5.402,364 03 14,590,600 1,135,000 21,127,964 03
180.000
13,810,678 07 8,697,190 2,655,000 25,162,868 07 1,090,000
13,655,553 86 12,605,840
935,000 27,196,393 86 1,880,000
5,820,096 04 10,226,500
50,000 10,096,596 04
15,000
43,851,784 47 3,621,710 1,780,000 49.253,49447 4,248,500
Gold Coin.
Silver
Dollars.
Silver
Treasury
Certificates.
Fractional
Silver
Coin.
$
235,716
367,451
619,425
1,226,771
483,091
1,069,032
1,785,873
881,748
1.283,029
1,495,606
1,919,563
1,276,201
$
11,171,432
52,534,690
11,936.619
7,034,824
4.749,267
2,762,657
21,736,582
5,045,029
2,761,863
3,853,454
2,172,677
634,951
$
1,481,933 32
2,338,616 66
2,190,832 10
1,797,894 79
884,485 33
1.054,24234
2,051,719 01
797,255 41
1,246,253 16
1,335,192 03
2,487,825 60
1,997,343 87
LegalTender
Notes.
Total Cash
in
Vault.
s
$
12,028,621 57,345,701 10
50,517,169 307,537,502 54
11,588,775 74,295,831 75
13,537,098 73,209,304 76
5,171,059 30,037,072 51
3,511,642 18,000,218 64
37,715,882 143,654,312 09
7,031,347 35,063,343 44
5,782,111 37,326,124 23
5,927,933 41.688,57880
3,099,942 25,791,603 64
1,584,777 58,995,267 34
Total
7,530 155.617,23031 307,939,580 38,820,000 502,376,810 31 84,325.500 12,648.556 126.444_945 19 AU MS 62 157 400 MR on9 Q44 Ran as
Note.-Does not include one bank which did not accept the provisions of the Federal Reserve Act, nor the five banks in Hawaii and two
banks in Alaska.
Thefollowing table,showing the amount of capital stock sub- Federal Reserve System, amount of cash held by banks,and
scription,amount of total reserve to be held, amount required the excess of cash on hand over the amountrequired in each of
in vault and with Federal Reserve Bank upon formation of the the twelve districts as of Sept. 12, has also been issued:
Capital
and
Surplus,
District.
District No. 1:
Reserve cities_
Country banks
Total
District No. 2:
Cen. res. cities
Other res. city
Country bank
Amount
of 1%
Subscription
to be
Paid in.
Net
Demand
Deposits
Time
Deposits.
Total
Reserve
Required.
Amount
Reserve
to be
Reserve
Transferred Required in
to Federal
Vault.
Reserve
Bank.
S
45,396,000
116.414,525
$
453,960
1,164,145
i
235,691,668
336,199,337
3
$
--------35,353,750
4,832.973 40,585,569
161,810,525
1,618,105
571,891,005
4,832,973 75,939,319 13,835,011 31,052,154
237,705,000
8,500,000
85,068,257
2,377,050 1,249,255,152
85,000
61,029,067
850,682 285,177,337
$
$
7,070,750 14,141,500
6,764,261 16,910,654
Required
Either in
Vault or
with
Federal
Reserve
Bank.
$
Balance Reserve which
May be CarTotal
ried Either
Cash
by Agent or Required.
in Vault.
Excess
Cash
on
Hand
Over
Amount
Required.
3
3
S
$
14,141,500 21,212.250 32,281,294 11,069,044
16,910,654 23,674,915 25,054,406 1,389,491
Cash on
Hand
(Reported
Sept. 12
1914).
31,052,154 44,887,165 57,345.700 12.458,535
331,273,257
4,340,282 225,082,941 87,532,255 75,027,647 62,523,039
225,082,941 273,401,951 48,319,010
5,000 9,154,610 1,830.922 3,661,844
3,661,814 5,492,766 6,916,878 1,424.112
7,889,240 46,615,743 7,769,290 19,423,226
19,423,227 27,192,516 27,218,673
26,157
3,312,732 1,695,461,556 12,234,522 280,853,294 97,132.467 98,112,717 62,523,039 23,085,071 257,768,223 307,537,502 49,769,279
62,215,000
146,375,726
622,150
1,463,757
283,780,949
3,400 42,567,312 8,513,462 17,026,925
497,825,979 47,082.299 62,093,232 10,348,872 25,872.180
17,026,925 25,540,387 36,424,299 10,833,912
25,372,180 36,221,052 37,871,532 1,650,480
208.590,726
2,085,907
781,606,928 47,085,699 104,660,544 18,862,334 42,899,105
42,899,105 61,761,439 74,295,831 12,534,392
89,556,500
112,624,498
895,565
1,126.245
315.737,061 6,767,148 47,698,916
374.244,757 49.240.966 47,371,419
9,539,783 19,079,567
7,895,236 19,738,091
19,079,567 28,619,350 42,669,204 14,049,854
19,738,091 27,633,327 30,540,101 2,926,774
202,180,998
2,021,810
689,981,818 56,008,114 95,070,335 17,435,019 38,817,658
38,817,658 56,252,677 73,209,305 16,956,628
39,664,250
67,450,487
396,642
674,505
126,245,683 1,478,315 19,010,768
190,315,109 26,889,508 24,182,289
3,802.154 7,604,307
4.030,381 10,075,954
7,604,307 11,406,461 15,756,845
10.075,954 14,106,335 14,280,228
4,350,384
173,893
•
107,114.737
1,071.147
316,560,792 28.367,823 43.193,057
7,832,535 17,680,261
17,680,261 25,612,796 30.037,073
4,524,277
District No. 6:
Reserve cities .
Country bank i
16,930,000
60,963,412
169,300
604,634
43,316,881
162,531 6,505,659
139.187,482 14,315.933 17,418,294
1,301,132
2,903,049
2,602,264
7.257,623
2,602,263 3,903,396 5,323,023
7,257,622 10,160,672 12,677,196
1.419,627
2,516,524
77,893.412
778,934
182.504,363 14,478,464 23,923,953
4,204,181
9.859,887
9,859,885 14,064,088 18,000,219
3,936.151
Total
District No. 3:
Reserve city__
Country bank
Total
District No. 4:
Reserve cities
Country bank
Total
District No. 5:
Reserve cities.
Country bank i
Total
Total
_
District No. 7:
Cen. res. city .
0th. res. eitie 3
Country bank 3
Total
69.360,000
35,509,162
107,756,434
693,600
355.092
1,077,564
345,572,329 2,729.796 62,339,508 24,243.142 20,779,836 17,316,530
--------62,339,508
162,048,168 10,407,371 24,827,594 4,965,519 9,931,038
9,931,038 14,896,557
402,378,345 82,098,826 52,390,343 8,731,724 21,829,309
21,829,309 30,561,033
909,993,842 95,235,993 139.557.445 37,940,385 52,540,183 17,316,530 31,760,347
107,797,098
212,625,596
2,126,258
District No. 8:
Cen. rca. city.
Other res. cit /
Country banks
29,140,000
8,245,000
45,544,294
291,400
82.450
455,443
94,248,718 6,222,920 17,275.915
22,449,326 3,149,560 3.524,884
124,290,654 31,651,067 16,497,432
5,758,638
1.409,954
6.873,930
4,798,865
.
82,929,294
829,293
240,986,698 41,023,547 37,298,231 10,172,961 14,042,522
4,798,865
District No. 9:
Reserve chics
Country banks
24,160,000
55,843,306
241,600
558,433
118,364,027 6,451,465 18,152,177
198,210,321 115,539,194 29,562,198
80,003,306
800,033
317,074,348 121,990,659 47,714.375
36.408,180
56,011,721
364,082
560,117
92,419,901
District No. I .:
Reserve cities _
Country ban s
6,718,412'
704,977
2,749,572
87,528,485 25,188,976
19,763,727 4,867,171
36,362,100 5,801,067
143,654,312 35,857,214
17,275,915 19,452,500
2,114,931 3,071,374
9,623,502 12,539,469
2,176,585
656,443
2,915,967
8.283,883 29,014,348 35,063,343
6,048.995
3.630.435 7,260,871
4,927,033 12,317,583
7,260,871 10,891,306 14,710,091
12,317,582 17,244,616 22.616,033
3,818,784
5,371,418
8,557,468 19,578,454
19,578,453 28,135,922 37,326,124
9,190,202
188,376,635 21,333,614 29,323,176
171,597,539 48,322,645 23,007,957
5,864,635 11,729,270
3,834,659 9,586,649
11,729,271 17,593,905 24.753,302
9,586,649 13,421,308 16,942,871
7,159,397
3,521,563
924,199
359,974,174 69,656,259 52,331,133
9,699,294 21,315,919
21,315,920 31,015,213 41,696,173 10,680,960
25,358,000
70,222.978
253,580
702,230
73,836,606 2,198.154 11,185,399
139,193,075 13,184,431 17,362,391
2,237,080
2,893,732
4,474,159
7,234.329
4,474,160 6,711,239 12,173,270
7,234.330 10,128,061 13,618,334
5,462,031
3,490,273
_
95,580,978
955,810
213,029,681 15,382,585 28.547,790
5,130,812 11,703,488
11,708.490 16,839,300 25,791,604
8,952,304
District No. 1 1:
Reserve citie _
Country ban s
75,450,000
55,517,416
754,500
555,174
270,590,934 11,457,883 41,161,459
202,346,538 21,578,283 25.367,699
8,232,292 16,464,584
4,227,950 10.569.874
16,464,583 24,696,876 39,634,481 14,937,605
10,569,874 14,797,824 19,360,786 4,562,962
130.967.416
1,309,674
Total
Total
District No. it1:
Reserve cities.
evatry b'ks*
Total
Total
Total
Grand total
_
1,409,953
6,873,930
472,937,472 33,036.166 66,529,157 12,460,242 27.034,458
27.034.457 39,494,700 58,995.267 19,500,567
_ 1,783,390,146 17,833,900 6,752,009,675 539,332,804 995,618,633 243,262,709
384,641.806 84,638,434 283,075,684
712,542,949 902,952,453 190,409.504
*One bank which did not accept the provisions of the Federal Reeerve Act included.
Banks in Hawaii and Alaska
not included.
1420
THE CHRONICLE
NEW YORK CLEARING HOUSE REDUCES RESERVE
REQUIREMENTS.
Action toward reducing the reserve requirements of the
New York Clearing-House Association was taken this week.
At a meeting on Wednesday the report of the special committee appointed last April to submit recommendations in
the matter was received, and yesterday the amendments
proposed by the committee were formally adopted by the
members. The proposed changes in reserves are made to
conform with both the requirements under the Federal Reserve Law and the New York State Banking Act which became a law last April. Under the regulations heretofore of
the Clearing House, national and State bank members are required to maintain reserves of at least 25% of their deposits,
while trust companies are called upon to keep a 15% reserve
in their own vaults and 10% with Clearing-House banks.
The new regulations fix the reserve for national and State
banks at 18%, and for trust companies at 15%. The Federal Reserve Act calls for a reserve of 18% by national
banks. The State law provides for a reserve by State banks
of 18% in boroughs with a population of 2,000,000 or over,
and 15% in boroughs having a population between 1,000,000
and 2,000,000; in the case of trust companies the reserve is
15% in boroughs having a population of 2,000,000 or over
and 13% in boroughs having a population of between 1,000,000 or 2,000,000. The full details regarding the reserve
requirements under the State law were given in our issue of
March 28 last. Below, we print the report of the ClearingHouse Committee embodying the reserve changes approved
this week:
NEW YORK CLEARING—HOUSE ASSOCIATION.
77-83 Cedar Street.
New York, Nos. 11 1914.
Members of the New York Clearing-House Association:
Gentlemen—As a result of new legislation by both national and State
Governments, the Clearing-House Committee appointed in April last a
Special Committee consisting of Messrs. A. Barton Hepburn, Prank A.
Vanderlip, Walter E. Frew and Benjamin Strong Jr., to make recommendations as to the reserve requirements of the Clearing-House Association.
The Special Committee gave the matter careful and thorough study and
has reported, and its recommendations, as to reserve requirements and as
to amendments to the Clearing-House constitution, have been accepted
and adopted by the Clearing-House Committee.
I hereby offer, on behalf of the Clearing-House Committee, the following
amendments to the constitution for action by the Association at a subsequent meeting, in accordance with Sec. 2, Article XI,of the constitution.
Respectfully submitted,
A. H. WIGGIN.
Chairman, Clearing-House Committee.
Proposed Amendments.
Amend Sec. 8, Article HI, by repealing the latter paragraph of said
section, reading as follows:
"Trust companies becoming members of the Association shall be required
to keep and maintain a cash reserve of not less than 25% of their legal net
deposits, of which not less than 15% must be kept in their own vaults, and
the balance shall be maintained on deposit with members of this Association
who carry a 25% cash reserve in their own vaults. A failure to keep such
reserve in the manner prescribed shall be sufficient cause for action, as ex
Dressed under Sec. 6 of this Article."
Repeal all of Section 9, reading as follows:
"All bank members of this Association shall keep and maintain in their
Own vaults a cash reserve of 25% of their net deposits."
In lieu of Section 9 adopt the following:
National
"All members of this Association, holding charters under the
18% of their
Bank Act, shall keep and maintain a reserve of not loss than
such proportions and
demand deposits and 5% of their time deposits, in
the Federal Reserve Act.
in such depositaries as may be required by
under the laws of
charters
holding
"All bank members of this Association
reserve of not less than 18%
the State of New York shall keep and maintain a
proportions and in such deposiof their aggregate demand deposits, in such
this State.
taries as may be required by the laws of
holding charters under
Association,
"All trust company members of this
keep and maintain a reserve of
the laws of the State of New York, shall
deposits, in such proportions
not less than 15% of their aggregate demand
by the laws of this State.
and in such depositaries as may be required
deposits
"Provided, however, that in determining aggregate demand
deposit of outstanding
no deduction be made of deposits secured by the
City of New
unmatured stocks, bonds or other obligations of the State or
stocks, bonds or other obligations
York, or of deposits to the amount of the
and held by the bank or trust
of the State or City of New York owned
company.
charters under the laws of
"And Provided, that all institutions holding
York Clearing House, who are
the State of New York, members of the New
stockholders and members of the
now or may hereafter be admitted as
a reserve
Federal Reserve bank of this district, shall keep and maintain
deposits and 5% of their time deposits,
of not less than 18% of their demand
depositaries as may be required by the •
In such proportions and in such
Federal Reserve Act.
cash-on-hand, must be main"And Provided, that all reserve, other than
York, or some member bank of
tained in the Federal Reserve Bank of New
New York, or any other member of this Assothe Federal Reserve Bank of
in cash.
ciation which maintains the full 18% reserve
institution to keep the reserve herein pro"A failure on the part of any
institution liable to discipline as provided for
vided for, shall render such
Article."
In Section 6 of this
III, to read as follows:
Amend Section 10, Article
the Clearing-House Association shall fur"Section 10. Every member of
form to be prescribed by the Clearing-House Comnish to the Manager, in
of its average daily condition, also its actual condimittee, a weekly report
on each Friday, which report shall comprise
business
of
close
the
at
tion
the following:
Investments.
"Loans, discounts and
"Reserves,
[Vol, xc
"Deposits,
"Circulation."
Repeal all of Section 11, Article III.
Having been provided for in Section 10 as above.
Amend Section 7, Article IX, to read as follows:
"Section 7. Every institution redeeming through a member of this
Association shall keep the same cash and deposit reserve against its demand
deposits and time deposits (as reported weekly), which the rules of this
Association prescribe for Clearing-House members, excepting that any
such institution which is a member of any other Federal Reserve bank than
that of New York, may count all reserve allowed by law to be carried in
Its own Federal Reserve bank. The Clearing-House Committee shall
have power to enforce this rule."
With the Federal Reserve bank of this city in operation
next Monday and with the change in the Clearing-House
reserve requirements operative at the same time, it is understood that to-day's bank statement will be the last to be
published under the present form.
At yesterday's meeting of the Clearing House the New York
Federal Reserve Bank was admitted to membership.
MEASURES OF RELIEF FOR COTTON PLANTERS.
One of the several schemes started for the relief of the cotton situation is apparently being overshadowed by the "cotton relief fund." The Philadelphia "Ledger" of Nov. 7
says the "buy-a-bale" movement for the time is being allowed to fall by the way. To quote further:
Ernest T. Trigg, Chairman of the committee of merchants and manufacturers formed some time ago to push such a campaign, said yesterday
that nothing was being done at present. "We are simply marking time
until the success or failure of the $135,000,000 cotton-loan fund is known."
He said. "Reports made to the committee show that between 2,500 and
3,000 bales of cotton have been bought in Philadelphia in the 'buy-a-bale'
movement. Some subscriptions in cash were sent to the committee, but
whether we push the movement or not will depend on the cotton-loan developments. If that fund is established, it will do away with the need for
the other."
The acceptance of warehouse receipts for cotton as collateral for loans is a bright feature of the situation, according
to the Dallas "News," in that section of the country. In its
issue of Nov.5 it says:
Cotton
Cotton in Texas and Oklahoma has practically become currency.
Assowarehouse receipts are accepted as collateral at the Dallas Currency
the
of
of the
meeting
directors
regular
the
ciation for loans and yesterday at
Association loans were granted on 700 bales.
It is understood that $80 is the standard loan now being made to the farmers by the country banks. Merchants are extending credit at this ratio and
It is believed that from now on the loan amount per bale will increase.
With the acceptance of warehouse receipts as collateral for loans the cotton situation has taken on a healthy move that bankers feel sure will stimulate the price to a higher mark. Many Dallas bankers are predicting that
cotton will be selling at Scents before Christmas, if not sooner, and are encouraging the farmers to hold to the staple as long as possible.
The Dallas Currency Association has a membership that covers the very
heart of the cotton section of Texas and Oklahoma and it is expected that
from now on a vast amount of the business done by the Association will be
upon warehouse receipts as collateral.
The New York "Times" says one of the best known of the
high-class dress houses in this city is planning to feature attractive cotton garments for spring wear when the new sea,
son opens. These garments will be made of cloth woven
in this country from cotton grown and spun here, the idea
being to help the South in this way rather than buying a
bale. Some very attractive domestic cotton fabrics are
being shown here for spring use, the design and the weaving
being fully up to that of imported goods and the price at
least 33 1-3% lower.
The "Wall Street Journal" says landlords of Walker
County, Texas, are accepting cotton on a basis of 10 cents
per pound from tenants in payment of rents. This has relieved the farmers considerably.
The benefits derived by producers and handlers of cotton
by storing the staple in warehouses under the emergency
warehouse law, as passed by the Texas Legislature in October last, is set forth in a statement by Chief Clerk D. M.
Cameron of the Warehouse Division, Department of Insurance and Banking of Texas. Mr. Cameron says:
If they would realize the chance they are taking in having their cotton
damaged, such loss being in excess of any warehouse charge, then cotton
would be properly warehoused. Last year the damage to cotton in Texas
alone has been estimated to have cost the producer something like $16.000,000, and this year's surplus cotton in the United States can be warehoused for that amount.
The prevailing storage charge is 25 cents for the first month and 15 cents
for each subsequent month,or $1 90 per year; added to that lathe actual cost
of insurance, which is from 65 cents to $1 50 per annum, governed by the
rate that prevails on the warehouse.
For such expenditure the farmer receives the following protection and
guaranty:
1. Cotton is not exposed to the weather, avoiding damage.
2. Adequately insured from loss by fire.
Nov. 14 1914.i
TIIE CHRONICLE
1421
RETIRING EMERGENCY CURRENCY.
The banks of this city are continuing the cancellation of
their emergency currency notes, the total amount retired
up to the 13th reaching $47,291,370. The National City
Bank has retired the $15,000,000 of emergency currency
E. K. Boisot, Vice-President of the First Trust & Savings which it issued after the commencement of the wax. It
Bank of Chicago, on his return from a trip through the prin- received $30,000,000 in the notes, but used only one-half
saying:
cipal cotton-raising States, is quoted as
of that amount. The National Bank of Commerce, it is
accept the conBankers and business men of the South are coming to
stated, has retired more than $11,000,000 of the notes.
it will be better for the growers to sell their cotton, take the
until demand can be created.
3. Creates a substantial loan value
highest grade of collateral, which
very
the
furnish
receipts
Warehouse
4.
Currency Association, the Regional
are readily accepted by the Emergency
local banks, merchants and
Reserve Bank, the St. Louis Syndicate and
investors.
clusion that
their production next
losses on this year's crop and prepare to diversify
year.
had
I
expected tofind them.
than
better
Conditions in the South are really
seriousness of the cotton problem,
I do not by any means belittle the
of the South are such that
but it is fortunate that the wealth and resources
described as fair.
the general business conditions may be
SOME THOUGHTS OF MORETON FREWEN.
In a letter from a special correspondent at London under
date of Oct. 23"The Sun" of this city, in its issue of Nov.9,
printed an interview with Moreton Frewen, the English economist. Mr. Frewen thinks that the Charter Act of the
Bank of England ought to have been suspended instead of a
moratorium having been declared, and has the following to
say of the operation of the moratorium:
"Now, the inevitable and foreseen consequence of the moratorium was
that the exporters from America could not get payment from our merchants
in their turn because our internal retail houses had been forced to suspend
cash payments. This being so the Americans could not and perhaps still
cannot pay what they owe here. No doubt the United States, being a
debtor nation, owes us much more than we owe her on the last quarter's
trading balance, but when a great free trade country such as this resorts to
a moratorium she simply 'scraps' the entire machinery of the world's foreign
exchanges.
"The advisers of our Chancellor having brought about this pass, next
Uncle
thought that they could scramble out of the bog on the shoulders of
because our
Sam. Your gold was to come over here and remain here.
to speak
moratorium had killed your natural export of goods. It is difficult
neither honorable nor
with good temper of financial tricks such as these,
THE LONDON STOCK EXCHANGE.
The "Central News Bureau" announced by cable on the
11th inst. that the London Stock Exchange Committee,
after consultation with the legal members of the Government, ruled that members be allowed to continue dealing in
stocks through -the impending settlement, without paying
the 5% or 10% margin previously demanded, provided they
agree to pay higher fortnightly interest, fixable by the
committee. The settling room will be open for the settlement from next Friday to the following Wednesday. The
Stock Exchange Committee has fixed the maximum interest
and contango rates chargeable between members during the
forthcoming account on loans at 6% and on securities contangoed at 6% to 9%. The latter is chargeable on unlisted
stocks upon which margins are not provided.
From the "Journal of Commerce" of the 12th inst. we
take the following:
"It is understood the reason why Nov.18 was not postponed for the liquidation of loans is because the Government
refuses to permit a further extension of the moratorium.
As a result of this action it will necessitate members of the
Exchange going into liquidation, especially in the American
market. The blame for losses, however, that may now occur will fall on the Government and not on the committee."
necessary."
to Washington?"
”What will happen and what has taken Sir George Paish
any other for these financial
"Sir George Paish is at least as responsible as
Street acceptors and
pranks. He has been the mouthpiece of the Lombard
to our tax-payers. Sir
has extracted them by transferring their war risks
If my drains go
George is not an economist, but a journalist statistician.
regard the plumber
wrong I call in a plumber, but I am not called upon to
statistician.
as an expert architect, and this analogy holds good for the
he
Mr. Paish sprang to fame on the back of the 'people's budget' of 1909;
divinely ina
is
here
loses no opportunity of declaring that our Chancellor
spired financier. Some of us think otherwise, even in war times. You in
America can learn nothing from this new knight of Lloyd George's creation
except, indeed, the sort of experiments you should most carefully avoid.
"On general grounds I venture to suggest that the United States might
send us gold in very liberal amounts. You will lose nothing by such a
policy and you will gain much. Every gold dollar you send will strengthen
and sweeten the market here for all that you export. To use a military
metaphor, your gold exports are your artillery, under the fire of which
your commercial exports will cross to take up strong positions on this side.
But if Washington is to co-operate with Westminster, Wall Street with
Lombard Street, as, let us say, by putting in effective operation your new
Currency Act, which will of itself export your gold, then let Washington
stipulate that we here issue legal-tender paper enough to secure that when
your gold has come over it may have a fair chance to return home through
the action of exchanges which are not tampered with.
"No more moratoriums, no more hold-ups of that kind. The finance
of our war has been mean and scandalous. The Imperial Bank of Russia
has issued fully $600,000.000 of currency against securities. Berlin has
Issued nearly twice as much. The Bank of France since the war began
has reduced its gold by $10.000,000, while increasing its note issue by
$800,000,000. Canada has issued currency freely, though still insufficiently, against securities. You in America have done your share for the
common cause of finance withlissues of emergency currency. But hero we
have done much worse than nothing; we have impounded in the Bank
of England every ounce of gold we can lay hands on, while issuing only a
mere handful of non-secnred shin-plasters.
"Our sailors and soldiers are doing splendidly, but that especial department of war in which we believed we were impregnable, our finance, has
weakened not only England but the empire. Why should we cling to our
old muzzle-loader of 1844 though we know that its malpractice will paralyze
the trade and finance of our great friendly customer, the United States, and
embarrass hardly less both France and Russia, Canada, India and Australia?"
Commencing next Monday the London Metal Exchange
will be open for the regular two sessions daily. Only one
session daily is now being held.
The "Evening Post" of Nov. 6 had the following to say
with reference to the provision for protecting needy debtors
now that the British moratorium is no longer in operation:
the attention of all
The Courts (Emergency Powers) Act now engages
adjust their affairs
debtors and creditors in England who find it difficult to
to debtors
protection
afford
to
is
Act
satisfactorily. The object of this
circumstances attributable to
who cannot meet their obligations owing to
of creditors' rights generally,
the war. It places a check on the exercise
covered by the moratorium. No
and not merely in respect of debts
Court. execute a judgment
creditor may, without leave of the Emergency
money. He may not levy for nonof any other court for the payment of
to enforce payment of
payment of rent, exercise any right of re-entry
on any security, or enforce
money, forfeit any deposit, foreclose or realize
court to which application
the lapse of certain life insurance policies. The
Court, or a Court
has to be made by a creditor is the High Court, County
and the amount
of Summary Jurisdiction, according to the circumstances
involved.
CALLS IN CONNECTION WITH NEW YORK CITY
LOAN.
On Thursday (Nov. 12) another pall was made upon the
banks participating in the New York City $100,000,000 loan
for additional funds to meet the city's obligations maturing
abroad. This latest call is for $14,278,750 and payment is
requested in clearing-house checks for the full amount, the
syndicate managers having provided for the sum mentioned through the purchase of exchange at rates below 490
for a pound sterling which is considered about the cost of
•
shipping gold to Canada.
As previously stated, the banks were called upon last
Friday to pay $16,765,975 and on this account $10,256,000
THE PARIS MARKET.
in gold was shipped to Ottawa on Monday of this week.
from
dispatch
Bordeaux
special
a
The New York "Sun" in
The amount of each call and the proportion paid in exchange,
on the 10th states that the Bank of France and the Stock gold and checks are set out in the following:
Gold.
Brokers' Association of Paris have reached an agreement
Exchange.
Checks.
Date—
Call.
$8,257,400 $1,581,620 $6.675,780
which will tend to regulate the liquidation of accounts out- September 16
18
September
2,677,545
$2,677.545
standing on July 31 on the Paris Bourse, preparatory to the September 23
767,795 3.1 59.1 75
4,327.300
400.330
1,087,700
3,715,550
reopening of the financial market. The arrangement be- October 8
4,805.705
22.454
7,678,850
1.634.315
15
October
6,044.535
tween the Bank of France and the Stock Broker's Associa- October 22
1,136.550
4,197,165
5,333.715
tion is on the same lines as that of the Bank of England and October 28
1,702,525
1.702,525
16,765,975
3,933,583 11.472,431
1.359.981
the London Stock Exchange. The Bank of France agrees November 6
14.278,750 14,278.750
November 12
to advance to the stock brokers 40% of the funds employed
Total
$85.827.765 $26,102.838 $35,264.636 S4.460.290
in carrying over stocks which were made immobile through
which cares for all the city's obligainstallment,
latest
This
settlement."
July
the
of
adjournment
the
to
up
and
abroad
including
tions
were
November 30, makes $65,brought
Corporation
Brokers'
Stock
The records of the
back to the headquarters of the corporation at Paris from 827,765 that has been paid thus far. The entire amount of
Bordeaux on the 9th in view of the expected reopening of the securities to be paid off abroad is $80,243,940 47, the remainder falling due during December.
cash stock market.
1422
THE CHRONICLE
[VOL.
xcrx.
a deeper interest, or been more helpful than the investment banker. I
say this with all due respect to our commercial bankers, for the reason
that they deal more in short-time credits and could more easily and with less
immediate loss adjust themselves to existing conditions. I would not have
you infer that we have yet solved all of the problems. The fact
remains
that as long as the exchanges of a country are closed, capital issues and
credits are hold up and securities cannot be sold. Cities. counties. States
In the absence of the weekly balance sheets of the Bank of France,
we and corporations are forced to drop improvements, factory production is
continue to preserve, as a matter of record, the table which we drew
up. reduced, likewise tonnage, and most unfortunately, the employment of
according to the declarations of M. Ribot, Minister of Finances,
of the labor. The banks of the country have contributed to a $100.000,000 gold
principal accounts of the Bank on the 1st of October last,
comparing them pool for aiding the foreign exchange situation. The Government has lent
with the corresponding accounts for July 23, a time
when the fears of war Its support, through the approval of the Federal Reserve Board, to the forwen(' not yet very great. We refer the reader, for the
explanation of the mation of a $135,000,000 pool for relief to the cotton growers of the South.
differences between the two dates, to the article which
we published in
Granting the importance of these measures for relief to business, is it not
the "Economic Section" of our issue for Oct. 10 1914,
the next step to open the exchanges of the country, and, if necessary, lend
page 395.
Principal Accounts of the Balance Sheets of the Bank of
support to the market by forming a pool of say $250,000,000. subscribed
France.
Increase (+) to by bankers and investors from coast to coast, and managed by five or
Assets—
On July 23.
On Oct. 1. or Decrease(—). seven of the ablest bankers, selected from New York, Boston, Philadelphia
Reserve of the Bank—
Francs.
Francs,
and Chicago? This pool may be dikided into two parts, a stock pool and
Francs.
Gold
4,104,390,351 4.092,000,000
—12,390,351 a bond pool, as undoubtedly some would subscribe to the one and not the
Silver
639,620,649
319,000,000 —320.620,649 other, and some would subscribe to both.
It I am right in assuming that it is necessary to reopen the exchanges
4,744.011.000 4,411.000,000 —333,011,000
to bring about industrial activity and prosperity—and bankers generally
Commercial notes
1,539.944,000 4.476.000,000 +2,936,056,000
have
conceded this—what would restore confidence quicker than a comAdvances to the State
204,989,900 2,100,000,000+1,895.010,000
bination of American capital ready to re-purchase from abroad what from
Liabilitiesnecessity they will desire to sell at a price safe for us to pay? In my
Notes to bearer in circulation 5,911,906,030
9,299,000.000+3.387,093.970 opinion,
Accounts current of the
this is the largest and most important problem yet to be solved.
and
if something of this kind cannot be done, our stock exchange, in my
Treasury
400,590,514
296.000.000 —104,590,514
Judgment, cannot open except in a limited way at first, and do but little
Accounts current and hullvival deposits]
942.971,711 2,177,000,000 +1,234.028,289 good for months to come.
Present conditions, it seems to me, force us to recognize another condiAn article in the "Journal of Debates" (of
Bordeaux) for Oct. 22 gives tion that will be new to us. We should
bear in mind that until the present
figures relating to the balance sheets of the Bank
for Oct. 15. The gold re- time this happy-go-lucky
nation has always sought and obtained valuable
serve (according to this) would be increased by
thirty millions, amounting assistance from the "savings" of
the thrifty of the Old World. With the
to more than 4,121 millions: the silver reserve
would increase by 10 millions enormous drain on their cash
resources that war has caused, and will conand would reach 329 millions, which would bring
the total reserve to 4.'50 tinue to cause, and the
increasing tendency to secure gold and increabe
millions. The bills in circulation ould increase 55
millions, reaching. on their gold reserves, we must become independent, or
self-contained, when
Oct. 15, 9,354 millions. The commercial bills would
amount to 4,359 it comes to new financing. The golden stream which all
millions, a perceptible decrease from the figures of
our life has been
Oct.1; the advances to flowing towards the United States will certainly
the State a ould reach 2,400 millions, an increase of
cease for a time. If we
300 millions, in round use credit as freely as we have, we are forced
to protect it ourselves, and
numbers, since Oct. 1.
to do this we must become as good "savers" as we have been "spenders."
When we know that American income tax payers received $3,250,000,000
in ten months of last year, or at the rate of $4.000,000,000 per year, we
SAVINGS BANKS NO LONGER REQUIRE NOTICE.
should not despair. Add to this the income not reached by the tax, which
is equal
At a meeting of representatives of the savings
more, and we are not without large resources of our
banks of own, yetornotpossibly
large enough to make progress as rapidly as in the past. If
Manhattan and the Bronx, held on Tuesday at the
we could add to this as the result of thrift a reduction of our expenses, of
Union
Dime Savings Bank of this city, resolutions were
25%, our savings banks would swell their deposits and our securities
adopted say
would find a larger market at home. This may be one of the conditions this
approving a letter from State Superintendent
Richards, war will impose upon us, and it will apply to municipalities, corporations
which stated that, in his opinion, the nscessity no
and individuals alike.
longer
ists for the enforcement of the sixty-day clause affecting exGenerally speaking, I feel justified in saying with others that to-day
sav- "the
is one in which we have no precedent to guide us." Howings deposits, and that the course to be pursued with regard ever,situation
we can also say that we hold steadfastly to the belief In our
our
to its continuance be allowed to rest with each individual securities and our Government, also in our ability to overcome banks,
conditions
impossible.
looked
I
ago
months
think
three
that
it
was Mr. Morgan who
institution. The decision of the officers of the savings banks
"in America those who play the bear side of the market play to lose,"
of Greater New York to require the sixty-day notice of said,
and while for several years from one cause or another this has appeared to
withdrawal was announced at the beginning of the European be poor advice to follow, yet every indication to-day is for a return of
on a basis of credit thoroughly well tried and that should bring
war in August. It is stated that for the last few weeks the aprosperity
return of confidence.
banks have pretty generally ceased to invoke the notice.
Coming to the things about which we should be hopeful, at least,
we find:
1st. No property in this country has yet been destroyed. That though
all Europe be engaged in war, this great country of ours is at peace.
Let
our first endeavor be to guard our neutrality by every means within our
INVESTMENT BANKERS' CONVENTION.
power.
2nd. We have a surplus annually of around $10.000,000,000 of agriculThe Investment Bankers' Association of America opened
products to sell.
its third annual convention in Philadelphia on Thursday. tural
3rd. Our manufacturing is beginning to receive a stimulus by demands
Representative bankers from all sections of the country took from abroad, herotofore supplied
by their own mills and men. This will
part in the-deliberations of the Association and assisted in amount to a large sum.
4th.
If
It
should
we
be
re-purchase a large amount of our sethat
must
making it one of the most important functions of the organi- curities
the other side, it will be done at a very low price and we shall
zation. George B. Caldwell, President of the Association, have to from
do it but once.
5th. Speculation in this country was at a low ebb when this
took occasion before the opening of the convention to say
war
started,
a word with reference to present conditions and the business is to and we were doing business on a 6% money market, so whatever
be done, we will not have to come down from a very high level. The
outlook for the future, expressing his views as follows:
drop will not be great and will not, I believe, greatly demoralize business.
"We have a market now, but it is not a normal market. The prosperity
6th. After ten years of agitation, we are apparently approaching
the
which awaits the United States will be delayed until the stock market is time when public sentiment is changing and
when people will not continue
again In full blast as it was before the war. But the market cannot be to listen to attacks upon big business and
constructive wealth. They begin
opened now. Nevertheless, unified action by every one, commercial and to realize that their welfare depends
upon the welfare of those companies
investment bankers, must come soon in order to open the doors of the in which their savings are
invested for the protection of old age, disableworld's exchanges. The commercial bankers were responsible for the ment and their widows and children.
closing, and it Is up to them to take some action which will insure the speedy
7th. The new Banking and Currency Act will soon release a large amount
renewal of business.
of money now in reserve--more than enough to make the early retirement
"The granting of credits Is the essential thing before the markets are of clearing-house certificates
and emergency currency possible. Thus putreopened, and with conditions as they are now it will take some time. ting our banking
houses in the position they were July 30 1914.
although the trend of the money market is slowly downward. Rates
Our new banking system should also strengthen credit and facilitate
will be lower at the end of this week than they are now.
stable conditions and reasonable rates. In this, its operation must prove
"The new laws that have been passed and are yet untried are new tools in a marked benefit
for all products. Under these conditions, and as merthe hands of every business man,especially the investment and commercial chants or dealers in securities, have we not good reasons to be hopeful?
banker. They are likely to prove more beneficial than was first antici- We are traders at
the market, and barring a loss on our present holdings,
pated. The first fear is giving way to a tendency to avoid criticism until will not our services be more necessary and our business more active in
they have been put to the test. The days during the past three months the near future than it has been at any time?
have been dark ones, but the bankers are feeling more cheery every day.
To-day every possible precaution is being taken in America to minimize
During the past ten years there has been much agitation and it seems the evil effects of the European war, and it now seems possible that the loss
necessary to have it for development. This association during its conven- to American enterprises will be confined to a shrinkage of income, with little
tion will endeavor to spread its optimism throughout the country and that is or no encroachment upon capital. Foreign investors, who now hold
one of our chief aims."
American securities, can congratulate themselves upon their good fortune,
Speaking of the problems affecting the opening of the and if we stand together and show our faith we must soon remove all fear
and appreh( nsion. Some one said "Imagination and ability to smile are
Stock Exchange, Mr. Caldwell in his annual address sugges- gifts bestow,d upon mankind only, and every step of progress that the
ted as a means of lending support to the market the formation world has tak.n in science, literature or art is the result of imagination."
Some see in the present situation a long season of calamity, but with new
of a pool of $250,000,000,subscribed to by bankers and investools in the form of new laws to work with, the man with power of analysis
tors from coast to coast, and managed by five or seven of the and foresight
born of experience knows that it is always possible to turn
ablest bankers selected from New York, Boston, Philadelphia every advantage into a favorable condition for trading. Finding the
way
is perhaps not an easy matter and must be carefully considered, but
and Chicago. We quote from his address on this point
events are rapidly transpiring to bring about conditions more nearly noras follows:
mal. To-day perhaps half the commerce of the world is closed to us, but
During the past three months we have experienced the inevitable. The half of it is open to us, and to us alone. If we cannot ship our products out
cessation in the issue of new securities—whether Government, municipal or as quickly as heretofore, by the same token other countries. which have
corporate—was necessary, and likewise the protection of existing and hitherto competed with us. cannot ship them in. It does not require
a
maturing credits, In this no association of men has sacrificed more. ..hgen statistician to figure out that with competition eliminated,
there are going
THE CONDITION OF THE BANK OF FRANCE.
We have translated the following regarding the condition
of the Bank of France from] "L'Economiste Francais" of
Oct. 24 1914:
Nov. 141914.!
THE CHRONICLE
at home, and that one hundred million
to be some big orders to be filled
t,the American
and at peace. Thrt,
people in the United States are happy moral stimulation in the events
great
people have felt and are feeling "a
of human
realization
a
is
There
visible.
of this year is undoubted and
of nations, and of races, and we realize
fellowship that overleaps the bounds
is alien to us."
that "we are men and nothing human
1423
A. J. Frame, President of the Waukesha National Bank of
Waukesha, Wis., addressed the convention on the subject
of"An Equitable Solution of the Public Utility and Conservation Problems", saying in part:
ownership
I firmly believe that our greatest progress lies in individual
subject to governand management of public utilities, railroads, Arc., but
must permental supervision. Let us never forget that such supervision
all progmit of reasonable profits, because profit enlarges and loss blights
ress, thus labor, as well as capital, are equally interested.
purity
and
progress
Doubtless on such a middle ground lies our greatest
bankers realize, likewise investors
together
Under the pressure of conditions that
The great bulk of the masses desire justice, therefore let us reason
and
railroad
financing
future
to
dangerous
at home and abroad, as being
responsibility to our clients, the in- a little.
mature
beyond their control, and realizing our
It may appear to be a broad claim, but I profoundly believe, after
some of its members,requested
vestors, this association, at the suggestion of
led not with theory alone, but with actual experimental
deliberation--coup
at
Washington,
Commission
Commerce
with capital
a hearing before the Inter-State
Rate Case." This case was re- proof—that the solution herewith suggested deals equitably crave such a
reformers
Oct. 19, on the "Five Per Cent Railroad
testimony as to the justice or necessity and the people alike. All honest men and all true
additional
submitting
for
opened
rates in officially classified territory, com- result
ordifor a further increase in freight
A few years before Chicago granted the present electric railway
A special committee of twenty of
there, outlining these
prising 35 of our best Eastern railroads.
was chosen, fifteen of nances I gave an address at a bankers' club meeting
bonds
in
railroad
dealers
ve
representati
to believe that through
our most
presented evidence on the questions of the ordinances practically as granted. I have reason
whom went to Washington and
to do with shaping those
of markets and possible future financing, the publication of that address it had something
both to the many
rise and fall in prices, condition
fair,
annual fixed charges, and consequently ordinances. The result has proved eminently
the cost of which has to do with the
owners of the securities as well as to the people of the city of Chicago
a
to
considerbroadened
thereby
was
argument
The
rates.
of
the question
of and a just division of the profits.
ation of the "shipper," the "carrier" and the "investor," three factors
prime importance in all railroad operation.
made it plain that there
The course of the hearing before the Commission
A discussion of "The Modern Gas Company as a Security
Is yet, notwithstanding long years of discussion, no agreement as to What
rates has yet for Bonds" was entered into at the meeting by Rufus C.
railroad
fixing
of
method
No
scientific
rate.
reasonable
a
is
large ownership
been discovered and perhaps never Will be. Because of the
tan Gas & Electric Co. of
with a knowledge of Dawes, President of the Metropoli
of American railroad stocks and bonds abroad, and
said:
an
in
Dawes
Mr.
part
was
that
urged
Chicago;
it
year,
coming
and
present
the
debts,
large maturing
"The Modern Gas Company as a Security for Bonds" is the subject
experience as bad for the country in general as for the railroads in particular
the railroads is that has been assigned to me. and as I am engaged in the manufacture,
might be forced upon us, also that any leniency towards
in
moderate
increase
further
a
distribution and sale of gas, it is to be presumed that I am expected to
not as great a danger to-day as to deny
freight rates, which ultimately are paid by the consumer and widely dis- speak chiefly about the fundamental conditions of the business.
Whatever may be the technical construction of the trust deed, whatever
tributed. We submitted that the question of the hour is "a larger net and
state of the
better result." The argument may seem to have become trite, but to us may be the dress in which the bond is presented, the general
gross
larger
"a
simple,
seems
answer
business is the fundamental basis of the security offered. Skill in negothe case itself remains serious. The
atone for any
and reduced operating expenses," but this is not the whole story. To stop tiation and experience in drafting trust deeds can never
to defect in the property or in the business opportunity, that is the basis for
here is most short-sighted, for the railway business has never been able
property
valuable
of
the bonds to be issued. The continued profitable use
finance itself out of earnings and probably never will. They must continue
investor.
is the real protection for the investor. As to whether there is likely to be
to sell to the banker and he must continue to look to the
the demand and opportunity for the continued and profitable use of property devoted to the supply of gas, is properly the subject of my remarks.
Perhaps I would not be stepping far aside from the general purpose of
"The Investment Bankers and the Federal Reserve Law", my discussion to say that the interests of bondholders are generally best
formed the subject of an address delivered at the meeting protected by preserving as much freedom as possible on the part of those
the property; and,further, to say that the ownership of the equity
by Rudolph Diamant of A. B. Leach & Co. of New York. operating
and the operation of the property must be in the hands of honest and capable
In depicting the expectations of the sponsors of the law Mr. men, whose motives must always be,first, the protection of the bondholder;
otherwise, in spite of skilfull trust deeds and favorable business opportunDiamant said:
discount ity, the interests of the bondholders may be jeopardized. The amount
a
This system, according to Its godfathers, will establish normal
character of the bonds to be issued should bear, of course, a proper ratio to the
market in the United States and thereby completely change the
bondto American banking in property securing them. Provisions inserted for the protection of
expansion
give
will
It
paper.
commercial
our
of
afbanking facilities holders should be drawn with reference to the nature of the business
this country as well as abroad, and it will afford better
ultimately establish fording the security. Sinking fund provisions are imperative in cases
in foreign countries for our manufacturers. It will
the
and
assets,
clearance system on a par where the conduct of the business results in diminishing
an elastic currency system and create a check
economy of our gold proper amount of them can sometimes be measured with accuracy. But
basis throughout the entire country. It will work for
comwidely scattered where the operation of the business does not diminish the assets of the
supply, and will concentrate andmobllize our at present
in reserve regula- pany, the necessity is not so apparent and the application of the same
gold reserves. It will, furthermore, bring more uniformity
institutions, if ratios may be disastrous to the bondholders.
tionsaudio general supervision of a larger number of banking
is
The value of a gas property is determined by its use. When there
the system in larger
State banks and trust companies can be induced to enter
ac- no use for it, its value is slight as compared with its cost. But property
better
that
this
all
of
view
in
contended
is
It
far.
numbers than thus
is never abanlegitimate business; devoted to the gas supply is always used in this service. It
commodations will be given by the banks in aiding
of business has reof our credit resources, doned. Up to the present time the ordinary conduct
business has
that we will get a more equitable distribution
the
of
This, in turn, will facili- quired its maintenance and renewal, and the growth
coupled with a normalization of interest rates.
growth is now accelerated and the necesThis
extension.
the
while
annual
required
the
country,
throughout
tate a free flow of capital and credit
give our exterior sity for extensions is not relaxed.
accumulation of large foreign exchange portfolios will
for lighting, for cooking,
when demands
The gas supply has become a modern necessity
gold movement a system of brakes to be used effectively
supply,and it
and acceptance and for heating; the foundation of its business is the domestic
profit
on our gold supply are being made. The new discount
Banks relies upon a small profit from many customers instead of a large
privileges to be extended to the member banks and the Federal Reserve
than
cheaper
being
service that it renders,
the
Moreover,
far
go
will
few.
the
and
from
paper
commercial
will give added prestige to American
experience has shown that the use of gas is
toward giving the American bill of exchange a prominent place in inter- the service that it displaces,
of business demore likely to be increased than decreased during periodsurrounding the
national trade.
that the conditions
All this, of course, will not be established at once. Many usages in pression. It will be seen, therefore,
in the
afforded,
income,
stability of
financing the needs of our country will have to be changed; in fact, the law gas service, being such as to insure
in the security issued upon it.
might have to be altered in certain particulars before the ideals of the early days, the strongest basis for confidence
system's advocates are realized.
It will be seen, therefore, that a broader opportunity will be given to our
banks for the uses of their funds in commercial paper. This predicates a
Col. Farnsworth, Secretary of the American Bankers'
diminished necessity or desirability for ownership of a large amount of high- Association also had something to say to the bankers and in
a
the
way
of
secondary
in
banks
grade bonds heretofore carried by our
ting the Association on its magnificent success
reserve or held in view of their acceptability for various purposes of deposit. congratula
Another question now asking our consideration is whether the public in the three years of its existence, said:
will invest more liberally in investment securities than heretofore. Of
I am surprised. when I think of it. that this Association has succeeded so
all hypothetical matters which the Federal Reserve System brings to the well in three years, that your membership is so large, because if any of the
for
subyou.
the
Viewing
prominent
most
the
is
certainly
one
this
front,
fraternity has suffered by what the banking interests have gone through in
ject from a broad standpoint, we are inclined to say that if this Federal the past two years, I should think that, naturally, it would be the investa
that
in
manner
reserve law, as its advocates claim, will mobilize reserves
ment bankers. It is very true that we have a new banking and currency
will make them so effective that serious credit and market disturbances law for which we are thankful. Those who are competent to judge say it
conseand
banking
of
cost
the
in
will
economize
it
if
eliminated,
will be
about 70% good. It is not, perhaps, Just exactly what the bankers thought
quently relieve the community of undue charges, if it will facilitate the they should have, or what some of the business men thought they should
business of the merchants and manufacturers of this country in many ways, have, but it is a great step in the right direction, because, as you know, we
economic education of the
if it will enhance perceptibly the financial and
have been working under a banking law that is some fifty years old.
country, it will certainly stimulate investment demand in no inconsiderBefore I close I am going to read a couple of short paragraphs which I
degree.
able
think are pertinent to this particular question. They say that history
that the organization of
As a final word, we want to say that we believe
itself, and one of these paragraphs I think is a really remarkable
repeats
benefit of the country and
the Federal Reserve System will redound to the
statement. In May and June I took a trip through the Western States,
bankers.
of the investment
some seventeen conventions, part of them in Missouri, and from
rates, so that visiting
First—Because it will have a tendency to stabilize interest
to Kansas, and through the Western States which I visited
changes in the Missouri
we will not be called upon to face in our operations sudden
I found that there was splendid feeling. The business men and bankers
rates of interest.
were feeling good on account of the prospect of large crops, and that section
power which
Second—Because any loss of customers or loss of purchasing
of the country was not affected as we have been in the East. It seemed
be
will
world,
investment
the
to
bring
may
System
to me, perhaps, that the bankers whom I talked to ought to have some
the Federal Reserve
resulting
more than replaced by the general benefits to the entire country
slight idea as to the conditions which prevailed throughout the East, so
going to be established.
that I alluded briefly to the conditions through the East—industrial confrom a broader and better banking system that is
credit
serious
Third—Because it will go a long way toward eliminating
ditions particularly—and made this statement: that throughout the East
comthe
of
operations
business interests were suffering from three causes: one, not being properly
disturbances and it will thereby place the legitimate
basis,
safer
and
better
a
on
adjusted to the tariff—the new tariff law; two, the conditions of the
mercial, industrial and agricultural community
of
outside
factors
by
caused
disturbances
railroads of the country, through their not receiving sufficient income to
less subject then heretofore to
keep up necessary improvements, and pay dividends; and, third, the
their respective spheres of activity and of their own making.
continual and continuous attacks on corporations and trusts and the tact
g the
President Caldwell had something to say concerninfrom
we
take
and
n,
Washingto
in
hearings
recent freight-rate
his remarks the following:
1424
THE CHRONICLE
that these questions were not settled. I think you will all agree with me in
this statement that that has been one of the principal troubles. Of course,
now, we have a war and it is problematical just exactly what shape it
will leave the country in or bring the country into, but all of our troubles in
the past—the past several months—are now charged up to the war.
We also take occasion to quote the following from the
report of the Committee on Railroad Bonds and Equipment
Trusts:
Your committee feel that it is necessary to enlarge on one most important
phase of this question which must be self-evident to you all. The
value
of the collateral under any loan and the maintenance of the value of such
collateral can be safeguarded to a certain extent by the terms of the
indenture, and by establishing through the pressure of well directed
public
opinion an active oversight by the trustee of the methods pursued
by the
railway company in living up to the terms and spirit of the
indenture.
This, however, is but a means to the desired end.
Eagerness to do business bred by over-keen competitive conditions
have
led many of us in the past into situations where securities have
been bought
and sold before sufficiently careful, intelligent investigation was made
of the
terms of the indenture, and perhaps what is of even greater importance,
without thoroughly considering the moral risk involved in the loan
arising
from the methods and character of the management of the borrower.
The responsibility of the investment banker does not cease
with the sale
of the equipment trust certificates to his clients. It is the part of
wisdom
to investigate at regular intervals whether his and his clients'
interests are
being properly safeguarded both by the railway company
and by the
trustee. "A stitch in time saves nine." says the old adage,
and the investment banker could many times have prevented the difficult
and unpleasant
situation confronting his client and himself if he had
followed the useful
course of doing what he could to prevent the loss by
consistently and
regularly keeping himself advised as to the true situation
and value of the
equipment pledged from the time he assumed the
responsibility of the loan
by placing it with his client.
The greatest evil to-day in connection with the
problem of equipment
trusts, the investment banker and the investor is this
neglect of investigation and regular oversight. If our members will make
themselves familiar
with what provisions should be included in a properly
drawn indenture
securing equipment trusts, if they will refuse to handle
equipments unless
the indenture be properly drawn, and if they will
continue to guard their
clients' interests regularly and systematically after
they have placed
the issue by seeing to it that both the trustee and the
railway company live
up to the terms of the equipment trust agreement that
both entered into,
then they will make it difficult for many of the evils
to exist which are now
confronting our profession of investment bankers.
(VOL. xcxx.
extraordinary action. In declaring the fund "legal under
the anti-trust laws,the opinion says: "nothing in the nature
of price fixing, restriction of production, division of territory
or control of markets is involved." Following is the President's letter:
THE WHITE HOUSE.
November 7 1914.
My Dear Mr. Attorney-General—I am sending the inclosed papers, submitted to me by the Secretary of the Treasury,in order to ascertain whether,
in your opinion, the proposed "cotton-loan fund" may be lawfully formed.
I know that it is contrary to the practice of the Department to give opinions
beforehand as to contemplated transactions, and I think that such opinions
ought never in ordinary circumstances to be given, but the circumstances
with regard to the handling of the great cotton crop which have been
created by the European war are most extraordinary and seem to justify
extraordinary action. It is for that reason that I venture to ask you to
depart in this case from the usual practice of your department.
It occurs to me that the "fund" contemplated stands in a class hi
itself.
It is hardly conceivable that such arrangements should become settled
practices or furnish precedents which would be followed in the regular
course of business or under ordinary conditions. They are as exceptional
in their nature as the circumstances they are meant
to deal with and can
hardly be looked upon as, by possibility even, dangerous precedents.
It is for this reason that I feel the more justified in asking you your
opinion
in the premises. Cordially and sincerely yours.
WOODROW WILSON.
To this letter the Attorney-General replied:
November 7 1914.
Dear Mr. President.—I have the honor to reply to your request for my
opinion as to whether the Federal anti-trust laws, (the so-called Sherman
Act, the so-called Clayton Act, and the Trade Commission Act), would
be violated in any respect by the carrying out of a plan which
has been
devised for raising and administering a fund of $135,000.000 to be lent
on
the security of cotton. A copy of the plan is attached hereto.
Countries which take annually about 8,000,000 bales of American cotton
—more than half the crop—are now engaged in war. Trade between the
United States and those countries in some cases virtually has come
to a
complete stop and in others has been seriously hindered. Foreign exchange
has been badly demoralized. In consequence of these extraordinary conditions, it has been impossible to obtain in the usual ways the large amount
of cash required to liquidate the indebtedness incurred in the course of
raising and marketing the cotton crop.
To meet this situation the plan in question has been proposed. It COO
templates the making up by a syndicate, composed principally of banks
and bankers, of a fund of $135,000,000 to be lent on the security of cotton
In the way of entertainment the bankers of
to borrowers in the cotton-growing States, under the direction of a
the "City of Central
Committee, composed of the individual members of the Federal
Brotherly Love" certainly lived up to their
reputation as Reserve Board and various auxiliary committees.
genial hosts, there being numerous affairs for the
Nothing
in the nature of price fixing, restriction of production, division
entertainment of the visitors. Thursday afternoon there
of territory or control of markets is involved. Loans will be made as
were freely to buyers
of cotton as to producers. The members of the syndicate
delightful automobile trips to the historical points of
Phila- will be perfectly free to make other loans in any amount, to any persons,
delphia and in the evening a "Get Together" smoker and and on any lawful terms. Borrowers will be under no restraint whatever
vaudeville entertainment was given which was greatly en- as to the price or the time at which they may sell their cotton. Nor will
free agency in borrowing or in not borrowing as they see fit and from
joyed. The gala event of the week, however, was the grand their
whom they see fit in any manner be restricted. In short, the plan simply
banquet and reception at the Bellevue-Stratford Hotel on provides the cash which is imperatively required to liquidate the indebtedFriday night, at which over 600 sat down to dinner. The ness incurred in the course of raising and marketing the cotton crop but
which cannot now be obtained from the usual sources of supply because
speakers at this occasion were Thomas F. Woodlock of New of the extraordinar
y conditions prevailing in the money markets and in
York, Hon. George S. Graham, of Philadelphia and the the trade of the world.
The amount of this fund is barely more than 1% of the total outstanding
Hon. A. Scott Bullitt of Kentucky, who spoke on "Some loans
and discounts of banking institutions in the United States, and is
Views From Kentucky". The toastmaster of the evening much less than the amount of cash usually employed
in marketing the
cotton crop. Nor would even this small part of the banking capital of the
was Edward Walter Clark of Philadelphia.
United States become impounded as a result of the plan; but, upon being
The newly elected officers for the coming year were—
lent, would return at once into general circulation.
President, A. B. Leach. of A. B. Leach & Co., New York. viceI am unable to see how such a plan could be thought to fall within the
Presidents: Frank W. Rollins, of E. H. Rollins & Sons, Boston; Allen G. purview of the anti-trust
laws.
Hoyt,of N. W. Halsey & Co., New York; John E. Blunt Jr.,of Merchants
Sincerely yours,
Loan & Trust Co., Chicago; J. W. Edminson, of Wm. R. Staats & Co.,
T. W. GREGORY,Attorney-General.
San Francisco; Charles A. Otis, of Otis & Co., Cleveland. Secretary,
Baltimore bankers at a meeting on Nov. 6 guaranteed
Frederick R. Fenton, of Devitt, Tremble & Co., Chicago; Treasurer,
to
J. Herndon Smith, of Smith, Moore & Co., St. Louis. Governors: Lewis furnish the $2,500,000 allotted
to that district as its portion
B. Franklin, of Guaranty Trust Co., New York; Charles W. McNear, of
of
cotton
the
loan fund. According to the Baltimore "Sun",
C. W. McNear & Co., Chicago; Warren S. Hayden, of Hayden, Miller
&
the Clearing-House banks of that city always maintained
Co.. Cleveland; Geo. W.Kendrick 3d,of E. W.Clark & Co.,
Philadelphia;
Lawrence Chamberlain, of Kountze Bros., New York; William R. Comp- that they would provide
$1,500,000 of the amount, and this
ton, of Wm.R.Compton & Co.,St. Louis; William G. Baker
Jr., of Baker, was done at the
meeting. The trust companies and State
Watts & Co., Baltimore; John E. Oldham, of Merrill, Oldham
& Co.,
Boston; Charles H. Gilman, of Chas. H. Gilman & Co., Portland,
banks through their representatives reported subscriptions
Me,
THE $135,000,000 COTTON POOL.
After a conference on Saturday last with Attorney-General
Gregory, Secretary of the Treasury •McAdoo gave
out a
statement to the effect that the proposed cotton
loan fund
is not in violation of the Federal anti-trust laws.
He also
stated that all but $20,000,000 of the $100,000,000
allotted
to the non-cotton States had been pledged. Following
is
the statement :
Highly satisfactory progress is being made in the
formation of the proposed cotton loan fund. Already $80,000,000 of the $100.000,00
0 allotted
to the non-cotton States have been pledged, leaving only
$20.000.000 to
be subscribed. I am confident that the remainder will be provided
shortly.
All talk about the plan being in contravention of the Sherman
anti-trust
laws is sheer buncombe; there is no foundation for it.
Developments during the campaign for raising the fund
indicated that some fear was entertained as to the lawfulness
of the scheme and this proved serious enough to bring out a
request for an opinion from the Attorney-General. This
opinion was made public November 7, along with the letter
of President Wilson requesting the same. In his letter the
President said the contemplated fund stands in a class by
itself, the extraordinary circumstances created by the
European war with regard to the cotton crop requiring
of $500,000 additional and this with other amounts pledged
within the city and from banks outside brought the total to
$2,200,000. The remainder was pledged by the Clearing
House. It is believed that further contributions throughout the State will not make it necessary for Baltimore to
assume the full amount pledged.
According to Chicago exchanges,that district has failed to
make up the $20,000,000 allotted as its share of the cotton
loan fund. While Chicago banks have subscribed $12,000,000, their full allotment, the amount raised outside the city
has been only $2,200,000, which makes the subscription
$5,800,000 short of the full amount.
The "New York News Bureau" says that at a meeting of
the Denver Clearing-House Association the local banks
voted to subscribe $500,000 to the cotton pool fund.
The reasons for the failure of Minneapolis and St. Paul to
enter the cotton loan fund are set forth in a letter signed by
E. W. Decker, President of the Minneapolis Clearing-House
Association, and Donald S. Culver, Vice-President of the St.
Paul Clearing-House Association, as follows:
Nov. 14 1914.1
THE CHRONICLE
movement of the grain crop, I
The Northwest is in the middle of the
reserves
which is taking not only all loanable funds but has drawn down
continuously for several weeks.
Stringency in the Eastern money market has operated to make impossible the sale of commercial paper in the East by brokers and the
Minneapolis banks have had to take care of much business that otherwise
would have been handled by Eastern banks.
Minneapolis and St. Paul banks have taken care of all local firms or
individuals entitled to credit and expect to continue to do so.
The first duty of the Minneapolis and St. Paul banks lies at home.
Up to this time no Federal assistance has been asked for by Minneapolis
or St. Paul banks and between 87,000,000 and 88,000,000 of AldrichVreeland Law currency has been taken out, which will soon return for
redemption.
Local money requirements will keep the banks loaned up for the next
three or four months.
1425
FULL CREW LAW.
The validity of the full crew law of Arkansas has been
upheld by the Arkansas Supreme Court. The Act, passed
at the last Legislature, provides that railroads operating lines
more than 100 miles long must employ at least six men in
switching in terminals or yards in cities of the first class.
The case was appealed from Hot Springs.
In furtherance of a campaign to bring about the repeal of
the full crew law of Pennsylvania at the next session of the
Legislature, the Pennsylvania RR.has posted a bulletin in its
stations and on its employees' bulletin boards, appealing to
appointed
by
the
North
committee
Carolina
special
The
Bankers' Association to consider the cotton-loan fund has the people to ask their representatives in the next Legislature
the signature
reported favorably on the proposition and a State committee to repeal the law. The bulletin, issued under
the
road,
says:
Samuel
Rea,
President
of
of
matter.
act
in
the
appointed
to
has been
In the early part of the week indications were that Philadelphia would not subscribe the $10,000,000 allotted
as its share of the cotton-loan fund, but after a conference
of banks and trust companies held at the Clearing House on
Friday afternoon to consider the subscriptions, it was evident that Philadelphia's installment will be forthcoming.
After the conference L. L. Rue, Chairman of the ClearingHouse Committee and Chairman of the Cotton Fund Loan
of Philadelphia, said: '
"Philadelphia will do her share. The institutions were
animated by a patriotic sense of duty in making this subscription to the cotton pool."
John G. Johnson of Philadelphia, an eminent legal authority, in an opinion on the cotton-loan fund, says in part, as
published in the daily papers:
It is in the interest of the public—whose chief concern is good service
and safety—that the extra crew law now on the statute books of Pennsylvania and other States be repealed.
This law causes a waste of $1,100,000 annually in the employment
of unnecessary men on the Pennsylvania System alone.
No one is more concerned than the Pennsylvania Railroad Co.in securing
maximum safety on its lines. Every train on this railroad has a full crew.
and this extra expenditure adds nothing to safety or public convenience.
The same money had much better be spent to remove grade crossings, improve tracks, signals and bridges and buy steel cars.
This extra crew law, which compels unnecessary expenditures, is one of
the factors which menace the ability of this company to pay present rates
of wages to that great body of employees whose activities are needed.
The Public Service Commission should see to it that all trains are properly
manned. Such action would amply protect employees and the public.
We appeal to the people in their own interest, we appealto our employees
in their best interest, to ask their representatives in the next Pennsylvania
Legislature to repeal the law.
WITHHOLDING INFORMATION
RESPECTING
EXPORT MANIFESTS.
I am very decidedly of the opinion that no bank should participate in the
proposed cotton pool. It is the duty of the directors of each bank to retain
In
its
weekly
publication
of November 2 the Merchants'
the custody of its funds under their own control and to exercise their Judgment, acting directly and through their agents,and in accordance with the Association of New York claims the credit of having been
usual course of business, in the use to be made of the bank's funds.
instrumental in securing the issuance of the order of the
The proposed plan takes a certain amount of money to the extent of the
contribution out of the custody of the banks' directors and vests in outside Treasury Department instructing Collectors of Customs to
parties the discretion of its use. Theonly terms prescribed to those to whom refrain from making public information concerning outwardthe bank entrusts the funds it contributes is that they shall not lend on bound
cargoes until thirty days after clearance. The followcotton at a greater rate than six cents a pound.
Many other questions, however,should be considered in making any loan. ing is the statement made by the Association:
At the instance of The Merchants' Association, the Treasury Department
The individual character of the borrower ought not to be ignored. The
examination of the collateral in each instance should be made through the has issued the following instructions to all Collectors of Customs:
"Until further directed you will refrain from making public or giving out
instrumentality of the lending corporation. The insuring of merchandise
to any other than duly authorized officers of the Government informacollateral and the storage of the same involve a great dea of discretion.
I think no bank ought to put out of its own power the doing of the very tion regarding any and all outward cargoes and the destination thereof unmany things in the proper lending of its money—certainly not to such an til thirty days after the date of the clearance of the vessel or vessels carryunusual extent as is now sought. The motive which would influence the ing such cargoes.
The order was issued by direction of President Wilson, and it is of vital
bank would be in all human probability that of a desire on the part of its
Some
directors to aid in a public movement. I think such a motive has no importance to the commerce of the Port of New York at this time.
of the commodities which hitherto have formed a large part of our exports
place whatever in corporate actions.
CarEurope.
war
in
countries
at
The duty of the directors is,to such an extent as the same can legally be have been declared contraband by the
held up and their delivery
done with no view to furthering public interests, to promote the interests goes containing these commodities have been
to consignees prevented, The result has been that shippers have largely
of its own stockholders.
from attempting to send such commodities abroad.
It is said the opinion was given to a Boston bank and refrained
The State Department has informed subjects of the United States that
furthermore that that part of the opinion not made public they are free to ship contraband articles, even ammunition, to belligerents.
pronounced the cotton-loan fund not in contravention of the but that such shipments must be at the risk of seizure.
It has been the custom in the New York Custom House to make daily
anti-trust laws.
announcements of the character and quantity of merchandise leaving this
port for foreign countries. Advantage has been taken of this fact by
According to Richmond advices $1,133,000 had been sub- representatives of the countries at war to inform their governments of
shipments of materials, which have been declared contraband, the name
scribed up to Nov. 6 as Virginia's share of the cotton-loan of
the vessel carrying them, and its destination. It has thus been easy for
fund. This is an over-subscription of $133,000 and it is belligerent nations to stop such shipments.
Members of the Merchants' Association recently brought this situation
hoped to bring such excess up to $200,000.
to the attention of the association, with a request that an effort be made
to suspend the practice. The matter was promptly taken up with the
authorities at Washington. Mr. S.0. Mead, Secretary of the Association,
with the Department of Commerce and Secretary Redfield
SHIPMENTS OF NEWSPAPERS UNDER WAR REVENUE communicated
made a personal visit to the headquarters of the Association. After going
TAX BILL.
over the situation, he telegraphed to President Wilson suggesting that the
requiring daily information of shipments to be made public be susNotice that reports of shipments of newspapers are to rule
pended.
be filed monthly with collectors of internal revenue in lieu
Mr. Mead also went to Washington, where he conferred with officials
of bills of lading is contained in the following letter printed in of the State Department and the Secretary of the Treasury. As a result;
the President's order was issued last Wednesday.
Treasury Decisions of Nov. 5:
The suspension of the rule under which daily information regarding ship(T. D. 2035.)
ments has been made public is expected to have a stimulating effect upon
Consignment of Newspapers under Schedule A,Act of Oct. 221914.
commerce from this port. The Government orders given by countries
Reports of shipments of newspapers to be made monthly to collectors in at war alone amount to many millions of dollars in this country. In adlieu of bills of lading.
dition, important industries abroad are largely dependent upon raw maTreasury Department,
terials obtained from the United States. Shipments of these articles, when
Office of Commissioner of Internal Revenue,
they have been declared contraband, have been almost entirely disconWashington, D. 0., October 28 1914.
tinued.
Sir.—This office is in receipt of your letter of the 23d instant, relative
While the United States has been endeavoring to stimulate foreign trade;
to that portion of the Internal-Revenue Act of October 22 1914 relating to at the same time, through operation of the rule now suspended by the
the consignment of newspapers.
Treasury Department, it has been aiding materially in maintaining an
In reply, you are informed that in lieu of a bill of lading, the publisher embargo upon many articles of commerce which this country is ready and
of the newspaper must file on or before the 15th day of each month with the anxious to export. Many of the vessels carrying cargoes from the United
collector of the district a report, under oath, showing the number of shipStates have been held up by patrol vessels of belligerents.
ments during the preceding month, to which report a stamp shall be affixed
The importance of maintaining a foreign outlet for United States products
equal in value to one cent for each shipment so reported. The portion of is seen in the present condition of the cotton market, where the
suspension
the Act relating to this subject goes into effect December 1. The first of the foreign demand is causing financial distress throughout the
South.
report to be made, therefore, will be on or before January 15 1915, for the Similar conditions exist with regard to other less
conspcicuous products.
number of bundles shipped during the month of December. • * *
Respectfully,
W. II. OSBORN.
It is rather curious that any body of merchants should
Commissioner of Internal Revenue.
want credit for an act which has received more adverse than
Mr.
1426
iTHE CHRONICLE
[VoL. xc
favorable criticism. The withholding of prompt information regarding current exports is a matter that can not be TRANSMISSION OF MONEY AND LETTERS ABROAD
FROM CANADA.
readily justified. Merchants have so long been accustomed
The following memorandum with regard to the transmisto look for these statistics, and to conduct business in the
knowledge of them, that it is a real hardship to be deprived sion of money and letters abroad is published in the "Canada
of them. The act amounts practically to a total suppression Gazette" of the 7th inst.:
The Foreign Office is unable to undertake any responsibility for the forof the information, for there will be little object or induce- warding
of money,letters or messages to individual persons abroad.
ment to publish the manifests after the news has become
Payments of money to British subjects who are detained in an enemy
stale. Besides, the step is not likely to be of service even °natty and unable to return to His Majesty's Dominions do not constitute
infringement of the Trading with the Enemy Proclamation, but it may
in the way intended. So long as prompt and full knowledge an
be found necessary to forward such remittances through a neutral country
• regarding the sailings and cargoes of outgoing vessels was
It is suggested that it may be found possible to forward the money
available, only particular vessels were liable to search and through Messrs. Cook & Sons or one of the principal banks.
Private letters to Germany and Austria-Hungary through neutral coundetention. Now all vessels will be subject to being watched tries
are now allowed to be forwarded subject to the usual conditions of
by the warships of the belligerents. This view is well censorship. Letters cannot, however, be forwarded direct to Germany or
expressed in an article in this week's issue of the "Oil, Paint Austria-Hungary. British subjects and others wishing to communicate
with friends in enemy countries must forward their letters through an
& Drug Reporter" of this city, which we reprint herewith:
agency in
THE SUSPENSION OF PUBLICATION OF EXPORTS.
We regret that with the current issue of the "Reporter" we are obliged
to omit one of the most distinctive and valuable of our statistical features,
namely the record of outward manifests covering our trades at the principal export centres of the country. This omission has been wholly beyond our power to avoid and is Justified on the recent order of the Treasury
Department at Washington prohibiting the customs officials at the various
districts from giving for publication any infamation concerning outward
manifests for thirty days after the clearance of the vessels. This suspension has been undertaken on the theory that if the manifests were not
available until the vessels had been able to reach or were well on the way
to their destinations, they would be relieved of the annoyances of interference or detention by the warships of the belligerent countries whose
officers might have been advised by friendly representatives in this country
as to possible contraband goods on the merchant steamers. This presumption of facilitating the movement of our wares and manufactures
bound for the foreign markets seems to be based on fancied rather than
genuine premises, and viewing it from the standpoint of leading and pract ical shipping interests at this port, it is calculated to subject to detention
and inspection any outward-bound vessel against which there may be a
suspicion of the carriage of goods intended for or capable of the enemy's
war use and service. It Is reasonable to presuppose that in the great
majority of cases our exports are made in good faith for neutral destination,
but since the vigilant foreign warship cannot have the advantage of advance
knowledge of the honest character of these cargoes, none of the merchant
vessels can hope to escape detention until the satisfactory character of the
manifests is established. In other words, the many may be called upon
to bear the annoyances and inconveniences which should be borne by the
few venturing upon the over-sea commerce with cargoes which may violate
our neutrality obligations.
The thirty-day suspension of export details may operate to further disadvantage in withholding information which might be turned to creditable
account for the development of important foreign channels for many of our
commodities, for which the increased trade opportunities are especially
desirable at this time. No better basis could be afforded than the early
publication of the various classes of outward-bound goods and their destinations, and if this data cannot be given until after a period of thirty days,the
most favorable opportunities may be lost.
SECRETARY BRYAN AND THE ELECTION.
Characterizing last week's election as an endorsement of
the President's policies, Secretary Bryan in a statement issued on Monday incidentally seeks to make it appear that
"protected manufacturers," in an endeavor to throw discredit on the new tariff, purposely suspended operations in
' some cases or cut down their forces before election. In
hailing the results as a Democratic victory, Mr.Bryan says:
The election of 1914 cannot be considered otherwise than as an endorsement of the President and his policies. I am so convinced of the merits
of the remedial measures enacted under the President's leadership and of the
righteousness of his foreign policy that I expected the voters to support
the candidates who represented his views. There were a number ofcauses
which operated against our party—namely, the beneficiaries of protection,
who, out of resentment, sought to make the tariff law obnoxious; the disturbed condition caused by the European war, and the fact that the excellent laws passed by Congress had not had time to prove their worth.
Then, too, more Progressives returned to the Republican Party than we
expected. This alone accounted for most of the Republican gains in the
House of Representatives. The victory, however, was sufficiently complete to show that the people are with the President, and he is now able to
continue the splendid program upon which he has entered.
The gains in the Senate are especially gratifying—not a single Democrat
defeated for re-election and three Senatorships taken from the Republicans.
There is every reason to believe that the Administration will grow in
popularity as the laws go into effect and as Democartic policies bear fruit.
The new currency law is just beginning to operate: before the next election
it will have vindicated its claim to public confidence.
The low tariff law cannot be repealed until after the people have had a
chance to try it out, and now that the election is over the protected manufacturers are already resuming work. Some of them suspended operations
or cut down their forces before the election, and they did it under conditions
which left little doubt that they hoped to arouse opposition to the new tariff
law. Seeing that the law is here to stay, they will now proceed to demonstrate the fallacy of the arguments which they used in opposing reduction.
The President's foreign policies are endorsed and his hands strengthened.
The outstanding fact in the late election returns is the slump in the Progressive vote. A large percentage of the Progressive Republicans have roturned to the Republican Party, and that, too, without any surrender on
the part of the "standpatters" and the reactionaries. The leadership of
the regular Republican Party has undergone no change. Senator Penrose
and Mr. Cannon will represent that party in the Senate and House, and
the returning Progressives must be prepared to accept all that they protested against, and more, for the standpatters after having overcome the
defection, are even further from reforms than they were two years ago.
The Democratic Party deserves the support of all real Progressives, and
In the next two years it will draw to itself those Progressives who understand the radical nature ofthe issue which separates the Democrat from
the aristocrat and the plutocrat.
a neutral country, and correspondents may select their own
agency. Messrs.Cook & Son have,it is understood, expressed their willingness to arrange for the transmission of such letters, and applications for
Information as to the necessary stamps. &c., should be made to them.
Letters intended for transmission to enemy countries should be as brief
as possible, should contain nothing but personal matters, and should, if
possible, be written in the German language.
The address of Messrs. Cook & Son's head office:is Ludgate Circus, E.G.
Foreign Office, October, 1914.
THE AMERICAN ELECTRIC RAILWAY ASSOCIATION'S
CODE OF PRINCIPLES.
The adoption by the American Electric Railway Association at its convention in Atlantic City on October 14 of a
Code of Principles has given particular importance to the
meeting. In explanation of the aim of the Association in
adopting this Code, the "Electric Railway Journal" in its
October 31 issue has the following to say:
At the Atlantic City convention a code of principles was adopted, and
the question may be asked: "Why Is any code necessary?" In reply, let
us say first that the decision to have such a code was not snap Judgment
on the part of the association. It had been under serious consideration
for at least two years, and the action at Atlantic City was simply the consummation of this plan.
-fold :it should crystallize
The purpose of any code of this character is two
sentiment and thought both outside and inside the interest affected. In
the case of the electric railway industry it will help the outside public to
understand concretely the attitude of the companies. It will also assist
railway companies themselves better to understand their own problems.
There is nothing so helpful to clear thinking as to state one's ideas definitely
in black and white.
The code as formulated contains an epitome of the problems confronting
the industry at the present time and likely to confront it for years to come.
It gives in tabloid form the substance of a great many published papers
and addresses presented at meetings of electric railway associations. It
helps to define the issues which are now before the electric railway companies, both in their own minds and in the minds of the public. The
drafting of the code constitutes an important step in producing a better
understanding between the company and the public. The next step is
to convert the principles there expressed into vital energy by using them
to the best advantage.
To do this every thinking individual connected with the electric railway
industry should study the principles carefully,particularly as they affect his
own surroundings. He should also test them by his own practical problemsso
that he will be familiar with them and their application. If the public
utility men of the country do not understand Just what the statements in
the code mean and are not convinced of their correctness or fairness, they
can hardly expect the public to understand and accept them.
Having studied the principles of the code carefully,each company should
bring it to the attention of its own public, especially to the thinking portion
of its public. The association has a comprehensive plan for doing this
on a large scale, but each member of the association can begin the work
on a smaller scale in his own community. We suggest that this should
be done at once and that the public relations committee be kept informed
of the progress made in the various electric railway centres. A passive
acceptance of the code will be of little service to anyone. It must be
understood, used and pushed if it is to be of value to the industry.
In studying the principles of the code it is very important to associate
the numbers with the respective principles, just as we do in the case of the
amendments to our Federal Constitution. This will give "handles" by
which the principles can be promptly grasped when needed, but to make
effective the use of such "handles" the numbers and the principles must
be firmly tied together in the minds of the members of the electric railway
profession.
Below we present the Code of Principles as adopted by the
Association:
I.—The first obligation of public utilities engaged in transportation Is
service to the public. The first essential of service is safety. Quality
of service must primarily depend upon the money received in fares. For
this reason it is necessary that the rate of fare should be sufficient to permit
the companies to meet the reasonable demands of patrons and to yield a
fair return on a fair capitalization.
II.—Regulated private ownership and operation of electric railways
Is more conducive to good service and the public welfare than Government
ownership and operation, because the latter are incompatible with administrative initiative, economy and efficiency, and with the proper development of cities through the extension of transportation lines. The interests
of the public are fully protected by the authority given to regulatory bodies.
III.—In the interest of the public and good service, local transportation
should be a monopoly and should be subject to regulation and protection
by the State rather than by local authorities.
IV.—Short-term franchises are detrimental to civic welfare and growth
because they ultimately check the extension of facilities and discourage
good service.
V.—In order to render good service, electric railways must be allowed
to earn a fair return on a fair capitalization, and the foundation for this
result will be obtained if the issuance and sale of securities representing
such fair capitalization shall be legally authorized on such terms as will
produce the requisite funds.
Nov. 14 1914.1
THE CHRONICLE
law as it
VI.—Securities which have been issued in accordance with the
be valid obligations on which an
has been interpreted in the past should
electric railway is entitled to a fair return.
should always
VII.—The relation of adequate wages to efficient operation
public servants regulated by
be recognized, but electric railways, being
of labor
demands
excessive
against
public authorities, should be protected
and strikes.
VIII.—The principle of ownership of securities of local companies by
centralized holding companies is economically sound for the reason that
against the varying business
the securities of the latter have protection
conditions of a single locality or company and because money for construcobtained.
tion and improvements can thus be more readily
of determinIX.—In the appraisal of an electric railway for the purpose
should have due consideration.
ing reasonable rates, all methods of valuation
X.—Full and frank publicity should be the policy of all transportation
be available to the
companies. to the end that proper information may
investor and the public.
1427
puts it at $1,000,000 a year. The new rate between Chicago
and Cincinnati will be $7 as compared with $6, the standard
rate between Chicago and Cleveland $8 55 instead of $7 75,
between Chicago and St. Louis $7 50 instead of $5 80; standard rate between Chicago and Buffalo $13 10 instead of $12.
Higher fares between points in trunk line and Central Passenger territories will be filed in the near future, the rate
between New York and Chicago to be probably $21 10 instead of $20.
Freight rates throughout what is known as "Southeastern
territory"—east of the Mississippi and south of the Potomac
and Ohio rivers—were generally readjusted under the long
and short-haul clause by a decision of the Inter-State Commerce Commission on Oct. 30. The Commission took particular note to modify its previous orders respecting the rates
from Cairo, St. Louis and Chicago to points between Jackson
and New Orleans and between Meridian and New Orleans,
and also respecting the rates from Chicago, St. Louis, Cairo,
Louisville and Cincinnati to points north of Memphis. The
roads were authorized to maintain higher rates on indirect
routes to points between Jackson and Meridian than to
Jackson and Meridian.
The Southeastern roads were given until April 14 next
within which to make the revisions set forth in the order.
THE FREIGHT RATE CASE.
The Western railroads, operating west of the Mississippi
River, have filed an application with the Inter-State Commerce Commission for an advance, averaging 10 cents per
100 pounds in commodity rates to become effective Dec. 1.
The "Journal of Commerce" states that it was suggested on
the 9th inst. "that before suspending the advances the
Commission intends to give them a preliminary examination
and will not suspend those which are apparently not unreasonable and against which no complaints are made. The
remainder will be suspended for further investigation. If
the procedure adopted in the Eastern advance case should
be adopted, the Commission will consider the Western
As a result of the reversal by the Inter-State Commerce
advances in the lump, but it was said that the Commission
Commission
of its previous rulings, in which it was held that
is considering the advisability of conducting an independent
examination into the reasonableness of each individual ad- allowances made by trunk lines to industrial railways were,in
effect, illegal rebates, the Commission held on the 9th inst.
vance or group of advances."
that the Birmingham Southern Ry., owned by the Tennessee
Coal & Iron Co., a subsidiary of the United States Steel Cora
that
Commission
announced
the
hearing, poration,
On the 3d inst.
was a common carrier and entitled to make joint
beginning Jan. 20, would be held in Chicago in its investi- rates with other carriers and to receive divisions of such
gation of railroad embargoes on freight. In complaints rates. The change in the attitude of the Commission affects
received by the Commission it is alleged that the embargoes not only all the industrial
railways controlled by the Steel
often result in unjust discrimination against shippers. It is Corporation, but hundreds of other short-line roads, which
from
receive
"to
both
Commission
the
carriers
of
desire
the
originally were constructed as plant facilities of great indusand shippers information as to the necessity for embargoes, tries. Chairman Harlan filed a dissenting opinion, in which
their frequency, their misuse (if any), their advantages and he held that the Birmingham Southern was merely a plant
the practicability or inapractibility of requiring carriers to facility of the Tennessee Coal & Iron Co., and that allownotify the public generally as well as the Commission of each ances or divisions made to it were practically only concessions
embargo." In an announcement issued on the 5th inst. to the Tennessee Company from the regular freight rates and
concerning this inquiry the Commission says:
constituted a discrimination against other shippers.
is not able to outline in advance the exact scope or
'The Commission
extent of this inquiry. In May 1914 the Board of Railway Commissioners
of Canada entered an order requiring all carriers subject to the jurisdiction
of the Board to show cause why an order should not be issued prohibiting
any railway company from issuing an embargo against any traffic for a
period longer than four days without first giving the Board at least ten
days' previous notice. In November 1912 the Canadian Board issued an
order requiring that any railway company issuing an embargo shall, within
forty-eight hours thereafter, file with the board a copy of such embargo,
together with a statement of the conditions rendering such embargo necessary, the action required to remove such conditions, and the probable time
such embargo will be continued.
"It cannot be said, of course, that the investigation to be conducted by
this Commission will result in any similar order. It is the desire of the
Commission to receive from both carriers and shippers information as to
the necessity for embargoes, their frequency, their misuse, if any, their
adqantages, the practicability or impracticability of requiring carriers to
notify the public generally as well as the Commission of each embargo,
either before or after it takes effect, and to receive any information which
will assist the Commission in determining whether or not it is advisable for
the Commission to take any action in the premises."
It is understood that hearings will begin next Monday
before the Inter-State Commerce Commission on the question of allowances by trunk lines to short roads in official
classification territory. In connection with this the Commission will consider the reasonableness of allowances that are
to be granted to the so-called industrial railroads, which are
the lines operated by steel companies east of the Mississippi
River.
Railroads operating in Central Passenger Association
territory east of the Mississippi and north of the Ohio rivers
and west of Pittsburgh and Buffalo, have filed schedules in
Washington raising inter-State passenger rates almost uniformly to a 23/
2-cent level, effective Dec. 1. The proposed
rates may be suspended for investigation during that time,
but railroad men expect the Commission to allow them to go
into effect. This action, it is stated, is similar to that which
roads east of Pittsburgh and Buffalo are preparing to take
and is an outcome of the suggestion of the Commerce Commission in its decision of the Eastern rate case, that passenger
fares are on the whole unremunerative and that the railroads
should seek as far as possible to make every branch of the
service pay for itself. An outside estimate of the effect of
these schedules on revenues in Central Passenger territory
The Pittsburgh Chamber of Commerce has sent a protest
to the Inter-State Commerce Commission against the proposed charge by the railroads for handling "trap" or "ferry"
cars. The Commission is asked to suspend the effective
date of tariffs which have been filed, which, if allowed to
become effective, would permit a charge for this service of
4 cents the 100 pounds at Pittsburgh and points west of
Pittsburgh, and 2 cents per 100 pounds at points east of
Pittsburgh. At present no charge is made for this service.
Speaking before the Philadelphia Chapter of the American
Institute of Banking on the 6th inst., William A. Law,
President of the American Bankers' Association, and VicePresident of the First National Bank of Philadelphia, reminded his hearers that the prosperity of the railroads was
the most important factor in the prosperity of the country
at large, and asserted that the Inter-State Commerce Commission must permit an increase in railroad freight rates.
Mr. Law is quoted in the Philadelphia "Legder" as saying:
"There is no doubt that in the past abuses crept into railroad management to the detriment of shippers, and that reform was necessary, but instead of sane regulation the Inter-State Commerce Commission has attacked
the entire railroad interests with a ruthless hand, with the result that
railroad business throughout the country has been strangled. Their finances seriously hampered, the railroads have come to a complete standstill in
the matter of constructive enterprise, and investors have almost completely
lost confidence, making further financing a grave question.
"It is a question which aftects not only the railroads, but a great army
of banking and private investors, who will not risk their capital unless they
are reasonably assured of being protected aganst the onslaught of destructive legislation and Governmental restriction."
Charles Francis Adams, formerly President of the Union
Pacific RR., and for seven years Chairman of the Board of
Railroad Commissioners of Massachusetts, has addressed
a lengthy letter to Preseident Wilson, in which he enters
into a detailed discussion of the railroad situation and the
imperative necessity for increased remuneration for the
roads. The letter, written under date of October 24, was
printed in the New York "Times" of November 2, and we
take from it the following:
1428
THE CHRONICLE
[VoL. xcrx.
What now leads to the writing of this letter is the conviction I am under quate remuneration for services rendered and construction called for.
that the present situation is not fully appreciated, and the elements of Otherwise, the result is inevitable, and that result spells widespread disdanger involved in it are far more considerable than is commonly supposed. aster.
As that problem presents itself to my mind, I see, moreover, no effort, at
This letter has already run to a length I had not anticipated. The cononce intelligent and comprehensive, made to deal with it.
clusion, however, as it rests in my mind, hardly needs to be set forth. The
Confining myself to the situation as if comes under my daily personal existing situation, impossible of continuance, involves danger—danger as
observation in Eastern Massachusetts—though I am satisfied the con- respects both the safety and prosperity of the community. To remedy
ditions prevailing here are general—I am unable to escape the conclusion it locally calls for the command and output of a large amount of fresh
that so far as our transportation machinery is concerned we are rapidly capital—a hundred millions. On the present basis of remuneration for
falling behindhand, and getting also into a well-nigh inextricable snarl. services rendered that capital cannot be obtained. It will not be forthThe situation, too, while most portentous—for it is ba.sic so far as prop- coming. Rates, meanwhile, are unreasonably low. We all know it.
perity is concerned—does not admit of solution except through treatment We all equally know that an increase of charges for public service is never
both drastic and comprehensive.
popular, much less favored politically. Nevertheless, there is. I further
Let me come at once to the point:I am satisfied that here within, we, will and finally submit, no escape from it in the present case, and to palter
say, fifty miles of Boston, there is an immediate call for a capitalized rail- with the situation simply implies delay, continued stagnation and ultimate
road expenditure, fresh money outlay, of at least 8100,000,000. Nor, irremediable disaster.
comparatively speaking is this outlay excessive; for in New York City alone
Whether, therefore, obtained through Government action or through
within the last ten years, two railroad companies have spent, or are now corporate management, directly or indirectly, the service required must
spending, in the neighborhood of 8300,000,000. This outlay was, more- be secured, and to be secured must be adequately remunerated. It may
over, required; nor is there any allegation that it has been wastefully made. be,in this matter,the community will like to be cheated, or insist on someHad it not been made, it would not now, under existing conditions, be how deceiving itself, meeting indirectly an outlay much larger than that
from which it recoils when directly imposed. This, however. I submit,
possible; fortunately, it has been made, and is secure. That we have.
In Eastern New England it is not, therefore, a question of dividends or will be mere self-delusion; and the one party always most dangerous to
interest on existing investment, or of a restoration of credit in this respect. deceive is one's self. Yet the inclination thereto is politically well-nigh
It far exceeds those limitations; for to bring our railroad system up to the both universal and irresistible.
proper standard, including a renewal and replacement of roiling stock, the
The conclusion to which I have now found myself forced is, therefore,
reconstruction of permanent ways and bridges, the separation of grades, and manifest and inescapable. The railroad candle has, so to speak, for some
the development of proper terminal facilities, and connections nece^-sazy to time past now been "burned at both ends." Expenses, especially for
modern competitive conditions would, on a rough estimate, unquestionably labor,equipment and construction, have increased and arei still increasing;
call for the amount of fresh money above named-8100,000.000. More- rates meanwhile have tended steadily to reduction. The calls for new
over,unless that investment is made, Eastern New England cannot main- development and improvements of a permanent character and most costly
tain itself industrially. Is the fact generally appreciated that the case thus nature have been and now are imperative, incessant. From such a situainvolves not merely rehabilitation but a costly development essential to tion there is but one escape—if the community wishes safety and conventence, with a system of transportation equal to the demands and standard
continued prosperity?
Meanwhile, from causes unnecessary to enter upon, the corporations of the times, it must make up its mind to pay therefor; nor is the increased
owning and managing the railroads in Eastern Massachusetts cannot re- remuneration requisite in any respect inordinate. For Eastern NewEngmunerate the capital already invested, much less secure fresh money. land the improved service would more than justify the increase of cost.
Moreover, we must have it.
They are financially crippled. This is a matter of common knowledge.
Such a state of affairs calls indisputably for prompt remedial action. The
existing position is also from a common sense, business point of view imROCKEFELLER FUNDS IN RELIEF WORK.
possible of long continuance. I have not time to argue the matter or to
enter into details. I will merely state the fact. Here is the largest inIn addition to the relief work announced last week by the
vestment and active business management of the country, and those man- Rockefeller Foundation on
behalf of the non-combatants
aging it control neither outgo nor income. They are told what they must
do and pay, and have no voice in what they are to charge. Such a situa- of Belgium, further plans whereby it is to provide a steamtion is economically unheard of—absurd. It needs only to be stated. It ship pier, to charter ships, and to convey free of charge to
is financially impossible of long continuance.
