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financial
The
°Mineral
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
sank & Quotation Section
Railway Earnings Section
Electric Railway Sectiou
State and City Sectior
SATURDAY, NOVEMBER 211914.
VOL. 99
Win Thronirle.
1914.
Terms of Subscription-Payable In Advance
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for One Year
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Three Months (13 times)
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IMICAO0 OFFICR-Geo. M.Shepherd,513 Monadnock Bla kiTeLHarrison Fat
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Published every 'Saturday morning by WILLIAM NI DANA COMPANY.
Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold G. Dane,
Vice-Presidents: Arnold G. Dana, Sec. Addresses of all, Office of the Compani.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total
bank clearings of all the clearing houses of the United States for the week
ending to-day have been 52,870,971,034. against $2,827,037,032 last week
and 33.421.900.421 the corresponding week last year.
turns by Telegraph.
Clearings-R,
Wei* ending November 21.
Per
Cent.
1914.
1913.
New York
Boaton
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,156,898,102
122,565,877
132,192,574
29,114,133
218,812,454
63,972,318
13,591,519
$1,518,694.883
139.434,770
148,868,746
34,931,319
289,145.872
78,141,524
20,018,865
---23.7
--12.1
--10.0
---16.7
--14.0
--16.0
--7.1
Seven cities, five days
Other cities, five days
31.771,944,777
600,017,623
$2.223,235,749
625,918,847
-20.3
-4.1
Total all cities, five days
All cities, one day
42,371.992,400
498,978.634
$2,819,184,396
572,716,025
-16.8
-12.9
Total all cities for week
$2,870.971,034 53,421,900,421 -16.1
The full details for the week covered by the above will ba glean next
Saturday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day
of the weak has to be in all cases estimated, as we go to press Friday night
We present below detailed figures for the week ending with
Saturday
noon. November 14, for four years:
1Veel: ending Nov. 14.
Clearings al1914.
19.3.
Int.or
Dec.
1912.
I
1911.
,
m0..MMe*.Mmena.Nant•.C ,
MMC,M
ote,
1.4*MaloOm'
..m.mAtm,mC1
,
.1
.
...mne,NCI,
MMOM..,M ,
+mMe:me;
meerMOr
OMerm.
M.
$
1,867,797,890
167,346,592
51,723,413
40,311,857
13,727,283
6,431,245
7,518,401
5,214,998
3,346,412
2,807,924
2,046,784
2,100.435
1,663,755
2,530,655
1,867.010
975,740
1,135,652
800,000
832,400
643,675
675,532
1.551,444
470,428
$
%
3
1
--22.5 2,244.192.548 2,011,205,619
--9.1 179,574.7401 181..231,457
--12.9
58,377.930' 51,021,199
44,874,641
-9.9
38,100,019
-21.4
13,495,379
11.592,457
1-0.9
7,149,610
7.454,241
1-2.7
8,298,010
7,479,411
--11.8
5,423,270
4.689,498
--2.1
3,204,702
3,070,628
3,127,141
+1.6
2,40-.305
-7.2
1,685.80'1
1.671,253
--I4.1
2,054,551
1,602.845
1-10.3
1,481.235
1,541.179
--23.2
2,457,346
1,953.305
-0.4
1,876,086
1,934.511
--5.2
1,052,011
947,000
-6.9
1,112.194
921,344
--10.0
550,000
514 817
--9.5
649,009
571,501
--14.3
790,762
645,762
1-11.5
767,593
542,616
-6.0
1,524,037
1,001,231
--8.7
521,145
Total Middle_ 1,688,718,420 2,188,437,032 --22.9 2,583,283,800 2,313,154,417
134.952,731 164,410,159
7,67:3,303
0,514,500
4,755,561
5,250,971
3,824,784
3.464,559
2.994,301
2,955.041
2,087,342
2,352,781
2,492.442
2,121,304
1,241 674
1,416,684
1,211,231
1,454,684
978,048
955,751
719,1V
644,049
492.370
474,086
... ... .-- ....... ...
-0 .-„
ang.
New -
_._
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford...
Lowell
Holyoke
Bangor
--15.5 198.716,530
-19.4
10,525.000
5,039,541
--9.4
+4.4
3,314,370
--1.3
3,112,885
--11.3
2,382,525
--4.9
2,795,449
--22.2
1.422,555
--14.9
1,302,961
-2.3
729,019
1-4.7
619,031
1-3.7
728,886
... ... ........
189.465.705
0,55.3,300
4,619,983
3,173,366
2,567,653
2.161,557
2.753,532
1,443,783
1,144,325
637,449
824,471
561,603
--- ... .--
NO18.-For Canadian clearings see 'Commercial and Miscellaneous News."
NO. 2578
Week ending Nov. 14.
Clearings at
PUBLISHED WEEKLY.
New York
Philadelphia. _ _
Pittsburgh
Baltimore
Buffalo
AlbsnY
Wa3hiniton
Rocheater
Scranton
Syracuse
Wilmington
Reading
Wilkes-Barre. _
Whechnl
Trenton
York
Ede
Greensburg
Ilinghainton
Altoona
Chester
Lancaster
Montclair
Ijrmittiv
1913.
Inc. or
I Dec.
1912.
1911.
$
3
$
Chicago
289,562.367 322.240,992 -10.1 325,160,882 291,954.980
Cincinnati
23,526,950
24,560,250 -4.3
27,565,500
25,858,450
Cleveland
23,836.934
25,343.165
22.584,117
20,880,551 +14.3
Detroit
24,730,941
28,454,807 -13.1
25,957,730
22,505,159
Milwaukee
17,209,469
17,356,410
15,294.009
16,043.534
Indianapolis -.8,80.5,388
9,163,943
8,927,637 -1.4
9.914,169
Columbus
8,164,400
5,732,100
6,801,800
8,637,500
Toledo
5,809,520
6,448,718 -9.9
5,888,291
4,778,628
Peoria
3,277,727
3,814,020 -9.3
3,975,682
4,077,135
Grand Rapids_ _ _
3,180,774
3,542,184 -10.2
3,430,536
3,289,819
Dayton
2.019,141
2,075,042
2,398,987 -15.8
2,307,133
Evansville
1,2112,617
1,511.598 -16.5
1 .346,623
1,464,732
Kalamazoo
693,851
854.943 +5.3
880,337
858,507
Springfield, flL _
1,100,000
1,181,275
1,168,141 -5.8
915.472
Fort. Wayne_ _ _ _
1,351,095
1,411,544 -4.7
1,204.247
1,013,885
Youngstown
_
1,474,576
1,701,412
1.369,783
1,539,129 -4.2
Rockford
937,042
1,032,710 -14.2
952.225
832.159
Akron
1.636,000
1,783,000
1,403,000
1.481.000 +10.5
Quincy
768,698
865.207 -11.2
794.077
898,837
Canton
1,479,012
1.263,750
1,469,030 +1.3
1,447,383
Lexington
630,697
744,760 -15.3
972,029
782,163
SmIngllesd, 0_
767,041
689.149 +11.3
744,010
822,757
South Bend
748,117
702,613 +6.5
640,059
598,701
Bloomington_ _
585,434
657,844 -11.0
659,858
512,417
Decatur
483,202
184 997 -14.3
591 300
145,578
Jackson
515,000
568 037 -9.3
600.000
576,000
Mansfield
513,695
550,513 -6.7
451,038
426,358
Danville
400,000
418,584 -4 0
442.081
392.828
Lansing
542,928
491,463 +10.7
155.822
402,785
Lima
535.411
491,201
+9.0
469,233
410.159
Jacksonville, IlL
234,848
399.562 -28.7
305,259
243.040
Ann Arbor
239,357
234,717 +23.5
201,054
159,735
Adrian
38,602
50,331 -23.3
25,000
22,025
Owensboro
238.149
430,632 -33.4
447,033
441.584
Tot. Mid. West 425,398,981 483,341,312
470,681,723 423,017.416
54.570,33,8
San Francisco._ _
56,222,589 -2.9
59,713,082
54.128,826
Los Angeles
24,275,372
25,488,957 --4.8
27,938,230
22,127,876
Seattle
14,040,118
13,488.419
15,467,950 --12.8
11.942,728
Salt Lake City_ _
8,063,755
9,301,463 --13.3
9.084,439
9,624,801
Spokane
4.355.592
5,481.171 --20.5
5.552,612
5,347.739
15 696,243 --15.9
Portland
13.200,003
14.413,447
12.994.645
Tacoma
2,147,979
3,121,352
2,551,955 --16.0
3,682.734
3,655,570
Oakland
3,800,547 --4.0
3.425,878
4,134,642
Sacramento
2.418,368
2,684,491 ---8.6
2,455,841
2,134.459
2.002,499
San Diego
2,410.893
2,349,113 --14.8
2.300,000
Fresno
1.557,672
1.400,000
1.532041 -9.0
1,238,998
Stockton
1,089,511
1,207,395
1,014,819 +18.5
1,061,714
843,494
911,940
782,654 +16.5
924,088
San Jose
804.967
923,133 --12.7
Pasadena
1.295.933
959.705
469./42
533,123
North Yakima_
592.251
800,090 -21.7
340,303
337,167
Reno
333,363
440,403 -23.4
544,411 Not Included 13 total
Long Beach
Total Pacific_ _ 133,381,598 144,341,758 -7.6 149,093,356 136,975,977
80,039,583
63,097,742 +28.8
Kansas City.._ _
62.402,311
56.195.475
38,915,277
33.263,924 +17.1
36,240,213
27,449,673 •
Minneapolis
17,700,090
17,793,320
15,548,191
11,437,135 -8.9
Omaha
13,925,683
15,482,180
12,351,491
St. Paul
12,854,282 +8.3
10,837.979
10,307,618
11,066,155
11,493,490 -3.7
Denver
6,644.258
8,036,984 +32.9
9,999,308
10,679,972
Duluth
6,770,564
7,514.719
8.409,497 -5.8
St. Joseph
7.921,223
4,264.319
4,880.547
5.574.239 -8.6
5,093,272
Des Moines
2.401,642
3.100,010
3.750,000 -17.2
3,105,795
Sioux City
3,324.762
3,101,946
3,591,117 +20.2
Wichita
4.316,974
1,671,123
1.303.326
2,277,591
2,025,130 +12.4
Lincoln
1,594,419
1,432,471
1,450,000
1,711,195 -15.3
Topeka
1,481.549
1,610.911
1.654,097 -15.4
Davenport
1,400,000
1,615,456
1,210.092
1.617.713, +15.4
1,866,300
Cedar Rapids._ _
978,581
638,563
770,647 +23.1
2,552.862
Fargo
707,737
772.418
654 369 -6.9
600,449
Colorado Springs
024,764
922.634
859,499 -1.4
Pueblo
847.047
215,761
218,854
Fremont
291,507 +49.1
434,351
119,394
176,445
Hastings
264,192
190,000 +234.5
560,453
369,939
555.975 +45.5
Aberdeen
808,277
1,553,044
1,274,261
1.344,030
Waterloo
1.431,639 -9.1
1,441,940
1,031,433
1,610,154
Helena
1,364,507 +14.0
• .•
.•
639,098 +15.3
Billings
737,314
Tot. 0th. West. 209,005,552 183.273.756 +14.0 184,450,087 157,482,895
St. Louts
84,037,976
73,734,205
New Orleans_ _ _ _
22 863,806
14,433,191
Louisville
13,455,241
11,210,926
Ffouston
12,720,167
8,374.413
3,904,099
Galveston
3,420,612
Richmond
9.213,421
8.218.509
NI'mists
9,314,57R
._
19:963:043
Atlanta
14,395,952
8,598,890
Savannah
4.452,142
9,894,0144
Fert Worth
10.346,310
Nashville
8,311,202
7,074,021
Norfolk
5,160.454
4.442.571
Augusta
2,570,215
1,871,305
Birmingham __ _
4.000,054
2,714,355
Little Rock
3,549,243
2,232,106
2,420,438
Charleston
1,840,557
Chattanooga_ _ _
2,223,002
3 00 134
Jacksonville _
2,901.071
3.432,383
1,932,029
Knnitville
2,001,272
1,440,000
Mobile
1,009,009
3.245,345
2.231,417
Oklahoma
2,045,411
Austin
4,839.551
Macon
3,811,149
6,013,319
Vicksbnrg
334,252
375,532
Jackson
591,943
489,129
Meridian
245.010
321.191
1,017,777
Muskogee
1,549,743
Tulsa
1,510,3n11,721,817
Total Southern 205.122.97
'
-954,735,404
Total all
2.427 017.018 3,424.195.-. 4
rpissil. N. V. 1.427.010.1101 1.590.311.476
99,244,749
--16.2
82,082,939
-24.1
25,639,910
23,478,947
--17.1
14,433,902
12,859.492
--34.2
_2.2
g,iiii;466
i.:6-7;465
_4.0
9,325,414
1.262,059
-21.5
14,011,644
11,917,733
-24.3
17,714,126
17,411,576
--26.5
7,97/.278
7,634,447
-4.7
12.432,416
9,257,701
--15.7
8,351.414
5.217,181
-13.9
4,676.141
4013.218
-21.9
2,901,400
3.112.104
--32.1
3.441,024
2,214,995
-31.7
3,544.741
2.557,518
-34.0
2,975,476
2,212.590
-21.4
9,997.316
2.251,837
--15.3
3,514,011
2.159,509
-1.4
2,111,197
1.417,904
--35.1
1,601,100
1,351,744
1-42.3
2,237,144
2.319,401
--57 7
2.915,312
2,121,695
-356
5,524,711
4,461,174
--11.0
501,011
417,547
+29.9
617,614
556,983
--19 4
311,201
210,990
-21.2
1,017,495
901,441
--12 7
1,071.274
625,439
-19 5 214,100,417 219,440,451
--17 513,157,414.14113,454.144.517
-8.51.1399.902,133 1.447:Y79.83S
1480
THE CHRONICLE
STATE AND CITY SECTION.
With to-day's issue of the "Chronicle" we send to
our subscribers a new number of our "State and City
Section" revised to date.
THE FINANCIAL SITUATION.
The new Federal Reserve banking system has
been inaugurated the present week under favorable
auspices. Every one is apparently co-operating to
ensure its success. Consequently the outlook is
bright. Mr.Paul M.Warburg is particularly enthusiastic about the prospects for the new system. He
thinks coming generations will look back to the date
when it was opened, namely last Monday, Nov. 16,
as the Fourth of July in the economic life of the
United States. Mr. Warburg is certainly competent
to speak of the possibilities of the system. He is a
profound student of banking and has also had a
great deal of practical experience as a banker, thus
giving him a double advantage. Besides this, the
new system embodies many of his ideas, and he
undoubtedly had a hand in shaping not a few of its
provisions, though, on the other hand, some parts
of the general scheme he would undoubtedly have
changed if he could have had his way.
It is undeniable that the new system has within
it the seed of much good. Its strong point is that it
provides for a mobilization of reserves and, for certain purposes, unites all the banks under a common
control. Much will depend, however, upon how it is
administered. No banking device was ever started
under more favorable conditions or with greater acclaim. If the system is ever wrecked it will be because it has been allowed to become an instrument
of paternalism in the hands of Government officials.
During the last three months there has been much to
engender apprehensions on that score. In the worry
and anxiety caused by the gigantic conflict in Europe, the Federal Reserve Board has been appealed
to in aid of all sorts of fantastic and paternalistic
undertakings, and under the guidance of Secretary
McAdoo it has shown a too-ready disposition to encourage attempts of that kind.
Neither the President's attitude nor that of the
Secretary of the Treasury is very assuring in that
respect, and, unfortunately, the system, being in its
infancy, every step now will count as a precedent for
the future. No doubt much banking experience will
be gained from the operation of the system in the
course of time, but the most serious danger that will
• always confront the system will be from the political
side. The steadying influence of one or two men
of the Warburg type on the Reserve Board will not
be sufficient to overcome or to avert this danger.
The menace is not alone that political expediency,
rather than sound banking methods, may be allowed
to control. Quite as much is to be feared from the
well-meaning efforts of political enthusiasts temporarily seated in high places, like President Wilson,
imbued with the idea that they have been charged
with the mission of reconstructiing society, even if
this makes necessary defiance of the economic law.
The letter which the President has addressed to the
Secretary of the Treasury concerning the aims embodied in the new system is a most remarkable one.
It reveals the purpose and motives of those who
[VoL. xenr.
have been so active on behalf of the new system.
The President says it is only necessary "to look
back 10 years or so to realize the deep perplexities
and dangerous ill-humors out of which we have now
at last issued, as if from a bewildering fog, a noxious
miasma. Ten or twelve years ago the country was
torn and excited by an agitation which shook the
very foundations of her political life, brought her
business ideals into question, condemned her social
standards, denied the honesty of her men of affairs,
the integrity of her economic processes, the morality
and good faith of many of the things which her law
sustained. There was ominous antagonism between
classes. Capital and labor were in sharp conflict
without prospect of accommodation between them.
Interests harshly clashed which should have cooperated."
This is an unreal picture. No such condition
ever existed outside of the fertile imagination of the
President; and even if it were genuine, no banking
system ever devised would be capable of dealing
with it. To go back 10 years or so, as the
President suggests, takes us back to the Roosevelt
regime. Mr. Roosevelt was the one, and the only
one, who undertook to bring "business ideals into
question," arrayed class against class, and "denied
the honesty of her men of affairs." He kept bellowing against the rich, against accumulated wealth and
against large corporations throughout the whole of
his second term,and, unfortunately, Mr. Wilson, with
Mr. Bryan at his elbow, has fallen an easy prey to
Mr. Roosevelt's demagogic appeals. It is this mistaken belief that induces the President to say that
"credit, the very life of trade, the very air men must
breathe if they would meet their opportunities, was
too largely in the control of the same small groups
who had planted and cultivated monopoly. The
control of all big business, and,by consequence,of
all little business, too, was for the most part potentially, if not actually, in their hands."
The Administration's scheme of anti-trust legislation was conceived in the same spirit. Business was
desperately wicked and needed to be chastised by
politicians and social reformers. Henceforth Government agents will be in charge of business affairs
and a Government policeman will always be at hand
to club the business man who may be presumptuous
enough to imagine that he is still privileged to exercise the right of business freedom. Says the President:
A trade tribunal has been created by which those
who attempt unjust and oppressive practices in
business can be brought to book. Labor has been
made something else in the view of the law than a
mere mercantile commodity—something human and
linked with the privileges of life itself. The soil
has everywhere been laid bare out of which monopoly
is slowly to be eradicated. And undoubtedly the
means by which credit has been set free is at the
heart of all these things—is the keypiece of the
whole structure. This is the more significant because of its opportuneness. It is brought to its
final accomplishment just as it is most imperatively
needed. The war, which has involved the whole
of the heart of Europe, has made it necessary that
the United States should mobilize its resources in
the most effective way possible and make her credit
and her usefulness good for the service of the whole
world.
Nov. 21 1914.1
THE CHRONICLE
1481
are published daily. Dress goods, woolens, cotton cloths
and yarns, gloves, hosiery and underwear by the thousands
of dozens. Also hats and ready-made clothing, besides
crockery and glassware, toys, &c., that are usually imported.
And are all these from England? By no means. You will
see from nine to twelve steamers a week from Rotterdam and
Copenhagen where last year you saw two. Goods are
coming here from the Continent of Europe daily.
Last year, under the reduced tariff, importations of woolens increased from seventeen millions to forty millions.
Mr. Underwood left a knife sticking in the back of our industries.
Respectfully,
JOSEPH D. HOLMES.
The Trade Commission Bill and the anti-monopoly
Nov. 17 1914.
to business advance but rather a
The opening of the Federal Reserve banks seems
to me to be the principal agency we have created for
the emancipation we seek. The 16th of November
1914 will be notable as marking the time when we
were best able to realize just what had happened.
In the anxious times through which we have been
passing, you have, my dear Mr. Secretary, been able
to do many noteworthy things to strengthen and
facilitate the business operations of the country.
Henceforth you have a new instrument at hand which
will render many parts of your task easy.
bill are not an aid
handicap; and as for the statement that "labor has
been made something else in the view of the law than
a mere mercantile commodity," the fact is that special privileges and immunities have been conferred
upon labor, which is class legislation of the rankest
kind. But we wish to direct particular attention to
the phraseology employed by the President in the
closing sentence of the above excerpt. Speaking of
the new banking system, he says to the Secretary
of the Treasury: "Henceforth you have a new instrument at hand which will render many parts of your
task easy." It is from endeavoring to make the new
banking system an instrument in the hands of a
Government official like the Secretary of the Treasury that the most is to be feared.
The new banking law may well be looked upon as a
piece of constructive legislation, capable of great
good if rightly administered. The same cannot be
said of the Trade Commission Bill, the Anti-Monopoly Bill or the Tariff Bill. All these are destructive
measures. Yet the President is proud of them all,
and says with the utmost confidence that "the future
is clear and bright, with promise of the best things."
He cannot understand why others should not take the
same view. Now that his beautiful theories for the
social and economic regeneration of the country
have found expression in the statute books, he thinks
business interests should be happy and hail him as
their deliverer. The following from our waggish
contemporary, the "Sun," typifies the relationship
existing between the Administration and the business
world:
"KIND WORDS CAN NEVER DIE."
From the New York "Sun."
To the Editor of "The Sun":
Sir—The kind words from the Administration to the business interests of the country remind me of the thrilling
melodrama entitled "Nellie the Beautiful Cloak Model."
In the early part of the play the villain pushed Nellie off
the Brooklyn Bridge. Later he threw her overboard from
an Atlantic liner. Later still he thrust her under a descending elevator. The next time they met he said: "Nellie,
why do you fear me?"
The new Tariff Law, the President thinks, furnishes especial occasion for rejoicing on the part of
the community. Here again men of affairs refuse to
accept his dictum, as the following letter will show.
We will premise by saying that tariff revisions of the
right kind would find general acceptance.
Editor "The Financial Chronicle":
Sir.—The Underwood Tariff is still the great drawback to
business and industrial improvement. We are sending
abroad millions of bushels of wheat to correct the balance of
exchange, as our exports of manufactured goods, cotton and
copper are cut off. But we are importing right here at the
Port of New York from two to four million dollars' worth of
merchandise daily, most of it manufactured goods that could
The manifests
be produced here. What is being imported?
A considerable expansion in the volume of merchan-,
dise exports as contrasted with September is the
salient feature of the foreign trade statement of the
United States for October 1914. It does not follow,
however, that the high record total of the month last
year is very closely approached. On the contrary,
there is a heavy decline from that aggregate, but it
should be noted that the loss is more than accounted
for by the shrinkage in cotton shipments. In other
words, excluding cotton in both years, the 1914 total
is actually 10 million dollars in excess of that of a
year ago. Imports for the month, as officially announced, although a little under September, were
moderately greater than for October last year, but
the increase is apparent rather than real and calls for
a word of explanation. Last year the Government;
in order to have the October import statement begin
with the operation of the new tariff law (in effect
at midnight Oct. 3 1913), transferred to September
the importations of the first three days of the month,
and that in itself accounts for an amount much more
than the present year's seeming gain.
Stimulated by the war in Europe, the outflow of
breadstuffs from the country in October increased
very largely, having been almost three times that
of the period a year ago, with wheat and in lesser
gree oats and flour, the predominant items in the
increase. In some lines of manufacture, too, the
impulse of the conflict has been distinctly felt. But
cotton exports fell off decidedly, reaching in October a value of only $20,420,043, against no less than
$107,375,197, lower prices contributing to the decline, as is evidenced by the fact that, with loss in
value over 80%, the decrease in quantity was only
54%. The aggregate exports of merchandise for
the month were $195,283,852, against $271,861,464
in 1913, a decrease of 76M millions, whereas in
cotton alone, as indicated, the loss was approximately 87 millions. For the ten months of the current calendar year the total at $1,662,685,841 compares with $2,005,283,622.
The increase in imports in October from $132,949,302 in 1913 to $137,978,778, having been accounted for by the explanation given above, needs
no further elucidation. For the ten months of 1914,
however, the inflow of merchandise aggregated $1,548,429,652, and is a high mark, contrasting with
$1,460,334,373 and showing a gain of 37M millions
over the previous record of 1912. The export balance of $57,305,074 for October this year shows a considerable contraction from that of 1913, which was
$138,912,162, but under the disturbed conditions
prevailing cannot but be viewed as satisfactory. The
ten months' export balance, at $114,256,189, is the
smallest in many years—in fact, since 1895, when
imports exceeded the outflow—and contrasts with
545 millions last year.
1482
THE CHRONICLE
The gold movement of the month netted a considerable loss—$44,407,106, exports having been no
less than $50,341,972, of which very much the greater
part represents transfers of the metal to Canada for
English account, and is found reflected in the statements of the Bank of England, and imports of $5,934,866. The net gold exports for the ten months of
the calendar year reach no less than $162,121,938.
Building construction operations in the United
States in October 1914, continuing to reflect the
adverse influence upon our affairs of the stupendous
conflict in Europe, showed considerable contraction
as compared with the same period of recent preceding
years. It does not follow, of course, that lessened
activity has been universal, for in some localities
special conditions or needs have served to give
stimulus to the erection of buildings. To a greater
or lesser extent this was true in St. Louis, St. Paul,
New Orleans, Norfolk, Seattle, Syracuse, Scranton
and Wilmington, Del., as well as Atlantic City,
Allentown, Chelsea, Fort Smith, Haverhill, Lawrence, Mass., Lowell, Springfield, 0., York and
Williamsport. On the other hand, however, conspicuous losses are numerous. They are to be found
at Chicago, Baltimore, Milwaukee, Kansas City,
Detroit, Indianapolis, Pittsburgh, San Francisco,
Buffalo, Albany, Cincinnati, Omaha, Memphis,
Washington, Rochester, Dallas, Jersey City, New
Bedford, and many less populous cities.
The operations contracted for in Greater New
York (all five boroughs) this year were of moderately
greater magnitude, covering a contemplated expenditure of $8,863,278, against $7,886,224 in 1913, the
Borough of Manhattan recording most of the increase. For the country outside of this city (157
cities), the estimated outlay under the plans filed
totals only 48 1-3 million dollars, against 62% millions a year ago, and falls below 1912 by an even
greater amount-16% millions. The Middle West
Division (28 cities) reports an aggregate of $15,158,134, against $20,860,176 last year, and the territory
west of the Mississippi River (23 cities), but not
including the Pacific Coast section, furnishes a total
13
% millions less than 1913. The amount for 38
cities in the Middle Atlantic region at $12,457,209 is
3V
4 millions below a year ago; New England municipalities to the number of 24, gave an aggregate 131
millions smaller and the South and the Pacific Coast
each fall behind a little over a million.
For the ten months of the calendar year 1914 the
compilation, embracing the identical 158 cities, more
clearly defines the situation in the building industry,
showing, as it does, a quite marked lessening of activity as compared with either 1913 or 1912. The
figures for the last three years for the whole country
are 712 millions, 7683/ millions and 823k
4 millions,
respectively. Greater New York's operations, at 127
millions, are the smallest since 1907, and fall behind
1913 by 4 millions and 1912 by over 61 millions, while
outside of this city the comparison is between 585
millions this year, 636k millions in 1913 and 644
millions two years ago. In New England a drop
from 1913 of 1M millions is recorded; in the Middle
Section (exclusive of Greater New York) the decline
is 15% millions; in the Middle West it is 6 millions,
on the Pacific Coast 243/b millions and at the South
93/b millions. The "Other Western" division, on
the other hand, exhibits a gain of 53' millions, accounted for at Minneapolis and St. Paul.
[VOL. xc
In the Dominion of Canada, quite naturally, the
effect of existing conditions is being more severely
felt than here. In fact the decline in building operations in some localities amounts virtually to complete
stoppage. Returns from 49 cities are at hand for
October, and they indicate a contemplated outlay of
merely $3,515,328 ($2,739,441 East and $775,887
West), against $16,063,560 ($12,044,442 and $4,019,118, respectively) in the month last year. For
the ten months of 1914 the projected expenditures
at the same 49 cities totals very much less than last
year, $91,091,807 (of which $59,770,827 in the East
and $31,320,980 in the West), contrasting with
$135,485,797 ($77,450,738 East and $58,035,059
West). The loss of nearly 17Y
1 million dollars in the
Eastern Provinces is most largely at Montreal and
Toronto. The decrease of 263 millions in the West
is shared in generally, but occurred mainly at Vancouver, Edmonton, Winnipeg and Moose Jaw.
It is rather difficult to gather from the cabled
dispatches that have this week purported to describe
the progress of the war any fairly definite idea
of net results. Both on the Eastern and Western
boundaries the Germans have been launching numerous and determined attacks, with apparently some
measure of success in Poland. In Flanders and
France the battle which has been raging for more
than a month has once more, apparently, developed
into an artillery duel, the infantry attacks, which
formerly were of such frequent occurrence, have
almost entirely ended. This latter feature is ascribed to the inability of the infantry on either side
to operate successfully over the muddy ground, and
also because of the wide area which the Allies have
flooded between the coast and Dixmude. It is also
considered probable that one reason for the absence
of real activity in this section is the withdrawal of
troops to reenforce the German operations in Poland
and in the Eastern campaign generally. Severe engagements are in progress again between the Russians
and Germans between the Vistula and Warthe rivers
in Poland. All that seems definitely known is that
the Russian advance guard, consisting very largely
of cavalry, which advanced right on to the German
frontier after the battle at Warsaw, met superior
forces and has been compelled to fall back more than
half the distance covered in the original advance.
The Germans, it is reported, are sending very strong
forces of men and guns into the territory between the
two rivers where the battle must be fought, with the
hope that in this confined area the Russians will not
be able to deploy their enormous forces to their own
advantage, as they have done in practically all the
previous battles. On the other hand, the Russian
commander-in-chief, according to dispatches from
Petrograd, is determined to choose his own battleground, and it is considered likely that he will select
it as far away from the German lines of communication as possible. In Galicia, before Cracow, and in
East Prussia, the Russians are said to be pushing
their advantage, apparently disregarding the fact
that their centre has been compelled to fall back.
They are also showing activity in the Carpathians,
their object being to prevent the Austrians. from
retiring into Hungary.
On the sea there have been several important encounters. The Russian and Turkish squadrons have
fought an engagement off Sebastopol in the Black
Sea. No vessels were sunk or captured, and official
Nov. 21
1914.1
THE CHRONICLE
reports from each side claim advantage. The
Russian account asserts that the cruiser Goeben, one
of the vessels turned over to the Turkish navy by
Germany, was damaged. The Goeben was accompanied by her sister-ship, the Breslau, which was
likewise turned over, but the latter did not join in
the fight. The first fire from the Russian flagship,
the Admiral Evstafry, struck the Goeben, causing an
explosion amidships, and this was followed by other
explosions. The encounter lasted fourteen minutes,
after which,it is declared,the Goeben took advantage
of her superior speed and disappeared in the fog.
The official German account of the battle says the
Russian squadron, consisting of two battleships and
five cruisers, was forced to flee into Sebastopol with
the Turkish vessels in pursuit, after one of the
Russian battleships had been seriously damaged.
Mail advices received in New York last Saturday
gave details which the cable censors had refused to
permit to come by wire of the sinking of the British
battleship Audacious on Oct. 27 by either a mine or
a German submarine off the coast of Ireland. The
crew of 800 men were rescued by the White Star liner
Olympic, and the battleship is said to have been
finally blown up and sunk to prevent it remaining a
menace to navigation. Germany has issued a
denial of the charges of the British Government
regarding methods employed in laying mines in the
North Sea. The statement is that German warships
laid these mines only along the English coast. The
British charges are declared to be England's excuse
for closing the North Sea. A German squadron on
Tuesday bombarded the Russian Baltic port at
Libau, according to an official statement from Petrograd. On the same day the Russian Black Sea fleet,
which had been cruising off Trebizond, bombarded
that town. German reports state that three small
.British warships which have been assisting the
Allied land forces in Belgium have been disabled by
German shells.
An incident of direct interest to our own Government was the firing on the launch of the United
States cruiser "Tennessee" by Turkish troops at
Smyrna. The American Ambassador at Constantinople has been directed by our State Department
to ask the Sultan to explain the incident and Secretary Daniels has requested the commander of the
"Tennessee" and also the United States cruiser
"North Carolina", which is also near Turkish waters,
to take no action that might embarrass our Government. The "Tennessee" has withdrawn to Chios.
No reply has yet been received from the Sultan.
So far as Turkey's military operations are concerned,
very little of an informative nature has been reported. Russia states that it is sending additional
troops against the Turks in the Batum district, and
reports the defeat of the Kurds in Persian Armenia.
British reports of fighting in Arabia claim victory
where the Turks previously reported a British defeat.
A dispatch from Sydney, N. S. W., reports that
the Japanese offered to turn over to Australia the
German island possessions seized by Japan since
the war began. The British Government is said to
have accepted the offer. Field-Marshal Earl Roberts, British national war hero, died "at the front"
•in France on Saturday last, primarily as the result
of a cold contracted in the rain-soaked trenches.
He was 82 years of age. The body of Earl Roberts
1483
was on Thursday placed in St. Paul's Cathedral
besides the remains of Wellington, Nelson, Napier
and Wolseley. The presence of King George at the
funeral service marked the first occasion in recent
times in which an English Sovereign had personally
attended the funeral of a subject not connected with
the Royal family.
An analysis of the official British casualty lists
up to November 11, so far as they relate to officers
of the British regiments in active service, show a
total of 2,420, including 682 killed, 1,384 wounded
and 354 missing or prisoners. Of the officers killed,
5 were generals, 20 colonels, 61 majors, 222 captains
and 374 lieutenants. Premier Asquith in a recent
statement to the House ,of Commons declared that
the casualties of the war up to October 31 in the
British military service were approximately 57,000.
A report on British naval casualties to date was
given in the House of Commons on Wednesday by
Winston Churchill, First Lord of the Admiralty.
The figures are: officers killed 222, wounded 37,
missing 5. Men killed 3,455, wounded 428, missing 1.
Civil war appears to be in full swing again in
Mexico. General Obregon assumed military authority at Mexico City on Tuesday of his own accord,
and communicated his decision to General Carranza,
thus, with the latter and General Gutierrez, who was
recently appointed Provisional President by the
conference of generals, becoming a third authority
in Mexico. Meanwhile, General Villa is marching
on Mexico City with the object apparently of declaring himself president or dictator, while General
Zapata and former Federals under Generals Argumedo and Aguilar are threatening Puebla, where
General Carranza is making his headquarters.
This is a situation that unexpectedly followed an
agreement of both Carranza and Villa to surrender
their commands and leave the country by November 25 in the hands of General Gutierrez. On the
latter assurance Secretary Bryan late on Friday of
last week announced that American troops now
occupying Vera Cruz would be withdrawn from that
place on November 23. In his announcement the
Secretary of State said that the assurances asked for
by the United States with regard to the safety of
persons remaining at Vera Cruz and the exemption
from double taxation of those who have paid customs duties and other taxes to the United States
had been furnished by General Carranza, the nominal
head of the Mexican Central Government at the
Aguas Calientes Convention of the Mexican faction,
which claims to exercise sovereign authority over the
republic. Secretary Bryan has not yet countermanded the order to evacuate Vera Cruz. The
customs duties collected by the United States while
in possession of Vera Cruz will be held and paid
over only to such Mexican Government as shall be
officially recognized by the United States.
Until now the cost of financing the war, so far as
England is concerned, has been borne chiefly by the
British bankers, who have purchased the various
issues of Treasury bills, amounting to £90,000,000
that have been offered by the British Exchequer.
These bills are the usual Treasury documents with
a maturity of six months. As the war is giving
every evidence of becoming a highly protracted
struggle, it has been found necessary to undertake
1484
THE CHRONICLE
a much more permanent form of war finance, both
as a provision for meeting the notes as they mature
and for new funds that will be required right along
for naval and military purposes. Therefore on
Monday Premier Asquith asked the House of Commons for an additional credit—additional to the
£100,000,000 notes already authorized—of the large
sum of £350,000,000 for war purposes, the greatest
single demand ever made upon the nation. Including the £100,000,000 credit voted in August, it
is equal to a 50% increase in the national debt.
The new credit was immediately and unanimously
voted. The larger part of the £100,000,000 already
granted for war purposes had been expended, the
Premier explained, and Britain is now spending
£1,000,000 a day. The country has already lent
to its allies £43,000,000, of which the largest single
item was £10,000,000 to Belgium. Servia had borrowed £800,000. On these two loans no interest
accrues until the end of the war. Other loans, Mr.
Asquith further explained, had been made to the
self-governing dominions of Canada, South Africa,
Australia and New South Wales. Under ordinary
conditions the countries named would have had to
borrow their money in the London market. But
the war had rendered routine borrowings through
bankers impracticable.
The prospectus of the new loan, which was issued
by the Chancellor of the Exchequer on Tuesday,announced the rate of interest as being 33/2%, the issue
price 95, and that the bonds will be redeemable at
par on March 11928. The cost of the first two years
of the war was estimated by the Chancellor at £450,000,000. The subscription lists to the new loan will remain opennntil next Tuesday. Overwhelming results
are expected, as the Bank of England, by agreement
with the Government,is prepared to lend at 1% below
the Bank rate on the loan without additional security,
while payments,it has been arranged, are to be made
in bi-monthly installments running up to the end of
April. The London Stock Exchange is said to view
the loan as a good investment and some members
have expressed the belief that another loan will be
issued some time in April. Financial corporations
are believed to have subscribed very largely, discount firms alone having applied for about £30,000,000. The British royal family has heavily subscribed, it is reported, through Lord Revelstoke.
, The loss of revenue due directly to the war
Lloyd-George estimated at £11,850,000. As one
means toward raising this sum the Chancellor
proposed to double the income tax, which, working
on a sliding scale according to the amount ofincome,
has hitherto ranged from1,33
%to 8 1-3%,with an added
supertax upon unearned incomes and those exceeding
£2,000 per year. The increased tax for the present
year, however, will be collected for only one-third
of the year, namely the period during which the war
has been actually in progress. In addition, it is
proposed to add an additional tax upon beer of 17s.
3d., equivalent approximately to Md. a glass.
The tax on tea will be increased 3d. a pound. By
this means the Chancellor estimates that he can
raise £90,000,000 toward the expenses of the war, in
which all classes of the population will share except
those having incomes of less than £160 a year. These
will still remain exempt. The Chancellor remarked
that the necessity of these taxes was the more urgent
in order that there may be no drawing back until
the enemy is entirely crushed. Half measures would
[Vot. xcix
be of no avail. "We have to contend against an
enemy," said Lloyd George, "which, as we must
recognize, cannot submit any terms which we can
possibly accept unless we previously administer a
The additional income tax
smashing defeat."
the Government's revenue
increase
this year will
£44,750,000. There will be
year
next
£12,500,000 and
no taxes levied to interfere with productive industry.
Aside from the new war loan, the London Stock
Exchange settlement, which was concluded successfully on Wednesday, Nov. 18, has attracted chief
interest in financial cirdles at London. No important trouble appears to have been developed in any
department aside from the cases of firms unable to
collect debts from abroad. Their position is to be
dealt with separately later on, but even in these instances the complications were less serious than was
expected. A substantial amount of securities was
taken up. The troubles that were believed to exist
in the market for American securities did not openly
develop and are now understood to have been more
or less permamently arranged. British consols,
owing to the competition of the nem war loan, are
now in very backward demand and are declared to
be almost unsalable at the fixed minimum of 683/2.
The London "Financial News" calculates that the
total specie settlements on Nov. 18 exceeded £25,000,000. Dispatches from London are not highly
optimistic as to the possibilities of an early resumption of business on the Stock Exchange there, although it is declared to be the more general belief in
responsible circles that business will be resumed
early in January. It is reported that a feature in
Throckmorton Street this week has been the heavy
cash buying of American railroad stocks for New
York account at prices running slightly above the
minimum figures,namely the closing quotations in July.
The House of Commons yesterday formally passed
the vote for a supplementary army estimate which
provides for an additional army of 1,000,000 men.
This additional million men was asked by Premier
Asquith in the House of Commons last Monday.
It is quite apart from the Territorials, and is additionalto the 1,100,000 men now said to be under arms.
The British Attorney-General, Sir John A. Simon,
introduced in the House of Commons yesterday
an amendment to the Act covering trading with
the enemy. He said his aim was to stop the transmission of money or credits which would be advantageous to the enemy. Everybody holding
property in trust, such as dividends, profits, &c.,
belonging to enemies of the Empire in Germany,
Austria and Turkey, would, he explained, henceforth be required, under penalty, to pay these profits
to a public trustee. The Attorney-General explained that indiscriminate confiscation was not
intended. "We are preserving the enemy's property
until the end of the war," he said. "What will
happen to it at the end of the war can very properly
be decided then."
Another war measure ordered by Great Britain
yesterday prohibited the exportation of tea to all
Continental ports except those of the countries of
the Allies, and of Spain and Portugal. This prohibition is understood to be due to indications that
Germany is receiving large supplies of tea through
the Netherlands.
Nov. 211914.]
1485
THE CHRONICLE
Advices cabled from Bordeaux state that the cost
of the war to France for the month of November
will probably be less than was the monthly average
for August, September and October. A supplementary credit for extraordinary expenditures was
authorized on Friday of last week for November. It
amounts to 910,772,520 francs, being a daily average
daily
of a little above 30,000,000 francs. The
was
the
war
of
months
three
average for the first
an
receives
navy
French
The
35,000,000 francs:
GovThe
francs.
4,275,000
of
extraordinary credit
ernment, it is announced, will disburse immediately
65,000,000 francs for the repairs to the railroad
system. A total of 6,570,000 francs has been set
aside for the relief of the unemployed, while various
smaller amounts will be used to relieve the suffering
in the sections of France which have been invaded
by the Germans, but which are now free of the
enemy. So far as the French financial markets are
concerned, the Agentss d'Change will help the situation by assuming 40% of the Bourse carry-over loans
which have been overdue since last July. The Bank
of France is providing about 200,000 francs for this
purpose, conditional upon the loans being guaranteed
by the Agent d'Change. Thus far, however, no
similar relief has been afforded on the Coulisse,
where it is estimated that about 200,000,000 francs
are overdue. It is stated that an exchange of views
is in progress between London and Paris in respect
to the. re-opening simultaneously of the London
Stock Exchange and the French Bourse. Paris
advices suggest that such re-opening may occur in
December, but as we have already noted in our
remarks on the London situation, such a view is not
generally entertained at the British centre. The
legislative and administrative staffs of the French
Chamber of Deputies returned to Paris on Thursday
as a first step to the return of the entire French
Government.
Cable advices from Berlin by way of Amsterdam
state that the Reichstag will be asked in the near
future to grant a new war credit of 5,000,000,000
marks. This seems rather improbable in view of the
large loan recently so freely subscribed which was
generally supposed to provide funds for at least a
year. The capital of the Krupp Company is to be increased from 70,000,000 to 250,000,000 marks, such
increase being justified, it is asserted, by the demands
of war and by enlargements of the works, the purchase
of coal fields and other items which have locked
up a great amount of capital. The new stock issue
will, as usual, be taken by the Krupp family and a
part of the new capital will be paid in on December 31. The directors have also proposed a dividend of 12%, as against 14% declared in the preceding year and have also contributed a gift of
3,000,000 marks toward the relief of the families
of soldier employees, as well as 2,000,000 marks to
the employees' furlough funds and 1,000,000 marks
to the pension fund. A dispatch from Vienna, by
way of Amsterdam, states that "subscriptions to
the Austrian war loan were opened on Monday, and
the first days' operation in this respect are considered extremely successful. Besides a number
of large subscriptions, several hundred thousand
dollars in smaller amounts have been offered."
however, are rather firmer, sixty day bills closing
at 3%, against 23.i@23/2% a week ago. Ninetyday bills are quoted at 314%. No quotations
have been received in New York by cable this
week, so far as we have been able to learn, giving private bank rates in other European centres.
Mail advices, however, quote them nominally as
follows :Paris, 4%;Berlin,6%%;Vienna, 3 15-16%;
Amsterdam, 334%. The official Bank rates at the
leading foreign centres are : London, 5%; Paris, 5%;
Berlin, 6%; Vienna, 532%; Brussels, 5%, and Amsterdam, 5%.
After a slight reaction last week the Bank of
England resumed its progress in piling up gold.
This process has been continuous, with the one
exception noted, since the war began. It is to be
expected that this movement will continue so long
as the Continental exchanges are in such a strained
condition. The addition to the Bank's holdings
of gold coin and bullion is £3,289,219 ,while the
reserve is £3,495,000 higher, though the proportion
of reserves to liabilities, owing to an increase in the
latter, is only 30.04%, against 33.55% last week
and 54.97% at this date a year ago. The Bank's
gold is once again at a new high record, amounting
to £72,570,142, against £38,131,544 on July 30,
when the last normal Bank return made its appearance. One year ago the total was £36,820,482 and
two years ago £37,465,154. There was a decrease
of £205,000 in note circulation and of £2,963,000
in public deposits, while other deposits increased
£10,049,000. Government securities increased £1,597,000 and other securities (loans) increased
£2,013,000. The loan item now stands at £107,103,000; one year ago at this date it was £27,987,325,
and in 1912 £31,670,772. Our special correspondent furnishes the following details by cable of the
gold movement into and out of the Bank for the
Bank week: Inflow, £4,007,000 (consisting of
£1,416,000 bar gold and £2,591,000 American gold
coin and receipts of £282,000 net from the interior
of Great Britain), against which there were £1,000,000 set aside and "earmarked" currency note
redemption account. We add a tabular statement
comparing for the last five years the different items
in the Bank of England return :
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1910.
1911.
1912.
1913.
1914.
Nov. 23.
Nov. 22.
Nov. 20.
Nov. 19.
Nov. 18.
35,313,000
Circulation
16,286,000
Public deposits_
147,334,000
Other deposits
18,600,000
Gov't securities_ _
Other securities_ ._ _107,103,000
Reserve,notes&coln. 55,706,000
72,570,142
Coin and bullion
Proportion of reserve
34.04%
to liabilities
5%
Bank rate
28,402,960
10,611,297
38,248,144
11,784,772
27,987,325
26,867,522
36,820,482
28,277,095
13,883,639
40,635,313
13,034,576
31,670,772
27,638,059
37,465,154
28,501,405
12,818,407
39,687,214
14,438,210
28,979,562
26,817,810
36,868,215
28,152,970
11,261,366
38,999,841
14,643,558
27,510,260
25,888,054
35,591,024
54.97%
5%
51.67%
5%
51.04%
4%
52.36%
5%
The weekly statement of the Imperial Bank of
Germany, as cabled from Berlin via The Hague
on Wednesday, was again in new form. An increase
of 30,554,000 marks was reported in gold, but the
general item of "specie, treasury and loan bank
certificates and notes of other banks" indicated a
decrease of 64,511,000 marks. Lombards decreased
2,273,000 marks, discounts increased 126,771,000
marks, securities decreased 1,930,000 marks. Notes
in circulation decreased 24,833,000 marks and deposits increased 74,947,000 marks. The Bank's
stock now amounts to 1,946,045,000 marks.
gold
been
not
have
rates
Bank
Official European
year ago its total cash, including gold, was
One
in
London,
rates
bank.
Private
changed this week.
A
1486
THE CHRONICLE
WoL. XCIX.
1,506,700,000 marks. Note circulation aggregates day endorsed bills receivable and for four to six
4,060,010,000 marks, against 1,927,620,000 marks months' single names of choice character. Names
less favorably known require 6@63/2%.
in 1013 and 1,865,040,000 marks in 1912.
The local money situation, as was to be expected,
Sterling exchange has shown a tendency to react
has developed additional ease. Best names of com- from the extreme weakness that marked the closing
mercial paper are now on a 5% basis and fixed days of last week. Nevertheless, fairly liberal
loans are available at 4%@.5%. Meanwhile offerings of bills of all kinds have been available
call money has loaned as low as 432% each day this and the formal announcement that the War Risk
week, and renewals as a rule have been on a 5% Bureau of the Treasury Department had expressed
basis. The new Federal banking system was duly its willingness to accept insurance on American ships
inaugurated on Monday by the establishment of the carrying full cotton cargoes to Bremen seemed to
twelve regional banks. This establishment, as we be regarded as an encouraging sign, although it did
have previously explained, automatically reduced not appreciably affect Berlin exchange, which
the national bank reserves of the country, and as the closed at 8634 for bankers' sight and 86% for cable
New York Clearing-House had already changed its transfers, which compare with 87 and 87% a week
regulations as to reserves, the loaning power of the ago. A sharp advance in sterling rates that took
banks was correspondingly increased. We stated place on Thursday was attributed in some measure
last week that recent estimates of the amount of to buying by Stock Exchange houses in anticipation
reserves to be released by the new law would prove of sales of bonds on foreign account to be made at
to be exaggerations. We see that Vice-Governor the opening of the Stock Exchange, which it had
Frederick A. Delano of the Federal Reserve Board been reported on semi-official authority was to take
agrees with this view. In a published statement this place either on Saturday or Monday. Subsequently
week he says that the amount of gold reserves the Stock Exchange Committee announced that it
released by the new system will probably not amount had been found necessary to give further considerato $580,000,000, as originally reported, but would tion to the question of reopening. This announceprobably be something over $250,000,000. It has ment was responsible for a moderate reaction in
been well-nigh impossible, Mr. Delano added, to sterling rates on Friday.
Uptown importdetermine just what the release of the gold reserve ers have been fairly active buyers of bills this
would be on account of the duplication of reserves week. While the $100,000,000 Gold Pool, which
permitted under the old national bank law. How- was formed for the purpose of aiding the foreign
ever, even $250,000,000 is a large sum to be released, exchange situation after another pool had already
especially as it will afford the basis for increased arranged to take care of the New York City obligaloaning power by the banks on the new basis of re- tions maturing in London during the remainder of
serve requirements. These in New York amount to the year will not be at once dissolved, it is becoming
18%, against the former requirement of 25%. New evident that there is no longer real need of its
York banks have thus far retired $64,054,320 of the activity in the market. Only 25% of the $100,$133,000,000 emergency note circulation they origi- 000,000 was actually called from members of the
nally took out.
pool and $5,400,000 has already been returned to
Last Saturday's bank statement is the final one subscribers. There have been no further reports
that will be issued under the old form, new conditions of European government credits being established
incidental to the inauguration of the Federal Reserve in this market, although the various belligerent
System requiring a new form for to-day's statement. countries, directly or indirectly, are making active
The banks, according to the statement published by purchases of various supplies in this country. Exthe Clearing House on Saturday, reported a reduc- change on Paris has slightly advanced, bankers'
tion of $11,532,000 in loans for the week and an in- checks closing at 5 12, against 5 14 last week and
crease of $2,307,000 in deposits. There was a con- bankers' cables at 5 11, against 5 133/2. Exchange
traction of $23,532,000 in note circulation and of on Amsterdam is 1-16 higher at 40 9-16 for bankers'
$7,239,000 in the money holdings. Reserve require- sight, 40 11-16 for bankers' cable and 40 5-16 for
ments were increased $1,261,650, so that the surplus commercial sight. Italian exchange finished at
showed a decrease of $8,500,650, bringing the total 5 39%, against 5 40. There were no additional
down to $7,413,900, which compares with $15,142,- shipments of gold to Ottawa this week.
700 at the corresponding date in 1913 and $5,269,700
in 1912. The cash in bank vaults decreased $3,531,Compared with Friday of last week, sterling ex000 and in the vaults of trust companies $3,708,000, change on Saturday was slightly firmer at 4 883/i for
while the cash of trust companies in banks decreased demand, 4 88% for cable transfers and 4 8534@
$1,981,000.
4 853/i for sixty days. On Monday heavy accumulaReferring to money rates in detail, it may be said tions of cotton and grain bills over the week-end
that the range for the week has been 43/20,6%, the precipitated a sharp drop in quotations and demand
higher figure having been current for one day only, declined 1 cent in the pound from Saturday's figures,
namely Monday. On that day 532%, too, was the to 4 873/s; the close was somewhat above the low
ruling figure, otherwise 532% has been the highest point, with the range 4 87Y1@,4 87% for cable trans8@4 8734 for demand and 4 84%@,4 85
rate and 43/2% the lowest, with 5% the renewal basis fers, 4 873/
days.
for
money
sixty
Time
week.
closes
the
at
Firmness developed on Tuesday,
each day of
which
maturities,
on
largely
an
active
compares
inquiry from uptown importers,
with
all
for
4%@5%
5X@ZW70
If a week ago for sixty and ninety-day bills and demand bills rose to 4 873
4, cable transfers to
and 5@.53i% for four months, five months and six 4 884 and sixty days to 4 8534@4 853/2. On
months. Commercial paper is in demand at 5% for Wednesday increased supplies of commercial offerings
the best names, though it is desirable to name a range caused weakness at the opening, and there was a
against 53/2@6% for sixty and ninety-. decline in the early transactions; later, however, the
5@,53
Nov.21 1914.)
THE CHRONICLE
1487
Were it a statement of fact, it would mean that
this country had become depraved in its business
morals and was ripe for and in need of redemption.
Unhappily, Mr. Wilson became possessed by a
notion, in which we must suppose him sincere, that
a leader was needed to bring the country out of its
dangers to the high level of morality and righteousness, and that he had been chosen for that great
work. He expressed this in his inaugural and has
repeated it since. He clings to it now, and declares
that it has been already accomplished. We have
come out of "a bewildering fog, a noxious miasma;"
we shall presently look back upon the past "as if
upon a bad dream;" "a new day has dawned for the
beloved country," Sze.
A Martian, just arrived and reading this, would
suppose the country had just achieved emancipation
from some great servitude, and that last Monday
(as this glowing letter comes only short of predicting
The New York Clearing-House banks, in their op- in terms) will be added to our list of holidays as
erations with interior banking institutions, have the anniversary of our national salvation. The
gained $11,188,000 net in cash as a result of the cur- whole letter is destitute of real substance; it is just
rency movements for the week ending Nov. 20. Their
receipts from the interior have aggregated $16,694,- a word-picture done in the most brilliant colors,
000, while the shipments have reached $5,506,000. lavishly piled on. It is true, most unhappily, that
Adding the Sub-Treasury operations, which occa- persons with some power, "either in business or in
sioned a loss of $9,940,000, the combined result of politics, were almost universally looked upon with
the flow of money into and out of the New York banks suspicion, and little attempt was made to distinfor the week appears to have been a gain of $1,248,- guish the just from the unjust." This is because
000, as follows:
accusation was sweeping and _indiscriminate, and
Out of
NU Change In
Inio
Week ending November 20.
political agitators who merely wanted power for
Bar.ks.
Bank Holdings.
Banks.
sought it by plying the familiar arts of
themselves
85,506,000 Gain 811,183,000
816,694,001
Banks' Interior movement
34,679,030 Loss 9,940,000
24,739,000
Sub Treasury operations
the demagogue, reiterating that the common people
Tntel•841.433,030 840,185,000 Gain 81,248,000 were ground under heel by the rich and must orThe following table indicates the amount of bullion ganize and strike for liberty. "This was not merely
in the principal European banks:
the work of irresponsible agitators," says Mr.
Nov. 20 1913.
Wilson. That is correct so far as this: there were
Nov. 19 1914.
Banks of
Siker. I Total.
Gold.
Total.
Stever.
some real wrongs, as there always have been; but
Gold.
E
£
£
I
£
£
I
£
all the hue and cry about monopoly has been per72,570,142 36,820,4821
I 36,820,482
Ene1and_ _ 72,570,142
25,614,4401166,657,000
141,042.5601
178,040,00
13,160,00
Frances.. 164,880,00
haps one part old fact and certainly nine parts of
97,398,50 61,605.7501 13,730,1501 75,335,900
Germany. 95,798,500 1,600.0
187,961,00 167,358.0001 5,826.000]173,154,000 exaggeration for political effect.
4.119,
Business morality
RtIVia a__ 183,842,
Aue.-Ilim 51.578,00 12,140,00063,718.00 51,032,0001 10.517.0001 61.599,000
Spain._ _ _ 22.381,00 27,683,000 50,064,00 18.931,0001 29,064,0001 47.995.000 steadily improves, because there is an overruling
48,604,000
45,601,000 3,000,0
2,700,001 50,458,0
47.758,0
Italy
630,7001 13,082,700
171,601 14.500,60 12,452,000
Neth land 14,329,00
plan of evolution the world
4,156,
12.468,000 Providence under whose
15,980,009
8.312,0001
600,000
Nat.-Beled 15,380,00
5,695,000
5,774,0
5,695,0001
Sweden _ _ 5,774,00
6,877,000 does move.
6,877,0
8,781,70
SwIts'land 8,7i1.700
2.550,000
2,550,0
2,251,
Norway _ _ 2,251.00
Looking for some definite statement in this chant
Tot. week 685,323,342 62,173,60 747,496,942558,329,798 92,538,2901650,888.082
Prey meek 679.567,823 62,332,60 741,900,423557,266.184 91.947,2801649.213,464 about a slough .of wickedness and an emergency
a Data for 1914 for Oct. 15. c July 30. d Sept. 21.
to reform already accomplished, we are told that
"credit, the very life of trade, the very air men
THE PRESIDENT STILL A CRUSADER.
must breathe," was too largely "in the control of the
Taking as occasion therefor a note from Secretary same small groups who had planted and cultivated
McAdoo formally announcing the opening of the monopoly." As there has been no time in a hunReserve banks on Monday, the President indulges dred years when all traders, wholesale or retail,
once more in a "prosperity" letter which is very corporate or individual, were not anxious for busibeautiful and beyond criticism as a literary produc- ness and ready to sell to any apparently safe buyer
tion, but when considered seriously is merely an on reasonable credit, this assertion will be taken
array of glittering generalities that neither satisfy by the ordinary reader to mean (and apparently it
nor reassure. We make some comment upon the must mean, if it has any meaning) that banks have
President's remarks in our article on the "Financial been either too few or too strict. There seems to
be an implication and we may admit that it has a
Situation", but it will bear further discussion.
It is not historically exact to say that "the country catchy sound for the "people") that one man is as
was torn and excited by an agitation which shook good as another and all are somehow "entitled" to
the very foundations of her political life, brought credit. Even Jefferson did not go so far as this in
her business ideals into question, condemned her his immortal statement of inborn human equality
social standards, denied the honesty of her men of and inalienable rights. "The means by which credit
affairs, the integrity of her economic processes, the has been set free" is the new banking scheme; "a
morality and good faith of many of the things which system of banking and currency issues has been
her law sustained." This was not the condition created which puts credit within the reach of every
"ten or twelve years ago", or at any other recent man who can show a going business." Too much
time, though Theodore Roosevelt, when in power, stress must not be laid upon the "going" qualificato serve his own lends sought to create the impression tion, but if this be restricted to business which is
not only still "going" but is solvent and fairly thrivthat it was.
market rallied on covering of shorts and closed firm;
/i for
8@4 875
the range of quotations was 4 873/
and
transfers
cable
demand, 4 87%@4 88% for
the
on
demands
Renewed
4 8531 for sixty days.
Stock
from
as
well
.as
importers,
part of uptown
Exchange firms in anticipation of the proposed opening of the Stock Exchange on Monday (which was
subsequently abandoned), brought about a firmer
tone on Thursday and demand advanced to 4 87%@
2@4 893/i and sixty
/
4 883I, cable transfers to 4 881
Friday the market
On
.
2
853/
days to 4 853'@4
the close. Final
at
rallied
it
though
ruled easier,
sixty
for
85@4
days, 4 87%
4
were
853
quotations
for cable
89
88%@4
4
and
demand
for
@4 883'
transfers. Commercial on banks nominal, documents for payment nominal. Seven-day grain bills
4 86%@4 86%. Cotton for payment nominal; grain
for payment nominal.
1488
THE CHRONICLE
[Vol.. xc
ing, there is nolchangelfor credit has ,always been tions of the twelve months is no more than $450,621
obtainable when deserved; and while the utmost without the payment of any dividend. Looking for
reasonable expectations are deserved by the new the cause of the falling off in income, we find that
banking scheme, the impregnable fact remains that gross revenues decreased $3,156,822. In ratio, this
banking must be donelupon business rules and credit is no more than 4.4%, and was due as much to a
goes as it is earned, not as it is wanted—it cannot decrease in rates as to a falling off in traffic, the
be "set" or be made "free".
number of tons of revenue freight moved one mile
Looking for further specifications, "capital and having decreased only 1.54% and the number of
3 3 of 1%.
labor were in sharp conflict"; so they were, and so passengers carried one mile no more than /
they, unhappily, still are, and the largest reason is The loss in volume, unfortunately, was supplemented
this continual playing for the labor vote. "Labor by a decline from 2.01 to 1.92 cents in the rate
has been made something else in the view of the law realized per passenger per mile and from 8.9 mills
than a mere mercnatile commodity, something human to 8.6 mills in the rate received per ton of freight per
and linked with the privileges of life itself." The mile. The usual efforts at economy were made and
reference here is to grantineto labor exemption from expenses were cut down $1,504,156, but $1,298,889
accountability under the Sherman Act, a piece of of the whole amount was in the maintenance outlays.
political cowardice (refused by Mr. Wilson's pre- There remained, therefore, a loss in net of $1,652,decessor) which is a continuance of the vote-seeking. 666, or 8.8%. In addition, taxes which have been
Does the sacredness of labor as a part of life itself steadily rising, so that in the brief space of seven
get protection by leaving the right to work dependent years they have doubled, showed a further increase in
upon the consent of striking members oflabor unions? 1914 of $369,195, raising the loss in net to $2,031,861.
"There is no other interest so central to the busi- Then, also, outside income was reduced $861,474,
ness welfare of the country as this," the railroads bringing the loss in net income up to $2,883,335.
being here referred to. Undoubtedly so, but what is At the same time, the charges for interest and rentals
offered to them in this picture of past, present and increased $724,398, the two combined, therefore,
future? The same indefinite suggestion that eman- working a reduction in the amount available for the
cipation will get around to them also in the sweet stock in the sum of $3,607,733, or only a little less
bye-and -bye;"no doubt, in the light of the new day, than the $3,743,525 required for the 5% dividends
with its new understandings, the problems of the paid in the preceding year. As the margin above the
railroads will also be met and dealt with in a spirit dividend on the operations of the preceding year had
of candor and justice." As for the "trade tribunal" been only $314,829, this compelled the omission of
before which "those who attempt unjust and oppres- dividends altogether from the 1914 accounts. As a
sive practices in business can be brought to book", matter of fact, $1,871,762 in dividends was actually
this refers to the series of restrictive laws which paid during the year, but as the income account was
Mr. Wilson has forced through a Congress that unable to provide for the same, they were charged
lacked powers of resistance. Nothing new can be to profit and loss.
Taking a longer survey, the course of events with
said of them, and nothing need be said now except
that they had their start in wrong assumptions, this Rock Island property has been the same as in
commit reform to an agency which more than any the case of all the more important railroad properties
other needs to be itself reformed, and are certain to of the country. The mileage of the system has been
work hindrance and trouble in the degree of their greatly extended, the managers not being content
literal enforcement. We have had assurances that to let the system stand still, and this has involved
now the list of them is finished and the country is, a considerable increase in fixed charges, which inor is to be, purged of its sins. Certainly the coun- crease, under ordinary circumstances, there would
try needs nothing so much as a long term of rest, in have been no difficulty in carrying, since it was
which the healing powers of Nature may have oppor- attended by the increase in traffic counted upon,
tunity.
but has proved burdensome because of the change for
the worse in general railroad conditions.
THE ROCK ISLAND AND ITS DIFFICULTIES.
The reader should not make the mistake of supThe annual report of the Chicago Rock Island & posing that the additional capitalization superimPacific Railway Co. will be examined with unusual posed upon this railway property through the organiinterest in view of the suspension of dividends by the zation of the holding company and the intermediate
company and the embarrassment this has caused to railroad company had the remotest connection with
the holding company, namely the Rock Island the reverse experience by the property itself. InCompany with its intermediary the Chicago Rock deed, it is rather fortunate that the extra capitalizaIsland Sz Pacific Railroad and their security holders. tion in the nature of water exists entirely in the outAll sorts of theories have been advanced for the side organizations, leaving results on the original
misfortune of the company, but study of the report company wholly uninfluenced by considerations of
conveys the impression that its troubles are no that kind. The Chicago Rock Island ez Pacific
different from those experienced by so many other Railway Co. is to-day a distinct entity, as it has
railroad properties throughout the country and have always been, and its capitalization is light, being on
June 30 1914 only $46,730 per mile of stock and
their origin in the same causes.
As compared with the fiscal year immediately debt combined, and it cannot be claimed that there is
preceding, the income account shows a decided a dollar of water in it.
The length of road embraced in the system, howchange for the worse, making the suspension of divinecesof
but
ever,
has doubled during the last twelve years
prudence
matter
of
dends not only a
income
the
through
additions and extensions, and June 30 1914
year
fiscal
preceding
sity. For the
the
after
8,328 miles, against 4,094 miles on
aggregated
$314,830
of
balance
account had shown a
$3,743,525.
1902.
.It will not be contended that the
for
June
30
calling
dividends
payment of 5%
operathe
acquisition
of
the
on
new mileage was undesirable or
surplus
the
review
under
year
the
For
Nov. 21 1914.1
THE CHRONICLE
even unnecessary, for in this growing country of
ours for any railroad system to stand still would be
to invite decay. To the communities served the
additional road built was a distinct advantage, permitting their settlement and development. With
the growth in mileage, there came, as already
stated, a great increase in fixed charges, and general railroad conditions having, in the meantime,
become so markedly unfavorable, the railroad property which, twelve years ago was a sure dividendpayer, has now passed off the dividend list.
Some instructive and illuminating statistics are
given in the report, which show plainly the reason for
the reverse and fix the blame upon causes lying outside the management. The report is signed by
President H. U. Mudge, who significantly remarks
that "of late so much has been said,in and out of the
press, as to the financial affairs and the physical condition of your property that the present seems an
opportune time to place the facts before the stockholders in concrete form." It is the presentation
of these facts, apparently without bias, that is so instructive as to the reasons for the property's mishap.
It is pointed out, with much force, that in 1902 there
was ground for the belief that the level of rates then
effective, both as to income and outflow, might,
within reasonable limits, be continued. Experience,
however, has belied this promise. Since that time,
we are told, local passenger fares have been reduced
from 3 cents per mile to 2 cents in eight of the States
in which the lines of the system operate and in which
nearly 85% of its entire mileage is located. Drastic
reductions have been forces in freight rates by these
and other States in addition to those made by various
decisions of the Inter-State Commerce Commission.
Numerous demands for increases by organized labor
have been made and met. either by compromise
or through arbitration.
The average freight rates per ton per mile received
in 1902 applied to the tonnage hauled in 1914 would
have given an increase over the actual earnings of
$8,975,586. The rates per mile received for passenger traffic in 1902 applied to the passengers carried
in 1914 would have given an increase of $2,246,449,
or a total increase in earnings of $11,222,035. The
same rates of wages paid in 1902 if applied to the traffic hauled in 1914 would have left expenses smaller
by $4,273,222. The taxes per mile of road in 1902,
if applied to the mileage of 1914, also allowing for the
increased cost per mile, would have meant a saving
of $1,255,586 below what was actually paid. Altogether the reduction in revenues and the increase in
operating expenses and taxes on these three accounts
amount to $16,750,843 for the one year ended
June 30 1914.
Mr. Mudge says it is not claimed that these figures
are absolutely accurate; some portion of the difference in rates per ton-mile is due to a larger tonnage
of lower grade freight, but taken together, with the
large number of other items not herein mentioned,
they warrant the statement that with the same conditions as to rates and wages as prevailed in 1902,
the company would have earned in 1914 sufficient
surplus to have maintained its dividends and to have
put millions of dollars back into the property. As a
matter of fact, the $16,750,843 of additional net incollie would be the equivalent of 22% on the $75,000,000 of stock outstanding.
Thus it is indisputable, as claimed by the company, that the primary and fundamental cause for
1489
the failure of the company to earn its dividends are
found in the following:
(1) Reduction of passenger, freight and express rates, and
inadequate mail pay for added service.
(2) Increased rates of wages.
(3) Increased expenses due to legislative enactment, such as:
(a) Sixteen-hour law for train, engine and yardmen,
(b) Nine-hour law for telegraphers,
(c) Full crew bills,
(d) Safety-appliance Acts,
(e) Electric-headlight bills,
(f) Laws requiring extra trains run in case of thirtyminute delay to regular trains,
(g) Boiler-inspection law,
(h) Steel postal car requirements,
(i) Semi-monthly pay-roll Acts,
(j) Employees' compensation Acts,
(k) Laws and Commission orders requiring absolutely
unremtmerative daily train service,
(1) More than 300 other laws passed in the last five
years in the fourteen States through which the
lines operate, increasing expenditures with no offsetting earnings.
(4) Increased taxes per unit of value.
(5) Increased cost of capital funds.
Vigorous efforts were made by the management to
promote operating efficiency and were attended with
much success, as is evident from the fact that the
commercial freight-train load rose from 183 tons in
1902 to 306 tons in 1914. These efforts, however,
fruitful as they were, proved insufficient to offset the
loss in income occasioned by the conditions just recited; and the experience of the Rock Island in this
respect is a duplicate of that of other large railroad
properties.
From statistical statements given in other parts of
the report, we note that it has been in the more
recent years that the unfavorable tendencies referred
to have become particularly marked. Net operating
revenue in 1914 was $2,000,000 less than in 1907,
though gross earnings in the interval rose over
$8,000,000. If we allow at the same time for the
great increase in taxes and in deductions from
income other than interest, the result is yet more
striking. Between 1905 and 1914 gross income rose
from $45,577,681 to $68,376,434; but net income
stood only $279,201 larger, being for 1914 $12,108,406, against $11,829,205 in 1905. In 1905 the surplus above charges applicable to dividends was
$4,733,109; for 1906 it was $6,785,832 and for 1907
no less than $8,750,517, while for 1914, as we have
already seen, it was a mere trifle, namely $450,622.
prevailing have
Thus the unfavorable conditions .
during
the
last few years,
potency
growing
in
been
finally bringing the strain to the breaking point.
The conflicting plans for the reorganization and
rehabilitation of the property have laid great stress
upon the large amounts of new capital which will be
required in the immediate future to enable the road
to render its transportation functions with satisfactory results. The report contains no reference to the
subject, but various statements and statistics given
concerning the property's physical standard create the
impression that it is in very good condition and
physically fully up to the average of other railroad
properties in the same part of the country. As a
matter of fact, statements to that effect are made
without reserve in several places. The report tells
us that in 1902 the property was greatly deficient in
the matter of terminal facilities and repair shops, but
that since that time a complete new shop plant has
been constructed at Silvis, Ill., and that this is equal
in capacity and modern conveniences to any locomotive repair shop in the West. A large freight ter-
1490
THE CHRONICLE
minal has been constructed at the point named, and
additions have been built to nearly all of the shop
plants and terminal yards on the line. In the
twelve years to June 30 1914 about $15,000,000 was
expended for new terminals, additions to existing
terminals and for shops and round-houses. President Mudge makes the statement that the line is
now as well equipped in that respect as any line in its
immediate territory.
As regards track and roadbed,the company began
in 1907 the treatment of cross-ties with creosote, and
since that time there have been inserted 12,828,459
creosoted ties. This is out of a total of 30,329,000
ties. ' It is stated that at the present rate of renewals
the main line, exclusive of the western and northern
portions, should be fully equipped with creosoted
ties by about 1920. In 1902 there was a total of
only 2,018 miles of ballast in the track other than
dirt. Now there are 5,440 miles of ballast of other
than dirt, consisting of 1,466 miles of rock ballast,
681 miles of burnt clay, 2,606 miles of gravel and 686
miles of cinders. An enormous amount of work has
been done in providing new bridges of the most substantial sort, namely stone and concrete, steel and
iron, and here also a very encouraging remark appears in the statement that "at the present time
your lines have a less number of feet of wooden
bridging per mile of road than any of the lines in
their immediate territory." •
In 1902 there were but 19.61 track miles of automatic block signals on the Rock Island lines and no
manual block. Now there are in operation 1,257
track miles of automatic signals, and 1,087 miles in
addition thereto are protected by manual or other
block signals. The main lines from Chicago via
Kansas City to Herington, Kan., and from Chicago
to Omaha are completely covered by automatic
block signals; also the northern line from West
Liberty, Iowa, to Vinton, Iowa.
In 1902 the company owned 661 locomotives of an
average tractive power of 18,015 pounds per locomotive. In 1914 it owned 1,678 locomotives with
an average tractive power of 29,345 pounds per locomotive. In 1902 the company had 19,893 freight
cars, all of wood, and the average capacity was 243/
tons. .Now it has 45,674 cars of an average capacity
of 36.9 tons. Moreover, 17,531 are of steel and
steel underfran:ie. Of the freight cars added since
1902, 68% have been of steel or steel underframe.
All passenger-train cars purchased since 1908 have
been of steel construction and more than 50% of all
the equipment added since 1902 is of solid steel con•
struction.
Altogether, therefore, the statement in the report
that since 1902 the property has not only been well
maintained, but has been very greatly improved,
seems well supported by facts.
THE ATLANTIC COAST LINE REPORT.
The chief feature of the annual report of the Atlantic Coast Line RR. Co. for the year ending June 30
1914 is the same as that noted for many years past,
and the same as in the case of other large railroad
properties throughout the country, namely the
continued rise in operating costs. In tonnage,in
passenger traffic, in rates and in gross revenues this
latest year does not differ greatly from the year immediately preceding. The rise in expenses, however,
left the net earnings nearly a million dollars less.
[VOL. XCIX.
Taking a survey of the results for a series of years
past, the fact which stands out most prominently
is this growth in operating expenses, notwithstanding the steady development of operating efficiency,
and were not the company so strongly buttressed in a
large margin of surplus earnings above fixed charges,
there might be serious occasion for worriment.
There has been no lack of expansion in traffic and in
gross revenues. Indeed, though some of the recent
increases have been moderate, the aggregate for a
series of years combined is large; but the unfortunate
thing is that the gains in gross are not productive
of additional net.
Stated in brief, gross revenues increased over those
of the year preceding in amount of $709,708, but
this was overtopped by an augmentation in expenses
and taxes of $1,686,238, leaving, therefore, a loss in
net of $976,530. If this latest year stood alone in
this respect, the matter might not be considered of
special importance. As it is, 1914's experience simply duplicates that of other recent years. In 1913
the addition to gross earnings was $2,,659,513, but
this was attended by an increase in expenses such
that it came very close to wiping out the entire gain
in gross and left little increase in the net. In
a word,the augmentation in expenses was 82,146,030,
leaving only $513,483 gain in net. In the fiscal year
1912 the situation was even worse,for while it yielded
$1,841,108 addition to gross, the increase in expenses
and taxes was $2,213,191, resulting in a loss in net
of $372,083. In the fiscal year 1911 the result was
precisely the same. Then there was an increase of
$1,812,181 in gross earnings, but an increase of $1,904,669 in expenses and taxes, with a resultant loss
in net of $92,488.
Thus there has been a gain in gross of larger or
smaller amountin each year, but three of the four years
have shown a diminution in net. For the four years
combined the result is quite striking. The gross
has risen from $29,810,267 in 1910 to $36,832,779 in
1914, but net earnings, after the deduction of expenses
and taxes, have actually fallen from $9,987,150 in
1910 to $9,059,532 in 1914. In other words, with
gross larger by $7,000,000, net is smaller by nearly a
million dollars.
Obviously, there is little satisfaction in developing additional traffic where net earnings continue
nevertheless to shrink. All the more is that true
where operating efficiency is all the time being increased. The chief sources of increase in expenses
have been wages and taxes. To this there is now
added still another item, the report saying that the
augmentation in operating expenses in the year under
review was due largely to increases in wages and to
cost of valuation work. As a matter of fact, the
valuation expenses added $195,991 to the total.
A statement contained in the 1913 report is again
incorporated in the present report and is instructive
as to the small amount of return that is being earned
on the investment in the property. The statement
covers the last ten years, and gives for each of the
years the total of the investment in the property,
the amount of net income applicable to bond interest, dividends,improvement of property and strengthening of credit, and the rate of return which such net
income represents on the amount of the investment.
We reproduce this table here. It will be observed
that the property investment has risen from $177,251,536 to $222,149,102, but that the return on the
investment, after having improved a little in the
THE CHRONICLE
Nov. 21 1914.)
middle part of the period, is again below six per
cent, having been for 1914 only 5.90%, while the
annual average for the whole of the ten years is
also below six per cent, being only 5,86%.
Year ended
June 30th.
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
Property
Investment.
Available
Income.
% on
Investml
$17725153625
180.866.539 47
187.519.495 52
188,914.505 22
196.606,19909
196.632,216 45
201.239.805 66
205,319.088 67
217,284.946 62
222,149,101 91
$10,309,883 67
10,542.182 75
9,002,929 34
9.131,63448
10,979,931 19
12,934,306 80
13.061.766 59
12.785.780 55
13,757,970 85
13,105,934 81
5.82
5.83
4.80
4.83
5.58
6.58
6.49
6.23
6.33
5.90
$11.561,232 10
5.86
Annual average_-__ $197,378,34349
Note.—Property investment does not include either cash or material
and supplies on hand.
It is not surprising under these circumstances that
the management, now that the European war has
caused such complete dislocation of industrial interests in the South, should feel called upon to say
that it will be impossible to authorize further new
construction or betterments until business again resumes its normal course and money again becomes
available upon reasonable terms.
As regards the growth in operating efficiency, this
shows steady progress. While conditions on the
Atlantic Coast Line System are not such as to admit
of a very high average train-load, the lading of the
trains is, nevertheless, being steadily increased. For
1914 the average tons of freight moved per train mile
was 225, against 224 in 1913, 210 in 1912, 207 tons in
1911 and 201 tons in 1910. At these figures comparison is with 194 tons in 1908-09, with 185 tons in
1907-08, with 178 tons in 1906-07 and with but 167
tons in 1905-06. On account of the character of the
tonnage, rates realized rule higher on the Atlantic
Coast Line system than on most other large systems,
but this average is tending downward and for 1914
was 12.17 mills7per ton mile, against 12.03 mills in
1913, 12.30 mills in 1912, 12.15 mills in 1911, 12.73
mills in 1910, 12.60 mills in 1909 and 13.10 mills in
1905. The effect of the larger train-load is to give
the road increased earnings per train-mile, notwithstanding the decline in average rate realized. For
1914 the trains earned $2 73 per mile run, against
$2 69 in 1913, $2 58 in 1912, $2 52 in 1911, $2 56 in
1910, $2 44 in 1909, $2 29 in 1908, $2 20 in 1907,
$2 17 in 1906 and $2 08 in 1905.
As already stated, the road is fortunate in having a
large margin of yearly surplus to encroach upon, and
accordingly the diminution of net earnings is not such
a serious feature as would otherwise be the case.
An increase of $334,134 in miscellaneous income
(probably reflecting the increase in Louisville &
Nashville stock, of which the Atlantic Coast Line
had to take its share) served to that extent to offset
the loss in net earnings, and while the surplus of income above fixed charges for 1914 is not as large
as it was for 1913, it yet amounts to $7,329,007.
The call for the 7% dividends paid on the common
stock, with the small amount needed for the dividend
on the preferred stock, was only $4,808,957,leaving,
therefore, a surplus above the dividend requirements
in amount of two and a half million dollars.
The Atlantic Coast Line RR. controls the Louisville & Nashville RR., but the latter is operated as a
separate property, and the same is true of the
Charleston & Western Carolina and the Northwestern
Railroad of South Carolina, which are also controlled.
Altogether over 12,000 miles of road are owned or
controlled. Control of the Louisville & Nashville is
held through the ownership of $36,720,000 out of the
1491
$72,000,000 outstanding capital stock of that company. The road being operated separately, the
Coast Line Railroad's investment in the same appears merely in the dividends received on its holding
of the stock of the company.
A MISCHIEVOUS APPEAL TO LABOR.
One would suppose that labor already has an
abundance of opportunity to formally organize, yet
a Louisville subscriber sends us a copy of the constitution of another order, the Loyal Order of Amalgamated Workers, adopted on May 30 in a convention
of accredited delegates from locals in the town of
Powderly, Ky. The declared purposes are "to unite
and solidify all branches of useful labor on the political and industrial fields of action, to the end that
the working class may be able to act as a unit politically and industrially and thereby dictate the laws
of the country; place members of its own class in
office; control economic conditions, and finally deprive the capitalist class of its power to exploit labor
by securing working-class control of government,
both political and industrial."
Hostility to capital is further expressed in the conditions of eligibility. Every male 21 years or more
of age "who secures his living by performing work
useful to society and is in sympathy with" the
struggles of the working class to better its condition
may come in; but no person may "who secures his
living or income to any appreciable extent from capitalist property, property yielding rent, interest or
profit to the owner by virtue of his ownership thereof
without his performing any useful work." This is
defective in the lack of definiteness, for questions
may arise about the line of "appreciable extent"; but
to own any investment is to be fatal. The Italian
who peddles fruit in city suburbs, lugging it in a
basket on his head and then rises to own a wagon
and then to own houses is barred; so is any worker
who has put his savings into a cottage for rent.
Further, a person "known not to be in sympathy," or
one who is "a spy or agent of the capitalist class or is
in sympathy with or believes in the perpetuation of
the power of the capitalist class to exploit labor" is
ineligible. A solemn oath is to be taken to never
reveal any sign, password, or secret, and that "I
will obey all orders that come from our order or lodge,
either day or night, unless hindered by sickness of
myself or family."
Capital is consolidated savings of labor. These
unfortunately misguided persons vow that they will
have nothing to do with it, which, of course, requires
that they will have none of it themselves; once a
worker for day's wages, always a worker, except that
when one of them does get some capital saved up by
superior intelligence and thrift, his interest in such
a purblind organization as this will swiftly wane.
Here is a declaration of war against capital, combined
with a candid statement of intention to seize the
Government by virtue of numbers, put only "members of its class in office," dictate everything for its
own exclusive benefit, and put down capitalists.
These wicked persons are accused of selfishly grabbing
everything for themselves, but we who are organizing
intend to grab everything for ourselves.
It is menacing, but it is also pitiful. These
deluded persons are fiercely set against the alleged
exploiting of labor by capital, but they fail to realize
that there is another exploiting; that done by
smooth-tongued persons who perceive that fine
1492
THE CHRONICLE
xcix
all of these replies were tabulated. The answers showed a very decided
rates have been confirmed as sugclothes and other helps to comfortable living can be degree of uniformity, and many of the 5%
while the highest was 7%.
sleek
by
gested, the lowest suggested rate being
had by organizing and directing unions, and
After full consideration of the facts in the situation, the Board felt it
These
atter
offices.
are
who
politics
spouters in
incumbent to adopt a moderate and conservative policy at the outset in
view of the fact that the exact conditions to which the banks will be subvictims, who in their error become a dangerous force jected
in operation cannot be precisely foretold. It was felt that the
imnatural
the
that
perceive
to
fail
in the country,
adoption of rates of re-discount which would adequately safeguard the
a
graduate
to
is
resources of the various institutions would be the wisest policy of the
provement of working conditions
beginning, particularly in view of the conditions already set forth in the
step upward and work with the head or with savings Board's
Circular No. 13 [Page 1161. The Federal Reserve banks have
realize
fail
to
they
Particularly,
the right, with the approval of the Board,at any time to change the rates,
made from wages.
and the przsent rates are, therefore, to be regarded as provisional and
that the conquests of peaceful industry are far beyond subject
to revision. The Board expects to be governed entirely by experibecome
to
is
course
best
their
those by war and that
ence as the new banks become firmly established and accumulate data
employers themselves—or employers of themselves, which can be used for its guidance in reaching conclusions.
It is stated that although requests have been received for
owning their own capital and tools, through codiscount rates (from the South, it is understood) the
lower
operation.
has decided, for the present at least, to let
RESERVE
THE INAUGURATION OF THE FEDERAL
SYSTEM.
reality
The new Federal Reserve Banking system became a
of the twelve
on Monday, with the simultaneous opening
Federal Reserve banks for business. The Act creating the
new system was passed last December, but sufficient progress has not yet been made with the organization of the
system to permit the twelve banks at this time to undertake
the exercise of all the functions vested in them by the Act.
Because of the extraordinary financial situation in this
country which has resulted from the European war, the
Federal Reserve Board considered it best that all possible
haste should be made in opening the Reserve banks for a
limited exercise of their functions at the present time. The
operations of the banks, at the outset, therefore, will be
limited to :
1. The acceptance of deposits of reserves from member
banks, payable in lawful money;
2. The discount of bills of exchange and commercial
paper;
3. The acceptance of deposits of checks drawn by member banks on any Federal reserve banks or member banks
in reserve and central reserve cities within their respective
districts.
The Federal Reserve Board, in preparation for the opening
of the banks under the foregoing limitations, has fixed rates
of re-discount for the 12 banks, defined commercial paper,
fixed a general re-discount policy, drafted by-laws for the
banks and attended to other pressing matters of detail
incident to the opening. In Circular 13, issued by the
Board on November 10, and printed in these columns last
week, the definition of commercial paper eligible for rediscount with the Reserve banks is made general to meet
the unusual requirements of the present situation, and both
single and two-name paper will be accepted. The rates
for the re-discounting of commercial paper by the Federal
Reserve banks for member banks were determined upon
made
by the Reserve Board on the 13th inst., but were not
not
had
Board
the
because
was
this
14th;
the
until
public
the
to
banks
as
reserve
the
of
suggestions
accepted all the
and it was derates which they desired for their districts,
concerning the rates should
eided that the announcement
the banks might be combe delayed a day in order that all
meet their suggestions
to
failure
regarding
with
municated
twelve banks varied
the
by
suggested
in all cases. The rates
announcement made on
the
to
According
7%.
to
5
from
the rates deterbehalf of the Board by Governor Hamlin,
and subject
provisional
as
mined upon are to be regarded
follows:
as
are
they
to revision;
for bills and notes
New York and Philadelphia, 5
for paper
having a maturity of not over thirty days and 6%
maturity.
with longer
Louis, 6%
Boston, Cleveland, Richmond, Chicago and St.
maturities.
for all
San
Atlanta, Minneapolis, Kansas City, Dallas and
maturities of
bearing
notes
and
bills
for
6%
Francisco,
other paper.
not over thirty days and 63/2% for all
full:
in
announcement
the
is
This
FEDERAL RESERVE BOARD.
Announcement by Governor.
Reserve Banks Established.
Discount Rates for the Twelve Federal
Washington, November 14 1914.
established as follows: New York and
Rates of re-discount have been
having a maturity of not over
Philadelphia, 55i% for bills and notes
maturity; Boston. Cleveland,
longer
a
with
paper
for
6%
and
thirty days
maturities; Atlanta, MinneRichmond, Chicago and St. Louis, 6% for all
6% for bills and notes
apolis, Kansas City, Dallas and San Francisco,
% for those having
having a maturity of not more than thirty days and 6,14
a longer maturity.
provisions of the
The Board took this action in accordance with the
determine rates
Federal Reserve Act, which authorized it to review and
banks
of discount fixed by each Federal Reserve Bank. Each of the
was requested by telegraph to suggest a rate of discount for opening and
Reserve Board
the present rates stand. Coincidentally with these requests,
the "Times" states, have come petitions that the Reserve
banks in the South be directed to accept commercial paper
from the member banks up to 50% of the required reserves.
These institutions have had to carry an unusually large
amount of British customers' notes, as a result of the partial
embargo on cotton shipments, and they are not finding it
convenient to make their payments in "lawful money", as
requested by the Board. So far, however, the Board has
adhered to its original stand in this matter, and the Reserve
banks have been notified that they should insist upon payments in cash.
In an announcement issued on Sunday night, stating that
he would formally declare the establishment of the new banks
on Monday, Secretary McAdoo said that the opening of these
banks marks a new era in the history of business and finance
in this country, that it is believed they will put an end to
the annual anxiety from which the country has suffered for
the past generation about insufficient money and credit to
move the crops and will give such stability to the banking
business that the extreme fluctuations in interest rates and
available credits which have characterized banking in the
past will be destroyed. This was the Secretary's preliminary announcement:
"Secretary McAdoo will formally announce to-morrow. Monday, morning, Nov. 16, the establishment of the Federal Reserve banks in twelve
Federal Reserve cities. These banks are located in the cities of Boston,
New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St.
Louis, Minneapolis, Kansas City, Dallas and San Francisco.
"The Secretary said that he was exceedingly gratified with these prompt
and cheerful responses AN Inch the directors of the several banks had made
to his suggestion that the banks be ready for business on the 16th of November, in spite of the fact that only three weeks were allowed in which to
perfect their several organizations.
"In every district a cheerful and hearty response has been given and in
all parts of the country the member banks have joined with the Secretary
of the Treasury and the Federal Reserve Board in an earnest effort to open
the system under the most auspicious circumstances.
"The opening of the banks marks a new era in the history of business
and finance in this country. It is believed that they will put an end to
the annual anxiety from which the country has suffered for the past generation about insufficient money and credit to move the crops each year and
will give such stability to the banking business that the extreme flutuations in interest rates and available credits whch have characterized
banking in the past will be destroyed permanently.
"The Federal Reserve banks provide for a system of credits based upon
commercial paper, thus at last securing to the country an adequate supply
of the necessary credits to meet the legitimate demands of business as they
develop.
"The supply will be absolutely responsive to the demand and thus
business will be freed from restrictions, limitations and injuries from
which it has suffered in the past because it has not been able to receive
at the time when most needed the credit facilities which were essential to its
regular and proper development. The whole country is to be congratulated
upon this final step in an achievement which promises such incalculable
benefits to the American people.
"The Secretary said that he wished to take advantage of the opportunity
to congratulate his associates on the Federal Reserve Board upon the great
patience, intelligence, patriotism and loyalty with which they had taken
hold of the great task which has confronted them since their induction into
office on the 10th of August last and to which is due the successful opening
of the Federal Reserve banks."
The formal notice of Secretary McAdoo announcing the
opening of the twelve reserve banks was signed by him at
eight a. m. on the 16th and sent to all member banks in each
of the Federal Reserve Districts as follows:
"Washington, D. C., Nov. 16 1914
, District
"To all member banks of the Federal Reserve Bank of
No. —:
"Whereas, The necessary provisions of the Act of Congress approved
December 23 1913, and known as the Federal Reserve Act, have been
complied with, and the certificate authorizing the Federal Reserve Bank
to commence business has been executed and delivered by
of
the Comptroller of the Currency to said bank:
"Now, therefore, in accordance with Section 19 of said Act, you are
hereby notified that said bank has been established and opened for business,
and that the reserve requirements prescribed by said section, together with
other provisions of the Federal Reserve Act pertaining to matters of
operation of said Federal Reserve Bank and its members, as defined by the
Act referred to, shall from and after this date become effective.
"For your information and guidance. there is enclosed an approved form
for computation of reserve under the provisions of said Act, and a copy
of Section 19 of said Act, relating to and defining such reserve requirements.
"W. G. McADOO.
"Secretary of the Treasury."
THE CHRONICLE
Nov. 21 1914.j
1493
One-sixth of the aggregate capital of $106,795,600 ($17,With the signing of the above, the following telegram was
has already been paid in gold; a like installment is
797,600)
Banks:
Reserve
Federal
sent to each of the
on November 14, due before Feb. 2, and the third within six months thereafter.
business
of
close
the
at
Currency
"The Comptroller of the
Federal Reserve Bank of Payment of the
remainder or any part thereof is subject to
having executed the certificates authorizing the
morning signed the announceto commence business. I have this
by
Board.
call
the
your
of
establishment
the
of
banks
ments to be mailed to all member
place in the mail copies of the
The Governors of the twelve banks are:
bank, and this will be your authority to
announcement sent you for this purpose. McADOO,
"W. G.
"Secretary of the Treasury."
the
At the same time the Secretary of the Treasury sent to
of each of the
Governor
the
and
Agent
Reserve
Federal
congratulatory teleFederal Reserve banks the following
gram:
the opening of
the
congratulations upon
"Please accept my cordial
district, and my sincere commendation upon
Federal Reserve Bank of your
the
in
business
for
bank
the
preparing
in
done
the effective work you have
opening. I am sure that the Federal Reserve
short time allowed for the
beneficent purpose in the future of our country
banks will serve a great and
this department and the Federal Reserve Board may
and I am sure that
in the important work and duties which
co-operation
loyal
your
count upon
good wishes for your success."
have been confided to you. My hearty
Numerous telegrams were received by Secretary McAdoo
congratulating him on the inauguration of the system, one
of these coming from Benjamin Strong Jr., Governor of the
Federal Reserve Bank, New York. Mr. Strong's telegram
was as follows:
"New York, Nov. 16.
"W. O. McAdoo, Secretary of the Treasury:
wishes has given me a great
"Your telegram of congratulations and goodthanking
you for this further
join me in
deal of pleasure and my associatesand
deep interest in the work we have
evidence of your thoughtfulness
Reserve
Board may
Federal
the
on
associates
your
undertaken. You and
make the Federal Reserve Bank system
rely upon our loyal co-operation toexpect
be.
to
it
country
the
of
people
all that the
"BENJAMIN STRONG JR..
"Governor."
The New York Chamber of Commerce, through its President, Seth Low, sent the following telegram to President
congratulates you and the coun"The New York Chamber of Commerce
Federal Reserve banks to-day. The completion
try on the opening of the Federal
Reservebanking system will, we believe,
of the organization of the
of the eountry"
greatly promote the business stability and prosperity
Paul M. Warburg, one of the members of the Reserve
Board, in discussing the establishment of the new system
with its inception on Monday,said: as the Fourth of July in the
considered
The 16th of November may be Coming generations will commemorate
economic life of the United States.financial
emancipation. The new banking
our
of
foundation
the
marking
as
it
be the means, not of inflation,but
system, wisely administered, will prove to
healthy expansion. How soon we
of safety, independence and gradual,
in strength and in principle to those on
may become a world power equalnow
will depend upon our ability to avail
whom we have had to lean until
We are starting out to-day
ourselves of the opportunities now open to us.
are still far removed from cur goal.
we
but
end,
this
attaining
ambitious of
The country is to be congratulated upon having moduced a grcup of
strong and patriotic men who have come to the front to man the twelve
boards, and upon the splendid co-operation shown by the banks. With a
spirit of unselfish moderation and mutual helpfulness prevailing, with
careful planning and singleness of purpose, we are certain to overcome the
obstacles that still block our way both within and without.
The following statement concerning the banks and the
territory they will serve was issued with their opening:
DUnil.
Location of
Capital
Reserve
Awhorind.
Bank.
Area in
Spare
Miles.
Popslotion.
No. of
Member
Banks.
66,465 6,557,841
441
1 Boston_ _ _ _
59,711,900
2 New York_
19,931,700
49,170 9,113,279
480
3 Philadella
12,501,500
39,865 8,110,217
758
4 Cleveland _
12,101,700
183,995 7,961,022
764
6 Richmond_
6,387,400
173,818 8,619,313
496
6 Atlanta - - _
4,670,600
233,860 6,695,341
381
7 Chicago__
12,687,700
176,940 12,630,383
971
8 St. LOUIS--
4,987,500
146,474 6,726,611
459
9 Minneapls
4,811,000
437,930 5,724,895
709
10 Kansas C'y
5,530,300
509,649 6,306,850
837
11 Dallas ......
5,698,900
404.826 5,310,561
754
7,775,400 693,658 5,389,303
621
12 San Fran__
. -
„
Territory Covered,
IMaine, New Hampshire,Vermont,M assachusetts, Rhode
Island, Connecticut.
New York State.
New Jersey, Delaware, Eastern Pennsylvania.
Ohlo, Western Pennsylvania, Northwestern West Virginia,
Eastern Kentucky.
(District of Columbia,
Maryland, Virginia,
Nor. Carolina, Son.
Carolina, remainder
of West Virginia.
Alabama, Georgia,
Florida, East. Tennessee, South. Mississippi, South. Louisiana.
Iowa, South. Wisconsin, Peninsula of
hilehigan, Northern
Illinois, North'n Indiana.
Arkansas, all of Missouri (except the extreme west),South'rn
Illinois, South. Indiana,West.Kentucky,
Western Tennessee,
North. Mississippi.
Montana, North Dakota, South Dakota,
Minnesota, North'n
Wisconsin, remainder of Michigan.
Kansas, Nebraska,
Colorado, Wyoming,
extreme West. MisWWI, North. Oklahoma, extreme Nor.
New Mexico.
Texas, remainder of
New Mexico, South.
Oklahoma, remainder of Louisiana,
i Southeastern
A rii zona.
(California, Washing' ton, Oregon, Idaho,
4 Nevada, Utah, remainder of Arizona.
Boston—Alfred L. Aiken.
New York—Benjamin Strong Jr.
Philadelphia—Charles.). Rhcads.
Cleveland—E. R. Fancher.
Richmond—George J. Seay.
Atlanta—Joseph A. McCord.
Chicago—James B. McDougal.
St. Louis—Rolla Wells.
Minneapolls—Theodote Wold,
Kansas City—Charles M. Sawyer.
Dallas—Oscar Wells.
San Francisco—Archibald Rains.
On the 16th the Reserve Board made public a circular
defining time deposits as including any deposit subject to
check on which the bank has the right, by written contract
with the depositor at the time of deposit, to require not less
than 30 days' notice before any part of it may be withdrawn.
Any agreement with a depositor not to enforce the terms of
such a contract shall vitiate the contract. This definition
is embodied in Regulation No.7 as follows:
Regulation No. 7,
Washington, November 11 1914.
Section 19 of the Federal Reserve Act provides in part as follows:
"Demand deposits within the meaning of this Act shall comprise all
pcsits payable within thirty days, and time deposits shall comptise all
(posits payable after thirty days, and all savings accounts and certificates of deposit which are subject tc not less than thirty days' notice before payment."
TIME DEPOSITS.
The term "time deposits" is interpreted to include any depcsits subject
to check upon which the bank has the right, by written contract entered
Into with the depositor at the time the deposit was made, to require from
such depositor not less than thirty days' notice before such deposit or any
part thereof may be withdrawn. Any agreement, written or verbal, entered into by a member bank with a depositor not to enforce the terms of
such contract of deposit shall be construed as vitiating the contract, and
any member bank reporting as time deposits any deposits on which it has
not the right to require not less than thirty days' notice befcre withdrawal
may be subject to the penalties prescribed by Section 5209 of the Revised
Statutes of the United Stater.
SAVINGS ACCOUNTS.
The term "savings accounts" shall be held to include these interest-bearwith the bank under written agreement on
carried
are
which
ng accounts
the part of the bank to pay a specific rate of interest, which rate is to be paid
to all other depositors having similar accounts and where the depositcr is
required to present his pass-book with each check drawn. Savings accounts shall not be held to include any ordinary checking accounts where
presentation of the pass-book with the check is not required.
In the case of State banks and trust companies located in States whose
laws require that funds accruing from savings accounts shall be invested
in any particular class of securities, only these accounts whose balances
are so invested and which are handled so as to comply with the technical
requirements of the State laws shall be held to be savings accounts within
CHARLES S. HAMLIN,
the meaning of this Act.
Governor.
On the same date the Post Office Department sent notices
to all Postmasters that no postal savings funds shall be deposited in banks which are not members of the Federal Reserve system and instructing them to discontinue deposits
in such non-member banks at once.
Over $20,000,000 of Federal Reserve notes were shipped
to the Federal Reserve Agents on the 16th. They are in
denominations of $4, $10, $20, $50 and $100. This money
will not be released to the reserve banks until they request
it and until they deposit commercial paper with the agents
as security.
On the 17th the Board announced that, from incomplete
reports received from the Reserve banks, the national banks
had on that date paid in gold over $137,000,000 to the twelve
Reserve banks on the first reserve payment and over $33,000,000 in other money.
A Division of Statistics and Reports was established by
the Board on the 17th, with Maurice Jacobsen at its head.
Mr. Jacobsen was borrowed from the Inter-State Commerce
Commission for ninety days for the purpose of inaugurating
the new work. Daily statements of the re-discount operations of the banks will be received by this division.
Frederic A. Delano, Vice-Governor of.the Reserve Board,
pointed out in the "Journal of Commerce and Commercial
Bulletin" of Wednesday, that the possibilities of the new
reserve system have been exaggerated in some quarters.
According to Mr. Delano the amount of gold reserves released by the new system will probably not amount to $580,000,000, as originally reported, but will perhaps be something over $250,000,000. We quote his statement as
printed in the "Journal of Commerce" herewith.
The public has been led to expect so much from the Federal Reserve
bank system that there may be some disappointment if the banking system
does not realize all the hopes expected of it. While it would be unreasonable
to expect the impossible, it is fair to assume that on November 16 there
will be inaugurated a system which will, almost from the very beginning,
exert an immense influence on the development of our country.
1494
THE CHRONICLE
Through the hearty co-operation of banks and bankers the country over,
the first payment of reserves will be very largely in gold and gold certificates.
In other words, the important banks will not avail themselves of the privilege of the law of depositing lawful money or of paying in one-half of their
reserves in re-discounts. Hence, the Federal Reserve banks will start
out strong in gold and be ready to re-discount paper of member banks and
issue Federal Reserve notes therefor.
The member banks in each district will also be ready to accept checks
and drafts of all member banks when drawn on reserve and central reserve cities within the district, and within a few weeks will be ready to
receive any checks drawn on any member bank in the district.
Much has already been said of the release of gold reserve, but it has
been well nigh impossible to determine just what this would be,on account
of the duplication of reserves permitted under the old national bank law.
That it will be very considerable—amounting to more than 250 millions
—it is safe to say.
The new banking system will not be effective in all of its provisions unti
three years have elapsed, but the Federal Reserve Act makes great changes
in the character of the relationship which will exist in the future becween
the supervising authorities and the national banks of the country; just
as it also makes a great change in the methods of banking, changing as it
does the basis of our banking currency from a currency based wholly on
United States bonds and similar securities to one based on commercial
credits, swelling and diminishing with the ebb and flow of business.
Furthermore, in the furure most requests for statistical information from
member banks will naturally pass through the twelve banks, who will in
turn gather the information from their member banks or request that member banks send it to the Federal Reserve Board.
The chief features of the new system are set out as follows
by H. Parker Willis, Secretary of the Reserve Board, in the
"Journal of Commerce", as follows:
The striking aspects of the legislation are these three: (1) The creation
of a general discount market for commercial paper; (2) the systematic
pooling of reserves of existing banks; and (3) the provision of an elastic
currency. In the multitude of details provided by the legislation, and in
the various adjustments rendered necessary by it with respect to Government deposits, bank reserves, examinations,and other more or less important matters, it is noticeable throughout that everything done has been
for the purpose of promoting the objects already enumerated, and of insuring the transformation of American banking from its present basis of
organization to its now proposed type of effort. If these chief objects
shall be accomplished in actual practice, the legislation will have been
amply warranted, and, it need hardly be said, will completely revolutionize
the banking and credit situation to the great profit not only of the banks
themselves but of their customers. That the banks will greatly profit
under the bill is susceptible of easy mathematical demonstration. That the
business public will profit in a far higher degree than the banks is less
obvious, but is a fact which constitutes the chief basis for the legislation.
Were it not true, the time and effort expended in securing the present
result would scarcely have been warranted. In its real essence the new
law is in fact and in the best sense of the term a "business man's measure.
Preliminary to the opening on Monday of the New York
Reserve Bank, Gov. Strong issued on the 14th inst. a statement saying:
The Federal Reserve Bank of New York will open for business at 10
O'clock Monday morning. During Monday and Tuesday we shall be engaged in receiving the transfers of reserves of the 479 member ban ks
From advices which have been furnished us, all the national banks in New
York City will probably complete their transfers of reserves on Monday,
and over $87,000,000 out of the total of $91,000,000 deposited by banks
in this city will be in gold or gold certificates. A number of the banks, including some of the largest, have signified their intention of depositing some
portion of their reserves in excess of the minimum required. The total of
such excess deposits will probably be over $7,000,000.
Several of the large banks will also probably apply for re-discounts early in
the week, and the Chemical National Bank has asked for permission to
make the first re-discount in order to show its desire to support the operations and use the facilities of the new banking system.
The New York City banks, by transferring their reserves so largely in gold
by their willingness to make prompt use of the re-discount privilege so as to
establish re-discounting as a normal banking operation, and by lending
us a complete staff of experienced officers and clerks, have given most
gratifying evidence of their intention to co-operate in establishing the new
banking system.
Previously (on the 13th) there was sent to member institutions by the local bank a circular as follows:
FEDERAL RESERVE BANK OF NEW YORK,
62 Cedar Street.
New York, Nov. 13 1914.
To the Cashier:
Sir—You are advised that on and after Wednesday, Nov. 18 1914, this
bank will receive on deposit for collection and credit of the proceeds to the
accounts of member banks,
(a) Checks and drafts drawn on any Federal Reserve bank:
(b) Checks and drafts drawn by member banks of District No. 2 on any
member bank in the cities of Albany. Brooklyn and New York, as listed
below.