Belgium supplies contributed by the public, were announced
I next find myself further forced to the conclusion that the railroad
system generally has outgrown local lines, and that it is futile to expect this week. This week's statement of the Foundation,
any adequate remedial action through State legislation or control, partia issued under date of the 8th inst., is accompanied by an
or complete. The State machinery is, as respects large-scale transportation, antiquated. To indulge, then,even in an expectation that the problem appeal to the public to give either in money or supplies for
can or will, be dealt with in any comprehensive and constructive spirit Belgium relief. At the same time the personnel was made
through local legislation is, I submit, futile—so futile, indeed, as to be known of the commission of experts which is to advise the
little better than puerile. This we may regret and deplore. I certainly
Foundation as to the time, place and means whereby relief
both regret and deplore it; but the fact remains.
Moreover, as recent scandalous disclosures show, the effort to flounder can best be provided for needy combatants in all the waralong and accomplish results under existing conditions leads inevitably to ring countries. This commission sailed last Wednesday.
indirect action and consequent legislative and other corruption—what are
known as "deals." Glaring instances of this are fresh in public memory. The following is the latest edict issued by the Foundation:
Yet they are mere incidents of an outgrown system, inevitable as they are
The Rockefeller Foundation.
morally and politically destructive. They simply cannot continue.
26 Broadway, New York.
The remedy is obvious, even if accepted relunctantly and with appreNew York, November 8 1914.
hension. It must be sought in a system of national incorporation; and, in
In order that there may be the greatest dispatch in collecting foodso far as it is required in national supervision. Every day thoughtful stuffs for the relief of the non-combatant people of Belgium, the Rockeconsideration of this grave fact is deferred is just so much time lost, and feller Foundation, in addition to the measures of relief initiated by itself,
time lost is a condition of affairs rapidly growing worse. The difficulty has arranged to provide a steamship pier, to charter ships, and to convey
and consequent cost of ultimate rehabilitation is enhanced.
free of charge from New York to Belgium such supplies as the public
If I am correct in all this—and daily observation confirms it— the'con- may wish to contribute.
elusion would seem to be irresistible. The delusive idea prevails that the
This plan is in co-operation with the Belgian Relief Committee of New
existing railroad managements being inefficient and extravagant as well York of which Mr. Robert W.deForest is Chairman. The purpose is that,
as corrupt, only economy and good business judgment are required to through the facilities provided by the Foundation and the activities of the
produce all desirable results. Personally I have no financial interest in committee in collecting funds and supplies, various individuals and agenrailroad securities. Watching the course of events and legislation, I long cies throughout the country who desire such co-operation may make their
since ceased to feel confidence in them. While the demands for increased assistance most timely and effective.
To this end Mr. Robert W.de Forest and Mr. John D. Rockefeller
compensation of labor and improved facilities have been incessant, and
Jr..
almost uniformly complied with, the call for fresh money absolutely neces- on behalf of the Foundation and the committee, have joined in an appeal
imposed
by
to the public of the United States to give either in money or supplies for
sary to the conduct of the business ought to meet requirements
Government authority has been quite as insistent and even more pressing. Belgian relief.
Arrangements have been made with the Bush Terminal in New York to
M.anwhile engineering and other constructive changes necessary for the
convenience and safety of the public have been to a large extent at a stand- a t as a receiving depot. The Rockefeller Foundation is negotiating to
The
attention.
obtain as quickly as possible another large neutral ship. As rapidly as a
still, and, under existing conditions, cannot receive
necessary capital is not forthcoming. How could it be expected to come cargo is collected, it will be forwarded direct to Belgium.
The facilities thus provided insure that any contribution in money
forward? The situation is unbusinesslike, illogical and absurd, as well as
will
be expended solely for supplies, and in no part for
impossible.
organization or disUnder these circumstances, personal experience advises me that the rail- tribution charges. Any person who gives either in money or in food can
roads are called upon to do business at less than remunerative rates; and to be certain that the whole of his contribution will reach some one in Belgium
such a degree is this the case that I have had frequent occasion to remon- who needs help.
strate with traffic managers, both travel and freight, at receiving from them
Following the announcement that the Rockefeller Foundation would send
service at a price less than cost. That, taken as a whole, the railroad busi- a Commission of experts to Europe to advise as to time, place and means
otherwise,
it
Were
it
without
saying.
whereby relief can be best provided for needy
ness pays, and shows a profit, goes
non-combatants in all the
would stop. On the other hand, I am clear in my conviction that an warring countries, that Commission has now been constituted as follows:
inquiry by any reasonable, intelligent and judicially minded tribunal would Mr. Wickliffe Rose, Chairman, Director General of the International
develop the fact that the return on traffic received to-day is, as a whole, Health Commission; Henry James, Jr.. Manager Rockefeller Institute for
not sufficient fairly to remuneratie the capital already invested—far less, Medical Research; Mr. Ernest P. Bicknell, National Director of the Ameriin the case of the Eastern New England System, to pay interest on the can Red Cross, whose services have been loaned for this purpose to the
hundred million additional capital indisputably required for immediate Rockefeller Foundation, and who has had exceptional experience in the
conduct of relief after the San Francisco Earthquake in 1906, and in other
development.
From this situation, I further admit, there is one possible escape only. disasters.
find
itmay
not
In reference to the War Relief Commission, the
The community, in its own interest,and in order that it
plans for sending cargoes
self put out of business and in physical jeopardy, must submit to pay for of supplies to Belgium, and as to whether the placing of mines in the North
This,
worth.
reasonably
is
Sea
would
interfere,
required
service
the
Ambassador
requires
what
Page
of London, has cabled as follows:
the service it
"Hurry Rose. North Sea adds no difficulty or danger, British Navy
to-day,it is not doing.
It is equally delusive to say that in the past, and the recent past, there will convoy your ship. The International Commission for Relief here
have been scandals and glaring abuses connected with our railroad manage- organized committees in Holland and Belgium under diplomatic arrangement. I would like to know of any business management on earth, public ments made by governments of the United States, Spain, Holland and
or private, large or small, where instances of abuse and misdoing do not Belgium and have secured guaranty of safety from German military auoccur and could not be unearthed. We all know such is the case; nor thorities, and made a perfect system for distribution by Belgians in every
will it ever cease to be the case. When, however, such a condition of neighborhood in Belgium. This does not call for the sending of money to
affairs as now exists forces itself on the attention ,there is•I submit, but one England. It calls only for food to be sent to starving women and children
way to deal with it. Irrespective of the past or of stories of mismanage- In Belgium and this is the only channel."
The War Relief Commission will sail for Europe on the steamship
ment and misdoing, whether well or ill-founded, it must be dealt with in
accordance with actualities. A fresh start must be made, and, in the "Lapland" next Wednesday. They will go direct to Liverpool and then to
present case that start can only be made from the basis of proper and ade- Belgium. As rapidly as their recommendations are received, the Rocke-
Nov. 141914.1
THE CHRONICLE
out. The public will be
feller Foundation will take steps to carry them
the co-operation of all
fully advised of the conditions as reported, for
to be solved.
is
Americans will be required if this vast problem
The joint appeal of John D. Rockefeller Jr., as President
of the Foundation, and the Belgium Relief Committee of
whose executive committee Mr. de Forest is Chairman,says:
1429
considerable sum of money for the purchase of food, which, however, must
be bought elsewhere. (It turns out to be a small sum after all. They have
thousands of refugees here for whom they must care.)
The committee in London consists, by the request of the British Government, of the Spanish Ambassador. myself, and a number of the leading
resident Americans in London, who are actually doing the work of buying
the food. The rest of the committee is made up of our diplomatic and consular representatives in Belgium, who will co-operate with a regularly organized trustworthy committee of Belgians to distribute relief at the
places where it is most needed in that kingdom. We have men of our own at
every place of distribution.
I explain all these facts to you to show you in the first place the great
need, and in the second place the efficient machinery that we have Just
created to do what we can to meet it. The funds put at our disposal by the
British Government, which is acting nobly in this matter, will, we hope, be
supplemented by funds from private sources in this kingdom, and by funds
also contributed by the good people of our own country.
There's an enormous amount of duplication in Belgium relief work on
this side, and, I hear, on your side. too. This results in waste. There
ought to be only one committee on your side—a general committee for the
relief of the Belgians. If all the organizations in the United States who
are kindly giving their help in this good cause would unite in appointing
a central committee in New York to take over their contributions, and let
them come through one channel, so that work will not be duplicated, their
kind help would go a great deal further and much trouble would be saved.
These poor people need clothes, blankets, food and you have never in your
life dreamed of anything so pathetic.
If you have money for this purpose—any amount of money—I can cable
you Just what foodstuffs to buy, and precisely how to ship them. Let me
hear by wire.
Yours sincerely,
WALTER H. PAGE.
The Belgian Relief Committee in New York appeals to the people of
the United States to relieve the distress of the unfortunate people of
Belgium whose homes have been devastated by the war, and who are now
American Committee in
in desperate need of food. We are advised by the
London that, in order to meet the absolute necessities, food must be imported in very large quantities from America. The Belgian Relief Committee, with the co-operation of the Rockefeller Foundation, has made
the following arrangements
Chambers of Commerce. Boards of Trade, Trade Associations, Women's
Clubs, and other organizations or individuals throughoutthe United States,
wishing to make contributions may do so in either of two ways:
1. By sending contributions of money to the Belgian Relief Committee,
10 Bridge Street, New York City. Checks should be drawn to the order
of Belgian Relief Committee. All receipts will be acknowledged and
credited to the organizations, communities or individuals from which they
come, and the Belgian Minister will be kept informed of contributions received. The concentration of money contributions in the hands of the New
York committee will avoid competition in the purchase of supplies and
the consequent increase in prices.
2. By shipping any of the following articles, charges prepaid, preferably
n carload lots; Wheat, flour, rice, coffee (one-fourth chicory), peas, beans,
canned goods, cured or salted meats.
Perishable goods, such as potatoes, apples, or other fresh fruits cannot
be accepted.
All shipments should be consigned to the Belgian Relief Committee,
Bush Terminal, Brooklyn, N. Y. As shipments will have to stand railroad
journey, transfer at New York, and a long sea voyage, they should be
shipped in good, strong packages. Individual packages should have a tag QUARANTINING CATTLE ON ACCOUNT OF DISEASE.
showing the contents.
The quarantine against cattle shipments, which we anThe Rockefeller Foundation will bear the expense of ocean transportation
nounced last week covered ten States, has; been further
of all supplies thus furnished to the European port most accesible
to Belgium. As the extent of need and the amount of supplies which will increased; on the 9th inst. the Department of Agriculture
be contributed cannot now be predicted with certainty, this offer of the placed an embargo against the shipment of cattle into or out
Foundation will for the present apply only to shipments received in New
York on or before December 31 1914, but is subject to renewal if circum- of Delaware, New Jersey and Rhode Island, and an order
stances require.
was also issued at the same time barring shipments of cattle
There is no purpose to interfere with the entire freedom of any individual from Canada. It is stated
that while no cases of the disor organization to render aid in his or its own way, but rather to provide
efficient transportation and distribution facilities which may be freely ease have been found in Canada, the quarantine against the
utilized by all who may desire to avail themselves of such co-operation.
Dominion is to prevent the return of infected cattle cars
To save hundreds of thousands of Belgians from starvation it is evident to the United
States. On the same date Canada issued an
that very large demands will have to be made upon the generosity of the
American people. The Belgian Relief Committee and the Rockefeller order forbidding the importation of live-stock, poultry, fodFoundation, having determined to co-operate in sending relief as promptly der, wool and hides from any point in the United States
and efficiently as possible, now join in asking the good people of this country
because of the foot-and-mouth disease. With the outbreak of
to do their utmost in this extreme emergency.
The arrangements for distribution have been made by the American Com- the epidemic the Dominion had put an embargo on cattle
mittee in London, of which Ambassador Page is Chairman, and provide for from Michigan
and Indiana. Later the embargo was exdistributing stations in Belgium under the immediate supervision of the
American Consuls in the afflicted region. Every precaution seems to have tended to four States, and now is complete. On the 10thinst.
been taken to insure the delivery of supplies to needy persons, for whom Kentucky was added to the list of quarantined States by
otherwise no provision whatever would be made.
the Department of Agriculture. The ten States which we
Serious problems will undoubtedly arise as to the organization of relief
measures,including the great task of rehabilitation which must follow emer- announced last week as affected are Michigan, Indiana,
gency relief. In order that the aid coming from America may be con- Illinois, Pennsylvania, Ohio, New York, Maryland, Wisconstantly guided by the most reliable information as to the location and exsin, Iowa and Massachusetts. A statement issued by Sectent of need and the methods of relief, the Rockefeller Foundation is sending
a War Relief Commission to Europe to supply this information from time retary of Agriculture Houston on the 8th inst. said:
The present outbreak of the foot-and-mouth disease, which is one of the
to time. The public will be kept informed concerning the progress of relief measures so that the extent and manner of its participation may be most contagious and destructive diseases of cattle, swine and sheep, exceeds in area affected any of the five previous outbreaks in this country.
most wisely determined.
All communications should be addressed to the Belgian Relief Committee. Unless the infections can be immediately localized and quickly eradicated, it
threatens untold losses among live-stock.
10 Bridge Street, New York City.
As a result of the five outbreaks in this country and other dl ;astruo s
epidemics of the disease in Europe and Great Britain, veterinary authorities
In contradiction of the reports (current on the 10th, but of the United States are agreed that the only method of combating the
disease is to stop all movement of stock and material which have been subwhich later appeared unfounded) that the German Governor jected
to any danger of infection and to kill off without delay all herds in
of Brussels had issued notice that all charitable measures for which the disease has gained any foothold. This enables the authorities
the relief of Belgians would be checked unless the people to eradicate affected herds and to isolate and hold under observation all
herds.
return immediately and resume their former occupations, suspected
For these reasons the Department of Agriculture has already quarantined
a, letter of Ambassador Page at London was made public this ten States for the disease. The Federal quarantine prevents all interweek, in which it was asserted that assurances had been re- State movement of stock and materials likely to carry the infection. At
same time the State authorities are imposing local quarantines which
ceived that the German military commander would not con- the
prevent the passage of animals from farms or localities known to be infected
fiscate food sent for the relief of the Belgians. We take this to other localities in the same State in which the disease has not appeared.
Each infected herd as rapidly as the disease is discovered is killed and the
letter from the "Times" of Wednesday:
dead animals buried in u covering of lime.
The skins of animals are
Embassy of the United States.
slashed so as to permit the rapid action of the lime.
London, October 23 1914.
The owner of the slaughtered animals is reimbursed on the basis of the
Dear Mr. Happood.—This is about the Belgian end of your Committee appraised herd, the appraiser being
appointed by the State. The expense
of Mercy work.
of the whole process of condemnation and disinfection is divided equally
An International Committee has just been formed, composed of a few between the Federal and State governments.
leading Belgians, men of the highest repute, and of Americans resident in
Until the entire premises have been thoroughly disinfected and all danger
London. and of representatives of the British Government. This com- of spreading the disease removed, the farm is
quarantined by the local aumittee is making a comprehensive plan for supplying food to the starving thorities in the same way in which it would be for a
contagious human disBelgians in Belgium. The Belgians in ordinary times grow about one- ease. This local quarantine prevents the visit of
individuals or the transsixth of the food that they require. Of this one-sixth the Germans have fer of any produce or animals from the farm to other farms.
consumed or transported to Germany so nearly the whole visible supply that
In some cases, because human beings can carry the disease to other herds!
the people are within a week or ten days of actual starvation. Men of the State authorities have prevented children on infected farms from atmeans in Brussels have as their staple diet black bread. This account of tending school. In other cases, as in Illinois and Ohio, the State authorithe situation is not exaggerated, for in addition to the direct testimony of ties have closed the stock yards until they can be cleaned and disinfected.
trustworthy bankers and merchants in Brussels who are now here, I have
Following the imposition of a general Federal quarantine and the killing
word to the same effect from the American Minister to Belgium, Mr. of actually infected herds, comes a farm to farm inspection of the entire
Whitlock, whom I personally know, and who is a man of careful state- quarantine area. Later, when it becomes clear that the disease has been
ments. The Secretary of his legation is now in London. He confirms what localized, it will be possible for the Federal and State authorities to
free
Mr. Whitlock writes. In addition to that, my own private secretary has from quarantine all but the actually infected counties or districts and allow
Just come back from a visit to Brussels, where he went on an errand of the uninfected territories to resume inter-State shipments of stock.
mercy. He confirms all these statements of that desperate situation.
At present the chief danger Iles in the possibility of there being concealed
There is, of course, difficulty in getting food supplies to Belgium, for sources of infection. Every effort is being made by State and Federal
auIn
military
authorities.
held
by
the
German
now
addition
is
country
thorities not only to trace suspicious shipments, but to convince farmers of
the
this kingdom now, you the seriousness of the disease and the extreme ease
to the difficulty that they could place in our way,
with which it is commuknow, forbids the exportation of food. Mr. Whitlock and the Spanish nicated, and to urge upon them to report at once to State or Federal auMinister in Brussels, two neutrals, have secured the written promise of the thorities all suspicious cases of sore mouths or lameness.
German military commander that he will not confiscate food sent for the
This further announcement was issued by the Departrelief of the Belgian population, and I have a copy of this written guaranty.
ment
on the 12th inst.:
International
Committee
is
turning
over
to
the
a
Government
British
The
1430
THE CHRONICLE
The anxiety that has been expressed in several quarters in regard to the
effect upon human health of the present outbreak of the foot-and-mouth
disease is regarded by Government authorities as somewhat exaggerated.
The most common fear is that the milk supply might become contaminated.
but in view of theprecautions that local authorities in the infected areas
are very generally taking there is comparatively little danger of this.
Milk from Infected farms is not permitted to be shipped at all. The only
danger is, therefore, that before the disease has manifested itself some
infected milk might reach the market. For this reason experts in the Department of Agriculture recommend pasteurization. As a matter of fact.
however, pasteurization is recommended by the Department any way for all
milk that is not very high grade and from tuberculin-tested cows.
In this country the foot-and-mouth disease has been so rare that there are
few recorded cases of its transmission to human beings. In 1902 a few cases
were reported in New England, and in 1908 in a few instances eruptions
were found in the mouths of children which were believed to have been
caused by contaminated milk. In both of these outbreaks the sale of milk
was stopped as soon as the disease was found among the cattle.
As long, therefore, as the disease can be confined by a rigid quarantine
to certain specified areas, the danger from this source is very small. Should
the pestilence spread all over this country and become as general as it has
been at various times in large areas in Europe, the problem would become
more serious.
Men who come in contact with diseased animals may become infected.
While causing considerable discomfort, however, the disease is rarely serious. The disease, in short, is dangerous because of the loss that it occasions
to property, and not because of its effects upon the health of mankind.
At present all infected herds are being slaughtered as soon as they are
discovered.
[VOL. xcnr.
In order to further elucidate the matter, we quote from
the text of the opinion of the Court:
"This is an appeal from the judgment of the District Court overruling
the exceptions to an award made in arbitration proceedings under the Act
of Congress providing for mediation, conciliation and arbitration in
controversies between certain employers and their employees, approved
July 15 1913. The case is brought also to this Court by writ of error, as
the appellant apprehended that the word 'appeal' might have been employed in the generic sense and that the writ of error was the sole method
of review. The case is submitted on both the appeal and writ of error.
"The errors assigned in this Court are:
"First, because each and all the exceptions filed by the said defendant,
the Georgia & Florida Railway Co., to the award of the arbitrators are
founded upon errors of law apparent upon the face of the record in such
arbitration proceedings.
"Second, because the errors of law apparent upon the face of the record,
to which exceptions can be filed in such arbitration proceedings,are not
confined to such errors of law as make the arbitration proceedings void
ab initio, but extend to any substantial error of law appearing upon the face
of the record in such proceedings.
"1. We have carefully considered the record and the briefs and arguments
of counsel, and conclude that the exceptions filed in the District Court
were properly overruled.
"In deciding the case, the District Judge, in a very elaborate opinion,
held that the alleged errors presented by the exceptions were questions
of mixed law and fact and not pure questions of law; and that the award
was not assailed on any ground that would void it for lack of jurisdiction
or on any ground for setting aside the common law of arbitration, in
that it is not pretended that it is not a legally constituted board of arbitraReports that the cattle quarantine would also affect ship- tion, or that the statute under which it is organized
was invalid, or that
ments of poultry were refuted on Thursday by the Agri- the board traveled beyond the scope of the matters properly submitted by
parties.
of
agreement
statement
a
in
which
said:
cultural Department
"As we read the exceptions filed in the lower court,they refer to and are
The rise in price of poultry of all kinds which is reported to have taken based upon the declarations of the chairman
and opinions of the arbitrators
the
in
cannot,
of
opinion
experts
in the U. S. DeStates
various
place in
upon
questions of law not necessarily affecting the award made.
partment of Agriculture, be in any way attributed to the outbreak of the
assignment
of
"2.
second
error
The
seems
to relate to questions of law
foot-and-mouth disease. This disease does not affect poultry at all, and the not affecting the legality of the arbitration
proceedings or the conclusiveness
Federal quarantines of various States-14 in all—now lay no embargo upon of the award.
shipments of poultry. For instance, Rhode Island can still send out her
"The case shows that the arbitrators complied with all the requirements
Thanksgiving turkeys, although no cattle, sheep or swine can leave her of Section 7 of the controlling Act of
Congress, and heard all the evidence,
territory.
statements and arguments offered by the parties, and made their award.
It is true that when a case of foot and mouth disease is found upon a If, in addition thereto, the arbitrators gave reasons for their
award and
farm, that farm is absolutely quarantined by the State or local authorities. therein expressed views as to questions of law or fact more or
less involved
These areas are so limited in extent, however, that the amount of poultry In and connected with the matters in controversy, it Is
immaterial.
that may thus be prevented from reaching the Thanksgiving market is an
"The award was signed by all the arbitrators, although one excepted as
inappreciable percentage of the total supply. Poultry from the uninfected to a part
thereof, and whether the reasons given were sound or unsound,
areas in the various quarantined States can be moved freely without the they in no way vitiated the effect or legality of the award. /n the law under
least danger of spreading the disease or of injuring the health of theson- which the arbitration was held, the duties of the arbitrators are clearly defined
SUMer.
and it is expressly provided that 'in its award or awards the said board shall
confine itself to findings and recommendations as to the questions specifically
from
on
to it or matters directly bearing thereon.' The arbitrators are called
Chicago
submitted
the
announced
11th
the
inst. that
It was
and make an award, and are not called to give reasons or arguments
to
quarantine on the plant of the Omaha Packing Co.at Chicago onfind
either law or the facts.
and on the stock yards at Peoria and East St. Louis had been
"We think the case was properly brought to this Court by appeal. See
E.
vs. Black, 119 U.S. 235; Idaho & Oregon Land Co. vs. Bradbury,
0.
Story
Dr.
Dyson, State Veterinarian.
raised by order of
U. S. 514.
The stock yards at East St. Louis and Peoria, it is stated, are 132
"The judgment of the District Court is affirmed. The writ of error is
free to receive shipments of live-stock immediately from areas dismissed."
not affected by the foot-and.mouth disease.
BROAD POWERS OF BOARD APPOINTED UNDER
ERDMAN ARBITRATION ACT.
. The United States Circuit Court of Appeals (Fifth Circuit,
Judges Pardee,Circuit Judge, and Judges Grubb and Call,
District Judges, sitting) recently handed down a decision
affirming that of the lower Federal District Court which is
of considerable interest and importance as showing (in the
view of the Court) how broad are the powers given to
arbitrators who may be selected to act in controversies between railroad companies and their employees under the
provisions of the law, approved on July 15 1913, amending
Act. The law was
the so-called Erdman Arbitration
1913, page 859.
27
Sept.
of
issue
our
in
full
in
given
Under the rule laid down by the Court in this decision,
arbitration having
both parties under the Federal plan of
by its results,
abide
only
not
must
they
choice,
made their
any
but the board, unlike the courts, is not governed by
prescribed rules of legal procedure.
The case is known as No. 2689, "Georgia & Florida Ry.
vs. Brotherhood of Locomotive Engineers and Brotherhood
on
of Locomotive Firemen and Engineers." It came up
appeal from the judgment of the District Court, which overruled the exceptions to an award made by the Board on
May 9 1914 that had substantially granted the demands
in our
*of the men for increased pay, as shown in an item
1537.
page
last,
16
May
on
columns
News"
"Investment
it is
We do not go into any discussion of these demands, as
to
referred
above
Court
the
by
down
laid
principle
only the
hoped
that we desire to point out. Lawyers, it is said, had
that the Court would go more thoroughly into the issues
have
raised and were disappointed that this should not
desire expressed that
some
been
has
There
case.
the
been
case in order to secure
an effort be made to re-open the
Court of its views on all the
the
by
discussion
fuller
a
Acquestions raised for guidance in future arbitrations.
interested in the
counsel
however,
accounts,
all
to
cording
now contemplate making
case have not moved, nor do they
-opened.
re
case
the
have
to
attempt
an
GREAT BRITAIN NOT TO INTERFERE WITH CARGOES
TO NORWAY, SWEDEN AND DENMARK.
Following the receipt of advices from Sir Edward Grey,
Secretary of Foreign Affairs, at Washington, less stringent
regulations bearing on the commerce between the United
States and Norway, Sweden and Denmark were announced
on the 9th inst. as to products the re-exportation of which
has been prohibited by the three last-named countries. It
was stated on that day that orders had been given the British fleet not to interfere with such cargoes when consigned
to a specific person or company in neutral countries.
Sir Edward Grey's telegram, which was also sent to the
British Ministers at Christiana, Stockholm and Copenhagen,
was made public at the State Department as follows:
We are satisfied with the guaranties offered by the Norwegian, Swedish
and Danish governments as to the non-exportation of those contraband
goods consigned to a named person In Norway, Sweden and Denmark
which are included in the list of prohibited exports issued by the Norwegian,
Swedish and Danish governments. to see that such goods are landed in
Norwegian, Swedish and Danish ports of destination, and not subsequently
exported or passed on in transit to an enemy country. Orders have been
given to the British fleet and customs authorities at British ports to restrict interference with neutral vessels carrying such cargoes so consigned
to verification of ship's papers and cargo.
GREAT BRITAIN'S ATTITUDE TOWARD COPPER
SHIPMENTS—AND PROTESTS.
Notwithstanding the protests which have arisen with the
placing of copper by Great Britain on the contraband list
and its seizure of ships bearing copper consigned for neutral
foreign countries, it was made clear on Tuesday by the
British Ambassador Sir Cecil Spring-Rice, that copper shipments to Italy would be detained unless assurances were had
that they were designed for domestic consumption or were in
transit to Switzerland. This announcement followed reports
on the 6th inst. to the effect that information was in the
possession of the British Government tending to prove
that large shipments of copper,rubber and other commodities
were passing through Italian ports on their way to Germany.
The reports on this point said:
Nov. 14 1914.1
THE CHRONICLE
1431
of American mining industries, which is already sorely handicapped by
The British Government is determined that it will use every legitimate
being made into European war conditions, and which vitally affects interests of more than
means to prevent copper reachin Germany. where it is
1, 60,000 high-paid American miners."
ammunition for use against the British forces. Great Britain, therefore,
diverting various steamers which are carrying copper to Italy to Gibraltar
where the copper is discharged. The steamers are promptly released.
Advices that the Kroonland, which had been detained by
cases marked for
Some of this copper actually has been found packed in
German
through
orders
upon
the
British Government at Gibraltar, had been released and
Danzig. Other lots are shipments made
houses are said to
on her way to Naples, were received by the State Dehouses in Amsterdam and Rotterdam. Some of these
was
big guns.
be connected with the Krupps, manufacturers of
at Washington on the 7th inst. It was announced
partment
firms
copper-refining
It is understood that representatives of some big
the object of consulting however, that the copper and rubber on board the vessel had
recently sailed from New York to Europe with
of forwarding copper to
been taken off by the British authorities and would be held
agents of German firms as to the best means
approached by German purchasers
Germany. Italian firms also have been
of the names of the former for pending the decision of the Prize Court as to its ultimate
of copper with a view of arranging for the use
American copper shipped to the destination. In the event that the Prize Court declares the
the purpose of concealing the fact that
prizes of war and orders them confiscated as contrapurchasers is destined for Germany.
York for Italy, having on board goods
Since Oct. 25 vessels bound from New diverted to Gibraltar, and the band designed for the enemy, it is the expectation that an
been
have
copper,
of
tons
7.700
a total of
some thousands of tons additional are appeal will be made to the State Department by the owners.
British Government is informed that
part of these copper shipments were for
now en route to Italy. The larger
show that for two and one-half
Genoa. Official returns Just published
into Genoa amounted to only
The Norwegian steamer Prosper III, which had been
months prior to Oct. 19 imports of copper
with the more recent shipments
figures
1,316 tons. A comparison of these
by the English Government while en route from
detained
is entirely
shows, it is said, that the present trade in copper with Italy
not for the consumption New York to Gothenburg,on the ground that its cargo was
are
imports
Italian
the
that
and
one
artificial
an
to be re-exported to Germany, has been released. Acof that country.
In view of all this accumulative evidence, the British Government cording to the "Journal of Commerce," under certain condithis
contraband
stop
to
but
it
left
no
is
alternative
maintains that there
copper, crude rubber and foodtrade in copper with Germany through Italy. With a few possible excep- tions. The vessel carried
tions American exporters do not suffer, as they have been paid already, but stuffs. It is stated that the terms of release demand that
in
is
any
way,
the British Government, not wishing to be unreasonable
the shipments of rubber are to be returned to England, the
prepared, so far as concerns shipments made before Oct. 28, when copper
list,
to
contraband
actual
the
vessel owners guaranteeing that after the other cargo has
to
the
conditional
from
was transferred
arrange for the purchase of copper which it has detained.
been discharged the vessel will return to England and unload
In declaring the attitude of his Government in the matter the rubber.
on the 10th inst., Sir Cecil Spring-Rice, after a conference at
the State Department, issued the following statement:
FLOUR TRADE PROTESTS HOLLAND EMBARGO.
"The Italian Government has prohibited the export of copper from Italy
A complaint in the interest of the American flour trade with
but not the transit of copper through Italy to a foreign country. Copper
consigned to Italy for Italian use will not be subject to seizure. but copper Holland against the action of the Netherlands Government
which is consigned to a belligerent country or to order will be suspect.
was lodged with Acting-Secretary of State Lansing on the
Arrangements are being made for the transit of copper to Switzerland for
6th inst. by a committee representing the Millers' National
the use of that country on the guaranty of the proper authorities."
A further announcement as to the attitude of Great Britain Federation, an organization which is said to embrace the
on copper shipments to Europe was made on the 11th, this principal flour producers in this country. The delegation
statement, given out at the State Department on behalf of which consisted of Mark N. Mennel of Toledo, 0., President
of the Federation; A. P. Husband of Chicago, Secretary;
England, saying:
"A supply of copper sufficient for normal consumption in neutral coun- Charles L. Roos of Wilmington, Kansas; Samuel Plant of
given
tries will not be interfered with, provided adequate guaranties are
St. Louis; and J. W. Craig Jr. of Richmond; was authorized
that the copper will not be trans-shipped to enemy countries."
to take up the question with the State Department at a
the
The four companies which filed a protest with the State meeting recently held in Chicago. It is contended in
of
result
a
as
,
Government
Kroonland,
the
Netherlands
of
the
that
seizure
the
complaint
against
Department on Oct.28
the San Giovanni and the Regina d'Italia, which carried con- British representations seeking to guard against the shipsignments of copper, have also lodged a protest against the ments of foodstuffs to Germany, has established a virtual
action of Great Britain in placing that metal on the contra- monopoly in the flour trade in Holland. At present, it is
a telegram, says:
stated, the latter country is refusing to accept any American
band list. Their protest, in the form ofBritish
Government has
"Having seen in the press a report that the
grain or flour that is not consigned to the Netherlands
we beg leave
placed unwrought copper in the list of absolute contraband,
ask the support of our Government. The flour men want the United States to
to
and
measure
this
against
protest
to
respectfully
copper in the industrial request the Holland Government to discontinue the monopoly
Government in doing so. The use of unwrought
for warlike purposes, and the interest in so far as it prevents American exporters here from dealing
arts is out of all proportion to its use
commerce in it is not unlawfully or
of this country in seeing that the
with their usual customers. In consequence of Holland's
substantial.
arbitrarily interrupted is widespread and
United States amounts to about 1.200,- action the millers of this country contend, first, that the
the
of
production
copper
"The
is exported, so that if the ex000.000 pounds annually, and of this 55%
Dutch authorities are planning to establish Government
be paralyzed. Already, as
portation should be cut off the industry would
has
been
greatly
mines
mills to grind wheat, thus cutting down to a minimum the
the
of
output
the
the result of war conditions,
will to a great extent imports of flour; and, secondly, that by doing away with
reduced, and if it is now further curtailed, the mines
have to close down.
River there are the long-established practice of having the flour consigned
"It may be fairly estimated that west of the Mississippi
in the pro- "to order", the exporters in this country are unable to disupward of a million people directly and indirectly interested
duction of copper, and under normal conditions there is an annual expendi- count the bills of lading, but must wait for their money.
and
supplies. Entire
ture of about $120.000.000 in wages, transportation
They explained that a bill of lading made out "to order"
communities are wholly dependent upon the industry."
was easily negotiable from the moment the flour is loaded
Some of the important copper producers and exporters on the trunk lines for export; whereas when the document
have engaged John Bassett Moore, until recently Counselor specifies an individual, firm or government, it is not negoto the State Department, to formally protest against the tiable. President Mennel of the Millers' Federation, is
position taken by Great Britain on the question of copper quoted in the Baltimore "Sun" as saying:
We feel that we, as citizens of a neutral country, should be allowed
shipments. A number of organizations have this week taken
to trade with the citizens of other neutral governments, without restricaction indicating their objections, one of these being the tions
of any kind, and we feel that our Government should have backbone
Board of Trade of Perth Amboy, N. j. The city and the enough to sustain us.
The
serious feature of the situation lies in the fact that not only is Great
is
it
stated,
since,
75%,
nearly
concerned,
State are vitally
Britain endeavoring to influence other neutral countries contiguous to
in
of
the
produced
the
copper
pounds,
900,000,000
about
or
Germany to adopt the same restrictions, but steamship lines are refusing
United States is smelted and refined in New Jersey, and to accept any shipments for these countries which do not comply with these
restrictions.
normal
under
conditions. In
about 55% of it is exported
As it is,our business is practically at a standstill because of these hindprotesting against the seizure of ships carrying copper con- rances and at the very time the Department of Commerce and other
foreign
neutral
the
countries,
to
ports
agencies of the Government are urging American exporters to expand their
signed from American
business. The flour exporters have always been the pioneers in American
not
is
Britain
Great
that
warranted
contends
Trade
of
Board
foreign trade.
business
between
of
neutransaction
the
with
in interfering
It is understood, the Baltimore "Sun" says, that the
the action of Great
tral countries. It also protests against
State
Department regards the situation as hopeless as regards
absolute
an
contraas
copper
unwrought
classing
Britain in
wish of the exporters; namely that this Governthe
principal
of
HoughClub
Commercial
band. The Copper Country
of State Bryan: ment shall prevail upon the Netherlands Government to
Secretary
to
protest
this
sent
has
Mich.,
ton,
Club,representing a district producing remove the prohibition against the shipment of American
"The Copper Country Commercial
more than 60% of which is flour to individuals in the Netherlands and consigned "to
230.000,000 pounds of virgin copper annually,
file a most incisive and formal proexported,desires through Your Honor to
order." Regarding the other plea, that this Government
Great Britain of detaining vessels bearing copper
test against the action of
and the putting of should prevail upon the Dutch authorities to release American
countries
foreign
neutral
to
States
from the United
contraband.
shippers from obligations arising under contracts for flour
unwrought copper on the list of absolute
Commercial Club desires to impress upon you the ,
"The Copper Country
on the seas at the time the war broke out or moved to
most
important
the
of
one
against
injustice of this discrimination
absolute
1432
THE CHRONICLE
American seaports, the State Department will undetake to
make representations. There are, according to President
Mennel of the Federation, some 600,000 sacks of flour
involved in these contracts.
In response to the request of American millers for definite
information as to Holland's position, Acting Secretary of
State, Robert Lansing, issued the following statement on
Wednesday:
The Department of State has been informed by Minister van Dyke that
the Netherlands Government has made a contract with the Holland-America
Line whereby the ships of that line carrying cargo bought by or consigned
to the Netherlands Government will not accept private consignments of
contraband or conditional contraband, thereby creating a practical governmental monopoly of embargoes on cereals and cattle foods.
Shipments of flour and other foodstuffs consigned to private firms in
Holland will not be barred from Dutch ports when carried in American or
other neutral vessels, but the Holland-America Line cannot accept such
shipments. The Netherlands Government does not intend to forbid the
fulfillment of private contracts for shipments of such goods made before
the war, but under the existing conditions private Dutch importers having
such contracts for American foodstuffs should apply to the Department
of Commerce of the Netherlands Government for permission to have such
goods consigned to or bought by the Dutch Government.
This information was sought and obtained at the instance of certain
American flouring mills and other exporters of foodstuffs.
While State Department officials refused to make any
further comment,it is known that the American Government
has no way of interfering with such a monopoly as Holland
has created, such an act being entirely within the sovereign
right of every nation. Germany and Austria have oil and
tobacco monopolies, respectively.
TOBACCO NOT CONTRABAND.
Announcement that assurances had been received from the
British Ambassador that tobacco is not regarded as contraband by Great Britain and would not be interfered
when shipped in neutral bottoms to either a neutral or
belligerent country was made by Secretary of State Bryan
on the 9th inst. The State Department was asked for a
definition of Great Britain's attitude on the question by
Senator James of Kentucky. The statement of Secretary
Bryan says that his Department "has received the assurance of the British Ambassador that the British Government
has not placed tobacco on the contraband list, so far as he
is advised, and that the British Government has no intention
of interfering with shipments of that commodity in neutral
bottoms to any countries in Europe."
THE E 'BARG° ON WOOL.
Representatives of the National Woolen Manufacturing
Association appeared before Secretary Bryan on the 9th inst.
to ask that overtures be made to Great Britain for a modification of the Australian embargo on exports of wool (to all
countries except England) so as to permit shipments to the
United States. They contend that the manufacturing industry in this country will be badly crippled for lack of woolfrom
Australia, which furnishes almost half of the raw material
used here, and ask that Great Britain be urged to allow
exports under a guaranty that none of the wool would be
re-exported to Germany or Austria, or where it might fall
into the hands of Great Britain's enemies. State Department officials have promised to take the question up with
the British Ambassador. The delegation included John P.
Wood, Philadelphia, President of the National Woolen
Manufacturing Association; Edward F. Greene, J. F. Brown
and Winthrop L. Marvin all of Boston, and Joseph R.
Grundy, Philadelphia.
It was stated on the 11th inst. that Ambassador Page had
reported from London that Great Britain for the present is
unwilling to modify the embargo on the exportation of wool
from Australia. Wool dealers, however,are hoping,through
the State Department, to continue negotiations so as to
enable them to participate in the auction sales soon to be
held in Australia.
Announcement was made on the 6th inst. that New Zealand had declared an embargo on wool except to the Allied
Powers. Formal notification was received at the State
Department on the above date.
The National Wool Growers Association, in convention
at Salt Lake City on the 12th inst., sent resolutions to Secretary Bryan, asking him to suspend his efforts to lift the
British embargo on Australian, New Zealand and South
African wool, claiming the American wool industry would be
injured. The Administration is asked to place a tariff on
wool, in view of the closing of woolen mills in Europe, as
protection against South American goods.
[VOL. xc
EXPLANATION OF DETENTION OF THE ROBERT
DOLLAR.
Robert Dollar of the Dollar Steamship Company has taken
occasion, in a letter addressed to the editor of the "New York
Commercial" (and printed in its issue of Nov. 5,) to give
facts concerning the refusal of clearance papers to the the
ship
"Robert Dollar" at Rio de Janeiro, Brazil, on Sept. 17, in
which he absolves the British Government from any
blame
in the proceedings. We print the letter herewith:
Editor New York Commercial:
Sir—As the case of the transfer of the steamer Robert Dollar from
the
British to the American register has become a matter of not only
national
but international interest, therefore, after receiving full information by
mail, we now give the facts of the case. In the press dispatches
Great
Britain has generally been blamed. The facts will show this is not the
case.
On the 2d of September the bill of sale was placed in tho San Francisco
Custom House,showing the vessel was owned by a California corporation,
and the day following the American Consul-General in Rio de Janeiro was
instructed by the State Department to issue a temporary American registry. This information was conveyed to the British Consul-General and
the Brazilian Captain of the Port at Rio de Janeiro. The British Consul
Informed his Government and received a reply that it was satisfactory to
them, and they requested the Brazilian Government to clear the ship.
So aster as theBritish authorities were concerned, the incident was ended.
Not so with the Brazilian Government, as after various interviews between our Ambassador and the President of the Republic. and Foreign
Minister, they positively refused to permit the vessel to sail under the Azthr-•
kan flag.
On the 23d of September the captain of the vessel cabled that the British
Consul offered to clear her under the British registration, and if we insisted
on her clearing under the American flag she would be interned there until
the end of the war. Therefore, we were compelled to accept the inevitable.
and humiliated our Government by clearing an American vessel under the
British flag with her American registration certificate on board and insured
against war risk by the American War Risk Bureau, which they canceled
24 hours after the vessel sailed, leaving the owners of the ship and cargo,
which was owned by an American citizen, to the mercies of either the British or German cruisers.
The thanks of our Government is due to the British Government for this
courtesy. I refrain from saying what I think is due the Brazilian Government for this very unfriendly act to the United States Government. Furthermore, the British Government did not let the matter rest there. After
learning that she was compelled to clear under the British flag, they notified the Governor of Barbados, that when the vessel arrived at St. Lucia
to coal to clear her as an American ship without delay, which was promptly
done.
The British Consul-General in San Francisco went out of his way to cable
the British Consul at Rio de Janeiro that the transaction was regular and
bona fide. Six cables, dated from the 3d to the 14th of September, from
San Francisco to the captain of the steamer, were all held up and delivered
on the 14th,so,to get information.we had to send cables through another
house. This, to say the least, seemed strange.
These are the facts of the case, and the public will see that the British
Government and our Consul-General could not have done more, and that
the Brazilian Government could not have done less, and an explanation of
Its actions should certainly be forthcoming to this country.
Very truly yours,
ROBERT DOLLAR.
San Francisco, Oct. 27 1914.
KRONPRINZESSIN CECILE TRANSFERRED FROM BAR
HARBOR TO BOSTON.
The North German Lloyd steamer, the Kronprinzessin
Cecile, which had been anchored at Bar Harbor, Me., since
August 4, arrived in Boston on the 6th inst., after a thirteenhour run from Maine. It entered the Massachusetts port
under the protection of two torpedo boat destroyers of the
United States Navy. The steamer it will be recalled, had
sailed from New York on July 27 with a consignment of
nearly $11,000,000 in gold for bankers in Paris and London.
When nearing Plymouth instructions were received by her
officers to return at once for the nearest American port, as
war was imminent. For several days before her unexpected
arrival at Bar Harbor on August 4 her whereabouts were
clouded in mystery. In August suit was brought in the
Federal Court at Portland, Me., by the Guaranty Trust Co.
of New York against the North German Lloyd steamship
company to recover $1,040,467 43 claimed to have been
suffered through the failure of the steamer to deliver in
London the trust company's gold shipment of $4,942,937.
An order directing the removal of the steamer from Bar
Harbor to the jurisdiction of the United States District
Court for Massachusetts was issued by Federal Judge Hale
at Portland on October 21. On October 27 Judge Morton
of the United States District Court at Boston fixed November
6th as the date on which the owners of the vessel would be
required to answer the suit of the Guaranty Trust Co. On
the 6th inst. an agreement was reached in the Federal Court
for a postponement of the hearing to November 20. The
vessel was removed from Bar Harbor to avoid unjury from
ice during the winter. The British Ambassador, Sir Cecil
Spring-Rice, gave written assurances on October 31 to the
State Department that the steamer would be unmolested
by British ships while being transferred to Boston from Bar
Harbor. The French Ambassador, Jules J. Jusserand, gave
similar assurances for France.
Nov. 141914.]
THE CHRONICLE
1433
permitted by the license of His Majesty or by the license given in His
TAXES UNDER SCHEDULE B OF THE WAR REVENUE Majesty's behalf by a Secretary of State, or the Board of Trade,
whether
such licenses be especially granted to individuals or be announced as applyACT EFFECTIVE DECEMBER 1 1914.
ing to classes of persons.
The conflicting dates in the War Revenue Tax Bill as to
That by a dispatch from the Secretary of State for the Colonies, dated
when the taxes under Schedule B are to go into effect has September 26th 1914, Your Royal Highness, is, however, informed that
any case in which Your Royal Highness's Ministers should consider
occasioned the issuance of. the following ruling stipulating in
that a transaction not clearly permissible under the said Proclamation
that the schedule becomes operative on December 1:
would be in the public interest in the case of materials necessary for the
(T. D. 2038.)
maintenance of important Canadian industries, Your Royal Highness is
Emergency Revenue Law.
at liberty to issue a license on behalf of His Majesty permitting such tran-s
Taxes imposed under Schedule B. effective on and after Dec. 1 1914.
action.
Treasury Department,
TRADING IN' MAGNESITE PERMITTED.
Office of Commissioner of Internal Revenue,
The Minister, therefore, recommends that the Minister of Customs be
Washington, D. C., November 3 1914.
authorized to issue licenses on behalf of His Majesty permitting manuTo Collectors of Internal Revenue:
facturers using magnesite to trade with the enemy in respect of such magReferring to the discrepancy in the Act of October 22 1914 as to the date nesite. in any case where it is established
to his satisfaction that the mawhen Schedule B goes into effect, the Act providing in Section 21 that the terials are necessary for the maintenance of
an important Canadian indussaid schedule shall go into effect thirty days after the passage of the Act. try.
and in the schedule itself that it shall go into effect December 1, you are
The Committee concur in the foregoing and submit the same for approval.
advised that as originally drafted the Act provided in both places that
RODOLPHE BOUDREAU,
Schedule B was to go into effect thirty days after passage. This was later
Clerk of the Privy Council.
amended by paragraph 6 of Schedule B to December 11914, and it is therefore held by this office that the schedule in question is effective on and
after December 1 1914.
DEVELOPING FOREIGN SOUTH AMERICAN TRADE.
GEO. E. FLETCHER,
Acting Commissioner of Internal Revenue.
The Travel Department
of the Fidelity Trust Company of
Baltimore, which is now booking reservations on the twinCANADIAN GOVERNMENT FORBIDS TRADING WITH screw steamship Finland, chartered for a commercial cruise
THE ENEMY.
around South America, issues the following relative to the
• Supplementing the proclamation of King George prohibit- opportunity for trade advancement in South America now
ing British subjects from trading with the enemy, the presented:
Governor-General of Ottawa issued the following edicts in
It is to be expected that, with war raging in Europe and thereby causing
extraordinary conditions to prevail in the field of commerce in sections of
the matter on October 30 and November 6:
the globe not directly
•
AT THE GOVERNMENT HOUSE AT OTTAWA.
Friday, the 30th Day of October 1914.
Present:
HIS ROYAL HIGHNESS THE GOVERNOR-GENERAL IN COUNCIL.
His Royal Highness, the Governor-General In Council. in virtue of the
provisions of Section 6 and 10 of The War Measures Act, 1914, and for the
purpose of making Orders and Regulations with respect to penalties for
trading with the enemy and other purposes connected therewith,is pleased
to order and it is hereby ordered as follows:
1. Any person, who during the present war, trades or has, since the 4th
day of August 1914, traded with the enemy within the meaning of these
orders and Regulations shall be guilty of a misdeameanor and shall—
(a) On summary conviction be liable to imprisonment with or without
hard labor for a term not exceeding 12 months, or to a fine not exceeding
$2,000, or to both such imprisonment and fine: or
(b) On conviction or indictment be liable to imprisonment for a term
not
exceeding 5 years. or to a fine not exceeding 85,000, or to both such
imprisonment and fine: and the Court may in any case order that any
goods
or money in respect of which the offense has been committed be forfeited.
2. For the purposes of these Orders and Regulations a person shall
be
deemed to have traded with the enemy if he has entered into any
transaction or done any act which was at the time of such transaction
or act
prohibited by or under any proclamation issued by His Majesty
dealing
with or trading with the °moray for the time being in force, or
which at
common law, or by statute or by or under these Orders and
Regulations
constitutes an offense of trading with the enemy.
Provided that any transaction or act permitted by or under any
such
proclamation shall not be deemed to be trading with the enemy.
3. Where a company has entered into a transaction or has done any
act
which is an offense under these Orders and Regulations, every director
manager, Secretary or other officer of the company, who is knowingly
a party to the transaction or act,shall also be deemed guilty of the offence.
4. A prosecution for an offense under these Orders and Regulations
shall, not be instituted except by or with the consent of the AttorneyGeneral of Canada.
Provided that the person charged with such an offense may be arrested
and a warrant for his arrest may be issued and executed, and such person
may be remanded in custody or on ball, notwithstanding that the
consent
of the Attorney-General of Canada to the institution of the
prosecution for
the offense has not been otbained • but no further or other
proceedings
shall be taken until that consent has been obtained.
6. Where an act constitutes an offense both under these Orders and
Regulations and under any Statute, or both under these Orders and
Regulations and at common law, the offender shall be liable to be prosecuted
and punished under either these Orders and Regulations, or such Statute,
or at common law, but he shall not be liable to be punished twice for the
same offense.
6. Subject to the provisions of Order4 of these Orders and Regulations,
any offense declared and any penalty or forfeiture imposed or authorized
by these Orders and Regulations may be prosecuted, recovered, or enforced by summary proceedings and conviction under the provisions oj
Part XV of The Criminal Code.
RODOLPHE BOUDREAIT,
Clerk of the Privy Council,
AT THE GOVERNMENT HOUSE AT OTTAWA.
Friday, the 6th day of November 1914.
Present:
HIS ROYAL HIGHNESS THE GOVERNOR-GENERAL IN COUNCIL.
The Committee of the Privy Council have had before them a report,
dated November 4th 1914, from the Minister of Customs, submitting that
in and by a Royal Proclamation bearing date the ninth day of September
1914, published in the "Gazette Canada" of the 19th of the said month,
relating to trading with the enemy, the following prohibitions, among
others, are declared, namely—
"Not to pay any sum of money to or for the benefit of an enemy.
Not directly or indirectly to supply to or for the use or benefit of. or
obtain from, an enemy country or an enemy, any goods, wares or merchandise, nor directly or indirectly to supply to or for the use or benefit
of, or obtain from any person, any goods,wares or merchandise, for or by
way of transmission to or from an enemy country or an enemy, nor directly
or indirectly to trade in or carry any goods, wares or merchandise destined
for or coming from an enemy country or an enemy.
Not to enter into any commercial, financial or other contract or obligation with or for the benefit of an enemy.
The Minister states that it was further declared that nothing in such
Proclamation should be taken to prohibit anything which should be expressly
concerned with the strife, that Americans can and
should be on the qui vivo for advancing their trade lines, with due regard
to the rights of others. In no other section of the world, perhaps, outside
of the United States, has the effect of war upon commerce been more appreciably felt than in South America, which has for years enjoyed direct
trade relations with Europe. That the United States has now, more so
than at any other time, an opportunity for trade advancement in the vast
continent to the south of us, no one will deny; and this point cannot be too
strongly emphasized. Listen, then, to what was said a day or two ago to
the Pan-American States Association in the McAlpin Hotel, New York, by
Professor Philip B. Kennedy of the New York University:
"To make trade with South America profitable and practical, this
country must develop more fully two C's and two T's—credit and capital.
transportation and trade confidence. Europe will shortly turn to America
for her war supplies, and because she will be willing to pay any price for
them. American manufacturers are going to give themselves over, wherever
possible, to maintaining the war. This will mean employment of much
capital in our country, and a detraction from the capital available terraways,shipping and kindred industries.
"With this fact in view, the present is the most plausible of all times for
us to turn our attention to South America. Let us make relations with
them solid while we have the money to do so. Let us increase our transportation facilities, establish a credit system with Latin-American countries and advance them that capital which they have been accustomed to
get from Europe, but which now is withheld.
"If we gain the confidence of South America to-day we will be ableto hold
the trade of the countries there after the war ends, because we will be in a
position to supply their needs much cheaper than Europe can supply them.
The Panama Canal has placed South America at our back door. We need
to awake to the golden opportunity she holds out to our business men."
No one will gainsay the logic and common sense of the above words.
They should awaken a responsive chord in the heart of every business man.
But to establish trade relations requires a personal visit to the several countries there and perhaps a protracted absence from home. If a tour could
be arranged with the minimum of time for such an enterprise, and a tour
mapped out to reach the principal points of interest, it should appeal to the
far-seeing manufacturers of the Eastern States. As though it were a preludo to what Professor Kennedy has said,such a tour has been arranged under such capable auspices and with such thoroughness, without needless
hurry or undue expenditure of time, that it will probably appeal to every
business man.
The Finland, chartered for the occasion by the Fidelity Trust Co.. will
sail Jan. 29 from Baltimore, returning, arriving at Baltimore May 11. In
these three months every important point in South America will be reached.
Each seaport on the Atlantic will be visited, as well as on the Pacific seaboard, and the return trip will include passage through the Panama Canal
and up the east coast of the United States.
In making public on the 6th inst. a dispatch received from
the Minister of Foreign Relations of Argentina to the Ambassador of that country, concerning the opportunity for
the development of trade relations between the two countries, Secretary Redfield of the Department of Commerce
said:
At an interview between the Argentine Ambassador and myself
last
night, an important cable message bearing on the commercial relations
between the two countries was presented. Through the courtesy of the
Argentine Ambassador and with the consent of his Government the pub,licity of this dispatch is permitted. Its importance is obvious.
The Department of Commerce hopes and expects that American manufacturers
will take hill advantage of the opportunity thus extended them through
the courtesy of the Argentine Government.
The following is the dispatch referred to:
There is at present no congestion of merchandise in our ports. Wheat and
flour are not exported at present because of the embargo established by
the
Executive power on those products. Corn, meat and wood are
exported
without great difficulty, but'we fear the scarcity of the means of transportation for our production in the near future.
A very effective outlet would be the arrival of steamers from the
United
States with usual cargoes—that is to say, impure naphtha, wood,
iron,
agricultural machines and implements, petroleum, furniture,
lubricating
&c. These boats would return with our products—that is to say, meat,
wool, hides, quebracho, live stock. &c.
American manufacturers can occupy the place left vacant by
European
Industry in all the branches that have been served by it. The
present me-
1434
[Vol, xc
THE CHRONICLE
New York, Nov. 11 1914.
ment offers to American manufacturers very appreciable advantages for
After conference with the Special Committee of Five of the New York
occupying positions, profiting by the present European inability. In orthe
in the general
improvement
that
decided
been
send- Stock Exchange, it has
der to get these advantages they must take the initiative themselves,
financial situation has removed the necessity for supervision over trading
ing at least small cargoes and also agents,and especially adapting themselves in
unlisted stocks, and consequently that this Committee has served the
by
to the custom of not demanding cash payment, as has been practiced
purposes for which it was organized.
others with very well-known success.
From this date, therefore, the Committee will cease to act, but it wishes
to impress upon dealers and brokers the importance of continuing its
Policy of non-publicity of quotations and transactions, in the interest of
At the monthly meeting of the New York Board of Trade the
public welfare.
for the
on the 10th inst. a resolution was adopted, calling
The above statement was issued in conjunction with the
appointment of a special committee to confer with President following ruling made by the Special Committee of Five
Wilson, the Secretaries of State, Treasury and Commerce, of the New York Stock Exchange:,
regarding means to supply the lack of transportation, mails,
29
November 11 1914.
passengers and freight to South America.
for
Closer trade relations with the United States is being
sought on behalf of Australia by Capt. J. W. Niesigh, Chief
Publicity Officer of the Government of New South Wales,
who is making a tour of the United States with the object of
placing before manufacturers and merchants the advantages
of dealing direct with the Commonwealth now that the
Panama Canal brings American ports in closer contact with
those of Australia. The New York "Tribune" quotes Capt.
Niesigh to the following effect:
Australia sells the United States above £2,000,000 a year. In return she
buys .£8,000.000 to £10,000,000. In other words, she is a pretty big customer. She wants to be bigger and is going to be bigger, but we want you
to know more about us and buy our goods direct, instead of paying extra
middlemen's profits and freight charges by buying in Europe.
Just now, when you are looking around for trade in other countries,
notably South America. it is a pretty good time to look at Australia. One
outcome of this war is going to be a closer commercial union of the English-speaking peoples whose interests square. What we want is direct trade
with the United States. It is an economic waste to deal through London.
since the canal has so shortened the distance.
It seems peculiar, in the wool trade, for example, that the United States
next to the United Kingdom the largest user of Australian wools, alone of
the big nations sends no buyers to the great wool sales in Australia. I say
none,for while France, Germany,Belgium,Japan.and,of course,England,
send swarms of buyers to these sales, an American is a rarity.
That means that the American buyer pays a profit to the European
who buys the wool at our sales, pays the freight to Europe plus a profit,
warehousing and brokers' commissions on the other side, and the expense of
sending a man over there or maintaining an organization plus the expenses
of sending the stuff back hero. Now that is wasteful.
It is generally argued, I believe, that distance and cost of getting buyers
to Australia is the reason, but the real reason I have been unable to find,for
Sydney is but 23 days away by the most comfortable of steamers, and the
cost from San Francisco but $300 to 6330 for the round trip and the pick
of accommodations. Expenses of a buyer in Australia are not as heavy as
in Europe. So you see that all the advantage is in buying at first hand.
Just as good banking connections can be had as with England. The fact
that you sell us so much shows that it is not a question of banking.
We've got lots of woods that you can use to advantage. I was surprised
to find that the transcontinental roads use ties of soft wood that require a
costly creosote treatment and then last but a few years. We put down ties
that last indefinitely, and when they are taken out of the main-line tracks
sell and
are usuable on development, and side lines. We've got that to
you can use it.
put on.
was
embargo
You are using our meat now, or were until the
more of it. It is a
That. I think, will soon be lifted, and then you will use
for example. The
developing trade. Then we have metals you wish—tin,
in the world. We
United States uses more tin than any other country
have got it for you.
that will give an
We will have a great exhibit at the San Francisco Fair
idea of what we've got to sell.
THE STOCK EXCHANGES—EXTENSION OF DEALINGS.
The most important movement yet made in the gradual
reopening of the securities markets was the announcement
in
on Wednesday of this week that supervision of dealings
the
all
is
step
The
necessary.
longer
unlisted stocks was no
of
more gratifying as it is distinctly stated to be the result
All
situation.
financial
general
the
in
the improvement
restrictions to trading in this class of security were removed,
though at first not the prohibition as to publicity of transactions or quotations. An additional step was taken yesterday when the Stock Exchange Committee of Five promulgated a ruling permitting unrestricted trading in listed
municipal and State bonds for domestic account, but all
transactions for future delivery must be submitted for approval, as heretofore, to the Sub-Committee of Three on
Bonds at the Clearing House of the New York Stock Exaffectchange. Concerning the removal of the prohibition
or quotations, the Coming the publicity of transactions
Exchange took
mittee of Five of the New York Stock
of
unlisted stocks
quotations
reporting
up the matter of
representatives of the Comquestion
the
discussing
and after
objection to reporting quotamittee stated that they had no
York Stock Exchange.
New
the
on
listed
not
stocks
tions of
which was organized
Stocks,
Unlisted
The Committee on
has had supervision of trading
which
and
1914
24
Sept.
on
exist. This Committee,comin unlisted stocks, will cease to
H. Hatch, A. H. Lookett,
Frederic
posed of A. C. Gwynne,
issued its final stateSmithers,
B.
H.
and
E. R. McCormick
ment as follows:
The Special Committee of Five being of the opinion that the market
unlisted stocks has arrived at a condition that makes supervision of dealings
no longer necessary, hereby approves the act of the Committee on Unlisted
Stocks in dissolving their organization.
Ruling No. 23, dated Sept. 24 1914. is hereby rescinded.
The lifting of the ban on unlisted stocks was received on
the Broad Street "Curb" with much enthusiasm and dealings
were resumed under practically the old conditions. The
Curb Association announced that the "curb" market was
still officially closed but in view of the new ruling trading
would be permitted in all unlisted stocks and that transactions and quotations could be made public. The following
is the announcement saying the Curb market will be officially opened on Monday next:
It has been decided that the improvement in the general financial situation has removed the necessity for restrictions over trading in unlisted
stocks, therefore you are hereby notified that the New York Curb Market
will officially resume business on Monday, Nov. 16. 1914, at 10 o'clock a. m.
This action on the part of the Chairman of the New York Curb Market
Association has received the approval and sanction of the Committee of
Five of the New York Stock Exchange.
A further interesting feature indicating the course of events
was the public auction on Wednesday of this week by
Adrian H. Muller & Son, the first since the Exchange closed.
A list of the securities sold and the prices will be found
on page 1441.
Stook
The Committee on Clearing House of the New York
9:
Nov.
on
members
to
notice
following
Exchange gave the
e lots, or multiples
Members desiring to buy or sell stocks in 100-shar
confirm all such
thereof, in conformity with the rules, are requested to
Clearing House.
orders between 3 and 4 p. m. Tuesday, Nov. 10 with the
If not confirmed by 4 p. m. they will be considered canceled.
The following notice was posted in the New York Stock
Exchange Nov.9:
Information has been received that the interest due on Nov. 1 on Cincinnati Hamilton & Dayton Railroad Co., Cincinnati Hamilton & Ironton
first mortgage guaranteed 55 and Cincinnati Findlay & Fort Wayne Railway Co. first mortgage guaranteed 4% gold bonds. due 1923. is not being
paid. The Committee on Securities rules that on and after this date and
until further notice said bonds must be dealt in "flat" and should carry
Nov. 1 and subsequent coupons to be a delivery.
The Board of Governors of the Consolidated Exchange
on Nov. 6 1914, by a unanimous vote, decided to open the
Exchange on Wednesday, Nov. 11 for the purpose of trading
in wheat. The New York Produce Exchange has long
been trading in grain and the grain markets have not been
closed since the outbreak of war in Europe, but dealings here
have dwindled. The following statement was made by
the Consolidated Exchange:
It would seem to be axiomatic that the city of New York should have
a grain market, and we think that this plan will give us a grain market of
nation-wide rather than local importance, as the rule regarding deliveries
at interior points overcomes the difficulty heretofore experienced in trading
in New York wheat, owing to the paucity of stocks in Now York.
Trading was accordingly begun on Wednesday morning
in May deliveries with sales at 1313' (4)131%. The following rules were made:
All trades in futures to contemplate an actual delivery of the wheat
during the month covered by the option.
Trades to be made for New York delivery or its equivalent, by allowing
delivery by the seller at interior points, subject to an allowance for transportation and handling equal to the cost of same from such interior point
to New York.
Intending deliverers shall notify receivers on or before the 15th of the
option month where the delivery is to be effected and ten days from said
notification shall be given receivers to arrange for the receipt of the grain.
The allowance from Chicago shall be nine (9) cents.
The allowance from Buffalo shall be six (6) cents.
Other allowances will be announced later.
Deliveries shall be made in one of the following grades:
No. 2 red, No. 1 Northern, No. 2 hard.
Warehouse receipts of the New York Central, Erie, Pennsylvania and
West Shore railroads for the above grades will be accepted as a New York
delivery.
The following is the range of wheat quotations on the Consolidated Exchange from Wednesday, Nov. 11, to Friday,
Nov. 13, inclusive:
Closing.
Ore ning. Highest. Lowest.
May
131A @
132(
1293
130@
bid. 130—s asked
Nov. 141914.]
THE CHRONICLE
The New York Metal Exchange reopened on Nov. 9 for
transactions in lead, tin and spelter. It is stated that dealings were confined to spot and near-month shipments of the
metals, with business apathetic.
The Committee of Five of the Boston Stock Exchange has
ruled that orders to buy or sell guaranteed stocks may be
submitted to the committee at concessions from the prices
of July 30. Such part of any previous ruling as conflicts
with this is rescinded.
A dispatch from Chicago says that it is understood that
the Clearing-House Committee has given members of the
Chicago Stock Exchange to understand that a plan to reopen for restricted dealings will be considered by them after
the Federal banks begin operations next Monday (Nov. 16).
It is stated that the Exchange will be allowed to deal in local
issues, listed and unlisted, and that the banks will be ready
to offer brokers former loan facilities by Dec. 1. The Exchange Governors are expected to arrange their plans on
Nov. 18, which is the date of the regular monthly meeting.
1435
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue.
Washington, D. C.. Oct. 24 1914:
To Collectors of Internal Revenue:
Reference is made to Treasury Decision No. 2.001, relative to the designation by corporations of a fiscal year other than a calendar year as a basis
for making returns of annual net income.
You are informed that every corporation amenable to the income tax law
in existence at the close of a calendar year is required to file a return covering all or any part of the preceding calendar year during which it may have
been in existence on or before March 1. provided such corporation has not
established or does not establish a fiscal year.
In order to establish a fiscal year, it is necessary for the corporation to
give notice to you in writing designating the last day of some month as the
close of its fiscal year. This notice must be filed not less than thirty days
prior to March 1 of the year in which the fiscal-year period of twelve months
closes. A return for that portion of the calendar year preceding the commencement of the fiscal period of twelve months is required to be filed on
or before March 1 of the year next following the calendar year of which it is
a part, and the return for the first full fiscal year is required to be filed on
or before the last day of the sixty-day period following the close of the fiscal
year.
Example: A corporation desiring to establish its fiscal year as ending
on June 30 1915 must file notice not less than thirty days prior to March 1
1915, or on or before Jan. 29 1915. A return for the period Jan. 1 to June
30 1914 must then be filed on or before March 1 1915, and a return for the
first fiscal year period (July 1 1914 to June 30 1915) must be filed on or
before Aug. 29 1915.
That portion of the year preceding the beginning of an established fiscal year is held to be a fractional part of the calendar year, and as the return
of a calendar year is not required to be filed until on or before the first day of
March next following, there is no provision of law whereby the return
covering a fraction of a calendar year is required to be filed earlier than
"on or before" the next March first, though it is preferred that the return
for this fraction shall be filed as early as possible after the close of the period.
The above instructions are supplemental to Treasury Department 2.001,
and rulings or decisions heretofore issued in conflict with the foregoing are
hereby revoked.
W. H. OSBORN,
Commissioner of Internal Revenue.
Approved W. G. McADOO, Secretary of the Treasury.
Cleveland advices are to the effect that the Cleveland
Stock Exchange will be reopened on Nov. 23. Members
have decided that conditions are sufficiently improved to
warrant the resumption of operations. President E. M.
Baker will select a committee to draw up a set of regulations.
It is said that so far as strictly home securities are concerned,
the market will be free and open, but stocks and bonds listed
on other exchanges, such as New York or Chicago, or widely
distributed, will be subject to a minimum price to be estabThe Treasury Department also issued the following instructions on the 24th ult. concerning the 5% penalty and
lished by the committee.
interest on delayed payment of assessed income taxes in
The Committee on Securities of the Pittsburgh Stock Ex- the case of persons absent in foreign countries:
MODIFICATION OF RULING GOVERNING 5% PENALTY AND
change adopted the following resolution on Nov. 12:
INTEREST ON DELAYED PAYMENTS IN CASE OF
Present restrictions on trading in bonds and unlisted securities are rescinded. Members are permitted to trade in bonds and unlisted securitiees but all transactions must be reported daily to the committee and no
publicity be given to the same.
PERSONS ABSENT IN FOREIGN COUNTRIES.
(T. 1). 2028.)
Income Tax—Five Per Cent Penalty and Interest on Delayed Payments.
The 5% penalty and interest on delayed payment of assessed income
taxes in the case of persons absent in foreign countries held to be due unless
payment is forwarded within ten days after notice and demand. Form 17,
Following the action taken in New York, the Committee should have
been received in the ordinary course of the mails. T. D. 1659
on Unlisted Securities in Philadelphia decided to remove the modified.
TREASURY DEPARTMENT.
restrictions on dealings in unlisted securities. The following
Office of Commissioner of Internal Revenue.
notice was issued on Nov. 10:
Washington, D. C., Oct. 241914.
The committee which was appointed by the special committee of the To Collectors of Internal Revenue:
Section 2 of the Act of Oct. 3
E
of
paragraph
In
of
the
last
sentence
Philadelphia Stock Exchange to supervise trading in unlisted securities
feels that, owing to the great improvement in the investment demand, 1913 it is provided:
* * * And to any sum or sums due and unpaid after the thirtieth
restrictions of trading is no longer necessary or desirable, and hereafter
of June in any year. and for ten days after notice and demand thereof
dealers need feel themselves under no restraint to abide by the various rul- day
by the Collector, there shall be added the sum of 5 per centum on the
ings.
amount of tax unpaid, and interest at the rate of 1 per centum per month
upon said tax from the time the same becomes due, except from the estates
of insane, deceased or insolvent persons.
The Special Committee of Five of the Philadelphia Stock
By reason of absence in foreign countries or on account of traveling
abroad,
It is impossible for many individuals to receive notice and demand
Exchange has ruled as follows:
That on and after Wednesday. Nov. 11 1914, members may make trans- on Form 17 and make payment of the taxes assessed thereon so the same
actions in all municipal bonds without any restrictions whatever, and with- can be received by the Collector within the ten-day period following June 30
or within the ten-day period following the service of the notice. You are
out reporting transactions to the committee.
That transactions in Philadelphia Company dividend scrip and Cambria requested, therefore, to enter on Form 17, as the date on which such assessed
Steel Co. dividend scrip (on the unlisted department of the Exchange) may tax becomes due and payable, as near as possible, a date ten days subsequent
be made without restriction as to price, and without reporting transactions to the time that said notice should be received in the ordinary course of the
mails by the taxpayer, and where it appears that the full amount of tax
to the committee.
That transactions In listed bonds or notes maturing prior to Nov. 1 1917. assessed was placed in the mails within the ten-day period after the receipt
or in equipment trust certificates of any maturity, need not be submitted of Form 17, or in case notice so sent is not delivered in due time by reason
of delay in the mail,and satisfactory evidence of that fact Is furnished, the
at the Clearing House for approval by the sub-committee of three.
penalty and interest in such case will not be collected. In the latter cases
the envelope enclosing the notice and bearing the postmark of the receiving
Representatives of the Toronto Stock Exchange, consist- office
should be forwarded to the Collector and by him
to this
ing of the President, E. B. Freeland, and W. G. Mitchell, office with Form 325 as evidence of delay in the deliverytransmitted
of notice so sent.
This ruling applies solely to the collection of income tax from individuals
were in conference with the committee of the Montreal Stock
officers. T. D. 1659 Is modified accordingly.
Exchange in the latter city on Nov. 6. A number of mat- and includes Government
W. H. OSBORN, Commissioner of Internal Revenue.
Approved:
ters of general interest to the members of the two exchanges
-W. G. McADOO, Secretary of the Treasury.
were discussed and an understanding was reached whereby
the more striking differences in the minimum price lists of
On Oct. 12 the following amendment to the income tax
the two exchanges will be adjusted. Any changes that are regulations requiring endorsement or stamp on foreign couto be made will be acted upon independently by the respec- pons, checks, &c., was announced:
('r. D. 2023.)
tive committees.
Amending Article 58, Income Tax Regulations 33, requiring
endorsement or stamp on foreign coupons,checks, bills of exchange, &c.
TREASURY
DEPARTMENT.
INCOME TAX RULES AND REGULATIONS.
Office of Commissioner of Internal Revenue.
According to a decision of the Treasury Department issued To Collectors of Internal
Washington, D. C.. Oct. 12 1914.
Revenue:
under date of Oct. 24, corporations desiring to make returns
Article 58, Income Tax Regulations 33, is hereby amended to
read as
of annual net income on the basis of a fiscal year must give follows:
ARTICLE 58—The licensed person, firm, or corporation first
receiving
notice in writing to that effect to the Collector of Internal such foreign items for collection or otherwise shall
withhold
the
Revenue not less than thirty days prior to the first of March. normal tax of 1 per cent, and will be held responsible therefor. therefrom
If the foreign
tem is in the form of a check or bill of exchange, the words
The following is the ruling in full:
"Income
tax
withheld by
"(giving name,address and date) shall be
endorsed or
NOTICE REQUIRED WHEN RETURNS ARE MADE UP ON BASIS stamped thereon by such licensee; but if the item Is
represented by a couOF FISCAL YEAR.
pon or coupons from bonds, the licensee shall attach thereto
a
statement
(T. D. 2029.)
Identifying the same, and the endorsement or stamp showing
the tax withIncome Tax.
held shall be placed on the statement instead of the coupon or
coupons.
Corporations desiring to make returns of annual net income on the basis
Said endorsement or stamp shall be sufficient evidence of
tax withheld
of a fiscal year must, not less than thirty days prior to the first day of to relieve subsequent holders or purchasers from
the
obligations
designating
in
of withsuch notice holding.
March. give notice in writing to the Collector,
ROBERT
year,
WILLIA.MS
in
fiscal
which
the
JR.,
close
of
month
as
case
the
some
of
the
the last day
Acting Commissioner of Internal
Revenue.
Approved:
fiscal year return will cover a I2-months' period. The return for that porW. G. McADOO. Secretary of the Treasury.
tion of the calendar year preceding the beginning of the fiscal year will be
filed on or before March next following.
1436
THE CHRONICLE
Notice has been given to the Collectors of Internal Revenue
that they must not under any conditions retain copies of returns in their offices; when information relative to any return
is necessary, it is to be secured from the Commissioner of
Internal Revenue at Washington.
COLLECTORS NOT TO RETAIN COPIES OF RETURNS.
(T. D. 2024.)
Income Tax.
Amendment of Article 192 of Regulations No. 33, providing that Collectors should not retain copies of returns in their offices.
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue.
Washington, D. C., Oct. 15 1914.
To Collectors of Internal Revenue:
Referring to Article 192 of Regulations No.33. wherein it is provided that:
any return
Where in any case the Collector has reason to believe that
and retain in his office a
rendered is false or fraudulent, he will prepare
peen
rnth
o
t3
a
n
g
u
ti
d
es
n
v
a
htitnd of
tin4n
.
r
r
o
o
the
on
st
te
l
no
assessmentwill
,and
n
s
ir
a
t
t
t
r
o
copy ofsush
in the manner prescribed
He will in all such cases make his investigation
and paragraph D of said Act of Oct. 3
in Section 3173, Revised Statutes,of
his investigation to the Commissioner
1913: and he will report the results list,
folio and line on which the assessof Internal Revenue, referring to the
ment was reported.
investigations are to be made
these
as
inasmuch
that,
You are informed
by the revenue agents' force, the portion of the article of Regulations
No. 33 quoted above is hereby annulled.
Collectors should not under any conditions retain copies of returns in their
offices, but when information relative to any return of annual net income
filed by any taxpayer is necassaxy in connection with the assessment and
collection of the income tax, the same may be secured from the Commis•
stoner of Internal Revenue at Washington.
W. H. OSBORN, Commissioner of Internal Revenue.
Approved:
W. G. McADOO, Secretary of the Treasury.
[VOL. xcix.
A. V. Edwards of the credit department of the National City
Bank, is
expected to arrive in Buenos Aires within the next week,to have
charge
of the formation of a credit bureau to be organized in connection
with the
branch for the purpose of furnishing credit information to
exporters and
importers.
A. B. Leach & Co., 149 Broadway, this city, have just
issued a leaflet on the "War and the Outlook for Securities",
reviewing in a general way the conditions growing out of the
war as they will affect investment securities. The firm
states that "the closing of the security market has worked
a great hardship upon the average investor,and while a few
people in the large centres have been able to invest their
money, the average person has thought it useless to make
any attempt in this direction." The bankers have also
issued for free distribution a wall chart of the Federal
Reserve system of the United States, describing in a comprehensive form under special headings all the interesting
features of the system which the layman desires to know.
The duty the State owes to the depositors of banking institutions was emphasized in a speech on the 9th inst. by
Eugene Lamb Richards, State Superintendent of Banks,
before the East Side Neighborhood Association of New York
City. Superintendent Richards talked on the "Protection
by the State Banking Department of Depositors and Banks."
He discussed the various details of the new banking law and
the work performed by the State Banking Department in
looking
after the interests of the depositors of the various
NEW
IN
CO.
BUILDING.
J. P. MORGAN &
New York City.
The firm of J. P. Morgan & Co. opened for business on closed private banks on the East Side of
part:
in
said
Richards
Superintendent
its
in
11th
new
November
at
building
morning,
Wednesday
The State should be a father in many matters affecting the rights of its
the southeast corner of Wall and Broad streets. The trans- citizens, and among those the most Important of all is that it should be
ferring of the office forces and banking equipment from the father to the depositors in banks. The laws of this State have recognized
this, and from year to year there has been a gradual growth in the right of
temporary quarters in the Mills Building has been going on the
State through the Banking Department to examine and supervise the
for some time and is now completed. The new structure banks in the interest of the poor people who put their money in them.
was
Building,
which
in
Drexel
built
The
and
1872
old
State has been given power through the Banking Department to
the
replaces
•
take possession of the banks and their assets, when found insolvent or in
was the home of the Morgan firm from that time until May an
unsafe condition, and save all the expenses, extravagances and delays
1913, when it was,torn down to make way for the present of receiverships. The new banking law now in force does all these things,
new
the
which
building
on
in addition to them has given the State power over the private bankers,
and
plot
is
stands
The
building.
this despite the opposition of private bankers who made a strong fight
valued at $4,000,000, and the building itself, according to and
against the law, delayed its passage, and in some ways weakened it; but
estimates of tlg, architects, cost $1,200,000. The firm has in the end the law is now such that it has enabled my Department to at least
exclusive use of the new building. It is only four stories prevent further money being deposited with unsafe and unsound bankers.
This is a great step in advance from the former law, whereby a private
high and the main banking offices on the ground floor are banker, by putting
up a $100,000 bond with one of the State officers, was
The
height.
other
two
are
floors
in
given
stories
two
left alone to take as much as he pleased of the depositors' money and do
equal to
with
it
the
of
firm. The facade
what he pleased. The present law is good and should be given a
up to retiring rooms for members
fair trial, although possibly it can be strengthened in some ways so that all
is of Tennessee marble. The walls are three feet thick; the banking business
will be under even stricter supervision by the State of
foundation walls are seven feet thick and are constructed New York. Many will ask why Mandel's Bank, Kobre's and others now
Closed were not closed until Aug. 3. I can only answer that it was the law's
in such a way as to permit the addition of a number of extra fault
and not mine.
the law, all private bankers had until Aug. 1
stories to the building in the future if desired. The banking within which to applyUnder
to continue business. These bankers did not apply
from
free
is
pillars
and contains and under the law I had no power to examine into their condition unless
room on the main floor
asked or permitted me to do so. This permission they did not give
about 15,000 square feet of space. The offices of the mem- they
me until Saturday night. Aug. 1. and I immediately set a body of my best
much
very
arranged
similar
to
are
of
those
bers of the firm
examiners to work night and day on Saturday night, Sunday and Monday,
the old building. One of the interesting features of the new Aug. 3.so that I could determine as best I might whether the banks should
closed or be permitted to continue business.
building is the vaults in which the Morgan securities will beDuring
those days of my preliminary examination I protected every new
be kept. They are built into the cellars and are protected by deposit by having it separated,so that by reason of the bank's keeping open
the heaviest door ever constructed. It weighs thirty-two no new deposit should be lost, and all the people who deposited during the
days of my short examination got back their money.
tons and was made by the Carnegie Steel Company at Pitts- two
From the first we have been working with the Judges of the United
burgh. It is circular in shape and is eight feet in diameter States Courts in New York and Brooklyn so that recently plans have been
submitted for the gradual payment to the depositors of all that is possible.
and four feet thick.
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
A New York Stock Exchange membership was sold this
week for $38,000, an advance of $4,000 over the last previous
transaction.
$9,000 was bid this week for a membership on the New
York Cotton Exchange. The last sale was at $7,000 on
Oct. 30.
The branch of the National City Bank at Buenos Aires
was opened on Tuesday last, following the receipt of authority for its establishment from the Government of Argentina. The following announcement was made by the
bank on Monday concerning its venture:
Government of Argentina to
Formal authority has been granted by the
the establishment of a branch at
the National City Bank of New York for
American bank in a foreign country
Buenos Aires, and the first branch of an
on Tuesday, Nov. 10.
will be formally opened for business
in the Bass Building. It
Rivadavia
The bank is located at 321 Calle
Allen, former Manager of the
will be under the management of John H.
assistants, arrived in Buenos Aires
Bank of Haiti. who, with a party of ten
on the 2d of the month.
Secretary of the Treasury of the
Robert 0. Bailey, formerly Assistant
in Buenos Aires since Aug. 1
United States, and J. C. Martine have been
with the establishattending to all of the preliminary details In connection
ment of the bank.
and engaged
M.D.Carrell. formerly of the Philippine Tariff Commission.
relations with
for a number of years in the work of developing commercial
Porto Rico, is in charge of the commercial investigations to be undertaken
by the branch in behalf of the business interests of this country.
Those plans are being rapidly signed by the depositors and as soon as the
plans are accepted by a majority of them, this Department will be ready
to approve of the plans and an immediate cash payment will be made to the
depositors on account, leaving the rest of the property to be sold gradually
and the proceeds to be paid to the depositors by corporations to be formed.
In these corporations a majority of the directors are to be directly representative of the depositors, and the Treasurer of each corporation will be
one of my experienced bank examiners. All these examiners are Civil
Service men and have been in the Department for years. In this way
the real estate which formed a large part of the assets of these banks will
not be sold at a sacrifice by forced sales, and the depositors are certain to
get all that they can and as soon as they can.
It has been a great regret that the bankruptcy law was not so amended
at Washington as to conform to the new banking law of the State of New
York, so that without delay the Banking Department could liquidate the
assets of the banks for the benefit of the depositors in the way it does in
the case of other institutions. In that event we should now be paying
some money to the depositors instead of being held back with long delays
in getting signatures to the plans of composition and in winding up the assets
through new corporations.
Harry E. Ward, Cashier of the Irving National Bank of
this city, was elected First Vice-President, and David H. G.
Penny, a Vice-President, at the regular meeting of the
board last Tuesday. Mr. Penny was formerly an Assistant
Cashier. J. F. Bouker, Assistant Cashier, was appointed
Cashier. Mr. Ward is a graduate of Yale and came to the
Irving in 1901; he was made Assistant Cashier six years
later, and in 1910 became Cashier. Mr. Penny has been
manager of the foreign exchange department of the Irving
National Bank.
Nov. 14 1914.]
THE CHRONICLE
Announcement was made during the week that Dick Bros.
& Co. of this city, a prominent New York Stock Exchange
house, would not go out of business, as certain rumors inferred, because the firm had been liquidating its customers'
speculative accounts. The firm has recently come to the
conclusion that speculative accounts are a thing of the past
for Wall Street houses in view of the attitude of the political
authorities at Washington and the tremendous expense of
doing this class of business with very little chance of a profit.
Hundreds of thousands of dollars are expended annually for
private wires to distant cities for rent, clerk hire, telephones
and the usual risks and charges for doing a speculative
business, more often of late years without showing a cent of
return to the bankers. The firm has decided in the future
to devote its energies to investment lines.
1437
a charter. The new institution is to be known as the Prudential Trust Co. The incorporators are: John H. H.
McNamee, J. Edwin Bradshaw, Fred. S. Wylie, Joseph E.
Greene, John E. Hannigan, Isidor Fox, Frederick R. Corbett, Patrick H. Crowley, Roger V. Pettingill, Michael A.
O'Leary, Thomas P. Riley, Charles F. Stack, George H.
Carrick, James E. McConnell, Herbert M. Bridey, Henry
J. Cunningham, John J. Sullivan, John E. Reagan and
Joseph H. Cunningham.
The payment of a first dividend of 5% to the creditors
of the firm of Henry Bischoff & Co. of this city was authorized by Judge Hough in the Federal District Court on Oct.
30. The affairs of the firm were placed in the hands of a
receiver on Jan. 10 1914. The assets now held by the
trustees are said to amount to $28,502 and of this $16,581
is taken by the dividend.
William Endicott, retired merchant and financier, died at
his home in Boston on the 8th inst. in his eighty-eighth year.
Mr. Endicott, before retiring from active life, served as
President of the New England Trust Co.; as trustee and
President of the Suffolk Savings Co.; trustee of the Provident Institute for Savings, and was for twenty-two years a
director of the Chicago Burlington & Quincy RR. He was
Treasurer of the Institute of Technology for six years and
the last surviving member of the original incorporators of
that institution, and was identified with the firm of C. F.
Hovey & Co.for sixty-four years. William Endicott Jr., Vice,
President of the National Bank of Commerce in Boston, and
a member of Kidder, Peabody & Co., is his son.
Daniel D. Whitney, once Mayor of the City of Brooklyn,
and one of its distinguished citizens, died at his home on the
10th inst. in his ninety-sixth year. Mr. Whitney was
Vice-President and director of the Metropolitan Casualty
Co. of New York and director of the Long Island Safe
Deposit Co. and the Mechanics' Bank of Brooklyn. Daniel
D. Whitney Jr., once an Assistant Corporation Counsel in
Brooklyn, is his son.
The Killingly Trust Company of Killingly, Conn., a new
institution, has elected as its President William A. Gaston,
President of the National Sha,wmut Bank of Boston. This
institution, which has a capital of $25,000, besides transacting a general banking and trust company business, has been
authorized to receive savings deposits. Mr. Gaston has a
home in the Connecticut town, from which some of his ancestors came.
The American Exchange National Bank of this city has
reprinted the War Tax Law of 1914, with an index in a booklet for free distribution. The "Act to Increase the InternaRevenue and for Other Purposes" was passed by Congress
October 22.
Henry A. Marsh, a prominent banker and ex-Mayor of
Worcester, Mass., died on the 6th inst. He was President
of the Central National Bank of that city until it was absorbed by the Worcester Trust Co. in 1902,from which time
he was Vice-President of the trust company. Mr. Marsh's
connection with the bank dated from 1853, when he entered
it as a clerk, from which position he rose to be the bank's
chief executive. Mr. Marsh was for three years-1893,
1894, 1895—Mayor of Worcester; he was in his 78th year
at the time of his death.
Henry C. Tinker, First President of the Liberty National
Bank and a director in a number of corporations, died on
the 11th inst. at his home in this city. At the time of his
death he was a director of the Liberty National Bank, the
Fidelity-Phenix Fire Insurance Co., the Celluloid Co. and
the Kentucky Coal Lands Co. Mr. Tinker retired from
Ralph H. Mann has been elected President of the Gloucesactive life about ten years ago. He was at one time a mem- ter National Bank, Gloucester, Mass., succeeding William
ber of the New York Stock Exchange. He was in his sixty- H. Jordan.
sixth year.
Edward Stotesbury Lewis, Assistant Cashier of the FarmJulian H. Kean, Vice-President of the National State ers' & Mechanics' National Bank of Philadelphia, has been
Bank of Elizabeth, N. J., was elected President of that elected Cashier of that institution, succeeding the late
institution on the 9th inst., succeeding Hon. John Kean, Henry B. Bartow. Mr. Lewis had been Assistant Cashier
'whose death was announced in these columns last week. since 1912.
At the same meeting John W.Whelan a director of the bank,
William C. Stoever has been elected a director of the Merwas elected Vice-President to succeed Mr. J. H. Kean.
chants' Union Trust Co. of Philadelphia to fill the vacancy
Norris S. Lippitt, recently resigned as Bank Commissioner occasioned by the death of Alfred I. Phillips. Mr. Stoever
of Connecticut to accept the Treasurership of the People's was a director of the Union Trust Co. for several years prior
Bank & Trust Co. of New Haven. In announcing the regret to its consolidation with the Merchants' Trust Co.in 1911.
with which he parts with his associate, Fred. P.Holt says:
At a meeting of the directors of the National Bank of BalIn a position where two men have equal authority and equal responsibility
very disagreeable situations might arise through disagreement. Mr. timore, at Baltimore, Md., on the 4th inst., Joseph CastleLippitt has helped to make my duties pleasures and in the three years of berg was elected a director, succeeding W. Bernard Duke,
our intimate association not a word of discord has been spoken. I know the
who recently resigned both as a Vice-President and director.
banks one and all will join with me in earnest wishes for his future success.
Mr. Lippitt was appointed to the office of State Bank ComThe Murchison National Bank of Wilmington, N. C., has
missioner by Gov. Woodruff in 1907; in 1911 he was re- just taken possession of its
handsome new quarters on the
appointed to serve until 1915. Before becoming Com- ground floor of the new ten-story
building corner of Front
missioner Mr. Lippitt had been employed by the Merchants' and Chestnut streets in that
city.
Bank of Norwich, which he entered in 1883, shortly after
completing his school life, and from 1885 until taking the
William Hardee was elected President of the Ohio SavCommissionership had been identified with the Norwich ings Bank & Trust Co. of Toledo, Ohio, on the 4th inst.,
SavingsSociety. As Treasurer of the People's Bank & Trust succeeding the late James J. Robison; at the same time
Co. of New Haven he succeeds the late Louis N. Van Thomas J. Watson was elected a Vice-President to fill a
vacancy occasioned by the resignation of Edward H. Cady,
Keuren.
some time ago,Mr.Cady having withdrawn to become PresiThe Old Colony Trust Co. of Boston has two new directors dent of the Guardian Trust & Savings Bank. Harry W.
in James K. Storrow of Lee, Higginson & Co., and Thomas Davis has been elected a director of the Ohio Savings Bank
K. Cummins, Treasurer of the Edison Electric Illuminating & Trust Co. to fill a vacancy.
Co. of Boston; they have been elected to fill the vacancies
The State Savings & Trust Co. of Indianapolis, Ind., a
caused by the deaths of Eben S. Draper and Gardiner M.
new
financial institution, was opened for business on Oct. 28.
Lane.
The company,in addition to operating in a banking and trust
Incorporators of a new trust company in Boston, which it capacity, has provided safe deposit vaults and conducts a
is proposed to establish with a capital of $200,000, have ap- real estate department. Its officers are: Mord Carter,
plied to the Massachusetts Board of Bank Incorporation for President; W.L. Higgins and Jonas Joseph, Vice-Presidents;
1438
THE CHRONICLE
Frank J. Geiger, Treasurer, and Roy Sahm, Secretary. The
directors are Mord Carter, Frank J. Geiger, W. L. Higgins,
Jonas Joseph, C. J. Murphy, W. A. Pickens and C. A.
Schrader. Mr. Carter is Vice-President of the Continental
National Bank of Indianapolis.
The consolidation of the Michigan Savings Bank of
Detroit, Mich., and the Wayne County & Home Savings
Bank, under the latter title, became effective on Oct. 27.
The consolidated institution starts with a capital and surplus
of $2,500,000 each, and on its first day reported commercial
deposits of $5,794,580, savings deposits of $26,778,844 and
total resources of $38,290,034. It has undivided profits of
over $700,000. There is no change in the location or personnel of the branch offices of the Michigan Savings Bank.
The combined bank has as its officers: Charles F. Collins,
Chairman; Julius H. Haass, President; Frank H. Croul,
Fred. Guenther, Win.S.Green, Orla B. Taylor and George
Wiley, Vice-Presidents; Joseph T.Coffins, Secretary; Edwin
J. Eckert, Cashier; Arthur E.Loch,Hugh R.Burns, Wm.H.
McClenahan, Theo. F. A. Osius, Rupert Pletsch and Jas.