Until further notice,deposits of checks,drafts and other items, other than
those above specified, should not be made, as they cannot be handled with
facility, and it will be necessary to return them to the member banks
from which they are received.
Through the courtesy of the New York Clearing-House Association, the
Federal Reserve Bank of New York will effect exchanges through the New
York Clearing-House on and after Tuesday, Nov. 17 1914.
Respectfully,
BENJ. STRONG JR.. Governor.
New York City—
Albany—
American Exchange National Bank
First National Bank
Bank of N. Y., Nat. Banking Assn.
National Commercial Bank
Battery Park National Bank
New York State National Bank
Bronx National Bank
Chase National Bank
Brooklyn—
Chatham & Phenix National Bank
First National Bank—
Chemical
National Bank
Greenpoint National Bank
Citizens Central National Bank
Nassau National Bank
Coal & Iron National Bank
National City Bank
East River National Bank
People's National Bank
Fifth National Bank
VOL.I
xcrx.
New York City (Continued)—
Merchants' Exchange National Bank
First National Bank
Merchants' National Bank
Garfield National Bank
National Bank of Commerce
National
Gotham National Bank
Butchers' & Drovers' Bank
Hanover National Bank
National City Bank
Harriman National Bank
National Park Bank
Importers' & Traders' National BankNew York County National Bank
Irving National Bank
Seaboard National Bank
Liberty National Bank
Second National Bank
Lincoln National Bank
Sherman National Bank
Market & Fulton National Bank
Union Exchange National Bank
Mechanics & Metals National Bank
The banks in the New York District were advised of the
discount rate in the following:
New York, Nov. 14 1914.
To the Cashier:
Sir—You are advised that until further notice this bank has established
the following rates of discount:
A. For notes, drafts and bills of exchange having a maturity at time of
discount of not more than thirty days, 53i%.
B. For notes, drafts and bills of exchange having a maturity at time of
discount of more than thirty days and not more than ninety days, 6%.
These rates have been approved by the Federal Reserve Board.
Respectfully,
BENJ. STRONG JR.. Governor.
The New York Federal Reserve Bank (District No. 2)
concluded its first day's operation with total resources
of $102,933,580 32; of this $99,611,670 10 represented the
reserves paid in by 210 of the 480 member banks and
$3,321,910 22 the amount received in payment of the first
subscription to the capital. Of the $99,611,670 10 reserve
payments, $78,213,740 was paid in gold, gold certificates
and Clearing House deposit certificates representing gold
or gold certificates. The payments were received at three
places—the office of the Reserve Bank, at 62 Cedar Street,
at the Sub-Treasury and at the Clearing House; as a matter
of convenience it had been arranged that eleven of the larger
banks of the city should make their payments at the lastnamed place. The National City Bank was the first bank
in the New York District to deposit its reserve, and its
receipt is the first one issued by the local Reserve bank.
The National City's payment was $21,000,000, or $5,000,000 in excess of the minimum required from it. Other
large payments of reserves were: $9,000,000 by the National
Bank of Commerce, of which $500,000 was excess reserve;
$8,000,000 from the First National, $8,000,000 from the
Chase, $6,700,000 from the National Park, $6,200,000 from
the Hanover, $5,500,000 from the American Exchange National, of which $2,000,000 was in excess of the requirement;
$5,400,000 from the Mechanics & Metals, $2,100,000 from
the Chemical, $2,000,000 from the Seaboard and $1,400,000
from the Citizens Central. The Chemical National Bank
made application for the first re-discount with the new
institution in furtherance of its desire to indicate its determination to accord the new system its support.
On Tuesday approximately $5,000,000 was deposited with
the New York Reserve Bank as reserve, these payments
having been made by 177 institutions, and bring the total
resources up to over $108,000,000. The New York Reserve
Bank made its first exchanges at the Clearing House on
Tuesday; it turned in $12,538 08 in checks and had against
it $1,000,000, leaving a debit balance against it at the
Clearing House of $987,000.. On Wednesday the local reserve
bank began to accept on deposit checks and drafts drawn
by member banks of this district on any member bank in
Alhany, Brooklyn or New York. Part of the $3,000,000
Federal Reserve notes which have been received by the
New York Bank were put into circulation on Thursday.
The officers of and members pf the Executive Committee
of the New York Federal Reserve Bank will be the guests
of the members' council of the Merchants' Association at
a "prosperity" luncheon meeting next Tuesday. The list
includes Benjamin Strong Jr., Governor of the bank; William Woodward, Deputy Governor; Pierre Jay, Federal
Reserve Agent and Chairman of the board of directors;
Charles Starek, Deputy Federal Reserve Agent and Deputy
Chairman of the Board; Henry R. Towns and William R.
Thompson, of the Executive Committee; and James F.
Curtis, Secretary.
Of the 440 national banks and one trust company making
up the Boston Federal Reserve bank (District No. 2), 373
made payments on Monday aggregating $11,354,820.
The reserves of all the institutions will reach $14,000,000.
The largest of Monday's depositors were the National
Shawmut Bank, which sent a sum understood to be $2,400,000; the First National $2,000,000 and the Merchants' National $955,000. The Reserve Bank opened with subscriptions for 96,393 shares at $100 a share, making a total capital
of $9,693,900. There has actually been paid in $1,615,650.
Thus, with the $14,000,000 reserves and the amount now
Nov. 21 1914.1
THE CHRONICLE
will
paid in on capital account the Boston Reserve Bank
and
$16,000,000,
and
$15,000,000
between
of
have resources
resources
by the end of three years it is expected that its
and
will have so increased that with the additional reserve
$50,aggregate
will
amount
the
capital stock payments
000,000. The Boston Reserve Bank is an honorary member
Association and a large
of the New York Clearing-House
through that metransacted
be
will
portion of its business
dium.
Bank,
Thomas P. Beal, President of the Second National
Boston Federal Reserve
will act as Deputy Governor of the
officer to fill the
Bank pending the election of a permanent
director.
"A"
class
a
is
Beal
position. Mr.
The Philadelphia Reserve Bank (District No. 3) handled
about $7,000,000 on its first day; approximately $5,000,000
in reserves was deposited with it, and in addition it received
from Washington $2,000,000 of its own !notes. Only a
portion of the 758 banks in the District had made their
deposits on the opening day; on Tuesday deposits of $4,437,000 were made, bringing the total reserve payments on that
date up to $10,225,000; on Wednesday the total was said
to reach nearly $15,000,000; yesterday it was reported
as over $17,000,000. It is expected that the deposits
In addiwill aggregate $18,000,000 to $20,000,000.
tion the bank has a paid-in capital of $2,085,907. Within three months the member banks will make another payment toward capital account of $2,085,907 and a similar
amount within six months, so at the end of six months the
cash resources of the Philadelphia Bank will be swelled by
an additional ,171,814, which will bring the aggregate
resources up to between $21,000,000 and $26,000,000.
At a meeting of the directors of the Philadelphia Reserve
Bank on the 11th inst. Arthur E. Post was appointed
Acting Cashier. Mr. Post was formerly special inspector
in the Department of Public Works.
1495
representing transfers of reserves, was received. When all
the reserve requirements due this year are paid in, the Richmond bank will have deposits of this character of $8,000,000.
George H. Keesee has been appointed Assistant Cashier
of the Richmond Reserve Bank.
The Atlanta Reserve Bank (District No. 6) began operations with $4,600,000 in gold, representing the first installment of the reserves of the member banks, 381 in all, of
the six States in the Sixth District. On Tuesday approximately $2,000,000 in reserve deposits was received. The
Third National Bank of Atlanta was the first bank of the
system to make its reserve. No paper was re-discounted
Monday morning,although the bank was ready for this work.
On Monday the directors were guests of the Atlanta Clearing-House Association at a luncheon at the Capital City
Club, and on Tuesday evening they were the guests of the
Atlanta Credit Men's Association. J. B. Pike of New Orleans has been tendered and has accepted the position of
Cashier of the Atlanta Reserve Bank. The Atlanta banks
alone released $2,200,000 of reserves, which, through the
new system, will be used in re-discounting commercial,
industrial and agricultural paper.
Bristol (Tenn.) is perhaps the only city in the country
which is subject to the jurisdiction of two regional bank districts; the First National Bank of that town is allied with the
Atlanta Reserve Bank and the Dominion National of Bristol
is in the Richmond Reserve District.
In the case of the Chicago Federal Reserve Bank (District
No. 7), fully $15,000,000 of reserve funds of the banks, it
is stated, was formally transferred at once. When the 25%
of reserves held under the old currency system are released
by the national banks of the district and the 18% reserve
requirements are paid into the reserve bank, Chicago will
be, it is stated, in possession of $32,000,000 of extra cash,
approximately $24,000,000 by the Chicago banks and the
remainder distributed among the banks in the district out• The Cleveland Federal Reserve Bank (District No. 4) side Chicago.
gold
in
$5,500,000
about
day
first
the
on
had in its vaults
The immediate effect of this, the "Chicago Herald" says,
coin and gold certificates. Of this,$2,000,000 was the first
action taken by the reserve member
a
payment on the $12,101,700 stock and the other $3,500,000 has been preliminary
of
meeting
the Clearing House Monday, which
a
at
banks
reserve
the
of
balance
The
reserves.
was turned in as
to reduce rates from 7% to 6%
money to be immediately paid in will give the Bank a total amounted to an agreement
the leading reserve system
All
18th.
the
on
beginning
addi$1,500,000
$17,000,000.
of
upwards
of
fund
working
sent
notices to their customers,
city
the
of
banks
member
two
the
in
tional was paid in on Tuesday, making a total
stating that their rates on demand loans of the first class
days of $7,000,000.
The opening of the Cleveland Federal Reserve Bank on would be reduced to 6%. This does not mean that there has
Monday was marked by one of the lergest gatherings of been a general reduction in loans. Such a reduction will
weeks, bankers
national bank representatives in the history of Ohio. The come gradually and within ten days or two
6%.
special feature of the opening was a luncheon tendered by believe, the rate will be uniformly
When the Federal Reserve Bank of Chicago began business
the First National Bank of Cleveland, invitations having
Monday it had on hand $10,000,000 of new currency
on
been sent to officers of the 764 national banks of the Fourth
District. This function took place in Hotel Statler, where issued under the law for re-discounting purposes. It is
the spacious ballroom was crowded with visitors from Penn- understood that a number of the principal member banks of
sylvania, West Virginia, Kentucky and Ohio. President the city made application for re-discount. The exact
John Sherwin:of the First National Bankrleveland,presided. amount of these applications was not made public. The
and addresses were made by Mayor Newton D.Baker,Gov- Chicago Clearing-House Association has admitted the Federnor E. R. Fancher of the Fourth District, Chairman D. C. eral Reserve Bank as a non-voting member, the same as
Wills of the board of directors of the Federal Reserve Bank, the Sub-Treasury.
Vice-Chairman Lyman H. Treadway, and directors Thomas
Approximately $1,000,000 in money was paid into the
A. Combs of Lexington, Ky., Robert Wardrop of Pittsburgh,
A. B. Patrick of Salyerville, Ky., Stacy B. Rankin of South St. Louis Federal Reserve Bank (District No.8) by member
Charleston, 0., and Vice-President Thomas H. Wilson of banks on the opening day. The bank received $3,000,000 in
the First National Bank. Optimism for the success of the new reserve notes fresh from the Government printers at
Federal Reserve system was the keynote of the meeting, Washington.
and Mayor Baker alluded to the plan as "the first construcOf the 709 member banks in the Minneapolis Federal Re-.
tive and statesmanlike attempt to place our currency and
finance upon a stable basis." He then predicted that the serve Bank (District No. 9), every one except one had paid
Cleveland institution would soon be one of the largest of the its first deposit in stock subscriptions before closing time on
twelve regional banks, because of its location in the territory Monday. Thus about 08,000 was paid in on this account—
that is to experience the greatest economic and industrial one-sixth of the total stock subscriptions to be made. In addition about $500,000 was received as reserve deposits and
development.
The following telegram was sent from the meeting to Sec- there was received from the Treasury Department about
$1,500,000 in gold coin and certificates. The total reserve
retary of the Treasury William G. McAdoo:
Officers of member banks of the Federal Reserve Bank of Cleveland, in the Minneapolis District will ultimately be about $9,gathered for the first time, at the invitation of the First National Bank of 000,000.
board of
Governor
and
directors of the regional
Cleveland, to meet the
bank, send to the Secretary of the Treasury and Federal Reserve Board
of
hearty co-operation and
congratulations and greetings and assurance
support.
The Federal Reserve Bank of Kansas City (District No.
10) opened with a capital of $925,000. About $2,000,000
of the first installment of reserves of the 837 members in the
The Richmond Federal Reserve Bank (District No. 5) Federal Reserve Bank was received at the start. The total
had in its vaults on the opening day $2,000,000 of new Fed- is expected to reach about $10,000,000 within a week.
eral Reserve notes, besides $1,100,000 paid in as the first
installment of the capital, and approximately $500,000 of
The Dallas Federal Reserve Bank (District No. 11) rereserve deposits. On Tuesday an additional $2,500,000, ceived deposits on the first day of nearly $1,500,000. Ac-
1496
THE CHRONICLE
cording to the directors of the bank it started with cash resources of nearly $7,000,000. Ultimately, it is stated, they
will be in the neighborhood of $25,000,000.
The San Francisco Federal Reserve Bank (District No. 12)
began business with first payments of $1,350,000. It is
estimated that by the establishment of the Reserve Bank
approximately $20,000,000 will be released in this district,
and that a like amount will be available for borrowers.
The Reserve Board issued in pamphlet form on the 12th
inst. the reports of the various committees appointed at last
month's convention of officers and directors of the Federal
Reserve banks. The following reports are contained in the
document: Report of Committee on Legal Matters and
Procedure; Report of Committee on Office Quarters, Equipment and Personnel, Organization of Staff and Matters
Affecting Officers and Directors; Report of Committee on
Re-Discount, Including Definition of Commercial Paper and
Consideration of Credit Bureaus; Report of Committee on
Accounting and Statistics; Report of Committee on Domestic
Exchange; Report of Committee on Bonding of Federal
Reserve Agents, Members of Their Staff or Other Officers
of the Reserve Banks,and Report of Committee on Mechanical Devices. The report of the Committee on Legal Matters
and Procedure was printed in these columns Nov. 7, page
1336. The pamphlet as a whole is treated as confidential,
but we print below such parts of the documents as have found
their way into the newspapers:
The report of the Committee on Office Quarters, &c., says
that in view
of the varying conditions existing in the different districts, it is
recommended
that the matter of compensation of the deputy Reserve
agents, directors
of the banks, the governor and the member of advisory council
be considered by the directors of each bank and a report of the
conclusions arrived
at by each Reserve bank board be sent to the Federal
Reserve Board for
approval.
The Committee on Re-discount, &c., recommends
that an executive
council be formed consisting of the twelve governors,
with the deputy
governors as alternates, to which should be referred the
matter
of determining the date and manner of undertaking
from time to time such additional
functions as
1. Opening of branches.
2. Open market transactions.
3. Purchase and sale of United States Government bonds
and municipal six months' warrants.
4. Appointment of foreign agents.
5. Clearing and collection and determination of charges
therefor.
6. Stipulation of charges to be collected by member banks from patrons
for clearings and collections.
7. Dealing in gold coin or bullion and making loans thereon.
8. Purchase and sale of foreign exchange.
9. Purchase of bank acceptances.
10. Exchanging 2% Government bonds for 3% bonds and one-year
notes. The question of re-discounting is thoroughly discussed and recommendations made. [These recommendations formed the basis of the instructions issued by the Federal Reserve Board, and published by us last
week.—Ed.1
The Committee on Accounting and Statistics adopted as the basis for its
considerations the block control and unit system outlined in the report
of the preliminary organization committee and found that to this system
could be added, if desired, the following books of continuous permanent
record included in the alternate plan: Register or tickler or both in the collection department; liability ledger and tickler in the loan and discount
department and members' Journal and Government:deposit Journal in the
general bookkeeping department.
The Committee on Bonds recommended that each of the Federal Reserve
agents and their staffs shall be bonded to the extent of at least $500,000
and that all bonds be written in American companies approved by the
Treasury Department. This recommendation was adopted after the convention had voted to strike out that part providing that the bonds of the
Federal Reserve agents and their staffs shall be at least $500,000.
The report of the Committee on Mechanical Devices recommends that
a plan be devised whereby concessions can be obtained in the matter
of cost of all mechanical devices that may be utilized by the twelve Federal
Reserve banks. Attention is called to the [general supply committee.
which is the agency through which the Government departments Jointly
buy supplies.
The report of the Committee on Domestic Exchange has
been printed in full and is as follows:
REPORT OF COMMITTEE ON DOMESTIC EXCHANGE.
Clearings and Transits.
In view of the confusion which will arise from an attempt to handle the
entire clearings by a new and untrained force, this committee recommends
that the development be gradual, and that only very limited clearances be
arranged for at the start; and this committee further recommends that at
the outset as little divergence be made from the normal business procedure
as possible to comply with the terms of the Act, and that the Federal Reserve banks Join the clearing houses in the cities in which they are located
as special members, subject to none of the clearing-house rules other than
those directly affecting exchanges of checks.
On Nov. 2 1914 the first call for capital has been made payable. At the
date of opening of the banks a call will be made for the first installment of
reserves from each member bank, one-half of which may be paid in rediscounted paper.
Up to this point no checks need be handled. At that point you have
created a credit which each member can draw against, therefore the bank
should be prepared to receive on deposit checks drawn by members on
their balances in Federal Reserve banks.
We recommend that member banks be allowed to deposit for their credit
at the outset any checks drawn by member banks on any Federal Reserve
bank or on member banks in reserve and central reserve cities.
In regard to the distribution of checks payable outside of each Federal
reserve district, it is presumed that the full operations of clearances of
[VoL. xcix.
that nature will be worked out in conjunction wills the Federal Reserve
Board,should that body see fit to adopt a national clearing-house system.
It is presumed that each clearing house in a city where a Federal Reserve
bank is located will undoubtedly make arrangements to use the facilities
of the Federal Reserve banks in the settlement of balances to the extent
that they see fit. Having in mind the fact that the banks will not be able
to perform their full functions with respect to clearings at the very outset, it is therefore recommended that they start only with the partial plan
above outlined, subsequently extending the function of collecting checks
as they become able to do so.
Exchange Charges.
Under the Act it is evident that all items which may be legally deposited
with the Federal Reserve banks shall be accepted at par and that charges
for handling such items through the Federal Reserve banks, based on the
cost of overhead charges, clerk hire, including that of department management, stationery, postage and equipment depreciation, shall be charged to
the member banks upon which the items are drawn, and that this charge
may in turn be made by the member banks to their depositors or customers.
This committee recommends that the charges be prorated on the number
of items drawn on the member banks rather than on the amount of dollars.
And this committee further recommends that in adopting this report these
Charges be applied solely to the administrative cost of handling of checks or
items through the Federal Reserve bank, and that the evident inequity of
the law relating to the charges on checks, as we interpret the law, seems to
this committee to suggest a great disadvantage to members against nonmembers and great disadvantages to members in the smaller communities
against members in reserve cities, and we respectfully suggest that the attention of the Federal Reserve Board be calledito these inequities which
seem to exist, and their consideration thereof be asked.
Method of Handling Member's Checks in Federal Reserre Banks.
It is recommended by this committee that the Federal Reserve bank
charge members' checks against the balances of such members upon the
day the checks are forwarded, and that members be allowed to use all
checks on members of the same district as reserve the day such checks are
forwarded to the Federal Reserve bank; the same procedure aS is now permitted in making remittances to reserve agents.
Respectfully submitted,
FREDERIC II. CURTISS,
M. B. HUTCHISON.
Chairman;
WALDO NEWCOMER,
WM.McC. MARTIN,
LESLIE R.PALMER,
C. H. McINTOSH,
The above report was adopted by the conference after
paragraph 4 had been amended as follows:
We recommend that member banks be allowed to deposit for their credit
at the outset, after the initial reserve and capital payments have been made,
any checks drawn by member banks on any Federal Reserve bank or on
member banks in reserve and central reserve cities within their respective
districts.
October 21 1914.
PRESIDENT WILSON AND THE COUNTRY'S FUTURE.
In a letter addressed to Secretary of the Treasury McAdoo
under date of the 17th inst., President Wilson sees with the
inception of the new Federal Reserve Banking system a
future "clear and bright, with promise of the best things."
"It has", he says, "done away with agitation and suspicion, because it has done away with certain fundamental
wrongs." "Fundamental wrongs once righted,as they may
now easily and quickly be", he adds, "all differences will
clear away. We shall advance, and advance together, with
a new spirit, a new enthusiasm, a new cordiality of spirited
co-operation." The President in his letter has a word to
say about the railroads; "there is", he says, "no other interest so central to the business welfare of the country as
this. No doubt, in the light of the new day the problems
of the railroads will also be met and dealt with in a spirit
of candor and justice." The President's letter was written
in answer to one addressed to him by Secretary of the Treasury McAdoo congratulating him upon the opening of the
Federal Reserve Banks; in this letter Mr. McAdoo said:
Washington, November 16 1914.
Dear Mr. Pt esident.-1 have the honor to inform you
that the twelve
Federal Reserve banks authorized by the Federal Reserve
Act
December 23 1913 were formally opened for business to-day. approved
May I
take advantage of thelopportunity to felicitate you, as well as
congratulate
you, upon the actual establishment of these banks, which
are the result
of the great piece of financial legislation with which your name is
imperishably associated and which promises, in my Judgment, immeasurable
benefits to the American people?
Faithfully yours,
W. G. McADOO.
The President, the White House.
The President's reply in full was as follows:
THE WHITE HOUSE.
Washington, November 17 1914.
My Dear Mr. Secrelary.—I warmly appreciate your letter of yesterday,
for I share your feeling entirely about the significance of the opening of the
Federal Reserve banks for business.
I do not know that any special credit belongs to me for the part I was privileged to play in the establishment of this new system of which we confidently hope so much; in it the labor and knowledge and forethought and
practical experience and sagacity of many men are embodied who have cooperated with unusual wisdom and admirable public spirit. None of them,
I am sure, will be jealous of the distribution of the praise for the great
piece of legislation upon which the new system rests; they will only rejoice
unselfishly to see the thing accomplished upon which they had set their
hearts.
It has been accomplished, and its accomplishment Is of the deepest significance, both because of the things it has done away with and because of
the things it has supplied that the country lacked and had long needed.
It has done away with agitation and suspicion, because it has done away
with certain fundamental wrongs. It has supplied means of accommodation in the business world and an instrumentality by which the interests
of
all, without regard to class, may readily be served.
We have only to look back ten years or so to realize the deep
perplexities
and dangerous ill-humors out of which we have now at last issued as if
from
a bewildering fog, a noxious miasma. Ten or twelve years ago the
country
Nov. 21 1914.]
THE CHRONICLE
shook the very foundations of
was torn and excited by an agitation which
question, condemned her
her political life, brought her business ideals into affairs, the integrity of
of
social standards, denied the honesty of her men
faith of many of the things
her economic processes, the morality and good
which her law sustained.
or in politics, were almost
Those who had power, whether in business
little attempt was made to
universally looked upon with suspicion, and
their turn seemed to distrust
distinguish the just from the unjust. They in There was ominous antagocontrol.
the people and to wish to limit their
were in sharp conflict without
nism between classes. Capital and labor Interests harshly clashed which
them.
between
accommodation
of
prospect
should have co-operated.
irresponsible agitators. There were real
This was not merely the work of
and fearless men had called attention
wrongs which cried out to be righted
dealt with by law. We were living under
to them, demanding that they be contrived to confer private favors upon
purposely
a tariff which had been
keep the party that originated it in power
those who were co-operating to
soil all the bad, interlaced growth and Jungle of
fertile
and in that all too
the very life of trade, the very air men
monopoly had sprung up. Credit,
their opportunities, was too largely in the
must breathe if they would meet
had planted and cultivated monopoly.
control of the same small groups who
and, by consequence,of:all little business,
The control of all big business,
if not actually, in their hands.
too, was for the most part potentially,
came into power last year.
And the thing stood so until the Democrats
in very large measure done
The legislation of the past year and a half has
and ill-will will
away with these things. With their correction, suspicion
been righted, but new things
pass away. For not only have these things
of a new
instruments
the
prove
to
sure
are
have been put into action which
so embarrassed us
life, in which the mists and distempers which have
which
will be cleared away; the wrongs and misunderstandings corrected
have brought distrust upon so many honest men unjustly. That is the
main ground of my own satisfaction.
The tariff has been recast with a view to supporting the Government
rather than supporting the favored beneficiaries of the Government. A
system of banking and currency issues has been created which puts credit
within the reach of every man who can show a going business, and the
supervision and control of the system is in the hands of a responsible agenwhich
cy of the Government itself. A trade tribunal has been created by
those who attempt unjust and oppressive practices in business can be
of
the
in
view
else
something
made
brought to book. Labor has been
linked
the law than a mere mercantile commodity—something human and
laid bare out
with the privileges of life itself. The soil has everywhere been
And undoubtedly the
of which monopoly is slowly to be eradicated.
of
all
heart
the
these things
at
is
free
means by which credit has been set
—is the keypiece of the whole structure.
is brought
This is the more significant because of its opportuneness. It
imperatively needed. The war.
to its final accomplishment just as it is most
it neceshas
made
Europe,
of
which has involved the whole of the heart
mobilize its resources in the most efsary that the United States should
credit and her usefulness good for
fective way possible and make her
created, too, special difficulties
the service of the whole world. It has
great embarrassment in sellpeculiar situations to be dealt with, like the
world needs, but against which,
the
ng our immense cotton crop, which all
in danger of being artifor the time being, the markets of the world are
are meeting
ficially shut. That situation the bankers of the country
the spirit of the new
as far as possible in a businesslike fashion and in
time which is opening before us.
The railroads of the country are almost as much affected, not so much
because their business is curtailed as because their credit is called in question by doubt as to their earning capacity. There is no other interest so
central to the business welfare of the country as this. No doubt, in the
light of the new day, with its new understandings, the problems of the railroads will also be met and dealt with in a spirit of candor and justice.
For the future is clear and bright with promise of the best things. While
there was agitation and suspicion and distrust and bitter complaint of wrong,
groups and classes were at war with one another, did not see that their interests were common, and suffered only when separated and brought into
conflict. Fundamental wrongs once righted, as they may now easily and
quickly be, all differences will clear away.
We are all in the same boat, though apparently we had forgotten it. We
now know the port for which we are bound. We have and shall have, more
and more as our new understandings ripen, a common discipline of patriotic purposes. We shall advance, and advance together, with a new spirit.
a new enthusiasm,a new cordiality of spirited co-operation. It is an inspirng prospect. Our task is henceforth to work, not for any single interest,
but for all the interests of the country as a united whole.
The future will be very different from the past, which we shall presently look back upon, I venture to say, as if upon a bad dream. The
future will be different in action and different in spirit, a time of healing
because a time of Just dealing and co-operation between men made equal
before the law in fact as well as in name. I am speaking of this because
the new banking system seems to me to symbolize all of it. The opening of
the Federal Reserve banks seems to me to be the principal agency we have
created for the emancipation we seek, The 16th of November 1914 will be
notable as marking the time when we were best able to realize just what had
happened.
In the anxious times through which we have been passing, you have, my
dear Mr. Secretary, been able to do many noteworthy things to strengthen
and facilitate the business operations of the country. Henceforth, you have
a new instrument at hand which will render many parts of your task easy.
I heartily congratulate you upon the part you yourself have played in its
conception and creation and upon the successful completion of the difficult
work of organization.
A new day has dawned for the beloved country whose lasting prosperity
and happiness we so earnestly desire.
Sincerely yours.
WOODROW WILSON.
Hon. Wm. G. McAdoo, Secretary of the Treasury.
THE NEW CLEARING HOUSE BANK STATEMENT.
The banks in the Clearing House will this week report
their statement of condition in an entirely new form. Many
new items incidental to the establishment of the new Federal
banking system appear in the statement; the banks are
required to show both their average for the week and their
actual daily condition, the same as in the past, but for the
present the actual figures are not to be published. With
the issuance of the new form Albert H.Wiggin, Chairman of
the Clearing House Committee, made the following statement on Thursday:
1497
lenient for the week ending on Saturday. November 21st.
The bank
will be the first statement issued since the change in Clearing House requirements as to reserve. For many years the members of the New York
Clearing House have been required to keep 25% reserve: under the amendments to the Clearing Howse constitution passed on November 13th, each
institution whether it be a national bank. State bank or trust company, is
only required by the Clearing House to maintain as reserve such amounts
as are legally required by the laws under which they are organized (United
States or State). The result of this will be that the average return this
week will probably show a large excess in reserve. Last week, the surplus
over the 25% requirements was, on the official return, about 57.500,000.
The reduction in reserve requirements is such that the surplus over the
required reserve for this week will probably be considerably over $100.000,000. The Clearing House Committee emphasizes that it must be
remembered that this is not a change in condition, but simply a result
of the change in the law and in the rules of the New York Clearing House
and thao it is probable that for a long time to come the bank statement
will continue to show a large surplus over legal requirements for the reason
that many of our important institutions find it impracticable to do business
satisfactorily on as low a reserve as the law permits.
In view of the new items published for the first time in this statement
and the difference in reserve requirements, the totals only will be given
and no comparisons with previous statements made. The Clearing House
Committee feel it wise to call these facts to the attention of the public in
order that it may be perfectly clear that the surplus of reserve is not a fund
awaiting investment but a surplus that may be ordinarily expected as a
result of the change in the law, and one that will continue at least until
foreign banking relations are re-established and until the Stock Exchange
reopens and call loans are available.
In explanation of the change the New York "Times"
printed the following on Thursday:
William Sherer. Manager of the Clearing House, sent out yesterday the
new form on which the members are to make their weekly reports under
the regulations adopted last week to bring the reserve requirements into
conformity with those of the Federal Reserve Act and the new State
Banking Law. The form differs in one respect from the blank sent out
by the Federal Reserve Board for the member banks to use in calculating
their reserves.
Among the deductions from gross deposits it has always been customary
to include the notes of other banks and this still appears. On the blank
from Washington this item was not included, but some of the banks provided for it by including the banknotes held in the item "due from other
banks." Bankers wondered yesterday if the Board intended herafter to
exclude the notes of other banks from the deductions from gross deposits.
If so, the leserves of the banks will have to be figured one way for the Reserve Bank and another for the Clearing House.
The new Clearing House blank provides for the daily average and the
actual condition On Friday in respect to loans, discounts and investments,
including the amount of loan certificates on hand, less the amount issued
to the bank itself and outstanding. Cash reserves are separated into gold.
legal tenders and silver. Notes of other banks and Federal Reserve Bank
notes are to be entered, but not counted as reserve. The next item is
reserve in Federal Reserve Bank.
Net demand deposits consist of gross deposits, less all deposits, certificates of deposit and savings accounts not payable in thirty days. United
States deposits, amounts due on demand from banks, bankers, and trust
companies, other than Federal Reserve Bank, including amounts due from
foreign banks and bankers subject to draft, exchanges for Clearing House
next day and checks on other banking institutions, Federal Reserve Bank
notes and notes of other banks, and excess due from Federal Reserve Bank
over maximum reserve allowed.
Net time deposits, not payable within thirty-days, on which only 5%
reserve is required, are to be entered; also United States deposits, amount
of circulation outstanding, rediscounts with Federal Reserve Bank, per
cent of reserve to net demand deposits, with amounts In the bank's vaults
and in the Federal Reserve Bank separated and per cent of reserve to net
time deposits, similarly divided.
The form in which the statement will be given out for
publication for the present embraces only the following
items, although the banks themselves will be required to
make fuller reports: (1) loans, &c.; (2) reserve in own
vaults; (3) reserve in Federal Reserve bank; (4) reserve in
other depositaries; (5) net demand deposits; (6) net time
deposits; (7) circulation.
Heretofore the items given out have been as follows:
(1) loans; (2) specie; (3) legal tenders (including national
bank notes held by State banks and trust companies);
(4) net deposits;(5) circulation.
THE COTTON LOAN FUND.
After protracted negotiations and in the face of num?rous
adverse influences, Secretary of the Treasury McAdoo
was able on Tuesday of this week to announce that the
cotton loan fund had been completed, the final subscription
having been pledged on that day. The deficiency, amounting to about $3,000,000, was made up by pledges of $2,000,000 by Kuhn, Loeb & Co. and $1,000,000 by Bernard
M.Baruch.
According to the plan, given in full in our issue of October
31,it is proposed to raise approximately $135,000,000, to be
loaned at 6% interest on cotton on the basis of 6 cents a
pound for middling, the fund to be divided into two classes,
respectively Class A and Class B. Class A subscribers are
composed of banks, corporations, &c., outside the cottonproducing States and Class B is made up of subscribers
from the cotton producing States. The Class A subscriptions aggregate $100,000,000, of which $50,000,000 was
taken by New York City and a like amount outside New
York. The success of the plan was contingent upon the
completion of the Class A subscriptions, and this has now
been accomplished. Class B subscribers are required to
THE CHRONICLE
1498
advance 25% of any loan from the fund. In other words,
they are to receive for loan purposes three dollars out of
the $100,000,000 fund for every dollar which they subscribe
for,outside the $100 millions.
All loans from the fund are to bear 6% interest and must
be made through banks or bankers, who are required in
each instance to accompany the application for such loan
with a subscription to Class B certificates equal in amount
to 25% of the loan. All loans to be secured by cotton on
the basis of six cents a pound for middling,:evidenced by
approved warehouse receipts, expenses such as warehouse
charges, insurance, &c., to be borne by the borrower.
There is also a guaranty fund for administration expenses
to be made up of a charge of 3% of the face of every loan
granted.
In the repayment of the fund all moneys so available will
be applied against both Class A and B certificates but the
percentage in the case of Class B shall be one-half that in
the case of Class A, this proportion to be continued until
the amount outstanding of both certificates are equal, when
the percentage of reduction shall be the same.
The fund is to be administered under the direction of a
Central Committee composed of individual members of
the Federal Reserve Board. This Central Committee will
appoint a cotton loan committee with powers to carry out
the purposes of the plan. This last-named committee will
appoint State committees, who in turn will appoint local
committees.
Under the last-mentioned provision Secretary McAdoo, on November 18, announced the composition
of the Central Committee as follows: W. G. McAdoo,
J. S. Williams, C. S. Hamlin, F. A. Delano, W. P. G.
Harding, H. M. Warburg, and A. C. Miller, all of Washington.
The cotton loan committee to have charge of the active
work will consist of:
W. P. G. Harding, Washington, Chairman; Paul M.
Warburg, Washington; Albert H. Wiggin, New York; James
S. Alexander, New York; James B. Forgan, Chicago;
Festus J. Wade, St. Louis; Levi L. Rue, Philadephia;
Wm.A. Gaston, Boston. This committee held its first meeting here at the Federal Reserve Bank on Friday. No announcement of the results of the meeting was made.
The New York "Tribune" says the cotton pool's headquarters will be established at the New York Clearing House
with Edward R. Tinker, Jr: Vice-President of the Chase
National Bank, and S. E. Ward, Cashier of the National
Bank of Commerce, representing Messrs. Wiggin and Alexander, respectively, New York members of the Cotton Loan
Committee, in the carrying out of the details of actual operation. W. P. Holly of the Chase National Bank, who is
secretary of the national $100,000,000 gold pool, has been
made secretary of the cotton pool as well.
Secretary McAdoo's statement on November 17, on the
completion of the fund, is as follows:
I am gratified to be able to announce the success of the cotton loan fund.
Subscriptions for the entire $100.000,000 of Class A certificates were completed this afternoon. This assures the success of the plan. To such extent as banks in the Southern States subscribe to Class B certificates, the
$100,000,000 realized from the Class A certificates will be available for
loans on cotton at 6 cents per pound. The full details of the plan have already been published, and it is not necessary to repeat them here.
The full amount of subscriptions to Class A certificates made by banks in
non-cotton States amounted, at 2 p. m. to-day, to $97,292,000. The success of the plan was conditioned upon the subscription of the full $100.000.000 of these certificates. In order to make up the deficiency of $3.000.000.
Messrs. Kuhn,Loeb & Co. of New York subscribed $2.000,000 and Bernard
M.Baruch of New York.formerly of South Carolina,subscribed $1,000.000.
thus completing the required amount.
The following is a list of the cities and the amounts subscribed to the fund:
New York City
Baltimore
Boston
Chicago
Detroit
Cincinnati
Cleveland
Kansas City
Louisville
Kuhn, Loeb & Co
Bernard M.Baruch
$50,000,000
2.500,000
2,085,000
13,000,000
1,082,000
2.000,000
2,000,000
2,000,000
1,000,000
Minneapolis
Philadelphia
Pittsburgh
Richmond
St. Louis
San Francisco
Washington
Total
$1,000.000
4,640,000
2,000,000
1,125,000
11.500,000
360,000
1.000,000
$97,292,000
$2.000,000
1,000,000
[VOL. xcix.
The successful completion of this plan throws upon my associates of the
Federal Reserve Board and myself added responsibilites and a large amount
of onerous work. It is no part of our official duties. We are already burdened with many difficult problems, but we have regarded the organization
of this cotton loan fund just as we did the gold fund, and its proper administration as a patriotic service, and have felt obliged, therefore, to respond
to the call that has been made upon us.
We believe that the carrying out of this plan is going to be beneficial.
not only in helping the cotton situation and the foreign exchange situation,
but also by promoting the general prosperity of the country, which now has
such a happy impulse that it would be difficult to retard it. It is a pleasure
to testify to the patriotism and broad-mindedness of the banks and bankers
who have so cheerfully supported the Secretary of the Treasury and the
Federal Reserve Board in the organization of this fund.
It is stated that the Comptroller of the Currency, John
Skelton Williams, has ruled that national banks subscribing
to the two classes of certificates may carry them as stocks,
bonds, or securities and the Secretary of the Treasury has
agreed to accept them at 75% of their face value when offered by National Currency Associations as security for
emergency currency issued under the Aldrich-Vreeland Act.
The certificates, however, cannot be accepted as security
for loans with the Federal Reserve Banks, as the terms of
the Federal Reserve Act do not permit a construction that
will allow the discount of notes secured by such collateral.
The position of the Boston banks in the cotton loan fund
has been a matter of doubt, and it appears now, according
to Secretary McAdoo's statement printed above, that only
five banks and one trust company have subscribed to the
fund. The institutions are as follows: National Shawmut,
First National, Fourth Atlantic National, Webster and Atlas national banks and the Federal Trust Company. Major
Higginson, who has been in correspondence with Secretary
McAdoo over the cotton loan fund, received the following
telegram:
Thank you for your letter of the 12th inst. When the organization of
the gold fund was undertaken, Boston bankers showed that they needed
335.000,000 of gold to discharge foreign obligations. Next to New York,
Boston needed gold worse than any city in the country, and was,therefore,
the next to the largest beneficiary in the gold fund.
Boston subscribed only $7,000,000 to that fund. Southern cities were
allotted $7,000,000 in the gold fund, and they promptly and willingly subscribed the full amount when it was more difficult for the banks of the
South to do this than for the banks of any other part of the country.
Including St. Louis, the Southern subscription to the gold fund was $12,000.000.
It seems particularly narrow,and a mistaken policy,for the Boston banks
to fail to reciprocate when the South needs assistance and asks Boston to do
so little.
There Is absolutely nothing in the claim that the cotton fund violates any
anti-trust law of the United States. This business is in no way analogous
to the Steel Trust or New Haven case. In neither of those cases did the
Attorney-General of the United States give a formal opinion that the contemplated acts were legal.
An unwilling man is always prolific in excuses. I should regret for Boston's own sake if the banks there failed to do their part. The fund will
be raised without Boston if necessary, but Boston ought not to ask the rest
of the country to carry her part when she asked the rest of the country to
help her in the gold pool, and when the rest of the country, particularly the
(Signed) W. G. McADOO.
South, cheerfully responded.
Reversing theiFrecent decision not to enter the cotton loan
fund, Minneapolis and St. Paul banks decided at a meeting
on the 12th inst. to take part in the pool. The clearing
houses of the two-mentioned cities, in conjunction with that
of Duluth, have now agreed to underwrite $1,000,000 of the
fund. Chairman E. W. Decker of the Minneapolis Clearing House, in response to the urgent requests of W. G. P.
Harding, Chairman of the Federal Reserve Board, and Secretary of the Treasury McAdoo that the Northwestern banks
come into the plan, said:
With the urgent request of Washington officials that we come in, and
In view of the general benefit to conditions in the United States that will
result from facilitating the cotton movement, we decided to enter the plan.
While we realize that we have our work cut out for us at home to take
care of our own business, we had patriotism enough to respond to the urgent
call that Washington made. The decision means that the banks of the
Northwest will loan $1,000,000 on cotton warehouse receipts, as they may
be asked to make only what are known as Class A loans, which means that
the security will be a first lien on cotton in storage. The Southern banks
will make the Class B loans, which are not so desirable.
"Financial America" in a dispatch from Savannah under
date of Nov. 18 said:
Officials of the Savannah Clearing-House Association announced to-day
that Savannah banks would not subscribe to the $135.000,000 cotton loan
----------------------------------------------$100,292,000
fund.
A special committee reported the plan was not satisfactory. The
Total
to-day the names of the subscribers to the proposal, as originally formulated, provided for the subscription of $2,It is not possible to announce
it may be said that among the larger sub- 500.000 here.
fund in each of the cities. but
Messrs. J. P. Morgan & Co., the National
scribers in New York City are
Bank, and others whose names may,
National
The New York "Post" says that at a meeting of Group I
City Bank, the Chase
as soon as the complete lists are supplied.
with their permission, be givenBoston subscribing to the
of
the South Carolina Bankers' Association at Greenville on
fund are the NaThe only banks in the City of
National Bank, the Fourth Atlantic Nov. 17 the bankers were almost unanimous in disapproving
First
the
Bank,
Shawmut
tional
Atlas National Blank, and the Federal the cotton loan fund. Objection, it was stated, was based
Natonal Bank, the Webster and
given to Messrs. Festus J. Wade and
Trust Co. Great credit should be
principally on "the amount of money required in the liquidatheir earnest and effective work.
George W. Simmons of St. Louis for
been in doubt, but its completion tion process." J. W. Norwood, President of the Norwood
time
no
at
has
plan
this
of
success
The
opposition of certain textile manufacturers National Bank, declared the scheme was not practical and
has been delayed by the selfish
it. I am happy to say, for the
and local interests who have tried to defeat
bankers. Class B certificates,
themselves, that they have been unsuc- did not appeal to Southern
for
as
sake of the country as well
up too much money."
bankers,
"tied
the
according
to
cessful.
Nov. 21 1914.1
THE CHRONICLE
1499
'Progressive Farmer," Secretary, and Edward E. Britten, Managing
Editor of the Raleigh (N. C.)"News and Observer." Vice-President.
At the conference plans were perfected for a systematic publicity campaign
which will Include the issuance of weekly summaries of prospective acreage
reduction and progress toward diversification. These statistics will be
gathered by the weekly or daily papers in each county and reported to a
additional
of
amount
total
the
reports
The Comptroller of the Currency
central bureau.
Act
Aldrich-Vreeland
the
of
provisions
the
currency actually issued under
up to the close of business to-day at $377,912,190. retired,
B. F. Yoakum, Chairman of the St. Louis & San Francisco
leaving the net
been
Of this amount $58,228,540 has thus far
to-night $319,683,650.
RR., also emphatically urges a reduction of the acreage to
amount outstanding at the close of business
retirement has been sent in princistatement,
The currency thus far presented for
considerable amount has been received be planted to cotton in 1915. Mr. Yoakum,in a
pally from New York. although a
other States, including Illinois, Massa- advises the farmers to restrict the 1915 crop of cotton to about
nine
in
banks
from
redemption
for
Ohio, California, Texas, Virginia and half that of the 1915 crop. He points out that on a supposichusetts, Pennsylvania, Maryland,
RETIRING EMERGENCY CURRENCY.
The following statement concerning the amount of emergency currency retired up to the 14th inst. was issued by
the Comptroller of the Currency:
banks had retired $64,- tion of 7,000,000 balesfor the 1913crop added to the present
Up to the 20th inst. the New York
crop of 15,000,000, there would be a total of 22,000,000
054,320 of the emergency currency taken out by them.
bales to dispose of. At $70 a bale, the price that would probably be obtained on account of a restriction of production,
MEASURES OF RELIEF FOR COTTON PLANTERS. the result would considerably more than equal the proceeds
In announcing the establishment of the cotton loan fund, of a crop in 1915 the size of that of 1914 at $45 a bale, and
Secretary of the Treasury McAdoo takes occasion to point the farmer would be put to much less effort.
out the urgent necessity for a reduction of the acreage to be
According to the Dallas "News," Dallas County bankers
planted to cotton in 1915 and the raising of food products
on a large part of the acreage heretofore devoted to that will support a campaign to reduce the cotton acreage of 1915,
staple. His statement from the New York "Times" reads hold for 8 cents or better, plant other crops intelligently and
keep the present crop in the dry. Resolutions to this effect
as follows:
While the creation of the cotton loan fund and its use will have a far- were adopted Nov. 10 at a meeting of the Dallas County
reaching and beneficial influence upon the cotton and business situation, Bankers'
Association at the Chamber of Commerce. Byrd
nevertheless the attention of the South should not be drawn away from
the other pressing and important problem with which it must intelligently E. White, of Lancaster, President of the Association, preand effectively deal, namely a material reduction of cotton acreage in 1915 sided.
large part of the acreage heretofore
Wisconsin.
and the raising of food products on a
devoted to cotton. Not only will crop diversification help the prosperity
of the South, but the mere assurance of a largo decrease in the cottcn crop
next year will immediately enhance the value of the present crop.
The food products which the South can advantageously raise on a part of
the cotton acreage will find a ready market at profitable prices, even if the
South itself cannot absorb them with greater advantage than by buying such
supplies from neighboring States. If the war in Europe is protracted, the
demand for foodstuffs will grow in volume and intensity, and must be supplied in large part by this country. The Soutnern farmer, therefore, has an
unusual oppertunity now for changing existing methods and habits, with
certain profit and permanent benefit to himself.
of Agriculture on this subThe recently expressed views of the Secretary
the South. The'Department of
ject should be read by every farmer in
Agriculture will gladly give information to the farmers of the South about
suitable to the conditions of each
the methods of crop diversification
locality.
to aid in this commendThe bankers also have an exceptional opportunity
character cf the crops
able work. They can,in largo measure,influence the
by imposing proper conditions upon the advances they may make to the
with
direct
the farmers, the
dealing
farmers. Whore the bankers are not
merchant who supplies the necessary credits can exert the necessary influence.
The farmers of the South ought to wake up to the importance of crop
diversification. There never before was a time when they could wake up
with such certain profit to themselves. Not only should the Southern
farmer plant food crops, but he can raise cattle and poultry with great
benefit to himself and the country at large. He cannot do this, how
ever, unless he reduces cotton acreage and raises food supplies.
It is also stated that a circular is being prepared by
Secretary McAdoo to be sent out in connection with the
cotton loan administration to urge upon bankers throughout
the cotton-producing States the wisdom of advising planters
to change their methods of farming in the coming year.
Thirty-three Georgia counties will reduce their cotton acreage 42% in 1915 as compared with this year's crop, according
to reports received by J. D. Price, State Commissioner of
Agriculture, and made public here Nov. 18. Mr. Price
sent inquiries to chambers of commerce and other organize,
tions throughout Georgia in a position to give information.
Reports from fifteen of the counties said the reduction would
be 50% or more.
At a meeting of some two hundred bankers from all parts
of Alabama, called by Superintendent of Banks Alexander
E. Walker, and held in Montgomery on Nov. 18, resolutions
were passed declaring that financial aid or encouragement
would not be extended to any one interested in raising
cotton in 1915 unless such person agreed to reduce acreage
to be devoted to cotton in 1915 at least one-half that planted
in 1914. They further pledged their support toward crop
diversification and endorsed the cotton loan fund, this
resolution stating that,"in our opinion, it will greatly benefit
the present situation, and remove the menace now existing
on account of the estimated surplus cotton crop for 1914."
Organization of Southern newspapers for a campaign in
the interests of a reduction of cotton acreage and crop diversification is stated by the "Journal of Commerce and Commercial Bulletin" in the following:
An association of Southern newspapers and agricultural journals to encourage a reduction of 50% in cotton acreage next year and crop diversification in the South wasformed at a conference in Memphis at which twenty..
lye papers in the cotton-growing States were represented. W. J. Crawford, President of the "Commercial Appeal" of Memphis, was elected
Chairman of the association. Dr. Tait Butler of Memphis, editor of the
THE LONDON STOCK EXCHANGE SETTLEMENT.
The regular stock settlement was concluded in London on
the 18th inst., and,according to the cables, was better than
expected, considering present financial conditions. It is
stated that a good deal of stock was taken up, and only a
few firms, chiefly with foreign connections, failed to settle,
but it is hoped that their positions will be cleared up in a
few days. Consols were almost unsalable at the fixed
minimum of 68y2, owing to the new loan.
The Manchester "Guardian" of the 4th inst. publishes the
following concerning the emergency rules of the London
Stock Exchange which come into force at the settlements
of November 18 and December 1.
The London Stoek Exchange Committee yesterday issued emergency
rules dealing with contangoes for continuing speculative accounts. The
Treasury plan which appeared on Monday dealt with loans to Stock
Exchange members, but contangoes relate to loans made by members to
other members, or more generally the outside public who operate in stocks
which they cannot pay for, or do not wish to take up, the process being
that they borrow money inside the House for the purpose. This is technically described as carrying over, though actually at each settlement every
bargain must be completed, a fresh one being entered into for the ensuing
account. The following is the text of the new rules—
In order to give effect to the Government scheme, the following emergency rules will come into force at the settlements of November 18th and
December 1st.
1.—Loans with Margin.
A member having made a loan with margin which was outstanding on
July 29th 1914, must continue the loan for a period which shall terminate
twelve months after the conclusion of peace or on the expiration of the
Courts (Emergency Powers) Act 1914, whichever is the soonet, without
calling for further margin. This extension of time is obligatory so long
as the borrower pays interest fortnightly. So long as interest is paid fortnightly, coupons and dividends must be paid to the borrower and not
credited to the account. The lender must accept repayment of the whole
or part of his loan from the borrower at any time. If and when the price
of any of the securities held by a lender against the loan reaches the makingup price of July 27, or where there was no making-up price on that date
then the mean price of that date, the lender may call on the borrower to
repay such an amount of his loan as is equivalent to the value of such
securities at such price, and la the event of the borrower not making such
repayment,the lender may sell such securities himself at a price not lower
than such price, and repay himself with the proceeds.
2.—Loans without Margin.
A member having made a loan without margin (or with insufficient
margin to comply with the conditions following), which was outstanding
on July 29 1914 may call on the borrower to provide him with margin to
the extent of 5% on stocks contained in the annexed list and 10% on other
stocks, and on the borrower so doing the lender must continue his loan for
the same period, subject to the same conditions as if it had been originally
a loan with margin. Such margin may be provided either in cash or in
securities taken at the above prices of July 27.
3.—Contangoes.
(a) Where the member has taken in stock on contango at the end July
account the giver, if he wishes to continue, shall pay him a difference
equal to 5% on the value of the stock, taken at the making-up price of
July 27,in the case of stocks contained in the annexed list and 10% on other
stocks, and on the giver so doing, and on his paying contango money fortnightly, the taker-in shall continue to take in such stock for a period which
shall terminate twelve months after the conclusion of peace or on the
expiration of the Courts (Emergency Powers) Act, 1914, whichever is the
sooner, at a price which shall be calculated on the basis of the making-up
price of July 27 1914, less the 5% or the 10% paid to the taker-in.
(b) Where a member has taken in on a date on or after June 29 stock
which settles at the Consol account,the giver shall,11 he wishes to continue,
pay—(1) the difference between the price at which the stock was taken in
and the mean price of the official list of July 27, and (2) a further difference,equal to 5% of the value of the stock, taken at the mean price of July
27th in the case of stocks contained in the annexed list and 10% on other
stocks, and on the giver so doing and on his paying contango mon e ; .
1500
THE CHRONICLE
nightly,the taker-in shall continue to take in such stock for a period which
shall terminate twelve months after the conclusion of peace or on the
expiration of the Courts (Emergency Powers) Act 1914, whichever is the
sooner, at a price which shall be calculated on the basis of the mean price
of July 27 1914, less the 5% or the 10% paid to the taker-in.
• (c) Differences under (a) and (b) may be provided either in cash or
securities, taken at the making-up price or the mean price of July 27, as
the case may be.
(d) During the continuance of this period the giver is required to nay
the contango money on both classes of stock each fortnight to the taker-in.
and the taker-in shall pay over coupons and dividends as and when received
to the giver, and shall not credit them to the account. The giver is entitled at any time during the currency of this period to take up any of the
stock on payment of the price at which the stock is being continued, with
contango money to date.
(e) If and when the price of any stock taken in reaches the making-up
price of July 27 in the case of stocks under (a) or the mean price of July 27th
in the case of stocks under (b), the taker-in may call on the giver to pay for
such stocks, and in the case of non-payment the taker-in may himself
sell such stock for account of the giver at a price not lower than such
making-up price, cs mean price, as the case may be.
4.—Interest.
The rates of interest and contango rates chargeable under these emergency rules shall not exceed such rates as will be fixed fortnightly by the
Committee. This shall not prevent a member charging, by agreement, a
reasonably higher rate in lieu of receiving margin under emergency rule 2
or 3 (a) or (b).
5—Disputes.
In the event of any dispute as to the securities to be given in lieu of cash
under emergency rule 2 or 3 (c) ol as to the rate of interest to be charged
under the latter part of emergency rule 4 the matter shad be referred to
arbitration under rule 71, with appeal to two members of the committee.
6.--Clients.
The above emergency rules shall also apply to loans and contangoes
as between brokers and their clients, any difficulty arising in such application to be referred to the Committee for their direction.
7.—CoMinuagion Notes.
Continuation notes issued by brokers to their clients all contain the
following words: "Subject to the rules and regulations of the Stock Ex'change and to the terms and conditions of the emergency rules." The
"annexed list" referred to above is identical with that issued on September
14 last, containing the names of about 800 securities, nmilmum prices of
which were fixed then by the Committee.
[VOL. xcix.
fortnightly period, and are now extended to possibly a very long
term, and
that if the borrower has money there is nothing to prevent him
from payng off the loan and making fresh terms for future business.
Some members, moreover, object to the arrangement whereby both
the
lender and the immediate borrower from the lender shall become jointly
and severally liable to the Bank of England for the repayment of
the 60%
advance and interest, the idea in some minds being that this would bring
additional liability upon the shoulders of the Stock Exchange member.
As a matter of fact, it will not increase the liability.
The next step necessary before the reopening of the Exchange can be
discussed is a scheme for dealing with the differences that ought to be paid
at the next settlement,fixed for the 18th inst. It is quite certain that these
differences, due at present prices, will not be paid at that date. In some
quarters it is thought that the settlement may be postponed. On the other
hand, some members of the committee have been urging that 10% of the
amount of the differences should be paid monthly, while others declare that
the installment should not be more than 2%% and that the dates of the
installments should not be fixed too far ahead.
In its issue of the 18th inst. the "New York Times" has
the following to say as to the hoarding of gold in England:
London, Nov. 5.—Gold is being hoarded in England at such a rate as
to cause much discussion. About £30.000,000 ($150,000,000) has been
received in gold by England from other countries in the last three months.
Moreover. Treasury notes have been put into circulation to the amount of
£30,250,000. in addition to £5,000,000 in Bank of England notes. Nevertheless, the increase in gold holdings of the Bank of England has amounted
to no more than the gold actually received from abroad. This proves conclusively, it is said, that there is general hoarding of gold.
The "Daily Mail" suggests that some of this gold is being sent to Germany by means of secret agents, women as well as men,and it demands that
a strict examination be made of all tourists, to see that they are not assisting Germany to build up a large gold supply at the expense of England's
gold holdings.
It is reported that there will shortly be a transfer of £10,000,000 in gold
from Russia to London. The gold, it is believed, will be deposited in
the Bank of England and will be "earmarked" for Russian account, to restore the exchange between England and Russia and to facilitate commercial
and financial transactions between the two countries.
PROVISIONS OF THE OCTOBER FRENCH
MORATORIUM.
From the "Journal of Commerce" of the 16th inst. we
The following is a translation of an article dealing with the
take the following regarding the Treasury arrangements for
French moratorium which appeared in "L'Economiste
assisting the London Stock Exchange situation:
The Treasury scheme for assisting the Stock Exchange situation by Francais" of Oct. 31 1914:
preventing forced sales of loan security does not provide fcr the opening of
THE NEW MORATORIUM DECREE.
the Stock Exchange, but the opening would be impossible without the
At the instance of M. Ribot, Minister of Finances, the President of the
scheme; therefore, it is an important step in the direction of more normal Republic on Oct. 27 signed a decree modifying the preceding decrees,which
conditions. The total amount of the loans is estimated at E80,000,000, deal with the postponement of maturities and the payment of deposits
or C100.000,000, including the provincial exchanges.
in the banks. The complete text of this decree is published elsewhere; we
The scheme divides the lenders of money to Stock Exchange members sum up here the principal clauses.
into two classes (1) Banks which have facilities for obtaining emergency
In regard to maturities, the decree distinguishes between debtors servcurrency notes, and (2) other lenders. The former include the clearing ing in the army or resident in the invaded regions on the one hand,and other
banks and country banking institutions; the latter, presumably, include debtors. For debtors of the first two categories, the postponements are
colonial and foreign banks in London, insurance companies and other lend- definite and complete; for those of the third category, the now regulation
ers. The scheme does not include lenders who are themselves members of Is established for two months.from Nov. 1 to Dec. 23. During the month
the Stock Exchange.
of November no action can be brought against the debtors; but beginning
The lenders in the first category agree to continue the loans for a year from Dec. 1, if the bearer Is dealing with a debtor who has the means to
after peace is declared, without requiring further margin, at a rate of inter- pay off his debts and who invokes the moratorium abusively, he may bring
est not exceeding 1% above Bank rate, with a minimum of 5% in all. an action against him with the permission of the judge, without previous
The other lenders, who have not the advantage of the emergency currency protest, after a preliminary attempt at conciliation, without expense and
notes, will be entitled to receive advances from the Bank of England to an without judicial formalities. The President of the Civil Tribunal may
amount of60% of the value of the securities at present held by them against grant extension of time to the debtor or authorize him to pay off his debt
Stock Exchange loans which they had outstanding at July 29, such securi- in installments. The drawer and the endorsers, until further orders, may
ties to be valued for the ptirpcse cf the makeup prices co July 27. The not be brought to trial, the rights of the holder remaining reserved In rerate of interest to be charged by the Bank of England will be 1% above gard to them. An analogous system is instituted for the payment of debts
Bank rate, with a minimum of 5% in all. The Bank of England will have resulting from commercial sales or advances.
the right, at its discretion, to refuse an application for the 60% loan, but in
The regulation of deposits in the banks is quite largely modified. The
the exercise of this discretion due regard must be had to the object of the first moratorium established by the decree of Aug. 0 fixed the obligatory
scheme, namely, to prevent forced sales of securities, and the applicant can repayment upon deposited funds at 250 francs and 5% of the remainder.
ask the Bank to submit the matter to the Treasury before a final decision The decree of Aug. 29 brought it up to 250 francs plus 20%. and the decree
of Sept. 27 to 25() francs plus 25%. The new decree requires
is given.
payment of
The lender and the immediate borrower will be jointty and severally re- 1,000 francs and 40% of the remainder, the maximum assigned for
withsponsible to the Bank of England for the repayment of the advance and the drawals during the month of November 1914. The maximum will
be
•interest, and no applications will be received by the Bank of England after raised during the month of December 1914 to 1,000 francs and 50% of the
Jan. 31 191.5. Tile borrower has the right at any time to repay whole or remainder of a deposit.
As to the postponement of withdrawals for special causes,
part of his loan, and in the case of part repayment the securities to be rcwages, raw
leased will be settled by agreement or by the release of such proportion of materials. &c.. which is at present 66%.it will be raised to 75% during the
each security as the amount of the repayment bears to the total loan. To month of December 1914.
The decree which we have Just analyzed, while marking a very
this is added the provision that where any of the securities are securities
perceptiheld by the borrower against a loan made by him,the Bank of England shall ble step toward the re-establishment of a normal order of things as far as
release those particular securities on repayment of an amount equal to the concerns deposits in the banks, as the merit of not exposing these banks to
value of the securities at July 27 prices, less the amount of the margin, if the embarrassment which might be provoked by a sudden return to the
any, deposited by the borrower. It is also arranged that when the quota- complete liberty which existed before the war.
It is well to remember that the moratorium is applicable only to
tions of any of the securities against loans reach the July 27 prices, the
deposits
bank concerned, or the Bank of England, shall have the right of calling made in the banks before Aug. 4, and does not concern at all the collecon the borrowers to repay their loans to the extent of the value of such se- tions made by them for their customers, in any capacity whatever, since
curities, or, if the request is not complied with, the right of selling the se- that date.
curities for the borrower's account, but not under the July 27 prices.
The text of the moratorium appeared as follows in "L'EconShould any lender who does not take advantage of the scheme attempt to
omiste Francais":
sell a borrower's securities, the Stock Exchange as a body will oppose such
THE NEW MORATORIUM.
lender under the Courts (Emergency Powers) Act. Where loans have been
M. Ribet, Minister of Finances, on Tuesday, Oct. 27, had a decree
used on the Sleek Exchange for making other loans, the committee under- signed In the Cabinet Council modifying
the terms of the moratorium.
takes that the advantages of the scheme shall be extended to clients and
Here is the text of this decree:
other persons concerned.
Article I. The extensions of time granted by the first article of the decree
The banks who come under the heading of "banks to which currency of Aug. 29 1914 and prolonged by the first article
of the decree of Sept. 27
facilities are open" are satisfied with the scheme, inasmuch as if they re- 1914 are prolonged for a new period of sixty full
days. The benefit of this
quire relief they can obtain it by means of the facilities for obtaining new delay is applicable to negotiable securities
which will fall due before
emergency notes. They are not asking for any guaranty, but they will Jan. 11915. provided that they have been incurred
previous to Aug.4 1914.
obtain the benefit of the rate of interest which will be considerably higher,
The postponement provided for by the present article is not granted
to
than the rata at which loans were originally made for the fortnightly period. debtors who are neither serving in the army nor
resident
in the invaded porThe Stock Exchange opinion cf the scheme may be described as one of tions of the territory. These will be governed by
Article
2,
as
follows:
satisfaction as far as It goes. The very large majority of members are
Article 2. Until the expiration of the delay provided for in the
preceding
strongly opposed to the early reopening of the "House," and they therefore article, the application of Articles 161 to 172,
inclusive, of the Code of Comare not disappointed that the scheme does not provide for reopening. merce shall remain suspended in the case of
negotiable
securities to which
Some members consider it a hardship that the rate of interest on their benefits of the postponement are to apply.
loans should be raised to at least 5%-1% above Bank rate, with a miniHowever, during the last thirty days of this delay, and by
right transimum of 5%. They argue that this is giving an undue advantage to the tory, the holder of a bill extended may
demand payment, for all or part of
banks which already have the currency note facilities, but this reasoning It. from the principal debtor.
The default of payment at presentation
seems to lose sight of the fact that the loans were originally arranged for the shall be verified if necessary by
registered letter with notice of receipt.
Nov. 21 1914.]
THE CHRONICLE
brought
Fifteen full days after the date of the receipt, action may be
of
without previous protest, but only with the permission of the President
after notice
the Civil Tribunal, who will give his decision without charges,
notice
This
Court.
the
of
has been sent to the debtor through the clerk
shall be given by registered letter with receipt.
payment of
Article 3. A new delay of sixty full days is granted for the
decree of Aug. 29 1914.
supplies of merchandise covered by Article 2 of the
decree.
same
and amounts covered by Article 3 of the
in the army nor
However, the cases of debtors who are neither serving
are to be regulated as proresident in the invaded portions of the territory
be brought
may
vided in the preceding article: action for non-payment
with the permission of the
during the last thirty days of this delay, but only
upon them according to the
President of the Civil Tribunal, who will decide
conditions and forms specified in Article 2.
realization of means of credit,
Article 4. The extension of time for the
which was granted by Article 2 of the
originating previous to Aug. 4 1914,
Article 1 of the decree of Sept. 27
decree of Aug. 29 1914 and extended by
will be fixed after the cessaiton of hos1914, is extended until a date which
tilities.
granted by Article 4 of the decree of
Article 5. The extensions of time
the decree of Sept. 27 1914 for the relief
Aug. 29 1914 and by Article 1 of
with creditors in the banks, and the esof deposits, specie and settlements
tablishments of credit or deposits, are prolonged up to and including Doc.31
1914.
The maximum allowed for withdrawals provided for by the second T,aragraph of Article 4 of the decree of Aug. 29 1914 is raised to 1,000 francs and
40% of the remainder during the month of November 1914. The maximum will be raised during the month of December 1914 to 1,000 francs and
50% of the remainder.
The maximum fixed by the last paragrpah of Article 4 of the aforementioned decree and by Article 2 of the decree of Sept. 27 1914 is brought for
the month of December to 75% of the balance of the account.
Article 6. All provisions of the decrees of Aug.29 and Sept. 27 1914 which
are not contrary to the present decree remain in force.
Article 7. The provisions of the present decree are apolicable to Algeria
and Tunis.
1501
banks at 10% and secured by a deposit of certain securities and commercial
paper which belong to the banks. The law provides that this paper money
shall be destroyed as soon as returned by the banks.
A moratorium of 120 days on all obligations payable in gold has been
declared, and the right has been given to the banks to fix the value of paper
money from day to day. Gold is at a heavy premium.
HELPING BRITISH TRADERS.
The British Treasury, we learn, has announced that a
committee, consisting of representatives of the Treasury,
the Bank of England, the joint-stock banks and the Association of Chambers of Commerce of the United Kingdom,
has been formed to whom is delegated the authorization of
advances, in approved cases, to British traders carrying on
an export business in respect of debts outstanding in foreign
countries and the colonies, including unpaid foreign and
colonial acceptances, which cannot be collected for the time
being. The "Journal of Commerce" says:
The object in view is to assist traders by removing obstacles to the steady
flow of business which have arisen through the temporary interruption of
the ordinary channels of collection. The assistance to be given is intended
to provide sclvent traders with funds to continue their business and to
pay their commercial debts to other traders or manufacturers.
The banks have agreed that no part of the advances under this scheme
shall be applied to paying off or reducing loans or bank overdrafts, or meeting unpaid foreign and colonial acceptances held by the traders' own bankers. The committee will have absolute discretion to decide whether an
advance is to be made in any particular case and,if they decide to make an
advance, as to the amount: such advance will not exceed 50% of the
outstandings.
The Government will ask Parliament to provide that the ultimate loss.
if any,shall be borne to the extent of 75% by the Exchequer and to the extent of 25% by the accepting bank. and to make the charge upon the outstanding debts valid and effective as against all persons without registration or other formal notification.
MORATORIUM LAWS OF VARIOUS COUNTRIES.
The Liverpool "Post" of the 7th prints the following concerning the position of France and Germany as to moraConcerning the plans under which the Liverpool Cotton
torium laws:
Exchange has been reopened, reports from London on the
FRANCE.
The "Journel Officiel'' (Bordeaux) of 23d October publishes a decree 15th inst. said:
suspending the payment of all kinds of interest and dividends by companies
which make use of the power granted by the decree of 9th August to
suspend payments or withhold the payment of cash balances. Tne companies which have already paid the said interest or dividends will be
considered as having given up the privileges accorded by the decree of 9th
September. The "Journel Officiel" of 28th October contains a decree
on bills of exchange.
extending for a further sixty clear days the moratorium
proclaimed on 9th August and extended on 29th August. This extension
January
applies to all negotiable securities which will fall due before the 1st
last.
1915, on condition that they have been signed prior to 4th August
GERMANY.
H. M. Minister at The Hague has forwarded translations of extracts
from various ordinances and laws issued by the German Government
dealing with postponement of payments in Germany. According to an
ordinance dated 7th August, all civil law-suits against persons in military
service have been suspended for the duration of the war. Another ordinance of the same date renders it impossible for aliens to claim the payment
of debts through a court of law until 31st October 1914, whilst a third
provides that every debtor may apply to a law court for postponement of
payment not exceeding three months, which will be granted provided the
creditor does not suffer any considerable loss through such postponement.
and provided also that application is made to the law court of the creditor.
The extracts above referred to may be consulted by United Kingdom
firms interested at the Commercial Intelligence Branch of the Board of
Trade.
The following advices concerning the moratorium regulations in Egypt were published in the London "Financial
News" of October 28:
A moratorium decree published to-day orders that from Nov. 1 negotiable values due before Aug. 3, payment of which had been prevented by
previous decrees, become normally due. All negotiable values dated before
the decree of Aug. 4 and due after Aug. 2 and on or before Nov. 15, are
payable, 15% of the capital amount on Nov. 15, 25% on Nov. 30, 30%
on Dec. 31 and 30% on Jan. 31. Values dated before Aug. 4 and due
between Nov. 16 and Nov. 30 are payable 40% on Nov. 30. 30% on
Dec. 31 and 30% on Jan. 31. Values dated before Aug. 4 and due between
Dec. 1 and Dec. 31 are payable 70% on Dec. 31 and 30% on Jan. 31.
Values dated before Aug. 4 and due between Jan. 1 and Jan. 31 become
payable integrally on Jan. 31.
Commercial debts, non-negotiable, dated before Aug. 2 and due afterwards, are payable 25% fortnightly from Nov. 15 to Dec. 31. From
Nov. 1 banks and other credit houses are to reimburse balances of deposits
payable on Aug. 8 as follows: 25% of the balance from Nov. 1 to Nov. 15,
40% of the balances remaining from Nov. 16 to Nov. 30. 60% of the
balance remaining between Dec. 1 and Dec. 15, 80% of the balance
remaining between Dec. 16 and Dec. 31. and the remainder on Jan. 1. In
spite of the present decree,cotton and cottonseed contracts on the Alexandria
Exchange continue to be regulated by the decree of Sept.3 concerning them.
To facilitate the reopening of the Liverpool Cotton Exchange the Government has arranged a plan, in consultation with the Directors of the Liverpool Cotton Association and the Liverpool banks, which provides for the
Government guaranty of advances made to merchants by the banks.
The persons desiring advances will have to disclose their affairs and their
books to the banks.
The guaranty is to apply only to advances required to meet market
differences from 5 pence a pound downward • which the merchants may have
paid or may still have to pay in respect to cotton future contracts. All
advances are to be repaid not later than one year after the termination
of the war.
Unrestricted trading on the Liverpool Cotton Exchange
dated from 3 p. m. Monday last.
Regarding the expiration of the general moratorium in
England on the 4th, the Manchester "Guardian" of the
7th says:
Inquiries were made yesterday in Manchester as to the effect of the expiration of the general moratorium on the 4th inst. The protection, of
course. coverd contracts entered into before the declaration of war, parties making contracts afterwards doing so at their own risk. Since the
moratorium expired, a representative of the "Manchester Guardian" was
informed, there has been a decided increase in the number of writs issued
through the Registry of the High Court. The precise effect, however, will
not be ascertained for some time. After the issue of a writ eight days is
given for appearance, and in certain cases time is allowed after appearance
in which to put in a defence, so that it may be a month or more before it
will be possible to say what the effect will oe.
SECRETARY REDFIELD PRESAGES IMPROVED
CONDITIONS.
A most optimistic view of business conditions in the United
States is taken by William C. Redfield, Secretary of Commerce, in a letter addressed by him to the Chamber of Commerce of the United States. "Our condition," in Secretary
Redfield's opinion, "still remains not only relatively bright,
but rapidly improving, and in many respects both prosperous
and promising." "He who wants," he says, "may read
plain facts which show on every side not only a marked hopeful feeling in industry but tangible facts on which such feeling
rests." We quote his letter as follows:
"A manufacturer whose plant was in Liege or Lllle would find no strong
ground for cheer in the condition of either of these industrial centres. In
either of these cities financial, economic, possibly even physical, destruction
would threaten his business.
the
York
from
New
"Commercial"
following
the
take
"One cannot but sympathize with the misfortunes that have befallen inWe
dustries in all the belligerent countries, and be, therefore, so much more
of the 17th, which indicates that a moratorium of 120 days grateful
that no like fate threatens our own. Let the worst be said and
on all obligations payable in gold has been declared by admitted that can be said respecting existing business difficulties in America,
our
condition still remains not only relatively bright, but rapidly improving
Paraguay:
Paraguay has decided that the purchase and sale of all hides produced in and in many respects both prosperous and promising. There is always
the republic shall be a Government monopoly, according to the Bulletin room in a country as large as ours, and with such various conditions as
exist in its different portions, for the pessimist to find some hook on which
of the Merchants' Association.
Dr. Hector Velasques, Envoy Extraordinary and Minister Plenipoten- he can hang his mournful prophecies.
"One need not react to the other extreme and claim that the special prosfrom
to
way
country
his
this
on
tiary of Paraguay to the United States, is
Asuncion to arrange for the sale of hides in the United States. There is a perity of one is an indication of equally good conditions everywhere. The
distressing financial situation in Paraguay, and the Government proposes truth lies between, but no observer of the large movements in our commerce
to buy hides with paper money and to sell them for gold, thereby building to-day fails to recognize the great improvement that has been made in
up a gold reserve, the lack of which is largely responsible for the monetary business conditions in the last few weeks and which is still progressing.
"The payment of our foreign obligations is no longer cause for serious
situation in the republic.
The American Minister to Paraguay reports that the Government there worry, since an import excess of $20,000.000 in August has been changed to
has issued 25,000,000 pesos in paper, all of which has been loaned to the an export excess of approximately $60,000,000 in October. This favorable
1502
THE CHRONICLE
[VOL. xc nc
process continues and there Ls every indication that it is likely to continue
The order to postmasters throughout the United States was concise.
long. The deficit in our bank reserves in New York, which was as low as After reciting the action of the Lisbon Government, the notice reads: '
$43,000,000 in August. rose to a surplus reserve early this month of nearly
"Postmasters of international offices will please make note of' this fact
$18,000,000.
in their records and until otherwise instructed will decline to issue money
"The course of exchange has become more normal. Clearing-house cer- orders on Portugal or to pay orders issued in that country on or after
Large
sums
retired.
of
being
emergency notes have been with- Oct. 30 1914."
tificates are
drawn, and with the opening of the Federal Reserve System great addiSimilar action was taken by the Mexican Government on the downfall
tional supplies of loanable funds have become available. There is no longer of the Huerta regime. Thus far the embargo has not been lifted and the
serious concern over our financial future.
nterchange of mcncy orders between the two countries has not been
"One can look back calmly now to the first weeks of August, when there resumed.
was a wheat embargo which some feared might mean sad loss to many of
our farmers. Those same farmers are prosperous to-day, for wheat exports
have been unprecedented in amount and at profitable prices.
SUGAR SHIPMENTS FROM CUBA NOT UNDER
"Cotton has begun to move, and existing arrangements promise relief
BRITISH BAN.
from the shadow which has so long hung over our follow-citizens in the
South. If both money and crops are in far better condition than they were
Cuba is said to have succeeded in obtaining from the
months ago, and if both are in some respects in excellent condition, the
British Government the exemption of second-grade sugar,
same is true of our industries. They are not all fully occupied, as facts in
the iron and steel trade show, and there remains still a surplus of idle cars. known as muscovado, from the general embargo placed
One does not hear as much of the number of cars in use as is said of those by that country on sugar by declaring it conditional contrawhich are idle, and one wonders whether the proportion of idle cars to the
band of war.
total, if it were stated, would not give a different impression from that
which is made by the present form of statement.
"However, he who wants may read plain facts which show on every side
PARCEL POST TO FRANCE RESUMED.
not only a marked hopeful feeling in industry, but tangible facts on which
The
parcel
post service between the United States and
such feeling rests. All problems are not worked out yet to perfect solution.
That could hardly be with most of the business and industrial part of the France which was suspended with the outbreak of the war,
world engaged in destroying life and property on a colossal scale.
has been partially resumed. In making this announcement
"Nevertheless, on many sides mills are busy and factories running full
time or overtime; the number of unemployed is steadily getting less. The Postmaster Morgan of New York states that until further
coming winter throws no such dark shadow before as was feared a few notice parcel post packages which conform to the prescribed
weeks ago, and the statement is beginning to be heard here and there that
conditions will be accepted for mailing to France, except
goods cannot be delivered as promptly as they are wanted because the factories are too busy. The world abroad, both that part of it which is in arms when addressed to the Department of Aisne, Ardennes,
and that which is at peace, is turning toward America for a large portion Aube, Cote d'Or, Doubs, Haute-Marne, Haute-Saonne,
of its supplies, and the phrase 'buy it in America' has come to have a
Jura, Marne, Neurthe et Moselle, Meuse, Nievre, Nord
potency that has hitherto been lacking.
"The improvement in conditions, however, is not wholly due to the Oise, Pas-de-Calais, Seine-et-Manic, Somme, Vosges and
war. Great and growing as our exports are, they form but a small portion Yonne. For the present parcel post packages addressed
of all of the total business thatis going on and which is constantly Increasing.
for delivery in the Departments named will not be accepted.
A knowledge that products can be sold, the certainty that money can be
had to finance business and enterprise—these, and facts like these, have
brought fresh confidence into our domestic markets at the same time that
ASSASSINATION OF RAILWAY CREDIT.
foreign buyers have entered them.
"We may be grateful, therefore, and in a sense both calm and confident,
In
an
address before the City Club of Rochester, N. Y.,
not only that we are far better off than are our suffering brethren beyond the
sea, but that we are better placed ourselves at home than we were a few on the 14th inst., on "The War and Wall Street," Wm. C.
weeks since. We may be glad that the present is good, thankful that it is Van Antwerp, a governor of the Stock Exchange, comgrowing better, and hopeful for the coming months."
mented forcibly upon the existing
UNRESTRICTED SALE OF TRAVELER'S CHECKS
RESUMED.
It was decided on Tuesday at a conference of representatives of banking institutions and companies issuing travellers'
checks that banking conditions abroad have so far improved
as to warrant the resumption of the sale of travelers' checks
for use in all parts of the world. Last August it was agreed
to temporarily restrict the sale of travelers' checks to persons
intending to use them in the United States. Fred. I. Kent,
Vice-President of the Bankers' Trust Co., who has just
returned from abroad where he was active in the relief work
on behalf of American tourists, and who was largely responsible for the plan which protected American travellers'
credits, was quoted on Tuesday as saying:
On August 12 we instructed bankers issuing American Bankers' Association traveler's checks to confine the sale ofchecks to those whointended to use
them in the United States. This action wasrendered imperative at the time,
and, we understand, was adopted by all issuers of travelers' checks. Certain conditions have since changed in such a way as to warrant us now in
authorizing issuing banks to sell American Bankers' Association travelers'
checks for use in all parts of the world. I have just used these checks in
England, France and Switzerland without the slightest friction, and I
have positive information that they are being taken in other European
countries. While I do not believe that tourists will care to visit Europe
while the war lasts there is every possibility that some customers of banks
Issuing the checks having business in Europe may be obliged to.go there,
and we are certain that the Association checks will give them the best
possible service.
railway situation.
Mr. Van Antwerp dismissed the 5% increase in freight
rates asked for by the Eastern roads as negligible;
even if granted in full, he declared, it will not net the railways in Eastern territory more than 845,000,000, while
the needs of these identical properties for refunding and
other imperatively necessary improvements in the coming
year are 8150,000,000. It is Mr. Van Antwerp's view that
if the railway problem is to be solved at all the railways must
be placed under the jurisdiction of an authority in which
business men, railway men and public spirited citizens predominate to the exclusion of politicians. In line with the
suggestion of E.P. Ripley, President of the Atchison Topeka
& Santa Fe, Mr. Van Antwerp thinks this form of administration in its system and method might well be modeled on
the general plan of the Federal Reserve Act, dividing the
railroads into geographical districts governed by boards.
Failing in some such transfer of authority, Mr. Van Antwerp thinks the railways will be justified in saying to the
Government:
You have placed our properties in inefficient hands and you
have subjected us to vexatious and hazardous difficulties. The States and
the
Government have taken over our properties in fact and are
administering
them in fact. Under these conditions our credit has become
impaired,
and we have no means of conducting the transportation industry to
meet
the public demand. We therefore ask that you take over our
properties
In law and reimburse their owners to the full extent of their value.
We give in full herewith Mr. Van Antwerp's remarks on
situation:
s e,
agreed,
I
theay
railway
ivera
The American Express Co. also this week announces that
amsure,
for the sake of the general
We are
of the
it has notified its agents to resume the sale of travelers' United States, it is necessary that railway revenues must bewelfare
at all times
expenses
of
meet
sufficient
to
operation,
including
liberal
checks for European use. Its statement says:
wages, aedquate
repairs,renewals and taxes,and that
Although the company's offices and correspondents in Europe were
very positive in their assurances, when war was declared, that they could
continue to cash all American Express Co. travelers' checks, it was felt
that owing to the high rate of exchange then prevailing and the fact that
the company would be obliged to charge a higher rate of commission than
usual, it was best to discontinue temporarily the sale of their checks except for domestic use.
The company,however,feels that the time has now come when Americans
who are obliged to travel abroad on business,should again be provided with
this form of traveling credit, particularly since they are in a position to
assure their clients that their travelers' checks will be cashed as usual at
all their exclusive offices and principal correspondents throughout Europe.
INTERCHANGE OF MONEY ORDERS WITH UNITED
STATES SUSPENDED BY PORTUGAL.
"Financial America" of the 18th inst. is authority for the
statement that Portugal has decided to suspend the interchange of money orders with the United States Government. It adds:
The postal officials do not attempt to explain the reason that prompted
the new European republic to take this step, but it is generally believed
that it is a precautionary measure because of the war in Europe and the
fear that with such a means at hand Portugose funds might be diverted
tolthis country by those intending to emigrate.
there must be a fair return to investors,
with a safeguard in the shape of marginal surplus. We may have our own
opinions as to the selfishness of railway employees, the rapacity of
railway
creditors and the mistakes of railway managers: but we are agreed that the
railways must earn a living wage. That much conceded, let us see whether
our American railway properties, as measured by those of other nations,
are themselves of such high standard as to merit this fair compensation
for services rendered.
The first thing we discover is that it costs seven mills, on the average,
to haul a ton of freight a mile in America, whereas in England it costs
2.33 cents, in France 1.41 cents and in Germany 1.42 cents. Next we find
that the average daily compensation paid to railway employees in the
United
States is $2 23, while in England it is $1 35, in France 88 cents and in
Germany 81 cents. We find that in the United States 1,071,086
tons are
hauled annually per mile of line, while in France the total is but
496,939
and in Germany 827.400: and that while the average stock and
bond debt
per mile of railwaysin the United States is $60,000,that of England
is $265,000, of France $137,000 and of Germany $109,000. Finally
we learn that
whereas in 1902 the railways of this country paid
$54,465,000 in taxes;
this amount representing 8.35 per cent of their income,
in 1914 they paid
$142,150.000, representing 16.69 per cent of their
income, this being a
higher tax levy than that paid by any other form of
private property in
America devoted to a public use.
From these considerations we are enabled to state,
first, that our railway
service costs less than that of any other country;
second, that our railways
excel all others in the compensation paid
employees: third, that American
railways do more work per mile of line than any
others; fourth, that they
Nov. 211914.]
TIIE CHRONICLE
are capitalized on a far lower level than any others, and, fifth, that they
pay more than a fair share in taxes. If,therefore,any form of private property is entitled to earn a fair return on its invested capital, our American
railways are pre-eminently in that class. It seems to me we should be
proud of them.
While our railroads do more work for less money than any in the world,
and while they are better equipped for the economical handling of longdistance freight in large bulk, they are far behind the European standards
as to double-track, abolition of grade crossings and station facilities far
passengers and freight. These things cost money; and even if no new construction takes place,capital requirements for this development work alone,
year after year, will be enormous.
Railroads in other countries have spent freely in this direction, which
explains the difference between their capitalization and ours. In America
the outstanding stock and debt of the railways, as we have seen, averages
about $60,000 to the mile; in England it is $265,000. The only way we can
raise the money to do the necessary work, and so bring our railroads up
to the standards demanded, is by the sale of securities. just as they have
of return actually
done in England and elsewhere. But neither the rate
received on the par value of American railroad bonds and stocks to-day,
nor the security which can be offered in future, will make it easy to raise
this needed capital.
These were the conclusions of the Hadley Commission of 1911—by all
odds the most intelligent commission that has ever considered the railroad
problem. To-day conditions have changed greatly for the worse. The
outstanding issues of American railway securities, about $20,000,000,000
in all, issued before Government and State regulation became the fashion,
claim our first attention. These securities were purchased in good faith
by investors at home and abroad; scarcely a single one of our people can
escape a share of the burden that must result if their value is to become
permanently Impaired. The depositor in a savings bank will suffer, because the banks' investments are bottomed on railway securities; the holder
of an insurance policy will suffer for the same reason; our colleges and
universities, our hospitals and charitable institutions, our trust funds,
our endowments and our army of 4.000,000 private investors, each contributes a link to the chain of universal distress which must result from the
plight of the railways. This is not because the underlying first mortgages
of the older systems are in danger of default, but because the property
thus mortgaged must inevitably deteriorate from year to year unless new
money is constantly put back into it.
It was the understanding, implied if not expressed, when these investments were placed in the hands of the public, that they would continue
on a paying basis, and that the properties behind them wculd be maintained at a high state of efficiency. It never occurred to purchasers or
sellers that the time would over come in America when necessary replacements would not be made, or when necessary net revenues would be Interfered with. To the extent that these implied promises have not been
kept, holders of American railway securities have been betrayed.
Railways are no different from any other form of property devoted
to public purposes. The m111, the factory, the steamship, and even the
Government, has to face the problem of maintaining net income sooner or
later, but with this difference; governments may proceed with expenditures
of all kinds through taxation and privately-owned industrial enterprises
may raise prices or retrench by reducing output; but the railroads must
continue to run on schedule time, must maintain wage agreements, must
go ahead with the changes and improvements demanded by forty-eight
States and the Federal Government, and may not increase their rates, although pressed between the millstones of sluggish revenue and diminished
credit on the one side and political hostility and excessive regulation on
the other. The mill-owner has a diversity of output; if one proves unprofitable he may drop it and turn to others; but the railroad has only one thing
so sed—that is, transpertation.
In the rate case just argued at Washington, it was shown that the return
on railway capital employed to-day is 3.99%; yet renewals of notes of
roads enjoying the high credit of the New York Central and the Lake Shore
to-day cost 7%. The greater the fall in net income the higher the rate of
interest demanded by lenders of capital. There is no escape from this
double-barreled assassination of railway credit. Investors and speculators
will not buy railway securities to-day because they must take risks which
never can be accurately forecast at any time, and which are now out of all
prcportion to the probable gain. Can we wonder at their attitude?
Is there any investor in this room who will to-day put his money into junior
Issues ofrailway bonds or new issues cf capital stock? If you were a banker,
would you lend the money of your depositors to railways in America in
face of their returns to-day? No i and where will be no return of normal
investment demand while present conditions prevail.
What are these conditions? Stated briefly, last year's gross earnings
fell short of those of the preceding year by $79.479.672. This is bad
enough; but, notwithstanding the utmost efforts at economy, expenses actually increased in the year by $31,434,374, which, added to the loss of $79,479.672 in gross, reduced the net by the prodigious sum of $110.914.046.
Nor is this all. The earnings as!have given them do not include deduction
of taxes. Taxes in the fiscal year 1914 exceeded those of 1913 by over
$13.000,000,making a total loss of more than $124,000,000 for the year,
and all this at a time when large increases in net were imperatively needed.
(These figures wero specially prepared by us at great labor, and published
in our issue of Oct. 17 1914, but Mr. Van Antwerp omits to state their
source.—Ed.)
I am giving you in rough outline a picture of coming disaster. You, yourselves,can fill in the background and the perspective. You can tell as well
as I how much further traffic will be reduced by reason of a diminished
purchasing power at home and abroad, and to what extent enhanced pressure is to fall upon the world's depleted supply cf capital growing out of
the war. You may judge for yourselves how impossible it will be for the
United States to buy back from Europe even one-fifth or one-tenth of the
American railway securities now owned abroad, which securities, wholly
apart from the war itself, have fallen to low estate in the estimation of
foreign investors.
Significant as these matters are in their application to our railways, they
are but details. Overshadowing all else is the fact that $578,000,000 of
American railway bonds are now In default because of the inability of the
companies to earn the interest agreed upon; and that the funded debt, notes
and bills payable maturing during the calendar year 1915 by all companies
amount to the staggering total of $817,465,970—none of which takes into
account the mass of new financing made necessary each year by simple replacements and deterioration. Where Is tills money to come from? It
will not suffice to say that the situation is coo of diff.culty; it is one of the
utmost gravity.
Railways are fixtures; we are so accustomed to them that we have come
to regard them as a part of our life, like sunshine and rain. We expect
at their hands regularity, promptness, carefulness and safety as to passengers and freight. We look to them to suppress strikes, to build new terminals, bridges and extensions, to abolish grade crossings;and to find a way
to compass all these ends without complaint. We depend upon them so
absolutely that we could not possibly get on without them even for a brief
1503
time. Yet we permit the efficiency of these 350,000 miles of improved national highways to be impaired, and the billions of invested capital depredated, through our failure to insist upon a maintenance of that mainstay
of the country's prosperity which is represented by railway credit. Last
year alone 42 of the 48 States introduced 1,495 separate bills affecting railways, 99% punitive and restrictive and 1% constructive and helpful;
while continuously since 1910 the Eastern railways have petitioned the
Inter-State Commerce Commiesion for a meagre increase in ratis. without
success.
Railway managers will no longer submit to raids on their properties under
the thin veneer of State regulation. Henceforth they will fight back.
At last week's election in Missouri, a hotbed of anti.corporation sentiment.
the railroads boldly went before the people under the referendum, asking
that the Full Crew Law of 1912 be annulled. It took courage thus to
beard the lion in a State that has long reeked with anti-corporation influence, and nothing was more unlikely than a victory. But the railroads won
in a walk, and they always will win if they fight in the open for a worthy
cause with clean hands. The Full Crew Law thus defeated by an awakened
pudic conscience in Missouri is also one of the ornaments of the statute
becks cf cur own State of New York. It does not belong there and it
should be stricken off. It is net a Full Crew Law; it is an Extra Crew Law,
neither more nor less than a waste of capital designed to placate the labor
unions. The more labor receives from the railroads the less it gives. The
output in transportation units—that Is, passenger miles and ton miles—
has actually decreased in ten years, despite continuous grants to labor.
Labor's machinery and tools have been improved,there has been constantly
increasing managerial initiative, wages have been steadily increased, yet
the dollar paid railway labor tc-day is actually less productive than it was
ten years ago.
So long as the Inter-State Commerce Commission concerned itself with public safety and the public right to equal treatment for all,it did its work well.
It performed a real public service, for example, when it insisted upon uniform methods of accounting. It was sustained by the sound judgment of
public opinion when in 1910 it held that the railways had failed to make out
a case for higher rates. But when this Commission of seven laymen,
political appointees, undertook to assume full jurisdiction over rates on
the inter-State traffic of 350,000 miles of complex and wholly different systems and neighborhoods, supervising the capital expenditures of the companies and controlling their security issues and equipment, oven to statistics of fuel consumption, firing, locomotive tests and car movements,
as revealed by the questions put at last year's hearing, it went too far and
attempted too much. No commission on earth could perform that task
efficiently. Mr. Brandeis himself could not do it.
If in small affairs the railroads are violating the law every day, it is because they have to. How can a railway run its trains from State to State
with 48 legislative hoppers grinding out new laws all the time, ranging
from 9-foot sheets to ash-pans, and not violate a law here and there?
You and I and the citizens of all the States are responsible for this. We
put the men in office who make these laws; we who sit by without protest
while railway credit—the biggest and most important thing in America
next to agriculture—is sandbagged by the politicians. Credit is a power
Break
which may grow, said Bagehct, but which cannot be constructed.
railways
up the great and firm system cf credit under which American
that
see
never
will
you
and
prosperous,
have made this country rich and
credit return in your generation.
arising from
Mr. Brandeis and his colleagues contend that the conditions
this time too burthe war in themselves make an increase in freight rates at
afford to
cannot
say,
they
country,
densome to be borne; the business of the
reducing their divipay it, and criticism is directed at the roads for not first
shippers in the
dends. The answer to this is that very many of the largest
in rates; but even
country are themselves strongly in favor of an increase
than the interissue
this
to
more
if that were not the case, is there nothing
happen to shippers.
ests of shippers? The important thing is not what will
is further imbut what will happen to the whole public if railway credit
country, and if forpaired, if railway facilities fall behind the needs of the
securities
their
unload
eign owners, in disgust at our confiscatory policy,
more to face
on the New York market. Will it not cost the public vastly
the means to
a disaster to railway credit than to provide the roads with
prevent such disaster?
Gentlemen, this war will pass. So also will the problems arising from
it; but the business of transportation will remain the weakest point in our
armor. It has become the fashion, and a very good fashion it is, to be an
optimist and to face the future with confidence. But in facing the future
we must also face the facts. The plain truth is that we are confronting a
crisis. The time has come to cease flattering ourselves with delusions about
prosperity, or exports to South America, or any other source on which we
may base the hope of a prosperous mifienium. What is the use of painting
rosy pictures of our foreign commerce while throttling our domestic commerce? Bankers in New York can meet, and always have met successfully.
the ordinary difficulties that are a part of the nation's life and growth.
They have built up a credit system which, when we consider the difficulties involved, is a monument to their patience and skill; they have created a
market for our securities in foreign countries not exceeded by any other nation: they have shown at aU times a cordial desire to serve the public good
in every quarter of the land. But with all their power, skill and resources
they cannot prevent a disaster which will shake the solid bed-rock of the
nation itself, unless we adopt at once a new policy of fair play for the railroads.
What is the remedy? The five per cent increase in freight rates a.sked
by the Eastern roads may be dismissed as negligible. Even if granted in
full it will not net the railways in Eastern territory more than $45,000,000.
while the needs of these identical properties for refunding and other imperatively necessary improvements in the coming year are $150.000,000. I
do not minimize the importance of the moral effect that will ensue if the
Commission establishes the principle of fair play through increased revenues, but the application of that principle will not of itself suffice to restore
railway credit. The Eastern roads alone have lost $100.000,000 in net
revenues since their application last year for an increase in rates. If the
railway problem is to be solved at all, it cannot be solved in this way, and
we must therefore look farther.
First, there must be no increase in taxation.
Second, Federal regulation superimposed on State regulation must cease
Constitutionally, Congress has paramount authority over Inter-State corn
merce,and by its action can abrogate any previous action of the States which
may prove inconsistent therewith.
Third, the railways must be given a Federal charter and placed under
the jurisdiction of an authority in which business men, railway men and
public-spirited citizens predominate to the exclusion of politicians. This
form of administration, in its system and method, might well be modeled
on the general plan of the Federal Reserve Act, dividing the railroads into
geographical districts, governed by boards.
Failing some such transfer of authority, the railways will be justified
in saying to the Government."You have placed our properties in inefficient
hands and you have subjected us to vexatious and hazardous
The States and the Government have taken over our properties in
fact, and
difficulties.
1504
THE CHRONICLE
[VOL.
xcm.
are administering them in fact. Under these conditions our credit has the case of securities sold here by foreigners, the creditor receives his
become Impaired, and we have no means of conducting the transportation money here, and the question of when and how to convert it into foreign
industry to meet the public demand. We therefore ask that you take over funds becomes, in a crisis like this, a matter of arrangement between the
our properties in law, and reimburse their owners to the full extent of their parties in interest.
value."
Gentlemen, the railways of America are to-day praying for relief literally on their knees. Without relief they will be on their backs, and when
THE FREIGHT RATE CASE AND "SCIENTIFIC"
they are on their backs there will be more trouble in this country than you
RATE MAKING.
and I care to contemplate. The only relief that will prove effective is relief from the whole disastrous system of dual control, relief from politithe railroad situation before students
Speaking
concerning
cians and prosecuting attorneys, and above all else, relief from the tyranny
of the University of Pennsylvania on the evening of Nov.
of prejudice.
Mr. Van Antwerp also reviewed the conditions leading to 12, George D. Dixon, Vice-President in charge of traffic
the closing of the Stock Exchange and events incidental to of the Pennsylvania Railroad Company, said in part:
In order clearly to understand the meaning of the 5% advance rate case
the conflict abroad; concerning the Exchange he said in part: now
awaiting decision by the Inter-State Commerce Commission, it should
The Stock Exchange is not a fair-weather institution. It has survived
many panics and it has grown in strength through all our American vicissitudes. Its Governors decided to close, not to protect its members, but
to protect the American public from a frightful assault on collateral values
and a destructive drain on all forms of credit. No group of business men in
America suffered more from this action than the members of the Exchange;
their business came to an end while their expenses, always heavy, continued,
all this following a long period of dullness and diminished profits in the security markets. Yet they did their duty as good citizens, regardless of
the sacrifices involved.
Just as familiarity breeds contempt and indifference, so it sometimes happens that facilities and conveniences with which we are most familiar in
our great avenues of trade are not appreciated until they are interrupted
or lost. Those who without study of the Stock Exchange have come to
speak of it as a gambling arena cannot fail to have been impressed with the
fact that something more than a gambling place disappeared when its doors
were closed. What actually disappeared was the standard American index
of trade and credit; what was closed was a great market place whose primary function had been the distribution of American securities, which
make possible American enterprise. We found it inconvenient, to be
sure, to have our securities poured back upon us by foreigners, but that fact
must not obscure the greater consideration that it was through these same
Stock Exchange facilities that foreign capital was enabled to invest in those
securities.
Persons who had never before understood the primary importance of the
Stock Exchange were quick to realize that a frozen credit market had restilted from its closing. Banks, courts and legislatures had long accustomed themselves to a free and unrestricted market for securities as the
one test of values. When the.Stock Exchange closed its doors, there was
no longer a guide upon which to base values that had heretofore appeared
In loans secured by collateral, and this introduced into our perplexities another difficulty. Here again the action of the Wall Street banks calls for
the highest praise. With the market closed for an indefinite period,
these
banks were forced to carry anlimmense burden of loans on Stock Exchange
collateral, ordinarily fluid beyond all other forms of collateral, but now
frozen solid. All their secondary reserves became, as it were, unmarketable investments, and "intrinsic values"—whatever that may mean—came
by force of circumstances to take the place of market values. It was a
state of affairs quite beyond precedent, but the banks faced it as they faced
all their other difficulties. So far as lam aware, not a single loan was pressed
for payment, and where collateral seemed to demand re-enforcement, the
request was couched in terms of suggestion, quite without peremptory demand, while rates of interest charged on these loans were gradually reduced.
Meantime, with the same courage and promptness which led to the closing of the Exchange, its members have so strengthened their bank loans
and so reduced them, that no difficulty, I fancy, need be apprehended on
that score. They have voluntarily accomplished the liquidation of more
than $100,000,000 of unfilled contracts without adding to their borrowings at the banks, and they have cleared the situation of one of its greatest
dangers by maintaining, as the official minimum,the level of prices recorded
on their last day of business. They have kept in close working contact at
all times with the banks, the authorities at Washington and the Stock
Exchange in London—all this with a view to aiding the restoration of confidence and credit. Through the various committees organized for the purpose, more than 3100,000,000 bonds have changed hands, and more than
250,000 shares of stock. Indeed, it might be said that the Exchange has
not actually closed its doors at any time. At least it has provided a means
for necessitous selling to some extent, and for investment purchases at a
fixed level of prices.
Because of the progress that has been made, a natural demand has arisen
that the Exchange re-open. Now, in so far as the Stock Exchange and
its members are concerned, there is no reason why business should not be
resumed. They have cleared up their balances and strengthened their
loans to an extent which has put them in readiness. But the same reason
that led them to close has thus far impelled them to remain closed, namely
the greatest good for the greatest number.
The purpose of the Stock Exchange is to facilitate the exchange of securities and thereby assist in the creation of new enterprises. At present
there are no new enterprises, and there can be none until credit facilities
are restored. To reopen the Stock Exchange until tolerably normal conditions prevail in the credit market would force necessitous selling upon investors. This would result in abnormal prices which are uneconomic, unethical and unjust as a basis of settlement. It was to prevent the enforcement of contracts upon such a basis that moratoria were established throughout the world. The New York Stock Exchange is a part, but only a part,
of the financial machine. One part of a machine cannot maintain its function's when all other parts are stilled. Any such attempt would mean that
large numbers of innocent investors, wholly unrelated to the war, would
suffer hardships. What has been of vastly greater importance in these
opening months of the war has been the resumption of an international exchange, not of securities, but of commodities which are needed to maintain human life. This also is a matter of credit, and until such ample
credit facilities are restored as will insure a free market for foodstuffs and
supplies, the Stock Exchange should not, by a resumption of its activities,
hamper or restrict that movement. These are reasons why the Stock Exchange has not reopened.
Another reason lies in the fact that Europe is a large holder of American
securities, and to reopen our Stock Exchange prematurely, when all the
others are closed, would merely invite a resumption of that concentrated
pressure on New York which we brought to an end by closing our doors.
Sir George Paish has stated recently that he does not believe London will be
a heavy seller of our securities. In making that statement he wished, no
doubt, to reassure us, and I hope he has stated the case correctly. France
will certainly sell heavily. In any case, Europe will not be paid for those
securities in gold, and measures looking to other forms of payment are now
under way. It must be borne in mind that where payments are due abroad,
we must pay them promptly, but where payment is duo on this side. as in
be borne in mind that the abnormal conditions brought about by the European war did not constitute the primary justification for the railroads'
application.
It was "the fundamental unsoundness—war or no war—that had been
previously shown to exist in the railroad industry" that was responsible
for this effort of the railroads to obtain additional revenues.
The revenues of thirty-five railroad systems are involved. These companies represent a total investment in railroad property of over 6,500
million dollars. Their total annual freight revenues are about 1,000 million
dollars. An advance of 5% in their freight earnings would mean some
$50,000.000 per year, or about $1 per year for each person living in the
territory involved.
I shall confine myself at this time to presenting to you reasons why the
management of the Pennsylvania Railroad System felt that higher freight
rates were necessary if the Pennsylvania System was to be in a position to
maintain its high standard of service and to develop with the needs of the
people whom it served.
The basic factor is that it now costs more to produce increased transportation than the money the public is paying for it—owing to increased expenses of all kinds. Though the railroads in recent years have done
greatly enlarged business, they have earned less money than they did
before they did the bigger business. That is what I mean by a condition
of fundamental unsoundness.
The question has often been asked as to whether there should be an increase in rates until the value of the railroads had been ascertained, or, in
other words, until the public has been assured that no rates were to be
charged for the purpose of paying dividends on "watered" stock.
But we are now talking of the Pennsylvania System alone, and the capitalization of our company is not watered. The total mount of money invested in the road and equipment of the Pennsylvania Railroad System exceeds its total outstanding capital obligations in the hands of the public
by 5185,000,000.
This capital represents the savings of probably 300.000 independent investors. who by every dictate of reason and justice are entitled to a fair return upon their money. Since its organization seventy years ago the
Pennsylvania Railroad has accounted for every dollar it has spent, and has
paid but moderate dividends. The public—rather than the shareholders—
have had the benefit of the surplus earned over the dividends.
Yet even the Pennsylvania Railroad is in need of increased net revenue.
The Commission arrived at Its decision in the 1910 case after arriving at
certain conclusions as to the probable future trend of railroad affairs.
Those predictions were:
1. "Wages will not much increase."
The fact is that since that decision was rendered wages have increased,
through arbitrations, fully 10%.
2. "The demands of the public will continue to grow."
These demands, expressed in mandatory legislation, in increased taxes
and enforced expenditures, are growing enormously.
3. "Something should be expected from the introduction of additional
economies."
The fact is that we have instituted most drastic economies in every department.
4. "The probability is that increased rates will be necessary in the
future."
The fact is that in the judgment of railroad officers increased rates are
now absolutely necessary if the railroads are to be able to provide that service which the public needs and demands.
In deciding the 1910 case, however, the Commission said that "if actual
results should demonstrate that our forecast of the future was wrong,
there might be ground for asking further consideration of the subject."
In the spring of 1913 it became evident that the financial condition of
the railroads in Official Classification Territory was steadily growing worse.
It was therefore decided that application should be made to reopen the former case. The Commission declined to do that, but on its own account
initiated an inquiry into the financial needs of carriers and as to how those
needs should be met.