G. Dalgleish, Assistant Cashiers.
The First National Bank of Minneapolis continues to
gain in resources, according to the recent statement of
Oct. 31, which shows this item to be now over thirty-five
millions of dollars, the exact figures being $35,478,730. On
Sept. 12 1914 aggregate resources were $34,800,217. As
previously mentioned in these columns, the First National
has now under construction one of the finest bank and office
buildings in the Northwest, it having outgrown its previous
home, although of quite recent construction.
The proposed Mercantile State Bank of Minneapolis, now
in process of organization, has taken a lease of the ground
floor of the Masonic Temple, Hennepin Ave. and Sixth St.,
which the bank will occupy when alterations are completed,
about Dec. 15 next. W. B. Tscharner, formerly of La
Crosse, Wis., is to be President of the institution; L. S.
Swenson is to be active Vice-President, and W. F. Olsen,
Cashier. The last two officials were formerly connected
with the Union State Bank of Minneapolis. The new bank
has been formed with a capital of $300,000; it will have a
surplus of $90,000.
Another prospective Minneapolis bank is beingformed under
the name of the Bank of Commerce, with a capital of $100,000 and a surplus of $50,000. The institution will locate in
the Iron Exchange—in a section in which it is stated there are
no banking facilities at present. Roy Quimby, President
of the Mortgage Security Company and Account Protection
Safe Company, is interested in the new bank, together with
Guy A Thomas, a director of the Washburn-Crosby Co.,
and Benjamin A. Paust, a real estate dealer.
A new bank and trust company is being organized at
Savannah, Ga., with a capital of $200,000 by W. V. Davis,
Vice-President of the Savannah Trust Co. before its recent
consolidation with the Chatham Bank of that city. Mr.
Davis will be President of the new organization. He will
have with him as officials Valmore W. Lebey, who was Assistant Secretary of the Savannah Trust Co., and Harry C.
Anderson,former Trust Officer of that company. The
new institution will begin business about Jan. 1.
A dividend of 5% was paid on Oct. 20 to the creditors
of the Harris County Bank & Trust Co. of Houston, Tex.,
which failed on Aug.7 1911, making a total dividend of 90%
paid to.the creditors of this institution.
The Colonial Trust Co. of Tulsa, Okla., is said to have
been merged with the Exchange National Bank of that city.
The capital of the latter is $250,000; that of the former was
8100,000.
The Seattle National Bank of Seattle, Wash., with a
capital of $1,000,000, has established, under the direction of
its recently elected President, F. K. Struve, a special savings
department. Although it is one of the largest banks in the
State of Washington and has been in operation over twentyfive years, it has never before had a savings department. It
is the intention of the bank to broaden its field to the fullest
extent possible under the new banking system.
A. R. Truax has resigned as Assistant Secretary of the
Spokane & Eastern Trust Co. of Spokane, Wash., to become
Assistant Cashier of the First National Bank of Seattle.
[VOL. xcnr.
Mr. Truax was credit man of the Traders'National Bank of
Spokane before it was taken over during the past summer by
the Eastern Trust Co. Prior to this he was connected with
the Dexter-Horton National Bank of Seattle, Wash.
At a meeting of the stockholders of the Dominion Trust
Co. (head office, Vancouver, B. C.) on the 2d inst. it was
decided to place the institution in voluntary liquidation.
This action of the stockholders follows the temporary closing
of the institution by the directors pending the stockholders'
meeting to decide upon the future course with reference to
the company. The sudden death of the General Manager
of the company, W.R. Arnold, earlier in the month, was one
of the incidents leading to its closing, the directors, it is
stated, having found it difficult to determine the financial
position of the institution without conducting a minute investigation. The Montreal "Gazette," in referring to the
stockholders' meeting on the 2d, states that it was said at the
meeting that "Mr. Arnold owed the company $114,000, and
another statement was made vvhich appeared to show that
he owed an additional $140,000." The embarrassment of
the company, the "Gazette" says, "was stated to have been
much hurried by the failure of Alvo Von Alvensleben, who is
stated to have owed about a million and a quarter to the
company." The company was incorporated in April 1910
with an authorized capital of $5,000,000; half of this amount,
it is reported, was subscribed, with $2,167,570 paid in. The
institution had twelve branches, of which one was in London,
England, and one in Antwerp, Belgium. At the time
the institution was closed the latter part of last month the
directors issued a statement saying:
"The general depression caused by the war has added greatly to the
difficulties of the situation, but it is expected that at the shareholders'
meeting the directors will have formulated a plan with the object of being
able finally to meet their financial engagements. This may take the form
of the company going into voluntary liquidation, when some changes may
be made in the management and a competent receiver placed in charge.
The working out of the company may take some little time, as it is difficult
to realize at once upon even the beat securities, but if financial conditions
improve, as the directors hope, there is every reason to believe that the
voluntary liquidation will obtain the very best results.
"The business has been so large and voluminous that the securities are
many, and it will take some little time to properly estimate their present
value and also to realize on them. It is expected that a large sum will be
obtained by the company from the life insurance of the late Mr. Arnold.
and there is also a bond of $250,000 filed with the Minister of Finance at
Victoria, under the provisions of the Trust Act, which may be available in
the final straightening out of the company's affairs."
The liabilities of the company are said to amount to
$2,000,000, including 00,000 due depositors. According
to the "Gazette," there are assets nominally of five million
dollars, but practically nothing in liquid form.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
October 29 1914:
GOLD.
The influx of gold continues to be very large. Receipts have been
follows:
announced as
Oct. 26_ _ £928,000 in U.S.A.gold coin
Oct. 22_ _ £763,000 in bar gold.
27-.. 95,000"bar gold.
22-- 794,000" U.S.A.gold coin
27-- 332,000" U.S.A.gold coin
"
"
23__ 90,000"
gold.
28-- 21,000"bar gold.
bar
"
24-- 74,000
24_ _ 218,000" U.S.A.gold coin
Deducting £1,000,000 set aside on the 28th inst. on account of H. M.
Treasury Currency Note Redemption Account, raising the total of that
Reserve to £9,500,000, the net influx during the week was £2,315,000.
The Bank of England reported a reserve of £61,362,080 in its Issue
Department yesterday—a fresh record.
In addition to the previous arrangements in parts of the British Empire.
the Bank of England is prepared to made advances here to Indian Mining
Companies against the deposit of their gold output in that country.
The following extract from the "Pioneer Mail" from Simla, under data
of'Seot. 26, is of interest, as showing that the Monsoon has proved excellent:
The extraordinary plenitude and evenness of the distribution of the
rains,which are now ceasing,is shown by the fact that Kashmir and Mysore
are the only areas in India where a defect of more than 20% has been registered. On the other hand, Orissa. the Punjab, Baluchistan, Gujarat, the
Konkan, the Bombay Deccan, Hyderabad and. the Northern Madras coast
have all had over 20% more than their share.'
SILVER.
The market has continued to be heavy in tone.
Supplies are on a fairly substantial scale, whilst the rush of orders for
Continental coinage has somewhat abated.
The Indian Bazaars are disposed to nibble, but as yet the demand is
barely appreciable in relation to the supplies.
The price yesterday-22 Yid.—is lower than any fixed since Dec. 22 1908.
The stock in Bombay is 3,600 bars, compared with 4,000 bars last week.
Appended are the last two Indian Currency Returns, in Mrs:
Oct. 15. Oct. 22.
Notes in circulation
5,996
5,969
Silver coin in India
3,307
3,362
Gold coin in India
442
542
Securities
1.000
1,000
Gold in England
765
765
Securities in London
400
400
It will be observed that the amount of gold in India is incrowdng. On
Oct. 7 it was only 378 lacs.
A shipment of 430,000 ozs. has been made from San Francisco to Hongkong.
The
quotation to-day for cash delivery is 7-16d. lower than that fixed
a week ago.
Quotations for bar silver, per oz. standard:
No
Bank Rate
5%
Oct. 23_ --22 11-16 cash
24___22' quotation Bar gold, per oz. standard__77s 9d.
fixed
French gold coin, per oz_ __Nominal
26- _ _2234
for
German gold coin, per oz-_Nominal
27-2234
forward U. S. A. gold coin, per oz„Nominal
28-22%
29.223" delivery.
Av.for week__22.489
A
1439
THE CHRONICLE
Nov. 14 1914.]
Tobacco Stocks.-Per Share.
TRADE AND TRAFFIC MOVEMENTS.
'
Par Bid. Asked.
Par Bid. Asked.
- American Cigar com__ _100_100
Porto Rican-Amer Tob _100_200 235
120
UNFILLED ORDERS OF STEEL CORPORATION.
105 120
scrip
Preferred
6%
100_
91
97
Tuesday,
Nov.
10,
on
Corporation
The United States Steel
Reynolds(R J)Tobac_ _100_240 265
Amer Machine & Fdy 100_ 70
85
issued its regular monthly statement showing the unfilled British-American Tobac..£1_81534 $16 Tobacco Products com_100.100 150
100_ 79
New stock
Preferred
516 $18
orders on the books of the subsidiary corporations at the Conley
89
Foil
United Chi Stores com_ 100_ 86
100.260 300
100.105 110
close of October. From this statement it appears that the Johnson Tin Foil& Met 100.120 160
Preferred
was
3,461,097
tons,
(new)...
10_
$1334
31
Stores
8834
MacAndrews
&
Oct.
Unit
CM
Forbes_100.150
185
on
aggregate of unfilled orders
100.110 140
Young (J 5) Co
recording a decrease of 326,570 tons from last month, when
Short-Term Notes.-N. Y. City Notes.-Quotations
the amount of orders outstanding was 3,787,667 tons. This
is the lowest since July 1911, when the amount of outstanding as of Nov. 6 1914 follow:
Bid. Asked,.
orders was 3,584,085 tons. In the following we give the Amalgamated Copper Co. 5s. March 15 1915
Al & S 9911 100
comparisons with previous months:
American Locomotive 5s. July 1915
J & J 99
100
Tons.
Oct. 31 1914_3,461,097
Sept. 30 1914_3.787.667
Aug. 31 1914_4,213,331
July 31 1914...4,158,589
June 30 1914...4,032,857
May 31 1914_3,998,160
Apr. 30 1914_4,277,069
Mar. 31 1914_4.653.825
Feb. 28 1914_5.026.440
Jan. 31 1914_4,613,680
Dec. 31 1913...4,282,108
Nov. 30 1913...4,396,347
Oct. 31 1913...4,513.767
Sept. 30 1913_5,003,785
Aug. 31 1913_5,223,468
July 31 1913_5,399,356
June 30 1913_5,807.317
Tons.
May 31 1913__6,324.322
April 30 1913_6.978,762
Mar. 31 1913...7,468,956
Feb. 28 1913_7,656,714
Jan. 31 1913...7,827,368
Dec 31 1912_7.932.164
Nov. 30 1912_7,852,883
Oct. 31 1912...7,594,381
Sept. 30 1912_6.551,507
Aug. 31 1912...6.163,375
July 31 1912_5,957.079
June 30 1912...5,807,346
May 31 1912_5.750.983
April 30 1912_5,664,885
Mar. 31 1912_5,304.841
Feb. 29 1912_5,454.200
Jan. 31 1912_5,379,721
Dec. 31 1911_5,084,761
Tons.
Nov. 30 1911_4.141.955
Oct. 31 1911_3,694,328
Sept. 30 1911_3.611.317
Aug. 31 1911_3,695.985
July 31 1911_3,584,085
June 30 1911_3,361,058
May 31 1911_3,113.187
April 30 1911_3,218,704
Mar. 31 191L__3,447.301
Feb. 28 1911...3,400,543
Jan. 31 1911_3,110,919
Dec. 31 1910...2,674,750
Nov. 30 1910...2,760,413
Oct. 31 1910_2.871,949
Sept. 30 1910_3.158.106
Aug. 31 1910_3,537,128
July 31 1910_3,970,931
Prior to July 311910, reports of unfilled orders were issued
only quarterly. In the following we show the totals at the
end of each quarter or period for which the figures were made
public, back to the organization of the Steel Company.
Tons.
June 30 1910_4,257,794
Mar. 31 1910_5,402.514
Dee. 31 1909-5,927,031
Sept. 30 1909_4,796,833
June 30 1909...4,057,939
Mar. 31 1909_3,542.595
Dec. 31 1908_3,603.527
Sept. 30 1908_3,421,977
June 30 1908_3,313.876
Mar. 31 1908_3.765,343
Dec. 31 1907...4,624,553
Sept. 30 1907_4'6,425,008
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
Tons.
1907_07,603,878
1907_•8,043,858
1906_•8,489,718
1906...7,936,884
1906_•6,809.589
1906_•7.018,712
1905...07,605,086
1905_1'5,865,377
1905_•4,829.655
1905_•5,597,560
1904...4,696,203
1904_•3,027,436
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Dec. 31
Nov. 1
Tons
1904_•3,192,277
1904...+4.136,961
1903_•3,215,123
1903_ 1'3,728,742
1903....•4,666.578
1903_•5.410,719
1902_•5,347,253
1902_•4,843,007
1902_•4,791,993
1901_•4,497,749
1901....*2,831,692
•The figures prior to Dec. 31 1907 are on the old basis. Under the present
Method only orders received from sources outside of the company's own interests
are shown The amount as of Sept. 30 1904, shown above as 3,027,436 tons, the
former basis, would, it is stated. be 2.434,736 tons on that now employed.
5s, July 1916
5s, July 1917
Amer. Tobacco 6% Scrip, Sept. 1 1915
Amer. Telep. & Teleg. Sub. Cos. 55, April 1916
Baltimore & Ohio 4%s.June 1 1915
Bethlehem Steel 5s, June 11 1915
Chicago Elevated Ry.. 5s, July 1916
Chicago & Western Indiana 5s, Sept. 1 1915
Consolidated Gas 6s, June 25 1915
Erie RR. 5s, April 1 1915
5s, Oct. 1 1915
534s. April 1 1917
General Motors 6s. Oct. 1 1915
General Rubber 414s, July 1 1915
Harlem River & Portchester 5s, May 1 1915
Hocking Valley 68. Nov. 1 1915
International Harvester 5s, Feb. 15 1915
Lackawanna Steel 5s, March 1915
Lake Shore & Michigan Southern. June 1915
Michigan Central 4%s, Mar. 1915
New England Navigation 6s, May 1 1917
N.Y. Central & Hudson River 5s, April 1 1915
410, May 1 1915
5s. Sept. 15 1915
5s,Oct. 1 1915
N. Y. N. H.& Hartford 5s, May 1 1915
Pacific Gas& Electric 5s. March 25 1915
Pennsylvania 33.4s, Oct. 1 1915
Public Service Corp. of N. J. 5s, Mar. 1916
Schwarzschild & Sulzberger 6s, June 1 1916
Seaboard Air Line 5s, Mar. 1916
Southern Ry. 5s, Feb. 1 1916
55. March 2 1917
Sulzberger & Sons Co. 6s, June 1 1916
Union Typewriter 5s, Jan. 15 1916
United Fruit 6s. May 1 1917
Utah Company 6s, April 1917
Westinghouse Elec. & Mfg. 5s, Oct. 1 1917
New York City Notes65, Sept. 1 1915
6s, Sept. 1 1916
6s. Sept. 1 1917
J & J
.1. & J
9834 9934
9734 99
100$ 10034
99
991
J & D 99
99
J&D 11 99
99
J & J
98
M & S 19
0
8
0%
---4 99%
100%
A & 0 9731 98
A & 0 9631 97
A & 0 9434 96
A & 0 9934 100
J & J 9834 99
NI & N 92
96 "I
M & N 991-4 9934
F & A 9934 100
M & S 9634 983
55.35% 5%'
M & S 999 9931
M & N 8934 91 .1
A & 0 99% 99
99
99
98ii 99
A & 0 98% 98
97
M & N 93
M&S25 99% 100
J & D 9834 9834
M & S 97
9834
.1 & D 9834 9934
M & S 9734 99
F & A 97% 99 1
98 1
M & S 2 97
M & S 9831 9914
9734 9834
M & N 99% 10036
9634 99
A & 0 96
9834
Bid.
Asked.
10134 a
101 A
102 3-16 102 5-16
103 9-16 103 11-16
b Basis.
ANTHRACITE COAL PRODUCTION.-The anthracite
coal shipments to tidewater during the month of October
Quotations for equipment notes are as follows, all prices
1914 aggregated 6,644,476 tons, comparing with 6,338,194 being on a percentage basis:
tons for the corresponding period last year. Below we report
Bid. Asked.
Bid. Asked.
5.10%4.90% Minn.St.P.&S.S.M.4343_534% 5%
the shipments by the various carriers for October 1914 and Balt. & 0Mo 434s
Buff. Roch. & Pitts. 434s..534%4.90% Missouri Kansas& Texas 53_6 M % 6% 1
1913 and for the ten months ending Oct. 31:
7% 6% 1
Equipment 45
5%4.90% Missouri Pacific Si
-Jan. 1 to
--October
Road19i4
1913.
1914.
Philadelphia & Reading
tons_1,092,056 1,232,367 9,961,608
Lehigh Valley
1,391,144 1,162.850 10,941,943
Central Railroad of New Jersey..._ 892,386
906,525 7,452,435
Delaware Lackawanna & Western__ 990,570
895,252 8,128,793
Pennsylvania
593,800 5,308,918
611,593
Delaware & Hudson
625,049 6,032,697
678,104
New York Ontario & Western_____ 214,757
1,942,269
212,951
Erie
773,866
709,400 6,943,394
Total
Oct. 31-
10,736,917
10,834,778
7,701,931
8,253,236
5,204,132
5,928,124
2,132,259
6,828,702
6,644,476 6,338,194 56,712,057 57,620,079
goinumcial ananXiscelanzonsReitTs
NMI.*
Outside Quotations.-A few of the more active outside securties and "curb" specialties are quoted as follows:
Par. Bid.
American Chicle, corn_.100 185
Preferred
100 93
Amer.688& Elec.,com. 50 $74
Preferred
50 543
Amer. Lt. & Tr., com_100 275
Prelerred
100 100
Amer.Pow.& Lt.,com.100 55
Preferred
100
Borden'sCon.Mllk,com.100 106
Preferred
100 101
Braden Copper Mines__ 5 $5M
Celluloid Co
100 125
Cities Service CO.,com.100 36
100 47
Preferred
Com'w'thP,Ry&L,com.100 51
Preferred
100 74
Fedeml Lt.,k Tr.,com_100 10
Preferred
100 55
Goldfield Cons. Mines_ 10 92c.
Internat. Nickel,com._100 95
Lehigh Val. Coal Sales_ 50 140
1334
Maxwell Motors,corn
4335
1st preferred
18%
2d preferred
Otis Elevator, com__ _ _100
ioo 88
Preferred
Asked
190
98
$76
$45
282
103
60
80
108
103
5%
130
42
51
55
79
18
70
94e.
98
150
1434
45
19)4
70
90
Par. Bid. Asked.
Pacific Gas & EL,com_100 34
3534
Preferred
100 76
81
RemingtonTypew.,com.100 _ _
20
let preferred
100 __
90
26 preferred
100
80
Repub. Ry.& IA..com _100 15
18
Preferred
100 65
70
Riker liegeman
$754 $734
Royal Bak.Pow.,com_100 150
165
Preferred
100 97
100
Singer Mfg. Co
100 216 230
Stand.G.&E.(Del.),com 50 $514 $734
Preferred
50 $15 $21
Sterling Gum
414
434
Tenn. RI.,L.& P.,com100 9
12
Preferred
100 50
58
United Lt.& Rya.,corn.100 40
45
1st preferred
100
_
68
2d preferred
100 60
65
United Profit Sharing
1154 1134
U.S. Envelope, cora_ _ _100 130
140
Preferred
100 95
100
Willys Oven, corn
100 65
75
Preferred
100 __
90
Standard Oil-American Tobacco Prices.-Below we
give quotations for the Standard Oil and American Tobacco
stocks:
Standard 00 Stocks.-Per Share.
Par Bid. Asked.
Par Bid. Asked.
Prairie Oil& (las
$14 $15
100.385
Anglo-Amer 011 new
Solar Refining
100.493 505
100_245 2.
6
Atlantic Refining
Southern Pipe Line Co_1
1(10
00n94
Borne-Scrymser Co_ _..100_255 265
Pipe Line Co__.50.114South Penn Oil
Buckey
Sou West Pa Pipe Lines.100_ 112 120
Chesebrough Mfg Cons.100_550 625
Standard Oil (Calif)_ _ _100_285 287
100. 85
Colonial 011
__
Standard Oil (Indiana)_100.470
100.210 215
Continental 011
Standard Oil (Kansas)_ 100.330 340 _
Crescent Pipe Line Co_ _50_544 $48
Oil
of
Stand
Kentucky_100_245
255
57
52
Line.100.
Cumberland Pipe
Stand Oil of Nebraska _100_305 315
Eureka Pipe Line Co...100.218 227
Stand Oil of New Jersey 100.368 370
Galena-Signal 011 corn.100.170
192
Stand 011 of New York_100.186
100.143 148
Preferred
Standard Oil of Ohio_ __ 100.400 410
Indiana Pipe Line Co _50.888 $93
100.152
Finch
160
Swan
&
$40
National Transit Co....25$35
77
Union Tank Line Co-_ _100. 7.5
New York Transit Co_ _100_205 215
100.181
Vacuum 011
90
Northern Pipe Line Co_100. 85
10.834
$38
Oil
Washington
258165 $168
Ohio 011 Co
$1334 $15
Pierce Oil(new)
1593
Central of Georgia 58
534% 5%
Equipment 4M s
531% 5%
Chicago & Alton 48
6%
Chicago & Eastern Ill. 5s___ __- 6%
Equip. 434s
6%
Chic. Ind. & Louisv. 434s_ 5%% 5%
5.10% 4%%
Chicago & N. W.4348
Chic. R. I. & Pac. 4Ms
7 M % 634%
Colorado dr Southern 58-.534% 5%
5.60%5.20%
Erie 53
Equipment 4348
5.60%5.20%
5.60%5.20%
Equipment 48
Evansville & Terre Haute586%
Hocking Valley 4s
53i77; 5%
5.10%4.80%
Illinois Central 58
5.10%4.80%
4348
Kanawha & Michigan 4349-654% 534%
K. C. Ft. S & Mem 414s__ 6%
Louisville & Nashville 50-5.10%
_434%
5.60%5.20%
Mobile & Ohio 58
5 60%5.20%
Equipment 4348
New York Central Lines 59-534% 5%
Equipment 434s
534% 5%,
N.Y.Ontario & West.4348_5.50%5.10%
Norfolk & Western 4349_ __ _5.10%4.80%
Equipment 4s
5 10%4.80%
5% 4.75%
Pennsylvania RR. 434s
5% 4.75%
Equipment 4s
6%
Pere Marquette 58
Equipment 431s
6% 1
St.Louis Iron Mt.& Sou.5s 6%% 534%
6%
St. Louis & R813 Fran. 5s_5.40%5.10%
Seaboard Air Line 53
5.40%5.10%
Equipment 434e
Southern Pacific Co. 434s-5.10%4.90%
5.30% 5%
Southern Railway 4348
Toledo & Ohio Central 4s_.634% 534%
Boston Prices.-The Boston "Transcript" reports securities dealt in through the Committee of Five of the Boston
Stock Exchange and prices as follows:
StocksNov. 12.
Alaska Gold (par $10)--- _ - $21%-22
Amer. Agric. Chem.. pref...
American Sugar, common..
1(5('34
Preferred
109
American Teleph. & Teleg_
112
American Woolen. prat
78
Amoskeag Manufacturing_
---Arcadian Mining
Atch. Top. & Santa Fe___.
Boston & Albany
175
Boston& Maine,com
-- _ Bost. & Wore. Elec., pref...
_
Butte & Superior (par $10)$2434
Edison Electric Blum
234-23434
General Electric
137
Isl d Cr k Coal, pf.(par $1)
Kerr Lake Mining (par $5)
____
Massachusetts Gas, corn..
Preferred
Maine Central
McElwain(W. H.). 1st pfNew Eng.. Teleph.& TelegN. Y. N. H.& Hartford&IPullman Company
148
Reece Butt. Mach.(par$10)
Swift & Co
101
Union Pacific, common...
11054
Un.Shoe Ma.,com.(par$25)
Preferred (par $25)
$28-34
U. S. Steel, preferred
10431
West End St., com.(par$50)
85
s.
Am.Te.&Tel.Conv.434s,'33 9234-93
Nov. 11.
820%-21
166-109%-110
112
78-78%
Nov. 10.
$20%
89%
100
Nov. 9,
819%-20
112
8834
s5;-$24%-24% $2431
--2134
234
24
•/631
11034
$iSW
Boston "Curb" Market.-The following are taken from
the transactions in the Boston "Curb" market and are all
sales that have been reported in these securities there since
October 14 the re-opening day:
Riker-Begman (par $5)-Oct. 27. 100 at $734; Nov. 11. 25 at $734 •
United C ar Stores (par $10)-Nov. 9. 100 at $83.4; Nov. 10, 2.085 at
SS%@8,A;; Nov. 11. 130 at $83.4; Nov. 12, 1,900 at $554@8%.
United Profit Sharing (par $1)-Oct. 14, 100 at $734; Oct. 15,
200rat
$734; Oct. 20.100 at 5734; Oct. 22,40 at $734; Oct. 31,200 at $8; Nov.
2.
50 at $834; Nov. 4. 175 at $834@834; Nov. 6. 100 at UN;Nov.
7.100
at $9; Nov. 9,300 at $1034@11: Nov. 10,65 at $1131@•1134; Nov.
11.
400 at $11%@11%;Nov. 12, 215 at $11%@11%•
THE CHRONICLE
1440
Harris, Winthrop & Co., Chicago, Ills., make the following
offerings (Nov. 11):
$20,000 Chesapeake & Ohio 5% notes, June 1919. at 96 and int.; $10,000
Denver Gas & Elec.6% coll. notes, April 1917, at 9834 and int.; $25,000
Sulzberger & Sons Co. deb. 6s, June 1916, at 100 and int.
The Cleveland "Leader" under date of Nov. 3 says:
Roster-Columbus 6% bonds yesterday,(Nov. 2) sold at 34, unchanged.
Cleveland & Sandusky 68 were advanced in the bid price a point above the
previous selling level to 58. Kelley Island Lime& Transport sold at 135,
unchanged. There were additional sales of Cleveland By. at 10134.
Also under date of Nov. 10 the following:
Strength of numerous issues and a diversity of activity characterized the
local market yesterday. The outstanding feature of the day's business was
the sale of 25 shares of Cleveland & Sandusky preferred at 30. an advance
over the previous selling level of 14 points.
Roster-Columbus common changed hands at
and the bid on StarkTuscarawas preferred was raised to 19, which compares with last week's
In the brewing bond division there was a further display
sale price of 934
of strength. }foster-Columbus 6s were 45 bid and 50 asked; Sandusky
6s, 62 bid, none offered; Huebner-Toledo 6s, 51 bid, 60 offered.
Cleveland Railway was the most active stock on the list, with sales at
10134 and 10134. Youngstown Sheet & Tube preferred sold at 110, a
price about on a parity with the previous market.
134,
San Francisco Stock and Bond Exchange Transactions.-The following are the sales reported from Oct. 31
to Nov. 7, both inclusive. Like records will be found in
previous issues.
Bonds.
Alaska Packers' Asso'n 6s-Oct. 31, $2,000 at 10334; Nov. 5, 83,000
at 103M •
California Gas & Electric 5s of 1937-Nov. 2. 81,000 at 90.
California Street Cable RR. 68 of 1915-$8,000 at 100; $5,000 at 100.
California Wine Ass'n deb. 65 of 1925-Nov. 5, $6,000 at 85.
California Wine Ass'n 5s of 1925-Nov. 6, 81,000 at 93.
Hawaiian Commercial & Sugar 68 of 1919-Oct.31,$5,000 at 100; Nov. 2,
$2,000 at 100; Nov. 6, $7.000 at 100.
Natomas Development Co. 68 of 1917-Nov. 4, $1,000 at 95.
Natomas Consolidated 6s of 1930-Oct. 31. $2,000 at 2534.
Pacific Telephone & Telegraph 68 of 1937-Nov.5. $5,000 at 9034; Nov. 7.
82,000 at 9034.
Palace Hotel 68 of 1928-Nov. 2, $1.000 at 100.
Sacramento Elec. Gas ac By. bs of 1927-Nov.6. $4,000 at 99.
Southern Pacific RR. ref. 4s of 1955-Nov. 2. $4,000 at 8334
Spring Valley Water 4s of 1923-Nov.2,$2,000 at 88; Nov.6.$2,000 at 88.
United RRs. of San Francisco 4s of 1927-Oct. 31. $1.000 at 4834; Nov. 2,
$3,000 at 4834.
Stocks.
Alaska Packers' Association (par $100)-Nov. 4. 50 at 77.
Associated Oil (par $100)-Nov. 6. 125 at 33.
California Wine Ass n common (par $100)-Nov. 4, 100 at 4234.
Ewa Plantation (par $20)-Nov.2,50 at 2034; Nov. 4. 100 at 2034.
Firemen's Fund Insurance Co. (par 3100)-Oct. 31, 10 at 22934.
Giant Consolidated Co.(par $50)-Nov.5,50 at $7734; Nov.6.25 at $77%•
Hawaiian Commercial & Sugar (par $25)-Nov. 5. 100 at $30.
Honolulu Oil-Oct. 31, 10.000 at
Onomea Sugar (par 820)-Nov. 7. 50 at $29.
Pacific Gas & Electric common (par $100)-Nov. 4, 100 at 3434; Nov. 5,
20 at 3434; Nov. 6, 10 at 3434
Pacific Gas & Electric first preferred (par $100)-Nov. 5. 10 at 8234.
Pacific Lighting Corp., common (par $100)-Nov. 6, 10 at 90.
$134.
Detroit Stock Exchange.-Following are official quotations of the Detroit Stock Exchange as of Nov. 10:
Consumers' Power 55, 1936_
Detroit Elec. By. 5s. 1916_ _
Detroit & Flint 55. 1921_ __ _
Det. Ft. W.& B. I. 55, 1928
Det.& L. St. Clair 58, 1920_
Det. M.& T.S. L.68, 1933_
Det. & N W.4548, 1921_ _ _
Det.& Pontiac Ry.5s, 1922Do 454s, 1926
Det.& Pt. H S. L.58. 1950_
Det By. 5s, 1924
Det. RR.& L.0.5g. 1920__
Det. Yrosi.& A. A.6s, 1917_
6,1924
Det. Y. A. A.& J. 5s, 1926_
Det. United 434s. 1932 _____
Det. Edison Co. 58, 1933_ __
Do debenture Gs, 1924_ _
Bonds.
Bid. Asked.
Bid. Asked.
East Mich. Edison 5s, 1931_ ____ 98
____ 95
____ 96% Det. Gas Co.cons. 58, 1918_ ____ 101
Det CityGas g.m• 58,'
__-_ 93
18'
28 95
Do prior lien 65. 1923.- 9834 9934
____ _____
Det.& Suburb Gas 55, 1928_ ____ 92
____ 90
notes
68,
1915..
98
100
Gen. Motors
___ 96
____ ____ Mich. State Tel Co. 58. 1924 ____ 9934
9654 10054 Mich. United Rya. 5s, 1936_ 79
Rapid By. Co. 1st 58, 1915_ _ __ ----Do 5s, 1916
91
92
9334 Tel. Fire a, Nor. 58, 1920_
Wyan & Det. River 55, 1918 ____ 100
____ 97
By-Products Coke Corpora98
97
9954
tion 68, 1930
Detroit Rock Salt 65, 1932_ _ 50
____ 87
____ 65
Michigan State Agricultural
Society 65, 1911-20______ -___ 101
9954
____ 105
Active Stocks.
Bid. Asked.
Bid. Asked.
[VOL. XCIX.
Stocks (coml.).
Bonds.
Bid. Asked.
Bid. Asked.
K. C. Elevated By,45, 22_ 72
Loose Wiles Bisc't, 1st pref_ 9754 100
80
Second preferred
Metropolitan St. 58, 1913__ 92
96
88
90
K. C. Breweries 6s, 1930._ 56
Lucky
Tiger
65
Mining ($10). 15434
434
K.C.Home Telep. 58, 23__ 86
Willys-Overland, corn
88
63
65
Preferred
85
86
People's Nat. Bank (Kansas
Stocks.
Emerson Brantingham, pf__ 45
City, Kan.)
50
106
110
J. S. Rippe', 756 Broad St., Newark, N. J., under date
of Nov. 7 quotes as follows:
Bonds.
Bonds (concl.)Bid.
Bid. Asked.
East Orange, N. B., 4s,
Public Serv. Corp. (cond.).
Dec. 1933
Newark Pass, Ry. Eis,
97
101
Elizabeth 45, July 1922
July 1930
96
Essex Co. 3.65s, Aug.'20 '25 94
N. J. Bud. Riv. RI. &
3.658, Aug. 1930-35
Ferry 48, Mar. 1950... 78
92
45, Aug. 1926
Nor. Hud. Co. By. 58,
97
101
48, Aug. 1938
July 1928
97
434s, May 1953
North Jersey St. Ry. 4$,
104
76
Hudson Co. 4548, Jan,
May 1948
1923-24-25
Orange & Pass. Val.5s,'38 92
100
450,April 1948
Riverside Tr. 55, J'ne '60_ 90
100
48, Nov. 1954
Trenton Pass Ry.6s,'31_108
96
48, May 1959
South Jer. G., E. 8, Tr.
96
Jersey City 450, Oct. 1961_103
96
55, Mar. 1953
4s, April 1932
96
-- Gas & Elec. of Bergen Co.
:
:
5s, Jan. 1922
97
58, 1949
104
Newark 354s, Jan. 1931-32_ 89
95
Gen. 58, Nov. 1954
354s, April 1945-55
NewarkCon.Gas 58,Dec.'48 101
88
45. Feb. 1922
Trenton Gas & El. 58,
97
45, May 1922
100
Mar. 1949
97
4s, May 1923
United Elec. Co. of N. J.,
97
Union Co. 4s, Oct. 1942
June 1949
76
97
Del. Lack.& WesternHacken'k Wat. 4s, July '52- 80
Morris & Essex ref. 3558.
Stocks (per ant per share)
Dec. 2000
Eliz. & Tren. P.R. (par $50) 30
82
92
Warren ref.354s,Aug.2000 80
Newark Con. Gas
80
Leh. Val. Term. 58, Oct.'41 105
N. B. L. II. & P
East.& Amb.58,May '20-100
Som. Hilton & Midd. Ltg... 68
United N. J. RR. & Can.
Crocker Wheeler Co., corn_ 60
Preferred
354s, 1951
86
Public Service Corp. tr. ctfs.100
Am. Nat. Bank (Newark)_ ____
102
Gen. 5s, Oct. 1959
86
87
Broad & Market Nat. Bank
(Newark)
Bergen Turnpike Co. 55,
July 1951
92
96
Second Nat. Bk. (Orange)_210
Amer. Ins. (par value S5)__525
Enz.& Tren. 5s, Apr.'62_ 90
J. C. H. & Pat. By. 45,
Firemen's Ins. Co. (par
480
77
value $50)
Nov. 1949
74
Newark Fire (par value $5)-270
Middlesex & Som. Tr. 5s,
94
Jan. 1950
N. J. Fire (par value 825)_ _ 100
Asked.
103
---103
78
---------98
100
98
102
103
78
84
ia--
85
72
--110
100
220
120--
Breadstuffs Figures brought from page 1469.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
-
Reed ta at-
Flour.
Wheal.
Corn.
Oats.
Barley.
Rye.
04.56 lbs
bbls.196I15. bush. 60 lbs. bush.56 Tbs. bush. 32515. bush.48I15.
86,001
852,000
209,000 4,222,000 1,693,000 3,252,000
Chtca go....,.
109,001
442,000
682,000
288,000
95,000
Milw lukee.
64,000
559,000 220 001
292,000
___ _____
3,926,000
Duluth
927.000 287,001
744,000
161,000
2,928,000
Minn ?spoils
4,000
75,000
37,000
121,000
Toted o
64,000
24,000
44,000
8,000
Detroit
1,000
32,000
81,000
40,000
Cleve and
19.000
14,001
120,000
643,000
87,000
90,000 1,044,000
St. Liouts__.
7,001
247,000
184,000
69,000
32,000
Petal i
36,000
87,000
204,000
2,342,000
Kanssis City
149,000
260,000
428,000
Oma a
428,000 15,222,000 2,838,000 6,481,000 2,941,000 723,001
Total wk.'14
Same wk.'13
384,000 7,998,000 2,003,000 4,713,000 2,807,000 414,001
Same wk.'12
430,903 14,008,535 2,423,495 7,966,281 4,034,909 645,781
Since Aug. 1
6,220.000 185,227,000 46,830,000 113,048,000 35,426,000 9,074,001
19 4
5,586,000 126,932,000 51,114,000 84,061,000 37,106,000 6,287,001
19 3
5 laa 1191 158 405.142 43.401.866 88,891,007 33,486,524 7,510,351
19 o
Total receipts of flour and grain at the seaboard ports for
the week ended Nov. 7 1914 follow:
Receipts atNew York
Boston
Philadelphia
Baltimore
Richmond
New Orleans*
Galveston
Mobile
Montreal
Wheat,
Flour,
bush,
bbls,
298,000 1,645,000
333,000
42,000
75,000
465,000
220,000
50,000
Corn,
bush,
226,000
15,000
46,000
Rye,
Oats, Barley,
bush.
bush.
bush,
718,000 279,000 154,000
84,000
1,000
389,000 40,000
1,552,000
72,000 402,000
Maxwell Motor(MO
67,000 1,055,000
18,000
37,000
1734
2d preferred
805,000
6
Mexican Crude Rubber____ ____
3,000
3,000
Mich.State Telephone, Pref. ---- 88
93,000 2,215,000
437,000
31,000
Michigan Sugar, common__
40
Preferred
68
308,000 3,217,000 422,000 557,000
Total week 1914 628,000 6,738,000
Miles-Detroit Theatre
834
Since Jan. 11914_20,007,000 206808,000 22,902,000 61,489,000 12486000 5592,000
Minnesota Sugar, common-----30
21,000
394,000 1,595,000 468,000
485,000 7,282,000
Week 1913
Preferred
52
Since Jan. 11913_19,247,000 173643,000 46,751,000 47,466,000 17709000 2789,000
National Grocer
60
6154
*Receipts do not include grain passing through New Orleans for foreign ports on
-.
:.
9134 through bills of lading.,
-.11,1! -'''
Preferred
S,..
89
tet - ----11 ,
36
Pacific Gas & Electric
34
The exports from the several seaboard ports for the week
Packard Motor
100 '
Preferred
8854
ending Nov. 7 are shown in the annexed statement:
Parke, Davis & Co
10854 110
Peas,
Oats,
Rye, Barley,
Core, Flour,
Wheat,
Reo Motor Car
21H 22%
bush.
bush.
bush,
bush,
bush.
bbls,
bush,
ExportsfromReo Motor Truck
10% 11 H
3,312
93,853
149,160
35,208
119,976
676,327
New
York
Scotten-Dillon
110
2,464
Boston
284,057
Trussed Con, Steel
25
32,000
Philadelphia _
495,000
Preferred
10
1,243,949 442,551 74,999
42,857
471,400
Baltimore
White Star Line
4934
2,000
506,000
2,000
2,000
Wolverine Portland Cement 3
34 New Orleans
1,642,000
1,000
Detroit Valve & Fittings__
634
734 Galveston
3,000
3,000
Mobile
Tower's Wayne Co. Cream_ 29
33
244,000
50,000
85,000
1,461,000
Montreal
Banks and Trust Companies.
3,312
83,065 210,440 1,424,802 591,711 318,999
Total week_ _ _ _ 5,535,784
Bid. Asked.
Bid. Asked.
1,504
125,658
5 202.351
42,976 329,422 200,226
Week 1913
Nat. Bank of Commerce_
161
.209
American State
Peninsular State
215
225
Central Savings
The destination of these exports for the week and since
People's
State
245
270
Savings
Detroit
July 1 1914 is as below:
United Savings
200
236
Dime Savings
Wayne County & Home__ _347
CornFlour
Wheat
First & Old Detroit Nat._ _17454
Since
355
Detroit
Trust
Since
Since
210
German-American
July 1
Week
253
July 1
Security Trust
Week
Week
July 1
225
Highland Park State
1914.
Noe.
7.
Trust
180
week
Nor.
7.
1914.
Union
Exports
for
and
1914.
Nev.
7.
115
Federal State
bush.
bush.
bush.
bush.
bbls.
German-Amer.Ln.& Trust_175
since Jvly Itobbls.
131
Merchants' National
45,490
United Kingdom-__ 85,420 1,985,069 2,753,357 57,361,177
Michigan Savings
78,065
1,120,603
96,011 1,371,797 2,777,427 57,819,503
Continent
771,063
2,000
5,000 2,307,327
12,009 610,981
So. & Cent. Amer
zEx-dividend.
661,383
3,000
18,133
3,000 584.787
reported since Nov. 4 to Nov. 10. inclusive: West Indies
The following sales were
4,618
__ _
31,310
-Commonwealth Pow. Brit. No. Am. Cols_
Stocks
100.
at
1933
of
Edison
55
13,950
Bonds-Detroit
25,510
122,445
Pref., at 7334; Detroit Edison Co. at 106:5. S. Other countries_ _ _ _ 14,000
Ry. & Light coin. at 5134;
and 10%; first
corn.. at
pref.. at 97; Maxwell Motors, Packard Motor Car pref. at 9134;
83,065 2,617,107
Kresge, pref.
210,440 4,706,389 5,535,784 117531.650
Total
Theatre at 9%;
42,976 1,569,856
329,422 4,286,075 5,202,351 83,219,493
pref. at
Total 1913
•
and
21
%
at
2174
Truck
Beo Motor
Acme White Lead .it Color
Works,common _______ ____ 14%
'
18
Preferred
---------42
Amer. Pub. Util
64
Preferred
310
Burroughs Add. Machine__
97
Chalmers' Motor
6334
Preferred
Commonwealth Ry., Power
51
53
& Light, corn
Preferred
7334 75
Det. & Cleve. Navigation__ 93
9436
Detroit Creamery
21
2134
Detroit Edison
10554 106
Detroit Iron & Steel _______ ____
85‘
Preferred
1054
General Motors., cora_ ___ 60
62
Preferred
81
82
Holland-St. Louis Sugar-- - --5
Iron Silver Mining
10234
89
S. S. Kresge
100
Preferred
Maxwell Motor
1234
4154
1st preferred
-1534
1034, 1034
41;
The world's shipments of wheat and corn for the week
date of Nov. 7
Recent changes in prices as reported under
Nov.7 1914 and since July 1 1913 and 1913 are shown
ending
Mo.,
City,
Kansas
Co.,
Investment
by the H. P. Wright
in the following:
are as follows:
THE CHRONICLE
Nov. 14 1914.1
Corn.
Wheat.
Exports.
-Week
Nov. 7.
Bushels.
North Amer.6,748,000
152,000
Russia
Danube _
Argentina _
72,000
512.000
Australia
616,000
India
0th. countr's 192.000
Total
1914.
1913.
1914.
Since
July I.
Since
July 1.
Week
Nov. 7.
1913.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
83,000 1,847,000
153,097,000 116,482,000
639,000
4,813.000 6,243,000
12,074.000 59,694,000
•
9,431,000 5,996,000
2,347.000 13,116,000
3,834,000 10.242,000 5,048,000 55,914,000 101,322,000
8,716,000 11,920,000
13.872,000 22,872,000
3,211,000, 3,474,000
8,292,000 197,151,000 237,800,000 5,131,000 72,005,000 114,200.000
a Available only in part since Aug. 1. *Not available since Aug. 1.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
Corn.
Total.
United
Kingdom. Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Nov. 7 1914_
28,320,000
20,715,000
Oct. 31 1914__
30,480,000
19,508,000
Nov. 8 1913._ 12,960,000 16,744,000 29,704,000 9,401,000 8,568,000 17,969,000
Nov. 9 1912_ 19.976,000 17,976,000 37,952,000 13,558,000 20,417,000 33.975,000
Auction Sales.-The first public auction sale of securities
in New York since July 29 was held on Wednesday of this
week by Messrs. Adrian H. Muller & Son. The following
stocks were sold:
Stocks.
Shares.
15 Phelps-Dodge Co
10 Manhattan Rubber Mfg. Co
800 United Verde Ext. Mining Co., 50 cents each
200 Montgomery, Shoshone Co., $5 each
3 Calumet & Arizona Mining Co., $10 each
135 Owl Commercial Co., preferred
1,500 The Palisade Printerie, $10 each
Per cent.
200
125
93c. per sh.
$3 lot
$55 per sh.
$9 per sh.
$6 lot
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department.
APPLICATION TO CONVERT APPROVED OCT. 30.
The First State Bank of Bagwell, Tex., into "The First National
Bank
of Bagwell." Capital, 527,500.
CHARTERS ISSUED TO NATIONAL BANKS OCT. 27.
10.651-The St. Matthews National Bank, St. Matthews, S. C.
Capital.
580.000. J. Skottowe Wannamaker,Pres.; C. R.James, Cashier.
(Conversion of the St. Matthews Savings Bank.)
10.652-The Laurens National Bank, Laurens, S. C. Capital,
$50,000.
0. B. Simmons, Pres.; II. K. Aiken, Cashier. (Conversion
of the
Bank of Laurens.)
VOLUNTARY LIQUIDATION.
4,953-The Old Second National Bank of Bay City, Mich., Oct. 29
1914.
Liquidating committee: John L. Stoddard and M. M. Andrews,
Bay City, Mich. Consolidated with the People's Commercial
& Savings Bank of Bay City.
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusire.
Railroads (Steam).
Atchison Topeka & Santa Fe, corn.(qu.). 1%
Dec. 1 Holders of rec. Oct. 30a
Boston & Albany (quar.)
2% Dec. 31 Holders of rec. Nov.30a
Canadian Pacific. com.(guar.) (No.
2% Jan. 2 Holders of rec. Dec. la
74)
Catatoissa, preferred
31.25 Nov. 19 Holders of rec. Nov. 11
Cleveland & Pittsburgh, reg. guar.
(qu.) 13( Dec. 1 Holders of rec. Nov. 10a
Special guaranteed (quar)
Dec. 1 Holders of rec. Nov. 10a
Cripple Creek Central, com. (go.) (No. 20) 1
1
Dee, 1 Holders of rec. Nov. 210
Preferred (guar.) (No. 36)
1
Dec. 1 Holders of rec. Nov. 210
Norfolk & Western, common (quar.)_..
134
Dec. 19 Holders of rec. Nov.306
Norfolk & Western, adj. pref. (quar.)
1
Nov.
19 Holders of rec. Oct. 316
North Pennsylvania (guar.)
2
Nov. 25 Nov. 13 to Nov.
Pennsylvania (quar.)
75c. Nov.30 Holders of rec. Nov.19
26
Phila. Germantown et Norristown (guar.)_
3154 Dec. 4 Holders of rec. Nov.20
Pittsburgh Bessemer et Lake Erie, pref
3
Dec. 1 Holders of rec. Nov. 14
Reading Company, 1st pre (quar.)
1
Dec. 10 Holders of rec. Nov. 24a
St. L. Rocky Mt.& Pao. Co.,com.(qu.).
34 Jan. 10 Holders of rec. Dec. 31
Southern Pacific Co. (guar.) (No. 33)
134 Jan. 2 Holders of rec. Nov. 30a
Southern RY” prof.(payable In div. etre.) 21
Holders of rec. Oct. 31
(1)
Union Pacific. com.(quar.)
2
Jan. 2 Holders of rec. Dec. la
Street and Electric Railways.
American Railways, com. (guar.)
624e. Dec. 15 Holders of rec. Nov. 30a
American Railways, preferred (guar.)._ _
1% Nov. 14 Holders of rec. Oct. 31a
Baton Rouge Eke. Co., pref. (No. 7)
3
Dec. 1 Holders of rec. Nov. 140
Elevated
Boston
Ry.(guar.)
13.4 Nov. 16 Holders of rec.
Brazilian Trac., Lt.& Pow.,Ltd.,(quar.) 154 Dec. 1 Holders of rec. Nov. 7
31
Cen. Ark.Ry.StLt.Corp..Pf.(qu.) (No. 7) 134 Dec. 1 Holders of rec. Oct.
Nov. 14a
Columbus Railway & Light
75c. Nov.20 Holders of rec. Nov. 6
Connecticut Ry.& Ltg., com.& pt.(qu.) 1
Nov. 14 Nov. 1 to Nov. 15
Detroit United Ry. (guar.)
134 Dec. 1 Holders of rec. Nov. 14a
Easton Consolidated Elec. Co.(monthly)
1-3k Nov.24 Holders of rec. June 26a
Havana Electric Ry., Light & Pow.,com. 2% Nov. 14 Oct. 25 to Nov. 14
Preferred
3
Nov. 14 Oct. 25 to Nov. 14
Illinois Traction,common (guar.)
Nov. 16 Holders of rec. Nov. 20
Norfolk Ry. & Light
3
Dec. 10 Holders of rec. Nov. 30a
Northern Texas Elec., com.(eu.) (No. 21).
134 Dec. 1 Holders of rec. Nov. 200
Pacific G.& El., original pf.(qu.)(No.35) 134 Nov.16 Holders of rec. Oct. 316
First preferred (quar.)(No. 1)
134 Nov. 16 Holders of rec. Oct. 31a
Tampa Electric Co. (quar.)
2% Nov. 16 Holders of rec. Nov. 4a
Miscellaneous.
Adams Express (guar.)
Dec. 1 Nov. 17 to
1
Nov.30
Amalgamated Copper (quar.)
3.4 Nov.30 Holders of rec. Oct. 246
3
American Cotton Oil, preferred
Dec. 1 Nov. 13 to Dec. 3
1
Nov. 14 Holders of rec. Nov. 2a
Amer. Dist. Teleg. of N. Y.(quar.)
Amer. Graphophone, pref. (qu.)(No 66) 13.4 Nov. 16 Nov. 2 to Nov. 15
American Radiator, common (guar.)
255 Dec. 31 Dec. 23 to Jan. 1
Preferred (quar.)
Nov. 16 Nov. 10 to Nov. 10
1
Dec. 15 Nov.28 to Dec. 6
Am.Smelt.& Ref com.(on.)(No.45)
Preferred (guar.)(No. 62)
15( Dec. 1 Nov. 14 to Nov.22
American Soda Fountain (guar.)
13.4 Nov. 16 Nov. 2 to
Nov 15
American Sugar, corn. de pref. (guar.)
Jan. 2 Holders circa. Dec. la
American Tobacco, common (quar.)
Dee. 1 Holders of rec. Nov. 146
Atlantic Refining
5
Dec. 15 Holders of rec. Nov.20
Bond & Mortgage Guarantee (quar.)
Nov. 14 Holders of rec. Nov. 7
4
1441
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Concluded).
Brit. Colum. Fish. & Pack., com.(No. 1)
Brit. Colum. Pack. Assn., coin. & pre/. 134 Nov 21d Nov. 10 to Nov. 20
334 Nov. 21 Nov. 10 to Nov.20
Buckeye Pipe Line (quar.)
$2 Dec. 15 Holders of rec. Nov. 24
Burns Brothers, common (quar.)
1;1 Nov. 16 Holders of roe. Nov. 2
Butterick Company (guar.)
3.1 Dec. 1 Holders of rec. Nov. 16a
Cambria Steel (quar.) (payable In
scrip)
1
Sig Nov. 14 Holders of rec. Oct. 3Ia
Canada Cement Ltd., pref.(qu.)(No. 19)
Nov. 16 Nov. 1 to Nov. 10
Canadian Converters' Ltd.(quar.)
1
Nov. 16 Holders of rec. Oct. 316
Caney River Gas (quar.)
Nov.20 Nov. 10 to Nov.22
Cent. States El. Corp.,com.(qu.)(No.4) 2
Nov. 19 Nov. 12 to Nov.19
d Cleve.& Sandusky Brewing, pref. (qu.)
Dec. 15
Consolidated Gas (quar.)
134 Dec. 15 Holders of rec. Nov. 12a
Cumberland Pipe Line
5
Dee. 15 Holders of rec. Nov.30
Crescent Pipe Line (guar.)
75e. Dec. 15 Holders of rec. Nov. 25
Diamond Match (quar.)
134 Dec. 15 Holders of rec. Nov.306
Dominion Bridge (quar.)
134 Nov. 16 Holders of rec. Oct. 31
Dominion Textile, com. (guar.)
134 Jan. 2 Holders of rec. Dec. 15
Elk Horn Fuel, preferred
1 1% Nov. 15 Holders of rec. Nov. 1
General Asphalt, pref. (guar.)(N°. 30)
13( Dec. 1 Holders of rec. Nov. 140
General Chemical, common (Otter.)
134 Dec. 1 Holders of rec. Nov. 190
Goodrich (B. F.) Co., pref. (quar.)
13( Jan. 1 Holders of rec. Dec. 2Ia
Hackensack water, com,and preferred
3
Dec. 1 Nov. 15 to Dec. 9
Her cules Powder, preferred (quar.)
Homestake Mining (monthly)(No.480). 134 Nov. 15 Nov. 6 to Nov. 15
65e.
Nov.25 Holders of rec. Nov.206
Ilium.& Pow.Sec. Corp.,Pf.(QU.)(No.9)
Independent Brewing, preferred (quar.). 1% Nov. 16 Holders of rec. Oct. 31
13( Nov.20 Nov.21 to Nov.29
Indiana Pipe Line(quar.)
$2.50 Nov.14 Holders of rec. Oct. 17
Inland Steel (quar.)
Dec. 1 Holders of rec. Nov. 10
Int. Harvester of N.J.. PI..(qu.)(No.31) 1
134 Dec. 1 Holders of rec. Nov. 106
Int. Harvester Corp., 1/9.(qu.)(No. 7)_
1% Dec. 1 Holders of rec. Nov. 106
International Nickel. common (quar.)
2% Dec. I Nov. 15 to Dec. 1
Int. Smokeless Pow.& Chem., pre/
4
Nov. 16 Holders of rec. Nov. 5a
Iran Steamboat (annual) (NO. 3)
Holders of rec. Oct. 31
Jumbo Extension Mining
Sc. Dec. 15 Holders of rec. Nov.20
Kings County El. Lt.& P.(qu.)
(No.
2
Dec. 1 Holders of rec. Nov. 206
Lackawanna Steel, preferred (quar )__59)
__
134 Dec. 1 Holders of rec. Nov.30
Lehigh Coal & Nay.(quar.)(No. 144)_
Nov.30 Holders of rec. Oct. 310
Liggett & Myers Tobacco, com. (quar.)_ $1
3
Dec. 1 Holders of rec. Nov. 16a
Lindsay Light Co., preferred (quar.)_
13( Nov.30 Holders of rec. Nov. 16
Massachusetts Gas Companies. preferred
Dec. 1 Nov. 15 to Nov.30
May Department Stores, common (quar.) 2
1% Dec. 1 Holders of rec. Nov.206
McCall Corporation, common (quar.) _
1
Nov.16 Holders of rec. Nov. 26
Middle West Utilities, pref. (guar.)
1% Dee. 1 Holders of rec. Nov.14
Mobile Electric Co., pref. (quar.)
1% Nov. 16 Holders of rec. Oct. 31
Moline Plow, 151 pref. (guar.)
Montreal Lt., Ht.& Pow.(qu.)(No. 54) 134 Dec. 1 Holders of rec. Nov. 17a
234 Nov. 16 Holders of rec. Oct. 81a
National Biscuit, corn. letu.)(No.66)
13( Jan. 15 Holders of rec. Dec. 286
Preferred (guar.) (No. 67)
134 Nov. 30 Holders of rec. Nov. 16a
National Carbon preferred (guar.)
134 Nov. 14 Nov. 2 to Nov. 15
Nat. Cloak et Suit, pref. (guar.)
134 Dec. 1 Holders of rec. Nov. 20a
National Lead, prof. (quar.)
134 Dec. 15 Nov. 21 to Nov.24
National Refining, com. (quar.)
1% Nov. 15 Holders of rec. Nov. 1
Niles-Bement-Pond, preferred (quer.)._ _
1% Nov. 16 Nov. 8 to Nov.16
North American Co. (quar.) (No.
1% Jan. 2 Holders of rec. Dec. 15
Ohio Cities Gas, common (quar.) 43)-1% Dec. 1 Holders of rec. Nov. 14
penman% Ltd.,common (otter.)
1
Nov. 16 Holders of rec. Nov. 5a
People's Gas Light & Coke (quar.)
2
Nov.25 Holders of rec. Nov. 26
Philadelphia Electric (quar.)
3934c
Dec.
15 Holders of rec. Nov. 20
Pittsburgh Brewing,common (quer.)._ _ _
54 Nov.30 Holders of rec. Nov.20
Preferred (quar.)
15( Nov.30 Holders of rec. Nov.20
Pittsb. Term. Wareh.& Transf. (mthly.) 2134c
Nov. 14 Holders of rec. Nov. 7
Porto Rican Amer. Tobacco (guar.)
5° Dec. 3 Nov. 15 to Dec. 3
Pratt & Whitney, preferred (quar.)
131
Nov.
16 Nov. 8 to Nov. 16
Pressed Steel Car, corn. (qu.)(No. 23)
34 Dec. 143 Nov.26 to Dec. 15
Preferred (guar.)(No. 63)
131 Nov. 25 Nov. 5 to Nov.24
Procter & Gamble,common (quar.)
4
Nov. 14 Holders of rec. Oct. 31a
Pullman Company (quar.)(No. 191)_
2
Nov. 16 Holders of rec. Oct. 31
Quaker Oats, preferred (quar.)
134 Nov. 30 Holders of rec. Nov. 26
Riker & IIegeman Stock, Corp for
be
Nov. 16 Holders of rec. Oct. 31
Sears, Roebuck & Co.,common (quar.)_
134 Nov. 16 Holders of rec. Oct. 81a
Silversmiths Co.(guar.)
Nov. 16 Holders of rec. Nov. 9a
Southern Cal. Edison, corn.(on.)(No.19) 1% Nov. 15 Holders of rec.
Oct. 31
Southern Pipe Line (quar.)
6
Dec. 1 Holders of rec. Nov. 16a
Standard Oil (California) (guar.)
234 Dec. 15 Holders of rec. Nov. 23
Standard 011 (Indiana) (quar.)
3
Nov.30 Nov. 10 to Nov.30
Extra
3
Nov.30 Nov. 10 to
Nov.30
Standard Oil of New York (guar.)
2
Dec. 15 Holders of rec. Nov.27
Studebaker Corporation, preferred (qu.)_
13( Dec. 1 Holders of rec. Nov.20
Union American Cigar, pref. (quar.)
134 Nov. 15 Nov. 1 to Nov. 15
United Cigar Mfrs.. preferred (quar.)--13( Dec. 1 Holders of rec. Nov. 240
Unitedag.Storesof Am.,com.(qu.)(N0.8) 134 Nov. 16 Nov. 3 to Nov. 16
United Cigar Stores of Am., pf.(gu.)(No.9) 13( Dec. 15 Dec. 1 to Dec. 15
U. S. Gypsum. Prel• (quar.)
134 Dec. 24 Holders of rec. Dec. 15
U. S. Steel Corp., com. (quar.)
34 Dee. 30 Dec. 2 to Dec. 10
Preferred (quar.)
1% Nov. 28 Nov. 3 to Nov. 16
Virginia-Caro.Chem.. pt.(qu.)(No.76-) 2
Nov. 15 Holders of rec. Sept. 306
Waltham Watch, preferred
3
Dec. 1 Holders of rec. Nov. 10
Warwick Iron & Steel
334 Nov 14 Nov. 1 to Nov.15
White(J.G.)Engineering, pf.(qu.)(No.7) 13( Dec. 1 Holders of rec. Nov.16
White(J.G.)M anagement.1/1.(MO (No.7) 13( Dec. I Holders of rec. Nov. 18
Wisconsin Edison (guar.)
$1.75 Dec. 1 Holders of rec. Nov. 14
Woolworth (F. W.),com.(quar.)(No.10) 13.4 Dec. 1 Holders of rec. Nov. 106
a Transfer books not clotied for this dividend. b Less British Income tax. d Correction, e Payable In stock. !Payable In common stock. gPayahle In scrip.
It On account of accumulated dividends. I Payable In dividend certificates maturing Nov. 1 1919 and bearing interest from Nov. 1 1914 at rate of 4% per annum.
payable semi-annually, said certificates to be mailed on Dec. 10
It Payable on
par value of $50. I Declared 254%, payable 154% Nov. 15 1914 and 131% Jan, 15
1915 to holders of record Nov. 1.
Canadian Bank Clearings.-The clearings for the week
ending Nov. 7 at Canadian cities, in comparison with the
same week of 1913, shows a decrease in the aggregate of
24.9%.
Week ending November 7.
Clearings at1914.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Calgary
Halifax
Hamilton
Victoria
St. John
Edmonton
London
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Total Canada
1913.
Inc.or
Dec.
$
$
%
50,861,681 60.945,779 -16.5
37,487,040 50,144,806 -25.2
39,481,623 53,773,358 -26.6
7,217,215 12,905,682 -44.1
4,413,593 5,277,490 -16.6
3,816,150 3,698,479
+3.2
4,233,676 6,303,423 -32.8
2,108,034 2,290,604 -7.9
2,940,000 3,808,359 -22.8
2,721,558 3,738.797 -27.2
1,681,445 1,911,624 -12.0
2,458.172 5,410.801 -54.6
1,877,693 1,918,842 -2.1
2,384,034 3,586,877 -33.5
912,955 1,082,825 -15.7
397,076
901,521 -55.8
1,291,552 2,546,563 -04.3
1,112,08,5 1,667,615 -32.7
412,305
841,213 -51.0
753,325 1,209,735 -37.7
335,841
549,841 -39.0
300,506
662,996 -54.7
431,523 Notincl. In total
IRO 107 SRO
99g lin 0111
1912.
$
65,311,652
48,099,162
47,574,725
15,303,308
4,516,754
3,698.643
7,222,718
2,484,685
4,001,866
4,703,155
2,018,820
5,995,548
2,089,647
3,620,602
1,198,531
837,444
3,369,744
1,884.081
685,253
1,040,984
1911.
,
1
$ 8
62,602,050
43,048,624
37.824,522
13,298,334
5,110,098
3,592,016
5,873,246
2,190,112
2,716,196
3,389,369
1,843,275
3,332,522
1,555,645
2,380.958
1,004,906
813,990
2,197,036
1,328,666
617,750
476,980
_es n nos
...•11Mr
[VoL. xc
THE CHRONICLE
1442
For definitions and rules under which the various items
Statement of New York City Clearing-House Banks
"Chronicle," V. 98, p. 1661
and Trust Companies.-The New York Clearing House are made up, see
STATE BANKS AND TRUST COMPANIES.
statedetailed
its
issuing
present
the
for
discontinued
has
ment showing the weekly averages of condition of the sepTrust CO,.
Stale Banks
Stale Banks
Trust Cos.
in
outside of
in
Week ended Nov. 7.
outside of
arate banks and trust companies, both the member and the
N. F. Greater N. Y. Greater N. Y.
Greater
F.
N.
Greater
"non-member" institutions. The reserve items "Cash re324.550,000 367.300.000 $10,758,000 311,300.000
serve in vault" and "Trust companies' reserve with C. H. Capital as of Sept. 12____
members carrying 25% cash reserve" are separately stated Surplus as of Sept. 12_ ___ 39,119,300 151,148,900 13,894,100 11,702,800
and investments_ _ 319,614,700 1,099,950,200 132,938,100 192.382.700
as to banks and trust companies in the summarized state- Loans
-258,100
+308,500
Change from last week_ -1.017,800 -2,590,900
ment furnished by the Clearing House; but with these ex49,863,600
83,379,900
ceptions the figures are for banks and trust companies to- Gold
+105,100 +2,964,300
Change from last week_
gether and are not apportioned between the two classes of Currency and bank notes 39.393,800 26,400,100
usual
the
in
statement
the
+1,997,300
-845,000
Change from last week_
Institutions. The publication of
form, it is stated, will not be resumed until all outstanding Deposits
415.939,500 1,205,680,700 138,750,500 197,983,600
+547,700 +1,658,500
Change from last week_ +11,476,900 +11,983,900
Clearing-House loan certificates are retired. The last
25,381,300
106,789,600 249,399,100
23,435,200
on deposits
oomplete statement issued, that for August 1 1914, will be Reserve
+911,100
+3,747,400 +7,401,800
--192,200
Change from last week_
found in the "Chronicle" of August 8 on page 398.
26.2%1
18.9%
15.3%
I'. C. reserve to deposits20.5%
Clearing
the
by
out
given
as
figures
We show below the
25.6%
14.8%
28.5%
18.9%
Percentage last week
House and also print the totals reported by the State Bank+ Increase over last week. - Decrease from last week.
ing Department for the State banks and trust companies
Boston and Philadelphia Banks.-Below is a summary
addition
In
In Greater New York not in the Clearing House.
totals of the Clearing-House banks of Boston
we combine, as has been our custom, each corresponding item of the weekly
Philadelphia:
the
for
and
aggregate
an
affording
thus
In the two statements,
lye omit two ciphers (00) in all these figures.
whole of the banks and trust companies in Greater New
Capital
York.
Specie. Legato. Deposits.
Loans.
Circu- Clearings,
and
Banks.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended Nos. 7.
Clear -House Clear.-House Slate Banks & Total of aU
Trust Co,. not Banks & Tr.
Members
Members
in C.-H.. As. Cos., Aver.
Average.
Actual Figs.
Capital as of Sept. 12____
175,300,000
29.150,000
201,450,000
Surplus es of Sept. 12...,.,
300,288,000
67,911,200
368.199.200
Loans and Investments__
Change from last week
2,144,702.000
-12,549,000
560,360,300 2,705,062,300
-469,300 -13,018,300
Deposits
Change from last week
1,923,047,000
+3,364,000
a555,179,500 2,478,226,500
+2,381,000 +5,745.000
Specie
Change from last week
344,205,000
-848,000
842,000,200
+1,052,700
386,205,200
+204,700
ACTUAL
Legal-tenders
Change from last week FIGURES
NOT
GIVEN.
Banks: Cash In vault
Ratio to deposits
105,833,000
+2,536,000
c13,020,600
-938.000
118.853,600
+1,598,000
382,487,000
Not given
12,913,900
13.65%
395,400,900
Trust Cos.: cash in vault..
67,551,000
42,106,900
109.657,900
Aggrte money holdings._
Change from last week
450,038,000
+1,688,000
55.020.800
+114,700
505,058,800
+1,802,700
Money on deposit with
other bks. & trust cos_
Change from last week
59,821,000
+1,433.000
87.776,400
+3.675,300
147,597,400
+5,108,300
Total reeerve
Change from last week
509,859,000
+3,121,000
142,797,200
+3,790,000
652,656,200
+6,911,000
Surplus CASH reserveBanks (above 25%L...Trust cos.(above 1570/
Not given
Not given
Total
Change from last week
15,914,550
+999,600
% of cash reserves of erns t("Meath In vault
Cash on dep. with bks_
Total
a
Surplus.
Boston.
Sept. 19_
Sept. 26_
Oct. 3_
Oct. 10_
Oct. 17_
Oct. 24_
Oct. 31.
Nov. 7_
Phila.
Sept. 19_
Sept. 26_
Oct. 3_
Oct. 10_
Oct. 17_
Oct. 24_
Oct. 31_
Nov. 7_
$
ment issu
ment Issu
ment issu
ment issu
ment issu
ment issu
ment issu
ment issu
103,684,3
103,684,3
103.684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
402,276,0
401,256,0
401.699,0
401,912,0
400,840,0
399,731,0
397,346.0
395,705,0
Not given
27.31%
118,484,6
102,639,7
130,921,8
124,433,2
134.223,1
144,652,1
123,014,8
168,268.1
89,669,0
90,426,0
94,029,0
90,049.0
92.549,0
92,023.0
93.423,0
96,430,0
*428,773,0
*425,477,0
*434,394.0
*428,208,0
*435.866,0
*429,604.0
*424,779,0
*432,391,0
15,018.0
15,358,0
15.504,0
15.683,0
15,902.0
15,985,0
16.178,0
16,233,0
135,785,7
124,965,4
154,615,9
143,371,3
140,830,3
146,031,8
126,758.2
148,524,4
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Nov. 7; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For Week.
Dry Goods
General Merchandise
Total 45 weeks
9.75%
17.56%
$
ed.
ed.
ed.
ed.
ed.
ed.
ed.
ed.
a Includes Government depos ts and the item "( us to other banks."
Rouse," which
•"Deposits" now Include the Item "Exchanges for Clearing
were reported on November 7 as $15,677,000.
To al
Since January 1.
Dry Goods
General Merchandise
Not given
Not given
lation.
$
8
No state
No state
No state
No state
No state
No state
No state
No state
1913.
1914.
83,016.136
12,992,426
1912.
$3,189,332
12.936,473
1911.
$3,092,681
15,246,588
$2,364,878
14,049,600
$16,008,562 316,125,805 318,339,269 $16,414,478
$149,306,689 $134,644,458 $130,157,045 $121,710,063
697,710,003 711,456,068 748,015,488 636,102,009
$847,016,692 5846,100,526 $878,172,533 $757,812,072
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Nov. 7 and from Jan. 1 to date:
+ Increase over last week. - Decrease from last week.
a These are the deposits after elimina Mg the item "Due from reserve depositaries
and from other banks and trust companies In New York City and exchanges"; with
this item included, deposits amounted to $640,327,000, an increase of 85,554,600
over last week. In the ease of the Clearing-House members, the deposits are
"legal net deposits" both for the average and the actual figures. b Gold. c Currency and bank notes.
CIRCULATION.-Circulation of national banks Nov.7reported at $130,260,000;
Oct. 31, $142,364,000; Oct. 24, $145,442,000; Oct. 17, $146,227,000; Oct. 10, $144,139,000; Oct. 3, 8138,801,000; Sept. 26, 8137,261,000; Sept. 19, 3129,716,000;
Sept. 12, 3124,516,000; Sept. 5, $114,362,000; Aug. 29, $103,157,000.
EXPORTS FROM NEW YORK.
1911.
1912.
1913.
1914.
For the week
Previously reported
317,980.211 815,585,130 $16,513,570 314,756.205
731,221,330 739,978,005 703,250,655 654,988,993
Total 45 weeks
$749,201,541 $755,563,135 $719,794,225 $669,745,198
The following table shows the exports and imports o
Nov. 7
The averages of the New York City Clearing-House banks specie at the port of New York for the week ending
periods in
and trust companies, combined with those for the State banks and since Jan. 1 1914, and for the corresponding
and trust companies in Greater New York City outside of the 1913 and 1912:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Clearing House,compare as follows for a series of weeks past:
Exports.
COMBINED RESULTS OF RANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Loans and
Week Ended.- Inrestmenis
$
Sept. 5-- 2.706,988.9
Sept. 12__ 2,735,541,5
Sept. 19..... 2,819,169,5
Sept. 26____ 2,812,345,1
3-___ 2,771,674,2
Oct.
Oct. 10____ 2,739,404,1
Oct. 17____ 2,734,094,1
Oct. 24.._ _ 2,721,140,7
Oct. 31_ _ _ _ 2.718,080,6
2.705.062.3
7
ss.Tnv
Deposits.
8
2.461.728.7
2,485,101,8
2,564.916,9
2,559,999,7
2,529,836,4
2,493,189,0
2,489,016,7
2,477,065,3
2,472,481.5
2.478.226,5
Specie
Legal,.
/
/
357,901.2 87,221.7
362,385,3 89,770.9
361,945.1 101,720.0
366,920,0 103.382,5
370,589.6 109,136,3
373.550.4 110,535,9
376.766.8 12,473,2
380,955,5 115,807,6
386,000.5 117,255,6
386,205.21118,853,6
TotMoney Entire Res
Holdings onDe posit
/
445.122,9
452,156,2
463,665.1
470,302,5
479,725.9
484,086,3
489,240,0
496,763,1
503,256,1
505,058,8
s
568,786,1
574,424.9
589,099,4
600,095,6
615,245.6
621,245,6
624,377,1
633,562,2
645,745,2
652,656,2
Gold,
Week.
$
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since Jan.1
$37,971,960
85,540,015
1,018,913
937,201
1,106,014
1,248.042
355.300
Imports
Week.
$3,145
400,160
80,225
30,430
Sin-e Jan. I
317,366
124,195
3,602
1,668,086
1,397,798
3,233.889
1,631,291
128,177,445
$50,000 68,863,646
110,000 33,210,381
$513,960 88,076,227
276,475 20,117,261
209,987 26,253,260
$703,419 $30,573,443
3,204,408
$9,305
13,226
18,413
62,693
4,754,978
2,468,745
1,284,696
403,100
91,346 3296,091
We add herewith the weekly returns furnished by the State
1,499,8118
32,591
companies
trust
6,882
and
1,640,169
banks
330,000
State
the
of
Banking Department
institutions
the
all
$1,033,419 $37,412,334 $335,564 $8,612,056
under its charge. These returns cover
Total 1914
94,278 9,048,709
937,663 42,747,417
are compiled
Total 1913
249,460 8,427,305
813,011 49,464,622
of this class in the whole State, but the figures
Total 1912
City
York
New
so as to distinguish between the results for
as
Of the above imports for the week in 1914, $400,160 were
(Greater New York) and those for the rest of the State,
gold coin and $- American silver coin.
American
per the following:
Nov.141914.1THE
CHRONICLE
fankers'
Wall Street, Friday Night, Nov. 13 1914.
The Money Market and Financial Situation.-Apparently more recovery has been made this week than during
any other week since Aug. 1 from the demoralized condition
into which the financial relations of this country and Europe
were thrown at that time.
The so-called "Curb Market" has been opened and is doing
an increasing and practically unrestricted business in unlisted
securities. Prices are advancing and in several cases are
substantially above the closing quotations of July 30. The
"official" opening will occur next Monday. The first auction sale of securities since the beginning of the war has also
taken place this week. It is well known that for several
weeks past the bond market has been steadily increasing in
activity, while some of the restrictions at first imposed have
been removed.
All this suggests that a renewal of trading at the Stock
Exchange may now be a much easier matter than it would
have been at an earlier date, and it is perhaps significant
that at the Investment Bankers' Association convention in
session at Philadelphia yesterday the matter of organizing
a syndicate for that purpose was discussed. The exports
of cereals continue large and shipments of cotton are becoming a factor in the cotton situation. Arrangements have
. been made, moreover, for opening the cotton exchanges here
and at New Orleans on Monday next for unrestricted trading.
There is little change in the money market except increasing ease. In banking circles interest has centred largely in
the proposed change from the old national to the new Federal Reserve system on Monday next. Foreign exchange
has declined to about the average level at this season. In
connection with the latter, the syndicate formed some weeks
ago to protect the New York City bond issue, announced that
no gold need be paid over in connection with the latest call,
exchange having been acquired below the gold point.
Reports from the industrial field are far less favorable.
The United States Steel Co.'s monthly statement shows a
decrease of 326,000 tons in unfilled orders and the number of
idle freight cars increased 18,000 during the last half of
October. The latter now totals 170,000, as against a short,
age usual at this time of year. On the other hand, there is
among iron and steel producers a feeling of expectancy that
orders will soon increase, and New England shoe manufacturers report new large contracts for army goods to be shipped
to Europe.
In the following table the totals for all the Clearing-House
members, both banks and trust companies, are compared
with corresponding dates in 1913 and 1912.
1443
azette.
Commercial paper closed at 53/2@6% for sixty to ninetyday endorsements and prime four to six months' single
names. Good single names 6%®7%.
The Bank of England weekly statement on Thursday
showed a decrease of £193,190 in gold coin and bullion
holdings, and the percentage of reserve to liabilities was
33.35, against 33.42 the week before. The rate of discount
remains unchanged at 5%, as fixed Aug. 13. The Bank of
France issued no statement.
Foreign Exchange.-The market for sterling exchange
this week suffered a severe break. Rates touched the lowest
levels that have been current since the war strain began.
To-day's (Friday's) actual rates for sterling exchange were 4 85@4
8534
for sixty days, 4 8734@4 88 for cheques and 4 87h(gv4
8834 for cables.
Commercial on banks norninal.and documents for payment
nominal. Cotton for payment nominal and grain for payment nominal.
There were no rates for sterling posted by prominent bankers
To-day's (Friday's) actual rates for Paris bankers' francs werethis week.
Germany bankers marks were nominal. Amsterdam bankers'nominal.
guilders
were nominal.
Exchange at Paris on London, not quotable.
Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows
Sterling ActualSixty Days.ChegueS.
Cables.491
High
h
-_ _
Low for the week__ _
485
48
96
04
4 87 h
Paris Bankers' FrancsHigh for the week_
5 11
Low for the week_
616
5 15
N
Germany Bankers' MarksHigh for the week_
8834
8834
Low for the week_
86
8634
Amsterdam Bankers' GuildersHigh for the week_
4034
4134
Low for the week__ _1S.V;
4034
4034
Domestic Exchange.-Chicago.45c. per $1,000 discount. Boston, par.
St. Louis, 10c. per $1,000 discount bid and 15c. discount asked. San Francisco, 50c. per $1,000 premium. Montreal, 3131c. per 51.000 premium.
Minneapolis, Sc. per $1,000 premium. Cincinnati, par bid.
Outside Market.-While the "curb" market will not open
"officially" until Monday next, trading was begun there on
Thursday of this week. This was brought about by the
lifting of the ban on trading in unlisted stocks and the sane,
4oning of publicity as regards quotations and sales. Considei:able enthusiasm was evinced at the resumption of
trading and a generally optimistic feeling prevailed. In the
two days of trading prices have shown an upward movement
and the close to-day was steady. Standard Oil shares led
the list, and trading to-day was marked by sharp advances.
Anglo-Amer. Oil sold up from 14 to 1534. Atlantic Refining,
which announced a first dividend of $5, jumped from 455
to 510 and finished to-day at 505. Prairie Oil & Gas was
conspicuous for a gain of some 38 points to 383 and closed
NEW YORK CLEARING-HOUSE BANKS AND TRUST
COMPANIES.
to-day at 378. South Penn Oil went up from 236 to 255
and down to 252 finally. Standard Oil (California) rose
1914.
1913.
1912.
Averages for
about 22 points to 292 and closed at 288. Standard Oil
Differences
Averages for Averages for
week ending
from
week ending week ending
(Indiana) ranged up from 438 to 472 and ended to-day at
Nov. 7.
previous week.
Nov. 8.
Nov. 9.
470. Standard Oil of N. J. advanced some 10 points to 370
$
$
$
and sold finally at 369. Standard Oil of N. Y. appreciated
s
Capital (Se M. 12)
175,300 000
179,900,000 178,900,000
points to 191 and finished to-day at 189. Union Tank
Surplus(Se It. 12)
300,288,000
307,341,600 296,139,600 13
Loans and Investments 2,144,702.000 Dec. 2,549,000 1,909,300,000
1,910,027.000 Line gained about 8 points to 82 and closed to-day at 81.
Circulation
130,260,000 Dec. 12,104,000
44,766,000
46,555,000
Deposits_
1,923.047.000 Inc. 3,364,000 1,738,333,000 1,724.353,000 Vacuum Oil sold up from 170 to 184 and down to 183. In
Specie
344,205,000 Dec. 848,000 322,996,000 313,093,000 industrial properties United Cigar Stores, new stock (par
Legal-tend 11
105,833,000 Inc. 2.530,000
76,244,000
79,488,000 value $10) fluctuated between 834 and
834 and finished at
Cash rese D held
450,038,000 Inc. 1,688,000 399,240,000 392,581.000 8%. The old pref. sold up from 8334 to 89. Riker-HegeCash reserv 'required
434,123,450 Inc.
688,400 392,089,250 388,640,450 man was active between 7% and 74. United Profit-Sharing
Surplus_
15,914,550 Inc.
999,600
7,150,7.50
3.940.550 was also prominent, advancing from 1134 to 1234, but
at 1134.
The open market rate for call loans on the Stock Exchange closed
and asked prices for Standard Oil shares will be found
on:stook and bond collaterals has ranged from 434 to 6%. onBid
page 1439.
Owing to the fact that the New York Stock Exchange has
remained closed since the afternoon of July 30, that business
is
also suspended at the Stock Exchanges at Boston, Philadelphia,
Baltimore, Pittsburgh, Chicago, and nearly everywhere else in the
United States, and that security dealings are carried on in only a
very limited way, even the customary auction sales of securities
at New York, Boston and Philadelphia having been discontinued
for the time being, we are compelled to omit the 10 pages of stock
and bond prices ordinarily appearing in this department.
(In the Nov.7 IMMO of our"Bank and Quotation Sactioo" will be found the July 30 prices of every stock anti bond quoted on the New York
Stock Exchange.)
THE CHRONICLE
1444
VOL. xcix.
inuestment and Itiattroad intelloence.
••••••••••*•.*....•••••••*•••••••....••••
RAILROAD GROSS EARNINGS.
from which regular weekly or monthly returns
The following table shows the gross earnings of every STEAM railroad for
the latest week or month, and the last two
earnings
the
gross
give
of
figures
columns
two
first
he
'1
obtained.
oan be
or month. We add a supplementary
week
the
including
latest
and
to
1
July
period
from
the
for
earnings
the
columns
with July, but covers some other
begin
those
roads
whose
of
totals
not
year
does
fiscal
year
fiscal
the
show
to
statement
page.
subsequent
a
on
separately
together
are
brought
railways
electric
the
of
returns
The
period.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Latest (gross Earnings.
July 1 to Latest Date.
Current
Year.
Previous
Year.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date,
Current
Year.
Previous
Year.
$
$
$
$
$
$
$
$
Ala N 0 & Tex Pac491.987
544.875
149,630 180,160
1,399,373 N0 Mobile & Chic_ September
N 0 & Nor East_ October--- 287.705 354.122 1,230,117
18.164,962
7.314,921
6,152.740
5,802.378
NY
H
N
September
&
Hartf_
632,842
550.896
Ala & Vicksburg_ October--- 140,403 175.740
607,306 NY Ont ,ic West___ September 821,968 850.320 2.815.260 2.855.294
527.704
161.233
Vicks Shr & Pac- October___ 127,677
958.489
928.706
324,002 331,003
837.700 NY Susq & West._ September
858,185
72,920
71,755
4th wk Oct
Ann Arbor
997.174
307.212 317.317 1,001.942
Norfolk Southern__ September
28,651.708
September 10639292 9,740.766 30.415.024
Atch Top & San Fe_ September
Norfolk 8z Western.. September 4,096,891 4.076,342 11.831.020 11.882,527
803,911
287.092
209,494
713.900
Atl
&
Atlanta Birm
19.850,278
18,601,841
7,355.824
September
__
6,733.845
Pacific_
Northern
7.431.274
2,186,558
6,938.463
2.642,406
Atlantic Coast Line September
369.457 362.795 1.202.701 1.205,239
466.010 Northwestern Pac_ September
425.234
136.150 164.313
Chariest & W Car September
649.792 710,645 1.239.262 1,439,238
September_
230,411 Pacific Coast Co__ August_
255.545
130,836 120.973
Lou fiend & St L August _-- 8.782.332
18159471 49,838.197 52.802.933
16768404
RR__
sPennsylvania
28.043,933
9,382,046 25,629.396
440,387
p Baltimore & Ohio- September
473,518
131,994 136,672
Balt Ohm & Ati— September
474,818
437,443
151.412 156,658
It& 0 oh Ter RR September
795,731
903,506
272,995 316.637
September
Vail.
Cumberland
765,572
322,658
763.642
288,452
September
Bangor & Aroostook
4.177.153
4,325.012
1,192.415
1,299.929
September
Long
Island
3,141,353
Bessemer & L Erie.. September 1,179.904 1,010.818 3.448,975
331,379
97,873
97,700
331,658
Maryl'd Del & Va September
336.856
252.221
77.525 106.232
Birmingham South_ September
300,960 312,557 1.106.702 1.081,842
N Y Phlla & Norf September
13.397.847
Boston & Maine._ _ September 4.277.688 4,400.562 12.884.675
5,510,685
5,570,034
1.846.669
1.812.969
September
Wash
&
PhilaBalt
Duff Hoch & Pitts_ 1st wk Nov 170,049 230.894 3,880,164 4,660,860
W Jersey & Seash September 664,678 632,598 2,506,281 2,559.791
455.143
381.663
122,142 147.346
Buffalo & Susq._ _ _ September
9.056,000 Pennsylvania.Co_ September 5,271.507 5.202.260 15,966,067 18,852,171
Canadian Northern. 1st wk Nov 384.300 620.400 7.351,500 53.145.603
521,315 548.351 1,571.034 1,615,501
Grand Rap & Ina September
Canadian Pacific— 1st wk Nov 1,908,000 3,204,000 42,213,876 3.278.486
Pitts00 itz St L_ September 3.719.0884,062,745 10,780.557 11.871.495
Central of Georgia- September 975.442 1.249.459 3.173.317 8.827,608
September
1,030.635
1,072,113 2,992,073 3,085,129
Vandalia
Cent of New Jersey September 2,935.246 2,847.944 8.538.240
929.890 Total lines—
924.604
332.735 340,246
Cent New England.. September
September
Erie
21911364
&
Pitts
23272468
East
66,734,442 70,909,593
1.155,788
351.296
385.117 1.049.353
Central Vermont September
West Pitts & Erie September 10676711 12029210 1, 06.893 35.844.756
Ches & Ohio Lines- 1st wk Nov 609.769 650.242 14.324.040 13.357.385
All East & West_ September 32588075 35301678 98.441.336 106754350
5.621,359
5,187,429
386,475
Oct
420.788
wk
4th
Chicago & Alton......
September 1,743.780 1,527,845 4,747,397 4,445,188
9.055,734 25.183.260 26.024.285 Pere Marquette
Chic Burl & Oulny September 8.579,305
September 1.277,667 1,473.600 3.978.632 4.309,950 Reading(;o—
f Chic & East Ill
Reading_ September 4,291,141 4,428,428 12.242.337 13.078.942
&
Phila
5,217,933
354,391
5,028,131
311,699
Oct
wk
p Chic Great West.. 4th
Coal & Iron Co September 2,797.331 2.335.159 7.097.676 6,537.624
124,154 145,049 2,554.646 2.674,520
Chic Ind & Louisv_ 1st wk Nov 9,240,208
Total both Cos September 7,088.472 6,763.587 19,340.012 19.616.566
8.872.609 25,254,395 24,866.079
Chic Milw & St P_ l September
218,213 211.859
Fred & Potom September
663,316
Rich
684,042
Chic Mil & Pug Elf
97.776
94,470
Grande June August _-177.986
Rio
176,281
8.098.316 8,095,665 23.839,210 24.212,104
sChic & North West September
14,373
25,022
South_ 4th wk Oct
250,296
Rio
201,293
Grande
4,795,421
5,010.890
1,767.349
1,721.577
September
Om
oChic St PM &
6,881,742
September
6,212.442
Lines
18.432,106
19,586.333
Island
Rock
524,086
595,379
206,434 197,412
Chic Terre H 8z SE September
September
336.039 363.975
968.226 1.075,219
Rutland
Cin Ham & Dayton September 939,903 930,970 2,856.096 2,782,995
141.119 126,024
438.500
477.398
303.155 St Jos & Grand Id_ September
336.710
Colorado Midland.. August ___ 201.686 173.783
September
2,570.190
2.779.390
8.325.779
Sou
8,040.720
&
Mt
Iron
L
St
5,444,701
5,154,532
b Colorado & South 1st wk Nov 304.410 260.678
232.137 193.955
688.962
547.212
50,986 St L Rocky Mt & P September
35.016
16,290
10,041
September
Cornwall
90,357 St Louis & San Fran September 3,675.369 3,993,067 11,336,308 12.125,770
88.733
25,780
26,944
Cornwall &,Lebanon September
Southwest- 1st wk Nov 226,000 274,000 4.012,471 4.769,066
September 314.676 340.252 1,040,707 1.025,312 St Louis
Cuba Railroad_ _
4,393,978 San Ped LA & S L_ September 785,956 863.374 2.434.756 2.637.582
Delaware & Hudson August__ 2,103,526 2.307.270 4,100.820 11.706,864
Seaboard Air Line 4th wk Oct 540,703 678.431 6,837.722 7,770,511
Del Lack & West September 3.857.125 3.910,838 11.324.747
9,823,770 Southern Pacific—September 11940999 12748309 35,246.076 36,763.410
9.141,546
528.700
457,900
Nov
wk
1st
Grande
Rio
&
Deny
Southern Railway 1st wk Nov 1,224,027 1.537.83823.640,164 25.603,712
2,741,110
2,352.630
124,000
96.300
Western Pacific 1st wk Nov
Mobile & Ohio.... 4th wk Oct 305,800 410,569 3,949,775 4,386.827
539,999
693,339
20.030
38,129
Denver & Salt Lake 1st wk Nov
Cin NO & Tex 1_ 4th wk Oct 289.335 335,806 3.252.305 3.567.895
552.370
743,312
144,091
210.247
-October_
Detroit Tol &Iront
Ala Great South_ 4th wk Oct 145,340 224,004 1,673,442 1,841.623
460,476
423,383
23,148
21.766
Detroit & Mackinac 1st wk Nov
814,796
81,105
848,527
66.276
Georgia Sou & Fla 4th wk Oct
2.081,585 3,418,104
Dul & Iron Range September 583,6321,013,548
Spok
Ford & Seattle September 480.338 490,615 1,412,278 1,450,856
1.410.615
67,094
1,158,101
47,052
Nov
Duluth So Sh & Atl 1st wk
27,714
3,353
35,291
Oct
1,736
wk
4th
Ala
Georgia
&
Tenn
3.402,056
2.495,562
Elgin Joliet & East- September 863,643 1,161,538
424.829
443.019
130,051 147.467
678.933 2,019.172 2.054,890 Tennessee Central_ September
El Paso & Sou West September 574.102 5.462.035
6,514.600
Nov
6,733,193
421.601
417,339
wk
1st
_
.._
Pacific_
&
Texas
16,651.290
16,414.705
September 5.506,358 281,406
Erie
23.264
7.646
7.710
21.620
851,835 Tidewater & West.. September
905,565
Florida East Coast_ September 314,405
454,531
502,788
61,023
42,537
287,019 Toledo Peor & West 4th wk Oct
258,111
85,346
77,677
Pond Johns Sz Glov September
1,382,748
Oct
1.404.304
96,686
101,025
wk
2d
West
&
L
772,862
St
Toledo
747.734
292.795
241,082
Geor;la Railroad— September
9,162,999 9.351,489 25,190,283 25,615,599
143,011 219,026 2,040,440 2,428,490 Union pacific syst_ September
Grand Trunk Pax_ 3d wk Oct 906.9411.118.707
515.649
501,288
168.271 172,243
19,560,676 21,233,305 Virginia & Sou West September
Grand Trunk Sy st_ 1st wk Nov 768.460
1,639,328 1,678,682
September
,
.
Virginian
15.209,944
961.533 13,975,444
Grand Trk Ry_ _ 3d wk Oct
October..— 2.560,8492,867.240 10,650.665 11,307,021
Wabash
2,307,209
2.334.626
145,695
140.615
Oct
wk
3d
Grand Trk 't'est..
802,310 Western Maryland_ September 724,690 731.032 2.200.248 2.222,833
841,604
57.128
56,997
Det Gr H & Milw 3d wk Oct
569,727 822.980 1,617,362 2,386.944
29,810,791 32,565,396 Wheel & Lake Erie.. September
Great North System October-- 7,972.656 8,922,062
73.374
25,178
63,041
38,592
550,683 Wrightsv & Tennille September
436.132
183,894
135.686
Gulf & Ship island_ September
Vail_
1.209,814 3,714,326 3,915,852
1,057,476
October__
Miss
&
Yazoo
2,316,678
Hocking Valley.._.... September 750,945 801,990 1.913.394 23,018,715
22,234,653
5.463,7496,108,642
October-_
..
Central........
Illinois Central_
September 761.256 1,065,410 2.227.540 2,724,833
Internet & art
Previous
Current
910,778
225,474
42.403 181.276
a Interoceanic Mex_ 1st wk Aug
Year.
Year.
Period.
Various Fiscal Years.
917,777
Kanawha & Mich September 308.767 301.615 913.649
.
Kansas CIO. South.. September 859.165 876.352 2.690.074 2,600.849
$
$
439,478
705,037
246,431 160,511
Lehigh & New Eng_ September
Jan 1 to Aug 3114,857.326 16,143.100
September 3,915,827 3,824.489 11,268,255 11,429.678 Delaware & Hudson
Lehigh Valley
296.430 NY Central & Hudson River-e- Jan 1 to Sept 30 71.451.951 77.807,215
336.539
Louisiana & Arkan.. August ___ 180,762 152.888
Jan 1 to Sept 30 12,499,555 13.247.280
Boston & Albany
sLoulsville & Rash',' 4th wk Oct 1,453.640 1,903,684 18,665,650 21,235.927
Lake Shore & Michigan South Jan 1 to Sept 30 39,067.438 45,309.311
52,491
54.436
17,519
13,537
Macon & Birm'ham
Jan 1 to Sept 30 4,297,654 4,475,306
Lake Erie & Western_n
October....- 1,056.375 1.095.732 3,137.868 3,211.069
September
Maine Central
Chicago Indiana & Southern_ Jan 1 to Sept 30 3.143.228 3,248.777
93.191
88,410
49,011
48.067
Maryland & Penna.. August ___
Jan 1 to Sept 30 25,262,671 27.389,269
Michigan Central
a Mexican Railways 3d wk Oct 197,200 186,200 3,095,800 3,139,100
Cleve Cincin Chic & St Louis Jan 1 to Sept 30 26.467,273 28.151.841
121.198
4.411
291.007
13,085
Mineral
Cincinnati Northern
Jan 1 to Sept 30 1,076,804 1,009.846
Minn & St Louli_ _ I 1st wk Nov 208,997 204,702 3.774,659 3,611,665
Jan 1 to Sept 30 12.376.563 15,196.945
Pittsburgh & Lake Erie
Iowa Central__ f
Louis
St
Jan
&
1 to Sept 30 8.379.503 9.177.276
Chicago
New York
Minn St P & S SM.. 1st wk Nov 637,975 740.336 11,585,949 12,076,611
Jan 1 to Sept 30 3,535.181 4.503.559
Toledo & Ohio Central
276,968
241.570
95.089
81,377
Mississippi Central_ September
Jan
1
to Sept 30 207557 821 229516625
lines
all
Total
u Mo Kan & Texas_ 1st wk Nov 678,141 648,965 11,855,445 12,361,502
Jan 1 to Sept 30 141624746 152769679
z Missouri Pacific 1st wk Nov 1,151,000 1,268,000 22,484,566 22,855,400 sPennsylvania Railroad
965.655
974,860
Jan
to
1
Atlantic_
&
Chasm)
Baltimore
3.133.881
429.1221
2.966.708
1,055.938
&
September
Nashv Chatt St L
909,055
Jan 1 to Sept 30 2,504.193 2.674,188
Cumberland Valley
a Nat Rye of Mex..1 1st wk Aug 208.408 603.778 1.583.461 3,327.255
Jan 1 to Sept 30 10,280,264 10.190.869
Long Island
162,124
168,583
Nevada-Cal-Oregon 4th wk Oct
16,538
14.609
720.559
723,755
Maryland Del & Virginia_ _ — Jan 1 to Sept 30
478,941
New Orl Great Nor- September
132,294 156.866
2.899,764 2.993,296
N Y Philadelphia & Norfolk_ Jan 1 to Sept 30 15,388,960
e N Y 0& Hud Riv September 8.765,247 9.625,456 25.529,908 27.957,132
15.842.962
1 to Sept 30
Boston & Albany September 1,483.917 1.820.7874,441,106 4.800,677Phil& Baltimore & Washing n Jan
Jan 1 to Sept 30 5,222,611 5,288.099
West Jersey & Seashore
Lake Shore & M 8 September 4,694,381 5,243.687 14,086.708 15,668,029
Jan 1 to Sept 30 42.428,027 50.392.541
537.832 556.516 1,612.391 1.599.049 Pennsylvania Company
nLake Erie & W_ September
Jan 1 to Sept 30 4,109,703 4,I99.36E
Grand Rapids & Indlana
Chic Ind & South September
387,598 353,582 1,069.031 1.041,663
Jan 1 to Sept 30 29,814,799 33,048,187
Louis
St
&
Chic
Cin
Pitts
Michigan Central September 3.140.684 3,233,323 9,000.383 9,381,070
Jan 1 to Sept 30 8,122.780 8.360,532
Vandalla
Clay C C & St LI
30 183349626 195769992
Total lines—East Pitts & Erie Jan I to Sept
Peoria & Eastern' September 3,369,280 3.435.332 9.883,427 10,360.074
Jan 1 to Sept 30 85,622.112 97.174,55(
Erie
&
—WestPitts
394.816
439.204
151.582 143.437
Cincinnati North. September
30 268971738 292944552
Sept
to
1
Jan
W_
&
—All lines E
Pitts & Lake Erie September 1.359.223 1,709.702 4.380,986 5.226,617
703.482
661.261
Dec 1 to Aug 31
N Y Chic & St I._ September 928,828 1,038,716 2.816.600 3.029,867 Rio Grande Junction
30 2.648.277 2.786,961
Sept
to
1
Jan
1,768.114 Rutland
Tol & Ohio Cent_ September817.893 603.227 1.479.232 81.227.108
above Sentember 25436465 2756366 74.738.976
met all
AGGREGATES OF GROSS EARNINGS—Weekly and Monthly
*Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
$
Mileage. Cur. Yr. Prey. Yr.
6.75
January----243.732 241.469 233.073,834 249.958.641 —16.884,807 10.22
—23.823,138
233,056.143
209,233,005
242.928
244.925
4th week Aug (36 roads)___February+660.166 0.27
243.184 250.174.257 249.514.091
1st week Sept (37 roads)____
245.200
March
236.531.600 245 048,870 —8.517.270 3.48
2d week Sept (36 roads)____.
A ril243.513
roads)_-246.070 243:954 239.427.102 265.435.022 —26.007,920 9.73
May
8d week Sept (37 roads)____
222.001 219.691 230.751.850 241.107.727 —10.355.877 4.30
4th week Sept (36
June
235.407 231.639 252.231.248 261,803,011 —9,571.763 3.67
1st week Oct (35 roads)____
July..
03
5.32
93
037,4
59
90:0
864
0 280
659:7
46
9:5
18
2 14
58
9 27
34
54
01
16
0:4
7:0
76
58-114
00
22
1:3
2 23
31
83
2:3
40
August _ _ _20
2d week Oct 36 roads)......_
238.698 272,992,901 285.850,745 —12,857.844 4.50
-242.386
3d week Oct 34 roads)-..-September
.
4th week Oct 37 roads)___Creek District Ry.from Nov. 1 1911. e Includes the New York &
b Does not include earnings of Colorado Springs & Cripple
which, being a Canadian road, does not make returns to the
a Mexican currency. &
Adirondack and the Ottawa & New York Ry.. the latter of&
Indiana RR. g Includes the Cleveland Lorain & Wheeling
Ottawa. the St. Lawrence
Haute and Evansville
Terre
&
Evansville
Includes
j
Commission.
Inter-State Commerce Includes the Northern Ohio RR. p Includes earnings of Mason City & Fort Dodge and Wisconsin Minnesota & Pacific. s Inn
years.
u Includes the Texas Central and the Wichita
International.
both
Ry. In
and the Frankfort & Cincinnati. (Includes the Mexican
Louis Iron Mountain & Southern. s Includes the Norcludes Louisville & Atlantic
operating revenues, but also all other receipts. z Includes St.
totals.
our
of
Falls Lines. o Includes not only
any
* We no longer Include the Mexican roads in
thern Central beginning July 1 1914.
$
17,581.257
12,517,613
13,565.225
13.863.558
18.115.984
13.328,596
13,300.265
10%5:n5.2%041
18.017.947
$
$
19.019,926 —1.438,669 7.56
13.573,362 —1.055,749 7.78
—573.127 4.04
14.138.352
—847.724 5.76
14.711.282
20,107.749 —1,991,765 9.90
12.50
—1,904,498
15,233,094
15.684,210 —2.383,945 15.19
5
43
9.6
10
2
1
43
6
1
1:2
7
3
6
9
:4
2
"
3
4
4
59
28
06:
44
5.0
112
22.633,633 —4.615.686 20.40
THE CHRONICLE
.Nov. 14 1914.1
Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the first week
of November. The table covers 24 roads and shows 20.43%
decrease in the aggregate under the same week last year.
First week of November.
1914.
1913.
$
$
230.894
170.049
Buffalo Rochester & Pittsburgh
620,400
384.300
Canadian Northern
1,908.000 3,204,000
Canadian Pacific
650.242
609.769
Chesapeake & Ohio
145.049
124,154
Chicago Ind & Louisville
260,678
304.410
Colorado & Southern
528,700
457,900
Denver & Rio Grande
124,000
96,300
Western Pacific
38,129
20,030
Denver & Salt Lake
23,148
21,766
Detroit & Mackinac
67.094
47.052
Duluth South Shore & Atlantic
1
Grand Trunk of Canada
906,941 1.118.707
I
Grand Trunk Western
Detroit Or Hay & Mllwau
Canada Atlantic
13,085
4.411
Mineral Range
}
208,997
204,702
Minneapolis & St. Louis
Iowa Central
Minneapolis St P & S S M____
637.975
740,336
678,141
648,965
Missouri Kansas & Texas
1,151.000 1.268,000
Missouri Pacific
226.000
274,000
St Louis Southwestern
1,224,027 1,537,638
Southern Railway
417.339
Texas & Pacific
421.601
Total (24 roads)
Nat decrease (20.430
/A
9.625.334 12.092,595
Increase. Decrease.
$
43,732
$
60,845
236,100
1,296,000
40,473
20,895
70,800
27,700
18,099
1,382
20,042
211,766
\
8.674
4,295
102,361
29.176
117,000
48.000
313,611
4,262
103,976 2.571,237
2.4872f11
For the fourth week of October our final statement covers
37 roads and shows 20.40% decrease in the aggregate under
the same week last year.
Fourth week of October.
1914.
1913.
Increase. Decrease.
$
Previously reported (24 roads). 14.364,397 18.078,037
Alabama Great Southern
145,340
224,004
Ann Arbor
72.920
71,755
Chicago & Alton
386,475
420,788
Chicago Great Western.......
311,699
354.391
aim New On & Texas Pacific_
289.335
335.806
Denver & Salt Lake
51.809
29.005
Georgia Southern &
66.276
81.105
Louisville & Nashville
1,453.640 1,903.664
Mobile & Ohio
305.800
410,569
Nevada-California-Oregon
14.609
16,538
Rio Grande Southern
14.373
25,022
Seaboard Air Line
540,703
678.431
Tennessee Alabama & Georgia_
1,736
3.353
107.101 3,820,741
78,664
1,165
34.313
42,692
46.471
22.804
14.829
450,024
104.769
1.929
10,649
137,728
1,617
Total (37 roads)
Net decrease (20.40%)
129,905 4,745,591
4,615.686
18.017,947 22,633,633
Net Earnings Monthly to Latest Dates.---In our "Railway Earnings" Section or Supplement, which accompoosies today's issue of the "Chronicle," we give the Septemberfigures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-Stale
Commerce Commission. The reader is referred to that Supplement for NI details regarding the September results for at
the separate companies.
In the following We give all statements that have come in
the present week covering a later or a different period from
that to which the issue of the "Railway Earnings" Section
is devoted. We also add the returns of the industrial companies received this weir.
—Gross Earnings— —Ne Earnings—
Current
Previous Current
Previous
Year.
Year.
Year.
Year.
Roads.
Bellefonte Central_b_ __ _Oct
8,859
7,618
324
2.062
Jan 1 to Oct 31
71,814
75,457
13.759
14,882
Boston Revere Beach & Lynn_b—
July 1 to Sept 30
321,362
340.968
77,332
75,554
Jan 1 to Sept 30
779,252
803,905
116.884
109,167
Genesee & Wyoming_b—
July 1 to Sept 30
55.095
69.437
30,443
46,167
Jan 1 to Sept 30
152.505
167,655
84.451
102.100
Grand Trunk of Canada—
Grand Trunk fly
Sept 3,838,208 4,037,734 1.137.301 1,120,512
Jan 1 to Sept 30
32,006.483 34,928.815 8,449.217 8,579.883
Grand Trunk West_ _Sept 611.232
613,179
57.911
75,431
Jan 1 to Sept 30
5.353.867 5,560,935
163.756
486.406
net Or Hay & Milw_ _Sept 221.912
219,479 def11,923
22.386
Jan 1 to Sept 30
1.850.485 1,798,902 def202,446 def145,264
Toledo Peoria & West_b_Oct 111,646
138,670
16,350
20,768
July 1 to Oct 31
451,711
502,787
74.684
55.008
INDUSTRIAL COMPANIES.
Adirond El Pow Corp.a.Sept
96.605
102.385
29.303
6.191
Jan 1 to Sept 30
904.937
873.496
291.986
179,437
Houston Gas & Fuel_a—
July 1 to Sept 30
93,315
91,037
27,851
29,221
Oct 1 to Sept 30
475,264
429,865
165.029
171.446
Hunting'n Dev & Gas_a_Sept
10,295
3,798
6.211
2.246
Oct 1 to Sept 30
89,293
48,883
Keystone Telephone_ a_ _Oct 110,499
106,335
55.072
51.226
Jan 1 to Oct 31
1.101.896 1,050,752
558.655
516.338
Niagara Falls Power—
660,587
July 1 to Sept 30
689.190
530.624
556.574
2,011.335 2,001.612 1,628.787 1,621.429
Jan 1 to Sept 30
Pennsylvania Light'g.a.Sept
11,777
11.326
7,372
6.793
107,278
99,658
66.874
Jan 1 to Sept 30
62.114
Westerly Light & Power_ a—
41,270
38.006
20,743
July 1 to Sept 30
15,099
138,445
124.502
62.172
Oct 1 to Sept 30
53.415
a—
Electric_
Wlllapa
20.617
21.791
10,072
July 1 to Sept 30
8,186
91.085
43.721
Oct 1 to Sept 30
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
Roads.
—Int., Rentals, &c.— —Pal, of Net Earns.—
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
8
240
1.822
235
Oct
11.409
2,400
12.482
2.350
Bellefonte Central
Jan 1 to Oct 31
Genesee & Wyoming—
July 1 to Sept 30
Jan 1 to Sept 30
Toledo Peoria & West- __Oct
July 1 to Oct 31
18.869
53,039
25,196
100,601
z11,909
23,288
z23,034
/32.304
60,172
z42,606
zdef7.346
24,161
zdef1.697
97,287 zdef20,702 zdef25.115
1445
INDUSTRIAL COMPANIES.
—Int., Rentals, &c.— —Pal. of Net Earns.—
Current Previous
Previous
Current
Companies.
Year.
Year.
Year.
Year.
$
3
$
$
Adiron Elec Pow Corp__Sept
8,253 def15.028
21.219
21,050
Jan 1 to Sept 30
101,449 def12,119
191,556
190,537
Houston Gas & Fuel—
July 1 to Sept 30
12,823
11.446
16,398
16,405
Oct 1 to Sept 30
110.242
99.441
61,204
65.588
Hunting'n Devel & Gas_Sept
1.621
3.912
2,299
625
Oct 1 to Sept 30
15.572
33,311
Keystone Telephone_ ___Oct
25,358
25,947
29,125
25.868
Jan 1 to Oct 31
254,834
261.504
259,919
298,736
Niagara Falls Power—
July 1 to Sept 30
314.431
314,713 x229.657 z251.773
Jan 1 to Sept 30
943.020
941,004 z739.833 z743,023
Pennsylvania Lighting..Sept
4,422
4.066
2,727
2.950
Jan 1 to Sept 30
35.522
37,950
z29,823
z26,592
Westerly Light & Power—
July 1 to Sept 30
15.178
5,132
9.967
5.565
Oct 1 to Sept 30
22,441
20,912
32
;
502
39.731
V/illapa Electric—
July 1 to Sept 30
4,807
3,536
5,265
4,650
Oct 1 to Sept 30
19.420
24.301
z After allowing for other income received.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
American Rys
_ October ___ 449.551 452,428 4,514,643 4,349,787
Atlantic Shore
September
36,181 33,077
298.090
285,965
cAur Elgin & Chic Ry August _
205.384 210,916 1,354.855 1.324,913
Bangor fly & Electric September
69,099 68.457
578,251
564,615
Baton Rouge Elec Co September
14,332 14.254
130,383
116,234
BeltLRyCorp(NYC). June
64.196 63,527
360,936
372,128
Berkshire Street Ry_ September
87.236 91.591
768.647
738.449
Brazilian Trac, L & P September
.153823.815
Brock & Plym St Ry_ August _- - 1609694016028078f55170.088
87.638
82.725
Bldyn Rap Tran Syst June
2461,5642474.193 13.196.219 12.772.394
Cape Breton Elec Co September
27.773 32.516
259.302
273,139
Chattanooga Ry & Lt September
87,086 117.882
822,928
908,163
Cleve Painesv & East July
234,541
242,988
Cleve Southw & Col_ September 113.019 114.659
939.427
950.590
Columbus (Ga) El Co September
59,676 50.685
494.504
438.496
Comwth Pow,Ry &L September 204,020 194.220 2,132,611 01,518.276
Connecticut Co
September 704,175 694,281
6.238,220
Consum Pow (Mich)- September 275,524 253.340 6,108,425
2,262.485
Cumb Co(Me)P & L September 230.663 218.398 2,484.361
1,749,903
Dallas Electric Co.._ _ September 173.777 180,067 1.899.052
1,641.658
1,564,355
Detroit United Lines. 2d wk Oct 218.263 216,135 9.512.673 9.982.320
DDEB& Batt(Rec) June
44,459 51,782
256,719
300,659
Duluth-Superior Trac September 108,981 112,225
985,470
946.519
East St Louis & Sub_ September 216,514 232,446 1,985,315
1,950.552
El Paso Electric Co_ _ September
87,041 73.685
772.716
643.837
42d St M & St N Ave June
162.957 161.785
900,631
933,276
Galv-Hous Elec Co_ _ September 195.260 200.183 1,846,891
1.764.480
Grand Rapids Ry Co September 108.327 112.753
959,482
972.587
Harrisburg Railways. September
81.575 78,987
747.682
749.942
Havana El Ry,L & P
Railway Dept__
Wk Nov 8 55.467 54,269 2.387,040 2.424.774
Houghton Co Tr Co_ September
21,298 22,596
214,332
228.103
b Hudson & Manhat_ September 435,844 446,208 4,140.435 4,066.099
Illinois Traction__
September 702,412 654.338 6.053,924 5.725,952
Interboro Rap Trail. September 2559,683 2596,718 25,016.151 24.048,034
Jacksonville Trac Co. September
53.567 55.357
549.486
499.240
Key West Electric__ _ September
11,412 12,342
100,217
103.466
Lake Shore Elec Ry_ July
151,999 154.483
810.105
788,183
Lehigh Valley Transit September 173,649 164,620 1,385,876 1,297,448
Lewis Aug & Watery_ September
67.326 61,139
520.104
522,039
Long Island Electric_ June
25,214 25.815
109.221
110.279
Louisville Railway September 272,245 281,096 2,393,886 2,408.525
Milw El Ry & Lt Co_ September 479.857 495,763 4,470.381 4,448,742
Milw Lt. lit & Tr Co September 132.480 138,878 1,145,955 1,086.338
Monongahela Vail Tr June
90,857 78,737
494.717
442.066
N Y City Interboro_ _ June
58.617 55,181
321.601
293,867
NY & Long Island June
190.382
37.509 38.931
183,331
N Y & North Shore.. June
75.090
76.740
15,799 15,504
N Y & Queens Co_ _ _ June
673.175
125.931 135,525
649,663
New York Railways_ June
1175,972 1149,276 6.685.682 7,027.810
N Y & Stamford Ry_ September
37,17
300.562
32,686
298.357
NY Westches& Bos_ September
36.811 34,490
272,193
305.819
Northampton Trac.. September
142.528
17,074 17.046
140,412
Nor Ohio Trac & Lt_ September 311,656 289,022 2.728.559 2,444.698
North Texas Elec Lt_ September 164,77 172.014 1,566,941 1,548.124
Northw Pennsylv By August
40,50
47,190
250.441
241.806
Ocean Electric (L I)_ June
48.820
18,66
18,273
54.260
Paducah Tr & Lt Co. September
213.969
23,805 24.843
223,116
PensacolaElectric Co September
211.372
20.510 23,307
206.056
Phila Rap Transit Co September 1949.439 1999,343 17,829.945 17.967.039
Port(Ore)Ry.L&PCo September 483.313 547.451 4,753.241 4.965.497
Portland (Me) RR_ _ September
90.286
798.715
95.12
800,621
Puget Sound Tr, L&P August
689,028 723,529 5.652,046 5,608.510
Republic By &Light. September- 245.879 250,962 2,259.173 2,193,403
Rhode Island Co_ _ _ September 467,400 454.747 4,084,272 4,118.312
Richmond Lt & RR_ June
38,252 41.578
173,657
174,625
St Joseph(Mo)Ry,Lt.
Heat & Power Co_ October
107,171 103,814 1,065.751 1,024,983
Santiago El Lt & Tr_ September
37,953 38,085
347.937
340,537
Savannah Electric Co September
65,201 67.291
633.561
612,396
Second Avenue (Boa) June
87,597 94.533
437,242
505,475
Southern Boulevard.. June
20,364 20,547
105,787
97.086
Staten Isld Midland_ June
32.767 34,312
135,610
131,929
Tampa Electric Co_ _ September
80,755 73.362
731,569
612.092
Third Avenue
June
344,063 362,083 1,963,178 2,004,296
Toronto Street Ry__ _ September 525,264
4,584.361 4,482.045
Twin City Rap Tran_ 3d wk Oct 178,803 549,859
169,378 7,480,679 7.080,091
Union Ry Co of NYC June
255.702 263.886 1,317.441 1.312,389
United Rys of St L.. August
1028,439
8.391,773 8.363,824
Virginia Ry & Power_ Sebtember 424,984 1076,174
414.861 3,851.928 3,711,871
Wash Bait & Annan_ August
74.839 84.825
557.306
527.567
Westchester Electric_ June
56.781 60,600
272.776
277.269
Westchester St RR_ _ September
25.705
23,800
195.814
190.706
Western Rys & Light September 226,759 226.464 1.994.106 1,892,200
Wisconsin Gas & Elec September
57,102 65.395
556.069
545.520
Yonkers Railroad
_ June
64,585 66.811
345.039
328.605
York Railways
September
63,398 62,538
589.317
565.587
Youngstown & Ohio_ September
27.175 23.878
198.096
188.351
Youngstown & South September
16,564 15.861
133.869
129.417
a Includes earnings on the additional stock acquired May 1
1913.
b Represents income from all sources. c These figures are for consolidated
company. f Earnings now given in milreis.
Electric Railway Net Earnings.—The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week.
—Gross Earnings-- —Net Earnings-Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
3
$
$
$
Bangor By & Elect_a___Sept
69.099
68.457
39.940
39.677
Jan 1 to Sept 30
578.251
564.615
293,612
305,469
Brazilian Trac. L & P__Sept*6,096,940 *6,028,078 *3,544.560
*3,373.710
Jan 1 to Sept 30
*55.170.088*53,823,815i31,674,128*28,970.057
Roads.
1446
THE CHRONICLE
Net Earnings
-Gross Earnings
Previous
Previous
Current
Current
Year.
Year.
ear.
Year.
Roads.
$
$
$
140,926
98.532
253,340
Consumers Pow (Mich)aSept 275,524
2,484.361 2,262,485 1,409,405 1,055.649
Jan 1 to Sept 30
117,882
53,196
87.086
31,991
Chattanooga By & Lt_a Sept
908,163
373.180
822,928
302.787
Jan 1 to Sept 30
218,398
107.992
91.932
Cumb'dCo(Me)P&L_a_Sept 230,663
779,608
811,915
1,899.052 1,749,903
Jan 1 to Sept 30
Chautauqua Tract_b40,990
78,623
July 1 to Sept 30
Commonwealth Pow, By &
457,200
496.915
Light Co System _a ___Sept 1,230,822 1,170.861
14,745,084 13,898,026 6,355,353 5,854,781
Oct 1 to Sept 30
Des Moines & Cent Iowa El-a197,323
91,424
July 1 to Sept 30
375.140
818,973
Oct 1 to Sept 30
85,972
97,117
216,514
232.448
East St Louis & Sub_a__Sept
808,792
728.135
1,985.315' 1,950,552
Jan 1 to Sept 30
Elmira Water, Lt & RR_a95,988
251,289
112,866
276.064
July 1 to Sept 30
184,211
491,626
214.869
548,904
Apr 1 to Sept 30
Tract-a
&
Light
Federal
195,429
549,539
201.866
572,045
July 1 to Sept 30
928.067
832,928
2,397,230 2,361,192
Oct 1 to Sept 30
38,502
112,753
33,621
Grand Rapids Ry_a____Sept 108,327
376.425
972,587
324,947
959.482
Jan 1 to Sept 30
21,911
52,196
23.575
50.793
Honolulu R T & Land_b Sept
191.878
456.561
182,024
451,392
Jan 1 to Sept 30
Illinois Traction_a791.021
837,416
2,057,547 1,952.148
July 1 to Sept 30
8,412,066 7.771,915 3,463,663 3,258,164
Oct 1 to Sept 30
Kingston Consol Ry-b31.681
26,733
50,879
48,424
July 1 to Sept 30
25,492
26.412
64.139
67,326
Lewiston Aug & Wat_a_Sept
202,344
165.708
522.039
520,104
Jan 1 to Sept 30
67,848
86.888
187.252
Nashville By & Light_a_Sept 196.155
875,237
889,456
2,258,848 2,166.318
Oct 1 to Sept 30
N Y State Railways_b803,140
813.213
1.966,773 2,078.843
July 1 to Sept 30
5,751,629 5,857,769 2.,249,292 2,181,533
Jan 1 to Sept 30
New Orleans By & Lt_a5,221.671 5,082.654 2,092,875 1.855.680
Jan 1 to Sept 30
Northern Ill Lt & Tr_a26.251
33,350
54.503
68,321
30
Sept
to
July 1
94.051
215,744
122,548
257.025
Oct 1 to Sept 30
268,950
221.056
547,451
Portland(Ore)Ry,L&P a Sept 483,313
4,753,241 4,965,497 2,260,186 2,493,947
Jan 1 to Sept 30
34,599
41,600
95,122
90,286
Portland (Me) Rft_a_ __Sept
262,843
798,715
312,564
800,621
Jan 1 to Sept 30
Republic By & Lt_a298,022
770.911
307,887
7,553.352
July 1 to Sept 30
3.078,289 2,937.714 1,220,547 1,118,432
Oct 1 to Sept 30
41.945
103,814
47,050
St Jos Ry, L, H & P-a_ _Oct 107,171
432,983
458,047
1,065.751 1,024,983
Jan 1 to Oct 31
Schenectady Ry_b173,466
153,265
358,876
390.365
July 1 to Sept 30
440,038
368,848
1,005,521 1,052,274
Jan 1 to Sept 30
Western Rys & Light_a271,437
673.745
301,868
693.373
July 1 to Sept 30
952,163
2.673.169 2,508,049 1.081,443
Oct 1 to Sept 30
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
*Earnings are now reported In milreis.
[VOL. xclx.
- -Bat,of Net Earns.-Int., Rentals. &c.
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
S
$
$
Western Rys & LightJuly 1 to Sept 30
177,479
155.287
124.389
116.150
Oct 1 to Sept 30
694,815
592,090
386,627
360,073
x After allowing for other income received.
Roads.
ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Oct.31. The next will appear in that of Nov.28.
Southern Pacific Company.
(Report for Fiscal Year ending June 30 1914.)
On subsequent pages is given at length the report of the
board of directors, signed by Julius Kruttschnitt, Chairman
of the Executive Committee. Below are the principal traffic
statistics and comparative income account for four years,
compiled for the "Chronicle."
TRAFFIC STATISTICS.
1913-14.
1912-13.
1911-12.
10.422
10,311
Average miles of road._
9,970
Passenger TrafficRail pass. carried. No- 22.486,902 23.053,383 22.185,607
.67 16472762
a684
48
5
44.132
Rail pass. carried 1 mile.1598949389 168880
40.92
Av. miles car.-all pass$0.98
Av. rec,from each pass92 2.24$
.98 2.208 cts.
80cts.
Av.rec. per pass. per m_ 2.247 eta.
$1.64
31.3548
$1.65
Recta, per rev. tr. mile.a
63
65
Pass. miles per rev.tr.m.
Freight TrafficTons carried rev.freight 31,959.625 31,642.587 26,950,150
Tons carried co's freight *6.671,165 *6.807,434 *7.024.407
Tons carr. 1 m. all fght_8263764549 8334235773 7331514158
222.30
228.03
Av. m hauled-rev.fgt..218.65
$2.50
$2.66
Av.rec'd from each ton_
4s. 1.123 cts. 1.168 cts.
$23
Av.p.ton p.m.-rev.fgt. 1.110a
Beets, per rev.tr. mile$4.33
$4.42
$4.39
commercial fgt.(b)(c)
Ton miles per rev. tr. m.all fgt. (aver, tons per
455.73
471.21
460.84
train) (b) (c)
Tons per loaded car mile
21.32
20.06
-all(c)21.15
1910-11.
9,895
22.059,747
1656268036
45.22
2.215$1e.ts00.
$1.78
69
28,145,241
*7.511,658
.04
2761
34
20
74792
$2.75
1.186 cts.
$4.51
473.93
30.45
(a) Based on revenue passenger and all mixed train miles. including miles
run by motor cars. (b) Based on revenue freight and all mixed train miles,
(c) Based on rail lines only.
•Includes tonnage of material carried for construction of additional main
tracks and new lines, for which a charge is made.
COMBINED INCOME ACCOUNT (INCLUDING SUBSIDIARIES)
1910-11.
1911-12.
1912-13.
1913-14.
$
$
3
40.485,949 42.389.837 40,269.238 40.8t4.399
Passenger receipts
6,397,886 6,550,034 6,213,184 6,312,718
Mail, express, &c
78,369.414 80.141.499 72.648.092 73.677.293
Freight
Interest Charges and Surplus.
1.106.618
1.302.542
1.272,323
Other than transport'n- 1.361.288
- Outside opers.-revenue 11.905,722 12.421,012 11,092.115 10,709.511
-Int.. Rentals, &c.- -Bat, of Net Earns.
Previous
Current
Previous
Current
138,520.259 142.774.705 131,525.171 132.620.539
Total revenues
Year.
Year.
Year.
Year.
Roads.
16.064.457 15.589.027 14.464,207 15.889.130
Maint. of way & struc
18,934.335 19.295.725 16,318.141 15,312.206
22.322 Maint. of equipment
22,617
1,323
17.355
Sept
Bangor Ry & Elect
2.889.419 3.115.079 3,201,367 2.947.064
149,950 Traffic expenses
136,811
155.519
Jan 1 to Sept 30
156,801
40.408.954 38.270.811 36,524.585
40,936.821
expenses
Transportation
27,869 General expenses
3,535
25,327
28.456
Chattanooga By & LtSept
3.975.035 3,726,325 3,397.583 3,848.675
153.141
50,493
220.039
252.294
Jan 1 to Sept 30
Outside oper.-expenses 10,862.200 10,734.300 10,838,937 10.483.554
28,273 Taxes
7,162.625 5.697.286 5,621.239 4.850,347
44.281
63,711
63.659
Cumb'd Co(Me)P & L_Sept
256,221
523,387
240.014
571,901
Jan 1 to Sept 30
98,566,696 92.112.282 89.855,561
100.824.892
Total
Chautauqua TractionNet operating revenues_ 37,695,367 44.208,009 39.412.888 42,764,978
17.872
23,119
July 1 to Sept 30
14,103,691 12,350,533 y8.852.519 y6,735.189
x Other income
Commonwealth Pow, By &
134,644
144.670
322.556
Sept 351.245
Light Co System
Gross corp. income 51,799,058 56.558,542 y48,285,408 y49,500.167
4,122.755 3,756,545 2,232,598 2,098.236 x Int..sink.fund,&c--- 28,221,436 27,183.822 y24,703,100 y21.522.347
Oct 1 to Sept 30
702.030
142.307
644.678
28.990 Rentals for lease r'd, &c.
67,543
69.305
71,621
Consumers'Pow (Mich) Sept
767,342
490,622 x Land dept. South.Pac.
565.029
642,062
Jan 1 to Sept 30
929,938
747.659
y937.555
y899,246
Co. exp. & taxes, &c_
El
Iowa
Cent
&
Moines
Des
71.,219
21.094
25,233
123,034
Additions & betterments
47,340
44,083
July 1 to Sept 30
505,477
7,766
Amortien of debt disc't
198.779
176.361
Oct 1 to Sept 30
978,239
854,061
Res,for depr. rolling stk. 1,024,221
868,548
21,980
47,369
49,748
63,992
East St Louis & Sub-__Sept
365,799
442.993
218,511
31.346.842 29,690,735 y26.662,255 y23.411.175
509.624
Total
Jan 1 to Sept 30
Balance for dividends 20,452.216 26,887,807 21,603,153 28.088.992
RR
&
Lt
Water,
Elmira
(6%)
stk.
Divs,
16.360,344 18,360.344 16.380,344 16,380,342
corn.
on
27.228
53,200
68,761
59,665
July 1 to Sept 30
48.988 Divs. on stock of prop.
87,116
135,223
127,753
Apr 1 to Sept 30
744
cos. held by public588
843
1,084
Federal Light & Traction59,659
54,614
135.771
147,253
16,361,088 16,360,932 16,361,187 16.361,426
Total
July 1 to Sept 30
414,168
260,758
513,899
572.170
Balance,surplus
4.091,128 10.506.875 5,241,966 9,727,586
Oct 1 to Sept 30
29.534
19,931
8,988
13.690
Sept
Grand Rapids Ry
247,308
203,023
x For details in the years 1913-14 and 1912-13 see a subsequent page.
129.117
121,924
Jan 1 to Sept 30
y Comparison of the items so marked is inaccurate, the figures having
15.226
16.454
6,685
7,121
Honolulu It T & Land__Sept
been somewhat changed In later years; the final results, however, remaln
61.320 x129,819 z139.174 unchanged.
62,098
Jan 1 to Sept 30
Illinois TractionBALANCE SHEET JUNE 30.
269,218
237,270
521,803
600.145
July 1 to Sept 30
1913.
1914.
1914.
1913,
2,302,046 2,024.358 1,161,617 1,233,805
Oct 1 to Sept 30
$
AssetsCommon
stock-272,672,406
Kingston Consol RR75,805,166
86.992,741
equip't_
&
272,672,406
Road
19.996
9,168
11.685
17.585
Funded debt(on.
July 1 to Sept 30
Imp. on leased
9.862
matured) _203.226,336 165,581,910
10.862
303,199
15,630
356,844
properties ___
15,550
Lewiston Aug & Wat'n_Sept
67,901
Due attn. cos__ 68,809,558 92,231,990
26,164
14.570,305
134.444
16,135,293
prop'ty
Physical
139,544
Jan 1 to Sept 30
Loans&billspay.
28,307
affiliin
Interest
28,020
45.030
39.828
41,858
LIght_Sept
Nashville By &
ated cos._ ..a536,821,196 512,200,597 Traffic, &c..bal. 2,167,476 1,782,343
382,164
385.101
493,073
504,355
Oct 1 to Sept 30
Other invest'ts_b11.573,649 12,171,178 Audited accounts
17,732,608 16,609,327 and wages._ _ 5,993,116 9,365,122
Cash
N Y State Railways437,925 z398,371 x416,887 Demand loans &
Matured Inter466,379
July 1 to Sept 30
406,430 1,899,750 est. dly., &c_ 4,284,959 6,108,648
1.383,950 1,290,183 x996,808 x1.025,132
deposits
Jan 1 to Sept 30
102,029 Miscellaneous _
3,352,639
404,364
bilisree
700,170
Loans&
New Orleans By & Light871,367 Unmatured Int.,
564,953 Traffic, &c..bal 1,715,546
783,466
1,309,409 1,290,727
Jan 1 to Sept 30
dividends,ekc. 5,941,437 5,652,673
Agfa. & cond'rs 1,418.269 1,688,356
Provident funds
230,248
217,134
Northern Ill Lt & Tr18.663 Mans & mop._ 11,977.730 11,673.830
23.740
7.587
.9,610
2,370,072 Other def.Sahli.
620,925
611,078
July 1 to Sept 30
63.974 Int.& dlv. rec._ 2,409,426
86.041
30,077
36.507
54,341 2,522,841 Taxes
750,731
645,233
deposits
Special
Oct 1 to Sept 30
92,032 Misc. cur. assets 3.354,934 4,573,622 Insur.& reserves 1,720,289
36,390
178.918
667,136
Portland (Ore) By. L&P Sept 184.666 1,482,432
637.459 1,011,515 Deferred assets_ 5,860,264 5,837,688 Accrued depr'n_ 9,377,392 9,064,981
1,622,727
Jan 1 to Sept 30
598,138 Int. on adv. to
18.096 Disc, on bonds_ 1,955,994
22.045
16.503
19.555
Sept
195,987
RR
affiliated
(Me)
cos_ 19,246,081 14,292,310
Portland
148,869 Rents,&c.,prep'd 156,448
122,919
113,974
189,645
Jan 1 to Sept 30
Oth.unadl.debits 2,714,791 2,673,356 Other unadjusted
credits
3,165,895 11,124,971
Republic By & Light114.523
134.531
Sinking fund5,445
445
183.498
173,355
July 1 to Sept 30
446,798
526.007
Profit
and
76.948,258
les8_c106,344,178
671.634
694.540
Oct 1 to Sept 30
21,812
26,216
20,133
20.833
POct
&
St Jos RY,L. H.
704,989,143 666,666,808
704,989,143 666,666,808 Total
231,986
251,410
Total
200.995
206.634
Jan 1 to Oct 31
Schenectady Byin
($536,821,196)
companies
1914
includes
in"affillated
Investments
a
43.201 x108.174 x130.87
46,342
July 1 to Sept 30
bonds, $118,026,138; stocks and bonds (cost In127,274 2235,315 z314,883 stocks, $281.107.440;
Jan 1 to Sept 30
136,506
Nov. 14 1914.1
THE CHRONICLE
1447
separable), 55.650,499; notes. $7,106,614; advances. 5124.930.505. The
principal changes in stock from list given in V.96,p. 570. 571 (all increases)
were: Arizona Eastern RR. 1st & ref. 5s, $1,926,000 (total owned $4,856,000); Burr's Ferry Browndel & Chester Ry. Co., 380,000 (total issued);
Central Pacific Ry. Extension 6% purchase notes, $10.139,350 (all owned):
Fresno Traction Co. $5,000,000 (total issued); Pacific Mall SS. Co.,
$1,070,000 (total owlied $11,080.000); San Jose & Santa Clara RR. Co.,
$5.000,000 (total issued); Portland Eugene & Eastern Ry.. 3508.800 (total
issued); and Kern Trading & Oil Co.,$6,000,000 (total issued, $7,000,000.
all owned). The principal changes in bonds were: Texas & New Orleans
RR. 1st M.Sabine Division, 52.575,000 (total issued); Korn Trading & Oil
Co. debentures, $5,500,000 (total issued); Northwestern Pacific RR. 1st &
ref. M.• $5,449.000 (total issued. $17,639,000. all owned); Pacific Electric
Ry. rd. M.. 56.481,000 (total owned, 322,077.000), all increases; and
Pacific Electric Ry. 1st M. 58. $770,000 (none being now owned); Los
Angeles Interurban By. 1st M. 31,610.000 (none now owned); and
Los Angeles Pacific Co. 1st ref. 45, 53,842,000 (none now owned), all
decreases.
b Other investments ($11,573.649) include stocks. $38,718; bonds,
58.047.154; notes. $3,484,777; advances. $3.000. c After crediting regular dividends of 6% each on Central Pacific Ry. preferred and common
stocks ($1,044.000 and $4.036.530. repsectively), and also special dividends
of 20.607+% on said stocks (33,585,627 and S13.863.473. respectively),
making a total of $22,529,630; and the following dividends receivedonstocks
of subsidiary companies: Houston & Shreveport RR., $119.280; Louisiana
Western RR.. $336.000: Southern Pacific RR., $9,600.000. and Southern
Pacific Terminal. $119,976; and making sundry adjustments.-V. 99.
p. 468. 199.
is very great, and it is a fair question whether, under the entirely changed
conditions which are now prevailing in this city the railways
be relieved from at least part of the burdens imposed upon should not
them when
their charters were obtained.
Dividends. &c.-Dividends, I believe, should only be
paid when the
money is in the bank with which to pay them, and
there is no prior claim
upon it: no additional bonds should be issued
entirely new property, which will earn rather except for the acquisition of
the par value of the bonds issued to acquire it.more than legal interest on
[Income Interest.-The company in
1914 declared the regular semiannual interest payment of 2K% onJuly
$22,536,000adjustment
bonds for the first six months of 1914. its
making with the 23 % paid Income
April 1
19145% paid from the earnings of the fiscal year ending
June 30 1914. On
Oct. 1 1913 2 % was paid for the six months
April 1 1913 1X% for the six months ending ending June 30 1913, andon
Dec. 31 1912 (the initial distribution). making a total of 3%% for the year
1912-13.1
CONSOLIDATED INCOME ACCOUNT,
INCLUDI
NG CONTROLLED
COMPANIES FOR YEAR ENDING
JUNE 30.
1914.
1913.
1914.
°per. Revenue1913.
Transportation_ __10,458,705 9,742,345 Net
earnings
3,852,181 3,787,708
Other operntIons__ 401,511
375,502 Taxes
730,785
725,898
Total oper. rev.10,858,218 10,117,847
Oper. income__ 3,121,396
Maint.of way&str. 1,012,648
3,042,015
838,821 Other income____
75.218
Maint. of equipt_
70.170
713.003
614,793
Depreciation
511,250
461,500
Cress Income__ 3,198.812
Power supply
3,112,185
779,131
794,484
*Bond
interest__ _ 2,368,072 .L027,483
Third Avenue Railway, New York City.
Operation of ears_ 2,849,930 2,580.920
Interest on notes_
134,173'
Injuries to persons
40,107,238
Rent, &c
(Report for Fiscal Year ending June 30 1914.)
38.061
and property_ _ 814,609
30,528
533,809 Sink. fund reserve
30,000
General,
&c
30,000
525,466
528,012
Pres. F. W.Whitridge, N.Y.,July 1 1914, wrote in subst.:
Totai
deductions 2,570,306 2,195,227
Mileage. &c.-Since the last report the system has been increased by
Total oper. exp_ 7,006,035 6,350,139
additional holdings in the New 'York City Interborough Ry. and by the Net earnings
3,852,181 3,787.708
Balance, Furman 628.308
acquisition of the Belt Line Railway Corporation (V. 96. p. 862; V. 97, p.
916,958
1356), 24.475 miles. and Mid-Crosstown Ry. Co. Inc.(V.
* Includes interest on adjustment
611. 304),
income bonds at 5% for
4.416 miles. The system now aggregates 357.623
98'Bmiles.
'
ayment for 1914 and 3%
the year
1913.
but
does
not
include
interest on certificates of inthese additional properties was made in the first instance in part from debtedness of the Dry Dock
East Broadway & Battery
current funds and in part by the issue of notes, but it is to be remembered
RR. Co.
Note.-Operations of Belt Line
that $12.092.000 First Ref. Mtge.4% bonds were reserved to be issued from year
Railway Corp. are included
1914
and
for the full
from
March 22 to June 30 of the year
time to time for acquisitions, additions, improvements, &c. [Pelham Park
1913.
& City Island Ry., 3 miles, was acquired in Aug. 1914. V.99. p• 610, 122.1
CONSOLI
DATED
BALANCE
Bond Issue.-Under this clause the company applied to the P. S. ComSHEET.
AssetsJune 30 14. Dee. 31'13
mission for the issue of 56.650.000 of these loonds to pay for the new properLiabilitiesJune 30 14. Der.31'13.
$
ties above referred to, and to recoup the treasury for other large capital Railroad plant &
$
Capital stock$
equipment
$
81,325,645 83,759,287
expenditures which had been made (V. 98. p. 674). Pending examination
3d Ave. By. Co.16,590,000
18,590.000
of these expenditures, a preliminary order was granted in March 1914 Investments
82,500
Controlled
cos_. 822,900
818,900
authorizing the issue of $44.000,000 of these bonds against the purchase of Svecial depositsFund. debt(bds.)Mat. bd. Int
$4,221,000 capital stock and 51.702.000 1st M.bonds and certain unsecured
588,285
3d Ave. By. C0.47,568,000
Sinking fund
43,328,000
80,301
debts of the N. Y. City Interborough Ry. Co. and $734,000 capital stock
60,000
Controlled cos__
Comp.of
N.Y.C.
7,079,000
83,562
and $1,750,000 1st M. bonds of the Belt Line Ely. Corp. The e4.000.000
600 Notes payable_ __ _ 7.079,000
Other
250,000 2,949,787
1,367
bonds thus authorized were sold at public offering at prices which netted
1,912 Accounts payable_
Cash
291,771
475,718
856,947
$3,321,749
, or about 83.04% (V. 98, p. 840. 691). The proceeding, so
us
988,883 Employees' wages
far as it involves authority to issue bonds to cover the expenditures made or Cash for mat. int_ 497,467
and deposits_ _ _
50,803
& contin. fd. 1,152,981
58,008
906,953 Matured Interestto be made for new property. additions, betterments and improvements, Is Depr.
Accounts reedy
519.257
703,027
239,042
still pending, and it is anticipated that the Commission will authorize the F.
222,887 Accr. int.& taxes- 1,114,905
W. Whitridge,
1,135,001
ssue of upwards of 31,250,000 additional bonds for these purposes.
Res.for
adJustm't.
contractor
307,374
Out of the proceeds of the said $4,000,000 First Ref. Mtge. 4% bonds
deprec.& sk. fd.10,327,913
Materials&supplles 510,218
10.279,858
494,989 Excess of par value
which were sold, the notes of the company were paid, resulting in a reduc- Unexp.
Insur., &c.
51,942
95,726
tion of annual interest charges of about $25,000. The total amount of Construe.
over
cost of subin
prog_
329,382
288,113
First Ref. Mtge. 4% bonds now outstanding is 519.970.000.
sidlary cos
UnamortIzed debt,
aCr.99,491 2,884,446
Def. cred. Items,&c.
In Fob. 1914 the P. S. Commission authorized the company to acquire
discount, &c__ _ 909,876
8,097
34,401
87.888 Surplus
and hold 5150.000 stock of the Mid-Crosstown Ry. Co., Inc.; and in April Miscellaneous
61,908,028 1,915.905
148,250
188,934
1914. in payment therefor. the Third Avenue By. Co. issued $180,000 of
bonds, and gave its 4% promissory note for $250.000, payable in three
Total
86,166,980 88,027,849
Total
equal annual installments, and canceled claims amounting to $34,442
88,188,980 88,027,849
against the Mid-Crosstown Co. That company has no other stock outa Excess ofpar value over costs of controlled
standing. and on the completion of the purchase had no indebtedness.
companies'securities owned,
net
lees
deficits
of
those
companies.
Acquisitions.-The above-mentioned stock and bonds of the Belt Line
relating prior to Jan. 1
1912.
b After deducting profit and loss charges
Railway Corporation constitute all of its outstanding stock and bonds. They
amounting to $69.731.-v.
99.
were acquired by your company at a total cost of $2,723,044. The net p. 610. 199. 192.5
earnings of the Belt Line Co. after the payment of 5% interest on its bonds
amounted, for the year ending June 30 1914. to $23,886, in spite of the
'Boston (Mass.) Elevated Railway.'
heavy losses resulting from the extraordinary snow-storms of February and
March. During the three months ended Sept. 30 1914 they were$20.265.
(17th Annual-Report-Year'ended June 30
In addition to the above-mentioned stocks and bonds a the New York
1914.)
City Interborough Ry. Co., the Third Avenue Ry. Co. has acquired 3194.000
Pres. William A.Banc-r-o-ItTllo
-COT,'s
Oct.31, wrote in
of its stock and $375.000 of its bonds; and therefore now owns S4,417,000
Wage Increase.-The demands of labor have been
of the stock and 52.132.000 of the bonds. The aggregate cost of these
the most serious condition
confront
to
the company. The Board of Arbitration
securities and of certain unsecured debts of the New York City Interborough
published its
By. Co. was $1,625.829. $583,000 par value of its stock is in the hands findings Jan. 15 1914. As a result, the operating charges for the year
1913-14
were
increased,
by estimate, not less than $480.000,
of the public. It has no other bonds outstanding, except $87,000 held in
is
the sinking fund provided by MS mortgage. The lines, so far as it is now about 2% upon the capital stock. The increase granted dated which
back to
practicable to construct them, have been completed. The receipts of the May 1 1913. which involved two months of the previous year. There
therefore, charged to surplus on this account
was.
company are showing a gratifying increase.
the
sum
of
to this fiscal year. On May 1 1914 a 353,000 as not beReduction of Capital of Sub-Company.-Your company held $600,000 ing
second increase recapital stock and U.500,000 of the 1st M.bonds of the N. Y. Westchester & quired by the award became effective, two months of which was, of course,
Connecticut Traction Co., being all of its outstanding stock and bonds which Included in this year. The award further provides for another increase
to
made
on
be
May
1
1915
(V.
98, p. 385; V.97, n.1354).
had been purchased at a total cost of $375. This capitalization was excesCambridge Subway Investigation.-The Middlesex
sive, and accordingly we canceled 32.450.000 of the bonds and consented
County grand Jury in
to June 1914. having investigated the
a reduction of the capital stock from $600,000 to $200,000.
charges that persons interested in
the
Boston Elevated Ry. Co. or influential in its business
Maintenance and Depreciation.-It Is our endeavor to maintain
the propcontract for the construction of the Cambridge made a profit out of
erty in the highest efficiency. Insurance
rates on buildings are therefore the
Main St. Subway,
less than one-half the former amount.
decided
that
the
charge
cars are cleaned and carefully honestly done without was unfounded, and that -the work was well and
inspected every day, washed once a week The
any graft.
a carbolic solution, and at the
end of every 10,00ftniles they are takenwith
New Subways.-The Boylston St. subway, from Kenmore
into the shops, the motors taken junction
St. near the
off and thoroughly overhauled. The fund
of Beacon St. and Commonwealth Ave., Boston,
for
depreciatio
n,
to a connection
renewals
and with the old Tremont St. subway near Charles
contingencies has remained intact and It receives
St., was opened for use on
$500,000 per annum.
Benefit Association.-DurIng the year 725
Oct.
1914.
running
The
3
time
for
the
round trip between these two points
cases were relieved by the In the new subway
payment of sick benefits amounting to $11.432,
is 1414 minutes less than upon the surface.
and there were ten deaths, rental will be
The annual
the beneficiaries in each case receiving $250. The
at the rate of 414% on the cost of the
subway, or about
physician $200,000 (V.99. p. 1213).
gave free medical advice in 1,500 cases. For the 556 Association
years to June 30 1914
The construction of the Dorchester Tunnel has proceeded
the members' contributed $71.191 and the company the
same amount.
as far as Dewey
Square, but it cannot now be determined when
Insurance.-On Dec. 29 1913 an agreement with the Travelers'
the
Co. of IIartford went into effect, under which any employee Insurance use, and the same Is true of the East Boston tunnel tunnel will be open for
who
extension,
elected
upon which
work
has
been
done
as far as its western terminus at
to take the insurance received a life policy of $1,000 and an accident
North Russell St.
policy (Vs
face
. p• L
in
.u
l;
covering permanent disability. The payment on these policies
es 9r
9r8
76
9.
he
p.c0
74
m7)
p.
a
was made
In a lump sum by your company on account for the men who were
ny has added during the year
insured. miles of surface tracks, making a total
a
The cost to the insured in a case of membership in the Benefit
mileage of 514.761. Anet of 3.773
Association City Point. South Boston, over the
new line to
was 15 cents a week, and of those who were not members of the Association
extension of Summer St., L
Street
Farragut
and
Street, First
Road,
cents
week.
a
was established
Up to Juno 30 six employees died,insurance each 51,000.
24
tion of the track over which the line runs to on May 30 1914. The complePower Contract.-Thls contract has worked satisfactorily and has
City
Point gives us three doubleresulted track routes to this popular
in a saving of nearly the 550.000 a year which was anticipated.
resort.
Cars.-The company has received all
New Cars.-Our engineers have designed a new type of car with a seating
the last report, and has completed and of the 175 new cars mentioned in
capacity of 45. as against 51 in the standard car, which weighs 28,000
put
in service the 32 stepless
lbs., payment middle-entrance
prevestibule cars adapted
as against 38,000, the weight of the standard ear, and which uses about addition
cars In use. In
to these, the provision
one-third less power than the standard car; 50 of these cars will be put
43 other such cars has been
in
Elevated.-Work has been halted
authorized
.
service during the ensuing year. They will, it is hoped, be entirely paid
upon the Everett
for
from the proceeds of the sales of old cars. Some are operated on 149th St. awaiting the approval of national and State authoritieselevated extension,
.
Power Additions.-Capacity of
printing -During the year we installed a small printing plant for printing
Coolidge
Corner
transfers,&c.. for about$25,000,and expect thereby to save$25.000 a year. increased from 4.000 to 6.000 k. W. A 2.000 k. w.sub-station has been
cpaacity transformer
Finances.-The net earnings of the system for the year. after the payment has been installed at the Harvard power station.
Arrangements were made to extend the boiler
of all interest charges, taxes and the sum set aside for depreciation, were power
station and to purchase and install four -house at the South Boston
$626.000, as audited. This is a decrease from the previous year. but, on
boilers with
the other hand, we have paid 5281.000 additional interest on the Adjust- ratus; also to build and equip a 4.000 k. w. sub-station at necessary appaWashington Vilment Bonds for the current year, and there have been during the year very lage, near Andrew Square. together with additional undergroun
This
d conduit.
work
is
either
completed or well under way.
large expenditures for paving and other expenses caused by the heavy snowArrangements have aWo been made with the
storms in February and March. Roughly speaking, those storms cost
Edison
Co
. of Boston for an
Electric Illuminating
us
Interchange of power, that is, for
upwards of 5300,000 for the actual removal a snow and in loss of receiptsr
either company to
If it
The cash on band amounts to $1.603,830. of which $746.883. togethe.
Ttjkieen
oe
trcron
seeds it.
haspZ'
a
anr
in
d
with $500,000 First Ref. M.4s is in the depreciation fund; $531,118 i iii
t of this Act for the
1912-13
was
565.220.
year
there
being credited to the company
the fund for interest and taxes. and $325,829 is in the current account.
Taus.-Under this head there is only to mention that the long litigation the last report. The net cost for the same insurance for the $17.768 since
far
as
as
year
it
can
now
be
1913-14,
determined
State
Commissio
Tax
,
is
n has been concluded, and our contention in
$55.849.
with the
Effort to Reduce Accidents.-The year
respect to the franchise taxes has been finally upheld by the highest
showed a reduction of
court employees' accidents over the/ear 1912-13.
21.7% in
of the State (V. 97.
1428)•
Volum,
of
Business
for
the
Capital Requirements.-The fl,gures submitted on Jan. 1 showed the
ar.-Total revenue passengers
neces181,049;
increase, 16.828.186, or an increase of
carried. 343.sity of an expenditure of upwards of 31.500.000. During the year 1914-15
about 5.16%.
Shareholdings.-Of the company's 238.794
it may be expected that a large amount of money, more than enough to
shares of capital stock,
are held in Massachusetts by 5.055 holders
there
absorb all the net income, must be expended on the property, especia
216.101
in other States.
pavements required by the city, particularly in the Bronx, where9 for by 576 holders. 20.877 shares; in Cuba, 25 shares;shares;
British provinces.
616
whole community is changing from a rural or suburban character to the shares; Europe. 1.164 sharys; Peru, I share; Siam, 10.
that
The company has issued no securities
during the year. lin
of an urban district. The burden imposed upon us by these paving charges however,
May 1914,
Mass. P. S. Commission was asked
to sanction an
Male Of
for
or
p.
the
from
1448
THE CHRONICLE
[VOL. XCIX.
American Cotton Oil Company.
$1.000.000 bonds on account of construction and equipment, funding
floating debt, &c. V. 98. p• 1459.1
requiring an increase of wages, the
for Fiscal Year ending Aug. 31 1914.)
[Owing to the award of arbitrators,
Report
(Annual
a semi-annual dividend of only 2% on
directors on Jan. 26 1914 declared
16. contrasting with an unthe $23.950,000 capital stock, payable Feb.
R.F. Munro, with balance sheet and
Pres.
of
The
remarks
1902 to 1913, incl.; V. 98, p. 385.
broken record of 3% semi-ann. from
quarterly dividend
grf declared
ir
terc
%. profit and loss account, will be found on subsequent pages.
In July, however,theres
}i
1
i
g
s
l
l
e
R.
.
.
a
rate
merger
he
Atigillg.,
le w
bn
tro
The following comparison for four years has been prepared
thus1 was held in Nov. 1914,see V. a8, p. 1844.1
for the "Chronicle."
YEARS
FOR
ENDING
JUNE
30.
OPERATIONS
OF
RESULTS
PROFITS AND DISBURSEMENTS.
1911-12.
1910-11.
1912-13.
1913-14.
1911-12.
1912-13.
1910-11.
1913-14.
57.990.436 57.784.319 54.790.173 54.647,196
Revenue miles run
Revenue pass. carried--343,181,049 326,352,863 310.310.009 305,098,665 Net profits above all int.
$1,926,498
$1,296,109
$359.811
$1,012,623
$
$
$
$
depr.,&c.
admin.
exp.,
Earnings(235)505,927
17.112,925 16,268,607 15,467,352 15,199,971 Dividends on common_ _
Passenger
611,916
611,916
611,916
611,916
540.302
435,994 Divs.(6% on preferred
436,695
516,692
Mails,rentals,adv.,&c$684,193 $1,314,582 def$758.032
$400,707
17.629.617 16.808.909 15.904,047 15,635,965
Surplus
Total
10,130,789 a9.446,596 8,263,458 b9.119,494
Operating ExpensesPrevious surplus
1,773,597 1,857,126
1.729,665
1.645.023
General
$10,531,496 $10,130,789 $9,578,040 $8,361,462
Total surplus
Maint. of way & struc_ _ 1,694,072 1,761,843 1,593,014 1,556,163
1,282.656 1,428,575 1,269,898
1,331,340
Maint. of equipment..
6.529.627 6,301,401 6,062.135 5.542,250
a After deducting difference between book and appraised values of
Transportation
16.084
13.158
105.730 properties destroyed or dismantled by fire, $131,444 in 1912-13 and $98,004
35.785
Traffic
in 1911-12.
b After deducting discount and expenses in connection with the issue in
Total oper. expenses.. 11,297,862 11.135,581 10.976.634 10,119,064
6.331,755 5,673,328 4,927.413 5,516,901 May 1911 of 5%20-year gold bonds, $371,421.
Net earnings
50,419
35,278
52.508
39.070
Interest on deposits. &c_
BALANCE SHEET AUGUST 31.
63.969
69,460
69.460
24.180
Int.frodisecurs. owned_
1912.
1911.
1913.
34,141
281.492
496,527
1914.
Int.charged to construe. - 47.833
Assets$14,619,397
9.282
5.400
Miscellaneous
Real estate, &c., &c___$15.951.025 $15.601,597 $14,842.845
3,445,422
3.153,668
3,101,686
3,437,634
Cash
6.488.117 5,832.748 5,545,908 5,861,643 Bills and accts. rec. and
Total
Deductionsadvs. for merchandise 4,941,549 4,949,219 4,898.910 4,929,707
790,997
762.610
716,180 Products, raw material.
725.593
Int. on West End debt.._
610,218
550.638
4,445,863 4,958,468 5,289,857 4,008,156
662,261
613.839
Taxes, West End
&c., available
340,362
376,462
437,462 Good-will, patents, &c_ 13,063,373 13,464,081 14,016,829 15,233,407
454.759
Taxes, Boston Elevated
and
earnings
Tax on
141,342
149.947
$41,839,444 $42,075,051 $42,202,109 $42,236,089
U. S. corporation tax..
145,109
153.159
Total assets
x188.913
188,068
185,305
185,740
Rental of subway
Liabilities$20,237,100 $20,237.100 $20,237,100 $20,237,100
Divs.on West End stock 1.406.808 1,392.969
1,387,710 1.358,848 Common stock
10.198.600 10.198.600 10.198,600 10,198,600
Dividends on Somerville
Preferred stock
9.180
9.180
10,000,000 10,000,000 10,000,000 10.000,000
9,180
Horse Ry
9,180 Debenture bonds
57.216
56,529
56,040
Rent Old C.St. Ry.,&c59.054 Commercial accounts &
981,000
887.807
995,703 1,231.310 1,358,367 1,392,348
706,000
Int. on Boa. El.fund.d't
556,000
conting's.
reserves for
102,083
102,083
102,083
86,900
207,700
102,083
131,033
Int. on unfunded debt_ _
Accrued interest
305,958
305,958
305,958
354,605
370,256
305.958
340,500
324,000 Dividends
Wash'ton St. tunnel rent
60,575
64.263
58.782
57,783
East Boston tunnel rent
68.409
70.119
$41,839,444 $42,075,051 $42,202,109 $42,236.089
18,204
Cambridge Connect.rent
Total liabilities
-V.98'
13- 1001
'
Total deductions_ --- 5.050,948 5.132,125 4,840,539 4,511,182
700,623
1,437.169
705.368 1,350,461
Balance
New York Dock Company, New York City.
130.000
Reconstruction reserve50.000
Winter exp. reserve__ _ (13th Annual Report-Year ending June 30 1914.)
(5%)1,193.970(6)1,197,000 (6)1,197,000(6)1.197,000
Dividends
sur.$63.199 def.496,377 def.491,632 sur.153,461
Balance for year
x After deducting $22,839 collected from the Bay State Street Ry.
BALANCE SHEET BOSTON ELEVATED RAILWAY JUNE 30.
1914.
1913.
1914.
1913.
AssetsLiabilities$
$
Rallway,equip,&c.49,383,739 46,645,590 Capital stock_ _23,879,400 23,879,400
Cash
1,408,950 4,691,613 Funded debt
22,300,000 22,300,000
Notes payable.._ 1,150,000 2,050,000
Bills and accounts
447,994 Vouchers & accts.. 458,014
receivable
374,801
659.702
Prepaid accounts_ 136,811
167,056 Salaries and wages 210,152
195,953
Bonds depos. with
Div. and coupons_
91,143
91,116
State
500,000
500,000 Rentals unpaid _ 262.064
262,031
do not due__
280,125
286,718
Materials and supplies
1,484,793 1,282,727 Int.&taxes not due 1,249.229 1,327,949
37,720
Insur., &c., funds
55,049
Tickets,checkx,&c.
investment
835,750 1,430,750 West End lease ac1,207.202 1,207,202
West End open
counts
884,768
884,768 Bay State St. Ry.
accounts
297
property acct.._
Property account.. 899,986 1,230,744
624,240
Stocks and bonds_ 208,011
208,011 Damage fund _ __ 459,029
829.725
Insurance fund__ _ 829,725
Somerville Horse
900,000
102,851
102,851 Depreciation fund 708,870
Railroad
Misc, Items
68,437
Recon'n,&c.,res've 185.899
Premium from sale
of stks. & bonds 2,719,743 2,719,743
226,901
236,660
Surplus
Pres. (now Chairman) F. S. Landstreet, Oct. 20 wrote:
$75,071 and the net earnings inResults.-The gross earnings increased
of railroad income was $38,068 (increase
creased $41,504, but the net loss$943,781,
a decrease of $984.
$40,520),leaving the net incomeearnings of the warehouse and storage deThere was a decrease in the
in the steamship and dock de$67.042
of
increase
an
partment of $1,217;
Current assets inpartment, and an increase of $9,246 in other income.
$229,326; surplus increased
creased $88,823 and current liabilities increased
was in operating
$29,608
which
of
$33,566,
$54,910. Expenses increased
$2,689 in insurexpenses. 31.236 in repairs, maintenance and depreciation,
expenses.
legal
ance and $24 in
before
completed
was
program
construction
Construction.-Although the
which in a large
July 11913, the final payments were made during the year,
and
improvements
for
$224,644
of
expenditure
measure accounts for the
betterments. The amount of $18,222 was expended in the railroad department for two sidings and one locomotive.
Maintenance.-There was spent in the dock and warehouse department
to oper$80.812 and on your railway $38.484; total, $119.296. all charged
ating expenses. There was credited to depreciation during the year $42.275, which was also charged to operating expenses.
City Plans.-The plans of the City of New York for a municipal railway
By.,
line along the Brooklyn waterfront in connection with the N. Y. Dock
and over a portion of your property, have been adopted by the Board of
Estimate. Owing to the financial conditions brought on by the European
war,actual work has been temporarily suspended.
in operatRailroad -The loss in this department was due to the increase
with the trunk lines
ing expenses. We had for some time been negotiating
As it
company.
your
allowed
rates
the
of
for an increase in the proportion
voluntarily, we brought an
became evident that they would not grant thisadjudicate
thematter. The
Total
56,288,897 57,592,104 application
56,288,897 57,592,104
Total
before the I. S. C. Commission to
yet been handed down.
-V.97, p. 1365, 1213, 1129.
hearing was had in June, but the decision has not Chairman
of the board of
[On Sept. 29 1914 F. S. Landstreet was elected
effective Nov. 1 1914.
Pres.,
elected
was
Halm
E.
William
American Express Company.
and
directors
loss of about
caused
St.
Pacific
at
building
On Nov. 9 fire in the co's.
$100,000; insurance $35,000.1
(Report for Fiscal Year ending June 30 1914.)
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
The report filed with the Massachusetts Railroad Com1911-12.
1912-13.
1910-11.
1913-14.
Earnings$979.087
184 918
$1,011.727 $1,012,944
mission for the year ending June 30 1914 compares as below. Warehouses
558.601
572,125 $1'531.508
625.643
Docks
The earnings include those of the National Express Co.
76.714
85,990
42,963
85.960
Other income
INCOME ACCOUNT.
$1,723,330 $1.648,259 $1,637,202 $1,759,389
1913-14.
1912-13.
1912-13.
1913-14.
$564.558
$539,702
$522.538
Exp. warehouses& docks $594,165
96,183
72,700
79,415
97.419
an repairs & maintInc_ _df.161,551 1,878,107
Gross from °per_ _45,102,949 47,849,010 Net divisible(8%)1,440.000(12)2,160,
41,972
43,919
50,827
44.661
Insurance
000
Dividends__
Other income_ _ _ 657.826 1,439,117
5,201
6.148
7,134
5,236
Legal expenses
Bal.for year_ _df.1,601,551 df.281,892
Tot.gross earns.45,760,775 49,288,127
$646,291
5676.092
$707,914
$741,481
expenses
Total
be$990,912 51 ,083.297
Oper. expenses___45,366,381 46,916,940 Total surplus
$940,345
$981.849
earnings
ginning of year_19,298,461 21,499,302 Net
10,260
27.560
2,452
Net earns, railroad dept. def.38,068
prof.
Net earnings.... 394,394 2,371,187 Net changes ofdeb_
1,918,948
11,820,980
493.080 & loss acct.
Charges & deduc.. 555,945
$942,797 $1.001.172 $1,110,857
$943,781
Total income
5376.400
$384,355
$371.175
$369.645
Deduct-Taxes
Net divisible Inc.df.161,551 1,878,107 Tot. stir, end yr. 5,875,930 19,298,461
472,000
472,000
476,415
501.048
Bond interest
There were credited to profit and oss in 1913-14: Value of real estate.
Express Co. $274.385:
$848,400
$856,355
$847.590
Total deductions---- $870.693
. building and mortgage taken over from West,cott
$262,457
$144,817
$95,207
$73,088
profit of sales of securities owned. $59,425: value of Wells Fargo & Co. Balance, surplus
(1)100,000(3)5)350,000
stock received by American Express Co. as their proportionate share of the Preferred dividends.._
distribution made to shareholders, $122.500; sundry credits aggregating
Railroad Dept.$30,607; total credits, $486.917.
$258,773
$331,212
$367,941
$400.195
Earnings
There were debited in 1913-14: Disbursements for expenses in current Net, after expenses_ _ _ _ def.38.068
$27,560
$10,260
$2,452
of
adjustment
$216.173:
1913,
1
July
to
prior
period
to
applicable
year
to
distribution
book value of securities owned by company. $3.077.930:
Railroad expenses for 1914 and 1913 Include $25,668 and $17,985, restockholders of Wells Fargo & Co.'s stock held by company, $9,000.000; spectively,
for depreciation, an item not charged out in earlier years.
sundry debits aggregating $13,794; total debits. $12,307,897.
BALANCE SHEET JUNE 30.
BALANCE SHEET JUNE 30.
1913.
1914.
1914.
1913.
1913.
1914.
$
$
Liabilities$
3
Assets3
3
LialdiUlesASSat$
7,000,000 7,000,000
stock__
Common
30,500,957
&e.......a30,710,073
Property,
18,000,000
Cost of equipment 3,745.600 3,843,572 Stock ("Interests")18,000,000
10,000,000
__10,000,000
stock_
Preferred
5,031
21,887
corp.stk.
2,000,000 N.Y.CIty
Land and buildings 7,046,053 7,462,003 Loans& notes pay.
91,961 First mtge. bonds_12,550,000 12,550,000
282,715
221,619
Cash
3,947,508 4,702,197 Vouchers & accts. 2,254,556 2,223,421 Cash
82,054 Accounts payable_ 171,526
11,967
Loans on mdse.._
Salaries & wages4
209,167
Bills, accounts and
Accrued bond Int: 209,167
Accounts & claims
notes receivable 9,002,183 12,042,578 Transport. charges
295,000
payable_
Loans
307,887
293,509
receivable
15,580
due and unpaid_ 1,342,683 1,938,389 Accr. earnings, net
Traffic, &c., Ws_ 142,453
188,501
insur acct.
Trustee
55,045
77,905
25,159
Due from agents 4,222,247 5,010,876 Unpaid money or18,436
91,718 Reservo_b
61,893
Materials & supp_
Oth.working assets 159,681
150,921
ders.checks,&c.14,730,106 15,432,000 Taxes
c1,359,521 1,304,611
Surplus
9,303
711
prepaid_
__
_
85,071
Mat'ls & supplies_ 222,579
47,678
199,769 Traffic, &c. bras_
138,195
Insur.,&c.,unexp. 110,816
seer.Inc. not due_ 115.005
347,853 Matured interest,
'
43,985
32,174
554,642 Miscell. expenses_
291,192
Def'd debit items_ 314,372
382,487 rents, &c
31,603,650 31,326,136
Stocks owned_ _ _ 7,977,266 20.644,790 Misc. accts. payle 859,850 1,361,631
Total
31.603.610 31.326,136
Total
4,404,895 4,621,901 Accrued liabilities
Bonds owned
warehouses. &c.;
in 1914 real estate, wharves
180,173
not due
164,408
Other permanent
a Property, &c., includes
equipment,
$337.056,
floating
$742,425;
476,517 $29.367,985; terminal railroad,and improvements and betterments, $224,investments _ __ 2.009,243 1,952,858 nerd credit Items_ 642,682
Profit and loss_
5,875,930 19,298,461 machinery and tools, $109.539;reserve for depreciation. $71.578; balance.
less
644; total, $30,781,651;
cost of delivering merchandise. c After de44,209,085 61,550,305
Total
44,209,085 61,550,305 $30.710.073. b Reserve for(net,
Total
$18,178).-V.99, p. 1371, 1134.
ducting sundry adjustments
:-V• 99, p• 1388. 818.
Nov. 14 19141
THE CHRONICLE
Boston Woven Hose 84 Rubber Co.
(Balance Sheet Sept. 1 1914.)
1914.
1913.
1914.
1913.
s
AssetsLiabilities$
S
$
Lands and bulidings_1,217,079 1,318,287 Common stock
1,000,000 1,000,000
750,000 750,000
Machinery & tools__ 757,636 429,721 Preferred stock
348,000 373.000
Patents
1 Loans
1
Office furniture
1 Accrued accts. pay'le 48,3041 30,696
1
7,799J
Cash
403,309 256,909 Accrued wages
Accounts receivable_ 510,365 664,460 Surplus & guaranty...1,555,933 1,384,641
Mdse.inventory_ __ _ 821,645 868,958
1449
Infringements.-During the year we have finally secured proof of infringements by a number of corporations of the patents under which this
company is operating its machines. We have entered a number of suits
and have in preparation additional suits for such infringements. Some of
these cases we expect will be brought to trial within the next few months.
Natural Gas.-The Western Pennsylvania Natural Gas Co. has expended
a considerable amount of money in acquiring gas property and drilling for
natural gas in the vicinity of the Jeannette factory. We have drilled quite
a number of very good wells and with the additional wells that are now drilling we confidently expect to have more than enough gas to operate the entire
factory at Jeannette to its full capacity. The gas operations show a satisfactory return on the amount invested.
INCOME ACCOUNT.
Total
3,710,036 3,538,337
3,710,036 3,538,337
Dividend Record (Per Cent.
Year ending
Years ending Aug. 30
Aug. 28 '14. 1912-13.
1905. 1906 to 1909. 1910. 1911. 1912. 1913. 1914.
1911-12.
1910-11.
b10%
10
12
al()
8
Common stk_ 3
3,3,3,- Boxes cont, window glass:
Single strength
Preferred stk..-6% yearly (3% June and Dec. to June 1914)
2,508.565 13,509,973
2,316,416
1,724.898
Also
25%
stock
b
Double
1910.
Nov.
dividend
1
paid
strength
extra
paid
a Includes 2%
956,381 1
942,877
851.252
%. Net profits
Nov. 1 1912. The dividend rate was increased in Dec. 1912 from
$437,346
$1,864,101 32.035.623
$957,868
to 3% quarterly. V. 95. p. 1041. 1475.-V. 97.13. 1506.
Other income
55,355
19,746
34,039
110,712
Total
Crucible Steel Company of America, Pittsburgh.
(Report for Fiscal Year ending Aug. 31 1914.)
The report, signed Oct. 16 by Herbert Du Puy, Chairman,
and C. C. Ramsey,President, says in substance:
Results.-Owing to the European war, it was thought best to conserve
In every way possible our working capital and cash resources. Earnings
suffered much from the depression of general business at home and from the
recent complete cessation of export shipments and payments abroad, but it
was felt reasonable to assume that, with improved conditions due to the
excellent crops at home, and a freight-rate allowance given to the railroads
by the Government, a restoration of normal business should soon follow.
Every effort is being made to extend the distribution of our products in
new directions and to lines previously supplied from the Continent.
The entire direct loss of foreign business, which to this company was
large, and also indirectly our domestic business through foreign influence,
naturally affects our general income, our customers at home being unable
to export their goods, thus decreasing their consumptive power.
To maintain the efficiency of the plants, there wasexpended $1,316,322
for maintenance and depreciation, all of which has been charged against
income as part of current expenses.
The undivided [accumulated)surplus, after the payment of the full year's
preferred dividend of 7%,is $7,371,202.
Inventories.-All inventories have been carefully taken and have been
valued either upon the basis of actual purchase or producing cost, or on the
market values prevailing on Aug. 31 1914, whichever figure was the lower.
Crucible Steel Co. Plants-Crescent Works.-During the year additional
boilers have been added to this plant, with new buildings, coal and ashhandling apparatus, &c. After the entire unit is in operation the cost of
producing power should be quite as economical here as it is at the Park
plant. Arrangements have also been made to replace during the coming
year the old office, laboratory and machine shop.
Atha Works.-A dock has been built on the Passaic River and an inter-mill
railroad line laid connecting it with the works. The electric furnace completed last year in connection with the turbine system has done well.
Pittsburgh Crucible Steel Co.-This subsidiary has been growing during
the past year. The mill buildings were completed early in August 1914,and
the finishing mills are being gradually put in place, so that soon after Jan. 1
1915 it is hoped that the plant can begin to produce results. The blast furnace, after a life of 7% years and a production of 1.053,673 gross tons, was
blown out on April 29 1914. The large stock of pig iron held at the Midland
plant having now been consumed,and the blast furnace having been re-lined
to the larg-r capacity, the stack was put in operation on Sept.211914. It
is expected hereafter that the output will be from 20 to 25% greater than was
its production under old conditions, and, at the same time, its cost less.
Crucible Fuel Co.-The Crucible Coal Co.. which was the original holding
company for the 2,000 acres of coal land bought in the interest of your
company, has been absorbed into the Crucible Fuel Co., the corporation
now handling your coal operations. The 2,500 acres of coal land adjoining
the Crucible Coal Co.'s original purchase has been deeded to the Crucible
Fuel Co.. so that now the latter company controls and operates some 4,500
acres of coal land, which operation,although not yet up to fullest capacity,is
already showing remarkable results, not only in the quality of the product
mined, but also in the cheapness of the productive cost(V. 98, p. 239, 307.)
Syracuse Crucible Steel Co.-The construction of this new plant, so far as
its buildings are concerned, is practically finished. Nothing has yet been
done towards the installation of machinery because of present uncertain
business conditions prevailing throughout the country.
Stockholdets.-Pref.. 3,211, increase 17; common. 1.861, a decrease of 9.
[The directors in Sept. 1914 deferred action on the quarterly dividend on
the $25,000,000 7% cum. pref. stock usually paid on Sept. 30, because of
trade conditions brought about by the European war.]
•
EARNINGS FOR YEAR ENDING AUGUST 31.
1913-14.
1912-13.
1911-12.
1910-11.
Not
Not
a$19,318.325 816,036,767
stated.
stated.
14.204.365 11.955,991
Net,before repairs. &c.$2,991.602 $6,958.131 $5,113,960 $4,080,776
Repairs
)$1,316,3221 $1,033,164
6786,420
$719.032
Depreciation
1
665,000
650,000
599,473
Contingencies
50,755
5,864
53,595
32.505
Balance
$1,624,525 $5,206,372 $3,671,674 82,729,766
Int. on dividend scrip_ -1 609,486
300,4861
73.310
73,310
Int. on bonds of sub. cos.J
173.368
98.938
Prof. dividends (7%) - 1,750,000
1,750.000
1.750,000
1.730,277
Gross earnings
Operating charges
Balance, sur. or def_def.$734,961 sr$3,155,886 sr$1,674,996
sr8827,241
a Gross earnings as above include other income as 862,216 in 1911-12
and $134,628 in 1910-11.
BALANCE SHEET AUGUST 31.
1914.
1913.
1914.
1913.
AssetsLiabilitiesPreferred stock _25,000,000 25,000,000
Real estate,plants,
45,385,609 45,365,239 Common stock .24,578.400 24,578.400
&c
Investments in and
Dividend scrip__ 2,033,845 2,087,775
advances to asCoallandpur.notes 902,090 1,166,000
sociated cos.. _ _ 8,167,291 7,221,424 Accounts payable_ 980,903 1,696,275
200,100 Bills payable
Investment securs. 200,100
2,655,000 1,912,366
Accts.& bills rec.- 2,660,833 4,130,366 Int.,&e.,accrued_
68,775
95,146
1,286.270 1,560,339 Depreciation. &c. 802.816
Cash
802,817
Insurance fund_ _ _ 219,269
Taxes, insurance.
219,2139
04,175 Reeve for conting.
70,103
&c., advances....
50,000
50,000
6,891,999 7,172,567 Profit & loss, Burp. 7,371,202 8,106,162
Inventory
64,662,210 65,714,210
Total
Total
64,662,210 65,714,210
The company has also guaranteed the principal and interest of $7,880,000
bonds of associated companies.-V.99, p. 1369, 819.
American Window Glass Co., Piftsburgh, Pa.
(Report for Fiscal Year ending Aug. 28 1914.1
Pres. M.K. McMullin says in substance:
Operations.-During the past year the common window glass produced by
the company was as follows: Single strength, 1,724,898 boxes; double
strength, 851,252 boxes. While the total production of common window
glass was much less than in the preceding year, the average production per
machine per shift was materially increased. We also produced a considerable amount of specialties.
Quite extensive improvements have been made at most of the factories,
and large sums have been charged into the manufacturing costs in order
to pay for these improvements. We have also charged into the manufacturing costs a substantial amount for the reserve fund for extraordinary
repairs and replacements.
Total income
Deductions
$1,898,140 $2,055,369
187.714
237,615
8492.701 $1,068,580
266,915
333,304
Net income
Royalties
81,710,426 $1,817,754
975,674
987,325
$259,397
814,856
$801,665
928,785
Balance, sus, or def_sur.$734,752 sur.S830,429 def.$555,459 def.$127,120
BALANCE SHEET.
Aug.28 14. Aug.30'13.
A ug.23'14. Aug.30'13.
AssetsS
$
Property & plants_ 17,465,710 17,651,175 Common stock _ _13,000,000 13,000,000
Materials & supp- 1,745,434 1,881,974 Preferred stock_ __ 4,000,000 4,000,000
Investments
172,579
15,390 Bonded debt
1,664,000 1,943,000
Cash & accts. rec.. 1,110,442
581,177 Accts.& notes pay. 187,924
306,114
Discount on bonds 331,000
378,528 Royalty accounts_ 6,347,228 5,371,553
Repairs. &c
85,226
97,672 Res'y'd for repairs 199,9961 123,909
Profit and loss_.a4,502,034 4,138,660 Miscellaneous........
13,2775
Total
25,412,425 24,744,576
Total
05 412,425 24,744,576
a After deducting charges applicable to prior year's operations (net). $18,127, and dividends on preferred stock. 81,080.000.-V. 99, p. 1216.819.
Pittsburgh Brewing Co., Pittsburgh, Pa.
(Report for Fiscal Year ending Oct. 24 1914.)
Pres. Wm.Ruske, Pittsburgh, Nov. 4, wrote in substance:
Our sales during the year show a decrease and the earnings likewise are
considerably less than last year, notwithstanding the fact that our customers have increased in number. This decrease in sales and earnings
is no
doubt due to the general business depression prevailing
country and to the great number of persons unemployed. throughout the
Recently we have inaugurated a selling campaign in territory
which
we had not heretofore transacted business, and this new businessin
bids fair
to considerably increase our output during the coming year.
We have purchased and installed additional improved machinery in a
number of our bottling plants during the year. which will considerably reduce the cost of operation. We have written off for doubtful accounts and
allowed for depreciation on buildings. machinery, &c., to the amount of
$450,839, and paid the interest on outstanding bonds and the dividends on
preferred and common stock.
INCOME ACCOUNT FOR YEAR.
1913-14.
1912-13.
1911-12.
1910-11.
(all
Gross recta.
sources)a$5,237,386 $5,886,475 85,414,152 $5,055,497
Expenses
b3,804,843
3,830,675
4,109,514
3,694.028
Net earnings
$1,432,543 $2.055,800' $1.304,638 $1.361,469
DeductInterest
$346,640
$340,140
$379.140
$379,140
Prof. dividends (7%)_
427,000
427,000
427,000
427,001
Common dividends_ __(4%)238,490
(5)298,106
Bad accounts and notes
charged off
99,898
Depreciation, &c
642.021
465,409
531,461
387,150
Total
Surplus or deficit
Previous surplus
$1,471,039 $1,415,661 $1,293,188 $1.635.708
def.$38,496 sur.$640,139 stir.$11.450 def.S274.299
3.810,995
3,822,445
4,462,584
4,085,233
Total surplus
$4,424,088 $4,462,584 $3,822.445 $3,810,995
a Includes $164,758 income from interest, rents, &c., in 1912-13. against
8149,874 in 1912-13. b Expenses in 1913-14 (83.804.843) include operating cost of sales, $3,437,148, and general expenses, $367,695.
As to reduction of quarterly dividends on common stock period on Mar.30
see V. 99, p. 1372.
BALANCE SHEET.
Oct. 24'i4. Oct. 25'l3.
Oct. 24'14. Oct. 25'13.
Assets$
LiabilitiesS
6
Plant & equlpm't_ 18,149,032 18,294,818 Bonds
5,669,000 5.669.000
Cash
156,208
254,938 Preferred stock__ _ 6,100,100 6,100,100
Bills rec. dr mtges_ 2.527,355 2.527,116 Common stock_ 5,962,250 5,962,250
Accts. receivable. 513,527
506,660 Due for mdse..&c.
98,405
111,420
Real estate
348,292
307,266 Res. for taxes,&c.
90,469
94,104
Brewery and office
Accrued interest on
Inventory
560,598
516,565
bonds,4 months 113,380
113,380
Sinking fund acct. 202,620
105,475 Undivided profits. 4,424,088 4,462,584
Total
22,457,692 22,512,838
Total
22,457,692 22,512,838
Note.-Unsold stocks and bonds in treasury: $181,000 bonds of
the $6,500.000 auth.; 7,998 shares of pref. stock (par $50), or
of the $6.500,000 auth.; 10,755 shares common stock (par $50).$399,900
or $537,750 of the
$6,500,000 auth.
A quarterly dividend of 14 of 1% was declared last week on
the common
stock, along with the regular quarterly 13
4% on
cum. pref. stock, both
payable Nov. 30 to holders of record Nov. 20. the
This compares with 1%
quarterly from Nov. 1913 to Aug. 1194, both inclusive.
-V.99, p. 1372.
Independent Brewing Company of Pittsburgh.
(Report for Fiscal Year ending Oct. 17 1914.)
The chartered accountants say:"The cost of all repairs has been charged
against the operations of the year. A sum of $278,726
been applied
to reducing the values of the fixed assets. The contingenthas
for bills
under discount amounts to $222,257; of this sum $70,248liability
is as endorsers
only.
RESULTS OF OPERATIONS.
1913-14.
1912-13.
1911-12.
1910-11.
Sales (barrels)
563,922
574,425
486,016
514,695
Income, all sources
$4.102,316 $4,281,996 $3,519,202 83.500,095
Cost of produc. & oper_ 2.896,715
2.796,857
2,704.964
2,683,498
Profit on sales
$1,205,601 $1,485,139
$814.238
8816.597
DisbursementsInterest on bonds
$248,930
$263,500
8270.000
$270,000
Preferred dividends__ _(7%)315.000 *(8)360.000 (1J)56.250
Int. on bonds constit.cos.
2,468
2,918
3.927
4,657
Depreciation, &c
281,961
287,212
243.008
257,347
Total disbursed
$848,359
$913,630
8573.185
$532.004
Balance, surplus
$357,243
$571,508
$241,053
$284,593
*Also paid a 2551% scrip d1v. on pref. stock in Oct.
1913: V.97, p. 1026.
1450
THE CHRONICLE
iVoL. xcrx
there any transfer of cash. All of the Southern Pacific's subsidiaries.
BALANCE SHEET.
banking is handled by the parent organization. Surplus earnings of each
Oct. 17'14. &LB'13. from
Oct. 17'14. Oct. 18'13.
year to year are left in the Southern's treasury and carried on the bal3
Liabilities$
Assetsance
sheet as owed to the subsidiary company. The money is used by the
47s Common stock__ 4,500.000 4,500.000
Real estate, &c___12,264,010 12,063,
Pacific as needed from time to time and the :Payment of this divi238,451 Preferred stock __ 4,500,000 4,500,000 Southern
200,078
Cash
dend simply wipes out the parent company's obligation to the controlled
Bills receivable_ a1,252,615 611.176,714 Bds.Ind.1trew.Co. 4,500,000 4,500,000
company.
and
owned
45,730
38,000
Constituent cos_
510,025
Accts. receivable_ 556.743
The Southern Pacific Co. owns every dollar of capital stock of the Central
149,642 Pacific
535,226 Accounts payable_ 238,863
b385,331
Securities at par
guarantees interest on its outstanding bonds. Therefore.
Ry.
Fret.stk.d Iv. scrip
151.927 it is entitledand
Insurance, taxes,
to take all of its surplus at any time or in such form as may be
37,756 Capital stock tax
57,845
&c., unused
deemed
advisable.
30.061
due
Materials and fincomment reported that the dividend was doubtless declared because
83,000 ofThepending
308,160 Accr. bond int.,&c. 116,237
ished product_ _ 379,995
suit of the Government against the Southern Pacific to com108,000 Undivided profits.e1,381,417 1,008,445 pelthe
Sinking fund bonds 177,900
separation of the Central and the Southern has no foundation whatever.
Even though the Government suit were to be decided against us and we
were compelled to sell the Central Pacific, if there existed a surplus of $17.Total
15,274,517 14,977,805 000.000
15,274,517 14,977,805
Total
or $20.000.000. as the case might be, we would simply add that
amount to the selling price of the property. In other words,there would be
a Bills receivable are secured by judgment notes and mortgages.
gain by absorbing that surplus at this time.
to
nothing
of any
b Includes $372.000 bonds in treasury I. B. Co. and $54,331 investments
[In other words, the extra dividend did not involve the transfer Pacific
in stocks and mortgages.
and nothing was added to the funds of the Southern
whatever
cash
reserve
and
for
insurance,
taxes,
&e.,815:729,
c After adding adjustments
dividend. It merely wiped out a debt of the Southern
extra
the
by
Co.
for packages, $121.612, and deducting $111,612 written off floating coop- Pacific Co. to the Central Pacific Co. by the transfer of title to the amount
by
erage and $10,000 tax reserve.-V. 99. p. 1370.
involved in the dividend to which the Southern Pacific Co. is entitled
1913
its ownership of all of the Central Pacific Co. stock. On July 30repre$19.697.615.
Co.
Pacific
the
Central
owed
Co.
the Southern Pacific
number
senting the latter's accumulated surplus after dividends covering a 30
GENERAL INVESTMENT NEWS.
1914
of years. After adjustments during the year the figures on June
debt of
The
1913.
30
June
were only $9,587.904.against $19,697,615 on
$92.RAILROADS, INCLUDING ELECTRIC ROADS.
the Southern Pacific Co. to controlled companies was reduced from
Of the $23,231,990 on June 30 1913 to $68.809,558 on June 30 1914. of
$17,449,100
the cancellation
American Railways Co., Philadelphia.-Dividend Re- 422,432 decrease the principal factor was
the dividends.
of
payment
the
through
Pacific
Central
the
to
owed
duced.-The directors on Monday declared a quarterly divi- Ed.(.-V.98. p. 522.
4% (623'c. per share) on the $6,713,150 common
dend of 11
stock, payable Dec. 15 to holders of record Nov. 30. This
compares with 13.% quar.from Dec. 1902 to Sept. 1914 incl.
Dividend Record of Common Stock (Per Cent).
1903 to 1913.
1902.
1901.
1914.
1900.
6
1 %.1% 1 si.13i
5
4
1 (Dec.)
President Sullivan says: "The reduced earnings for the last three months
due to the general business depression make us feel that the wisest course
to pursue under the circumstances is to curtail the dividend disbursement."
-V.99. p. 812.