Knowing, therefore, that conditions were steadily growing more unfavorable, and in order to place the case definitely before the Commission, the
railroads in this territory on Oct. 15 1913. filed tariffs embodying a general
increase of only 5% in all freight rates. The thought was that so small an
increase would not be burdensome upon any class of traffic, and that if
the existing relations between all commodities and communities were
maintained, this small increase would nowhere cause hardship or discrimination.
The Commission held many hearings in the case and handed down its
negative decision on Aug. 1 1914, the day of the beginning of the European
war.
Although in its decision in this case the Commission decided that "the
net operating income of the railroads in Official Classification Territory
taken as a whole, was smaller than was demanded in the interest of both
the general public and the railroads," they still declined to permit any of
the proposed increases in rates to go into effect in Trunk Line Territory,
allowing only certain rates to become effective in Central Freight Association Territory, where class rates were declared to be on a much lower scale
than elsewhere in the country.
The Commission, however, suggested that there was an opportunity for
increasing the net revenues of the carriers through various expedients. such
as increases in passenger rates, readjustments of certain rules and regulations that were unremunerative, and the making of more remunerative arrangements in allowances of free time for loading or unloading carload freight
and for storing package freight. for transporting containers, furnishing and
transporting dunnage, furnishing or paying for wharfage or dockage, reconsigning carload freight, and other special services.
The Conunission set forth the doctrine that they know of "no provision
of law which would justify them in increasing freight rates to provide a
return upon property used exclusively in the passenger service, much less
to take care of losses incurred in such service," and further, they said.
"each branch of the service should contribute its proper share to the cost
Nov. 21 1914.1
THE CHRONICLE
of operation and of return upon the property devoted to the use of the
public."
So after this decision was rendered the railroads took steps to carry out
the recommendations of the Commission. Immediate plans were made to
increase certain passenger rates and to charge for certain incidental freight
services which had previously been rendered free or at a nominal charge.
but it was clearly evident ito the carriers that the imposition of additional
or higher charges for such services as storage. re-consignment. trap or ferry
car service, &c., which has been in existence for many years, would meet
with bitter opposition.
Among other things the Commission had suggested that the railroads
cancel the allowances to industrial railroads; but the tariffs filed at the recommendation of the Commission were set aside by the Public Service Commissions of New York, Pennsylvania. Ohio and other States, on traffic
purely within those States. During the past few days the Inter-State
Commerce Commission, in response to a decision of the United States
Supreme Court. has reversed its opinion in the matter of industrial allowances. In their original opinion the Commission had estimated that by
eliminating these allowances toe railroads might obtain perhaps $15,000.000 additional revenue. That opportunity has now vanished.
The Comrnision had also suggested that charges be made for "spotting"
cars on plant railroads. But the tariffs providing for such charges have been
suspended by the Public Service Commissions of New York, Indiana and
Illinois, as well as by the Inter-State Commerce Commiesion
Meanwhile. the complem data covering the operating and financial resmts of the railroads for the year ended June 30 1914 were at hand. These
figures disclosed a condition which was much worse than had been expected.
Not the least significant feature of these complete returns for the fiscal
year 1t14 was the fact that the surplus, the dwindling of which had caused
the railroads to ask for increased rates in 1910, had now entirely disappeared. For the first time in fifteen years the returns as a whole for these
railroads showed a deficit. Against a surplus of nearly $75,000,000 in
1913, there was an actual deficit in 1914 of over S6.000,000.
Here was fundamental unsoundness of most prcfound character.
The Pennsylvania Railroad System, which during the year 1913 had
earned 5.48% on its property investment, had during the year 1914 earned
only 4.48%. This was the lowest ratio earned in fifteen years The system's net operating income was less than in any year since 1904.and actually
less than in 1902. During the twelve years since 1902 the Pennsylvania
System increased its gross business 77%, after spending $627,000,000 on
the property. And yet during the year 1914 its net income ?rem operations
as a whole was lass by $325,000 than before this vast sum had been invested.
The precipitation of the European war created a condition which no one
could have foreseen. The credit facilities of the civilized world broke down;
wealth and property began to be destroyed upon an enormous scale; securities declined to an alarming extent; and, by reason of the enormous holdings
of American railroad securities in Europe, it was apparent that unless
some special measures were taken, there would be an unusual pressure to
sell back to this country railroad securities in which Europe had invested
its money.
It was very clear now that the needs of the carriers were pressing and
immediate, and that, though some additional revenues might be obtained
through the various expedients suggested by the Commission, those benefits
could not be realized immediately and would not adequately meet the existing situation.
It was for these reasons that on Sept. 15 1914 the carriers filed with the
Commission a petition.asking for a modification of their former decision and
for permission to make effective all the rates involved in the general application for a 5% increase.
The important fact to bear in mind, therefore, is that had the railroads
before the war been in a healthy condition financially, it might have been
properly claimed that they should have borne whatever burden was thrust
upon them by the war, just as they had borne the fluctuations which had
previously been due to floods, or to periodic industrial and commercial
vicissitudes.
The system of freight rates which has grown up in this country, however
illogical or unscientific, is one suited to our needs. Under it the country
has prospered; under it the railroads have prospered in the past. I cannot
see that any one or any number of persons can devise any new system of
rates which would not upset the whole machinery of our commercial life.
The carriers must consider that any mathematical adjustment of freight
rates would tend toward the upbuilding of new commercial centres in various
territories and a disarrangement of all present relationships. Rates should
change with changing conditions, and if a too rigid basis is adopted, it
would be difficult to make changes in rates demanded by business conditions in any special territory without disturbing the whole "scientific"
or
mathematical adjustment.
Should any attempt bo made to change from the present
system to a "mathematical" or "scientific" system, while "commercial"
the railroads,
independent of each other, are seeking traffic through the
development
each of their own communities, I am convinced that the
irresistible pressure
of commercial forces would start an immediate disintegration of
such a
scheme, resulting soon in a return to the commercial system.
Any radical change from the present basis of rates should only be
made
after most careful investigation, and then only by slow process, so as
not
to roughly disrupt existing relationships; otherwise we may find the movement of traffic seriously interfered with and the commerce of the nation
adversely affected.
Our present rate structure is fundamental. Our task is to make it responsive to the daily demands of trade and to insure that private capital
will supply the facilities necessary to secure a continuance of our national
growth.
B. F. YOAKUM'S SOLUTION OF UNSETTLED RAILROAD CONDITIONS.
B. F. Yoakum, Chairman of the Board of the St. Louis &
San Francisco RR., has taken occasion, in a letter to Judge
Judson C. Clements of the Inter-State Commerce Commission, to clear up misunderstandings which have existed
regarding his position as to the relations between the Government and the railroads. Mr. Yoakum is in favor of a form
of Government co-partnership as distinguished from Government ownsership;he believes that co-partnership arrangements
under special charters to be granted to railroads desirous of
operating under a Federal license would be the wisest solution of the present unsettled conditions. His letter expressing his views is as follows:
1505
St. Louis, November 12 1914.
Dear Judge Clements.—While testifying before you a few days ago
Governor Folk asked me if I thought the remedy for existing conditions
to be Govermental control of securities or some other close relation between the Government and the railroads. I said that was getting into a
big question, but if he wanted my views I would give them briefly, which
I did.
Newspaper comment and personal letters indicate that my position as
to the relations between the Government and the railroads appear to be
misunderstood. I am in favor of a form of Government co-partnership,
as distinguished from Government ownership.
I believe that co-partnership arrangements under special Federal charters
to be granted to railroads desirous of operating under a Federal license
would be the wisest solution of the present unsettled conditions.
Taking all the requirements of the 250,000 miles of railroads in the United
`States for the next ten years, including larger and better facilities necessary
to satisfy the public, purchase of new equipment, extension of terminal
facilities, double tracks, safety signal appliances, reduction of grades.
payment of car trust certificates, taking care of note maturities, bond
refunding purposes, &c., the railroads will need not lass than $750,000,000
a year. This does not include new construction. When the general
situation improves the railroads will be able to borrow some of this needed
money at from say 5% to 63 % per annum.
The cost of money is just as much an expense of transportation as the
cost of coal, ties, rails or other material used in the construction. maintenance and operation of railroads, and indeed is one of the largest items
of expense the railroads have to contend with.
The Government pays only 3% for the money used in the construction
of the Panama Canal, which is rapidly becoming an important factor in
transportation. The canal would never have been built without Government credit and consequent cheap money. The United States has also
authorized and is now preparing for the construction of a railroad in
Alaska. I recognize that the canal is a good and wise investment, and
that the Alaskan railroad will be equally as good for the development of
that new country. In these two enterprises the Government lends its
credit for construction work and shoulders the deficit until they become
self-sustaining. Regardless of any losses the public is the gainer. The
3% bonds sold for the construction of the Panama Canal and to be sold
for the construction of the Alaskan railroad furnish good low-rate security
for small investors, savings banks and like institutions.
The Federal Government is now regulating the expenses and revenues
of railroads. It should go a step further and safely aid them in future
financing, and in consideration therefore enjoy a share of the profits, with
representation on the boards of directors.
In this letter I shall not attempt to go into detail as to these special
charters, but there are no real difficulties in making them absolutely safe
for the Government, profitable for the people and advantageous to the
railroads. The change of securities should be gradual through the creation
of a low interest-bearing Government railroad bond to take the place of the
underlying higher interest-bearing railroad bonds as they may mature,
or they could be exchanged under a refunding process. Each transaction
should be approved by the Inter-State Commerce Commission, always
provided that the net earnings of the railroad must be at least 2% times
the interest on the Government railroad bonds exchanged for the present
underlying bonds. These new bonds should be a first lien on the property.
All junior mortgage bonds and the stock would be subject to these new
bonds, on which the Government would not be responsible, but would
under equitable terms to be agreed upon share in the profits with the stockholders.
At a rough estimate, in the course of a few years one-half of the present
underlying bonds, or about $5,000,000,000, would be exchanged or refunded into a lower interest bond. A largo proportion of these old bonds
bear 5% and 6% and a few 7% interest; therefore, under the proposed
system there would eventually be a saving to the railroads of approximately $100,000,000, a year In interest alone. This in on the assumption
that such a Government railroad bond, being a first lien, would be as
attractive to bankers and investors as the present 3% Government Panama
Canal bonds. If in this way the railroads of the country can save 100.000,000 dollars a year in the item of interest, under my estimate it would
insure the Government receiving as its share under the proposed copartnership arrangement probably from $15,000,000 to $20,000,000 a year.
I have no squeamishness about Government ownership of railroads. It is
merely a question of what is the best thing to do to arrive at a somtion that
will give the best and most economic service and establish the most profitable and satisfactory relations between the public and the railroads. I
feel confident that the owners of railroads would be willing to sell to the
Government at a reasonable price, but even so the Government will be
reluctant to undertake the business of operating properties whose revenues
are about three times the present income of the Government through
taxation.
I favor the use of the Government's proposed share of railroad profits
for the upkeep of country roads. Under special Federal charters the
people's share could be deposited with the Treasurer of the United States
and through him distributed to the States in proportion to the mileage of
the railroad in each State, for the upkeep of the wagon roads. The Government could not expend its share of the profits with greater benefit to
the public, especially the farming interests. I favor such a plan because it
is simple and requires no investment by the Government.
In a remarkable degree the dirt roads are taking the place of steel rail
feeders by reason of their improvement and rapid extension into farming and
mining districts heretofore unavailable on account cf impassable roads.
thus avoiding in many cases the necessity for the construction of short
feeder lines in the future.
We have two million miles of public roads, of which over one million
miles are post roads. In the Eastern States the average cost to improve
public roads is about $6,000 per mile. In the middle West from $2,000
to $3,500 per mile. The cost of maintenance of public roads in Eastern
States is given at $580 to $670 per mile, in the Central States about $300
per mile. The total interest on county and State bonds and the cost
of maintenance, which is paid by direct tax, is approximately $100.000.000
a year, and this tax is increasing yearly. In the last two years the bonds
issued and authorized for road purposes amounted to more than $150,000000. and in the course of a very few years the interest on all the bonds
issued for public highway purposes, plus the cost of maintenance, will
amount to $256,000,000 annually. But these improvements are essential.
Any section of this country which is denied daily access to the markets by
reason of poor country roads and swollen, bridgaless streams is as far behind the times as a railroad with worn-out forty-five-pound rails, rotten
tea and bridges that wash out every time it rains.
Thus, I favor the creation out of co-nartnership profits of a fund to be
applied to defray the expense of country roads, thereby lessening taxation
and opening up new natural feeders to every railroad in the country.
Federal assistance to the railroads in borrowing money at a low rate would
avoid a tremendous economic waste.
B. F. YOAKUM.
1506
THE CHRONICLE
MAINTAINING RAILROAD CREDIT.
The argument of Howard S. Graham of the banking firm
of Graham & Co. of Philadelphia, made before the InterState Commerce Commission on behalf of the railroads for
a modification of the Commission's order in the freight-rate
ease, has been printed in pamphlet form. We quote from
it as follows:
It Is not within my province to dwell upon the indirect credit created by
the development and diffusion of values, and the direct and indirect welfare of the entire population financially and otherwise, due to railroad transportation, but it would seem to come within the scope of this argument
to urge the recognition of the foreign money force heretofore brought to this
country and employed through the railroads in the development of our'
values and resources.
This source has been essential, and now, being stopped on account of the
war, and probably for a long time to be curtailed, in order to provide for
the rehabilitation that will become necessary abroad, we are menaced in
two ways. First, being a debtor nation with great necessary development
beyond our own momentary resources, and second, by the probability of
the foreign money markets requiring the cash value of our securities.
We cannot well overcome the first, but we may be able to a great extent
to guard against the second by re-establishing the integrity of our railroad
credit, which would induce large numbers of foreign holders to withstand
a desire to dispose of their holdings at this time, and so serve to help restore
the equilibrium, which,if destroyed, would cause acute distress to this country and its people for a long time.
It is estimated that from $4,000,000.000 to $6,000,000,000 American
securities are held by foreign interests, the bulk of which are railroad debts.
Realization of these, due to existing conditions or disaffection, would be
disastrous to an incalculable extent.
For all these reasons, which, voicing the investor, appear to be great.
there is still another condition which predominates, and that is the distrust
of the investor in railroad securities, and this distrust, added to other conditions, makes it imperative that our national and individual duty should be
to establish this credit beyond reproach or fear as far as may be within our
power, as in my opinion this, while necessary before this prevailing war,
becomes now vitally essential.
Being to an extent intermediary between enterprise and capital. I have
watched the distrust of the investor in railroad securities with apprehension. bearing in mind the evil effect of unworthy flotation of securities.
and have reached the conviction that without help and relief the railroads
themselves, even under normal or prosperous times, will be unable to sufficiently augment their credit to be able to render their securities more
necessarily desirable, and the granting of the petition for modification of
order appears to be requisite. I feel that if your Commission should decide that the full measures of relief petitioned for are equitable and just,
that not only would railroad and all other credits be in better repute and
assume their proper place in the investment world, but the action would be
the most important factor that could be adopted for the immediately necessary and continued improvement of commercial conditions, especially at
this critical time, for the establishment of our domestic and foreign confidence.
The continued and growing distrust of the investor in railroad securities
is a condition that had not reached its culmination when the present war
crisis arose. The markets have evidenced it to the observer, and the dealer
in securities has been compelled to exercise his best energy to combat it.
It has not been a theory, but an entrenched fact.
Granting that commercial expansion would be accompanied with increases in gross earnings of railroads, I earnestly maintain that the essential
line of credit demarcation and confidence would still remain unchanged, as
future prosperity would entail enlarged expenditures and future recessions would find the railroads with more to maintain and probably at a
greater cost.
The contention that present and future conditions could be overcome by
reducing or passing dividends, in order to conserve surplus accounts, seems
to me to be more than dangerous, as the effect would be to still further discourage investment in bonds by injuring the value of stock equities. The
bondholders' safeguards are surplus and stock equity, and his inspiration
to confidence is a dividend record. Both should be maintained if at all
possible. as no property can be considered stable or desirable that has not
established, or has not reasonable expectation of so establishing its affairs.
While it is true that a surplus account is created for the protection of the
property, it can only be expected to cover a reasonable emergency, and not
a long period of various adverse conditions.
The fact that demands full emphasis, is that independent of commercial
should be
activity or depression, the freight rates accorded the railroads
basic
such as to permit them not only to maintain a sound and permanent
classes
various
their
in
confidence
continuous
line of credit, in order to hold
requireof securities, but to encourage new capital for future financing
demonments, and this, I believe, can only be accomplished by ability to
and to
strate the stability of railroad properties under varying conditions,
enhanced
an
by
desirable
enable the stocks of railroads to beocme more
requireearning capacity. Many railroads could then largely finance their
ments by sale of increased stock issues, or at least issues of convertible bonds
adding thereby additional equities to securities already outstanding, as
well as increasing the value of the capital stocks issued and to be issued, and
protecting themselves and the public in that way against times of ordinary
business depression.
ARBITRATION OF WAGE SCALE OF WESTERN
LOCOMOTIVE ENGINEERS.
Arbitration of a new wage scale for 53,000 locomotive
engineers and firemen on 98 Western railroads will begin in
Chicago Nov.30. The hearings were to have begun Nov. 7,
but difficulties developed in securing two arbiters to repreChamsent the people. On the 18th inst.Judge William C.
in
bers, United States Commissioner of Mediation, arrived
differthe
settle
to
arbitrators
six
the
named
Chicago and
the Western
ences between the employees and managers of
of ComSecretary
former
Nagel,
Charles
are
They
roads.
of
Judge
Presiding
Pritchard,
merce and Labor; Jeter C.
the United States Court of Appeals of the Fourth Circuit;
II. E. Bryan, Vice-President of the Chicago Burlington &
Quincy Railroad; W. L. Park, Vice-President of the Illinois
[VoL. xcix.
Central Railroad; F. A. Burgess, Assistant Grand Chief of
the Brotherhood of Locomotive Engineers; Timothy Shea,
Assistant to the President of the Brotherhood of Locomotive Firemen and Enginemen. Mr. Nagel, of St. Louis,
and Judge Pritchard, of Asheville, N. C., were chosen by
the Federal Board of Mediation after the other four arbitrators had failed to agree on two neutral members of the
Board of Arbitration in the fifteen days allotted to them.
The employees and the railroads have each been allowed
forty-five days in which to present evidence.
THE PENNSYLVANIA AND ITS DIVIDEND AND
WAGE PAYMENTS.
Speaking at a mass meeting of Pennsylvania RR. employees at West Chester, Pa., on the 19th inst., Ivy L. Lee,
Executive Assistant of that railroad, said in part:
At the recent hearing before the Inter-State Commerce Commission
in the rate advance case, when Mr. Daniel Willard, President of the B. &
0. RR., was on the stand, Mr. Brandeis said;
"You have defended here to-day a reduction of practically everything
that has to do with this railroad. You are putting off expenditures and
necessarily, in the course of that, discharging employees. And the only
thing that is maintained at its standard is the dividend."
To suggest the cutting or passing of dividends as a preliminary step in
railroad economy is to strike at the very roots of our present business
processes. The pride of the Pennsylvania RR. is that since the company
began to operate trains nearly seventy years ago it has always paid a cash
dividend. The shareholders of this company have paid into it a total of
about $540,000.000. and the outstanding capital stock is $499,265,700.
This means that there is no "water."
On its stock the company has since the beginning paid an average dividend of 6.1%. The policy has been to pay a reasonable dividend, and to
make that dividend secure. What was left over after interest and dividends
went back to the public in improved service, in facilities which did not add
to earnings.
All the money received by the railroad company goes back to the public.
Out of some 8381,000,000 received last year by the Pennsylvania System
from all sources, all but $10,417,531 was paid out for wages, materials,
taxes, bond interest and dividends. In other words, less than three cents
out of each dollar received was at the year's end available for extraordinary
expenses and to protect the company's credit against the future.
During the past seventeen years the Pennsylvania RR. System has paid
out In wages $1,932,626,384. It has paid to its stockholders in dividends
less than one-fourth as much—$434,613,302—and it has paid a dividend
to the public In the form of non-income-adding improvements which cost
$366,372,902.
If it were not for the capital invested, there would be no Pennsylvania
RR. Society considers It important to pay interest on savings bank do
posits, but a larger part of such deposits earn their interest through investments in railroad securities. Why, then, propose to penalize the man
who invests direct instead of through the medium of the savings bank
or the insurance company?
Society commends the man who saves money, buys a house and thus
avoids paying rent. But what about the man who saves money and buys
railroad stock depending upon his dividends with which to pay his house
rent?
The dividend—the payment for all capital—is a sort of back-salary to
those who have denied themselves the immediate benefit of earnings in
order to assure themselves future benefits. They invest their savings.
The fact that there are some large fortunes which do not imply such selfdenial does not invalidate the great fact that the vast amount of money
invested in railroad property in this country is from the savings of the people.
The insurance companies alone have over $1,500.000,000 invested In
railroad securities, and the savings banks upwards of $800.000.000. There
are 30,000.000 Insurance policyholders and 10.000,000 savings banks dopositors in this country. Here then are 40,000,000 separate accounts
which have indirectly invested about $2,500,000 in railroad bonds.
This takes no account of upwards of $4,000,000,000 in American railroad
securities held in Europe; it takes no account of that vast number of our
own people who have directly invested their money in railroad securities.
Restrict them to a small return on their money when times are prosperous,
deny them a fair return when times are bad,and the railroads of this country
wilt palsy and shrivel.
To insure a fair dividend to the railroad investor is the concern and the
obligation of the public, which wants good service; it is the profound duty
of the employee.
The Pennsylvania RR. System paid to Its 250.000 employees last year
$189,000,000 in wages. This was at a rate of wages 35% higher than in
1£00. In other words, had the 1S00 rate of wages been paid in 1913, the
total payments would have been only $125,000,000. Total wage payments in 1900 were about $71.000,000. so that the Increased rate of payment for 1913 was actually more than the tctal wage payment of 1900.
The Pennsylvania RR. paid to its 90,000 shareholders last year about
$29,000.000 in dividends, and the annual rate of dividend was precisely
what it was in 1900.
Wages to emplcyees were 35% higher, but holders of Pennsylvania RR.
stock enjoyed no higher wages for the use of their money than they did
fourteen years ago. Many stockholders bought their shares at a substantial premium above par, and many paid into the company $120 for $100
par value of stock. And for holders of Pennsylvania stock the price of
living has gone up exactly as for the men in the shops or on the road.
This company is not owned by a few capitalists. Some 30,000 persons
own less than 10 shares each of our stock. All the directors and all the
employees together own less than 5% of the total capital. In the very
highest sense of the word, our officers and employees are trustees. It
then, we are to keep faith with these people, located as they are in all
parts of the world, must we not feel that every employee of this company
when he enters its service undertakes an implied contract that in so far
as in his power Iles he will neglect no opportunity to see to it that that dividend is earned and paid.
That this protection of this inner fortress of our works is of even worldwide moment is shown by an episode which took place in London a few
weeks ago. It has been the custom for years to pay the Pennsylvania
RR. dividend in London the same day it Is sent out from Philadelphia,
by checks drawn on the London Joint Stock Bank. The checks are made
In dollars, but the company cables the rate of exchange then prevailing.
and the London bank stamps on each check the rate of exchange at which
that check will be paid In pounds sterling.
Nov. 21 1914.]
THE CHRONICLE
This year on the last day of August, when the company was to mail its
usual dividend, the foreign exchange market did not exist. It was virtually
impossible to send money in large sums from this country to England.
American checks could be sold in London only at a substantial discount.
To have sent to Europe at that time sufficient money to pay this dividend
would have cost probably $6 a pound against the usual rate of perhaps
$4 89. Our company determined, nevertheless, to follow the usual custom and pay the dividend in England on the appointed day at $5 per pound
sterling. It was to be paid in checks, good for gold, if wanted. This
was but four weeks after the war started. It was a time for financial dismay throughout the world.
Late on that day a friend of our company, standing in London in the
midst of a crowd before a bulletin board on which news about the war was
being flashed, he suddenly read:
"The Pennsylvania RR. Co. announces that its dividend checks, converted into sterling at 48 pence to the dollar ($5 to the pound), without
other deduction than income tax, have been posted in London to English
shareholders by its financial agent in London.
It is interesting to note that this is perhaps the first dividend on an
American railroad ordinary share which has been distributed to English
shareholders since the outbreak of the war, and it is a great satisfaction
to find that the Pennsylvania RR. Co. has shown such a liberal attitude
toward its shareholders in England by fixing the conversion into sterling
at 48 pence to the dollar."
This American standing in that crowd, after reading the news, heard a
fine-looking Englishman near him remark "The best-managed railroad
in the world."
It is the proud duty and privilege of the Pennsylvania employee to feel
that way; it is an even greater duty to make that feeling an incontestable
fact.
AMERICAN FEDERATION OF LABOR.
The American Federation of Labor, which has been in
annual session in Philadelphia for the past two weeks,
adopted a resolution on Wednesday calling upon President
Wilson to "insist that the Colorado coal operators immediately comply with the Federal plan" for the settlement of the
strike in the Colorado coal fields. The resolution urges, in
the event of the refusal of the mine operators to agree to the
settlement plan, that the President "take such steps as are
necessary to have a receiver appointed for the purpose of
taking over the mines and operating them in the interest
of the people under Federal supervision, until such time as
the civil and political rights of the people are established."
In accordance with the resolution, three officials of the
United Mine Workers of America, in company with Secretary Wilson of the Department of Labor, held a conference
with President Wilson in the matter on Thursday. The labor
leaders presented the resolutions to President Wilson and
gave their views on the situation. After the conference
Secretary Wilson said that the situation had been discussed
in great detail, but that no conclusion had been reached.
The delegation included John D. White, President; William
Greene, Secretary-Treasurer, and F. J. Hayes, Vice-President of the Mine Workers.
At Wednesday's session of the Labor Federation a proposal having to do with the organization of the Federation
by industries rather than by crafts, met decided opposition,
and President Gompers, by a ruling, referred it to the Executive Council for action next year without debate.
One of the most important resolutions adopted by the
convention calls on Congress to pass new immigration laws
'which will include the literacy test." President Gompers
was empowered to select a committee of five to go to Washington during the next session of Congress and insist that the
literacy test be made a requisite for entrance into this country.
A resolution asking Congress to amend the Newlands Act
so as to make arbitration of all labor disputes compulsory
was defeated.
Resolutions urging the passage of a Seamen's bill and
asking Secretary of Commerce Redfield to make an investigation of the Federal Steamboat Inspection Service were
unanimously adopted. The Government will also be asked
to increase the pay of post-office clerks in first and secondclass offices. A workman's compensation law for the District of Columbia is demanded. By a vote of 150 to 33, the
convention raised the salaries of the President and Secretary of the Federation to $7,500 and $5,000, respectively. The present salaries of President Gompers and
Secretary Morrison are $5,000 and $4,000, respectively.
QUARANTINING CATTLE ON ACCOUNT OF
DISEASE.
Connecticut and Montana were placed under Federal quarantine on the 16th inst. because of the outbreak of the footand-mouth disease among the cattle. This makes in all sixteen States against which a Federal quarantine has been deelared during the present epidemic. The other fourteen
were mentioned in these columns last week. Orders quarantining the District of Columbia were signed by Secretary
Houston on the 17th inst. The Chicago Stock Yards,
which were closed down on the 6th inst., reopened for busi-
1507
ness at midnight on the 15th. The Federal regulations involving the shipment of animals in inter-State traffic are:
No animal may be shipped from quarantined areas.
Animals must be shipped in disinfected cars and loaded from disinfected
pens.
The cars must be sealed and no stops made for feed or water in infected
territories.
All animals shipped to Chicago must be slaughtered in 36 hours. No live
animals will be allowed to leave here.
The Federal and State quarantine was also lifted on the
17th inst. at the Herr's Island Stock Yards (Pittsburgh), and
shipments at East Buffalo were received for the first time
on the 16th since the placing of the quarantine there the
week before last. The Secretary of Agriculture has signed
an order lifting the quarantine which had been placed on
Canadian meats because of the foot-and-mouth disease.
The Milwaukee Stock Yards closed at noon on the 19th
and will remain closed until Monday, by order of Manager
R. H.Sheill, to permit disinfecting.
Up to the 17th inst., it is stated, the Federal and State
governments spent approximately $750,000 in the campaign against the live-stock foot-and-mouth disease epidemic. Of this about $400,000 has been borne by the Federal Government, almost exhausting the available funds of
the Department of Agriculture. An emergency appropriation of probably $2,500,000 will be asked of Congress when
it meets to complete the work of stamping out the disease. •
Experts of the Department estimate that about $700,000
alone has been spent for slaughtering condemned cattle, onehalf of which is borne by the Federal and the other half by
the State governments. The last outbreak of the disease
—that of 1908—cost the Federal Government alone $300,000.
The infected States then included Pennsylvania, New York,
Michigan and Maryland.
In reply to the charges of the Western stockmen that the
Department of Agriculture had reversed its policy in dealing
with the hoof-and-mouth epidemic, thereby endangering
millions of cattle, Secretary Houston on the 14th addressed
identical telegrams to the Union Stock Yards, the Chicago
Live-stock Exchange and the National Wool-Growers' Association, stating that there had been no reversal of policy
and that the Department now finds it has a larger amount of
funds than had been supposed for carrying forward the work
of eradication of the disease. His telegram follows:
The Bureau of Animal Industry has not reversed its policy on the hoofand-mouth disease. It is actively pursuing its general policy of quarantining and destroying diseased animals and also of destroying exposed animals where there is any danger. Instructions permitting the slaughtering
of exposed animals for food purposes where there can be no danger ofspreading the disease are of necessity of limited application and are rigidly construed. Such cases must be reported to the Bureau before this action can
be taken. The Bureau will not permit the slaughtering anywhere of exposed animals for food purposes where there can be any possible question.
The Department finds It can make available a larger amount for eradication work than was first thought possible, and will strain its resources to
the utmost limit under the law. It is likely that its funds taken in conjunction with those of the States will hold out until Congress meets. But under the law governing deficiencies the Department can expend only what
has been appropriated to It for work in this field, and cannot expend money
in excess of such available funds, and especially cannot create a deficit
by spending money for the destruction of cattle and the compensation of
owners.
TRE INVESTMENT BANKERS' CONVENTION.
The closing feature of last week's convention in Philadelphia of the Investment Bankers' Association of America was
the statement of A. B. Leach, the newly elected President
of the organization, that "the investment bankers face for
the coming year the greatest opportunity for service and
profit that we have ever known." "Let us believe," added
Mr. Leach, "that the coining year as a fruitage of distress
and trouble of the past, will bring a broader appreciation of
those in this world who have made a success in whatever line
of activity has been their struggle, that instead of imputing
evil purpose we shall believe that their purpose was for good;
that out of every accomplishment we shall select good, and
not believe that a Government commission is necessary to
restrict and hamper the activity of those who would uphold
this country and push upward its every effort."
Sir George Paish, at the annual banquet of the Association
on the 13th, declared that all financial matters in England
that had been disarranged by the European war have been
adjusted, and asserted that "we are prepared once again to
resume business in the normal way. Although the London
Stock Exchange is still closed, Sir George said that one of the
greatest obstacles to its resumption of business had been
removed and that he hoped to see it reopen in the near
future. "The Stock Exchange," he said, "was caught with
loans to bankers of nearly one hundred million sterling, and
recently an arrangement has been made to continue these
loans as long as it is necessary, even if beyond the duration
1508
THE CHRONICLE
tVoL. xc tx
The statement points out that the railroads now lose over $9,000,000
per year through the system of weighing the mails only once in four years,
and the non-payment for various terminal and transfer services and for
apartment car distributing space.
How then should this underpayment be rectified?
"We are prepared to discount bills and I think in a short time you will
The railroads suggest that the general condition of underpayment, found
usually
find that we are prepared to do business in our stock markets as we
the Bourne Committee, be remedied by providing for the following:
by
oanking
The
unusual:
of
is
supply
that
do. There is, however,one matter
1. Annual weighing of the mail.
money in London will, I am convinced, be as great as ever, but it will be
2. Payment for, or relieving the railroads from, performing side,
obvious to you that the supply of capital in England cannot be as great
as ever, at any rate, not for outside purposes. We calculate the savings of terminal and transfer service.
Payments at Just rates for apartment car distributing space.
3.
year
million
Last
year.
a
dounds
hundred
four
some
the British nation are
Correcting the foregoing specific details of underpayment would accomwe placed half those savings in foreign countries.
"We are now engaged in the greatest war the country has ever had to plish these results:
1. Remedy the present injustice toward the railroads, and at the same
fight, and it will be obvious to YOU that we shall need our savings to pay for
that war. I am hopeful, indeed, I have strong hopes, that we shall be able time build for the future upon the basis of known experience in the past.
2. Provide an automatic plan for paying for the rapidly developing
to day for that war out of our growing savings, and we shall not have to
railway mail service.
encroach upon our capital.
3. Remove opportunity for friction or misunderstanding between the
"With the British nation carrying on its business as usual, there is no
reason why its income should not be maintained, and if its income is main- Post Office Department and the railroads, thereby increasing the efficiency
tained it will have the savings and the money with which to pay for this of the Post Office Department and placing at the disposal of the Governgreat war out of its income. This matter, I know, is of great importance ment the whole-hearted co-operation of the railroads in developing the
to this side, as there is a great dem of anxiety lest we in England should postal service.
It seems to us that such a plan will violate no one's sense of justice and
be competled to send you back a large amount of your securities. I do not
think there is any serious danger of this. I think the utmost extent of the will embody the greatest amount of practical statesmanship.
danger is that we may not be prepared to renew short-term notes of various
kinds, railway notes, New York City notes and others."
of the war, and to provide members of the Stock Exchange
with fresh funds in order that they may carry on their
business as usual." Continuing, Sir George said:
NATIONAL ASSOCIATION OF RAILWAY
COMMISSIONERS.
At the opening of the twenty-sixth annual convention of
the National Association of Railway Commissioners at Washington on Tuesday Judson C. Clement, in welcoming the
delegates on behalf of the Inter-State Commerce Commission
advocated the maintenance of a spirit of "co-operation among
Our own development has been of such a rapid growth that we have not railway commissions as well as between commissions and
even as yet taken the time to investigate and study the basic conditions carriers." "The oft-repeated and
self-justifying declaration
of the countries which are in need of our help. That this period in our
history is fast approaching is self-evident. All of the financially strong that the carriers are entitled to an opportunity to earn a fair
European nations are now engaged in a conflict which is costing them return upon the property or the investment," he said, "is
dearly, and the ptobabllities are that when the war is over the nations of little comfort to either carrier or shipper
unless it is invigof Europe, which heretofore have been lenders of funds, will themselves
be seeking financial assistance. Already many of the undertakings in orated into such rules of action as will bring fruitful results.
South America, Australia, Canada and the Orient, for which the finances Divergent and conflicting State rate fabrics will continue
were to be furnished by European nations, have come to a standstill.
to produce irritating and intolerable conditions of discriminThe American investment banker of the future must acquaint himself
with world conditions in a like manner as in the past he has been informed ation, for which some remedy will have to be found."
on the subject of American investments. If this is done I am confident
On the first day's session of the convention Martin S.
that American capital will find lucrative and safe employment, and if such
Chairman of the Public Service Commission of the
investments are made,commerce is sure to follow. The European nations Decker,
by force of necessity have been alive to the advantages to be derived from Second New York District, presented a report in which he
the establishment of its own banking institutions in the countries where showed that the operating income of eleven express companies
foreign trade possibilities were recognized. This has frequently worked to
had decreased from $4,413,000 in 1913 to
our own disadvantage. The question now is, will we arise to the occasion of the country
$404,000 in 1914 on account of the operation of the parceland meet the need in this regard?
post and reduced rates ordered by the Inter-State ComReviewing the recent decision of the freight-rate case, merce Commission. The total gross revenues declined from
Thomas F. Woofflock, of the firm of S. & N. Warren, of $168,808,000 to $158,879,000. In presenting these figures
Mr. Decker stated that "it is, of course, too early to hazard
New York, said in part:
"The application for a 5% rate increase was the result of a deliberate in- an opinion based on these figures that the express business
they
and
trouble,
quiry by the railroad managers into the causes of their
of the country cannot be continued to be operated under
went to the Inter-State Commerce Commission for relief.
"You are all familiar with what happened. The Commission failed to present conditions, but all must concede that such figures
grasp the opportunity offered to it. It did not distinguish with sufficient constitute a basis for apprehension and for serious thought
clearness oetwcen the need for relief and the need for reform. It failed to
realize the critical condition of the railroads. Nevertheless, let it be said and consideration in the future in connection with further
for the Commission that it did squarely recognize at least some inadequacies financial returns. In the near future we are likely to have
of revenues in some parts of official classification territory and that it did under consideration the question of providing sufficient
accept that inadequacy in discharge of the burden of proof against a considerable portion of the rate structure. To that extent the Commission's revenue for the continued profitable operation of express
decision in the original case may be considered the first step of the kind in service over railroads in this country."
the history of railroad regulation in this country, and we may au be thankful
In addressing the convention on Wednesday Charles A.
that it was able to take it.
"But this step only brings us to the cross-roads and choice must soon Prouty, Director of Valuation of the Inter-State Commerce
be made between the straight and safe road of wise legulatlon and the Commission, told his hearers that the final solution of freightdownward road that leads to Government ownership. If the Inter-State
Commerce Commission intends to take the former road it will have to keep rate problems, as well as the question of Government ownerdefinitely before its eyes a very important fact. That fact is this: If we ship, must wait for the completion of the physical valuation
are to continue to conduct the great industry of railroad transportation in
of the railroads. Judge Prouty estimated the total cost of
this country on the basis of private enterprise, then the regulating body
will have to see to it that the revenue of the railroads shall be such as to ascertaining the value of all carriers properties at something
make it desirabte for you bankers to advise your clients to invest their over $50,000,000, of which the railroads would spend about
money in railroad securities.
data. Judge
"The present situation is, of course, one of great anxiety, but It is also $35,000,000 in preparing maps and other
one of reasonable hope. We have had a pretty strong expression of public Prouty furthermore said:
A plan to create an international clearing-house which
would eliminate the waste and loss occasioned by the moving
of gold back and forth in a settlement between nations was
one of the features of an address by John J. Arnold, VicePresident of the First National Bank of Chicago, on the 13th.
In addressing the Convention Mr. Arnold stated that:
opinion on the subject, and the public instinct is sound. It has brushed
aside the technicalities of law and intricacies of figures and has gone straight
to the heart of the trouble. It has said as plainly as possible that the
railroads need more money and should have it."
RAILWAY MAIL PAY.
Ralph Peters, President of the Long Island Railroad and
Chairman of the Committee on Railway Mail Pay, representing 264 leading railroads of the United States, on the
18th inst., made public an appeal addressed to Senator Bankhead, Chairman, and the members of the Senate Committee
on Post Offices and Post Roads, urging action to assure the
railroads fair compensation for carrying the mails. The
statement says in part:
on Railway
After two years of most careful Inquiry, the Joint Committee
Bourne, established
Mail Pay, under the Chairmanship of former Senator
three fundamental facts:
service of carrying
I.—That the railroads as a whole are underpaid for the
the mails by not less than $3,000.000 per year.
perform important
2. That in addition, the railroads are required to
payauxiliary services, distinct from actual transportation, for which no
ment whatever is made.
due
are
underpayment)
3. That these conditions (resulting In general
o certain specific defects In the present system.
This valuation Is national, but is to be made along State lines. iThen
completed, it undoubtedly will supersede all State valuations that have been
made. It will be the basis for the making not only of Inter-State, but of
State, freight rates.
Probably the most important practical question before this country
to-day is its treatment of our railroads. Is the Government to take over
these agencies of transportation, or shall they be left to the operation of
private capital? Assuming that we are to leave the discharge of this function to private enterprise, what rates shall be accorded in order that the
present investment may be fairly dealt with, and that such further investment will be induced as will render possible the proper development of
these facilities?
In the past this question has not been acute, for rates have been sufficient to maintain railroad credit; but it is evident that the time is at hand,
if it is not already here, when there Is grave doubt as to whether these rates
must not be generally increased. This question cannot be satisfactorily
answered until there is a national valuation of these properties.
Explaining precautions taken to prevent duplication in
the valuation work, he added:
It has been too much the fashion in the past to assume that whatever
was required of a railroad,coat nobody anything. The error of that notion is fast becoming evident. It Is becoming plain that somebody has to
pay, and that somebody Is. in the last analysis, the general public. In
these times, when carriers are insisting that rates must be advanced, and
when they are supporting that claim by a showing which at least makes all
of us stop and think, we are extremely reluctant to squander several mil'
ion dollars in a mere duplication of work, if that could be avoided.
Nov 21 1914.]
THE CHRONICLE
Consider for a moment the enormous amounts involved. An error of
6% or 7% in the valuation means nearly or quite a billion dollars. The interest at 6% on that sum is $60,000.000. Whether this valuation is to
be used as the basis of rates to be allowed these carriers and paid for by the
body of our people, or whether, perchance, it may become the measure of
the price to be paid by the Government for this property, that error would
mean either to the railroads or to the people every year three or four times
the cost of the entire valuation.
Thursday's session was devoted to the consideration of
several resolutions; one offered by William D. Williams, of
of Texas, proposed "that when a rate has been established
by either a State or the Federal Commission it shall not be
set aside unless it is first declared in court to be confiscatory
and within the recognized prohibition of the Constitution
against the taking of private property without due process
of law." Mr. Williams also suggested that the membership
of the Inter-State Commerce Commission be increased from
seven to nine members and divided into three sections.
Under Mr. Williams's plan the Commission would assign
cases to the different sections and each section would hear
arguments respecting the cases before it, with power to
certify doubtful questions to the whole Commission.
The Association elected the following officers: Clifford
Thorn of Iowa, President; Robert P. Prentis, Virginia, First
Vice-President; Max Thelen, California, Second Vice..
President; William H. Connolly, Washington, Secretary;
James B. Walker, Assistant Secretary of the First District,
Public Service Commission of New York, Assistant Secretary.
THE STOCK EXCHANGES.
The reopening of the Stock Exchange to trading in bonds,
which it was stated would take place on Saturday of this
week or Monday of next, has been further deferred. Conferences were held the past week between the Committee
of Five of the Stock Exchange and leading bankers and representatives of prominent bond houses and plans formulated
which were to allow unrestricted trading in listed bonds at
minimum prices to be fixed by the committee. But these
plans came to naught on Thursday, when the Governors,
after full consideration of all phases of the matter, reached
the conclusion that it would not be wise to open the Exchange
at this juncture. The committee issued the following statement:
1509
Special Committee of Five has this day rescinded that part of the circular
of Aug. 18 which made it necessary for members to confirm by letter all
transactions made through this committee. All trades in listed securities
made outside the committee should still be reported.
On and after Nov. 19 all orders placed through the committee will be
considered good until canceled.
Members are at liberty to change or cancel orders at any time.
Taking effect Nov. 19, the Boston Stock Exchange special
committee of five accepted only G. T. C. (good until
canceled) orders.
In accordance with previous announcements, the Governing Committee of the Chicago Stock Exchange held a meeting on Wednesday, at which they voted unanimously to
reopen the Exchange on Monday morning of next week.
According to reports, trading will be permitted on the floor
of the Exchange in listed and unlisted stocks at the closing
prices of July 30. This same provision applies also to bonds,
though here, it may be stated, that permission was given some
time ago to trade in a selected list of bonds at a minimum price
of four points under the July 30 closing prices. The Exchange has been closed since July 30 and all trading since
has been done under the supervision of a committee.
In answer to a telegram from President Noble of the New
York Stock Exchange, sent on Friday of last week, asking
for information about the opening of the local Exchange,
President Aldrich of the Chicago Stock Exchange sent the
following reply:
The Chicago Stock Exchange Governors will meet next Wednesday to
consider plans for reopening the Exchange on Nov. 23. and should the
board decide to do so. it probably wid make restrictions in prices not to
exceed 4 points, or possibly less, under July 30 prices as a minimum basis
for trading. The Governors will also prohibit trading in any New York
stocks unless the prices are as high or higher than the July 30 dosing
figures, unless the New York Exchange previously announces concessions.
I think you may feel assured that nothing will be permitted in our trading
that will in any way conflict with the wishes of the Governors of the New
York Stock Exchange.
Reports have it that the Cleveland Stock Exchange will
reopen for business next Monday with restricted trading in
stocks other than local. The last regular session of the
Exchange was on Friday, July 31:
A dispatch from Los Angeles says the Los Angeles Stock
Exchange will reopen for unrestricted business Dec. 7.
The Special Committee of Five states that while the plan outlined by the This was decided at a special meeting of the board of
direcnewspapers concerning a further extinsion of the present method of dealing
tors after a review of general conditions, and of the effect
In bonds was substantially that under consideration by the committee, the
magnitude of the interests affected has led to unforeseen difficulties which upon business of the opening of the Federal Reserve banks.
will necessitate further consideration. When a decision is reached ample The quotations posted at the
opening will be the same as they
notice will be given to the public officially.
A step in the restoration of normal financial conditions was were at the close of the Exchange July 30.
the notice of dissolution of the Committee of Seven which has
The Louisville Stock Exchange resumed trading in bonds
had in charge trading in unlisted bonds since the close of the
without
restrictions on Monday of this week. TransacExchange. This committee, made up of representatives from
Brown Bros. & Co., Guaranty Trust Co., Harris, Forbes & tions in stocks continue subject to the approval of the
Co., White, Weld & Co., Kissel, Kinnicutt & Co., Wm. A. committee. The last regular meeting of the Exchange
Read & Co. and Remick, Hodges & Co., made the following was on Aug. 1, but on Aug. 17 it was decided to allow
members to sell municipal bonds not below one point
statement:
of the bid price made on the Exchange on Aug. 1. Later
As a well-established market now exists in unlisted bonds and
unlisted
guaranteed stocks at prices which do not endanger the loan situation.
the members were permitted to sell any listed security at not
Committee of Seven believes that its services are no longer required
and has less than 1% below the bid price on Aug. 1, but such sales
adjourned sine die. The committee desires to express its
appreciation of
the spirit of co-operation during the period of restricted
were to be reported to the committee. It was also provided
trading.
As was announced in our previous issue, the Special Com- that should there be a chance to trade at less than 1%,such
mittee of Five ruled on Friday of last week to allow unre- cases were to be passed upon by the committee.
stricted trading in listed municipal and State bonds for domestic account. The important reservation in this latest
A joint committee representing the New Orleans Clearing
ruling is that business is limited strictly to domestic account, House and the New Orleans Stock Exchange, have agreed
all transactions for future delivery being subject to the ap- upon the opening of the latter for bond trading only, beginproval of the Sub-Committee of Three at the Clearing House. ning Nov. 19. It is thought that the Exchange will not
it will thus be seen that the committee has guarded against be opened for trading in stocks until the New York Stock
Exchange opening shall have been announced.
foreign liquidation. Following is the official ruling:
SO.
Nov. IS 1914.
The Special Committee of Five rules that unrestricted trading in Listed
Municipal and State Bonds for domestic account may now be resumed, but
that 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 Exchange.
Reports state that the St. Louis Stock Exchange probably
will reopen within the next ten days, according to a statement made by President Diechman. This decision was
reached on account of the decided improvement in financial
Shortly afterward the Committee of Seven, which is in and business conditions. Banks hitherto opposed to the
charge of trading in unlisted bonds, made the same provision opening of the Exchange now favor early trading.
with regard to unlisted municipal and State bonds. Here
WHY BALTIMORE BANK SHARES HAVE IRREGULAR
is the official notice:
The Committee of Seven gives notice that dealings in unlisted municipal
PAR VALUES.
and State bonds for domestic account may now be conducted without reThe lack of uniformity in the par value of the stock of the
strictions. Ail transactions for delayed delivery or seller contracts should
national banks of Baltimore is the subject of an item appearcontinue to be submitted to the committee.
ing in the Baltimore "Sun", and its explanation as to the
A further restriction to trading was removed in Boston, reason for this irregularity
is interesting and worth rewhen the Committee of Five of the Boston Stock Exchange producing here:
announced that members need not confirm by letter all
Usually $100 is made the par value of stock issues,
by banks or
transactions made through the committee. Following is corporations. Of late years, however, there has been whether
a disposition among
the organizers of these institutions to reduce
the par to enable the stock
the ruling, under date of Nov. 18:
to become widely
scattered and to get as many as possible
directly inter-
1510
THE CHRONICLE
[VOL. xcnc.
ested in the success of the enterprise, whether a bank or otherwise. In
these cases the par is generally fixed at $10.
This cannot be said to be the case with the cld-established banks. Take
some of those in Baltimore as examples. The Farmers' & Merchants' has
a par of $40, the National Bank of Commerce of $15, the National Marine
of $30, the Western National of $20, with several whose par is $10. It is
also said that in many cases other banks had these uneven par values
to their stocks, but in the recent past have brought it up either in stock
dividends or by cash payments to a par of $100.
The explanation given dates back to 1837, at the time when the United
States Bank was the central financial institution of the country and practically controlled all the national banking affairs in existence. At
that time these local banks were State institutions, operating under State
charters. When the old United States Bank was forced out of existence
it caused a financial upheaval in which many of the State banks suffered
severely.
Later, when the present National Bank Law was enacted, many of these
banks gave up their State charters and took out national charters. At the
time, it is said, it was difficult to secure new banking capital In any quantity, so the directors and controlling influences in the State banks concluded
to take what was left of the old capital as the capital stock of the bank
under the new system. This they divided among the existing stockholders.
giving them share for share, which, of necessity, brought down the par of
the stock from $100 to whatever par the number of shares would be dL
visible into the old and impaired capital. In this way they all worked out
to the irregular figures, which have been since continued as the par of the
bank's stock.
Another interesting fact in connection with these old State charters was
also brought out in the discussion and accounted for the wide distribution
of turnpike stocks in Baltimore and why so many of the banks at one
time had these shares among their assets.
The legislatures of those early days made the giving of a charter for a
bank contingent on the subscription of so much of the bank's capital in
the stocks of some of the turnpikes in the State. The purpose was quite
apparent, being to encourage the building and maintaining of good roadways throughout the State. This was before the days of rapid railroad
travel and when railroads were just coming into being as a means of
transportation. All these turnpikes were private corporations and some
of them proved to be quite profitable for a time. Gradually their usefulness disappeared, but the stocks still remained,and some of it is still outstanding, though but little, if any. Is now held by any of the banks.
Now, therefore, I, Woodrow Wilson, President of the United States, do
hereby admonish all persons who may be or come within the State, district
or towns aforesaid, against doing, countenancing, encouraging or taking
any part in such unlawful obstructions, combinations and assemblages.
and I hereby warn all persons in any manner connected therewith to disperse and retire peacefully to their respective abodes on or before 12 o'clock
noon on the 6th of November instant.
Those who disregard this warning and persist in taking part with a
riotous mob in forcibly resisting and obstructing the execution of the laws
of the United States or interfering with the functions of the Government
or destroying or attempting to destroy property in the custody of the courts
of the United States or under its direction cannot be regarded otherwise
than as public enemies.
Troops employed against such combinations and assemblages of persons
will act with all the moderation and forbearance consistent with the accomplishment of their duty in the premises; but all citizens must realize
that if they mingle with or become a part of such riotous assemblages there
will be no opportunity for discrimination in the methods employed in dealing with such assemblages. The only safe course, therefore, for those not
Intentionally participating in such unlawful procedure is to abide at their
homes, or at least, not to go or remain in the neighborhood of such riotous
assemblages.
We have reached ;the conclusion that it Is impracticable to enforce the
any other
law and the orders of the United States Court in Arkansas by
the mines
means. The Court had appointed a receiver for the coal mines;
with the
charged
arrested
had been blown up and the men who had been
Marshal
States
United
the
of
custody
crime had been released from the
unable to.
forcibly by their friends. The United States Court had been
enforce its processes.
confine
The troops will not undertake to serve any processes; they will
their
themselves to making it possible for the civil officers to perform
justice so
functions. They will prevent any obstruction in the course of
that
that the ordinary processes of the Court can go on. This is a matter
concerns the Federal Court alone. The State of Arkansas has nothing
to do with it.
all cases be local; that municipally owned utilities should be subject to
local control only; that in large cities local regulation is plainly to be preferred, and that in all cases the principles of home rule should be preserved
by at least leaving it to the people of a city of whatever size to determine
whether they desire to act for themselves or to call in a State board, if one
exists, either to regulate or to aid the local authorities in regulating privately
owned local utilities.
Third. That we indorse the idea of the establishment of the utilities
bureau, as a nation wide intercity agency for bringing the combined ability
and experience of all our cities to the service of each city which may face
a public utility problem. Through it we meet the combination of private
interests with a combination of public interests, and to the specialized and
expert ability which the private interests thus mass in defense of one
another we oppose the skill, experience and resources of the united cities
of the country.
We recommend that the trsutees of the bureau proceed to its further
organization, outlining a plan by which its support may be assured, and its
services made available. In this connection, we suggest,for the consideration of the trustees, that an office be provided, records„kept, experts be
employed and that cities which can legally do so contributokon,some equitable basis to the expense of the bureau in excess of its earnings when in
the service of cities actually using its facilities in the solution of particular
problems.
We vote our hearty recognition of the high public/service performed by
Mayor Blankenburg in calling this convention; to MayorkM1tchel, Harrison. Shroyer and Baker for their sympathetic assistance,tohim; our appreciation of the gracious hospitality of Philadelphia, and.our thanks to the
American Academy of Political and Social Science.
It is stated that the first trouble occurred last April, when
the Bache-Denman Co.tried to operate its mine on the "open
shop" plan. An injunction against interference by the workers with the operation of the mines and the appointment
of a receiver followed, but there has been continuous trouble.
Acting on a petition filed by Franklin Bache, President
and Treasurer of the Bache-Denman Co., Federal Judge
Youmans issued an order on the 16th inst. instructing the
receiver immediately to resume operations of the mines
controlled by the company. The Court's order provides
that Major N. F. McClure, in command of the Federal
troops at Prairie Creek, 'ill assist the, marshal's force in
protecting the employees of the receiver. The petition sets
forth that it was necessary for the protection of the creditors
and the property that work be resumed at once. Under
the protection of United States troops operations of the
-Denman mining interests were resumed yesterday in
PROCEEDBache
RIOTOUS
SUPPRESS
TO
TROOPS
FEDERAL
Hartford Valley by non-union labor.
INGS AT ARKANSAS COAL MINES.
On Nov. 13 an investigation of the coal labor situation in
the Prairie Creek, Ark., mine region was directed by SecreNATIONAL UTILITIES BUREAU ENDORSED.
tary of Labor Wilson. Ethelbert Stewart, Assistant Comconference of American mayors held in Philadelphia
a
At
missioner of Labor Statistics, has been delegated to conduct
and 14th inst. a report of a special committee
13th
the
on
United
the inquiry and to make a full report thereon. The
was adopted. The report, which
Recommendations
on
States soldiers at Fort Sheridan, Ill., were ordered by Presiutilities bureau recently ornational
a
to
support
pledges
Ark.,
Smith,
Fort
to
proceed
dent Wilson on the 3d inst. to
formally
be
incorporated, is printed in
to
about
and
ganized
to assist United States Judge Frank A. Youmans in enforcing
Philadelphia "Ledger", as follows:
the orders of his Court for the suppression of lawlessness. the
We congratulate the cities and people of America upon the candor and
The recent troubles followed the issuance of an order of fearlessness with which their representatives have in this conference faced
Judge Youmans placing the mines in the hands of receivers, the problems of the relation of the public to public utilities. The conferhas been helpful in its interchange of opinion and experience, and
the defiant attitude of the leaders making it impossible to ence
especially in its development of the idea of the community of interest
enforce the receivership and leading to riots when efforts among the cities. With that made plain, we can now proceed to a program
were made to arrest the leaders of the strike movement. of intercity helpfulness which must be the permanent outcome for good
the conference. We recommend:
Judge Youmans' action in seeking Federal aid was the result from
First. That no general conclusion be formulated upon the abstract
3d
the
on
of several days of disorder which culminated
question of municipal ownership, but rather we express our judgment to
be given in all instances the requisite power
inst. in the blowing up of the Bache-Denman mines at be that municipalities should
municipalize public utilities, the expediency of its exercise being at any
Prairie Creek and the destruction of several houses. Sec- to
time and place and with regard to any particular utility a matter for local
retary of War Garrison, in ordering the Federal troops to determination.
Second. That we make no general determination as between State
the strike territory on the 3d inst., explained his order as board
and local or home rule regulation of public service corporations.
follows:
That we do, however, declare that the franchise making power should in
It is stated that this is the first time that United States
soldiers were called upon to enforce a court's order since 1894,
when President Cleveland used the army in the Chicago
strike to protect the mails and carry out orders of Federal
courts. In the Colorado strike district the regular army was
called into service at the request of the Governor to preserve
order. A proclamation reciting the purpose in placing the
troops in Arkansas was signed on the 4th inst. by President
Wilson, who directed Major McClure, in command of the
This
troops, to issue it at the scene of the disturbances.
proclamation said:
assem-
combinations and
Whereas, by reason of unlawful obstructions,
impracticable in the judgment of the
blages of persons, it has become
judicial proceedings the laws
President to enforce by the ordinary course of
Arkansas, and especially within
of the United States within the State of
neighborhood of the towns of
the Western Federal district and in the
district; and
Hartford. Midland and Fort Smith and said
execution of the laws
Whereas, for the purpose of enforcing the faithful
in the charge of the courts
of the United States and protecting property
to employ apart of
of the United States, the President deems it necessary
the statute in that
the military forces of the United States in pursuance of
ase made and provided.
The committee which prepared the report was composed
of the following delegates to the convention.:
Newton D.Baker, Mayor of Cleveland,0.; Edward D.O'Brien, Direct°
of Utilities, Seattle, Wash.; Theodore Theme,Citizens' League of Indiana.
Fort Wayne, Ind.; Frederick W. Donnelly, Mayor of Trenton. N. J.;
John P. Mitchel, Mayor of New York; Charles E. Merriman, Alderman.
Chicago; Milo R. Maltbie. Public Service Commissioner, New York;
John M. Eshleman, Railroad Commission, San Francisco, Cal.;
Hocken,Mayor of Toronto,Can.; F.C.Thompson,Mayor„of Chattanooga.
Tenn.
Nov. 21 1914.)
THE CHRONICLE
PLACING IMMIGRANTS UPON FARMS.
Senator Duncan U. Fletcher of Florida, President of the
Southern Commercial Congress, issued a call on the 13th
inst. for State and local officials, representatives of the press,
commercial and civic organizations, railroad officials, bankSouth,to meet in
ers and real estate and business men of the
Washington on Saturday, Dec. 12, to consider and devise
methods of interesting and locating agricultural immigrants
issued by the Southern
in the Southern States. The call is
of Secretary Wilson
approval
the
with
Congress,
Commercial
the instance of leading busiof the Department of Labor, at
advisability
ness men throughout the South, to discuss the
inclined
agriculturally
the
placing
for
efforts
undertaking
of
immigrants now out of employment in our industrial communities on Southern farms, and to plan methods of caring
for the horde of foreigners that will probably come to this
country at the close of the European conflict. Secretary
Wilson will deliver the opening address at the conference.
The Southern Commercial Congress will have the co-operation of the Department of Labor in this work, and T. V.
Powderly, Chief of the Division of information of the Bureau
of Immigration, has been designated to actively assist in
arranging for the meeting.
The conference is called, it is stated, to determine a Southern immigration policy, and to work out a practical plan by
which the South can take advantage of existing- opportunities. There are thousands of immigrant families in our industrial communities, either out of work or on short time,
that have been working and saving for years in order to be
able to return to Europe and purchase agricultural homes,
who are now prevented from leaving this country. Many
of these people no longer desire to return abroad in view of
the economic burden which the war has placed on the countries of Europe, and large groups can be placed on Southern
farms if the proper efforts are made to secure them. Large
numbers of European immigrants, many of whom will be
practically destitute, will come to the United States at the
close of hostilities in Europe, and must be cared for. The
advisability of attempting to utilize this class of people on
farm lands of the South will also be considered. The fact that
the South possesses peculiar opportunities and advantages
in this instance is fully realized by the officials of the Southern Commercial Congress, and they will see that the conference directs its attention to devising a system of financing
agricultural settlements in the Southern States and to the
task of establishing an immigration service capable of properly
handling and directing this important work.
1511
manifested itself outwardly by a gradual rise in the cost of living, decline in
securities, futile efforts to right the situation by changes in political organization, and the preaching of strange philosophies. Thus we were confronted with a condition which could have but one ending—financial cataclysm and serious effusion of blood.
It is, however, the investor's opportunity and discriminating purchases
of securities made at the present time should prove highly profitable.
Gilt-edged bonds are now selling close to a 5% basis,and this,in our opinion.
marks the limit of depreciation. Many think that the close of the war
will witness a further rise In interest rates, on account of the large sums
which will be needed for the rebuilding of cities and funding the war loans
of the several governments involved. These considerations have weight.
but Europe, in any event, must expect a prolonged period of business
prostration, which means the release of much capital and its employment
elsewhere. A considerable reduction In taxation for military purposes is
also probable; in fact, future historians may refer to the period just coming
to a close as "The Era of European Armaments."
The assets of the savings banks consist largely of railroad bonds; in great
measure, therefore, the savings of the thrifty depend on the continued
prosperity and solvency of our great railroad systems. For these reasons,
we think the outlook for the securities of American railroads has considerably improved, and that their prior lien bonds will prove to be the best investments in the world.
At a meeting of `the Administrative Committee of the
American Bankers' Association held in the general offices in
New York City on Oct. 30, Old Point Comfort, Va., was
unanimously selected as the place for the spring meeting of
the Executive Council. The meeting will take place May 3d,
4th and 5th. This spring meeting will be held in the Hotel
Chamberlain, which is admirably adapted for the purpose of
meetings of this nature. The Chamberlain is one of the most
attractive and successful hotels on the Atlantic Coast, with
its large lobbies, palm gardens, parlors and vast porches.
While there are no business interests around Old Point
Comfort to distract delegates from the business sessions,
there are many points of interest to amuse and instruct
the visitor. Hampton Roads is at all times interesting, with
many ships of the United States navy making it their rendezvous; then there are land Fortress Monroe, Hampton
Institute, the National Soldiers' Home, good drives and the
unique city of Hampton easily available.
As previously indicated in these columns, Seattle, Wash.,
was selected by the Executive Council as the place of meeting for the 1915 convention of the American Bankers' Association. All details of arrangement have been left to the
Administrative Committee. The dates, of course, have not
been decided. The invitation as extended by the Seattle
Clearing House suggested dates between Sept.20 and Oct. 20.
Headquarters hotel will be selected by the Administrative
Committee. Its selection will be based entirely upon the
facilities offered for registration, committee meetings, &c.,
so that the hotel selected as headquarters will be the one
best adapted for the Association's purposes. For more than
a year suggestions have been received at the general offices
BANKING, FINANCIAL AND LEGISLATIVE NEWS. urging that the convention of 1915 be held on the Pacific
Two New York Stock Exchange memberships were report- Coast, that those desiring to attend the convention would
ed posted for transfer this week, the consideration in each have the opportunity to visit the Panama-Pacific Exposicase being $38,000. This is the same price as paid last week. tion. The officers of the Association did not deem it advisable to hold this convention in San Francisco, owing to
Two New York Cotton Exchange memberships were sold difficulty in securing proper hotel accommodations and atthis week for $9,500 each. The last previous sale was at tractions which would interfere with a successful meeting.
$7,000 on Oct. 30.
This Far Western trip will also afford a most excellent opof various tours
New York Produce Exchange memberships are 450 bid, portunity for visitors to take advantage
carriers.
line
trunk
the
by
arranged
be
will
which
550 asked, with a sale this week at 550.
Two new directors have been elected by the Metropolitan
It is stated that three Chicago Board of Trade memberships
Trust Co. in the place of the late Frederick T. Martin and
have been sold for $2,000 each, net, to buyer.
the late General Brayton Ives. The additional members
The Chemical National Bank of this city is said to have of the board are Harold' Herrick and Alfred P. Walker.
retired this week the last of its $9,000,000 Clearing-House Mr. Herrick is President of the Niagara Fire Insurance Co.,
certificates. The bank began the cancellation of the certifi- 25 Liberty St. He is also President of the Underwriters'
cates on the 9th inst., and has retired them at the rate, ap- Association and a director of the Insurance Clerks' Mutual
proximately, of $1,000,000 a day.
Benefit Association. Mr. Walker was recently made Presiof the Standard Milling Co. in place of the late Gen.
dent
At the annual election of officers of the El Paso (Texas)
Brayton Ives. His brother, Sir Edmund Walker, is PresiClearing-House Association held in October, the following
dent of the Canadian Bank of Commerce at Toronto.. Anofficers were elected to serve for the ensuing year: President, other
brother, H. B. Walker, is Manager of the Montreal
T. M. Wingo, of the Rio-Grande Valley Bank & Trust Co.; branch of the Canadian Bank of Commerce.
James
G.
of
-President,
MeNary,
the
First
National
Vice
Bank; and Secretary-Treasurer, Alfred Kerr, of the El Paso
The Guaranty Trust Co. of New York has prepared in
Bank & Trust Co.
pamphlet form a revised digest of the new Banking and
Albert Gallatin, of Schmidt & Gallatin, in a circular Currency Law that gives in concise form the various provisions of this new Act,which began operation Nov.16 with the
viewing the investment outlook, says:
The European war has brought about a condltibn in the investment opening of the twelve Federal Reserve banks. The pamphlet
markets of the world which probably will not be seen again in the lifetime contains also a complete list of governors and directors of
the
of the present generation. For many years past, as the result of the
Reserve banks, as well as the names of the members
spread of Socialism and constantly expanding expenditure for maintenance Federal
and construction of military and naval armament, the competition for the of the Federal Reserve Board and the Organization Commitworld's free capital became increasingly keen. Even before the outbreak tee. We understand that copies of this
pamphlet may be
of the war, privately-owned corporations had experienced great difficulty in
funding their obligations, and new money was unobtainable save at pro- obtained by applying to the company.
hibitive rates. This serious strain on the productive capacity of the world
1512
THE CHRONICLE
[VOL. xcix.
The Equitable Safe Deposit Co.. 43 Exchange Place, and
37 Wall Street, this city, which is affiliated with the Equitable Trust Co., has taken over the business of the Wall Street
Safe Deposit Co., now located in the Bank of New York
Building, 48 Wall Street. George W. Smith, who has been
in charge of the Wall Street Safe Deposit Co. for twenty
years, was this week appointed an Assistant Secretary of the
Equitable Safe Deposit Co. The old building of the Bank
of New York will have to come down,because of the character
of the construction of the old foundations, when the new
subway is built through William Street. The Bank of New
York will establish temporary quarters elsewhere and return to the same location after a new building is erected on
the old site.
criminated against the Cotton Exchange creditors; at the
same time he asserted that Col. Robert M. Thompson, the
special partner in the firm, was in reality a general partner,
and that he should put up enough cash to approximately
pay the debts of the firm. Col. Thompson maintained that
the creditors of the firm knew he was not a general partner,
that he had never had anything to do with the management,
that he had agreed to waive his claims of over $3,000,000 in
the hope of putting through the composition, but with its
failure he would stand on his rights and prove his claims.
At a meeting of the creditors of the firm on the 4th inst., the
receivers presented a balance sheet as shown by the books
as of Sept. 30, showing liabilities of ,479,312 and nominal
assets of $8,890,962.
Arnold C. White,for the past seven years Assistant Manager of the St. Louis Clearing-House Association, has been
elected Manager to succeed W. W. Hoxton, whose appointment as Deputy Governor and Secretary of the Federal Reserve Bank of St. Louis was announced in these columns November 7.
George E. Roberts, formerly Director of the Mint and
a well-known Chicago banker, has assumed his duties as
Assistant to the President of the National City Bank of this
city. Mr. Roberts will, it is stated, devote a portion of his
time to the supervision of "Americas," a publication issued
by the National City Bank in the interest of South American
trade.
Norborne P. Gaffing, Assistant Cashier of the Chatham
& Phenix National Bank of this city, has announced his
candidacy for the office of Treasurer of the American Bankers' Association in a letter which he has addressed to the
members of the Executive Council in advance of the annual
meeting at Seattle next year. Mr. Gatling assumed the
office of Secretary of the Virginia Bankers' Association in
1902, when there were only eighty members, and retired in
1911 with the membership increased to nearly four hundred.
New York has not had the Treasurer portfolio in about fifteen years.
At a meeting of the board of the Columbia Trust Co.,
60 Broadway, this city, held last Thursday, A. G. Paine Jr.
was elected a director to fill the vacancy caused by the
resignation of his father, A. G. Paine. Mr. Paine Sr. has
been interested in the Columbia Trust Co. and a director
since its incorporation.
The Mechanics & Metals National Bank, 50 Wall Street,
will move about May 1, after extensive alterations are made,
to the old Fourth National Bank offices on Nassau Street
between Pine and Cedar streets. The Mechanics & Metals
Although a court order was signed two weeks ago permit- will use the street floor for its foreign exchange department,
ting the sale of the unliquidated cotton contracts of S. H. the second floor as its main banking room and the third
P. Pell & Co., the several propositions for the payment of floor for other departments.
the firm's creditors have thus far failed of being carried
The New York agency of the Anglo-South American
through. As indicated in these columns last week (page
1399), the sale of the unliquidated Pell cotton authorized by Bank, head office London, is in receipt of advices that
Judge Julius M. Mayer of the Federal District Court on the gross profits for the company's year ended June 30
the 7th inst., cleared the way for the opening of the Cotton 1914 are £590,332 and net profits £328,056. The interim
Exchange on Monday the 16th. Under Judge Mayer's dividend paid April 15 last absorbed £123,829 and there was
order, the cotton liquidating syndicate, composed of members paid £871 to the directors in the way of additional remuneraof the New York Cotton Exchange, were authorized to taion. Of the available balance of £204,226, the directors
purchase from the Pell creditors about 80,000 bales of cotton recommended that £84,562 be applied to the payment of
a final dividend of four shillings per share less income tax,
at 9 cents a pound. The cotton was purchased by the Pell
firm at prices ranging from 12% to 14 cents a pound. When payable Oct. 28, making the total dividend distribution for
the
the firm suspended on July 31, it was unable to meet its sion year 10%; also that £9,500 be added to the staff penand guaranty fund and the balance of £110,564 be
contracts for taking up the cotton, and the fear of its being carried
forward. The European war which has broken out
thrown on the market was,one of the obstacles in the way of since the date to which the accounts
are calculated is fraught
reopening the Exchange. The plan of buying up the cotton with such important
consequences to the trade of those counat 9 cents a pound, which was devised by the liquidating tries where the Bank is established
that the directors consyndicate, was opposed by counsel for the Pell receivers on sidered it prudent
to
recommend
the
distribution
of a slightly
the ground that it would make the firm liable to the un- reduced dividend and to carry
forward the whole of the
liquidated creditors for the difference between the price of- available balance.
At the same time it advised that the
fered by the syndicate, namely, 9 cents, and the contract general fall in
the
value
of securities rendered it necessary to
price, which averaged 123/i cents. It was also urged that appropriate
£160,000 in writing down the value of assets
the proposal was not equitable since the price when the under that heading,
and they have transferred that amount
Exchange closed was 10.32 cents. Judge Mayer disposed of from the
reserve fund for the purpose, thereby reducing
the matter by deciding to permit the syndicate to buy up the latter to
£1,400,000.
the cotton at 9 cents a pound, on condition that the amount
of damage be adjudicated by him later; in signing the order
The Morris Plan Co. of New York has filed its organizaJudge Mayer inserted a proviso stipulating that the subse- tion certificate with the Banking Department at Albany,
quent adjudication of damage be apportioned on the basis and it is proposed that the company will begin its business in
of not less than 9 cents nor more than 10.32 cents. The the Kuhn-Loeb Building, at 52 William Street, during the
most recent plan for a settlement with the firm's creditors, coming month. This company will be the first unit to
embodying a composition-offer for the payment of 100 cents operate The Morris Plan of industrial loans and investments
on the dollar, was defeated on the 6th inst. through the fail- in New York City. It will begin business with a capital of
ure to get unanimous approval of the plan. The objec- $100,000, and it is proposed to increase this capital, and to
tion of two of the creditors served to defeat the proposal, establish branches in different parts of the city, as the
which called for the organization of a corporation to take over growth of its business and the demand for its facilities may
all the Pa assets and to liquidate them gradually. The cor- warrant. The Morris Plan aims to provide an opportunity
poration was to issue two classes of notes to the creditors, for persons of moderate means to secure loans of money at
the payment of which would meet all claims,dollar for dollar. reasonable rates of interest, re-payable under equitable
The first class of notes, amounting to $1,100,000, were to conditions acceptable to the borrower and safe and remunerahave gone to creditors other than Cotton Exchange houses, tive for the lender; also opportunity for those of small means
and was to liquidate claims in three years. The Cotton Ex- to secure a safe and profitable investment in denominations
change creditors were to receive notes of the second class; of $50 or multiples, payment for which may be made in inthe dates of payment were to be arranged later. The Pell stallments bearing interest, whereby small investors are
partners were to obtain from Robert M. Thompson, a spe- provided with an incentive for systematic saving of a fixed
cial partner, a waiver of all right to the funds due him if proportion of their earnings. The Morris Plan has been in
the creditors consented unanimously to the composition operation, through independent companies organized in the
plan. Henry Wollman, attorney for the two opposing cred- years indicated, in the following cities Norfolk, Va., 1910;
itors, in objecting to the composition contended that it dis- Atlanta, Ga., 1911; Baltimore, Md., 1912; Washington,
THE CHRONICLE
Nov. 21 1914.1
D. C., 1912; Richmond, Va., 1912; St. Louis, Mo., 1913;
Memphis, Tenn., 1913; Charleston, S. C., 1913; Columbia,
S. C., 1913; Springfield, Mass., 1913; Denver, Colo., 1913;
Philadelphia, Pa., 1913; Lynchburg, Va.,1913; Portsmouth,
Va., 1914; Nashville, Tenn., 1914.
These companies in the aggregate have loaned $6,100,000
to 49,500 borrowers, the average loan being for $123.
The following are the incorporators and directors of the
first Morris Plan company in New York:
Frederick W. Allen
George F. Canfield
Thomas Cochran
Raymond Du Puy
Lewis B. GawtrY
Thomas H. Gillespie
Arthur Hagen
Richard T. H. Halsey
Edwin 0. Holter
Sam A. Lewisohn
Fred E. Linder
John R. MacArthur
John Markle
Charles T. Wills
W. D. McLean
Arthur J. Morris
Jason A. Neilson
James E. Russell
Charles H. Sabin
Theodore P. Shonts
Willard Straight
Henry R. Towne
Guy E. Tripp
William Turnbull
Arthur Williams
Clark Williams
The Essex County Trust Co. of East Orange, N. J.,
which is controlled, through stock ownership, by the Fidelity
Trust Co. of Newark, has received permission from the State
Bank Commissioner to open a branch in East Orange.
With this announcement the Newark "News" states that it is
the expectation that the Fidelity, heretofore disposed to
limit its branches to the five institutions which it controls
by stock ownership, will place a branch of one or more of its
controlled trust companies wherever increased banking facilities in the home counties of such institutions are needed, and
where, under the present county branch banking law,
branches may be established. The "News" quotes President
Uzal H. McCarter of the Fidelity Trust to the following
effect in the matter:
"Our board has not taken official action in the matter so far as declaring
a policy as to establishing branches by our subsidiaries is concerned. The
matter has not been brought up in that form. You may say, however,
that it Is our intention, so far as the five counties where we have controlled
banks or trust companies are concerned, that wherever and whenever
we find places which appeal to us as needing or calling for additional
banking facilities, we shall establish branches there.
"The permission from the State Commissioner of Banking and Insurance
to permit us to place a branch at East Orange, by the way,is a result of no
new or hastily considered action. We applied for that permission eight
months ago and it was granted. But, it being pointed out at the time
that negotiations were under way looking to an amicable arrangement by
which we could take over our subsidiaries as branches,through a referendum
banking vote, and full explanation of our willingness in such event to forego
additional branches, we withdrew our request from the State Banking
Commissioner's office and the East Orange plan was allowed to drop. The
present action is merely a revival of the request and action by the State
Commissioner of Banking taken earlier in the year, coming after it was
found that State banking sentiment,though in a minority vote referendum,
was opposed to our being allowed to manage our own trust companies as
branches, even though we were willing to forego all further branch banking
plans as supplementary thereto."
1513
President; E. F. Feickert and M. C. Van Arsdale, VicePresidents, and H. C. Nash, Secretary and Treasurer.
Interested inquirers can, we believe, secure a copy of "It
Served John Havens Right" by addressing the company.
Horatio G. Lloyd of Drexel & Co., Philadelphia, resigned
this week as a director of the Girard National Bank of Philadelphia. Arthur E. Newbold of the same firm within recent months also retired from the boards of the Fourth Street
National Bank and the Farmers' & Mechanics' National
Bank of Philadelphia. The changes are made, it is believed,
to conform with the provisions of the new Federal Reserve
Act.
Edward T. Stotesbury, head of the firm of Drexel & Co.,
Philadelphia, has resigned as a member of the board of the
Philadelphia National Bank.
James R. McClure Jr. was elected President of the First
Mortgage Guaranty & Trust Co. of Philadelphia on the 16th
inst. During the past two years Wharton E. Harris had
acted as President pro tem, pending the election of a permanent successor to Leslie M. Shaw. Mr. McClure has long
been known in Philadelphia financial -circles, having represented Blodget& Co.,bankers,of Boston,and for a number of
years was connected with the Girard Trust Co. At the
same meeting Walter E. Robb, Vice-President of the Burlington City Loan & Trust Co. of Burlington, N. J.; Arthur
Dunn of Scranton, Pa., and James H. Birch Jr. of Burlington, N. J., were elected directors.
Henry Kiefer, heretofore Secretary and Treasurer of the
People's Savings Bank of Cleveland, Ohio, has been chosen
Vice-President to succeed the late W. C. Rhodes, Mr. Kiefer's place as Secretary and Treasurer is taken by P. J.
Huegle,former Assistant Treasurer, and R.S. Shay has been
promoted to Assistant Secretary and Assistant Treasurer.
The bank also has two new directors, in B. B. Chapman and
W. H. Ford, succeeding W. C. Rhodes and Charles Fries.
Arthur Reynolds, President of the Des Moines National
Bank of Des Moines, Iowa, is reported to have sold a large
block of his holdings in the bank to John A. Cavanagh and
John H. Hogan, respectively President and Cashier of the
German Savings Bank of Des Moines. The Des Moines
"Register," which is authority for this, states that while he
will still retain a large interest in the bank and remain as its
President, Mr. Reynolds will go to Chicago to become First
Vice-President of the Continental & Commercial National
Bank of Chicago, of which his brother, George M.Reynolds,
is President. It is stated that a consolidation of the German
Savings Bank with the Des Moines National Bank is planned.
Mr. Reynolds's holdings in the Des Moines National are
understood to have amounted to 2,400 shares. Just what
amount of stock is relinquished by him is not stated, but it is
said that the stock disposed of brought above 200. The
Des Moines National has a capital of $750,000 and a surplus
of $150,000. The bank was organized in 1881; Arthur
Reynolds succeeded his brother in the presidency of the institution about twenty years ago. Arthur Reynolds has been
prominent in the affairs of the American Bankers' Association and was President of that organization during the past
year.
The other subsidiaries of the Fidelity Trust Co. are the
Union County Trust Co. of Elizabeth, the New Brunswick
Trust Co. ofNew Brunswick,the Red Bank Trust Co. of Red
Bank and the Newton Trust Co. of Newton. The question
of branch banking caused considerable agitation at last
year's convention of the New Jersey Bankers' Association.
The Fidelity Trust, according to the Newark "News," had
introduced a bill at Trention at the previous session, which
had the backing of the executive committee of the State
Bankers' Association, permitting the Fidelity to take over
its subsidiaries as branches. The Monmouth County
bankers were particularly active among the opposing forces
which brought about the defeat of the bill in the Senate
after it had passed the House without opposition and had
been introduced with the official endorsement of the Association. It was finally decided by the Association to ascertain
Henry D.Sexton of East St. Louis, Ill., died at his home in
the State banking sentiment in the matter by a referendum that city on the 6th inst., following an attack of acute indisays:
"News"
vote. With regard to this the
gestion. He was in his sixtieth year. Mr. Sextion was
Repeatedly during the period when the referendum vote was being taken
the head of the Fidelity Trust Co. placed himself on record before the prominent in the financial affairs of that city, being PresiEssex County group of bankers and elsewhere to the effect that if the dent of both the Southern Illinois National Bank and the
proposed measure to permit the Fidelity to operate its subsidiaries as
branches were approved by the bankers, the Trust Company would take Southern Illinois Trust Co., and a member of the executive
no steps to establish county branches itself or through its subsidiaries committee of the National Currency Association. Mr
prior to the going into operation of the new law; that the Fidelity would Sexton is said to have been the organizer of the first streetdrop all branch plans whatsoever except as to taking over as branches the
car company in East St. Louis.
trust companies which it already owned.
But a minority of the bankers to whom the referendum vote went
turned down the whole branch-banking plan and, naturally enough,
President McCarter of the Fidelity has announced on several occasions that he considers himself absolved from all he promised respecting
doing away with county branch banking if his plan were approved, and
at liberty to take such action as he may see fit in the vast interests of the
institution he represents. His latest statement leaves nothing to conjecture.
David C. Biggs and W. C. D'Arcy were elected directors
of the State National Bank of St. Louis on the 10th inst.
Mr. Biggs succeeds the late John M. McCluney, President
of the bank, while Mr. D'Arcy fills the vacancy occasioned
by the resignation of Rolla Wells, recently appointed Governor of the St. Louis Federal Reserve Bank. Thomas S.
A booklet, written in converstaional style, called Maffitt,for many years a director of the institution, has been
"It Served John Havens Right," is now being distributed elected Vice-President in addition to A. 0. Wilson, who is
by the State Trust Co. of Plainfield, N.J. This "novelette" active Vice-President.
presents a charming little story describing all the personal
services which the trust company performs. It is as good
The Valley Bank of Phoenix, Ariz., failed to open its
a piece of advertising matter as we have seen in many a day. doors on the 10th inst. Its closing was preceded by a series
The officers of the State Trust Co. are R. Henry Depew of conferences begun
the 8th and continuing until late
1514
THE CHRONICLE
on the 9th,in which plans for reorganization were considered,
INA which were not brought to a successful conclusion. The
reorganization movement has since been actively pushed,
and the rehabilitation of the institution is looked for. State
Auditor Callaghan in a statement concerning the closing of
the bank on the 10th said:
[VoL. ac
Oct. 30
22)6
cash
No
31
22 3-16 " quotation
Nov. 2
fixed
22 3-16 "
3
22;4
for
4
22 11-16 "
forward
5
"
23
delivery
Av. for week_ _22.489 "
Bank rate
Bar gold, per oz. standard
French gold coin, per oz
German gold coin, per oz
U. S. A. gold coin. per oz
5%
775. 9d.
Nominal
Nominal
Nominal
DEBT STATEMENT OF OCTOBER 31 1914.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Oct. 31 1914. For statement of Sept. 30 1914
On the 10th inst. a meeting of about sixty of the bank's see issue
of Oct. 31 1914, page 1281; that of Oct. 31 1913,
depositors was held and a resolution was adbpted in which see issue of Nov. 15 1913, page 1402.
they agreed to allow 80% of their deposits to remain on deINTEREST-BEARING DEBT OCT. 31 1914.
Amount
Amount Outstandinp----posit for 60 days after the bank reopened,provided arrangeInterest Issued.
Registered. Coupon.
Total.
of Loan-Payable.
8
$
ments were made for its prompt reopening. A number of 2s,Tiae
$
Consols of 1930
Q.-J. 646,250,150 643,025,600 3,224,550 646,250,150
3s, Loan of 1908-18
Q.-F. •198,792,660 46,457,440 17,488,020 63.945,460
the other depositors have since signed the resolution, and 48,
Loan of 1925
Q.-F. z162,315,400 101,260,050 17,229.850 118,489,900
it is stated that a very large majority of the deposits are now 2s, Pan.Canal Loan 1906_Q.-F. 54,631,980 54,609,080
22.900 54,831,980
2s, Pan. Canal Loan 1908.Q.-F. 30,000,000 29,678,920
321,080 30,000,000
pledged. The action of the depositors has been endorsed 3s,
Pan. Canal Loan 1911_Q.-S. 50,000,000 40,398,200 9,601.800
50,000,000
SIs,Post.Say.bds.'11-'13-1-J.
4,635,820 4,013,760
by the City Commission, which has likewise adopted a reso- 2
622,060 4,635,820
2)45,Post.Say. bds. 1914.J.-J.
872,240
767,860
104,380
872,240
intention
to
leave
the
same
its
percentage
lution signifying
Aggregate int.-bearing debt__ 1,147,498,250 920,210,910 48,614,640
968,825,550
of the city's funds in the bank, for the sixty-day period at
*Of this original amount issued, $132,449,900 has been refunded
least. The Valley Bank is the largest financial institution in Consols
Into the 2%
of 1930 and 32,397,300 has been purchased for the sinking fund
and canthe city. It has a capital of $150,000;its deposits on June 30 celed. x Of this original amount issued, $43,825,500 has been
purchased for the
sinking fund and canceled.
last were $2,781,102.
DEBT ON WHICH INTEREST HAS
The suspension is due to the fact that the Valley Bank is unable to realize
on certain assets at the present time to meet withdrawals. It is hoped that
the suspension is only temporary, as efforts are now being made towards
reorganization.
N.B. Connolly, Vice-President and Chairman of the board
of directors of the Washington Trust Co., Spokane, Wash.,
was recently elected President of that institution, succeeding the late J. Grier Long. R. L. Webster, Secretary of the
company, was elected Vice-President to succeed Mr. Connolly, but will continue to act as Secretary. Mr. Connolly
was also elected President of the Union Park Bank to fill
the vacancy occasioned by the death of Mr. Long, and Mr.
Webster becomes its Vice-President. Mr. Connolly was
originally President of the trust company, organized in 1902,
but assumed the Chairmanship of the board about four years
ago, Mr. Long at that time becoming President.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
November 5 1914:
GOLD.
The movements of gold this week into the Bank of England were very
large. The details are appended:
Oct.29__ £715,000"bar gold
Nov. 2__L4,014,000 In bar gold
29__ 235,000"U. S. A. gold coin
2._
87,000"U.S. A. gold coin
113,000" bar gold
30__
3_ 501,000"bar gold
59,000"U. S. A. gold coin
30_ _
3._
160,000"U. S. A. gold coin
6,000 "bar gold
31__
4__
10,000 "bar gold
118,000"U. S. A. gold coin
31__
4..
43,000"U. S. A. gold coin
31 3,400,000 "soy's from abroad
An amount of £1,000,000 was set aside on account of H. M. Treasury
Currency Notes Redemption Account making the total holding £10,500.000
for that purpose.
The net influx during the week, failing any withdrawal for abroad.
was £8,441,000.
The total of this addition to the Bank's gold reserves is extraordinary,
between seven and eight millions sterling, most of which was on Russian
account, having been added in only two days.
SILVER.
The decline in the price of silver which set in after Oct. 5 (when 24d.
was fixed) was not arrested until Oct. 31. The price of that day, viz.,
22 3-16d., was the lowest figure recorded since Dec. 4 1908. Probably
there has never been an uninterrupted decline for so prolonged a period
before.
The fall was checked by a cessation of sales from America. This action
happened to coincide with a recrudescence of buying orders from the Indian
bazaars, which, launched upon a market exceptionally limited, owing to
the withdrawal of American supplies, brought about a sharp rise on the
3d inst. to 2234d., a further rise on the 4th inst. to 22 11-16d. and again
to 23d. to-day.
A temporary contraction of supplies, however, only imparts artificial
strength; it does not create a market.
To be galvanized into life, the market requires a continuous and substantial revival of Eastern demand. A certain liveliness is apparent in
the Indian Bazaars, but more sustained activity is necessary before any
real improvement in tone can be expected.
The following extracts from a newspaper in China throw some light on
the inability of that country to support the silver market at the present
juncture:
"The 'Manchuria Daily News' states that the farm crops in South
Manchuria had unsatisfactory returns during the past two seasons. This
encroached severely upon the purchasing power of the Chinese masses.
On top of this the collapse of bar silver since towards the end of last
year . . . worked to aggravate the business dulness.
"About 60% of bean oil exported from Tairen is for Europe. The
cessation of the exportation means a considerable loss to the port of Tairen. . . . As exports from Europe to the Orient have risen in price,
because of the sundry limitations in transportation facilities, so will exports
from the Orient to Europe."
The export of silver to China from the beginning of the year to the end of
last month was only about £40.000, compared with £700,000 during the
similar period of 1913.
When It is considered that the total export to India and China combined
during the first 10 months of this year was only about £4,700,000, as
against £9,200,000 during the similar months of 1913, the heaviness of the
silver market needs no explanation.
The stock in Bombay is slightly less at 3,500 bars.
An Indian currency return for Oct. 31, cabled yesterday, was to the
following effect:
60,78 lacs
Notes in circulation
32.78 "
Reserve in silver coin
6,34 "
Gold coin and bullion
10,00 "
East Indian securities
7,65 "
Gold in England_
4.00 "
Securities in England
-d:
appends
Statistics for the month of October are
for cash delivery
24%
Highest price
22 3-16 "
Lowest price
23.199
Average price
No shipment has been made from San Francisco to Hongkong during
the week.
The quotation to-day for cash delivery is %d. better than that fixed
a week ago.
Quotations for bar silver per oz. standard:
CEASED SINCE MATURITY.
Sept. 30.
Oct. 31.
Funded loan of 1891, continued at 2%,called May 18
1900,interest ceased Aug. 18 1900
Funded loan of 1891, matured Sept. 2 1891
Loan of 1904, matured Feb.2 1904
Funded loan 011907, matured July 2 1907
Refunding certificates, matured July 1 1907
Old debt matured at various dates prior to Jan. 1 1861
and other items of debt matured at various dates
subsequent to Jan. 1 1881
$4,000 00
23,650 00
13,050 00
587,100 00
13,210 00
$4,00Q 00
23,650 00
13,050 00
569,300 00
13,160 00
903,610 20
903,590 26
Aggregate debt on which interest has ceased since
maturity
$1,544,620 28 *1,526,75028
DEBT BEARING NO INTEREST.
Sept. 30.
Oct. 31.
United States notes
$348,681,018 00 $346,681,016 00
Old demand notes
53,152 50
53,152 50
National bank notes, redemption fund
15,766,843 00
16,026,788 00
Fractional currency, less $8,375,934 estimated as
lost or destroyed
6,852,067 90
6.851,79790
Aggregate debt bearing no interest
$369,353,079 40 $369,612,754 40
RECAPITULATION.
Increase(+) or
Oct. 31 1914.
Sept. 30 1914.
Decrease (-).
Interest-bearing debt
$968,825,550 00 3968.825,550 00
Debt interest ceased
1,526,750 26
1,544,620 26
-817,870 00
Debt bearing no interest_ _
369,812,754 40
369.353,079 40
+259,675 00
Total gross debt
$1,339,965,054 66 $1,339,723,249 66
+3241,80500
Cash balance in Treasury'_ 257,666,763 89
277,971,152 18 -20,308,38829
Total net debt
$1,082,298,290 77 31,061,752,097 48 +320,546,19329
'Includes $150,000,000 reserve fund.
a Under the new form of statement adopted by the United States Treasury on
July 1, the item "national bank notes redemption fund" is not only included in
the "debt bearing no interest," but appears as a current liability in the Treasury
statement of "cash assets and liabilities." In arriving at the total net debt, therefore, and to avoid duplication, the amount is eliminated as a current liability,
increasing to that extent the cash balance in the Treasury.
The foregoing figures show a gross debt on Oct. 31 of
$1,339,965,054 66 and a net debt (gross debt less net cash
in the Treasury) of $1,082,298,290 77.
TREASURY CASH AND DEMAND LIABILITIES.The cash holdings of the Government as the items stood
Oct. 31 are set out in the following:
ASSETS.
LIABILITIES.
Trust Fund Holdings:
Trust Fund Liabilities:
3
8
Gold coin and bullion__. 946,979,869 00 Gold certificates
946,979,869 00
493,832,000 00 Silver certificates
Sliver dollars
493,832,04)0 00
2,386,000 00 Treasury notes
Silver dollars of 1890_ _
2,386,000 00
Total trust fund
1,443,197,869 00
Total trust liabilities_ 1.443,197,86900
Gen'l Fund Holdings:
°mil Fund Liabilities:
In Treasury officesIn Treasury offices71,926,103 70
Gold coin
Disburs. officers' bats. 64,738,904 41
33,632,010 00
Gold certificates
Outstanding warrants
868,504 82
1,781,027 00
Standard silver dollars
Outat'g Tress, checks
3,408,188 97
11,055,801
00
Silver certificates___ _
Outstand'g int.checks
292,838
00
11,777,297 00
P.0. Dept. balances_
United States notes
4,590,646 15
8,611 00
Postal savings bale._ _
Treas. notes of 1890._
1,734,602
75
10,320 34
Judicial officers' balCert. check s on banks
37,949,831 01
ances, Sic
National bank notes
10,175,283 43
42
21,174,024
National bank notes:
Subsidiary sliver coin_
115 05
Redemption fund._
Fractional currency
16,026,788 00
2,045,880 24
Redemption of addiMinor coin
3,834.730 93
tional eircul'ir notes 10,675,840 00
Silver bullion
Nat. bank 5% fund
45,336,731 32
Assets of failed naTot.in Sub-Treas'les_ )194,995,751 69
tional banks
1.750.815 57
In Nat. Bank Depositories:
Misc.(exchanges4c.)
Credit Treas. of U.S. 165,742,794 98
7,891,213 79
Cred. U.S.die.officers I 6.854,321 78
Total
167,490.360 21
Total in tanks
72,597,116 78
Subtract: Checks not
In Treas. Philippine Islands:
1,675,081 73
Credft Treasurer U.S.
cleared
3,199,212 89
Cred. U.S.dis. officers
167,490,360 21
Total In Philippines__
L4.874.294 62 In Nat. Bank Depos.:
Judicial officers' balances. Arc
6,854,321 78
Outstanding warrants
1,764,092 28
Total in banks
In Treas. Philippines-.
Disburs. officers' bats.
Outstanding warrants
8,618,414 08
3,199,212 89
1,519,200 02
Total
4,718,412 91
Total Habil,against cash 180,827,187 18
Cash Rai. et: Reserve:
Total cash reserve
242,296,081 52
Made up ofAvailable 01,639,975 89
and
Reserve Fund:
Gold and
Reserve Fund Holdings
bul......150,656,106 63
Gold coin and bullion- 150.656,105 63
Grand total
1,866,321,137 70
Grand total
1,866,321,137 70
1515
THE CHRONICLE
Nov. 21 1214.]
TREASURY CURRENCY HOLDINGS.-The following
shows
compilation, based on official Government statements,
beginning of
the currency holdings of the Treasury at the October
and
business on the first of August, September,
November 1914.
Nov.1 1914
Aug. 1 1914. Sept.1$1914. Oct. 11914.
$
$
$
Holdings in Sub-Treasuries- 280,551.354
Net gold coin and bullion
24,578,383
bullion
Net silver coin and
12,981
Net United States Treas. notes
9,677,117
Net legal-tender notes
34,393,205
Net national bank notes
22,318,627
Net subsidiary silver
2,620,344
Minor coin,,kc
_374,151,991
Total cash in Sub-Treasuries. 150,000,000
Less gold reserve fund
,151,991
Cash balance in Sub-Treasuries...224
Cash in national banks- S.__ 55,172,212
of U.
To credit Treasurer officers___
8,985,352
To credit disbursing
62.157,564
Total
4,375,159
Cash in Philippine Islands
Net cash in banks, Sub-Treas.290,684,714
131,223,743
Deduct current liabilities.a
159;460,971
Balance
National bank redemption fund_ 15,684,170
272,875,755
17,432,104
12,576
7,427,272
25,437,944
21,924,920
2,349,267
272,336,020
16,057,609
5,211
9,706,776
27,015,607
21,493,978
2,497,958
GOVERNMENT REVENUES AND EXPENDITURES.
-Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for October 1914
and 1913 and for the four months of the fiscal years 1914-15
and 1913-14.
258,214,219
16,471,559
8,611
11,777,297
37,949,831
21,174.024
2,056,317
Oct. 1914.
Oct. 1913.
Receipts$
S
Customs
16,271,829 25 30,138,049 37
Internal RevenueOrdinary
24,049,003 22 29,818,126 00
Corp. St income tax_ 458,646 87
192,819 41
Miscellaneous
3,784,466 76 4,097,638 37
Postal savings
4 Mess. 1914. 4 Mt/is. 1913.
$
$
75,917,543 84 115.924,15060
107,802,510 58 107.450,706 98
8,471,581 49 2,418,185 79
28,640,476 64 16,708.708 11
1,116,880 00
347,459,833 349,113,159x345,651,858
150,000,000 150,000,000 150,656,106
Grand total of meta 44,563,946 10 64,196,633 15 220,832,412 55 243,618.631 48
DisbursementsPay Warrants DrawnLegislative estab•m•t__ 1,069,132 26 1,095,931 05 4,897,294 55 4,49S,58699
267,168 25
Office
139,916 74 1,965,564 82
65.38062
68,455,577 65,887,139 65,742,795 Executive
1,743,447 10
Department_
408,966 43 1,376,966 38
244,577 79
6,360,756 8,854,322 6,854,322 State
Treasury DepartmentExcl. public bldgs 4,286.703 85 3,882,965 14 16,718.744 05 14.980,4'4 81
74,816,333 72,741,461 76,597,117
3,462.138 49
Public buildings.... 2,038,477 86
465,639 15 7,373,458 91
3.831,870 3,821,730 4,874,294 War
Department53,981,026 03 48,539,391 22
40
Military
11,359,246
66
11,383,471
272,467,163
276,108,041 275,678,350
782,831 59
759.175 21
Civilian
163,903 91
190,283 22
139,160,553 147,705,198 154,124,559
Rivers and harbors 4,166,899 68 5,167.445 78 18.127,77614 20,548,325 92
3,643,141 20
09
of
4,411,502
Department
1.361,99490
Justice_
1,863,647
00
136,947,488 127,971.152 118,342,604 Post Office Dept.15,447,088 15,766,843 26,702,628
662,556 03
770,995 56
Excl. postal service_
151,613 15
148,339 99
Postal deficiencies_
143,776,801 121.500,400 112,204,309 91,639,976 Navy DepartmentAvailable cash balance
Naval
11,901,877 66 12,162,610 67 46.946,057 78 46,215,294 14
a Chiefly disbursing officers* balances. x Includes 53,634,730 93 silver bullion
282.582 47
Civilian
291,085 09
67,987 75
69,642 19
and 52,056,318 63 minor coin, &c., not included in statement "Stock of Money."
Interior DepartmentExcluding pensions
and Indians
2,335,372 22 2,526,094 81 12,149,471 49 10,410,699 05
Pensions
11,700,215 90 10.540.28690 53,670,826 92 56,755,621 13
Indians
2,020,000 48 1.759,27545 8,422,748 78 6,904,091 22
Dept. of Agriculture- 3,200,055 83 2,666.920 40 11,038.491 44 9.277.89517
Dept. of Commerce... 998685 46
990,630 47 4,126,867 80 4,001,907 69
NICARAGUA CUSTOMS RECEIPTS.-We append a Dept.
1,253,257 95
of Labor
1,308,303 88
251,821 49
307,338 16
statement showing the Nicaraguan customs receipts for the Independent offices and
949,862 67
81
1,656,046
90
456,682
222.530
commissions
77
1913:
with
first eight months of 1914, compared
921,469 49 5,073,719 17 6,400,721 70
Increase(+)or District of Columbia._ 1,178,220 08
3,306,078 49 3.278,599 50 8,983,363 43 8.999,930 99
Decrease (-). Int. on public debt._
1913.
1914.
+$8.305 38
$149,945 98
$158,251 36
January
Total pay warrant a
+29.953 39
126,957 25
156,910 64
February
drawn
62,877,185 22 59,739,748 43 263,946,046 80 249,685,305 31
-21,29834
139,51874
118,22040
March
Panama Canal-Pay
issued_ _ _ 2,338,913 29 2,59 %615 92 13,232,311 63 14,017,958 18
warrants
43
+$16,960
97
$416,421
40
$433.382
quarter
First
-$39.680 14
$115,087 24
$154,767 38
April
Total public debt &
-32,412 54
118,306 40
150,718 94
May
Pan. Can. dleb'ts_ 2,357,053 29 2,594,675 92 13,258,796 63 14,029,238 16
-44.456 60
150,006 12
105,549 52
June
-$116.549 28 Grand total of ditibls.65,128.279 39 62,692,733 38 275,383,569 47 262,566,307 48
$455,492 44
$338,943 16
Second quarter
all resets
1,503.899 77
-*99.58885 Net excess of
$871,914 41
$772,325 56
Half-year
54,551,156 92 18,947.676 00
-85,656 32 Net excess of all diabls 20,584,333 29
181,629 84
95,973 52
July
-55.518 64
140,051 16
84.532 52
August
197,459,838 199,113,159 194,995,752
gourmexcial iniimtsciUanzønsgims
FOREIGN TRADE OF NEW YORK-MONTHLY
BANK NOTES-CHANGES IN TOTALS OF, AND IN
STATEMENT.-In addition to the other tables given in DEPOSITED BONDS, &c.-We give below tables which
this department, made up from weekly returns, we give the show all the monthly changes in bank notes and in bonds
following figures for the full months, also issued by our and legal tenders on deposit.
New York Custom House:
Merchandise Movement to New York.
Month.
Imports.
1913.
1914.
1913.
1914.
Bonds and Legal Tenders
on Deposit for-
Customs Receipts
at New York.
Exports.
1914.
16,643,013
13,023,065
17,964,690
14,713,576
13,224,913
14,889,990
15,914,374
12,803,286
12,143,093
11,622,465
1913.
Bonds.
18,769,817
17,158,304
17,476,298
14,646,212
12,455,024
15.498,990
18,501,705
19,864,108
18,365.383
20,270,021
Oct. 31 1914._ 1,109,989,665
Sept.30 1914._ 1,089,281,290
Aug.31 1914._ 870,289,600
July 311914.. 740,220,660
June 30 1914.. 740,796,910
May 30 1914.. 740,818,360
Apri130 1914.. 741,213.210
Mar.31 1914_ 740,603,400
Feb. 25 1914.. 741,445,500
Jan. 311914.. 741,645,500
Dec. 311913.. 743,066,500
Total... 833,409,312 826,271,672 650,356,906 771.681,769 142,942,468 173,005,862 Nov.29 1913._ 743,590,500
82,330,513
January
February _ 55,323,968
101,655,994
March
93,600,199
April
87,518,551
May
81,336,534
June
54,561,785
July
August._ _ 63,804,412
September 76,118,541
77,153,765
October
92,638,639
86,490,086
89,456,045
82,562,176
73,910,220
75,062,918
79.578,905
78,844,081
96,037.169
71,691.438
72,872,302
64,934,639
72,798,453
66,338,88
67,909,90,
62,630,19
59,218,36
33,559,42
61,895,606
88,199,14
83,086,109
74,536,674
84,214.736
77,483,831
79,603,347
68,108,228
68,009,103
77,577,210
74,475,934
84,386,597
Imports and exports of gold and silver for the ten months:
Gold Movement at New York.
Month.
Imports.
1914.
January-February_
March ___
April
May
June
July
August._ _
September
October..
$
1,301,53
659,42
1,254.36
573,91
822.149
806,39
732,96
973,11
905,19
712,57.
1013.
Silver-New York.
Exports.
1914.
$
$
2,831,377 6,788,486
1,215,237 8,982,204
2,080,332 2,582,056
1,567.157
60,250
1,399,920 16,700,846
1,942,672 47,593,306
2,627,049 32,732,361
049,341
2,645,087
766,499
2,259,301
244,637
3,117,777
1913,
$
17,154,217
12,242,965
17,588,897
477,246
13,032,393
395,592
8,510,514
47,5
35,350
Circulation Afloat Under-
1913-14.
Imports.
Exports.
1914.
1914.
$
1,145,935
779,437
1,450,164
1,045,908
888,394
769,451
492,132
1.266.034
854.155
1,651.327
S
3,468.643
3,137,258
3,755.700
3,543,309
4,355,424
3,936.024
3,239,331
3,322,939
4,901,269
3,695,353
Legal
Tenders.
Legal
Tenders,
Bonds.