Bangor & Aroostook RR.-Stock Increase.-The Maine
RR. Commission has authorized the company to increase its
stock from $3,198,600 to $5,000,000. Of the new stock,
$250,000 was offered to stockholders and has been issued in
connection with the construction of the Van Buren Bridge.
Total amount now outstanding, $3,448,600.-V. 99, p.
1290, 673.
Belt Line Railway Corp., N. Y.-Earnings, &c.See Third Avenue By. Co. under "Reports" above -V. 97, p. 1356.
Brooklyn Rapid Transit Co.-Fulton St. ElevatedFourth Ave. Subway.-The New York Municipal Railway
Corp. last week applied to the P.S. Commission for authority
to re-locate the elevated tracks on Fulton St., as authorized
by a special Act of the Legislature passed last year.
The present elevated tracks on Fulton St. between Boerum Place and
Sands St. are to be re-located either on Adams St. or property adjacent
thereto, or over private and municipal property, connecting with the tracks
of the Brooklyn 13ridge. Ills requested that a decision be given promptly.
because the company contemplates the letting of contracts for the thirdtracking of the elevated line on lower Fulton St., as required by the dual
subway contracts with the city.
Co. an
The P. S. Commission has granted to the Degnon Contracting
of Section
extension of time for three months to Jan. 4 for the completion
Brookin
extension
Subway
I of Route 11-13. the part of the Fourth Ave.
July 4 1915 on Seclyn between 43d and 61st Sts.: and for nine months toThis,
does
said,
is
it
Sts.
86th
and
61st
tion 2 of the same route between
the operation of the Fourth
not mean that there will be any delay inThe
is already comAve. Subway early next year, as planned. being subway
reconstructed, Joins the
now
pleted to 43d St. The Sea Beach line,and
the contractors, it is stated, inFourth Ave. Subway at about 65th St.
2 so as to complete that
Section
of
part
upper
the
on
work
the
tend to push
has made an order directing
section by the same time. The Commission
Coney Island & Brooklyn RR., the
the Brooklyn Rapid Transit Co., the
Brooklyn Queens County & Suburban
Coney Island & Gravesend By., the
Heights RR. and the Van
Brooklyn
the
RR., the Nassau Electric RR.. establish through routes and joint fares
Brunt Street & Erie Basin RR. to
may be given from the
transfers
free
that
so
lines,
their
over
and charges
lines of other companies and vice
Van Brunt St. line to the intersecting
issuing the transfer
company
versa. The division of the fares between the
left to the companies to agree
and the company accepting the transfer isheld
that the praccomplaint
on
hearings
upon. The order is the result of
Van Brunt St. line to the Coney Island &
tice of giving transfers from the
99, p. 1213.
-V.
been
suspended.
had
years,
for
existence
Brooklyn RR.,in
466.
Chesapeake & Ohio Ry.-Sale of Stock.-
See Sunday Creek Co. under "Industrials" below.-V.99. p. 1213, 1051.
Chicago Great Western Ry.-Exchange of Voting Trust
Certificates.-The voting trustees give notice by adv. on
another page that the holders of the voting trust certificates
should present the same for exchange for stock certificates
prior to Dec. 1 1914 (see also V.99, p. 406).-V.99, p. 1365.
Chicago Milwaukee & St. Paul Ry.-Listed.-The New
York Stock Exchange has authorized to be listed $18,000,000
general and refunding M.43..% bonds,series"A",due 2014,
on notice of issuance in exchange for outstanding temporary receipts with authority to add prior to Jan. 1 1916
$12,000,000 additional bonds on notice that they have been
sold and passed beyond control of the company, making
total amount authorized to be listed $30,000,000. Compare
bond offering, V. 98, p. 1766.
for a like amount
The $30,000,000 bonds have been issued in exchange
1st M.4s, the mortgage
of Chicago Milwaukee & Pugest Sound By. Co.
securing the latter bonds having been closed)
hare been Used.
Bonds
the
of
Proceeds
Purposes for Which the
locomotives, passenger train cars,
Steam locomotives, electric
$5,491,226
equipment
freight train cars, work
Change of line and additional
Lines east of Mobridge, S. D.
in Iowa, Green Island. to
Division
B.
C.
&
-C.
tracks
main
Hastinga and Dakota Division,
Manilla. Manilla to Neola.
Wis.. Cragin to Galewood. lii.. 3rd
changes at Tunnel City,
main track-West Milwaukee
second
tracks,
main
and 4th
5.508,642
to Lake ,Wis
Cut Off, third main track-Stowell
signals-Milwaukee to Hastings,
Automatic block and other
B.
C.
&
C.
in
Division
Iowa.
B.
C.
&
C.
Aberdeen.
to
Hopkins
Division in Illinois. Appleton, Minn., Milwaukee, Wis.,
834,003
Eliminationberdeen,
rade Crossings-Chicago, Milwaukee, Minnef.GD
o8
8,101,726
apolis, Evanston, Ill., Deerfield, 111
to RonNew Branch lines and extensions-Bensonville,
Mich., MerCrystal Falls, Mich., to Iron River,Ill..
dout,
2,424,033
rill, Wis., Branch line
Terminal yards and side tracks at Chicago,Perry, Cedar Rapids,
Falls,
Covington,
Rockford.
Crystal
Milwaukee,
Dubuque,
North -McGregor. Minneapolis and miscellaneous side tracks_ 2.892,370
Payment of terminal M.5% bonds which matured July 1 1914. 4,748,000
which will be deposited with trustees
4% bonds of 1909
The issue of Chic. Mil. & Puget Sound By. Co. 1st M.are
outstanding in
has been closed at $181,664,500, of which $27.175.000
are owned and
the hands of the public and the remaining $154.489,500
payment of
in
it
by
received
been
having
held by the railway company,
and equipment of said
moneys expended in the construction, improvementhave
been
all
stamped
bonds
3154,489.500
These
Lines.
Puget Sound
.&
"non-negotiable" and deposited as part security for the Chic. MIN,
amount of
St. Paul Ry. Co. general & refunding mortgage. An equal on
account
been
created
has
mortgage
last-named
the
bonds secured by
of the bonds so deposited, whereof 330.000,000 aro now listed and the
remaining 8124.489.500 are held as a free asset in the treasury of the
Chicago Milw. & St. Paul,
Buffalo & Susquehanna Ry.-Negotiations for Sale.stated that negotiaP. S. Commissioner Decker yesterday
s of the comtions were under way between the bondholderowned
the
pany and the South Buffalo RR. whichofisthe road.by The
purchase
the
for
Co.,
Steel
a
Lackawann
arrangement will then come before the Comm. for approval.
Earnings.-For 2 months ending Aug. 31:
Balance,
Interest
Other
Net (After
Operating
Two
Surplus.
Taxes.) Income. Rents, ctc.
Revenues.
Months.$2,542,106
$2,602.336
$602,856
34,541,586
316,014,187
1914
4,132,122
15,993,470
1913
-V. 99, p. 831. 811.
Chicago Peoria & St. Louis RR.-Deposit Agreement:The committee of holders of General & Refunding M.43s,
due 1939, consisting of Frederick J. Lisman and Alfred Shepherd, has issued in pamphlet form the agreement under which
these bondholders are asked to deposit their bonds, with
Co.
coupons of June 1 attached, at the Bankers Trustmembership
in the
Canadian Northern Ry.-Proceeds of £3,000,000 4%
The agreement provides that in case of aJ.vacancy
designated
on,
be
shall
Lisman
confirmati
of the committee the successor of Frederick
Debenture Stock Available.-We have official
N. Y. City, and the successor of Alfred Shepherd
proceeds of the by F. J. Lisman & Co.,Car
Britain.
Great
Ltd.,
Co.,
Realization
Trust
dated Nov. 6 1914, of the report that the
by the directors of the
The agreement gives the commitThe committee may add to its number.
£3,000,000 Canadian Northern Ry, 4% 20-year Dominion
and
provides
the
bondholders
of
protection
the
for
powers
trust
,
0
customary
tee the
by the committee shall become
guaranteed debenture stock (issued under $45,000,00
any plan of reorganization presented by
in July last, is that
to
certificates representing 51%
binding on all depositors when assentedthat
deed dated July 15 1914), sold in London
each dissatisfied depositor shall
but
hereunder,
269,
p.
deposited
See V. 99,
Of the bonds
now available for use of the company.
30 days in which to withdraw; if the holders of more than 49%
allowed
be
in principal amount of the outstanding certificates of deposit shall so dis341, 536; V. 98, p. 1600, 1607, 1918.
report of the sent, the plan will not become effective. See V. 99. p. 1213,673, 342, 118.
Central Pacific Ry.-Dividends.-The
Chicago Rock Island & Pacific RR.-Deposits With
shows that the CenSouthern Pacific Co. issued this week,
during Wallace Committee.-The deposits of collateral trust bonds
'out of profit and loss account
tral Pacific Ry. paid
the following dividends: with Central Trust Co. under agreement of Wallace comthe fiscal year ending June 30 19140 preferred and $67,275,- mittee, aggregated to Nov. 13 $40,952,000; add some $7,$17,400,00
the
on
each
regular
6%
$1,044,000 and $4,036,- 200,000 deposited in Holland en route to U. S.; total under
500 common stock (amounting to dividends of 20.607 +% committee's control $48,152,000 out of $71,353,500.
special
also
and
y),
respectivel
530,
Opposition.-N. L. Amster, the opposing interest in the
7 an
on each of said classes of stock ($3,583,62
Pacific Co. foreclosure wshaicyhs
Southern
the
to
accrued
which
of
all
y),
respectivel
took from Judge Mayer in the matter of leave to
The
1912
yearly to 1912,inclusive, and late in
peen argued before the Circuit Court of Appeals. The
modification by the Inter-State
This result is made possible by the recent
former decision in the industrial railroads
Commerce Commission of itsBuffalo
other roads similarly conand
RR.
South
case under which the
allowed to make joint rates with the
trolled by industrial companies are in
last week, page 1367.
"Chronicle"
"Rates"
on
item
See
trunk lines.
--V. 99. p. 1299. 1129.
On preferred there was paid 4%
yearly rate from 1907 to 1912 to
an extra payment to adjust the average
There was disburs
the same as the common: fiscal year 1912-13. 6%.
6%; 1908-09.6%; 1909-10,6%;
1907-08.
in
on the common in 1906-07 6%:
1910-11. 10%; 1911-12 and 1912-13,6%•
An official of the Southern Pacific Co. says:
Nothing
The transaction was nothing more than a bookkeeping entry. nor was
was added to the Southern Pacific's treasury through the entry
intervene has
to
argument took up practically an entire session and the judges seenied
and pertinent questions.
be deeply interested in the case and asked many decision
have
will
which
early
and
an
of
favorable
hopeful
I am very
who have
the effect of giving the desired protection to all bondholders In case of
co-operated with me, numbering over 250 individual holders.
be a sale
not
necessarily
there
will
this
Court,
a favorable decision from
of the collateral Nov. 24.
NOV. 14 1914.]
THE CHRONICLE •
1451
It is gratifying to note that the Rock Island's gross earnings for July. the direction of the Street Railway Commission, will, it
August and Sept. increased over $1,000,000, while the net income was
about $600.000 over the same poeriod of last year, which accords with my is stated, not be completed before Dec. 7, and even then it
statement last July. In which I predicted increased earnings and showed is said to be unlikely that the final figures on the franchise
the company to be on the eve of great prosperity. The company has less value will be ready.
maturities coming due in the next two years than the average road of its
The Commissioners have granted Prof. Bemis an extension of time to
• destiny
kind and size, and I insist that. a o
it of over 84.000,000 complete his work. The final appraisal was to have been finished
by
(now that the holding company has ceased to drain
there
will
be
years)
Nov.
no
need
of
12
past
15.—V. 99. p. 1366. 1214.
the
a year in dividends, as it has in
worrying over the company's finances.
Gary & Interurban RR.—Favorable Decision.—Judge
claiming that I have agreed to the
It There is no truth in any statements
There is only one Tuthill in the Superior Court at Valparaiso, Ind., on
Wallace Committee's plans or to deposit my bonds.Wallace
Nov. 10
the
Committee,
condition under which I would co-operate with
denied the application of three minority stockholders, headed
and that is, that all bond-holders, whether depositing or not depositing,
by Fred Raff of South Bend, Ind., to set aside the merger
be treated equally and alike.—V. 99.P• 1365.
other lines and appoint a receiver.
Chicago Rock Island & Pacific Ry.—Meeting Post- -with four
Court lvdcl that the merger was legal and that there was no attempt
poned.—The annual meeting of the stockholders, has been atThe
fraud, as alleged. The merger was voted on Jan. 28 last.—V. 99.
674. 608.
again postponed to Nov.30.
was to have come before the meeting was the
Georgia & Florida Ry.—Decision on Arbitration.—
The only business which succeed
those whose terms have expired. The
election of four directors to
postponement. it was stated, was voted because it was desired not to select
directors until certain litigation had been settled.—V. 99, p. 1129. 815.
See article in editorial columns on a previous page.—V. 98. p. 1537.
Grand Trunk Pacific Branch Lines Co.—Terminal
Chicago & Western Indiana RR.—Gen. M. Bds. Called. Bonds, Guaranteed by Saskatchewan.—There has been deOne hundred and twenty-four (1124.000)6% gen. mtge. bonds of 1882 for posited with the Secretary of State of Canada a mortgage
Payment Dec. 1 at 105 at office of J. P. Morgan & Co.—V.99. p.604, 537. dated June 5 1914 to the
Royal Trust Co., trustee, securing
Cincinnati Dayton & Ironton RR.—Default.—
sterling terminal bonds, guaranteed by the Province
4
See Cincinnati Hamilton & Dayton RR. below.—V. 87. p. 1357.
of Saskatchewan, to be issued by the Branch Lines Company
Cincinnati Findlay & Fort Wayne Ry.—Default.—
for the construction of terminals in Saskatchewan.—
See Cincinnati Hamilton & Dayton RR. below.—V. 89, p. 469.
99, p. 406.
• Cincinnati Hamilton 8t Dayton Ry.—Default.--The V.Hocking
Valley Ry.—Sale of Stock.—
interest due Nov. 1 is not being paid on:(a) Cincinnati DaySee Sunday Creek Co. under "Industrials'• below.—V.99. p. 1360, 1214.
ton & Ironton $3,500,000 1st M. guaranteed (assumed) 5%
International at Great Northern Ry.-90% of Gold
of 1941; (b) Cincinnati Findlay & Fort Wayne Ry. Co.
$1,150,000 1st M. guaranteed 4% gold bonds, due 1923 Notes Deposited.—The Guaranty Trust Co. of New York
announces that as depositary for the noteholders committee
(V. 78, p. 286, 342, 701).
received 90% of the total of $11,000,000 outstanding.
The Committee on Securities of the N. Y. Stock Exchange rules that it has
on and after Nov.9 and until further notice said bonds must be dealt In flat —V. 99, p. 1300, 894.
and must carry the Nov. 1 1914 and subsequent coupons to be a delivery.
Lake Erie & Northern (Electric) Ry.—New Bonds.—The
Equipment Bonds.—A com- shareholders will
Committee for Kleybolte 4
vote
Dec. 7 on authorizing an issue of
mittee consisting of Wilmer Palmer, Osman F. Reinhard mortgage bonds. See on
V. 99, p. 120.
and Rudolph Kleybolte, (30 Pine St., N. Y. City), repreLake Shore & Michigan Southern Ry.—Sale of Stock.—
senting a large part of the $216,000 outstanding Kleybolte
Soo Sunday Creek Co. under "Industrials- below.
bonds
equipment
of
1905
(due
$54,000
%
semi-annually
43Minority Stock.—While the company
not made an offer
Oct. 1 1914 to April 1 1916, both incl.), is calling for the de- to the minority stockholders other thanhas
those represented by
posit of the notes with the Bankers Trust Co., 16 Wall St., the Read committee to pay $500 a share
in cash for their
as depositary under a protective agreement of Nov. 2 1914. holdings, printed blanks were sent out to them
a short time
A circular dated Nov. 2 says in substance:
ago outlining their privilege under the Ohio statutes to reOn Oct. 1 the receiver of the C. H.& D. Ry. Co. defaulted on the prin- ceive this
amount, and on Dec. 15 next all stockholders who
el al of the 854,000 of notes maturing Oct. 1, and also the interest duo on
all the outstanding equipment notes. On the same date the company, have filled out the blanks and have delivered their certifithrough its receiver, paid the interest and principal of all its other outstand- cates will be paid $500 per
share for their stock.
ing equipment notes maturing on that date, thus preferring said notes to
A large number of minority stockholders not identified with the Read
those held by yourselves. The default in the Kleybolte equipment notes
is based upon the fact that the Pere Marquette RR. Co. has failed to make committee have, it is stated, already made demands in accordance with the
printed
agreements forwarded to them,and others will, it is expected,do so.
the payments due under its contract of July 20 1908, whereby about onehalf of the equipment securing the issue was sold to that company, with the Compare V. 99. p. 1366. 1214.
sanction of the U. S. Circuit Court. but contrary to the provisions of the
Lehigh Valley RR.—Argument.—Final argument in the
trust deed and without the knowledge of the trustee.
While it seems to us it is quite clear that the sale and transfer of part of suit brought by the Government was begun on Wednesday
its equipment by the 0. H.& D.to the Pere Marquette can in no wise preju- before Judge Hough in the U. S. District Court
in this city.
dice your legal rights against the former road, in view of that agreement and
sale, the very bad condition of the equipment and the default by the C. H. The hearing may take several days.—V.99, p. 467, 475.
& D. in the payment of your principal and interest, make it advisable that
Liberty-White RR.—Receivership.—Chaneellor Cutrer at
the holders of the outstanding equipment notes take steps towards securing
the payment of the principal and interest of its notes. [The notes. originally Jackson, Miss., this week granted the petition of stockholders
aggregating $1.080,000, were issued for 90% of the cost of new equipment for the appointment
of receivers.
consisting of 264 cars(passenger, parlor, baggage, postal and steel coal),and
It was shown that the road had annulled schedules and was delivering
30 locomotives. See V. 80. p. 1110, and Pere Marquette RR. in V. 83.
mail
by
automobile.
All
of the road's engines have, it is said, been conV.87,
On
Pere
June
p. 1033;
Marquette held of said equip30 1913
p. 1355.
ment 15 locomotives and 24 cabooses. 146 convertible coal cars. 5 parlor demned by Government inspectors. The Chancellor authorized the receivers to lease engines and continue train service. The road extendsfrom
cars,3 cafe. 20 coaches, 13 baggage, mail and express.]
Spooner & Cotton, 14 Wall St., are counsel for the committee. See also McComb City to Liberty, Miss., a distance of 40 miles.
V. 99. p. 1365. 1299.
Los Angeles & San Diego Beach Ry.—Authorized.—The
Connecticut Company.—Control Passes to Trustees.—
Pursuant to the requirements of the U. S. Department of
Justice, the $40,000,000 capital stock heretofore held by
the New York New Haven & Hartford RR. (see V. 99, p.
1221) was on Nov. 27 transferred to the five trustees.
All of the directors except the President. Lucius S. Storrs, resigned, as
they were also on the directorate of the New Haven road. The
five trustees were elected in place of the directors resigning, thus making the
board
six. These trustees are Judge Walter C. Noyes of New London. William
Waldo Hyde of Hartford, Lyman B. Brainerd of Hartford, George E. Hill
of Bridgeport and Charles Cheney of South Manchester, Mr. Noyes was
elected Chairman of the board and Mr. Storrs will continue as President.
Mr. Brainerd was elected Treasurer of the board of trustees. Compare
V.98. p. 999. 1244. I459.—V.99, p. 342. 1052.
California RR. Commission has, it is reported authorized
the company to issue a sufficient amount of bonds to yield
$250,000, the proceeds to be used to electrify the line, improve the properties and pay certain obligations due to
E.S. Babcock. The company has also applied for authority
to issue two 7% promissory notes to refund outstanding
notes.—V. 99, p. 407.
Manufacturers Ry, St. Louis.—Decision.—
The
Inter-State Commerce Commission on Nov. 4
its
decision in the case involving allowances made to the handed down
by the
trunk-line roads, the effect of which is to reverse its rulingcompany
of
June
21
1913.
The Commission then held that the allowances paid by the
lines to
the Bush terminal road were unlawful and that the shippers trunk
must pay the
Consumers'Power Co., Michigan.—Bonds—Earnings.-- company 32
a car in addition to the St. Louis rate. While the Commission
declines to comply with company's request that an affirmative order be isHarris, Forbes & Co., New York;the Harris Trust & Savings sued
requiring
forbidding the trunk lines to make joint rates with Busch
Bank, Chicago, the trustee; N. W. Harris & Co., Inc., Bos- line on the St.orLouis
basis, it announces that the trunk
may volunestablish through routes and _joint rates so long as lines
ton, and Perry, Coffin & Burr, Boston, are placing, at 90 tarily
the allowance to
the company does not exceed 12 51a a car.
and int., an additional $1,146,000 "First Lien and Refund."
The Commission says that "the division thereof which
they (the trunk
may lawfully pay may not, in view of the
5% gold bonds, dated Jan. 1 1911. These bonds are being lines)
majority of the stock of that carrier and of the common ownership of a
Anheuser-Busch
issued to defray a part of the cash cost of permanent additions Association,
Brewing
its largest shipper, be more than is just and reasonable
for its
and extensions. The company is controlled by the Common- service.
In years past an allowance of 84 50 a car was made
by
certain
wealth Power, Ry.& Light Co. See "Elec. Ry. Section."
trunk lines.
These lines filed with the Commission an application
of that allowance. In its order the Commission proposing a restoration
from Letter of Pres. W. A. Foote, Jackson. Nov. 10 1914.
Pr Data
directs the cancellation
Bonds Outstanding. $15.660,000, including.1660.000 to Be Presently Issued. of those tariffs.
Chairman Harlan rendered a dissenting opinion in which
First lien and refunding 5s, auth.. $35,000.000: outstanding. g12,936,000
he said: "It is
constituent
three
cos..
to
certain
retire
that the great privileges enjoyed by large
which 1st lien & ref. 5s
Bonds of
in the form here
recognized as proper by the majority will not beshippers
6,are Issuable: Commonwealth Power Co. 5s. due 1924, SI.tolerated by the general
shipping public, which must bear the burden,
213.000; Grand Rapids-Muskegon Power Co. 5s, due 1931.
when they are more fully
understood; and the present law, which in my judgment
$767,000: Grand Rapids Edison Co. 55, due 1916, 5734,000;
is entirely inadeGrand Rapids Edison Co.. $10.000
2,724,000 quate to enable us to cope with the evil, must either be more strongly construed
.
in
Earnings for Years ended Sept. 30—
the
public interest or must promptly be amended by the Con1912-13.
1913-14.
Grass earnings
13,064.187 83.377,080 gress. —V. 97, p. 443.
Not, after taxes
11.399.366 31.798,497
Mason City & Fort Dodge RR.—New
Interest, including bonds now offered
783,000
McCord of McCord-Brady Co., Omaha, has Director.—Hal
been
Balance after interest charge (incl. 1660,000 bonds to be presdirector to succeed G. W. Wattles.—V. 95, p. 1274.elected a
ently issued)
$1.015,497
Michigan
over
therefore,
twice
earnings
are,
the
interest
requirements.
The net
Ry.—Operation.—New steel cars were recently
The hydro-electric generating plants have a total rated capacity of about run for the first time over the line between
Grand Rapids and
66,000h. p., and the steam plants, 57.000; total. 123.000h. p The dupli- Kalamazoo,
Mich., 53 miles, but no regular passenger
cation value of the properties (appraisal made for Michigan RR. Commission) is materially in excess of the 115,660,000 bonds outstanding. Bonds schedule will be established during the
winter.—V.99, p.407.
of constituent companies to the further amount of 913.930.000, approved
Missouri Kansas & Texas Ry.—Decision in Land
by the Commission, have been deposited with the trustee as collateral.
Grant
Compare V. 92. p. 1438, 520, 465; V. 95, p. 1683; V. 98. p. 304.
Suit.—The U. S. Supreme
Court on Monday unanimously
Cumberland Co. Power & Light Co.—Sub. Co. Bonds.— affirmed the decision of the U. S. Court
of Claims,which was
adverse to the company's claims against the
Government to
Detroit United Ry.—Appraisal.—The appraisal of Prof recover $61,287,800, the value of 3,110,400
acres of land
Bemis.within the one-fare zone, which is being done uncle granted to it, located in what is now
Oklahoma State.
See York Co. Pow. Co. under "Industrials" below.—V. 98, p. 1610.
THE CHRONICLE
1452
The company contended that it was entitled to take alternate
sections of the lands involved on each side of its right-of-way whenever the
Indian title became extinct. The case turned on the issue whether the
Indian title was extinguished when the Indians gave up their tribal relations
and took lands in severalty as allottees of the Government. The company
maintained that when the Government divested the Indians of their tribal
title, the claim of the railway under its grant of alternate sections attached.
Compare report, V. 95, p. 1057: V. 93, p. 953: V. 85, p. 736: V. 84,
1248, 508.—V. 99, p. 1366, 1052.
Missouri Pacific Ry.—Equipment Trusts.—The company
and the St. Louis Iron Mtn. & Southern Ry. have, it is
reported, sold to Townsend Whelen & Co. of Philadelphia
$800,000 5% equipment trust certificates maturing in
semi-annual installments during 10 years.
The proceeds will be used to pay for 73 all-steel passenger cars now ready
for delivery. The Girard Trust Co. of Philadelphia is trustee of the issue.
—V. 99, p. 984, 964.
New Orleans Mobile & Chicago RR.—Earnings.—
June 30
Gross
Year. Earnings.
1913-1442,204,370
1912-13.. 2,490,052
—V.97, p. 1898.
Expenses
and Taxes.
31,536,883
1,831,429
Net
Earnings.
$667,487
658,623
Fixed
Charges.
$776.118
957,519
Balanec,
Deficit.
$108,631
298,896
[VOL. XCIX.
the holders of ten shares and under, provided the said scrip is surrendered
immediately. Accordingly, if you are willing to sell your scrip at the par
value thereof(flat),kindly endorse your certificate in blank form, have your
signature thereto witnessed and mail the certificate to theNndersigned in
the stamped self-addressed envelope enclosed, whereupon we will forward
you chock in payment therefor. This offer is subject to withdrawal without notice.—V. 99, p. 895,408.
Rhode Island Company.—Control Passes to Trustees.—
On Nov. 9, pursuant to the requirements of the U. S. Department of Justice, the following securities, carrying complete control of the system, recently held by the N. Y. N. H.
& Hartford RR. Co. (see V. 99, p. 1220, 1221, 1222), were
transferred to the trustee, viz.:
The entire outstanding 96,855 shares of Rhode Island Co.; 9.132 shares
out of 10,000 of the Providence & Danielson R.Co.: entire 7,000 shares of
the Sea View RR. Co.; $600,000 bonds of the Providence & Danielson Ry.
Co. and $600,000 bonds of the Sea View RR.Co. Compare V.98,p. 1393.
The trustees are: Rathbone Gardner, Thomas Francis Green, JOhn C.
Ames, John P. Farnsworth and Chas. C. Mumford, all of Providence.
See v.98. p. 1001, 1246. 1461.—V. 99, p. 1053.539.
St. Louis & San Francisco RR.—Restitution Suit
Dropped—Liability on Bond Issue.—Judge Trieber in the
U. S. District Court at St. Louis on Nov. 10, at the request
New Orleans Ry. & Light Co.—Earnings.—Bertron, of the receivers, dismissed the suit brought in Jan. 1914
Griscom & Co. report for the 9 months ending Sept. 30_
were directors of the company between
9 Mos.end. Gross
Renew.ct Balance, against ten men who
Net (after Misc. Bd.,
Sept. 30. Earns,
Interest. Repiacels. Surplus. Dec. 1909 and June 1910 to recover $14,408,921 which, it is
Taxes). Disci.
1914
$5,221,671 32,092,875 $25,037 $1.284,372 $196,220 $587,246 alleged, was illegally caused by them to be paid out in connec1913
5,082,654 1,981,232 83,832 1,207,465 125,542 564.393
tion with the construction and acquisition of new lines.
—V. 99, p. 343.
New York Central & Hudson River RR.—Prices Ad- V. 98, p. 305, 74.
The dismissal of the suit is part of the plan of the receivers to disclaim
vanced.—J. P. Morgan & Co. yesterday announced that in liability
of the St. Louis & San Francisco on the $28,582,000 outstanding
view of the large sales in the last few days,the prices of the New Orleans Texas & Mexico RR. bonds.
felt that to do this effectively they should have the restitureceivers
The
unsold 5% notes dated Oct. 1 last (total issues $20,000,000 tion suit dismissed
as they could not consistently claim that the road was
had
each of 6-months and one-year notes) had been increased to not liable for the bonds. If they claimed that the officers of the road
in making the purchase of the St. Louis Brownsauthority
their
1 2 and 983
99/
% respectively. Compare V. 99, p. 970, 1052. exceeded
ville & Mexico road, which included a guaranty of the bond issue. If the
—V.99, p. 1367, 1215.
bond issue were illegal, there was nothing to restore to the St. Louis &
San Francisco on the part of the directors.
New York City Interborough Ry.—Finances.-Counsel for the receivers stated to the Court that the dismissal of the
See Third Avenue By. Co. under "Reports" above.—V. 95, p. 1274.
New York New Haven & Hartford RR.—Equipment
Trusts.—Drexel & Co., Philadelphia, have purchased the
issue of $970,000 equipment trust 6% certificates, Series B,
dated Nov. 1 1914, payable in 20 semi-annual installments.
Trustee, Phila. Trust, Safe Dep.& Ins. Co. V.99, p. 1367.
Interests in Trolley Properties Pass to Trustees.—
see Connecticut Company above and Rhode Island Co. below and compare
suit will not prevent the filing of a similar suit if desired after the liability
on the N. 0. Texas & Mexico division bonds had been determined.
Statement Issued by Receivers in Regard to Suit.
Inasmuch as the ismissal of this action will deprive the defendants of theit
we deem
opportunity to meet the charges of fraud made in the petition,
but just to them to say that we have made an exhaustive examination of
the matters entrusted to us. We found that in the so-called Brownsville
made) there
and Iberia deals (for the latter of which settlement has been directors,
for
was, in our opinion, an excessive exercise of authority by the
probably
the results a which, in the case of the Brownsville, the directors
held
be
might
also
them
of
certain
that
could be held accountable, and
courts should decide
accountable for profits made out of the deal, if the
at all on account of the
that the St. Louis & San Francisco RR. is liable
failed, however, to
have
We
bonds.
division
New Orleans Texas & Mexico
have, we do not believe,
find, and judging from the information that weFrancisco
RR. have been
that any of the directors of the St. Louis & San
administration of the
guilty of any actual, wilful or intentional fraud in the
affairs of the company.—V. 99, p. 1209. 970.
New York Railways Co.—Statement by Management.—
Alexander J. Hemphill, Edwin S. Marston, Harry Bronner
and Guy E. Tripp on Nov. 11 issued a circular to the income
bondholders answering the statements contained in the
circulars of the committee representing the income bondSeaboard Air Line Ry.—New Director.—The board of
holders who are soliciting proxies for the annual meeting directors has been decreased from 26 to 25, Frank A. Vanto be held Dec. 7. They say in part:
derlip resigning. F. M. B. Close of New York has been
In Sept. 1914 the amount of income available for interest on the income
to succeed Benjamin Strong Jr. who
bonds for the 6 months ending June 30 1914 was submitted to a board of elected a director
for determination under the terms of the mortgage. The company resigned, having become a Governor of the Federal Reserve
rta H. Hobart Porter of Sanderson & Porter as its expert: the trustee
r
eexP- eC,
selected
s
in New York.—V. 99, p. 1377, 1362.
of the mortgage, James Marwick of Marwick. Mitchell & Co. and these Bank
two agreed upon W.G. Ross of Montreal, Canada.formerly President of the
South Buffalo Ry.—Proposed Acquisition.—
Montreal St. By.,as Chairman of their board. This board retained Charles
F. Mathewson as counsel, who advised them that the mortgage required
accident reserves and that it was their province to fix the amount. They
employed their own accountants, who reported that 74% was needed,
and they made up their income statement accordingly.
The directors who are now attacked were in a favorable position to form
their own opinions upon the matter through experience gained during the
reorganization. Guy E. Tripp. then of the firm of Stone & Webster,
street railroad managers, now chairman of the board of the Westinghouse
Cos., was Chairman of the Joint Committee of bondholders. Edwin S.
Marston, President of the Farmers' Loan & Trust Co. (the trustee of the
income mortgage) and Alexander J. Hemphill. President of the Guaranty
Trust Co.(the trustee of the refunding mortgage) were chairman of their
respective reorganization committees of bondholders and Harry Bronner's
firm of Haligarten & Co. took an important part in the reorganization.
These directors believe that to dispense with adequate reserves for accidents will weaken the financial strength of the company. They do not
agree that such action will increase, even temporarily, the market price
of the bonds. They believe that thereby the intrinsic and permanent
value of them will be decrease,d and they conceive it to be their duty to
conserve such value for the Investment, rather than to attempt to create
an immediate market for the holdings.
If the bondholders prefer a less conservative course, these directors will
complacently leave it to others to assume the responsibility. W hile personally indifferent to the result of the campaign for proxies, they nevertheless are unwilling to permit imputations upon their good faith to remain
unchallenged or the bondholders to be left without a true statement of the
facts relating to the issue raised. Compare annual report, V. 99, p. 1211.
—V.99, p. 1367. 1300.
N. Y. Westchester & Connecticut Traction Co.—
See Third Ave. By. Co. under "Reports" above.—V. 98, p. 1767.
See Buffalo & Susquehanna Ry. above.—V. 92, p. 796.
Southern Pacific Co.—Report.—See "Annual Reports".
Subsidiary Dividend.—See Central Pacific Ry. above.
Denial.—Chairman Kruttschnitt denies that there is any
foundation for the report from San Francisco that the company has arranged to purchase from the Atchison Topeka
& Santa Fe Ry. for $17,000,000 its one-half interest in the
Northwestern Pacific RR. He says:
The facts are,as you will note from our annual report,that the Southern
Pacific Co. has been and is at present a one-half owner of the Northwestern
Pacific Railroad. We are not considering in any way the purchase of the
Atchison's ownership of that road.—V. 99, p. 468, 199.
Southern Traction Co., Ills.—Receiver.—
Judge Francis M. Wright of the District Court in East St. Louis recently
appointed William F. Trautman as'one of the receivers to succeed William
Lorimer, who resigned. (V. 98, p. 841).—V. 99, p. 1301.
Staten Island Midland Ry.—Equipment Trusts.—The
P. S. Commission will hold a public hearing on Nov. 23 on
the application for authority to issue $135,000 series "A"
6% equipment trust certificates.
cars.
The certificates are to be issued to acquire 32 double-truck closed
and are not to be sold for cash, but are to be issued directly for the rolling
stock. Denominations $500 each. To be dated Jan. 1915 and to mature
about 5% every 6 months.—V.92. p. 1180.
Third Avenue Ry., N. Y. City.—See "Annual Reports."
Northern Pacific Ry.—Bonds Ready. --The Refunding
Dividends, &c.—At the annual meeting on Nov. 10 the
and Improvement Mtge. 434% bonds, Series "A," are now
ready for delivery in exchange for temporary certificates at request of Alonzo E. Cottier and others for dividends on the
the office, 34 Nassau St., N. Y. City.—V.99, p. 1047, 604. stock was met by Prest. Whitridge in substance as follows:
and the
The trouble with these men is that they want to get dividends
Ohio Service Co.—Note Issue.—The issue of $929,807 company
can't afford to pay them. "But what about the 32,000,000
convertible 6% notes recently authorized by the Ohio P. U. surpllus?" he was asked.
amount of
'There isn't any surplus. he said. "We have a certain
Commission is dated Nov. 1 1914 and will mature May 1 money
put by to pay taxes and to meet depreciation and contingencies.
should not
1917 unless previously called on an interest date at par and and so on, but we have no real surplus. My view is that wewhich
there
any dividend until we have money in the bank against
int. Interest payable M.& N.at Citizens' Savings & Trust pay
purare no other liens, and that we should not issue any bonds unless wethese
Co., Columbus, 0., the trustee. Denom. $500 and $1,000. chase with them property which will bring in further income. What
the
men want is the payment of dividends before we earn them, and then
The proceeds are to be used in paying for properties of the issue
bonds to get us out of the hole. That is the sort of finance which
Twin City Traction Co., New Midland Power & Traction ruinedofthe Metropolitan and we have outgrown it in this town." See
"Annual Report" above.
Co., County Electric Co. and Lafayette Light & Power Co., also
of and said:
Mr. Whitridge also explained the purchases complained
says I made a mistake, and I
purchase of which the Commission authorized recently. "Well,
I bought one line and Mr. Cottiermistake.
What am I to do?"
a
didn't buy another, and he says that was
See V. 99, p. 1131.
to examine into the
A resolution to appoint a committee of stockholders
of its business was lost by a vote
Pacific Great Eastern Ry.—Security for Loan.—The affairs
of the company and the conduct
Whitridge appointed the
President
but
7,435,
against
of
shares
the
which
Dominion
98.363
recently
Government
loan of $6,000,000
Lock, L. F.
committee to conduct such an investigation: H.
agreed to make to ensure the continuance of construction following
Strauss and E. A. ManIce.—V. 99, p. 610, 199.
Cal.—Purchase.
of
amount
434%
of
same
the
debenture
is to be secured by
Tidewater Southern (Electric) Ry. & Empire Traction Co.
stock guaranteed by the Province of British Columbia.—
This company has purchased from the Modesta
taking over with it all
the
line of their railway from Modesta to Empire,
970.
V. 99, p. 1301.
freight agreements with the Santa Pe road.—V. 99, p.
Ry.—Sale of Stock.—
Philadelphia Company, Pittsburgh.—Offer to Purchase
Toledo & Ohio Central
See Sunday Creek Co. under "Industrials" below.—V. 99. p. 1053.
Dividend Scrip.—Secretary C.J. Braun Jr. announces:
and to the
In order to avoid inconvenience and expense, both to yourself
Toledo St. Louis & Western RR.—Special Dividend
with
company, we have arranged to obtain funds from an outside source
Was Paid in Bonds.—The company's report, issued
whlh to purchase the common stock dividend scrip Issued Nov. 2 1914 to Received
Nov 141914.]
THE CHRONICLE
late last week, showed, as stated in the "Chronicle" of
Nov. 7, page 1361,that the company had received during the
year ending June 30 last the amount of $324,870 in dividends
on the Detroit & Toledo Shore Line RR. stock owned by it.
This amount was included in the item of "other incomes" and
after making the deductions for taxes, interest, rentals, &c.,
the report showed a surplus for the year of $118,600. It
should be noted, however, as stated in the text of the report,
that the aforesaid $324,870 includes a special dividend
in the form of $315,000 1st M.4% bonds of the last-named
company. These were taken at 85, calling for $267,750. The amount received as regular dividends on the
D. & T. S. L. stock during the year, $57,120, being the
remainder of the $324,870 referred to, was, it will be noted,
the same as in the previous year, when no extra disbursement was made on the D. & T. S. L. stock.-V.99, p. 99,
1361, 1301.
Trona Ry.-Bonds.-The California RR. Commission
has authorized this company to issue $550,000 30-year sinking fund gold bonds (at not less than 85), also $150,000 stock.
1453
capacity of the company up to approximately 75% of the total output.
Only one large artificial plant, owned by independent interests, has been
built in New York City during the period of construction by the American
Ice Co. of its two new plants.-V. 98. P. 1539.
American Sea Green Slate Co.-Sherman Law Judgment.
Judge Ray in the U. S. Dist. Court at Albany on Nov. 4 rendered a decision in the case of O'Halloran & Jacobs of Pittsburgh against the American
Sea Green Slate Co., Eugene R. and James Norton (co-partners under the
name of Norton Bros.), David G., Robert G.and William G. Owens (doing
business as Owen W. Owens' Sons), the F. C. Sheldon Slate Co., Griffith
& Nathaniel. Auld & Conger Co.and Rising & Nelson Slate Co. Judgment
is awarded against all of the defendants, except the Sheldon Slate Co., for
$22,569: against the Sheldon Co.for $379,and against all the defendants for
attorney's fees and costs. $3,015. The Judgment is awarded on the finding of the Court that"the defendants violated the Sherman Act in the formation of a combination to restrain and monopolize, or attempt to monopolize.
the inter-State trade in sea green slate." The defendants were all engaged
in quarrying this roofing slate, which constitutes 90% of all the roofing
slate produced in Vermont, the quarries being located between Granville.
N. Y., and Pouitney. Vt., and several years ago formed the American Sea
Green Slate Co., a New York corporation, as a selling company, with principal place of business at Granville. The suit grew out of the formation of
this company and selling agreements entered into between the owners of the
quarries, as well as other matters. Thejudgmentisreported be"thefirst
substantial one for treble damages that has been entered anywhere in the
United States since the passage of the Sherman Act."
American Steel Foundries.-Earnings.-
end.
Net
Balance,
Other
Total Int.,Sk.Fd.,
The authorization was made conditional upon the guaranteeing of the 3 Mos.
Sept. 30.
Earns.
Income. Income. Depr.,&c. Sur. or Def.
bonds (part, it is understood, of $1,000,000 or more), as to principal and
11914
$347.738 $25,823 $373,560 $261,318 sur.$112,242
Interest, by the American Trona Corporation, which controls the 'potash
913
399,375
. 125,315
deposits near Searles, in San Bernardino County, Cal., previously claimed
12,780
286,840
412,155
9 Monthsby an Eastern corporation. The railway, it is stated, is in operation from
$589.900 $68,506 $658,406 $734,222 def. $75,816
a point on the So.Pacific RR.to Searles Lake, 31% miles.-V.98,p. 1695. 1914
1913
.603,138
41,513 1,644,651
876,824 sur. 767,827
Twin City Rapid Transit Co.-Extensions.-The comPresident Lamont was quoted late in September as saying that it would
be necessary to close some of the plants
and curtail production at other
pany on Oct. 31 opened 5 new lines in Minneapolis and the works,
and also further: "The foundry business is decidedly poor at the
Dale St. lines in St. Paul, thus practically completing present time. Prosperity
with us is contingent upon the prosperity of the
railroads, for, directly or indirectly, all our output is used by the railroads.
its extensions as promised, on Nov. 1.
The railroads are not
For one thing, they cannot get the money at
The new lines and extensions opened this year aggregate 15.44 miles and any sort of fair rate.buying.
This in turn may be laid at the doors of the Interthe old lines reconstructed. 10.10 miles. In the tracks 71.013 square State Commerce Commission,
whose attitude toward the railroads has
yards of paving have been laid. Before the end of the year the company frightened off prospective investors."
-V. 99. p. 750.
will have built and turned out from the Snelling shops not less than 100
American Tobacco Co.-Favorable Decision.cars. Last month a new 200-car station was opened at Washington and
The U. S. Circuit Court of Appeals in this city on Nov. 12 affirmed the
24th Ayes. N, occupying two city blocks. More than 1,000 workmen
decision of Judge Mayer dismissing the suit of John A. Locker. an indewere kept busy on the work through the season.-V.99, p. 1301, 50.
tobacco jobber, against the company and the Metropolitan ToUnited Light & Railways Grand Rapids.-Notes pendent
bacco Co. for $300,000 damages for alleged violation of the Sherman AntiRetired.-The company has retired $100,000 of the $220,000 Trust Law. Judge Cox°, who writes the opinion. says:
If the manufacturing defendants had concluded to sell their products
6% notes, due Jan. 11915. There are also $500,000 6% solely
through instrumentalities of their own and had organized in the
factories a selling department through which they supplied their products
notes, due Jan. 1 1916.-V. 99, p. 1362, 1132.
to all who desired to purchase them, it will hardly be contended that such
United Railways of St. Louis.-Bonds.-The Missouri action was even within the purview of the Sherman Law. How then does
act which the defendants might lawfully do themselves become unlawful
P. S. Commission has authorized the St. Louis & Suburban an
when done by another to
they sell or consign their goods 7
Ry. Co. (a subsidiary) to issue $600,000 of its 5% Gen. M. We are convinced that whom
what was done by the defendants was not prohibited by law, but was a reasonable, common sense trade arrangement,
bonds of 1903 in order to replace the $600,000 St. Louis dictated
by the exigencies of the situation. We see nothing forbidden by
Cable & Western 1st 6s that matured Nov. 1 1914.
the Sherman Act in a manufacturer consigning or selling his product to
The expenditure of $764,225 by the company in extensions and loops a jobber for a particular territory and placing certain restrictions upon
in St. Louis was recommended by James L. Harrop,engineer for the P. S. the prices at which the goods are to be sold. Many of the large mills have
Commission,in his report filed in Jefferson City Oct. 20. Harrop recom- a factor in New York to whom their products are thus consigned. He can
mends that the company contruct down-town loops, the aggregate cost of sell to A or B. or both, as he sees fit, and the consignor is not concerned
which would be $24,552, within ninety days. He also suggests that the with the transaction so long as he gets his price and the terms of the conare not violated. The same is true of the jobber: he is at liberty
company, during 1915, build extensions and loops costing $136,893, and signment
that the remainder of the expenditures be scattered over a period ending to sell to one retailer or 20 retailers as he sees fit.-V.99. p. 1368, 1301.
in 1918.-V. 99, p. 1053.
American Water Works & Electric Co.-Plan.
See Great Shoshone & Twin Falls Water P. Co. below.-V. 99, p.896;
Utah Light & Traction Co.-Denial.Utah Power & Light interests in N. Y. City deny the report that the
Atlantic Refining Co.-Dividend.-Salt Lake & Los Angeles RR. has been purchased by or in the interest of the
A dividend of 5% has been declared on the $5,000,000 capital stock (par
Utah Light & Traction Co.-V. 99, p. 971.
$100), payable Dec. 15 to holders of record Nov. 20. This is the first diviVirginia Railway & Power Co.-Blanket Franchise.-The dend declared by the company since the disintegration of the Standard Oil
company has applied to the city of Richmond for anew 30-yr. Co.-V.98. p. 519.
British Columbia Fishing & Packing Co., Ltd.-Div.
blanket franchise to supplant the several grants under which
The initial dividend of 1%% recently declared on the common stock is
the railway and light and power lines in the city are now payable
Nov. 21 to holders of record Nov.9.-V.99. p. 1302.
operated. The matter has been referred to the Street ComBritish Westinghouse Electric & Mfg. Co., Ltd.mittee of the Council.-V. 99, p. 1367, 1363.
Mis- Bal.,
Preferred
ReInt. and DepreCalendar
Sum.
cell.
Divs.
Profits. Sk.Fd. prec.,&e. serve.
YearWhite Pass & Yukon Ry.-President Resigns.-0. L.
1913 ___ _ £223,104 £69,654 £44,100 £50,000 (5%)£.50,000 £2,856 £6,494
Dickerson, for the past three years President of the local 1912 _ - 157,871 69,654 43,450
3,693 41.074
- 1901.
(subsidiary) companies, has given notice that about Feb. 1 -V.(1.P.
he will resign to take up connections of such importance as he
Brooklyn Union Gas Co.-Annual Meeting.-At the
cannot "afford to overlook."-V.98, p. 840.
annual meeting this week, Vice-Pres. Jourdan said in subst.:
Gas sales during 9 months ended Sept. 30 1914 were 10,303,857,000 Cu.ft,
Wisconsin-Minnesota Light & Power Co., La Crosse.
an increase of 579,000,000, or 5.9%, over last year. The increase for full
All of the outstanding First
&
M.5% gold bonds of the La Crosse
Gas & Electric Co.,dated Dec.2 Ref. for
payment at 105 and int. on Dec.1.
at the office of the company, No.1901,
112W.Adams St.. Chic.-v.99.p.906.610.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Adams Express Co.-Dividend Reduced to 1% Quar.-
A quarterly dividend of $1 per share has been declared
the 120,000
shares of stock, payable Dec. 1 to holders of record Nov.on
16, comparing
with $1% in Sept.. June and Mar. last and $3 quer. from March
1909 to
Dec. 1912, incl. See V. 98, p. 74.-V. 98, p. 1921.
Alabama Traction, Light & Power Co., Ltd.-Suits.-
Suits have been filed in the courts of Chilton and Shelby counties,
Ala.,
against the Alabama Power Co., whose stock is all owned,for
alleged damages aggregating, it is stated, over $500,000, by persons owning land
or
residing in the neighborhood of the big lake created by the dam along the
Coosa River. It is claimed that water has accumulated and caused
quitos and other insects to thrive, causing Muss. The Government,mosunder whose supervision the dam was built, has, it is stated, made investigations and will make further inquiry to ascertain to what extent, if any,there
an
accumulation
been
of water by reason of the dam. It is insisted that
has
as much water as runs in goes out over the dam and through the wheels in
the power house.-V.99. p. 1053.818.
American Ice Co., N. Y.-Preliminary Data.-The following published statement regarding the operations for the
year ended Oct. 31 1914 is pronounced substantially correct:
Despite•unfavorable earnings, due entirely to poor weather conditions,
the company enters its new year in a strong financial position. The company has no notes outstanding and its net quick assets aggregate about
$1.600,000, which is close to $1,000,000 over current liabilities. Its cash
balance in the banks is about $250,000.
The company has sold $400,000 additional 6% bonds, bringing the outstanding issue of these bonds up to $3,418,000. For the sinking fund $60.000 bonds have been retired during the year. The proceeds of the $400,000
bonds go towards building the two new artificial ice plants in Manhattan.
It had originally been estimated that these two plants would cost approzimatelv $800,000 but the expense has footed up to over $1,000,000. Pro.was made at the time of the authorization of $6,500,000 debentures,
vision
of which the $3,400,000 is a part, whereby it was possible to pay for 75%
of the cost of new plants through the sale of additional bonds. However,
the company's position was such that it was not deemed necessary to sell
more than $400,000 bonds to take care of the Manhattan plants. Over
90% of the expense of construction of these two plants has already been
paid. The company carried over a good-sized surplus from last year, part
of which was expended on these plants. Both plants are now in operation.
In the event of an open winter, with poor ice harvesting of the natural
product, the American Ice Co. will occupy an extremely strong position.
Completion of the two new plants in New York City brings the artificial
year 1913 over 1912 was 379,296,000 cu .ft., an increase of less than 3%•
There was a shortage of supply in petroleum products, including gas oil,
In 1913. It increased cost of gas oil to us, using 57.000,000 gallons, about
1% cents a gallon, or close to $700,000.
The company has effected a new gas oil contract which will save between
6850,000 and $1,000,000 per annum. Contract at a lower rate applied
to last six months of calendar year 1914 and will apply to full year 1915.
The saving in 1914 represents between $425.000 and $500,000.
It is costing us more to increase sales of gas. The future lies in compelling use of gas for other than lighting, as in cooking, heating and power.
Adver tising expenses are heavy.
In 1913 we installed 45,000 gas appliances for $369.000, against 8293,000
in 1912, an Increase of 28%. Proportion of Increase has been maintained
thus far this year, gas appliances for 9 months ending Sept. 30 amounting
to $304,000. We are paying attention to frequent demonstrations and are
improving our gas salesmanship by schools for salesmen.
Sales per meter in 1913 decreased 3.949'. but are gaining this year,
an increase of 8.2% having been shown thus far. Estimated gas consumption by new appliances represents more than yearly increas in gas sales.
We can manufacture 58,000,000 cu. ft. a day, and holding capacity is
46,000.000. Maximum daily requirement thus far has been 47,200,000
but 50,000,000 mark will be crossed before end of the year. Gas oil requirements this year are certain to exceed 62.500,000 gallons.
[Recent unofficial circulars aiming at higher dividends were pronounced
by Mr. Jourdan to be in various respects at variance with the facts, the
company's dividend policy being,he said,more liberal than that of simnel!
concerns eisewhere.1-1,. 99. p. 1369.
Buffalo (N. Y.) Gas Co.-Majority Deposited.-The
committee of holders of Buffalo City Gas Co. 1st M. 53
(Willard V. King, Chairman), gives notice that a majority
of the above bonds are now deposited with the Columbia
Trust Co., depositary, and that after Dec. 1 deposits will
be received, if at all, only upon such terms as the committee
may impose.
The depositing bondholders may withdraw in case the plan of reorganization when formulated is not approved by them, upon payment of their
share of the expenses of reorganization not to exceed 1% of the face amount
of their bonds.-V.99. p. 971, 896.
Canadian Car & Foundry Co.-Dividend Deferred.-
The directors have officially deferred the quarterly dividend on the
000.000 7% cum. pref. stock. The last payment was made on July$7,25.
The following statement has been issued:
The financial situation and business depression caused by the war
make
it necessary to defer paying dividends until conditons improve. When
war
was declared the company was negotiating with several important
railway
companies for the sale of a very large quantity of equipment, the
work on
THE CHRONICLE
1454
many months, and had reason
which would have kept our plants busy for
the transactions. The war, however,
to expect to satisfactorily complete
from obtaining funds for
has not only prevented the railway companies
capital expenditures. but has further depressed trade, and while this depression lasts, the purchases by the railways of new equipment in any large
volume will be very uncertain.
feel it their duty to
In view of these adverse conditions, the directors
the payment of dividends
conserve the company's resou'rces by withholdingany
believe
that
they
action would
different
account;
surplus
previous
from
be condemned by the shareholders.
The directors call the attention of the preference shareholders to the fact
that dividends on their shares are cumulative, and must be fully paid before
shares. They also inany further dividend can be paid on the common
plants of the company and its subform the shareholders that the various
a
are
in
full
and
now
state of efficiency, and
maintained,
been
sidiaries have
will be kept properly prepared for any work which may develop.
M.E. Duncan. Vice-President of the Canadian Car & Foundry Co., has
been elected a director of the Canadian Steel Foundries. Ltd.. all the capital stock of which is owned by the former company. The directors of the
Steel Foundries are: Hon. Nathaniel Curry. President; W. W. Butler,
K. W. Blackwell, W. F. Angus, F. A. Skelton, L. H. Curry and M. E.
Duncan. Compare V. 99, p. 1217, 409.
Chino Copper Co.-Earns.-3 and 9 mos. end. Sept. 30:
-3 mos. end. Sept. 30- 9 mos. end. Sept. 301913.
1914.
1914.
1913.
Gross production___Ibs_ 11,491,120 15.187.003 45,812.669 39.199.707
$516,435
2951,293
22,746,416 $2,412,149
Milling and profit
50,060
43,595
161.165
107,322
Misc.income,rents, &c..
Total net profits
Dividends paid
3566.495
433,400
$994,890 $2,907,581 $2,519,471
643.875
1.734,095
1.273,665
$351,015 $1,173,486 $1,245,806
2133,095
Net surplus
The above earnings are computed upon the basis of 12.4344. 13.9191 and
14.4227 cents for copper in the quarters ending Sept. 30, June 30 and
March 31 1914. respectively, and 15.15 and 15.06 cents for the respective
quarters in I913.-V.99. D. 750. 470.
[VoL. xc
necessary on account thereof, have been charged against the operations
of the half-year.-V. 99. p. 1054. 897.
Eastern Steamship Corporation.-Receiver.-
Federal Judge William L. Putnam at Portland. Me.,on Nov.7 appointed
Pres. Calvin Austin of Boston receiver of the property.-V. 99, p. 1369.
Federal Utilities, Inc.-New President.-George T. Ordway, formerly of Bertron, Griscom & Co., has been chosen
President to succeed De Forest Candee, who resigned. Mr.
Ordway has also been elected a director.-V.99, p. 676.
Goldfield Consol. Mines Co.-Earns., &c.-No Divid.
Production (Tons Treated and Shipped) and Earnings for Third Quarter.
Dry Tons. Cross Vol. Total Costs. Net Prof.
Month24,548 3318,083 $167.008 $151.075
July
128,134
169,869
298,004
27,211
August
180,000
122,000
302,000
27,846
September (approximate)
79,605 8918,088 3516,877 $401,210
Total
Since the issuance of the last quarterly statement the company has disbursed $374,211 to complete the purchase of control of the Aurora Consolidated Mines Co. The present cash and bills receivable are approximately
$697.000. It has been deemed inexpedient to disburse a dividend for the
third calendar quarter.-V. 99. p. 4/1. 410.
Gray & Davis, Inc., Boston.-Stock Increased.-
The directors at a recent meeting voted to issue $100,000 pref. stock for
cash. This was part of 2500,000 unissued pref. stock. The company was
incorporated in Massachusetts on March 27 1912 and manufactures electric
starting and lighting systems and lamps for automobiles. Authorized stock
$750,000 corn, and $1,000,000 7% cum. pref. (also as to assets); outstanding. $500,000 corn, and $600.000 pref.; par of shares, $100. Prof. is subject
to redemption as a whole only on any dividend date at 115 and accrued div.,
and has no voting power. Pres. and Treas., William Gray; Sec., James
H. Maxwell.
Great Shoshone & Twin Falls Water Power Co.(H. B.) Claflin Co.-Nearly All Assent.-Of the direct
protective committee,
and endorsed liabilities, together aggregating approxi- Flan.-The bond-secured noteholders'
mately $40,500,000, all except about $1,000,000, we are in- consisting of Alvin W. Krech, H. Hobart Porter, A. C.
Robinson and A. M.Imbrie (of Pittsburgh) has approved a
to the plan. See V. 99, p. 967, 971.
formed, has assentedmerchandise
and miscellaneous creditors; of the 23 modified plan of reorganization, and until Nov. 30 will (a)
Representatives of the
retail, &c., companies recently agreed to recommend a compromise of the receivefurtherdeposits with the
o Pittsrust Co.f
e Union Trust
$1,470,000 of said indebtedness for $823,500, the percentages to be paid
disunder this compromise being as follows: Jones and Hennessy Cos.,75%; burgh, depositary; and (b) permit withdrawals by any
Castner-Nott and Joslin Cos., 70%: Batterman. 65%; McAlpin, 50%; sentmg depositors. A circular dated Oct. 29 says in subst.:
Southwick and Watkins Cos., 40%; all others, 35%. The
McDougall &
percentage in the case of Spring Dry Goods Co., previously reported as
40%, is shown by circular to be 35%(V. 98,
p. 1996) in circulars dated
'The general creditors' committee
terms of compromise after a proval of the
Nov. 4 announced the aforesaid
leading
trade
organizations,
the
members
of
hich
number
same by a
of the retail stores only. viz.; TheChilofw
are largely interested as creditors
dren's Dress Mfrs. Association, Cloak, Suit & Skirt Mfrs. Protective Association. Clothiers' Association of New York, Inc.. Cotton Garment Mfrs.
of New York, Dress dr Waist Mfrs. Association, Eastern Millinery Association, Lace & Embroidery Association, N. Y. Association of Housedresses
& Kimono Mfrs.. Silk Association of America, United Coat, Suit & Skirt
Mfrs. Association of N. Y., Wholesale Men's Furnishing Association,
Wholesale Shoe League.-V. 99, p. 1302. 1217.
Consolidated Gas, Electric Light & Power Co., Baltimore.-Circular.-A circular dated Nov. 5 says:
"The offer to exchange, share for share, 7% common stock for 6%pref•
stock, which expires on Dec. 19 1914, calls for the deposit of pref. shares
The pref. shares so deposited will rank with the
on or before that date. for
the dividend accruing for the quarter ending
existing common stock
*Dec: 31 1914, giving the pref. shareholders making the exchange the advantage of 31% additional income for the quarter. For pref. stock delivered in
Baltimore. certificates of common stock will be issued and delivered forthbe issued.
with. For that delivered in London temporary receipts will
be delivered as
upon surrender of which certificates for common stock will
in all
stock
for
must
Certificates
pref.
Baltimore.
from
soon as received
cases be delivered either to the London depositary or the Baltimore deposi1914."
19
on
of
Dec.
business
close
the
before
tary
The Continental Trust Co. is the Baltimore depositary.-V.99, p. 1050,
1054, 897.
Crane Co. of Chicago.-Test Suit on Texas Law.-
Court for the Northern
The company on Nov.6 filed in the U.S. Districtof
the Texas permit fee
test the constitutionality
District of Texas suit to in
so far as they affect foreign corporations. A
laws,
tax
franchise
and
also
a
sought,
permanent
is
injunction against
order
temporary restraining restraining them from
instituting suit for the colthe defendant officials
from
the
canccling
permit to do
and
plaintiff's
taxes
franchise
lection of
the laws are unconstitutional in
business in Texas. it is claimed thatcommerce
and
tax
inter-State
the
on
company's
burden
a
are
they
;that
deny the company due process of law. Of
property outside of Texas and
stock and surplus of over 525.000.000. only $301,179, it is
the total capital
stated, is situated in Texas.-V. 99, D. 676, 345.
Crescent Pipe Line.--Dividend Again Reduced.-
cts, a hsare (1 l %)has been declared on the
A quarterly dividend of 75
Dec. 15 to holders of record Nov. 25, comparing
33,000,000 stock, payable $1 25(23,6%)in June 1914 and $1.
50(3%) quarwith 31(2%)In Sept. last,
1914. incl. See V.98, p. 1463.-V.99,p.470.
terly from Mar. 1912 to Mar.
Carpet Co.-Dividend Omitted.-
Cross
omit the semi-annual dividend on the $3,The directors have decided tomonth. From Dec. 1910 to June 1914
3%
000,000 stock usually paid thisin June 1910 231%. in Dec. and June
1909
was disbursed semi-annually.
1908 2%. the initial distribution.
Dec.
in
and
extra
J.5%
2% and
taken to conserve the company's resources
The action, it was stated, was
-V.98. p. 1691.
in view of present conditions.
Cumberland Pipe Line Co.-Dividend Reduced.-
been declared on the $1,000,000 stock.
An annual dividend of 5% has in Dec. 1913 and 1912.-V.98,7p. 455.
payable Dec. 15,comparing with 6%
Teleg. Co.-Injunction.De Forest Radio Telep. &
Sz Telegraph Co. of America below.
See Marconi Wireless Telephone
V. 99, p. 1302.
Union Water Co.-Foreclosure Suit.-
Denver (Colo.)
mortgage trustee, recently filed a suit in
The New York Trust Co..
Colo., to foreclose the mortgage seU. S. District Court at Denver.
the
1
principal of which fell due July 1. The
the
bonds,
5%
curing $8,000.000
is asked for.-V.99, p. 52.
receivership
A
interest has been paid in full.
Convertible 6%
Detroit (Mich.) Edison Co.-$2,645,500
company will next
-The
Debt.
Floating
for
Provide
Bonds to
to stockholders at par $2,645,week issue a circular offering bonds,
dated Jan. 15 1915, to
convertible
500 10-year 6%
construction, etc.
for
incurred
debt
provide for floating
and up to one
two years after date of issue,
The bonds will be convertible
the same par value.
shares of the company ofapproximately
20%
Year of maturity into paid-up
to subscribe to
permitted
be
will
The stockholders
on Jan. 15 1915,
full
In
payable
be
will
is
issue
The
of their holdings. Subscriptions
July_15.
15 and 25% on
F. S.
or 50% on that date. 25% on April
consisting of Spencer Trask & Co.,
to be underwritten by a syndicate Trust Co., Detroit.-V. 98, p. 688.
Smithers & Co. and the Security
-Earnings.-
Dominion Steel Corporation.
Dig. on Dow ,9'J Dom.C.1 Balance,
Sk. Fd.
Net
Surplus
6 Mos. end.
Pf.(3). Pf.(3t4).$379,054
Sept. 30- Earnings. & Depr. Int. Ikte.,,t-c. 5210,000
$105,000
N74,691
52,106,771 5484,705 $553.290
1914
Total surplus Sept. 30 1914 was 31,175.991.
trade condiInventories were reviewed with reference to the financial and
deemed
tions now existing, and the special provisions which have been
Pursuant to agreement of July 27 1914 81,242,000 Bond-Sec ured Notes
out of the $1,780,000 outstanding (compare V. 95, p. 238), have been deposited with your committee. The deposited notes include but $10,000 of
the $155•000 notes which matured Aug 1 1914 the holders of most of the
remaining 3145,000 having claimed the right to payment by reason of their
maturity. The committee representing the matured notes has now submitted a modification of our plan, which your committee has adopted.
The modified plan confers no preference upon any class of noteholders
over any other, but contemplates that the property shall be bought in for
be
the benefit of all depositing noteholders and that legal proceedings shallthe
taken for this purpose. Upon the completion of the reorganization,
to insure
noteholders will be the owners of the property. In order, however,
funds
the success of the reorganization and the provision of the necessary also
without the necessity of assessment upon Inc noteholders, and in order
to assure to the noteholders the receipt of their income from the Investment
at a rate not less than that which they have received by way of interest
upon their notes,_your committee has made provision whereby the American
Co.)
Water-Works & Electric Co.(which is a large creditor of the Shoshone
a period of
may, by payment of interest to the depositing note-holders for
to
option
an
period,
that
five years after the reorganization, have, during
buy the interests of the note-holders at par. The Great Shoshone Sr Twin
Falls Water Power Co.stock will not be entitled to participate in the reorg.
The committee has arranged for an advance to any note-holders who accept the modified plan of the amount of their Nov. 1 1914 coupon at the
Union Trust Co. of Pittsburgh,depository,on presentation of their certificates of deposit for endorsement of the advance thereon.
Modified Plan for Re-Financing, Dated Oct. 29 1914.
Securities Entitled to Participation.-The outstanding $115,000 1st M.
bonds may be surrendered by their holders in exchange for $92,000 of 6%
Bond-Secured Notes, which shall be deposited with the protective committee, or the bonds themselves may be so deposited and treated as though
exchanged. The total outstanding notes will then be $1,872,000, which
will be secured by 32.342,000 1st M. bonds, being all the 1st M. bonds out.
New Company.-The new company shall issue its entire, full-paid, nonpayment for the
assessable capital stock to the committee or its nominees in amount
equal in
property so acquired by it at foreclosure or other sale in an the plan
(or,if
par value to the face value of the 6% notes deposited under
howproportionate,
amount,
larger
the committee deems it advisable) in a
ever, to the face value of the deposited notes, so that the new stock may be
note-holders.
depositing
the
readily divisible among
Pine Years' Option on Stock-6% Interest in Meantime to Depositors.-In
&
consideration that among other things the American Water-Works
Electric Co., a creditor, shall advance, as the committee may call for same,
the reasonable expenses of foreclosure and reorganization (including the
advance of accrued interest on deposited notes), the committee will give the
American Co. an option to purchase the entire new stock for an amount of
cash equal to the full par amount of the deposited notes with accrued interest thereon upon the following terms, viz.:
The entire new capital stock shall be deposited In escrow with the Commonwealth Trust Co. of Pittsburgh (or other depositary) which shall issue
against it certificates of participation of par value equal to the deposited
notes. and such certificates shall be distributed to the depositing noteholders pro rata on the surrender for cancellation of their certificates of
deposit, and at the same time there shall be paid to the depositing noteholders an amount of cash equal to accrued interest upon their notes to the
date of issuance of such certificates of participation.
The American Co. shall promptly pay to the holders of such certificates
may
of participation, without deduction of any character, except such as from
five years
be required by law, each six months during the period of
6% per annum
and after their issuance a sum equal to interest at the rate ofsubstitution
for
on the par amount of the 6% collateral notes in exchange or
at any time
which such certificates were issued, and shall have the option,
to
participation,
of
certificates
such
of
date
the
from
years
five
within
cash
purchase the entire capital stock of the new company by an amount of
at 6%
equal to the par value of the deposited notes with accrued interest
e., without deduction or
per annum. All such payments shall be net.
any character except such as may be required by law.
CO. (a) fail
Default-Distribution of New Stock.-Should the American
condition to its
to make any of the interest or other payments required as a
becomes due or
receiving said option, promptly and as when the same
RIVO the property efficient
(6) fail, in the judgment of the committee, to
not be exercised within
management, or (c). if the option of purchase shall
stock shall be immediately
the five-year period, then the entire capital
of participation on
certificates
the
of
holders
the
to
rata
pro
distributable
surrender and cancellation of their respective certificates.
Voting Power, &c.-During the escrow period the depositary shall give
proxies to the American Co. to vote (a) for the election of four directors to
be nominated by the American Co. and three nominated by the committee;
(5) for other proper corporate purposes not inconsistent with this plan. So
long as the American Co.shall not hemn default, under the escrow agreement
it shall be entitled to receive all dividends paid on the new stock.
Bond Issue.-The new company shall not create any mortgage or other
lien during the escrow period except to secure its bonds (the amount to be
be sold to pay the aforesaid
fixed by the protective committee) which shall
expenses of foreclosure and reorganization, the discharge of any prior liens
may determine
or other charges, if any, which the protective committee
working
should be paid in the interest of the note-holders, and to provide
capital and for the actual cash cost of future improvements and extensions
471.)
-(V. 99, p. 1370,
Hocking Coal Co.-Bonds Called.-
Ten 1st M.601,, 20-year sinking fund gold bonds issued under indenture
dated July 11912. for payment at 105 and int. on Jan. 1 1915 at Empire
Trust Co.-V. 97. p. 1118.
THE CHRONTCLE
Nov. 14 1914.]
Hotel Traymore Co., Atlantic City, N. J.-Notes Offered.-Bieren & Co. of Philadelphia are offering the remainder of a $1,200,000 issue of 6% 10-year gold bonds at par.
International Steam Pump Co.-60% of Bonds Deposited.-The committee of holders of First Lien 20-year
5% sinking fund gold bonds, due Sept. 1 1929, Chas. H.
Sabin, Chairman, announces (see adv.) that over 60% of
these ($9,347,900) bonds has been deposited and that, after
Dec.15 1914,deposits will be received only upon such terms
as shall from time to time be approved by the committee.
The committee hopes to be in a position at an early date to
formulate and announce a plan of reorganization. Depositing bondholders if dissatisfied with same will be permitted
to withdraw. The Secretary of the committee now is
Arthur B.Hatcher,140 B'way. See V.99,p. 973, 1133,1302.
In October the company's business,it is stated, showe some improvement following a sharp relapse that occurred in the precedin; months as
a result of the European war. Examination of the accounts and plants is
expected to be completed in the near future and-the work of preparing a
plan of reorganization will be taken as soon as that work is finished.jperhaps next month.-V. 99, p. 1302, 1133.
Iron Steamboat Co. of New Jersey.-Divs.-EarningsBaian,ce
Net (after
Gross
Bond
Oct. 31.
Earnings.
Taxes).
Interest.
YearDividends.
Surplus.
$328,096
$49,963
1913-14
$23,497
(5%)318,262
$8,203
352.028
81,557
1912-13
23,805
(7%) 25.566
32.186
dividend
of
3)
5% (No.
has been declared on the $365,230 stock, payA
able to holders of record Oct. 31. In Nov. 1913 7% was disbursed and an
initial payment of 5% was made in Nov. 1909.-V. 99, p. 1370.
1455
D. Howell is liable for notes aggregating 51.725.000 which he endorsed foe
the company. The latter has been reorganized as the Richmond
Radiator Co. per plan V. 96, p. 911. Compare V. 99. p. 273.
Macon (Ga.) Gas Co.-Decision.-
Judge Mathews in the Superior Court on Nov. 3 sustained the demurrer
of the company to the petition of Bruno Richter and S. J. Dannenberg,
asking for the appointment of a receiver for the company and an order
directing it to sever its relations with the Georgia Light. Power & Railways.
The petition is dismissed except that part under which an injunction was
granted some time ager to restrain the company from increasing its capital
stock above 8500.000. The Court says that only the State can raise the
question of the illegal holding by one corporation of stock in another corporation and the State has never raised that question,and there can be no
possible danger of forfeiture of the charter, as there is no charge that the
company has ever violated the constitution of the State by holding illegally
any stock in any other corporation;that the allegation of fraudulent use of
its power by the Georgia Light Power & Railways through its ownership
of stock in the two corporations does not show that a case is made for the
intervention of a court of equity for the appointment of a receiver; and that
the petition is multifarious in asking for independent relief, not related,
from different defendants.-V. 93, p. 1537.
Marconi Wireless Teleg. Co. of America.-Injunction.
Judge Hough in the U. S. District Court in this city yesterday granted a
preliminary injunction, pending the taking of testimony, restrab,ing the
De Forest Radio Telephone & Telegraph Co., the Standard Oil Co. and
Lee De Forest from manufacturing, using or selling devices which the
Marconi Co. claims to be an infringement of their patent. The Standard
Oil Co.was joined in ,the complaint because it was contended'that the Radio
Co. sold signalling apparatus that would infringe both patents Involved
In this suit.
Massachusetts Gas Companies.-Sub. Co. Stock.-
See New England Coal & Coke Co. below.-V.99, p. 1370, 1302.
New England Coal & Coke Co.-Stock Increase.-
Kelly-Springfield Tire Co., N. Y.-Certs. Ready.-
This company, a subsidiary of the Mass. Gas Cos., has increased its
auth. stock from $500,000 to $1,500,000. See Mass. Gas Co.
in V. 99.
p. 1370.
Kelso Smokeless Coal Co.-Bonds Called.-
The comioany has authorized an increase in its capital stock from $2,500,000 to $3,000,000, to cover, it is said, recent improvements at the plant
In Mayville. Wis., including the establishment a coke works
to supply
the blast furnaces.-V. 94. p. 1570.
The company announces that permanent engraved certificates for the
common stock and the 7% cumulative 2d pref. stock are now ready for
delivery.-V. 99, p. 820.
Six 1st M. 20-year 6% gold bonds of $500 each, issued under mortgage
dated July 2 1906. for payment at 10234 and int. on Jan. 1 1915 at Commercial Trust Co., Philadelphia, trustee.
Kerr Lake Mining Co.-New Officer.Adolph Lewisohn of N. Y. has been chosen President to succeed the late
William G. Nickerson.
(S. S.) Kresge Co.-Sales.1914-0dobcr-1913.
$1,175.067
Si 45a.586
-V.99. p. 1133. 751.
Increase.' 1914-10 Mos.-1913.
Increase.
$278,5191$12.108.210 59,858.700 $2,249,510
La Belle Iron Works.-Bonds Called.Ninety-five 1st M. 6s of $1.000 each and ten of $500 each, aggregating
$100,000, dated Dec. 11903. for payment at par and interest on Dec. 1 at
the Dollar Savings & Trust Co.. Wheeling, Vr. Va.-V. 98, p. 1697.
Lackawanna Steel Co.-Proposed Purchase.-
Northwestern Iron Co., Milwaukee.-Increase of Stock.
Ohio Cities Gas Co.-Second Common Dividend.-
A quarterly dividend of 131% has been declared on the $5,500.000
mon stock, payable Dec. 1 to holders of record Nov. 14. The initialcompayment on the stock was made on Sept. 1.-V.99. p.607.541.
Ohio State Telephone Co.-Earnings.-From date of
organization, July 23, to Sept. 30 1914, as compared with
constituent companies for the same period in 1913:
Net
Period ending- Earnings.
Sept. 30 191.4..-....$207,449
Sept. 30 1913__-_ 160,947
-V. 99, p. 820. 346.
Bond
Interest.
$92,558
79,210
Otis Elevator Co.-Inguiry,-
Preferred
Other
Mt., &c. Dividends.
$4,111
$57.886
7,438
40,415
Balance.
Surplus.
$52,894
33.884
Press dispatches announce that the Missouri Supreme Court, on application of Attorney-General Barker, ordered an investigtaion as to whether
the
and associated companies in Missouri and Illinois are operatElectric
Co.
(of
Louisville Gas &
Ky.).-Notes, Earn- hig company
as a trust in the manufacture and sale of elevator repairs and machinings, &c.-A circular offering, as stated last week, $450,000 ery. North D. Gentry
was appointed special Master to take testimony.
The companies named in the complaint are the Otis Elevator Co.. a Mis3%-year 6% gold notes at 97 and int., reports in substance: souri
corporation; the Otis Elevator Co., a New Jersey concern; the Chicago
otal auth. issue $2,000,000. Dated Oct. 1 1914, due April 1 1918. Elevator
Repair & Supply Co., and the J. W. Reedy Elevator Mfg. Co. of
Red. at option of company upon 60 days' notice at 101 and int. on or before
April 11017 and at 10034 and int. thereafter. Interest A. & 0. in Chicago Chicago. The petition says that the Attorney-General has information
and N. Y. Denom. $1,000. $500 and $100 (c5). Central Trust Co. of that these concerns have combined to restrain trade and have agreed to
boycott any person or ocrporation buying from or selling to any person or
Ill., Chicago. trustee.
A consolidation in July 1913; has acquired satisfactory franchises and firm not a member of the combination.-V.99. p. 973,898.
now owns and operates, without competition, the entire public electric
Packard Motor Car Co., Detroit.and gas utilities in the city. The property includes (a) Pipe line, daily
The following facts are pointed out in connection with the annual report
capacity 12,000,000 Cu. ft., placed in service during March 1914,
West Virginia to Louisville, carrying natural gas purchased under a from published last week (page 1364):
The company had about 39.500.000 working capital on Aug. 311914. of
long-term contract and sold profitably at low rates, along with gasfavorwells of the company in Meade Co., Ky. (b) 484 miles of gas mainsfrom which $2,462,000 was cash. This is equal on a volume of a out 513,000,000
holder, capacity 5.226,000 Cu. ft.•, and two artificial gas plants with and gross business to 72 cents of quick assets for each $1 of sales. The company
daily has purchased several hundred thousand of short-time, high-grade notes
capacity of 8.000.000 Cu. ft. held for emergencies. (c) Electric
equipment, to give it income from money not immediately required in its business.
including 25,600 h.p. in steam turbine generating units operating
condensThe net earnings in the late year were only about 60% of those of the 1913
ing, with about 438 miles of pole lines and underground conduits.
An and 1912 years, but were equal to between 8 and 9% on the common stock.
additional 6,500 h.p. turbine generating unti should be in operation in Nov.
against
20% in the 1913 year. The decline was not as great as appears
Properties modern and in excellent condition, serving practically all parts
on the surface, as an extra heavy charge was, it is stated, made to depreof the city with both electricity and gas and a number of the suburbs
with ciation,and this accounts for a large part of the decline.-V.99,p.1364,1303.
electricity.. In 1913-14. by introducing modern apilliances, the uses
of
electricity and gas have been greatly increased and there are still excellent
People's Water Co., Oakland, Cal.-Reorganization
opportunities in both departments. The consolidation has resulted
in
Plan.-The reorganization committee named below is calling
largo operating economies and greatly improved service.
CapitalizationAuthorized. Outstand'g. for deposit of the stock and bonds with the Savings Union
Capital stock
$11,000.000 $10,324.300 Bank & Trust Co. of San Francisco under terms of a plan
334-year 6% notes (this issue)
2.000,000
450.000
Louisville Lighting Co.5% bonds due Apr. 1 1953 _Mtge.
closed 3,121,000 calling for the organization of the "Consolidated Water
First & Ref. M.6% bds. due July 1 '18 Or.97.p.54)
15.000,110
8,500.000 Co." The new company would take over the property and
So long as any of these said notes are outstanding
the company can not provide for the retirement
(except by issuing additional First & Ref. M. bonds,
of the present securities and curcreating purchase
money mortgages and pledges as
for temporary loans in the usual rent obligations and for future extensions by authorizing:
course of business) mortgage or security
pledge•ay of its property or franchises
Proposed Total Auth. Capitalization-Purposes to Which Applicable.
without thereby securing said 334-year 8% notes equally with the
indebted512.500.000 30-Year 1st M.5% Gold Bonds, to be a first mtge. upon
ness secured by such mortgage or pledge. The
remaining 51.550,000 notes all(1)
property owned by the present company, including all property covered
may be issued only when net earnings, after deducting
the annual interest by the underlying
bonds. Par $1,000 each. Callable at 10234 on 6 mos.
charges on all its outstanding First and Refunding Mort.
bonds and any notice. Union Trust
Co. of San
underlying bonds, shall be at least three times the annual interest
trustee. Dated probably Feb. 1
charge 1915; int. payable J. & J., the firstFran.
payment to be due July 1 1915 for preon all notes outstanding and proposed to be issued. The proceeds of these ceding
6 mos. Applicable as follows (58,795.500 thereof now issuable):
($430.000) notes retire the entire floating debt and provide for additions.
(a)
To
be
Issued
at
a
discount
of 5% to retire the 55.600,000 unOf the $6,500.000 unissued First dr Ref. M. bonds. 53.379,000 may be
derlying bonds,to wit.: Contra Costa Water Co. 1st M.bonds.
issued for 75% of cost of extensions and improvements provided net earnings
Oakland Water Co. bonds, Alameda Artesian Water Co. bonds,
are 13i times annual bond interest charges and 53,121,000 bonds are reEast
Shore
Water
Co. bonds and Contra Costa Water Co.
served to refund the Louisville Lighting Co. bonds: $71.400 cash Is with the
Mtge. (2d mtge.) bonds
trustee to redeem at 105 568.000 Louisville Gas Co. 5% bonds duo 1918. (b)Gen.
to be issued to the holders of the above-mentioned underlying$5,88"M
Earnings for 12 Months ending Sept. 30 1914.
bonds in payment of their interest at 5% on said bonds for the
Gross revenues
52.093.776!Bond int.(as of Oct. 1914) $666,050
calendar year 1914
51,054,900 I Balance
Net (after taxes)
$388.850 (e) To be issued at a discount of 57 to retire $2,300,000 of se- 280,000
Interest on these $450,000 6% notes calls annually for
cured notes of the
$27.000
Water Co. now outstanding
2.415,000
Annual bond interest as shown above is computed on the total bonds (d) To be issued at aPeople's
discount of 5% to take up
1st M.
issued Oct. 20 1914, although the total amount has not been outstanding
loans, if exchange can be arranged, on certain$210,000
properties purconsiderable
months,
a
portion for construction purposes have been
full 12
chased by the People's Water Co., which said mortgages
cover
issued during the last few months. As of Oct. 20 1914 the company had
property of the value of5750.000
220.500
with trustee 5247.580 appropriated to construction. The actual net inter- (e) To remain in the treasury,bonds to be issued for not
est charges for period covered, taking into account interest received from
over 75% of cost of permanent improvements made
idle funds appropriated for construction. &c., were $497,961 and the actual
after Jan. 1 1915
$3,704,500
balance amounted to $556,939.
Population of Louisville: In 1890 (U. S. Census), 161,129; in 1900. (2) $7,935,000 Capital Stock in $100 Shares (Voting Trust Certificates.
issued to refund outstanding People's Water Co. bonds.
204,731; in 1910. 223,928. Total population now served, including sub- (a) To be
1034 shares of stock for each $1,000 bond
urbs, estimated over 240,000. See also V. 99, p. 1370. 541.
(b) Tb be issued to holders of pref. stock of the People's Water57.560.000
Co.. on the basis of one share of now stock for eight shares of
Louisville Tobacco Warehouse Co.-No Div.-New Pres.
old preferred stock
The stockholders, to whom the matter was referred by the directors at
250.000
To be issued to the members of the refunding committee and
the annual meeting this week, voted not to declare the semi-annual dividend (c)of
the protective committees in payment for services, 1,000
pref.
stock
$350,000
the
paid
usually
Nov.
4.
The
on
money,
it is
of 4%
shares
to
the
former
and
250
shares
to the latter
stated. has been earnel, but in view of the uncertainty of the tobacco situa125,000
Proposed first board of directors: Henry E. Bothin H. C. Capwell
tion, because of the European war,it was deemed best to let the stockholders
company omitted the quarterly dividend on the 51.436.000 'W igginton Creed, John S. Drum, J.Y. Eccleston. E. A. Heron, Arthur G.
act. Thestock
Tasheira, F. W. Van Sicklen and Frank M. Wilson.
on Feb. 1 1914 because of poor business conditions.
common
Divid,
nd Record (Per Cent).
Proposed voting trustees for stock: W. W. Garthwaite, Wallace Alex1897. 1898 to 00. 1901. 1902. 1903. 1904. 1905 to '13. 1914. ander. P. E. Bowles, I. W. Hellman Jr., John A. Hooper, C. E. McIntosh
and C. 0. G. Miller.
10
6
0
3
6
234
Common 6
0
Reorg. committee: P. E. Bowles, John S. Drum. W. W. Garthwaite,
Preferred_ ..In full to May 1914.
David A. Keller has been elected President to succeed I. P. Barnard.- John A. Hooper, C.0.G.Miller, Percy T.Morgan and F. W.Van Sicklen.
making deposits, the bondholders and note holders will agree
In
1957.
v. 79, p.
the
plan, provisional upon the consent of a majority in amount of eachtoclass
McCrum-Howell Co.-No Review.of bondholders and a majority in amount of the noteholders. If necessary.
the
review
decision
Court
Supreme
on
Nov.
S.
to
9
of
declined
the
trust
U.
the
deeds
will
be foreclosed. Compare V. 99, p. 123, 274.-V. 99.
The
U„ a. Circuit Court of Appeals rendered on July 17 last holding that George P. 612. 411.
See Buffalo & Susq. Sty. under "Railroads" above.-V.99, p. 1133. 123.
http://fraser.stlouisfed.org/
Federal
Reserve Bank of St. Louis
•••
THE CHRONICLE
1456
Oil & Gas Co.-Earnings.-
Pittsburgh
which
For 6 mos. ending Sept. 30 1914, gross earnings were $154,330, of
$143,832 came from 113,648 bbis. of oil sold: net, $10,853.-V. 98. p. 1396.
Pittsburgh-Westmoreland Coal Co.-No Foreclosure at
Certificates.Present-$350,000 Receivers'
the U. S. Dist. Court at Pittsburgh on Nov. 7
LVOL. xctx.
kets. Crop and quality, it is stated, are excellent, being one-fifth larger
than in 1913 and of "long-staple cotton," which always commands a higher
price. Further dividend may, it is said, possibly be paid before the end
of the year. Distributions were, it is reported. 6% in 1907 to 1911, 7%
in 1912 and 1913 and 334% in April 1914, payments being usually made
April land Sept. 15.-V.95,p.485.
U. S. Printing Co.(of Ohio), Cincinnati.-Merger Plan.
Judge Charles P. Orr in
to permit
The plan for the consolidation of this company and the United States
decided that in view of existing conditions it would be inequitable
United States Printing & Lithoand he therefore refused the petition Lithographing Co.(V. 94, p. 285) and the we
a foreclosure sale at the present time,
understand, to be completed
mortthe
Co. (a selling °enema) is likely,
the
of
in
receivers
graphing
the
join
foreclosure
to
Co.
Trust
of the Girard
p. 1055.
99.
V.
See
month.
due
this
of
each,
the latter part
gage securing the issue of $900,000 2-year 6% notes of $1,000
Oct. 31.-See "Trade
-Orders
Aug. 1 1913 but extended to Aug. 11914. The certificates (not yet sold)
U. S. Steel Corporation.
will rank after the bonds but before the notes.
previous page.-V. 99, p.
The Court, however, authorized the receivers to issue 3350.000 receivers' and Traffic Movements" on a
certificates to carry on the business, which,it is stated, is earning money.
1372, 1304.
Appraisers Julian Kennedy and Rufus C. Crawford on Oct. 15 filed a report placing the value of the property at 513.676.115, and the net obligaUnited States Worsted Co.-Full Opinion.which
genand
current
including
about
$6,800,000,
as
company
tions against the
The opinion of the Mass. Supreme Judicial Court, by Lroing. J.,
eral indebtedness, which is said to be small. The net earnings for toe fis- was handed down on Sept. 11 last, in the suit of Dreyfus vs. Old Colony
and
"Banker
sinkhave
the
to
in
been
The
said
are
length
$899,465.
receivership
at
the
to
given
prior
year
was
cal
Trust Co. of Boston (V.99, p. 906),
ing fund of the bond issue has been taken care of, and it is understood that Tradesman" of Boston of Nov. 7.-V. 99, p. 1304, 906.
the interest coupons will be paid when due. (V.88,p.381.)-V.99,p.347.
Ray Consol. Copper Co.-Earnings for Quarters.-
3 Mos. ending
Sept.30'14. June 3014. Mar.31'14.
Gross production, lbs__ 12,475.153 18.748,343 17,234,346
$919
004
5987.881
3;0
95
$451.422
Net profits
12,128
15,194
Miscellaneous income
9 Mos. end.
Sept. 30'14.
48.457,842
52,352,307
36.417
Vulcan Detinning Co., New York.-Quarterly Statement.
-Pros. Buttfield, Nov. 6, wrote in substance:
depression
The quarter ended Sept. 30 has been marked by an increasing
During
In the steel trade and violent fluctuations in the quotations for tin.
market for tin dethe
war,
European
a
of
outbreak
an
of
fear
under
July,
shorta
of
anticipation
in
August,
dined to approximately 30 c. per lb. In
lb., and in
age in supplies, prices advanced in a few days to over 60c. per
Thus,
lb.
per
32c.
to
collapsed
needs,
financial
of
stress
to
5922,099 $2.388,724 September, due
5463.550 51,003,075
Totalincome
$130,864 this company has been forced to share in the world-wide calamity. decline
$42,628
$43,581
$44,655
Bond interest
of the
advangage
take
to
position
excellent
an
in
543
)
is
545
11089328
)
The
.364(3
(7
company
,964
J.,
(3
Dividends
of
in the tin scrap market, which is already in evidence. In 1912 a range
and
$588,945
$42,628
5588.619 $1,220,192 prices as high as $28 to $30 per ton was established for tin plate scrap
Total deductions_ _ _ _
been
had
them
paid
theretofore
prices
that
impression
_
_
$1,168.532
_
$420.922
the
$414.130
quarter_
$333,480
sellers received
Balance for
fall of 1913 for
The earnings for the Sept. 30 quarter are computed on the basis of 12.4858 unduly low. This rendered it difficult to contract in thefor
the products
cents per pound for copper, against 13.9198 and 14.41 cents for the quarters deliveries during 1914 at any reasonable margin of profit was
accentuated
difficulty
this
1914
of
months
of detinning. In the first 6
ending June 30 and March 31 1914, respectively.-V. 99. p. 752, 411.
for tin scrap from Europe,steel prices there being considerably
demand
a
by
(R. J.) Reynolds Tobacco Co.-To Pay Off Dividend higher than in this country. A reversal in this condition now exists. Tin
a plethora in
scrap is being imported from Europe and there is promise of
Certificates.-An official circular says in substance:
cost for our raw material fairly commenWe will pay dividend certificates heretofore issued in lieu of cash divi- supplies. Starting with a basis of
look forconfidently
we
products,
our
for
market
dends, in cash, upon surrender thereof, at our office in Winston-Salem, surate with to-day's low
N. C.. on Jan. 1 1915. Dividend certificates will be accepted at par in ward to a profitable future.Adolph Kern, the Republic Chemical Co. and
against
suit
brought
The
payment of the ($2.500,000) pref. stock if delivered by subscribing shareholders to Equitable Trust Co. of New York on or before Jan. 2 1915. others is being vigorously prosecuted.
Interest on dividend certificates will be paid by check as usual. See
Sept. 30:
Earnings.-For 3 and 9 months ending
V. 99, p. 1372.
Adjust- Balance,
Costs and
InvenOther
3mos.end. Total
ments. Deficit.
Gert. Em.
tortes.
Roland Park Water Co.-Bonds Called.Income.
30. Sales.
.$7.705
$250
1
.
$225.32
+514.059
First mtge. 5% guaranteed bonds, Nos. 47, 124, 126, of $1,000 each, for 1914
$78
203,729
$
$203,729
19913mos.-249.747
+6,372
payment at 105 and interest on Dec. 1 at Baltimore Trust Co., trustee.
212,843
32
59
°:0
32
Sacramento Valley Irrigation Co.-Foreclosure.$3
$250
5678.555
$769 +543.321
5602.623
1914
162,235
_
Suits for foreclosure, &c., have been brought in California by the Equi- 1913
725,366
+30.529
339
532,263
table Trust Co. of N. Y., as mtge. trustee, and by Merle B. Moon of -V. 99, p. 746.