20,632,278 61100,836,633
15,766,893 a1062, 17,883
15,447,138 *862,093,143
15,684,220 735,222,801
15.142,939 735,528,960
16,131,271 735,423,425
15,585,726 736,180,040
16,605,018 735,445,281
16,658.993 736,509,838
17,828,533 736,194,233
17,209,316 740,633,645
17,481,908 739,677,565
Total.
20,632,278 1.121,488.911
15,766,893 1,077,884,778
15,447,138 877,540,251
15,684,220 750,907.021
15,142,939 750,671,899
16,131.271 751,554,696
15,585,726 751,765,766
16,605,018 752,050,299
16,658,993 753,168,831
17,828,533 754,022,766
17,209,316 757,842,961
17,481,906 757,159,471
•Of which $128,241,780 m scellaneous securities, Act of May 30 1908.
a Of which $325,007.900 miscellaneous securities, Act of May 30 1908.
S Of which $361,119,940 miscellaneous securities. Act of May 30 1908.
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositaries on Oct. 31.
U. S. Bonds Held Oct. 31 to Secure-Bonds on Deposit
October 31.
Bank
Circulation.
Total
Held.
Public Deposit
In Banks.
• a
S
606,622,300
2% U.S. Consols of 1930
12,575,700
618,198.000
3% U. S. Loan of 1908-1918
21,447,180
4,967,400
26,414,580
63,100
4% U.S. Loan of 1925
34,699,300
3,821,200
38,520,500
2% U. S. Panama of 1936
53,013,680
1,199,500
54,213,180
Total- 8,743,62r 21,685,909 117,399,988 68,569,774 10.342.937 37,355,750 2% U. S. Panama of 1938
28,958,140
574.000
29,532,140
3% U.S. Panama of 1961
13,882,900
13,882.900
3.65% District of Columbia
633.000
633.000
STOCK OF MONEY IN THE COUNTRY.-The follow- 4%
Philippine
Loans
5,900.000
5,900,000
ing table shows the general stock of money in the country as 4% Philippine Railway
918.000
918,000
Manila Railroad
10,000
10,000
well as the holdings by the Treasury, and the amount in 4%
4% Porto Rico Loans
2.004,000
2.004,000
circulation, on the dates given.
Various. Territory of Hawaii
2,025,000
2,025,000
-Stock of Money Nov. 2 '14-- -Money in Circulation- Various State, city. railroad, dtc.
46,075,502
46,075,502
In U. S. Held in Treas.a Nov. 2 1914. Nov. 1 1913.
$
$
$
$
Total
744,740,600
94,586,202
839,326,502
Misc. securities (approved issue val.)
365,249,065
365,249,065
Gold coin (including bullion
1 835,416,298 222,582,210 665,854,219 614,478,201
in Treasury)
33,632,010 913,347.859 1,021.451,879
Total bonds and other securities._ 1,109,989,665
94,588.202 1,204,575,867
Gold certificates b
1,781,027
70,273,451
74,012,152
Standard silver dollars.... 585,836,478
11,055,801 482,776,199 480,079.731
Silver certifictes b
The following shows the amount of national bank notes
183,644,414 21,174.024 162,470.300 160,436,188
Subsidiary silver
2,583,874 afloat and the
8,611
2.377,389
2,386,000
Treasury notes of 1590...._
amount of legal-tender deposits Oct. 1 and
346,681,016 11,777,297 334,903,719 341,401,413
United States notes
d1,121,498,911 37,949,831d1,083,519,080 722,616,240 Nov. 1 and their increase or decrease during the month of
National bank notes
4,055,483,117 339,960,811 3,715,522,306 3,417,109,678
Total
Population of continental United States Nov. 2 1914 estimated at 99,592,000; circulation per capita, 537 31.
a This statement of money held in the Treasury as assets of the Government does
not include deposits of public money in national bank depositaries to the credit of
the Treasurer of the United States, amounting to 365,742,794 98. in
b For redemption of outstanding certifictaes an exact equivalent amount of the
appropriate kinds of money Is held In the Treasury,and is not included in the account
of money held as assets of the Government.
d Includes additional circulating notes issued under authority of Act of May 30
1903, as amended by Acts of Dec. 23 1913 and Aug.4 1914.
October:
National Bank Notes-Total AfloatAmount afloat Oct. 1 1914
Net amount Issued during October
Amount of bank notes afloat Nov.1 1914
Legal-Tender NotesAmount on deposit to redeem national bank notes Oct. 1 1914
Net amount of bank notes issued in October
51.077,884.778
43,584.138
86.121,468,911
Amount on deposit to redeem national bank notes Nov. 1 1914...
$15,766,893'
4,885,385
S20,632,278
1516
THE CHRONICLE
Auction Sales.-Messrs. Barnes & Lofland of Philadelphia, auctioneers, will on Nov. 25 resume holding a weekly
auction sale of stocks, bonds and other securities. The sales
were discontinued with the closing of the exchanges on
July 30 and their re-commencement at this time is with the
approval of the Philadelphia Stock Exchange Committee.
In a circular letter announcing the reopening of their salesroom, Messrs. Barnes & Lofland say:
Name of Company.
xca.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusiee.
Miscellaneous.
Adams Express (qua?.)
$1
Dec. 1 Nov. 17 to Nov.30
Amalgamated Copper (quar.)
34 Nov.30 Holders of rec. Oct. 240
American Cotton 011, preferred
Dec. 1 Nov. 13 to Doe. 3
American Gas (guar.)
Dec. 1 Holders
American Radiator, common (quar.)..... 24 Dec. 31 Dec. 23 of rec. Nov. 18
to Jan. 1
Am.Smelt.& Ref.. corn.(qu.)(No.45)-1
Dec. 15 Nov. 28 to Dec. 6
Preferred (quar.) (No. 62)
134 Dec. 1 Nov. 14 to Nov.22
Amer. Sugar Rem., corn. dr pref. (rm.)._
134 Jan. 2 Holders of rec. Dee, la
The announcement of the disbanding of the Special Committee on Un- American
Dec. 1 Holders of rec. Nov. 14,5
listed Securities has been made, thus abolishing all restrictions upon the Atlantic Tobacco, common (quar.)___ Refining
Dec. 15 Holders of rec. Nov. 20a
5
sale prices of unlisted stocks and bonds.
Atlas Powder (guar.)
134 Dec. 10 Nov. 29 to Dec. 10
Having the sanction and approval of the Philadelphia Stock Exchange
134 Dec. 15 Dec. 6 to Dec. 15
Committee, we will re-open our salesroom for the sale of all classes of securi- Bgalen's amdensed Milk, pref. (quar.)_ _ _
ties on Wednesday, Nov. 25. All offerings of active listed securities will Brit. Colum. Fish.& Pack., corn.(No. 1) 134 Nov. 21 Nov. 10 to Nov. 20
be sold subject to the sanction of the Stock Exchange Committee,inactive Brit. Colum. Pack. Assn., corn. & pref. 334 Nov. 21 Nov. 10 to Nov. 20
Brooklyn
Union Gas (guar.)(No. 55)
listed stocks to be sold without restriction of the said committee. Deem135 Jan.
Extra
1
Tan.
ing it wise for the time being, all listed bonds will be sold subject to their
Buckeye Pipe Line (quar.)
sanction.
$2 Dec. 15 Holders of rec. Nov. 24
Butterick Company (quar.)
Dec. 1 Holders of rec. Nov. 166
The following securities were sold this week by Messrs. Central Miss, Val. Elec. PropertiesPreferred (guar.) (Nc. 4)
$1.50 Dec. 1 Holders of rec. Nov. 20a
Adrian H. Muller & Son, New York:
Chesebrough Mfg. Consolidated (guar.)._
a Dec. 22 Dec. 1 to Dec. 22
Shares.
Extra
Per Cent.
4
Dec. 22 Dec. 1 to Dec. 22
Realty
Co.
20 Army & Navy
31 Cleve.& Sandusky Brewing, pref.
Dec. 15 Holders of rec. Nov. 300
. 1
300 Braden Copper Co.,$5 each
$534 per share Colorado Power, pref. (guar.)
14 Dee. 15 Holders of rec. Nov.30a
3,500 Gold Hill Cons. Co. of Me., $5 each
Columbus
Gas
& Fuel, corn. (guar.)
$725 lot
1
Dec. 1 Holders of rec. Nov. 14a
Connecticut Power, pref. (eu.) (No. 7)_ _ _ _ $1.50 Dec. 1 Holders of rec. Nov. 21a
Consolidated Gas (quar.)
Canadian Bank Clearings.The clearings for the week Continental
14 Dec. 15 Holders of rec. Nov. 12a
Oil (guar.)
3
Dec. I
ending Nov. 14 at Canadian cities, in comparison with the Cuban-American
Sugar, pref. (guar.)._
144 Jan. 2 Holders of rec. Dec. 15a
Pipe Line
same week of 1913, shows a decrease in the aggregate of Cumberland
5
Dec. 15 Holders of rec. Nov.30
Crescent Pipe Line (qua?.)
75c. Dec. 15 Nov. 26 to Dec. 15
24.9%.
Deere & Co., pref. (guar.)
134 Dec. I Holders of rec. Nov. 14a
Diamond Match (quar.)
14 Dec. 15 Holders of rec. Nov. 30a
Dominion Power & Transm., Ltd., pref
2
Dec. 15 Holders of rec. Nov.30
Week ending November 14.
Dominion
Textile,
common
(quar.)
14 Jan. 2 Holders of rec. Dec. 15
Clearings atdu Pent Internat. Powder, pref. (guar.) _
14 Jan. 2 Holders of rec. Dee. 21
Inc. or
Eastman Kodak, cam. (guar.)
24 Jan. 2 Holders of rec. Dec. 50
1914.
1913.
Dec.
1912.
1911. '
Preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 5a
Essex & Hudson Gas
4
Dec. 1 Holders of rec. Nov. 20
Canada$
$
8
$
%
Mining & Smelting, pref. (guar.)_
1
Dec. 15 Holders of rec. Nov. 20
48,460,600 69,156,451 -29.9 62,078,865 58,214,075 Federal
Montreal
Galena-Signal
Oil,
corn. (guar.)
3
Dec. 31 Holders of rec. Nov. 30a
38.973,848 44,411,138 -18.7 43,922,534 43,999,845
Toronto
Preferred (guar.)
2
Dec. 31 Holders of rec. Nov. 30a
37,889,184 48,215,423 -21.5 44,718,162 36,067,122 General
Winnipeg
114 Dee. I Holders of rec. Nov. I40
7,053,126 11,719,890 -31.8 13,448,324 11,908,573 General Asphalt, pref.(quar.)(No. 30)._
Vancouver
134 Dec, 1 Holders of rec. Nov. 190
4,132,354 4,270,010 -3.2 3,981,204 5,204,285 General Chemical, common (quar.)
Ottawa
Chemical, common (extra)
5
Feb. 1 Holders of rec. Dec. 31
3,445,444 3,704,217 -6.5 3,631,048 3,206,918
Quebec
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 17
1,852,396 1,961,490 -5.5 2,150,844 2,163,449 General Electric
Halifax
(guar.)
Jan.
15 Holders of rec. Nov. 286
-35.0
5,767,339
3,749,453
6,533,312 5,254,744 Goodrich (B. F.) Co., pref. (quar.)
Calgary
134 Jan. 1 Holders of rec. Dec. 21a
1,520,929 1,485,975
+2.4
1,829,880 1,661,824 Great Northern Ore Certificates
St. John
50c. Dec. 22 Dec. 9 to
Dec. 22
2,768,032 3,033,174 -8.7 3,678,267 2,933,092 Great Northern Paper (guar.)
Hamilton
14 Dec. I Holders of rec. Nov. 300
2,139,751 3,064,340 -30.2 4,112,855 2,757,784 Hackensack Water, corn, and
Victoria
preferred_ _
Dec. I Nov. 15 to Dec. 9
1,618,152 1,685.321 -4.0 1,714,508
London
1,418,724 Harbison Walker Refrac., corn. (quar.)... 3
34 Dec. 1 Holders of rec. Nov. 20
2,432,024 4,651,165 -47.7 6,327,164 3,400,839 Hawaiian Commercial &
Edmonton
Sugar
28e. Dec. 5 Holders of rec. Nov. 25
2,222,795 3,559.706 -37.6 3,131,193 1.744,399
Regina
Extra
50c. Dec. 5 Holders of rec. Nov. 25
798.093
Brandon
880,487 -9.4
941,688
860,905 Homestake Mining (monthly)(No. 480)- 65e. Nov.25 Holders of
rec. Nov. 204
782,279 -44.6
423,676
Lethbridge
710,590
716,554 Inland Steel (guar.)
Dec. 1 Holders of rec. Nov. 10
1
1,225.481 2,340.423 -47.7 3,003,790 2,012.988 Int. Harvester of
Saskatoon
N.J.. PL.(qua (No.31) 134 Dee, 1 Holders of rec. Nov. 100
995.999 1,401,494 -29.0 1,770,702 1,503,248 Int. Harvester
Moose Jaw
Corp.. Pr. (qIL)(No. 7).
134 Dec. 1 Holders of rec. Nov. 100
Brantford
462,857
621,190 -25.6
659,345
552,611 InternationalNickel. common (quar.).. 234 Dec. 1 Nov. 15 to Dec. 1
709,767 1,121,076 -36.8
Fort William
856,223
555,596 Internat. Smokel. Pow.& Ch. corn. (gu.)...
34 Jan. 2 Holders of rec. Dec. 21a
Westminster
286,959
New
508,829 -43.6
Jumto Extension Mining
Sc. Dee. 15 Holders of rec. Nov. 20
312,759
Medicine Hat
691,420 -54.8
Kings County El. Lt. dr P.(qu.)(No.89) 2
Dec. 1 Holders of rec. Nov. 20a
Peterborough
352,760 Not incl. In total.
Lackawanna Steel, preferred (quay)
)._
14 Dec. 1 Holders of rec. Nov.30
134 Dec. 15 Holders of rec. Dec. 1
TM.'Conosio
161.459.549 215.032.685 -24 9 209.200 408 iftil 127 A7c Laclede Gas Light, corn. (guar.)
Preferred
24 Dec. 15 Holders of rec. Dec. 1
Lehigh Coal & Nay.(quay.)(No. 144)Nov.30 Holders of roc.
31a
National Banks.-The following information regarding Liggett & Myers Tobacco, corn. (qua?.). $13 Dec. 1 Holders of rec. Oct.
Nov. I6a
Lindsay
(quar.)._
preferred
Light
_
Co.,
g
Nov.
of
30
rec.
Holders
Nov.
16
national banks is from the office of the Comptroller of the Massachusetts Gas Companles, preferren
2
Dee. 1 Nov. 15 to Nov. 30
Currency, Treasury Department:
May Department Stores, common (qua?.)
Dec. 1 Holders of rec. Nov.200
si
Mergenthaler Linotype (guar.)
24 Dee. 31 Holders of rec. Dec. 5
APPLICATIONS TO CONVERT APPROVED NOV. 9 AND 10.
Extra
3
Dec. 31 Holders of rec. Dec. 5
The Bank of South Carolina, Sumter, S. C., into "The National Bank
Middle West Utilities, pref. (quar.)
14 Dec. 1 Holders of rec. Nov. 14
of South Carolina of Sumter." Capital. $200,000.
Moline
Plow,
1st
pref.
(quar.)
141 Dec. I Holders of rec. Nov. 170
The People's Bank of Chester, S. C., into "The People's National Bank
Montreal attons,Ltd.,corn.(quar.)
1
Dec. 15 Holders of rec. Dee. fia
of Chester." Capital, $50,000.
Preferred (guar.)
134 Dec. 15 Holders of rec. Dec. 5a
CHARTERS ISSUED TO NATIONAL BANKS NOV. 4 AND 5,
National Biscuit, corn. (qtr.) (No. 66) _
14 Jan. 15 Holders of rec. Dec. 28a
Preferred (qua?.) (No. 67)
10,653-The First National Bank of Mayville, Wis. Capital. $50,000.
134 Nov.30 Holders of rec. Nov. 166
Nat. Cloak At Suit, pref.(quar.)
C. J. Haas, Pres.: F. P. Bernard, Cashier.
134 Dec. 1 Holders of rec. Nov. 20a
10,654-The First National Bank of Seale, Ala. Capital, $60.000. II. T. National Lead. corn. (quar.)
Dec. 31 Dec. 12 to Dec. 16
Benton.Pres.;T.W.Anderson, Cashier. (Conversion of the Dank National Lead. pref. (quar.)
1,‘ Doe. 15 Nov. 21 to Nov.24
National Sugar Refining (quar.)
of Seale, Ala.)
134 Jan. 2 Holders of rec. Dee. 7
National Transit (guar.)
75e. Dec. 15 Holders of rec. Nov.30
New York Air Brake (guar.)
DIVIDENDS.
134 Dec. 23 Holders of rec. Dec. 2a
N. F. & Queens
Lt.& Pow.,vref.(gu.)
Dec. 1 Holders of rec. Nov. 20a
The following shows all the dividends announced for the North American El.
Co. (quar.) (No. 43)._
14 Jan. 2 Holders of rec. Dec. 15
Ogilvie Flour Mills, Ltd., pref. (guar.). _ _
14 Dec. 1 Holders of rec. Nov. 20
future by large or important corporations.
Ohio Cities Gas, common (quar.)
134 Dec. 1 Holders of rec. Nov. 14
Dividends announced this week are printed in italics.
Ohio Oil (guar.)
81.25 Dec. 19 Holders of rec. Nov. 24
Extra
75e. Dec. 19 Holders of rec. Nov. 24
Pennsylvania Lighting, common
Per
When
1
Books Closed,
Nov. 30 Holders of rec. Nov.246
People's Gas Light & Coke (guar.)
Cast. Payable.
Name of Company.
2
Days Inclusive.
Nov.25 Holders of rec. Nov. 2a
Philadelphia Electric (quar.)
3941e. Dec. 15 Holders of rec. Nov. 20a
Pittsburgh Brewing,common (quer.)_ _ _ _
Railroads (Steam).
34 Nov.30 1Nov.20 to
Nov. 30
Preferred (quar.)
Atchison Topeka & Santa Fe. corn,(qu.).
134 Deo, 1 Holders of rec. Oct. 300
11.4 Nov.30 /Nov. 20 to
Nov.30
Porto Rican Amer. Tobacco (qttar.)
134 Dec. 10 Dec. 1 to Dec. 9
Atlantic Coast Line Co. (guar.)
Sg
Dec. it Nov. 15 to Dec. 3
Boston & Albany (quar.)
234 Dec. 31 Holders of rec. Nov. 30a Pressed Steel Car, eon). (qu.)(No. 23)...
Dee, 18 Nov. 28 to Dec. 15
Preferred (quar.) (No. 63)
Canadian Pacific, cont. (quar.)(No. 74)_
Jan. 2 Holders of rec. Dec. la
14 Nov.25 Nov. 5 to Nov. 24
Chesapeake & Ohio
Dec. 31 Holders of rec. Dec. 5a Quaker Oats, common (guar.)
24 Jan. 15 Holders of rec. Dee. 31
Preferred
(guar.)
Chestnut Hill (guar)
134 Dec. 4 Nov. 21 to Dec. 3
11.4 Feb. 27 Holders of rec. Feb. 1
Chicago & North Western, corn. (guar.)._ _
14 Jan, 2 Holders ot rec. Dec. la Quaker Oats, preferred (quar.)
134 Nov. 30 Holders of rec. Nov. 20
Preferred (guar.)
2
Jan. 2 Holders of rec. Dec. la Solar Refining
Dee. 21 Dec. 1 to Dec. 21
5
Cin. N.O. & Texas Pacific, corn
3
Dec. 10 Holders of rec. Nov. 28a Southern Pipe Line (quar.)
Dee. I Holders of rec. Nov.166
6
Common (extra)
24 Dec. 10 Holders of rec. Nev. 28a South Porto Rico Sugar, corn
Jan. 2 Holders of rec. Dee. 12
Preferred (quar.)
Preferred
14 Dec. 1 Holders of rec. Nov. 21a
2
Jan. 2 Holders of rec. Dec. 12
Cleveland & Pittsburgh. reg. guar. (qu.) 14 Dee. 1 Holders of rec. NOV. 104 Southwestern Power & Light. Pref. (guar.).
1‘
1
Dec. 1 Holders of rec. Nov. 250
Special guaranteed (quay)
1
214 Dee. 15 Holders of rec. Nov. 23
Dee. 1 Holders of rec. Nov. 10a Standard Oil (California) (quar.)
Cripple Creek Cent., corn. (qu.)(No. 20) 1
3
Dec. 1 Holders of rec. Nov. 2Ia Standard Oil (Indiana) (quar.)
Nov.30 Nov. 10 to Nov.30
Preferred (quar.) (No. 36)
Extra
1
Dec. 1 Holders of rec. Nov. 2Ia
3
Nov.30 Nov. 10 to Nov.30
Delaware & Bound Brook (guar.)
Standard Oil (Nebraska)
2
Nov. 20 Nov. 14 to Nov. 19
10
Dec. 20 Holders of rec. Nov. 20
New York Philadelphia & Norfolk
$3
Nov. 30 Holders of rec. Nov. 14a Standard Oil of IV. J.('near.)
5
Dec. 15 Holders of rec. Nov. 200
Norfclk & Western, common (guar.)... _
14 Dec. 19 Holders of rec. Nov.30a Standard Oil of New York (quar.)
2
Dee. 15 Holders of rec. Nov. 27
North Pennsylvania (quar.)
2
Standard Oil (Ohio) (guar.)
Nov. 25 Nov. 13 to Nov. 19
3
Jan. 1
Pennsylvania (guar.)
75e. Nov. 30 Holders of rec. Nov. 2a
Extra
3
Jan. 1
Phila. Germantown & Norristown (quar.) $14 Dec. 4 Nov. 21 to Dec.
3a Studebaker Corporation, preferred (au.). 14 Doe. 1 Holders of rec. Nov.200
Pittsburgh Bessemer & Lake Erie, pref _
Texas Comport.; (guar.)
Dec. I Holders of rec. Nov. 14
Dec. 31 Holders of rec. Dee. 17
234
Reading Company. 1st pret (quar.)__
1
Deo, 10 Holders of rec. Nov. 24a Underwood Typewriter, corn. (guar.)
Tan. I Holders of rec. Dee. 196
Reading Company, 2nd pref. (guar.)
1
Preferred (guar.)
San. 14 Holders of rec. Dec. 22a
Jan. 1 Holders of rec. Dee. 196
St. L. Rocky Mt.& Pac. Co.,coin.
United Cigar Mfrs.. preferred (guar.)._ _
Jan, 10 Holders of rec. Dec. 31
154 Dec. 1 Holders of rec. Nov. 24a
Southern Pacific Co. (qua?.)(No. 33)-- Tin
I
ted Cigar Storesof Am ., pf.qu.)(No.9) 14 Dec. 15 Dec. I to Dee 15
134 Jan. 2 Holders of rec. Nov.300
Southern RY.. pref.(payable in dly. etfs.) 21
U. S. Civpaum, pref. (noon)
Dec. 25
(i)
Holders of rec. Oct. 31
134 Dec. 24 4Dec.11 to
Union Pacific, common (quar.)
2
Jan. 2 Holders of rec. Dec. la U. 8. Steel Corp., corn. (qua?.)
34 Dec. 30 Doe. 2 to Dec. 10
Street and Electric Railways,
Preferred (quar.)
13( Nov.28 Nov. 3 to Nov. 16
American Railways, corn. (guar.)
62
Utah Consolidated Aftnins
Dec. 15 Holders of refl. Nov.30a
50c Doe. 22 Holders of rec. Dec. I
Baton Rouge Elec. Co., pref.(No.7)_ _
3
Dec. 1 Holders of rec. Nov. 14a Waltham Watch, preferred
3
ea. 1 Fielders of rec. Nov. 10
Brazilian Tram_ Lt.& Pow., Ltd..(quar.) 134 Dec. 1 Holders of rec. Oct.
WhIte(J.0.)F.nglneerina. 01.(all.) (No.7) 134 Dec. 1 Holders of rec. Nov. 16
31
Cen. Ark.Ry.&Lt.Corti..P1.(qu.)(No. 7) 134 Dec. 1 Holders of rec. Nov. 14a Whlte(J.D.)Management. pt.(mi.)(No.7) 134 Dee. I Holders of rec. Nov. 18
Citivene' Traction (Pittsburgh)
$1.50 Nov. 16 Nov. 10 to Nov. 16
Wiscnneln Edison (quer.)
$1.75 nee. 1 Holders of rec. Nov. 14
Detroit United Ry. (quar.)
14 Dee. 1 Holders of rec. Nov. 14a Woolworth F.W.), corn.(gnarl (No. 10) 14 Dee. 1 Holders of rec. Nov. Ina
Easton Consolidated Elec. Co.(monthly)
1-3k Nov.24 Holders of rec. June 26a Woolworth (F. W.), pref. (guar.)
Jan. 2 Holders of rec. Dec. 10a
I
El Paso Elec. Co., Corn. (guar.)(No. 14)
234 Dec. 15 Holders of rec. Dec. la
Preferred (No.25)
Jan. 11 Holders of rec. Dec. 24s
Manhattan Bridge Three Cent Line (guar.) 14 Dec. 1 Holders of rec. Nov. 27a
a Transfer books not closed for this dividend. b Leo British income tax. e Cor3
Norfolk Railway & Light
Dec. 1 Holders or rec. Nov. 30a
Payable In common stock. o Payable in scrip.
14 Dec. 1 Holders of roe. Nov. 3Db rection. e Payable in stock.
NOrth:rn Ohio Tr. & Lt., corn. (guar.)14 Dec.
Northern Texas Elec., corn.(qu.)(No.21)
Payable in dividend certificates matur.
20a
3. h On account of accumulated dividends.
134 Dec.
Holders
Rochester Ry. et Light, pref. (guar.)
rs of me
m Nov.
Ins Nov. 1 1919 and bearing Interest from Nov. 1 1914 at rate of 4% per annum.
Nov. 15 to Nov. 16
.Washington (D.C.) By. & Elec., corn. (qu.) 134 Dec.
Nov. 15 to Nov. 16
14 Dec.
Preferred (guar.)
Payable semi-annually. sald certificates to be mailed on Dec. 10. k Payable on
Nov. 18 to
WinonSin-lifinnesOta U.&Pow., pf. (qu.) 134 Dec.
Nov. 30
par value of $50.
I
Nov. 21
THE CHRONICLE
1914.1
1517
For definitions and rules under which the various items
Statement of New York City Clearing-House Banks
and Trust Companies.-The New York Clearing House are made up, see "Chronicle," V. 98, p. 1661
STATE BANKS AND TRUST COMPANIES.
has discontinued for the present issuing its detailed statement showing the weekly averages of condition of the sepTrust Cos.
State Banks
Trust Cos.
State Banks
ouUlds of
outside of
Week ended Nov. 14.in
In
arate banks and trust companies, both the member and the
Greater N. Y. Greater N. P.
Greater
N.
F.
Greater
N.
F.
re"Cash
reserve
items
"non-member" institutions. The
$24,550,000 $67,300,000 $10,758,000 511,300,000
serve in vault" and "Trust companies' reserve with C. H. Capital as of Sept. 12_ _
are
separately
stated
reserve"
11,702,800
Surplus
13,894,100
cash
as
of
Sept.
12..._
39,119,300 151,148,900
members carrying 25%
as to banks and trust companies in the summarized state- Loans and investments__ 320,341,100 1,099,925,200 132,512,200 192,406,100
+23,400
Change from last week.
-25,000
-425,900
+726,400
ment furnished by the Clearing House; but with these exGold
and
trust
companies
tobanks
82,264,300
48,658,100
for
ceptions the figures are
Change from last week_ -1,205,500 -1,115,600
gether and are not apportioned between the two classes of Currency and bank
notes
38,774,500
23,676,200
statement
in
of
the
the
usual
publication
The
Institutions.
Change from last week.
-619,300 -2,723,900
resumed
until
outstanding
be
all
not
form, it is stated, will
Deposits
410,268,200 1,192,109,100 138,142,500 197.189,900
--793.700
Change from last week. -5.671,300 -13,571,600
-608,000
Clearing-House loan certificates are retired. The last
25,242,400
23,569,400
oomplete statement issued, that for August 1 1914, will be Reserve on deposits
106,146,800 242,988,100
-138,900
+134,200
Change from last week.
--642,800 -6,411,000
found in the "Chronicle" of August 8 on page 398.
15.3%
C. reserve to deposits_
19.1%
29.3%
25.87
• We show below the figures as given out by the Clearing P.Percentage
15.3%
last week
18.9%
29.5%
26.24
House and also print the totals reported by the State BankIng Department for the State banks and trust companies + Increase over last week. -Decrease from last week.
Boston and Philadelphia Banks.-Below is a summary
In Greater New York not in the Clearing House. In addition
we combine,as has been our custom,each corresponding item of the weekly totals of the Clearing-House banks of Boston
In the two statements, thus affording an aggregate for the and Philadelphia:
We omit two ciphers (00) 49 all these figures.
whole of the banks and trust companies in Greater New
Capital
York.
and
Banks.
Circa- Clearings.
Loans.
Specie. Legal.. Deposit*.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended Nov. 14
Surplus.
Clear:House Clear.-House State Banks & Total of all
.
Members
Members
Trust Coo, not Banks & Tr.
Actual Figs.
Average
to C.-II.. Av. Cos., Aver.
Oapltal as of Sept. 12___.
175,300,000
29,150,000
204,450,000
Surpluses of Sept. 12____
300,248,000
67,911,200
368,199,200
Loans and Investments._
Change from last week
2,133,170,000
-11,532,000
560,379,100 2,693.549,100
+18,800 *-11,513,200
Deposits
Change from last week
1,925,354,000
+2,307,000
a553,324,300 2,478,678,300
-1,855,200
+451,800
Specie
Change from last week
340,304,000
-3,899,000
b41,489,400
-510,800
381,795,400
-4,409,800
ACTUAL
Legal-tenders
Change from last week FIGURES
NOT
GIVEN.
Banks: Cash In vault
Ratio to deposits
102,413,000
-3,640,000
e13,376,500
+355,900
115,869,500
-2,984,100
378,956,000
Not given
12,756,300
13.50%
391,712,300
Trust Cos.: cash In vault_
63,843,000
42,103,600
105.952,600
Aggro money holdings-,
Change from last week
442,799,000
-7,239,000
54,565,900
-154,900
497.664,600
-7,393,900
Money on deposit with
Other bks. & trust cos_
Change from last week
57,840,000
_1,981,000
84,121,400
+345,000
145,961,400
-1,636,000
Total reserve
Change from last week
500,6390,00
-9,2200,00
142,987,300
+190,100
643,626,300
-9,029,900
Boston.
Sept. 26_
Oct. 3_
Oct. 10_
Oct. 17_
Oct. 24_
Oct. 31_
Nov. 7_
Nov. 14_
Phil..
Sept. 26_
Oct. 3_
Oct. 10_
Oct. 17_
Oct. 24_
Oct. 31_
Nov. 7_
Nov. 14_
•
No state
No state
No state
No state
No state
No state
No state
No state
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
103.644,3
103,684.3
401,256,0
401.699,0
401,912,0
400.840,0
399.731,0
397,346,0
395,705,0
395,058,0
$
3
*425,477.0
*434,394,0
*428,208,0
*435,866,0
*429,604.0
*424,779,0
*432,391.0
*428,512,0
15,358,0
15,504,0
15,683,0
15,902,0
15,985,0
16,178,0
16,233.0
16,069.0
102,639,7
130,921,8
124,433.2
134,223.1
144,652,1
123,014,8
168.268.1
138,952.7
ed.
ed.
ed.
ed.
ed.
ed.
ed.
ed.
90,426,0
94,029,0
90,049,0
92,549,0
92,023.0
93.423,0
96,430,0
95,099,0
124.965,4
154,615,9
143,371,3
140,830.3
146,031,8
126,758.2
148.524.4
152.173,6
a Includes Government depos ts and the item "due to other banks."
'"Deposits" now include the item "Exchanges for Clearing House," whieb
were reported on November 14 as 312,023,000
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Nov. 14; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
Surplus CASH reserveBanks (above
Trust cos.(above
25%)-1570
7,413,000
-8,500,650
% of cash reserves of trust cosCash In vault
Cash on dep. with blcs.
Total
Dry Goods
General Merchandise
Total
Since Jan. 1.
Dry Goods
General Merchandise
Not given
Not given
Total
Change from last week
For Week.
Total 411 weeks
Not given
Not given
9.76%
17.62%
Net given
27.38%
1914.
1912.
1913.
$3,431,380
18,676,986
$3,005,960
14,534,570
1911.
53,948,192
16,786,504
52,873,418
17,210,949
$17,540,530 $22,108,366 320,734,696 520,084,367
3152,312,649 5138,075,838 5134,105,237 3124,583,481
712,244,573 730,133,054 764,802,002 653,312,958
3864.557.222 $868.208,892 $898,907,239 $777,896,439
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. 14 and from Jan. 1 to date:
+Increase over last week. -Decrease from last week.
a These are the deposits alter eliminating 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 3637,883,400, a decrease of $2,443,600
from last week. In the case ot the Clearing-House members, the deposits are
"legal net deposita" both for the average and the actual figures. b Geld. c Currency and bank notes.
CIRCULATION.-Circulation of national banks Nov. 14 reported at $106,728.000: Nov.7, $130,260,000: Oct. 31. 3142.364.000: Oct. 24, $145,442,000; Oct. 17,
$146,227,000; Oct. 10. 3144,139,000: Oct. 3, 3138.801,000: Sept. 26. $137,261,000:
Sept. 10. 3129,716,000: Sept. 12, 3124,516,000: Sept, 5, 3114,362.000.
EXPORTS FROM NEW YORK.
1913.
1914.
For the week
Previously reported
Total 46 weeks
1912.
1911.
$24,189,270 $17,537,272 $16,201,512 317,565,663
749.201,541 755.563,135 719,794,225 669.745,198
3773,390.811 3773,100,407 $735,995,737 3687.310,861
The following table shows the exports and imports of
specie at the port of New York for the week ending Nov.14
The averages of the New York City Clearing-House banks and since Jan. 1 1914, and for the corresponding
periods in
and trust companies, combined with those for the State banks 1913 and 1912:
and trust companies in Greater New York City outside of the
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Clearing House,compare as follows for a series of weeks past
Exports.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omil two ciphers in all these figures
Loans and
Week Ended- Investments
Sept.
Sept. 19._ __
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
2.735,541,5
2,819.169,5
2,812,345,1
2,771,674,2
2,739,404,1
2,734,094.1
2,721.140,7
2,718,080.6
2,705,062.3
2,693,549,1
Deposits
Specie
Legal,.
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
2,478,678,3
362,385,3
361,945,1
366,920,0
370,589,6
373.550,4
376,766,8
380,955.5
386,000.5
386,205,2
381,795,4
89.770,9
101,720,0
103,382,5
109,136,3
110,535.9
'2,473,2
115.807,6
117,255,6
118,853.6
115,869,5
Tot Money Entire Rea
Holdings onDeposit
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
497,664,9
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
643,626,3
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1614
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since Jan. 1
337,071,960
85,540,015
1,018,013
937,201
1,106.014
533,956 *1,239,038
355,300
Imports.
Week.
$32,347
129,057
144,245
Since Jas.1
$17,366
124,195
3,602
1,668,086
1,430,145
3,362,946
1,775,536
333,956 $128168441
68,863,646
100 33,210,481
$305,649 $8,381,876
756,960 20,874,122
180,108 26,433,368
$707,701 $31,281,144
3,204,408
$9,305
13,226
18,413
65,973
4,797,783
2,530,922
1,323,482
2,500
405,600
91,346
53,280
42,805
5,400 1,505,268
62,177
We add herewith the weekly returns furnished by the State
8,165 1,648,334
38,786
Banking Department of the State banks and trust companies
Total 1914
3723,766 $38,136,100 $147,048 58,759,104
Total 1913
765,073 43,512.490
185,576 9,234,285
under its charge. These returns cover all the institutions
Total 1912
1,210,623 50,675,245
208,280 8,635,585
of thi class in the whole State, but the figures are compiled
*42,960 deducted.
so as to distinguish between the results for New York City
Of the above Imports for the week in 1914, $128,000 were
(Greater New York) and those for the rest of the State, as
American gold coin and $3,000 American silver coin.
per the following:
1518
Boston Prices.-The Boston"Transcript" reports securities dealt in through the Committee of Five of the Boston
Stock Exchange and prices as follows:
Nov. 18.
Nov. 16,
Nov. 19.
Nov. 17.
Stocks-.
$24
Alaska Gold (par $10)
52434-2434 52431-2431
52334-24
49
Amer Agric Chemical, corn
go-8i-34:90
Preferred
Amer Pneu Serv. pi (Par
$17
$1734
1013,;:i02
lgig
$50)American Sugar, common
1013a-ioni loix-ioi%
109
109
109
Preferred
Amer Telephone &Telegraph_ 11531-116
11534
115-11534 11434-11434
77
77
American Woolen,preierred_
7734-78
7734-78
$2434
Anaconda Copper (par $25)
iiii
Arcadian Mining
Arizona Commercial (Par 55).
$3
$231
gi.ii
8834
Atch Top & Santa Fe, corn..
8834
ssg
8834
-.176%
Boston & Albany_.
175)4
Boston Elevated
8831
34
Boston dr Maine, common
ai
34
52g i.:.29
52694-28
Butte & Superior (par $10)
$25
$2431
Butte Ballaklava (par 510)---$1
$5i-g
Chino Copper (par $5)
---_
11-32-Connecticut River RR
--__
29
Copper Range Con Co
$20
__
Daly West (par )$134
---255Edison Electric Ilium
-__-- $2)4
Franklin Min (ass't pd)($25)137:i.2-731
General Electric
lir
137-13734
lgi___
Kerr Lake Mining (par$5)------_$43$
____
Lake Copper (par $25)
iiii
$4%
$434
__ __
Mayflower (par $25)
___ _
Massachusetts Elec Cos, pref_
L6K
common_
773
,
4
1.
.”%
iiGas.
Massachussets
763j
'MK
8534
85
Preferred
210-212
Mergenthaler Linotype
____
zio-51031
Nevada Cons Cop (par $5)_
2334-334
New Arcadian Cop (par 525)ligNew England Telep & Teleg_
lii-EY"
50
NY New Haven & Hartford_
50
io-Niplasing Mmes (par $5)---$5
$5
$i6-68-North Butte (par $15)
$20
---____
Old Colony Mining (par $25).
$3i4
-140
140
Old Colony RR
Sg-$13
Pond Creek Coal (par $10)
__
si5-148
-Pullman Company
148
Reece Buttonh Mach (car$50)$18
____
-$56-____
St Mary's Min Land ($25)$434
Shannon (par $10)
iiK
$131
iii;
Superior & Boston (par $10)
1013$
10134
1013.
1
10134
swut .1, Co
___ _
$28
Tcrrington Co, coin (par$25)____
iiK
Trinity (par 525)
Union Pacific, common
liglig128
128
Fruit
134United
553$
5334
$5334
---Un Shoe Mach,corn (par $25)
528342834
Preferred (par $25)
LoK
5034
United States Steel Corp, corn
lEsiii
10434
10434
lgiii
Preferred
$42%$42%
$42%
U S Smelt Ref & Min, pf (550)
iiK
5134
Utah Apex Mining (par $5)
54534-4534
Utah Copper (par 510)
$&"s-4866-6634
---West End St, coin (par $50)585
silPreferred (par $50)
___ Bonds9434
9434
943$
9431
Amer Tel & Tel cony 431s,'33
863$-8634_
Col 4s 1929
iii"
_
Allan Gulf & W I 5s, 1159_
Detroit Stock Exchange.-Following are official quotations of the Detroit Stock Exchange as of Nov. 18:
Bonds
Bid. Asked.
Bid. Asked.
Dot Mich. Edison 58, 1931-___ 99
Consumers' Power 58, 1936_ ---- 95
Detroit Elec. Ry.5s, 1916_ _
96N Det. Gas Co. cons. 55, 1918_ ____ 101
Detroit & Flint 58, 1921_ __ _ ___. 93
Det CityGas g.m. 55,'18-'28 95
Det. Ft. W.& B. 1.5$, 1928
_____
Do prior lien 5s, 1923___ ____ 100
Det.& L. St. Clair 5s, 1920.......... Det.& Suburb Gas 55, 1928_ ____ 92
Det. M.& T.S. L.55, 1933_ ____ 90
100
Gen. Motors notes Os, 1915_ 98
Det.& N W.4348, 1921............ Mich. State Tel Co.58.1924 ___- 9931
Det.& Pontiac Ry.5s,1922_ 9634 1003.4 Mich. United RYs. 55, 1936- 79
- Do 434s, 1926
Rapid Ry. Co. 1st 58, 1915..........
Det.& Pt. H S. L.55, 1950_ ____ 91
Do 5s, 1916
Det Ry. 5s, 1924
9334 Tol. Fire & Nor. 55, 1920.
92
Det. RR.& L.0.55, 1920_ _
97
Wyan & Det. River 5s. 1918 ____ 100
Det. Yps1.& A. A.68, 1917_ 99
By-Products Coke Corpora6s, 1924
9931
tion 6s, 1930
97
Det. Y. A. A.& .T. 55, 1926_
87
Detroit Rock Salt 65, I932__ 50
Det. United 434s. 1932_____
65
Michigan State Agricultural
Det. Edison Co. 58. 1933._ 993.4
Society 68. 1911-20______ _ __ 101
Do debenture 6s, 1924._ 10334 105
Active Stocks.
Bid. Asked.
Md. Asked.
Maxwell Motor (Coos.)
Acme White Lead & Color
26 preferred
Works,common _______ ____ 15
17
19
18
Mexican Crude Rubber__ __ _ _ __
Preferred
6
Mich.State Telephone, pref. 8634 8834
36
44
Amer. Pub. UM
62
65
Michigan Sugar, common__ ____ 3g
Preferred
304
Preferred
69
Burroughs Add. Machine_ 290
97
Miles-Detroit Theatre
854 -6'4
Chalmers' Motor
933$ Minnesota Sugar, common- -___ 30
Preferred
Preferred
41)
50
Commonwealth Ry., Power
603$ 623$
5234 543.( National Grocer
& Light, corn
9134
Preferred
89
77
75
Preferred
35
Pacific Gas & Electric
37
94
Det. dr Cleve. Navigation__ 93
100
213$ Packard Motor
21
Detroit Creamery
89
Preferred
10534 10634
Detroit Edison
10834 110
834 Parke, Davis & Co
Detroit Iron & Steel _______ ____
2134 2234
Preferred
1034 Reo Motor Car
103$ 1134
Reo Motor Truck
General Motors., corn_ ___ 61% 64
108
Preferred
8234 843$ Scotten-Dillon
25
Trussed
Con.
Steel
-___
5
Holland-St. Louis Sugar___
Preferred
934
10234
Iron Sliver Mining
--.
-.
White
Star
Line
493$
89
Kresge
S.
S.
334
99
Wolverine Portland Cement 3
Preferred
Detroit Valve & Fittings- 634
731
1334 15
Maxwell Motor
Towar's Wayne Co. Cream- 2934 33
43
45
1st preferred
Banks and Trust Companies.
Md. Asked.
Bid. Asked.
Nat. Bank of Commerce_- ..._ 209
163
American State
215
Peninsular State
225
Central Savings
270
People's State
Detroit Savings
212
United Savings
236
Dime Savings
349
Wayne County & Home__ __
178
First & Old Detroit Nat
355
Trust
Detroit
210
German-American
253
Security Trust
225
Highland Park State
180
Union Trust
115
Federal State
German-Amer. La.& Trust_177
13334
Merchants' National
Michigan Savings
zEx-dividend.
Messrs. John W.& D. S. Green of Lousiville offer, under
date of Nov. 17: Louisville Gas & Elec. 6% notes at 97;
Louisville Lighting 1st 5s of 1953 at 993; Louisville Ry.
2. In connection with the ITgeneral 5s of 1950 at 963
/
opening of the Louisville Stock Exchange to trading in
bonds the firm makes the following quotations as of Nov. 16:
[VOL. xcix.
THE CHRONICLE
RailroadsBid.
Louisv Bend & St L 502946.100
Louisville & NashvilleUnified 4s 1940
8834
At Knox & Cin Div 4s'55_ 83
Fiend Bridge Os 1931
105
LouCin&LexDiv4)01931 98
Pensacola Div 6s 1920._100
Ev Bend & Nash Os 1919_100
Pens & Atl 65 1921
100
South & North Ala 5s 1063 89
Southern Ry 5s 1944
9634
Terminal Assn (St Louis)Merch Bridge Os 1929
106
Street RailwaysBirm Ry L & P ref& ex 6s'57 97
Buffalo Ry 5s 1931
983$
Crosstown St Ry 58 1932_ 9834
Chicago City Ry 58 1927_ _ _ 9634
Chicago Rys 5s 1927
95
Street Railways(tona)- Bid. Asked
Asked
1023$ Louisville Ry 55 1930
100
-_
434s 1940
88
Gen 5s 1950
91
06
97
Milw El Ry & Lt 55 1926_ _ - 98
88
Paducah St Ry 6s 1920_ _ _ _ 100
106
.._ _
Portland Ry 5s 1930
102
9634
____ Rochester St Ry 58 1930._ 99
100
St Jos Ry L H & P 5s 1937.94
Seattle Electric 5$ 1929_ ___ 97
or springfield (III) Ry 5s 1933_ ____ 87
____ United Rys (St Louis)
Southern Ry 65 1915
97
100
Union Dep St Ry 6s 1918- 9934
107
Miscellaneous99
Lebanon Water 65 1918_ _
Louisv Gas & Elec 65 1918_ 9834 9934
98
9934
Louisv Ltg 5s 1953
98
Louisv Water 48 1950
98
98
4s 1946
96
San Francisco Stock and Bond Exchange Transactions.-The following are the sales reported from Nov. 9
to Nov. 13, both inclusive. Like records will be found in
previous issues.
Bonds.
California Central Gas & Elec. 55 of 1937-Nov. 13, $1,000 at 9834.
Calilornia Gas & Electric s. 1. 5s of 1933-Nov. 10, $1,000 at 9831
E. I. du Pont de Nemours Powd. 434s of 1936-Nov. 13, 530,000 at 82.
Great Western Power 5s of 1946-Nov. 13, 510.000 at 76.
Hawaiian Commercial & Sugar 55 of 1919-Nov. 12, 510,000 at 100: Nov. 13,
$52,000 at 100.
Los Angeles Ry.5s of 1938-Nov.10,$7,000 at 99; Nov.11,$4,000 at99:52.000 at99.
Pacific Electric Ry. 5801 I942-Nov. 10, 54,000 at 9634; Nov. 11, 23,000 at 9634.
55,030 at 9635.
Pacific Telephone & Telegraph 5s of 1937-Nov. 9, $3,000 at 9034; Nov. 13.
51,000 at 9334.
San Joaquin Light & Power Soot 1945-Nov. 13. $1,000 at 9254.
Southern Pacific RR. ref. 4s of 1955-Nov. 11, 55,000 at 84.
Spring Valley Water 45 of 1923-Nov. 10, 51,000 at 8834; Nov. 11, $2,000 at MX:
Nov. 12, $2,000 at 8834 and $2,000 at 8834.
United 11115. 01 Ban Francisco 4s of 1927-Nov.9,$1,000 at 4834•
Stocks.
Alaska Packers Association (par 5100)-Nov. 10, 40 at 77; Ncv. 13, 20 at 77.
Bank of California (par 2100)-Nov. 12, 5 at 180; Nov. 13, 25 at 175.
E. I. du Pont de Nemours Powder Co. pref. (par 5100)-Nov. 11, 25 at 813.4.
Firemen's Fund Insurance Co. (Dar 5100)-Nov. 11, 15 at 26.
Giant Consolidated Co. (par 550)-Nov. 9, 15 at 57834.
Hawaiian Commercial & Sugar (par 525)-Nov.9, 100 at $32; Nov. 10, 100 at 533;
Nov. 12, 65 at 534: Nov. 13, 15 at $34.
Hawaiian Sugar (par 520)-Nov. 9,65 at 83354; Nov. 12,85 at z3343.4.
Hutchinson Sugar plantation (par 525)-Nov. 10, 100 at $14; Nov. 13, 5 at $14.
Onomea Sugar Co. (par 520)-Nov.9, 50 at $30: Nov. 10, 100 at 53034; Nov. 12,
25 at 532; Nov. 13, 25 at 532 (cash).
Pacific Gas & Electric, commcn (car 5100)-Nov.9,40 at 3434; Nov. 11,30 at 3434;
Nov. 13, 100 at 3434.
Pacific Gas & Electric, preferred (par 5100)-Nov. 13, 15 at 85.
Spring Valley Water (par 5100)-Nov. 11, 5 at 50.
Sales of Philadelphia
week at 90.
Company scrip
were
made this
G. M. Haffords & Co. of Fall River under date of Nov. 18
quote Fall River mill stock as follows:
Bid. Asked.
Bid. Asked.
Mechanics Mills
American Linen
60
70
50
76
Merchants Mfg
Arkwright Mfg
65
80
Narragansett
60
102
Barnard Mfg
Osborn Mills
Border City Mig
9234 95
9834
10234 Pocasset Mfg
100
Chace Mills
Richard Borden Mfg ______ _ _ __ 120
95
Coanicut
140
14734 Seaconnet Mills
55
Cornell Mills
Shove
85
75
Davol Mills
Stafford Mills
95
75
Flint Mills
Tecumseh Mills
100
300
105
Granite Mills
Union Cotton Mfg
170
Hargraves Mills
4234
Wampanoag Mills
102
80
King Philip Mills
Weetamoe Mills
105
80
Laurel Lake Mills
75
Lincoln
Last sales-Border City, 95; Flint, 9934; King Philip, 1063.4; Merchants, 7554:
Wampanoag, 76.
Recent changes in prices as reported under date of Nov. 14
by the H. P. Wright Investment Co., Kansas City, Mo.,
•
are as follows:
Bid. Asked
Bonds-.
Bid. Asked.
StocksTelep
Home
68
1923.86
87
K
C
90
88
Deere & Co pref
Lucky Tiger Min (Par 510)_z53% $4
175
SO W Nat Bank of Corn....171
J. S. Rippel, 756 Broad St., Newark, N. J.., under date
of Nov. 14 quotes as follows:
Bonds (conel.)Bid. Asked.
Bid. Asked.
Bonds____ Public Service CorpEast Orange 4s Dec 1933_ _ 96
J C H & Pat Ry 4s Nov'49 74
76
Union County 45 Oct 1942- 96
Del Lack & Western-Nor Hud Co Ry5sJuly'28 _ 102
103
Morris & Essex ref 331s
Gas& ElofBergen Co 5,1'4G 98
100
Dec 2000
102
80
Pat & Pas CI & E 58 1949.100
N Y Lack AL W 55 1923...100
Trenton CI & E 58 Mar'49 101
103
Term & imp 4s 1923.... 94
Plainfield Un Water 58 1931.101
103
Central RR of N .1Stocks (per cent per share)N Y & L 13 45 1941
95
71
Consolidated Traction
68
Lehigh Val of N Y 4lis 1940 100
Gas & Elee of Bergen Co.... 89
92
Erie RR 1st con 7s 1920_ _ __ 108
Newark Con Gas
1)0
95
Gen lien 45 1996
65
Ironbound Trust Co
230
_Perm col 45 1951
85
The Montreal Stock Exchange under date of Nov. 11
issued a new minimum price list in which the differences
between the first lists issued by the Montreal and Toronto
exchanges,respectively, are adjusted. The official minimum
price list of Oct. 15 of the Montreal Stock Exchange was
published in our issue of Oct. 24. The following table gives
the changes made in the Montreal list since the publication
of the first minimum quotations on Oct. 15:
oct.i.5.Noo.11
0,1.15.Nov.11
105
Sawyer Massey
British Columbia Packers_ _100
49
25
92
Preferred
91
Can Gen Electric
853$ 69
53
33
Steel Cool Canada preferred 73
Canadian Locomotive
69
Preferred
913$ 78
Twin City
95
59334
Crown Reserve
1.10 1.05
Banks62
55
Dominion
Duluth Superior
227
51
*65
Hamilton
Mackay preferred
201
40
*49
Imperial
Penman's
210
Merchants
3231 10
Russell Motor Car
177 *180
25
Standard
Preferred
215
• Corrected since Oct. 15, but before new list was issued.
Of the entire list of stocks and bonds dealt in in the Montreal and Toronto markets only five show differences:
Brazilian Tr., L.& P.,54 in Montreal, against 53 in Toronto;
British Columbia Packers, 105 in Montreal, against 110 in
Toronto; Crown Reserve, 1.05 in Montreal, against 1.01 in
Toronto; Detroit United Ry., 62
.
% in Montreal, against 62
in Toronto; Toronto Ry., 111% in Montreal, against 111 in
Toronto.
Current Bond Prices
Railroad.
Atchison Topeka & Santa Fe general gold 4s. 1995_ _ _ _A-0
Nov
Adjustment gold 4s, 1995
JD
Convertible 45 (issue of 1910). 1960
M-8
1952
July
48,
gold
Atlantic Coast Line 1st
M_O
-N
Louisville & Nashvihe coliateral gold 4s, Oct 1952_ _A
Baltimore & Ohio gold 45, July 1948
M-8
20-year convertible 434a. 1933
M-N
PLE&W Va System ref 4s, 1941
J-J
Southwest Division 1st gold 3345,1925
F
-A
Central of Georgia 1st gold 53. Nov 1945
Chesapeake & Ohio—
M-N
First consolidated gold 55. 1939
M-8
General gold 4345. 1992
F-A
Convertible 4345. 1930
general 4s, 1958
M-8
Chicago Burlington & Quincy
4s,
Ser
A,
May
gold
1989_34
gen
Paul
St
&
Milw
Chicago
J-J
General gold 334s, Series B. May 1989
J-J
General 434g. Series 0,MaY 1989
J-D
1932
Convertible 4345,
A-0
General and refunding 4365, Jan 2014
M-N
Chicago St North Western general gold 3348. 1987M-N
General 4s, 1987
Pacific
general
gold
4s,
1988—J-J
Island
&
Chicago Rock
A-0
Refunding gold 4s, 1934
J-J
20-year debenture 5s, 1932
A-0
Cleveland Short Line 1st guar 434s, 1961
F-A
Colorado & Southern 1st gold 4s, 1929
M-N
Refunding and extension 434s, 1935
M-N
Delaware & Hudson 1st and refunding 4s, 1943
J-J
Denver & Rio Grande 1st consol gold 4s, 1936
F
-A
First and refunding 53. 1955
J-J
Erie 1st consolidated gold 4s, prior. 1996
..1;J
First consolidated general lien gold 45, 1994
60-year convertible 4s, Series A, 1953
A-0
convertible
4s.
Series
13,
1953
50-year
Great Northern—
Chicago Burlington & Quincy coil trust 4s, 1921_ ---J-J
J-J
First and refunding 4Xs, Series A, 1961
J-J
Illinois Central 1st gold 4s, 1951
J-J
First gold 3345, 1951
M-N
First refunding 4s, 1955
Chicago St Louis & New Orleans—
J-D
Joint 1st and refunding 5s, 1963
A-0
Kansas City Southern 1st gold 3s, 1950
J-J
Refunding and improvement 5s, April 1950
Lehigh Valley (Pa) general consolidated 434s. 2003_ _ _M-N
J-J
Louisville & Nashville unified gold 48, 1940
South & North Ala gen cons gu 50-year 5s. 1963_ _ _ _A-0
M-S
Missouri Pacific 1st and refunding cony 5s. 1959
J-J
New York Central & Hudson River g 3348, 1997
Debenture gold 4s, 1934
Refunding and improvement 4348, 2013
F-A
Lake Shore collateral gold 3340, 1998
M-S
Debenture gold 4s, 1928
M-N
25-year gold 4s, 1931
J-J
2361
4s,
guar,
Shore
1st
West
A-0
Norfolk & Western By 1st consol g 4s, 1996
M-S
Convertible 4345, 1938
Q-J
Northern Pacific prior lien gold 4s, 1997
General lien gold 3s, 2047
?1-g7
RR consol gold 4s, 1948
J-J
Reading Co general gold 4s, 1997
A-o
Seaboard Air Line gold 45. stamped. 1950
F-A
Adjustment 5s, Oct 1949
Southern Pacific Co—
J-D
Gold 4s (Central Pacific coliateral), Aug 1949
M-8
20-year convertible 4s, June 1929
F-A
Central Pacific 1st refunding gu gold 45, 1949
J-J
Southern Pacific RR 1st ref 4s, 1955
J-J
Soutaern—lst consolidated gold 53, 1994
A-0
Development and general 48, Series A, 1956
Union Pacific—
J-J
First railroad and land grant gold 4s, 1947
J-J
20-year convertible 4s, 1927
M-9
First and refunding 4s, June 2008..
J-D
Oregon Short Line guar refunding 4s. 1929
Bid. Asked.
9034
9034
8134
8034
91X
9034
88
8634
86
8
84
8
89
84
8434
82
80
88
8834
10034
---100
83
6734
8934
89
77
98
9534
90
78
91
7834
64
5234
92
84
70
91
7234
42
72
6
88
4m
60
Manufacturing and Industrial.
American Smelters' Securities sinking fund 6s, 1926_ _ F-A
Bethlehem Steel 1st and ref 5s, guar A,1942
M-N
Central Leather 20-year gold 5s. 1925
A-0
Distillers Securities Corp cony 1st g 5s, 1927
A-0
General Motors 434s, 1915—See Short-Term Notes.
Indiana Steel 1st 58, 1952
M-N
The Texas Co convertible debntures 6s, 1931
J-J
United States Rubber 10-year coil trust 6s, 1918--_ _J-D
United States Steel Corp sink fund 10-60-year 5s, 196-3 M-N
Western Electric 1st 5s, Dec 1922
Westinghouse Elm & Mfg 53,1917—See Short-Term Notes.
102
85%
68%
9034
92
79
99
9634
903.4
7834
93
80
65
54
9234
85
75
93
80
45
80
66
61
62
94%.
*
9734
93
81
8634
95
100
98
9634
67
89
9534
9034
9934
35
78
98
68
91
96
9134
100
37
80
85
in-Z84
76
87%
90
8934
88
90
98
90
81913-4
Pensylvai
77
60
86
7834
9034
9034
90
92
99;4
9034
66
973.4
92%
80
62
83
79M
8634
8634
9934
6134
84M
80
8734
87
100
63
9334
8534
88
8634
94;4
87%
90
88
9731
83
96g
55
99
84
97%
56
98
95;4
10034
9934
99
9634
102
100
91
9°
Street Railway.
Brooklyn Rapid Transit 6-year secured notes 5s, 1918_J-J
Detroit United 1st cons g 434s, 1932
,j-ji
Interboro-Metropolltan collateral 434s, 1956
A-0
Interboro Rapid Transit 1st and refunding 5s, 1966-1-J
Manhattan Sty(NY)cons g 45,stamped tax-ex, 1990-A-0
New York Rys 1st real estate and refund 4s,June 1942J-J
30-year adjustment income 5s. 1942
A-0
Third Avenue 1st refunding 4s, 1960
J-J
9834
64
71
9635
86
7034
4734
7834
98M
65
71;4
97X
88
71
47q
79
Telegraph & Telephone.
American Teleph & Teleg 20-year cony 434s,1933— --M-8
9331
943'
Inactive and Unlisted Securities
All bond prices are "and interest" except where marked "5."
Standard Oil Stocks—Pc,Share
Stand 011 Stks (Conct)—Per sh are
Par BM. Ask.
Par Bid. Ask.
*1412 1478 ;Prairie 011 & Gas
angio-Amer Oil new
100 383 388
Atlantic Refining
100 535 545 :Solar Reflning
100 250 260
Borne-Scryraser Co
100 250 260 :Southern Pipe Line Co..100 192 196
Buckeye Pipe Line Co.__ 50•111 114 South Penn 011
100 255 258
Ghesebrough Mfg Cons_ _100 640 560 'Southwest Pa Pipe Lines_ 100 115 120
100 80 100 'Standard 011 (California) 10 292 295
Colonial Oil
Continental Oil
100 215 225 Standard 011 (Inatana)..100 469 472
Crescent Pipe Line GO. _ 50 *30 45 ,Standard Oil (Kansas) ..100 350 360
Cumberland Pipe Line_ 100 53 57 Standard Oil of Kentucky100 240 250
Eureka Pipe Line Co_ _ 100 220 230 ;Standard 01101 Nebraska1002315 325
Galena-Signal Oil corn...100 170 175 :Standard 01101 New Jer_ 1002374 378
Preierred
100 142 148 'Standard 011 of New Y'rk100 191 193
Indiana Pipe Line Co__ _ _ 5 *93 95 Standard 011 of Ohio_ _ 100 415 425
100 150 160
National Transit Co
25 *36 38 Swan & Finch
New York Transit Co- 100 220 225 Union Tank Line Co___ _ 100 80 81
Northern Pipe Line Co 100 89 91 Vacuum Oil
100 180 185
Washington 011
25 *172 174
10 *38
Ohio Oil Co
25 *14 15
Pierce On (new)
1519
THE CHRONICLE
Nov. 211914.]
Tobacco Stocks—Per Sha re.
Par Bid. Ask.
American Cigar common_100 100 120
Preferred
100 91 97
Amer Machine & Fdry_ _100 70 85
British-Amer Tubas ord.. £1
Ordinary, bearer
16
5 15
£1 :1
74
Conley Foil
100 270 300
Johnson Tin Foil & Met_100 120 160
MacAndrews & Forbes_ _100 150 185
Porto Rican-Amer Tob_ _100 215 240
6% scrip
105 120
Reynolds(R J) Tobacco-100 255 270
Preferred (when Issued)-.- 107 115
Tobacco Products corn..100 100 150
Preferred
100 80 85
United Cigar Stores com_100 88 90
Preferred
100 105 110
United Cigar Stores(new) 10 *814 9
Young (J 5) Co
100 120 140
Short Term Notes—Per Cent.
Amal Cop 58, Mar15 '15 MS 997810018
Amer Lccomotive 5s,'15_J-J 9914 100
58, July 1916
J-J 9812 99
58, July 1917
3-2 98 9914
Am Tub 6% scrip, Sep 1 '15_ 10
;4
2
09
:
031
90 8 00
099
Am T & T Sub Cos 58, 1916_ 9918 9978
Balt & Ohio 415s, 1915 J-1) 2
995
218
4 9
29
27
38
8
BethStael5a,rnell'15 J-D11
Chic Elev By 58, 1916_ _ _J-J -__
98
Chic & W Ind 5s, 1915_ _M-S
Conrol Gas 68, June 25'15..
Erie RR 5s, April 1 1915_A-0 9878 9912
5s, Oct 1 1915
A-0 9614 9712
514s, April 1 1917
A-0 9414 9612
General Motors 6s, 1915.A-0 1001410014
General Rubber 415a,'15.J-J 9978 9914
9
999967
19:25842140
Bar Riv & Pt Ch 58,'15 M-N 54
9
98909.477110843
Hocking Valley 6s,'15_M-N 9912100
Int Huy 5s, Feb15 '15_F-A
Tack Steel 55, 1915
M-S
Lake Sh & Mich So,J'ne'15_
Mich Cent 434s, 1915
M-S
New Eng Nay 08, 1917_111-N 8712 91
NYC&H Rh,58,'15 A-0 9912 9978
:
9 97
9 42
43-4*, May 1 1915
55, Sept 15 1915
9814 9914
58, Oct 1 1915_____ __A-0
NY NH& H 58. 1915_M-N 93 95
Pat G&E58,Mar25'15111-925 005s 9978
Penna 315s, Oct 1 1915A-D 9818 9878
Pub Ser Corp NJ 5s,'16 M-S 9714
2 9812
Schwarz & Sulzb 6s,'113-1-13 99 00
Seaboard A L 58. 1916__M-S 9712 99
Southern By 58. 1916__F-A
58, Mar 2 1917
M-22 99 100
Sulz&SonsCo 6s,J'nel'16M-S 9712 9812
UnTypew 58,Jan15 '16 2-215 100 10012
United Fruit68,Mayl'17M-N 97 99
Utah Co Os. 1917
A-0 97 99
UtahSecurCorp 6s,'22M-S15
Weethse El&Mfg 5s,'17 A-0 9714 9812
Elec, Gas & Power Cos
Pall Bid. Ask.
50 *80 82
Am Gas & Elea COM
48
Preferred
5 312
Am Lt & Trac common 150 319
Preferred
1001 105 107
60
Amer Power & Lt corn__ _100 5
100 78 83
Preferred
Amer Public Utilities com1001 35 45
100 6212 65
Preferred
Bay State Gas
_
--Buffalo City Gas stock..
Cities Service Co com___100 44 _
100 53 55
Preferred
Columbia Gas& Elec_ _ _ _ 100 --.1-2 62 -ii
1st 55. 1927
Elec Bond St Share pref 10 --- 99
35 40
Indiana Lighting Co_
10
F-A 67 71
45, 1958 optional
Pacific Gas & El corn_ _100 37'l 39
100 77 81
Preferred
South Calif Edison com_100 71 75
100 86 90
Preferred
712
Standard Gas & El (Del). 50 *6
50 .16 21
Preferred
25
United Gas & Elec Corp_100 20 1
1st preferred
MI 20
5
7
2d preierred
Utah Socudties Corp._ _100 16 1712
6% notes—See Short-Term No .
14
ower common_1001 13
ed
Wp
esrte
efrenrrP
100 51 54
Industrial
and Miscellaneous
Adams Exp col tr 8,4s'47J-D 165 69
100
Alliance Realty
ai
Amer Bank No
Note com____50*--_
Preferred5
6
48
0
5
1
110
00 1535
920 19
American Book...
American Brass
American Chicle com_ _ _ _100 195 158
Preferred01
:
695
-1 1:12
Am Giaphophone corn 100 .
100 --- 60
Preferred
American Hardware....100(
Amer Malting 68 1914..3.01)
5 165 175
American Surety
35 38
Amer Typefounders com_10
1
85 90
Preferred
Amer Writing Paper__ _ _10 __ _
50
Bliss (E IV) Co com
Preferred
17
10
5 iiii
100
5° 2
Bond St Mtge Guar
07
111 102
084
100 10
Borden's Cond Milk eom_1
Preferred
Braden Copper Mine.
5 *512 584
Casualty Co of Americala iia iia
Celluloid Co
100
City Investing Co
Preferred
100,
ea
100 -6i -5)
Consol Car Heating
Davis-Daly Copper Co _ _ _10
*58 1
New York City Notes—
du Pont (E I) de Nemours
100 143 148
owder
Os, Sept 1 1915
10118101%
.PPreferred
100 81 83
6s, Sent 1 1916
5 15
1021810218 Emerson-Brantingham 100
Os. Sept 1 1917
100 30 50
10354 lO37s
Preferred
Goldfield Consol Mines_ _ _10 *114 118
obaceo C'o _ _ _ _ 100 _ _ _ __ _
tengd
Hapyrnen
PerCt Basis
100
5
8
RR. Equipments—
Bid. Ask.
1st g 55 June 1 1922 J-D 157 63
411 512
5.05 4.85 Intercontln Rub corn.._.100
Baltimore & Ohio 43-45
5.20 4.80 Internet Banking Co__ ..100, 95 105
Bufi Roch & Pittsburgh 434
Equipment 45..
5.
.4
20
0 4
100 96 99
5.80 International Nickel
Central of Georgia 58......
Preferred
1001 95 100
1
13
International Salt
Equipment 434s
584 5
6/57
A-0
60
1st g 58 1951
Chicago & Alton 48
95 100
International Silver pref_l
Chicago & Eastern Illinois 58 — 6
3-1)1 103 106
Equipment 410
1st 65 1948
0
60
0 9
66
3
Kelly Springfield Tire...lOOj 9
Chic hid & Loulsv
554 5
100 74 78
5.10 424
1st preferred
Chicago & N W 4 Ms
1001
_
714 614
2d preferred
Chicago RI & Pac
5 *458 478
Kerr Lake Mining
Colorado & Southern 58
512 5
- —
1
5.60 5.20 Lanston Monotype
Erie 5e
1 5;
Equipment 434s
5.6 5.20 La Rose Consol mines
.
558 15584
Equipment 48
5.6 5.20 Lawyers' Mtge Co
Lehigh Val Coal Sales-5 140 145
Evansville & Terre Haute 55 5.i8_ 6
Ds
Manhattan Transit
2
'
11
Hocking Valley 48
5
5,10 4.80 Marconi Wireless of Am_ _ _5 *214 215
Illinois Central 58
1001 90 96
5.10 4.80 Mortgage Bond Co
4345
Kanawha & Michigan 41.55_ _ 612 512 Nat Cloak & Suit coin__ _100 45 50
100 88 95
Preferred
6
K C Ft El & Memphis 4 M s_
145
8:fo 484 N Y Mtge & Security_ —100' 135
Louisville & Nashville 58__
538
45 55
100
5 .51
Ins
Co
Title
e
NY
Minn St P&SSM4M
584 5
Niptssing mines
Missouri Kansas & Texas 58_ 612 6
10 •50 10e.
7
6
Ohio Copper Co
Missouri Pacific 58
70
corn
1
5.60 5.20 Otis Elevator co
Mobile & Ohio 58
90
1
5.60 5.20
Preferred
Equipment 434s
Pittsburgh Brewing
100
5 i i_3_
New York Central Lines 58.._ 512 5
50 --- --Am 5
Preferred
Equipment 41.58
--N Y Ontario & West 4t4*.. 5.50 5.10 Producers Oil
Norfolk & Western 434s---- 5.10 4.80 Realty Assoc (Pklyn)....100 97 102
i
5.10 4.80 Remington Typewriter—
Equipment 4.
20
100. ___
5
4.75
Common
Pennsylvania RR 410
90
100
1st preferred
.
4.75
Equipment 4
5
80
610(1
2d preferred
Pere Marquette 55
•812 834
Riker-Regeman
Equipment 4148
6
*33c. 37e.
Rights
St Louis Iron Mt & Sou 58.. 614 514
St Louis & Pan Francisco 58 --, 6
Royal Bak Powd corn.. _100, 150 160
10(3 99 101
Seaboard Air Line 58
5.35 5.05
Preferred
1001 103 105
Equipment 434s
5.35 5.05 Safety Car Heat & Lt
1
230 240
Southern Pacific Co 4 Ms_ _ _ 5.05, 4.85 Singer Mfg Co
--- --Southern Railway 4158
5.20 5
Standard Coupler com 1
--Toledo & Ohio Central 48... 612 512
1
Preferred
'41
424
5 -.
Sterling Gum
Railroads—
Stewart-Warner Speedo'r 100 -- _
West Pee 1st 55, 1933_ _ _M-S 37 39
1001 -- _
Preferred
Sulzberger & Sons pref....100 90 -sii
Texas & Pacific Coal_ _ _ _100 95 100
Street Railways—
Tonopah Extension Min_ _1*—
Par Bid. Ask. Tonopah Mln of
7:
1
Com'w'Ith Pow By & L__100 55 57 United Profit Sharing
2 121
Nev1
1 47
Preferred
100 76 78 II 8 Casualty
100 190 210
Federal Light & Traction 100 14
18 U S Envelope corn
100' 130 140
Preferred
100 50 60
Preferred
100 95 100
Republic By & Light_ __ _100 17 20 U 8 Finishing
109
8 12
Preferred
100 65 70
Preferred
100 28 33
Tennessee By L de P com_100
812 912
1st g 58 1919
J-J
_
Preferred
100 42 47
Con g 5s 1929
United Lt & Rya com- _ _100 40 43 U S Tit Go & Indem_A
•101
60
1st preferred
100 66 69 Westchester & Bronx Title
2d preferred
100 60 65
& Mtge Guar
100
Wash By & El Co
100
Willys-Overland corn__ 10
71 75
Preferred
100
Preferred
100
90
48, 1951
J-D
•
Worthington (H R) CoT— 87
West Penn Tr & WatPow 100
G0ld
25
2
0
Y prof
100
5 .
Pre:erred
1001 30 35 Yukon
4°
214
*Per share. ,And accrued dividend
b Basis_ I Flat price.
s Sale price. 2:Ex-dividend. y Ex-rights.
n Nominal.
THE CHRONICLE
1520
[VOL. xc
Vanittre
Wall Street, Friday Night, Nov. 20 1914.
The Money Market and Financial Situation.-In accordance with announcements made last week,the New York
and New Orleans Cotton Exchanges and the various Federal
Reserve banks opened for business on Monday, and these
were among the few important events of the week. The
transactions in cotton futures in this market have been on a
liberal scale, but sales for immediate delivery have been
limited and prices fluctuated narrowly. The opening of the
Exchange was, therefore, attended by nothing out of the
normal.
The inauguration of an entirely new banking system
throughout the country is a matter in which "time is an essential element," and while reasonable progress has been made
this week the process seems hardly to have begun. Great
hopes are entertained, however, for complete success of the
new system once it is established, as it seems especially designed to provide against the glaring and many-times proven
defects of the old one. It is expected to fully meet the demands for increased circulating medium in times of great
activity, including crop-moving, &c., and to automatically
adjust itself to reduced requirements at other times. The
fact that it has the unqualified endorsement of many widelyknown, practical, experienced bankers, both East and West,
gives it a strong hold upon the confidence of the business
community generally. Coincident with its beginning, and
the smaller reserves required, the money markets have been
easier. Call loan rates dropped to 44% and time money
freely offered at 5% on a limited demand.
Other developments of the week are relatively unimportant. The October report of international trade showed a
balance in our favor of $57,300,000, but total exports were
far below those for 1913. There is reported to be a little
more demand for pig iron, but the prices of finished products
are scarcely maintained and the business as a whole continues unsatisfactory. Railway operations may be described
in the same terms. A fair illustration is seen in Southern
Pacific gross earnings for October, which decreased $1,500,000.
There was a report early in the week that the Stock Exchange Committee having the matter in charge had decided to open the Exchange for public trading in bonds
within a few days. Later this decision was reversed, the
official explanation being that unforeseen difficulties had
arisen. The transactions in both bonds and stocks are
steadily increasing and a considerable list of the latter as
well as the former is selling at or above the closing prices
on July 30. In view of these facts there is an increasing
sentiment in favor of arrangements being made for an open
market for these securities.
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.
Commercial paper closed at 53'@6% for sixty to ninetyday endorsements and prime four to six months' single
names. Good single names 6@63/
2%.
The Bank of England weekly statement on Thursday
showed an increase of £3,289,219 in gold coin and bullion
holdings, and the percentage of reserve to liabilities was
34.04, against 33.35 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
has ruled rather firmer this week, but transactions have been
very largely of a routine character, indicating that conditions
have greatly improved and that they are very nearly on a
normal basis.
To-day's (Friday's) actual rates for sterling exchange were 4 85@4 85%
for sixty days, 4 87@4 88% for cheques and 4 8'®4 89 for cables.
Commercial on banks nominal and documents for payment nominal. Cotton for payment nominal and grain for payment nominal.
There were no rates for sterling exchange posted by prominent bankers
this week.
To-day's (Friday's) actual rates for Paris bankers' francs were nominal.
Germany bankers marks were nominal. Amsterdam bankers' guilders
were nominal.
Exchange at Paris on London not quotable.
Exchange at Berlin on London not quotable.
The range for ioreign exchange for the week follows:
Sixty Days.
Sterling, ActualCheques.
cables.
High for the week_ _ _4 85%
4883(
4 87%
Low for the week- 4 84%
• 4 87(
Paris Bankers' Francs512
High tor the week_ _ _
5 11
5 13%
Low for the week_ _ _ - --5 13
Germany Bankers' Marks87
High for the week_ __ ---87
86%
Low for the week_ _ _ -86%
Amsterdam Bankers' Guilders40%
_
the
week_
High for
40%
403
.Low for the week_ _ _ ---4044
Domestic Exchange.-Chicago,20c. per $1,000 premium bid. Boston,
par. St. Louis, Sc. per $1,000 premium. San Francisco, 50c. per $1,000
premium. St. Paul, 60c. per $1,000 premium. Montreal, 31%c. per
$1,000 premium. Minneapolis, 20c. per $1,000 premium. Cincinnati,
par.
Outside Market.-Trading in. the "curb" market this
week was of moderate volumip,with the trend of prices upward. The market opened officially on Monday of this week,
though business had been going on since Thursday, Nov. 12.
Oil stocks, in which
The principal features were the S.
a good business was done, prices in most instances advancing.
Atlantic Refining was the most conspicuous, with a gain of
45 points to 560, though it reacted to 535. Indiana Pipe
Line lost about 4 points to $94 and sold finally at $95.
Ohio Oil rose from $166% to $179, fell to $170 and recovered
to-day to $174, ex-dividend. Prairie Oil & Gas dropped
from 378 to 370, moved up to 385 and closed to-day at 379.
Standard Oil (California) sold up from 288 to 295, declined
to 2853 and moved upward again, resting finally at 292.
Standard Oil (Indiana) after early gain of some 10 points to
NEW YORK CLEARING-HOUSE BANKS AND TRUST COMPANIES.
475, dropped to 460 but recovered finally to 468. Standard
Oil (Kansas) advanced from 335 to 352 and was off subse1912.
1913.
1914.
quently to 351. Standard Oil of N. J. from 369 reached
Differences
Averages for Averagcs for
Averages for
week ending
from
week ending week ending
379, the final figure to-day being 376, ex-dividend. StandNov. 14.
previous week.
Nov. 15.
Nov. 16.
ard Oil of N. Y. fluctuated between 188 and 196, with the
$
$
$
a
close to-day at 190. Standard Oil (Ohio) rose from 410 to
Capital (Sept. 12)
175,300,000
179,900,000 178,900,000
Surplus (Sept. 12)
300,288,000
307,341,600 296,139,600 425. Industrials, except for some of the specialties, were
Loans and investments 2,133,170,000 Dec. 11,532,000 1,904,631,000 1,906,468,000 quiet. United Cigar Stores, new stock, was active between
Circulation
106,728,000 Dec. 23,532,000
44,742,000
46,628,000 8% and 8%,. touching 9 to-day, the close being at 8%
Deposits
1,925,354,000 Inc. 2,307,000 1,740,894,000 1,716,672,000
Specie
340,306,000 Dec. 3,899,000 329,627,000 311,852,000 United Cigar Stores of Am. lost about 2 points to 85, but
Legal-tenders
102,493,000 Dec. 3,340,000
78,937,000
80,878,000 recovered to 88. United Profit Sharing declined from 113'
Cash reserve held
442,799,000 Dec. 7,239,000 408,564,000 392,730,000 to 11, advanced to 12% and rested finally at 12. Riker &
Cash reserve required
435,385,100 Inc. 1,261,650 393,421,300 387,460,300 Hegeman after early loss from 7% to 7% rose to 8%.
Surplus
7,413,900 Dec. 8,500,650
15,142,700
5,269.700 Transactions in the "rights" were reported up from 21%
cents to 35 cents. Mining stocks were dull and irregular.
The open market rate for call loans on the Stock Exchange Braden Copper weakened fractionally at first to 53, re3 with the close to-day at 5%.
5
on stock and bond collaterals has ranged from 43/ to 6%. covering later to 5%,
We begin to-day to furnish, on a preceding page, quotations
for a large number of unlisted securities and also a considerable
number of Stock Exchange bonds of the better class.
In the Nov.7 issue of our"Bank and Quotation Section" will befound the July 30 prices of every stock and bond quoted on the New York Stock Exchange.i
THE CHRONICLE
Nov. 21 1914.1
t.
II Vo 1,1
t'
1521
f
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
autumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
Period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date
Previous
Year.
Current
Year.
Previous
Year.
gsgssggrsgsgsgsggsgsgsgszsgsr:7
$
$
$
$
Ala N 0& Tex pax$
354,122 1,230.117 1.399,373 NO Mobile & Chic_ September
544.875
N 0 & Nor East_ October___ 287,705
491,987
149,630 180,160
550.896
632,842 NYN H& Hartf_ September 5,802.378 6.152,740 17.314.921 18,164.962
Ala & Vicksburg- October_ _ 140,403 175.740
527,704
607.306 N Y Out & West_ __ September
Vicks Shr & Pac- October__ 127,677 161.233
850.320 2.815.260 2.855.294
821.968
72,920
858.185
71,755
837.700 N Y Susq & West__ September
1th wk Oct
Ann Arbor
958.489
928.706
324,002 331,003
Atch Top & San Fe_ September 10639292 9.740,766 30,415.024 28,615,708 Norfolk Southern.... September
997,174
307.212 317.317 1.001.942
209,494 287.092
713,900
803,911 Norfolk & Western.. September 4,096,891 4.076,342 11,831,020 11.882,527
Atlanta BE= & Atl September
Atlantic Coast Line September 2.186,558 2,642,406 6.938.463 7.431,274 Northern Pacific_ __ September 6.733,845 7,355.824 18.601,841 19.850.278
425.234
136.150 164,313
466.010 Northwestern Pac_ September
Chariest & W Car September
369.457 362.795 1.202.701 1,205.239
255,545
230.411 Pacific Coast Co _ _ September
Lou Rend & St L August ___ 130,836 120,973
671.598 660,942 1,910,860 2,100,181
• g Baltimore & Ohio_ October -- 7,955,694 9.486.051 33.585.090 37,529,985 zPennsylvania RR.._ September 16768404 18159471 49,838.197 52.802.933
151,412 156,658
437.443
474,818
Balt Ches & Atl_ _ September
B& 0 Ch Ter RR September
440.387
473.518
131,994 136,67
288,452 322,658
763,642
765,572
Cumberland Vail. September
Bangor & Aroostook September
903,506
272,995 316,637
795.731
Long island
Bessemer & L Erie_ September 1,179,904 1,010.818 3.448.975 3,141.353
September 1,299,929 1.192.41 4,325,012 4.177.153
77,525 106.232
252,221
336.856
Maryi'd Del & Va September
Birmingham South_ September
97.700
331.658
331.379
97.873
September 4,277,688 4.400.562 12,884.675 13.397.847
N Y Phil& & Norf September
Boston & Maine_
300,960 312.557 1,106.702 1.081.842
Buff Roch & Pittsb_ 2d wk Nov 183.260 230,895 4.063,424 4,891,755
PhilaBalt & Wash September 1,812.969 1,846.66 5.570,034 5,516,685
September
122.142 147,346
381,663
455.143
Buffalo & Susq _
W Jersey & Beasts September
664,678 632,59 2,506.281 2.559,791
Canadian Northern. 26 wk Nov 370,600 643,500 7,722,100 9,699,500 Pennsylvania Co
September 5.271.507 5.202,26 15.966,067 18.852,171
Canadian Pacific _ _ 2d wk Nov 1,878,000 3,124.000 44.091,876 56,269,603
Grand Rap & Ind September
521,315 548.35 1.571.034 1.615,501
975.442 1,249.459 3.173.317 3.278,486
Pitts00& St L_ September 3.719,088 4,062.74
Central of Georgia.. September
10,780,557 11,871,495
Cent of New Jersey September 2,935.2462,847.944 8,538,240 8.827,608
Vandalla
September 1.030,635 1.072.113 2.992,073 3,085.129
332.735 340.246
924.604
929,890 Total lines—
Cent New England_ September
351,296 385.117 1.019,353 1,155,788
East Pitts dr Erie September 21911364 23272468 66.734.44 70.909.593
Central Vermont September
West Pitts & Erie September 10676711 12029210 31.706,893 35.844.756
Chas & Ohio Lines_ 2d wk Nov 706,905 713,827 15,030.945 14.071.212
All East & West_ September 32588075 35301678 98.441,336 106754350
Chicago & Alton_ - _ 1st wk Nov 269,432 283,249 5,456,861 5,904.602
Chic Burl & Quincy September 8.579,305 9.055.734 25.183.260 26.024,285 Pere Marquette...... September 1,743.780 1.527.845 4.747.397 4.445.188
f Chic & East ill_.... September 1.277.667 1.473.600 3.978.632 4.309,950 Reading(;0—
p Chic Great West_ 1st wk Nov 264,895 273,312 5,293,026 5,491.245
Phil& & Reading_ September 4.291,1414.428,428 12,242,337 13,078.942
Chic Ind & Louisv- 2d wk Nov 113.947 139,855 2.668,593 2,814.376
Coal & Iron Co September 2.797.331 2.335.159 7,097.676 6.537.624
Chic Milw & St P_1 September 9.240.208 8.872,609 25.254,395 24,866,072
Total both Cos September 7,088.4726.763.587 19,340.012 19.616.566
Rich Fred & Potom September
Chic Mil&Pug Sf
218.2131 211.85
663,316
684.042
:Chic & North West September 8,098,316 8,095,665 23.839.210 24,212,104 Rio Grande June August
94.470
97,776
177.986
176,281
:Chic St P M & Om September 1,721,577 1,767,349 5,010.890 4,795.421 Rio Grande South... 2d wk Nov
12,800
280,162
226,665
September
206.434
197.412
595,379
524.086 Rock Island Lines__ September 6,881.742 6.212:44 19,586,333 18.432.106
Chic Terre H & S E
939,903 930.970 2.856,096 2.782.995 Rutland
Cin Ham & Dayton September
September
336,039 363,97
968,226 1,075,219
336.710
303,155 St Jos & Grand Isl_ September
Colorado Midland_ August ___ 201,686 173.783
141,119 126.02
477.398
438,500
b Colorado & South 2d wk Nov 321,892 281,815 5.476,424 5,726,518 St L Iron Mt & Sou September 2,570.190 2,779,390 8.040.720 8,325,779
September
10.041
16.290
35.015
50,986 St L Rocky Mt & P September
Cornwall
232,137 193.95
688,962
547.212
26,944
September
25.780
88,733
90,357 St Louis & San Fran September
Cornwall & Lebanon
3,993.067 11,336,308 12,125,770
314,676 340.252 1,040.707 1,025.312 St Louis Southwest_ 2d wk Nov 3,675.369
Cuba Railroad_ _ _ _ September
243,000 293,00 4.255.471 5.062.066
2.068,5962.179.961
September
San
6.169,416
L
A
Pad
&
6.511,932
S
L,.
September
Delaware & Hudson
785.956 863.374 2.434.756 2,637.582
Del Lack & West_ _ September 3,857.125 3.910,838 11,324.747 11,706.864 Seaboard Air Line 1st wk Nov 460.044 571.46 7.297,766 8,341,979
Deny & Rio Grande 26 wk Nov 439,200 530.000 9.580.746 10,353.770 Southern Pacific_ _ _ October_ __ 12005046 13512897 47.251.123 50,276,308
South-rn
103,400
128.100
Nov
2,456,030
Railway
2,869,210
wk
26
2d wk Nov 1.196.127 1,484.35
Western Pacific_ _
27.088.064
20,030
38,129
Mobile & Ohio _ _. 1st wk Nov 189,112 265.92 24.836,291
693,339
539,999
Denver & Salt Lake let wk Nov
4,138.887 4.652,749
743.312
552,370
Cin N 0 & T P.. 1st wk Nov 178,867 213.870 3,431,172 3,781,765
Detroit Tol & Iront October_.... 210,247 144,091
19,152
21,301
Nov
Ala Great South_ 1st wk Nov
442,535
481,867
Detroit & Mackinac RI wk
81,562
94,151 1,755.004 1,935,774
583,632 1,013.548 2,081,585 3.418.104
Georgia So & Fla_ 1st wk Nov
Dul& Iron Range September
44,574
53.277
857.370
901.802
47,052
67,094 1,158,101 1,410,615 Spok Port!& Seattle September
Duluth So Sh & Atl 1st wk Nov
480.338 490,615 1,412,278 1.450.856
863,643 1,161.538 2,495,562 3,402.056 Tenn Ala & Geor.da 26 wk Nov
Elgin Joliet & East_ September
1.271
1.776
30.199
38,843
574,102 678,933 2,019,172 2,054,890 Tennessee Central. September
El Paso & Sou West September
130,051 147,467
424,829
443,019
September 5.506,358 5.462.035 16,414,705 16,651,290 Texas & Pacific_ _ _ 2d wk Nov 425,527 449,485 6,930.075 7,182.677
Erie
314,405 281,406
905,565
Florida East Coast.. September
851.836 Tidewater & West_ September
7,710
7.646
23.264
21,620
77,677
85,346
Fonda Johns & Glov September
258,111
287,019 Toledo Poor & West 2d wk Nov
20.410
23.82,
491.115
544.646
241,082 292,795
Georgia Railroad— September
747.734
772.862 Toledo St L & West 26 wk Nov
98.943 108,127 1.780,503 1.827,758
Grand Trunk Pac_ _ 3d wk Oct 143,011 219.026 2,040.440 2,428,490 Union Pacific Syst_ September 9,162,999 9.351.489 25,190.263 25,615.599
Grand Trunk Syst_ 2d wk Nov 860.676 1,022.375 20,421,352 22,255.680 Virginia & Sou West September
168.271 172.243
515.649
501.288
Grand Trunk By 1th wk Oct 1.121.752 1,402,544 15,097,196 16,612.480 Virginian
September
597.213 602.368 1,639,328 1.678.682
Grand Trk West_ 5th wk Oct 207,857 223,221 2,542,483 2,530.430 Wabash
October...... 2,560,849 2.867.240 10,650.665 11.307,021
Det Or H & Milw 5th wk Oct
87.126
88,922
928.730
724.690 731.032 2.200.248 2.222,833
891.232 Western Maryland.. September
Great North System October_ _ _ 7,972.656 8,922,062 29,810,791 32,565.396 Wheel & Lake Erie_ October __ 532.266 858,82c 2,149.628 3,245.772
Gulf & Ship Island. September
135,686 183,894
436,132
25,178
550.683 Wrightsv & Tennille September
38.592
63,041
73,374
September
750,945 801,990 1,913,394 2,316,678 Yazoo & Miss Vall_ October_ _ _ 1,057.476 1,209.814 3.714,326 3.915.852
Hocking Valley__
Illinois Central_ _ _ _ October_ _ _ 5.463,749 6,108,642 22,234,653 23.018,716
761,256 1,065,410 2,227,540 2,724.833
Internat & Grt Nor September
42.403 181.276
a Interoceanic M ex. let wk Aug
225,474
910.778
Current
Previous
Various Fiscal Years.
Period.
September
Kanawha & Mich
917.777
913,649
Year.
308.767 301.615
Year.
Kansas City South_ October _ _ 880,011 922,263 3,570,118 3,523.112
Lehigh & New Eng.. September
439,478
246,431 160,511
705,037
&
Hudson
Delaware
Jan 1
Lehigh Valley
September 3,915,827 3,824.489 11,268.255 11.429,678
Sept 30 16.925,922 18,261,061
296,430 NY Central & Hudson River_e_ Jan 1
Louisiana & Arkan_ August ___ 180,762 152.888
336.539
Sept 30 71.451,951 77,807.215
Boston & Albany
sLoutsville & Nashv 1st wk Nov 979,660 1.256.120 19.645.31022,492.047
Jan 1
Sept 30 12.499,555 13.247.280
Lake Shore & Michigan South Jan 1
Macon & Birm'ham October..__
52,491
54,436
13,537
17,519
Sept 30 39.067.438 45.309.311
Maine Central
Lake Erie & Western_n
September 1,056,375 1.095.732 3,137.868 3,211.069
Jan 1
Sept 30 4.297,654 4.475.306
Maryland & Penna. September
Chicago Indiana & Southern_ Jan 1
150,032
143,074
54,664
56,841
Sept 30 3,143.228 3,248.777
a Mexican Railways 1th wk Oct 263,700 258,900 3,374,700 3,398,000
Michigan Central
Jan 1
Sept 30 25.262,671 27.389,269
Mineral Range_ _ _ 1st wk Nov
Cleve Cinch) Chic & St Louis Jan 1
291.007
121.198
4.411
13,085
Sept 30 26.467.273 28,151.841
Minn & St Louis_ _ 1 id wk Nov 217,675 216,349 3.992,334 3,828.014
Cincinnati Northern
Jan 1
Sept 30 1,076.804 1,009.846
Iowa Central_ _ f
Pittsburgh & Lake Erie
Jan 1
Sept 30 12.376.563 15,196.945
Minn St P & ftS M id wk Nov 609.037 723,426 12,194,986 12,800.037
New York Chicago & St Louis Jan 1
Sept
30 8,379,503 9,177.276
Mississippi Central _ September
81.377
95,089
241.570
276,968
Toledo & Ohio Central
Jan 1
Sept 30 3,535.181 4,503,559
u Mo Kan & Texas.. hi wk Nov 743,892 715,954 12.599,337 13,077,456
Total all lines
Jan 1
Sept 30 207557 821 229516625
x Missouri Pacific_ _ hi wk Nov 1,229,000 1,341,000 23,713,943 24.197,411 :Pennsylvania Railroad
Jan 1
Sept 30 141624746 152769679
Nashv Chatt & St L September
909,055 1055.938 2.966.708 3,133,881
Baltimore Chesap & Atlantic,. Jan 1
Sept 30
974.860
935.655
a Nat Rys of Mex_t 1st wk Aug 208.408 603.778 1,583.461 3,327.255
Cumberland Valley
Jan 1
Sept 30 2.504,193 2,674.188
Nevada-Cal-Oregon lst wk Nov
7,391
9,129
175,977
Long Island
171,253
Jan 1
Sept 30 10.280,264 10,190.869
New On Great Nor September
132,294 156,866
429,122
Maryland Del & Virginia__ _ Jan 1
478,941
Sept 30
723,755
720.559
eNYCklz Hud Rh, September 8,765,247 9.625,456 25.529.908 27.957,132
N Y Philadelphia & Norfolk_ Jan 1
Sept 30 2,899,764 2.993,296
Boston & Albany September 1.483.917 1.620.787 4,441,106 4,800.677
Phila Baltimore & Washing n Jan 1
Sept 30 15,388.960 15.842.962
Lake Shore & M S September 4,694,381 5,243,587 14,086.708 15,668.029
West Jersey & Seashore
Jan 1
Sept 30 5,222,611 5.288.090
nLake Erie & W_ September
537,832 556,516 1,612,391 1,599.049 Pennsylvania Company Jan 1
Sept 30 42,428,027 50.392.541
Chic Ind & South September
387,598 353,582 1,069,031 1.041,663
Grand Rapids & Indiana........ Jan 1
Sept 30 4,109,703 4.199,368
Michigan Central September 3,140.684 3,233,323 9,000.383 9,381,070
Pitts Cin Chic & St Louis
Jan I
Sept 30 29.814.799 33.048,187
Clay(70 & St Li
Vandalla
Jan 1
Sept 30 8,122,780 8,360.533
Peoria & Eastern f September 3,369.280 3,435.332 9.883,427 10,360,074
Total lines—East Pitts & Erie Jan 1
Sept 30 183349626 195769993
Cincinnati North. September
151.582 143,437
439.204
394.816
—WestPitts & Erie Jan 1
Sept 30 85.622.112 97,174.559
Pitts & Lake Erie September 1,359,223 1,709.702 4.380,986 5,226,617
—All lines E & W_ Jan 1
Sept 31) 268971738 292944553
928,828 1.038,716 2.816.600 3.029.867 Rio Grande Junction
N Y Chic & St L_ 3eptember
Dec
1
703,483
Aug 31
661.261
617,893 603.227 1,479,232 1.768.114 Rutland
Tol & Ohio Cent_ September
Jan 1
Sept 30 2,648.277 2.785.965
above September 25436465 27563665 74.738.976.81.227.10e
Tot all
AGGREGATES OF GROSS EARNINGS—Weekly awl
•Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
*Monthly Summaries.
Monthly
Current
Year.
Previous
Year.
Increase or
Decrease.
$
$
Mileage.
$
Cur. Yr. Prey. Yr.
$
$
$
week Sept (37 roads).— 12.517,613 13,573.362 —1.055.749 7.78
January — —243.732 241.469 233.073.834 249.958.641 —16.884.807 6.75
—573,127 4.04
February_ _244,925 242.928 209,233,005 233.056.143 —23,823.138 10.22
week Sept (36 roads).--- 13.565.225 14.138.352
March...
—847.724 5.76
week Sept (37 roads)-....- 13.863,558 14,711.282
245.200 243.184 250.174.257 249.514.091
+660.166 0.27
April
243.513 241.547 236.531.600 245 046.870 —8.517.270 3.48
week Sept (36!nal-.... 18.115.984 20.107.749 —1,991.765 9.90
May
246.070 243.954 239.427.102 265.435,022 —26.007.920 9.73
week Oct (35 roads ____ 13,328,596 15,233.094 —1.904.498 12.50
June
222,001 219.691 230.751.850 241.107.727 —10.355.877 4.30
week Oct (36 roads --- 13,300.265 15.684.210 —2.383.945 15.19
July.
235,407 231.639252.231.248 261.803.011 —9.571.763 3.67
week Oct (34 roads)---- 12.515,701 15.446.844 —2,931,143 19.65
August
240.831 237.159269.593.446 280.919.858-11.326.412
week Oct (37 roads)____ 18,017,947 22,633,633 —4.615.686 20.40
September 242,386 238,698 272,992.901 285.850,745 —12 857 844 4.03
week Nov (37 roads).__ _ 12,222.722 15,243.348 —3.020,626 19.82
4.50
October_ _ _ .. 92.332
week Nov (25 roads)_ ___ 9,794. 14 '12.208.181 —2.413.467 19.r 7
90.964 75.767.580 90.038.561-14.270,984 15.82
a Mexican currency. 6 Does not include earnings of Colorado Springs & Cripple Creek District Ry.from Nov. 1 191 . e Includes the New York &
Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York By.. the latter of which, being a Canadian road, does not. make returns to the
Inter-State Commerce Commission. I Includes Evansville & Terre Haute and Evansville & Indiana RR. g Includes the Cleveland Lorain & Wheeling
Ry. In both years. n Includes the Northern Ohio RR. p Includes earnings of Mason City & Fort Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. 1 Includes the Mexican International. u Includes the Texas Central and the Wichita
Falls Lines. v Includes not only operating revenues, but also all other receipts. z Includes St. Louis Iron Mountain & Southern. z Includes the Northern Central beginning July 11914. • We no longer include the Mexican roads in any of our totals.
1st
2d
3d
4th
1st
2d
3d
4th
151
26
[VOL. xcrx.
THE CHRONICLE
1522
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second
week of November. The table covers 25 roads and shows
19.77% decrease in the aggregate under the same week last
year.
Second week of November.
1914.
1913.
$
$
183,260
230.895
Buffalo Rochester & Pittsburgh
370.600
Canadian Northern
643,500
1,878,000 3,124.000
Canadian Pacific
Chesapeake & Ohio
706,905
713.827
Chicago Ind & Louisville
113,947
139,855
321,892
Colorado & Southern
281,815
439,200
Denver & Rio Grande
530.000
Western Pacific
103,400
128,100
19,152
Detroit & Mackinac
21,391
Grand Trunk of Canada
Grand Trunk Western
860,676 1.022,375
Detroit Gr Haven & Milw
Canada Atlantic
217,675
Minneapolis & St Louis
216,349
Iowa Central
609,037
Mimi St Paul &SSM
723,426
743.892
Missouri Kansas & Texas
715,954
1,229,000 1,341,000
Missouri Pacific
12,800
Rio Grande Southern
15,129
243,000
St Louis Southwestern
293,000
1,196.127 1,484.352
Southern Railway
Tennessee Alabama & Georgia1,271
1,776
Texas & Pacific
425,527
449.485
Toledo Peoria & Western
20,410
23,825
Toledo St Louis & Western
98,943
108,127
Total(25 roads)
9.794.714 12,208,181
Net decrease (19.77%)
Increase. Decrease.
$
$
47,635
272,900
1,246,000
6,922
25,908
40,077
90,800
24,700
2,239
EXPRESS COMPANIES.
-Month ofSeptember- -July 1 to Sept 301913
1914.
1913.
1914.
$
:
:
i
302.321
852.284
960,116
Total from transportation.... 251,322
162.347
136,252
454.658
512,853
Express privileges-Dr
Northern Express Co-
Revenue from transport'n
Operations other than transp
115,069
3,824
139.974
3.752
397,625
10,425
447,262
10,391
Total operating revenues_
Operating expenses
118.894
92,643
143.726
95,822
408,051
286,190
457,653
292.626
Net operating revenue_ __ _
Uncollectible rev from tran
Express taxes
26,251
2
5,000
47,903
1
4,500
121,861
32
15,000
165,027
9
13,500
21,249
43.401
106,828
151,518
Operating income
ELECTRIC RAILWAY AND TRACTION COMPANIES.
161,699
Latest Gross Earnings.
Name of
Road.
1,326
114,389
Week or
Month.
Current Previous
Year,
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
27.938
112,000 American Rys Co..- _ October
452.428 4,514,643 4,349.787
2.329 Atlantic Shore Ry___ October_ _ _ 449,551
323.510
312,149
27.184 25.420
50.000 cAlir
188.601 1.538,210 1,513,514
Chic
&
Elgin
September
By
183,355
288.225 Bangor Sty & Electric September
564,615
578,251
68,457
69,099
505 Baton Rouge Elec Co September
116,234
130.383
14.332 14,254
23.958 BeltLRyCorp
436,612
425,931
64,995 64,484
(NYC)July
3,415 Berkshire Street
768.647
738.449
91,591
September
Ry.
87.236
9,184 Brazilian Trac, L & P September f6096940 /6028078/55170.088013823.815
.729
,80
13,080 12,091
& Plym St By.. September
69,341 2,482.808 Brock
2579,109 2573.173 15,775,328 15,345,567
Bklyn Rap Tran Syst July
9 A1.2 AR7
27.773 32.516
Cape Breton Elec Co September
908,163
822.928
87,086 117,882
By & Lt September
For the first week of November our final statement covers Chattanooga
326,712
329,930
41,638 43,186
Cleve Painesv & East September
37 roads and shows 19.82% decrease in the aggregate under Cleve Southw & Col_ September 113.019 114,659 950,590 939.427
438,496
494,504
59.676 50.685
Columbus(Ga) El Co September
the same week last year.
Comwth Pow, By &L September 204,020 194,220 2,132,611 a1,518,276
September 704,175 694.281 6.108,425 6,238,220
Connecticut Co
Consum Pow (Mich)_ September 275,524 253.340 2,484,361 2,262.485
First Week of November.
1914.
1913.
Increase. Decrease. Cumb
Co(Me)P & L September 230,663 218.398 1,899.052 1,749.903
September 173.777 180,067 1,641.658 1,564,355
Dallas Electric Co
$
$
$
$
10,713.988
Previously reported (24 roads)- 9,625,334 12,092.595 103,976 2,571.237 Detroit United Lines 1st wk Nov 215,219 213.898 10.262.282
352.620
300,976
44,257 51.961
DDEB&
Batt(Rec)
Alabama Great Southern
81.562
94,151
12.589 Duluth-Superior Trac July
946,519
985.470
108,981 112.225
Chicago & Alton
269.432
283,249
13,817 East St Louis & Sub. September
1.950.552
1,985.315
232,446
216,514
September
Chicago Great Western
264,895
273,312
8.417 El Paso Electric Co September
643.837
772.716
87.041 73.685
Chic New Orleans & Texas Pac_
178.867
213,870
35.003 42d
158.347 158.230 1,058,978 1,091,506
St M & St N Ave July
Georgia Southern & Florida.. _ _ _
44,574
53.277
8.703 Galv-Hous
1.764,480
1.846,891
200,183
195.260
September
Co
Elec
Louisville & Nashville
979,660 1,256,120
276.460 Grand Rapids By Co September 108,327 112,753
972,587
959,482
Mobile & Ohio
189,112
265,922
76,810 Harrisburg Railways. September
749.942
747.682
81.575 78,987
Nevada-CaliforniaOregon
7.394
9,129
1.735 Havana El Ry,L & P
Rio Grande Southern
12,572
14.737
2,478,790
2,165
2.440,604
54,016
Railway Dept........ Wk Nov 15 53,564
Seaboard Air Line
460,044
571,468
228,103
111,424 Houghton
214,332
21,298 22.596
Co Tr Co. September
Tennessee Alabama & Georgia_
1,214
1,776
4,066.099
562 S Hudson &
Manhat- September 435.844 446.208 4.140,435
Toledo Peoria & Western
16,174
18,033
5,725,952
6,053.924
1,859
September 702,412 654,338
Illinois Traction.. _
Toledo St Louis & Western_ _ _ _
24,048.034
91,888
95.709
3,821 Interboro
Rap Tran_ September 2559,683 2596.718 25,016.151
499,240
549,486
53.567 55.357
Trac Co. September
Total (37 roads)
103.466
12,222.722 15.243,348 103,976 3,124.602 Jacksonville
100,217
11,412 12,342
September
_
Electric
West
Key
Net decrease (19.82%)
788,183
3.020.626 Lake Shore Elec Ry_ July
810,105
151,999 154.483
1,297,448
1,385,876
164,620
Lehigh Valley Transit September 173,649
522,039
520.104
64,139
Net Earnings Monthly to Latest Dates.-The table Lewis Aug & Watery_ September 67.326
141,700
140,092
29.813 32,479
Island Electric_ July
2.408,525
following shows the gross and net earnings of STEAM Long
Louisville Railway September 272,245 281.096 2.393,886 4,448,742
Milw El Ry & Lt Co_ September 479,857 495,763 4,470.381
railroads and industrial companies reported this week:
Milw Lt, Ht & Tr Co September 132,480 138,878 1,145,955 1,086,338
442,066
- Monongahela
-Gross Earnings--NetEarnings
494.717
90,857 78.737
Vail Tr June
Previous
Current
Current
347,751
Previous
397,022
57.421 53.884
Y City Interboro_ July
N
Roads.