Detroit. Chairman of a committee of creditors. About 54.840.000 is
alleged to be due for advances by the American Water Works & Guarantee
Westchester Lighting Co.-Hearings Ended.of consumers
Co., and Mr. Moon, as Chairman of the creditors' committee, sets forth
The hearings before the P. 8. Commission on the complaint
the
creditors' committee took hold, and is in White Plains, Eastchester, Portchester, Tarrytown. North Tarrytown
that he expended $206,000 after
still spending money to keep the business going. Compare V. 97, p. 527. and Irvington asking for a reduction of rates for gas from $1 50 to $1 per
were concluded on
600, 1119: V. 98, P• 917.
1,000 cu ft. and of electricity to 8 cts. per kilowatt hour
one more additional
Nov. 10. Counsel were given the privilege of filing
Seven Cities Co.-End of Receivership.decision is expected
memorandum with the Commission, after which a
"St. Louis Republic" on Nov.3said:"This company will to-day be taken shortly. The company claims that the 51 50 rate is not excessive, as the
out of the hands of the Southern Trust. Co. of Little Rock, temporary re- record proves that the return to the company on its investment at this rate
ceiver, named Sept. 3, in a suit filed by the stockholders of the Russell- is only a trifle over 4%.-V. 98, P. 1530.
ville (Ark.) Water & Light Co., which was purchased by the Seven Cities
West India Improvement Co.-Final Distribution.-The
Co. President Henri Chouteau yesterday announced the elimination of
the trust company as temporary receiver because of an amiable adjustment Central Trust Co. of N. Y.,as trustee under mtge. of Sept. 1
of the controversy.-V.99. p. 677.
4s, gives notice:
1889, securing $921,000 1st M. 10-year
of $40 per
Standard Gas & Electric Co.-Sub. Co. Notes.Holders of 178 bonds have failed to collect the first dividend
collect the second divito
failed
have
bonds
81
of
holders
the
See Louisville Gas & Elec Co. above.-V.99, p. 1303,613.
bond, and
dend of $163 per bond.
bond, set
Staples Coal Co.-Bonds Called.Immediately after the distribution of the dividend of $163 per sell the
Fifteen bonds of Dec. 1 1898 for payment at par and int. on Dec. 1 at forth in circular of Oct. 29 1913. the trustee renewed its efforts to the
Suby
adjudged
in
Jamaica.
company's office, Taunton, Mass.-V. 96. p. 1602.
inscribed stock and the unallotted lands be
the property of the trustee.
preme Court of Judicature in Jamaica to producing.
Anticipated.After
$100,872.
net,
sold
8835.
at
finally
Studebaker Corporation.-Payment
was
This inscribed stock
The company has, it is stated, anticipated payment of approximately extended negotiations with the Jamaica Govt., a sale of the unallotted
acre, and
75% of the $400.000 5% serial notes maturing March 1 next.-V.99,p. 347. lands (3,677 acres) was effected at the price of five shillings pernetted
the
allowance was made for costs of £105. This sale
w
an additional
Sunday Creek Co.-Stock Sold.-Judge Warrington in trustee
amounts to $121,572. This
The balance now on hand for distribution
the U. S. Dist. Court at Cincinnati on Nov. 7 approved of
the face value of $1,000.
permit a final dividend of $132 on each bond of
payments and for proper
the sale of the stock held by the Hocking Valley Ry. and will
Bonds should be presented for the foregoing
Toledo & Ohio Central Ry. ($3,237,500 and $513,700, re- stamping of such payments thereon at the office of the trustee. 54 Wall St.,
spectively), in accordance with the recent decision of the New -York. See also V.96,P• 1163.
Court, to John S. Jones of Chicago, Ill., for a sum not made
$50,000."
public but stated to be "not less than
the properties independently of
Mr.Jones will, it is announced, operate
the roads formerly controlling the same and expend considerable money in
their development.-V.98. p. 1923.
Divs.Syndicate Film Corporation, Chicago.-Extra
and preferred
An extra oily. of25% has been declared on both the common
payment
initial
An
17.
Nov.
record
of
holders
to
23
stocks, payable Nov.
of 7% on each class was made on Oct. 1.-V. 99, p. 987.
Tehuantepec Rubber Culture Co.-Receiver.-
appointed
Judge Hand of the U. S. District Court in N. Y. on Nov. 6 continue
Ernest A. Cardozo of 128 Broadway, receiver, with instructions to
the business.-V. 94, p. 1702.
Canal Co., Idaho.-Decision Affirmed.-
Twin Falls
reports,
The U. S. Supreme Court on Nov. 9, according to newspaper
, to sell irrigation
affirmed a decree of the Idaho courts directing the companyland
in the lower
water rights to H. T. West and other purchasers of State
company
Twin Falls irrigation section. The lower courts held that the
and
must give water to all riparian users possible by rotating the supply
cannot withhold water by giving a constant flow to a smaller number.
-V. 97, p. 242.
United Cigar Manufacturers Co.-Listed.-The New
York Stock Exchange has authorized to be listed on and after
Dec. 1 1914 $7,256,500 common stock on exchange for outstanding voting trust certificates, making. total authorized
to be listed $18,104,000. The voting trust in which $7,256,500 stock is held expires on Dec. 1.
Earnings.-For the 9 months ending Sept. 30:
$950,015
$1,649,700 Total net income
Gross earnings
loans,dep.& losses
Selling & gen. adm. exp_- 789.081 Int. on
187,099
on investments
$860,619
Balance
$762,916
89,396
Misc. profit, int. & rents_
Net earns. Theob.& Opp.Co.301,265
do M.A. Gunst Co.,Inc. 89,773
$950.015
Total net incoime
$1,153,954
Total net earnings
-V. 98, p. 998.
Coal Co., Pittsburgh.-Reorganization.-
United
has asked for the foreThe Commonwealth Trust Co. of Pittsburgh
representing the bondholders and
closure of the mortgage. The committee
reorganization of the
for
plans
their
pushing
creditors are .it is stated,
will be secured. Compare
property under which an increased output
V. 98, p. 1005.
Lumber & Cotton Co.-Interim Div.-
United States
declared on the $3,457,900 stock.
An interim dividend of 3;5% has been
for improved marcircular states that the company's cotton will be held
Wisconsin Edison Co., Inc.-Dividend.-
A dividend of $1 75 a share has been declared on the 215,000 shares,
payable Dec. 1 to holders of record Nov. 14.-V. 98,p. 1699.
York County Power Co., Portland, Me.-Bonds.-
This subs diary of the Cumberland County Power & Light Co. of Portland, Me.(see "Elec. By. Sec." p 106) has recently filed to the Fidelity
'First & Refunding M.to secure not over
Tr. Co. of'Portland, as trustee, a
52,500.000 5% bonds dated Dec. 1 1913 and due Dec. 11943, but subject
to call on any interest date at 105. An. sink. fd. beginning Dec. 1918.
Interest J. & D. in Portland and N. Y. Of the now bonds $500.000 have
been certified and these are guaranteed principal and interest by the Cumberland Power & Light Co.: an additional $719,500 of the issue is reserved
to retire a like amount of underlying bonds and the remaining $1,280,50
are Lssuable only for future extensions and additions. Par $1,000.
-The addresses and papers by George Edward Ide, President of the Home Life Insurance Co. of New York City,
have been privately printed, forming a volume of nearly
250 pages. The Home Life Insurance Co. was started in
1860 by James S. T. Stranahan, known as "Brooklyn's first
citizen" and for nearly 25 years of its long and honorable
career Mr. Ide has been in active charge as President.
The addresses and papers now brought together in permanent
form cover a wide range of life insurance topics during a
period of revolutionary changes in the life insurance business,
and they are therefore of value as an historic record in
readable shape by one who is an authority on the subject.
Bodell & Co., Investment securities, Providence and
Boston, are mailing to their customers (1) copies of this
week's issue of the firm's "Financial Review" containing
various fianancial and commercial statistics of significance
and the latest news as to some seventy railroad and other
corporations (2) the current issue of their "Quarterly Bulletin", which contains a sample income tax form, with full
explanatory notes, together with the recent earnings of wellknown public utility corporations.
-Charles L. Morse, formerly connected with William A,
Read & Co. of this city, has opened an office at 626 Slater
Bldg., Worcester, Mass. Mr. Morse will do a bond investment business.
THE CHRONICLE
Nov. 14 19144
ports
1457
arta Parnments.
PUBLISHED AS ADVERTI,LOAEMTS.
SOUTHERN PACIFIC COMPANY
AND PROPRIETARY COMPANIES
THIRTIETH ANNUAL REPORT-FOR THE YEAR ENDED JUNE 30 1914.
REPORT OF THE BOARD OF DIRECTORS.
New York, October 29 1914.
To the Stockholders of the Southern Pacific Company:
The Board of Directors submit herewith their report of the operations of the Southern Pacific Company and of
the
Proprietary Companies for the fiscal year ended June 30 1914.
PROPERTIES AND MILEAGE.
The transportation lines constituting the Southern Pacific System June 30 1914 were as follows:
First
Main
Track.
DIVISIONS.
A-Mileage of lines belonging to or leased by Companies the capital stocks of which are principal:
owned by the Southern Pacific Company:
(1)-Operated by the Southern Pacific Company under leases
Central Pacific By
Oregon & California RR
Southern Pacific RR
South Pacific Coast Ry
(2)-Operated by the owning Companies:
Morgan's Louisiana & Texas Railroad .& Steamship Co
Louisiana Western RR
Texas & New Orleans RR
Galveston Harrisburg & San Antonio Ry
Houston East & West Texas By
Houston & Shreveport RR
Houston & Texas Central RR
Southern Pacific Terminal Company
Arizona Eastern RR
Corvallis & Eastern RR
Southern Pacific Company
Additional
Main
Sidings.
Track.
-
2.205.46
697.45
3,497.37
106.69
251.70
2.85
190.02
20.46
852.24
165.91
1,486.59
49.59
404.53
207.74
458.03
1,342.08
190.94
39.78
829.66
40.22
228.50
70.15
177.06
325.85
56.03
7.35
245.27
22.31
79.77
15.80
3.46
6.59
1.27
366.74
140.58
B.-Mileage of lines belonging to Companies the capital stocks of which are principally owned by
the Morgan's .Louisiana & Texas RR. & SS.but Co., which are operated by the owning
Companies:
Iberia & Vermilion RR
Direct Navigation Co
Ferries.
9.90
Water.
Lines.
125
3.00
3.00
3.00
'
4.683
21.44
7.00
65
Total
Less operated jointly by Proprietary Co's
10,508.49
31.49
516.57
9.97
3,789.42
.49
18.90
4,873
Total mileage operated June 30 1914
Total mileage operated June 30 1913
10,477.00
10,330.06
506.60
425.10
3,788.93
3,674.92
18.90
18.90
4,873
4.997
146.94
81.50
114.01
Increase
Decrease
124
The total operated mileage of the lines constituting the Southern
transportation system, and of the lines of
other companies controlled by the Southern Pacific Company,includingPacific
Company and 49.47 miles of the Sunset Railway Company, one-half of the400.99 miles of the Northwestern Pacific Railroad
capital stocks of which is owned by the SouthernPacific Company, amounted, on June 30 1914, to 13,278 93 miles.
INCOME FOR THE YEAR.
The income for the year ended June 30 1914 of the Southern Pacific Company
and of the Proprietary Companies, co m
bined, excluding offsetting accounts, compared with last year, is as follows:
This Year.
Average miles of railway operated
Lines East of El Paso
Lines West of El Paso
Total
Operating expenses-rail lines
Expenses outside operations
Taxes (rail lines and properties dealt with as outside operations)
Total
Net operating income over expenses and taxes
OTHER INCOME.
Interest on bonds owned of Proprietary Companies
Interest on bonds owned of Affiliated Companies
Interest on bonds owned of Other Companies
Dividends on stocks owned of companies other than Proprietary Companies
Income from lands and securities, not pledged for redemption of bonds
Income from sinking funds investments
Balance of interest on loans and on open accounts other than with Southern Pacific
Company and Proprietary Companies
Hire of equipment
Miscellaneous income
Total
Total, net operating and other income
FIXED AND OTHER CHARGES.
Interest on outstanding funded debt of Southern Pacific Co. and Proprietary Companies
Sinking fund contributions and income from sinking fund investments
Hire of equipment-balance
Rentals for lease of road, joint tracks, yards and terminal facilities
Land department expenses
Taxes on granted and other lands
Miscellaneous expenses of Proprietary Companies
Taxes and other expenses of Southern Pacific Company
Additions and betterments payable from income ofSouthern Pacific Company
Amortization of discount on funded debt
Reserve for depreciation of rolling stock owned by Southern Pacific Company and
leased to other companies
Total
Surplus over fixed and other charges
AIONPFN
+Increase,
-Decrease.
Per
Cent.
•
•
3,459.16
6.962.49
3,435.01
6.875.98
+24.15
+86.51
.70
1.26
•
10,421.65
10,310.99
+110.66
1.07
8126.614,536 84
11.905.721 72
8130.353.692 66
12,421,012 41
-$3.739.155 82
-515.290 69
2.87
4.15
8138,520,258 56
$142,774,705 07
-84,254,446 51
2.98
$82,800,066 77
10.862,200 16
7,162,624 57
882,135.109 49
10,734.300 58
5.697,28583
+8664.957 28
+127,899 58
+1.465,33874
.81
1.19
25.72
Total
INCOME.
Revenue from transportationOPERATING
-rail lines
Revenue from outside operations
Last Year.
$100,824,891 50
898.566,695 90
+82,258,195 60
2.29
$37,695,367 06
$44.208,009 17
-86,512.642 11
14.73
$3,612,450 71
3,437,343 97
345,243 61
3.656,276 04
498,040 49
296,309 57
83.512,52607
2,844.230 56
490,809 71
3.230,061 82
510.891 01
263,742 90
+899.924 64
+593,113 41
-145,566 10
+426.214 22
-12.850 52
+32,566 67
2.84
20.85
29.66
13.20
2.52
12.35
52.11
1,795,239 28
266.480 60
196,306 40
814,103,690 67
1,1
+426.021 24
--------------+266.480 60
129,053 14
+67.253 26
812,350.533 25
+81,753.157 42
351,799,057 73
856,558,542 42
-34,759,484 69
8.42
827,415,733 89
805,702 07
825.809,40590
773,834 49
600.581 05
702.030 44
116.639 65
256,934 39
82,841 13
291,243 30
71,219 37
7,766 41
+51.606,327 59
+31,867 58
-600,581 05
-57,354 65
-1,004 53
+35.648 76
-25,422 48
+173.057 14
-50,12488
+497,710 51
6.22
4.12
644.675 79
115,635 12
292,583 15
57.418 65
464,300 44
21,094 49
505,476 92
31.11
14.19
8.17
.86
13.87
30.69
59.42
70.38
1,024,221 46
978,239 14
+45,982 32
4.70
$31,346,841 98
829,690,735 27
+81.656.10671
5.58
820,452,215 75
326,867,807 15
-36,415,591 40
23.88
[VOL. xcix.
THE CHRONICLE
1458
the outstanding capital stock of the
other charges brought over (equivalent to 7.50 per cent on
$20.452.215 75
Surplus over fixed and
y)
Compan
Pacific
Southern
Applied as follows
stock, viz.
11,090.086 08
Dividends on commonJanuary
2 1914
4.090,086 08
13 per cent paid April 1 1914
4.090,086 08
1% per cent paid
4,090.086 08
per cent payable July 1 1914
1
October 1 1914
744 00
1 ti per cent payable
public
by
the
held
ies
Compan
tary
16.361.08832
Dividends on stocks of Proprie
14.091,127 43
Surplus after:payment of dividends
ing Expenses are fully dealt with under "Transportation Operations."
The details of Operating Income and Operat
interest on loans and open accounts results, principally, from the increase
from
year
the
for
e
The increase in the incom
nies.
Compa
ted
Affilia
to
in investment advances
pally, of a full year's interest charge this year
outstanding funded debt is the result, princicates
The increase in the interest onNotes
of the Southern Pacific Company, issued
Trust Certifi
ment
Equip
the
on
and
,
Cent
Per
on the One-Year Five
year.
in the latter part of last
contributions and income from sinking fund investments
d with $805,702 07 for sinking fund
The year's income is charge
the year from the sale of lands, also pledged for the redemption
during
ds
procee
The
.
bonds
of
tion
pledged for the redemp $3,040,909 54. These sums, aggregating $3,846,611 61, are dealt with as Profit and Loss items, for
of bonds, amounted to applied in reducing the bonded Indebtedness of the companies.
the reason that they are
expenses of the Southern Pacific Company, is the result, principally, of the increase
The increase in taxes and other the
United States Government, and of the increase in taxes paid to the State of Kento
paid
tax
e
incom
in the amount of
tucky.
Southern Pacific Company, the expenditures for additions and betterments
Under the provisions of the lease to the
ay Company are payable by the lessee, and are, therefore, a charge to its
Railw
c
Coast
Pacifi
South
the
of
to the property
to $21,094 49.
ted
amoun
year
the
for
itures
expend
income. Such
discount on funded debt is the result, principally, of charging against
of
zation
amorti
for
charge
the
in
The increase
on the One-Year Five Per Cent Notes issued in June of last year and
nt
discou
the
of
der
remain
the
both
e
this year's incom
tion of the discount on Equipment Trust Certificates issued in the latter
propor
year's
full
a
and
year,
this
of
retired in June
part of last year.
ces to the Southern Pacific Railroad Company of Mexico amounted to $38,On June 30 1914 the principal of advan
ces has not been taken into the income of the Southern Pacific Company.
advan
these
on
ng
accrui
st
Intere
423,719 71.
CAPITAL STOCK.
l stocks of the Southern Pacific Company and of the Proprietary Comcapita
in
the
year
There was no change during the
follows:
as
was
1914
30
June
panies. The amount outstanding
Southern Pacific Company
Common stock
Proprietary Companies
Common stock
Preferred stock
s:
etary Companies outstanding June 30 1914 were held as follow
Stocks of Propri
Company
Owned by Southern Pacific
Texas RR.& SS. Co •
Owned by Morgan's Louisiana &
In the hands of the public
3272,672.405 64
$315.800.572 00
29,400.000 00
$345,200,572 00
$344,767.400 00
349.500 00
83.672 00
$345,200,572 00
Total
FUNDED DEBT.
, due June 15 1914,
value, One-Year Five Per Cent Secured Gold Notes
par
0,000,
of
nt
$26,00
payme
the
To provide for
additions and betterments, and for other
,
uction
constr
lled
nies
for
s
contro
compa
variou
its
to
made
for advances to be the Southern Pacific Company authorized an issue of Five Per Cent Twenty-Year Convertible Gold
corporate purposes,
mature June 11934. The priviexceeding $55,000,000, par value, to be dated June 1 1914 and to
-Bonds to an amount not
to these bonds at.par, on or before April 22
ibe
subscr
to
ny
the
compa
of
l
stock
the
capita
of
s
holder
lege was given to the twenty per cent of their respective holdings, payment therefor to be made in three initallments, viz.:
1914, to the extent of making subscription on or -before April 22 1914: $333 32, on or before June 11914; and $333 36 on
of
6,426 58 was received to
$333 32 at the time
The subscriptions amounted to $54,534,000, of which the sum of $51,52
1914.
10
July
before
or
June 30 1914.
paid-up shares of capital stock of the company at $100 per share of $100 par value on
The bonds are convertible intoor, if before that date called for redemption, then up to thirty days prior to the redemp1924,
1
June
or at any time beforein the call for redemption. All such bonds at any time outstanding (but not part thereof) are redeemtion date mentioned
ny at 105 per cent of the par value thereof and accrued interest on June 1 1919, or on any
able at the option of the Compa
upon not less than ninety days previous notice.
fter
therea
semi-annual interest date
e
for the purchase of new equipment, an equipment trust known as "Southern Pacific
provid
to
In September 1913
B," was created and an issue of $2,010,000, par value, Four and One-Half Per Cent
Series
Trust,
Company Equipment
ized, all of which the trust provides shall be guaranteed by the Southern Pacific Comauthor
icates
Certif
Equipment Trust
of certificates authorized were issued during the year.
value,
par
,000,
$2,010
pany. The entire $5,120,000, par value, of Southern Pacific Company Equipment Trust Certificates, Series A authorized
The remaining
mentioned in last year's report, were also issued during the year.
outin March 1913, as
fixed interest-bearing debt of the Southern Pacific Company and Proprietary Companies
The funded and other
s:
as
follow
was
year
the
standing at the beginning of
$16
-------------------------5,581,910 00
---------------------------------------------y
'-------456,034.091 68
Southern Pacific Compan
$621,616,001 68
Proprietary Companies
Issued during the year:
y.
$5,120,000 00
Southern Pacific Compan
2,010.000 00
Certificates Series "A"
Equipment Trust Certific
58
Series "B"
6
ates
2
s
4
Receipt
,
Trust
6
Subscription
Equipment
2
Bonds,
Gold
5
ible
,
Convert
6.000.000 00
1
5
r
Twenty-Year
Cente
FiveP
Gold Notes
Secured
Cent
Per
Five
One-Year
364.656.426 58
2,155,000 00
d Company.
Arizona Eastern Railroa
Mortgage Five Per Cent Bonds
First and Refunding
66.811.426 58
Retired during the year:
y.
Southern Pacific Compan
due June 15 1914. paid off
Cent Secured Gold Notes
One-Year Five PerCertific
"A" due March 1 1914, paid off
Series
ates
Trust
Equipment
Company.
Arizona Eastern Railroadn Railway Company Five Per Cent First Mortgage Bonds:
& Norther
Gila Valley Globe
to sinking fund
Purchased from payments
Company.
Central Pacific Railway
ge Gold Bonds:
Mortga
Cent
Per
Three and One-Ralf sale of lands
Purchased from
es
securiti
of
sale
Purchased from
sinking fund
Purchased from payments to
$26,000,000 00
1,012,000 00
2.000 00
$428,000 00
391,000 00
8,000 00
3827.000 00
prior to June 30 1913, but which were canceled
98,000 00
above which were purchased
in
d
include
onds
Less—B
year
during the present fiscal
Bonds:
27,000 00
Mortgage Four Per Cent fund
First Refundingfrom
payments to sinking
Purchased
y.
Compan
Railroad
Central
Texas
&
Houston
71,000 00
Per Cent Bonds:
First Mortgage Fiveproceeds of lands sold
Purchased from
relsgialik
327,012,000 00
729.000 00
Nov. 141914.]
THE CHRONICLE
1459
wrought forward
8688.427.428 26
Morgan's Louisiana & Texas Railroad & Steamship Company.
General Mortgage Five Per Cent Bonds due July 1 1913, paid off
South Pacific Coast Railway Company.
First Mortgage Four Per Cent bonds:
Purchased from payments to sinking fund
Southern Pacific Railroad Company.
First Refunding Mortgage Four Per Cent Gold Bonds:
Purchased from payments to sinking fund
Texas & New Orleans Railroad Company.
Payments to State of Texas for account of School Fund Debt
1,000.000 00
235,000 00
13,000 00
5,459 44
29.094.459 44
interest-bearing debt of the Southern Pacific Company and Proprietary
Amount of funded and other fixed
Companies------------outstanding June 30 1914-----------------------------------------------------------------------------5659.332.968 82
---------------------------------------------------------------------------------------------Net increase during the year
537.716,967 14
as follows:
bonds are held
The outstanding----------------------------------------------------------------------------------------------In the hands of the public
8584 410 619 29 '
Owned by the Southern Pacific Company
862.165,349 53
' .
Owned by Proprietary Companies
3,554.000 00
Held in Sinking Funds of ProprietaryCompanies0
00
9,203.00
74,922,349 53
$659.332.968 82
ASSETS AND LIABILITIES.
The combined assets and liabilities of the Southern Pacific Company and of the Proprietary
Companies, on June 30
1914, and the increases and decreases during the year, excluding the offsetting accounts between
the Companies, summarized, were as follows:
Total June 30 1914.
_
Increase.
Decrease.
INVESTMENTS.
nvestment in road and equipment
linking funds
3eposits in lieu of mortgaged property sold
mprovements on leased railway property
discellaneous physical property
hocks and bonds owned of Proprietary and Affiliated Companies
kdvances to Affiliated Companies
Aker investments
$902,631,959 28
*12,226,059 84
15.694 24
356.844 08
a16,792,531 80
*415,830.946 61
105.524.690 33
15.033,270 06
CURRENT AND DEFERRED ASSETS.
:lash and demand loans and deposits
;pedal deposits
)ther cash accounts
daterial and supplies
3eferred assets
31scount on funded debt
)ther unadjusted debits
UNADJUSTED DEBITS.
Total assets
STOCK.
;spite' stock of Southern Pacific Company
htpital stock of Proprietary Companies
8124.543 83
3,089.882 16
14,577,743 54
470,622 67
$1,468,411,996 24
837.461.940 94
$19,170,584 79
87.286 40
15,092.096 03
18,682,686 49
6,021,735 14
82.761.56060
1,544,613 15
19,070 09
859,054,388 85
$1.654.865 65
38,346,750 78
3.896,498 98
81.464.558 48
812.243,249 76
855.557 92
$1,539,709,634 85
$39.172,364 51
8148.447 46
2.521,930 73
$1,409.000 56
8272.672,405 64
*345,200,572 00
LONG-TERM DEBT.
funded debt of Southern Pacific Company
runded debt of Proprietary Companies
ion-negotiable debt to Affiliated Companies
$617,872,977 64
8203,226.336 58
*456,106,632 24
$37,644,426 58
72.540 56
8659.332,968 82
$37,716,967 14
81,467,388 61
33.086.271 76
3660.800.357 43
—
$8,259,352 31
8,074,420 80
4,090,086 08
5.541,822 41
4.338,02228
874,027 42
CURRENT AND DEFERRED LIABILITIES.
kudited accounts and wages payable
nterest and dividends matured unpaid
Thmatured dividends declared
Thmatured interest accrued
Aber cash accounts
3eferred liabilities
tccrued depreciation
)ther unadjusted credits
819.755,93639 '
578,100 81
1,799 63
53,644 91
$34,630.695 38
$4,587,854 81
2,064.265 01
$261,478 17
831,177.731 30
UNADJUSTED CREDITS.
Total liabilities
ialance to Credit of Profit land Loss
102,139 93
23,615 45
56,469.166 13
$34,168,162 57
26.800,825 99
823.846.976 16
560,968.988 56
815.162,623 02
21.370,820,054 93
843.324.152 27
$8,684,353 14
$168,889,579 92
$4,151.787 76
21 SRO 7no WU en
WAG 179 'IRA Al
•The outstanding capital stock and funded debt include
Proprietary Companies' capital stocks and funded debt of the par
$74,922,349 53, respectively, a total of $420,039,249 53, which
value of 8345.116.900 and
securities are owned by the Southern Pacific Company
or are held in sinking funds of Proprietary
Companies. The
Of these securities is included in the investments shownor by Proprietary Companies.
stocks of the par value of $249.653.161, which stand charged oncost
above. Of the said amount.
the
books
at
$232.932.-667
41,
are
pledged
bonds.
stock and
against the issue of Southern Pacific Company
a The value of the granted lands belonging to the Central Pacific Railway
Company and to the Oregon & California Railroad
remained unsold at the close of the year, is not included in the statement
Company, which
of the assets of the said companies.
Total
TRANSPORTATION OPERATIONS.
The results of the year's transportation operations compared with those of
last gear are as followsThis Year.
Average miles of railway operated
Last Year.
Increase.
Decrease.
PerCent
10.421.65
10.310.99
110.66
878.369.414 08
40,485.949 07
2.562.342 64
2,622.158 72
1.213.384 83
1.361.287 50
580.141,498 84
42,389.837 48
2,460,309 29
2,757,259 88
1,332,463 69
1.272,323 48
$102,033 35
$126,614.536 84
11,905,721 72
$130.353,692 66
12,421,012 41
83.739,155 82
515.290 69
2.87
4.15
$138,520,258 56
$142.774,705 07
Operating Expenses.
Maintenance of way and structures
Maintenance of equipment
Defile expenses
Transportation expenses
General expenses
$4.254.446 51
2.98
816,064.457 14
18.934.335 01
2,889.418 58
40.936.821 47
3,975,034 57
$15,589,026 66
19,295,724 63
3.115.078 74
40.408.953 93
3.726.325 53
$475,430 48
---------8361.389 62
225.660 16
Total—rail lines
Expenses outside operations
Taxes
3.05
1.87
7.24
1.31
6.67
882.800.066 77
10,862,200 16
7,162.624 57
$82,135.109 49
10,734,300 58
5,697.285 83
5664,957 28
127.899 58
1,465.338 74
$100.824.891 50
$98.566,695 90
52.258.195 60
837.695,367 06
844.208.009 17
Operating Income—
Freight
Passenger
Mail
Hxpresa
Other transportation revenues
Revenues from operations other than transportation
Total—rail lines
Revenues from outside operations
Total
Total
Net operating income over expenses and taxes
88,964 02
527.867 54
248.709 04
1.07
81.772.08476
1,903.888 41
135,101 16
119.078 86
•
2.21
4.49
4.15
4.90
8.94
6.99
.81
1.19
25.72
2.29
86.512,642 11
14.73
1460
[VOL.XCIX.
THE CHRONICLE
This Year.
Freight TrafficTons of commercial freight carried one mile
Tons of commercial freight carried
Average tons per revenue train mile-all freight
East of El Paso
West of El Paso
AU lines
East of El Paso
West of El Paso
Average number of loaded cars in freight trains
All lines
East of El Paso
West of El Paso
Average tons per loaded car mile-all freight
All lines
East of El Paso
West of El Paso
Percentage of loaded car miles to total
AU lines
mile-commercial
freight
train
revenue
per
revenue
Average
Average revenue per ton per mile-commercial freight
Average distance hauled-commercial freight
Passenger TrafficTotal revenue passengers carried-including ferry suburban
Total revenue passengers carried one mile-including ferry suburban
Average total revenue per passenger train mile
Average revenue per passenger per mile
Average distance carried-including ferry suburban
Last Year.
31,642,587
31,959,625
7,034.174,870
6.987.916.295
378.58
399.43
508.35
510.30
460.84
471.21
17.98
18.95
23.71
24.10
21.61
22.28
21.05
21.08
21.44
21.18
21.32
21.15
72.01
70.91
70.62
70.25
71.04
70.45
34 33
54 39
1.123 cents.
1.110 cents.
222.30 miles.
218.65 miles.
42,744.673
1.748,983,080
$1 34
2.247 cents.
40.92 miles.
42,006,240
1,834,380.082
$1 64
2.248 cents.
43.67 miles.
Increase.
Decrease.
Per Cent
317,0381.00
.66
46:258.1771-5.51
20.85
.38
1.95
2.25
10.37
5.39
.97
1.64
.39
3.10
.67
.14
.03
1.21
.26
.80
.17
1.53
1.10
.37
.52
.83
.59
1.39
30.06
1.16
.013 cents.
1.64
3.65 miles.
738,433
85.397,002
$0.30
.001 cents.
2.75 miles.
1.76
4.66
18.29
.04
6.30
during the year
Weather conditions on both the Pacific and the Atlantic ends of your Company's lines were abnormal
.
expenses
in
increases
heavy
and
earnings
in
caused
serious
losses
traffic
and obstructions to
were frequent and embarrassing.
In every month of the fiscal year, except November, damages from washouts and landslidesmost
serious interruptions were:
The
each.
days
three
of
delay
average
an
was
ions
with
227,
The total number of interrupt
River.
Calcasieu
in
the
floods
a
in
r,
line,
from
Louisian
Septembe
Eight days on
points on the Houston
Five days in October, on Victoria Division, and from two to sixteen days in December, at variousCentral
Railroad from
Texas
&
Houston
on
and
San
&
Railway
Antonio
rg
of
n
Galvesto Harrisbu
and Victoria Divisions
in
phenomenal rains Texas.
sixteen days between VenSeven days between Colton and Los Angeles,eleven days between Los Angeles and Ventura,
rains in Southern
heaviest
the
from
Barabra,
Santa
of
north
line
coast
n
on
the
days
tura and Santa Barbara, and seventee
any
is
record.
and
February of which there
California during January
The Nordhoff branch was cut to pieces and closed to traffic for forty-four days.
the cause of very
of
the
tracks in the Suisun marshes between Benicia and Sacramento waspassage
The continued sinking
of trains.
slow
but
safe
the
for
open
tracks
the
kept
forces
heavy expense, although the constant presence of large
Obispo, was
Luis
San
near
s,
Mountain
Lucia
Santa
the
in
long,
On September 17th the lining of a tunnel, 1,371 feet
destroyed by fire, the tunnel caved in and interrupted traffic for sixty days.
amounted to $1,278,527,
These unusual conditions caused serious losses in earnings, while the expenses for repairs
a lines alone a further
Californi
our
On
.
$880,398
g
of
year
an increase over expenses of a similar character in the precedin
n against future
protectio
le
reasonab
provide
to
and
s
expenditure of $1,284,000 will be required to restore previous condition
Betterments.
and
s
Addition
to
$809,000
and
g
damage. Of this amount $475,000 will be chargeable to Operatin Expenses
a
travel in anticipation of the Californi
labor inof
The large decrease in passenger and express earnings is attributable to deferred
ation
transport
ed
diminish
econExpositions and numerous conventions to be held on the Pacific Coast in 1915; the
and commercial travel by enforced
Interthe
by
cident to the postponement of new enterprises; the curtailment of excursion, tourist
rates
express
in
n
reductio
and
omy; increased competition of interurban electric lines and motor vehicles;
became effective in February and March
State Commerce Commission and the Railroad Commission of California, which
freight
of this year.
lines, there has been a decrease in gross
resulting
Texas
a
and
Notwithstanding the yield of normal crops in sections served by these
Louisian
in
products
forest
revenue of $1,772,084 76, due to a substantial curtailment of shipments of from the postponement of other new construcfrom the inability of railroads to make the usual purchases of cross-ties and water supply, irrigation and oil pipe line conpower,
tion requiring the use of lumber; the previous completion of electric merchand
ise.
of
year
struction in California; and the extremely conservative purchasesCommissi
which were in effect during last fiscalthese
ons
State
and
Federal
revenue of
d
of
by
rates
gross
Reduced
the
compelle
influence
in
$500,000
least
at
of
and were not in effect throughout the previous year resulted in a shrinkage character during a period of four years ending
lines, and it is conservatively estimated that cumulative reductions of this
by a
00.$6,512,6
000.
June 30 1914 decreased the gross revenue of these lines at least $4,0of
42 11, or 14.73 per cent, was caused
The decrease in net operating income over expenses and taxes
95 60, or 2.29 per cent,
$2,258,1
of
increase
an
and
g expenses
decrease of $4,254,446 51, or 2.98 per cent, in total operating income,
or 25.72 per cent, in taxes. gOperatin
flood damages, as
in total operating expenses, due principally to an increase of $1,465,338 74,
Repairin
follows:
as
expenses
of rail lines include charges amounting to $2,617,760 for extraordinary
$843,886; higher wage schedules, $221,404; increase in
hereinbefore mentioned, $880,398; increased cost of locomotive fuel,
,$672,072. But for these extraordinary charges,
explained
charges for renewal and depreciation of rolling stock as hereinafter
or 2.38 per cent, instead of an increase of $664,03,
$1,952,8
operating expenses of rail lines would have shown a decrease of substantial economies were effected by raising the average
fuel, the
957. As an offset to these large increases in extraordinary items,
g greater efficiency in the use of locomotive
freight train-load from 460.84 tons to 471.21 tons, and by promotin
of 8.70 per
and
service
in
fuel
freight
of
pound
per
miles
ton
latter being effected by the moving of 7.95 per cent more gross
The saving in the fuel bill by this economy amounted
cent more gross ton miles per pound of fuel in passenger service.
to $707,627.
on, effective July 1 1907, prescribe that estimated monthly
The accounting rules of the Inter-State Commerce Commissi
equipment, and that as equipment is retired from service,
of
ion
depreciat
charges shall be made to operating expense for
For many years prior to July 1
shall be charged to profit and loss.
the amount of depreciation accrued prior to July 1 1907 Pacific
provided for the renewal or replacement of equipment
System
Southern
1907 the transportation lines constituting the
expenses with the original cost thereof, less salvage, at
condemned, sold, or otherwise disposed of, by charging operating
the Executive.Committee of your Board, after giving
1907
In
service.
from
t
the time the units of equipmen were retired
of that prescribed by the Inter-State Commerce Comlieu
in
practice
's
d
Company
the matter consideration, continue your
dealing with arbitrary estimates.
method
a
to
e
preferabl
it
was
mission, believing that as it recorded facts,
ons of the Inter-State Commerce Commission and
instructi
the
with
complied
of
roads
a
During the year 1912 number
e Committee directed that, commencing July 1
Executiv
your
ration,
reconside
on
of
nce
which,
adopted its rules, in conseque
the Inter-State Commerce Commission rule,
with
ce
accordan
in
currently
ion
up
set
depreciat
1913, your Company should
and loss at the time the units of equipment
profit
to
1913
1
July
to
prior
accrued
ion
that
and should write off the depreciat
method of handling the accrued depreciation,
this
to
,
however
,
objected
on
the
As
Commissi
were retired from service.
er's action in yielding strict
Executive Committee, which approved the Comptroll
the matter was again considered by your
the depreciation that accrued prior to
charging
in
on
Commissi
e
Commerc
te
Inter-Sta
the
of
obedience to the instructions
amounting to $22,458,476 54, to the
of the equipment in service on that date, and the
same amount to reserve for "AcJuly 1 1913, based on the estimated life
crediting
and
closed
just
year
the
for
s
companie
profit and loss accounts of the system
of rolling stock equipcrued Depreciation-Equipment."
1913 charges to operating expenses on account of retirement the
During the fiscal year ended June 30above,
fiscal year ending
during
made
Charges
18.
86
$1,518,9
to
d
amounte
ment under the old plan, as explained presrcibed by the Inter-State Commerce Commission, amounted to $2,191,058 48,
June 30 1914, in accordance with rules
r an increase of $672,072 30.
TAXES.
of 24.46 per cent in mileage of all tracks operated, taxes have increased
During the past ten years, with an increase increase and its relation to the net operating revenue are shown graphic$4,809,871 06, or 204.44 per cent. This constant
ally below:
THL CHRONICLE
Nov. 141914.]
Percentage of Net Operating Revenue paid In Taxes
. Taxes paid per Mile of Road
0 0 00 0 0 0000 0
10 0 l0 0 in 0 Lo o to 0 In
09. —. — N N CO CO t• it ER LO
Ma
YEAR
7.3
402
1.111111111aalla
394
1905
1906
1907
1908
1909
I 910
1911
1912
1913
115
11.4
484
1914
16.0
203
236
916
1
-
292
k_ —soma
340
1461
INN
368
.
---'•'
6.6
alL_
6.6
10.2
1
8.6
"
A
,•
8.7
s'•••
10.2
I
r
a
SAFETY OF OPERATION.
In the derailment of a mixed train in the month of June 1914 a passenger lost his life. This was the first fatality to a
passenger in a train accident for Five Years and Ten Months, during which period 316,531,599 locomotives miles were run
and 237,317,775 passengers were carried, involving 10,234,656,080 passengers carried one mile. In the year just closed,
7 employees out of 9,418 lost their lives through train accidents in running 57,054,594 locomotive miles. Out of 42,571
employees engaged in pursuits not involving tram movements, 16 lost their lives, or one fatality to every 832,800 days, or
2,300 years worked.
FATALITIES IN TRAIN ACCIDENTS
NUMBER KILLED
1908
1909
1911
1910
1912
1913 •
1914 •
50
-
45
Employees Killed
40
Paesengers Itilled____-
35
-
30
25
_
20
I5
.-
.
....."'"%..,..............................,
10
5
0
TOTAL KILLED
Passengers
Employees
TOTAL KILLED PER MILLION
LOCOMOTIVE MILES
Passengers
Employees
....."
........
-----•
----
2
20
7
12
0
o
0
19
14
42
0
9
1
7
0.038
0.148
0
0
0
o
0.018
0.254
0.258
0.360
0.382
0.772
0.156
0.123
Passengers Carried
39,337,735
41,393,734
42,006,240
39,989,058
40,190,200
42,744,673
40,329,011
Passengers Carried One Mlle
1,640,036,373 1,541,212,518 1,805,834,993 1,808,133,603 1,787,640,025 1,834,380,082 1,748,983,000
Locomotive Mileage
52,292,012
47,282,374
54,227,433
54,457,917
54,427,530
57,054,594
57,653,935
lumber Trainmen in Service
9,144
8,481
9,232
8,605
9,137
9,497
9,418
GOVERNMENT ATTACK ON RIGHT TO CONTROL CENTRAL PACIFIC RAILWAY.
. On February 11 1914 the United States, acting through the Attorney-General, brought suit in the United States District Court for the District of Utah, against the Southern
Pacific Company and the Central Pacific Railway Company, to
separate the two companies, on the ground that their union in one system was in violation of the Federal Anti-Trust Act
of 1.890 known as the Sherman Law, and also in violation of the Pacific Railroad Acts, meaning the Acts of Congress providing for the construction of the Union Pacific and Central Pacific Railroads. The nature of this suit was fully explained
in a circular.issued to the stockholders of this company on February 5 1914, after the Attorney-General had publicly announced his intention to endeavor to divorce the Southern Pacific Company from the Central Pacific Railway Company.
The case is now at issue, and the Government, which has the opening, began taking its testimony on September 21 1914.
So much depends upon the time consumed by the Government and the nature of its testimony that it cannot now be said
with any certainty when the case will be ready for argument in the lower court. It may be assumed that an appeal to the
Supreme Court of the ypited States will be taken by the losing party. While suits under the Federal Anti-Trust
Act have
heretofore afforded striking examples of the uncertainty of the law, this much is certain, that a decision declaring the
union
under one management of the Southern Pacific Company and the Central Pacific Railway Company to be in violation of
the Sherman Law would go far beyond any previous decision of the courts. It would involve a construction of the law
which, if impartially applied, would result in the wholesale disintegration of the railroad systems of this country. We have,
moreover, in this case the unusual advantage of having as our allies the very communities in whose supposed interest the
suit was instituted. The charge that the common control of the Central Pacific lines and the Southern Pacific lines is inconsistent with the provisions of the Pacific Railroad Acts is based on a construction of those acts which was discovered
for the first time when needed as a weapon of attack in the present suit. The relations between the Central Pacific and
the Union Pacific have always been harmonious. That.they were in accord with the requirements of the Acts of Congress
has never been questioned during the forty years of their existence, until the Government last February asserted the contrary. We believe that the rights and interests of both companies, as well as the interests of the communities they serve,
justify and require the vigorous defense which the management is prepared to make against the demand of the Government
for a disruption of our system of roads.
GOVERNMENT ATTACK ON TITLE TO OIL LANDS.
On June 22 1914 the Supreme Court of the United States decided in favor of the defendants the suit of Edmund Burke
and others against the Southern Pacific Railroad Company and the Kern Trading and Oil Company. The object of this
suit was to recover some 3,200 acres of the oil lands of defendants in California, on the ground that, by reason of the provision in,the Act of Congress containing the land grant excepting mineral lands, and especially by reason of a so-called
mineral reservation clause in the Railroad Company's patents, the subsequent discovery of oil under the lands made the
patents inoperative and defeated the Railroad Company's title to the lands. In deciding against claimant, the Supreme
THE CHRONICLE
1462
(VOL. XCIL
and that the mineral
Court declared that the subsequent discovery of oil did not cause the lands to revert to the Government,
the patents could be avoided
reservation in the patents was unauthorized and inoperative. The Court, in effect, held that
set aside such patents must be brought within
only by proving that they had been fraudulently obtained, and that suits toapplicable
to a suit by the United States as to
six years from the date of issuance of the patents. These principles are as
a suit by an individual.
avail to defeat our title to our oil
It follows, as a result of the decision in the Burke case, that proven fraud alone can
consider that the danger of losing the lands is
lands. We know there was no fraud in obtaining the patents, and we may
to which suits have already been
now removed. Moreover, except as to a comparatively small quantity of land, in respectfraud.
instituted, the six-years period of limitation is believed to be a bar even to a suit alleging
There are four suits pending based on alleged fraud, three against the Southern Pacific Railroad Company and one
7,493. There are only two other
against the Central Pacific Railway Company. The aggregate number of acres involved is
These suits were originally based solely on the
suits pending relating to oil lands. The acreage involved is 89,450 acres.
Government has attempted to
supposed efficacy of the mineral reservation clause. Since the Burke case was decided, the
amend its pleadings by alleging fraud. Our counsel advises that these suits need cause us no apprehension because the
charge of fraud comes too late and because it cannot be proven.
It is a subject for much satisfaction that our title to the valuable lands in question may now be regarded as unassailable.
GENERAL.
in repelling the attacks of demagogues
Your Board repeats the suggestion made last year that you take an active part
of politicians that only financial magnates
on your property. Unfair treatment of railroads is due in great part to thetobelief
give unmistakeable evidence of their numbers
suffer therefrom. The surest remedy for the evil is for railroad investors over
30,000 and with the stockholders of other
and of their resentment of unfair legislation or regulation. You now number or
more voters, whose protests, backed up by
railroads and with investors in their securities you form a body of a million
in Congress, in legislatures and on comballots, can lawfully exert sufficient force to compel fair treatment by your servants
missions. The common interests of railroad shareholders and of investors in every community, no matter how small,
all other duties of citizenship, in order
should cause them to actively participate in every election and to perform faithfullyCompany
has cheerfully made such exto secure proper representatives and protection for their interests. While your
laws have been enacted,
penditures as were required by Federal or State Commissions,or by legislation, many unreasonable
is, moreover,a continuous agitation
which serve no public good, and which add unnecessarily to the cost of operation. There
for the passage of more laws to further burden the railways regardless of necessity or reason. During the fiscal year ended
June 30 1914 the cost of complying with such legislation and with the unreasonable requirements of Federal and State Commissions has added $1,099,405 to the operating expenses of your Company, viz.:
Act, and the Boiler Inspection Act
Cost of inspectors required by the Safety Appliance
laws, Hours of Service laws, and the law requiring self-cleaning ashpans for locomotives
Increased cost incident to Full Train Crew
of electric for acetylene headlights
substitution
Cost of complying with laws requiring
by railroad commissions
Cost of unnecessary train service required
State commissions
by
required
property
of
valuation
Cost of physical
similar requirements of Federal and State Commissions
Cost of compiling statistics, printing tariffs, and other
8326,569 00
286.580 00
4.121 00
18,872 00
37,609 00
425,634 00
¶1.099,40500
Total
to obtain approval
In addition to the above, your Company lost approximately $275,000 during the5year through failure
gold notes, as hereinof the Arizona Railroad Commission to an issue of $30,000,000, par value, two-year per cent secured
after explained.
with Bankers, in May 1913 for sale of two-year
To provide funds for corporate purposes, arrangements were made
Commission to issue the notes was obtained without
notes at a very satisfactory price. Authority of the California Railroad
., pending certain assurances and guaranties
delay; approval by the Arizona Corporation Commission, however, was withheld
in. Arizona which it was not warranted in giving
on the part of the Company with reference to the conduct of,its business
of the money market had so changed that
and during the time the matter was pending before the Commission the condition
issue was abandoned,and one-year notes, dated
a sale of the notes could not be made. Further consideration of a two-year note
yielding approximately $275,000 less than
June 15 1913 and maturing June 15 1914, were issued instead, and sold at a priceUnder the laws of California and Arizona
would have been received had the two-year notes been issued without delay.
the issue of one-year notes did not require Commission approval.
Cal., a disThe construction of the line of the Northwestern Pacific Railroad Company from Willets toward Eureka,
ruining
lines
the
of
connection
physical
completed,
been
has
report,
annual
last
the
in
to
miles,
referred
105.64
of
tance
business
north from Willets and south from Shively having been made on October 23 1914. For the present, through freightpassenger
between San Francisco and Eureka is being handled at the convenience of the Company, and through daylight
service between those points will be commenced about November 15 1914.
the earnIt is expected that with the opening of this line for business, and with the development of the country served, Southern
ings of the Company will be materially increased. One-half of the capital stock of this Company is owned by the
Pacific Company and one-half by the Atchison Topeka & Santa Fe Railway Company.disturbances referred to in the last
On the lines of the Southern Pacific Railroad Company of Mexico the revolutionary
demoralized,
annual report have continued. Structures, track and equipment have been destroyed and business conditions
of the interthe result of which has been to decrease the revenues and to retard prospective traffic. The loss on account
ruption to traffic from revolutionary causes, from the beginning of the Madero Revolution in 1910 to June 3 1914, is.esncluding
timated to be approximately 8,000,000 pesos. During the fiscal year ended June 30 1914 the revenues of the line, including
those derived.from the transportation of troops and munitions of war, were considerably in excess of the expenditures made in
connection with the maintenance and operation of the property. Only such maintenance work has been done, however, as
was absolutely necessary to render it possible to operate the road. The Company has claims for loss and damage caused
by revolutionary disturbances amounting to 287,000 pesos, which have been approved by the Mexican Government, and
claims amounting to approximately 1,846,000 pesos for troop train service and rental for road operated by the Mexican
Government, none of which has been paid. Claims amounting to approximately 2,174,000 pesos, covering additional
losses on account of revolutionary disturbances, will be presented to the Mexican Government in due course. disturbances
There still remains to be completed 99..47 miles of line from Topic to La Quemada. The revolutionary
preclude any thought of completing this mileage at the present time.
In addition to the completed lines of railway reported ynder. "Properties and Mileage", and the railways of the Northwestern Pacific Railroad Company and the Southern Pacific Railroad Company of Mexico referred to above, construction
either was completed or is progressing on the lines of the following companies, viz.:
Track
Completed.
M
Miles.
Length of
Projected Line
iles.
Central Pacific RailwayColfax to Blue Canon. Cal.-Second trackLength of projected line
Less placed in operation
Grading
Progressing.
Allies,
25.42
13.22
Fernley, Nev., to Westwood Junction, Cal.Length of projected line
Less placed in operation
Westwood Junction to Westwood. Cal
Cohisa & Hamilton RailroadHamilton to Harrington. Cal
Galveston Harrisburg ek San Antonio RailwayBay Shore Junction to Seabrook. Tex
Houston at Texas Central RailroadEureka to Stella, T.•x
Willamette Pacific RatlroadEugene to Marshfield, Ore
•Opened for traffic September 1 1914.
CoGzradileiesate.gd.
125.41
106.21
2.08
.73
40.95
13.63
6.57
2.63
4.13
4.48
42.94
39.25
12.20
9.39
19.20
11.96
*19.20
*11.96
61.15
11.24
9.50
a9.5O
121.50
39.31
a Opened for traffic July 27 1914.
due to causes largely beyond control, has imposed on your
The reduction in our surplus over fixed and other charges,
construction, additions to and betterments of the property
new
for
expenditures
the
reducing
of
necessity
the
Company
_NOV. 141914.]
THE CHRONICLE
1463
to the lowest possible limit. The uncompleted work, listed above, is being slowly carried on to protect the inves,ment
already.made, but no extensions or improvements of any description, not imperatively needed for protection of the property,
are being authorized or even considered.
Under the pension system put into effect on January 1 1903, six hundred and eighty-eight employees are carried on the
pension rolls of the rail and water lines. The payments to them for the year amounted to $300,630 98.
By order of the Board of Directors,
JULIUS KRUTTSCHNITT,
Chairman of the Executive Committee.
THE AMERICAN COTTON OIL COMPANY
ANNUAL REPORT—FOR THE FISCAL YEAR ENDED AUGUST 31 1914.
BALANCE SHEET AUGUST 31 1914.
Assets.
Real Estate, Buildings, Machinery, Investments, &c.
Balance August 31 1913
$15,601,597 41
Additions during the year
349,428 09
at August 31 1914 and the results of the operations thereof
for the fiscal year ending at that date. As in previous year,
no provision has been made for depreciation, but all expenditures for maintenance have been charged to operations and
the book values of all properties retired from use have been
charged off.
PRICE, WATERHOUSE & COMPANY.
New York, November 2 1914.
$15,951,025 50
$3,437,633 72
Cash in Banks
Bills and Accounts Receivable
Executive Offices,
and Advances for Merchan27 Beaver Street,
dise
4,941,548 79
New York, November 5 1914.
Marketable Products, Raw
To the Stockholders of The American Cotton Oil Company
Materials and Supplies on
The Directors submit their Report and Statements:of
hand
4,445,863 32
Account of The American Cotton Oil Company and the
subsidiary companies, the Union Seed & Fertilizer Company
Current Assets
12,825,045 83 and The N. K. Fairbank
Company,for the fiscal year ended
August 31 1914,
$28,776,071 33 the Company. being the Twenty-fifth Annual Report of
Good will, trade-marks, brands,
The total amount of Gold Debenture Bonds outstanding
patents, processes, &c., at
is $10,000,000, thus: $5,000,000 maturing November 1
formation of Company
$23,594,869 81
1915, and bearing interest at 43 per cent per annum, payLess Balance of General Profit
able quarterly; $5,000,000, part of an authorized
issue of
and Loss Account as per
$15,000,000 Five Per Cent Gold Bonds, bearing date of
table below
10,531,496 72
May 1 1911, and maturing in twenty years, interest payable
13,063,373 09 semi-annually, on the first
days of May and November.
Of the amount authorized and unissued: $5,000,000 are
$41,839,444 42 set aside for the retirement
of the Debenture Bonds maturing
November 1 1915 and the remaining $5,000,000 are reserved
for the future uses of the Company.
Liabilities.
All the properties are free from mortgage or other liens.
Capital Stock, Preferred
$10,198,600 00
The additions to Permanent Investment Account are
Capital Stock, Common
20,237,100 00 represented by expenditures on Real
Estate, Seed and other
Warehouses, and increased capacity of Crushing Mills and
$30,435,700 00 Refineries.
Debenture Bonds
10,000,000 00
The good working condition of the properties has been
maintained during the year by the expenditure of $682,$40,435,700 00 370 32, of which $619,091 97 has been charged to Operating
Bills Payable
None.
Expenses for the same period and $63,278 35 against the
Accounts Payable
$322,123 64
Reserve Fund for Replacements.
Reserves for Contingencies_ _ _ _
673,579 45
The Net Working Capital of the Company on August 31
Interest accrued upon Deben1914 was $11,421,301 41, of which $3,437,633 72 was Cash
ture Bonds
102,083 33
in Banks and $7,983,667 69 was Bills and Accounts RePreferred Stock Semi-Annual
ceivable, Marketable Products, Raw Materials and Supplies,
Dividend No. 46, payable
after deducting Current Liabilities.
December 1 1914
305,958 00
The item Accounts Payable represents the current bills
unadjusted and not matured at the close of the fiscal year.
Current Liabilities
1,403,744 42
The Current Assets are $12,825,045 83, as against total
Current Liabilities of $1,403,744 42.
$41,839,444 42
The Board of Directors, at the regular monthly meetings
in May and November, declared the usual semi-annual
dividends of 3 per cent upon the Preferred Stock, payable
GENERAL PROFIT AND LOSS ACCOUNT
respectively on June 1 and December 1 1914, being the fortyAUGUST 31 1914.
fifth and forty-sixth consecutive dividends upon this stock.
The balance of Earnings, amounting to $400,707 39, after
Balance of General Profit and Loss Account
deduction of Bond Interest and Dividends, has been added
August 31 1913, as per Twenty-Fourth
to Working Capital.
Annual Report
$10,130,789 33
Toward the end of the fiscal year the European war situaProfits of the Manufacturing and Comtion rendered it difficult to make shipments of goods already
mercial business for the year ended August
sold, and curtailed orders from the countries involved.
In
31 1914
1,487,623 39 addition, the market prices of finished products
materials were largely reduced. These lower and of raw
values have
$11,618,412 72 been expressed in the inventories at the
end of the year.
The item shown as Good Will, Trade Marks,
Deduct:
&c., represents the amount as adjusted about Processes,
Interest on Debenture Bonds_ _ $475,000 00
the time of
the formation of the Company, and has not been
Semi-Annual Dividends on
changed
since
1895.
Our
Trade
Marks
and
Trade Names have conPreferred Stock,
tinued
to
grow
in
importance
since
then, and now and
3%
Paid June 1 1914
305,958 00
valuable trade names and processes have been
added.
Payable December 1 1914
All amounts expended for Advertising have been
charged
3%
305,958 00
to Operating Expenses during the year in which the expendi1,086,916 00 ture was made, and have not
been capitalized.
During the year much progress has been made in simplifyBalance of General Profit and Loss Account
ing the internal organization, resulting in improved efficiency
August 31 1914
$10,531,496 72 of operation in the various branches
of the business.
The Board acknowledges the faithful and efficient
vices rendered by the officers and employees during serthe
We have audited the head office books and accounts of year.
The American Cotton Oil Company and the subsidiary
By order of the Board of Directors,
companies, and examined the financial statements of the
branches, and we certify that, in our opinion, the foregoing
R. F. MUNRO,
statements show the true financial position of the Company
President.
1464
[VoL. xcix.
THE CHRONICLE
The Tauxuterrial WinteS.
COMMERCYAL EPITOME.
Friday Night, November 13 1914.
Money is
Some features of the situation are brighter.
since
seen
rate
lowest
the
at
is
exchange
easier and foreign
advanced.
have
bonds
and
Stocks
began.
war
European
the
on Nov. 16.
The Federal Reserve Bank system goes into effect
purchases of
Europe is still a large buyer of war supplies; its
have
leather at Boston are notably heavy. Cotton exports
latterly increased. Prices of grain are still high and the West
sales of
is prosperous, mainly on that account. Export
demand
wheat are very large and there is also a good foreign
Cotton
Orleans
New
and
York
New
The
for other grain.
ed
Exchanges will re-open on Monday,Nov. 16,for unrestrict
far
still
though
better,
somewhat
are
ns
trading.' Collectio
greatly
from satisfactory. The winter-wheat acreage will be
nted
unprecede
an
reach
to
likely
seems
it
increased, and
total. The movement to diversify the crops at the South
may, perhaps, meet with more success than Usual, owing to
the high prices of grain. Arrangements are being made to
export cotton to both Germany and Austria. On the other
hand, unseasonably warm weather continues to interfere
with retail trade. The holiday business, too, judging from
of
present appearances, is not likely to be as large as that
seriously
is
this
of
country
trade
tock
live-s
last year. The
hampered by the prevalence of the foot-and-mouth disease
Great
in many States. The embargo on exports of wool from
Britain and her colonies is a serious drawback to trade in
this country, especially as it is now complicated with the
quarantining against the foot-and-mouth disease. Domestic
trade, on the whole, is sluggish ,in sharp contrast with the
large foreign business. Yet the gradual amelioration of financial conditions is expected to react favorably on general trade
sooner or later.
LARD latterly firmer; prime Western 11.95c.; refined to
the Continent 12.45e.; South America 12.6504 Brazil 13.65c.
Lard futures have been irregular. Selling by packers has
at times had a depressing effect. But the buying by commission houses has latterly offset this. Reports of hog
cholera are being received from Illinois. The foot-andmouth disease among the cattle of this country has awakened
universal interest. It has appeared even in New Jersey
and on Long Island, New York, as well as in many States at
the West. Progress is reported ,however, in extirpating the
disease and it is believed that the Chicago stock yards will
shortly reopen. To-day prices declined in sympathy with
grain.
3.42c. The stocks at the six principal ports are 61,000 tons,
against 38,000 last year. Stocks in the United States and
Cuba together are 376,463 tons, against 397,039 tons last
week and 168,638 tons last year. Refined has been higher
at 5.10e. for granulated. France, it is said, has recently
bought 60,000 tons of refined sugar.
OILS.-Linseed higher; eity,raw, American seed, 47c.
boiled 48e.; Calcutta 70c. Cocoanut steady; Cochin 143/i
@15c.; Ceylon 103/2()11e. Olive $1@$1 10. Castor 8
Cod, domestic
@,8Mc. Palm steady at 85,i(4)9c. for Lagos.
for
steady, at 33@35c. Cottonseed oil higher at 5.40e.
at 5.35
winter and summer white. Corn continues steady to
good
e 46@47c. Common
rp
c.
u 75f.turpentin
iritso
strained rosin
PETROLEUM continues steady; refined in barrels
8@9c.; bulk 4.50©5.50c.; cases 10.50@11.500. Naphtha,
73 to 76 degrees, in 100-gallon drums, 233/2c.; drums extra
$8 50. Gasoline, 89 degrees, 26c.; 74 to 76 degrees, 25e.;
67 to 70 degrees, 22c. Crude prices remain unchanged.
Advices from Shreveport report the bringing in in Northern
Louisiana of another big well in Red River Parish, and it is
also said that it flows by heads at the rate of 1,000 barrels
a day.
iona
Pennt
T
sylvanta dark $1 45
Second sand
1 45
1 45
1 05
Cabell
1 02
Mercer black
New Castle
1 02
Corning
Wooster
North Lima
South Lima
Indiana
Princeton
Somerset,32 deg__
$1 15 Ragland
93c. Illinois, above 30
degrees
88c
88c Kansas and Oklahorns
89c.
85c.
65c.
89c.
55c.
TOBACCO has remained rather.quiet. Yet the result of
the recent elections is considered in the main favorable to
the trade, especially in Ohio. Sumatra leaf is in demand here,
and competition in Amsterdam is brisk. Prolonged drought
in Connecticut has injured tobacco in the sheds. The
quality of the new Wisconsin leaf is irregular, much of it
being, it is said, rather poor. The better grades are being
taken to a fair extent at some advance in prices.
COPPER has been stronger but still rather quiet. It is
still a question whether shipments may not be held up if it
is suspected by England that they are destined for Germany or Austria. It is predicted, however, that exports will
soon be resumed from neutral countries without further molestation by British warships. Italy and Switzerland could
of themselves use a good deal of copper. Lake here has
been up to 11.450. and electrolytic 11.30c. London has
been advancing; American electrolytic £53 5s. and spot
standard £51 5s. Tin was quoted early in the week up to
spot, larger
343/c., but has latterly reacted to 333/c. on the The sinkarrivals are reported at London from the Straits.
ing of the Emden and the bottling up of the Koenigsberg
tend to clear up the situation, making East Indian shipments
safer and bringing about lower prices. Lead here 3.60c.
Ie. In the iron and steel trade the feeling is
Spelter 4.973/
more cheerful. Sales, however, have not as a rule greatly
increased as yet. Moreover, steel plates, shapes and bars
have declined at Pittsburgh. Nevertheless the effect of the
election is seen in the general expectation of better business
idle are
later on. Mills in the Pittsburgh district recently increase
ble
starting up. One dispatch reports a consideia
district. Great
of steel and wire orders in the Pittsburgh ferro-man
ganese
of
Britain, it is stated, has forbidden exports
n of steel in
to this country. But at present the productio
than 40 to 50% of its
the United States-possibly not morecreated
little comment.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
.
Fri
Mon. Tues.
Wed. Thurs.
Sat.
capacity-is so low that this news has
.
11.25
11.25
11.52
11.40
11.40
crops and increased car movement encourage
November delivery_cts.11.25
grain
big
The
10.30
1047
10.45
10.40
10.57
10.40
long. Pig iron has been
January delivery
hopes of larger car orders before
10.60
10.62
10.60
10.70
10.55
10.60
May delivery
stocks are increasing in the Central West. They
and
quiet
PORK easier; mess $20 50()$21, clear $21@$25, family are said to be fully 1,000,000 tons. No. 2 Eastern $13 25
$24 50@$25. Beef has been steady; mess $23(024, packet (013 50, No. 2 Southern Birmingham $10.
$24@$25, family $29@$30, extra India mess $40(045.
8c.;
/
Cut meats firm; pickled hams, 10 to 20 lbs., 13@,135
pickled bellies, 6 to 12 lbs., 16@163/c. Butter, creamery
COTTON.
extras, 36c. Cheese, State whole milk, colored, specials,
Friday Night, Nov. 13 1914.
extras,
ered
39@41o.
fresh-gath
Eggs,
15@153c.
THE MOVEMENT OF THE CROP,as indicated by our
COFFEE has continued quiet and prices have weakened
the South to-night, is given below. For the
somewhat. No. 7 Rio, 63.4c.; No. 4 Santos, 93/s ®10c.; telegrams fromthis
evening the total receipts have reached
week ending
fair to good Cucuta, 10©103'c. The Exchange remains
338,055 bales, against 317,633 bales last week and 272,727
closed. In unofficial trading prices have declined.toDecem5.45c.,
bales the previous week, making the total receipts since
ber dropped to a new low point, selling at 5.40
at 6.70 Aug. 1 1914 1,970,503 bales, against 4,687,123 bales for the
March at 5.75 to 5.80, May 5.93 to 5.99 and July
to 6.75e. Brazilian markets have latterly been quiet and same period of 1913, showing a decrease since Aug. 1
1914 of 2,716,620 bales.
steady, with Rio exchange 13%d., against 14d. last week.
A reIt is not known when the Exchange will be reopened. They
Total.
trade.
Mon. Tues.
Sat.
the
Wed. Thurs. Fri.
opening is strongly favored by some of
low prices Galveston
17.954 27.384 40.399 27.983 22.264 11,747 147,731
think that outside buying at the present relatively
n Texas City
1,413 1,979 2,216 3,620 2.134 2.519 13,880
would offset any selling by Brazil, especially as liquidatio
of not Pott Arthur&c
92
92
has been going on here for some time. The idea accomAran. Pass,
n of December is
5,677 7.815 9.663 6,337 10,607 8,292 48,391
New Orleans
a few is that as soon as liquidatio
6.148
1,548
803
818
1,921
467
591
Mobile
be
may
3,925
plished the Exchange is likely to reopen. That
---- 3.925
that outstanding contracts Pensacola
1.386 1.386
Jacksonville,&c_
early next month. It is estimated The
59,922
10,150
8,273
10,285
13.798
6,940
10.476
supply
Savannah
world's visible
6.000 6,000
amount to about 150,000 bags.
Brunswick
in Charleston
an
increase
against
as
15,848
bags,
3,298
1.772
2,570
3.018
2,260
2,930
250,000
October
increased in
878 1.992 1.585 10,384
1.757 2,546 1,626
bags. The total is Wilmington -4.855 1.557 2,519 2,587 2,695 16,566
2.353
the same month last year of 537,000
Norfolk
12,710,179 bags. To-day N'port News, &c
3,423 3,423
now 10,313,664 bags, against
50
50
the voluntary committee New York
534
91
287
156
33,750 bags were liquidated through
Boston
to
5.70
March
5.40c.,
3,724
3,724
to
5.35
at
Baltimore
at lower prices: December
51
50
1
ia-- -----5.75c. and May at 5.88 to 5.95.It was reported that France Philadelph
AM
55.805'IM
52.956
51.970
73.824
Totats this wk. 43.357 60.143
SUGAR has been higher.
think that France will
was in the market for sugar. Many
of
account
.
on
market
The following shows the week s total receipts, the total
this
in
have to continue her purchases
by war operations. Cen- since Aug. 1 1914 and the stocks to-night, compared with
the damage done to her beet crop molasses,
89-degrees,test, last year:
trifugal, 96-degrees test, 4.07c.;
THE CHRONICLE
Nov.14 1914.1
Stock.
1913.
1914.
This Since Aug This Since Aug
1914. I 1913.
Week. 11914. Week. 11913.
Galveston
147.731 948.479 159,766 1,640,010 360.568 243,175
30.481
6,632
Texas City
92,449 20,795 161,947
13,880
8.193
193
Port Arthur
400
91,404
6.326
3.207
Aran. Pass. 8tc._
8.916 2.592
92
New Orleans
48,391 222,951 95,135 478,341 161,481 200.929
34.197
56,786
44.679 16.994 189,344
Mobile
6,148
56.809
4,066 12,254
Pensacola
3,925
14,943
755
1,174
15.853 1,688
Jacksonville, &c_ 1.386
229,066
Savannah
59.922 347.929 79.719 1,069.675 148.244
800
32,403
16.308 7,000 179.942
Brunswick
6.000
63.586
87.443
94.466 22,902 288.938
15.848
Charleston
33.422
41,443
48.018 24.383 240,189
10.384
Wilmington
206,501
41.719
32,023
34.874
89.470
16.566
Norfolk
16.520
19,088 3,214
N'port News,Sic_ 3.423
71,615
524
350
39,668
519
50
New York
3,113
3.911
3,449
3.389 1.063
534
Boston
39.957
8.379
13.226 5,198
9.835
3,724
Baltimore
75
3,454
2G7
4.748
51
Philadelphia
___.voauL.bw.ifl,o
---.000 en° .sou,
AOC 000 A 007 102
004
inn
nnA
000
...
_0,.. - fl
,
Totals
Receipts to
November 13.
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1914. I
Galveston _
TexasCity.dtc.
New Orleans_
Mobile
Savannah
Brunswick _ _ _
Charleston,&c
Wilmington_ _
Norfolk
N'port N.,&c.
All others_ _
147,731
13,972
48,391
6,148
59,922
6,000
15,848
10,384
6,566
3.423
9,670
1913.
1912.
159.766 186.055
23.58054.082
89,363
95.135
16,994
12.578
79,719
84,786
7,000
14.400
22,902
20.640
24,383
24,280
32.023
34,481
3.214
3,203
20.553
25.830
1911.
1910.
1909
126,005
28.783
71,186
14,518
87.007
9.000
17.122
22.366
36,976
278
25,570
108,135
42.849
78,085
10.836
68,826
8,000
19.488
31,879
35.549
247
9,572
113.303
2,462
47,266
8.983
43,202
14.650
6,781
11.851
19,346
1,940
8,509
Total this wk. 338.055 485.269 549,698 438.861 413.466 278.293
Since Aug. 1_ 1.970.503 4,687.123 4.649.075 4.676,9833,861,561 3,976.708
The exports for the week ending this evening reach a total
of 159,517 bales, of which 73,507 were to Great Britain,
12,380 to France and 73,630 to the rest of the Continent.
Below are the exports for the week and since Aug. 1 1914.
Week outing Nov. 13 1914.
Exported to-
From Aug. 1 1914 to Nov. 13 1914,
Exported toGreat
Gonil.
Gnat
ContiBrLain.France. neat. Total. Britain. France. nail.
Total.
Galveston_ _ 21,fl'04 9,088 28,353 59,14 208,196 29,736 192,641 430.573
Texas Gav- 15,44
3,964 19,40
48,969
14,333 63,302
in. Arthur_
400
400
NewOrlean 4,29 3,292 11,819 19,403 43,586
3,746 40,993 88,325
Mobile.
1
1
Pensacola _ _ 3,92.
3,925
4,245
4,245
Savannah._ 7,14
19,258 26,403 21,345
53,246 74,591
Brunswick. 5,80
11,900
.5,8
11,900
Charleston. 7,34
14.59
7,34
2,2001 16,790
Wilmington
2,600
2,600
Norfolk_ _ _
_
4,900
4,900
New York. 5,143
4,373 9,516 25,551
1.405 31,146 58,102
Boston _ _ 1,26
1,268
516 10,077
9.561
Baltimore__
3
1
400
Philadel'a. _ 1,45
1,48- 13,079
1,200 14,279
2,488 2.488
San Fran__
28,846 28,846
3,375 3,375
Pt.Towns'd
26,584 26,584
- 73,50 12,380 73.630J159,517 406,222 34,887 394,806 835,915
Total 19i3Jl32,9871 53,393 162,1061348,486 1,216,147 542.501 1,519,643 3,278,291
Exports
front-
Note.-New York exports since Aug. 1 Include 1,287 bales Peruvian and 25 bales
West Indian to Liverpool, 50 bales Egyptian to Mexico.
In addition to above exports, our telegrams to-night, also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Shipboard, Not Cleared forLeaving
Great
Other CoastGerNov. 13 at- Britain. France. many. Foreign wise. I Total.
Stock.
New Orleans_ _ 5,0581 1.104 3,194 14,790
631 24.209 137,272
Galveston _ _ _ _ 53.820 11,220
100,618 6,200 171,858 188.710
Savannah
10.828
600 11.428 136.816
Charleston_ _ _ _ 5.0001
6.000
1,000
57.586
Mobile
2,735
338
300 3,373
30,824
Norfolk
2,100
17,933 20,033
21,686
New York._ _ _ 1.000
2.500
3,500
68,115
Other ports_ _ _ 15.000
8.000
23,000
63,730
Total 1014.... 84.713 12.324 3.532 137,736 25,096 263,401 704.739
Total 1913_ _ 68.0971 24.759 86.6591 44,220 25,520 249,255
Total 1912.. 91,738 64.133 133.6171 37,502 20,439 347.429 745.577
894.504
1465
of this business has been on the-basis of 4.66d. for middling,
falling latterly to 4.58d. The Census Bureau's ginning
report appeared last Monday and the total makes it plain
that farmers are disposed to gin their cotton as rapidly as
possible whether they actually sell it at once or not. The
total ginned up to November 1st was 9,828,295 bales, against
8,830,396 bales at the same time last year, 8,869,222 in 1912
and 9,970,905 bales in 1911, the year in which the crop
reached approximately 16,100,000 bales. In other words,
the quantity ginned this year up to November
1st was about 1,000,000 bales larger than in the
same time last year and only about 142,000 bales below the
high record of 1911. These figures are taken as indicating a
very large crop. One estimate published the other day by a
Southern statistician was 16,250,000 bales. The opinion is
growing that the crop is at least somewhere in the neighborhood of 15,750,000 to 16,000,000 bales. As the quantity
brought into sight is approximately only about 3,000,000
bales, it follows that some 6,800,000 bales have been held
back by farmers and dealers. It looks as though the campaign was pretty widely extended for holdng for higher
prices. Yet, not a few merchants and financiers are urging
the South to meet the market, as, sooner or later, the natural
operation of the law of supply and demand must in any case
regulate the price; that otherwise dealers and farmers are
practically speculating with other people's money. In the
meantime, however, the Exchange is about to open, and this
of itself, it is supposed, will have a more or less steadying
effect on prices. Certainly it will afford means of hedging,
which will tend to restore the equilibrium in the cotton
business of the world. Moreover,the $135,000,)00 cotton pool
has been declared legal and it is believed that, despite some
opposition, it will shortly become operative. Moreover,
the Federal Reserve banks will go into operation on Monday,
Nov. 16, thereby releasing millions of money which will be
to a certain extent available for loans on cotton. The
Clearing-House plan of the New York Cotton Exchange is
about ready. In fact, a plan in tentative form has been
submitted to the members of the New York Cotton Exchange. Some ambiguous or seemingly ambiguous phrases
it is urged, had crept into it, but these, it is believed, will be
cleared up, and the plan itself is likely to go into operation
before long. It is understood that about one hundred members of the Exchange have joined the Clearing House
and have deposited or will deposit certified cheeks for $15,000
each, besides subscribing to at least one share of 200 shares
to be issued at $10 a share. The Clearing-House plan is
expected to make trading much safer. Members will know
just where they stand and where everybody else stands. Large
sums of money will not be tied up. Cumbersome methods
of old-time trading-such as "rings," for instance-will be
done away with. It will hold everybody to strict accountability. Old loose methods will be discarded. A hearing at
Washington has been announced on the provisions of the Lever Act and a large delegation of the N. Y. Cotton Exchange
went thine on Wednesday night for the puropse of presenting
their views to the Secretary of Commerce and the Secretary
of the Treasury, who will have the administering of the law.
Before the opening of the Exchange here a ballot, it was announced, will be held for 4,300 bales of December at 8.500.for 2,200 bales at 8c.; for 2,900 bales at 7.60c., and for 7,900
bales at 7.51c., all of the above for December. It is specified, however, that no cotton which has been turned in to
the corporation at 9 cents is eligible to the ballot. The conference committee here will assume that members who have
not notified the committee of the quantities which they wish
to submit to the ballot have no cotton to submit. To-day
December here sold at 7.45c. to 7.50c. and January at New
Orleans at 7.42c. The exchanges will be reopened on Nov.
16 at New York and New Orleans for unrestricted trading.
Savannah and New Orleans advanced Mc. and Memphis
and Houston Xc. Exchange memberships here, $9,000 bid,
an advance of $1,000 within 24 hours.
The last ballot that will be held here took place to-day
and the announcement was received with great and widespread interest. The sales were as follows at 8.50c.: Henry
Hentz & Co. sold 100 bales Dec. Hubbard Bros. & Co. 500,
E. F. Hutton & Co. 100, S. M.Weld & Co.200, W.R. Craig
& Co. 100, Gwathmey & Co. 100 and Cotton Trading
Corporation 3,200. The following sales were made at 80.:
S. M. Weld & Co. sold 100 and Cotton Trading Corporation
2,100. The Cotton Trading Corporation sold 3,600 bales
at 7.600. and 12,400 at 7.510. The announcement of the reopening of the New York Cotton Exchange on Monday,
Nov. 16, for unrestricted trading was received with a great
outburst of cheering.
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
Speculation in cotton for future delivery has remained
officially suspended, the Exchange not yet
opened.
It will reopen on Monday, Nov. 16. In the having
meantime there
is some more or less official trading in December.
Latterly
it has been at 7.51 to 7.55o., as against as high as 7.62e.and
even, it is said, 7.64c. recently. The Liverpool
now open for unrestricted trading, except that nomarket is
business
must be done at below the basis of 4.25d. for May-June
That delivery has sold down from 4.45d. recently to
4.253d.
Southern spot markets have been rising, and on Wednesday
the largest exports of the season in one day were made,
1. e., 48,769 bales, including some 18,600 bales to the ConNov. 7 to Nov. 13Sat. Mon. Tues. Wed.Thurs. Fri.
tinent. It is believed that from now on the exports will Middling
uplands
gradually increase. This will be favored by improved
NEW
YORK
QUOTATIONS FOR 32 YEARS.
financial conditions, the reopening of the exchanges, the end1914_c____*11.00 1906_c
10.30 1898.c
5.31 1890.c
9.62
ing of the English moratorium and signs of improving busi- 1913
13.60 1905
11.65 i897
5.88 1889
10.25
12.00 1904
ness conditions in Lancashire. Not improbably, too, the 1912
10.25 1896
8.12 1888
9.94
1911
9.50
1903
11.20 1895
8.62 1887
shipments even to Germany will increase. Savannah and 1910
10.44
14.80 1902
8.30 1894
5.56 1886
9.19
New Orleans have been selling to Bremen. In Manchester 1909
14.75 1901
7.94 1893
8.25 1885
9.31
1908
9.35 1900
9.81 1892
9.12 1884
of late there has been a better demand for cloths. Fall 1907
10.00
10.80 1899
7.62 1891
8.12 1883
10.44
River's sales last week were notably large, and it is hoped
•Aug. 17.
and believed that the exports of American cotton goods this
MARKET AND SALES AT NEW YORK.
season will reach a big total. Liverpool has been active
There have been no
with spot sales averaging about -10,000 bales a day. Most Cotton Exchange this spot transactions on the New York
week.
THE CHRONICLE
1466
xcix.
FUTURES.-There have been no transactions in cotton up from telegraphic reports Friday night. The results for the
for future delivery on the New York Cotton Exchange this week and since Aug. 1 in the last two years are as follows:
1914
week.
1913
November 13Since
.
Since
Week. Aug. 1.
THE VISIBLE SUPPLY OF COTTON to-night, as made ShippedWeek. Aug. 1.
Via St. Louis
28,135 106,580
26.451
up by cable and telegraph, is as follows. Foreign stocks,
120,216
Via Cairo
11.650
57.347
17.873 101,487
as well as the afloat, are this week's returns, and consequently
Via Rock Island
50
985
1.400
Via Louisville
5.211
23.688
all foreign figures are brought down to Thursday evening.
4,Mil
29,044
Via Cincinnati
2,351
12.300
5.346
19.314
But to make the total the complete figures for to-night
Via Virginia points
4,518
21.892
6,437
Via other routes, &c
(Friday), we add the item fo exports from the United States,
9,278
87,862
18.637 188:18
including in it the exports of Friday only.
Total gross overland
61.193 310.654
79.816
November 13Stock at Liverpool
Stock at London
Stock at Manchester
1914.
bales. 734,000
20,000
44,000
1913.
651,000
5,000
54,000
1912.
741,000
6,000
28,000
1911.
483,000
4,000
30.000
Total Great Britain stock
tock at Hamburg
tock at Bremen
took at Havre
tock at Marseilles
tock at Barcelona
tock at Genoa
tock at Trieste.
798,000
*15,000
*100,000
201,000
3,000
22,000
26,000
*10,000
710,000
13.000
252,000
170,000
2.000
8,000
21,000
11,000
775.000
12,000
292,000
219,000
2,000
14,000
17,000
7.000
517.000
9,000
156.000
126,000
2,000
11,000
26,000
4.000
Total Continental stocks
377,000
477,000
563,000
334,000
1,175,000 1.187.000 1,338,000 851,000
Total European stocks
96,000
India cotton afloat for Europe.... 91.000
22,000
8.000
389.468 1,118.797 1.123,212 993.030
Amer. cotton afloat for Europe
EgyptBrazil,&c.,aflt.for Europe. 36.000
71,000
97,000
78.000
*115,000 299,000 247,000 146,000
Stock in Alexandria. Egypt
479,000 391,000 278,000 210,000
Stock in Bombay. India
968,140 994,832 1,241,933 1.076,967
Stock in U.S.ports
Stock in U. S.-interior towns_...1.024.495 669.860 628,370 782,156
8,191
59.106
U.S. exports to-day
70,023
34,798
4,286.294 4.886,595 5.045,538 4,179,951
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Americanbales- 454,000 452,000 608,000 391.000
Liverpool stock
29,000
29,0004.
Manchester stock
23.000
*280,000 440.000 531,000 300,000
Continental stock
389,468 1,118,797 1,123,212 993.030
American afloat for Europe
968,140 994.832 1.241,933 1.076,967
U.S. port stocks
1,024,495 669,860 628.370 782,156
U.S.interior stocks
8,191
59,106
70.023
34,798
U.S. exports to-day
Total American
East Indian. Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
3,153,294 3,763.595 4,216,538 3,600.951
280,000
20,000
15,000
*97,000
91,000
36,000
*115,000
479,000
199.000
5,000
25,000
37,000
96,000
71,000
299,000
391.000
133,000
6,000
14,000
32,000
22,000
97,000
247,000
278.000
92,000
4,000
7,000
34,000
8,000
78,000
146,000
210,000
1,133,000 1,123,000 829,000 579,000
3,153,294 3.763.595 4,216,538 3,600,951
Total visible supply
4,286,294 4.886,595 5,045.538 4,179,951
Middling Upland, Liverpool
4.58d.
7.47d.
6.784
5.19d.
Middling Upland, New York
al1.00c.
13.90e.
11.90c.
9.50c.
Egypt, Good Brown, Liverpool
7.754. 10.654. 10.40d.
104.
Peruvian, Rough Good,Liverpool 8.75d.
9.25c. 10.00d.
9.50d.
Broach. Fine. Liverpool
4.25d. 6 15-164.
6hd. 5 5-16d.
Tinnevelly, Good, Liverpool
7d. 6 5-16d. 5 5-164.
4.304.
* Estimated. a August 17.
Continental imports for past week have been 7,000 bales.
The above figures for 1914 show an increase over last week
of 241,398 bales, a loss of 600,301 bales from 1913,a decrease
of 759,244 bales from 1912 and a gain of 106,343 bales over
1911.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below.
Movement to November 13.1914
Towns.
Movement to November 141913.
Receipts.
Ship- Stocks
ments. Nov.
Week. Season. Week. 13.
Receipts.
Ship- Stocks
menu. Nov.
Week. Season. Week. 14.
Ala.,Eufaula__ 1,037 13,732
263 10,032 1,000 15,690
800 3,123
Montgomery. 7,476 102,228 5,232 71,557 6,206 106,435
4,271 28,644
Selma
5,412 65.385 3,292 42,806 6,882 85,84
Ark., Helena.- 5,176 27,953 2,623 19,903 4.554 27,235 5,046 14,023
1,711 15,524
Little Rock
8,633 59,178 4,836 35,409 10,860 68,68
8,291 36,932
Ga.,Albany--. 1,063 22,874
588 18,477 1,000 21,885
800 2,684
Athens
10,538 46,218 5,150 21,168 6.053 64,836 10,114 15,363
Atlanta
9,537 49,803 6,84 14,468 14.45 133,212 10,461 24,806
Augusta
24,579 204,824 10,9581137,398 15,492 203,859 11,037 54,078
Columbus.... 4,940 42,711 1,175 31,851 2,385 29,237 1,725 7,378
Macon
2.478 24,862
902 20,641 2,236 28.5811 1,793 2,911
Rome
3,859 24,310 2,336 8,287 3.300 35,796
2.65' 7,379
La.,Shreveport 8,846 73,304 1.8271 64,331 10,125
84,159 9,511 25,710
Miss.,Columb's 1,488
9,411
liii 6,950 2,178 18,9591 1,615 5,911
Greenville
5,434 38,087 3,669
26,156 4,437 33,0561 3,05 16,597
Greenwood- 7,765 56,249 4,820 32,809 13,426 57,873
6,642 27,032
Meridian
1,562
9,201
378 8,411 1,694 13,3981
821 1,059
Natchez
800 12,020
800 9,500 1,200
8,978
1,111 2,100
Vicksburg
1,906 12,611
700 9,847 1.544 10.3551
719 6,061
2,862 19,562
Yazoo City
771 16,683 2,405 10,8021 1,494
Mo.,St. Louis_ 33,274 116,395 28,135 26,940 26,229 117,6281 26,451 10,724
9,657
440
1.899
400
N.C., Raleigh_
234
512
7,456
6I 1
gal
7,819 38,387 7,045 4,302 11.676 39.9771 8,3
0., Cincinnati
11,272
7,466 1.872 3,939 3,037 22,9101 3,07u 4,292
Okla..Hugo_ _ _ 2,939
47 5,727
B.C..Greenw'd.
6,677
395
534
6,9221
4
492
Tenn.,Memphis 58,095 341,992 30,643 210,531 71.065 345,733 47,517125,881
__ __
17
465
544
532
5.53
Nashville
478 1,011
652 6,0051 1.163 20,14
9,078
741
Brenham
7'! 1,921
Tex''
Clarksville... 1.811 18,880 3,876 5,006 2,700 28,1761 3,320 6,869
7,641 50,385 7,844 8,756 5,980 38,0721 8,356 6,791
Dallas
' Honey Grove. 1,135 14,356 1,947 6,2291 4,14420,867 3,267 5.871
142,215 949,807131,739132,869 127,6321,407,789117,410171,354
'Houston
9,117 40,541 11,772 6.820 8,061 53,024 6,729 10,061
r Paris
em
1,.. al 1n
a 501 0119 mil 727 253.2401024495 374.7033,273,590 310,285669.88(
The above totals show that the interior stocks have increased:during the week 97,771 bales and are to-night 354,635
bales more than at the same time last year. The receipts at
all towns have been 6,308 bales more than the same week
last year.
IWOVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
428,054
Deduct shipmentsOverland to N. Y., Boston, &c__ 4,359
Between interior towns
3,137
Inland. &c., from South
1,750
17.431
20,448
47.630
6,611
4,624
2.088
44.467
18,683
30,611
Total to be deducted
9.246
85,509
13.323
93.761
Leaving total net overland *
51,947
225,145
66.493
334,293
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 51,947 bales, against 66,493 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 109,148 bales.
------1914-----1913-----In Sight and Spinners'
Since
Since
Week.
Takings.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Nov. 13-338,055 1.970.503 485,269 4,687,123
Net overland to Nov. 13
51.947
225.145 66.493
334.293
Southern consumption to Nov. 13 60,000
870,000 60,000
906,000
Total marketed
Interior stocks in excess
450,002 3,065,648 611,762 5,927,416
97,771
904,356 64,418
526.402
Came into sight during week_ _547,773
676,280
Total in sight Nov. 13
3.970.004
6.453,818
Nor,spinners' takings to Nov. 13- 96,494
653,837 112,822
913,258
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Week ending
November 13
Closing Qoutations for Middling Cotton onSaturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
New Orleans
77
516
6
Mobile
Savannah
7g
Charleston
Wilmington
7H
Norfolk
7
Augusta
7
Memphis
St. Louis
734
Houston
7 9-16
Little Rock.-- 6q
7 9-16
:7
7
711
7
74
7
7H
7 9-16
6ft
754
7 9-16
7
7
7
7
7
7
7
7 9-16
7 11-16
7 11-16
.
7
11
78
7
7
7 9-16
634
7
7
7
7
7
7
7
7
7
7
7
74
7p
7
7
7
74
7
7
7
67
NEW ORLEANS CONTRACT MARKET.-There have
been no dealings at New Orleans this past week.
WEATHER REPORTS BY TELEGRAPH.-Adviees to
us by telegraph this evening from the South indicate that
with continued favorable weather good progress has been
made with picking. Cotton is being marketed more freely.
Galveston, Tex.-Good,soaking rains fell during yesterday
and will be of especial benefit to wheat planting where it has
been delayed on account of lack of moisture. The movement
of cotton towards the ports is now at its height. 4. lop of
1,000 bales was sold yesterday at 8 cents basis middling.
We have had rain on two days during the week, the precipitation reaching two inches and eight hundredths. The
.6, averaging 66.
thermometer has ranged from 56 to 7
Abilene, Tex.-There has been rain on two days during
the week, to the extent of one inch and twenty-two hundredths. Minimum thermometer 34.
Dallas, Tex.-We have had rain on two days the past week,
the rainfall being two inches. Minimum thermometer 38.
Palestine, Tex.-There has been rain on three days the
past week, the rainfall being three inches and thirty-six hunthermometer 42.
dredths.
San Antonio, Tex.-We have had rain on two days of the
past week, the rainfall reaching ninety-eight hundredths of
an inch. Minimum thermometer 44.
Taylor, Tex.-Rain on two days of the week, the precipitation reaching two inches and forty hundredths. Minimum
thermometer 40.
New Orleans, La.-We have had rain on two days during
the week,the precipitation reaching forty hundredths of an
inch.
. The thermometer has averaged 55.
Vteksburg, Miss.-We have had rain on two days of the
past week, the rainfall being sixty-three hundredths of.an
inch. The thermometer has averaged 60, the highest being
83 and the lowest 40.
Mobile, Ala.-Rain on two days of the week, the preemitation reaching seventy-eight hundredths of an inch. The
thermometer has averaged 62, ranging from 42 to 82.
Madison, Fla.-We have had no rain the past week.
Average thermometer 60, highest 79, lowest 44.
Savannah, Oa.-Rain has fallen on one day of the past
week, the rainfall being one hundredth of an inch. The
thermometer has averaged 60, the highest being 77 and the
lowest 39.
Charleston, S. C.:-There has been rain on one day of the
past week, the rainfall being five hundredths of an inch.
The thermometer has averaged 57, ranging from 38 to 76.
Charlotte, N. C.-We have had rain on two days during the
week, the precipitation reaching fifty-nine hundredths of an
NOT. 141914.]
THE CHRONICLE
1467
Receipts at Ports.
Stock at Interior Towns. Receipts from Plantations
inch. The thermometer has ranged from 31 to 74, averag- Week
ing 52.
endow. 1914. 1913. 1912. 1914. 1913. 1912. 1914. 1913. 1912.
Memphis, Tenn.-There has been rain on one day during
25 97,716 367,522 373,946 255,150 223,469 228,883 161,318 398,656 418,210
the week, to the extent of twenty hundredths of an inch. Sept.
Oct. 2 158,124 416,299 460,366 344,863 290,756 271,703 247.837 483,286 503,186
" 9 162,032 408,848 421,108 459,576 360,911 350,349 276,745 479,003 499,854
Average thermometer 58, highest 79, lowest 40.
" 16 199,397 485,092 500,942 577,463 440,472 445,118 317,474 564,653595,711
- " 23 240,067
488,622 512.935 696,772 522,301 485,258 359,186 570,451 553,075
WORLD'S SUPPLY AND TAKINGS OF COTTON.
" 30 272,727 560,392 529,516 820,382 564,003 554,786 396,337 602.094 599,044
The following brief but comprehensive statement indicates Nov.
6 317,633 524,469 502,894 926,724 605,442 595,397 423,975 565,908 543,505
at a glance the world's supply of cotton for the week and " 1 338.055 485.269 549,698 1024495 669,860 628,370 435,826 549,687 582,671
since Aug. 1 for the last two seasons, from all sources from
The above statement shows: 1.-That the total receipts
which statistics are obtainable; also the takings, or amounts from
the plantations since Aug.1 1914 are 2,874,859 bales;
gone out of sight, for the like period.
In 1913 were 5,213,525 bales. 2.-Thatalthough the receipts
at the outports the past week were 338,055 bales, the actual
1913.
1914.
Cotton Takings.
movement from plantations was 435,826 bales, the balance
Week and Season.
Week.
Week. I Season.
Season.
going to increase stocks at interior towns. Last year receipts
4,652,088
4,044,896
from the plantations for the week were 549,687 bales and for
Vhdble supply Nov.6
3,176,816
2,581,551 1912 they
Visible supply Aug. 1
were 582,671 bales.
676,180
3,970,004
547.773
6,453,818
13..
Nov.
to
sight
in
American
165,000
55,000
46,000
303.000
Bombayreceipts to Nov. 12
189,000
52.000
80.000
MANCHESTER MARKET.-Our report received by
Other India shipm'ts to Nov. 12 526.000
57,000
174,000
468.600 cable to-night from
Alexandria receipts to Nov. 11Manchester states that the tendency of
8.000
40,000
2.000
97,000
Other supply to Nov. 11 *-the market checks buying of both yarns and cloths. Spin5.439,268
7.714,820
4,627,669
9.983,969
supply
Total
ners anticipate a superabundance of cotton on account of the
Deduct4,286,294 4,286,294 4,886,595 4.886.595 diminished consumption.
Visible supply Nov. 13
341,375 3,428,526 552,673 5.097,374
SHIPPING NEWS.-As shown on a previous page, the
Total takings to Nov. 13_a_ _
277,375 2,496,526 446.673 4,023.774
Of which American
932.000 106.000 1,073.600 exports of cotton from the United States the past week have
64,000
Of which other
reached 159,517 bales. The shipments in detail, as made
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
ce.This total embraces the total estimated consumption by Southern mills. up from mail and telegraphic returns, are as follows:
-takings not being
available
870,000 bales in 1914 and 906,000 bales in 1913
--and aggregate amounts taken by Northern and foreign spinners, 2,558.526
bales in 1914 and 4,191.374 bales in 1913. of which 1,626,526 bales and
3,117.774 bales American.
b Estimated.
NEW YORK COTTON EXCHANGE.-The Cotton Trading Corporation.-The New York Cotton Exchange will
resume business on Monday,Nov.16. The text of the agreement entered into on Nov. 2 between the Cotton Trading
Corporation and the brokers is in part as follows:
Whereas, the Corporation has purchased, or is about to purchase, cerof December 1914 and desires to protain cotton for delivery in the month
on or before Nov. 25 1914, or
vide for the sale thereof to the purchasers
otherwise disposed of. and the purbe
not
shall
any,
as
so much thereof, if
cotton, or any part thereof so undischasers are willing to purchase saidterms
and provisions of this agreement.
posed of, all in accordance with the the premises
and of the mutual coveNow, therefore, in consideration of
set forth, and of other good and
nants of the parties hereto, hereinafter
hereby
is
acknowledged,
whereof
the parties
receipt
considerations,
valuable
hereto hereby agree as follows
cotton, basis middling, in New York,
of
price
the
that
event
the
1. In
delivery terms, for delivery in the month a
and Cotton Exchange contract decline
to or below the price of 73 cents per
December 1914, shall hereafter the 25th
day of November 1914, the Corbefore
or
pound at any time on
said date sell to the purchasers, and
poration will from time to time before
otherwise, from time to time to
not
and
severally,
agree
purchasers
the
pro rata. whatever amount of cotton
buy and receive from the Corporation,
on hami or under its control undisposed of,
the Corporation has at the time
the respective quantities a
purchaser
each
case
of
the
in
exceeding
not
signature hereto, for delivery
cotton in bales set opposite his respective
the price of 74 cents per pound, basis
in the month of December 1914 atthe
by-laws, rules and rwulations of the
middling, subject in all respects to
any cotton on hand
New York Cotton Exchange. If the Corporationofhas
November 1914 at 12
on
the 25th
undisposed
of
control
its
under
or
price
of cotton, the Corselling
then
the
of
irrespective
o'clock noon, then,
purchasers agree sevporation will sell the same to the purchasers, and the
same
from the Corporathe
receive
and
buy
otherwise,
to
and
not
erally,
purchaser the respective quantion pro rata, not exceeding in case of eachrespective
signature hereto, for
tities of cotton in bales set opposite his
the price of 73. cents per
delivery in the month of December 1914 at
respects to said by-laws, rules and regupound,laasis middling,subject in all
It
is understood and agreed
Exchange.
Cotton
York
New
lations of the
to sell cotton that it has on hand or under
that the Corporation only agreesrespective
times aforesaid, and that it does
the
at
of
undisposed
control
its
it will have on hand or under its
not in any way covenant and agree that undisposed
of.
control any cotton at any of said times
to buy and receive cotton
purchasers
the
of
obligation
2. Whenever the
aforesaid, the Corporation shall
as aforesaid shall become operative as purchaser
a contract or contracts
thereupon cause to be delivered to each
receive as aforefor such quantities of cotton as he has agreed to buyinand
the form prescribed
said, at the price and upon the terms aforesaid, andby-laws,
rules and reguthe
cotton
by
delivery
of
for
the
future
contracts
for
lations of the New York Cotton Exchange; and each such contract so delivered to such purchaser shall be signed by a member of or by a firm doing
business upon the New York Cotton Exchange, and the delivery of such
contract or contracts by the Corporation and the receipt thereof by the
purchasers shall in each case, to the extent of such contract or contracts
so delivered and received, be and be deemed a fulfillment of this agreement by the respective parties hereto.
3. This agreement shall inure to the benefit of and be binding upon the
successors and assigns of the parties hereto, except that it may not be
assigned by the purchasers or any of them without the written consent of
the Corporation; and this agreement and all the rights of the Corporation
hereunder may be assigned by the Corporation, either absolutely or as
collateral security, and, in such event the transferee or transferees shall
be entitled to all the rights and benefits of the Corporation hereunder.
4. Any and all rights, claims and demands of the purchasers against the
Corporation under or by virtue of this agreement at any time existing or
arising shall be subordinate and inferior to the promissory notes or other
obligations of the Corporation for moneys advanced to the Corporation
that may at any time be held by Walter E. Frew, Herbert R. Eldridge and
Henry R. Carse, as a committee for certain banks and trust companies
of the City of New York, their survivors, successors or assigns; and the purchasers agree that all such indebtedness of the Corporation to said committee
shall be paid in full, principal and interest, together with the expenses
of said committee and of said banks and trust companies of the City of
New York in connection therewith, before any of the purchasers assert any
rights or claims against the Corporation hereunder.
5. Each of the purchasers hereby agrees to execute such further instruments and to do all acts and things reasonably requested by the Corporation to effectuate the purposes and intents of this agreement.
or6. No one of the purchasers shall to any extent or in any way be relieved
excused from the observance or performance of the covenants and conditions of this agreement by the default of any other or others of the purchasers hereunder.
by the non-enforceability
for an reasonagainst
ea
suchother or othersorof the covenants herin
ntained, or on account of
contained,
the illegality or irregularity of any purchase of
b the Corporation
or of any illegality or irregularity in the organizationor
cotton existence of the Corporation, or on account of
miscarriage ofthe elan for the reopeningo
the New York Cotton Exchange,
any
or under any oth.er circumstances whatsoever.
7. This agreement may be executed in counterparts which together
shall be but one and the same agreement.
RECEIPTS FROM THE PLANTATIONS.-The following toile indicates the actual movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
orop which finally reaches the market through the outports.
To conform to the desire of the Secretary of the Treasury, the names of vessels
will be omitted until further notice.
Total bales.
NEW YORK-To Liverpool-Nov.9-2,381; Nov. 11-962
3,343
To Manchester-Nov. 12-1,800
1,800
To Barcelona-Nov. 12-350
350
To Genoa-Nov. 7-3,000
3,000
To Gothenburg-Nov. 12-241
241
To Piraeus-Nov. 7-450; Nov. 11-182
632
To Sira-Nov. 7-150
150
GALVESTON-To Liverpool-Nov.6-9,859; Nov. 11-11.840- 21.699
To Havre--Nov, 10-9.088
9.088
To Gothenburg-Nov. 10-4,200
4,200
To Barcelona-Nov. 11-1,800
1,800
To Genoa-Nov. 11-7,650
7,650
To Japan-Nov.6-14.703
14,703
TEXAS CITY-To Liverpool-Nov.9-15,445
15,445
To Mexico-Nov.7-1,843
1,843
To Genoa-Nov. 10-2,121
2,121
NEW ORLEANS-To Liverpool-Nov. 11-3,892
3.892
To Belfast-Nov. 7-400
400
To Havre-Nov. 7-3.292
3,292
To Rotterdam-Nov. 19-3,000
3.000
To Genoa-Nov. 11-8,319
8,319
To Mexico-Nov. 10-500
500
PENSACOLA-To Liverpool-Nov. 9-3,925
3.925
SAVANNAH-To Liverpool-Nov. 10-7,045
7,045
To Manchester-Nov. 10-100
100
To Gothenburg-Nov.6-4.400; Nov. 11,-3,100
7,500
To Rotterdam-Nev. 7-387
387
To Barcelona-Nov. 11-4,350
4.350
To Genoa-Nov. 11-4.071
4.071
To Oporto-Nov. 10-2,950
2,950
BRUNSWICK-To Liverpool-Nov. 13-5,800
5.800
CHARLESTON-To Liverpool-Nov. 10-7.340
7.340
BOSTON-To Liverpool-Nov.5-620; Nov. 7-648
1,268
PHILADELPHIA-To Liverpool-Nov. 6-1,450
1.450
SAN FRANCISCO-To Japan-Nov.6-2,488
2,488
PORT TOWNSEND-To Japan-Nov. 10-3,375
3,375
Total
159 517
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Ger- -Oth.Europe- Mex.,
Britain. Ports. many. North. South.
&c. Japan.
New York
5.143 ____
241 4,132 -_-_Galveston
21,699 9,088
4,200 9,450 _ _._14-.703
Texas City_ _ --15,445
____
____ 2,121 1,843
New Orleans__ _ 4,292 3,292
3,000 8.319 500
Pensacola
3,925
Savannah
7,145
7,887 11.571 _ --- __ -Brunswick
5,800
Charleston
7.340
Boston
1,268
---Philadelphia..._ 1,450
---- ---San Francisco__ ____
2-,488
Port Townsend- ____
-3,375
Total
73,507 12,380
nua.
9.516
59,140
19.409
19,403
3.925
26,403
5.800
7,340
1.268
1.450
2,488
3,375
____ 15.328 35.393 2.343 20566 159,517
The exports to Japan since Sept. 1 have been 55,391 bales
from Pacific ports and 59,218 bales from Galveston.
LIVERPOOL.-By cable from Liverpool we have the
following statement of the week's sales, stocks, 86c., at that
port:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Oct. 23.
13,000
300
2,000
14,000
3,000
40,000
760,000
464.000
34,000
28.000
150,000
118.000
Oct. 30.
28,000
200
1,500
20,000
7,000
49,000
758,000
459,000
54,000
43,000
195,000
162.000
Nov. 6. Nov.13.
55,000
600
1.400
37.000
6,000
5,000
60,000
69,000
724.000 734,000
442,000 454,000
35.000
83,000
72.000
35,000
227.000
190,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
cotton have been as follows:
spot
_
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Good
demand.
Moderate
demand.
Fair
demand.
Market 1
12:15P.M.J
Quiet.
Quiet,
Mid.T.7p1 ds
4.66
4.66
4.66
4.66
4.58
4.58
Sales
Spee.Stexp.
8,000
500
10.000
500
10,000
500
8,000
500
10,000
500
7,000
500
Futures.
Market 1
opened J
*4.39
*4.37
*4.36
*4.36
*4.28
Market
*4.34
4 P. MI
* May-june.
Quiet.
*4.35
Quiet.
*4.35
Quiet.
*4.32
Quiet.
*4.251.4
Quiet.
*4.27
Quiet.
*A. n*,
•
THE CHRONICLE
1468
BREADSTUFFS.
Friday Night, Nov. 13 1914.
Flour has been quiet but steady. The firmness of many
of the mills has had a tendency to check transactions.
While export business has apparently been in abeyance,
various European governments are understood to be in the
market for flora... France,in particular, it is said, is disposed
to buy. Business with Holland has been more or less restricted, owing to the recent mining of the North Sea and
the activity of war vessels there. Still, it is believed that
Europe will need enormous quantities of flour without tak-,
ing account of the necessities of some six or seven millions
of people in Belgium, who, it is said, must be largely fed by
flour from the United States. But'just at the moment there
is a pause in business. The domestic trade is not disposed
to buy freely at present prices. At the same time the mills
see no reason to make reductions. The total production last
week at Minneapolis, Duluth and Milwaukee was 382,720
barrels, against 341,800 in the previous week and 47195
in the same week last year.
Wheat has declined, mainly owing to good weather at
the West and profit taking. At one time,too,it was affected
by areport that Germany had made peaceful overtures to
Russia. Also wheat prices are considered high. Suppose
peace should suddenly be declared! The war may be prolonged, but there are those who believe that the end may
easily come assuddenly as.the war began. And the scarcity of
ocean freight room is causing a large accumulation of supplies
at the Gulf ports. The acreage, moreover,in this country,will
undoubtedly be greatly increased. It is said too that France
is releasing farm workers from the army as far as possible in
order to increase the French acreage, evenproviding seed to
farmers where it is necessary. In India both weather
and crop prospects are very favorable. From Russia
also the reports are that the crop outlook is favorable
and the weather good. Over an extended area of Argentina the weather is better than it was recently for wheat.
The recent movement of the crop in this country
has been enormous. It is frequently mentioned
that the short interest in this country is small. Thelong interest, on the other hand, is large. Thus the technical position of the speculation is vulnerable. Decidedly bearish
news of any kind, it is argued, might precipitate heavy selling
and a big decline. However this may be, the consensus of
opinion is that Europe will peed enormous quantities of
American wheat, and that declines are likely to be only temporary until peace is declared in Europe. Some of the more
radical bulls of.Chicago assert that the requirements of imas
porting countries this season are 736,000,000ofbushels,
importing
against 663,000,000 last year, while the surplus
there was
countries is put at 662,000,000 bushels. Last week
stock of 1,140,000 bushels, in
a decrease in the world's
the same
increase in
striking contrast with an bushels.
The true total
week last year of 9.885,000 supplies
was 1,960,000
American
of
increase
same week last year of
bushels, against an increase in the
result as to world's supplies
5,985,000 bushels. Yet the net
the scarcity of ocean
despite
Meantime,
decrease.
a
was
sales have been made. The
freights, some large export these
strange times is reflected
magnitude of the demand in
been at the rate of 750,000
have
sales
export
that
fact
the
in
without producing a ripple of
to 2,500,000 bushels a day
of December
excitement. Exporters have bought freely
Duluth has been
Winnipeg.
and
City
Kansas
at
lso
a
wheat
Minneapolis has been buying
buying December at Chicago. at
Chicago. The foreign crop
sales
against
Northwest,
at the
is needless to say, unEurope,
in
that
especially
situation,
Kingdom considerable
United
the
in
that
true
is
It
favorable.
rather unfavorable
despite
sowing
in
made
been
progress has
field work is slow.
other
and
sowing
Prance
weather. But in
utmost to push this
its
doing
is
Government
The French
interferes very seriously.
work, but the war naturallyin France are naturally small.
wheat
The offerings of native
arestricted seeding
Germany has to face bad weather and is drawing
further
.
Government
operation, especially as the
Prices
districts.
farming
the
from
additions for the army
high, and official reports
of all foodstuffs in Germany remain
reports state that the
state that supplies are small. Official
troops damaged
first invasion of East Prussia by Russian
produce, and that the
immense quantities of agricultural threatens
to do further
new invas!on by the Russian.forcesif any, preparations have
serious damage. In Austria little,
and prices are rapidly rising.
been made for the new crop very
.small, arid in some parts
are
Austria
over
all
Supplies
in Austria of late at 74s.
sold
has
Wheat
prevails.
famine
must contain 30% of corn
bread
1
Dec.
after
for 480 lbs., and
is bad and seeding
weather
the
Hungary
or potatoes. In
to befurther
likely
is
It
progress.
little
has made very
invaded
have
troops
Russian
that
by the fact
been
has
weather
the
Spain
In
a large part of Hungary.
therefore,
all,
and
all
for
it
unseasonably wet. Take
And in Argentina.the
the crop outlook in Europe is bad.
than a normal yield.
indications do not seem to point to more
profit-taking coincident
Under the circumstances, only aadded,large receipts at the
with good weather and,it may be
the week.
West, will account for the decline in prices during
and rye this
Some are predicting a world shortage of wheat
at
season. Mr. Robert Rogers, Minister of Public Works
wheat in
Winnipeg, is quoted as predicting $2 per bushel for
1915 and the most prosperous year that American and Cana
[VOL. xcix.
dian farmers have ever known. Not only are European crops
short this year, but it is feared that she will be unable to produce an adequate crop next year. Elsewhere than in North
America the grain crops of 1914 have been below the average.
Meantime, country offerings in both the spring and the win- •
ter-wheat belts are beginning to decrease. At the same time,
Argentina needs money and is disposed to sell more freely.
To-day prices declined, partly owing to.rumors that Austria is suing for peace. But country offerings were light and
export sales 1,000,000 bushesl.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_118 124% 12314 122% 124% 12334
No. 2 red
124% 1233 122% 12314 12214
_12414
December delivery in elevator__
1294
May delivery in elevator
13114 131% 130 13034 131
FUTURES IN CHICAGO.
WHEAT
DAILY CLOSING PRICES OF
Sat. Mon. Tues. Wed. Thurs. Fri.
116 1153 11531 11431
December delivery in elevator_ets_117% 117
May delivery in elevator
12434 12314 122% 122 12214 12114
Indian corn has declined under increased offerings of new
corn to arrive. The movement of the crop has been accelerated by clear, cold weather over the whole belt. The Government estimates the crop at 2,705,692,000 bushels, an increase of about 260,000;000 bushels over that of last season,
which is smaller than was looked for. Farm reserves are
stated as only 80,069,000 bushels, against 137,972,000 bushels m the previous year, i. e., 3.2%, against 5.6% last year.
The farm price of corn on Nov. 1 was 69.7c. a bushels,
against 70.7c. last year. In other words, supplies of old
corn are small. Meantime there has been some export business. Sales were small until the middle of the week, when
half a million bushels were taken on Wednesday. Although
country offerings have increased, it is pointed out that, after
all, they are not up to the average of this time of the year.
Latterly, too, the weather at the West has become unsettled
and rainy. At Chicago there has been a fair Eastern demand.
Peoria early in the week sold 200,000 bushels to Boston
exporters. New foreign trade is hampered by the scarcity of
ocean freights. Foreign markets have been advancing at
times, though latterly somewhat easier. Liverpool has reported some pressure from larger arrivals and a momentary
decrease in the demand. Argentina has been offering more
freely there. Europe is now said ,however, to be bidding on
lots of considerable size at the West. Fear of wet weather
has latterly made corn stronger than wheat. To-day prices
were easier with wheat and also because the weather was
better than expected. Export sales, however, were reported
of 500,000 bushels, and Argentina shipments were smaller
than expected.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
83% 82
cts_ 86% 86K 843i 84
No. 2 mixed
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery In elevator_cts- 7014 69% 6814 68% 6934 6814
7214 71
May delivery in elevator
7334 724 7134 713
. Oats have receded a fraction, partly because of the decline
in other grain. A good deal of switching has been done
from December to May. Also there has been not a little
hquidation. The crop movement has, moreover, been
rather liberal. Some damage has been reported by the
frost in Argentine. The loss of a Chilean steamer inIthe South
Atlantic bound for Liverpool caused an advance in Liverpool last Monday of 234 to 3d. and this incident directed
attention there to American oats. Argentine, according to
Liverpool advice,s, is shipping 'lathing except stray lots to
the Continent and Russian oats in London are very scarce.
Some damage is also reported by frost in Argentina. Exports sales in American markets have been at the rate of
50,000 to 100,000 bushels a day. On the whole, it has
been a quiet week. Rye has latterly been easier in Liverpool and Paris. In Paris it is 36s. 3d., against 378. 1%cl.
a week ago. This is per 180 lbs. Scandinavia and Holland are buying rye freely in Liverpool, but at lower prices
than recently. Export demand for oats has increased of
late in the United States. A cargo of 250,000 bushels was
sold here to Genoa, Italy. Country offerings at the West
have latterly been small. The Chicago market has acted
oversold. James Patten, it appears, was recently indicted
on a charge of cornering the oats market. To-day prices
declined with wheat and also rallied with that cereal.
There was not a little buying at Chicago,presumably against
shipping sales. Receipts, moreover, and country offerings
were small.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Wed. Thurs. Fri.
Mon. Tues.
Sat.
cts_ 5334 54-5434 53-5314 53-5314 5334 53-53A
Standards
5334 5434-55 5334-54 5334-54 54 5334No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
49% 49g 4934 49%
December delivery in elevator_cts_50 A 50
5434 537, 53% 535-1 5J3( 5334
May delivery in elevator
The following are closing quotations:
GRAIN.
Corn, per bushel—
Wheatmer bushel—f. o. b.
82
No. 2 mixed
$1 2534
N.Spring, No.E
82
No. 2 yellow
N.Spring. No.2
yellow
3
Si
No.
2314
1
Red winter, No. 2
Argentina in bags
78
12334
Hard winter. No.2
Rye,
per
bushel—
cts
new—
Oats, per bushel,
New York
53@53
Standard
Western
11131
5314(554
No. 2, white
70©O
5234(553 Barley—Malting
No 3. white
FLOUR.
$5 250S5 35
Winter, low grades----$4 00 $4 50 Spring clears
5 60 600 Kansas straights,sacks_ 520(5 545
Winter patents
5 10 5 35 Kansas clears, sacks.,.. 4 80(5 5 10
Winter straights
7 25
4 75 5 20 City patents
Winter clears
5 75 600 Rye flour
4 9034 6 55
Spring patents
5 40 560 Graham flour
5 150 540
Spring straights
Nov. 141914.]
THE CHRONICLE
1469
AGRICULTURAL DEPARTMENT'S REPORT.-The yarns. The amount of this business booked by spinners is
Agricultural Department's report on the cereal and other entirely guess-work, but it is well known that some very
satisfactory sales have been made to buyers who formerly
crops was issued Nov. 9, and is given below:
The Crop Reporting Board of the Bureau of Crop Estimates makes the following took German and English yarns. The heavy inquiry for
estimates from reports of its correspondents and agents:
army equipment continues, while some good orders have also
For the United States:
been placed here by foreign merchants, who, under normal
-Production--Quality--Price Neal. conditions,
(0005 omitted).
-Yield per Acrereceived their supplies from French, German or
•
•
1913.
1914.
10-Year Prelim'y.
Meal. 1914. 1913. 1914. 1913. English manufacturers. With the exception of fair sales of
Crops1914. 1913. AVM
.1
2,446,988
8
0
9
7
.
3
2
0
7
.
2
9
6
,.
85
9
.
9
7
2
7
2,705.692
26.7
Corn
cheap cottons to South America and the Philippines, and
bush. 25.8 23.1
.380
,
Wheat
' 16.7 15.2 14.4
recent sales of sheetings to Red Sea points, business through
Oats
" 29.7 29.2 29.9 1,139,741 1,121,768 86.5 89.1 42.5 37.9
178,189
87.5
196,588
old export channels is light.
Barley
" 28.1 23.8 25.2
94.0 al 2kl g.7
,
42,664
2
Rye
" 16.8 18.2 16.2
DOMESTIC COTTON GOODS.-The exports of cotton
13,833 916 86.5 78.1 75.5
17,025
Buckwheat_ " 21.4 17.2 19.7
331.525
90.9
406,288
87.8 54.0 69.6 goods from this port for the week ending Nov. 7 were 8,013
Potatoes
" 109.6 90.4 06.6
59,057 89.8 87.8 76.3 75.7
56,030
Sw.potatoes " 94.5 94.5 91.6
64,116 92.1 91.7 11.71 12.26 packages, valued at $682,991, and for the period from Jan. 1
tons. 1.42 1.31 1.40 68,604
Hay
lbs. 200.6 182.0 187.2 7,341,000 6,772,000 --------6.3 13.0 to Nov. 7 they reached 259,216 packages, valued at $19,Cotton
84
1.7
Tobacco
" 853.8 784.3 823.8 982,715 953,734 88.4 92
068,566. For the corresponding period of 1913 the totals
17,853 90.4
15.973
1-1.-8.'i 1W
-1
bush. 8.3 7.8 9.0
Flaxseed
_ 0258.862 145,410 85.3 70.2 856.0 585.6 were 287,193 packages and $22,218,418. The usual details
Apples
_
_
_
____
____
___
9.96
5,659
.il
5,147
3
_9
labeets_tons.
Sugar
that we have heretofore given are withheld for the present
*Hay. dollars per ton: cotton, cents per lb.: other products, cents' per bushel. under instructions of the Secretary of the Treasury.
condition.
November
Oct.
b
15.
Average
from
Forecast
a
Staple cotton goods prices are steadier with larger forward
CORN.-Percentage of 1913 crop on farms Nov. 1 1914 is estimated at 3.3%
(80,069.000 bushels), against 4.4% (137,972.000 bushels) of the 1912 crop on farms contracts being placed on many lines. Improvement in the
Nov. 1 1913. and 3.7% the average of similar estimates of the past ten years.
raw material situation and good export demand arising from
For other tables usually given here, see page 1440.
the war is helping to keep mill operations going on a fair
The visible supply of grain, comprising the stocks in scale. Good sales of print cloths are reported at or near the
granary at principal points of accumulation at lake and best market prices, covering deliveries running through the
seaboard ports Nov. 7 1914 was as follows:
first three months of next year. Manufacturers of tickings
and cotton duck are reported to be well situated on business
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded and further heavy sales of coarse cotton for bagging purposes
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley. for late delivery have
been made. Jobbers in some instances
In Thousandsbush, bush, bush, bush. bush, bush, bush. bush.
remain conservative in making additional purchases for fuNew York
2,602
806
419 1,326
384
322
578
20
Boston
329
334
26
318
50 ture account, as they are still carrying stocks of staple goods
Philadelphia
1,302
260
122
722 "iii
which they have not been able to distribute. In colored
Baltimore
2,279
163
- WI --:1
122 1,956
New Orleans
cottons a very unsettled state of affairs exists. Buyers are
2.602
52
209
Galveston
2,254 ____
158
awaiting the arrival of further supplies of dye-stuffs which are
Buffalo
3,405
710
ii -iii
258 2-.280 --ii --.
Toledo
reported on the way from Germany, expecting to see a reduc1.789 ____
60
3
887 -1
Detroit
442 ____
101
08 ____
19
22
tion in prices of colored goods after these arrive. On the
Chicago
5,902 ____
515 12,787 ____
77 1,173
Milwaukee
220
__
53
55
312 .....ao other hand, manufacturers state that they are poorly situ878 .....
2Duluth
10,458
66 ____ 1,822
6
206 1.262
ated on dyes and that the amount and quality of the dyes
Minneapolis
15,241 ____
8 4,135 ____
202
850
which are now coming to hand will not greatly relieve the
St. Louis
3,687 ____
16
493 _ ___
2
6
Kansas City
9,320 ___
situation. Gray goods, 38-inch standard, are steady at 4e.
50
834 _ _.... ....15
..
Peoria
31 1,323 ____
WOOLEN GOODS.-Some improvement is reported in
Indianapolis
452 ____
81
533 ---Omaha
1,085 ____
36 2,416
-55 -fil -_-_-_-_ sales of fall and winter dress goods during the past week, but
On Lakes
4,478 ____
791
56 ::::.
632
176
the weather continues decidedly unfavorable for retail disOn canal and river_ __ _
92 --------335 --------9
tribution. A fair business is being done in broadcloth suits
Total Nov.7 1914-.67,940 2,339 2,901 33,053
684 1,751 5,384
103 and cloaks, particularly cloaks, and balmakaans
are very
Total Oct.Si 1914._..65.923 1,548 3,114 32,424
675 1,896 5,091
103
Total Nov.8 1913_56,155 7,205 4,929 31,164 1,442 2,193 5,624
681 popular for both men's and women's cloaks. In some of the
Tetal Nov.9 1912 45,366 2,595 2,216 11,574
42 1,336 4,280
271 more popular shades broadcloths are becoming scarce, alCANADIAN GRAIN STOCKS.
though supplies are generally more plentiful than it was
Canadian Bonded
Canadian Bonded
Canadian Bonded expected they would be at this time. Serges are
well sold
Wheat. Wheat. Corn. Oats. Oats, RIM Barley. Barley.
Is Thousandsbush. bush. bush. bush. bush. bush, bush. bush. up in most quarters, with a brisk demand for both light and
Montreal
4,449
heavyweights. Serge suits are expected to ye very popular
27 1,189
99
Ft. William & Pt. Arth _10,094
1,826
for street wear during next spring and summer. Spring
Other Canadian
5,515
1,204
business in other lines is neglected, however, as attention for
Total Nov.7 1914_20,058
27 4,219
99
the present is given to filling fall and winter needs.
Total Oct.31 1914_ _21,727
36 3,975
114
Total Nov.8 1913
FOREIGN DRY GOODS.-Importers report little change
19,581
8.207
18
614
Total Nov.9 1912_ _ _16,369
8 3,322
32
232
in the situation during the past week. Handlers of German
SUMMARY.
lines of dress goods have been trying to encourage buyers to
Bonded
' Bonded
Bonded place business with them, stating
that considerable goods
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
/n;Thousands-bush. bush, bush, bush. bush. bush. bush. bush. will arrive later by way of Holland and Denmark, but buyers
American
67,940 2,339 2,901 33,053
684 1,751 5,384
103 are placing little confidence in their offers. Arrivals of
Canadian
27 4,219
20,058 ____
French and English goods are reported in small volume, but
Total Nov.7 1914_ _87,998 2,339 2,928 37.272
684 1,751 8,483
103 they are not of sufficient importance to be much of a market
Total Oct. 311914_ _87,650 1,648 3,150 36.399
1.898
675
5,205
103 factor. Linens are firmly
held and higher prices are promTotal Nov.8 1913...75,736 7,205 4,929 39,331 1,442 2,211 6,238
681
Total Nov.9 1912 61,735 2,595 2,224 14,896
42 1,350 4,512
271 ised for the remainder of the year. Importers will not accept
business for delivery much beyond the first of the year, owing
to the discouraging advices they are receiving from foreign
THE DRY GOODS TRADE.
New York, Friday Night, Nov. 13 1914. mills regarding the raw flax situation. Retailers have disFurther improvement has been noted in dry goods during posed of considerable stock through special sales, but are
the past week, with the heads of various departments showing placing very little new business with jobbing houses. Burmore confidence in the future. The market generally has laps continue easy in tone, with fair trading in lightweights.
the aspect of a waiting one, but much business is being put Lightweights are quoted at 4.35c., and heavyweights
through quietly at prices close to the best, and covering nominally at 6.25c.
deliveries well into next year. Leading selling agents are Importations & Warehouse Withdrawals of Dry Goods.
g eek and Since Jan. I.
of the opinion that values have turned definitely for the Imports Entered for Consumptior efeokrInhAnW
better, and that, considering the scarcity of stocks and conSince Jan. 1 1914.
Noy. 7 1914.
Value.
Pkgs.
Value.
Pkgs.
servative operations of mills, a stable, if not rising, market
of
will be experienced for some time. A steady increase in the Manufactures
336.710
77,345 21,581.313
1,116
Wool
export of cotton has done much to strengthen the raw
Cotton
622.676 134,674 36.267,321
2,286
Silk
60,631 29,015,077
375.755
966
material situation, which is having a favorable effect upon
Flax
62,037 15,471.821
250,962
1,089
Miscellaneous
291.384 115,384 11,834.244
sentiment all through the trade, with the exception of re1,282
tailers. The latter have suffered extensively from unfavorTotal 1914
6,739 1,877,487 450.071 114,169.776
able weather conditions and a succession of late seasons
Total 1913
9,041 2,445.252 392.316 97.871,384
Warehouse
Withdrawals
Thrown Upon the Market.
over the past year. As the situation now stands, buyers Manufactures ofare operating more freely, both against future requirements
9.687.342
Wool
35.541
111.625
316
33,153
9,389.640
Cotton
184,083
534
andfin filling current needs. They are offering business at
Silk
12.863
132.228
5.450,084
350
prices closer to the market, and are finding that many
Flax
23.061
79.894
286
6,007,687
Miscellaneous
79.239
73.748
450
5.004.616
desirable lines are not readily obtainable upon short notice.
It is noticeable that but a slight improvement in demand is
Total Withdrawals
581.578 183.857 35.539,369
1,936
6,739 1.877,487 450,071 114.169,776
necessary to effect an immediate change for the better in Entered for consumption
prices, which would not be the case were stocks at primary
Total marketed 1914
8,675 2.459,065 633.928 149,709.146
sources plentiful. Business for the remainder of the winter
Total marketed 1913
12.340 3.198,094 580,724 130.415,302
Imports Entered for Warehouse During Same Period.
and early spring has been restricted by mild weather. Jobof
bers warn retailers that they are in no position to fill orders in Manufactures
Wool
587
229,450
29.632
8,980,540
large volume on short notice, but without effect, as retailers
Cotton
922
309.008
31,496
9,327,759
silk
779
are regulating their purchases by the extent of their sales.
271,190
14,381
6.059.503
Flax
372
104.805
24,349
They view the future with much uncertainty, particularly
6,232,215
Miscellaneous
740
224,196
55,693
4.536,906
the widespread unemployment, which they say is going to
Total
3,340 1,138,649 165,551 35,136,913
greatly reduce the distribution of merchandise for some time. Entered for consumption
6,739 1,877,487 450,071 114.169,776
Export business continues to expand. A feature of the
Total imports 1914
market is the appearance of a fair export business in cotton
10,079 3,016,136 605,622 149,306,689
Total imports 1913
11,706
3.189.332 606.872 134,644,458
THE CHRONICLE
1470
AND CITY
EPM1TMENT.
[Vol, xc
BONDS OF OTHER COMPANIES.
Atchison Topeka & Santa Fe System. Kankakee at Southwestern RR.55, 1921
Litchfield Division 3s, 1951
General mortgage 4s, 1995
Louisville Division 334s, 1953
Chicago & St. Louis Ry. 1st 68, 1915
Chic. Santa Fe. & Calif. Ry. 1st 5s, 1937 Purchased Lines 334s, 1952
Oklahoma Division 1st 4s, 1928 Refunding Mortgage 4s, 1955
Connecticut.-List of Legal Investmentsfor Savings Banks. Eastern
Hutchinson & Southern Ry. 1st 55, 1928 St. Lout. Division 35 & 3348, 1951
Division 334s, 1951
-Complying with Section 38 of Chapter 127 of the Public San Fr.& San Joaq. Val. Ry. 1st 58, 1940 Springfield
Short Line 1st 48. 1958 Omaha Division 35, 1951
Acts of 1913, the Bank Commissioners on Nov. 1 1914 issued Transcontinental
Western Lines 4s, 1951
Atlantic
Coast
Line
System.
a list of bonds and obligations which, they find upon investi- First consolidated 4s, 1952
Lake Shore & Michigan Southern Ry.
gation, are legal investments for savings banks under the Alabama Midland Ry. 1st 55, 1928
General Mortgage 330, 1997
Kalamazoo & Wh.Pigeon RR. 1st 5s,'40
provisions of Chapter 127. This list, it is announced, will Ashley River RR. 1st 88, 1915
Atl. Coast Line of So. Caro. 1st 48, 1948
be revised each six months hereafter during the first week of Brunswick & Western RR. 1st 45, 1938
Lehigh Valley System.
May and November. In the "Chronicle" of Nov. 22 1913, Charleston & Savannah Ry. 1st 78, 1936 Annuity Perpetual Consolidated 434s &Os
Consolidated
434s & 65, 1923
Florida
Southern
RR.
1st
45,
1945
pages 1522, 1523 and 1524, will be found the list of legal in- Northeastern RR. cons. 68, 1933
First Mortgage 48, 1948
vestments prepared by the Commissioners last year. The Norfolk & Carolina RR. 1st 58,
Easton & Amboy (guar.) 1st 55, 1920
1939
2d 55, 1946
Louisville & Nashville System.
Commissioners also call attention to the wording of the law Petersburg RR.cons. A, 55,
1926
First Mortgage 1st 55, 1937
which discriminates against the "Special Assessment" or "ImB,65, 1926
General
Mortgage 6s, 1930
provement" bonds, or other bonds or obligations which are 'Dam.& Petersb. RR. 1st 6s & 75, 1915 Unified Mortgage
45, 1940
434s, 1940 Evansv. Hen.&
Nashv. Div. 1st 65, 1919
not the direct obligation of the city issuing the same and for Sanford & St. Petersburgcons.
RR.let 45, 1924 Mobile & Montgom.
Ry. 1st 434s, 1945
Fla. & West. Ry. 1st 5s & 68, 1934
which the faith and credit of the issuing city are not pledged. Say.,
'
37
Spgs. Ocala & Gulf RR.1st 48,1918 Nash.Flor.& Shef. Ry.(guar.) 1st 5s.
The following table shows the State and municipal bonds Silver
Wilm. & Weldon RR. gen. 45 & 58, 1935 New Orleans & Mobile Div, 1st 68, 1930
Pensacola Division 1st 6s, 1920
Wilm.& New Berne RR. let 45. 1947
which are considered legal investments:
Pensacola & Atlantic (guar.) 1st 6s, 1921
Baltimore & Ohio System.
Bondsof the United States,or those for Evansville,Ind.
Paducah, Ky.
Paducah at Memphis Div. 1st 45, 1946
which the faith of the United States is Fall River, Mass. Pasadena, Cal.
Southeast & St. Louis Div. 1st 68, 1921
Bait.& Ohio RR.extended 45, 1935
pledged, including the bonds of the Dis- Fitchburg, Mass. Passaic, N.J.
Trust 1st 5s, 1931
1st 4s, 1948
Flint, Mich.
trict of Columbia.
Louisv. Cin.& Lexington gen. 434s, 1931
Paterson, N. J.
prior lien 334s, 1925
25, 1930 Fort Wayne, Ind. Pawtucket, R.I.
'United States Bonds
Louisv.& Nash. T'I Co.(guar.) 1st 4s,'52
Southwestern Division 3345, 1925
38, 1918 Fresno, Cal.
So.& No. Ala. RR.(guar.) eons. 55, 1936
Peoria, III.
Bait. & N.Y.RR.(guar.) 1st 65, 1939
4s, 1925 Galesburg, Ill.
So.& No. Ala. RR.cons. 5s, 1963
Perth Amboy, N.J. Cleve.'I'. & V.RR.(guar.) 1st 45, 1995
28,
1936
Gloucester, Mass, Philadelphia, Pa.
TT. S. Panama Canal
Htmt'n & Big Sandy RR. 1st 68, 1922
Michigan Central System.
35,
Gloversville, N. Y. Pittsburgh, Pa.
U. S. Panama Canal
Monongahela River RR.1st 55, 1919
Detroit & Bay City 1st 5s, 1931
3.655, 1924 Grand Rapids,Mich.Plainfield, N.J.
District of Columbia
Ohio River RR. 1st 55, 1936
First
Mortgage
1st 334s, 1952
Legally issued bonds and interest,. Green Bay, Wis.
Portland, Me,
Ilavesnw. Spen.& Glenv. Ry. 1st 68,1920 Joliet &
bearing obligations of the following States: Hamilton, Ohio.
Portland, Ore.
Schuylkill R.E.S.RR.(guar.) 1st 4e, 1925 Jackson Nor. Indiana 1st 4s, 1957
Lansing
& Sag. 1st 33111,1951
Montana
Hammond,
Ind,
California
Portsmouth, Ohio
West Va.& Pittsburgh RR. 1st 45, 1990 Kalamazoo
Harrisburg, Pa.
Nevada
Colorado
Providence,
Wash. Term. Co.(guar.) 1st 3348&4s,'45 Michigan & South Haven 1st 55, 1939
Air Line let 48. 1940
Haverhill, Mass.
New Hampshire
Connecticut
Quincy,III.
Central Railway of New Jersey.
Hoboken, N. J.
New York
Delaware
Minn. St. Paul & S. S. Marie System.
Quincy, Mass.
General mortgage 58, 1987
Holyoke, Mass.
North Dakota
Florida
Racine, Wis.
First Consolidated 4s,
Amer.Dock & Imp. Co.(guar.) 1st 5s,'21 Minn.& Pacific Ry. 1st1938
Indianapolis, Ind. Reading, Pa.
Pennsylvania
Idaho
45, 1936
Jackson, Mich.
Rhode Island
Richmond,Ind.
Indiana
Chicago Milwaukee & St.Paul System Minn. S. S. M.& At. Ry. 1st 45. 1926
Jacksonville, Fla. Rochester, N.Y.
South Dakota
Kansas
General
mortgage
3348,
4s
&
434s.
1989
Mobile
&
Ohio
System.
Jamestown,
N.
Y.
Rockford, Ill.
Kentucky
Tennessee
General & Refunding 434s, 2014
First Mortgage 6s, 1927
Jersey City. N. J. Rock Island, Ill.
Texas
Maine
Chic. Milw.& Puget Sound 1st 45, 1949
Joliet, Ill.
Rome, N.Y.
Vermont
Maryland
Chic. & Lake Superior Div. 1st 58, 1921 Nashv. Chart. & St. Louis System.
Joplin, Mo.
Washington
Sacramento, Cal.
Massachusetts
Chic. & Missouri Riv. Div. 1st 5s, 1926 Consolidated Mortgage 5s, 1928
Kalamazoo, Mich. Saginaw, Mich.
Wisconsin
Minnesota
Chicago & Paz. Western Div. 1st 58, 1921 Centreville Branch 1st 68, 1923
Kansas City, Kan. St. Joseph, Mich.
Missouri
Wyoming
Fayette & McMinnv. Br. 1st 6s, 1917
Convertible
454s, 1932
Legally issued bonds and obligations of Kansas City, Mo. St. Louis, Mo.
Dakota & Great Southern Ry. 1st 55,1916 Jasper Branch Extension 1st 6s, 1923
St. Paul, Minn.
any county, town, city, borough,school Kenosha, Wis.
Lebanon Branch let (is. 1917
Debentures
4s,
1925
&
1934
Salem, Mass.
district, fire district, or sewer district in Kingston, N. Y.
Memph.TJn. Sta. Co.(guar.) 1st 5s, 1959
Dubuque Division 1st 65, 1920
Knoxville, Tenn. San Antonio, Tex.
the State of Connecticut.
Tracy City Branch let 6s, 1917
Fargo & Southern Ry. 1st 68, 1924
Legally authorized bonds of the follow- La Crosse, Wis.
Sandusky, Ohio.
Milwaukee
&
Northern
exten.
430,
1934
New York Central System.
San Francisco, Cal.
Ing cities outside of Connecticut, and Lafayette, Ind.
La Crosse & Davenport Div. 1st 58, 1919 First Mortgage 334s, 1997
which are the direct obligations of the Lancaster, Pa.
Schenectady, N.Y.
Wisconsin
&
Minn.
Div.
1st
5s,
1921
city issuing the same. "Special Assess- Lansing, Mich.
Refund. & Impt. 434s, 2013
Scranton,Pa.
Wisconsin Valley Div. 1st 6s, 1920
ment" and "Improvement" bonds which Lawrence, Mass
Beech Creek RR.(guar.) 1st 48, 1936
Sheboygan, Wis.
are not the direct obligations of the city Leavenworth, wan. Shenandoah, Pa.
Chicago Burlington & Quincy System Beech Crk. Ext.RR.(guar.) 1st 334s,'51
and for which its faith and credit are not Lewiston, Me.
"cons. 45,'55
Sioux City, Iowa.
Jeneral mortgage 45, 1958
pledged are not allowable.
earth. Wat.& Sack. H.RR. let 55, 1931
Lexington, Ky.
Somerville, Man.
Burl. & Missouri River cons. 68, 1918
Lima, Ohio.
Akron, Ohio.
Chester, Pa.
Carthage & Adirond. Ry. 1st 45, 1981
South Bend, Ind.
Denver
Extension
48,
1922
Alameda, Cal.
Chicago, III.
Lincoln, Neb.
Gouverneur & Oswegatchle RR.1st 5s,'42
South Omaha, Neb. Illinois Division 314s &
45, 1949
Los Angeles, Cal. Springfield, Ill.
Albany, N. Y.
Cincinnati, Ohio.
Little Falls & Dolgeville 1st 334s, 1932
Iowa Division 45 & 58, 1919
Allentown,Pa.
Cleveland, Ohio.
Louisville, Ky,
Mohawk
& Malone Ry. 1st 4s, 1991
Springfield, Mass.
Nebraska Extension 48, 1927
Altoona,Pa.
Cohoes, N. Y.
Lowell, Mass.
Springfield, Mo.
cons. 3345, 2002
Nodaway Valley RR. 1st 75, 1920
Amsterdam, N.Y. Colorado Svgs., Col. Lynn, Mass.
N. Y.& Putnam RR. cons. 4e, 1993
Springfield, Ohio.
Republican
Valley
RR.
1st
68, 1919
Anderson, Ind.
Columbus, Ohio.
Madison, Wis.
N. Y. de Northern Ry. 1st 5s, 1927
Stockton, Cal.
Tarlac) Valley RR. 1st 75, 1920
Atlantic City, N.J. Concord, N. H.
Malden, Mass.
N. J. June. RR.(guar.) 1st 45, 1986
Steubenville, Ohio.
Auburn, N. Y.
Council Bluffs,Iowa. Manchester, N. H. Syracuse, N.Y.
Chicago & North Western System.
Norwood & Montreal RR, 1st 5s, 1916
Aurora, Ill.
Covington, Ky.
Oswego
RR. Bridge 1st 68, 1915
Mansfield, Ohio.
Tacoma, Wash.
Jeneral mortgage 334s & 48, 1987
Baltimore, Md.
Cranston. R.I.
Milwaukee, Wis. Taunton, Mass.
Oswego & Rome RR. 1st 7s, 1915
Boyer Valley RR. 1st 3)48. 1923
Bangor,Me.
Cumberland, Md.
Moline, Ill.
Terre Haute, Ind.
Cedar Rapids & Missouri RR.1st 75,1916 Pine Creek By. (guar.) 1st 6s, 1932
Battle Creek, Mich. Dallas, Tex.
Muncie, Ind.
Rome W.& 0.RR.cons.334s,48&55,1922
Toledo, Ohio.
Collateral Trust 4s, 1926
Bay City, Mich.
Danville, Ill.
"
••
"
Terminal 55. 1918
Muskegon, Mich. Topeka, Kai.
Consolidated Sinking Fund 75, 1915
Beaumont, Tex.
Davenport, Iowa.
Phoenix & Oswego 1st 6s, 1915
Nashua, N. H.
Syrac.
Trenton, N. J.
Valley
Ry.
1st
4348,
1947
Des Plaines
Bellingham. Wash. Dayton, Ohio.
Newark, N. J.
Troy, N. Y.
Frem. Elkh.& Mo. Val. RR.cons.65,'33 Spuy. Duy.& Pt. Mor. RR. 1st 334s,'59
Berkeley, Cal.
Decatur, Ill.
Newark, Ohio.
Utica, N. Y.
Iowa Minn.& Northw. By.1st 3345,1935 West Shore RR.(guar.) let 48, 2361
Binghamton, N.Y. Denver, Colo.
New Albany, Ind. Waco,Tex.
Man. Green Bay & N.W.Ry.Ist 334s,'41 Utica & Black River RR. 1st 4s, 1922
Bloomington,Ill.
Des Moines,Iowa. New Bedford, Mass.Waltham, Mass.
Norfolk & Western System.
Mankato & New Ulm Ry. 1st 3345, 1929
Boston, Mass.
Detroit, Mich.
NewBrunswick.N.J.Waterloo, Iowa.
Minn.& South Dakota Ry. 1st 3348,1935 Consolidated Mortgage 4s, 1996
Brockton, Mass.
Dubuque, Iowa.
Newburgh, N. Y. Watertown, N.Y.
Milwaukee & State Line Ry. 1st 334s,'41 General Mortgage 6s, 1931
Duluth, Minn.
New Castle,Pa.
Buffalo, N. Y.
Wichita, Kan.
Milw.Sparta & N. W.Ry. 1st 48, 1947
Columbus Con. & Term. Co. 1st 55, 1922
Burlington. Vt.
Easton, Pa.
Newport, Ky.
Wilkes-Barre, Pa.
Milw. Lake Sh. & West. Ry. 1st 65, 1921 New River Division 1st 65, 1932
Burlington, Iowa. East Liverpool,0.
Newport, R.I.
Williamsport, Pa.
Ashland Division 1st 68, 1925
Impt. and Exten. Mtge. 6s, 1934
Butte, Mont.
East St. Louis,Ill.
Newton, Mass.
Woonsocket,IL I.
Extension and Improvement 5s, 1929
Scioto Val. & New Eng. RR. 1st 4s, 1989
Oakland, Cal.
Cambridge, Mass. Elgin, Ill.
Worcester, Mass.
Marshfield Extension 1st 55, 1922
Elizabeth, N.J.
Omaha, Neb.
Camden, N. J.
Northern Pacific System.
York. Pa.
Michigan Division,1st 68, 1924
Elmira,
N.
Y.
Oshkosh,
Canton, Ohio.
Wis.
Youngstown, Ohio.
General Lien is, 2047
Minnesota & Iowa Ry. 1st 334s, 1924
Oswego. N. Y.
Cedar Rapids. Iowa.EI Paso, Tex.
Zanesville, Ohio.
Prior Lien 4s, 1997
Northwestern Union Ry. 1st 78, 1917
Erie, Pa.
Ottumwa. Iowa.
Chelsea, Mass.
Princeton & Northw Ry. 1st 334s, 1926 Refund. & Imp. 434s, 2047
Peoria & Northw. By. 1st 334s, 1926
Bt. Paul & Nor. Pao. Ry. 1st 6s, 1923
Railroad bonds which the Bank Commissioners find to be Sioux City & Pacific RR. let 334s, 1936 St.Paul & Duluth
RR.cons. 4s, 1968
St. Louis Peoria & N. W. let 55, 1948
"
1st 59, 1931
legal investments are shown below:
Southern Iowa Ry. 1st 3345, 1925
2d 5s, 1917
BONDS OF NEW ENGLAND COMPANIES.
St. Paul East. G.T.Ry.(guar.)1st414s,'47
Duluth Short Line 1st 55, 1916
3348,
1951
Fitchburg
RR.
RR.
deb.
deb.
4348,
1932
Boston & Albany
Winona & St. Peter RR.ext. 7s, 1916
Wash.& Columbia River Rv. 1st 4s, 1935
"
" " 414s, 1933
" 3348, 1952
Wisconsin Northern 1st 4s, 1931
Pennsylvania System.
"4s,1933
"
" " 55, 1934
Minn. SC Omaha System
Paul
Chic.
St.
Troy & Boston RR. 1st 75, 1924
Consolidated Mortgage 55, 1919
• " 45, 1934
"
'
" 48, 1935
Vermont & Mass. RR. plain 334s. 1023 Consolidated (la & 334s, 1930
48, 1943
Chic. St. Paul & Minn. Ry. 1st 65, 1918
"
" 434s, 1937
4s, 1948
Maine Central System.
44
North Wisconsin Ry. 1st 58, 1930
"
' 5s, 1938
334s, 1945
4•
Allegheny Valley By.gen. 45, 1942
Belfast a. Moosehead Lake RR.let 45,'20 St. Paul & Sioux City RR. 1st 6s, 1919
" 5s, 1963
Sault Ste. M. dr S. W.Ry. 1st 55, 1915
Collateral Trust 55. 1923
Slay. Del. RR.(guar.) cons.45, 1925
Boston & Lowell RR. deb. 45, 1915
Superior
Short
Line
By.
1st
5s,
1930
Consolidated Refunding 58, 1961
4s, 1927
" 48 1916
Dexter & Newport RR. 1st 45, 1917
3348, 1943
Delaware & Hudson System.
" 4s, 1917
Cambria & Clearfield Ry.gen. 48, 1955
Dexter & Piscataquis RR.1st 4s, 1929
1st
434s,
1942
Adirondack
By.
" 4s, 1918
Clearfield & Jefferson Ry. 1st 6s, 1927
European & No. Amer. Ry. 1st 4s, 1933
Albany & Sus.RR.(guar.) cony. 3348,'46 Cleve. at Pitts.(guar.) gen. 334s, 1948
" 48, 1926
Knox & Lincoln Ry. 5s, 1921
D.& If. Canal Co.,Penn. Div. 1st 7s,'17
" 4s, 1927
Maine Shore Line RR. 1st 68, 1923
334s, 1950
Del. & Hudson Co. 1st & ref. 4s, 1943
" 4s, 1929
Notes, 5s, 1919
3348.3:434s'42
" 45, 1932
Connecting Ry. (guar.) 45, 1951
Portland & Ogdens. Ry. 1st 434s, 1928 Schenec. & Duanesb. RR. 1st 6s, 1924
1919
330,
"
Delaw. Lackawanna & Western Syst. Del. Riv.& Bridge Co.(guar.) 1st 4s,'36
Portland Term. Co.(guar.) 1st 4s, 1961
" 3345, 1921
Junction RR. gen. 334s, 1930
Portl. de Rumf. Falls Ry. cons. 45, 19211
Bangor & Portland Ry. 1st 6s, 1930
" 334s, 1923
Penobscot Shore Line RR. 1st 45, 1920
Morris & Essex RR.(guar.) ref.334s, 200 N.Y.Bay RR.(guar.) 1st 4s, 1948
" 3348,1925
Penn. & Northw. RR. gen. 55, 1930
Somerset Ry.1st 5a, 1917
Warren RR.(guar.) ref. 334s, 2000
Phila. & Erie Icy. gen. 48, 55 & 6s, 1920
" 4348, 1933
cons. 45, 1950
Great Northern System.
Pittsb. Va.& Chariest. Ry. 1st 4s, 1943
let & ref. 48, 1955
,
Concord & Montreal RR.cons. 48, 1920
First and Refunding 434s, 1961
Phila. Bait & Wash. RR.1st 4s, 1943
Sinking Fund Improvement 4345, 1916
deb.4s, 1920
East. RR. of Minn.,No.Div. 1st 45, 1948 Phila. Wilm.& Bait. RR.45, 1917
434s, 1917
" 3345, 1920
Minneapolis Union Ry. 1st 58 & 65, 1922
4s, 1922
Upper Coos RR. let 4s, 1930
Montana Central Ry. 1st 5s & 65, 1937
4s, 1926
extension 4345, 1930
Connecticut River RR.deb. 3345, 1921
Spokane Falls & Nor. Ry. 1st (3s, 1939
45, 1932
" 3348, 1923
& M.Ry. cons. 48,4348&6s,'33 Sunbury & Lewiston Ry. 1st 4s, 1936
P.M.
St.
1940
48,
RR.
let
Northern
London
New
1943
" 4s,
Sunb. Has. & Wilkes-B. Ry. let 58, 1928
Montana Extension 45, 1937
Southwest Pennsylvania Ry. 1st 78, 1917
New York New Haven & Hartf.System
Pacific Extension 45, 1940
Conn. & Passumpsic River RR. 48, 1943
Un. N.J. RR.& Canal Co.gen. 4s, 1948
Willmar & Sioux Falls Ry. 1st 5s, 1938
Boston & Providence deb. 4s, 1918
4s, 1944
Holyoke & Westfield RR. 1st 434s, 1951
Illinois Central System.
Fitchburg RR. deb. 45, 1915
4s, 1929
1938
deb.
45,
Colony
RR.
Old
48, 1916
Collateral Trust 3345, 1950
48, 1923
45, 1924
45, 1920
.0
Cairo Bridge 19, 1950
45, 1925
3340, '51
" 3;4s, 1920
Chic. St. L.& N.0.RR.cons. 3345, 1951 West Chester RR. 1st 5s, 1919
3348, 1932
" 3348, 1921
Division 45, 1951
Memphis
Western Pennsylvania RR.cons. 4.9. 1928
Providence & Worcester RR.1st 4s, 1947 First Mortgage, gold, 3345 az 4s, 1951
" 45, 1925
" " 4s, 1927
Pittsburgh & Lake Erie System.
First Mortgage, Gold Extension 334s,'51
Sullivan County RR. 58t 45, 1924
" 4a, 1928
First Mtge.,Sterling Exten.,3s & 43,1951 Pitts. & Lake Erie RR. 1st 6s. 1928
48, 1937
1950 Pltta. McK.& Youg.R.(guar.)Ist 68.193
330.
Exten,
Sterling
First
Mtge.,
434s,
1940
Vermont Valley RR. 1st
2
4348, 1928
News Items.
Nov. 14 1914.]
THE CHRONICLE
1471
Union Pacific Railroad.
Crook County, Ore.-County Division.-As a result of
the Nov. 3 election, approximately 1,750 square miles in the
northwestern corner of Crook County will be taken to form
Vandal's% Railroad.
the new county of Jefferson. The project to form Deschutes
Consolidated A 43, 1955
County also from Crook, in the southwest, failed, it is said,
Consolidated B 45, 1957
by a narrow margin. The total area of Crook County was
Terre Haute dr Ind. RR.cons. 5s. 1925
7,778 square miles and the valuation about $3,500,000.
Railroad bonds which are at present not legal under the
Cuba (Republic of).-Bonds Listed.-On Nov. 12 there
which
legal
are
investments was
general provisions of the law but
admitted to the stock list of the New York Stock Exunder Section 36 (given below) are given as follows:
change $9,908,000 (of an authorized issue of $10,000,000)
Sec. 36. The provisions of this Act shall not render illegal the investment in, of Republic of Cuba
External Debt 5% gold bonds of 1914,
nor the investment hereafter in, any bonds or interest-bearing obligations issued or
assumed by a railroad corporation, which were a legal investment at the time of the Series "A," due Feb. 1 1949, Nos. 0001 to 9,908, inclusive,
passage of this Act, so long as such bonds or interest-bearing obligations continue for $1,000 each, and registered
bonds that may be issued in
to comply with the laws in force prior to the passage of this Act, but no such bond
or interest-bearing obligation that falls subsequent to the passage of this Act, to exchange therefore, with authority to add $92,000 of said
investment
legal
unless
such
bonds
again
a
be
or
shall
laws
interest- Series "A" bonds, Nos. 9,909 to 10,000,
comply with said
inclusive, for $1,000
bearing obligations comply with the provisions of this Act.
each, on official notice of issuance in exchange for coupon
Louisville & Nashville.
Atchison Topeka & Santa Fe System.
bonds of the denomination of $500 or $100, in an aggregate
California-Aria Lines 1st & ref. 43.s, 1962 Atlanta Knoxv. dr Ctn. Div. 1st 48, 1955 amount
of $1,000; making the total authorized to be listed
Lake Shore & Mich. South. System.
1925
$10,000,000.
Ashland Coal dc Iron Ry. 1st 45,
Kalam. Allegan & G. R.RR. 1st 5s, 1938
Boa. Rev. Bch.& Lynn RR. 1st 4J.s.'27 Mahoning Coal RR. 1st 55, 1934
Detroit, Mich.-Results of Vote On Charter Amendments.McKeesp.& Belle Vern. RR. 1st Os, 1918
Of eleven proposed amendments to the city charter submitted
Bridgeton & Saco Ely. RR. 1st 45, 1928
Minneap. St. Paul & S. S. M. System. to a vote
on Nov.3, all but two carried. One of the successBuffalo Rochester & Pittsb. System. Central Terminal Ry. 1st 4s, 1941
ful amendments provides that future issues of bonds
Allegheny dr Western 11.y. 1st 4s, 1998
by the
Buff. Roch.& Pitts. Ry. gen. 5s, 1937
Mobile & Ohio RR. 1st ext. Os, 1927
city may bear interest at not exceeding 5%. Heretofore
cons. 4).(s, 1957
the rate has been limited to 4%. The other amendmen
Clearfield & Mahoning Ry. 1st 5s, 1943
Narragansett Pier RR. 1st 4s, 1918
ts
Lincoln Pk.& Charlotte RR. 1st 5s, 1939
ratified by the voters create a 'Recreation Commission,"
Rochester & Pittsburgh RR.1st 65, 1921
New York Central System.
increase salaries, vest the Mayor with power to remove
"cons. 68,'22 N.Y.& Harlem RR. ref.
all
3)45, 2000
his appointees except the civil service commissio
deny
Cornwall & Lebanon RR. 1st 45, 1921
Northern Pacific System.
the Common Council power to grant special streetn;privilleges; divide the city into twenty-one wards; increase
CoudersPt. & Pt. Alleg. RR. 1st 5s, 1916 St. Paul & Duluth Division 4s, 1998
the
forced paving provision, so-called, of the City Charter
Pennsylvania System.
Central Ry. of New Jersey System.
Belvidere
Delaware
RR. cons. 4s, 1933
$300,000 to $600,000 a year; increase firemen's pensionsfrom
N.Y.& Long Brch. RR.gen.45 & 55,'41
Winces-Barre & &ran. Ry. 1st 4ias, 1938 Camden & Burl. Co. RR. 1st 45, 1927
fix the annual salary of each Civil Service Commissioand
Delaware RR. gen. 434s, 1932
ner
Chicago & North Western System. Elmira & Williamspt. RR. 1st 48, 1950
at not exceeding $3,000. Of the proposals which met with
Erie & Pittsburgh RR. gen. 334s, 1940
Collateral Trust 5s & 6s, 1929
defeat,one provided for the abolition of the Board of Estimates
Little Miami RR. gen. 45, 1962
while the other extended the terms of office of Mayor, City
Connecticut Railway & Lighting Co. Massillon & Cleveland RR.1st 53, 1920
N. Y.Phila. & Norfolk RR. 1st 42, 1939
First Refunding 43s, 1951
Clerk, City Treasurer, Aldermen, Constables and members
Ohio Connecting Ry. 1st 4s, 1943
Bridgeport Traction Co. 1st 5s, 1923
Conn. Lighting & Power Co. 1st 53, 1939 Pitts. Youngs.& Ash. RR.cons. 55. 1927 of the Board of Estimate from two to four years.
gen. 4s, 1948
Grand Haven, Mich.-New Charter Adopted.-The new
Chic.& Western Indiana RR.1st 65, 1932 Pitts. Wheel.& K.RR.cons. 65. 1934
Sham. Val. & Pottsville RR. 1st 3i45,'31 city charter
referred to in the "Chronicle" of October 31,
West
Jersey
dr
Sea
Shore RR.
zumb.& Penn. RR. 1st 58, 1921
Series A,B,C,D,E and F
&45,'36 page 1312, was adopted by the voters on November 3. The
Delaware & Hudson System.
vote was 814 to 436.
Raritan River B.R. 1st 58, 1939
Rensselaer & Saratoga RR. 1st 7s, 1921
Ticonderoga RR. 1st 6s, 1921
Greensburg School District, Pa.-Bond Issue EnReading System.
Delaware Lackaw.& Western System. Del.& Bound Broom RR.cons. 3).4s, 1955 joined.-The State Supreme Court has handed down a deEast Pennsylvania RR.1st 48, 1958
cree affirming the decision of the Westmoreland County Court
Morris & Essex RR.cons. 75,1915
North Pennsylvania RR. 1st 4s, 1938
N. Y. Lack. dr West. Ry. 1st Os, 1921
Phila. Harrisburg & Pitts. RR. 1st 58,'25 restraining the district from issuing $70,000 bonds for the
Phila. & Reading RR.Impt. 48, 1947
purchase of ground and the erection of a new school building.
Det. & Tot. Shore Line RR. 1st 55.
1953
Term. 5s, 1941
See V. 99, p. 137.
Reading Belt RR. 1st 45, 1950
Elgin Joliet & Eastern Ry. 1st 5s, 1941
Sham.Sunb.& Lewiston RR.1St 58,1912
Louisiana.-Result of Vote on Constututional Amendments.
Erie Railroad System.
St. Louts Iron Mt. & South. System. -In the "Chronicle" of October 24,
Cleve. & Mahoning Val. Ry. 1st 5s,
page 1238, we made
1938
River & Gulf Div. 1st 45, 1933
Goshen & Deckertown RR. 1st Os,
reference to sixteen proposed constitutional amendments
1928
Montgomery & Erie Ry. lot 58, 1926
Southern
Pacific
System.
submitted
to the people on November 3. Newspaper reNewCastle & Shen. Val. RR. 1st Os,
Northern Ry. of N. J. 1st 88, 1917 1917 San Francisco Terminal 4s, 1950
ports indicate that all of these amendments, with the excepSharon Ry. 1st 4)is, 1919
Terminal Railway Assn. of St Louis. tion of the sixth, thirteenth and sixteenth, carried. The
Consolidated Mortgage 5s, 1944
Genesee & Wyoming RR. 1st 5s, 1929
defeated amendments were to permit women to hold any
First Mortgage 4)4a, 1939
office connected with the public educational system or with
Hocking Valley Railway Co.
General Refunding Mortgage 45, 1953
St. Louis Mer. Bdge.Term.Ry. 1st 5s,'30 institutions of charity or correction; provide for the
First Consolidated 4 .4s, 1999
recall
Colum.& Hock. Val. RR.1st ext. 45,1948 St. Louis Men. Bdge. Co. 1st (is, 1929
of certain officers elected by the people and authorize
Columbus & Toledo RR. 1st ext. 45, 1955
Western Maryland System.
the City of New Orleans to issue not exceeding $3,000,000
Illinois Central System.
Bait. & Comb. Val. Ext. 1st 65, 1931
Chic. St. L.& New On,cons. 58, 1951
43i% bonds secured by a special tax of six-tenths of one mill
Bait. & Harrisburg Ry. 1st 5e. 1936
on the dollar to create a Lake Shore Park.
Equipment trust obligation as follows (savings banks may
Missouri.-Propositi
invest not exceeding two pers centum
and Amendments Defeated at
of their deposits and General Election.-Theons
fifteen propositions and constitusurplus therein):
tional amendments voted upon on Nov. 3 (see "Chronicle"
Baltimore & Ohio Railroad.
Louisville & Nashville Railroad,
of Oct. 24, page 1239) were all defeated, according to reports
Equip, trust of 1912 4.4s, serially to
Series
semi-annually
A
1922
55,
to
1923
Equip. trust of 1913 414s, serially to
in the press.
1923
Minn. St. Paul & Sault Ste. Marie.
Central Railroad of New Jersey.
North Carolina.-Constitutional Amendments Defeated.Series A 55, serially to 1917
Series D 4s, serially to 1915
Series B 43.0, serially to 1920
We are advised that all ten of the proposed constitutional
Series E 45, serially to 1916
Series C 4345, serially to 1921
amendments submitted on Nov. 3 were defeated, the maSeries F 4s, serially to 1917
Series D 434s, serially to 1922
jorities against ranging from 3,000 to 15,000. See "ChroniIllinois Central Railroad.
New York Central Lines.
cle" of Oct. 3, page 994.
Joint Equip. TrustSeries A 4)as, semi-annually to 1923
Series B 5$, semi-annually to 1923
55. serially. 1907 to 1922
Ohio.-Result of Vote on Constitutional Amendments.-Re434s, aerially, 1910 to 1925
turns from the general election on Nov.3 show that the
Lehigh Valley Railroad.
434s, serially, 1912 to 1927
voters
434s, serially, 1913 to 1928
defeated the proposed amendments to the State constituti
Series J 4s,serially to 1917
B.& A. Equip. Trust 434s. set% '13 to
on
'27 providing a
limitation
Other securities in which bauks may invest are classified of property for purposesofofthe tax rate and classification
taxation, right of suffrage for
as follows:
women and State-wide prohibition. The proposed
amendBonds of Street Railways in Conn. New Haven Water Co. deb. 4s,
ment
making
the
question of prohibition subject to local
1915
(Savings banks may invest not exceed434s 1962
option
was
approved
by the voters.
ing two per centum of their deposits and
Bonds of Telephone Cos. in Connec't.
surplus therein.)
Portland, Ore.-Attempt to Recall City Officials Fails.(Savings banks may invest not exceedBristol & PlaInv. Tram.Co. 1st 4)40,1945
ing two per centum of their deposits and An unsuccessful attempt was made at the Nov. 3
election
surplus therein.)
to recall Mayor H. R. Albee and City Commissioners
RobBonds of Water Cos. In Connecticut. So. New Eng.Telep. Co. 1st 58, 1948
ert G. Dieck and W.L. Brewster. Following are the figures
(savings banks may invest not exceed- Bonds of Teton. Cos, outside
shown
in
the
of
official
Conn.
count:
ing two per centum of their deposits and
(Savings banks may invest not
Reading System.
Philadelphia & Reading RR 55, 1933
Southern Pacific System.
Northern Ry. 1st 55, 1938
Northern California Ry. let 59, 1929
Southern Pacific Branch Ry. 1st Os, 1937
outhern Pacific RR.cons. 5s, 1937
ref. 4s, 1955
First Mortgage 45, 1947
Refunding Mortgage 45, 2008
exceedsurplus therein.)
ing two per centum of their deposits and
Bridgeport Hydraulic Co. 1st 48, 1925
surplus therein.)
notes 55, 1916 Amer. Tel. & Tel. Co. coll. trust 45.
1929
Cleveland, Ohio.-Sinking Fund's Right to Sell Bonds at
Less than Par to be Tested.-Proceedings have been commenced
by Director of Law Stockwell, according to local papers, to
test the authority of the Sinking Fund Commission to sell
at less than par bonds. owned by the fund. An injunction
is asked for to restrain the sale of $500,000 4% tax-free
electric-light bonds by the Commission to Hayden, Miller
& Co., C.E. Denison & Co. and Otis & Co., all of Clevuland,
at 97.81. See V. 99, p. 1314.
"Shall H. R. Albee be recalled from the office
of Mayor?" Yes. 16.466;
No. 33,687.
"Shan Robert G. Dieck be recalled from the
office of Commissioner?"
Yes, 20.146; No, 28,297.
•
Shall W. L. Brewster be recalled from
the
office
of Commissioner?"
Yes, 17.896; No. 28.976.
Rhode Island.-Constitutional Amendment to Be
Voted
upon in 1916.-The proposed amendmen
t to the constitution authorizing the acquisition or taking in
fee
of more land
and property than is needed for actual constructi
tablishing, laying out, widening, extending or reon in es-locating
of public highways, streets, places, parks or
parkways will
be voted upon at the general election in 1916.
ment was printed in full in the "Chronicle"of Oct.The amend3,page 995.
THE CHRONICLE
1472
efVot. xca
it is stated, at the election held Nov.3. The results of the $6,000 town-hall
and $2,500 street-impt. bonds,also submitted to the voters on Nov.3,were
not reported.
BELLWOOD, Blair County, Pa.-BONDS VOTED..-According te
reports, this village on Nov.3 voted in favor of the issuance of sewer-system
and water-works-plant bonds.
BENICIA, Solano County, Calif.-BONDS VOTED.-Reports sta
that this place has voted in favor of the issuance of $10,000 highway bond
BENTON HARBOR, Berrien County, Mich.-BONDS DEFEATE
-At the election held Nov. 3 the proposition to issue $60,000 water-wor
bonds was defeated.
BERGEN, Genesee County, N. Y.-BOND OFFERING.-Bids will be
received until Nov. 23 for the 54,500 5% electric-current-distributing-sYsat the election held
tern-installation bonds authorized by a vote of 80 to 3J.
& D. Due 9509
Nov. 10 (V. 99. D. 1393). Date Dec. 1 1914. Int.
yearly on Jan. 1 from 1919 to 1927 incl. D. J. McPherson Is VII. Clerk.
-AcOFFERING.
-BOND
$35,028 18
BERKELEY, Alameda County, Calif.
By Cash on hand
W. J.
$1.648.477 55
City bonds
cording to reports, bids will be received until 10 A. M. Dec. 15 by12
"
(V.
if
Sept.
voted
bonds
school
bonds
73
district
school
4,577,959
5%
Independent
Seaborn, City Clerk,for the $500,000
SO
1,981,232 50
County common school district bonds
99.p.913). Denom. (480) $1,000, (40) $500. Date Jan. 1 1915. Int.
6,694,194 00
.1. & J. Due $12.500 yearly on Jan. 1 from 1916 to 1955 ind.
County bonds
$14,901,863 78
BIRMINGHAM, Ala.-BONDS AUTHORIZED.-Reports state that
$100,000 00
" Penitentiary railroad bonds
an ordinance has been passed providing for the issuance of $19,500 bonds
2,772,000 00
" State of Texas bonds
for tho purpose of paying outstanding contractors estimates for public
432,000 00
" H.& F.C.Ry. bonds
Improvements.
408.000 00
"0.-H.& Sa. By. bonds
BLACKSBURG SCHOOL DISTRICT NO. S (P. 0. Blacksburg),
37,017 00
" Washington Co. Ry. bonds
Montgomery, County, Va.-BOND OFFERING.-This district is offering
295,800 00
" H.T.& B. V. Ry. bonds
at private sale the $15,000 6% 10-30-year (opt.) registered school bonds
430,500 00
" T.& No. Ry bonds
1.603,317 00 offered without success on Nov. 2 (V. 99, p. 1393).
rtist
.
.
mte
545,016,515 00
" Land notes bearing 3
BROM:MATER COUNTY (P. 0. Townsend), Mont.-RESULT
4
106.852 00
OF BOND ELECTION.-The election held Nov. 3 resulted as follows:
"
1.836,513 26
Bonds Voted.
"
8%
"
102,791 14
$22,000 road bonds vote being 530 "for" and 407 "against."
10%
"
4,755 60
Bonds Defeated.
47,067,427 58 $60.000 court-house bonds, vote being 318 "for" and 617 "against."
1.847,445 00
38,000 high-school bonds, vote being 410 "for" and 538 "against."
Unsold land 1,847,455 acres (e) 91 per acre..
BROOKS COUNTY (P. 0. Falfurrias), Tex.-BOND .SALE.-The
$68.327,081 54 $34,000
Grand total September 1 1914
road-improvement and $68,000 court-house-erection 5% 5-40-year
bonds (V. 98. p. 779) were purchased on May 6 by Bolger, Mosser
In addition to the Permanent School Fund, which is the (opt.)
&
of Chicago at par and int. Denom. $1,000. Date April 111
Wlllaman
largest and most important fund carried by the State of 1914. Int. annual
on April 10.
Texas, there are a number of other funds. The condition
BUFFALO, N. Y.-BOND SALE.-The City Comptroller advises us
of these funds (exclusive of land and land leases) on Sept. 1 under date of Nov. 9 that the four issues of 414% reg. tax-free bonds.
aggregating $1,853,983, offered without success on Oct. 15 have been dis1914 is reported as follows:
posed of as follows:
Permanent University Fund.
No. 1 593,983 public-trunk sewer bonds. due Nov. 2 1964.
40
$21,663
No. 2 $40.000 Bird Island pier-wall bonds, due Nov. 2 1944.
By Cash
00
603.600
No. 3 $1.350.000 school bonds, due Nov. 2 1934.
" State Texas bonds
No. 4 $370,000 Elmwood Ave.-ext. refunding bonds, due $74,000 yearly
Permanent Blind Asylum Fund.
on Nov. 2 from 1915 to 1919 inclusive.
2.741 75
. Cash
By
Nos. 1 and 2 to Perry, Coffin & Burr of Boston at 100.005: No. 3 as follows:
138.400 00
' State Texas bonds
$1,000,000 to Bankers' Trust Co. of Buffalo, $235.000 to Manufacturers'
Permanent Deaf & Dumb Asylum Fund.
& Traders' Nat. Bank of Buffalo and remainder ($115.000) to individuals:
4,00209
By Cash
No. 4 to the Bankers' Trust Co. of Buffalo at par and accrued int. The
110,890 00
" State of Texas Bonds
sales of No. land 2 and $1,000.000 of No.3 were reported in V.99, p. 1314.
Permanent Lunatic Asylum Fund.
CALEDONIA, Marion County, Ohio.-BONDS VOTED.-The Issu3,458 02
By Cash
ance of $4,000 electric-light-plant and paving bonds was authorized by the
129,300 00
" State of Texas bonds
voters on Nov. 3, it is stated.
Permanent Orphan Asylum Fund.
4,222 65
CAMDEN COUNTY (P. 0. Camden), N. J.-BOND SALE.-On
By Cash
39,555 00
Nov. 11 the $14,000 5% 20-year coup. or reg. Newton Creek brelge-constr.
" State of Texas bonds
(V. 99. VI. 1314) were awarded to Arthur H.Tappin at 1c55,a basis
bonds
Fund.
College
Mechanical
&
Agricultural
of about 4.578% int.
6,150 00
By Cash
205,00000
CANAAN TOWNSHIP SCHOOL DISTRICT (P. 0. Pisin City),
" State of Texas bonds
County, Ohio.-BONDS DEFEATED.-At the election held
The figures for the fiscal year to Sept. 1 1913 were pub- Madison
Nov. 3 the question of issuing $30,000 building bonds failed to carry.
lished in the "Chronicle", Jan. 3 1914, page 83.
Cherokee County, Ga.-BOND OFFERING.-Proposals
CANTON,
Constitutional Amendments Defeated.-The general election will be received until 1 r•. m. Dec. 1 by E. A. McCanless, Mayor, for the
voted June 15
bonds
con5%
following
proposed
three
the
of
held Nov. 3 resulted in the defeat
$5.000 water and light bonds. Due $2,000 1919 and 53.000 1924.
stitutional amendments submitted on that day. As already 4,000 municipal building bonds. Due 1929.
school bonds. Due $5,000 1934,$6,000 1939 and 515,000 1944.
stated, these provided for the initiative, referendum and 26,000
Denom. $1,000. Date Jan. 1 1915. Int. ann. at the Bank of Cherokee,
recall, increased the pay of members of the Legislature and Canton.
Cert. check for $100 required. These bonds were validated Is
Cherokee Superior Court on July 17 1914. Bonded debt, including above
authorized counties bordering on the Gulf of Mexico to build issues,
Assess. val. 1914, slightly over $1,000,000; est. val. of
$64,000.
sea-walls.-See V. 99, p. 62.
property, $1,750,000.
CANTON,Stark County, Ohio.-BOND SALE.-On Nov.9 the eleven
Toledo, Ohio.-New Charter Adopted.-The voters on
issues of 5% bonds, aggregating $174,400 (V. 99, p.1159),were awarded te
Nov.3 adopted the new city charter containing, among other Otis
& Co. of Cleveland for 5174.664 60-equal to 100.151.
Texas.-Condition of State Funds.-On Sept. 1 1914 the
State Permanent School Fund of Texas amounted to $68,327,081 51, consisting of $35,028 18 in cash, $14,901,863 78
city, county and school bonds, $1,603,317 State and railroad bonds, $47,067,427 58 land notes and $1,847,445,
being the value of 1,847,445 acres of land owned by the
fund and valued at $1 per acre. The number of acres of
this land leased is not available for Sept. 1 1914. On
Sept. 1 1912, which is the latest date for which figures are
obtainable, 403,997 acres were leased for $16,360 41 per
year. The details of the School Fund for Sept. 1 1914 are
shown below:
5e,
things, provisions for the initiative, referendum and recall.
Bond Proposals and Negotiations this week
have been as follows:
ADAIR COUNTY (P. 0. Kirkville), Mo.-BONDS DEFEATED.
The proposition to issue the $25,000 infirmary building bonds (V. 99, p.
1158) failed to carry at the election held Nov. 3.
%
ALBANY, N. Y.-BOND SALE.-On Nov. 12 the $200.000
103e-year (average) registered water-system-extension bonds (V. 99, p.
1313) were awarded to Lee. Higginson & Co. and Kissel, Kindeutt & Co.
of New York on their Joint bid of 100.2913 and interest-a basis of about'
4.465%. Other bidders were
Jackson & Curtis, New York_100.28 lEstabrook & Co., New York-100.08
100.19 I *E. H. Rollins & Sons, N. Y_100.578
Fred S. Howell
* For $100,000.
A. B. Leach & Co.. N. Y__ _100.137
ALLEN COUNTY (P. 0. Lima), Ohio.-BONDS DEFEATED.-The
to issue the $30,000 experiment-farm bonds (V. 99, p. 1314)
failed to carry at the election held Nov. 3.
P
ALLIANCE, Stark County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Dec. Shy Chas.0.Silver, City Aud.,for $7.000
5% 20-year water-refunding bonds. Denom. $500. Date Dec. 1 1914.
Int. J. & D. at office of Sinking Fund Trustees. Cert. check on a solvent
national or State bank for 3% of bonds bid for, payable to City Treas.,
required. Bids must be made on forms furnished by the City Aud.
APACHE COUNTY (P. 0. St. Johns), Ariz.-BONDS NOT SOLD.
No sale was made of the $125.000 5% 10-30-year (opt.) road bonds offered
on Oct. 30 (V. 99. p. 1158).
ASHLAND, Ashland County, Ohio.-BOND SALE.-On Nov. 7
the $16,000 6% 10 1-6-yr. (aver.) Ohio St.-improvement bonds (V. 99.
p. 1158) were awarded. it is stated, to Seasongood & Mayer of Cincinnati
at 102.5025-a basis of about 5.67%.
ASTORIA, Clatsop County, Ore.-BOND ELECTION PROPOSED.
Reports state that a petition is being circulated calling for an election to
vote on the issuance of $25,000 park bonds.
AUSTINTOWN TOWNSHIP SCHOOL DISTRICT (P. 0. Mineral
Ridge), Mahoning County, Ohio.-BONDS VOTED.-According to
reports, the question of issuing the $40,000 bldg. bonds (V. 99, p. 1158)
carried at the election held Nov. 3.
BALLVILLE TOWNSHIP (P. 0. Fremont), Sandusky county,
Ohio.-BONDS VOTED.-The question of issuing 550,000 5% road.
bldg. and impt. bonds carried by a vote of 247 to 228 at the election held
Nov. 3.
BARBERTON,Summit County, Ohio.-BONDS TO BE RE-OFFERED
NEXT SPRING.-The City Aud. advises us that the two issues of 5% alleyimpt. bonds. aggregating $8.175, offered without success on July 27 (V. 99,
in the spring of 1915.
P'359), will be re-offered
BEAVER TOWNSHIP SCHOOL DISTRICT (P. 0. North Lima),
-BONDS VOTED.-According to reports, the
Ohio.
Mahoning County,
proposition to issue $4,200 building bonds carried at the election held Nov.3.
Tex.-BONDS VOTED.-Local newsBelton),
BELL COUNTY (P. 0.
to issue good roads bonds in sum.
paper reports state that the proposition
held Oct. 31.
election
the
at
carried
mere Mill Precinct
Ohio.-BONDS VOTED.-The
BELLEVILLE, Richland County,
-works
bonds (V. 99, p. 1158) carried.
question of issuing the 525,000 water
CARTER COUNTY (P. 0. Grayson), Ky.-BONDS VOTED.-At a
recent election this county voted to issue 5150.000 road bonds. it is stated.
CARUTHERS SCHOOL DISTRICT (P. 0. Caruthers), Fresno
County, Calif.-BONDS DEFEATED.-It is stated that the question of
issuing $30.000 bldg. bonds failed to receive the necessary two-thirds majority at the election recently held.
CENTER SCHOOL TOWNSHIP (P. 0. Greenfield), Hancock
County, Ind.-BOND SALE.-Reports state that the 547,000 434%
Dist. No. 13 school-bldg. bonds offered on Nov. 7 (V. 99, p. 1240) have
been awarded to C. C. Shipp & Co. of Indianapolis for $47,170, equal to
100.361.
CHAMPAIGN COUNTY (P. 0. Urbana), Ohio.-BOND OFFERING.
-O. E. Eby, County Auditor, will offer for sale at public auction at 11
a. m. Nov. 2352.009 534% coupon Graham Ditch No. 396 bonds. Auth.
Secs. 6492 and 6493, Gen. Code. Denom. $500. Date Nov. 23 1914.
Int. M. & N. at office of County Treasurer. Due $500 each six months
from May 23 1915 to Nov. 23 1917, inclusive. Successful bidders required
to take and pay for bonds at time of award, but may at their option have
ten days to pay for same, provided a certified check for 10% of bonds bid
for is deposited with the County Treasurer.
CHAMPION SCHOOL DISTRICT (P. 0. Warren), Trumbull County, Ohio.-BONDS VOTED.-The question of Issuing 520.000 schoolbuilding bonds received a favorable vote, it is stated, at the election held
November 3.
CHARLEROI, Washington County, Pa.-BONDS VOTED.-The
election held Nov. 3 resulted it is stated, in a vote of 405 to 256 in favor of
the question of issuing $65,000 paving and $10,000 municipal bldg. bonds
(V. 99. p. 556).
SOLD.
CHARLOTTESVILLE, Albemarle County, Va.-BONDS NOT
-We are advised by the Mayor and Business Manager under date of Nov.
11 that no sale has been made of the three issues of 5% 20-year bonds. aggregating 589,500, offered on Oct. 5(V. 99, p. 843)•
-Proposals
CHEHALIS, Lewis County, Wash.-BOND OFFERING.
City
will be received until 3 p. m. Nov. 16, it is stated, by F. J. Alien.
semi-ann.
Int.
bonds.
Treas., for $23,000 6% 1314-year (aver.) refunding
Cert. check for $500 required.
cast at the
CHICAGO, Ms.-VOTE.-We are advised that the vote
of the $3,800."
election held Nov. 3, which resulted in favor of the issuance
148.900.
to
227.734
was
1933)
000 boulevard-Improvement bonds(V.99. p.
the
voted,
-BONDS VOTED.-At
CHILLICOTHE, Ross County, Ohio.
was
bonds
memorlal-building
election held Nov.3 an issue of $40,000
it is stated.
D OFFERING.-ProCLEARWATER, Pinellas County,2111
Daniel, City clerk, for
r
.B
.
4
423).
POsals will be received until 8 p. m. Dec.bentisRy_ordcOertct..6c,h(Veo.k99fo.rp.
$1,000
the 576,0005% 30-year municipal-leapt.
Denom. $500. Date Nov. 1 1914. Int. M.& N
required.
Ohio.-BOND OFFERING.
COLUMBIANA COUNTY (P. 0. Lisbon)
Nov. 16 of the
9,i
9n
o
to the
-Further details are at hand relative
1393). Probonds
hospital b
$22.000 5% tuberculosis and district
12m. on that ay by the Co.
until
received
be
at office of
posais for these bonds will
N.
dr
M.
Int.
19
Commrs. Denom. $500. Date Nov. 2 2 from 1916 to 1926 incl. Cert.
Co. Trms. Due $2,000 yearly on Nov.
for 5500, payable to
bid
the
making
one
the
check on a bank other than
delivered and paid for on Nov. 23.
County Treas.. required. Bonds to be
Purchaser to pay accrued Interest.
Nov. 14 19144
THE CHRONICLE
CONNELLSVILLE, Fayette County, Pa.-BONDS VOTED.-The
election held Nov. 3 resulted in a vote of 992 to 777 in favor of
the issuance of $55,000 funding and $45,000 street-impt. bonds. These
bonds take the place of the $100.000 issue awarded on July 1 to the Mellon
Nat. Bank of Pittsburgh. but subsequently declared illegal because of a
technical defect in the election notice. See V.99. p. 282.
COOK COUNTY (P. 0. Chicago), Ill.-VOTE ON ROAD BONDS.
The vote cast Nov.3 on the proposal to issue $3.000,000 road bonds is now
reported in local papers as 219,336 to 156,293 (V. 99. p. 1393). The question has been raised as to whether a majority of all the ballots cast at the
election, or a majority only of those cast on the bond issue, are necessary
for passage.
1473
FRANKLIN COUNTY (P. 0. Columbus),
-BOND OFFERING.
-Proposals will be received until 12 m. Dec. Ohio.
11 by John Scott, Clerk of
Board of County Commrs., for the following 5%
road-improvement bonds
$30.500 highway No. 1 bonds. Date Aug. 1 1914.
Due $3.000 yearly
on Aug. 1 from 1915 to
inclusive, and 53.500 Aug. 1 1924.
17,500 highway No. 50 bonds.1923,
Date Aug. 1 1914. Due $2,000 yearly
on Aug. 1 from 1915 to 1922, inclusive,
and $1.500 Aug. 11923.
Denom.$500. Int. semi-annually
County Treasury. Certified check
(or cash) on a solvent bank or trust at
company
for
1% of bonds bid upon,
payable to F. M. Sayre, County Auditor, required.
Bonds will be ready
for delivery on day of sale. A complete
transcript of all proceedings had
In each of said road improvements will be
furnished
time of award and a reasonable length of time will be successful bidder at
allowed Purchaser for
of same. These bonds and an issue of $7,500
CORONADO SCHOOL DISTRICT, San Diego County, Calif.- examination
road bonds was
reported
sold on Oct. 17 to R. L. Dollings Co.
BONDS DEFEATED.-A recent election resulted. it is reported, in the
of Hamilton (V.99. p. 1240I•
FREMONT,Sandusky County, Ohio.-BOND SALE.
defeat of a proposition to issue 365.000 5% high-school bonds.
-On
Nov.9 the
three issues of 5% assess, and city's portion bonds,
aggregating $3,190
CRITTENDEN COUNTY (P. 0. Marion), Ark.-BONDS NOT SOLD. (V. 99, p. 1160) were awarded, it
is stated, to the Davies-Bertram Co. of
-No sale was made of the $325,000 6% 1-30-year (ear.) coupon tax-free Cincinnati for 53,102 50, equal to 100.008.
road bonds offered on Nov.3(V.99. p. 1240)•
FRESNO COUNTY (P. 0. Fresno), Calif.-BONDS DEFEATED.
CROW WING COUNTY (P. 0. Brainerd), Minn.-BONDS DE- The question of issuing the $200,000 Hall of Records constr. bonds (V. 99.
FEATED.-The questions of issuing_ the $45,000 4% jail and $150,000 5% p. 997) failed to carry at the election held Nov. 3.
fame
to
carry
at
the
election held Nov.3.
•ourt-house bonds(V.99. p.1159)
GALLMAN CONSOLIDATED SCHOOL DISTRICT,
Copiah
The vote was 1,544 "for" to 1.656 "against" and 1,016 "for" to 1,310 County, Miss.-BOND SALE.-On Nov. 5 the $5,000
6% building and
"against," respectively.
equipment bonds offered on Nov. 2 (V. 99, p. 1240) were
awarded, reports
state,
to
the
Bank
of
Hazlehurst
at
(P.
Van
par.
0.
Horn), Tex.-WARRANTS
CULBERSON COUNTY
GIRARD, Trumbull County, Ohio.-BOND SALE.-On Nov. 9 tke
AWARDED IN PART.-Of the $20.000 6% 20-year coup. tax-free funding warrants offered in Nov. 1913 (V. 97. p. 1605), $5.000 has been dis- 315,000 6% coupon fire department bonds (V. 99, p. 1160) were awarded,
reports state, to Davies-Bertram Co. of Cincinnati for 315,641-equal to
posed of.