Year.
Year.
Year.
233,908
Year.
225.717
42.386 43,526
NY & Long Island_ July
91,535
$
$
94,190
17.450 16,447
NY & North Shore.... July
805,863
781,471
132,688
131.808
Baltimore & Ohio b
July
Co_
2.355,706
Queens
&
Y
Oct 7.955,694 9.486,051 1,958.031
July 1 to Oct 31
33.585,090 37,529.985 9.631,498 10,714,442 New York Railways_ August _ _ _ 1146.037 1185,275 8,966,191 9,387,549
298,357
300.562
37,175 32,686
854.044 N Y & Stamford Ry_ September
837.124
Delaware & Hudson b__Sept 2.068,596 2,117,961
272,132
305,819
36.811 34,490
Y Westches & Bos_ September
Jan 1 to Sept 30
16.925.922 18.261,061 5.626,056 6.987.844 N
142.528
140,412
17,074 17.046
Northampton Trac September
Dela Lack & West_bNor Ohio Trac & Lt_ September 311,656 289,022 2.728,559 2,444.698
July 1 to Sept 30
10,522.127 10.788,119 3,982.414 4.029,987 North Texas Elea Lt.. September 164,778 172.014 1,566.941 1,548.124
282,285
10,754,575
275.048
28,829.008 30.059.864 9.694,572
33.242 31,844
Jan 1 to Sept 30
Northw Pennsylv Ry September
85,421
88,595
34,335 36,601
344,868 Ocean Electric (L I)_ July
292,520
922.263
Kansas City Southern b Oct 880,044
213,969
223.116
23.805 24,843
3,570.118 3,523.113 1.285,481 1,340.451 Paducah Tr & Lt Co.. September
July 1 to Oct 31
211,372
206,056
20,510 23.307
September
Co
Electric
Pensacola
117,928
107.609
660,942
Sept 671.598
Pacific Coast
Phila Rap Transit Co October...... 2097,099 2113.530 19,927,044 20,080,569
374,411 Port
320435
1.910,860 2,100.181
July 1 to Sept 30
(Ore)Ry.L&PCo September 483.313 547.451 4,753,241 4,965,497
95,122 90,286
800,621
798.715
Oct12.005.046 13.512,897 4,082,402 4.935,812 Portland (Me) RR September
Southern Pacific_a
47,251.123 50,276,308 14,628.018 16.590.175 PugetSound Tr,L&P September 683.557 717,282 6,335,603 6.325,792
July 1 to Oct 31
235,049 Republic Ry & Light October__ _ 253.134 257.302 2,512,307 2,450,705
221,572
858,829
Wheeling & Lake Erie b Oct 532,266
700,619 1,004.760 Rhode Island Co........ September 467,400 454,747 4,084,272 4,118.312
2,149,628 3,245,772
July 1 to Oct 31
47.475
Richmond Lt & RR- July
221,132
INDUSTRIAL COMPANIES.
St Joseph(Mo)Ry,Lt,
Heat & Power Co. October .... 107,171 103,814 1,065.751 1,024,983
--NetEarnings
-Gross Earnings
Previous
Santiago El Lt & Tr- September
37,953 38,085
Current
Previous
347,937
Current
340,537
Savannah Electric Co September
Year.
65,201 67.291
Year.
Year.
633,561
Year.
612,396
Companies.
Second Ave (Bee).... July
$
89,293 97,715
526.535
603,190
$
July
Boulevard.
Southern
21,477 20,067 . 127,264
117,153
146,513
151,203
303,008
310,837
Oct
Lt
&
Power
Amer
July
Midland_
Isld
Staten
43.641
179,251
1,603,554
1,789.927
3,790,291 3,541,165
Nov 1 to Oct 31
Tampa Electric Co September
80,755 73,362
731,569
612,092
153,710
289,821
July
162.468
Third Avenue
Oct 300,212
341,476 352,142 2,304,654 2,356,438
Cities Service
3.158,520 1,389.990 3,065.583 1.309.950 Toronto Street By.._ _ September 525,264 549,859 4,584.361 4,482,045
Jan 1 to Oct 31
204,408 Twin City Rap Tran_ 4th wk Oct 257,099 247.633 7.737,778 7,327,724
254,772
495.719
Oct 569,962
Detroit Edison_a
Co of N Y C July
268.515 269.871 1,585,956 1,582.260
5.151,081 4,434.125 2,149,437 1.807.008 Union By
Jan 1 to Oct 31
United Rys of St L September 1013,214 1049,487 9.40$,987 9,413,311
35.734 Virginia
45,960
63,975
81.116
Ft Worth Power & Lt a_Oct
Ry & Power_ October_ _ _ 446,704 445.821 4,298,632 4,157,692
367.625
470,883
631,630
876,696
Nov 1 to Oct 31
74,839 84,825
Wash Bait & Annap_ August
527,567
557,306
44,070 Westchester Electric.. July
66,109 68,704
58.427
343,378
115,963
341,480
Texas Power & Lt a_..__Oct 149,656
435,054 Westchester St RR September
25.705 23.800
195.814
548.634
190,706
1.566,889 1.137,004
Nov 1 to Oct 31
_
_
October
Liqht
223,381
&
235,544
Rys
2,229,660
Western
2,115,582
119.878
158,459
224,893
Oct 227.598
Western Power
57.102 65.395
556,069
545,520
Wisconsin Gas & Elec September
2.686,747 2,662.298 1,771.832 1,697,843 Yonkers
Nov 1 to Oct 31
Railroad__ July
412,389
394,415
67,350 65,810
October_ _ _ 70,171 69,770
a Net earnings here given are after deducting taxes.
659,488
635.357
York Railways
27,175 23,878
198,096
b Net earnings here given are before deducting taxes.
Youngstown tit Ohio_ September
188.351
16,564 15,861
133,869
Youngstown & South September
129,417
Interest Charges and Surplus.
Roads.
a Includes earnings on the additional stock acquired May 1 1913.
-Int., Rentals. &c.- -Sal. of Net Earns.- b Represents income from all sources. c These figures are for consolidated
Previous
Current
Previous
Current
f Earnings now given in milrels.
company.
Year.
Year.
Year.
Year.
$
$
Del Lack & Western2,495.151 €2,520,528 LT3,043,929 z2,580,094
July 1 to Sept 30
7,004,465 7,361,365 x7.923.020 z6,659,914
Jan 1 to Sept 30
INDUSTRIAL COMPANIES.
80,881
77,144
/65.632
Amer Power & Light____Oct ,174,059
854,425
958.078
749,129
831,849
Nov 1 to Oct 31
137,881
284,988
15,829
40,833
Oct
Cities Service
69.911 2,727,250 1,240.039
338,331
Jan 1 to Oct 31
143,925
175,181
60,483
79,591
Oct
Detroit Edison
571,347 1.430,049 1.235.661
719,388
Jan 1 to Oct 31
28,291
35,995
7,443
9,965
Ft Worth Power & Lb.... _Oct
288,320
368,296
79.305
102,587
Nov 1 to Oct 31
22,965
40.641
21,105
17,786
Texas Power & Light_ _ -Oct
250,446
303,474
184,608
245,160
Nov 1 to Oct 31
38.874
70,002
81,004
88.457
Oct
Western Power Co
721,932
799,108
975,911
972,724
Nov 1 to Oct 31
z Alter allowing for other income received.
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week.
Roads.
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Atlantic Shore Ry_b_--_Oct
27.184
25,420
Jan 1 to Oct 31
312,149
323,510
Aurora Elg & Chic_b__ _Sept 183,355
188,601
July 1 to Sept 30
611,210
620,343
Brockton & Plymth_a__Sept
13,080
12,091
Jan 1 to Sept 30
95,805
99.729
Cleve Painesv & East-a Sept
41,638
43,186
Jan 1 to Sept 30
329,930
326,712
Dayton Power & Lt____Oct
82,470
72,713
Aug 1.146,037 1,185,275
N Y Railways_a
2,280,509 2,359,739
July 1 to Aug 31
1,160
71.182
63.129
249,417
3.840
19.941
19,580
153,021
37,020
347,582
679,935
417
83.140
71.361
268,502
3,751
26,102
21,719
151,527
31,470
347.981
694.184
Nov. 21 1914.1
THL CHRONICLE
-Gross Earnings-.-Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
9,926
11,487
31.844
33,242
Northw Pennsylvania_ _Sept
80,789
67,206
282,285
275.048
Jan 1 to Sept 30
902,892
901,825
2,113.530
Phila Rapid Transit_ _ _-Oct 2,097.099 8,079,518
3,352,818 3,366,324
7.910,775
July I to Oct 31
32,794
16,785
14.567
34,861
Philadelphia & West_b-Oct
200,635
106.577
97,097
213,190
May 1 to Oct 31
312,228
717.282
283,632
683.557
Puget Sd Tr,Lt&Pow a Sept
6,335,603 6.325.792 2,558,804 2,595.507
Jan 1 to Sept 30
78.485
32,467
37,160
70.589
Oct
Porto Rico By
762.774
319,778
309,977
707,712
31
Jan 1 to Oct
257.302
97,138
98,023
253,134
Idght_a_Oct
Ry
&
Republic
2,512,307 2,450.705 1.007,982
916,475
Jan 1 to Oct 31
935.136
924.592
279.412
317.372
Third Ave Ry System a Sept 2,894,846
2.896.444
952,891
987,657
July 1 to Sept 30
1,013.214
1,049,487
253,991
276.181
L_aSopt
United Rys of St
9,404,987 9,413,311 2,298,129 2,650.477
Jan I to Sept 30
445,821
231,755
234,389
Virginia By & Power_b_Oct 446.704
1,761.703 1,739,298
914,812
890,545
July 1 to Oct 31
223,381
94.750
105,248
Western Rys & Light aOct 235,544
2,229,650 2.115.582
792,487
898,701
Jan 1 to Oct 31
Oct 706,671
c284.299
Wisconsin Edison
8,676,089
c3,472,191
Nov 1 to Oct 31
Oct
70,171
69,770
30,544
40,513
York Railways-b
731,097
700.485
343.796
332.596
Dec 1 to Oct 31
Roads.
1523
- 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
t is published. The latest index will be found in the issue
of Oct. 31. The next will appear in that of Nov.28.
Atlantic Coast Line Railroad.
(Report for Fiscal Year ending Acne 30 1914.)
remarks, signed by Chairman Henry Walters and
.The
President J. R. Kenly, together with the comparative
balance sheet, will be round on subsequent pages. Below
we give comparative statistics of operations 8,1111 comparative
income account for several years.
OPERATIONS AND FISCAL RESULTS.
Operations1910-11.
1911-12.
1913-14.
1912-13.
Average miles
4.524
4.494
4,611
4,646
Passengers carried (No.) 9,153.694 9.117.383 8.552.506 8,159.880
Pass. carried one mile_417.417,644 398.762.647 376,292.408 350.521.055
Av. rate per pass. p. m_ 2.207 cts. 2.246 cts. 2.234 cts. 2.204 cts.
Freight (rev. tonnage)
13,114.739 13,032,586 11.885.030 11.688.577
Tons one mile (revenue)2040571,520 2036643.060 1825598.508 1776418,010
earnings
here
given
are
after deducting taxes.
a Net
Av. rate per ton per mile 1.217 cts. 1.203 cts. 1.230 cts. 1.215 cts.
here
given
are
earnings
before
deducting
taxes.
b Net
Pass. earns, per train m_
$1.01
$0.94
$1.01
$0.97
$2.52
$2.73
$2.70
$2.59
c The balance available for the Wisconsin Edison Co. Inc., and deprecia- Freight earns, per tr. m..
$7,927
$7,395
$7,036
tion of sub. cos., was $148,278 for Oct. 1914 and $1,873.397 for the 12 mos. Gross earns, per mile_
$7,833
INCOME ACCOUNT.
Operating Revenues1910-11.
191243.
1911-12.
1913-14.
Interest Charges and Surplus.
Freight
$24,825,313 $24,497,523 $22.452.360 $21,587.361
9,212,170 8,931,836 8.407,624 7,723.854
-Int., Rentals, &c.- -Sal. of Net Earns.
- Passenger
Mail, express and misc_ 2,795.297 2.693.713 2.603.574 2.311.234
Current
Previous
Current
Previous
Year.
Roads.
Year.
Year.
Year.
Total oper. revenues_$36,832.780 $36,123,072 $33,463.558 $31.622,449
$
$
$
$
Operating ExpensesAurora Elg & Chicago_ _Sept
39,713
37,087
23,417
34.274 Maint. of way & struc $5.116,944 $4,667,357 $4,273,545 $3,926,568
July 1 to Sept 30
119,584
111,798
129,834
156.704 Maint. of equipment_ _ _ 6,094.706 5,581,307 5,038.547 4.583.890
537.083
566.317
618.145
649.821
Brockton & Plymouth__Sept
2,682 Traffic expenses
1,105
1,069
2,736
Jan 1 to Sept 30
9,713
9,910
10,229
16,191 Transportation expenses 13,118.266 12,821.636 11.752,552 10,556,834
General
expenses
843,164
910.622
947.087
1,232.351
Cleve Painesv & EastSept
10.746
10.396
8,834
11,323
Jan 1 to Sept 30
99,162
93.752
53,858
57.775
Total oper. expenses_626,212.088 $24,635,532 $22.541.583 $20,447.539
Dayton Power & Light_Oct
17,402
16,772
z20.412
216,149 Net operating revenue_ _510,620,692 $11,487,540 $10,921,975 $11,174.910
9.640
Aug 280.178
N Y Railways
276,580 2103,995 x104.725 Outside oper. (net), der_
1.399.395
1,280,247
1,561,159
1.451,477
July 1 to Aug 31
560,438
555.392 2192,204 z201,818 Taxes
796,600
Phila. Rapid Transit_ --Oct 807,938
93,887
106,292
Operating income_ _ _ _ $9.049,893 $10,036.063 $9.522.586 $9,894,663
July 1 to Oct 31
3,234,037 3,195.247
118.781
171.077 Mt.and diva. received
$3.105,140 $2,846.614 $2,523.459 *$2,632.830
Philadelphia & Western_Oct
12,611
436,461
12,500
436.230
441.268
*534,274
4,285
1,956 Other int., rents, &c
May 1 to Oct 31
252,151
240,216
213.217
•
74,993
74,998
31.579
22.104 Joint facilities
Hire of equipment
262,290
198,849
16.345
Puget fid Tr, Lt & Pow_Sept 156,444
153,131
127,188
159.097 Separately
oper. prop's_
68.911
76.964
Jan 1 to Sept 30
1,391.608 1,352,090 1,167,196 1,243.416
60,200
Republic By & Light.--Oct
39,286
37,823
57,852
Gross income
$13,105,935 $13,757,971 $12.785,781*$13,138,731
Jan 1 to Oct 31
586,623
329.852
572,130
435,852
DeductThird Ave By System--Sept 212,197
211,105
274,812 2110.777 Int. on funded debt_ _ $5,395,413 $5,322.235 $5.446,784 *$5,345.360
9.711
9.378.9.378
July 1 to Sept 30
639.048
639,316 2335,549 2361.757 Int. on certfs. of indebt_
162.498
115.420
Int. on equipment trusts
153,295
182.545
United Rys of St L_ __Sept 217.996
220.765
243,285
262.361 Rentals of leased lines
40.276
40.276
40.276
40.276
Jan 1 to Sept 30
1.969,587 1.999.226 x393,580 2715.537 Hire of equipment
70,123
115,962
Virginia By & Power- _.Oct 133.732
113,680
'
0
134.962 2107.620 x105.094 Joint facilities
124,554
July 1 to Oct 31
543.690
532,888 2399.002 2390.293 Separately oper. propers
25,291
185,953
•
ties-loss
Western Rys & Light_ _ -Oct
59,151
52,012
46,097
42,738
s
20.701
*
28.387
Jan 1 to Oct 31
594,002
510.871
304.699
281.616 Miscellaneous
*51.179
Rentals of terminals_
York Railways
Oct
22.199
21,424
18.314
9,120 Dividends on common_(7)4,729,032(7)4.510.236(7)4.018.661 (6)3,417,864
Dec 1 to Oct 31
240.687
233.671
103.109
98.925 Divs. on R.8: P."A"stk. (7)70,000 (7)70.000 (7)70.000 (6)60.000
9.925
9.225
9.925
9.925
Divs. on pref.(5%)
x After allowing for other Income received.
'natal
$10,585,884 $10.464,929 $9,873.485 *$9.119.525
Surplus income for year_ $2.520.051 $3,293,042 $2,912.296 *$4.019,206
New York Street Railways.
*Comparison of the items so marked is inaccurate, the figures having
-Gross Earnings--Ne Earnings
been somewhat changed in later years; the final results, however, remain
Current
Previous
Current
Previous
unchanged
Year.
Year.
Roads.
Year.
Year.
Note.-The company charms dividends in "profit and loss," but they are
$
$
$
$
of shmmlicity,--V. 99, p. 1299, 1051
Hudson & Manhat_ a _ _July 287,920
273,349 c154.282 C135,511 here deducted for the sake
Jan I to July 31
2,226.186 2,178.217 1,215.456 1,179.158
Island & Pacific Ry.
Chicago
Rock
Interboro R T (Sub)_a_July 1.261.775 1.115,154
744.446
601.334
Jan I to July 31
(34th Annual Report-Year ended June 30 1914.)
10.658.574 9.984,126 6.757.530 5,844.733
Interboro R T (Elev) a July 1.249.396 1.226.673
531,977
559,166
The text of this report will be cited next week.
Jan I to July 31
9,368,540 9.118,403 4,463.518 4,271.471
Total Interboro It T_ aJuly 2.511.171 2,341.827 1,303.614 1.133,311 ROCK ISLAND SYSTEM-MILEAGE AND TRAFFIC STATISTICS.
Jan 1 to July 31
20,027.112 19,102,527 11.221,049 10.116,204
1910-11.
1911-12.
1912-13.
1913-14.
Brooklyn Rap Tran_ a_ _July 2.579,109 2,573,173 1,004,185 1.052.592 Average miles operated_
8.048
8,205
Jan 1 to July 31
Equipment15,775,328 15.345.567 5,554.917 5,441,589
1.554
1,573
1,608
1.678
New York Railways_ a _July 1,134.472 1.174.462
359,554 Locomotives
332.352
1.073
1,034
1.163
1,106
Jan 1 to July 31
7.820.154 8,202,274 2,020.329 2,614.082 Passenger cars
40.798
Freight cars
44.064
41,437
45.674
64.484
Belt Linea
July
64.995
19.737
16.265 Service cars
4.419
4,469
4,500
4,197
Jan 1 to July 31
425,931
436.612
71,890
99,234
OperationsJuly
Second Avenue-a
89.293
29.148
97,715
34.143 Tons moved (rev.). No 21,488.826 21.101.989 18,969.251 19,118,358
6,671.134 6.343.259 6,324,998
603,190
Jan 1 to July 31
101.193
526.535
138,046 Tons moved (co.). No.,,. 6,111,901
moved 1 m.(rev.) 5123579,107 5203973.087 4599242.133 4718460.846
352,142
July 341.476
Third Avenue-a
144.147 Tons
128.521
Tons
moved
1
m.
(co.)
_
1038345,549
_934.851,874
879.510.730
Jan 1 to July 31
903.904
2,304.654 2,356.438
938.565 Passengers carried. No 20.279,537 19,505.284 860,382,165
18,927,146 19,842.167
51,961
9.014
44,257
10,290 Pass. carried! m., No_ _980,051,132 983,696.182 939.391.981 1010037.752
D D E Bway & Batt_a-July
352.620
19,906
Jan 1 to July 31
300.976
88.598 Earns, per ton per mile$0.0086
$0.0089
$0.0089
$0.0092
$2.648
158,230
$2.651
71,787
$2.486
$2.479
69.706 Earnings per train mile_
42d St Man & St N As'a July 158.347
297
278
382.435
1,058.978 1,091,506
467.679 Tons per tr. p.m.(rev.)
Jan 1 to July 31
270
Tons per tr. p.m.(co.)_
59.29
55.86
51.97
50.26
53,884
16.056
57,421
12,631 Earns,
NY City Interboro_a_ _July
per
pass.
per
$0.192
$0.201
$0.198
$0.200
347.751
397.022
105.989
47.942 Earns, per train m. mile
Jan 1 to Judy 31
20,067
21.477
8,055
Southern Boulevard_ a_ _July
6.633
mall, express, &c.)_
$1.189
$1.215
$1.179
$1.312
117,153
127.264
25,464
Jan 1 to July 31
4.686 No.of pass, per train m_
51.32
49.21
54.91
50.38
$8,313
$8.053
$8,533
269.871
$8867
81,855
58.167 Total earns. p.m. of rd_
Union Ry of NY 0_a-July 268.515
264,492
1,585.956 1,582.260
Jan 1 to July 31
333.600
INCOME ACCOUNT.
68.704
66.109
24.715
Westchester Flec_a _ _ _ _July
21,343
Earnings1913-14.
1912-13.
1911-12.
1910-11.
341.480
343,378
52,987
Jan 1 to July 31
65.797 Freight
$44,309.636 646,428,045 $41,156.835 $43.368,396
14,250
65,810
67,350
a July
19.917 Passenger
Yonkers
18,824.651 19,777.431 18.609.408 20.240.528
394,415
53.358
412.389
103,473 Mail and express
Jan 1 to Judy 31
3,636,337 3,666.435 3,616.595 3.630,769
896.333
981.094
873.417
800,107
32.479
29,813
7,949
10.961 Miscellaneous
Long Island Elec_a_ _ _ _July
Other
than
transport'n_
641,156
511.930
456.598
447,673
141,700
140,092
694
July
31
to
13,561
Jan 1
Total
$68.208,113
$71,364,935
$64.712,853
13.333
$68.487,473
43.526
Isl
Trac_a_July
42.386
Long
9,569
N Y&
OperatingExpenses27,719
233.908
225.717
3,283
Jan 1 to July 31
Maint. of way 8v struct_ $8,838,586 $9.885.324 $8,493,346 $9,738.016
6,242
16.447
17,450
4,909 Maint. of equipment
NY az North, Shore_ a_ _July
9,820.703 10.072,854 8,302.467 9.359.749
19,377
91.535
94,190
9.406 Traffic expenses
Jan 1 to July 31
1.924,090
1,999,138
1.981.399
2,007,149
3,653
132.688
20.275 Transportation expenses 28.449.907 28,772.587 26.210.502 26.171.419
IT y & Queens Co_ a _ _ _ _July 131,808
72.938
781,471
805.863
1.966.660
108,733 General expenses
1.774.199
1.771.781) 1.779.350
Jan 1 to July 31
34,335
'rota
23,507
36,601
$50,999.946 $52.504,102 $46,759.494 $49.055.683
25,776
Ocean Elm (I., I)_a_ _ _ _July
38,649
85,421
88.595
$17.208,167 $18.860,833 $17,953,359 $19.431.790
25,504 Net earnings
Jan 1 to July 31
Taxes
3.315,633 2.946.438 2,793.315 *2.708.651
&
RIt_a_
_July
47,475
18.585
Richmond Lt
Operating income_ _ _ -$13,892,534 $15,914.395 $15.160.044*$16.723.139
def11.913
221,132
Jan 1 to July 31
Outside
operations,
def..
$174,473
$191.577
$196,976
$115.725
19.433
43,641
Staten Island Mid_ a_ _ _July
Hire of equipment, def886.734
867.857
990.828
1.273.768
179,251
31.945
Jan 1 to July 31
Other income
1.229.528 2.089.228
1,915.049 *1,574.970
Total
$168.321 $1,029.795
$727,245 *6185.477
a Net earnings here given are after deducting taxes.
Total income
$14,060,855 $16.944,190 $15,887.289 $16,908.616
c Other income amounted to $87,785 in July 1914, agst. $80,820 in 1913.
THE CHRONICLE
1524
1910-11.
1911-12.
1912-13.
11913-14.
Deduct$11,657,784 $11,066,032 $10,492,135 *9.741.853
Interest
1,704.925
1,544.758
1.819.803
1,828.776
Rentals
19,124
Betterments,leased lines
123,674
Separ. oper. prop., loss.
3.930.948
3,743,760
3,743.525
x1.871.763
Dividends
(5.1i%)
(5%)
(5%)
Per cent
(255%)
Total deductions_ _$15,481,997 $16,629.360 $15,780,653 $15,396,850
Balance,sur. or def_ :tief.$1.421.142 sur.$314.830sur.$106.636sr.$1,511.766
x Dividends are deducted by company from profit and loss, but are shown
above for the sake of simplicity. *Comparison of items so marked is
inaccurate, the figures having been somewhat changed in later years, but
final results remain unchanged.
BALANCE SHEET JUNE 30.
1914.
1913.
AssetsRoad & equip x316,348,770 295978,380
Securities ofProp.,aifil.& controlled companies
604,321
3,878,951
-pledged
Issued or assumed
340,000
17,185,000
pledged
Prop., afill. & controlled companies
5,318,648 6,348,209
-unpledged
Adv.to prop.,affII.
Sr controlled cos.10,076,832 10,606,449
Miscell. Investts. 8,238,300 2,418,869
5,827,783 5,120,467
Cash
Scour. iss'd or as29,458 5,033,458
sum'd, in treas.
Marketable secur- 9,644,757 15,472,007
202,512
Loans & bills rec.. 121,347
943,714
Traffic, &c., bale_ 290,425
Agents 4, conduc's 917,346 1,085,143
Misc. acc'ts reel_ 2,668,813 3,591,476
Materials & supp's 5,613,316 7,067,642
0th. work. acc'ts. i 014 647 9,545,424
-tweed int., diva.,
913,464
deb.23,963
&c
2,778,155 4,030,915
Advances
27,987
24,592
Rents& ins. prep'd
104,875
Special deposits... 197,155
2,299,600
1,677,591
Me=
.deb
del
0th
Total
391,007,923 364734,912
1914.
1913.
Liabilities$
Capital stock_ _ _ _75,000,000 75,000,000
Funded debt_ _ _y288,334,530 257815,600
Loans & bills pay_ 4,800,000
Traffic, &c., bale_ 738,723 1,249,335
Vouch. & wages._ 4,331,596 6,667,154
M Lscell. acc'ts pay. 270,668
231,344
Matur'd Int.,divs.,
4te
2,175,005 2,254,945
Mat'd mtge.,bond.,
23,000
&c., debt
72,808
Working adv, due
241,052
208,274
to other cos_ _
496.126
Other work. acc'ts 389.411
Accr'd Int., diva.,
2,729,931 2,410,290
& rents
Taxes accrued_ _ _ _ 1,483,812 1,313,030
Operating reserves 909,844 1,569,169
596,683
Insurance fund__ _ 629,487
Other deed credit
1,035,654 1,197,965
items
64,368
64,368
Appropr'd surplus
Profit and loss... z8,733,812 13,604,851
[VOL. xcIX.
Securities Owned or Controlled by Col. & So. Ry. Co.(Par Value).
a Capital Stock (Total $14,930,116).
b Mortgage Bonds (Total $7,641,880).
Colorado RR
$2,233,100 Colorado RR
32,233,000
Denver & Interurban RR
100,800 Denver & Interurban RR_ _ _ 1,250,000
Wichita Valley Ry
Col. SPgs.& Cr. Crk. Dia. By..
769,000
Common
1,199,100 Wichita Falls & Okla. By...
257,000
Preferred
800,000 Wichita Valley RR
744,000
Ft. Worth & Deny. City Ry.. 9,361,016 Abilene & Northern By
516,000
Wichita Valley By
1,019,100 Stamford & Northwestern _
1,872,880
Wichita Falls & Okla. Ry
c Equipment Trust Obligations.
22,100
Wichita Valley RR
60,100 Col.& So.equip, trust notes 31,442,977
Abilene & Northern By
39,100 d Certfs. of Indebtedness (Tot. $502,796).
Stamford & Northeastern Ry_
81,600 Col.Spgs.& Cr. Crk. Dist.Ry. 333,879
Ft. Worth & Deny. Term.Ry_
14,100
do
do
do
do
169,000
Ft. Worth & Deny. City By.- 299,917
OPERATING STATISTICS-COLORADO ek SOUTHERN LINES,
1913-14.
1912-13.
1911-12.
1910-11.
Average miles operated_
1.866
1,849
1.881
2.015
OperationsRevenue pass. carried__ 2.937.796
2.918.605
3,181.390
3.842.985
Rev. pass. carr'd 1 mile_128.816,949 132.844,931 128.851.962 152.992,251
Rate per pass. per mlle_
2.60 cts.
2.56 cts.
2.52 cts.
2.53 cts.
Revenue freight (tons)- 6.124.647
7.452,941
7.147,906 .7.765.015
Rev. freight (tons) 1 m_876,128,356 1148168.819 1058055,319 1171343.401
Rate per ton per mLle___ 1.033 cts. 0.944 cts. 0.931 cts. 0.949 cts.
Av.rev. train-load(tons)
291.80
321.78
314.08
302.06
Earns, per pass. tr. mile
*1 30
$1 32
$1 18
31 27
Earns, roer fr't tr. mile_ _
$3 02
$3 04
$2 92
$2 87
Operating revs, per mile
*7,083
*8.152
$7.421
$7,851
REVENUES, EXPENSES,&c.-COLORADO- et SOUTHERN LINES.
Operating Revenues- 1913-14.
1912-13.
1911-12.
1910-11.
Freight
$9.053,885 *10,836.134 *9.850,049 $11.120,361
Passenger
3.345,489
3.394.074
3,246,773
3,870.672
823,363
Mail, express and misc..
847,469
863,154
833.031
Total
$13,222.737 $15,077,677 $13.959,976 $15,824,064
Operating ExpensesMaint. of way & struc
51.818,146 *1.905,988 $1,637,316 $1.688.223
Transportation expenses 5.055,016
4,901,494
4,728,765
5.112,952
Maint. of equipment _ 2,184,784
3,111,513
2,532.181
2,779,143
216,445
Traffic expenses
230,407
236,127
239,692
General expenses
471,611
473,560
482.065
514.101
Total
$9.746,002 $10,622,962 $9,616,454 $10.334,111
Net operating revenue_ - $3,476,735 $4,454,715 *4,343.522 $5,489.953
Net-Outside oper., Dr.
16,956
24,804
24,523
33,285
Taxes
638.451
520,546
511,470
478,323
Total
391,907,923 364734,912
Note.-in stating the assets and liabilities of the companies forming the
Rock Island Lines, the holdings of the Chicago Rock Island & Pacific By.
in the bonds and capital stock of the auxiliary lines, together with loans
between the various companies, have been eliminated from the liabilities,
and a like reduction made in the assets pertaining thereto; the figures shown,
therefore represent the book value of the assets and the liabilities without
duplication.
x After deducting reserve for accrued depreciation, $917.357.
y Includes the following bonds issued but held in the treasury or pledged
as collateral for other loans: First & Ref. 4s. $12.699,000; Rock Island Arkansas & Louisiana 1st 45-6s. $1,965,000, and St. Paul & Kansas City Short
line RR. 1st 414.s, $2.515.000 (the total amounts issued were,respectively.
$107.640,000. $12,965.000 and $12,399,950).
z After crediting profit on land and securities sold,$149,733, and deducting adjustment of balances in freight in transit and paid claims unadjusted
accounts, *1.266,869: unextinguished discount on securities, $697,248:
cancellation of interest previously accrued on certificates of indebtedness
of the Trinity & Brazos Valley Ry. due to earnings of that company not
being sufficient to meet the interest payments at this time, or any time in
the immediate future, $572,294; reparation claims in settlement of rate
litigation, $222.792; depreciation on tracks removed,$47,803; on structures
sold, removed or destroyed. $388.531; on equipment sold, dismantled or
destroyed, $324,404. and Miscellaneous adjustments (net) aggregating
379.690.-V. 99, p. 1451. 1129.
Operating income__ *2.821.328 $3,909.364 $3,807,529
Income from214.209
Lease of roads
213,285
132.548
492,154
Funded securities
489,233
491,667
25,024
Other securities, &c.._ _ _
65,576
96,540
27,000
Dividends
32,060
23,000
132,016
Miscellaneous rents,&c_
44,123
46,519
Gross corporate Inc__ $3,711,731 $4.753,642
DeductInterest on bonds, &c__ $2,853,818 *2,875,483
60,826
61,030
Sinking funds
57.331
96,201
Hire of equip.-balance
84,589
81,462
Other rents
10.337
213,335
Miscellaneous
4)340,000
First pref. dividends__(2%,)170,000
1) 40,
Second pref. dividends_(2%)170.000
(4%)310.000
Common dividends_
$4,978,345
493,410
106.786
45,025
84,597,804 $5.623,566
$2,877.742 $2.812,642
49.140
34,400
86,948
309,162
75.916
162.684
8,089
6.085
(4)340,000 r340,000
(4)340,000
4)340,000
(2)620.000
2)620,000
Total deductions_ _ __ $3,645,846 $4.078,566 11.397.835 $4.624,974
$998.592
$199,969
3675,076
Balance,surplus
$65,885
Note.-The company is also responsible for one-half of the deficit from
operations of the Trinity & Brazos Valley By.. this share amounting in
1910-11 to $482.598. in 1911-12. it is understood, to $582.015, in 1912-13
to $469.919, and in 1913-14 to *748.558.
BALANCE SHEET JUNE 30-COLORADO c'E. SOUTHERN RI'.
1913.
1914.
1913.
1914.
$
LiabilitiesS
s
Assetss
Road & equip_ _ _106,639,457 106788,975 1st pref. stock_ .__ 0,500,000 8,500,000
2d pref. stock_ ___ 8,500,000 8,500,000
Scour. of pron.,
10,725,926 12,491,403 Common stock_ _ _31,021,484 31,025,468
44C.. COS
Mortgage bonds b65,607,176 65,665,177
Advan. to proP•.
908.452
805,901 Equip. tr. oblig__ 557,226
458,507
dm, cos
(Compare map, &c.. pp. 43 and 44 of "Railway& Industrial Section.")
Miami'. investts- 1,074,725 1,074.725 Loans & bills pay- 116.211
349,574
'Colorado a: Southern Lines. -These are composed of Colorado & South- Cash
907,700 Traffic, &c., halo.. 347,349
662,852
ern By. Co., Colorado RR. Co., Denver & Interurban RR. Co., Colorado Scours. In treas.__ 4,058,277 4,058,277 Vouch. & wages- 1,150.290 1,056,872
78,418
7,850 Matured int., &cSprings & Cripple Creek District By. Co., Fort Worth & Denver City Ry
74,641
124,061
Loans & bill. rec.._
344,158 misc. accounts__
Co.. the Wichita Valley By. Co., Wichita Falls & Oklahoma By. Co.: Traffic, &c., bale_ 228,932
29,065
26,001
369,378 Accrued Int., &c_ - 625,688
Wichita Valley RR. Co.. Stamford & Northwestern By. Co.. Abilene & Miscellaneous..
393,860
625,639
Northern By. Co., Fort Worth & Denver Terminal By. Co.
181,886 Accrued taxes_ _ _ _ 427,982
Ago.& conductors 188,317
360,296
under
decrease
a
show
lines
aforesaid
the
cf
revenues
operating
The total
1,271,695 1,363,332 Def. cred. items__
Material & supp
47,462
65,167
Add'ns to prop.
the preceding year of $1.854.939, or 12.30%. This decrease is principally Accrued Interest,
287,744
149,470
since June 30'07
&e
in freight revenue and is the consequence of a coal miners' strike in the
83
first
The
the
of
days
1913.
23
Other deferred deb.
Colorado coat fields, called on Sept.
through income 4,571,933 4,278,091
422,901
373,650 Reserves from inc.
Items
fiscal year which preceded the strike showed an increase in freight revenue
or surplus
over the same period of the previous year. Subsequent to the calling of
2,162,744 2,078,935
those
but
coal
transportation
Profit and loss__ .22,655,452 5,542,666
the strike, however, not only revenues from
derived from other classes cf freight, partly dependent thereon, showed a
Total
126,398,980 129054,979
Total
constant decrease.
126,398,980 120054,979
The total operating expenses were decreased by $876.959. or 8.25%. and
After deducting book value of securities written down.$2633,995,and
a
would have been still further reduced had we not been compelled to purthat
double
than
more
of
cost
a
at
iscellaneous mitems (net) aggregating $83.262. b Includes.Colorado &
chase coal from mines not on our lines
made op- Southern
% Ref. & Ext. M. bonds. $3.630.277 (out of the total issued
of the previous year and had not the heavy snows of last whit& operation
$34.434,177). and Fort Worth & Denver Terminal By.. 8428.000 (out of
eration of trains and the keeping of terminal yards open for
a total $728,000).-V. 99. p. 342.
singularly difficult and expensive.
This was due to legislative
Taxes increased $117,903. or 22.65%
action In Colcrado,Increasing the assessedvaluation, without a correspondThe Virginian Railway Company.
ing reduction In the State levy, and in Texas to increase in the State rate,
due to accumulated deficiency extending over several past years and a new
Annual Report Year ending June 30 1914.)
(5th
funds.
pension
tax cf 5 cts. per $100 valuation for the creation of
(The operating income for the year was 32,821.328. contrasting with
and 0i3n. Manager Raymond DuPuy, Nov.
Vice.-Pres.
deductions
but
$46.126.
increased
income
Other
1912-13.
$3,909.364 in
from gross corporate income aggregated $3,305,580. as against $3,088.329 2, wrote in subst.
Compare map, etc., pages 134 and 135
in 1912-13(due chiefly to a new item of miscellaneous deductions of $202.$406.151. contrasting with of "Railway & Industrial Section"):
768), so that the net corporate income was dividends,
against $990.237,
$1.665,313 in 1912-13. Deducting $340,266 for
Results.-Operating revenue from freight traffic increased $439.797.
there remained as surplus for the year $65,885. comparing with *675.076 equal to 8.22%; from passenger traffic, $48.050, or 14.13%. Operating
for the preceding year.)
debt" was de- expenses increased *159.064, or 4.71%, and net revenue increased $338,431,
Bonds.-During the year "mortgage, bonded and securedRy.
Co. retired equal to 13.71%. Gross income increased $289.184, equal to 11.12%.
S. & C. C. D.
creased *407.226 as follows: 1st M. of C.trusts
It is a pleasure to note that in a year when decreases were generally in order
discharged, $349,226.
through sinking fund. $58,000: equipment
property both your gross and net income showed increases. The operating ratio
aggregating
to
3165.589
charges
were
-There
Additions, etc.
was 55.73%, as against 57.75% for 1912-13. Taxes increased $42,895,
Structures
and
machinery,
Investment for additions and betterments, viz.wooden ones. $33,350; addi- equal to 20.02%.
$22,897; substituting permanent bridges for
[The total deductions from grass income were $1,629.635. being an inmain
rail,
heavier
line,
relaying
$37,669;
tional spur and industry tracks,
crease of 1,44.344. The net income carried to profit and loss was $1,260,$52.942; miscellaneous, $3.115.
$15,616: laying tie plates, main line,
against $1,018,435 in 1912-13.-Ed.]
853.
property
allied
-This
Co.
Ry.
Valley
Brazos
de
Receivership for Trinity
Financial.-In the spring of 1914 there were sold $2.000.000 additional
June 16 1914 upon proceedings instiwas placed in the hands of a receiver
company. 1st M. 5% gold bonds, 31.000,000 of these to reimburse the treasury in
that
of
M.
1st
the
in
trustee,
Co.,
Trust
Colony
tuted by Old
Pacific Ry. Co. are joint part for expenditures already made upon additions and improvements,
This company and the Chicago Rock Island & Valley
Ry. Co. in accord- and the other 51.000,000 being for the working fund provided in the mortowners in equal shares of the Trinity & Brazos
into in 1906 between the gage to meet anticipated expenditures for equipment and improvements
entered
contract
the
of
ance with the provisions
of Trinity & chargeable to capital (V. 98, p. 454, 1539).
operations
of
owning companies, and with the beginning
Equipment.-During the year your board authorized the purchase of
had been anticipated that within a reaBrazos Valley By. Co. in 1907 it company
been
have
sufficient to 1.000 steel gondola coal cars of a capacity of 110,000 lbs. each. The dewould
sonable time the revenues of the
of these cars began June 18 and all were received by Sept. 1.
livery
At that time agreements
meet the operating expenses and fixed charges.
As our original 80,000 lbs. capacity wooden stock and box cars could
with lines other than, and in addihad been made for interchange of traffic
modern heavy train service, it was decided to rebuild 501) of them.
stand
not
&
Trinity
the
provided
have
tion to, the owning companies, which wouldbusiness,
but lat•v the traffic using heavy steel underframes, and 175 of these cars have been SO rebuilt;
Brazos Valley By. Co. with an increasing
partly charged against capital and partly to operating exbeing
cost
the
general
the
with
together
fact,
this
of these other lines was diverted, and
to increased penses. Only a small amount of the expenditure came within this fiscal year.
depression in business and increases in operating expense, due
of equipment decreased $86,614 since the
-Maintenance
Maintenance.
rendered
taxes,
in
increases
and
material
wage schedules, increased cost of
previous year; repairs to locomotives were exceptionally large, owing to
it impossible for the Trinity & Brazos Valley Ry. Co. to meet its charges rebuilding
eight
a cost of $82,169.
at
locomotives
99.
V.
1921:
271).
IL
1).
followed
98.
(V.
proceedings
nd the receivership
Colorado & Southern Railway.
(15th Annual Report-Year ended June 30 1914.)
V.-Pres. A. D. Parker, Denver, says in substance:
Nov. 211914.1
THE CHRONICLE
Average Unit Amounts Expended for Repairs.
Pass. Car. Freight Car. Road Mile.
Locomotives.
$46 18
$1,632 23
1913-14
$629 24
$3,093 81
45 89
1,50891
735 76
1912-13
4,13706
46 41
1,343 73
535 05
1911-12
3.87034
35 81
926 57
456 05
1910-11
2.87083
During the year 21.9 miles of main track was relaid with 100-1b. rails.
During the year also 45 wooden bridges. aggregating 3,938 lineal feet,
have been replaced with permanent work at a cost of $141,365. Of this
amount $25,394 was charged to operation and the balance to capital. The
expenditure heretofore made for replacing wooden bridges with permanent
structures has begun to bear fruit, as the charges for the upkeep of bridges
was $40,799 less during the past year.
Other Improvements.-In Sept. 1911 your board authorized the lining
with concrete of 18 tunnels aggregating 15,324 lineal ft. Up to June 30
1914 9 tunnels. aggregating 11,951 lineal ft., had been completed at a cost
of 3494,119. At Nov. 2 the date of this report, three other tunnels, aggre
gating 1,609 additional lineal ft., have been completed. but the final esti
mates of the cost thereof have not been rendered. The ventilating plant
in the Allegheny tunnel has been successful and satisfactory; it cost $31,078.
Of the five miles of double track between Taft and MuRens, W. Va.,
authorized by the board. 3.73 miles were completed and put in operation
June 30, and the remaining work will be completed by the end of the year;
4.56 miles of new tracks have been laid in sidings, spur tracks and yards.
85,454 cubic yards of crushed rock ballast have been put in the track,
which is less than in former years, but the track Is in better condition than
ever before. Work upon the new Jenny Gap tunnel for two tracks was
completed (except a part of the lining) during the year, and the tunnel
is in operation at this writing.
Additions to Cost of Road and Egui ment. Aggregating (Net) $1,110.583
$23,562 Shops,engine houses,&c
Fight ot way,&c
$96,978
53,374 Machinery and tools
Widening cuts, &c
99,910
362,243 Water and fuel stations
Tunnel Improvements
38,802
71,449 Miscellaneous
Bridges, trestles, &c
57.528
Increased wight of rail
28,112 225 steel gondolas, 2 cranes,&c 255,911
26,455 Less equip.retired,&c_ 42,576
Ballast
Additional main tracks
82,558
Reserve dep. equip _197,137
Sidings, spurs,&c
154,188
New Industries and Coal Mmes.-The following 45 new industries were
located on your line during the fiscal year: Lumber and saw-mills. 32;
canneries. 6; coal operations. 1; creamery,
.1; veneer factory, 1; gristmill, 1;
cotton gin, 1: light and power plant. 1; spoke and handle factory, 1.
More than usual activity is being shown in the opening up of eight new
coal operations along your line, aggregating 8.500 acres, as follows:
CompanyAcreage.
CompanyAcreage.
Wyoming Coal Co
3,003 Cooper-Pocahontas Coal Co-1,000
Virginian Smokeless Fuel Co
887 Trace Fork Coal Co
518
Sabine Smokeless Coal Co___ 692 W. Va. Coal Min'g Co. (joint)_ 400
1,000 Algonquin Coal Co. (joint)----1.000
Hardy Coal Co
All but the last two of these mines are located exclusively on your tracks.
Estimated annual output from these operations is 500,000 tons.
Classification of Freight-Products of (Tons).
Forest. Mfrs.,&c. Total.
Agric. Animals. Mines.
1913-14 --------64,734 2,405 4.248.492 315,283 145.749 4.776,663
54,295 1,843 3.871,960 351,430 131,094 4.410,622
1912-13
52,462 1,615 3,174,702 233,828 128,404 3,641,011
1911-12
38,321 1.983 2,251.328 310,856 110.642 2,713.135
1910-11
In 1913-14 bituminous coal tonnage was 4.122.987, against 3,775,423
tons in 1912-13, 3,103,309 tons in 1911-12 and 2,141.000 tons in 1910-11.
TRAFFIC STATISTICS YEAR ENDING JUNE 30.
1912-13.
1913-14.
1911-12.
1910-11.
491.13
503.03
474.60
474.60
Average mileage
4,410.622
3.641,011
9.776.663
2,713.135
carried_
(revenue)
Tons
Tons carried one mile_ 1694615,413 1559020.877 1265707,583 916,104.287
0.342 aft. 0.343 cts. 0.351 eta. 0.361 cts.
Rate per ton per mile
399,762
511.869
333,629
658,781
Passengers carried
15,157.690 13,496.106 12.132,579 11,996,565
Pass. carried one mile
2.52 Ms.
2.17 cts.
2.56 cts.
2.15 cts.
Rate per pass. per mile_
$11,896
$12,604
$10,193
Gross earnings per mile..
$7,735
GENERAL INCOME ACCOUNT.
1912-13.
1913-14.
Operating Revenue1911-12.
1910-11.
$5,790,645 $5,350,848 $4.436,402 33.307.017
Freight
Passenger
339.943
387,993
263.978
257,333
Mail, express and misc.
161,441
151.793
137,213
106,374
Grass revenue
$6,340,079 $5,842,584 14,837.598 33,671,224
Operating Expenses$846,211
Maint. of way, &c
$741,069
3637,739
$439,752
Maintenance of equip... 1,004,113
1.090,727
868,927
626,658
63.491
65,260
Trallic expenses
61.960
60,525
Conducting transporta'n 1,481,339
1,372,167
1,302.827
959,138
106,702
136.297
General expenses
100.339
93,598
Total operating expen. $3,533,220 $3.374,156 $2,971,792 $2,170 671
Net revenue
$2,806,859 $2,468,428 $1,365,806 $1.491.553
Taxes
257,195
214,300
194,200
182.756
Operating income_ ___ $2,549,664 32,254,128 31,671.606 $1,308.797
Other income
340,824
349,598
92.715
101,913
Gross income
$2,390,488 $2.603,726 31,764,321 $1,410,710
DeductionsInterest on funded debt_ $1,284,896 $1,250,000 31,633.125
31,709,264
Int. on equip. obliga'ns_
95.300
114.050
373,400
313,555
Other Interest
274
2.760
344,383
327,523
Discount on first lien
equip. notes written off
22,500
22,500
22.500
Miscellaneous
9.639
1.325
181
Rents_
239.526
194,656
134.133
121.223
Total deductions_ ...._ $1,629,635 $1,585,291
Balance, sur. or def__sur.$1,260,853sr.$1,013,435 32,512,722 n,524.065
def.$748,401df.S1.113,355
BALANCE SHEET JUNE 30.
1914.
1913.
1914.
1913.
AssetsLiabilities$
$
Road & equip't__a84,601,127 83,490,544 Common stock _ _ _31,271.500
31,271,500
com.
Ry.
stk.
25,300
N.T.
25,200 Preferred stock. _ _27.955,000 27,955,000
V.T.Fy.corn.stk. 499.000
499,000 Funded debt
25,687,000
27,062,000
V.T.rty.1stM.bdc 3,000,000 3,000,000 Loans & notes pay.
100,000
Other investments
7,215
31,474 Traffic, &c., haIs_
23,147
3,322
1,862,252
Cash
168,500 Vouchers & wages 396,881
306,541
Marls & supplies_ 576,529
364,629 Misce.laneous __ _. 182.754
35,242
Traffic & balances
18,173
16,405 Rental V.T.fly..
5,833
5,833
Agents & card rs. 139,422
132,810 Unmatured mt... c264,058
252,048
132,362
Bills receivable_
126,655 Taxes accrued... 144.456
120,963
Mowellaneous_ _
189,950
70.040 Operating reserves
77,609
24,450
32,744
Special deposits
30,383 0th. def. Cr. items
5,618
10,322
72,519
119,821 Profit and loss. _ _ b2,142,737
Oth .def.deb items
928,341
Total
91,156,593 88,075,562
Total
91,156,593 88,075,562
a After deducting depreciation reserve of $572.358.
b After deducting sundry adjustments (net) amounting to$46,457. The
total surplus is the amount before providing for accumulated dividends
on pref. stock from May 1 1912 to June 30 1914.
c Unmatured int. In 1914 Includes 3225.000 on 1st M.50-year 5s: 325,000
on Virginian Terminal Ry. 50-year guar. 5s. and 314,05800 first lien equip.
trust notes.-V. 99. p. 408.
New Orleans Mobile & Chicago RR."(Panama Route)"
(5th Annual Report Year ended June 30 1914.)
Pres. W.F. Owen, Mobile, Oct. 19, wrote in substance:
The property passed into the hands of a receiver on Dec. 19 1913 and
since that date the receiver has been operating the road. Therefore this
consolidated report covers the operation of the property by the company
from July 1 1913 to Dec. 18 1913 and the operations of the receiver from
Dec. 19 1913 to June 30 1914.(ABM dec. rental charge see V.97, p. 1332.)
The gross revenue for the year was 32,204.370. being a decrease of
3285.682 net: the income was $753,213, an increase of 325.136.
1525
While interest on bonds increased $86,262, taxes increased $16,272 and
Interest on receiver's certificates 35,083, other charges decreased as
follows: rental, 3170.039; hire of equipment, $102,377; other items, $12,032. The balance, deficit, carried to profit and loss was, therefore. only
$108,631, against $298,896 in 1912-13. The gross revenue per mile of
road operated was 35,471 ,an increase of 3814; net p. m.,$1.869; Inc., $508.
Tie renewals, main line, $217,732. Miles main line relaid: with 85-lb.
rail, 5.96; with 70-lb. rail. 5.21. Miles of track gravel ballasted and
standardized, 92.03; miles of track gravel distributed but not put under,
10.00; miles of embankment widened, 12.00; lineal feet new bridging built,
9,321. Locomotives owned June 30 1914. 58; decrease, 1; pass. ears. 26;
inc., 1; freight, 1,756 (box 931; flat, 567; stock,6; gondola.252);dec.,23.
CLASSIFICATION OF FREIGHT TONNAGE-PRODUCTS OF
Aortas'. Animals. Mines. Forest. Manufac. Mdse.
1913-14
158,219
3,430 149,144 781,362
80,933 65,817
1912-13
161,773
18,088 122,947 828.531 146.324
84,243
GENERAL STATISTICS YEARS ENDING JUNE 30.
1913-14.
1912-13.
1911-12.
1910-11.
Miles operated, average.
402.90
534.68
451.74
404.33
Passengers carried
653.945
612.696
580,632
583,858
Pass. carried one mile
13,196,141 12,601.312 12,385.837 12.005.494
Avge. per pass. per mile.
30.279
3.0279
3.0275
3.0282
Tons of freight carried
1,036.187
1.238.905
924.424
1,361.906
Tons fgt. carried 1 mlle_128.458.995 196,863,679 117,635.680 30.552,478
Avge. per ton per mile
30.133
1.0170
3.0131
3.0100
Freight earnings
Passenger
Mail, express, &c
INCOME ACCOUNT.
1913-14.
1910-11.
1911-12.
1912-13.
$1.710,234 11,987,465 31.545,592 31.375.609
368,125
336.048
340.778
355,485
93,318
76.210
79,308
88.989
Total transp'n revenue 32,171.727
Non-transport'n revenue
32.643
32,431.939 31,962.580 31,790,965
58.113
40,148
35.170
Total oper. revenue_ - $2,204,370 32.490.052 32.002,728 31,826,135
Maint. of way & struc__
$325,121
3383.972
$327,611
$254.193
Maint. of equipment.....
278.202
261,654
215,352
151,539
Traffic expense
46.478
43.761
33,720
40.217
Transportation expenses
705.122
972,333
693.521
544.377
General expenses
96,234
100,255
96.618
95.767
Total oper. expenses_ 31.451.157 31.761,975 11,372,468 $1.080,447
Non-operating revenue_
3753.213
3630.260
$728,077
$745,688
Taxes
85.726
53,000
69.454
50,319
Total income
$667.487
$653,623
3577,260
1695,369
DeductionsInterest on bonds
1682,010
3595,748
$574,019
1591,165
Int. on equip. obligations
7,624
5.339
11,310
8.274
Other interest
60,520
11,740
70,143
Cr.2.276
Rents paid
2,805
172.844
60,429
7,533
Hire of equipment
5.814
51,442
108,191
23,636
Discount on securities.. _
13,638
1.009
1.935
619
Outside operations, net
def909
def1.034
def618
Int.on receiv. certif_ _ _ _
5.083
Total
$776,118
$957.519
3727.713
3611,805
Balance. sur. or def
def$108,631def.$298,396 def.3150,453 sur. $83.565
BALANCE SHEET JUNE 30.
1014.
1913.
1914.
1913.
Assets$
LiabtlUies•
$
$
5
Read Sr equip't__823 112.621 22,847,661 Common stock.... 8,075,300
8,075,300
Agts.& conductors
14,517
16,779 Preferred stock.... 2,000,000 2,000,000
Securities pledged.
842,000 Mortgage nonds__ 13.813,500 13,813.500
do in trearury. 909,725
909,725 Equipment trust".
RJ 102
150 424
Physical property.
57,819
59,164 Receiver's certif.. 250,000
Cash
224,036
90,989 Loans & bills pay_ 611,521 1,177,202
Accts. receivable_
98,400
112,004 Traffic, &c., bals_
520
Triune, &c., bats_
15,295
21,474 Vouchers & wages. 271,787
496,433
Material & supp
213,635
197,680 Misc, accts. ray'le
27,617
28,899
Other work, assets
17,437
14,345 Matured int., diva.
Advance payments
5,866
5,769
rents, &c
681,462
3,060
0th del debit items
20,888
39,024 Accr Bab. not due 436,121
353,461
Unexting.discount
Operating reserves
8,134
11,171
on securities. _ _ 1,045,951
592,666 Other del. Items
2,078
3,195
Miscellaneous. _ _ _
983
462
Profit and loss...... 529,449
3E3,423
Total
26,266,622 26,113,165
Total
06 266,622 26,113,165
a After deducting reserve of $297,367 for accrued depreciation, against
$263,812 in 1913.-V. 99, p. 1452.
Lehigh & New England Railroad.
(20th Annual Report-Year ended June 30 1914.)
Pres. S. D. Warriner, Phila., Sept. 23, wrote in substance:
Capital Stock.-The stock outstanding was increased during the year
from $4,145,000 to $4,645.000, the new stock being sold at par to provide
funds for the purchase of capital stock of connecting lines of railroad, and
equipment (V. 98, p. 1920). Dividends aggregating 8% ($4 per share)
were paid during the year. amounting to $361,600.
Debt.-In July 1913 $300.000 additional Consols of 1903 were certified
on account of the cost of building the Tamaqua extension, and are now held
In the treasury.
As of Mar. 2 1914 $600,000 equipment trust Series "D"
% certificates were created for the acquisition of 500 steel hopper coal cars of 100,000
pounds capacity, 200 steel drop-bottom gondola coal cars of 80.000 pounds
capacity. 7 consolidation freight locomotives and 3 switching locomotives
(see V. 98, p. 387).
Of equipment trusts Series "A." "B," and "C," amounts aggregating
$110,000 were paid.
To provide for the retirement of funded and unfunded debt, as well as
future financial needs. a General Mortgage was made to secure an authorized issue of 315.000,000 General Mortgage Gold Bonds dated July 1 1914,
payable July 11954. and bearing interest at not exceeding 5% per annum.
Your board authorized the delivery of 34.000.000 of the said bonds. constituting Series "A," 5s, the sale of which has been arranged at dvantageougrin(seofering;f ar0,21?ofam2
i
used
provide (a) for the retire..
ment on or before Jan. 1 1915 of the following 32.330,000
bonds now
outstanding: Consol. M. 5% bonds, due 1953 (paid Oct. 1 1914-V. 99.
p. 674). 31.380,000; Northampton RR. 1st M.5% bonds.due 1952 (called
for payment Jan. 1 1915-V. 99, p.
$300,000: Lehigh & Delaware
RR. Co. Gen. Mortgage 5% bonds.1366),
due 1954, redeemable Jan.
1915.
3650,000. (b) For the payment of floating debt, the construction1 of
additional shops and yard facilities, the extension of the lines by purchase
or otherwise, and for additional working capital.
Upon the satisfaction of the mortgages securing the $2.330,000 of bonds
above recited, the only bonds palor to the General
Mortgage will be the
31.000,000 1st M. 5% bonds due 1945, to retire which a like amount
of
new bonds is reserved.
Additions. &c.-New lines and extensions were acquired and constructed
at a total cost of $524,838. made up of expenditures on Tamaqua Extension and Catasauqua and Palmerton branches and acquisition of Panther
Creek RR. There was charged to additions and betterments $961,143.
viz.: (a) Locomotives, $304,950; freight cars. $623,195; passenger
cars,
$6,525; work equipment, $9,745: total. $944,415; less equipment
$32,919; balance. $911,496. (b) Other additions and betterments. retired,
349.647.
Our extensive shops and yards near Pen Argyi. Pa., it is expected,
will be
completed during 1915.
Mileage.-During the year the branches Clyde to
Catasauqua.5.43 miles,
and Gap Junction to Palmerton (connecting
with
Chestnut Ridge RR.),
1.23 miles, were completed and put in operation, and
we acquired by consolidation the Panther Creek RR., 20.86 miles, the
operation of which began Dec. 1 1913 (V.97, p. 1663). Trackage rights also
were obtained over
the Crane RR. Co.. 3.31 miles, connecting with the
Philadelphia & Ready. and Central of New Jersey.
1(3.-The development of business was continued
vigorously and resulted M a very satisfactory increase in gross revenue for
the year. The
taxes for the year increased 313,426 (45.2%) over
1912-13.
[VOL. xe
THE CHRONICLE
1526
Ezpress.-Effective July 1 1914. a contract was entered into with the
the United States Express Co.
Adams Express Co., the arrangement withJune
30 1914.
and Wells-Fargo & Co. having terminated
EQUIPMENT STATISTICS JUNE 30 1914.
Total.
Equip.
Locomotives. Pass.Tr.Cars, Fr't Tr. Cars. Work52
3.042
2,923
13
54
CLASSIFICATION OF FREIGHT-PRODUCTS OF (TONS).
Forests. Manuf. Mdse.
Mines.
Agricut. Animals.
58,774
978,699
85.918
3,184.217
24,245
40.321
1913-14
86,112
961,631
78.593
1,675.917
19.182
36,730
1912-13
of anthracite coal
Products of mines include in 191344 2,292,012 tons
tons,
and 574,369 tons of bituminous, against 780,297 tons and 537,020
respectively, in 1912-13.
INCOME ACCOUNT FOR THE YEAR ENDEDIJUNE 30.
1911-12.
1912-13.
1913-14.
169.77
268.75
293.58
Miles operated June 30
$845.726
$1.756.475
$2.157,448
Freight earnings
12,473
11.653
14,008
Passenger
4,934
12,547
67.067
Mail, express, &c
6,158
13,109
17,277
Other than transportation
$869.292
82,255,800 $1.793,785
Total operating revenue
Expenses$133,657
$249,045
$292,897
Maintenance of way and structures
140,053
204.237
303.627
Maintenance of equipment
13,983
16,659
23,861
Traffic expenses
251.298
447,806
585,782
Transportation expenses
37,359
45,293
51.113
expenses
General
$1.257.280
Total operating expenses
Percentage of expenses to earnings.. (55.74%)
$998,520
Net operating revenue
43,126
Accrued taxes
$963.040
(53.69%)
$830,745
29.700
$576,350
(66.31%)
$292,942
22,000
Net operating income
Hire of equipment(credit balance)
Interest,joint facilities, &c
$955.394
4,286
5,657
$801.045
2.497
$270,942
25,603
837
Gross income
Lease of other roads
Hire of equipment
Joint facility rents
Miscellaneous deductions
Interest on bonds
Other interest
Amortization of discount on bonds..
Dividends paid (8%)
$965.337
$63.655
8803,543
$297.382
outset when the franchises. &c.. were conveyed by Tidewater RR. Co.)
in the proportion of$600 ofcommon and $400 ofpref.with each 81,000 bonds.
The foregoing memorandum is based entirely on explanation of the officers
of the Railroad and Construction companies.
Earnings.-A study of the Construction Co.'s audit shows that in the
following statement of earnings for the 12 months ending Aug. 31 material
items have been absorbed by the construction (capital) charges, which
under purely operating conditions would have been borne by the operating
company, increasing the operating expenses for the year about $30,000.
This will be made clearer by the statement of operating conditions for the
months of July and August 1914. This statement also favors to a certain
extent operation, and,nevertheless,shows that after all interest and other
fixed charges have been met,a net loss of 811.374 for the two months involved has been sustained, which,at the same rate, would amount to 868.247
for 12 months, as compared with $48,249 shown for the year. However,
it is unfair to debit the total fixed and interest charges against operation,
as material expenditures for right of way,roadbed, materials and labor have
been incurred on the Bessemer extension which is incomplete, and as other
contemplated extensions might be made at relatively small cost which should
materially increase the gross receipts and absorb a substantial part of the
fixed charges.
Rolling Stock.-25 double truck electric cars, 1 motor work car, 1 combination line and sprinkler car,26 dump cars, 3 flat cars,6 100,000-lb.-capacity
steel cars. 1 18x24-in. Baldwin locomotive, 1 10-ton locomotive crane.
Constructed Line.-(1) From 85th St. and Underwood Ave., East Lake;
along 85th St., First Ave. to 82d St. and Underwood Ave. to 68th St.;
thence, by private rights of way, to Hillman Ave.; thence, via Hillman Ave..
Woodlawn Ave., Grand Ave., Ave. D,41st St. and 5th Ave. Road to Terminal Station; thence, by subway and 5th Ave. North to Walker St. and
along Ella Ave., Cohnont Ave. and Sarah Ave. to No. 2 Sub-Station:
thence, private rights of way to Jefferson Boulevard; and via Goodwin Ave.
and Peach Ave. to a point near Annie Ave.; thence private right of way to
Canal St.; thence via .Aubin St. (18th St.) to 17th St., Ensley; 17th St. to
Ave D.; Ave. D to 22d St.; 22d St. to Ave. I. (2) Fairfield Line-Ave. I
from 17th St. to 35th St., thence by private right of way to Valley Road
(Fairfield); Valley Road to Gary Ave.; Gary Ave. to West Gate of Fairfield;
thence by private right of way to American Steel & Wire mill. (3) Pratt
City Branch-Canal St. to Pearl St.; private rights of way to Young or 3d
St.; 3d St. to 1st Ave. or Ave. A (Pratt City); 1st Ave.(Ave. a) to 4th St.;
4th St. to 3d Ave.; 3d Ave. to 3d St.
A total of 32.788 miles of single track, viz.: First main track, 19.162:
second main track, 12.145; sidings, connecting tracks, &c., 0.805; car
barn, yard, &c., 0.676; total. 32.788 miles.
EARNINGS FOR 12 MOS. AND ALSO 2 MOS. END. AUG. 31 1914.
12 Mos. 2 Mos.
$23,476
2 Revenue-Passenger ($217,557), baggage, adv.. &c__ $220.655 $39.304
265.193 Operating expenses-Maintenance
12,392
3,467
9,008 Transportation, including power purchased (12 mos.
9.694
119,010
847.405; 2 mos., $8,107)
21,307
3.897
General expense
2,654
Insurance
1,2291
429
$307,374 Injuries and damages
$445,359
$779,826
14.977j
Total deductions
sur.$185.511sur .$358,184 def.$9,992
Balance, surplus or deficit
$151.504 327.857
Total operating expenses
369.151 $11,447
BALANCE SHEET JUNE 30.
Net earnings
8110.000 321.583
bonds
on
Deduct-Interest
1913.
1914.
1913.
1914.
tax
franchise
7,400
(81,899)
and
1,239
City license ($5,500)
Liabutties$
$
Assetsstock ____ 4,645,000 4,145,000
Road and equip_•10,212,885 8,857,406 Capital
for
$48.249
Loss
corrections)
above
811,375
(see
text
73,439 Fund, debt outst'g
73,439
Secure. pledged_ __
(see Railway &
Seem's. of prop'y,
Statement of Car Miles for the 12 Mos. end. Aug. 31 1914 (000 omitted).
Indus. Sec.)___ 5,600,000 4,810,000
&c., companies
10,049
1,562 Traffic, &c., bats
1914
1,562
1913-------unpledgetl
100,000
pay_
400,000
bills
&
Loans
23,095
Aug. Total.
Oct.
23,095
Other Invest'ts
291,424 SItiIn.?r.Jan.
104,907 Vouchers & wages 270,985
lg
Feb.f.
2E
rle
134,355
Cash
20,984
34,643
accounts_
Miseell.
20.000
320.000
_
trees__
Secure. In
Passengers Carriedfor the 12 Months ending Aug.311914.
48,850
49,300
3,280 Matured int., &c_
220
Marketable secure.
112,694 Unmatured Inter5-cent
2}6-cent Trans151,509
Free
Acts.& conduc
33,263
68,437
est, &c
165.034
Fares.
lets. Passengers. Total.
Fares.
Traffic, &c., bids_ 201,639
302 September 1913
414
85,160 Def'd credit items
38,766
337,087
4,977
10,016
4,070
356,150
Miscell. accounts_
218,289 October 1913
146,444 Profit and loss _ 399,190
360.264
12,157
26.253
5,367
404.041
Material & suppl's 146,615
85,140
November 1913
358,250
10.893
30,689
4.922
404,754
Def'd debit items_ 193,594
9,678.161
11,497,679
Total
December 1913
384.241
33,255
10,307
6.667
433,470
11,497,679 9,678,161
January 1914
340,424
13,939
6.054
29.524
Total
389,941
February 1914
13,701
290.951
22,584
5.603
332.839
-sr. 99. P. 1366. 1300.
March 1914
14,202 24,846
328.688
6.680
374.416
April 1914
345.431
6,758
26.917
13,558
392.664
Third Avenue Railway, New York.
May 1914
6,482
12,478 29.476
381,795
430,231
June 1914
424,410
6.479
28.807
1,757
387.367
(Report for Fiscal Year ending June 30 1914.)
July 1914
440,599
7.160
677 30.919
401,843
407.209
6.658
27.967
437
372.147
The report for the year ending June 30 last is given in full August 1914
91,783
1.104
240.094
14.321
7,269
361,600
831,045
108,320
15
275,310
20.254
10.416
122O
on subsequent pages of to-day's "Chronicle," including the
remarks of President Whitridge, the comparative income
account and the balance sheet. Comparative balance sheets
and other data were given last week on page 1447.-V.
99, p. 1447, 1452, 610.
Birmingham Ensley & Bessemer RR. Co.
(First Report of Receiver Filed Sept.25 1914.)
The first report of Recever I. W. Ross, filed Sept. 25,
1914, says in substance:
lEr.'M.'IT.
J1
S10
71,900 4.790,724
4.288,488 109,083 321,253
BALANCE SHEET AUG. 31 1914 (Total Each Side 86.878.118)•
$1,361,500
$1,743,064 Preferred stock
Road.equipment,&c
2,791,500
58.827 Common stock
Construction equipment
bonds
2,650.000
First
mortgage
1,831
Cash
5,201
2,144 Accrued pay-rolls, &c
Accounts receivable
interest
Accrued
3,874
66,250
&c
insurance,
Prepaid
5,562 Accounts payable, &c
3,667
Stores, &c
500,000
Franchises
376,250
Bond discount
4,186,566
Balance, deficit
The capitalization here shown is the amount outstanding exclusive of
amounts in the treasury, which were 8138,500 pref. stock, $208,500 comM. bonds.
mon stock and 3350.000
Property account as above, 81.743,064. includes: Engineering and superof way, $105,917; grading. $84.756; ballast.
right
8128.492;
intendence,
870,547; ties. $84,611; rails, fastenings, joints, &c., $181.795; special work,
$63,186; paving. $74,248; track-laying and surfacing, $88,659,• bridges,
trestles and culverts, $46.838; telegraph and telephones, $3,217 transmission and distribution systems (incl. poles). $128.229; bonding, 816,636;
l52,040; shops and car houses, $60,disputect
miseu
lighting system. 64.891; sub-stations,
761; cars, $218,108; law expense, $39, 44; interest. $196.236; injuries and
aneous.861,931.
damages. $10,893; taxes.$2.031;
claims exist as follows: Disputed
Unliquidated contingent or
accounts. $8.206; contingent accounts-bond for grading street, National
Surety Co.. surety, $6,000; damage claims-(a) in Judgment and on appeal
(U.S. Fidelity & Guaranty Co.,surety), 86,750;(b in suit No. 69, amount
claimed. $451,750: (c) other, $2,500. Previous claims were disposed of as
follows: 181 claims not sued on were settled for $11,804 and 22 claims in
suit claiming $100.900 were settled for 83.946, while 22 damage suits
aggregating 5154.439 resulted in 15 judgments for defendant and 7 judgments for plaintiff, the latter amounting to $6.963. of which $6,750 is on
review In Appellate Courts. See also V.99, p. 1365, 1129,894,815. 747.
Total
Data Furnished.-The several schedules, &c., presented herewith
are
based entirely upon the books and accounts of the company or of the Tidewater Construction Co. which have been made available to me. I have
reached no conclusion with refreence to the matters presented, and submit
no recommendation at this time.
Construction.-On March 20 1911 the Birmingham Ensley & Bessemer
RR. Co. entered into a contract with the Tidewater Construction Co. (of
interurban, &c.. railroads from points
N.J.) for the construction of lines of
city of Birmingham, through said city
at or near the eastern limits of the
lawn. Avondale, North
East
of
Lake, W
former
cities
the
through
and
Birmingham, Birmingham. Graymont, Pratt City and Ensley, and through
of Bessemer.about 48 miles of single track, with the necesand into the cityrights
of way,real estate, power plant,sub-stations. equipsary franchises,
other facilities for carrying freight and passengers.
ment, terminals, and all it
became undesirable or impracticable to construct
that
state
records
The
t City freight and passenger loop
Birmingham-Prat
the Woodlawn-Northhouse, and that other material changes in the plans
power
the
also
and
the construction contract; and an
of
revision
a
suggested
This
were made.
bearing recent date recites the issue to the Conagreement to that effect,
of bonds and of $1,360,000 pref. and
$2.650.000
of
total
a
of
Co.
struction
and that the parties have reached an agreemenr
82.790,000 common stock,
of said contract of March 20 1911, made necessary
for the "termination
Co. to abandon or suspend material portions Algoma Steel Corporation, Ltd., Sault Ste. Marie, Ont.
Railroad
the
of
by the desirecontemplated
by said contract." The agreement stipulates
(Report for Fiscal Year ended June 30 1)14.)
work
the
of
Co. shall, at its sole expense, cause the PrattofCity
the
the basis
that the Construction
and terminates the contract on the
the leading subsidiary of the Lake Superior
company,
This
of
exception
with
viaduct to be completed,
done,
already
for the work
securities already issued,
be completed by the Construe. Co. Corporation, recently announced a plan (V. 99, p. 1368) for
to
is
which
to,
referred
the viaduct aboveit appears that the Construction Co. has sold all the bonds funding four coupons on its $14,000,000 First & Ref. M.5s.
the first $500.000.
From an audit
certain percentages of stock, except been issued
on the In the report dated Aug. 1910, Pres. J. Frater Taylor,
received by it, with
accompanying stock, appears to have
for each $1,000 of Sault Ste. Marie, says in substance,
$825
which, with theTidewater
at
franchises),
Co.
RR.
the
transfer of
stock; and, according to the Construction Co.'s
The output, as compared with the preceding year, is as follows:
bonds with accomisanying that the Construction Co. has received for the
1912-13,
1911-12.
1913-14.
accounts, it would appear
stock thus sold, the sum of $1,773,accompanying
258,979
tons
326.073
with
311.904
32,150.000 bonds,
all expenditures were made with Pig iron
241,729
tons
289,343
325.680.
stated that substantially
rails
is
all
It
Steel
show
that
will
books
cash.
the
in
that
750
further,
Railroad;
39,466
tons
26.295
15,576
the
material
mill
of
Merchant
in addition to
the concurrence
of securities(to-wit.$1,773,750),
Pig iron production has been well maintained, and the rail output has
moneys realized on the sale
railroad, have been conveyed to or expended exceeded
the
year.
previous
by
any
of
that
owned
construction
the
franchises
with
the
railroad and in accordance
The water-power department continues to show good results. Now that
for the benefit of the
issued and out- the International Joint Commission has given its decision on the respective
contract.
that all of the capital stock of
(a)
appear
and
therefore
pref.,
all water-power rights of Canada and the United States. It is expected that
It would
51,500 of common and $1.500
outstanding questions as to the rights of the company will be speedily
standing, except the original
issued under the construction contract
been
have
outstanding,
That
settled, so as to enable the enlargement of our power canal.
(b)
the bonds
and properties.
franchises
its
acquired
Our mines In the Michipicoten district are operating to full capacity, and
under which the company
(not referring to the $500,000 of bonds,
this stock was issued with the bonds of common which were issued at the • are producing ore of a satisfactory grade, part of which is being used in the
$1,500,000
and
$500.000 of preferred
THE CHRONICLE
Nov. 211914.]
blast furnaces, the remainder being sold in the open market. (For annual
output for a series of years see Lake Superior Corp. in V. 99, p. 1134.) As
anticipated in the last report. Magpie mine commenced shipments in May.
Throughout the year capital expenditure has been curtailed as far as
possible. Unforeseen expenditure occurred through the collapse of part
of the ore dock at the Sault and the consequent loss of an ore bridge, last
winter. The existing battery of open-hearth furnaces is being added to by
the construction of two additional furnaces, bringing the capacity of this
plant up to 20,000 tons of steel ingots per month.
The outlook is somewhat uncertain. The demand for steel products has
fallen off, and money stringency, owing to the European situation. is operating as an adverse factor. In view of this and of the continuing necessity
for outlay upon the older plants and properties, we have not on this occasion
paid anything to the Lake Superior Corp. by way of dividend on pref. stock.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1913-14. 1912-13.
1913-14. 1912-13.
Deductions (Con.)$
$
1,762,110 1,748,221 Bank, &c., advances 190,364 211,52.1
Net earnings
Proportion of above
Divs.and int. on inint. charged to cap.
172,856 152,084
vest., &c
acct. expend. new
construction
1,900,305
Cr.99,524
1,934,966
Total net earnings
Preferred dividends_
410,000
Interest
Fur, money M.5s_ 290,000 290,000
lst & Ref. M.Ss... 700,000 679,631
Total deductions_1,238,815 1,501,783
3-yr.6% notes__ _ 48,650
Balance,surplus__ 696,151 398,522
Deb. City of Sault
10,148
9,801
Ste. Marie
From the surplus as above in 1914 ($696.151) there was appropriated for
reserves for depreciation, renewals. &c.,$480.553; doubtful debts and losses
of previous years, &c., $136.086, and amount written off in repsect of discount and expenses of securities sold. $62,428. leaving $17,084 to be carried forward to the balance sheet.
BALANCE SHEET JUNE 30.
1914.
1914.
1913.
Assets$
47,539,449 46,631,409 Common stock _ 15,000,000
Property
Investments in subPreferred stock._ _10,000,C00
sidiary,&c.,cos. 1,285,697 1,515,710 Fur. mon.5% bds. 5.800,000
66.598
130,054 1st & ref. M.5s _ 214,000,000
Fds. held by trust_
Products on hand. 708,053
447,199 3-year 6% not,es__ 2,432,500
Mat'll & supplies_ 2,930,152 4,691,252 Deb.bonds City ol
Accts. receivable_ 2,296,791 1,472,090
Sault Ste. Marie 1£5,129
Lake Sup. Corp.,
Prepaid pow.,&c.,
current account 170,798
1,833
rent
SOM. cos., cur13ank,&c.,loans 1.550,000
193,843
Accounts payable_ 1,634,463
rent account_ __
52,697
619,962 DuetoL.Sup.Corp.
Cash
Due to sub. cos.._
Exp. of Issue of
28,408
124,000
Acer.bond,&c.,int. 251,489
3-year notes_ _
69,661 Suspense accounts
35,509
Suspense accounts
3,347
Reser. & dep'n fd _ 1,335,820
Profit and loss_ _ _b3,170,600
Total
55,403,587 55,577,337
Total
1913.
5
15,000,000
10,000,000
5,800,000
14,000,000
202,329
9,162
3,150,204
1,649,586
957,677
200,810
895,011
3,712,558
55,403,587 55,577,337
a After deducting $6,148,000 pledged as security for repayment of 3-year
notes and temporary loans. b After deducting $559,042 further reorganization charges and amount transferred to general reserve.
Note.-The company also guarantees $240.000 bonds of the International Transit Co -V. 99, p. 1368. 1216.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Androscoggin Electric Co., Lewiston, &c., Maine.New Merger-Bonds.-This company, recently formed by
consolidation of the Lewiston & Auburn Electric Light Co.
and the Portland-Lewiston Interurban RR. Co.,has filed a
mortgage to the Union Safe Deposit & Trust Co. of Portland,
Me., as trustee, to secure not exceeding $5,000,000 of First
& Refunding mortgage 5% bonds (present issue to be $1,800,000), dated 'Oct. 26 1914 and due Oct. 1 1934, without
option of earlier redemption. Par $1,000 and $500. Interest A. & 0. at office of trustee. Of the new bonds, $1,200,000 are reserved to retire at or before maturity $1,200,000
1st M.5s of Lewiston & Auburn El. Lt. Co. due June 1 1939
(but callable at 105; V. 89, p. 229), and further bonds
are reserved for 80% of cost of future extensions, etc.
Maynard S. Bird & Co. of Portland, Me., the bankers
for the property and largely interested in the same, write:
The company
was incorporated
26 1914 with an authorized capital
stock of $2,000,000 in $100 sharesOct.
of which $1,500.000 is common stock
and $500.000 6% cum. preferred.
The company has taken over the
& Auburn Electric Light Co
(V.89,P. 107.229) and the PortlandLewiston
& Lewiston Interurban road [organized
as Portland Gray & Lewiston RR.-Ed.I,
formerly
owned andcontrolled by
Libby & Dingley. This deal carries the ownership
of the Mechanic Falls
Electric Light Co. The company will do. without competition
the entire
electric lighting and power business in Lewiston
and
Auburn, Mechanic
Falls and adjoining towns, representing a total population
of about 60,000.
The consolidated company owns a large hydro-electric
at Deer's
Rips, generating over 6,000 24-hour hydro-electric power,station
and is now building a steam station for emergency purposes. The old Lewiston
Electric Light Co. Is a consolidation of the various companies& Auburn
owned in
Lewiston and Auburn by E. W. Gross and Stone & Webster.
The Portland & Lewiston Interurban road is considered
of the finest
constructed and equipped interurban roads in the country.oneThe
is of standard steam railroad construction and the cars are heavy,road-bed
carrying
passengers as quickly as by steam train from the business section
of the
city of Portland to the business section of the city of Lewiston, a distance
of 30 miles on the company's own line and 6 miles on leased line, connecting
the two largest centres of population in Maine.
The ownership of this property is in Maine and it is believed that it will
be of great advantage to future developments of the territory now served,
as the new owners are interested in large power projects in Maine as also
in the Rockland Thomaston & Camden St. By. Co.) and Norway & Paris
Street By. Co.. which includes lighting and power business in towns of
Norway and Paris.
Officers-Pros., Wm,T. Cobb, Rockland, Mo.: Julius Parkhurst, Lewiston, Me.; Sec.-Tress. Directors, Wm. T. Cobb. Rockland; Maynard S.
Bird, Portland; Hugh J. Chisholm. Portland; Harold Libby, Lewiston;
Alla A. Libby, Lewiston.
The company has no connection whatever with the Rumford Falls Power
Co. or the Rumford Falls Water & Light Co., excepting that Mr. Chisholm, a director in the Androscoggin Co., is the owner of these companies.
Atlantic Coast Line RR.-Report.--See "Ann. Reports."
New Directors.-Secretary H. L. Borden and F. B. Adams
have been elected directors, to succeed J. J. Lucas and J. R.
Kenly.-V. 99, p. 1299, 1051.
Atlantic Southern RR.-Cessation of Business.-The
company, whose road extends from Atlantic to Villisca, Ia.,
35 miles, touching 5 small towns, have given public notice
of their intention to cease business Dec. 31, stating that it
has been operating at a loss.
The people in the towns along the road are, it Is stated, preparing to
enter a protest to the Iowa RR Commission and to the Inter-State Commerce Commission against the closing of the line.-V. 97, p. 442.
1527
Baltimore & Ohio RR.-Authorized.-The stockholders
on Nov. 16 authorized the General Ref.and Impt.Mtge. and
the acquisition of Ohio lines as stated in V. 99, p. 1051.
Retrenchment.-About 1,000 men have, it is stated, been
temporarily laid off in various departments over the system,
due to the falling off of earnings.
Several months ago the company, taking advantage of a slack period in
business to prepare for the future and furnish employment for men who
otherwise would have been laid off, began to overhaul and repair equipment. This work is practically completed and there are now 130 locomotives in thorough repair, standing on side-tracks awaiting improvement in
business. The men who were engaged in the overhauling work have been
furloughed. In the track department only such reductions as necessary
have been made, and this, it is stated, has not been at the expense of safety.
There has been a reduction in the clerical forces in the general offices, the
men laid off, including extra men, taken on in periods of heavy business to
handle way-bills and perform similar work. The men who have been laid
off will receive first consideration when an improvement in business warrants an increase in force.
Director.-John R. Morron, N. Y. who, it is stated, represents holdings of Berlin banks,has been elected a director to
succeed James Stillman, who resigned.-V.99, p. 1365, 1373.
Buffalo Rochester & Pittsburgh Ry.-New Director.O'Donnell Iselin has been elected a director to succeed Lewis
Iselin, who resigned.-V. 99, p. 968, 403.
California Street Cable RR.,San Francisco.-Bonds.The Cal. RR. Commission has authorized the company to
issue $384,000 of serial bonds, the first block to mature
Jan. 1 1916.-See V. 99, p. 1299.
California Western RR. & Navigation Co.-Mortgage.
-The company has filed its new mortgage to the AngloCalifornia Trust Co. as trustee, to secure an authorized issue
of $750,000 bonds.-V.99, p. 1213,894.
Canadian Pacific Ry.-New Vice-President.-George
Bury, Vice-Prest. in charge of the company's interests west
of Lake Superior, will succeed David McNieoll, who has
resigned as Vice-Prest. to take effect Jan. 1 next.
Mr. Nicoll has been connected with the company and one of its acquired
lines, the Toronto Grey & Bruce Ry.,for about 4() years. lie will remain
on the board of directors and when his health permits, it is expected that
he will be asked to accept another important post in connection with the
company's affairs.-V. 99, p. 1365, 1051.
Chesapeake & Ohio Ry.-Diuidend 1%.-The directors
on Thursday declared a dividend of 1% on the $62,792,600
stock, payable Dec. 31 to holders of record Dec. 5.
An official of the company says that the dividend can not be regarded as
a quarterly or a semi-annual distribution but merely as a dividend paid
out of surplus earnings. From Sept. 1913 to June 1914 quarterly distributions of 1%, or at the rate of 4% yearly, were made. In August last,
however, consideration of the dividend policy was deferred until the regular
monthly meeting in November, it being stated that. the board had "in
mind the feasibility of semi-annual distributions.' Compare V. 99,
p. 537.-V. 99. p. 1450, 1213.
Chicago & Alton RR.-New Directors.-Roberts Walker
and Louis C. Krauthoff have been elected directors to succeed
F. H. Davis and L. J. Spence.
They represent, it is stated, the Central Trust Co., trustee of the collateral trust mortgage of the Toledo St. Louis & Western RR • secured by
the C. & H. stock.-V.99, p. 1365. 1051.
Chicago City Ry.-Suit Dismissed.-The U. S. Supreme
Court has, it is reported, dismissed the appeal in the suit
brought by Clarence H. Venner to set aside the agreement
dated Jan. 1 1910 creating the Chicago City & Connecting
Railways Collateral Trust. Compare V. 96, p. 1364, 1627.
-V. 98, p. 1919, 1692.
Chicago Elevated Rys.-Combined Eearnings Oper. Cos.
June 30
GrossNet
Other
Interest,
Balance,
DimYear- Meow,, Earnings. Income. Taxes,&c. dends. Sur. or Def.
1913-1438,182.861 $4.333,836 $871,240 $4.027,470 $1,164,378 sur.$13.229
1912-13. 8,005,450 4,111,751 631.577 3,822,309 1.098,575 def.177,556
-V. 99, p. 747, 608.
Chicago Peoria & St. Louis RR.-Deposits of Prior Lien
43..s.-The committee of holders of prior lien mortgage 43'%
bonds of 1900, Simon C. Borg, Chairman, urges further
deposits of these bonds, with Sept. 1914 coupons attached,
with the Equitable Trust Co., 37 Wall St., the depositary,
and says (see advt.):
No deposits will be accepted after Nov. 30 1914 except by consent of
the committee and on such terms as it may impose. (Compare V. 99,
p. 673.)-V. 99. p. 1450, 1213.
Chicago Rock Island & Pacific RR.-Intervention Allowed.-The U. S. Circuit Court of Appeals in this city on
Thursday reversed the recent desision of Judge Mayer,
which directed the sale in one block of the $71,353,500 railway
company stock deposited as collateral for the 4% bonds of
1902, as requested by the Wallace bondholders' committee,
and denied the right of the Amster interests to intervene in
the foreclosure suit with a view to giving bondholders an
opportunity to bid independently for and acquire the shares
representing their bonds. The opinion, it is stated, will not
be filed until next week, but the decision stays the sale,
which had been set for Nov. 24, temporarily at least.
N. L. Amster says: "The decision will mark a new epoch in railway reorganization. The bondholders now have at last a chance
to assert
themselves for their mutual protection. There will be no sale of our
securities until we have had ample opportunity to protect ourselves. A temporary committee will shortly be announced, consisting of large bondholders. The first act of this committee will be to call you together to
select your own permanent committee."
Deposits.-The deposits of collateral trust bonds with
Central Trust Co., under agreement of Wallace committee,
aggregated to Nov. 20 $48,500,000; add some $7,600,000
deposited in Holland en route to U. S.; total under committee's control $56,100,000 out of 371,353,500.--V. 99,
p. 1450, 1365.
Cincinnati New Orleans & Texas Pac. Ry.-Earnings.
Gross
Net(after Other Rentals & Pf.Div.
June 30Revenues. Taxes). Income. Interest. (5%) Com.Div Balance
. (11%) Sur
1913-14_10.872,690 2,788,523 477,606 1,353
1.786 122,670 328S
,900 1,462,77
1912-13-10,445,169 3,055,210 554.435 1.357,092 122,670
328.900 18009z'3
year_
$
,fas
1528
THE CHRONICLE
The dividends on the common stock shown above (11%) yearly, consisting of 5% regular and 6% extra, were deducted by the company from
profit and loss, but are shown above for the sake of simplicity.
From the balance as above In 1913-14 was deducted $1,324,564 for "permanent improvements, additions and betterments." against $1,024,650 in
1912-13. leaving $138,209 in 1913-14, against $776.334 in 1912-13.—
V. 97, p. 1732.
Cleveland Rapid Transit Ry.—Status.—An ordinance
amending the franchise is pending before the City Council.
Suggestions have been made in some quarters that before the same are
finally passed the company present tangible proof of its ability to sell sufficient of the bonds recently authorized to enable it to begin construction
next spring. Compare V. 99, p. 1365. 1300.
Consumers'Power Co.(of Maine).—Merger of Controlled
Companies.—The company has applied to the Michigan RR.
Commission for authority to merge the following eleven companies, all of whose stock and bonds are now owned by it:
Au Sable Electric Co.,
Flint Electric Co.
Central Power Co.,
Pontiac Power CO.,
Commonwealth Power Co.
Saginaw Power Co.
Grand Rapids-Muskegon Power Co.,
Bay City Power Co.,
Grand Rapids Edison Co.
Consumers' Power Co. (Mich.),
Economy Power Co..
The application will be heard on Nov.27. Upon the approval of the Commission the necessary legal steps will be taken to effect the consolidation.
The merger, which is similar to that of the gas interests of the Commonwealth Power, Railway & Light Co., some time since will result in making
the Consumers' Power Co. of Maine an operating instead of a holding company, and will effect economies in administration expenses and taxes, the
largest saving being in the Federal corporation tax. The latter tax is now
charged against the profits cf each company, and where there are a number
of intermediate companies the tax is paid by mere than one company
against the same earnings. The capitalization of the Consumers' Power
Co. of Maine will, it is stated, not be increased by the consolidation, the
$13.930,000 bonds of the companies to be merged being all deposited as collateral for the First Lien & Ref. 5% bonds of the Maine company. Bonds
of the latter company have been issued to a total of $12.936,000 (including
$610,000 (not $660,000),to be presently issued), 82,724,000 additional are
in escrow to take up divisional bonds and a further amount is reserved for
extensions and Improvements. Compare offering last week, page 1451.
Corvallis & Eastern RR.—Favorable Decision.—The U.S.
Supreme Court on Nov. 16 dismissed the appeal of the State
of Oregon from a decision of the Oregon courts forbidding
the State Land Board from selling tidewater lands at Yaquina Bay claimed by the company under an old land grant.
—V. 84, p. 1427.
Delaware Lackawanna & Western RR.—Government
Appeals.—The Government on Thursday filed a notice of
appeal in the U. S. Supreme Court from the decision of the
U. S. District Court on April 7 1914 dismissing the suit
brought by it charging violation of the commodities clause
of the Inter-State Commerce Act and the Anti-Trust Law.
(V. 98, p. 1155.)—V. 99, p. 1300.
Georgia Railway & Electric Co.—Bonds.—
The Georgia RR.Commission has authorized the company to issue $160,000 refunding and improvement bonds.—V. 98. p. 386.
Gilmore & Pittsburgh RR.—Sale.—
See Northern Pacific By. below.—
Hocking Valley Ry.—Notes Sold.—The $4,000,000 oneyear 6% notes dated Nov. 1, which were offered by Kuhn,
Loeb & Co. and the National City Bank, have, it is announced, all been sold.—V. 99, p. 1455, 1366.
Idaho Railway, Light & Power.—Plan.—
[VOL. XCIX.
Catrow and other directors of the company,was begun before
U. S. District Judge Hollister at Cincinnati on Oct. 19.
Mr. McBee is endeavoring to recover from the directors several thousand
dollars claimed to be due on bonds purchased from Douglas, Webb & Co.
He charges that only a small part of the road was built,at a cost of $25,000,
the remainder of the proceeds of the 3250.000 bond issue being diverted
from the company's treasury. The suit was brought for all the bondholders.
Mexican Ry.—Earnings for Half-Year--No Dividends.—
Other Deben.
Net
Net
6 Mo.to Gross
Divs.
Bal.,
Paid,
June30. (Mex.).
(Mex.). (Sterl.). Income. Int.
Surp
1914 _S4.554.000 81.960.500 £122,264 £1,200 £72.750
£50,71.4
1,023
72,750
2160,707
1913 -- 4.824,265 2,552,606 232,665
230
Dividends as above in 1913 include 49' (£102,164) on the first preference
stock for each of the six months' periods; on the 2d preference stock 3%
for
the six months in
(£30,359); on the ordinary stock i4% (E28.184)
1912-13 and I 15-16% (£43,685) for the six months in 1912. No distributions were made in 1914 it being deemed advisable,in view of the conditions
still prevailing in Mexico,
' to conserve the resources of the company, and
the amount of the net earnings has been passed to reserve.—V. 99, p. 407.
Middle West Utilities Co., Chicago.—Controlled Co.—
See Kentucky Utilities Co. under "Industrials" below.—V. 98, p. 1990.
Missouri Pacific Railway.—Equipment Bonds.—Townsend Whelen & Co., Philadelphia, are placing, at prices to
net 63.%,$270000 equipment trust 5% bonds issued under
the Philadelphia plan. Dated Dec. 1 1914. Due semiannually ($14,000 s.-a. 1915 to 1919, thereafter $13,000 s.-a.)
June 1 1915 to Dec. 1 1924. Denom. $1,000c*. Dividends
J.& D. Girard Trust Co., Phila., trustee. A preliminary
circular says in substance:
These certificates issued by the trustee are guaranteed, principal and
interest, by Missouri Pacific By. Co. They are secured by 32 new all-steel
cars for the passenger service, costing $339,395, towards which the railway has paid in cash $69,395 (over 20%). This equipment is leased by
the trustee to the railway at rentals sufficient to provide for the accruing
principal and dividends of these certificates. Ownership of the equipment
remains in trustee until the entire principal and interest has been paid by
the railway.—V. 99, p. 1452, 984, 964.
Montpelier & Barre Light & Power Co.—Decision.—
The Vermont Supreme Court has handed down a decision
in favor of the cities of Barre and Montpelier in the matter
of the proposed increase in street railway fares by the Barre
& Montpelier Traction & Power Co.
The decision holds that the franchise is a legal contract and that the railroad is obliged to maintain a fare not to exceed 5 cents within the respective
limits of the cities in question and give transfers so long as the franchise
Isin force. The decree of the lower Court isreversed and the cause remanded
with a mandate restraining an increase in fares.—V. 95, p. 1331.
Montreal (Can.) Tramways.—Franchise Negotiations.—
Mayor Martin last week submitted to the Board of Control
a proposed agreement for a new 30-year franchise.
tinder the proposed franchise, which must also be approved by the City
Council. and which, it is said, will also be submitted to a referendum, the
present franchises, which generally expire in eight years, will be replaced
by a new 30-year franchise dating from Sept. 11914.and the long franchises
in several wards will be leveled to the same period. The Mayor proposes
that no fare exceed 5 cents between 6 a. m. and midnight and 10 cents
between midnight and 6 a. m., and that regular tickets be sold at 6 for
25 cents and limited ones at 8 for 25 cents and school children's tickets at
10 for 25 cents. The city shall have the right to expropriation at the end
of 30. years, and if this is not exercised the contract is to be extended for
periods of ten years until expropriation takes place. Provisions are also
included, among other things, for the construction of extensions by the
company and the obtaining of necessary legislation therefor and the building
of subways by the city at its expense, the company to pay an annual rental
equal to the interest on the city's capital expenditure.—V. 99, p. 404.
New Jersey & Pennsylvania RR.—Plan—Sale.—A plan
for the formation of a new company to take the company
out of the hands of the receiver and operate it is again
consideration.
Lake Shore & Michigan Southern Ry.—Official Letter underproposed
to start the road at first between Whitehouse Station and
It is
as to Cash Payment for Minority Shares of Objecting Holders.— Peapack.
the recent improvements between those two towns having been
P. U. Commission. Later the road will be improved
Treasurer Milton S. Barger, in reply to minority shareholders approved by theMorristown,
if the former patrons of that district give
and opened to
who demand payment in cash, says in a circular letter:
enough encouragement.
See Idaho-Oregoa Light & Power Co. under "Industrials" below.
—V. 99. 13. 816.
The statute of Ohio under which your demand is made provides for an
agreement as to the highest market value which the stock had at any time
within two years previous to the execution of the consolidation agreement,
and, upon failure to agree, for arbitration. Below the notice of your
demand [on the accompanying sheet] is printed a form of agreement as
to the market value of the stock, which, if you desire to do so, you may
also sign: $500 a share is the highest quoted sale on the New York Stock
Exchange within the two-year period, and we know of no other sales at a
higher price.
Condensed Forms (1) Refusal by Shareholders of Stock (2) Co. to Pay 500%•
shares of stock of the Lake Shore
(1) The undersigned, holder of
of the
& Michigan Southern Ry. Co. refuses to convert his stock into that
consolidation
of the N. Y. Central
by
consolidated company to be formed
dated
& Hudson River RR. Co. and other companies under an agreement
April 29 1914; and, pursuant to Section 9034 of the General Code of Ohio,
any
requires that he be paid the highest market value of said stock at
of said
time within two years next preceding the making by the directors
29
1914.
April
namely
consolidation,
agreement
for
companies of said
[To be signed and dated by shareholder.]
(2) It is agreed that the highest market value between April 29 1912
and April 29 1914 of the stock of the company specified in the foregoing
demand was $500 per share. On Dec. 15 1914 the stockholder whose
name is signed to the foregoing demand will deliver certificates for said
shares of stock to the Lake Shore & Michigan So. By. Co., properly endorsed and stamped for transfer, at its office. Grand Central Terminal,
N. Y. City; and on that day and on receipt of certificates for said stock,
said company will make payment at $500 per share therefor. [Signed by
Vice-Pres. of Lake Shore & Mich. So. By. Co.]
Appeal Dismissed.—The U. S. Circuit Court of Appeals
on Nov. 13 dismissed by stipulation the appeal taken by
Charles J. Spencer from the decree of Judge Killits in the
Federal Court at Toledo, dismissing his suit against the company to set aside the proposed merger with the New York
Central & Hudson River RR.
for
The suit brought by Spencer in the U. S. District Court in Michigan
decree
the same purpose is still pending in the Court of Appeals from the
of Judge Tuttle at Detroit, dismissing the complaint.—V. 99, p. 1451.
Lehigh Valley Transit Co.—Listed in Philadelphia.—
The Philadelphia Stock Exchange has listed $5,124,000
Refunding and Improvement Mortgage 50-year 5% gold
bonds.—V. 99, p. 1215.
Mahoning & Shenango Ry. & Light Co.—Merger
Approved.—The Penn. P. S. Commission has approved the
agreement of consolidation with the Wheatland Street Ry
Valley Street Ry. and the Sharon & Wheatland Street Ry.
companies. See plan V. 99, p. 343.
Marion (0.) & Suburban Ry.—Suit.—The hearing of
the suit of A. E. McBee, New York, against Newton J.
Vice-Chancellor Howell on Nov. 17 granted an order to show cause, returnable Dec 8, why the property should not be sold to pay two one-year
receiver's certificates, aggregating 87.000, held by the National Iron Bank
of Morristown as security for loans. One certificate is for $3,000. given
Feb. 1913 and the other in June 1913. Both have precedence over all claims
except a $7,500 mortgage held by William J 0. Connor Another mortgage of S5,91g is held by Geo. E.'Fisher. No interest has been paid on the
certificates since Oct. 1 1913.—V. 99, p. 609. 407.
New York New Haven & Hartford RR.—Executive,
mmittees.—The following committees are announced:&c.,Co
Executive Committee.—Howard Elliott (President), Arthur T. Hadley,
T. DeWitt Cuyler, W. Muiray Crane. James L. Richards, Edward Milligan, Henry K. McHarg, John T. Pratt and Frank W. Matteson.
Committee in John L. Billard Matter.—}toward Elliott,James L. Richards,
Edward Milligan and Francis T. Maxwell.
Committee to Protect Interest in Eastern Steamship Corporation.—Howard
Elliott, James L. Richards. Benjamin Campbell (Vice-Pres.) and Joseph
B. Russell.—V. 99, p. 1452, 1367.
Few York Central & Hudson River RR.—Equipment
Trusts Sold.—The company has sold to J. P. Morgan & Co.
$2,730,000 equipment trust 4
bonds maturing serially
to 1928. This closes the company's 1913 equipment trust
with the exception of about 3% of the total amount authorized. The bonds have already been placed by the bankers.
The Guaranty Trust Co., Kissell, Kinnieutt & Co. and
White, Weld & Co. have purchased a large block of the above
equipment notes and are offering them on a 5341% basis.
Note Price Advanced.—J. P. Morgan & Co. announce that
the price of the unsold part of the $20,000,000 6-months'
notes maturing in April 1915 has been advanced to 99.80
with interest, or a 53/2% basis, and that the price of the unsold
part of the $20,000,000 one-year notes due Oct. 1915 has
been advanced to 99.15, or a 6% basis.—V.99, p. 1452.
Northern Electric Ry. of Cal.—New Plan—Country
Banks Propose to Purchase at 90 Underlying Bonds Pledged for
Loans and thus Obtain Control.—Charles Remington recently
gave in the "San Fran..Chronicle" the following particulars:
At a convention of bankers holding overlying bonds, which was held in
San Fran. Nov. 2, the following were appointed a committee to formulate
a plan for the protection of the properties of the company and its creditors:
A. Bonnheim of Sacramento, Chairman: Edward Harkness, George P.
McNear (Petaluma), F. L. Naylor (Berkeley), L. F. Larsen. A. F. Jones,
o a and P.
sentedH.0Sn. Fletcher
second convention was held at which 46 banks were repreNov.
and the following report was adopted:
"Your committee recommends that the country banks holding overlying
bonds shall form a syndicate to purchase at 90 the underlying bonds held
Nov. 211914.]
THE CHRONICLE
leave
as collateral against loans, which will pay off all said obligations and
the company sufficient working capital.
overlying
equities
of
the
the
preserve
will
plan
that
this
calculated
is
"It
The
bondholders and leave the country banks in control of the situation.
Electric Railindorsers, who are the owners of practically all the Northern
transferred
to
trustees
be
to
stock
said
cause
way Co. stock, [agree] to
relieved as indorsers
named by the country bankers in consideration of being
to be used by the said trustees
on notes secured by 1st M. bonds, said stockand
creditors as may
unsecured
bondholders
for the benefit of the overyling
hereafter be determined by the country banks.
details of this plan, but
the
out
work
to
yet
as
impossible
been
has
"It
your definite support to this
the committee desires at the present meeting
the final plan."
plan, with power to complete and put into operation
the plan and to secure the
with
proceed
to
requested
The committee was
The committee
creditors.
other
and
approval of the San Francisco banks
interested in the company and
has interviewed San Francisco bankers
The
committee
hopes that coscheme.
the
of
reports a general approval
offered by all classes of creditors
operation along this line may be promptly
situation may be effected.
the
of
settlement
speedy
and that a
of a plan that was worked out by
The plan is a slight modification
committee representing holders of Northern
Philip Manson, Secretary ofthe
Of this issue there is outstand10521.
p.
V99,
[compare
bonds
Electric Co.
$2,544,000 is in the hands or bondholders. while
ing $3,750,000, of which
company to secure its notes. The average
$1.206.000 has been used by the
in paying off its notes, the company will get
margin is 30 points; therefore,
about 70, while it will receive for them from the syndithe bonds back for
will provide about $225.000 cash to put
difference
points
20
The
90.
cate
condition. The plan will also strengthen
the properties in good operating
of the remaining [sold) bonds of the Nor. Elec. Co.
the position of the holders
Mr. Bonnheim says: "There is no intention of selling the Northern Electric to the Ateh. Top.& S. Fe or any other concern. The stockholders believe the road can be put upon a Sound finnacial basis in two _years with
proper management. The line has been earning about $200,000 yearly
above traffic expenses, but this sum did not cover the interest charge.
It is understood that Rudolph Spreckels, three of whose banks are
interested in the underlying securities to the extent of $415,000, notified
the Sloss trustees that they must carry out the provisions of the deed of
trust under which Northern Electric Co. bonds were issued or he would
make a demand on the trustee to institute foreclosure proceedings. Compare V. 99, p. 1052. 1215.
Northern Pacific Ry.—Purchase.—The company on
Nov. 15 announced that it had purchased the Gilmore &
Pittsburgh RR., extendfng from Armstead, Mont., to Gilmore, Ida., 103 miles.
By building from Twin Bridges, Mont., to Armstead. and from Gilmore
to Lewiston, the Northern Pacific will shorten its lines from the Twin
Cities to the Pacific Coast about 120 miles. The road was built at a cost
of about $15,000,000 and has virtually been the property of the Northern
Pacific for nearly five years. The Northern Pacific on June 30 last owned
the $2.000,000 stock. No bonds have been issued. The Northern Padre
has taken over the official organization and the headquarters have been
made St. Paul.
Engraved Bonds Ready.—The company is prepared to deliver at its office, 34 Nassau St., its definitive coupon refunding and improvement 4M% bonds, series "A," in exchange
for the temporary bondsrecently issued.—V.99, p.1452,1047.
Pennsylvania RR.—Cleveland Water-Front Decision.—
The U. S. Supreme Court on Nov. 16 dismissed the writ of
error from the Ohio Supreme Court in the ejectment suit
brought by the City of Cleveland, involving the ownership
of a tract of land of about 30 acres along the lake front of
the city, lying between the Cuyahoga River and West 9th
St. now used by a number of railroad companies for coal
docks, warehouses and freight-yard purposes.
The plaintiffs in error are the Pennsylvania RR.Cleveland & Pittsburgh, the Cleveland Cincinnati Chicago & St. Louis'and the Lake Shore
& Michigan Southern. The opinion was delivered by Justice Day and
was not participated in by Justice Holmes. The Court says that no impairment of contract rights had been shown. The suit arose over an effort
by the railroads to resist ejectment from the water-front property. The
result of the decision, it is stated, is that the railroads may have to pay the
city an annual rental for occupying the filled-in land and docks. According to newspaper accounts, the land in question is worth about $20,000.000.
Mayor Baker says:"The action of the Court gives the railroads perpetual
easement for their tracks, except as that easement might be inconsistent
with the rights of the city for public streets. That question we will have
to take up with the railroads. They should not be inconvenienced. We
have no wish to inconvenience them. However, the land which is occupied by docks and storage houses can be put to proper public use." Compare V.95, p. 1123.
Increased Passenger Rates.—The company and the Philadelphia & Reading. Ry. on Nov. 13 filed with the Inter-State
Commerce Commission passenger tariffs effective Dec. 15,
revising through fares on a basis of 2% cents as the maximum
rate and large increases in suburban rates.
While no changes will be made in suburban or local one-way fares holders of monthly trip and school tickets will pay from 20 to 25 cents'
above
present charges; a number of trip tickets will be withdrawn from sale and
all excursion tickets except those to resort points will be discontinued.
The changes in suburban rates announced by the two companies include:
60-trip monthly ticket will be advanced 25 cents and 46-trip school tickets
20 cents: 100-trip tickets will be withdrawn from sale; 180-trip quarterly
ticket will be sold at 3 times the monthly rate and kept on sale for the convenience of those who do not care to purchase a ticket every month; 50-trip
tickets and strip tickets will be withdrawn from sale; ten-ride tickets will
be sold, good for bearer, costing 9 times the one-way fares. excursion
tickets
to Atlantic City, Cape May and other seashore points'
will be advanced
25 cents, and all excursion tickets except those to resort points will be withdrawn from sale; round-trip tickets will be sold at twice the one-way fare
and will be good until used with stop-over privileges.
No changes will be made in any suburban or local one-way fares. Some
of the principal changes made are:
Old. New. I Rate—
Rate-Old. New.
$1822 $19 10 Phila. to Cincinnati_ _$15 22 $16 43
Phila. to Chicago
Phila. to Louisville_ -- 18 22 19 43 Phila. to IndianapolitS_ 16 72 18 03
12 82 13 53 IPhila. to Pittsburgh_ -No change.
Phila. to Columbus
Proportionate readJustments will be made from intermediate Eastern
points to Western cities.
The Pennsylvania RR.in a statement says that the changes are made "as
the Inter-State Commerce Commission has declared it to be a matter of
public policy that each branch of the railroad service should contribute
its proper share to the cost of operation and of return upon the property
devoted to the use of the public."
"The purpose of the company," it is stated, "is to embody the policy
established by the Commission and so spread the changes in fares that the
burden will fall only lightly on any single traveler. The proposed changes
comin suburban rates have been so adjusted that no person traveling onfare."
mutation tickets will have to pay more than one cent a day additional
[As to increase in rates on interchangeable mileage books Oct. 1, see V. 99,
p.675.1—V. 99, p. 748. 675.
Pere Marquette RR.—Hearings.—Publio hearings in the
investigation.of the Inter-State Commerce Commission,under
resolution of the House of Representlitives,of financial operations of the Pere Marquette RR. will be begun at Detroit,
Mich., on Nov. 30 by Commissioner Hall. The inquiry has
been in progress for several months.—V. 99, p. 1301, 970.
Philadelphia Rapid Transit Co.—New President.—
1529
Portsmouth (0.) St. R.R. & Lt. Co.—lst 5s Called.—
All of the outstanding 1st M. 10-year 5% bonds dated July 1 1906 have
been called for payment at 102 & int. on Jan. 1 1915 at Bankers Trust
Co., New York.—V. 99, p. 468.
Public Service Corporation of New Jersey.—
This P. U. Commission of New Jersey has authorized the Public Service
Gas Co. to increase its outstanding capital stock from $10,000.000 (all
owned by Public Service Corp. of N.J.) to $10,750,000.—V.98,p.1846,1317.
Rates.—General Increase.—A dispatch to the "New York
Times" says in substance:
Railroads in Trunk Line and Central Passenger Association territory
have filed with the I.-S. C. Commission further proposed increases in passenger tariffs. These follow increases made in commutation and mileage
rates. [Compare V. 99, p. 675—Ed.)
The new rates which are now being tabulated will doubtless be permitted
to go into effect. The increases in individual cases are not large, nor are
they uniform. Some fares are increased only slightly, where it was considered that the old charges were out of line.
The new rates of fare between points in Central Passenger Association
territory are to go into effect on Dec. 1. The increase in rates between
points in Central Passenger Association territory and points in ;Trunk Line
territory are to become operative on Dec. 15, except on tickets from
St. Louis to points in Trunk Line territory where the increase will be made
Dec. 1. The same amount is added to standard and differential rates
to preserve the differences. Some of the principal changes are the following, based on standard routes:
Present New
Present New
From New York to— Rate.
Rate. From New York to— Rate.
Rate.
Pittsburgh
$10 50 $11 00
$20 00 $21 10
Chicago
Cleveland
13 00
13 10
24 75
St. Louis
24 25
Cincinnati
17 00
18 60
San Francisco
79 75 80 25
Louisville
20 00
21 60
The largest proposed increase is between Chicago and St. Louis. where
the tariff is raised from $5 80 to $7 50. From Chicago to Boston the rate
is raised from $22 to $23 10.
Eastern roads have a general plan for increasing commutation rates.
The Baltimore & Ohio will file a notice with the Commission shortly advancing rates in the territory contiguous to Baltimore. Washington and
Philadelphia, and these increases will be extended to other commuting dists.
The carriers say that in some instances existing commutation rates were
fixed 40 years ago and that improvements in the service have made it necessary to obtain more revenue. Compare Pennsylvania RR. item above.
—V. 99, p. 1367, 1301.
Reading Co.—New Director.—Joseph E. Widener has
been elected a director to succeed his father,P.A.B.Widener,
who resigned, on the boards of the Reading Co., the Philadelphia & Reading Ry.and the Philadelphia & Reading Coal
& Iron Co.—V. 99, p. 821, 810.
St. Louis Iron Mountain & Southern Ry.—Equipment
5s.—Townsend Whelen & Co., Philadelphia, recently bought
$400,000 equipment trust 5s, issued under the Philadelphia
plan. Dated Dec. 1 1914. Due $20,000 semi-annually
June 1 1915 to Dec. 1 1924, both incl. Total issue $400,000.
Denom. $1,000 c*. Dividends J. & D. at Girard Trust Co.,
trustee. A preliminary circular says in brief:
These certificates issued by the trustee are guaranteed principal and
dividends by the St. Louis Iron Mountain & Southern Ry. Co. They
are secured by 41 new all steel cars for passenger service costing $454,496,
towards which the company has paid in cash $54,496 (about 12%). This
equipment is leased by the trustee to the railway at rentals sufficient to
provide for the accruing principal and dividends of these certificates.
Ownership of the equipment remains in the trustee until the entire amount
of principal and interest has been paid by the railway.
The surplus earnings applicable to dividends have averaged $2,802,692
a year for the eight years 1906 to 1913.—V. 99, p. 817. 675.
St. Louis & San Francisco RR.—Maintenance Expenses.
—The outlay for maintenance of way and structures during
the fiscal year ending June 30 last was $7,762,324, against
$5,755,477 in the previous year. The annual report was
given in the "Chronicle" of Oct. 24, page 1210.—V. 99, p.
1452, 1209.
San Francisco-Oakland Terminal Rys.—Earnings.—
Bond, &c., Balance,
Gross
Net (after
Other
June 30
Surplus.
Taxes).
Income.
Interest.
Year—
Earnings.
$4,515,799 51,346,878 $125,964 51,057,500 5415,342
1913-14
129.290
1,009,444
591,361
1912-13
4,547,586
1,471,515
The total surplus in 1913-14, after adding interest charged to capital
account, $240.102, and deducting amortization of premiums and discount
on bonds purchased, $10,491, was $644.952.—V. 99. p. 895, 818.
Southern Utah RR.—Purchase.—
See Castle Valley Coal Co. under "Industrials" below; also U.S.Smelting
Refining & Mining Co., V.94, p. 1124; V. 98, p. 1312.—V.93, p. 590.
Trinity & Brazos Valley Ry.—Status.—See Colorado &
Southern Ry. above.—V. 99, p. 271.
United Rys. of Havana & Regla Warehouses.—Earns.
June 30
Year—
Other Deben. Pf.Divs. Ord.Divs. Bal.,
Net
Gross
Earnings. Earns. Income. Int-dec (5%). (5%). Surp.
1913-14 _ _ _ _1,621.864 666,746 307.918 382,010 126.766 328,001 137,887
1912-13.. _ _1,635,250 744.194 260,465 384,100 114.110 293,000 213.449
Surplus carried forward June 30 1914, after deducting $50,000 transferred
to general reserve, $40,000 expenditure on works and $50,000 other reserves.
was $14,217. As to recommendation of directors that the ordinary dividend
be paid in 5% debenture stock (1906) at par, see V. 99, p. 1132, 50.
Utah Railway.—Purchase.—
See Castle Valley Coal Co. under "Industrials" below; also V.98,P• 1311.
—V.99, p. 122.
Watauga & Yadkin River Ry.—Receiver.—
See Grandin Lumber Co. under "Industrials" below.
West End Street Ry., Boston.—Stock Increase.—The
stockholders will vote Nov. 24 on increasing the common
stock by the issue of not exceeding 13,000 shares of$50 each,
for the purpose of providing means to repay to the Boston
Elevated Ry. Co. amounts expended by it for permanent
additions, alterations and improvements on this property.—
V. 98, p. 1317.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Amalgamated Sugar Co.—Consolidation.—
The stockholders of the company and of the Lewiston Sugar Co. will vote
on Dec. 19 on consolidating the companies under the title of the Amaiga
mated Sugar Co. The Amalgamated Co. has an authorized capital of
$4,000,000 and the Lewiston Co. $1,000,000.—V. 99, p. 1053.
American Bank Note Co., New York.—
This company has just completed arrangements for turning over its
typographical, ticket and map departments to the M. B. Brown Printing
Thomas E. Mitten, Chairman of the Executive committee since 1911 and & Tilindjng Co., 37-41 Chambers St., N. Y. City, who have acquired the
formerly President of the Chicago City Ry., has been elected President ',ant of these departments and will carry on the business hereafter.—
V. 99. p. 1216.
to succeed the late Charles 0. Kruger.—V. 99, p. 817, 267.
1530
THE CHRONICLE
American Malt Corporation.-Merger Disapproved.-
(VOL. xc nc
(Richard) Borden Mfg. Co. Fall River.-Earns.-Div.
The gross earnings for the year ending Sept. 26 1914 were $121,696.
The N. J. Court of Errors and Appeals on Nov. 16 affirmed the decision
of the State Supreme Court on May 28 last, declining to sanction the merger against $130.015 for the preceding year; net earnings, $74.220,
against
of the American Malting Co. into the American Malt Corporation. Chan- $81,836; dividends paid during the year. 83%%, $85,000, against (6%),
cellor Walker wrote the opinion. The main ground for withholding ap- $60,000. Net surplus, quick assets, $418,337, against $436,474. Annual
that,
cognate
business
and
output.
companies
are
doing
a
about 28,(100,000 yards; spindles, 100.944; looms, 2.603.
proval is that the two
therefore, their consolidation is prohibited under the "Seven Sisters" AntiDividend Record Since 1900 (Per Cent).
Trust laws of 1913 of New Jersey. Compare V. 99, p. 1696. 764.
-V• 99, 1900. '01. '02. '03. '04. '05. '06. '07. '08. '09. '10.
'11. '12. '13. '14.
p. 1293, 1216.
9
63% 6
6 534 53% 654 20 13 8 10 7
6
6
8
* Also 25% paid in stock.-V.87, p. 874.
American Smelting & Refining Co.-Decision.The U. S. Court of Customs recently handed down a decision in the test
Boston
Woven
Hose
&
Rubber
Co.
-25%
Stock Div.suit brought by the company sustaining their contention that an impure,
An extra cash dividend of 25% has been declared on the $1,000,000 comunfinished product resulting from the smelting of sulphide ores is to be regarded as free of tariff duty as regulus of copper ore. Soon after the mon stock, payable Nov. 27 to holders of record Nov. 23. All holders of
common
stock
of
record on that day or of voting trust certificates issued by
Tariff Act of 1909 became effective the Treasury Department ordered
Collectors of Customs to make no allowance for the regulus or matte, awl the Boston Woven Hose Securities Co., representing common stock, may,
if they desire, subscribe for 25% new common stock at par, payable on or
to charge full duty under the provision for lead-bearing ore.
Thousands of protests were filed against the action of the Government before Nov. 27, and use the cash dividend in payment therefor. Compare
claiming erroneous classification and demanding refunds of the duties paid V. 99, p. 1449; V. 95, p. 1043, 1475.
Subscriptions must be for whole shares; adjustments with reference to
under compulsion. The issue went to the Board of General Appraisers.
The Government insisted that the regulus was properly included in the fractions of shares may be effected by the purchase of sale of "rights."
Subscriptions
must be filed with the Beacon Trust Co. not later than
dutiable value and was correctly assessed under the provision for "leadbearing ores of all kinds, 134 cents per pound on theimd contained therein." Nov. 27. accompanied by full payment.-V. 99, p. 1449.
The Guggenheim interests asserted that the commodity in dispute is a
Brooklyn Union Gas Co.-New Officer.mixture of metal sulphides resulting from a smelting process, copper
James H. Jourdan, formerly a Vice-President, has ben elected President
sulphide being the component of chief value. The Board of General Apto
succeed
his father. General James J. Jourdan, who died four years ago.
found
in
favor
ot
the
importers'
contention.
It
is
expected
that
the
praisers
heavy refunds tied up for several years by litigation will be distributed as -V.99, p. 1453. 1369.
fast as the individual protests of the smelters tan be taken from the files of
Cambria Steel Co.-Notes Offered.-Drexel & Co.,
the General Board and proved. The present tariff on lead-bearing ores was
reduced one-half from the rate prevailing under the old law, the tax now Philadelphia, offered this week at par and int. a new
issue
being only
of 1% per pound. Regulus of copper remains on the free
of $3,000,000 6% 3-year gold coupon notes of 1914, Series B,
list, as was the case in the old tariff.-V.99. P. 1368. 813.
American Soda Fountain Co. of Maine Boston.-Bal- dated Oct. 11914, and maturing Oct. 1 1917, but callable
on Oct. 1 1915 or on any interest date thereafter, at par and
ance Sheet Aug. 311914. Total each side,'
$1,298,844.
Cash
$197,924 Accounts payable
$35,998 int., in lots of $500,000 or multiples thereof, upon two weeks'
Accts. & notes receivable_
607,852 Accrued taxes
2,985 prior notice. Int. A. & 0. at the office of Drexel & Co.,
Real estate
19,097 Salesmen's accounts payStocks and bonds
6,200
able
4,649 Phila. Denoms. $1,000, $5,000, 810,000.
Merchandise inventory__ _
357,095 Surplus
227,211
Statement Made by "Philadelphia Press" on Nov. 17.
Equipment, less reserve_
94,924 Capital stock issued
1.028,000
The new notes are unsecured but the credit of the company is excellent,
Miscellaneous
15,752
as its current assets exceed current liabilities by $12,000,000. It is underAccounts and notes receivable are here shown,including accrued interest, stood
the proceeds will be used first to relieve obligations now held by
and less reserved for bad debts and returnable property. Name changed banks,that
and the balance, which will not be very great, will be available for
Oct. 20 to American Soda Fountain Co. See V. 99, p. 1132.
current needs. Early in 1913 money was coming so freely into the comtreasury that it was decided to retire on May 1 $2,000,000 of 5%
American Telephone & Telegraph Co., N. Y.-Offer for pany'swhich
did not mature until December of this year. There was also
$897,800 Minority Common Stock of Pacific Telephone & notes
paid off $900,000 of notes of the water company subsidiary before maturity.
Telegraph Co.-Treas. G. D. Milne, N. Y., Nov. 17, wrote: No one could then foresee the slump in the iron and steel industry which
has taken place since the passage of the low tariff Act and the European
We hereby offer to exchange American Telep. & Teleg. Co. stock for war. The company paid its
last dividend in scrip, thus husbanding its
common stock of the Pacific Tel.& Tel. Co. on the basis of two of our shares cash resources.-V. 99. p. 1217,
896.
1$2001 for nine shares MOW of Pacific Co.common, when properly endorsed,
&c., and deposited at 15 Dey St., N. Y., on or before Dec. 15 1914. The
Castle Valley Coal Co., Salt Lake City.-Sale.American stock in exchange will be delivered on or before Dec. 31 1914 and
The stockholders of this company, a subsidiary of the U. S. Smelting.
will carry the current quarterly dividend payable Jan. 15 1915. To adjust Refining
& Mining Co.(V. 94, p.1124) were to vote on Nov. 1200 propofractions we will buy or sell at the rates of $25 per share of Pacific stock and sitions:
To sell to the Utah Ry. Co.(V.98, p. 1312) the standard-gauge
$112 50 per share of American stock; unless otherwise advised, we shall railroad (1)
recently constructed by the Castle Valley Coal Co. from Black
understand that the shareholder elects to sell.
Hawk
to
Mohriand
the cost price thereof. (2) To sell to the Southern
[Of the outstanding stock of the Pacific Co., consisting of $18,000,000 Utah RR. Co. all offor
the capital stock of the Castle Valley RR. Co. for the
com. and $32,000,000 pref. the American Telep. & Teleg. Co., at last sum of $154,235.-V.
95.
p. 1124.
accounts owned $21,727,200
'pref. and $9,027,200 com. See annual report
of Pacific Co., V. 98, p. 908.1-V. 99, p. 1301. 1216.
Chic. June. Rys. & Union Stock Yards.-Quarantine.
See editorial columns on a previous page.-V.99, p. 1369, 342.
American Wringer Co., Providence, R. I.-Fines.The company and the Lovell Mfg. Co. of Erie, Pa., and the Sales ManCorporation for iker & Hegeman Stock.-Option.agers of the two companies, have entered a plea of guilty in the U. S.
District Court at Pittsburgh to a violation of the Sherman anti-trust law.
In order to provide for the subscription to its proportion of the $770,000
It was charged the companies own and control about 90% of the output of new stock of the Riker & Hegeman Co. (see that company below), the comwringers and that they have met and fixed prices. Each company was pany offers to its stockholders the right to subscribe for abaur $394.450
sentenced to pay a fine of $2,500 and costs and each of the Sales Managers new stock at par to th3 extent of 10% of their holdings. The
right
a fine of $500. Compare V. 98. p. 1921.
will apply to holders of record of Nev. 23, 40% of the subscription being
payable
on
Dec.
14
and
tno
remainder
on
Jan.
14
next.
George
J.
Whelan
Sustained
-Demurrer
Ansco Co.
has, it is understood.
the stock, but it is expected that all of
Judge Bijur in the Supreme Court yesterday sustained the demurrer of it will be taken by theunderwrittan
stockholders.-V.99, p. 1217, 1133.
the defendants In the suit brougnt by Charles Brock against Ruel W. Poor.
President of the Garfield National Bank; Walter H. Bennett, Vice-PresiCosden & Co. (Oil), Oklahoma.-Status.dent of the American Exchange Nationnl Bank, and Thomas W. Stephens,
Some time in August the total auth. common stock was increased from
President of the Ansco Co.,for an accounting of the proceeds of the settle$1,000,000
($800,000 said to be outstanding]to $2,000,000 and the par value
ment in the patent litigation brought by the Goodwin Film & Camera Co. of the stock
was changed from $100 per share to 06 per share. The pref.
against the Eastman Kodak Co.-V.98, p. 1610.
stock, namely. $200,000, remains the same. The outstanding bonds are
Director.
$275,000 out of an issue of $500,000, of which $25,000 have been redeemed,
Associated Oil Co.-New
George Whitten has been elected a director to succeed the late John C. and the other $200,000 remains in the treasury. 1st M.s. fd. gold 6s of
Kirkpatrick. R. P. Schwerin has been chosen a member of the executive 1913, due Dec. 1 1923, but callable at 110 on any int. date; interest J. & D.
at Munsey Trust Co., Balto. No portion of the new stock has been sold.
committee to succeed Mr. Kirkpatrick.-V. 99, p. 896.
as yet, nor has an attempt been made to do so. It has been rumored, howAtlantic Sugar Refineries Co., Ltd.-New Directors.- ever,
that the company contemplates using the additional stock as follows:
Houghteling
Augustus S. Peabody and Alexander Smith, of Peabody,
(a) $200.000 to pay for a half-interest in a corporation which would produce
& Co. of Chicago,have been elected directors to succeed the late Fleetwood some 250,000 barrels of oil; (b) $200,000 to be held in the treasury for the
Ward and the Hon. T. Chase Casgrain, who resigned.-V. 99, p. 344, 271. redemption of pref. stock; (c) part of the remaining $600,000 to be sold to
off floating indebtedness.
Atlas Portland Cement Co., N. Y.-Mortgage-Status, pay
The company has three refineries, located at Tulsa, Cushing and Big
&c.-The company has made a mortgage to the Bankers Heart, Okla. The present output
of the three refineries is 7,500 barrels a
with a maximum capacity of about 10,000 barrels. The net earnings
Trust Co. of N. Y. and George A. Mahan, as trustees, to day,
in the last six months are said to have averaged $45,000 a month.
secure an authorized issue of $10,000,000 Gen. and Ref. Mtg.
Officers: J. S. Cosden, President, Tulsa, Okla.; Vice-Pres., A. W. Gieske;
Treas. T. Garland Tinsley; Sec., John R. Cary, and attorney, Jacob
sinking fund 25-year 6% gold bonds, dated Oct. 14 1914.
France, all of Baltimore.
Purposes for Which Lite $10,000,000 New Bonds May Be Issued.
[In July last the
of Raymond, Pynchon & Co. for the purchase of
$4,000,000 issued immediately [already subscribed by shareholders] to pay the property was plan
completely called off on account of the war. The
off maturing short-term notes.
plan, it is said, was to form the Cosden Refining Co., with $5,000,000
4,100,000 reserved to take care of $4,018,000 1st M. sinking fund 6% of auth. (common) capital stock, the existing bonds and pref. stock to be
20-year gold bonds due March 1 1925 and $82,000 debenture taken up in cash, the former at 110, the latter at par, and the common stock
bonds due March 1 1923.
1,900,000 reserved for (a) future acquisitions; (b) for working capital, not to be exchanged for the stock of the new company,share for share.]
to exceed $750,000 of bonds. After $1,000,000 of these
Detroit (Mich.) Edison Co.-New Securities.($1,900,000) bonds shall have been issued, an accounting must
The stockholders on Dec. 17 1913 authorized $6,000,000 6% 10-year
be made detailing how the expenditures were made.
convertible
debenture bonds, of which $3,354,500 have been issued (V. 97,
Denom. $1,000 and $500. Int. M. & N. Beginning Nov. 1 1915.
$100.000 of the bonds will be redeemed annually, provided that 90% of the p. 1826). The remaining $2,645,500 are now offered for subscription at
1st M. bonds then outstanding shall have been refunded. The bonds are par, having been underwritten by a syndicate.
subject to call at the option of company on any interest date at 105 and int. Data from Official Circular Dated at 30 Broad St., N.Y. Nov. 18 1914.
The company does not pay the Federal income tax.
Convertible between Jan. 15 1917 and Jan. 15 1923, at otion of holders,
Digest of Statement by Vice-Pres. Alfonso de Navarro.
into paid-up stock of the same par value. Dated Jan. 15 1915 and will
The volume of the company's business this year is equal to the average mature Jan. 15 1925; interest payable J.& J. 15. Denom.
$100 or $1,0000
of that for three preceding years. As this is the period when our business Subject to call for redemption on or at any time after Jan. 15 1920 at 105
automatically slackens up, it is hard to say whether prevalent conditions and int., on 60 days' notice, and when so called for redemption may, at
affect us or not. The company's year ends Nov. 1914 and until the auditing option of holders, provided the time for conversion has not expired, be conof the books is completed.no accurate statement can be had. It is certain verted into stock at any time before date named for redemption. Holders
that the European situation does not directly affect us, although it may do until Jan.15 1917 enjoy same right to subscribe for any new stock offered,
so indirectly, owing to the conditions created over here. The company as though they held shares to same par value.
Shareholders of record Dec. 10 will be _permitted to subscribe at par at
does a large business in South America and one effect of the European war,
we hope,will be the establishment of an American mercantile marine,which the Bankers Trust Co., 16 Wall St., N. Y., on or before Jan. is. for
would, indeed, enable us to broaden our export business.-V.99, p. 1132. $3,354.500 of the new debentures to the extent of 20% of their respective
holdings. Subscription warrants will be distributed on Dec. 11 1914.
Beaver River Power Co.-Decision.Payment must be made to said Trust Co. either (a) in full on Jan. 15 1915,
the bonds to be issued immediately, or (b) In
See Idaho Power & Light Co. below.-V. 99. p. 469.
three installments, viz.: Jan. 15
1915,50%;
April 151915. 25%, and July 15 1915, 25%; first two installBituminous Coal Companies.-Agreement.ments to bear 6% interest.-V. 99, p. 1454.
A committee of miners and operators of district No.8 agreed at Coshocton,0., on Nov.9 on a wage contract subject to a referendum of the miners
Ducktown Sulphur, Copper & Iron Co., Ltd.-Div.
on the following day. The miners at a referendum vote approved the
The directors have decided to defer the consideration of the payment of an
settlement. The new scale differs from the 47-cent mine-run contract
Interim
dividend
(par
E)•
on
ordinary
shares.
lost
year paid Is, per share
made by other operators and is the result of concessions by both sides.
Dividend Record to 1913 (Per Cent).
The No. 8 operators have heretofore refused to go beyond the Pennsyl'99.
'00.
'01.
'02-03.
1912-13.
'OF.
1905.
scale.
'06.
'08-'11.
than
the
47-cent
'07.
vania scale, which is 3 eta. a ton lower
cent__ _ 20 *12 754 None 20 551-3 8214 30 10 al2ti Y'1Y•
It was stated in Columbus on Nov. 12 that there is no chance for an agree- Per
* Also 5% in full-paid ordinary shares. (Also 2.5% in ordinary shares.
ment in the Eastern Ohio District, comprising Belmont and Jefferson
bonus of 2(
Includes
J, % Yearly.-V.98. p.765.
a
counties.-V. 99, p. 1301, 750.
Borax Consolidated, Ltd.-Dividend.-
An interim dividend of 6d. per share, less income tax, has been declared
on deferred ordinary shares, payable Nov. 15 (coupon No. 13). Last year
Is. per share was paid.-V.99, p. 896. 272.
Eastman Kodak Co. of New Jersey.-Extra Dividends.
No extra dividend has been declared on the $19,532,800 common stock.
payable Dec. 1, as in previous years. The total amount of the extra disbursements during 1914 was 207, against 30% in 1910 to 1913, inclwave.
Nov. 211914.]
THE CHRONICLE
Extra Dividends (Per Cent) on Common Stock.
(In addition to the 10% per annum paid regularly since Oct. 1 1902.)
Year 1914Year.Years.
Year.
Year.
Year.
Apr. July. Sept. Oct.
1910-13.
1909.
1908.
1906.
1907.
7A 5
5 2)4
2030 each.
10
15
9A
-V.99, p. 1302, 201.
General Chemical Co.-5% Extra Dividend.-
° has been declared on the E10,853.050 common
An extra dividend of 57
stock, payable in cash on Feb. 1 1915, to holders of record Dec. 31. The
year ana two years ago. It is understood that
paid
a
same amcunt was
the stockholders will be later given the right to subscribe if they desire for
5% in new common stock at par in the same manner as last year.
Previous Dividend Record of Common Stock (Per Cent). '13. '14.
'00-02. '03. '06-'09. '10. '11. '12.
4 yrly. 5 .4 yrly. 5 6 6 6 6
Cash dividends
10 __
5 5 5
In stock *
stock.-V.97, p. 1217. 346.
new
for
* Or option to subscribe
General Petroleum Co. (of Cal.)-Reorganization Plan.
Nov. 12 said in substance:
-The San Francisco "Chronicle"
company, has returned from New York with
A. L. Well, counsel for the reorganization as follows:
a draft of a [tentative] plan of
Andrew Weir,
(1) For elimination of the new British interests, including
Western Ocean Syndicate and General Petroleum, Ltd.
American
company
to
take
over control,
an
of
formation
the
(2) For
syndicate headed by
the reorganization to be effected by an American
Colonel Charles Hayden of Hayden. Stone & Co.
(3) For a mortgage bond issue, of which *5,000.000 will be authorized
and $3,500,000 immediately issued to take on about $3,000,000 notes,
principal and accrued interest, par for par. -The remaining $1,500,000
can be .ssued only for capital purposes, but will not be Issued at this time,
the company expecting to build up a cash surplus from earnings.
(4) For an additional $4,000,000 of the same class of bonds as the foregoing, to be exchanged later for a similar amount of General Pipe Line
bonds in case the holders should decide to merge their property with that
of General Petroleum. The remaining $500,000 General Pilate Line bonds
are now owned by General Petroleum Co.(V. 94, p. 1568; V. 99. p. 471)•
(5) For a pref. stock issue, the rate of which is still undetermined, amounting to about $13,000.000, to be exchanged for present General Petroleum
bonds, principal and accrued intere t, par for par.
(6) For a common stock issue, amounting to about $3.500,000. to be
exchanged in the ratio of 1 to 10 for the present stock of the General Petroleum Co.
It is further provided that the new pref. stock shall have a substantial
participation, the exact ratio of which is still undetermined, with the common stock in all earnings over and above those neceasLry to cover the pref.
dividend. It is also provided that the pref. stock shall vote equally with
common stock.
The result of this plan will be to give to the present bondholders of the
General Petroleum Co. voting control of the new company and to give them
the benefit of virtually all the future earnings of the new company.
(The plan is said to be encountering objections, some of the bondholders
claiming that the noteholders would be too well treated by it and some
large shareholders also desiring better terms.)-V. 99, p. 1370.
Grandin Lumber Co., Lenoir, N. C., and Tidoute, Pa.
At Asheville, N. C., on Nov. 12, upon application by pref. shareholders
and miscellaneous creditors, Judge James E. Boyd of the U. S. Dist. Court
appointed as receiver of this company and its subsidiary, the Wautauga &
Yadkin River Ry. Co.. W. J. Grandin. the President of both.
A press dispatch says: "The combined assets are given at $7,000,000;
the tota. liabilities, secured and unsecured, $1,950,000. The inability of
the management to float a railroad loan in Lcndon is assigned as the cause
of the present trouble. Mr. Grandin declared to-day that while the embarrassment is due directly to the European war, the railroad could have
been saved but for the fact that the Justice Freight Rate Act cut its revenue
and resulted in heavy losses where profits had been made. A mill with a
capacity of turning cut 150,000 ft. of hunber a day recently was built at
Grandin, but has never yet been operated. "
The railroad runs from North Wilkesboro to Grandin, 21 miles, and from
Elksville Junction to Denny, 4 miles, and was projected and construction
begun between North Wilkesboro, N. C., on the Southern Ry. System,
and Lenoir, N. C.. on Carolina & Northwestern RR., and Butler, Tenn.,
on the Virginia & Southwestern RR. See also V. 94, p. 1699.
Great Northern Iron Ore Properties.-Dividend 50 Cis.
-The trustees have declared a div. of 50c. a share on the
1,495,720 shares, payable Dec. 22 to holders of rec. Dec. 8.
The last distribution of same amt. was made Nov. 25 1913.
Dividend Record (Per Share Since 1907).
Mar'08 Sep '09 Marl° Sep '10 Dec '10 Mar'll Dec '12 Nov '13 Dec '14
50c.
50c.
50c.
50c.
50c.
50c.
$1
Si
50c.
-V. 98. p. 1312.
Great Shoshone & Twin Falls Water Power Co.See Idaho Power & Light Co. below.-V. 99, p. 1454, 1370.
Hawaiian Commercial & Sugar Co.-Dividend.-
A quarterly dividend of 25 cents (1)4%) and an extra payment of 50 eta.
(234%) have been declared on the $3,000.000 stock (par $20). This compares with 534%, consisting of 30 cts. (134%) regular and 80 eta. (4%)
extra in Sept. 1914. See V. 99. p. 897.
Hotel Traymore Co. (Atlantic City, N. J.)-Bonds, cte.
-Bioren & Co., Philadelphia, are placing at par and int.
the unsold portion (less than half) of the issue of $1,200,000
1st M.6% gold bonds dated July 1 1914 and due July 1 1924,
but redeemable at any interest period at 102 and int. Denom. $500 and $1,000. Coupons J. & J. Trustee, Guarantee Trust Co., Atlantic City.
1531
The foreclosure sale is now set for Dec. 1 1914 at Boise, Ida. While a
considerable number of creditors' actions are still pending, to have claims
paid ahead of the mortgage, the status of these has been in part defined so
that their relation to the plan can be dealt with. Our action to set as
the validity of $718,000 of bonds has been decided in our favor (V. 99,
p. 676, 751), and, though appealed, has, we are advised, extremely slight
chance of reversal; in any case it has no effect on our plans as a whole.
Our other suit, relating to an additional $107,000 bonds, is not yet decided.
but it is conceded that these are held by the railway only as collateral for
possible claims up to $24,400. There are, therefore, $2,494.000 of valid
outstanding bonds entitled to participate in the proceeds of the sale. Of
these, over 83% are deposited with this committee.
It is necessary to provide a substantial amount of cash to take up the
receiver's certificates, to pay whatever claims may be allowed as preferred.
to pay off non-assenting bondholders, costs of foreclosure, &c. Adequate
provision must also be made for future developments, including the completion of the Ox Bow installation, the growth of the business having been
steady and substantial in spite of the business depression general in the
Northwest in the last three years. Moreover, Southwestern Idaho and
Eastern Oregon have enormous agricultural and mineral resources.
New Securities to Be Authorized, after Foreclosure Sale.
[To Be Dated on or About Jan. 1 1915 if Sale Is Held Dec. 1 1913.
First Mortgage 20-Year Gold Bonds bearing interest at6% or such
less rate as the directors may from time to time determine for
successive issues. Authorized, $5,000,000, viz.:
Of which it is proposed to issue at once as 6% bonds a sufficient amount to provide cash for the reorganization and for
the immediate needs of the property, all holders of bonds deposited with this committee to be allowed to join in the underwriting [at, it is said. $1,000 of bonds and *1,000 of common stock for $9001, estimated maximum
800,000
Reserved to retire divisional bonds at or before maturity, viz.:
$478.000 Boise-Payette River Elec. Co. 1st 6s (due Oct. 1
1921) and $35.000 Inter-State Light & Water Co.1st 5s
$513,000
Applicable to capital require ments, provided the interest
charge, including interest on previous issues under the same
mortgage, shall not exceed two-thirds of the net income for
the preceding 12 months after deducting oper. expenses,
rentals, taxes and insurance and the interest on the underlying divisional bonds. Power purchased prior to Nov. 1
1914 is not to be reckoned as an operating expense. Say- 687.000
Issuable (after $2,000,000 of the issue is outstanding), with the
same restriction as to interest charge just noted, for not more
than 80% of the cost of future additions
3.000.000
General Mortgage bonds, bearing 3% interest for the first 5 years
and 6% thereafter. There will be immediately issued an
amount equal to the face value of the bonds participating in
the reorganization, and the authorized issues will be limited
to the amount necessary to provide for all of the bonds held to
be outstanding and valid obligations which so participate.
When the reorganization is completed, this mortgage will be
closed. Total $3,500,000. Estimated present issue
2,100.000
Cumulative 6% Preferred Stock (subject to call at par). Issuable
only to reimburse the holders of the present '1st & ref. M.
bonds" for the interest in default and unpaid, which on Jan. 1
1915 will amount to $135 per bond. Total present issue, est
3283.500
Non-cumulative 6% Pref, Stock. This stock will be immediately
Issued to the amount necessary to provide $400 for each
bond participating in the reorganization, and other issues,
if any, will be made only for cash or property at its cash value.
Total auth., balance of total $3,000,000 pref. (incl. the cum.
pref.). Present issue to be, say
616.500
Common Stock, of which the amount issuable under the plan shall
be deposited with three voting trustees to be held for five years.
I. e., until the Gen. Mtge. bonds shall be entitled to the full
6% per annum. Authorized
5,000,000
For each First & Ref. M. bond participating in the reorganization it
is proposed to issue: General Mortgage bonds. $1,000; cum. 6% pref.
stock (about), $135; non-cum. 6% pref. stock, $400: common stock, $800;
total, $2,335. The committee, however, reserves the power to modify
the securities to be issued to the present 1st & Ref. bondholders, provided
that each holder shall receive (1) 100% in new bonds, (2) pref. stock, interest-bearing notes or scrip or bonds to the amount of the accrued and unpaid Interest; (3) pref. stock, scrip, notes or bonds to compensate for the
difference between the intersest actually paid during some fixed period
on the new bonds and 6%. (4) additional pref. or common or both.
H.M.Byllasby& Co. as of Feb. 1913 estimated the replacement value of
the physical property less depreciation (omitting water rights, franchises and
going value)as about $3,000.000; subsequent additions have aggregated $350.000, while the value of water rights and franchises is substantial. The proceeds of the $1,800,000 outstanding 2d M. bonds and of some amount of
pref.stock went into the property,affording our bonds an investment margin.
During the last two years competition in Boise reduced rates by 40% on
domestic lighting. Nevertheless the growth of the territory has largely
overcome this, and the situation is quite satisfactory and promising. In
1914 the surplus was cut down by the necessity of purchasing power at
exorbitant rates, but this is now removed by the partial installation at the
Ox Bow. Power applications in hand will yield $25,000 per annum,
largely net. Normal growth, 10% per an., without special expansion.
Income for Past 12 Mos. (since Dec. 10'13 under Receiver)-Proposed Charges;
[Omitting purchased power and adjusting int. to present requirements.
Gross earnings. $337,364; net, after taxes, $205,726; other income;
$214.277
$7,551; total net
Deduct-Rental of Barber plant, $9,074; int. ($30,430) and sink44,503
ing fund ($5,000) on underlying bonds
48,000
Interest on, say. $800,000 new Firsts
6% _(maximum)
63.000
• Interest on, say. $2.100,000 under new en. Mtge. ® 3%
Dividend on $283,500 cum, pref. stock
6%
17,010
Balance,surplus, after charges and divs, on cum, pref.stock__ $41.764
The plan contemplates the early development of Ox Bow with the
building by the new company of the dam and the installation of additional
units as the growth of business may require. The work of installing one
Data from Pres. D. S.White,Owning Majority of Each Class of Stk. 3,600 k. w. unit at the Ox Bow, to operate without the dam, has been
Capitalization, Total Authorized, All Outstanding.
practically completed, and the plant has been operating since about Oct. 1.
First mtge.6% gold bonds$1,200,0001Pref. stock, 7% cum
$1,600.000 Our purchases of power from! competing concerns terminated on Oct. 10.
300,0001Common stock
800,000 The bill for purchased power was $10.112 for Sept. and $86,932 for the
2d mtge.6% gold bonds__
Owns the valuable hotel property located at corner of Boardwalk and nine months then ending. The receiver obtained leave to Niue $220,000 of
Illinois Ave. on ocean front of Atlantic City. For 25 years under present certificates at par: the actual cost of this improvement to date is about
management. Frontage, 150 ft; depth, about 525 ft. A modern fireproof $180,000, to which will be added about $2,000 to complete the dredging.
extension will more than double the present capacity, the completed hotel
Dissenting depositors may withdraw their bonds prior to Nov. 27, payto cover practically the entire lot and contain 634 guest rooms with ing their pro rata share of the committee's expenses and obligations.
an equal number of bath-rooms, and 120 ft. of stores fronting on the board[Committee: D. M. Lord, John R. Allen, W. 0. Carrier, Allen Hollis,
walk. Present hotel and land is valued at $1,500,000; addition under con- Charles L. Parmelee, Charles M. Smith, A. W. Priest, W. D. Willard,
struction. exclusive of carrying charges and architects' fees, $1,600,000; Wm. H. Forster, H. G. Miles, Edward J. Muller and George E. Fisher.]
total. $3,100,000, exclusive of furniture, which will cost about $300,000.
The average earnings for past five years have been about double the
Opposition.-The Kreeh committee of holders of "First &
interest on these first mtge. bonds. Applications for the boardwalk stores Refunding M." bonds, in
circular of Nov. 16 1914, continues
Insure rentals aggregate about $70,000 additional. Estimated earnings
with hotel completed, after operating expenses, taxes and insurance, its appeal for deposits with the Equitable Trust Co. of N. Y.,
mtge.
interest,
$72.000;
balance,
first
surplus,
$403,000.
$475,000;
objecting to the aforesaid plan for, in brief, these reasons:
An annual cash cumulative sinking fund of $62,000. beginning in 1917.
(1) Doubt as to accuracy ofestimated net income. (2) Insufficient prowill, it is calculated, retire one-half the issue by maturity.-V.99, p. 1455.
vision for immediate cash requirements. (3) Continuance of stifling competition. (4) Probable sale of property at auction at full value, so that the
Idaho Power & Light Co.-Decision.The P. U. Commission of Idaho on Nov. 6 denied the application of the bondholders will receive the actual value of their bonds. (5) Liens against
company and the Clear Lake Power & Improvement Co. for certificates bonds deposited with Priest Committee aggregate over 10% of their par
value. (6) Failure of committee to filecertificateof its costs,expenses, etc.
of geblIc convenience and necessity to enter the field of the Great Shoshone
6 Mos. to
One Year at
& Twin Falls Water Power Co. and ordered them dismissed. In a separate
Receiver's 6 Mos.'Report to P.S. Commission- June 30'14.
Same Rate.
opinion the Commission also denied the application of the Beaver River Gross
income
$158,441
the
field
of
the
Southern
right
to
invade
Idaho
$316,881
the
Power Co.
237,847
Water Power Co. in Pocatello and give consumers competitive lighting Expenses,incl. "power purch."($50,234 for A yr.) 118,824
rates. The cases have been before the State Supreme Court, where the
Net operating income
$39,517
$79,034
Commission was upheld in its view that to permit the electric power com100,468
panies asking to do so to enter the Twin Falls and Pocatello fields would re- Suppose they save all the"power purchased"
suit in ruinous competition and the Act creating the Commission was de- The net oper. income would be (against
$206.726 in plan) ..
dared to be constitutional.-V. 99. p. 1370. 820.
$179,502
W. J. Ferris, receiver, applying for receiver's certificates, estimated,
Idaho-Oregon Light & Power Co.-Plan.-The Priest with Ox Bow installation completed: Gross $320,835;
net $194,102.
experts value an hydraulic electric plant at ten times its annual
committee of holders of 1st & Ref. M.bonds,in circular dated netSome
income, or say for this property $1,790,000. Estimate of Priest
com7,
says
in
substance:
Nov.
mittee is $2,060,000. against wnich are underlying liens
at Chicago
(undisturbed) of
1532
THE CHRONICLE
$513.000 and proposed new issues as follows: Prior lien bonds, $800,000;
Gen. M.,$2.100,000; pref. stock, $900,000; common stock, $5,000,000. It
Is safe to assume that the property will not sell for more than $2,000,000.
The cash requirements (to which $800,000 bonds are now applicable),
we assume, must include: Non-assenting bondholders, at least $200.000;
pref. claims. $100,000; receiver's certificates, $200,000; court costs, &c.,
$75,000; charges of Priest Committee,$50,000; arrearages of sinking fund
prior lien bonds, $78,000: non-assenting 718 bonds,if held valid, 8250,000:
rehabilitation. 350,000: total, $1,003.000.
The plan will not eliminate competition, for what will the competitors
do with the power recently sold to the receiver for more than $100,000 last
year, (assuming that the Ox Bow installation will furnish all this power,
as to which we have doubts), unless they resort to further competition and
price cutting? The real cause of present conditions is too much power
and too few customers.
The Railway Company (Idaho By., Lt. & Power Co.-V. 99, p. 816:
V. 98, p. 73) finds no pleasure in the prospect of a competitor in the field,
and, accordingly, must stand ready to bid for the property its full value.
[Alvin W.Krech.Chairman of Committee; Edmund Seymour, New York;
Edwin J. Emmons,New Milford. Conn.; J. Everton Ramsey. Philadelphia,
Pa.; David Hatfield Clark, Secretary, 43 Wall St., New York.]-V. 09,
p. 1054, 751.
Independent Telephone Co. of New Jersey.-Suits.-
Suits forSums amounting with interest to about $80,000 were filed in the
flircuit Court at St. Louis on Oct. 28 against the estate of Adolphus Busch
by David Master Jr. of New York and other bondholders. It is alleged that
the plaintiffs purchased bonds in 1905 when the company was not in good
financial condition. When the company was liquidated, the bondholders
received $15.16 per $1,000 bond. August A. Busch says that his father
was made a director without his knowledge.
Indiana & Michigan Electric Co.-Bonds, &c.-Harris,
Forbes& Co.,N.Y.,N.W.Harris & Co.,Inc.,Boston,Harris
Trust & Savings Bank, Chicago, havinc,sold a large portion
of a block of $2,800,000 1st M. 5% 50-year gold bonds of
1907, are offering the remainder at 92 and int. Due Aug. 1
1957, but callable on or after Aug. 1 1922 at 108 and int.
Interest F. & A. in N. Y. City. Denom. $1,000 (c*).
[VOL. xcrx
100 and int. at any time upon 30 days' notice. Int. A. & 0.
15 in Chicago. Denom.$100,$500 and $1,000 (c*). Auth.,
$3,000,000; outstanding, $1,500,000.
Organized in 1912 and now serves 18 cities and towns in Central and
Southeastern Kentucky. having a combined population estimated at
56,650, namely, in groups: (a) Elizabethtown, (b) Shelbyville, Eminence,
New Castle, Pleasureville and North Pleasureville; (c) Versailles. Midway
Tyrone and Lawrenceburg. Mt. Sterling, Winchester and Richmond; (d)
Somerset and Burnside; (e) Middlesboro, Varilla, Harlan and Pineville.
The Kentucky Utilities Co. is serving all of the foregoing places with
electric light and power; 5 with ice (namely Lawrenceburg, Mt. Sterling,
Winchester, Somerset and Pineville]; 3 with water (Shelbyville, Mt. Sterling
and Somerset]; 1 with as [Shelbyvflle], and 1 [Somerset] with street railway
service. In addition, it serves with electric light and power a large agricultural section possessing a peculiarly high purchasing power, and supplies
power to an important and growing group of coal mines. The company
has its office in Lexington but does not operate in that city.
Digest of Statement by Pres. Harry Reid, Lexington, KY., Nov.12 1914
Organization.-Incorporated in Kentucky in 1912 and has properties in
18 towns which it serves, including 12 electric generating plants; 123 miles
of high-voltage transmission lines, practically all new: 1 gas plant, recently
re-built; 3 water plants, 5 ice plants and a small street railway. Also has
favorable long-term contracts for the purchse of power. On Dec. 31 1913
had 4,199 customers on its electric distribution system, an increase of 29%
for the year. In 1913 the increase in connected load was 40%. As of
Oct. 31 1914 had 4,939 electric customers, an increase of 740 for the 10
months,to that date. Also does a very profitable artificial ice business.
In the Southeastern Kentucky coal field owns electric plants at Middlesboro, Pineville, Harlan and Vezina, its transmission lines pass through
the centre of the coal fields, where we are now supplying electrical energy
for the operation of a number of mines, and have others under contract.
CapitalizationAuthorized. Outstanding.
Pref. stock 6% cum. (now receiving full divs.)_-- -$1,000,000
$500,000
Common stock (par of all shares $100)
1,000,000
1,000,000
First M. 6% 5-year gold bonds, due Oct. 15 1919 3,000,000
1,500.000
Ten-year 6% debs. (Co. holds $419,000 of these).._ 1,000,000
349,000
The entire capital stock, com, and pref.. is owned or controlled by
Middle West Utilities Co. (V. 98, p. 236, 613, 1990)•
Bonds.-The proceeds of these bonds have been used in payment for a
of the properties now owned, and to partially reimburse the treasury
P
for recent extensions, additions and betterments. These bonds, and the
$300,000 which may be hereafter issued subject to the earning provision of
the mortgage, are, in the opinion of counsel, secured by an absolute first
mortgage on all property now owned; and no additional bonds can be issued
except as an absolute first lien. Of the authorized $3,000,000 1st M. 6s.
$1,500,000 may be issued only as follows: (a) $300,000 at any time, provided net earnings are 1% times the annual interest on all bonds outstanding, including those proposed to be issued. (6) $1.200.000 at not exceeding
75% of the cost of betterments, extensions, improvements or additions,
made or acquired,provided net earnings are i'% times said annual interest.
Both principal and interest must be paid,so far as may be lawful, without
deduction for any U. S., State, county, municipal or other taxes or Governmental charge under any present or future law. Trustees,Illinois Trust&
Savings Bank and William H. Heckle, Chicago.
Maintenance, &c.-The mortgage requires that the property be maintained in first-class condition, and also that in each year after Oct. 15 1915
not loss than 5% of its gross earnings shall be applied either to extensions.
improvements. Sze., or to the redemption of bonds of this issue. Against
such expenditures no first mortgage bonds may be issued.
Franchises.-These are eminently satisfactory. Two are construed to
be perpetual, and the remainder, except one that expires April 8 1919(under
which our earnings are only about $10,000 per annum) 1020 to 1934.
Earnings for 12 Mos. ended Sept. 301914-Co.'s Estimate for Cal. Year 1915.
1913-14.
1915.
$395.231Est.$500,000
Gross earnings, incl. merchandise sales billed
$149,004
Net earnings, after taxes
Other income
8,660
$210,000
Digest of Statement by Pres. F. A. Bryan,ISouth Bend. Ind., July 29.
Organization.-Generates and distributes electricity for light, heat and
power purposes in the important industrial sections of Northern Indiana
and Southwestern Michigan. Owns and operates four efficient hydroelectric plants on the St. Joseph River, installed capacity 17,300 h. p.,
supplemented by a steam-operated reserve plant. in South Bend of 11,400
h. p. capacity; total generating rapacity of 28,700 h. p., (a) distributing
electricity without competition In South Bend, Elkhart and Rolling Prairie,
Ind., and Buchanan and Berrien Springs, Michigan: (h) selling current to
the municipality of Mishawaka for distribution; (c) doing an electric power
business in Mishawaka, Ind.. and Niles, Mich.; (d) furnishing under longtime contracts the entire power requirements of the street and interurban
railways serving South Bend, Elkhart, Mishawaka, Goshen and Laporte,
Ind., and St. Joseph, Benton Harbor, Niles and Berrien Springs, Mich.,
(a total of over 170 miles of single-track equivalent); (s) and also all the
power used by the electric company serving St. Joseph and Benton Harbor. Mich. (Pop, of cities and towns so served (1910 census) 108,340
CapitalizationAuthorized.
Issuea.
Common stock
$3,500.000 $3,361.300
First mtge. 5% 50-year gold bonds
7,000,000
The bonds are secured, in the opinion of counsel, by a first lien5,254.000
upon all
of the property of the company and the issue will become closed by the
issuance of $1.746,000 escrow bonds, which may be issued only for the cost
to the company or to the subsidiary companies of additional property when
net earnings for the year preceding are 1.54 times the annual bond-interest
charge. The company is each year required to expend or reserveout of
earnings substantial amounts for maintenance, repairs, renewals. etc.
Earnings for Years EndedDec. 31 1906.
Net income available for bond interest
Jan. 311909.
April 30 1914
Jan. 311912.
$157,664
$926,155
Annual interest on these $1,500,000 1st M.6% bonds requires $90,000.
$336,507
$490,286
$796,139
Valuation.-Sanderson & Porter, N. Y., after a complete appraisal,
Net earns., after operating expenses, incl, taxes and maintenance_ _$530,282
262,700 have reported that the present value of the physical properties alone, exAnnual interest charge on $5,254,000 bonds
clusive of franchise value, &c., is over $2,350,000.
8267,582
Management.-The entire outstanding capital stock is owned or controlled
Balance on basis of present interest charges
Properties.-The four hydro-electric plants located at Berrien Springs by the Middle West Utilities Co., Samuel Insult. President, a corporation
and Buchanan. Mich., Twin Branch and Elkhart. Ind., are operated in which, through its subsidiary companies, is serving over 300 cities and
connection with 10? mile of transmission lines,and have been so con.structed towns, located in 12 States and having a combined population estimated
that at comparatively small expense the installed capacity can be increased at more than 900.000, with one or more classes of such public necessities as
by over 10,000 h. p. These plants and the company's rights on the St. electric light and power,gas,heat,ice, transportation and water.-V.96.p.63.
Joseph River give it control of all the available water-power sites in this
Lake Superior Corporation.-Controlled Co.section except two small and relatively unimportant plants. The undesee Algoma Steel Corporation under "Report,"-V.99, p. 1370, 1302.
veloped water rights and adjacent flowage lands are held through the ownership of all of the capital stock of three small subsidiary companies, this
Lehigh Coal & Navigation Co.-Bonds of Subsidiary.stock being pledged with the trustee. The St. Joseph River has a drainage
See Lehigh Navigation & Electric Co. below.-V.98, p. 1996.
area of 4,586 sq. miles, containing more than 400 small lakes, and affording
an unusually well regulated stream flow.
Lehigh Navigation & Electric Co.-Bonds Offered.Franchises.-Operates in South Bend, Elkhart and Mishawaka. Ind.,
under indeterminate permits in accordance with the Shively-Spencer There were offered this week in Phila. at 86
1st M. 4s
Utility Commission Act of Indiana. A substantial part of the high-tenof the company, due 1943, series B.
sion transmission lines is built on private rights-of-way.
Stockholikrs' Investment.-The substantial investment which the stockThere are $828.000 of the issue outstanding, having been put out to acholders had in the property in 1907, when the company was incorporated, quire the stock of the Harwood Electric Co. Before the closing
of the Exhas been increased since that date by expenditures of more than $1.000,000 change in July. the bonds were offered at 90. The bonds bear 23%
% int.
on account of extensions and additions, against which no bonds have been during 1914, 3% during 1915, increasing ).§ of 1% annually thereafter
170;V.
1000;
V.90.
p.
751.
99,p
V.80.
p.
issued.
Compare
be
until 5% is reached in 1919,and continuing at that rate thereafter.or can
V. 98, p. 693.
International Mercantile Marine Co.-Committee.Lewiston & Auburn Electric Light Co.-Merger.See International Navigation Co. below.
See Androscoggin Electric Co. under "Railroads" above.-V.89, p. 229.
Govt. Appeals in North Atlantic Passenger Conference Case.
Court
appeal
to
the
U.
S.
Supreme
took
an
The Government on Nov. 16
Lewiston Sugar Co., Utah.-Merger.from the decision recently handed down by the U. S. District Court in this
See Amalgamated Sugar Co. above.
city in the suit brought by it to dissolve the North Carolina North Atlantic
steamship passenger pool. Compare V. 99, p. 1133.-V. 99, p. 1133, 973.
International Navigation Co. (of N. J.).-Deposit of
Bonds.-In anticipation of default in payment of interest
due Feb. 1 1915 on the $17,630,000 1st M.sinking fund 5%
gold bonds, dated Feb. 1 1899, due Feb. 11929, the committee named below urges the prompt deposit of the same in
negotiable form, together with coupon due Feb. 1 1915, with
the Fidelity Trust Co. of Phila., as depositary, or with
Bankers Trust Co., as agent for the depositary, 16 Wall St.
An advertisement on another page says:
Marconi Wireless Teleg. Co. of Am.-Decision-Prices.
In the opinion handed down on Nov. 13 by Judge Hough in the U. S.
District Court, in which he grants a preliminary injunction against
De Forest Wireless Telegraph & Telephone Co., the Court refers to the
the
charge that the Marconi Co. had used a decision rendered in its favor by
Judge Veeder in the U. S. District Court in Brooklyn for monopolistic
purposes and had canceled ?Id contracts and renewed them at extortionate
prices. The opinion says: 'I am convinced that down to the present time
the expense of operation (and of litigation) has been so enormous that the
complainant has received no fair return from the invention, which, under
decisions now ruling, I must hold to be of the greatest value and worthy
both of praise and reward. The Standard Oil Co. Is not bound to have
wireless apparatus on its ships. It wants that apparatus for its own safety
and profit, and I cannot say, and, indeed, do not think, that $100 a month
is too much to pay for a device without which, it is a matter of common
knowledge, the insurance premiums on a large td laden vessel would be
greater by more than the complainant's fees."-V. 99,p. 1455, 1302.
The International Mercantile Marine Co., formerly International Navigation Co. (of N. J.), has announced that the European war has necessitated the complete suspension of the Red Star line service, and on account
to form
of the unsettled condition of ocean transportation it is impossible
any estimate of the company's earnings for the balance of the year. In
Marconi's Wireless Telegraph Co., Ltd.-Dividend.view of this situation, the company determined to defer the interest upon
The company announces that the dividend which has boon hold up since
Its
% M. & Coll. Tr. bonds which matured Oct. 1 1914.
Aug. 31 by reason of the operation of the moratorium in England, is now
due
the
interest
payment
of
default
in
probable
In anticipation of the
it is believed that payable, and that hold.ra of coupons in the United Statos may have the
Feb. 1 1915 on the 1st M. sinking fund 5% gold bonds,
for the protection of their same cashed at the Hanover National Bank at rate of exchange 4.88.
the bondholders should unite in prompt action
of
said bonds, the Compare V. 99, p. 820.
interests. At the request of holders of a large amount
bondholders,
Massachusetts Lighting Co.-Not Controlled.undersigned have consented to act as a committee for the
members
of such
themselves
as
reserving the right to associate others with
See Williamstown (Pa.) Gas Co. below.-V. 99, p. 1370.
committee, and a protective agreement, to be dated Nov. 12 1914, has
Mergenthaler Linotype Co.-Extra Dividend Reduced.been prepared.
Samuel F.
Committee: William P.(lest (Chairman), T. De Witt Cuyier,
An extra dividend of 3% has been declared on the $12,799.600 stock,
with T. Homer
Houston, Charles D. Norton and George S. Brewster,Morgan,
with the regular quarterly distribution of 23%%, both payable
along
Lewis
&
and
Phila.,
Atherton as Secretary, 325 Chestnut St.,
Dec. 31 to holders of record Dec. 5. This compares with an extra pay-V. 75, P. 736.
Bockius as Counsel. Land Title Bldg., Philadelphia.
ment of 33%% in December in several preceding years. making a total of
Kentucky Utilities Co., Lexington, Ky.-Bonds Offered. 14§§% for the year 1914, against 15% in the earlier years.
Record (Per Cent).
--N. W. Halsey & Co., Russell, Brewster & Co. and McCoy 1895. 1896. 1897. Dividend
1898-00.
1901.
1902-10.
1911-13.
1914.
16
20 yrly.
163%
& Co., Chicago, and A. H. Bickmore & Co., N. Y., are 103%
133% *15
§15
a143%
offering, at 95.84 and int., yielding 7%, the unsold portion
of $1,500,000 1st M. 5-year 6% gold bonds, dated Oct. 15
1914 and due Oct. 15 1919, but redeemable, all or in part, at
*23%% Q.-M. and in Dec. 5% extra. § 2%% and 3%% extra Q.-M.;
In Dec. 23%V and 33%% extra. a 23%% and 34% extra Q.-M.; in Dec.
3% extra. Compare V. 93, p. 1537.-V. 99, IL 1295, 1218.
Nov. 211914.]
THE CHRONICLE
Miller Rubber Co., Akron, 0.-Report of Sept. 1914.Results for Year ending Sept. 30 1914-Sales for Past Five Years.
1912-13.
1911-12.
1913-14.
1909-10. 1910-11.
Sales
$445,692 $720,819 $1,132,225 $1,839,126 $2,541,234
3388.000
Net profits for year 1913-14, after proper depreciation
Assets ($2,151.136)-Cash. $30,026; inventories, $688.360; bills
$1,223,938
and accounts. $505,552
891,661
Real est. & bidgs., $348.608; mach'y & tools. $543,053
Furniture, &c.,$11,593;int., &c., prepaid, $6,442; trade-marks
35,536
and patents, $17,500
Ltabils.($2,151.136)-Bills & accts.,$288,317; taxes acced.$8,336 296,654
1.000.000
Common stock auth.. $1,500,000;in tees-s., $500.000; outst'g
3
52
25
8..7
72
55
7
Pref. stock auth., $500.000; in treasury, $174,215; outstanding
Surplus Sept. 30 1914
At the annual meeting Nov. 13 annual dividends of7% on pref.and 10%
on common aro said to have bean declared. Compare offering of $400,000
7% cum. pref., V. 99, p. 202.
Mt. Whitney Power & Electric Co.-Application.-
The company on Oct.31 applied to the Cal. RR.Commission for authority
and to sell it at not less than $90 per
to issue $418,000 7% cum. pref. stock
to discharge promissory notes amounting
share, the proceeds to be usedclaims
amounting to $44,345. The sale of
to $332,642 and various other
the stock has. it Ls reported. already been arranged. The present capitalization provides for $1.800.000 pref. stock, of which $750.000 is outstanding,
not including that for which authority is asked. Of the $3,200,000 common authorized. $1.875.000 is outstanding. Compare V. 99, p. 1371.
New York Dock Co.-Changes.-
A. J. Hemphill and J. M. Platten have been elected directors to succeed
Samuel Thorne and James Timpson, who resigned. Charles A. Peabody
and J. M. Platten have been chosen members of the executive committee,
succeeding Messrs. Thorne and Timpson. C. O'Donnell Iselin has resigned as Vice-President.-V. 99, p. 1448. 1371.
Norwich (N. Y.) Gas & Electric Co.-Stock Increase.-
The stockholders will meet at the office, 43 Exchange Place, N. Y.. on
Nov. 25 to vote on increasing the capital stock from 3100.000 to$200,000,
par value $100. also to confirm an order of P. S. Commission dated
Sept. 9. J. I. Mange is Vice-Pres.; H.B. Brown,Sec.-V. 72. p. 1038.
Ohio Oil Co.-Extra Dividend Resumed.-
An extra dividend of 75 cents (3%) has been declared along with the
regular payment of $1 25 (5%) on the 815.009.000 stock (par 825), both
payable Dec. 19 to holders of record Nov. 24. This is the same as in
March and June last, but in Sept. last no "extra" disbursement was made.
In Dec. 1913 $1. 25 and $6 75 extra were paid. In Sept. and June 1913
75 cents extra was also paid, and in March 1913 $1 extra. In 1912. Si 25
was distributed quarterly, but without any extra.-V.99. p. 541.
1533
Data From Letter of V.-Pres. W.S. Lee. Charlotte. N. C.. Nov. 14.
The company (incorp. in 1905) supplies power to more than 170 mills,
which operate approximately 3.274,000 spindles and 71,000 looms. It also
sells at wholesale electricity for commercial and municipal uses to the local
distributing companies. The present opportunities in its field of service
are still great, irrespective of the industrial growth now in progress. The
bond issue is a first and only mortgage upon hydro-electric developments
aggregating 118.000 h. p. and steam developments aggregating 44,0(10 h. p.
rated capacity, and upon the company's unified system of high-tension
transmission lines, comprising a 3-wire circuit equivalent to 1.520 miles in
length, itsinter-connecting and distributing sub-stations, &C. [Total reproductivevalue(excluding intangibles),over $14.500.000.] There has been
putinto operation by the Piedmont & Northern Ry. Co. 125 miles of highspeed electric railway. This road secures its power for operation from the
Southern Power Co.,and, in addition to frequent passenger service, operates complete freight service and interchanges with all standard steam
railways. (See V. 99, p. 748. 199.)
Capitalization of Southern Power Co.
Preferred stock, 7,
7 cumulative. auth.,$6,000.000; outstanding36.000.000
Common stock, authorized. $5,000,000; outstanding
,000.000
First mortgage 54, due Mar. 11930,auth.. $10.000.000; ontst'g
5.800.000
Further 1st M. 5s can be issued only for 70% of cash cost of additions
and extensions where the annual net earnings are twice the interest charge,
including the bonds about to be issued.
Catawba Power Co. whose entire $700,000 stock is owned, has outstanding $628.000 [closed MI 6s due 1933 and $6.000 6s due 1922. but
neither the property nor the stock of the Catawba Co. is covered by this
mtge., nor have the bonds of that co. any lien or interest in this co.'s prop y.
Earnings for Years ending Sept. 30 1914 and 1912. also for Cal. Year 1910
(1910 and 1911-12 inserted bg Ed.)-Present Interest Charge $290.000.
1913-14.
1911-12.
1910.
Gross receipts
$2,501.426 $1.969.790 S1.263.479
Net earnings after taxes and rentala
1.397.663 1.330,944
807.937
The above earnings include the income derived from the Catawba Power
Co. and the Catawba rental is charged into operating expenses.
The bond issue covers the following power developments: (a) Hydraulic
(rated capacity). Great Falls, on Catawba River. 32.000 h. p.: Rocky Creek.
on Catawba River, 32,000 h. p.: Ninety-Nine Islands, on Broad River.
24,000 h. p.: Lookout. on Catawba River. 30,000 h. p.. under construction. (b) Steam, Greenville, 10,000 h. p.; Greensboro,
10.000
p.. and
Mount Holly, 10.000 h. p.,all in operation, and Eno, 14.000 h.h.
p., under,
construction, almost completed. In addition, owns entire
capital stock
of the Catawba Power Co.. with water-power developments
on Catawba
River of 8,800 h. p.
J. B. Duke, B. N. Duke, W.0. Wylie, R. H. Wylie, W.S. Lee and a.ssoelates own control.-V.93, p. 1469; W. 99. p. 752.
Swift & Co., Chicago.-Ouster Suit.-
Attorney-General Barker of Missouri on Nov. 11 filed in the Supreme
Court at Jefferson City an ouster proceeding in which it is alleged that the
Ohio Service Co.-6% Convertible Notes.company gave and promised to give private rebates and bonuses in connecThese notes, which are callable at par, are convertible at holders' option tion with the purchase, sale
and distribution of butter, cream and milk prointo lst 6s at par and secured on stock and bonds having a par value of about ducts and eggs and poultry
in Missouri. The proceeding was the result
$1,500,000. Total authorized issue of notes,$929,807. See V.99,p.1452.
of a lengthy inquiry into the methods employed by the company's agents
doing business in Missouri, which was conducted before Judge Nat
Ontario Power Co. of Niagara Falls.-Convertible Gold in
Shelton of Macon. whom the Supreme Court appointed as special examiner.
There are two principal allegations, one that the company paid higher
Debentures.-The shareholders will vote on Dec.8 on authorprices at competitive than at non-competitive points for milk and poultry
izing an issue of 3-year 6% convertible gold debentures, in products,
by which, it is alleged, several independent creameries were
driven from business, and the other that the company "paid and
an aggregate not exceeding $400,000.-V. 99, p. 1218.
to give and pay private rebates and bonuses in connection with promised
the purchase, sale and distribution of butter, cream, poultry products, &c.'
Osage Manufacturing Co.-Bonds Called.It is alleged that the company's methods were intended to restrain comSeven 1st M. 10-year gold bonds. Nos. 15, 24, 28, 35, 43, 51 and 58. for
payment at 102M and int. on Dec. 1 at Virginia Trust Co., Richmond. Va. petition so that it could arbitrarily fix prices. The Court will appoint
a special commissioner to take testimony after the company's answer to
the suit is filed. Another ouster proceeding is pending
Pacific Telephone & Telegraph-Offer.in the Supreme
Court against the company in which it is charged with being in a combinaSee American Telephone & Telegraph Co. above.
tion to control the price of beef and cattle in Missouri.-V.98. p. 1854.
Compromise of Litigation with City of San Francisco.The Supervisors of San Francisco have agreed to settle litigation over sale
Texas Co.-New Vice-President.of Home Telephone Co.'s system in that city, whose franchise expires
T. J. Donoghue,
Second Vice-President, has been elected Vicein 1956, to the Pacific company. The latter is to pay the city annually 2% President to succeedformerly
Arnold Schlaet. who has occupied the office since the
of its grass receipts, which will amount at the present rate of business to company was
and desired to be relieved of its duties. It is unabout $72,000 a year, and is to be allowed to operate under the Home com- derstood that organized,
he will remain active in the company's affairs as Chairman
pany's franchise, which runs 16 years longer than its own franchise. The of the Executive Board.
-V. 99, p. 606. 274.
city is given 1,000 free telephones.
The Superior Court of Washington has decided that the Sunset TeleUnited
States
Light
& Heating Co. (of Maine).-Last
phone Co. cannot operate under the franchise of the Home Telephone Co.
of Tacoma, which it absorbed when the Home Co. went into receivership. Call for Deposits.-The stockholders' protective committee,
The Sunset company's franchise in Tacoma expires next March.and,having Walston H. Brown, Chairman, in
circular of Nov. 14, says:
met with many obstacles in attempting to acquire a new franchiselrom the
All stock must be deposited before Nov. 30 to avoid payment of the new
city, it took over the Home franchise, which has 16 years to run. An apFederal
transfer
tax
which becomes operative Dec. 1. More than 60% of
peal will probably be taken.-V. 99. p. 1371, 898.
the pref. stock already deposited. Almost $4,000,000 of the common
stock
Pennsylvania Building Co. Phila.-31,450,000 Bonds. deposited, this, we believe, being a large majority of the common
stock
issued
for value.
The entire issue of 5.9% bonds is $1:450,000, of which $50,000 are due
We have filed with the U. S. courts affidavits covering the results of our
on Nov. 15 1915 and the remaining $1,400.000 mature all at one time on investigations,
and the receivers are now preparing suits which they expect
Nov. 15 1919. Denom. $1,000 es&r* (bonds when fully registered cannot to
file in the near future against the old promoters and insiders to recover
be re-converted into coupon bonds).-V. 99, p. 1372.
back from them the moneys diverted from the company,and to recover
on
Pittsburgh Valve, Foundry & Construction Co., Pitts. account of the large issues of stocks that they made to themselves without
Henry M.Atwood. Chairman of the Board of Directors since its organiza- consideration. The control of the pref. stock issue, which, by reason of its
position
must
control
in
the reorganization, has already been secured by
tion. has resigned from that position, but continues as member of the
executive committee and director. Mr. Atwood was formerly of the firm your committee, but we also desire to secure the deposit and protect the
of Atwood & McCaffrey. having a large foundry on Third Ave., which was interests of every legitimate stockholder. See V. 99, p. 1304. 1055.
taken over by the l'ittsburgh Co. at its organization in 1900.-V• 93. P. 51.
United States Lumber & Cotton Co.-Interim Div.The interim dividend which has been declared, referred to last week. was
Riker & Hegeman Co. (Drugs, &c.), N. Y.-Stock.%.-V. 99, p. 1456.
Holders of the $7,700,000 common stock of record at close of business
Nov. 18 are entitled to subscribe at par.$5 per share, on or before Dec. 16,
for $770,000 new stock to the extent of
United
States Motor Co.-Stockholders' Suit.10%
the par value of whole shares
held by them, respectively. Subscriptionsof
A stockholders' suit for an accounting was filed in the Supreme Court in
are payable 40% at the time
of subscription and the remainder
on or before the 16th of Jan. 1915; such this city on Nov. 18 against directors of the company, which has been
stock as shall have been paid for in full shall be issued
as soon as possible reorganized, on the ground of mismanagement and waste of the assets. by
after Jan. 16 1915. The common stock was recently increased
to $7,700,000 Emanuel Metzger, as the owner of 275 shares of stock, on behalf of himself
by a 10% stock dividend. The legal formalities
to changs the and other stockholders. The waste, ills alleged, amounted to $10,000,000.
par value of the stock from $100 to $5 per share, necessary
which
was
voted by the A receivership is asked for.-V. 96. p. 950.
stockhcidets on Oct. 22, will be completed during next month.
See "Corp.
cf Riker & Ilegeman Stock" above and compare
United States Smelting, Refining & Mining Co.V. 99, p. 473, 1055.
See Castle Valley Coal Co. above.-V.99, p. 906.
Sherwin-Williams Co. of Canada.-Earnings.Aug. 31.
Net
Williamstown (Pa.) Gas Co.-Not Controlled.DeprtBond
Preferred
Special
Balance,
Year- Earnings. elation.
Interest. Dividend. Reserve.
The Massachusetts Lighting Companies control the Williamstown Gas
Surplus.
1913-14_ .._$682,736
359,733 3139.737
Co. of Massachusetts, and has nothing whatever to do with the Williams$273.266
1912-13_ _ 763,348
64,600
140,185 $210.000210.000 11100-MO
248.563 town Gas Co. of Pennsylvania.-V.99, p. 1372.
-V. 98, p. 302.
Southern California Edison Co.-Authorized.-
The Cal. RR. Commission has authorized the company to issue
$784.000
additional gen. M.5s due 1939. Of the bonds $266,000
are to be issued at
once at not less than 86, the proeeeds to be used
in
$250.000 of
notes. The remaining $518,000 bonds are to be usedliquidating
for additions and betterments since Jan. 1 1914 and not to be issued until
a further order has
been made specifying the minimum price at which they
may be sold and
the specific purposes to which the proceeds may be applied. The
Won has issued a supplemental order authorizing the companyConunissell
$187,000 bonds to the Harris Trust & Savings Bank of Chicago. Theto
bonds
are to be sold at not less than 873-6, and the proceeds used to discharge a
note of $150.000 hold by the bank, any remainder to be turned into the
company's treasury to be used in such manner as may be permitted by the
Commission -V. 99, p. 752. 203.
Southern Idaho Water Pow. Co.-Favorable Decision.
See Idaho Power & Light Co. above.-V. 96, p. 1777.
Southern Power Co., North and South Carolina.Bonds Offered-Earnings.-Harris, Forbes & Co., N. W.
Harris & Co.,Inc., Boston, Harris Tr.& Say. Bank, Chicago,
the National City Bank, N. Y., and Perry, Coffin & Burr,
Boston, are offering, at 97 and int., to yield 5.27%, the unsold portion of 00,000 1st M.30-year 5s making $5,800,000
outstandind(V.90, p. 855;V. 92, p. 1640; V.95, p. 1625).
(Walter A.) Wood Mowing & Reaping M. Co.-Called.
Twenty-six (326.000) 1st ref. M.5% gold bonds, dated Juno 1 1905, for
payment at par & int. on Dec. 1 at Security Tr.Co.of Troy.-V.97.p.1435.
-Hugh R. Pritchett, formerly resident partner of Tucker,
Anthony & Co. of New York and Boston, has formed a copartnership with H. Clark Pritchett under the name of
Pritchett & Co. at 60 Broadway, this city. The new firm
will transact a general business in investment securities.
-William P. Bonbright & Co. have compiled a table of
earnings of twenty-five public utility companies reporting
to them for September. A gain in gross of 6.2% and in net
of 12.5% is shown. Companies in all sections of the country
are represented in the list.
-Curtis & Sanger, 49 Wall St., this city, are offering
$500,000 City of Akron, Ohio,
coupon or
water-works bonds, due Sept. 1 1924, at 107.03 andregistered
interest,
yielding 4.60%. Descriptive circular upon request.
-Frank M. Dick and Marshall Geer,of Dick
Brothers &
Co., 30 Broad St., this city, have retired from the
firm.
1534
THE CHRONICLE
[VoL. xcrx.
geports anti Pacnutents.
PUDE SHED AS ADVER
SEMENTS
THIRD AVENUE RAILWAY COMPANY
REPORT FOR THE YEAR ENDED JUNE 30 1914.
New York, July let 1914.
To the Board of Directors of the
Third Avenue Railway Company:
Since the last reports were published, the Third Avenue
Railway System has been increased by the acquisition of the
Mid-Crosstown Railway, the Belt Line Railway and additional holdings in the New York City Interborough Railway,
so that the Third Avenue now owns the following companies,
which have, respectively, amount of mileage set opposite
their names:
Third Avenue Railway Company
Kingsbrklge Railway Company
42nd St. Man.& St. Nich. Ave. Ry. Co
Receiver, Dry Dock E. B'way & Battery RR. Co
Belt Line Railway Corporation
Third Avenue Bridge Company
Mid-Crosstown Railway Co.. Inc
Union Railway Company of New York City
Bronx Traction Company
New York City Interborough Railway Company
Southern Boulevard Railroad Company
Westchester Electric Railroad Company
Yonkers Railroad Company
New York Westchester & Connecticut Traction Company
Total
27.154
7.058
20.340
19.355
24.475
3.665
4.416
93.991
22.662
36.803
9.024
41.644
41.883
5.153
357.623
These companies own large amounts of real estate, of which
a list was contained in Schedule A attached to the report
dated January 1st 1913. To that list is to be added a large
plot on Tenth Avenue between 53rd and 54th Streets, belonging to the Belt Line Company.
Payment for these additional properties was made in the
first instance in part from current funds and in part by the
issue of notes of the Company, but it is to be remembered
that under the First Refunding Mortgage of the Third Avenue Railway Company $12,092,000 of its First Refunding
Mortgage 4% bonds were reserved to be issued from time to
time for the acquisition of property,including stocks and
bonds of other companies, or for additions, improvements or
betterments.
BOND ISSUE.
Under this clause,the company made an application to
the Public Service Commission for the issue of $6,650,000
of these bonds in paying for the new properties above
referred to, and to recoup the Treasury for other large capital
expenditures which had been made.
Inasmuch as the exhaustive examination of these expenditures by the Commission's engineers and accountants would
require much time, a preliminary order was procured in
March 1914 authorizing the issue of $4,000,000 of these bonds
against the purchase by the Third Avenue Railway Company
of $4,221,000 par value of the capital stock and $1,702,000
par value of the First Mortgage Bonds and certain unsecured
debts of the New York City Interborough Railway Company,
and $734,000 par value of the capital stock and $1,750,000
par value of the First Mortgage Bonds of the Belt Line Railway Corporation. The $4,000,000 Third Avenue bonds thus
authorized were at once sold at public offering at prices which
netted the Company $3,321,748 90, being somewhat in
excess of 83.04%. The proceeding, so far as it involves the
consent of the Commission to issue bonds to cover the expenditures made or to be made for new property, additions,
betterments and improvements, is still pending, and it is
anticipated that the Commission will authorize the issue of
upwards of $1,250,000 additional bonds for these purposes.
In February 1914 the Public Service Commission authorized the Third Avenue Company to acquire and hold $150,000
par value of the stock of the Mid-Crosstown Railway Company, Inc.; and in April 1914, in payment therefor, the
Third Avenue Railway Company issued, with the consent of
the Commission, $180,000 par value of said bonds, and gave
its promissory note for $250,000, payable in three equal
annual installments with interest at 4%,and canceled claims
amounting to $34,441 81 which it had against the MidCrosstown Company. That company has no other stock
outstanding, and on the completion o the purchase had no
indebtedness whatever.
of the Belt Line
The above-mentioned stock and bo
• ut3tanding stock
Railway Corporation constitute all of
and bonds. They were acquired by the Third Avenue Railway Company at a total cost of $2,723,043 99. The net
earnings of the Belt Line Company,after the payment of 5%
interest on its bonds,amounted,for the year ending June 30th
1914 to $23,886 17, in spite of the heavy losses resulting from
the extraordinary snow-storms of February and March.
During the three months ended September 30th 1914 they
amounted to $20,265 37.
In addition to the above-mentioned stocks and bonds of
the New York City Interborough Railway Company, the
Third Avenue Railway Company has acquired $194,000 par
value of its stock and $375,000 par value of its bonds; and
therefore now owns $4,417,000 par value of its stock and
$2,132,000 of its bonds. The aggregate cost of these securities and of certain unsecured debts of the New York City
Interborough Railway Company was $1,625,828 64. $583,000 par value of its stock is in the hands of the public. It
7,000 held in the
has no other bonds outstanding except
sinking fund provided by its mortgage. The lines of the
company, so far as it is now practicable to construct them,
have been completed, and I, as contractor, have accounted
and been released. I received no profit or compensation as
contractor. The receipts of the company are showing a
gratifying increase.
Out of the proceeds of the said $4,000,000 First Refunding
Mortgage 4% Bonds which were sold, the notes of the company were paid, resulting in a reduction of annual interest
charges of about $25,000. The total amount of First Refunding Mortgage 4% Bonds now outstanding is $19,970,000.
REDUCTION OF CAPITAL.
Railway Company held $600,000 par
Avenue
Third
The
value of the capital stock and $2,500,000 of the First Mortgage bonds of The New York Westchester & Connecticut
Traction Company, being all of its outstanding stock and
bonds,which had been purchased at a total cost of $375.
The capitalization of the company was excessive, and accordingly the Third Avenue Railway Company canceled $2,450,000 par value of its bonds and consented to the reduction of
its capital stock from $600,000 to $200,000.
MAINTENANCE AND DEPRECIATION.
I reiterate what I said in the last report: that the endeavor
of the company is to maintain the whole of this property in
the highest state of efficiency. The condition of the buildings
is shown by the fact that the insurance rates are less than onehalf what they formerly were. The cars are cleaned and
carefully inspected every day, washed once a week with a
carbolic solution, and at the end of every 10,000 miles they
are taken into the shops, the motors taken off and thoroughly
overhauled, and whenever anything is found necessary to be
done it is done forthwith. The fund for depreciation, renewals and contingencies has remained intact and the payments
into that fund amount to $500,000 per annum.
BENEFIT ASSOCIATION.
June 1914 the Third Avenue Railroad Emof
30th
the
On
ployees' Association had been in existence for a period of
five years and six months. During that time there has been
contributed by the members for dues, $71,191 00,and by the
Companies, $71,191 00. 3,000 members have been paid for
sick benefits, $39,186 75. 52 members have died, their
beneficiaries in each case receiving $250 00.
The Association Physician has given free medical advice
in upwards of 9,000 cases. On June 30th 1914 the Association had to its credit in cash,$4,898 49,and in securities (City
of New York Bonds), $69,058 30, or a total of $73,956 79.
During the year ending June 30th 1914, 725 cases were
relieved by the payment of sick benefits amounting to
$11,432 00, and there were ten deaths, the beneficiaries in
each case receiving $250 00. The Association Physician
gave free medical advice in 1,500 cases.
INSURANCE.
On December 29th 1913 an agreement between the Third
Avenue Railway System and the Travelers Insurance Corn-
NOV. 21 19144
THE CHRONICLE
pany of Hartford went into effect. Under the terms of this
agreement any employee of the Company, who elected to
take the insurance, received a life policy of $1,000 00, and
an accident policy covering permanent disability. The paypent on these policies was made in a lump sum by the Railway Company on account for the men who were insured.
The cost to the insured in a case of membership in the Benefit
Association was 15 cents a week, and of those who were not
members of the Association 24 cents a week. Up to June 30th
six employees died and the beneficiaries of each received
$1,000 00 insurance.
POWER CONTRACT.
This contract has worked satisfactorily and has resulted
in a saving of nearly the $50,000 00 a year which was anticipated.
NEW CARS.
have
designed
a new type of car with a
engineers
Our
seating capacity of 45, as against 51 in the standard car,
which weighs 28,000 pounds, as against 38,000, the weight
of the standard car, and which uses about one-third less
power than the standard car. Fifty of these cars have been
ordered and will be installed in service during the ensuing
year. They will, it is hoped, be entirely paid for from the
proceeds of the sales of old cars. Some of them may be
seen in operation on 149th Street.
PRINTING ESTABLISHMENT.
During the year a small printing plant for printing transfers and other printing of the Corporation was installed
upon a piece of property belonging to the Company,which
will cost about $25,000, and it is expected that the operations
of this plant will save the Company 825,000 a year.
FINANCES.
I add hereto a balance sheet as of the 30th of June marked
"A" and an Income Account for the year ending June 30th
marked "B," showing the net earnings of the system for the
year, after the payment of all interest charges, taxes and the
sum set aside for depreciation, to be $626,000. These statements and all our accounts have been audited and approved
by Messrs. West & Flint. This is a decrease from the figures shown for the previous year, but, on the other hand, we
have paid $281,000 additional interest on the Adjustment
Bonds for the current year, and there have been during the
year very large expenditures for paving and other expenses
caused by the heavy snow-storms in February and March.
Roughly speaking, those storms cost the Company upwards
of $300,000 for the actual removal of snow and in loss of
receipts.
The cash on hand amounts to 81,603,829 81, of which
8746,882 93, together with 500 Third Avenue First Refunding Mortgage 4% Bonds, is in the Depreciation Fund;
$5531,117 81 is in the Fund for the payment of interest and
taxes and $325,829 07 is in the current account.
TAXES.
Under this head there is only to mention that the long
litigation with that wretched body called the State Board of
Tax Commissioners has been concluded, and the contention
of the Company in respect to the franchise taxes has been
finally upheld by the highest Court of the State.
BUDGET.
The figures submitted on January 1st showed the necessity
of an expenditure of upwards of $1,500,000 00. It is too
early to undertake to submit an exact statement of what
will be necessary during the year ending June 30 1915, but it
may be expected that a very large amount of money, more
than enough to absorb all the net income, must be expended
on the property, especially for pavements required by the
City, particularly in the Bronx, where, as I have already
said, the whole community is changing from a rural or
suburban character to that of an urban district. The
burden imposed upon the Company by these paving charges
is very great, and it is a fair question whether, under the
entirely changed conditions which are now prevailing in
this City, the railways should not be relieved from at least
part of the burdens imposed upon them when their charters
were obtained.
The City authorities are -not yet prepared to agree that
legislation ought to be had which would relieve the Railway
Companies of part of this burden, but they are considering
the nittter, and in time, I think, some relief may be hoped
for. The City does not protect the railroad tracks as it
should from reckless use by trucks, automobiles and all sorts
of heavy traffic, and there is not among the owners of such
vehicles the least attempt made to protect the railway
pavements. On the contrary, during snow-storms they use
the railway tracks, which are alone perfectly clear, to the
exclusion of the rest of the street which they might easily
use, and I am bound to add that the worst offender in this
particular is the Fifth Avenue Omnibus Company, which
last winter used the tracks of this Company for a month
without permit, apology or payment, and never even an-
1535
swered my suggestion to them that, as they were destroying
our pavement, they should pay part of the cost of replacing
it.
Finally, I think I should reiterate the views heretofore
expressed that dividends should only be paid when the money
is in the bank with which to pay them, and there is no prior
claim upon it, and also that no additional bonds should be
issued by the Company except for the acquisition of entirely
new property, which will earn rather more than legal interest
on the par value of the bonds issued to acquire it.
F. W. WHITRIDGE,
President.
CONSOLIDATED BALANCE SHEET THIRD AVENUE RAILWAY
COMPANY AND CONTROLLED COMPANIES JUNE 30 1914.
ASSETS.
Railroads, Plant and Equipment
Special Deposits:
Sinking Funds
With Comptroller City of New York
Other
881,325,645 37
860.301 34
83.562 35
1,36252
145,230 21
Current Assets:
Cash-General
8856,946 88
Cash on Deposit for Matured Interest
Cash and Securities-Fund for Depreciation 497,467 50
and Contingencies
1,152,981 04
Accounts Receivable
239,042 28
Material and Supplies
510,218 00
3,256.655 70
Deferred Debit Items:
Construction in Process
8329.381 71
Insurance Premiums and Rents, Unexpired
Proportion
51,941 47
Unamortised Debt Discount and Expense
909,875 50
Miscellaneous
148,249 78
1,439,44846
Total
$86,166.97974
Capital Stock:
Third Avenue Railway Company Stock _316,590,000 00
Stocks of Controlled Companies in Hands
of Public
622.900 00
817.212,900 00
Funded Debt:
Third Avenue Railway Company Bonds --$47.506,000 00
Bonds of Controlled Companies in Hands
of Public
7,079,000 00
54,585.000 00
Notes Payable:
Issued for Purchase of Securities
250,000 00
Current Liabilities:
Accounts Payable
8291,770 81
Due Employees-For Wages and Deposits_
50,602 53
Interest Matured and Unpaid
519,257 49
Interest Accrued, Not Due
672.467 46
Taxes Acerued
442,437 46
1.976,535 75
Deferred Credit Items
8,097 00
Reserves:
For Adjustments, Depreciation and Contingencies and Sinking Funds
810.327,912 60
Excess of Par Value over Cost of Controlled
Companies' Securities Owned; less, Net
Deficits of those Comapnies, relating
prior to January 1 1912-Deduct
99,491 33
10,228.421 27
Surplus:
Balance at July 1 1913
81,349,450 93
Less-Profit & Loss Charges_
69,731 02
$1,279,719 91
Net Income for the Year Ended June 30
1914
626.305 81
1.906.025 72
Total
$86.166.979 74
“Br.
CONSOLIDATED STATEMENT OF INCOME THIRD AVENUE
RAILWAY COMPANY AND CONTROLLED COMPANIES
YEARS ENDED JUNE 30 1914 AND 1913.
(+)or
Operating Revenue:Dec.
(-).
1914.
1913.
Revenue from Transport'n$10,456,705 17 $9,742.345 40 +8714,359 77
Revenue from Other Oper401,510 86
375,501 96
+26,008 90
Total Operat'g Revenue 110.858,216 03 $10.117,847 36 +1740.368 67
Operating Expenses:
Maintenance of Way and
$1.012,646 16
Structures
713.003 13
Maintenance of Equipm t
511,250 00
Depreciation
779,130 78
Power Supply
2,849,929 66
Operation of Cars
Injuries to Persons and
Property
614.609 10
General and Miscellaneous
Expenses
525,466 47
1838,620 95 +8174.02521
614.792 51
+98.21062
461.500 00
+49.75000
794,484 43 -15,353 65
2,580.920 11 +269,009 55
533,808 45
+80,800 65
526,012 33
-545 86
Total Operat'g Expenses $7,006,035 30 86,350,138 78 +$655.896 52
Net Operating Revenue_ Taxes
$3,852.180 73 83,767,708 58
730.784 41
725,693 34
Operating Income
Interest Revenue
13,121.396 32 13,042.015 24 $+79.381 08
75,215 44
70,170 14
+5.045 30
+884.472 15
+5,091 07
Gross Income
13396.611 76 $3,112,185 38 +184,426 38
Deductionsfrom Gross Income:
saInterest in Funded Debt 12,368.071 92 82.027,462 88 8+340.609 04
Interest on Notes
134,173 31
107.236 48
+26,936 83
Rent Deductions, Etc_ _ .. _
38,060 72
30.527 98
+7,532 74
Reserve for Sinking Fund_
30,000 00
30,000 00
Total Deductions
Net Income
82,570,305 95 82.195,227 34 +$375,078 61
$626,305 81
8916.958 04 -$290,652 23
* Includes Interest on Adjustment income Bonds at 5% for the year
1914 and 3%% for the year 1913.
a Does not include Interest on Certificates of Indebtedness of the Dry
Dock East Broadway & Battery Railroad Company.
Note.-Operattons of Belt Line Railway Corporation are included for
full year of 1914 and from March 22nd to June 30th of the year 1913. the
[VOL. XCIX.
THE CHRONICLE
1536
ATLANTIC COAST LINE RAILROAD COMPANY
ANNUAL REPORT-FOR THE YEAR ENDING JUNE 30 1914.
The increase in operating expenses.is due largely to inRichmond, Va., November 17 1914.
To the Stockholders of the Atlantic Coast Line Railroad Company: creases in wages and to cost of valuation work.
PROPERTY INVESTMENT AND RATE OF RETURN.
The Board of Directors of the Atlantic Coast Line RailThe following statement shows, for each year, the amount
road Company respectfully submit the following report for
of investment, the amount of net income applicable to bond
the fiscal year ended June 30 1914:
4,495.27
Miles owned June 30 1913
dividends, improvement of property and strengthinterest,
Miles not owned but operated under lease and trackage
ening of credit, and the rate of return which such net income
128.66
contracts
represents on the amount of the investment:
4.623.93
7.05
Miles owned but not operated by this Company
4,616.88
Miles operated June 30 1913
Miles added during fiscal year
Cooper River Branch, near Ashley Junction, S. C
Central RR.Connection, Sumter. S. C
Between Elliott and Lucknow,S. C.,account re-survey..
Savannah Wharf Branch, Savannah, Ga
Trackage right. Albany, Ga
New line, Composite to Export Terminal, Jacksonville,
Fla
Sanford and Everglades Branch, near Sanford, Fla
New line, Archer to Morriston, Fla
New line, Dunnellon to Wilcox, Fla
2.16
0.78
0.28
2.04
0.17
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
4.13
9.36
20.21
50.13
89.26
Less;
Between Richmond and Va.-N. C. State Line,
0.30
account re-survey
James River Branch, Va., operated by R.F.& P.
4.55
RR. Co
Change of connection, Petersburg Belt Line, Va_ 0.76
Between Tarboro and Plymouth, N. C., account
0.11
re-survey
Between Eutawville and Ferguson, S. C., rail
0.63
taken up account re-location of depot
Change of line, Chattahoochee River, Ga.-Ala._ 0.19
Moncrief to Export Terminals, Jacksonville,
4.30
Fla., trackage
Between Sanford and Lake Charm. Fla., account
0.29
re-survey
Between Kissimmee and Apopka. Fla., account
0.32
re-survey
19.62
Archer to Morriston, Fla., trackage
Line shortened by Archer to Morriston construc1.22
tion
12.80
Spurs to mills and factories
45.09
44.17
4,661.05
Average mileage operated during year
4.646.45
Mileage owned June 30 1914
4 567.74
269.80
Double-track mileage June 30 1914
1913.
1914.
$36,832,779 57 836.123,071 51
Operating revenues
Operating expenses and taxes 27.773.246 96 26.087,008 84
Net operating revenues, less
19.059,532 61 810.036.062 67
taxes
9.640 01
Am.:Mary operations-Deficit
89.049.892 60 810,036,062 67
3,721,908 18
21
4,056,042
Other income
813.105.934 81 $13.75976-16
Gross income
5.554,434 43
08
5.598.695
Interest and rentals
$7.507,239 73 18.203.536 42
Miscellaneous deductions
320,333 84
178.231 98
from income
17,329.007 75 $7,883,202 58
Net income
(+) or
Dec.(-).
+1709,708 06
+1.686.238 12
-$976,530 06
+9.640 01
-8986.170 07
+334.134 03
=1652.036 04
+44,260 65
-1696.296 69
-142.101 86
-8554.194 83
INTEREST AND RENTALS.
1913.
1914.
85,393,362 76 85.319.935 43
Interest on funded debt
9,378 00
32
9,711
indebtedness
of
certificates
on
Interest
Interest on equipment trust bonds ofMarch 1
79,420 00
61,420 00
1907
Interest on equipment trust bonds of Dec. 1
103,125 00
91.875 00
1911
Interest on Brunswick & Western income
2,30000
2.050 00
bonds
40,276 00
40.276 00
Rentals
85.598,695 08 $5,554,434 43
DIVIDENDS.
Dividends were paid as follows during the year:
$9,925 00
14,799.032 00
To Preferred Stockholders, 5 per cent
To Common Stockholders, 7 per cent
OPERATING REVENUES.
Freight
Passenger
Express
Mail
Excess Baggage _
Miscellaneous
Increase.
1913.
1914.
124.825.312 87 824,497,523 25 8327,789 62
8,931,836 16 280.334 14
9,212.170 30
18.258 66
1.268,749 86
1,287,008 52
32.159 30
620,827 08
652,986 38
6.16058
116.473 10
110.312 52
45,005 76
693,822 64
738,828 40
836.832,779 57 $36,123,071 51
Total
1709.708 06
OPERATING EXPENSES AND TAXES.
1914.
Maintenance of way
and structures
Mantenance of equipment
Traffic expenses
Transporta'n expenses
General expenses
Taxes
Total
1913.
Increase.
Per
Cent.
1.34
3.14
1.44
5.18
5.58
6.49
1.96
Per
Cent.
$5.116,944 18 14.667,356 75
1449.587 43 9.63
6,094,705 82 5,581,307 29
618.144 52
649,820 81
13.118,265 62 12,821,636 13
947,086 90
1,232,351 16
513.398 53 9.20
31,676 29 5.12
296,629 49 2.31
285,264 26 30.12
$26.212,087 59 $24,635,531 59 81.576,556 00 6.40
109.682 12 7.56
1.451.477 25
1,561,159 37
$27,773,246 96 126,087.008 84 $1,686,238 12 6.46
Operating revenues increased
Operating expenses increased
Taxes increased
Net operating revenues, less taxes, decreased
1709,708 06, or 1.967
1,576,556 00. or 6.40
109.682 12, or 7.56
976.530 06, or 9.73 0
The ratio of operating expenses and taxes to operating
revenues was 75.40 per cent, as compared with 72.22 per
cent for the previous year.
Property
Investment.*
8177,251,536 25
180,866,539 47
187,519,495 52
188,914,505 22
196,606,19909
196,632,216 45
201,239,805 66
205,319.088 67
217,284,946 62
222,149,101 91
Income Applicable
Per Cent
to Bond Interest,
Dividends,Improve- Income on
Property
ment of Property
and Strengthening Investment.
of Credit.
810.309.883 67
10,542,182 75
9,002.929 34
9.131.634 48
10.979.931 19
12,934.306 80
13,061.766 59
12.785.780 55
13,757,970 85
13.105,934 81
5.82
5.83
4.80
4.83
5.58
6.58
6.49
6.23
6.33
5.90
5.88
SI 1 551 252 in
5107 S7R542 40
Annual averafra
* The Property Investment does not include either Cash or Material and
Supplies on hand.
INDUSTRIAL.
Total miles operated June 30 1914
INCOME ACCOUNT
Year Ended
June 30.
During the year a demonstration car, containing an exhibit
of agricultural resources of the six States through which your
line runs, accompanied by your Agricultural and Immigration Agent, was sent to the Canadian Exposition, at Toronto,
and to State Fairs in New York and'New England. The
representatives of this Department who accompanied the
car reported a gratifying interest in the exhibit by a large
number of prospective settlers.
A number of land companies have been organized during
are dethe year in the territory served by your line, which
to homevoting their energies to the sale of farm lands
Departments
seekers. The State and Federal Agricultural
of agrihave shown increasing activity in their stimulation
agents, farmcultural development, through demonstrationthese
activities
of
ers' institutes and other agencies,and all of
the Agricultural
are meeting with the hearty co-operation
and Immigration Department.
There were 2,913 heads of families, engaged in agricultural
or industrial pursuits, located on your line during the year.
There were 207 new industries,including mills, factories and
various manufactories, located on your line during theyear.
There were 252 industrial side-tracks or extensions constructed during the year to reach new plants or to extend
those already m existence.
Representatives of the Agricultural and Immigration Department have devoted a large portion of their time to attendance upon State Fairs, Agricultural Meetings, Farm
Demonstration Meetings, Drainage and Irrigation Conventions, Chambers of Commerce, Good Roads Associations,
and other conferences of like nature, where they have had
an opportunity to come in personal touch with patrons and
prospective patrons of the road, which has proven of mutual
benefit.
CAPITAL ACCOUNT.
Common stock outstanding June 30 1914, $68,558,000, an
increase of $800, which was issued in exchange for $1,080
Convertible Debenture Bonds retired.
Preferred Stock outstanding June 30 1914, $196,700, a
decrease of $1,800, which was retired by the issuance of
$2,200 of(new)Four Per Cent Certificates of Indebtedness.
By action of Stockholders and Directors at meetings held
April 11914, the Unified Four Per Cent Gold Mortgage,
dated November 16 1909, was closed, and no additional issue
of bonds can hereafter be made under that mortgage. At
the same meetings, a new General Unified Gold Mortgage
was authorized, practically similar to the closed mortgage m
terms and authorized amount,except that bonds issued thererate
under, instead of being limited to a maximum interest
of 4 per cent, can be issued in series bearing different rates
time
not exceeding 6 per cent, as may be fixed from time to
by the Board of Directors.
an
Under resolution adopted by the Board of Directors
One-half
and
Four
"A"
Series
of
09
$30,847,484
of
issue
Cent
Per Cent Bonds and $100,000 of Series "B" Four Per
Unified
09
$30,847,484
of
holders
and
authorized,
Bonds was
of
Bonds have been offered for a limited time the privilege
and
Four
"A'
Series
for
bonds
said
par,
for
par
exchanging,
Four
One-half Per Cent Bonds, and the holders of (new)
the
offered
were
s
Indebtednes
of
Certificates
Per Cent
said
par,
for
par
exchanging,
of
1914,
1
July
privilege, until
Certificates for Series "B" Four Per Cent Bonds.
CENT BONDS.
UNIFIED MORTGAGE FOUR PER
125,209,584 36
Outstanding June 30 1913 and April 1 1914 for additions
5,637,899 73
Issued between July 1 1913
and betterments
330,847,484 09
issuance of like amount of GenRetired to June 30 1914, by
Four and One-half Per
eral Unified Mortgage Series "A"
26.279,48409
Cent Bonds
$4,568,000 00
Outstanding June 30 1914
THE CHRONICLE
Nov. 211914.)
GENERAL UNIFIED MORTGAGE BONDS.
Outstanding June 30 1914, Series "A," Four and One-half
$26,279,484 09
Per Cent
100,000 00
Outstanding June 30 1914, Series "B," Four Per Cent
326,379,48409
1537
Charges During the YearFor cost value of equipment retired by destruction, sale or transfer to other classes
$758,082 50
Less value at which equipment was transferred
to other classes
35,222 73
$722.85977
Cared For as FollowsFrom operating expenses, renewals
$108,882
00
From accrued depreciation
CONVERTIBLE DEBENTURE FOUR PER CENT GOLD BONDS.
415,424 47
From salvage,fire insurance and foreign roads_ 198,553 30
$4,484,015 00
Outstanding June 30 1913
$722,659 77
1,080
00
Stock
Common
Retired by issuance of $800
$4,482,93500
Outstanding June 30 1914
(NEW) FOUR PER CENT CERTIFICATES OF INDEBTEDNESS.
$232,900 00
Outstanding June 30 1913
2,200 00
Issued to retire $1,800 Preferred Stock
•
$235,100 00
of General Untied MortRetired by issuance of like amount
100,000 00
gage, Series "B," Four Per Cent Bonds
$135,100 00
Outstanding June 30 1914
EQUIPMENT TRUST OBLIGATIONS.
There were paid during the year $450,000 of Equipment
Trust Four Per Cent Bonds, Series "A", and $250,000 of
Equipment Trust Four and One-Half Per Cent Bonds,
Series "B", leaving Equipment Trust Bonds outstanding
June 30 1914, as follows:
$1,348,000 47; Bonds, Series "A".
1,875,000 43% Bonds, Series "B".
There were no other changes in the securities of your
Company.
CHANGES IN HOLDINGS OF COMPANY'S OWN SECURITIES IN
ITS TREASURY.