CUSTER COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Challis), 104.273, a basis of about 5.40%•
GRAND RAPIDS SCHOOL DISTRICT (P. 0. Grand Rapids), Kent
Idaho.-NO BOND OFFERING.-We are advised that the reports stating
that this district offered for sale on Nov.5 $2,000 school bonds are errone- County, Mich.-DESCRIPTION OF BONDS.-We are advised that
uos.
$390.500 (not $390,000, as first reported) coupon school-building bondsthe
to
be offered for sale next spring (V. 99, p. 997) bear interest at the rate of
CUYAHOGA COUNTY(P.O. Cleveland), 01110.-BONDS VOTED.
%. Denom. $500 and $1.000. Date Sept. 1 1913. Int. M.& S. at
It is stated that the questions of issuing the $3,500,000 bridge and 51,500.000 Cuyahoga River impr. bonds (V. 99, p. 1240) carried at the election office of City Treasurer. H. N. Morrill is Secy. of Board of Education.
held Nov. 3.
GREENCASTLE, Franklin County, Pa.-BONDS VOTED.-AcDANVILLE, Vermilion County, Ills.-BONDS TO BE OFFERED cording to reports, the question of issuing $5,000 water-mains-ext. bonds
SHORTLY.-The City Clerk, J. Lorrance, advises us that the $80,000 carried at the election held Nov. 3.
bridge-construction bonds authorized by the City Council on Sept. 15
GREENLEE COUNTY SCHOOL DISTRICT NO. 19, Ariz.-BIDS
(V.99, p. 914) will shortly be offered for sale.
REJECTED.-The following bids received for the $30,000
6% 15-year
bldg. and equip. bonds offered on Nov. 2 (V. 99, p. 1160)
gold
were reDANVILLE, Pittsylvania County, Va.-PRICE PAID FOR BONDS.- jected:
The price paid for the $25,000 5% 30-year refunding bonds recently awarded C. II. Coffin of Chicago bid
to Hambleton dr Co. of Baltimore (V. 99, p. 1393) was par and interest. Keeler Bros. of Denver bid $30.076, less commission of $500.
$30,450. less commission of $3,000.
The bonds are dated Nov. 1 1914.
GROSSE POINTE PARK, Wayne County, Mich.-BONDS VOTBD.
DARBY SCHOOL DISTRICT (P. 0. Darby), Delaware County, Pa.
-The election held Nov. 2 resulted, it is stated, in favor of question
-BONDS VOTED.-The election held Nov. 3 resulted in a vote of 538
of
to
126 in favor of the proposition to issue $35.000 435% 30-yr. building bonds. issuing $100.000 trunk-sewer-construction bonds.
HARRISON COUNTY (P. 0. Gulfport), Miss.-BOND SALE.-On
DAWSON COUNTY SCHOOL DISTRICT NO. 18, Mont.-BOND Nov. 2 the $17,000
OFFERING.-Proposals will be received until 2 p. m. Nov. 28 by A. S. bonds(V.99, p. 622) 5-20-year (opt.) Perkinston agricultural high-school
were awarded,it is stated, to the Bank of Biloxi at par.
McCullough, Dist. Clerk (P. 0. Glendive). for 51,000 4-5-year (opt.)
school-house bonds at not exceeding 6% int.
HASTINGS, Cambria County, Pa.-BONDS VOTED.-At the elecheld Nov. 3 the proposition to issue $32,000 municipal-lighting-plant
DECATUR COUNTY (P. 0. Decaturville), Tenn.-BONDS DE- tion
bonds carried, it is stated.
FEATED.-The proposition to issue $100,000 road bonds was defeated
HELENA, Telfair County, Ga.-BONDS DEFEATED.-The election
at the election held Nov. 3.
held Oct. 17 resulted in the defeat of the questions ofissuing $13,000 waterDE KALB COUNTY (P. 0. Auburn), Ind.-BONDS NOT SOLD.
- works and 510.000 electric-light bonds.
No bids were received for the two issues of 4Ie
road-impt. bonds. aggreHILL COUNTY (P. 0. Havre), Mont.-BOND
gating $9,600, offered on Nov. 10 (V. 991. P. 1314).
-Further
details are at hand relative to the offering on Dec. OFFERING.
of the S150,000 5%
DELAWARE COUNTY (P. 0. Muncie), Ind.-BONDS NOT SOLD.
-20-year
(opt.) coupon funding bonds (V. 99, p. 5
18
1394).
Proposals
for
No bids were received for the two issues of 4Ie% 5). -year (aver.) high-way these bonds will be received until 10 a. m. on that day by John H. Devine,
County Clerk. Denom. $1.000. Int. J. & J. at the Co. Treas. office.
impt. bonds, aggregating $19.360, offered on Nov. 4.(V. 99. p. 1314.)
check
Cart.
on any bank in the State of Montana, a New York or Chicago
DES MOINES, Iowa.-BONDS VOTED.-According to reports, the
question of issuing the $2,380,000 bonds for the purchase of the Des Moines draft or cash for 5% of the amount of the bond issue, payable to the County
Treas., required. The bidders will quote prices for tarnishing bonds in
Water Co.'s plant (V. 99, p. 1081) carried at the election held Nov. 3,
case the Board of County Commrs., elects to have the purchaser furnish
DE SOTO COUNTY (P. 0. Arcadia), Fla.-BONDS NOT SOLD, same. Proposals must be made on blanks
furnished upon application to
NEW OFFERING.-No bids were received on Nov. 4 for the $350,000 6% the County Clerk.
30-year coupon road and bridge-Dist. No. 5 bonds offered on that day
HILLSBOROUG
H
COUNTY
(P.
0.
Tampa), Fla.-BOND OFFER(V. 99, p. 1240). Now bids will be received until 2p. m. Dec. 8.
DEUEL COUNTY (P.O. Clear Lake), So. Dak.-BONDS DEFEATED ING.-Proposals will be received on or before 12 m. Dec. 10 by W.P. Cul-By a vote of 409 "for" to 723 "against" the question of issuing the $100,- breath. Clerk of Board of County Commissioners, for $500,000 5% 30-year
000 court-house-constr. bonds (V. 99, p. 622) failed to carry at the election gold coupon road bonds. Denom. $1,000. Date Oct. 1 1913
Int.
held Nov. 3.
A. & 0. in N.Y. Cert. chock on an incorporated bank for 2% of bonds
DICKSON CITY, Lackawanna County, Pa.-BONDS DEFEATED. bid for required. Bonds to be delivered
in
Tampa or N. Y. on Dec. 21.
-The question of issuing $161,000 street paving and general improvement
These bonds will be certified as to genuineness by the Columbia Trust O..
bonds failed to carry, it is stated, at the election held Nov. 3.
DUNCAN UNION HIGH SCHOOL DISTRICT NO. 2, Greenlee and their legality approved by Caldwell, Masslich & Reed of N. Y., whose
County, Ariz.-BIDS REJECTED.-The following bids received for the opinion will be furnished successful bidder without charge. Bids must be
$40.000 6% 10-20-year (opt.) gold building bonds offered on Nov. 2(V.99. made on forms furnished upon application to the Clerk of Bd. of Co. Comp. 1160), were rejected:
missioners or said trust company. No bid for less than 95 and accrued lat.
Sweet, Causey, Foster & Co. of Denver bid par, less commission of $1,774.
will be received.
Keeler Bros. of Denver bid $40,600,less commission of 52.250.
The official notice of this bond offering will be found among the advertiseEAST LIVERPOOL, Columbiana County, Ohio.-BONDS DEFEATED.-It is stated that the question of issuing $150,000 city-hall and ments elsewhere in this Department.
fire-station bonds failed to carry at the election held Nov. 3.
HORTON, Brown County, Kan.-BOND OFFERING.-Reports state
EDEN TOWNSHIP SCHOOL DISTRICT (P. 0. Fostoria),
W. W. Wood, City Clerk, will receive bids until 8 p. m. Dec. 1 for
Seneca that
County Ohio.-BONDS DEFEATED.
526.892 5Se% 1-10-year (ser.) improvement bonds. Int. semi-annual.
-At
the
election
held
Nov.
3
the
proposition to issue $15,000 school bonds failed
HUMBOLDT,Richardson County, Neb.-BOND SALE.-On Nov. 10
to carry, it is stated.
ELMORE, Ottawa County, Ohio.-BOND
310,000 6% 10-year refunding bonds (V. 99, p. 1315) were awarded to
OFFERING.-Proposals the
will be received until 12
Sidney, Spitzer & Co. of Toledo for 99.10. Denom. $500. Date Nov. 1
m. Dec. 7 (time extended from Nov. 23)
Wm. Haley, Village Clerk,
by 1914. Interest annually
on Nov. 1. Other bidders were
for $13,300 5% 10-year paving and sewer
(village's portion and amassment)
Hanchett Bond Co., Chicago_$9.713 1 Hoehler, Cummings
Prudbonds (V. 99 p. 1314)
5500, (10) $330. Data Sept. 15 1914.
9,711den, Toledo
C. H. Coffin. Chicago
$9,710
Denam
Me
for $100. payable to Village Treasurer, Intereseannual.
.(Mk
)
Sweet,Causey,Foster&Co..Den 9,612
required. Bonds to be delivered
paid for within 10 days from time of award.
edhee
and
INDIANAPOLIS
Purch. to pay accrued int.
, Ind.-BOND OFFERING.-Proposals will be reERIE COUNTY (P. 0. Sandusky),
ceived until 12 m. Nov. 20 by J. P. Dunn, City Compte for 580.000 4%
Ohio.-BOND SALE.-On Nov
the $330,000 5% 5t -year (average)
9 coup. safety board bonds of 1914. Denom. $1,000. Date Sept. 1 1914.
Main Market and inter
-county highway
improvement bonds(V.99, p. 1240) were awarded
.
to the American Banking Int. semi-ann. at Merchants' Nat. Bank, Indianapolis. Due $20.000 on
& Trust Co., the Citizens' Banking Co., the
July 1 1920, 1921. 1922 and 1923. Cert. check on an Indianapolis bank
and the Third National Exchange Bank. all ofCommercial National Bank for
2M % of bonds bid for, payable to Carl von Hoke, City Treas., required.
Sandusky, at par and int.
Each bank was awarded 57,500.
The legal opinion of Smith, Duncan, Hornbrook & Smith on the validity
ETOWAH COUNTY (P. 0. Gadsden),
bonds will be furnished successful bidder. Bids must be made on
these
of
-BONDS DEFEATED.
The questions of issuing the $200.000 road Ala.
and $25.000 hospital-construc- blank form furnished by the city.
tion bonds (V. 99, p. 843) were defeated, it is
MOUNTAIN,Dickinson County, Mich.-BONDS DEFEATED
IRON
reported, at the election held
Nov. 3.
-Tee questions of issuing the $30,000 sewer and $20,000 paving bonds
FAYETTE CITY, Fayette County, Pa.
1241) failed to carry at the election held Nov. 3,
p.
99,
(V.
-BONDS VOTED.-The
question of issuing the $32.900 refunding and street
JACKSON COUNTY (P. 0. Brownstown), Ind.-BOND OFFERING.
and sewer bonds
carried, reports state, at the election held Nov. -paving
3. The vote was 178 -According to reports bids will be received until 10 a. m. Nov. 15 by
to 125.
John E. Belding, County Treasurer. for $13,400 43-6% highway bonds.
PAYETTE COUNTY (P. 0. Washington C.
Due part each six months for 10 years.
Ohio.-BOND
SALE.-On Nov. 10 the following three issues of 6%H.),
JACKSON TOWNSHIP (P. 0. Fostoria), Seneca County, Ohio,
ditch
gating $15,000, were awarded to the Midland Nat. Bank ofbonds, aggre- BONDS VOTED.-According to reports,
this township on Nov. 3 voted La
Washington favor of the
C. H. (price not mentioned):
Issuance of $50.000 road bonds.
S.
Robert
Steele
county ditch bonds. Due $500 Sept. 1 1915
$2,500
JAMESTOWN, Chautauqua County N. Y.-BOND ELECTION.and
$500 Mar. 1 and Sept. 1 1916 and 1917.
Reports state that an election will be held
'
Nov. 21 to vote on the question'
4.500 Mary H. Rogers county ditch bonds. Due $500 Mar. 1 and Sept.
issuing 525,000 sewer-construction bonds.
of
1
1915, $500 Mar. 1 1916, $1,000 Sept. 1 1916. $1,000 Mar. 1
and
JASPER COUNTY (P. 0. Rennselaer), Ind.-BONDS NOT SOLD.
Sept. 11917.
8,000 Catfish and Rig Run county ditch bonds. Due $1,000 Mar. 1 No bids were received on Nov. 5 for the two issues of 5% 10-year ditch
bonds, aggregating $5,394 09 offered on that day (V.
and Sept. 1 1915 and 51.500 Mar. land Sept. 1 1916 and 1917.
99, p. 1241.)
BOND OFFERING.-Proposals will be received until
The Washington Say. Bank & Trust Co. of Washington C. H. bid $15,2 p. m. Nov. 21
007. Denom. $500. Date Dec. 1 1914. Int. M. & EL at the County by A. A. Fell, County Treasurer, it is stated, for $3,500 4I5% 53-yeer
(average) highway-1min. bonds.
Treasury.
JASPER
COUNTY (P. 0. Newton), Iowa.-BONDS DEFEATED.
FOND DU LAC, Fond du Lac County. Wis.-BOND SALE.
following 5% bonds have been disposed of to local investors at par: -The The question of issuing the 330,000 5% county-hospital bonds (V• 99.
$10,000 sewer bonds. Denom. $500. Date June 15 1914. Due Jan. 15 p. 1161) failed to carry at the election held Nov. 3.
1915.
JUNIATA, Blair County, Pa.-BONDS VOTED.-At the election
held
20.000 improvement bonds. Denom. $500. Date June 15 1914. Due Nov. 3 the questions of issuing $25,000 and $24,000 water
and school bonds
Jan. 15 1915.
were voted, it is stated.
50.000 school bonds. Date May 7 1914. Denom. $500. Due $5,000
KANSAS CITY, Kan.-BOND SALE.-We are advised
yearly from 1915 to 1924, Incl., subject to call at any interest- following
that the
4M % tax-free bonds offered in September (V. 99, p. 768)
paying date.
have
been sold
Interest annual in January.
$202,500 municipal electric-light bonds. Denoms. 3100, 5200
and
FOSTORIA SCHOOL DISTRICT (P. 0. Fostoria), Seneca
$M.
Date Oct. 1 1914. Due $22,500 yearly from 1 to
Ohio.-BONDS VOTED.-The question of issuing the $150,000County,
200,000 water-plant-extension bonds. Denom. $1,000. 9 years, incl.
building
Date Oct. 1
bonds carried at the election held Nov. 3 by a vote of 1,255 to 1.059.
1914. Due $40,000 yearly from 1 to 5 years,
Inclusive.
1474
THE CHRONICLE
[VoL. XCIX.
MANCHESTER, Hartford County, Conn.-TEMPORARY LOAN.
KANSAS.-BONDS PURCHASED BY STATE.-During the month of
October the following twelve issues of 4% bonds, aggregating $76.500. were According to reports, a loan of $25,000 has been negotiated with the
Manchester Trust Co. of South Manchester at 5;4% interest.
purchased by the State of Kansas at par
Due.
Date.
Purpose.
Amount. Place Issuing BondsMANNING, Clarendon County, So. Caro.-BOND OFFERING.
Funding Sept. 1 1914 Sept. 1 1934 Proposals
$40,000 Divide County
will be received until Dec. 1, by T.M.Wells,Town Clerk,for the
6,000 Enderlin Special Sch. Dist_ _Building Sept. 10 1914 Sept. 10 1934 $30,000 water-works and $10,000 sewerage-system 5% 20-40-year (opt.)
2.00011 Farland School District_ _Building June 1 1914 June 1 1934 bonds voted July 21. Int. semi-ann. Certified check for $250 required.
Building Sept. 10 1914 Sept. 10 1934
6,000 Grey School District
MARION, Marion County, Ohio.-BOND OFFERING.-Proposals
2,000 Hartland School District_ Funding June 1 1914 June 1 1934
Building Sept. 10 1914 Sept. 10 1929 will be received until 12 m. Dec. 5 by Harry E. Mason, City Auditor, for
5,500 Hay School District
600 Little Knife School Dist_ _Building Sept. 10 1914 Sept. 10 1934 the following 6% bonds offered without success as 5s on Sept. 29, and
26 (V. 99. p. 1394).
8,000 Lone Tree School District- _Building Sept. 10 1914 Sept. 10 1934 authorized by the City Council as (is on Oct.
Building Sept. 10 1914 Sept. 10 1924 $50,600 refunding bonds. Denom. (1) $600, (100) $500. Due $4,000
600 Marboe School Dtstrict
1,800 Lincoln School District
March 1 1915, $3,500 each six months from Sept. 1 1915 to Sept. 1
Funding Sept. 10 1914 Sept. 10 1934
1.000 Mercer School District
Building Sept. 10 1914 Sept. 10 1934
1919. inclusive, and $1,500 each six months from March 1 1920
3,000 Michigan School District
to Sept. 1 1924, inclusive.
Building Sept. 10 1914 Sept. 10 1934
-improvement (city's portion) bonds. Denom. $500. Due
street
12,500
KEEWATIN, Itaska County, Minn.-BONDS AWARDED IN
Sept. 1 1919. inclus$1.000 each six months from March 1 1915 to
PART.-Of the following three issues of 5% bonds offered on Nov. 2,
ive, and $500 each six months from March 1 1920 to March 1 1924.
$80,000 were awarded to Edwin R. Cooper & Co. of Duluth.
inclusive.
$80.000 funding and redunding bonds. Due $8,000 a year beginning
Date Sept. 1 1914. Int. M. & S. at City Treasury. Certified check
Aug. 29 1915.
for 5% of bonds, payable to City Treasurer, required.
50,000 street-hnpt. bonds. Due $5,000 a year beg. Sept. 15 1915.
bonds
BONDS VOTED.-The question of issuing $500,000 water-works
20,000 water-supply-improvement bonds. Due $2,000 a year begincarried. it is stated, by a vote of 2717 to 2494 at the election held Nov .3
ning Sept. 15 1915.
1
Interest semi-annual.
MAZOMANIE, Dane County, Wis.-BOND OFFERING.-Bids wit
The above bonds were previously offered on Oct. 5, at which time $75,- be considered at any time for $9,000 5% electric-light transmission line
$500
Due
3.
were
000
reported sold to Fred.Myers of Biwabik. See V. 99, p. 1241.
bonds. Auth. vote of 117 to 24 at the election held Nov.Prest,
Butz is Vil.
KELSEYVILLE SCHOOL DISTRICT (P. 0. Kelseyville), Lake yearly on Jan. 1 from 1915 to 1932 incl. 0. H.
-On Nov. 2
County, Calif.-BONDS PROPOSED.-According to local newspaper
MEDICINE BOW, Carbon County, Wyo.-BOND SALE.were
awarded
(opt.) bonds
-year
-20
10
reports this district is contemplating the issuance of building bonds.
the $3,800 sewer and $8,200 water 6%
also
John H. Swartz at 101.75-a basis of about 5.78% int. A bid was
to
KENNETT SQUARE SCHOOL DISTRICT (P. 0. Kennett Square), received from John I. C per. The offering of the $3,800 sewer bonds
Chester County, Pa.-BONDS VOTED.-By a vote of 229 to 153 the was reported in (V. 99, p.
as1315.)
question of issuing $30,000 building bonds carried at the election held Nov.3,
OFFERING.
MEIGS COUNTY (P. 0. Pomeroy), Ohio.-BOND
KING COUNTY (P. 0. Seattle), Wash.-BONDS VOTED.-Ac- Bids will be received until 12 m. Dec. 12 by the Co. And. for $24,000
cording to reports the question of issuing the $350,000 20-year court-house 534% refunding bonds. Auth. Sec. 5656 Gen. Code. Denom. $1,000.
bonds at not exceeding 5% int. (V. 99, p. 1161) carried at the election Date Dec. 12 1914. Int. J. & D. at office cif Co. Treas. Due $2,000
held Nov. 3.
Dec. 12 1916 and $1,000 each six months from June 12 1917 to June 12
required. PurKINGSTON SCHOOL DISTRICT (P. 0. Wilkes-Barre), Luzern° 1927 incl. Cert. check for $500, payable to Co. Treas.,
County, Pa.-BONDS DEFEATED.-The question of issuing $150,000 chaser to pay accrued interest. Bids must be unconditional.
FrankMercersburg),
high-school-building bonds failed to carry, it is stated, at the election held
MERCERSBURG SCHOOL DISTRICT (P. 0.
the elecNov. 3. The vote was 297 "for" and 398 'against."
lin County, Pa.-BONDS DEFEATED.-Reports state that at defeated.
was
bonds
building
$25,000
issuing
LAFAYETTE, Allen County, Ohio.-BONDS DEFEATED.-It IS tion held Nov.3the question of
reported that at the election held Nov.3 the proposition to issue $1,200 fireMICHIGAN CITY, Nelson County, No. Dak.-BOND ELECTION.
this city
equipment bonds was defeated.
An election will be held to-day (Nov. 14) to decide whether or not-erection
LA FAYETTE, Walker County, Ga.-BONDS VOTED.-The propo- shall issue $7,000 4% electric-lighting system and power-plant
$1,000
sition to Issue $19.000 5% 29-year sewer bonds carried at the election held bonds. Denom. $1,000. Date Jan, 2 1915. Int. annually. Due
every two years from Jan. 2 1920 to 1932 incl.
Nov. 10 by a vote of 168 to 43.
Ohio.County,
MIFFLIN TOWNSHIP (P.0.Mansfield), Richland
LAKEWOOD, Cuyahoga County, Ohio.-RESULT OF BOND
the $30.ELECTION.-Reports state that at the election held Nov. 3 the question BONDS VOTED.-The voters on Nov. 3 approved the issuance of
of issuing* the $100.000 park-site-purchase bonds carried while the pro- 000 road bonds (V.99, p. 1161) it is reported.
the
reports
to
VOTED.-AccordIng
position to issue the $450,000 water-works-plant-erection bonds was deWis.-BONDS
MILWAUKEE,
feated. See V. 99, p. 1161.
question of issuing the $675,000 school bonds (V. 99, P. 1082) carried at
3.
Nov.
held
election
the
LAKEWOOD SCHOOL DISTRICT (P. 0. Lakewood), Cuyahoga
-On Nov. 8 $1,000
County, Ohio.-BONDS VOTED.-The question of issuing $150,_000
MINERVA, Stark County,'"Ohio.-BOND SALE.
Minerva Say. & Trust
school-bldg.-impt. bonds, carried, it is stated, at the election held Nov. 3.
5% storm-sewer-bldg. bonds were awarded to the
1916 and 1917.
$500
Due
LARGO, Pinellas County, Fla.-BOND ELECTION PROPOSED.
- Co. of Minerva at 100.20. Denom. $500.
BY STATE.-During the
According to local newspaper reports, an election will be held in the near
MINNESOTA.-BONDS PURCHASEDissues
bonds, aggregating
4%
of
future to vote on the question of issuing water-works and paving bonds.
month of October the following twenty-four
at par:
LA SALLE, La Salle County, Ill.-BOND SALE.-On Nov. 6 $40,000. $139,500, were purchasedpurchasedby the State of Minnesota
Date.
Purpose.
Place Issuing Oonds.
sewer and $15.000 city-well bonds were awarded, it Is stated, to H. T. Amount.
Oct. 13 1914
School
Holtz & Co. of Chicago for $55,073 (100.132) and int. Purchaser to fur- $1,800_ _Aitken County Sch. D. No. 36
Oct. 13 1914
School
Dist.
.
Sr
Co.
nish blank bonds. These bonds were authorized at an election held Nov. 5 18,000_ _Chippewa
Oct. 29 1914
School
ist. No.29
30.000_ _Clay County Ind. Sch.
by a vote of 429 to 25 and 453 to 31 respectively.
ialipal Oct. 13 1914
oo
hn
mca
1,000__Cottonwood County Sch. Dist. No. 46_ _ S
Oct.
LE FLORE COUNTY (P. 0.Poteau), Okla.-BONDS DEFEATED.
- 6.000_ _Dosey Township, Pine County
Oct. 13 1914
School
No. 102
The question of issuing the $60,000 5% 20-year bridge bonds(V.99, p.1161)
2,000_ _Douglas County Sch. Dist.
Oct.
13
3 1914
17
at. 2
failed to carry at the election held Nov. 3.
1.000__Goodhue County Sch. Dist. No. 166_ ......School
County
Carver
3,000__Hamburg,
LETCHER COUNTY (P. 0. Whitesburg), Ky.-BOND ELECTION
Municipal Oct. 27 1914
8.000_ _Lakefield, Jackson County
PROPOSED.-Reports state that the'question of issuing road-construction
Oct. 13 1914
School
4.000__Marshall County Sch. Dist. No. 35
bonds will be submitted to the voters in the near future. This proposition
Oct. 13 1914
ool
5.000_ _Marshall& Polk Co's Jt.S.Ds.Nos.40&250Sch
was defeated at the November election (V. 99. p. 998)•
Oct. 13 1914
School
Sch. Dist. No.6
County
Lacs
900__Mille
LEWIS COUNTY (P. 0. Lowville), N. Y.-BONDS VOTED.-It is
_
13 1914
Dist.
Oct.
School
No.40_
Sch.
County
Lacs
2,000_ _Mille
reported that the proposition to issue tuberculosis-hospital-construction
Municipal Oct. 13 1914
2,000__Neresen Township, Roseau County
bonds carried at the election held Nov. 3.
Municipal Oct. 13 1914
6.500 Peterson. Fillmore County
Oct. 17 1914
School
LEWIS COUNTY (P. 0. Weston), 1W. Va.-BONDS DEFEATED.
500_ _Romsey County Sch. Dist. No. 14
Oct. 17 1914
School
The proposition to issue $100,000 road bonds in Freemans Creek Dist.
2.000._Swift County Sch. Dist. No.35
Oct. 17 1914
was defeated by the voters on Nov. 3.
5,000_ _Todd County Ind. Sch. Dist. No. 73_ _School
27 1914
Oct.
Municipal
County
Louis
6.000__Toivala, St.
LINDSAY SCHOOL DISTRICT, Tulare County, Calif.-BOND
Oct. 19 1914
Ind. Sch. Dist.No.3.School
County
_Washington
11.000_
were
building
bonds
(aver.)
17-year
6%
$50,000
SALE.-On Nov. 2 the
Oct.
17 1914
Municipal
County
Faribauit
Wells,
19,000..
Denom.
awarded to E. H. Rollins & Sons of San Francisco at 102.21.
Oct. 13 1914
School
2,000__Wilkin County Sch. Dist. No. 28
1919 to
51.000. Date July 1 1914. Int. ann. Due $2,000 July 1 from
Oct. 13 1914
Co. Bch. Dist. No. 2_ _ _School
Medicine
_Yellow
W.
800_
C.
to
10
July
on
sold
reported
was
bonds
of
issue
1943 incl. A similar
Oct. 13 1914
2 000 Yellow Medicine Co. Sch. Dist. No. 16 School
McNear & Co. of Chicago. See V. 99. P. 285.
MODESTO SCHOOL DISTRICT (P. 0. Modesto), Stanislaus
LINN COUNTY SCHOOL DISTRICT NO. 6, Ore.-BOND SALE.
issuing
of
the $20.question
-The
DEFEATED.
-BONDS
Reports state that Morris Bros. of Portland have purchased at par the County, Calif.
rchase bonds (V. 99, p. 998) failed to e.rry
$50,000 5% Central-school-building bonds offered without success on 000 grammar-school-site-pu
31.
Oct.
held
election
the
at
Oct. 1. (V. 99. p. 1161.)
MONESSEN, Westmoreland County, Pa.-BONDS DEFEATED.LITTLE FALLS, Herkimer County, N. Y.-BONDS VOTED.-By a
held Nov. 3 resulted, it is stated, in the defeat of the question
vote of 608 to 106 the question of issuing the $50,000 paving bonds carried The election
issuing $65,000 municipal building. $45.000 funding and $25,000 streetof
3.
Nov.
held
at the election
improvement bonds.
LONG BEACH, Los Angeles County, Calif.-DESCRIPTION OF
MONROE, Benton County, Ore.-BOND ELECTION PROPOSED.
BONDS.-The $50,000 5% Belmont Pier construction bonds recently
awarded to Trounce & Stoecker of San Diego at par and int. (V. 99. p. An election will be held in the near future to vote on the question of issuing
bonds.
serial
water
6%
N.
Int.
&
May
52.500
M.
1914.
1
dated
and
1394) are in the denom. of $625
Due $1,250 yearly May 1 from 1915 to 1954 incl.
MONROE COUNTY (P. 0. Bloomington), Ind.-BONDS NOT SOLD.
bonds
LOS ANGELES COUNTY IRRIGATION DISTRICT NO. 2, Calif.- -No bids were received, it is stated, for the $8,400 4)4% pike-road
for sale Nov. 6.
advertised
will
m.
bids
be
p.
2
that
received
until
stated
is
-It
OFFERING.
BOND
Nov. 16 by the Bd. of Co. Supers. (P. 0. Los Angeles) for $15,000 6%
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.-BONDS NOT
Irrigation bonds. Date Nov. 1 1914.
SOLD.-No bids were received on Nov. 10. it is stated, for the $1,100
that
LOWELL, Middlesex County, Mass.-BOND SALE.-On Nov. 11 5% 3-year (aver.) coup. Kuhnie ditch improvement bonds offered on
$20,000 4)4% coup. sewer bonds were awarded to E. M. Farnsworth & day (V. 99. P. 1315)•
Co. of Boston at 103.93. Other bids were:
BOND OFFERING.-Proposals will be received until 10 a. m. Nov. 27
Old Colony Tr, Co., Boston_103.71 E.H. Rollins & Sons, Boston 102.778 by W. H. Aszling, Secy. of County Commrs., for $1.600 534% coupon
Jackson & Curtis, Boston_ _103.547 R. L.Day & Co., Boston_ _.102.659 Homier ditch-impt. bonds. Auth.Sec. 6489,Gen. Code. Denom. $320.
A. B. Leach & Co., Boston- _103.228 Blake Bros. & Co., Boston_ _102.64
Date Dec. 11914. Int. J. & D. at office of County Treasurer. Due $320
W.L. Raymond & Co., Bost_103.19 E. H.Gay, Boston
102.539 yearly on Dec. 1 from 1915 to 1919, inclusive. Certified check on a solvent
Adams & Co.. Bostbn
103.14 Perry, Coffin & Burr, Boston 102.52
bank or trust company for $50, payable to County Auditor, required.
Geo. A. Fernald & Co., Bost_103.04 Estabrook & Co., Boston__ A02.51
Bonds to be delivered on Dec. 1. Bids must be unconditional.
Learoyd, Foster & Co
102.98 F. S. Moseley & Co., Boston.102.48
MONTPELIER, Williams County, Ohio.-BOND SALE.-On Nov. 7
Parkinson & Burr, Boston_ _102.925 Paine. Webber &
Bost 102.45
(aver.) coup. taxable street-paving (assess.)
& Co"•
Co 13 -102.386 the $10,000 6% 534-year
Lee, Higginson & Co., Bost_102.919 Sollers,
bonds
(V.99. p.1242) were awarded to J. C.Mayer & Co.of Cinc.at 102.54.
_
_
Curtis St Sanger, Boston_ _102.79 Merrill, Oldham &Co.,Bgsst-102299
MOTT, Hettinger County, No. Dak.-BOND ELECTION.-The
N.W.Harris& Co.,Inc..Bost.102.79 Biodget & Co., Boston
Date Nov. 11914. Int. M.& N. Due $1,000 yearly Nov. 1 from 1915 question of issuing water-works bonds will be submitted to a vote on Nov. 17
tk.*(All according to reports.
to 1934 inclusive.
MUSKEGON HEIGHTS, Muskegon County, Mich.-BOND OFFERLUDLOW, Kenton County,11Ky.-RESULT OF BOND ELECTION.
Clerk.
According to newspaper reports,the $30,000 school-building bonds failed to ING.-Bids will be received until Nov. 16 by W. J. Barbouer. City
3
Nov.
(V.
99,
held
p.
to
while
the $25,000 5% 3-7-year (ser.) water-ext. bonds authorized by a vote
the
768).
for
proposition
carry at the election
of 318 to 117 at the election held Nov. 3(V. 99, p. 1242.) Int. semi-ann.
Issue the $10,000 viaduct bonds carried.
NEWAYGO COUNTY(P.O. Newaygo), Mich.-BONDS DRFRATED.
LUZERNE SCHOOL DISTRICT (P. 0. Wilkes-Barre), Luxerne
state that the election held -At the election held Nov. 3. the question of issuing the 525.000 courtCounty, Pa.-BONDS DEFEATED.-Reports
of
bonds (V. 99. p. 916) failed to carry, reports state.
question
the
bds.
house
building
of
defeat
issuing $40.000
Nov.3 resulted in the
NEW HAVEN, Franklin County, Mo.-BONDS TO BE SOLD LOThe vote was 147 "for" and 169 "against."
advises us under date of Nov. 8 that an issue of
LYONS, Wayne County, N. Y.-BOND SALE.-On Nov. 4 the CALLY.-The Mayorbonds
""1
will be sold to local investors. • A
p. 1315) were awarded, It is stated, $10.000 electric-light
$45,000 water-system bonds (V. 99,
7=-An
for
5s.
Lyons
as
$45,010 (100.022)
NEW SMYRNA, Volusia County, Fla.-BOND ELECTION.
to the Gavitt Nat. Bank of
547.000
issuing
of
questions
state
to
the
Jan.
on
1915
held
12
vote
Ind.
be
will
-Reports
SALE.
-BOND
County,
election
MADISON, Jefferson
Thos. water-works. 512.000 sewer and an issue of refunding 6% bonds. Due in
that this city has disposed of $10,500 bonds as follows: $10,000 to
J. Francisco at 100.1 and $500 to John Holwager at par. Due Nov. 1 '15. 1925. 1935 and 1945.
NEWTON COUNTY (P. 0. Newton), Miss.-BOND OFFERING.
MAGNOLIA PARK (P. 0. Houston), Harris County, Tex.-BOND
(aver.)
10-40-yeargopt.) street -This county will offer for sale after Dec. 1 $75,000 6% 18-year
has
ELECTION.-The question of issuing $124.000 5%
13 bonds. Date June 11914. Int. J. & D. The legality of these bonds
4,
1
,/
and'water bonds will.belsubmitted,to the;voters on Dec. 18.'w•••"*.--""
J. R. Byrd is ChairChicago.
of
Oakley
by
&
passed
upon
Wood
been
MPORARY LOAN.-45n
WMALDEN, Middlesex County,"Mass.-TE
Highway
Commission.
of
man
and due April 13 1915, was
Nov. 10 a loan of' $150,000. dated Nov.of13.
NORTHAMPTON,Hampshire County, Mass.-LOAN OFFERING.
Boston at 4.49% discount and
negotiated with Merrill, Oldham & Co.
Dispatches state that the City Treasurer will receive bids'untilr12rm.
premium.
$1.50
Nov. 141914.]
THE CHRONICLE
Nov. 17 for a temporary loan of $50,000 in anticipation of taxes dated
Nov. 18 1914 and due May 18 1915.
NORTH VIEW (P. 0. Clarksburg), Harrison County, W. Va.BOND SALE.-On Nov. 10 the two issues of 6% 10-30-year (opt.)
water and sewer bonds aggregating $21.500(V• 99. p. 1162) were awarded,
it is stated, to the Farmers' Bank of Clarksburg for $21,700, equal to
100.930.
NORWOOD, Hamilton County, Ohio.-BONDS DEFEATED.
By a vote of 2.334 "for" to 2,405 "against", the proposition to issue $125,000 street bonds failed to carry at the election held Nov. 3.
OAKLAWN DRAINAGE DISTRICT, Orleans Parish, La.-BONDS
REGISTERED.-Reports state that on Nov. 3 the State Secretary registered $130,000 Sub-Drainage Dist. No. 1 bonds.
ONTARIO COUNTY (P. 0. Canandaigua), N. Y.-BOND SALE.bonds (V. 99.
On Nov. 1 the $27,000 5% 10 2-3-year road-improvement
p. 1162) were awarded to Harris, Forbes & Co. of New York at 101.18
about
4.855%•
basis
int.-a
of
and
OSAWATOMIE, Miami County, Kans.-BOND OFFERING.-Proposals will be received until 12 m. Nov. 30 by J. W.Allard, City Clerk, for
approximately $25,000 10-year street-impt. bonds. Cert. check for $500
required.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
OWENSMOITTH UNION HIGH SCHOOL DISTRICT (P. 0. Owensmouth), Los Angeles County, Cal.-BOND ELECTION PROPOSED.Aelection will be held in the near future, it is stated, to vote on the
question of issuing $100,000 building bonds
PAGE COUNTY (P. 0. Clarinda), Iowa.-BONDS DEFE4 TED.
At the election held Nov.3the proposition to issue the county-home bonds
at not exceeding $25,000 (V. 99, p. 689) was defeated.
PAINT (P. 0. Scalp Level), Cambria County, Pa.-BONDS NOT
VOTED UPON.-According to newspaper dispatches, the question of issuing the $8,000 fire-house bonds (V. 99, p. 689) was not submitted to the
voters on Nov. 3.
PARE CITY SCHOOL DISTRICT (P. 0. Park City), Summit
County, Utah.-BOND SALE.-Keeler Bros. of Denver have been
awarded $20,000 6% 10-year building bonds at 101 and int. Denom.$500.
Date Aug. 1 1914.
PARKERSBURG, Chester County, Pa.-BONDS VOTED.-Reports
state that at a recent election this borough voted in favor of the issuance
of sewer-system and disposal-plant bonds.
PARKERS PRAIRIE, Ottertail County, Minn.-BONDS VOTED.
By a vote of 78 to 8 the proposition to issue $3,000 4% refunding bonds
carried at the election held Nov. 3. Due $500 yearly beginning 1920.
These bonds will, it is expected, be sold to the State of Minnesota.
PENDLETON, Umatilla County, Ore.-BOND SALE.-On Nov. 4
$5,021 15 6% 1-10-year (opt.) street-impt. bonds were awarded to the
Warren Construction Co. ofPortland at par and int. Denom.(1) $21 15,
(10) $500. Date Nov. 1 1914. Int. M.& N.
PENNINGTON COUNTY (P. 0. Thief River Falls), Minn.-BONDS
DEFEATED.-The question of issuing the $50.000 hospital bonds (V. 99,
p. 999) failed to carry at the election held Nov. 3.
PERKINS COUNTY (P. 0. Bison), So. Dak.-BONDS DEFEATED.
-The question of issuing the $66,000 5% funding bonds (V. 99. p. 1242)
was defeated at the election held Nov. 3 by a vote of 627 "for" to 808
"against."
PERRYSBURG, Wood County, Ohio.-BOND OFFERING.-Bids
will be received until 12 m. Nov. 30 by John W. Lyons. Village Clerk, for
220,000 6% Louisiana Ave. impt. (assess.) bonds. Auth. Secs. 3821 and
3914, Gen. Code. Denom. $500. Date Nov. 1 1914. Int. M. & N.
Due on Aug. 1 as follows: $1,000 in 1916, 1917 and 1920: $1,500 in 1918,
1919 and 1921: $2,000 in 1922. 1923 and 1924 and $6,000 in 1925. Certified check on a local bank for 3% of bonds bid for, payable to Village Treas.,
required. Bonds to be delivered and paid for within5 days from time of
award. Purchaser to pay accrued interest.
PHILADELPHIA, Pa.-BOND SALE.-There was a good demand for
the $825,000 4% 30-year bonds offered at public subscription at par beginning Nov. 9 (V. 99, p. 1395). It was decided to increase the amount
offered and continue the sale until all subscribers had been satisfied, with
the result that about $1,070,000 bonds were disposed of.
PIEDMONT, Mineral County, W. Va.-BONDS DEFEATED.-The
proposition to issue the $85,000 municipal-impt. bonds (V. 99, p• 624)
failed to carry at the election held Sept. 14.
PIGEON SCHOOL TOWNSHIP (P. 0. Evansville), Vanderburgh
County, Ind.-WARRANTS SALE.-The $17,000 74-year (average)
school warrants offered as 6s on Nov. 5(V. 99. p. 1242) were awarded, reports state, to the City National Bank of Evansville, which submitted a
bid of par and interest for 5s. Our first advices-see V. 99, p. 1395-did
not indicate that the interest rate had been reduced.
PINELLAS COUNTY SPECIAL SCHOOL TAX DISTRICTS, Fla.BOND OFFERING.-Proposals will be received until 10 a. m. Dec. 1 by
Dixie M. Hollins, Secretary and County Superintendent of Public Instruction (P. 0. Clearwater), for the following 6% school bonds:
$8.000 District No. 5 (Dunedin) bonds. Due $500 yearly from 9 Years to
24 years incl. Dist, has no debt. Assess. val. 349,349: real val.
(est.) $800.000. These bonds wereauthorized by a vote of 54 to
none at the election held Aug. 21.
8.000 District No. 8 (Largo) bonds.
Due in 25 years. Dist. debt $16.000. Assess. val. $361,356. These
bonds were authorized on
Oct. 2 by a vote of 56 to 8.
6.0007District No. 15 (Pinellas Park) bonds. Due $500 yearly
from 9 to
20 years incl. Dist, has no debt. Assess. val.
$147,090; real val.
(est.) $500,000. These bonds were authorized by
a vote of 19 to
none at the election held Aug. 21.
Denom. $500. Date Nov. 1 1914. Int. semi-ann.
in Clearwater or
New York. Certified check for 2% required.
PITTSBURGH, Pa.-BOND ORDINANCE REPEALED.
-On Oct. 26
the City Council passed an ordinance repealing an
approved
Oct. 10 providing for the issuance of $3,990,000 bondsordinance
to provide moneys
to fund the existing unfunded indebtedness
of the city, consisting of contractors' claims, judgments and assessments, arising
the opening,
widening and improving of streets and the constructionfrom
of sewers ahd the
acquirement of property for public use, judgments
and other
indebtedness, and providing for the redemption of said
bonds and
the payfloating
ment of interest thereon.
BONDS PROPOSED -Ordinances providingfor the issuance
of $2.760,000 funding. $1.068,000 sewer, $735.000 roan and$867.000 road
ment bonds were passed at first reading on Nov. 10, it is stated. -improvePITTSFIELD, Berkshire County, Mass.-BOND SALE.-On
Nov. 10
1-7-year (ser.) street-impt. bonds (V. 99, p.
the $49.000 4%
1395) were
awarded to the Natick Five Cents Say.Bank of Natick-at
101.46 and Int.,
plus $11. Some of the other bids were:
Adams & Co.. Boston
101.41 Lee. Yligginson & Co.,
Merrill, Oldham & Co., Bos-101.289 Tifft Bros., SpringfieldBo__101.266
101.152
Millott, Roe & Hagen, Bos_ _101.27 Moors & Cabot
101.1634
N.
at
the
M.
&
Int.
First Nat. Bank of Boston.
PLAINFIELD, Union County, N. J.-BOND OFFERING.-Proposals
will be received until 8 p. m. Nov. 23 by J. T. MacMurray, City Clerk, for
the following 5% gold coupon or reg. bonds:
$92,000 sewer bonds. Fifth Series. Date Nov. 11914. Due $5,000 yearly
Nov. 1 from 1925 to 1942, incl., and $2,000 Nov. 1 1943.
75.000 joint-sewerage-system bonds. Date Apr. 1 1914. Due $5,000
yearly Apr. 1 from 1925 to 1939 incl.
Int. semi-annual. Cert. check for 2% of bonds bid for, payable to City
Treas., required. Bonds (or temporary certificates) to be delivered and
paid for on or before 11 a. m. Dec. 1, unless a subsequent date shall be mutually agreed upon between purchaser and City Treas. These bonds will
be certified as to genuineness by the U. S. Mtge. & Trust Co. and their
validity approved by Hawkins, Delafield & Longfellow. N. Y. C., a duplicate of whose opinion will be furnished to the purchaser.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
1475
PLANT CITY, Hillsborough County, Fla.-BOND OFFERING.
Bids will be received until 2 p. m. Dec. 1 by W. L. Lowry, City Clerk, for
the $20,000 paving and $20.000 water-works 6% 20-year bonds voted Sept.
15 (V. 99, p. 999). Denom. $1,000. Date Oct. 1 1914. Int. A. & 0.
No deposit required. Bonded debt (incl. these issues). $162,000: floating
debt, $25,000. Assessed val. 1914, $1.162,946.
PLAQUEMINE, Iberville Parish, La.-BOND OFFERING.-'Bids
will be received until 10 a. m. Dec. 1 by L. B. Le Blanc. City Clerk for
the $42,000 5% 30-year water bonds voted Sept. 16 (V. 99. p• 917)•
Denom. to suit purchaser. Int. M. & S. at place to be designated by
purchaser. Certified check for $1.000, payable to above Clerk, required.
POLK COUNTY (P. 0. Des Moines), Iowa.-BONDS PROPOSED.
According to local newspaper dispatches, this county is contemplating the
issuance of bridge bonds.
PONTIAC, Oakland County, Mich.-BONDS VOTED.-The proposition to issue the $7,500 5% garbage-reduction bonds (V. 99, p. 1315)
carried at the election held Nov.3 by a vote of 1.626 to 1,019. Due in 1919.
PORTER COUNTY (P. 0. Valparaiso), Ind.-BOND OFFERING.
Reports state that B. H. Urbahns, County Treasurer, will receive bids
until 11 a. m. Nov. 23 for $6,500
% 5%-year (average) highway-impt.
bonds.
PORTLAND, Ore.-BOND OFFERING.-Blds whl be received by
C. A. Bigelow, Finance Commissioner, until 2 p. in. Nov. 17 for $92,984 92
6% 10-year improvement bonds, it is stated. Int. semi-ann. Certified
check for 5% required.
RAPID CITY, Pennington County, So. Dak.-BONDS AUTHORIZED.-Local papers state that the issuance of fire bonds was authorized
on Nov. 2.
RAPIDES PARISH SCHOOL DISTRICT NO. 20 (P. 0. Alexandria), La.-BONDS NOT SOLD.-No bids were received for the $20,000
5% 1-20-year (ser.) building bonds offered on Nov. 4.
RAPIDES PARISH SCHOOL DISTRICT NO. 23 (P. 0. Alexandria), La.-BONDS NOT SOLD.-No bids were received for !the $15,000
5% 1-20-year (ser.) building bonds offered on Nov. 4.
RICHMOND, Henrico County, Va.-BONDS AUTHORIZED.
According to reports the City Council recently authorized the issuance
of $534.430 5% 34-year permanent-improvement bonds.
RICHMOND SCHOOL DISTRICT, Contra Costa County,
BONDS NOT SOLD.-No bids were received for the $75,000 Calif.building
bonds offered on Nov. 2 (V. 99, p. 1243)•
RIDGEWOOD, Bergen County, N. J.-BONDS VOTED.-The question of issuing $80,000 grade-crossing bonds carried at the election held
Nov. 3 by a vote of 887 to 225.
RIVERHEAD WATER DISTRICT (P. 0. Riverhead), Suffolk
County, N. Y.-BOND SALE.-On Nov.5 the $100,000 MX-year (aver.)
reg. water-system-constr. bonds (V. 99, p. 1243) were awarded to the Suffolk County Trust Co. of Riverhead at par, $75,000 as 55 and $25,000 as
4.875s.
Other bids were:
Harris, Forbes & Co., New York (entire issue)-100.03 for 5s.
Riverhead Savings Bank, Riverhead ($25,000)-Par for 5s.
ROCHESTER, N. Y.-NOTE SALE.-On Nov. 10 $200,000 waterworks-improvement notes running four months from Nov. 16 (V.
99. P.
1316) were awarded as follows.
$25,000 to George R. Granby & Son, interest
4.59
100,000 to Alexandre & Burnett, interest
4.85
75,000 to Salomon Bros. & Hutzler, interest
4.95
Other bidders were:
/n1.
Bond & Goodwin. New York, entire issue
5
$11 50
Farmers' Loan & Trust Co., New York, entire issue
5
Bernard. Scholle & Co., New York, entire issue
5.10
Equitable Trust Co., New York, entire issue
5 25
1-1-66
Wm.S. Fanshawe & Co., New York, entire issue
5 25
East Side Savings Bank. Rochester, entire issue
5.45
H.Lee Anstey, New York,entire issue
5•50
2527.1p...
Union Trust Co., New York, entire issue
5.50
L. L. Robbins, Rochester, entire issue
5.50
Security Trust Co., Rochester. entire issue
5.875
166
Goldman, Sachs & Co., New York. entire issue
6
5 75
NOTE OFFERING.-Sealed bids will be received at the office of E. S.
Osborne, City Comptroller, until 2 p. m. Nov. 17. for $150,000 iocal-impt.
notes. Notes will be payable 4 months from Nov. 19 at Union Trust Co.
of New York, will be drawn with interest, and will be deliverable at said
Trust Co. of New York on Nov. 19. Bidder to state rate of interest and
to state whom (not bearer) notes shall be made payable and denominations
desired.
ROCHESTER SCHOOL DISTRICT (P. 0. Rochester), Beaver
County, Pa.-BOND OFFERING.-Proposals will be received until
8 p. m. Nov. 30 by Geo. H. Karcher, Secretary, for the $100.000 44%
12-30-year (ser.) building bonds mentioned in V. 99, p. 917. Denom.
$1,000. Date June 1 1914. Int. J. & D. Certified check for $500
required.
ROCK ISLAND COUNTY (P. 0. Rock Island), Ills.-RESULT OF
BOND ELECTION.-At the election held Nov. 3 the questions of issuing
the $75,000 jail and $30,000 Colona bridge bonds (V. 99, p. 999) carried
by a vote of 6897 to 6679 and 8550 to 5867 respectively, while the proposition to issue the $45,000 Rock River Bridge bonds was defeated by a
vote of 5995 "for" to 7724 "against."
ROSEAU, Roseau County, Minn.-BONDS DEFEATED.-The
question of issuing the $15,000 20-year funding bonds at not exceeding 6%
int. (V.99. p. 1316) was defeated at the election held Nov. 3. The vote
was 75 "for" to 88 "against," a five-eighths vote being required.
ST. CLAIR COUNTY (P. 0. Belleville), 111.-BONDS VOTED.-At
the election held Nov. 3 the proposition to issue the $14.000 road bonds
(V. 99, p. 1316) carried, it Is stated.
ST. JOSEPH COUNTY (P. 0. South Bend),Ind.-BOND SALE.
According to reports the $9,400 44% Geo. W. Schweinfurt et al. highway bonds of Lincoln Twp., offered on Nov. 9 (V. 99, p. 1316), have
been disposed of.
ST. LOUIS, Mo.-BONDS VOTED.-By a vote of 89,240 to 13,148, the
proposition to issue the $2,750,000 bridge-completion bonds carried, it is
stated, at the election held Nov.6(V. 99. p. 1083)•
SAN FERNANDO UNION HIGH SCHOOL DISTRICT, Los
Angeles County,Calif.-BOND7OFFERING.-It is stated that bids will
be received until 2 p. m. Nov. 23 by H. J. Leland°, County Clerk (P. 0.
Los Angeles). for $150,000 5%% 23M-year (aver.) school ;bonds.
Certified check for3% required.
SANDUSKY COUNTY (P. 0. Fremont), Ohio.-BOND OFFERING.
-Proposals will be received until 12 m. Nov. 28 by P. J. Hasselbach,
County Auditor, for $7.000 5% Port Clinton Road inter-county highway
No. 255 bonds. Auth. Sec. 1223, Gen. Code. Denom. $500. Date
Nov. 281914. Int. M.& S. Due $1,000 on Mar. 15 and $500 on Sept. 15
from Mar. 15 1915 to Sept. 15 1919 incl., except that on Mar. 15 1919 only
$500 is due. Bonds to be delivered and paid for within 10 days from time
of award. Purchaser to pay accrued interest.
SANTA CLARA, Santa Clara County, Cal.-BOND ELECTION
PROPOSED.-According to reports, on Oct. 26 the Board of Town Trustees
passed a resolution instructing the City Attorney to prepare an ordinance
calling for a special election to vote on the question of issuing $30,000 5)4%
30-year paving bonds.
SARATOGA SPRINGS,Saratoga County, N. Y.-BOND ELECTION
PROPOSED.-An election will probably be held some time this month to
vote on the question of issuingi$100.000 filtration bonds.
SHELBY COUNTY (P. 0. Shelbyville), Ind.-BOND OFFERING.
Proposals will be received until 10 a. m. Nov. 20 by W. A McDonald,
County Treasurer, for the following 4)4% highway-improvement bonds:
$12,400 James Green et al, road-improvement bonds in Washington
and
Shelby Twos. Denom. $620.
12,600 John Shadley et al. road-improvement bonds in Sugar Creek
T
Twp.
Denom. $630.
5,880 James R. Howe et al. road-improvement bonds in
Washington
Twp. Denom. $294.
4,200 Balser Fox et al, road-improvement bonds in
Brandywine
Twp.
Denom. $210.
Date Nov. 15 1915. Int. M.& N. Due one
months from May 15 1916 to Nov. 15 1925 Lid. bond of each issue each six
1476
THE CHRONICLE
SEATTLE, Wash.-BONDS OFFERED OVER THE COUNTER.-The
$404,000 5% light-extension bonds offered but not sold on Sept. 12 (V. 99,
p. 1163) will be offered "over the counter" Nov. 28 in blo&s of $100 or
more, according to local papers.
SHENANDOAH, Page County, Iowa.-BOND ELECTION NOT
YET CALLED.-The City Clerk advises us that no date has yet been set
for the election to vote on the question of issuing the electric-light-plant
bonds at not exceeding $40,000 (V. 99, p. 1163.)
SILVERTON, Marion County, Ore.-BOND OFFERING.-Reports
state that R. D. Ames, City Recorder, will receive sealed bids until Nov. 16
for $14.000 semi-annual 6% paving bonds. A certified check for 10% is
required.
SOUTH BETHLEHEM SCHOOL DISTRICT (P. 0. South Bethlehem), Northampton County, Pa.-BONDS VOTED.-The proposition
to issue $185,000 building bonds carried, it is stated, on Nov. 3.
SOUTH INTERNATIONAL FALLS (P. 0. International Falls),
Koochiching County, Minn.-BOND OFFERING.-Additional information is at hand relative to the offering to-day (Nov. 14) of the $12,000 6%
reg. funding and ioublic-improvement bonds (V. 99, p. 1316). Proposals
for these bonds will be received until 5 p. m. on that day by Clyde West,
Prest. Vii. Council. Date Nov. 14 1914. Int. annual at the International
State Bank, International Falls. Due serially from 1919 to 1928 incl.
Principal and interest may be payable in gold or in currency. A deposit
of $1,200, payable to the Pres. Vii. Council, required.
SPANGLER, Cambria County, Pa.-BONDS VOTED.-Reports
state that on Nov. 3 the issuance of $10,000 municipal-building and
street-paving bonds was voted.
SPRING CREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Piqua),
Miami County, Ohio.-BONDS VOTED.-The question of issuing 32,000
bldg. bonds carried, it is reported, at the election held Nov. 3.
SPRINGVIEW, Neyapaha County, Neb.-BONDS VOTED.-The
question of issuing $5,500 6% 5-20-year (opt.) water bonds carried at the
election held Oct. 15.
STAMFORD, Conn.-BOND OFFERING.-Proposals will be received
until 12 m. Nov. 23 by William N. Travis, City Treasurer, at the Stamford
Nat. Bank, for the following 4%% coupon bonds
$30,000 public-improvement bonds. Date Apr. 1 1914. Due Apr. 1 '29.
4,000 public-improvement bonds. Date Apr. 1 1914. Due Apr. 1 1929.
48,000 public-improvement bonds. Date Dec. 11914. Due Dec. 1 1939.
8,000 garbage and sewage-disposal and dock bonds. Date Apr. 1 1914.
Due Apr. 1 1939.
4,000 garbage and sewage-disposal and dock bonds. Date Apr. 1 1914.
Due Apr. 1 1939.
Denom. $1,000. Int. payable at the Merchants' Exchange Bank, N. Y.
Certified check or bank draft for 2% of bonds bid for required.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
STARK COUNTY (P. 0. Canton), Ohio.-BONDS DEFEATED._
The proposition to issue $225,000 court-house bonds failed to carry at the
election held Nov. 3. The vote was 8,000 "for" to 19,000 "against".
STILLWATER, Saratoga County, N. Y.-BOND
-Proposals will be received until 8n. m. Nov. 24 by Wm. R.OFFERING.
Palmer, Vii. Pres.
for $18,500 coup. or reg. Main St. impt. bonds at not exceeding
int.
Denom.(2) $250, (18) $1.000. Date Oct. 1 1914. Int. A. & 0. 5%
at
to be designated by Board of Trustees. Due $250 on Oct. 1 1915 and place
1916
and $1,000 yearly on Oct. 1 from 1917 to 1934 incl. Certified
(or
cash) on a New York State National bank or trust company for notcheckthan
2% of bonds bid for, payable to above President, required. Noless
bonded
or floating debt. Assessed valuation 1914, $300,000.
SUMMIT COUNTY (P. 0. Akron), Ohio.-BONDS DEFEATED._
Reports state that the questions of issuing $60,000 park•improvement and
$52.000 infirmary bonds were defeated at the election held Nov. 3.
SWITZERLAND COUNTY (P. 0. Vevey), Ind.-BOND SALE.-On
Nov. 7 the $18,560 4%% 6-year (aver.) gravel-road bonds (V.99, p. 1243)
were awarded to the Vevey 'Deposit Bank. Vevey, at par.
NEW LOANS.
[VOL.
xcix
SUSSEX COUNTY (P. 0. Georgetown), Del.-BOND SALE.
During the month of March the following bonds were awarded to different
parties at a price a little above par.
$35,000 5% bonds. Due serially from 1923 to 1932,incl., subject to call
after 5 years.
20,000 4%% bonds. Due serially from 1918 to 1937 incl., subject to call
after 5 years.
Denom. $500. Date July 1 1913. Int. J. & J. at the Farmers Book,
Georgetown.
TARPON SPRINGS, Pinellas County, Fla.-BOND SALE.-On
Nov.6 $35,000 street-paving, $15,000 sewer,$15,000 water-works. $12,000
city-hail and jail and $3,000 fire-department 6% 10-35-year (opt.) bonds
were awarded to J. B. McCrary Co. Atlanta. at par. Denom. $1.000.
Date July 11914. Int. J. & J. Similar issues of bonds were reported soli
on July 31 to John Nuveen & Co. of Chicago (V. 99, p. 427)•
TETON COUNTY SCHOOL DISTRICT NO. 3, Mont.-BOND
OFFERING.-Proposals will be received until 2 p. m. Nov. 21 by D. H.
Bakeman, District Clerk (P. 0. Cut Bank), for $1,500 6% coupon sitepurchase, construction and equipment bonds. Denom. $500. Date
Sept. 19 1914. Interest annual. Due in 10 years, subject to call any
interest-paying date after 7 years. Certified or cashier's check for $100
required. A similar issue of bonds was offered on Sept. 19 (V. 99, p. 690)•
TEXAS CITY, Galveston County, Tex.-BOND ELECTION.-An
election will be held Dec. 2. it is stated, to vote on the questions of issuing
$85,000 water-system-purchase and extension, $25,000 sewerage-systempurchase and extension and $65,000 bridge-building, drain and sewerlaying and street-and alley-surfacing bonds.
TIPPECANOE COUNTY (P. 0. Lafayette), Ind.-BONDS
AWARDED IN PART.-Of the four issues of 4%% 5%-year (aver.)
highway bonds, aggregating $24,100 offered on Nov. 6 (V. 99, p. 1243) the
$6,600 issue was sold on that day to Ed. O'Gara of Lafayette at par and int.
TOLEDO,Lucas County, Ohio.-BONDS NOT SOLD.-Reports state
that no bids were received on Nov.9 for the $150,000 4%% park-improvement bonds offered on that day. .
TOOLE AND TETON COUNTIES SCHOOL DISTRICT NO. 53,
Mont.-BIDS REJECTED.-We have hust been advised that all bids received on Oct. 17 for the $2.000 6% 6-10-year (opt) coup. tax-free bldg
bonds offered on that day (V. 99. p. 1163) were rejected.
TRIADELPHIA SCHOOL DISTRICT (P. 0. Triadelphia), Ohio
County, W. Va.-BONDS VOTED.-The question of issuing the $125,000
5% coupon school-building-improvement bonds (V. 99, p. 1000) carried,
it is stated, at the election held Nov.3. Denom.$500. Date April 11915.
Int. ann. on April 1 at office of County Sheriff, Wheeling. Due yearly on
April 1 as follows: $20,000, 1925; $3.000 from 1926 to 1930 incl.; $3,500
from 1931 to 1935 incl.; $4,500 from 1936 to 1940 incl.; $5,500 from 1941
to 1948 incl. and $6,000 in 1949.
TURNER TOWNSHIP (P. 0. Twining), Arenac County, Mich.
BOND OFFERING.-Further details are at hand relative to the offering
on Nov. 16 of the $15,000 5% road bonds (V. 99, p. 1395). Proposals for
these bonds will be received until 3 p. m. on that day by A. H. Townsend,
Twp. Clerk. Denom.$1,000. Date Doc. 11914. Int. annual at Turner.
Duo $3,000 yearly from 11 to 15 yrs.incl. Principal and interest is payable
in currency. No indebtedness. Assess. val. 1914 $510,000.
UNION TOWNSHIP SCHOOL DISTRICT (P. 0. Laura), Miami
County, Ohio.-BONDS DEFEATED.-According to reports, the question of issuing $75,000 bldg. bonds was defeated at the election held Nov.3.
UPLAND, San Bernardino County, Cal.-BOND SALE.-On Nov. 4
the $25,000 6% 1-40-year (ser.) fire-equip. and street-impt. bonds (V. 99
p. 1243) were awarded to Blythe, Witter & Co. of San Francisco at 101.316.
Other bids were: N. W. Halsey & Co., Los Angeles, $25,105 and int.:
Farson, Son & Co., Chicago, par (Irregular).
URBANA, Champaign County; Ills.-BOND ELECTION.-The election to vote on the question of issuing the $40,000 5% 10-year (ser.)judgment-funding bonds (V. 99, p. 1395) will be held Nov. 28, it Is stated.
Denom. $500. Date Jan. 1 1915.
VAN BUREN, Crawford County, Ark.-BONDS PROPOSED.-Local
papers state that this city proposes to issue $50,000 street-paving bonds.
VERMILLION COUNTY (P. 0. Danville), Ill.-BOND OFFERING.Proposals will be received until June 1 1915 for the $1,500,0004% 1-20-year
NEW LOANS
NEW LOANS.
$50,000
$500,000
Town of Baker, Montana, City of Sanford, Florida, Hillsborough County, Florida,
$25,000
6% WATERWORKS BONDS
State of Montana.)
County of Fallon,Iss.:
Town of Baker,
Pursuant to the authority of Ordinance No. 40
of the town of Baker.of Fallon County,Montana,
passed and approved October 6th, A. D. 1914,
authorizing and directing the advertisement and
sale of certain bonds of said town. namely:
Water-Works bonds aggregating the principal
sum of Twenty-five thousand dollars ($25,000),
comprised of 25 bonds, numbered consecutively
from 1 to 25. Inclusive, of the denomination of
$1,000 each, dated July 1. A. D. 1914. due July 1.
A. D. 1934. redeemable at the pleasure of said
town after July 1, A. D. 1924, bearing interest
from their date until paid at the rate of six (6)
per centum per annum, payable semi-annually on.
the first days of January and July,respectively,in
each year. both principal thereof and interest
thereon payable in gold coin of the United States
of America, of or equal to the present standard
of weight and fineness, at the National Bank of
Commerce, in the city and State of New York.
U. S. A.,
PUBLIC NOTICE IS HEREBY GIVEN
that the bonds aforesaid will at the office of
Messrs. Booth & Dousman. in said town. on
MONDAY, to wit. THE 23D DAY OF NOVEMBER, A. D. 1914, at the hour of 10 o'clock
A. M., at public auction, be sold to the bidder
offering the highest price therefor.
At said public auction, the successful bidder will
be required to deposit with the undersigned clerk
a certified check payable to his order in the sum
of $5.000, which check shall be held by the town
and forfeited to it should the purchaser fail to
take up and pay for said bonds when presented to
him.
By order of the Council of the Town of Baker.
of Fallon County. Montana. made this 6th day
of October, A. D. 1914.
HORACE W. SPARKS. Mayor.
[Seal.]
Attest:
CHARLES J. DOUSMAN,Clerk.
B. W. Strassburger
SOUTHERN INVESTMENT SECURITIES
MONTGOMERY, ALA
REFUNDING BONDS
NOTICE IS HEREBY GIVEN that sealed
proposals will be received by the Board of Bond
Trustees of Sanford, Florida, until 5 o'clock p. rn.
on the 19TH DAY OF NOVEMBER A. D. 1914,
at Sanford. Florida, for the purchase of all or any
part of Fifty Thousand Dollars City of Sanford
refunding bonds; said bonds bear a rate of interest not to exceed 6%, and are dated July let
A. D. 1914, interest payable semi-annually,
January and July; said issue consisting of ten
bonds of the denomination of one thousand dollars each, maturing in ten years; fifteen bonds of
the denomination of one thousand dollars each,
maturing in twenty years; twenty-five bonds of
the denomination of one thousand dollars each,
maturing in thirty years; principal and interest
coupons are payable at the NATIONAL PARK
BA/%1K of New York City; all bids must be accompanied with a certified check for 1 per cent of
the amount of said issue.
The Board of Bond Trustees reserve the right
to reject any and all bids.
S. 0, CHASE,
B. F. WHITMER,
A. R. KEYS.
Board of Bond Trustees.
$10,000
Town of Westfield, N. Y.,
ROAD BONDS
The Board of Commissioners of Hillsborough
County will receive sealed bids for the purchase
of the above bonds, or any part thereof, at the
office of the undersigned in Tampa, on or before
noon, DECEMBER 10TH, 1914. Bonds dated
October 1, 1913, due October 1, 1943, without
option of prior payment: Denomination $1,000.
Principal and semi-annual interest at Five Per
Cent per annum (April 1 and October 1), payable
In gold coin in New York City, matured coupons
detached. Bonds have been engraved and will
be certified as to genuineness by the Columbia
Trust Company, of New York, and the approving
opinionwillt(Zalfduwrnelilsheliftsso
of
Reed of New
York,
bidder
sucsful
Rc
telt &
without charge. Each bid must be accompanied
by a certified check upon an incorporated bank
for Two Per Cent of the par value of bonds bid
for. Delivery will be made in Tampa or New
York on December 21st, 1914. Payment to be
made in current money. Further information,
together with forms upon which bids must be
made, will be furnished upon application to the
undersigned, or said Trust Company. The right
to reject any and all bids is reserved. No bid
for less than ninety-five and accrued interest
will be received.
W.P. CULBREATH,
Clerk Board of County Commissioners.
HIGHWAY BONDS
Take notice that the undersigned Town Board
of the Town of Westfield, New York, will receive
sealed proposals at the Town Clerk's office, on
South Portage Street, in the Village of Westfield,
New York, on the 19TH DAY OF NOVEMBER,
1914, at 2 o'clock in the afternoon, for 10 bonds,
being the Highway bonds of the Town of Westfield, Chautauqua County, New York; that the
said Town Board have by resolution duly adopted
the amount of each of the said bonds at $1,000,
the rate of interest at five (5) per centum Per
annum, payable semi-annually on December 1st
and Juno 1st each year, interest and principal
payable in New York exchange.
At the time above mentioned, said bonds will
be sold on sealed proposals to the highest bidder.
Those bids which are accepted must be paid on
or before December 141914.•
Dated1November 4, 1914.
Haw. THOMPSONICIerk./1
$25,000
Osawatomie City, Miami County, Kansas,
Street-Improvement Bonds
Proposals will be received until 12 o'clock noon
,SCity
of November 30th, 1914, by J. W. AllardAllard,
of NOVEMBER NM 1914, by T. W.
City Clerk, for approximately $25,000 10-year
street-improvement bonds. Certified check for
$500 must accompany each bid. The mayor and
Commissioners reserve_thmight to reject minor
'I. W. ALLARD,
City Clerk.
Nov. 141914.]
THE CHRONICLE
(ser.) road-constr. bonds (V. 99. p. 71). Auth. vote of 10,459 to 8,978
at
the election held Nov.3.
VIGO COUNTY (P. 0. Terre Haute), Ind.-BOND OFFERING.
Bids will be received until 10 a. m. Nov. 21 by Thos. J.Dailey, County
Treasurer. for $17,000 6% ditch-improvement bonds. Denom.
Date Dec. 1 1914. Int. J. & D. Due L$1,700 yearly on Dec. 1 $425.
from
1916 to 11925 incl.
WAKONDA SCHOOL DISTRICT NO. 29 (P. 0. Wakonda), Clay
County, So. Dak.-BOND SALE.-An issue of 36,000 6% building bonds
has been sold to a Chicago firm.
WALKER SCHOOL TOWNSHIP (P. 0. Manilla), Rush County,
Ind.-BOND OFFERING.-Bids will be received until 8 p. m. Dec.
1 by
Jesse A. Shelton, Twp. Trustee, for $4,000 434% high-school-constructio
n
bonds. Denom. (8) $250. (4) $500. Date Dec. 1 1914. Int. J. & D.
Due $250 June 1 1915 and 1920 and Dec. 1 1920 and $250 on Dec.
1
and
$500 on June 1 from Dec. 1 1915 to Dec. 1 1919 incl.
WAPPINGERS FALLS, Dutchess f County, N. Y.-BOND
ING.-It is stated that bids will be received until 8 p. m. Nov. 18OFFERby Ed.
Drake, VII. Pres., for $75,000 water. $75,000 sewer and $19,000 highway
2-28-year (ser.) bonds. Certified check for 2% required. Similar
of bonds were offered without success on Nov. 4 (V. 99, p. 1316). issues
WASHINGTON SCHOOL TOWNSHIP, Hendricks County,
Ind.
-BOND SALE.-On Nov. 6 the $8,400 4%%
5K-year
school
bonds (V. 99, p. 1244) were awarded, it is stated, to (aver.)
FletcherAmerican National Bank of Indianapolis at par, less $90 the
for expenses.
WA17PUN, Fond du Lac county, Wis.-BONDS
DEFEATED.-At
the election held Nov. 3 the proposition to issue the $15,000
5% city-hallconstruction bonds (V. 99. p. 1084) was defeated, it is
stated.
WEST BROOKLYN, Lee County, Ill.-BONDS VOTED.
-According
to reports this village authorized the issuance of $2,700
water-works-construction bonds.
WEST HOBOKEN, Hudson County, N. J.-BOND
ng to reports the Hudson Trust Co. has been awarded SALE.-Accordat par and int. the
$205.000 5% 25%-year (aver.) coup. or reg. school
bonds offered without
BUCCOSS on Oct. 14 (V. 99, p. 1164).
WHITTIER HIGH SCHOOL DISTRICT,
Los Angeles County,
Calif.-BOND SALE.-On Oct. 28 $15.000
5%% high-school-bldg. bosds
were awarded to the Torrance, Marshall
Co.of Los Angeles at par and int.
Denom. $1,000. Date Aug. 1 1914. &Int.
ann. in Aug. Due $1,000
yearly from 1915 to 1929 incl. Using newspaper
reports we stated in
V.99, p. 1000 that the above bonds were
purchased
on Sept. 21 by the Los
Angeles County Board of Supervisors, but
we now learn that the Board
did not take the issue.
WIGGINS, Harrison County,
-BONDS AUTHORIZED.-Reports state that on Nov.3 the Town Miss.
Council passed an ordinance providing
for the issuance of city hall and
jail constr. bonds.
WILL COUNTY (P. 0.
Ills.-BONDS DEFEATED.-The
proposition to issue $50,000 Joliet), and
soldiers' and sailors' memorial
building bonds failed to carry hospital
at a recent election.
WILLOUGHBY TOWNSHIP SCHOOL
DISTRICT (P. 0. Willoughby), Lake County, Ohio.-BOND
SALE.-The $40.000 5%% 11'1-year
(aver.) site-purchase and construction
bonds offered on Nov.6 (V. 99, p.
1164) were awarded on Nov. 11 to Seasongood
$40,771 (101.927) and int. Other bids were & Mayer of Cincinnati for
J. C. Mayer & Co., Cincin-$40.52411oehler
. Cummings & PrudOtis & Co., Cleveland
40,4751 den, Toledo
$40,468
Rorick & Co., Tol_ -- 40,231
AR bidders provided for paymentSpitzer.
of accrued interest.
WOODBURY COUNTY (P. 0. Sioux City), Iowa.-BONDS
VOTED.
-The proposition to issue $60,000 court-house-site
bonds carried at the
election held Nov. 3.
WOOD COUNTY (P.O. Bowling Green), Ohio.-BOND
OFFERING'
-Proposals will be received until 10 a. m. Nov.
by C. E. Stinebaugh,
Co. Aud.. for $16,000 6% coupon bridge bonds.20 Auth.
Secs. 2434 and
2435 Gen. Code. Denom. $500. Date Dec. 1 1914. Int.
M. & S. at
office of Co. Treas. Due $2,000 each six months from March
1 1916 to
Sept.) 1919 incl. Cert. check on a Bowling
Green bank for $200,required.
Purchaser to pay accrued interest.
NEW LOANS.
1477
WOODLAND SCHOOL DISTRICT (P.O. Woodland), Yolo County,
Calif.-BONDS VOTED.-The question of issuing 8100,000 5% 40-year
(ser.) building bonds carried at the election held
Oct. 30 by a vote of 1.120
to 134. These bonds will be offered for sale about Dec. 1.
WOODVILLE, Sandusky County, Ohio.-BONDS VOTED.-At the
election held Nov.3 the propositions to issue $50,000 road and $35,000 water
works bonds carried, it is stated.
WORCESTER, Worcester County, Mass.-TEMPORARY LOAN.
Reports state that a loan of $1,500.000 has
been negotiated with Morgan &
Bartlett of New York at 4.75% discount.
WRIGHT COUNTY (P. 0. Buffalo), Minn.-BOND OFFERING.
Proposals (sealed or verbal) will be received until 1 p. m. Dec. 1 by J.A.
Berg, County Auditor, for the following 6% coup. bonds:
$7.500 bonds. Denom. $500. Due $500 yearly on Dec. 1 from 1915 to
1929 incl.
3,700 bonds. Denom.(4) $200,(1) $400.(5) $500. Due part yearly.
Auth. Chap. 469, G. L. 1909. Date Dec. 1 1914. Int. J. & D.
WYANDOTTE, Wayne County, Mich.-BOND ELECTION PROPOSED.-According to reports, this city is contemplati
ng calling an election to vote on the question a issuing $58,000 street-impt.
bonds. This
proposition was defeated on Nov. 3.
YOLO COUNTY (P. 0. Woodland), Calif.-BOND OFFERING.
Bids are asked until 4 p. m. Nov. 23, reports state, by R. E. Cole, County
Treasurer, for $200,000 8% semi-ann. Reclamation
District No. 900
Improvement bonds.
YORK TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Richmond
R. F. D. No. 3), Union County, Ohio.-BOND SALE.-On Nov. 7 the
$3,950 53 % coup.school bonds(V.99, p. 1244) were awarded to the Union
Banking Co. of Marysville for $3,951 (100.025) and hat.
Canada. Its Provinces and Municipalities.
FLESIIERTON, Ont.-DEBENTURES VOTED.-The question of
issuing $5,500 hydro-electric power plant debentures carried, it is stated.
at an election held Oct. 29.
MOUNT BRYDGES, Ont.-DEBENTURE
-An election
will be hold Nov. 23, it is stated, to vote on theELECTION.
question of issuing $4,020
hydro-electric power debentures.
OTTAWA, Ont.-DEBENTURES AUTHORIZED.-Reports state
that on Oct. 5 the City Council authorized the issuance
of 35,207 55.
Duhamel Street opening debentures.
PORT COQUITLAM, B. C.-OPTION GRANTED TO PURCHASE
BONDS.-It is reported that a Chicago bond company has been granted
a four-months' option to purchase an issue of $100.000 5% 30-year waterworks debentures.
RAINY RIVER, Ont.-DEBENTURES VOTED.-Reports state that
at an election held Oct. 28 the question of issuing $5,000 water-works.
sewer-system and sewage-disposal-plant-construction debentures received a
favorable vote.
REVELSTOKE, B. C.-DEBENTURES AUTHORIZED.-On Oct. 19
the City Council authorized the issuance of $12,500 sidewalk debentures,
according to reports.
ST. THOMAS, Ont.-DEBENTURE OFFERING.-According to reports, City Treasurer S. 0. Perry is offering debentures in amounts of $100
and upward and for any term of years from one to twenty, with interest at
5%,payable semi-annually on Apr. 15 and Oct. 15.
SALMON ARM, B. C.-LOAN AUTHORIZED.-According to reports
the City Council on Oct. 21 authorized a loan of $33,000 for current expenses.
SAANICH, B. C.-DEBENTURES TO BE OFFERED SHORTLY.-Reports state that this municipality will shortly offer for sale $375,000 5 %
30-year water-works, $450,000 5%% 15-year road-impt. debentures and
possibly some local improvement debentures of smaller denominations,
running from 5 to 15 years.
SASKATCHEWAN (Province of).-BILLS EXTENDED.-Prom newspaper dispatches we learn that of £300,000 short-term bills of the Province
falling due at the end of October, about 25% were paid off in cash while the
remaining 75% were extended for twelve months at 63. %. The original
loan was placed about a year ago at 53 %•
NEW LOANS.
NEW LOANS.
$94,000.00
$75,000.00
$92,000.00
CITY OF STAMFORD,CON N. CITY OF PLAINFIELD, N.J., CITY OF PLAINFIELD, N.J.,
GOLD BONDS
5% JOINT SEWERAGE
5% SEWER BONDS
SYSTEM BONDS
Sealed proposals for the sale of $94,000 coupon
Fifth Series
bonds of the City of Stamford, Conn., will be
received by the City Treasurer at the Stamford Pr NOTICE IS HEREBY GIVEN that on the
NOTICE IS HEREBY GIVEN that on the
National Bank until 12 o'clock noon
23RD DAY OF NOVEMBER, 1914, AT 8 23RD
DAY OF NOVEMBER, 1914, AT 8
O'CLOCK P. M., at the Council
MONDAY. NOVEMBER 23, 1914.
Said bonds bear interest at the rate of 4% per No. 149 North Avenue, in the City of Chamber, O'CLOCK P. M., at the Council Chamber,
Plainfield.
No.
149
North Avenue, in the
cent per annum, principle and interest, payable
of Plainfield,
N. J., the Common Council of
City will N. J., the Common Council City
at the Merchant's Exchange National Bank, 257 receive sealed bids for the purchasesaid
of said City will
of the follow- receive sealed bids for the
Broadway, New York.
purchase of the following-described bonds of said City:
cribed bonds of said City:
The bonds are described as follows:
$75.000 Joint Sewerage System Bonds. dated ing-des
392,000 59' gold Sewer Bonds, Fifth Series,
1. Thirty (30) "Public Improvemen Bonds April 1st, 1914, and maturing
USW annually
dated November 1st, 1914, and maturing 35.000
of the City of Stamford" for $1,000 each,tmaking
the first day of April in each of the years 1925on
to annually on the first day of November in each
in all $30,000, dated April 1. 1914,and to become 1939, both inclusive. The bonds
will be coupon of the years 1925 to 1942,
due April 1, 1929.
both inclusive, and
bonds with the privilege to the holder of regis- $2.000
on the first day of November. 1943.
2. Four (4) "Public Improvements Bonds of tering the same, either
as to principal alone or as
The bonds will be coupon bonds with the
the City of Stamford", for $1,000 each, making to both principal and interest,
and
will
bear In- privilege to the holder of
in all $4.000, dated April 1, 1914, and to become terest at the rate of 5% per annum,
the same,
payable semi- and will bear interest at registering
due April 1,1929.
the rate of 5% per
annually. Both
and interest will be annum, payable semi-annuall
3. Forty-eight (48) "Public Improvement payable in gold principal
y. Both principal
of
coin
United
the
States of and interest
Bonds of the City of Stamford'', for
be payable in gold coin of the
each. America of the present standard of weight and United Stateswill
dated December 1, 1914, and to $1,000
of America of the present standard
become due fineness.
of weight and fineness.
December 1, 1939.
All proposals should be enclosed in a sealed
All proposals should be enclosed in a sealed
4. Eight (8) "Garbage and Sewage Disposal
addressed to J. T. MacMurray, City envelope, addressed to J.
and Doc.k Bonds of the City of Stamford", for envelope,
T. MacMurray. City
Clerk:Plainfield, N. J., and should be marked on Clerk, Plainfield,
,000 each, making in all $8,000. dated
N. J., and should be marked
April 1. the outside-"Proposal for Joint Sewerage System upon the
outside "Proposals for Sewer Bonds."
1914. and to become due April 1. 1939.
Bonds."
5. Four (4) "Garbage and Sewage Disposal
A certified check for 2% of the par value of the
A certified check for 2% of the par value of the
and Dock Bonds of the City of Stamford" for bonds
bid for, payable to the Treasurer of the City bonds bid for, payable to the Treasurer of the
$1.000 each. making In all $4,000. dated DecemCity of Plainfield, N. J., must accompany each
of Plainfield. N. J., must accompany each
bid. bid. No bid for less than par and accrued
ber 1,1914,and to become due December 1,1939. No bid for less than
interest
par and interest accrued from will
No bid will be accepted for part of the bonds.
be accepted.
October 1st, 1914, will be accepted.
r No bid will be accepted for less than par and
The right is reserved to reject any or all bids.
The
right
is
reserved
to reject any or all bids.
accrued interest.
The bonds will be prepared and certified as to
The bonds will be prepared and certified as to
The right is reserved to reject any and all bids. genuineness by
(hilted States Mortgage & genuineness by the United States Mortgage &
All proposals must be accompanied by a certi- Trust Company the
of New York City, and the said Trust Company of New York City, and said
fied check or bank draft for 2% of the par value bonds (or temporary
certificate) will be delivered, bonds(or temporary certificates) will be delivered,
of the bonds bid for, said checks to be promptly and must be accepted
and paid for by the pur- and must be accepted and paid for by the purreturned if bid is not accepted.
chaser at the office of the City Treasurer,
at the office of the City Treasurer, on or
on or chaser
For further particulars, address,
before December 1st, 1914. at 11 o'clock a.
before December 1st, 1914. at 11 o'clock
m. unless
WILLIAM N. TRAVIS,
unless a subsequent date shall be mutually agreed
a subsequent date shall be mutually
City Treasurer,
upon between the purchaser and the CityTreas- upon between the purchaser and the City
Stamford National Bank, Stamfoid, Conn.
urer.
urer.
The validity of the bonds will be approved by
The validity of the bonds
be approved by
Messrs. Hawkins, Delafield & Longfellow. Attor- Messrs. Hawkins, Delafield &will
Longfellow, Attorneys, of New York City, a duplicate original of neys, of New York City, a duplicate
of
whose
opinion
will be furnished to the purchaser, whose opinion will be furnished to the original
MUNICIPAL AND RAILROAD
purchaser.
Dated November 9th, 1914.
Dated November 9th, 1914.
J. T. MacMITERAY,
J. T. MacMURRAY,
City Clerk.
City Clerk.
LIST ON APPLICATION
Treas-
BONDS
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
HAND BOOK OF SECURITIES
Commercial and Financial Chronicle
138 Front
Street, New York
tvoL. xclx.
THE CHRONICLE
1478
engineerz
Trust Tompatxtes,
CHARTERED 1853
WHITE
COMPANIES
THE J. G.
of
Company
Trust
New
York
States
United
ENGINEERS - MANAGERS
45-47 WALL STREET
•
Capital,
Surplus and Undivided Profits
FINANCIERS
• $2,000,08.00
• $14,151,944.23
43 Exchange Place, - NEW YORK
London
San Francisco
This Company acts as Executor, Administrator, Guardian, Trustee, Court Chicago
Depositary and in other recognized trust capacities.
Manila, Para, Buenos Aires, Santiago, Chili
It allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or
personal, for estates, corporations and individuals.
EDWARD W. SHELDON. President.
WILFRED J. WORCESTER, Secretary.
WILLIAM M. KINGSLEY. Vice-President
CHARLES A. EDWARDS, 2d Asst. SecY
WILLIAMSON PELL, Asst. Secretary
HUMPHREYS& MILLER,Inc
ENGINEERS
TRUSTEES
JOHN
WILLIAM ROCKEFELLER
WILLIAM D.SLOANE
FRANK LYMAN
JAMES STILLMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
LYMAN J. GAGE
Alten S. Miller
Alex. C. Humphreys
Power—Light---Gas
A. STEWART Chairman of the Board
PAYNE WHITNEY
OGDEN MILLS
165 BROADWAY
EDWARD W. SHELDON
EGERTON L. WINTHROP
CHAUNCEY KEEP
CORNELIUS N. BLISS JR.
GEORGE L. RIVES
HEMRY W. de FOREST
ARTHUR CURTISS JAMES ROBERT I. GAMMELL
WILLIAM M. KINGSLEY
WILLIAM VINCENT ASTOR
WILLIAM STEWART TOD
CHARLES FRED. HOFFMAN
NEW YORK
C. G. YOUNG
Engineering and Construction
financial
ATLANTIC MUTUAL INSURANCE COMPANY.
New York. January 226, 1914.
The Trustees, in conformity with the Charter of the Company, submit the following statement of (is affair,, on pi
31st of December, 1913,
The Company's business has been confined to marine and inland transportation insurance.
$3,600.334 83
Premiums on such risks from the 1st January, 1913, to the list December, 1913
767,050 94
Premiums on Policies not marked oit 1st January, 1913
Total Premiums
$4,387,385 77
Premiums marked off from January 1st, 1913. to December 31st. 1913
Interest on the investmente of the Company received during the year____8308,419 46
39,877 94
Interest on Deposits in Banks and Trust Companies, etc
130,212 32
Real received less Taxes and Expenses
83,712,602 61
Losses paid during the year
Less Salvages
Re-Insurances
Discount
478,509 72
81,790,888 32
$233,482 06
320,813 71
47 58 554,343 35
Plans, Methods, Examinations
Public Utilities and Industrials
REPORTS FOR FINANCING
Bankers Trust Bldg., New York
Alfred E. Forstall
Charles D. Robison
FORSTALL AND ROBISON
ENGINEERS
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.
NEW YORK CITY
84 William St.,
81.238,544 97
$105,033 85
Returns of Premiums
Expenses, Including officers' salaries and clerks' compensation, stationery, advertise650,942 08
menta,etc
jiflntnCngineerg
A dividend of interest of Six per cent on the outstanding certificates Of profits will be paid to the holders
thereof, or their legal representatives, on and after Tuesday the third of February next.
The outstanding certificates of the Issue of 1908 will be redeemed and paid to the holders thereof, or the!,
legal representatives, on and after Tuesday the third of February next, from which date all interest thereon
will cease The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company for the year ending 31s1
December, 1913, which are entitled to participate in dividend, for which, upon application, certificates will be
Mining Engineers and Geologists
issued on and after Tuesday the fifth of May next.
By order of the Board,
G. STANTON FLOYD-JONES, Secretary.
COAL AND MINERAL PROPERTIES
TRUSTEES
Examined, Managed, Appraised
SAMUEL 'I'. HUBI3ARD,
JOHN N. BEACH,
CHARLES H. PRATT,:
PHILADELPHIA
THOMAS H. HUBBARD,
ERNEST C. BLISS.
DALLAS B. PRATT,
Drexel Bldg.
LEWIS CASS LEDYARD,
WALDRON P. BROWN,
ANTON A. RAVEr.
WILLIAM H.LEFFERTS,
JOHN CLAFLIN
JOHN J. RIKER,
CHARLES
D.
LEVERICHI
GEORGE C. CLARK;
DOUGLAS ROBINSON,
GEORGE H. MACY,
CLEVELAND H. DODGE,
WILLIAM J. SCHIEFFELIN
NICHOLAS F. PALMER)
WILLIAM SLOANE.
CORNELIUS ELDERT,
HENRY PARISH,
LOUIS STERN,
RICHARD H. EWART,
PAVENSTEDT,
ADOLF
WILLIAM A. STREET'
PHIL1I A. 8 FRANKLIN)
GEORGE E. TURNUR ,_
JAMES H. POST,
HERBERT L. GRIGGS.
RICHARD H. WILLIAMS.
ANSON W. HARD.
A. A. RAVEN, President,
CORNELIUS ELDERT, Vice-President,
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES E. FAY; 3d Vice-President,
H. M. CHANCE & CO.
gttountant5
PARK, POTTER & CO.
CERTIFIED PUBLIC ACCOUNTANTS.
LIABILITIES.
ASSETS.
Estimated Losses and Losses Unsettled
United States and State of New York
1670,000 00
in process of Adjustment
Bonds
$1,808,024 00 New York, Chicago, Cincinnati and
Premiums on Untenninated Rieke
654,783 28
New York City and New York Trust
1.783 700 00 Certificates of Profits and Interest UnCompanies and Bank Stocks
London, England
284,138 25
2,737 412 00
paid
Stocks and Bonds of Railroads
Watertown, N. Y., C. E. Scoville.
282,520 00 Return Premiums Unpaid
108,788 90
Other Securities
Reserve for Taxes
28,905 88
Special Deposits in Banks and Trust
1.000.000 00 Re-Insurance Premiums
221,485 08 AUDITORS FOR FINANCIAL,INDUSTRIAL
Companies
Claims not Settled, including CompenAND MINING CORPORATIONS.
Real Estate cor. Wall and William Streets
4,290,428 04
sation, etc
70,799 43
and Exchange Place, containing offices
Certificates of Profits Ordered Redeemed.
Real Estate on Staten Island (heldofunder
Investigations, Financial Statements,
for
Premiums
Unpaid
00
75,000
Withheld
1887)
481,Laws
09
22,558
provisions of Chapter
Periodical Audits and Accounting.
475.727 45 Certificates Profits Outstanding
7.240,320 00
Premium Notes
605,891 79
B ils Receivable European Bankers to
of
hands
Cash in
pay losses under policies payable In
177,881 39
foreign countries
636.465 49
Cash in Bank
Temporary Investments (payable Janu51)5.00000
ary and February. 1914)
10,000 00 ,
Loa...
-----$10,07,798 87
113,259,024 18
CHRONICLE VOLUMES
$9,841.227 29
Thus leaving a balance of
$51,65C 2d
December, 1913, amounted to
Accrued Interest on the 31st day ofday
28,378 28
of December, 1913, amounted to
Rents due and accrued on the 31st
December,
of
day
31st
In
companies
authorized
New
the
on
in
York,
accrued,
or
due
Re-insurance
160.83000
1913, amounted to
55,903 22
December, 1913, amounted to
Unexpired re-Insurance premiums on the 31st day of
has estimated the value of the Real Estate corner Wall and
Note: The Insurance Department
98
450,573
at
above,
excels)
in
the
Place
of
Exchange
Book
given
Value
and
William Streets
63,700 00
in excess of the Book Value, at
And toe property at Staten Island
1913, exother
and
Securities
December,
on
Bonds
the
of
day
31st
Stocks,
of
Value
Market
Fite
1,268,075 10
ceeded the Company's valuation by
----$4,928,338 Oe
o the basis of these increased saluatinns the Dal;nce would be
FOR SALE
Second-hand volumes in good condition for
years prior to 1908.
COMMERCIAL & FINANCIAL CHRONICLE
138 Front St.. New York
@FedFRASER