In Company's Treasury, Unpleciged, June 30 1913Unified Mortgage Four Per Cent Gold Bonds
$15.542,584 36
First Consolidated Mortgage Four Per Cent Gold Bonds. 2,438,750 00
$17,981,334 36
Unified Mortgage Four Per Cent Gold Bonds issued by
Trustee to reimburse this Company for expenditures
for Additions and Betterments
5,637,899 73
$23,619,234 09
Less First Consolidated Mortgage Four Per Cent Gold
Bonds sold at 93 net and interest
2,000,000 00
$21,619,23409
In Company's Treasury, Unpledged, June 30 1914General Unified Mortgage. Series "A", Four and OneHalf Per Cent Gold Bonds (issued in exchange for like
amount of Unified Mortgage Four Per Cent Gold
Bonds)
521,180,484 09
First Consolidated Mortgage Four Per Cent Gold Bonds_
438,750 00
$21.619.23409
RAIL RELAYING AND INCREASE IN SIDE TRACKS AND YARD
TRACKS.
Cost of transferring equipment to other classes
$6,679 64
The following table shows the equipment owned, or leased
under car trusts on hand at the close of each year:
_
1905. 1906. 1907. 1908. 1909 1910. 1911. 1912. 1913. 1914.
Locomotives _ _
506 .545 641 672 669 663 686 719 777 814
Passenger train
cars
523 530 564 606 602 605 603 646 671 679
Freight train
cars
15,530 18,108 23,009 24,668 24,50824,581 25,47227,51 29,21 29,833
Work equipment
450 449 593 600 657 773 847 946 975 1,070
There were purchased and put in service during the year:
46 Locomotives.
8 Steel Dining Cars.
4 Steel Mail and Express Cars.
4 Steel Passenger and Baggage
Cars.
12 Steel Coaches.
900 Box Cars.
100 Automobile Cars.
565 Flat Cars.
25 Phosphate Cars.
25 Caboose Cars.
8 Log Cars.
50 Ballast Cars.
1 Steam Wrecking Crane.
1 Ditching Machine.
2 Air Dump Cars.
In addition to equipment enumerated above, orders were
placed during the year for the following:
6 Steel Coaches.
4 Steel Mail and Express Cars.
I 5 Steel Express Cars.
1100 Steel Logging Cars.
GENERAL REMARKS.
The large increase in Operating Expenses of $1,576,556 is
largely accounted for by:
IncreasesIn payrolls
In valuation expenses
In creosoting cross ties
In equipment renewals
In equipment depreciation
In cost of fuel
In materials for equipment repars
Aggregating
$518,763 00
195,991 00
160,000 00
76;200 00
69,719 00
93,722 00
289,211 00
51.403,606 00
There were expended during the year for Additions, Betterments and New Construction
$5,865,629 26
There were laid during the year 7.46 miles of additional There were sold during the year $2,000,000 First Consolidated
Mortgage Four Per Cent Gold Bonds at 93 net, yielding--$1.860,000 00
industrial tracks and 48.77 miles of side and yard tracks,
a total of 56.23 miles.
There were relaid 276.38 miles, or 6.0 per cent of total of
The extension of double track was continued and 66.12
main and branch line mileage, as follows:
miles were completed and put in operation prior to June 30
Miles. 1914, and 61.74 additional miles were completed this fall.
New 85-pound rail
175.12
Relay
3.69 This gives the Atlantic Coast Line Railroad Company 331.54
97.57 miles of double track.
Automatic electric block signals were put in operation
276.38
during the year for the protection of
,778
NEW CONSTRUCTION.
Second track was completed upon dates given:
Roanoke River to Pleasant Hill, N.C
Falling Creek to James River, Va
Lanes to Santee River Viaduct,5.0
Collier, Va., to Pleasant Hill, N. C
Selma to Parkton, N.C
7.56
5.77
4.36
48.43
61.74
miles-July 1913
" -Aug. 1913
" -Feb. 1914
" -June 1914
" -Nov.1914
127.86 miles.
The new' line between Dunnellon and Wilcox, Fla., a
distance of 50.13 miles, was completed and put in operation
in February 1914.
The new line between Archer and Morriston, Fla., a
distance of 20.21 miles, was completed and put in operation
in October 1913.
Contract was awarded in March 1914 for the construction
of line between Milldale and Eastport, Fla., a distance of
4.3 miles, to reach the lumber plant of the Carpenter-O'Brien
Company. This line, crossing both Trout Creek and Cedar
Creek on wooden pile trestles with steel draw spans at the
channels, was completed in October 1914.
A line was constructed from Composite to Eighth Street,
Jacksonville, Fla., a distance of 2.57 miles, thus making a
continuous line from Moncrief, Fla. to Jacksonville Export
Terminals, a distance of 7.46 miles. This enables your
Company to reach its Export Terminals over its own rails
and to discontinue the use of tracks of the St. Johns River
Terminal Company.
EQUIPMENT REPLACEMENT ACCOUNTS.
Credits During the YearFrom Operating Expenses:
DepreciationFor locomotives
$279,027 16
For passenger train cars
76,852 60
For dining cars
3,923 86
For freight train cars
679,378 54
For work equipment
17.739 68
For floating equipment
3,306 12
$1,060,227 96
From Operating Expenses:
Renewals, Equipment Destroyed or SoldFor 9 locomotives
$15,935 68
For 11 passenger train cars
12,769 54
For 917 freight train cars
71,542 89
For 51 work equipment cars
8,633 89
108,882 00
$1.169.109 96
75.56 miles of double track and
8.98 milas of single track s
84.54 miles.
This will make 244.40 miles of double track and 11.32
miles of single track protected by automatic electric block
signals, a total of 255.72 miles.
The replacement with modern structures of nine important
bridges, too light for your present motive power and rolling
stock, was completed during the year. Five more will be
completed this fall and one other has been contracted for.
All Additions, Betterments and New Construction authorized by the Board of Directors will be, completed, as
provision has been made for the funds required to pay for
all this work. It will, however, be impossible to authorize
further new constructions or betterments until business
again resumes its normal course in our territory and money
again becomes available upon reasonable terms. This delay is unfortunate, as the preliminary work, including the
securing of rights of way for several important extensions
and improvements, has been completed.
Your Company is a large carrier of cotton, tobacco and
naval stores, and the conditions in Europe have already
been reflected to a marked degree in its earnings. It will be
necessary, in order to offset this loss in revenue, to inaugurate a strict policy of retrenchment and curtailment of expenses, and we would ask the co-operation and support of
our Stockholders and of the Public in aiding us to meet
this situation.
There has been a heavy increase in empty freight car mileage of 17.2 per cent, due mostly to the increase of idle cars,
which makes it seem desirable to return foreign cars to owners, instead of holding them or sending them for loads. This
has increased.expenses by increasing both car and train miles
without yielding any revenue and is a heavy burden which
increases instead of diminishing in hard times. This dead
mileage accrues not only to the foreign raod but also to the
home road, which generally has to haul the empties to
points of loading.
J. R. KENLY, President.
H. WALTERS, Chairman.
THE CHRONICLE
1538
(3()/VII3ARATIVE GENERAL BALANCE SHEET.
Assets.
Property InvestmentRoad and Equipment:
Investment to June 30 1907:
Road
Equipment
Investment since June 30 1907:
Road
Equipment
General Expenditures
June 30 1914.
June 30 1913.
$118,942,804 70 $118,942,804 70
25,803,719 39 25,803,719 39
$144.746,524 09 $144.746,524 09
$18,188,185 33 $14,486,085 43
10,459,434 81
12,622,964 17
259,931 50
259.931 50
$31,071,081 00 $25,205.451 74
$175.817,605 09 $169,951,975 83
9,292,832 24
Reserve for Accrued Depreciation-Cr- _ - 10,368,020 31
$165.449,584 78 $160,659,143 59
Securities:
Securities of Proprietary. Affiliated and
Controlled Companies-Unpledged:
$145,440 06
$147,346 31
Stocks
Other Investments:
Miscellaneous Investments:
796,910 83
749.318 68
Physical Property
51.674,220 58 51,674,220 58
Securities-Pledged, Stock
4,009.231 56
Securities-Unpledged
4.128,631 56
$56,552,170 82 $56,480,362 97
$222,149,101 91 $217,284.946 62
Total
Working Assets$9.246,633 41 $12,101,272 01
Cash
Securities Issued or Assumed-Held in
Treasury:
21.619,23409 17.981.334 36
Funded Debt, Par Value
Marketable Securities:
129.009 79
129.009 79
Stocks
3,016.592 38
3,147.592 38
Funded Debt
13,000 00
12.000 00
Miscellaneous
Loans and Bills Receivable
Traffic and Car Service Balances due from
Other Companies
Net Balance due from Agents and Conducductors
Miscellaneous Accounts Receivable
Materials and Supplies
Other Working Assets
$3.288.602 17
$57,284 54
$3,158,602 17
$43.679 90
693,654 62
556,235 26
485,827 77
1,050.388 14
2,872.667 14
31,469 24
565.286 20
957.353 64
2,549,607 48
50.199 99
$39,345.761 12 $37,963,571 01
Total
Accrued Income Not DueUnmatured Interest, Dividends and Rents
$1,437,210 50
Receivable
$1,408,751 54
Deferred Debit ItemsAdvances:
Temporary Advances to Proprietary,
Affiliated and Controlled Companies.. $3,121,204 59
Working Funds
19,495 94
Other Advances
$2,317.925 51
15,700 56
25 00
$3.140,700 53
$591.000 00
5.500 00
$2,333,651 07
$591,000 00
9.511 18
Special Deposits-Bonds
Special Deposits-Cash
Cash and Securities in Sinking and Redemption Funds
Cash and Securities in Insurance and
Other Reserve Funds
Other Deferred Debit Items
Total
Grand Total
$596,500 00
$600,511 18
$273,833 33
$173.833 33
262,001 39
974.848 81
220,367 47
794,470 97
$5,247.884 06
$4,122.834 02
$268.179,957 59 $260,780.103 19
Liabilities.
StockJune 30 1914. June 30 1913.
Capital Stock:
Common Stock
$67.558,000 00 167.557,200 00
Class"A" Richmond & Petersburg RR.
Co. Stock
1.000,000 00
1,000.000 00
Preferred Stock
196,700 00
198.500 00
$68,754,700 00 $68.755.700 00
4,469.597 50
4.469,792 50
Premiums realized on Capital Stock
Total
$73.224.297 50 $73,225,492 50
Mortgage, Bonded and Secured Decbt-Ppnded Debt:
Mortgage Bonds-Held
522344.23409
by Company
89.694,000 00
Not held by Company
$112,038,234 09 $106,300,334 36
Collateral Trust Bonds-Notheld by Co 35.000,000 00 35,000,000 00
Plain Bonds, Debentures and Notes4.619.135 00
Not held by Company
4,718,015 00
41,000 00
Income Bonds-Not held by Company_
41.000 00
Equipment Trust Obligations-Not
3,223.000 00
3.923.000 00
held by Company
5154.921,369 09 3149.982.349 36
Total
Working LiabilitiesTraffic and Car Service Balance due to
5600.877 91
Other Companies
2,067.965 32
Audited Vouchers and Wages Unpaid__ _
856,831 30
Miscellaneous Accounts Payable
Matured Interest, Dividends and Rents
483.475 59
Unpaid
Matured Mortgage, Bonded and Secured
103,000 00
Debt Unpaid
95,032 11
Other Working Liabilities
23
$4.207,172
Total
3.000 00
99.895 12
$3,969,918 75
Accrued Liabilities Not DueUnmatured Interest. Dividends and Rents
$3,554,114 74
Payable
780,579 69
Taxes Accrued
$4.334,694
43
Total
$3,531,968 82
725,738 63
$4.257.707 45
Deferred Credit ItemsOperating Reserves
Other Deferred Credit Items
Total
$604,443 05
478,721 16
51.083.164 21
Appropriated SurplusAdditions to Property since June 30 1907,
through Income
Reserves from Income or Surplus
Total
Profit and LossBalance
Grand Total
573.820 15
260.238 36
6334.058 51
$616,050 70
2,466,747 48
348,311 36
435.914 09
[VOL.
xc
Pit Tolunterclat 'pmts.
COMMERCIAL EPITOME.
Friday Night, Nov. 20 1914.
Foreign trade continues large, not only in grain but in
various war materials. But domestic business still lags. It
has shown some improvement here and there, and yet is
still far below normal. One of the great events of the week
was the satisfactory re-opening of the New York and New
Orleans Cotton Exchanges and also that of Liverpool. The
successful formation also of the $135,000,000 cotton loan
pool has had a certain sentimental effect, whether such a
pool is now really needed or not at the South. Really the
greatest event of the week was the inauguration of the
Federal Reserve Bank system, with the profound changes
for the better in the finances of the country of which it may
be considered the herald. Coledr weather has helped the
retail trade as well as the coal business. Jobbing trade is
somewhat better. Money has been easier. Stocks and
bonds have further advanced. President Wilson, in a
recent letter referring to the importance of fair treatment of
railway interests, has encouraged hopes that the railroads
may get some increase in freight rates at no very distant
date. Collections are somewhat better. A more cheerful
feeling prevails in some of the departments of the iron and
steel trade. Cotton, after declining sharply, has latterly
rallied. The Chicago stock-yards have re-opened, the footand-mouth epidemic being under control. The feeling in
this country is somewhat more hopeful, though actual domestic business is still small, and it is a fact that failures continue
numerous.
LARD has been quiet; prime Western 11.45c., showing a
decline; refined for the Continent 12.30c.; South America
12.500. and Brazil 13.50c, Futures have declined, in sympathy with a sharp fall in the prices of hogs at Chicago.
Also receipts have increased materially, as the stock-yards
at Chicago have re-opened. Stocks at Chicago have turned
out to be larger than expected. To-day prices advanced.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
November delivery.cts_ 11.27
11.30
11.15
10.80
10.50
10.50
January delivery
10.47
10.42
10.22
10.12
10.15
10.20
10.32
May delivery
10.57
10.55
10.25
10.27
10.35
PORK steady; mess $20 50@$21; clear $21 ©325; family
$24 50©$25. Beef easier; mess $21©$23; packet $23©$24;
family $24©$26; extra India mess $36©$38. Cut meats
firmer; pickled hams, 10 to 20 lbs., 133'@14c.; pickled
bellies, 6 to 12 lbs., 16©163/8c. Butter, creamery extras,
34e. Cheese, State whole milk, colored specials, 153
40.
Eggs, fresh gathered extras, 39©420.
COFFEE has been dull. No. 7 Rio 634c., No. 4 Santos
93
/i ©10c., fair to good Cucuta 103©110. Coffee futures
have drifted to a new low level. There has been little buying
power. Also exchange on Brazil has beendeclining. At
one time it was 13Yid.; later 13%d. Receipts have been
large and holders have pressed coffee for sale. The Voluntary Committee recommends the margining of all open contracts to the basis of 5.50c. for Nov. and Dec., 5.60c. for
Jan. 5.75c. for Feb., 5.90c. for March, 6c. for April, 6.10c.
for May and June and 6.90c. for July. Payments are to
be made before 3 p. m. Monday, Nov. 23, direct to firms
calling, rather than to banks or trust companies. December has sold at 5.25c., later 5.26 to 5.30c.; March at 5.63c.,
later as high as 5.70c.; May at 5.81c., later up to 5.85c., and
July at 6.65c., later 6.66 to 6.70c. '
SUGAR has been as a rule steady. France has recently
bought, it is said, 65,000 tons of granulated, and is in the
market for more. Centrifugal,96-degrees test, 4.01 ©4.07o..;
molasses, 89-degrees test, 3.36©3.42c. Stocks at the six
principal Cuban ports are 56,000 tons, against 24,000 tons
last year. Stocks in the United States and Cuba together
are 331,781 tons, against 376,463 last week and 150,343 last
year. Refined has been steady, with granulated 5.100.
OILS.-Linseed steady; city, raw, American seed, 47c.;
boiled 480.; Calcutta 70c. Cocoanut ess,y; Cochin
14©143'
2c.; Ceylon 10%©11c. Olive $1@$1 10. Castor
8 @84c. .Palm in good demand at 83
4©9c. for Lagos.
Cod domestic steady at 33©35e. Cottonseed oil higher at
5.60c. for winter and summer white. Corn steady at 5.35®
5.40.c. Spirits of turpentine 48©483e. Common to good
strained rosin $3 75.
PETROLEUM moderately active and steady; refined in
barrels 8©9c., bulk 4.50©5.50c., cases 10.50©11.50c.
Naphtha, 73 to 76 degrees, in 100-gallon drums, 233/I0•;
drums $8 50 extra. Gasoline, 89 degrees, 26c.; 74 to 76
degrees, 25c.; 67 to 70 degrees, 22c. Crude prices were unchanged. Advices from Shreveport say that most activity
centres in Red River Parish, although several derricks which
have been idle are now working in Caddo and De Soto.
$496,191 70
85c Somerset. 32 deg__ 85c.
663,29064 Pennsylvania dark $1 45 Corning
1 45 Wooster
Second sand
$I 15 Ragland
65c.
$1,159,482 34 Ilona
1 45 North Lima
93c. Illinois. above 30
Cabell
1 05 South Lima
88c. degrees
89c.
1 02!Indiana
Mercer black
88c. Kansas and Okla1 02'Princeton
89c. homa
New Castle
55c.
$73,820 15
TOBACCO
has
remained
generally
rather quiet. Now
215.34573
$289,165 88 and then a manufacturer makes purchases on a fair scale.
$30,075,201 62 $27,895,98691
$268,179,957 59 $260,780,103 19
But as a rule the buying is from hand to mouth, as manufacturers feel the depression of the times. Yet packers are
not inclined to lower prices. Binders are, on the contrary,
quite steady. Wisconsin is selling on a restricted scale at
THE CHRONICLE
Nov. 211914.]
1539
Week ending
gnNov.
ia—
20 1914.
From Aug. 1 1914 to Nov. 20 1914.
good prices. The Connecticut crop was benefited by timely
Exported to—
rains. A rather better demand has prevailed for Cuban leaf.
Exports
from—
Great
ContiContiGreat
Sumatra is wanted, but the assortment is said to be generally
Britain.France. neat. Total. Britain. France.
Total.
most.
rather unattractive.
Galveston__ 13,510 13,017 57,515 84,042 221,706 42,753 250,156 514,615
COPPER has been in better demand and higher; lake Texas
City_
_ __
15,914 64,883
1,581 1,581 48,969
12Ne. and electrolytic 12.0734c. Foreign quotatons have Pt. Arthur_
400
400
also advanced sharply coincident with decreasing stocks. NewOrleans 26,567
3,746 43,193 117,092
2,200 28.767 70,153
Mobile ____ 2,785
3,036
301
300 3,085
2,785
Standard at London £53 17s. 6d. net for spot and £54 for Pensacola__
_ __
4,245
4,245
futures. Electrolytic £56. Tin has dropped to 32c., later Savannah._ _ _ _
22,043 22:6ii 21,345
96,634
75,281
11,900
11,900
32.10c., on the spot here. In London prices have fallen Brunswick
Charleston
_ _
2.20_
14,59
16,790
shaprly. It now looks as though supplies could be brought Wilmington
2,600
2,6
high
molestation
Norfolk__
on
_
the
of
danger
.
2,101
without
2,101
7,001
7,001
East
Far
the
from
New York_ 1,17
26,721
2,055 38.896 67.672
seas. Therefore at home and abroad prices have been de- Boston __ 2,11a 686 7:i86 9,570
2,118 11,679
12,195
516
Baltimore__
__
3
400
100
clining. Lead here on the spot 3.90c. and spelter 5.20c., Philadel'a_
. 5,263
5:tii5 18,34
1,200 19.542
both having advanced. The iron and steel business is still San Fran._
__ _
3,550 3,550
32,396
32.398
9,309 9,309
in an unsatisfactory condition in some departments. But Pt.Tovrrued
35,823 35,893
the demand for pig iron is larger and in finished steel there
Total__ __ 53,514 13,667 104,248 171,429 459,736 48,554 499,054 1,007,344
is in some cases rather more inquiry. Some are still waiting, however, for easier prices. In the last ten days they Total 1913_ 106,142 18,968 209,213334,323 1,326,356 563,161 1,729.427 3,618,944
have declined noticeably. They are nearly down to the level
Note —New York exports since Aug. 1 Include 1,287 bales Peruvian and 25 bales
of 1911 and 1912, when a good business was done. No. 2 West Indian to Liverpool, 50 bales Egyptian to Mexico.
Eastern $13@$13 50 and No. 2 Southern Birmingham $10.
In addition to above exports, our telegrams to-night, also
Some steel mills have resumed work.
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
COTTON,
On Shipboard. Not Cleared for—
Friday Night, Nov. 20 1914.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
359,216 bales, against 338,055 bales last week and 317,633
bales the previous week, making the total receipts since
Aug. 1 1914 2,329,719 bales, against 5,121,275 bales for the
same period of 1913, showing a decrease since Aug. 1
1914 of 2,791,556 bales.
I
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
26.790 24.257 44,692 26.176 17.373 22,053161.341
Texas City
3,790 2.077 4,616
-__- 3.752 14.235
Port Arthur
Aransas Pass,ic_
i8i
484
_ _ I 13,O8 6-.8eg 13:efii 8-.si
New Orleans_ _ c.11,886 7,245 61.022
Mobile
I 1.081
892
972 2,056 1,091
503 6,595
Pensacola
____
____
____
Jacksonville. dm_ I
1,632 1,632
Savannah
1 8:A§5 9-,igto 13-.6§8 7-,ii
8;ged 8.566 55,696
Brunswick
7,000
7.000
Charleston
I 2,890 2.395 5,197 2-n961,801
2,567 17,646
Wilmington ___..1 1,767 1.657 1.256
640 1.076
680 7.076
Norfolk
, 2,710 3.91I
,
2
1
3,956 18,067
N'port News, &c
__ _- _
_- ----------------------6943.
-5,943
New York
____
i
25
Boston
150
73
200
_
485
Baltimore
_
1,§ei 1,961
Philadelphia _ _ _ _
i6 ---38
Totals thLs week_ 57.367 52,711 83,694 55.163 43.969 66.312 RAci otn
The following table shows the week's total receipts, the
total since Aug. 1 1914 and the stocks to-night, compared
with last year:
Receipts to
Novembet 20.
1914.
1913.
Stock.
This Since Aug This Since Aug
Week. 1 1914. Week. 11913.
1914.
1913.
Galveston
161.341 1.109.82C 150.147 1,790.157 409.450 305,394
Texas City
14.235 106,684 23,334 186.281
43,121
30.015
Port Arthur
400 3.725
11,918
3,725
Aran. Pass, &c
454
9,370 8,236
98.446
6,780
3,573
New Orleans
61,022 283,973 72.733 551,074 195.951 214,312
Mobile
6,595
51.274 17,926 207,270
33.538
50,581
Pensacola_
4,066 8,063
65,066
Jacksonville, &c.. 1,632
17.485 1,989
16,832
754
1,479
Savannah
55.696 403,625 60,105 1.123.780 165,813
192,554
Brunswick
7,000
23,308 11.000 190,942
7.000
22.238
Charleston
17,646 112,112 20,375 309,313
79,050
71,930
Wilmington
7,076
55,094 19.480 259,669
36.583
38,269
Norfolk
18.067 107,537 25.316 231,817
42,596
41,796
N'port News, &c.. 5,943
25.031 3,247
19.767
New York
25
544
250
774
75,222
45.326
Boston
485
3.874 1,284
5.195
3.217
3.307
Baltimore
1,961
15.187 6.942
46,899
8,254
12.004
Philadelphia
38
335
75
6.417
8,467
Totals
359.216 2.329.719 434,152 5.121,275 1.113,749 1.042,970
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at—
1914.
1913.
1912.
1911.
1910.
1909.
Galveston _
Te.xasCity,&c.
New Orleans_
Mobile
Savannah
Brunswick __
Charleston .8zc
Wilmington
Norfolk
N'port
All others
161.341
14.689
61.022
8.595
55.696
7,000
17.646
7,076
18.067
5.943
4,141
150.147
35.295
72,733
17,926
60,105
11,000
20,375
19,480
25,316
3,247
18,528
176,542
50.250
92,474
12,943
67.515
13,500
17,059
17,050
34,816
6.729
19,922
138,529
50,951
83,295
11.925
87,176
10,350
21,609
25,333
35,769
18.769
104.069
18.950
92,323
11.778
58,326
18,000
16,752
17,986
39.426
149
15.621
84,373
1.894
36.701
8.885
25,782
7,090
6.890
7,914
15,281
1.255
8.219
Total this wk.
359,216
434.152
508,800
483,606
393,380
204.284
Since Aug. E 2.329,719 5,121,275 5,157.875 5,200.589 4,254.941 4,180,992
The exports for the week ending this evening reach a total
of 171,429 bales, of which 53,514 were to Great Britain,
13,667 to France and 104,248 to the rest of the Continent.
Below are the exports for the week and since Aug. 11914.
Great
I GerOther
Nov. 20 at— Britain. France. many. Foreign
New Orleans_ _
1,353 2,678 3.194 24.759
Galveston _ _ _ _ 87,630 11,690
85,694
Savannah
13.832
Charleston_ _ _ _ 6:665
2,000
Mobile
-514
Norfolk
New York_ _ _ _
500
100
• 2:666
Other ports_ _ _ 16.000
9.000
Total 1914_ _ 111.483 14.466 3,532 137.285
Total 1913_ - 122,740 45.255 92.207 64,210
Total 1912_ _ 108.544 53,752 124.378 44,216
Coastwise.
I Leaving
Total. I Stock.
120 32.102
8.000 191.014
500 14.332
8.000
438
166
19.022 19.022
2,600
25.000
163,852
218.436
151.481
71.050
33.100
23,574
72.622
87.126
25.742 292.508
25,757 350.169
30.237 361,127
821.241
692.801
933.397
Speculation in cotton for future delivery was resumed on
Nov. 16th at the New York Cotton Exchange,which then
formally re-opened, after having been closed fifteen weeks.
The trading, however, during the week, has been light, and
prices have, on the whole, declined. It is true that on the
opening last Monday they acted very well all day. But on
Tuesday came a decline of some 30 to 34 points, owing to
hedge selling by the South and also more or less selling by
Liverpool, ring traders, Wall Street and spot interests. .It
was found, too, that Southern spot markets were dropping
rather sharply. In fact, in the Southwest there were declines on that day of 3/3 to Yie. at such markets as Galveston
and Houston. On Wednesday came a rally. It was the
first seen since the market broke so sharply on Tuesday.
Yet Liverpool, even on Wednesday, dropped 26 to 32 Am.erie
can points. Liverpool reported hedging sales there and little
buying power. Liverpool also again sold here. Hedge
selling by the South continued. The ginning up to Nov. 14th
is supposed to have reached something .over 11,000,000
bales, while the quantity in sight approximates 4,000,000
bales, so that 7,000,000 bales at least are being held back.
The question is whether the South can carry the load. It is
true, however, that the $135,000,000 bank loan pool is declared from Washington to be a success. Also the inauguration of the Federal Reserve Bank system on Nov. 16th is
expected to inure to the benefit of trade generally, not excepting the cotton interests of the country. But.even so,
this will simply mean, it is contended, merely a withdrawal
of just so much cotton from the market, not its sale. Many
think that the South might better sell the cotton and end the
matter. Then it could cut down the acreage if it saw fit,
and, very possibly, recoup itself next season. Bank loan
pools do not consume the cotton. It stands there
and
to
be
has
sold• some
got
time
or
other. For this reason some in the cotton trade do not look
with a favorable eye on the $135,000,000 bank-loan pool.
In Wall Street, also in parts of the South, it is criticized
to some extent as something unnecessary now that the
Federal Reserve bank system is in operation. However
this may be, the talk of a loan pool has not prevented prices
latterly from declining either here or at the South. The
Clearing-House system is not yet in operation in the cotton
market here. Many would be glad to see it carried into
effect at the earliest possible moment, but it may not go into
effect until Jan. 2. Latterly there has been some investment
buying by moneyed men on the way down. They think
that cotton cannot be very far from the bottom. It is
considered about 2 cents below the cost of production
and the experience of former seasons has been that cotton bought under such circumstances has often paid a
good profit. Latterly Liverpool if it sold May here bought
December. Some of the spot houses have been buying
December and selling May. Others have bought not only December but March and May. Some grades here are down
to equal 4c. to 5c. a pound. Good ordinary, at 300 points
"off" middling, reckoning from the basis of December at
7c., was down to 4c., and strict good ordinary, at 200 "off,"
was down to 5c. There is very little good ordinary left here
and it is not deliverable under new contracts, but strict good
ordinary is, and there are 8,865 bales here. But December
expirers amount to 11,243 bales out of a total certificated stock
here of 41,500 bales. Local traders have latterly
become
[VOL. xcix.
THE CHRONICLE
1540
rather nervous, finding that offerings slackened somewhat,
and it was their covering which contributed not a little to
the rally which took place on Wednesday and Thursday.
It is feared, moreover, that Turkey's entrance into the European war may cut off a considerable portion of the supply
of Egyptian cotton. Latterly exports to the Continent have
made a fair showing from Galveston and other ports. Two
American steamers will sail from Savannah Nov. 28, one for
Bremen and the other for Rotterdam. As the case stands,
it is argued that New York is something like a cent out of
line with the Southern spot markets, that is, it is believed to
be about that much too low. But it is a striking fact that
the trading thus far since the reopening of the Exchange has
been on an extremely cautious scale, the daily transactions
here as a rule being estimated at only 100,000 to 150,000
bales. To-day prices advanced, with December in the lead.
It was wanted by shorts, straddlers and spot houses, and it
reduced very noticeably the discount between December and
May on the one hand and October on the other. No revision was made in the differences at the meeting of the committee on Nov. 18. That may of itself have caused some
of the covering. Liverpool bought December. The stock
here continues very small. Middling upland on the spot
advanced to-day 10 points. New Orleans advanced
The spot sales in Liverpool were only 5,000 bales. They
have decreased since the Exchange there was reopened.
The rates on and off middling, as established Sept. 9 1914
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
c Basis Good mid. tinged.° Even
c 0.70 on Middling
Fair
0.63 on Strict low middlIng_0.50 off Strict mid. tInged__0.20 off
Strict mid fair
0.54 on Low middling
1 25 off Middling tinged_0.40 off
Middling fair
O 42 on Strict good ord____2.00 off Strict low mid. tIng.1.25 off
Strict good mId
Good middling.. _0.28 on Good ordinary___ _3.00 off Low mid, tinged._3.00 off
Strict middling--.0.14 on Strict g'd mid. ting.0.14 on Middling stained..1.25 off
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
Nov. 14 to Nov. 20Middling uplands
Sat.
Mon. Tues. Wed.Thurs. Fri.
7.75 7.50
7.50 7.50
7.60
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotation for middling upland at New York on
Nov. 20 for each of the past 32 years have been as follows:
November 20Stock at Liverpool
Stock at London
Stock at Manchester
1914.
bales. 711,000
20,000
40,000
1913.
689,000
5,000
58,000
1912.
821,000
5,000
35,000
1911.
548,000
3,000
36,000
771,000
*12,000
*95,000
188,000
3.000
21,000
26,000
*8,000
752,000
13,000
256.000
264,000
2,000
11,000
18,000
11.000
861.000
12,000
333,000
256.000
2.000
14,000
11,000
7,000
587,000
9,000
183,000
127,000
2,000
11,000
26,000
4,000
353,000
575.000
635,000
362,000
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1,124,000 1,327,000 1,496,000 949.000
Total European stocks
9.000
25,000
95,000
95,000
India cotton afloat for Europe
454,276 1,075,498 1,127.072 1,013,773
Amer. cotton afloat for Europe
81,000
98.000 114,000
Egypt,Brazil,Szc.,aflt.for Europe. 58,000
169,000
*125,000 319,000 277,000
Stock in Alexandria, Egypt
452.000 404,000 283,000 216,000
Stock in Bombay. India
1,113,749 1,042,970 1,294,524 1,145,789
Stock in U.S. ports
Stock in U. S. interior towns_--1,097,236 743.397 685,834 827,931
50.548
120,949
67.763
7,522
U.S. exports to-day
Total visible supply
4,526,783 5,172,628 5,405,379 4,462,341
Of the above, totals of American and other descriptions are as follows:
Americanbales.. 441,000 502,000 685,000 458,000
Liverpool stock
.000
29.000.
27.000
Man ester stock
*260,000 539,000 599.000 330,000
Continental stock
454,276 1,075,498 1,127,072 1,013,773
American afloat for Europe
1,113,749 1.042,970 1.294,524 1,145,789
U.S. port stocks
1.097,236 743,397 685,834 827.731
U.S.interior stocks
50.848
67,763 102,949
7,522
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
3.400.783 3,999,628 4,515,379 3,855,341
270,000
20,000
13,000
*93,000
95,000
58,000
*125,000
452,000
187,000
5,000
29,000
36,000
95,000
98,000
319,000
404.000
136,000
5,000
14,000
36,000
25,000
114,000
277,000
283,000
90,000
3,000
7,000
32,000
9,000
81,000
169,000
216,000
1.126,000 1,173,000 890,000 607,000
3,400,783 3.999,628 4,515.379 3,855.341
4,526,783 5,172,628 5,405,379 4,462,341
Total visible supply
5.22d.
6.91d.
7.36d.
3.44d.
Middling Upland, Liverpool
9.45c.
12.60c.
13.60e.
7.60c.
Middling Upland, New York_ _
10.50d. 10.00d.
10.70d.
7.654.
Egypt. Good Brown, Liverpool
9.50d.
10.00d.
9.25d.
8.75d.
Peruvian. Rough Good, Liverpool
61id. 5 5-16d.
4.15d. 6 15-16d.
Broach, Fine, Liverpool
7d. 6 5-16d. 5 5-16d.
4.00d.
Tinnevelly, Good, Liverpool
* Estimated.
Continental imports for past week have been 39,000 bales.
The above figures for 1914 show an increase over last week
of 240,489 bales, a loss of 645,845 bales from 1913,a decrease
of 878,596 bales from 1912 and a gain of 64,442 bales over
1911.
AT THE INTERIOR TOWNS the movement-that is,
receipts for the week since Aug. 1, the shipments for
the
MARKET AND SALES AT NEW YORK.
the week and the stocks to-night, and the same items for the
the
during
day
each
spot
The total sales of cotton on the
corresponding period of the previous year-is set out in
week at New York are indicated in the following statement. detail below.
For the convenience of the reader we also add columns which
Movement to November 20 1914. Movement to November 21 1913.
show at a glance how the market for spot and futures closed
Receipts.
Receipts.
Ship- 1Stocks
Ship- Stocks
Towns.
on same days.
meats. Nov.
meats. Nov.
1914_c
1913
1912
1911
1910
1909
1908
1907
7.60
13.60
12.40
9.45
14.55
14.70
9.50
10.90
1906.c
1905
1904
1903
1902
1901
1900
1899
11.00
11.15
10.00
11.30
8.50
8.00
10.25
7.56
1898_c
1897
1896
1895
1894
1893
1892
1891
5.38
5.81
7.62
8.38
5.69
7.94
9.44
8.12
9.50
10.25
10.00
10.38
9.19
9.44
10.44
10.50
1890_c
1889
1888
1887
1886
1885
1884
1883
Week. Season.
Futures
Market
Closed.
Week.
20.
1Veck. Season.
Week.
21.
SALES
16,251
160 3,524
561
Ala.,Eufaula__
716
233 10,515
14,44:
Spot Market
6,046 112,481 5,278 29,412
Montgomery_ 7,325 109,551 3,782 75,1
Spot. Corded Total.
Closed.
70,451 3,001 44.815 6,607 92,449 4,985 15,645
5,07t
Selma
Ark.. Helena
4,552 32,505 2,160 22,295 4,685 31,920 2,470 17,739
Saturday_
Little Rock
10,639 69,817 5,335 40,710 12.580 81,262 5,468 44,044
Steady
Monday ___ Quiet
600 3,284
23,085
3991 18,954 1,200
876 23,750
Ga.,
Albany__
Steady
dec__
pts.
QuIet,
25
Tuesday ___
Athens
7,585 53,803 2,575 26,178 2,727 67,563 1,051 17,039
500
500
Steady
Wednesday Quiet
58,511 6,655 16,521 7,549 140,761 8,300 24,055
8,71*
Atlanta
Steady
Thursday __ Quiet
19.039 223,863 11,127 145,310 14,571 218,430 14,1411 54,508
Augusta
Quiet. 10 pts. adv.. Very Steady_
Friday
Columbus__ _ _ 5,675 48,386 1,150 36,376 2,110 31,347 1,965 7,523
2,635 27,497
623 22.653 2,415 30,996 1,876' 3,450
Macon
500
500
Total
3,914
28.243 3,684 8,517 3,192 38,988 2,975 7,596
Rome
La.,Shreveport 10,046 83,35 i 4,923 69,454 11,779 95,938 8,186 29,303
at
pr'ces
closing
and
lowest
highest,
-The
FUTURES.
11,539
870 8,208 2,921
m Iss.,Columb's 2,128
21,889 1,756 7,076
43,219 3,211 28,047 5,022 38.078 3,083, 18,536
5,13
Greenville
New York for the past week have been as follows:
Greenwood... 6,0'' 62,249 4,000 34,809 7,000 64,873 5,000 29,032
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Meridian.... 1,35
10,556
355 9,411 1,825
15 223 1,2191 7,885
Nov. 14. Nov. 16. Nov. 17. Nov. 18. Nov. 19. Nov. 20. Week.
12.581
200 10,000 1,200
10,178
Natchez
701
3001 3,000
930 11,028 1,951
12,306
Vicksburg ___ 2.111
14,722
6881 7,348
674 18,983 3,012 19,814 2,5671 11,189
Yazoo City_ 2,974
22,068
NewContract
JanuaryMo..St. Louis_ 26,055 142,450 23,378 29,617 22,443 120,971 19,5841 12,518
7.59 .85 7.23 .56 7.15 .21 7.25 .271 7.29 .40 7.15 .85 N.C., Raleigh_
354
65
425
8,133
2,15
677
453
262
Range _7.58 .59 7.25 .26 7.20 .23 7.27 .28, 7.39 .40--- 0., Cincinnati_ 5,207 43,033 4,868 4,641 9,025 43,452 8,483 11,814
Closing_ _ __
February4,285
26,432
3,522
3,742
3,6291
1,605
8,874
1,408
.
Hugo._
Okla.,
517
7.09 .20 B.C.,Greenw'd_
7.09 .20
968
7,91
Range ____
993
____ 6,305
7,255
578
,
Closing._ _
56,505 398,497 39.843227,393 78,404 424,127 44,737159,553
Tenn.,Memp
March6,115
585
708
4111 1,185
243
____
I
775
Nashville
7.77 .95 7.45 .71 7.36 .43 7.43 .50 7.45 .57 7.36 .95 res.. Brenham
Range ____
549 1,981
609 20,755
9,926 2,532 4,221
748
Closing_ ___
7.77 .78 7.47 .48 7.41-.43 7.48-.55, 7.56 .57--21,218 1,832 5,497 4.033 32,209 2,7471 8,150
2,329
Clarksville
May7,096
52,958 5,521 5,802 5,000 43,072 4,7
2,573
Dallas
Range ---7.96-.15 7.65-.C4 7.57-.66 7.63-.71 7.66 .76 7.57 .15
4,0081 5,539
,.
15,239 1,104 6,006,
881
Honey Grove_
Closing.._ _
7.98-.99 7.67-.68 7.62-.63 7.69-.70 7.75-.76--Houston..... 134,535 1,084,302 127,743 139,661 91,746 1,599,535 85,4991177,601
July3,1141 43.655 4,4371 5,497 8,833 61,857 7,041 11.850
Parts
7.95-.20 7.83-.10 7.72-.83 7.84-.931 7.89-.94 7.72-.20
Range ----I8.14-.15 7.82,33 7.81-82 7.91-.92, 7.94 ,
Closing__ -Tot.33townglil.809 2.851,538289.0681097238328,491 3.802,081
Closed
October1
8.38-.50 8.06-.35 7.98-.05 8.01-.13 7.99-.09 7.98-.50
Range ____
AND
OVERLAND MOVEMENT FOR THE WEEK
8.38-.39 8.09-.10 8.04-.05 8.04-.05 8.08-09- -Closing_ --SINCE AUG. 1.-We give below a statement showing the
Old Contract
DecemberI
overland movement for the week and since Aug. 1, as made
7.28-.48 6.98-.30 6.85-.97 6.93-.03 7.00-.17 6.85-48
Range ____
the
7.29-.30 6.99-.00 6.94 - 7.01-.02 7.16-.17--- up from telegraphic reports Friday night. The results for
closing....
1 in the last two years are as follows:
JanuaryAug.
since
and
week
7.39-.56 7.08-.36 *6.97 - 7.07-.151 7.20 - 6.97-.56
-----1913
-----1914
7.39-.40 7.09-.10 7.04-.05 7.13-.15 7.28-30-- -Since
Closing__ - _
Since
November 20MarchAug. 1..
Week.
1.
Aug.
Week.
7.39-.50--- 7.00 - 7.08-.091 7.23 - 7.00-50 Shipped19,584 139,800
Range - -- 23.378 129,958
Louis
St.
Via
7.06-.07
7.08-.10
7.15
.41
-I 730 ---7.40
Closing::::
19,893 120,380
70.101
12,7.54
Via Cairo
1.788
388
1,151
166
MayVia Rock Island
7.23-.26 7.32-.40 7.23-.40
33.936
4,892
28,497
4.809
Range
Louisville
Via
7.32
7.22
7.46 ---,Inaino
23.772
4.458
16.668
4,368
Via Cincinnati
64.115
8.387
30,390
8,498
Via Virginia points
98,285
19.478 120.343
10,423
THE VISIBLE SUPPLY OF COTTON to-night, as made
Via other routes, Scc
-.-
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
64,396
375.050
76,080
504,134
2,509
6,149
1,952
19,940
26,597
49,582
8.476
4,693
4.463
52,943
23.376
35.074
96,119
10,610
Total to be deducted
53,786 278,931
Leaving total net overland*
*Including movement by rail to Canada.
17,632
111,393
58,448
392,741
Total gross overland
Deduct ShipmentsOverland to N.Y.,Boston.&9
Between Interior towns
Inland, 8cc., from South
•
THE CHRONICLE
Nov. 211914.]
1541
The foregoing shows the week's net overland movement
this year has been 53,786 bales, against 58,448 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 113,810
bales.
dredths. The thermometer has averaged 46, ranging from
18 to 68.
Madison, Fla.-We have had rain on three days during the
week, the precipitation reaching forty-five hundredths of an
inch. Lowest thermometer 31, highest 75, average 55.
1913
1914
Savannah, Ga.-We have had ram on four days of the past
Since
Since
In Sight and Spinners'
Week.
Aug. 1.
Aug. 1. week, the rainfall being two inches and twenty hundredths.
Week.
Takings.
359,216 2,329,719 434,152 5,121.275 The thermometer has averaged 58, the highest being 79 and
Receipts at ports to Nov. 20
278,931
58,448
392,741 the lowest 36.
53,786
Net overland to Nov. 20
930.060
60,000
966,000
Southern consumption to Nov.20 60.000
Charleston, S. C.-It has rained on four days during the
473.002 3.538,650 552,600 6,480,016 week, the rainfall being two inches and twelve hundredths.
Total marketed
977,097
73,537
72.741
599.939 The
Interior stocks in excess
thermometer has averaged 52, ranging from 28 to 75.
Charlotte, N. C.-There has been ram during the week to
Came into sight during week_ _545,743 4,515,747 626,137
---7.079,955
Nov.
20
sight
Total in
the extent of one inch and thirty-two hundredths. Mini747.416 102,267 1.015,525 mum thermometer 22, highest 62,average 42.
Nor,spinners' takings to Nov.20.. 93.579
Memphis, Tenn.-General killing frost on Tuesday. We
QUOTATIONS FOR MIDDLING COTTON AT OTHER have had rain on one day of the past week, the rainfall being
MARKETS.-Below are the closng,quotations of middling eleven hundredths of an inch. The thermometer has aver-•
cotton at Southern and other principal cotton markets for aged 48, the highest being 72 and the lowest 27.
The following statement we have also received by teleeach day of the week.
graph, showing the height of the rivers at the points named
Closing Qoutations for Middling Cotton onat 8 a. m. of the dates given:
Week ending
Nov. 20
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
8
Galveston
New Orleans_ _ _ 73.i
Mobile
Savannah
7
Charleston
Wilmington....
Norfolk
74
Baltimore
Philadelphia _
Augusta
7%
Memphis
74
St. Louis
8
Houston
Little Rock _ _ _ _ t7
IH
8
734
731
7%
7%
755
7%
7'q
7
734
7 19-16
7%
7%
7%
734
7.75
734
734
734
31
7%
7%
734
731
7(10734
734
731
7.75
7 3-16
7;4
6%
734
7%
7%
734
7%
734
7%
73.i
73.4
73.1
734
734
7 3-16
7%
7%
7.75
7.85
7 3-16-% 7%
734
73.4
7%
7%
7 9-16
734
634
634
NEW ORLEANS CONTRACT MARKET.-The highest, lowest and closing quotations for leading contracts in
the New Orleans cotton market for the past week have been
as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday.
Nov. 14. Nov. 16. Nov. 17. Nov. 18:. Nov. 19. Nov. 20.
New Contract.
December- 7.50
Range
7.35-.37 7.13-.15
Closing
January7.40-.55 7.25-.43
Range
Closing
7.45-.46 7.22-.24
March7.62-.86 7.34-.63
Range
Closing
7.66-.67 7.34-.35
May7.85-.88 7.55-.80
Range
Closing
7.85-.86 7.50-.52
JulyRange
Closing
Old Contract.
Closed
December7.26-.40 7.08-.22
Range
7.28 - 7.06-.08
Closing
January7.30-.50 7.15-.32
Range
7.36-.37 7.15-.16
Closing
March
7.46-.62 7.29-.45
Range
7.48-.49 7.28-.30
Closing
MayRange
Closing
7.55-.57 7.35-37
ToneSpot
Quiet. Bar. st'y.
Options
Steady. Quiet.
6.95
7.11 7.10-.17 7.18-.27
7.15-.17 7.27-.28 7.32-.T4
7.22-.30 7.32-.38
7.27-.28 7.38-.39 7.45-.T6
7.40-.48 7.52-.58
7.46-.48 7.57-.59 7.65-.65
7.65-.67 7.73-.76
7.63 - 7.76-.77 7.87-.87
7.02-.07 7.08 6.98 - 7.08-.10 7.17-.19
7.17-.25 7.11-.17
7.06-.07 7.17-.19 7.25-.26
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge..
Above zero of gauge.
Above zero of gauge..
Nov. 20 1914. Nov. 211913.
Feet.
Feet.
4.0
'
4.3
6.6
7.0
7.1
4.0
0.5
2.7
6.9
RECEIPTS FROM THE PLANTATIONS.-The following table 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
crop which finally reaches the market through the outports.
Receipts at Ports.
Week
ending. 1914. 1913. 1912.
Stock at Interior Towns. Receipts from Plantations
1914.
1913.
1912.
1914.
1913.
1912.
Oct. 2 153.124 416.299 460.366 344,863 290.756 271,703 247,837 483,286 503,186
" 9 162,032 408,848 421,108 459,576 360.911 350,349 276.745 479,003 499.854
" 16 199,397 485,092 500.942 577,463 440,472 445,118 317,474 564,6531595,711
" 23 240.067 488,622 512.935 696.772 522,301 485,258 359,186 570.4511883,075
" 30 272.727 560,392 529.516 820,382 564,003 554.786 396,337 602.0941889.044
Nov. 6317,633 524.469 502,894 926.724 605.442 595,397 423,975 565,908 543,505
" 13 338.055 485,269 549.695 1024495 669,860 628,370 435,826 549.687,582.671
" 20 359,216 434.152 508,800 1097236 743.397 685,834 431,957 507,6891566.264
The above statement shows: 1.-That the total receipts
from the plantations since Aug.1 1914 are 3,306'816 bales;
In 1913 were 5,721,214 bales. 2.-Thatalthough the receipts
at the outports the past week were 359,216 bales, the actual
movement from plantations was 431,957 bales, the balance
going to increase stocks at interior towns. Last year receipts
from the plantations for the week were 507,689 bales and for
1912 they were 566,264 bales.
EGYPTIAN COTTON CRISIS.-An official statement
issued at Alexandria Oct. 31 says that the Government has
decided to commission four Alexandria firms to buy cotton
7.27-.29
7.20-.22 7.29-.31
extensively from small proprietors at a reasonable rate on
Government account, to be stored until the arrival of more
7.50.-60
prosperous times. It is believed that this decision by the
Dull. Steady. Steady.
Government, together with the generous aid rendered by
Steady. Steady. Steady.
Great Britain, will greatly relieve the situation.
In our editorial columns will be found reference to "The
WEATHER REPORTS BY TELEGRAPH.-Our advices by telegraph from the South this evening denote Cotton Problem in Egypt."
that lower temperature has prevailed during the week and
PQRTO RICAN COTTON CROP.-The production of
that rain has been quite general and rather heavy at a few
cotton
(Sea Island) in Porto Rico in 1913-14 showed an
points. The picking of the crop has made good progress
and marketing is steadily becoming more liberal, although increase, the total exports having been 810 bales, as against
560 bales in 1912-13. As a matter of record we give below
still less free than last year.
Galveston, Tex.-Temperatures ranging near the freezing the statistics for the last five seasons as secured from official
point continued throughout the week. Heavy frosts in sources :
1913-14. 1912-13. 1911-12. 1910-11. 1609-10
several localities. Rain has fallen on two days of the week, Exported-Bales.
Bales.
Bales.
Bales.
Bales.
499
537
506
236
the rainfall being ten hundredths of an inch. Average ther- To Now York
160
273
61
131
To Great Britain az Contin t
203
167
mometer 56, highest 68, lowest 44.
Abilene, Tex.-We have had no rain the past week. Mini560
Total crop
810
637
439
317
Total weight, pounds
305.076 191,027 216.283 155.889 111.710
mum thermometer 28.
376.64
341.12
339.5
355.08
352.40
Dallas, Tex.-It has been dry all the week. Minimum Average weight per bale
thermometer 38.
DOMESTIC EXPORTS OF COTTON MANUFACTaylor, Tex.-No rain during the week. Minimum ther- TURES.-We give below a statement showing the exports
mometer 34.
New Orleans, La.-Rain has fallen on two days during the of domestic cotton manufactures for September and for the
week, the rainfall being eighty-four hundredths of an inch. nine months ended Sept. 30 1914, and, for purposes of comparison, like figures for the corresponding periods of the
The thermometer has averaged 58.
Shreveport,. La.-Rain has fallen on one day during the previous year are also presented:
week, the rainfall reaching seventeen hundredths of an inch
The thermometer has ranged from 32 to 78.
Afonth ending Sept. 30.9 Months end. Sept. 30.
Manufactures
of
Vicksburg, Miss.-There has been rain on two days during
Exported.
Cotton
1914.
1913.
1914.
1913.
the week, to the extent of twenty hundredths of an inch
yards 23,794,762 40,672,434 249,101,726 349,402,003
Average thermometer 50, highest 74, lowest 23.
Piece goods
value $1,719,728 82,726,551 $17,589,083 524,059,214
goods
Mobile, Ala.-Rain has fallen on two days during the week, Piece
378,821 • 202,818 1,927,619 2,040,934
Clothing, &c.-Knit goods. value
value
&c.-All other
592,963
571,904 6,371,358 6,529,731
to the extent of five inches and fifty-nine hundredths. The Clothing,
value
333,197
494,183 3.688,774 3,945,459
thermometer has averaged 55, the highest being 71 and the Waste cotton, &c
value
59,568
45,144
Yarn
569,130
545,883
lowest 33.
value
576,426
433,069 4,543,144 4,512,525
All other
Selma, Ala.-We have had rain on three days during the
Total manufactures of _ -- _value $3,660,703 $4,473,677 $34,089,108 $41,633,746
week, the precipitation reaching one inch and fifty-five hun
THE CHRONICLE
1542
[VoL tic 1.
The exports to Japan since Sept. 1 have been 68,250 bales
REVISION OF DIFFERENCE BETWEEN GRADES
AT NEW YORK.-At the meeting of the Revision Commit- from Pacific ports and 59,218 bales from Galveston.
tee of the New York Cotton Exchange held Wednesday,
Nov. 18, no changes were made in the differences that will
LIVERPOOL.-By cable from Liverpool we have the
determine contracts. There is to be another meeting of the following statement of the week's sales, stocks, &c., at
that
which
at
however,
Revision Committee next Wednesday,
port:
it is thought some changes will be made.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
1913.
1914.
Cotton Takings.
Week and Season.
Week. I Season.
Week.
Season.
4,886,595
4.286,294
Visible supply Nov. 13
2.581,551
3376.816
Visible supply Aug. 1
545.743 4.515.747 626.137 7,079,955
American in sight to Nov. 20
364.000
61,000
b5.000 *115,000
Bombay receipts to Nov. 19
84.000
4.000
b3,000 •109.000
Other India ship'ts to Nov.19_ _
512.600
44.000
Alexandria receipts to Nov. 18_ b20,000 *132,000
103,000
6.000
41.000
1.000
Other supply to Nov. 18d
Total supply
DeductVisible supply Nov. 20
Total takings to Nov. 20_a_ _
Of which American
Of which other
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
Spot.
4.526.783 4.526.783 5,172.628 5,172,628
Market,
12.15 {
P. M.
455.104 5,552.478
390.104 4.413,878
65.000 1,138,600
* Revised. b Estimated.
dEmbraces receipts in Europe from Brazil. Smyrna. West Indies, &c.
a This total embraces the total estimated consumption by Southern mills.
930,000 bales in 1914 and 966.000 bales in 1913-takings not being available
-and aggregate amounts taken by Northern and foreign spinners,2,632,780
bales in 1914 and 4,586,478 bales in 1913. of which 1.864,780 bales and
3.447.878 bales American.
Nov. 6.
55,000
600
1 ,400
37.000
6,000
60.000
724,000
442.000
35.000
35,000
227,000
190,000
Nov. 1. Nov. 20.
48,000
900
3.300
30,000
5.000
4.000
69,000
83,000
734.000 711.000
454,000 441.000
83.000
64,000
50,000
72,000
239.000
196.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
4.861,037 8.089.563 5.627,732 10,725,106
334.254 3.562,780
298.254 2.794.780
36,000 *768,000
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
Saturday.
Quiet.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Good
demand,
Fair
business
doing.
Quiet.
Quiet.
Fair
business
doing.
Mld.UpFels
4.56
4.56
4.58
4.40
4.42
4.44
Sales
Spec.,kexp
5.000
500
10,000
____
6,000
500
8,090
500
8,000
500
5,000
500
Futures,
Market I
f
opened
Quiet.
Market, (
I
4
Quiet.
Quiet, Little oiler- Quiet,
11.i points ti point 74810 pts
advance.
decline.
decline.
Steady,
2 'mints
Steady,
Quiet
2484 pts. )@1 pt.
advance.
decline.
Quiet,
Quiet,
Steady,
Quiet
2@53i 134818 pts 1i.. points 3483.4 pts.
advance. pts. dec. decline,
P. M. l
advance. advance.
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-The following are the receipts and shipments
The prices of futures at Liverpool for each day are given
for the week ending Oct. 21 and for the corresponding week
below. Prices are on the basis of upland, good ordinary
of.the two previous years:
clause, unless otherwise stated.
1912.
1914.
Alexandria, Egypt,
October 21.
Receipts (cantars)This week
Since Aug. 1
Exports (bales)-
128.048
263.662
1913.
490.000
2,093,092
Total exports
470.000
1,614,192
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
---- 6.738 6,500 39,610
To Liverpool
5,114 11.250 34.613
To Manchester
To Continent and India_ 2,711 12,470 9,000 68.977
900 3.578
7,127
To America
Thus: 4 25 means 4 25-100d.
Monday. Tuesday. Wed'day. Thursday. Friday.
The prices are given in pence and 100th,.
5.750 25,169
7,750 30,491
7,500 48,345
600 7,114
Nov. 14
to
Nov. 20.
Saturday.
124 1214 1241 4 124 • 4 124 4 124 4 124 4
p.m. Pan.P.m. P.m.P.m.P.m. p.m. P.m. p.m. P.m. P.m.P.m•
'
d. d. it.
d. it.
d.
May-June 4 254 354 254 274 264 25
34 334 31
July-Aug_
Oct.-Nov.
--------4514 43 40
5054 49 46
Jan.-Feb_
d.
10
17
27
34
I d.
09
16
26
33
d.
12
19
30
37
d. d.
it.
104 14 14
174 21 21
274 314 31
344 3814 3734
2.7111 31.449 27,650 146,778 ,21,600 111,119
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
BREADSTUFFS.
MANCHESTER MARKET.-Our report received by
is
market
the
that
states
Friday Night, November 20 1914.
Manchester
from
to-night
cable
dull for both yarns and cloths. Manufacturers consider the
Flour has been quiet but about steady. Buyers, as a rule,
present prices of cotton too high.
are not inclined to go beyond their immediate wants. ExSHIPPING NEWS.-As shown on a previous page, the port trade, too, has noticeably decreased. On December 1st
exports of cotton from the United States the past week have a new schedule of freight rates will go into effect. It
reached 171,429 bales. The shipments in detail, as made amounts to an advance of about 1 cent per 100-lbs. east
up from mail and telegraphic returns, are as follows:
of the Mississippi River. On flour from Minneapolis to
To conform to the des-ire of the Secretary of the Treasury, the names of vessels
Will be omitted until further notice.
New York it will be 26 cents, against 25 cents last year all
Total bales.
1,170 rail, while Lake and rail will be 24 cents, as against 23 cents.
NEW YORK-To Liverpool-Nov. 13-391: Nov. 18-779
650
To Havre-Nov. 13-50; Nov. 14-600
700 From Missouri River points the advance will be 2 cents.
To Copenhagen-Nov. 16-500; Nov. 17-200
6,650
19-3,400
Nov.
17-200:
Nov.
14-3.050;
Genoa-Nov.
To
150 But all this would signify little if trade would brighten up.
To Syra-Nov. 18-150
250
To Brecia-Nov. 18-250
Some export business has been done but nothing very note13,510
13-13,510
-Nov.
Liverpool
GALVESTON-To
13,017 worthy. In fact, the market ,taken as a
To Havre-Nov. 17-13,017
whole, is waiting
1,900
To Christiania-Nov. 18-1.900
12.200 further developments.
To Gothenburg-Nov. 18-12,200
5.651
To Copenhagen-Nov. 18-5.651
Wheat declined early in the week and then rallied. The
To Barcelona-Nov. 13-7831-Nov. 17-10.775: Nov. 19- 20.009
1.403
15,322 fluctuations have been within a comparatively narrow range.
To Genoa-Nov. 14-15.322
600
To Naples-Nov.14-600
1,833 There has been less snap to the market. Yet the export
To Mexico-Nov. 13-1.833
1,581 business has continued on a large scale. The trouble is that
TEXAS CITY-To Mexico-Nov. 17-1,581
NEW ORLEANS-To Liverpool-Nov. 14-11,779: Nov. 17- 26,567
market has got used to it and now gives it little heed.
2.038; Nov. 19-12.750
2,200 the
To Barcelona-Nov. 17-2,200
2.785 The sales for export, however, it is none the less interesting
MOBILE-To Liverpool-Nov. 14-2.785
300
To Laguayra-Nov. 16-300
from 900,000 to 1,300,000 bushels a day.
SAVANNAH-To Gothenburg-Nov. 16-7,839: Nov. 17-8.304: 22,043 to note, have been
Nov. 18-5.
at one time prices weakened. Some
seen,
have
we
as
Yet,
2.101
20-2,101
-Nov.
Liverpool
NORFOLK-To
618
BOSTON-To Liverpool-Nov. 19-618
1,500 depression in corn has more or less effect on wheat. Then
13-1.500
-Nov,
Manchester
To
5,263
were rather disappointing. It was supPHILADELPHIA-To Liverpool-Nov. 13-5,263
3.550 the weekly statistics
SAN FRANCISCO-To Japan-Nov. 14-3.550
9.309 posed that the recent increase in supplies in this country
16-17-9.309
Japan-Nov.
PORT TOWNSEND-To
171,429 had brought them up to the maximum, and that there was to
Total
The particulars of the foregoing shipments for the week, be a decrease. But last week there was a further increase in
available American supplies of 5,637,000 bushels. The total
arranged in our usual form, are as follows:
Great French tier- -Oth.Europe-- Mex.,
increase in the world's stock was 8,937,000 bushels. So that
Britain. Ports. many. North. South. .1c. Japan. Total.
-- 9.570
700 7,050
650 _--_
1,170
New York
the world's stock is now put at 193,547,000 bushels, against
___- 19.751 35,931 1,833 --__ 84,042
13,510 13,017
Galveston
1,581
---1,581
-,last year and 189,099,000 bushels two
--„
205,144,000
Texas City_
--------28.767
2,200
New Orleans_ _ _26.567
3.085 years ago. The supply of all American wheat in the world
300
Mobile
22,043
Savannah
2.101 is put at 125,447,000 bushels, against 121,045,000 a year ago
Norfolk
Boston
5,2635,263 and 100,999,000 at this time in 1912. Also, it is now said
Philadelphia
3,550
3,550
San Francisco.9,309 that the weather and crop prospects in Russia are excellent
---- 9,309
Port TownsendThe winter in Russia is setting in rather early and a wide area
____ 42,494 45,181 3,714 12859 171,429
Total
53,514 13.667
Nov. 21
1914.]
THE CHRONICLE
of the wheat country is already covered with snow, "the
poor man's fertilizer." From India the weather and crop
advices are also favorable. In France, except in the war
zone, good progress is being made in seeding wheat, and the
French Government is giving every possible assistance to
farmers, with seed, money, and so forth. It is
again stated that it is allowing farm laborers in
the army to return to their fields. This is noted
with interest, although it is true that the area
overrun by the troops of the opposing armies is estimated
at over 1,500,000 acres of the finest agricultural section of
France. On this area there has been no farm work. From
Italy the advices are that seeding is progressing favorably
on an increased acreage, and that recently there has been
beneficial rains. Germany sends official reports to the effect
that the outlook for seeding the new crop is satisfactory on a
full_ acreage. A semi-official report states that the last
German crop was of good quality. Yet,as we have seen,
prices have latterly rallied. It is pointed out for one thing in
Liverpool advices that, however free the recent world's shipments,they are below the requirements of Europe. Then,too,
the weather has been wet in Argentina and disturbing reports
have come from that country. Some of them say that the
wheat crop has been damaged. There are fears thatArgentina's
exportable surplus may not be as large as could be desired.
It is surmised that it may possibly amount to 120,000,000
bushels. Liverpool has latterly reported that the offerings
from exporting markets are lighter. Earlier Liverpool was
reported steady, despite large American receipts and bearish
reports about the visible supply. Whatever may be said
on the score of the present visible stocks, Liverpool seems
rather nervous about prospective supplies from this country,
Canada and Argentina. The war will undoubtedly cut down
the European acreage to a greater or less extent. The large
withdrawals from the agricultural populations to fill the
ranks of the armies seem to make this reasonably certain.
Then again the export demand persists. There has even
been a charter made for 200,000 bushels of American wheat
for export to New Zealand, of all places in the world. Just
how much Australia will want from this country nobody
knows or seems willing to hazard a guess about. But
the
fact that it is buying at a time when Europe is so pressed
for
supplies looks to not a few as though prices are not destined,
for a time, at any rate, to decline materially or permanently.
To-day prices declined. The export demand was
less
urgent. Sales were 400,000 bushels. The winter-wheat
acreage is estimated at about 40,000,000 acres, or 10% more
than last year. The crop news from the West is favorable.
1543
Tuesday the export sales were reported at as high as 400,000
bushels, to go to Genoa, Italy. At Chicago country offerings and consignment notices have been light. Available
supplies showed a decrease of 1,089,000 bushels for the week,
against an increase, on the other hand, last year of 777,000
bushels. The total American stock is put at 42,300,000
bushels, or some 4,000,000 bushels less than at this time
last year. Then, too, despite the extraordinary conditions
which have prevailed in the American grain trade this year,
No. 2 white oats at New York are only about 7 cents higher
than at this time in 1913. European reports are to the
effect that more interest is being shown in foreign oats.
British oats have advanced. Canadian have also advanced
in Liverpool, where the offerings from exporting countries
are reported light. To-day prices declined and then rallied.
Australia is said to be buying oats at Winnipeg. Chicago
reported a pretty good Eastern demand. Western stocks
are decreasing.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon. Tues,
Wed. Thurs.
Fri.
Standards
cts_53-53% 53-53% 523.4-53 521i-53 53-53% 5234:53
No. 2 white
5354-54 533.4-54 53-5334 53-5334 5334-54 53-53%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 50
4934 493.4 50% 50
May delivery in elevator
7 , 533.4 50%
53% 5394 533.4 53/
5354
The following are closing quotations:
GRAIN.
Wheat,per bushel-f.o. b.
Corn, per bushelcts.
N.Soring.No.1_
$1 28%
No. 2 mixed, new
76
N.Spring, No.2
No. 2 yellow
76
Red winter, No. 2
1 24%
No. 3 yellow
75
Hard winter, No.2
I 21%
Argentina in bags
780g
Oats. per bushel. newcts
Rye, per bushel-.
Standard
52%053
New York
No. 2, white
53(ai53%
Western
112%
No 3. white
52052% Barley-Malting
70080
FLOUR.
Winter, low grades_-$4 00084 50 Spring clears
$5 2508535
Winter patents
5600 600 Kansas straights,sacks_ 5200 540
Winter straights
5100535 Kansas clears.sacks __ 4 800 510
Winter clears
4 75
5 20 City patents
725
Spring patents
5 75 600 Rye flour
5 250 600
Spring straights
5 400 560 Graham flour
5 15@ 5 40
The statements of the movement of breadstuffs to market
indicated 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:
Receipts atChicago ___
Milwaukee _
Duluth
Minneapolis
Toledo
Detroit
Cleveland
St. Louis..,,..
Peoria
Kansas City
Omaha
Tot.wk.14
Same wk.'13
Same wk.'12
4
Flour.
Wheat.
Corn.
Oats,
Barley.
Rye.
bbls.1961bs. bush.601bs. bush.56 lbs. bush. 32lbs. bush.481bs. 55.56 lbs.
224,000 3,865,000 2,693,000 2,867,000
738,000
83,000
81,000
34,000
326,000
435,000
396,000 150,000
4,268,000
375
714.000 377,000
2,653,000
316,000
609.000
816,000 166,000
125,000
57,000
156,000
6,000
75,000
9,000
38,000
91.000
42,000
13,000
74,000
39.000
1,000
67,000 1,165,000
337,000
451,000
78,000
8,000
58,000
44,000
249,000
96,000
50,060
6,000
2,414,000
148,000
211,000
614,000
236,000
167,000
452,000 15,299,000
479,000 9,139,000
391,887 11.802,190
4,370.000
2,958,000
2,497,491
5,651,000 2.793,000
4,220,000 3,877,000
5,870,331 3,562,019
796,000
482,000
690.245
Since Aug. 1
1914
6,672.000200.526.000 51,200,000 118,699,000 38,219,000 9,870,000
1913
6,065,000 136,071,000 54,072,000 88,281,00040.983,000 6.769,000
1912
5.554.498 170.207.332 45.899.357 94.761.338 37.01.3.543 8.200.601
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
Total receipts of flour and grain at the seaboard ports for
cts_
123% 124% 125
125% 12494
December delivery in elevator____123
123
122% 123% 123 % 12354 the week endethNov
Flour,_
. 14 1914 follow:
May delivery in elevator
s 's'
129% 129% 129% 131
...-13134
i303.4
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Wheat.
.Corn,
Oats, Barley,,..,. Rye,
CHICAGO.
Receipts atbbts.
bush.
'bush.
rbush.
bush.
bush.
Sat. Mon. Tues. Wed. Thurs. Fri. Now York
December delivery in elovator_cts_115% 1143.4 115
760,000 2,014,000
290,000
673,000 339,000 129.000
115%
115%
aeon
May delivery in elevator
80.000
121% 120% 121% 1223.4 1223.4 115%
4
000
12154 Philadelphia
55,000
634,000
21,000
3.52,000
3.000
10 000
Indian corn has weakened at times, owing partly to clear, Baltimore
47,000
369,000
115.000 1,033,000 80.000 247.000
New Orleans.... _ _
71,000 1,179,000
28,000
49,000
cold weather at the West. This caused an increase in the Newport
Newts...
2,000
1,006,000
selling. At the same time there has been no very aggressive Galveston
Mobile
8,000
3,000
62,000
.50,000 1,508,000
.buying and the movement of new corn has been much larger Montreal
241,000 145.000
Total week -914 531,000 6,991,000
than usual at this time of the year. The export demand has Since
516,000 2,428,000 567,000 390,000
Jan. 11914_20,538,000213,799,000 23 418
000 63,917,000 130530005,982,000
Week 1913
kept within a very moderate compass. The Chicago Board Since
509,000 4,093,000
535,000 1.074,000 200,C00
19,000
Jan. 11913_10,756,000 177736,000 47.286
000 48,540,000 179090002,808,000
of Trade operators have plucked up courage to sell to some
.Receipts do not include grain passing through
New Orleans for foreign'ports on
extent on the strength of the weather, if not on the receipts. through
bills of lading.
all
They have hastily sought cover, however, on the first sign
The exports from the several seaboard ports for thevTE
ending
Nov.
14 are shown in the annexed statement:
of a rise in wheat. Also, there have been reports of wet
Wheal,
Corn, Flour,
Oats,
Rye, Barlett,
weather in Argentina. They caused stronger prices in
Pees.
Exportsfrombush.
bush.
Ms.
bush,
bush,
bush.
bush.
New York
1,648,844
133,706 136,033 1,046,945 50,000 173,483
Rosario and Buenos Aires,as well as in Liverpool. The Con- Boston
1,182
159,871
13,960
Philadelphia ____ 332,000
33,000
seems
140,000
to
have
been
tinent
buying Argentine corn quite freely. Baltimore
4,167
626,192
81,536
565,532 156,333
New Orleans_ _ _ _ 260,000
7,000
650
Cash houses at Chicago have been selling, but their offerings Newport
3,000
News.
2,000
1 587,000
seem to be on the whole fairly well absorbed. The Eastern Galveston
Mobile
3,000
62,000
8,000
cash demand at the West has been of fair volume. Under Montreal
2,783,000
77,000
75,000
66,000
the circumstances, prices have latterly rallied moderately. Total week.___7,439,947 284.242 270,643 1,830,477
206,333 243,650
1,182
Export sales have been at the rate of 100,000 to 200,000 Week 1913
4 863,727
21,511 262,501
81,110
129,375
5.330
bushels a day. To-day prices were easier. Clear, cold
The destination of these exports for the week and
since
weather still prevailed at the West. A cargo of Argentine July 1 1914 is as below:
corn has just arrived at Montreal.
Flour
Wheat
Corn-
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
cts- 82
82% 8194 813.4 76% 7694
No. 2 mixed
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
3.
.
December delivery in elevator_cts_ 684 67% 67%. .07%. 67
66%
May delivery in elevator
71
71% 71
71% 71% 71
Oats: which at one time declined a little, have latterly
rallied in company with other grain. Also the receipts have
been light, and there has been some export demand. Last
Since
Since
Since
Week
July 1
Week
July 1
Week
July 1
Exportsfor week and Nov.14.
1914. Nov. 14.
1914.
Nov. 14.
1914.
since July 1 tobbls.
Ws.
bush,
bush.
bush.
bush.
United Kingdom...136,195 2,121,764 3,702,302 61,036,479
45,490
Continent
104,630 1,476,428 3,716,895 61,536,398 215.167
1,335,770
So.and Cent. Amer_ 10,878 621,859
17,750 2,325,077
302,302
West Indies
18,939 603,726
3,000
21,133
69,075
660,771
Brit. No. Am. Cols_
31,310
3,221
Other countries
122,445
25,510
15,759
Total
270,643 4,977,032 7,439,947 124971,597
Total 1933
263,501 4,548,576 4,863,727 88.083,220 284,242 1,591,367
21,511 1,591,367
1111111,
1544
THE CHRONICLE
[VoL. xcix.
winter materials. The large army which Great Britain is
recruiting will have to be completely equipped with new
supplies, and as English merchants are not in a position to
furnish much of the necessary materials, the bulk of the
business will come to the United States. Prominent
Corn.
Wheat.
and blanket manufacturers have entirely cleaned
flannel
1913.
1914.
1913.
1914.
Exports.
up stocks 'filling such orders, and have booked sufficient
Since
Since
Week
Since
Since
Week
business to keep them running throughout the winter. The
July 1.
July 1.
Nov. 14.
July 1.
July 1.
Nov.14.
same is true as regards other lines, such as underwear,
Bushels.
Bushels.
Bushels. Bushels.
Bushels,
knitgoods, duck and uniform materials.
Bushels.
639,000
of
North Amer. 9,217,000 162,314,000 123,826,000 339,000 2,186,000
DOMESTIC COTTON GOODS.-The resumption
6,418,000
4,813,000
64,038,000
12,074,000
Ruasia
cotton•
9,431,000 6,413,000 trading in cotton has given new stimulus to, the
2,347,000 14,820,000
•
16,000 3,850,000 10,730.000.1459,000 59,773,000 103,847,000 goods trade, and more inquiries for staple lines for both
Argentina _ _
84,000, 8,800,000 12,656,000
Australia _ _ _
near-by and future delivery are being received daily.
320,000 14,192,C00 23,096,000
India
601 000 3,690,000
0th.countr's 390,000' 3"
Mill owners have, however, become more conservain accepting forward contracts when offered at current
Total.._ 10027000 207,178,000,252,856,000 4,198,000 76,203,000 117,397,000 tive
prices, preferring to wait further developments in the raw*Not available since Aug. I. material situation. Jobbers report a quiet but steady deThe quantity of wheat and corn afloat for Europe on dates mand for staple goods from retailers, with out-of-town ormentioned was as follows:
ders improving. Local store trade has been somewhat reCorn.
stricted during the week by the bad weather. Jobbers are
1Vheat.
preparing to move more goods and in some cases have sent
United
United
forward shipping instructions to selling agents to resume
Kingdom. Continent. Total.
Kingdom.1Continent. Total.
shipments of old orders which were held back pending imBushels.
Bushels.
Bushels.
Bushels.
Bushels. i Bushels.
in prices
21 ,766,000 proved market conditions. Some slight advances
30,816,000
Nov.14 1914_
20,715,000 have been named on several staple lines during the week,
28,320,000
Nov. 719t4__
Nov.15 1913_ _ 12,424,000!18,528,000 30,952,000 1,364,000 6,919,000 15,283,000 but these have been readily met by buyers. The general
Nov. 16 1912_ _ 21,312,000'18,440,000 39,752,000 13,345,000 20,052,000 33,397,000
opinion among buyers is that cotton prices will work highThe visible supply of. grain, comprising the stocks in er, with the result that they are anxious to cover their immegranary at principal points of accumulation at lake and diate requirements at current levels. Print cloths are quiet
seaboard ports Nov. 14 1914 was as follows:
and steady, with buyers awaiting further developments beUNITED STATES GRAIN STOCKS.
38-inch standAmer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded fore placing forward business. Gray goods,
Rye. Barley. Barley. ard, are steady at 4c.
Wheat. Wheat. Corn. Oats. Oats.
bush, bush, bush, bush, bush, bush, bush. bush.
In Thousands-WOOLEN GOODS.-Business in woolens and worsteds
171
647
420
278
372 1,273
958
2,793
New York
2
3
___
23
416
293
with the heavy sales of broadcloths the feature of the
fair,
is
Boston
779 -125
104
177
1,377
Philadelphia
Stocks of the latter have been pretty well cleaned
market.
--ii
-69i
1,764
179
87
1,949
Baltimore
-- - 184
grades, from the best to the poorest, have found
22
all
and
3,029 ____
up
New Orleans
155
_ __
Galveston
Spring business is improving, with.cuttersmarket.
ready
a
--ia
-iii
io
186 1-,183 -. -_ -. -.
802
3,684
2,335Buffalo
requirements
3
41
901
__
up and clothiers taking more interest in their
1,778 .___
Toledo
28 -25
56 __
106
520 ____
individual orders received are for
The
Detroit
season.
that
for
65 1,221
599 12,332
6,917 ____
Chicago
small amounts, but aggregate a very fair yardage. Men's
45
230
- 589 __12
11ii
389 ___
Milwaukee
-56 wear stocks of heavyweight goods are reported to be low,
927
255
_ 2,120
-iii
12,168
Duluth
765
173
increased sales.
--12 4,322 __ ne
15,430 ____
Min apolis
the recent cool weather having greatly
1
1
29
494
____
3,661
St. Louts
the, woolen
14
____
881
firmly maintained in all branches of.al
41
____
are
9,421
Prices
Kansas City
27 1,341 --------1
3 ____
with the raw-materi situation
trade,
Peoria
-goods
worsted
and
409
82
504 ____
increases.
Indianapolis
--22 - -ii.
such as will require higher prices as business
23 2,385 ____
1,162 __
Omaha
259 1,264
51 ____
GOODS.-Importers of German wool5,862761
DRY
On lakes
FOREIGN
10
.
_
_
small con236 - -- _._
201 :-. -_ -_
On canal and river
ens and worsteds who have recently been receiving
, are
Rotterdam
251
and
n
5,726
Copenhage
1,998
429
32,103
via
2,774
goods
2,550
of
Total Nov. 14 1914_73,476
103 signments
Govern684 1,751 5,384
German.
The
more.
Total Nov. 7 1914..67,940 2,339 2,901 33,053
any
receiving
of
despairing
5,763 1,054 now
other
Total Nov. 15 1913_ _60,962 6,332 3,519 31,136 1,759 2,235
ment has prohibited the further use of raw wool by mills
CANADIAN GRAIN STOCKS.
supplies, in order
Canadian Bonded
army
of
Canadina Bonded
production
in
engaged
Canadian Bonded
those
than
Rye. Barley. Barley.
of
Wheat. Wheat. Corn. Oats. Oats.
bush. to conserve stocks, which will prevent further exports
bush. lush. bush, bush. bush. bush, bush.
In Thousands--,
manufacturers
English
____
g
representin
1,244
12
Agents
goods.
finished
4,361
Montreal
-_
1,745
.that
Ft. William & Pt. Arth_ 8,116
continue to accept orders conservatively in the beliefsitua_
6,593
Other Canadian
from abroad. The
supplies
limited
receive
will
they
96
12 3,949
Total Nov. 14 1914..11,070
tion in linens shows little change. Importers generally ex27 4,21999
Total Nov. 7 1914...20,058
323
14
-pect further sharp advances in prices as the spring season
9,084
7
Total Nov. 15 1913_ 21,156
--IgUMMARY.
, and have been advising distributers that they
approaches
Bonded
Bonded
Bonded
Rye. Barley. Barley. cannot accept contracts very far ahead at current prices.
Wheat, Wheal. Corn. Oats. Oats.
bush.
have
bush, bush, bush, bush, bush, bush, bush.
In Thousands251 As a result, better inquiry for goods for spring account
429 1,998 5,726
73,476 2,550 2,774 32,103
American
06
been received and numerous contracts have been placed dur____
3,949
12
-_
19,070
Canadian
con251 ing the past few days. Arrivals of goods from abroad
429 1,998 5,822
36,052
Total Nov. 14 1914..92,546 2,550 2,786 37,272
103 tinuebackward, and figures for the current year show a heavy
684 1,751 5,483
Total Nov. 7 1914..87,998 2,339 2,928 40,220 1,758 2,253 6,086 1,054
shrinkage in imports compared with 1913. With the ex.
Total Nov. 15 1913_82,118 6,322 3,526
ce.ption of a moderate trade in lightweights, burlaps are quiet,
with the undertone easy. Lightweights are quoted at 4.25c.
THE DRY GOODS TRADE.
and heavyweights nominally at 6c.
1914.
20
Nov.
Night,
Friday
New York,
e Withdrawals of Dry Goods.
report in the dry- Imorta:tions & Warehous
There has been little of interest to4dvices
The importations and warehouse withdrawals of dry goods
some
from
week.
goods trade during the past
but at this port for the week ending Nov. 14 1914 and since
centres indicate a break in the long period ofthedulness,
of Jan. 1 1914, and for the corresponding periods of last year,
average
below.
trade in most quarters continues far
were as follows:
widely
is
.
opinion
Imports Entered for Consumption for the Week and Since Jan. 1.
normal years. Regarding the outlook,
the
of
view
Week Ending
optimistic
divided. Many merchants take an
Since Jan. 1 1914.
Nov. 14 1914.
goods
Pkgs.
Value.
Value.
Pkgs
future, stating domestic mills will produce more
.m Manufactures of$
while the European war lasts than at any time before
78,165 21,813,813
232,500
820
Wool
steadily
the
to
582,210 136,648 36.849.531
1.974
the history of the country. They point
Cotton
865
61,496 29.492,074
476,997
Silk
increasing export demand arising from the war and venture
289,722
62,915 15.761.543
878
Flax
346,244
117.449
2,065
12.180,488
the opinion that many new markets will be found for AmeriMiscellaneous
can goods which will be permanently controlled. Others
1,927,673
456.673
6,602
116,097,449
the
1914
Total
think that this new business will fall short of offsetting
10,536 2,656.700 402,852 100,528,084
Total 1913
decline in domestic consumption which must result from
Warehouse Withdrawals Thrown Upon the Market.
the countrywide business depression and unemployment Manufactures of114,671
422
35,963
9,802,013
Wool
192,127
33,741
of labor. Large distributers are placing some contracts
9,581,767
588
Cotton
115.547
5,565,631
13,171
308
with first hands for deliveries running well into next year,
Silk
103,013
6,109,700
23,403
342
Flax
but are not taking any more goods than they feel sure of
5.087.262
82.646
72,668
429
Miscellaneous
having a market for when delivery falls due. The greatest
607,004 185,946 36,146,373
2.089
Total withdrawals
improvement is in Southern States, where the opening of
6,602 1.927,673 456,673 116,097.449
the cotton exchanges has had a beneficial effect upon senti- Entered for consumption
8,691 2.534,677 642,619 152,243,822
Total marketed 1914
ment. In view of the action of the markets since the open17,503 3,387,136 598.227 133,802,438
Total marketed 1913
ing, planters are expecting a better price for their cotton
Imports Entered for Warehouse During Same Period.
than they did at the beginning of the war. This has led Manufactures
of
30,165
196.479
533
9,177,019
Wool
many prominent Southern jobbers and retailers to place
258.882
32,201
705
9,586.641
Cotton
14.865
business upon which they have been holding back for some
230,113
484
6,289,616
Silk
imgreatly
has
139,014
412
buying
24.761
Northwest
6,371,219
and
West
the
Flax
In
time.
253,799
57.035
1,342
4,790,705
Miscellaneous
proved recently, business having been helped by the heavy
through
Export
business
.
grains.
for
1.078,287
3,476
159,027
prices
36.215.200
high
and
Total
sales
6,602 1,927,673 456,673 116,097,449
customary channels is quiet, no sales having been reported Entered for consumption
war,
the
from
arising
Orders
markets.
10,078
1914
3,005,960 615.700 152,312,649
regular
imports
Total
'to the
16,482 3.431.380 623,354 138,075,838
Total imports 1913
however, continue heavy, particularly for flannels and other
The world's shipments of wheat and corn for the week
ending Nov.14 1914 and since July 1 1914 and 1913 are shown
in the following:
THE CHRONICLE
tiov. 21 1914I
SUM: MID CITY
DEPABTIttigi,
STATE AND CITY SECTION.
A new number of our "State and City Section",
revised to date, is issued to-day, and all readers of the
paper who are subscribers should receive a copy of it.
News Items.
Afton, Okla.—Bonds Declared Void.—The State Supreme
Court in an opinion handed down Nov. 10 by Justice F. E.
Riddle sustains the Ottawa County District Court in declaring void an issue of $7,950 bonds which was to take up outstanding warrants drawn in excess of the revenues levied for
the city. At the same time the Court, it is said, held void
Section 1, Chapter 17, of the Session Laws of 1910, for the
reason that it is in conflict with the constitution. The session laws sought to authorize bond issues to take care of
indebtedness m excess of the authorized income of any city,
provided it could be shown that the city received the benefit
of the expenses. The constitution expressly forbids the
issuance of warrants in excess of the amount of money provided by tax levies. The Court holds that the constitutional
mandate must be observed, and therefore declares Afton's
bond issue void.
Gloucester City, N. .T.—Commission Government.Deteated.—A special election held Nov. 17 resulted, it is stated,
in the defeat of the question of accepting the commission
form of government.
Hailey, Idaho.—Municipal Water Plant Defeated.—A
newspaper dispatch says that a municipal election held Nov.
10 the people voted almost solidly against the proposed purchase of the present municipal water system from the
Idaho State Life Insurance Co. It was proposed that the
city purchase the system for $35,000.
Indiana.—Constitutional Convention Defeated.—The question of holding a constitutional convention was defeated at
the general election on Nov.3(V.99, p. 62).
Kansas.—Constitutional Amendments. — The proposed
amendment to the State constitution for the recall of public
officers carried at the Nov. 3 election, we are advised, by
about 85,000 votes. At the same election the amendment
permitting a tax on incomes, franchises, privileges and occupations was defeated by about a 10,000 majority.
Louisiana.—Result of Vote on Constitutional Amendments.
—We are advised that the following amendments to the
constitution were adopted at the Nov. 3 election.
1. Providing for the extent and limitation of taxation on banks, banking
associations, corporations or companies doing business in this State but
domiciled in other States of the Union or in foreign countries.
2. Exempting from taxation all money in hand or on deposit; and loans
by Homestead Associations or Homestead Societies to their members
secured by stock of said associations or societies.
3. Relative to the support of the public schools of the State of Louisiana
and the levying of taxes thereon 13y parishes, cities, and towns, under
certain conditions.
4. Increasing the Governor's salary from $5,000 to $7,500; providing
this shall not disqualify any members of the General Assembly submitting
this amendment.
5. Exempting from taxation for ten (10) years from the date of completion certain new canals for irrigation, navigation and power purposes,
to be
completed within five (5) years with a capital of not less than
$3,000,000.
7. Permitting the sale of drainage bonds at 00% of par.
8. Relative to pensions for Confederate veterans.
9. Relative to District Attorneys.
10. Permitting the levy of a special taxl by parishes and municipalities in
excess of limitation for fire departments and buildings.
11. Givinai e power to the Board of Commissioners of the Port of New
Orleans to
, build, erect and operate or acquire and operate a navigation
Orl
canal, and the necessary locks, slips, lateraLs, basins and appurtenances
thereof, in the City of New Orleans, to connect Lake Pontchartrain and
the Mississippi River.
12. For the registration of automobiles and motor vehicles and provide
a license tax for the use thereof.
14. Act 262, of 1914, providing amendment authorizing issue of $2,000,000 bonds by the Paris' of Orleans to be s,tyled "Public School Bonds of
City of New Orleans and Parish of Orleans.'
15. Relative to District Courts.
17. Providing for the recall of certain officers elected by the people.
The following proposed amendments were rejected by the
voters:
6. Permitting women to hold any office connected with the public educational system or with institutions of charity or correction.
13. Authorizing the City of New Orleans to issue not exceeding $3,000,000 3 % bonds secured by a special tax of six-tenths of one mill on the
dollar, to create a Lake Shore Park.
16. Creating an additional Judge for the Thirteenth Judicial District.
Minnesota.—Constitutional Amendments Defeated.—We
are advised unofficially that it looks as though all of the
eleven proposed constitutional amendments submitted to
the voters on Nov. 3 (V. 99, p. 994) were defeated.
Missouri.—Voters Defeat Propositions Submitted at General Election.—The fifteen propositions and constitutional
amendments submitted to the voters on Nov. 3 were all defeated. A description of the various measures voted upon
will be found in the "Chronicle" of Oct. 24, page 1239.
Nebraska.—Constitutional Amendments Defeated.—The
three proposed amendments to the State Constitution referred to in the "Chronicle" of Oct. 31, page 1313, were
defeated on Nov. 3.
Nevada.—Constitutional Amendments Adopted.—The two
constitutional amendments, one granting the suffrage to
women and the other changing the form of official oath (V.
99,p. 1080), carried at the election held Nov.3.
1545
New Mexico.—Constitutional Amendments Adopted.—
Three proposed amendments to the State constitution were
approved by the voters at the general election Nov. 3. One
of these amends Article VIII, entitled "Taxation and Revenue." Certain sections concerning the Board of Equalization and its powers are omitted in the revision of the article.
The other two amendments change the terms of State and
county officers from four to two years (V. 99, p. 994).
No Misrepresentation.—(Farson, Son & Co—We are
advised that Justice Guy, Supreme Court of the County of
New York, has dismissed a suit for $15,000 brought against
Farson, Son & Co. by James H. Birch of Burlington, N. J.,
on irrigation bonds, Birch claiming fraud and misrepresentation. The case was dismissed as the plaintiff failed to
prove any misrepresentations in the sale or in the bonds.
Farson, Son & Co. were represented by Messrs. Hawkins,
Delafield & Longfellow.
Oregon.—Result of General Election.—Of the twenty-nine
proposed constitutional amendments and measures submitted
to the people at the general election Nov. 3, the following
received their approval:
Amendment to Sec. 2, Art. III., of the Constitution, requiring voters
to be citizens of the United States, in all elections.
Amendment to Art. I of the Constitution by adding Sec. 36 providing
State-wide prohibition.
A description of all the various propositions voted upon
will be found in the "Chronicle" of Oct. 31, page 1313.
South Carolina.—Payment of Old State Bonds Refused.—
According to a newspaper dispatch from Columbia, thirty
South Carolina 6% bonds of $1,000 each, issued in 1869,
presented for payment Nov. 12 by an attorney representing
the State of New Hampshire, were rejected as void by the
Comptroller-General, A. W. Jones, who said these securities
were among those repudiated by the General Assembly in
1873 as "put upon the market without any authority in law."
Constitutional Amendments Adopted.—All ten of the proposed constitutional amendments referred to in the "Chronicle" of Oct. 3, page 995, were adopted on Nov. 3. Three
of these amendments are to Section 7, Article VIII, and provide that the limitations imposed by that section and by
Section 5 of Article X shall not apply (1) to the bonded indebtedness incurred by the School 'District of Yorkville in
the County of York, when the proceeds of said bonds are
applied exclusively to erecting, or making additions to,school
buildings in said district, and where the question of incurring
such indebtedness is submitted to the qualified electors of
said district. (2) To the bonded indebtedness incurred by
the City of Florence, in the County of Florence, when the
proceeds of said bonds are applied exclusively for the building, erecting, establishing and maintaining of streets, waterworks, lighting plants and sewerage-system, or for the payment of debts already incurred, exclusively for any of said
purposes; and when the question of incurring such indebtedness is submitted to the qualified electors of said municipality; and (3) to the bonded indebtedness incurred by the
cities of Chester and Sumter, but the said cities of Chester
and Sumter may increase each its bonded indebtedness to
an amount not exceeding 15% of the assessed value of the
taxable property therein where said bonds are issued for the
sole purpose of paying the expenses or liabilities incurred or
to be incurred in the improvement of streets and sidewalks
where the abutting property-owners are being assessed for
two-thirds or one-half of the cost thereof.
Section 7 of Article VIII and Section 5 of Article X limit
the borrowing capacity of municipal corporations to 8% of
the assessed valuation.
South Dakota.—Result of General Election.—At the general election on Nov. 3 a vote was taken on the question of
holding a constitutional convention; also on three initiated
and referred laws and eight constitutional amendments. The
amendments have already been explained in the "Chronicle"
of July 4, page 62. The initiated and referred measures
related to education, primary elections and the manufacture
and sale of spirituous liquors. The only questions which
carried were amendments Nos. 2 and 7. The former relates
to the sale of school and endowment lands and
from
6% to 5% the rate of interest purchasers mustreduces
pay on that
part of purchase price not paid in cash at time of sale.
No.
7
provides that in the event of the disqualification of one or
more Judges of the Supreme Court from taking part in any
particular case, persons may be selected to serve in their
place.
Toledo, Ohio.—Official Vote on New Charter.—As stated
last week (V. 99, p. 1472), the voters on Nov. 3 adopted
the
new city charter containing, among other things, provisions
for the initiative, referendum and recall. The official
vote
is reported as 21,028 "for" to 16,466 "against."
Washington.—Result of General Election.—The
measures were submitted at the general election heldfollowing
Nov. 3:
Initiative Measure
No. 3, entitled "An Act prohibiting the
manufacture,
sale or other disposition of intoxicating liquors,
except in certain cases;
regulating the keeping, use and transportation of the
same; providing for
the enforcement of this Act; and fixing punishments and
penalties for the
violation thereof."
Initiative Measure No. 6, entitled "An Act
to corporations, copartnerships, associations and persons engagedrelating
in the business of dealing
in lands, stocks, bonds and other securities, to prevent
fraud and imposition
in the sale of the same, and transferring to the public
commission
all authority vested in the Secretary of State in respect service
to corporations."
Initiative Measure No. 7, entitled "An Act abolishing
bureau of inspection and supervision of public offices, vesting in the the
Auditor all
the powers and duties of such bureau, and requiring the State
State Auditor to
prepare a balance sheet showing the operations, transactions,
receipts
and
expenses of each department and institution of the State."
1546
THE CHRONICLE
[VoL. xcix.
Field, Richards& Co.,Cincinnati
092.632
R. M.Grant & Co.. N. Y.,and Seasongood & Mayer,eine.,jointly.91.53
*John W.Dickey, Augusta.and Harris, Forbes & Co., N.Y.,Jcintly91.33
Estabrock & Co., Now York91.31
J. it. }legman & Co., Atlanta
91.2824
a Successful bid.
• These bidders also submitted a supplementary offer agreeing to take
$100.000 cf the amount at once at 92.34, and an option on the remainder
for 60 days at the same price.
AURORA TOWNSHIP SCHOOL DISTRICT (P.O. Aurora), Portage
County, Ohio.-BONDS BEING SOLD PRIVATELY -The Clerk of
Board of Educaticn advises us that the $6,000 5% 2134-year (aver.) coup.
school-completion bonds offered withcut success on Sept. 1 (V. 99, p. 766)
are being sold in small lots at private sale.
BASTROP COUNTY SCHOOL DISTRICT NO. 29, Tex.-BOND
ELECTION.-An election will be held Dec. 3, reports state, to vote on the
question of issuing $2,500 school-bldg. bonds.
BEAVER COUNTY HIGH SCHOOL DISTRICT NO. 2 (P. 0. Milford), Utah.-BOND SALE.-On Oct. 29 $50,000 6% 20-year bends were
awarded to Keeler Bros. of Denver at a price in excess of par and int.
Denom. $1.000. Date Aug. 15 1914. Int. F. & A.
BELLEVILLE, Essex County, N. J.-BONDS AWARDED IN PART.
-OPTION GRANTED TO PURCHASE BALANCE.-On Nov. 17 the
Town Council closed an option with liarris, Forbes & Co. of New York and
. S. Rippel of Newark for the sale of$200,0005% fuhding bonds. Denom.
$1,000. Date Nov. 1 1914. Int. M. & N. Due on Nov. 1 as follows:
800,000 1C24, $70,000 1934 and 1944. It is stated that, according to the
agreement with the buyers, the latter will purchase $50,000 of the bonds
maturing, $15.000 in 1921, $15.000 in 1934 and $20,000 in 1944, at 100.191
and accrued interest to date of delivery, provided that the buyers be granted
an option on all or any part of the remainder of the issue in blocks of not
less than $50,000 of average maturity until Dec. 1.
BETHLEHEM SCHOOL TOWNSHIP (P. 0. Logansport), Cass
County, Ind.-BOND OFFERING.-Proposals will be received until
2 p. m. Nov. 30 (and from day to day thereafter until sold) by Lyman
Yantis, Twp. Trustee, for $4,675 Dist. No. 4 school-constr. and $900 current-expense 434% bonds. Denom. (1) $325, (21) 5250. Date Nov. 30
1914. Int. M. & N. at First. Nat. Bank, Logansport. Due one bond
Aug. 1 1920 and 3 bonds each six months Feb. 1 1921 to Feb. 1 1924 incl.
BILLINGS, Yellowstone County, Mont.-BOND ELECTION.-An
election will be held Nov. 28 to submit to a vote the proposition to issue
We are advised that measures Nos. 3 and 8 carried.
$450,000 water-plant-purchase and leapt. bonds. A similar issue of bonds
was to have been offered on Aug. 15, but the offering was later postponed.
See 4. 99, p. 555.
BLACKCREEK DRAINAGE DISTRICT (P. 0. Salisbury), No.
Caro.-BOND OFFERING.-It is stated that bids will be received until
10 a. m. Dec. 31 by J. S. Hall, Chairman Ed. of Drainage Commissioners,
Spokane, Wash.-Bond Call.-The following special im- for
$23,000 6% drainage bonds.
provement bonds are called for payment at the office of the
BLUE EARTH COUNTY (P. 0. Mankato), Minn.-BONDS VOTED.
-Reports state that the question of issuing tuberculosis sanitorium-constr.
City Treasurer on Dee. 1:
Bonds Called up bonds carried at the election held Nov. 3.
Bonds Called up
Dist. No. to and incl.
NameBRETON TOWNSHIP (P. 0. Potosi), Washington County, ?do.Dist. No. to and incl.
NameWalk.
BOND OFFERING -It is stated that bids will be considered until II a. m.
Grade.
2
1,043
5th Ave
Dec. 8 by Ed. T. Eversolo, Chairman of Twp. Trustees, for $25,000 5%
22
502
Addison St
4
734 year (aver.) road bonds. Int. semi-annual.
904
Illinois Ave
3
731
Alley
Water Main.
2
1,033
Alley
BRISTOL COUNTY (P. 0. Fall River), Mass.-BOND OFFERING.
2
Courtiand Ave ____ W49
10
713
Cook St
It is stated that bids will be received until Os. m. Dec. 1 for $10,000 434%
3
W43
Euclid Ave
20
831
Cleveland Ave
Due
bonds.
Date
1914.
4
refunding
Dec.
coup.
$1,000
yearly
from
4
W50
14th Ave
8
717
Dalton Ave
1915 to 1924 incl.
2
W48
Grace Ave
10
506
Elm St
2
W51
Gordon Ave
BROCKTON, Plymouth County, Mass.-TEMPORARY LOA2V.-A
9
885
Euclid Ave F
2
Grace Ave
W57
4
967
loan of $200,000 maturing April 5 1915 has been negotiated with White,
E Street
2
Kiernan Ave ______ W58
66
1
Weld & Co. of N. Y. at 4.35% discount plus $1 premium, it is stated.
5th Ward
2
W46
23rd Ave
29
473
Other bids were:
15th Ave
3
W61
Discount.
36th Ave
8
755
Freya St
t5,35%
2
W62
26th Ave
2
1,042
Curtis & Sanger
5th Ave
4
W63
4.37% plus 50 cents premium
Wiscombe St
18
527
R. L. Day & Co
Gordon Ave
2
W65
___
St
4.55%
Washington
10
115
Bond & Goodwin_
Hanson Ave
W78
3
Tacoma St
4.58%
22
263
Loring, Tolman & Tupper
Hifi St
2
W79
9th Ave
7
4.58% plus $2 premium
508
Estabrcok & Co
Hogan St
2
34th Ave
W80
4.58%
18
510
Salomon Bros. & Hutzler
La Crosse Ave
2
W81
4.59% pins :30 cents premium
21st Ave
10
737
Blake Bros. & Co
Lindeke St
W83
2
Thor St
4.64% plus $2.65 premium
52
458
F. S. Moseley & Co
Monroe St
2
Wiscombe St
W84
56
511
4.69% plus 25 cents premium
Merrill, Oldham & Co
Madison St
17
Paving.
Montgomery Ave.._ 528
All bidders are of Boston.
6
942
Bernard St
6
738
Marietta St
BUCHANAN SCHOOL DISTRICT (P. 0. Buchanan), Haralson
82
1
2nd Ward
22
87
19th Ave
83
County, Ga.-BOND OFFERING.-This district is offering for sale the
273
Sprague Ave
42
Providence Ave..__- 512
515.000 5% building and equipment bonds voted Sept...9 (V. 119, p. 914).
49
2nd Ave
296
40
673
Perry St
Due from 1926 to 1931. W.0.Strickland is Sec. of Board of Education.
91
710
Sherman St
10
405
7th Ave
21st Ave
16
911
4
914
Sumner Ave
BUHL, St. Louis County, Minn.-BOND OFFERING.-Proposals
3
Trent (Alley)
16
1,031
275
12th Ave
will be received until 8 p. m. Nov. 27 by F. J. Demel. VII. Recorder, for
71
29
Washington St ____ 666
665
21st Ave
gold water, light and heat bonds at not exceeding 6% int. Denom.
855,000
4
Sewer.
876
20th Ave
51.000. Date Sept. 11914. Int. M.& S. Due $5,000 yearly, beginning
Alley
2
8
1,041
878
22nd Ave
in 3 years. Certified check on a State or national bank for $1,000, payable
First Ward
19
12
4
906
33rd Ave
to Vii. Treas., required. Bids must he unconditional. These bonds were
Sprague Ave
19
11
152
721
West Point
offered on Sept. 23 but were later withdrawn from the market(V.99,P.M)•
26th Ave
6
491
Ave
20th
6
895
BUNCOMBE COUNTY (P. 0. Asheville), No. Caro.-BOND OFFERING.-R eports state that bids will be opened by the County Commissioners
on Dec. 15 for $75,000 5% 35-year road bonds. Denom.$500 and 21,000.
BUTLER, Richland County, Ohio.-BOND OFFERING.-Proposala
will be received until 12 m. Dec. 10 by F. L. Beal, Vil. Clerk. for the $4.000
5% electric-light-planteimpt. bonds voted Sept. 22. (V. 99. p. 996)•
Auth. Sec. 3918, Gen. Code. Date Sept. 15 1914. Int. M. & S.Due
AKRON, Summit County, Ohio.-BOND OFFERING.-Bids will be one bond yearly. Certified check for $50, payable to VII. Treas., required.
considered until 12 m. Dec. 10 by James McCausland, City Auditor, for Bonds to be delivered and paid for within 10 days from time of award.
bonds:
reg.
or
the folifiwing 5% coup.
Purchaser to pay accrued interest.
$30.000 main-sewer-ext. bonds. Denom. $1,000. Date Sept. 1 1914.
CANTON SCHOOL DISTRICT (P. 0. Canton), Stark County,
Due Sept. 1 1924.
Date
Ohio.-BOND OFFERING.-W. C. Lane, Clerk of Board of Education,
2,250 public-improvement bonds. Denom. (2) $1.000, (1) $250.
will receive bids until 2 p. m. Dec. 4 for the $50,000 5% 40-year schoolJuly 15 1914. Due July 15 1924.
8,500 building machine shop and equip. engine-house No. 5 bonds. property-purchase and improvement bonds mentioned in V. 99, p. 1159.
Denom.(8) $1,000,(1) $500. Date April 11914. Due April 1 '19. Denom. $100, $500 and $1,000, to suit purchaser. Date Dec. 4 1914.
Y. Certified or cashier's check on Int. J. & D. at office of Treasurer of Board of Education or at office of
Int. semi-ann. at Nat. Park Bank, N.Y
a bank other than the one making the bid for 2% of bonds bid for, payable Kountze Bros. in N. Y. Certified check on a Canton bank for 5% of bonds
bid for, payable to Treasurer of Board, required. Bonds to be delivered
to City Treasurer, required. Purchaser to pay accrued interest.
and paid f,r within 10 days from time of award. Bids must be made on
- forms
ALLEN COUNTY (P. 0. Fort Wayne), Ind.-BOND OFFERING.
provided by said Board. The necessary blank bonds will also be
thereday
to
day
from
(and
Nov.
28
m.
a.
10
until
received
be
wi
Proposals
furnished by the Board.
after until sold) by J. Herman Bueter, Co. Treas., for the following 434%
CARBON COUNTY (P. 0. Red Lodge), Mont-BONDS VOTED.
highway-impt. bonds
Twp. Denom. $700.
The proposition to issue the $25.000 5% poor-farm-site-purchase and equip.
$14,000 Kaiser road-impt. bonds, Marion Twp
Denom. $712.
bonds (V. 99. p. 1240) carried at the election held Nov. 3 by a vote of 1218
14,200 Hicksville rcad-impt. bonds in Scipio one bond
of each issue each to 777. Int. semi-ann. Due Jan. 1 1955. subject to call after Jan. 11925.
Date Nov. 15 1914. Int. M. & N. Due
six months.
CARROLL COUNTY (P. 0. Delphi), Ind.-BOND OFFERING.
E. eutherlin Proposals will be received until 3 D. m. Nov. 24,it is stated, by W. H.
-John
SALE.
ALTON, Osborne County, Kans.-BOND
1734-year (aver.) County Treasurer, for 86.600 414% highway-improvement bonds. Lesh.
5%
$30,000
26
June
on
purchased
Due
Mo.,
City.
of Kansas
Date
15
April
21,000.
Denom.
part
10
six
for
each
years.
months
96.
water and electric-light bonds at
every fifth year. Total
1914. Int. semi-ann. at Topeka. Due $5.000
CARTER COUNTY (P. 0. Grayson), KY.
-VOTE.-Reports state
debt, this year. Assessed valuation, $418,000.
that the vote cast at the election held Nov. 3 which resulted in favor of the
-The following are the issuance of the $150,000 road bonds (V. 99, p. 1472) was 2,465 to 1,070.
ASHLAND, Ashland County, Ohio.-BIDS.
impt.
6% 10 1-6 year (aver.) Ohio St.
CASEY, Clark County, Ills.-BONDS PROPOSED.-This city is conother bids received for the $16,000
& Mayer of Cin.at 102.525 and int. templating the issuance of $60,000 6% 1-30-year ser.) coup. tax-free waterbonds awarded on Nov.7 to SeasongoodFarmers'
Bank, Ashland.$16,269 00 plant bonds. Denom. $100 and $500.
Atlas Nat. Bank, Cin_ _$16,400 00 Hoehler, Cummings dr
Breed, Elliott & Harrison,
16,262 00
CEDAR CREEK SCHOOL TOWNSHIP (P. 0. Lowell), Lake
Prudden. Toledo
16,392 00
Cincinnati
16,240 04 Count3r, Ind.-BOND OFFERING.-Furthec details are at hand relative
Otis & Cc., Cleveland
First Nat. Bank, Ashland 16,365 00 Sidney
00
16.192
Tol_
Co.,
elm offering to-day (Nov. 21) of the 211,500 5% school bonds (V. 99. p.
to
&
Spitzer
Fifth-Third Nat. Bk.. Cifi. 16,363 35
1393). Rids for these bonds will be received until 10 a. m.to-day(Nov.
21)
& Wolcott Co.,
2.0. Mayer & Co., On_ 16,363 20 Tillotson
00 by James Black. Twp. Trustee. Denom. $500. Date July 15 1914.
16,188
Cleveland
•
00
16,338
Spitzer, Rorick & Co.,Tel.
Co.,
Due 5500 each six months from Jan. 15 1918 to Jan. 15 1929 incl.
BrightonGermanBk.,Cin. 16,320 00 Ashland Bank & Say.
40
16,174
Ashland
CHATTANOOGA, Tenn.-NO BOND ELECTION.-We are advised
Field, Richards & Co.,
Chic.. 16,167 00
16,291 20 Fifinchett Bond Co.,
Cincinnati
that the reports stating that an election was to have been held Oct. 28 to
Terry, Briggs & Slayton,
Provident Say. Bank
on the question of Issuing $17.500 sewerage-system-construction
vote
16.121 00
Toledo
Trust Co., Cincinnati__ 16.286 40
week's "Chronicle, but bonds (V. 99, p. 914) are erroneous.
The sale of the above bonds was reported in last as 102.5025.
CHESTER COUNTY (P. 0. Henderson), Tenn.-NO ACTION YET
in using newspaper reports the price was reported
bids were received. TAKEN.- We are advised that no action has yet been taken 'coking
AUGUSTA, Ga.-BOND SALE.-The following
towards the issuance of the $50,000 road bonds authorized by the County
offered
bonds
-protection
it is stated, for the $250.000 434% 30-year flood
Court on July 7 (V. 99. P. 360)•
on Nov. 12(V.99.p. 1393):
Initiative Measure No. 8, entitled "An Act to prohibit the collection of
remuneration or foes from workers for the securing of employment or furnishing information leading thereto, and providing a penalty for violation
thereof."
Initiative Measure No. 9, entitled "An Act providing fcr the payment of
and
the cost of medical, surgical and hospital treatment, nursing, supplies,
by the
other expenses of workmen injured in extra-hazardous employments,
the
by
paid
be
to
excess
any
dollars,
hundred
one
of
amount
employer,to the
industry, providing for arbitration of disputes, prohibiting certain deduc
tions from wages, and imposing duties upon the industrial insurance department."
Initiative Measure No. 10, entitled "An Act providing for the employment of all convicts upon'public highways except in certain cases, authorizing the payment of certain sums to dependent families of such convicts.
creating a State road fund, providing a tax levy of not to exceed one-half
mill therefor, transferring the public highway fund thereto, and making an
appropriation of two million dollars for carrying out the provisions of this
Act."
Initiative Measure No. 13, entitled "An Act prohibiting employers from
requiring or permitting employees to work more than eight hours in any
emerday of twenty-four hours, except in'agricultural labor and cases of
gency; providing for extra compensation for overtime; and fixing a penalty
fer the violation thereof."
Referendum Measure No. 1, entitled "An Act to establish a retirement
fund to be used in payment of annuities and benefits to retired teachers.
of the
principals, supervisors, supervising principals and superintendents
public schools in the State of Washington; creating a board of trustees:
for
defining the sources from which geld fund shall be raised; providing
the levy of taxes and regulating the collection, management and disbursement of said fund."
Referendum Measure No. 2, entitled "An Act providing for the construcworks
tion, maintenance and operation of a system of storage and irrigation
Chelan and Douglas
for the purpose of irrigating lands in Grant, Adams,
reclamation
counties. including lands in the Quincy Valley; creating a State $40,000,000
board,and providing for the sale of State bonds not exceeding
in amount.'
Amendment to the Constitution proposed by the Legislature, entitled
enab"An amendment of Section 33, Article II, of the State Constitution,
lying
ling alien residents of this State to acquire by purchase and hold lands
lands
such
of
escheat
the
for
providing
and
corporations.
within municipal
to the common school fund in case the owner thereof becomes a non-resident of the State for the term of five years."
Bond Calls and Redemptions.
Bond Proposals and Negotiations this week
have been as follows:
Nov. 21
1914.j
THE CHRONICLE
CHILLICOTHE, Ross County, Ohio.-BID.-The following is the
only bid received for the five issues of bonds, aggregating $41,720. offered
on Nov. 16 (V. 99, p. 1314)
$1,205 and Int. for $1,200 5% Ewing St. impt. No. 1 bonds received from
a private b dder.
CLARKE COUNTY (P. 0. Vancouver), Wash.-BONDS AWARDED
IN PART.-Local papers state that $100,000 of the $500.000 10-20-year
(opt.) Columbia River bridge-constr. bonds offered without success on
Sept. 14(V.99, p. 843) have been taken by the State at par for 5s.
CLAY COUNTY (P. 0. Spencer), Iowa.-BONDS VOTED.-At a
recent election the proposition to issue $42,000 Little Sioux River bridgeconstruction bonds carried, it is stated.
CLEVELAND SCHOOL DISTRICT (P. 0. Cleveland), White
County, Ga.-BONDS NOT YET ISSUED.-The Sec.-Treas. of Board of
Trustees advises us that the $10,000 5% building and equipment bonds
voted Sept. 22 (V. 99, p. 996) have not yet been issued. Denom. $400.
Date Jan. 1 1915. Int. ann. in January. Due $400 yearly Jan. 1 from
1916 to 1940 inclusive.
CODINGTON COUNTY (P. 0. Watertown), So. Dak.-BONDS
VOTED.-The question of issuing the $25,000 poor-asylum-construction
bonds (V. 99, p. 1314) carried at the election held Nov. 3 by a vote of
1.386 to 1.015.
COHOES, Albany County, N. Y.-BONDS AUTHORIZED.-On
Nov. 17 the Common Council authorized, reports state, the Issuance of
$5,150 13 434% Cohoes-Lansingburg bridge-purchase (city's share) bcnds.
Denom. 0) $1,150 50, (4) $1,000. Date Dec. 1 1914. Due $1,150 50
Dec. 1 1915 and $1,000 yearly Dec. 1 from 1916 to 1919, incl. The City
Chamberlain was empowered to sell the bonds at public auction.
COLORETA SCHOOL DISTRICT, Lassen County, Calif.-BONDS
NOT SOLD.-No bids were received on Nov. 9 for an issue of S1,060 6%
school bonds offered on that day.
COPLEY TOWNSHIP CENTRALIZED SCHOOL DISTRICT (P. 0.
Copley), Summit County, Ohio.-BOND OFFERING.-Proposals will
be received until 12 m. Dec. 5 by W.0. Renner, Clerk ot Board of Education, for $2,600 6% school bonds. Denom.(9)$250,(1)$350. Date Dec.
5 1914. Int. J. & D. at office of Clerk of Board of Education. Due $250
yearly on Dec. 5 from 1916 to 1924 incl. and $350 Dec. 5 1925.
COSHOCTON, Coshocton County, Ohio.-BOND SALE.-On
Nov. 16 the four issues of 6% street-improvement bonds, aggregating
$7,900 (V. 99, p 1240), were awarded to the Commercal Nat. Bank,
Columbus, for $8;030 (101.615) and int. Other bids were:
Comm'l Nat. Ilk., Coshocton.$8,030 rrov. S. B.& Tr. Co., Cincin_$7,979
Hanchett Bond Co., Chicago_ 8,023 Tillotson & Wolcott Co., Clev- 7,911
Columbus Nat. Bk., Colum__ 8.001
CRITTENDEN COUNTY (P. 0. Marion), Ark.-BOND OFFERING.
-Bids will be received until 12 m. Dec. 1 by E. K. Lashbrook District
Secraary, for S325.000 road-improvement district bonds. Certified check
for not less than 2% of bid required. Those bonds were offered without
success on Nov. 3 V. 99. p. 1473)•
CROOKSTON, Polk County, Minn.-BOND SALE.-On
10
$9,1340 10 6% 1-10-year (serial) paving bonds were awarded to Nov.
Wells &
Dickey Co. of Minneapolis at par. Denom. $100. $2110 and $500.
Date
Dec. 1 1914. Interest annually on Dec. 1.
CUMBERLAND, Bid.-BIDS REJECTED.-Reports state that the
following bids recently submitted by .T. C. Mayer & Co. of Cincinnati for
the $150.000 454% 534-year (average) coupon street-paving bonds offered
without success on Aug. 21 (V. 99, p. 767) were rejected Par for 5s, less
$5,250 commission, and par and interest for 4)4s, less $9,000 commission.
CUSTER COUNTY SCHOOL DISTRICT NO. 6, Mont.-BONDS
NOT SOLD.-No sale was made on Oct. 20 of the $2,000 6% 6-10-year
(opt.) school bonds offered on that day. J. S. Rue is District Clerk (P.0.
Graham).
DADE CITY,Pasco County, Fla.-BOND SALE.-The J. B.McCrary
Co. of Atlanta have purchased the $20,000 water-works and $6,500 sewer
5% 30-year coupon bonds mentioned in V. 99, p. 996. Denom. $500.
Date Aug. 1 1914. Interest semi-annually at National Bank of Commerce
in New York. Total indebtedness (including this issue), $43.000. Assessed valuation 1913-14. $278,085: actual (estimated), $1,000,000.
DAYTON, Ohio.-BOND OFFERING.-Bids will be received until
12 m.Dec. 15 by Hugh E. Wall, City Accountant, for the following coupon
bonds
$12,700 5% Herman Ave. paving (assessment) bonds. Denom. (1)
$700,(12)81.000. Date Dec. 11914. Due yearly on Dec.1
as follows $1,000 1915 to 1921, inclusive, $1,700 1922 and
$2.000 in 1923 and 1924.
9,200 5% May St. paving (assessment) bonds. Denom. (9) $1,000,
(1) 5200. Date Dec. 11914. Due $200 Dec. 1 1915 and
$1,000 yearly on Dec. 1 from 1918 to 1924,inclusive.
7,400 5% Virginia Ave. paying (assessment) bonds. Denom. (1)
3400. (7) $1.000. Date Dec. 1 1914. Due $400 Dec. 1
1917 and $1,000 yearly on Dec. 1 from 1918 to 1924. incl.
12.500 5% Bowen St. paving (assessment) bonds. Denom. (1) $500,
(12) *1.000. Date Dec. 11914. Due yearly on Dec. 1 as
follows: $1,000 from 1915 to 1921, inclusive, $1,500 in 1922
and $2,000 in 1923 and 1924.
3.700 5% Neal Ave. paving (assessment) bonds. Denom. (1) $200,
(7) $500. Date Dec. 1 1914. Duo 8200 Dec. 1 1917 and
500 yearly on Dec. 1 from 1918 to 1924, inclusive.
13,500 5% Forest Ave. paving (assessment) bonds.
Denom.(1) $500,
(13) $1,000. Date Dec. 1 1914. Due on Dec. 1 as follows:
$1.000 yearly from 1915 to 1920. inclusive, 81.500 In 1921
and $2,000 1922 to 1924, inclusive.
14.500 5% Forest Ave. paving (assessment) bonds. Denom.
(14)
81,000, (1) $500. Date Dec. 1 1914. Due yearly
on
Dec. 1 as follows: $1,000 from 1915 to 1919, inclusive,
81,500 in 1920 and $2,000 from 1921 to 1924, inclusive.
27.700 5% Salem Ave. paving (assessment) bonds. Denom. (27)
$1,000, (1) $700. Date Dec. 1 1914. Due yearly on
Dec. 1. as follows: $2,000 in 1915 and 1916. $2,700 in 1917
and 83.000 from 1918 to 1924, inclusive.
90,000 534% water-works-Improvement bonds. Denom. (500) 8100.
(625) $40,(750) 820. Date Dec. 11914. Due Dec. 1 1944.
15.000 5% bridge-improvement bonds. Denom.81.000. Date Nov. 1
1914. Due Nov. 11934.
Interest semi-annual, payable in New York City. Certified check on a
national bank for 5% of bonds bid for, payable to above City Accountant,
required. Bonds to be delivered and paid for at office of City Treasurer
on Dec. 22.
VOTE.-Reports state that the vote cast at the election held Nov. 3,
which resulted in defeat of the propositions to issue the 8250.000 park,
81,000.000 grade-crossing-elimination and $500,000
light-plant bonds (V. 99. p. 1393), was 9,784 "for" tomunicipal-electric"
16,931" against.
10.453 "for" to 15,871 "against." and 9,193 "for" to 13,174 "against,"
respectively.
DEFIANCE COUNTY (P. 0. Dayton), Ohio.-BOND OFFERING...Reports state that proposals will be received until 12 m. Dec. 7 by Roger
Daoust, County Auditor, for $28,000 5% 514-year (aver.) road bonds.
Int. semi-ann. Certified chock for $500 required.
DELAWARE COUNTY (P. 0. Delaware), Ohio.-BOND SALE.
On Nov. 16 the 8144,400 5% 514-year (aver.) road bonds (V. 99, p. 1314)
were awarded,it is stated. to Otis& Co.of Cleveland for $144,405 and int.
DICKSON, Dickson County, Tenn.-BONDS NOT YET ISSUED.
We are advised that the $5,000 water-mains-extension bonds voted Aug. 28
V. 99, p. 688) have not yet been issued.
DOUGLAS COUNTY (P. 0. Alexandria), Minn.-BONDS VOTED.
The question of issuing tuberculosis sanatorium-constr, bonds carried, it is
stated, at the election held Nov. 3.
DULUTH, Minn.-BONDS AUTIIORIZED.-An ordinance was passed
on Nov.9 providing for the issuance of the $50,000 434% 30-yr. gold coup.
park bonds mentioned in V.99, p. 1393. Int. J. & J. at Amer. Exch. Nat.
13ank, N. Y. C., or at place as may be agreed upon.
CERTIFICATES PROPOSED.-Reports state that on Nov. 12 an ordinance was passed at first reading providing for the issuance of $175,000
certificates of indebtedness.
BONDS PROPOSED.-According to a local newspaper, this city is contemplating the issuance of $10,000 Superior St. impt. bonds.
1547
EAST CLEVELAND Cuyahoga County, Ohio.-BOND OFFERING.
-Proposals will be received until 11 a. m. Dec. 8 by the Library Board of
City, Clara S. Parks. Secretary, for $50.000 5% library site-purchase,
construction and equipment bonds. Authority election held Oct. 11.
Denom.$500. Date Sept. 1 1914. Int. M.& S. at Guardian Say.& Trust
Co., Cleveland. Due Aug. 31 1944. Certified check on a Cuyahoga
County bank for 10% of bonds bid for, payable to Treasurer of Library
Board, required. Bonds to be delivered and paid for within ten days from
time of award. Purchaser to pay accrued interest.
Bids will also be received until 11 a. m. Dec. 8 by E. L. Hickey, City
Aud.,for $171,155 534% assess. bonds. Auth.S.3939, 3922, 3923 and
3924, Gen. Code. Denom. (341) $500, (1) $655. Date Oct. 15 1914.
Int. A. & 0. at Guardian Says. & Trust Co., Cleveland. Due on Oct. 15
1919. Cert. check on a Cuyahoga County bank for 10% of bonds bid for.
payable to City Treas., required. Bonds to be delivered and paid for within 10 days from time of award. Purchaser to pay accrued interest.
EAST POINT SCHOOL DISTRICT (P. 0. East Point), Fulton
County, Ga.-BOND ELECTION NOT YET CALLED.-We are advised
that no election has yet been called to vote on the question of issuing the
830.000 school bonds mentioned in V. 99, 1/• 360ECOR.SE TOWNSHIP (P. 0. Ecorse), Wayne County, Mich.BOND ELECTION PROPOSED.-It is stated that an election will be
in
the near future to vote on the question of issuing $30,000 Ecorseheld
River
bridge-construction bonds.
ELLIOTT, Montgomery. County, Iowa.-BOND OFFERING.-Proposals will be received until 8 p. m. Dec. 7 by E. D. Bully, Town Clerk,
for the $8,000 5% coupon water-works-extension bonds, voted Nov. 9
(V• 99, p. 1240). Denom. $500. Date March 1915. Interest semiannual. Duo in 1935, subject to call $500 or multiples thereof after ten
years. Certified check for $500, payable to above Clerk, required. No
bonded debt; floating debt, $2.000. Assessed value 1913, 8344.000.
ERIE COUNTY (P. 0. Sandusky", Ohio.-BONDS NOT SOLD.-No
legal bids were received for the $28,000 5% 514-year (aver.) Main Market
Road No. 13 impt. bonds offered on Nov. 16 (V. 99, p. 1240)•
ETOWAH COUNTY (P. 0. Gadsden), Ala.-BONDS VOTED.-Reports state that the question of issuing the $200,000 road bonds carried
at the election held Nov. 3. Early returns stated that
these bonds were
defeated (V. 99, p. 1473).
EVERGLADES DRAINAGE DISTRICT, Fia.-BOND OFFERIA7-7
The Board of Commissioners will receive bids until 10 a. m. Dec. 10 at
their office in Tallahassee for $1,500,000 6% 30-year gold coupon
drainage
bonds. Denom. $500 and 81.000. Date Nov. 2 1914. Int. M.
& N.,
payable in New York or Tallahassee. . Stuart Lewis is Secretary Board
of
Commissioners. This district advertised S1.000,000 bonds for sale on
Aug. 20, but because of the financial market at that time the offering
was later withdrawn (V. 99, p. 490)•
FAIRFIELD TOWNSHIP SCHOOL DISTRICT (P.O.
Columbiana County, Ohio.-BONDS VOTED.-ReportsColumbiana),
state that at
a recent election the question of issuing $40,000 high-school-bldg. bonds
carried.
FALL RIVER, Bristol County, Mass.-BOND OFFERING.-Reports
state that bids will be received until 10:30 a. m. Nov. 24 by the City Treas.
for $25,000 434% almshouse bonds. Date Nov. 2 1914. Due $2,0013
yearly from 1915 to 1919 incl. and $1,000 yearly from 1920 to 1934 incl.
FERGUS COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Lewistown),
Mont.-BONDS NOT SOLD.-No sale has been made of the $7,500 5%
15-20-year (opt.) coupon bldg. and impt. bonds offered on Oct. 10 (V. 99.
IL 767). They will be re-advertised shortly.
FRANKLIN COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Dayton),
Idaho.-BOND SALE.-On Nov. 12 an issue of $15,000 building bonds
was awarded to Keeler Bros. of Denver at par and expenses for 5s. Denom.
$1,000. Date Aug. 1 1914. Int. F. & A. These bonds were offered for
sale on Oct. 10.
FREMONT COUNTY SCHOOL DISTRICT NO. 23, Wyo.-BOND
OFFERING.-Bids will be received until 2 p. m. Dec. 20 by Thos. hing,
Dist. Clerk,for $15,0006% coup. bldg. and equip. bonds. Denom.$1,000.
I/ate Jan. 1 1915. Int. 3. & J. at office of County Treasurer. Due $1,000
yearly on Jan. 1 from 1921 to 1935 incl.
GALVESTON, Galveston County, Texas.-BOND ELECTION PROPOSED.-Reports state that this city is contemplating calling an election
to vote on the proposition to issue school-improvement bonds.
GARRETTS17ILLE, Portage County, Ohio.-BOND OFFERING.
Proposals will be received until 12 m. Dec. 12 by L. V. Snow, Village Clerk,
for $7,654 40 5% South St. improvement (assessment) bonds. Authority
Sec. 3914, Gen. Code. Denom. $382 72. Date Sept. 15 1914. Int.
M. & S. Duo $382 72 each six months from March 15 1916 to Sept. 15
1925. inclusive. Certified check for 5% of bonds bid for, payable to Village
Treasurer, required. Bonds to be delivered and paid for within ten days
from time of award. Purchaser to pay accrued interest.
GEORGETOWN, Scott County, Ky.-BONDS DEFEATED.-The
question of issuing the $20,000 sewer bonds(V.99. p. 1160) was defeated at
the election recently held. We are advised that the reports that stated that
$50,000 school bonds would also be submitted to the voters(V.99, p• 1160)
are erroneous.
GLENWOOD, Pope County, Minn.-BONDS VOTED.-The question of issuing $50,000 bldg. bonds carried, reports state, by a vote of 196
to 12 at a recent election.
GLOUSTER, Athens County, Ohio.-BOND SALE.-On Nov. 12 the
$4,000 5% 2-9-year (ser.) electric-light and water-works bonds offered
without success on Oct. 26 W. 99, p. 1314) were awarded, reports state,
to the Glouster Bank of (ilouster at par and int.
GRANT COUNTY (P. 0. Elbow Lake), Minn.-BONDS VOTED.
The issuance of bonds for the construction of a tuberculosis sanatorium was
authorized by the voters on Nov. 3. it is stated.
GREENFIELD AND SPRINGWELLS TOWNSHIPS FRACTIONAL
SCHOOL DISTRICT NO. 10, Wayne County, Mich.-BOND OFFERING.-Bids will be received until Nov. 23 by Chas. T. Greedus, Secretary
P. 0. It. Y. D. No. I. Greenfield), for $10,000 5% 15-Year school bonds.
Denom. $1.000. Interest semi-annual.
GREENVILLE, Pitt County, No. Caro.-BOND SALE.-We are
advised that the $25,000 5% 30-year coupon improvement bonds offered
without success on June 4(V. 99. p. 1866) have been sold to J. H. Hillsman
& Co. of Atlanta.
GRrhus COUNTY (P. 0. Anderson), Texas.-BONDS VOTED.-By
a vote of 87 to 34 the question of issuing $50.000 good roads bonds carried,
it is stated, at the election held Nov.7.
GUADALUPE COUNTY (P. 0. Sequin), Texas.-WARRANT SALE.
-An issue of $40,000 534% 13-year (average) road and
bridge warrants
was purchased at par on July 15 by John E. Sutherlin of Kansas City,
Mo.
Denom. $500. Date July 1 1914. Interest semi-annually in Chicago.
Due $5.000 yearly July 1 from 1924 to 1931, inclusive. Total debt.
$282,545. Assessed valuation, $14,044,337.
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.-BOND SALE.
Local papers state that the entire issue of $800,000
30-yr. floodemergency bonds offered "over the counter" had been434%
disposed of. This
makes a total of $433,000 sold since our last report (V. 99, P. 1393)•
HANOVER SCHOOL DISTRICT (P. 0. Hanover), Licking
Ohio.-BONDS VOTED.-At the election held Nov.3 vote of County,
64 to 20
was cast in favor of the proposition to issue $20,000 bldg.abonds,
it is stated.
HAPEVILLE, Fulton County, Ga.-BONDS NOT YET ISSUED.
We are advised that the $29,000 water and $14,000 sewer
voted Sept. 7(V. 99, p. 843) have not yet been issued. 5% 30-year bonds
HARDIN COUNTY (P. 0. Kenton), Ohio.-BOND
Bids will be received until 12 m. Nov. 30 by U. J. Pfeiffer,OFFERING.
Co. Aud.. for
$25,000 534% road-impt. bonds. Denom. $1,000. Date Nov.
Int. M.& N. at office of Co. Treas. Due $2.000 yearly on Nov.30 1914.
30 from
1916 to 1926 inch: and $3,000 on Nov. 30 1927.
check on a Kenton
bank for $500 required. Bonds to be deliveredCert.
and paid for within 15
days from time of award.
HARTWELL, Hart County, Ga.-BID.-J. R. Sutherlin &
Co. of
Kansas City, Mo. was the only bidder for the $33,000
7-22-year (ser.)
water and $13,000
'23-26-year (ser.) sewer 5°' bonds offered
on Nov. 15
(V. 99. p. 1241). The above firm submitted
'
a bid conditioned that the
Sutherlin Construction Co. be awarded the contract
to install the system.
Denom. $1,000. Date Dec. 11914. Int. J. & D
1548
THE CHRONICLE
[VOL. xcrx..
LOCKPORT, Niagara County, N. Y.-BONDS PROPOSED.-Reports
HARRISON COUNTY (P. 0. Corydon), Ind.-BOND OFFERING.
Proposals will be received until 2 p. m.Nov.28 by J. D.Pitman,Co. Treas., state that this city is contemplating the issuance of $3,300 fire department,
bonds:
$3,000 erection expense and $900 police salary bends.
for the following 444% highway
$7.560 Frank Faith et al. highway-impt. bonds in Washington Twp.
LONE STAR SCHOOL DISTRICT, Imperial County, Cal.$210.
Denom.
BONDS NOT SOLD-NEW OFFERING.-No bids were received on
8.460 J. C. H. Peper et al. highway impt. bonds in Harrison Twp. Do- Nov. 4 for the $3,500 6% 18-year (average) building and equipment bonds
$235.
offered on that day (V. 99, p. 1315). New bids will be received until
Date Nov.4 1914. Int. M.& N. Due one bond of each issue each six Dec. 7.
months from May 15 1916 to Nov. 15 1933 incl.
LORAIN COUNTY ROAD DISTRICT NO. 1, Ohio.-BOND OFFERHAWTHORNE SCHOOL DISTRICT (P. 0. Hawthorne), Los ING.-Proposals will be received until 11 a. m. Dec. 10 by Frank R.
Angeles County, Calif.-BONDS VOTED.-According to local newspaper Fauver. Secretary of Road Commissioners (1'. 0. Elyria), for $20,000 5%
(V.
bonds
p.
bldg.
99,
$45,000
the
issue
to
1241) coupon road-Improvement bonds (eleventh series). Denom. $1,000.
reports, the proposition
carried at the election held Oct. 30.
Date Sept. 1 1914. Int. M. dr S. at office cf County Treasurer, Due
HAYWARD, Sawyer County, Wis.-BONDS VOTED.-Reports state 310.000 Sept. 1 1918 and 1919. Certified check on a national bank for
that the proposition to issue the $12,000 6% coupon water-works bonds $1.000, payable tc County Treasurer, required. Purchaser to pay accrued
interest. Bids must be made on forms furnished by above Secretary.
(V. 99, p. 1314) carried at the election held Nov. 7.
- Abstract of proceedings will be furnished purchaser.
HAZLEWOOD (P. 0. Waynesville), Haywood County, No. Car.
BOND OFFERING.-We have Just been advised that the $15,000 30-year
LOS ANGELES COUNTY IRRIGATION DISTRICT NO. 3, Calif.coup. water, sewer and light bonds offered on Aug. 31 (V. 99, p. 557) were BONDS VOTED.-The question of issuing $2.606,000 irrigation bonds carawarded on that day to C. N. Malone & Co.of Asheville at par and int.
ried, reports state,at the election held Nov.10 by a vote of 738 to 12.
HENDERSON COUNTY(P.O. Henderson), K7.-BOND OFFERIN.0
LOS GRIEGOS AND CANDELARIAS CONSOLIDATED SCHOOL
-O. A. Benton, Co. Clerk, will sell at private sale the $18,356 6% coup. DISTRICT NO. 22, New Mex.-BOND OFFERING.-Bids will be redrainage bonds auth. by the Board of Drainage Commissioners during ceived until 10 a. m. Dec. 12 by M. Mandell. County Treasurer (P. O.
August (V. 99. p. 490). Denom.$183 56. Date July 11914. Int. ann. Old Albuquerque), for *4.0006% 10-20-year (opt.) school bonds. Denom.
on July 1. Due in 10 ann. Installments beginning in 2 years.
$500. Date Jan. 11915. Int. J. & J. at office of County Treasurer.
HIGHLAND PARK, Wayne County, Mich.-BOND ELECTION.
LOUDON COUNTY (P. 0. Loudon), Tenn.-BOND SALE.-We
An election will be held Nov. 24, it is stated, to submit to the voters the are advised that the $50,000 road bonds authorized by the County Court
question of Issuing 3110.000 const. and equip. and 390.000 site-purchase on July 6(V. 99, p. 216) have been sold.
bonds.
LOWER MARION TOWNSHIP (P. 0. Ardmore), Montgomery
HINSDALE, Du Page County, Ill.-BOND SALE.-On Nov. 16 the County, Penn.-BOND SALE.-Townsend,Whelen & Co.of Philadelphia
325.000 444% 201,4-year (aver.) coupon water-works-betterment bonds, have purchased privately and resold 350,000 44% tax-free bonds. Date
dated Jan. 1 1915 (V. 99. p. 1394) were awarded to the Hinsdale State Nov. 1 1914. Int. May and Nov. Due 325,000 Nov. 1 1934 and $25,000
Other bids were:
Bank, Hinsdale, at 99 and in
Nov. 11944. Bonded debt, including this issue, $552,000. Sinking fund
Wm. R. Stoats Co., San Francisco
324,541 00 (cash and bonds) 380.000. Assess. val. 1913, $24,986,995.
Yard, Otis & Taylor, Chicago
24,478 00
LYNN, Essex County, Mass.-BOND OFFERING.-According to reContinental & Commercial Trust & Say. Bank, Chicago
24,320 00 ports,
bids will be considered until 10 a. in. Nov. 24 for $196 000 444%
A. B. Leach & Co., Chicago
24,264 00 reg. water-supply
bonds. Date Nov. 1 :914. Due $7,000'yearly on
N. W. Halsey & Co., Chicago
24,260 00
McCoy & Co., Chicago
24,131 00 Nov. 1 from 1916 to 1943 incl.
First Trust & Say. Bank, Chicago
LYONS, Wayne County, N. Y.-BOND SALE.-The $25,000 5%
24,050 00
H. T. Holtz & Co., Chicago
23,977 00 water bonds offered on Sept. 22 (V. 99, p. 844) were awarded on that day
Sweet. Causey, Foster & Co., Denver
to
Douglas Fenwick & Co. of N. Y. at 100.068. Due $1,000 yearly.
00
23.708
J. C. Wood & Co.(for $6,000)
Par.
MADISON COUNTY DRAINAGE DISTRICT NO. 3, Tenn.
HORTON, Brown County, Kan.-BOND OFFERING.-Additional BONDS NOT SOLD.-No bids were received on Nov. 12 for the $75,000
information is at hand relative to the offering on Dec. 1 of the $26,891 89 6% drainage bonds offered on that day (V. 99, p. 1315). They will be
534% 1-10-year (ser.) coup. tax-free impt. bonds(V.99.0. 1473). Bidsfor sold at private sale.
these bonds will be received until Sp. m .on that day by W.W.Wood.City
MADISON COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Tetonia),
Clerk. Denom.(50) $500. (1) $189 19. Date Jan. 1 1915. Int. J. &
Idaho.-BOND SALE.-An issue of $4,000 6% 10-15-year (opt.) school
at Kansas fiscal agency in Topeka. Cert. check for 3500, payable to City bonds has been awarded to Keeler Bros. of Denver at 100.625. Denom.
Clerk, required.
$1,000. Date Nov. 15 1914. Int. M. & N.
HUDSON, Fremont County, Wyo.-BOND OFFERING.-It is stated
MAGNETIC SPRINGS VILLAGE SCHOOL DISTRICT (P. 0. Magthat bids will be received until 6 p. m. Dec. 1 by L. Davidson, Town clerk, netic Springs), Union County, Ohio.-BOND SALE.-On Nov. 12 the
for $20,000 5% 15-30-year (opt.) water bonds. Int. semi-ann. Certified 32.600 6% coupon building bonds (V. 99. p. 1394) were awarded to the
check for 1% required.
First Nat. Bank of Barnesville for 32,622 (100.846) and Interest. There
HUNTINGTON, Cabell County, W. Va.-BOND SALE.-On Nov. 17 were no other bidders.
$85,000 5% 30-year geld coupon tax-free bonds were awarded, it is stated.
MALHF.UR COUNTY SCHOOL DISTRICT NO. 12(P. 0. Juntura),
to Seascnctood & Mayer of Cincinnati for $35,005 (100.005) and int. Pur- Ore.-BOND SALE.-On Nov. 3 $10.000 6% 15-20-year (opt.) building
chaser to furnish lithographed bonds. These bonds are part of an issue bonds were awarded to Keeler Bros. of Denver at par. Denom. $1,000.
of $195,000.of which 3110,000 has already been disposed of(V.99, p. 1394)• Date April 11014. Int. A. & 0.
IRON COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Cedar City),
MANATEE, Manatee County, Fla.-BOND OFFERING.-Proposals
Utah.-BOND SALE.-Keeler Bros. of Denver have been awarded an issue will be received until 12 m. Dec. 15 for 340.000 street-paving, $35.000
bonds.
of $50,000 6% 20-year high-school bonds. Date Nov. 1 1914.
water-works and $25,000 sewerage-system 5% 20-30-year coup.bid
for,
Int. semi.ann. Certified check for 2% of bonds
JACKSON COUNTY (P. 0. Brownstown), Ind.-BOND OFFERING. Denom. $500. State
validated these bonds. On July 22 these
has
Court
The
required.
-Proposals will be received until 10 a. m. Nov. 23 by John E. Belding,
67)•
p.
99.
(V.
made
was
sale
no
but
bonds were offered
Co. Treas.. for the following 444% highway-impt. bonds:
()Mo.-BOND SALE.-On
MARION COUNTY (P. 0. Marion),coupon
$5,120 L. C. Schneider road bonds In Driftwood Twp. Denom.$256.
Roberts Free Turnpike
Nov. 14 the *10.5006% 444-year (average)
4,160 Woody McNelly road bonds in Owen Twp. Denom. $208.
to the Caledonia Banking Co. of
road bonds (V. 99. p. 1241) were awarded
4,160 W. B. Owen road bonds in Owen Twp. Denom. $208.
bids were
Other
interest.
and
(100.237)
Date Sept. 15 1914. Int. M. & N. Due one bond of each issue each Caledonia for 810.525
*$10,551 00
First National Bank,Barnesville
six months from May 15 1915 to Nov. 15 1924 incl.
10,518 50
Hoehler, Cummings & Prudden, Toledo
a
on
drawn
Marion
bank
not
was
check
deposit
(P.O.
the
JEFFERSON COUNTY
Madison), Ind.-BOND OFFERING.* Reiected because
Proposals will be received until 1 p. m. Nov. 21 by Ed. Jeffries, Co. Treas., as specified in the advertisement.
-BOND
Y.
N.
SALE.
-The
for the following 444% highway-impt. bonds:
County,
MECHANICVILLE, Saratoga
2(V. 99,
$3,850 Republican Twp. road-impt. bonds. Denom. $192 50.
1-5-year (set%) village-hall and jail bonds offered on Nov.
of Mechanic5,919 Madison and Smyrna Twp. road impt. bonds. Denom. $295 95. 35.000
p. 1315) have been awarded to the Manufacturers' Nat. Bank
5.999 Hanover Twp. road-impt. bonds. Denom. $299 95.
ville at par for 5s.
6,390 Hanover Twp. road-Impt. bonds. Denom.$319 50.
-ProMIDDLETOWN, Butler County, Ohio.-BOND OFFERING.
Date Nov. 4 1914. Int. M.& N. Due one bond of each issue each six
until 12 m. Dec. 17 by Louis T. Nein, City Auditor,
months from May 15 1915 to Nov. 15 1924 incl. No bids for less than a posals will be received improvement
(assessment) bonds
5%
following
the
for
whole issue will be received.
bonds. Denom. $365 18.
33.651 80 Franklin Ave. improvementAyes.
improvement bends. Denom.
JEFFERSON COUNTY (P. 0. Watertown), N. Y.-BOND OFFER4,824 60 Auburn, Henry and Eismere
$482 46.
ING.-Reports state that bids will be received until 12 m. Nov. 24 by Fred
Denom. $324 75.
bonds.
improvement
Denom.
reg.
bonds.
highway
5%
W. Mayhew, Co. Treas., for $200,000
3,247 50 Curtis Ave.
Bank, N. Y. City.
Date Dec. 1 1914. Int. J. & D. at National Park
$1.000 or more to suit purchaser. Date Nov. 24 1914. Int. M. & N.
check for $100 required
Certified
installments.
These
required.
for
bid
bonds
of
2%
for
check
annual
Cert.
equal
ten
,
1918.
in
Due
Due April 1
ten days from
within
for
paid
and
delivered
be
to
with each issue. Bonds
bonds were authorized by the Board of Supervisors on Nov. 12.
time of award. Purchaser to pay accrued interest.
JEROME TOWNSHIP RURAL SCHOOL DISTRICT, Union
-BOND
Texas.
SA...E.-AccordMILAN COUNTY (P. 0. Cameron),
County, Ohio.-BOND OFFERING.-Proposals will be received until
newspaper reports this county has disposed of $45,000 road
1 p. m. Dee. 3 by W.C. Vigor, Dist. Clerk (P.O. Plain City, R. D. No. 3). ing to local
for $3.000 6% bldg. bonds. Denom. $500. Date Dec. 3 1914. Int. bonds at par and interest.
J. & D. at Bank of Marysville. Due $500 on Sept. 1 1916 and 1917 and
MILLS COUNTY (P. 0. Glenwood), Iowa.-BONDS VOTED.-Rebends
$500 each six months from Mar. 1 1918 to Sept. 1 1919 incl. Cert. check ports state that the question cf issuing the $10.000 jail-construction
(or cash) on an Ohio bank for $100. payable to above Clerk, required. The (V. 99. p. 1242) carried by a vote of 1,411 to 1,310 at, the recent election.
Bd. of Ed. will furnish purchaser with a certified transcript of proceedings
(P. 0. Mineola), Nassau Count
DISTRICT
SCHOOL
MINEOLA
that the $40,000
of the Board with reference to the issuance of said bonds.
N. Y.-BONDS NOT YET ISSUED.-We are advised
1242) have not yet been issued.
KNOX COUNTY (P. 0. Knoxville), Tenn.-BOND SALE.-Reports school-bldg. bonds voted Oct. 21 (V. 99, p.
the
or subscripawarded
OFFFRING.-Proposals
been
has
Chicago
of
Bank
Says.
-BOND
&
Trust
MINNEAPOLIS, Minn.
state that the Harris
tions will be received until 2 p. in. Nov. 25 by the Ways and Means Com$100,000 5% 20-year school-building bonds mentioned in V. 99. p. 1241.
3100.000
the
for
sower-impreveComptroller,
City
Brown,
C.
Dan
-BONDS
mittee,
Minn.
LAC QUI PARLE COUNTY (P. 0. Madison),
and $75,000 local-imprevement 4%
VOTED.-Local newspaper reports state that on Nov. 3 the issuance of ment. $75,000 street-Improvement
authorized on Sept. 25 (V. 99, p• 1161). Denom.•
bonds for the construction of a tuberculosis sanatorium was authorized 30-year coupon bonds
Oct. 11914. Int. A. & 0. at fiscal
Date
$1,000.
$50. $100, 3500 and
by the voters.
agency of Minneapolis in New York City. A certified check for 2% of
LA MESA, San Diego County, Calif.-BOND OFFERING.-Bids will bonds bld for, payable to C. A. Blocmquist, City Treasurer, required. No
be received until Dec. 1 for the $2,300 fire-apparatus and 37.700 park bids will be entertained for any of the bonds herein described for a sum less
Denom. $405. Date
544% bonds voted during August (V. 99. p.
of the par value cf bonds bid for and accrued interest.
on Dec. 1. Chas. Samson than 95%
Bd.
Dec. 1 1914. Int. J. & D. Due part yearly623)*
Bids will be received until 3 p. m. Nov. 30 by J. A. Ridgway, Secy.
Trustees.
of
Board
Blvd Improvement bonds
is President of the
of Park Commrs., for $48,300 parkway, Dean Int.
oneDue
N.
It
M.
1014.
1
Nov.
Date
int.
5%
exceeding
Marion
at not
LA RUE VILLAGE SCHOOL DISTRICT (P. 0. La Rue),
of $50 yearly on Nov. 1
County, Ohio.-BOND OFFERIIvG.-Bids will be received uhtil 12 m. twentieth as nearly as practicable inofmultiples
2% of bonds purchased to be left
Nov. 28 by S. M. Hesser, Clerk Bd. of Ed., for $2,750 6% coup. school- from 1915 to 1934 incl. A deposit
required.
impt. bonds. Denom. $250. Date Nov. 28 1914. Int. M. & S. at La with C. A. Bloomquist,
Rue Bank Co., La Rue. Due $250 each six months from Mar. 1 1917 to
BONDS VOTED.-The questions of issuing the 3100.000 bonds and
Mar. 1 1922 incl. Cert. check on a Marion County bank for $200 required. $300,000 (not $400,000, as first reported) certificates of indebtedness for a
Purchaser to pay accrued interest. Bonds to be delivered on Nov. 28 or municipal ice-plant (V. 99, P. 1082) carried at the election held Nov. 3.
within a reasonable time thereafter, as may be required for printing and The vote was 16.261 to 6.765.
preparing transcript of the proceedings of said board.
BONDS PROPOSED.-Local newspaper reports state that this city is
LE MARS, Plymouth County, Iowa.-BOND OFFERING.-Accord- contemplating
the issuance of $250,000 grade school and $100,000 highing to reports, this city hasfor sale an issue of $5,000 refunding bonds.
bonds.
- school
LICKING COUNTY (P. 0. Newark), Ohio.-BOND OFFERING.
MONROE COUNTY (P. 0. Bloomington), Ind.-BOND OFFERING.
Proposals will be received until 1 p.m. Dec.5 by J. W.Hursey,Co. Aud., Bids
will be received until 2 p. m. Dec. 10 (and from day to day thereafter
for the following 5% pike-impt. bonds: assess. pike bonds.
for 58.400 4(4% Walter
Due $2,500 until sold) by J. D. Hensley, County Treasurer,
$27,000 Croton and Stuibury one-mile
et al. highway-Imnrovement bonds, in Clear Creek Two.
Ketchum
A.
1
Dec.
1917
to
incl.
$3,000
and
1915
1
June
from
each six months
N. Due $420 each six
&
M.
Int.
1914.
8
Sept.
Date
$420.
Derwin.
incl.
1919
each six months from June 1 1918 to Dec. 1
$1,000 on Dec. 1 from months from May 15 1915 to Nov. 15 1924 incl. The bonds were offered
22,500 pike-impt. bonds. Due $500 on June 1 and
6
1474).
Nov.
p.
on
99,
success
(V.
without
issue
this
must
unconfor
be
Bids
incl.
June 1 1915 to Dec. 1 1929
MONTEREY COUNTY (P. 0. Salinas), Calif.-BONDS VOTEDditional.
the
Denom.$500. Date Dec. 11914. Int. J.& D.at Co. Treasury. Cert. The question of issuing $570,000 road and bridge bonds carried at
to
Board
of
payable
President
election held Nov. 3 by a vote of 4,691 to 2,158.
check (or cash) for 10% of bonds bid for,
-MONTEVALLO, Shelby County, Ala.-BOND SALE.-The 310.000
of County Corrunissioners. required.
LINCOLN TOWNSHIP (P. 0. Maryville), Nodaway County, Mo. 6% 10-year school bonds offered in July (V. 99, p. 286) were purehasecton.....E.
road
carried,
$25,000
bonds
Sutherlin
96.
at
John
of
Mo.,
City,
issue
Kansas
by
to
proposition
10
Oct.
-The
VOTED.
-BONDS
MT. BLANCHARD, Hancock County, Ohio.-BONDS VOTED,-Ac
it is stated, at the election held Nov. 11.
LISBON, Columbiana County, Ohio.-BONDS pEFEATED.- cording to local newspaper reports, the question of issuing 310,009 waterReports state that the question of issuing $4,000 fire-equipment purchase works-system constr. 13onds carried at the election held Nov. 3 bg a vote of
103 to 36.
bonds was defeated by the voters on Nov. 3.
Nov. 21 1914.1
THE CHRONICLE
MT. VERNON, Westchester County, N. Y.-BOND OFFERING.
Proposals will be received until 8 p. m. Nov. 24 by John II. Cordes, City
Comptroller, for $110,000 tax-relief and $65,000 school tax-relief 434% taxfree bonds. Denom. $1,000. Date Dec. 1 1914. Int. J. & D. at office
of City Treasurer, or by mail in N. Y. exchange. Due Dec. 1 1917. Notice is given that"bids"
be considered at 5% if no valid bids are received
at 434% as called for. Certified check for $1,000, payable to "City of
Mt. Vernon," required. Bonds to be delivered and paid for at office of
U.S.Mtge.& Trust Co., N.Y.City,at 11 a. m. Dec.7. unless a subsequent
date shall be mutually agreed upon. Purchaser to pay accrued interest.
Bids must be made on blank forms furnished by the city. These bonds
will be certified as to genuineness by the above trust company and their
legality approved by Caldwell, Masslich & Reed of N. Y. City, whose opinion will be furnished purchaser.
MULTNOMAH COUNTY (P. 0. Portland), Ore.-BOND SALE.
On Nov. 9 the $250.000 5% 16-year (aver.) coup. inter-State bridge bonds
(V. 99, D. 1315) were awarded, it is stated, to Morris Bros. of Portland
at
Chicago
their
Joint bid of 101.35.
and the Ramis Trust & Say. Bank of
Other bids were:
Amount
Price
Bid for.
Bid.
BidderE. H. Rollins & Sons and the Merchants' Loan & Trust
Co., Chicago-----------------------------------$250,000 $251,950
251,700
Continental & Commercial Trust & Say. Bank, Chicago 250,000
250.000
251,675
Henry Teal, Portland
Lumbermen's Trust Co.. Portland. and Wm. A. Read
250,000
co,, Chicago
250,925
250,000
250,806
Sweet, Causey. Foster & Co., Denver
250,000
250,400
Elston, Clifford & Co., Chicago
United States Nat. Bank for Baker-Boyer Nat. Bank,
50,000
Walla
50,130
United States Nat. Bank, Portland
50,000
50,130
W. F. White, Portland
10,000
10,200
10,000
10,101
First National Bank, Portland
10,000
10,087
10,000
10,075
Portland
Crocker,
W.
F.
3,000
3,000
N. E. Imhaus. Portland
1,000
1,000
William Willing, Portland
500
500
NASSAU COUNTY (P. 0. Mineola), N. Y.-BONDS VOTED.-According to reports, the question of issuing the $100,000 tuberculosis-hospital bonds (V. 99, p. 998) carried at the election held Nov. 3 by a vote of
6,798 to 6,641.
NAZARETH SCHOOL DISTRICT (P. 0. Nazareth), Northampton
County, Pa.-BOND ELECTION.-An election will be held Dec. 22, reports state, to submit to a vote the question of issuing $45,000 bldg. bonds.
NEWARK, N. J.-TEMPORARY LOAN.-On Nov. 160 loan of $250,000 was awarded, It is stated, to a New York banking house as follows:
$100,000 at 4.62%, $50,000 at 4.69% and $100.000 at 4.74% interest.
NEW BARNESVILLE INDEPENDENT SCHOOL DISTRICT NO.60
(P. 0. Barnesville), Clay County, Minn.-BOND OFFERING.-Bids
will be received until 7:30 p. m. Dec. 1 by E. Aamodt, Clerk Bd. of Ed,
for $25,000 15-year school- bonds at not exceeding 634% int. Denom.
$500. Date Dec. 1 1914. Int. ann. Cert. check for 5%, payable to
W. A. Lindquist, Treas., required. These bonds were authorized by
a vote of 65 to Sat the election held Oct. 19.
NILES. Trumbull County, Ohio.-BONDS NOT SOLD.-No bids
were received, it is stated, for the $100.000 4%
411 -year (aver.) McKinley Memorial Park bonds offered on Nov. 16 (V. 99, P. 1315)•
NORTHAMPTON, Northampton County, Mass.-TEMPORARY
LOAN.-On Nov. 17 the loan of $50,000 issued in anticipation of taxes.
dated Nov. 18 1914 and maturing May 18 1915 (V. 99, p. 1475). was negotiated with R. L. Day & Ce. of Boston at 4.25%, with hit, to follow, it is
stated. Other bidders were:
Old Colony, Trust Co., Boston, 4.34%, with interest to follow.
Loring, Tolman & Tupper, Boston, 4.48%, with interest to follow.
Merrill. Oldham & Co., Boston. 4.50%. with interest plus 89c. premium.
Blake Bros. & Co.. Boston. 4.50%, with interest plus $225 premium.
Curtis & Sanger, Boston, 4.50%. with interest plus $2 75 premium.
Wm.G. Simons, Springfield, 4.60%, with interest.
C. D.Parker & Co., Boston, 4.83%, with interest.
Farmers' Loan & Trust Co., New York. 5%, with interest.
NORTH DAKOTA.-BONDS PURCHASED BY STATE.-During the
month of October the following twelve issues of 4% bonds, aggregating
$76.500. were purchased by the State of North Dakota at par.
Amount. Place Issuing BondsDale.
Due.
Purpose.
$40.000__Divide County_
-Funding Sept. 1 1914 Sept. 1 1934
6,000Enderlin Spec. FICK ---------------- Sept. 10 1914 Sept. 10 1934
2,000_ _Farland School Distriet_Building June 1 1914 June 1 1934
6,000_ _Grey School District_ __ _Building Sept. 10 1914 Sept. 10 1934
2,000„Hartland School District•Funding Jane 1 1914 June 1 1934
5,500--Hay School District_ _ _Huilding Sept. 10 1914 Sept. 10 1929
600_ _Little Knife Sch. Dist_ _ _Building Sept. 10 1914 Sept. 10 1934
8,000Lone Tree Sch. District_Building Sept. 10 1914 Sept. 10 1934
600_ _Marboe School District_Building Sept. 10 1914 Pent. 10 1924
1,800TAncoln School District_ _Fonding Sept.. 10 1914 Sept. 10 1934
1,000_ _Mercer School District_ _Building Sept. 10 1914 Sept. 10 1934
3,000_ _Michigan School DIst___Building Sept. 10 1914 Sept. 10 1934
This item was inadvertently reported in last week's "Chronicle" under
the head of Kansas.
NORWOOD, Hamilton County, Ohio.-BOND SALE.-On Nov. 16
the five issues of 5% bonds aggregating
72 (V. 99, p. 1242) were
awarded as follows: $18,000 street-impt.$59,804
(city's portion) and $7,000 cityhall bonds to Well, Roth & Co. of Cincinnati
at 102.564 and $34,804 72
street-impt. (3 issues) bonds to the First
Nat. Bank of Norwood for $34.957 69-equal to 100.439.
NUTBUSH TOWNSHIP, Warren County, N.
Caro.-BONDS NOT
TO BE RE-OFFERED AT PRESENT.
-We are advised by the Chairman
of the Board of County Commissioners
that the $20,000 5% 40-year road
bonds offered without success on Oct. 5
(V. 99, p. 1162) will not be reoffered at present.
OCEAN CITY, Cape May County, N. J.
SHORTLY.-Reports state that this city will-BONDS TO BE OFFERED
shortly offer at private sale
$27.000 funding bonds.
ORANGE, Orange County, Calif.-BOND
SALE.-On Nov. 10 the
$10,000 5% 1-20-year (ser.) gold bridge
offered without success on
Sept. 21 (V. 99, p. 1083) were awarded bonds
to the Calif. Industrial Accident
Commission at par, it is stated.
ORANGE COUNTY (P. 0.
posals will be received until 2 p.Paoli), Ind.-BOND OFFFRING.-ProTreas., for $3,690 4%% tax-free m. Nov. 25 by J. W. McCullough, Co.
Denom. $280. Int. semi-annual. road-impt. bonds in French Lick Twp.
OREGON CITY Clackamas County,
Ore.-BONDS DEFEATED.The question of issuing the $250,000
funding bonds was defeated at the election held Nov.9 by a vote of 441 "for"
to 562 "against."
PALMYRA, Wayne County, N. Y.-BOND
SALE.-On Nov. 13 the
$33,000 5% coup, or reg. water-works
awarded to the Security Trust Co. of-plant bonds (V. 99. p. 1395) were
Rochester at 105 and int. Other
bids were:
Union Trust Co. Rochester-100.83 IC. C.
M. Hunt
Geo. B. Gibbons & Co., N X.100.40
1 1.03
Farson, Son & Co., N. Y100
Harris, Forbes & Co.. N. Y_100.321 3
local bidders (for $14,000)-100
PARIS, Edgar County, Ms.-BOND ELECTION.-An election will be
held Dec. 1 (date changed from
of issuing
the $90,000 water-reservoir Nov. 17) to vote on the questionbonds
(V.
-construction and site-purchase
99. 1). 1395).
PAVO, Thomas County, Ga.-BOND SALE.-The J. B. McCrary
Co. of Atlanta have purchased the $6,000 5% coup. electric-light-plant
bonds authorized by a vote of 109 to 4 at the election held July 15 (V. 99.
p. 287). Denom.$500. Int. J.& J. payable in N.Y.in N. Y. exchange.
Due $500 yearly after 8 years. Total indebtedness (incl. this issue), $28,000. Assess. val. 1914. $420.181: actual (est.). $675,000.
PEARSON SCHOOL DISTRICT (P. 0. Pearson), Coffee County,
06.-BOND SALE.-On Nov. 5 the $10,000 6% 20-year school bonds
voted Aug 22(V. 99, p. 624) were awarded to Robinson-Humphrey-Wardlaw Co. of:Atlanta at par. Denom.$500. Int. M.& S.
PHILADELPHIA, Pa.-VOTE.-The official vote cast at the election
held Nov.3, which resulted in favor of the issuance of the $11,300,000 bonds
for various municipal impts.(V.99. p. 1395) was 152. 852 to 12,772.
1549
BOND SALE CLOSED.-Loc-al papers state that on Nov. 13 the City
Treasurer sold $25,000 4% 30-year bonds of the $7,000,000 issue, closing
the sale with a total of $1,125,000 disposed of at par "over the counter
since Nov. 9. This makes a total of $55,000 sold since our last report.
See last week's "Chronicle," p. 1475. Of the $7,000,000 issue, there still
remains to be sold $1,700.000.
PIGEON SCHOOL TOWNSHIP (P. 0. Evansville), Vanderburgh
County, Ind.-WARRANT OFFERING.-Bids will be received until
10 a. m. Dec.8 by Wm. Atkins, Tern. Trustee, for $17.000 5% school warrants. Denom. (14) $1,100: (1) $1,600. Int. semi-ann. Due $1.100
yearly on Nov. 1 from 1915 to 1928 incl. and $1,600 Nov. 1 1929. Cert
check on an Evansville bank for $500. payable to Tvrp. Trustee. required.
Using newspaper reports, we stated that an issue of $17,000 warrants was
recently awarded to the City Nat. Bank of Evansville at par and int. for
5s(V.99, p. 1475).
PINER SCHOOL DISTRICT, Sonoma County, Calif.-I30ND
SA.X.-Reports state that Robert A. Forsyth has been awarded at par
and interest the $4,000 6% 1-13-year school bonds offend for sale on
October 7 (V. 99, p• 917.)
PLANO, Kendall County, Ills.-BONDS VOTED.-The question of
issuing 315,000 municipal bonds carried, reports state, at the election held
Nov. 14.
PLAQUEMINE, Iberville Parish, La.-MATURITY OF BONDS.The maturity of the $42,000 5% water bonds offered for sale on Dec. 1
(V. 99, ji. 1475) is 34 years and not 30 years as erroneously reported in last
week's "Chronicle", page 1475.
POCATELLO, Bannock County, Idaho.-BONDS VOTED.-The
question of issuing $265,000 gravity-system-purchase bonds carried, reports state, at a recent election.
POPLAR BLUFF SCHOOL DISTRICT (P. 0. Poplar Bluff), Butler
County, Mo.-BOND SALE.-Wm. R. Compton Co. of St. Louis has
purchased $20,000 5% 20-year high-school-bldg. and equip. bonds at par
and int. Denom. $1.000. Date July 1 1914. Int. J. & J. Due July 1
1934.
PORT CHESTER, Westchester County, N. Y.-BOND SALE.-On
Nov. 16 the $10,000 5% 534-year (aver.) gold old-municipal-bldg.-impt.
bends (V. 99, p. 1395) were awarded to E. L. Dexter of Port Chester at
pir and interest.
PORTLAND, Ore.-BOND OFFERING.-Bids will be received until
2 p. m. Nov. 26, it is stated. by A. L. Barbur, City Auditor, for $135.000
4% 20-year water bonds. Denom. $1,000. Int. semi-ann. Cert. check
for 5% required.
PRINCETON,Bureau County, Ills.-BOND ELECTION PROPOSED.
-Reports state that this city is contemplating calling an election to submit
to the voters the question of issuing water-works-plant-impt. bonds.
QUINCY, Norfolk County, Mass.-TEMPORARY LOAN.-Reports
state that a loan of $50,000. maturing Feb. 12 1915. has been negotiated
with Curtis & Sanger of Boston at 4.73% discount. Other bidders were:
Discount.
Discount.
Estabrook & Co., Boston_
4.78% R. L. Day & Co., Boston__ -4.95
Blake Bros. & Co., Boston-4.90% F. S. Mosely & Co., Boston...4.96%
Loring,Tolman&Tupper,Bo5t-4.95% Old Colony Tr. Co., Boston--5.11%
READING, Middlesex County, Mass.-TEMPORARY LOAN.
Reports state that a loan of $30,000, maturing April 22 1915, has been negotiated with C. D. Parker & Co. of Boston at 4.8% discount.
RED BLUFF, Tehama County Calif.-BOND ELECTION.-The
election to vote on the question of issuing the $85,000 municipal-watersystem bonds (V. 99. p. 999) will be submitted to the voters on Dec. 10,
it is stated.
RED RIVER SCHOOL DISTRICT, Taos County, New Mex.BONDS NOT S0_,D.-No sale has been made of an issue of $3,000 building
bonds which this district has voted.
RICH SQUARE TOWNSHIP (P. 0. Rich Square), Northampton
County, No. Caro.-BOND SALE.-The $20.000 5% 25-35-year (ser.)
coupon road bonds offered on Sept. 12(V.99,p.624) have been disposed of.
ROANE COUNTY (P. 0. Kingston), Tenn.-NO BONDS VOTED.
We are advised that the reports that stated that this county voted during
July 3270,000 pike bonds(V. 99. p. 218) are erroneous.
ROCHESTER, N. Y.-NOTE OFFERING.-Sealed bids will be received
at the office of E. S. Osborne. City Comptroller. until 2 p. m. Nov. 25 for
$33,200 park-impt. notes payable 4 monthsfrom Nov.30 1914 and $100.000
water-works-impt. notes payable 4 months from Dec. 1 1914. They will
be payable 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. 30 and Dec. 1.
respectively. Bidder to state rate of interest and to state whom (not
bearer) notes shall be made payable to and denominations desired.
ROCKVILLE, Montgomery County, Md.-BOND SALE.-We are
advised that A. B. Leach & Co. of N. Y. have been 'awarded at par the
350,0005% sewer bonds offered on Oct.7(V. 99. p.999)•
ROOSEVELT COUNTY SCHOOL DISTRICT NO. SO, New Mex.BOND SALE.-An issue of $5,000 6% 10-20-year (opt.) school bonds was
awarded to Max Bachmann of Alamosa, Colo., on Oct. 19. Denom.$100.
Date Nov. 1 1914. Int. M.& N.
ROYAL OAK, Oakland County, Mich.-BONDS VOTED.-Local
newspaper dispatches state that the proposition to issue 327,500 watermains-ext. and pumping-station bonds carried at a recent election.
SAGINAW COUNTY (P. 0. Saginaw West Side), Mich.-BONDS
DEFEATED.-The question of issuing the $100,000 5% jail bonds (V.
99, p. 287) was defeated by a vote of 5,368 "for" to 7,084 "against" at
the election held Nov. 3.
ST. CLAIR COUNTY (P. 0. Belleville), Ills.-VOTE.-We are
advised that the vote cast at the election held Nov. 3 which resulted in
favor of the issuance of the 414,061 (not $14,000 as first reported) 5% road
bends (V. 99. p. 1475) was 15.644 to 5,684.
ST. LOUIS, Mo.-VOTE.-The official vote cast at the election held
Nov. 3, which resulted in favor of the question of issuing the 32.750,000
p. 1475), was
434% 20-year gold bridge-completion bonds (V. 99,Int.
semi-ann. in
88,767 to 13,151. Denom. $1,000. Date Apr. 11915.
St. Louis, New York or London.
Marys),
Anglaise
St.
ET. MARV'S SCHOOL DISTRICT (P. 0.
issuing $50.000
County, Ohio.-BOND ELECTION.-The question of
it
is
stated.
Dec.
This
8,
voters
on
the
to
submitted
be
building bonds will
proposition was defeated at the election held Nov. 3 (V. 99. p. 1395)•
bids
were
SOLD.
-No
received on
ST. PAUL, Minn.-BONDS NOT
Nov. 11 for the 3100.000 4% 30-year water-plant-impt. bonds offered on
that day. These bonds were authorized by the City Council on Sept. 11
(V. 99. P• 845)•
SAMPSON COUNTY (P. 0. Clinton), No. Caro.-BOND OFFERING.
-Bids will be received until Dec. 14 by J. R. Peterson, Chairman of County
Commissioners, for $25,000 5% 20-year coup. road bonds. Denom. $500.
usesmili-yarttal
Erie County, Ohio.-BOND OFFERING.-Proposals
treceived until 12 m. Dec. 15 by Fred. W. Bauer, City Auditor. for
rbe D
wi
thlStleAesN
372.000 5% South End sewer (city's portion) bonds. Denom. $500.
Date Nov. 1 1914. Int. M. & N. Due $12,500 yearly on May 1 from
1925 to 1929 incl. and $9.500 on May 1 1930. Certified check for $500,
payable to Robt. A. Koegle, City Treasurer, required. Bonds to be delivered and paid for within 10 days from time of award. Purchaser to
pay accued interest.
SAN FRANCISCO, Calif.-BOND OFFERING.-Proposals will be
received until 3 p. m. Nov. 30 by J. S. Dunnigan, Clerk Board of Supervisors, for $550,000 3%% library bonds. Denom. $1,000 and $500.
& J. Due $25,000 yearly from 1923 to 1944
Date July 1 1904. Int.
incl. Certified check or cash for 5% of bid, payable to the above Clerk.
required. No deposit need exceed 310.000 and no deposit need be given
by the State of California. No bid will be considered for a less price than
that which will net the purchaser 434% interest, according to the standard
table of bond values, a special provision having been added to the Charter
permitting a sale to be made at this discount, accrued Interest to be paid
by the purchaser. The legality of the bonds has been affirmed by the
Supreme Court and by a special provision in the Charter. Delivery of the
bonds win be made at such times as may be mutually agreed upon by the
purchaser and the Finance Committee of the Board of Supervisors; it being
understood that the purchaser may receive the bonds at any time and
that
the city may require the delivery whenever it needs the purchase money.
1550
THE CHRONICLE
[VOL. xclx
Due.
Option.
PurposePlaceThe above bonds offered are a portion of an issue of $1,644,000 authorized Amount.
10 years. 20 years.
31.500 00 Brosco County_ __C. S. D No. 2
at an election held in Sept. 1903. of which $739,000 have already been
ear,
year,
per
1
J$25.000
No.
Dist.
County_Irrig.
Cameron
00
750,000
disposed of.
1919.
5 years. 20 years.
SAUNDERS COUNTY (P.O. Wahoo), Neb.-BONDSDEFEATED.
2,00000 Brown County__ _C. S. D. No. 25
10 years. 40 years.
C S. D. No. 8
At the election held Nov. 3 the question of issuinti,315.000 Jail bonds was
8.000 00 Hall County
10 years. 20 years.
S. D. No. 36
defeated by a vote of 2,140 "for" to 2,522 "against.
4,000 00 McLennan
10 years. 40 years.
No. 1
D.
S.
CountyC.
Kimble
00
25,000
SEATTLE, Wash.-BOND SALE -On Nov. 10 Carstens & Lades.
years. 20 years.
10
52
No.
D.
S.
CountyC.
Lamar
2,00000
10 years. 20 years.
Inc., of Seattle were awarded at private sale at par and int. the $829,500
S. D. No.86
__C.
County_
Lamar
00
1,800
12
without
success
Sept.
on
offered
(V. 99.
10 years. 20 years.
5% 10-19-yr.(ser.) bridge bonds
1,000 00 Comanche Co_ _ __C. S. D. No. 34
10 years. 20 years.
P. 1000.)
2,500 00 Comanche Co_ __ _C. S. D. No.62
5 years. 20 years.
400 00 Henderson Co__ _ _C. S. D. No.37
BOND OFFERING.-Bids will be received by H.W.Carroll, City Comp5 years. 30 years.
36
No.
D.
S.
_C.
County_
Navarro
troller, commencing at 12 m. Nov. 28, for the $404,000 5% gold coup.
9.00000
light-ext. bonds. Denom. $100. Date July 1 1913. Int. J. & J. Due
BONDS
TO BE PURGa.County,
THOMASVILLE Thomas
$21,000 yearly on July 1 from 1915 to 1932 incl. and $26,000 July 1 1933.
that the city will purchase the $20,The favorable opinion of Caldwell, Masslich & Reed of N. Y. City, approv- CHASED BY CITY'.-We are advised10
Denom. $500.
1938).
.
(4
98.,p.
June
voted
school
bonds
ing the legality of these bonds, will be filed with the City Comptroller, and 000 4)i%
after 20 years from date.
a certified copy thereof will be furnished any purchaser for the sum of 50 Date July 11914. Int.J.& J. Due $2,000 yeary
on
success
Sept.
offered
12
without
(V.99,p.1476)•
cents. These bonds were
TRENTON, Mercer County, N. J.-BONDS AUTHORIZED.-An
for the issuance of 30-year
SHARONVILLE, Hamilton County, Ohio.-BOND SALE.-On ordinance was passed on Nov. 4 providing
Interest (rate not to
Nov. 14 the seven issues of 6% street-impt. (assess.) bonds, aggregating harbor-improvement bonds at not exceeding $50,000.
semi-annually.
payable
%)
exceed
43.4
$2,598 65 (V. 99, p. 1163), were awarded to the Sharonville Bank and the
Cosmopolitan Bank of Sharonville.
TRIADELPHIA SCHOOL DISTRICT Ohio County, W. Va.BOND OFFERING.-Bids will be received until 12 m. Dec. 14 by S. S.
SHELBY COUNTY (P. 0. Shelbyville), Ky.-BOND SALE.-We are Jacob, Jr., Secretary Board of !Education (P. 0. Wheeling), for the
advised that the $25.000 5% court-house bonds authorized on June 15 $125.000 5% coupon school-building-improvement bonds authorized
(V.98, p.2013) have been sold. Due Dec. 1 1927.
by a vote of 1,105 to 595 at the election held Nov. 3 (V. 99. p. 1476)•
on April 1 at office
- Denom. $500. Date April 11915. Interest annually
SISKIYOU COUNTY (P. 0. Yreka), Calif.-BONDS DEFEATED.
County Sheriff, Wheeling. Due yearly on April 1 as follows; 320,000.
The proposition to issue the $720,000 5% bridge and road-impt. bonds of
1931 to 1935. incl.;
from
incl.;
$3,500
1930.
to
from
1926
83,000
1925;
election
held
the
at
carry
to
3.
Nov.
failed
1000)
(V.99, p.
$4,500 from 1936 to 1910, incl.; $5,500 from 1941 to 1948, incl., and
SNOHOblISH COUNTY (P. 0. Everett), Wash.-BONDS DE- $6.000 in 1949. Subject to call after April 1 1925. Certified check for
FEATED.-Reports state that the question of issuing the $1,500,000 road 2% of bonds bid for, payabble to Board of Education, requIved.
bonds (V. 99, p. 1083) failed to receive the necessary three-fifths majority
TRYON, Polk County, No. Caro.-BOND SALE.-The $20,000 6%
at the election held Nov. 3.
20-year water bonds offered in July (V. 99. p. 288) have been sold.
TWIN FALLS, Twin Falls County, Idaho.-BONDS VOTED.-At a
SOLVAY, Onondaga County, N. Y.-BOND SALE.-On Nov. 10
$40,000 5% general village-impt. bonds were awarded to the Trust & recent election the issuance of $200,000 water-works-construction bonds
Deposit Co. of Syracuse for $40,188 85 (100.472) and int. Other bids were: was voted, it is stated.
Curtis & Sanger, New York _340,1691City Bank, Syracuse
VENICE, Los Angeles County, Cal.-BONDS DEFEATED.-The
02
40
0 question of issuing the 335,000 sewer and water-systems-Improvement
Syracuse Tr. Co., Syracuse_ _ 40,000 I Farson. Son & Co., N. Y_ _34
Denom. $1,000. Date Aug. 1 1914. Int. F. & A. Due $1:1130 yearly bonds (V. 99, p. 1163) was defeated at the election held Nov. 6.
from 1915 to 1922 incl. and $2,000 yearly from 1923 to 1938 incl.
BOND OFFERING.-This city hasfor sale the following 5% bonds:
SONOMA COUNTY (P. 0. Santa Rosa), Calif.-BONDS DE- $15,000 outfall sewer bonds. Due $500 yearly.
to
issue
road
proposition
the
bonds
8,000 incinerator bonds, Series 1. Due 81,000 yearly for 8 years.
-The
$1,600,000
FEATED.
(V. 99. P•
Denom.$500. Int. semi-ann. C. S. Thatcher is City Clerk.
917) failed to carry at the election held Nov.3.
FALLS, Dutchess County, N. Y.-BOND SALE.
SOUTH FERN SCHOOL DISTRICT, Imperial County, Calif.- OnWAPPINGERS
Nov.4 the following 5% bonds(V.99, p. 1477) were awarded to Spitzer,
BONDS NOT SOLD.-NEW OFFERING.-No bids were received on Nov.4 Rorick
101.22:
at
Y.
&
N.
of
Co.
for the $3,000 6% site-purchase. constr. and equip. bonds offered on that
$75,000 water bonds. Due yearly on Dec. 1 as follows: $1,000 from 1915
day (V.99. p. 1316). New bids will be received until Dec. 7.
to 1924 Incl.. $4,000 from 1925 to 1934 incl. and $5,000 from 1935
to 1939 incl.
SPANGLER, Cambria County, Pa.-BONDS VOTED.-The ques75,000 sewer bonds. Due yearly on Dec. 1 8 follows: $1,000 from 1915
tions of issuing the $6,500 municipal-building and $3,500 street-impt.
to 1929 incl. and 34.000 from 1930 to 1944 incl.
bonds (V. 99, p. 1476) carried, reports state, at the election held Nov. 3.
19,000 highway bonds. Due $1,000 yearly on Dec. 1 from 1915 to 1933
SPARTA, Randolph County, Ills.-BONDS VOTED.-According to
incl.
local newspaper dispatches, the proposition to issue $22,000 water-works
Denom. $1,000. Date Dec. 1 1914. Int. J. & D. at Nat. Bank of
bonds carried by a vote of 1.052 to 198 at a recent election.
Wappingers Falls. Assess. val. (real estate) $1,179,749.
N. Y.-BOND SALE.
WATERFORD (Town), Saratoga County,
SPRINGFIELD, Hampden County, Mass.-TEMPORARY LOAN.bonds (V. 99. P•
22q-year (aver.) town-hail
According to reports, a loan of $50,000, issued in anticipation of taxes, has On Oct. 20 the 331.600 5%National
at 100.01. Denom.
Cohoes
of
Bank
the
to
awarded
were
1164)
been negotiated with It. L. Day & Co. of Boston at 4.25%•
to 1941 incl. and 2
$1.000, (1) $600. Due 3 bonds yearly from 1932
STATESVILLE, Iredell County, No. Car.-BONDS NOT YET SOLD. bonde 1942.
-On Nov. 18
SALE.
-BOND
Y.
-No sale has yet been made of the $25,000 5% 30-year graded-school
WATERVLIET, Albany County, N.
bonds offered without success on July 3 (V. 99, p. 288). They will not an issue of.890005% Arsenal City Hose Co.site-impt. and motor hose cart
l to 100.277.
fer
state,
39,025-equa
reports
be re-offered until the market improves.
of,
purchase bonds were disposed
Ga.-BONDS VOTED.
WEBSTER COUNTY (P. 0. Preston),
STEUBENVILLE, Jefferson County, Ohio.-BOND SALE.-On
coon -house
6%
the
.S15,000
issuing
of
question
Nov. 16 the $4,000 6% garbage-plant-impt. bonds. due Sept. 1 1916 According to reports the
of 281 to 3, at the election held
vote
a
by
carried
1316)
p.
at
99,
(V.
Cleveland
bonds
of
Co.
&
were
awaeded to C. E. Denison
(V. 99, p. 1213)
November 7.
100.315. Other bids were:
$44,011 00
First National Bank, Bartlesville
WEST CRFF.K SCHOOL TOWNSHIP (P. 0. Lowell), Lake County,
4,007 00 Ind.--BOND OFFERING.-Additional information is at hand relative to
Hayden, Miller & Co., Cleveland
4,002 50 the offering to-day (Nov. 21) of the $11,500 5% school bonds (V. 99.
Tillotson & St oleott Co., Cleveland
1396). Proposals for these bonds will be considered until 10 a. m. toSTILLWATER (TOWN),(P. 0. Bemis Heights), Saratoga County, P•
day,(Nov. 21) by Henry Hathaway, Twp. Trustee. Denom. $500. Date
N. Y.-BOND OFFERING.-Bids will be received until 2 p. m. Nov. 24 July 15 1914. Due $500 each six months from July 15 1916 to July 15
by Geo. II. Van Wil, Town Supervisor, for $30,060 coupon bonds at not 1927 inclusive.
Denom.
exceeding 5% interest, to pay judgment and other legal demands. National
WESTFIELD (Town), Chautauqua County, N. Y.-BOND SALE.
$1,670. Date Aug. 1 1914. Interest annually on Aug. 1 at First to
1934. On Nov. 19 the 810,000 5% 53.4-year (aver.) highway bonds (V. 29. ft•
Bank, Mechanieville. Due $1,670 yearly on Aug. 1 from 1917
of
basis
Westfield
at
of
100.50-a
Bank
Nat.
the
to
awarded
were
,
'
company
trust
or
1396)
bank
State
York
New
a
inclusive. Certified check on
about 4.891% int. Date Dec. 1 1914.
(or cash) for 2% of bonds bid for, payable to above Supervisor, required.
OFFERING.
WEST PALM BEACH,Palm Beach County, Fla.-BOND
Bonded debt, including this issue, $34,310. No floating debt. Assessed
-Proposals will be received until 12 m. Dec. 12 by A. M. Lapez. City
valuation, $2,352,708.
- Clerk, for the 3100,000 53.4% 30-year street. sower and riparian-improveSTRONGSVILLE, Cuyahoga County, Ohio.-BONDS VOTED.
question
ment bonds voted during October (V. 99, p. 1316). Denom. $500. Date
The election held Nov. 3 resulted, reports state, in favor of the
Jan. 1 1915. Int. J. & J. at Seaboard Nat. Bank, N. Y. Certified check
of issuing $50,000 road-improvement bonds.
1% of bid required. These bonds have been validated by a decree of
for
SULLIVAN COUNTY (P. 0. Sullivan), Ind.-BONDS NOT SOLD.
court.
No sale was made of the $21,345 43,5% 103 -year (aver.) highway-improveWEST SALEM Wayne County, Ohio.-BOND OFFERING.-Proment bonds offered on Oct. 23.(V.99. p. 1243.)
posals will be received until 12 m. Dec. 10 by G. L. Read, Village Clerk.
SUMMIT COUNTY (P. 0. Akron), Ohio.-BOND OFFERING.-Pro- for
513.500 6% coupon water-works-plant site-purchase and construction
posals will be received until 11 a. m. Dec. 7 by C. L. Bower. Clerk Board bonds.
Denom. $500. Date Dec. 10 1914. Int. J. & D. Due $500 on
of County Commissioners, for the following 5% coup. road-impt. bonds:
Dec.
10 1916 and 1917 and $500 each six months from June 10 1918 to
$544422 Manchester road (assess.) bonds. Denom. (5) $1.000. (I) June 10 1930, inclusive. Certified check for $500, payable to Village Clerk,
$444 22. Due $1,000 on Oct. 1 1915, 1916, 1917 and 1918 and required. Bonds to be delivered and paid for within ten days from time of
$1.444 22 Oct. 11919.
award. Purchaser to pay accrued interest. Purchaser shall print or pay
41,534 41 Manchester road (county's portion) bonds. Denom. (41) for
the printing of necessary blank bonds in a form and manner satisfactory
$1,000. (1) $534 41. Due $4,000 yearly on Oct. 1 from 1915 to village.
A certified abstract of the proceedings of Council in passing the
$5,000 Oct. 1 1923 and $4,534 41 Oct. 11924.
to 1922
therefor will be furnished successful bidder.
legislation
Denom.
(4)
road
(assess.)
$1,000.
bonds.
incl..
Centre
(1)
4,863 15 Norton
WHITE PLAINS (Village), Westchester County, N. Y.-BONDS
8863 15. Due $1,000 yearly on Oct. 1 from 1915 to 1918 incl.
NOT SOLD.-No sale has been made of the 5.30,0005% 43.4-year registered
and $863 15 Oct. 1 1919.
(37)
tax-deficiency bonds offered, on Oct. 5 (V. 09. p. 9111)•
37,954 05 Norton Centre road (county's portion) bonds. Denom.
$1.000, (1) $954 05. Due $4,000 yearly on Oct. 1 from 1915 to
WHITLEY COUNTY (P. 0. Columbia City), Ind.-BOND SALE.
1923 incl. and $1,954 05 Oct. 1 1924.
Reports state that the following434% gravel-road bonds, aggregating
Auth. Secs. 2294, 2295 and 6912, Gen. Code. Date Dec. 7 1914. Int. $157.180, have been disposed or at par and interest:
A. & 0. at office of County Treas. Certified check on a bank other than
Sold on Nov. 5 to David Brodbeck.
the one making the bid,for 5% of bonds bid for, payable to County Treas..
6.720 53 -year (average) Washington Twp.:bonds offered Nov.2 (V.99.
required. Bonds to be delivered and paid for within 10 days from time of
1244).
p.
award. Purchaser to pay accrued interest. These bonds were offered
Sold on Nov.(Ito the Meyer-Kiser Bank. Indianapolis.
without success on Aug. 31 (V. 99. p. 690).
47,420 54-year (average) (four issues) Washington Twp. bonds offered
Nov. 2 (V. 99, p. 1244).
SUSANVILLE, Lassen County, Calif.-BOND ELECTION.-The
32,895 53.4-year (average)(two issues) Union Twp.bonds (V.99,p.1000)•
questions of issuing $50,000 water-system and 810.000 street and bridge
Sold on Nov. 6 to Breed. Elliott & Harrison. Indianapolis.
impt. bonds will be submitted to the voters on Nov.23. it is stated.
12,625 53 -year (average) Smith Twp. bonds offered Oct. 15 (V. 99. P•
SYRACUSE, Onondaga County, N. Y.-BONDS TO BE OFFERED
1.000).
shortly
will
city
this
reports,
newspaper
local
to
SHORTLY.-According
Sold on Nov. 10 to Meyer-Kiser Bank and the Fletcheroffer for sale an issue of $100,000 414% bonds.
Amer. Nat. Bank. Indianapolis.
County,
57.520 5%-year (average) Jefferson Tarp. bonds offered Nov. 2 (V. 99.
TECUBICULA UNION SCHOOL DISTRICT, Riverheadstate
that
p.
1244).
-Reports
ELECTION.
-NEW
ILLEGAL.
,Calif.-BONDS
bonds offered withthe $10,000 6% 1-21-year (ser.) site-purchase and bldg.
WHITMAN COUNTY SCHOOL DISTRICT NO. ISO, Wash.declared illegal because
out success on Oct. 7 (V. 99, p. 1243) have been
OFFERING.-Proposals will be received until 2 p• m. Dec. 8 by
d at a new elec- BONDWheeler.
re-submitte
be
will
County Treasurer(P.O. Colfax),for 85.5002-10-year (opt.)
of a defect discovered. The question
H.II.
tion.
building and improvement bonds at not exceeding 6% interest. Denom.
5% bonds were regis- $500. Date Jan. 1 1915. Interest annually at office of County Treasurer
TEXAS.-BONDS REGISTERED.-The following
7:
or at fiscal agency of the State of Washington. Certified check or draft
tered by the State Comptroller during the week ending Nov.
0 tion. Due. for 1% of bonds, payable to County Treasurer, required. Bidders to state
Place and Purpose.
Amount.
yrs. 20 yrs. whether or not they will furnish the necessary blank bonds. These bonds
5
43
No.
D.
S.
C.
County
_Brown
$2.000_
. are issued under the 1909 Session Laws of the State of Washington, page
yr.. 250
1 yrs
5
500Brown County C.S. D. No.65
yes. 324, Secs. 1 and 2; also by vote of 57 to 6 at an election hold Nov. 5. No
1,995__ Smith County bridge-repair
yrs.
5
yr.
1
bonded debt at present. Warrant indebtedness general fund, none. Asr
bridge-repai
County
1.660 _ _Smith
15 yrs. 40 yrs sessed valuation. $300,758.
8,000_ _Petrolia Independent School District
20 yrs. 40 yrs.
WILKES-BARRE TOWNSHIP SCHOOL DISTRICT, Luserne
65.000El Paso County C.S. D. No.2
5 yrs. 20 yrs. County, Pa.-BONDS OFFERED BY BANNERS.-Martin & Co.of Phila.
850--Nacogdoches County C.S.D.No.57
5 yrs. 20 Yrs. are offering to investors 858.000 5% coup. or reg, tax-free bonclit. Denom.
1.500- _Comanche County 0.9.D.No.8
5 yrs. 20 yrs. $1,000. Date Nov. 11914. Int. M.& N. Due serially on Nov. 1 from
2,000-Comanche County C.S. D.No.36
None
20 yrs.
cl.
inouN
C
3.000_ _Red River County 0.5. D.No. 13
to
20 yrs. None. 1915
2,000_ _Red River County C•S.D.No.32
TY (P. 0. Wilkesboro), No. Caro.-BONDS NOT
yes.
yrs.
5
40
50.000- _Garza County road and bridge
are advised that no sale has yet been made of the $20,000
-We
SOLD.
following YET
The State Comptroller registered during the week of Nov. 14 the
% township railroad construction bonds referred to in V. 99, p. 560.
5%.bonds:
Nov. 21 1914.1
THE CHRONICLE
WINCHESTER SCHOOL DISTRICT, Riverside County, Calif,_
BOND SALE.-The $4,000 6% bldg. bonds offered without success on
Oct.7 (V. 99, p. 1244) have been sold, it is stated, to the Security Investment Co. at par and int.
WINDSOR LOCKS, Hartford County, Conn.-BONDS PROPOSED.
-Local newspaper reports state that this town is contemplating the issuance of $50,000 sewer bonds.
WINNEBAGO COUNTY (P. 0. Oshkosh), Wis.-BOND SALE.
Local papers state that the entire $30,000 4% 514-year (aver.) tuberculos
sanitarium-building and equipment bonds offered "over the counter" isat
par have been disposed of. This makes a total of $12,000 sold since our
last report(V. 99, p. 1396)•
WOODSDALE (P. 0. Wheeling), Ohio County, W. Va.-NO
TION YET TAKEN.-The Town Recorder advises us that no action AChas
yet been taken looking towards the issuance of the $8,000 fire-department
improvement bonds voted April 25 (V. 99. p. 560).
WORCESTER, Worcester County, Mass.-BOND OFFERIN
G.
Bids will be received until 12 m. Nov. 24, reports state, by the City Treasurer for the following 4% bonds
245,000 sewer bonds maturing 24,500 Yearly from 1915 to 1924 incl.
50.000 street-impt. bonds maturing $5,000 yearly from 1915 to
25,000 permanent paving bonds maturing $2,500 yearly from1924 incl.
1915 to
1924 incl.
50,000 city bonds maturing $5,000 yearly from 1915 to 1924 incl.
226,000 school bonds maturing $28,000 July 1 1915 and
$22,000 yearly
from 1916 to 1924 incl.
75,000 water bonds maturing $15,000 yearly from 1915 to
1919 incl.
210.000 water bonds maturing $10,500 yearly from 1915
130,000 water bonds maturing $6,500 yearly from 1915 to 1934 incl.
to
1934
incl.
60.000 water bonds maturing $3,000 yearly from 1915 to
10.000 sewer bonds maturing $1,000 yearly from 1915 to 1934 incl.
1924 incl.
WRIGHT COUNTY (P. 0. Buffalo),
-BOND OFFERING.
Proposals (sealed or verbal) will be receivedMinn.
1 p. m. Dec. 1 by J. A.
Berg, County Auditor, for the following 8%until
ditch bonds:
$7,500 County ditch No. 20 bonds. Denom.coupon
Due $1,000 in odd
years and $500 in even years, from 1 to $500.
10 years incl.
3,700 Judicial Ditch No. 20 bonds. Denom.
(4) $200. (1) 2400,(5) $500.
Due $200 yearly from 1 to 4 years incl.,
$400 in 5 years and $500
yearly from 6 to 10 years incl. Auth. Sec.
7, Chap. 469, G. L.
1909. Date Dec. 1 1914. Int. J.
& D.
YAKIMA COUNTY SCHOOL DISTRICT NO.
81, Wash.-BOND
OFFERING.-Proposals will be received until 10
Wood,County Treasurer(P.0. North Yakima), a. m. Nov. 28 by Jas. F.
for $3,000 3-20-year (opt.)
coupon construction bonds. Date
day
issue or the first day of some
month, to suit purchaser. Interest (rateof
not to exceed 6%) payable semiannually at office of County Treasurer.
These bonds were voted at an
election held Oct. 31. Bonded debt, $13,400.
Warrants outstanding,
general fund, $9,150. Assessed and equalized
valuation 1913, $1,282.955.
YOUNGSTOWN, Ohio.-BOND SALE.-On
Nov. 10 the $15,500 5%
5-year (aver.) coup. or reg. Foster St.
ent bonds were awarded,
It is stated, to Hayden, Miller & Co. ofimprovem
Cleveland. These bonds together
with 11 other issues, aggregating $99,050,
were offered without success
on Aug. 24 (V. 99. p. 626).
Canada. its Provinces and Municipalities.
BROOKE TOWNSHIP, Ont.-DEBENTURE OFFERIN
G.-Reports
state that bids will be received until to-day (Nov.
21) by W. G. Willoughby, Twp. Clerk (P. 0. Watford), for $22.302
5% 5 and 10-yr. localimprovement debentures.
BURNABY, B. C.-TEMPORARY LOAN.-Roports state
that a loan
of $200,000 has been secured from the Royal Bank of Canada.
CRANBROOK, B. C.-DEBENTURE SALE.-Reports state that
this
city has sold an issue of $35.000 water-works debenture
s at 88.
DOMINION OF CANADA.-SALES OF SCHOOL DISTRICT DEBENTURES.-The following 16 issues of debentures, aggregating 8120.475,
issued by various districts and towns in the Province of Saskatche
wan, were
disposed of. it is stated, during the months of Sept. and Oct.
1551
Seven Issues, Aggregating $37.033, Sold During September.
Amount. Place.
Rate. Due. Amount. Place.
Rate. Due.
$1.800 Casavant S. D.7 10 yrs. $2.000 Osceola
S.D
7
10 yrs.
5,000 Herbert S. D____7M 20 yrs. 8,000 Wakaw S.
D
634 20 yrs.
17,933 Humboldt
6% 20 yrs.
10 yrs.
1.200 Mallard S. D_--..7)4 10 Yrs. 1,100 Zukunit S. D____7
Nine Issues, Aggregating $83,442, Sold During October.
Amount. Place.
Rate. Due. Amount. Place.
Rate. Due.
$53,742 Canora
$800 Regina BeachS.D.8
10 Yrs.
6,000 Connaught S. D.6q
6
Yrs
Yrel 2,000 River Dell S. D_8
10 yrs.
1,000 Goyer S. D
73 10 yrs.
Rosetown
6% Var,
1,000 La Fleck° S. D 7)i 10 yrs. 15,100
1,800
Rock
8.
Hill
D...7
10 yrs.
2,000 Lak
er:s
of
.D
the
8
lo yrs.
DTINDAS, Ont.-LOAN VOTED.-The Town Council
on Nov. 2
passed a by-law, it is stated,
to meet current expenses. to borrow 225.000 from the Bank of Commerce
HILLSBURG, Man.-DEBENTURES AUTHORIZED.-Reports
state
that an issue of $20,000 road debenture
s has been authorized.
LEAMINGTON, Ont.-DEBENTURES VOTED.-At the election
held
Nov.2the issuance of$8.600funding debentures was authorized
,it is stated.
MONTMORTE, Sask.-DEBENTUR
AUTHORIZED.-It is reported that issues of $1,800 water, $875ES
15-yr. debentures have been authorized. rink and $325 site-purchase 8%
MORRIS, Man.-DEBENTURES PROPOSED.-Reports state
that this
municipality is contemplating the issuance of 24,000
drainage debentures.
NEW WESTMINSTER, B. C.-DEBENTURES PROPOSED.-Reports
state that this city is contemplating the issuance of
$140,485 5% 29-Yr.
local-improvement debentures.
OAKVILLE, Ont.-DEBENTURE ELECTION.-It is stated that the
question of issuing $10,000 fire-hall debentures will be submitted
to the
voters on Dec. 7.
PENTICTON, B. C.-DEBENTURES AUTHORIZED.-It is
stated
that by-laws have been passed providing for the issuance
of 32.000 bldg.
and $700 site-purchase 6% 10-year debentures
.
PORT ALBERNI B. 0.-DEBENTURES PROPOSED.-Local
dispatches state that this municipality is contemplating
issuance of $10.000 10-yr. st.-Impt.. $7,500 20-yr. municipal-bldg., the
20-yr. electric-light-ext. and $6,000 10-yr. bridge 6% debentures$10,000
.
REGINA, Sask.-DEBENTURES AUTHORI
-The City Council
on Nov. 3 passed a by-law, it is stated, providingZED.
for
issuance of $2,500
Wascana Creek bridge-constr. and $2,500 Thirteenththe
Ave. bridge-constr.
debentures.
RICHMOND DISTRICT, B. 0.-DEBEN
PROPOSED.-It is
stated that this district is contemplating theTURES
issuance of 240,000 waterworks, 240.000 dyking and $24.500 dyldng 5% 40-yr. debentures
.
ST. THOMAS, Ont.-DEBENTURES AWARDED IN PART.-Reports state that up to Nov. 14 this city had disposed to local investors
228,000 of the debentures which this city has been offering for sale (V. 99,
p. 1477).
SMITH FALLS, Ont.-DEBENTURES AUTHORIZED.-Reports
state that on Nov.2 a by-law was passed authorizing the issuance of $36,000
armory-site-purchase debentures.
SUDBURY, Ont.-DEBENTURE ELECTION.-An election will be
held Dec. 15, it is stated, to vote on the proposition to issue $20,000 road
and bridge debentures.
DEBENTURES VOTED.-The questions of issuing $12.500 sewer,
water and light-ext.. $13.000 trunk-sewer completion, $10,000 seweragesystem-ext.. 210,000 water-works-ext., 220,000 street-lighting-Impt.
and
$13,800 funding debentures carried, reports state, at the election held
Nov. 2.
3200
SUMMERLAND B. C.-DEBENTURES VOTED.-The
of
issuing $10.000 irrigation-system-impt. debentures carried, itquestion
is stated.
at the election held Oct. 27.
WHITBY, Ont.-DEBENTURES AUTHORIZED.-A by-law
was
passed on Nov. 2, it is stated, providing for the issuance
of $85.000 6%
sewerage-system-completion debentures.
NEW LOANS.
NEW LOANS
NEW LOANS.
$25,000
$94,000.00
$25,000
Osawatomie City, Miami County, Kansas, CITY OF STAMFORD,CONN.
Street-Improvement Bonds
Proposals will be received until 12 o'clock noon
of NOVEMBER 80TH, 1914, by J. W. Allard,
City Clerk, for approximately $25.000 10
-year
street-improvement bonds. Certified check
for
$500 must accompany each bid. The mayor and
Commissioners reserve the right to reject any or
all bids.
J. W. ALLARD,
City Clerk.
1915 ISSUE
THE FINANCIAL REVIEW
320 PAGES
ISSUED ANNUALLY BY THE
Commercial & Financial Chronicle
This well-known year book of Financial Facts and Information is issued
annually in March.
TERMS.
Peke of the Review, bound in c1oth---32.25
Parties desiring ten or more copies can
have their names stamped on the covers,
to gilt, at reduced prices.
Commercial & Financial Chronicle
138 Front Street, New Yon.
GOLD BONDS
Sealed proposals for the sale of
bonds of the City of Stamford, 294,000 coupon
will be
received by the City Treasurer atConn..
National Bank until 12 o'clock noon the Stamford
MONDAY. NOVEMB
23, 1914.
Said bonds bear interest ER
at the rate of 41.4 per
cent per annum, principle and interest,
payable
at the Merchant's Exchange National
Bank, 257
Broadway, New York.
The bonds are described as follows:
1. Thirty (30) "Public
ent Bonds
of the City of Stamford" forImprovem
each, making
in all $30,000, dated April 1,$1,000
1914,and to become
due April 1,1929.
2. Four (4) "Public Improvements
Bonds of
the City of Stamford", for
each, making
in all $4.000, dated April 1,21,000
1914. and to become
due April 1, 1929.
3. Forty-eight (48) "Public Improvem
ent
Bonds of the City of Stamford"
$1,000 each,
dated December 1. 1914, and, for
to
become
due
December 1, 1939.
4. Eight (8) "Garbage and
Disposal
and Dock Bonds of the City ofSewage
21.000 each, making in all $8.000,Stamford' , for
dated April 1.
1914, and to become due April 1, 1939.
5. Four (4) "Garbage and Sewage Disosal
and Dock Bonds of the City
of
' for
$1,000 each, making in all $4,000.Stamford
dated December 1. 1914, and to become due December
1, 1939.
No bid will be accepted for part of the bonds.
No bid will be accepted for less than par
and
accrued interest.
The right is reserved to reject any and all bids.
All proposals must be accompanied by a certified check or bank draft for 2% of the par
value
of the bonds bid for, said checks
returned if bid is not accepted. to be promptly
For further particulars, address,
WILLIAM N. TRAVIS,
City Treasurer.
Stamford National Bank, Stamford, Conn.
MUNICIPAL AND RAILROAD
Town of Baker, Montana,
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
(225.000).
comprised of 25 bonds, numbered consecutiv
ely
from 1 to 25, inclusive, of the denomination of
$1,000 each, dated July!, A. D.1914. due July!,
D. 1934, redeemable at the pleasure of said
town
A.
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
of weight and fineness, at the Nationalstandard
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
o'clock
A. M. at public auction, be sold to 10
offering the highest price therefor. the bidder
At said public auction. the successful bidder will
be required to deposit with the undersign
clerk
a certified check payable to his order in ed
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
By order of the Council of the Town of Baker,
of Fallon County. Montana, made
this 6th day
of October. A. D. 1914.
(Seal.)
HORACE W. SPARKS, Mayor.
Attest:
CHARLES J. DOIISMAN,Clerk.
BON DS
LIST ON APPLICATION
SEASONGOOD & MAYER
B. W. Strassburger
Ingalls Building
CINCINNATI
SOUTHERN INVESTMENT SECURITIES
MONTGOMERY. ALA' •
"
VOL.i
THE CHRONICLE
1552
xcix.
engineers%
grust Toinvantes.
CHARTERED 1853
THE J. G. WHITE COMPANIES
United States Trust Company of New York ENGINEERS - MANAGERS
45-47 WALL STREET
Capital,
Surplus and Undivided Profits
FINANCIERS
- $2,000,000.00
$14,151,944.23
43 Exchange Place. - NEW YORK
London
San Francisco
This Company acts as Executor, Administrator, Guardian, Trustee, Court Chicago
Manila, Para, Buenos Aires, Santiago, Chill
Depositary and in other recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or
personal, for estates, corporations and individuals.
EDWARD W. SHELDON. President.
WILFRED J. WORCESTER, Secretary.
WILLIAM M. KINGSLEY, Vice-President
CHARLES A. EDWARDS, 2d Asst. Secy
WILLIAMSON PELL. Asst. Secretary
Alex. C. Humphreys
Alton S. Miller
HUMPHREYS& MILLER,Inc
ENGINEERS
TRUSTEES
Power—Light—Gas
JOHN A. STEWART Chairman of the Board
PAYNE WHITNEY
OGDEN MILLS
WILLIAM ROCKEFELLER
165 BROADWAY
EDWARD W. SHELDON
EGERTON L. WINTHROP
WILLIAM D.SLOANE
CHAUNCEY KEEP
CORNELIUS N. BLISS JR.
FRANK LYMAN
GEORGE L. RIVES
HEMRY W. de FOREST
JAMES STILLMAN
ARTHUR CURTISS JAMES ROBERT I. GAMMELL
JOHN J. PHELPS
WILLIAM M. KINGSLEY
WILLIAM VINCENT ASTOR
LEWIS CASS LEDYARD
WILLIAM STEWART TOD
CHARLES FRED. HOFFMAN
LYMAN J. GAGE
NEW YORK
C. G. YOUNG
Engineering and Construction
jfinantial
Plans, Methods, Examinations
Public Utilities and Industrials
REPORTS FOR FINANCING
ATLANTIC MUTUAL INSURANCE COMPANY.
York
Bankers Trust Bldg., New
New York, January 22d, 1914.
The Trustees; in conformity with the Charter of the Company, submit the following statement of its aflaIrs on he
313i of December, 1913.
The Company's business has been confined to marine and inland transportation inturance.
Premiums on such risks from the 1st January, 1913, to the list December, 1913
83,600,334 83
Premiums on Policies not marked of/ 1st January, 1913
767,050 96
Total Premiums
Premiums marked off from January 1st, 1913. to December 31st, 1913
Interest on the investments of the Company received during the year____$308,419 46
39,877 94
Interest on Deposits in Banks and Trust Companies, etc
Real received less Taxes and Expenses
130,212 32
Losses paid during the year
LCPS Salvages
Re-insurances
Discount
84.367,385 77 Alfred E. Forstall
83,712,602 61
Charles D. Robison
FORSTALL AND ROBISON
478,609 72
$1,700,888 32
$233,482 06
320,813 71
47 58 554,343 35
ENGINEERS
and
Investigations and Appraisals of Gas
Financial
Electric Properties for Owners or
Institutions.
NEW YORK CITY
84 William St.,
51,236,544 97
Returns of Premiums
5105,033 85
Expenses, Including officers' salaries and clerks' compensation, stationery, advertisements, etc
650,942 08
A dividend of interest of Six per cent on the outstanding certificates of profits will be paid to the holderS
thereof, or their legal representatives, on and after Tuesday the third of February next.
The outstanding certificates of the issue of 1908 will be redeemed and paid to the holders thereof, or theft
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 3181
December. 1913. which are entitled to participate in dividend, for which, upon application, certificates will be
Issued on and alter Tuesday the fifth of May next.
By order of the Board,
O. STANTON FLOYD-JONES, Secretary.
TRUSTEES,
SAMUEL T. HUBBARD.
JOHN N. BEACH,
CHARLES K. PRATT,'
THOMAS H. HUBBARD.
DALLAS B. PRATT,
ERNEST C. BLISS.
LEWIS CASS LED YARD,
ANTON A. RAVEr,
WALDRON P. BROWN,
WILLIAM H.LEFFERTS,
JOHN J. RIKER,
JOHN CLAFLIN
DOUGLAS ROBINSON;
CHARLES D. LEVERICH.
GEORGE C. CLARK,
WILLIAM J. SCHIEFFELIN
GEORGE EL MACY, _
CLEVELAND H. DODGE.
WILLIAM SLOANE,
NICHOLAS F. PALMER.
CORNELIUS ELDERT,
LOUIS STERN,
HENRY PARISH,
RICHARD H. EWART,
WILLIAM A. STREET;
ADOLF PAVENSTEDT.
PHILIT A. 8 FRANKLIN:
GEORGE E. TURNURE,
JAMES H. POST,
HERBERT L. GRIGGS.
RICHARD H. WILLIAMS.
ANSON W. HARD.
A. A. RAVEN, President,
CORNELIUS ELDERT, Vfce-Prertdent.
WALTER WOOD PARSONS, 2d Vice-President,
CHARLES E. FAY; 3d Vice-President,
ASSETS,
Estimated Losses and Losses Unsettled
United States and State of New York
81,806,024 00
In process of Adjustment
1670,000 00
Bonds
654,783 26
Premiums on TJntermlnated Risks
New York City and New York Trust
264,136 25
1 783 700 00 Certificates of Profits and Interest UnCompanies and Bank Stocks
paid
412
00
2,737
Railroads
of
Bonds
and
Stocks
108,786 90
282,520 00 Return Premiums Unpaid
Other Securities
28,905 88
for Taxes
Special Deposits In Banks and Trust 1,000,000 00 Reserve
221,485 06
Re-Insurance Premiums
Companies
Compenincluding
not
Settled.
Claims
Streets
William
and
Wall
car.
Real Estate
70,799 43
sation, etc
and Exchange Place containing offices 4,299,426 04 Certificates
of Profits Ordered Redeemed,
Real Estate on Staten Island (heldofunder
22,556 09
Withheld for Unpaid Premiums
75,000 00
provisions of Chapter 481,Laws 1887) 475
727 45 Certificate, '• Profits Outstanding
7,240,320 00
Premium Notes
605,891 79
B Its Receivable
Bankers to
Casts In hands of European payable
In
pay losses under policies
177,881 39
foreign countries
636,465 49
Cash in Bank
Temporary Investments (payable Janu60500000
ary and February. 1914)
1000000
Loan.
-----113,259,024 16
5107:17,79687
....„ --. --- _ ---- __ -. :----------------------------- V),841.227
26
351m5c 29
Thua leaving a balance of.._,_
December,------- amounted to
--Accrued Interest on the 31st day 01day
28,378 20
of December, 1913, amounted to
Rents due and accrued on theIn31st
on the 31st day of December,
companies authorized in New York.
Re-Insurance due or accrued.
---- __ ---,= -------.
166.830 on
„__„- _ „. ..
1.913, amounted to- _ _ - _ ----.--the
-55,903 22
list----- or----ember, 1-913, amounte-d -re-insurance premiumson
Unexpired re
of
value
the
the
Real
Estate corner Wail and
has estimated
Note: The Insurance Department
96
100
504
of the Book Value given above, at
3:7
50
46
William Streets and Exchange Place in excess
Island in excess of the Book Value, at
And tne property at Staten
Bonds and other Securities on the 31st day of December, 1913, exthe Market Value of Stocks.
1,268,075 10
ceeded the CompaAy's valuation by
----09
54.926,338
would
be
the
baktce
aluations
a she basis of Om increased ,,
Pining Crigineert
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA
Zccountantf
PARK, POTTER & CO.
CERTIFIED PUBLIC ACCOUNTANTS.
New York, Chicago, Cincinnati and
London, England
Watertown, N. Y., C. E. Scoville.
AUDITORS FOR FINANCIAL, INDUSTRIAL
AND MINING CORPORATIONS.
Investigations, Financial Statements,
Periodical Audits and Accounting.
CHRONICLE VOLUMES
FOR SALE
for
Second-hand volumes in good condition
Years prior to 1908.
COMMERCIAL & FINANCIAL CHRONICLE
138 Front St.. New York
@FedFRASER